kotak mutual funds study

8/19/2019 kotak mutual funds study

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Heena Rawal

PG-B

Roll no- 98

Kotak Mahindra Old Mutual LifeInsurance

Kotak Mahindra Old Mutual Life Insurance Ltd is a joint venture betweenKotak Mahindra Bank Ltd., its aliates and Old Mutual. A coman! thatcombines its international stren"ths and local advanta"es to o#er its

customers a wide ran"e of innovative life insurance roducts, helin"them in takin" imortant $nancial decisions at ever! sta"e in life andsta! $nanciall! indeendent. %he coman! is one of the fastest "rowin"insurance comanies in India and has shown remarkable "rowth since itsincetion in &''(. Kotak Life Insurance emlo!s around ),)*) eole inits various businesses and has (+ branches across (-( cities.

Mission: %o focus on the needs of customers and create con$dence, trust andlo!alt! b! o#erin" a wide ran"e of innovative insurance solutions.tren"thened b! commitment to rofessional mana"ement, the! ensurethe continued "rowth and advancement of their emlo!ees.ision:

• Kotak Life Insurance has a dee rooted commitment to imrove the/ualit! of life of its customers, emlo!ees and stakeholders. %he! aim atimrovin" the lon" term value in their relationshi b! continuousinnovation and imrovements. %he! do this b! their three0ron" e#ortwhich strives to make Kotak Life Insurance a cororate with values.(.Increase 1ustomer 2alue3Kotak Life Insurance has "one to the heart of its customer4s re/uirementsand develoed roducts which are uni/ue and serve the customer

needs erfectl!. 5e built a relationshi of mutual trust and bene$t toserve the Indian customer. At Kotak Life Insurance the customer alwa!scomes $rst.



! "#s

Products and $er%ices:

• Individual 6lans3• 6rotection 6lans3

• Kotak Loan rotection 6lan

• Kotak %erm 7 6referred %erm 6lan• Kotak 8ternal Life 6lans

• avin"s and Investment 6lans3

• Kotak uer Advanta"e• Kotak 6latinum 8d"e• Kotak 8ndowment 6lan• Kotak Mone! Back 6lan

• 9: 1hild 6lans3

• Kotak ;eadstart 1hild 6lans• Kotak 1hild Advanta"e 6lan

• 9: <etirement 6lans3

• Kotak Lon" Life 5ealth 6lus• Kotak Lon" Life ecure 6lus• Kotak <etirement Income 6lan

• Kotak econd Innin"s 6lan• =rou 6lans3• Kotak =rou hield• Kotak =rou Assure• Kotak =ratuit! =rou 6lan• Kotak uerannuation =rou 6lan• Kotak %erm =rou 6lan

Price:



• 6ricin" is an imortant element in the service sector. o Kotak Life

Insurance has maintained a "ood ricin" mi> for child lan3• %he disosable income in the hands of the rosects is found low

or almost nil so Kotak has adoted his strate"! that is bene$cial to

the end user and also aves the wa!s for increasin" the insurancebusiness.

• %he rice mi> decisions basicall! deend uon the remium that

the! are "oin" to char"e from the endusers. As in this case theremium char"ed will be low in the initial sta"es and will increasewith the increasin" a"e of the child. But in case if the child ish!sicall! disabled the remium char"ed will be hi"h. %hecustomers can even avail for loan facilit! if the! ot for hi"herremium lan.Kotak life "ives more imortance to ricin" strate"!

because the! feel that it is the onl! means for attractin" thecustomers in true sense.

Place:

• Kotak Life has adoted the lace strate"! in such a wa! that a "a

between the services romised and services o#eredis brid"ed over. Kotak a"ents, brokers, branch oce, retail $nance

service distributors alliances with banks etc. la! an imortant rolein deliverin" their services to olic! holders at the ri"ht time and atri"ht lace. %his roduct is romoted in laces like school, colle"esand other child ?one areas. %his roduct is hi"hl! @e>ible as it isresent for children in urban well as rural areas and thereb! itfacilitates mobilit!.

Pro&otion:

• 'd%ertise&ents

• %his roduct has been advertised throu"h telecast

media broadcast media and rint media. ince this roduct is forchildren u to ( !ears of a"e the focus of advertisement is ontelevision which is more aealin". Kotak has reco"ni?ed the needfor this lan and therefore has adoted suitable marketin" strate"!which involves advertisements in oular kids channel like o"o,hun"ama, star lus etc.

• Pu(licit)



• %he 6<Os of Kotak Mahindra life insurance has ublici?ed this

roduct takin" into consideration the eli"ibilit! and features andhas thereb! come with an aealin" strate"! emhasi?in" not onl!on children who are main bene$t holders of this roduct but also

the famil! who will actuall! a! the remium for this roduct. the6<O of Kotak life have develoed a "ood raort with

• $ales "ro&otion

• %he romotion activities are carried out b! the a"ents,

develoment ocers and branch ocers. Kotak life has romotedthis lan b! "ivin" calenders dairies ba"s which the! thou"htshould be "iven as a token of "ift alon" with the lan. Kotak lifealso conducts, seminars /ui?, other contest, "ames in various mallsand la! schools. All such activities have increased the volume of

saled and has also created a medium of awareness for thechildren.

• Personal sellin*

• As we know that customer is the kin" , Kotak "ives utmost

imortance to ersonal sellin" of this roduct. Moreover, Kotak Lifeconducts secial trainin" session for its a"ents who will $nall!aroach the end customers so that the! can demonstratee#ectivel! which will enable the end users i.e childrens to bu! the

roduct.

Peo"le:

• 6eole are most imortant comonent of marketin" mi> for the

insurance industr!. ohisticated rocess of technolo"icaladvances makes the wa! for the develoment of ersonnel in sucha wa! that an or"ani?ation succeeds in makin" ossible a

roductive utili?ation of technolo"ies used or likel! to be used.6rofessional /uali$cation re/uirements chan"e as technolo"!develos and evolves. %he use of comuters micro0comuters, fa>machines, sohisticated telehonic services, and e0mailin", inter0net and intra0net services have been found throwin" a bi" imacton the ercetion of /ualit! of services. %his makes it essentialthat the insurance or"ani?ations also think in favor of develoin"ersonnel in line with the develoment and use of informationtechnolo"ies. %he front line sta#s as well as the branch

mana"ers are re/uired to be "iven the trainin" facilit! so that the!are in osition to make ossible and e#ective use of the



technolo"ies. %he insurance or"ani?ation bear theresonsibilit! of the develoin" the credentials of their emlo!ees.In this conte>t, it is also si"ni$cant that the! think about thebehavior ro$le of insurance ersonnel. It is ertinent that the

emlo!ees are well aware of the behavioral mana"ement the!know and understand the chan"in" level of e>ectations of usersand make sincere e#orts to ful$ll the same. In this conte>t, it isalso si"ni$cant that the senior e>ecutive while the recruitin",trainin" and develoin" the insurance ersonnel make it sure thatemlo!ees servin" the or"ani?ations have a hi"h behavioralro$le in which emath! has been "iven due lace. %hes!cholo"ical attributes becomes si"ni$cant with the view oint of in@uencin" the rosect a retainin" the users, it is in this conte>t

that the insurance comanies need a rational lan for thedeveloment of insurance ersonnel. Kotak Life rovides trainin"to its emlo!ees for makin" them cometitive in the insurancemarket.

Process:

• In the current scenario, olic!holders just lo" on to website and call

insurance advisors to their home or oce. %his insurance advisors

make customers aware about the new and advanta"eous roductfor them. Alon"with it also hels customers to ask an! /uer!related to an! insurance roducts. o the rocess of takin" lifeinsurance is ver! convenient . It is due to rivate la!ers enterin"into the market. But still the simlest model of life insurance takeslace mostl!. It is as follows3

• %he client aroaches the insurer throu"h an a"ent with a roosal

containin" his ersonal details, income details, medical histor!,roducts the roduct describes the features rovided b! the

insurer like maturit! bonus, claims allowed etc. %hese features var!from roduct to roductC, sum assured the amount for which theclient is coveredC, term number of !ears for which the client is to becoveredC and remium amount installment amount to be aid b!the client to the insurerC. %he a"ent who brin"s this roosal istermed as a base7servicin" a"ent for the roosal.

• %he roosal will "o throu"h various sta"es of aroval and risk

evaluation b! the DEF1entral 6rocessin" 1entreDE of the Insurance1oman!. Gon $nal aroval, a le"al a"reement, termed as olic!,

between the insurer and the client is reared whereb! the insurer



covers the client for the sum assured. %he client is also entitled forsome additional bene$ts, if an!, deendin" on the features of theroduct taken in the olic!. %he base a"ent "ets a commission forthe olic!.

• %he client a!s a remium at re"ular intervals. %hese subse/uentremiums are termed as renewal remiums. %he base a"ent "ets acommission on the renewal remium also.

• %he client ma! come back with some alterations to the olic! vi?.

increase7decrease in sum assured, increase7decrease of the term of olic! etc. %he insurer will make the relevant chan"es to the olic!and will issue endorsements statin" the alterations made and theire#ect on the olic!.

• Hurin" the term of the olic!, the client can submit claims. %he

insurer makes a!ment a"ainst the claim after veri$cation.Heendin" on the t!e of claim the olic! is either terminated or isket in force.

• At the end of the term of the olic!, the client "ets the sum assured

as art of the maturit! bene$t under life insurance olicies. Inaddition to this the client will "et the maturit! bonus and an! otherbene$ts deendin" on the roduct feature.

•

• Ph)sical +%idence:

• 6h!sical evidence includes facilit! desi"n, e/uiment si"na"e,

emlo!ee dress, tan"ibles, reorts and statements.• $i*na*e

• i"na"e ersoni$es the insurance coman!. It "ives a identit! b!

which users reco"ni?e the coman!. A si"na"e deicts thecoman!DEs hilosoh! and olic!. Jollowin" are some of thee>amles

• ,an*i(les• Insurance comanies "ive their customers and a"ents various

tan"ible items like en, letter ad, calendars. uch thin"s tr! toreduce the intan"ibilit! characteristics of this industr!.

kotak mutual funds study

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