Summer Training Report

ON
Study on Brand Awareness
At

Submitted in partial fulfillment of the requirements for the award of the degree

Of

Bachelor of Business Administration (Banking and Insurance)

Submitted By:-

Harsh Mohan

01914901815

SESSION: 2015-2018

DEPARTMENT OF BUSINESS ADMINISTRATION

MAHARAJA SURAJMAL INSTITUTE

(AFFILIATED BY GURU GOBIND SINGH INDRAPRASTHA UNIVERSITY)
C-4, JANAKPURI, NEW DELHI 110058

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 Acknowledgement

It is really a matter of pleasure for me to get an opportunity to thank all the persons who
contributed directly or indirectly for the successful completion of the project report, Brand
Awareness of IDBI Federal Life Insurance among the customers.

I wish to express my gratitude to the branch manager Mr. S. Janardhan of IDBI Federal Life
Insurance Company Ltd. for giving me an opportunity to be a part of their esteem organization
and enhance my knowledge by granting permission to do a summer training project. They
provided me with their assistance and support whenever needed, which has been instrumental in
completion of this project. I am thankful to them, for their support and encouragement
throughout the tenure of the project.

Also, I am thankful to my faculty guide for being a source of support during this training
period. Last but not the least I am grateful to all the staff members of IDBI FEDERAL LIFE
INSURANCE COMPANY for their kind cooperation and help during the course of my project.

HARSH MOHAN

01914901815

BBA (B&I) 5th SEM

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 TABLE OF CONTENT
S.NO PARTICULARS PAGE NO.

1. CHAPTER 1 INTRODUCTION 1

INTRODUCTION TO BANKING 2
OBJECTIVE OF THE STUDY 4
RESEARCH METHODOLOGY 5
LIMITATIONS OF THE STUDY 6

2. CHAPTER 2 PROFILE OF THE ORGANISATION 7

COMPANY PROFILE 9
10
MISSION AND VALUES
10
VISION STATEMENT 11
13
DISTRIBUTION NETWORK
QUALITY POLICY

3. CHAPTER 3 REVIEW OF LITERATURE 14

INDIAN BANKING SYSTEM 15

17
SERVICE QUALITY IN BANKS
4. CHAPTER 4 DATA ANALYSIS AND INTERPRETATION 25

26
ANALYSIS OF HDFC BANK
53
S.W.O.T ANALYSIS
5. CHAPTER 5 CONCLUSIONS AND 54
RECOMMENDATIONS
55
56
CONCLUSION
57
RECOMMENDATION
BIBLIOGRAPHY

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 CHAPTER-I

INTRODUCTION

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 OBJECTIVE OF THE STUDY

To study the brand awareness of the IDBI federal life insurance co. ltd.

To study the respondents behavior in choosing the product of IDBI federal life insurance
co. ltd.

To find out customer preference for insurance.

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 RESEARCH METHODOLOGY

Research Design

Descriptive research includes surveys and fact finding enquiries of different kinds. The major
purpose of descriptive research is description of the state of affairs, as it exists as the present. The
main characteristic of this method is that the researcher has no control over the variables; he can
only report what has happen and what is happening.

DATA SOURCES:

Secondary Data

The First part is a study of the insurance company, IDBI Federal life insurance using secondary
data sources. This secondary information has been sourced from the internet and from business
related magazines and newspaper.

Primary Data

The second part of the study has been done using an exploratory research process and a
structured questionnaire was developed for this purpose. The question were deliberately made
easy and simple which covered all the relevant information.

For the collection of primary data this was the only method used. The reason I used this method
because a need was felt for the free influx of information about the products. Also this method
allowed the use of skills gained in class.

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QUESTIONNAIRE DESIGN:

Questionnaire: A Questionnaire consist of a set of questions presented to respondent for their

answers. It can be Closed Ended or open Ended.

Open Ended: Allows respondents to answer in their own words and are difficult to interpret and
tabulate.

Closed Ended: Pre-specify all the possible answer and are easy to interpret and tabulate.

SAMPLE DESIGN:

The population considered for the purpose of the survey was people residing in Delhi and the
National Capital Region (NCR)

Sampling Technique Used:

Since the information required was not of a very technical nature and also looking at the scope of
the project and the extent of the target segment, the sampling technique employed was
convenience sampling. I administered the questionnaires.

Sample Size:

I have restricted the sample size to 57 respondents. This was done keeping in mind the Time
constraints and the fact that I felt that this number would be enough to serve the Information
required.

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 LIMITATION OF THE STUDY

1. Most of the contents collected were difficult to understand because it was new for me to
work in this field.
2. It was tricky and time consuming.
3. Response of customer could be biased.
4. False Information given by the respondent which may be due to pressure from the peer
group or from their seniors.

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 CHAPTER-2

PROFILE OF THE
COMPANY

About the Company

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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 giant based out of Europe. In this venture IDBI Owns 48% equity
while Federal Bank and Ageas own 26% equity each. Having started in March 2008, in just five
months of inception, IDBI Federal became one of the fastest growing new insurance companies
by garnering Rs. 100 Cr in premiums. Through a continuous process of innovation in product
and service delivery IDBI Federal aims to deliver world class wealth management, protection
and retirement solutions that provide value and convenience to the Indian customer. The
company offers its services through a vast nationwide network 2,308 partner bank branches of
IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners.

About The Sponsors of IDBI Federal Life Insurance Co Ltd

IDBI Bank Ltd. is a Universal Bank with its operations driven by a Cutting edge core Banking IT
platform. The Bank offers personalized banking and financial solutions to its clients in the retail
and corporate banking arena through its large network of Branches and ATMs, spread across
length and breadth of India. They have also set up an overseas branch at Dubai and have plans to
open representative offices in various other parts of Globe.

IDBI Bank is the youngest, new generation, public sector universal bank that rides on a cutting
edge core banking Information technology platform. This enables the Bank to offer personalized
banking and financial solutions to its clients.

The Bank had an aggregate balance sheet size of Rs. 3, 22,769 crore and total business
of Rs 4, 23,423 crore as on March 31, 2013. IDBI Bank's operations during the financial
year ended March 31, 2013 resulted in a net profit of Rs. 1882 crore continues to be,
since its inception, India's premier industrial development bank. It came into being as on
July 01, 1964 to support India's industrial backbone. Today, it is amongst India's
foremost Commercial banks, with a wide range of innovative products and services,
serving retail and corporate customers in all corners of the country from 1201 branches
and 2156 ATMs.

The Bank offers its customers an extensive range of diversified services including
project finance, term lending, working capital facilities, lease finance, venture capital,

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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 India's 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 India's leading private sector banks, with a dominant presence in
the state of Kerala. The history of Federal bank dates back to the pre-independence era.
Though initially it was known as the Travancore Federal Bank, it gradually transformed
into a fully-fledged bank under the able leadership of its founder, Mr. KP Hormis. It has
a strong network of over 1,142 branches and 1,312 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,
and 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 and recommendations.

Ageas is an international insurance group with a heritage spanning more than 180 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, UK,
Luxembourg, Italy, Portugal, Turkey, China, Malaysia, India and Thailand and has
subsidiaries in France, Hong Kong and UK.

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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 has a strong
presence as the fourth largest player in private car insurance and the over 50's market.
Ageas employs more than 13,000 people and has annual inflows of more than EUR 21
billion.

Profile of the company

Origin

IDBI Federal Life Insurance Co. Ltd.,(formerly IDBI Fortis Life Insurance) is a joint venture
between three financial companies development and commercial bank, IDBI Bank, Indias
private sector bank, Federal Bank and European insurer Ageas which was formed on March
2008. In this venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26%
equity each.

Life insurance traces its origins in India to the early nineteenth century when companies in India
insured the lives of Europeans living here. Eventually these companies began to cover Indians as
well but required them to pay higher premiums. Regulations were passed to regulate the Indian
insurers (but not the foreign companies providing insurance services in India) and to allow
collection of information about insurance companies thus facilitating comparison amongst them.
However the legislations became insignificant with time and the government nationalized the
sector by combining all the 154 Indian private insurance companies to give birth to one
behemoth: the Life Insurance Corporation of India.

Achievements

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.

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DBI Federals New Business Premium (APE) grew by 23% in 2012-13, which compares with
the negative growth of -15% posted by the industry. The company also witnessed a 44% increase
in the number of new business policies sold as compared to the previous year. IDBI Federal has
also been driving profitability through the right product mix. The product mix has continuously
been shifted to long-term, traditional products. Share of traditional products in the new business
premium increased to 83% as compared to 67% in the previous year. Share of regular premium
products increased to 78% as compared to 69% in the previous year.

Mr. G V Nageswara Rao, Managing Director & CEO, IDBI Federal Life Insurance, said, I am
extremely happy to announce that IDBI Federal has recorded its maiden profit of Rs 9.24 crore
in 2012-13. Achieving break-even in the fifth year is a significant landmark. We have pursued
profitable growth as our company strategy.

A strong focus on cost discipline ensured a drop in IDBI Federals cost ratio from 26% in 2011-
12 to 24% in 2012-13, which is among the lowest expense ratios in the industry.

The company recorded a 13th month persistency rate of 76% which is among the top 5 in the
industry. In terms of 25th, 37thand 49th month persistency rates, IDBI Federal is among the top 3.
IDBI Federals strong persistency record is testimony to the quality of its sales and the
confidence the customers have shown in the companys products and its investment
performance.

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Mission and vision

Maintaining integrity through our values.

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.

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.

Values

The first and foremost value which IDBI federal upholds is the transparency. They believe in
clear communication between their partners and stakeholders so that there is no discrepancy
between them.

The second most important thing is the value that they are providing to their customer. They
believe very strongly that whatever they do should be perceived as a high value product by their
customer.

They believe in being rock solid while delivering value to their customers. This results into being
financially strong as the profit is spilled over due to good will.

They are extremely customer friendly as they hold this value the highest.

They believe in providing high value to their stakeholder and partners in their business.

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 PRODUCTS PROFILE

IDBI Federal Childsurance is a non-

linked participating endowment plan
that ensures childs future financial
needs are fulfilled. It is designed to
give customer guaranteed annual
payouts and aid the important
milestones in their childs life.

HOW DOES THIS PLAN WORK

1. Customer needs to decide the amount of guaranteed annual payouts he would need which
will depend on plans for his childs future.
2. Basis the amount of payouts, he would then choose the Maturity Sum Assured (MSA).

3. Next, he would choose when and for how long he would need the payouts the difference
between childs current age and the age at which the guaranteed annual payouts should end,
will be the policy term. This can help plan his childs future better.

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 IDBI Federal Wealthsurance Suvidha
Growth Insurance Plan is a simple unit
linked plan that helps customer take their
first step towards wealth creation and
that too, with ease. Whats more, the life
cover with this plan provides financial
protection for loved ones.

Wealthsurance Plans guarantees following:

Financial protection against uncertainty

Partial withdrawals for emergency fund requirements
Guaranteed loyalty additions to boost your wealth
Flexible to switch funds and investment options
Option to choose how long you want to stay invested
Get 2 Tax benefit of 80 C and 10(10 D)

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 IDBI Federal Incomesurance Guaranteed
Money Back Insurance Plan is a non-linked
non-participating money back plan which gives
customer guaranteed* returns on investment, so
that they stop worrying about the future.

With Incomesurance, customer can guarantee a

secure future for their family even when they
are not around.

HOW DOES THIS PLAN WORK

Incomesurance is a simple plan with guaranteed benefits. On payment of premiums for 5 years
customer will receive guaranteed annual payouts at the end of every year for the next 5 years. At
the time of purchasing the policy, he will know exactly how much he will receive as guaranteed
annual payouts. The guaranteed annual payouts that will be received will depend on two factors -
the amount of annual premium that he will pay and age.

IDBI Federal Lifesurance savings insurance

plan is a fixed term non-linked participating
plan that provides twin benefits of long-term
savings and life cover.

With Lifesurance Savings, small savings will

17 | P a g e help customer realize the big dreams that he
has for himself and his family. This plan also
offers the benefit of life cover that will provide
financial security to family in his absence.
 BENEFITS OF THIS PLAN

Financial protection against uncertainty

Lump sum payout at maturity
Guaranteed additions to safeguard as per your need
Flexible to choose options as per your need
Bonuses to boost your savings
Get 2 Tax benefit of 80C and 10(10D)

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 CHAPTER-3
ANALYSIS AND
INTERPRETATION OF
DATA

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INTERPRETATION

This pie-chart shows the gender of the respondent. Out of 57 respondents 38

were males and 19 were females.

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INTERPRETATION

This pie-chart show the occupation of respondents. Out of 57 respondents

28 were

students, 15 were private employees, 9 were govt. Employees, 2 were

businessman and

rest of the 3 have clicked the other option.

Do You know about IDBI Federal life insurance company ltd.?

Yes 43 75.4%

No 41 24.6%

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INTERPRETATION

This pie-chart shows the awareness of the respondents for IDBI Federal life
insurance company ltd. Out of 57 respondents 43 clicked Yes and 14 No.

Have you ever taken services from IDBI Federal life insurance company ltd?

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 Yes 13 22.8%

No 44 77.8%

INTERPRETATION

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This figure shows the market adaptability of IDBI Federal life insurance
company ltd. Out of 57 respondents 13 clicked Yes and 44 clicked No.

INTERPRETATION

This figure shows the mentality of the respondents while buying an

insurance policy. Out of 57 respondents 15 prefer buying it directly from the
authorised office, 19 prefer buying it from the agents and 23 prefers buying
it online.

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INTERPRETATION

This pie-chart shows the various brand which comes to their mind while
searching for a life insurance policy. Out of 57 respondents 37 clicked LIC,
10 clicked IDBI Federal life insurance company ltd., 6 clicked Muthoot, 2
clicked on Aviva life insurance and 2 clicked on others.

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INTERPRETATION

This pie-chart shows the status of promotions done by the company to boost
the awareness. Out of 57 respondents 35 clicked on Yes and 22 clicked on
No.

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INTERPRETATION

This figure shows the brand image and goodwill of the company.Out of 57
respondents

45 choose likely to recommend 7 choose extremely to recommend and 5

choose not at all.

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INTERPRETATION

This pie-chart is showing the result of 57 respondents.Out of which 37 had

life insurance

policies where 20 did not had any life insurance policy.

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INTERPRETATION

This figure shows from where they came to know about the life insurance
policies.Out of

57 respondents 17 each clicked advertisements and word of mouth, 13

clicked newspaper,

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9 clicked online and 1 person clicked on hoarding

INTERPRETATION

This figure shows the attributes they will prefer while selecting a
service.Out of 57

respondents 30 clicked goodwill, 19 clicked brand image and 4 each clicked

word of

mouth and others.

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INTERPRETATION

This figure shows what the repondents think about the insurance,is it
important or not.Out

of 57 respondents 56 admitted that insurance iit is important and only 1 said

No it is not

important.

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 CHAPTER-4
CONCLUSION AND
RECOMMENDATION
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 CONCLUSION

1. While the fresh air of competition in every sector of economy brings in

major

changes in consumer expectations, the insurance industry has experienced a

few

unique aspects, such as regulation-inspired efforts to educate insurance

buyers and

a vast change of skills and capabilities of the intermediaries involved in the

distribution.

2. The similarities between the products provided by other companies

created

more competition in the market.

3. The awareness of tax benefits while investing in insurance products is a

positive

factor which will be helpful in securing more future and lives in future
years.

4. The customers are more into goodwill when it comes to buying a

product.so the

reputation of the company regarding claim settlements and after sales help

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should be good for attracting more customers and retaining the present
ones.

5. The entry of Pvt. players into insurance sector have expanded the product
segment

to meet different level of requirements of customers. It has brought greater

choice

to customers.

6. IRDA is also playing a very comprehensive role by regulating norms,

mandatory

to private players, which increases confidence of customers in the private

companies.

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 RECOMMENDATIONS :

1. We need to tap the young crowd in the age group 18-30 and convince
them that

buying a life insurance policy is necessary because life is very

unpredictable.

2. The premium amount for the policy should be decreased so that we can
tap the

low income group because in country like India, Low income group is the
largest

market.

3. To create a pull approach rather then using a push approach.

4. As friends and family members are major influencers of customers, our

advertisements and promotions should be family and friend-centered.

5. Our reach needs to be increased through social media (Facebook, Twitter,

YouTube campaigns), television, radio, newspapers etc.

6. In terms of distribution, we should increase the number of marketers-

more

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channels of distribution and more intermediaries.

7. Our advertisements should cover the benefits of our policies and what

Differentiates our policies from those of other companies, in brief.

8. Our company should have more offices at smaller towns and uncovered
segments

in the cities.

9. Mobile Commerce is the next big thing! We can have a mobile app where
our

customers can get all the information related to our products as well as pay
their

premiums.

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 ANNEXURE
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 BIBLIOGRAPHY

Books:

Kotler Philip, Marketing Management, Pearson publication

Kothari C R, Research Methodology, Vikas Publication
Chabbra T N, Marketing Managemen, Sun India Publicationt

Websites:

www.wikipedia.com
www.idbifederal.com
www.indiabschools.com
www.google.co.in
www.banknetindia.com
www.findarticles.com
www.irdaindia.org

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 QUESTIONNAIRE

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