A PROJECT STUDY REPORT ON TRAINING UNDERTAKEN AT TATA AIG LIFE INSURANCE SIKAR TATA AIG LIFE INSURANCE SIKAR “Customer Services & Customer Services Training Programs “Customer Services & Customer Services Training Programs of Tata AIG Life Insurance” of Tata AIG Life Insurance” Submitted in Partial fulfillment for the Award of degree of Master of Business Administration Submitted By:- Submitted to:- Shilpi Bilkhiwal Ms Pankuri Sexena
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A
PROJECT STUDY REPORT
ON
TRAINING UNDERTAKEN AT
TATA AIG LIFE INSURANCE SIKAR TATA AIG LIFE INSURANCE SIKAR
“Customer Services & Customer Services Training Programs of Tata AIG Life“Customer Services & Customer Services Training Programs of Tata AIG Life
Insurance”Insurance”
Submitted in
Partial fulfillment for the Award of degree of
Master of Business Administration
Submitted By:- Submitted to:-
Shilpi Bilkhiwal Ms Pankuri Sexena
M.B.A. Part-II Lecturer
2008-2010
SOBHASARIA ENGINEERING COLLEGESIKAR (RAJASTHAN)
PREFACE
With the increasing trend of globalization the way of consumer services and consumer services training
programs are changed day by day satisfaction the customer attitude has also change. As marketer it is
important to recognize why and how individual make better marketing decision.
I was really very fortunate to get the opportunity to take the practical training in TATA AIG Life
Insurance Sikar.
The contents of the report are based on my experience and knowledge that I had acquired in my
training period. I have taken reference from data and other information material available to me at the
time of training.
I have written this report to the best of my information .It includes all the important details and
specifications regarding my training. In spite of every care taken, some errors may remain and I shall be
obliged for any intimation of these which readers may discover.
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ACKNOWLEDGEMENT
I express my sincere thanks to my project guide from TATA AIG Life Insurance Sikar, Mr. Ish
Bhardwaj for guiding me right from the inception till the successful completion of the project. I
sincerely acknowledge him for their valuable guidance, support for literature, critical reviews of the
project and above all the report and the moral support he had provided to me with all stages of this
project.
I would also like to thank the supporting staff Department, for their help and cooperation throughout the
project.
I would also like to say thanks to Director Sir, Principal Sir, HOD Sir and all faculty members of
management department of my college.
I would also like to say special thanks to my project guide and lecturer Ms Pankuri Sexena for help
me in make this report.
SHILPI BILKHIWAL
(Signature of student)
3
DECLARATION
I SHILPI BILKHIWAL Student of MBA Session 2009-2011, declare that the present work titled
“CUSTOMER SEVICES & CUSTOMER SEVICES TRAINING PROGRAMS OF TATA AIG
LIFE INSURANCE” is an original work. I anywhere else for the award of any degree/ diploma/
certificate or for any prize have not submitted this project report. All the data given in the report is to the
best of my knowledge.
SHILI BILKHIWAL
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EXECUTIVE SUMMARY
The summer training of a management student plays an important role to develop him into a well –
groomed professional. It gives theoretical concepts a practical shape in a field of applications. It gives an
idea of dynamic & versatile professional world as well as an exposure to the intricacies & complexities
of corporate world.
My summer training in TATA AIG Life Insurance SIKAR was a learning experience to see how the
company provides its products & services to its existing & potential customers & consistently keeps an
eye on its customer service quality in order to thoroughly work upon attaining the customer satisfaction
& maintaining long term customer commitment and relationship.
The organization is based on principal “Each for all and all for each”. In other words it is an
organization of weaker section to face exploitation of rich persons.
In today’s corporate and competitive world, I find that Insurance sector has the maximum growth and
potential as compared to the other similar sectors. TATA AIG Life Insurance has the maximum growth.
This growth potential attracts me to enter in this sector and . TATA AIG Life Insurance Sikar has given
me the opportunity to work and get experience in highly competitive and enhancing sector.
The success story of good market share of different market organizations depends upon the
services near to the customer, which can be distributed through a distribution channel. company.
His staff members & agents are the only way for a company and other similar sector through
which policies and benefits of the company can be explained to the customer.
The carport's philosophy- "To be the best and quest for services" has been very evident in each
and every aspect of functioning of the company.
It was very heartening to see that there is absolutely no compromise on the with the customer
satisfaction.
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To motivate and develop a result oriented approach in employees with commitment to
excellence.
To develop supportive cooperative, collaborative and customer Driven cultural transformation by
inculcating team spirit and group working and create healthy environment and promote
understanding and belongingness in the department/Organization.
To promote a better sense of productivity/quality consciousness vis-a-vis competition in the
company.
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CONTENT OF TABLE
S.NO. TOPIC PAGE NO.
1. INTRODUCTION OF INDUSTRY
o Life Insurance
o Types of life insurance
o Benefit of life insurance
o Effect of life insurance
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2. INTRODUCTION OF TATA AIG LIFE INSURANCE 22
3. RESEARCH METHODOLOGY
o Duration of the project
o Objective of the study
o Type of research
o Sample size and Method of selecting sample
33
4. LIMITATION OF STUDY 43
5. FACT & FINDING 44
6. CUSTOMER SERVICES OF TATA AIG LIFE
INSURANCE
52
7. CUSTOMER SERVICES TRAING PROVIDED BY TATA
AIG LIFE INSURANCE
59
8. CLAIMS PROVIDED BY TATA AIG LIFE INSURANCE 62
9. PLANS PROVIDED BY TATA AIG LIFE INSURANCE 69
7
10. SWOT ANALYSIS 85
11. CONCLUSION 90
12. RECOMMENDATIONS AND SUGGESTIONS 92
13. ANNUXERE 95
14. BIBLIOGRAPHY 98
8
INTRODUCTION OF INDUSTRY
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INSURANCE
“Insurance is a contract between two parties where by one party called insurer undertakes in exchange
for called premiums, to pay the other party called insured to fixed amount of money on the happening of
the certain events.”
Insurance may be described as a social device to reduce or eliminate risk of life and property. Under the
plan of insurance, a large number of people associate themselves by sharing risk, attached to individual.
With the help of insurance large number of people exposed to similar risk makes contribution to a
common fund out of which the losses suffered by the unfortunate few, due to accidental events and
made good.
Insurance is a tool by which fatalities of a small number of compensated out of find collected from
plenteous. Gradually as competition increased benefit given by industry to its customers increased b
leaps on bonds. Insurance is a basic form of risk management which provides production against
possible loss to life of physical assets.
Person who seeks protection against such is termed as insured, and company tat promises to honor
claim, in case such loss is actually incurred by insured, is termed as insurer. In order to get insurance,
insured is required to pay to insurance company a certain amount called premium. Premium is collected
by insurance companies which acts as trustee to poop created through contribution made by person
seeking to protect themselves from common risk. Any loss to the insured in case of happening of an
uncertain event is paid out of this pool.
Insurance business is divided in to four classes:
Life Insurance
Fire Insurance
Marine Insurance
Miscellaneous Insurance
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Insurance provides:
Protection to investor
Accumulation of saving
Channeling these saving into needing high long investment.
LIFE INSURANCE
Life insurance or life assurance is a contract between the policy owner and the insurer, where the
insurer agrees to pay a designated beneficiary a sum of money upon the occurrence of the insured
individual's or individuals' death or other event, such as terminal illness or critical illness. In return, the
policy owner agrees to pay a stipulated amount at regular intervals or in lump sums.
There may be designs in some countries where bills and death expenses plus catering for after funeral
expenses should be included in Policy Premium. In the United States, the predominant form simply
specifies a lump sum to be paid on the insured's demise.
As with most insurance policies, life insurance is a contract between the insurer and the policy
owner whereby a benefit is paid to the designated beneficiaries if aninsured event occurs which is
covered by the policy.
The value for the policyholder is derived, not from an actual claim event, rather it is the value derived
from the 'peace of mind' experienced by the policyholder, due to the negating of adverse financial
consequences caused by the death of the Life Assured.
To be a life policy the insured event must be based upon the lives of the people named in the policy.
Life policies are legal contracts and the terms of the contract describe the limitations of the insured
events. Specific exclusions are often written into the contract to limit the liability of the insurer; for
example claims relating to suicide, fraud, war, riot and civil commotion.
Life-based contracts tend to fall into two major categories:
Protection policies
Protection policies designed to provide a benefit in the event of specified event, typically a lump sum
payment. A common form of this design is term insurance.
Investment policies - where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the US anyway) are whole life, universal life and variable life policies.
Types of Life Insurance
Life insurance may be divided into two basic classes – temporary and permanent or following subclasses
- term, universal, whole life and endowment life insurance.
Term Insurance
Term assurance provides life insurance coverage for a specified term of years in exchange for a
specified premium. The policy does not accumulate cash value. Term is generally considered "pure"
insurance, where the premium buys protection in the event of death and nothing else.
There are three key factors to be considered in term insurance:
Tata AIG Life Insurance Company Limited (Tata AIG Life) is a joint venture company, formed by the
Tata Group and American International Group, Inc. (AIG). Tata AIG Life combines the Tata Group’s
pre-eminent leadership position in India and AIG’s global presence as one of the world’s leading
international insurance and financial services organization. The Tata Group holds 74 per cent stake in
the insurance venture with AIG holding the balance 26 per cent. Tata AIG Life provides insurance
solutions to individuals and corporate. Tata AIG Life Insurance Company was licensed to operate in
India on February 12, 2001 and started operations on April 1, 2001
The Tata AIG Group
Tata is a rapidly growing business group based in India with significant international operations.
Revenues in 2007-08 are USD 62.5 billion (around Rs. 251,543 cores), of which 61% was from business
outside India. The Group’s Net Profit for 2007-08 is USD 5.4 billion (around Rs. 21,578 cores). The
Group employs around 350,000 people worldwide. The Tata name has been respected in India for 140
years for its adherence to strong values and business ethics. The business operations of the Tata Group
currently encompass seven business sectors - Communications and Information Technology,
Engineering, Materials, Services, Energy, Consumer Products and Chemicals.
The Group's 28 publicly listed enterprises have a combined market capitalization of around $60 billion,
among the highest among Indian business houses, and a shareholder base of 2.9 million. The major
companies in the Group include Tata Steel, Tata Motors, Tata Consultancy Services (TCS), Tata Power,
Tata Chemicals, Tata Tea, Indian Hotels, Tata Teleservices and Tata Communications.
American International Group, Inc. (AIG)
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American International Group, Inc. (AIG), a world leader in insurance and financial services, is the
leading international insurance organization with operations in more than 130 countries and
jurisdictions.
AIG companies serve commercial, institutional and individual customers through the most extensive
worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are
leading providers of retirement services, financial services and asset management around the world.
AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in
Ireland and Tokyo.
ShareTata AIG Life Insurance total annual premium up 77 % to Rs 880 cores.
FYP income up 48% to Rs 432 cores. Agency Total Premium Income up by 61% with persistency rate
of 85%. Total Premium Income from Alternate Channels up 132 %; Banc assurance growing at 179 %. .
Geographical network expanded to cover 45 cities with 85 offices. Lives covered under rural sector -
21% versus Regulatory obligation of 16%. Lives covered under Social sector 101,873 versus Regulatory
obligation of 20,000 lives.
Tata AIG Life Insurance Company Limited (Tata AIG Life) today announced an increase of 77 percent
in total premium income to Rs 880 cores for the annual period ending March 31, 2006, compared to Rs
497 cores for the corresponding period last year.
The First Year Premium income increased by 48 percent to Rs 432 cores for the year ended March 31,
2006, compared to Rs 292 cores for the same period last year
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Through its wide array of Group life insurance, pensions, gratuity and superannuation products, Tata
AIG Life has covered over 7,16,016 lives during the period April 2005-March 2006, an increase of 43
percent over the last fiscal year. Additionally 3, 17,430 individual life business policies were issued
from April 2005 to March 2006, an increase of 34.4 percent over the last fiscal year.
Mr. Farrokh Kavarana, Chairman, Tata AIG Life said? We continue to focus on creating a world class
life insurance entity that anticipates the needs of both customers and our stakeholders and provides
innovative solutions to address their needs.
We look forward to the opportunities and challenges that lie ahead and remain confident of creating
increasing value for our policyholders and stakeholders through our customer centric approach and the
high quality of our products and services?
Mr. Trevor Bull, Managing Director, Tata AIG Life added, ?We are pleased to announce that the
company has made significant strides in enhancing our position within India both through corporate and
individual customers while continuing to increase the scale of our operations to better serve our
customers. Our wide range of distribution channels and strategic alliances have all contributed to this
result by offering customers and partners choices which address their growing protection and asset
accumulation needs. We will consistently expand our product offerings by delivering innovative
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products to complement our commitment to offer quality advice and service that sets us apart as the
company of choice.
During this period, Tata AIG Life announced a reversionary bonus of 3.5% percent for the financial year
2005-06. This bonus was in line with the prevailing interest rate scenario and was applicable for all
eligible participating plans.
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Life Insurance Tata AIG Life Insurance Company Limited
General Insurance Tata AIG General Insurance Company Limited
Are you looking for highly flexible life insurance solutions? Do you want a range of options when choosing a life insurance policy www.tata-aig-life.com
Are you looking for general insurance solutions? We have an exhaustive range of general insurance solutions and provide coverage for Automobile, Home, Personal Accident, Travel, Energy, Marine, Property and several specialized financial and
Are you looking for general insurance solutions? We have an exhaustive range of general insurance solutions and provide coverage for Automobile, Home, Personal Accident, Travel, Energy, Marine, Property and several specialized financial and casualty lines.www.tataaiginsurance.in
Tata AIG Life Assure Educare at 18 & Tata AIG Life Assure Educare a
This is a first-of-its-kind juvenile endowment policy geared toward funding your child’s education. You
can choose between Tata AIG Life Assure Educare 18(Assure Educare 18) and Tata AIG Life Assure
Educare 21(Assure Educare 21), depending on your needs:
Assure Educare 18: This plan matures when your child turns 18 and is open to children
between 0 years and 8 years of age.
Assure Educare 21: This plan matures when your child turns 21, and is open to children
between 0 years and 11 years of age
Key features of both of these plans include:
A guaranteed payment of 10% of the sum assured at maturity or on death (policy must be in
force for a minimum 10 years).
An additional guaranteed education benefit of 20% of sum assured, payable to you at maturity.
A non-guaranteed compounded annual bonus credited on the policy anniversary (depending on
Company performance).
A terminal bonus which is payable on death or maturity (policy must be in force for a minimum
10 years).
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Free Look Period - A money-back guarantee, which allows you to return the policy within 15
days of receipt for a full refund (minus nominal administrative charges).
Sum Assured is payable on death or on maturity.
Tax Benefits, Riders and Age Eligibility
Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax
Act, 1961. Any sum received under this plan is exempt from tax under section 10(10D) of the
Income Tax Act, 1961.*
A Pryor Benefit Rider is available which waives all future payments for this policy in the event
of your death or disability, at a nominal extra cost.
Assure Educare 18 is open to children between 0 years and 8 years of age, while Assure Educare 21 is
open to children between 0 years and 11 years of age.
Tata AIG Life Assure 21 years Money Saver
10% of the sum assured is paid on survival on the 3rd /6th /9th /12th /15th and 18th policy
anniversaries.
40% of the sum assured will be paid on maturity (i.e. on the 21st anniversary of this policy).
The entire sum assured is distributed to your beneficiaries, irrespective of cash payments already
made, in the unfortunate event of your death before the end of the policy’s term.
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A 10% Guaranteed Addition is payable on death or maturity, if the policy has been inforce for 10
years.
A reversionary and terminal bonus payable on death or maturity. Terminal bonus is available
only if policy is in force for more than 10 years.
Bonuses are paid depending on performance of the company.
Tax Benefits, Riders and Age Eligibility
Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax
Act, 1961. Any sum received under this plan is exempt from tax under section 10(10D) of the
Income Tax Act, 1961.*
Term, Critical Illness, Accident and Disability riders are available for added protection at a
nominal extra cost.
Minimum age to qualify for this product is 30 days. Maximum age limit is 55 years.
For juveniles only Pryor benefit rider is available.
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Tata AIG Life MahaLife Gold
SHAPE \* MERGEFORMAT A guaranteed annual coupon of 5% of
the sum assured every year for the rest of the insured’s term from the 10th policy anniversary.
Yearly cash dividends are available from the 6th policy anniversary onwards (depending on
Company performance).
The entire sum assured is paid tax-free as per current Income Tax Laws.
Tax Benefits, Riders and Age Eligibility
The guaranteed 5% coupon and non-guaranteed cash dividends are tax free as per current Income
Tax Laws.
Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax
Act, 1961. Any sum received under this plan is exempt from tax under section 10(10D) of the
Income Tax Act, 1961.*
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Disability, Accident, Term and Critical Illness riders are available for added protection at a
nominal extra cost. (For juveniles, only Payor Benefit Rider is available).
Policy available for persons between 0 years and 60 years of age.
Tata AIG Life Starkid
Your child will receive cash benefits to the equivalent of 20% of the sum assured at the age of
18, 19, 20, 21 & 22.
Flexible and affordable premiums, which can be paid annually, semi-annually, quarterly, or even
monthly.
No medical examination of your child is needed.
Free Look Period - A money-back guarantee, which allows you to return the policy within 15
days of receipt for a full refund (minus nominal administrative charges).
Tax Benefits, Riders and Age Eligibility
Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax
Act, 1961. Any sum received under this plan is exempt from tax under section 10(10D) of the
Income Tax Act, 1961.*
Inbuilt Pryor Benefit rider: In the event of Pryor’s death or disability the policy pays out
following benefits:
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During the premium paying period: All future premiums are waived off.
After the premium paying period: 50% of Sum Assured is paid to the nominee of the policy.
Adults
You work hard to ensure that your family has enough money to lead a good life. Who will look after
your family if something happens to you?
Retirement Planning
The estimated lifespan of an averagely healthy person is around 75 years. This
means that you will have to fund your lifestyle for 20 years without a regular salary if you plan to retire
at the age of 55. Let us show you how you can truly make your retirement years into Golden years.
Each one of us is unique. Yet many of us share the same concerns over the course of our lives. For
instance, you may have asked yourself, “Who will take care of my family if something happens to me?”
Tata AIG Life is here to help provide answers to questions just like that one.
Tata AIG Life Assure Golden Years Plan
Tata AIG Life Assure Golden Years(Assure Golden Years) is an endowment policy that provides both safety and steady returns. In the unfortunate event of your death, your dependants will receive the sum assured; otherwise your savings will continue to grow. Should you live
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past the term of the policy, you will receive both the sum assured as well as a host of bonuses.
Key features include:
A guaranteed addition of 10% of the sum assured if the policy has been in force for 10 years or more, is payable on death or maturity.
A reversionary bonus is payable on death or maturity.
A Terminal bonus paid on maturity or death if the policy has been in force for a minimum 10 years.
Reversionary and Terminal bonuses are non-guaranteed and are dependent on Company performance.
Tax Benefits, Riders and Age Eligibility
Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Any sum received under this plan is exempt from tax under section 10(10D) of the Income Tax Act, 1961.*
Term, Accident, Disability and Critical Illness riders are available for added protection.
Policy duration runs from the time of purchase up to age 60.
Policy is available for persons between 18 to 50 years of age.
Tata AIG Life Easy Retire
Today, you are busy working hard to achieve your goals. You are going to retire one day. No matter how you want to live your life after retirement you need to plan and arrange for a regular income.
Tata AIG Life Insurance Company Ltd presents Tata AIG Life Easy Retire(Easy Retire) an individual immediate annuity, the ideal solution to convert your corpus to regular income. The regular income helps you cope with the expenses that continue even when you stop working and in fact increase with age as a result of mounting health bills and increasing prices.
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Easy Retire is an immediate annuity plan with Return of Purchase Price (RoPP) which can be purchased through a single premium payment. The plan provides for annuity payments which are paid throughout the life time of an annuitant.
How does the Plan Work?
All you have to do is pay a single premium to Tata AIG Life Insurance Company Ltd. (This
amount is your purchase price)
Choose annuity payment modes [the frequency at which you want the income] - monthly,
quarterly, half-yearly or yearly
Tata AIG Life Insurance Company Ltd guarantees you a rate per thousand at the time of
purchase and this depends on the age as well as purchase price.
Opt for either receiving post dated cheques or a direct credit into your bank account. i.e. PDCs / ECS
Definition:
Annuity - Series of regular payments received by the policy holder
Annuitant - Person who receives the annuity benefit.
RoPP - In this plan the annuity is paid to the annuitant throughout his/her life. On the death of the
annuitant the purchase price is returned to the nominee.
Entry Conditions
Minimum Purchase amount Rs. 50,000
Minimum age of purchase 21 years
Maximum age of purchase 80 years
Policy period Life time
Premium payment Period Single
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Minimum annuity installment Rs. 3,000 p.a
Annuity rates - Unisex Yes
Medical Requirement None
Note:
No surrender permitted under this plan.
Tata AIG Life Insurance Company Ltd. reserves the right to review the annuity rates, subject to
IRDA's prior approval.
Please ask for latest rates at the time of purchasing the annuity plan
Once the annuity is bought, the rate remains constant throughout the lifetime of the annuitant
Once the frequency of payment is opted it cannot be changed
No loan will be available under this plan
Incentives available for higher purchase price
Please refer to the policy documents for more details
Tata AIG Life Nirvan
You need money to live after you retire, but is the money you saved going to be enough?
The Tata AIG Life Nirvana (Nirvana) retirement plan is a flexible policy that allows you to choose your
retirement age (from 50 to 65 years).
Key features include:
Sum Assured is payable on death during the accumulation stage or on vesting age.
A guaranteed 10% addition to the sum assured payable at the time of your death or vesting age if
your policy has been in force for 10 years.
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A Reversionary bonus declared from the 5th policy anniversary and credited on each policy
anniversary.
A Terminal bonus is payable at the time of retirement or death (policy must be in force for a
minimum 10 years).
A maximum of one-third of your accumulated sum assured at vesting age can be commuted. The
remaining can be used purchase an annuity that pays a monthly pension for the rest of your (or
your beneficiary’s) life.
Tax Benefits, Riders and Age Eligibility
The lump sum paid upon on retirement or death is tax-free.
Premiums paid under this plan are eligible for tax benefits under Section 80CCC of the Income
Tax Act, 1961*.
Accident, Term and Critical Illness riders are available for added protection.
Policy is available for persons between 18 and 55 years of age.
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Tata AIG Life Nirvana Plus
The Tata AIG Life Nirvana Plus (Nirvana Plus) policy is India’s first and only
pension policy with a guaranteed addition of 10% of the sum assured every 5 years. You can choose
from three levels of cover, which is your amount of Sum Assured: Rs. 1 lakh, Rs. 2 lakes and Rs. 4
lakes. You can also decide the age you want to retire: 55, 58 or 60 years of age.
Key features include:
10% of sum assured is added to your sum assured for every 5 years of paid premiums.
Rs. 1 lake will be paid directly to you should you be diagnosed with a covered critical illness
(after a 30 day survival period) for first 3 years of the policy.
Deaths that occur during the period of the policy will result in an immediate payment of the full
sum assured to your beneficiary, plus guaranteed additions and bonuses (if any).
Deaths that occur due to accidental causes during the plan period will result in an immediate
payment of double the sum assured, plus guaranteed additions and bonuses (if any).
Payment of up to one third of your Sum Assured as lump sum cash upon reaching your chosen
retirement age. The remainder is used to buy a monthly income plan that will generate a monthly
cash income.
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A reversionary bonus will be declared and credited from the 6th policy anniversary onwards
A terminal bonus will be paid upon maturity or death if the policy has been in force for 10 years.
Bonus is not guaranteed and will depend on the performance of the company.
No medical examination is required for persons between 18 and 45 years of age.
Tax Benefits, Riders and Age Eligibility
Premiums paid under this plan are eligible for tax benefits under Section 80CCC of the Income
Tax Act, 1961*.
Critical illness cover can be purchased as a rider after the 3rd year of the policy.
Policy is available for persons between 18 and 45 years of age.
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SWOT ANALYSIS
SWOT ANALYSIS OF SARAS DAIRY
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In any organization, strength and weakness indicate the capability and preparedness of the organization
to respond the business opportunities likely to be available in the environment and the extent to which it
is able to use its strength to neutralize the treats, SWOT analysis is done for generating a corporate plan.
It is a macro level process, which has to be interpreted at different micro level like technical, financial,
human resources etc.
STRENGTHS:STRENGTHS:
Quality of services is very goodQuality of services is very good.
Easy Availability for the customerEasy Availability for the customer
Image of TATA AIG is very good among people.:Image of TATA AIG is very good among people.: ISO 9002 :ISO 9002 : It is a symbol of international
quality.
II t provide proper training to is employee so the working stile of employee is very good. t provide proper training to is employee so the working stile of employee is very good.
Ability to overcome commercial and technical challenges.
Provide services with consumer satisfaction
Strong foundation laid by the top management.
Organization sells his product directly to the industrial users.
Improves the quality of a service continuously.
Quality and accuracy is the main strength.
Organization's productivity is too high
Business focus approach
Product planning
WEAKNESSESWEAKNESSES :
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A big pat of people is non aware by the TATA AIG Life Insurance A big pat of people is non aware by the TATA AIG Life Insurance
Precipitation of people is not clear about Precipitation of people is not clear about TATA AIG Life Insurance.TATA AIG Life Insurance.
Lack of credit facilityLack of credit facility.
High overheads
No product range
Work force with low skill levels
Lack sufficient personnel in frontier areas of technology
Company does not make the public relation by giving sponsorship, seminars, speeches and
company magazines.
Company is not upgrading its website regularly
Company does not introduce new product line.
Improper strategic decisions.
Early project termination.
OPPORTUNITY:OPPORTUNITY:
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TATA AIG Life InsuranceTATA AIG Life Insurance having a loyalty & name itself so it should take an advantage of it.
Proper marketing policy will able to get market share.
Competitors are having too much problems TATA AIG Life InsuranceTATA AIG Life Insurance must get the benefits
from it & try to grab the opportunity.
Consumers education and awareness camps can increase the market share for TATA AIG Life TATA AIG Life
InsuranceInsurance .
Covering maximum market in India
Company advertises its policies on internet.
Start on line facility
It can give the customer services training programs to his employee for satisfaction of his
customer.
Market research, inspection and development
Using the standard weights, grade and standardization.
Growing health consciousness among consumers.
Vast untapped market potential.
Lucrative markets in satellite towns.
Increasing dissatisfaction among other Insurance companies.
THREATS:THREATS:
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The growing market share of the competitor
People are more attached emotionally only with the private Insurance companies which is not
possible with the TATA AIG Life Insurance company Ltd.
Private Insurance companies easily decrease their price when they see that there is a recession
period in the market but it is not possible with the TATA AIG Life Insurance.
It regularly provide the training to his employee according to requirement.
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CONCLUSION
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Conclusion
According to the consumer perception and data collection it is found that:-
The awareness of TATA AIG is high.
As from the study about the TATA AIG we can say that a big area of population is adopt the
TATA AIG life insurance policy.
Consumer wants the stability in price.
TATA AIG LIFE Insurance is provide the proper customer services training program for
increase in customer services.
Consumer wants modification I the schemes of TATA AIG life insurance
TATA AIG LIFE Insurance is regularly provide new schemes and better services to his
customers.
The "Quality Policy" of this enterprise is the core factor of the organization. As is evidence from
the objective laid down by the organization it believes in development of good people, good
techniques, and good environment.
The carport's philosophy of TATA AIG Life Insurance Company is very strong.
It was very heartening to see that there are absolutely no compromise customer services.
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RECOMMENDATIONS AND SUGGESTIONS
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RECOMMENDATIONS FOR ATTRACTING CUSTOMERS
1. The attribute ranking shows that TATA AIG Life Insurance enjoy tremendous popularity
among its users but not among non- users of Insurance . The occasional buyer is at best
indifferent to it. It is this section that needs to be attracted immediately.
2. The non- users of TATA AIG Life Insurance have widespread misconception about TATA AIG
Life Insurance. For eliminating all the myths a detailed Consumer Awareness Programs
needs to be devised. Advertising and sales promotion should catch the fancy of the
discerning non- users and occasional buyer. Activities that can be taken up are a round
the year lucky dip contest having two aspects to it. The coupon would contain a
number and a printed message that dispels all the fears of the public and educates then
on the goodness of TATA AIG Life Insurance. First part of the contest would simply pick
a random person with a coupon number as the winner.
The second part would focus on the message recall with a quiz contest distributed each
month. The all correct entry gets the prize on the basis of lots. Early bird prizes could
include good quality white T-Shirts with TATA AIG Life Insurance logo painted. Sports
sponsorship could also be resorted too. Recipes of customer services and customer services
tanning programs can also be issued in the Sunday section of local daily Dainik Navjyoti.
TATA AIG Life Insurance provide the many Insurance plans children, adult and retired persons
so for improvement in customers it can adopt many advertisement way. Marketing staff needs
comprehensive education on how to· deal with consumers and redress their grievances. Their
movement should be result oriented rather than a formality.
3. Consumer complaints, TATA AIG Life Insurance weaknesses / irritants, and suggestions given
by consumers should be duly considered.
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4. Customer services and Customer services tanning programs are properly observed by the higher
authority of the company after the formulation.
5. The action plan for marketing the above plans could primarily rest on capitalizing the existing
agent network. For the company it is very necessary that it do the observation of is agents
because it is very important for ay organization.
6. Consumer awareness camps and education programmers should be organized from time to time.
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ANNUXERE
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Questionnaire
Q. 1) CONSUMER PROFILE
A. Household's name :- …………………………………………………….
B. Age :- ……………………………………………………
C. Family size :- ………………………………………………………
D. Education :- ………………………………………………………
E. Occupation :- ………………………………………………………
Q. 2) Do You Know About Life Insurance?
(A) Yes (B) No
Q. 3) Do You Know about Tata AIG life Insurance?
(A) Yes (B) No
Q. 4) Do You Know About the rate of insurance policy of Tata AIG?
(A) Yes (B) No
Q. 5) what you think about the rate of insurance policy of Tata AIG?
(A) high
(B) Normal
(C) Low
Q. 6) If Tata AIG Life Insurance plan Available for You, Then Would You Like To have It.
(A) Yes (B) No
Q. 7) Do you have any insurance policy?
(A) Yes (B) No
Q. 8) When Asked, what you give Preference to any insurance policy?
(A) Privet
(B) Limited
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Q. 9) Do you Know about different Insurance services of Tata AIG Life Insurance.?
(A) Yes (B) No
Q, 10Do you know about the customer services tanning programs provided by the Tata AIG life
Insurance?
(A) Yes (B) No
Q. 10) What Suggestions You Want To Give For Tata AIG life Insurance?
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BIBLOGRAPHY
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BIBLOGRAPHY
Books & References
Principles of Marketing: Philip Kotler, Gary Armstrong
Marketing Management: Ramaswami, Namakumari
Research Methods & Techniques: G. C. Beri, C.R. Kothari