banking prjct

Upload: sid

Post on 07-Jul-2018




0 download


  • 8/19/2019 Banking Prjct










    SEMESTER VI 201!201"


    (SEAT NO$ 110"%1)




  • 8/19/2019 Banking Prjct


    I here by declare that this project titled “LIC OF INDIA” submitted is based on

    actual work carried out by the guidance and supervision of “P&'$BABITA


    Any reference to work done by any other person or institution or any materialobtained from other sources has been duly citied and reference made.

    It is further stated that this work is not submitted anywhere else for any







  • 8/19/2019 Banking Prjct


    I am thankful to “Prof .Babita agdev! for the guidance in successful

    completion of this project.

    I am indebted our principal “"r.Padmaja Arvind! and librarian #rs.Bharti$ao!

    for their unconditional support and motivation.

    %ast& but not the least I cannot forget my parents and friends whose constant

    encouragement and support made this task a happy job.

    T* SIA C'++*,* O H-,*& E./-'3$


  • 8/19/2019 Banking Prjct


    P445 MIDC R*6-.*3-+ A&* D'78-9+- G:7;3 R'.5

    N*& B+

  • 8/19/2019 Banking Prjct



    r no.



    2 LIC




    6 #I#ILIO!RAPH" 


  • 8/19/2019 Banking Prjct


    B;,&'/3. ' * 6/.:

    'he present study entitled as %I( )* I"IA.!

    S*7*3 ' * @&'8+*7

    +,-',-$ “%I( )* I"IA! are popular among customer are not


  • 8/19/2019 Banking Prjct


    CHAPTER? 1



  • 8/19/2019 Banking Prjct



    %ife Insurance (orporation 0India1 0%I(1 is an Indian state2owned insurance

    group and investment company head3uartered in #umbai. It is the largest

    insurance company in India with an estimated asset value of 456789: crore₹

    0/;:? As of :74= it had total life fund of $s.48==47=.48 crore

    with total value of policies sold of [email protected]: lakh that year.>citation needed?

    'he %ife Insurance (orporation of India was founded in 456 when the

    Parliament of India passed the %ife Insurance of India Act that nationalised the

     private insurance industry in India. )ver :85 insurance companies and

     provident societies were merged to create the state owned %ife Insurance(orporation.


  • 8/19/2019 Banking Prjct


      ()#PA P$)*I%-

    'ype C ;tate2owned enterprise Private company

    Industry C *inancial services

    *ounded C 4 ;eptember 456

    ,ead3uarters C #umbai& India

    Dey People C ;.D $oy 0(hairman1& ;.B #ainak 0"#anaging "irector1&

     .$.Euha 0#anaging "irector1& F.D ;harma 0#anaging "irector1&

    /sha;angwan 0#anaging "irector1

    Products C %ife insurance& health insurance& investment management& mutual


    $evenue C "ecrease /;< 99.877 billion 0:7451

    Profit C Increase /;< .:5@ billion 0:7451

    'otal assets C 456789: crore 0/;4?

    ;ubsidiaries C %I( ,ousing *inance

    %I( Pension *und %td.

    %I( International

    %I( (ards ;ervices

    %I( omura #utual *und



  • 8/19/2019 Banking Prjct



    (,AP'-$ :


  • 8/19/2019 Banking Prjct


    +hat is life insurance

    %ife insurance is a contract that pledges payment of an amount to the person

    assured 0or his nominee1 on the happening of the event insured against.'hecontract is valid for payment of the insured amount duringC'he date of maturity&

    or ;pecified dates at periodic intervals& or /nfortunate death& if it occurs earlier.

    Among other things& the contract also provides for the payment of premium

     periodically to the (orporation by the policyholder. %ife insurance is universally

    acknowledged to be an institution& which eliminates GriskG& substituting certainty

    for uncertainty and comes to the timely aid of the family in the unfortunate

    event of death of the breadwinner.

    By and large& life insurance is civilisationGs partial solution to the problems

    caused by death. %ife insurance& in short& is concerned with two haHards that

    stand across the life2path of every personC'hat of dying prematurely leaving a

    dependent family to fend for itself.'hat of living till old age without visible

    means of support.


  • 8/19/2019 Banking Prjct


    %I( ;/B;I"IA$I-; C

    /nlike provision for private players in the insurance sector. 'he %I( Act

     provide for setting up subsidiaries through policy holders fund. It is due to the

    %I( act and that %I( of india has a number of subsidiaries which help it in

    leveraging its potential to the maximum& providing an enhanced set of

    diversified service to its customers. 'hese subsidiaries include %I( international

    & %I( epal & %I( %anka & %I( ,ousing *inance and %I( #utual *und.

    %I( I'-$A'I)A%

    'his is joint venture offshore company promoted by %I( which commencedoperations in july& 49 with the objective offering /; dollar denominated

     policies to cater to the insurance needs of $ is and providing insurance

    services to holders of %I( policies currently residing in the Eulf. %I(

    international operates in all E(( countries.

    %I( ,)/;IE *IA(- %'"

    'he company is recogniHed by national housing bank listed on the national

    stock exchange 0;-1 Bombay stock exchange limited 0B;-1. %I( housingfinance limited is one of the largest hosing finace company in india.

    Incorporated on 4th june 49 under the company act& 456& the company was

     promoted by %I( of india and went public in 48.

    %ife Insurance Fs. )ther ;avings

    (ontract )f InsuranceC A contract of insurance is a contract of utmost good faith

    technically known as uberrima fides. 'he doctrine of disclosing all material

    facts is embodied in this important principle& which applies to all forms ofinsurance.At the time of taking a policy& policyholder should ensure that all

    3uestions in the proposal form are correctly answered. Any misrepresentation&

    non2disclosure or fraud in any document leading to the acceptance of the risk

    would render the insurance contract null and void.

    ProtectionC ;avings through life insurance guarantee full protection against risk

    of death of the saver. Also& in case of demise& life insurance assures payment of

    the entire amount assured 0with bonuses wherever applicable1 whereas in othersavings schemes& only the amount saved 0with interest1 is payable.


  • 8/19/2019 Banking Prjct


    Aid 'o 'hriftC %ife insurance encourages GthriftG. It allows long2term savings

    since payments can be made effortlessly because of the Geasy instalmentG facility

     built into the scheme. 0Premium payment for insurance is either monthly&

    3uarterly& half yearly or yearly1.

    *or exampleC 'he ;alary ;aving ;cheme popularly known as ;;;& provides a

    convenient method of paying premium each month by deduction from oneGs


    In this case the employer directly pays the deducted premium to %I(. 'he

    ;alary ;aving ;cheme is ideal for any institution or establishment subject to

    specified terms and conditions.

    %i3uidityC In case of insurance& it is easy to ac3uire loans on the sole security ofany policy that has ac3uired loan value. Besides& a life insurance policy is also

    generally accepted as security& even for a commercial loan.

    'ax $eliefC %ife Insurance is the best way to enjoy tax deductions on income tax

    and wealth tax. 'his is available for amounts paid by way of premium for life

    insurance subject to income tax rates in for Assessees can also avail of

     provisions in the law for tax relief. In such cases the assured in effect pays a

    lower premium for insurance than otherwise.

    #oney +hen ou eed ItC A policy that has a suitable insurance plan or a

    combination of different plans can be effectively used to meet certain monetary

    needs that may arise from time2to2time.

    (hildrenGs education& start2in2life or marriage provision or even periodical needs

    for cash over a stretch of time can be less stressful with the help of these


    Alternatively& policy money can be made available at the time of oneGsretirement from service and used for any specific purpose& such as& purchase of

    a house or for other investments. Also& loans are granted to policyholders for

    house building or for purchase of flats 0subject to certain conditions1.

    +ho (an Buy A Policy

    Any person who has attained majority and is eligible to enter into a valid

    contract can insure himselfJherself and those in whom heJshe has insurable

    interest. Policies can also be taken& subject to certain conditions& on the life of


  • 8/19/2019 Banking Prjct


    oneGs spouse or children. +hile underwriting proposals& certain factors such as

    the policyholderKs state of health& the proponentGs income and other relevant

    factors are considered by the (orporation.

    Insurance *or +omenC Prior to nationalisation 04561& many private insurancecompanies would offer insurance to female lives with some extra premium or

    on restrictive conditions. ,owever& after nationalisation of life insurance& the

    terms under which life insurance is granted to female lives have been reviewed

    from time2to2time. At present& women who work and earn an income are treated

    at par with men. In other cases& a restrictive clause is imposed& only if the age of 

    the female is up to =7 years and if she does not have an income attracting

    Income 'ax.

    #edical And on2#edical ;chemes C %ife insurance is normally offered after a

    medical examination of the life to be assured. ,owever& to facilitate greater

    spread of insurance and also to avoid inconvenience& %I( has been extending

    insurance cover without any medical examination& subject to certain conditions.

    +ith Profit And +ithout Profit PlansC An insurance policy can be GwithG or

    GwithoutG profit. In the former& bonuses disclosed& if any& after periodical

    valuations are allotted to the policy and are payable along with the contracted

    amount.In GwithoutG profit plan the contracted amount is paid without anyaddition. 'he premium rate charged for a GwithG profit policy is therefore higher

    than for a GwithoutG profit policy.

    Deyman InsuranceC Deyman insurance is taken by a business firm on the life of

    key employee0s1 to protect the firm against financial losses& which may occur

    due to the premature demise of the Deyman.


  • 8/19/2019 Banking Prjct



    ;pread %ife Insurance widely and in particular to the rural areas and to the

    socially and economically backward classes with a view to reaching all

    insurable persons in the country and providing them ade3uate financial cover

    against death at a reasonable cost.

    #aximiHe mobiliHation of peopleGs savings by making insurance2linked savings

    ade3uately attractive. Bear in mind& in the investment of funds& the primary

    obligation to its policyholders& whose money it holds in trust& without losing

    sight of the interest of the community as a wholeM the funds to be deployed to

    the best advantage of the investors as well as the community as a whole&keeping in view national priorities and obligations of attractive return.

    (onduct business with utmost economy and with the full realiHation that the

    moneys belong to the policyholders. Act as trustees of the insured public in their 

    individual and collective capacities.

    #eet the various life insurance needs of the community that would arise in the

    changing social and economic environment. Involve all people working in the

    (orporation to the best of their capability in furthering the interests of theinsured public by providing efficient service with courtesy.

    Promote amongst all agents and employees of the (orporation a sense of

     participation& pride and job satisfaction through discharge of their duties with

    dedication towards achievement of (orporate )bjective.


  • 8/19/2019 Banking Prjct


    #I;;I) J FI;;I)


    “ -xplore and enhance the 3uality of life of people through financial security by

     providing products and services of aspired attributes with competitive returns&

    and by rendering resources for economic development.!


    “ A trans N nationally competitive financial conglomerate of significance to

    societies and pride of india.


  • 8/19/2019 Banking Prjct


    P)%I(I-; 0;(,-#-1

    %ife Insurance (orporation of india provide number to its consumers. %I(

    differentiated their policies into five different types which areC

    4. Insurance plans:. Pension plans=. /nit plans8. ;pecial plans5. Eroup plans

      P$)"/('; B %I( I/$A(- P%A;

    4. L--FA AA"*eaturesC Product summaryC

      'his plan is a combination of endowment assurance and whole

    life plans. It provides financial protection against death throughout

    the life assured with the provision of payment of a lump sum at the

    end of the selected term in case of this survival.


      Premiums are payable yearly& half2yearly& 3uarterly& monthly orthrough salary deductions as opted by customer throughout the

    selected term of the policy or till earlier death.


    'his is a with Nprofit plan and participates in the profits of the

    corporations life insurance business. It gets a share of the profits in

    the form of bonuses. ;imple reversionary bonuses are declared per

    thousand sun assured at the end of each financial year. )ncedeclared& they form part of the guaranteed benefits of the plan.

    Bonuses will be added during the selected term or till death& if

    occurs earlier. *inal bonus may also be payable provided the policy

    has run for certain minimum period.


  • 8/19/2019 Banking Prjct



    A. Benefits in case of death during the selected termC'he sum Assured along with the vested bonuses is payable

    on death in a lump sum.B. Benefits in case of survival to the end of selected termC'he sum Assured along with the vested bonuses is payable in

    a lump sum on survival to the end of the term. An additional

    sum assured is payable on death thereafter.(. Accident BenefitC

    An additional sum assured 0subject to limit of $s 4lakh1 is

     payable in a lump sum on death due to accident of life

    assured. In case of permanent disability of life assured due to

    accident this additional sum assured is payable in instalment.". ;upplementary J -xtra BenefitsC

    'hese are the optional benefits that can be added to your

     basic plan for extra protectionJoption. An additional

     premium is re3uired to be paid for these benefits.

    ;urrender valueCBuying a life insurance contract as is long2term

    commitment. ,owever& surrender values are available on the

     plan on earlier termination of the contact.Euaranteed ;urrender valueC'he policy may be surrendered after it has been in force for

    = years or more. 'he guaranteed surrender value is =7O of

    the basic premiums paid excluding the first years premium.

    Any extra premiums paid and premium towards accident

     benefit are also excluded.



  • 8/19/2019 Banking Prjct


    :.  Leevan ;hree24CP$)"/(' ;/##A$M'his is an endowment assurance plan offering the choice of many

    convenient premiums paying terms. It provides financial protection

    against death throughout the term of plan with the payment of maturityamount on survival to the end of the policy term.PremiumsCPremiums are payable yearly& half yearly& 3uarterly or through salary

    deductions& as opted by you& throughout the premium paying term or till

    earlier death. Alternatively premium may be paid in one lump sum 0single

     premium1Euaranteed AdditionC'he policy provides for the guaranteed additions at the rate of $s.57J2 per

    thousand sum assured for each completed year for first five year of the

     policy. 'he guaranteed Additions are payable along with the basic sum

    assured at the time of claim.BonusesC'he policy participate in the profit of the (orporations life insurance

     business from the 6th year onwards. It will get a share of the profit in the

    form of bonuses. ;imple reversionary bonuses will be declared per

    thousand basic sum assured annually at the end of each financial year.

    )nce declared& they will form part of the guaranteed benefits of the plan.BenefitsC

    a1 "eath BenefitsC'he sum assured along with guaranteed additions and vested bonuses&

    if any& is payable in a lump sum on death of the life assured during the

     policy term. b1 #aturity BenefitC

    'he sum assured along with guaranteed additions and reversionary

     bonuses& if any is payable in a lump sum on survival to the end of the

     policy term.c1 ;upplementary J -xtra BenefitsC

    'hese are the optional benefits that can be added to your basic plan for

    extra protection J option. An additional premium is re3uired to be paid

    for these benefits.d1 ;urrender FalueC

    Buying a life insurance contract is a long2term commitment. ,owever&;urrender value is available on the plan on earlier termination of the

    contract.e1 Euaranteed surrender valueC


  • 8/19/2019 Banking Prjct


    'he policy may be surrendered after it has been in force for = years or

    more. 'he guaranteed surrender value is =7O of the basic premium

     paid excluding the first years premium. In case of a single premium

     paid excluding any extra premium.


  • 8/19/2019 Banking Prjct


    %I( Pension Plans Introduction

    %I( Pension Plans are Individual plans that will concentrate on your future

    needs and financial stability in your old age. Pension plans are best suited for

    senior citiHens to plan their future securely& 'hen they do not need to give up on

    the best things in their life. By taking pension plans you can enjoy your life

    even after your retirement with your loved ones. %I( pension Plan provides

    minimum guarantee on the premium paid.

    By taking %I( Pension plan while you are earning& the invested amount in

     pension plan will help you in old age after your retirement. 'he company will

     pay the pension through out the life time of the policy holder. ou can purchase

    the policy by paying lump2sum amount or by paying regular premiums. ou

    have an option to choose the type and mode of payment of pension such as

    earlyJ ,alf2yearlyJ uarterlyJ#onthly according to your re3uirements.

    If you have purchased the policy with high price you can get incentives. 'he

    different pension plans available under the L-* I36/&3* C'&@'&-'3 ' 

    I3.- are0%I(1& %I( Leenan Akshay26& Faristha Pension Bima ojana and %I(Ks

     ew Leevan idhi. -ach plan has different eligibility criterias& you can select

    any one of them by comparing each plan conditions according to your 

    re3uirements. ou can calculate the returns available in %I( Pension plans

    using Return ca+cu+ator .

    LIC P*36-'3 P+3 B*3*-6

    'he basic Benefits available in %I( Pension Plans are

    • "eath Benefit.

    • Income 'ax Benefit.

    D* B*3*-? )n "eath of the policy holder during the policy period& the

     purchased amount will be refunded or the premium will be paid to the nominee


  • 8/19/2019 Banking Prjct


    till the end of the guaranteed period or the policy will be seiHed. It completely

    depends on the pension option chooses by the policy holder.

    I3'7* T B*3*-? Premiums paid to buy any of the %I( Pension plan areexempted from tax. Pension which will be received by the policyholder is


    *or more Information please check the below %I( pension plans available.

    LIC P*36-'3 P+3 E7@+*

    *or example if you have taken the %I( Pension Plan at a age =7 years for a

     policy term of :7 years and you have chosen to pay premium regularly& on

    vesting of your policy you will get Basic ;um Assured along with Euaranteed

    Additions& *inal Additional bonus and vested ;imple $eversionary bonuses as

    maturity benefit which will be converted in to pension. If the policy holder dies

    within the policy period of Basic ;um Assured along with Euaranteed Addition

    will be paid as lump sum to the nominee In %I( Pension Plans.

    %I( Leevan Akshay 6 plan is a type of %I( pension plan. 'his plan is an

    immediate annuity pension plan. you can purchase this policy by paying a lump

    sum amount as a single Premium. In %I( Leevan Akshay 6 Plan after buying the

     policy& pension will start immediately without delay. In %I( Leevan Akshay 6

     plan you can select mode of pension payment such as yearly& half2yearly&

    3uarterly and monthly. )nce the payment mode is chosen& the option cannot be

    changed because the pension starts immediately after buying the %I( Leevan

    Akshay 6


  • 8/19/2019 Banking Prjct


    %I( ew Leevan idhi Plan is a regular premium %I( pension plan. Premium

    needs to be paid till the completion of the policy period. In %I( ew Leevan

     idhi Plan at the end of the accumulation period& the maturity benefit

    comprising of the sum assured& final additional bonus and the increment bonus

     will be converted into pension. After the end of the accumulation period& the

    vesting period starts in which pension will be paid out in regular intervals till

    the end of policy period. After the expiry of the life insured& a lump sum will be

     paid to the nominee.

    LIC New Jeevan Nidhi Pensin P!an

    %I( Farishtha Pension Bima ojana is a type of %I( pension plan introduced by

    %ife Insurance (orporation of India0%I(1. Eovernment of India announced the

    revival of %I( Farishtha Pension Bima ojana in /nion Budget :7482:745.

    %I( Farishtha Bima ojana is a single premium pension policy for senior

    citiHens& with pension starting to flow in immediately. )ne can opt to receive

    the pension in different modes like yearly&half2yearly&3uarterly and monthly.

    LIC Varistha Pension Bima yojana

    All content provided in this post is for informational purposes only. 'he owner

    of this site makes no representations as to the accuracy or completeness of any

    information on this site. *or detailed and accurate information please refer the

    official website


  • 8/19/2019 Banking Prjct


    >$LIC B-7 B P+3


    LIC B-7 B P+3 is actually a single premium M'3*: B; P+3. 'his

    is a non unit2linked insurance traditional plan where a certain amount of money

    is paid as pre2decided intervals. In this plan the premium is paid only once and

    45O of the ;um Assured is paid after every = years and the entire ;ingle

    Premium paid plus %oyalty Additions are paid on #aturity. ,owever& if the %ife

    Insured dies within the policy tenure& the entire ;um Assured is paid

    irrespective of the amount of money paid as ;urvival Benefits.


    K*: F*/&*6 ' LIC B-7 B @+3


    • 'his is a single premium plan

    • %oyalty Additions are payable on Policy #aturity

    • ;urvival Benefit is payable every = years of 45O of the ;um Assured


  • 8/19/2019 Banking Prjct


    • 'here are = policy tenures possible2 years& 4: years and 45 years

    • 'here is a ;um Assured $ebate for large ;um Assured.


    B*3*-6 :'/ ,* &'7 LIC B-7 B @+3


    D* B*3*-  In case of death of the %ife Insured& the nominee receives the

    entire ;um Assured Q accrued Bonus


    S/&9-9+ B*3*-  'he %ife Insured would receive the following ;urvivalBenefit

    RSRSRSRSRSRSRSRSRR*or a Policy 'erm of years& 45O of ;um is payable at

    the end of = and 6 years& a total of =7O of ;um Assured is payable

    R*or a Policy 'erm of 4: years& 45O of ;um is payable at the end of =& 6

    and years& a total of 85O of ;um Assured is payable

    *or a Policy 'erm of 45 years& 45O of ;um is payable at the end of =& 6&

    and 4: years& a total of 67O of ;um Assured is payable


    M/&-: B*3*-  +hen the policy matures& the entire single premium paid

    Q %oyalty Additions are paid.


    I3'7* T B*3*-  Premiums paid under life insurance policy are

    exempted from tax under ;ection 97 ( and maturity proceeds are exempted

    from tax under ;ection 47 047"1


    E+-,-8-+-: '3.--'36 3. '*& &*6&--'36 -3 LIC B-7 B




  • 8/19/2019 Banking Prjct


      M-3-7/7 M-7/7

    ;um Assured 0in $s.1 :7&777 o %imit

    Policy 'erm 0in years1 & 4: 45

    Premium Payment

    'erm 0in years1;ingle

    -ntry Age of %ife

    Insured 0in years145 66

    Age at #aturity 0inyears1

    2 @5

    Premium 0in $s.1  othing ;pecified

    Payment modesearly& ,alf2yearly& uarterly& #onthly and


     S7@+* -++/6&-'3 ' @&*7-/7 ' LIC B-7 B @+3


    'he below illustration is for a healthy M+* 0non2tobacco user1 opting for a

    A,* =7 years& =5 years and 87 years& S/7 A66/&*. T $s 4&77&777

    P'+-: T*&7 45 years.


  • 8/19/2019 Banking Prjct



    A..--'3+ F*/&*6 3. B*3*-6 ' LIC B-7 B @+3$

    R-.*&6 ! 'here are 3' ..--'3+ &-.*&6 in this plan

    8.  'he (onvertible 'erm Assurance policyC*eaturesC

    'his plan of assurance is designed to meet the needs of those who are

    initially unable to pay the larger premium re3uired for a whole life or

    endowment assurance policy& but hope to be able to pay for such

     policy in the near future. 'his plan would be found useful also in cases

    where its is desired to leave the final decision as to the plan to a laterdate when& perhaps a better choice could be made. Policy holder get

    an option of converting an policy into endowment assurance or limited

     payment whole life assurance.

    ;uitable forCAll people with earned income under category I and unearnedincomes under category It basically standard and substandard

    lives attracting -#$ classes I and I'.


  • 8/19/2019 Banking Prjct



    A1;urvival BenefitC ot Applicable

    B1"eath BenefitC'he sum assured is payable only in the event of death of the%ife Assured before the expiry of the specified term.

    P-;I) P%AC

    4. ew Leevan "hara24


    Product ;ummaryC  'here are deferred annuity plans that allow the policyholder to make

     provision for regular income after the selected term.


      Premiums are payable yearly& half2yearly& 3uarterly& monthly or

    through salary deduction as opted by you& thoughout the term of the

     policy or till earlier death. Altetrnatively& the premium may be paid in one

    lump sum 0 single premium 1BonusesC

      'hese are with Nprofit plans and participate in the profit of the

    corporations annuity J pension business. Policies get a share of the profit

    in the form of business. ;imple reversionary bonuses are declared per

    thousand sun assured annually at the end of each financial year. )nce

    declared& they form part of the guaranteed benefits of the plan. *inal

    0Additional1 Bonuses may also be payable provided policy has run for a

    certain minimum period.Benefits

    A1 "eath Benefits

    )n death of the life assured during the term of the policy the basic

     premium paid& excluding any rider premiums or extra premiums& up to

    the date of death accumulated with interest at such rate as decided by

    the corporation will be payable to the nominee. (urrently& the interest

    rate is =O& 8O or 5O if the death occurs within the first 47 years& :7

    years or thereafter respectively.


  • 8/19/2019 Banking Prjct


    B1 #aturity BenefitsC

    A #aturity the policyholder can encash up to a maximum :5O of the

    maturity proceeds as a 'ax2*ree lump sum. 'he balance should be

    compulsorily converted to an annuity at the rates applicable at the time

    of maturity of the policy. 'he policyholder has the choice of opting for 

    any one of 5 annuity options. 'he annuity options available areC

    4. Annuity payable for remainder of life

    :. Annuity payable for life with guaranteed period of 5&47&45 or :7


    =. Loint life and last survivor annuity to the annuitant and his J her

    spouse under which annuity payable to the spouse on death of the

     purchaser will be 57O of that payable to the annuitant

    8. %ife annuity with a return of purchase price on death of theannuitant

    5. %ife annuity increasing at a simple rate of =O per annum.


  • 8/19/2019 Banking Prjct


    /I' P%A; N 4

    4. #arket Plus N 4

      'his is a unit linked pension plan where in the pension is payable

    after a specified period. *our type of investment funds namely bond &secured& Balanced and growth fund are offered. 'hough primarily a

     pension product & the plan has many attractive features and option which

    make it an ideal retirement solution for the future.


    A1 )n vestingC

      )n vesting of the policy & the fund value will be utiliHed to provide a

     pension based on them prevailing annuity rates. An option to commute

    up to one third of the payable benefit in a lump sum.

    B1 )n "eathC

      In event of the unfortunate death of the policy holder the fund

    value along with the riders &if any& will be payable in a lump sum or as

    a pension.


    'hree attractive benefits& viH 2 %ife cover& Accident benefit and

    critical lines benefits are available as option or riders. %ife option is

    available within certain limits depending on the age at entry of the life

    assured. 'he other option are available to all proposers who have

    opted for life cover. 'he 3uantum of the risk covers can also be

    reduced. subject to the minimum limits once a year. A policy can be

    taken without any of the riders also.

    PA#-' )* P$-#I/#;CPremiums can be paid in a lump sum 0 single premium 1 and also by

    monthly 0-(;1& 3uarterly& half2yearly and yearly modes.

    (,AE- I */" 'P- 0 ;+I'(,1C

    'he plan also allows a policy holder to switch from one type of fund

    to another up to four time a year& free of charge.


  • 8/19/2019 Banking Prjct


    ;P-(IA% P%A;

    4. Bima ivesh


    Bima ivesh :775 is a plan with compound rate of guaranteed additionsand loyalty additions. 'his is the revised version of our popular bima

    nivesh plan :778 and is introduced to meet the overwhelming demand for 

    a single premium plan from our customers. It is a single premium & ideal

    investment plan for those who have no regular income but good

     periodical income. Bima nivesh :745 is available for terms 5 or 47 years

    'he guaranteed surrender value is payable after the policy has run for at

    least one year. 'erm assurance rider is also available by payment of a

    single premium at the option of the proposer.


    4. Euaranteed additionsC

    Euaranteed addition at the compound rate of $s.57 per thousand sum

    assured per annum for the policy with term of 5years and at the

    compound rate of rs.55 per thousand sum assured per annum for the

     policy with term of 47 years.

    :. %oyalty AdditionC

    "epending upon the corporations experience with regard to morality&

    interest and expenses and based on term of the policy& %oyalty

    addition& if any may be declared by the corporation and paid on


    =. #aturity BenefitsC

    'he basic sum assured along with compounded guaranteed additions

    will be payable. %oyalty addition& if any will also be added to this


    8. Payment on deathC

    In case of the unfortunate death of the life assured during the term ofthe policy& sum assured along with the accrued guaranteed additions

    will be payable.

    5. ;urrender valueC

    ;urrender value is payable after the policy has run at least for one



  • 8/19/2019 Banking Prjct


    E$)/P ;(,-#-C

    4. Eroup 'erm Insurance ;chemeC

    A1 ature of the schemeC

    Eroup insurance scheme is meant to provide life insurance protectionto groups of people. Administration of the scheme is on group basis

    and cost is low. /nder group insurance scheme& life insurance cover is

    allowed to all members of a group subject to some simple insurability

    conditions without insisting upon any medical evidence. scheme offers

    covers only on death and there is no maturity value at the end of the


    B1 Premium (hargeableC

    Eroup insurance scheme is at present offered under one yearrenewable

    group term assurance plan. -very year on annual renewal date %I(

    charges the premium depending upon the changes in siHe and age

    distribution of the age group.

    (1 "ifferent ;chemeC

    Eroup insurance scheme has a number of varieties. 'he scheme may

     provide for a uniform cover to all members of the group or graded

    covers for different categories of members & cover for all amount of

    outstanding housing loans or vehicle advance& ors some other benefits.

    'he sheme may have add2ons like double accident benefit& critical

    iilness benefit& disability benefit etc.


  • 8/19/2019 Banking Prjct


    E--$A% *-A'/$-; )* FA$I)/; E$)/P I;/$A(- ;(,-#-C

    4. P$-#I/#C

    'he premium under such scheme may be wholly paid by the employer or

    the nodal agency. 'he scheme may be contributory i.e. the members mayalso contribute.

    :. ")/B%- A((I"-' B--*I'C

    "ouble accident benefit& i.e. payment of double the sum assured on death

    due to accident 0 without permanent disability benefit 1 may be allowed

    under group insurance scheme for an extra premium.

    =. -%IEIBI%I'

    *or group insurance scheme in lieu of the insurability condition is that

    should be a member of the provident fund scheme of the employer. *or

    other EI scheme of employer2employee groups the insurability condition

    is that the member should not be absent on ground of sickness on the

    entry date. *or all non2employer2employee group scheme the basic

    insurability condition is that the member should be in good health on the

    date of entry.

    8. A"#II;'$A'I) )* ',- ;(,-#-C

    At the commencement and thereafter on each annual renewal date& the

    group policyholder will have to send all the members data 0 particular of

    the new entrants from time to time1 to the P E; unit of %I(&. "etailed

    )$E'A premium calculation will be made on each annual renewal




  • 8/19/2019 Banking Prjct


    :. Lanashree Bima ojana 0 LB 1


    'he objective of the scheme is to provide life insurance protection to the

    rural and urban poor persons below poverty line and marginally above the

     poverty line.


    A Person who is

    Aged between 49 and 5 years

    Below or marginally above poverty line

    A member of any of the approved vocation J occupation groups

    #II#/# #-#B-$;,IP ;IU-C

    'wenty five.


    In the events of 

    "eath of the member& an amount of rs. =7777J2 is payable.

    "eath J 'otal permanent disability& due to accident & An amount of rs .

    @5777J2 is payable. Permanent partial disability & due to accident& an amount of rs. =@577J2 is



    'he premium under the scheme is rs.:77J2 per annum per member.

    Balance 57O will be born by the social security fund.


  • 8/19/2019 Banking Prjct


      (,AP'-$C =


  • 8/19/2019 Banking Prjct



    'he purpose of the methodology is to describe the research procedure.

    'his includes overall research design. 'he sampling procedure& the data

    collection method and the analysis procedure and method.

      In this study Benefits of Products of ew India Insurance. "escriptive

    type of research has been done for collecting the primary data. 'he primary data

    was collected through ;urvey of the customers.


    ;tudy design

      Primary data which has been collected by interview and 3uestionnaire

    method. 'he primary data was collected through the personal interview survey

    of the customers.

    *or secondary data collection method the help of various reference book

    have been taken which are mentioned in bibliography and also by way of

    suffering through the insurance company website. 'he secondary data was

    collected through websites& reference book for topic through selected.


  • 8/19/2019 Banking Prjct



    (,AP'-$C 8


  • 8/19/2019 Banking Prjct



  • 8/19/2019 Banking Prjct


    4. ou have taken insurance policy from which company

    %I( ,"*( I(I(I )',-$;

    57O =7O :7O 47O

    45 = 6 6

    LIC" 45#

    $%FC" 27#

    ICICI" 18#

    &T$ER'" 9#

    Chart Title

    I'-$P$-'A'I)C 57O of respondent taken a %I( policy =7O of respondent

    taken a ,"*( insurance policy& :7Oof respondent taken a I(I(I prudential

     policy& 47O of respondent taken a another company policy.


  • 8/19/2019 Banking Prjct


    :. +hich policy you have taken from %I(

    Bima ivesh 4=O 5

    Bima Bachat :6O 8#arket plus :7O =

    Any other :7O =

    (i)a Nivesh" 16#

    (i)a (a*ha+" 33#

    ,a-.e+ /!s" 25#

    An +he-" 25#

    Chart Title

    I'-$P$-'A'I)C 4=O of respondent satisfy with the Bima ivesh

    Plan& :6O of respondent satisfy the Bima Bachat plans and policies& :7O

    of respondent satisfy the market plus plan :7O of respondent satisfy

    the other plans and policies.


  • 8/19/2019 Banking Prjct


    =. Are you satisfied with the services of %I(

    yes o

    9@O 4=O4= :

    es" 87#

    N" 13#

    Chart Title

    I'-$P$-'A'I)C 9@O of people satisfied the services of their

    company& 4=O of people are not satisfied with services of %I(.


  • 8/19/2019 Banking Prjct


    8. ,ow is the claim settlement procedure of %I(

    -xcellent 5=O @

    Eood ==O 5

    ;atisfactory 4=O : ot satisfactory 6O 4

    E*e!!en+" 50#

    d" 31#

    'a+isa*+-" 12#

    N+ sa+isa*+-" 6#

    Chart Title

    I'-$P$-'A'I)C 5=O of customers feels that %I( provide excellent

    services& ==O of customers says they provide good services& for 4=O of

    customers& feels they provide satisfactory services and 6O of customers says

    %I( not provide satisfactory services.


  • 8/19/2019 Banking Prjct


    5. "o your complaints ueries are resolved property

    es o

    97O :7O

    4: =

     es" 80#

    N" 20#

    Chart Title

    I'-$P$-'A'I)C 97O of customers feel that there complaints 3ueries are

    resolved properly other :7O customer feels that there complaints and 3ueries

    are properly not resolved.


  • 8/19/2019 Banking Prjct



    (,AP'-$C 5


  • 8/19/2019 Banking Prjct



    After completing the project it is concluded that %I( develop its various plans

    and policies& flexible in nature& according to the re3uirements of its targeted

    market or customers and is thus beneficial to its customers in various ways. 'hemost important benefit it provide to its customers is that it is a government

    owned company. 'his lead to increase in the satisfaction level of its customer 

    that is why %I( has more than :77 million policyholders which is e3ual to the

    fourth largest country in world. 'herefore it is not only beneficial better than

    other insurance companies not only regarding its provide its product but also its



  • 8/19/2019 Banking Prjct



    (,AP'-$C 6


  • 8/19/2019 Banking Prjct



    Information and data used in the project has been collected from the following



  • 8/19/2019 Banking Prjct