PROJECT REPORT

“CUSTOMER PERSPECTIVE TOWARDS VARIOUS INVESTMENT

SECTORS AND MARKETING STRATEGIES AT INSPLORE TLS
COSULTANTS PVT.LTD.”

CHAUDHARY CHARAN SINGH

UNIVERSITY, MEERUT

IN PARTIAL FULFILLMENT FOR THE

DEGREE OF BACHELOR IN BUSINESS
ADMINISTRATION

–
–

SESSION (2022-2025)

UNDER THE GUIDANCE OF: SUBMITTED BY:

MS. DRISHTI SINGHAL KHUSHI SONI

ASSISTANCE PROFESSOR ROLL NO. 221117105081

BBA-GLBIM

1
 PROFORMA FOR APPROVAL OF BBA MINOR PROJECT
REPORT (BBA-507)- SUMMER INTERNSHIP PROJECT

1. Roll No.: 221117105081

2. Name of the student: Khushi Soni

3. Email: [email protected]

4. Mobile No.: 8448313251

5. Title of the project: Customer Perspective towards investment sectors and marketing
strategies of inslpore tls consultants pvt.ltd.

6. Name of the guide: Ms. Drishti Singhal

FOR OFFICE USE ONLY

2
 ACKNOWLEDGEMENT

I would like to give my sincere thanks to my minor project guide

Ms. Drishti Singhal, for giving her valuable time and
constructive suggestions in preparing the report. It would not be
possible to complete this project in such limited period of time
without his/her encouragement and valuable feedback.

Signature of the Student

3
 DECLARATION

I Khushi Soni hereby state that the project titled “MARKETING

STRATEGIES OF AIM INDIA PRIVATE LIMITED” is an
authentic work carried out by me under the guidance of Ms.
Drishti Singhal for the partial fulfillment of the degree
“Bachelor of Business Administration”. No part of this work,
including documentation, may be reproduced or distributed in
any form or by any means.

I further declare that this project has not been submitted

anywhere else for the award of any Degree/Diploma etc.

Name & Signature of the Student

Roll No. 221117105081

BBA 2022-2025

Date……………………

4
 Affiliated to CCS University, Meerut (U. P.).

Knowledge Park III, Greater Noida, Distt.G.B. Nagar, U.P.,

India Pin code 201306

Date…………………..

CERTIFICATE

This is to certify that Ms. Khushi Soni, is a bona-fide student of this institute
(BBA2022-25), has undertaken this entitled “CUSTOMER PERSPECTIVE
TOWARDS VARIOUS INVESTMENT SECTORS AND MARKETING STRATEGIES AT
INSPLORE TLS COSULTANTS PVT.LTD.”as part of his/her Minor Project for the

partial fulfillment of the award of Bachelor of Business Administration degree

from CCS University, Meerut (U.P.).
As best of my knowledge this project work is an original piece of work and has
not been submitted or published elsewhere.
I wish all the best for his/her bright future ahead.

Signature of the guide Principal

GLBIM

5
6
 TABLE OF CONTENTS

Sr. No. Chapter Page No

1 Introduction of Industry 9-11

2 Introduction to Company 12-24

3 Strategies used for Marketing

25-30

5 Literature Review 31-32

6 Research Methodology 33-35

7 Data Collection & Sample 36-45

8 Key Findings 46

47-50
9 Job Analysis

51-54
10 Need & Scope of Marketing Strategies

55-57
11 Marketing Strategies for India First Life Insuarance

58
12 Recommendation

59
13 Conclusion

60-62
14 Reference

7
 EXECUTIVE SUMMARY

This report is an analysis of consumer perspective towards various investment

options available in India and consumer buying preferences. The purpose of this
research was to get the inclination of the customers towards financial investments
and to understand their buying preferences by gathering the viewpoints of the
customers towards present investment options available in the market. The report
also consists of a brief study on Insurance sector and various marketing strategies
that can be taken by India First Life Insurance to promote its products in the market.
In my research work I need to gather knowledge about multiple products that how
they work. It also includes understanding the working of India First Life insurance
as well as its competitor Products as it is a comparative study. It is also important to
have proper information regarding the work of the financial sectors. It talks about
understanding how online platform works and how user interface is designed for
proper navigation and user-friendly website. I have also designed a sample user
interface suggesting how the company can make their website more user friendly.
The objective is to learn about the acceptability of financial products in market as
well as how much customers are aware about them. Insurance has now become an
essential element of everyone's life. The insurance sector is troubled by a number of
difficulties, including increased operational costs, regulatory obligations, and
inflexible IT infrastructure. Premium increases that are low to moderate, as well as
higher regulatory compliance costs, worsen these limits. With all of the
aforementioned considerations in mind, the study's goal would be to look at all of
the factors that contributed to successful marketing techniques. This research looks
at a variety of life insurance marketing tactics while taking into account the firm's
external and internal environment. The report would help the company and its
clients to understand the market and its competitors. Also, it will help them to
design various marketing promotional strategies through social media, e-mail
marketing, and web design. Once company understands the market, it can increase
its revenue by dealing in the products offered.

8
 CHAPTER 1
INTRODUCTION OF INDUSTRY

9
 INDUSTRY PROFILE
1.1 WHAT IS INSURANCE
Insurance may be described as a social device to reduce or eliminate risk of loss to
life and property. Insurance is a collective bearing of risk. Insurance spreads the
risks and losses of few people among a large number of people as people prefer
small fixed liability instead of big uncertain and changing liability. Insurance is a
scheme of economic cooperation by which members of the community share the
unavoidable risks. Insurance can be defined as a legal contract between two parties
whereby one party called Insurer undertakes to pay a fixed amount of money on
the happening of a particular event, which may be certain or uncertain. The other
party called Insure or Insurant pays in exchange a fixed sum known as premium.
The insurer and the insurant are also known as Assurer or Underwriter and
Assurant, respectively. The document which embodies the contract is called the
policy.

1.2 ORIGIN OF INSURANCE

Almost 4,500 years ago, in the ancient land of Babylonia, traders used
to bear risk of the caravan trade by giving loans that had to be later
repaid with interest when the goods arrived safely. In 2100 BC, the
Code of Hammurabi granted legal status to the practice that, perhaps,
was how insurance made its beginning. Life insurance had its origins
in ancient Rome, where citizens formed burial clubs that would meet
the funeral expenses of its members as well as help survivors by
making some payments. As European civilization progressed, its social
institutions and welfare practices also got more and more refined. With
the discovery of new lands, sea routes and the consequent growth in
trade, medieval guilds took it upon themselves to protect their member
traders from loss on account of fire, shipwrecks and the like. Since most
of the trade took place by sea, there was also the fear of pirates. So,
these guilds even offered ransom for members held captive by pirates.
Burial expenses and support in times of sickness and poverty were
other services offered. Essentially, all these revolved around the
concept of insurance or risk coverage. That's how old these concepts
are, really. 10 In 1347, in Genoa, European maritime nations entered
into the earliest known insurance contract and decided to accept marine
insurance as a practice.
THE FIRST STEP

Insurance as we know it today owes its existence to 17th century

England. In fact, it began taking shape in 1688 at a rather interesting
place called Lloyd's Coffee House in London, where merchants, ship-
owners and underwriters met to discuss and transact business. By the
end of the 18th century, Lloyd's had brewed enough business to become
one of the first modern insurance companies.

ENTER COMPANIES

The first stock companies to get into the business of insurance were
chartered in England in 1720. The year 1735 saw the birth of the first
insurance company in the American colonies in Charleston, SC. In
1759, the Presbyterian Synod of Philadelphia sponsored the first life
insurance corporation in America for the benefit of ministers and their
dependents. However, it was after 1840 that life insurance really took
off in a big way. The trigger: reducing opposition from religious
groups.

THE GROWING YEARS

The 19th century saw huge developments in the field of insurance, with
newer products being devised to meet the growing needs of
urbanization and industrialization. In 1835, the infamous New York
fire drew people's attention to the need to provide for sudden and large
losses. Two years later, Massachusetts became the first state to require
companies by law to maintain such reserves. The great Chicago fire of
1871 further emphasized how fires can cause huge losses in densely
populated modern cities. The practice of reinsurance, wherein the risks
are spread among several companies, was devised specifically for such
situations. There were more offshoots of the process of
industrialization. In 1897, the British government passed the
Workmen's Compensation Act, which made it mandatory for a
company to insure its employees against industrial accidents. With the
advent of the automobile, public liability insurance, which first made
its appearance in the 1880s, gained importance and acceptance?
 In the 19th century, many societies were founded to ensure the life and
health of their members, while fraternal orders provided low-cost,
members-only insurance. Even today, such fraternal orders continue to
provide insurance coverage to members as do most labor organizations.
Many employers sponsor group insurance policies for their employees,
providing not just life insurance, but sickness and accident benefits and
old-age pensions. Employees contribute a certain percentage of the
premium for these policies.

IN INDIA

India's household of around 200 million middle classes has enormous untapped
potential for insurance players. Market saturation has made the Indian market
even more appealing to global insurance leaders in many developed economies.
In India, the insurance industry has become a market leader with very high
potential and competitiveness. Indians, who have long considered life insurance
as a tool for tax saving, turn abruptly to the private sector, which offers them new
options and a range to choose from. Consumers are the insurance sector's most
important Centre. The insurance sector saw a lot of competition after the
introduction of foreign firms, hence improving the industry's customer service.
The current environment requires the computerization of operations and
technology updates. Foreign players employ the latest technology to implement
international best practices. The insurance company continues to be the principal
source of insurance products. In countries like India the concept is very well
established but it is still vital that additional sources are increasingly being used.
Insurance has now become an essential element of everyone's life. The insurance
sector is troubled by a number of difficulties, including increased operational
costs, regulatory obligations, and inflexible IT infrastructure. Premium increases
that are low to moderate, as well as higher regulatory compliance costs, worsen
these limits. With all of the aforementioned considerations in mind, the study's
goal would be to look at all of the factors that contributed to successful marketing
techniques. This research looks at a variety of life insurance marketing tactics
while taking into account the firm's external and internal environment. The
marketing strategy consists of broad decisions about target markets, market
positioning and mix, and marketing expenditure levels that will be used by the
business units to achieve their goals. Financial institutions must examine
strategies to develop relationships with their existing customers in order to defend
their market share as the financial services business has become more
competitive. The strategic dimension of marketing should focus on how a
company will approach a certain market or group of markets in order to achieve
a set of objectives. Every insurer must recognise that the competitive climate, as
well as its marketing resource allocation, influence its "strategic posture." An
insurance firm strategy is a plan of action that identifies how an insurer can best
achieve its goals and objectives in light of the competition's difficulties and its
limited resources. When there is ambiguity, there is a risk. We don't have any
control over the unknowns that lead to financial losses. Hazards include known
events, such as death, pension, or retirement, as well as uncertain events, such as
theft, fire, or accident. Insurance is a financial service that accumulates and
insures people's savings against risk. The basic goal of insurance is to safeguard
against the chance of suffering a financial loss. It reduces the stress and sadness
that comes with property loss and death. It also contributes to society's wealth by
investing the money saved in productive heads. Marketing is a major activity in
the life and general insurance sectors. Understanding the needs of the market and
developing a marketing mix that will help them attract and keep clients is crucial
for marketers. Because the insurance industry sells intangible services that
demand a considerable deal of explanation of the subtleties of various products,
the formulation of a marketing mix for the insurance industry must be carefully
considered. Sub-mixes of the seven P's of marketing: product, pricing, place,
promotion, people, process, and physical evidence make form the marketing mix.
The current article explores the recent performance of the Indian insurance sector,
as well as the significance of marketing mix in the marketing of insurance
services in India.
Insurance in India can be traced back to the Vedas. For instance, Yoga Shema,
the name of Life Insurance Corporation of India's corporate headquarters, is
derived from the Rig Veda. The term suggests that a form of "community
insurance" was prevalent around 1000 BC and practiced by the Aryans. Burial
societies of the kind found in ancient Rome were formed in the Buddhist period
to help families build houses, protect widows and children. Bombay Mutual
Assurance Society, the first Indian life assurance society, was formed in 1870.
Other companies like Oriental, Bharat and Empire of India were also set up in the
1870- 90s. It was during the Swadeshi movement in the early 20th century that
insurance witnessed a big boom in India with several more companies being set
up. As these companies grew, the government began to exercise control on them.
The Insurance Act was passed in 1912, followed by a detailed and amended
Insurance Act of 1938 that looked into investments, expenditure and management
of these companies' funds. By the mid- 1950s, there were around 170 insurance
companies and 80 provident fund societies in the country's life insurance scene.
However, in the absence of regulatory systems, scams and irregularities were
almost a way of life at most of these companies. As a result, the governments
decided nationalize the life assurance business in India. The Life Insurance
Corporation of India was set up in 1956 to take over around 250 life companies.
For years thereafter, insurance remained a monopoly of the public sector. It was
only after seven years of deliberation and debate – after the RN Malhotra
Committee report of 1994 became the first serious document calling for the re-
opening up of the insurance sector to private players that the sector was finally
opened up to private players in 2001. The Insurance Regulatory & Development
Authority, an autonomous insurance regulator set up in 2000, has extensive
powers to oversee the insurance business and regulate in a manner that will
safeguard the interests of the insured.
1.3 MAJOR INSURANCE COMPANIES IN INDIA

• Life Insurance Corporation of India

• India First Life Insurance Company Ltd.
• HDFC Life Insurance Co. Ltd
• Max Life Insurance Co. Ltd.
• ICICI Prudential Life Insurance Co. Ltd
• TATA AIA Life Insurance Co. Ltd.
• SBI Life Insurance Co. Ltd.
• Bajaj Allianz Life Insurance Co. Ltd.

There are 57 insurance firms in India. A total of 24 companies are in the insurance industry,
with 34 being in the life insurance industry. The Life Insurance Corporation (LIC), which is
one of the insurers, is the only corporation in the public sector. In the non-life insurance
market, there are six public sector insurers. The only domestic re-insurer is the General
Insurance Corporation of India. The Indian insurance industry includes agents (individuals
and businesses), couriers, surveyors, and other third-party administrators of health claims.

In FY20, there were 24 private participants in the life insurance industry, compared to only 4
in FY02. LIC remained the market leader with about 53 per cent of FY20's new business
market share. In FY20, HDFC Standard Life Insurance led the private sector lenders in new
business premium with a market share of nearly 14 percent, followed by SBI Life Insurance
(9%), and ICICI Prudential Life Insurance (6%).
 1.4 DIFFERENT CATEGORIES OF INSUARANCE

1. Unit Linked Insurance Plan (ULIP)

A ULIP is both an investment and an insurance coverage. If the policyholder dies during the
term of the ULIP, the policy gives a death benefit, the sum will be paid. Furthermore, if the
policy bearer survives the term ULIP, the maturity value of ULIP can also be obtained. This is
the sum generated through ULIP equity and/or loan investments. The policyholder may earn
these returns via ULIP funds and asset groups. This is the ULIP component of investing.

• Fluctuating Returns as entire amount is invested in stock market.

• No bonus to proposer
• Avail tax benefits
• Maturity amount differs

1. Term Plan

The simplest and purest life insurance is term insurance. It provides insurer’s family with the
most economical financial safety. Also, can receive a high amount (i.e. sum guaranteed) of
life protection at a relatively modest premium rate with term insurance. In the case of a
person insured's death within the period of the policy, the benefits shall be given to the
nominee.

• For a specific period

• Zero maturity benefits
• Zero return on investment
• No bonus
• Avail tax benefits

2. Traditional Product/Plan

Traditional insurance plans provide the guaranteed amount and the maturity bonus
guaranteed or granted. These strategies have reduced risks and hence the possibility of
adverse effects is likewise low. These schemes are ideal for tax planning purposes. In
contrast to the ULIPs, for traditional plans premature withdrawal is usually not permitted.

• Fixed Returns
• Bonus (Revisionary and Terminal)
• Tax benefits (80C, 1010D)
• Fixed maturity amount
Bank of Baroda:

The Bank of Baroda (BOB) is an Indian government-owned bank and financial services
company. The Ministry of Finance of the Indian government owns it. It is India's third
largest state-owned bank, with 132 million customers, $218 billion in assets, and 100 global
office locations. Based on 2019 data, it is included in the Forbes Global 2000 list.
Introduction to Financial sector

• The financial sector is a section of the economy made up of firms and institutions that
provide
financial services to commercial and retail customers.
• This sector comprises a broad range of industries including banks, investment companies,
insurance companies, and real estate firms.

Share market

• a market in which securities are bought and sold; a stock exchange.

• "concerns remain about the value of the share market"
Pros of Share Market
• Grow with economy
• Stay ahead of inflation
• Easy to buy
• Don't need a lot of money to start investing

Gold

GLD invests solely in bullion, giving investors direct exposure to the metal's price moves.
Other funds invest both in bullion and in shares of publicly traded companies in the business
of gold mining, refining, or production. Generally, gold stocks rise and fall faster than the
price
of gold itself
Pros of Gold

• Safe Haven
• Potential Inflation Hedge
• Low Long-Term Volatility
• Simplicity

Bank/FD
an organization which keeps money safely for its customers; the office or building of such an
organization. You can take money out, save, borrow or exchange money at a bank
• A fixed deposit, also known as an FD, is an investment instrument offered by banks, as
well
as non-banking financial companies (NBFC) to their customers to help them save money.
Pros of Bank/FD

• Safety of Public Wealth

• Availability of Cheap Loans
• Propellant of Economy

Real estate

Real estate is defined as the land and any permanent structures, like a home, or
improvements
attached to the land, whether natural or man-made.
Pros of Real Estate

• Real Estate Can Be Purchased at Below-Market Prices

• Real Estate Generates Steady Cash Inflows Insurance

an arrangement with a company in which you pay them regular amounts of money and they
agree to pay the costs if, for example, you die or are ill, or if you lose or damage something
Pros of Insurance
• Perfect cover for your family after you are gone
• Benefit of compensation
• Tax Benefits Financial support post retirement
• Gets life Insurance
 CHAPTER 2
INTRODUCTION TO THE COMPANY
 COMPANY PROFILE

Our Identity
Insplore is dedicated to empower with relevant Jobs & Growth
Opportunities. We are a successful Conglomerate with the experts of Financial
Advisors on our panel. We have a Team of Professionals working every day
to provide HR as well as Financial Solutions to the Companies/ Clients.

Our Mission
We thrive to provide best wealth management advice through honest financial solutions as
well as inspire the candidates to explore job opportunities across various industrial sector.

Our Vision
Our vision is to become the most trusted financial advisor as well as most valuable
recruitment service provider.
INTRODUCTION TO THE COMPANY

COMPANY NAME: INSPLORE CONSULTANTS PVT.LTD

HEADQUARTER: NEW DELHI
ADDRESS: 1208 Pitampura, New Delhi- 110034.
COMPANY REVENUE: Around $4M

INSPLORE is the choice of Multinationals and leading Indian Business because it is he

preferred talent acquisition partner for them. Their experts are helping the talent seeker and
the Job Seeker to find each other: “We Inspire; You Explore”. As an expert in financial
advisory, the realize the need of every customer who is looking for financial independence
and help them to reach that level of financial freedom. They believe in timely
adaptation with the dynamic environment in order to deal with any challenges ahead with
utmost enthusiasm because we understand the importance of taking the right time to cope
with the dynamic environment.

INSLOPRE is the dynamic organization which thrives on smart working and also seeks to
provide adequate opportunities for people to relish while working. The company involves the
activities like trips in India and abroad, fun activities at work place and various social events
and this is perceptible when one joins INSPLORE.

All through the year, various events are arranged which includes awarding ceremony for best
employees. These events work as a motivation factor for the employees to
work more enthusiastically. It socializes with the associates and colleagues across India.

INSPLORE provides an employee friendly work culture by giving them opportunity to

discuss new ideas, reward and recognitions for their performance, training in case of
discrepancy. The support of Senior Managers is quite encouraging that they respect every
individual’s idea and value their work by meeting them time to time. There is definitely a
healthy work environment interns of mental and physical health. There are good practices
and initiatives that provides the employees with no stress at work and no overburdening of
work. It is the ambition to make the work culture adaptable for their employees so that they
can give their maximum output while maintaining their work life balance.
Services provided by INSPLORE CONSULTANTS

1. Portfolio Management
A portfolio refers to a collection of investment tools such as stocks, shares, mutual funds,
bonds, and cash and so on depending on the investor’s income, budget and convenient time
frame.
Following are the two types of Portfolio:

Market Portfolio

Zero Investment Portfolio

The art of selecting the right investment policy for the individuals in terms of minimum risk
and maximum return is called as portfolio management.

Types of Portfolio Management

Portfolio Management is further of the following types:

Active Portfolio Management

Passive Portfolio Management
Discretionary Portfolio management services
Non-Discretionary Portfolio management services

2. Financial Analysis

Analysis and Interpretation of financial statements refers to the process of determining the
significant operating and financial characteristics from the accounting data with a view to
getting an insight into the activities of an enterprise.

While analysis is used to mean the simplification of data by methodical classification of data
given in the financial statements, the term interpretation means explaining the meaning and
significance of the data so simplified. However, analysis is useless without interpretation,
and interpretation becomes difficult without analysis.
Based on the methods of analysis, it may be classified as horizontal vs. vertical analysis.

• Horizontal Analysis
• Vertical Analysis

3. Recruitment

Customized strategies are developed from a deep understanding and observation of

organization's culture and its business objectives. Expansion in new markets or recruitment
for that market can only be done after having the full-fledged knowledge of recruitment,
remuneration and retention strategies besides the understanding of regional work culture. At
INSPLORE, you will find a network of efficient regional consultants who will provide you
the pathway towards seamless recruitment services starting from identifying your potential
clients to handling the immigration process, if required. Our experts have the complete
knowledge to provide valuable advisory in the following matters:

• Candidate Search
• Profiling
• Interview Coordination
• Employment Contract
• Immigration
• Advisory Service

4. Internship Programme

We provide domestic & international level internship. INSPLORE have a team of

experienced educational and training professionals who can provide training solutions for
clients to ensure that RPAS operations are effectively and seamlessly integrated into their
existing business systems. Our training specialists include technical training specialists,
formed high school teachers, university lectures and regulatory training specialists. We have
developed training manuals, conducted training needs analysis, provided in-house training
and produced online and e-training resources.

5. Professional Skills Development

To grow with the pace of the organization, it is important to attend the Skill Development
Programs as it helps in facing the challenges. People being the major differentiator amongst
companies in competition also gives a need to keep them trained and developed. If an
organization and individual wants to grow in the personal and professional life then they
have to work on the Skill Development. Our Professional Skill Development programs are
developed with a purpose of enhancing employability and performance of individuals that
can further support them in their career development.
 India First Maha Jeevan

Key Features
• This policy is a non-linked insurance plan that has both Maturity and Death Benefits.

• The policy helps increase the policyholder’s wealth by way of the Terminal Bonuses and
Simple Reversionary Bonus.

• The nominee may receive up to ten times the annualized premium on the premature
policyholder’s death. You can calculate the life insurance premium here The policyholder
may opt for a loan against his/her policy.

• Policyholders may choose to enhance their life cover with a rider that is available under
this policy.
India First Maha Jeevan - Benefits

• If the life insured outlives the policy’s maturity date, he or she receives a maturity
benefit, which is equal to the guaranteed sum assured plus the simple reversionary
bonus and terminal bonus (if any).

• The beneficiary of the policy receives a death benefit in case of unfortunate death of
the insured person. The death benefit paid is the guaranteed sum assured plus the
accrued reversionary bonus and terminal bonus. The death benefit is calculated as the
following:

▪When the entry age is less than 45 years, the death benefit is the higher of ten times
the annualized premium or 100% of the Guaranteed Sum Assured plus the Accrued
Bonus and Term Rider Sum Assured (if any). o When the entry age is 45 years or
higher, the death benefit is the higher of seven times the annualized premium or 100%
of the guaranteed sum assured plus the accrued bonus and term rider sum assured (if
any).

▪ This policy provides Simple Reversionary Bonus and Terminal Bonus that are
paid as part of the Maturity Benefit or the Death Benefit.

▪ Under the sections of Income Tax Act 80 C and 10(10D) Tax benefits can be
availed.

Policy Details Grace Period: A limited timeframe of 30 days is provided to the life
insured as a grace period during which the insured person can clear all the premiums.
In case of failure of premium payment, the term of the policy discontinues. The
timeframe for monthly mode of payment is fifteen days.

Policy Termination or Surrender Benefit: The policy may be surrendered after three
years of full premium payment. If the premiums of the policy are not paid for two full
years, then the policy expires. If the policy is not restored within the renewal period,
the policy is terminated. The tenure of policy also comes to an end when the maturity
benefit or death benefit is paid to
the insured.

Free Look Period: From starting date of policy issued, the insurance owner have a
limited 15 days period of free-look during which they can initiate policy cancellation if
he/she did not liked the terms and conditions offered by the policy. The customer will
receive the paid premium and a proportionate premium for the risk borne by the
company is subtracted, including any add-on expenses, like medical examination or
stamp duty charges.

Inclusions

The insured can avail policy loan after the policy gains the surrender benefits, on the
condition
that the loan amount does not exceed 90% of the surrender benefits.

Additional Features or Riders

• Policyholders may opt for the India First term rider in order to enhance their life
cover, the additional Sum Assured of which is payable on policyholder’s expiry. The
Sum Assured under the rider cannot exceed the life cover opted under the policy.

• The lapsed policy can be renewed if the insured person submits a request for renewal
of policy within a period of 2 years of timeframe from the date of the first unpaid
premium.

• If premiums for three policy years are paid, and subsequently the policyholder fails
pay again during this period, then the policy acquires Paid- up Value.

Exclusions

The coverage of the term insurance is nullified if the life insured, ends his/her own life
or we can say if he/she commits suicide within 12 months from the date policy is
issued and comes
into action. The insurer of the policy returns only 80% of the premium paid to the
beneficiary of the policy. In case, the policyholder does the same act within a year of
policy renewal then
the nominee of policy wee receive either the surrender benefits or the 80% of the
premium paid whichever is higher.

Documents Required

Apart from the ‘Application form the applicant must submit his/her identity proof,
address proof, bank account proof, and a recent photograph. Selected cases may
require income proof
and medical examination. You can also go for the online process for more
convenience.
COMPETITORS OF INDIA FIRST LIFE INSURANCE COMPANY

LIC India Life Insurance

New India Assurance
National Insurance
Bajaj Allianz Life Insurance
United India Insurance
Oriental Insurance
ICICI Prudential Life Insurance
HDFC Life Insurance
Max life insurance
SBI Life Insurance
Birla Sun Life Insurance
Apollo Munich Insurance
IFFCO Tokyo Insurance
Bharti AXA Life Insurance
HDFC Ergo Insurance
Tata AIA Life Insurance
Max Bupa Insurance
PNB MetLife Insurance
Kotak Mahindra Insurance
Future Generali Insurance
Reliance Life Insurance
United India Insurance
Star Health Insurance
Cigna TTK Insurance
 Aviva India Insurance
India first Insurance
Exide life Insurance
An Example of various financial product comparison.
Objective of the project:
 Distribution of Insurance Policies

 Understanding the Uses of Insurance Products

 Analysis of the Insurance Industry

 Enhancing Knowledge of the Financial Industry

 Generating and Analyzing Sales Leads

 Conducting Market Analysis Across Verticals

 Understanding Consumer Perception

 Adapting Products to Market Trends

 Ensuring Effective Stabilization of the Company

 CHAPTER 3
STRATEGIES USED FOR MARKETING
MARKETING STRATEGY

Step-by-Step Guide to Crafting a Marketing Strategy

1. Set Clear Objectives: Begin by outlining the marketing goals you aim to achieve.
2. Identify Strategic Priorities: Pinpoint key areas of focus to align with your goals.
3. Define Your Audience: Understand your customer segments and their specific needs.
4. Study Competitors: Analyze competitors to identify gaps and opportunities.
5. Establish a Unique Edge: Highlight what sets your offerings apart.
6. Develop the Marketing Mix: Strategize across product, price, place, and promotion.
7. Execute the Plan: Put your strategies into action with clear timelines.
8. Track Performance: Continuously monitor and adapt to market trends.

The core aim of marketing strategy is to boost sales and secure a long-lasting competitive
advantage. A well-thought-out strategy incorporates both short- and long-term tactics,
evaluates the company’s position, and formulates actionable plans to achieve market-
oriented objectives. For example, if the objective is to lead the market, the strategy should
prioritize delighting customers through tailored offerings and precise marketing efforts.
GROWTH TECHNIQUES FOR INSURANCE AGENCIES

 Building a Referral Network

Create a robust network of partners such as real estate agents, mortgage brokers, and
attorneys. Establish trust by offering value—for instance, assisting realtors at open houses or
delivering small tokens of appreciation to mortgage offices. A strong referral network
ensures consistent leads.

 Leveraging Local Networking Events

Participate in events hosted by chambers of commerce and industry groups to make

connections. Stand out by offering assistance, sharing insights, and genuinely engaging with
other attendees. These interactions can lead to fruitful partnerships and referrals.

 Blank Business Cards: A Unique Approach

Always carry blank business cards. When a potential contact doesn’t have their card, jot
down their details on yours. This not only shows preparedness but also ensures they
remember you.

 Investing in Purchased Leads

Supplement your marketing efforts with purchased leads to maintain a steady pipeline of
potential clients. Use specialized tools to source leads aligned with your target
demographics.

 Email Campaigns for Client Engagement

Consistent, valuable email newsletters can enhance customer loyalty, encourage referrals,
and promote cross-selling. If creating quality newsletters is challenging, utilize professional
email marketing services.

 Door-to-Door Connections

While time-intensive, face-to-face interactions can be impactful. Approach organizations

with genuine offers of assistance beyond just insurance solutions. Build relationships by
demonstrating community involvement and reliability.

 Comprehensive Online Marketing

Integrate SEO, social media, PPC, and email marketing into a unified digital strategy.
Consolidate efforts to ensure a consistent and effective online presence.
 MARKET PENETRATION STRATEGIES
 Pricing Adjustments

Adjusting prices, whether increasing or decreasing, can influence customer perceptions and
drive sales. Use this tactic wisely to maintain a balance between value and quality
perception.

 Amplified Promotion

An aggressive promotional strategy, whether through digital or traditional channels, can

significantly enhance brand visibility. Tailor campaigns to meet budget and goals while
ensuring they are innovative and competitive.

 Diversifying Distribution Channels

Expand into new avenues such as telemarketing, e-commerce, or social media platforms. A
diversified approach enhances market reach and profitability.

 Product Enhancements

Communicate improvements effectively to customers, even if minimal changes are made.

Perception often drives value, leading to increased customer satisfaction.

 Encouraging Higher Usage

Targeted campaigns can drive repeat usage and deeper market penetration. Focus on specific
demographics or regions to maximize impact.

 Strategic Risk Management

Launching new products or entering untested markets involves risks. Mitigate these by
understanding customer needs and ensuring seamless delivery through robust distribution
channels.

 Building Competitive Barriers

Reduce costs and improve efficiency to strengthen your market position and deter
competitors. Innovating and leveraging technology can help establish a distinct advantage.

 Embracing Innovation
Adopt a dynamic approach to market strategies. Introduce unique products, educate
customers, and simplify purchasing processes. A focus on creativity ensures sustained
growth.

 Generating Referrals

Encourage referrals by rewarding customers with discounts or perks for successful

recommendations. Word-of-mouth remains a powerful marketing tool.

 Diversification

Explore new markets and products to counter stagnation. Diversification strategies are
particularly effective in industries facing market saturation or regulatory changes.

 Forming Strategic Alliances

Collaborate with other organizations to enter new markets or segments. Joint ventures or
partnerships can provide mutual benefits and open doors to new opportunities.
 CHAPTER 4
LITERATURE REVIEW
Martin P. and McCann B. (1998)
wrote a book where they have guided investors regarding issues relating to investing.
They have advised the investor that they should focus on different sectors of the global
economy which have great potential to generate profit. Apart from this, all the investment
decisions should not be based on emotions there should be a proper strategy before
making investments.
Gremillion L (2005)
Wrote a book titled "A Comprehensive Guide for Investment professionals" which has
given detailed information about investment. It has also mentioned the different types of
challenges faced by various professionals.
Jank S (2010)
In his discussion paper, he has mentioned that many investors run after the past
performance of the fund but, there is no solid proof that the fund will perform well in the
future. Apart from this many investors are reluctant to withdraw their money from those
schemes that are not performing well.
Divya K. (2012)
Wrote an article titled "A Comparative study on evaluation of Investment in India" from
the international Journal of Marketing and Technology. That article suggests that
investment managers should relook at their strategy if the performance of the investment
is less than the performance of the index. The investment styles should be readjusted as
per the up and down of the market.
Srivastava S and Malhotra S (2015)
Wrote an article titled "A Paradigm Shift in Risk Measuring Tools of Finance Industry"
from the International Journal of Informative & Futuristic Research. In his article, he
suggested that equity funds are performing better than debt funds. Fund managers can
adopt the Calmar ratio and safety first ratio to analyse the risk of selected funds. No fund
is risk-free, and Investors should invest in Equity Iandiequity –related instruments to
diversify the risk.
 CHAPTER 5
RESEARCH METHODOLOGY
Here, a Descriptive research is carried out. It comprises many types of surveys.
The most important goal of descriptive research is to describe the current
condition of circumstances. The problem identify was “The study on Consumer
Perception towards Investment sectors”

Research Objective
To analyses the customer perspective towards investment options and buying
preference towards insurance products.
The objectives of the study are:
• Explore t e recent development process of insurance in India.
• To understand the reason for investment in insurance sector.
• To analyses the investment perception of individual towards investment
options.
• To understand the perception of consumer towards investing in various
investment by getting the answers to questions regarding:
• Awareness level towards insurance product
• Family size
• Age group
• Income group
• Risk appetite
• Purpose of investment
• Preferred investment option
• As the overall perception different for male and female towards investment
options?
• Consumer perception towards Insurance products
Sampling Design
Sample area: Jind District, Haryana
Sample Size: 100
 CHAPTER 6
DATA COLLECTION AND SAMPLE
In this research, the data is mainly collected by primary methods.
Also, secondary data is used for analysis. The data which is used in
this research is collected by using the structured questionnaires
provided to me by the company with addition of a few questions. I
interviewed with the potential investors from all age group and
income group. Questions were multiple choice to know the awareness
and perception of consumer.

Investment Expectations of Customers

• High Return
• Liquidity
• Tax Rebate
• Long- and short-term Investment
• Capital Gain
• Hedge against inflation
• Safety and security
• Wealth Maximization (Reinvestment)
• Flexibility
• Passive Income
• Digitalization
• Transparency
• Nominee facility
• Expertise management
•Collateral
• Easy claiming
• Ownership transfer
• Less volatility
• Less penalty charges
 Data Analysis and Finding

Interpretation: Majority of the people who gave response were in the age
group of 21-30 as the purpose of the study was to focus on people who are
entering in their work life span or those who will start investment and know
their perception.
Interpretation: Responses are from every income group because income is
dominant factor for investment decision.

Interpretation: From all the respondent males were in more number than the
females because of their inclination towards investment. All the female
respondents here are working individuals.
Out of the total respondent maximum people are aware of different means
where they can invest their money
Interpretation: Majority of the respondent here said, they do invest. As
majority of respondent belong to income group of within 10 Lacs and are
working people. However, there are many who said they do not invest few of
the reasons could be that they are either have money issues or they are not
aware about the investment options available to them.

Interpretation: Most of the respondent invest their money in Fixed Deposit

or recurring deposit around 27% of the total sample size because it is the safest
mode of saving.
Interpretation: Most of the respondents get the information about financial
instruments from advertisement which influence their decision to in various
sectors and make them aware about different sectors of investment.
Interpretation: Factors that influence respondent’s investment decisions are
mainly for tax saving purpose under section 10(10D) and 80C through which
individuals can get tax rebate of upto Rs. 1,50,000. Next factor being liquidity
so that their money can easily be converted into cash at any moment.

Interpretation: The most important factor for people investing money is

return because people invest money so that it can grow and can contribute to
their goal of wealth creation or child education etc. After which the next factor
is risk because people with different age group and different occupational
group.
Interpretation: Because Insurance products have started penetrating in
market also because of covid 19, people in young age take initiative of
investing money in insurance plans as it has stable returns, no risk and
financial protection for family.
Interpretation: Majority if the respondents purchase insurance product to
financially protect family for any unforeseen incident. It shows individuals
still don’t consider insurance as a source of investment rather a scheme to
protect family.
 Key Findings

• Most people are hesitant in investing in investing in high-risk investment

sectors.
• Most people prefer Fixed deposit as an investment option as it is safer and
there is no capital
loss.
• Return and risk are most important factor in determining the investment
option.
• Majority of people are not aware of different type of investment schemes
available for
investments.
• Most of the people invest their money with the main objective of wealth
creation and asset
purchase.
• Gender and income of the people influence investment decisions.
• Majority if the respondents purchase insurance product to financially protect
family for any
unforeseen incident.
• Insurance products have started penetrating in market also because of covid
19, people in
young age take initiative of investing money in insurance plans as it has stable
returns, no
risk and financial protection for family.
 CHAPTER 7
JOB ANALYSIS
SWOT Analysis of India First Life Insurance

STRENGTH

• One of the organization’s key strengths is the geographical presence in

several locations. It establishes the reach of the company to the target
market and guarantees simple accessibility.
• The large range of products portfolio can enable the organization to
broaden the client base and balance losses in one category of products
with gains derived from the other.
• It has a strong online presence.
• Efficient customer service
• Government backed and strong financial position.
• High product quality boosts brand loyalty and enhances the growth in the
competitive market.

WEAKNESS

• Lack of funding for marketing and promotional activities undermines

the capacity to increase their client base and to stimulate repeat purchases.
• Low research expenses may damage the company's performance
because of lack of understanding about the local/international market.
• Delays in introducing new products in the market

THREAT
• A key risk to India First Life Insurance is the changing regulatory
framework and the adoption of new, tighter rules. Unable to comply with
amended rules increases the danger of costly legal proceedings
. • The growing number of competitors influences the company's capacity
to sustain and increase the client base.
• Economic conditions directly affect customers purchasing power and
affect the business performance.

OPPORTUNITIES

• Increase marketing and promotional activities and new schemes like LIC
to increase customer base.
• The pandemic has increased the customer base of the company as people
are purchasing more life insurance.
• With increase in population and disposable income, the number of
potential customers also increases.
• Government subsidies and other initiatives to improve the business
climate are favorable external factors for India First Life Insurance.
 Sales Pitch
Return for FD- 6%
Return for LIC- 7%
Return for India First Life- 8%

Sales Pitch that has been used prospecting new clients based on the surveys and
questionnaires. Here a comparative study has been done between fixed deposit which
is the most preferred source of investment as they have a low risk tolerance, and LIC
which is a major competitor of India First Life insurance to pitch clients about the
benefits of investing in IFL along with insurance cover.
In the above table we can see IFL gives a return of 8% whereas FD has a return of
6% and LIC gives a return of 7%. This will give investors do a comparative study
and better decision-making ability.
 CHAPTER 8
NEED AND SCOPE FOR MARKETING
INSUARANCE SERVICES
 Need for marketing insurance services:

• The insurance products are characterised by their advantages later and at

times after a large period.

• Demand is not integrated in contrast to consumer items.

• The insurance sector is the least priority among financial services as other
investment routes deliver immediate returns

• In case of life insurance, this is more problematic because people in India

have faith, traditional culture, religious background, and an inclination to
leave it all to destiny. This is particularly true in rural places. The rural market
remains undeveloped. This industry, which has huge potential, must be
exploited by the insurance business.

• Among the middle-class strata is still lacking the concept of good financial
planning, taxation and investment.

• General Insurance is broadly marketable since the benefit of general

insurance plans remains to be reaped by small and medium-sized company
enterprises.
 Scope for Growth of Marketing Insurance Services:

The marketing opportunity for insurance services is huge and insurance

services therefore need to be re-examined. Many imminent adjustments are
anticipated to enhance the dynamics of this sector. The IRDA was created in
1999 to promote, regulate, and enhance the insurance industry. In 1999, the
IRDA

was established. Further promotion in the insurance business may be

encouraged by the following considerations.

• IRDA is committed to promoting insurance and re-insurance regulating

professional organizations.

• The private and corporate sector is open to insurance. The business

dimension will undoubtedly be increased.

• The percentage of life insurance companies and general insurance companies

in rural and social sectors has also been specified.

• There are already indicators of increased engagement with a growing spirit

of investment education and awareness.

• The returns on other investment outlets such as banks, other financial

institutions, mutual funds, capital markets, and insurance investments have
decreased and almost matched. This tendency would further improve the
scope of insurance services for marketing.

• Service standards must be improved, and insurance premiums should be

reduced once there are insurance reforms. The marketing breadth would
extend further with such a great outcome.

• In many client friendly insurance products the privatization process will

bring insurance services marketing would take on a new shape as soon as the
banking, insurance and fund management services were interrelated.

• The Budget has provided certain specific insurance products such as pension
policies with an additional option to save taxes. This will further enhance
marketing methods.
 CHAPTER 9
MARKETING STRATEGIES FOR INDIA
FIRST LIFE INSUARANCE
 India First Life Insurance has employed many advertising policies for the
commercialization in the consumer market of its various products. It understands the
importance of marketing and has therefore chosen a strategy to create easy and useful
publicity campaigns. These are presented on the TV, newspapers, panels, magazines, radio
stations, sides and backs of different vehicles and online platforms via e-mail, social and
print media. The company has its own official website, where
information relating to and important to the client is uploaded and regularly updated. It
took other initiatives, such as direct sales through personal sales and taking part in other
events and activities, to build brand awareness. There are diversified items and various
price systems, but one of the constant factors is that prices are moderately priced so that
common masses may be accommodated. It provides premium options such as monthly,
quarterly, annual and half-year payments.

INDIAFIRST MARKETING CAMPAIGN Because Life is Full of Certainties, LIFE

Insurance developed an advertising campaign. The campaign is described as a
"proposition that aims to appeal to customers' own logic" by advising caution in planning
for events or life objectives that are more certain to occur. This is a departure from the
widely advertised insurance perspective, which is based on a person's dread of the
unknown.



,km
 Advertising and publicity benefits from prospective clients as well as personal sales. The
direct and indirect strategies must be properly balanced and mixed to achieve the desired
result. Clients should be informed about the discounts and incentives that have been given
as part of the policy. Clients must be given a reasonable and sensible cause to buy an
insurance from a company. The company and frontline management must maintain their
unity and honesty to attract clients in the long run. Different imaginative and fresh plans
should be designed to market various life insurance products. Another smart promotional
approach is to find an optimum blend of clients with high disposable income and target
them with specific policies. Life insurance is one of the most challenging things to market,
but it can be done with the right advertising technique.

Marketing strategies that can be adopted by IFL:

• Social Media marketing
• Personal selling
• Advertisements
• Host educational webinars
 Recommendation

Even though insurance products are good source of income, the people lack
awareness and information towards investment sectors. So, the following
suggestions were made in order to increase the awareness among the people.
• Increase awareness among investors Many investors are still restricting their
choices to the non-governmental options like gold and fixed deposits even the
market is flooded with countless investment opportunities. This is because of
lack of awareness about different investment options which makes many
investors restrict their choice to traditional options like gold and fixed deposits.
So awareness must be increased among the investors to encourage them to
invest.
• Educate people more about different investment sectors Many people lack
knowledge about the financial instruments they find it difficult to choose many
schemes. So proper information must be provided to the investors to increase
the loyalty among the investors
• Paperwork/ Formalities should be reduced There is a lot of formalities require
before investing in SIP and insurance products. This procedure may reduce the
interest of the investors towards the mutual funds. So, process of making
investment in mutual funds should be smooth.
• Digitalization As everything is now becoming digitalized, investors want to
see their investment status digitally without going anywhere to liquidate their
investment or to invest in any particular scheme digitally.
 Conclusion

New survival and successful service strategies are required in the life insurance
sector. For the maximum industry to use insurance potential, plans and
strategies must be developed to assist capture the market. Firms need to focus
on the targeting of new segments and execute innovative tactics to achieve
sustainable growth and business profitability and insurance coverage growth
instead of focusing solely on improving the diversity of goods.
Insurance has now become an essential element of everyone's life. The
insurance sector is troubled by several difficulties, including increased
operational costs, regulatory obligations, and inflexible IT infrastructure.
Premium increases that are low to moderate, as well as higher regulatory
compliance costs, worsen these limits. With all the considerations in mind, the
study's goal would be to look at all the factors that contributed to successful
marketing techniques.
This research looks at a variety of life insurance marketing tactics while
considering the firm's external and internal environment. The report would
help the company and its clients to understand the market and its competitors.
Also, it will help them to design various marketing and advertising
promotional activities like social media, e-mail marketing and web. Once
company understands the market, it can increase its revenue by dealing in the
products offered.
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