1. A
COMPANY TRAININIG REPORTON ANALYTICAL STUDY OF SAVING
AN
SCHEMECOMPLETED IN "LIC OF INDIA"
SUBMITTED IN THE PARTIAL FRLFILLMENT OF REQUIREMENT FOR THEDEGREE OF
BACHELOR OF BUSINESS ADMINISTRATION (BBA),GURUJAMBHESHWAR
UNIVERSITY OF SCINCE & TECHNOLOGY,HISAR(HARYANA)
B.B.A.
(2007-2010)SUPERVISED BY: - SUBMITTEDD BY:-MR. SURJEET BISHNOI
Ms. DEEPENDRAHOD OF MANAGEMENT SINGH PARMAR SCMIT,SIKAR
(RAJ.) BBA FINAL YEAR E/NO-: 07511505007SUBMITTED TO:-DIRECTORATE
OF DISTANCE EDUCATIONGURU JAMBHESHWAR UNIVERSITY OF SCIENCE
& TECHNOLOGYHISAR(HARYANA)125001
2
DIRECTORATE OF DISTANCE EDUCATION
GURU JAMBHESWAR UNIVERSITY OFSCIENCE & TECHNOLOGY, HISAR (HARYANA)
125001RESUME OF SUPERVISOR
NAME MR. SURJEET BISHNOIDESIGNATION LECTURER, HODQUALIFICATION
B.Sc, MBA & UGC-NETAREA OF SPECIALIZATION MARKETINGEXPERIENCE 6
YEARSOFFICIAL ADDRESS SCMIT,SIKAR CONTRACT NO. +919414581356E-
MAILsurjeet_bishnoi@yahoo.com
DATE (SIGNATURE)
3
DECLARATION
I do hereby declare that this piece of project report entitled
³An AnalyticalStudy of Saving Scheme at LIC´
practices in
³LIFE INSURANCECORPORATION OF INDIA´
for partial fulfillment of the requirements fromthe award of the degree of
³BBA´
is a record of original work done by meunder the supervision & guidance of
Ms. Surjeet Bishnoi , ShekhawatiCollege of Information & Technology,
Sikar(Raj.).
This project work is aconfide work done by me & has neither submitted nor published
elsewhere.
Place: SignatureDate:
4
ACKNOWLEDGEMENT
At The Outset
S
ummer training is one of the most vital and active part of the curriculum of
management students. Its basic idea behind this is to strengthen thestudent¶s
concept through practical training and make them acquainted withactual method and
procedures.I did the work as a management trainee at LIC for a period for
01-01-2010
to
14-02-2010
.
I would like to extend my heartfelt gratitude to
Mr. RamhetPrasad Chief Life Insurance Advisor at LIC, Dholpur
2. for his proper guidance throughout the project. Without her support and cooperation
Iwould have failed in my endeavors and targets in the summer training.I am greatly
intended to my guides
Mr. Surjeet Bishnoi (HOD OFMANAGEMENT)
,
Shekhawati College Of Management and InformationTechnology,Sikar(Raj.)
for their constant guidance, advice & help whichenabled me to finish this project
report.
DEEPENDRA PARMAR (SIGNATURE)
5
PREFACE
S
omeone has rightly said that practical experience is far better and closer to the real
world then mere theoretical exposure. The practical experiencehelps the student to
view the real business world closely,which in turnwidely influences his perceptions
and understanding of the real situation.Research work constitutes the backbone of
any management educationprogram. A management student has to do research
work quite frequentlyduring his entire span.The research work entitled "
An
Analytical study of Saving Scheme atLIC
" Completed in "
LIFE INSURANCE CORPORATION OF INDIA
" aimsto know customer awareness regarding
LIC
.The present report is a part of the project that contains the work done byme during
the training period of
LIC OF INDIA, Dholpur(Raj.)
.True to the core, a properly and executed industrial training helps a lot
inunderstanding of the mode of operation of industrial organization.
The project has offered me an opportunity to put all my efforts andthe
theoretical knowledge to practice and enhance my knowledge,and at the sure
time given me practical experience in the field of marketing. It is surly going to
help me in future projects too.
In the preparation of this report, I have made every effort to ensure that allsteps
completed in it. Any suggestions for improvement, will be gratefullyaccepted.I
sincerely hope that this will prove pure knowledge imparting, throughprovoking and
thus stimulating future research work on these guideline.
6
EXECUTIVE SUMMEARY
In today¶s corporate and competitive world, I find that insurance sector has
themaximum growth and potential as compared to the other sectors. Insurance has
themaximum growth rate of 70-80% while as FMCG sector has maximum 12-15% of
growth rate. This growth potential attracts me to enter in this sector and LIFEIN
SU
RANCE CORPORATION (LIC). has given me the opportunity to work and
getexperience in highly competitive and enhancing sector. Agents are the only way
for a company of Insurance sector through which policies andbenefits of the
company can be explained to the customer.The life insurance industry in India grew
by an impressive 47.38%, with premiumincome at Rs. 1560.41 billion during the
fiscal year 2006-2007. Though the total volumeof LIC's business increased in the last
3. fiscal year (2006-2007) compared to the previousone, its market share came down
from 85.75% to 81.91%.The 17 private insurers increased their market share from
about 15% to about 19% in ayear's time. The figures for the first two months of the
fiscal year 2007-08 also speak of the growing share of the private insurers. The
share of LIC for this period has further come down to 75 percent, while the private
players have grabbed over 24 percent.With the opening up of the insurance industry
in India many foreign players haveentered the market. The restriction on these
companies is that they are not allowed tohave more than a 26% stake in a
company¶s ownership.
S
ince the opening up of the insurance sector in 1999, foreign investments of Rs.
8.7billion have poured into the Indian market and 19 private life insurance companies
havebeen granted licenses.Innovative products, smart marketing, and aggressive
distribution have enabledfledgling private insurance companies to sign up Indian
customers faster than anyoneexpected. Indians, who had always seen life insurance
as a tax saving device, are nowsuddenly turning to the private sector and snapping
up the new innovative products onoffer.
S
ome of these products include investment plans with insurance and good returns(unit
linked plans), multi ± purpose insurance plans, pension plans, child plans andmoney
back plans.
7
CONTENTS
ACKNOWLEDGEMENT
EXECUTIVE SUMMARY
INTRODUCTION OF INDUSTRY
INTRODUCTON OF ORGANIZATION
MILESTONES OF LIFE INSURANCE BUSINESS IN INDIA
GENERAL INSURANCE CORPORATION OF INDIA
MILESTONES IN GENERAL INSURANCE
BORAD OF DIRECTORS OF LIC
KNOW ABOUT OUR LIFE INSURANCE
OPERATE ALL OVER INDIA
ADMISSION OF AGE
MISSION & VISION OF LIC
OBJECTIVE OF LIC
4. AWARDS OF LIC
SAVING SCHEME OF LIC
PROCUCTED OFFERED TO CUSTOMER BY LIC
JEEVAN AKSHAY PLAN
BENEFITS OF PLAN
JEEVAN SARAL POLICY
SMALL SAVING
PAY ROLL SAVING SCHEME
BANK AND FINANCIAL INSTITUTIONS
RESEARCH METHODOLOGY
DATA ANALYSIS & INTERPRETATION
CONCLUSION
SWOT ANALYSIS
APPENDIXES
Q
UESTIONNAIRE
REFRENCES & BIBLIOGARPHY
8
INTRODUCTION OF INDUSTRY
The history of life insurance in India dates back to 1818 when it was conceived as
ameans to provide for English Widows. Interestingly in those days a higher premium
wascharged for Indian lives than the non - Indian lives, as Indian lives were
consideredmore risky to cover. The Bombay Mutual Life Insurance
S
ociety started its business in1870. It was the first company to charge the same
premium for both Indian and non-Indian lives.The Oriental Assurance Company was
established in 1880. The General insurancebusiness in India, on the other hand, can
trace its roots to Triton Insurance CompanyLimited, the first general insurance
company established in the year 1850 in Calcutta bythe British. Till the end of the
nineteenth century insurance business was almost entirelyin the hands of overseas
companies.Insurance regulation formally began in India with the passing of the Life
InsuranceCompanies Act of 1912 and the Provident Fund Act of 1912.
S
5. everal frauds during the1920's and 1930's sullied insurance business in India. By
1938 there were 176insurance companies.The first comprehensive legislation was
introduced with the Insurance Act of 1938 thatprovided strict
S
tate Control over the insurance business. The insurance business grewat a faster
pace after independence. Indian companies strengthened their hold on thisbusiness
but despite the growth that was witnessed, insurance remained an
urbanphenomenon.The Government of India in 1956, brought together over 240
private life insurers andprovident societies under one nationalized monopoly
corporation and Life InsuranceCorporation (LIC) was born. Nationalization was
justified on the grounds that it wouldcreate the much needed funds for rapid
industrialization. This was in conformity with theGovernment's chosen path of
S
tate led planning and development.The non-life insurance business continued to
thrive with the private sector till 1972.Their operations were restricted to organized
trade and industry in large cities. Thegeneral insurance industry was nationalized in
1972. With this, nearly 107 insurers wereamalgamated and grouped into four
companies- National Insurance Company, NewIndia Assurance Company, Oriental
Insurance Company and
U
nited India InsuranceCompany.
9
These were subsidiaries of the General Insurance Company (GIC).With the largest
number of life insurance policies in force in the world, Insurancehappens to be a
mega opportunity in India. It¶s a business growing at the rate of 15-20per cent
annually and presently is of the order of Rs 1560.41 billion (for the financialyear 2006
± 2007). Together with banking services, it adds about 7% to the country¶sGross
Domestic Product (GDP). The gross premium collection is nearly 2% of GDP
andfunds available with LIC for investments are 8% of the GDP.Even so nearly 65%
of the Indian population is without life insurance cover while healthinsurance and
non-life insurance continues to be below international standards. A largepart of our
population is also subject to weak social security and pension systems withhardly
any old age income security. A well-developed and evolved insurance sector is
needed for economic development asit provides long term funds for infrastructure
development and strengthens the risktaking ability of individuals. It is estimated that
over the next ten years India wouldrequire investments of the order of one trillion
US
dollars.
10
INTRODUCTION OF ORGANIZATION
Life Insurance Corporation of India (LIC)
Life Insurance Corporation of India (LIC) was established on 1
S
eptember 1956 tospread the message of life insurance in the country and mobilise
people¶s savings for nation-building activities. LIC with its central office in Mumbai
and seven zonal offices atMumbai, Calcutta, Delhi, Chennai, Hyderabad, Kanpur
and Bhopal, operates through100 divisional offices in important cities and 2,048
branch offices. LIC has 5.59 lakhactive agents spread over the country.The
Corporation also transacts business abroad and has offices in Fiji, Mauritius and
U
6. nited Kingdom. LIC is associated with joint ventures abroad in the field of
insurance,namely, Ken-India Assurance Company Limited, Nairobi;
U
nited Oriental AssuranceCompany Limited, Kuala Lumpur; and Life Insurance
Corporation (International), E.C.Bahrain. It has also entered into an agreement with
the
S
un Life (
U
K) for marketing unitlinked life insurance and pension policies in
U
.K.In 1995-96, LIC had a total income from premium and investments of $ 5 Billion
whileGIC recorded a net premium of $ 1.3 Billion. During the last 15 years, LIC's
incomegrew at a healthy average of 10 per cent as against the industry's 6.7 per
cent growth inthe rest of Asia (3.4 per cent in Europe, 1.4 per cent in the
US
).LIC has even provided insurance cover to five million people living below the
povertyline, with 50 per cent subsidy in the premium rates. LIC's claims settlement
ratio at 95per cent and GIC's at 74 per cent are higher than that of global average of
40 per cent.Compounded annual growth rate for Life insurance business has been
19.22 per centper annumThe story of insurance is probably as old as the story of
mankind. The same instinct thatprompts modern businessmen today to secure
themselves against loss and disaster existed in primitive men also. They too sought
to avert the evil consequences of fire andflood and loss of life and were willing to
make some sort of sacrifice in order to achievesecurity. Though the concept of
insurance is largely a development of the recent past,particularly after the industrial
era ± past few centuries ± yet its beginnings date backalmost 6000 years.
11
Life Insurance in its modern form came to India from England in the year 1818.
OrientalLife Insurance Company started by Europeans in Calcutta was the first life
insurancecompany on Indian
S
oil. All the insurance companies established during that periodwere brought up with
the purpose of looking after the needs of European communityand Indian natives
were not being insured by these companies. However, later with theefforts of
eminent people like Babu Muttylal
S
eal, the foreign life insurance companiesstarted insuring Indian lives. But Indian lives
were being treated as sub-standard livesand heavy extra premiums were being
charged on them. Bombay Mutual Life Assurance
S
ociety heralded the birth of first Indian life insurance company in the year 1870, and
covered Indian lives at normal rates.
S
tarting as Indian enterprise with highlypatriotic motives, insurance companies came
into existence to carry the message of insurance and social security through
insurance to various sectors of society. BharatInsurance Company (1896) was also
one of such companies inspired by nationalism.The
S
wadeshi movement of 1905-1907 gave rise to more insurance companies. The
7. U
nited India in Madras, National Indian and National Insurance in Calcutta and the Co-
operative Assurance at Lahore were established in 1906. In 1907, Hindustan Co-
operative Insurance Company took its birth in one of the rooms of the Jorasanko,
houseof the great poet Rabindranath Tagore, in Calcutta. The Indian Mercantile,
General Assurance and
S
wadeshi Life (later Bombay Life) were some of the companiesestablished during the
same period. Prior to 1912 India had no legislation to regulateinsurance business. In
the year 1912, the Life Insurance Companies Act, and theProvident Fund Act were
passed. The Life Insurance Companies Act, 1912 made itnecessary that the
premium rate tables and periodical valuations of companies shouldbe certified by an
actuary. But the Act discriminated between foreign and Indiancompanies on many
accounts, putting the Indian companies at a disadvantage.The first two decades of
the twentieth century saw lot of growth in insurance business.From 44 companies
with total business-in-force as Rs.22.44 crore, it rose to 176companies with total
business-in-force as Rs.298 crore in 1938. During themushrooming of insurance
companies many financially unsound concerns were alsofloated which failed
miserably. The Insurance Act 1938 was the first legislationgoverning not only life
insurance but also non-life insurance to provide strict statecontrol over insurance
business. The demand for nationalization of life insuranceindustry was made
repeatedly in the past but it gathered momentum in 1944 when a billto amend the
Life Insurance Act 1938 was introduced in the Legislative Assembly.However, it was
much later on the 19th of January, 1956, that life insurance in India wasnationalized.
About 154 Indian insurance companies, 16 non-Indian companies and 75provident
were operating in India at the time of nationalization. Nationalization
wasaccomplished in two stages; initially the management of the companies was
taken over by means of an Ordinance, and later, the ownership too by means of a
comprehensivebill. The Parliament of India passed the Life Insurance Corporation
Act on the 19th of June 1956, and the Life Insurance Corporation of India was
created on 1st
S
eptember,1956, with the objective of spreading life insurance much more widely and
in particular to the rural areas with a view to reach all insurable persons in the
country, providingthem adequate financial cover at a reasonable cost.
12
LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from
itscorporate office in the year 1956.
S
ince life insurance contracts are long term contractsand during the currency of the
policy it requires a variety of services need was felt in thelater years to expand the
operations and place a branch office at each districtheadquarter. Re-organization of
LIC took place and large numbers of new branchoffices were opened. As a result of
re-organisation servicing functions were transferredto the branches, and branches
were made accounting units. It worked wonders with theperformance of the
corporation. It may be seen that from about 200.00 crores of NewBusiness in 1957
the corporation crossed 1000.00 crores only in the year 1969-70, andit took another
10 years for LIC to cross 2000.00 crore mark of new business. But withre-
organisation happening in the early eighties, by 1985-86 LIC had already
crossed7000.00 crore
8. S
um Assured on new policies.Today LIC functions with 2048 fully computerized
branch offices, 109 divisional offices,8 zonal offices, 992 satallite offices and the
Corporate office. LIC¶s Wide Area Networkcovers 109 divisional offices and
connects all the branches through a Metro AreaNetwork. LIC has tied up with some
Banks and
S
ervice providers to offer on-linepremium collection facility in selected cities. LIC¶s EC
S
and ATM premium paymentfacility is an addition to customer convenience. Apart
from on-line Kiosks and IVR
S
, InfoCentres have been commissioned at Mumbai, Ahmedabad, Bangalore,
Chennai,Hyderabad, Kolkata, New Delhi, Pune and many other cities. With a vision
of providingeasy access to its policyholders, LIC has launched its
S
ATELLITE
S
AMPARK offices.The satellite offices are smaller, leaner and closer to the customer.
The digitalizedrecords of the satellite offices will facilitate anywhere servicing and
many other conveniences in the future.LIC continues to be the dominant life insurer
even in the liberalized scenario of Indianinsurance and is moving fast on a new
growth trajectory surpassing its own pastrecords. LIC has issued over one crore
policies during the current year. It has crossedthe milestone of issuing 1,01,32,955
new policies by 15th Oct, 2005, posting a healthygrowth rate of 16.67% over the
corresponding period of the previous year.From then to now, LIC has crossed many
milestones and has set unprecedentedperformance records in various aspects of life
insurance business. The same motiveswhich inspired our forefathers to bring
insurance into existence in this country inspire usat LIC to take this message of
protection to light the lamps of security in as many homesas possible and to help the
people in providing security to their families.
13
MILESTONES OF LIFE INSURANCE BUSINESS IN INDIA
1818: Oriental Life Insurance Company, the first life insurance company onIndian
soil started functioning.1870: Bombay Mutual Life Assurance
S
ociety, the first Indian life insurancecompany started its business.1912: The Indian
Life Assurance Companies Act enacted as the firststatute to regulate the life
insurance business.1928: The Indian Insurance Companies Act enacted to enable
thegovernment to collect statistical information about both life and non-lifeinsurance
businesses.1938: Earlier legislation consolidated and amended to by the Insurance
Actwith the objective of protecting the interests of the insuring public.1956: 245
Indian and foreign insurers and provident societies are takenover by the central
government and nationalised. LIC formed by an Act of Parliament, viz. LIC Act,
1956, with a capital contribution of Rs. 5 crorefrom the Government of India.The
General insurance business in India, on the other hand, can trace itsroots to the
Triton Insurance Company Ltd., the first general insurancecompany established in
the year 1850 in Calcutta by the British.
14
GENERAL INSURANCE CORPORATION OF INDIA (GICI)
9. The general insurance industry in India was nationalized and a governmentcompany
known as General Insurance Corporation of India (GIC) wasformed by the Central
Government in November 1972. With effect from 1January 1973 the erstwhile 107
Indian and foreign insurers which wereoperating in the country prior to
nationalization, were grouped into four operating companies, namely, (i) National
Insurance Company Limited; (ii)New India Assurance Company Limited; (iii) Oriental
Insurance CompanyLimited; and (iv)
U
nited India Insurance Company Limited. (However, witheffect from Dec'2000, these
subsidiaries have been de-linked from theparent company and made as independent
insurance companies). All theabove four subsidiaries of GIC operate all over the
country competing withone another and underwriting various classes of general
insurancebusiness except for aviation insurance of national airlines and
cropinsurance which is handled by the GIC.Besides the domestic market, the
industry is presently operating in 17countries directly through branches or agencies
and in 14 countries throughsubsidiary and associate companies.
15
MILESTONES IN GENERAL INSURANCE
1907: The Indian Mercantile Insurance Ltd. set up, the first company totransact all
classes of general insurance business.1957: General Insurance Council, a wing of
the Insurance Association of India, frames a code of conduct for ensuring fair
conduct and soundbusiness practices.1968: The Insurance Act amended to regulate
investments and setminimum solvency margins and the Tariff Advisory Committee
set up.1972: The General Insurance Business (Nationalisation) Act,
1972nationalised thegeneral insurance business in India with effect from 1st January
1973.107 insurers amalgamated and grouped into four companies viz.
theNationalInsurance Company Ltd., the New India Assurance Company Ltd.,
theOriental Insurance Company Ltd. and the
U
nited India Insurance CompanyLtd. GIC incorporated as a company.
16
BOARD OF DIRECTORS OF LIC
Members On The Board Of The Corporation
Shri. T.S. Vijayan
(Chairman)
Shri. D.K. Mehrotra
(Managing Director - LIC)
Shri. Thomas Mathew T.
(Managing Director - LIC)
Shri. A.K. Dasgupta
(Managing Director - LIC)
Shri. Ashok Chawla
(Finance
S
ecretary, Ministry of Finance, Govt. of India)
Shri. R. Gopalan
(
S
ecretary, Department of Financial
S
10. ervices, Ministry of Finance, Govt. of India.)
Shri. Yogesh Lohiya
(Chairman cum Managing Director, GIC of India)
Shri. S.Sridhar,
Chairmain & Managing Director , Central Bank of India
Dr. Sooranad Rajashekhran
Shri. Monis R. Kidwai
Lt. General Arvind Mahajan
( Retd.)
Shri. Anup Prakash Garg
17
KNOW ABOUT OUR LIFE INSURANCE
Life insurance in India made its debut well over 100 years ago.In our country, which
is one of the most populated in the world, the prominence of insurance is not as
widely understood, as it ought to be. What follows is an attempt toacquaint readers
with some of the concepts of life insurance, with special reference toLIC.It should,
however, be clearly understood that the following content is by no means
anexhaustive description of the terms and conditions of an LIC policy or its benefits
or privileges.For more details, please contact our branch or divisional office. Any LIC
Agent will beglad to help you choose the life insurance plan to meet your needs and
render policyservicing.
What Is Life Insurance?
Life insurance is a contract that pledges payment of an amount to the person
assured(or his nominee) on the happening of the event insured against.The contract
is valid for payment of the insured amount during:The date of maturity, or
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pecified dates at periodic intervals, or
U
nfortunate death, if it occurs earlier. Among other things, the contract also provides
for the payment of premiumperiodically to the Corporation by the policyholder. Life
insurance is universallyacknowledged to be an institution, which eliminates 'risk',
substituting certainty for uncertainty and comes to the timely aid of the family in the
unfortunate event of deathof the breadwinner.By and large, life insurance is
civilisation's partial solution to the problems caused bydeath. Life insurance, in short,
is concerned with two hazards that stand across thelife-path of every person:That of
dying prematurely leaving a dependent family to fend for itself.That of living till old
age without visible means of support.
18
Life Insurance Vs. Other Savings
Contrace Of Insurance:
A contract of insurance is a contract of utmost good faith technically known
asuberrima fides. The doctrine of disclosing all material facts is embodied in
thisimportant principle, which applies to all forms of insurance. At the time of taking a
policy, policyholder should ensure that all questions in theproposal form are correctly
answered. Any misrepresentation, non-disclosure or fraudin any document leading to
the acceptance of the risk would render the insurancecontract null and void.
Protection:
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avings through life insurance guarantee full protection against risk of death of
thesaver. Also, in case of demise, life insurance assures payment of the entire
11. amountassured (with bonuses wherever applicable) whereas in other savings
schemes, onlythe amount saved (with interest) is payable.
Aid To Thrift:
Life insurance encourages 'thrift'. It allows long-term savings since payments can
bemade effortlessly because of the 'easy instalment' facility built into the
scheme.(Premium payment for insurance is either monthly, quarterly, half yearly or
yearly).For example: The
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alary
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aving
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cheme popularly known as
SSS
, provides aconvenient method of paying premium each month by deduction from
one's salary.In this case the employer directly pays the deducted premium to LIC.
The
S
alary
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aving
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cheme is ideal for any institution or establishment subject to specified termsand
conditions.
Liquidity:
In case of insurance, it is easy to acquire loans on the sole security of any policythat
has acquired loan value. Besides, a life insurance policy is also generallyaccepted
as security, even for a commercial loan.
Tax Relief:
Life Insurance is the best way to enjoy tax deductions on income tax and wealth
tax.This is available for amounts paid by way of premium for life insurance subject
toincome tax rates in force. Assesses can also avail of provisions in the law for tax
relief. In such cases theassured in effect pays a lower premium for insurance than
otherwise.
19
Money When You Need It:
A policy that has a suitable insurance plan or a combination of different plans can
beeffectively used to meet certain monetary needs that may arise from time-to-
time.Children's education, start-in-life or marriage provision or even periodical needs
for cash over a stretch of time can be less stressful with the help of these policies.
Alternatively, policy money can be made available at the time of one's retirement
fromservice and used for any specific purpose, such as, purchase of a house or for
other investments. Also, loans are granted to policyholders for house building or for
purchase of flats (subject to certain conditions). Any person who has attained
majority and is eligible to enter into a valid contract caninsure himself/herself and
those in whom he/she has insurable interest.Policies can also be taken, subject to
certain conditions, on the life of one's spouse or children. While underwriting
proposals, certain factors such as the policyholder¶s stateof health, the proponent's
income and other relevant factors are considered by theCorporation.
Insurance For Women
12. Prior to nationalisation (1956), many private insurance companies would offer
insurance to female lives with some extra premium or on restrictive
conditions.However, after nationalisation of life insurance, the terms under which life
insurance isgranted to female lives have been reviewed from time-to-time. At
present, women who work and earn an income are treated at par with men. In other
cases, a restrictive clause is imposed, only if the age of the female is up to 30
yearsand if she does not have an income attracting Income Tax.
Medical And Non-Medical Schemes:
Life insurance is normally offered after a medical examination of the life to be
assured.However, to facilitate greater spread of insurance and also to avoid
inconvenience,LIC has been extending insurance cover without any medical
examination, subject tocertain conditions.
With Profit And Without Profit Plans:
An insurance policy can be 'with' or 'without' profit. In the former, bonuses disclosed,
if any, after periodical valuations are allotted to the policy and are payable along with
thecontracted amount.In 'without' profit plan the contracted amount is paid without
any addition. The premiumrate charged for a 'with' profit policy is therefore higher
than for a 'without' profit policy.
Keyman Insurance
Keyman insurance is taken by a business firm on the life of key employee(s) to
protectthe firm against financial losses, which may occur due to the premature
demise of theKeyman.
20
OPERATE ALL OVER INDIA
21
ADMISSION OF AGE
Admission Of Age:
Age is the main basis of calculation of premium under life insurance policies.
Thefollowing are accepted as evidence of age:Certified extract from Municipal or
Local Body¶s records made at the time of birth.Certificate of Baptism or Certified
Extract Family Bible, if it contains age or date of birth.Certified Extract from
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chool or College records, if age or date of birth is stated therein.Certified Extract from
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ervice Register in the case of Govt. employees and employeesof Quasi-Govt.
Institutions or Passport issued by the Passport Authorities in India.
Payment Of Premium:
By cash, local cheque (subject to realization of cheque), Demand Draft at Branch
Office.The DD and cheques or Money Order may be sent by post. You can pay your
premiumsat any of our Branches as 99% of our Branches are networked. Many
Banks do acceptstanding instructions to remit the premiums.
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o by providing a standing instruction toyour Bank to debit your account for the
premium amount and send it vide a banker¶scheque to LIC, on the due dates and
months mentioned on your policy bond.Through Internet : Payment of premiums can
be made through Internet through
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erviceProviders viz.HDFC Bank, ICICI Bank, Times of Money, Bill Junction,
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13. TI Bank, Bank of Punjab, Citibank, Corporation Bank, Federal Bank and Bill
Desk.Premium payment can also be made through ATMs of Corporation Bank and
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TI Bank.Premium payment can also be made through Electronic Clearing
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ervice (EC
S
) whichhas been launched at Mumbai, Hyderabad, Chennai, Kolkata, New Delhi,
Kanpur,Bangalore, Vijayawada, Patna, Jaipur, Chandigarh, Trivandrum,
Ahmadabad, Pune,Goa and Nagpur,
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ecunderabad & Visakhapatnam. A policyholder having an account inany Bank which
is a Member of the local Clearing House can opt for EC
S
debit to paypremiums. The policyholders wishing to use this system would have to fill
up a MandateForm available at our Branches/DO and get it certified by the Bank.
The certifiedMandate Forms are to be submitted to our BO/DO.Policy can be
anywhere in India.Citibank Kiosks at Industrial Assurance Building, Churchgate, New
India Building,
S
antacruz, Jeevan
S
hikha Building, Borivili are dedicated for collection of premiumsthrough cheques.
Days Of Grace:
Policyholder should pay the premiums on due dates. However, a grace period of
onemonth but not less than 30 days will be allowed for payment of yearly/half-
yearly/quarterly premiums and 15 days for monthly premiums.When the days of
grace expire on a
S
unday or a public holiday, the premium may bepaid on the following working day to
keep the policy in force.If the premium is not paid before the expiry of the days of
grace, the policy lapses.
22
Revival Of Lapsed Policy:
If the policy has lapsed, it can be revived during the life time of the life assured,
within aperiod of five years from the date of the first unpaid premium but before the
date of maturity subject to certain conditions.The Corporation offers three convenient
schemes of revival viz., Ordinary Revival,
S
pecial Revival and Installment Revival. Policies can also be revived under Loan-cum-
Revival and
S
B-cum-Revival schemes.Request for revival may be made to the Branch Office
servicing the policy.
Change Of Address And Transfer Of Policy Records:
The policyholder should immediately intimate the change of his/her address to
theBranch Office servicing the policy. The correct address facilitates better service
andquicker settlement of claims. Policy records can also be transferred from one
BranchOffice to another for servicing, as requested by the policyholder.
Loss Of Policy Document:
14. The Policy Document is an evidence of the contract between the Insurer and
theInsured. Hence the policyholder should preserve the Policy Bond till the
contractedamount under it is settled.Loss of the Policy Document should be
immediately intimated to the Branch Officewhere it is serviced.
Loans:
Loans are granted on policies to the extent of 90% of
S
urrender Value of the policieswhich are in force and 85% of the
S
urrender Value in case of policies which are paid-up, inclusive of the cash value of
bonus. The rate of interest charged at present is 9%p.a. payable half-yearly.Loans
are not granted for a period shorter than six months. The Conditions andPrivileges
printed on the back of the Policy Bond states whether a particular policy iswith or
without the loan facility.
Relief To Policyholders:
The Corporation generally allows concessions on payment of premiums, settlement
of claims, issue of duplicate policies, etc when the policyholder are affected by
naturalcalamities such as droughts, cyclones, floods, earthquakes, etc.
Nomination:
Nomination is a right conferred on the holder of a Policy of Life Assurance on his
ownlife to appoint a person/s to receive policy moneys in the event of the policy
becoming aclaim by the assured¶s death. The Nominee does not get any other
benefit except toreceive the policy moneys on the death of the Life Assured. A
nomination may bechanged or cancelled by the life assured whenever he likes
without the consent of theNominee.Ensure nomination exists in the policy for easy
settlement of claims.
23
Assignment:
Assignment means transfer of rights, title and interest. When an assignment
isexecuted, all rights, title and interest in respect of the property assigned are
immediatelytransferred to the Assignee/s and the Assignee/s become the owner/s of
the policysubject to any lawful condition made in the assignment. Assignment can be
either conditional or absolute. On assignment (other than to LIC),Nomination
automatically stands cancelled. Hence, when such a policy is reassigned,the
policyholder will have to make a fresh nomination to avoid delay in settlement of
claim.
Survival Benefit/Maturity Claims:
LIC settles survival benefit/maturity claims on or before the due date.Policyholder are
intimated well in advance by the Branch Office which services thepolicy regarding
the payment, and the necessary Discharge Voucher is also sent for execution by the
assured. In case the policyholder does not get any intimation from theBranch Office
concerned, he/she should contact them, quoting the Policy Number.
S
urvival Benefit payment up to Rs.60,000/- are settled without insisting for Policy
Bondand Discharge Voucher.
Death Claims:
If the life assured dies during the term of the policy, death claim arises. The death of
thepolicyholder should be immediately intimated in writing to the Branch Office
where thepolicy is serviced along with the following particulars:The No./s of the
policy/iesThe name of the policyholder Death Certificate issued by concerned
15. AuthorityThe date of death.1. The cause of death and2. Claimant¶s relationship with
the deceased
y
On receipt of the intimation of death, necessary claim forms are sent by theBranch
Office for completion along with instructions regarding the procedure tobe followed
by the claimant.
y
The claims which have arisen after a period of three years are treated as non-early
claims and settled within 30 days from the date of receipt of allrequirements.
y
The claims that have arisen within a period of two years from the date of
commencement of the policy, are treated as early claims and investigation
iscompulsory in such cases.
24
Initiatives In Policy Servicing Areas:
All 2048 Branches of LIC are fully computerized covering all policy servicing aspects
togive prompt computerized services from new policy introduction, acceptance of
renewalpremium, revivals, loans, etc to final claims settlement.Green Channel facility
has been introduced for the speedy completion of proposals.Payment of premiums
can be made through internet through serviceproviders, viz., HDFC Bank, ICICI
Bank, Times of money, Bill Junction,
U
TI Bank, Bankof Punjab,Citi Bank, Corporation Bank, Federal Bank and Billdesk.
Grievance Redressal Machinery:
A machinery for redressal of policyholders grievances exist in all the offices of
theCorporation. These are headed by designated Officers who are available at their
respective Offices every Monday between 2.30 pm and 4.30 pm. except
holidays.Policyholder can approach these officers to get their grievances
redressed.The Designated Officers at the various offices of the Corporation are : At
Branch Office ---
S
r./Branch Manager At Divisional Office --- Marketing Manager At Zonal Office ---
Regional Manager (Mktg) At Central Office --- Executive Director (Mktg/IO/CRM)
Citizens¶ Charter:
y
Citizens' Charter was presented to the Nation in November, 1997. In the Charter the
bench marks were prescribed for 30 servicing areas.
25
MISSSION & VISION OF LIC
Mission
:
"Explore and enhance the quality of life of people through financial securityby
providing products and services of aspired attributes with competitivereturns, and by
rendering resources for economic development."
Vision
:
"A trans-nationally competitive financial conglomerate of significance tosocieties and
Pride of India."
26
OBJECTIVE OF LIC
16. y
S
pread Life Insurance widely and in particular to the rural areas and to thesocially and
economically backward classes with a view to reaching all insurablepersons in the
country and providing them adequate financial cover againstdeath at a reasonable
cost.
y
Maximize mobilization of people's savings by making insurance-linked
savingsadequately attractive.
y
Bear in mind, in the investment of funds, the primary obligation to itspolicyholders,
whose money it holds in trust, without losing sight of the interest of the community as
a whole; the funds to be deployed to the best advantage of theinvestors as well as
the community as a whole, keeping in view national prioritiesand obligations of
attractive return.
y
Conduct business with utmost economy and with the full realization that themoneys
belong to the policyholders.
y
Act as trustees of the insured public in their individual and collective capacities.
y
Meet the various life insurance needs of the community that would arise in
thechanging social and economic environment.
y
Involve all people working in the Corporation to the best of their capability
infurthering the interests of the insured public by providing efficient service
withcourtesy.
y
Promote amongst all agents and employees of the Corporation a sense of
participation, pride and job satisfaction through discharge of their duties
withdedication towards achievement of Corporate Objective.
27
S
hri.P.Chidambaram
U
nion Finance Minister
³
In the year 1956, 245 Indian and foreign companies were nationalized and today,
thethree letters µLIC¶, stands as a synonym for insurance, for services, for
excellence instrengthening the economic fibre of this country. I dare to say that no
other three letterstaken together are more recognised to the length and breadth of
India than LIC.´³The performance figures of LIC give an indication why LIC is dear to
us, why LIC is aJewel in our crown and why we will continue to nurture LIC and grow
it into a greatorganization rendering service to the people of India.´³LIC¶s footprints
are now to be found in many other countries in the world. Wherever Indians go - and
they go everywhere now, wherever Indians are welcome - and they arewelcome in
every part of the world, wherever Indians settle down ± they have foundmany new
homes, wherever Indians excel ± and they excel in every walk of life, theywant LIC ±
they want LIC to protect them, to look after their savings, and provide for protection
as well as their retirement.´P. Chidambaram
17. U
nion Finance Minister Excerpts from speeches at the inaugural function of LIC¶s
Golden Jubilee Celebrations.Lucknow,
S
eptember 1, 2005.
28
Dr.Manmohan
S
inghPrime Minister of India
29
AWARDS OF LIC
CNBC Awaaz Consumer awards 2010
Reader Digest Trusted Brand Insurancecategory 2010
O
U
TLOOK MONEY NDTV PROFIT AWARD2009 in " BE
S
T LIFE IN
SU
RER CATEGORY "
World Brand Congress Award
Golden Peacock Innovative Product /
S
ervice Award - 2009
A
S
IA PACIFIC HRM Congress, 2009 Awardfor INNOVATIVE HR PRACTICE
S
30
Loyalty Award - 2009NDTV Profit Business Leadership Award2008INDY's
S
ilver Award for Best CorporateFilmNA
S
COM IT
US
ER Award 2008Business
S
uperbrand India 2009 A
S
IA BRAND CONGRE
SS
BRANDLEADER
S
HIP AWARD, 2008
31
Meaning of saving scheme:
saving schemes are a kind of mutual funds like diversified equity funds with
Taxbenefits. It is just like other tax saving instruments like National
S
avings Certificate andPublic Provident Fund. Main advantage with EL
18. SS
is lock-in period is only 3 years whilefor N
S
C it is 6 years and for PPF it is 15 years. At the same time risk factor is high inEL
SS
. As per Income Tax act 80c investment up to Rs 1,00,000 are eligible for deduction
fromthe gross total income hence reducing the total taxable income. For example if
your total annual income is Rs 3,00,000 and you invest Rs 1,00,000 in EL
SS
then your taxable income will become Rs 2,00,000.Previously there was an upper
limit for investing in tax saving instruments like EL
SS
of 5,00,000. Only individuals with less than 5,00,000 annual income are allowed to
investin tax saving instruments. But last year financial budget removed this
restriction andnow any individual can invest in EL
SS
irrespective of their income level.
Advantages of ELSS over NSC and PPF
1. Main advantage of EL
SS
is its short lock-in period. Maturity period of N
S
C is 6 yearsand PPF is 15 years.2.
S
ince it is an equity linked scheme earning potential is very high.3. Investor can opt for
dividend option and get some gains during the lock-in period4. Investor can opt for
S
ystematic Investment Plan5.
S
ome EL
SS
schemes also offer personal accident death cover insurance6. Provides 30 to 40%
returns compared to 8% in N
S
C and PPF
Disadvantages of ELSS
1. Risk factor is high compared to N
S
C and PPF2. Premature withdrawal is not allowed but it is allowed in other
instruments in somespecific conditions.
32
Diversified Equity Schemes and ELSS
Both Equity linked saving scheme and diversified equity scheme operates in same
way.Both are high return and high risk schemes. But there is a 3 year lock in period
of EL
SS
and it provides tax benefits too.
Systematic Investment Plan
Best way to invest in EL
SS
19. is through
S
ystematic Investment Plan(
S
IP). With
S
IP youcan invest a small amount every month for a specific time period. With
S
IP investor cantake advantage of fluctuations in the stock market.
S
o investor will get more units whenthe market is down and get less units when the
market is up. For eg if you are investingRs 1000 every month and you will get 100
units for when Net Asset Value (NAV) is 10and will get 50 units when NAV is 20.
S
o investing a fixed sum regularly helps to cover the market fluctuations by rupee
costs averaging. Also most of the Asset ManagementCompanies (AMC) charges
less entry load for
S
IP compared to normal purchase.
33
PRODUCT OFFERED TO CUSTOMR BY LIC
Children's Policy
y
Komal Jeevan - Plan No. 159
y
Children Deferred - Plan no.41
y
Jeevan Kishore - Plan no.102
y
Jeevan Chhaya - Plan no.103
y
Marriage Endowment/Educational Annuity - Plan No. 90
y
Jeevan Anurag - Plan no.168
Endowment Policy
y
Endowment with Profits - Plan no.14 Limited Payment
y
Endowment with Profits ± Plan no.48
y
Jeevan Mitra ± Plan no.88
y
New JanaRaksha Policy ± Plan no. 91
y
Jeevan Anand Plan no. 149
y
Jeevan Mitra Triple Cover ± Plan no.113
Group Insurance Policy
y
Janashree Bima Yojana
20. y
Group Insurance
S
cheme in lieu of EDLI
y
Group (Trem) Insurance
S
cheme
y
Group
S
aving Linked Insurace
S
cheme
y
Group
S
uperannuation
S
cheme
y
Group Mortgage Redemption Assurance
S
cheme
Joint Life Policy
y
Jeevan
S
aathi - Plan no.89
34
Money Back Policy
y
Money Back with Profit - Plan no.75
y
New Money Back ± Plan no.93
y
Jeevan
S
urabhi 15 yrs ± plan no.106
y
Jeevan
S
urabhi 20 yrs ± plan no.107
y
Jeevan
S
urabhi 25 yrs ± plan no.108
y
Jeevan Bharati Plan no.160
y
21. Jeevan
S
amriddhi Plan No 154, 155, 156, 157
y
Bima Bachat ± Plan no.175
Pension Plans or Annuities
y
New Jeevan Dhara - Plan no.148
y
New Jeevan
S
uraksha Plan no. 147
y
Jeevan Akshay IInd Plan no. 163
y
Jeevan Nidhi Plan no.169
y
Jeevan Akshat V Plan no.183
Special Plans
y
Term Assurance - Plan no.43
y
Mortgage Redemption - Plan no.52
y
Jeevan Aadhar - Plan no.114
y
Market Plus - Plan No 181
y
Jeevan Vishwas Plan No. 136
y
Jeevan
S
aral Plan No. 165Jeevan Pramukh Plan No. 167
y
Bima Nivesh 2005 Plan No 171
y
Money Plus-Plan No 180
Term Policy
y
Convertible Term Assurance - Plan no.58
y
New Bima Kiran
y
Trem Assurance
y
Anmol Jeevan I Plan No.-164
y
Amulya Jeevan-Plan No-177
35
JEEVAN AKSHAY PLAN
22. Introduction:
It is an Immediate Annuity plan, which can be purchased by paying a lump sum
amount.The plan provides for annuity payments of a stated amount throughout the
life time of the annuitant. Various options are available for the type and mode of
payment of annuities.
Type of Annuity:
y
Annuity payable for life at a uniform rate.
y
Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as
theannuitant is alive.
y
Annuity for life with return of purchase price on death of the annuitant.
y
Annuity payable for life increasing at a simple rate of 3% p.a.
y
Annuity for life with a provision of 50% of the annuity payable to spouse
duringhis/her lifetime on death of the annuitant.
y
Annuity for life with a provision of 100% of the annuity payable to spouse
duringhis/her lifetime on death of the annuitant
.
Mode:
y
Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals.You
may opt any mode of payment of Annuity.
Salient features:
y
Premium is to be paid in a lump sum.
y
Minimum purchase price : Rs.50,000/= or such amount which may secure aminimum
annuity as under:
Mode
Minimum Annuity
Monthly Rs. 500 per monthQuarterly Rs. 1000 per quarter Half-yearly Rs. 2000 per
half year Yearly Rs. 3000 per year
y
No medical examination is required under the plan.
y
No maximum limits for purchase price, annuity etc.
y
Minimum age at entry 40 years last birthday and Maximum age at entry 79 yearslast
birthday.
y
Age proof necessary.
36
Annuity Rate:
Amount of annuity payable at yearly intervals which can be purchased for Rs. 1
lakhunder different options is as under:
Incentives for high purchase price:
23. If your purchase price is Rs. 1.50 lakh or more, you will receive higher amount of
annuity due to available incentives.
Cooling
-
off period
If you are not satisfied with the ³Terms and Conditions´ of the policy, you may return
thepolicy to us within 15 days from the date of receipt of the Policy Bond. On receipt
of thepolicy we shall cancel the same and the amount of premium deposited by you
shall berefunded to you after deducting the charges for stamp duty.
Section
41
of Insurance Act
1938
:
y
No person shall allow or offer to allow, either directly or indirectly, as aninducement
to any person to take out or renew or continue an insurance inrespect of any kind of
risk relating to lives or property in India, any rebate of thewhole or part of the
commission
payable or any rebate of the premium shown onthe policy, nor shall any person
taking out or renewing or continuing a policyaccept any rebate, except such rebate
as may be allowed in accordance with thepublished prospectuses or tables of the
insurer: provided that acceptance by aninsurance agent of commission in connection
with a policy of life insurance takenout by himself on his own life shall not be deemed
to be acceptance of a rebateof premium within the meaning of this sub-section if at
the time of suchacceptance the insurance agent satisfies the prescribed conditions
establishingthat he is a
bona fide
insurance agent employed by the insurer. Any person making default in complying
with the provisions of this section shallbe punishable with fine which may extend to
five hundred rupees
.
Age last birthday
Yearly annuity amount under option
(i)
( ii ) (15 years certain)
( iii )
( iv )
(v)
( vi )
40 7510 7440 6930 5610 7310 712045 7770 7660 6960 5890 7500 724050 8140
7950 7000 6280 7760 742055 8650 8330 7050 6810 8130 767060 9350 8790 7110
7530 8640 803065 10410 9330 7180 8590 9400 857070 12080 9830 7260 10220
10560 937075 14510 10220 7360 12590 12240 10590
37
BENEFITS OF PLAN
The amount of annuity is assured throughout life of the annuitant.
What happens if the annuitant dies?
If the annuitant dies :1.
U
24. nder option (i) annuity ceases.2.
U
nder option (ii)3. On death during the guaranteed period - annuity is paid to the
nominee till theend of the guaranteed period after which the same ceases.4. On
death after the guaranteed period - annuity ceases.5.
U
nder option (iii) annuity ceases and the purchase price is paid to the nominee.6.
U
nder option (iv) annuity ceases.7.
U
nder option (v) annuity ceases and 50% of the annuity is payable to thesurviving
named spouse during his/her life time. If the spouse predeceases theannuitant, the
annuity ceases.8.
U
nder option (vi) annuity ceases and full annuity is payable to the survivingnamed
spouse during his/her life time. If the spouse predeceases the annuitant,the annuity
ceases.
When first instalment of annuity payable:
First instalment of annuity is payable after one month, three months, six months or
one year from the date of purchase of annuitydepending on the mode chosen is
monthly, quarterly, half yearly or yearly respectively.
38
JEEVAN SARAL POLICY
Product Summary:
This is an Endowment Assurance plan where the proposer has simply to choose
theamount and mode of premium payment. The plan provides financial protection
againstdeath throughout the term of the plan. The death benefit is directly related to
thepremiums paid. The Maturity
S
um Assured depends on the age at entry of the life to beassured and is payable on
survival to the end of the policy term. It also offers theflexibility of term and a lot of
liquidity.
Premiums:
Premiums are payable yearly, half-yearly, quarterly, or monthly through
salarydeductions as opted by you throughout the term of the policy or till earlier
death.
Loyalty Additions:
This is a with-profits plan and participates in the profits of the Corporation¶s
lifeinsurance business. It gets a share of the profits in the form of loyalty additions
whichare terminal bonuses payable along with death benefit or maturity benefit.
Loyalty Additions may be payable from the 10th year onwards depending upon the
experienceof the Corporation
Death Benefit
:250 times the monthly premium together with loyalty additions, if any, and return of
premiums excluding first year premiums and extra/rider premium, if any, is payable
inlump sum on death of the life assured during the term of the policy.
Maturity Benefit:
The Maturity
S
um Assured plus Loyalty additions, if any, is payable in a lump sum.
25. Supplementary/Extra Benefits
:These are the optional benefits that can be added to your basic plan for
extraprotection/option. An additional premium is
required to be paid for these benefits.
Surrender Value:
Buying a life insurance contract is a long-term commitment. However, surrender
valuesare available on earlier termination of the contract. The surrender value will be
thegreater of the guaranteed surrender value and special surrender. The plan also
allowsfor partial surrenders.
39
Guaranteed Surrender Value:
The policy can be surrendered after it has been in force for at least 3 full years.
TheGuaranteed
S
urrender value will be equal to 30% of the total amount of premiums paidexcluding
the premiums for the first year and all the extra premiums and premiums for accident
benefit / term rider.
Special Surrender Value:
80% of Maturity
S
um Assured if 3 or more years¶ but less than 4 years¶ premiums havebeen paid;
90% of the Maturity
S
um Assured, if 4 or more years¶ but less than 5 years¶premiums have been paid
and 100% of the Maturity
S
um Assured, if 5 or more years¶premiums have been paid. The Maturity
S
um Assured for this para will be the Maturity
S
um Assured corresponding to the term for which premiums have been paid under
thepolicy.
Statutory warning:
³Some benefits are guaranteed and some benefits are variable with returns based
onthe future performance of your life insurance company. If your policy offers
guaranteed returns then these will be clearly marked ³guaranteed´ in the illustration
table on this page. If your policy offers variable returns then the illustrations on this
page will show two different rates of assumed investment returns. These assumed
rates of return arenot guaranteed and they are not upper or lower limits of what you
might get back as thevalue of your policy is dependant on a number of factors
including future investment performance.´
Age at entry: 35 yearsPolicy term: 25 yearsMode of premium payment: Yearly
Amount of annual premium: Rs.4704/-
40End Of PolicyYear TotalPremium paid till endof year
Amount payable at the end of year on death during the year(Rs.)
GuaranteedVariable TotalScenario 1 Scenario 2 Scenario 1 Scenario 21 4704
100000 0 0 100000 1000002 9408 104800 0 0 104800 1048003 14112 109600 0 0
109600 1096004 18816 114400 0 0 114400 1144005 23520 119200 0 0 119200
1192006 28224 124000 0 0 124000 1240007 32928 128800 0 0 128800 1288008
37632 133600 0 0 133600 1336009 42336 138400 0 0 138400 13840010 47040
26. 143200 7000 18000 150200 16120015 70560 167200 13000 41000 180200
20820020 94080 191200 30000 100000 221200 29120025 117600 215200 65000
211000 280200 426200
41End Of Policy Year TotalPremium paidtill end of year
Amount payable on surrender or maturity at the endof year
GuaranteedVariable TotalScenario 1 Scenario 2Scenario1Scenario21 4704 0 0 0 0
02 9408 0 0 0 0 03 14112 8099 0 0 8099 80994 18816 12942 0 0 12942 129425
23520 18660 0 0 18660 186606 28224 23180 0 0 23180 231807 32928 27856 0 0
27856 278568 37632 32744 0 0 32744 327449 42336 37892 0 0 37892 3789210
47040 43360 7000 18000 50360 6136015 70560 75200 13000 41000 88200
11620020 94080 106124 30000 100000 136124 20612425 117600 135296 65000
211000 200296 346296
i) This illustration is applicable to a non-smoker male/female standard (from medical,
lifestyle and occupation point of view) life.
ii) The non-guaranteed benefits (1) and (2) in above illustration are calculated so that
they are consistent with the Projected Investment Rate of Return assumption of 6%
p.a.(Scenario 1) and 10% p.a. (Scenario 2) respectively. In other words, in preparing
this benefit illustration, it is assumed that the Projected Investment Rate of Return
that LICI will be able to earn
throughout
the
term
of
the
p
olicy
will be 6% p.a. or 10% p.a.,as the case may be. The Projected Investment Rate of
Return is
not
guaranteed
.
iii) The main objective of the illustration is that the client is able to appreciate
thefeatures of the product and the flow of benefits in different circumstances with
somelevel of quantification.
iv) Loyalty additions will depend on future profits and as such is not guaranteed.
v) The Maturity Benefit is the amount shown at the end of the policy term
.
42
SMALL SAVING
There are different kinds of
S
mall
S
avings
S
chemes suitable for various segments of the population.The Government of India
have reduced the rate of interest for many of the
S
mall
S
27. avings
S
crips w.e.f. 01.03.2003 as follows:
Sl.No.
Scheme Rate of Interestw.e.f. 01.01.2001
Rate of Interestw.e.f. 01.03.2002
Rate of Interestw.e.f. 01.03.2003
1. POMIS 9.50 % 9.00 % 8.00 %2. 1 YEAR TD7.50 % 7.25 % 6.25 %2 YEAR
TD8.00 % 7.50 % 6.50 %3 YEAR TD9.00 % 8.25 % 7.25 %5 YEAR TD9.00 % 8.50
% 7.50 %3. PORD Rs. 10 becomesRs. 758.53 after 5 yearsRs. 10 becomesRs.
748.49 after 5 yearsRs. 10 becomesRs. 728.90 after 5 years4. NSC- VIII 9.50 %
9.00 % 8.16 %
5. PPF 9.50 % 9.00 % 8.00 %6. KVP Doubles inseven years and
threemonthsDoubles inseven years and eightmonthsDoubles inEight years and
sevenmonths7. POSA 4.50 % 3.50 % 3.50 %8. SCSS 9.00%* - NSS -92 Scheme
was withdrawn by the G.O.I. w.e.f
01.11.2002The SCSS introduced w.e.f. 1-7-2004
43
PAY ROLL SAVING SCHEME:
U
nder this scheme, any monthly salaried person can voluntarily authorise his
appointingauthority or employer to deduct monthly contributions from his salary and
to remit intoanyone of the savings schemes like Post Office Recurring Deposit, Post
Office TimeDeposit, National
S
avings Certificate (VIII issue) and Public Provident Fund
S
cheme.The group leader appointed in each organization for collection purpose is
paid 2%commission for his service who implements the scheme in the respective
concern.
Geographical Data of LIC
Details of Waste Lands in India as per (NRSA) Estimates
Details
Area in m.ha.
Culturabel Wastelands
Saline
3.9
Gullied and Ravinous
4.32
Waterlogged
0.89
Undulating uplands with or without Scrub
10.79
Jhum Cultivation and Forest Blanks
2.4
Sandy Areas
10.53
Total
32.83
Unculturable Wastelands
28. Barren Hills and Rock out-Crops
2.75
Snow Bound Area
17.7
Total
20.45
Grand Total
53.28
44
State-wiseLength of Coastline and Populationin India(1991)
States/UTs
Length of Coastline(Km.)
Area( ' 000 Sq.Km.)
Population 1991(Lakh)
Gjrt
ua
a
1600
196.00
41.20
Mas
arh
hat a
r
840
307.70
78.70
Goa
300
3.70
1.20
Krak
ata
na
400
191.80
44.80
Wel
en
sg
B
ta
950
88.70
68.00
Tmau
ai d
N
l
720
130.10
55.60
Oa
s
is
r
560
155.70
31.50
Krl
ea
a
1014
39.00
29.00
AdrPds
nh re
aa h
960
275.00
66.30
29. AdmnNbrns
na a&ioa d
c Il
sa
-
8.50
0.30
Lkawp
ahde
s e
-
0.03
0.05
Dam Commenced through Decades in IndiaDecades/Periods No. BuiltBefore 1900
421901-1950 2511951-1960 2341961-1970 4611971-1980 11901981-1990
10661991-1996 1161996-2000 695
45
BANKS AND FINANCIAL INSTITUTIONS
Financial Institution-wise Disbursement in India(2000-2001 to 2002-2003)
(Rs. in Crore)
Institution
2000-01
2001-02
2002-03
IDBI
1743.6
1151
3924.2
IFCI
2152.7
1096.9
1796.5
ICICI
31664.5
25831
-
IIBI
1709.8
1070
1091.9
IDFC
766.5
1506.1
949.3
SIDBI
6441.4
5919.3
6789.4
Exim Bank
2070.5
3869.2
6047.8
NABARD
1412
1897
36. 2.47
Delhi
1326.29
1087.93
1672.06
1571.74
Lakshadweep
0.05
0.20
0.11
0.05
Army Post Office
13.48
23.36
18.39
28.79
Pondicherry
8.26
20.90
61.47
80.88
India
26771.10
31363.15
37578.97
36694.69
48
RESEARCH METHODOLOGY
TOPIC:
-
ANALYTICAL STUDY OF SAVING SCHEMEDURATION:
-
45
Days
Research methodology systematically solves the research problems. It has
manydimensions & research methods constitute a part of the research methodology.
Thus when we talk about research methodology , we do not only talk of theresearch
methods but also consider the logic behind the methods. We use beingevaluated
either by researcher himself or by others.
To effectively carry out in research , I would use the following research
process,which consists of series of actions or steps.1. Formulating the research
problems.2. Research design & sample design3. Analysis of data gathered.4.
Graphics & interpret.
1.
FORMULATING THE RESEARCH PROBLEM
37. This is the first step under which the problem is stated in general way &
thenambiguities that is understanding & rephrasing the problems thoroughly &
rephrasingthe same into a meaningful terms from an analysis point of view.
2.
REPARING THE RESEARCH DESIGN
The function of research design is to provide for the collection of relevant
evidenceswith minimal expenditures of efforts, time & money.
RESEARCH DESIGN
Types of research
S
ample of design
Types of Research
The type of research under present is an Analytical Research. In analyticalresearch
we use facts or information already available, & analyze these to makea critical
evaluation of the material . Hence the same would be done .
In this project , I had collected facts , data & information .
49
Sample Design
A sample design is a definite plan determined before any data is actually collectedfor
obtaining a sample. Researcher must select a sample design, which should
bereliable & appropriate for this report.
3.
OBSERVATIONAL DESIGN (COLL
4
ECTION OF DATA)
Observational design relates to the condition under which the observations are to
bemade observational design in respect to research . There are several ways of
collectingthe appropriate data , which differ considerably in context of money , time ,
cost & other resources at the disposal of the researcher.Data can be obtained from
two important resources :
Primary Data
S
econdary Data
Primary Data
Primary data are the data that are collected afresh & for the first time. Thus happens
tobe in character. Primary data are collected by the following ways:
Observations
Interview
S
chedule
38. Questionnaire
Secondary Data
S
econdary data are the data that are collected & are already collected & are
onlyanalyzed by different sources. These are as follows:
Corporate magazine
Manuals of various companies
Books, journals & newspaper
Employment exchangeI collected the secondary data from internet, mainly from
annual reports of AXI
S
BANK& Books of different authors of repute.
50
DATA ANALYSIS & INTERPRETATION
DATA GIVES PREFERENCE OF RESPONDENTS OF INSURANCE COMPANIES
COMPANY¶S NAMENO.OFRESPONDENTSHARE (%)L.I.C. 7
8
7
8
RELIANCE LIFEINSURANCE
3
3
ICICI PRUDENTIAL
10
10
SBI LIFE 7 7HDFC
2
2
TOTAL
100
100
INTERPRETATION
78% of the people contacted prefer LIC policy to any other and therefore it is
rankedno.1 by that percent of respondents.
DATA GIVES BENEFITS OF INSURANCE PERCEIVED BY RESPONDENTS7
8310
7
2
LICRELICICISBIHDFC
51
BENEFITSNO.OFRESPONDENTSSHARE (%)
Cover Future
U
ncertainty 55 55Tax Deductions 20 20Future Investment 25 25TOTAL 100 100
INTERPRETATION
39. 55% of the respondents believe that covering future uncertainty is the biggest benefit
of an insurance policy.Whereas, 20% and 25% of them believe that the other
benefits are Tax deduction andfuture investments respectively.55%20%25%
Cover Future
U
ncertaintyTax DeductionsFuture Investment
52
DATA PROVIDES FEATURES OF INSURANCE POLICY THAT
ATTRACTEDRESPONDENTS
INTERPRETATION
Majority of the respondent (37%) found Larger risk coverance as the most
attractedfeature of the all.
15%37%7%30%11%
FEATURES OFINSURANCEPOLICY
MONEY BACK G
U
AARENTEELARGER RI
S
K COVERANCEEA
S
Y ACCE
SS
TO AGENT
S
LOW PREMI
U
MREP
U
TATION OF COMPANY
FEATURE NO.OFRESPONDENTSSHARE (%)
Money Back Guarantee 15 15Larger Risk Coverance 37 37Easy Access to Agents 7 7Low
Premium 30 30Company¶s Reputation 11 11TOTAL 100 100
53
DATA PROVIDES NUMBER OF INSURANCE POLICY TYPE
RESPONDENTSINTERPRETATION
75% of the respondents have Life Insurance Policy while 45% have both. (The %
iscalculated out of 280 positive response)
752545
NATURE OF POLICY
LIFE POLICYNON LIFE POLICYBOTH
POLICY TYPE NO. OFRESPONDENTSSHARE (%)
LIFE POLICY 75 75NON LIFE POLICY 25 25BOTH 45 45
54
DATA GIVES PEOPLE PERCEPTION ABOUT INSURANCE
RESPONSE
NO. OFRESPONDENTS
SHARE (%)
A saving tool 81
81%
A tax saving device 74
40. 74%
A tool to protect your family 100
100%
INTERPRETATION
81% of the respondents have perception of Insurance being a saving tool. And 74%
of the respondents have perception of Insurance being a tax saving device.But 100%
of the respondents are with the view that Insurance is a tool to protect your family.
0817410000
S
AVINGTOOLTAX
S
AVINGTOOLFAMILYPROTECTION
55
DATA SHOWS PEOPLES HAVING INSURANCE
RESPONSE
NO. OFRESPONDENTS
SHARE (%)
Yes 70
70%
No 30
30%
Total 100
100%
INTERPRETATION
Of the sample size of 400 surveyed respondents 70% of the respondents are
havingInsurance policy.30% of the respondents are either not having any Insurance
policy at present or their policy is already matured. And at present 100% of the
respondents are with the view that Insurance is a tool toprotect your family.
70%30%
YesNo
56
DATA SHOWS BUYING PROCESS OF THE PEOPLE
BUYING PROCESS NO. OFRESPONDENTS
SHARE (%)
Customer approachedInsurance company/Agent45
45%
Company/agent approachedcustomer 55
555
Total 100
100%
INTERPRETATION
44.5% of the respondents approached the Insurance Company / Agent.Whereas,
55.5% of the respondents were approached by the Company /Agent
.
44%56%
Customer approached Insurance company/AgentCompany/agent approached customer
57
DATA SHOWS REASONS BEHIND FOR INSURANCE
RESPONSE
41. NO. OFRESPONDENTS
SHARE (%)
Tax saving 80
80%
Saving / Investment 80
80.%
Family protection 100
100%
INTERPRETATION
80.71% of the Respondents opted for Insurance for tax saving benefits.80.71% of
the Respondents opted for saving / Investments.But all of them, i.e. 100% of the
respondents have opted for insurance for their familyprotection.
8080100
58
DATA SHOWS SATISFACTION OF RESPONDENTS WITH RESPECT TO POLICY
RESPONSE NO. OFRESPONDENTS
SHARE (%)
S
atisfied 60
60%
Not satisfied 40
40%
Not Responded 0
0.0%
Total 100
100%
INTERPRETATION
60% of the respondents are more or less satisfied with their existing policy.40% of
the respondents are not satisfied with their existing policy.In this case all of those
who have taken a policy have responded.
60%40%0%
Satisfied Not satisfied Not Responded
59
DATA SHOWS SATISFACTION OF +RESPONDENTS WITH RESPECT TO
SERVICEAGENT
RESPONSE NO. OFRESPONDENTS
SHARE (%)
S
atisfied 45
45%
Not satisfied 55
55%
Not Responded 0
0.0%
Total 100
100%
INTERPRETATION
y
45% of the respondents are satisfied with their existing service agent.
y
42. 55% of the respondents are not satisfied with their existing insurance agent.
y
All of those who have taken a policy have responded.
45.00%55.00%
Satisfied Not satisfied
60
DATA SHOWS NUMBER OF RESPONDENTS PAYING TAX
RESPONSE NO. OFRESPONDENTS
SHARE (%)
Paying tax 100
100%
Not paying tax -
0%
Total 100
100%
INTERPRETATION
y
Of the sample size of 400 respondents, all the respondents are paying tax.
100%0%
Paying tax Not paying tax
61
DATA SHOWS RESPONDENT¶S INVESTMENTS FOR TAX SAVING
INVESTMENTSNO. OFRESPONDENTS
SHARE (%)
LIC 51
51%
N
S
C
33
33%
Bonds 32
32%
PPF
25
25%
PF
21
21%
EPF 11
11%
INTERPRETATION
y
51% of the respondents save their tax by investing in LIC, which is the highestamong
all Investment. This shows that most people for getting taxes benefits investin LIC.
y
33.25% of the respondents do their tax saving by investing in N
S
C.
y
43. 32.25% of the respondents to their tax saving by investing in bonds.
513332252111
L I C N S C
B O N D P P
F P F E P F
62
DATA SHOWS RESPONDENTS PERCEPTION ABOUT BEST FORM OFINVESTMENT
FOR SECURING THEIR FUTURE
NO. OFRESPONDENTS
SHARE (%)
Fixed Assets 75
75%
Bank deposits 11
11%
Jewellery 25
25%
S
ecurities i.e. bonds, MFs 40.
40%
S
hares 10
10%
Insurance 70
70%
INTERPRETATION
y
75.25% of the respondents as with the view that Fixed Assets is the best form of
investment for securing their future.
y
70.5% of the respondents are with the perception that Insurance is the best form of
investment for securing their future, which is one of the highest and this shows
thatinsurance is an important key for securing your future.
751125401070
Fixed AssetsBank depositsCash & JewellerySecurities i.e.bonds,
MFsSharesInsurance
63
DATA SHOWS WHAT PEOPLE INTENT TO GAIN FROM THEIR INVESTMENT
RESPONSENO. OFRESPONDENTS
SHARE (%)
S
aving & Returns 100
100%
S
ecurity 90
90%
Tax benefits 71.
71.%
INTERPRETATION
y
100% of the respondents intent to gain saving and returns from their investment.
44. y
90% of the respondent¶s intent to gain security from their investments.
y
Whereas, 71.75% of the respondent¶s intent to gain tax benefits from their
investments.
1009071
Saving & Returns Security Tax benefits
64
DATA GIVES PEOPLE¶S PERCEPTION ON APPROPRIATE AGE FOR
BUYINGINSURANCE
RESPONSE NO. OF RESPONDENTS
SHARE (%)
After 25 years 29
29%
After 35 years 10
10%
After 45 years 0
0%
Anytime 60
60%
INTERPRETATION
y
29% of the respondents are with the view that insurance should be bought after
theage of 25 years.
y
10.5% of the respondents are with the view that insurance should be buyed after the
age of 35 years.
y
Whereas, 60.5% of the respondents are with the view that buying of insurance donot
have any thing to do with age i.e. there is no age limitations. It can bepurchased any
time according to the need.
29%10.10%0%60.61%
After
25
y e a r s A f t e r
35
years After
45
years Anytime
65
DATA SHOWS PEOPLE OPINION ABOUT INDIAN INSURANCE COMPANIES
RESPONSE
NO. OFRESPONDENTS
SHARE (%)
Rigid plans 67
67%
Non user friendly 29
29%
Unsatisfactory services 26
26%
45. Non Aggressive 35
35%
Satisfactory 24
24%
Good 10
10%
Very good 0
0%
INTERPRETATION
y
6
7% of the respondents have the opinion that Indian Insurance Companies haveRigid
plans.
y
29
.
5
% feel that Indian Insurance companies are Non
-
user friendly.
y
2
6
.
5
% feel that services of Indian Insurance companies are Unsatisfactory.
y
35
.7
5
% of the respondents are with the view that Indian Insurance companies areNon
-
aggressive.
y
24
% of the respondents feel that products and services of Indian
Insurancecompanies is Satisfactory.
y
Whereas only
10
.
25
% feel that it is Good enough.
y
And according to the data, no single person has felt that it is very good.
6729263324100
Inflexible plans Non user friendlyU n s a t i s f a c t o r y
s e r v i c e s N o n
A g g r e s s i v e Satisfactory GoodVery good
66
46. DATA SHOWS WHAT PEOPLE WOULD LOOK FOR IN AN INSURANCE COMPANY
RESPONSENO. OFRESPONDENTS
SHARE (%)
A trusted name 82
82%
Friendly service &responsiveness71
71%
Good plans 81
81%
Accessibility 49
49%
INTERPRETATION
y
82% customers look for a Trusted name in a company for insurance.
y
81.5% customers look for a good plan in a company for insurance.
y
Friendly service & responsiveness and Accessibility are also important factors
looked bycustomers in a company.
82718149
AtrustednameFriendly service & responsivenessGood plansAccessibility
67
DATA SHOWS PEOPLE PLANNING FOR NEW INVESTMENTSRESPONSE NO.
OFRESPONDENTSSHARE (%)
Planning 87 87% Not planning 13 13%Total 100 100%
INTERPRETATION
y
Only 12.5% of the customers contacted are not planning for new investments
presently.
y
Whereas, 87.5% of the customers are still planning for new investments this can be
a great potential for Reliance Life Insurance to take them on their favor.
87.0%13.0%
Planning Not planning
68
DATA SHOWS PEOPLE INTERESTED IN GOING FOR INSURANCE IF ASERVICE
PROVIDER AWAY FROM THE CITY OFFERS BETTER SERVICE &PRODUCTS
RESPONSENO. OFRESPONDENTS
SHARE (%)
Yes 43
43%
No
44
44%
Uncertain 13
13%
Total 100
100%
INTERPRETATION
47. The interested customers i.e. 43% are ready to go for insurance even away from a
city if servicesand products are worthwhile, which again is a good prospect
(potential) for Life InsuranceCorporation of India to take them on their favor.
43%44%13%
Y e s
N o U n c e r t a i n
69
Conclusion
After Finding¶s we can see about LIC features and his The tendency to take
the expedient approach and focus on the far right of the LIC spectrum,
Peacetime Contingency Operations and conduct training as usual, while
briefing that the LIC block has been checked, will lead us to a possibly fatal
false sense of security.
Instinctive behavior and ingrained training must be adjusted to fit new
circumstances.
S
TXs must be developed locally or borrowed from unitswho
have already been through the training.
The probability of becoming involved in a LIC operation is high. Thepotential
to attract international attention, even with limited forces, is alsogreat.
U
nits
have demonstrated that with a balanced training focus andproper
preparation, many pitfalls outlined above can be avoided.
LIC is not conventional warfare. This is critical for the counterinsurgent to
understand. The insurgent¶s violent and coercive strategy is applied so asto
achieve political, civil, military and psychological results. Hence, the
counterinsurgent must counter all of these strategic elements individually.In
addition, the target of the insurgent¶s violence and coercion is the population. This
isbecause the population is the centre of gravity in LIC. Therefore the
counterinsurgentmust also focus on the population to be successful. In terms of
military principles incounterinsurgency, doctrinal precision, professionalism,
independence, initiative, forceprecision, restraint, combined arms, precision
engagement, joint force, effectivepopulation based intelligence, integrated
communications, a civil affairs approach andhigh levels of training are critical.
S
o we can say that so many merit¶s and Demerit¶s in life insurance Corporation of
India.
70
SWOT
ANALYSIS
1
STRENGTHS
1)
S
trong brand name
2)
Large customer base
3)
Enhanced quality and long term service commitments
48. 4)
Product preference by customers
2
WEAKNESSES
1)
New products did not embark predicted sales.
2)
New / change look is not undertaken in new products.
3
OPPORTUNITIES
1)
Competition is paving way for developing fuel efficient product likesplendor.
2)
U
pper rich segments are need to be targeted.
3)
S
tylish look need to be adopted in products as per youthdemanding.
4
THREAT
1)
Competition is getting tougher every day.
2)
Rival companies are making their every moves to fightcompetition.
3)
Customers are moving towards four wheeler segment.
71
Appendixes
PERFORMANCE HIGHLIGHTS
Q
4
FY
08
‡ Net Profit 71 % yoy 63 % yoy‡ Net Interest Income 89 % yoy 76 % yoy‡ Fee
Income 67 % yoy 70 %yoy‡ Operating Revenue 87 % yoy 77 %yoy‡ Operating
Profit 82 % yoy 76 % yoy‡ Net Interest Margin 3.93 % 3.47 %‡ Cost of Funds 5.82
% 6.02%
72
Q
UESTIONNAIRE
1.
ARE YOU EMPLOYED
?
YE
S
NOIf YE
S
, only then proceed
2
.
49. DO YOU HAVE ANY INSURANCE POLICY
?
YE
S
NO
3
.
WHICH INSURANCE POLICY DO YOU HAVE
?
LIFE NON-LIFE BOTH
4.
WHICH CO¶S INSURANCE POLICY YOU PREFER THE MOST
?
(RANK THEM)a) LICb) ICICIPR
U
DENTIALc)
S
BI LIFE IN
SU
RANCEd) ING VY
S
YA LIFEe) RELIANCE LIFE IN
SU
RANCEf) TATA AIG LIFEg) ANY OTHER ________(
S
pecify)5.
FOR HOW MANY YEARS DO YOU HAVE INSURANCE POLICY
?
(Please Tick)a) 5Yrs b) 5-10 Yrs c) 10-15 Yrs d) Any Other«««««..(
S
pecify)
73
1
. WHAT DO YOU THINK ARE THE BENEFITS OF INSURANCECOVER
?
(RANK THEM)
A) COVER F
U
T
U
RE
U
NCERTAINITYB) TAX DED
U
CTION
S
C) F
U
T
U
50. RE INVE
S
TMENTD) ANY OTHER _________ (
S
pecify)
2
. WHICH FEATURE OF YOUR POLICY ATTRACTED YOU TO BUY IT
?
(RANK THEM) A) LOW PREMI
U
MB) LARGER RI
S
K COVERANCEC) MONEY BACK G
U
ARNTEED) REP
U
TATION OF COMPANYE) EA
S
Y ACCE
SS
TO AGENT
S
F) ANY OTHER _________ (
S
pecify)
3
. YOUR MONTHLY INCOME
?
a) 4k b)4k-8k c)8k-12k d)12k-16k e)Other_____(
S
pecify)
4
. DO YOU REALLY THINK INSURANCE POLICY COVER IN TODAY¶SSCENARIO IS NOT
ESSENTIAL
?
5
. WHAT¶S YOUR PERCEPTION ABOUT INSURANCE
?
(RANK THEM)
a) A
S
AVING TOOLb) A TAX
S
AVING DEVICEc) A TOOL TO PROTECT F
U
T
U
RE
74
6
51. . HOW HAS/WOULD YOU BOUGHT/BUY AN INSURANCE?
A) C
US
TOMER APPROCHED IN
SU
RANCE COsB) IN
SU
RANCE COs APPROCHED C
US
TOMER
7. ARE
YOU SATISFIED WITH THE POLICY
?
A)
S
ATI
S
FIED
S
AVING TOOLb) NOT
S
ATI
S
FIEDc) NOT RE
S
PONDING
8
. ARE YOU SATISFIED WITH THE SERVICE AGENT
?
A)
S
ATI
S
FIED
S
AVING TOOLB) NOT
S
ATI
S
FIEDC) NOT RE
S
PONDING
9
. DO YOU PAY TAXES?
YE
S
NO
75
10
.
52. WHERE HAVE YOU INVESTED FOR TAX SAVING
?
(RANK THEM)
A) LICB) N
S
CC) BOND
S
D) PPFE) PFF) EPF
11
. WHICH IS THE BEST FORM OF INVESTMENTS
?
(RANK THEM)
A) FIXED A
SS
ET
S
B) BANK DEPO
S
IT
S
C) JEWELLERYD)
S
EC
U
RITIE
S
, i.e. Bonds, MFsE)
S
HARE
S
F) IN
SU
RANCE
76
12.
WHAT DO YOU INTENT TO GAIN FROM INVESTMENTS?
A)
S
AVING & RET
U
RN
S
B)
S
EC
U
RITYC) TAX BENIFIT
S
13
. WHAT¶S THE RIGHT AGE TO BUY INSURANCE?
53. A) AFTER 25 YrsB) AFTER 35 YrsC) AFTER 45 YrsD) ANYTIME14.
HOW WOULD YOU RATE INDIAN INSURANCE COs?
A) RIGID PLAN
S
B) NON-
US
ER FRIENDLYC)
U
N
S
ATI
S
FATORY
S
REVICE
S
D) NON-AGGRE
SS
IVEE)
S
ATI
S
FACTORYF) GOODG) VERY GOOD
77
15.
ARE YOU PLANNING FOR NEW INVESTMENTS?
A) PLANNING B) NOT PLANING16.
WOULD YOU GO FOR INSURANCE IF A SERVICE PROVIDER AWAYFROM THE CITY
OFFERS BETTER SERVICE & PRODUCTS?
A) YE
S
B) NOC)
U
NCERTAIN
NAME
: _________________________
ADDRESS
: ______________________ ______________________________
OCCUPATION:
___________________
54.
55. 78
B
I
B
LIOGRAPHY
Annual Report of LIC from 2004 to 2009
C.R. KOTTHARI, RE
S
EARCH METHODOLOGY
Internet Portal
www.licindia.com
www.google.com
Releases:
Press Release 08 ± 09 & 09-10 of LIC.
Analyst PPT 08 ± 09 & 09-10 of LIC.
Annual Performance Report.
News Paper and Magazines
:
Business World April ± June Editions.
4P¶s of Marketing April ± June Editions.
Economic Times April ± June Editions
64. Search
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Sections
INTRODUCTION OF INDUSTRY
MILESTONES IN GENERAL INSURANCE
BOARD OF DIRECTORS OF LIC
KNOW ABOUT OUR LIFE INSURANCE
OPERATE ALL OVER INDIA
ADMISSION OF AGE
MISSSION & VISION OF LIC
OBJECTIVE OF LIC
PRODUCT OFFERED TO CUSTOMR BY LIC
JEEVAN AKSHAY PLAN
BENEFITS OF PLAN
JEEVAN SARAL POLICY
SMALL SAVING
PAY ROLL SAVING SCHEME:
65. RESEARCH METHODOLOGY
DATA ANALYSIS & INTERPRETATION
SWOT ANALYSIS
QUESTIONNAIRE
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