Summer internship project report on

“A Comparative Analysis Of Insurance Plans Of Kotak Mahindra And Other Life Insurance

Companies”

Kotak Mahindra Life Insurance

Submitted in Summer Internship Project Report

The degree of

PGDM (2013-2015)

INSTITUTE OF TECHNOLOGY& SCIENCE,

MOHAN NAGAR GHAZIABAD (I.T.S)

PRESENTED BY:

UTKARSH SHRIVASTAVA

PGDM-2013-2105

2013142

Introduction To Company

About Kotak Mahindra Old Mutual Life Insurance LtdKotak Mahindra Old Mutual Life Insurance Ltd is a 74:26 joint venture between Kotak Mahindra Bank Ltd., its

affiliates, and Old Mutual.

About Kotak Mahindra GroupKotak Mahindra is one of India's leading banking and financial services organizations, offering a wide range of

financial services that encompass every sphere of life. From commercial banking, to stock broking, mutual funds, life

insurance and investment banking, the Group caters to the diverse financial needs of individuals and the corporate

sector

PRODUCTS OF KOTAK MAHINDRA LIFE INSURANCE

•Term Insurance Policy

•Whole Life Policy

•Endowment Policy

•Money Back Policies

•Unit Linked Insurance Policies

•Annuities and Pension

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Executive Summary

This project has been a great learning experience for me. At the same time it gave me enough scope to implement

my analytical ability. The first part of the project gives the overview of Insurance Companies and its

competitors. Here we talk about the perception of the consumer towards Life Insurance Policies of different

companies. All the topics have been covered in a very systematic way. The language has been kept simple so

that even a layman could understand. The Second part consists of research and their analysis, collected through a

survey done on 60 people. The study was carried out in Bhopal (Madhya Pradesh) at various , Offices,

Restaurants, Canopy, cafes and major client meetings. The data collected have been well organized and

presented. Hope the research findings and conclusions will be of use. The Third part consists of conclusion and

recommendation which is actually drawn apart from the result of survey done on 60 peoples. The basic thing

that i analyzed from data collected is that there is great variation in the perception of consumers towards

relevance of Life Insurance Policy and their importance in Future Protection of Family And Funds.

To determine the market share of different brands.

To determine the market share of different brands available in the market.

There was a tough competition for the brand in the market. Therefore to get establish, company had to make its

competitors analysis and need to determine where do they stand.

To do comparative analysis of insurance plans of Public and Private Sector Insurance (Kotak Mahindra ,SBI

Life Insurance, Life Insurance Corporation of India, Reliance Life Insurance, ICICI Prudential Life Insurance

and Bajaj Allianz Life Insurance)

To compare Tenure, Premium Amount of Term insurance Policies.

To compare Claim Settlement Ratio of Leading Insurance Companies.

OBJECTIVES

There are two types of data collection in my project report.

Data, or facts, may be derived from several sources. Data can be classified as:-

Primary Data

Secondary Data

Primary Data – Questionnaire

Secondary Data- Company Records and Newspaper article

Sample Size – 60

Sample Area – Clients of Kotak Mahindra

Tools used for data collection: Self designed questionnaires were used to evaluate Audience Perception of

Insurance policies of Private and Public sector companies. Data was collected on a ordinal and nominal type

scale, where each questionnaire contains different options and there different perception of consumers

RESEARCH METHODOLOGY

INTERPRETATION

From the above data it is found that 71.88% of respondents have knowledge about all Long Term Saving, Whereas 6.25%

says they have knowledge about Any Other type, 3.13% for Post office savings, 7.81% for Securities, 4.69% for Mutual

Funds, 3.13% for Fixed Deposit, 3.11% For Life Insurance

ANALYSIS OF THE DATA

INTERPRETATION

The majority of Respondents have owned policy of Life Insurance Corporation Of India(LIC) which consist of 62.50% Of total Rest

of three companies have equal share to each other which is 12.50%, Which means the LIC is the leader in the market.

INTERPRETATION

Out of total 64 respondents 56 respondents says that Life insurance is a Must for family Protection and 8 respondents thinks that it

is not important for their family protection. Which means Family persons mostly buy life insurance policy to back up the future of

their family members

INTERPRETATION

62.50% Respondents gets the message of Risk Coverage from the advertisement as the main message and 12.50% Medium agree on

this statement.

INTERPRETATION

50% of respondents finds Brand Image as the Major factor which resulted in buying policy named by them, 12.50%

for both Medium and High, And 12.50% persons disagree this.

FINDINGS

In the survey I found that over 71.88% people interviewed said to be aware about the awareness of all long term

savings options and they have named few major private and public brands

When I asked about the safety of the money in the hands of the private companies, respondents were very sure about

it, 75% said that it will be safe

62.5 % Respondents have owned the policy of LIC, It Means LIC have the largest Market share in Life Insurance

Sector

Most of the Respondents wants Risk Coverage Feature in their Life Insurance Policy

I saw that there are five tier buying decision-makers; there are influencer, decider, buyer and actual user of any

product, so as a marketer I must understand the family structure of the customer and pitch the customized product

according to their needs.

Recommendation for the company

1. Kotak Mahindra must Launch more campaigns to interact with potential customers

2. Must give more Incentives to its agents by which they get motivated

3. Kotak Mahindra Must Update their product range

4. Kotak Mahindra must introduce new plans for childrens as Parents are very much concerned with the future of

their kids