PROJECT SYNOPSIS

1. NAME: ABHIJNAN BHOWMIK

2. REGISTRATION NUMBER : 420720204

3. NAME OF THE PROGRAMME : 42 POST GRADUATE DIPLOMA, IN

MANAGEMENT (MARKETING)

4. ADDRESS: A-10X/95, KALAYANI

P.O.- KALYANI,
DIST- NADIA
PIN – 741235
WEST BENGAL

5. NODAL CENTTER : INSTITUTE OF BUSINESS MANAGEMENT

188, RAJA S.C. MULLICK ROAD
JADAVPUR, KOLKATA-700032.

6. CENTER CODE: 117

7.TITLE OF THE PROJECT : ROLE OF LIFE INSURANCE COMPANIES

IN ECONOMIC DEVELOPMENT OF INDIA.

8. NAME OF THE PROJECT GUIDE: AVIJIT TAGORE

9. DESIGNATION: BRANCH SALES MANAGER

10. OFFICE ADDRESS: 12, M.M. GHOSH STREET (1St FLOOR)

KRISHNANAGAR, DIST-NADIA, PIN 741101,
WESTBENGAL, TEL: (03472) 251-950/618/732.
email-sushanta.paul@axisbank.com
 ROLE OF

LIFE INSURANCE COMPANIES

IN

ECONOMIC DEVELOPMENT

IN

INDIA

2. PURPOSE
The United Nation Declaration of Human Rights 1948 provides that
“Everyone has a right to a standard of living adequate for the health
and well being of himself and his family, including food, clothing,
housing and medical care and necessary social services and the right
to security in the event of unemployment, sickness, disability, widow-
hood, or other lack of livelihood in circumstances beyond his
control.”

The business of insurance is related to the protection of the economic

values of the assets. Every asset has a value, for the economic
development investments are necessary. Investments are made out of
savings. A Life Insurance Company is a major instrument for the
mobilization of the savings of the people, particularly from the middle
and lower income groups this savings are channeled into investments
for economic growth.

A Life Insurance Company will have large funds. These amounts are
collected by way of premiums. These funds are invested in ways that
contribute substantially for the economic development of the
countries. The private insurance companies in India are also would be
directly or indirectly contributing to the countries economic
developments.

Based on various life insurance companies policy scheme in India. I

find out an ideal investment scheme should answer favourably to the
following taste :-
1. Safety.
2. Liquidity.
3. A high rate of interest yield.
4. Capital Growth.
5. Beneficial to save Tax.

3. AIMS
To analyses the present life insurance company in India, they also
would be directly contributing to the country’s Economic
development.

4. OBJECTIVE
The objective of this particular project is the following:-

• Study the various insurance policies that different insurance

company have in their schemes and how there are beneficial.
• Prospect of insurance market in India.
• Drawing attention towards the advantages that could be make
out by getting insured under various insurance schemes.
• Essential factors affecting the new market.
• Tax benefits from the various insurance companies for the
policy.
• The financial markets.
• Mutual funds and life insurance in India.
 5. KEY QUESTIONS

• What is insurance?
• What is insurance policy?
• What are the advantages of insurance policies?
• What are the scopes of cover for different insurance policies?
• What is the sum insured amount?
• What are the premium scale rates for various policies?
• What are the periods of coverage of different insurance
policies?
• What are the relationships between financial market and life
insurance?
• What is mutual fund?
• What are the different types of mutual fund?
• What are the different plans that mutual fund offers?
• What are the choices of investment funds/portfolio strategies?

6. RESEARCH METHODOLOGY
This study description is of research nature. The main aim of this
study is to get awareness. The best suited method for such descriptive
study and analysis, so study and analysis method are used for this
particular project research.

DATA COLLECTION METHOD

This study paper is based on the primary date, secondary date and
interview method, I have collected –

SOURCE OF PRIMARY DATA

As I am an agent/advisor in ICICI Prudential Life Insurance Company

Limited and IRDA Licensing Corporate agent holder.

SECONDARY DATA

I have collected secondary data from the following sources –

1. Insurance related magazines.

2. News bulletins of NFIFWI.
3. Insurance industry related publication of ICFAI.
4. LICI’s in house journals – YOGAKSHEME.
5. IRDA journals.

INTERVIEW METHOD

Under this method data will be collected from different peoples who
are directly employed in Insurance sectors.

7. PROPOSED CONTENTS
• Introduction of Life Insurance market.
• Objective.
• Methodology.
• Market of Insurance offer 1956 in India.
• Different Insurance policies-
a) How to apply?
b) Scopes of cover.
c) Premium rate.
d) Tax benefit.
e) Surrender value.
f) Maturity benefit.

• Financial market linked plans.

• Prospect of Insurance market in India.
• Problem of market.
• Best method of selling.
• Reference.

8. WORK PLAN

Collection of data- 2 weeks.

Evaluation of data- 3 weeks.
Written project report- 3 weeks.