Shivraj Final Project

8/8/2019 Shivraj Final Project

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DECLARATION

I undersigned, SHIVRAJ R. CHANDSUR a student of T.Y.B.B.A of

S.S.C.C.M., Bhavnagar hereby declare that the project work presented in this

report is my own contribution and has been carried out under the supervision

of MRS.POOJA MEHTA ofS.S.C.C.M..

I precisely assure you that any student has not previously submittedthis work to any other university for any examination.

DATE:

PLACE: BHAVNAGAR

YOURE SINCERLY,

________________________

(CHANDSURSHIVRAJ R.)

SIGNETURE


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PREFACE

Now a days business is spread all over the world. For doing business verywell a person should be trained. So, in BBA practical training is keeping as a part of

study. In modern business world it is really very important and necessary for us to

know how business is running. Practical knowledge is very important for us.

For this our college arranges the practical training during 1-12-2009 TO 15-

12-2009 for 15 days. So that, we can also understand the whole process for do a

business.

I am thankful to KOTAK MAHINDRA LIFE INSURANCECO. LTD. trained

me. It was really a great opportunity to take training in KOTAK MAHINDRA LIFE

INSURANCECO.LTD. I am happy to represent my project work of this company. I

hope it will satisfy your expectations.


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ACKNOWLEDGEMENT

I take the privilege to express my sincere thanks to my company guide

Mr. Malay Bhatt (Sales manager) and Mr. Malay Bhatt (trainer)Kotak Mahindra

life insurance co. Pvt. Ltd; who always found time and gave me their undivided

attention while discussing the problems and issues that arose during the course of

the project, besides explaining the work and tasks that have to be done in the

organization.

I would also like to express my sincere gratitude to my respective Branch

ManagerMr. Jignesh Joshi for aptly supporting me throughout the project, and for

always listening patiently to all my doubts and queries and also suggesting the

solutions. His feedback has been of immense help. This project would not have

been possible without his words of encouragement and directions.

I would also like to thank the principle ofS.S.C.C.M., MRS. SHILPA BHATT

&coordinatorMRS.POOJA MEHTA &the professors and lecturers for their supportand continuous motivation.

I would be failing in my duty, if I dont thank executives and staffs of the

organization, as without their support the project would not have materialized.

THANK YOU FOR INVESTING YOUR TIME

CHANDSUR SHIVRAJ R.


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COMPANY PROFILE

Company:

Kotak Mahindra Old Mutual Life Insurance Ltd.

Postal Address:

6th Floor Peninsula ChambersPeninsula Corporate ParkGanpatrao Kadam Marg

Lower Parel (W)Mumbai 400 013India

Telephone:

+991 (0) 22 5663 5000

Facsimile:

+991 (0) 22 5663 5111

Email:

[email protected]

Website:

http://www.kotaklifeinsurance.com


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History of life Insurance

The insurance sector in India dates back to 1818, when Oriental Life

insurance company was incorporated a Calcutta. Thereafter few companies

like Bombay Life Assurance Company, in 1983 and Triton Insurance Company

for general insurance in 1850 were incorporated and comprehensive legislation

was enacted in 1983.

In India, insurance began in 1818 with life insurance being transected by anEnglish company, the oriental life insurance co. ltd... The first Indian insurance

company was the Bombay mutual assurance society ltd, formed in 1870 in Mumbai.

This was followed by Mumbai, the united India in Chennai, the national, the national

Indian and the Hindustan cooperative in Kolkata.

By the year 1956, when the life insurance business was nationalized and the

life insurance corporation of India (LIC) was formed on 1st September 1956, there

were 170 companies and 75 provident fund societies transacting life insurance

business in India.


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Purpose & Need of Life Insurance

Assets are insured, because they are likely to be destroyed or made non-

functional before the expected life time, through accidental occurrences. Such

possible occurrences are called perils. Fire, floods, breakdowns, lightning,

earthquakes, etc, are perils. If such perils can cause damage to the asset, we say

that the asset is exposed to that risk. Perils are the events. Risks are the

consequential losses or damages. Risk to an owner of a building, because of an

earthquake, may be a few lakes or a few corers of rupees, depending on the cost of

the building & the contents in it

The risk only means that there is a possibility of a loss or damage. The

damages may or not happen. Insurance is done against the possibility that the

damages may happen. There has to be an uncertainty about the risk. The word

possibility implies uncertainty. The Insurance relevant if there are uncertainties. If

there is no uncertainty about the occurrence of an event, it cannot be insured

against. In the case of a human being, death is certain, but the time of his death. Inthe case of a person who is terminally ill, the time of death is not uncertain, though

not exactly known. It would be soon. He cannot be insured.

Insurance does not protect the assets. It does not prevent its loss due to the

peril. The peril cannot be avoided through insurance. The risk can sometimes be

avoided, through better safety and damages control measures. Insurance only tries

to reduce the impact of the risk on the owner of the asset and those who depend on

that asset. They are the owner who benefit from the asset and therefore, would loss,

when lose, when the asset is damaged. Insurance only compensates fore the losses

and that too, not fully.


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HISTORY OF THE KOTAK GROUP

Kotak & Co. started the business of Agricultural Commodities in the year

1927. Kotak Mahindra one of Indias leading financial institutions was born in 1984

as Kotak Capital Management Finance Limited. This company was promoted by Mr.

Uday Kotak, Mr.Sindey, A.A.Pinto and Kotak & Company.

Industrialist Mr.Harish and Mr.Anand Mahindra took a stake in 1986, and

thats when the company changed its name to KOTAK MAHINDRA FINANCE

LIMITED.

Kotak Mahindra is one of Indians leading financial institutions, offering

compelete financial solutions that encompass every sphere of life. From commercial

banking, to stock broking, to mutual funds, to life insurance, to invest banking, the

group caters to the financial needs of individuals and corporate.

The group has a net wroth of around Rs. 2,500 crores, employees around

6,700 people in its various businesses and has a distribution network of branches,

franchisees, representative offices and satellite officers across 250 cities and towns

in India and offices in New York, London, Dubai and Mauritius. The Group services

over 1.6 million customer accounts.

Kotak Mahindra has international partnerships with Goldman Sachs (one of

the worlds largest investment banks and brokerage firms). For Credit (one of the

worlds largest dedicated automobile financiers) and Old Mutual (a largest insurance,

banking and asset management conglomerate.)


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Kotak Mahindra is one of Indias leading financial institutions, offering

complete financial solutions that encompass every sphere of life. From commercial

banking, to stock brocking, to mutual funds, to life insurance, to investment banking,

the group caters to the financial needs of individuals and corporate.

The Kotak Mahindra Groups flagship company, Kotak Mahindra Finance Ltd

which was established in 1985, was converted into a bank Kotak Mahindra Bank Ltd

in March 2003 becoming the first Indian company to convert into a Bank. Their

banking operation offers a central platform for customer relationships across thegroups various businesses. The bank has a presence in the Commercial Vehicles,

Retail Finance, Corporate Banking, Treasury and Housing Finance.


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OWNERS

Mr. Uday Kotak.. Founder of the Kotak group

Mr. Uday Kotak, B.com.MMS, aged 46 years, is the Executive vice Chairman and

Managing Director of the bank and is its principal founder and promoter. Over the

past 20 years, he has successfully built a well-knit team of high quality professionals

who have been given independents charges of various business in Kotak Mahindra

group. He was responsible for starting the business as a stat-up venture in a limited

range of activities and the building it up into a full financial services group, many of

the constitutions of which are among the leading players in their respective fields. He

is on the Board of the Indian Council for Research on International Economic

Relations (ICRIER).


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COMPANYS MANAGEMENT

Kotak Mahindra Life Insurance Ltd. is a joint venture between Kotak Mahindra Bank

Ltd. At Kotak Life Insurance, we aim to help customers take important financial

decisions at even stage in life offering them a wide range of innovative life insurance

products, to make them financially independent.Jeene Ki Azaadi..

MR. Gaurang Shah (Managing Director)

Mr.Gaurang Shah is the Managing Director of Kotak Mahindra Life Insurance

Limited.Mr. Gaurang Shah is a Chartered Accountant and a Cost and Works

Accountants. He has also done his Company Secretaries of India. Mr.Gaurang Shah

has been with the Kotak Group for the past eight years where he has held different

positions of great responsibility and jugged multiple tasks effectively.


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Mr. G Murlidhar (Chief Financial Officer)

Mr. Murlidhar is a Chief Financial Officer and Company Secretary of Kotak Life

Insurance. Mr.Murlidhar is an associate member of the Institute of Chartered

Accountants of India, an associate member of the institute of the Institute of Cost &

Works Accountantants of India. Mr. Murlidhar possesses over 20- year work

experience and has earlier worked with National Dairy Development Board (NDDB),

MDS Switchgear Limited and Nicholas Primal Indian Limited and Ion Exchange Ltd.

Mr. Nandip Vaidya (Vice President-Sales)Mr. Nandip Vaidya is the Vice President sales at Kotak Life Insurance. Mr. Vaidya

holds a B.Tech (Mechanical) degree from IIT Mumbai and has also completed his

post Graduate Diploma in Business Management from IIM-Ahemdabad.


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Mr. Arun Patil (Vice President Sales & Management Development)

Mr. Arun Patil is the Vice President Sales & Management Development with Kotak

Life Insurance. A postgraduate with Law qualifications, he has over 25 years

experience in life insurance industry. He joined as a Direct Recruit Officer in L.I.C.

and worked in various departments such as Sales, Marketing, I.T., Publicity, and

Housing & Branch Administration all across the country for 5 years.

Mr. Eksteen De Waal (Head Sales Training)

Mr. Eksteen De Waal is the Sales Training Head of Kotak Life Insurance. He joined

on secondment from Old Mutual South Africa for a period of two years. Eksteen is a

postgraduate in Law and practiced Law as well as lectured at South AfricanUniversities before joining the life insurance Industry. He has over 23 years

experience in the Life Insurance Industry. He worked for Sanlam Life in South Africa

for 3 years before joining Old Mutual more than 20 years ago.


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INTRODUCTION OF INSURANCE

VISION

To make Kotak Mahindra the dominant Life and Pensions player built on trust byworld-class people and service.

The company hopes to achieve by:

y Understanding the needs ofcustomers and offering them superior products

and service

y Leveraging technology to service customers quickly, efficiently and

convenientlyy Developing and implementing superior risk management and investment

strategies to offer sustainable and stable returns to policyholders

y Providing an enabling environment to foster growth and learning for

employees

y And above all, building transparency in all dealings.

The success of the company will be founded in its unflinching commitment to 5 core

values Integrity, Customer First, Boundary less, Ownership and Passion. Each of the

values describes what the company stands for, the qualities of people and the way

the company works.

The company is on the threshold of an exciting new opportunity, where it can play a

significant role in redefining and reshaping the sector. Given the quality of

companys parentage and the commitment of companys team, there are no limits to

the companys growth.


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Fundamentals of Insurance

In life every human being-you and we included is exposed to an element of risk,

commonly defined as the possibility of loss. These broadly relate to two spheres-our

lives and our material possessions. Further, every loss has two implications:

financial and non-financial. For instance when a person dies, the family suffers a

grievous emotional loss, which can perhaps never be compensated. But the family

also suffers another significant loss-financial loss; particularly person who dies was

an earning member or even potentially earning member. There are then concerns

about the financial stability of the dependents. Similarly, when a factory is gutted in a

fire, in addition to the loss of property, there are other considerations: the effort to

rebuild the factory, the future of workers and the fate of suppliers and consumer

attached to the business.

In both instances, little can be done about non-financial losses. But financial losses

can-and must-be addressed and using risk management tool and that is Insurance.


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Meaning of Life Insurance

1. Any contract where by the payment of money is assured upon death (exceptdeath by accident only) or the happening of any contingency depended on

human life.

2. Any contract which includes grating of disability & double or triple indemnity,

accident benefit the granting of annuities upon human life & the granting of

superannuation allowance.

What is Insurance?

Insurance is a financial service for collecting the saving of the public and

providing them with a risk coverage. Thus in insurance,

The Risk

The insured The Insurer

General definition: In the words of John Magee, Insurance is a plan by which

large number of people associate and transfer to the shoulders of all risks that

attach to individuals.

Fundamental definition: In the words of D.S. Hansel, Insurance is accumulated

contributions of all parties participating in the scheme.

Contractual definition: In the words of Justice Tindal, Insurance is a contract in

which a sum of money is paid to the assured as consideration of insurers

incurring the risk of paying a large sum upon a given contingency.


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Why do you need Insurance cover?

Insurance will help provide protection to investors from certain or uncertain risks.

Certain risk includes events like death, retirement, pension, education, marriage, etc.

Uncertain risk includes events like theft

A human life is also an income-generating asset. This asset also can be lost through

unexpectedly early death or made non-functional through sickness and disability

caused by accident. Accident may or may not happen. Death will happen, but the

timing is uncertain. If it happens around the time of retirement, when it could be

expected that the income will normally cease or the person could have made some

other arrangement to meet the continuing needs. But if it happens much earlier

when the alternative arrangements are not in place, insurance is necessary to help

those dependent on income.

In case of a human being, he may have made arrangements for his need after his

retirement. These would have been made on the basis of some expectations like he

may live for another 15 years or that his children will look after him. If any of these

expectations would become inadequate and there could be difficulties. Living too

long can be as much a problem as dying too young. These are risks, which need to

be safeguard against thorough insurance.


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Types of insurance

There are basically two types of Insurance. They can be classified into following two

categories,

LIFE INSURANCE

Your family counts on you every day for financial support, food, shelter,

transportation, education, and much more. Insurance provides you with that unique

sense of security that no other form of investment provides. It gives you a sense offinancial support especially during that time of crisis irrespective of the fluctuations in

the stock market. Insurance provides for your career goals right from your childhood

years.

INSURANCE

LIFE INSURANCE GENERAL INSURANCE


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Life insurance is all about making sure your family has adequate financial

resources to make those plans and dreams come true. It provides financial

protection to help your family or business to manage after your death

Whole life policies - Cover the insured for life. The insured does not receive money

while he is alive; the nominee receives the sum assured plus bonus upon death of

the insured.

Endowment policies- Cover the insured for a specific period. The insured receives

money on survival of the term and is not covered thereafter.

Money back policies - The nominee receives money immediately on death of the

insured. On survival the insured receives money at regular intervals during the term.

These policies cost more than endowment with profit policies.

Annuities / Children's policies - The nominee receives a guaranteed amount of

money at a pre-determined time and not immediately on death of the insured. On

survival the insured receives money at the same pre-determined time. These

policies are best suited for planning children's future education and marriage costs.

y Group insurance: This type of insurance offers life insurance protection under

group policies to various groups such as employers employees, professionals, co-

operatives etc it also provides insurance coverage for people in certain approved

occupations at the lowest possible premium cost.

y Term life insurance policies: This type of insurance covers risk only during the

selected term period. If the policy holder survives the term, risk cover comes to an

end. These types of policies are for those people who are unable to pay larger

premium required for endowment and whole life policies. No surrender, loan or paid

up values are in such policies.


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y Whole life insurance policies: This type of policy runs as long as the policyholder

is alive and is covered for the entire life of the policyholder. In this policy the insured

amount and the bonus is payable only to nominee on the death of policy holder.

y Joint life insurance policies: These policies are similar to endowment policies in

maturity benefits and risk cover, but joint life policies cover two lives simultaneously

such as married couples. Sum assured is payable on the first death and again on

the death of survival during the term of the policy.

Pension schemes - There are policies that provide benefits to the insured only

upon retirement. If the insured dies during the term of the policy, his nominee would

receive the benefits either as a lump sum or as a pension every month.

Since a single policy cannot meet all the insurance objectives, one should

have a portfolio of policies covering all the needs.

GENERAL INSURANCE

Every asset has a value and the business of general insurance is related to

the protection of economic value of assets. Assets would have been created through

the efforts of owner, which can be in the form of building, vehicles, machinery and

other tangible properties. Since tangible property has a physical shape and

consistency, it is subject to many risks ranging from fire, allied perils to theft and

robbery.

Concepts of insurance have been extended beyond the coverage of tangible

asset. Now the risk of losses due to sudden changes in currency exchange rates,

political disturbance, negligence and liability for the damages can also be covered.


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But if a person judiciously invests in insurance for his property prior to any

unexpected contingency then he will be suitably compensated for his loss as soon

as the extent of damage is ascertained.

Property Insurance - The home is most valued possession. The policy is designed

to cover the various risks under a single policy. It provides protection for property

and interest of the insured and family.

Health Insurance - It provides cover, which takes care of medical expenses

following hospitalization from sudden illness or accident.

Personal Accident Insurance - This insurance policy provides compensation for

loss of life or injury (partial or permanent) caused by an accident. This includes

reimbursement of cost of treatment and the use of hospital facilities for the

treatment.

Travel Insurance - The policy covers the insured against various eventualities while

traveling abroad. It covers the insured against personal accident, medical expenses

and repatriation, loss of checked baggage, passport etc.

Liability Insurance - This policy indemnifies the Directors or Officers or other

professionals against loss arising from claims made against them by reason of any

wrongful Act in their Official capacity.

Motor Insurance - Motor Vehicles Act states that every motor vehicle plying on the

road has to be insured, with at least Liability only policy. There are two types ofpolicy one covering the act of liability, while other covers insurers all liability and

damage caused to one's vehicles.

Since a single policy cannot meet all the insurance objectives, one should have a

portfolio of policies covering all the needs


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A Lifetime of Value

Kotak Mahindra one of India's leading financial institutions was born in 1985 as

Kotak Capital Management Finance Limited. This company was promoted by Mr.

Uday Kotak, Mr. Sidney A. A. Pinto and Kotak & Company. Industrialists Mr. Harish

Mahindra and Mr. Anand Mahindra took a stake in 1986, and that's when the

company changed its name to Kotak Mahindra Finance Limited.

It's been a steady and confident journey to growth and success.

In October 2005, Kotak Group acquired the 40% stake in Kotak Prime held by

Ford CreditInternational (FCI) and FCIacquired the stake in Ford Credit Kotak

Mahindra (FCKM) helby Kotak Group. In May 2006, Kotak Group bought 25%

stake held by Goldman Sachsin Kotak Capital and Kotak Securities.

Kotak Mahindra is one of India's leading financial institutions, offering complete

financial solutions that encompass every sphere of life. From commercial banking, to

stock broking, to mutual funds, to life insurance, to investment banking, the group

caters to the financial needs of individuals and corporate.

The group has a net worth of over Rs. 2,900 crores, employs around 8,800 people in

its various businesses and has a distribution network of branches, franchisees,

representative offices and satellite offices across 282 cities and towns in India and

offices in New York, London, Dubai and Mauritius. The Group services around 2

million customer accounts.


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INSURANCE COMAPANIES AND THEIR RELATIVE SHARES

LIFE INSURANCE

There are mainly two type of player in general insurance industry LIC and

other Private companies. Their relative shares are as follows,

But after 2004 private players have entered into insurance companies

enter into insurance sector. Govt. allowed private players to enter into Indian marker

but by having joint venture with Indian Players. Following players have entered into

market.

23%

77%

Private

LIC


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-+

INDIAN

PARTNER

FOREIGN

PARTNER

MOTHER

COUNTRY

INSURANCE

COMPANY

BIRLA

SUNLIFE

INSURANCE UNITED STAES BIRLA-SUNLIFE

HDFC STANDERAD LIFE U.K.

HDFC-

STANDTADLIFE


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ICICI PRUDENTIAL U.K. ICICIPRUDENTIAL

KOTAK

MAHINDRA OLDMUTUAL U.K. OMKOTAK

SUNDRAM

FINANCE ROYAL

UNITED

STATES

ROYAL

SUNDRAM

MAX INDIA NEWYORK LIFE

UNITED

STATES MAX NEWYORK

SANMAR

GROUP AMP U.K. AMPSNMAR

DABUR AVIVA U.K. AVIVA

GMR GROUP ING VYASYA U.K. ING VYSYA


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The market shares of different private companies in

over all private market share.


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(SOURCE IRDA JOURNAL)

7 41

3 01

1 16

8 11

7 41

8 65

30

97

18 53

3 17

5 25

5 41 0 93

A a z ajaj

asa

A Sa a

S fe

Tata A

H Sta a

e t a

a S fe

Av va

tak

ax e k

et fe


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Marketing Head

Production &Brand Head

ProductManager

Brand Manger

ChannelDevelopment

Head

Regional MktManager

Trade MarketingManager

Asst. Marketing

Managers

ChannelDevelopment

Team


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WHY SHOULD ONE TAKE INSURANCE?

Insurance will help provide protection to investors from certain or uncertain

risks. Certain risk includes events like death, retirement, pension, education,

marriage, etc. Uncertain risk includes events like theft

A human life is also an income-generating asset. This asset also can be lost

through unexpectedly early death or made non-functional through sickness and

disability caused by accident. Accident may or may not happen. Death will

happen, but the timing is uncertain. If it happens around the time of retirement,

when it could be expected that the income will normally cease or the person

could have made some other arrangement to meet the continuing needs. But if ithappens much earlier when the alternative arrangements are not in place,

insurance is necessary to help those dependent on income.

In case of a human being, he may have made arrangements for his need after

his retirement. These would have been made on the basis of some expectations

like he may live for another 15 years or that his children will look after him. If any

of these expectations would become inadequate and there could be difficulties.

Living too long can be as much a problem as dying too young. These are risks,

which need to be safeguard against thorough insurance.


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Benefits of life insurance :-

Life insurance encourages saving and forces thrift.

It is superior to a traditional savings vehicle.

It helps to achieve the purpose of life assured.

It can be enchased and facilitates quick borrowing.

It provides valuable tax relief.

Thus insurance is found to be very useful in the lives of the person both in

short term and long term.

Fundamental principles of life insurance contract

1) Principle of almost good faith:A positive duty to voluntary disclose, accurately

and fully, all facts, material to the risk being proposed whether requested or not.

2) Principle of insurable interest: Relationships with the subject matter (a person)

which is recognized in law and gives legal right to insure that person.

Product Offered By KOTAK MAHINDRA LTD


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Product Detail

Insurance plans At a glance

Insurance solutions for individuals

Kotaks Product for Individual Life Insurance


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KOTAK RETIREMENT INVESTMENT PLAN (New)

KOTAK SMART ADVANTAGE PLAN

KOTAK SAFE INVESTMENT PLAN 2

KOTAK CHILD ADVANTAGE PLAN

KOTAK SUKHI JEEVAN

KOTAK CAPITAL MULTIPLIER PLAN

KOTAK FLEXI PLAN

KOTAK RETIREMENT INCOME PLAN (UNIT-LINKED)

KOTAK RETIREMENT INCOME PLAN (NON UNIT-LINKED)

KOTAK COMPLETE COVER GROUP PLAN

KOTAK ETERNAL LIFE PREMIER SHIELD KOTAK HEAD START ASSURE WEALTH

KOTAK HEAD START FUTURE PROTECT

KOTAK EASY GROWTH PLAN (1.25 TIMES)

KOTAK EASY GROWTH PLAN (5 TIMES)

Traditional Plans:-


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ENDOWMENT PLAN

KOTAK TERM PLAN

Kotaks Product for Group Life Insurance:-

KOTAK SUPERANNUATION GROUP PLAN

KOTAK GRATUITY GROUP PLAN

Additional features;-

RIDERS, NOMINEES, LIFE GUARD


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KOTAK SMART ADVANTAGE PLAN

Make every rupee work for your happiness in this policy; the investment risk in the

investment portfolio is borne by the policyholder. Why should we invest in Kotaksmart advantage? Every step in our life brings with it newel earnings. We are

determined to make the best of it, so that we can look forward to a great future. How

we shape our tomorrow depends greatly on how we build on our today.

Kotak Life Insurance introduces Kotak Smart Advantage, a great combination of

investment with insurance, to put our savings to work today. It is a market linked

plan with 100% premium allocations helping us to accumulate wealth systematically,

over the long-term. Kotak Smart Advantage is a great combination of investment

with insurance designed to enable you to make the best use of your hard-earned

money that puts you right ahead.

Key Highlights

y Guaranteed returns ofup to 275% of your first year premium at maturity.

y Assured bonus additions at regular intervals during the policy term to

enhance your fund value.

y 100% allocation of your premiums from second year onwards to maximize

your earning potential.

y A unique3 fund offering you the maximum Opportunity for growth.

y Option to maximi e protection your loved ones.

y Tex Benefits to avail under 80 C and section 10 (10D) of the Income Tax Act,

1961

How does this plan work?

Kotak Smart Advantage optimizes the return on your premiums paid through a smartmix of assured additions and 100%1 premium allocation. Your first years premium

contributes towards guaranteeing you an Assured Addition Advantage that boosts

your fund value at regular intervals throughout the term of the policy. The

Longer your premium paying term, the higher will be the value of the advantage.


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KOTAK SAFE INVESTMENT PLAN II

Kotak Safe Investment Plan II is a unit linked plan that combines the benefits of

insurance and capital market returns into one. This plan from the stable of Kotak LifeInsurance is a true reflection of the company's essence: innovation that will benefit

the investor. What makes investing in Kotak Safe Investment Plan II truly unique is

that you enjoy a Guaranteed Maturity Value on your investment, with varying

degrees of equity exposure depending on your risk appetite. So, if the market value

of your units is higher, you reap the benefits, with the peace of mind that whilst in a

bear market your investment is under-pinned and safe by the Guaranteed Maturity

Value. And there's more, the returns are totally tax-free*. Please note that in this

policy, the investment risk in the investment portfolio is to be borne by the

policyholder. However,

Kotak Life Insurance offers you a Guaranteed Maturity Value on this plan to

safeguard against the downside risk of falling markets.


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Why should you invest in Kotak Safe Investment Plan II?

Kotak Safe Investment Plan II is an ideal investment option:

If you have never invested in the equity markets, for the fear of loss of capital. With

Kotak Safe investment Plan II, you need not worry about losing your capital as you

have the downside risk protected by way the Guaranteed Value.

If you have been an investor in debt markets, you could switch a portion of your

funds to equity markets via Kotak Safe Investment Plan II. The plan offers you the

potential to earn higher returns with the safety net of a Guaranteed Maturity Value.

If you are an aggressive investor in equities, you could protect the downside risk ina bear market by investing a portion of your funds in the Kotak Safe Investment Plan

II. What you are essentially doing is that while you enjoy equity returns, your money

is protected from abysmal lows and market vagaries by way of a Guaranteed

Maturity Value.


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KOTAK CHILD ADVANTAGE PLAN

"What is Kotak Child Advantage Plan?"

The Kotak Child Advantage Plan is an investment plan designed to meet your child'sfuture financial needs. It's a plan that gives your child the "azaadi" to realize his

dreams. The plan is a participating plan with a 15-day free look period.

"Who can avail of this plan?"

HOW OLD DOES THE CHILD HAVE TO BE TO

AVAIL OF THIS PLAN?

Minimum age - 0

years

Maximum age -17years

FOR WHAT TERM CAN I AVAIL OF THIS PLAN? 10 - 30 years

WHAT IS THE MAXIMUM SUM ASSURED

ALLOWED UNDER THIS PLAN?Rs.25,00,000


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"What are the advantages of this plan?"

y

On Maturity, you would receive the sum assured plus the bonus addition. Bonusaddition is the amount in the Accumulation Account*, in excess of the sum

assured.

y The balance available in the Accumulation Account is invested in various

financial instruments (as per IRDA regulations) so your money works hard to

earn more for your child.

y The Automatic Cover Maintenance facility ensures the policy remains in force

even if you miss premium payments. This facility is available after the first three

years of the Term.

y You can take a loan against this plan, after the policy has been in force for at

least three years.

y You have the option of paying premiums quarterly, half yearly or yearly.

y You have the benefit of a 15 day free look period.


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KOTAKSUKHI JEEVAN

Life is unpredictable, but the earlier you plan for your future, the more likely are you

and your family to reap the rewards. Introducing Sukhi Jeevan, a long-term savings

and protection plan from Kotak Life Insurance that allows you to plan for your

changing needs at every step of life - be it saving for your kids, or your retirement. It

helps you prepare for important milestones and, most importantly, it ensures your

family is secure when life dishes up harsh misfortunes.How does this plan benefit me?

Savings for your needs

You would have different financial needs to be met and investing small amounts in a

disciplined manner will help you accumulate a sizeable lump sum. To structure a

plan that is ideal for your needs, it is important for you to estimate the amount of

lump sum required for your goals, i.e. the sum assured.

Based on this, you would have to set aside small amounts to have an accumulated

lump sum.


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LONGLIFE SECURE PLAN

Both joys and successes come with their fair share of uncertainties uncertainties

you constantly strive to insulate your family from. Protecting your family and

ensuring their comfort has always been your primary concern and key responsibility.

All responsibilities require careful planning; for yourself and your family, for the

present and the future. Careful planning is all about the right investment strategy

secured with appropriate protection - a necessary cushion to face the unexpected

events of life.

To ensure that your investments give maximum protection to secure your familys

future and their financial independence, we at Kotak Life bring to youthe Kotak Long Life Secure Plus plan. It is a unit-linked plan that gives you the

dual benefit of:

y Fulfillment of your family goals without any obstacles

y Comfort of meeting unplanned events head on


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Enhanced Protection for Your Family

Superior Protection

Life is uncertain, so when it comes to your familys future, you would not want to

leave anything to fate. Your absence is bound to leave an irreplaceable void in the

life of your family. At such a trying time, Kotak Long Life Secure Plus can ensure that

the dreams you aspired for your family, dont remain unfulfilled. Moreover, it will

assist in meeting the planned and unplanned financial obligations your family may

face under such a circumstance. This plan

provides you the following benefits1 on death of the life insured:

y 100% of the Sum Assured paid out immediately

y plus Fund Value

An additional Lump sum Benefit*, on death of the policyholder, equal to your

outstanding premiums (i.e. basic premium x number of outstanding installments) is

added into the policy fund. This corpus of the fund value and additional Lump sum

Benefit would be available immediately or by way of equal semi-annual installments

for 5 years (settlement option9).


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KOTAKCAPITAL MULTIPLIER PLAN

Kotak is the only plan of its kind that allows the return to be enjoyed beyond

maturity. It is a kind of super endowment plan that offers the bonus every year, and

also offers the facility to increase the investment and it also offers the facility to

withdraw the money as when wants to over a 15 year period post maturity, apart

from that additional life cover of 10%, which is over and above the life cover which

has been opted. Other Features like surrender to the policy can be opted out of any

medical urgency, following riders can be opted:-

Preferred term Benefit

Accidental Death Benefit

Permanent disability Benefit

Critical Illness Benefit

Life Guardian Benefit

Accidental Disability Guardian Benefit


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KOTAK ENDOWMENT PLAN

"What is Kotak Endowment Plan?"

Kotak Endowment Plan is a protection plan that covers your life and at the same

time ensures that your money does not lie idle. It invests a portion of your premium

in financial instruments and ensures a considerable growth in savings. This is a

participating plan (with profits).

Who can avail of this plan?"

HOW OLD DO YOU HAVE TO BE TOAVAIL OF THISPLAN?

Minimum age - 18 yearsMaximum age - 65 years

FOR WHAT TERM CAN I AVAIL OFTHIS PLAN?

10-30 years

WHAT IS THE MAXIMUM AGE THATTHE PLAN CAN COVER YOU TILL?

75 years


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What are the advantages of this plan?"

1. On maturity, you would receive the sum assured plus the bonus addition.

Bonus addition is the amount in the Accumulation Account*, in excess of the

sum assured.

2. The amount available in the Accumulation Account is invested in various

financial instruments (as per IRDA regulations) so your money works harder

for you.

3. The Automatic Cover Maintenance facility ensures the policy remains in force

even if you miss premium payments. This facility is available after the first

three years of the term.

4. You can take a loan against your policy, after the policy has been in force for

at least three years.

5. You have the option of paying premiums quarterly, half yearly or yearly. You

also have the flexibility to pay premiums through the full term of the policy or

pay it for a fixed term of 3, 5, 7, 10 or 15 years.

6. You have the benefit of a 15-day free look period.


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KOTAKETERNALLIFE PLANS

Kotak Eternal Life Plans are participating whole life plans that provide enhanced

protection till the golden age of 99. The plans provide for a high cover at lowerpremiums, cash lump sum benefits at desired stage and a way to care for your

spouse In the Second Innings Of life.

With guaranteed protection for life, opportunity to create wealth, and comprehensive

cover options, these plans provide you with a perfect financial solution to suit your

needs.

"What can Eternal Life do for you?"

y Provides you with lifelong protection which continues well beyond retirement

to ensure that your loved ones remain secure, irrespective of the uncertainties

in life.

y Enables a high amount of insurance cover at affordable premiums which

takes into account your growing responsibilities and keeps pace with your

increasing needs.

y Offers liquidity for planned and unplanned needs so that you have access to

your money when you need it the most, adding to your comfort and security at

important stages in life.


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KOTAKMONEY BACKPLAN"What is Kotak Money Back Plan?"

The Kotak Money Back Plan not only covers your life, it also assures you a certainpercent of the sum assured as cash payment at regular intervals of every 5 years. It

is a savings plan with the added advantage of life cover and regular cash inflow.

This plan is ideal for planning special moments like a wedding, your child's education

or purchase of an asset etc. This is a participating plan

"What are the advantages of this plan?"

y The plan not only covers your life but also provides you with a survival benefitpayout every 5 years.

y In the unfortunate event of death of life insured, the beneficiary would receive

the death benefit. The death benefit keeps increases by 7% of the sum

assured every year.

y On maturity, you would receive the sum of the Survival Benefit, Bonus

addition* and Guaranteed addition*


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Retirement Solutions

Forever Life is a traditional retirement product that offers guaranteed

returns for the first 4 years and then declares bonuses annually.

Life Time Super Pension is a regular premium unit linked pension plan

that helps one accumulate over the long term and offers 5 annuity options

(life annuity, life annuity with return of purchase price, joint life last survivor

annuity with return of purchase price, life annuity guaranteed for 5, 10 and15 years & for life thereafter, joint life, last survivor annuity without return

of purchase price) at the time of retirement.

Life Link Super Pension is a single premium unit linked pension plan.

Immediate Annuity is a single premium annuity product that guarantees

income for life at the time of retirement. It offers the benefit of 5 payout

options.

Premier Life Pension is a unique and convenient retirement solution with

a limited premium paying term of three or five years, to suit professionals

and businessmen, especially those who require more flexibility and

customization while planning their finances.


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Health Assure Plus: Health Assure is a regular premium plan which provides

long term cover against 6 critical illnesses by providing policyholder with

financial assistance, irrespective of the actual medical expenses. Health

Assure Plus offers the added advantage of an equivalent life insurance cover.

Cancer Care: is a regular premium plan that pays cash benefit on the

diagnosis as well as at different stages in the treatment of various cancer

conditions.

Cancer Careplus: is a wellness plan that includes all the benefits of Cancer

Care and also provides an additional benefit of free periodical cancer

screenings.

Diabetes Care: Diabetes Care is a unique critical illness product specially

developed for individuals with Type 2 diabetes and pre-diabetes. It makes

payments on diagnosis on any of 6 diabetes related critical illnesses, and also

offers a coordinated care approach to managing the condition. Diabetes Care

Plus also offers life cover.

Diabetes Care Plus: is a unique insurance policy that provides an additional

benefit of life cover for Type 2 diabetics and pre-diabetics

Hospital Care: is a fixed benefit plan covering various stages of treatment -

hospitalization, ICU, procedures&

recuperating allowance. It covers a rangeof medical conditions (900 surgeries) and has long-term guaranteed coverage

up to 20 years.

Crisis Cover: is a 360-degree product that will provide long-term coverage

against 35 critical illnesses, total and permanent disability, and death.


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GROUP INSURANCE SOLUTIONS

KOTAK MAHINDRA Prudential Life also offers Group Insurance Solutions for

companies seeking to enhance benefits to their employees.

Group Gratuity Plan:

KOTAK MAHINDRA Prudential Life's group gratuity plan helps employers fund their

statutory gratuity obligation in a scientific manner. The plan can also be customized

to structure schemes that can provide benefits beyond the statutory obligations.

Group Superannuation Plan:

KOTAK MAHINDRA Prudential Life offers both defined contribution (DC) and

defined benefit (DB) superannuation schemes to optimize returns for the members

of the trust and rationalize the cost. Members have the option of choosing from

various annuity options or opting for a partial commutation of the annuity at the time

of retirement.

Group Immediate Annuities: In addition to the annuities offered to existing

superannuation customers, we offer immediate annuities to superannuation funds

not managed by us.

Group Term Plan:

KOTAK MAHINDRA Prudential Life's flexible group term solution helps provide

affordable cover to members of a group. The cover could be uniform or based on

designation/rank or a multiple of salary. The benefit under the policy is paid to the

beneficiary nominated by the member on his/her death.


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FLEXIBLE RIDER OPTIONS

KOTAK MAHINDRA Prudential Life offers flexible riders, which can be added to the

basic policy at a marginal cost, depending on the specific needs of the customer.

1. Accident & disability benefit: If death occurs as the result of an accident

during the term of the policy, the beneficiary receives an additional amount

equal to the rider sum assured under the policy. If an accident results in total

and permanent disability, 10% of rider sum assured will be paid each year,

from the end of the 1st year after the disability date for the remainder of the

base policy term or 10 years, whichever is lesser. If the death occurs while

traveling in an authorized mass transport vehicle, the beneficiary will be

entitled to twice the sum assured as additional benefit.

2. Critical Illness Benefit: protects the insured against financial loss in the event

of 9 specified critical illnesses. Benefits are payable to the insured for medical

expenses prior to death.

3. Waiver of Premium: In case of total and permanent disability due to an

accident, the future premiums continue to be paid by the company till the time

of maturity. This rider is available with Smart Kid, Life Time Plus, Life Time

Super and Life Time Super Pension.

4. Income benefit rider: In case of death of the life assured during the term of the

policy, 10% of the sum assured is paid annually to the nominee on eachpolicy anniversary till the maturity of the rider.


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Rural Plan:-

KOTAK MAHINDRA Prudential Life Rural Products are designed to meet the needs

of the rural consumers.

These products offer the following features:

1. Low and Affordable Premiums

2. Life Cover

3. Savings Option

4. Hassle free procedure


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Objective of Kotak Mahindra

This project has helped us in getting some very useful insight about the

insurance sector. We have prepared this report with some specific objectives. The

objectives are as under.

y Understand the fundamentals of insurance.

y List the essential principles of Life Insurance like insurable interest, utmost

good faith.

y Identify the diverse customer requirements and identify the various Life

Insurance product, which have been developed from time to time to meet therequirements

y Apply the correct rider, options and guarantees in order in order to offer a

Comprehensive solution to the customers unique requirements

y Initiate the claim process and process the same for customers benefit.

Appreciate the various legislative and regulatory matters which influence the

insurance business

y Sell insurance policies professionally

y Create a positive impression in the minds of consumers towards the

company you represent


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Research Methodology

Research in common parlance refers to a search for knowledge.

One can also define research as a scientific and systematic search for

pertinent information on a specific topic.

The word research has been derived from French word Researcher

means to search.

FRANCIES RUMMER defined Research: It is a careful inquiry or

examination to discover new information or relationship and to expand or

verify existing knowledge.

Research is the solution of the problem, whether created or already

generated. When research is done, some new out come, so that the problem

(created or generated) to be solved.


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RESEARCH DESIGN

Research Design is the conceptual structure within which research is

conducted. It constitutes the blueprint for collection, measurement and

analysis of data. The design used for carrying out this research is

Descriptive.

DATA TYPE: In this research the type of data collection is

y Primary data

y Secondary data

DATA SOURCE:The sources of collection of secondary data are:

y Questionnaire

y Books

y Websites

y Magazine

y Brochure


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SAMPLING PLAN:

It is very difficult to collect information from every member of a

population .As time and costs are the major limitation that the researcher

faces.

A sample of 30 was taken the sample size of 30 individuals were

selected on the basis of convenient sampling technique. The individuals were

selected in the random manner to form sample and data were collected from

them for the research study.


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ANALYSIS AND INTERPRETATION

Data collection through questionnaire and personnel interview resulted

in availability of the desired information but these were useless until there

were analyzed. Various steps required for this purpose were editing, coding

and tabulating. Tabulating refers to bringing together similar data and

compiling them in an accurate and meaningful manner. The data collected by

questionnaire was analyzed, interpreted with the help of table, bar chart and

pie chart.


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Meaning ofResearch Methodology

Research in common parlance refers to a search for knowledge. Once can

also define research as a scientific and systematic search for pertinent informationon a specific topic. In fact, research is an art of scientific investigation. The advanced

Learners Dictionary of current English lays down the meaning if research as a

careful investigation or inquiry especially through search for new facts in new

knowledge.

Research is an academic activity and as such the term should be used in a

technical sense. According to Clifford Woody comprises defining and redefiningproblems, formulating hypothesis or suggested solution; collecting and evaluating

data; making deduction and reaching conclusions and at last carefully testing the

conclusions to determine whether they fit the formulating hypothesis.


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Findings


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SUGGETIONS

In insurance it was found out that most of the People did not know the

benefits of insurance so First of all company should explain the benefits of

insurance to the customers.

In Some cases people didnt have the faith it private Companies. So company

should make them convince about the benefits of private companies and

about the various policies which are more beneficial.

People knows the options available for the investment but they dont knowwhich option will be best suited for them.

Private companies have to create awareness of not only those insurance

which will be more beneficial to them but all insurance.


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CONCLUSION

y

Kotak is spreading its channel of distribution

y 75 was the number of branches that Kotak had it in 2006-2007 and their

target is to open 135 branches till the end of the calendar year 2008.

y Number of Life Advisor has increased over time. E.g. At the beginning of

financial year 2006-2007, Kotak had 12,523 Life Advisors which turned to

24485 at the end of the end of the financial year 2007.

y Kotak focuses on large business house inspire of capturing the smaller

business.

y Less action on tale-marketing and dependence on individual life advisors is

much there.

y Weak Infrastructure as there was hardly any place left open for the interaction

with the customer.

y Too much work load on operations department

y Lack of database on which work (calling) can be done.

There is high commitment of Sales Managers toward the work.


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QUESTIONNAIRE

NAME : __________________________________

ADDRESS : __________________________________

__________________________________

__________________________________

Phone & E-mail : __________________________________

1. OCCUPATION

[ ]

[ ]

[ ]

SERVICE

BUSINESS

PROFESSIONAL

2. AGE

[ ]

[ ]

[ ]

[ ]

LESS THAN 25 YEARS

25 T0 40 YEARS

40 TO 60 YEARS

ABOVE 60 YEARS

3. INCOME (APPROXIMATE)

[ ] UPTO RS. 1 LAKH

[ ] ABOVE RS. 1 LAKH UPTO 2.5 LAKHS

[ ] ABOVE RS. 2.5 LAKHS UPTO 5 LAKHS

[ ] ABOVE RS. 5 LAKHS


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4) Do you have any life insurance policy?

a) YES b) NO

5) Are you aware about the Life Insurance products or will prefer to purchase the

Life Insurance products of (mark ):

y LIC

y ICICI Prudential Life Insurance

y HDFC Standard Life Insurance

y SBI Life Insurance

y Kotak Life Insurance

y TATA AIG Life Insurancey Reliance Life Insurance

6) Which companys insurance policy do you have?

___________________________________________________________________

7) Term of your insurance policy?

a) < 5 years b) 5 10 years

c) 10 20 years d) any other

8) What do you think are the benefits of Life Insurance?

a) Covers future uncertainty

b) Tax Savings

c) Investments

d) Comprehensive investment and risk coverage instrument


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9) Which feature of Life Insurance policy will you consider while buying?

a) Money Back Guarantee

b) Larger Risk Coverage

c) Low Premium

d) Companys Credibility

e) Easy Access to Agents

10) How have you bought / would buy a Life Insurance policy?

a) Customer approaching insurance company / agent

b) Insurance company / agent approaching the customer

11)Are you satisfied with your Life Insurance policy?

a) Highly Satisfied b) Satisfied

c) Not So Satisfied d) Not Responding

12)According to you, what is the right age to buy insurance?

a) < 25 years b) 25 35 years

c) 35- 45 years d) > 45 years

e) Anytime

13)Are you satisfied with the Kotak life insurance?

a) Yes b) No

Documents

Shivraj Final Project