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Now a day¶s business is spread all over the world. For doing business very
well a person should be trained. So, in BBA practical training is keeping as a part of
study. In modern business world it is really very important and necessary for us to
know how business is running. Practical knowledge is very important for us.

For this our college arranges the practical training during 1-12-2009 TO 15-
12-2009 for 15 days. So that, we can also understand the whole process for do a
business.

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me. It was really a great opportunity to take training in c    LIFEc
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hope it will satisfy your expectations.c

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always listening patiently to all my doubts and queries and also suggesting the
solutions. His feedback has been of immense help. This project would not have
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organization, as without their support the project would not have materialized.

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The insurance sector in India dates back to 1818, when Oriental Life
insurance company was incorporated a Calcutta. Thereafter few companies
like Bombay Life Assurance Company, in 1983 and Triton Insurance Company
for general insurance in 1850 were incorporated and comprehensive legislation
was enacted in 1983.

In India, insurance began in 1818 with life insurance being transected by an

English company, the oriental life insurance co. ltd... The first Indian insurance
company was the Bombay mutual assurance society ltd, formed in 1870 in Mumbai.
This was followed by Mumbai, the united India in Chennai, the national, the national
Indian and the Hindustan cooperative in Kolkata.

By the year 1956, when the life insurance business was nationalized and the
life insurance corporation of India (LIC) was formed on 1st September 1956, there
were 170 companies and 75 provident fund societies transacting life insurance
business in India.
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Assets are insured, because they are likely to be destroyed or made non-
functional before the expected life time, through accidental occurrences. Such
possible occurrences are called perils. Fire, floods, breakdowns, lightning,
earthquakes, etc, are perils. If such perils can cause damage to the asset, we say
that the asset is exposed to that risk. Perils are the events. Risks are the
consequential losses or damages. Risk to an owner of a building, because of an
earthquake, may be a few lakes or a few corers of rupees, depending on the cost of
the building [ the contents in it

The risk only means that there is a possibility of a loss or damage. The
damages may or not happen. Insurance is done against the possibility that the
damages may happen. There has to be an uncertainty about the risk. The word
µpossibility¶ implies uncertainty. The Insurance relevant if there are uncertainties. If
there is no uncertainty about the occurrence of an event, it cannot be insured
against. In the case of a human being, death is certain, but the time of his death. In
the case of a person who is terminally ill, the time of death is not uncertain, though
not exactly known. It would be µsoon¶. He cannot be insured.

Insurance does not protect the assets. It does not prevent its loss due to the
peril. The peril cannot be avoided through insurance. The risk can sometimes be
avoided, through better safety and damages control measures. Insurance only tries
to reduce the impact of the risk on the owner of the asset and those who depend on
that asset. They are the owner who benefit from the asset and therefore, would loss,
when lose, when the asset is damaged. Insurance only compensates fore the losses
and that too, not fully.

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#$c ;c # started the business of Agricultural Commodities in the year
1927. #$c"% one of India¶s leading financial institutions was born in 1984
as Kotak Capital Management Finance Limited. This company was promoted by Mr.
Uday Kotak, Mr.Sindey, A.A.Pinto and Kotak [ Company.

Industrialist Mr.Harish and Mr.Anand Mahindra took a stake in 1986, and

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compelete financial solutions that encompass every sphere of life. From commercial
banking, to stock broking, to mutual funds, to life insurance, to invest banking, the
group caters to the financial needs of individuals¶ and corporate.

The group has a net wroth of around Rs. 2,500 crores, employees around
6,700 people in its various businesses and has a distribution network of branches,
franchisees, representative offices and satellite officers across 250 cities and towns
in India and offices in New York, London, Dubai and Mauritius. The Group services
over 1.6 million customer accounts.

Kotak Mahindra has international partnerships with Goldman Sachs (one of

the world¶s largest investment banks and brokerage firms). For Credit (one of the
world¶s largest dedicated automobile financiers) and Old Mutual (a largest insurance,
banking and asset management conglomerate.)

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Kotak Mahindra is one of India¶s leading financial institutions, offering

complete financial solutions that encompass every sphere of life. From commercial
banking, to stock brocking, to mutual funds, to life insurance, to investment banking,
the group caters to the financial needs of individuals and corporate.

The Kotak Mahindra Group¶s flagship company, Kotak Mahindra Finance Ltd
which was established in 1985, was converted into a bank Kotak Mahindra Bank Ltd
in March 2003 becoming the first Indian company to convert into a Bank. Their
banking operation offers a central platform for customer relationships across the
group¶s various businesses. The bank has a presence in the Commercial Vehicles,
Retail Finance, Corporate Banking, Treasury and Housing Finance.
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Mr. Uday Kotak, B.com.MMS, aged 46 years, is the Executive vice Chairman and
Managing Director of the bank and is its principal founder and promoter. Over the
past 20 years, he has successfully built a well-knit team of high quality professionals
who have been given independents charges of various business in Kotak Mahindra
group. He was responsible for starting the business as a stat-up venture in a limited
range of activities and the building it up into a full financial services group, many of
the constitutions of which are among the leading players in their respective fields. He
is on the Board of the Indian Council for Research on International Economic
Relations (ICRIER).

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Kotak Mahindra Life Insurance Ltd. is a joint venture between Kotak Mahindra Bank
Ltd. At Kotak Life Insurance, we aim to help customers take important financial
decisions at even stage in life offering them a wide range of innovative life insurance
products, to make them financially independent.Jeene Ki Azaadi«..

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Mr.Gaurang Shah is the Managing Director of Kotak Mahindra Life Insurance
Limited.Mr. Gaurang Shah is a Chartered Accountant and a Cost and Works
Accountants. He has also done his Company Secretaries of India. Mr.Gaurang Shah
has been with the Kotak Group for the past eight years where he has held different
positions of great responsibility and jugged multiple tasks effectively.

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Mr. Murlidhar is a Chief Financial Officer and Company Secretary of Kotak Life
Insurance. Mr.Murlidhar is an associate member of the Institute of Chartered
Accountants of India, an associate member of the institute of the Institute of Cost [
Works Accountantants of India. Mr. Murlidhar possesses over 20- year work
experience and has earlier worked with National Dairy Development Board (NDDB),
MDS Switchgear Limited and Nicholas Primal Indian Limited and Ion Exchange Ltd.

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Mr. Nandip Vaidya is the Vice President sales at Kotak Life Insurance. Mr. Vaidya
holds a B.Tech (Mechanical) degree from IIT Mumbai and has also completed his
post Graduate Diploma in Business Management from IIM-Ahemdabad.

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Mr. Arun Patil is the Vice President Sales [ Management Development with Kotak
Life Insurance. A postgraduate with Law qualifications, he has over 25 years¶
experience in life insurance industry. He joined as a Direct Recruit Officer in L.I.C.
and worked in various departments such as Sales, Marketing, I.T., Publicity, and
Housing [ Branch Administration all across the country for 5 years.

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Mr. Eksteen De Waal is the Sales Training Head of Kotak Life Insurance. He joined
on secondment from Old Mutual South Africa for a period of two years. Eksteen is a
postgraduate in Law and practiced Law as well as lectured at South African
Universities before joining the life insurance Industry. He has over 23 years¶
experience in the Life Insurance Industry. He worked for Sanlam Life in South Africa
for 3 years before joining Old Mutual more than 20 years ago.

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To make Kotak Mahindra the dominant Life and Pensions player built on trust by
world-class people and service.
The company hopes to achieve by:

½ Understanding the %c#& ('# and offering them superior products

and service
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The success of the company will be founded in its unflinching commitment to 5 core
values Integrity, Customer First, Boundary less, Ownership and Passion. Each of the
values describes what the company stands for, the qualities of people and the way
the company works.

The company is on the threshold of an exciting new opportunity, where it can play a
significant role in redefining and reshaping the sector. Given the quality of
company¶s parentage and the commitment of company¶s team, there are no limits to
the company¶s growth.
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In life every human being-you and we included is exposed to an element of risk,

commonly defined as the possibility of loss. These broadly relate to two spheres-our
lives and our material possessions. Further, every loss has two implications:
financial and non-financial. For instance when a person dies, the family suffers a
grievous emotional loss, which can perhaps never be compensated. But the family
also suffers another significant loss-financial loss; particularly person who dies was
an earning member or even potentially earning member. There are then concerns
about the financial stability of the dependents. Similarly, when a factory is gutted in a
fire, in addition to the loss of property, there are other considerations: the effort to
rebuild the factory, the future of workers and the fate of suppliers and consumer
attached to the business.

In both instances, little can be done about non-financial losses. But financial losses
can-and must-be addressed and using risk management tool and that is Insurance.

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1. Any contract where by the payment of money is assured upon death (except
death by accident only) or the happening of any contingency depended on
human life.

2. Any contract which includes grating of disability [ double or triple indemnity,

accident benefit the granting of annuities upon human life [ the granting of
superannuation allowance.

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providing them with a risk coverage.´ Thus in insurance,

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Insurance will help provide protection to investors from certain or uncertain risks.
Certain risk includes events like death, retirement, pension, education, marriage, etc.
Uncertain risk includes events like theft

ƒ A human life is also an income-generating asset. This asset also can be lost through
unexpectedly early death or made non-functional through sickness and disability
caused by accident. Accident may or may not happen. Death will happen, but the
timing is uncertain. If it happens around the time of retirement, when it could be
expected that the income will normally cease or the person could have made some
other arrangement to meet the continuing needs. But if it happens much earlier
when the alternative arrangements are not in place, insurance is necessary to help
those dependent on income.

ƒ In case of a human being, he may have made arrangements for his need after his
retirement. These would have been made on the basis of some expectations like he
may live for another 15 years or that his children will look after him. If any of these
expectations would become inadequate and there could be difficulties. Living too
long can be as much a problem as dying too young. These are risks, which need to
be safeguard against thorough insurance.
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Your family counts on you every day for financial support, food, shelter,
transportation, education, and much more. Insurance provides you with that unique
sense of security that no other form of investment provides. It gives you a sense of
financial support especially during that time of crisis irrespective of the fluctuations in
the stock market. Insurance provides for your career goals right from your childhood
years.

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Life insurance is all about making sure your family has adequate financial
resources to make those plans and dreams come true. It provides financial
protection to help your family or business to manage after your death
Whole life policies - Cover the insured for life. The insured does not receive money
while he is alive; the nominee receives the sum assured plus bonus upon death of
the insured.

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money on survival of the term and is not covered thereafter.

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These policies cost more than endowment with profit policies.



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½ #'+c "'(,c This type of insurance offers life insurance protection under
group policies to various groups such as employers employees, professionals, co-
operatives etc it also provides insurance coverage for people in certain approved
occupations at the lowest possible premium cost.
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selected term period. If the policy holder survives the term, risk cover comes to an
end. These types of policies are for those people who are unable to pay larger
premium required for endowment and whole life policies. No surrender, loan or paid
up values are in such policies.

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amount and the bonus is payable only to nominee on the death of policy holder.

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maturity benefits and risk cover, but joint life policies cover two lives simultaneously
such as married couples. Sum assured is payable on the first death and again on
the death of survival during the term of the policy.

"#c ( - There are policies that provide benefits to the insured only
upon retirement. If the insured dies during the term of the policy, his nominee would
receive the benefits either as a lump sum or as a pension every month.

Since a single policy cannot meet all the insurance objectives, one should
have a portfolio of policies covering all the needs.

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Every asset has a value and the business of general insurance is related to
the protection of economic value of assets. Assets would have been created through
the efforts of owner, which can be in the form of building, vehicles, machinery and
other tangible properties. Since tangible property has a physical shape and
consistency, it is subject to many risks ranging from fire, allied perils to theft and
robbery.

Concepts of insurance have been extended beyond the coverage of tangible

asset. Now the risk of losses due to sudden changes in currency exchange rates,
political disturbance, negligence and liability for the damages can also be covered.
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But if a person judiciously invests in insurance for his property prior to any
unexpected contingency then he will be suitably compensated for his loss as soon
as the extent of damage is ascertained.

#+c'( - The home is most valued possession. The policy is designed

to cover the various risks under a single policy. It provides protection for property
and interest of the insured and family.

c '(c @ It provides cover, which takes care of medical expenses

following hospitalization from sudden illness or accident.

#c (("%c '(c - This insurance policy provides compensation for

loss of life or injury (partial or permanent) caused by an accident. This includes
reimbursement of cost of treatment and the use of hospital facilities for the
treatment.

)c'(c@ The policy covers the insured against various eventualities while
traveling abroad. It covers the insured against personal accident, medical expenses
and repatriation, loss of checked baggage, passport etc.

".""c '(c @ This policy indemnifies the Directors or Officers or other

professionals against loss arising from claims made against them by reason of any
wrongful Act in their Official capacity.

##c'(c@ Motor Vehicles Act states that every motor vehicle plying on the
road has to be insured, with at least Liability only policy. There are two types of
policy one covering the act of liability, while other covers insurers all liability and
damage caused to one's vehicles.

Since a single policy cannot meet all the insurance objectives, one should have a
portfolio of policies covering all the needs

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Kotak Mahindra one of India's leading financial institutions was born in 1985 as
Kotak Capital Management Finance Limited. This company was promoted by Mr.
Uday Kotak, Mr. Sidney A. A. Pinto and Kotak [ Company. Industrialists Mr. Harish
Mahindra and Mr. Anand Mahindra took a stake in 1986, and that's when the
company changed its name to Kotak Mahindra Finance Limited.
It's been a steady and confident journey to growth and success.
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Kotak Mahindra is one of India's leading financial institutions, offering complete

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stock broking, to mutual funds, to life insurance, to investment banking, the group
caters to the financial needs of individuals and corporate.
The group has a net worth of over Rs. 2,900 crores, employs around 8,800 people in
its various businesses and has a distribution network of branches, franchisees,
representative offices and satellite offices across 282 cities and towns in India and
offices in New York, London, Dubai and Mauritius. The Group services around 2
million customer accounts.

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Insurance will help provide protection to investors from certain or uncertain
risks. Certain risk includes events like death, retirement, pension, education,
marriage, etc. Uncertain risk includes events like theft

l A human life is also an income-generating asset. This asset also can be lost
through unexpectedly early death or made non-functional through sickness and
disability caused by accident. Accident may or may not happen. Death will
happen, but the timing is uncertain. If it happens around the time of retirement,
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insurance is necessary to help those dependent on income.

l In case of a human being, he may have made arrangements for his need after
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ƒ Life insurance encourages saving and forces thrift.
ƒ It is superior to a traditional savings vehicle.
ƒ It helps to achieve the purpose of life assured.
ƒ It can be enchased and facilitates quick borrowing.
ƒ It provides valuable tax relief.
ƒ Thus insurance is found to be very useful in the lives of the person both in
short term and long term.
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1) Principle of almost good faith:³A positive duty to voluntary disclose, accurately
and fully, all facts, material to the risk being proposed whether requested or not´.

2) Principle of insurable interest: ³Relationships with the subject matter (a person)

which is recognized in law and gives legal right to insure that person´.

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Kotak¶s Product for Individual Life Insurance

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£ KOTAK RETIREMENT INVESTMENT PLAN (New)

£ KOTAK SMART ADVANTAGE PLAN
£ KOTAK SAFE INVESTMENT PLAN 2
£ KOTAK CHILD ADVANTAGE PLAN
£ KOTAK SUKHI JEEVAN
£ KOTAK CAPITAL MULTIPLIER PLAN
£ KOTAK FLEXI PLAN
£ KOTAK RETIREMENT INCOME PLAN (UNIT-LINKED)
£ KOTAK RETIREMENT INCOME PLAN (NON UNIT-LINKED)
£ KOTAK COMPLETE COVER GROUP PLAN
£ KOTAK ETERNAL LIFE PREMIER SHIELD
£ KOTAK HEAD START ASSURE WEALTH
£ KOTAK HEAD START FUTURE PROTECT
£ KOTAK EASY GROWTH PLAN (1.25 TIMES)
£ KOTAK EASY GROWTH PLAN (5 TIMES)

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£ ENDOWMENT PLAN

£ KOTAK TERM PLAN

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£ KOTAK SUPERANNUATION GROUP PLAN

£ KOTAK GRATUITY GROUP PLAN

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Make every rupee work for your happiness in this policy; the investment risk in the
investment portfolio is borne by the policyholder. Why should we invest in Kotak
smart advantage? Every step in our life brings with it newel earnings. We are
determined to make the best of it, so that we can look forward to a great future. How
we shape our tomorrow depends greatly on how we build on our today.
Kotak Life Insurance introduces #$c Mc %) , a great combination of
investment with insurance, to put our savings to work today. It is a market linked
plan with 100% premium allocations helping us to accumulate wealth systematically,
over the long-term. Kotak Smart Advantage is a great combination of investment
with insurance designed to enable you to make the best use of your hard-earned
money that puts you right ahead.
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½ '%c' of '+c#c6D7C of your first year premium at maturity.
½ '%c .#'c %%""# at regular intervals during the policy term to
enhance your fund value.
½ 211Cc#("#c#&c#'c+"' from second year onwards to maximize
your earning potential.
½ A unique3 fund offering you the 8"'c++#'"c&#c #/.
½ Option to 8"" c+#("# your loved ones.
½ 8c&" to avail under 80 C and section 10 (10D) of the Income Tax Act,
1961

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Kotak Smart Advantage optimizes the return on your premiums paid through a smart
mix of assured additions and 100%1 premium allocation. Your first year¶s premium
contributes towards guaranteeing you an Assured Addition Advantage that boosts
your fund value at regular intervals throughout the term of the policy. The
Longer your premium paying term, the higher will be the value of the advantage.

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#$c M&c )c c  is a unit linked plan that combines the benefits of
insurance and capital market returns into one. This plan from the stable of Kotak Life
Insurance is a true reflection of the company's essence: innovation that will benefit
the investor. What makes investing in Kotak Safe Investment Plan II truly unique is
that you enjoy a Guaranteed Maturity Value on your investment, with varying
degrees of equity exposure depending on your risk appetite. So, if the market value
of your units is higher, you reap the benefits, with the peace of mind that whilst in a
bear market your investment is under-pinned and safe by the Guaranteed Maturity
Value. And there's more, the returns are totally tax-free*. Please note that in this
policy, the investment risk in the investment portfolio is to be borne by the
policyholder. However,

Kotak Life Insurance offers you a Guaranteed Maturity Value on this plan to
safeguard against the downside risk of falling markets.

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Kotak Safe Investment Plan II is an ideal investment option:
‡ If you have never invested in the equity markets, for the fear of loss of capital. With
Kotak Safe investment Plan II, you need not worry about losing your capital as you
have the downside risk protected by way the Guaranteed Value.

‡ If you have been an investor in debt markets, you could switch a portion of your
funds to equity markets via Kotak Safe Investment Plan II. The plan offers you the
potential to earn higher returns with the safety net of a Guaranteed Maturity Value.

‡ If you are an aggressive investor in equities, you could protect the downside risk in
a bear market by investing a portion of your funds in the Kotak Safe Investment Plan
II. What you are essentially doing is that while you enjoy equity returns, your money
is protected from abysmal lows and market vagaries by way of a Guaranteed
Maturity Value.

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What is Kotak Child Advantage Plan?
The Kotak Child Advantage Plan is an investment plan designed to meet your child's
future financial needs. It's a plan that gives your child the azaadi to realize his
dreams. The plan is a participating plan with a 15-day free look period.

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Minimum age - 0
HOW OLD DOES THE CHILD HAVE TO BE TO years
AVAIL OF THIS PLAN? Maximum age -17
years

FOR WHAT TERM CAN I AVAIL OF THIS PLAN? 10 - 30 years

WHAT IS THE MAXIMUM SUM ASSURED

Rs.25,00,000
ALLOWED UNDER THIS PLAN?

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½ On Maturity, you would receive the sum assured plus the bonus addition. Bonus
addition is the amount in the Accumulation Account*, in excess of the sum
assured.

½ The balance available in the Accumulation Account is invested in various

financial instruments (as per IRDA regulations) so your money works hard to
earn more for your child.

½ The Automatic Cover Maintenance facility ensures the policy remains in force
even if you miss premium payments. This facility is available after the first three
years of the Term.

½ You can take a loan against this plan, after the policy has been in force for at
least three years.

½ You have the option of paying premiums quarterly, half yearly or yearly.

½ You have the benefit of a 15 day free look period.

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Life is unpredictable, but the earlier you plan for your future, the more likely are you
and your family to reap the rewards. Introducing µSukhi Jeevan¶, a long-term savings
and protection plan from Kotak Life Insurance that allows you to plan for your
changing needs at every step of life - be it saving for your kids, or your retirement. It
helps you prepare for important milestones and, most importantly, it ensures your
family is secure when life dishes up harsh misfortunes.
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You would have different financial needs to be met and investing small amounts in a
disciplined manner will help you accumulate a sizeable lump sum. To structure a
plan that is ideal for your needs, it is important for you to estimate the amount of
lump sum required for your goals, i.e. the sum assured.

Based on this, you would have to set aside small amounts to have an accumulated
lump sum.
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Both joys and successes come with their fair share of uncertainties ± uncertainties
you constantly strive to insulate your family from. Protecting your family and
ensuring their comfort has always been your primary concern and key responsibility.
All responsibilities require careful planning; for yourself and your family, for the
present and the future. Careful planning is all about the right investment strategy
secured with appropriate protection - a necessary cushion to face the unexpected
events of life.
To ensure that your investments give maximum protection to secure your family¶s
future and their financial independence, we at Kotak Life bring to you
the Kotak Long Life Secure Plus plan. It is a unit-linked plan that gives you the
dual benefit of:
½ Fulfillment of your family goals without any obstacles

½ Comfort of meeting unplanned events head on

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Life is uncertain, so when it comes to your family¶s future, you would not want to
leave anything to fate. Your absence is bound to leave an irreplaceable void in the
life of your family. At such a trying time, Kotak Long Life Secure Plus can ensure that
the dreams you aspired for your family, don¶t remain unfulfilled. Moreover, it will
assist in meeting the planned and unplanned financial obligations your family may
face under such a circumstance. This plan
provides you the following benefits1 on death of the life insured:
½ 100% of the Sum Assured paid out immediately
½ plus Fund Value
An additional ³Lump sum Benefit*´, on death of the policyholder, equal to your
outstanding premiums (i.e. basic premium x number of outstanding installments) is
added into the policy fund. This corpus of the fund value and additional ³Lump sum
Benefit´ would be available immediately or by way of equal semi-annual installments
for 5 years (settlement option9).
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Kotak is the only plan of its kind that allows the return to be enjoyed beyond
maturity. It is a kind of super endowment plan that offers the bonus every year, and
also offers the facility to increase the investment and it also offers the facility to
withdraw the money as when wants to over a 15 year period post maturity, apart
from that additional life cover of 10%, which is over and above the life cover which
has been opted. Other Features like surrender to the policy can be opted out of any
medical urgency, following riders can be opted:-
· Preferred term Benefit
· Accidental Death Benefit
· Permanent disability Benefit
· Critical Illness Benefit
· Life Guardian Benefit
· Accidental Disability Guardian Benefit
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Kotak Endowment Plan is a protection plan that covers your life and at the same
time ensures that your money does not lie idle. It invests a portion of your premium
in financial instruments and ensures a considerable growth in savings. This is a
participating plan (with profits).

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HOW OLD DO YOU HAVE TO BE TO

Minimum age - 18 years
AVAIL OF THIS
Maximum age - 65 years
PLAN?
FOR WHAT TERM CAN I AVAIL OF
10-30 years
THIS PLAN?
WHAT IS THE MAXIMUM AGE THAT
75 years
THE PLAN CAN COVER YOU TILL?
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1. On maturity, you would receive the sum assured plus the bonus addition.
Bonus addition is the amount in the Accumulation Account*, in excess of the
sum assured.
2. The amount available in the Accumulation Account is invested in various
financial instruments (as per IRDA regulations) so your money works harder
for you.
3. The Automatic Cover Maintenance facility ensures the policy remains in force
even if you miss premium payments. This facility is available after the first
three years of the term.
4. You can take a loan against your policy, after the policy has been in force for
at least three years.
5. You have the option of paying premiums quarterly, half yearly or yearly. You
also have the flexibility to pay premiums through the full term of the policy or
pay it for a fixed term of 3, 5, 7, 10 or 15 years.
6. You have the benefit of a 15-day free look period.

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Kotak Eternal Life Plans are participating whole life plans that provide enhanced
protection till the golden age of 99. The plans provide for a high cover at lower
premiums, cash lump sum benefits at desired stage and a way to care for your
spouse In the Second Innings Of life.
With guaranteed protection for life, opportunity to create wealth, and comprehensive
cover options, these plans provide you with a perfect financial solution to suit your
needs.

What can Eternal Life do for you?

½ Provides you with lifelong protection which continues well beyond retirement
to ensure that your loved ones remain secure, irrespective of the uncertainties
in life.
½ Enables a high amount of insurance cover at affordable premiums which
takes into account your growing responsibilities and keeps pace with your
increasing needs.
½ Offers liquidity for planned and unplanned needs so that you have access to
your money when you need it the most, adding to your comfort and security at
important stages in life.

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What is Kotak Money Back Plan?
The Kotak Money Back Plan not only covers your life, it also assures you a certain
percent of the sum assured as cash payment at regular intervals of every 5 years. It
is a savings plan with the added advantage of life cover and regular cash inflow.
This plan is ideal for planning special moments like a wedding, your child's education
or purchase of an asset etc. This is a participating plan

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½ The plan not only covers your life but also provides you with a survival benefit
payout every 5 years.
½ In the unfortunate event of death of life insured, the beneficiary would receive
the death benefit. The death benefit keeps increases by 7% of the sum
assured every year.
½ On maturity, you would receive the sum of the Survival Benefit, Bonus
addition* and Guaranteed addition*

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returns for the first 4 years and then declares bonuses annually.
l "&c"c M'+c "# is a regular premium unit linked pension plan
that helps one accumulate over the long term and offers 5 annuity options
(life annuity, life annuity with return of purchase price, joint life last survivor
annuity with return of purchase price, life annuity guaranteed for 5, 10 and
15 years [ for life thereafter, joint life, last survivor annuity without return
of purchase price) at the time of retirement.
l "&c"$cM'+c"# is a single premium unit linked pension plan.
l %"c'" is a single premium annuity product that guarantees
income for life at the time of retirement. It offers the benefit of 5 payout
options.
l "c"&c"# is a unique and convenient retirement solution with
a limited premium paying term of three or five years, to suit professionals
and businessmen, especially those who require more flexibility and
customization while planning their finances.

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l c'c', Health Assure is a regular premium plan which provides

long term cover against 6 critical illnesses by providing policyholder with
financial assistance, irrespective of the actual medical expenses. Health
Assure Plus offers the added advantage of an equivalent life insurance cover.
l (c , is a regular premium plan that pays cash benefit on the
diagnosis as well as at different stages in the treatment of various cancer
conditions.
l (c +', is a wellness plan that includes all the benefits of Cancer
Care and also provides an additional benefit of free periodical cancer
screenings.
l ".c , Diabetes Care is a unique critical illness product specially
developed for individuals with Type 2 diabetes and pre-diabetes. It makes
payments on diagnosis on any of 6 diabetes related critical illnesses, and also
offers a coordinated care approach to managing the condition. Diabetes Care
Plus also offers life cover.
l ".cc', is a unique insurance policy that provides an additional
benefit of life cover for Type 2 diabetics and pre-diabetics
l #+"c, is a fixed benefit plan covering various stages of treatment -
hospitalization, ICU, procedures [ recuperating allowance. It covers a range
of medical conditions (900 surgeries) and has long-term guaranteed coverage
up to 20 years.
l ""c #), is a 360-degree product that will provide long-term coverage
against 35 critical illnesses, total and permanent disability, and death.
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KOTAK MAHINDRA Prudential Life also offers Group Insurance Solutions for
companies seeking to enhance benefits to their employees.

Group Gratuity Plan:

KOTAK MAHINDRA Prudential Life's group gratuity plan helps employers fund their
statutory gratuity obligation in a scientific manner. The plan can also be customized
to structure schemes that can provide benefits beyond the statutory obligations.

Group Superannuation Plan:

KOTAK MAHINDRA Prudential Life offers both defined contribution (DC) and
defined benefit (DB) superannuation schemes to optimize returns for the members
of the trust and rationalize the cost. Members have the option of choosing from
various annuity options or opting for a partial commutation of the annuity at the time
of retirement.

Group Immediate Annuities: In addition to the annuities offered to existing

superannuation customers, we offer immediate annuities to superannuation funds
not managed by us.

Group Term Plan:

KOTAK MAHINDRA Prudential Life's flexible group term solution helps provide
affordable cover to members of a group. The cover could be uniform or based on
designation/rank or a multiple of salary. The benefit under the policy is paid to the
beneficiary nominated by the member on his/her death.

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KOTAK MAHINDRA Prudential Life offers flexible riders, which can be added to the
basic policy at a marginal cost, depending on the specific needs of the customer.

1. Accident [ disability benefit: If death occurs as the result of an accident

during the term of the policy, the beneficiary receives an additional amount
equal to the rider sum assured under the policy. If an accident results in total
and permanent disability, 10% of rider sum assured will be paid each year,
from the end of the 1st year after the disability date for the remainder of the
base policy term or 10 years, whichever is lesser. If the death occurs while
traveling in an authorized mass transport vehicle, the beneficiary will be
entitled to twice the sum assured as additional benefit.

2. Critical Illness Benefit: protects the insured against financial loss in the event
of 9 specified critical illnesses. Benefits are payable to the insured for medical
expenses prior to death.

3. Waiver of Premium: In case of total and permanent disability due to an

accident, the future premiums continue to be paid by the company till the time
of maturity. This rider is available with Smart Kid, Life Time Plus, Life Time
Super and Life Time Super Pension.

4. Income benefit rider: In case of death of the life assured during the term of the
policy, 10% of the sum assured is paid annually to the nominee on each
policy anniversary till the maturity of the rider.

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KOTAK MAHINDRA Prudential Life Rural Products are designed to meet the needs
of the rural consumers.
These products offer the following features:

1. Low and Affordable Premiums

2. Life Cover

3. Savings Option

4. Hassle free procedure

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This project has helped us in getting some very useful insight about the
insurance sector. We have prepared this report with some specific objectives. The
objectives are as under.

½ Understand the fundamentals of insurance.

½ List the essential principles of Life Insurance like insurable interest, utmost
good faith.
½ Identify the diverse customer requirements and identify the various Life
Insurance product, which have been developed from time to time to meet the
requirements
½ Apply the correct rider, options and guarantees in order in order to offer a
Comprehensive solution to the customer¶s unique requirements
ҏ
½ ҏInitiate the claim process and process the same for customers¶ benefit.
Appreciate the various legislative and regulatory matters which influence the
insurance business¶
½ ҏSell insurance policies professionally
½ ҏCreate a positive impression in the minds of consumers towards the
company you represent
ҏ

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The word research has been derived from French word Researcher
means to search.
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FRANCIES RUMMER defined ³Research: It is a careful inquiry or
examination to discover new information or relationship and to expand or
verify existing knowledge.
Research is the solution of the problem, whether created or already
generated. When research is done, some new out come, so that the problem
(created or generated) to be solved.cc
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Research Design is the conceptual structure within which research is
conducted. It constitutes the blueprint for collection, measurement and
analysis of data. The design used for carrying out this research is
("+")

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,cIn this research the type of data collection isc

½ Primary data
½ Secondary data

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:cThe sources of collection of secondary data are:

½ Questionnaire
½ Books
½ Websites
½ Magazine
½ Brochure

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It is very difficult to collect information from every member of a
population .As time and costs are the major limitation that the researcher
faces.

A sample of 30 was taken the sample size of 30 individuals were

selected on the basis of convenient sampling technique. The individuals were
selected in the random manner to form sample and data were collected from
them for the research study.

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Æ Æ
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Data collection through questionnaire and personnel interview resulted
in availability of the desired information but these were useless until there
were analyzed. Various steps required for this purpose were editing, coding
and tabulating. Tabulating refers to bringing together similar data and
compiling them in an accurate and meaningful manner. The data collected by
questionnaire was analyzed, interpreted with the help of table, bar chart and
pie chart.

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c Research in common parlance refers to a search for knowledge. Once can
also define research as a scientific and systematic search for pertinent information
on a specific topic. In fact, research is an art of scientific investigation. The advanced
Learner¶s Dictionary of current English lays down the meaning if research as ³a
careful investigation or inquiry especially through search for new facts in new
knowledge.´

Research is an academic activity and as such the term should be used in a

technical sense. According to Clifford Woody comprises defining and redefining
problems, formulating hypothesis or suggested solution; collecting and evaluating
data; making deduction and reaching conclusions and at last carefully testing the
conclusions to determine whether they fit the formulating hypothesis.

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> In insurance it was found out that most of the People did not know the
benefits of insurance so First of all company should explain the benefits of
insurance to the customers.

> In Some cases people didn¶t have the faith it private Companies. So company
should make them convince about the benefits of private companies and
about the various policies which are more beneficial.

> People knows the options available for the investment but they don¶t know
which option will be best suited for them.

> Private companies have to create awareness of not only those insurance
which will be more beneficial to them but all insurance.

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½ Kotak is spreading its channel of distribution

½ 75 was the number of branches that Kotak had it in 2006-2007 and their
target is to open 135 branches till the end of the calendar year 2008.

½ Number of Life Advisor has increased over time. E.g. At the beginning of
financial year 2006-2007, Kotak had 12,523 Life Advisors which turned to
24485 at the end of the end of the financial year 2007.

½ Kotak focuses on large business house inspire of capturing the smaller

business.

½ Less action on tale-marketing and dependence on individual life advisors is

much there.

½ Weak Infrastructure as there was hardly any place left open for the interaction
with the customer.

½ Too much work load on operations¶ department

½ Lack of database on which work (calling) can be done.

There is high commitment of Sales Managers toward the work.c

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__________________________________

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1. OCCUPATION
[ ] SERVICE
[ ] BUSINESS
[ ] PROFESSIONAL

2. AGE
[ ] LESS THAN 25 YEARS
[ ] 25 T0 40 YEARS
[ ] 40 TO 60 YEARS
[ ] ABOVE 60 YEARS

3. INCOME (APPROXIMATE)
[ ] UPTO RS. 1 LAKH
[ ] ABOVE RS. 1 LAKH UPTO 2.5 LAKHS
[ ] ABOVE RS. 2.5 LAKHS UPTO 5 LAKHS
[ ] ABOVE RS. 5 LAKHS

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0!cDo you have any life insurance policy?

a) YES b) NO
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7!c Are you aware about the Life Insurance products or will prefer to purchase the
Life Insurance products of (mark ¥):
½ LIC
½ ICICI Prudential Life Insurance
½ HDFC Standard Life Insurance
½ SBI Life Insurance
½ Kotak Life Insurance
½ TATA AIG Life Insurance
½ Reliance Life Insurance
c
-!cWhich company¶s insurance policy do you have?

___________________________________________________________________

D!cTerm of your insurance policy?

a) < 5 years b) 5 ± 10 years
c) 10 ± 20 years d) any other

E!cWhat do you think are the benefits of Life Insurance?

a) Covers future uncertainty
b) Tax Savings
c) Investments
d) Comprehensive investment and risk coverage instrument

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5!cWhich feature of Life Insurance policy will you consider while buying?
a) Money Back Guarantee
b) Larger Risk Coverage
c) Low Premium
d) Company¶s Credibility
e) Easy Access to Agents

21!cHow have you bought / would buy a Life Insurance policy?

a) Customer approaching insurance company / agent
b) Insurance company / agent approaching the customer

22!cAre you satisfied with your Life Insurance policy?

a) Highly Satisfied b) Satisfied
c) Not So Satisfied d) Not Responding

26!cAccording to you, what is the right age to buy insurance?

a) < 25 years b) 25 ± 35 years
c) 35- 45 years d) > 45 years
e) Anytime

23!cAre you satisfied with the Kotak life insurance?

a) Yes b) No
c
c
c
c

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