A

Project Report
On

“AWARENESS OF FINANCIAL
PLANNING IN EMERGING
INDIAN MARKET"

Submitted in Partial Fulfillment of award of Bachelor of Business Administration, Degree

(C.C.S University, Meerut)

Submitted To : Submitted By :
Mr. SANJAY SACHDEVA Prachi Agarwal
Department of the Business Administration Roll No.9263597
BBA VIth semester

S.D COLLEGE OF MANAGEMENT STUDIES

MUZAFFARNAGAR
 PREFACE
There are number forces that make marketing an endlessly changing
activity. The constantly activity sociological, psychological and political
environment may represent the uncontrollable marketing factors. To
understanding these factors in better way marketing research is of
utmost importance.

This Research Report has been completed in Partial fulfillment of my

Management Program, BACHELOR OF BUSINESS ADMINISTRATION
(BBA) in the company STANDARD LIFE INSURANCE. The objective of
my project was “TO KNOW THE PUBLIC AWARENESS OF
FINANCIAL PLANNING IN EMERGING INDIAN MARKET.”

HDFC STANDARD LIFE INSURANCELIFE is the name which is working

as one of the best private insurance company in insurance sector.

With such large population and the untapped market of populations

insurance happens to be very big opportunity in India. Today it stands as
a business growing at the rate of 15-20 percent annually. Together with
banking services, it adds about 7 percent to the country’s GDP. In spite
of all this growth the statistics of the penetration of the insurance in the
country is very poor. 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.
 ACKNOWLEDGEMENT

On the successful completion of this project I would like to express my

gratitude to all the people who have helped me throughout the project.

At first, I owe my debt of thanks to HDFC STANDARD LIFE

INSURANCE Life, which gave me an opportunity to do this project work.

I wish to extend my deep and sincere gratitude to Mr.Nitin Rastogi

(SDM) and Mr.Amit Singhal (Trainer) who provided me with their
guidance from day one and also helped me whole heartedly to achieve
the ultimate goal of the project.

I am also indebted to Mr. Sanjay Sachdeva (HOD) Department of

business Administration and all staff members for providing me with this
learning opportunity.

Prachi Agarwal
(BBA VIth SEM)
 DECLARATION

The summer project on “AWARENESS OF FINANCIAL PLANNING IN

EMERGING INDIAN MARKET” in “HDFC STANDARD LIFE
INSURANCELife Insurance” is the original work done by me. This is
the property of the institute and use of this report without prior
permission of the institute will be considered illegal and actionable.

Prachi Agarwal

(BBA VIth SEM)

 CONTENTS
S.no Topics Page No.

DECLARATION i
PERFACE ii
ACKNOWLEDGEMENT iii

1. EXECUTIVE SUMMARY 1
2. PROJECT OBJECTIVE 2
3 .RESEARCH METHODOLOGY (3-4)
a) Type of Research 3
b) Data Collection 3
c) Sampling Unit & Size 3
d) Limitations 4

4 Section 1 : INDUSTRY PROFILE (5-32)

1) Overview & Historical Perspective 6-7
2) Insurance Sector Reforms 8-10
3) Nature of Industry 11-14
4) Indian Insurance Industry 15
 Regulatory Body : IRDA
5) Importance of Liberalization 16-20
 Market share of various players
6) Current Scenario 21-29
7) SWOT Analysis of Industry 30-32

5. Section 2 : COMPANY’S PROFILE (33-55)

 HDFC STANDARD LIFE INSURANCELtd. : 1) Introduction
34-38
2) Subsidiary & Associate Companies 38-39

HDFC STANDARD LIFE INSURANCELIFE

40-55
1) Introduction 40-42
2) Key Personnel 43-44
3) Knowledge Management 45-47
 Life Stages
4) Product Mix 48-51
5) Current Sales 52-54
6) Future Plans 55
6. Section 3 : MAIN SECTION (56-66)
1) Financial Planning 57
2) 360º Financial Planning 58-61
3) Consumption Pattern 62
4) Objective & Sales Procedure 63-66

7.Section 4 : DATA ANALYSIS (67-78)

8 .Section 5 : FINDINGS (79-80)

9 .Section 6 : CONCLUSIONS (81-83)

10. Section 7 : RECOMMENDATIONS (84-87)

11. APPENDICES (88-99)

1) Questionnaire 89-92
2) Glossary 93-98
3) Bibliography 99

EXECUTIVE SUMMARY
Overall, the life insurance and pension sector is set for rapid changes
and growth in the years ahead. Delivering service, building trust and
being innovative are key areas in which any company will have to excel
in order to do well in the long road ahead. Different companies will take
different approaches and it would be myriad of solutions that will be
found to delight the Indian customer.

During the first part, I was given complete classroom training about the
various unit linked as well as the traditional plans and solutions which
the company offers.

Later, Market Research was done through various activities and tele-
calling which are discussed further in the report. Activities led to practical
exposure and taught me the aspects of customer dealing.

Finally, interesting conclusions were drawn out of the data collected

regarding the Awareness of Financial Planning among the people in
today’s environment.

It was great experience because selling an insurance product demands

a great deal of confidence and product knowledge.

PROJECT OBJECTIVES
 To study the awareness of Financial Planning among the people.

 To study the importance of Insurance in today’s scenario.

 Brand awareness of various private insurance companies.
 Preference among different investment tools.
 Purpose of buying insurance.
 Preference in choosing channel for buying life insurance.
 Quality of service provided by agents and clients
satisfaction level.
 Customer’s perception of improvements brought in by entry
of Private Insurance Companies.
 To generate leads for Unit Linked Insurance and the Unit Linked
Pension Plans, by interacting with walking and existing customers
of the company.

RESEARCH MEHODOLOGY
The study of awareness about Financial Planning among the people and
particularly the insurance sector covers data collection through
observation, questionnaire and interview of consumers.

Type of research :
Exploratory :
Type of research carried out was EXPLORATORY in nature; the
objective of such research is to determine the approximate area where
the drawback of the company lies and also to identify the course of
action to solve it. For this purpose the information proved useful for
giving right suggestion to the company.

Data Collection:
 Primary data
 Secondary data
Data used for the research work was primary in nature.

Sample unit: -

The research process was done by interacting with number of customers

during the activities performed, which included, markets, cold calling,
canopies, etc. Sample Design consists of Random Sampling.
Sample size: - 100 people

Method of collection: -
Field procedure for gathering primary data included observation and
interview schedule in which the questionnaires were filed by the
interviewer.

Personal interviews through self administered survey was done to collect

the data, market research was undertaken, that was accomplished by
performing various activities designed.

Research Instrument:
 Questionnaire

The questionnaire was formulated by keep in mind the following Points: -

 Giving the respondents clear comprehension of the question.
 Inducing the respondents to co-operate.
 Giving instructions as to what is wanted.
 Identifying the needs to be known.

Limitations:
The following were the limitations that were there during the course of
the study:4
1. Limited time period.
2. Less number of respondents.
3. Biasness of the respondents.
SECTION 1
 INDUSTRY PROFILE

Overview

With largest number of life insurance policies in force in the world,

Insurance happens to be a mega opportunity in India. It’s a
business growing at the rate of 15-20 per cent annually.

Together with banking services, it adds about 7 percent to the

country’s GDP .In spite of all this growth the statistics of the
penetration of the insurance in the country is very poor. Nearly 80
per cent of Indian population is without life insurance cover while
health insurance and non-life insurance continues to be below
international standards. And this part of the population is also
subject to weak social security and pension systems with hardly
any old age income security. This it-self is an indicator that growth
potential for the insurance sector is immense.

Historical Perspective

The insurance came to India from UK; with the establishment of the
Oriental Life insurance Corporation in 1818.The Indian life insurance
company act 1912 was the first statutory body that started to regulate
the life insurance business in India. By 1956 about 154 Indian, 16
foreign and 75 provident firms were been established in India. Then the
central government took over these companies and as a result the LIC
was formed. Since then LIC has worked towards spreading life
insurance and building a wide network across the length and the breath
of the country.
Important milestones in the life insurance business in India:

1912: The Indian Life Assurance Companies Act enacted as the first
statute to regulate the life insurance business.

1956: 245 Indian and foreign insurers and provident societies were taken
over by the central government and nationalized. LIC formed by an Act
of Parliament- LIC Act 1956- with a capital contribution of Rs.5 cr. from
the Government of India.

Important milestones in the general insurance business in India are:

1907: The Indian Mercantile Insurance Ltd. set up- the first company to
transact all classes of general insurance business.

1957: General Insurance Council, a wing of the Insurance Association of

India, frames a code of conduct for ensuring fair conduct and sound
business practices.

1972: The general insurance business in India nationalized through The

General Insurance Business (Nationalization) Act, 1972 with effect from
1st January 1973. 107 insurers amalgamated and grouped into four
companies- the National Insurance Company Limited, the New India
Assurance Company Limited, the Oriental Insurance Company Ltd. and
the United India Insurance Company Ltd. GIC incorporated as a
company.
 Insurance Sector Reforms
Prior to liberalization of Insurance industry, Life insurance was
monopoly of LIC.

In 1993, Malhotra Committee- headed by former Finance Secretary and

RBI Governor R.N. Malhotra- was formed to evaluate the Indian
insurance industry and recommend its future direction. The Malhotra
committee was set up with the objective of complementing the reforms
initiated in the financial sector. The reforms were aimed at creating a
more efficient and competitive financial system suitable for the
requirements of the economy keeping in mind the structural changes
currently underway and recognizing that insurance is an important part
of the overall financial system where it was necessary to address the
need for similar reforms. In 1994, the committee submitted the report
and some of the key recommendations included:

Structure
Government stake in the insurance Companies to be brought down to
50%. Government should take over the holdings of GIC and its
subsidiaries so that these subsidiaries can act as independent
corporations.

Competition
Private Companies with a minimum paid up capital of Rs.1 billion should
be allowed to enter the sector. No Company should deal in both Life and
General Insurance through a single entity. Foreign companies may be
allowed to enter the industry in collaboration with the domestic
companies.
Regulatory Body

The Insurance Act should be changed. An Insurance Regulatory body

should be set up. Controller of Insurance- a part of the Finance Ministry-
should be made independent

Investments
Mandatory Investments of LIC Life Fund in government securities to be
reduced from 75% to 50%. GIC and its subsidiaries are not to hold more
than 5% in any company (there current holdings to be brought down to
this level over a period of time)

Customer Service
LIC should pay interest on delays in payments beyond 30 days.
Insurance companies must be encouraged to set up unit linked pension
plans. Computerization of operations and updating of technology is to be
carried out in the insurance industry.
 STATISTICS (INDIAN & GLOBAL)

This section gives the users important and detailed statistics of the
Indian as well as the Global insurance industry. These statistics would
give important insights of where the respective markets are headed for.

 The global life insurance market stands at $1,521.2 billion while

the non-life insurance market is placed at $922.4 billion.
 The United States itself accounts for about one-third of the
$2443.6 billion global insurance market and Japan stands next
with a 20.62% share.
 India takes the 23rd position with US $9.933 billion annual
premium collections and a meager 0.41% share.
 Out of one billion people in India, only 35 million people are
covered by insurance.
 India's life insurance premium as a percentage of GDP is just 1.77
per cent.
 The income derived by GIC and its subsidiary companies through
investment was Rs.2491.76 crore and the investable fund
generated was Rs.2843 crore in 1999-2000.
 Indian insurance market is set to touch $25 billion by 2010, on the
assumption of a 7 per cent real annual growth in GDP.

NATURE OF INDUSTRY
The insurance industry provides protection against financial losses
resulting from a variety of perils. By purchasing insurance policies,
individuals and businesses can receive reimbursement for losses due to
car accidents, theft of property, and fire and storm damage; medical
expenses; and loss of income due to disability or death.

The insurance industry consists mainly of insurance carriers (or insurers)

and insurance agencies and brokerages. In general, insurance carriers
are large companies that provide insurance and assume the risks
covered by the policy. Insurance agencies and brokerages sell insurance
policies for the carriers.

Insurance companies assume the risk associated with annuities and

insurance policies and assign premiums to be paid for the policies. In the
policy, the companies states the length and conditions of the agreement,
exactly which losses it will provide compensation for, and how much will
be awarded.

The premium charged for the policy is based primarily on the amount to
be awarded in case of loss, as well as the likelihood that the insurance
carrier will actually have to pay. In order to be able to compensate
policyholders for their losses, insurance companies invest the money
they receive in premiums, building up a portfolio of financial assets and
income-producing real estate which can then be used to pay off any
future claims that may be brought.

There are two basic types of insurance carriers: Direct and Reinsurance.
Direct carriers are responsible for the initial underwriting of insurance
policies and annuities, while Reinsurance carriers assume all or part of
the risk associated with the existing insurance policies originally
underwritten by other insurance carriers.

Direct insurance carriers offer a variety of insurance policies.

Life insurance provides financial protection to beneficiaries—usually

spouses and dependent children—upon the death of the insured.

Disability insurance supplies a preset income to an insured person

who is unable to work due to injury or illness

Health insurance pays the expenses resulting from accidents and

illness.

An Annuity (a contract or a group of contracts that furnishes a periodic

income at regular intervals for a specified period) provides a steady
income during retirement for the remainder of one’s life.

Property-casualty insurance protects against loss or damage to

property resulting from hazards such as fire, theft, and natural disasters.

Liability insurance shields policyholders from financial responsibility for

injuries to others or for damage to other people’s property. Most policies,
such as automobile and homeowner’s insurance, combine both property-
casualty and liability coverage. Companies that underwrite this kind of
insurance are called property-casualty carriers.

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What is Life Insurance?

Human life is subject to risks of death and disability due to natural and
accidental causes. When human life is lost or a person is disabled
permanently or temporarily, there is a loss of income to the household.
The family is put to hardship. Risks are unpredictable. Death/disability
may occur when one least expects it. There are a number of life
insurance products which offer protection and also coupled with savings.

A Term insurance product provides a fixed amount of money on death

during the period of contract.

A Whole Life insurance product provides a fixed amount of money on

death.

An Endowment Assurance product provided a fixed amount of money

either on death during the period of contract or at the expiry of contract if
life assured is alive.

A Money Back Assurance product provides not only fixed amounts

which are payable on specified dates during the period of contract, but
also the full amount of money assured on death during the period of
contract.

An Annuity product provides a series of monthly payments on

stipulated dates provided that the life assured is alive on the stipulated
dates.

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A Linked product provides not only a fixed amount of money on death
but also sums of money which are linked with the underlying value of
assets on the desired dates.

There are a variety of life insurance products to suit to the needs of

various categories of people—children, youth, women, middle-aged
persons, old people; and also rural people, film actors and unorganized
laborers.

Life insurance products could be purchased from registered life insurers

notified by the IRDA. Insurers appoint insurance agents to sell their
products.

As per regulations, insurers have to give the various features of the

products at the point of sale. The insured should also go through the
various terms and conditions of the products and understand what they
have bought and met their insurance needs. They ought to understand
the claim procedures so that they know what to do in the event of a loss.

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 INDIAN INSURANCE SECTOR

REGULATORY BODY

Insurance is a federal subject in India. The primary legislation that deals

with insurance business in India is: Insurance Act, 1938, and Insurance
Regulatory & Development Authority Act, 1999.

The Insurance Regulatory and Development

Authority (IRDA)

Reforms in the Insurance sector were initiated with the passage of the
IRDA Bill in Parliament in December 1999. The IRDA since its
incorporation as a statutory body in April 2000 has fastidiously stuck to
its schedule of framing regulations and registering the private sector
insurance companies.

The other decision taken simultaneously to provide the supporting

systems to the insurance sector and in particular the life insurance
companies was the launch of the IrDA’s online service for issue and
renewal of licenses to agents. Since being set up as an independent
statutory body the IRDA has put in a framework of globally compatible
regulations.

MISSION-IRDA

“To protect the interests of the policyholders, to regulate, promote

and ensure orderly growth of the insurance industry and for
matters connected therewith or incidental thereto.”

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 IMPACT OF LIBERALISATION

The introduction of private players in the industry has added to the colors
in the dull industry. The initiatives taken by the private players are very
competitive and have given immense competition to the on time
monopoly of the market LIC. Since the advent of the private players in
the market the industry has seen new and innovative steps taken by the
players in this sector.

The new players have improved the service quality of the insurance. As
a result LIC down the years have seen the declining phase in its career.
The market share was distributed among the private players. Though
LIC still holds the 79% of the insurance sector but the upcoming natures
of these private players are enough to give more competition to LIC in
the near future. LIC market share has decreased from 95% (2002-03) to
81 %( 2004-05).

LIC has the current market share of 79%.

Among the private players ICICI Prudential has the maximum of appx.
5.60%

Followed by HDFC STANDARD LIFE INSURANCE(3.27 %) and HDFC

STANDARD LIFE INSURANCELife of about 3.11%.

Below is the table that shows the market share of various players of the
industry.

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The following companies have the rest of the market share of the
insurance industry.

COMPANY NAME MARKET SHARE

LIC 79.30
ICICI PRUDENTIAL 5.63
BAJAJ ALLIANZ 3.27
HDFC STANDARD LIFE 3.11
INSURANCELIFE
BIRLA SUNLIFE 2.32
TATA AIG 1.45
SBI LIFE 1.24
MAX NEWYORK 0.90
AVIVA LIFE 0.82
ING VYSYA 0.66
OM KOTAK LIFE 0.54
AMP SANMAR 0.38
METLIFE 0.33
RELIANCE LIFE 0.05

The liberalization of the Indian insurance sector has opened new doors
to private competition and the new and improved insurance sector today
promises several new job opportunities. With private players now in the
field, there will be innovative products, better packaging, improved
customer service, and, most importantly, greater employment
opportunities.

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 Business Performance As On 31-03-07
s.no. Company Premium NOP
(Cr)
1. LIC 23899.29 32,143,891
2. ICICI Prudential 3925.21 1,889,835
3. Bajaj Allianz 3027.55 1,905,767
4. BAJAJ Allianz 1220.85 363,322
5. SBI Life 1198.83 480,065
6. Max New York 752.84 544,121
8. Reliance Life 687.86 432,684
9. Aviva 656.91 293,382
10. Tata AIG 518.88 406,265
11. OM Kotak 499.34 159,101
12. ING Vysya 418.00 227,342
13. Met LIFE 302.67 116,988
14. Shriram Life 87.26 76,198
15. Sahara Life 19.70 35,636
16. Bharti Axa Life 7.75 5,220

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There are a number of options to choose from for a career in
Insurance. Ideally an insurance company will have openings in the
following fields:

 Actuaries
 Underwriter
 Surveyor
 Investment
 Marketing & Distribution

Actuaries

 Evaluates the risk for companies to be used for strategic

management decisions.
 Actuaries use their analytical skills to predict the risk of writing
insurance policies through the use of mathematical, statistical and
economic models.
 An actuary not only fixes the premium rates for new products, but
also revises both products and prices. They calculate costs to
assume risk

Underwriters

 Insurance underwriters review insurance applications and decide

whether they should be accepted or rejected based on the degree
of risks involved in insuring the people or objects of concern.
 In the life insurance business, an underwriter is expected to filter
the "bad or substandard lives". Whereas, in the general insurance
segment, he takes care of risk management.

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Agents/Brokers:

 Insurance agents may work for one insurance company or as

independent agents selling for several companies.
 Insurance agents and brokers can find openings in the health
insurance sector, financial planning services, retirement planning
counseling or even provide other services, for e.g. sell mutual
funds, annuities etc.

Surveyor/Loss Assessor:

 Surveyors are professionals who assess the loss or damage and

serve as a link between the insurer and the insured.
 They usually function only in non life business.
 Their job is to assess the actual loss and avoid false claims.

Sales/Marketing:

And who can forget the guys who make and break a brand. They
would be required in a large number in order to promote the number
of products that will be launched by numerous companies in the
insurance sector.

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CURRENT SCENARIO OF THE INDUSTRY
INSURANCE MARKET IN INDIA

India with about 200 million middle class household shows a huge
untapped potential for players in the insurance industry. Saturation of
markets in many developed economies has made the Indian market
even more attractive for global insurance majors. The insurance sector
in India has come to a position of very high potential and
competitiveness in the market.

Innovative products and aggressive distribution have become the say of

the day. Indians, have always seen life insurance as a tax saving device,
are now suddenly turning to the private sector that are providing them
new products and variety for their choice. Life insurance industry is
waiting for a big growth as many Indian and foreign companies are
waiting in the line for the green signal to start their operations. The
Indian consumer should be ready now because the market is going to
give them an array of products, different in price, features and benefits.
How the customer is going to make his choice will determine the future
of the industry.

CUSTOMER SERVICE
Consumers remain the most important centre of the insurance sector.
After the entry of the foreign players the industry is seeing a lot of
competition and thus improvement of the customer service in the
industry. Computerization of operations and updating of technology has
become imperative in the current scenario. Foreign players are bringing
in international best practices in service through use of latest
technologies. The one time monopoly of the LIC and its agents are now

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going through a through revision and training programs to catch up with
the other private players. Though lot is being done for the increased
customer service and adding technology to it but there is a long way to
go and various customer surveys indicate that the standards are still
below customer expectation levels.

DISTRIBUTION CHANNELS
Till date insurance agents still remain the main source through which
insurance products are sold. The concept is very well established in the
country like India but still the increasing use of other sources is
imperative. It therefore makes sense to look at well- balanced,
alternative channels of distribution.

LIC has already well established and have an extensive distribution

channel and presence. New players may find it expensive and time
consuming to bring up a distribution network to such standards.
Therefore they are looking to the diverse areas of distribution channel to
have an advantage. At present the distribution channels that are
available in the market are:

• Direct selling/Retail
• Corporate agents
• Group selling
• Brokers and cooperative societies
• Bancassurance

DIRECT SELLING/RETAIL
Direct selling or retail business is carried out by Agents of the company.
This is the main distribution channel due to the complexity of most

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insurance products (Endowment, Whole of Life, Unit Linked). This tends
to be the focus of most companies due to its past success as well as its
ability to deliver the right advice. However, this channel can be
expensive and it is a time consuming sales process. An agent is the
public face of an Insurance company. Hence it is important that this face
is always smiling and presentable and the facts and figures at his/ her
command are updated and correct.

An agent should be a pleasing personality with complete knowledge

about the various plans and solutions which the company has to offer
and must also understand the customer’s psychology well to deal in an
efficient manner.

BANCASSURANCE
Bancassurance is the distribution of insurance products through the
bank's distribution channel. It is a phenomenon wherein insurance
products are offered through the distribution channels of the banking
services along with a complete range of banking and investment
products and services. To put it simply, Bancassurance, tries to exploit
synergies between both the insurance companies and banks.

Advantages to banks
 Productivity of the employees increases.
 By providing customers with both the services under one roof, they
can Improve overall customer satisfaction resulting in higher customer
retention Levels.
 Increase in return on assets by building fee income through the sale of
Insurance products.
 Can leverage on face-to-face contacts and awareness about the
financial Conditions of customers to sell insurance products.

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 Banks can cross sell insurance products e.g.: Term insurance products
with loans.

Advantages to 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.

Advantages to consumers
 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 accesses for claims, as banks are a regular go.
 Innovative and better product ranges

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WHAT DOES LIFE INSURANCE HAVE TO OFFER?

Life insurance is many different things to many different people. For

some, it is a premium to be paid on time. For others it offers liquidity
since cash can be borrowed when needed. For the investment-minded, it
denotes a constantly growing capital account and numerous other
benefits. 

The contractual guarantee is the promise to pay, backed by one of the

oldest and most stably regulated financial industry operating in the
Indian sub-continent today.

1) Insurance Buys Time and Money

People like to refer to life insurance as time insurance, the reason being
that life insurance proceeds are paid to the insured's beneficiaries in
case of death. The money proffered by life insurance helps buy time to
adjust to the change of circumstances. Insurance provides large
amounts of cash that will keep the lifestyle for the survivors the way it
was before the insured's death.

2) Insurance Offers Peace of Mind

For the person who buys an insurance policy, it offers absolute and
complete peace of mind. He or she knows that the decision made by him
will provide sound benefits in the future, whether or not the individual
may live to see it.

3) Multiple Applications

The future is uncertain for each and every one. No one knows how long

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he or she will live. The investment benefit is paid to the insured's
beneficiaries after his death or it can be used during the life as well. Life
insurance policy owners can turn to the cash value of the policy in case
of a financial emergency when all avenues are either blocked or denied.

4) Enduring Elasticity

Since life insurance is flexible enough to serve several needs, the

insured can keep several long-term goals in mind once he or she invests
in the insurance plan. The cash value of the policy can be allocated
towards augmenting the monthly income during the retirement years.
Leisure years should be turned into pleasure years. Permanent life
insurance is designed on the concepts of long-term flexibility.

5) Financial Security

The insurance policy offers contractual guarantees to people looking for

peace of mind when they buy life insurance. Life insurance offers
complete financial security. The purchase of life insurance demonstrates
concern for a family's future financial well being.

6) Regard for Family

The purchase of life insurance clearly displays care and concern for the
people the policy owner loves.

7) Insurance is Safer

No financial institution can do what life insurance does. No industry can

back its products with reserves and surplus as sound as those of the
insurance industry.

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The proof of strength and safety that insurance companies have ensured
even under the most adverse of conditions is a matter of pride for the
entire insurance industry. For generation after generation, life insurance
has been acclaimed as the very benchmark of security against which the
other industries are measured.

OPPORTUNITIES FOR INSURANCE COMPANIES

In the now open sector on insurance, the following is what I feel will
determine the success of the company in particular and the industry in
general:

 A change in the attitude of the population

Indians have always been wary of employing their hard-earned money in

a venture that will pay them on their death. Insurance has always been
used as a Tax saving tool. No more, no less. It is upon the insurers to
educate the people to secure/insure their future against any unknown
calamity and make a shield around their families and businesses.  

 An open and transparent environment created under the IRDA.

The reason for this being on the top of our understanding is that when
ever we have seen any sector open up in India there are always grey
areas and unsure policies. These are not exactly what any player, be it
Indian or foreign, looks for. It creates an air of uncertainty in all the
decision making process. Insurance as a sector requires players who
are strong financially and are willing to wait for returns. Their confidence
can be bolstered only if there is an open and a transparent policy
guidelines. This will also help the consumers feel safe that the regulatory
is an active one and cares to do everything possible to keep things
under control and help the insurance environment grow maturely.  
(27)
 A well-established distribution network.

To cater to the largest democracy in the world is by no means a

cakewalk. Insurance profits are directly related to number of insured and
this is in turn related to the reach.

 Trained professionals to build and sell the product.

It is said that the insurance agent is the best salesman in the world. He
makes you pay, regularly, an amount promising to pay back only on your
death. Thus the players will require an excellent sales team to sell their
products in the now competitive environment. 

 Encouragement of new and better products and letting the

hackneyed ones die out.

This will itself ensure the market grows. And that every class/society
gets a product that best suits them.

SPECIAL PROVISIONS

The Income Tax Act and Life Insurance policies

 Under Section 10(10D), any sum received under a Life Insurance

policy (not being a Key Man policy) is also exempt from taxation. But
it is wise to remember that Pensions received from Annuity plans are
not exempted from Income Tax.

 Section 80C provides a deduction up to Rs.1,00,000/-  to an

individual assesses for any amount paid as a premium. 
(28)
POLICYHOLDERS GRIEVANCES

Policyholders may have complaints against insurers either in respect of

their policies or their claims. As per Regulations for Protection of
policyholders’ interests, 2002, every insurer should have in place, a
grievance redressal system to address the complaints of policyholders.
The IRDA has a Grievance Redressal Cell which plays a facilitative role
by taking up complaints against insurers with the respective companies
for speedy resolution. The IRDA however does not adjudicate on
complaints.

(29)
 SWOT ANALYSIS OF INSURANCE
INDUSTRY
STRENGTH

1. Best returns with the added advantage of 100% life insurance

coverage.
2. Good option for new investors into the market as all the money is
invested by best fund managers so with less knowledge also they can
earn good Returns.
3. Best commission charges paid to the agents which vary from 12% to
35% which is much higher as compared to mutual funds i.e. , only 2-
2.5%.

WEAKNESS

1. HDFC STANDARD LIFE INSURANCESLIC could not able to match

LIC in remote areas services.
2. Misleading facts given by life advisors about the returns of ULIPs.
3. Hidden charges taken by the companies.
4. Less Promotional Campaigns.

OPPORTUNITY
1. 80 percent of Indian population is still under insured.
So there is a big opportunity for insurance companies.

(30)
2. As the stock market can be under the mark any time so
it can bring loss to the investors but as in ULIPs there is proper
mixture of debt securities and equity so the loss is incurred during
dark trading days also.
3. Unit-linked products are exempted from tax and they provide life
insurance.
4. Increasing consumer awareness about Insurance and its use.

THREAT

1. Cannibalism within the industry by providing misleading figures to the

investors.
2. Govt.’s instability has a long term repercussions affecting company’s
policies and its growth.

(31)
 CONCLUSION

With largest number of life insurance policies in force in the world,

Insurance happens to be a mega opportunity in India, which is
growing at the rate of 15-20 per cent annually.

Nearly 80 per cent of Indian population is without life insurance

cover while health insurance and non-life insurance continues to
be below international standards. And this part of the population is
also subject to weak social security and pension systems with
hardly any old age income security.

And also the changing attitude and increasing awareness level of the
population is an indicator that growth potential for the insurance
sector is immense.
 (32)

SECTION 2
 (33)

COMPANY’S PROFILE

INTRODUCTION

Helping Indians experience the joy of home ownership.

Incorporated in 1977 with a share capital of Rs. 10 crores, HDFC

STANDARD LIFE INSURANCEhas since emerged as the largest
residential mortgage finance institution in the country. The corporation
has had a series of share issues raising its capital to Rs. 119 crores.
HDFC STANDARD LIFE INSURANCEoperates through 75 locations
throughout the country with its Corporate Headquarters in Mumbai,
India.

OBJECTIVES AND BACKGROUND

Background

HDFC STANDARD LIFE INSURANCEwas incorporated in 1977 with the

primary objective of meeting a social need – that of promoting home
ownership by providing long-term finance to households for their housing
needs. HDFC STANDARD LIFE INSURANCEwas promoted with an
initial share capital of Rs. 100 million.

Business Objectives

The primary objective of HDFC STANDARD LIFE INSURANCEis to

enhance residential housing stock in the country through the provision of
housing finance in a systematic and professional manner, and to
promote home ownership. Another objective
 (34)

is to increase the flow of resources to the housing sector by integrating

the housing finance sector with the overall domestic financial markets..

ORGANIZATION AND MANAGEMENT

HDFC STANDARD LIFE INSURANCE is a

professionally managed
organization with a board of
directors consisting of
eminent persons who
represent various fields
including finance, taxation,
construction and urban
policy & development. The
board primarily focuses on
strategy formulation, policy
and control, designed to
deliver increasing value to
shareholders.
FOUNDER – Mr. Hasmukhbhai Parekh

Brief profile of the Board of Directors

Mr. Deepak S Parekh is the Chairman of the Company. He is also the
Executive Chairman of Housing Development Finance Corporation
Limited (HDFC STANDARD LIFE INSURANCELimited). He joined
HDFC STANDARD LIFE INSURANCELimited in a senior management
position in 1978. He was inducted as a whole-time director of HDFC
STANDARD LIFE INSURANCELimited in 1985 and was appointed as
its Executive Chairman in 1993. He is the Chief Executive Officer of
HDFC STANDARD LIFE INSURANCELimited. Mr. Parekh is a Fellow
of the Institute of Chartered Accountants (England & Wales).
 
Mr. Keki M Mistry joined the Board of Directors of the Company in
December, 2000. He is currently the Managing Director of HDFC
STANDARD LIFE INSURANCELimited. He joined HDFC STANDARD
LIFE INSURANCELimited in 1981 and became an Executive Director
in 1993. He was appointed as its Managing Director in November,
2000. Mr. Mistry is a Fellow of the Institute of Chartered

(35)

Accountants of India and a member of the Michigan Association of

Certified Public Accountants.
Mr. Alexander M Crombie joined the Board of Directors of the
Company in April, 2002. He has been with the Standard Life Group for
34 years holding various senior management positions. He was
 appointed as the Group Chief Executive of the Standard Life Group in
March 2004. Mr. Crombie is a fellow of the Faculty of Actuaries in
Scotland.
   
Ms. Marcia D Campbell is currently the Group Operations Director in
the Standard Life group and is responsible for Group Operations, Asia
Pacific Development, Strategy & Planning, Corporate Responsibility
and Shared Services Centre. Ms. Campbell joined the Board of
Directors in November 2005.
   
Mr. Keith N Skeoch is currently the Chief Executive in Standard Life
Investments Limited and is responsible for overseeing Investment
Process & Chief Executive Officer Function. Prior to this, Mr. Skeoch
was working with M/s. James Capel & Co. holding the positions of UK
Economist, Chief Economist, Executive Director, Director of Controls
and Strategy HSBS Securities and Managing Director International
Equities. He was also responsible for Economic and Investment
Strategy research produced on a worldwide basis. Mr. Skeoch joined
the Board of Directors in November 2005.
Mr.
(36)

Mr. Gautam R Divan is a practicing Chartered Accountant and is a

Fellow he Institute of Chartered Accountants of India. Mr. Divan was
the Former Chairman and Managing Committee Member of Midsnell
Group International, an International Association of Independent
Accounting Firms and has authored several papers of professional
interest. Mr. Divan has wide experience in auditing accounts of large
public limited companies and nationalised banks, financial and taxation
 planning of individuals and limited companies and also has substantial
experience in structuring overseas investments to and from India.
   
Mr. Ranjan Pant is a global Management Consultant advising
CEO/Boards on Strategy and Change Management. Mr. Pant, until
2002 was a Partner & Vice-President at Bain & Company, Inc.,
Boston, where he led the worldwide Utility Practice. He was also
Director, Corporate Business Development at General Electric
headquarters in Fairfield, USA. Mr. Pant has an MBA from The
Wharton School and BE (Honours) from Birla Institute of Technology
and Sciences.
   
Mr. Ravi Narain is the Managing Director & CEO of National Stock
Exchange of India Limited. Mr. Ravi Narain was a member of the core
team to set-up the Securities & Exchange Board of India (SEBI) and is
also associated with various committees of SEBI and the Reserve
Bank of India (RBI).
   

(37)

Mr. Deepak M Satwalekar is the Managing Director and CEO of the

Company since November, 2000. Prior to this, he was the Managing
Director of HDFC STANDARD LIFE INSURANCELimited since 1993.
Mr. Satwalekar obtained a Bachelors Degree in Technology from the
Indian Institute of Technology, Bombay and a Masters Degree in
Business Administration from The American University, Washington
DC.
 
Ms. Renu S. Karnad is the Executive director of HDFC STANDARD
LIFE INSURANCELimited, is a graduate in law and holds a Master’s
degree in economics from Delhi University. She has been employed
with HDFC STANDARD LIFE INSURANCELimited since 1978 and
 was appointed as the Executive Director in 2000. She is responsible
for overseeing all aspects of lending operations of HDFC STANDARD
LIFE INSURANCELimited.

HDFC STANDARD LIFE INSURANCEhas a staff strength of 1029,

which includes professionals from the fields of finance, law,
accountancy, engineering and marketing.

SUBSIDIARY & ASSOCIATE COMPANIES

HDFC STANDARD LIFE INSURANCEBank

 HDFC STANDARD LIFE INSURANCEMutual Fund

 HDFC STANDARD LIFE INSURANCELife ++

(38)

 Intelenet Global Services Ltd.

 HDFC STANDARD LIFE INSURANCEChubb General Insurance

Company Ltd.

 HDFC STANDARD LIFE INSURANCEReality

 Other Companies Co-Promoted by HDFC STANDARD LIFE
INSURANCE

 HDFC STANDARD LIFE INSURANCETrustee Company

Ltd.
 HDFC STANDARD LIFE INSURANCEDevelopers Ltd.
 HDFC STANDARD LIFE INSURANCEVenture Capital
Ltd.
 HDFC STANDARD LIFE INSURANCEVentures Trustee
Company Ltd.
 HDFC STANDARD LIFE INSURANCEInvestments Ltd.
 HDFC STANDARD LIFE INSURANCEHoldings Ltd.
 Home Loan Services India Pvt. Ltd.
 Credit Information Bureau (India) Ltd

(39)
 HDFC STANDARD LIFE INSURANCELIFE
INSURANCE

INTRODUCTION :

HDFC STANDARD LIFE INSURANCELife Insurance Company Limited

was one of the first companies to be granted license by the IRDA to
operate in life insurance sector. Each of the JV player is highly rated and
been conferred with many awards. HDFC STANDARD LIFE
INSURANCEis rated 'AAA' by both CRISIL and ICRA. Similarly,
Standard Life is rated 'AAA' both by Moody's and Standard and Poors.
These reflect the efficiency with which HDFC STANDARD LIFE
INSURANCEand Standard Life manage their asset base of Rs. 15,000
Cr and Rs. 600,000 Cr respectively.

HDFC STANDARD LIFE INSURANCELife Insurance Company Ltd was

incorporated on 14th August 2000. HDFC STANDARD LIFE
INSURANCEis the majority stakeholder in the insurance JV with 81.4 %
stake and Standard Life has a stake of 18.6%. Mr. Deepak Satwalekar is
the MD and CEO of the venture.

(40)
THE PARTNERSHIP :

HDFC STANDARD LIFE INSURANCEand Standard Life first came

together for a possible joint venture, to enter the Life Insurance market,
in January 1995. It was clear from the outset that both companies
shared similar values and beliefs and a strong relationship quickly
formed. In October 1995 the companies signed a 3 year joint venture
agreement.

Around this time Standard Life purchased a 5% stake in BAJAJ

ALLIANZ, further strengthening the relationship.

In October 1998, the joint venture agreement was renewed and

additional resource made available. Around this time Standard Life
purchased 2% of Infrastructure Development Finance Company Ltd.
(IDFC). Standard Life also started to use the services of the HDFC
STANDARD LIFE INSURANCETreasury department to advise them
upon their investments in India.

Towards the end of 1999, the opening of the market looked very
promising and both companies agreed the time was right to move the
operation to the next level. Therefore, in January 2000 an expert team
from the UK joined a hand picked team from HDFC STANDARD LIFE
INSURANCEto form the core project team, based in Mumbai.

Around this time Standard Life purchased a further 5% stake in HDFC

STANDARD LIFE INSURANCEand a 5% stake in HDFC STANDARD
LIFE INSURANCEBank.

(41)
COMPANY’S MISSION:

To be the top life insurance company in the market.

This not only means being the largest or the most productive company in
the market, but a combination of several things like-

 Customer service of the highest order

 Value for money for customers
 Professionalism in carrying out business
 Innovative products to cater to different needs of different
customers
 Use of technology to improve service standards
 Increasing market share

COMPANY’S VALUES:

 SECURITY: Providing long term financial security to our policy

holders will be our constant endeavor. This is done by offering life
insurance and pension products.
 TRUST: Company appreciates the trust placed by our policy
holders in us. Hence, company will aim to manage their
investments very carefully and live up to this trust.
 INNOVATION: Recognizing the different needs of our customers,
company will be offering a range of innovative products to meet
these needs.

Company’s mission is to be the best new life insurance company in India

and these are the values that will guide us in this.

(42)
 KEY MANAGEMENT PERSONNEL

Chairman
Mr. Deepak S. Parekh

Board of Directors
Mr. K. M. Mistry
Ms. Renu S. Karnad
Mr. A. M. Crombie
Ms. Marcia D. Campbell
Mr. Norman Keith Skeoch
Mr. G. R. Divan
Mr. G. N. Bajpai
Mr. Ranjan Pant
Mr. Ravi Narain

Managing Director & CEO

Mr. D. M. Satwalekar

AUDIT COMMITTEE
Haribhakti & Company
Chartered Accountants
B.K. Khare & Co.
Chartered Accountants

(43)
Bankers
HDFC STANDARD LIFE INSURANCEBank Ltd.
Union Bank of India
Indian Bank
The Saraswat Co-operative Bank Ltd.
Federal Bank

(44)
 KNOWLEDGE MANAGEMENT

When Should One Go For Insurance?

Your insurance need will change as your life does, from starting to work
to enjoying your golden years and all the stages in between. Each one of
these stages may pose a different insurance need/cover for you. In this
section, we have drawn up the basic life stages and help you analyze
various insurance needs accordingly.

(45)
Stage 1: Young and Single

This is an important stage where one lays down the foundation of a

successful life ahead. Take advantage of the time and power of
compounding to ensure that you build up your dreams, so start saving
early.

Your needs:

oSave for a home and wedding

oTax Planning
oSave for Golden years

Stage 2 - Just Married

Marriage brings about a significant change. New dreams and new
opportunities also bring in additional responsibilities. While both of you
look forward to a happy and secure life, it is equally important to ensure
that eventualities don’t come in the way of shaping your dreams.

Your needs:

o Planning for home / securing your home loan

Liability
o Save for vacation
o Save for your first child

(46)
Stage 3 - Proud Parents

Once you have children, your need for life insurance is even more. You
need to protect your family from an untoward incident. Ensure your
protection umbrella takes into account the future cost of securing your
child’s dream. You will want life to go on for your loved ones, and having
enough life insurance is a way to help ensure that.

Your needs:

o Provide for children’s education

o Safeguarding family against loan liabilities
o Savings for post-retirement

Stage 4 - Planning for Retirement

While you are busy climbing the ladder of success today, it is important
for you to take time and plan for your life after retirement. Having an
early start for retirement planning can make a significant difference to
your savings. Think about your golden years even before you have
reached them. The key is to think ahead and plan well using your time
and money.

Your needs:

o Provide for regular income post retirement

o Immediate Tax benefits
o Lead a secure, independent and comfortable
Life style after retirement

(47)
 PRODUCT MIX

At HDFC STANDARD LIFE INSURANCELife, there is a bouquet of

insurance solutions to meet every need. They cater to both, individuals
as well as to companies looking to provide benefits to their employees.

For individuals, they have a range of protection, investment, pension and

savings plans that assist and nurture dreams apart from providing
protection. One can choose from a range of products to suit one’s life-
stage and needs.

For organizations they have customized solutions that range from Group
Term Insurance, Gratuity, Leave Encashment and Superannuation
Products.

PRODUCTS FOR INDIVIDUALS

PROTECTION - You can protect your family against the loss of your
income or the burden of a loan in the event of your unfortunate demise,
disability or sickness. These plans offer valuable peace of mind at a
small price.

Plans: Term Assurance Plan

Loan Cover Term Assurance Plan.

INVESTMENT - This includes a plan that is well suited to meet your long
term investment needs. We provide you with attractive long term returns
through regular bonuses.

Plan: Single Premium Whole Of Life

(48)
PENSION - Our Pension Plans help you secure your financial
independence even after retirement and live a relaxed retired life.

Plans: Personal Pension Plan

Unit Linked Pension

Unit Linked Pension Plus

SAVING - Our Savings Plans offer you flexible options to build savings
for your future needs such as buying a dream home or fulfilling your
children’s immediate and future needs.

Plans: Endowment Assurance Plan,

Unit Linked Endowment,

Unit Linked Endowment Plus,

Money Back Plan,

Children’s Plan,

Unit Linked Young star,

Unit Linked Young star Plus.

(49)
 GROUP PLANS

HDFC STANDARD LIFE INSURANCELife has the most comprehensive

list of products for progressive employers who wish to provide the best
and most innovative employee benefit solutions to their employees. They
offer different products for different needs of employers ranging from
term insurance plans for pure protection to voluntary plans such as
superannuation and leave encashment.

Plans: Group Term Insurance with Riders

Group Term Insurance with Profit-Share
Group Unit-Linked Plan
For Gratuity
For Defined Benefit Superannuation
For Defined Contribution Superannuation
Group Leave Encashment Plan

RURAL CUSTOMER - According to research findings, there is keenness

among rural customers to invest in savings cum protection plan with a
term of five years, especially, if the premium amount is low and
affordable. Keeping this in view, HDFC STANDARD LIFE
INSURANCESTD> LIFE has plans like:

Plans: Bima Bachat Yojana.

Super Bachat Yojana

(50)
DISTRIBUTION OFFICES

In addition to the corporate office at Mumbai, your Company had 169

offices in over 135 cities/towns in the country. It has a widespread
network of Financial Consultants, Corporate Agents and Brokers
servicing customers in these cities and towns.

FINANCIAL CONSULTANTS

The number of licensed Financial Consultants appointed by your

Company increased from over 23,000 in the previous year to over
33,000 in the current year. During the year, the Company continued its

(51)
CURRENT SALES- HDFC STANDARD LIFE
INSURANCELife

“HDFC STANDARD LIFE INSURANCELIFE PACING AHEAD”

The Financial Express 15th May 2007

“HDFC STANDARD LIFE INSURANCELife has recorded a strong

year-on-year growth of 112% for the period April-March 2006-07, in
comparison to the same period 2005-06, with a new business first
year premium of Rs. 1,029 crore.

In terms of effective premium income (EPI), which gives a 10%

value to a Single Premium policy and is an internationally-accepted
indicator of an insurance company's performance, the EPI grew by
103% to Rs. 887 crore from Rs. 436 crore.

HDFC STANDARD LIFE INSURANCELife's growth in new business

is a manifestation of the number of lives insured as well as an
increase in the average premium. For the individual business,
volume measured by the number of lives insured witnessed a 32%
growth.

The average premium also grew by 62% to Rs 27,500 in 2006-07

from Rs 17,000 in 2005-06.

During the year the company issued over 3,97,000 policies and has
covered more than 5,80,000 lives”
 (52)
Table Showcasing Financial Results:

April-March April-March
Parameters 2005-06 2006-07 Growth
(Rs. Cr) (Rs. Cr) (%)
Total received
668.40 1532.21 129.23
premium

    i.  New Business 486.15 1028.94 111.65

    ii. Renewal 182.25 503.27 176.14

Effective Premium
Income (Total) 436.08 887.30 103.47
Group Business
Premium (EPI) 49.40 135.15 173.58

(53)
Unit Prices as on 29/08/2007
Offer Prices Bid Price
Fund Name

Liquid Fund
(Rs)
24.5661
(Rs)
24.5661
 
 
Secure Managed Fund 22.6666 22.6666
Defensive Managed
27.3346 27.3346
Fund
Balanced Managed
36.2603 36.2603
 
Fund
Equity Managed Fund
Growth Fund
46.2655
59.0512
46.2655
59.0512
 
U
NIT PRICE AS ON 30/08/2007

Offer Prices Bid Price

Fund Name
(Rs) (Rs)

Liquid Fund 24.5113 23.2857

Secure Managed Fund 24.7568 23.5190

Defensive Managed
29.6157 28.1349
Fund
Balanced Managed
34.1340 32.4273
Fund

(54)
 FUTURE PLANS

HDFC STANDARD LIFE INSURANCEhas always been market-oriented

and dynamic with respect to resource mobilization as well as its lending
program. This renders it more than capable to meet the new challenges
that have emerged. Over the years, HDFC STANDARD LIFE
INSURANCEhas developed a vast client base of borrowers, depositors,
shareholders and agents, and it hopes to capitalize on this loyal and
satisfied client base for future growth. Internal systems have been
developed to be robust and agile, to take into account changes in the
volatile external environment.

HDFC STANDARD LIFE INSURANCEhas developed a network of

institutions through partnerships with some of the best institutions in the
world, for providing specialized financial services. Each institution is being
fine-tuned for a specific market, while offering the entire HDFC
STANDARD LIFE INSURANCEcustomer base the highest standards of
quality in product design, facilities and service.

(55)
SECTION 3

(56)
 FINANCIAL PLANNING

A comprehensive financial advisory service involving financial strategies,

tax, corporate/trust structures, estate planning, legal issues, family law,
asset allocation, asset protection and investment advice.

Financial Planning takes into account:

 Desired asset allocation, risk profile and return expectations.

 Building cash flows correlating all expenses and income. Inflation and
outflows due to loans are considering in building the financial plan.
 Future goals like retirement, housing and children's education /
marriage or other needs.

Why do you need Financial Planning?

You may have many dreams, needs and desires. For example, you could
be dreaming of:

 Owning a new car,

 Buying a dream house,
 Providing your children with the best education,
 Planning a grand wedding for your children
 Having a great time after your retirement

But in today's world of skyrocketing costs and increasing inflation, how

many of these dreams can you hope to turn into reality? By planning well,
you can utilize your limited resources to the fullest.

(57)
EXPERIENCE THE POWER 360º FINANCIAL PLANNING

The only thing permanent in life is change. Times change. People

change. So does life. You expect life to be much better tomorrow than it is
today. Tomorrow, you hope to fulfill all your dreams and aspirations. But
what happens if things take an untoward turn? Or, if there is an
eventuality? Perhaps it's time for you to change the way you plan your
investments...

                            
                            
                                                                 
How will 360° Financial Planning
help?

Instead of investing in an ad-hoc

manner, 360° Financial Planning helps
you take a holistic, all-round view. Briefly, 360° Financial Planning
comprises:

 Investment Planning
 Cash Flow Planning
 Tax Planning
 Insurance Planning
 Children’ Future Planning
 Retirement Planning

(58)

INVESTMENT PLANNING: To make your wealth grow

Everyone needs to save for a rainy day. Once you have saved enough to
take care of emergencies, you should start thinking about investing and to
make your money grow.

Investment Planning Service includes:

 Risk Profiling
 Asset Allocation and Portfolio Construction
 Creation and Accumulation of Wealth through Systematic
Investment Plans (SIP)
 Regular review of progress and Portfolio Rebalancing

CASH FLOW PLANNING: To provide for assets and meet the periodic
cash requirements

In simple terms, cash flow refers to the inflow and outflow of money. It is a
record of your income and expenses.

Cash flow planning refers to the process of identifying the major

expenditures in future (both short-term and long-term) and making
planned investments so that the required amount is accumulated within
the required time frame.

TAX PLANNING: To save on taxes and increase your income

Proper tax planning is a basic duty of every person which should be

carried out religiously.

According to the Income Tax Act, 1961, one will be eligible for Tax
Benefits under Section 80C and Section 10(10D) of the act.

(59)
One has to compare the advantages of several tax saving schemes and
depending upon your age, social liabilities, tax slabs and personal
preferences, decide upon a right mix of investments, which shall reduce
your tax liability to zero or the minimum possible.

INSURANCE PLANNING: To protect yourself, your family and your

Assets.

"Insurance is not for the person who passes away, it for those who
survive," goes a popular saying that explains the importance of Insurance
Planning.

It is extremely important that every person, especially the breadwinner,

covers the risks to his life, so that his family's quality of life does not
undergo any drastic change in case of an unfortunate eventuality.
Insurance Planning is concerned with ensuring adequate coverage
against insurable risks.

CHILDREN'S FUTURE PLANNING: To give your children a financially

secure future

Like every parent, you too must be overjoyed to watch your child grow. All
parents want to give the best possible upbringing to their children. This
includes good education and security, in case of any eventuality. Soon,
your little bundle of joy will grow up, and it will be time to provide for his or
her higher education and wedding.

The purpose of Children's Future Planning is to create a corpus for

foreseeable expenditures such as those on higher education and
wedding, and to provide for an adequate security cover during their
growing years.

(60)
RETIREMENT PLANNING: Because retirement is a time to relax, not to
get worried

Some like it. Some don’t. But retirement is a reality for every working
person. Most young people today think of retirement as a distant reality.

However, it is important to plan for your post-retirement life if you wish to

retain your financial independence and maintain a comfortable standard
of living even when you are no longer earning. This is extremely
important, because, unlike developed nations, India does not have a
social security net.

(61)
 CONSUMPTION PATTERN

Food & Grocery

1.60%
0.80% 4.60% Home Textiles
2.10%
Personal Care
7.60%
Saving & Investment
2.30% Clothing
40.10%
Consumer Durable
10.80% Vacation
Eating out
3.90% Footwear
Movies & Theater
6.60% Entertainment
4.10%
8.80% Accessories
6.90% Books & Music

*Source-Business world magazine 2nd week April 2006

The consumption pattern is determined by the income so more would be

the income more would be the consumption. The consumption though
can differ in terms of areas where the money is actually spent. The above
representation tells us the consumption pattern of the consumer in India
i.e. where do they actually invest their money and in what proportion do
they spend in various areas. The chart shows that people are spending
6.9% of their savings into savings and investments.

(62)
OBJECTIVE: To generate leads for various Unit Linked Plans offered
by the company, by interacting with walking and existing customers and
to know the awareness level of Financial Planning among them.

SALES PROCEDURE:

FIRST
CONVERSATION

Foll
APPOINTMENT

ow
Up
Foll
FILLING THE
PROPOSAL FORM
ow
Up
COLLECT THE
REQUIRED
DOCUMENTS AND

THE FIRST
PREMIUM

(63)
STEP 1: FIRST CONVERSATION WITH A KNOWN OR
AN UNKNOWN CUSTOMER

This is the first time, when you interact with a person and try to get the
information from him about the industry or the company and understand
the customer’s insight i.e. what actually does a customer expects from the
companies.

The objective was to know the awareness about Financial Planning

among the customers and this was done by getting a questionnaire filled
by the people. The various activities performed were:

1) KRISHNA PLAZA: Here we interacted with the commuters &

collected the data.
2) MARKETS: (GOAL MARKET & BHAGAT SINGH MARKET)
during this activity, we interacted with the shopkeepers as well as
the walking people regarding their views about the industry.
3) CANOPY AT MEERUT: This activity was designed to target the
people working in BPOs and other IT companies.
4) TELE-CALLING: This was random calling from the data base
provided by the company and the aim was to collect
information from them.
5) CORPORATE PRESENTATION: A presentation was arranged for
the employees of VED RAM AND SONS (Paras), to make them
aware about the importance of Financial Planning in today’s
unpredictable environment.

(64)
STEP 2: APPOINTMENT

All the potential and interested customers of all the activities performed
are then followed up and an appointment is fixed for further details.

The motive is to explain the customer in detail, about the various plans
offered by the company. The customer is informed about the procedure
and the options he can opt for like:
1) Choose the premium he wish to invest
2) Select the Premium Payment Option i.e. annual mode, half
yearly mode, quarterly mode, or monthly mode.
3) Choose the amount of protection i.e. the sum assured, he
desires.
4) With Maturity Benefit, choose the additional benefits like:
a) Life option  Death Benefit
b) Life & Health option  Death Benefit + Accidental Death
Benefit
c) Extra Life & Health option  Death Benefit + Critical Illness
Benefit + Accidental Death Benefit
5) Choose the Investment funds or funds one desires.
The various funds available are:
 Liquid Fund
 Secure Managed Fund
 Defensive Managed Fund
 Balanced Managed Fund
 Equity Managed Fund
 Growth Fund

(65)
 6) Other information like:
a) Tax Benefit
b) Various Charges
c) Switching option
d) Surrendering
e) Terms & Conditions etc.

STEP 3: FILLING THE PROPOSAL FORM

After the second step, the interested customers are required to fill the
proposal form which requires the following information:
b) Personal details of the policy holder,
c) Personal details of Beneficiary or Nominee
d) The Premium amount selected
e) The Term of the policy
f) The Fund choice for investment

STEP 4 : COLLECTING THE DOCUMENTS

Once the form is filled all the necessary documents are collected like:
a) Address proof,
b) DOB certificate etc.
And also the first premium amount in form of cheque or cash is collected.

Within 15 days, the policy documents reach the customers place, and the
customer is required to read the documents carefully.

(66)
 SECTION 4

DATA ANALYSIS

SAMPLE SIZE: 100

Sample was collected on Random Basis

(67)
AGE DISTRIBUTION

AGE DISTRIBUTION(yrs.)

Below 30
24%
35%
31 - 45

Above 45
41%

 Highest number of Respondents (41%) from Age group 31 to 45

yrs.
 35% respondents are of age below 30 yrs, small percentage of
which is unemployed.

(68)
MARITAL STATUS

MARITAL STATUS SINGLE MARRIED

100%

90%

16
80%

70%

60%
37
50%
24
40%

19
30%

20%

10%

0%
4
Below 30 31 - 45 Above 45
AGE(yrs)

 Total number of single respondents – 23

 Total number of married respondents – 77

(69)
 INCOME DISTRIBUTION

INCOME DISTRIBUTION(Annual in Rs.appx.)

> 5 lacs 1 10 6
INCOME

3 - 5 lacs 5 12 12

1.5 - 3 lacs 13 12 6

<1.5 lacs 16 7 0

Below 30 31 - 45 Above 45

 Highest, 16 respondents in income bracket below 1.5 lacs, which

mainly comprises of age group below 30 years.
 Respondents of the age group 31-45 yrs, lie in all the income slabs.
 Minimum, 6 respondents in income bracket of above 5 lacs, which
are in age group of above 45 years.

(70)
ARE YOU AWARE ABOUT FINANCIAL PLANNING ?

DO YOU KNOW WHAT IS

FINANCIAL PLANNING ?

100 YES
NO OF PEOPLE

90
98%
80

70
NO
60

50

40

30
2%
20

10

 98% of the respondents were aware about Financial Planning.

(71)
BRAND RECALL

BRAND RECALL

LIC
51 100 ICICI Prudential
60
HDFC Std Life
71 96 TATA AIG
BIRLA SUN LIFE
KOTAK MAHINDRA
75
SBI LIFE
92
AVIVA
64 MAX NEW YORK
82 METLIFE
72
86 INGVYSYA

 100 % respondents mentioned first name to be LIC

 Among private players, ICICI Prudential has the highest
Brand Recall i.e. 96%
 HDFC STANDARD LIFE INSURANCElife has Brand Recall of 92%

(72)
INVESTMENT PREFERENCE

INVESTMENT PREFERENCE
Banks & Post
office
9% Share Market
21%
21% Insurance

Bonds
18%
11%
Mutual Funds
20%
Real Estate

 21% respondents prefer banks and post office schemes as an

investment tool preference.
 Respondents of age group below 30 years prefer Mutual Funds, as
they provide higher returns than banking investment tools.
 Insurance ranks 2nd as an investment tool choice, which itself includes
various protection, saving and pension plans.
 Govt. Bonds & securities are mostly preferred by people of higher age
group rather than young generation.
 Property as an investment option is most lucrative choice. However it
is important to mention that majority of respondents are in age group of
above 30 years and people with high income bracket prefers to invest
in Real Estate.

(73)
INSURED PERCENTAGE

ARE YOU INSURED?

13%

YES

NO

87%

 87 % of respondents were insured on own life and on life of their family

members.
 So we had 13 % of potential customers to approach.

(74)
COMPANY PREFERENCE

COMPANY PREFERENCE(in %)

1
55% 30% 15%

0 20 40 60 80 100 120

ONLY LIC BOTH ONLY PVT. COs

 55% of respondents have insurance cover provided by LIC only

 15% of respondents have insurance cover provided by Private Cos.
only
 Whereas 30% have got insurance from both LIC and Private
Companies.
 Total number of LIC policies sums up to 85% and total number of Pvt.
Companies policies sold sums up to 45%.
 Data provides that though LIC is still got a maximum market share but
Private Companies are making a fast move in the market.

(75)
 TYPE OF PLAN BOUGHT

TYPE OF PLAN

17, 20% MONEY BACK

26, 29%
ENDOWMENT

PENSION PLAN
24, 28%
ULIPs
20, 23%

 Money back Policies have been most popular and also the endowment
plans.
 As people today are more aware about financial planning, so people of
the age 30 years have planned for their Retirement now.
 ULIPs are fast gaining popularity as they provide investment
benefit with Insurance.

(76)
PURPOSE OF BUYING INSURANCE

PURPOSE OF BUYING INSURANCE

Retirement
Planning
14%

Tax Benefit 23%

Investment 11%

Risk Cover 52%

0 10 20 30 40 50 60

 Risk cover remains the most important purpose for buying insurance
followed by option as Tax saving tools.
 Retirement Planning in a early period is also gaining the market share.
 ULIPs are responsible for increasing popularity of insurance as an
investment tool

(77)
 DISTRIBUTION CHANNEL PREFERENCE

CHANNEL PREFERENCE

1
56 17 14 9 4

0 20 40 60 80 100 120

Known/Current Advisor Friends & Relatives

Group Insurance Banccassurance
Telesales/unknown Advisor

 According to the data, known/current Advisors remains the 1 st choice

for buying Insurance.
 In retail also known Advisors are preferred over referrals.
 Bancassurance is emerging as a popular option for buying life
Insurance.
 Group insurance is a channel which customers expect but it is not so
popular because only few employers have taken the initiative.
 Buying insurance from a unknown person or getting a phone call is still
not preferred by most of the people

(78)
 SECTION 5

FINDINGS

(79)
THE BARRIERS FACED DURING THE PROCESS:
The Attitudinal Barriers To Purchasing …..
• Death - a taboo topic for discussion
“It’s quite ashubh talking about death”
• The belief in karma … destiny
“Jo kismet me likha hai wohi hoga, hum kya kar sakte hai”

The Product/ Service Barriers ……

• Liquidity
“What if I need my money urgently for some medical illness?”
• Service quality of the Agent
“He disappears after he takes the first premium”
• Sanctity of the contract
“What if my dependents do not get the money once I die?”
 Charges
“Its better to invest in Mutual Funds, the charges there are very less”

The Other Barriers….

 Unsure about Pvt. Companies
 Low rate of return
“Better to put my money in PPF, at least I get fixed returns”
 Money gets tied up
 High premiums

(80)
 SECTION 6

CONCLUSION

(81)
 CONCLUSION
The various conclusions drawn from the project are:

There has been a tremendous change in the insurance industry. And with
it there has been continuous growth in this sector both in Indian as well as
world context.

The opening up of the insurance sector has changed the whole look of
the industry. While the LIC, in order to face the competition is coming up
with new strategies. New private players are leading the sector due to
their strategic management and tailored made projects.

From the research, we also conclude that though the awareness and
people opting for LIC plans are more as compared to other private
players’ but the latter are gaining momentum in the market day by day.

The demand for insurance is likely to increase with rising per-capita

income, rising literacy rates, and growth of service sector. In-fact opening
up of the insurance sector is an integral part of the liberalization process
being persued by many developing countries.

Life insurance as a form of protection is the single-most important

financial product any earning member of a family must have. Having said
this, a well-diversified portfolio is one of the first rules of financial
planning, and as such one should consider different instruments as the
ability to save increases.

(82)
Possible investment options range from bank deposits and government
small saving schemes to mutual funds, stocks and property.

Certainly ULIPs successfully combine the first and most important need of
protection, with savings, and hence are an excellent addition to your
portfolio.

All financial products have a certain amount of risk and charges, be it a

mutual fund, property, or even a bank deposit. It would be unrealistic to
assume that the features and benefits of a ULIP come at no cost, though
the charges are considerably lower than that of a traditional product.
In fact, the very reason the product is transparent is because the
customer knows the charges and risks.

There is no right or wrong in this. The success of marketing insurance

depends on understanding the social and cultural needs of the target
population, and matching the market segment with the suitable
intermediary segment. All intermediaries can’t sell all lines of business
profitably in all markets. There should be clear demarcation in the
marketing strategies of the company from this perspective. Clients should
also receive price differentials for using different channels.

The intermediaries need to be empowered with the right learning, training

and sales tools and technology enablers. Coupled with the right product
mix, this will help the insurers to survive and flourish in this competitive
market scenario. So lets conduct this business with utmost economy
with the spirit of trusteeship; thereby making insurance widely
popular.
(83)
 SECTION 7

RECOMMENDATION

(84)
 RECOMMENDATION

 Positioning insurance as a means to fulfilling one’s duties during

one’s lifetime.
 Fears relating to thefts, ailments, death could be addressed through
‘sensitive’ communication
 Fears relating to claims: Need to promote “trust”. Demonstrating
claim testimonials, positioning as “worry free”.
 Low returns: Reposition insurance as a risk cover, security
instrument rather than a financial investment.
 Lack of understanding: Training of Channels
 To provide quality advice on products best suited
 Lack of Knowledge: Ease of Process, simplifying the product and
the procedure
 Need to promote the quality of awareness
 The benefits: Leverage on Risk Protection or Returns oriented or
both
 The product: catering to life stages
 Need for Branding in Insurance: Branding is more relevant in the
Insurance market which not only faces the problem of securing and
retaining customers in an increasingly competitive marketplace but
also experiences the need for heightened relevance of the brand
proposition in a world where brand has been termed the new
religion.
 In rural India, the LIC is especially synonymous with insurance. But
in the wake of competition insurance companies have to do a
considerable brand building exercise at least in urban India.
(85)
 Adequate time, investment and longer-term management of the
brand are essential, not only for success but also survival. All
brands need to be built around well-differentiated and credible
positioning that springs from the organization’s history. The brand
must not only be believed but lived by management and employees.
 Focus on different segments to survive and thrive in a competitive
environment. Each company has to choose its own unique
positioning based on its unique strengths. Below-mentioned
positioning alternatives can be worth considering.

VARIETY-BASED POSITIONING
This type of positioning is based on varieties in products and services
rather than customer segments. It is a sensible strategy for those
companies who have distinctive advantages or strengths in offering
certain products and services. In the insurance industry too, it is
possible to achieve a unique position by focusing on certain category
of products.

NEEDS-BASED POSITIONING
This is the most commonly understood positioning and is based on the
differing needs of different groups of consumers. This can be done
successfully if a company has unique strengths to service a group of
customer needs better than others.
The insurance needs of customers vary significantly for different
groups of customers. The insurance needs of young family with small
children will be quite different from that of a family in which the income-
earner is close
(86)
 to retirement. However, in India most of the life insurance companies
have a wide variety of products tailored for different customer needs
and there is no company focusing on a particular customer need.

ACCESS-BASED POSITIONING
Positioning of customers can also be done by the way they are
accessible. That is different groups of customers may be accessible in
different ways even though they may have similar needs. Access is
typically a function of customer geography or customer scale. There is
excellent opportunity in the insurance industry to employ access-based
positioning by targeting the rural insurance sector.

The rural market for life insurance is very different from the urban
market in terms of needs, income levels and distribution (seasonality,
for example), penetration of media and so on. Rural market can be a
highly profitable position if one is able to carefully plan and tailor an
entire set of low-cost activities of advertising, distribution, and product
design etc. to successfully exploit the potential.

(87)
  Questionnaire
 Glossary
 List of Preference
 Bibliography

QUESTIONNAIRE

“Awareness of Financial Planning and Consumer’s Perception about

Insurance Industry”

(88)
 Questionnaire

Name: ________________________

Age: ______

Gender: M F

Marital Status: Married Single

Occupation: ___________________

Contact No: __________________

Annual Income (appx. in Rs.)

Upto 1.50 lacs 1.50 lacs-3 lacs

3 lacs-5 lacs above 5 lacs

Q1) Are you aware about ‘what is financial planning’?

YES NO

Q2) Mention the names of Life insurance companies you have heard
of:
1) ________________ 4) ________________
2) ________________ 5) ________________
3) ________________ 6) ________________

Q3) How much do you save approximately of your annual income?

____________________________________________________
 (89)
Q4) where do you invest/would like to invest your savings?
(Rank in order of preference, 1 being most preferable)
Banks Share Market
Insurance Bonds & Securities
Mutual Funds Real Estate/Property

Q5) Have you taken any life insurance policy on your own life or on
life of any of your family member?

YES NO

Q6) which company(s) policy(s) you have?

LIC ICICI PRUDENTIAL

BIRLA SUNLIFE ING VYSYA

HDFC STANDARD LIFE INSURANCE SBI

LIFE

HDFC STANDARD LIFE INSURANCESTD. LIFE

TATA AIG

MAX NEW YORK LIFE AVIVA

RELIANCE KOTAK MAHINDRA

MET LIFE OTHER ____________

(specify)
(90)
Q7) which type of plan did you buy?

Money Back Plan

Endowment Plan

Pension Plan

ULIP

Q8) What was your purpose/will be your likely purpose of taking

insurance?
RANK THEM (1 being most ideal)

a) PROTECTION
OF FAMILY

b) TAX BENEFIT

c) INVESTMENT

d) RETIREMENT
PLANNING

Q9) Have you ever been approached for Life insurance by any of the
following (please √), also Rank according to your preference from
whom you are most likely to buy insurance?
(91)
 (√ Here) (Rank)
1) Known/Current Advisor

2) Advisors referred by friends/family

3) Telesales and subsequent visit by unknown Advisor

4) Schemes offered by your bank (Banc assurance)

5) Group Insurance Policies offered by your employer

Q10) Do you feel opening up of the sector has created more insurance
awareness among the public?

YES NO

Q11) How many dependents do you have?

<2 2-4 4-6 >6

Q12) Do you really think insurance cover in today’s scenario is not

Essential?
_____________________________________________________

_____________________________________________________

THANKS YOU FOR YOUR CONTRIBUTION

(92)
 GLOSSARY

Accident Benefit
An add-on with a life policy. It compensates a policyholder in the event of
death or injury by accident

Annuity
An investment option that makes a series of regular payments to an
individual in exchange for a premium or a series of premium.
 
Asset allocation
How your investments are spread across various asset classes
 
Bonus
The amount paid as return in a ‘with-profit’ policy. The bonus, expressed
as a percentage of the sum assured, is generally declared every year.
The amount is linked to the profits earned by the insurer. Depending on
the time of withdrawal, there are two kinds of bonuses – reversionary and
cash. A reversionary bonus can be encashed only on maturity of the
policy; a cash bonus can be withdrawn when declared
 
Capital gains
Profit earned from the sale of stocks, mutual fund units and real estate.
Long-term capital gains arise from assets owned for more than a year
while short-term capital gains are made from assets owned for less than a
year.
 
(93)
Corpus
The amount of money available with a scheme for investing. If already
invested, the corpus is the current value of the scheme’s portfolio.
 
Cover
Another word for insurance; it also refers to the amount of insurance.
 
Critical illness rider
A rider that provides a policyholder financial protection in the event of a
critical illness

Death benefit
The amount payable to the nominee on death of the policyholder. The
amount paid is the sum assured plus benefits applicable (if any) less
outstanding loans.
 
Endowment plans
An insurance plan that provides a policyholder risk cover and some return
on investment. Usually suitable for the risk-averse
 
ELSS (equity-linked savings schemes)
Diversified equity funds that additionally offer a tax deduction under
Section 80C on investments up to Rs.1 lakh.

Financial planning
It covers the essential elements of a person’s financial affairs and is
aimed at achieving a person’s financial goals.
 
(94)
Group Insurance
An insurance policy taken out by employers to provide life cover to their
employees. Usually the cheapest form of insurance.
 
Insured
The policyholder: The person who buys an insurance policy
 
Insurer
The insurance company
 
Investments
Assets like fixed deposits, post office savings, bonds and stocks that are
acquired for the purpose of earning a return
 
Liquidity
The quality of assets that can be easily and quickly converted into cash
without any, or significant, loss in value.
 
Lock-in period
The period of time for which investments made in an investment option
cannot be withdrawn.
 
Maturity date
The date on which a policy term or fixed-income investment like fixed
deposit or bond comes to an end.
 

(95)
Money-back plans
A variant of endowment plans in which survival benefits are disbursed
through the policy term, rather than in a lump sum at the end.

Net asset value (NAV)

The simplest measure of how a scheme is performing, it tells how much
each unit of it is worth at any point in time. A scheme’s NAV is its net
assets (the market value of the financial securities it owns minus
whatever it owes) divided by the number of units it has issued.

Nominee
The person(s) nominated by the policyholder to receive the policy benefits
in the event of his death.

Pension Plan
Investment products offered by insurance companies and mutual funds
that required the investor to make defined contributions over regular
periods, mostly every year. The contributions are invested according to a
pre-decided investment plan. At retirement, the accumulation is paid out
through regular pay-out options.
 
Policy
The legal document issued by an insurance company to a policyholder
that states the terms and conditions of an insurance contract.
 
Policy term
The period for which an insurance policy provides cover
 
(96)
Post office schemes
Also known as Small Savings schemes, they are offered at post offices
and carry the highest returns among fixed income instruments.
Government backing makes these instruments like Public Provident Fund
(PPF), National Savings Certificate (NSC), Kisan Vikas Patra (KVP) and
Post Office Monthly Income Scheme (POMIS) risk-free

Premium
The amount paid by the insured to the insurer to buy cover
 
Riders
Additional covers that can be added to a life policy, for a cost

Sum assured
The amount of cover taken under a life insurance policy, it is the minimum
amount that will be paid on death of the policyholder during the policy
term.
 
Surrender value
The amount payable by the insurer to the owner of an investment-based
plan in case he opts to terminate the policy after three years (the
mandatory lock-in period) but before its maturity date. The surrender
value will be the premium paid till date minus surrender charges and any
outstanding loans due.
 
Term plans
A plan that provides life cover for a specified period of time, but no return
on the premium paid
(97)
 Vesting date
In pension plans, it is the date from which the policyholder starts receiving
pension. In children’s plans, it is the date from which a child becomes the
owner of a policy taken out in his name (generally, around his 18th
birthday).
  
Waiver of premium rider
A rider that waives the premium payable on the base policy and other
riders in certain circumstances mostly related to death, disability or injury.
An important feature especially for investment products such as children’s
policies.
  
Will
A document that designates the assets of a person-both financial and
physical- to various family members and other heirs.
 
Whole-life plans
Class of life insurance policies that provide cover through your lifetime.

(98)
 BIBLIOGRAPHY
BOOKS
Marketing Management ,By Philip kotaler
Marketing of Service By Dr. S.L Gupta and V.V. Ratna
Finanaial Management By I.M.Panday
Economics Times

Websites

www.rbi.org.in
www.irdaindia.org
www.banknetindia.com
www.BAJAJ Allianzinsurance.com
www.businessworldonline.com
www.google.com (search engine)

Other References:
Brochures of various plans

(99)