Risk Management In Life Insurance 1y5l3m

PROJECT REPORT On

Assessment and analysis of risk and insurance management By BHABANI SHANKAR LENKA (U113194) In (IDBI FEDERAL LIFE INSURANCE CO. LTD.) A project report Submitted in partial fulfilment of the requirement of PGDM Program at Xavier Institute Of Management, Bhubaneswar DISTRIBUTION LIST: Faculty Advisor: Dr. Krishna Dasgupta Ph.D. (XIM Bhubaneswar)

Company Guide: Mrs. C. Shanthi Yagyanath Asst. Branch Head (IDBI FEDERAL LIFE INSURANCE CO. LTD.)

Date of Submission: 12/06/2014

ACKNOWLEDGEMENTS I would like to express my sincere gratitude to my company guide Mrs. C. Shanthi Yagyanath, Asst. Branch Head, IDBI Federal Life Insurance Company, Coimbatore for guiding me throughout my summer internship and research project. Her encouragement, time and effort are greatly appreciated. I would then like to thank my faculty guide, A/Prof. Dr. Krishna Dasgupta, for all her valuable inputs and constant towards me throughout my project and providing me an opportunity to learn outside the class room. It was a truly wonderful learning experience. I would like to thank all my colleagues from IDBI Federal Life Insurance Co. Ltd. for their valuable suggestions and . I would also like to thank all the respondents who offered their opinions and suggestions and sometimes critical views throughout the survey which made me constantly update myself come out with a successful project. Finally, I would like to thank my parents, providing me this opportunity to study in this great institute. Thank all my friends and relatives, who have given me .

Submitted By, Bhabani Shankar Lenka

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CERTIFICATE Awarded to Mr. Bhabani Shankar Lenka This is to certify that the Project entitled “Assessment and analysis of risk and insurance management” has been submitted in partial fulfilment of the requirement for the PGDM course of Xavier Institute Of Management , Bhubaneswar.

Date: Place: Bhubaneswar

Director

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GUIDE-CERTIFICATE This is to certify that the Project Report entitled “Assessment and analysis of risk and insurance management” is submitted to IDBI FEDERAL LIFE INSURANCE CO. LTD. and Xavier Institute Of Management, Bhubaneswar in partial fulfilment of the PGDM Course. This study is based on an original and independent work carried out by Mr. Bhabani Shankar Lenka under my guidance and supervision. The study has not formed the basis for the award of any other degree or Diploma of any other University or Institution.

Company Guide Mrs. Shanthi Yagyanath

Project Guide Dr. K Dasgupta

Date: 12/06/2014 Place: Chennai

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DECLARATION I, Bhabani Shankar Lenka of Xavier Institute Of Management, Bhubaneswar hereby declares that the project report entitled “Assessment and analysis of risk and insurance management” written and submitted by me to the Xavier Institute Of Management, Bhubaneswar , in partial fulfilment of the requirements for the Internship Program 2014 under the guidance of Dr. Krishna Dasgupta is my original work and the conclusions drawn there in are based on the material collected by me.

Date: 12/06/2014

Bhabani Shankar Lenka

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CONTENTS SL. NO.

TOPIC

PAGE NUMBER

1.

SYNOPSIS

7

2.

ABSTRACT

9

3.

OVERVIEW OF INSURANCE SECTOR

10

4.

COMPANY PROFILE

16

5.

COMPARITIVE ANALYSIS

24

6.

LITERATURE STUDY

29

7.

RESEARCH METHODOLOGY

33

8.

QUESTIONNAIRE

36

9.

DATA ANALYSIS

39

10.

INTERPRETATION AND INFERENCES

46

11.

CONCLUSION

49

12.

RECOMMENDATIONS

50

13.

REFERENCES

51

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LIST OF FIGURES AND GRAPHS SL. NO.

TOPIC

PAGE NUMBER

1.

MARKET SHARE OF ALL LIFE INSURANCE COMPANIES

12

2.

CONSUMER DECISION MAKING PROCESS

31

3.

GENDER CLASSIFICATION

39

4.

AGE GROUP

39

5.

INCOME DISTRIBUTION

40

6.

KNOWLEDGE OF INSURANCE

41

7.

HAVE A LIFE INSURANCE POLICY

42

8.

PREFERRED INSURANCE COMPANIES

42

9.

TYPE OF PLAN

43

10.

SATISFACTION LEVEL

43

11.

PURPOSE OF TAKING INSURANCE

44

12.

FEATURES OF INSURANCE POLICY

44

13.

AWARENESS OF IDBI PRODUCTS

45

14.

CORELATION ANALYSIS

46

15.

REGRESSION ANALYSIS

47

16.

DISCRIMINANT ANALYSIS

48

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SYNOPSIS TOPIC: “Assessment and analysis of risk and insurance management”

IMPORTANCE OF THE STUDY:The study is about understanding the consumer purchasing behaviour which would help in determining the characteristics of different insurance policies that consumers prefer. It is essential to know these features as it is an important factor in determining the sustainability and success of the product.

OBJECTIVES:Objectives that would be covered under this study:  Identifying the key features of insurance products  Identifying the causes behind the limited outreach of insurance products  Competitor analysis on purchase decision dynamics

METHODOLOGY:  The methodology used in this study would be SURVEY METHOD.  Questionnaire will be designed and circulated among consumers of different categories depending on income level, age, profession, gender etc. at Bangalore and Bhubaneswar.  The questionnaire will contain some specific questions for those who have an idea about insurance policies for getting better clarity in finding out the purchase decision dynamics.  There will be questions like what type of policy plans does a person prefer, what are the features consumers consider before buying an insurance etc. . 7|Page

LIMITATIONS: The study is confined to the regions of Chennai / Bhubaneswar  It was planned to collect 200 responses but due to some restrictions only 150 responses were collected.  Some of the respondents were not ready to fill the questionnaires and some of them were not ready to come out openly  The survey conducted was more of objective kind and results will be completely based on the views of the respondent.

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ABSTRACT The objective of this study is to analyze consumer value dynamics and its related purchasing behaviour in the insurance market over the years. The study would provide interesting insights and empirical evidence on values being determinant for consumer choice and suggests priority areas of development for insurance market players in order to adapt to changing customer preferences and gain competitive advantages. Consumer purchasing behaviour is the study of individuals, groups, or organizations and the processes they use to select, secure, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society. It blends elements from psychology, sociology, social anthropology and economics. It attempts to understand the decision-making processes of buyers, both individually and in groups. Consumer purchasing behaviour studies characteristics of individual consumers such as demographics and behavioural variables in an attempt to understand people's wants. It also tries to assess influences on the consumer from groups such as family, friends, reference groups, and society in general. Customer behaviour study is based on consumer buying behaviour, with the customer playing the three distinct roles of , payer and buyer. “Survival of the fittest”- This quote best suits the today‟s competitive world of the insurance industry. To sustain our product we need to know the market and the cause behind the limited outrun of the product. Adding to this we also need to know the key attributes which the consumers want to see in our product for the different consumer types. The competitor analysis on the purchase decision dynamics will give us an overview of where the products offered by IDBI Federal Life Insurance stand and its scope of improvement. This will help IDBI in developing new products and modifying the existing products with respect to customer expectations.

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OVERVIEW OF INSURANCE SECTOR INSURANCE: Insurance is a contract providing for payment of a sum of money to the person assured or failing him to the person entitled to receive the same on the happening of certain event. Uncertainty of death is inherent in human life. It is this risk, which gives rise to the necessity for some form of protection against the financial loss arising from death. Insurance substitutes this uncertainty by certainty. The objective of insurance is normally to provide: a) Family protection and / or b) Provision for old age c) Protection against risks Insurance cover is essential because it provides the following benefits: i. A lump sum payment to the nominees at the time of the death of the policy holder. ii. A regular payment to the nominees in the event of the death of the policy holder. Tax benefits, as s paid reduce the liability of tax. iii. Relieves economic hardships in the family on the uneventful death of the sole income holder. iv. Inculcates the habit of savings.

HISTORY OF INDIAN INSURANCE:Insurance industry has always been a growth-oriented industry globally. On the Indian scene too, the insurance industry has always recorded noticeable growth vis-à-vis other Indian industries. The Triton General Insurance Co. Ltd. was the first general insurance company to be established in India and it was a British owned company. The first general insurance company to be set up by an Indian was Indian Mercantile Insurance Co. Ltd., which was established in 1907. The general insurance business was nationalised after the promulgation of General Insurance Business (Nationalisation) Act, 1972. The post-nationalisation general insurance business was undertaken by the General Insurance Corporation of India (GIC) and its 4 subsidiaries: 1) Oriental Insurance Company Limited 2) New India Assurance Company Limited 10 | P a g e

3) National Insurance Company Limited 4) United India Insurance Company Limited 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 enactment of a comprehensive legislation. The Insurance Regulatory and Development Authority Act, 1999 is an act to provide for the 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 matters connected 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). The Life Insurance Corporation (LIC) was established on 1956 and had been the sole corporation to write the life insurance business in India. The Indian Insurance industry is featured by the attributes:  Low market penetration;  Ever-growing middle class component in population.  Growth of consumer movement with an increasing demand for better insurance products;  Inadequate application of information technology for business.

PRESENT SCENARIO:Government-owned Life Insurance Corporation (LIC) of India is the country‟s largest insurer, controlling approximately 65 per cent of the market. Life insurance penetration in India is about 4.4 per cent of the country‟s gross domestic product (GDP) in of total s underwritten annually, according to the Insurance Regulatory and Development Authority (IRDA). The penetration is quite less in India as against its peers and hence, the Indian insurance market provides ample opportunities to domestic and international players to harness the profitable avenues in the same.

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India tops all the countries in of life insurance density, according to the World Economic Forums‟ Financial Development Report 2012. It is followed by China, Japan, US & UK.

Figure-1

Key Statistics:  Life insurance industry, comprising over 20 companies, including public sector LIC, collected total of Rs 84,501.75 crore (US$ 15.38 billion) during the April-February period of 2012-13 fiscal. Private insurers together raked-in Rs 23,796.29 crore (US$ 4.33 billion) in these 11 months.  Meanwhile, the general insurance industry grew by 19.34 per cent in the 11 months of 2012-13 fiscal wherein the 27 non-life insurers collected worth Rs 61,885.11 crore (US$ 11.26 billion). The growth was led by 12 | P a g e

SBI General which recorded over three-fold growth in gross as compared to the last fiscal.  Of the total , the share of 21 private sector players stood at Rs 26,655.35 crore (US$ 4.85 billion) while Rs 31,196.3 crore (US$ 5.68 billion) were contributed by four public sector players --New India Assurance, National Insurance, United India and Oriental Insurance.  Table shown below shows the list of Insurance companies listed in India: Type of insurance

Life insurance

General insurance

Public Sector Company

1

6

Private Sector Companies

22

18

Total

23

24

Table – 1

New Developments/ Product Launches 





Canada's largest insurer Manulife Financial is contemplating to enter Indian insurance sector. The company is actively doing a market research to find a viable business model to set up its shop here. The Indian insurance sector is home to many other foreign players like Allianz, Prudential, Standard Life, Aviva, AEGON and Nippon Life, which are present in the market through t ventures (JVs)with their respective Indian partners State-owned general insurer New India Assurance is all set to make the best of its international presence. The company that currently operates in 22 countries is planning to enter Qatar, Myanmar and Canada in 2013-14, said G. Srinivasan, Chairman-cum-Managing Director. The company has huge set-up in countries like London, Australia and Japan and has ventures in Kenya, Singapore and other African countries. New India Assurance recorded Rs 2, 500 crore (US$ 455.13 million) as its income from overseas operations in 2012-13 United Indian Insurance Company has drafted its plan-of-action for 2013-14 and has revealed that it would continue to focus on retail business through 13 | P a g e



agents and would add around 530 micro offices in the country. The company also intends to intensify its focus on information technology activities, including expansion of info-kiosks and online policies ICICI Securities and ICICI Lombard General Insurance have together launched a unique general insurance policy for Mutual Fund Systematic Investment Plan (SIP) investors. Using this policy – named „Secure Mind‟ 2.6 million customers of ICICIdirect.com can protect their investments made in mutual funds (MF) from unforeseen risks. This is the first-of-its-kind general insurance policy in India to be offered with MF investments

Government Initiatives Mr P Chidambaram, the Finance Minister has expressed confidence that the Government would soon introduce amendments to the Insurance Bill. The Bill seeks to raise foreign investment cap in the sector from 26 per cent to 49 per cent, which is a much-awaited move in the capital-intensive industry. In order to increase the penetration of the concept of insurance, the Government of India has also launched a pan-India insurance awareness campaign. Mr Chidambaram has ensured that the campaign would not remain secluded to metros like Delhi and Mumbai and would focus on states such as Bihar, Chhattisgarh, Uttar Pradesh and Uttarakhand, where insurance penetration and awareness is comparatively low. Road Ahead Rural and semi-urban markets are witnessing strong demand for composite products and health insurance policies, more-so because of increasing awareness and Government initiatives. Bottom-of-the-pyramid products such as microinsurance are gaining popularity day-by-day. Insurers are considering telecom franchisees, NGOs, regional rural banks, cooperatives, post offices and micro finance institutions as major channels to sell their products. They are even contemplating on an extensive rural-agent network for sale of insurance products and services. Coming to urban markets, India's urban population is projected to increase from the current 318 million to 375 million by 2025 and it will enhance beyond existing cities into tier-II and tier-III cities and smaller towns. The need of the day for life insurers is to understand the different needs of these potential customers,

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design products to match their requirements and create efficient distribution models on which they can bank upon in future. In a nutshell, statistics and industry experts truly state that the insurance landscape in India is full of opportunities. The players need to leverage their strengths, fasten their growth drivers to emerge stronger and build an incredible model based on consumer trust and valuable distributor relationships. These strategic investments will enable the Indian insurance sector to sustain its overall growth momentum over the years to come.

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COMPANY PROFILE IDBI Federal Life Insurance Co Ltd is a t-venture of IDBI Bank, India‟s premier development and commercial bank, Federal Bank, one of India‟s leading private sector banks and Ageas, a multinational insurance giant based out of Europe. In this venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity each. IDBI Federal endeavours to deliver products that provide value and convenience to the customer. Through a continuous process of innovation in product and service delivery we intend to deliver world-class wealth management, protection and retirement solutions to Indian customers. Having started in March 2008, in just five months of inception IDBI Federal became one of the fastest growing new insurance companies to garner Rs 100 Cr in s. The company offers its services through a vast nationwide network across the branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. As on October 31st 2012, the company has issued over 5.5 Lakh policies with over Rs 24,095 crore in Sum Assured. Sponsors of IDBI Federal Life Insurance Co Ltd IDBI BANK LTD. continues to be, since its inception, India‟s premier industrial development bank. Created in 1956 to India‟s industrial backbone, IDBI Bank has since evolved into a powerhouse of industrial and retail finance. Today, it is amongst India‟s foremost commercial banks, with a wide range of innovative products and services, serving retail and corporate customers in all corners of the country from 783 branches and 1328 ATMs. The Bank offers its customers an extensive range of diversified services including project financing, term lending, working capital facilities, lease finance, venture capital, loan syndication, corporate advisory services and legal and technical advisory services to its corporate clients as well as mortgages and personal loans to its retail clients. As part of its development activities, IDBI Bank has been instrumental in sponsoring the development of key institutions involved in India‟s financial sector –National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd, SHCIL (Stock Holding Corporation of India Ltd), CARE (Credit Analysis and Research Ltd)

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FEDERAL BANK is one of India‟s leading private sector banks, with a dominant presence in the state of Kerala. It has a strong network of over 739 branches and 797 ATMs spread across India. The bank provides over four million retail customers with a wide variety of financial products. Federal Bank is one of the first large Indian banks to have an entirely automated and interconnected branch network. In addition to interconnected branches and ATMs, the Bank has a wide range of services like Internet Banking, Mobile Banking, Tele Banking, Any Where Banking, debit cards, online bill payment and call centre facilities to offer round the clock banking convenience to its customers. The Bank has been a pioneer in providing innovative technological solutions to its customers and the Bank has won several awards and recommendations. AGEAS is an international insurance company with a heritage spanning more than 180 years. Ranked among the top 20 insurance companies in Europe, Ageas has chosen to concentrate its business activities in Europe and Asia, which together make up the largest share of the global insurance market. They are grouped around four segments: Belgium, United Kingdom, Continental Europe and Asia. It is an undisputed leader in the Belgian market for individual life and employee benefits, as well as a leading non-life player, through AG Insurance. Internationally Ageas has a strong presence in the UK, where it is the third largest player in private car insurance. The company also has subsidiaries in , and Hong Kong. Ageas has a track record in developing partnerships with strong financial institutions and key distributors in different markets around the world and successfully operates partnerships in Luxembourg, Italy, Portugal, China, Malaysia, India and Thailand. Ageas employs more than 11,000 people and has annual inflows of almost EUR 16 billion.

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SALES ORGANISTAION STRUCTURE:-

Source: IDBI Federal Co Ltd.

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HUMAN RESOURCE ORGANIZATIONAL STRUCTURE:-

Source: IDBI Federal Co Ltd.

There are no Zonal Heads in the Human Resource Department the area Human Resource executive only acts as the Human Resource Manager and reports all the activities to the Head Office that is in MUMBAI.

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OPERRATIONS ORGANIZATIONAL STRUCTURE:-

Source: IDBI Federal Co Ltd.

The Zonal Managers are ed by Branch Executives and the Operations department is present only in the Head Office which is in MUMBAI.

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PRODUCT RANGE:IDBI Federal offers many varieties of products with respect to insurance to customers many of which are customized to meet the customer needs such as:          

WEALTHSURANCE INCOMESURANCE BONDSURANCE URANCE HEALTHSURANCE LIFESURANCE GROUP MICROSURANCE HOMESURANCE LOANSURANCE CHILDSURANCE

INCOMESURANCE Incomesurance not only gives you unmatched transparency and flexibility but there are lots of other features which are inbuilt in the product like convenient payment options, Tax benefits and double advantage of Endowment and Money Back plan. Incomesurance combines Endowment and Money Back benefits into one plan. You can get periodic payments as in Money Back or get a lump sum at maturity as in Endowment. Incomesurance Plan is very flexible and allows you to customize your Plan as per your individual and family‟s future requirements. Moreover it also allows you to choose Payment Period, Payout Period, Payout Options and more.

WEALTHSURANCE The Wealthsurance Foundation Plan enables you to save and build wealth to meet your financial goals. However, unlike other investment alternatives, it also enables you to achieve your wealth goals even in the event of unexpected death, accidents, disablement or serious illness. The Wealthsurance Foundation Plan can ensure that your plans for wealth creation are achieved by protecting that plan with insurance benefits. With Wealthsurance Foundation Plan, you can:

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 Save into the Plan as much money as you want whether at one time, at regular intervals or as per your convenience.  Build your wealth by choosing the investments your savings go into and change them from time to time as you wish.  Get adequate life insurance cover with a unique built-in terminal illness benefit, so that the financial security of your loved ones is assured and your plans are always realized.

HOMESURANCE The Homesurance Protection Plan is a reducing term plan, which provides insurance cover equal to the outstanding balance of your home loan. In the unfortunate event of death of the home loan borrower, the insurance cover enables repayment of the home loan liability. Protection against loan liability A home loan is usually a large liability and if the breadwinner who would repay the loan were not to be there, it could become a serious burden to the family. The Homesurance Protection Plan protects against this liability.

BONDSURANCE Bondsurance is a single plan which allows you to make a one-time investment and get a guaranteed amount on maturity. You can choose a maturity period of 5 or 10 years for your investment. At the end of the chosen period, you will receive a guaranteed maturity amount. Besides the guaranteed maturity amount, Bondsurance also provides a life insurance cover. In case of death before the maturity date, a Death Benefit which is also guaranteed will be paid. Thus you can get life insurance cover, while earning an assured return on your investment.

GROUP MICROSURANCE IDBI Federal Group Microsurance Plan provides affordable life insurance cover to groups. This plan is extremely useful to Micro Finance Institutions, Self Help Groups and NGOs to insure the lives of their group and thus provide security to the group ‟ families. The plan can also be used for providing loan protection to the group ‟ families. 22 | P a g e

URANCE IDBI Federal urance Protection Plan (urance) comes with three cover options which you can select on the basis your requirement. urance is designed with a host of benefits & options aimed at satisfying your every need. It not only allows you to customise your plan as per your individual and family‟s needs, it also comes with a host of benefits like convenient insurance cover options, flexible payment , choice of policy term and lots more flexible options.

LOANSURANCE Loansurance is a cost-effective way to ensure that the outstanding debt is settled in the unfortunate event of death of the insured member. This term assurance plan provides cover to a person directly liable for loan repayment (and the partners, in case of a partnership), as per the benefit schedule.

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COMPARITIVE ANALYSIS PRODUCT: URANCE Term Insurance is a no frill life insurance plans and covers you for a term of one or more years. It pays a death benefit only if you die in that term. Term Insurance generally offers the cheapest form of insurance. Term insurance is a pure protection plan; it secures your family's financial need in case of your natural death. The remains same throughout the policy term. There is no residual value on expiry of the term. A Term plan is a pure risk cover plan and it meets the needs of people who are initially unable to pay the larger required for a whole life or an endowment assurance policy, but they hope to be able to pay for such a policy in the near future.

1. LIC provides 2 term insurance policies. o If S.A. is between Rs.5 lacs – less than Rs. 25 lacs, the plan is Anmol Jeevan. o If S.A. is Rs.25 lacs or more, plan is Amulya Jeevan. The can be paid half-yearly or yearly. It's a simple plan – on death of the policy holder, the nominee gets the S.A.

2. The company has recently launched a new term insurance plan – iProtect, which can be purchased only Online. This product is not available through any agent. You need to submit an online application & pay the through Net Banking. Since the company has removed all the intermediaries, they have come with one of the cheapest in term insurance category. They offer 2 riders also in this policy. o Accident Death Benefit (ADB) rider: - In case of death, the company pay double the S.A., subject to a maximum of Rs.50lacs, in addition to basic S.A. However you've to pay little more s to get this benefit. 24 | P a g e

o Critical Illness Rider: - If during the tenure, the policyholder suffers from any critical disease like Cancer, heart attack etc., the company pays the entire S.A. to the policyholder.

3. Smart Shield is the plan name from SBI life insurance. They offer attractive large sum assured rebates. You can also customize your coverage by choosing from a wide range of additional benefits such as – Accidental Death Benefit Rider, Accidental Total and Permanent Disability Rider and Accelerated Critical Illness cover option.

Plan Options Option I

Level Term Assurance

Option II

Increasing Term Assurance

Option III

Decreasing Term Assurance(Loan Protection)

Option IV

Decreasing Term Assurance(Family Income Protection) Term

Minimum Policy Term

5 years

Maximum Policy Term

For Option I, II & IV - 30 years For Option III - Equal to the outstanding loan term subject to maximum of 30 years

Minimum

Single :- Rs. 15,000/Regular :Yearly: Rs. 5,000/Half-Yearly: Rs.2,500/Quarterly: Rs.1,250/Monthly: Rs. 450/-

Mode

Single/ Yearly / Half yearly / Quarterly / Monthly ** Age*

Minimum Entry Age

18 years

Maximum Entry Age

65 years

Maximum Maturity Age

70 years Sum Assured

Minimum Sum Assured

Rs. 25,00,000 (× Rs. 1,00,000)

Maximum Sum Assured

No Limit Riders Available

Figure - 2

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PRODUCT: INCOMESURANCE

PARAMETER

ENTRY AGE ( YEARS)

MIN

MAX

MIN SUM INSURED (Rs) MAX

POLICY

PAYING PERIOD

MIN MAX MIN MAX

LIC

30 days

12

15

16

65

65

60

70

Subject to a min. based on minimum

50000

50000

75000

No Limit

no limit

10

5

10

15

25

55

25

20

5

3

10

15

15

25

25

20

SBI LIFE INSURANCE COMPANY

5 crores

Monthly, quarterly, Monthly, Monthly, halfhalfquarterly halfyearly, annually yearly, yearly, annually annually

MODE OF PAYMENT

MIN MAX TAX BENEFIT

IDBI FEDERAL LIFE INSURANCE

10000

3000

3200

no limit

no limit

Rs 3051170

double tax benefit

double tax benefit

double tax benefit

ICICI PRUDENTIAL LIFE INSURANCE

No Limit

Monthly, halfyearly, annually

6000 No Limit

Table - 2 26 | P a g e

PRODUCT – WEALTHSURANCE 1.

IDBI FEDERAL LIFE INSURANCE CO. LTD. Minimum entry age(yrs)

30 Days

Maximum entry age(yrs)

65

Maximum maturity age(yrs) Min. No. of funds Riders

75 10000 7 ADBR, ADB, WOPR, MAJOR DISEASES BENIFIT, HOSPITAL BENEFIT, TERMINAL ILLNESS BENEFIT

Min. payment term(yrs)

3 Table - 3

2.

LIFE INSURANCE CORPORTAION (LIC) OF INDIA LIC offers 3 different types of ULIPs under flagship banner wealth insurance:  MARKET PLUS  PROFIT PLUS (RP & SP)  FORTUNE PLUS (ADBR-Accidental Death Benefit Rider, CIBR-Critical Illness Benefit Rider) Market Plus

Profit Plus (RP & SP)

Fortune Plus

18

0

12

70

65

60

75

70,75

65

min.

10000

20000

20000

No. of funds

4

4

4

Riders

ADBR

ADBR,CIBR

ADBR

Min. payment term(yrs)

5

3

5

Minimum entry age(yrs) maximum entry age(yrs) maximum maturity age(yrs)

Table – 4 27 | P a g e

3. ICICI PRUDENTIAL LIFE INSURANCE ICICI PRUDENTIAL OFFERS 5 DIFFERENT TYPES OF ULIPs    

LIFE TIME GOLD LIFE LINK SUPER PREMIER LIFE GOLD LIFE TIME PLUS LIFE

LIFE TIME GOLD

LINK

PREMIER LIFE

LIFE TIME

LIFE

GOLD

PLUS

STAGE

SUPER Minimum entry age(yrs) Maximum entry age(yrs) Maximum maturity age(yrs)

0

0

0

0

0

65

65

69

65

65

75

70

75

75

75

Min.

20000

50000

10000

20000

15000

No. of

7

7

7

7

7

NO

ADBR,CIBR ,WOP

ADBR, CIBR

ADBR, CIBR

SP

3 and 5

3

LIFE BASED

funds Riders Min. payment term(yrs)

ADBR,CIBR, WOP

3

Table - 5

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LITERATURE STUDY CONSUMER BUYING BEHAVIOUR Definition: Consumer behavior refers to the mental and emotional process and the obser vable behavior of consumers during searching, purchasing and post consumption of a product or service. Consumer behaviour involves study of how people buy, what they buy, when they buy and why they buy. It blends the elements from psychology, sociology, anthropology and economics. It also tries to assess the influence on the consumer from groups such as family, friends, reference groups and society in general. Buyer behaviour has two aspects: the final purchase activity visible to any observer and the detailed or short decision process that may involve the interplay of a number of complex variables not visible to anyone. Factors Affecting Consumer Buying Behaviour Consumer buying behaviour is influenced by the major three factors: 1. Social Factors 2. Psychological Factors 3. Personal Factors.

A. Social Factors Social factors refer to forces that other people exert and which affect consumers‟ purchase behaviour. These social factors can include culture and subculture, roles and family, social class and reference groups. Example: - By taking into consideration Reference group, these can influence / affect the consumer buying behaviour. Reference group refers to a group with whom an individual identifies herself/ himself and the extent to which that person assumesmany values, attitudes or behavior of group . Reference groups ca n befamily, school or college, work group, club hip, citizenship etc. Reference groups serve as one of the primary agents of consumer socialization and learning and can be influential enough to induce not only sociallyacceptable consumer behavior but also socially unacceptable and even pers onal destructive behaviour. For example, if fresher student s a college / university, he/she will meet different people and form a group, in that group there 29 | P a g e

can be behaviour patterns of values, for example style of clothing, handsets which most of group member prefer or even destructive behaviour such as excessive consumption of alcohol, use of harmful and addictive drugs etc. So, according to how an individual references him / her to that particular reference group, this will influence and change his/her buying behaviour.

B. Psychological Factors These are internal to an individual and generate forces within that influence her/his purchase behaviour. The major forces include motives, perception, learning, attitude and personality. Example: - Attitude is an enduring organization of motivational, emotional, perceptualand cognitive processes with respect to some aspect of our environment. Consumer form attitude towards a brand on the basis of their beliefs about the brand. For example, consumers of Sony products might have the belief that the products offered by Sony are durable; this will influence those customers to buy Sony products due to this attitude towards the brand.

C. Personal Factors These include those aspects that are unique to a person and influence purchase behavior. These factors include demographic factors, lifestyle and situatio nal factors. Example: Lifestyle is an indicator of how people live and express themselves on the basis of their activities, interests, and opinions. Lifestyle dimension provide a broader view of people about how they spend their time the importance of things in their surroundings and their beliefs on broad issues associated with life and living and themselves. This is influenced by demographic factors and personality. E.g. a CEO or Manager is likely to buy more formal clothes, ties and shoes or PDAs and less informal clothes like jeans as compared to a Mechanic or Civil engineer. So according to their lifestyle and profession, the buying behaviour of people differs from one another.

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CONSUMER BUYING DECISION PROCESS Definition: Consumer buying decision process is the processes undertaken by consumer in regard to a potential market transaction before, during and after the purchase of a product or service. Consumer decision making process generally involves five stages:

Figure - 3

A. Problem Recognition Purchase decision making process begins when a buyer becomes aware of an unsatisfied need or problem. This is the vital stage in buying decision process, because without recognizing the need or want, an individual would not seek to buy goods or service. There are several situations that can cause problem recognition, these include:  Depletion of stock  Dissatisfaction with goods in stock  Environ-mental changes  Change in financial situation  Marketer initiated activities. B. Information Search After the consumer has recognized the need, he / she will try to find the means to solve that need. First he will recall how he used to solve such kind of a problem in the past, this is called nominal decision making. Secondly, a consumer will try to solve the problem by asking a friend or goes to the market to seek advice for which product will best serve his need, this is called limited decision making. Sources of information include:  Personal sources 31 | P a g e

 Commercial Sources  Public sources  Personal experience C. Alternatives evaluation Consumers‟ evaluates criteria refer to various dimension; features, characteristics and benefits that a consumer desires to solve a certain problem. Product features and its benefit is what influence consumer to prefer that particular product. The consumer will decide which product to buy from a set of alternative products depending on each unique feature that the product offers and the benefit he / she can get out of that feature. D. Purchase Action This stage involves selection of brand and the retail outlet to purchase such a product. Retail outlet image and its location are important. Consumer usually prefers a near-by retail outlet for minor shopping and they can willingly go to a far away store when they purchase items which are of higher values and which involve higher sensitive purchase decision. After selecting where to buy and what to buy, the consumer completes the final step of transaction by either cash or credit. E. Post-purchase Actions Consumer favourable post-purchase evaluation leads to satisfaction. Satisfaction with the purchase is basically a function of the initial performance level expectation and perceived performance relative to those expectations. Consumer tends to evaluate their wisdom on the purchase of that particular product. This can result to consumer experiencing post purchase dissatisfaction. If the consumer‟s perceived performance level is below expectation and fail to meet satisfaction this will eventually cause dissatisfaction, and so the brand and/ or the outlet will not be considered by the consumer in the future purchases. This might cause the consumer to initiate complaint behaviour and spread negative word-of-mouth concerning that particular product.

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RESEARCH METHODOLOGY OBJECTIVES:Objectives that would be covered under this study:  Identifying the key features of insurance products  Identifying the causes behind the limited outreach of insurance products  Competitor analysis on purchase decision dynamics

METHODOLOGY: RESEARCH DESIGN:  In this project, descriptive research is used i.e. explaining the distinctiveness of the observed facts. The methodology used in this study would be SURVEY METHOD.  Questionnaire will be designed and circulated among consumers of different categories depending on income level, age, profession, gender etc. at Bangalore and Bhubaneswar.  The questionnaire will contain some specific questions for those who have an idea about insurance policies for getting better clarity in finding out the purchase decision dynamics.  There will be questions like what type of policy plans does a person prefer, what are the features consumers consider before buying an insurance etc. . SAMPLE DESIGN: The sample size is 250 and sampling unit is consumers and the sampling type is non random sampling. The research is carried out in Bangalore, Karnataka and Bhubaneswar, Odisha. Open ended and closed ended questions are used in the design of questionnaire. The type of questionnaire used in this 33 | P a g e

project is structured questionnaire where the questions are listed in a pre arranged order and respondents are informed about the purpose of collecting information. DATA SOURCES There are two methods of data collection that can be considered when collecting data for research purpose. These data collection types include the following:  Primary data  Secondary data Both primary and secondary data will be used for the purpose of study. Primary Data This can be referred to as first hand data because it is collected mainly for the set research purpose. Sources of primary data: For the purpose of the project, primary data will be collected by communication via questionnaires and interviews which we will ister personally. Basic methods of communication with respondents that may be used in the project are:  Personal interviews.  Telephone interviews.  Self istered questionnaires which can either be in the form of printed questionnaires or electronic questionnaires via email. Secondary Data Secondary data can be referred to as information collected by others for certain purposes that can be different from that of a researcher who intends to use the same information. Sources of secondary data: The internal sources are data‟s being collected from employees, suppliers etc. And the external sources include the collection of data from published articles, books, research reports etc. as well as commercial, research, reports etc. 34 | P a g e

Online sources which may include web pages of government organizations, companies, symposium, seminar etc., For this study, secondary data were gathered from books, journal and articles using the college library as well as the through internet e.g. Google scholar, Ebsohost, IRDA website.

LIMITATIONS OF THE PROJECT: The limitations of the project are: 1. Data was collected from two geographical areas i.e. only in Bangalore city and Bhubaneswar. 2. Respondents may not provide accurate and true information for the surveys which may lead to a variation in consumer responses. 3. It was planned to collect 300 responses but due to some restrictions only 250 responses were collected. 4. The survey conducted was more of objective kind and results will be completely based on the views of the respondent.

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QUESTIONNAIRE SURVEY ON Assessment and analysis of risk and insurance management Dear Sir/Madam, This survey is a part of our curriculum in my Summer Internship Program for the partial fulfilment of my MBA degree. I thank you for your co-operation and assure you complete confidentiality of the information.

1. NAME

2. AGE

3. GENDER

4. MOBILE NUMBER

5. ANNUAL INCOME BELOW 3 LAKH 3 – 5 LAKH 5 – 7 LAKH 7 – 10 LAKH ABOVE 10 LAKH 6. OCCUPATION

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7.

LOCATION

8. DO YOU HAVE ANY IDEA ABOUT INSURANCE POLICIES? YES NO 9. DO YOU HAVE A LIFE INSURANCE? YES NO (* If NO, please move to Question-13 directly)

10. IF YES, WHICH INSURANCE COMPANY’S POLICY DO YOU HAVE?

11. WHAT TYPE OF PLAN DO YOU HAVE? ENDOWMENT TERM PLAN MONEY BACK ULIP RETIREMENT OTHERS 12. ARE YOU SATISFIED FROM YOUR INSURANCE POLICY WITH RESPECT TO THESE FEATURES (RANK ACCORDING TO: - 1 – UNSATISFIED; 5 – HIGHLY SATISFIED) INSURANCE COVERAGE BONUS & RETURNS AMOUNT FLEXIBLE WITHDRAWLS TAX BENEFITS CUSTOMER RELATIONSHIP MANAGEMENT

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13. WHAT IS THE PURPOSE OF TAKING AN INSURANCE POLICY? TAX SAVINGS INVESTMENT PURPOSE RISK COVERAGE RETIREMENT BENEFITS REGULAR RETURNS OTHERS

14. RATE THE FEATURES YOU CONDSIDER BEFORE TAKING A POLICY? (1 – LOWEST IMPORTANCE; 5 – HIGHEST IMPORTANCE) INSURANCE COVERAGE BONUS & RETURNS RECEIVED EASE OF PAYING AMOUNT FLEXIBLE WITHDRAWLS EASE OF UNDERSTANDING PRODUCT CLAIM SETTLEMENT

15. ARE YOU AWARE OF THE FOLLOWING PRODUCTS FROM IDBI FEDERAL? INCOMESURANCE PLAN URANCE PLAN LIFESURANCE SUVIDHA CHILDSURANCE PLAN WEALTHSURANCE PLAN HOMESURANCE PROTECTION PLAN NONE OF THESE

16. ANY VALUABLE ABOUT IDBI FEDERAL

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DATA ANALYSIS SAMPLE SIZE: - 250 DEMOGRAPHIC PROFILE

GENDER CLASSIFICATION

32% Males Females 68%

Graph – 1

 From Graph – 1, we can see that majority of respondents are MALE (68 %) where as only 32% of respondents were FEMALE. Male respondents were easy approachable for survey.

AGE GROUP 12% 36%

18-24 25-30

21%

30-40 Above 40 31%

Graph – 2

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 Observing Graph – 2, we can see that majority of the respondents are in the age group of 18 – 24 & 25 - 30, which shows the younger generation, has shown more interest towards the survey about the insurance products.  A total 180 respondents fell in the age group of 18 – 30 years from which 106 respondents were from Bangalore and rest (74) from Bhubaneswar. This is because of the presence of younger crowd at Bangalore.

INCOME DISTRIBUTION 9%

4%

12% Below 3 lakh 3 - 5 Lakh

17%

5 - 7 Lakh 7 - 10 Lakh Above 10 Lakh 58%

Graph – 3 INCOME GROUP

BHUBANESWAR RESPODENTS 20

TOTAL

BELOW 3 LAKH

BANGALORE RESPONDENTS 10

3 LAKH - 5 LAKH

82

64

146

5 LAKH - 7 LAKH

20

22

42

7 LAKH - 10 LAKH

9

12

21

ABOVE 10 LAKH

6

5

11

30

Table – 6

 From Graph – 3 we can see the classification of the income of the respondents and it is further differentiated in Table – 2.  Most of the respondents are in the income level of 3 – 5 lakh and its maximum for both the regions. Thus we can infer that since most of the respondents are in the age group of 18 – 30 they are mostly fresher or with 2-3 years of work experience.

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 General Information about the Insurance Industry:  From the data collected it was observed that 228 people (91%) have a general idea about the insurance policies out of which 111 respondents were from Bangalore and almost a same number from Bhubaneswar were aware of insurance policies. Refer the Graph – 4 and Table – 3 for better picture.  Consumers are more aware of the insurance policies now-a-days. This can be due to high marketing of various insurance companies. KNOWLEDGE OF INSURANCE

BANGALORE RESPONDENTS

BHUBANESWAR RESPODENTS

YES

111

117

NO

10

13

Table – 7

KNOWLEDGE OF INSURANCE 9%

YES

No

91%

Graph – 4

 Out of the 228 respondents who have an idea about insurance policies 195 respondents have a Life insurance. This is explained in Graph – 5 and Table – 4.  It was seen that respondents from Bhubaneswar had better conversion ratio (i.e. no. of people having life insurance divided by no. of people having an idea about insurance policies). 41 | P a g e

HAVE LIFE INSURANCE

BANGALORE RESPONDENTS

BHUBANESWAR RESPODENTS

YES

87

108

NO

31

24

Table – 8

HAVE LIFE INSURANCE POLICY

22%

YES

NO

78%

Graph – 5

 When asked about the most preferred insurance companies in the market 135 respondents answered LIC followed by ICICI and Bajaj Allianz. LIC was much more popular in Bhubaneswar than Bangalore. This is shown below in Graph – 6.

PREFFERED INSURANCE COMPANIES 160 No. of respondents

140 120 100 80 60 40 20 0

LIC

Bajaj Allianz

HDFC

ICICI

IDBI

Bhubaneswar

71

7

Bangalore

64

7

1

5

4

4

10

7

 Graph – 6 42 | P a g e

 Coming up to the type of plan the respondents preferred were Endowment, Money back, Term plan, ULIP and Retirement plans. From Graph – 7 we can clearly see the distinction in the type of plans that people prefer in their selected insurance companies.  Respondents those who preferred LIC took Money back plans and endowment plans.  Out of all the plans available respondents mostly preferred money back and endowment plans.

TYPE OF PLAN No. of Respondents

160 140 120 100 80 60 40 20 0

LIC

Bajaj Allianz

HDFC

ICICI

IDBI

Retirement

0

1

1

4

0

ULIP

5

5

1

1

2

Money back

37

1

2

1

2

Term plan

50

5

1

6

2

Endowment

43

2

1

2

5

Graph – 7

 People those who already have insurance policy (195 respondents) have rated their satisfaction levels from the insurance policies below.

SATISFACTION LEVEL 140 120 100 80

Satisfied

60

Neutral

40

Unsatisfied

20 0 Insurance Coverage

Bonus & Returns

Amount

Flexible Tax Benefits withdrawls

CRM

Graph – 8 43 | P a g e



From Graph – 8, we can refer almost all the respondents have high satisfaction levels from their respective insurance companies with respect to insurance coverage, bonus & returns, amount and tax benefits.

PURPOSE OF TAKING INSURANCE 80 70 Axis Title

60 50 40 30 20 10 0

No. of Respodents

Tax Savings

Investments

Risk Coverage

Retirement Benefits

Regular Returns

67

50

45

16

17

Graph – 9 

From the respondents it was found that the main purpose of taking insurance policy was tax savings, investments and risk coverage. This is explained further in the Graph – 9 shown below. Total no. of respondents taking this part = 195.

FEATURES OF INSURANCE PRODUCTS 200 180 160 140 120 100 80 60 40 20 0 Insurance Coverage

Bonus & Returns

Ease of paying

Highest Priority

Flexible withdrawls

Neutral

Ease of understanding product

Claim settlement

Least Priority

Graph – 10 44 | P a g e



In general respondents gave highest priority to insurance coverage, bonus & returns and ease of paying . This can be seen from the Graph – 10.

AWARENESS OF IDBI PRODUCTS 140 120 100 80 60 40

Number of people aware of IDBI products

20 0

Graph - 11

From Graph - 11 mentioned below we can know that most of the people are unaware of the products that are offered by IDBI.  Few respondents were aware about urance followed by Incomesurance and Homesurance. 

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INTERPRETATION AND INFERENCES:1. Figure – 3 is showing the COLINEARITY between the different features of insurance product of a person who already has insurance. a. People who are satisfied with the insurance coverage features are also highly satisfied with bonus & return provided by their policies they have chosen. b. Similarly those who are considering that their policies are giving them ample bonus & return, they also are highly satisfied with features like tax benefit and customer relationship management also. c. However, it is found that there is very low correlation between amount and flexible withdrawals as well as flexible withdrawals and Tax benefit. Perhaps it can be an indication that those who are satisfied with the feature of flexible withdrawals might be facing high amount or not getting satisfactory tax benefit.

Figure – 3

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2. Those respondents who have idea about insurance policies give high priority to Tax savings, Investment, Risk coverage, retirement Benefit and Regular returns before buying an insurance policy. This can be inferred from the linear regression analysis of features considered before taking an insurance policy with respect to “Do you have any idea about Life insurance”. Figure – 5 shows the different values of linear regression. a. Continuing further analysis with the regression analysis the Big F value is 2.36 with p value less than 0.05 which suggests that the respondents who are considered here; they have much idea about life insurance products. b. These respondents consider features like Tax savings, Investment, Risk coverage, retirement Benefit and Regular returns are really behind the purpose of buying insurance however, priorities are given to Tax savings, Investment and Risk coverage. This model is a universally accepted model with 95% confidence level. c. The t value for investment, retirement benefit and regular returns are closer to 2 which signifies that those who have idea about insurance product considers these three as the most important features of insurance product. Though the p value for these three features are not less than 0.05 so these feature can only be considered as important for this model only.

Figure – 5 47 | P a g e

3. Now looking over to the consumer purchase dynamics behavior we get consumers look for insurance coverage, bonus & returns and ease of paying s. 4. For further understanding the consumer behavior discriminant analysis is done to know the proper difference in approach. a. If we consider the importance given to the different features of policies by the respondents then we will find that out of 61 who do not have any idea about insurance 14 respondents have really no idea about considering the features before taking the policies whereas 47 are able to identify successfully what are the features they need to consider before taking the policies. So these 47 respondents have misclassified themselves. b. Similarly out of 189 respondents who have idea about insurance products 180 have given importance to the specified features of insurance products and only 9 respondents are not giving such importance to these features.

Figure – 6 48 | P a g e

CONCLUSION  As earlier said consumer buying decisions are significantly driven by 3 factors social, psychological factors and personal factors and as the respondents of our survey are mainly youth with not so high income level so their concern regarding future is obvious. With increasing liberalization and the city like Bangalore where major employer is software industry (highly sensitive to macro-economic as well as technological factors) the population is highly insecure about its future prospective. This can be a major reason behind the people preferring insurance products as their one of the important instrument as investment.  Also in our survey, almost 67% of total respondent‟s age profile is between the 18 to 30 and this population (government and private employee both included) both are no longer ed in any kind of pension scheme from their employer side. They are considering Retirement benefit plans as a new opportunity for making their old age secure. Perhaps this is a reason which makes retirement benefit feature of insurance products so important. In our research, regular return has been raised as significant feature of insurance product and rising inflationary condition can be a possible reason behind this.  People those who are considering themselves as unfamiliar to insurance products actually it was found that they do really have considerable knowledge about insurance products as they are giving rightful importance to the features of insurance. This can be regarded as the influence of social factor. Consumer socialization and learning can be major driver of this kind of rightful purchase of insurance products.  Some people misclassified themselves as familiar to insurance products but they are found as having no idea regarding buying decision of insurance products. This kind phenomenon can be simplified by considering the psychological factors of buying decisions. Motives, attitudes perception can be the major reason behind these types of decisions.  Also our study suggests that around 80 percent of people having one or more insurance has possess idea about insurance products .Their buying decision can be attributed to the personal factors as well as social factors where one considers lifestyle and demographic situation as important purchasing variable.

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RECOMMENDATIONS  IDBI FEDERAL should constantly come out with innovative products as the competition is very tough with around 24 companies fighting hard for the market share. Some new innovative ideas can be specific like special plans for unborn babies, mentally retarded and physically handicapped people, family plans.  IDBI FEDERAL should focus more on investment plans as few years down the line India‟s population will have majority under the age group of 35 years and they would like to have investment plans. So they should come up with more flexibility in investment plans.  The customer services are an important part of any insurance company. IDBI Federal should focus on improving their customer care which will help them in retaining their customers and acquiring new customers.  IDBI Federal can also think of targeting educational institutions and create awareness about the importance of life insurance and discuss about it products. Through this it could gain the “early bird‟ advantage capture the untapped market. This will make the younger generations more responsible making them go in for insurance in a big way at the earliest thus making IDBI Federal the ultimate beneficiary to enjoy the income from the customers from the very beginning of their service lives and make them as a long term customers.  IDBI Federal is lagging in the awareness of its products. The company should start sponsoring major events and conduct talk shows and seminars to get noticed. It could also take the help of NGOs. There are many people in India who still do not know about the concept of insurance. The company could take this as an opportunity by trying to create awareness and promoting its products.

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REFERENCES 1. KAZE, VALTERS. (2010) Consumer values driven purchasing behaviour: A practical approach for market potential assessment. Journal of Business Management. 3. p.131-139 2. DAS, DEBABRATA & DEBNATH, JASOJIT. (2012) Performance of Insurance companies in India. IUP Journal of Risk & Insurance. 9 (1).p.726 3. ATHMA, PRASHANTA & KUMAR, J.RAVI. (2007) An explorative study of life insurance purchase decision making: Influence of product and non product factors. ICFAI Journal of Risk & Insurance.4 (4).p.40-48 4. DEVASENATHIPATHI, T.; SALEENDRAN, P.T. & SHANMUGASUNDARAM, A. (2007) A study on consumer preference and comparative analysis of all life insurance companies. ICFAI Journal of Consumer Behaviour.2 (4).p.7-16 5. IRDA. (2012) Annual reports of the authority. [Online] Available from:http://www.irda.gov.in/CMS/cms/frmGeneral_NoYearList.asp x?DF=AR&mid=11.1 [Accessed: 17th June 2013] 6. IBEF. (2012) Insurance sector in India. [Online] Available from: http://www.ibef.org/industry/insurance-sector-india.aspx [Accessed: 17th June 2013] 7. IDBI Federal. (2013) Products. [Online] Available from: http://www.idbifederal.com/Products/Pages/default.aspx [Accessed: 17th June 2013] 8. SBI Life. (2013) Smart-shield. [Online] Available from: http://www.sbilife.co.in/sbilife/content/home [Accessed: 17th June 2013] 9. ICICI Prudential. (2013) Term plans. [Online] Available from: http://www.iciciprulife.com/public/default.htm [Accessed: 17th June 2013] 10.LIC. (2013) Individual plans. [Online] Available from: http://www.licindia.in/ [Accessed: 17th June 2013]

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