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KOTAK MAHINDRA LIFE INSURANCE
Training and
Development Policy
in Kotak MahindraInsurance Pvt. Ltd.
For the Partial fulfillment of Requirement for the
Award of Degree of Master of Business Administration
Submitted To: Submitted By:
ASHUTOSH GUPTA NISHA
Marketing Manager Roll No. 115
MBA 3rd SEMESTER
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DECLARATION
I Nisha Rani, hereby declare that this project titled Training and
Development Policy of Kotak Mahindra Life Insurance Ltd., has been
prepared by me, under the guidance of MR.ASHUTOSH GUPTA. This is
after undergoing the training in Kotak Mahindra Life Insurance Ltd., which
is in partial fulfillment of Masters Of Business Administration.
I further declare that this project report has not been submitted earlier to any
other University or Institute for the award of any degree or diploma.
Date-_____________
Nisha Rani
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ACKNOWLEDGEMENTS
The satisfaction and euphoria that accompany the successful completion ofany task would be incomplete without mentioning the people who made it
possible, whose consistent guidance and encouragement crowned the efforts
with success.
I would consider it my privilege to express my gratitude and respect to Mrs.
Ashutosh Guptafor having accorded me the opportunity to learn in their
organization.
I cannot forget the contribution of the staff of Kotak Mahindra Life Insurance
Ltd., as I troubled them through my queries at every stage of their work and I
really appreciate the patience with which they resolved my doubts amidst
their busy schedule, I express my sincere thanks to all of them.
Nisha Rani
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EXECUTIVE SUMMARY
The Indian Life Insurance Company has seen a remarkable shift since the
time of establishment of the first company, Oriental Life Insurance Company
in 1823. At the time of Independence and thereafter, there were more than
200 companies operating in India and not all of them on sound ethical
principles. Many factors combined together to prompt the then Government
to nationalize the life insurance industry in 1956 to form the Life Insurance
Corporation of India.
Insurance sector was once a monopoly, with LIC as the only company, a
public sector enterprise. But nowadays the market opened up and there are
many private players competing in the market. There are thirteen private life
insurance companies who have entered the industry.
The study in the first part gives detail information on the on-job training
provided the competitive analysis of product of Kotak Mahindra Life
Insurance Ltd. with Tata AIG Insurance.
The paper begins by analyzing the current scenario in the industry
characterized by problems with distribution, low investor awareness,
concentration of corporate investors, investor awareness and diversity of
products in order to minimize the risk by adopting risk management
techniques. At last this project also suggests some recommendation that can
help these companies in increasing there market share, awareness, product
diversity and improvement in penetration and distribution. In the end I
recommend certain steps that SEBI and IDRA should take in order to build
investor confidence and trust.
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TABLE OF CONTENTS
Sr. No. PARTICULARS
DECLARATION
PREFACE
ACKNOWLEDGEMENTS
CHAPTER-1 INDUSTRY PROFILE
HISTORY OF INSURANCE
WHAT IS LIFE INSURANCE?
CHAPTER-2 COMPANY PROFILE
Kotak Mahindra Life Insurance
MILE STONE
ORGANIZATION STRUCTURE
CHAPTER-3 RESEARCH METHODOLOGY
DATA COLLECTION
OBJECTIVE OF STUDY
FOCUS OF PROBLEM
SAMPLING
Sampling size
Sampling technique
CHAPTER-4 PRODUCTS
FUND ALLOCATIONRIDERS
MAJOR COMPETITORS
COMPETITIVE ANALYSIS
GROWING OPPORTUNITY
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ON JOB TRAINING
SWOT Analysis
CHAPTER-5 ANALYSIS & INTERPRETATION
CHAPTER-6 FINDINGS
CHAPTER-7 RECOMMENDATIONS
CHAPTER-8 CONCLUSION
CHAPTER-9 ANNEXURE
CHAPTER-10 BIBLIOGRAPHY
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INDUSTRY PROFILE
The insurance industry has faced many challenges over the last decade
including:
Globalization is pushing companies to operate in different continents forcing
them to enter into new partnerships in order to improve efficiencies
Competition between the various players has resulted in increased merger
and acquisition activities driving industry convergence and value chain
decomposition
The customer is more knowledgeable and demanding than ever before and
this is forcing companies to perform process integration, operational
restructuring and technology upgrades
Insurance companies are moving beyond their traditional business models
and are searching for the right combination of technology and processes to
remain profitable. Companies are investing more in information technology
in order to alter their business models and processes.
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HISTORY OF INSURANCE
In some sense we can say that insurance appears simultaneously with
appearance of human society. We know of two types of economies in human
societies: money economies (with markets, money, financial instruments and
so on) and non-money or natural economies (without money, markets,
financial instruments and so on). The second type is a more ancient form
than the first. In such an economy and community, we can see insurance in
the form of people helping each other. For example, if a house burns down,
the members of the community help build a new one. Should the same thing
happen to one's neighbour, the other neighbours must help? Otherwise,neighbours will not receive help in the future. This type of insurance has
survived to the present day in some countries where modern money
economy with its financial instruments is not widespread (for example
countries in the territory of the former Soviet Union).
Achaemenian monarchs were the first to insure their people and made it
official by registering the insuring process in governmental notary offices.
The purpose of registering was that whenever the person who presented the
gift registered by the court was in trouble, the monarch and the court would
help him. Jahez, a historian and writer, writes in one of his books on ancient
Iran: "Whenever the owner of the present is in trouble or wants to construct a
building, set up a feast, have his children married, etc. the one in charge of
this in the court would check the registration. If the registered amountexceeded 10,000 Derrik, he or she would receive an amount of twice as
much."
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The Greeks and Romans introduced the origins of health and life insurance
c. 600 AD when they organized guilds called "benevolent societies" which
cared for the families and paid funeral expenses of members upon death.
Guilds in the Middle Ages served a similar purpose.
Separate insurance contracts were invented in Genoa in the 14th century, as
were insurance pools backed by pledges of landed estates. These new
insurance contracts allowed insurance to be separated from investment, a
separation of roles that first proved useful in marine insurance.
The first insurance company in the United States underwrote fire insurance
and was formed in Charles Town (modern-day Charleston), South Carolina,
in 1732. Company was the first to make contributions toward fire
prevention. Not only did his company warn against certain fire hazards, it
refused to insure certain buildings where the risk of fire was too great, such
as all wooden houses.
In the United States, regulation of the insurance industry is highly
Balkanized, with primary responsibility assumed by individual state
insurance departments. Whereas insurance markets have become centralized
nationally and internationally, state insurance commissioners operate
individually, though at times in concert through a national insurance
commissioners' organization. In recent years, some have called for a dual
state and federal regulatory system for insurance similar to that which
oversees state banks and national banks.
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LIFE INSURANCE
Life insurance is a form of insurance that pays monetary proceeds upon the
death of the insured covered in the policy. Essentially, a life insurance policy
is a contract between the named insured and the insurance company wherein
the insurance company agrees to pay an agreed upon sum of money to the
insured's named beneficiary so long as the insured's premiums are current.
With a large population and the untapped market area of this population
insurance happens to be a very big opportunity in India. Today it stands as a
business growing at the rate of 15-20% annually. Together with banking
services, it adds about 7 percent to the countries GDP. Nearly 80% of Indian
populations are without life insurance cover and the health insurance. This is
an indicator that growth potential for the insurance sector is immense in
India.
Since then the insurance industry has gone through many changes. The
liberalization of the industry the insurance industry has never looked back
and today stand as one of the most competitive and exploring industry in
India. The entry of the private players and the increased use of the new
distribution are in the limelight today. The use of new distribution
techniques and the IT tools has increased the scope of the industry in the
longer run.
Insurance is the business of providing protection against financial aspects of
risk, such as those to property, life health and legal liability. It is one method
of a greater concept known as risk management which is the need to mange
uncertainty on account of exposure to loss, injury, disadvantage or
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destruction.
Insurance is the method of spreading and transfer of risk. The fortunate
many who are exposed to some or similar risk shares loss of the unfortunate.
Insurance does not protect the assets but only compensates the economic or
financial loss.
In insurance the insured makes payment called premiums to an insurer,
and in return is able to claim a payment from the insurer if the insured
suffers a defined type of loss. This relationship is usually drawn up in a
formal legal contract.
Insurance companies also earn investment profits, because they have the use
of the premium money from the time they receive it until the time they need
it to pay claims. This money is called the float. When the investments of
float are successful they may earn large profits, even if the insurance
company pays out in claims every penny received as premiums.
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CLASSIFICATION OF INSURANCE
The insurance industry in India can broadly classify in two parts. They are.
INSURANCE
WHAT IS LIFE INSURANCE?
A human being is an income generating asset. Ones manual labour,
professional skills and business acumen are the assets. This asset also can be
lost through unexpectedly early death or through sickness and disabilities
caused by accidents. Accidents may or may not happen. Death will happen,
but the timing is uncertain. If it happens around the time of ones retirement,
when it could be expected that the income will normally cease, the person
concerned could have made some other arrangements to meet the continuing
needs. But if it happens much earlier when the alternate arrangements are not
in place, here can be losses to the person and dependents. Insurance isnecessary to help those dependent on the income.
A person, who may have made arrangements for his needs after his
retirement, also would need insurance. This is because the arrangements
LIFE
INSURANCE
GENERAL
INSURANCE
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would have been made on the basis of some expectations like, likely to live
for another 15 years, or that children will look after him. If any of these
expectations do not become true, the original arrangement would become
inadequate and there could be difficulties. Living too long can be as much a
problem as dying too young. Both are risks, which need to be safeguarded
against. Insurance takes care.
BASIC PRINCIPLES OF LIFE INSURANCE
Insurable Interest: Ordinarily, the proposer of a life insurance
contract should have an insurable interest in the life of the life insured.
The law of life insurance on insurable interest in India is in a state of
chaos. Though the roots of the doctrine of insurable interest lie in the
English law but at the same time, various developments taking place
in other parts of the world also have to be looked into and the
changing social conditions have to be taken into account to redefine
the doctrine of insurable interest. Based on these excerpts, it is clear
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that insurable interest depends upon the facts of each case no clear
legal framework exists to define insurable interest. Whether a
relationship as proposer life assured creates an insurable interest
has to be seen viewed whether this familial affection will provide
adequate social and legal safeguards against premeditated homicide by
the proposer to procure substantial life insurance proceeds. That is,
no moral hazard should exist when a life insurance contract is
intended to be purchased.
Examples of relationships where insurable interest exist between proposer
and life assured are: self proposing on his / her life, parent child, husband
wife. Trust trustee, employer employee and creditor debtor.
Utmost Good Faith: A life insured knows about the state of his / her
health better than anyone else. What may not be unraveled in a
medical examination may well be in the know of the life insured.
Hence, life insurance contracts are postulated on the belief that the life
insured will reveal all the relevant particulars in utmost good faith
when applying for an insurance contract. That is, non disclosure of
material facts that may have guided the insurer to decline or offer on
different terms an insurance contract, will give the right to an insurer
to repudiate an insurance claim when the insured event occurs.
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PARTIES TO A LIFE INSURANCE CONTRACT
a) Proposer : The proposer, also known as the premium payer or the
policyholder, pays the premium. For determining whether future
premiums can be paid to keep the contract alive, ability of the
proposer is considered. All tax benefits as well as maturity proceeds
are available to the proposer.
b) Life Assured : The life assured, as known as the life insured, is the
person on whose life the policy is taken. Mortality or risk premium is
charged based on the age of the life assured. As stated above, an
insurable interest should exist between the proposer and life assured.
c) Nominee : Where the proposer and life assured are the same persons,
it is mandatory to nominate a person to receive the benefits of the
insurance policy in the event the proposer deceased before the policy
matures. A nominee has to be a real person, i.e. artificial bodies like
company and trust cant become nominee.
d) Appointee : If the nominee is a minor, an appointee is required to acton behalf of the nominee till he / she attains majority.
e) Assignee : An insurance policy can be assigned to another person
(real persons and artificial bodies are acceptable as assignees) who
then becomes the owner of the policy and is entitled to receive policy
benefits. As a result of an assignment, an assignee supersedes the
policyholder who has assigned the policy.
ADVANTAGES OF LIFE INSURANCE
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Life insurance has no competition from any other business. Many people
think that life insurance is an investment or a means of saving. This is not a
correct view. When a person saves, the amount of funds available at any
time is equal to the amount of money set aside in the past, plus interest. This
is so in a fixed deposit in the bank, in national savings certificates, in mutual
funds and all other savings instruments. If the money is invested in buying
shares and stocks, there is the risk of the money being lost in the fluctuations
of the stock market. Even if there is no loss, the available money at any time
is the amount invested plus appreciation. In life insurance, however, the funs
available is not the total of the savings already made (premiums paid),but the
amount one wished to have at the end of the savings period (which is the
next 20 or 30 years).
Even so, a comparison with other forms of savings will show that life
insurance has the following advantages:-
a) In the event of death, the settlement is easy. The heirs can collect the
moneys quicker, because of the facility of nomination and assignment.
The facility of nomination is now available for some bank accounts.
b) There is a certain amount of compulsion to go though the plans of
savings. In other forms, if one changes the original plan of savings,
this is no loss. In insurance, there is a loss.
c) Creditors cannot claim the life insurance moneys. They can be
protected against attachments by courts.
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COMPANY PROFILE- KotakMahindra Life
Insurance
Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture betweenKotakMahindra Bank Ltd.(KMBL), and Old Mutual plc. At Kotak Life
Insurance, we aim to helpcustomers take important financial decisions at
every stage in life by offering them awide range of innovative life insurance
products, to make them financially independent.
MANAGEMENT
Mr.Gaurang Shah (Managing Director)
Mr. Gaurang Shah is the Managing Director of Kotak Mahindra Old Mutual
Life
Insurance Limited.
Mr. Gaurang Shah is a Chartered Accountant and a Cost and Works
Accountant. He has also done his Company Secretary ship from the Institute
of Company Secretaries of India. Mr Gaurang Shah has been with the Kotak
Group for the past eight years where he has held different positions of great
responsibility and juggled multiple tasks effectively. His cumulative
experience, primarily in financial services, stands at over 21 years, several of
those in building the retail finance business.
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Mr.Shah has been previously associated with Kotak Mahindra Primus since
its inception and has contributed towards its growth to become a Rs.2000 Cr
plus business. Before coming to Kotak Life Insurance, Gaurang Shah was
Group Head of Retail Assets for Kotak Mahindra Bank. The Retail Assets
include commercial vehicles, personal loans, structured products, car loans
and loans against shares.
Mr. G Murlidhar (Chief Financial Officer)
Mr. Murlidhar is a Chief Financial Officer and Company Secretary of Kotak
Life Insurance. Mr. Murlidhar is an associate member of the Institute of
Chartered
Accountants of India, an associate member of the Institute Of Company
Secretaries of India, and graduate member of the Institute of Cost & Works
Accountants of India. Mr. Murlidhar possesses over 20-year work
experience and has earlier worked with National Dairy Development Board
(NDDB), MDS Switchgear Limited and Nicholas Piramal India Limited and
Ion Exchange Ltd. Prior to Kotak Life Insurance, he held the position of
VPFinance at Gujarat Glass Ltd.
As Chief Financial Officer at Kotak Life Insurance, he oversees all aspects
of Finance including Operations, Regulatory, Internal Control, Finance,
Accounts and Treasury.
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Mr. Arun Patil (Vice President - Sales & ManagementDevelopment)
Mr. Arun Patil is the Vice President - Sales & Management Development
with Kotak Life Insurance. A post- graduate with Law qualifications, he has
over 25 years' experience in life insurance industry. He joined as a DirectRecruit Officer in L.I.C. and worked in various departments such as Sales,
Marketing, I.T., Publicity, Housing & Branch Administration all across the
country. On foreign deputation to Fiji Islands for 5 years, Mr. Patil
substantially increased the market-share of LIC in competitive environment.
After heading LIC's premier Mumbai Division, he joined the then ICICI Ltd.
as a member of the insurance venture team and later worked for Tata AIG
Insurance Company as Head of Sales Development. Widely traveled all over
the country & the world several times for insurance related work, Mr. Patil
presently has responsibilities to enhance the skills, knowledge, productivity,
and professionalism of the sales-force, with special emphasis on developing
all Managers to enhance their competencies, capabilities & managerial
effectiveness.
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MILE STONES
- KOTAK LIFE INSURANCE
Kotak Life Insurance, aim to help customers take important financial
decisions at every stage in life by offering them a wide range of innovative
life Kotak Mahindra Life Insurance Ltd. is a joint venture between Kotak
Mahindra Bank Ltd.(KMBL), and Old insurance products, to make them
financially independent. Jeene Ki Azaadi.
A Lifetime of Value
Kotak Mahindra one of India's leading financial institutions was born in
1985 as Kotak Capital Management Finance Limited. This company was
promoted by Mr. Uday Kotak , Mr. Sidney A. A. Pinto and Kotak &
Company. Industrialists Mr. Harish Mahindra and Mr. Anand Mahindra took
a stake in 1986, and that's when the company changed its name to Kotak
Mahindra Finance Limited.
1986 Kotak Mahindra Finance Limited starts the activity of Bill
Discounting
1987 Kotak Mahindra Finance Limited enters the Lease and Hire
Purchase market
1990 The Auto Finance division is started
1991 The Investment Banking Division is started. Takes over
FICOM, one of Indias largest financial retail marketing
networks
1992 Enters the Funds Syndication sector
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1995 Brokerage and Distribution businesses incorporated into a
separate company - Kotak Securities. Investment Banking
division incorporated into a separate company - Kotak
Mahindra Capital Company1996 The Auto Finance Business is hived off into a separate
company Kotak Mahindra Primus Limited. Kotak Mahindra
takes a significant stake in Ford Credit Kotak Mahindra
Limited, for financing Ford vehicles. The launch of Matrix
Information Services Limited marks the Groups entry into
information distribution.
1998 Enters the mutual fund market with the launch of Kotak
Mahindra Asset Management Company.
2001 Matrix sold to Friday Corporation
Launches Insurance Services
2003 Kotak Mahindra Finance Ltd. converts to bank
Kotak Mahindra is one of India's leading financial institutions, offering
complete financial solutions that encompass every sphere of life. From
commercial banking, to stock broking, to mutual funds, to life insurance, to
investment banking, the group caters to the financial needs of individuals
and corporate.
The group has a net worth of around Rs.1, 700 crore and employs over 4,000
employees in its various businesses. With a presence in 74 cities in India and
offices in New York, London, Dubai and Mauritius, it services a customer
base of over 5, 00,000.
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ORGANISATION STRUCTURE
KOTAK LIFE INSURANCE
The organization of Kotak Life Insurance is divided into 5 categories:-
Finance
Sales
Marketing
Operations
Human Resource
Corporate Structure
The Chairman of Kotak Group is Mr. Uday Kotak and Kotak Insurance is
managed by Mr. Gaurang Shah Managing Director.
MANAGINGDIRECTOR
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FINANCE
The Finance section is operated centrally by Head Office which is Bombay
headed by CFO - Mr. G. Murlidharan and further sub-divided into categories
like Vice Presidents of different departments. These departments are: -
CPC & Group Ops, Internal Control, MIS, Accounts & Compliance,
Underwriting, Branch Operations.
CFO&COOVP-Sales&Mgmt.Dev
SALES
HEAD
MARKETINGHEAD HR&ADMINAPPOINTED
ACTUARYCIO
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SALES
The Sales Department is divided on the basis of region. Each region is
thereafter divided into categories like Alternate Channel, Tied Channel and
Group Business. The Sales dept is headed by Mr. Pankaj Desai, Alternate
CFO
&
COO
Accounts
and
compliance
Internal
control MIS
Underwri
- ting
Branch
operation
MANAGERS MANAGERS MANAGERS MANAGERS MANAGERS
EXEC.FINANCE
EXEC.FINANCE
EXEC.FINANCE
EXEC.FINANCE
EXEC.FINANCE
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Channel Head Mr. Suresh Agarwal, Tied Channel Head MR. Subbaiah K
P, Group Business Head Group Business Head Mr. Sandeep Srikhande.
Subdivided into categories like Regional Managers, Area Managers and
others.
MARKETING
The Marketing Department is headed by Mr. Rahul Sinha from Head Office.
SALES HEAD
ALTERNATE
CHANNEL
HEAD
TIED
CHANNEL RM
GROUP
BUSINESS
HEAD
REGIONAL
MANAGER
AREA
MANAGER
REGIONAL
HEAD
AREAMANAGERS
AGENCY
TEAMMANAGER
& BM
CUSTOMER
RELATIONSHIP
MANAGER
MARKETINGHEAD
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Tata AIG Insurance
Organization structure of ICICI prudential can be shown as follows: -
PRODUCT &BRANDHEAD
CHANNEL
DEVELOPMENT
HEAD
PRODUCTMANAGERSBRAND &PRMANAGERS
REGIONALMARKETINGMANAGER
HOCHANNELDEV. TEAM
TradeMarketingManagers
Asst. TradeMarketingManagers
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RESEARCH METHODOLOGY
RESEARCH
Zonal Manager
Branch Manager
Sales ManagerHR
DepartmentSales Manager
Financial Planning Advisors
(team)
Operations
Department
Tele callers
(Recruiting) GeneralStaff
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RESEARH IS SEARCH FOR KNOWLEDGE
OR
RESEARCH IS SYSTEMATIC EFFORTS TO GAIN
KNOWLEDGE.
RESEARCH DESIGN
A RESEARCH DESIGN IS THE FRAMEWORK OR PLAN FOR A
STUDY WHICH IS USED AS A GUIDE IN COLLECTING AND
ANALYZING THE DATA COLLECTED.
It is the blue print that is followed in completing the study. The basic
objective of research cannot be attained without a proper research design. It
specifies the methods and procedures for acquiring the information needed
to conduct the research effectively. It is the overall operational pattern of the
project that stipulates what information needs to be collected, from which
sources and by what methods.
TYPES OF RESEARCH DESIGN
Research design can be classified into following types:-
Descriptive research design
Exploratory research design
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Experimental research design
In this project I have used descriptive research designbecause it describes
new ideas and events.
TYPE OF DATA COLLECTION
There are two types of data used. They are primary and secondary data.
Primary data is defined as data that is collected from original sources for a
specific purpose. Secondary data is data collected from indirect sources.
PRIMARY SOURCES
These include the survey or questionnaire method, telephonic interview as
well as the personal interview methods of data collection.
In this project I have used questionnaire and telephonic interview as
primary source.
SECONDARY SOURCES
These include books, the internet, company brochures, product brochures,
the company website, competitors websites etc, newspaper articles etc.
In this project I have used internet, company brochures, product
brochures, and the company website as a secondary source.
OBJECTIVES OF STUDY
Title of the study
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"Comparative Analysis of Kotak Mahindra Life Insurance and Tata AIG
Insurance".
Objective:-
To find the market share of Kotak and Tata AIG Insurance
To suggest additions to the current product portfolio
To recognize the popular insurance plans
To suggest ideal policy term and premium for insurance
To showcase the consumers willingness to spend on life insurance
To showcase the factors that motivate purchase of insurancepolicies
To understand the awareness level of consumers about unit linked
insurance plans of Kotak Mahindra Life Insurance.
FOCUS OF THE PROBLEM
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There are following problem associated with this project report:-
To find the market share of Kotak and Tata AIG Insurance
To suggest additions to the current product portfolio
To recognize the popular insurance plans
To suggest ideal policy term and premium for insurance
To showcase the consumers willingness to spend on life insurance
To showcase the factors that motivate purchase of insurance
policies
To understand the awareness level of consumers about unit linked
insurance plans of Kotak Mahindra Life Insurance.
To compare the various insurance plans with Tata AIG.
SAMPLING
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Sampling refers to the method of selecting a sample from a given universe
with a view to draw conclusions about that universe. A sample is a
representative of the universe selected for study.
Convenience sampling is used in exploratory research where the researcher
is interested in getting an inexpensive approximation of the truth. As the
name implies, the sample is selected because they are convenient. This non
probability method is often used during preliminary research efforts to get a
gross estimate of the results, without incurring the cost or time required to
select a random sample
SAMPLE SIZE
The sample size for the survey conducted was 100 respondents.
SAMPLING TECHNIQUE
Convenience sampling technique was used in the survey conducted.
PLAN OF ANALYSIS
Tables were used for the analysis of the collected data. The data is also
neatly presented with the help of statistical tools such as graphs and pie
charts. Percentages and averages have also been used to represent data
clearly and effectively.
PRODUCTS Kotak Life Insurance
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INDIVIDUAL
Kotak Headstart Child Plans
Kotak Sukhi Jeevan Plan
Kotak Privileged Assurance Plan
Kotak Term Plan
Kotak Preferred Term Plan
Kotak Money Back Plan
Kotak Child Advantage Plan
Kotak Endowment Plan
Kotak Capital Multiplier Plan
Kotak Retirement Income Plan
Kotak Retirement Income Plan
Kotak Safe Investment Plan II
Kotak Flexi Plan
Kotak Easy Growth Plan
Kotak Premium Return Plan
Riders
GROUP
Kotak Term Grouplan
Kotak Credit-Term Grouplan
Kotak Complete Cover Grouplan
Kotak Gratuity Grouplan
Kotak Superannuation Grouplan
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1. Kotak Safe Investment Plan II
Kotak Safe Investment Plan II is a unit linked plan that combines the
benefits of insurance and capital market returns into one. This plan from the
stable of Kotak Life Insurance is a true reflection of the companys essence:
innovation that will benefit the investor.
What makes investing in Kotak Safe Investment Plan II truly unique is that
you enjoy a Guaranteed Maturity Value, with varying degrees of equity
exposure depending on your risk appetite. So, if the market value of your
units is higher, you reap the benefits with the peace of mind that whilst in a
bear market your investment is under-pinned by the Guaranteed Maturity
Value. And theres more, the returns are totally tax-free.
2. Kotak Retirement Income Plan
An ideal retirement solution is the one that gives you complete flexibility
and peace of mind, not only while you save for your retirement but also after
you retire. To help you plan towards the golden years of your life, we
present to you the Kotak Retirement Plan (Unit-Linked).
An investment plan designed to secure your future, it assures that even
though you have stopped working, your income does not. It is offered to you
in three versions Regular Premium, With Cover and Without Cover, in
addition to a Single Premium version. The regular premium options come
with the Kotak Seal of Guarantee@. These plans have been designed to
ensure that your money earns you handsome returns, safe from the vagaries
of the capital market, so that you can retire comfortably and securely.
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Step 1: Choose from the Regular Premium With Cover and Without
Cover Options or the Single Premiumplan based on your need for
protection from the harsh uncertainties of life and the investment markets
Step 2: Decide the amount of savings (premiums) you may wish to allocate
to building your retirement kitty and aiming for healthy cash flows in your
golden years
Step 3: Choose the retirement (vesting) agebetween the age of 45 and 75
years.
Step 4: Select the fund options to balance your risk profile and the tenure
of investment.
Step 5: Opt for any of the rider benefits in the regular premium versions to
enhance flexibility and boost benefits.
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3. Kotak Capital Multiplier Plan
What is the Kotak Capital Multiplier Plan?"
The Kotak Capital Multiplier Plan is a participating plan that is built in such
a way that it allows your money to multiply, and gives you the flexibility of
using this money the way you need it, in regular withdrawals. This is an
endowment plan, which is very flexible, and has a lot of other in-built
benefits.
"Who can avail of this plan?"
HOW OLD DO YOU HAVE TO BE TO AVAIL OF
THIS PLAN?
Minimum age - 18
years
Maximum age - 60
years
FOR WHAT TERM CAN YOU CHOOSE TO PAY
THE PREMIUMS
(CALLED THE BUILD-UP PERIOD)?
5 yrs - 30 yrs
FROM WHAT AGE CAN YOU CHOOSE TO
START MAKING WITHDRAWALS
(CALLED THE VESTING AGE)?
Any age upto 65 yrs
WHAT IS THE MINIMUM PREMIUM THAT YOU
NEED TO PAY AND AT WHAT INTERVALS
CAN YOU PAY THEM?
Mode Amount
Quarterly Rs.2620
Half
YearlyRs.5115
Annually Rs.10000
4. Kotak Preferred Term Plan
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What is Kotak Preferred Term Plan?"
The Kotak Preferred Term Plan is designed to provide you with
reduced premium rates for a sum assured of Rs.10 lakhs and above.
"Who is eligible for Kotak Preferred Term Plan?"
1) Males over the age of 18 years, who do not use tobacco in any form.
2) Females over the age of 18 years.
"What value-adds can you opt for?"
You may avail of the following non-participating value-adds for a nominal
premium at the time of taking your policy, subject to aggregate premium on
all value-adds (except Critical Illness Benefit) not exceeding 30% of the
basic Kotak Term Plan premium.
Accidental Death Benefit
Permanent Disability Benefit
Critical Illness Benefit
5. Kotak Money Back Plan
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What is Kotak Money Back Plan?"
The Kotak Money Back Plan not only covers your life, it also assures you a
certain percent of the sum assured as cash payment at regular intervals of
every 5 years. It is a savings plan with the added advantage of life cover and
regular cash inflow. This plan is ideal for planning special moments like a
wedding, your child's education or purchase of an asset etc. This is a
participating plan (with profits).
"Who can avail of this Plan?"
HOW OLD DO YOU HAVE TO BE TO AVAIL OF
THIS PLAN?
Minimum age-
18 years
Maximum age-60 years
FOR WHAT TERM CAN I AVAIL OF THIS
PLAN?
15, 20 & 25
years
WHAT IS THE MAXIMUM AGE THAT THE
PLAN CAN COVER YOU TILL?75 years
"What are the advantages of this plan?"
1. The plan not only covers your life but also provides you with a
survival benefit payout every 5 years.
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2. In the unfortunate event of death of life insured, the beneficiary would
receive the death benefit. The death benefit keeps increases by 7% of
the sum assured every year.
3. On maturity, you would receive the sum of the Survival Benefit,
Bonus addition* and Guaranteed addition**.
4. The amount available in the Accumulation Account is invested in
various financial instruments (as per IRDA regulations) so your
money works hard for you.
5. The Automatic Cover Maintenance facility ensures the policy remains
in force even if you miss premium payments. This facility is available
after the first three years of the term.
6. You have the benefit of a 15-day free look period.
7. You have the option of paying premiums quarterly, half yearly or
yearly.
"What value-adds can you opt for?"
You may avail of the following value-ads for a nominal premium at the time
of taking the plan, subject to the aggregate premium on all value-ads not
exceeding 30% of the basic Kotak Money Back Plan premium.
Term Benefit/ Preferred Term Benefit
Accidental Death Benefit
Critical Illness Benefit
Life Guardian Benefit
6. Kotak Flexi Plan
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Here is Kotak Flexi Plan which is designed to do just this. It comes to you
with the option of investing in six professionally managed funds, allowing
you to allocate your investment in a combination of one or more funds,
switch between them and take charge of your investments. The plan aims to
earn efficient returns over the long term and helps you plan for your
financial goals, with the comfort of a Guaranteed Maturity Value. More
importantly, it ensures that your loved ones are protected, if any unfortunate
events were to take place.a plan that gives you complete control.
"Why should you invest in Kotak Flexi Plan?"
Kotak Flexi Plan is an ideal option if:
You want a comprehensive long term solution for managing your
finances.
You want insurance to be an important part of your portfolio to protect
your loved ones.
You are cautious with investments in the equity markets due to the
fear of loss of capital.
You think that financial concepts require lot of time to grasp and are
probably best left to the experts.
7. Kotak Term Plan
What is Kotak Term Plan?"
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Kotak Term Plan is a pure risk product that aims to cover your life at a
nominal cost. You may want to take this plan to cover your outstanding
debts like a mortgage, a home loan etc. Since this is a pure risk cover
product, there is no maturity benefits payable on survival. This is a non-
participating
"Who can avail of this plan?"
HOW OLD DO YOU HAVE TO BE
TO AVAIL OF THIS PLAN?
Minimum age - 18 years
Maximum age - 60 years
FOR WHAT TERM CAN I AVAILOF THIS PLAN? 10 - 30 years for regular premium5 - 30 years for single premium
WHAT IS THE MINIMUM
PREMIUM THAT I NEED TO PAY
AND AT WHAT INTERVALS CAN
I PAY THEM?
Mode Amount
Quarterly Rs.540
Half Yearly Rs.1055
Annually Rs.2000
Single
PremiumRs.10000
WHAT IS THE MAXIMUM AGE
THAT THE PLAN CAN COVERYOU TILL?
70 years
"What are the advantages of this plan?"
1. It is a low-cost insurance plan.
2. You can choose between a regular premium payment option or a
single premium payment option.
In case you opt for the regular premium payment option, you may pay
your premiums either annually, or in half yearly or quarterly
installments.
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3. Your Kotak Term Plan can be converted into any other plan offered
by Kotak Life Insurance (except for another Term plan) provided
there are at least 5 years before cover ceases*.
4. In case you forget to pay your premium by the due date, you are
entitled to a grace period of 30 days from the date of unpaid
premiums.
5. In case of a financial emergency, you have the option to surrender the
policy provided you have taken the single premium payment option*.
"What value-adds can you opt for?"
You may avail of the following non-participating value-adds for a nominal
premium at the time of taking your policy, subject to aggregate premium on
all value-adds (except Critical Illness Benefit) not exceeding 30% of the
basic Kotak Term Plan premium.
Accidental Death Benefit
Permanent Disability Benefit
Critical Illness Benefit
PRODUCTS Tata AIG insurance
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ICICI Prudentials ultimate promise is financial security. A strong brand
certainly boosts sale, but without customer-friendly, innovative products,
even the best brand would not last long.
ICICI Prudentials product range has been developed on the understanding
that different people have their own sets of needs at various stages of their
lives. It has thus built a flexible portfolio of products that can be customized
to cater to varying needs of people at each stage, and thus ensure protection
in every step of life. The companys philosophy has been to help customers
understand their financial needs and work closely with them to customize a
product that would meet. Advisors can offer a complete range of products Savings plans, Child plans, Market-linked plans, Protection plans, and
Retirement plans and tailor a flexible solution to meet customers changing
needs at every stage of life. In fact, ICICI Prudential was the first to un-
bundle product benefits, pioneering the concept of riders and soon after
introduce comprehensive market-linked and retirement plans.
ICICI Prudential has launched a handful of products that are analyzed below:
ICICI Prudential's life insurance products may be loosely categorized under
three forms: pure life insurance products without an investment angle to
them; a product that is a mix of a cumulative investment scheme and an
insurance product; and, finally, standard products such as money-back and
endowment policies.
SINGLE PREMIUM BOND: The Single Premium Bond is the name of a
policy that combines the features of an investment in a cumulative deposit
scheme with that of an insurance product.
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Policy-holders are required to pay a one-time premium based on a target sum
assured. At maturity, the policy-holder gets the sum assured and guaranteed
additions that work out to a compound return of 4.5 per cent the sum
assured.
The insurance part of the package comes in the form of death benefits that
are paid in the case of the demise of the policy-holder. The size of the death
benefit is linked to the number of years left for the policy to expire. On
maturity date, the maturity value is also paid in addition to the death benefits
that would have been paid earlier.
LIFE GUARD POLICIES: The Company offers two pure life insuranceproducts that have an umbrella name, Life Guard. One of them involves a
one-time premium for which there are no maturity benefits. The other
requires regular premium payments that are returned at the end of the policy.
Life Guard offers absolutely no investment-related return and is suitable for
individuals looking for an unadulterated insurance package.
INSURANCE SOLUTIONS FOR INDIVIDUALS
Tata AIG Insurance offers a range of innovative, customer-centric products
that meet the needs of customers at every life stage. Its products can be
enhanced with up to 5 riders, to create a customized solution for each
policyholder.
SAVINGS SOLUTIONS
Secure Plus is a transparent and feature-packed savings plan that
offers 3 levels of protection.
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Cash Plus is a transparent, feature-packed savings plan that offers 3
levels of protection as well as liquidity options.
Save n Protectis a traditional endowment savings plan that offers
life protection along with adequate returns
CashBak is an anticipated endowment policy ideal for meeting
milestone expenses like a childs marriage, expenses for a childs
higher education or purchase of an asset.
LifeTime and LifeTime IIoffer customers the flexibility and control
to customize the policy to meet the changing needs at different life
stages. Each offer 4 fund options Preserver, Protector, Balancer and
Maximiser.
LifeLink Superis a single premium Unit Linked Insurance Plan which
combines life insurance cover with the opportunity to stay invested in
the stock market.
Premier Life is a limited premium paying plan that offers customers
life insurance cover till age of 75.
InvestShield Life is a Unit Linked plan that provides capital guarantee
on the invested premiums and declared bonus interest.
InvestShield Cash is a Unit Linked plan that provides capital
guarantee on the invested premiums and declares bonus interest along
with flexible liquidity options.
PROTECTION SOLUTIONS
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LifeGuard is a protection plan, which offers life cover at very low
cost. It is available in 3 options level term assurance with return of
premium and single premium.
HomeAssure is a mortgage reducing term assurance plan designedspecifically to help customers cover their home loans in a simple and
cost-effective manner.
CHILD PLANS
SmartKideducation plans provide guaranteed educational benefits to a
child along with life insurance cover for the parent who purchases the
policy. The policy is designed to provide money at importantmilestones in the childs life. SmartKid plans are also available in
unit-linked form both single premium and regular premium.
RETIREMENT SOLUTIONS
ForeverLife is a retirement product targeted at individuals in their
thirties.
SecurePlus Pension is a flexible pension plan that allows one to select
between 3 levels of cover.
Market-linked retirement products
LifeTime Pension IIis a regular premium market-linked pension plan.
LifeLink Pension IIis single premium market linked pension plan.
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InvestShield Pension is a regular premium pension plan with a capital
guarantee on the investible premium and declared bonuses
HEALTH SOLUTIONS
Health Assure and Health Assure Plus: Health Assure is a regular
premium plan which provides long term cover against 6 critical
illnesses by providing policy holder with financial assistance,
irrespective of the actual medical expenses. Health Assure Plus
offers the added advantage of an equivalent life insurance cover
Cancer Care: is a regular premium plan that pays cash benefit on
the diagnosis as well as at different stages in the treatment of
various cancer conditions
.
GROUP INSURANCE SOLUTIONS
ICICI Prudential also offers Group Insurance Solutions for companies
seeking to enhance benefits to their employees.
ICICI PRU GROUP GRATUITY PLAN: ICICI Prus group gratuity
plan helps employers fund their statutory gratuity obligation in a
scientific manner. The plan can also be customized to structure schemes
that can provide benefits beyond the statutory obligations.
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ICICI PRU GROUP SUPERANNUATION PLAN: ICICI Pru
offers a flexible defined contribution superannuation scheme to provide a
retirement kitty for each member of the group. Employees have the
option of choosing from various annuity options or opting for a partial
commutation of the annuity at the time of retirement.
ICICI PRU GROUP TERM PLAN: ICICI Prus flexible group term
solution helps provide affordable cover to members of a group. The cover
could be uniform or based on designation/rank or a multiple of salary.
FLEXIBLE RIDER OPTIONSICICI Pru Life offers flexible riders, which can be added to the basic
policy at a marginal cost, depending on the specific needs of the
customer.
1. Accident and disability benefit: If death occurs as the result of an
accident during the term of the policy, the beneficiary receives an
additional amount equal to the rider sum assured under the policy.
If the death occurs while traveling in an authorized mass transport
vehicle, the beneficiary will be entitled to twice the sum assured as
additional benefit.
2. Accident Benefit: This rider option pays the sum assured under the
rider on death due to accident.
3. Critical Illness Benefit: Protects the insured against financial loss
in the event of 9 specified critical illnesses. Benefits are payable to
the insured for medical expenses prior to death
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4. Waiver of Premium: In case of total and permanent disability due
to an accident, the premiums are waived till maturity. This rider is
available with Secure Plus and Cash Plus.
FUND ALLOCATION
Tata AIG Insurance
Basically the entire funds collected from customers are distributed in
different funds in order to earn more and to give the better return to investor.
There are following type of funds under which ICICI Pru. Invest:--
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Basically the entire funds collected from customers are distributed in
different funds in order to earn more and to give the better return to investor.
There are following type of funds under which Kotak Life Insurance Invest
there money:--
FUND
SOURCE
MAXIMISER
FLEXI
BALANCERFLEXI
GROWTH
BALANCER PROTECTO
R
PRESERVER
(MAX. 20%)
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RIDERS
RIDERS
The Riders/ Value-adds are additional benefits that can be added to the basic
individual plans at a minimal additional cost. All riders have to be taken at
the time of commencement of the basic plan and the rider term has to be
equal to the term of the basic plan only. There are following type of riders: -
FUND
SOURCE
EQUITYDYNAMICAGGRESSIVE
BALANCERDEBTS
PRESERVER
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1. TERM BENEFIT / PREFERRED TERM BENEFIT
In the event of death during the term of this benefit, the beneficiary would
receive an additional death benefit amount, which is over and above the sum
assured. The maximum term benefit you can avail of is equal to the basic
sum assured. Where the Term Benefit cover applied for is more than Rs.10
lakhs, better rates may apply, subject to meeting eligibility requirements.
2. ACCIDENTAL DEATH BENEFIT:
This benefit provides an additional amount (over and above the basic sum
assured) to the beneficiary in the event of the accidental death of the life
insured. The maximum cover available under this benefit is equal to the
basic sum assured (subject to a maximum of Rs.10 lakhs).
3. PERMANENT DISABILITY BENEFIT:
This benefit provides financial support in case of your permanent disability
due to an accident. The amount payable is over and above the basic sum
assured and would be paid out as an annuity. The maximum Permanent
Disability Benefit that you can avail of is equal to the basic sum assured
(subject to a maximum of Rs.10 lakhs).
4. CRITICAL ILLNESS BENEFIT:
This benefit can be taken with the basic life insurance plan to providefinancial support in the event of medical emergencies. On the first
occurrence of critical illness during the term of the policy, you would receive
a portion of the sum assured to reduce your financial burden in this
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emergency. The maximum Critical Illness Benefit that you can avail of is
equal to half the basic sum assured subject to maximum of Rs. 20 lakhs.
The list of critical illnesses is:
1. Heart attack
2. Cancer
3. Stroke
4. Coronary artery by-pass graft surgery (CABG)
5. Kidney failure
6. Major organ transplants
7. Paralysis8. Loss of limbs
9. Aorta surgery
10.Major burns
11.Heart valve surgery
12.Blindness
5. LIFE GUARDIAN BENEFIT:
This benefit can be availed of, only in a case where the life insured and the
proposer are two different individuals. In case of the unfortunate death of the
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proposer, this benefit keeps the policy alive by waiving all future premiums
on the policy.
6. ACCIDENTAL DISABILITY GUARDIAN BENEFIT:
This benefit can be availed of, only in a case where the life insured and the
proposer are two different individuals. In case the proposer is permanently
disabled as a result of an accident, this benefit keeps the policy alive by
waiving all future premiums on the policy
MAJOR COMPETITORS
Earlier only LIC is present in market. And there is monopoly situation which
is dangerous to insurance fields. But as soon as globalization started the new
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private companies like- kotak, ICICI Pru., HDFC life insurance etc
companies enter in there market and competition increase in the market. The
major competitors in insurance sector are as follows.
Life insurance companies:-
S.NoNAME OF THE
COMPANYLogo
1. ALLIANZ BAJAJ LIFE
INSURANCE CO. LTD .
2. BIRLA SUN LIFE
INSURANCE CO. LTD
3. HDFC STANDARD LIFE
INSURANCE CO. LTD
4. TATA AIG INSURANCE
CO. LTD
5. ING VYSYA LIFE
INSURANCE COMPANY
PVT. LTD.
6. LIFE INSURANCE
CORPORATION OF INDIA
http://www.allianzbajaj.co.in/http://www.allianzbajaj.co.in/http://www.birlasunlife.com/http://www.birlasunlife.com/http://www.hdfcinsurance.com/http://www.hdfcinsurance.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.ingvysyalife.com/http://www.ingvysyalife.com/http://www.ingvysyalife.com/http://www.licindia.com/http://www.licindia.com/http://www.licindia.com/http://www.ingvysyalife.com/http://www.iciciprulife.com/http://www.hdfcinsurance.com/http://www.birlasunlife.com/http://www.allianzbajaj.co.in/http://www.allianzbajaj.co.in/http://www.allianzbajaj.co.in/http://www.birlasunlife.com/http://www.birlasunlife.com/http://www.hdfcinsurance.com/http://www.hdfcinsurance.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.ingvysyalife.com/http://www.ingvysyalife.com/http://www.ingvysyalife.com/http://www.licindia.com/http://www.licindia.com/ -
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7. MAX NEW YORKLIFE
INSURANCE C0. LTD.
8. METLIFE INDIA
INSURANCE COMPANY
PVT. LTD.
9. OM KOTAK MAHINDRA
LIFE INSURANCE CO.
LTD.
10. SBI LIFE INSURANCE CO.
LTD
11. TATA AIG LIFE
INSURANCE COMPANY
LIMITED
12 AMP SANMAR
ASSURANCE COMPANY
LTD.
13 AVIVA LIFE INSURANCE
CO. INDIA PVT. LTD.
Non-life insurance companies:-
http://www.maxnewyorklife.com/http://www.maxnewyorklife.com/http://www.maxnewyorklife.com/http://www.metlife.com/http://www.metlife.com/http://www.metlife.com/http://www.omkotakmahindra.com/http://www.omkotakmahindra.com/http://www.omkotakmahindra.com/http://www.sbilife.co.in/http://www.sbilife.co.in/http://www.tata-aig.com/http://www.tata-aig.com/http://www.tata-aig.com/http://www.ampsanmar.com/http://www.ampsanmar.com/http://www.ampsanmar.com/http://www.avivaindia.com/http://www.avivaindia.com/http://www.avivaindia.com/http://www.ampsanmar.com/http://www.tata-aig.com/http://www.sbilife.co.in/http://www.omkotakmahindra.com/http://www.metlife.com/http://www.maxnewyorklife.com/http://www.maxnewyorklife.com/http://www.maxnewyorklife.com/http://www.maxnewyorklife.com/http://www.metlife.com/http://www.metlife.com/http://www.metlife.com/http://www.omkotakmahindra.com/http://www.omkotakmahindra.com/http://www.omkotakmahindra.com/http://www.sbilife.co.in/http://www.sbilife.co.in/http://www.tata-aig.com/http://www.tata-aig.com/http://www.tata-aig.com/http://www.ampsanmar.com/http://www.ampsanmar.com/http://www.ampsanmar.com/http://www.avivaindia.com/http://www.avivaindia.com/ -
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S.No. NAME OF THE COMPANY Logo
1.
BAJAJ ALLIANZ GENERAL
INSURANCE CO. LTD.
2.
ICICI LOMBARD GENERAL
INSURANCE CO. LTD.
3.
IFFCO TOKIO GENERAL
INSURANCE CO. LTD.
4.
NATIONAL INSURANCE
CO.LTD.
5.
NEW INDIA ASSURANCE CO.
LTD.
6.
ORIENTAL INSURANCE CO.
LTD.
7.
RELIANCE GENERAL
INSURANCE CO.LTD.
8.
ROYAL SUNDARAM
ALLIANCE INSURANCE CO.
LTD
http://www.bajajallianz.co.in/http://www.bajajallianz.co.in/http://www.icicilombard.com/http://www.icicilombard.com/http://www.itgi.co.in/itgi.htmlhttp://www.itgi.co.in/itgi.htmlhttp://www.nationalinsuranceindia.net/nic/Home.htmhttp://www.nationalinsuranceindia.net/nic/Home.htmhttp://www.niacl.com/http://www.niacl.com/http://orientalinsurance.nic.in/http://orientalinsurance.nic.in/http://www.ril.com/eportal/VirtualPageView.jsp?page_id=337http://www.ril.com/eportal/VirtualPageView.jsp?page_id=337http://www.royalsunalliance.com/http://www.royalsunalliance.com/http://www.royalsunalliance.com/http://www.royalsunalliance.com/http://www.ril.com/eportal/VirtualPageView.jsp?page_id=337http://orientalinsurance.nic.in/http://www.niacl.com/http://www.nationalinsuranceindia.net/nic/Home.htmhttp://www.itgi.co.in/itgi.htmlhttp://www.icicilombard.com/http://www.allianzbajaj.co.in/http://www.bajajallianz.co.in/http://www.bajajallianz.co.in/http://www.icicilombard.com/http://www.icicilombard.com/http://www.itgi.co.in/itgi.htmlhttp://www.itgi.co.in/itgi.htmlhttp://www.nationalinsuranceindia.net/nic/Home.htmhttp://www.nationalinsuranceindia.net/nic/Home.htmhttp://www.niacl.com/http://www.niacl.com/http://orientalinsurance.nic.in/http://orientalinsurance.nic.in/http://www.ril.com/eportal/VirtualPageView.jsp?page_id=337http://www.ril.com/eportal/VirtualPageView.jsp?page_id=337http://www.royalsunalliance.com/http://www.royalsunalliance.com/http://www.royalsunalliance.com/ -
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KOTAK MAHINDRA LIFE INSURANCE
9.
TATA AIG GENERAL
INSURANCE CO. LTD.
10.
UNITED INDIA INSURANCECO. LTD.
11.
Cholamandalam General
Insurance Co. Ltd.
12.
HDFC-Chubb General Insurance
COMPETITIVE ANALYSIS
LIFE INSURANCE CORPORATION OF INDIA (LIC)
LIC has an excellent money back policy which provides for periodic
payments of partial survival benefits as long as the policy holder is alive.
20% of the sum assured is payable after 5, 10, 15 and 20 years and the
balance 40% is payable at the 20th year along with accrued bonus.
(www.lic.com)
For a 25 years term , 15% of the sum assured becomes payable after 5,10,15and 20 years and the balance 40% plus the accrued bonus becomes payable
at the 25th year. An important feature of these types of policies is that in the
event of the death of the policy holder at any time within the policy term the
death claim comprises of full sum assured without deducting any of the
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survival benefit amounts which have already been paid. The bonus is also
calculated on the full sum assured.
LIC offers 66 different plans; plans are formulated for specific occasions
whole life plans, term assurance plans, money back plan for women, child
plans, plans for the handicapped individuals, endowment assurance plans,
plans for high worth individuals, pension plans, unit linked plans, special
plans, social security schemes diversified portfolio of products. KOTAK
could diversify its product portfolio. It could add more plans for high worth
individuals and women.
ICICI PRUDENTIAL
ICICI Prudential is a stiff competitor for KOTAK. The company is a merger
between ICICI Bank which is the biggest private bank in India and
Prudential Plc which is a global life insurance company.
The company has an investment plan which is market related Invest Shield
Life. In this plan even if the market falls, the premium will be returned to
investors. It is a guaranteed plan which ensures the company carefully
invests your money. The stock market performance of ICICI Prudential is
much better than KOTAK. The returns on the growth fund were 46.28%
compared to the 39.59% offered by KOTAK. Customers are attracted by
higher returns and this is a plus point for Prudential.
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However the charges are very high in the plans offered by ICICI Prudential.
It is 35% during the first year, 15% in the next year and 3% from the third
year onwards. Also a higher minimum premium of Rs. 8000 is charged.
Hence the policies are not accessible to the lower strata of the society.
TATA AIG
Tata Aig is a joint venture between the Tata group and American
International Group Inc. In one of the plans the company offers hospital cash
benefit wherein it will pay Rs. 2500 per day in case of hospitalization and
Rs.12.5 lakhs in case the person suffers from any critical illness. Annual
premium is much less (about Rs. 6712) to avail such a good benefit. Charges
are relatively low compared to KOTAK for some policies.
The company offers high coverage plans at low cost. There is a plan even for
a policy term of 1 year. Your family can continue to enjoy their current
lifestyle even in the case of something happening to you. These plans are
very flexible and KOTAK could adopt this idea of insuring individuals for
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KOTAK MAHINDRA LIFE INSURANCE
short periods of time. For example; there is a family of four. The only
earning member is the father.
He has just taken a loan from a bank of 20 lakhs to purchase a new home. He
is able to repay the loan with his current salary in 15 years. The problem
arises if something were to happen to him within these fifteen years. Not
only will the family face the emotional and financial loss of their father but
they will also have to repay the home loan or risk being homeless.
GROWING OPPORTUNITY
ICICI Pru. Life Insurance
U
M
U
M
A
M
SA
M
S
M
PARTNE
R
MANAGIN
G
PARTNER3 months
Stability
period
Goal sheet
9 months9 months
9 months 9 months
9 months
Area
manage
r
Branch
manage
r
9 months
9 months
Regionalmanager
9 months
Zonal
salesmanager
SOURCING
NON
-SOURCING
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KOTAK MAHINDRA LIFE INSURANCE
NOTE
After Unit Manager it is necessary to complete Goal Sheet. It goal sheet
target is not achieved then next promotion cant be gained. There are
following contents in goal sheet: -
o Waited received premium(WRP)
o No. of cases.
o Active advisers.
o FOS (feet on straight)
ON THE JOB TRAINING
Field Visits:
The company is divided into 3 categories from where it generates business
and functions i.e. Alternate Channels, Tied Channel, Group Business. I
visited the Tied Channel Partners like DBS Chholamandalam along with the
Asst. Managers of the company, had meetings with the tied channel partners
like Mr. Mohan Krishnamurthy & Mr. V S Somsundaram - DBS
Chholamandalam. Apart, also met some Alternate Channel Partners who
visited the office and learnt about their functioning process, marketing
strategy and managing customer relationships.
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Interaction & Calling:
Had meetings with clients like senior manager of an IT company. Also
called up customers to check for their requirements which is based on the
savings primarily, took appointments with them in order to meet them anddiscuss the type of plan he is looking for, whether completely insurance plan
which is a traditional plan or other plans which involves composition of
central govt. issued or assured securities, call money, short term bank
deposits, cash, other debt securities and equities. Finally, succeeded in
satisfying the customers needs and getting good clients for the company as
well, who are the key contributors the business.
SWOT ANALYSIS OF KOTAK LIFE INSURANCE
Strengths
Rich experience of the management.
Stabilized and loyal clients.
Skilled and tactful staff.
Weaknesses
Insufficient office equipments.
Not all employees have his/her cabin.
Work place (back office) is quite congested.
Opportunities
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Stability through increased brand awareness, market penetration and
service offerings across all categories of financial services.
Increase in customers wallet share.
Leveraging the latest technology for providing quality and clientcentric services.
Growth in economy would lead to higher demand for credit.
Threats
Increasing interest rate scenario.
Execution risk.
Competition from local and multinational players.
Rising inflation could reduce savings and investments
Rising crude oil prices
TABLE-1
ANNUAL INCOME
INCOME NO.OF
RESPONDENTS
PERCENTAGE
UP TO 1 LAKH 20 20%
1LAKH TO 3
LAKH
55 55%
3 LAKH TO 5
LAKH
15 15%
5 LAKH &ABOVE
10 10%
TOTAL 100 100%
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0
10
20
30
40
50
60
UP TO 1
LAKH
1LAKH
TO 3
LAKH
3 LAKH
TO 5
LAKH
5 LAKH
&
ABOVE
RS.
resp
onden
NO.OF
RESPONDENTS
PERCENTAGE
Interpretation -
From the survey it was found that 20% of the respondents have an average
annual income up to 1 lakh,, 55% have annual income of 1 lakh to 3
lakh,,15% of the respondents have an average annual income from 3 lakh to
5 lakh and 10% of the respondents have an average annual income above 5
lakh.
TABLE-2
` FAMILY SIZE
NO. OF
MEMBERS
NO. OF
RESPONDENTS
PERCENTAGE
BELOW 3
MEMBERS
55 55%
3-5 MEMBERS 30 30%ABOVE 5
MEMBERS
15 15%
TOTAL 100 100%
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BELOW 3 MEMBERS
3-5 MEMBERS
ABOVE 5 MEMBERS
Interpretation -
From the survey it was found that 55% of the respondents are below 3
members, 30% of the respondents are between 3 to 5 members and 15%
of the respondents are above 5 members.
TABLE-3
ACCORDING TO YOU LIFE INSURANCE IS
PARTICULAR NO OFRESPONDENTS
PERCENTAGE
TAX SAVING
PLAN
20 20%
RISK COVERAGE 25 25%
FINANCIAL
SECURITY
15 15%
ALL THE ABOVE 40 40%
TOTAL 100 100%
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0
5
10
15
20
25
30
35
40
45
TAX SAVING
PLAN
RISK
COVERAGE
FINANCIAL
SECURITY
ALL THE
ABOVE
RESONDENTS
Series1
Interpretation --
From the survey it was found that amongst 100 respondents
25% of the respondents say risk coverage. 20% of the respondents say
tax savings. 15% of the respondents say financial security. and 40% of
the respondents say all of the above.
TABLE-4
HAVE YOU TAKEN THE PRODUCT OF KOTAK LIFE
INSURANCE ?
PARTICULAR NO OFRESPONDENTS PERCENTAGE
YES 65 65%
NO 35 35%
TOTAL 100 100%
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0
10
20
30
40
50
60
70
YES NO
RESPONSE
NOO
FRESPON
DENTS
Interpretation -
From the survey it was found that 65% of the respondents say that they
have taken the Kotak Life Policy and 35% of the respondents say that
they have not taken the Kotak Product.
TABLE-5
WHICH PLAN DO YOU PREFER IN THE KOTAK LIFE
INSURANCE ?
PARTICULAR NO. OF
RESPONDENTS
PERCENTAGE
KSIP PLAN 55 55%
MONEY BACKPLAN
12 12%
CHILDREN
PLAN
25 25%
PENSION PLAN 8 8%
TOTAL 100 100%
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0
10
20
30
40
50
60
KSIP PLAN MONEY
BACK PLAN
CHILDREN
PLAN
PENSION
PLAN
PLANS
RESPONDENTS
Interpretation -
From the survey it was found that 55% of the respondents say KSIP
Plan, 12% of the respondents say Money Back Plan, 25% of the
respondents say Children Plan and rest of the respondents says Pension
Plan.
TABLE-6
IN WHICH OF THE PRIVATE COMPANY DO YOU WANT TO
INVEST YOUR MONEY?
NAME OF
COMPANY
NO OF
RESPONDENTS
PERCENTAGE
ICICI PRUDENTIAL 25 25%
KOTAK LIFE
INSURANCE
40 40%
TATA AIG 7 7%
BAJAJ ALLIANZ 18 18%
OTHER 10 10%
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TOTAL 100 100%
ICICI PRUDENTIAL
KOTAK LIFE
INSURANCE
TATA AIG
BAJAJ ALLIANZ
OTHER
Interpretation -
From the survey it was found that 25% of the respondents say ICICI
Pru., 40% of the respondents say Kotak Life Insurance., 18% of the
respondents say Bajaj Allianz.and rest of the respondents says Other
Insurance Companies.
TABLE-7
WHICH OF THE COMPANY PROVIDE BEST OF THE
SERVICES TO CUSTOMERS ?
NAME OF
COMPANY
NO OF
RESPONDENTS
PERCENTAGE
ICICI
PRUDENTIAL
23 25%
KOTAK LIFE
INSURANCE
37 40%
TATA AIG 8 15%
BAJAJ ALLIANZ 20 20%
TOTAL 100 100%
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0
5
10
15
20
25
30
35
40
ICICI
PRUDENTIAL
KOTAK LIFE
INSURANCE
TA TA A IG B A JA J A LL IA NZ OTHERS
RESPONDENT
S
Interpretation -
From the survey it was found that 25% of the respondents say ICICI
Pru Provide the best service, 40% of the respondents say Kotak Life
Insurance provide the best services to them, 20% of the respondents say
Bajaj Allianz provide best service and rest of the respondents says
Other Insurance Companies provide better services.
FINDINGS
On an analysis and evaluation of the data collected from the
respondents the following findings were found.
a) Kotak Life Insurance provides the best services to its
customer.
b) Most of the people still want to invest there money in ICICI
and Bajaj Allianz.
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c) Kotak Life Insurance Product Provide all benefit to there
customer like tax saving, investment opportunity, pension
plans etc.
d) KSIP Plan is largest selling product of Kotak Life and can bitany company.
e) Insurance provides is tax saving products under sec 80c and
under sec 80 (80)c.
f) Insurance is the boom sector.
g) It provide GMV(Guaranty Maturity Value) in case of loss in
share market
h) It provides the better return to customer.
RECOMMENDATIONS
Since Kotak Life Insurance co. ltd is the largest in terms of FDI
invested, in terms of work force, in terms of market share, in terms of
no. of customers. All these positive stands of the company place at the
number one position. On second aspect whatever amount of money
Kotak life insurance save, can be used to increase the no. of policies,
which will helpful to increase the market share of the company. Since
the customers think about the companies in the industry, when they
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KOTAK MAHINDRA LIFE INSURANCE
invest money in the life insurance industry. So its necessary to increase
the market share of the company. There are some recommendations.
OPEN SOME MORE BRANCHES IN SEMI URBAN AND
RURAL AREA
Kotak Llife Insurance has almost its branches in urban area or
metros. So in order to increase the no. of customer, Kotak Life
Insurance should increase the approach towards potential
customers. For that it has to increase the branches in the semi
urban cities like C, D grade cities. And the rural marketing is the
best option for Kotak to increase its base in the market
IMPROVE CUSTOMER SERVICES
In order to take the advantage of being industry leader in private
sector, Kotak Life Insurance has to improve its customer services.
According to my experience in the company, a good number of
customers forget to pay their premium at time so it causes a big
loss to the company.
BRING SOME UNIT LINKED LIFE INSURANCE PLANS
IN THE MARKET
Being a market leader doesnt ensure the leadership in the future.
Since after increment in FDI from 26% to 49% all player will
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KOTAK MAHINDRA LIFE INSURANCE
have the opportunity to capture the market share. So in order to
maintain its position Kotak Life Insurance should
TRAINED THE FINANCIAL ADVISORS MORE
EFFICIENTLY
In the changed scenario, more efficient training will be needed, so
Kotak Life INsurance should provide good and efficient training
to their financial advisors. Because they are the one who interact
directly with the customers. So good training will give them the
right way to deal with the potential customers.
CONCLUSION
Kotak life insurance is one of the worlds largest life insurance companies. It
has businesses spread out across the globe. It currently ranks number 7
amongst the insurers in India (Source: annual premium provided by the
company)
The company faces a large amount of competition. To sustain itself it must
promote its products through advertising and improve its selling techniques.Consumers must be aware of the new plans available at Kotak. The medium
of advertising used could be television since most of its competitors use this
tool to promote their products. The company must be promoted as an Indian
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company since consumers seem to have more trust in investing in Indian
firms.
The unit linked concept must be specifically promoted. The general
perception of life insurance has to change in India before progress is made in
this field. People should not be afraid to invest money in insurance and must
use it as an effective tool for tax planning and long term savings.
Kotak could tap the rural markets with cheaper products and smaller policy
terms. There are individuals who are willing to pay small amounts as
premium but the plans do not accept premiums below a certain amount. It
was usually found that a large number of males were insured compared to
females. Individuals below the age of 30 (mostly male) were interested in
investment plans. This was a general conclusion drawn during prospecting
clients.
ANNEXURE
NAME - ..
DATE - ..
Q: 1 WHAT IS YOUR ANNUAL INCOME?
A UP TO 1 LAKH 1 LAKH TO 3 LAKH
3 LAKH TO 5 LAKH 5 LAKH & MORE
Q: 2 FAMILY SIZES
A BELOW 5 MEMBERS 5-10 MEMBERS
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ABOVE 10 MEMBERS
Q: 3 ACCORDING TO YOU LIFE INSURANCE IS
A: TAX SAVING PLAN RISK COVERAGEFINANCIAL SECURITY ALL THE ABOVE
Q: 4 HAVE YOU TAKEN THE PRODUCT OF KOTAK LIFE
INSURANCE?
A: YES NO
Q: 5 WHICH PLAN DO YOU PREFER IN THE KOTAK LIFE
INSURANCE?
A: INVEST PLAN WHOLE LIFE PLAN
CHILDREN PLAN PENSION PLAN
Q: 6 IN WHICH OF THE PRIVATE COMPANY DO YOU WANT
TO INVEST YOUR MONEY?
A: ICICI PRUDENTIAL KOTAK LIFE INSURANCE
TATA AIG BAJAJ ALLIANG
OTHERS
Q: 7 WHICH OF THE COMPANY PROVIDE BEST OF THE
SERVICES TO CUSTOMERS ?
A: ICICI PRUDENTIAL KOTAK LIFE INSURANCE
TATA AIG BAJAJ ALLIANG
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OTHERS
BIBLIOGRAPHY
BOOKS AND JOURNALS
-MARKETING MANAGEMENT PHILIP KOTLER ,Tata
McGrawHill Publication ,12th EDITION
MARKETING RESEARCH WESTFALL BOYD, Stiffler
Publication,12th EDITION
SALES MANAGEMENT THOMSON ,J.K. Publication, 6th
EDITION.
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WEB SITE
www.icicipru.com
www.kotaklifeinsurance.com
www.google.com
www.yahoo.com
http://www.icicipru.com/http://www.google.com/http://www.yahoo.com/http://www.icicipru.com/http://www.google.com/http://www.yahoo.com/