comparative analysis of investment in bharti axa life insurance, icici prudential life insurance...

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COMPARATIVE ANALYSIS OF INVESTMENT IN BHARTI AXA LIFE

INSURANCE, ICICI PRUDENTIAL LIFE INSURANCE & RELIANCE LIFE

INSURANCE

By

KAUSHIK KHANUniversity Roll No: 27000911038

Registration No: 112700710038

Under the Guidance of

Name of Internal Guide Name of External Guide

Prof. BARNASREE CHATTERJEE Mr. RANAJOY BANERJEEAsst. Professor MANAGER OF AGENCY

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Guide Name: Prof. BARNASREE CHATTERJEE

Designation: Asst. Professor

This is to certify that project report entitled “COMPARATIVE ANALYSIS OF INVESTMENT

IN BHARTI AXA LIFE INSURANCE, ICICI PRUDENTIAL & RELIANCE LIFE

INSURANCE” has been prepared by Mr. KAUSHIK KHAN under my supervision and guidance,

for the fulfillment of Master in Business Administration. His field work is satisfactory.

I wish him all the best in his future endeavors.

Date:

Signature of Guide: Certificate of the Dean/Director

CERTIFICATE OF THE GUIDE

3

It is really a great pleasure to have this opportunity to describe the feeling of gratitude imprisoned in

the core of my heart. I convey my sincere gratitude to AGM (HR) Kirti Barua for giving me the

opportunity to prepare my project work in BHARTI AXA LIFE INSURANCE. I express my sincere

thanks to all the staff members of BHARTI AXA LIFE INSURANCE. I am thankful to Prof.

BARNASREE CHATTERJEE for her guidance during my project work and sparing her valuable

time. I express my sincere obligation and thanks to all the Faculties of BRAINWARE SCHOOL

OF MANAGEMENT for their valuable advice in guiding me at every stage in bringing out this

report. I am also thankful to my family for their kind co-operation which made my take easy.

Name: KAUSHIK KHAN

Roll No: 27000911038

ACKNOWLEDGEMENTS

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I do hereby declare that this project work entitled “COMPARATIVE ANALYSIS OF

INVESTMENT IN BHARTI AXA LIFE INSURANCE, ICICI PRUDENTIAL LIFE

INSURANCE & RELIANCE LIFE INSURANCE” submitted by me for the partial fulfillment of

the requirement for the award of Master in Business Administration (MBA) is a record of my own

research work. The report embodies the finding based on my study and observation and has not been

submitted earlier for the award of any degree or diploma to any Institute or University.

Date:

Name: KAUSHIK KHAN

Roll No: 27000911038

DECLERATION

TABLE OF CONTENT

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SERIAL NO. CONTENT PAGE

NO.

Acknowledgements 3

Abstract 8

1 Industry profile

1.1 Background of Insurance industry

1.1.1 Characteristics of Insurance

1.1.2 History of Insurance

1.1.3 Role of insurance in Economic

Development

1.1.4 Insurance market present

1.2 Major players in insurance industries

1.4 Principles of insurance

1.5 IRDA

9

9

9-11

11-12

12-13

13-17

17-18

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2 Introduction

2.1 Company Profile

2.1.1 AXA Group

2.1.2 Bharti Enterprises

2.2 Bharti-Axa Life Insurance Ltd

2.3 Products of Bharti-Axa life insurance

2.3.1 Child Plans

2.3.2 Protection Plans

2.3.3 Guarantee Plans

2.3.4 Health Plans

2.3.5 Group Plans

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19-23

23-26

26-27

27-30

30-35

35-40

40-42

42-43

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2.3.6 ULIP(Unit Linked Insurance Plans)

2.4 SWOT Analysis

44-45

46

3 ICICI PRUDENTIAL LIFE INSURANCE

3.1 Company Profile

3.2 Products of ICICI Prudential

47-48

48-58

4 RELIANCE LIFE INSURANCE

4.1 Company Profile

4.2 Products of Reliance life

59-60

60-63

5 Purpose of the project 64

6 Limitation of the project 64-65

7 Scope of the Project 65

8 Research Methodology

8.1 Research Design

8.2 Data Collection Method

8.3 Sample Design

66

66

66-67

9 Data analysis and interpretation 67-95

10 Findings 96-98

11 Recommendations and Suggestions 99

12 Conclusion 100

13 References

13.1 Books and Journals

13.2 Websites

101

101

14 Annexure 102

LIST OF ILLUSTRATIONS

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Figure no. Illustrations Page no.9.1.1 Age analysis 67-689.1.2 Gender analysis 68-699.1..3 Income Analysis 69-709.1.4 Holds life insurance policy 70-719.1.5 Life insurance policy not taken (reason) 71-729.1.6 Life insurance policy taken (reason) 72-739.1.7 How many life insurance hold 73-749.1.8 Life insurance preference(company) 74-759.1.9 Needs for taken life insurance 75-769.1.10 To keep a certain amount of money,

preferable(company)76-77

9.1.11 Knowledge about insurance 77-789.2.1 Analysis on brand familiarity 78-792.2.2 Analysis on security 79-809.2.3 Analysis on return on investment (ROI) 80-819.2.4 Analysis on transparency 81-829.2.5 Analysis on liquidity 82-839.3.1 Brand familiarity(correlation) 83-859.3.2 Security(correlation) 85-869.3.3 ROI(correlation) 86-879.3.4 Transparency(correlation) 88-899.3.5 Liquidity(correlation) 89-909.4.1 Comparative analysis on the basis of brand

familiarity 91

9.4.2 Comparative analysis on the basis of security

92

9.4.3 Comparative analysis on the basis of ROI 93

9.4.4 Comparative analysis on the basis of transparency

94

9.4.5 Comparative analysis on the basis of liquidity

95

ABSTRACT

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This report is a comparative study among Bharti-Axa life insurance, ICICI Prudential life insurance

and Reliance life insurance, so that company can analyze & estimate their future strategies and

profitability and identify the scope of investment in insurance industry. The main emphasis of the

whole study is showing the perception of the customers in comparison with other private life

insurance companies and knowing the company’s position in terms of brand familiarity, Security,

ROI, Transparency, Liquidity and also the rank correlation between them.

The basic and foremost objective is to carefully study, understand and conceptualize the overall

insurance industry & the underlying competitions between the different insurance companies

operating in the private sector.

In this research study, a critical analysis has been done to study the market share of Bharti Axa and

the plans and various policy details which Bharti-Axa has been providing to its customers in

comparison with ICICI Prudential and Reliance. The report also tries to highlight the performance of

Bharti Axa in the insurance industry and the composition of the different age groups of people who

are aware about the life insurance policy and their benefits.

The entire study is based mostly on the primary data and some secondary data was also collected

from different company websites, Journals, newspaper & Books on Research Methodology. To

workout and execute this whole research study a survey have been carried out amongst the various

people of different age groups and those who have annual income between 1-above 10 lakhs. So, a

part of the assignment includes a questionnaire which has been designed and formulated to be asked

to the different categories of people like service persons, school teachers and businessmen and varied

responses of the respondents has been recoded.

The final Report includes whole data (primary & secondary) analysis. This analysis might be a value

addition to Bharti-AXA to make a planning for further strategy and growth.

1. INDUSTRY PROFILE

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1.1. BACKGROUND OF INSURANCE INDUSTRY

In India, insurance has a deep-rooted history. Insurance in various forms has been mentioned in the

writings of Manu (Manusmrithi), Yagnavalkya (Dharmashastra) and Kautilya (Arthashastra). The

fundamental basis of the historical reference to insurance in these ancient Indian texts is the same i.e.

pooling of resources that could be re-distributed in times of calamities such as fire, floods, epidemics

and famine. The early references to Insurance in these texts have reference to marine trade loans and

carriers' contracts.

Insurance may be described as a social device to reduce or eliminate risk of loss to life and property. Under the

plan of insurance, a large number of people associate themselves by sharing risks attached to individ-

uals. The risks which can be insured against include fire, the perils of sea, death and acci-

dents and burglary. Any risk contingent upon these, may beinsured against at a premium commensurate with the risk

involved. Thus collective bearing of risk is insurance.

1.1.1 CHARACTERISTICS OF INSURANCE

1. Sharing of risks

2. Cooperative device

3. Evaluation of risk

4. Payment on happening of a special event

5. The amount of payment depends on the nature of losses incurred

1. 1.2 HISTORY OF INSURANCE

Insurance has been known to exist in some form or other since 3000 BC. The Chinese traders, traveling treacherous

river rapids would distribute their goods among several vessels, so that the loss from any one vessel being lost would be

partial and shared, and not total. The Babylonian traders would agree to pay additional sums to lenders, as the price for

writing off the loans, in case of the shipment being stolen. The inhabitants of Rhodes adopted the principle of general

average of „general average‟, whereby, if goods are shipped together, the owners would bear the losses in proportion, if

loss occurs, due to jettisoning during distress. {Captains of ships caught in storms, would throw away some of the cargo

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to reduce the weight and restore balance. Such throwing away is called jettisoning} The Greeks had started benevolent

societies in the late 7 th century AD, to take care of the funeral and families of members who died.

The origins of insurance business as in vogue at present, is traced to the Lloyd‟s Coffee House in London. Traders,

who used to gather in the Lloyd‟s coffee house in London, agreed to share the losses to their goods while being carried

by ships. The losses used to occur because of pirates who robbed on the high seas of because of bad weather spoiling

the goods or sinking the ship. In India, insurance began in 1818 with life insurance being transacted by an English com-

pany, the Oriental Life Insurance Co. in 1870 in Mumbai. This was followed by the Bharat Insurance co. in 1896 in

Delhi, the Empire of India in 1897 in Mumbai, The United India in Chennai, the National, the National Indian and Hin-

dustan Cooperative in Kolkata.

Later, were established the cooperative Assurance in Lahore, the Bombay Life (originally called the swadeshi life), the

India Mercantile, the new India and the Jupiter in Mumbai and the Lakshmi in New Delhi. These were all Indian com-

panies started as a result of the swadeshi movement in the early 1900s. By the year 1956, when life insurance business

was nationalized and the life Insurance Corporation of India (LIC) was formed on1st September 1956, there were 170

companies and 75 provident fund societies transacting life business in India. After the amendments to the relevant laws

in 1999, the L.I.C. did not have the exclusive privilege of doing life insurance business in India. By 31.8.2007, sixteen

new life insurers had been registered and were transacting life insurance business in India.

Indian insurance industry structure

Both the life and non-life insurance sectors in India, which were nationalized in the 1950s and 1960s,

respectively, were liberalized in the 1990s. Since the formation of IRDA and the opening up of the

insurance sector to private players in 2000, the Indian insurance sector has witnessed rapid growth. A

growing middle-class segment, rising income, increasing insurance awareness, rising investments and

Ministry of Finance(Government of India)

IRDALife insurance

Private

Public

Non-Life insurancePublic

Private

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infrastructure spending, have laid a strong foundation to extend insurance services in India. The total

premium of the insurance industry has increased at a CAGR of 24.6% between FY03 and FY09 to

reach INR 2,523.9 billion in FY09.

The opening up of the insurance sector for private participation/global players during the 1990s has

resulted in stiff competition among the players, with each offering better quality products. This has

certainly offered consumers the choice to buy a product that best fits his or her requirement. The

number of players during the decade has increased from four and eight in life and non-life insurance,

respectively, in 2000 to 23 in life and 24 in non-life insurance (including 1 in reinsurance) industry as

in August 2010 her requirements.

1.1.3 Role of Insurance in Economic Development

For economic development, investments are necessary. Investments are made out of savings. A life

insurance company is a major instrument for the mobilization of savings of people, particularly from

the middle and lower income groups. These savings are channeled into investments for economic

growth.

Insurance company’s strength lies in the fact that huge amounts come by way of premiums. Every

premium represents a risk that is covered by that premium. In effect, therefore, these vast amounts

represent pooling of risks. The funds are collected and held in trust for the benefit of the policyhold-

ers.

The management of insurance companies is required to keep this aspect in mind and make all its de -

cisions in ways that benefit the community. This applies also to its investments. This is why success-

ful insurance companies would not be found investing in speculative ventures. Their investments

benefit the society at large.

The system of insurance provides numerous direct and indirect benefits to the individual and his fam-

ily as well as to industry and commerce and to the community and the nation as a whole.

The very existence of risk is, uncertainty concerning the future, is a severe handicap in economic ac-

tivities. Insurance removes the fear, worry and anxiety associated with this future uncertainty and

thus encourages free investment of capital in business enterprises and promotes efficient use of exist-

ing resources.

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Thus insurance encourages commercial and industrial development and there by contributes to a vig-

orous economy and increased national productivity.

Insurance ranks with export trade, shipping and banking services as earner of foreign exchange to the

country. It helps to earn foreign exchange and represent invisible exports.

1.1.4 INSURANCE MARKET - PRESENT

The insurance sector was opened up for private participation a decade back. For years now, the pri-

vate players are active in the liberalized environment. The insurance market has witnessed dynamic changes,

which include presence of a fairly number of insurers both life, and non-life segment. Most of the private

insurance companies have formed joint venture partnering well-recognized foreign players across the globe. The In-

dian life insurance market generated total revenues of $41.36billion in 2007, thus representing a com-

pound annual growth rate (CAGR) of 11.84% for the period spanning 2000-2007. Life in-

surance market had a growth of $22.46 billion within a period of 7 years with a growth rate of

118.24%. Estimated life premiums rose to INR 1,470,800million ($36.77 billion) in 2006 from INR

1,301,540 million ($32.54billion) in 2005. We envisage that life premiums in 2011 will be$65.96 bil-

lion, a growth larger than they were in 2007

PRESENT STRUCTURE OF INSURANCE INDUSTRY IN INDIA

Life Insurance Corporation of India – Fully owned by government.

Postal Life Insurance

Private players:

1. Bajaj Allianz Life Insurance Co. Ltd

2. Birla Sun Life Insurance Co. Ltd. (BSIL)

3. HDFC Prudential Life Insurance Co. Ltd. (HDFC STANDARD LIFE)

4. ICICI Prudential Life Insurance Co. Ltd. (ICICI PRU)

5. ING Vyasa Life Insurance Co. Ltd. (ING VYASA)

6. Max New York Life Insurance Co. Ltd. (MNYL)

7. Met Life India Insurance Co. Ltd. (METLIFE).

8. Kotak Mahindra Old Mutual Life Insurance Co. Ltd.

9. SBI Life Insurance Co. Ltd. (SBI Life)

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10. TATA AIG Life Insurance Co. Ltd. (TATA AIG)

11. AMP Sanmar Assurance Co. Ltd. (AMP SANMAR)

12. Aviva Life Insurance Co. Ltd. (AVIVA)

13. Sahara India Life Insurance Co. Ltd. (SAHARA LIFE)

14. PNB Life Insurance

15. Reliance Life Insurance

16. Bharti Axa Life Insurance

1.2 MAJOR PLAYERS

After liberalization and Globalization, tremendous growth has been seen in Banking and Insurance

sector in terms of capital and customers. Keeping the demands of customers various policies had

been offered to attract more and more customers. Although, financial turbulence caused many ups

and down in the Insurance Industry. But insurance is after all an issue of trust, trusting the companies

which sustain the hard times. Investing in companies which had the good brand value invokes a sense

of security in our hearts. Hence it is always good to know which companies are the markets.

Bajaj Allianz General Insurance: It is a company formed by joint venture between German

Company Allianz SE and Bajaj auto Ltd. Bajaj Allianz General Insurance came into existence on 2nd

May 2001, when it got certification of Registration from the Insurance and Regulatory Development

Authority. Bajaj Auto has a share of 74%, whereas Allianz has the remaining 26%. In the very first

year, the company made a strong position for itself in the industry and was reckoned amongst the top

private insurers. The premium income of the company as on 31st March 2006 was Rs. 1285 crores,

whereas the profit after tax made was Rs. 52 crores. Bajaj Allianz has a Pan India network covering

over 100 towns from Jammu to Thiruvananthapuram and aims to spread its operations in many other

cities

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ICICI Prudential Life Insurance: It is a Joint venture between ICICI bank and Prudential plc, both

having strong operations in their respective businesses. ICICI and prudential have respective shares

of 74% and 26 %. ICICI Prudential was the first insurance company in India to receive a National

Insurer Financial Strength rating of AAA (Ind.) from Fitch ratings. It has been given the honor of

being among the Most Trusted Brands in the industry by Economic Times for 3 consecutive years. It

has a network of 450 branches, over 1, 50,000 insurance advisors and 18 bancassurance partners.

Birla Sun life Insurance: It is joint venture between Aditya Birla Group and Sun life Financial Inc.

BSLI started functioning in March 2001 and within a short span of time established itself to be a

leading player in Private Life Insurance Industry. This company is a customer oriented company with

clearly focusing on the policies at which customers are fully satisfied. The company has well enabled

IT systems for better customer services and a strong distribution channel to gain major share in

Insurance Industry. With the professional knowledge of Aditya Birla this company is reaching new

heights and at present is the third largest Private sector life insurance company.

HDFC Life Insurance: HDFC Life, one of India's leading private life insurance companies, offers a

range of individual and group insurance solutions. It is a joint venture between Housing Development

Finance Corporation Limited (HDFC), India's leading housing finance institution and Standard Life

plc, the leading provider of financial services in the United Kingdom.

HDFC Ltd. holds 72.37% and Standard Life (Mauritius Holding) Ltd. holds 26.00% of equity in the

joint venture, while the rest is held by others.

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SBI Life Insurance: SBI Life Insurance is another joint venture company in the top players in insur-

ance sector in India and this company is formed with the joint venture between BNP Paribas Assur-

ance and State Bank of India. Out of the total capital, BNP’s share is 26%, while that of SBI is 74%.

The paid up capital of the company is Rs. 1000 crores, while the authorized capital is Rs. 2000

crores. This company offers a wide range of health plans, group plans and individual plans.

Max New York Life: Max New York Life is also a most reputed and old company. They offer

products like investment protection, retirement solution, children’s plan, etc. They also offering a 35+

products pertaining to health and life insurance .They have direct sales centers at 14 locations, 33

bank assurance relationships and 14 corporate agency tie-ups.

Reliance Life Insurance: Reliance Life Insurance is a Reliance Capital Company and is part of Re-

liance Group. Reliance Capital is one of India’s leading private sector financial services companies,

and ranks among the top 3 private sector financial services and banking companies, in terms of net

worth. Reliance Capital has interests in asset management and mutual funds, stock broking, life and

general insurance, proprietary investments, private equity and other activities in financial services.

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Oriental Insurance Company: Oriental Insurance Company Limited came into existence in the year

1947 with its corporate officer at Bombay and the company is a wholly owned subsidiary of the Ori-

ental Government Security Life Assurance Company. From the year 1956 to 1973, the company was

working as a subsidiary of Life Insurance Corporation of India. Before the year 2003, a large part of

the shares of this company was held by the General Insurance Corporation of India after which the

shares were transferred to the Central Government.

Kotak Mahindra Old Mutual Life Insurance : Kotak Mahindra Old Mutual Life Insurance Ltd is

a 74:26 joint venture between Kotak Mahindra Bank Ltd., its affiliates and Old Mutual plc. The

company started operations in 2001, and strives to offer its customers outstanding value through high

customer empathy, consistent and benchmarked service and a suite of products that leverage the

combined prowess of protection and long term savings. The company covers over 4 million lives and

is one of the fastest growing insurance companies in India.

Aviva life insurance: Aviva India is a joint venture between one of the country’s oldest and largest

groups, Dabur, and Aviva Group, one of the UK's largest insurance group, whose association with In-

dia dates back to 1834. India’s leading life insurers with a quality business model, focused on sus-

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tainable growth. We seek to build a robust product portfolio meeting all customer lifecycle needs re-

lated to – Protection, Retirement, Savings and Investments.

1.3 PRINCIPLES OF INSURANCE

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 insurable,

the risk insured against must meet certain characteristics in order to be an insurable risk. Insurance 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.

When a company insures an individual entity, there are basic legal requirements. Several commonly

cited legal principles of insurance include:

1. Indemnity – the insurance company indemnifies, or compensates, the insured in the case of

certain losses only up to the insured's interest.

2. Insurable interest – the insured typically must directly suffer from the loss. Insurable interest

must exist whether property insurance or insurance on a person is involved. The concept re-

quires that the insured have a "stake" in the loss or damage to the life or property insured.

What that "stake" is will be determined by the kind of insurance involved and the nature of

the property ownership or relationship between the persons.

3. Utmost good faith – the insured and the insurer are bound by a good faith bond of honesty

and fairness. Material facts must be disclosed.

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4. Contribution – insurers which have similar obligations to the insured contribute in the in-

demnification, according to some method.

5. Subrogation – the insurance company acquires legal rights to pursue recoveries on behalf of

the insured; for example, the insurer may sue those liable for insured's loss.

6. Cause proximal, or proximate cause – the cause of loss (the peril) must be covered under

the insuring agreement of the policy, and the dominant cause must not be excluded

7. Mitigation - In case of any loss or casualty, the asset owner must attempt to keep the loss to a

minimum, as if the asset was not insured.

1.4 THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (IRDA)

The Insurance Act, 1938 had provided for setting up of the Controller of Insurance to act as a strong

and powerful supervisory and regulatory authority for insurance. Post nationalization, the role of

Controller of Insurance diminished considerably in significance since the Government owned the

insurance companies.

But the scenario changed with the private and foreign companies foraying in to the insurance sector.

This necessitated the need for a strong, independent and autonomous Insurance Regulatory Authority

was felt. As the enacting of legislation would have taken time, the then Government constituted

through a Government resolution an Interim Insurance Regulatory Authority pending the enactment

of a comprehensive legislation.

The Insurance Regulatory and Development Authority Act, 1999 is an act to provide for the

establishment of an Authority to protect the interests of holders of insurance policies, to regulate,

promote and ensure orderly growth of the insurance industry and for matters connected therewith or

incidental thereto and further to amend the Insurance Act, 1938, the Life Insurance Corporation Act,

1956 and the General insurance Business (Nationalization) Act, 1972 to end the monopoly of the Life

Insurance Corporation of India (for life insurance business) and General Insurance Corporation and

its subsidiaries (for general insurance business).

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2.1 COMPANY PROFILE

2.1.1 AXA GROUP

The AXA Group has a long and distinguished history, stretching all the way back to the 18th

Century. After a succession of mergers‚ acquisitions and name changes involving some of the leading

insurance companies in the UK and around the world‚ the name AXA was first introduced in 1985.

AXA is a French company was originally founded in 1816 as mutuelle deL' assurance contre

L'incendie ( the Ancienne Mutuelle). AXA is world's leading financial service provider with presence

across 5 continents in 61 countries. It is a financial service industry. It was founded by Claud Bebear.

Present in 57 countries, the 163,000 employees and distributors of AXA are committed to serving

101 million clients. Our areas of expertise are reflected in a range of products and services adapted to

the needs of each client in three major business lines: property-casualty insurance, life & savings, and

asset management.

HISTORY

2011

European agreement on anticipating changes

AXA, world's top insurance brand for the third year in a row by Inter brand. Overall, AXA is

also the 4th best brand in France.

Ambition AXA strategic plan is launched.

AXA joins forces with CARE

AXA initiated the Global Forum for Longevity meetings

2010

A new dimension in China

Change in the structure of governance

AXA ranks among top 5 in Malaysia

2. INTRODUCTION

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AXA delists from NYSE.

2009

The Group announced the acquisition of the Rumanian Omniasig Life AXA, reinforcing its

position in Hungary, Poland and the Czech Republic via the buyout of minority interests held

by EBRD.

2008

New supervisory board chairman

AXA in Latin America

2007

Setting out for emerging markets in South Korean and Ukrainian

New distribution channel in Italy.

2006

AXA becomes number 1 in Switzerland

2005

The Group gains ground in asset management

AXA consolidated its asset management business with the acquisition of Farmington in the

UK.

AXA took its first steps in life insurance in India, with Bharti Enterprises Private Ltd, and be-

gan direct selling in Portugal.

New strategic plan is launched.

2003

The Group makes strides in the United States and in Asia

2002

Banking division grows

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1999

The Group affirms its global reach

1997

Birth of AXA Equitable

1996

AXA and UAP unite in a merger-acquisition

The AXA share was admitted for trading on the New York Stock Exchange.

1986

Unprecedented stock market war

1985

In July, AXA became the Group's new corporate name.

1817

The origins of AXA

AXA -THE WORLD’S TOP GLOBAL INSURANCE BRAND

Presence: Employees: Clients worldwide: Revenues: 61 countries 214,000 95 million €91 billion

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BUSINESS PROTECT

Protecting one’s own property and against damage to the property of others.

Protecting against life’s mishaps.

Funding projects.

Growing the value of savings.

Preparing for retirement.

Safeguarding the future of loved ones.

Life Insurance & Savings

(Life Insurance & Savings business represents 52% of Group revenues) :

Our individual and group life insurance policies encompass savings and retirement products on the

one hand and on the other hand health and personal protection products. Savings and retirement prod-

ucts meet the need to set aside capital to finance the future, a special project or retirement. Personal

protection covers risks related to an individual’s physical integrity, health or life.

AXA also offers its individual clients in some countries a simple range of banking services and prod-

ucts that supplements the insurance offering.

Property & Casualty Insurance

(Property & Casualty Insurance business represents 42% of Group revenues):

The property-casualty business includes insurance for personal property—cars, homes— and per-

sonal or professional liability. It covers a broad range of products and services designed for our indi-

vidual and business clients. Assistance services are also part of the property-casualty offering, which

may include international insurance for large corporate clients in Europe and a few specialty lines,

such as Marine and Aviation.

Asset Management

(Asset Management business represents 6% of Group revenues) :

The asset management business involves investing and managing assets for the Group’s insurance

companies and their clients, as well as for third parties, both retail and institutional clients. The objec-

tive is to obtain the best possible return on invested assets, based on the risk profit le and investment

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timeframe chosen. Our combined areas of expertise allow us to devise investment solutions and prod-

ucts that meet the specific needs and constraints of our clients, by investing in different asset classes,

such as equities, bonds or real estate.

2.1.2 BHARTI ENTERPRISE

Founded in 1976, by Sunil Bharti Mittal, Bharti has grown from being a manufacturer of bicycle

parts to one of the largest and most respected business groups in India. With its entrepreneurial spirit

and passion to undertake business projects that are transformational in nature, Bharti has created

world-class businesses in telecom, financial services, retail, and foods.

Bharti started its telecom services business by launching mobile services in Delhi (India) in 1995.

Since then there has been no looking back and Bharti Airtel, the group’s flagship company, has

emerged as one of top telecom companies in the world and is amongst the top five wireless operators

in the world.

Through its global telecom operations Bharti group operates under the ‘Airtel’ brand in 20 countries

across Asia and Africa– India, Sri Lanka, Bangladesh, Seychelles, Burkina Faso, Chad, Congo Braz-

zaville, Democratic Republic of Congo, Gabon, Ghana, Kenya, Madagascar, Malawi, Niger, Nigeria,

Sierra Leone, Tanzania, Uganda, and Zambia. In addition, the group also has mobile operations in

Jersey, Guernsey.

Over the past few years, the group has diversified into emerging business areas in the fast expanding

Indian economy. With a vision to build India’s finest conglomerate by 2020 the group has forayed

into the retail sector by opening retail stores in multiple formats – small and medium - as well estab-

lishing large scale cash & carry stores to serve institutional customers and other retailers. The group

offers a complete portfolio of financial services – life insurance, general insurance and asset manage-

ment – to customers across India. Bharti also serves customers through its fresh and processed foods

business. The group has growing interests in other areas such as telecom software, real estate, train-

ing and capacity building, and distribution of telecom/IT products.

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What sets Bharti apart from the rest is its ability to forge strong partnerships. Over the years some of

biggest names in international business have partnered Bharti. Currently, Singtel, IBM, Ericsson,

Nokia Siemens and Alcatel-Lucent are key partners in telecom. Walmart is Bharti’s partner for its

cash & carry venture. Axa Group is the partner for the financial service business and Del Monte Pa-

cific for the processed foods division.

Bharti strongly believes in giving back to the society and through its philanthropic arm the Bharti

Foundation it is reaching out to over 30,000 underprivileged children and youth in India.

Vision

Always empowering and backing our people.

Being loved and admired by our customers and respected by our partners.

Transforming millions of lives and making a positive impact on society.

Being brave and unbounded in realizing our dreams.

Values

Empowerment: We respect the opinions and decisions of others. We encourage and back

people to do their best.

Entrepreneurship: We always strive to change the status quo. We innovate with new ideas

and energize with a strong passion and entrepreneurial spirit.

Transparency: We believe we must work with honesty, trust and the innate desire to do well.

Impact: We are driven by the desire to create a meaningful difference in society.

Flexibility: We are ever willing to learn and adapt to the environment, our partners and the

customers’ evolving needs.

Core Values

Innovation: Constantly striving to find new and improved ways to add value to all our stake

holders. Our innovative spirit has driven us to launch revolutionary products. Our critical ill-

ness insurance covers 20 critical illnesses, the highest in the market. Our lifestyle solutions re-

define the way customers look at health insurance.

25

Pragmatism: Facing reality with courage and focusing on outcomes. Our pragmatic, realistic

approach to insurance has made us amongst the fastest growing insurers in India.

Integrity: Always being responsible and doing the right thing. We have settled over one lakhs

claims in three years, a testimony to our focus on customer centricity.

Team Work: Being one company, one diverse team. Our dedicated team of employees,

agents, partners and associates has enabled us to reach a milestone of one million policies in

just three years.

Professionalism: Always seeking to make a difference. With sheer professionalism we have

managed to surpass targets and double our growth in three years.

Strategy

To achieve a market position among the top 5 in India through a multi-distribution, multi-

product platform

To adapt AXA's best practice blueprints as a sound platform for efficient and profitable

growth

To leverage Bharti's local knowledge, infrastructure and customer base

To deliver high levels of shareholder return

To build long term value with our business partners by enhancing the proposition to their cus-

tomers

To be the employer of choice to attract and retain the best talent in India

To be recognized as being close and qualified by our customers.

Strong partner Bharti - provides access to customer base of more than 130 million

Multi channel execution capability

Current Asia product range which is a strong match to products sold to the mass and mass af-

fluent

Global scale providing cost effective and speedy re-use of systems, products and business ca-

pability

Strong AXA and Bharti brands which can be leveraged to attract and retain a high quality

management tea

26

2.2 BHARTI-AXA LIFE INSURANCE

Bharti AXA Life is a life Insurance player that was started in 2006.

It brings together strong financial expertise of the Paris-headquar-

tered AXA Group, and Bharti Enterprises - one of India's leading

business groups with interests in telecom, agricultural business, financial services, and retail. The

joint venture has a 74% stake from Bharti and 26% stake from AXA Asia Pacific Holdings Ltd.

(APH).The company launched national operations in December 2006. Today, Bharti AXA Life has a

national footprint of distributors trained to provide quality financial advice and insurance solutions to

the large Indian customer base.

Bharti AXA Life offers a range of innovative products and services that cater to specific insurance

and wealth management needs of customers. We undertook an in-depth analysis wherein we identi-

fied the notion of preference was totally related to the trust granted to various names in insurance and

financial services. The level of trust is very inadequate today, regardless of the brand considered.

BHARTI ENTERPRISE

Bharti Airtel Ltd.Comviva

Technologies LimitedCentum Learning Limited

Bharti Infratel Limited

FieldFresh Foods Pvt. Ltd.

Bharti Foundation

Bharti Retail Ltd.Bharti AXA

General Insurance CompanyBharti Realty

Bharti Walmart Private LimitedBharti AXA Life

Insurance CompanyIndus Towers

Bharti TeleTech Ltd.Bharti AXA

Investment Managers Pvt.

Ltd.Bharti Softbank

Holdings

http://www.bharti-axalife.com/

27

This is because the perception of consumers is that we are all evolving only in "a world of promises."

And this is what we have to redefine.

These are the three attitudes that clients most expect from an insurance and financial services com-

pany in exchange for their vote of confidence. These three attitudes stood out from the others in the

consumer research we conducted across markets, regardless of their level of maturity.

2.3 PRODUCTS OF BHARTI-AXA

Bharti AXA has many products along different categories like child plan, term plans, savings & in-

vestment plan and health plan.

2.3.1 Child Plan: Parenthood brings responsibilities and no one is better judge of that than you.

Child Plan is a plan specifically designed to take care of financial needs of your child. Child plan

provides with necessary funds that will take care of child’s education, marriage etc. By investing

small portion of your savings you secure the financial end of your child. Child plan of Bharti AXA is

called Bright Stars Edge.

Plans that help your child realize his potential and let him achieve what he

dreams of

As a responsible parent you will never want to make any compromises when it comes to your child.

Wouldn’t it be nice if you have a trusted friend who takes care of all the finances for your child's

growing dreams? Child plans, with a life insurance company like ours, have been created to help you

provide the best for your child's key stages and help him secure a bright future.

28

Children Insurance - Bright Stars Edge

Features and benefits

What the insurer will get?

Double Protection Benefits for your loved ones -

Sum assured Plus Fund value is paid in case some-

thing unfortunate were to happen to you

Receive full fund value at the time of maturity of the policy

Flexible options like partial withdrawal, premium redirection etc

You receive tax benefits under section 80C and 10(10D)

Why choose this plan?

If you want a plan that would completely secure an important financial goal of your family (e.g.

child's education, marriage etc)

If you are looking for a flexible investment plan that can adapt to your investment habits

Children Life Insurance Plans

Children Insurance - Bright Stars Edge

Child Insurance Plan - Power Kid

29

Eligibility

Parameter Eligibility

Minimum Age At Entry 18 Years

Maximum Age At Entry 60 Years

Minimum Age At Entry

70 Years For 10 Year Term



Investment Options & Rates

Where can I Invest my Money?

You have the options of investing across 6 funds depending on your risk appetite and return expecta-

tion. We also give you 12 policy switches every year to change your asset allocation as per your

needs

Child Insurance Plan - Power Kid


What the insurer get?

Two policy terms- 15 & 20 years

Provision of Emergency Allowance

Additional Accidental Death Benefit

Loyalty bonus and Settlement Option

You will receive tax benefits for premiums paid as well as benefits received under Section 80C and

10 (10D) as per prevailing tax laws under the Income Tax Act, 1961

Why Choose this Plan?

30

You want a plan that will not only provides comprehensive protection for your child, but will also

help provide for your child’s key stages

Eligibility




Minimum Age At Entry65 Years For 15 Year Term


Other benefits

What are the death benefits?

Emergency Allowance to address immediate liquidity needs

An amount equal to annualized regular premium will be payable till maturity funded by the company.

Education Allowance (available with Death Option A only)

Career Development Allowance: To support your child’s career needs

Fund Value along with Loyalty Bonus.

Secure Fund Transfer: A feature that helps beat market volatility and safeguard your funds

2.3.2 Protection Plan: Love your family and feel responsible towards them in every way. But life

can be uncertain and unforeseen contingencies can meet you anytime. At such times, life

insurance comes to your rescue. As someone who wants only the best for their family, we understand

your need to safeguard your family against any crisis. Our protection plans offer you high life cover

at nominal costs so that you can fulfill your responsibility with ease and your family never has to face

financial constraints.



31

Bharti AXA Life Elite Secure



Pure Life Insurance cover at very competitive premiums

Option to cover your life till 75 years with a unique to age 75 years term



You want comprehensive protection for your loved ones

You want a single product that can take care of all your Insurance needs

Protection plans

Bharti AXA Life eProtect

Life Insurance - Elite Secure

Plan

Life Life Insurance -

Family Income Secure

Life Insurance Premium Waiver

Rider

http://www.bharti-axalife.com/life-insurance-policies/Elite-Secure.aspx

32

Eligibility



Maximum Age At Entry75 Years For 10,15,20,25 & 'To Age 75' Policy Term


Maximum Age At Maturity75 Years For 10,15,20,25 & 'To Age 75' Policy Term


Coverage & Premium

What is the minimum and maximum Insurance cover that I can opt for in this plan?

The minimum Sum Assured in this plan is Rs 25,00,000/. There is no limit on the maximum insur-

ance cover that you can opt for

Riders

Can I add any further protection along with this plan? (Riders)

Bharti AXA Life Insurance gives you enhanced protection in this plan with the option to add any of

the 4 protection enhancers by paying a nominal amount towards this additional protection:

Critical Illness Benefit Rider: In case, you are diagnosed of any one of the six Critical Illnesses at

any time during the term for which the rider is in force, you will receive a lump sum amount equal to

the Critical Illness Benefit Sum Assured as opted by you.

Accidental Death and Disability Benefit Rider: In the event of an unfortunate death of Life Insured

due to an accident or an accidental disability, the Sum Assured under the Rider will be paid to the

Policyholder / nominee.

33

Life Insurance - Family Income Secure



Guaranteed Annual Income for your family in case of any eventuality

100% return of premium at maturity



You want a plan that provides a regular income for the family.

You want a plan that provides guaranteed returns

Eligibility




Maximum Age At Maturity




Coverage & Premium

What is the Insurance cover that I can opt for in this plan?

In case of the unfortunate event of the death of the Life insured, an annual income will be paid to the

nominee for the next 20 years. You can choose this annual income at inception of the policy which

will determine your premium. The minimum premium you will need to pay for this benefit is Rs

2500.

34

Life Insurance - Protect Plus



Financial Protection for your family

Guaranteed Cash Back on maturity



You want to protect the future of your loved ones

You want a plan that protects your family while also builds your savings

Eligibility




Maximum Age At Maturity 70 Years

Coverage & Premium


The minimum Sum assured under this plan is Rs 180,000

35

Life Insurance Premium Waiver Rider



100% of all future premiums under the base policy are

waived and paid by the Company on death of the life insured under the rider.

Eligibility



Maximum Age At Entry Will Depend On Base Policy

Coverage & Premium

What is the Sum Assured under the premium waiver rider?

The sum assured under the rider will be the outstanding premiums under the base policy.

2.3.3 Guarantee Plan: Bharti AXA Life we care for you and your hard-earned money. That’s why

we present the 'Guarantee Plans'- an innovative way of protecting your investment and maximizing

your gain from the market without losing any of your money. Our plans include an in-built guarantee

feature that ensures the minimum value of your investments remain intact. You can therefore enjoy

market ups but don’t have to worry about market lows.

36

Guaranteed Life Insurance Plan - Monthly Income

Features & Benefits

What you will get?

Guaranteed monthly income that helps fulfill your

loved ones’ desires while protecting them in case of

an unfortunate event



You want to fulfill your long pending desires with additional source of income

You want a source of guaranteed monthly income for your family if something unfortunate were to

happen to you

You want to gift your parents a guaranteed monthly income for their retirement

Eligibility




Maximum Age At Maturity

The Maximum Maturity Age Depends On The Policy Benefit

95 Years For 30 Year Policy Term



Gurantee Plan

Guaranteed Life Insurance Plan - Monthly Income

Guaranteed Life Insurance Plan - Aajeevan Sampatti

Guaranteed Life Insurance Plan - Young India

37

Premium & Income

What is the minimum annual premium under this plan?

The minimum annual premium under the plan for each policy term is given below

Rs 23,000 for 15 year term



What is the minimum Monthly Income that can be opted for?

The minimum Monthly Income for each of the policy terms is given below

Rs 2000 for 15 year term



Riders

Can I add any further protection along with this plan?

Bharti AXA Life Insurance gives you enhanced protection with the option to pay a nominal amount

towards additional protection through its riders:

Critical Illness Benefit Rider: This rider pays a lump-sum benefit in case of diagnosis of any of the

six critical illnesses: Cancer, Stroke, Heart attack, Coronary Artery Bypass Graft surgery, Major Or-

gan Transplant and Kidney failure. UIN - 130N046V01

Premium Waiver Rider: - This rider allows premium payments to be waived in case of an unfortu-

nate event of death of the policyholder. This rider can only be attached with 25 or 30 year policy

term.

Guaranteed Life Insurance Plan - Aajeevan

Sampatti

Features & Benefits

What you will get?

Guaranteed regular payouts of 5.5% of Sum Assured every year, starting from the end of 10th year

until you reach the age of 100 years

Life Insurance cover until the age of 100 years

38



You want a plan that provides regular annual payouts throughout your lifetime.

You want to pay for a limited period and enjoy long term benefits.

Eligibility


Minimum Age At Entry 91 Days


Coverage & Premium


The minimum Sum Assured under the plan is Rs 1,00,000

There is no limit to the maximum Sum Assured

Riders

Can I add any further protection along with this plan?

Bharti AXA Life Insurance gives you enhanced protection in this plan with the option to add the fol-

lowing protection enhancer by paying a nominal amount towards this additional protection:

Premium Waiver Rider: This rider allows future premium payments to be waived in case of the un-

fortunate death of the Policyholder during the premium payment term. The rider can be opted for

only at inception.

39

Guaranteed Life Insurance Plan - Young India

Features & Benefits

What you will get?

The Product provides Triple Benefits which guarantee you Protection, benefit of Liquidity whenever

you want it and Savings for your Retirement.

Protection – Choose when you want to increase your Sum Assured. In case of any unfortunate event,

get increased Sum Assured through our Flexi Cover options

Liquidity – You get the benefits of Money Back twice during the Policy term through our Good

Times Money Back feature. Avail it, when you want it (after 3rd policy year).

Savings – Get a lump sum benefit at Maturity for your retirement needs or to offset any loan

Assured Protection – Choose to activate Premium Waiver facility at any of your chosen milestones

or at inception. In case of any unfortunate event, the nominee receives the Death Benefit, all the fu-

ture premiums are waived off and Maturity Benefit (inclusive of bonus) is paid to the nominee.

Simple Reversionary Bonus –Enhance your Maturity benefit with vested bonuses (if declared).

You receive tax benefits under section 80C and 10(10D) of the Income Tax Act, 1961.


You are looking for a protection cum savings plan which provides you liquidity at key life stages

You are looking for flexibility to increase your protection whenever you want it without going

through the hassles of Medical Check ups

You are young and want to save for your retirement.

Eligibility





40

Coverage & Premium

What is the minimum Premium under this plan?

The minimum premium under the plan for each premium payment mode is given below

Rs 8000 for annual mode

Rs 4160 for semi- annual mode

Rs 2160 for quarterly mode

Rs 720 for monthly mode

2.3.4 Health Plan: Slightly different from health insurance, health plan provides cover for surgery

costs, critical illness. A lump sum is paid irrespective of actual hospital bill. Easy Health is Bharti

AXA’s health plan.

Health Insurance Plan - Life Triple Health

Health Insurance Plan - Easy Health Plan

41

Health Insurance Plan - Life Triple Health

Features & Benefits

What you will get?

Cover for up to three unrelated critical illnesses with premium waiver after the first claim

Lump sum payout of 100% of the Sum Assured for each claim

Maturity Benefit and Death Benefits available with the return of Premium option

You will receive tax benefits under Section 80D for all premiums paid towards health insurance ben-

efits and under Section 80C for premiums paid towards life insurance benefits (as applicable) of the

Income Tax Act, 1961.


You would like to avail of a comprehensive health insurance product that will continue to protect you

even after you make a claim

Eligibility





Coverage & Premium

Illnesses is covered

The policy covers 13 critical illnesses that are split into three groups. Should one have the misfortune

of being diagnosed with any critical illness from these groups, the first claim could be made and the

42

policyholder will still be eligible for a second and third

claim from the other two groups in future years.

Health Insurance Plan - Easy Health Plan

Features and Benefits

What you will get?

Extremely affordable protection with premiums starting as low as Rs 3 per day

Easy health covers you with a single premium at one go for 3 years

Daily Hospital Cash Benefit options of Rs 500, Rs 750, Rs 1000 and Rs. 1500 per day

Cover your spouse, children and parents and avail of an attractive discount of 10% on premium for

each family member added

Get additional protection in case of hospitalization due to an accident and for hospitalization in an

ICU

Avail of Get Well Soon benefit for continuous hospitalization of 7 days or more

Simple and easy to enroll. No need to fill up lengthy proposal forms or take any medical tests or

medical reports

You receive tax benefits under section 80D and 10(10D)


You want a product that will cover your incidental hospital expenses

You want a product that is easy to buy, simple to understand and pay premium only once in three

years

Coverage & Premium

Is there a waiting period?

There is a waiting period of 90 days except for accidental hospitalization.

43

2.3.5 Group Plans: Bharti AXA Life insurance products provide financial security and protection to

the loved ones. The plans are simple, affordable plans to safeguard ones family from life's

uncertainties.

Group Plans

Bharti AXA Life Shield

Bharti AXA Life

Sanjeevani

44

Life Shield - Life Insurance

Life Shield, a single premium group term life insurance product, is a simple, affordable life insurance

solution that financially secures the family of the group member by providing a life insurance cover.

Life Sanjeevani - Life Insurance

Sanjeevani, a single premium group term life insurance product provides financial security and pro-

tection to your loved ones. It is a simple, affordable plan to safeguard your family from life's uncer-

tainties.

2.3.6 Unit Linked Insurance Plans:

Be it a dream house or an expensive holiday abroad,

Bharti AXA Life has plans that help you achieve your dreams. Our Market Linked Plans offer you

investment in funds that are managed by professional fund managers and have had good yields in the

past three years. Additionally, they provide you with life insurance cover that secures your family in

case of any dire.

Unit Linked Insurance Plans

Bharti AXA Life Future Invest

45

Bharti AXA Life Future Invest


What the insurer get?

Flexibility of partial withdrawals

Option to stay invested for 5 years post maturity

Option of switching and premium redirection to have complete control on your investments

You will receive tax benefits for premiums paid as well as benefits received under Section 80C and

10 (10D) as per prevailing tax laws under the Income Tax Act, 1961


You want to invest money for a limited time frame

while also expecting good returns at the end of the

policy term

Eligibility





Coverage & Premium

Age

At

Entry

Mortality

Charge

(Per ‘000

SAR)

Age

At

Entry

Mortality

Charge

(Per ‘000

SAR)

Age

At

Entry

Mortality

Charge

(Per ‘000

SAR)

Age

At

Entry

Mortality

Charge (Per

‘000 SAR)

8 0.48 24 1.35 40 2.58 56 11.84

9 0.47 25 1.37 41 2.8 57 12.79

46

10 0.5 26 1.38 42 3.01 58 13.79

11 0.59 27 1.4 43 3.26 59> 15.01

12 0.71 28 1.4 44 3.57 60 16.48

13 0.82 29 1.4 45 3.93 61 18.18

14 0.89 30 1.4 46 4.35 62 20.11

15 0.96 31 1.42 47 4.84 63 22.28

16 1.02 32 1.47 48 5.38 64 24.68

17 1.08 33 1.53 49 5.98 65 26.6

18 1.13< 34 1.62 50 6.64 66 29

19 1.18 35 1.72 51 7.36 67 32.66

20 1.22 36 1.85 52 8.14 68 36.72

21 1.26 37 1.99 53 8.97 69 41.2

22 1.29 38 2.15 54 9.87 70 46.15

23 1.32 39 2.35 55 10.83

2.4 SWOT ANALYSIS

Strength

1. Integrated approach to seek innovative solutions.

2. Policies for various age and economic groups.

3. International expertise of AXA group.

4. Strong Marketing Campaign.

5. The joint venture has a 74% stake from Bharti and 26% stake from AXA Asia Pacific Hold-

ings Ltd.

6. Bharti enterprise serves over 110 million customers.

47

Weakness

1. Less penetration in rural India.

2. Small agent base.

3. Late entrant in the insurance sector

4. Thin distribution network all over the nation

5. Very less number of product offering in comparison to its competitors

6. Lack of confidence among the customers as parent company does not have a financial back-

ground.

Opportunity

1. Growing rural market.

2. Earning Urban Youth.

3. Cross selling through financial services such as banking.

4. Strong growth of unit linked market at the mass affluent end.

Threats

1. Stringent Economic measures by Government and RBI.

2. Many more companies are lining up to enter into Indian Insurance Industry.

3. Consumer’s preference is still more towards public sector insurance companies.

3.ICICI PRUDENTIAL LIFE INSURANCE

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one of India's

foremost financial services companies-and prudential plc - a leading international financial services

group headquartered in the United Kingdom. Total capital infusion stands at Rs. 47.80 billion, with

ICICI Bank holding a stake of 74% and Prudential plc holding 26%.

We began our operations in December 2000 after receiving approval from Insurance Regulatory De-

velopment Authority (IRDA). We have a network of approximately 1,400 offices and over 1,75,0000

advisors, as at June 30, 2011. In addition to this, we also have over 5000 distribution touch-points

and over 10,000 servicing touch-points across the country.

48

For the past decade, ICICI Prudential Life Insurance has maintained its dominant position (on new

business retail weighted basis) amongst private life insurers in the country, with a wide range of flex-

ible products that meet the needs of the Indian customer at every step in life. We continue to tire-

lessly uphold our commitment to deliver world-class financial solutions and services to customers all

over India.

Vision

To be the dominant Life, Health and Pensions player built on trust by world-class people and service.

This we hope to achieve by:

Understanding the needs of customers and offering them superior products and service

Leveraging technology to service customers quickly, efficiently and conveniently

Developing and implementing superior risk management and investment strategies to offer sustain-

able and stable returns to our policyholders

Providing an enabling environment to foster growth and learning for our employees

And above all, building transparency in all our dealings

The success of the company will be founded in its unflinching commitment to 5 core values -- In-

tegrity, Customer First, Boundary less, Ownership and Passion. Each of the values describes what the

company stands for, the qualities of our people and the way we work.

We do believe that we are on the threshold of an exciting new opportunity, where we can play a sig-

nificant role in redefining and reshaping the sector. Given the quality of our parentage and the com-

mitment of our team, there are no limits to our growth.

Values

Every member of the ICICI Prudential team is committed to 5 core values: Integrity, Customer First,

Boundary less, Humility, and Passion. These values shine forth in all we do, and have become the

keystones of our success.

3.2 Products of ICICI Prudential

49

At ICICI Prudential Life insurance understand that different individuals have different needs. The

ideal insurance plan is one that addresses the exact insurance needs of the individual which depends

on the age and life stage of the individual apart from a host of other factors.

ICICI Prudential Life offers plans under the following major need categories:

Term plans

Wealth plans

Child plans

Health plans

Riders

Retirement plans

Group plans

Rural plans

ULIPs

Terms plans

Term life insurance ensures that your family receives a large lump sum amount, called the sum as-

sured, in the unfortunate event of death of the policyholder. By offering this benefit at extremely

competitive rates, Term insurance plans provide an opportunity to get the protection of insurance

cover at extremely affordable prices.

ICICI Pru iCare Term Insurance Plans

You strive to provide comfort, happiness, and security to your family. Even if something unfortunate

were to happen to you, you would want your family’s future to be secured at all times.

With ICICI Pru iCare - term plan, protect your family’s future and ensure that they lead their lives

comfortably without any financial worries, even in your absence.

ICICI Pru Pure Protect

50

As the head of your family, you have always fulfilled your responsibilities and given your loved ones

the comforts they need. However, life is full of uncertainties and it is important to ensure that your

family has a term insurance cover, should something unfortunate happen to you.

Keeping this in mind, we bring to you, ICICI Pru Pure Protect Classic & Pure Protect Elite, a non-

participating term insurance plans to insure your life and provide total security to your family.

ICICI Pru Life Guard

All of us want happiness and security for our family. The thought of unfortunate events befalling us

may cause anxiety about our ability to provide for our loved ones. Adequate term insurance ensures

that your loved ones are provided for and that their lives are not affected, even if you are not around.

ICICI Prudential presents ICICI Pru Life Guard, a non-participating term insurance plan. Choose

from two variants of this term plan to insure your life and provide total security to your family, at a

very affordable cost.

ICICI Pru Home Assure

Having your own house could be a dream of a lifetime. We at ICICI Prudential want to ensure that

your dream comes true,..

In association with your home loan providing bank, we are pleased to bring to you, ICICI Pru Home

Assure. This extremely affordable Term Life Insurance Plan offers you protection for your loan

amount and complete convenience in application.

Wealth plans

As an individual who doesn’t desire the best from life? You would undoubtedly want to plan your fi -

nances such that you can achieve all your goals - a car, a beautiful home and of course, the comfort

and contentment of your family. All of these goals are long term in nature. Wealth insurance plans

have been designed to ensure that you can save for these long term goals along with the benefit of life

cover and provide protection to your family.

51

ICICI Pru LifeStage Wealth II is a unit linked insurance plan that offers multiple choices to decide

how your savings would be invested based on your risk appetite. Further, it provides you with an in-

surance cover to help you realize your dreams without compromising your family’s protection.

ICICI Pru LifeTime Premier

your investments also deserve the very best. You need a plan that helps you achieve your dreams by

providing you with multiple savings and protection options.

ICICI Prudential presents ICICI Pru LifeTime Premier, a comprehensive savings plan that offers you

a choice of portfolio strategies for your savings and at the same time secures you against uncertain-

ties of life.

ICICI Pru Pinnacle Super

ICICI Pru Pinnacle Super is a unit linked insurance plan that offers you multiple choices on how to

invest your savings. This plan also offers you a choice of how many premiums you want to pay while

allowing you to enjoy insurance protection for the policy term.

You can choose to put your money into the Highest NAV Fund B and enjoy guaranteed returns at

maturity (conditions apply*) or select from nine different funds as per your risk appetite.

*Highest NAV Fund B provides 110% of the "highest daily NAV” of the fund in first 7 years, guar-

anteed at maturity. This guarantee is applicable only at maturity and is not available on partial with -

drawal, surrender and death. There will be an additional charge for the cost of investment guarantee

of 0.50% per annum. This will be made by adjustment to the NAV.

ICICI Pru Elite Life

your investments also deserve the very best. As an elite individual, you need a plan that offers you

the greatest value for your hard earned savings.

With this objective in mind, we present ICICI Pru Elite Life - a unit linked insurance plan, designed

exclusively for preferred customers like you. This plan offers you multiple choices on how to invest

your savings along with an insurance cover. Also, you get rewarded with Loyalty Additions from the

sixth year onwards to maximize the return on your investments

52

ICICI Pru Elite Wealth

your investments also deserve the very best. As an elite individual, you need a plan that offers you

the greatest value for your hard earned savings.

With this objective in mind, we present ICICI Pru Elite Wealth - a unit linked insurance plan, de-

signed exclusively for preferred customers like you. This plan offers you multiple choices on how to

invest your savings along with an insurance cover. Also, you get rewarded with Loyalty Additions

from the sixth year onwards to maximize the return on your investments.

ICICI Pru iAssure Single Premium

You want to enjoy life without any tension or worries. But you can only do so when your tomorrow

is assured. This assurance gives you the freedom to enjoy your life.

Presenting ICICI Pru iAssure Single Premium, a conventional non-participating single premium

product that provides you Guaranteed Maturiy Benefit and also offers a life cover to take care of your

loved ones in your absence.

ICICI Pru Guaranteed Savings Insurance Plan

Life has many important milestones: your house, your child’s education and marriage, your retire-

ment kitty. It would be your dream to achieve them all with certainty. However, this would need

careful planning and a regular savings approach.

ICICI Pru Guaranteed Savings Insurance Plan is a non-participating limited premium endowment

life insurance plan that allows you to enjoy the benefits of a long term savings plan ensuring that you

and your family are free of any financial worries.

ICICI Pru Future Secure

ICICI Pru Future Secure, a participating endowment life insurance plan that helps you save for spe-

cific goals in the future, while providing protection for your family from financial distress in case of

53

your untimely demise. Thus the dual benefit of savings and protection it helps you ensure a secure fu-

ture for your loved ones.

ICICI Pru Whole Life

You always strive to provide the best for your family, you set goals to buy a car, a house, get mar-

ried, secure your children’s education, go for that dream vacation and secure a better life after retire-

ment. Most importantly, you want to ensure your family receives all these benefits during your life-

time and also in case you are not around.

ICICI Pru Whole Life, a participating endowment life insurance plan with a unique double advan-

tage of savings and protection that not only allows you to meet your goals but also seeks to ensure

that your dear ones will continue to live their lives in comfort without financial worries in case of un -

foreseen eventuality.

ICICI Pru Save'n'Protect

All through your life, you have certain responsibilities; your children’s education, marriage expenses

and many more. For this you need a plan that offers you both, savings and protection. Keeping this in

mind, ICICI Prudential offers you ICICI Pru Save n’ Protect- a participating endowment life

insurance plan for those who want to accumulate funds on a regular basis while enjoying insurance

protection.

ICICI Pru CashBak

In your life, you always look forward to certain milestones. You require an insurance policy that not

only provides your family with adequate cover against any unfortunate event happening with your

life, but also provides you with liquidity to take care of your financial requirements at these mile -

stones.

Keeping this in mind, ICICI Prudential offers you ICICI Pru CashBak, a participating endow-

ment regular pay life insurance plan that combines the triple benefit of protection, savings and peri-

odic liquidity.

Child plans

54

As a parent, you would not like to compromise your child's bright career, regardless of the rising cost

of education. All you need is a savings plan that is designed to provide money at key educational

milestones and take care of your loved ones future even if you are not around.

ICICI Pru child plan comes with a unique Payer Waiver Benefit (PWB). This benefit ensures that in

case of death of the parent, the company pays all future premiums on behalf of the parent. This

means that the child gets money at important stages of his/her student life and education never suffers

due to lack of funds.

ICICI Pru Smart Kid – Regular Premium

ICICI Pru Smart Kid – Regular Premium plan comes with a unique Payer Waiver Benefit (PWB).

This benefit ensures that in case of death of the parent, the company pays all future premiums on be -

half of the parent. This means that the child gets money at important stages of his/her student life and

education never suffers due to lack of funds.

ICICI Pru Smart Kid Premier

As a responsible parent you would like to provide the best that you can to ensure a bright future of

your child. However, with the rising costs of education, you need a savings which is designed to

provide adequate money at key educational milestones. Hence, we present to you ICICI Pru Smart

Kid Premier, a ULIP plan which ensures your child’s education continues even if you are not around.

Health Plans

Health insurance insures you and your family against expenses arising due to a medical emergency

and uncertainty of health such as a hospitalisation or the onset of a critical illness. It prevents a

medical emergency from becoming a financial one; it ensures your health care needs are taken care

of without you having to dip into your existing savings or compromising your future goals.

ICICI Pru Health Saver

ICICI Pru Health Saver is a comprehensive whole of life health insurance plan that takes care of

hospitalization costs as well as all your health care needs.

While the hospitalisation insurance benefit ensures complete coverage for expenses incurred in the

event of a hospitalisation, the health fund created; by investing a part of your premium in market

55

linked funds, under the health savings benefit, ensures you of an adequate support system to take care

of any other medical expenses.

ICICI Pru Hospital Care II

ICICI Pru Hospital Care II is a fixed benefit hospitalisation and surgical plan that offers you and your

family, fixed payouts at various stages of hospitalisation in addition to benefit received from other

medical insurance plans. It also offers whole life guaranteed insurability at renewal and cashless fa-

cilities across an extensive network of hospitals in India.

You can also avail tax benefits under Section 80D of the income tax act

ICICI Pru Crisis Cover

ICICI Pru Crisis Cover is a comprehensive critcal illness insurance policy that provides coverage

against 35 critical illnesses, total and permanent disability, and also death.

Riders

ICICI Prudential gives you the freedom to form your very own comprehensive insurance policy by

adding the rider benefits to the basic life insurance policy. Add from the following list of benefits to

increase the scope of your policy, at a nominal cost.

Critical Illness Benefit Rider

This rider provides protection against 9 critical illnesses, namely: Major organ transplants, Complete

renal failure, Stroke, Paralysis, Heart attack, Valve replacement surgery, Major surgery of the aorta,

CAGS (Bypass) and Cancer .

Accident & Disability Benefit Rider

Benefits payable on death due to an accident. If the policyholder dies due to an accident, 100% of the

rider sum assured is paid in addition to the basic sum assured. In case the policyholder dies in a land

surface, mass public transport system wherein the policyholder was traveling as a fare-paying passen-

ger, then 200% of the rider sum assured is paid.

Income Benefit Rider

56

In case of death of the life assured during the term of the policy, 10% of the rider sum assured is paid

annually to the beneficiary, on each policy anniversary till maturity of the rider.

Waiver of Premium Rider (WOP)

On total and permanent disability due to an accident, all future premiums for both the base policy and

rider(s) will be waived till the end of the term of the rider or death of the life assured, if earlier.

Waiver of Premium rider is available with Life Time Super, Life Time Plus, Life Time Super Pen-

sion, Smart Kid New ULRP, Life Guard ROP, Life Guard WROP.

ICICI Pru Waiver of Premium on Critical Illness Rider

This rider waives all your future premiums of your base policy on occurrence of specified 20 Critical

Illnesses. This ensures that your policy benefits continue as planned.

Retirements Plans

Retirement insurance ensures that you or your family members receive a regular pension amount post

a retirement date. You have the flexibility to choose the retirement date and the manner in which you

receive the pension.

ICICI Pru Immediate Annuity

In your golden years worries about security and comfort become greater. Today, with rising prices

increasing health care costs and higher life expectancy, you need concrete planning post-retirement to

help you deal with it. What you need is a plan that not only helps you plan for retirement, but also

continues to pay you an income throughout your retired life.

At ICICI Prudential Life Insurance Company Limited, we realize the importance of a prudent

retirement planning. Presenting ICICI Pru Immediate Annuity - a plan that not only give you an

income for life but also provide you options to match your needs.

Group Plans

Employees these days are constantly on the prowl for "better opportunities". How then do you get

them to focus on your job and stay committed for long tenures? Human Resource experts agree that

57

employees work with utmost dedication when they believe their organization truly cares about their

wellbeing.

One way of showing your concern for your employees is to shoulder the two responsibilities they

worry about most: Security of and Savings for their families. Group Insurance Plans from ICICI Pru-

dential enable you to effortlessly provide your employees with both, savings and security, so they can

pass on the benefits to their loved ones. Your kind gesture to safeguard their family's future will un-

doubtedly serve as great encouragement for your employees, and they will gladly offer you their

whole-hearted commitment.

Group Gratuity Plan

ICICI Prudential's Group Gratuity Plan enables you to fund your gratuity obligation in a systematic

manner while enjoying applicable tax benefits at the same time. Read more about the features and

benefits of this plan.

Group Leave Encashment Plan

Group Leave Encashment Plan enables you to fund your Leave encashment liability payable to your

employees and offers market linked policy.

Are you running a scheme for your employees that offers leave encashment benefits that will be

payable in the future? Since such a liability increases with time, it may become difficult to pay the

benefit as you go. It is therefore beneficial that the employer sets up a separate fund from which this

benefit may be paid out.

Annuity Solutions

Your loyal employees have untiringly dedicated several years of their lives to you and your com-

pany's success. You would undoubtedly want them to live contently when they retire from your ser-

vice.

Invest in ICICI Prudential's Annuity Solutions-a suite of 7 plans especially designed to give your em-

ployees high returns, which serve as a steady income for their golden years. Read the features and

benefits of our Annuity Solutions

58

Group Term Insurance Plan

As a compassionate employer who regards your team as your most precious asset, you would

undoubtedly want to safeguard their wellbeing, at all times.

Invest in ICICI Prudential's Group Term Insurance Plan-a one-year renewable life insurance policy

that enables you to provide every member of your team with an affordable life cover.

Group Term in lieu of EDLI Scheme

ICICI Prudential's Group Insurance Scheme in lieu of EDLI has been certified by the EPFO as a

superior product that provides greater insurance benefits than the cover offered by EPFO. Read more

about the features and benefits of this plan, right away.

Credit Assure Utility

The latest car, higher education in the best schools abroad, a family trip to Switzerland - all this and

more! Today, we want it all and aren't shy to take a loan if we can't afford it. ICICI Prudential, India's

No. 1 private life insurer, will make sure that your customers have the freedom to enjoy without

having to worry about that loans they need to repay. With CreditAssure, we offer an innovative and

affordable term life insurance plan that covers loans against the unfortunate event of death, with

complete convenience in application. The scheme is simple and hassle-free. In other words, peace of

mind guaranteed.

Rural Plans

ICICI Prudential’s rural business initiative has played a very important role in reaching the

underserved segment through its rural insurance plans. ICICI Prudential has covered more than 2.5

million lives across as many as 16 states in India.

ICICI Pru Sarv Jana Suraksha

ICICI Prudential Life Insurance presents its first Micro Insurance Plan - Sarv Jana Suraksha –

especially designed for rural population which provides total security to you and your family, at very

affordable cost.

ICICI Pru Anmol Nivesh

59

ICICI Prudential Life Insurance

presents ICICI Pru Anmol Nivesh – a regular

premium unit-linked endowment policy guar-

anteeing the premiums paid less the partial

withdrawals made on maturity and death. This plan is aimed at providing security cum savings to you

and your family, at an affordable cost.

Unit linked insurance plans (ULIPs)

Unit linked insurance plans (ULIPs) are a category of goal-based financial solutions that combine the

safety of life insurance protection along with long term wealth creation opportunities. In ULIPs, a

part of the premium goes towards providing you life cover &the remaining portion is invested in

fund(s) which in turn is invested in stocks or bonds. The value of investments alters with the perfor-

mance of the underlying fund opted by you.

Simply put, ULIPs are structured in such a way that the life protection element and the savings ele-

ment are distinguishable, and hence can be managed according to your specific needs.

4.RELIANCE LIFE INSURANCE

Reliance Life Insurance offers you products that fulfill your savings and protection needs. Our aim is

to emerge as a transnational Life Insurer of global scale and standard.

Reliance Life Insurance is a Reliance Capital Company and is part of Reliance Group. Reliance Capi-

tal is one of India’s leading private sector financial services companies, and ranks among the top 3

private sector financial services and banking companies, in terms of net worth. Reliance Capital has

interests in asset management and mutual funds, stock broking, life and general insurance, propri-

etary investments, private equity and other activities in financial services.

60

Reliance Group also has presence in Communications, Energy, Natural Resources, Media, Entertain-

ment, Healthcare and Infrastructure.

Nippon Life Insurance Company acquired 26% interest in equity share capital of the Company effec-

tive October 7, 2011 subsequent to receipt of all regulatory approval.

Nippon Life Insurance, also called Nissay, is Japan's largest private life insurer with revenues of Rs

346,834 crore (US$ 80 Billion) and profits of over Rs 12,199 crore (US$ 3 billion). The Company

has over 14 million policies in Japan, offers a wide range of products, including individual and group

life and annuity policies through various distribution channels and mainly uses face-to-face sales

channel for its traditional insurance products. The company primarily operated in Japan , North

America, Europe and Asia and is headquartered in Osaka, Japan. It is ranked 81st in Global Fortune

500 firms in 2011.

Vision

Empowering everyone live their dreams.

Mission

Create unmatched value for everyone through dependable, effective, transparent and profitable life

insurance and pension plans.

Goal

Reliance Life Insurance would strive hard to achieve the 3 goals mentioned below:

Emerge as transnational Life Insurer of global scale and standard

Create best value for Customers, Shareholders and all Stake holders

Achieve impeccable reputation and credentials through best business practices

Products of Reliance life insurance :

Term Plans

ULIP Plans

Child Plans

61

Traditional Plans

Money-back Plans

Health insurance Plans

Term Plan

Reliance Simple Term Plan

To ensure a bright and secure future, you need to plan from today. The Reliance Simple Term Plan

helps you do just that. It is a cost effective, pure life insurance plan that offers you comprehensive

and affordable coverage for a limited period of time to suit your needs.

Reliance Special Term Plan

To stay ahead of the uncertainties of life, we need to plan well is advance. Reliance Special Term

Plan is a pure life insurance plan that offers you comprehensive and affordable coverage for a limited

period of time to suit your needs.

ULIPs Plans

Reliance Life Insurance Classic Plan

Reliance Life Insurance Classic Plan works well for people in every stage of life, from young

investors to retirees. Reliance Life Insurance Classic Plan helps you plan your finances wisely, cover

the risk arising due to loss of life and assumes all the flexibilities required in a financial product

Reliance Life Insurance Classic Plan – Limited Premium

Reliance Life Insurance Classic Plan – Limited Premium helps you plan your finances wisely, cover

the risk arising due to loss of life and assumes all the flexibilities required in a financial product

Reliance Life Insurance – Classic Plan - II

62

Reliance Life Insurance Classic Plan - II, A Unit Linked insurance plan works well for people in

every stage of life, from young investors to retirees. Reliance Life Insurance Classic Plan - II helps

you plan your finances wisely, cover the risk arising due to loss of life and assumes all the

flexibilities required in a financial product

Child Plans

Reliance Child Plan

As a parent, it is only natural to dream of a smooth and blissful life for your child. This is exactly

why you need to secure your child’s tomorrow, today.

Reliance Child Plan helps you save systematically so that you can give your child the much-needed

financial security in the future. Simply put, Reliance Child Plan gives you the freedom to enjoy every

moment with your child today, without worrying about his/her tomorrow.

Traditional plans

Reliance Endowment Plan

Reliance Endowment Plan gives you just the financial independence to realise your dreams in the

future. It lets you decide how much you would like to set as your Sum Assured based on your current

financial position and your expected future expenses

Reliance Super Five Plus

Reliance Super Five Plus is the key to all your financial needs. You get a desired lump sum after a

specified period. However, your life insurance protection continues for an extended period. If

anything were to happen to you, your beneficiary will get another Sum Assured along with the

bonuses.

The Policy comes with an added feature of a limited Premium Term, which is always five years less

than the Policy Term

63

Reliance Connect 2 Life Plan

Reliance Connect 2 Life Plan helps you build security & savings for a better tomorrow. As your

income is likely to grow, you should also ensure that you have sufficient protection for your near and

dear ones. Reliance Connect 2 Life Plan ensures that you have the option to upgrade your life cover

to keep pace with your changing lifestyle

Reliance Whole Life Plan

You’ve always loved your family. As a loving person you want to be rest assured that they will be

happy, even if something were to happen to you. With Reliance Whole Life Plan you can be sure that

your family will receive that timely financial support they need.

Reliance Life Insurance Guaranteed Maturity Insurance Plan

An insurance plan which guarantees atleast double your money plus all the upside for you at

maturity. Reliance Life Insurance Guaranteed Maturity Insurance Plan (RLIGMIP), A Unit Linked

Insurance Plan is the perfect answer to need for insurance protection and investment protection in

a changing investment market without losing the upside if anything.

Reliance Life Insurance Money Multiplier Plan

Reliance Life Insurance Money Multiplier Plan is a non linked non participating endowment

plan. This plan not only provides protection to your family in your absence, but also creates wealth

for the ever growing financial support required. This versatile plan combines the security of long-

term insurance protection with the growth potential through an increasing Guaranteed Loyalty Addi-

tions every year during the policy term and a Guaranteed Maturity Addition at the end of the policy

term.

Money-back Plans

Reliance Life Insurance Guaranteed Money Back Plan

Reliance Life Insurance Guaranteed Money Back Plan is a Non-linked, Non- participating money

back plan with an inbuilt accidental death benefit and waiver of premium benefit on death of the life

64

assured. This plan helps you plan for the financial obligations required at various upcoming events in

your life.

Reliance Cash Flow Plan

While most insurance plans block your money for a certain period of time, Reliance Cash Flow Plan

gives you the double benefit of life insurance along with easy liquidity through lump sum cash. It

provides money periodically when you need it.

It lets you live life to the fullest today and at the same time, helps you stay protected for tomorrow by

giving you the flexibility of receiving a specified percentage of the Sum Assured at specified inter-

vals

Health Plan

Reliance Life Care For You Plan

A medical cover is an assurance of peace of mind for you and your family. It offers protection and

financial stability when medical uncertainties arise.

Reliance Life Insurance understands the financial burdens that you may confront from time to time

and to alleviate this burden, we bring you the Reliance Life Care for You Plan.

\

From the company point of view

To help Bharti AXA obtain consolidated information regarding the various proceedings that has

been taking place in present market scenario as well as help to this company for obtain

information regarding customer perception about the company and also know about the company

position in terms of brand familiarity, Security, ROI, Transparency and Liquidity. This report will

also give suggestions to make life insurance of Bharti Axa life insurance, a better investment

option than other life insurance policies and also the information that the percentage of people

5. PURPOSE OF THE PROJECT

65

interested to invest in Bharti AXA and their thinking about the Bharti AXA Life Insurance

Company in comparison to other private insurance company.

From my point of view

To learn how the marketing tools and primary data are analyzed and also to get accustomed

with the real working environment of the company.

Every project is bounded by its own quota of constraints and so did this. However, no major

limitations were encountered while carrying out the project. The ones that were identified included

some secondary aspects such as the following:

Due to time constraints and hectic schedules, there had been some difficulty in collecting the

required data from all the age groups equally.

Also the sample size of 100 might not represent the perception of whole population, as the

sample size is too small for total population of Kolkata city.

Project was undertaken in some parts of Kolkata region only. So it might not be a true repre-

sentation of the views of the insured of other places.

The opinion expressed by the respondents may be biased.

Since the survey was limited to 100, it is rather difficult to give a precise conclusion but I have tried

to the best of my capability to give the conclusion on a comprehensive manner.

At the present time of cutthroat competition in every industry, every company want to top the chart

and want to show as big as possible figure of profits in its financial statements. The scope of the

study is:

The project is aimed at showing the perception of the customers in comparison with other pri -

vate life insurance companies.

6. LIMITATIONS OF THE PROJECT

7. SCOPE OF THE PROJECT

66

It also aimed at knowing the company position in terms of brand familiarity, Security, ROI,

Transparency and Liquidity. This report will also give suggestions about how to make life in-

surance of Bharti Axa life insurance, a better investment option than other life insurance poli-

cies.

This research has been conducted in some parts of Kolkata city only in two months.

People between the age of 21 to 61, both male and female.

Research is the process of systematically obtaining accurate answer to significant pertinent questions

by the use of gathering data, interpretation and work. Research methodology is a way to

systematically solve the research problem. At first problem is defined carefully for conducting

research. The study of research methodology gives the student the necessary training in gathering

material and arranging them, participation in field work when required, and also training in

techniques for the collection of data appropriate to particular problem, in the use of statistics,

questionnaires and controlled experimentation and in recording evidences, sorting it out and

interpreting it. Knowledge of research methodology plays a key role in project work. It consists of

series of actions or steps necessary to effectively carry out research and the desired sequencing of

these steps.

8.1 RESEARCH DESIGN

An exploratory research was carried out to understand the behavior dynamics, need of the customers

and also to know about their perception about Bharti AXA.

The sources of information are both primary & secondary. A well-structured questionnaire was

prepared and personal interviews are conducted to collect the customer’s perception and buying

behavior, through this questionnaire.

8.2 DATA COLLECTION METHOD

Data can be collected by Primary as well as secondary method.

Primary Data Sources

8. RESEARCH METHODOLOGY

67

A questionnaire was drafted which included sample rating scales like simple category scale, multiple-

choice response, multiple- choice multiple response, open ended questions, close ended questions etc.

The questionnaire contains 13 questions which help us to analyze the reason for investing in

insurance company, company preference in the private sector, needs for taking life insurance,

knowing the company position in terms of brand familiarity, Security, ROI, Transparency and

Liquidity, comparing which company has the most attractive investment plan, and customer

suggestions. A Questionnaire has been designed which was used for the survey.

Secondary data:

The secondary data is collected through the Websites related to insurance sectors, Journals & Books

on Research Methodology.

8.3 SAMPLE DESIGN

Sampling Technique

A Questionnaire was prepared for conducting a survey for a comparative study of investment in

insurance company in the private sector. The targeted group was both male and female in the age

group starting from 21years to above 60years and with annual income of Rs. 1-2lakhs to above

10lakhs.

Sampling Unit

The respondents who were asked to fill out questionnaires are the sampling units. These comprise of

employees are mostly service persons, school teachers and businessmen etc.

Sample size:

The sample size was restricted to only 100, which comprised of mainly people from different areas

and age groups.

Sampling Area:

The area of the research was Kolkata, Hoogly and Howrah etc.

68

9.1.1

AGE FREQUENCY

21-30 47

31-40 36

41-50 3

51-60 14

ABOVE 60 0

10

5

10

15

20

25

30

35

40

45

50 47

36

3

14

AGE

21-30 31-40 41-50 51-60 ABOVE 60

Interpretation

According to 100 survey reports, I found out that 47 people are between age group 21-30,36 of them

are between age group 31-40 and 3 of them are between age group 41-50,14 of them are between age

group 51-60 and none of them is above 60 yeas of age.

9. DATA ANALYSIS AND INTERPRETATION

69

9.1.2

GENDER FRQUENCY

Male 68

Female 32

MALE FEMALE0

10

20

30

40

50

60

70

68

32

GENDER

Interpretation

The analysis was mostly done on males. Out of my 100 survey reports, 68 of them are male and 32 of

them are female.

9.1.3

ANNUAL INCOME FREQUENCY

1-2LAKHS 66

3-5LAKHS 34

5-10LAKHS 0

ABOVE 10LAKHS 0

70

1-2LAKHS 3-5LAKHS 5-10LAKHS ABOVE 10LAKHS0

10

20

30

40

50

60

7066

34

0 0

ANNUAL INCOME

Series1

Interpretation

Out of my 100 survey reports, the annual income of 67 of them is in between 1-2 lakhs and 33 of

them is between 3-5 lakhs. None of their annual income is in between 5-10 lakhs or above 10 lakhs.

9.1.4

HOLDS LIFE INSURANCE POLICY FREQUENCY

Yes 65

No 35

71

YES

NO

0

10

20

30

40

50

60

7065

35

HOLDS LIFE INSURANCE POLICY

Interpretation

According to my 100 survey reports, 65 of them are holding life insurance policy and 35 of them are

not holding any life insurance policy.

9.1.5

WHY LIFE INSURANCE POL NOT TAKEN FREQUENCY

Not aware 1

I don’t require it 8

I have others investment plans 11

Lack of finance 6

Planning in your future 12

72

1 8

116

12

NOT AWARE

DON’T REQUIRE

HAVE OTHER INVEST MENT PLANS

LACK OF FINANCE

PLANING IN FUTURE

WHY LIFE INSURANCE IS NOT TAKEN

Interpretation

According to my survey,35 people are not having any life insurance policy. People are not having life

insurance policy because non-awareness, non-requirement, having other investment plans, lack of

finance and some of them are planning it for future. But in my survey I also found that some of them

have chosen multiple options. For example- lack of finance as well as non-requirement. Mostly

people are not having life insurance policy because they are planning it for future and they have got

other investment plans, some of them said that they don’t require it and they have problem in finance.

Only 1 person said that he is not aware about it, this shows that awareness about the life insurance

policy is not the main problem behind not having life insurance policy.

9.1.6

WHY LIFE INSURANCE IS TAKEEN FRQUENCY

Cover future cash 46

Tax benefit 24

Investment instrument 13

Age against old age 25

73

COVER FUTURE CASH

TAX BENEFIT

INVESTMENT INSTRUMENT

AGE AGAINST OLD AGE

2.5 7.5 12.5 17.5 22.5 27.5 32.5 37.5 42.5 47.5COVER FUTURE

CASH TAX BENEFIT INVESTMENT IN-

STRUMENTAGE AGAINST OLD

AGE

Series1 46 24 13 25

46

24

13

25

WHY LIFE INSURANCE IS TAKEN

Interpretation

According to my survey, 65 people are holding life insurance policy. People are having life insurance

policy to cover future cash, for tax benefit, wants to use it as an investment instrument and also for

their old age. But in my survey I also found that some of them have chosen multiple options. For

example-to cover future cash as well as tax benefit. Most of the people are having life insurance

policy to cover future cash, some of them are having life insurance policy for their old age as well as

for tax benefit, very few people said that they want to use it as investment instrument.

9.1.7

HOW MANY INSURANCES A SINGLE

PERSON IS HOLDING

FREQUENCY

None 33

1-3 62

Above 3 5

74

33

62

5

HOW MANY INSURANCES A SINGLE PERSON IS HOLDING

NONE 1-3

ABOVE 3

Interpretation

According to my survey of 100 people, 33 persons are not holding any life insurance policy,62

persons are holding 1-3 insurances and 5 persons are holding more than 3 insurances.

9.1.8

WHICH LIFE INSURANCE COMPANY

YOU PREFER

FREQUENCY

Reliance 10

ICICI 21

Bharti Axa 17

Others 52

75

10

10

20

30

40

50

60

10

2117

52

WHICH LIFE INSURANCE COMPANY YOU PREFER

RELIANCE ICICI BHARTI AXA OTHER

Interpretation

According to my survey of 100 people,10 of them are holding reliance life insurance,21 of them are

holding icici prudential insurance and 17 of them are holding bharti axa life insurance and rest of 52

are holding other life insurance policies.

9.1.9

NEED FOR TAKING LIFE INSURANCE FREQUENCY

Family needs 47

Children future needs 20

Old age needs 5

Assets building needs 7

Health & wellness needs 14

Wealth needs 13

Retirement needs 6

Protection needs 9

76

FAMILY

NEEDS

CHILDREN FU

TURE NEEDS

OLD AGE NEEDS

ASSET BUILDING NEEDS

HEALTH NEEDS`

WEALTH NEEDS

RETIREMENT NEEDS

PROTECTION NEEDS

05

101520253035404550

47

20

5 714 13

6 9

NEED FOR TAKING LIFE INSURANCE

Interpretation

From my survey I have observed that people are having life insurance policy for their family needs,

children future needs, old age needs, asset building needs, health needs, wealth needs, retirement

needs and protection needs. Some of them have chosen multiple options. For example-family needs

as well as children future needs. Mostly people are holding life insurance policy for their family

needs.

9.1.10

WHERE WILL YOU INVEST IF CERTAIN

AMOUNT OF MONEY IS GIVEN

FREQUENCY

Reliance 13

ICICI 21

Bharti Axa 18

Others 48

77

RELIANCE

ICICI

BHARTI

OTHER

0 5 10 15 20 25 30 35 40 45 50

13

21

18

48

Series1

WHERE WILL YOU INVEST IF CERTAIN AMOUNT OF MONEY IS GIVEN?

Interpretation

At the time of my survey I asked 100 people if they have certain amount of money,in which company

they would like to invest? Reliance life insurance was chosen by 13 persons, ICICI life insurance

was chosen by 21 persons, Bharti Axa was chosen by 18 persons and rest of them have chosen other

policies.

9.1.11

FROM WHERE DO YOU GET

KNOWLEDGE ABOUT INSURANCE

FREQUENCY

Personal Reference 5

Financial advisor 53

Telephonic 12

Media 30

78

5

5312

30

FROM WHERE DO YOU GET KNOWLEDGE ABOUT INSURANCE

PERSONAL REFERENCE

FINANCIAL ADVISOR

TELIPHONIC

MEDIA

Interpretation

According to my survey of 100 people regarding from where they are getting their knowledge about

insurance,5 of them said that they are getting it from personal reference,53 of them said that they are

getting it from financial advisor,12 of them said that they are getting it through telephones and 30 of

them said that they are getting it through medias.

9.2.1

BRAND FAMILIARITY FREQUENCY

BHARTI AXA 220

ICICI 269

RELIANCE 228

OTHERS 195

79

BHARTI AXA

ICICI

RELIANCE

OTHER

0 50 100 150 200 250 300

220

269

228

195

BRAND FAMILIARITY

Series1

Interpretation

According to my survey about brand familiarity of 100 people on the basis of scale 1-5 Bharti Axa

life insurance was given 220, ICICI prudential was given 269, Reliance life insurance was given 228

and other life insurances were given 195.

9.2.2

ACCORDING TO SECURITY FREQUENCY

BHARTI AXA 234

ICICI 284

RELIANCE 208

OTHERS 223

80

10

50

100

150

200

250

300

234

284

208223

ACCORDING TO SECURITY

BHARTI AXA ICICI RELIANCE OTHER

Interpretation

According to my survey about security of 100 people on the basis of scale 1-5, Bharti Axa life

insurance was given 234, ICICI prudential was given 284, Reliance life insurance was given 208 and

other life insurances were given 223.

9.2.3

ACCORDING TO RETURN ON

INVESTMENT

FREQUENCY

BHARTI AXA 252

ICICI 288

RELIANCE 216

OTHERS 191

81

BHARTI AXA

ICICI

RELIANCE

OTHER

0 50 100 150 200 250 300

252

288

216

191

ACCORDING TO RETURN ON INVESTMENT

Series1

Interpretation

According to my survey about Return on Investment of 100 people on the basis of scale 1-5, Bharti

Axa life insurance was given 252, ICICI prudential was given 288, Reliance life insurance was given

216 and other life insurances were given 191.

9.2.4

ACCORDING TO TRANSPARENCY FREQUENCY

BHARTI AXA 248

ICICI 266

RELIANCE 208

OTHERS 229

82

BHARTI AXA ICICI RELIANCE OTHER0

50

100

150

200

250

300

248 266

208 229

ACCORDING TO TRANSPARENCY

Interpretation

According to my survey about Transparency of 100 people on the basis of scale 1-5, Bharti Axa life



9.2.5

ACCORDING TO LIQUIDITY FREQUENCY

BHARTI AXA 245

ICICI 293

RELIANCE 181

OTHERS 173

83

BHARTI AXA ICICI RELIANCE OTHER

245

293

181 173

ACCORDING TO LIQUIDITYSeries1

Interpretation

According to my survey about Liquidity of 100 people on the basis of scale 1-5, Bharti Axa life



9.3.1 According to Brand familiarity

Bharti Axa life insurance Vs ICICI Prudential life insurance

Number (N) Bharti Axa(x)

ICICI Prudential (y) D=(X-Y) D2

100 220 269 -49 2401

Rank correlation( r) = 1 - 6∑D2/N (N2-1)

=0.986

9.3 RANK CORRELATION

84

ICICI Prudential life insurance Vs Reliance life insurance

Number (N) ICICI Pruden-tial (x)

Reliance (y) D=(X-Y) D2

100 269 228 41 1681


=0.990

Bharti Axa life insurance Vs Reliance life insurance

Number (N) Bharti Axa(x) Reliance (y) D=(X-Y) D2

100 220 228 -8 64


=0.99

Interpretation

Brand Familiarity means that the awareness of the people about the particular brand and how much

people aware or familiar with this particular brand. According to my survey about brand familiarity

of 100 people given marks on the basis of scale 1-5 , Bharti Axa life insurance was given 220, ICICI

prudential life insurance was given 269 and Reliance life insurance was given 228. ICICI prudential

got the highest marks among the three insurance companies and people are given more marks to this

company. But there is a slide difference between Bharti Axa and Reliance, which is signified by the

above table. Most of the people are given the less marks to the Bharti Axa, the reasons are found

during my survey time, they are:

Bharti Axa is the new company, it is established in 2006, so the company needs more time to

expansion their business.

Few advertisement are shown throughout media channels.

85

According to brand familiarity rank correlation (r) between Bharti Axa Vs ICICI is 0.986, which

denotes the positive correlation between this two companies. The rank correlation between ICICI Vs

Reliance and Bharti Axa Vs Reliance is 0.99, which signify that the strong positive correlation

between them.

9.3.2 According to security




100 234 284 -50 2500


=0.985




100 284 208 -76 5776


=0.965



100 234 208 -26 676


=0.996

86

Interpretation

Security means freedom from risk or danger or secure life in future. According to my survey about

security of 100 people on the basis of scale 1-5, Bharti Axa life insurance was given 234, ICICI

prudential was given 284, Reliance life insurance was given 208. There is a high difference between

the above companies that people are given more marks to ICICI and less marks to Reliance in the

terms of security. People are more trust about ICICI, because it take 5.88% market share of insurance

industry in 2012. But during my survey time I found some barrier of Reliance, that people are less

interest about this company, the reasons are:

some of the people are said that this company provide fake assurance to their customer.

This company doesn’t have good security plans for future.

The rank correlation between Bharti Axa Vs ICICI is 0.985, which sign positive correlation and the

rank correlation between ICICI Vs Reliance is 0.965, it also indicate the positive correlation or the

companies are positively correlated. But in the case of Bharti Axa Vs Reliance the rank correlation

between them is 0.99 which shows the strong positive correlation.

9.3.3 According to Return on Investment




100 252 288 -36 1296


=0.992

87




100 288 216 72 5184


=0.969


Number (N) Bharti Axa(x) Reliance(y) D=(X-Y) D2

100 252 216 36 1296


=0.992

Interpretation

Return on Investment is one way of considering profits (return) in relation to capital invested or as an

investment, to make a good return on their money. According to my survey about Return on

Investment of 100 people on the basis of scale 1-5, Bharti Axa life insurance was given 252, ICICI

prudential was given 288, Reliance life insurance was given 216. The difference between the marks

obtain by the companies are too much faraway one another and minor percentage of people prefer to

Reliance, reasons are:

Premium values are too much high of this company for paid them.

Most of the people are not familiar about this insurance company.

Others insurance provide more return as well as good benefit than Reliance.

The rank correlation between Bharti Axa Vs ICICI and Bharti Vs Reliance is 0.992 which indicates

theirs relationship strongly correlated in the terms of Return on Investment , but the rank correlation

between ICICI Vs Reliance is 0.969, which denotes the positive correlation between them.

88

9.3.4 According to Transparency




100 248 266 -18 324


=0.998




100 266 208 -58 3364


=0.980



100 248 208 -40 1600


=0.990

Interpretation

Transparency means that the extent to which the people are ready to access any require financial

information about the particular company such as market share or financial reports or any type of

product details. According to my survey about Transparency of 100 people on the basis of scale 1-5,

Bharti Axa life insurance was given 248, ICICI prudential was given 266, Reliance life insurance was

89

given 208. Reliance life insurance is less known to all than the others life insurance companies and it

also obtain less marks where as ICICI got maximum marks. People are more convince upon ICICI ,

because it take no.1 position in private insurance industry. There are some difficulties are found

about Reliance , why the people are given less marks to this company they are:

Few of people said that this company provide less benefits to the policy holders.

The insurance agents doesn’t provide the current market position of the company or hide

the details about the market share price of the company.

There is a very strong correlation between Bharti Axa Vs ICICI and Bharti Axa Vs Reliance both

of their rank correlation are same, it is 0.99. But the rank correlation between ICICI Vs Reliance

is 0.98, which indicates a positive correlation relation between them.

9.3.5 According to Liquidity




100 245 293 -48 2304


=0.986




100 293 181 -112 12544


=0.925

90



100 245 181 64 4096


=0.975

Interpretation

Liquidity means the liquid assets which is one that an individual can easy convert to cash if needed

and life insurance policy is a source of liquid assets for a beneficiary upon the death of the policy

holder. According to my survey about Liquidity of 100 people on the basis of scale 1-5, Bharti Axa

life insurance was given 245, ICICI prudential was given 293, Reliance life insurance was given 181.

ICICI obtain maximum marks due to cause of very good liquidity services of this company and

Bharti Axa got the moderate marks, but in the case of Reliance obtain less marks among the three

companies, few reasons which I found during my survey they are:

People perception regarding to Reliance, it have less market share than ICICI ,so its claim

benefit on maturity time is not better.

The rank correlation between Bharti Axa Vs ICICI is 0.986, which indicate the strong correlation

between these two companies and rank correlation between ICICI Vs Reliance is 0.925 and Bharti

Axa Vs Reliance is 0.975 which denotes the positive correlation.

91

9.4.1 Brand Familiarity

Bharti Axa Vs ICICI 0.986ICICI Vs Reliance 0.99

Bharti Axa Vs Reliance 0.99

Bharti Axa Vs ICICI

ICICI Vs Reliance

Bharti Axa Vs Reliance

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

0.986

0.99

0.99

Brand Familiarity

Series1

Interpretation

After my 100 survey about brand familiarity the rank correlation between Bharti Axa Vs ICICI is

0.986, which indicate the positive correlation between them and also shows a relationship between

two companies in which both are move in tandem. Positive correlation is exist if one company

obtaining marks decrease, the other company obtaining marks also decrease or vice versa. The rank

correlation between ICICI Vs Reliance and Bharti Axa Vs Reliance is 0.99 which is very close to +1,

this is indicate the strong positive correlation between this two relationship.

9.4 COMPARATIVE ANALYSIS BETWEEN BHARTI-AXA LIFE INSURANCE,

ICICI PRUDENTIAL LIFE INSURANCE AND RELIANCE LIFE INSURANCE ON

THE BASIS OF RANK CORRELATION

92

9.4.2 Security



Bharti Axa Vs ICICI ICICI Vs Reliance Bharti Axa Vs Reliance0.94

0.95

0.96

0.97

0.98

0.99

1

0.985

0.965000000000001

0.996

Security

Interpretation

After my 100 survey about security the rank correlation between Bharti Axa Vs ICICI and ICICI Vs

Reliance are 0.985 and 0.965 respectively which denotes a positive correlation relationship among

them. If increase (or decrease) the obtaining marks of one company corresponding obtaining marks

of the other company also increase (or decrease). Since, the rank correlation between Bharti Axa Vs

Reliance is 0.996, which denotes a strong positive correlation between these two companies and rank

correlation(r) is close to +1.

9.4.3 Return on Investment

93



Bharti Axa Vs ICICI

ICICI Vs Reliance


0.955 0.96 0.965 0.97 0.975 0.98 0.985 0.99 0.995

0.992

0.969000000000001

0.992

Return on Investment

Series1

Interpretation

After my 100 survey about Return on Investment the rank correlation between Bharti Axa Vs ICICI

and Bharti Axa Vs ICICI is 0.992 and the relationships between them strongly positive correlated.

This is also signify that ICIC obtain highest marks and after that mark tally Bharti Axa and Reliance

got lowest marks , so their rank correlations also come same. But the relationship between ICICI Vs

Reliance is positive correlated which denotes their rank correlation 0.969 and both the companies are

moves into similar way.

94

9.4.4 Transparency



Bharti Axa Vs ICICI

ICICI Vs Reliance


0.97 0.975 0.98 0.985 0.99 0.995 1

0.998

0.98

0.99

Transparency

Series1

Interpretation

After my 100 survey about transparency the rank correlation between Bharti Axa Vs ICICI is 0.998,

which denotes the strong positive correlation. The marks obtain by this two companies are highest in

terms of transparency, so their rank correlation is also highest. The rank correlation between Bharti

Axa Vs Reliance is 0.99 which shows the positive correlation between them. Another rank correla-

tion between ICICI Vs Reliance is 0.98 and indicate the positive correlation because among the three

companies ICICI got highest marks and Reliance got lowest marks, so the rank correlation will be

lowest which indicate into the table.

95

9.4.5 Liquidity



Bharti Axa Vs ICICI ICICI Vs Reliance Bharti Axa Vs Reliance

Series1 0.986 0.925 0.975000000000001

0.8950.9050.9150.9250.9350.9450.9550.9650.9750.985

0.986

0.925

0.975000000000001

Liquidity

Interpretation

After my 100 survey about liquidity the rank correlation between Bharti Axa Vs ICICI is 0.986,

which denotes the strong positive correlation and close to +1. The marks obtain by this two compa-

nies are highest in terms of liquidity, so their rank correlation is also highest. The rank correlation be-

tween Bharti Axa Vs Reliance is 0.975 which shows the positive correlation between them. Another

rank correlation between ICICI Vs Reliance is 0.925 and indicate the positive correlation because

among the three companies ICICI got highest marks and Reliance got lowest marks in the part of liq-

uidity.

10. FINDINGS

96

On the age group 21-30 :

After analyzing some finding derived from the questionnaires we come across some interesting fact.

Out of 100 survey 47 of the respondents from the age group 21-30 , out of them holds life in -

surance policy 32 people and do not hold any life insurance policy 15 people.

In this age group only 36 people annual income are come under 1-2lakhs and rest of them 11

are comes under 3-5lakhs.

In this age group most of the people are hold life insurance policy, only 29 of them holds 1-3

policies and above 3 of them holds above3 polices.

In this age group the reasons of taking life insurance policy 26 people are agree with to cover

future needs, 13 of them choose tax benefits , 7 of them also choose as an investment instru-

ment and 8 people choose against old age. Some of them have chosen multiple options.

This may be due to various reason:

The primary reason being maximum percentage of this age aware about life insurance policy

and majority of them want to secure their life for future.

Secondly most of the people in this age dependent their own-self and belonging from working

group. So, they have sufficient income to take a life insurance policy.

They have a notion that they will live long and no unavoidable circumstance can hamper their

life.

This age of people more concern about their family as well as health and wealth needs. They

fulfill their dreams through hold a life insurance policy.


97

Again moving towards the age group 31-40, I can observe that out 36 of the respondents

holds life insurance policy only 19 people and do not holds any life insurance policy 17 peo-

ple.

In this age group only 21 people annual income are come under 1-2lakhs and rest of them 15

are comes under 3-5lakhs.

The various needs have also increase to a great extent. The major needs in this age group have

been family needs, children needs and protection needs.

There has been growth of each needs in this age group.


The mass population in this age group is known about the benefits of life insurance policy.

They are being the bread earners for their family and also have a sense responsibility towards

them.

People at this stage generally start earnings a good living and afford to invest in polices.

Since, they are earning well so they can invest in polices to save tax to some extent


Now in this age 41-50, only 3 people are found during my survey, out of them one hold life

insurance policy and rest of the 2 people are not holding any life insurance policy.

In this age group only one people annual income are comes under 1-2lakhs and rest of them 2

are exist under 3-5lakhs.

This age shows that there has been a interest of old age needs along with to get the advantage

of tax benefit and future cash.


The off springing are already grown up and investment for their benefits has been already

made in the previous stage.

98

They start thinking about their old age and after retirement needs.


In the age group 51-60 ,14 people are exist and majority of the people holds the life insurance

policy only one of them not hold any life insurance policy.

In this age group only 8 people annual income are come under 1-2lakhs and rest of them 6 are

comes under 3-5lakhs.

The primary needs against children future and retirement needs and health needs.

This age group least wants to cover future cash.

This may be due to various reasons:

The people want to secure their future when they retire from job or takes leave from business.

Their children are already grown up and self dependent with their own family.

They are securing themselves any type of critical illness.

They want safety and secure their return.

Above the age group 60:

Above the age group 60, none of the people are found during my survey.

11. RECOMMANDATION AND SUGGESTION

99

Bharti-AXA life insurance company must give more advertisements on electronic media and

print media, as it help in enhance its goodwill and more people are willing to work with reputed

companies, through proper advertisement it become easy to make more awareness about the

product.

Duration of IRDA examination training must be reducing as in these day people have no extra

time.

Training hours should be made choice of their preference timing.

Fees charged by companies from candidate for IRDA exam and training should reduce.

Many other extra facilities must be providing to policy holders to attract them such local and for-

eign trips, special gifts for them.

Bharti-AXA Life Insurance Company must organize more and more seminars for make aware-

ness about life insurance policy and theirs benefits.

Bharti -AXA life insurance should make a forum, if policy holders have any problem relate to

policy they should make a complain in this forum.

The company must extent the time of the receiving premium up to 7pm instead of 5.30pm

Bharti-AXA life insurance plans are more benefited for long term, but don’t have any benefit in

short term policy holding.

The financial advisor of this company need to be more trained and they should view the current

market position of the company.

Bharti-AXA life insurance spades their business into the rural areas therefore they expand their

business as well as people of the rural area secure their life to get the benefits from this company.

12. CONCLUSION

100

In India, there is tough competition in the market of life insurances. All the private companies are im-

plementing new strategies to increase their sales and to improve their market share. From the survey

which has been conducted through questionnaire, it has been observed that people are very much

confused and there exists a lack of trust and misperception about the private life insurance compa-

nies. The main reason behind this is the increasing number of life insurance companies in private sec-

tor day by day. Keeping a track on the analysis on the perception and brand familiarity, we can see

that that the market shares of Bharti Axa Life Insurance is very poor in comparison with others. For

this reason it is very important for the company to come up with more innovative ways to create

brand awareness of Bharti Axa.

Another important thing I have observed is that people having low income are not much interested

towards holding a life insurance but when the different plans were explained to them, they look to be

quite interested and convincing. Therefore, there is need some different plans for different income

group people. So, creating more awareness about life insurances like health plans, accidental plans,

retirement plans etc and making people believe about the life insurance and changing their mindset

and perception towards the life insurance is foremost important thing. The brand familiarity, trans-

parency, security, returns on investment and liquidity should be increased to increase the market

share of Bharti-Axa Life Insurance in future.

However, Bharti Axa Life Insurance, being a mid size private insurance company with various range

of plans and policies for different age group of people with different levels of income, is trying to

maintain a competitive advantage as compared to the other insurance companies.

14. REFERANCE

101

14.1 BOOKS AND JOURNALS

Managing life insurance

Life insurance : Principal and Practice

Life insurance underwriting

Life Insurance In India : Opportunities, Challenges And Strategic Perspective

Principles And Practices Of Life Insurance In India

14.2 WEBSITES

www.bhart-axalife.com

www.wikipedia.org

www.scribd.com

www.google.com

www.bimadeals.com

www.securities.com

www.economictimes.indiatimes.com

www.iciciprulife.com

www.reliancelife.com

http://www.reliancelife.com/

http://www.iciciprulife.com/

http://www.economictimes.indiatimes.com/

http://www.securities.com/

http://www.bimadeals.com/

http://www.google.com/

http://www.scribd.com/

http://www.wikipedia.org/

http://www.bhart-axalife.com/

comparative analysis of investment in bharti axa life insurance, icici prudential life insurance...

Documents

bhartiaxa life insurance

insurance plans2

role of insurance

insurance industries1

insurance market present1

products of bharti

project work

axa group