SUMMER TRAINING REPORT ON

“ CONSUMER PREFERENCE OF ULIP “

(UNIT LINKED INSURANCE POLICY)

SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENT

FOR THE AWARD OF THE DEGREE OF

MASTER OF RISK & INSURANCE MANAGEMENT

(2008-2010)
AEGON RELIGARE LIFE INSURANCE

UNDER GUIDANCE OF SUBMITTED BY

MOHD. AZAM SONAL GINODIA

(AGENCY DEV. MANAGER )
rd
MRIM-3 SEM
AGEON RELIGARE LIFE INSURANCE ROLL NO- 24
Enrolment No.- 308578

FACULTY OF COMMERCE
BANARAS HINDU UNIVERSITY

VARANASI
 PREFACE

I feel greatly enthuastic in presenting this summer

training report.I have tried to present the various
aspects of ULIP Products in a detailed manner. It has
been pleasure on working on this report.

I have tried to create an understanding on ULIP

Products, how it is managed & regulated. I have taken
origin, meaning of Insurance and various aspects of
ULIP products in which I showed Consumer Prefernce of
ULIP of 100 persons in my survey.

I have done my project in a very healthy atmosphere. I

learn a lot of things which I could never have been
learnt from my theory classes.

My efforts would prove to have succeed if this report

satisfies the readers as I have tried to do so.

SONAL GINODIA
 ACKNOWLEDGEMENT

It is a greater pleasure and privilege for me to take the

opportunity to render our deep sense of gratitude and
appreciation to Mr Mohammad Azam (Agency
Development Manager), Mr. Dinesh Singh (Business
Manager) who has been source of inspiration for taking
up this project and for its successful completion.

I would also like to place on record our thanks to all the

respondents without whose kind co-operation this
project would not have been completed.

I also express my sincere gratitude to Prof.O.P.RAI

(Coordinator of M.R.I.M.) and Prof.B.JHA (Dean of
Faculty of Commerce) for availing me opportunity for
summer training.

I also acknowledge my thanks to my revered Institute,

my family members and friends for their co-operation
and encouragement.

SONAL GINODIA

CONTENTS
1. Synopsis
2. Research Objective
3. About Life Insurance
 Brief History of Insurance
 Purpose & Need of Insurance
 Introduction About Life Insurance
 Role of Life Insurance
 Advantages of Life Insurance
4. Insurance Regulatory & Development Authority
5. About ULIP
 What is ULIP
 Working of ULIP
 Benefits of ULIP

6. About Aegon Religare

 History of Aegon & Religare
 Leadership Team
 Value & Vision
 Management Style
 Investment Team & Matrix
 Product Range
 SWOT Analysis
 Ads & Competitors

7. Presentation of Data & Analysis

 Research Methodology
 Annexure
 Analysis & Interpretation

8. Survey Report
 Findings & Conclusion
 Outlook & Potential
9. Suggestions
10. Biblography

SYNOPSIS
 “CONSUMER PREFERENCE OF ULIP”

This project as a part of training has been prepared on the topic

Customer’s Perspective of Unit Linked Insurance Plans. The report
highlights all the aspects of a ULIP customer. It begins from the history of
insurance and covers the growth of life insurance business in India. Then it
throws light upon the pivot of the current life insurance industry, i.e. ULIP.

ULIPs can be said as the summation of insurance policy and mutual funds.
Hence they not only provide the risk cover but are also providing the
capital market gains to the insured. The project also provides the details of
the various ULIPs provided by AEGON Religare Life Insurance viz. Star
Child Plan, Protect Gain, Level term and many more. It provides the details
regarding the marketing channel and the promotion and advertisement
campaign of the company. It also lays emphasis on the fact that life agents
are the blood regulating organ in a life insurance company.

Finally, a survey was conducted which showed that the customers are not
completely aware of all the features of a Unit Linked Plan. In fact they
hardly know about the different types of fees charged by a life insurance
company. Moreover there is a large no. of persons who have not heard
about ULIP.
 RESEARCH OBJECTIVE

The objectives of the project are summed up as under:

“CONSUMER PREFERENCE OF ULIP”

 To know awareness among the people about ULIP

in Varanasi

 To know what they think about investment

 To know perception of consumers about different sector of

insurance company

 To know perception of consumers of their mode of premium

payment.
INTRODUCTION ABOUT
LIFE INSURANCE

WHY IS INSURANCE NECESSARY?

Why insurance is necessary? The question contains the answer within itself.
After all, life is fraught with tensions and apprehensions regarding the
future and what it holds for the individual. Despite all the planning and
preparation one might make no one can accurately guarantee or predict how
or when death might result and the circumstances that might ensue in its
aftermath.

We are not saying that life and existence are constantly fraught with danger
and uncertainty. But then it is essential that you plan for the future. The
changes for a fatality or an injury to occur to the average individual may
not be particularly high but then no one can really afford to completely
disregard his or her future and what it holds.

People generally regard insurance as a scheme when and where you have to
lose a lot to gain a little. Nevertheless, insurance is still the most reliable
tool an individual can use to plan for his future.

PURPOSE & NEED OF INSURANCE:

Assets are insured, because they are likely to be destroyed, through
accidental occurrences. Such possible occurrences are called perils. Fire,
flood, breakdown, lightening, earthquake, etc. are perils. If such perils can
cause damage to the assets, we say that the asset is exposed to that risk.
Perils are the events. Risks are the consequential losses or damages.

The risk to a owner of a building, because of the peril of earthquake, may

be a few crores of rupees, depending on the cost of the building and the
contents in it.The risk only means that there is a possibility of loss or
damage. The damage may or may not happen. Insurance is done against the
contingency that it may happen. There has to be an uncertainty about the
risk. Insurance is relevant only if there are uncertainties. If there is no
uncertainty about occurrence of an event, it cannot be insured against. In
case of human being death is certain, but the time of death is uncertain. In
case of a person who is terminally ill, the time of death is not uncertain,
though not exactly known. He cannot be insured.Insurance does not protect
the asset. It does not prevent its loss due to the peril. The peril cannot be
avoided through insurance. The peril can sometimes be avoided, through
better safety and damage control management. Insurance only tries to
reduce the impact of risk on the owner of the asset and those who depend
on that asset. It only compensates the losses- and that too, not fully. Only
economic consequences can be insured. If the loss is notfinancial,insurance
may not be possible. Examples of non- economic losses are love and
affection of parents, leadership of managers, sentimental attachments to
family heirlooms, innovative and creative abilities, etc.

LIFE INSURANCE MARKET IN INDIA

 Many may not be aware that the life insurance industry of India is as old as
it is in any other part of the world. The first Indian life insurance company
was the Oriental Life Insurance Company, which was started in India in
1818 at Kolkata.

A number of players (over 250 in life and about 100 in non-life) mainly
with regional focus flourished all across the country. However the
government of india, concerned by the unethical standard adopted by some
player against the consumers, nationalized the industry in two phases in
1956(life) and in 1972(non-life).

The insurance business of the country was then brought under two public
sector companies, Life Insurance Corporation of India (LIC) and General
insurance Corporation of India (GIC).

In line with the economic reforms that were ushered in India in early
nineties, the Government set up a committee on reforms (popularly called
the malhotra committee) in April 1993 to suggest reforms in the insurance
sector. The Committee recommended throwing open the sector to private
player to usher in competition and bring more choice of the consumers. The
objective of the insurance to penetration of insurance as a percentage of
GDP, which remains low in India even compared to Insurance Regulatory
and Development Authority (IRDA) Bill in 1999. IRDA was set up as an
independent regulatory, which has put in place regulations in line with
global norms. So far in the private.

ROLE OF LIFE INSURANCE

1. Life insurance as “Investment”
 Insurance is an attractive option for investment. Which most people
recognize the risk hedging and tax saving potential of insurance, many are
not aware of its advantages as an investment option as well. Insurance
products yield more compared to regular investment options and this is
besides the added incentive offered to insurers.

 You cannot compare an insurance product with other investment schemes

for the simple reason that it offers financial protection from risks,
something that is missing in non-insurance products. In fact, the premium
you pay for an insurance policy is an investment against risk. Thus before
comparing with other schemes, you must accept that a part of the total
amount invested in life insurance goes towards providing for the risk cover,
while the rest is used for savings.

2. Life insurance as “Risk cover”

 First and foremost, insurance is about risk cover and protection –financial
protection, to be more precise – to help outlast life’s unpredictable losses.
Designed to safeguard against losses suffered on account of any unforeseen
event, insurance provides you with that unique sense of security that no
other from of investment provides. By buying life insurance, you buy peace
of mind and are prepared to face any financial demand that would hit the
family in case of an untimely demise.

 To provide such protection, insurance firms collect contributions from

many people who face the same risk. A loss claim is paid out of the total
premium collected by the insurance companies, who act as trustees to the
monies.

 Insurance also provides a safeguard in the case of accidents or a drop in

income after retirement. An accident or disability can be devastating, and
an insurance policy can lend timely support to the family in such times. It
also comes as a great help when you retire, in case no untoward incident
happens during the term of the policy.

3. Life insurance as “Tax planning”

 Insurance serves as an excellent tax saving mechanism too. The
Government of India has offered tax incentives to life insurance products in
order to facilitate the flow of funds into productive assets. Under section
80(c) of Income Tax Act 1961,an individual is entitled to a rebate of
Rs.1Lakh on the annual premium payable on his/her life and life of his/her
children or adult children. The rebate is deductible from tax payable by the
individual or a Hindu Undivided Family (HUF), the rebate is deductible
from the tax liability of an individual or a Hindu Undivided Family.

ADVANTAGES OF LIFE INSURANCE:-

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 saving certificates, in
mutual funds and all other saving instruments. If the money is invested in
buying shares and stocks, there is the risk of the money being lost in
fluctuation 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 fund available is not the total of the savings already made
(premium paid),but the amount one wished to have at the end of the saving
period (which is the next 20 or 30 years).the final fund is secure from the
very beginning. One has to pay for it only as long as one life or for a lesser
period if so chosen.

There is no other scheme which provides this kind of benefit therefore life
insurance has no substitute. Even so, a comparison with other form of
saving will show that life insurance has the following advantages:-

 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.
 There is a certain amount of compulsion to go through the plan of savings.
 In other forms, if one changes the original plan of savings, there is no loss.
 Creditor can not claim life insurances moneys. They can be protected
against attachment by courts.
 There are text benefits, both in income tax and capital gains. Marketability
and liquidity are better. A life insurance policy is property and can be
transferred or mortgaged. Loan can be raised against the policy.

The following tenets help agent to believe in benefit of life insurance. Such
faith will enhance there determination to sell and their perseverance.
 Life insurance is not only the best possible way for family protection. There
is no other way.
 Insurance is the only way to safeguard against the un predictable risks of
the future. It is unavoidable.
 The value of human life is far greater than the value of property only
insurance can preserve it.
 Life insurance is not surpassed by many other savings or investment
instruments, in terms of security, marketability, stability of value or
liquidity.Insurance, including life insurance, is essential for the
conservation of many businesses, just as it is in the preservation of homes.
 Life insurance enhances the existing standards of living.
 Life insurances help people live financially solvent lives.
 Life insurance perpetuates life, liberty and the pursuit of happiness.
 THE INSURANCE REGULATORY AND
DEVELOPMENT AUTHORITY

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 insurance companies was the
launch of the IRDA’s online services for issue and renewal of licenses to
agents.

The approval of institutions for imparting training to agents has also

ensured that the insurance companies would have a trained workforce of
insurance agents in place to sell their products, which are expected to be
introduced by early next year.

Since being set up as an independent statutory body the IRDA has put in a
framework of globally compatible regulations. In the private sector 12 life
insurance and 6 general insurance companies have been registered.
 ABOUT UNIT LINKED
INSURANCE PLAN(ULIP)
 ULIP

What is ULIP?
A plan which gives complete clarity about the various charges deducted
and why it’s being deducted and so how your fund will grow over time.

Unit Linked Insurance Policies (ULIPs) as an investment avenue are closest

to mutual funds in terms of their structure and functioning. As is the case
with mutual funds, investors in ULIPs is allotted units by the insurance
company and a net asset value (NAV) is declared for the same on a daily
basis.

Similarly ULIP investors have the option of investing across various

schemes similar to the ones found in the mutual funds domain, i.e.
diversified equity funds, balanced funds and debt funds to name a few.
Generally speaking, ULIPs can be termed as mutual fund schemes with an
insurance component.

However it should not be construed that barring the insurance element there
is nothing differentiating mutual funds from ULIPs.

ULIPs are a category of goal-based financial solutions that combine the

safety of insurance protection with wealth creation opportunities. In ULIPs,
a part of the investment goes towards providing you life cover. The residual
portion of the ULIP is invested in a fund which in turn invests in stocks or
bonds; the value of investments alters with the performance of the
underlying fund opted by you.

Simply put, ULIPs are structured in such that the protection element and
the savings element are distinguishable, and hence managed according to
your specific needs. In this way, the ULIP plan offers unprecedented
flexibility and transparency.
Working of ULIPs
It is critical that you understand how your money gets invested once you
purchase a ULIP:

When you decide the amount of premium to be paid and the amount of life
cover you want from the ULIP, the insurer deducts some portion of the
ULIP premium upfront. This portion is known as the Premium Allocation
charge, and varies from product to product. The rest of the premium is
invested in the fund or mixture of funds chosen by you. Mortality charges
and ULIP administration charges are thereafter deducted on a periodic
(mostly monthly) basis by cancellation of units, whereas the ULIP fund
management charges are adjusted from NAV on a daily basis.

Since the fund of your choice has an underlying investment – either in

equity or debt or a combination of the two – your fund value will reflect the
performance of the underlying asset classes. At the time of maturity of your
plan, you are entitled to receive the fund value as at the time of maturity.
The pie-chart below illustrates the split of your ULIP premium:

One of the big advantages that a ULIP offers is that whatever be your
specific financial objective, chances are that there is a ULIP which is just
right for you. The figure below gives a general guide to the different goals
that people have at various age-groups and thus, various life-stages.
BENEFITS OF ULIP
Unit linked plans provide an opportunity for the discerning investor to
benefit from the return available in their capital market without going for
direct investments in capital market.

 CUSTOMER SATISFACTION

 MARKET TO YOUR OWN CUSTOMER:

Giving a lot of thoughts to your marketing program aimed at current

customer is one aspect of building customers royality.

When you buy a new car, many dealer will within minutes try to sell you an
extended warranty, an alarm system, and may be rust proofing. It often a
very easy sale and costs a dealer almost nothing to make. Are there
additional products you can sell your customers?

 USE COMPLAINTS TO BUILD BUSINESS:

When customers aren’t happy with your business they usuallywon’t

complain to you-instead, they’ll probably complain to just about everyone
else them – and take their business to your competition next time. That’s
why increasing number of business are making follow-up calls of mailing
satisfaction questionnaires after the sale is made. They find that if they
promptly follow up resolve a customer’s complaint, the customer might be
even more likely to do business then the average customer who didn’t have
a complaint.

In many business situations, the customer will have many more interactions
after the sale with technical, service, or customer support people then they
did with the sales people. So if you’re serious about retaining customers or
getting referrals, these interactions are the ones that are really going to
matter. They really should be handled with the same attention and focus
that sales calls get because in a way they are sales calls for repeat business.

 REACH OUT TO YOUR CUSTOMER:

Contact…contact…contact with current customer is a good way to Build

their loyality. The more the customer sees someone from your firm, the
more likely you’ll get the next order. Send Christmas cards, see them at
 trade shows, stop by to make sure everything’s okay. Send a simple
newsletter to your customers-tell them about the great things that are
happening at your firm and include some useful information for them. Send
some copies of any media clippings about your firm. Invite them to free
seminars. The more they know about you, the more they see you as
someone out to help them, the more they know about your
accomplishments-the more loyal a customer they will be.

Building customer loyality will be a lot easier if you have a royal

workforce-not at all a given these days. It is especially important for you to
retain those employees such as sales peoples, technical support, and the
customer-service people. Many companies give a attention to retaining
sales people but little to support people.i’ve have been fortunate to have the
same great people in customer service for years and the compliment from
customers make it clear that they really appreciate specific people in our
service functions.

“it takes a lot less money to increase your retention of current

customers then to find new ones-but to know I don’t give it as much
effort as I should because it does take a lots of energy and effort!”

“LIFE INSURANCE IS A WAY TO LIFE”

 ULIPs ARE SAFE

 SECURITIES OF IVESTMENTS

AEGON Religare ULIPs invest across different asset classes-Equity debt & money
market.

Stringent investment norms mandated and monitored regularly by IRDA.

 ADVANTAGES OVER FINANCIAL INSTRUMENTS

ULIPs are long-term protection-cum investment vehicles.
 Offer long- term financial solutions for multiple needs.

 FLEXIBILITIES OFFERED
Choice of 4 funds with investment in diversified asset classes.

Choice of switching investment a cross funds.

Co. manages your hard earned money (you need not be an Expert
financial investor).
EXISTING TRENDS
Longer the time spent in financial markets, higher are the Chances of reaping benefits. If we
consider a 10 yrs period from 1998 till date, equity returns have out performed other investment
options, such as Gold, silver& government bonds.
ABOUT AEGON RELIGARE
O VER 160 MILLIONS EXPERIENCE AND PROTECT 40 MILLIONS LIVES
  160 years of experience in the insurance business.

 Ranked the 5th largest insurance company in the world on revenues*

 Presenting 20 countries throughout the Americas, Europe, and Asia.

 4 crore customers worldwide.

 Track record of finding beneficiaries of policies &settling claims.

 Even in the wake of crisis in the financial world rated AA# by rating agency.
 Oneof India’s leading integrated financial services group.

 Services in retail, wealth & institutional spectrums.

 Presence in more them 460 cities &towns &more than 1550

locations.

New Initiatives

! India’s first holistic arts initiative including an art fund

! India’s first Film Fund

! India’s first 360 degree content rich online investment portal

! Launched the Corporate Services Group-a centralized advisory-led

Referral group

! Launched Banc invest Channel, a co-managed distribution channel

offering3-in-1 product (bank, trading and demat account)

! Inked India’s first wealth management joint venture with global

majorMacquire Bank

! The latest feather in the Religare hat is their foray into the Life
Insurance market in partnership with AEGON
 OVERVIEW

AEGON’s businesses serve over 40 million customers in over 20 markets throughout the
Americas, Europe and Asia, with major operations in the United States, the Netherlands and
the United Kingdom. With headquarters in The Hague, the Netherlands, AEGON companies
employ almost 32,000 people worldwide. The company’s common shares are listed on four
stock exchanges: Amsterdam, London, New York and Tokyo. It manages EUR 351 billion in
revenue generating investments. AEGON has more than 160 years of experience with its
roots going back to 1844. It holds 26% equity in our company.

About Religare Enterprises Limited

Religare Enterprises Limited (REL) is one of the leading integrated financial services groups
of India. REL's businesses are broadly clubbed across three key verticals - the Retail,
Institutional and Wealth spectrums, catering to a diverse and wide base of clients. REL offers
a multitude of investment options and a diverse bouquet of financial services with its pan
India reach in more than 1800* locations across more than 490* cities and towns.

REL also currently operates from 10 countries globally following its acquisition of London's
oldest brokerage & investment firm, Hichens, Harrison & Co. plc. With a view to expand,
diversify and introduce offerings benchmarked against global best practices, Religare has
partnered with Australia based financial services major-Macquarie for its wealth management
business and with Vistaar Entertainment to launch India's first SEBI approved Film Fund
offering a unique alternative asset class of investments. REL holds 44% equity in our
company.

Bennett, Coleman & Co. Ltd. (BCCL ), part of the mammoth Times Group, is India’s
largest media house. It reaches out to 2468 cities and towns all over India. The group owns
and manages powerful media brands like The Times of India, The Economic Times,
Maharashtra Times, Navbharat Times, Femina, Filmfare, Grazia, Top Gear, Radio Mirchi,
Zoom, Times Now, Times Music, Times OOH, Private Treaties and indiatimes.com. All of
its brands are multinational in outlook, traditional at heart and national in spirit. From the
very first edition on November 3, 1838 the mammoth BCCL Group has come a long way. By
way of the innovative venture of Times Private Treaties the BCCL Group holds 30% equity
in our company.
BOARD OF DIRECTORS
CHIEF EXECUTIVE OFFICER

RAJEEV JAMKHEDKAR

CHIEF FINANCIAL OFFICER & APPOINTED ACTUARY

K.S GOPALAKRISHNAN

CHIEF INVESTMENT OFFICER

SAIBAL GHOSH

CHIEF MARKETING OFFICER

YATEESH SRIVASTAVA

AUDIT RISK & COMPLAINCE OFFICER

DEBMALYA MAITRA
Value and Vision
Savings & Investment Products in Indian Market

Art of Growing Money

 AEGON Religare Star Child Plan
To be able to meet your children’s needs and aspirations is what you always strive towards.
Life, if systematically managed, can keep changing for the better leading to a more secure
future for your children. AEGON Religare Star Child Plan aims to help you in doing just that.
It not only makes provisions for your children’s future but also ensures that their future
remains secured.

This plan not only make provisions for your child’s future but also ensures that their future is
remains secures in the event of your unfortunate demise, we assure a lump sum premium and
waive off of future premium till maturity.

BENEFITS

 Choice of investment fund.

 Option of withdrawals.
 Option of transfer fund
 Option to top-up investments
 Liquidity as per requirements
 Tax benefit

Get the dual benefit of securing your family financially as well as saving for a brighter future
with our ULIP plans. You've always worked hard to give your family nothing but the best.
But growing expenses, never-ending price hikes and inflation make most of your plans
difficult. Which is why, it becomes all the more important to invest and set aside that little
something for whatever may come your way. AEGON Religare Premium Gain Plan helps
maximise your investments and gives you the best possible returns
 PROTECT GAIN PLAN

Your life has many phases and it changes with time. But it doesn't have to be a financial
roller coaster ride for you. Life, if systematically managed, can constantly keep changing for better,
leading only to a more secured tomorrow. AEGON Religare Protect Gain plan aims to do just that for
you.

PREMIUM GAIN PLAN

You've always worked hard to give your family nothing but the best. But growing
expenses, never-ending price hikes and inflation make most of your plans difficult. Which is why, it
becomes all the more important to invest and set aside that little something for whatever may come your
way. AEGON Religare Premium Gain Plan helps maximise your investments and gives you the best
possible returns.

PREMIUM GAIN PLUS PLAN

You've always worked hard to give your family nothing but the best. But growing
expenses, never-ending price hikes and inflation make most of your plans difficult. Which is why, it
becomes all the more important to invest and set aside that little something for whatever may come your
way. AEGON Religare Premium Gain Plus Plan helps maximise your investments and gives you the
best possible returns.

WEALTH PROTECT PLAN

A plan that ensures, that you never miss an opportunity to maximise the gains and
shields it during down turn. AEGON Religare Wealth Protect Plan guarantees that the returns will not
dip below 80% of highest NAV during the policy term

.
 The Invest Protect Advantage

It will not only help you gain from your investments but will also minimize the risk on your
returns as your policy nears maturity.

It aims to protect your money by systematically shifting the units from Enhanced Equity
Fund to the Secured Fund during the last three policy years.

BENEFIT
 Choice of investment funds
 Option of withdrawals
 Option to transfer Funds
 Option to top-up investments
 Tax benefit
Have money but no time to spend it? Ensure that it is not the other way round tomorrow.
Know how much pension you would require when you retire and start saving for your
retirement today.

AEGON Religare Pension Plan

Today, you are living comfortably. There is a regular inflow of income and your bills are paid
on time. However, the future will be different. Rising inflation will affect the price of the
smallest of items. AEGON Religare Pension Plan provides you with a regular pension that
will help you take care of the much needed basic necessities, post-retirement.

AEGON Religare Intra Pension Plan

Your family looks to you for support and strength at all times. Whether
markets crash, prices rise or unforeseen events run riot with your budgets, you manage to
come out of such situations on top. All your life, you strive hard and make sure you earn
enough and more to ensure that you and your family get the best of everything. Why should
your post-retirement life be any less?

It will not only help you gain from your investments but will also minimize the risk on your
returns as your policy nears maturity.

It aims to protect your money by systematically shifting the units from Enhanced Equity
Fund to the Secured Fund during the last three policy years.
 BENEFIT

 Choice of investment funds

 Option of withdrawals
 Option to transfer Funds
 Option to top-up investments
 Tax benefit

Critical Illness Rider

Accidental Death, Disability, Dismemberment Rider

 SWOT ANALYSIS

STRENGTH WEAKNESS

 Focus on in only one product. Loose departmental

Structure in AEGON
RELIGARE life insurance

 Strong product knowledge brand equity.

 Worldwide distribution network.
 Financially strong stability to support Being a new entrant in india Business.
Awareness is low about co.
Advance information technology in (in small cities).
extensive use.

 Has strong commands &popularity in No decentralization of AEGON

pension plan. RELIGARE life insurance.
 Joint venture with bannett&coleman
Gives Prestige to popularity of co.

OPPURTUNITY THREATS
 Wide geographical reach. Close competition in premium
Rates and commission.

 Non-life penetration is low in india Too many approaches of

A potential growth area of the Competitors.
future.
Ads
 MAJOR COMPETETOR OF AEGON RELIGARE

LIFE INSURANCE COMPANY LIMITED

1. LIC

2. BIRLA SUN LIFE INSURANCE COMPANY LIMITED

3. BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED

4. HDFC STANDARD LIFE INSURANCE COMPANY LIMITED

5. TATA AIG LIFE INSURANCE COMPANY LIMITED

6. MAX NEW YORK LIFE INSURANCE COMPANY LIMITED

7. OM KOTAK MAHINDRA LIFE INSURANCE COMPANY

LIMITED

8. AVIVA LIFE INSURANCE COMPANY LIMITED

9. ING Vysya LIFE INSURANCE COMPANY LIMITED

10.SBI LIFE INSURANCE COMPANY LIMITED

11. METLIFE INDIA LIFE INSURANCE COMPANY

LIMITED
PRESENTATION OF
DATA & ANALYSIS
 METHODOLOGY
Research methodology is a way to systematically solve the research problem. It may be
understood as a science of studying how research is done scientifically.
Research comprises defining and redefining problems, formulating hypothesis or suggested
solution, collecting, organizing and evaluating data making deductions and research
conclusions to determine whether they fit the formulating hypothesis.
Data required- To gain knowledge about the Work Life Balance is an issue with the
company and also if it an issue then look into that areas.

1. DATA TYPE:
Primary Data
- Personal interview
- Questionnaire
- Marketing research
-
Secondary Data
- Concerned Data
- Internet
We have collected primary data in the form of Questionnaire

2. DATA SOURCE:
- Data is collected from:
- Data is mainly collected from the AEGON Religare website
3. SAMPLING:
A Probability Sampling Method is used.
The sample design is random i.e. the probability of selection of every member is equal.

4. RESEARCH DESIGN:
It is the arrangement of conditions for collection and analysis of data in a manner that
aims to combine relevance to the research purpose with economy in procedure.

5. RESEARCH APPROACH:
- Survey
- Questionnaires

6. ANALYSIS AND INTERPRETATION OF DATA: It was carried on through

-Tabulation of collected data.

Conclusions are drawn from the collected data to accomplish objectives.

 ANNEXURE

CONSUMER’S PREFERENCE OF ULIP AT VARANASI

Name:______________________
Age: _______________________
Gender: ____________________
Occupation: _________________
Marital status: _______________
QUESTIONNAIRE
1. Have you taken any insurance policy?
YES [ ] NO [ ]

2. Is that ULIP or others?

ULIP [ ] OTHERS [ ]

3. Do you know about ULIP plan?

YES [ ] NO [ ]
4. From which sector would you like to buy ULIP product?
PUBLIC [ ] PRIVATE [ ]
5. What is your purpose to invest in ULIP plan?
RISK COVER [ ] HIGH RETURN [ ] TAX SAVING [ ]
6. Where you will prefer to invest next time?
ULIP [ ] MUTUAL FUND [ ]
7. What is your mode of payment of premium?
YEARLY [ ] HALF YEARLY [ ] QUARTERLY [ ] MONTHLY [ ]
8. For whom will you take ULIP?
SELF [ ] CHILDREN [ ] FAMILY [ ]
9. Which type of ULIP product do you have?
CHILD PLAN [ ] PENSION PLAN [ ] SAVING PLAN [ ]

10. What kind of service you look for in an insurance co.?

CUSTOMER–CENTRICITY [ ] EASY TO ACCESS A/C [ ] SERVICE ON
INTERNET [ ] SERVICE ON PHONE CALL [ ]

11. Are you satisfied with different services provided by insurance companies?
YES [ ] NO [ ]
12. Are you satisfied with charges of ULIP Plan?
YES [ ] NO [ ]
ANALYSIS & INTERPRETATION

1. Have you taken any insurance policy?

OPTION RESPONSES PERCENTAGE

YES 75 75%
NO 25 25%
TOTAL 100 100%

YES
NO

INTERPRETATION:- This
Pie-Chart shows that
people are more interested in utilizing their saving in buying
insurance policy than in other sources.

2. Is that ULIP or others?

OPTION RESPONSES PERCENTAGE

ULIP 75 75%
OTHERS 25 25%
TOTAL 100 100%
 YES
NO

INTERPRETATION:- This Pie-Chart show that people are familiar with

ULIP Plan and a large no. of people have invested in ULIP.

3. Do you know about all features of ULIP plan?

OPTION RESPONSES PERCENTAGE

YES 35 35%
NO 65 65%
TOTAL 100 100%
 YES
NO

INTERPRETATION:-This Pie-Chart show that people are still unaware

about ULIP features .

4. From which sector would you like to buy ULIP product?

OPTION RESPONSES PERCENTAGE

PRIVATE 45 45%
PUBLIC 55 55%
TOTAL 100 100%
 PRIVATE
PUBLIC

INTERPRETATION:-This Pie-Chart show that people trust on Public

Sector more than Private Sector in investment.

5. What is your purpose to invest in ULIP plan?

OPITION RESPONSES PERCENTAGE

RISK COVER 20 20%
HIGH RETURN 30 30%
TAX SAVING 50 50%
TOTAL 100 100%
 RISK COVER
HIGH TAX
TAX SAVING

INTERPRETATION:-This Pie-Chart show that people are interested in

investing for tax saving than for risk cover and high return.

6. In which you will prefer to invest next time if you have options?

OPTION RESPONSES PERCENTAGE

ULIP 19 19%
MUTUAL FUND 21 21%
INVESTMENT 33 33%
TRADITIONAL PLAN 27 27%
TOTAL 100 100%
 ULIP
MUTUAL FUND

TRADITIONAL PLAN
INVESTMENT

INTERPRETATION:- This Pie-Chart show that people are more

interested in investment in banks and Nsc than in Ulip and mutual fund.

7. Which mode of premium payment will you prefer?

OPTION RESPONSES PERCENTAGE

YEARLY 46 46%
HALF YEARLY 13 13%
MONTH 27 27%
QUARTER 14 14%
TOTAL 100 100%

YEARLY

HALF YEARLY

MONTH

QUARTER
INTERPRETATION:- This Pie-Chart show that yearly payment
of premium is more prefered by investors in order to avoid
trasaction and other charges.

8. For whom will you prefer to purchase ULIP POLICY?

OPTION RESPONSES PERCENTAGE

CHILDREN 37 37%
SELF 23 23%
FAMILY 40 40%
TOTAL 100 100%
 CHILDREN
SELF
FAMILY

INTERPRETATION:- This Pie-Chart show that people prefer to invest in

those policy which give security to their family than thy think of ourselves.

9. Which type of ULIP product you have?

OPTION RESPONSES PERCENTAGE

CHILDREN 27 27%
SAVING 43 43%
PENSION 30 30%
TOTAL 100 100%

CHILDREN
SAVING
PENSION
 INTERPRETATION:- In this figure it show that people are more
concerned about saving their income through tax exemption than other
things.

10. What is the kind of services that you look for in an insurance co.?

OPTION RESPONSES PERCENTAGE

CUSTOMER-CENTRICITY 27% 27%
EASY TO ACCESS A/C 23% 23%
SERVICE ON INTERNET 12% 12%
SERVICE ON PHONE CALLS 16% 16%
TRANSPARENCY 12% 12%
TOTAL 90 90%
 CUSTOMER-CENTRICITY
EASY TO ACCESS A/C
SERVICE ON INTERNET
SERVICE ON PHONE CALLS
TRANSPARENCY

INTERPRETATION: - In this figure I found that people are more

concerned about the service of customer centricity than other services.

11. Are you satisfied with different services provided by Insurance Company?

OPTION RESPONSES PERCENTAGE

YES 70 70%
NO 30 30%
TOTAL 100 100%
 YES
NO

INTERPRETATION:- This Pie-Chart show that people are satisfied with

the services provided by insurance company and are also interested in
taking policy.

12. Are you satisfied with charges of ULIPs Plans offered

by other Life Insurance Cos?

OPTION RESPONSES PERCENTAGE

YES 45% 45%
NO 55% 55%
TOTAL 100 100%
 YES
NO

INTERPRETATION:- This Pie-Chart show that people are not satisfied

with the hidden charges charged by insurance company they are required
to reduce and disclose all the charges.

FINDINGS,CONCLUSIONS
AND SUGGESTIONS
 CONCLUSION

 Only 35% of respondents are aware about all the feature and terms & condition of ULIP

 50% of respondents want to purchase ULIP product for tax saving & 30% for high return &
20% for risk cover

 55% of the respondents prefer to invest in public sector & 45% in private sector

 46% of the respondents prefer to one time, 13% half yearly, &27% monthly payment &14%
quarterly premium payment.

 33% of the respondents prefer to invest in investment, 27% in traditional plan, 21% wants in
mutual fund &19% in ULIP.
 LIMITATIONS

The following limitation may arise during the summer training:-

 When I used to make any call people generally makes false promises

 Some respondents were not at time after called them so had to be re-contacted

 The period was limited(a week) for conducting survey

 The responses were totally depends on the people

 The result was affected due to sometime unavailability of the authorize

Person of the company

 To conduct a survey in the season of summer was too complicated.

 SUGGESTIONS:

 The company should make more product on the basis of tax benefit

 The company should analysis its ULIP product

 The company should more focus on child plan.

 OUTLOOK
 Indian insurance market is expected to be around $25 billion by 2010
 Expected CAGR of over 20%p.a.

POTENTIAL

 Largely untapped market: about 0.6% of the global market for 17% of the world’s population

 Nearly 70% of the Indian population is without Life, Health and Non-Life Insurance.
 Insurance penetration is low at 2.9% as compared to the world average of over 8%.
 Non-Life penetration is even lower-less than 1% in 2004
 Per capita life insurance premium in india in 2004 was $16 as compared to the world average
of $292.
 Strong economic growth with increase in affluence and risk awareness leading to rapid
growth in the Insurance sector.

 Many more international players including AXA have announced plans to enter India.
 Investment opportunities exist in both life and Non-Life segments.
 Total estimated investment opportunity of $4-5 billion.

Source: IRDA.
 BIBLIOGRAPHY

 WWW.GOOGLE.COM
 WWW.IRDA.ORG
 WWW.AEGONRELIGARE.COM
 WIKIPEDIA

BOOKS
 M.N.MISHRA
 MOTIHAR
 IC-33