CHAPTER 1

PROFILE OF THE COMPANY

1.1 INTRODUCTION TO INSURANCE SECTOR

The history of life insurance in India dates back to 1818 when it was conceived as a means to
provide for English Widows. Interestingly in those days a higher premium was charged for Indian
lives than the non-Indian lives as Indian lives were considered more risky for coverage.
The Bombay Mutual Life Insurance Society started its business in 1870. It was the first company to
charge same premium for both Indian and non-Indian lives. The Oriental Assurance Company was
established in 1880. The General insurance business in India, on the other hand, can trace its roots to
the Triton Insurance Company Limited, the first general insurance company established in the year
1850 in Calcutta by the British. Till the end of nineteenth century insurance business was almost
entirely in the hands of overseas companies.
Insurance regulation formally began in India with the passing of the Life Insurance Companies Act
of 1912 and the provident fund Act of 1912. Several frauds during 20's and 30's sullied insurance
business in India. By 1938 there were 176 insurance companies. The first comprehensive legislation
was introduced with the Insurance Act of 1938 that provided strict State Control over insurance
business. The insurance business grew at a faster pace after independence. Indian companies
strengthened their hold on this business but despite the growth that was witnessed, insurance
remained an urban phenomenon.
The Government of India in 1956, brought together over 240 private life insurers and provident
societies under one nationalized monopoly corporation and Life Insurance Corporation (LIC) was
born. Nationalization was justified on the grounds that it would create much needed funds for rapid
industrialization. This was in conformity with the Government's chosen path of State lead planning
and development.
The (non-life) insurance business continued to thrive with the private sector till 1972. Their
operations were restricted to organized trade and industry in large cities. The general insurance
industry was nationalized in 1972. With this, nearly 107 insurers were amalgamated and grouped into
four companies- National Insurance Company, New India Assurance Company, Oriental Insurance
Company and United India Insurance Company. These were subsidiaries of the General Insurance
Company (GIC).
Indian federal government considers insurance as one of major sources of funds for infrastructure
development. The government has identified the following as major thrust areas:

Till end of 1999-2000 fiscal years, two state-run insurance companies, namely, Life Insurance
Corporation (LIC) and General Insurance Corporation (GIC) were the monopoly insurance (both life
and non-life) providers in India. Under GIC there were four subsidiaries-- National Insurance
Company Ltd, Oriental Insurance Company Ltd, New India Assurance Company Ltd, and United
India Assurance Company Ltd. In fiscal 2000-01, the Indian federal government lifted all entry
restrictions for private sector investors. Foreign investment insurance market was also allowed with
26 percent cap. GIC was converted into India's national reinsure from December, 2000 and all the
subsidiaries working under the GIC umbrella were restructured as independent insurance
companies.
Indian Parliament has cleared a Bill on July 30, 2002 de-linking the four subsidiaries from GIC. A
separate Bill has been approved by Parliament to allow brokers, cooperatives and intermediaries in
the sector. Currently insurance companies- both private and public-- have to cede 20 percent of its
reinsurance with GIC. GIC is planning to increase re-insurance premium by 20 percent which works
out at Rs 3000 cr. GIC is actively considering entry into overseas markets including West Asia,
South-east Asia and SAARC region.

1.2 About IDBI Federal Life Insurance

IDBI Federal Life Insurance is one of Indias growing life insurance companies and offers a diverse
range of wealth management, protection and retirement solutions to individual and corporate
customers. IDBI Federal Life Insurance Co Ltd is a joint-venture of IDBI Bank, Indias premier
development and commercial bank, Federal Bank, one of Indias leading private sector banks and
Ageas, a multinational insurance giant based out of Europe. Having commenced operations in 2008,
IDBI Federal was able to achieve breakeven within just 5 years; the Companys passion for
innovation

and

growth

helped

it

achieve

this

feat.

Through a nationwide network of 2, 964 branches of IDBI Bank and Federal Bank, and a sizeable
network of advisors and partners, IDBI Federal Life Insurance has achieved presence across the
length and breadth of the country. As on March 31, 2015, the company has issued nearly 7.88 lakh
policies with a sum assured of over Rs. 41,856 crore. IDBI Federal Life Insurance has total assets
under management of 4,087 crore and a robust capital base of over 800 crores, as on March 31, 2015.

About the sponsors of IDBI Federal Life Insurance Co Ltd

IDBI FEDERAL LIC

AGEAS; 26%

IDBI; 48%

FEDERAL; 26%

IDBI

FEDERAL

AGEAS

Figure 1.1 Sponsors Of Idbi

IDBI Bank Ltd. continues to be, since its inception, Indias premier industrial development bank. It
came into being as on July 01, 1964 to support Indias industrial backbone. Today, it is amongst
Indias foremost commercial banks, with a wide range of innovative products and services, serving
retail and corporate customers in all corners of the country from 1717 branches and 3000 ATMs. The
Bank offers its customers an extensive range of diversified services including project finance, term
lending, working capital facilities, lease finance, venture capital, loan syndication, corporate advisory
services and legal and technical advisory services to its corporate clients as well as mortgages and
personal loans to its retail clients. As part of its development activities, IDBI Bank has been
instrumental in sponsoring the development of key institutions involved in Indias financial sector
National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd, SHCIL

(Stock Holding Corporation of India Ltd), CARE (Credit Analysis and Research Ltd).

Federal Bank is one of Indias leading private sector banks, with a dominant presence in the state of
Kerala. It has a strong network of over 1,247 branches and 1,485 ATMs spread across India. The
bank provides over four million retail customers with a wide variety of financial products. Federal
Bank is one of the first large Indian banks to have an entirely automated and interconnected branch
network. In addition to interconnected branches and ATMs, the Bank has a wide range of services
like Internet Banking, Mobile Banking, Tele Banking, Any Where Banking, debit cards, online bill
payment and call centre facilities to offer round the clock banking convenience to its customers. The
Bank has been a pioneer in providing innovative technological solutions to its customers and the
Bank has won several awards & recommendations

Ageas is an international insurance group with a heritage spanning 190 years. Ranked among the top
20 insurance companies in Europe, Ageas has chosen to concentrate its business activities in Europe
and Asia, which together make up the largest share of the global insurance market. These are
grouped around four segments: Belgium, United Kingdom, Continental Europe and Asia and served
through a combination of wholly owned subsidiaries and partnerships with strong financial
institutions and key distributors around the world. Ageas operates successful partnerships in
Belgium, the UK, Luxembourg, Italy, Portugal, Turkey, China, Malaysia, India and Thailand and has
subsidiaries in France, Hong Kong and the UK. Ageas is the market leader in Belgium for individual
life and employee benefits, as well as a leading Non-Life player through AG Insurance. In the UK,
Ageas is the sixth largest Non-Life insurer with a number 3 position in cars insured and has a strong
presence in the over 50s market. Ageas employs more than 13,000 people in the consolidated
entities and over 30,000 in the non-consolidated partnerships, and has annual inflows of more than
EUR 23 billion.

1.21 DESCRIPTION OF THE COMPANY

NAME OF THE COMPANY

IDBI FEDERAL LIFE INSURANCE CO.

ADDRESS OF THE COMPANY

LTD.
Office

no.

Kanchanjunga
Barakhamba
CONTACT NUMBER
COMPANY E-MAIL
TYPE OF ORGANIZATION
OFFICIAL WEBSITE
CORPORATE OFFICE ADDRESS

907

&

908,

Building,
Road

9th

Plot

Floor,

no.

Connaught

18,
Place

110001, Delhi.
011-6450225
[email protected]
LIFE INSURANCE COMPANY
www.idbifederal.com
First
Floor,
Tradeview,

TABLE 1.1 Company Description

1.3 VISION, MISSION & VALUES

1.3.1 VISION
To be the leading provider of wealth management, protection and retirement solutions that meets the
needs of our customers and adds value to their lives.

1.3.2 MISSION

To continually strive to enhance customer experience through innovative product offerings,

dedicated relationship management and superior service delivery while striving to interact

with our customers in the most convenient and cost effective manner.
To be transparent in the way we deal with our customers and to act with integrity.
To invest in and build quality human capital in order to achieve our mission.

1.3.3 VALUES

Transparency: Crystal Clear communication to our partners and stakeholders

Value to Customers: A product and service offering in which customers perceive value

Rock Solid and Delivery on Promise: This translates into being financially strong,
operationally robust and having clarity in claims

Customer-friendly: Advice and support in working with customers and partners

Profit to Stakeholders: Balance the interests of customers, partners, employees, shareholders
and the community at large.

1.4 PRODUCT RANGE OF IDBI FEDERAL

Endownment Plan

Incomesurance Guaranteed
Money Back Insurace Plan 7
pay
Childsurance savings protection
plan
Lifesurance Savings Insurance
Plan

ULIP

Wealthsurance Future Star

Insurance Plan
Wealthsurance Growth
Insurance Plan
Wealthsurance Groth Insurance
Plan SP

Lifesurance wholelife savings

1.41 ENDOWNMENT PLAN
Endowment plan is a combination of insurance and investment. In term plan which is a pure
insurance there is no maturity benefit. It means if a person dies during the term of policy then only
his beneficiaries will get some money otherwise at maturity, at the end of the term there is no benefit.

1.41.1 Incomesurance Guaranteed Money Back Insurance Plan 7 pay

IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay is a money-back
plan that gives you the confidence of guaranteed income. You pay for 7 years and start reaping the
benefits from the 8th year onwards with the annual pay-outs ranging from 126.66% to 143.23% of
premiums paid. Additionally, you can also guarantee a secure future for your family even when you
are not around.

Major benefits:

Pay premium only for first 7 years of the policy.

Guaranteed annual payouts upto 143% of your annualised premium.
Life cover (premium*10) to protect your life.
Two tax benefit i.e. section 80C and section 10(10D).
Enhanced protection offered by Critical Illness Rider (CIR).
It is a guaranteed money back plan.
Criteria

Minimum

Age at Entry (as on last 10 years*

Maximum
50 years

birthday)
Age at Maturity (as on last 24 years

64 years

birthday)
Premium Amount

Rs 35,000 annually

Policy term

Fixed 14 years

Premium payment Term

Fixed 7 years

Premium Payment Mode

Annual

Rs. 20,00,000 annually

TABLE 1.2 Incomesurance

1.41.2 Childsurance savings protection plan

IDBI Federal Childsurance Savings Protection Plan (UIN: 135N032V01) is a non-linked
participating endowment plan that ensures your childs future financial needs are fulfilled.
Childsurance Savings, is designed to give you guaranteed annual pay outs and aid the important
milestones in your childs life. Whats more, in the unfortunate event of you not being around, the
policy will continue exactly as you had planned it, without any further premiums being paid. .In
other words, this plan ensures that your child gets to live his/her dream exactly as you have planned,
whether or not you are around.

Major benefits:

Guaranteed annual payouts for your childs important milestones.

Bonuses to add to your savings.
Immediate payouts of lumpsum in case mishappening.
Waiver of future premium.
Plan continues and benefits are paid as planned.
Two tax benefits section 80C and section 10(10D).
Flexibility to plan for your needs.

Age at entry - Insured Person Minimum

18 years

(Parent)

Regular

Maximum

payment

option:

40

years

Limited payment option: 50 years

Age at entry - Nominee (Child)

Greater than one month and less than 18 years of age

Maturity age (Insured Person)

Minimum

28 years

Maximum

Regular

payment

option:

65

Years

Limited payment option: 75 years

Policy term

Premium payment term

Minimum

10 years

Maximum

25 years
Regular payment option: Equal to policy term

Limited payment option: 5 years less than the

policy term
Premium payment frequency

Yearly, and monthly by ECS, standing

instructions or direct debit only

Premium

Minimum

Yearly: Rs.10,000,

Monthly: Rs.1,000

(exclusive of service tax and

Loading factor of 0.09 is applicable for

education cess)

monthly premium payment frequency

Maturity Sum Assured

Maximum

No limit (subject to underwriting)

Minimum

Subject to above minimum premium

Maximum

No limit, subject to underwriting

TABLE 1.3 Childinsurance

1.41.3 Lifesurance Savings Insurance Plan

IDBI Federal Lifesurance Savings Insurance Plan (UIN:135N029V01) is a fixed term nonlinked participating plan that provides you the twin benefits of long-term savings and life cover. With
Lifesurance Savings, your small savings will help you realise the big dreams that you have for
yourself and your family. This plan also offers you the benefit of life cover that will provide financial
security to your family in your absence.

Major benefits:

Lumpsum payout at maturity.

Guaranteed addition to safeguard your savings.
Bonuses to boost your savings.
Flexibility to plan for your needs.
Two tax benefits section 80C and section 10(10D).
Financial protection against uncertainty.

Age

at

entry Min

(last Birthday)

Max

18 years
55 years

Age at maturity (last birthday)

75 years

Policy terms and

Policy term(s) Premium payment term(s) available

premium payment

10 years

Only 5 years premium payment term is

allowed

terms available

15 , 20, 25 Min:
years

Max: Equal to policy term

years

Premium payment frequency

Yearly, half yearly, quarterly and monthly

Premium

Yearly Rs. 10,000, Half Yearly Rs. 5,000, Quarterly Rs.

Min

2,500 and Monthly - Rs. 1,000

Max
Maturity

sum Min

Insured

Max

No limit (subject to underwriting

Depends on age, premium payment and policy term
No limit (subject to underwriting)

TABLE 1.4 Lifesurance

1.41.4 Lifesurance wholelife savings

IDBI Federal Lifesurance Whole Life Savings Insurance Plan is a non-linked participating whole life
savings plan. A plan that lets you enjoy life & live your dreams with 2 lump sum payouts; first at the
end of your premium payment term and second when you reach 100 years of your age. Plus, it keeps
your family financially secured throughout the period of 100 years, with you or without you being
around!

Major benefits:

Life cover up to 100 years of age.

Lump sum pay out at the end of premium payment term.
Additional lump sum pay out when you reach 100 years of age.
Guaranteed additions and bonuses to boost savings.
Option of accidental death benefit during the premium payment term.

Age at entry - Insured Person Minimum

18 years

(Parent)

Maximum

55 years

Maturity age (Insured Person)

Maximum

75 years

Policy term
Premium

100 Present Age

Maximum

21,000

Maximum

No limit (subject to underwriting)

MSA

MSA Depends on Age , PPT and Policy Term

Guaranteed Additions

5% on MSA for 1st % years + Revival Bonus within 2yrs

During PPT and After PPT

Maturity Benefit

200%

Grace Period

Within 30 Days

Tax Benefit

Sec 80 c and Sec 10(10d)

Loan Facility

85% of the Surrender Value

TABLE 1.5 Lifesurance wholelife

1.42

ULIP UNITLINKED INSURANCE PLAN

A Unit Linked Insurance Plan (ULIP) is a product offered by insurance companies that, unlike a pure
insurance policy, gives investors both insurance and investment under a single integrated plan.

Major benefits:

Life cover 10 times of the premium.

Exit window after 5 yrs.
No surrender charges.
Money becomes risk free if paid for 10 years.
Two tax benefits; sec 80C sec 10(10D).
No charges for switching of funds.

1.42.1 Wealthsurance Future Star Insurance Plan

IDBI Federal Wealthsurance Future Star Insurance Plan is a unit-linked insurance plan that
enables you to fulfil your childs dreams. This plan with its exclusive waiver of premium benefit
ensures that the plan continues even in the case of an eventuality and provides the maturity benefit as
you had initially planned.
Criteria

Minimum

Maximum

Age at Entry

18 years

54 years

Attained age at Maturity of 28 years

64 years

Insured Person(s)
Policy term

10 years

25 years

Premium payment Term

5 years

Up to the policy term

Premium Payment Mode

Annual

Premium Amount

Rs 25,000 annually

Rs 95,000 annually

Sum

Assured

is

fixed

as

per

the

below

criteria

For insured person of age below 45 years: Higher of

10 times Annual Premium

(0.25

Policy

Term*

Annual

Premium)

For insured person of age 45 years and above:

Premium Payment Term less than 8: Higher of 7 times
Annual Premium

Sum Assured

(0.25 * Policy Term* Annual Premium)

Premium Payment Term equal or greater than 8: Higher of

10 times Annual Premium

(0.25 * Policy Term* Annual Premium)

TABLE 1.6 Wealthsurance Future Star

1.42.2 Wealthsurance Growth Insurance Plan

The IDBI Federal Wealthsurance Growth Insurance Plan is a regular premium unit-linked
insurance plan. A plan that gives you freedom to decide how much you want to invest and for how
long you want to stay invested. With a bouquet of 9 fund offerings, it gives you the freedom to invest
in one or more funds, basis your risk appetite and financial goals in life. Plus it comes with a life
cover benefit that ensures financial security for your loved ones. In a nutshell, a smart investment
plan that helps you design your investments, your way!
Age at entry

Minimum

1 month completed

Maximum 64 years
Age at maturity

Minimum

18 years

Maximum 74 years
Policy Term (PT)*

Minimum

10 years (in multiples of 5 thereafter)

Maximum 30 years

Premium Payment Term Minimum

5 years

(PPT)

Maximum Up to the policy term

Premium amount

Minimum

Rs. 25,000/- annually

Maximum Rs. 95,000/- annually subject to underwriting

approval
Sum Assured

Minimum

For

ages

at

entry

below

45

years:

Higher of:

10 X annualised premium

(0.5 X PT X annualised premium)

For

ages

at

entry

45

years

and

above:

Higher of:

7 X annualised premium

(0.25 X PT X annualised premium)

The minimum sum assured under the policy is Rs 1,

75,000
Maximum For ages at entry less than 54 years:

PPT X 2 X annualised premium subject to a

maximum of 15 X annualised premium

For ages at entry 54 years and above:

If

PPT

is

greater

than

7:

10 X annualised premium

If

PPT

is

less

or

7 X annualised premium

TABLE 1.7 Wealthsurance Growth

equal

to

7:

Risk commences on the policy commencement date

The minimum policy term is 10 years or (18 years less entry age of child insured) in
multiples of 5, whichever is higher e.g. if a child is aged 4 years the minimum term is 18-4
=14, rounded to the next multiple i.e. 15 yrs.

1.42.3 Wealthsurance Growth Insurance Plan SP

The IDBI Federal Wealthsurance SP is a single premium unit-linked insurance plan. A one-time
investment plan, whereby paying the premium once, you allow your investment to enjoy returns of
the selected funds. The plan also offers you life cover providing your loved ones with financial
protection in case of any eventuality. In a nutshell, it is a smart investment plan that helps you
maximise the potential of your windfall, rather than let it sit idle.

1.5 MARKET POSITION OF THE COMPANY

Life Insurance Companies
Market Position
1

Life Insurance Corporation Of India

ICICI Prudential Life Insurance Co. Ltd

HDFC Standard Life Insurance Co. Ltd

SBI Life Insurance Co. Ltd

Max Life Insurance Co. Ltd

Bajaj Allianz Life Insurance Co Ltd

Birla Sun life Insurance Co.Ltd

Reliance Life Insurance Co. Ltd

Tata AIG Life Insurance Co. Ltd

10

ING Vysya Life Insurance Co. Ltd

11

MetLife Life Insurance Co Ltd

12

Aviva Life Insurance Co Ltd

13

Canara HSBC OBC Life Insurance Co Ltd

14

Kotak Life Insurance Co Ltd

15

Star Union Dai-Ichi Life Insurance Co. Ltd

16

Future Generali Life Insurance Co Ltd

17

IDBI Federal Life Insurance Co. Ltd

18

India First Life Insurance Co. Ltd

19
20

Bharti Axa Life Insurance Co. Ltd

Aegon Religare Life Insurance Co. Ltd

1.51 IN TERMS OF MANPOWER

IDBI Federal Life Insurance is one of Indias growing life insurance companies that comprises of a
diverse workforce of 1,941 employees on-roll and over 10,000 agents across the country.
1.52 IN TERMS OF TURNOVER
IDBI Federal Life Insurance has achieved break even in 2012-13, its fifth year of operations. The
company has reported a maiden profit of Rs 9.24 crore in 2012-13, thus making it one of the fastest
to break-even in the Life Insurance industry. In an industry challenged by falling margins, shrinking
new business volumes, high cost ratios and low profitability, this is a significant achievement.

1.6 ORGANISATION STRUCTURE OF THE COMPANY

CEO

CHIEF EXECUTIVE OFICER

CDO

CHIEF DISTRIBUTIN OFFICER

ZDO

ZONAL DISTRIBUTION OFFICER

RDO

REGIONAL DISTRIBUTION OFFICER

AM

AREA HEAD

SBM

SENIOR BRANCH HEAD

BH

BRANCH HEAD

ABM

ASSISTANT BRANCH HEAD

SAM

SENIOR AGENCY MANAGER

AM

AGENCY MANAGER

DAM

DEPUTY AGENCY MANAGER

1.7 PRESENT LEADERSHIP

CHIEF EXECUTIVE OFFICER

Mr. Vignesh Sahane

CHIEF DIRECTING OFFICER

Mr. Ashley Kenedy

ZONAL HEAD

Mr. Puneet Arora

REGIONAL HEAD

Mr. Ranjan Mahapatra

SENIOR BRANCH HEAD

Mr. Pushpraj Kumar Singh

SENIOR AGENCY MANAGER

Ms. Kanika Chadha

AREA MANAGER

Mr. M L Nayak

DEPUTY ASSISTANT MANAGER

Mrs. Priya Mathur

OPERATION MANAGER

Mrs. Shilpa Gupta

TABLE 1.8 Present Leadership

1.8 OBJECTIVES OF THE STUDY

To increase the customer base for Endownment Plan.

To understand the working of Endownment Plan.
To increase the sales and revenue for the company.
To increase the awareness about the Endownment Products.
To pitch the plan according to the customer needs.
To gather information about customer preferences and needs for products of IDBI Federal.

1.8.1 RESEARCH METHODOLOGY

PRIMARY DATA
Primary data can be explained, therefore, as information collected from sources such as personal
interviews, questionnaires or surveys with a specific intention and on a specific subject, and
observation and discussion by the researcher him or herself, which information is then assessed by
that person. It is a direct approach and, as it is tailored to a company's particular needs, reveals
apparently, much-needed information to that company which started the research,that is, the results
are used for the purpose for which they were originally intended. It can be a lengthy process but does
provide first-hand information.
SECONDARY DATA
Secondary data is information that is already available somewhere, whether it be in journals, on the
internet, in a company's records or, on a larger scale, in corporate or governmental archives.
Secondary data allows for comparison of, say, several years worth of statistical information relating
to, for example, a sector of the economy, where the information may be used to measure the effects
of change or whatever it is that is being researched.

CHAPTER-2

SWOT Analysis of the Company

SWOT analysis (alternatively SWOT matrix) is an acronym for strengths, weaknesses, opportunities,
and threatsand is a structured planning method that evaluates those four elements of a project or
business venture. A SWOT analysis can be carried out for a company, product, place, industry, or
person.
Strengths of IDBI:

Achieved breakeven in just 5 years i.e. 2008 to 2013- The Breakeven point of the company is

achieved within 5 years

Provide services according to the needs and wants of the customer (customized product)- The
services are customized in that way in which the customer wants and according to the need of

the customer
8 days claim guarantee: At IDBI Federal we are proud to have a claim process that is designed to
make the claims experience simple, quick and hassle-free - It assures the 8 Day claim gurantee

otherwise the bank pays the interest at 8 % per annum per day .
Solvency rate is about 500% (5 times). Assets are more than liabilities.
High quality of services provided to customers- The services provided here are of high quality ,
the customer will be fully satisfy with the services over here.

Weaknesses of IDBI:

Less penetration in the rural markets: people in the rural areas are not well aware of insurance

benefits. Those who know, have blind faith on govt. companies only.
Less no. of branches: IDBI need to flourish in untouched areas. There must be increase in

branches for ease of customers to reach.

Low customer confidence on private players- As it is not fully private but then also the customers

have low confidence regarding this company.

Customers complaints with respect to servicing charges in case of ULIP- Some of the
complaints are there regarding the charges in the case of ULIP but these charges are paid back in

term of bonuses at the time of maturity .

People dont trust easily on insurance companies, they dont know real benefits of the savings
and insurance- The image of public regarding this sector is bad which create a bad impact on the
insurance company creating challanges for the companies.

Opportunities for IDBI:

According to the present data only 6-8% of the population are insured so it is the biggest
opportunity for the insurance company to capture the market

To increase more and more awareness among people about insurance- as in the present arena the

people are not aware about the benefits of the insurance which need to be taught to the people.
Insurance is one of the booming sector after IT: Government of India is promoting insurance and
insurance companies to flourish. Helping companies to increase awareness among people about

insurance. Giving benefits to people having insurance.

Fast track career development opportunities.
More tapping in rural markets: IDBI still not well known in rural areas so it can tap those

markets.
The countrys insurance market is expected to quadruple in size over the next 10 years

Threats of IDBI:

High competition in the insurance market: there are 24 life insurance companies in India which is

a huge number for 6-8% insured population.

Customers perception towards insurance: people think it is a way to make money for the

companies. According to them insurance is beneficial for insurance companies only.

In rural areas lack of infrastructure could constrain investment: for rural people approaching the

companies is not that easy because of the bad connectivity, so they dont want to invest.
Lack of trust on companies.
Vulnerable attack by major competitor (LIC).

QUESTIONNARE
TO UNDERSTAND THE CUSTOMER NEED FOR IDBI FEDERAL LIFE
INSURANCE PRODUCTS

DEMOGRAPHIC DETAILS
NAME
AGE
GENDER
MARITAL STATUS
CONTACT NO.
E-MAIL ID
OCCUPATION