COMPARATIVE ANALYSIS OF INVESTMENT IN BHARTI AXA LIFE INSURANCE, ICICI PRUDENTIAL LIFE INSURANCE & RELIANCE LIFE INSURANCE
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COMPARATIVE ANALYSIS OF INVESTMENT IN BHARTI AXA LIFE
INSURANCE, ICICI PRUDENTIAL LIFE INSURANCE & RELIANCE LIFE
INSURANCE
By
KAUSHIK KHANUniversity Roll No: 27000911038
Registration No: 112700710038
Under the Guidance of
Name of Internal Guide Name of External Guide
Prof. BARNASREE CHATTERJEE Mr. RANAJOY BANERJEEAsst. Professor MANAGER OF AGENCY
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Guide Name: Prof. BARNASREE CHATTERJEE
Designation: Asst. Professor
This is to certify that project report entitled “COMPARATIVE ANALYSIS OF INVESTMENT
IN BHARTI AXA LIFE INSURANCE, ICICI PRUDENTIAL & RELIANCE LIFE
INSURANCE” has been prepared by Mr. KAUSHIK KHAN under my supervision and guidance,
for the fulfillment of Master in Business Administration. His field work is satisfactory.
I wish him all the best in his future endeavors.
Date:
Signature of Guide: Certificate of the Dean/Director
CERTIFICATE OF THE GUIDE
3
It is really a great pleasure to have this opportunity to describe the feeling of gratitude imprisoned in
the core of my heart. I convey my sincere gratitude to AGM (HR) Kirti Barua for giving me the
opportunity to prepare my project work in BHARTI AXA LIFE INSURANCE. I express my sincere
thanks to all the staff members of BHARTI AXA LIFE INSURANCE. I am thankful to Prof.
BARNASREE CHATTERJEE for her guidance during my project work and sparing her valuable
time. I express my sincere obligation and thanks to all the Faculties of BRAINWARE SCHOOL
OF MANAGEMENT for their valuable advice in guiding me at every stage in bringing out this
report. I am also thankful to my family for their kind co-operation which made my take easy.
Name: KAUSHIK KHAN
Roll No: 27000911038
ACKNOWLEDGEMENTS
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I do hereby declare that this project work entitled “COMPARATIVE ANALYSIS OF
INVESTMENT IN BHARTI AXA LIFE INSURANCE, ICICI PRUDENTIAL LIFE
INSURANCE & RELIANCE LIFE INSURANCE” submitted by me for the partial fulfillment of
the requirement for the award of Master in Business Administration (MBA) is a record of my own
research work. The report embodies the finding based on my study and observation and has not been
submitted earlier for the award of any degree or diploma to any Institute or University.
Date:
Name: KAUSHIK KHAN
Roll No: 27000911038
DECLERATION
TABLE OF CONTENT
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SERIAL NO. CONTENT PAGE
NO.
Acknowledgements 3
Abstract 8
1 Industry profile
1.1 Background of Insurance industry
1.1.1 Characteristics of Insurance
1.1.2 History of Insurance
1.1.3 Role of insurance in Economic
Development
1.1.4 Insurance market present
1.2 Major players in insurance industries
1.4 Principles of insurance
1.5 IRDA
9
9
9-11
11-12
12-13
13-17
17-18
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2 Introduction
2.1 Company Profile
2.1.1 AXA Group
2.1.2 Bharti Enterprises
2.2 Bharti-Axa Life Insurance Ltd
2.3 Products of Bharti-Axa life insurance
2.3.1 Child Plans
2.3.2 Protection Plans
2.3.3 Guarantee Plans
2.3.4 Health Plans
2.3.5 Group Plans
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19-23
23-26
26-27
27-30
30-35
35-40
40-42
42-43
6
2.3.6 ULIP(Unit Linked Insurance Plans)
2.4 SWOT Analysis
44-45
46
3 ICICI PRUDENTIAL LIFE INSURANCE
3.1 Company Profile
3.2 Products of ICICI Prudential
47-48
48-58
4 RELIANCE LIFE INSURANCE
4.1 Company Profile
4.2 Products of Reliance life
59-60
60-63
5 Purpose of the project 64
6 Limitation of the project 64-65
7 Scope of the Project 65
8 Research Methodology
8.1 Research Design
8.2 Data Collection Method
8.3 Sample Design
66
66
66-67
9 Data analysis and interpretation 67-95
10 Findings 96-98
11 Recommendations and Suggestions 99
12 Conclusion 100
13 References
13.1 Books and Journals
13.2 Websites
101
101
14 Annexure 102
LIST OF ILLUSTRATIONS
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Figure no. Illustrations Page no.9.1.1 Age analysis 67-689.1.2 Gender analysis 68-699.1..3 Income Analysis 69-709.1.4 Holds life insurance policy 70-719.1.5 Life insurance policy not taken (reason) 71-729.1.6 Life insurance policy taken (reason) 72-739.1.7 How many life insurance hold 73-749.1.8 Life insurance preference(company) 74-759.1.9 Needs for taken life insurance 75-769.1.10 To keep a certain amount of money,
preferable(company)76-77
9.1.11 Knowledge about insurance 77-789.2.1 Analysis on brand familiarity 78-792.2.2 Analysis on security 79-809.2.3 Analysis on return on investment (ROI) 80-819.2.4 Analysis on transparency 81-829.2.5 Analysis on liquidity 82-839.3.1 Brand familiarity(correlation) 83-859.3.2 Security(correlation) 85-869.3.3 ROI(correlation) 86-879.3.4 Transparency(correlation) 88-899.3.5 Liquidity(correlation) 89-909.4.1 Comparative analysis on the basis of brand
familiarity 91
9.4.2 Comparative analysis on the basis of security
92
9.4.3 Comparative analysis on the basis of ROI 93
9.4.4 Comparative analysis on the basis of transparency
94
9.4.5 Comparative analysis on the basis of liquidity
95
ABSTRACT
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This report is a comparative study among Bharti-Axa life insurance, ICICI Prudential life insurance
and Reliance life insurance, so that company can analyze & estimate their future strategies and
profitability and identify the scope of investment in insurance industry. The main emphasis of the
whole study is showing the perception of the customers in comparison with other private life
insurance companies and knowing the company’s position in terms of brand familiarity, Security,
ROI, Transparency, Liquidity and also the rank correlation between them.
The basic and foremost objective is to carefully study, understand and conceptualize the overall
insurance industry & the underlying competitions between the different insurance companies
operating in the private sector.
In this research study, a critical analysis has been done to study the market share of Bharti Axa and
the plans and various policy details which Bharti-Axa has been providing to its customers in
comparison with ICICI Prudential and Reliance. The report also tries to highlight the performance of
Bharti Axa in the insurance industry and the composition of the different age groups of people who
are aware about the life insurance policy and their benefits.
The entire study is based mostly on the primary data and some secondary data was also collected
from different company websites, Journals, newspaper & Books on Research Methodology. To
workout and execute this whole research study a survey have been carried out amongst the various
people of different age groups and those who have annual income between 1-above 10 lakhs. So, a
part of the assignment includes a questionnaire which has been designed and formulated to be asked
to the different categories of people like service persons, school teachers and businessmen and varied
responses of the respondents has been recoded.
The final Report includes whole data (primary & secondary) analysis. This analysis might be a value
addition to Bharti-AXA to make a planning for further strategy and growth.
1. INDUSTRY PROFILE
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1.1. BACKGROUND OF INSURANCE INDUSTRY
In India, insurance has a deep-rooted history. Insurance in various forms has been mentioned in the
writings of Manu (Manusmrithi), Yagnavalkya (Dharmashastra) and Kautilya (Arthashastra). The
fundamental basis of the historical reference to insurance in these ancient Indian texts is the same i.e.
pooling of resources that could be re-distributed in times of calamities such as fire, floods, epidemics
and famine. The early references to Insurance in these texts have reference to marine trade loans and
carriers' contracts.
Insurance may be described as a social device to reduce or eliminate risk of loss to life and property. Under the
plan of insurance, a large number of people associate themselves by sharing risks attached to individ-
uals. The risks which can be insured against include fire, the perils of sea, death and acci-
dents and burglary. Any risk contingent upon these, may beinsured against at a premium commensurate with the risk
involved. Thus collective bearing of risk is insurance.
1.1.1 CHARACTERISTICS OF INSURANCE
1. Sharing of risks
2. Cooperative device
3. Evaluation of risk
4. Payment on happening of a special event
5. The amount of payment depends on the nature of losses incurred
1. 1.2 HISTORY OF INSURANCE
Insurance has been known to exist in some form or other since 3000 BC. The Chinese traders, traveling treacherous
river rapids would distribute their goods among several vessels, so that the loss from any one vessel being lost would be
partial and shared, and not total. The Babylonian traders would agree to pay additional sums to lenders, as the price for
writing off the loans, in case of the shipment being stolen. The inhabitants of Rhodes adopted the principle of general
average of „general average‟, whereby, if goods are shipped together, the owners would bear the losses in proportion, if
loss occurs, due to jettisoning during distress. {Captains of ships caught in storms, would throw away some of the cargo
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to reduce the weight and restore balance. Such throwing away is called jettisoning} The Greeks had started benevolent
societies in the late 7 th century AD, to take care of the funeral and families of members who died.
The origins of insurance business as in vogue at present, is traced to the Lloyd‟s Coffee House in London. Traders,
who used to gather in the Lloyd‟s coffee house in London, agreed to share the losses to their goods while being carried
by ships. The losses used to occur because of pirates who robbed on the high seas of because of bad weather spoiling
the goods or sinking the ship. In India, insurance began in 1818 with life insurance being transacted by an English com-
pany, the Oriental Life Insurance Co. in 1870 in Mumbai. This was followed by the Bharat Insurance co. in 1896 in
Delhi, the Empire of India in 1897 in Mumbai, The United India in Chennai, the National, the National Indian and Hin-
dustan Cooperative in Kolkata.
Later, were established the cooperative Assurance in Lahore, the Bombay Life (originally called the swadeshi life), the
India Mercantile, the new India and the Jupiter in Mumbai and the Lakshmi in New Delhi. These were all Indian com-
panies started as a result of the swadeshi movement in the early 1900s. By the year 1956, when life insurance business
was nationalized and the life Insurance Corporation of India (LIC) was formed on1st September 1956, there were 170
companies and 75 provident fund societies transacting life business in India. After the amendments to the relevant laws
in 1999, the L.I.C. did not have the exclusive privilege of doing life insurance business in India. By 31.8.2007, sixteen
new life insurers had been registered and were transacting life insurance business in India.
Indian insurance industry structure
Both the life and non-life insurance sectors in India, which were nationalized in the 1950s and 1960s,
respectively, were liberalized in the 1990s. Since the formation of IRDA and the opening up of the
insurance sector to private players in 2000, the Indian insurance sector has witnessed rapid growth. A
growing middle-class segment, rising income, increasing insurance awareness, rising investments and
Ministry of Finance(Government of India)
IRDALife insurance
Private
Public
Non-Life insurancePublic
Private
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infrastructure spending, have laid a strong foundation to extend insurance services in India. The total
premium of the insurance industry has increased at a CAGR of 24.6% between FY03 and FY09 to
reach INR 2,523.9 billion in FY09.
The opening up of the insurance sector for private participation/global players during the 1990s has
resulted in stiff competition among the players, with each offering better quality products. This has
certainly offered consumers the choice to buy a product that best fits his or her requirement. The
number of players during the decade has increased from four and eight in life and non-life insurance,
respectively, in 2000 to 23 in life and 24 in non-life insurance (including 1 in reinsurance) industry as
in August 2010 her requirements.
1.1.3 Role of Insurance in Economic Development
For economic development, investments are necessary. Investments are made out of savings. A life
insurance company is a major instrument for the mobilization of savings of people, particularly from
the middle and lower income groups. These savings are channeled into investments for economic
growth.
Insurance company’s strength lies in the fact that huge amounts come by way of premiums. Every
premium represents a risk that is covered by that premium. In effect, therefore, these vast amounts
represent pooling of risks. The funds are collected and held in trust for the benefit of the policyhold-
ers.
The management of insurance companies is required to keep this aspect in mind and make all its de -
cisions in ways that benefit the community. This applies also to its investments. This is why success-
ful insurance companies would not be found investing in speculative ventures. Their investments
benefit the society at large.
The system of insurance provides numerous direct and indirect benefits to the individual and his fam-
ily as well as to industry and commerce and to the community and the nation as a whole.
The very existence of risk is, uncertainty concerning the future, is a severe handicap in economic ac-
tivities. Insurance removes the fear, worry and anxiety associated with this future uncertainty and
thus encourages free investment of capital in business enterprises and promotes efficient use of exist-
ing resources.
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Thus insurance encourages commercial and industrial development and there by contributes to a vig-
orous economy and increased national productivity.
Insurance ranks with export trade, shipping and banking services as earner of foreign exchange to the
country. It helps to earn foreign exchange and represent invisible exports.
1.1.4 INSURANCE MARKET - PRESENT
The insurance sector was opened up for private participation a decade back. For years now, the pri-
vate players are active in the liberalized environment. The insurance market has witnessed dynamic changes,
which include presence of a fairly number of insurers both life, and non-life segment. Most of the private
insurance companies have formed joint venture partnering well-recognized foreign players across the globe. The In-
dian life insurance market generated total revenues of $41.36billion in 2007, thus representing a com-
pound annual growth rate (CAGR) of 11.84% for the period spanning 2000-2007. Life in-
surance market had a growth of $22.46 billion within a period of 7 years with a growth rate of
118.24%. Estimated life premiums rose to INR 1,470,800million ($36.77 billion) in 2006 from INR
1,301,540 million ($32.54billion) in 2005. We envisage that life premiums in 2011 will be$65.96 bil-
lion, a growth larger than they were in 2007
PRESENT STRUCTURE OF INSURANCE INDUSTRY IN INDIA
Life Insurance Corporation of India – Fully owned by government.
Postal Life Insurance
Private players:
1. Bajaj Allianz Life Insurance Co. Ltd
2. Birla Sun Life Insurance Co. Ltd. (BSIL)
3. HDFC Prudential Life Insurance Co. Ltd. (HDFC STANDARD LIFE)
4. ICICI Prudential Life Insurance Co. Ltd. (ICICI PRU)
5. ING Vyasa Life Insurance Co. Ltd. (ING VYASA)
6. Max New York Life Insurance Co. Ltd. (MNYL)
7. Met Life India Insurance Co. Ltd. (METLIFE).
8. Kotak Mahindra Old Mutual Life Insurance Co. Ltd.
9. SBI Life Insurance Co. Ltd. (SBI Life)
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10. TATA AIG Life Insurance Co. Ltd. (TATA AIG)
11. AMP Sanmar Assurance Co. Ltd. (AMP SANMAR)
12. Aviva Life Insurance Co. Ltd. (AVIVA)
13. Sahara India Life Insurance Co. Ltd. (SAHARA LIFE)
14. PNB Life Insurance
15. Reliance Life Insurance
16. Bharti Axa Life Insurance
1.2 MAJOR PLAYERS
After liberalization and Globalization, tremendous growth has been seen in Banking and Insurance
sector in terms of capital and customers. Keeping the demands of customers various policies had
been offered to attract more and more customers. Although, financial turbulence caused many ups
and down in the Insurance Industry. But insurance is after all an issue of trust, trusting the companies
which sustain the hard times. Investing in companies which had the good brand value invokes a sense
of security in our hearts. Hence it is always good to know which companies are the markets.
Bajaj Allianz General Insurance: It is a company formed by joint venture between German
Company Allianz SE and Bajaj auto Ltd. Bajaj Allianz General Insurance came into existence on 2nd
May 2001, when it got certification of Registration from the Insurance and Regulatory Development
Authority. Bajaj Auto has a share of 74%, whereas Allianz has the remaining 26%. In the very first
year, the company made a strong position for itself in the industry and was reckoned amongst the top
private insurers. The premium income of the company as on 31st March 2006 was Rs. 1285 crores,
whereas the profit after tax made was Rs. 52 crores. Bajaj Allianz has a Pan India network covering
over 100 towns from Jammu to Thiruvananthapuram and aims to spread its operations in many other
cities
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ICICI Prudential Life Insurance: It is a Joint venture between ICICI bank and Prudential plc, both
having strong operations in their respective businesses. ICICI and prudential have respective shares
of 74% and 26 %. ICICI Prudential was the first insurance company in India to receive a National
Insurer Financial Strength rating of AAA (Ind.) from Fitch ratings. It has been given the honor of
being among the Most Trusted Brands in the industry by Economic Times for 3 consecutive years. It
has a network of 450 branches, over 1, 50,000 insurance advisors and 18 bancassurance partners.
Birla Sun life Insurance: It is joint venture between Aditya Birla Group and Sun life Financial Inc.
BSLI started functioning in March 2001 and within a short span of time established itself to be a
leading player in Private Life Insurance Industry. This company is a customer oriented company with
clearly focusing on the policies at which customers are fully satisfied. The company has well enabled
IT systems for better customer services and a strong distribution channel to gain major share in
Insurance Industry. With the professional knowledge of Aditya Birla this company is reaching new
heights and at present is the third largest Private sector life insurance company.
HDFC Life Insurance: HDFC Life, one of India's leading private life insurance companies, offers a
range of individual and group insurance solutions. It is a joint venture between Housing Development
Finance Corporation Limited (HDFC), India's leading housing finance institution and Standard Life
plc, the leading provider of financial services in the United Kingdom.
HDFC Ltd. holds 72.37% and Standard Life (Mauritius Holding) Ltd. holds 26.00% of equity in the
joint venture, while the rest is held by others.
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SBI Life Insurance: SBI Life Insurance is another joint venture company in the top players in insur-
ance sector in India and this company is formed with the joint venture between BNP Paribas Assur-
ance and State Bank of India. Out of the total capital, BNP’s share is 26%, while that of SBI is 74%.
The paid up capital of the company is Rs. 1000 crores, while the authorized capital is Rs. 2000
crores. This company offers a wide range of health plans, group plans and individual plans.
Max New York Life: Max New York Life is also a most reputed and old company. They offer
products like investment protection, retirement solution, children’s plan, etc. They also offering a 35+
products pertaining to health and life insurance .They have direct sales centers at 14 locations, 33
bank assurance relationships and 14 corporate agency tie-ups.
Reliance Life Insurance: Reliance Life Insurance is a Reliance Capital Company and is part of Re-
liance Group. Reliance Capital is one of India’s leading private sector financial services companies,
and ranks among the top 3 private sector financial services and banking companies, in terms of net
worth. Reliance Capital has interests in asset management and mutual funds, stock broking, life and
general insurance, proprietary investments, private equity and other activities in financial services.
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Oriental Insurance Company: Oriental Insurance Company Limited came into existence in the year
1947 with its corporate officer at Bombay and the company is a wholly owned subsidiary of the Ori-
ental Government Security Life Assurance Company. From the year 1956 to 1973, the company was
working as a subsidiary of Life Insurance Corporation of India. Before the year 2003, a large part of
the shares of this company was held by the General Insurance Corporation of India after which the
shares were transferred to the Central Government.
Kotak Mahindra Old Mutual Life Insurance : Kotak Mahindra Old Mutual Life Insurance Ltd is
a 74:26 joint venture between Kotak Mahindra Bank Ltd., its affiliates and Old Mutual plc. The
company started operations in 2001, and strives to offer its customers outstanding value through high
customer empathy, consistent and benchmarked service and a suite of products that leverage the
combined prowess of protection and long term savings. The company covers over 4 million lives and
is one of the fastest growing insurance companies in India.
Aviva life insurance: Aviva India is a joint venture between one of the country’s oldest and largest
groups, Dabur, and Aviva Group, one of the UK's largest insurance group, whose association with In-
dia dates back to 1834. India’s leading life insurers with a quality business model, focused on sus-
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tainable growth. We seek to build a robust product portfolio meeting all customer lifecycle needs re-
lated to – Protection, Retirement, Savings and Investments.
1.3 PRINCIPLES OF INSURANCE
Insurance involves pooling funds from many insured entities (known as exposures) to pay for the
losses that some may incur. The insured entities are therefore protected from risk for a fee, with the
fee being dependent upon the frequency and severity of the event occurring. In order to be insurable,
the risk insured against must meet certain characteristics in order to be an insurable risk. Insurance is
a commercial enterprise and a major part of the financial services industry, but individual entities can
also self-insure through saving money for possible future losses.
When a company insures an individual entity, there are basic legal requirements. Several commonly
cited legal principles of insurance include:
1. Indemnity – the insurance company indemnifies, or compensates, the insured in the case of
certain losses only up to the insured's interest.
2. Insurable interest – the insured typically must directly suffer from the loss. Insurable interest
must exist whether property insurance or insurance on a person is involved. The concept re-
quires that the insured have a "stake" in the loss or damage to the life or property insured.
What that "stake" is will be determined by the kind of insurance involved and the nature of
the property ownership or relationship between the persons.
3. Utmost good faith – the insured and the insurer are bound by a good faith bond of honesty
and fairness. Material facts must be disclosed.
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4. Contribution – insurers which have similar obligations to the insured contribute in the in-
demnification, according to some method.
5. Subrogation – the insurance company acquires legal rights to pursue recoveries on behalf of
the insured; for example, the insurer may sue those liable for insured's loss.
6. Cause proximal, or proximate cause – the cause of loss (the peril) must be covered under
the insuring agreement of the policy, and the dominant cause must not be excluded
7. Mitigation - In case of any loss or casualty, the asset owner must attempt to keep the loss to a
minimum, as if the asset was not insured.
1.4 THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (IRDA)
The Insurance Act, 1938 had provided for setting up of the Controller of Insurance to act as a strong
and powerful supervisory and regulatory authority for insurance. Post nationalization, the role of
Controller of Insurance diminished considerably in significance since the Government owned the
insurance companies.
But the scenario changed with the private and foreign companies foraying in to the insurance sector.
This necessitated the need for a strong, independent and autonomous Insurance Regulatory Authority
was felt. As the enacting of legislation would have taken time, the then Government constituted
through a Government resolution an Interim Insurance Regulatory Authority pending the enactment
of a comprehensive legislation.
The Insurance Regulatory and Development Authority Act, 1999 is an act to provide for the
establishment of an Authority to protect the interests of holders of insurance policies, to regulate,
promote and ensure orderly growth of the insurance industry and for matters connected therewith or
incidental thereto and further to amend the Insurance Act, 1938, the Life Insurance Corporation Act,
1956 and the General insurance Business (Nationalization) Act, 1972 to end the monopoly of the Life
Insurance Corporation of India (for life insurance business) and General Insurance Corporation and
its subsidiaries (for general insurance business).
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2.1 COMPANY PROFILE
2.1.1 AXA GROUP
The AXA Group has a long and distinguished history, stretching all the way back to the 18th
Century. After a succession of mergers‚ acquisitions and name changes involving some of the leading
insurance companies in the UK and around the world‚ the name AXA was first introduced in 1985.
AXA is a French company was originally founded in 1816 as mutuelle deL' assurance contre
L'incendie ( the Ancienne Mutuelle). AXA is world's leading financial service provider with presence
across 5 continents in 61 countries. It is a financial service industry. It was founded by Claud Bebear.
Present in 57 countries, the 163,000 employees and distributors of AXA are committed to serving
101 million clients. Our areas of expertise are reflected in a range of products and services adapted to
the needs of each client in three major business lines: property-casualty insurance, life & savings, and
asset management.
HISTORY
2011
European agreement on anticipating changes
AXA, world's top insurance brand for the third year in a row by Inter brand. Overall, AXA is
also the 4th best brand in France.
Ambition AXA strategic plan is launched.
AXA joins forces with CARE
AXA initiated the Global Forum for Longevity meetings
2010
A new dimension in China
Change in the structure of governance
AXA ranks among top 5 in Malaysia
2. INTRODUCTION
20
AXA delists from NYSE.
2009
The Group announced the acquisition of the Rumanian Omniasig Life AXA, reinforcing its
position in Hungary, Poland and the Czech Republic via the buyout of minority interests held
by EBRD.
2008
New supervisory board chairman
AXA in Latin America
2007
Setting out for emerging markets in South Korean and Ukrainian
New distribution channel in Italy.
2006
AXA becomes number 1 in Switzerland
2005
The Group gains ground in asset management
AXA consolidated its asset management business with the acquisition of Farmington in the
UK.
AXA took its first steps in life insurance in India, with Bharti Enterprises Private Ltd, and be-
gan direct selling in Portugal.
New strategic plan is launched.
2003
The Group makes strides in the United States and in Asia
2002
Banking division grows
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1999
The Group affirms its global reach
1997
Birth of AXA Equitable
1996
AXA and UAP unite in a merger-acquisition
The AXA share was admitted for trading on the New York Stock Exchange.
1986
Unprecedented stock market war
1985
In July, AXA became the Group's new corporate name.
1817
The origins of AXA
AXA -THE WORLD’S TOP GLOBAL INSURANCE BRAND
Presence: Employees: Clients worldwide: Revenues: 61 countries 214,000 95 million €91 billion
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BUSINESS PROTECT
Protecting one’s own property and against damage to the property of others.
Protecting against life’s mishaps.
Funding projects.
Growing the value of savings.
Preparing for retirement.
Safeguarding the future of loved ones.
Life Insurance & Savings
(Life Insurance & Savings business represents 52% of Group revenues) :
Our individual and group life insurance policies encompass savings and retirement products on the
one hand and on the other hand health and personal protection products. Savings and retirement prod-
ucts meet the need to set aside capital to finance the future, a special project or retirement. Personal
protection covers risks related to an individual’s physical integrity, health or life.
AXA also offers its individual clients in some countries a simple range of banking services and prod-
ucts that supplements the insurance offering.
Property & Casualty Insurance
(Property & Casualty Insurance business represents 42% of Group revenues):
The property-casualty business includes insurance for personal property—cars, homes— and per-
sonal or professional liability. It covers a broad range of products and services designed for our indi-
vidual and business clients. Assistance services are also part of the property-casualty offering, which
may include international insurance for large corporate clients in Europe and a few specialty lines,
such as Marine and Aviation.
Asset Management
(Asset Management business represents 6% of Group revenues) :
The asset management business involves investing and managing assets for the Group’s insurance
companies and their clients, as well as for third parties, both retail and institutional clients. The objec-
tive is to obtain the best possible return on invested assets, based on the risk profit le and investment
23
timeframe chosen. Our combined areas of expertise allow us to devise investment solutions and prod-
ucts that meet the specific needs and constraints of our clients, by investing in different asset classes,
such as equities, bonds or real estate.
2.1.2 BHARTI ENTERPRISE
Founded in 1976, by Sunil Bharti Mittal, Bharti has grown from being a manufacturer of bicycle
parts to one of the largest and most respected business groups in India. With its entrepreneurial spirit
and passion to undertake business projects that are transformational in nature, Bharti has created
world-class businesses in telecom, financial services, retail, and foods.
Bharti started its telecom services business by launching mobile services in Delhi (India) in 1995.
Since then there has been no looking back and Bharti Airtel, the group’s flagship company, has
emerged as one of top telecom companies in the world and is amongst the top five wireless operators
in the world.
Through its global telecom operations Bharti group operates under the ‘Airtel’ brand in 20 countries
across Asia and Africa– India, Sri Lanka, Bangladesh, Seychelles, Burkina Faso, Chad, Congo Braz-
zaville, Democratic Republic of Congo, Gabon, Ghana, Kenya, Madagascar, Malawi, Niger, Nigeria,
Sierra Leone, Tanzania, Uganda, and Zambia. In addition, the group also has mobile operations in
Jersey, Guernsey.
Over the past few years, the group has diversified into emerging business areas in the fast expanding
Indian economy. With a vision to build India’s finest conglomerate by 2020 the group has forayed
into the retail sector by opening retail stores in multiple formats – small and medium - as well estab-
lishing large scale cash & carry stores to serve institutional customers and other retailers. The group
offers a complete portfolio of financial services – life insurance, general insurance and asset manage-
ment – to customers across India. Bharti also serves customers through its fresh and processed foods
business. The group has growing interests in other areas such as telecom software, real estate, train-
ing and capacity building, and distribution of telecom/IT products.
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What sets Bharti apart from the rest is its ability to forge strong partnerships. Over the years some of
biggest names in international business have partnered Bharti. Currently, Singtel, IBM, Ericsson,
Nokia Siemens and Alcatel-Lucent are key partners in telecom. Walmart is Bharti’s partner for its
cash & carry venture. Axa Group is the partner for the financial service business and Del Monte Pa-
cific for the processed foods division.
Bharti strongly believes in giving back to the society and through its philanthropic arm the Bharti
Foundation it is reaching out to over 30,000 underprivileged children and youth in India.
Vision
Always empowering and backing our people.
Being loved and admired by our customers and respected by our partners.
Transforming millions of lives and making a positive impact on society.
Being brave and unbounded in realizing our dreams.
Values
Empowerment: We respect the opinions and decisions of others. We encourage and back
people to do their best.
Entrepreneurship: We always strive to change the status quo. We innovate with new ideas
and energize with a strong passion and entrepreneurial spirit.
Transparency: We believe we must work with honesty, trust and the innate desire to do well.
Impact: We are driven by the desire to create a meaningful difference in society.
Flexibility: We are ever willing to learn and adapt to the environment, our partners and the
customers’ evolving needs.
Core Values
Innovation: Constantly striving to find new and improved ways to add value to all our stake
holders. Our innovative spirit has driven us to launch revolutionary products. Our critical ill-
ness insurance covers 20 critical illnesses, the highest in the market. Our lifestyle solutions re-
define the way customers look at health insurance.
25
Pragmatism: Facing reality with courage and focusing on outcomes. Our pragmatic, realistic
approach to insurance has made us amongst the fastest growing insurers in India.
Integrity: Always being responsible and doing the right thing. We have settled over one lakhs
claims in three years, a testimony to our focus on customer centricity.
Team Work: Being one company, one diverse team. Our dedicated team of employees,
agents, partners and associates has enabled us to reach a milestone of one million policies in
just three years.
Professionalism: Always seeking to make a difference. With sheer professionalism we have
managed to surpass targets and double our growth in three years.
Strategy
To achieve a market position among the top 5 in India through a multi-distribution, multi-
product platform
To adapt AXA's best practice blueprints as a sound platform for efficient and profitable
growth
To leverage Bharti's local knowledge, infrastructure and customer base
To deliver high levels of shareholder return
To build long term value with our business partners by enhancing the proposition to their cus-
tomers
To be the employer of choice to attract and retain the best talent in India
To be recognized as being close and qualified by our customers.
Strong partner Bharti - provides access to customer base of more than 130 million
Multi channel execution capability
Current Asia product range which is a strong match to products sold to the mass and mass af-
fluent
Global scale providing cost effective and speedy re-use of systems, products and business ca-
pability
Strong AXA and Bharti brands which can be leveraged to attract and retain a high quality
management tea
26
2.2 BHARTI-AXA LIFE INSURANCE
Bharti AXA Life is a life Insurance player that was started in 2006.
It brings together strong financial expertise of the Paris-headquar-
tered AXA Group, and Bharti Enterprises - one of India's leading
business groups with interests in telecom, agricultural business, financial services, and retail. The
joint venture has a 74% stake from Bharti and 26% stake from AXA Asia Pacific Holdings Ltd.
(APH).The company launched national operations in December 2006. Today, Bharti AXA Life has a
national footprint of distributors trained to provide quality financial advice and insurance solutions to
the large Indian customer base.
Bharti AXA Life offers a range of innovative products and services that cater to specific insurance
and wealth management needs of customers. We undertook an in-depth analysis wherein we identi-
fied the notion of preference was totally related to the trust granted to various names in insurance and
financial services. The level of trust is very inadequate today, regardless of the brand considered.
BHARTI ENTERPRISE
Bharti Airtel Ltd.Comviva
Technologies LimitedCentum Learning Limited
Bharti Infratel Limited
FieldFresh Foods Pvt. Ltd.
Bharti Foundation
Bharti Retail Ltd.Bharti AXA
General Insurance CompanyBharti Realty
Bharti Walmart Private LimitedBharti AXA Life
Insurance CompanyIndus Towers
Bharti TeleTech Ltd.Bharti AXA
Investment Managers Pvt.
Ltd.Bharti Softbank
Holdings
27
This is because the perception of consumers is that we are all evolving only in "a world of promises."
And this is what we have to redefine.
These are the three attitudes that clients most expect from an insurance and financial services com-
pany in exchange for their vote of confidence. These three attitudes stood out from the others in the
consumer research we conducted across markets, regardless of their level of maturity.
2.3 PRODUCTS OF BHARTI-AXA
Bharti AXA has many products along different categories like child plan, term plans, savings & in-
vestment plan and health plan.
2.3.1 Child Plan: Parenthood brings responsibilities and no one is better judge of that than you.
Child Plan is a plan specifically designed to take care of financial needs of your child. Child plan
provides with necessary funds that will take care of child’s education, marriage etc. By investing
small portion of your savings you secure the financial end of your child. Child plan of Bharti AXA is
called Bright Stars Edge.
Plans that help your child realize his potential and let him achieve what he
dreams of
As a responsible parent you will never want to make any compromises when it comes to your child.
Wouldn’t it be nice if you have a trusted friend who takes care of all the finances for your child's
growing dreams? Child plans, with a life insurance company like ours, have been created to help you
provide the best for your child's key stages and help him secure a bright future.
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Children Insurance - Bright Stars Edge
Features and benefits
What the insurer will get?
Double Protection Benefits for your loved ones -
Sum assured Plus Fund value is paid in case some-
thing unfortunate were to happen to you
Receive full fund value at the time of maturity of the policy
Flexible options like partial withdrawal, premium redirection etc
You receive tax benefits under section 80C and 10(10D)
Why choose this plan?
If you want a plan that would completely secure an important financial goal of your family (e.g.
child's education, marriage etc)
If you are looking for a flexible investment plan that can adapt to your investment habits
Children Life Insurance Plans
Children Insurance - Bright Stars Edge
Child Insurance Plan - Power Kid
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Eligibility
Parameter Eligibility
Minimum Age At Entry 18 Years
Maximum Age At Entry 60 Years
Minimum Age At Entry
70 Years For 10 Year Term
75 Years For 15 Year Term
80 Years For 20 Year Term
Investment Options & Rates
Where can I Invest my Money?
You have the options of investing across 6 funds depending on your risk appetite and return expecta-
tion. We also give you 12 policy switches every year to change your asset allocation as per your
needs
Child Insurance Plan - Power Kid
Features and benefits
What the insurer get?
Two policy terms- 15 & 20 years
Provision of Emergency Allowance
Additional Accidental Death Benefit
Loyalty bonus and Settlement Option
You will receive tax benefits for premiums paid as well as benefits received under Section 80C and
10 (10D) as per prevailing tax laws under the Income Tax Act, 1961
Why Choose this Plan?
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You want a plan that will not only provides comprehensive protection for your child, but will also
help provide for your child’s key stages
Eligibility
Parameter Eligibility
Minimum Age At Entry 21 Years
Maximum Age At Entry 50 Years
Minimum Age At Entry65 Years For 15 Year Term
70 Years For 20 Year Term
Other benefits
What are the death benefits?
Emergency Allowance to address immediate liquidity needs
An amount equal to annualized regular premium will be payable till maturity funded by the company.
Education Allowance (available with Death Option A only)
Career Development Allowance: To support your child’s career needs
Fund Value along with Loyalty Bonus.
Secure Fund Transfer: A feature that helps beat market volatility and safeguard your funds
2.3.2 Protection Plan: Love your family and feel responsible towards them in every way. But life
can be uncertain and unforeseen contingencies can meet you anytime. At such times, life
insurance comes to your rescue. As someone who wants only the best for their family, we understand
your need to safeguard your family against any crisis. Our protection plans offer you high life cover
at nominal costs so that you can fulfill your responsibility with ease and your family never has to face
financial constraints.
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Bharti AXA Life Elite Secure
Features and benefits
What the insurer will get?
Pure Life Insurance cover at very competitive premiums
Option to cover your life till 75 years with a unique to age 75 years term
You receive tax benefits under section 80C and 10(10D)
Why choose this plan?
You want comprehensive protection for your loved ones
You want a single product that can take care of all your Insurance needs
Protection plans
Bharti AXA Life eProtect
Life Insurance - Elite Secure
Plan
Life Life Insurance -
Family Income Secure
Life Insurance Premium Waiver
Rider
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Eligibility
Parameter Eligibility
Minimum Age At Entry 18 Years
Maximum Age At Entry75 Years For 10,15,20,25 & 'To Age 75' Policy Term
70 Years For 5 Year Term
Maximum Age At Maturity75 Years For 10,15,20,25 & 'To Age 75' Policy Term
70 Years For 5 Year Term
Coverage & Premium
What is the minimum and maximum Insurance cover that I can opt for in this plan?
The minimum Sum Assured in this plan is Rs 25,00,000/. There is no limit on the maximum insur-
ance cover that you can opt for
Riders
Can I add any further protection along with this plan? (Riders)
Bharti AXA Life Insurance gives you enhanced protection in this plan with the option to add any of
the 4 protection enhancers by paying a nominal amount towards this additional protection:
Critical Illness Benefit Rider: In case, you are diagnosed of any one of the six Critical Illnesses at
any time during the term for which the rider is in force, you will receive a lump sum amount equal to
the Critical Illness Benefit Sum Assured as opted by you.
Accidental Death and Disability Benefit Rider: In the event of an unfortunate death of Life Insured
due to an accident or an accidental disability, the Sum Assured under the Rider will be paid to the
Policyholder / nominee.
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Life Insurance - Family Income Secure
Features and benefits
What the insurer will get?
Guaranteed Annual Income for your family in case of any eventuality
100% return of premium at maturity
You receive tax benefits under section 80C and 10(10D)
Why choose this plan?
You want a plan that provides a regular income for the family.
You want a plan that provides guaranteed returns
Eligibility
Parameter Eligibility
Minimum Age At Entry 18 Years
Maximum Age At Entry 60 Years
Maximum Age At Maturity
70 Years For 10 Year Term
75 Years For 15 Year Term
80 Years For 20 Year Term
Coverage & Premium
What is the Insurance cover that I can opt for in this plan?
In case of the unfortunate event of the death of the Life insured, an annual income will be paid to the
nominee for the next 20 years. You can choose this annual income at inception of the policy which
will determine your premium. The minimum premium you will need to pay for this benefit is Rs
2500.
34
Life Insurance - Protect Plus
Features and benefits
What the insurer will get?
Financial Protection for your family
Guaranteed Cash Back on maturity
You receive tax benefits under section 80C and 10(10D)
Why choose this plan?
You want to protect the future of your loved ones
You want a plan that protects your family while also builds your savings
Eligibility
Parameter Eligibility
Minimum Age At Entry 8 Years
Maximum Age At Entry 60 Years
Maximum Age At Maturity 70 Years
Coverage & Premium
What is the minimum and maximum Insurance cover that I can opt for in this plan?
The minimum Sum assured under this plan is Rs 180,000
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Life Insurance Premium Waiver Rider
Features and benefits
What the insurer will get?
100% of all future premiums under the base policy are
waived and paid by the Company on death of the life insured under the rider.
Eligibility
Parameter Eligibility
Minimum Age At Entry 18 Years
Maximum Age At Entry Will Depend On Base Policy
Coverage & Premium
What is the Sum Assured under the premium waiver rider?
The sum assured under the rider will be the outstanding premiums under the base policy.
2.3.3 Guarantee Plan: Bharti AXA Life we care for you and your hard-earned money. That’s why
we present the 'Guarantee Plans'- an innovative way of protecting your investment and maximizing
your gain from the market without losing any of your money. Our plans include an in-built guarantee
feature that ensures the minimum value of your investments remain intact. You can therefore enjoy
market ups but don’t have to worry about market lows.
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Guaranteed Life Insurance Plan - Monthly Income
Features & Benefits
What you will get?
Guaranteed monthly income that helps fulfill your
loved ones’ desires while protecting them in case of
an unfortunate event
You receive tax benefits under section 80C and 10(10D)
Why choose this plan?
You want to fulfill your long pending desires with additional source of income
You want a source of guaranteed monthly income for your family if something unfortunate were to
happen to you
You want to gift your parents a guaranteed monthly income for their retirement
Eligibility
Parameter Eligibility
Minimum Age At Entry 0 Years
Maximum Age At Entry 65 Years
Maximum Age At Maturity
The Maximum Maturity Age Depends On The Policy Benefit
95 Years For 30 Year Policy Term
90 Years For 25 Year Policy Term
80 Years For 15 Year Policy Term
Gurantee Plan
Guaranteed Life Insurance Plan - Monthly Income
Guaranteed Life Insurance Plan - Aajeevan Sampatti
Guaranteed Life Insurance Plan - Young India
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Premium & Income
What is the minimum annual premium under this plan?
The minimum annual premium under the plan for each policy term is given below
Rs 23,000 for 15 year term
Rs 18,000 for 25 year term
Rs 7,500 for 30 year term
What is the minimum Monthly Income that can be opted for?
The minimum Monthly Income for each of the policy terms is given below
Rs 2000 for 15 year term
Rs 1000 for 25 year term
Rs 700 for 30 year term
Riders
Can I add any further protection along with this plan?
Bharti AXA Life Insurance gives you enhanced protection with the option to pay a nominal amount
towards additional protection through its riders:
Critical Illness Benefit Rider: This rider pays a lump-sum benefit in case of diagnosis of any of the
six critical illnesses: Cancer, Stroke, Heart attack, Coronary Artery Bypass Graft surgery, Major Or-
gan Transplant and Kidney failure. UIN - 130N046V01
Premium Waiver Rider: - This rider allows premium payments to be waived in case of an unfortu-
nate event of death of the policyholder. This rider can only be attached with 25 or 30 year policy
term.
Guaranteed Life Insurance Plan - Aajeevan
Sampatti
Features & Benefits
What you will get?
Guaranteed regular payouts of 5.5% of Sum Assured every year, starting from the end of 10th year
until you reach the age of 100 years
Life Insurance cover until the age of 100 years
38
You receive tax benefits under section 80C and 10(10D)
Why choose this plan?
You want a plan that provides regular annual payouts throughout your lifetime.
You want to pay for a limited period and enjoy long term benefits.
Eligibility
Parameter Eligibility
Minimum Age At Entry 91 Days
Maximum Age At Entry 60 Years
Coverage & Premium
What is the minimum and maximum Insurance cover that I can opt for in this plan?
The minimum Sum Assured under the plan is Rs 1,00,000
There is no limit to the maximum Sum Assured
Riders
Can I add any further protection along with this plan?
Bharti AXA Life Insurance gives you enhanced protection in this plan with the option to add the fol-
lowing protection enhancer by paying a nominal amount towards this additional protection:
Premium Waiver Rider: This rider allows future premium payments to be waived in case of the un-
fortunate death of the Policyholder during the premium payment term. The rider can be opted for
only at inception.
39
Guaranteed Life Insurance Plan - Young India
Features & Benefits
What you will get?
The Product provides Triple Benefits which guarantee you Protection, benefit of Liquidity whenever
you want it and Savings for your Retirement.
Protection – Choose when you want to increase your Sum Assured. In case of any unfortunate event,
get increased Sum Assured through our Flexi Cover options
Liquidity – You get the benefits of Money Back twice during the Policy term through our Good
Times Money Back feature. Avail it, when you want it (after 3rd policy year).
Savings – Get a lump sum benefit at Maturity for your retirement needs or to offset any loan
Assured Protection – Choose to activate Premium Waiver facility at any of your chosen milestones
or at inception. In case of any unfortunate event, the nominee receives the Death Benefit, all the fu-
ture premiums are waived off and Maturity Benefit (inclusive of bonus) is paid to the nominee.
Simple Reversionary Bonus –Enhance your Maturity benefit with vested bonuses (if declared).
You receive tax benefits under section 80C and 10(10D) of the Income Tax Act, 1961.
Why choose this plan?
You are looking for a protection cum savings plan which provides you liquidity at key life stages
You are looking for flexibility to increase your protection whenever you want it without going
through the hassles of Medical Check ups
You are young and want to save for your retirement.
Eligibility
Parameter Eligibility
Minimum Age At Entry 18 Years
Maximum Age At Entry 40 Years
Maximum Age At Maturity 60 Years
40
Coverage & Premium
What is the minimum Premium under this plan?
The minimum premium under the plan for each premium payment mode is given below
Rs 8000 for annual mode
Rs 4160 for semi- annual mode
Rs 2160 for quarterly mode
Rs 720 for monthly mode
2.3.4 Health Plan: Slightly different from health insurance, health plan provides cover for surgery
costs, critical illness. A lump sum is paid irrespective of actual hospital bill. Easy Health is Bharti
AXA’s health plan.
Health Insurance Plan - Life Triple Health
Health Insurance Plan - Easy Health Plan
41
Health Insurance Plan - Life Triple Health
Features & Benefits
What you will get?
Cover for up to three unrelated critical illnesses with premium waiver after the first claim
Lump sum payout of 100% of the Sum Assured for each claim
Maturity Benefit and Death Benefits available with the return of Premium option
You will receive tax benefits under Section 80D for all premiums paid towards health insurance ben-
efits and under Section 80C for premiums paid towards life insurance benefits (as applicable) of the
Income Tax Act, 1961.
Why choose this plan?
You would like to avail of a comprehensive health insurance product that will continue to protect you
even after you make a claim
Eligibility
Parameter Eligibility
Minimum Age At Entry 18 Years
Maximum Age At Entry 50 Years
Maximum Age At Maturity 65 Years
Coverage & Premium
Illnesses is covered
The policy covers 13 critical illnesses that are split into three groups. Should one have the misfortune
of being diagnosed with any critical illness from these groups, the first claim could be made and the
42
policyholder will still be eligible for a second and third
claim from the other two groups in future years.
Health Insurance Plan - Easy Health Plan
Features and Benefits
What you will get?
Extremely affordable protection with premiums starting as low as Rs 3 per day
Easy health covers you with a single premium at one go for 3 years
Daily Hospital Cash Benefit options of Rs 500, Rs 750, Rs 1000 and Rs. 1500 per day
Cover your spouse, children and parents and avail of an attractive discount of 10% on premium for
each family member added
Get additional protection in case of hospitalization due to an accident and for hospitalization in an
ICU
Avail of Get Well Soon benefit for continuous hospitalization of 7 days or more
Simple and easy to enroll. No need to fill up lengthy proposal forms or take any medical tests or
medical reports
You receive tax benefits under section 80D and 10(10D)
Why choose this plan?
You want a product that will cover your incidental hospital expenses
You want a product that is easy to buy, simple to understand and pay premium only once in three
years
Coverage & Premium
Is there a waiting period?
There is a waiting period of 90 days except for accidental hospitalization.
43
2.3.5 Group Plans: Bharti AXA Life insurance products provide financial security and protection to
the loved ones. The plans are simple, affordable plans to safeguard ones family from life's
uncertainties.
Group Plans
Bharti AXA Life Shield
Bharti AXA Life
Sanjeevani
44
Life Shield - Life Insurance
Life Shield, a single premium group term life insurance product, is a simple, affordable life insurance
solution that financially secures the family of the group member by providing a life insurance cover.
Life Sanjeevani - Life Insurance
Sanjeevani, a single premium group term life insurance product provides financial security and pro-
tection to your loved ones. It is a simple, affordable plan to safeguard your family from life's uncer-
tainties.
2.3.6 Unit Linked Insurance Plans:
Be it a dream house or an expensive holiday abroad,
Bharti AXA Life has plans that help you achieve your dreams. Our Market Linked Plans offer you
investment in funds that are managed by professional fund managers and have had good yields in the
past three years. Additionally, they provide you with life insurance cover that secures your family in
case of any dire.
Unit Linked Insurance Plans
Bharti AXA Life Future Invest
45
Bharti AXA Life Future Invest
Features and benefits
What the insurer get?
Flexibility of partial withdrawals
Option to stay invested for 5 years post maturity
Option of switching and premium redirection to have complete control on your investments
You will receive tax benefits for premiums paid as well as benefits received under Section 80C and
10 (10D) as per prevailing tax laws under the Income Tax Act, 1961
Why choose this plan?
You want to invest money for a limited time frame
while also expecting good returns at the end of the
policy term
Eligibility
Parameter Eligibility
Minimum Age At Entry 18 Years
Maximum Age At Entry 70 Years
Maximum Age At Maturity 80 Years
Coverage & Premium
Age
At
Entry
Mortality
Charge
(Per ‘000
SAR)
Age
At
Entry
Mortality
Charge
(Per ‘000
SAR)
Age
At
Entry
Mortality
Charge
(Per ‘000
SAR)
Age
At
Entry
Mortality
Charge (Per
‘000 SAR)
8 0.48 24 1.35 40 2.58 56 11.84
9 0.47 25 1.37 41 2.8 57 12.79
46
10 0.5 26 1.38 42 3.01 58 13.79
11 0.59 27 1.4 43 3.26 59> 15.01
12 0.71 28 1.4 44 3.57 60 16.48
13 0.82 29 1.4 45 3.93 61 18.18
14 0.89 30 1.4 46 4.35 62 20.11
15 0.96 31 1.42 47 4.84 63 22.28
16 1.02 32 1.47 48 5.38 64 24.68
17 1.08 33 1.53 49 5.98 65 26.6
18 1.13< 34 1.62 50 6.64 66 29
19 1.18 35 1.72 51 7.36 67 32.66
20 1.22 36 1.85 52 8.14 68 36.72
21 1.26 37 1.99 53 8.97 69 41.2
22 1.29 38 2.15 54 9.87 70 46.15
23 1.32 39 2.35 55 10.83
2.4 SWOT ANALYSIS
Strength
1. Integrated approach to seek innovative solutions.
2. Policies for various age and economic groups.
3. International expertise of AXA group.
4. Strong Marketing Campaign.
5. The joint venture has a 74% stake from Bharti and 26% stake from AXA Asia Pacific Hold-
ings Ltd.
6. Bharti enterprise serves over 110 million customers.
47
Weakness
1. Less penetration in rural India.
2. Small agent base.
3. Late entrant in the insurance sector
4. Thin distribution network all over the nation
5. Very less number of product offering in comparison to its competitors
6. Lack of confidence among the customers as parent company does not have a financial back-
ground.
Opportunity
1. Growing rural market.
2. Earning Urban Youth.
3. Cross selling through financial services such as banking.
4. Strong growth of unit linked market at the mass affluent end.
Threats
1. Stringent Economic measures by Government and RBI.
2. Many more companies are lining up to enter into Indian Insurance Industry.
3. Consumer’s preference is still more towards public sector insurance companies.
3.ICICI PRUDENTIAL LIFE INSURANCE
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one of India's
foremost financial services companies-and prudential plc - a leading international financial services
group headquartered in the United Kingdom. Total capital infusion stands at Rs. 47.80 billion, with
ICICI Bank holding a stake of 74% and Prudential plc holding 26%.
We began our operations in December 2000 after receiving approval from Insurance Regulatory De-
velopment Authority (IRDA). We have a network of approximately 1,400 offices and over 1,75,0000
advisors, as at June 30, 2011. In addition to this, we also have over 5000 distribution touch-points
and over 10,000 servicing touch-points across the country.
48
For the past decade, ICICI Prudential Life Insurance has maintained its dominant position (on new
business retail weighted basis) amongst private life insurers in the country, with a wide range of flex-
ible products that meet the needs of the Indian customer at every step in life. We continue to tire-
lessly uphold our commitment to deliver world-class financial solutions and services to customers all
over India.
Vision
To be the dominant Life, Health and Pensions player built on trust by world-class people and service.
This we hope to achieve by:
Understanding the needs of customers and offering them superior products and service
Leveraging technology to service customers quickly, efficiently and conveniently
Developing and implementing superior risk management and investment strategies to offer sustain-
able and stable returns to our policyholders
Providing an enabling environment to foster growth and learning for our employees
And above all, building transparency in all our dealings
The success of the company will be founded in its unflinching commitment to 5 core values -- In-
tegrity, Customer First, Boundary less, Ownership and Passion. Each of the values describes what the
company stands for, the qualities of our people and the way we work.
We do believe that we are on the threshold of an exciting new opportunity, where we can play a sig-
nificant role in redefining and reshaping the sector. Given the quality of our parentage and the com-
mitment of our team, there are no limits to our growth.
Values
Every member of the ICICI Prudential team is committed to 5 core values: Integrity, Customer First,
Boundary less, Humility, and Passion. These values shine forth in all we do, and have become the
keystones of our success.
3.2 Products of ICICI Prudential
49
At ICICI Prudential Life insurance understand that different individuals have different needs. The
ideal insurance plan is one that addresses the exact insurance needs of the individual which depends
on the age and life stage of the individual apart from a host of other factors.
ICICI Prudential Life offers plans under the following major need categories:
Term plans
Wealth plans
Child plans
Health plans
Riders
Retirement plans
Group plans
Rural plans
ULIPs
Terms plans
Term life insurance ensures that your family receives a large lump sum amount, called the sum as-
sured, in the unfortunate event of death of the policyholder. By offering this benefit at extremely
competitive rates, Term insurance plans provide an opportunity to get the protection of insurance
cover at extremely affordable prices.
ICICI Pru iCare Term Insurance Plans
You strive to provide comfort, happiness, and security to your family. Even if something unfortunate
were to happen to you, you would want your family’s future to be secured at all times.
With ICICI Pru iCare - term plan, protect your family’s future and ensure that they lead their lives
comfortably without any financial worries, even in your absence.
ICICI Pru Pure Protect
50
As the head of your family, you have always fulfilled your responsibilities and given your loved ones
the comforts they need. However, life is full of uncertainties and it is important to ensure that your
family has a term insurance cover, should something unfortunate happen to you.
Keeping this in mind, we bring to you, ICICI Pru Pure Protect Classic & Pure Protect Elite, a non-
participating term insurance plans to insure your life and provide total security to your family.
ICICI Pru Life Guard
All of us want happiness and security for our family. The thought of unfortunate events befalling us
may cause anxiety about our ability to provide for our loved ones. Adequate term insurance ensures
that your loved ones are provided for and that their lives are not affected, even if you are not around.
ICICI Prudential presents ICICI Pru Life Guard, a non-participating term insurance plan. Choose
from two variants of this term plan to insure your life and provide total security to your family, at a
very affordable cost.
ICICI Pru Home Assure
Having your own house could be a dream of a lifetime. We at ICICI Prudential want to ensure that
your dream comes true,..
In association with your home loan providing bank, we are pleased to bring to you, ICICI Pru Home
Assure. This extremely affordable Term Life Insurance Plan offers you protection for your loan
amount and complete convenience in application.
Wealth plans
As an individual who doesn’t desire the best from life? You would undoubtedly want to plan your fi -
nances such that you can achieve all your goals - a car, a beautiful home and of course, the comfort
and contentment of your family. All of these goals are long term in nature. Wealth insurance plans
have been designed to ensure that you can save for these long term goals along with the benefit of life
cover and provide protection to your family.
51
ICICI Pru LifeStage Wealth II is a unit linked insurance plan that offers multiple choices to decide
how your savings would be invested based on your risk appetite. Further, it provides you with an in-
surance cover to help you realize your dreams without compromising your family’s protection.
ICICI Pru LifeTime Premier
your investments also deserve the very best. You need a plan that helps you achieve your dreams by
providing you with multiple savings and protection options.
ICICI Prudential presents ICICI Pru LifeTime Premier, a comprehensive savings plan that offers you
a choice of portfolio strategies for your savings and at the same time secures you against uncertain-
ties of life.
ICICI Pru Pinnacle Super
ICICI Pru Pinnacle Super is a unit linked insurance plan that offers you multiple choices on how to
invest your savings. This plan also offers you a choice of how many premiums you want to pay while
allowing you to enjoy insurance protection for the policy term.
You can choose to put your money into the Highest NAV Fund B and enjoy guaranteed returns at
maturity (conditions apply*) or select from nine different funds as per your risk appetite.
*Highest NAV Fund B provides 110% of the "highest daily NAV” of the fund in first 7 years, guar-
anteed at maturity. This guarantee is applicable only at maturity and is not available on partial with -
drawal, surrender and death. There will be an additional charge for the cost of investment guarantee
of 0.50% per annum. This will be made by adjustment to the NAV.
ICICI Pru Elite Life
your investments also deserve the very best. As an elite individual, you need a plan that offers you
the greatest value for your hard earned savings.
With this objective in mind, we present ICICI Pru Elite Life - a unit linked insurance plan, designed
exclusively for preferred customers like you. This plan offers you multiple choices on how to invest
your savings along with an insurance cover. Also, you get rewarded with Loyalty Additions from the
sixth year onwards to maximize the return on your investments
52
ICICI Pru Elite Wealth
your investments also deserve the very best. As an elite individual, you need a plan that offers you
the greatest value for your hard earned savings.
With this objective in mind, we present ICICI Pru Elite Wealth - a unit linked insurance plan, de-
signed exclusively for preferred customers like you. This plan offers you multiple choices on how to
invest your savings along with an insurance cover. Also, you get rewarded with Loyalty Additions
from the sixth year onwards to maximize the return on your investments.
ICICI Pru iAssure Single Premium
You want to enjoy life without any tension or worries. But you can only do so when your tomorrow
is assured. This assurance gives you the freedom to enjoy your life.
Presenting ICICI Pru iAssure Single Premium, a conventional non-participating single premium
product that provides you Guaranteed Maturiy Benefit and also offers a life cover to take care of your
loved ones in your absence.
ICICI Pru Guaranteed Savings Insurance Plan
Life has many important milestones: your house, your child’s education and marriage, your retire-
ment kitty. It would be your dream to achieve them all with certainty. However, this would need
careful planning and a regular savings approach.
ICICI Pru Guaranteed Savings Insurance Plan is a non-participating limited premium endowment
life insurance plan that allows you to enjoy the benefits of a long term savings plan ensuring that you
and your family are free of any financial worries.
ICICI Pru Future Secure
ICICI Pru Future Secure, a participating endowment life insurance plan that helps you save for spe-
cific goals in the future, while providing protection for your family from financial distress in case of
53
your untimely demise. Thus the dual benefit of savings and protection it helps you ensure a secure fu-
ture for your loved ones.
ICICI Pru Whole Life
You always strive to provide the best for your family, you set goals to buy a car, a house, get mar-
ried, secure your children’s education, go for that dream vacation and secure a better life after retire-
ment. Most importantly, you want to ensure your family receives all these benefits during your life-
time and also in case you are not around.
ICICI Pru Whole Life, a participating endowment life insurance plan with a unique double advan-
tage of savings and protection that not only allows you to meet your goals but also seeks to ensure
that your dear ones will continue to live their lives in comfort without financial worries in case of un -
foreseen eventuality.
ICICI Pru Save'n'Protect
All through your life, you have certain responsibilities; your children’s education, marriage expenses
and many more. For this you need a plan that offers you both, savings and protection. Keeping this in
mind, ICICI Prudential offers you ICICI Pru Save n’ Protect- a participating endowment life
insurance plan for those who want to accumulate funds on a regular basis while enjoying insurance
protection.
ICICI Pru CashBak
In your life, you always look forward to certain milestones. You require an insurance policy that not
only provides your family with adequate cover against any unfortunate event happening with your
life, but also provides you with liquidity to take care of your financial requirements at these mile -
stones.
Keeping this in mind, ICICI Prudential offers you ICICI Pru CashBak, a participating endow-
ment regular pay life insurance plan that combines the triple benefit of protection, savings and peri-
odic liquidity.
Child plans
54
As a parent, you would not like to compromise your child's bright career, regardless of the rising cost
of education. All you need is a savings plan that is designed to provide money at key educational
milestones and take care of your loved ones future even if you are not around.
ICICI Pru child plan comes with a unique Payer Waiver Benefit (PWB). This benefit ensures that in
case of death of the parent, the company pays all future premiums on behalf of the parent. This
means that the child gets money at important stages of his/her student life and education never suffers
due to lack of funds.
ICICI Pru Smart Kid – Regular Premium
ICICI Pru Smart Kid – Regular Premium plan comes with a unique Payer Waiver Benefit (PWB).
This benefit ensures that in case of death of the parent, the company pays all future premiums on be -
half of the parent. This means that the child gets money at important stages of his/her student life and
education never suffers due to lack of funds.
ICICI Pru Smart Kid Premier
As a responsible parent you would like to provide the best that you can to ensure a bright future of
your child. However, with the rising costs of education, you need a savings which is designed to
provide adequate money at key educational milestones. Hence, we present to you ICICI Pru Smart
Kid Premier, a ULIP plan which ensures your child’s education continues even if you are not around.
Health Plans
Health insurance insures you and your family against expenses arising due to a medical emergency
and uncertainty of health such as a hospitalisation or the onset of a critical illness. It prevents a
medical emergency from becoming a financial one; it ensures your health care needs are taken care
of without you having to dip into your existing savings or compromising your future goals.
ICICI Pru Health Saver
ICICI Pru Health Saver is a comprehensive whole of life health insurance plan that takes care of
hospitalization costs as well as all your health care needs.
While the hospitalisation insurance benefit ensures complete coverage for expenses incurred in the
event of a hospitalisation, the health fund created; by investing a part of your premium in market
55
linked funds, under the health savings benefit, ensures you of an adequate support system to take care
of any other medical expenses.
ICICI Pru Hospital Care II
ICICI Pru Hospital Care II is a fixed benefit hospitalisation and surgical plan that offers you and your
family, fixed payouts at various stages of hospitalisation in addition to benefit received from other
medical insurance plans. It also offers whole life guaranteed insurability at renewal and cashless fa-
cilities across an extensive network of hospitals in India.
You can also avail tax benefits under Section 80D of the income tax act
ICICI Pru Crisis Cover
ICICI Pru Crisis Cover is a comprehensive critcal illness insurance policy that provides coverage
against 35 critical illnesses, total and permanent disability, and also death.
Riders
ICICI Prudential gives you the freedom to form your very own comprehensive insurance policy by
adding the rider benefits to the basic life insurance policy. Add from the following list of benefits to
increase the scope of your policy, at a nominal cost.
Critical Illness Benefit Rider
This rider provides protection against 9 critical illnesses, namely: Major organ transplants, Complete
renal failure, Stroke, Paralysis, Heart attack, Valve replacement surgery, Major surgery of the aorta,
CAGS (Bypass) and Cancer .
Accident & Disability Benefit Rider
Benefits payable on death due to an accident. If the policyholder dies due to an accident, 100% of the
rider sum assured is paid in addition to the basic sum assured. In case the policyholder dies in a land
surface, mass public transport system wherein the policyholder was traveling as a fare-paying passen-
ger, then 200% of the rider sum assured is paid.
Income Benefit Rider
56
In case of death of the life assured during the term of the policy, 10% of the rider sum assured is paid
annually to the beneficiary, on each policy anniversary till maturity of the rider.
Waiver of Premium Rider (WOP)
On total and permanent disability due to an accident, all future premiums for both the base policy and
rider(s) will be waived till the end of the term of the rider or death of the life assured, if earlier.
Waiver of Premium rider is available with Life Time Super, Life Time Plus, Life Time Super Pen-
sion, Smart Kid New ULRP, Life Guard ROP, Life Guard WROP.
ICICI Pru Waiver of Premium on Critical Illness Rider
This rider waives all your future premiums of your base policy on occurrence of specified 20 Critical
Illnesses. This ensures that your policy benefits continue as planned.
Retirements Plans
Retirement insurance ensures that you or your family members receive a regular pension amount post
a retirement date. You have the flexibility to choose the retirement date and the manner in which you
receive the pension.
ICICI Pru Immediate Annuity
In your golden years worries about security and comfort become greater. Today, with rising prices
increasing health care costs and higher life expectancy, you need concrete planning post-retirement to
help you deal with it. What you need is a plan that not only helps you plan for retirement, but also
continues to pay you an income throughout your retired life.
At ICICI Prudential Life Insurance Company Limited, we realize the importance of a prudent
retirement planning. Presenting ICICI Pru Immediate Annuity - a plan that not only give you an
income for life but also provide you options to match your needs.
Group Plans
Employees these days are constantly on the prowl for "better opportunities". How then do you get
them to focus on your job and stay committed for long tenures? Human Resource experts agree that
57
employees work with utmost dedication when they believe their organization truly cares about their
wellbeing.
One way of showing your concern for your employees is to shoulder the two responsibilities they
worry about most: Security of and Savings for their families. Group Insurance Plans from ICICI Pru-
dential enable you to effortlessly provide your employees with both, savings and security, so they can
pass on the benefits to their loved ones. Your kind gesture to safeguard their family's future will un-
doubtedly serve as great encouragement for your employees, and they will gladly offer you their
whole-hearted commitment.
Group Gratuity Plan
ICICI Prudential's Group Gratuity Plan enables you to fund your gratuity obligation in a systematic
manner while enjoying applicable tax benefits at the same time. Read more about the features and
benefits of this plan.
Group Leave Encashment Plan
Group Leave Encashment Plan enables you to fund your Leave encashment liability payable to your
employees and offers market linked policy.
Are you running a scheme for your employees that offers leave encashment benefits that will be
payable in the future? Since such a liability increases with time, it may become difficult to pay the
benefit as you go. It is therefore beneficial that the employer sets up a separate fund from which this
benefit may be paid out.
Annuity Solutions
Your loyal employees have untiringly dedicated several years of their lives to you and your com-
pany's success. You would undoubtedly want them to live contently when they retire from your ser-
vice.
Invest in ICICI Prudential's Annuity Solutions-a suite of 7 plans especially designed to give your em-
ployees high returns, which serve as a steady income for their golden years. Read the features and
benefits of our Annuity Solutions
58
Group Term Insurance Plan
As a compassionate employer who regards your team as your most precious asset, you would
undoubtedly want to safeguard their wellbeing, at all times.
Invest in ICICI Prudential's Group Term Insurance Plan-a one-year renewable life insurance policy
that enables you to provide every member of your team with an affordable life cover.
Group Term in lieu of EDLI Scheme
ICICI Prudential's Group Insurance Scheme in lieu of EDLI has been certified by the EPFO as a
superior product that provides greater insurance benefits than the cover offered by EPFO. Read more
about the features and benefits of this plan, right away.
Credit Assure Utility
The latest car, higher education in the best schools abroad, a family trip to Switzerland - all this and
more! Today, we want it all and aren't shy to take a loan if we can't afford it. ICICI Prudential, India's
No. 1 private life insurer, will make sure that your customers have the freedom to enjoy without
having to worry about that loans they need to repay. With CreditAssure, we offer an innovative and
affordable term life insurance plan that covers loans against the unfortunate event of death, with
complete convenience in application. The scheme is simple and hassle-free. In other words, peace of
mind guaranteed.
Rural Plans
ICICI Prudential’s rural business initiative has played a very important role in reaching the
underserved segment through its rural insurance plans. ICICI Prudential has covered more than 2.5
million lives across as many as 16 states in India.
ICICI Pru Sarv Jana Suraksha
ICICI Prudential Life Insurance presents its first Micro Insurance Plan - Sarv Jana Suraksha –
especially designed for rural population which provides total security to you and your family, at very
affordable cost.
ICICI Pru Anmol Nivesh
59
ICICI Prudential Life Insurance
presents ICICI Pru Anmol Nivesh – a regular
premium unit-linked endowment policy guar-
anteeing the premiums paid less the partial
withdrawals made on maturity and death. This plan is aimed at providing security cum savings to you
and your family, at an affordable cost.
Unit linked insurance plans (ULIPs)
Unit linked insurance plans (ULIPs) are a category of goal-based financial solutions that combine the
safety of life insurance protection along with long term wealth creation opportunities. In ULIPs, a
part of the premium goes towards providing you life cover &the remaining portion is invested in
fund(s) which in turn is invested in stocks or bonds. The value of investments alters with the perfor-
mance of the underlying fund opted by you.
Simply put, ULIPs are structured in such a way that the life protection element and the savings ele-
ment are distinguishable, and hence can be managed according to your specific needs.
4.RELIANCE LIFE INSURANCE
Reliance Life Insurance offers you products that fulfill your savings and protection needs. Our aim is
to emerge as a transnational Life Insurer of global scale and standard.
Reliance Life Insurance is a Reliance Capital Company and is part of Reliance Group. Reliance Capi-
tal is one of India’s leading private sector financial services companies, and ranks among the top 3
private sector financial services and banking companies, in terms of net worth. Reliance Capital has
interests in asset management and mutual funds, stock broking, life and general insurance, propri-
etary investments, private equity and other activities in financial services.
60
Reliance Group also has presence in Communications, Energy, Natural Resources, Media, Entertain-
ment, Healthcare and Infrastructure.
Nippon Life Insurance Company acquired 26% interest in equity share capital of the Company effec-
tive October 7, 2011 subsequent to receipt of all regulatory approval.
Nippon Life Insurance, also called Nissay, is Japan's largest private life insurer with revenues of Rs
346,834 crore (US$ 80 Billion) and profits of over Rs 12,199 crore (US$ 3 billion). The Company
has over 14 million policies in Japan, offers a wide range of products, including individual and group
life and annuity policies through various distribution channels and mainly uses face-to-face sales
channel for its traditional insurance products. The company primarily operated in Japan , North
America, Europe and Asia and is headquartered in Osaka, Japan. It is ranked 81st in Global Fortune
500 firms in 2011.
Vision
Empowering everyone live their dreams.
Mission
Create unmatched value for everyone through dependable, effective, transparent and profitable life
insurance and pension plans.
Goal
Reliance Life Insurance would strive hard to achieve the 3 goals mentioned below:
Emerge as transnational Life Insurer of global scale and standard
Create best value for Customers, Shareholders and all Stake holders
Achieve impeccable reputation and credentials through best business practices
Products of Reliance life insurance :
Term Plans
ULIP Plans
Child Plans
61
Traditional Plans
Money-back Plans
Health insurance Plans
Term Plan
Reliance Simple Term Plan
To ensure a bright and secure future, you need to plan from today. The Reliance Simple Term Plan
helps you do just that. It is a cost effective, pure life insurance plan that offers you comprehensive
and affordable coverage for a limited period of time to suit your needs.
Reliance Special Term Plan
To stay ahead of the uncertainties of life, we need to plan well is advance. Reliance Special Term
Plan is a pure life insurance plan that offers you comprehensive and affordable coverage for a limited
period of time to suit your needs.
ULIPs Plans
Reliance Life Insurance Classic Plan
Reliance Life Insurance Classic Plan works well for people in every stage of life, from young
investors to retirees. Reliance Life Insurance Classic Plan helps you plan your finances wisely, cover
the risk arising due to loss of life and assumes all the flexibilities required in a financial product
Reliance Life Insurance Classic Plan – Limited Premium
Reliance Life Insurance Classic Plan – Limited Premium helps you plan your finances wisely, cover
the risk arising due to loss of life and assumes all the flexibilities required in a financial product
Reliance Life Insurance – Classic Plan - II
62
Reliance Life Insurance Classic Plan - II, A Unit Linked insurance plan works well for people in
every stage of life, from young investors to retirees. Reliance Life Insurance Classic Plan - II helps
you plan your finances wisely, cover the risk arising due to loss of life and assumes all the
flexibilities required in a financial product
Child Plans
Reliance Child Plan
As a parent, it is only natural to dream of a smooth and blissful life for your child. This is exactly
why you need to secure your child’s tomorrow, today.
Reliance Child Plan helps you save systematically so that you can give your child the much-needed
financial security in the future. Simply put, Reliance Child Plan gives you the freedom to enjoy every
moment with your child today, without worrying about his/her tomorrow.
Traditional plans
Reliance Endowment Plan
Reliance Endowment Plan gives you just the financial independence to realise your dreams in the
future. It lets you decide how much you would like to set as your Sum Assured based on your current
financial position and your expected future expenses
Reliance Super Five Plus
Reliance Super Five Plus is the key to all your financial needs. You get a desired lump sum after a
specified period. However, your life insurance protection continues for an extended period. If
anything were to happen to you, your beneficiary will get another Sum Assured along with the
bonuses.
The Policy comes with an added feature of a limited Premium Term, which is always five years less
than the Policy Term
63
Reliance Connect 2 Life Plan
Reliance Connect 2 Life Plan helps you build security & savings for a better tomorrow. As your
income is likely to grow, you should also ensure that you have sufficient protection for your near and
dear ones. Reliance Connect 2 Life Plan ensures that you have the option to upgrade your life cover
to keep pace with your changing lifestyle
Reliance Whole Life Plan
You’ve always loved your family. As a loving person you want to be rest assured that they will be
happy, even if something were to happen to you. With Reliance Whole Life Plan you can be sure that
your family will receive that timely financial support they need.
Reliance Life Insurance Guaranteed Maturity Insurance Plan
An insurance plan which guarantees atleast double your money plus all the upside for you at
maturity. Reliance Life Insurance Guaranteed Maturity Insurance Plan (RLIGMIP), A Unit Linked
Insurance Plan is the perfect answer to need for insurance protection and investment protection in
a changing investment market without losing the upside if anything.
Reliance Life Insurance Money Multiplier Plan
Reliance Life Insurance Money Multiplier Plan is a non linked non participating endowment
plan. This plan not only provides protection to your family in your absence, but also creates wealth
for the ever growing financial support required. This versatile plan combines the security of long-
term insurance protection with the growth potential through an increasing Guaranteed Loyalty Addi-
tions every year during the policy term and a Guaranteed Maturity Addition at the end of the policy
term.
Money-back Plans
Reliance Life Insurance Guaranteed Money Back Plan
Reliance Life Insurance Guaranteed Money Back Plan is a Non-linked, Non- participating money
back plan with an inbuilt accidental death benefit and waiver of premium benefit on death of the life
64
assured. This plan helps you plan for the financial obligations required at various upcoming events in
your life.
Reliance Cash Flow Plan
While most insurance plans block your money for a certain period of time, Reliance Cash Flow Plan
gives you the double benefit of life insurance along with easy liquidity through lump sum cash. It
provides money periodically when you need it.
It lets you live life to the fullest today and at the same time, helps you stay protected for tomorrow by
giving you the flexibility of receiving a specified percentage of the Sum Assured at specified inter-
vals
Health Plan
Reliance Life Care For You Plan
A medical cover is an assurance of peace of mind for you and your family. It offers protection and
financial stability when medical uncertainties arise.
Reliance Life Insurance understands the financial burdens that you may confront from time to time
and to alleviate this burden, we bring you the Reliance Life Care for You Plan.
\
From the company point of view
To help Bharti AXA obtain consolidated information regarding the various proceedings that has
been taking place in present market scenario as well as help to this company for obtain
information regarding customer perception about the company and also know about the company
position in terms of brand familiarity, Security, ROI, Transparency and Liquidity. This report will
also give suggestions to make life insurance of Bharti Axa life insurance, a better investment
option than other life insurance policies and also the information that the percentage of people
5. PURPOSE OF THE PROJECT
65
interested to invest in Bharti AXA and their thinking about the Bharti AXA Life Insurance
Company in comparison to other private insurance company.
From my point of view
To learn how the marketing tools and primary data are analyzed and also to get accustomed
with the real working environment of the company.
Every project is bounded by its own quota of constraints and so did this. However, no major
limitations were encountered while carrying out the project. The ones that were identified included
some secondary aspects such as the following:
Due to time constraints and hectic schedules, there had been some difficulty in collecting the
required data from all the age groups equally.
Also the sample size of 100 might not represent the perception of whole population, as the
sample size is too small for total population of Kolkata city.
Project was undertaken in some parts of Kolkata region only. So it might not be a true repre-
sentation of the views of the insured of other places.
The opinion expressed by the respondents may be biased.
Since the survey was limited to 100, it is rather difficult to give a precise conclusion but I have tried
to the best of my capability to give the conclusion on a comprehensive manner.
At the present time of cutthroat competition in every industry, every company want to top the chart
and want to show as big as possible figure of profits in its financial statements. The scope of the
study is:
The project is aimed at showing the perception of the customers in comparison with other pri -
vate life insurance companies.
6. LIMITATIONS OF THE PROJECT
7. SCOPE OF THE PROJECT
66
It also aimed at knowing the company position in terms of brand familiarity, Security, ROI,
Transparency and Liquidity. This report will also give suggestions about how to make life in-
surance of Bharti Axa life insurance, a better investment option than other life insurance poli-
cies.
This research has been conducted in some parts of Kolkata city only in two months.
People between the age of 21 to 61, both male and female.
Research is the process of systematically obtaining accurate answer to significant pertinent questions
by the use of gathering data, interpretation and work. Research methodology is a way to
systematically solve the research problem. At first problem is defined carefully for conducting
research. The study of research methodology gives the student the necessary training in gathering
material and arranging them, participation in field work when required, and also training in
techniques for the collection of data appropriate to particular problem, in the use of statistics,
questionnaires and controlled experimentation and in recording evidences, sorting it out and
interpreting it. Knowledge of research methodology plays a key role in project work. It consists of
series of actions or steps necessary to effectively carry out research and the desired sequencing of
these steps.
8.1 RESEARCH DESIGN
An exploratory research was carried out to understand the behavior dynamics, need of the customers
and also to know about their perception about Bharti AXA.
The sources of information are both primary & secondary. A well-structured questionnaire was
prepared and personal interviews are conducted to collect the customer’s perception and buying
behavior, through this questionnaire.
8.2 DATA COLLECTION METHOD
Data can be collected by Primary as well as secondary method.
Primary Data Sources
8. RESEARCH METHODOLOGY
67
A questionnaire was drafted which included sample rating scales like simple category scale, multiple-
choice response, multiple- choice multiple response, open ended questions, close ended questions etc.
The questionnaire contains 13 questions which help us to analyze the reason for investing in
insurance company, company preference in the private sector, needs for taking life insurance,
knowing the company position in terms of brand familiarity, Security, ROI, Transparency and
Liquidity, comparing which company has the most attractive investment plan, and customer
suggestions. A Questionnaire has been designed which was used for the survey.
Secondary data:
The secondary data is collected through the Websites related to insurance sectors, Journals & Books
on Research Methodology.
8.3 SAMPLE DESIGN
Sampling Technique
A Questionnaire was prepared for conducting a survey for a comparative study of investment in
insurance company in the private sector. The targeted group was both male and female in the age
group starting from 21years to above 60years and with annual income of Rs. 1-2lakhs to above
10lakhs.
Sampling Unit
The respondents who were asked to fill out questionnaires are the sampling units. These comprise of
employees are mostly service persons, school teachers and businessmen etc.
Sample size:
The sample size was restricted to only 100, which comprised of mainly people from different areas
and age groups.
Sampling Area:
The area of the research was Kolkata, Hoogly and Howrah etc.
68
9.1.1
AGE FREQUENCY
21-30 47
31-40 36
41-50 3
51-60 14
ABOVE 60 0
10
5
10
15
20
25
30
35
40
45
50 47
36
3
14
AGE
21-30 31-40 41-50 51-60 ABOVE 60
Interpretation
According to 100 survey reports, I found out that 47 people are between age group 21-30,36 of them
are between age group 31-40 and 3 of them are between age group 41-50,14 of them are between age
group 51-60 and none of them is above 60 yeas of age.
9. DATA ANALYSIS AND INTERPRETATION
69
9.1.2
GENDER FRQUENCY
Male 68
Female 32
MALE FEMALE0
10
20
30
40
50
60
70
68
32
GENDER
Interpretation
The analysis was mostly done on males. Out of my 100 survey reports, 68 of them are male and 32 of
them are female.
9.1.3
ANNUAL INCOME FREQUENCY
1-2LAKHS 66
3-5LAKHS 34
5-10LAKHS 0
ABOVE 10LAKHS 0
70
1-2LAKHS 3-5LAKHS 5-10LAKHS ABOVE 10LAKHS0
10
20
30
40
50
60
7066
34
0 0
ANNUAL INCOME
Series1
Interpretation
Out of my 100 survey reports, the annual income of 67 of them is in between 1-2 lakhs and 33 of
them is between 3-5 lakhs. None of their annual income is in between 5-10 lakhs or above 10 lakhs.
9.1.4
HOLDS LIFE INSURANCE POLICY FREQUENCY
Yes 65
No 35
71
YES
NO
0
10
20
30
40
50
60
7065
35
HOLDS LIFE INSURANCE POLICY
Interpretation
According to my 100 survey reports, 65 of them are holding life insurance policy and 35 of them are
not holding any life insurance policy.
9.1.5
WHY LIFE INSURANCE POL NOT TAKEN FREQUENCY
Not aware 1
I don’t require it 8
I have others investment plans 11
Lack of finance 6
Planning in your future 12
72
1 8
116
12
NOT AWARE
DON’T REQUIRE
HAVE OTHER INVEST MENT PLANS
LACK OF FINANCE
PLANING IN FUTURE
WHY LIFE INSURANCE IS NOT TAKEN
Interpretation
According to my survey,35 people are not having any life insurance policy. People are not having life
insurance policy because non-awareness, non-requirement, having other investment plans, lack of
finance and some of them are planning it for future. But in my survey I also found that some of them
have chosen multiple options. For example- lack of finance as well as non-requirement. Mostly
people are not having life insurance policy because they are planning it for future and they have got
other investment plans, some of them said that they don’t require it and they have problem in finance.
Only 1 person said that he is not aware about it, this shows that awareness about the life insurance
policy is not the main problem behind not having life insurance policy.
9.1.6
WHY LIFE INSURANCE IS TAKEEN FRQUENCY
Cover future cash 46
Tax benefit 24
Investment instrument 13
Age against old age 25
73
COVER FUTURE CASH
TAX BENEFIT
INVESTMENT INSTRUMENT
AGE AGAINST OLD AGE
2.5 7.5 12.5 17.5 22.5 27.5 32.5 37.5 42.5 47.5COVER FUTURE
CASH TAX BENEFIT INVESTMENT IN-
STRUMENTAGE AGAINST OLD
AGE
Series1 46 24 13 25
46
24
13
25
WHY LIFE INSURANCE IS TAKEN
Interpretation
According to my survey, 65 people are holding life insurance policy. People are having life insurance
policy to cover future cash, for tax benefit, wants to use it as an investment instrument and also for
their old age. But in my survey I also found that some of them have chosen multiple options. For
example-to cover future cash as well as tax benefit. Most of the people are having life insurance
policy to cover future cash, some of them are having life insurance policy for their old age as well as
for tax benefit, very few people said that they want to use it as investment instrument.
9.1.7
HOW MANY INSURANCES A SINGLE
PERSON IS HOLDING
FREQUENCY
None 33
1-3 62
Above 3 5
74
33
62
5
HOW MANY INSURANCES A SINGLE PERSON IS HOLDING
NONE 1-3
ABOVE 3
Interpretation
According to my survey of 100 people, 33 persons are not holding any life insurance policy,62
persons are holding 1-3 insurances and 5 persons are holding more than 3 insurances.
9.1.8
WHICH LIFE INSURANCE COMPANY
YOU PREFER
FREQUENCY
Reliance 10
ICICI 21
Bharti Axa 17
Others 52
75
10
10
20
30
40
50
60
10
2117
52
WHICH LIFE INSURANCE COMPANY YOU PREFER
RELIANCE ICICI BHARTI AXA OTHER
Interpretation
According to my survey of 100 people,10 of them are holding reliance life insurance,21 of them are
holding icici prudential insurance and 17 of them are holding bharti axa life insurance and rest of 52
are holding other life insurance policies.
9.1.9
NEED FOR TAKING LIFE INSURANCE FREQUENCY
Family needs 47
Children future needs 20
Old age needs 5
Assets building needs 7
Health & wellness needs 14
Wealth needs 13
Retirement needs 6
Protection needs 9
76
FAMILY
NEEDS
CHILDREN FU
TURE NEEDS
OLD AGE NEEDS
ASSET BUILDING NEEDS
HEALTH NEEDS`
WEALTH NEEDS
RETIREMENT NEEDS
PROTECTION NEEDS
05
101520253035404550
47
20
5 714 13
6 9
NEED FOR TAKING LIFE INSURANCE
Interpretation
From my survey I have observed that people are having life insurance policy for their family needs,
children future needs, old age needs, asset building needs, health needs, wealth needs, retirement
needs and protection needs. Some of them have chosen multiple options. For example-family needs
as well as children future needs. Mostly people are holding life insurance policy for their family
needs.
9.1.10
WHERE WILL YOU INVEST IF CERTAIN
AMOUNT OF MONEY IS GIVEN
FREQUENCY
Reliance 13
ICICI 21
Bharti Axa 18
Others 48
77
RELIANCE
ICICI
BHARTI
OTHER
0 5 10 15 20 25 30 35 40 45 50
13
21
18
48
Series1
WHERE WILL YOU INVEST IF CERTAIN AMOUNT OF MONEY IS GIVEN?
Interpretation
At the time of my survey I asked 100 people if they have certain amount of money,in which company
they would like to invest? Reliance life insurance was chosen by 13 persons, ICICI life insurance
was chosen by 21 persons, Bharti Axa was chosen by 18 persons and rest of them have chosen other
policies.
9.1.11
FROM WHERE DO YOU GET
KNOWLEDGE ABOUT INSURANCE
FREQUENCY
Personal Reference 5
Financial advisor 53
Telephonic 12
Media 30
78
5
5312
30
FROM WHERE DO YOU GET KNOWLEDGE ABOUT INSURANCE
PERSONAL REFERENCE
FINANCIAL ADVISOR
TELIPHONIC
MEDIA
Interpretation
According to my survey of 100 people regarding from where they are getting their knowledge about
insurance,5 of them said that they are getting it from personal reference,53 of them said that they are
getting it from financial advisor,12 of them said that they are getting it through telephones and 30 of
them said that they are getting it through medias.
9.2.1
BRAND FAMILIARITY FREQUENCY
BHARTI AXA 220
ICICI 269
RELIANCE 228
OTHERS 195
79
BHARTI AXA
ICICI
RELIANCE
OTHER
0 50 100 150 200 250 300
220
269
228
195
BRAND FAMILIARITY
Series1
Interpretation
According to my survey about brand familiarity of 100 people on the basis of scale 1-5 Bharti Axa
life insurance was given 220, ICICI prudential was given 269, Reliance life insurance was given 228
and other life insurances were given 195.
9.2.2
ACCORDING TO SECURITY FREQUENCY
BHARTI AXA 234
ICICI 284
RELIANCE 208
OTHERS 223
80
10
50
100
150
200
250
300
234
284
208223
ACCORDING TO SECURITY
BHARTI AXA ICICI RELIANCE OTHER
Interpretation
According to my survey about security of 100 people on the basis of scale 1-5, Bharti Axa life
insurance was given 234, ICICI prudential was given 284, Reliance life insurance was given 208 and
other life insurances were given 223.
9.2.3
ACCORDING TO RETURN ON
INVESTMENT
FREQUENCY
BHARTI AXA 252
ICICI 288
RELIANCE 216
OTHERS 191
81
BHARTI AXA
ICICI
RELIANCE
OTHER
0 50 100 150 200 250 300
252
288
216
191
ACCORDING TO RETURN ON INVESTMENT
Series1
Interpretation
According to my survey about Return on Investment of 100 people on the basis of scale 1-5, Bharti
Axa life insurance was given 252, ICICI prudential was given 288, Reliance life insurance was given
216 and other life insurances were given 191.
9.2.4
ACCORDING TO TRANSPARENCY FREQUENCY
BHARTI AXA 248
ICICI 266
RELIANCE 208
OTHERS 229
82
BHARTI AXA ICICI RELIANCE OTHER0
50
100
150
200
250
300
248 266
208 229
ACCORDING TO TRANSPARENCY
Interpretation
According to my survey about Transparency of 100 people on the basis of scale 1-5, Bharti Axa life
insurance was given 248, ICICI prudential was given 266, Reliance life insurance was given 208 and
other life insurances were given 229.
9.2.5
ACCORDING TO LIQUIDITY FREQUENCY
BHARTI AXA 245
ICICI 293
RELIANCE 181
OTHERS 173
83
BHARTI AXA ICICI RELIANCE OTHER
245
293
181 173
ACCORDING TO LIQUIDITYSeries1
Interpretation
According to my survey about Liquidity of 100 people on the basis of scale 1-5, Bharti Axa life
insurance was given 245, ICICI prudential was given 293, Reliance life insurance was given 181 and
other life insurances were given 173.
9.3.1 According to Brand familiarity
Bharti Axa life insurance Vs ICICI Prudential life insurance
Number (N) Bharti Axa(x)
ICICI Prudential (y) D=(X-Y) D2
100 220 269 -49 2401
Rank correlation( r) = 1 - 6∑D2/N (N2-1)
=0.986
9.3 RANK CORRELATION
84
ICICI Prudential life insurance Vs Reliance life insurance
Number (N) ICICI Pruden-tial (x)
Reliance (y) D=(X-Y) D2
100 269 228 41 1681
Rank correlation( r) = 1 - 6∑D2/N (N2-1)
=0.990
Bharti Axa life insurance Vs Reliance life insurance
Number (N) Bharti Axa(x) Reliance (y) D=(X-Y) D2
100 220 228 -8 64
Rank correlation( r) = 1 - 6∑D2/N (N2-1)
=0.99
Interpretation
Brand Familiarity means that the awareness of the people about the particular brand and how much
people aware or familiar with this particular brand. According to my survey about brand familiarity
of 100 people given marks on the basis of scale 1-5 , Bharti Axa life insurance was given 220, ICICI
prudential life insurance was given 269 and Reliance life insurance was given 228. ICICI prudential
got the highest marks among the three insurance companies and people are given more marks to this
company. But there is a slide difference between Bharti Axa and Reliance, which is signified by the
above table. Most of the people are given the less marks to the Bharti Axa, the reasons are found
during my survey time, they are:
Bharti Axa is the new company, it is established in 2006, so the company needs more time to
expansion their business.
Few advertisement are shown throughout media channels.
85
According to brand familiarity rank correlation (r) between Bharti Axa Vs ICICI is 0.986, which
denotes the positive correlation between this two companies. The rank correlation between ICICI Vs
Reliance and Bharti Axa Vs Reliance is 0.99, which signify that the strong positive correlation
between them.
9.3.2 According to security
Bharti Axa life insurance Vs ICICI Prudential life insurance
Number (N) Bharti Axa(x)
ICICI Prudential (y) D=(X-Y) D2
100 234 284 -50 2500
Rank correlation( r) = 1 - 6∑D2/N (N2-1)
=0.985
ICICI Prudential life insurance Vs Reliance life insurance
Number (N) ICICI Pruden-tial (x)
Reliance (y) D=(X-Y) D2
100 284 208 -76 5776
Rank correlation( r) = 1 - 6∑D2/N (N2-1)
=0.965
Bharti Axa life insurance Vs Reliance life insurance
Number (N) Bharti Axa(x) Reliance (y) D=(X-Y) D2
100 234 208 -26 676
Rank correlation( r) = 1 - 6∑D2/N (N2-1)
=0.996
86
Interpretation
Security means freedom from risk or danger or secure life in future. According to my survey about
security of 100 people on the basis of scale 1-5, Bharti Axa life insurance was given 234, ICICI
prudential was given 284, Reliance life insurance was given 208. There is a high difference between
the above companies that people are given more marks to ICICI and less marks to Reliance in the
terms of security. People are more trust about ICICI, because it take 5.88% market share of insurance
industry in 2012. But during my survey time I found some barrier of Reliance, that people are less
interest about this company, the reasons are:
some of the people are said that this company provide fake assurance to their customer.
This company doesn’t have good security plans for future.
The rank correlation between Bharti Axa Vs ICICI is 0.985, which sign positive correlation and the
rank correlation between ICICI Vs Reliance is 0.965, it also indicate the positive correlation or the
companies are positively correlated. But in the case of Bharti Axa Vs Reliance the rank correlation
between them is 0.99 which shows the strong positive correlation.
9.3.3 According to Return on Investment
Bharti Axa life insurance Vs ICICI Prudential life insurance
Number (N) Bharti Axa(x)
ICICI Prudential (y) D=(X-Y) D2
100 252 288 -36 1296
Rank correlation( r) = 1 - 6∑D2/N (N2-1)
=0.992
87
ICICI Prudential life insurance Vs Reliance life insurance
Number (N) ICICI Pruden-tial (x)
Reliance (y) D=(X-Y) D2
100 288 216 72 5184
Rank correlation( r) = 1 - 6∑D2/N (N2-1)
=0.969
Bharti Axa life insurance Vs Reliance life insurance
Number (N) Bharti Axa(x) Reliance(y) D=(X-Y) D2
100 252 216 36 1296
Rank correlation( r) = 1 - 6∑D2/N (N2-1)
=0.992
Interpretation
Return on Investment is one way of considering profits (return) in relation to capital invested or as an
investment, to make a good return on their money. According to my survey about Return on
Investment of 100 people on the basis of scale 1-5, Bharti Axa life insurance was given 252, ICICI
prudential was given 288, Reliance life insurance was given 216. The difference between the marks
obtain by the companies are too much faraway one another and minor percentage of people prefer to
Reliance, reasons are:
Premium values are too much high of this company for paid them.
Most of the people are not familiar about this insurance company.
Others insurance provide more return as well as good benefit than Reliance.
The rank correlation between Bharti Axa Vs ICICI and Bharti Vs Reliance is 0.992 which indicates
theirs relationship strongly correlated in the terms of Return on Investment , but the rank correlation
between ICICI Vs Reliance is 0.969, which denotes the positive correlation between them.
88
9.3.4 According to Transparency
Bharti Axa life insurance Vs ICICI Prudential life insurance
Number (N) Bharti Axa(x)
ICICI Prudential (y) D=(X-Y) D2
100 248 266 -18 324
Rank correlation( r) = 1 - 6∑D2/N (N2-1)
=0.998
ICICI Prudential life insurance Vs Reliance life insurance
Number (N) ICICI Pruden-tial (x)
Reliance (y) D=(X-Y) D2
100 266 208 -58 3364
Rank correlation( r) = 1 - 6∑D2/N (N2-1)
=0.980
Bharti Axa life insurance Vs Reliance life insurance
Number (N) Bharti Axa(x) Reliance (y) D=(X-Y) D2
100 248 208 -40 1600
Rank correlation( r) = 1 - 6∑D2/N (N2-1)
=0.990
Interpretation
Transparency means that the extent to which the people are ready to access any require financial
information about the particular company such as market share or financial reports or any type of
product details. According to my survey about Transparency of 100 people on the basis of scale 1-5,
Bharti Axa life insurance was given 248, ICICI prudential was given 266, Reliance life insurance was
89
given 208. Reliance life insurance is less known to all than the others life insurance companies and it
also obtain less marks where as ICICI got maximum marks. People are more convince upon ICICI ,
because it take no.1 position in private insurance industry. There are some difficulties are found
about Reliance , why the people are given less marks to this company they are:
Few of people said that this company provide less benefits to the policy holders.
The insurance agents doesn’t provide the current market position of the company or hide
the details about the market share price of the company.
There is a very strong correlation between Bharti Axa Vs ICICI and Bharti Axa Vs Reliance both
of their rank correlation are same, it is 0.99. But the rank correlation between ICICI Vs Reliance
is 0.98, which indicates a positive correlation relation between them.
9.3.5 According to Liquidity
Bharti Axa life insurance Vs ICICI Prudential life insurance
Number (N) Bharti Axa(x)
ICICI Prudential (y) D=(X-Y) D2
100 245 293 -48 2304
Rank correlation( r) = 1 - 6∑D2/N (N2-1)
=0.986
ICICI Prudential life insurance Vs Reliance life insurance
Number (N) ICICI Pruden-tial (x)
Reliance (y) D=(X-Y) D2
100 293 181 -112 12544
Rank correlation( r) = 1 - 6∑D2/N (N2-1)
=0.925
90
Bharti Axa life insurance Vs Reliance life insurance
Number (N) Bharti Axa(x) Reliance (y) D=(X-Y) D2
100 245 181 64 4096
Rank correlation( r) = 1 - 6∑D2/N (N2-1)
=0.975
Interpretation
Liquidity means the liquid assets which is one that an individual can easy convert to cash if needed
and life insurance policy is a source of liquid assets for a beneficiary upon the death of the policy
holder. According to my survey about Liquidity of 100 people on the basis of scale 1-5, Bharti Axa
life insurance was given 245, ICICI prudential was given 293, Reliance life insurance was given 181.
ICICI obtain maximum marks due to cause of very good liquidity services of this company and
Bharti Axa got the moderate marks, but in the case of Reliance obtain less marks among the three
companies, few reasons which I found during my survey they are:
People perception regarding to Reliance, it have less market share than ICICI ,so its claim
benefit on maturity time is not better.
The rank correlation between Bharti Axa Vs ICICI is 0.986, which indicate the strong correlation
between these two companies and rank correlation between ICICI Vs Reliance is 0.925 and Bharti
Axa Vs Reliance is 0.975 which denotes the positive correlation.
91
9.4.1 Brand Familiarity
Bharti Axa Vs ICICI 0.986ICICI Vs Reliance 0.99
Bharti Axa Vs Reliance 0.99
Bharti Axa Vs ICICI
ICICI Vs Reliance
Bharti Axa Vs Reliance
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
0.986
0.99
0.99
Brand Familiarity
Series1
Interpretation
After my 100 survey about brand familiarity the rank correlation between Bharti Axa Vs ICICI is
0.986, which indicate the positive correlation between them and also shows a relationship between
two companies in which both are move in tandem. Positive correlation is exist if one company
obtaining marks decrease, the other company obtaining marks also decrease or vice versa. The rank
correlation between ICICI Vs Reliance and Bharti Axa Vs Reliance is 0.99 which is very close to +1,
this is indicate the strong positive correlation between this two relationship.
9.4 COMPARATIVE ANALYSIS BETWEEN BHARTI-AXA LIFE INSURANCE,
ICICI PRUDENTIAL LIFE INSURANCE AND RELIANCE LIFE INSURANCE ON
THE BASIS OF RANK CORRELATION
92
9.4.2 Security
Bharti Axa Vs ICICI 0.985ICICI Vs Reliance 0.965
Bharti Axa Vs Reliance 0.996
Bharti Axa Vs ICICI ICICI Vs Reliance Bharti Axa Vs Reliance0.94
0.95
0.96
0.97
0.98
0.99
1
0.985
0.965000000000001
0.996
Security
Interpretation
After my 100 survey about security the rank correlation between Bharti Axa Vs ICICI and ICICI Vs
Reliance are 0.985 and 0.965 respectively which denotes a positive correlation relationship among
them. If increase (or decrease) the obtaining marks of one company corresponding obtaining marks
of the other company also increase (or decrease). Since, the rank correlation between Bharti Axa Vs
Reliance is 0.996, which denotes a strong positive correlation between these two companies and rank
correlation(r) is close to +1.
9.4.3 Return on Investment
93
Bharti Axa Vs ICICI 0.992ICICI Vs Reliance 0.969
Bharti Axa Vs Reliance 0.992
Bharti Axa Vs ICICI
ICICI Vs Reliance
Bharti Axa Vs Reliance
0.955 0.96 0.965 0.97 0.975 0.98 0.985 0.99 0.995
0.992
0.969000000000001
0.992
Return on Investment
Series1
Interpretation
After my 100 survey about Return on Investment the rank correlation between Bharti Axa Vs ICICI
and Bharti Axa Vs ICICI is 0.992 and the relationships between them strongly positive correlated.
This is also signify that ICIC obtain highest marks and after that mark tally Bharti Axa and Reliance
got lowest marks , so their rank correlations also come same. But the relationship between ICICI Vs
Reliance is positive correlated which denotes their rank correlation 0.969 and both the companies are
moves into similar way.
94
9.4.4 Transparency
Bharti Axa Vs ICICI 0.998ICICI Vs Reliance 0.98
Bharti Axa Vs Reliance 0.99
Bharti Axa Vs ICICI
ICICI Vs Reliance
Bharti Axa Vs Reliance
0.97 0.975 0.98 0.985 0.99 0.995 1
0.998
0.98
0.99
Transparency
Series1
Interpretation
After my 100 survey about transparency the rank correlation between Bharti Axa Vs ICICI is 0.998,
which denotes the strong positive correlation. The marks obtain by this two companies are highest in
terms of transparency, so their rank correlation is also highest. The rank correlation between Bharti
Axa Vs Reliance is 0.99 which shows the positive correlation between them. Another rank correla-
tion between ICICI Vs Reliance is 0.98 and indicate the positive correlation because among the three
companies ICICI got highest marks and Reliance got lowest marks, so the rank correlation will be
lowest which indicate into the table.
95
9.4.5 Liquidity
Bharti Axa Vs ICICI 0.986ICICI Vs Reliance 0.925
Bharti Axa Vs Reliance 0.975
Bharti Axa Vs ICICI ICICI Vs Reliance Bharti Axa Vs Reliance
Series1 0.986 0.925 0.975000000000001
0.8950.9050.9150.9250.9350.9450.9550.9650.9750.985
0.986
0.925
0.975000000000001
Liquidity
Interpretation
After my 100 survey about liquidity the rank correlation between Bharti Axa Vs ICICI is 0.986,
which denotes the strong positive correlation and close to +1. The marks obtain by this two compa-
nies are highest in terms of liquidity, so their rank correlation is also highest. The rank correlation be-
tween Bharti Axa Vs Reliance is 0.975 which shows the positive correlation between them. Another
rank correlation between ICICI Vs Reliance is 0.925 and indicate the positive correlation because
among the three companies ICICI got highest marks and Reliance got lowest marks in the part of liq-
uidity.
10. FINDINGS
96
On the age group 21-30 :
After analyzing some finding derived from the questionnaires we come across some interesting fact.
Out of 100 survey 47 of the respondents from the age group 21-30 , out of them holds life in -
surance policy 32 people and do not hold any life insurance policy 15 people.
In this age group only 36 people annual income are come under 1-2lakhs and rest of them 11
are comes under 3-5lakhs.
In this age group most of the people are hold life insurance policy, only 29 of them holds 1-3
policies and above 3 of them holds above3 polices.
In this age group the reasons of taking life insurance policy 26 people are agree with to cover
future needs, 13 of them choose tax benefits , 7 of them also choose as an investment instru-
ment and 8 people choose against old age. Some of them have chosen multiple options.
This may be due to various reason:
The primary reason being maximum percentage of this age aware about life insurance policy
and majority of them want to secure their life for future.
Secondly most of the people in this age dependent their own-self and belonging from working
group. So, they have sufficient income to take a life insurance policy.
They have a notion that they will live long and no unavoidable circumstance can hamper their
life.
This age of people more concern about their family as well as health and wealth needs. They
fulfill their dreams through hold a life insurance policy.
On the age group 31-40 :
97
Again moving towards the age group 31-40, I can observe that out 36 of the respondents
holds life insurance policy only 19 people and do not holds any life insurance policy 17 peo-
ple.
In this age group only 21 people annual income are come under 1-2lakhs and rest of them 15
are comes under 3-5lakhs.
The various needs have also increase to a great extent. The major needs in this age group have
been family needs, children needs and protection needs.
There has been growth of each needs in this age group.
This may be due to various reason:
The mass population in this age group is known about the benefits of life insurance policy.
They are being the bread earners for their family and also have a sense responsibility towards
them.
People at this stage generally start earnings a good living and afford to invest in polices.
Since, they are earning well so they can invest in polices to save tax to some extent
On the age group 41-50 :
Now in this age 41-50, only 3 people are found during my survey, out of them one hold life
insurance policy and rest of the 2 people are not holding any life insurance policy.
In this age group only one people annual income are comes under 1-2lakhs and rest of them 2
are exist under 3-5lakhs.
This age shows that there has been a interest of old age needs along with to get the advantage
of tax benefit and future cash.
This may be due to various reason:
The off springing are already grown up and investment for their benefits has been already
made in the previous stage.
98
They start thinking about their old age and after retirement needs.
On the age group 51-60 :
In the age group 51-60 ,14 people are exist and majority of the people holds the life insurance
policy only one of them not hold any life insurance policy.
In this age group only 8 people annual income are come under 1-2lakhs and rest of them 6 are
comes under 3-5lakhs.
The primary needs against children future and retirement needs and health needs.
This age group least wants to cover future cash.
This may be due to various reasons:
The people want to secure their future when they retire from job or takes leave from business.
Their children are already grown up and self dependent with their own family.
They are securing themselves any type of critical illness.
They want safety and secure their return.
Above the age group 60:
Above the age group 60, none of the people are found during my survey.
11. RECOMMANDATION AND SUGGESTION
99
Bharti-AXA life insurance company must give more advertisements on electronic media and
print media, as it help in enhance its goodwill and more people are willing to work with reputed
companies, through proper advertisement it become easy to make more awareness about the
product.
Duration of IRDA examination training must be reducing as in these day people have no extra
time.
Training hours should be made choice of their preference timing.
Fees charged by companies from candidate for IRDA exam and training should reduce.
Many other extra facilities must be providing to policy holders to attract them such local and for-
eign trips, special gifts for them.
Bharti-AXA Life Insurance Company must organize more and more seminars for make aware-
ness about life insurance policy and theirs benefits.
Bharti -AXA life insurance should make a forum, if policy holders have any problem relate to
policy they should make a complain in this forum.
The company must extent the time of the receiving premium up to 7pm instead of 5.30pm
Bharti-AXA life insurance plans are more benefited for long term, but don’t have any benefit in
short term policy holding.
The financial advisor of this company need to be more trained and they should view the current
market position of the company.
Bharti-AXA life insurance spades their business into the rural areas therefore they expand their
business as well as people of the rural area secure their life to get the benefits from this company.
12. CONCLUSION
100
In India, there is tough competition in the market of life insurances. All the private companies are im-
plementing new strategies to increase their sales and to improve their market share. From the survey
which has been conducted through questionnaire, it has been observed that people are very much
confused and there exists a lack of trust and misperception about the private life insurance compa-
nies. The main reason behind this is the increasing number of life insurance companies in private sec-
tor day by day. Keeping a track on the analysis on the perception and brand familiarity, we can see
that that the market shares of Bharti Axa Life Insurance is very poor in comparison with others. For
this reason it is very important for the company to come up with more innovative ways to create
brand awareness of Bharti Axa.
Another important thing I have observed is that people having low income are not much interested
towards holding a life insurance but when the different plans were explained to them, they look to be
quite interested and convincing. Therefore, there is need some different plans for different income
group people. So, creating more awareness about life insurances like health plans, accidental plans,
retirement plans etc and making people believe about the life insurance and changing their mindset
and perception towards the life insurance is foremost important thing. The brand familiarity, trans-
parency, security, returns on investment and liquidity should be increased to increase the market
share of Bharti-Axa Life Insurance in future.
However, Bharti Axa Life Insurance, being a mid size private insurance company with various range
of plans and policies for different age group of people with different levels of income, is trying to
maintain a competitive advantage as compared to the other insurance companies.
14. REFERANCE
101
14.1 BOOKS AND JOURNALS
Managing life insurance
Life insurance : Principal and Practice
Life insurance underwriting
Life Insurance In India : Opportunities, Challenges And Strategic Perspective
Principles And Practices Of Life Insurance In India
14.2 WEBSITES
www.bhart-axalife.com
www.wikipedia.org
www.scribd.com
www.google.com
www.bimadeals.com
www.securities.com
www.economictimes.indiatimes.com
www.iciciprulife.com
www.reliancelife.com
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