Lic Project Report by Deependra

8/6/2019 Lic Project Report by Deependra

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A

COMPANY TRAININIG REPORT

ON

ANANALYTICAL STUDY OF SAVING SCHEME

COMPLETED IN

"LIC OF INDIA"

SUBMITTED IN THE PARTIAL FRLFILLMENT OF REQUIREMENT FOR THE

DEGREE OF BACHELOR OF BUSINESS ADMINISTRATION (BBA),GURU

JAMBHESHWAR UNIVERSITY OF SCINCE & TECHNOLOGY,HISAR(HARYANA)

B.B.A.

(2007-2010)

SUPERVISED BY: - SUBMITTEDD BY:-

MR. SURJEET BISHNOI Ms. DEEPENDRA

HOD OF MANAGEMENT SINGH PARMAR

SCMIT,SIKAR (RAJ.) BBA FINAL YEAR

E/NO-: 07511505007

SUBMITTED TO:-

DIRECTORATE OF DISTANCE EDUCATION

GURU JAMBHESHWAR UNIVERSITY OF SCIENCE & TECHNOLOGY

HISAR(HARYANA)125001


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DIRECTORATE OF DISTANCE EDUCATION

GURU JAMBHESWAR UNIVERSITY OF

SCIENCE & TECHNOLOGY, HISAR

(HARYANA) 125001

RESUME OF SUPERVISOR

NAME MR. SURJEET BISH

DESIGNATION LECTURER, HOD

QUALIFICATION B.Sc, MBA & UGC-NET

AREA OF SPECIALIZATION MARKETING

EXPERIENCE 6 YEARS

OFFICIAL ADDRESS SCMIT,SIKAR

CONTRACT NO. +919414581356

E-MAIL [email protected]

DATE (SIGNATURE)


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DECLARATION

I do hereby declare that this piece of project report entitled An AnalyticalStudy of Saving Scheme at LIC practices in LIFE INSURANCECORPORATION OF INDIA for partial fulfillment of the requirements fromthe award of the degree ofBBA is a record of original work done by meunder the supervision & guidance of Ms. Surjeet Bishnoi , ShekhawatiCollege of Information & Technology, Sikar(Raj.).This project work is aconfide work done by me & has neither submitted nor published elsewhere.

Place: Signature

Date:


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ACKNOWLEDGEMENT

At The Outset

Summer training is one of the most vital and active part of the curriculum ofmanagement students. Its basic idea behind this is to strengthen the

students concept through practical training and make them acquainted withactual method and procedures.

I did the work as a management trainee at LIC for a period for 01-01-2010to 14-02-2010. I would like to extend my heartfelt gratitude to Mr. RamhetPrasad Chief Life Insurance Advisor at LIC, Dholpur for his properguidance throughout the project. Without her support and cooperation Iwould have failed in my endeavors and targets in the summer training.

I am greatly intended to my guides Mr. Surjeet Bishnoi (HOD OFMANAGEMENT),Shekhawati College Of Management and InformationTechnology,Sikar(Raj.) for their constant guidance, advice & help whichenabled me to finish this project report.

DEEPENDRA PARMAR

(SIGNATURE)


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PREFACE

Someone has rightly said that practical experience is far better and closerto the real world then mere theoretical exposure. The practical experiencehelps the student to view the real business world closely,which in turnwidely influences his perceptions and understanding of the real situation.

Research work constitutes the backbone of any management educationprogram. A management student has to do research work quite frequently

during his entire span.

The research work entitled "An Analytical study of Saving Scheme atLIC" Completed in " LIFE INSURANCE CORPORATION OF INDIA" aimsto know customer awareness regarding LIC.

The present report is a part of the project that contains the work done byme during the training period ofLIC OF INDIA, Dholpur(Raj.).

True to the core, a properly and executed industrial training helps a lot in

understanding of the mode of operation of industrial organization.

The project has offered me an opportunity to put all my efforts andthe theoretical knowledge to practice and enhance my knowledge,and at the sure time given me practical experience in the field ofmarketing. It is surly going to help me in future projects too.

In the preparation of this report, I have made every effort to ensure that allsteps completed in it. Any suggestions for improvement, will be gratefully

accepted.

I sincerely hope that this will prove pure knowledge imparting, throughprovoking and thus stimulating future research work on these guideline.


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EXECUTIVE SUMMEARY

In todays corporate and competitive world, I find that insurance sector has themaximum growth and potential as compared to the other sectors. Insurance has themaximum growth rate of 70-80% while as FMCG sector has maximum 12-15% ofgrowth rate. This growth potential attracts me to enter in this sector and LIFEINSURANCE CORPORATION (LIC). has given me the opportunity to work and getexperience in highly competitive and enhancing sector.

Agents are the only way for a company of Insurance sector through which policies and

benefits of the company can be explained to the customer.The life insurance industry in India grew by an impressive 47.38%, with premiumincome at Rs. 1560.41 billion during the fiscal year 2006-2007. Though the total volumeof LIC's business increased in the last fiscal year (2006-2007) compared to the previousone, its market share came down from 85.75% to 81.91%.

The 17 private insurers increased their market share from about 15% to about 19% in ayear's time. The figures for the first two months of the fiscal year 2007-08 also speak ofthe growing share of the private insurers. The share of LIC for this period has furthercome down to 75 percent, while the private players have grabbed over 24 percent.

With the opening up of the insurance industry in India many foreign players haveentered the market. The restriction on these companies is that they are not allowed tohave more than a 26% stake in a companys ownership.

Since the opening up of the insurance sector in 1999, foreign investments of Rs. 8.7billion have poured into the Indian market and 19 private life insurance companies havebeen granted licenses.

Innovative products, smart marketing, and aggressive distribution have enabledfledgling private insurance companies to sign up Indian customers faster than anyoneexpected. Indians, who had always seen life insurance as a tax saving device, are now

suddenly turning to the private sector and snapping up the new innovative products onoffer. Some of these products include investment plans with insurance and good returns(unit linked plans), multi purpose insurance plans, pension plans, child plans andmoney back plans.


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CONTENTS

ACKNOWLEDGEMENT

EXECUTIVE SUMMARY

INTRODUCTION OF INDUSTRY

INTRODUCTON OF ORGANIZATION

MILESTONES OF LIFE INSURANCE BUSINESS IN INDIA

GENERAL INSURANCE CORPORATION OF INDIA

MILESTONES IN GENERAL INSURANCEBORAD OF DIRECTORS OF LIC

KNOW ABOUT OUR LIFE INSURANCE

OPERATE ALL OVER INDIA

ADMISSION OF AGE

MISSION & VISION OF LIC

OBJECTIVE OF LIC

AWARDS OF LIC

SAVING SCHEME OF LIC

PROCUCTED OFFERED TO CUSTOMER BY LIC

JEEVAN AKSHAY PLAN

BENEFITS OF PLAN

JEEVAN SARAL POLICY

SMALL SAVING

PAY ROLL SAVING SCHEME

BANK AND FINANCIAL INSTITUTIONS

RESEARCH METHODOLOGY

DATA ANALYSIS & INTERPRETATION

CONCLUSION

SWOT ANALYSIS

APPENDIXES

QUESTIONNAIRE

REFRENCES & BIBLIOGARPHY


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INTRODUCTION OF INDUSTRY

The history of life insurance in India dates back to 1818 when it was conceived as ameans to provide for English Widows. Interestingly in those days a higher premium wascharged for Indian lives than the non - Indian lives, as Indian lives were consideredmore risky to cover. The Bombay Mutual Life Insurance Society started its business in1870. It was the first company to charge the same premium for both Indian and non-Indian lives.

The Oriental Assurance Company was established in 1880. The General insurance

business in India, on the other hand, can trace its roots to Triton Insurance CompanyLimited, the first general insurance company established in the year 1850 in Calcutta bythe British. Till the end of the nineteenth century insurance business was almost entirelyin the hands of overseas companies.

Insurance regulation formally began in India with the passing of the Life InsuranceCompanies Act of 1912 and the Provident Fund Act of 1912. Several frauds during the1920's and 1930's sullied insurance business in India. By 1938 there were 176insurance companies.

The first comprehensive legislation was introduced with the Insurance Act of 1938 that

provided strict State Control over the insurance business. The insurance business grewat a faster pace after independence. Indian companies strengthened their hold on thisbusiness but despite the growth that was witnessed, insurance remained an urbanphenomenon.

The Government of India in 1956, brought together over 240 private life insurers andprovident societies under one nationalized monopoly corporation and Life InsuranceCorporation (LIC) was born. Nationalization was justified on the grounds that it wouldcreate the much needed funds for rapid industrialization. This was in conformity with theGovernment's chosen path ofState led planning and development.

The non-life insurance business continued to thrive with the private sector till 1972.Their operations were restricted to organized trade and industry in large cities. Thegeneral insurance industry was nationalized in 1972. With this, nearly 107 insurers wereamalgamated and grouped into four companies- National Insurance Company, NewIndia Assurance Company, Oriental Insurance Company and United India InsuranceCompany.


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These were subsidiaries of the General Insurance Company (GIC).

With the largest number of life insurance policies in force in the world, Insurancehappens to be a mega opportunity in India. Its a business growing at the rate of 15-20per cent annually and presently is of the order of Rs 1560.41 billion (for the financialyear 2006 2007). Together with banking services, it adds about 7% to the countrysGross Domestic Product (GDP). The gross premium collection is nearly 2% of GDP andfunds available with LIC for investments are 8% of the GDP.

Even so nearly 65% of the Indian population is without life insurance cover while healthinsurance and non-life insurance continues to be below international standards. A largepart of our population is also subject to weak social security and pension systems withhardly any old age income security.

A well-developed and evolved insurance sector is needed for economic development asit provides long term funds for infrastructure development and strengthens the risktaking ability of individuals. It is estimated that over the next ten years India wouldrequire investments of the order of one trillion US dollars.


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INTRODUCTION OF ORGANIZATION

Life Insurance Corporation of India (LIC)

Life Insurance Corporation of India (LIC) was established on 1 September 1956 tospread the message of life insurance in the country and mobilise peoples savings fornation-building activities. LIC with its central office in Mumbai and seven zonal offices atMumbai, Calcutta, Delhi, Chennai, Hyderabad, Kanpur and Bhopal, operates through100 divisional offices in important cities and 2,048 branch offices. LIC has 5.59 lakhactive agents spread over the country.

The Corporation also transacts business abroad and has offices in Fiji, Mauritius andUnited Kingdom. LIC is associated with joint ventures abroad in the field of insurance,namely, Ken-India Assurance Company Limited, Nairobi; United Oriental AssuranceCompany Limited, Kuala Lumpur; and Life Insurance Corporation (International), E.C.Bahrain. It has also entered into an agreement with the Sun Life (UK) for marketing unitlinked life insurance and pension policies in U.K.

In 1995-96, LIC had a total income from premium and investments of $ 5 Billion whileGIC recorded a net premium of $ 1.3 Billion. During the last 15 years, LIC's incomegrew at a healthy average of 10 per cent as against the industry's 6.7 per cent growth inthe rest of Asia (3.4 per cent in Europe, 1.4 per cent in the US).LIC has even provided insurance cover to five million people living below the povertyline, with 50 per cent subsidy in the premium rates. LIC's claims settlement ratio at 95per cent and GIC's at 74 per cent are higher than that of global average of 40 per cent.Compounded annual growth rate for Life insurance business has been 19.22 per centper annum

The story of insurance is probably as old as the story of mankind. The same instinct that

prompts modern businessmen today to secure themselves against loss and disasterexisted in primitive men also. They too sought to avert the evil consequences of fire andflood and loss of life and were willing to make some sort of sacrifice in order to achievesecurity. Though the concept of insurance is largely a development of the recent past,particularly after the industrial era past few centuries yet its beginnings date backalmost 6000 years.


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Life Insurance in its modern form came to India from England in the year 1818. OrientalLife Insurance Company started by Europeans in Calcutta was the first life insurancecompany on Indian Soil. All the insurance companies established during that periodwere brought up with the purpose of looking after the needs of European community

and Indian natives were not being insured by these companies. However, later with theefforts of eminent people like Babu Muttylal Seal, the foreign life insurance companiesstarted insuring Indian lives. But Indian lives were being treated as sub-standard livesand heavy extra premiums were being charged on them. Bombay Mutual Life

Assurance Society heralded the birth of first Indian life insurance company in the year1870, and covered Indian lives at normal rates. Starting as Indian enterprise with highlypatriotic motives, insurance companies came into existence to carry the message ofinsurance and social security through insurance to various sectors of society. BharatInsurance Company (1896) was also one of such companies inspired by nationalism.The Swadeshi movement of 1905-1907 gave rise to more insurance companies. TheUnited India in Madras, National Indian and National Insurance in Calcutta and the Co-

operative Assurance at Lahore were established in 1906. In 1907, Hindustan Co-operative Insurance Company took its birth in one of the rooms of the Jorasanko, houseof the great poet Rabindranath Tagore, in Calcutta. The Indian Mercantile, General

Assurance and Swadeshi Life (later Bombay Life) were some of the companiesestablished during the same period. Prior to 1912 India had no legislation to regulateinsurance business. In the year 1912, the Life Insurance Companies Act, and theProvident Fund Act were passed. The Life Insurance Companies Act, 1912 made itnecessary that the premium rate tables and periodical valuations of companies shouldbe certified by an actuary. But the Act discriminated between foreign and Indiancompanies on many accounts, putting the Indian companies at a disadvantage.

The first two decades of the twentieth century saw lot of growth in insurance business.From 44 companies with total business-in-force as Rs.22.44 crore, it rose to 176companies with total business-in-force as Rs.298 crore in 1938. During themushrooming of insurance companies many financially unsound concerns were alsofloated which failed miserably. The Insurance Act 1938 was the first legislationgoverning not only life insurance but also non-life insurance to provide strict statecontrol over insurance business. The demand for nationalization of life insuranceindustry was made repeatedly in the past but it gathered momentum in 1944 when a billto amend the Life Insurance Act 1938 was introduced in the Legislative Assembly.However, it was much later on the 19th of January, 1956, that life insurance in India wasnationalized. About 154 Indian insurance companies, 16 non-Indian companies and 75

provident were operating in India at the time of nationalization. Nationalization wasaccomplished in two stages; initially the management of the companies was taken overby means of an Ordinance, and later, the ownership too by means of a comprehensivebill. The Parliament of India passed the Life Insurance Corporation Act on the 19th ofJune 1956, and the Life Insurance Corporation of India was created on 1st September,1956, with the objective of spreading life insurance much more widely and in particularto the rural areas with a view to reach all insurable persons in the country, providingthem adequate financial cover at a reasonable cost.


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LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from itscorporate office in the year 1956. Since life insurance contracts are long term contractsand during the currency of the policy it requires a variety of services need was felt in the

later years to expand the operations and place a branch office at each districtheadquarter. Re-organization of LIC took place and large numbers of new branchoffices were opened. As a result of re-organisation servicing functions were transferredto the branches, and branches were made accounting units. It worked wonders with theperformance of the corporation. It may be seen that from about 200.00 crores of NewBusiness in 1957 the corporation crossed 1000.00 crores only in the year 1969-70, andit took another 10 years for LIC to cross 2000.00 crore mark of new business. But withre-organisation happening in the early eighties, by 1985-86 LIC had already crossed7000.00 crore Sum Assured on new policies.Today LIC functions with 2048 fully computerized branch offices, 109 divisional offices,8 zonal offices, 992 satallite offices and the Corporate office. LICs Wide Area Network

covers 109 divisional offices and connects all the branches through a Metro AreaNetwork. LIC has tied up with some Banks and Service providers to offer on-linepremium collection facility in selected cities. LICs ECS and ATM premium paymentfacility is an addition to customer convenience. Apart from on-line Kiosks and IVRS, InfoCentres have been commissioned at Mumbai, Ahmedabad, Bangalore, Chennai,Hyderabad, Kolkata, New Delhi, Pune and many other cities. With a vision of providingeasy access to its policyholders, LIC has launched its SATELLITE SAMPARK offices.The satellite offices are smaller, leaner and closer to the customer. The digitalizedrecords of the satellite offices will facilitate anywhere servicing and many otherconveniences in the future.LIC continues to be the dominant life insurer even in the liberalized scenario of Indian

insurance and is moving fast on a new growth trajectory surpassing its own pastrecords. LIC has issued over one crore policies during the current year. It has crossedthe milestone of issuing 1,01,32,955 new policies by 15th Oct, 2005, posting a healthygrowth rate of 16.67% over the corresponding period of the previous year.From then to now, LIC has crossed many milestones and has set unprecedentedperformance records in various aspects of life insurance business. The same motiveswhich inspired our forefathers to bring insurance into existence in this country inspire usat LIC to take this message of protection to light the lamps of security in as many homesas possible and to help the people in providing security to their families.


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MILESTONES OF LIFE INSURANCE BUSINESS IN INDIA

1818: Oriental Life Insurance Company, the first life insurance company onIndian soil started functioning.1870: Bombay Mutual Life Assurance Society, the first Indian life insurancecompany started its business.1912: The Indian Life Assurance Companies Act enacted as the firststatute to regulate the life insurance business.1928: The Indian Insurance Companies Act enacted to enable thegovernment to collect statistical information about both life and non-lifeinsurance businesses.

1938: Earlier legislation consolidated and amended to by the Insurance Actwith the objective of protecting the interests of the insuring public.1956: 245 Indian and foreign insurers and provident societies are takenover by the central government and nationalised. LIC formed by an Act ofParliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crorefrom the Government of India.The General insurance business in India, on the other hand, can trace itsroots to the Triton Insurance Company Ltd., the first general insurancecompany established in the year 1850 in Calcutta by the British.


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GENERAL INSURANCE CORPORATION OF INDIA (GICI)

The general insurance industry in India was nationalized and a governmentcompany known as General Insurance Corporation of India (GIC) wasformed by the Central Government in November 1972. With effect from 1January 1973 the erstwhile 107 Indian and foreign insurers which were

operating in the country prior to nationalization, were grouped into fouroperating companies, namely, (i) National Insurance Company Limited; (ii)New India Assurance Company Limited; (iii) Oriental Insurance CompanyLimited; and (iv) United India Insurance Company Limited. (However, witheffect from Dec'2000, these subsidiaries have been de-linked from theparent company and made as independent insurance companies). All theabove four subsidiaries of GIC operate all over the country competing withone another and underwriting various classes of general insurancebusiness except for aviation insurance of national airlines and cropinsurance which is handled by the GIC.

Besides the domestic market, the industry is presently operating in 17countries directly through branches or agencies and in 14 countries throughsubsidiary and associate companies.


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MILESTONES IN GENERAL INSURANCE

1907: The Indian Mercantile Insurance Ltd. set up, the first company totransact all classes of general insurance business.1957: General Insurance Council, a wing of the Insurance Association ofIndia, frames a code of conduct for ensuring fair conduct and soundbusiness practices.1968: The Insurance Act amended to regulate investments and set

minimum solvency margins and the Tariff Advisory Committee set up.1972: The General Insurance Business (Nationalisation) Act, 1972nationalised thegeneral insurance business in India with effect from 1st January 1973.107 insurers amalgamated and grouped into four companies viz. theNationalInsurance Company Ltd., the New India Assurance Company Ltd., theOriental Insurance Company Ltd. and the United India Insurance CompanyLtd. GIC incorporated as a company.


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BOARD OF DIRECTORS OF LIC

Members On The Board Of The Corporation

Shri. T.S. Vijayan (Chairman)

Shri. D.K. Mehrotra (Managing Director - LIC)

Shri. Thomas Mathew T. (Managing Director - LIC)

Shri. A.K. Dasgupta (Managing Director - LIC)

Shri. Ashok Chawla (Finance Secretary, Ministry of Finance, Govt. of

India)

Shri. R. Gopalan (Secretary, Department of Financial Services, Ministry of

Finance, Govt. of India.)

Shri. Yogesh Lohiya (Chairman cum Managing Director, GIC of India)

Shri. S.Sridhar, Chairmain & Managing Director , Central Bank of India

Dr. Sooranad Rajashekhran

Shri. Monis R. Kidwai

Lt. General Arvind Mahajan ( Retd.)

Shri. Anup Prakash Garg


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KNOW ABOUT OUR LIFE INSURANCE

Life insurance in India made its debut well over 100 years ago.

In our country, which is one of the most populated in the world, the prominence ofinsurance is not as widely understood, as it ought to be. What follows is an attempt toacquaint readers with some of the concepts of life insurance, with special reference toLIC.

It should, however, be clearly understood that the following content is by no means an

exhaustive description of the terms and conditions of an LIC policy or its benefits orprivileges.

For more details, please contact our branch or divisional office. Any LIC Agent will beglad to help you choose the life insurance plan to meet your needs and render policyservicing.

What Is Life Insurance?

Life insurance is a contract that pledges payment of an amount to the person assured(or his nominee) on the happening of the event insured against.

The contract is valid for payment of the insured amount during:The date of maturity, orSpecified dates at periodic intervals, orUnfortunate death, if it occurs earlier.

Among other things, the contract also provides for the payment of premiumperiodically to the Corporation by the policyholder. Life insurance is universallyacknowledged to be an institution, which eliminates 'risk', substituting certainty foruncertainty and comes to the timely aid of the family in the unfortunate event of deathof the breadwinner.By and large, life insurance is civilisation's partial solution to the problems caused by

death. Life insurance, in short, is concerned with two hazards that stand across thelife-path of every person:That of dying prematurely leaving a dependent family to fend for itself.That of living till old age without visible means of support.


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Life Insurance Vs. Other Savings

Contrace Of Insurance: A contract of insurance is a contract of utmost good faith technically known asuberrima fides. The doctrine of disclosing all material facts is embodied in thisimportant principle, which applies to all forms of insurance.

At the time of taking a policy, policyholder should ensure that all questions in theproposal form are correctly answered. Any misrepresentation, non-disclosure or fraudin any document leading to the acceptance of the risk would render the insurancecontract null and void.

Protection:

Savings through life insurance guarantee full protection against risk of death of thesaver. Also, in case of demise, life insurance assures payment of the entire amountassured (with bonuses wherever applicable) whereas in other savings schemes, onlythe amount saved (with interest) is payable.

Aid To Thrift:

Life insurance encourages 'thrift'. It allows long-term savings since payments can bemade effortlessly because of the 'easy instalment' facility built into the scheme.(Premium payment for insurance is either monthly, quarterly, half yearly or yearly).For example: The Salary Saving Scheme popularly known as SSS, provides a

convenient method of paying premium each month by deduction from one's salary.In this case the employer directly pays the deducted premium to LIC. The SalarySaving Scheme is ideal for any institution or establishment subject to specified termsand conditions.

Liquidity:In case of insurance, it is easy to acquire loans on the sole security of any policy

that has acquired loan value. Besides, a life insurance policy is also generally

accepted as security, even for a commercial loan.

Tax Relief:Life Insurance is the best way to enjoy tax deductions on income tax and wealth tax.This is available for amounts paid by way of premium for life insurance subject toincome tax rates in force.

Assesses can also avail of provisions in the law for tax relief. In such cases theassured in effect pays a lower premium for insurance than otherwise.


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Money When You Need It:A policy that has a suitable insurance plan or a combination of different plans can beeffectively used to meet certain monetary needs that may arise from time-to-time.Children's education, start-in-life or marriage provision or even periodical needs forcash over a stretch of time can be less stressful with the help of these policies.

Alternatively, policy money can be made available at the time of one's retirement fromservice and used for any specific purpose, such as, purchase of a house or for otherinvestments. Also, loans are granted to policyholders for house building or forpurchase of flats (subject to certain conditions).

Any person who has attained majority and is eligible to enter into a valid contract caninsure himself/herself and those in whom he/she has insurable interest.Policies can also be taken, subject to certain conditions, on the life of one's spouse orchildren. While underwriting proposals, certain factors such as the policyholders stateof health, the proponent's income and other relevant factors are considered by theCorporation.

Insurance For WomenPrior to nationalisation (1956), many private insurance companies would offerinsurance to female lives with some extra premium or on restrictive conditions.However, after nationalisation of life insurance, the terms under which life insurance isgranted to female lives have been reviewed from time-to-time.

At present, women who work and earn an income are treated at par with men. In othercases, a restrictive clause is imposed, only if the age of the female is up to 30 yearsand if she does not have an income attracting Income Tax.

Medical And Non-Medical Schemes:Life insurance is normally offered after a medical examination of the life to be assured.However, to facilitate greater spread of insurance and also to avoid inconvenience,LIC has been extending insurance cover without any medical examination, subject tocertain conditions.

With Profit And Without Profit Plans:An insurance policy can be 'with' or 'without' profit. In the former, bonuses disclosed, ifany, after periodical valuations are allotted to the policy and are payable along with thecontracted amount.In 'without' profit plan the contracted amount is paid without any addition. The premium

rate charged for a 'with' profit policy is therefore higher than for a 'without' profit policy.

Keyman InsuranceKeyman insurance is taken by a business firm on the life of key employee(s) to protectthe firm against financial losses, which may occur due to the premature demise of theKeyman.


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OPERATE ALL OVER INDIA


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ADMISSION OF AGE

Admission Of Age:Age is the main basis of calculation of premium under life insurance policies. Thefollowing are accepted as evidence of age:Certified extract from Municipal or Local Bodys records made at the time of birth.Certificate of Baptism or Certified Extract Family Bible, if it contains age or date of birth.Certified Extract from School or College records, if age or date of birth is stated therein.Certified Extract from Service Register in the case of Govt. employees and employeesof Quasi-Govt. Institutions orPassport issued by the Passport Authorities in India.

Payment Of Premium:

By cash, local cheque (subject to realization of cheque), Demand Draft at Branch Office.The DD and cheques or Money Order may be sent by post. You can pay your premiumsat any of our Branches as 99% of our Branches are networked. Many Banks do acceptstanding instructions to remit the premiums. So by providing a standing instruction toyour Bank to debit your account for the premium amount and send it vide a bankerscheque to LIC, on the due dates and months mentioned on your policy bond.Through Internet : Payment of premiums can be made through Internet through ServiceProviders viz.HDFC Bank, ICICI Bank, Times of Money, Bill Junction, UTI Bank, Bank ofPunjab, Citibank, Corporation Bank, Federal Bank and Bill Desk.Premium payment can also be made through ATMs of Corporation Bank and UTI Bank.Premium payment can also be made through Electronic Clearing Service (ECS) which

has been launched at Mumbai, Hyderabad, Chennai, Kolkata, New Delhi, Kanpur,Bangalore, Vijayawada, Patna, Jaipur, Chandigarh, Trivandrum, Ahmadabad, Pune,Goa and Nagpur, Secunderabad & Visakhapatnam. A policyholder having an account inany Bank which is a Member of the local Clearing House can opt for ECS debit to paypremiums. The policyholders wishing to use this system would have to fill up a MandateForm available at our Branches/DO and get it certified by the Bank. The certifiedMandate Forms are to be submitted to our BO/DO.Policy can be anywhere in India.Citibank Kiosks at Industrial Assurance Building, Churchgate, New India Building,Santacruz, Jeevan Shikha Building, Borivili are dedicated for collection of premiumsthrough cheques.

Days Of Grace:Policyholder should pay the premiums on due dates. However, a grace period of onemonth but not less than 30 days will be allowed for payment of yearly/half-yearly/quarterly premiums and 15 days for monthly premiums.When the days of grace expire on a Sunday or a public holiday, the premium may bepaid on the following working day to keep the policy in force.If the premium is not paid before the expiry of the days of grace, the policy lapses.


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Revival Of Lapsed Policy:If the policy has lapsed, it can be revived during the life time of the life assured, within aperiod of five years from the date of the first unpaid premium but before the date ofmaturity subject to certain conditions.

The Corporation offers three convenient schemes of revival viz., Ordinary Revival,Special Revival and Installment Revival. Policies can also be revived under Loan-cum-Revival and SB-cum-Revival schemes.Request for revival may be made to the Branch Office servicing the policy.

Change Of Address And Transfer Of Policy Records:The policyholder should immediately intimate the change of his/her address to theBranch Office servicing the policy. The correct address facilitates better service andquicker settlement of claims. Policy records can also be transferred from one BranchOffice to another for servicing, as requested by the policyholder.

Loss Of Policy Document:The Policy Document is an evidence of the contract between the Insurer and theInsured. Hence the policyholder should preserve the Policy Bond till the contractedamount under it is settled.Loss of the Policy Document should be immediately intimated to the Branch Officewhere it is serviced.

Loans:Loans are granted on policies to the extent of 90% ofSurrender Value of the policieswhich are in force and 85% of the Surrender Value in case of policies which are paid-up, inclusive of the cash value of bonus. The rate of interest charged at present is 9%p.a. payable half-yearly.Loans are not granted for a period shorter than six months. The Conditions andPrivileges printed on the back of the Policy Bond states whether a particular policy iswith or without the loan facility.

Relief To Policyholders:The Corporation generally allows concessions on payment of premiums, settlement ofclaims, issue of duplicate policies, etc when the policyholder are affected by naturalcalamities such as droughts, cyclones, floods, earthquakes, etc.

Nomination:Nomination is a right conferred on the holder of a Policy of Life Assurance on his ownlife to appoint a person/s to receive policy moneys in the event of the policy becoming aclaim by the assureds death. The Nominee does not get any other benefit except toreceive the policy moneys on the death of the Life Assured. A nomination may bechanged or cancelled by the life assured whenever he likes without the consent of theNominee.Ensure nomination exists in the policy for easy settlement of claims.


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Assignment: Assignment means transfer of rights, title and interest. When an assignment isexecuted, all rights, title and interest in respect of the property assigned are immediately

transferred to the Assignee/s and the Assignee/s become the owner/s of the policysubject to any lawful condition made in the assignment.

Assignment can be either conditional or absolute. On assignment (other than to LIC),Nomination automatically stands cancelled. Hence, when such a policy is reassigned,the policyholder will have to make a fresh nomination to avoid delay in settlement ofclaim.

Survival Benefit/Maturity Claims:LIC settles survival benefit/maturity claims on or before the due date.Policyholder are intimated well in advance by the Branch Office which services thepolicy regarding the payment, and the necessary Discharge Voucher is also sent forexecution by the assured. In case the policyholder does not get any intimation from theBranch Office concerned, he/she should contact them, quoting the Policy Number.Survival Benefit payment up to Rs.60,000/- are settled without insisting for Policy Bondand Discharge Voucher.

Death Claims:If the life assured dies during the term of the policy, death claim arises. The death of thepolicyholder should be immediately intimated in writing to the Branch Office where thepolicy is serviced along with the following particulars:The No./s of the policy/iesThe name of the policyholder

Death Certificate issued by concerned AuthorityThe date of death.

1. The cause of death and2. Claimants relationship with the deceased

y On receipt of the intimation of death, necessary claim forms are sent by the

Branch Office for completion along with instructions regarding the procedure to

be followed by the claimant.

y The claims which have arisen after a period of three years are treated as non-

early claims and settled within 30 days from the date of receipt of allrequirements.

y The claims that have arisen within a period of two years from the date ofcommencement of the policy, are treated as early claims and investigation is

compulsory in such cases.


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Initiatives In Policy Servicing Areas:

All 2048 Branches of LIC are fully computerized covering all policy servicing aspects to

give prompt computerized services from new policy introduction, acceptance of renewalpremium, revivals, loans, etc to final claims settlement.Green Channel facility has been introduced for the speedy completion ofproposals.Payment of premiums can be made through internet through serviceproviders, viz., HDFC Bank, ICICI Bank, Times of money, Bill Junction, UTI Bank, Bankof Punjab,Citi Bank, Corporation Bank, Federal Bank and Billdesk.

Grievance Redressal Machinery:

A machinery for redressal of policyholders grievances exist in all the offices of the

Corporation. These are headed by designated Officers who are available at theirrespective Offices every Monday between 2.30 pm and 4.30 pm. except holidays.Policyholder can approach these officers to get their grievances redressed.The Designated Officers at the various offices of the Corporation are :

At Branch Office --- Sr./Branch ManagerAt Divisional Office --- Marketing ManagerAt Zonal Office --- Regional Manager (Mktg)At Central Office --- Executive Director (Mktg/IO/CRM)

Citizens Charter:

y Citizens' Charter was presented to the Nation in November, 1997. In the Charterthe bench marks were prescribed for 30 servicing areas.


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MISSSION & VISION OF LIC

Mission:"Explore and enhance the quality of life of people through financial securityby providing products and services of aspired attributes with competitivereturns, and by rendering resources for economic development."

Vision:"A trans-nationally competitive financial conglomerate of significance tosocieties and Pride of India."


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OBJECTIVE OF LICy Spread Life Insurance widely and in particular to the rural areas and to the

socially and economically backward classes with a view to reaching all insurable

persons in the country and providing them adequate financial cover against

death at a reasonable cost.

y Maximize mobilization of people's savings by making insurance-linked savings

adequately attractive.

y Bear in mind, in the investment of funds, the primary obligation to its

policyholders, whose money it holds in trust, without losing sight of the interest of

the community as a whole; the funds to be deployed to the best advantage of the

investors as well as the community as a whole, keeping in view national priorities

and obligations of attractive return.

y Conduct business with utmost economy and with the full realization that the

moneys belong to the policyholders.

y Act as trustees of the insured public in their individual and collective capacities.

y Meet the various life insurance needs of the community that would arise in the

changing social and economic environment.

y Involve all people working in the Corporation to the best of their capability in

furthering the interests of the insured public by providing efficient service withcourtesy.

y Promote amongst all agents and employees of the Corporation a sense of

participation, pride and job satisfaction through discharge of their duties with

dedication towards achievement of Corporate Objective.


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Shri.P.ChidambaramUnion Finance Minister

In the year 1956, 245 Indian and foreign companies were nationalized and today, thethree letters LIC, stands as a synonym for insurance, for services, for excellence instrengthening the economic fibre of this country. I dare to say that no other three letterstaken together are more recognised to the length and breadth of India than LIC.

The performance figures of LIC give an indication why LIC is dear to us, why LIC is aJewel in our crown and why we will continue to nurture LIC and grow it into a greatorganization rendering service to the people of India.

LICs footprints are now to be found in many other countries in the world. WhereverIndians go - and they go everywhere now, wherever Indians are welcome - and they arewelcome in every part of the world, wherever Indians settle down they have foundmany new homes, wherever Indians excel and they excel in every walk of life, theywant LIC they want LIC to protect them, to look after their savings, and provide forprotection as well as their retirement.

P. ChidambaramUnion Finance MinisterExcerpts from speeches at the inaugural function of LICs Golden Jubilee Celebrations.Lucknow, September 1, 2005.


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Dr.Manmohan SinghPrime Minister of India


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AWARDS OF LIC

CNBC Awaaz Consumer awards 2010 Reader Digest Trusted Brand Insurancecategory 2010

OUTLOOK MONEY NDTV PROFIT AWARD2009 in " BEST LIFE INSURER CATEGORY "

World Brand Congress Award

Golden Peacock Innovative Product / ServiceAward - 2009

ASIA PACIFIC HRM Congress, 2009 Awardfor INNOVATIVE HR PRACTICES


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Loyalty Award - 2009NDTV Profit Business Leadership Award2008

INDY's Silver Award for Best Corporate

Film

NASCOM IT USER Award 2008

Business Superbrand India 2009 ASIA BRAND CONGRESS BRANDLEADERSHIP AWARD, 2008


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Meaning of saving scheme:saving schemes are a kind of mutual funds like diversified equity funds with Taxbenefits. It is just like other tax saving instruments like National Savings Certificate andPublic Provident Fund. Main advantage with ELSS is lock-in period is only 3 years whilefor NSC it is 6 years and for PPF it is 15 years. At the same time risk factor is high inELSS.

As per Income Tax act 80c investment up to Rs 1,00,000 are eligible for deduction fromthe gross total income hence reducing the total taxable income. For example if yourtotal annual income is Rs 3,00,000 and you invest Rs 1,00,000 in ELSS then yourtaxable income will become Rs 2,00,000.Previously there was an upper limit for investing in tax saving instruments like ELSS of5,00,000. Only individuals with less than 5,00,000 annual income are allowed to investin tax saving instruments. But last year financial budget removed this restriction andnow any individual can invest in ELSS irrespective of their income level.

Advantages of ELSS over NSC and PPF

1. Main advantage of ELSS is its short lock-in period. Maturity period of NSC is 6 yearsand PPF is 15 years.2. Since it is an equity linked scheme earning potential is very high.3. Investor can opt for dividend option and get some gains during the lock-in period4. Investor can opt forSystematic Investment Plan5. Some ELSS schemes also offer personal accident death cover insurance6. Provides 30 to 40% returns compared to 8% in NSC and PPF

Disadvantages of ELSS

1. Risk factor is high compared to NSC and PPF2. Premature withdrawal is not allowed but it is allowed in other instruments in somespecific conditions.


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Diversified Equity Schemes and ELSSBoth Equity linked saving scheme and diversified equity scheme operates in same way.

Both are high return and high risk schemes. But there is a 3 year lock in period of ELSSand it provides tax benefits too.

Systematic Investment PlanBest way to invest in ELSS is through Systematic Investment Plan(SIP). With SIP youcan invest a small amount every month for a specific time period. With SIP investor cantake advantage of fluctuations in the stock market. So investor will get more units whenthe market is down and get less units when the market is up. For eg if you are investingRs 1000 every month and you will get 100 units for when Net Asset Value (NAV) is 10and will get 50 units when NAV is 20. So investing a fixed sum regularly helps to coverthe market fluctuations by rupee costs averaging. Also most of the Asset ManagementCompanies (AMC) charges less entry load forSIP compared to normal purchase.


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PRODUCT OFFERED TO CUSTOMR BY LIC

Children's Policy

y Komal Jeevan - Plan No. 159y Children Deferred - Plan no.41y Jeevan Kishore - Plan no.102y Jeevan Chhaya - Plan no.103y Marriage Endowment/Educational Annuity - Plan No. 90y Jeevan Anurag - Plan no.168

Endowment Policy

y Endowment with Profits - Plan no.14 Limited Payment

y Endowment with Profits Plan no.48

y Jeevan Mitra Plan no.88

y New JanaRaksha Policy Plan no. 91

y Jeevan Anand Plan no. 149y Jeevan Mitra Triple Cover Plan no.113

Group Insurance Policy

y Janashree Bima Yojana

y Group Insurance Scheme in lieu of EDLI

y Group (Trem) Insurance Scheme

y Group Saving Linked Insurace Scheme

y

GroupS

uperannuationS

chemey Group Mortgage Redemption Assurance Scheme

Joint Life Policy

y Jeevan Saathi - Plan no.89


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Money Back Policy

y Money Back with Profit - Plan no.75

y New Money Back Plan no.93y Jeevan Surabhi 15 yrs plan no.106

y Jeevan Surabhi 20 yrs plan no.107

y Jeevan Surabhi 25 yrs plan no.108

y Jeevan Bharati Plan no.160

y Jeevan Samriddhi Plan No 154, 155, 156, 157

y Bima Bachat Plan no.175

Pension Plans or Annuities

y New Jeevan Dhara - Plan no.148

y New Jeevan Suraksha Plan no. 147

y Jeevan Akshay IInd Plan no. 163

y Jeevan Nidhi Plan no.169

y Jeevan Akshat V Plan no.183

Special Plans

y Term Assurance - Plan no.43

y Mortgage Redemption - Plan no.52y Jeevan Aadhar - Plan no.114

y Market Plus - Plan No 181

y Jeevan Vishwas Plan No. 136

y Jeevan Saral Plan No. 165

Jeevan Pramukh Plan No. 167

y Bima Nivesh 2005 Plan No 171

y Money Plus-Plan No 180

Term Policy

y Convertible Term Assurance - Plan no.58

y New Bima Kiran

y Trem Assurance

y Anmol Jeevan I Plan No.-164

y Amulya Jeevan-Plan No-177


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JEEVAN AKSHAY PLAN

Introduction:

It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount.The plan provides for annuity payments of a stated amount throughout the life time ofthe annuitant. Various options are available for the type and mode of payment ofannuities.

Type of Annuity:

y Annuity payable for life at a uniform rate.y Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the

annuitant is alive.y Annuity for life with return of purchase price on death of the annuitant.y

Annuity payable for life increasing at a simple rate of 3% p.a.y Annuity for life with a provision of 50% of the annuity payable to spouse during

his/her lifetime on death of the annuitant.y Annuity for life with a provision of 100% of the annuity payable to spouse during

his/her lifetime on death of the annuitant.

Mode:

y Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals.You may opt any mode of payment of Annuity.

Salient features:

y Premium is to be paid in a lump sum.y Minimum purchase price : Rs.50,000/= or such amount which may secure a

minimum annuity as under:

Mode Minimum Annuity

Monthly Rs. 500 per month

Quarterly Rs. 1000 per quarter

Half-yearly Rs. 2000 per half year

Yearly Rs. 3000 per year

y No medical examination is required under the plan.y No maximum limits for purchase price, annuity etc.y Minimum age at entry 40 years last birthday and Maximum age at entry 79 years

last birthday.y Age proof necessary.


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Annuity Rate:Amount of annuity payable at yearly intervals which can be purchased for Rs. 1 lakhunder different options is as under:

Incentives for high purchase price:If your purchase price is Rs. 1.50 lakh or more, you will receive higher amount ofannuity due to available incentives.

Cooling-off periodIf you are not satisfied with the Terms and Conditions of the policy, you may return thepolicy to us within 15 days from the date of receipt of the Policy Bond. On receipt of thepolicy we shall cancel the same and the amount of premium deposited by you shall berefunded to you after deducting the charges for stamp duty.

Section 41 of Insurance Act 1938 :

y No person shall allow or offer to allow, either directly or indirectly, as aninducement to any person to take out or renew or continue an insurance inrespect of any kind of risk relating to lives or property in India, any rebate of thewhole or part of the commissionpayable or any rebate of the premium shown onthe policy, nor shall any person taking out or renewing or continuing a policyaccept any rebate, except such rebate as may be allowed in accordance with thepublished prospectuses or tables of the insurer: provided that acceptance by aninsurance agent of commission in connection with a policy of life insurance taken

out by himself on his own life shall not be deemed to be acceptance of a rebateof premium within the meaning of this sub-section if at the time of suchacceptance the insurance agent satisfies the prescribed conditions establishingthat he is a bona fide insurance agent employed by the insurer.

Any person making default in complying with the provisions of this section shall

be punishable with fine which may extend to five hundred rupees.

Age last birthday Yearly annuity amount under option

( i ) ( ii ) (15 years certain) ( iii ) ( iv ) ( v ) ( vi )

40 7510 7440 6930 5610 7310 7120

45 7770 7660 6960 5890 7500 7240

50 8140 7950 7000 6280 7760 7420

55 8650 8330 7050 6810 8130 7670

60 9350 8790 7110 7530 8640 8030

65 10410 9330 7180 8590 9400 8570

70 12080 9830 7260 10220 10560 9370

75 14510 10220 7360 12590 12240 10590


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BENEFITS OF PLAN

The amount of annuity is assured throughout life of the annuitant.What happens if the annuitant dies? If the annuitant dies :

1. Under option (i) annuity ceases.2. Under option (ii)3. On death during the guaranteed period - annuity is paid to the nominee till the

end of the guaranteed period after which the same ceases.4. On death after the guaranteed period - annuity ceases.5. Under option (iii) annuity ceases and the purchase price is paid to the nominee.6. Under option (iv) annuity ceases.7. Under option (v) annuity ceases and 50% of the annuity is payable to the

surviving named spouse during his/her life time. If the spouse predeceases theannuitant, the annuity ceases.

8. Under option (vi) annuity ceases and full annuity is payable to the survivingnamed spouse during his/her life time. If the spouse predeceases the annuitant,the annuity ceases.

When first instalment of annuity payable: First instalment of annuity is payable afterone month, three months, six months or one year from the date of purchase of annuitydepending on the mode chosen is monthly, quarterly, half yearly or yearly respectively.


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JEEVAN SARAL POLICY

Product Summary:This is an Endowment Assurance plan where the proposer has simply to choose theamount and mode of premium payment. The plan provides financial protection againstdeath throughout the term of the plan. The death benefit is directly related to thepremiums paid. The Maturity Sum Assured depends on the age at entry of the life to beassured and is payable on survival to the end of the policy term. It also offers theflexibility of term and a lot of liquidity.

Premiums:Premiums are payable yearly, half-yearly, quarterly, or monthly through salarydeductions as opted by you throughout the term of the policy or till earlier death.

Loyalty Additions:This is a with-profits plan and participates in the profits of the Corporations lifeinsurance business. It gets a share of the profits in the form of loyalty additions whichare terminal bonuses payable along with death benefit or maturity benefit. Loyalty

Additions may be payable from the 10th year onwards depending upon the experienceof the Corporation

Death Benefit:250 times the monthly premium together with loyalty additions, if any, and return ofpremiums excluding first year premiums and extra/rider premium, if any, is payable inlump sum on death of the life assured during the term of the policy.

Maturity Benefit:The Maturity Sum Assured plus Loyalty additions, if any, is payable in a lump sum.

Supplementary/Extra Benefits:These are the optional benefits that can be added to your basic plan for extra

protection/option. An additional premium is required to be paid for these benefits.

Surrender Value:Buying a life insurance contract is a long-term commitment. However, surrender valuesare available on earlier termination of the contract. The surrender value will be thegreater of the guaranteed surrender value and special surrender. The plan also allowsfor partial surrenders.


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Guaranteed Surrender Value:The policy can be surrendered after it has been in force for at least 3 full years. The

Guaranteed Surrender value will be equal to 30% of the total amount of premiums paidexcluding the premiums for the first year and all the extra premiums and premiums foraccident benefit / term rider.

Special Surrender Value:80% of Maturity Sum Assured if 3 or more years but less than 4 years premiums havebeen paid; 90% of the Maturity Sum Assured, if 4 or more years but less than 5 yearspremiums have been paid and 100% of the Maturity Sum Assured, if 5 or more yearspremiums have been paid. The Maturity Sum Assured for this para will be the MaturitySum Assured corresponding to the term for which premiums have been paid under thepolicy.

Statutory warning:Some benefits are guaranteed and some benefits are variable with returns based onthe future performance of your life insurance company. If your policy offers guaranteedreturns then these will be clearly marked guaranteed in the illustration table on this

page. If your policy offers variable returns then the illustrations on this page will showtwo different rates of assumed investment returns. These assumed rates of return arenot guaranteed and they are not upper or lower limits of what you might get back as thevalue of your policy is dependant on a number of factors including future investment

performance.

Age at entry: 35 yearsPolicy term: 25 yearsMode of premium payment: Yearly

Amount of annual premium: Rs.4704/-


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End OfPolicy

Year

TotalPremium

paid till endof year

Amount payable at the end of year on death during the year

(Rs.)

GuaranteedVariable Total

Scenario 1 Scenario 2 Scenario 1 Scenario 2

1 4704 100000 0 0 100000 100000

2 9408 104800 0 0 104800 104800

3 14112 109600 0 0 109600 109600

4 18816 114400 0 0 114400 114400

5 23520 119200 0 0 119200 119200

6 28224 124000 0 0 124000 124000

7 32928 128800 0 0 128800 128800

8 37632 133600 0 0 133600 133600

9 42336 138400 0 0 138400 138400

10 47040 143200 7000 18000 150200 161200

15 70560 167200 13000 41000 180200 208200

20 94080 191200 30000 100000 221200 291200

25 117600 215200 65000 211000 280200 426200


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End Of

Policy Year

TotalPremium paid

till end of

year

Amount payable on surrender or maturity at the end

of year

Guaranteed

Variable Total

Scenario 1 Scenario 2 Scenario1

Scenario2

1 4704 0 0 0 0 0

2 9408 0 0 0 0 0

3 14112 8099 0 0 8099 8099

4 18816 12942 0 0 12942 12942

5 23520 18660 0 0 18660 18660

6 28224 23180 0 0 23180 23180

7 32928 27856 0 0 27856 27856

8 37632 32744 0 0 32744 32744

9 42336 37892 0 0 37892 37892

10 47040 43360 7000 18000 50360 61360

15 70560 75200 13000 41000 88200 116200

20 94080 106124 30000 100000 136124 206124

25 117600 135296 65000 211000 200296 346296

i) This illustration is applicable to a non-smoker male/female standard (from medical, lifestyle and occupation point of view) life.

ii) The non-guaranteed benefits (1) and (2) in above illustration are calculated so thatthey are consistent with the Projected Investment Rate of Return assumption of 6%

p.a.(Scenario 1) and 10% p.a. (Scenario 2) respectively. In other words, in preparingthis benefit illustration, it is assumed that the Projected Investment Rate of Return thatLICI will be able to earn throughoutthetermofthe policywill be 6% p.a. or 10% p.a.,as the case may be. The Projected Investment Rate of Return is not guaranteed.

iii) The main objective of the illustration is that the client is able to appreciate thefeatures of the product and the flow of benefits in different circumstances with somelevel of quantification.

iv) Loyalty additions will depend on future profits and as such is not guaranteed.

v) The Maturity Benefit is the amount shown at the end of the policy term.


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SMALL SAVING

There are different kinds ofSmall Savings Schemes suitable for various segments ofthe population.

The Government of India have reduced the rate of interest for many of the SmallSavings Scrips w.e.f. 01.03.2003 as follows:

Sl.

No.

Scheme Rate of Interest

w.e.f. 01.01.2001

Rate of Interest

w.e.f. 01.03.2002

Rate of Interest

w.e.f. 01.03.2003

1. POMIS 9.50 % 9.00 % 8.00 %

2. 1 YEAR

TD

7.50 % 7.25 % 6.25 %

2 YEAR

TD

8.00 % 7.50 % 6.50 %

3 YEAR

TD

9.00 % 8.25 % 7.25 %

5 YEARTD

9.00 % 8.50 % 7.50 %

3. PORD Rs. 10 becomesRs. 758.53 after 5 years

Rs. 10 becomesRs. 748.49 after 5 years

Rs. 10 becomesRs. 728.90 after 5 years

4. NSC- VIII 9.50 % 9.00 % 8.16 %

5. PPF 9.50 % 9.00 % 8.00 %

6. KVP Doubles inseven years and three

months

Doubles inseven years and eight

months

Doubles inEight years and seven

months

7. POSA 4.50 % 3.50 % 3.50 %

8. SCSS 9.00%

* - NSS -92 Scheme was withdrawn by the G.O.I. w.e.f 01.11.2002

The SCSS introduced w.e.f. 1-7-2004


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PAY ROLL SAVING SCHEME:

Under this scheme, any monthly salaried person can voluntarily authorise his appointingauthority or employer to deduct monthly contributions from his salary and to remit intoanyone of the savings schemes like Post Office Recurring Deposit, Post Office TimeDeposit, National Savings Certificate (VIII issue) and Public Provident Fund Scheme.The group leader appointed in each organization for collection purpose is paid 2%commission for his service who implements the scheme in the respective concern.

Geographical Data of LIC

Details of Waste Lands in India as per (NRSA) Estimates

Details Area in m.ha.

Culturabel WastelandsSaline 3.9

Gullied and Ravinous 4.32

Waterlogged 0.89

Undulating uplands with or without Scrub 10.79

Jhum Cultivation and Forest Blanks 2.4

Sandy Areas 10.53

Total 32.83

Unculturable Wastelands

Barren Hills and Rock out-Crops 2.75

Snow Bound Area 17.7

Total 20.45Grand Total 53.28


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State-wise Length of Coastline and Population in India(1991)

States/UTsLength of

Coastline

(Km.)

Area

( ' 000 Sq.

Km.)

Population 1991

(Lakh)

Gujarat 1600 196.00 41.20

Maharashtra 840 307.70 78.70

Goa 300 3.70 1.20

Karnataka 400 191.80 44.80

West Bengal 950 88.70 68.00

Tamil Nadu 720 130.10 55.60

Orissa 560 155.70 31.50Kerala 1014 39.00 29.00

Andhra Pradesh 960 275.00 66.30

Andaman & Nicobar Islands - 8.50 0.30

Lakshadweep - 0.03 0.05

Dam Commenced through Decades in India

Decades/Periods No. Built

Before 1900 42

1901-1950 251

1951-1960 234

1961-1970 461

1971-1980 1190

1981-1990 1066

1991-1996 116

1996-2000 695


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BANKS AND FINANCIAL INSTITUTIONS

Financial Institution-wise Disbursement in India

(2000-2001 to 2002-2003)

(Rs. in Crore)

Institution 2000-01 2001-02 2002-03

IDBI 1743.6 1151 3924.2

IFCI 2152.7 1096.9 1796.5

ICICI 31664.5 25831 -

IIBI 1709.8 1070 1091.9

IDFC 766.5 1506.1 949.3

SIDBI 6441.4 5919.3 6789.4

Exim Bank 2070.5 3869.2 6047.8

NABARD 1412 1897 2216.4


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Statewise Priority Sector Lending of PublicSector Banks in India

(1997 to 1999)(Rs. in Crore)

States/UTsMarch

1997 1998 1999

Andhra Pradesh 7205.62 8727.80 9202.44

Arunachal Pradesh 20.27 23.79 29.93

Assam 1018.89 963.16 1083.80

Bihar 2993.98 3107.43 3604.20

Goa 269.47 339.87 421.09

Gujarat 4675.29 5542.48 6228.66

Haryana 2487.61 2893.73 3506.50

Himachal Pradesh 487.06 558.05 640.79Jammu & Kashmir 247.54 302.80 342.98

Karnataka 5971.12 7017.59 8601.58

Kerala 3395.40 3499.60 3918.86

Madhya Pradesh 4205.57 4909.41 5638.55

Maharashtra 10453.26 12697.68 15457.85

Manipur 96.31 102.86 111.10

Meghalaya 49.26 62.05 67.02

Mizoram 19.18 22.72 27.35

Nagaland 66.46 58.92 65.90

Delhi 3743.13 4639.57 5902.95

Orissa 1901.25 2089.20 2105.74Punjab 4695.32 5502.57 6583.48

Rajasthan 2808.41 3614.73 4197.77

Sikkim 17.63 24.67 27.82

Tamil Nadu 9049.19 9736.06 10467.29

Tripura 122.53 132.43 138.73

Uttar Pradesh 7435.39 8360.68 9298.93

West Bengal 4639.25 5155.67 5680.61

Andaman & Nicobar Islands 15.97 16.90 24.89

Chandigarh 509.34 509.27 576.50

Dadra & Nagar Haveli 6.36 11.99 17.04

Daman & Diu 6.59 7.50 8.40

Lakshadweep 1.76 2.16 2.27

Pondicherry 104.73 104.33 113.10


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State-wise Net Small Savings Collections in India

(1998-99 to 2001-02)

(Rs. in Crore)

States/UTs

Net Amount (including P.P.F.)

Collected through Post Offices1998-

991999-2000

2000-01

2001-02

Andhra Pradesh 1121.10 1566.33 1809.68 1752.95

Assam 95.29 464.63 513.74 471.08

Arunachal Pradesh 14.39 10.29 15.32 11.71

Bihar 1676.50 1970.52 2210.29 1438.79

Bihar-Jharkhand - - 0.00 881.79

Gujarat 2661.90 3276.96 4281.25 3759.71

Goa 74.42 80.94 102.47 110.20

Haryana 907.32 970.23 978.18 1129.83

Himachal Pradesh 60.69 (-)507.27 235.79 304.12Jammu & Kashmir 231.36 254.98 300.34 273.00

Karnataka 1162.16 1336.94 1570.96 1366.66

Kerala 555.54 689.62 491.71 495.46

Madhya Pradesh 1021.85 1215.50 993.28 1184.73

M.P. Chattisgarh - - 363.68 326.39

Maharashtra 2977.83 3171.76 4100.36 3406.98

Manipur 16.57 21.39 25.47 13.48

Meghalya 21.12 19.72 33.07 24.17

Mizoram 7.90 8.51 15.48 9.75

Nagaland 7.80 6.14 8.66 13.26

Orissa 435.06 521.18 545.18 569.98Punjab 1642.08 1920.04 2181.06 1832.03

Rajasthan 1594.02 2203.26 2609.22 2973.24

Sikkim 9.41 12.05 12.70 9.41

Tamil Nadu 874.19 1304.50 1600.22 1520.98

Tripura 71.71 104.70 138.27 126.06

Uttar Pradesh 3717.51 4334.12 4042.99 3979.95

Uttaranchal - - 462.60 484.07

West Bengal 4424.08 5249.12 6181.67 6488.02

Andaman & Nicobar

Islands4.82 1.73 (-)4.37 1.11

Chandigarh 31.01 17.14 3.40 51.85Daman & Diu 5.39 5.73 4.27 2.47

Delhi 1326.29 1087.93 1672.06 1571.74

Lakshadweep 0.05 0.20 0.11 0.05

Army Post Office 13.48 23.36 18.39 28.79

Pondicherry 8.26 20.90 61.47 80.88

India 26771.10 31363.15 37578.97 36694.69


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RESEARCH METHODOLOGY

TOPIC:- ANALYTICAL STUDY OF SAVING SCHEME

DURATION:-45 Days

Research methodology systematically solves the research problems. It has manydimensions & research methods constitute a part of the research methodology.

Thus when we talk about research methodology , we do not only talk of theresearch methods but also consider the logic behind the methods. We use beingevaluated either by researcher himself or by others.

To effectively carry out in research , I would use the following research process,which consists of series of actions or steps.

1. Formulating the research problems.2. Research design & sample design3. Analysis of data gathered.4. Graphics & interpret.

1.FORMULATING THE RESEARCH PROBLEMThis is the first step under which the problem is stated in general way & thenambiguities that is understanding & rephrasing the problems thoroughly & rephrasingthe same into a meaningful terms from an analysis point of view.

2. REPARING THE RESEARCH DESIGNThe function of research design is to provide for the collection of relevant evidences

with minimal expenditures of efforts, time & money.

RESEARCH DESIGN Types of research

Sample of design

Types of Research

The type of research under present is an Analytical Research. In analyticalresearch we use facts or information already available, & analyze these to makea critical evaluation of the material . Hence the same would be done .

In this project , I had collected facts , data & information .


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Sample DesignA sample design is a definite plan determined before any data is actually collectedfor obtaining a sample. Researcher must select a sample design, which should be

reliable & appropriate for this report.

3. OBSERVATIONAL DESIGN (COLL4ECTION OF DATA)

Observational design relates to the condition under which the observations are to bemade observational design in respect to research . There are several ways of collectingthe appropriate data , which differ considerably in context of money , time , cost & otherresources at the disposal of the researcher.

Data can be obtained from two important resources :

Primary Data Secondary Data

Primary Data

Primary data are the data that are collected afresh & for the first time. Thus happens tobe in character. Primary data are collected by the following ways:

Observations Interview Schedule Questionnaire

Secondary Data

Secondary data are the data that are collected & are already collected & are onlyanalyzed by different sources. These are as follows:

Corporate magazine Manuals of various companies Books, journals & newspaper Employment exchange

I collected the secondary data from internet, mainly from annual reports of AXIS BANK& Books of different authors of repute.


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DATA ANALYSIS & INTERPRETATION

DATA GIVES PREFERENCE OF RESPONDENTS OF INSURANCE COMPANIES

COMPANYS NAMENO.OFRESPONDENT

SHARE (%)

L.I.C. 78 78

RELIANCE LIFEINSURANCE

3 3

ICICI PRUDENTIAL 10 10

SBI LIFE 7 7

HDFC 2 2

TOTAL 100 100

INTERPRETATION

78% of the people contacted prefer LIC policy to any other and therefore it is rankedno.1 by that percent of respondents.

DATA GIVES BENEFITS OF INSURANCE PERCEIVED BY RESPONDENTS

78

310

7

2

LIC

REL

ICICI

SBI

HDFC


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BENEFITSNO.OFRESPONDENTS

SHARE (%)

Cover Future Uncertainty 55 55

Tax Deductions 20 20

Future Investment 25 25

TOTAL 100 100

INTERPRETATION

55% of the respondents believe that covering future uncertainty is the biggest benefit ofan insurance policy.Whereas, 20% and 25% of them believe that the other benefits are Tax deduction andfuture investments respectively.

55%

20%

25%Cover FutureUncertainty

Tax Deductions

Future Investment


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DATA PROVIDES FEATURES OF INSURANCE POLICY THAT ATTRACTED

RESPONDENTS

INTERPRETATION

Majority of the respondent (37%) found Larger risk coverance as the most attractedfeature of the all.

15%

37%

7%

30%

11%

FEATURES OF INSURANCE POLICY

MONEY BACK GUAARENTEE

LARGER RISK COVERANCE

EASY ACCESS TO AGENTS

LOW PREMIUM

REPUTATION OF COMPANY

FEATURE NO.OF

RESPONDENTS

SHARE (%)

Money Back Guarantee 15 15

Larger Risk Coverance 37 37

Easy Access to Agents 7 7

Low Premium 30 30

Companys Reputation 11 11

TOTAL 100 100


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DATA PROVIDES NUMBER OF INSURANCE POLICY TYPE RESPONDENTS

INTERPRETATION

75% of the respondents have Life Insurance Policy while 45% have both. (The % iscalculated out of 280 positive response)

75

25

45

NATURE OF POLICY

LIFE POLICY

NON LIFE POLICY

BOTH

POLICY TYPE NO. OF

RESPONDENTS

SHARE (%)

LIFE POLICY 75 75

NON LIFE POLICY 25 25

BOTH 45 45


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DATA GIVES PEOPLE PERCEPTION ABOUT INSURANCE

RESPONSE NO. OF

RESPONDENTS

SHARE (%)

A saving tool 81 81%

A tax saving device 74 74%

A tool to protect your family 100 100%

INTERPRETATION81% of the respondents have perception of Insurance being a saving tool.

And 74% of the respondents have perception of Insurance being a tax saving device.But 100% of the respondents are with the view that Insurance is a tool to protect yourfamily.

0

81

74

100

0

0

SAVINGTOOL

TAX SAVINGTOOL

FAMILYPROTECTION


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DATA SHOWS PEOPLES HAVING INSURANCE

RESPONSE NO. OFRESPONDENTS

SHARE (%)

Yes 70 70%

No 30 30%

Total 100 100%

INTERPRETATION

Of the sample size of 400 surveyed respondents 70% of the respondents are having

Insurance policy.30% of the respondents are either not having any Insurance policy at present or theirpolicy is already matured.

And at present 100% of the respondents are with the view that Insurance is a tool toprotect your family.

70%

30%

Yes

No


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DATA SHOWS BUYING PROCESS OF THE PEOPLE

BUYING PROCESS NO. OFRESPONDENTS

SHARE (%)

Customer approachedInsurance company/Agent

45 45%

Company/agent approachedcustomer

55 555

Total 100 100%

INTERPRETATION44.5% of the respondents approached the Insurance Company / Agent.

Whereas, 55.5% of the respondents were approached by the Company /Agent.

44%

56%

Customer approached Insurance company/Agent

Company/agent approached customer


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DATA SHOWS REASONS BEHIND FOR INSURANCE


SHARE (%)

Tax saving 80 80%

Saving / Investment 80 80.%

Family protection 100 100%

INTERPRETATION

80.71% of the Respondents opted for Insurance for tax saving benefits.80.71% of the Respondents opted for saving / Investments.But all of them, i.e. 100% of the respondents have opted for insurance for their familyprotection.

80

80

100


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DATA SHOWS SATISFACTION OF RESPONDENTS WITH RESPECT TO POLICY


SHARE (%)

Satisfied 60 60%

Not satisfied 40 40%

Not Responded 0 0.0%

Total 100 100%

INTERPRETATION

60% of the respondents are more or less satisfied with their existing policy.40% of the respondents are not satisfied with their existing policy.In this case all of those who have taken a policy have responded.

60%

40%0%

Satisfied Not satisfied Not Responded


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DATA SHOWS SATISFACTION OF +RESPONDENTS WITH RESPECT TO SERVICEAGENT


SHARE (%)

Satisfied 45 45%

Not satisfied 55 55%

Not Responded 0 0.0%

Total 100 100%

INTERPRETATION

y 45% of the respondents are satisfied with their existing service agent.

y 55% of the respondents are not satisfied with their existing insurance agent.

y All of those who have taken a policy have responded.

45.00%55.00%

Satisfied Not satisfied


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DATA SHOWS NUMBER OF RESPONDENTS PAYING TAX


SHARE (%)

Paying tax 100 100%

Not paying tax - 0%

Total 100 100%

INTERPRETATION

y Of the sample size of 400 respondents, all the respondents are paying tax.

100%

0%

Paying tax Not paying tax


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DATA SHOWS RESPONDENTS INVESTMENTS FOR TAX SAVING

INVESTMENTS NO. OFRESPONDENTS

SHARE (%)

LIC 51 51%

NSC 33 33%

Bonds 32 32%

PPF 25 25%

PF 21 21%

EPF 11 11%

INTERPRETATION

y 51% of the respondents save their tax by investing in LIC, which is the highest

among all Investment. This shows that most people for getting taxes benefits invest

in LIC.

y 33.25% of the respondents do their tax saving by investing in NSC.

y 32.25% of the respondents to their tax saving by investing in bonds.

51

3332

25

21

11

LIC NSC BOND PPF PF EPF


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DATA SHOWS RESPONDENTS PERCEPTION ABOUT BEST FORM OF

INVESTMENT FOR SECURING THEIR FUTURE

NO. OFRESPONDENTS

SHARE (%)

Fixed Assets 75 75%

Bank deposits 11 11%

Jewellery 25 25%

Securities i.e. bonds, MFs 40. 40%

Shares 10 10%

Insurance 70 70%

INTERPRETATION

y 75.25% of the respondents as with the view that Fixed Assets is the best form of

investment for securing their future.

y 70.5% of the respondents are with the perception that Insurance is the best form of

investment for securing their future, which is one of the highest and this shows that

insurance is an important key for securing your future.

75

112540

10

70

Fixed Assets

Bank deposits

Cash & Jewellery

Securities i.e.

bonds, MFsShares

Insurance


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DATA SHOWS WHAT PEOPLE INTENT TO GAIN FROM THEIR INVESTMENT


SHARE (%)

Saving & Returns 100 100%

Security 90 90%

Tax benefits 71. 71.%

INTERPRETATION

y 100% of the respondents intent to gain saving and returns from their investment.

y 90% of the respondents intent to gain security from their investments.

y Whereas, 71.75% of the respondents intent to gain tax benefits from their

investments.

100

90

71

Saving & Returns Security Tax benefits


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DATA GIVES PEOPLES PERCEPTION ON APPROPRIATE AGE FOR BUYING

INSURANCE

RESPONSE NO. OF RESPONDENTS SHARE (%) After 25 years 29 29%

After 35 years 10 10%

After 45 years 0 0%

Anytime 60 60%

INTERPRETATION

y 29% of the respondents are with the view that insurance should be bought after the

age of 25 years.

y 10.5% of the respondents are with the view that insurance should be buyed after

the age of 35 years.

y Whereas, 60.5% of the respondents are with the view that buying of insurance do

not have any thing to do with age i.e. there is no age limitations. It can be

purchased any time according to the need.

29%

10.10%

0%

60.61%

After25 years After 35 years After45 years Anytime


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DATA SHOWS PEOPLE OPINION ABOUT INDIAN INSURANCE COMPANIES


SHARE (%)

Rigid plans 67 67%

Non user friendly 29 29%

Unsatisfactory services 26 26%

Non Aggressive 35 35%

Satisfactory 24 24%

Good 10 10%

Very good 0 0%

INTERPRETATION

y 67% of the respondents have the opinion that Indian Insurance Companies have

Rigid plans.

y 29.5% feel that Indian Insurance companies are Non-user friendly.

y 26.5% feel that services of Indian Insurance companies are Unsatisfactory.

y 35.75% of the respondents are with the view that Indian Insurance companies are

Non-aggressive.

y 24% of the respondents feel that products and services of Indian Insurance

companies is Satisfactory.

y Whereas only 10.25% feel that it is Good enough.

y And according to the data, no single person has felt that it is very good.

67

2926

33

2410

0

Inflexible plans Non user friendlyUnsatisfactory services Non AggressiveSatisfactory GoodVery good


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DATA SHOWS WHAT PEOPLE WOULD LOOK FOR IN AN INSURANCE COMPANY

RESPONSE NO. OF

RESPONDENTSSHARE (%)

A trusted name 82 82%

Friendly service &responsiveness

71 71%

Good plans 81 81%

Accessibility 49 49%

INTERPRETATION

y 82% customers look for a Trusted name in a company for insurance.

y 81.5% customers look for a good plan in a company for insurance.

y Friendly service & responsiveness and Accessibility are also important factors looked by

customers in a company.

82

71

81

49

A trusted name

Friendly service & responsiveness

Good plans

Accessibility


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DATA SHOWS PEOPLE PLANNING FOR NEW INVESTMENTS

RESPONSE NO. OF

RESPONDENTS

SHARE (%)

Planning 87 87%

Not planning 13 13%

Total 100 100%

INTERPRETATION

y Only 12.5% of the customers contacted are not planning for new investments presently.

y Whereas, 87.5% of the customers are still planning for new investments this can be a great

potential for Reliance Life Insurance to take them on their favor.

87.0%

13.0%

Planning Not planning


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DATA SHOWS PEOPLE INTERESTED IN GOING FOR INSURANCE IF A

SERVICE PROVIDER AWAY FROM THE CITY OFFERS BETTER SERVICE &

PRODUCTS

RESPONSE NO. OF

RESPONDENTSSHARE (%)

Yes 43 43%

No 44 44%

Uncertain 13 13%

Total 100 100%

INTERPRETATION

The interested customers i.e. 43% are ready to go for insurance even away from a city if services

and products are worthwhile, which again is a good prospect (potential) for Life Insurance

Corporation of India to take them on their favor.

43%

44%

13%

Yes No Uncertain


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Conclusion

After Findings we can see about LIC features and his The tendency to takethe expedient approach and focus on the far right of the LIC spectrum,Peacetime Contingency Operations and conduct training as usual, while briefing that the LIC block has been checked, will lead us to a possibly fatal

false sense of security.Instinctive behavior and ingrained training must be adjusted to fit new circumstances. STXs must be developed locally or borrowed from unitswhohave already been through the training.The probability of becoming involved in a LIC operation is high. Thepotential to attract international attention, even with limited forces, is alsogreat. Units have demonstrated that with a balanced training focus andproperpreparation, many pitfalls outlined above can be avoided.LIC is not conventional warfare. This is critical for the counterinsurgent tounderstand. The insurgents violent and coercive strategy is applied so as

to achieve political, civil, military and psychological results. Hence, thecounterinsurgent must counter all of these strategic elements individually.In addition, the target of the insurgents violence and coercion is the population. This isbecause the population is the centre of gravity in LIC. Therefore the counterinsurgentmust also focus on the population to be successful. In terms of military principles incounterinsurgency, doctrinal precision, professionalism, independence, initiative, forceprecision, restraint, combined arms, precision engagement, joint force, effectivepopulation based intelligence, integrated communications, a civil affairs approach andhigh levels of training are critical.So we can say that so many merits and Demerits in life insurance Corporation of India.


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SWOTANALYSIS

1 STRENGTHS

1)Strong brand name

2) Large customer base

3) Enhanced quality and long term service commitments

4) Product preference by customers

2 WEAKNESSES

1) New products did not embark predicted sales.

2) New / change look is not undertaken in new products.

3 OPPORTUNITIES

1) Competition is paving way for developing fuel efficient product like

splendor.

2) Upper rich segments are need to be targeted.

3) Stylish look need to be adopted in products as per youth

demanding.

4 THREAT

1) Competition is getting tougher every day.

2) Rival companies are making their every moves to fightcompetition.

3) Customers are moving towards four wheeler segment.


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Appendixes

PERFORMANCE HIGHLIGHTSQ4 FY08

Net Profit 71 % yoy 63 % yoy

Net Interest Income 89 % yoy 76 % yoy

Fee Income 67 % yoy 70 %yoy

Operating Revenue 87 % yoy 77 %yoy

Operating Profit 82 % yoy 76 % yoy

Net Interest Margin 3.93 % 3.47 %

Cost of Funds 5.82 % 6.02%


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1. WHAT DO YOU THINK ARE THE BENEFITS OF INSURANCE

COVER?(RANK THEM)

A) COVER FU

TU

REU

NCERTAINITYB) TAX DEDUCTIONS

C) FUTURE INVESTMENT

D) ANY OTHER _________ (Specify)

2. WHICH FEATURE OF YOUR POLICY ATTRACTED YOU TO BUY IT?

(RANK THEM)

A) LOW PREMIUM

B) LARGER RISK COVERANCEC) MONEY BACK GUARNTEE

D) REPUTATION OF COMPANY

E) EASY ACCESS TO AGENTS

F) ANY OTHER _________ (Specify)

3. YOUR MONTHLY INCOME?

a) 4k b)4k-8k c)8k-12k d)12k-16k e)Other_____(Specify)

4. DO YOU REALLY THINK INSURANCE POLICY COVER IN TODAYS

SCENARIO IS NOT ESSENTIAL?

5. WHATS YOUR PERCEPTION ABOUT INSURANCE?

(RANK THEM)

a) A SAVING TOOL

b) A TAX SAVING DEVICE

c) A TOOL TO PROTECT FUTURE


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6. HOW HAS/WOULD YOU BOUGHT/BUY AN INSURANCE?

A) CUS

TOMER APPROCHED INSU

RANCE COs

B) INSURANCE COs APPROCHED CUSTOMER

7. AREYOU SATISFIED WITH THE POLICY?

A) SATISFIED SAVING TOOL

b) NOT SATISFIED

c) NOT RESPONDING

8. ARE YOU SATISFIED WITH THE SERVICE AGENT?

A) SATISFIED SAVING TOOL

B) NOT SATISFIED

C) NOT RESPONDING

9. DO YOU PAY TAXES?

YES NO


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10. WHERE HAVE YOU INVESTED FOR TAX SAVING?

(RANK THEM)

A) LIC

B) NSC

C) BONDS

D) PPF

E) PF

F) EPF

11. WHICH IS THE BEST FORM OF INVESTMENTS?

(RANK THEM)

A) FIXED ASSETS

B) BANK DEPOSITS

C) JEWELLERY

D) SECURITIES, i.e. Bonds, MFs

E) SHARES

F) INSURANCE


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12. WHAT DO YOU INTENT TO GAIN FROM INVESTMENTS?

A) SAVING & RETURNS

B) SECURITY

C) TAX BENIFITS

13. WHATS THE RIGHT AGE TO BUY INSURANCE?

A) AFTER 25 Yrs

Documents

Lic Project Report by Deependra