1

A PROJECT REPORT ON

“TO STUDY ON GENERAL INSURANCE OF KOTAK MAHINDRA BANK”

Submitted To

Yashwantrao Chavan Maharashtra Open University,

School Of Commerce And Management
Nashik-422 222

In Partial Fulfillment of the requirement

For the Award of Degree of MBA (P79)

SUBMITTED BY

UMESH PAPURAM KUMAWAT

PRN.NO: 2021017001711984

YEAR 2022-23

Sharda Education Society’

STUDENT OF ANAND VISHWA GURUKUL SENIOR NIGHT COLLEGE,

COMMERCE AND SCIENCE, WAGLE ESTATE THANE (400604)

Study Center code: 35312

UNDER THE GUIDANCE OF

PROF. RUPESH DHRUVANSHI
 1

A PROJECT REPORT ON

“TO STUDY ON GENERAL INSURANCE OF KOTAK MAHINDRA BANK”

Submitted To

Yashwantrao Chavan Maharashtra Open University,

School Of Commerce And Management
Nashik-422 222

In Partial Fulfillment of the requirement

For the Award of Degree of MBA (P79)

SUBMITTED BY

UMESH PAPURAM KUMAWAT

PRN.NO: 2021017001711984

YEAR 2022-23

Sharda Education Society’

STUDENT OF ANAND VISHWA GURUKUL SENIOR NIGHT COLLEGE,

COMMERCE AND SCIENCE, WAGLE ESTATE THANE (400604)

Study Center code: 35312

UNDER THE GUIDANCE OF

PROF. RUPESH DHRUVANSHI
 STUDENT OF ANAND VISHWA GURUKUL SR NIGHT COLLEGE
THANE (W) 400604

CERTIFICATE OF ORIGNALITY

This is to certify that project report entitled “TO STUDY ON GENERAL

INSURANCE OF KOTAK MAHINDRA BANK” submitted to Yashwantrao
Chavan Maharashtra Open University in partial fulfillment for the Award of the degree
of Master Of Business Administration( MBA), is an authentic work carried out by MR
Umesh Papuram Kumawat with the PRN No : 2021017001711984 under my
guidance.

The matter embodied in this project is genuine work done by the student and
has not been Submitted whether to this University or to any other University/ Institute
for the fulfillment of the Requirements of any course of study.
 Sharda Education Society’

STUDENT OF ANAND VISHWA GURUKUL SENIOR NIGHT COLLEGE,

COMMERCE AND SCIENCE, WAGLE ESTATE THANE (400604)

DECLARATION
I hereby declare that the project work entitled “TO STUDY ON
GENERAL INSURANCE OF KOTAK MAHINDRA BANK” submitted to
Yashwantrao Chavan Maharashtra Open University. is a record of an Original
work done by me under the guidance of PROF. RUPESH DHRUVANSHI and
that same has not been Previously submitted by me to this University or to any
other University.

NAME : UMESH PAPURAM KUMAWAT

PRN No : 2021017001711984

SIGNATURE :

CERTIFIED BY

NAME OF THE GUIDING TEACHER: PROF. RUPESH DHRUVANSHI

SIGNATURE :
 ACKNOWLEDGEMENT

The project on “TO STUDY ON GENERAL INSURANCE OF KOTAK

MAHINDRA BANK” is a result of co-operation, hard work and good wishes of
manypeople. I Student Of ANAND VISHWA GURUKUL SR NIGHT COLLEGE,
would like to thank the project guide “Prof. RUPESH DHRUVANSHI” for this
involvement in my project work and timely assessment that provides me with valued
guidance throughout my study.

I express my deep gratitude to all my college friends and my family

members whose efforts and creativity has helped me giving a final shape
and structure to the project work.

I am also thankful to all those seen and unseen hands and heads, Which have
been of director help in the completion of this project work.
 CERTIFICATE

This is to certify that PROF.RUPESH DHRUVANSHI has worked and duly

completed his Project Work for the degree of Master in Commerce under the Faculty
of Commerce in the subject of FINANCE and his project is entitled, “TO STUDY ON
GENERAL INSURANCE OF KOTAK MAHINDRA BANK” under my supervision.

I further certify that the entire work has been done by the learner under my guidance
and thatno part of it has been submitted previously for any Degree or Diploma of any
University.

It is his own work and facts reported by her/his personal findings and investigations.

Project Guide/Internal Examiner:

PROF. RUPESH DHRUVANSHI
 INDEX
SR.NO CONTENT PAGE NO.
1 CHAPTER 1

1.1 Introduction To Insurance 7

1.2 11
Meaning And Definition 13
1.3 Advantage And Disadvantage 14
1.4 Feature And Objective 15
1.5 Types Of General Insurance 16
1.6 Company Profile
17
37
Logo
Mission
Vision
Objective
History
1.7 Award and achievement
1.8 Main Topic
General Insurance Of Kotak Bank

CHAPTER 2
2 43
RESEARCH AND METHODOLOGY
2.1 Introduction
2.2 Objective
2.3 Scope of the study
2.4 Importance of the study
2.5
2.6
Research Methodology
2.6.1 Sampling method
2.6.2 Sample size
2.6.3 Sample unit
2.6.4 Method of data collection
2.6.5
2.6.6
Primary data collection
2.6.7 Secondary data collection
2.7 Limitation
CHAPTER 3 53
3 REVIEW OF LITERATURE
CHAPTER 4 56
4 DATA ANALYSIS AND INTERPRETATION
5 CHAPTER 5
66
Finding
5.1
5.2 Conclusion
5.3 Suggestion
5.4 Bibliography
CHAPTER 1

 INTRODUCATION
 MEANING AND DEFINITION
 ADVANTAGE AND DISADVANTAGE
 FEATURES AND OBJECTIVE
 TYPES
 COMPANY PROFILE
 MEAN TOPIC
INTRODUCTION OF
GENERAL INSURANCE
INTRODUCTION

Kotak Mahindra General Insurance is a 100% subsidiary of Kotak

Mahindra Bank Ltd, it was incorporated in December 2014 and received an
approval from the Insurance Regulatory and Development Authority to start a
General Insurance business in April 2015, post which it commenced business
operations from December 2015 onward.

The company aims to cater to a wide range of customer segment & geographies
offering an array of non-life insurance products like Motor, Health, and others.

Kotak Mahindra Bank, a part of Kotak Mahindra group founded by Uday

Kotak. Its wide range of products caters to the financial needs of individuals &
businesses alike. In Feb 2003, Kotak Mahindra Finance Ltd., the group‟s flagship
company received a banking license from the Reserve Bank of India, becoming
the first non-banking finance company in the country to convert into a bank.

Kotak Mahindra Bank has a network of 1,369 branches across 689 locations
and 2,163 ATMs in the country (as of 31 March 2017).

General insurance or non-life insurance policies, including automobile and

homeowners policies, provide payments depending on the loss from a particular
financial event.

General insurance typically comprises any insurance that is not determined to

be life insurance.It is called property and casualty insurance in the U.S. and Non-
Life Insurance in Continental Europe.
Insurance is the backbone of a country‟s risk management system. Risk is an
inherent part of our lives. The insurance providers offer a variety of products to
businesses and individuals in order to provide protection from risk and to ensure
financial security.

They are also an important component in the financial intermediation chain of

a country and are a source of long term capital for infrastructure and long-term
projects. Insurance is not the sale of products, but servicing customers. It is a
system, by which the losses suffered by a few are spread over many, exposed to
similar risks.

Insurance is a protection against financial loss arising on the happening of an

unexpected event. Insurance companies collect premiums to provide for this
protection.

A loss is paid out of the premiums collected from the insuring public and
the Insurance Companies act as trustees to the amount collected. The very
fundamental principle of spreading of the risk is actually practiced by the
insurance companies by reinsuring the risks that they have insured.

Further, the opening up of the Insurance Sector to Private Companies, has

made available more products and world class service to Indian Customers. This
project has been made with an objective to give a deep insight of the General
Insurance Sector in India.

With the opening up of the insurance industry to the private sector, the need
for a strong,independent and autonomous Insurance Regulatory Authority was felt.
As the enacting of legislation would have taken time, the then Government
constituted through a Government resolution an Interim Insurance Regulatory
Authority pending the enactmentof a comprehensive legislation.

The Insurance Regulatory and Development Authority Act, 1999 is an act to

provide forthe establishment of an Authority to protect the interests of holders of
insurance policies,to regulate, promote and ensure orderly growth of the insurance
industry and for mattersconnected therewith or incidental thereto and further to
amend the Insurance Act, 1938,the Life Insurance Corporation Act, 1956 and the
General insurance Business(Nationalization) Act, 1972 to end the monopoly of the
Life Insurance Corporation of India (for life insurance business) and General
Insurance Corporation and its subsidiaries(for general insurance business)
MEANING AND DEFINITION

Insurance contracts that do not come under the ambit of life insurance are called
general insurance. General insurance or non-life insurance policies, including
automobile and homeowners policies, provide payments depending on the loss from
a particular financial event. General insurance typically comprises any insurance that
is not determined to be life insurance. It is called property and casualty insurance in
the U.S. and Non-Life Insurance in Continental Europe.

“ Insurance is a plan by themselves which large number of

people associate and transfer to the shoulders of all, risk that attach to
individuals.”

According to :-John Marge

An entity which provides insurance is known as an insurer, insurance
company, insurance carrier or underwriter. A person or entity who buys insurance
is known as an insured or as a policyholder. The insurance transaction involves the
insured assuming a guaranteed and known relatively small loss in the form of
payment to the insurer in exchange for the insurer's promise to compensate the
insured in the event of a covered loss. The loss may or may not be financial, but it
must be reducible to financial terms, and usually involves something in which the
insured has an insurable interest established by ownership, possession, or pre-
existing relationship.

The insured receives a contract, called the insurance policy, which details
the conditions and circumstances under which the insurer will compensate the
insured. The amount of money charged by the insurer to the Policyholder for the
coverage set forth in the insurance policy is called the premium. If the insured
experiences a loss which is potentially covered by the insurance policy, the
insured submits a claim to the insurer for processing by a claims adjuster. The
insurer may hedge its own risk by taking out reinsurance, whereby another
insurance company agrees to carry some of the risk, especially if the primary
insurer deems the risk too large for it to carry.
Insurance became far more sophisticated in Enlightenment era Europe, and
specialized varieties developed.

Property insurance as we know it today can be traced to the Great Fire

of London, which in 1666 devoured more than 13,000 houses. The devastating
effects of the fire converted the development of insurance "from a matter of
convenience into one of urgency, a change of opinion reflected in Sir Christopher
Wren's inclusion of a site for 'the Insurance Office' in his new plan for London in
1667." A number of attempted fire insurance schemes came to nothing, but in
1681, economist Nicholas Barbon and eleven associates established the first fire
insurance company, the "Insurance Office for Houses," at the back of the Royal
Exchange to insure brick and frame homes. Initially, 5,000 homes were insured by
his Insurance Office.

At the same time, the first insurance schemes for the underwriting of
business ventures became available. By the end of the seventeenth
century, London's growing importance as a center for trade was
increasing demand for marine insurance.

In the late 1680s, Edward Lloyd opened a coffee house, which became the
meeting place for parties in the shipping industry wishing to insure cargoes and
ships, and those willing to underwrite such ventures. These informal beginnings
led to the establishment of the insurance market Lloyd's of London and several
related shipping and insurance businesses
ADVANTAGES OF GENERAL INSURANCE

1) The good thing about getting an individual health insurance is that you
get to choose which benefits you want to be included in your package.

2) These include consultation fees, childbirth, well-baby, accidents, and

critical illnesses, among others.

3) You can get to choose the benefits that you would most likely use and
need in the future.

4) If you are short on cash and cannot afford to pay high monthly dues,
other insurance providers may help you by offering co-payments or the
insurance provider will share your medical expenses.

DISADVANTAGES OF GENERAL INSURANCE

1) Cash surrender values are usually less than the premiums paid in
the first several policy years.

2) Sometimes a policy owner may not recover the premiums paid

if the policy is surrendered.

3) The insurance purchase decision and the positioning of the

insurance may be complex especially if the insurance is for estate
planning, business situations or complex family situations.
FEATURE:-

 Customized products and services 

 High claim ratio settlement
 Digital infrastructure
 Efficient processing of claim settlement
 Customer-centric ratio
 Extensive range of add-on to choose
 Easy and fast documentation process
 Reliable and efficient service
OBJECTIVES OF GENERAL INSURANCE:

 To carry on the general insurance business other than life, such as accident,
fire etc.

 Now, To aid and achieve the subsidiaries to conduct the insurance business.

 To help the conduct of investment strategies of the subsidiaries in an

efficient and productive manner.

 A company counted upon by our clients to provide IT solutions

solving business challenges, on time and budget utilizing the latest
technology.

 The company who takes pride in the empowerment of its employees.

 A company who are able to design, deploy and manage projects from
the business challenges to an operational production system.

 The company who collaborate with customer‟s and technology partner‟s in

its drive to provide solutions.

 A company who focuses on the continuous development of new solutions or

new markets, services, or product offerings, or the individual growth and
development of its employees and their ideas.
 TYPE

OF

GENERAL INSURANCE
HEALTH INSURANCE

A health insurance policy helps you and your family to provide you against certain

medical contingency or bodily injury. Every human being is exposed to various health

hazards to its better to have a health insurance the reasons of health insurance are:

 Medicines now a day have become too expensive.

 The charges of private hospital than government hospital is more

MOTOR INUSRANCE

A motor insurance policy helps you to protect your vehicle against certain
damages. If you have purchased a new vehicle and some bike or car person had hit
your vehicle and if you don't have any insurance you have to pay from your own
pocket but if you have done any insurance you will get the work done by the
company.

BENEFITS OF MOTOR INSURANCE?

 Motor insurance policies can literally serve you more than you can ever
think. The importance of car insurance in India is directly linked to the law
imposed by the Government of India. As per Motor Vehicles Act, 1988,
it‟s mandatory for all motorists to possess at least the third motor
insurance.

 Having car insurance in India is important as it covers all the costs

incurred from such events of vehicle damage or injuries done to other
driver, pedestrians or passenger involving your vehicle.

 Online car insurance policies also play a vital role by providing coverage
against various loss or damage to your vehicle resulting from Theft,
Accident, Fire or Explosion, Lightening, Self Ignition, Strikes, Riots,
Disaster, Act of Terrorism, Transit by Rail, Road, Air and so on depending
on the type online car insurance plan you choose.

 To enjoy the benefits of an auto insurance coverage in India one needs to

pay for the premium on their car insurance policy.
WHAT KINDS OF MOTOR INSURANCE POLICIES CAN I OPT FROM?
There are three types of motor insurance plans under the ambit of motor insurance
policy.

CAR INSURANCE
By buying car insurance, you can get the coverage against the Third Party
Liability and damage/loss caused to your own vehicle due to an accident on the
part of your fault. You should buy a Car insurance to get the complete cover.

TWO WHEELER INSURANCE

This motor insurance provides cover against damage caused to your own vehicle
due to an accident (on the part of your fault). It also pays for any third party
liability that arises due to property damage/ bodily injury caused to the other
vehicle.

COMMERCIAL VEHICLE INSURANCE

A Commercial Vehicle Insurance aims to ensure protection against financial loss
that may arise due to a third party liability due to property damage or bodily injury
caused to the other vehicle. It also pays for damages caused to your own vehicle.
WHAT ARE THE BENEFITS OF BUYING A MOTOR INSURANCE?
There are several benefits associated when buying a Motor Insurance.
SAFE ON LEGAL GROUND
One of the prime benefits of buying a motor insurance is the legal
protection. You never have to face a third party liability that may arise due to
any damage to the other vehicle. Instead, your motor insurance will pay for it.

COVERS DAMAGE COSTS

A motor insurance provides cover against the costs that arise due to a third
party liability. You can also get Own Damage (OD) cover under a comprehensive
motor insurance cover.

NO WORRIES AHEAD
With a motor insurance, you need not to worry about the financial burden
arising due to a third party liability. As the motor insurance also pays for Own
Damage, it also covers you against your vehicle damage or bodily injury. Enjoy
financial indemnification in the event of any such loss under the scope of your
motor insurance policy.

EASE OF VEHICLE REPAIRS

Your insurance policy will also pay for repairs that may be costly on your
pocket. You can go to a network garage to get a cashless service and also avail
reimbursement facility when getting repairs with a non-network garage.

NO CLAIM BONUS
If you have not made any claim during a policy period, you are entitled to
receive the NCB benefit. You can redeem this NCB benefit on the next policy
renewal. Your insurer will lower down the premium amount for your policy,
hence saving your money on premium payment. It‟s better to accumulate NCB for
some couple of years, and then claim for it.
COST EFFECTIVE
With the increasing usage of internet access, you may buy new or renew
your motor insurance policy from any corner of the world. You may buy a motor
insurance policy at just a few clicks. Assess the benefits by comparing online and
buy an insurance plan online as per your need. You can also avail additional
discounts by buying online.

WHAT IS NOT INCLUDED IN THE MOTOR INSURANCE?

Here are some contingencies that are not included under the Motor Insurance:

• Driving a motor vehicle without a valid Driving License.

• Driving a motor vehicle under the influence of drugs/ alcohol.

• Electrical/Mechanical Breakdowns.

• An accident takes place outside the geographical limits.

• The vehicle is used for some illegal purposes.

HOME INSURANCE

A home insurance is important for a person to do. The natural

calamities may any time affect your home Floods, earthquakes, tsunamis etc
are some of the natural calamities which can have a certain affect on your
home anytime. So to have a best security you should always do a home insured
you are secured against it.

WHAT KINDS OF HOME INSURANCE PLANS CAN I OPT FROM?

Following are the three most common types of Home Insurance Plans, you can
choose from. The perils covered under the plans may vary from insurer to insurer.

1. BUILDING INSURANCE
This type of home insurance policy provides insurance cover to any the
home structure or building against damage because of the man made purposes or
natural calamities to the amount of providing claim for the full value of
reconstruction in case of complete destruction or as per the defined terms and
conditions in the policy.

2. CONTENT INSURANCE
This type of home insurance policy covers the contents of the house as
they also hold a high value and any loss of such contents may result in a high
financial loss. Content insurance pays for damage or loss of personal possessions
located within the home. With contents insurance, the goods inside your house are
covered against loss and damage caused by fire, flood, theft, or other perils
mentioned in the policy. Contents may include important documents, jewelry,
refrigerator, TV, piece of art, etc. are covered under this home insurance policy.
3. BUILDING + CONTENT INSURANCE
This is a comprehensive kind of home insurance policy which will provide
protection against any damage which happens to the structure of home and also
the valuable contents of your house.This kind of insurance cover provides a total
protection to your home and will be a foolproof arrangement by providing
financial assistance in terms of claim for any loss or damage due to the covered
perils in your
 WHAT IS NOT INCLUDED IN MY HOME INSURANCE PLAN?

Following are the contingencies that are not included in the Home Insurance Plan:
• Willful destruction of property
• Loss or damage caused by wear & tear and/or depreciation
• Loss of property due to war/ nuclear war, act of foreign country, or invasion
• Loss of cash, antiques and collectibles
• Loss or damage caused to any electronic equipment owing to over-usage
• Loss or damage to property left unoccupied for more than a specified time period

WHY SHOULD I BUY HOME INSURANCE?

Any damage to your home could depress you both emotionally and financially,
and that‟s why you should seek cover to insure your home. Listed below are
the top reasons to buy Home Insurance.

PROTECTION FROM NATURAL CALAMITIES

Nepal Earthquake and floods in southern part of India in the year 2015 took many
lives; many homes were shattered and destroyed accounting it to an enormous
financial loss.With a home insurance plan, you can keep your home protected
against all types of „Natural disasters' such as earthquakes, cyclones, landslides,
floods,typhoons.
PROTECTION FROM MAN MADE RISKS:-

Despite installing security equipment and safety gadgets, man-made threats such
as robberies, riots, strikes, thefts, and terrorism may pose the potential risks to
your home. Although every insurer may not offer inbuilt protection against such
events, you can ask them to cover against these damages as well.

SAFEGUARD YOUR HOME AND ITS CONTENTS:-

Whether you are living in a housing society or renting your apartment, it

would be a wise decision to get your home insured. Buying a home insurance also
protects your home against fire and burglaries. Moreover, it also covers your
personal „possessions' inside your homes such as Household appliances, jewelry, a
piece of art, paintings and other valuables. There are other structures that are a part
of your home, but not attached to your homes such as a garage or shed. By
choosing the right home insurance plan, these parts of your home can also be
insured. Thus, by buying a home insurance plan, your home, and its contents are
completely secured.

COVERS THIRD PARTY LIABILITY

A disastrous event may occur when a third party stays or visits your home.
Few home insurance plans also offer the third party liability benefit that protects
you against the legal liability that may arise due to damage or bodily injury to the
third party.

ASSURED PEACE OF MIND

Any damage or loss occurring to your house or contents in it, will prove
disastrous. But with home insurance you have a financial assistance to deal with
and an assured peace of mind in such scenarios.
ACCIDENT INSURANCE

You don't know while travelling your life is in risk or not.

Accidents happen unconditionally .So people to save their loved
ones do accident insurance.

ACCIDENT INSURANCE: WHAT IS COVERED?

 Accidental temporary disability- It means the policy holder has got
severe injuries which have made him/her temporarily disable. In this
case, s/he is entitled to get a lump sum compensation for the number
of days where s/he is not able to work.
 Accidental permanent disability- It means the policy holder has lost
one or more limbs due to an accident or one or more parts of his/her
body has been dismembered. The insured person is liable to get a
certain amount or reimbursement of treatment cost.
 Accidental death- On the event of death due to accident, the policy
holder's family gets accidental death compensation.
 Medical reimbursement for health complications that has risen
from the accident- Many personal accident policies also provide
reimbursement for medical complications that has been raised due to
an accident, like treatment of mental trauma, and so on.
 TRAVEL INSURANCE

Travel insurance helps you or gives you security while you are travelling
at certain places. There might be a situation where you may have loss of
passport, flight delay, baggage etc and so on at this time travel insurance
is important.

Benefits Of Travel Insurance

 Emergency medical cover

 Losses incurred due to unforeseen cancellation or having to cut your trip
short
 Death and disability cover
 Personal liability cover
 Luggage cover

TRAVEL INSURANCE TYPES

You can choose which coverage to opt for on the basis of your specific
requirement. Travel plans and policy offer coverage against all possible
emergency situations during transit.

DOMESTIC TRAVEL INSURANCE

Domestic travel insurance is meant for customers who are travelling within
the country. It provides coverage for medical emergencies, permanent
disability and death, checked-in lost/stolen baggage, travel delay and
personal liability.

INTERNATIONAL TRAVEL INSURANCE

International travel insurance offers protection from a number of

contingencies for overseas travellers during international travel. It provides a
comprehensive coverage for medical expenses overseas, hijack, baggage and
travel delays, repatriations/evacuation to India, and loss of travel
documents/passport besides the usual coverage.
STUDENT TRAVEL INSURANCE

Student Travel Insurance is a travel policy designed for students travelling

abroad on student visa to pursue higher studies. The policy covers students
who are going colleges, universities or institutes in a foreign country for
academic or professional courses. There is minimum paperwork involved in
student plans. The coverage is comprehensive and provides for expenses
incurred on medical treatment, passport loss, and study interruptions.

MEDICAL TRAVEL INSURANCE

Medical travel insurance is a short-term travel insurance plan formulated to

cover specifically the health care and medical expenses incurred such as
medical emergency and evacuation etc. when an individual travel overseas.
The exact inclusions and exclusions depend upon the insurance provider from
whom the medical travel insurance plan is purchased.

GROUP TRAVEL INSURANCE

Group travel insurance, as the name suggests, is a type of travel insurance

policy that covers a bunch of people who are not related to each other by
blood and are traveling to a distant place together. This group of people
could be members of a club, who are going on an international trip to
participate in an activity or something. A group travel insurance policy in
such a case saves thousands on the premium.

SENIOR CITIZEN TRAVEL INSURANCE

Senior citizen travel insurance is for people who belong to the age group of 61-
70 years. It is a travel medical insurance policy aimed at senior citizens to make
their travel a pleasant experience. It includes coverage for dental treatments and
cashless hospitalization besides the usual benefits associated with travel
insurance.

FAMILY TRAVEL INSURANCE

A family travel Insurance plan insures the entire family of the insured
individual from travel related emergencies. This plan covers hospitalization
(travel medical insurance), baggage loss, and other incidental expenses.
MULTI-TRIP TRAVEL INSURANCE

A multi-trip travel insurance is a type of travel insurance offering extended

coverage usually for a year, specially designed for frequent fliers for
multiple trips so that they don't have to apply for insurance every time they
travel.

SINGLE TRIP TRAVEL INSURANCE

This type of travel insurance provides coverage for the duration of a single
trip. It takes care of medical (travel health insurance) and non-medical
emergencies during travel including coverage for loss of checked-in
baggage.

CORPORATE TRAVEL INSURANCE

Under corporate travel insurance India, employees of an organization can get
coverage for both international and domestic trips.
FIRE INSURANCE

Fire can occur at anytime at any place .So its preferable to have a fire
insurance of your house of your shop etc as it may help at the time of
claim.

Benefits Fire Insurance?

 Covers the cost of the property damage due to fire.

 Provides medical expenses to employees who sustained injuries

from the fire incident.

 Provides compensation for loss of life as well.

MARINE INSURANCE

If you are a importer of exporter and you are trading goods from one
place to another by the way of ships you should have a marine insurance
that is it will help to secure the goods at the time of any of the natural
disaster too.

THE DIFFERENT TYPES OF MARINE INSURANCE CAN BE

ELABORATED AS FOLLOWS:

Hull Insurance: Hull insurance mainly caters to the torso and hull of the vessel
along with all the articles and pieces of furniture on the ship. This type of marine
insurance is mostly taken out by the owner of the ship to avoid any loss to the
vessel in case of any mishaps occurring.

Machinery Insurance: All the essential machinery are covered under this
insurance and in case of any operational damages, claims can be compensated
(post survey and approval by the surveyor).

The above two insurances also come as one under Hull & Machinery (H&M)
Insurance. The H&M insurance can also be extended to cover war risk covers and
strike cover (strike in port may lead to delay and increase in costs)

Protection & Indemnity (P&I) Insurance: This insurance is provided by the

P&I club, which is ship owners mutual insurance covering the liabilities to the
third party and risks which are not covered elsewhere in standard H & M and
other policies.

Protection: Risks which are connected with ownership of the vessel. E.g. Crew
related claims.
Indemnity: Risks which are related to the hiring of the ship. E.g. Cargo-related
claims.

Liability Insurance: Liability insurance is that type of marine insurance where

compensation is sought to be provided to any liability occurring on account of a
ship crashing or colliding and on account of any other induced attacks.
BURGLARY INSURANCE

Under this insurance the insurance company undertakes to

indemnify the insured against loss from burglary i.e. loss of
moveable goods by robbery and theft by breaking the house,.

The main policies available under the burglary insurance are:-

 Burglary business premises insurance policies

 Burglary private dwellings insurance policies (theft covered)

 Combined fire and burglary insurance policies i

 All risk insurance policies

 Baggage insurance policies

 Jewellery and valuables insurance policies

FIDELITY INSURANCE

As protection against the risks of loss on account of embezzlement or

declares man may get the policies issued covering the risk of loss on account of
fraud and dishonesty on the action of cash or misappropriation of goods by
employees, business part of employees handling cash or in charge of stores. This
is called fidelity insurance

DO YOU NEED FIDELITY INSURANCE?

There are certain circumstances that will determine whether or
not Fidelity Insurance is an `appropriate cover for your business, for
example:

 The record, standing and reputation of the employee

 The “bonafides” of the employer

 The systems in place for checking accounts

 General supervision of the employe

LIFE INSURANCE

WHAT IS LIFE INSURANCE PLAN?

Life sometimes brings unannounced uncertainties and hardships. Some
events may have an irreparable impact on your life and may leave your family in a
turmoil both financial and emotional. To reduce the financial hardships that may
erupt due to the unpredictable and untimely demise of the earning member of the
family, life insurance policy comes to the rescue. Life insurance is a vital form of
investment that will act as financial aid or assistance to your family when you are
not around. Life insurance plans are of varied kinds out of which few plans are
pure protection plans offering a death benefit only, whereas the others are saving
or investment plans offering death and maturity benefit (whichever occurs first).

HOW DOES LIFE INSURANCE WORK?

Life Insurance is a long term contract (known as LIFE INSURANCE
POLICY) between the Life Insurance Company (known as INSURER) and the
person whose life is being insured (known as LIFE INSURED) for a specified
tenure (known as POLICY TERM) giving a financial amount as life cover (known
as SUM ASSURED) by paying a cost (known as PREMIUM).

In the event of death of the Life Insured (known as DEATH CLAIM)

during the policy term, the insurance company passes on the requisite amount as
policy proceeds (known as DEATH CLAIM AMOUNT) to the specified family
members (known as BENEFICIARY/NOMINEE) mentioned in the contract and
the policy terminates thereafter or in the event of life insured survives through the
policy term, the insurance company pays out the promised amount (known as
MATURITY CLAIM AMOUNT) to the policyholder and the policy terminates
thereafter.
COMPANY PROFILE:-

Type Private

Traded as BSE: 500247

NSE: KOTAKBANK
CNX Nifty Constituent

Industry Banking, financial service

Founded February 2003

Founders Uday Kotak

Headquarters Mumbai, Maharashtra, India

Key people Prakash Apte

(Chairman)[1]

Uday Kotak
(MD & CEO)

Products Credit cards, consumer banking, corporate

banking, finance and insurance, mortgage
loans, private banking, wealth management,
investment banking

Revenue ₹21,176.09 crore(US$2.9 billion) (2017)[2]

Operating ₹5,984.81 crore(US$830 million) (2017)[2]

income

Net income ₹3,411.50 crore(US$470 million) (2017)[2]

Total assets ₹214,589.95 crore(US$30 billion) (2017)[2]

Number of 33,013 (2017) [2]

employees

Subsidiaries Kotak Mahindra General Insurance

Capital ratio 16.77% [2]

Website www.kotak.com
LOGO
MISSION:-

a) To equip and empower the company with the best legal

expertise, by evolving effective strategies with the optimum
utilisation of legal tools to safeguard the interest of the
company.

b) Building long-term mutually beneficial relationship with

business partners.

c) Practicing fair business ethics and values .

d) Applying "state-of-art" technology, processes including

enterprise risk management and innovative solutions.

e) Developing and retaining highly motivated professional team

of employees.

f) Enhancing profitability and financial strength befitting the

global position.

VISION:-

a) Down to earth and approchable

b) Passion to achieve new height

c) Mutual respect and tranparency

d) Enterpreneurial approach

e) Ethical with governance mindset

OBJECTIVE:-

Objective: The main of the present study of is accomplish the following objective.

 Proper understanding and analysis of general insurance industry.

 To know about brand awareness of Kotak general Insurance and

customer's preference about Kotak general Insurance.

 Conduct market survey on a sample selected from the entire

population and derived opinion on that research.

 According the market survey come know about how much

potential of insurance market in our city.

 And base on analysis of the result thus obtained make a report on

that research.

 Training aims at recruiting maximum number of general Advisors

and to Sell the maximum policies for the company and bring the
business for the company which ever is going at the particular point
of time.

 Along with it I will be gaining the thorough knowledge of insurance

sector. This will give me in more confidence in marketing products
given to me.
 HISTORY OF INSURANCE:-

EVOLOUTION OF INSURANCE

The business of life insurance in India in its existing form started in India in the
year 1818 with the establishment of the Oriental Life Insurance Company in
Calcutta.

INSURANCE INDUSTRY IN INDIA

The Insurance sector in India governed by Insurance Act, 1938, the Life
Insurance Corporation Act, 1956 and General Insurance Business
(Nationalization) Act, 1972, Insurance Regulatory and Development Authority
(IRDA) Act, 1999 and other related Acts. With such a large population and the
untapped market area of this population Insurance happens to be a very big
opportunity in India. Today it stands as a business growing at the rate of 15-20 per
cent annually.

Together with banking services, it adds about 7 per cent 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. It was due to this immense
growth that the regulations were introduced in the insurance sector and in
continuation “Malhotra Committee” was constituted by the government in 1993 to
examine the various aspects of the industry. The key element of the reform
process was Participation of overseas insurance companies with 26% capital.
Creating a more efficient and competitive financial system suitable for the
requirements of the economy was the main idea behind this reform.

Since then the insurance industry has gone through many sea
changes. The competition LIC started facing from these companies were
threatening to the existence of LIC .since the liberalization of the industry the
insurance industry has never looked back and today stand as the one of the
most competitive and exploring industry in India
AWARD AND ACHIEVEMENTS:-

 Best Mid-Size Bank at BusinessWorld Magna Awards 2018

 Best Private Sector Bank - Digital Banking (Online Transactions) 2017 
 Best Savings Bank Product 2015-16 by Financial Express 
 Most Future Ready Bank in Business Today-KPMG's Best Bank Study
2015
GENERAL INSURANCE
OF
KOTAK MAHINDRA BANK
 CHAPTER 2

 RESEARCH AND METHODOLOGY

 CHART

 OBJECTIVE

 SCOPE

 LIMITAION
Kotak Mahindra General Insurance Company Limited is 100 % subsidiary of
Kotak Mahindra Bank. The Kotak Mahindra group was established in 1985 as a
financial services company and it was in February 2003 when Kotak Mahindra
Finance Ltd. became an authorized banking institution upon receiving banking
license from Reserve Bank of India.

Kotak Mahindra Finance was the first non banking financial company in
the country to receive banking license. Since then the Kotak group has been
broadening its scope of financial services in India and in November 2015 the
Kotak group established Kotak Mahindra General Insurance Company with an
initial capital of Rs 135 crores after it was granted license of registration by the
Insurance Regulatory Development Authority.

Initially insurance products were distributed through the Kotak Mahindra

branch outlets and the merged ING Vysya‟s branches and eventually the group
started expanding insurance channels to include agencies and online modes.

The Kotak Mahindra insurance company offers general insurance products

that cover a broad customer segment and geography. It has been the endeavor of
the company to offer value based differentiated general insurance products so as to
address varied general insurance requirements of the diverse population. Its digital
infrastructure based on state of art technology ensures seamless processes.
COMPANY PERFORMANCE

It has been barely one and a half years since the establishment of insurance
wing of Kotak group yet its commitment to best serve the insurance sector is just
more than obvious. Kotak Mahindra General Insurance Company reported the
highest incurred claims settlement ratio, that of 347. 6 % in 2015-16, among all
other general insurance companies.

Incurred claims ratio is calculated by dividing the net earned premium by

claims incurred. In 2015-16 Kotak Mahindra insurance‟s net earned premium was
Rs 6 lakhs whereas claims incurred was 21 lakhs, so the incurred claims ratio
works out to be 347.6%. Since it was the inception year, the amount of claims
settled was far greater than amount of premiums collected, but since the company
is committed to settle authentic claims, all the authentic claims were settled within
a time period of less than six months.

As per the top management of the company the company has adopted a
three pronged strategy which includes achieving steady growth by underwriting
quality risks, maximizing volumes and maintaining a tab on costs, in the inception
period the company has not aimed to chase premium growths and industry ranks.

The financial statistics of Kotak Mahindra General Insurance shows promise, as per
latest reports the key financial statistics are as follows
RESEARCH AND METHODOLOGY

University of research Thane

Types of research Descriptive

Sampling method Random sampling method

Sample size 100

Sample unit Customer

Methods of data collection  Primary data

 Secondary data

Methods of primary data  Questionnaire

 Interview
 Observation
 Experiment
 Survey

Methods of secondary data  Books,

 Journals
 Websites
 Blogs
 Newspaper
 Government reports

Types of questionnaire Structure

 The research design of this project is exploratory. Though each research
study has its own specific purpose but the research design of this project on
KOTAK MAHINDRA BANK is exploratory in nature as the objective is the
development of the hypothesis rather than their testing. The research designs
methods of financial analysis. Through of comparative balance sheet in
comparative statement, I am studying on balance sheet of KOTAK MAHINDRA
BANK of five year. So taking comparative statement, I am going to analyzed of
five years balance sheet of KOTAK MAHINDRA BANK

METHODOLOGY RESEARCH The research design of this project is

exploratory. Though each research study has its own specific purpose but the
research design of this project on KOTAK MAHINDRA BANK is exploratory in
nature as the objective is the development of the hypothesis rather than their
testing. The research designs methods of financial analysis. Through of
comparative balance sheet in comparative statement, I am studying on balance
sheet of KOTAK MAHINDRA BANK of five year. So taking comparative
statement, I am going to analyzed of five years balance sheet of KOTAK
MAHINDRA BANK.

The findings of the research had been tabulated, analyzed and interpreted
using different simple statistical tools like average, weighted average, standard
deviation, coefficient of variation, skewness, Factor analysis, Garret ranking
method etc. Mathematical tools like percentage, growth etc. were also been
utilized.

The data has been processed and analysed with the help of computer
packages. Various statistical techniques have been applied to calculate
frequencies, extent of correlation etc. The secondary data had been collected from
Annual reports of LIC ,. Facts Book of LIC, various text books of insurance,
magazines, newspaper, journals and reports, Internet etc. Time taken for the study
was restricted to the post liberalisation i.e. from December 1999 to December
2004.
SAMPLE DESIGN:

The survey is taken from 80 people from which 74 people responded in

the survey the sample design was simple sampling that is by the way of
internet.
SOURCE OF INFORMATION:

a) Primary Data The data that is being collected for the first time or to
particularly fulfill the objectives of the project is known as primary data. These
types of data were,

 The market share of Kotak Mahindra Life Insurance.

 The market share of other brands available in the market.

 Responses of consumer.

 Identifying pros and cons of the brand.

The above primary data were collected through responses of consumer was
conducted through questionnaires prepared for them.

b) Secondary Data Secondary data are that type of data, which are already
assembled and need not to collected from outside. These types of data were

 Company Profile

 Product Profile

 Competitors Profile

3) DATA COLLECTION METHOD

For given project, the primary data, this needed to collect for the firsttime, were
much significant. This type of information gathered through Survey technique,
which is the most popular and effective technique forCorrect data collection. The
survey was completed with the use of questionnaires 3)Sampling

Sample is the small group taken under consideration from the total group. This
small group represents the total group. In the project the market research, which
was ask to be studied was Gurgaonmarket but as it was possible to approach all
the respondent s customer of the city, hence a sample was selected which
represents the whole city. The areas selected for the sample are present further in
the appendix. Sample size of customer list was taken from Kotak Mahindra
General Insurance customer data basic.
4) SAMPLE DESIGN

Sampling refers to the method of selecting a sample from a given universe with a
view to draw conclusions about that universe. A sample is a representative of the
universe selected for study. Convenience sampling is used in exploratory research
where the researcher is interested in getting an inexpensive approximation of the
truth. As the name implies, the sample is selected because they are convenient.
This non probability method is often used during preliminary research efforts to
get a gross estimate of the results, without incurring the cost or time required to
select a random sample

5) SAMPLE SIZE

The sample size for the survey conducted was 100 respondents.

6) SAMPLE TECHNIQUE

Convenience sampling technique was used in the survey conducted. Simple

random sampling- In this each unit of population has equal chance of being
included in the sample.

TOOLS AND TECHNIQUES

The tools and the techniques used in the project are the pie charts, the graphs the
simple bar graph , the recommendations by the people i.e the review on their
own.
SCOPE:-
 The study will help understand the marketing scenario of Insurance
Industry in Chennai Region.
 It may help the company to know its strength and weakness.
 This will add value to know the most preferable product of the company
among the customers.
LIMIITATION:-

The present study though comprehensive and of practical use yet have certain
limitations:

1. The present study is restricted to General Insurance sector with special

emphasis on Life Insurance Corporation of India.

2. Foremost difficulty relates to the collection of the primary data. The official
institutes as well as the policyholders were found quite reluctant and non-
responsive so far as return of filled questionnaire with required information was
concerned. Inspite of reminders, rate of return of the questionnaire was not
significant.

3. The secondary information and data available through various official

publications is not updated. It legged behind atleast by a year gap in data
sometimes creates difficulty in drawing right conclusions and submitting
worthwhile suggestions.
 CHAPTER 3

INTRODUCTION:-

A literature review is a text written by someone to consider the critical

points of current knowledge including substantive findings as well as theoretical
and methodological contributions to a particular topic. The research done in past
on a particular subject which has been very useful to researchers to know about
objectives, methodology, and findings related to that research is known as
literature review.

The objective of literature review is to give the knowledge and idea to the
researcher about research which has already been done in past. With the help of
literature review a researcher can know about the methodology, findings and
further scope on related subject. In the past few years there has been considerable
research done on customer satisfaction. Here literature review has been divided
into two parts.

The first part focuses on the review related to customer‟s satisfaction with
life insurance companies and their services that has been conducted in India and
other countries and the second part focuses on customers satisfaction related to
different areas.
REVIEW OF LITERATURE:-

Kotak General Insurance has easy to understand plans which offer

comprehTensive coverage at an affordable cost. The company has simple claim
process which will make it easy to file a claim and get a quick turn around on the
approval. The company goal is to invest more on state of the art technology to
give a better customer experience to its customers. With good features and add-on
options, Kotak general insurance plans have all the ingredients of a good
insurance plan.

Examine the customer satisfaction on products of private sector insurance

companies among a group of customer toward a Kotak Mahindra Life Insurance
Co. Ltd., Jorhat branch in Assam. 50 policyholders selected as respondents of
Jorhat branch at Assam as per non- probabilistic judgmentcum-convenience
sampling method. They used 5 point likert scale from strongly disagree to strongly
agree. He applied correlation and regression to analyze the data. After the analysis
he found that most of the customers were satisfied with the services offered by
Kotak Mahindra Life Insurance Company.

He had done factor analysis to find out the factors which had the
maximum impact on customer satisfaction. From the factor analysis, he found 3
factors viz., tangible; accessibility; and understanding factor had the maximum
impact on customer satisfaction. He concluded that in this competition era Kotak
Mahindra Life insurance company had to concentrate on the customers‟
satisfaction to retain the existing customer and at the same time had to improve the
quality of services day-by-day to attract new customers.

The general insurance business has grown in spread and volume after
nationalization. General insurance company (GIC) and its subsidiaries have
representation either directly through branches or agencies in 16 countries and
through associates/locally incorporated subsidiary companies in 14 other
countries. IRDA has so far granted registration to 15 private general insurance
companies. Tracing the developments in the Indian insurance sector reveals
the 36degree turn witnessed over a period of almost two countries. So the analysis of
opening u p to insurance sector at regional or micro level is essential for the proper
understanding of the issue and for carrying out practical solutions.

As per YOJANA: A JOURNAL under the title "INDIAN INSURANCE

INDUSTRY " reports that Indian insurance history moved into higher growth
trajectory owing to recent reforms with foreign direct investment in the insurance
sector permitted up to 26 percent of equity , global insurers have rushed into the
Indian market to capitalize on the sizable middle class.

They again report that the private insurers with foreign equity
participation treated an intense competitive market condition and resulted in
driving down the premium rates
/charges with respect to certain products and in improving the quality of services
offered by the insurers.

The industry also benefited:

Insurance sector has introduced new products as per the customer

requirement which has enhanced customer satisfaction

Insurance companies has started his own websites to give complete

information of the products

Insurance companies has also started non conventional payments such as

payment of premium online way.
 CHAPTER 4
Data Analysis:
1) Please mention the type of occupation?

INTERPRETATION

Private Employees 25
Government
Employees 7
Own Business 24
Not Answered 7
 2) Which of the following general insurance policies have you taken ?

INTERPRETATION

Homeinsurance 13
Car insurance 5
Fire insurance 6
Health 30
Not Answered 9
 3) For which of the followinng do you want to taken a general insurance?

INTERPRETATION

Twowheelr 18
Fourwheeler 6
Home 7
Health 9
Travel 2
NotAnswered 8
 4) How will you rate the service given by kotak mahindra general insurance?

INTERPRETATION

Poor 3
Average 12
Good 30
Excellent 9
Not
Answered 9
 5) What difference you find between kotak and your previous insurance provide?

INTERPRETATION

Good Return 29
Effective 10
service
Tax planning 4
Security 11
Not Answered 9
 6) In future will you purchase from kotak mahindra general insurance?

INTERPRETATION

Yes 44
No 9
Not
Answered 10
 7) Which are the companies you innvested your money for general insurance?
Pie Chart

19%

38%
10%
3%
6%
22%%
3% 17%

Kotak mahindra bank general insurance LIC

Bajaj allians Tata AIG
Max new york life insurance Hdfc general insurance
ICICI prudential insurance SBI
Not Answered

INTERPRETATION
Kotak mahindra bank general 24
insurance
LIC 11
Bajaj allians 2
Tata AIG 1
Max new york life insurance 1
Hdfc general insurance 4
ICICI prudential insurance 2
SBI 6
Not Answered 12
8) Why you choose kotak general insurance?

INTERPRETATION

ROI 8
PeerPressure 4
Tax Benefit 8
Security 17
Low premium 13
NotAnswered 13
 9) What kind of service you expect from insurance provider?

INTERPRETATION

Easy acces ability deposit centre 13

Time to time premium
collection 23
Provision in case of dues 0
Bonus and other schemes 13
Not Answered 14
 10) Do you have suggested for kotak mahindra general insurance?

INTERPRETATION

Yes 36
No 15
NotAnswered 12
 CHAPTER 5

 FINDING

 CONCLUSION

 SUGGESTION

 BIBLIOGRAPHY
FINDING

There is significant difference between Kotak Mahindra and other brands.

 Middle Income group constitutes largest contributor to Investment in the

company.

 KSIP is the most sought after investment scheme for Kotak Mahindra.

 ICICI Pru is giving tough competition to Kotak Mahindra on most of

the variables selected for study.

 Other company advisors have better product knowledge than most of

established companies.

 Other company have better promptness of claim settlement than

most of the established companies.
CONCLUSION:

According to my survey I conclude that insurance is a superior tool to other

form of saving as it provides protection collective bearing of risk, certainty factor
easy liquidity and above all the safest means of saving and investment.

During the course of my internship with the insurance companies I got

the opportunity to learn about insurance in general and was able to study in
detail the various plans offered by them .This also provided me with the
exposure to be able to understand the insurance industry better and the various
benefits attached to it.

Insurance is a large investment and you will most likely purchase multiple
policies throughout your lifetime. It is essential that you know what each type of
insurance covers and how it works so you can make the best decision about what
to buy. Do not base your decision on just what is cheapest, but look at what it
provides.

Take the time to shop around and find the right insurance for your
situation. People often say they cannot afford insurance, but the reality is that
they cannot afford not to have it. It can save them from thousands or more
dollars in unplanned expenses when unexpected situations arise. Y ou do not
want to waste your money on policies that do not meet your needs, but the right
insurance policy can protect you and your family from unforeseen disasters .
SUGGESTION:

 The company must conduct an effective study for making

more and more aware ness about its product.

 Company must motivate all its agents regarding the policies

they should be given extra commission for the same.

 The company must provide easy premium paying options

 The customers of all the age group must have insurance taken.

 The claims should be provided at the same time when the insured
needs it.

 The formalities for the claims settlements should be

completed easily and within the time limit given.

 The company should provide bonus to the people having

insurance in the same company for a more number of years as
to motivate the insured.

 The company should give best deal to customer as to

motivate as well as looking at the financial position of the
customer.

 The company should also provide insurance to the

people who are physically challenged.

 The company should give proper information regarding the

documents required while taking the insurance policy.
ANNEXURE:

1) Please mention the type of occupation?

a) Private employees
b) Government employees
c) Own businesss

2) Which of the following general insurance policies have you taken ?

a) Home insurance
b) Car insurance
c) Fire insurance
d) Health insurance

3) For which of the followinng do you want to taken a general insurance?

a) Two wheeler
b) Four wheeler
c) Home
d) Health
e) Travel

4) How will you rate the service given by kotak mahindra general insurance?

a) Poor
b) Average
c) Good
d) Excellent

5) What difference you find between kotak and your previous insurance provide?

a) Good Return
b) Effective Service
c) Tax Planning
d) Security
6) In future will you purchase from kotak mahindra general insurance?

a) Yes
b) No

7) Which are the companies you innvested your money for general insurance?

a) Kotak mahindra bank general insurance

b) LIC
c) Bajaj allians
d) Tata AIG
e) Max new york life insurance
f) Hdfc general insurance
g) ICICI prudential insurance
h) SBI

8) Why you choose kotak general insurance?

a) ROI
b) Peer Pressure
c) Tax Benefits
d) Security
e) Low Premium

9) What kind of service you expect from insurance provider?

a) Easy access ability to deposit centre

b) Time to time premium collection
c) Provision in case of dues
d) Bonus and other schemes

10) Do you have suggested for kotak mahindra general insurance?

a) Yes
b) No
 BIBLIOGRAPHY

The things that I have referred for the project is as follows:

Websites:

https://www.kotakgeneralinsurance.com/

https://www.thehindubusinessline.com/...banking/kotak-general-insurance

www.insurance.com

www.irda.com