BIRLA INSTITUTE OF TECHNOLOGY, MESRA

NOIDA EXTENTION CENTRE

Master of Business Administration

Potential of life Insurance Industry in Sarita vihar Market

Under The Guidance of Mrs. Niharika Mam

Potential of life Insurance Industry in Sarita vihar Market

Objective Proper understanding and analysis of life insurance industry. To know about brand awareness and customers preference about Kotak LifeInsurance. Conduct market survey on a sample selected from the entire population and derived opinion

Life insurance
Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger payment. The policy holder typically pays a premium, either regularly or as a lump sum. The advantage for the policy owner is "peace of mind", in knowing that the death of the insured person will not result in financial hardship for loved ones. Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot and civil commotion. Life-based contracts tend to fall into two major categories: Protection policies designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of this design is term insurance. Investment policies where the main objective is to facilitate the growth of capital by regular or single premiums.

Term plan:Term insurance provides life insurance coverage for a specified term. The policy does not accumulate cash value. Term is generally considered "pure" insurance, where the premium buys protection in the event of death and nothing else. There are three key factors to be considered in term insurance: Face amount (protection or death benefit), Premium to be paid (cost to the insured), and Length of coverage (term). Various insurance companies sell term insurance with many different combinations of these three parameters. The face amount can remain constant or decline. The term can be for one or more years. The premium can remain level or increase.

Permanent life insurance Permanent life insurance is life insurance that remains active until the policy matures, unless the owner fails to pay the premium when due. The policy cannot be cancelled by the insurer for any reason except fraudulent application, and any such cancellation must occur within a period of time defined by law (usually two years). A permanent insurance policy accumulates a cash value, reducing the risk to which the insurance company is exposed, and thus the insurance expense over time. This means that a policy with a million dollar face value can be relatively expensive to a 70-year-old. The owner can access the money in the cash value by withdrawing money, borrowing the cash value, or surrendering the policy and receiving the surrender value. Types of permanent insurance whole life, universal life, limited pay endowment

COMPANY PROFILE Mission- At Kotak Life Insurance, we aim to help customers take important
financial decisions at every stage in life by offering them a wide range Of innovative life insurance products, to make them financially independent.

Kotak Life InsuranceStock broking businesses in the UK. Kotak Group was established in 1985.Kotak Mahindra Bank is the parent company of the group. Kotak Group entered into the life insurance business in 2001. Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak Mahindra Bank Ltd. (76%) and Old Mutual plc. (24%) Old Mutual plc.Is a world-Class international financial services company. It was established in South Africa before 160 years.OLD MUTUAL is the largest financial services business in South Africa, through its life insurance, asset management, banking and general insurance operations. The company serves 4 million life insurance policyholders and employs over 13 000 South Africans in its local operations.

Products:-

Term Plans Kotak Term Assurance Plan Kotak Preferred Term Plan Endowment Plans Kotak Endowment Plan Kotak Money Back Plan Kotak Child Advantage Plan Kotak Capital Multiplier Plan Kotak Retirement Income Plan Kotak Premium Return Plan Unit Linked Plans Kotak Retirement Income Plan (Unit-linked) Kotak Safe Investment Plan II Kotak Flexi Plan Kotak Easy Growth Plan Kotak Privilege Assurance Plan

RESEARCH METHODOLGY
RESEARCH DESIGN: Analytical study is conducted to reach the objectives.

COLLECTION OF DATA: Primary data: Main source of primary data s people living in the area of sarita vihar and also using kotak insurance policy. Secondary data: Available informations from kotak website and other websites for insurance related informations . SAMPLE SIZE - 100 people, judgmental method. SAMPLING PLAN: Sampling Units: - Different people living in the area of sarita vihar and also customer of kotak insurace Sample Technique: - judgmental Sampling. ResearchInstrument: - Structured Questionnaire. ContactMethod:questionnaire .

Bibliography http://insurance.kotak.com/ http://en.wikipedia.org/wiki/Life_insurance