A Project Study Report On

Training Undertaken at

FUTURE GENERALI LIFE INSURANCE

Titled

Awareness of People"
Submitted to partial fulfilment for the Award of degree of

Master of Business Administration

RAJASTHAN TECHNICAL UNIVERSITY, KOTA 2010 2012

Submitted to : Mayank Kumar Jain MBA 3rd Sem. Supervised by : Mr. Yogesh Bansal Asstt. Professor DEPARTMENT OF MANAGEMENT STUDIES ARYA COLLEGE OF ENGINEERING & I.T.

KUKAS, JAIPUR

PREFACE
For a management student theoretical knowledge as well as practical orientation exposes one self to experiences, one can again be mastering it is best possible time. MBA curriculum has been fine tuned in such away that students not apply the theoretical knowledge but also gain it in a practical sense. Thus objectives can be attained through application of theory tools concepts and techniques of management. Balanced theoretical and practical knowledge are essential for every student and MBA curriculum is conceived in such away so as to facilities practical purpose. To procure this objective the research undertook The Study of People Awareness towards FUTURE GENERALI Life Insurance Company. Secondary data were collected from websites and journal of FUTURE GENERALI Life INSURANCE COMPANY. Researcher has tried to satisfy the topic of report of help of facts and findings.

ACKNOWLEDGEMENT

I dedicate this page to convey my deepest and heart-felt appreciation for all those people who have purposefully and inadvertently assisted me in this project. Without their thoughtfulness, the satisfactory completion of this project would not have been possible. I would also like to express my deep regards to Mr. Hemant Gupta (Sales Manager Udaipur) for giving me an opportunity to do this project in Udaipur Branch under his guidance. I sincerely thank him for being my project guide and for his guidance, valuable suggestions and time which proved to be of immense importance to me. Also I would express my deep regards for Mr. Yogesh Bansal (Faculty Guide) without whom I would not have been able to pursue this project. I am very much thankful for his involvement at every stage of this project and extending maximum possible help. Finally I am thankful to all the Members of Future Generali Life Insurance Company Ltd. and Arya college of engineering and IT RTU, for their support and encouragement which I have received during the course of time. I hope that I will receive the same kind of guidance, valuable suggestions, motivation and support from everyone I have mentioned above in future also.

Mayank kumar jain

Declaration
I hereby declare that the work presented in this project entitled To study the awareness of people about Future Generali Life Insurance at Udaipur City submitted towards completion of project in Summer training of M.B.A. (Business Administration) at the PIM, is an authentic record of my original work carried out at FUTURE GENERALI LIFE INSURANCE COMPANY LID. UDAIPUR. It is a genuine research work and it has not published anywhere earlier.

Mayank kumar jain

EXECUTIVE SUMMERY
This project has been a great learning experience for me; at the same time it gives me enough scope to implement my analytical ability. In first chapter of this report, the detail about Insurance plan and in second chapter the details about the company and its products in the third chapter about the conceptual framework, the fourth chapter objectives and research methodology, the fifth chapter covers the analysis of data collection and interpretation and the sixth chapter consist of findings, conclusions and suggestions. The last chapter that is seventh consists of the bibliography and references. The project assigned was based on finding people awareness regarding FUTURE GENRALI LIFE OF INSURANCE COMPANY. The project was undertaken for duration one and half month. During this period methodology of sample selection of survey was around 100 sample were collected. The opinion of all these respondents were collected and analyzed, for data collection survey technique was used in which a questionnaire was prepared consisting of close ended questions. After collecting data and analyzing them I found that some people aware about FUTURE GENERALI LIFE INSURANCE COMPANY. All the topics have been covered in a very systematic way. The language has been kept simple so that even a layman could understand. All the datas have been well analyzed with the help of charts and graphs.

CONTENT
Introduction of Insurance Objective of Study Limitation of Study Profile of the Company Research Methodology Data Analysis and Interpretation Findings Conclusions Suggestions Questionnaire Bibliography and References

INTRODUCTION
DEFINITION OF INSURANCE
Insurance is a contract between two parties the insurer (the insurance company) and the insured (the person or entity seeking the cover) wherein the insurer agrees to pay the insured for financial losses arising out of any unforeseen events in return for a regular payment of Premium. An agreement that guarantees the payment of a stated amount of monetary benefits upon the death of the insured. Risk insurance intended as protection against the financial consequences of the death of the insured person, which takes the form of payment of a previously agreed lump sum or pension to a beneficiary, if the insured person dies during the term of insurance. In the case of pure life insurance, without any endowment insurance component, no payments are due if the insured person survives the term of insurance. Insurance is that which provides protection against the economic loss caused by the death of person insured.

What is life Insurance?

Life insurance is a contract providing for payment of a sum of money to the person assured or, to the person entitled to receive the same, on the happening of a certain event. A family is dependent for its food, clothing and shelter on the income brought by the familys breadwinner. The family is secure so long as this breadwinner is alive and is capable of earning. A sudden death (or disability) may leave the

family in a financially difficult situation. Uncertainty of death is inherent in human life and this uncertainty makes it necessary to have some protection against the financial loss arising from untimely death. Life insurance offers this protection. The Greeks and Romans started the earliest type of life insurance. All surviving members for the burial cost of a member made contributions. In case of the death of a member the cost of burial was made out of the contributed fund. In the 17th century, the Tontine Annuity system was introduced where associations of individual were formed without any reference to age, and a fund was created by equal contributions from each member. The sum collected was invested, and at the end of each year the interest was divided among the survivors. The last remaining survivor received both the years interest and the entire amount of the principle. The first organized life insurance company was founded in 1759 in Philadelphia, in North America. Subsequently, over the past three centuries, numerous life insurance companies sprung up, making life insurance a popular tool for protection coupled with investment.

Origin of life insurance

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The story so far..

Almost 4,500 years ago, in the ancient land of Babylonia, traders used to bear risk of the caravan trade by giving loans that had to be later repaid with interest when the goods arrived safely. In 2100 BC, the Code of Hammurabi granted legal status to the practice. That, perhaps, was how insurance made its beginning. Life insurance had its origins in ancient Rome, where citizens formed burial clubs that would meet the funeral expenses of its members as well as help survivors by making some payments. As European civilization progressed, its social institutions and welfare practices also got more and more refined. With the discovery of new lands, sea routes and the consequent growth in trade, medieval guilds took it upon themselves to protect their member traders from loss on account of fire, shipwrecks and the like. Since most of the trade took place by sea, there was also the fear of pirates. So these guilds even offered ransom for members held captive by pirates. Burial expenses and support in times of sickness and poverty were other services offered. Essentially, all these revolved around the concept of insurance or risk coverage. That's how old these concepts are, really. In 1347, in Genoa, European maritime nations entered into the earliest known insurance contract and decided to accept marine insurance as a practice.

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The first step... Insurance as we know it today owes its existence to 17th century England. In fact, it began taking shape in 1688 at a rather interesting place called Lloyd's Coffee House in London, where merchants, ship-owners and underwriters met to discuss and transact business. By the end of the 18th century, Lloyd's had brewed enough business to become one of the first modern insurance companies. The growing years... The 19th century saw huge developments in the field of insurance, with newer products being devised to meet the growing needs of urbanization and industrialization. In 1835, the infamous New York fire drew people's attention to the need to provide for sudden and large losses. Two years later, Massachusetts became the first state to require companies by law to maintain such reserves. The great Chicago fire of 1871 further emphasized how fires can cause huge losses in densely populated modern cities. The practice of reinsurance, wherein the risks are spread among several companies, was devised specifically for such situations. In the 19th century, many societies were founded to insure the life and health of their members, while fraternal orders provided low-cost, members-only insurance. Even today, such fraternal orders continue to provide insurance coverage to members as do most labour organizations. Many employers sponsor group insurance policies for their employees, providing not just life insurance, but sickness and accident benefits and old-age pensions. Employees contribute a certain percentage of the premium for these policie

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Insurance in India
Insurance in India can be traced back to the Vedas. For instance, yogakshema, the name of Life Insurance Corporation of India's corporate headquarters, is derived from the Rig Veda. The term suggests that a form of "community insurance" was prevalent around 1000 BC and practiced by the Aryans. Burial societies of the kind found in ancient Rome were formed in the Buddhist period to help families build houses, protect widows and children. Bombay Mutual Assurance Society, the first Indian life assurance society, was formed in 1870. Other companies like Oriental, Bharat and Empire of India were also set up in the 1870-90s. It was during the swadeshi movement in the early 20th century that insurance witnessed a big boom in India with several more companies being set up. As these companies grew, the government began to exercise control on them. The Insurance Act was passed in 1912, followed by a detailed and amended Insurance Act of 1938 that looked into investments, expenditure and management of these companies' funds. By the mid-1950s, there were around 170 insurance companies and 80 provident fund societies in the country's life insurance scene. However, in the absence of regulatory systems, scams and irregularities were almost a way of life at most of these companies. As a result, the government decided nationalise the life assurance business in India. The Life Insurance Corporation of India was set up in 1956 to take over around 250 life companies. For years thereafter, insurance remained a monopoly of the public sector. It was only after seven years of deliberation and debate after the RN Malhotra Committee report of 1994 became the first serious document calling for the re-opening up of the insurance sector to private players -- that the sector was finally opened up to private players in 2001.

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The Insurance Regulatory & Development Authority, an autonomous insurance regulator set up in 2000, has extensive powers to oversee the insurance business and regulate in a manner that will safeguard the interests of the insured. Reform of Insurance Sector In 1933 Malhotra Committee headed by formed finance secretary and RBI Government R.N. Malhotra was formed to evaluate the India Insurance Industry and recommend its future direction. The committee stated in its report in 1994 only 22% of the Indian Population was insured. The poor reach of insurance in the country and the sheer numbers make India a market with tremendous potential. Per capital insurance premium in India is a mere US$6 one of the lowest in the world. In South Korea the corresponding figure is US$ 1338, in USA it is US$ 2550 and in UK it is US$ 1589.

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Brief History of Insurance The business of insurance started with marine business. Traders, who used to gather in the Lloyds coffee house in London, agreed to share the losses to their goods while being carried by ships. The losses are used to occur because of pirates who robbed on the high seas or because of bad weather spoiling the goods or sinking the ship. The first insurance policy was issued in 1583 in England. In India, Insurance being in 1870 with life insurance being transacted by an English company, the European and the Albert. The first Indian insurance company was the Bombay mutual assurance society Ltd, formed in 1870.This is followed by the oriental life assurance co. in 1874, the Bharat in 1896 and the empire of India in 1897. Later the Hindustan cooperative was formed in Calcutta, the united India in madras, the Bombay life in Bombay, the national in Calcutta, the new India in Bombay, the Jupiter in Bombay, Laxmi in New Delhi. These were all Indian companies, started as a result of swadeshi in the earlier 1900s.After that LIC was formed in 1956,there was170 companies and 75 provident fund societies transacting life insurance business in India by 31.3.2002,eleven new insurer had been registered and has begun to transact life insurance business in India.

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Purpose and Need of Insurance Assets are insured, because they are likely to be destroyed, through accidental occurrences. Such possible occurrences are called perils. Fire, floods, breakdowns, lightning,earthquakes,etc are perils. Perils are events. Risks are consequential losses or damages. The risk to a owners of a building, because of the peril of an earthquake, may be a few lakhs or a few corers of rupees, depending on the cost of the building and the content in it. The risk only means that there is a possibility of loss or damages. The damage may or may not happen. Insurance is done against the contingency that it may happen. Insurance is relevant only if there is uncertainty. Insurance only try to reduce the impact of the risk on the owner of the assets and those who depends on that assets. It only compensates the loses-and that too, not fully. Only economic consequences can be insured. If the loss is not financial, insurance may not be possible.

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Advantages of Life Insurance Even so a comparison with other form of savings will show that life insurance has the following advantages. In the event of death, the settlement is easy. The heirs can collect the moneys quicker, because of the facility of nomination and assignment. The facility of nomination is now available foe some bank account. There is a certain amount of compulsion to go through the plan of saving. In other form, if one changes the original plan of saving, there is no loss. In insurance, there is a loss. Creditors cannot claim the life insurance moneys. They can be protected against attachments by courts. There are tax benefits, both in income tax and in capital gains. Marketability and liquidity are better. A life insurance policy is property and can be transferred or mortgaged. Loans can be raised against the policy.

Some other advantages Protection against risk of untimely death Life insurance is a product which offers protection against risk of death, in cash of death, the full sum assured is made available under a life assurance policy, whereas under other savings schemes, the total accumual savings alone will be available.

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 Protection during old age Life Insurance can also be used as a means of saving for ones future. There are a number of Life Insurance Policies which in addition to life cover also provide the means of investing ones income. The sum as per the policy will be received only after a period of time. This amount thus provide for old age. Forced Saving Life Insurance brings about forced savings. Payment of Life insurance premiums is compulsory and become a habit. Savings in other schemes can be easily withdrawn and may be used for less worthy purposes. Termination of a life insurance policy by the policy holder usually results in a substantial loss in benefits under the policy o the policy holder. One is thus encouraged to save and keep ones policy alive. Education requirement and charity In certain cases, the object of insurance may be to serve as security to educational funds in respect of loans advanced for educational purposes or to provide donations to charitable institution like hospitals & schools. Nomination and Assignment The Life Insurance can name the person or persons to whom the policy moneys would be payable in the event of his death. The proceeds of a life insurance policy can be protected against the claims of the creditors of the Life Insurance by effecting from creditors except to extent of any interest in the policy retained by this by the insured.

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 Marketability and suitability for borrowing After a period of 3 years, if the policy holder fined that he is unable to continue payment of premiums he can surrender a policy for ac cash sum. A life insurance policy is acceptable as a security for a commercial loan. Loan from the Insurance company A policyholder can take a loan form his insurance company against the security of his life insurance policy provided the term of his pllicy allow for such a loan. This loan can be taken usually after a period of 3 years from commencement of the policy and is a percentage of its surrender value. Tax benefit The Indian income Tax Act provides tax concessions to the policyholder both on payment of premium and on the maturity amount. Under Section 88, the assessees is eligible for a tax rebate of 20% on the premium paid by him (subject to maximum of Rs.60,000) on life insurance policies on his own life\ on the life of suppose\children-major of minor, including married daughters. Under Section 10(10D), any sum receive under a Life Insurance Policy including bonus declared paid excluding annuities is exempt from tax. Protection of family Members Under the section 6 of the Married Womens Property Act of a Married man takes a policy of life insurance e on his own life and expresses on the face of it to be for the benefit of his wife and children, or any of them, then it shall be deemed to be a trust for the benefit of his wife, or his wife children, or any of them, according to the interest so expressed, and shall not, so long as any

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object of trust remains, be subject to the control of the husband; or to his creditors, or form part of his estate. An insurance policy taken by a married man in the above manner is ideal way to protect the interest of his wife and children, even after his untimely death.

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LIFE INSURANCE COMPANIES

1. 2. 3. 4. 5. 6. 7. 8. 9. Met Life Insurance Reliance Max Newyork Tata AIG ICICI Prudential HDFC Standard IDBI Fortis Birla Sun Life SBI Life Insurance

10. Bharti Hexa 11. ING Vysa 12. Life Insurance Company 13. SAHARA India 14. Future Generali 15. Kotak Mahindra 16. AVIVA Life Insurance 17. Shri Ram Insurance 18. Star Bank of India

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OBJECTIVE OF THE STUDY

To find out the brand awareness of FUTURE GENERALI Life Insurance company. Check out the perception of groups of client about FUTURE GENERALI as a Brand. To see effectiveness of branding on the sales of the company. Comparing the FUTURE GENERALIs product with its main competitors in Udaipur market. Finding out the FUTURE GENERALIs advantages over its competitors on the bases of its product.

To find out the reason of taking insurance policies.

To find the factors affecting the consumers before taking any insurance policy.

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Role of Life Insurance:Risk and uncertainties are part of lifes great adventure - accident, illness, theft, natural disaster- they are all built into the working of the universe waiting to happen.

Role1: Life Insurance as Investment Insurance is an attractive option for investment. While most people recognize the risk hedging and tax saving potential of insurance, many are not aware of its advantages as an investment option as well. Insurance products yield more compared to regular investment options, and this is besides the added incentives (read bonuses) offered by insurers. You cannot compare an insurance product with other investment schemes for the simple reason that it offers financial protection from risks, something that is missing in non-insurance products. In fact, the premium you pay for an insurance policy is an investment against risk. Thus, before comparing with other schemes, you must accept that a part of the total amount invested in life insurance goes towards providing for the risk cover, while the rest is used for savings. In life insurance, unlike non-life products, you get maturity benefits on survival at the end of the term. In other words, if you take a life insurance policy for 20 years and survive the term, the amount invested as premium in the policy will come back to you with added returns. In the unfortunate event of death within the tenure of the policy, the family of the deceased will receive the sum assured.

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Role 2: Life insurance as "Risk cover" First and foremost, insurance is about risk cover and protection - financial protection, to be more precise - to help outlast life's unpredictable losses. Designed to safeguard against losses suffered on account of any unforeseen event, insurance provides you with that unique sense of security that no other form of investment provides. By buying life insurance, you buy peace of mind and are prepared to face any financial demand that would hit the family in case of an untimely demise. To provide such protection, insurance firms collect contributions from many people who face the same risk. A loss claim is paid out of the total premium collected by the insurance companies, who act as trustees to the monies. Insurance also provides a safeguard in the case of accidents or a drop in income after retirement. An accident or disability can be devastating, and an insurance policy can lend timely support to the family in such times. It also comes as a great help when you retire, in case no untoward incident happens during the term of the policy. With the entry of private sector players in insurance, you have a wide range of products and services to choose from. Further, many of these can be further customized to fit individual/group specific needs. Considering the amount you have to pay now, it's worth buying some extra sleep.

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Role 3: Life insurance as "Tax planning" Insurance serves as an excellent tax saving mechanism too. The Government of India has offered tax incentives to life insurance products in order to facilitate the flow of funds into productive assets. Under Section 88 of Income Tax Act 1961, an individual is entitled to a rebate of 20 per cent on the annual premium payable on his/her life and life of his/her children or adult children. The rebate is deductible from tax payable by the individual or a Hindu Undivided Family.

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ORGANISATION STRUCTURE
Type of Insurance Business Insurance Business is divided in to Four Classes: Life Insurance Fire Insurance Marin Insurance Miscellaneous Insurance

Type of Life Insurance Term Insurance Endowment Policy Whole Life Policy Money Back Policy Annuities & Pension

Term Insurance Policy:A term insurance policy is pure risk cover for a specified period of time. What this means is that sum assured is payable only if the policyholder dies within the Policy term. For instance, if a person buys Rs.2 lakh policy for 15-years, his family is entitled to the money if he dies within that 15-year period. So, there is no element of savings or investment in such policy.

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Endowment Policy:Combining risk cover with financial savings, endowment policies is the most popular policies in the world of life insurance. In an Endowment Policy, the sum assured is payable even if the insured survives the policy term. If the insured dies during the tenure of the policy, the insurance firm has to pay the sum assured just as any other pure risk cover. A pure endowment policy is also a form of financial saving, whereby if the person covered remains alive beyond the tenure of the policy; he gets back the sum assured with some other investment benefits. Whole Life Policy:As the name suggests, a whole Life Policy is an insurance cover against death, irrespective of when it happens. Under this plan, the policy holder pays regular premiums until his death, following which the money is handed over to his family Money Back Plan:These policies are structured to provide sums required as anticipated expenses (marriage, education, etc) over a stipulated period of time. With inflation becoming a big issue, companies have realized that sometimes the money value of the policy is eroded. That is why with-profit policies are also being introduced to offset some of the losses incurred on account of inflation. A portion of the sum assured is payable at regular intervals. On survival the remainder of the sum assured is payable. o In case of death, the full sum assured is payable to the insured. The premium is payable for a particular of time.

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Annuities And Pension:In an annuity, the insurer agrees to pay the insured a stipulated sum of money periodically. The purpose of an annuity is to protest against risk as well as provide in the form of pension at regular intervals. Over the years, insurers have added various features to basic insurance policies in order to address specific needs of a cross section of people.

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LIMITATION OF STUDY It cannot be assured that data has high degree of precision and accuracy. The data has been collected from the selected areas of Udaipur city. Limitation of time. Information collected is dependent on the attitude, preference and perception of groups of customers. Some people do not provide information correctly. Some are not willing to talk regarding this.

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PROFILE OF THE COMPANY

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Future Generali is a joint venture between the India-based Future Group and the Italy-based Generali Group. Future Generali is present in India in both the Life and Non-Life businesses as Future Generali India Life Insurance Co. Ltd. and Future Generali India Insurance Co. Ltd. The Company is a joint venture between the India-based Future Group and the Italy-based Generali Group. Future Group is one of Indias leading business houses with multiple businesses spanning across the country. Retail is the main business activity of Future Group, but its presence can also be seen in consumer finance, capital, insurance, leisure and entertainment, brand development, retail real estate development, retail media and logistics. Future Group believes in developing strong insights on Indian consumers and building businesses based on Indian ideas.

Future Group Future Group, led by Mr. Kishore Biyani, is positioned to cater to the entire Indian consumption space. The Future Group operates through six verticals: Future Retail (encompassing all lines of retail business), Future Capital (financial products and services), Future Brands (all brands owned or managed by group companies), Future Space (management of retail real estate), Future Logistics (management of supply chain and distribution) and Future Media (development and management of retail media spaces). The groups flagship enterprise, Pantaloon Retail, is Indias leading retail company with presence in food, fashion and footwear, home solutions and consumer electronics, books and music, health, wellness and beauty, general merchandise, communication products, E-tailing and leisure and entertainment. The company owns and manages multiple retail formats catering to a wide crosssection of the Indian society and its width and depth of merchandise helps it capture almost the entire consumption basket of the Indian consumer. Headquartered in Mumbai (Bombay), the company operates through 4 million

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square feet of retail space, has over 150 stores across 35 cities in India and employs over 15,000 people. The companys revenues for FY 05-06 were Rs. 2017 crore Founded in 1987, as a garment manufacturing company, Pantaloon Retail forayed into modern retail in 1997 with the opening up of a chain of department stores, Pantaloons. In 2001, it launched Big Bazaar, a hypermarket chain, followed by Food Bazaar, a supermarket chain and went on to launch Central, a first of its kind, seamless mall located in the heart of major Indian cities. Some of its other formats include, Collection I (home improvement products), E-Zone (consumer electronics), Depot (books, music, gifts and stationaries), aLL (fashion apparel for plus-size individuals), Shoe Factory (footwear) and Blue Sky (fashion accessories). It has recently launched its etailing venture, futurebazaar.com. Some of the groups subsidiaries include Home Solutions Retail India Ltd, Future Bazaar India Ltd and ConvergeM Retail India Ltd, which leads the groups foray into home improvement, etailing and communication products, respectively. Other group companies include, Pantaloon Industries Ltd, Galaxy Entertainment and Indus League Clothing. It has also entered joint venture agreements with a number of companies including ETAM group, Gini & Jony, Liberty Shoes, Staples and Planet Sports, a company that owns the franchisee of international brands like Marks & Spencer, Debenhams, Guess and The Body Shop in India. Future Capital Holdings, the groups financial arm, focuses on asset management through real estate investment funds (Horizon and Kshitij) and consumer-related private equity fund, Indivision. It also plans to get into insurance, consumer credit and offer other financial products and services.

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Future Groups vision is to, "deliver Everything, Everywhere, Every time to Every Indian Consumer in the most profitable manner." One of the core values at Future Group is, Indianess and its corporate credo is Rewrite rules, Retain values. Generali Group Established in Trieste on December 26, 1831, Generali is an international group present in more than 40 countries with insurance companies and companies mostly operating in the financial and real estate sectors. Over the years, the Generali Group has reconstructed a significant presence in Central Eastern Europe and has started to develop business in the principal markets of the Far East, including China and India.

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Products of Life Insurance

Individual Insurance Plans

Future Generali Future Care Future Generali Future Assure Future Generali INSTA life Future Generali Future Pension Plan Future Generali Future Pension Advantage Plan Future Generali Future Sanjeevani Future Generali Future Guarantee Plan Future Generali Anand Plan

Group Insurance Plans Future Generali Group Term Life Future Generali Group Credit Suraksha Future Generali Group Gratuity Plan

Human Capital

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Future Generali thrives on the support of employees who inherits and exhibits the Family DNA of: Pioneering spirit, Passion for clients, Responsibility, Respect, Integration, Professionalism, Transparency, Indian-ness, Visionary & Lifetime Learning. DNA coupled with HC Values as below:

Pioneer- Seek and dare to Innovate and change continuously and also help build an atmosphere to encourage the same.

Service Delight- Emphasis on stakeholder service delight through transparency, information and knowledge.

Commitment-

Encourage

accountability,

nurture

talent

towards

exponential performance and build loyalty to organization.

Knowledge- Continuous commitment to build a knowledge repository and a life time experiential learning.

will help us achieve HC Vision of:

Partnering to provide consistent and excellent results for our stakeholders by building competitive advantage of human capital through employee commitment and leveraging a pioneering spirit, innovation and excellence

Becoming the most attractive employer for the best performing people by embracing and pioneering best practices

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RESEARCH METHODOLOGY

Research Methodology

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This project was undertaken to meet the requirement of customers perceptions, preference and needs to provide valuable information about FUTURE GENERALI Life Insurance products, advantages and awareness of FUTURE GENERALI as company among the customers. Following are the objectives of the research: To find out the brand awareness of FUTURE GENERALI LIFE INSURANCE CO. Check out the perception of the customers or client about FUTURE GENERALI as a brand. TO see the effect of branding on the sales of company. Comparing the FUTURE GENERALIs product with main competitors in Udaipur market. Finding out the FUTURE GENERALIs advantages over its competitors on the bases of product. To find out the reason of taking insurance policies. To find the factors affecting the consumers before taking any insurance policy.

RESEARCH DESIGN

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In order to achieve the objectives it was necessary to talk the various Businessmen, employees. Professionals and Business Process Outsourcing

Sampling size taken is 100 businessmen, professionals, business process outsourcing employees.

Professionals, Business Process Outsourcing employees, Businessmen mainly comprised from Udaipur city.

For visiting different customer group, to collect relevant information and a questionnaire had to be designed.

While preparations of questionnaire objective of the research were considered, the questionnaire was designs in such a manner the objective of research were achieved.

Questionnaire was prepared for types of customers. The questionnaire is shown in annexure.

SOURCE OF DATA Primary Data The primary data was collected through survey conducted in Udaipur. Primary sources include copies of questionnaire. Secondary Data Secondary data was collected through internet and also from the company.

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RESEARCH APPROACH In order to collect the primary data, a survey was conducted to which target respondent were contacted personally. Research Instrument A structured questionnaire was used as an instrument to collect the information. Sampling Technique The sampling technique that I have used in my project is the convenient and simple random sampling. Sampling Unit The subject of study was about brand awareness and insurance awareness and investment habit among various groups of customers (Businessmen, Professionals, B.P.O. employees), thus maximum such type of customer were contacted. Sample Size 100 Businessmen, Professionals, B.P.O. employees. Contact Method Personal contacts.

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DATA ANALYSIS AND INTERPRETATION

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Q.1 Reason for taking insurance policies?

[A] Investment [D] Tax Benefit [B] Saving [E] Pension [C] Risk Cover [F] Childs Marriage

The result of this question is that 22% people taking insurance policy for investment, 20% for risk cover, 4% for childs marriage, 23% for saving, 26% for tax benefits and 5% people taking for pension.

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Q.2 Factors affecting the consumers before taking any insurance policy.
[A] Agents influence [C] Products [B] Company image [D] Others

The outcome of this question is that 55% people taking insurance policy affecting the agents influence, 10% people affecting the company image, 30% people affecting the products and 5% people taking insurance policy affecting others.

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Q.3 Brand awareness of Future Generali Life Insurance Company.

[A] Yes [B] No

The outcome of this question is that 60% people aware about Future Generali and 40% people not aware about the company.

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Q.4 Where do you invest your money?

[A] Banks [B] Shares [C] Insurance

[D] Mutual Funds

[E] Property [F] Others

% of Investment

3% 16% Banks Shares 8% 48% Insurance Mutual Fund 12% 13% Property Others

The outcome of this question is that 48% people invest their money in banks, 13% in shares, 8% in mutual fund, 16% in property, 12% in insurance and remaining 3% in others.

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Q.5 Are u insured?

[A] Yes [B] No

% of Insured

45% 55%

Yes No

On the asking this question then 55% of total were said that they are insured and rest were not insured.

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Q.6 Do you know about the private Life Insurance Company?

[A] Yes [B] No

% of Aware about private LIC

4%

Yes No

96%

When question were asked to know the awareness towards private life insurance company among all 96% people were aware about private life insurance company and only 4% people were not aware about private life insurance company.

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Q.7 What do you think before investing in private life Insurance Companies?
[A] More Returns [C]Present Requirement [B] Safety [D] Others

11% 18%

4% More Returns Safety Present Requirement 67% Others

The result of this question is that 67% people think before investing for getting more returns, 18% for safety, 11% for present requirement and 4% for others.

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Q.8 Which company you have insured?

[A] LIC [D]HDFC [B] ICICI [E] Others [C] FGI

70% 60% 50% 40% Series1 30% 20% 10% 0% LIC ICICI HDFC FGI Others 14% 60%

12% 7% 7%

When question asked that which company you have insured than 60% are insured from LIC, 14% from ICICI, 12% from HDFC, 7% from FGI and 7% from other insurance company.

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Q.9 Do you think that you will be safe after investing in FGI?
[A] Safe [B] Not Safe

% of Safe and not Safe

28% Safe Not Safe 72%

About 72% of people said that yes they will safer after investing in FGI and 28% will not be safe.

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Q.10 Will you tell to other to invest in the company in which you invested?
[A] YES [B] No

40% Yes No 60%

The outcome of this question is that 60% people tell to other to invest in the company in which they invest and 40% people not tell to others.

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FINDINGS CONCLUSIONS AND SUGGESTIONS

FINDINGS

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Findings from the survey done by visiting various groups of people FUTURE GENERALI as a brand is well aware among the business process outsourcing employees and professionals. There is a low awareness among business class like traders and other class. LIC is still as a key brand in terms of insurance in minds of customers. Many private companies are doing well in term of unit link products compare to traditional products offered by LIC. Promotional activities used by FUTURE GENERALI are very less compare to other competitors. Especially in Udaipur market. The portfolio NAV fell much less in a falling market. Reason behind good awareness among professionals is that FUTURE GENERALI has combined its insurance activity with many banks.

People are taking insurance policy for the purpose of Investment, Tax benefit, Savings and Risk cover.

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CONCLUSIONS Most of the customers feel that premium and charges of FUTURE GENERALI are very high.

FUTURE GENERALI as existing insurance company in Udaipur market is well known by salaried persons and highly educated people.

The products of FUTURE GENERALI are less flexible in case customer satisfactions in comparison with its competitors. In private sector.

FUTURE GENERALIs unit link product always beat traditional products of LIC and other insurance company having traditional products.

Customers perceived that products of FUTURE GENERALI are meant only for high class people.

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SUGGESTIONS More promotional tools should be applied in order to increase the brand awareness among all classes of people.

FUTURE GENERALI is not concentrating on rural markets, for there is the only one player that is LIC.

Flexible that is, customer oriented products should be launched.

Sufficient sales forces should be used to cover a wide area of market and trap maximum sales opportunity to achieve targets.

To open more branches in Udaipur market.

Increase the distribution channel through more BANCCASSURANCE channels.

Carry out more social and educational activities to have more exposure in Udaipur market.

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Questionnaire

Name Contact No. Address Occupation Age

: : : : [A] Business : [A] beiow 30 [c] 50 & above [B] Service [B] 30 to 50

Income

[A] below 2 lakh

[B] 2-5 lakh

[C] 5 lakh & above

Q.1 Are you insured? [a] Yes [b] No

Q.2 Purpose of taking insurance policy? [a] Investment [d] Tax benefit [b] Risk cover [c] Saving

[e] Childs marriage [f] Pension

Q.3 What are the factors you will taken into consideration before taking any policy from any life insurance company? [a] Agents influence [d] Products [b] Company Image [e] Others

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Q.4 Where do you invest your money? [a] Bank [c] Shares [f] Property [b] Insurance [e] Mutual fund [g] Others

Q.5 Are you aware about Future Generali Life Insurance Co. Ltd? [a] Yes [b] No

Q.6 Do you know about the private life insurance company? [a] Yes [b] No

Q.7 What do you think before investing in private life insurance companies? [a] More returns [c] Present Requirement [b] Safety [d] Others

Q.8 What is the amount of insurance / risk cover [a] below 3 lacs [c] 5-10 lacs [b] 3-5 lacs [d] 10 7 above

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Q.9 With which company you have insured ? [a] LIC [e] FGI [b] ICICI [f] Others [c] HDFC

Q.10 Do you think that you will be safe after investing in FGI? [a] Safe [b] Not Safe

Q.11 Will you tell to others to invest in the company in which you invested? [a] Yes [b] No

Q.12 Are you aware that who regulates life insurance companies? [IRDA] [a] Yes [b] No

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BIBLOGRAPHY AND REFERENCES

BOOKS:1. 2. C.R. Kothari.Research Methodology Philip Kotler..Marketing Management

OTHER REFRENCES:1. Web site of FUTURE GENERALI Life Insurance Company.

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