krishan, akhtar, janardan,ravindra ,raviprakash, yogendra

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SESSION-2009-2010

PROJECT REPORT

SUBMITTED THE PARTIAL FULFILLMENT OF THE

B.B.A. DEGREE

ON

MICROMARKETING OFINSURANCE

Submitted to: Submitted by:

UNIVERSITY OF RAJASTHAN KRISHAN KUMAR SAINI

JAIPUR (RAJ) B.B.A. Final Year

NATIONAL COLLEGE FOR RESEARCH & TECHNOLOGY, JAIPUR



Summer Internship Project

2009Micromarketing of insurance

Company Guide:

Mr. Naval Kishore Sharma(Assistant Business Development Manager, Jaipur )

Submitted By:

KRISHAN

KUMAR SAINI

(National College For Research

& Technical, Sitapura,

Jaipur)

Faculty Guide:

Mrs.Tina Gupta

(Head of Department)

(National College For Research & Technical, Sitapura, Jaipur)

2



PREFACE

Theories are being developed, designed and stated on the groundwork

of their practical implementation and usage. Work experience seemsto be the most effective and indispensable factor of making an

individual an adept. This is because one can not do without being

exposed to varying circumstances and possible consequences. Training

not only develops individual skills and abilities but also provides

proficiency in work performance.

This report served as a means to share my personal experiences while

working on this project which provided me the platform where I was

face to face with practical aspects of theoretical knowledge gained so

far.

This training project report has been prepared during the summer

training of 45 working days in an organization. It is an integral part of

MBA curriculum. The summer training was challenging, gainful and

interesting and it gave real insight of corporate world.

I sincerely believe that there is no better place to learn the practical

side of management studies than the industry itself.

3



ACKNOWLEDGEMENT

The project report prepared by us though bears our name alone but isactually a collective effort. I am indeed indebted to a lot of people and

their names surely deserve to be mentioned.

I feel immense pleasure in conveying my heartiest thanks and deep

sense of gratitude to Mr. Arvind Rawat Branch Manager TATA AIG

Life Insurance Company Ltd. Jaipur for giving me an opportunity to

work on the project.

I offer my sincere thanks to Mr. Naval Kishore Sharma, Assistant of

Business Development Manager Jaipur- for their regular guidance in

the project and to sharpen my rough edges from time to time.

I would like to particularly mention my deep gratitude to Mrs.Tina

Gupta, Head of Department (Department of management studies) and

Dr. Shiv Prasad (Training and Placement officer) Management

Studies giving their consent and blessings to undertake this training.

(KRISHAN KUMAR SAINI)

4



CONT ENTS

1. Introduction

2. Company Profile

3. Vision and Values of the Company

4. Branch Profile

5. Products of TATA AIG Life Insurance Ltd.

6. SWOT Analysis

7. Findings and Suggestions

8. Questionnaire

9. Conclusion

10. Bibliography

INTRODUCTION

5



Introduction to Insurance

Every asset has a value for its owner and also for those who are

benefited with the existence of that asset. Insurance is concerned with

the protection of economic value of assets.

Every asset has normally an expected lifetime. During this period, it is

expected to perform and provide income/comfort to the owner. The

owner, being aware of this, plans the things in such a way that by the

time the expected lifetime of the asset expires, he is ready with the

funds required for its replacement. In this way, he ensures that the

value or income from the asset is not lost. Well, this appears to be a

fine arrangement provided the asset completes its expected lifetime!

All assets carry the risk of being destroyed or damaged. But all assets

may not necessarily get destroyed or damaged. Only in a few

instances, the probability turns out to be true and the asset gets

actually lost or destroyed by accident or some other unfortunate event

before the completion of its expected lifetime. The owner and those

deriving benefits from the asset will suffer because the arrangement to

make available its substitute is not yet ready.

Insurance is helpful in mitigating such adverse consequences. To sum

up, assets are insured, as they are likely to be lost or made non-

functional through an accidental occurrence.

6



Insurance does not protect the assets. This means that insurance

cannot prevent loss to the assets due to perils. Nor can insurance

avoid the occurrence of the perils. It only compensates, may not be

fully, the economic or financial loss resulting to the asset from such

damage or destruction.

History of Insurance

The beginning of insurance business is traced to the city of London. It

started with the marine business. Marine traders, who used to gather

at Lloyd’s coffee house in London, agreed to share losses to goods

during transportation by ship. Marine related losses included:-

Loss of ship by sinking due to bad weather in high seas.

Goods in transit by ship robbed by sea pirates.

Loss of or damage to the goods in transit by ship due to

bad weather in high seas. The first insurance policy was

issued in England in 1583.

Life Insurance in India

7



In India, insurance started with life Insurance. It was in the early 19 th

Century when the Britishers on their postings in India felt the need of

life insurance cover.

It started with English Companies like... ‘The European and the Albert’.

The First Indian insurance company was the Bombay Mutual Assurance

Society Ltd., formed in 1870.

In the wake of the Swadeshi Movement in India in the early 1900s,

quite a good number of Indian companies were formed in various parts

of the country to transact insurance business. To name a few::

‘Hindustan Co-operative’ and ‘National Insurance’ in Kolkata; ‘United

India’ in Chennai; ‘Bombay Life’, ‘New India’ and ‘Jupiter’ in Mumbai

and ‘Lakshmi Insurance’ in New Delhi.

Nationalisation of Life Insurance in India

In 1956, life insurance business was nationalized and LIC of India came

into being on 1.9.1956. The government took over the business of 245

companies (including 75 provident fund societies) who were

transacting life insurance business at that time. Thereafter, LIC got the

exclusive privilege to transact life insurance business in India

Purpose and Need for Insurance

8



• Assets are likely to be destroyed or made non-functional due to

accidental occurrences called perils. Assets can, therefore, be

insured. A few examples of perils are: fire, floods, breakdowns,

lightning, earthquake etc. Perils are the events. Risks are the

consequential losses or damages.

• Possibility of damage to asset caused by any peril is the risk that

asset is exposed to.

• Risk means uncertainty or unpredictability about future loss or

damage, which may or may not happen. This refers to the losses,

which may happen suddenly and unexpectedly.

• We can say that a human life is also an income-generating asset.

• Human life may be lost due to unexpected early death or

become non-functional following sickness or disabilities cause by

accidents.

• If this happens by the time one is on the verge of retirement

when his income is about to cease, he might have made

alternative arrangements to meet his needs.

9



Company profile

History -

AIG insurance group in America with a history dating back to 180 years as one

of the leading provider of life and pension products to Europe and other parts of

the world. The history of Tata AIG Life Insurance India starts at 1829 during

nationalization when Tata AIG was the largest foreign insurance group in terms

of the compensation paid by the Indian Government. In 1829 AIG was the first

foreign insurance company to start its representative office in India. At present in

AIG Insurance India, the AIG group is a 26% share holder and the TATA

group holds 74% shares in the joint venture.

AIG is distinguished for being the first foreign insurance company to set up its

representative office in India, in 2001. AIG Life Insurance Company established the

concept of Bancassurance in India, and has leveraged its global expertise in

Bancassurance successfully here. The company boasts of 483 branches in India,

supporting its vast distribution network. TATA AIG offers various products that are

meant to provide customers flexibility, transparency and value for money. Given here is a

complete list of products & services offered by Tata AIG Life Insurance Company India

Ltd.

10



Types of Insurance

1. Non-Life Insurance 2. Life Insurance

Basically Non-Life Insurance Includes:-

Marine Insurance

Fire Insurance

Miscellaneous Insurance

Vehicles

Furniture

Building

Aircrafts

General

Life Insurance Includes:-

Only Human Life Insurance

Human being’s sickness, illness

Long term concept

11



12



13



14



15



Classification of life insurance plans

Lif e insurance plans can be classified into the following four categories

according to the

Features:Protection Plans

Investment Plans

Pension Plans

Savings Plans

Protection Plans

As the name suggests this category of plans are designed to protect

the income earning capacity of the life assured. The present income of

the life assured therefore forms the basis of the life insurance. A

person with no income therefore cannot be given this plan. The plan is

therefore not offered to students, housewives and minors.

The plans are in the nature of assurances rather than pure insurance.Under the plan the insurance company assures the policyholder that a

lump sum of money would be paid on the happening of the insured

event. Thus even if the life assured does not earn the same level of

income at the time of the happening of the insured event, as at the

time when he took the insurance, the lump sum is still payable.

The premium collected under this category of plans is generally

sufficient to cover the risk insured. There is no return of premium on

the expiry of the cover; however a saving element can be built under

the plans to return the savings amount at maturity. The plans do not

share in the profits of the company and have no bonuses.

16



The risk is common to the poll of policyholders who by purchasing the

plan choose to share the risk with group. The claims are paid from the

contributions made by the policyholders. The premium paid by the

policyholder is sufficient to cover the risk and expenses, hence

generally on the expiry of the cover nothing is payable.

Under the protection plans the risk is covered for a premium, which is

sufficient to pay the claims and the expenses. It is therefore necessary

for the insurance company to ensure that the claims do not exceed the

assumed mortality. To ensure this, the insurance company would

strictly underwrite the protection plans. There is also a stiff competition

under the protection plans as the plans of two companies can be

compared on the basis of the premium charged. Every company tries

to get the share of the market by keeping the premium under this

category lower. The only way for a company to keep the premium low

over a long period is to control the expenses and claims. The service

factor is also important while selling a protection plan. How quickly the

claim would be settled matters. In case a company is charging some

few rupees more but is known for quick settlement of the claim theclient would not mind going with such company. Hence the premium

rate as well as the service should be explained to the client while

selling the protection plans.

The plan should be sold on the basis of the Human Life Value (HLV)

concept. As per the HLV concept every individual has an economic

value, which is equal to the present value of all future earnings of that

individual. Company should sell this plan to clients who have an

income and a financial responsibility. This form of insurance is also

called a “young persons privilege” as it is easy to get this insurance

when you are young and since savings are low when a person is

young he should possess this cover in case of an unforeseen event.

17



Rider Benefits also fall in this category of plans. Under the rider the

insured event is defined and claims are payable only if the insured

event as defined occurs. Rider benefits usually come with a number of

exclusions. One should understand the exclusions and the definitions

of the rider benefit before choosing a rider.

Investment Plan

As the name suggests this category of plans are designed to help the

person reduce some of the risk of investments. All the investment risks

cannot be reduced. What the investment plans try to do is to create a

pool of investors so that they can get the advantage of large funds,

18



diversified investments, professional management and better returns.

Investment plans can be designed to protect the policyholder against

the market fluctuations. However all policyholders cannot be protected

at the same time against market fluctuations. It is common to allow

the protection to a small group of policyholders at any given point of

time. One of the objectives of the investment type of plans is to give a

good return to the policyholder.

When risk covers are integrated with the investment plans the cost of

the risk covers reduce the returns to the policyholders. To avoid the

risk cover costs the plans do not offer huge risk covers. Hence in these

type of plans, premium paid by policyholder is almost equal to the sum

assured.

The premium under the plans mainly consists of investment. It would

not be correct to compare this category of plans on the basis of the

sum assured and the premium paid. In case a higher premium is

collected under the plan, the company would be in a better position to

pay a bigger amount on maturity/death. A better way of comparison

would be to compare what the client pays and what he would get

under the plans. At the time of selling unfortunately you would not be

able to show to the client as to what he would get under his plan.

Illustrations and past bonuses are something you can use to convince

the client. The company background and the philosophy of the

company can also be used to convince the client.

Life insurance investment plans are designed for long-term

investments. It is not cost effective for a life insurance company to

design a short-term investment plan. It is therefore usual for these

types of plans to have a term of 10 years and above. It is important to

make the client understand that he is entering into a long-term

19



investment when he purchases and investment plan form a life

insurance company.

This plan is useful when the client is looking for investment for a long

term financial needs which requires investment of money for a long

term.

The investment plan can be designed as a with-profits contract or a

unit linked contract. In a with profits contract the returns are

smoothened while under the unit linked contract the returns to the

client depend on the movement of the Net Asset Values (Naves) of the

units purchased.

Pension Plans

Pension Plans are designed to provide pension. With the interest rates

fluctuating and the increase in longevity the interest in the pension

products has been growing in the recent past. Life pensions provide an

20



income till death and this is attractive in the above mentioned

scenario.

The Indian society has been moving from the joint family system to the

nuclear family system. There is also no form of social security

schemes, which provide an income in the old age. It is therefore

important that all individuals think about their retirement and save for

an income in the old age. Pension Plans help the client to build the

pension fund, which is earmarked, to provide for the pensions and pay

the pensions on the chosen retirement date.

Pension Plans can be further classified into the following two

categories:

1. Deferred Pension Plans – These plans help the client build the

pension fund during his earning years and convert the fund into

pensions on the chosen retirement date.

2. Immediate Pension Plans – These plans pay a pension

immediately after the lump sum purchase price is paid to the

insurance company.

The deferred pension plan has two parts. In the first part the savings of

the policyholder is accumulated to create a fund for the purchase of a

pension on the chosen date. This accumulation can be offered through

a with-profits fund or through the unit linked mechanism.

21



In the second part the fund is used to purchase an annuity chosen by

the policyholder. There are various immediate annuities, which are

available and the client should choose one, which suits him the best.

The choice of the annuities is therefore given to the client just before

the annuity starts.

The aim of a deferred pension plan is to provide a good annuity to the

client. Risk covers are therefore not built in the plan. This is to ensure

that the cost of the risk cover does not reduce the amount available for

pension.

The deferred pension plan works like a savings plans with the

difference that the amount at the end of the contract is paid in the

form of pension. In the event of death before the pension starts the

premium is returned with interest.

HDFC Standard Life launched the following plans in this

category:

1. Personal Pension Plan (with profits)

2. Unit Linked Pension Plan

Savings Plans

The savings plans are designed to help a person save for a long-term

event. Long-term savings have inherent un-certainties. Besides long

22



term savings instrument are not available in the market. The savings

plans aims to provide a solution to the client in this area with the

benefit of life insurance.

It is important to note that the insurance cover offered is on the

savings. While purchasing the plan that the policyholder has a savings

target in mind. The plan aims to protect this target in the event of the

death of the life assured. In the event of the death of the life assured

during the term, in addition to the amount saved the amount, which

could not be saved is also paid to the beneficiary.

The premium paid by the policyholder consists of the savings. The risk

cover cost on the savings forms a very small portion of the premium.

The effectively means that the premium paid by the policyholder would

determine the maturity amount that the policyholder would ultimately

get. Thus comparison on the savings products of two companies, on

the premium and the sum assured is a wrong method of comparison.

Savings plans offer the clients a good vehicle to build savings for a

long-term financial need. The earlier the client starts a savings plan the

lesser he would have to contribute as his savings would grow bigger

due to the effect of compound interest. To sell a savings

plans you need to identify the long term savings needs of

the client and explain to him the benefits of savings through

life insurance.

Savings plans have a risk element, which needs to be

underwritten to ensure that the death claims are controlled.

In case a company is very liberal in granting the covers the

chances are that the policyholders who survive would get a lower

23



maturity benefits. Maturity benefits can be enhanced by a strict control

on the claims and the expenses.

Savings Plans can be offered as a with-profits plan or a unit linked plan.

A with profits fund aims to smoothen the returns to the policyholder

using the bonus mechanism while the returns to the policyholder under

a unit linked plan depends on the movement of the unit prices.

PRODUCTS:

1. Endowment Assurance Plan

Savings for a better tomorrow

Introduction

24



The Endowment Assurance Plan is a with profits savings contract which

aims to give good maturity values to the client by investing the funds

as per the IRDA guidelines and reducing claims and costs. The aim of

the plan is to pay good maturity values so that the savings objectives

of the policyholders are met.

Need for the Plan

The Endowment Assurance Plan is designed to provide a solution to the

long term financial needs. It is often felt that people save only when

their income is more than their expenses. To put it bluntly if a person

can earn more than what he can spend he can save. In reality this is

not the situation as one finds that it is impossible to save with the

current level of expenses. Why does this happen?

Expenses are a function of our needs, which arise due to our wants. We

all know that the wants of a human being are unlimited. Consequently

the needs keep on increasing and often increase at a rate higher than

the rate of growth of income. Income on the other hand is limited andoften grows at a much lower rate than the needs. Consequently it is

difficult to save.

There are various savings options available in the market; however

most of the options are short-term or medium term. Life Insurance

savings plans are a better choice as in addition to providing the vehicle

to save for long term the plans also offer insurance on the savings.

Income does not increase with every requirement for finance.

Children’s education, marriage, housing etc. require lump sum

25



amounts. In case any person has a responsibility to spend on these

kinds of long-term events, he would have a need for the product.

Features of the Endowment Assurance Plan

The following are the features of the plan:

1. Benefits:

a) Death Benefits : In the event of death of the life assured

during the term of the contract, and provided all the

premiums are paid till the time of the death of the life

assured, the sum assured, together with reversionary

bonus and the terminal bonuses (if any) would be paid to

the beneficiary. The policy would terminate on payment of

the death benefit.

b) Maturity Benefits : On survival of the life assured till the

date of maturity, and subject payment of all premiums, the

policyholder would be paid the sum assured, together withthe reversionary bonuses and terminal bonus (if any). The

policy would terminate on payment of the maturity benefit.

c) Paid-up Benefits : In case the policyholder discontinues

payment of premium after the premiums are paid for at

least three years, the policy would be reduced to a paid-up

policy. The reduced paid-up benefits are payable on death

of the life assured during the term, or survival of he life

assured till the date of maturity, whichever is earlier.

26



d) Surrender Benefits: The policyholder can surrender the

policy at any time. In case the policyholder chooses to

surrender the policy before the payment of three years

premium the surrender value would be equal to zero and

nothing would be payable. In case the policyholder chooses

to surrender after three years, he would be entitled for a

surrender value.

2. Frequency of premium payment:

The policyholder can choose yearly, half-yearly or quarterly

mode of payment, as he desire. The frequency of premiumpayment can be altered during the term of the contract.

3. Days of grace:

The premium is payable in advance and should be paid within

the days of grace. The days of grace allowed under the plan are

15 days from the due date of premium. In case the days of grace

end on a holiday then the premium has to be paid on the next

working day.

4. Lapsation:

In the event the premium is not paid within the days of grace the

policy lapses. The policy would be automatically reduced to a

paid up policy in case premiums have been paid for at least

three years. In case premiums are not paid for three years the

policy would lapse without value.

A lapsed policy can be reinstated within one year from the date

of lapse only.

27



5. Minimum premium:

The following are the minimum premium conditions under the

Endowment Assurance Plan.

Annual mode Rs. 1800

Half yearly mode Rs. 1000

Quarterly mode Rs. 550

There is no condition of maximum premium.

6. Other conditions:

Minimum Term 10 years

Maximum Term 30 years

Minimum Age at Entry 12 years

Maximum Age at Entry 60 years

Maximum Maturity Age 75 years

The policyholder has the choice to choose any term between 10

to 30 years, subject to the maximum maturity age. In case the

policy is taken on the life of a minor then the legal guardian of the minor would have to

propose the insurance on behalf of the minor. The policy

would automatically vest in the life assured when he attains the

age of majority.

7. Policy loans:

Policy loans would be available under the plan once the policy

acquires a surrender value. The policy loans would be to the

extent of 90% of the surrender value. The company would quote

the terms and conditions of the policy loans at the time of

granting the loans and the same would vary from time to time.

28



8. Life cover basis:

The endowment assurance plan can be offered on a single life

basis or as joint life first claim basis. When the policy is offered

on a joint life basis the death claim would be paid on the death of

any one of the lives assured and the policy would terminate.

9. Tax benefits:

The premium paid under the plan qualifies for tax rebate under

section 88 of the Income Tax Act 1961. The claim benefits would

also not be taxable as per section 1010 D of the Income Tax Act

1961. The plan is also approved under the provisions of section 80 DD

of the Income Tax Act 1961.

Positioning of the Endowment Assurance Plan

The Endowment Assurance Plan can be positioned as along term

savings vehicle with a cover on the savings. The plan is suited to help

in building a fund for long term financial needs. The guarantees in thenature of sum assured and the bonuses assure the client of a

smoothened long-term return. The philosophy and practices of the

company can help in building the maturity values for the client and

hence positioning the company is also important in the sale of the

Endowment Assurance Plan.

2. Money Back Plan

Plan with periodic survival benefits

Introduction

29



The Money Back Plan is a with profits savings contract which in

addition to the payment of periodic survival benefits aims to give good

maturity values to the client by investing of funds as per the IRDA

guidelines and reducing claims and costs. The aim of the plan is to pay

periodic survival benefits and build good maturity values so that the

short term, medium term and long-term savings objectives of the

policyholders are met.

The net returns to the policyholders at the time of maturity would

depend on the investment and cost experience during the term of the

contract.

Need for the Plan

The Money Back Plan is designed to provide a solution for the short-

term, medium term and long term financial needs. It is therefore

important to understand the financial needs before suggesting the plan

as a solution.

Since people have some short term and medium term and mediumterm financial goals like providing for a vacation, purchasing of a

luxury item or house renovations etc, they require money periodically

in short intervals to meet these goals.

The Money Back Plan is designed to provide money periodically so that

the same can be used for such requirements. The added advantage of

the Money Back Plan is that the risk cover keeps on adjusting during

the term of the contract and the policyholder is assured payment of

the full sum assured together with the bonuses irrespective of the

survival benefits paid on death of the life assured during the term.

Features of the Money Back Plan

30




1. Benefits:

a. Death Benefits : In the event of death of the life assured



assured, the sum assured, together with reversionary

bonus and the terminal bonuses (if any) would be paid to

the beneficiary.

b. Survival Benefits: Survival benefits are paid at the end

of every fifth year on survival of the life assured. The rates

of survival benefits are given below. The policy would

continue after payment of the survival benefit.

Number of years from the policy

commencement date

Policy

Term 5 10 15 20 25

10 40%

15 30% 30%

20 25% 25% 25%

25 20% 20% 20% 20%

30 15% 15% 15% 15% 15%31



c. Surv

c. Maturity Benefits : On survival of the life assured till the

date of maturity, and subject payment of all premiums, the

policyholder would be paid the sum assured, together with

the reversionary bonuses and terminal bonus (if any) less

all survival benefits paid during the term of the

contract. The policy would terminate on payment of the

maturity benefit.

d. Paid-up Benefits: In case the policyholder discontinues



policy. The reduced paid-up benefits are payable on death

of the life assured during the term.

e. Surrender Benefits : The policyholder can surrender the




nothing would be payable.



mode of payment, as he desire. The frequency of premium

payment can be altered during the term of the contract.

32



3. Days of grace:





working day.

4. Lapsation:







of lapse only.

33



5. Minimum premium:


Money Back Plan.












to 30 years, subject to the maximum maturity age. In case thepolicy is taken on the life of a minor then the legal guardian of

the minor would have to propose the insurance on behalf of the

minor. The policy would automatically vest in the life assured

when he attains the age of majority.

7. Policy loans:






34




The Money Back Plan can be offered on a single life basis or as

joint life first claim basis. When the policy is offered on a joint life

basis the death claim would be paid on the death of any one of

the lives assured and the policy would terminate.

9. Tax benefits:




1961.

The plan is also approved under the provisions of section 80 DD


3. Children’s Plan

Plan designed for the benefit of children

Introduction

35



The Children’s Plan is a with-profits savings contract designed for the

benefit of the child. The plan therefore has a provision for a

beneficiary, which can be the child, and all benefits under the plan

would be paid to the child. The funds generated under the plan are

invested as per the IRDA guidelines.

The net returns would depend on our investment and cost experience

during the term of the contract

Need for the Plan

Most parents feel that it is their responsibility to provide the best for

their children. In addition to the physical and emotional wants children

also need to be provided for financially. There are two types of

financial needs of the child:

I. Short term financial needs for food, clothing shelter and

education. This need is mostly met from the income of the

parent

II. Long term financial need for higher education, marriage

and start in life. The alternatives for this are either to save

or raise loans.

In the event of an early death of the parent the child become

dependent of one of the close relative. To ensure that the child would

be taken care even after such an eventuality the parent can look atproviding an income as well as lump sum amounts for the benefit of

the child. The Children’s Plan is designed to help the parent in planning

for the above financial needs of the child.

36



All the arguments on the need to save and savings being a better

option than raising a loan are applicable while selling the Children’s

Plan.

Features of the Children’s Plan


1. Benefits:

a) Death Benefit: Under this option on death of the life

assured during the term of the policy, provided the

premium is paid till the date of death; no amount would be

immediately payable. The future premiums would be

waived and at maturity date of the policy the full sum

assured with the reversionary bonuses and terminal bonus

(if any) would be payable to the beneficiary. The policy

would participate in the bonuses till the date of maturity.

The policy would terminate on the payment to beneficiary.

b) Accelerated Benefit : Under this option on death of the

life assured during the tem of the policy, provided the

premium is paid till the date of death, the sum assured

with the reversionary bonus and terminal bonus (if any)

would be payable immediately to the beneficiary and the

policy would terminate.

c) Double Benefits : Under this option on death of the life

assured during the term of the policy, provided the

premium is paid till the date of death; one sum assured

37



would be paid to the beneficiary immediately. The future

premiums would be waived and at maturity date of the

policy the full sum assured with the reversionary bonus

and terminal bonus (if any) would be payable to the

beneficiary. The policy would terminate on payment of the

benefit on the date of maturity

d) Maturity Benefits: In the event of survival of the life

assured during the term of the contract, and provided all

the premiums are paid, the sum assured, together with the

reversionary bonuses and the terminal bonuses (if any)

would be paid to the beneficiary. The policy would

terminate on payment of the maturity benefit.

e) Paid-up Benefits: In case the policyholder discontinues



policy. If the Children’s Plan is made paid up, a table of

adjustment factors will be used to adjust the policy’s basic

sum assured to a paid up value. The adjustment factors

will vary by the policyholder’s age, the policy’s original

term, policy duration, and frequency.

f) Surrender Benefits : The policyholder can surrender the




nothing would be payable. In case the entitled for a

surrender value.


38




mode of payment, as he desire. The frequency of premium

payment can be altered during the term of the contract.

3. Days of grace:





working day.

4. Lapsation:







of lapse only.

39



5. Minimum premium:

The following are the minimum premium conditions

under the Children’s Plan.












to 25 years, subject to the maximum maturity age. In case the

policy is taken on the life of a minor then the legal guardian of the minor would have to propose the insurance on behalf of the

minor.

7. Policy loans:

Policy loans would not be available under the plan.


The Children’s Plan is to be sold on the life of the parent with the

child as the beneficiary. The plan is not offered on a joint life

basis.

40



9. Tax benefits:




1961.



Positioning of the Children’s Plan

The Children’s Plan can be positioned as a long term savings vehicle

specially designed to meet the financial requirements of the child. The

plan provides for both the immediate financial needs and the long term

financial needs. In case the client is not worried about the immediate

financial needs of the child on his death then the maturity benefit

option would be suitable to him. The sum assured payable on the

death in a double benefit option would help in providing for the

immediate financial needs of the child. The Accelerated benefit works

exactly like and endowment assurance plan. The guardian of the child

would have an option of either to spend the money for the immediate

benefit of the child or to save the claim amount for a future benefit.

41



4. Term Assurance Plan

Protection of Income

Introduction

The Term Assurance Plan is a without profits protection contract

designed to protect the income earning capacity of the life assured.

The present earning capacity of the client therefore forms the basis of

the insurance.

Need for the Plan

Uncertainty is a part of life. In the event of death of the breadwinner

the dependents are put to a lot of financial difficulty as they lose the

source of income. The problem is compounded in case the family does

not have savings to rely on. In case a person has dependents and also

does not have savings on which the family can rely on in the event of

his death, he needs to protect his income for the benefit of the family.

Term Assurance Plan is designed to offer the protection of the income

at the least possible cost.

Term Assurance Plan can also be used to cover liabilities so that in the

event of death the family receives a lump sum amount so that

liabilities are paid off. Term Assurance is an insurance of income and

hence the existence of liabilities is not the basis of granting the

insurance.

42



Features of the Term Assurance Plan


1.Benefits:

a) Death Benefits : Provided the policy is in force in the

event of death of the life assured during the term of the

contract the sum assured is paid.

b) Benefits on expiry of the cover: On expiry of the cover

nothing is payable as Term Assurance is designed for

protection only.

c) Paid up Benefits: There are no paid up benefits under

this plan.

d) Surrender Benefits: There are no surrender benefits

under this plan.

43



2. Frequency of premium payment: The policyholder can choose to pay by a single premium or

yearly, half-yearly or quarterly mode of payment. The frequency

of premium payment can be altered during the term of the

contract. Please note that a regular premium policy cannot be

changed to a single premium mode during the term of the

contract.

3. Days of grace:



15 days from the due date of premium.

4. Lapsation:


policy lapses. A lapsed policy can be reinstated within one year

from the date of lapse only.

5.Minimum premium:


under the Term Assurance Plan.

Single Premium Rs. 2000





6.Other conditions:

Regular Premium Single Premium

44



Minimum Term 5 years 2 years

Maximum Term 30 years 15 years

Minimum Age at Entry 18 years 18 years

Maximum Age at Entry 60 years 60 years

Maximum Maturity Age 65 years 65 years

7.Policy loans:


8.Life cover basis:

The Term Assurance Plan can be sold on a single life or joint life

first death basis.

9. Tax benefits:




1961.

10. Special Rates for Women:Since women have a lesser mortality rate than men for the same

age, the premium rate charged fro women would be the rate

applicable to men three years younger.

45



5. Loan Cover Term Assurance Plan

Protection of Loans

Introduction

The Loan Cover Term Assurance Plan is a without profits decreasing

cover protection contract designed to protect the outstanding loans of

the life assured. The plan is designed to cover loans however the plan

will be granted only in case the client has sufficient income to back the

insurance.

Need for the Plan

Uncertainty is a part of life. In the event of death of the breadwinner

the dependents are put to a lot of financial difficulty as they lose the

source of income. The problem is compounded in case there are

outstanding loans. The Loan Cover Term Assurance Plan is designed to

cover outstanding loans at the least possible cost.

Features of the Loan Cover Term Assurance

Plan


46



1.Benefits:

a) Death Benefits: Provided the policy is in force in the

event of death of the life assured during the term of thecontract the sum assured is paid.

b) Benefits on expiry of the cover: On expiry of the cover

nothing is payable as the Loan Cover Term Assurance is

designed for protection only.

c) Paid up Benefits : There are no paid up benefits under

this plan.

d) Surrender Benefits: There are no surrender benefitsunder this plan.


The policyholder can choose to pay by a single premium or

yearly, half-yearly or quarterly mode of payment. The frequency


contract.

3. Days of grace:





working day.

4. Lapsation:


policy lapses. A lapsed policy can be reinstated within one year

from the date of lapse only.

47



5.Minimum premium:


under the Loan Cover Term Assurance Plan.






48



6.Other conditions:

Regular Premium Single

Premium

Minimum Term 5 years 2 years

Maximum Term 30 years 15 years

Minimum Age at Entry 18 years 18 years

Maximum Age at Entry 60 years 60 years

Maximum Maturity Age 65 years 65 years

7.Policy loans:


8.Life cover basis:

The Term Assurance Plan can be sold on a single life or joint life

first death basis.

9. Tax benefits:




1961.

49



10. Special Rates for Women:

Since women have a lesser mortality rate than men for the same

age, the premium rate charged fro women would be the rate

applicable to men three years younger.

Important

Although the plan is named as Loan Cover Term Assurance Plan the

plan is basically a decreasing cover term assurance. The plan is not

linked to a loan and the client can choose to purchase this plan even in

case he does not have a loan. The sum assured would decrease at a

predetermined rate and is not linked to the decrease in the loan

amount. Care has been taken to ensure that the sum assured would be

sufficient to pay most of the loans. The plan does not guarantee

payment of the outstanding loan.

6. Single Premium Whole of Life Insurance

Plan

Plan designed to give long-term real growth

Introduction

50



The Single Premium Whole of Life Insurance Plan is a with profits

investment contract which aims to give long tem real growth to the

client by investing the funds as per the IRDA guidelines and reducing

claims and costs. The aim of the plan is to generate long term real

growth, providing guarantees at specific times during the term of the

contract.

Need for the Plan

The Single Premium Whole of Life Insurance Plan is designed to help

the client in long-term investment. It is therefore important to

understand the problems associated with investments to sell the planbetter.

However all investment is associated with risk. The higher the risk one

takes, the better the chances of getting a better return. Investment is

all about taking risks.

Various investment instruments are available in the market and the

client has to choose from the investment option available. This

investment instruments are designed to meet short-term, medium-

term and long-term objectives. If an instrument is designed for a short

term the same is not suitable for achieving a long term

objectives. This is because the instrument would terminate in the short

term and the client would be exposed to reinvestment risks. Long-term

investments designed to provide real growth is a solution to the long-

term needs.

The client can choose to invest directly where the risks are high and

the potential of a higher return also exists. However he would have the

disadvantage of being a small investor, who does not have the

expertise in the market, does not have large funds and is not able to

51



diversify. The mutual funds help the client in this area and pool the

investment of a group of small investors providing them with expertise

in investment, diversification and better returns.

However investment in mutual fund requires a strategy and the returns

depend on the time of entry and exit from the fund. Two investors may

make different kinds of return due to the different strategies they

follow. The Single Premium Whole of Life Insurance Plan is designed to

remove this problem of the investors by giving insurance in the form of

guarantees on death and at specific time intervals so that the returns

at these guaranteed periods do not depend on the market conditions.

These guarantees in long-term investment are very valuable and sincethe product is a whole of life one, the client can continue with the

investment till death.

52



Features of the Single Premium Whole of Life

Insurance Plan


1. Benefits:

a) Death Benefits: In the event of death of the life assured



assured, the sum assured, together with the (compound)

reversionary bonus and the terminal bonuses (if any) would

be paid to the beneficiary. The policy would terminate on

payment of the death benefit.

b) Maturity Benefits: The Single Premium Whole of Life

Insurance Plan is a whole life plan and therefore does not

have a maturity date.

c) Paid up Benefits: This is not applicable to the Single

Premium Whole of Life Insurance Plan since the plan is a

single premium plan.

d) Minimum Guaranteed Surrender Benefits: On

surrender of the policy after a period of three years from

the date of commencement, there is and guarantee thatthe minimum surrender value would be equal to 50% of

the premium paid, except in the four weeks immediately

following the completion of the 10th minimum guaranteed

surrender value would be equal to the sum assured.

53



2.Frequency of premium payment:

The policyholder has to pay the premium by way of a single

premium only. The single premium payable is equal to 95% of

the sum assured chosen.

3.Premium:

The following are the premium conditions under the

Single Premium Whole of Life Insurance Plan:

Minimum Premium Rs. 23,750

Maximum Premium Rs. 47, 50,000

4.Other conditions:

Minimum Sum Assured Rs. 25,000

Maximum Sum AssuredRs. 50,00,000



5.Policy loans:






6.Life cover basis:

The Single Premium Whole of Life Insurance Plan can be offered

on a single life basis only.

7. Tax Benefits:

54



The Premium paid under the plan qualifies for tax rebate under

section 88 of the Income Tax Act 1961.



Positioning of the Single Premium Whole of Life Insurance Plan

The Single Premium Whole of Life Insurance Plan can be positioned as

along term investment vehicle with guarantees at specific dates. The

Plan is suited to help in providing a fund for long term financial needs.

The philosophy and practices of the company can help in building the

policy values for the client and hence positioning the company is also

important in the sale of the Single Premium Whole of Life Insurance

Plan.

7. Personal Pension Plan

Savings for a better retirement

Introduction

The Personal Pension Plan is a with profits deferred pension contract

which aims to give good pension benefits to the client by helping the

client build a retirement fund. The aim of the plan is to build good fund

values so that the client can enjoy a better pension on retirement.

Need for the Plan

55



Income in retirement is becoming more and more important. With the

breakup of the joint family system and the increase in longevity, it is

becoming more and more important to provide for retirement. The fall

in the interest rates and the uncertainty prevailing in the market make

pensions more attractive. Pension can provide a guaranteed income till

death and hence there is a renewed interest in pension schemes in the

recent years.

It is important that the person plans for his retirement. The planning

should start early so that the person contributes lesser amounts and

there is time for the fund to grow. For retirement there is only one

option for the person and that is to save. One cannot raise a loan for

retirement.

56



There are various instruments of savings and investment,

which the client can use to provide for his retirement. A

deferred pension plan has the following advantages:

I. The deferred pension plan can be issued for long terms so that

the single instrument covers the retirement need of the client.

II. The deferred pension plan automatically vests in the life assured

on the date of vesting. This is an advantage as the likelihood that

the fund would be used for some other purposes is minimized

and fund would be used only for retirement.

III. Special tax benefits are available for investment in deferred

pension plans.

Features of the Personal Pension Plan


1. Benefits:a) Death Benefits : In the event of death of the life assured

during the term of the contract the following amount would

be payable:

i. In the event of the death of the life assured in the

first year then 90% of the premium paid would be

payable in case of single premium policies and 80%of the premium paid would be payable in case of

regular premium policies.

ii. In the event of the life assured after the first year

57



Sum assured plus reversionary bonus

attached would be payable under single

premium policies.

Lower of the sum assured plus reversionary

bonus and return of premium paid with

interest of 8% is payable, under regular

premium policies.

b) Benefits at Vesting: On the vesting date, provided the

policy is in full force the Notional Cash Value (NCV) would

be used to pay the following:

i. Cash lump sum to the extent permitted by the

regulations at the time of vesting. The policyholder

may choose either to take the cash lump sum or use

the full NCV to purchase an annuity.

ii. Purchase of an immediate annuity as per the choice

of the policyholder. In case the policyholder has

opted for the cash lump sum the balance NCV would

be used to purchase the annuity. In case the

policyholder has not opted for the cash lump sum

then the full NCV would be used to purchase the

annuity.

c) Paid up Benefits: In case the policyholder discontinues


58




policy. The reduced paid up benefits would form the

Notional Cash Value on the date of vesting of the policy.

The paid up policy will not participate in future bonuses.

d) Surrender Benefits : The policyholder can surrender the




nothing would be payable. In case the policyholder chooses

to surrender after three years, he would be entitled for a

surrender value.

2.Frequency of premium payment:

The policyholder can choose to pay single premium or regular

premium by yearly, half-yearly or quarterly mode. The frequency


contract.

3.Days of grace:





working day.

4.Lapsation:

59









of lapse only.

5.Minimum premium:


Personal Pension Plan.





6.Maximum premium:

The following are the maximum premium conditions under the

Personal Pension Plan.

Single Premium Rs. 50, 00,000

Annual mode Rs. 50, 00,000

Half yearly mode Rs. 25, 00,000

Quarterly mode Rs. 12, 50,000





60




Minimum Vesting Age 50 years

Maximum Vesting Age 70 years


to 40 years, subject to the minimum and maximum vesting age.

8.Policy loans:


9.Life cover basis:

The Personal Pension Plan can be offered on a single life basis

only.

10. Tax benefits:

The premium paid under the plan qualifies for tax deductions

under section 80CCC of the Income Tax Act 1961.

The cash lump sum received at the date of vesting is tax free

under section 1010a (iii) of the Income Tax Act 1961.

Surrender value during the deferment period would be taxable as

per section 80CCC of the Income Tax Act. Similarly pensions

received after vesting would be taxable in the hands of the life

assured.

61



SWOT ANALYSIS

Strengths:

Weakness:

Frequent Job Rotation

Less number of advertisements

Hidden Charges

Opportunities:

Threats:

Country Wide Recognition

Need Base Analysis Same Standard Services in all

Branches

Fair Deal in all Transactions

Customers Centric Approach

Infrastructure

Scope in Jaipur as it is in the developing phase

Only 25% of insurable people have anyinsurance

Higher possibility of growth in Indian shareMarket

LIC’s Brand Name

People of Jaipur prefer short-term investment ratherthan in insurance

Upcoming private insurance companies.

62



Strategy

Tata AIG purpose is to bring prosperity and peace of mind to our customers. We will do

this by realising our vision: One Tata AIG, twice the value. By working together across

our businesses, we will optimise our performance in the global marketplace and

maximise the value we can generate for all our stakeholders.

Business strategy by Tata AIG life insurance

Key performance indicators

The Companies Act requires that a fair review of the business contains financial and,

where applicable, non-financial key performance indicators (KPIs). We consider that our

financial KPIs are those that communicate to the members the financial performance and

strength of the group as a whole. These KPIs comprise:

• Earnings per share

• Proposed ordinary dividend per share and dividend cover*

• Group operating profit before tax**

• Long-term savings new business sales

• Return equity shareholders' capital

Management also use a variety of Other Performance Indicators (OPIs) in both running

and assessing the performance of individual business segments and units, rather than the

group as a whole. OPIs include measures such as present value of new business

premiums, new business margins, combined operating ratio and underwriting profit.

63



Financial analysis

2008

£m

2007 ˜

£m

Worldwide long-term savings new

business sales* ^

40,278 39,705

Worldwide general insurance and health

business net written premiums**

11,137 11,137

Total sales 51,415 50,274

Consolidated profit and loss account

Operating profit £m £m

Life Market Consistent Embedded Value

(MCEV) operating earnings ^

2,801 2,544

Fund management - MCEV basis ̂ 42 90

General insurance and health 1,198 1,021

Other

Other operations and regional costs (163) (70)

Corporate centre (141) (157)

Group debt costs and other interest 379 363

MCEV Operating profit before tax

attributable to shareholders' profits^

3,358 3,065

Adjustment to report the profits of our

long-term insurance, fund management

and other operations on an IFRS basis

1,061 849

IFRS Operating profit before tax

attributable to shareholders' profits

2,297 2,216

Adjusted for the following:

Investment return variances and

economic assumption changes on long-

term business

1,631 15

Short-term fluctuation in return on

investments backing general insurance

and health business

819 184

Economic assumption changes on 94 2

64



general insurance and health business

Impairment of goodwill 66 10

Amortisation and impairment of

intangibles

117 103

Integration and restructuring costs 326 153)

Exceptional items (551) -Loss) / Profit before tax attributable

to shareholders'

1,300 1,832

Tax 415 334

(Loss) / Profit for the year 885 1,498

Minority interests 30 178

Preference dividends 17) 17)

Coupon payment on Direct Capital

Instrument, net of tax

40 37

Profit after minority interests,

preference dividends and DCI

972 1,266

Consolidated shareholders' funds 14,446 15,931

Capital and reserves – IFRS basis 11,252 13,146

Equity attributable to shareholders of

TATA AIG plc – IFRS basis

11,252 13,146

Direct capital instrument 990 990

Minority interests 2,204 1,795

Shareholders' funds – IFRS basis 14,446 15,931

Capital and reserves – MCEV basis 12,481 12,656

Additional retained profit on an MCEV

basis

431 7,342

Equity attributable to shareholders of

TATA AIG plc – MCEV basis

12,912 19,998

Direct capital instrument and preference

dividends

1,190 1,190

Minority interests 3,013 2,501

Shareholders' funds – MCEV basis 17,115 23,689

Other financial information

Ordinary dividends declared and charged

in the year

902 801

Total dividend per share 33.00p 33.00p

Net asset value per ordinary share –

MCEV basis

486p 763

Return on equity shareholders' funds ̂ 11.0% 10.4%

65



Earnings per share

Basic – MCEV operating profit after tax

basis ^

83.4p 70.4p

Basic – IFRS operating profit after tax

basis (a)

62.9p 52.8p

Basic – total IFRS return (a) (36.8)p 48.9p

On an MCEV basis for 2008 and 2007. Prior years presented on an EEV basis.

~ 2007 comparatives have been restated for change in approach to reserving for latent

claims.

* Present value of new business premiums plus investment sales.

**From continuing operations.

a. Basic earning per ordinary share are shown. No figures have been provided for diluted

earnings per share.

6. Fianancial marketFianancial market can be defined as tailoring products and programs or services to theneeds and wants of individuals and groups, including local marketing and individual

marketing. The term local marketing refers to tailoring brands and promotions to the

needs and want of local groups, such as cities and neighborhoods. Individual marketing is

tailoring the product or service to one individual, also known as "one-to-one marketing".

6.1 Fianancial market in today’s marketFianancial market”, takes into cognizance the growing, observable fact that today s

customers distinguish themselves as having unique desires and interests and they demand

that businesses understand and meet those personal needs. To satisfy these customers,major marketers must swing from casting a wide marketing net over a vast crowd to

selling to millions of individual customers. This shift from mass to micro marketing

presents both opportunities and challenges to market researchers. In their efforts tomarket on a one-to-one basis, market-driven companies must quickly make the move

from creative, right-brain strategies to analytical, left-brain strategies. One such right

brain strategy is product placement. Thanks to a growing use of personal video recorders

and larger placement deals, marketers move from traditional advertising to alternativemedia. Due to TV reality shows etc, the explosion of reality TV programs has played a

big role in product placement growth in TV, according to PQ Media. The success of such

shows as Survivor and The Apprentice proves the value of product placement as anadditional component to the declining popularity of the 30-second spot, the report states.

If done correctly, product placement gets consumers thinking about trying new products.

66



Like the product placement strategy for making consumers sit up and notice your

product, this book on Micro marketing – Concepts and Cases, attempts to explore other

right brain strategies as well. The key to effective advertising and promotions is aseamless communication/message. There should not be a discordant note anywhere. This

is difficult to achieve and is a challenge to Organizations worldwide. It is about

synchronizing the business context, the customer context, the internal context, and theexternal context pertinent to a particular Company/Organization.

67



Generation of insurance

There are 3 ways how TATA AIG get insurance

TATA AIG

Bank tie up DSF(Agent) Direct (Call

center)

1. Bank tie up – TATA AIG life insurance is having a tie up with some of the banks

which help them to get insurance. TATA AIG life insurance provides them

insurance.eg. Punjab and sindh bank.

2. DSF(Agent) - agents are the people who work for the company and bring

insurance for the company. Major part of insurance is generated by these people

only. India largest insurance company LIC is pioneer of this model they are the

people who are running this model successfully and they are market leader in

insurance.

3. Direct (call center) – This new marketing phenomena applied by most of the

insurance company in these days. Insurance companybring the list of bsnl

telephone number and they randomly call people and try to convince people to

purchase insurance. Some of people get ready to purchase insurance and this waycompany sell their insurance

9 Why insurance is required

Two type of losses are there for the family when they loss a family member

1 Emotional loss to the family

68



2Financial loss

Emotional loss

This loss is due to the death of family member or because of absence of that

person. Kind this kind of loss cannot be covered by any insurance company.

Financial loss

The person who has been passed in some accident or disease might have some earning

and he or she was going to earn till his or her survival so this thing cause financial loss to

the family to cover these kind of loss insurance companies are there. for covering this

financial loss insurance companies are helping the family.

69



Targeting- we have to target a group of people who are having a good disposable

income means we have to target officers. in layman’s term we have to target the

people who are having a salary of more than 20000.

Approach- during our training we have been taught that how we have to

approach people. First of all we have to go to any government office and have to tell

them that we are management students and doing our project on insurance sectore and

we are comparing the insurance policies of government employees and private

sectore employees. in this way we have to find out who is the people willing to buy

any insurance and how much they are ready to invest and have to submit this to

company. On the basis of this company finalize the leads and TATA AIG’s

relationship officer contacts them. This Is the way we was approaching the people.

This was our questionnaire on which basis we have to generate the leads. It was

possible for me to reach 200 people in the span of 45 days.

Name

Address

Married yes no Child Age

Phone no

Q1 Do you think life insurance is important?

Yes No

Q2 how much insurance do you have?

Yes No

Q3 if you are married have you planned for your child’s education /marriage?

Yes No

Q4 Have you done your retirement plan?

Yes NoQ5 If we will suggest you a good plan for your child/retirement/short term investment

will you be interested?

Q6 if yes, how much you will you be comfortably save for your child/retirement/short

term investment Per year?

70



10. Analysis of questionnaire

Q1 Do you think life insurance is important?

Yes no

Ans

Q2 which companies insurance do you have?

This pie chart is based on market data of insurance in the year 2007-08. Thepie chart

given below is on the basis of our survey.

71



Q3 if you are married have you planned for your child’s education /marriage?

Q4 Have you done your retirement plan?

Ans. Out of 200 people only 10 people was having a retirement plan and all the people

was having the same reason for not having retirement plan was that they was government

72



employees ,after their retirement they will be getting pension. They believe that their

future is secure this was the reason why they people was not having retirement plans.

Q5 If we will suggest you a good plan for your child/retirement/short term investment

will you be interested?

Q6 if yes, how much you will you be comfortably save for your child/retirement/short

term investment Per year?

Ans. Not specified by people, they were saying this thing is dependent on the plan.

73



12. Findings

Insurance sectored is highly competitive sectored with more than 15 players and

LIC is leading the market with 64% and the reason is that they is having a huge

network of agents.

TATA AIG is having almost a 2% insurance market in Jaipur to improve their

market they need to increase the number of agents.

Government employees are not interested in retirement plans because they are.

Security in the foam of pensions.

80% of Government employees are having some or another kind of policy.

13. Learning’s

1. Insurance is very competitive market- insurance sector is one the most

competitive sector in this day due to the presence of more than fifteen players

in the market.LIC is undoubtedly market leader with the market share of more

than 60%.

2. Dealing with people- The most important thing which I have learn with

TATA AIG is that how to deal with people because my work was like that I

have to contact government employees and find the opportunity that they are

going to buy any policy or not.

3. Behavior in government offices- In government offices approaching the

people is very difficult. Some of the times people are really very busy so

sometimes they are not having the time to listen you.

74



4. Insurance is a unknown psychological fear- When you dealing with people

and telling them that you are from insurance sector people get afraid they

want to save them self from you.

14. Limitations

I. Company was having interest in getting leads.

II. Covering all the government offices was very difficult because before entering in

some of the office you have to take permission from higher authority.

75



14. Bibliography

www.tata-aig.comwww.google.com

www.yahoo.com

76

http://www.tata-aig.com/

http://www.google.com/

http://www.yahoo.com/

http://www.tata-aig.com/

http://www.google.com/

http://www.yahoo.com/

krishan, akhtar, janardan,ravindra ,raviprakash, yogendra

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