Final Report - Canara HSBC Oriental Bank of Commere Life Insurance Company

Canara HSBC Oriental Bank of Commerce Life Insurance Company

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Competition Analysis of Canara HSBC

Oriental Bank of Commerce

Life Insurance Company

By

Rohit Mehta

09P164

Management Development Institute

Gurgaon 122 001

12th April – 11th June, 2010


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Competition Analysis of Canara HSBC

Oriental Bank of Commerce

Life Insurance Company

By

Rohit Mehta

Under the guidance of

Mr. Kanwar Vir Singh Sraon

ARSM (Assistance Regional Sales Manager)

Canara HSBC Oriental Bank of Commerce Life

Insurance Company

Management Development Institute

Gurgaon 122 001

12th April – 11th June, 2010


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Certificate of Approval

The following Summer Internship Report titled Competition Analysis of Canara HSBC

OBC Life Insurance Company is hereby approved as a certified study in management

carried out and presented in a manner satisfactory to warrant its acceptance as a prerequisite

for the award of Post-Graduate Diploma in Business Management for which it has been

submitted. It is understood that by this approval the undersigned do not necessarily endorse or

approve any statement made, opinion expressed or conclusion drawn therein but approve the

Summer Internship Report only for the purpose it is submitted.

Summer Internship Report Examination Committee for evaluation of Summer Internship

Report

Organizational Guide

Signature…………………………………….

Name: Mr. Kanwar Vir Singh Sraon

Designation: ARSM

Address: CANARA HSBC OBC LIFE INSURANCE CO. LTD.

First Floor, Tower – B, First India Place,

Vatika Towers, Sushant Lok, Phase - 1

M.G. Road, Gurgaon – 122002

Tel No: +919871441900

Email: [email protected]

Rohit

Mehta

09P164


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Acknowledgements

I would like to take this opportunity to thank my mentors Mr. Kanwar Vir Singh Sraon

and Mr. Pranav Kothari for their continuous motivation and guidance throughout the

duration of this project. Without their expert advice this would not have been possible.

I am also indebted to my college and Professors for their guidance in my studies, which

has enabled me to bring this project to completion.

I would also like to acknowledge the following experts for their time and support:

Mukul Parikh, Yogender (HSBC)

Rupesh Bapna (Citibank)

Siddharth Jain, Dheeraj (HDFC)

Anubhav, Rahul Sharma (ICICI)

Madan Yadav, Amit Sharma, Anurag Bhati, Pawan Maheswari (Stan C)

N.K. Gupta, R.S. Gupta, S.R. Meena (SBI)

Rohit Mehta

09P164

Management Development Institute,

Gurgaon


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Executive Summary

Canara HSBC Oriental Bank of Commerce Life Insurance Company commenced

business on 16th

June 2008. The Joint venture has access to 4400 branches across India.

The share holding pattern is Canara Bank with 51% equity, HSBC Insurance (Asia

Pacific) Holdings Ltd 26% and Oriental Bank of Commerce 23%.

Stay Smart and Saral Beema Plus are two of the ULIP based individual life insurance

plans offered by Canara HSBC Oriental Bank of Commerce Life Insurance Company. A

ULIP based insurance product is the one with components of both insurance and

investment. Unit Linked Insurance Plan (ULIP) provides for life insurance where the

policy value at any time varies according to the value of the underlying assets at the time.

The investment is denoted as units and is represented by the value that it has attained

called as Net Asset Value (NAV).

ULIP Plans have been divided into 4 categories:

1. Pension ULIP Plans

2. Whole Life ULIP Plans

3. Endowment ULIP Plans

4. Money Back ULIP Plans

The following objectives were laid down in the project:

- To analyse the competitor products relevant to Stay Smart and Saral Beema Plus

policies provided by Canara HSBC Life with respect to product features and returns

to customers.

- To understand how the competitors are making their sales, their selling strategies and

other relevant marketing parameters and to find out areas of improvement for Canara

HSBC Life.

- To try to identify the customer expectations and ways to fulfilling them.

Five competitors have been identified for the purpose of study. These are:

1. ICICI Prudential Life Insurance Company

2. SBI Life

3. Citibank

4. Standard Charted

5. HDFC Standard Life

The major form of selling of insurance products adapted by Canara HSBC Oriental Bank

of Commerce Life Insurance Company is that of Bancassurance. The project was divided

into sub-topics for approach. Initially, the concept of Bancassurance was studied and how

it works. After the study, main areas related to the project were identified. These included

the study of 7P’s of marketing. However, not all 7P’s were relevant to the project and

some could not be studied. In addition to the 7P’s, a SWOT analysis of Canara HSBC

http://en.wikipedia.org/wiki/Life_insurance

http://en.wikipedia.org/wiki/Unitised_insurance_fund

http://en.wikipedia.org/wiki/Net_asset_value


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Oriental Bank of Commerce Life Insurance Company was done. Also, strengths and

weaknesses of competitors were identified and mentioned.

Finally, the project was concluded with an exploratory research on consumer preferences.

Various factors had been identified in the insurance policies which were important to

consumers by previously done research. These factors were compared on a weighted

scale of 1-5 to identify the degree of importance of these factors. Also, various banks

were compared by consumers on a rating scale. The sampling method being used was

convenience sampling. An online survey was made using Google spreadsheet and the link

was forwarded for response.

There were various limitations to the project and survey. Primary limitation was of time.

Also, certain competitors were hesitant in giving information. Hence, the limitation of not

being able to interview many employees is also present. Finally, the response to the

survey is predominantly from students pursuing post-graduation and from people of the

age group 20-25 years. Hence the conclusions derived would be based on this future

customer base.

The following conclusions and suggestions are being drawn from the project:

a. Changes in the website of Canara HSBC Oriental Bank of Commerce Life Insurance

Company were suggested based on the observations of competitor’s websites.

b. Certain suggestions were made for additions to the workplace i.e. HSBC branch in

Jaipur.

c. Relationship between the target market segment and organization structure was

observed

d. Comparisons were made of the product and prices under study

e. SWOT analysis enabled in finding scope of improvements

f. No. of products and company advertisements had little or no effect on peoples

decision to buy insurance policy

g. People reference and brand name are important factors in selling insurance


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TABLE OF CONTENT

1. Introduction .................................................................................................................11

a. Company profile.....................................................................................................11

b. Products..................................................................................................................12

c. Fund options...........................................................................................................13

d. Problem at Hand.....................................................................................................15

e. Methodology..........................................................................................................16

2. Literature Review.........................................................................................................17

a. Financial System....................................................................................................17

b. Why Bancassurance...............................................................................................19

c. Advantages of Bancassurance................................................................................20

d. Why Bancassurance with Life Insurance...............................................................22

e. Bancassurance models............................................................................................23

f. Bancassurance working..........................................................................................24

g. Indian Scenario.......................................................................................................26

h. Relevance of Bancassurance in Indian Financial Sector........................................29

i. SWOT analysis.......................................................................................................31

j. Issues in Bancassurance.........................................................................................32

3. Product Analysis..........................................................................................................33

4. Price Analysis...............................................................................................................37

5. Promotion.....................................................................................................................44

a. Advertisements.......................................................................................................45

b. Website...................................................................................................................46

c. Branch Marketing...................................................................................................47

6. Hierarchy......................................................................................................................51

7. Customer Segmentation...............................................................................................56

8. SWOT Analysis............................................................................................................61

9. Exploratory Research...................................................................................................64

10. Conclusions and Recommendations.............................................................................66

11. References....................................................................................................................67

12. Appendix......................................................................................................................68


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LIST OF FIGURES

1. Product categorization by Canara HSBC Oriental Bank of Commerce Life.........12

2. Financial System....................................................................................................17

3. Insurance distribution channels in India.................................................................18

4. Process of Bancassurance Working.......................................................................24

5. Table of CAGR for both life and non-life policies................................................27

6. Growth of life and non-life insurance in India.......................................................27

7. Insurance penetration an international comparison................................................28

8. Ratio of premium to total population.....................................................................28

9. Insurance distribution channels..............................................................................30

10. Hierarchy of ICICI bank.........................................................................................51

11. Hierarchy of SBI bank, small branches..................................................................52

12. Hierarchy of SBI bank, large branches..................................................................52

13. Hierarchy of Citibank.............................................................................................53

14. Hierarchy of Standard Charted...............................................................................54

15. Hierarchy of HDFC bank.......................................................................................55

16. Customer segmentation of Canara HSBC Oriental Life Insurance........................56

17. Customer segmentation of ICICI bank...................................................................57

18. Customer segmentation of Citibank.......................................................................58

19. Customer segmentation of Standard Charted.........................................................59

20. Customer segmentation of HDFC Bank.................................................................60

21. Product categorization of ICICI bank....................................................................69

22. Product categorization of Birla sun life.................................................................71


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LIST OF TABLES

1. Table of product comparison for Saral Beema Plus.....................................................34 2. Table of product comparison for Stay Smart Plan.......................................................35 3. Policy term of SBI Unit Plus III...................................................................................36 4. Price comparison for Saral Beema Plus.......................................................................38 5. Surrender charges for Saral Beema Plus......................................................................40 6. Mortality charges for Saral Beema Plus.......................................................................40 7. Mortality charges for ICICI Ace..................................................................................40 8. Fund management charges for unit plus III pension....................................................41

9. Surrender charges for unit plus III pension..................................................................41

10. Premium allocation charges for unit plus III................................................................41

11. Fund management charges for Titanium Plus Plan......................................................42

12. Mortality charges for Titanium Plus Plan....................................................................42 13. Premium allocation charges for Unit Gain Protection Plus.........................................43

14. Fund management charges for Unit Gain Protection Plus...........................................43

15. Mortality charges for Unit Gain Protection Plus..........................................................43 16. SWOT of Canara HSBC Oriental Life.........................................................................61

17. SW of ICICI.................................................................................................................62

18. SW of SBI....................................................................................................................62

19. SW of Citibank.............................................................................................................63

20. SW of Standard Charted...............................................................................................63

21. SW of HDFC................................................................................................................63


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LIST OF APPENDICES

APPENDIX 1 – LIST OF PRODUCTS........................................................68

APPENDIX 2 – SURVEY QUESTIONNAIRE...........................................77


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INTRODUCTION

1. Company Profile

Canara HSBC Oriental Bank of Commerce Life Insurance Company commenced

business on 16th

June 2008. The Joint venture has access to 4400 branches across India.

The share holding pattern is Canara Bank with 51% equity, HSBC Insurance (Asia

Pacific) Holdings Ltd 26% and Oriental Bank of Commerce 23%.

Canara HSBC Oriental Bank of Commerce Life Insurance Company has joined the big

league of life insurance players by breaking through Rs 100 crore of new business in a

month.

The company garnered Rs 171.1 crore in March, closing fiscal 2009-10 with Rs 861.3

crore in gross written premiums, recording a growth of 189 per cent over FY 2008-09.

The company’s business has stood at Rs 1,160 crore since launch in June 2008. The

company has underwritten 1, 35,585 policies since inception.

It is indeed encouraging to see the company on a strong growth trajectory in such a short

span. Their achievement is the result of the commitment of their shareholders and

employees in positioning the company as a strong private life insurance player in a

tumultuous yet competitive 2009.

Operating a pure bank assurance model, Canara HSBC Oriental Bank of Commerce

Life Insurance Company has exclusive access to the customer bases of both the public

sector banks, Canara Bank and Oriental Bank of Commerce, and of HSBC in the country.

This comprises more than 48 million customers and a pan-India network of over 4,400

branches. Currently, the company's products are available through around 900 branches

of the three banks.

This further testifies the scale of untapped potential among the large customer base of

Canara Bank, Oriental Bank of Commerce and HSBC. They are confident that their

strong distribution model, research-based products and customer centric initiatives will

enable them to achieve their goal of taking life insurance to a large section of the society

and help them evolve as one of the top insurance players in the market.”

The bank assurance model has enabled the company in reaching out to customers from

the rural areas and even exceeded the regulatory minimum required level of sales for

FY 2009-10.

Canara HSBC Oriental Bank of Commerce Life Insurance Company's assets under

management stood at Rs 1,170 crore as on March 31, 2010. In FY 2009-10, the

company through its prudent investment strategy demonstrated consistent fund

performance, exceeding benchmarks across all funds.


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Products

Canara HSBC Oriental Bank of Commerce Life Insurance Company has product

offerings in individual segment as well as group segment.

Total number of products on offer: 6

Brief Introduction to Some Products

Key Features/ Benefits of the Stay Smart Plan

Whole of Life Protection: Life cover till age 99 years

Pick a Premium Payment Term: to suite your earning capacity

Loyalty Additions at periodic intervals: To boost the value of your Investment

Liquidity: To meet your unplanned contingencies through Partial Withdrawals

Tax benefits: Enjoy tax benefits under Section 80C and Section 10(10D), as per

the Income Tax Act, 19

Key Features/ Benefits of the Retire Smart Plan

It gives a person a feel of financial safety after retirement.

Single or Regular Premium Payment options depending on your investment

preference

Loyalty Additions at periodic intervals: To boost the value of your Investment

through your Policy Term

Maturity Switch Option: As your Plan nears your Retirement Age, change your

investment philosophy automatically, by moving from a more market influenced

Fund to a risk averse Fund.

Tax Benefits: Enjoy tax benefits under Section 80CCC, as per the Income Tax

Act, 1961.

Canara HSBC

Life

Individual Products

Stay Smart Plan

Retire smart Plan

Saral Beema Plus

Pure Term Plan

Group Products

Group Loan Protection

Plan

Group Term Plan


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Key Features/ Benefits of the Saral Beema Plus

This Plan will give you loyalty additions to help your money grow fast.

No Medical Tests: Gain express insurance by certifying the ’Declaration of Good

Health’ without any medical questions or tests

Simple Structure: Fixed benefits and options to maintain ease of understanding

and purchase of this Life Insurance cum Investment policy.

Increasing Cover: Enhanced death benefit to your family by way of Sum Assured

plus Fund Value

Limited Premium Payment: Pay premiums for only 7 years while you enjoy life

cover up to 15 years.

Key Features/ Benefits of Pure Term Plan

This plan protects the person from financial uncertainties and secures their future.

Flexible Premium Paying Options – The plan provides you Regular and Single

Premium Paying options

Rebate on premium rates for female lives

Save tax while investing under section 80C and get tax-free benefits under section

10 (10 D) under the Income Tax Act, 1961

Fund Options Available in the Plans

There are 5 fund options available in the plans. These are:

a. Equity II Fund:

- Structure: 60-100% in Equities, 0% in Debt Securities and 0-40% in Money Market

Instruments.

- Fund Philosophy: To generate long-term capital appreciation from active management

of a portfolio invested in diversified equities. The diversified Equity Fund is a long term

growth fund. The Fund's primary objective is to have high capital appreciation through

investment in Equities. To maintain liquidity the Fund will invest in cash and money

market instruments.

- Risks: Market Risks; suited for investors with a long-term investment horizon with the

appetite for risk to capital over short-term periods.

- Fund Management Charge: 1.35% per annum.


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b. Growth II Fund:

- Structure: 50-90% in Equities, 10-50% in Debt Securities and 0-40% in Money Market

Instruments.

- Fund Philosophy: To achieve capital appreciation by investing predominantly in

equities, with limited investment in Fixed Income securities. This Fund will invest in

listed equities and high quality fixed income and money market securities. The fund

intends to adopt a relatively aggressive approach towards bonds and equities with the

objective of achieving capital appreciation.

- Risks: These funds are subject to risks of debt as well as equity instruments to the

extent of allocation to the respective asset categories.


c. Balance II Fund:

- Structure: 30-70% in Equities, 30-70% in Debt Securities and 0-40% in Money Market

Instruments.

- Fund Philosophy: To generate capital appreciation and current income, through a

judicious mix of investments in equities and fixed income securities. This Fund will

invest in listed equities and high quality fixed income securities, and money market

instruments. The fund intends to adopt a relatively balanced approach towards bonds and

equities exposure with the objective of achieving capital appreciation with minimal short-

term performance volatility.

- Risks: These funds are subject to risks of debt as well as equity instruments to the

extent of allocation to the respective asset categories.


d. Debt Fund:

- Structure: 0% in Equities, 60-100% in Debt Securities and 0-40% in Money Market

Instruments.

- Fund Philosophy: To earn regular income by investing in high quality Debt securities.

This Fund will primarily invest in a portfolio of high quality bonds and other fixed and

floating rate securities issued by the Government, Government agencies and corporate

issuers. To maintain liquidity the fund will invest in cash and money market instruments.

- Risks: Price Risk or Interest Rate Risk, Liquidity or Marketability risk, Credit Risk or

Default risk, Reinvestment Risk.



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e. Liquidity fund:

- Structure: 0% in Equities, 0-60% in Debt Securities and 40-100% in Money Market

Instruments.

- Fund Philosophy: To generate reasonable returns commensurate with low risk and a

high degree of liquidity. This Fund will primarily invest in portfolio constituted of money

market and high quality debt securities.

- Risks: Risk of Debt, price risk is low on account of shorter maturity of the underlying

debt investments.


2. Problem at hand

Stay Smart and Saral Beema Plus are the most sold insurance policies from Canara

HSBC Oriental Bank of Commerce Life Insurance Company. Being a proactive

company, it wishes to learn from its competitors the strategies adapted by them in selling

insurance policies. Canara HSBC Oriental Bank of Commerce Life Insurance Company

relies on Bancassurance channel in making its sales. Thus in identifying its competitors,

sales of insurance policies by Bancassurance channel is being considered. The identified

competitors are:

1. ICICI Prudential Life Insurance Company

2. SBI Life

3. Citibank

4. Standard Charted

5. HDFC Standard Life

Problem Formulation

Initially, a study of the concept of Bancassurance was done. This was done primarily

from online sources like reports, govt. Websites, company websites etc. On the basis of

this background work, future targets were set for analysis. The following were the targets

for study:

a. To identify and analyse the products of competitors for study

b. To compare these products on the basis of costs to customers

c. To identify how marketing of insurance products is done in bank branches

d. To compare the company websites for benchmarking

e. To analyse the company advertisements

f. To observe the employees at branch offices and compare them

g. To understand the branch hierarchy and how work is divided

h. To understand the customer segmentation of the competitors

i. To do a SWOT analysis of all the companies

j. To identify the customer preferences regarding insurance policies


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Methodology

The project was carried out in a number of steps. Initially, a research was done on the

number of products being offered by the competitors. This was done primarily through

the company websites. Also, insurance comparison sites were referred for identifying the

suitable products for comparison. The identified products were then compared.

Comparison was done by listing the policy features in a table and comparing the

differences in the policies.

The price component of policies was compared similarly. Various expenses charged in

the policies were listed in a table and compared for their features.

The promotion aspect of the project was subdivided into components. Promotion was

divided into promotion at branch offices, online promotion, and promotion via mass

media like television advertisements. For promotion at branches, field trips were

conducted and observations were made regarding the layout in the branches, how

marketing of products is being done at the branches etc.

For online promotion, various competitor strategies were observed in comparing the

products online. These strategies were evaluated and suggestions were made.

Websites of all the competitors were evaluated with Canara HSBC Oriental Bank of

Commerce Life Insurance Company’s website. Features in the websites were listed and

comparisons were made. Relevant additions to the website are suggested.

Television Advertisements of all the concerned companies were observed to determine

the differentiation factors.

Field visits were made and interviews (both structured and unstructured) were conducted

with company employees of the competitors. Through these interviews, Organization

Structure (hierarchy) and Customer Segmentation were determined.

SWOT analysis was done on Canara HSBC Oriental Bank of Commerce Life Insurance

Company and strengths and weaknesses of the competitors were noted down.

An exploratory survey was conducted to determine the customer preferences related to

life insurance policies. This survey was carried on previously done research on insurance

preferences. The sampling method used was convenient sampling. Most of the

respondents were students and predominantly male of the age group 20-25. Also, attempt

was made to judge the effectiveness of various ad campaigns by the companies.


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LITERATURE REVIEW

Banking as a business around the globe has evolved due to integration of global financial

markets, development of new technologies, universalization of banking operations and

diversification in non-banking activities. As the result, the boundaries that have kept

various financial services separate from each other have vanished. This coming together

of different financial services has led to synergies in operations and development of new

concepts. One of these is Bancassurance. Bancassurance simply means selling of

insurance policies by banks.

Bancassurance as a concept was pioneered in France, where it has become the

predominant source of insurance business today, with banks selling more than 90% of

insurance products. However, in some countries Bancassurance is still largely prohibited,

but it was recently legalized in countries such as the United States.

Bancassurance originated in India in the year 2000. Following the recommendations by

First Narasimham committee, the contemporary financial landscape has been reshaped.

Thus, present-day banks have become far more diversified than before. Therefore, banks

entering insurance business are a natural corollary and fully justified as ‘insurance’

is another financial product required by bank customers.

FINANCIAL SYSTEM

The financial system consists of variety of institutions, markets and instruments that are

related in the manner shown in the figure above, it provides the principal means by which

savings are transformed into investment. Given its role in the allocation of resources, the

efficient functioning of the financial system is of critical importance to a modern


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economy. Financial manager negotiate loans from financial institutions, raises resources

in financial marked and invests surplus funds in financial market. In very significant way

he manages the interface between the form and its financial environment.

The Insurance Distribution Channels in India Can Be Listed As follows:-

Simply put, in case of Bancassurance, the corporate agent is the bank and business is

sought through the existing bank customers.

Distribution Channels

Personal Distribution Direct response distribution

Individual

Agents

Corporate Agents

Brokers

Bancassurance

Internet

Direct Mail

Call

Centre


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WHY BANCASSURANCE

The main reasons why banks have decided to enter the insurance industry area are the

following:

Intense competition between banks, against a background of shrinking interest

margins, has led to an increase in the administrative and marketing costs and limited the

profit margins of the traditional banking products. New products could substantially

enhance the profitability and increase productivity.

Financial benefits to a bank performance can flow in a number of ways, as briefly

outlined below:

- Increased income generated, in the form of commissions and/or profits from the

business (depending upon the relationship)

- Reduction of the effect of the bank fixed costs, as they are now also spread over the

life insurance relationship.

- Opportunity to increase the productivity of staff, as they now have the chance to

offer a wider range of services to clients

Customer preferences regarding investments are changing. For medium-term and

long-term investments there is a trend away from deposits and toward insurance products

and mutual funds where the return is usually higher than the return on traditional deposit

accounts. This shift in investment preferences has led to a reduction in the share of

personal savings held as deposits, traditionally the core element of profitability for a

bank which manages clients money. Banks have sought to offset some of the losses by

entering life insurance business. Life insurance is also frequently supported by favourable

tax treatment to encourage private provision for protection or retirement planning. This

preferential treatment makes insurance products more attractive to customers and banks

see an opportunity for profitable sales of such products.

Analysis of available information on the customer financial and social situation

can be of great help in discovering customer needs and promoting or manufacturing

new products or services. Banks believe that the quality of their client information gives

them an advantage in distributing products profitably, compared with other distributors

(e.g. insurance companies).

The realization that joint bank and insurance products can be better for the customer

as they provide more complete solutions than traditional standalone banking or

insurance products.

Banks are experiencing the increased mobility of their customers, who to a great

extent tend to have accounts with more than one bank. Therefore there is a strong need

for customer loyalty to an organization to be enhanced.


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Client relationship management has become a key strategy. To build and maintain

client relationships, banks and insurers are forming partnerships to provide their clients

with a wide range of bank and insurance products from one source.

It is believed that as the number of products that a customer purchases from an

organization increases the chance of losing that specific customer to a competitor

decreases.

ADVANTAGES OF BANCASSURANCE:

Everybody is a winner in Bancassurance. For banks it mainly acts as a means of product

diversification and additional fee income; for insurance company it acts as a tool for

increasing their market penetration and premium turnover and for customer it acts as a

bonanza in terms of reduced price, high quality products and delivery to doorsteps. Hence

it is a win-win solution for everyone who involved.

To the Bankers:

In a situation of constant asset base the bank can increases Return on Assets (ROA)

by increasing their income, by selling insurance products through their own channels.

It can cover operating expenses and make operating expenses profitable by leveraging

their distribution and processing capabilities.

Can leverage on face-to-face contacts and awareness about the financial

conditions of customers to sell insurance products.

By acting as a one stop shop for all financial services, they can improve

overall customer satisfaction resulting in higher customer retention levels

Banks enjoy significant brand awareness within their geographical region providing

for a lower per lead cost when advertising through print, radio and television. The

advantage of a bank over traditional distributors is the lower cost per sales lead made

possible by their sizeable loyal customer base.

Can establish sales oriented culture among the employees

Increase in shareholders’ value

Better utilization of manpower and branch network


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To the customers:

Comprehensive financial advisory services under one roof. i.e., insurance services

along with other financial services such as banking, mutual funds, personal loans etc.

Enhanced convenience on the part of the insured.

Easy access for claims, as banks is a regular go.

Innovative and better product ranges.

Hassel-free post sales services.

Lower cost of insurance.

To the insurers:

Insurers can exploit the banks' wide network of branches for distribution of

products. The penetration of banks' branches into the rural areas can be utilized to sell

products in those areas.

Customer database like customers' financial standing, spending habits, investment

and purchase capability can be used to customize products and sell accordingly.

Since banks have already established relationship with customers, conversion ratio of

leads to sales is likely to be high. Further service aspect can also be tackled easily.

Lower cost to customer acquisition leading to increased profitability.

Improved brand equity.

Lower cost of customer acquisition.


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WHY BANCASSURANCE WITH LIFE INSURANCE PRODUCTS

Traditionally, much fewer non-life insurance products are distributed through

Bancassurance than life insurance products. There are several reasons for this:

The main reason may be the complementary nature of life insurance and

banking products: bank employees are already familiar with financial products

and quickly adapt to selling insurance-based savings or pension products.

On the other hand, the non-life market requires special management and selling

skills, which are not necessarily prevalent in Bancassurance. In addition, such

competencies require significant investment in training and motivation, and

therefore additional costs.

Life insurance products are generally long-term products, which require

customers to have complete confidence in the institution that invests their money.

And we now know that, in many countries, banks have a better image and are

more trusted than insurance companies.

Bank advisers can use their knowledge of their customers’ finances to target

their advice towards specific needs. This is a major advantage in life insurance

and less important in personal injury insurance.

Some professionals also refer to the claims management aspect of personal

injury insurance, which could have a negative impact on brand image. This would

seem to explain why for a long time Bancassurance operators hesitated to offer

these types of product.


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BANCASSURANCE MODELS

Globally, we have 3 kinds of Bancassurance business models:

Strategic Alliance: Under a strategic alliance, there is a tie-up between a bank and an

insurance company. The bank only markets the products of the insurance company.

Except for marketing the products, no other insurance functions are carried out by the

bank.

Full Integration: This arrangement entails a full integration of banking and insurance

services. The bank sells the insurance products under its brand acting as a provider of

financial solutions matching customer needs. Bank controls sales and insurer service

levels including approach to claims. Under such an arrangement the Bank has an

additional core activity almost similar to that of an insurance company.

Mixed Models: Under this approach, the marketing is done by the insurer's staff and the

bank is responsible for generating leads only. In other words, the database of the bank is

sold to the insurance company. The approach requires very little technical investment.

The early Bancassurance distribution arrangements in India are taking off under two

categories:

a. Distribution alliances by way corporate agency and insurance broking relationships.

b. Referral arrangements.

Most of the Bancassurance operations in India fall into the first model, which in a way is

quite a prudent decision. In terms of the present regulatory framework, one bank can tie-

up with only one life and one non-life insurer, while insurers have the choice to tie-up

with any number of banks.

BIM differs from 'Classic' or Traditional Insurance Model (TIM) in that TIM

insurance companies tend to have larger insurance sales teams and generally work with

brokers and third party agents.

An additional approach, the Hybrid Insurance Model (HIM), is a mix between BIM and

TIM. HIM insurance companies may have a sales force, may use brokers and agents and

may have a partnership with a bank.

BIM is extremely popular in European countries such as Spain, France and Austria.

The usage of the term picked up as banks and insurance companies merged and banks

sought to provide insurance, especially in markets that have been liberalised recently. It is

a controversial idea, and many feel it gives banks too great a control over the financial

industry or creates too much competition with existing insurers.


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Privatbancassurance is a wealth management process pioneered by Lombard

International Assurance and now used globally. The concept combines private banking

and investment management services with the sophisticated use of life assurance as a

financial planning structure to achieve fiscal advantages and security for wealthy

investors and their families.

PROCESS OF BANCASSURANCE WORKING

Executive officer

Regional manager

Territory

Manager

Corporate sales

manager

Corporate agent

manager

Insurance advisory

Marketing

Officer

Banks branch managers

Assistant general

manager

General Manager

Executive assistant

Insurance company

Banks

http://en.wikipedia.org/wiki/Wealth_management

http://en.wikipedia.org/w/index.php?title=Lombard_International_Assurance&action=edit&redlink=1

http://en.wikipedia.org/w/index.php?title=Lombard_International_Assurance&action=edit&redlink=1


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WORKING OF BANCASSURANCE

Insurance Company

Insurance advisor – they are people who have to get customers from the bank and also

look to the marketing officers whether they perform their duty well and then report it to

CAM.

CAM – there are three IA’s under him. He has to say IA about his work and also guide

him how to do work. He has to look to his problem and achieve certain targets from him.

CSM – there are two CAM under him. He has to solve the problem faced by CAM he

also sees that targets are achieved by him. He is basically intermediary between agents

and company.

TM – there are various CSM under him. He keeps the group discussion to share each

other personal review. He also sets targets for them.

RM - he has to collect all the record from the TM. Check the performance and pass it to

CEO.

CEO – CEO then comes to know the position of the company and the level of working

condition of company.

Banks

M.O. – he is appointed by the insurance company to sell the policies to the banks

customers. He has to shape the bank manager to which customer to select and what policy

to sell them. He has five branch managers under him. He has to solve their problems if

required.

Branch manager – branch manager has to look after the details of the customer and

select the customer and approach them to buy the policy and then report it to AGM.

AGM – AGM solves the problem of branch manager and sends the report to GM.

GM – there are various AGM who gives report to GM. He has to do the records

systematically and pass it to EA.

EA – EA maintain and keep all the records for future.


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INDIAN SCENARIO

Banking is fully governed by RBI & Insurance sector is by IRDA

With effect from October 29, 2002, banks have also been allowed to undertake referral

business through their network of branches. However, before entering into insurance

business, banks are required to obtain prior approval of the Insurance Regulatory and

Development Authority (IRDA) and Reserve Bank of India.

It has now been decided that banks need not obtain prior approval of the RBI for

engaging in insurance agency business or referral arrangement without any risk

participation, subject to the following conditions:

a. The bank should comply with the IRDA regulations for acting as ‘composite

corporate agent’ or referral arrangement with insurance companies.

b. The bank should not adopt any restrictive practice of forcing its customers to go

in only for a particular insurance company in respect of assets financed by the bank.

The customers should be allowed to exercise their own choice.

c. The bank desirous of entering into referral arrangement, besides complying with

IRDA regulations, should also enter into an agreement with the insurance company

concerned for allowing use of its premises and making use of the existing

infrastructure of the bank. The agreement should be for a period not exceeding

three years at the first instance and the bank should have the discretion to

renegotiate the terms depending on its satisfaction with the service or replace it by

another agreement after the initial period. Thereafter, the bank will be free to sign a

longer term contract with the approval of its Board in the case of a private sector bank

and with the approval of Government of India in respect of a public sector bank.

d. As the participation by a bank’s customer in insurance products is purely on a

voluntary basis, it should be stated in all publicity material distributed by the bank in

a prominent way. There should be no linkage either direct or indirect between the

provision of banking services offered by the bank to its customers and use of the

insurance products.

e. The risks, if any, involved in insurance agency/referral arrangement should not get

transferred to the business of the bank.

Coming to India, Bancassurance is a new buzzword in India. It originated in India in the

year 2000 when the Government issued notification under Banking Regulation Act which

allowed Indian Banks to do insurance distribution. It started picking up after Insurance

Regulatory and Development Authority (IRDA) passed a notification in October 2002 on

'Corporate Agency' regulations. As per the concept of Corporate Agency, banks can act

as an agent of one life and one non-life insurer. Currently Bancassurance accounts for a

share of almost 25-30% of the premium income amongst the private players in India.


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The data below is for the time period from 2003-2008. It shows the compounded annual

growth rate of premiums as well as insurance policies for both life and non-life policies.

The above data shows that in case of non-life insurance policies, sales have been more

but the premium paid has not increased proportionately.

In case of life-insurance, sales have increased and also the premium paid has increased

more than proportionately. This implies that life-insurance policies with greater

premiums are being bought more often.

The above chart is an illustration of the table presented above showing growth of life and

non-life insurance policies in India. This implies that the growth in life-insurance

policies has been tremendous since insurance sector was liberalized.

The table below shows the Penetration of insurance sector in various countries over a

4year period. Insurance penetration is measured as the ratio of Premium to GDP in USD.

From the table we can see that insurance penetration in India increased by more than 1/3rd

in 2005-06, but has since then decreased at a very slow pace. This level is still higher

compared to other developing countries. However, it is comparatively less with

developed countries; indication India has a lot of scope for insurance penetration, with

effective marketing and distribution channels.

0

500000

1000000

1500000

2000000

2500000

2003 2004 2005 2006 2007 2008

Growth of Life and Non-life Inssurance in India

Life insurance

Non-Life Inssurance


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From the table of insurance density, we can see that the total insurance density in India

has almost doubled in 2008 from what it had been in 2005. Insurance density is measured

as ratio of premium (in USD) to total population. This growth though great is still

significantly less when compared to the value of insurance density in developed countries

like UK and Australia.


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RELEVANCE OF BANCASSURANCE IN THE INDIAN FINANCIAL SECTOR

The following factors have been identified to support the concept of Bancassurance in

Indian context:-

a. Integration of the financial service industry in terms of banking, securities business

and insurance is a growing worldwide phenomenon. The Universal Banking concept

is evolving on these lines in India.

b. Banks are the key pillars of India’s financial system. Public have immense faith in

banks.

c. Share of bank deposits in the total financial assets of households has been steadily

rising.

d. Indian Banks have immense reach to households. There are 65700 branches of

commercial banks, each branch serving an average of 15,000 people.

e. Banks enjoy considerable goodwill and access in the rural regions. There are 32600

branches in rural India (about 50% of total), and 14400 semi-urban branches, where

insurance growth has been most buoyant.196 exclusive Regional Rural Banks in deep

hinterland.

f. Banks have enormous retail customer base. Share of ‘individuals’ as a category in

bank accounts is steadily increasing. Rural and semi urban bank accounts constituted

close to 60% in terms of number of accounts, indicating the number of potential

lives that could be covered by insurance with the upfront involvement of banks.

g. Banks world over have realized that offering value-added services such as

insurance, helps in meeting client expectations. Competition in the Personal

Financial Services area is getting tough in India. That Banks can retain customer

loyalty by offering them a vastly expanded and more sophisticated range of products,

is a popular notion. Insurance distribution can also help the bank to increase the fee-

based earnings to a large extent.

h. Fee-based selling helps to enhance the levels of staff productivity in banks.

This is vitally important to bring higher motivation levels in banks in India.

i. Banks can put their energies into the small-commission customers’ that insurance

agents would tend to avoid. Banks’ entry in distribution can help to enlarge the

insurance customer base rapidly. This helps to popularize insurance as an

important financial protection product.

j. Bancassurance helps to lower the distribution costs of insurers. Acquisition cost of

insurance customer through bank is low. Selling insurance to existing mass market


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banking customers is far less expensive than selling to a group of unknown

customers. Experience in Europe has shown that Bancassurance firms have a lower

expense ratio. This benefit could go to the insured public by way of lower premiums.

k. Banks have an important role to play in the pension sector when deregulated. Low

cost of collecting pension contributions is the key element in the success of

developing the pension sector. Money transfer costs in Indian banking are low by

international standards. Portability of pension accounts is a vital requirement which

banks can fulfil, in a credible framework.

Insurance distribution channel

The above table is computed for 3 years, showing the percentage of contribution towards

the sales of insurance policies by various distribution channels. The two sectors – private

and public have been shown separately. From the above table, LIC is predominantly

based on individual agents for selling.

Private life insurance providers are also relying a lot on individual agents, but the

proportion of agents utilized is considerably less. They are also significantly relying on

corporate agents including banks and their contribution is increasing over time.


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SWOT ANALYSIS

Strengths:

Vast untapped market: In a country of 1 billion people there is a huge potential

market for life insurance products. In India, the penetration of the insurance sector

in the rural and semi-urban areas is low. There is a market of 900 million for life

insurance and 200 million for householder’s insurance policy. In addition to this

the affluent section can be tapped for Overseas Mediclaim and Travel Insurance

policies.

Huge pool of skilled professionals: Whether it is banks or insurance companies

there is no dearth of skilled professionals in India to carry out a successful

Bancassurance venture.

Weakness:

Lack of networking among bank branches: In spite of growing emphasis on

total branch mechanization (TBM) and full computerization of bank branches, the

rural and semi-urban banks have still to see information technology as an enabler.

Complete integration of branch network involves huge investments for creating IT

and communication infrastructure.

Low savings rate: Though we have a huge market for insurance policies, the

middle class who constitutes the bulk of this market is today burdened under

inflationary pressures. The secret lies in inculcating savings habit but considering

the amount of surplus funds available with the middle class for investing in future

security, the ability to save is very nominal

Opportunities:

Data mining: Banks have a huge customer database which has to be properly

leveraged. Target segments should be identified and tapped.

Wide distribution networks established by banks provide a great opportunity to

sell insurance products through banks.

Another potential area of growth of Bancassurance is exploiting the corporate

customers and tying up for insurance of the employees of corporate clients

Threats:

Human Resource Challenges: Success in Bancassurance venture requires a

change in mindset. Though we have a large talent pool, the inability to sell

complex insurance products on the part of bank professionals and their reluctance

to learn can be severe setback. There has to be a change in the thinking, approach

and work culture.

Non-response from the target groups can also pose a challenge as it happened

in the USA in 1980s.


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ISSUES IN BANCASSURANCE

Issues related to Banks

Bank must go for life and general insurance simultaneously in order to obtain

scale economies as well as synergy.

Initially, a joint approach (banker and insurer) to sales and after sales services

could be adopted.

A review of the tie-up arrangements with insurance companies from time to

time is essential.

The trained manpower should be used exclusively for Bancassurance.

Due considerations be given in performance appraisal for specified persons.

Issues related to Insurance Companies

Insurers must realize that 'putting Bancassurance into operation' is a complex

process as insurance selling is indeed a distinctive skill.

The top management of insurance companies, in particular public sector insurers

must take Bancassurance more seriously and evolve comprehensive strategies to

forge alliances with banks.

Issues with Banks and Insurance Companies

There seems to be lack of clarity between insurer and banks in regard to several

operational activities including for instance, marketing.

Under Bancassurance channel, though banks are distribution agents, the need for

evolving a distinct ‘business model’ needs no emphasis in Indian context.

Another area of concern is that of customer service and satisfaction.

Issues with Regulators

Current regulations do not allow banks to sell insurance products of more than

one insurance company (one insurance company for life and another for non-life).

The insurance regulator has constituted a committee to re-look into the regulatory

framework for Bancassurance intermediation model and also examine the issues

in permitting banks to have multiple tie-ups.


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PRODUCT ANALYSIS

Two products from Canara HSBC Life have been analysed in this project. These are

among the best selling products from the bank. The corresponding products from the

competitors have been identified based on the analysis of their features. Also, online

policy comparison sites have been used to identify the relevant products for comparison.

The corresponding products identified from the competitors for analysis are:

a. Saral Beema Plus

- ICICI Pru Life Ace

- SBI Life – Unit Plus III Pension

- Birla Sunlife – Titanium Plus Plan

- Bajaj Allianz – New Unit Gain Protection plus II

- HDFC – SL Endowment Champion Suvidha

b. Stay Smart Plan

- ICICI Pru Life - Assure Wealth

- SBI Life – Unit Plus III SP (Whole Life)

- Birla Sunlife – Dream Retirement Plan

- Bajaj Allianz Life – Wealth Gain

- HDFC – Protection Plan

Endowment Based ULIP

Endowment plans provide life insurance cover for a specified period. The important

aspect is that on maturity i.e. if the insured survives the term of the insurance, he/she

receives the sum assured at the end of the term.

A variation of the Endowment plan is the Endowment plan with Profit or Unit Linked

Endowment plan with Profit.

In such plans, in the event of death of the insured during the term of the policy, the

nominee receives the sum assured plus the bonus/participating profit/guaranteed

additions, if any. The bonus or profit is paid for the number of years that the insured

survives in the policy term. In case of unit-linked plans, the nominee receives the value of

the investments or the sum assured, whichever is higher.

If the insured survives the term of the policy, she/he receives the sum assured plus

bonus/participating profit/guaranteed additions, if any, for the entire term of the policy or

the value of the investments.

http://www.apnainsurance.com/life-insurance-india/index.html

http://www.apnainsurance.com/primers/life-insurance-india/ULIP.html


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Product Features

Canara HSbC - Saral Beema Plus

ICICI Pru Life – ACE

SBI Life – Unit Plus III Pension

Birla Sunlife – Titanium Plus Plan

Bajaj Allianz Life – New Unit Gain Protection Plus II

HDFC - SL Endowment Champion Suvidha

Premium Terms

Min: Rs6000 annually

Max: Rs100000 Annually

Min: Rs18000 per annum

Min: Rs24000 p.a. (regular); Rs60000 p.a. (single)

Max: no limit

Min: Rs25000 p.a. if annually OR Rs30000 p.a. otherwise

Min: 15 years policy- Rs15000 annual, Rs7500 half-yearly, Rs4000 quarterly, Rs1500 monthly

20,25 years policy-Rs12500 annual, Rs6500 half-yearly, Rs 3500 Quarterly, Rs 1200 monthly

Max: no Limit

Min: Rs15000 annual, Rs8000 Half-yearly

Max: Rs2,00,000

Premium paying term

7 years 10 years

Policy Term 15 years 10 to 30 years

Min: 8years (regular), 5years (single) Max: 50years

10 years 15 years, 20 years and 25 years

Min: 10 years

Max: 20 years

10 years, 15-20 years

Modes of premium payment

Annual, Semi-annual, Quarterly, Monthly

Yearly, half-yearly, monthly

Annual, Semi-annual, Quarterly, Monthly, Single



Annual, Half-yearly

Minimum/ Maximum sum assured

Fixed: 5 times of annual premium

5*annual Premium with a minimum Premium of Rs100K

Min: RS25,000 Max: Rs20,00,000

5*annual policy Premium

5*annual policy Premium

5*annual policy Premium OR Rs10,00,000

Min/Max entry age

18-45 years 0/65 years

Min:18 years

Max: 67(regular Premium); 70(single Premium)

8 to 70 years 0-60 years; 18-50 years in case of Additional Rider Benefits

18 to 50 years

Min/Max maturity age

Max: 60 years

18/75 years

40/75 Years 18/75 years 65 in case of Additional Rider Benefits

Max: 65


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Whole Life ULIP

Product Features

Canara HSbC - Stay Smart Plan

ICICI Pru Life – Assure Wealth

SBI Life – Unit Plus III SP (whole life)

Birla Sunlife – Dream Retirement Plan

Bajaj Allianz Life – Wealth Gain

HDFC - Protection Plan

Premium Terms

Rs25000 p.a. onwards

Rs12000 p.a. Regular: Rs24000p.a. Single: Rs60000p.a.

Min: Rs5,000 0-60 years: Rs25000; 61-65years: Rs50,000

Depends on life cover and optional benefits

Premium paying term

10 years to 99-age at entry

Single pay, short pay-5,10,15,20 years, guaranteed savings date

Regular: 10-30 yrs Single: 5-15 yrs

Policy Term Till 99 years of age

Whole life Min: single premium >= 5 years limited terms – (term varies) Max: limited term – 30 years whole life – (90-entry age)

Whole life Whole life 10-30 years; 5-30years (Additional Benefit Options)

Modes of premium payment


Annual, Semi-annual, Monthly

Annual, Semi-annual, Quarterly, Monthly, single




Minimum/ Maximum sum assured

Min: 5*annual policy Premium Max: based on underwriting limits

Min: 5*annual policy Premium; to a min. of Rs1,00,000 Max: as per Maximum Sum Assured Multiples

Min: RP – 5*AP SP – 1.25*SP Max: SP – 1.25*AP RP - Age <=45 20*AP; Age 46-65 5*AP

Min: Rs2,00,000 for a premium of 8,000

Min: 1.1*Single Premium Max: 5*single Premium

Depends on the policy document

Min/Max entry age

31days to 65 years

0 to 55 years 0 to 65 years 18 to 60 years

0-65years (18-50 in case of Additional Rider Benefits)

18-55 years

Min/Max maturity age

Max: 99 years

- Limited term: 70 yrs whole life: 90 yrs

- Whole life, life cover ceases at 75 years

65 years


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Policy term of SBI Unit Plus III

Premium size (in Rs) Policy term (in years)

24,000 – 99,900 10/15/20/25/30

100,000 – 499,900 >=7

500,000 and above >=5

Observations:

Saral Beema

- Premium paying term is competitive in case of Saral Beema plus. Hence, a large

customer base can be tapped on this basis.

- Policy term is fixed and not variable compared to competitors.

- Maximum maturity age may be increased to 65 years

- Maximum sum assured is low compared to competitors.

Stay Smart Plan

- The policy document is found to be competitive to the compared documents.

- If needed, the minimum premium options may be reduced.


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PRICE ANALYSIS

Insurance being a financial product as such has its value in the returns it provides to the

customer. As such, it is an agreement between an individual and the insurance company

whereby the individual agrees to pay a specific premium for some negotiated return.

Hence, in case of insurance packing is what the insurance product is. Packing in case of

insurance then becomes a part of its Price and other Product features covered in the

mentioned two categories.

In the price component of insurance, the selected policies will be evaluated on the basis

of the investment made after the deduction of charges by the insurance companies. Also

the various charges by the companies will be mentioned for a policy of 1 lakh.

The tables below have listed various charges in the policy as mentioned in the policy

brochures. These tables help in comparison of policy charges.

Expenses Charged in a ULIP

Premium Allocation Charge - A percentage of the premium is appropriated towards

charges initial and renewal expenses apart from commission expenses before allocating

the units under the policy.

Mortality Charges - These are charges for the cost of insurance coverage and depend on

number of factors such as age, amount of coverage, state of health etc.

Fund Management Fees - Fees levied for management of the fund and is deducted

before arriving at the NAV.

Administration Charges - This is the charge for administration of the plan and is levied

by cancellation of units.

Surrender Charges - Deducted for premature partial or full encashment of units.

Fund Switching Charge - Usually a limited number of fund switches are allowed each

year without charge, with subsequent switches, subject to a charge.

Service Tax Deductions - Service tax is deducted from the risk portion of the premium.


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Product

Price

Canara HSbC - Saral Beema Plus

ICICI Pru Life – ACE

SBI Life – Unit Plus III Pension

Birla Sunlife – Titanium Plus Plan

Bajaj Allianz Life – New Unit Gain Protection Plus II

HDFC - SL Endowment Champion Suvidha

Premium

allocation

charges

35%-1st yr,

1%- 2nd

to

5th

year and

nil after that

Will be

deducted

upfront on

premium.

Regular:

no

premium

allocation

charge

Top up

premium

charge of

1%

Regular: 10%

- 1st yr, 5% -

2nd

to 5th

year

and nil after

that

Single

premium –

2.25% of

premium

amount

Top-up

premium –

2% of top-up

amount

10% 1st yr,

5%

thereafter,

2% top up

premium

Mentioned

below

10%-1st

year,

1% - 2nd

year

onwards

Top up:

2.5% 1&2

years,

2% - 3 year

Policy

administrat

ion charges

Rs18/month

for 2009-10,

will

increase by

5%p.a.

Rs

60/month

Regular:

Rs60/month

Single:

Rs50/month

deducted

from units.

0.24%p.m.

on first

Rs25,000 of

annual

policy

premium in

all policy

years +

0.4%p.m. of

annual

policy

premium in

first 3

policy years

1-5 years:

8%p.a. of

annualized

premium;

6 and

above

4.6%p.a.

inflation at

the rate of

5%p.a.

0.95 % of

original

annualized

premium/

month in

the first 5

years

Fund

Manageme

nt Charges

Mentioned

below

Mentioned

below

Mentioned

below

Mentioned

below

1.25% p.a.

charged

daily

Surrender

Charges

Mentioned

below

Mentioned

below

Mentioned

Below

Partial

withdrawal

charges

Rs 250 from

the fifth and

subsequent

withdrawal

amounts in

the same

policy year.

Rs 250 for

the 7th

and

subsequent

requests in

the same

year


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Switching

Charges

Rs100 per

switch

after 4 free

Rs100 per

switch after 2

switches

Nil Rs 100 after

24 free

switches

Redirection

Charge

Rs 250 per

alteration

Rs100 per

switch after 2

switches

12 free,

subsequent

charged at

Rs 250 per

request

Medical

Expenses on

Revival of

Rider

Total cost of

medical

expenses

incurred, if

any, will be

borne by the

Life Assured

subject to

maximum of

Rs3000/-.

Miscellaneo

us Charges Revival

Charge: Rs

250 for the

revival of

policy

subject to

fulfilment

of all other

requirement

s

Rs100 per

statement for

additional

/duplicate

copy of fund

statement

Rs 100 per

policy

revival

Rs 100 per

reinstatem

ent,

increase or

decrease

in regular

premium,

alteration

of

premium

mode or

issuance

of copy of

policy

document

Revival

Charge: Rs

250may be

charged for

revival.

Premium

for Rider

Benefits

Over and

above

premium for

base plan

Mortality

Charges Mentioned

Below

Mentioned

below

Mentioned

below

Depends on

age

Others Service tax

and

applicable

cess

Service tax, Surcharge and

Educational

Cess are

payable on all

the above

charges at the

applicable

rates

Rs 250 on

any

outstanding

cheque

deposit


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Canara HSBC Life

a. Saral Beema Plus

1. Surrender Charges – no surrender charges for a surrender request received by the

company post completion of at least 5 policy years.

Surrender value is paid after third policy year, even if the policy request is made

before third policy anniversary.

Premiums Paid Surrender Charge as % of fund value

<1 full PY 80%

1-2 full PY 50%

2-3 full PY 30%

Any premium in the 4th

PY has been paid Nil

PY: Policy Year

2. Mortality charges – deduction on 1st business day of ach policy month by way of

cancellation of units.

Annual mortality charge is expressed in Rs per 1000 sum at risk

Age 30 40 50 60

Male 2.05 3.76 9.68 24.03

Female 2.03 2.90 7.05 18.65

Female rates are 3 years lower as compared to male life rates.

ICICI Prudential Life

a. Ace:

1. Fund Management charge - 0.75% Money market fund, 1.25% Return guaranteed

fund, 1.35%p.a. Others.

Mortality Charge – deducted on monthly basis on life cover

Age 10 20 30 40 50 60

Male (Rs) 0.77 1.33 1.46 2.48 5.91 14.21

Female (Rs) 0.72 1.26 1.46 2.12 4.85 11.83


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SBI Life

a. Unit Plus III Pension

1. Fund Management Charges – charged on daily basis before calculating NAV. The

charges for different funds are different.

Fund Name Fund Management Charges

Money Market Pension Fund 0.25% p.a.

Equity Pension Fund 1.35% p.a.

Bond Pension Fund 1.00% p.a.

Growth Pension Fund 1.35% p.a.

Balanced Pension Fund 1.25% p.a.

Index Pension Fund 1.25% p.a.

Top 300 Pension Fund 1.35% p.a.

Equity Optimiser Pension Fund 1.35% p.a.

These charges may be increased within the maximum limit allowed with prior

notice to policy holder after IRDA approval.

2. Surrender Charges – Will be recovered from the fund value as percentage of fund

value.

Policy Year For Regular Premium

Percentage of Fund Value

For Single Premium

Percentage of Fund Value

1 15.0% 5.0%

2 10.0% 5.0%

3 7.5% 5.0%

4-5 5.0% 2.0%

6 onwards Nil Nil

b. Unit Plus III

1. Premium Allocation Charges – For regular premium, this charge is deducted from

the premium at the time of recipient of such premium.

Year/ Annualised

Premium

Rs24,000-Rs99,900 Rs100,000 -

Rs499,900

Rs 500,000 and

above

1st Year 20% 15% 10%

2nd

to 5th

Year 5% 5% 3%

6th

to 10th

Year 2% 2% 2%

11th

year onwards Nil Nil Nil


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2. Surrender charges – no surrender value for regular premium rider benefits. For

single premium riders, the surrender value is given as below:

Single Premium (exclusive of Service Tax) x 75% x Outstanding term to Maturity/

Total Term

In case of decrease in Rider Sum Assured due to change in SAMF a part of Single Premium

is returned as per the following formula:

{(Original Sum Assured – New Sum Assured)/Original Sum Assured}× Single Premium

(exclusive of Service Tax) × 75% × Outstanding term to Maturity / Total Term

Citibank (Birla Sun Life)

a. Titanium Plus Plan

1. Fund Management Charge -


Income Advantage, Assure, Protector

and builder

1.00% p.a.

Enhancer and creator 1.25% p.a.

Magnifier, Maximiser, Multiplier

and Super 20

1.35% p.a.

Titanium Fund 1.50% p.a.

2. Mortality charges –

Age 25 35 45 55 65

Male (Rs) 1.284 1.387 2.287 5.340 13.197

Female (Rs) 1.328 1.535 2.882 7.105 17.459

3. Surrender charges -

Policy Year Percentage of policy premium

< 3 years 40.0%

< 4 years 20.0%

< 5 years 10%


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Standard Charted (Bajaj Allianz Life)

a. Unit gain Protection Plus

1. Premium Allocation Charges –

Year/ Annualised

Premium

Rs12,500-Rs99,999 Rs100,000 –

Rs249,999

Rs 250,000 and

above

1st Year 21% 18% 15%

2nd

to 5th

Year 2% 2% 2%

6 and above -2% -2% -2%

2. Fund Management charges –


Equity Growth Fund II 1.35% p.a.

Accelerator Mid Cap fund II 1.35% p.a.

Pure Stock Fund 1.35% p.a.

Asset Allocation Fund 1.25% p.a.

Equity Index Fund II 1.25% p.a.

Liquid Fund 0.95% p.a.

Bond Fund 0.95% p.a.

3. Mortality Charges –

Age 20 30 40 50

Rs 1.57 1.74 2.82 6.53

Observations:

- Mortality charges are higher than the competitors.

- Policy administration charges are almost 1/5th

of the competitors.

- Premium allocation charges are higher than competitors for 1st Year.

- Surrender charges are very high for less than 1 year and zero after 4th

year. Competitors

have reasonably low surrender charges initially, but the reduction in charges is also less

compared to Canara HSBC Oriental Bank of Commerce Life Insurance Company.


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PROMOTION

The analysis of promotional activities done by the companies has been divided into three

segments;

Advertisements – This section discusses the television advertisements of the companies

under study. The advertisements have been analysed for all companies in one section and

suggestions are mentioned.

Website – This section consists of the analysis of the company’s website and its

components relative to the competitors. The website designs have not been explained.

Only necessary changes have been mentioned in the target website. Also, online

promotions by the competitors has been analysed in this section.

Branch Marketing – This section consists of marketing done at the branches being

analysed. This also covers the Place and People aspect of the 7Ps of marketing. Most of

the major bank branches are located close to each other with the city head office of some

banks being in walking distance of each other. Apart from these, another very important

aspect of promotion is the Relationship Managers or any other employees in direct

contact to the customers. The impression formed by these employees is a major

component of the impression formed of the company to the customers. As a limitation of

this report, the influence of RMs of various companies on the customers could not be

analysed. The branch marketing of the various banks have been treated bank wise and

suggestions for Canara HSBC Oriental Bank of Commerce Life Insurance Company have

been mentioned thereafter.


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ADVERTISEMENTS

Quotes

- Canara HSBC Oriental Bank of Commerce Life Insurance Company:

Insuring Your Emotions

- ICICI Prudential Life Insurance Company:

Suraksha Jindagi Ke Har Kadam Pe

Jeetey Raho

- SBI Life:

Jindagi Hai Jeeney Ke Liye

Taaki Rishton Ke Beech Kabhi Dooriyan Na Aaye

Taaki Pyaar Ke Beech Paison Ki Kami Na Aaye

- Birla Sun Life:

Aapke Sapney, Hamari Vachan-Badhta

- Bajaj Allianz:

Jiyo Befikar

The Power on your Side

- HDFC Standard Life

Sar Utha Ke Jiyo

Advertisements by Canara HSBC Oriental Bank of Commerce Life Insurance Company,

primarily consists of showing actions which include financial services and linking it to a

feeling using a single word like joy, belief etc. These advertisements also, link the

partner banks to the life insurance company. There is however no catchy phrase or

slogan which may have a retention. Also, the background music is some kind of soothing

orchestra.

In case of competitors, ICICI bank and HDFC Standard Life have been able to have

retention in the masses with their catchy slogans/motto like Sar utha ke Jiyo and Jeetey

Raho.

Similarly, Bajaj Allianz and SBI have attempted at catchy slogans like Jiyo Befikar and

Jindagi Hai Jeeney Ke Liye. What is common among these slogans is that they try to

project the states which are held high by masses like self respect, health, carefree/

freedom etc. and they communicate these feelings in the language of the masses.

Also, most of the popular advertisements have a situation being shown where people

converse and a logic explaining the importance of insurance is being presented. Canara

HSBC Oriental Bank of Commerce Life Insurance Company’s advertisements are

different from other popular advertisements in this sense. These advertisements don’t

have much of a dialogue. Nor do they have a catchy comment in Hindi or other regional

languages. They do try to project valued states/feelings, but are not focussed on just one.

An advertisement may have more than one state being projected and that takes the focus

away from them. However, the process of linking a bank with an insurance company

with a quote - is a proud partner of Canara HSBC Oriental Bank of Commerce Life

Insurance Company is a good practice.


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WEBSITE

Suggestions

These suggestions are formed by observing the websites of various competitors. These

changes are not necessary but they nevertheless add value to the website if there. The

changes and additions are:

- Learning Centre: most of the competitor websites have a section where basic

knowledge of insurance and how it works is being suggested. It includes basic

information of risks and returns, how to analyse investment options, financial need

analysis, risk profiles, portfolio diversification, how to plan your finances, how to choose

your investment etc. a small quiz may be included as well.

- Languages: option to display the webpage in various regional languages may be

included.

- Customer Accounts: among the online services option, the bank provides facilities to

pay premium online. The various suggestions regarding online services are:

a. Fund details: through this link, the total fund of the user, where they are invested, what

are their values etc. can be seen.

b. Customer Information: this link may provide for option to change or update the

customer information like address, telephone no., e-mail id etc. This may help customer

avoid the visit to bank for such purposes and confirmation of change may be done

through telephone.

c. Alternate services: this portal will be used to promote various options available to the

customer and also various services identified for the customer. Also, any schemes

targeted for the customers may be directly advertised to them through this portal.

d. Fund switching option: through this portal, a request for fund switching among the

various options provided by banks may made. The request may be then taken up for

consideration.

- Buy Online: HDFC bank provides an option to buy insurance online. This they have

provided with a discount of 40%. Similar options may be provided to existing customers

for buying insurance for their family members.

- Short term information: news related to insurance (like news of plane crash) etc. and related

facilities may be communicated here. This takes place in ICICI banks website where condolence

is provided to the families of plane crash victims and a simplified claims process link is provided

to the people. This serves two purposes, one it makes an emotional connect to the customers.

Secondly, it also helps to direct the claims traffic in a specific direction.

- Tools and Calculations: this section will provide for various services like calculating the

premium for a given condition, or other financial tools related to insurance, used to evaluate the

polices.

- NRI Services: insurance companies such as SBI and ICICI Prudential life provide for NRI

services as a separate section on their webpage.


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BRANCH MARKETING

Visits were made to the bank branches to observe the layout, methods of marketing of

products at branches, people and any other observations which may enable in improving

the marketing at Canara HSBC Oriental Bank of Commerce Life Insurance Company.

The observations have been listed company wise for reference.


Place

The theme at the branch office is that of red and white. There are red chairs and grey

tables with grey or white walls. Sofas are also in the theme of red apart from the marble

flooring, there is a red carpet in the help desk area and rooms like meeting room etc. This

carpet looks good but is faded at places. Inside the building, on the ground floor, there are

three helpdesk for any account related issues. There are four tellers with a supervisor.

Also there is separate room for the service manager or line manager. Also there is a

receptionist, conference room and a financial planner. At, the entry of the building, there

is an ATM room, which is bigger and more comfortable than other banks. Survey

cameras are present at the tellers and one is present at the left hand side of the entrance

where the sofas are kept. There is a strange jazz music which plays in the background.

Also, a children’s playhouse between tellers and reception desk 4 is being maintained.

At the third helpdesk, there is a stand with four pockets for brochure etc. Also, a

magazine stand is kept next to the sofas. Two televisions are kept, one at the tellers and

another one next to the machine showing the coupon numbers for visitors. Stock news

and other related news is being shown in them. In the basement, there are brochures on

schemes valid from 1st Aug to 31

st Dec 2009. Also, the visitors lounge has books on

Mumbai.

People

People at the branch are hospitable and very participative. They approach you for

assisting, in case you need help. As you enter, there is a receptionist to greet you. There is

mouth freshener being provided to the visitors. The dress code is closed neck formals for

men and salwar kameez for women.


Place

Branch marketing by ICICI comprised of making an optimum use of space. From people

to layout, things were in a harmony and spoke of a cultural integrity. The theme of the

office was orange and white. The head office of Jaipur is a building dedicated solely to

ICICI bank. The basement section of the bank is for cash deposits and withdrawal with

the tellers and related staff. On the ground floor, there are 27 counters. The first five are

for the privilege banking. After the first entrance in the building, ATM machines are

placed. After the second entrance, there are 3*5 rows


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on either side for the customers. Privilege banking section is towards the left. Next to it is

the Branch Manager for services. In the front are counters from 6 to 11. Counters 12 to 27

are on the right. These are for the other purposes like visits by foreign clients or financial

planning of customers etc. The theme of the office is that of white and orange. There are

two pillars at the entrance of the office with posters of loans, NRI services etc. next to the

token no. display is an LCD television which always displays advertisements of ICICI

bank in some services or another.

People

Like the office, the dress code of ICICI employees had a theme to it. The men were in

closed neck formals, with dark blue pants, white shirts with thin black stripes and dark

saffron tie. All women were in dark blue kurtis with saffron cuffs and saffron chunnies.

Any ICICI employee could be easily spotted because of the dress code.

SBI Life

Place

Compared to other branch offices, there were no ATM machines at SBI branch office. It

is located at a deserted house. At the entrance, of the office, there is an old chart/poster of

house loan, with an offer scheme which ends on 30th

Sep 2009. Just after entrance, there

is a room with three sofas on the sides and a table to match. This room is filled with

various advertisements of services by SBI. Also there are poster stands with

advertisements present in the room. Though it does not seem deliberate, but the

advertisements in this room grab attention as you move on to the main branch. There are

advertisements of insurance, NRI services and other services too. Inside the main office,

only functions of tellers and clerks is being done. To the left is the tellers section with

provisions for home loans and cards. Right in front is the BM’s office. Next to BM’s

office is the counter for award staff.

Overall, though unintended, the products are effectively marketed in the room where

there is only a place for resting/relaxing.

People

Employees at the branch seemed to be participating in branch activities with enthusiasm.

Their attitude however seemed to be casual and friendly. They did not behave

professionally. The men were dressed in open neck formals with no colour code. They

took the liberty of wearing slippers for shoes. The women did not seem to follow any

dress code. They wore anything from kurta pyjama to jeans and tee-shirt. The power

distance in the office did not seem much important either. Award staff would directly go

to the Branch Managers office for an informal chat. Overall, the atmosphere seemed be to

organic and informal.


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Citibank

Place

From the visit to the branch office, no specific observations of marketing of insurance

products could be made. The branch office is located at a major crossing. An ATM is

located outside the branch. At entrance, there were two guards for checking. To the right

are help desk counters for the personal relationship managers. Directly to the front, after

you enter the branch is the tellers section with two tellers and a supervisor. There is

seating arrangement to the left of the entrance. The branch office has indoor plants and

there is a stand for pamphlets and magazines. The office has been in place for the past ten

years. Next to the four help desk counters is a meeting room which is well furnished.

Besides this, there is a room for BM and in between the tellers and BM office there is a

passage for the offices of RM’s. The overall impression of the branch did not suggest a

well managed office. The branch seemed short of space and cramped. There did not seem

to be much effective marketing of Citibank and related products.

People

Employees were well dressed and well behaved. They were not very elegant in their way

of talking but were nevertheless friendly and helpful. Men were dressed in closed neck

formals and women in salwar kameez. Employees were participative in their work.

Standard Charted

Place

Standard Charted has only one branch office in Jaipur, at MI road. The office is located

near a market place. There are two similar offices located adjacent to each other. They

work as one, have the same layout, only the offices are separated by a stairway to the

upper floor. Standard Charted is in a referral tie-up with Bajaj Allianz. The office is

comfortably big and has a lot of free space. To the extreme left of the branch at the

entrance is the tellers section with four tellers and a supervisor. Next to it is a television

showing news update. There is a stairway leading to first floor where most of the RM’s

with the BM work. Right in the front of the office are two counters for the RM. These are

more furnished and well designed as compared to other branches. Behind these counters

are the offices for four Excel RM. The entrance is at the corner and there is seating

arrangement at the front and to the left of the entrance. The advertisements are put on the

walls in form of boards.

People

Like Citibank, people were well behaved and helpful. They had sufficient information

even about the products they were not involved in. The dress code was closed neck

formals for men and salwar kameez for women. However, casuals were allowed on

Fridays with men wearing jeans and tee-shirts with collars and similar for women. People

at Standard Charted are in the habit of asking visitors for water or tea.


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HDFC Standard Life

Place

Like ICICI bank, HDFC has 27 counters for various activities. However, though well

managed, there is lack of space in the office and seems a bit cluttered. The office seems to

be made in a traditional hotel with folk designs on the wall. There are several counters in

a separate room for services like loans, insurance etc. privilege customers have a separate

section which is separated from general customers. The advertisements were done

through brochure stand at the entrance, near the privilege section and at the waiting

benches. Also, there were service advertisement posters on the wall too.

People

Employees in HDFC would approach the waiting customers and offer to help even

outside the general token system. This was because their roles were diluted to some

extent and employees were multitasking. They were polite and courteous. The dress code

was closed neck formals for men and salwar kameez for women.

Suggestions

The following suggestions are being made after observing the ongoing marketing

practices in the competitive banks:

• Televisions, instead of showing stock news may be used to market financial services

by the bank. This concept is prevalent in ICICI Bank branches.

• Pillars inside the branch office may be endowed with posters of services and schemes

currently being offered by banks.

• Visitors may be offered water, tea or cola. Though it is not expected, but certain

visitors, who come for discussing their financials or for buying insurance policies,

where they are expected to stay for some time with the bank representatives, may be

offered such refreshment. If not a sale, they may lead to referrals.

• Along with mouth freshener, éclairs or some other sweets may be offered. This gives

an impression of variety in the bank to the customer.

• Books on Jaipur instead of Mumbai may be kept in basement lounge.

• Outdated pamphlets should not be kept for long.


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HIERARCHY


The hierarchy is divided into two segments: Grade Hierarchy and Designation

Hierarchy. The Grade Hierarchy Varies from Junior to CEO and the Designation

Hierarchy is related to the fields like sales, operations, services etc.

ICICI bank has large no. of employees and hence the degree of formalization is high.

This means that the environment in the bank is very formal and also that the roles are well

defined. Such structures are present in organizations where the processes are well

defined. Hence, roles can be divided to a large extent. It is generally in well established,

large organizations.

Branch Head

Branch Operation Manager

Operations Team-Cash Counter

-Tellers-Background Operations

Services-Service counters-Telecalling Team

Branch Sales Manager

Sales Team-Junior Officers-Sale Executive-Senior Sales

Executive


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SBI Life

SBI life has different types of hierarchies based on the branch size. For small branches

hierarchy is divided based on functional areas like marketing, operations. For large

branches, the segmentation is first on the basis of customer segments and then on the

basis of functional areas.

Hierarchy in small branches

Hierarchy of Large Branches

Branch Manager

Operations Manager

Award staff Award staffs

CRO (customer relationship

officer)

new accounts and marketing

team

AGM

MOD (agri)

Operations

CRO

MOD (HNI)

Operations

CRO


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Citibank

The hierarchy in Citibank branches is a flat one. Every branch has a branch manager and

every other employee reports directly to him. This is an organic structure where the

degree of formalization is low. This means that the various departments interact with each

other to a greater extent on an informal basis. This also enables better sharing of ideas

and uncommon situations can be better solved.

Since the reporting structure is relatively flat, there is less distortion in information flow

for an employee reports directly to the branch manager.

Branch Manager

Acquisitions Team (ASM)

RM's

Investment Councellor

City Business Councellors

Service Team (Service Head;

Service RM)


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Standard Charted

From the branch level, the Branch Manager reports to the Area Director/RSM (Regional

sales Manager). The RSM has to reports to NSM (National Sales Manager) or Director.

NSM in turn is required to report to Head/GM Sales. GM Sales may be based out of

India. CEO is the highest in the hierarchy and above GM Sales.

TSM: Tele Service Manager

CSE: Customer Service Executive

PRM: Priority Relationship Manager

ERM: Excel Relationship Manager

PFM: Personal Financial Manager

SME: Small and Medium Enterprise

BCOT Model: apart from this hierarchy, there is a BCOT Model abbreviated for,

Branch Catchment Optimising Team. This team has a City Head who reports to the

BM. There are various Tele-calling ARMs (Assistance Regional Managers) under the

City Head. The main objective of this team is to identify whether a client identified by the

finance team as a probable insurance buyer is willing to buy the insurance services. This

apart, this team also pitches in for the probable customers in the HNI segment.

BM RSM NSMGM

SalesCEO

BM

TSM

CSE CSE

PRM ERM PFM SME


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HDFC Standard Life

Branch Manager supervises over Branch Operations Manager, Backup Branch Manager

and Relationship Banking Head. A Backup Branch Manager is equivalent of a services

manager in her role as a Personal Banker Authoriser. Relationship Banking Head

similarly is the equivalent of Sales Manager.

BM: Branch Manager

BOM: Branch Operations Manager

RM: Relationship Manager

BBM: Backup Branch Manager

Like ICICI bank, HDFC bank has high degree of formalization. The employee strength

is large. HDFC bank has 27 counters like ICICI bank in its branch office. It is a

workplace with well defined roles.

BM

Relationship Banking Head

RM RM

BOM

operations team

BBM

Personal Banker

Authoriser

Personal Bankers

TellersCurrent Account

Managers


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CUSTOMER SEGMENTATION

Customer segmentation of various banks has been compiled after unstructured interviews

with the bank employees. These interviews were conducted during the field trip to these

branches. Customer segmentation is useful in identifying the target market of the banks.

This is so because if a bank has large no of customer segments in the higher income

group, it is trying to differentiate its customers in that segment. Similarly, a bank with

large segments in lower income group is trying to differentiate in mass markets. The

market in which a bank is trying is differentiate is the target market of that bank.


Customers are segmented on the basis of the relationships they generate. These are

determined by the net worth of their accounts.

Canara HSBC Oriental Bank of Commerce Life Insurance Company has only three

segments in its customer segmentation. It is not differentiation in either less than 1Lakh

segment or more than 5Lakh. However, it treats its customer from 5-25Lakhs similar to

its customers from 1-5Lakhs. Hence it is differentiating on the upper segment to some

extent.

customers

Mass 25KAdvanced

>1Lakh

Premium Proposition >25Lakhs

segment based on account value checked

quarterly


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These customers are given privileges based on the value of the account they hold.

Platinum and HNI accounts come under privilege accounts. These customers have

separate counters and hence don’t have to wait for the tokens etc. Also, the duration of

account, no. of transactions and participation and interest shown by the customers in the

bank activities also determine the customers’ worth. Hence a Platinum customer may be

provided services like an HNI customer if felt necessary.

Among the privilege customers, a Platinum customer is provided with a Wealth

Manager and an HNI customer has a Relationship Manager assigned to him. These are

the direct contact of a customer with the bank.

This segmentation is passed onto the insurance selling team and most of the insurance

sales (almost 99%) are done through relations only with a present client. Other ways of

selling are through references and branch walk-ins.

ICICI bank is primarily focussed on the segment below 5Lakh. This means that its

primary focus is the mass market.

SBI Life

SBI Bank has classified customers into two categories, general or mass market and HNI

clients. The tab for HNI clients has been kept at INR 5 Lakhs. This indicates that SBI has

no specific focus of a particular set of customers in either the HNI segment or the mass

market.

customers

Regular 10K

Silver 25K Gold 50KPlatinum

>100KHNI

>5Lakhs

segment based on account value checked quarterly


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Citibank

Citibank primarily caters to HNI Clients. They have segmented the customers into 3

groups based on the bank balances averaged on a quarterly basis.

A G3 select RM caters from 10 to 15 clients. Similarly, the number of clients increases to

anywhere from 40-50 for a City Gold RM. A Personal Banker caters around 100 clients

on an average.

Citibank is more focussed on the HNI customers for its business. Hence, even when it

sells less policies, it still sells them at a large premium.

• account value of 2.5 Crores or more

• G3 select RM is alloted

G3 Relationships

• account values of 30Lakhs to 2.5 Crores

• alloted a City Gold RM

Gold relationships

• accounts with a net worth of <30Lakhs

• Personal bankers are alloted for such relationships

Blue Relationships


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Standard Charted

Standard charted has its focus primarily on priority customers as it garners most of its

business from them.

A personal financial manager is allotted for the GMM (general mass market) segment.

For the Excel segment, an Excel Relationship Manager is allotted and similarly, the

Priority segment has Priority Relationship Managers. Each priority client has a Priority

RM allotted to him.

Like Citibank, Standard Charted is primarily focussed on HNI customers for its

business.

customers

Priority >20Lakhs

Excel >5Lakhs GMM <5Lakhs



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HDFC Standard Life

Of these four segments, mass/general segment which holds an account of less than 1

Lakhs is only eligible for general services. Imperia customers are the HNI accounts and

hence get the maximum attention.

Personal Bankers are allotted to the Classic customers. This classification is however

not sacrosanct. A Classic customer may be treated as a Preferred customer and a

preferred as an Imperia Customer based on the banking habits of the client, future

expectations etc. A Relationship Manager is allotted to Every Preferred customer.

HDFC bank seems inclined on both mass and HNI customers. It however has defined

mass market as below 1Lakh account value. Hence, it is more focussed on HNI

customers.

Customers

Mass/General <1Lakh

Classic

1-5Lakhs

Preferred >10 Lakhs

Imperia >30Lakhs



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SWOT

SWOT analysis lists the various strengths and weaknesses for a company. It also, lists

down the opportunities and threats for the company under study. This helps analyse the

competitiveness of the company. The market standing of a company hence identified

enables us to plan future strategies for it.


Strengths Weakness

- Management adapted from HSBC(World's

largest (based on a composite score, Forbes)

and most profitable banking corporation)

- Security: with two of India’s largest

nationalised banks and HSBC as the partners.

- Customers: Diversified approach in terms of

customer base, with 48 million customers.

- Network: Branch network with 4400 across

India.

- Operations: immediate death claims.

Insurance solutions to rural, 4.6 million

customers.

- Finance: fastest Indian Life Insurance

Company to cross 500Crore and 1000Crore in

weighted premium income till date. It also

has the highest average premium in the

industry for individual business since launch.

- Insufficient marketing: on online

insurance comparison sites, in the

branches.

- Brand Recall: No popular quote

or comment as a brand recall.

- Products: products portfolio is not

very diversified with fewer

products on offer compared to

competitors.

- Accessibility: only one hub in

entire Rajasthan.

- Selling Channel: only sells

products through banc assurance

channel.

- Online brochure: online

brochures are difficult to analyze

and as such inconvenient to

read(see SBI Brochures)

Opportunities Threats

- Economy: Increase in average income of

Indian household

- Attitude: People being more willing towards

insurance

- Technology: Better IT systems to integrate

the branches

- Tie ups with companies for insuring their

employees

- Demographic: major part of Indian

population is going to be in the earning age

group, hence number of clients in future are

expected to increase.

- Market: insurance sector has liberalised

recently and as such is expected to grow.

- Rural: rural sector can provide a lot of

customers

- Alternates: Introduction of some

alternate means of security and

investment, taking away customers

- Govt.: Change in govt. policies

towards insurance

- Competitors: New product

launches by competitors

- Market: may become price

sensitive. Also, economic

slowdown may reduce business.

- Sustainability of the rural market.

- Non-Stability of the alliances.


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Strengths Weakness

- Brand: ICICI has earned a strong

brand name in banking in a very short

span of time.

- Market Share: Very wide customer

segment, leading to a lot of

customers.

- Diversified Portfolio: Large no. of

insurance products

- Salary Account: most companies

have their salary account with ICICI

bank. This helps them having a larger

client base to approach for insurance.

- Marketing: effective marketing with

high impact on customers. Their

online advertisement is very

profound.

- Online branding: ICICI has a strong

presence online through presence on

insurance related sites and sites

comparing other financial services.

- Bad sale: Customers have reported

cases of bad sale where the RMs did

not explain the risks and other factors

to them regarding the policies.

- Overexpansion of the workforce.

Sometimes, the processes get

hampered.

- Most of the policies are having high

premiums.

SBI Life

Strengths Weakness

- Image: Govt. Sector banks are being

looked up by customers in general.

These banks are not considered very

aggressive.

- Govt. Backing: govt. Sector banks

are supposed to be more risk free and

stable. Hence people tend to rely

more on them during recessions.

- Ambition: Less business being

catered by these branches( this year’s

annual target is of 50 Lakhs worth

policy for a branch in C-scheme)

- Image: Govt. Sector still is being

considered inefficient in general

- Attitude: People on branch are very

casual in their attitude


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Citibank

Strengths Weakness

- Global network: its global network

operates in around 100 countries and has

proved to be useful during slumps.

- Backing of Citigroup: Citibank can

approach ventures and business

opportunities with considerably less

trepidation than independent companies.

- Innovative product offering: Citibank

products are developed considering the

markets they are serving.

- Partnerships: the bank has continually

developed partnerships in various

countries to increase its reach to newer

customers.

- Tarnished name: its brand has

been tarnished due to

investigations into its banking

practices, particularly in its

investment banking subsidiary,

Salmon Smith Barney.

- Online operations are geared

towards US clients: Though a

global brand, it has a poor online

presence in most of the countries.

- Branding Problem: in the past

Citi f/i failed due to poor branding.

Standard Charted

Strengths Weakness

- Heritage: strong presence in India,

for more than 150 years.

- Brand: has a word wide presence. Is

a global brand.

- Tie up: Bajaj is a well known brand

name in India and Standard Charted

caters to HNI clients. Hence the

amount of business it generated for

Bajaj Allianz is significant.

- Mass: they do not cater to the mass

market.

- Advertisements: advertising is not

aggressive.

- Branches: their branch network is

poor. There are not many Standard

charted branches.

HDFC Standard Life

Strengths Weakness

- Image: domestic image of HDFC supported

by prudential’s international image is strength

to the company.

- Strong: capital reserve base, network of

intermediaries and sales persons.

- Innovation: the company has innovatively

introduced products to market at times. It also

has a large no. of products on offer.

- Human resource: HDFC claims of having a

large pool of technically skilled manpower

with in-depth knowledge of the market.

- Customer satisfaction: HDFC is known for

a high level of customer satisfaction.

- Costs: heavy management and

administrative costs.

- Low: customer confidence on

private players during

recessions.

- High degree of formalization:

HDFC has a vertical

hierarchical reporting structure

with many designations and

cadres.

- Poor retention percentage of

tied up agents.


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EXPLORATORY RESERCH

Exploratory research provides insights into and comprehension of an issue or situation. It

should draw definitive conclusions only with extreme caution. Exploratory research is a

type of research conducted because a problem has not been clearly defined. Exploratory

research helps determine the best research design, data collection method and selection of

subjects. Given its fundamental nature, exploratory research often concludes that a

perceived problem does not actually exist.

The results of exploratory research are not usually useful for decision-making by

themselves, but they can provide significant insight into a given situation. Although the

results of qualitative research can give some indication as to the "why", "how" and

"when" something occurs, it cannot tell us "how often" or "how many."

Exploratory research is not typically generalizable to the population at large.

This survey had questions on factors influencing buying behavior of consumers. These

factors were obtained from previously done research on insurance. Also, questions

relating to brand recall of the banks under study were included in the survey. A

comparison of various banks was also made by the respondents.

The sampling technique adapted was that of convenient sampling. The survey had a total

of 97 responses. Of these 80 were male, with 58 from Delhi and NCR, 10 from Rajasthan

and remaining from the rest of India. Of the total no. of respondents, only 2 were married

and with kids, 54 were students. 16 people from the survey were above the age group 25.

Hence, the respondents can be assumed to be primarily graduate and post graduate

students.

With the sample and sample size obtained, conclusions about the populations in general

cannot be made. Hence, the results cannot be used to generalize the entire population.

Results may however be used for designing further market research in the field of

insurance.

http://en.wikipedia.org/wiki/Research

http://en.wikipedia.org/wiki/Statistical_population


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Findings of the survey

The followings were the results of the survey conducted:

- Population in general perceives insurance as an important product. However, nearly

half of the sample was uninsured.

- Whole life ULIP is perceived as an important insurance policy

- People buy insurance from banks because of reliability and convenience

- Protection to the family in case of unfortunate events is the most important reason for

buying insurance

- People are not influenced by company advertisements in buying insurance, though a

good brand name and company performance is important

- Market situation is important factor while buying insurance

- No. of products by the company is not very important

- Person selling insurance is not significant in their decision to buy insurance

- People references is slightly significant in deciding the insurance policy

- Jeetey raho by ICICI and Sar utha ke Jiyo by HDFC have a recall in Customers

- Insuring your emotions had some brand recall, but the power on your side by Bajaj

Allianz was also misunderstood as that of Canara HSBC Life to the same extent

- SBI was rated the best bank among these, followed by ICICI and HDFC

- Factors such as min/max sum assured, tax benefits, policy years, expenses charged,

options in case of death are important


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CONCLUSIONS AND RECOMMENDATIONS

Conclusions

Insurance as a product once bought; continues for years. Hence a customer stays with the

company for years unless he feels cheated. A company’s strength thus lies in persistency

and keeping up with market trends. Following these two will give the company a good

advantage over competitors. This means that if the company is able to provide the

customers with a satisfactory experience, they will be able to retain them after the

insurance gets over. Also, a satisfied customer will get others to join as well through word

of mouth marketing.

Apart from this, a good marketing is needed as insurance is a product which the

customers feel necessary but also are unwilling to get involved in. Hence, a good

retention in customers mind may be the only difference in selling a policy when the

products are similar. In case of insurance, the greater the no. of customers, the lesser the

risks and more the profits.

An insurance policy has many features that customers perceive as important. Also, most

people are not clear about their requirements till they apply for insurance. Hence, selling

of insurance would primarily consist of getting the customer to approach the bank for

insurance. If the product is competitive, sale would happen in most cases.

Recommendations

Additional features may be made available on the company’s website for customer

convenience as suggested in the report.

Suggested changes may be brought in the branch office.

Suggestions for the advertisements as given in the report may be considered.

Policy term for Saral Beema Plus may be made variable.

Premium allocation charges for the first year may be reduced.


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REFERENCES

http://en.wikipedia.org/wiki/Unit_Linked_Insurance_Plan

http://www.apnainsurance.com/life-insurance-india/Endowment-insurance-plans.html

http://www.docstoc.com

http://en.wikipedia.org/wiki/Bancassurance

www.wikipedia.com , http://en.wikipedia.org/wiki/Exploratory_research

www.books.iupindia.org

www.indiabschools.com

www.rbi.org.in , www.irdaindia.org

www.ecgc.in

http://www.birlasunlife.com/

http://www.iciciprulife.com/public/About-us/About-Us.htm

http://www.sbilife.co.in/sbilife/content/home

http://www.standardchartered.co.in/personal/insurance-investments/en/insurance-

investment-landing.html

http://canarahsbclife.com/

http://www.online.citibank.co.in/products-services/insurance/life-insurance/life-

insurance-home.htm?eOfferCode=LFTNVINS

http://www.royalsundaram.in/aboutus.aspx

http://www.lifeinscouncil.org/

http://en.wikipedia.org/wiki/ICICI_Prudential

http://www.mouthshut.com/product-reviews/ICICI_Prudential_Life_Insurance-

925036146.html

http://www.iloveindia.com/finance/insurance/life-insurance/unit-linked-insurance-

plans.html

http://en.wikipedia.org/wiki/Unit_Linked_Insurance_Plan

http://www.apnainsurance.com/life-insurance-india/Endowment-insurance-plans.html

http://www.docstoc.com/

http://en.wikipedia.org/wiki/Bancassurance

http://www.wikipedia.com/

http://en.wikipedia.org/wiki/Exploratory_research

http://www.books.iupindia.org/

http://www.indiabschools.com/

http://www.rbi.org.in/

http://www.irdaindia.org/

http://www.ecgc.in/

http://www.birlasunlife.com/

http://www.iciciprulife.com/public/About-us/About-Us.htm

http://www.sbilife.co.in/sbilife/content/home

http://www.standardchartered.co.in/personal/insurance-investments/en/insurance-investment-landing.html

http://www.standardchartered.co.in/personal/insurance-investments/en/insurance-investment-landing.html

http://canarahsbclife.com/

http://www.online.citibank.co.in/products-services/insurance/life-insurance/life-insurance-home.htm?eOfferCode=LFTNVINS

http://www.online.citibank.co.in/products-services/insurance/life-insurance/life-insurance-home.htm?eOfferCode=LFTNVINS

http://www.royalsundaram.in/aboutus.aspx

http://www.lifeinscouncil.org/

http://en.wikipedia.org/wiki/ICICI_Prudential

http://www.mouthshut.com/product-reviews/ICICI_Prudential_Life_Insurance-925036146.html

http://www.mouthshut.com/product-reviews/ICICI_Prudential_Life_Insurance-925036146.html

http://www.iloveindia.com/finance/insurance/life-insurance/unit-linked-insurance-plans.html

http://www.iloveindia.com/finance/insurance/life-insurance/unit-linked-insurance-plans.html


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APPENDIX 1 – LIST OF PRODUCTS

As part of the project various life insurance policies for the competitors have to be analysed:

Canara HSBC Oriental Bank of Commerce Life Insurance Company:

1. Individual Product

a. Stay Smart Plan

b. Retire smart Plan

c. Saral Beema Plus

d. Pure Term Plan

2. Group Product

a. Group Loan Protection Plan

b. Group Term Plan

Canara HSBC

Life

Individual Products

Stay Smart Plan

Retire smart Plan

Saral Beema Plus

Pure Term Plan

Group Products

Group Loan Protection

Plan

Group Term Plan


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ICICI prudential life:

1. Life Insurance Plans

a. Education Insurance Plans

i. Smart Kid Assure(ULIP)

ii. Smart Kid Maxima(ULIP)

iii. Smart Kid Regular Premium(Traditional)

b. Wealth Creation Plan(ULIP)

i. Life Stage Plan

ii. ACE

iii. Premier Wealth

iv. Life Time Maxima

v. Pinnacle

c. Protection Plan(Traditional)

i. Pure Protect – Classic/Elite

ii. LifeGuard - Return of Premium (life cover with maturity benefit), and

LifeGuard Single Premium (premium at policy inception, cover till policy

matures)

iii. Save`n’Protect

iv. Cash Back

v. Home Assure

2. Retirement Solutions

a. Life time Pension Maxima(ULIP)

b. Life Stage Pension Advantage(ULIP)

c. Elite Pension II(ULIP)

d. Assure Pension (ULIP)

e. ForeverLife (Traditional)

f. Immediate Annuity (Traditional)

3. Health Solutions

a. Comprehensive Health Coverage

i. Health Saver

b. Hospitalization coverage

i. MediAssure

ii. Hospital Care

c. Critical Illness Coverage

i. Crisis cover – 35 critical illnesses, total and permanent disability and death

4. Group Plans

a. Group Super Annuity Plan

ICICI Bank

Life Insurance Plan

Retirement Solutions

Health Solutions

Group Plans Rural PalnsMicro

InsuranceRiders


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b. Group Gratuity Plan

c. Annuity Solutions

d. Group Term Insurance Plan

e. Group Term Insurance in Lieu of EDLI(Employee Deposit Linked Insurance

scheme)

f. Group Leave Encashment Plan

g. Credit Assure

5. Rural Plans

a. Suraksha

b. Suraksha Kavach

6. Micro Insurance

a. Sarv Jana Suraksha

7. Riders

SBI

1. Individual Products

a. Unit Linked Products

I. Unit Plus III

II. Smart ULIP (Series II)

III. MAHA ANAND II

IV. Horizon III

V. Unit Plus II Child

VI. Unit Plus Elite II

b. Pension Products

I. Unit Plus III Pension

II. Horizon III Pension

III. Immediate Annuity

IV. Life Long Pension Plus

c. Pure Protection Plus

I. Swadhan

II. Shield

d. Protection Cum Saving

I. Scholar II

II. Shubh Nivesh

e. Money Back Scheme

I. Money Back

II. Sanjeevan Supreme

2. Group Products

a. Group Employee Benefit Products

I. Retirement Solution

1. Cap Assure Gratuity

2. Cap Assure Superannuation

3. Cap Assure Leave Encashment

4. Dhanrashi

5. Swarna Jeevan

6. Swarna Ganga


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7. Kalyan ULIP

8. Cap Assure

II. Group Protection Plans

1. Sampoorn Suraksha

2. Credit Guard

3. Suraksha Plus

III. Specialized Term Insurance

1. SBI Life Shield used as keyman

b. Group Term with RPO – Swadhan(Group)

c. Group Loan Protection Products

I. Dhanraksha Plus SP

II. Dhanraksha Plus LPPT

d. Group Savings Protection Products – Nidhi Raksha RP

e. Group Micro Insurance

I. Grameen shakti

II. Grameen Super Suraksha

3. Health Products – Group Criti 9

Citibank:

Birla Sun Life

Individual

Wealth with Protection

Protection Solution

Health and Wellness

Retirement Solution

Children's Future

Riders

Group

Protection solutions

Retirement solutions

Rural

NRI


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Birla Sun Life for Life insurance:

1. Individual Solutions:

a. Wealth with protection

1. Platinum Premier Plan

2. Dream Endowment Plan

3. Titanium Plus Plan

4. Saral Wealth Plan

5. Money Back Plus plan

6. Guaranteed Bachat Plan

7. Bachat Endowment Plan

b. Protection solutions

1. Term Plan

2. Premium Back Term

3. High Net Worth Term

c. Children’s future solutions

1. Dream Child Plan

2. Saral Children’s Plan

d. Health and wellness solutions

1. Saral Health Plan

2. Health Plan

3. Universal Health Plan

e. Retirement solutions

1. Immediate Income Plan

2. Freedom 58

3. Dream Retirement Plan

4. Secure 58 Plan

f. Riders

2. Group Solutions

a. Protection solutions

b. Retirement solutions

3. Rural Insurance

a. Bima Dhan Sanchay

b. Bima Suraksha Super

c. Bima Kavach Yojana

4. NRI Solutions - these are also, individual solutions for NRI’s


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Standard Charted

Bajaj Allianz Life Insurance Company as life insurance provider:

1. Unit Linked

a. Regular premium

I. New Family Gain II

II. New Unit Gain II

III. Family Assure II

IV. Century Plus III

V. Unit Gain Protection Plus II

VI. Smart Investment Plan II

VII. Assured Gain

b. Single Premium

I. Wealth Gain

II. Shield Plus

2. Pension

a. Annuity

I. Pension Guarantee

b. Retirement

I. Future Income Generator

II. Swarna Vishranti

III. Retirement Advantage RP

IV. Retirement Advantage SP

V. Future Secure II

3. Traditional

a. Endowment

I. InvestGain

II. SaveCare Economy SP

III. Life Time Care

IV. Super Saver

V. Investment Plus

b. Money Back

I. Cash Gain

4. Term Plans

a. Protector

b. Term Care

c. New Risk Care

5. Women Insurance

a. House Wives

6. Health

a. Care first

b. Health Care

c. Family Carefirst

7. Children Plan

a. Child Gain

b. Young Care II


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8. Just Launched

a. Group Seva Plan

b. Group Secure Life

c. Invest Plus Premier

9. Group

a. Non Employer Employee

I. Credit Shield

II. Group Term Life

III. Group Suraksha

IV. Sarve Shakti Suraksha

V. Group Loan Protector

VI. Group Income Protection

VII. Group UnitGain

b. Employer Employee

I. Group Term Life

II. New Group Gratuity Care

III. New Group Superannuity Care

IV. Group save Plus

V. Group Term Life in lieu of EDLI

VI. Group Leave Encashment Scheme

VII. Group annuity

VIII. Group Superannuity Gold

IX. Group Gratuity Gold

10. Micro Insurance

a. Alp Nivesh Yojana

b. Jana Vikas Yojana

c. Saral Suraksha Yojana

11. Additional Rider Benefit

a. Unit Linked

I. Additional Rider Benefits

II. UL Waiver of Premium Benefit

III. UL Family Income Benefit

IV. Unit Linked Term Rider

b. Non Unit Linked

I. Additional Rider Benefits

II. UL Accelerated Critical Illness Rider

HDFC Bank:

1. Individual Solutions

a. Protection plans

I. Term Assure Plan

II. Loan cover Term Assure Plan

III. Home Loan Protection Plan

b. Children’s Plan

Conventional Plans Unit Linked Insurance Plans


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HDFC Children's Plan HDFC YoungStar Super

HDFC YoungStar Supreme

HDFC YoungStar Super Suvidha

HDFC YoungStar Supreme Suvidha

HDFC SL YoungStar Champion Suvidha

c. Retirement Plan

Type Conventional Plans Unit Linked Insurance Plans

Regular

Premium HDFC Personal Pension Plan

HDFC Pension Super

HDFC Pension Supreme

HDFC SL Pension Champion

Single

Premium/

Investment

HDFC SL Unit Linked Pension Maximiser

II

d. Types of Savings & Investment Plans

Our range of Savings & Investment Plans includes

Type Conventional Plans Unit Linked

Insurance Plans

Regular Premium HDFC Endowment Assurance Plan

HDFC Money Back Plan

HDFC Assurance Plan#

HDFC Savings Assurance Plan^

HDFC Endowment

Super

HDFC Endowment

Supreme

HDFC SimpliLife

HDFC Endowment

Super Suvidha

HDFC Endowment

Supreme Suvidha

HDFC SL Endowment

Champion Suvidha

Single Premium/

Investment

HDFC Single Premium Whole of

Life Insurance Plan

Limited Premium

Payment

HDFC Wealth Builder

e. Health Plans

I. Critical Care Plan

II. SurgiCare Plan

f. Rural Products

I. HDFC Gramin Bima Kalyan Yojana

http://www.hdfcinsurance.com/Products/Rural/GaraminBimaKalyan.aspx


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II. HDFC Gramin Bima Mitra Yojana

III. HDFC Bima Bachat Yojana

g. Social Products

I. HDFC Development Insurance Plan

2. Group Term Insurance Plans

a. Group Term Insurance Plan

b. Group Variable Term Insurance Plan

c. Group Gratuity Solutions

d. Group Super Annuity Solution

e. Group Leave Encashment Solution

3. Products Closed for Sale

(Serviced by Customer Service)

HDFC Unit Linked Pension

HDFC Unit Linked Pension Plus

HDFC Unit Linked Endowment

HDFC Unit Linked Endowment Plus

HDFC Unit Linked Endowment Suvidha

HDFC Unit Linked Endowment Suvidha Plus

HDFC Unit Linked Young Star Suvidha

HDFC Unit Linked Young Star Suvidha Plus

HDFC Unit Linked Young Star

HDFC Unit Linked Young Star Plus

HDFC Unit Linked Pension II

HDFC Unit Linked Wealth Maximiser Plus

HDFC Unit Linked Endowment Winner

HDFC Unit Linked Wealth Multiplier

HDFC Unit Linked Endowment II

HDFC Unit Linked Endowment Plus II

HDFC Unit Linked Enhanced Life Protection II

HDFC Unit Linked YoungStar II

HDFC Unit Linked YoungStar Plus II

HDFC Unit Linked YoungStar Champion

http://www.hdfcinsurance.com/Products/Rural/GaraminBima.aspx

http://www.hdfcinsurance.com/Products/Rural/BimaBachat.aspx

http://www.hdfcinsurance.com/Products/Social/Dev.aspx


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APPENDIX 2 – SURVEY QUESTIONNAIRE

Survey questionnaire on customer preference on insurance

*Means compulsory question

Name*:

Gender*:

Age*:

Contact No.:

State*: Occupation*(salaried, business, retired, others): Marital status*(Single, Married): If married, no of Children: Annual Income(<3Lakhs, 3-5Lakhs, 5-10Lakhs, >10 Lakhs):

Q) Do you have any insurance?(Y/N) A)

Q) Do you think insurance is important?(Y/N) A) Q) Rate the following companies on the basis of your preferences (from 1 to 6) Canara HSBC Life: ICICI Prudential Life: SBI Life: HDFC Life: Bajaj Allianz Life: Birla Sun Life: Q) Rate the following types of Insurance policies?

Whole life plan Retirement plan Health plan Children plan

Rate the following factors on a scale of 1-5 with 1-Strongly disagree, 3-Neutral, 5- Strongly Agree

Advantages for buying insurance policies through banks- Expert Advice: Convenience: Easy Access: Reliability: Better understanding of customer needs:


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Reasons for taking a life insurance policy- Post retirement income: Children’s concern: Protection to family in case of unfortunate event: Tax Benefits: Better returns in terms of investment:

Important factors which influence you while buying insurance- Company related Brand Name: Company advertisement: Company performance: Market Current Market situation: Future market Expectation: Expected interest rate: Policy Premium options: No. of Products: Policy years: Min/Max sum assured: Tax benefits: Options in case of death: Expenses charged: Investment options in policy: Others Person selling insurance: People References:

Brand Recall

Guess the whose advertisements have the following quotes (some companies have more than one quote) [Canara HSBC Life, HDFC Life, Birla sun life, Bajaj Allianz, SBI, ICICI Pru Life]

Sar utha ke jiyo Jindagi hai jeene ke liye Apke sapne hamari vachan badhta Taaki rishton ke beech kabhi dooriyan na aaye Suraksha jindagi ke har kadam pe Jiyo Befikar Jeetey raho The power on your side Insuring your emotions

http://spreadsheets.google.com/viewform?formkey=dG5RLTZYNG1XYklleW0yZXAxMDN3Q3c6MQ

http://spreadsheets.google.com/viewform?formkey=dG5RLTZYNG1XYklleW0yZXAxMDN3Q3c6MQ

Final Report - Canara HSBC Oriental Bank of Commere Life Insurance Company

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