SUMMER TRAINING REPORT

On
" A Study On Perception Of Investors Investing In Life Insurance"

Maharishi Dayanand University, Rohtak

In partial fulfillment of the requirement for the award of the degree of

MASTER OF BUSINESS ADMINSTRATION

Under the guidance of

Submitted by Guided by

Shivam Dr. Aman vashishth

MBA,Sem-3 ASSISTANTPROFESR
IMSAR,MDU

MAHARSHI DAYANAND UNIVERSITY

ROHTAK, HARYANA

(2023-2025)

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 STUDENT DECLARATION

This is to certify that I have completed the summer project titled “( A Study On Perception Of
Investors Investing In Life Insurance)”under the guidance of “( Dr.Aman vashishth )” in partial
Fulfilment of the requirement for the award of Degree of Masters of Business Administration at
Delhi Technical campus of management studies, this is an original piece of work & I have not
submitted it earlier elsewhere

Date:
Signature :
Place:
Roll No.-
Name :

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 CERTIFICATE FROM INSTITUTION

This is to certify that the summer project titled “ A Study On Perception Of Investors Investing In Life
Insurance” is an academic work done by “Shivam" submitted in the partial Fulfilment of the
requirement for the award of the Masters of Business Administration at Maharshi Dayanand University
Rohtak under my guidance & direction.

To the best of my knowledge and belief the data & information presented by him/her in the project has
not been submitted earlier.

Signature :
Name of the faculty : Dr. Aman vashishth
Designation :

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 ACKNOWLEDGEMENT

With immense please we are presenting “A Study On Perception Of Investors Investing In Life
Insurance”project report as part of the curriculum of “Masters Of Business Administration”.
We wish to thanks all the people who gave us unending support. I express my profound thanks
to HOD and Professor, project guide and all those who have indirectly guided and helped us in
preparation of this project. We also like to extend our gratitude to all staff and our colleagues
of college of management, who provided moral support, a conductive work environment and
the much-needed inspiration to conductive the project in time and a special thanks who are
integral part of the project.

Thanking you.

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 Certificate from the Company/Organization

This is to certify that Amit, Pursuing MBA from Maharshi Dayanand University
Rohtak has successfully completed the Project Report in our organization on the topic
titled, “A Study On Perception Of Investors Investing In Life Insurance ” from 4th june to
22 july 2024 Eight weeks of summer internship. During his project tenure in the
organization/company, we found him hard working, sincere and diligent person and his
behavior and conduct was good. We wish him all the best for his future endeavors.

Signature

Mr. Siddharth (Asst cooperate sale Manager)

Name and Designation of the Guide

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 Intern summary

Name : SHIVAM

Email ID : [email protected]

Name of Organization : The Leading Solution

Address of Company : 12th floor , RG trade tower ,netaji subhash , pitampura ,new delhi

The study named “A Study On Perception Of Investors Investing In Life Insurance” is about
understanding the factors that affect the customer’s decision while buying Life insurance Policies. The
entire Internship was a great learning because of its vast exposure to products and corporate world. The
main objective of the project was to study the various factors influencing customer investment decisions
in Life insurance Policy. It also studies the impact of various demographic factors on customer Life
Insurance Investment Decision. It also evaluates various preferences in a company, in an insurance plan,
and also which company is preferred the most for Life Insurance Policies. The findings of the research
were that customer decision to buy a Life Insurance Policy majorly depends on demographic factors like
the Age, Gender and Income Level. Occupation is not dependent on taking Life Insurance Policies. LIC
stands as the first preference in company and Money back guarantee is the first preference for choosing a
life insurance policy. Also, customers prefer Money Back Policy and ULIP Plans for investment in Life
Insurance Policies. There are also recommendations included in the report for making Insurance as an
Investment. In the journey of the internship, I learnt many things.

shivam

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 Index
Sr . no.
1. Authorization
2. Acknowledgement
3. Abstract
4. Executive Summary
5. Chapter 1 : Introduction to Study
1.1 – Purpose of the Study
1.2 – Objective of the Study
1.3 – Scope of the Study
1.4 – Limitations of the Study

6. Chapter 2 : Introduction to Non-Banking Financial Companies

2.1 – Introduction to NBFCs

2.2 – Difference between Banks and NBFCs

2.3 – Types of NBFCs

2.4 – Types of Services provided by NBFCs

2.5 – Role of NBFCs in Indian Economy

7. Chapter 3 : Introduction to The leading Solutions Pvt Ltd

3.1 – About the Company

3.2 – The leading solution services

3.3 – The EarnWealth Advantage

3.4 – Aim of Company

3.5 – Company Details

3.6 – Products by The leading solution

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 3.7 – Major Competitors

3.8 – Partners with the leading solution

3.9 – Work at The leading solution

3.10 – Process of Loan Disbursement

8. Chapter 4 : SWOT Analysis of EarnWealth Solutions Pvt Ltd

9. Chapter 5 : Introduction to Insurance

5.1 – Introduction to Insurance and its Components

5.2 – Insurance Sector in India

5.3.1 – Market Size

5.3.2 – Government Initiatives

5.3.3 – Road Ahead

5.3.4 – Market Share

5.3.5 – Types of Insurance

10. Chapter 6 : Introduction to Life Insurance

6.1 – Tax Benefits associated with Life Insurance

6.2 – How Life Insurance Works

6.3 – Types of Life Insurance

6.3.1 – Term Insurance

6.3.2 – Whole Life Insurance

6.3.3 – Endowment Policy

6.3.4 – Money Back Policy

6.3.5 – Unit Linked Insurance Plans

6.4 – Consolidated benefits of Life Insurance Plans

11. Chapter 7 : Need for the Study and Literature Review

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 7.1 – Literature Review

12. Chapter 8 : Data Analysis

13. Chapter 9 : Research Methodology

14. Chapter 10 : Findings from the Study

15. Chapter 11 : Recommendations

16. Chapter 12 : Conclusion

17. Key Learnings and Achievements in SIP

18 References

19. Annexure 1 : Questionnaire

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 CHAPTER 1
INTRODUCTION
1. Purpose, Objective, Scope and Limitation of the Study

1.1. Purpose of the study

➢ The study aims at understanding the market of Insurance. Insurance being

one of the most important Financial Product in the market, still has not
reached a more number of customers
➢ The study also aims to understand various Life Insurance Products.
➢ The main motive of the study is to understand the various factors that
affect the customers decision in buying a Life Insurance Policy.
➢ The study also aims to understand the various types of products provided
by EarnWealth Solutions Pvt Ltd.
➢ To understand the level of awareness regarding insurance products within
the customers.

1.2. Objective of the study

The present Descriptive and Exploratory type of Research is chosen with an

objective of studying factors which influence customers policy buying
decisions and also analyze the customers preferences while Life policy
Investment decision making. Factors related to Insurance would be studied in
this project. The aim of study is also to understand which is the most
preferred Company for buying Insurance policies. Following are the main
objectives of the study :
a) To study various factors influencing Customer Investment Decision in Life
Insurance.
b) To study and analyze the impact of various demographic factors on
customers life insurance investment decision.
c) To evaluate preferences of the customers while taking life insurance

10
investment decision.
d) To study and rank the factors responsible for the selection life insurance as
an investment option.
e) To offer suggestions for popularizing life insurance among the public at
large.

1.3. Scope of the study

The insurance industry is one of the fastest growing industries in the country and
offers abundance growth opportunity to the life insurers. When compared with
the developed foreign countries, the Indian life insurance industry has achieved
only a little because of the lack of insurance awareness, ineffective marketing
strategies, poor affordability and low investment in life insurance products. The
huge and ever rising population levels in our country provide an attractive
opportunity but still nearly 70% Indian lives is un-insured. The study is basically
intended to discover and examine the factors affecting customers decision
towards investment in life insurance policy.

1.4. Limitation of the study

➢ The study is limited to respondents from Pune area majorly.

➢ Lack of awareness regarding EarnWealth Solutions was a major problem in reaching to customers.
➢ Getting Personal information like Income, Insurance policy was a difficult task.
➢ Lesser awareness of various Life Insurance Products was one major problem while conducting the
survey. It was difficult to make people understand each and every product of Insurance.
➢ Understanding and filling the Google Form was a difficult task because of not so easy understanding
of Google Form and questions.

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 CHAPTER 2
INTRODUCTION TO NON
BANKING FINANCIAL SECTOR

2.1. Introduction to NBFCs

Definition of NBFCs : “NBFCs are Companies that are registered under

The Companies Act, 1956 of India. NBFCs are engaged in business of
Loans and Advances, Acquisition of shares, bonds, hire purchase
Insurance Business or chit-fund Business but does not include
principal business includes agriculture, industrial activity or the sale,
purchase or construction of immovable property.”
Non-Banking Financial Companies play an important and crucial role
in broadening access to financial services, enhancing competition and
diversification of the financial sector. There are different types of
institutions involved in financial services in India. These include
commercial banks, financial institutions (FIs) and non-banking finance
companies (NBFCs). Due to the financial sector reforms, NBFCs have
been emerged as an integral part of the Indian financial system. Non-
banking finance companies frequently act as suppliers of loans &
credit facilities and accept deposits, operating mutual funds and
similar other functions. They are competitive and complimentary to
banks and financial institutions. Many steps were taken in 1995-96 to
reduce controls and remove operational constraints in the banking
system. These include interest rate decontrol, liberalization and
selective removal of Cash Reserve Ratio (CRR) stipulation, enhanced
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refinance facilities against government and other approved securities.
NBFCs have registered significant growth in recent years both in
terms of number and volume of business transactions (Table-2). The
equipment leasing and hire purchase finance companies finance
productive assets. NBFCs role in financing consumer durables and
automobiles are very aggressive. The rapid growth in the business of
NBFCs urged for effective regulatory action to protect the interests of
investors. The Reserve Bank has started regulating the activities of
NBFCs with the twin objectives of ensuring that they sub serve the
financial system efficiently and do not jeopardize the interest of
depositors.

2.2 DIFFERENCE BETWEEN BANKS AND NBFCS

NBFCs perform functions similar to that of banks but there are a few differences:
❖ Provides Banking services to People without holding a Bank license.
❖ An NBFC cannot accept Demand Deposits.
❖ An NBFC is not a part of the payment and settlement system and as such.
❖ An NBFC cannot issue Cheques drawn on itself.
❖ Deposit insurance facility of the Deposit Insurance and Credit Guarantee Corporation is not
available for NBFC depositors, unlike banks.
❖ An NBFC is not required to maintain Reserve Ratios (CRR, SLR etc.)
❖ An NBFC cannot indulge Primarily in Agricultural, Industrial Activity, Sale-Purchase,
Construction of Immovable Property.
❖ Foreign Investment allowed up to 100%

The objectives and scope of a project on "Optimizing Last-Mile Delivery Strategies for E-
Commerce Companies" can be defined to ensure the project's clarity and focus. Here are some
objectives and the scope that you can consider for such a project:

2.4. TYPES OF SERVICES PROVIDED BY NBFCs

NBFCs provide range of financial services to their clients. Types of services under non-banking finance
services include the following:
1. Hire Purchase Services
2. Leasing Services
3. Housing Finance Services

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4. Asset Management Services
5. Venture Capital Services
6. Mutual Benefit Finance Services (Nidhi) banks.

➢ Hire Purchase Services

Hire purchase the legal term for a conditional sale contract with an
intention to finance consumers towards vehicles, white goods etc. If a
buyer cannot afford to pay the price as a lump sum but can afford to
pay a percentage as a deposit, the contract allows the buyer to hire the
goods for a monthly rent. If the buyer defaults in paying the
installments, the owner can repossess the goods. HP is a different
form of credit system among other unsecured consumer credit systems
and benefits. Hero Honda Motor Finance Co., Bajaj Auto Finance
Company is some of the HP financing companies.

➢ Leasing Services
A lease or tenancy is a contract that transfers the right to possess specific property.
Leasing service includes the leasing of assets to other companies either on
operating lease or finance lease. An NBFC may obtain license to commence
leasing services subject to , they shall not hold, deal or trade in real estate business
and shall not fix the period of lease for less than 3 years in the case of any finance
lease agreement except in case of computers and other IT accessories.

➢ Housing Finance Services

Housing Finance Services means financial services related to development and
construction of residential and commercial properties. An Housing Finance
Company approved by the National Housing Bank may undertake the services
/activities such as Providing long term finance for the purpose of constructing,
purchasing or renovating any property, Managing public or private sector projects
in the housing and urban development sector and Financing against existing
property by way of mortgage. ICICI Home Finance Ltd., LIC Housing Finance Co.
Ltd., HDFC is some of the housing finance companies in our country.

➢ Asset Management Company

Asset Management Company is managing and investing the pooled funds of retail
investors in securities in line with the stated investment objectives and provides
more diversification, liquidity, and professional management service to the
individual investors. Mutual Funds are comes under this category. Most of the

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financial institutions having their subsidiaries as Asset Management Company like
SBI, BOB, UTI and many others.

➢ Venture Capital Companies

Venture capital Finance is a unique form of financing activity that is undertaken on
the belief of high-risk-high-return. Venture capitalists invest in those risky
projects or companies (ventures) that have success potential and could promise
sufficient return to justify such gamble. Venture capitalist not only provides
finance but also often provides managerial or technical expertise to venture
projects. In India, venture capital concentrate on seed capital finance for high
technology and for research & development. ICICI ventures and Gujarat Venture
are one of the first venture capital organizations in India and SIDBI, IDBI and
others also promoting venture capital finance activities.

➢ Mutual Benefit Finance Companies (MBFC's)

A mutual fund is a financial intermediary that allows a group of investors to pool their money together
with a predetermined investment objective. The mutual fund will have a fund manager who is responsible
for investing the pooled money into specific securities/bonds. Mutual funds are one of the best
investments ever created because they are very cost efficient and very easy to invest in. By pooling
money together in a mutual fund, investors can purchase stocks or bonds with much lower trading costs
than if they tried to do it on their own. But the biggest advantage to mutual funds is diversification.
There are two main types of such funds, open-ended fund and close-ended mutual funds. In case of open-
ended fund, the fund manager continuously allows investors to join or leave the fund. The fund is set up
as a trust, with an independent trustee, who keeps custody over the assets of the trust. Each share of the
trust is called a Unit and the fund itself is called a Mutual Fund. The portfolio of investments of the
Mutual Fund is normally evaluated daily by the fund manager on the basis of prevailing market prices of
the securities in the portfolio and this will be divided by the number of units issued to determine the Net
Asset Value (NAV) per unit.
An investor can join or leave the fund on the basis of the NAV per unit. In contrast, a close-end fund is
similar to a listed company with respect to its share capital. These shares are not redeemable and are
traded in the stock exchange like any other listed securities. Value of units of close-end funds is
determined by market forces and is available at 20-30% discount to their NAV.

2.5. ROLE OF NBFCs IN INDIAN ECONOMY

NBFCs (Non-Banking Financial Companies) play an important role in promoting
inclusive growth in the country, by catering to the diverse financial needs of bank
excluded customers. Further, NBFCs often take lead role in providing innovative
financial services to Micro, Small, and Medium Enterprises (MSMEs) most
suitable to their business requirements. NBFCs do play a critical role in
participating in the development of an economy by providing a fillip to

15
transportation, employment generation, wealth creation, bank credit in rural
segments and to support financially weaker sections of the society. Emergency
services like financial assistance and guidance is also provided to the customers in
the matters pertaining to insurance.
NBFCs are financial intermediaries engaged in the business of accepting deposits
delivering credit and play an important role in channelizing the scarce financial
resources to capital formation. They supplement the role of the banking sector in
meeting the increasing financial needs of the corporate sector, delivering credit to
the unorganized sector and to small local borrowers. However, they do not include
services related to agriculture activity, industrial activity, sale, purchase or
construction of immovable property. In India, despite being different from banks,
NBFC are bound by the Indian banking industry rules and regulations.
NBFC focuses on business related to loans and advances, acquisition of shares,
stock, bonds, debentures, securities issued by government or local authority or
other securities of like marketable nature, leasing, hire-purchase, insurance
business, chit business. The banking sector would always be the most important
sector in the field of business because of its credibility in supporting
manufacturing, infrastructural development and even being the backbone for the
common man's money. But despite this, the role of NBFCs is critical and their
presence in a country would only boost the economy in the right direction.
P Vijaya Bhaskar, ex – Executive Director, RBI, explained how NBFC companies
are game-changers that are very important to the economy.

➢ Size of sector : The NBFC sector has grown considerably in the last few
years despite the slowdown in the economy

➢ Growth : In terms of year-over-year growth rate, the NBFC sector beat the
banking sector in most years between 2006 and 2013. On an average, it grew 22%
every year. This shows, it is contributing more to the economy every year.

➢ Profitability : NBFCs are more profitable than the banking sector because of
lower costs. This helps them offer cheaper loans to customers. As a result, NBFCs'
credit growth - the increase in the amount of money being lent to customers – is
higher than that of the banking sector with more customers opting for NBFCs.

➢ Infrastructure Lending : NBFCs contribute largely to the economy by

lending to infrastructure projects, which are very important to a developing
country like India. Since they require large amount of funds, and earn profits only

16
over a longer time-frame, these are riskier projects and deters banks from lending.
In the last few years, NBFCs have contributed more to infrastructure lending than
banks.
➢ Promoting inclusive growth : NBFCs cater to a wide variety of customers
- both in urban and rural areas. They finance projects of small-scale companies,
which is important for the growth in rural areas. They also provide small-ticket
loans for affordable housing projects. All these help promote inclusive growth in
the country.

NBFCs aid economic development in the following ways :

i. Mobilization of Resources - It converts savings into investments

ii. Capital Formation - Aids to increase capital stock of a company
iii. Provision of Long-term Credit and specialized Credit
iv. Aid in Employment Generation
v. Help in development of Financial Markets
vi. Helps in Attracting Foreign Grants
vii. Helps in Breaking Vicious Circle of Poverty by serving as government's
instrument.

The Technology Backbone

With the increasing role of NBFCs in the Indian Economy, the Reserve Bank of
India has issued the notification Master Direction - Information Technology
Framework for the NBFC Sector this year. The directions on IT Framework for
the NBFC sector are expected to enhance safety, security, efficiency in processes
leading to benefits for NBFCs and their customers. NBFCs with asset size above
500 crores are expected to adhere to the new "recommendations" by 30th
September 2018. Recommendations for smaller NBFCs include developing basic
IT systems mainly for maintaining the database. While larger NBFCs stare at a
strict deadline, smaller NBFCs, especially Fintech startups have a bigger problem
at hand; an identity crisis! The business models of startups like BankBazaar
mandate that they do not become a NBFC, while the nature of operations of
startups like LendingKart makes them a NBFC as part of the legal compliance.

17
CHAPTER 3
INTRODUCTION TO THE
LEADING SOLUTION

3.1. ABOUT THE COMPANY

The Leading Solutions is the one stop solution provider for all your financial needs. Our objective is
to serve the customers with the best solution for directing their finances in the most profitable
direction.

Company is able to facilitate various trainings and development programs with top
B-schools and we have already trained thousand of interns till date. We have
liaison with more than 50 universities in India with the base size of 800 and above
campuses, keeping in mind the most critical needs in today's context, we have
emerged as a service partner of various bank providing one stop solution offering a
gamut of services. Thus, our mission is to establish high standards of professional
etiquette and to effectively facilitate a comprehensive and accomplished system of
continuing professional development for every possible profession through our
exceptional training solutions TLS is one of the developing consulting firm in
India. At TLS, we give broad administration services to high and HNI clients. Our
exceedingly prepared and concentrated group draw in with customers from the
nation over just as those based abroad. We facilitate every one of the
administrations expected to deal with customer's cash and plan for their very own
and family's present and future needs. Achieving wealth and remaining wealthy
require different characteristics. Individuals, families and even businesses become
18
wealthy for a variety of reasons, yet they often make the mistake of thinking they
can also win the wealth management game alone. Fortunes are lost annually by
uninformed direct investments and poor choices made by experts in the legal,
operations, accounting, investments and insurance domains. In many cases, there
are no "do overs" which is why the right partner not only makes sense, it is critical
in achieving one's goals. In the end, it is not about what you earn, it is what you
keep that matters most." We cares about our client and provide them best options
what they really needs not what we have. We are not salesman we are service
provider and effective service provider is the one who satisfy his clients need and
solve his problem at the same time on the long run basis.

The leading solution services :

Consulting Services : We gaining importance as world economic engine and

with the introduction of the idea of International Business, each business in each
country is making an attempt to induce connected with one additional despite of
the regional variations. TLS have a bunch of consultants that provides due
diligence to the various businesses relating to their essential business choices like
Merger and Amalgamation, Investment and growth into the new areas, etc. and that
we additionally facilitate in characteristic the new and effective sources of benefits
whereas avoiding risk.
We have a tendency to principally offer the subsequent services:

Corporate Development & Finance

→ Investment
→ People & Management
→ New Market/Partner/Vendor analysis
→ Operations
→ Technology.

Accounting services : Accounting includes recording of financial transactions

along with storing, sorting, retrieving, summarizing, and presenting the results in
various reports and analyses. Accounting is core professional task which needs
expertise and experience. One part of accounting focuses on presenting the
financial information in the form of general-purpose financial statements (balance
sheet, income statement, etc.) that are distributed to people outside of the company.
These external reports must be prepared in accordance with generally accepted

19
accounting principles often referred to as GAAP With a vast experience in the
industry, we are dedicated to provide customised accounting solutions to our
clients. Our team, with its immense expertise with latest analytical tools and
technologies provide cutting-edge innovative solutions to your accounting needs.

Portfolio Management : Portfolio management is the art and science of

making decisions about investment mix and policy, matching investments to
objectives, asset allocation for individuals and institutions, and balancing risk
against performance. Portfolio management is all about determining strengths,
weaknesses, opportunities and threats in the choice of debt vs. equity, domestic vs.
international, growth vs. safety, and many other trade-offs encountered in the
attempt to maximize return. It is important for an individual to diversify his
investment portfolio as to reduce risk and to gain maximum returns. So we, hereby,
provide assistance in diversifying your investments.It is important for an individual
to diversify his investment portfolio as to reduce risk and to gain maximum
returns. So we, hereby, provide assistance in diversifying your investments.

Taxation services : Are taxes ?

Taxes are involuntary fees levied on individuals or corporations and
enforced by a government entity - whether local, regional or national - in
order to finance government activities. In economics, taxes fall on
whomever pays the burden of the tax, whether this is the entity being
taxed, like a business, or the end consumers of the business's goods.
Breaking Down Taxes
To help fund public works and services and to build and maintain the
infrastructures used in a country, the government usually taxes its individual and
corporate residents. The tax collected is used for the betterment of the economy
and all living in it. In the U.S. and many other countries in the world, taxes are
applied to some form of money received by a taxpayer. The money could be
income earned from salary, capital gains from investment appreciation, dividends
received as additional income, payment made for goods and services, etc. A
percentage of the taxpayer's earnings or money is taken and remitted to the
government. Payment of taxes at rates levied by the state is compulsory, and tax
evasion - the deliberate failure to pay one's full tax liabilities - is punishable by
law. Most governments utilize an agency or department to collect taxes; in the
United States, this function is performed by the Internal Revenue Service (IRS).

20
There are several very common types of taxes:
→ Income Tax - a percentage of individual earnings filed to the federal
government
→ Corporate Tax - a percentage of corporate profits taken as tax by the
government to fund federal programs.
→ Sales Tax - taxes levied on certain goods and services.
→ Property Tax - based on the value of land and property assets.
→ Tariff - taxes on imported goods imposed in the aim of strengthening internal
businesses.
→ Estate tax - rate applied to the fair market value of a property at the time of
death

Tax systems vary widely among nations, and it is important for individuals and
corporations to carefully study a new locale's tax laws before earning income or
doing business there. Worried about the complex taxation regulations? Contact us.
We, at TLS will guide you about your comprehensive taxation planning. Not only
that, we will give you insights of taxation that will help your client to manage the
taxation regime of his business.

Recruitement Services Recruitmentrefers to the overall process of attracting,

shortlisting, selecting and appointing suitable candidates for jobs (either permanent
or temporary) within an organization. Recruitment can also refer to processes
involved in choosing individuals for unpaid roles. Managers, human resource
generalists and recruitment specialists may be tasked with carrying out recruitment,
but in some cases public-sector employment agencies, commercial recruitment
agencies, or specialist search consultancies are used to undertake parts of the
process. Internet-based technologies which support all aspects of recruitment have
become widespread.

Process
→ Job analysis for new jobs or substantially changed jobs, a job analysis might be
undertaken to document the knowledge, skills, abilities and other characteristics
(KSAOs) required or sought for the job. From these the relevant information is
captured in a person specification.
→ Sourcing is the process of attracting or identifying candidates.
→ Screening and selection.

Sourcing Sourcing is the use of one or more strategies to attract or identify

candidates to fill job vacancies. It may involve internal and/or external recruitment
advertising, using appropriate media, such as job portals, local or national

21
newspapers, social media, business media, specialist recruitment media,
professional publications, window advertisements, job centers, or in a variety of
ways via the internet.

Alternatively, employers may use recruitment consultancies or agencies to find

otherwise scarce candidates-who, in many cases, may be content in the current
positions and are not actively looking to move. This initial research for candidates-
also called name generation-produces contact information for potential candidates,
whom the recruiter can then discreetly contact and screen.

Employees are the backbone of an organization and recruiting a proper employee

is vital for any organization. We, at TLS, filter the right candidate according to
your requirement. Apart from internal and external job analysis, we interview
candidates for you and help in recruitment planning.

Company mission : To assemble a world class business through high quality

and genuine budgetary arrangements upheld by sharp research and master group.
The arrangements are conveyed by specialists who comprehend the particular
yearnings of each customer.

Company vision : Our motive is to upgrade the perception of investors moving

them from traditional investment decision making to diversified one. In this
dynamic economy it is always better to diversify your funds. We work on the core
mentality of investors and try to shift their interest from traditional to modern mind
set by providing them greater choices to invest. To expand our piece of the overall
industry year on year and keep up a similar dimension of involvement for each
customer. What's more, guarantee that we become the most profitable resource for
every customer.

Product by the leading solution

• Mutual fund

• Insurance

22
• Real estate

• Fixed deposit

• Health insurance

• Personal loan

Mutual fund Investment plan :

A mutual fund is a sort of monetary vehicle made up of a pool of cash gathered
from numerous financial specialists to put resources into securities, for example,
stocks, securities, currency market instruments, and different resources. Common
assets are worked by expert cash chiefs, who distribute the reserve's advantages
and endeavor to deliver capital increases or salary for the store's financial
specialists. A shared store's portfolio is organized and kept up to match the venture
targets expressed in its outline. A mutual fund is a basket of different speculations,
for example, stocks, bonds, and money. A shared store is subsidized by the
ventures of individual financial specialists and establishments." a pool of cash
gathered from numerous financial specialists to put resources into securities.

Types of mutual fund

Equity fund Investment in supplies of different sizes and residence. For

instance, there are shared finances that are delegated worldwide, which can put
anyplace on the planet. These plans put legitimately in stocks. These plans can give
predominant returns however can be hazardous in the present moment as their
fortunes rely upon how the financial exchange performs. Speculators should search
for a more drawn out venture skyline of at any rate 5 to 10 years to put resources
into these plans..

Fixed Income - Investment Under these assets one can essentially put
resources into security arranged speculations, for example, corporate securities and
city securities. You may run over a city security common reserve that is state-
explicit. For instance, an Ohio tax-exempt security finance commonly puts just in
Ohio civil security reserves, with the goal that intrigue gotten by the shared store
holder is excluded from tax collection at both the government and state personal

23
expense levels.

Money- Market fund Through these assets one can put resources into top
notch, momentary obligation instruments, for example, government treasury bills
(otherwise called T-bills). The profits on currency market assets have generally
been more prominent than investment account yet not as much as declarations of
stores. If it's not too much trouble note that interests in currency market assets are
regularly not ensured by the FDIC. It is critical to comprehend this earlier making
a speculation.

Debt equity mutual fund Under these plans one put resources into obligation
securities. Speculators ought to settle on obligation plans to accomplish their
momentary objectives that are underneath 5 years.

Hybrid mutual fund Under this plans one put resources into a blend of value
and obligation, and a financial specialist must pick a plan dependent on his hazard
desire.

Solution oriented These plans are formulated for specific arrangements or

objectives like retirement and youngster's instruction. These plans have a
compulsory lock-in time of 5 years.

How to invest in mutual fund :- One can either contribute straightforwardly

with a shared store or contract the administrations of a common reserve consultant.
On the off chance that somebody is contributing legitimately, at that point they will
put resources into the immediate arrangement of a common store plot. In the event
that they are contributing through a counsel or go-between, at that point they will
put resources into the normal arrangement of the plan. On the off chance that one
needs to contribute straightforwardly, at that point they should visit the site of the
shared store or its approved branches with applicable archives. The upside of
putting resources into an immediate arrangement is that one can save money on the
commission and the cash contributed would include great returns over an extensive
stretch. The greatest disadvantage of this technique is that one should finish the
customs, do the exploration, screen their venture, all by themselves.

Mutual fund charges

 → The total expenses incurred by mutual fund schemes are collectively called expense ratio.

24
  → The expense ratio measures the per unit cost of managing a fund.
 → The expense ratio is generally in between 1.5-2.5 per cent of the average weekly net assets of the
schemes.

Insurance
INSURANCE is an agreement, spoken to by an approach, wherein an individual or element gets money related
assurance or repayment against misfortunes from an insurance agency. The organization pools customers'
dangers to make installments progressively moderate for the protected.

 Below are the 5 things just shrewd individuals think about INSURANCE:
 Free Look Period
 No Claim Bonus
 Rider
 Premium Reduction
 Online Buying

Free Look Period

You're stuck with an insurance policy once you've bought it? Think again."

As indicated by the IRDAI, there is a Free Look Period for all life coverage arrangements, and all medical
coverage approaches that last longer than 3 years . Amid this period, which typically goes on for 15 days, you
can survey the approach terms and conditions, and on the off chance that any of them are not pleasant, at that
point you can hand the strategy back and get a discount. The main condition is that you should convey this to
your safety net provider recorded as a hard copy.

NO CLAIM BONUS

Didn't make an insurance claim and thought you've lost money on

your premium? When it comes to car and health insurance, that
isn't true."
On the off chance that you go a whole year without making a vehicle
protection guarantee, you are remunerated for safe driving with a
No Claim Bonus of up to 20% when you recharge your premium.

25
Consistently, this rate increments, and in the event that you go 5
years without making a case, your premium can diminish by half.
This advantage is likewise accessible as an expansion in entirety
guaranteed, which is the thing that occurs on account of a case free
year of owning a medical coverage arrangement.

Premium Reduction
"If you don't smoke or drink, you save a lot of money on avoiding such purchases. But did you
know that living healthy can save you premium costs?"

Before a protection arrangement is given to you, your back up plan does a procedure called "endorsing" where
in your hazard is evaluated. The better wellbeing you are in, the less odds of you making a case for an
enormous sum, and in this way, your back up plans would offer you a lower premium. For the most part,
guarantors offer distinctive premium for smokers (most noteworthy), non-smokers (typical) and favored non-
smokers (least) , the remainder of which as a rule has a sound family foundation too.

• Real estate :-
REAL ESTATE to arrive, just as any physical property or upgrades joined to the land, including houses,
structures, arranging, fencing, wells, and so on.

Land can be a fantastic enhanced apparatus for financial specialists. On the off chance that you pay the
appropriate sum for your property, there's capability to harvest enduring, long haul returns as a landowner. The
Real Estate market is not closely correlated with stock or bond markets.

 Types of Real Estate

 Residential Real Estate
 Commercial Real Estate
 Industrial Real Estate
 Land

types of Real estate

Residential Real Estate

It incorporates both new development and resale homes. The most widely recognized classification is single-
family homes. There are likewise centers, townhouses, duplexes, triple-deckers, quadplexes, high-esteem
homes, multi-generational and summer homes.

26
Commercial real estate

It incorporates shopping plazas and strip shopping centers, medicinal and

instructive structures, inns and workplaces. Condo structures are frequently viewed
as business, despite the fact that they are utilized for living arrangements. That is
on the grounds that they are possessed to deliver salary.

Industrial real estate

It incorporates producing structures and property, just as stockrooms. The

structures can be utilized for research, creation, stockpiling and circulation of
merchandise. A few structures that disseminate merchandise are viewed as
business land. The arrangement is significant in light of the fact that the zoning,
development and deals are taken care of in an unexpected way.

LAND

It incorporates empty land, working homesteads and farms. The subcategories

inside empty land incorporate undeveloped, early improvement or reuse,
subdivision and site get together. Here's additional at Land Broker Transactions.
The land area is a standout amongst the most all inclusive perceived divisions. In
India, land is the second biggest business after horticulture.

• FIXED DEPOSIT

Fixed store is venture instruments offered by banks and non-banking budgetary

organizations, where you can store cash for a higher rate of returns than investment
accounts. You can store a single amount of cash in fixed store for a particular
period, which differs for each lender. When the cash is contributed with a solid
lender, it begins gaining a premium dependent on the term of the store. More often
than not, the characterizing criteria for FD is that the cash can't be pulled back
before development, however you may pull back them subsequent to paying a
punishment.

Taxability on fixed deposit

The premium earned from fixed store is assessable. The duty deducted at source on
FD can extend from 0% to 30%, contingent upon annual assessment section of the

27
financial specialist. Agents deduct 10% TDS if your advantage earned is more than
Rs. 10,000 out of a year, if your PAN details are accessible with them. In any case,
in the event that your PAN details are not given to your financial foundation, 20%
TDS will be deducted. On the off chance that your absolute pay is beneath the
base duty piece of 10%, you can guarantee a discount of the deducted TDS. You
can likewise stay away from the derivation by submitting Form 15G to your
monetary foundation, and submitting Form 15H in case you're a senior native. In
the event that you fall in the higher expense section (20% or 30%), you would need
to cover additional regulatory expense well beyond the TDS deducted by your
NBFC or bank.

• HEALTH INSURANCE

So what you are waiting for if you are concerned for your health and you are
youthful, solid and healthy, at that point purchasing a medical coverage can
demonstrate to be extremely simple for your pockets. You get a great deal of
advantages including a long inclusion period, low premiums, a higher total
guaranteed and considerably more. For the most part, a person's age and wellbeing
condition are the main variables for the computation of medical coverage
premium. "The more youthful and more beneficial the candidate, the lower is the
excellent sum." Surely, there are various reasons which demonstrate that
purchasing a medical coverage plan at a more youthful age is a brilliant decision.

Reason to invest in health sector

LOW Premium

The premium of a medical coverage plan is much lower when you are youthful.
How about we comprehend this with a model at the age of 25, you can have a front
of Rs. 3 lacs including some hidden costs of just Rs. 5,546. As time cruises by, our
safe framework debilitates, and we may require a front of a more noteworthy total
guaranteed. On the off chance that you purchase a front of Rs. 9 lacs at 50 years
old, at that point the top notch sum gets nearly significantly increased for example
Rs. 14,856.

higher chance of policy insurance

In India, on the off chance that you have any medicinal history, it's hard to get a
medical coverage strategy. In the event that a candidate gets determined to have

28
dangerous infections, for example, malignant growth or heart illnesses then the
medical coverage organization can dismiss his application or can charge higher
rates of premium. Be that as it may, for an individual of youthful age there are least
odds of an application getting rejected, as they are less inclined to such maladies.

Tax benefit

Medical coverage is a standout amongst the most ideal approaches to spare

expense under Section 80D of the Income Tax Act, 1961. You can profit tax
reductions for a more extended period on the off chance that you purchase a
medical coverage plan at a youthful age.

Investment

In the event that you purchase a medical coverage approach at a youthful age, all
things considered, you will get the best arrangement and your strategy will be
affirmed with no issue. The fundamental hospitalization expenses have seen a
spike of over 10% in 10 years.

• PERSONAL LOAN :-

You can utilize the credit according to your decision. Reserve your intriguing
excursion, add the last contacts to make your wedding additional exceptional,
facilitate your movement torments by getting yourself a two/four wheeler, or watch
out for a critical medicinal necessity, our own advance will help you regardless of
when you need it. We offer you an individual credit with appealing financing cost
and with quick advance endorsement office which you can use as indicated by your
own motivation. Presently the very first moment can require cash on critical reason
for their own issues and we are here to help them on their need.

Need a personal loan?

We give a helpful method to get advance effectively in a short period.

29
 CHAPTER 4
SWOT ANALYSIS OF
THE LEADING
SOLUTION
❖ Strengths
1. The leading solution is the only B2B FinTech Platform in India.
2. Completely Online Platform makes The leading solution a technologically
advanced Fintech Company.
3. Customer Retention because of high level of satisfaction within the customers.
4. Good Reputation within the Market.
5. One stop destination for all Financial Needs of a Customer.
6. Cross-selling with the customers help in retaining the customers and avoid
losing them to competitors.
7. Amongst Top 10 Most Admired NBFCs in India.
8. Strong Team bonding because of team activities like Bandhan and Parivartan.
9. Increasing number of Referral Partners every day (currently 18000+).

❖ Weakness

1. Being a Start-up Company, the company is still in a developing stage, and so not
a completely well settled Business.

2. The IT Team being yet in its developing phase, faces a lot of bugs and needs a
more smooth working.

30
3. Calling to the Customer is late at times after they have applied for the loan, which
results in losing the customers.

4. Slow Process of Loan Disbursement.

5. Lesser number of Disbursements as compared to the number of applications

coming in.

6. Less number of Employees.

7. Less customers for products like Home Loan, LAP, Insurance, etc.

❖ Opportunities
1. The leading solution can earn more profits by focusing on both B2B as well as B2C segments.

2. Building up a more strong IT team by training and recruiting more talents will help the leading solution
to have a stable IT Team and thus have a smooth functioning.

3. Increasing its promotion for Insurance Products to customers will help to get more customers for
Insurance which is a fast growing product today.

4. Increasing Number of Employees for the company so as to have more faster customer interaction thus
leading to less losing of customers.

5. Focus on other products like Home Loan and LAP and other 50+ products will help company generate
a good revenue.

6. Hiring an HR Professional in order to have a more smooth functioning of Business.

7. Increased number of Referral Partners will help the leading solution to become a Bank early then its
vision of becoming one before 2025.

8. Understanding of why the applications are being rejected can help the company to get more better
potential customers and also help in future decisions.

❖ Threats

1) Increasing companies providing loans may lead to loss of customers. If a customer is directly linked
with the Bank, then he/she may not prefer coming to The leading solution for Assistance.

2) Losing customers because of reaching late to a customer on call.

31
3) Losing of potential employees may lead to slow pace growth of the company.

4) Less use of Potential Product Base may lead to losing customers and indirectly losing Business.

5) Advancement in Technology with the competitors may affect the performance of The leading solution .

32
 CHAPTER 5
INTRODUCTION
TO INSURANCE
definition : “Insurance is a contract, represented by a policy, in which an
individual or entity receives financial protection or reimbursement against losses
from an insurance company.”

5.1 - INTRODUCTION TO INSURANCE AND ITS

COMPONENTS

Insurance is a means of protection from financial loss. It is a form of risk

management, primarily used to hedge against the risk of a contingent or uncertain
loss.
An entity which provides insurance is known as an insurer, insurance company,
insurance carrier or underwriter. A person or entity who buys insurance is known
as an insured or as a policyholder. The insurance transaction involves the insured
assuming a guaranteed and known relatively small loss in the form of payment to
the insurer in exchange for the insurer's promise to compensate the insured in the
event of a covered loss. The loss may or may not be financial, but it must be
reducible to financial terms, and usually involves something in which the insured
has an insurable interest established by ownership, possession, or pre-existing
relationship.
The insured receives a contract, called the insurance policy, which details the
conditions and circumstances under which the insurer will compensate the
insured. The amount of money charged by the insurer to the Policyholder for the
coverage set forth in the insurance policy is called the premium. If the insured
experiences a loss which is potentially covered by the insurance policy, the
insured submits a claim to the insurer for processing by a claims adjuster. The
insurer may hedge its own risk by taking out reinsurance, whereby another
insurance company agrees to carry some of the risk, especially if the primary

33
insurer deems the risk too large for it to carry. Insurance involves pooling funds
from many insured entities (known as exposures) to pay for the losses that some
may incur. The insured entities are therefore protected from risk for a fee, with the
fee being dependent upon the frequency and severity of the event occurring. In
order to be an insurable risk, the risk insured against must meet certain
characteristics. Insurance as a financial intermediary is a commercial enterprise
and a major part of the financial services industry, but individual entities can also
self-insure through saving money for possible future losses.

5.2 - INSURANCE SECTOR IN INDIA

The insurance industry of India consists of 63 insurance companies of which 24 are
in life insurance business and 39 are non-life insurers. Among the life insurers,
Life Insurance Corporation (LIC) is the sole public sector company. Apart from
that, among the non-life insurers, there are seven public sector insurers. In
addition to these, there are two national re-insurer. Other stakeholders in Indian
Insurance market include agents (individual and corporate), brokers, surveyors
and third party administrators servicing health insurance claims. Life insurance
companies offer coverage to the life of the individuals, whereas the non-life
insurance companies offer coverage with our day-to-day living like travel, health,
our car and bikes, and home insurance. Not only this, but the non-life insurance
companies provide coverage for our industrial equipment’s as well. Crop
insurance for our farmers, gadget insurance for mobiles, pet insurance etc. are
some more insurance products being made available by the general insurance
companies in India.

34
5.3.1 – MARKET SIZE

Government's policy of insuring the uninsured has gradually pushed insurance

penetration in the country and proliferation of insurance schemes. Gross premiums
written in India reached Rs 5.53 trillion in FY18, with Rs 4.58 trillion from life
insurance and Rs 1.51 trillion from non-life insurance. Overall insurance
penetration (premiums as % of GDP) in India reached 3.69 per cent in 2017 from
2.71 per cent in 2001. In FY19 (up to Jan 2019), premium from new life insurance
business increased 3.91 per cent year- on-year to Rs 1.59 trillion. In FY19 (up to
Jan 2019), gross direct premiums of non-life insurers reached Rs 1.39 trillion,
showing a year-on-year growth rate of 12.65 per cent.

5.3.2 – GOVERNMENT INITIATIVES

The Government of India has taken a number of initiatives to boost the insurance
industry. Some of them are as follows:

➢ In September 2018, National Health Protection Scheme was launched under

Ayushman Bharat to provide coverage of up to Rs 500,000 (US$ 7,723) to more
than 100 million vulnerable families. The scheme is expected to increase
penetration of health insurance in India from 34 per cent to 50 per cent.
➢ Over 47.9 million famers were benefitted under Pradhan Mantri Fasal Bima
Yojana (PMFBY) in 2017-18.
➢ The Insurance Regulatory and Development Authority of India (IRDAI) plans to
issue redesigned initial public offering (IPO) guidelines for insurance companies
in India, which are to looking to divest equity through the IPO route.

The government also strives hard to provide insurance to individuals in a below

poverty line by introducing schemes like the:
1. Pradhan Mantri Suraksha Bima Yojana (PMSBY),
2. Rashtriya Swasthya Bima Yojana (RSBY) and
3. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

Introduction of these schemes would help the lower and lower-middle income
categories to utilize the new policies with lower premiums in India.

35
5.3.3 – ROAD AHEAD

The future looks promising for the life insurance industry with several changes in
regulatory framework which will lead to further change in the way the industry
conducts its business and engages with its customers.

The overall insurance industry is expected to reach US$ 280 billion by 2020. Life
insurance industry in the country is expected grow by 12-15 per cent annually for
the next three to five years.

Demographic factors such as growing middle class, young insurable population

and growing awareness of the need for protection and retirement planning will
support the growth of Indian life insurance.

5.3.4 – MARKET SHARE

Interpretation : As we can see, according to IRDA, the highest market share

currently in India is of Life Insurance Company, the reason being its
trustworthiness and its existence for these many years. It is followed by HDFC
Standard Life with 7% of Market share and SBI Life with 6% of Market Share.
ICICI Prudential holds 5% of Market Share. The remaining 14% has been a total of
all other Insurance Companies.

36
5.3.5 – TYPES OF INSURANCE

37
 CHAPTER 6
INTRODUCTION TO
LIFE INSURANCE
Life insurance is a contract that offers financial compensation in case
of death or disability. Some life insurance policies even offer financial
compensation after retirement or a certain period of time. Life
insurance, thus, helps you secure your family’s financial security even
in your absence. You either make a lump-sum payment while
purchasing a life insurance policy or make periodic payments to the
insurer. These are known as premiums. In exchange, your insurer
promises to pay an assured sum to your family in the event of death,
disability or at a set time. Life insurance can help you support your
family even after retirement.

Definition : Life insurance (or life assurance) is a contract between an

insurance policy holder and an insurer or assurer, where the insurer
promises to pay a designated beneficiary a sum of money (the benefit)
in exchange for a premium, upon the death of an insured person (often
the policy holder).

The purpose of life insurance is to provide financial protection to

surviving dependents after the death of an insured. It is essential for
applicants to analyze their financial situation and determine the
standard of living needed for their surviving dependents before
purchasing a life insurance policy. Life insurance agents or brokers are
instrumental in assessing needs and establishing the type of life
insurance most suitable to address those needs. Several life insurance
channels are available including whole life, term life, universal life
and variable universal life policies. It is prudent to re-evaluate life
insurance needs annually, or after significant life events like marriage,
divorce, the birth or adoption of a child and major purchases, like a
house.
38
6.1 -Tax Benefits associated with Life Insurance Policies :

• Life insurance not only ensures the well-being of your family, it also
brings tax benefits.

• The amount you pay as premium can be deducted from your total
taxable income.

• However, this is subject to a maximum of Rs 1.5 lakh, under Section

80C of the Income Tax Act.

• The premium amount used for tax deduction should not exceed 10%
of the sum assured.

6.2 - How Life Insurance Works

There are three major components of a life insurance policy.

❖ Death benefit is the amount of money the insurance company

guarantees to the beneficiaries identified in the policy upon the death
of the insured. The insured will choose their desired death benefit
amount based on estimated future needs of surviving heirs. The
insurance company will determine whether there is an insurable
interest and if the insured qualifies for the coverage based on the
company's underwriting requirements.

❖ Premium payments are set using actuarially based statistics. The

insurer will determine the cost of insurance (COI), or the amount
required to cover mortality costs, administrative fees and other policy
maintenance fees. Other factors that influence the premium are the
insured’s age, medical history, occupational hazards and personal risk
propensity. The insurer will remain obligated to pay the death benefit
if premiums are submitted as required. With term policies, the
premium amount includes the cost of insurance (COI). For permanent
or universal policies, the premium amount consists of the COI and a
cash value amount.

39
❖ Cash value of permanent or universal life insurance is a component
which serves two purposes. It is a savings account, which can be used
by the policyholder, during the life of the insured, with cash
accumulated on a tax-deferred basis. Some policies may have
restrictions on withdrawals depending on the use of the money
withdrawn. The second purpose of the cash value is to offset the rising
cost or to provide insurance as the insured ages.

6.3- Types of Life Insurance

6.3.1 – Term Insurance

Term insurance is a type of life insurance policy that provides

coverage for a certain period of time, or a specified "term" of years. If
the insured dies during the time period specified in the policy and the
policy is active - or in force - then a death benefit will be paid.

Term insurance is initially much less expensive when compared to

permanent life insurance. Unlike most types of permanent insurance,
term insurance has no cash value. There are many different types of
term insurance policies available. Many policies offer level premiums
for the duration of the policy, such as 10, 20, or 30 years. These are
often referred to as "level term" policies. While premiums for these
level term policies remain level for a set number of years, after this
time period the premium increases significantly, making the policy
cost prohibitive. Most term policies have a built-in privilege to convert
to a permanent policy regardless of any changes in the insured's
health.

Term insurance has two features that make it attractive:

a) A guarantee on the premium and survivor benefit for a defined

amount of years, depending on the company, age of the insured and
other factors.

b) No capability of accumulating cash inside the policy. You can't pay

an extra premium to get extra benefit. You can’t transfer money from

40
other accounts into the policy. The carrier will not pay dividends or
apply interest to your account.

6.3.2 – Whole Life Insurance

Whole life insurance, or whole of life assurance (in the

Commonwealth of Nations), sometimes called "straight life" or
"ordinary life," is a life insurance policy which is guaranteed to remain
in force for the insured's entire lifetime, provided required premiums
are paid, or to the maturity date. As a life insurance policy it
represents a contract between the insured and insurer that as long as
the contract terms are met, the insurer will pay the death benefit of the
policy to the policy's beneficiaries when the insured dies. Because
whole life policies are guaranteed to remain in force as long as the
required premiums are paid, the premiums are typically much higher
than those of term life insurance where the premium is fixed only for a
limited term. Whole life premiums are fixed, based on the age of
issue, and usually do not increase with age. The insured party
normally pays premiums until death, except for limited pay policies
which may be paid up in 10 years, 20 years, or at age 65. Whole life
insurance belongs to the cash value category of life insurance, which
also includes universal life, variable life, and endowment policies.

Individuals may find whole life attractive because it offers coverage

41
for an indeterminate length of time. It is the dominant choice for
insuring so-called "permanent" insurance needs, including:

a) Funeral expenses

b) Estate planning

c) Surviving spouse income

d) Supplemental retirement income.

Individuals may find whole life less attractive, due to the relatively
high premiums, for insuring:

a) Large debts

b) Temporary needs, such as children's dependency years,

c) Young families with large needs and limited income.

6.3.3 – Endowment Policy

An endowment policy is a life insurance contract designed to pay a

lump sum after a specific term (on its 'maturity') or on death. Typical
maturities are ten, fifteen or twenty years up to a certain age limit.
Some policies also pay out in the case of critical illness. Policies are
typically traditional with-profits or unit-linked (including those with
unitised with- profits funds the holder then receives the surrender value
which is determined by the insurance company depending on how
long the policy has been running and how much has been paid into it.
Pension insurance provides many benefits. They can be used as a low-
risk way to save. Policyholders can choose how much to pay each
month and how long they want to stay, usually for 10 or 20 years.

42
Benefits of Endowment Plans :

1) Dual Benefit : Endowment Plans offer the dual benefit of Long

Term Investment and Insurance. Apart from paying the sum assured to
the beneficiary in case of the policy holder’s demise, endowment
plans also pay a lump sum maturity amount is the policy holder
survives the policy tenure.

2) Safe : Even though the returns on endowment plans may be lower,

they are risk free in terms of the sum assured.

3) Disciplined Savings : Policy holders need to set aside a pre-

determined amount towards the premium payment at a stipulated time
interval, thus encouraging a disciplined approach to saving.

4) Assured bonus : Endowment plans declare an annual bonus,

typically paid out as a specific percentage of the sum assured. In case
of policy holder’s survival, additional bonuses accrued during the
policy are paid in addition to the sum assured.

5) Compounding returns : A key advantage of endowment plans is

that they fetch returns on a compounding basis during a policy term.

6) High Liquidity : Endowment Policies are liquid in nature.

6.3.4 – Money Back Policy

Money back plans protect your family’s financial interests from

circumstances such as death or critical illness of the policy holder.
Periodic Payouts create wealth for meeting financial commitments at
key stages in life. Money Back plans offer true amalgamation of
Insurance and Investment. Secure your family financially.

Money back plans are one of the most popular life insurance plans in
India. Under these plans, policy holders receive a frequent payouts as
the death benefit, in case the policy holder survices. These packages

43
include both insurance and investment plans. A money back plan is
ideal for people who want a guaranteed return on their investments
and are looking for regular payouts at the same time in additionn to an
insurance cover for themselves for the same money they are putting as
a premium. Unline a standard life insurance policy that only pays an
amount after the maturity of the policy, the money back plan starts to
pay an amount that is called a ‘survival benefit’ over the lifetime of
the policy. This survival benefit is given after a few years from the
start of money back plan and continues until the maturity of the money
back policy. The survival benefit is basically the reward from the
company to the insured individual for surviving. The benefit is only
paid if the insured is alive.

Money Back Policy Benefits :

a) Low Risk Exposure : Money Back policy plans are insurance cum
return products, hence they don’t entail high risk.

b) Regular Source of Income : Money Back policy provides frequent

payouts during the policy terms. This is known as Survival Benefits.

c) Insurance Coverage : Money Back Policy offers insurance

coverage, thus providing financial security to your family members to
meet their obligations after your demise.

d) Assured Return on Investment : Money back plans offer an

assured return on the invested amount. Therefore, you need not worry
about losing out on your investment.

6.3.5 – Unit linked Insurance Plans

ULIP or Unit Linked Insurance Plan is a mix of insurance along with

investment. From a ULIP, the goal is to provide wealth creation along
with life cover where the insurance company puts a portion of your
investment towards life insurance and rest into a fund that is based on
equity or debt or both and matches with your long-term goals. These
goals could be retirement planning, children’s education or another

44
important event you may wish to save for.

When you make an investment in ULIP, the insurance company

invests part of the premium in shares/bonds etc., and the balance
amount is utilized in providing an insurance cover. There are fund
managers in the insurance companies who manage the investments and
therefore the investor is spared the hassle of tracking the investments.
ULIPS allow you to switch your portfolio between debt and equity
based on your risk appetite as well as your knowledge of the market’s
performance. Benefits like these which offer investors the flexibility of
switching is a huge factor contributing to the popularity of these
investment instruments.

Benefits of ULIP :

a) Life cover: First and foremost, with ULIPs you get a life cover
coupled with investment. It offers security that a taxpayer’s family can
fall back on in case of emergencies like the untimely death of the
taxpayer, etc.

b) Income tax benefits: Not many are aware that the premium paid
towards a ULIP is eligible for a tax deduction under Section 80C.
Additionally, the returns out of the policy on maturity are exempt
from income tax under Section 10(10D) of the Income-tax Act.

c) Finance Long Term Goals: If you have long-term goals like

buying a house, a new car, marriage, etc., then ULIP is a good
investment option because the money gets compounded. As a result,
the net returns are generally more.

d) The flexibility of a portfolio switch: As already mentioned, ULIPS

are usually designed in a way that they allow you to switch your
portfolio between debt and equity based on your risk appetite as well
as your knowledge of how the market is performing.

6.4– Consolidated benefits and information of Life Insurance

Plans

45
Term Insurance -It is the most basic type of insurance.

- It covers you for a specific period.

- Your family gets a lump-sum amount

in the case of your death.

- If, however, you survive the term, no

money will be paid to you or your
family.

Whole Life Insurance -It covers you for a lifetime.

- Your family receives a certain sum of money

after your death.

- They will also be entitled to a bonus that

often accrues on such amount.

Endowment Policy -Like a term policy, it is also valid for a

certain period.

- A lump-sum amount will be paid to

your family in the event of your death.

- Unlike a term plan, you get the

maturity proceeds after the term
period.

Money-back Policy -A certain percentage of the sum

assured will be paid to you
periodically throughout the term as
survival benefit.

- After the expiry of the term, you get

46
 the balance amount as maturity
proceeds.

- Your family gets the entire sum

assured in case of death during the
policy period. This is regardless of the
survival benefit payments made.

Unit-linked Insurance Plans -Such products double up as

(ULIPs) investment tools.

- A part of your premium goes towards

your insurance cover.

- The remaining amount is invested in

Debt and Equity.

- A lump-sum amount will be paid to

your family in the event of your death.

47
 CHAPTER 7
NEED FOR THE
STUDY AND
LITERATURE REVIEW

Life Insurance is one of the most important and crucial product within
Financial Products. Human life is a most important asset and life
insurance is the most important type of insurance which provides
financial protection to a person and his family at the time of uncertain
risks or damage. The motive of Life Insurance Policies is that it
provides Safety and also Protection to its users and also provides them
a platform to encourage for Savings. Life is precious and so is Life
Insurance. With a huge population in India, Insurance companies find
India as one of the most potential market for selling Life Insurance.
Customers are the main pillars for Life Insurance Business. Every
company tries to attract and retain existing customers to keep their
profits high. The proper understanding of customers, their needs and
expectations help insurance providers to bring improvement in
product as well as services offered. In India, however, there is not
much of achievement for Life Insurance companies. The reasons are
many, viz., low consumer awareness, poor affordability, delayed
customer services, lack of suitable products, etc.

7.1 Literature Review

Athma. P and Kumar. R (2007) in the research paper titled “an explorative study of life
insurance purchase decision making: influence of product and non-product factors". The

48
empirical based study conducted on 200 sample size comprising of both rural and urban
market. The various product and non-product related factors have been identified and their
impact on life insurance purchase decision-making has been analyzed. Girish Kumar and
Eldhose (2008), published in insurance chronicle icfai monthly magazine august 2008 in
their paper titled "customer perception on life insurance services: a comparative study of
public and private sectors", well explained the importance of quality services and its
significance in raising customer satisfaction level. A comparative study of public and
private sectors help in understanding the customer perception, satisfaction and awareness
on various life insurance services.

49
 CHAPTER 8
DATA ANALYSIS

8.1. – Demographic Details of the Respondents.

8.1.1. – Age of the Respondents : Sr. No. Age of Respondents

R

Sr. No. age of Respondents percentage

respondents

1. 21 to 30 years 72 47.68%

2. 31 to 40 years 59 39.07%

3. 41 to 50 years 16 10.59%

4. 50 to 60 years 4 2.64%

5. Above 60 years 0 0%

Total 151 100

50
Intrepreerpretation :

The graph represents the ages of the respondents. The majority of the
respondents, i.e. 72 were of the age 21 to 30 years, followed by 59
respondents of age 31 to 40 years. There are 16 respondents of age 41
to 50 years and 4 respondents from 51 to 60 years age. There were zero
respondents of age above 60 years.

8.1.2. – Gender of the Respondents :

Sr. No. Gender of Respondents Percentage

respondents

1. Male 88 58%

2. Female 63 42%

51
 Total 151 100

Interpretation :

The respondents for the survey included 58% of Male respondents.

Total male respondents were 88. On the other hand, there were 42% of
female respondents. The total comber of female respondents was 63.

8.1.3. – Income of the Respondents :

52
Sr. No Income of Respondent Percentage
respondents

1. 0-20000 44 47.68%

2. 20000-40000 24 39.07%

3. 40000-60000 48 10.59%

4. 60000-80000 17 2.64%

5. 80000-100000 12 0%

6. 100000 and above 6 0.99%

Total 151 100

53
Interpretation :

Majority of the respondents, i.e. 48 respondents were from the salary

range between ₹40001 - ₹60000, which is followed by 44 respondents
with a salary in between ₹0 - ₹20000. There were only 6 respondents
Above ₹100001. 24 respondents of ₹20001 - ₹40000 and 17 and 12
from ₹60001 - ₹80000 & ₹80001 - ₹100000 income bracket
respectively.

8.1.4. – Occupation of the Respondents :

Sr . No Income of the respondents Respondents Percentage

1. Agriculture 1 0.6%

2. business/Ptivate sector 62 41.05%

3. Government services 27 17.88%

4. Homemaker 1 0.6%

5. Professional 32 21.19%

6. Student 28 18.54%

Total 151 100

54
Interpretation :

The majority of respondents are 62 from Business/Private Sector

background, followed by Professional Sector of 32 respondents. 28
respondents were students and 27 respondents were Government
Service holders. The respondents included one each homemaker and
agriculture owner.

8.2.1. – Number of people holding Life Insurance

Question : Do you hold an Insurance Policy(s)?

Sr. No. Response Respondents Percentage

1. Yes 112 74.2%

55
2. No 39 25.8%

Total 151 100

Interpretation :

112 out of 151 respondents were holding an insurance policy. Hence,

there were 74.2% of respondents who hold an insurance policy. 39
respondents out of 151 respondents did not hold any insurance policy
which contributed to 25.8% of respondents not holding an insurance
policy.

8.2.2. – Number of people holding Insurance policies based on

their Occupation.

Number of people holding Insurance policies based on their

56
Occupation:

Sr. No. occupation of respondents Yes No Total

1. Agriculture 1 0 1

2. business /Private sector 50 12 62

3. Government services 24 3 27

4. homemaker 1 0 1

5. Professional 23 9 32

6. Student 13 15 28

Total 112 39 151

57
Interpretation :

The bar graph above shows a detailed information about people of

various occupations owning Life Insurance policies. Majority of
respondents are from business sector who hold a policy, whereas
students had the least number or policy holders. Majority of Private
sectors employees availed a policy by their employer and hence the
ratio was high. Same was the case with Government Sector
employees.

8.2.3. – Number of people holding Insurance policies based on

their Age

Sr . No Age of respondents Yes No

1. 21 to 30 years 39 33

2. 31 to 40 years 57 2

3. 41 to 50 years 12 4

4. 51 to 60 years 4 0

5. Above 60 years 0 0

Total 112 39

58
Interpretation :

From the graph it is clear that the number of people holding an

insurance policy is maximum in the age of 31 to 40 years followed by
the age group 21 to 30 years. Majority of the respondents, i.e. 57 out of
59 respondents hold an insurance policy. 12 people out of 16 from the
age group 41 to 50 years hold an insurance policy.

8.2.4. – Calculation of association between Occupation of

respondents and Life Insurance

Investment decision

Hypothesis :

H0 : Income has no significant impact on the customer life

insurance investment decision.

H1 : Income has a significant impact on the customer life

insurance investment decision.

59
 Income X Dx Dx/ dx² Y Dy Dy² Dx²D
100 y
00

0-20000 10000 50000 5 25 44 18.84 354.9 94.2

456

20000-40000 30000 30000 3 9 6 -19.16 367.1 -57.48

056

40000-60000 50000 10000 1 1 24 -1.16 1.345 -1.16

6

60000-80000 70000 -10000 -1 1 48 22.84 521.6 -22.84

656

80000- 90000 -30000 -3 9 17 -8.16 66.58 24.48

100000 56

Above 110000 -50000 -5 25 12 -13.16 173.1 65.8

100001 856

360000 151 1484. 103

834

Here, the value of correlation (r) = 0.319.

Since the calculated value of r is positive, it is concluded that there is a

significant relationship between monthly income and customer
insurance investment decision. Hence income is one of the important
determinants in customer life policy buying decision.

60
8.2.5. - Calculation of association between Occupation of
respondents and Life Insurance Investment decision

Hypothesis

H0 : Age has no significant impact on the customer life

insurance investment decision.

H2 : Age has a significant impact on the customer life

insurance investment decision.

ages X Dx Dx² Y Dy Dy² dx*dy

21 to 25.5 15 225 39 -11 121 -165

30 yrs

31 to 35.5 5 25 57 -29 841 -145

40 yrs

41 to 45.5 -5 25 12 16 256 -80

50 yrs

51 to 55.5 -15 225 4 24 576 -360

60 yrs

Total 162 500 112 1794 -750

Here, the value of correlation (r) is 0.791.

61
Since the calculated value of ‘r’ is positive, it is concluded that there is
a significant relationship between age and customer insurance
investment decision. Hence age affects the customer life policy buying
decision.

8.2.6. - Calculation of association between Occupation of

respondents and Life Insurance Investment Decision

Hypothesis

H0 : Occupation is not dependent on the customer life

insurance investment decision.

H1 : Occupation is dependent on the customer life insurance

investment decision.

Customer Investment Decision based on the Occupation

Sr. No. occupation of respondents High medium Low Total

1. agriculture 0 1 0 1

2. buinsiness / private sector 30 27 5 62

3. Government services 8 14 5 27

4. homemaker 1 0 0 1

62
5. professional 15 14 3 32

6. Student 12 14 2 28

Total 66 70 15 151

CHI-SQUARE TEST: chi-square test is applied to test the goodness of fit, to

verify the distribution of observed data with assumed theoretical distribution.
Therefore it is a measure to study the divergence of actual and expected
frequencies; Karl Pearson’s has developed a method to test the difference between
the theoretical (hypothesis) & the observed value.

Interpretation :

Analysis :

Here, P value is not less than 0.05. Therefore, Accept H0

Hence, we can conclude that Occupation is not dependent on the

customer life insurance investment decision.

8.2.7. - Calculation of association between Gender of respondents and

Life Insurance Investment Decision

Hypothesis

H0 : Gender is not dependent of the customer life insurance investment

decision.

H1 : Gender is dependent of the customer life insurance investment

decision.

63
 Customer Investment Decision based on the Gender

Sr. No. Gender High Medium Low Total

1 Male 45 33 10 88
2 Female 21 37 5 63
Total 66 70 15 151

Analysis :

Value df Asymptotic
Significance (2-
sided) Pearson
Chi-Square
6.666a 2 .0
Pearson Chi-Square 6.666a 2 .036
Likelihood Ratio 6.700 2 .035
N of Valid Cases 151

a. 0 cells (0.0%) have expected count less than 5. The minimum expected count is
6.26.

Interpretation :

Here, H0 is rejected and H1 is accepted.

Hence, we can conclude that there is dependency between Gender of the customer
and Life Insurance Investment Decision. So, Gender influences customer Life
Insurance policy buying decision.

8.2.8 – Preferences of the Policy Holders.

64
Life Insurance companies count percentage
Max life 36 16.36%
Icici prudential 22 10%
HDFC standard 22 10%
sbi life 34 15.45%
bajaj Allianz 19 8.63%
LIC 85 38.63%
star health 1 0.45%
Axis Bank 1 0.45%

Interpretation :

From the above graph and table, we can see that the maximum preference of the
people is Life Insurance Company with 38.63% and 85 respondents. The second
rank lies with Max Life with 16.36% and 36 respondents. With a close gap, SBI
Life holds the Third place with 15.45% and 34 respondents, whereas HDFC and
ICICI hold equal number of respondents and hold 10% with 22 respondents. Bajaj
Allianz being the last with 8.63% with 19 respondents. Thus it can be inferred that
LIC of India is the most preferred life insurance company and majority of them
prefer government-owned LIC for getting insured because of security. The other
private life insurance companies are having less percentage of share and those

65
who prefer private insurers are because of better customer services and high
returns.

8.2.9. – Type of Policy Preferred

Types of policy Count Percentage

Endownment 23 11.8%
Term plan 43 22.16%
Unit linked Insurance 48 24.74%
money back 50 25.77%
Dont on any 29 14.94%
General insurance 1 0.5%

Interpretation :

From the above graph, we can say that the maximum number of policies being
purchased or preferred in a market are Money Back Policy with 25.77% and 50
respondents, followed by ULIP with 24.74% and 48 respondents. Term plan takes
the third place with 22.16% and 43 respondent. Endowment plans are the least
preferred in these set of respondents with only 11.8% and 23 respondents. Thus it
can depict that among many plans available, the most preferred one among the
mass is money back plan. This plan helps you to withdraw your money at regular

66
intervals and still staying insured. This plan is famous for its high liquidity
advantage. The other product gaining popularity is ULIP, as its serve multiple
purpose, it give high returns, tax benefit, life insurance , critical illness cover and is
admired for its flexibility for paying premium amount.

8.2.10. – The Most Attractive features in a Policy

For analyzing and ranking various features in a policy, weighted average method is
being used.

Features 1st 2nd 3rd 4th

money back guraarantee 75 51 14 8
larger risk coverance 51 39 46 12
Low premium 35 50 37 25
company reputation 45 28 20 55

Rank 1st = 4 points, 2nd = 3 points, 3rd = 2 points, 4th = 1 point.

Features 1st 2nd 3rd 4th weighted scores

money back 75 51 14 8 489
guranarantee
larger risk coverance 51 39 46 12 425
Low premium 35 50 37 25 389
company reputation 45 28 20 55 359

Interpretation :

From the weighted averages, we can rank the features as

1st = Money Back Guarantee

2nd = Larger Risk Coverance
3rd = Low Premium
4th = Company’s Reputation

Thus, we can say that the Money Back guarantee feature plays a vital role in

67
buying decision of a customer, followed by larger risk Coverance. Low Premium
and Company’s reputation stand on 3 rd as well as 4th position respectively.
Hence, these are the features a company should keep in mind while selling a
policy to a customer.

8.2.11. – Preferences in a Company :

preference in company Response Percentage

A trusted company 89 59.30%
Goods plan 63 42%
friendly service and responsiveness 53 35.30%
Accessibility 27 18%

Interpretation :

It is evident from the graph that a customer looks for a trusted name or a company
while investing in life insurance policies. 59.30% people would prefer choosing a
trusted company. The second factor a customer would look for is a good plan with
42% people responding for it. 35.30% people whereas think that Friendly service
and responsiveness is what they would choose. Least number of responses were
given to Accessibility with only 18%. Hence, we can conclude that having a
68
trusted name with good plans can be two factors to attract people for buying Life
Insurance Policies.

8.2.12. - Ranking various Benefits (as per the customer) responsible for
investment in life insurance products

For analyzing and ranking various benefits in a policy, weighted average method is
being used.

Ranking of factors 1st 2nd 3rd 4th 5th

Tax benefit 69 46 19 7 2
Risk coverage and saving 34 22 21 39 23
security with high return 46 39 45 8 1
Insurance services 28 19 17 33 40
Premium charges 40 39 28 12 21

Rank 1st = 5 points, 2nd = 4 points, 3rd = 3 points, 4th = 2 points, 5th = 1 point.

Ranking of 1st 2nd 3rd 4th 5th weighted

factors averages
Tax benefit 69 46 19 7 2 602
Risk coverage 34 22 21 39 23 442
and saving
Security with 46 39 45 8 1 538
high returns
Insurance 28 19 17 33 40 373
service
Premium 40 39 28 12 21 485
charges

Interpretation :

From the weighted averages, we can rank the features as

1st = Tax Benefit

69
2nd = Security with High Returns
3rd = Premium Charges
4th = Risk Coverage and Savings.
5th = Insurance Services.

It can be depicted that Tax Benefit lies the main concern of customers while
buying a policy and then other benefits mentioned below

70
 CHAPTER 9
RESEARCH
METHODOLOGY
The present study is an exploratory and descriptive type of research study. The
study aims to find out the factors influencing customers life insurance investment
decision and their preferences at the time of policy buying decision. The
respondents were majorly from the Pune District. In order to conduct the study, a
total of 151 population were taken for survey

SOURCES OF DATA & DATA COLLECTION

The data for the study has been collected from both primary and secondary
sources. The primary data has been collected through Google Forms and Surveys.
Various interviews were conducted in order to collect the data. Customer
Interaction and telephonic conversations helped to understand various factors and
problems of the customer which were mentioned in the study. The secondary data
has been collected from IRDA annual reports, insurance journals, magazines and
insurance website.

STATISTICAL TOOLS AND TECHNIQUES

For measuring various phenomena and analyzing the collected data effectively and
efficiently to draw sound conclusions, a number of statistical techniques including
chi-square, correlation, weighted average score have been used for the testing of
hypotheses. SPSS and Microsoft Excel has been used for the purpose of analysis.

71
 CHAPTER 10
FINDINGS FROM THE
STUDY
1. From the Study, it can be found that the customer decision to buy a Life
Insurance Policy majorly depends on demographic factors like the Age, Gender
and Income Level.

2. Majority of the respondents from the age group of 31 to 40 years are found to be
interested in buying a Life Insurance Policy.

3. From amongst 151 respondents, 85 people have shown preference towards

buying a Life Insurance policy from LIC followed by Max Life Insurance amongst
the private players. There were being followed by SBI Life, HDFC and ICICI and
lastly Bajaj Allianz.

4. The features that a policy holder may consider can be ranked as 1st = Money
Back Guarantee, 2 nd = Larger Risk Coverance, 3rd = Low Premium and 4th =
Company’s Reputation. Thus we can infer that the Money Back Guarantee feature
lies amongst the first feature a consumer may prefer while investing in a Life
Insurance Policy.

5. From the study it was also found out that majority of the policy holders owned
the Money Back Policy of LIC followed by ULIP Plans of private insurers. The
Term Plan and Endowment plans are still existing but has a lower popularity as
compared to Money Back and ULIP plans. Thus we can say that in present days
people are more interested in policies which give high returns along with risk
coverage benefits.

6. The study also shows highest share in the market is still owned by LIC. And
amongst the private sectors, SBI Life, HDFC and ICICI are leading because of
high returns assured by them. People chose LIC because of the safety issues inn
term of their investments.

7. Majority of the respondents look for a trusted name in the Insurance Company
followed by Good Plans, Friendly service and response and accessibility in the

72
last.

CHAPTER 11
RECOMMENDATIONS
1. In today’s competitive world, it is very important to satisfy the customer. It is
one of the most important aspect to retain the customers. Having customer
retention helps a company to survive in the market. Today, private insurers are
hitting the market extensively and thus through their best services and plans
possible, they can reposition and differentiate themselves from LIC.

2. As the study said, the customers look up for a trusted name, thus, like LIC,
Private insurers should also emphasis more on building brand awareness. From the
survey, it was found that 31.13% of the respondents were not even aware of
various Life Insurance Policies. Thus, private insurers can use different modes of
communication of reaching to people in order to spread insurance awareness
amongst the people.

3. If both the Private as well as Government Sector work together in order to

spread awareness amongst the people, it would be beneficial for both the sectors.
To achieve greater insurance penetration, healthier competition has to be
intensified by both the sectors and they should come up with new innovative
products to offer greater variety or choice to the customers and also make
improvement in the quality of services and sell products through appropriate
distribution channel to win-win situation for both the parties.

4. Even today, there are many people who do not consider Life insurance policy as
a source of Investment. Thus, insurance companies should come up with plans
with high risk coverage and also focus on encouraging the customers in doing a
long term investment. This will help in more awareness as well as Investment in
Life Insurance.

5. If insurance companies come up with products which can give high risk cover,
with lesser premium and more returns and more such innovative ideas, it would be

73
helpful for the insurance companies to attract more customers

CHAPTER 12 :
CONCLUSION
Life Insurance is an important form of insurance and essential for every individual.
Life insurance penetration in India is very low as compared to developed nations
where almost all the lives are covered. Customers are the real pillar of the success
of life insurance business and thus it’s important for insurers to keep their
policyholders satisfied and retained as long as possible and also get new business
out of it by offering need based innovative products. There are many factors which
affect customers investment decision in life insurance and from the study it has
been concluded that demographic factors of the people play a major and pivotal
role in deciding the purchase of life insurance policies.

Life Insurance Companies thus should keep an eye on all these factors while
designing or promoting any life insurance policy as this would help them keep
their customers satisfied and would also help them in Customer Retention.

Life Insurance is growing with its various products like the Money Back and ULIP
plans which many of the customers are still unaware and thus a proper knowledge
regarding the same can be helpful to the customers to choose and invest in Life
Insurance Policies.

Human life is not just unique but is also precious and needs to be secured as there
are many dependents on one human after the death. Thus, one needs to make sure
that he/she secures their lives by taking one or the other Insurance Policies.

74
Institute of Management Studies and Research
Maharshi Dayanand University Rohtak

SVT Joining Report

1. Name of the student

2. Roll no.
3. Name of the sponsoring
company/Organisation
4. correspondence address
with ph no.

5. Email
6. Date of joining training
7. SVT supervisor detail

a. Name :
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c. phone no. :

d. contact address :

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9. Project description

signature of the student signature of the supervisor

75
 SVT COMPLETION CERTIFICATE

This is to certify that Mr./Ms. Shivam MBA (Integrated) Of MBA General 2023-
2025 of Institute of Management Studies and Research has worked in our company
for his/her Summer Vacation Training (SVT) from, 4 june 2024 in the profile of on
the project "A precuatautions of investor invested in life insurance" to 22 july
2024 finance and marketing intern in the department of The performance and
work behavior of him/her during the period is excellent/very good/good/average.
This certificate is being issued to meet the requirement of the University.

Date : __________________________
( Signature of the supervisor )

Name and designation of the

signatory seal/stamp of the
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76
 SVT Feedback Form

(To be filled up by SVT Supervisor/Departmental Head)

Name of Student:

Roll No.

Project Title:

Department/Division of the Organization:

A. Please select appropriate box

E-excellent ,VG- Very good ,G - Good ,A - average ,P- poor

S. No. Parameter E VG G A P
1. Extent of conceptiual reading and
clarity
2. Comprehension of the
project/assignment given
3. seriousness ,sincerity thoroughness
in planning before the study started
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scope envisage
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scope envisage

77
11. Quality of analysis diagnosis ,depth
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78
F . Any weaknesses observed ,which he/she needs to correct and department
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professional and effective

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Date :

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79
Address :

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Date :

__________________ ___________________________

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company in a sealed envelope by hand on the concerned student and be
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80
 TRAINING AND PLACEMENT CELL

INSTITUTE OF MANAGEMENT STUDIES AND

RESEARCH ( IMSAR )
website : www.mdu.ac.in Email : [email protected]

SVT CONFIRMATION LETTER

_______________________

_______________________

_______________________

Subject : Summer vacation training ( SVT ) of 8 weeks.

Dear sir/madam
Greetings of the day
We are Institute of Management Studies and Research (IMSAR) of Maharshi
Dayanand University, Rohtak. The University is a NAAC accredited A+ State
University incorporated in 1976. The university runs Two Hundred Thirty Six
Programmes with more than Two Lakhs on and off campus studying students. The
campus spread in 622 Acres and ranked 1st in Swachhta Ranking in lIndia in 2018.
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81
organizational culture and procedures. The emphasis is on managerial skill
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82