A PROJECT REPORT

ON
“ TATA-AIG LIFE INSURANCE COMPANY
LIMITED”


 Submitted By:
 RANJAN.K.T
 Reg. No: 08KXCM6119
 Under the Guidance of


 Internal guide External Guide

 Smt.Suma.C.V Mr.Nanda Kumar.K.B

 Surana College, Bangalore
 COMPANY OVER VIEW
Nature of the industry : Insurance
Nature of business : Life Insurance
Registered : 12th February 2001
Started operation : 1st April 2001
Head office : Mumbai
Branch office : Kasturba road
Founder/Chairman : Ratan Tata
Number of share holding : Tata 74%,AIG 26%


 VISION

Empowering every one live

their dreams



 MISSION
 Create unmatched value for everyone
through dependable, effective,
transparent and profitable life insurance
and pension plans.
 To develop life insurance business in the
best interest of the community.
 To provide financial security to individuals
by offering insurance products and
service of high quality at affordable cost.



 VALUES
 Integrity : We must conduct our business fairly, with honesty and
transparency. Everything we do must stand the test of public
scrutiny.
 Understanding: We must be caring, show respect, compassion
and humanity for our colleagues and customers around the
world, and always work for the benefit of the communities we
serve.
 Excellence: We must constantly strive to achieve the highest
possible standards in our day to day work and in the quality of
the goods and services we provide.
 Unity: We must work cohesively with our colleagues across the
group and with our customers and partners around the world,
building strong relationship based on tolerance, understanding
and mutual cooperation.
 Responsibility: We must continue to be responsible, sensitive to
the countries, communities and environments in which we work,
always ensuring that what comes from people goes back to the
people many times over.
 OBJECTIVES
 Toserve better the insurance needs of the
entire community, keeping CUSTOMER as
the focus.


 Tomanage Business profitably, Manage

funds judiciously and deploy investible
funds for optimum Yield.


 Towork towards minimization of losses and

develop Risk Management Technologies.


 Tofunction as a strong and dynamic non-life

insurer.


 GOAL


 Createbest value for Customers,

Shareholders and all Stake holders


 Achieve impeccable reputation and

credentials through best business
practices

 PRODUCTS
 Children Plans
Ø Tata AIG Life Star kid
Ø Tata AIG Life United Ujjwal Bhavishya
Ø Tata AIG Life Assure Career Builder
Ø Tata AIG Life Assure Career Builder
§
 Adults Plans
Ø Tata AIG Life Assure Golden Years Plan
Ø Tata AIG Life Easy Retire
Ø Tata AIG Life Hospi CashBack
Ø Tata AIG Life ShubhLife





 Pension Plans
Ø Tata AIG Life Nirvana
Ø Tata AIG Life InvestAssure Swarna Jeevan
Ø Tata AIG Life Nirvana Plus

 Unit Linked Insurance Polices (ULIPS)
Ø Tata AIG Life InvestAssure Health
Ø Tata AIG Life InvestAssure II
Ø Tata AIG Life InvestAssure Apex
Ø Tata AIG Life InvestAssure Extra
Ø Tata AIG Life Jeevan Lakshya

 GROUP INSURANCE

 CEO/MD

V.P. Marketing,Sales,HR, Finance

NH Marketing NH sales NH HR NH Finance

ZH Sales ZH HR ZH Finance
ZH Marketing

Area Head HR
Area Sales Manager Key A/C Manager
Area Manager
Senior Manager HR
Senior Manager Senior Manager
Senior Manager
Manager
Asst.Sales Manager
Asst.Manager Manager Manager
HR Officer
Executive FSO
Executive Marketing Finance Executives
HR staff
Senior FSO

FSO
FUNCTIONAL DEPARTMENTS

 Marketing Department

 Sales Department

 Human resource Department


 Finance Department
 Marketing Department


 The Tata AIG company shall fully support the

development and operation of competitive open
markets
 Formulate, develop & implement appropriate marketing
strategy.
 Gives promotional activity
 Sets the distribution channel
 The Tata AIG company or employee shall market the
company’s products and services on their own merits
and shall not make unfair and misleading statements
about competitors’ products and services.
 Any collection of competitive information shall be made
only in the normal course of business and shall be
obtained only through legally permitted sources

 Sales department


 Setting the target to achieve the company

target.

 Long term planning and sales forecasting.

 To update the sales call and report to
superiors.

 Using own contract and leads from existing
plants generate referrals and quarries and
establish large prospective.
 Human Resource
Department
 Tata AIG recognizes that its people are the
primary source of its competitiveness.
 It is committed to equal employment
opportunities for attracting the best available
talent and ensuring a cosmopolitan workforce.
 Identify the needs of the personnel department
 Proper management of manpower
 Train the people for challenging job.
 It will pursue management practices designed
to enrich the quality of life of its employees,
develop their potential and maximize their
productivity.

Finance department

 Tata AIG company shall prepare and

maintain its accounts fairly and
accurately and in accordance with the
accounting and financial reporting
standards


 Allrequired information shall be

accessible to company auditors and
other authorized parties and
government agencies.

 SWOT ANALYSIS

 Strength

 Tata AIG’s brand name:
 Tata is a well renowned brand name in India. People trust the name
of Tata’s. AIG is a well recognized brand in the international
insurance sector. Hence it has a strong brand presence.
 Product flexibility:
 The company changes its insurance product according to the
customer needs.
 Rural Penetration:
 The Tata AIG is targeting the rural area people. The rural market in
India is very huge and growing. People in rural markets recognize
the brand name Tata.


 Rate of return:
 The ULIP policy of the Tata AIG has given the highest rate of return.
It has given 7% rate of return to its investors.

  Weakness

Poor promotion activity:
 The Tata AIG’s promotion of its insurance
product is not very efficient people are not aware
of its products and services.


Dominance of public sector in life insurance:

 Life insurance sector in India is still dominated
by the public sector Life insurance Corporation.
Private sector companies are finding it very
difficult to penetrate the life insurance market.

 Opportunity
Higher potential:
 Only 13% 0f Indian population is insured. With
growing standard of living there is a huge
opportunity for private insurers to penetrate the
market.

Tax benefit:
 Life insurance is taken up for the purpose of tax
savings with growing income levels the market
for private life insurance should become bigger.

 Threat
 Lack of awareness among the people:
 This is the biggest threat found in this sector. Most of the people are not
aware about the importance and the necessity of the insurance in their life.
They are not aware how useful life insurance can be for their family
members if something happens to them.


 Perception of the people towards Insurance sector:

 People still consider insurance just as a Tax saving device. So today also
there is always a rush to buy an Insurance Policy only at the end of the
financial year like January, February and March making the other 9 months
dry for this business.


 Increased competition:
 Today the competition in the Insurance sector has became very stiff.
Currently there are 18 Life Insurance companies working in India including
the LIC (life insurance Corporation of India). Today each and every company
is trying to increase their Insurance Advisors so that they can increase their
reach in the market. This situation has created a scenario in which to recruit
Life insurance Advisors and to sell life Insurance Policy has became very
difficult.

 FINDINGS
 Tata AIG one of the key private player in Indian
insurance industry.
 The market share of Tata AIG is considerably increasing
and presently it is 7%.
 Premium charged by Tata AIG is competitive in the
industry.
 There are only few branches in India
 Advertising in TATA AIG is not effective so it’s not
reaching to people effectively.
 Rural market is not given much importance.
 Company has got a very good trained marketing team to
sell its product.
 Company is enjoying the confidence of various sections
of policy holders.
 SUGGESTIONS
 Company should take necessary steps to
increase product awareness.
 improve bonus rate.
 The company should also consider their
competitors in the market.
 Tata AIG has to increase the number of
branches.
 Tata AIG can come up with affordable and
feasible policy for younger and retired
people
 Company can target various sub-urban and
rural insurable population by policies for
rural people
