child plan introduction
Post on 08-Apr-2018
225 Views
Preview:
TRANSCRIPT
-
8/7/2019 child plan introduction
1/26
Acknowledgment
I have taken efforts in this project. However, it would not have been
possible without the kind support and help of many individuals andorganizations. I would like to extend my sincere thanks to all of them.
I am highly indebted to Mr.Rajiv Mandal (Human resource manager) forhis guidance and constant supervision as well as for providing necessary
information regarding the project & also for their support in completing
the project.
I would like to express my gratitude towards my parents & member of(Organization Name) for their kind co-operation and encouragement
which help me in completion of this project.
I would like to express my special gratitude and thanks to industrypersons for giving me such attention
My thanks and appreciations also go to my colleague in developing theproject and people who have willingly helped me out with their abilities.
-
8/7/2019 child plan introduction
2/26
DECLARATION
I hereby declare that the project work titled CHILD PLAN is a bonfide
work carried out by me under the guidance of Mr.Rajib Mandal for
partial fulfillment of my BBA program any part of this dissertation is
not copied from any other work carried out by anybody for any other
institute/university program.
Name of the student:
Enrolment No:
-
8/7/2019 child plan introduction
3/26
INTRODUCTION
Child insurance plans: Make an informed choice
SharePlanning does not necessarily mean about what you wishyour child would grow up to be, or have certain
characteristics, but it also essentially means you as aresponsible parent having various obligations to fulfill thatwould help him to grow better in this world.
The first thing that strikes is providing for education (graduationas well as post graduation).The most often repeated statement, Assume that a two yearMBA program in a leading business school costs Rs 5,00,000 atpresent. Your child is five years old now and will pursuethe management degree at the age of 20years. This gives you a
time frame of 15 years. Assuming that the inflation rate is 10% perannum, the education would cost Rs 2,088,624. Now that seems ahandful, doesn't it?The dynamics of planning for the child's future have changedradically over the years. The conventional method of providing forthe child was to just set aside some amount of money in a savingsbank account. These funds would then be utilized for the child's lifestages. A few parents would also make investments in fixed depositswith the intention of utilizing the maturity amount. However, it wouldbe safe to say that such an approach is not only outdated, butalso inadequate in the present scenario.Life insurance plays an important role in an individual's financialplanning exercise. Insurance can assist individuals in planning for
-
8/7/2019 child plan introduction
4/26
their own life stages as well as provide for their child's future. It alsosecures the childs future in case of any unfortunate event. Varioustypes of child insurance products are available in the market today.
Child insurance plans have traditionally played an important role insecuring the child's future. With a plethora of children insurance plansavailable in the market, it becomes difficult for most parents toevaluate them objectively. Individuals need to understand thedynamics for planning their children so that they can best utilize thealternatives available in the market.
Parents must consider at the outset that they would have to buildas sufficient corpus for their children especially if the child is to be
sent abroad for education or a professional post graduation degreefrom the premier institutes in the country itself. As in our aboveexample, a 15 year planning time frame has raised the amountrequired considerably; parents must keep this in mind.As a parent, one would generally plan from the perspective of makingfunds available for
y Educationy Marriagey Seed capital for business
-
8/7/2019 child plan introduction
5/26
The factors to consider while planning,
y Time frame for building a corpusy Age at which the fund would be required.y Approximate amounts to build the corpus.y Investment avenues to be considered.y The amount available to the child in case of death of parents or
disability of the premium-paying parent.Child plans come in two broad variants Traditional child plans andunit linked insurance plans (ULIPs). The primary differencebetween the two lies in the way they invest their
premium. Traditional plans invest a major portion of their moneyin debt instruments like corporate bonds and government securities(as specified by the regulator). Conversely, ULIPs can invest acrossequity and debt markets in varying proportions.
Parents have plenty of choice; they can either opt for a regularTraditional endowment plan which carries relatively lower risk
since it is invested mainly in corporate bonds and governmentsecurities. The bonuses are stable and give the parentconsiderable comfort knowing roughly how much he can expect.Regular endowment plans are suited for parents with a lowrisk appetite.Parents with some risk appetite can opt for a ULIP child plan thatinvests across equity and debt markets. The reason why ULIP childplans can prove to be significant is because over the long-term (15-20 years), equities can add considerably to the corpus you plan
to build for your child's needs. Equities are best placed to beatinflation over the long term. However, to achieve this, one must investwisely. Debt on the other hand brings stability to a portfolio. While thereturns for debt at times may seem unattractive as comparedto equities, their importance in a portfolio (ULIP) cannotbe understated.
-
8/7/2019 child plan introduction
6/26
Parents should consider taking on some risk (by investing inequities) to beat inflation, which is the main reason the cost ofeverything right from your child's education to his marriage is
forever spiraling. Over a 15-20 year time frame, if wisely selected, aULIP even with moderate equity allocations could add considerablyto your child's corpusLife insurance has much to offer to parents looking to accumulatewealth for their child's future. There are several plans offering enoughflexibility to help parents with the same. In the end, it all boils down tomaking an informed choice and ensuring that your plan is
working in line with your expectations.
-
8/7/2019 child plan introduction
7/26
-
8/7/2019 child plan introduction
8/26
SCOPE OF THE PROJECT
1). To trap the huge market of child plan.
2). To help the company to find out the sales
potential.
3). To know about the child plan by this project.
4). To find out the customer satisfaction.
-
8/7/2019 child plan introduction
9/26
LITERATURE REVIEW
A literature review is a body of text that aims to review the critical
points of current knowledge including substantive findings as well as
theoretical and methodological contributions to a particular topic.
Literature reviews are secondary sources, and as such, do not report
any new or original experimental work.
Most often associated with academic-oriented literature, such as a
thesis, a literature review usually precedes a research proposal and
results section. Its ultimate goal is to bring the reader up to date with
current literature on a topic and forms the basis for another goal, such
as future research that may be needed in the area.
CHARACTERSTICS OF A LITERATURE REVIEW
1.It demonstrates thorough understanding of the subject of
dissertation, through review and analysis of previous research;
2.It demonstrates thorough review of previous literature
demonstrates gaps in knowledge of the topic that proposed
research will address.
3.Very importantly it demonstrates, thorough and complete
literature review, based on specified search criteria,
-
8/7/2019 child plan introduction
10/26
demonstrates that someone has not already done dissertation
research!
-
8/7/2019 child plan introduction
11/26
-
8/7/2019 child plan introduction
12/26
d) Summarizing of data : - Thereby necessary summary is prepared which is
essential in the project report of the summer training being done under an
organization.
Helpful Arms of Research Methodology: -
Questionnaire: - Questionnaire is a set or group of questions being
framed for the purpose of obtaining market perspective about a
particular aspect or topic.
There are two types questionnaire bing carried necessary for the market survey of
the summer training being undertaken and put for the by the trainee to the
sample people taken as a base for entire population:
a) Open ended Questionnaire: - where the people (also called
respondents) are required freedom to present their views and suggestions
for the benefits and success of the organization.
b) Close ended questionnaire : - where the respondents is limited to
the choice of answer being delivered by the interviewer itself so that quick and
fast means of responses be derived out without wasting much time. Here close
ended questionnaire being followed by me during the course of the summer
training market survey.
Sampling: - Sampling is a process of obtaining a number of
individuals taken a base for the entire population since entire
population can not be asked about the necessary objective upon which a
questionnaire is put forth needed for the responses to be derived for the purpose
-
8/7/2019 child plan introduction
13/26
of generation of facts and customer view point regarding their perception of
particular product or services.
There are two type of sampling i) Random Sampling ii) Systematic sam
i) Random sampling : - Random sampling is a process of selecting the sample size
randomly and no choice or preference to be made about the selection of
respondents for the market survey and questionnaire to be put forth against him.
Here, Random sampling being adopted by me.
ii) Systematic sampling: - it is a sampling where the limited number of selected
respondents is figured out based on some criteria so that only those respondents
can be asked for the purpose of filing questionnaire.
Sample Size: - 105 respondents.
MARKET SURVEY
Protection of Child against uncertainty of future, saving of tax:
Both CATEGORY RESPONSES
From the survey it was drawn that child insurance plan is more a protection to a
child future against uncertainty (conferred by 51 respondents) where it is a tax
saving option (being accepted by 38 respondents). Child insurance is a service
involving both these prerequisites as depicted by remaining 16 respondents. The
following depicted this:
Protection of Children against Future uncertainty:
NUMBER OF RESPONSES, IS CHILD INSURANCE PLAN ESSENTIAL?
-
8/7/2019 child plan introduction
14/26
It has been observed and applied as Child Life insurance is an essential service and
should be applicable to everyone, as favored by considerable 78 respondents
where it is not essential to an extent by 27 respondents from the summer training
project survey by putting forth the set questionnaire.
RESPONDENT'S QUALIFICATION
Pos t graduate 33%
Graduate 10%
Senior secondary 57%
percentage pst graduate
graduate
higher secondary
-
8/7/2019 child plan introduction
15/26
When further enquired about the qualification of respondents, it was found that
57% of the respondents were graduates, 33% were post graduates and remaining
10% were of higher secondary out of total 105 respondents.
Further depicted in the following tabular representation: -
Post graduate 35
Graduate 59
Senior secondary 11
AGE QUALIFICAITON:
18-25 age group 39%
25 35 age group 35%
35 45 age group 20%
Above 45 age group 6%
-
8/7/2019 child plan introduction
16/26
Further, the age qualification for agency recruitment, it was found that 39%
respondents were belonging to 18 25 age group, 35% were belonging to 25 35
age group where as 20% to 35 -45 age group and remaining 6% to above 45 age
group. Also depicted in the following tale mentioned below: -
18-25 age group 41
25 35 age group 37
35 45 age group 21
Above 45 age group 6
Age qualification
18-25
25-35
35-45
45 and above
-
8/7/2019 child plan introduction
17/26
CAUSES OF DISSATISFACTION
Respondents had different views about the dissatisfaction from the present status
of working or occupation. Dissatisfaction has been depicted in a table below and
graphically above:
Low employment 24
Huge capital investment 12
All of the above 10
Cause if dissatisfaction total
Low employment 24
Low status 18
Low earning 36
All of the above 10
Huge capital investment 12
-
8/7/2019 child plan introduction
18/26
causes of dissatisfaction
low employment
low status
Low earning
all of the above
Huge capital
investment
-
8/7/2019 child plan introduction
19/26
ACCEPTANCE OF LIFE INSURANCE AS AN CARRER?
Career in insurance Total
Saying yes 22
Saying no 78
When asked about whether they would like to know about a glorified career inlife insurance agency where they can fulfill any and every desire of their life, 22
respondents agreed while 78 respondents said No and will see later sometime in
future. It has been depicted that life insurance sector should be promoted at the
wide extent as it contribute to the economy as a useful source beneficial for both
nation as well as is citizens.
IS INSURANCE A NOBLE SERVICE?
Carrer in insurance
saying yes
saying no
-
8/7/2019 child plan introduction
20/26
Indeed Life insurance is a noble business as it provides a needful financial support
in the situation of fatal calamity where the family is deprived by the fact to live in
future and sustains their living. When surveyed about life insurance as a noble
service. 89 respodents agreed and believe that insurance is a bettering service to
human life and society as a whole where as 19 respondents show disagreement.
ACCEPT LIFE INSURANCE AS A CAREER ?
From the 59 respondents who agreed to know about the life insurance as a
career, 18 of them agreed to join MAX NEW YORK life insurance for agency and
come to the company fore more information whereas 41 still took time to think
and postponed to some future date. People are highly dissatisfied from the
earning, status and living standard they are sustaining at present and would
definitely like to make some additional source of earning and for this agency for
life insurance would prove a boon.
NUMBER OF RESPONSES IS LIFE INSURANCE INDUSTRY GROWING?
From all 105 respondents, 92 agreed that life insurance sector is a growing
concern and will grow at a rapid pace in future where as 13 took as a mere
stagnant industry. Financial services are growing at a tremendous pace as people
are urging to make their investment in lucrative opportunities and therefore life
insurance sector is playing a vital role in educating the people to make their
investment which could secure their future, needs and living despite some fatal
calamity that might or might not occur.
AGREE WITH PRIVATISATION OF LIFE IN SURANCE?
Among 74 respondents from 105 respondents favored the privatization of the life
insurance and perceive that the people of India will know be more aware and
knowledgeable with respect to life insurance than that in the past 50 years with
the working of LIC.
-
8/7/2019 child plan introduction
21/26
-
8/7/2019 child plan introduction
22/26
THREATS
1. People are hesitant to invest and put their hard earned money
to the private life insurance company with the fear of getting lost.
2. Belief towards LIC as it is a government corporation phobia is continue to
surmount the people of India despite lots of flaws and development and
liberalization of life insurance.
3. Alternative financial services such as mutual fund, banking services, share and
securities also pose problems and threats to the working of the life insurance
sector.
4. Illiteracy and unemployment also pose threat.
5. Rising real estate industry also pose threat as people are investing a bulk of
their money over to that industry.
CONCLUSION
Summer training is a best example for a trainee to learn about the company
working, corporate culture under which is operating the functions. Corona
advisors Pvt. Ltd. is a financial institute covering insurance, mutual funds
,commodity, shares and stocks under which I gained a significant knowledge with
respect to child insurance plan, its importance and applicability as well as
undertook the task to recruit capable life insurance advisors which is conducive
for the company to grow with more prosperity. What I taught in the management
institute utilized them fruitfully leading to the best advantage to the company
and to the best experience for mine.
-
8/7/2019 child plan introduction
23/26
At far I can conclude that life insurance(child) is a noble service which is very
important for every citizen to learn and realize its importance because this is the
only source which secure a child future accurately as their mentors would like to.
With the growing financial sector I would like to opt this industry for my futurecareer advancement and as an opportunity to service this industry.
BIBLIOGRAPHY
Following are sources which helped me during my summer training:
A..BOOKS:
B.Mr.Rajib Mondal.: Human Resource manager, Corona advisors Pvt.Ltd.C.Internet
D.KOTLER PHILIP: Marketing Management 11th Revised edition ,2002
E.GUPTA S.P.: Statistical Methods Thirteen revised edition, 2001
MAGAZINES:
a)Business World
b)India Today
.REFERENCES
a)Websites: -
b)www. coronaadvisors.com
c)www.irdaindia.org
d)www.liccouncil.org
e)www.businessconnect.com
f)
-
8/7/2019 child plan introduction
24/26
QUESTIONNAIRE
Name: -
Age:-
Location: -
Occupation: -
.
Q.8. Would you like to become or opt for life insurance
advisor under esteemed and prospering organization Corona advisors Pvt. Ltd. ?
a) Yes
1. What do you mean by child insurance plan?
a) general insurance
b) A sum received after a fix period of time
c) Both
Q.2.Do you spend in child plan?
A)YES B)NO
Q.3. Do you think child insurance plan is essential for every one?
a) Yes
b) No
Q.4. What is your qualification?
a) Post graduate
b) Graduate
c) Senior secondary
Q.5. Do you come under:
-
8/7/2019 child plan introduction
25/26
a) 18-25 age group
b) 25 35 age group
c) 35 45 age group
d) Above 45 age group
Q.6. what dissatisfied you most in your occupation?
a) Low employment
b) Low earning / income
c) Low status
d) Huge capital investment
e) All of the above
Q.7. Would you like to know about a career in life insurance advisor ship where
you can fulfill every desire of your life?
a) Yes
b) No
Q.8 Do you perceive that life insurance business is a noble service oriented
business?
a) Yes
b) No
b) No
-
8/7/2019 child plan introduction
26/26
Q.9. Do you agree that the life insurance business is a growing
industry and will grow and rapid pace in future?
A)yes B)No
Q.10. Do you favor the privatization of life insurance by the Government
where a significant number of companies now in the market for life insurance to
the customers with the alliance of multinationals?
a) Yes
b) No
Suggestions: -
1.
2.
3.
4.
5.
top related