SUMMER TRAINING PROJECT REPORT

ON

Comparative study of different life insurance policies of TATA AIA with different major Operation player in Lucknow.

SUBMITED IN PARTIAL FULFILLMENT OF MASTERS DEGREE OF BUSINESS ADMINISTRATION FROM Sikkim Manipal University

Companys Guide

Faculty Guide

MR. Payre PRIYE Mr. Santosh Kumar Mishra BRANCH OPRATION INCHARGE SMU HAJRATGANJ LUCKNOW TATA AIA LIFE INSURANCE CO.LTD Ratan Squaier Lucknow

SUBMITTED BY: OMKAR SHUKLA M.B.A 4TH SEM ROLL NO 571019138

ACKNOWLEDGEMENT
I sincerely thank TATA AIA Life Insurance for providing me with an opportunity to pursue my internship at their organization. I extend my thanks to my guide Mr. Payre priye Branch Operation Incharge at TATA AIA Life Insurance and other members of the Division, TATA AIA Life Insurance, Lucknow for providing me the necessary guidance. That project was a great experience for me. As is made aware of professional culture that exists in an organization, about the Operation, qualities required work and how to deal with the customers. I am extremely thankful to our respected faculty Guide Mr. Santosh Kumar Mishra SMU HAZARATGANJ LUCKNOW for giving me there wholehearted support, guidance and encouragement to me at every step of this project. There valuable suggestions and advices have been a constant source of inspiration to me in completing this project. Omkar Shukla student of Sikkim Manipal university, hereby declare that the summer training project report having the title comparison of Operations Work And ULIP & Traditional Insurance plan & policies of TATA AIA vis--vis competitors is the outcome of my own work and the same has not been submitted to any other University/College/Institution for the award of any Degree/Diploma/Certificate for any professional course.

PREFACE CHAPTER EXECUTIVE SUMMARY INTRODUCTION TO INSURANCE INTRODUCTION FUNCTION OF LIFE INSURANCE LIFE INSURANCE ROLE OF INSURANCE IMPORTANT OF INSURANCE CHAPTER INSURANCE CYCLE INTRODUCTION TO INDIAN INSURANCE INDUSTRY INDIAN INSURANCE INDUSTRY A BRIEF HISTORY OF INSURANCE SECTOR HOW BIG INSURANCE MARKET IS INDIAN SCENERIO CHAPTER INTRODUCTION OF TATA AIA TATA GROUP TATA GROUP IN INSURANCE AIA THE JOINT VENTURE ABOUT THE TATA AIA ORGANIZATION OF TATA AIA
INTRODUCTION TO THE RESEARCH STUDY POLICIES OF TATA AIA OPRATION PLAYER ABOUT INSURANCE COMPANY CUSTUMER SERVIES CHAPTER 5 RECOMMENDATION & BENEFIT RECOMMENDATION TO THE COMPANY BENEFITS TO THE COMPANY AND US CONCLUSION & REFRENCE CONCLUSION REFERENCE

CHAPTER

CHAPTER

CHAPTER 6

PREFACE

The liberalization of the Indian insurance sector has been the subject of much heated debate for some years. The policy makers wherein the catch 22 situations where in for one they wanted competition ,development and growth of this insurance sector which is extremely essential for channeling the investment into the infrastructure sector. At the other end of the policy makers had the fear that the insurance premium, which is substantial, would seek out of the country; and wanted to have a cautious approach of opening for foreign participation in the sector.

Whether the insurer is old or new, private or public, expanding the market will present multitude of challenges and opportunities, but the key issues, possible trends, opportunities and challenges that insurance sector will have still remains under the realms of the possibilities and speculation.

The large scale of operations, public sector bureaucracies and cumbersome hampers nationalized insurers. Therefore potential private entrants expect to score in areas of customer service, speed and flexibility.

Since insurance is a volume game. Therefore, private insurer would be best serve by a middle market approach, targeting customer segments that are currently untapped

EXECUTIVE SUMMERY TOPIC: Comparative study of different life insurance policies of TATA AIA with different major operation player in Lucknow. EXECUTIVE SUMMARY About Tata AIA LifeThis project has been a great learning experience for me; at the same time it gave me enough scope to implement my analytical ability. Tata Group is one of the India's largest and most respected business groups. Tata Group's name is synonymous with India's industrialization. Tata AIA Insurance Solutions is one of the leading insurance companies that provide both life insurance as well as general insurance. This pioneer company is a joint collaboration between the, Inc. (AIA) and Tata Group. They own the company in the ratio of 26:74. It is a leading financial institution that has carved a niche for itself all over the world. Tata AIA Insurance Company is having different insurance policies. At the end of the project people will be knowledgeable about various insurance organizations and different products taking into considerations hundred sample sizes in Lucknow city. Project is on the market potential study of Tata AIA Insurance Company in Lucknow city. To get to know a questionnaire has been prepared which contains open ended and close ended questions. Firstly pilot study has been done through hundred questionnaires. For collecting the data field survey method, personal interview technique has been used. Secondary data has been collected from the company. The data collected are represented into suitable tabular forms for drawing inferences. Quantitative techniques like averages, percentages, range, two-way tables, chi- square tests analysis has been applied as per the requirement. The level of preference, perception of the customers about the product and company were identified by means of a scoring scheme. For the representation of data various charts and graphs are used as per requirement. . Tata GroupThe Tata group comprises over 100 operating companies in seven business sectors: communications and information technology, engineering, materials, services, energy, consumer products and chemicals. The group has operations in more than 80 countries across six continents, and its companies export products and services to 85 countries.

The total revenue of Tata companies, taken together, was $100.09 billion (around Rs. 475, 721 crore) in 2011-12, with 58 percent of this coming from business outside India. Tata companies employ over 450,000 people worldwide. The Tata name has been respected in India for more than 140 years for its adherence to strong values and business ethics. Every Tata company or enterprise operates independently. Each of these companies has its own board of directors and shareholders, to whom it is answerable. There are 32 publicly listed Tata enterprises and they have a combined market capitalisation of about $92.74 billion (as on February 21, 2013), and a shareholder base of 3.8 million. The major Tata companies are Tata Steel, Tata Motors, Tata Consultancy Services (TCS), Tata Power, Tata Chemicals, Tata Global Beverages, Tata Teleservices, Titan, Tata Communications and Indian Hotels. AIAAIA Group Limited and its subsidiaries (collectively "AIA" or "the Group") comprise the largest independent publicly listed pan-Asian life insurance group. It has operations in 16 markets in Asia Pacific wholly owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, a 92 per cent subsidiary in Sri Lanka and a 26 per cent jointventure in India. The business that is now AIA was first established in Shanghai over 90 years ago. It is a market leader in the Asia Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$119, 494 million as of 31 May 2012. AIA meets the savings and protection needs of individuals by offering a range of products and services including retirement savings plans, life insurance and accident and health insurance. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents and employees across Asia Pacific, AIA serves the holders of more than 24 million individual policies and over 10 million participating members of group insurance schemes.

AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code "1299" with American Depositary Receipts (Level 1) traded on the overthe-counter market (ticker symbol: "AAGIY"). Our Distributors1-Agents 2-Details of all our active advisors 3-Corporate Agents Details of all our advisors with whom the contracts have been severed due to reasons of indiscipline OBJECTIVE: To find the major Operation player of life insurance policies in Lucknow city. Sub objective: To study the features of different life insurance policies of TATA AIA. To compare the different insurance plans of TATA AIA. To compare the TATA AIA plans and other market player

RESEARCH METHODOLOGY RESEARCH STATEMENT: This research is mainly focused on the comparison between life insurance policies of TATA AIA. According to customer preferences. My research is based on primary & secondary data in Lucknow region only 1. Field survey method 2. Operations survey method

3. Secondary sources viz company database The data collected are represented into suitable tabular forms for drawing inferences TYPE OF RESEARCH The type of research is Exploratory Research because its not a very new issue. A lot of work already had been done in this regard.

DATA COLLECTION Primary Data . Secondary data1) 2) 3) 4) 5) Websites Magazines Journals Books Newspapers Questionnaire

Universe- The type of universe selected in Lucknow city. Sample of study- Sample of the persons of Lucknow City. Sample size 50 PERSONS

Sample Area: Lucknow city Sampling unit - Sampling unit in the research project is mobile customers, dealers, teleshop keepers.

ANALYTICAL TOOLS USED I will used Tabulation, Statistical tools, Graphs & Charts in my project.

FINDINGS : According to analysis many people do not have insurance policy and out of hundred only forty seven people have bought the policy. Twenty seven people would like to invest in mutual fund rather than investing in fixed deposit or insurance policy. Out of hundred people out of many companies twenty four people have policies in Tata AIA. SUGGESTIONS: As I have done my training in Tata AIA there I found that may be their policy are beneficial for the people but they are not letting people aware for them as they provide very less advertisements. They do not have large market to capture because of it.

CONCLUSION: Insurance sector is likely to register unprecedented growth of 200% and attain a size of Rs2000 billion by 2009-2010 in which a private sector insurance business Will achieve a growth rate of 140% as a result of aggressive marketing technique being adopted by them against 35-40% growth rate of state owned insurance companies. The private sectors insurance players have started exploring the rural markets in which until recently, the state owned companies had the monopoly. .

CHAPTER 1 INTRODUCTION TO INSURANCE 1.1. INTRODUCTION

"Insurance is a contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called insured a fixed amount of money on the happening of a certain event." Insurance may be described as a social device to reduce or eliminate risk of life and property. Under the plan of insurance, a large number of people associate themselves by sharing risk, attached to individual. With the help of Insurance, large number of people exposed to a similar risk makes contributions to a common fund out of which the losses suffered by the unfortunate few, due to accidental events, are made good. Insurance is a tool by which fatalities of a small number are compensated out of funds collected from plenteous. Gradually as competition increased benefits given by industry to its customers increased by leaps and bounds. Insurance is a basic form of risk management which provides protection against possible loss to life or physical assets. Person who seeks protection against such loss is termed as insured, and company that promises to honor claim, in case such loss is actually incurred by insured, is termed as Insurer. In order to get insurance, insured is required to pay to insurance company a certain amount called premium. Premium is collected by insurance companies which acts as trustee to pool created through contributions made by persons seeking to protect themselves from common risk. Any loss to the insured in case of happening of an uncertain event is paid out of this pool. Insurance business is divided into four classes: Life Insurance Fire Marine Miscellaneous Insurance. Insurance provides:

Protection to investor. Accumulation of savings. Channeling these savings into sectors needing huge long term investment.

1.2. FUNCTION OF INSURANCE: Provide protection: The primary function of insurance is to provide protection against future risk, accidents and uncertainty. Insurance cannot check the happening of the risk, but can certainly provide for the losses of risk. Insurance is actually a protection against economic loss, by sharing the risk with others. Collective bearing of risk: Insurance is an instrument to share the financial loss of few among many others. Insurance is a mean by which few losses are shared among larger number of people. All the insured contribute the premiums towards a fund and out of which the persons exposed to a particular risk is paid. Assessment of risk: Insurance determines the probable volume of risk by evaluating various factors that give rise to risk. Risk is the basis for determining the premium rate also. Provide certainty: Insurance is a device, which helps to change from uncertainty to certainty. Insurance is device whereby the uncertain risks may be made more certain. Small capital to cover larger risk: Insurance relieves the businessmen from security Insurance provides development investments, by paying small amount of premium against larger risks and uncertainty. Contributes towards the development of industries: opportunity to those larger industries having more risks in their setting up. Even the financial institutions may be prepared to give credit to sick industrial units which have insured their assets including plant and machinery. Means of savings and investment: Insurance serves as savings and investment, insurance is a compulsory way of savings and it restricts the unnecessary expenses by the insured's For the purpose of availing income-tax exemptions also, people invest in insurance. Source of earning foreign exchange: Insurance is an international business. The country can earn foreign exchange by way of issue of marine insurance policies and various other ways. Risk free trade: Insurance promotes exports insurance, which makes the foreign trade risk free with the help of different types of policies under marine insurance cover.

1.3. LIFE INSURANCE: Life insurance is a contract under which the insurer (Insurance Company) in Consideration of a premium paid undertakes to pay a fixed sum of money on The death of the insured or on the expiry of a specified period of time Whichever is earlier. In case of life insurance, the payment for life insurance policy is certain. The Event insured against is sure to happen only the time of its happening is not known. So life insurance is known as Life Assurance . The subject matter of insurance is life of human being. Life insurance provides risk coverage to the life of a person. On death of the person insurance offers protection against loss of income and compensate the titleholders of the policy.

1.4. ROLES OF THE LIFE INSURANCE:

Life insurance as an investment: Insurance products yield more than any other investment instruments and it also provides added incentives or bonus offered by insurance companies. Life insurance as risk cover: Insurance is all about risk cover and protection of life. Insurance provides a unique sense of security that no other form of invest can provide. Life insurance as tax planning: Insurance serves as an excellent tax saving mechanism

1.5. IMPORTANCE OF THE LIFE INSURANCE: Protection against untimely death: Life insurance provides protection to the dependents of the life insured and the family of the assured in case of his untimely death. The dependents or family members get a fixed sum of money in case of death of the assured. Saving for old age: After retirement the earning capacity of a person reduces. Life insurance enables a person to enjoy peace of mind and a sense of security in his/her old age. Promotion of savings: Life insurance encourages people to save money compulsorily. When life policy is taken, the assured is to pay premiums regularly to keep the policy in force and he cannot get back the premiums, only surrender value can be returned to him. In case of surrender of policy, the policyholder gets the surrendered value only after the expiry of duration of the policy. Initiates investments: Life Insurance Corporation encourages and mobilizes the public savings and canalizes the same in various investments for the economic development of the country. Life insurance is an important tool for the mobilization and investment of small savings. Credit worthiness: Life insurance policy can be used as a security to raise loans. It improves the credit worthiness of business. Social Security: Life insurance is important for the society as a whole also. Life insurance enables a person to provide for education and marriage of children and for construction of house. It helps a person to make financial base for future. Tax Benefit: Under the Income Tax Act, premium paid is allowed as a deduction from the total income under section 80C.

1.6. INSURANCE CYCLE:

Policy Renewal/Change Options/Application:The Insurance Cycle begins each year with the insurance offer. Actuarial documents are published annually by the Risk Management Agency (RMA). The actuarial documents list the plan of insurance, crop, type, variety, and practice that may be insured in a state and county, and show the amounts of insurance, available insurance options, levels of coverage, price elections, applicable premium rates, and subsidy amounts. The Special Provisions of Insurance list program calendar dates, and general and special statements which may further define, limit, or modify coverage. Sales Closing/Cancellation/Termination Dates:Insurance applications must be completed and signed no later than the sales closing date specified in the crop actuarial documents. Applications signed after the crop sales closing date may be rejected by the insurance provider. Insurance coverage is continuous and can be cancelled by either the insurance provider or the policyholder for the following crop year by providing a written notice to the other party no later than the cancellation date specified in the crop policy. For a policyholder insured the previous crop year, any changes he or she wishes to make to the policy coverage must be made on or before the crop sales closing date. The policy will automatically renew for the subsequent

crop year unless the policyholder cancels the policy in writing on or before the crop cancellation date. Insurance coverage may be terminated by the insurance provider for the following crop year for nonpayment of outstanding debt by providing a written notice to the policyholder no later than the termination date specified in the crop policy. The insurance provider may terminate coverage on a crop if no premium is earned for three consecutive years. Acceptance:Upon receipt of a properly completed and timely submitted insurance application, the insurance provider will accept and process the application, unless the applicant is determined to be ineligible under the contract or Federal statute or regulation. The insurance provider will issue a summary of coverage and the appropriate policy documents to the applicant. After the application is accepted, the policyholder may not cancel the policy for the initial crop year. Insurance Attaches: For annual crops, insurance attaches annually when planting begins on the insurance unit. The crop must be planted on or before the crop's published final planting date unless late or prevented planting provisions apply. If prevented planting provisions apply, and the crop cannot be timely planted due to the causes specified in the crop provisions, such acreage may be eligible for a prevented planting payment. Acreage Reports:The policyholder must annually report for each insured crop in the county the number of insurable and uninsurable acres planted or prevented from being planted if prevented planting is available for the crop, the date the acreage was planted, share in the crop, the acreage location, farming practices used, and types or varieties planted to the insurance provider on or before the applicable acreage reporting date specified in the crop actuarial documents. Summary of Coverage:The insurance provider will process a properly completed and timely filed acreage report, and issue to the policyholder a summary of coverage that specifies the insured crop, the insured acres and amount of insurance or guarantee for each insurance unit. The policyholder may make changes to the filed acreage report, if permitted by the insurance provider. Premium Billing:-

The annual premium is earned and payable at the time insurance coverage begins. The insurance provider shall issue a premium billing based upon the information contained in the acreage report no earlier than the premium billing date specified in the crop actuarial documents. The premium billing will specify the amount of premium and any administrative fees that may be due. If the premium or administrative fees are not paid by the date specified in the actuarial documents or policy, the insurance provider may assess interest on the outstanding premium balance. Notice of Damage or Loss: A written notice of damage or loss for each unit is to be filed by the policyholder within 72 hours of the policyholder's initial discovery of damage or loss but not later than 15 days after the calendar date for the end of the insurance period unless otherwise stated in the individual crop policy. The policyholder should refer to the individual crop provisions for additional requirements in the event of damage or loss. These notifications provide the opportunity for the insurance provider to inspect the crop and determine the extent of damage or potential production before the crop is harvested or otherwise disposed of. Inspection:After the insurance provider receives the written notice of damage or loss, it will be processed and, if necessary, a loss adjuster will be sent to inspect the damaged crop and gather pertinent information concerning the damage. If the policyholder wishes to destroy or not harvest the crop,the loss adjuster will gather the appropriate information, conduct an appraisal to establish the crop's remaining value and complete any forms needed. If the crop has been harvested or will not be harvested by the end of the insurance period, and the policyholder wishes to file a claim for indemnity, the loss adjuster will gather the appropriate information and assist the policyholder in filing the claim for indemnity. It is the policyholder's responsibility to establish the time, location, cause, and amount of any loss. Indemnity Claim:After the claim for indemnity is processed by the insurance provider, an indemnity check and a summary of indemnity payment will be issued showing any deductions to the amount of indemnity for outstanding premium, interest, or administrative fees. Contract Change Date:-

Changes to the insurance program may be made by RMA from one year to the next. The insurance provider will notify the policyholder in writing of any changes to the policy, actuarial documents, or the Special Provisions of Insurance prior to the calendar date for contract changes specified in the crop policy. The policyholder will have the opportunity to review the changes and, if he/she desires, continue the insurance coverage for the following crop year, change the policy coverage, or cancel the insurance coverage. Any changes to the policy coverage that the policyholder makes must be made no later than the crop sales closing date. If the policyholder wishes to cancel the policy, a written notice must be submitted to the insurance provider on or before the crop cancellation date. History of insurance: Insurance began as a way of reducing the risk of traders, as early as 5000 BC and 4500 BC in. Life insurance dates only to ancient Rome; "burial clubs" covered the cost of members' funeral expenses and helped survivors monetarily. Modern life insurance started in late 17th century, originally as insurance for traders: merchants, ship owners and underwriters met to discuss deals at Lloyd's Coffee House, predecessor to the famous. The first insurance company was formed in 1732, but it provided only fire insurance. The sale of life insurance in the U.S. began in the late 1760s. The Synods in and created the Corporation for Relief of Poor and Distressed Widows and Children of Presbyterian Ministers in 1759; Episcopalian priests organized a similar fund in 1769. Between 1787 and 1837 more than two dozen life insurance companies were started, but fewer than half a dozen survived. Prior to, many insurance companies in the United States for their owners, in response to bills passed in 2001 and in 2003, the companies have been required to search their records for such policies for example reported that Nautilus sold 485slaveholder life insurance policies during a two-year period in the 1840s; they added that their trustees voted to end the sale of such policies 15 years before the.

General information: Human have always sought securities. This quest for security was an important motivating force in the earliest formation of families, clans, tribes, and other groups. Indeed, groups have been the primary source both emotional and physical security since the beginning of humankind. They ensured a less volatile source of life necessities then that which ensures isolated human & families could provide and help their less fortunate members in the time of crises. Human today continue their quest to achieve security and reduce risk uncertainty. We still rely on group for financial stability. The group may be our employer, the government, or an insurance company, but concept is the same. In some ways however, we today are more vulnerable that our ancestors. The physical and economical securities formerly provided by the tribes or extended family diminished with industrialization. Our income dependent, wealth acquiring lifestyle renders and our families more vulnerable to environment and societal changes over which we have no control. Humans are exposed to many serious perils, such as property loss from fire or windstorm, and personal losses from incapacity and death. All through individual cannot predict or completely prevent such occurrences, they can provide for their financial effects. Encyclopedia of finance and banking defines insurance as the elimination of or protection against risk amenable to actual calculation, voidance or reduction of losses occurring through misfortunes such as death, fire, accident, tornado, shipwreck, etc.

insurance is a contact between an insurer and insured where by the insurer identifies the insured against loss due to specific risks such as from fire, storm and death. Insurance contracts require an agreement, considerations, capacity, legality, compliance with the status of frauds and delivery. Insurance is an integral part of most enterprises, risk management program. Insurance does not prevent losses, it substitutes a small certain loss (premium) for a possible or contingent large loss. The insured is indemnified for the amount of loss, for the insured amount, or for the face of his policy, in return for payment of periodic premiums. The principle kinds of insurance are as follows: Life-term, ordinary, endowment, limited payment, group industrial and annuities, with a variety of combinations of the four basic forms. Fire & marine-fire, ocean marine, motor vehicle, inland navigation, and transportation, tornado and windstorm, sprinkler leakage, earthquake, riot and civil commotion, explosion rain, hale, flood, aircraft, etc. Causality and surety -automobile liability, liability other than automobile workers, compensation, fidelity and surety, burglary and theft, automobile property damage, accident in health, steam boiler, machinery, plate glass, etc. All mutual and legal reserves life insurance companies provide for a participation in dividends by all policy holders. In this way the cost of insurance to the insured is reduced. Four classes of insurance business: Life insurance Fire insurance

Marine insurance Miscellaneous insurance. CHAPTER 2

Brief history of insurance sector in India: The insurance sector in India has come full circle from being open competitive market to nationalization and back to liberalized market again. Tracing the developments in India, insurance sector reveals the 360-degree turn witnessed over a period of almost two centuries. 1818 Oriental insurance company was established. 1870 Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business. 1912 Indian life insurance companies act as the first statute to regulate the life insurance business 1928 The Indian insurance companies act enacted to enable the government to collect statistical information about both life and non life insurance business. 1938 Earlier legislation consol dated and amended to by the insurance act with the objective of protecting the interest of insuring public. 1956 245 Indian and foreign insurers and provident societies taken over by the central government were nationalized. Insurance sector reforms: In 1993 Malhotra committee, headed by former finance secretary and RBI governor R N Malhotra was formed to evaluate the Indian insurance industry and recommended its future direct on. The Malhotra committee was set up with the objective

of complimenting the reforms initiated in the financial sector. Recommendation included in the report submitted by the committee Structure: Government stake in the insurance companies to brought down to 50% Government should takeover the wordings of GIC and its subsidiaries, so that these subsidiaries can act as independent companies. All the insurance companies should be given greater freedom to operate.

Competition: Private companies with minimum paid up capital of Rs. 1 billion should be allowed to enter the industry; no company should deal in both life and general insurance through single entity. Foreign companies may be allowed to enter the industry collaboration with domestic companies. Postal life insurance should be allowed to operate in rural areas Only one state level life insurance company should be allowed to operate in each state. Regulatory body: The insurance act should be changed An insurance regulatory body should be set up.

Life insurers transact life insurance business; general insurers transact the rest. No companies are permitted as per law. Legislation (as on 1-4-2000):

Insurance is a federal subject in India; the primary legislation that deals with insurance business in India is;

Insurance Act, 1938 and Insurance Regulatory & Development Authority Act, 1999

Fire and miscellaneous insurance business are predominant motor and vehicle insurance is compulsory.

Tariff Advisory Committee (TAC) lays down tariff rates for some of the general insurance products.

2.1. INDIAN INSURANCE INDUSTRY The Insurance sector in India governed by Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and General Insurance Business (Nationalization) Act, 1972, Insurance Regulatory and Development Authority (IRDA) Act, 1999 and other related Acts. With such a large population and the untapped market area of this population Insurance happens to be a very big opportunity in India. Today it stands as a business growing at the rate of 15-20 per cent annually. Together with banking services, it adds about 7 per cent to the country s GDP .In spite of all this growth the statistics of the penetration of the insurance in the country is very poor. Nearly 80% of Indian populations are without Life insurance cover and the Health insurance. This is an indicator that growth potential for the insurance sector is immense in India. It was due to this immense growth that the regulations were introduced in the insurance sector and in continuation Malhotra Committee was constituted by the government in 1993 to examine the various aspects of the industry. The key element of the reform process was Participation of overseas insurance companies with 26% capital. Creating a more efficient and competitive financial system suitable for the requirements of the economy was the main idea

behind this reform. Since then the insurance industry has gone through many sea changes .The competition LIC started facing from these companies were threatening to the existence of LIC .since the liberalization of the industry the insurance industry has never looked back and today stand as the one of the most competitive and exploring industry in India. The entry of the private players and the increased use of the new distribution are in the limelight today. The use of new distribution techniques and the IT tools has increased the scope of the industry in the longer run. 2.2. A BRIEF HISTORY OF THE INSURANCE SECTOR: The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta. Some of the important milestones in the life insurance business in India are given in the following table.

Years 1912:

Important milestones in the Indian life insurance business The Indian Life Assurance Companies Act came into force for regulating the life insurance business. The Indian Insurance Companies Act was enacted for enabling the government to collect statistical information on both life and non-life insurance businesses. The earlier legislation consolidated the Insurance Act with the aim of safeguarding the interests of the insuring public. 245 Indian and foreign insurers and provident societies were taken over by the central government and they got nationalized. LIC was formed by an Act of Parliament, viz. LIC Act, 1956. It started off with a capital of Rs. 5 crore and that too from the Government of India.

Table: 1

The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British. Some of the important milestones in the general insurance business in India are given in the following table

. Important milestones in the Indian general insurance Years business The Indian Mercantile Insurance Ltd. was set up which was the first company of its type to transact all general insurance business. General Insurance Council, an arm of the Insurance Association of India, framed a code of conduct for guaranteeing fair conduct and sound business patterns. The Insurance Act improved for regulating investments and set minimal solvency levels and the Tariff Advisory Committee was set up. The General Insurance Business (Nationalization) Act, 1972 nationalized the general insurance business in India. It was with effect from 1st January 1973. Table: 2 1996 setting up of (interim) Insurance Regulatory Authority (IRA) Recommendations of the IRA. 1997 Mukherjee Committee Report submitted but not made public 1997 The Government gives greater autonomy to LIC, GIC and its subsidiaries with regard to the restructuring of boards and flexibility in investment norms aimed at channeling funds to the infrastructure sector. 1998 The cabinet decides to allow 40% foreign equity in private insurance companies26% to foreign companies and 14% to NRIs, OCBs and FIIs . 1999 The Standing Committee headed by Murali Deora decides that foreign equity in private insurance should be limited to 26%. The IRA bill is renamed the Insurance Regulatory and

Development Authority (IRDA) Bill. 1999 Cabinet clears IRDA Bill. 2000 President gives Assent to the IRDA Bill.

2.3. INDIAN INSURANCE MARKET (HISTORY): Insurance has a long history in India. Life Insurance in its current form was introduced in 1818 when Oriental Life Insurance Company began its operations in India. General Insurance was however a comparatively late entrant in 1850 when Triton Insurance company set up its base in Kolkata. History of Insurance in India can be broadly bifurcated into three eras: a) Pre Nationalization b) Nationalization and c) Post Nationalization. Life Insurance was the first to be nationalized in 1956. Life Insurance Corporation of India was formed by consolidating the operations of various insurance companies. General Insurance followed suit and was nationalized in 1973. General Insurance Corporation of India was set up as the controlling body with New India, United India, National and Oriental as its subsidiaries. The process of opening up the insurance sector was initiated against the background of Economic Reform process which commenced from 1991. For this purpose Malhotra Committee was formed during this year who submitted their report in 1994 and Insurance Regulatory Development Act (IRDA) was passed in 999. Resultantly Indian Insurance was opened for private companies and Private Insurance Company effectively started operations from 2001. 2.4. HOW BIG IS THE INSURANCE MARKET? The insurance sector was opened up for private participation four years ago. For years now, the private players are active in the liberalized environment. The insurance market have witnessed dynamic changes which includes presence of a fairly large number of insurers both life and non-life segment. Most of the private insurance companies have formed joint venture partnering well recognized foreign players across the globe. There are now 29 insurance companies operating in the Indian market 14 private life insurers, nine private non-life insurers and six public sector companies. With many more joint ventures in the offing, the insurance industry in India today stands at a crossroads as competition intensifies and companies prepare survival strategies in a detariffed scenario. There is pressure from both

within the country and outside on the Government to increase the foreign direct investment (FDI) limit from the current 26% to 49%, which would help JV partners to bring in funds for expansion. There are opportunities in the pensions sector where regulations are being framed. Less than 10 % of Indians above the age of 60 receive pensions. The IRDA has issued the first license for a standalone health company in the country as many more players wait to enter. The health insurance sector has tremendous growth potential, and as it matures and new players enter, product innovation and enhancement will increase. The deepening of the health database over time will also allow players to develop and price products for larger segments of society. Insurance is a Rs.400 billion business in India, and together with banking services adds about 7% to India's Gap. 2.5 INDIAN SCENERIO:Indian economy is the 12th largest in the world, with a GDP of $1.25 trillion and 3rd largest in terms of purchasing power parity. With factors like a stable 8-9 per cent annual growth, rising foreign exchange reserves, a booming capital market and a rapidly expanding FDI inflows, it is on the hinge of an ever increasing growth curve. Indians have a tendency to invest in properties and gold followed by bank deposits. They selectively invest in shares also but the percentage is very small--4-5%. This in itself is an indicator that growth potential for the insurance sector is immense. Its a business growing at the rate of 15-20% per annum and presently is of the order of $47.9 billion. India is a vast market for life insurance that is directly proportional to the growth in premiums and an increase in life density. With the entry of private sector players backed by foreign expertise, Indian insurance market has become more vibrant.Competition in this market is increasing with companys continuous effort to lure the customers with new product offerings. However, the market share of private insurance companies remains very low -- in the 10-15% range. Even to this day, Life Insurance Corporation (LIC) of India dominates Indian insurance sector. The heavy hand of government still dominates the market, with price controls, limits on ownership, and other restraints. The upward growth trend started from 2000

was mainly due to economic policies adopted by the then Indian government. This year saw initiation of an era of economic liberalization and globalization in the Indian economy followed by several reforms and long-term policies that created a perfect roadmap for the success of Indian financial markets.

Figure: 1
The general insurance industry grew by 16% in 2006-07 as private insurers continued their robust performance, while public sector players like New India Assurance and Oriental Insurance improved their show. Despite continuous fall in business of government-owned National Insurance, the 12 non-life insurers collected Rs 20,378 crore in first year premium in the last fiscal compared to Rs 17,531 crore collected in 2005-06, according to data compiled by regulator IRDA. New India Assurance collected Rs 4,762 crore in premium and continued to lead the non-life sector by cornering 23.36% of the market. National Insurance was at the second spot by collecting Rs 3,524 crore in premium, a decline of 7%, but had a market pie of 17.29%. Oriental Insurance mopped up Rs 3,518 crore in premium income after logging 16.6% growth in business to corner a market share of 17.26%. Another PSU insurer United India grew by a modest 6.8% to collect Rs 3,147 crore in premium and had 15.44% of the market. The eight private players expanded their business by 52% to collect Rs 5,427 crore in premium

income and increased their combined market share to 26.6% from 20.2% a year ago. ICICI Lombard led the private players by logging 80% growth in premium at Rs 1,592crore, followed by Bajaj Allianz, which grew by 50% to collect Rs 1,287 crore in premium. ICICI Lombard had a market share of 7.81% and Bajaj Allianz had 6.31% of the market. INTRODUCTION TO TATA AIA 3.1 TATA AIA INSURANCE COMPANY Tata Enterprises with 82 companies, spread over seven sectors and with an annual turnover exceeding US $ 8.8 billion, employs more than 262,000 people. Tata Group has shown over years that it is a value driven company and has pioneering contributions in various fields including insurance, aviation, iron and steel. In terms of capital market performance as many as 40 listed Tata companies account for nearly 5% of the total market capitalization of all listed companies. The Group has had a long association with India's insurance sector having been the largest insurance company in India prior to the nationalization of insurance.

Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by the Tata Group and AIA, Inc. (AIA). Tata AIA Life combines the Tata Groups pre-eminent leadership position in India and AIAs global presence as the worlds leading international insurance and financial services organization.

The Tata Group holds 74 per cent stake in the insurance venture with AIA holding the balance 26 per cent. Tata AIA Life provides insurance solutions to individuals and corporates. Tata AIA Life Insurance Company was licensed to operate in India on February 12, 2001 and started operations on April 1, 2001

UNIT LINK PLAN Unit linked insurance plan (ULIP) is life insurance solution that provides for the benefits of protection and flexibility in investment. The investment is denoted as units and is represented by the value that it has attained called as Net Asset Value (NAV). The policy value at any time varies according to the value of the underlying assets at the time. ULIP provides multiple benefits to the consumer. The benefits include: Life protection Investment and Savings Flexibility Adjustable Life Cover Investment Options Transparency Options to take additional cover against Death due to accident Disability

TATA AIA UNIT LINK PRODUCTS 1. Inve 2. Invest assure future 3. Invest assure health 4. Invest assure gold 5. Invest assure plus

6. Invest assure optima 3.2. TATA GROUP IN INSURANCE: Tata AIA General Insurance Company Ltd, and Tata AIA Life Insurance Company Ltd., (collectively "Tata AIA") are joint venture companies between the Tata group India's most trusted industrial house and AIA, Inc. (AIA), the leading U. S. based international insurance and financial services organization. The Late Sir Dorab Tata, was the founder Chairman of New India Assurance Co. Ltd., a group company incorporated way back in 1919. Government of India took over the management of this company as a part of nationalization of general insurance companies in 1972. Not deterred by the move, Tata group have ventured into risk management services having tied up with AIA group, back in 1977, with the incorporation of Tata AIA Risk Management Services Pvt. Ltd. The Tata Group is one of India's largest and most respected business conglomerates, with revenues in 2006-07 of $28.8 billion (Rs129,994 crore), the equivalent of about 3.2 per cent of the country's GDP, and a market capitalization of $72.2 billion as on December 6, 2007. Tata companies together employ some 289,500 people.

3.3. AIA: Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons and AIA Group Limited (AIA). Tata AIA Life combines Tata's preeminent leadership position in India and AIA's presence as the largest, independent listed panAsia life insurance group in the world spanning 16 markets in Asia Pacific. Tata Sons holds a majority stake (74 per cent) in the company and AIA holds 26 per cent through an AIA Group company. Tata AIA Life Insurance Company Limited was licensed to operate in India on February 12, 2001 and started operations on April 1, 2001. Company Background: AIA Group Limited and its subsidiaries (collectively "AIA" or "the Group") comprise the largest independent publicly listed pan-Asian life insurance group. It has operations in 16

markets in Asia Pacific wholly owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, a 92 per cent subsidiary in Sri Lanka and a 26 per cent jointventure in India. The business that is now AIA was first established in Shanghai over 90 years ago. It is a market leader in the Asia Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$119, 494 million as of 31 May 2012. AIA meets the savings and protection needs of individuals by offering a range of products and services including retirement savings plans, life insurance and accident and health insurance. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents and employees across Asia Pacific, AIA serves the holders of more than 24 million individual policies and over 10 million participating members of group insurance schemes. AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code "1299" with American Depositary Receipts (Level 1) traded on the overthe-counter market (ticker symbol: "AAGIY"). 3.4. THE JOINT VENTURE: Tata AIA Life Insurance Co. Ltd. is capitalized at Rs. 185 crores of which 74 per cent has been brought in by Tata Sons and the American partner brings in the balance 26 per cent. Mr. George Oommen has been named managing director of Tata AIA Life. Tata-AIA plans to provide broad array of life insurance plans to cover to both individuals and groups. The company headquartered in Mumbai, with branch operations in Delhi, Chennai, Hyderabad, Bangalore Calcutta, Pune and Chandigarh.

3.5. ABOUT TATA-AIA: Tata AIA Insurance Solutions is one of the leading insurance companies that provide both life insurance as well as general insurance. This pioneer company is a joint collaboration between the AIA, Inc. (AIA) and Tata Group. They own the company in the ratio of 26:74. It is a leading financial institution that has carved a niche for itself all over the world. Tata AIA Insurance provides facilities to both corporate and individuals. Starting its operations on April 1, 2001, it seeks to serve different categories of people. It acquired its license for carrying out operations in India on February 12, 2001. Tata AIA Insurance Solutions is one of the most prestigious organizations in the business world. It employs thousands of employees and offers various opportunities to people to build a prospective career. As a leading name in the financial world, it identifies the potential and experience of the individual. This insurance company identifies the clients needs and works accordingly. It stresses on innovative aspect and opening of new markets. It believes in new economy and latest Internet technology. Tata AIA Insurance offers a number of products for the General Insurance holders. General insurance products include: Individual insurance Small business insurance Corporate insurance

Tata AIA Insurance offers flexible life insurance to the individuals, business organization and other association. For the corporate, there are various insurance products like group pensions,

employee benefits, work place solutions and credit life.

For the individuals, Tata AIA

Insurance offers various products for adults, children and for retirement planning. At Tata AIA Life Insurance Company Ltd., customer convenience is given utmost priority. We now offer you the facility to check your policy details and make an online premium payment towards your policy. Check your policy details by following step 1. For making an online premium payment, please follow Step 1 to 3. 1. Provide your policy details Enter your policy number, Date of Birth of Insured and click on "Verify". Check your policy details. In case you do not want to make an online payment for

your policy, click on the 'Exit' button. For making online payment, select your Credit / Cash Card or Online Bank Account from the "Pay from" drop-down, accept the "Terms and Conditions" and click on "Pay Now" button. You will be securely redirected to the Card/ Bank payment interface of your

chosen option. 2. Confirm payment (at Card/ Bank Gateway) Enter your authentication details [viz Card details or Bank user id/ password] Confirm your payment amount to Tata AIA Life Insurance Co. Ltd.. Your account will get debited online.

3. Receive online confirmation You will receive an online transaction confirmation and a Transaction Reference

Number. Corporations

For any corporation, its employees and customers are its greatest assets. And it is important for the organization to take the necessary measures from time to time to maintain their motivation levels. Offering security to them and their families with insurance cover is one way to show that you care. We also offer solutions for managing the liabilities on Gratuity and Superannuation products for the employees. Our range of corporate life insurance products include: Employee Benefits Credit Life Group Pensions Workplace Solutions Discover how each product can be a tool for increasing employee loyalty along with providing tax benefits.

3.6 ORGANIZATION STRUCTURE OF TATA AIA:-

Risk and uncertainty are part of life great adventures accident, illness, thefts, natural disaster. They are built into the working of universe, waiting to happen. Insurance that is main answer to the vagaries of life. If you cannot beat the manmade and natural calamities, wealth, at least be prepared for them and aftermath. Insurance is contract between two parties one is insurer (insurance company) and insured (the person or entity seeking the coverage). Where the insurer agrees to pay the insured for the financial loses arising out of any unforeseen events in return for a regular payment of the premium.

These unforeseen events are determined as risk and that is why insurance is called is the risk cover. Hence the insurance is the essential means to financially compensate for loses that life throws at people- corporate and otherwise. India at glance: Economy: India is 5th largest economy in the world in terms of purchase. GDP Growth rate: over 6% per year on an average for the last decade. Savings rate: around 26% of GDP Estimated middle class population: 300 million Insured population: 70 million

India has an enormous middle class that can afford to by life, health and disability and pens on plan products. The level of penetration of life insurance in India compared to other developed nations can be judged by a comparison of per capita life premium.

CHAPTER 3 POLICIES OF TATA AIA Tata AIA Life Assure 10 Years / 20 Years / 30 Years Security & Growth Plans

This endowment policy enables your dependants to receive the sum assured in the unfortunate event of your death while this policy is still in force. If you should outlive the policy term, you will still receive the sum assured, along with a range of bonuses. This plan is ideal as a retirement planning tool. Key features include:

A guaranteed addition of 10% of the sum assured if the policy has been in force for 10 years or more, is payable on death or maturity. A reversionary bonus is payable on death or maturity. A Terminal bonus paid on maturity or death if the policy has been in force for a minimum 10 years. Reversionary and Terminal bonuses are non-guaranteed and are dependent on Company performance.

Tax Benefits, Riders and Age Eligibility

Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Any sum received under this plan is exempt from tax under section 10(10D) of the Income Tax Act, 1961.* Term, Accident, Disability and Critical Illness riders are available for added protection. Policy duration can be 10, 20 or 30 years. A 10 year policy is available for all persons between 18 and 65 years of age. 20 year policies are available for persons between the ages of 18 and 55. 30 year policies are available for persons between the ages of 18 and 45.

Tata AIA Life Assure 21 years Money Saver This savings plan gives you the cash payments at specified intervals to fund your familys needs at critical milestones or support your financial obligations. You get the dual benefits of life insurance coverage plus the flexibility of periodic payments. Key features include: 10% of the sum assured is paid on survival on the 3rd /6th /9th /12th /15th and 18th policy anniversaries. 40% of the sum assured will be paid on maturity (i.e. on the 21st anniversary of this policy).

The entire sum assured is distributed to your beneficiaries, irrespective of cash payments already made, in the unfortunate event of your death before the end of the policys term. A 10% Guaranteed Addition is payable on death or maturity, if the policy has been inforce for 10 years. A reversionary and terminal bonus payable on death or maturity. Terminal bonus is available only if policy is in force for more than 10 years. Bonuses are paid depending on performance of the company.

Tax Benefits, Riders and Age Eligibility

Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Any sum received under this plan is exempt from tax under section 10(10D) of the Income Tax Act, 1961.* Term, Critical Illness, Accident and Disability riders are available for added protection at a nominal extra cost. Minimum age to qualify for this product is 30 days. Maximum age limit is 55 years. For juveniles only Payor benefit rider is available.

Tata AIA Life Assure One year/ Five Years/10 Years/ 15 Years / 20 Years / 25 Years Lifeline Plans, and Term to age 60 known as Assure Lifeline to Age 60 If you are looking for high coverage at an affordable cost, this policy is for you. Your family can maintain their current lifestyle, even if something happens to you. Key features include:

Coverage is available for 1, 5, 10, 15, 20 and 25 years or until age 60. Term plans can be converted into any of our select savings plans, at attained age premium rates.

Tax Benefits, Riders and Age Eligibility

Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Any sum received under this plan is exempt from tax under section 10(10D) of the Income Tax Act, 1961.* Policy is available to persons between the ages of 18 and 60 years and varies based on the term of the policy.

Tata AIA Life Assure Golden Years Plan Tata AIA Life Assure Golden Years(Assure Golden Years) is an endowment policy that provides both safety and steady returns. In the unfortunate event of your death, your dependants will receive the sum assured; otherwise your savings will continue to grow.

Should you live past the term of the policy, you will receive both the sum assured as well as a host of bonuses. Key features include:

A guaranteed addition of 10% of the sum assured if the policy has been in force for 10 years or more, is payable on death or maturity. A reversionary bonus is payable on death or maturity. A Terminal bonus paid on maturity or death if

Tax Benefits, Riders and Age Eligibility

Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Any sum received under this plan is exempt from tax under section 10(10D the policy has been in force for a minimum 10 years. Reversionary and Terminal bonuses are non-guaranteed and are dependent on Company performance.) of the Income Tax Act, 1961.* Term, Accident, Disability and Critical Illness riders are available for added protection. Policy duration runs from the time of purchase up to age 60. Policy is available for persons between 18 to 50 years of age

Tata AIA Life InvestAssure Flexi Plus Each one of us has our own set of financial needs, aspirations and priorities. In many ways these needs are unique and so they need to be addressed in a unique way. We may have different time horizon for investments as they depend on the underlying needs. For example, you may need money for your childs education after say 10 years or 15 years or 20 years depending on the present age of your child. This may be true for many other needs as well. Your insurance requirements may also be different depending on your age and financial position in the family. How long you want to pay the premium is also an important consideration as this depends on your future earning capacity. Keeping this in mind, Tata AIA Life Insurance Company brings to you Tata AIA Life InvestAssure Flexi Plus. This plan is a unit linked endowment investment plan and provides you with ample flexibility to suite your needs and priorities and to help you to achieve your financial goals. Key features include: Flexible Policy Term 10, 15 to 40 years Limited Pay Option starting from as low as 3 years Choice of coverage from 5 times the annualized premium to 60 times the annualized premium

Guaranteed Maturity Addition* of upto 7%$ of Regular Premium Fund Value Seven Fund Options to choose from: Whole Life Mid Cap Equity Fund, Whole Life Aggressive Growth Fund, Whole Life Stable Growth Fund, Whole Life Income Fund, Whole Life Short-Term Fixed Income Fund, Large Cap Equity Fund & Super Select Equity Fund Choice of 5 riders for added protection

* Provided that all the regular premiums due under the policy are paid and the policy is in force. $ Depending on the Policy Term chosen and provided the policy is in force. Eligibility: Minimum Issue Age Maximum Issue Age Maximum Maturity Age Policy Term Premium Payment Term 0 years (30 days) 70 years 80 years 10, 15 40 years Regular & Limited 3, 5 & multiples of 5 Rs. 60,000 for Premium Paying Term 3 Rs. 24,000 for Premium Paying Term 5 Rs. 15,000 for Premium Paying Term 10 Tata AIA Life ShubhLife Have you been delaying getting life insurance because you cannot afford to pay high monthly premiums? Then we have the ideal product for you. Tata AIA Life ShubhLife(ShubhLife) provides you 100% life insurance protection and a range of bonuses but the premiums you pay are among the lowest of any similar endowment policy. Key features include: Term policies just give you death cover. This policy gives you bonuses along with death cover. You can choose a term of 10, 15, 20, 25 or 30 years.

Minimum Annualised Premium

Apart from full premium paying term, you can pay your premiums over 3, 5, 7 or 10 years. Guaranteed addition of 3% of sum assured of the Basic Policy is added on the first (1st) policy anniversary and on every alternate policy anniversary thereafter up till a maximum of half the policy term. The GA will be payable if the insured dies while the policy has been in force or if the policy matures. A simple reversionary bonus will be credited from the sixth policy anniversary until the end of the plan term depending on the performance of our Company.

Tax Benefits, Riders and Age Eligibility

Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Any sum received under this plan is exempt from tax under section 10(10D) of the Income Tax Act, 1961.* Attach Disability, Accident, Term, Waiver of premium and Critical Illness riders to this policy for added protection. Endowment Plan 10 Years 15 Years 20 Years 25 Years 30 Years Age Eligibility 18 to 65 Years 18 to 60 Years 18 to 55 Years 18 to 50 Years 18 to 45 Years

Tata AIA Life Raksha 10/15/20/25 A simple term plan ideal for young families with large financial obligations at extremely low premiums and yet providing high life coverage. Key features include: Policy terms of 10, 15, 20 and 25 years. Multiple premium payment options annual, semi-annual, quarterly or monthly.

Tax Benefits and Age Eligibility

Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Any sum received under this plan is exempt from tax under section 10(10D) of the Income Tax Act, 1961.* Policy is available to persons between the ages of 18 and 50 years.

The policy is renewable up to a maximum age of 59, and expires when the insured attains the age of 60.

Tata AIA Life MahaLife Gold This unique policy is an ideal planning vehicle to fund your retirement. It provides a steady income and insurance coverage for life. Premiums are payable only for the first 15 years, and can be used to cover the future expenses of your children. Key features include: A guaranteed annual coupon of 5% of the sum assured every year for the rest of the insureds term from the 10th policy anniversary. Yearly cash dividends are available from the 6th policy anniversary onwards (depending on Company performance). The entire sum assured is paid tax-free as per current Income Tax Laws. Tax Benefits, Riders and Age Eligibility

The guaranteed 5% coupon and non-guaranteed cash dividends are tax free as per current Income Tax Laws. Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Any sum received under this plan is exempt from tax under section 10(10D) of the Income Tax Act, 1961.* Disability, Accident, Term and Critical Illness riders are available for added protection at a nominal extra cost. (For juveniles, only Payor Benefit Rider is available). Policy available for persons between 0 years and 60 years of age.

Tata AIA Helth first Quality healthcare is expensive; you need a policy that covers all contingencies. Tata AIA Life HealthFirst(HealthFirst) provides you with security by guaranteeing a lump sum irrespective of your medical bills. You can purchase this policy while your existing medical insurance policy is still in force and renew it until age 64 without additional medical examinations. Key features include: The benefits shown below are for a policy purchased for 10 units

Daily Hospitalization Benefit (DHB): During hospitalization, we will pay an allowance of Rs. 2,500 per day. Surgical Benefit: A lump sum of Rs. 1,25,000 is paid for specified surgical procedures. We pay the complete amount, even if the procedures costs less. This benefit is payable only if DHB is payable. Post-hospitalization Benefit: After hospitalization, we will pay Rs. 1,250 a day for follow-up treatment (up to a maximum of 3 days). This benefit is payable only if DHB is payable.

Tax Benefits and Age Eligibility

Premiums paid for Health Insurance Benefits are eligible for tax benefits under section 80D, while premiums for Life Insurance Benefits are eligible for tax benefits under section 80C of the Income Tax Act, 1961.* Policy available for persons between 18 and 60 years of age. Treatment must occur at a pre-approved hospital

Tata AIA Security&Growth Plan Tata AIA Life Assure 10 Years / 20 Years / 30 Years Security & Growth Plans This endowment policy enables your dependants to receive the sum assured in the unfortunate event of your death while this policy is still in force. If you should outlive the policy term, you will still receive the sum assured, along with a range of bonuses. This plan is ideal as a retirement planning tool. Key features include: A guaranteed addition of 10% of the sum assured if the policy has been in force for 10 years or more, is payable on death or maturity. A reversionary bonus is payable on death or maturity. A Terminal bonus paid on maturity or death if the policy has been in force for a minimum 10 years. Reversionary and Terminal bonuses are non-guaranteed and are dependent on Company performance.

Tax Benefits, Riders and Age Eligibility

Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Any sum received under this plan is exempt from tax under section 10(10D) of the Income Tax Act, 1961.* Term, Accident, Disability and Critical Illness riders are available for added protection. Policy duration can be 10, 20 or 30 years. A 10 year policy is available for all persons between 18 and 65 years of age. 20 year policies are available for persons between the ages of 18 and 55. 30 year policies are available for persons between the ages of 18 and 45.

Tata AIA Life Assure 21 years Money Saver This savings plan gives you the cash payments at specified intervals to fund your familys needs at critical milestones or support your financial obligations. You get the dual benefits of life insurance coverage plus the flexibility of periodic payments. Key features include: 10% of the sum assured is paid on survival on the 3rd /6th /9th /12th /15th and 18th policy anniversaries. 40% of the sum assured will be paid on maturity (i.e. on the 21st anniversary of this policy). The entire sum assured is distributed to your beneficiaries, irrespective of cash payments already made, in the unfortunate event of your death before the end of the policys term. A 10% Guaranteed Addition is payable on death or maturity, if the policy has been inforce for 10 years. A reversionary and terminal bonus payable on death or maturity. Terminal bonus is available only if policy is in force for more than 10 years. Bonuses are paid depending on performance of the company. Tax Benefits, Riders and Age Eligibility

Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Any sum received under this plan is exempt from tax under section 10(10D) of the Income Tax Act, 1961.* Term, Critical Illness, Accident and Disability riders are available for added protection at a nominal extra cost. Minimum age to qualify for this product is 30 days. Maximum age limit is 55 years. For juveniles only Payor benefit rider is available.

CHAPTER 4 Complaints Management ProcessTata AIA Life Insurance Ltd recognized with ISO 10002:2004 for Complaints Management Process Keeping in line with the vision of the company to be the most trusted life insurance company that values customers financial well being, consistently delivering best in class solutions and to be respected by all, Tata AIA Life have been honored with ISO standard 10002:2004 for Complaints Management Process. We, at Tata AIA Life, value our customers and their service needs. Accordingly, we have put in place strong processes and systems, to manage the customer grievances and service needs, effectively and efficiently. ISO standard 10002:2004 is a standard guideline for implementing a complaints management system and it recognizes our ability to identify, manage and successfully deal with customers' complaints. The standard specifies the key requirements for handling customer complaints successfully and includes complaints management controls to help address customer dissatisfaction within organizations business. Customer services Fund Performances Life Fund Performance Report If you've invested in Unit-Linked policies, you can find out how well your fund has performed in the past year by reading our Investment Report. QUICK GLANCE 201 - Month 2 NEW PRODUCTS SNAPSHOT 201 - Month 2

Monthly Fund Performance - 2012 January February March July August September

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Premium Payment Pay Online Are you always on the move? As an existing policyholder you can now make your renewal premium payment online.

NEFT Another easy way of paying your renewal premium, without making rounds of the bank is the National Electronic Fund Transfer facility. ICICI Bank Quick Pay If you are an ICICI bank account holder, then paying your renewal premium is a few clicks away, with the ICICI Bank Quick Pay facility.

EBPP: Electronic Bill Processing and Payment We have devised an easy way out for all our customers who tend to forget their premium due dates.

Interbank Mobile Payment Service (IMPS) Tata AIA Life Insurance Company has partnered with The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India) to launch a new mode of premium payment through mobile phones for its customers. Policyholders can now make premium payments for policies by transferring funds using the mobile handset through the Interbank Mobile Payment Service (IMPS). Direct Debit ECS (Electronic Have you ever forgotten to pay your renewal Clearing Service) premium on the due date? We have a simple An automated solution for this - the Direct Debit facility. premium payment facility from Tata AIA Life Insurance Co. Ltd., Electronic Clearing Service (ECS) is available in 84 cities across India. Through this facility,

Credit Card You can now pay your renewal premium through a Credit Card (MasterCard or VISA) or a Direct Card. All you need to do is fill the Authorization form and mail it to us

State Bank of India Standing Instruction Do you have an account with State Bank of India; it is now easier to pay your renewal premium

HSBC - Standing Instruction Tata AIA Life introduces its standing instruction facility in support with HSBC - a smarter and easier way to pay your renewal premium. Skypak MINC Drop Box Drop Box Is your bank If you are too far from a regular your train residence? commuter Then we then ensure you dropping get premium maximum payment convenience cheques and have no will be the reason to easiest worry. thing for you. Tata AIA Life Branches The most usual and convenient way to pay your renewal premium is through cash or cheque at our Branch offices, located across the country. United Bank of India Pay your renewal premium in cash/cheque at specified branches of United Bank of India Policy Services South Indian Bank Along with other banks, South Indian Bank's branches are also at your disposal now for renewal premium payment.

AP Online If you are residing in Andhra Pradesh, then paying your renewal premium has become even easier for you.

Request Type

Documents Required

Conditions

Contact details Change

Duly filled and signed copy of the Request for Change form Age proof Duly filled and signed copy of the Request for Change form Age Proof Duly filled and signed copy of the Request for Change form Duly filled and signed copy of the Request for Change form Age proof Duly filled and signed copy of the Request for Change form Address Proof Duly filled and signed copy of the Request for Change form Duly filled and signed copy of In case of increasing age, please contact your nearest TALIC branch for premium details

Name Change

Date of Birth Change

Gender Change

Occupation Change

Address Change

Signature Change

the Request for Change form with old and new signatures. Ownership Change

Request for Change form should be duly filled and signed by both, Original & New Policy Owne Original policy documents Duly filled and signed copy of the Nomination form Original policy documents Duly filled and signed copy of the Nomination form Duly filled and signed copy of the Request for Change form

Nomination Change

Nomination Cancellation

Contingent Policy Holder Change

Cashless Hospitalisation (Hospi Cash, IA Health and Health First Policies only) Hospital List Pre Authorisation form Resolution of Grievances Customers can register their grievances through multiple service avenues: Call our Helpline No's at 1-800-267-9966 (toll free) or 1-860-266-9966 (local charges apply) Email us at [email protected] SMS SERVICE to 58888 to receive a call back from our Customer Service

Representative Visit any of the nearest Tata AIA Life branches Write to us at any of the following addresses: Zone Operations Head West Zone Tata AIA Life Insurance Company Limited Zone Operations Head North Zone Tata AIA Life Insurance Company Limited. Zone Operations Head East Zone Customer Feedback Dear Customer, In our constant endeavor to provide the highest level of customer service and continuously improve your experience with Tata AIA Life Insurance, we request you to provide your valuable feedback on the products and services received from us. Your feedback will assist us in bringing better products and services to you. Name : * Mobile: No. # Email * : Landline: No. # Yes No

Are you an existing customer or applied for any policy with us? * Life insurance market in India INDIAN COMPANY FOREIGN COMPANY

HDFC

Standard life

Tata Group

AIA

Bajaj

Allianz

Max India

New York

IDBI

Principal

SBI

Alliance Capital

Bajaj Allianz

Chubb

Cholamandalam

Axa

ICICI

Prudential

Vysa Bank

ING

Spic

Met Life

Sanmar Group

GIO of Australia

Life insurance statistics: Table showing premium collection by various insurance companies COMPANY 2006-07(Rs.in min.) Kotak Mahindra Bajaj Allianz ING Vaysa AMP Sanmar 352.1 633.89 179.59 63.15 2007-08(Rs.in min.) 1271.2 1797.05 726.27 278.82 260.98 183.50 311.16 341.51 % Growth

SBI Life Tata AIA ICICI Prudential Birla Sun Life Aviva Max New York Met Life HDFC Standard Private total LIC TOTAL

718.81 522.08 3641.07 1295.68 134.66 673.14 76.99 1293.14 9581 159767.62 169348.92

1959.01 1801.55 7509.10 4498.62 771.38 1314.88 233.82 2093.33 24254.64 162746.87 187101.5

172.53 515.07 106.23 247.20 427.84 95.34 203.70 61.88 153.15 1.93 10.48

Table showing market share of life insurance companies COMPANY HDFC Standard Bajaj Allianz ING Vaysa AMP Sanmar SBI Life Tata AIA ICICI Prudential Birla Sun Life Aviva Max New York Met Life LIC 2006-07 (IN %) 0.76 0.37 0.1 0.04 0.42 0.31 2.15 0.77 0.08 0.4 0.05 94.34 2007-08 (IN %) 1.12 0.96 0.39 0.15 1.05 0.96 4.01 2.4 0.41 0.7 0.12 87.05 100

TOTAL 100 Registration of Indian insurance companies

The registration of Indian insurance companies involves the following contents Requisition for the registration Application for registration

Renewal of certificates of registration Action in case default Certificates to existing insurers

Bajaj Allianz Bajaj Allianz Life Insurance Co. Ltd. is a joint venture between Allianz SE, one of the world's largest insurance companies, and Bajaj Finserv. Allianz SE is a leading insurance corporation globally and one of the largest asset managers in the world, that manage assets worth over a Trillion. With over 115 years of financial experience, Allianz SE is present in over 70 countries around the world. Bajaj Allianz is into both life insurance and general insurance. Today, Bajaj Allianz is one of India's leading and fastest growing insurance companies. Currently, it has presence in more than 550 locations with over 60,000 Insurance Consultants. In June 2008, Bajaj Allianz entered into partnership with Thomas Cook India to provide travel finance. Bajaj Allianz Life Insurance ensures excellent insurance and investment solutions by offering customized products, supported by the best technology. A comprehensive list of policies and products offered by Bajaj Allianz Life Insurance Co. Ltd. is as follows: Unit Linked Plans Regular Premium

New UnitGain Super UnitGain Plus Gold New UnitGain Plus New UnitGain YoungCare YoungCare Plus New FamilyGain-R Single Premium New UnitGain Premier SP New UnitGain Plus SP

Pension Plans Annuity

Pension Guarantee Retirement

Future Income Generator Swarna Vishranti New UnitGain Easy Pension Plus RP New UnitGain Easy Pension Plus SP Future Secure

Traditional Plans Endowment

InvestGain SaveCare Economy SP Life Time Care Super Saver Money Back CashGain

Term Plans Protector Term Care New Risk Care Women Insurance Plans House Wives Working Women Health Plans Care First Health Care Family CareFirst Children Plans ChildGain Group Plans Non Employer Employee

Credit Shield Group Term Life(Non Employer Employee) Group Suraksha Swayam Shakti Suraksha

Group Loan Protector Group Income Protection Employer Employee Group Term Life(Employer Employee) New Group Gratuity Care New Group Superannuation Care Group Save Plus Group Term Life in lieu of EDLI Group Leave Encashment Scheme Group Annuity Group Superannuation Gold Group Gratuity Gold

Micro Insurance Alp Nivesh Yojana Jana Vikas Yojana Saral Suraksha Yojana Other Plans Family Assure Fortune Plus Capital Shield CenturyPlus II

Birla Sun Life Insurance Birla Sun Life Insurance Co. Ltd. is a joint venture between Aditya Birla Group, an Indian multinational corporation, and Sun Life Financial Inc, a leading global insurance company. Birla Sun Life Insurance is distinguished as the first company in the sector of financial solutions to begin Business Continuity Plan. This insurance company has pioneered the unique Unit Linked Life Insurance Solutions in India. Within 4 years of its launch, BSLI became one of the leading players in the industry of Private Life Insurance Scheme. Birla Sun Life Insurance believes in passion, integrity, speed, commitment and seamlessness. The mission of the company is to help people with risk management. It also helps in managing the financial situation of firms as well as individuals. Here is given a comprehensive list of policies and products offered by Birla Sun Life Insurance Co. Ltd. Protection Plans

Birla Sun Life Insurance Term Plan Birla Sun Life Insurance Premium Back Term Plan

Saving Plans Birla Sun Life Insurance Guaranteed Bachat Plan Birla Sun Life Insurance Money Back Plus Plan Birla Sun Life Insurance Gold-Plus II Birla Sun Life Insurance Saral Jeevan Plan Birla Sun Life Insurance Supreme-Life Birla Sun Life Insurance Dream Plan Birla Sun Life Insurance ClassicLife Premier Birla Sun Life Insurance SimplyLife Birla Sun Life Insurance PrimeLife Premier Birla Sun Life Insurance PrimeLife Birla Sun Life Insurance Flexi Cash Flow Birla Sun Life Insurance Flexi Save Plus Birla Sun Life Insurance Flexi Life Line Birla Sun Life Insurance Single Premium Bond Health Solution Plans BSLI Health Plan BSLI Universal Health Plan Retirement Plans Birla Sun Life Insurance Freedom 58 Birla Sun Life Insurance Flexi SecureLife Retirement Plan II Children Plans Birla Sun Life Insurance Children's Dream Plan Rural Plans Birla Sun Life Insurance Bima Suraksha Super Birla Sun Life Insurance Bima Dhan Sanchay Birla Sun Life Insurance Bima Kavach Yojana Group Plans Birla Sun Life Insurance Group Unit Linked Plan Birla Sun Life Insurance Group Protection Solutions Birla Sun Life Insurance Group Superannuation Plan Birla Sun Life Insurance Group Gratuity Plan Birla Sun Life Insurance Credit Guard Plan Birla Sun Life Insurance Single Premium Group Term Plan

NRI Plans Birla Sun Life Insurance PrimeLife Premier Birla Sun Life Insurance PrimeLife Birla Sun Life Insurance Flexi Life Line Plan Birla Sun Life Insurance Flexi Save Plus Birla Sun Life Insurance Flexi Cash Flow Birla Sun Life Insurance ClassicLife Premier Birla Sun Life Insurance Single Premium Bond Birla Sun Life Insurance SimplyLife Life Insurance Corporation of India (LIC) Life Insurance Corporation of India (LIC) is a Government of India enterprise, and is said to be the largest life insurance company and also the largest investor of the country. LIC had been established on the 1st of September, 1956, after the Life Insurance Corporation Act had been passed by the Parliament of India in the same year. The corporation is aimed at providing life insurance services primarily to the rural masses and the socially & economically backward sections of the Indian society. It also aims at promoting the people for saving their money, and offers attractive savings features along with various insurance policies. Vital Details The headquarters of Life Insurance Corporation of India are located in Mumbai, and as of April 2009 it has 8 zonal offices, 101 divisional offices and 2048 branches located in different towns and cities of India. Along with a workforce of 112,184 employees serving the institution, more than 1 Million agents of the Life Insurance Corporation of India are helping the people nationwide in adopting the various life insurance policies being offered by the corporation. Apart from India, LIC is also present in 12 other countries currently, fulfilling the life insurance needs of its overseas customers most of which are Non Resident Indians (NRIs). During the financial year 2006-07, the total number of Life Insurance Corporation of India policy holders were more than 200 Million, which was equal to the population of fourth largest populous country in the world at that time. Subsidiaries Life Insurance Corporation of India has a number of subsidiaries which help it in leveraging its potential to the maximum, providing an enhanced set of diversified services to its customers. These subsidiaries include LIC International, LIC Nepal, LIC Lanka, LIC Housing Finance and LICHFL Care Homes. Max New York Life Insurance Max New York Life Insurance Company Limited is a joint venture between Max India

Limited, which is a one of India's leading multi-business corporate, and New York Life International, which is a Fortune 100 company & global expert in life insurance. Max New York Life Insurance started its commercial operations in India in 2001. It is the first life insurance company in India to be awarded the IS0 9001:2000 certification. The company has around 133 offices all over the country. Max New York Life offers a variety of flexible products covering both life and health insurance including 8 riders that can be customized to over 800 combinations which enable the customers to choose the policy that suits their needs. Max New York Life also offers 6 products and 7 riders in group insurance business. The company has a plan for every need, designed as to meet your long term financial goals & aspirations. They help you fulfilling your dreams & commitments. The list of few plans provided by Max New York Life Insurance Company Limited is given below: Protection Plans Five Yr Renewable & Convertible Plan Level Term Policy Children Plans Children's Endowment to 18 (Par) Plan Children's Endowment to 24 (Par) Plan SMART Steps SMART Steps Plus Investment Plans Life Maker Premium Life Maker Gold Life Maker Platinum Life Invest Retirement Plans SMART Invest Pension Easy Life Retirement (Par) Plan Health Plans Lifeline Medicash Lifeline Wellness Plus Lifeline Medicash Plus Lifeline Safety Net Savings Plans Whole Life Participating Life Gain Plus 25 Participating Plan 20 year Endowment (Par) Plan

Life Pay Money Back Plan

Strategic Products Plans Bancassurance 1. Capital Builder Plan Partnership Distribution 1. Max Mangal 2. Capital Builder 3. Max Vriksha 4. Max New York Life Unit Builder Max Amsure 1. Future Builder 2. Business Builder 3. Bonus Builder 4. Secure Returns Builder Group Plans Group Credit Life Unit Linked Group Superannuation Plan Group Gratuity cum Term Assurance Group Term Life Unit Linked Group Gratuity Plan Employee Deposit Linked Insurance Max Super Life MetLife India Insurance MetLife India Insurance Co. Pvt. Ltd is a joint venture between MetLife Group and its Indian partners, including J&K Bank, Dhanalakshmi Bank, Karnataka Bank, Karvy Consultants, Geojit Securities, Way2Wealth, and Mini Muthoothu. MetLife is insuring the lives of the people for around 140 years. MetLife is 88 of the top one-hundred FORTUNE 500 companies. MetLife entered Indian insurance sector in 2001. MetLife was the first insurance company which established a financial holding company with a nationally chartered bank. In 2005, Working Mother Magazine honored MetLife Insurance Co. as one of the "100 Best Companies for Working Mothers". In 2005, the company was listed among the Top 50 Companies for Diversity. In 2006, MetLife was named to the National Association for Female Executives' annual list of Top 30 Companies for Executive Women. Today, when people are feeling a greater financial burden than ever before, MetLife is helping millions of its customers in creating their own personal safety net by taking insurance plans. The plans provided by MetLife Insurance are listed below:

Protection Plans Met Suraksha Met Suraksha TROP Met Mortgage Protector Savings Plan Met Sukh Met Suvidha Met Saral Met 100 Investment Plans Met Smart Premier - Regular Met Easy Met Smart Plus - Regular Pay Met Smart Premier - Single Pay Met Smart Gold Met Smart plus - Single Child Plans Met Bhavishya Met Junior Endowment Met Little Star Met Junior Money Back Met Magic Retirement Plans Met Growth Met Advantage Plus Met Pension - Par Group Plans Met Loan Assure Met Group Life Met Group Life in lieu of EDLI Met Group Gratuity

Rural Plans Met Vishwas Met Suvidha - Rural

Kotak Mahindra Old Mutual Life Insurance Founded in 2001, Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak Mahindra Bank Ltd. (KMBL), and Old Mutual plc. Kotak Mahindra is one of India's leading financial institutions which offer a range of financial services, such as, commercial banking, stock broking, mutual funds, life insurance, and investment banking. And, Old Mutual is an international insurance and investment management company based in London, offering a diverse range of financial services in South Africa, the United States and the United Kingdom since more than 150 years. Kotak Mahindra Old Mutual Life Insurance Ltd. is a company which offers Life Insurance products. It is one of India's most rapidly growing insurance companies, employing over 1000 people, across various offices in India. Kotak Mahindra Old Mutual Life Insurance Ltd offers different types of Life Insurance Policies, which are: Protection Plans Kotak Loan Protection Plan Kotak Term/Preferred Term Plan Kotak Eternal Life Plans Retirement Plans Kotak Secure Retirement Plan Kotak Retirement Income (Unit Linked) Kotak Long Life Secure Plus Kotak Long Life Wealth Plus Kotak Retirement Income Plan Savings & Investment Plans Kotak Platinum Advantage Plus Kotak Smart Advantage Kotak Safe Investment Plan Kotak Flexi Plan Kotak Platinum Advantage Plan Kotak Easy Growth Plan Kotak Capital Multiplier Plan Kotak Money Back Plan Kotak Endowment Plan Kotak Premium Return Plan Kotak Sukhi Jeevan Plan Child Plans

Kotak Headstart Child Plans Kotak Child Advantage Plan

Group Plans Kotak Group Shield Kotak Group Assure Kotak Term Grouplan Kotak Gratuity Grouplan Kotak Superannuation Grouplan Kotak Credit-Term Grouplan Kotak Complete Cover Grouplan Rural Plans Kotak Gramin Bima Yojana SBI Life Insurance SBI Life Insurance offers a slew of products designed for various segments of society. These include money back products, pension products, protection cum savings products, and unit linked products. All these products cater to various requirements of its end users. Money Back Products These are traditional saving plans with additional advantage of life cover and guaranteed cash inflow at regular intervals. Key features of moneyback plan are periodic return options suited to your needs, and competitive premium rates. Apart from normal death cover, the plan also provides four additional covers. Sanjeevan Supreme is designed for individuals who want to plan for various financial obligations at specified times in life. Pension Products Pension products have been designed keeping in mind the needs of retired individuals. Four products currently offered under this segment are Horizon II Pension, Unit Plus Pension, Lifelong Pensions and Immediate Annuity. Under these plans, one can choose retirement date, the plan option and the regular premium amount. Protection cum Savings Products These products are designed to provide savings and protection at the same time. These products offer the option of tailoring your policy according to your requirement and needs, by opting for riders (extra covers). Smart ULIP The portfolio is linked to the volatile market, and fluctuates with it. The investment risk in portfolio is borne by the policyholder. For first seven years, guarantee is offered on select NAVs. Guaranteed Maturity NAV, continues after the premium payment term. It is

an investment based on market economy and offer high returns. The plan gives one maximum opportunity for growth while protecting investments against adverse market conditions. Attractive Tax benefits can be availed under the Income Tax Act, 1961. ULIP Elite Under this plan, you can invest in a wide variety of funds and manage them as per your convenience. Gold and platinum protection covers are available. You have to pray premium only for a limited term of 3, 5, 7 or 10 years. You can also protect yourselves against accident and critical illness with the rider cover. You can also add-on to your kitty through top-up premiums facility. When the policy ends, Fund Value as on the Maturidy Date is paid. Settlement option is also available. Group Criti 9 This is a non-participating Group Health Plan providing protection against nine critical illnesses where assured sum is paid in lump sum on diagnosis of any one of covered critical illnesses. It has guaranteed renewability till 65 years of age. Critical illnesses covered are Cancer, Heart Attack (Myocardial Infraction), Stroke, Coronary Artery Bypass Surgery, Kidney Failure (End Stage Renal Disease), Major Organ Transplant, Coma, Multiple Sclerosis and Heart Valve Surgery. The plan is offered to various groups like employee-employer relationship, credit life groups, customers of bank / financial institutions, depositors groups etc. Unit Plus Child As a parent you want to secure your childs future against rising cost of education and other necessities. Unit Plus Child Plan could be your solution. Kea features of the plan are market related returns to match increasing cost of education, loyalty units to celebrate your child reaching 18 years. new Investment Fund (Equity Optimiser Fund) in addition to existing funds, pay premium for a limited period, and flexible plan which adapts to your changing needs.

IDBI Fortis Life Insurance IDBI Fortis Life Insurance Co. Ltd is a joint venture of IDBI Bank, Federal Bank (India) and Fortis Insurance International. The Certificate of Registration has been issued by the Insurance regulator IRDA to this Insurance Company on 19th December 2007. According to the agreement, IDBI will have a 48-per cent stake in the venture, while Fortis and Federal Bank would have 26-per cent stake each. While IDBI and Federal Bank are major Indian banks, Fortis has the expertise of bancasurance across global markets. It is one of the best names in the insurance business in Europe and has successful joint ventures in various Asian countries. IDBI Fortis Life Insurance has become 18th life insurer in India. Founded in 1956, IDBI Ltd. is Indias premier industrial development bank. Today, it is

amongst Indias most famous commercial banks which provide a wide range of innovative products and services. IDBI Bank has around 490 branches and more than 600 ATMs all over India. IDBI is a also a part of development activities, as it has been instrumental in sponsoring the development of key institutions involved in Indias financial sector, such as, the Securities and Exchange Board of India (SEBI), National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd (NSDL). Federal Bank is one of Indias leading private sector banks. It has a wide spread network in India, but its dominant presence can be seen in the state of Kerala. It has around 550 branches and 450 ATMs spread across the country. Federal Bank is one of the first large Indian banks, having an entirely automated and interconnected branch network. The Bank also provide a wide range of services, such as, internet banking, mobile banking, tele banking, any where banking, debit cards, co-branded credit cards, online bill payment and call centre facilities to offer complete banking convenience to its customers. Fortis is a European financial services provider which is engaged in banking and insurance. It has its presence in over 50 countries. Fortis offers a comprehensive package of products and services in collaboration with intermediaries and through other distribution partners. Fortis is counted among the 20 largest financial institutions in Europe. IDBI Bank, Federal Bank and Fortis Insurance International with their expertise, now came together to provide the insurance benefits to the customers in India. Below are the few insurance policies which are provided by IDBI Fortis Life Insurance Co. Ltd. Homesurance Homesurance Protection Plan Homesurance Plan Wealthsurance Bondsurance Group Microsurance Contact Address IDBI Fortis Life Insurance Co Ltd 1st Floor, Trade View Oasis Complex, Kamala City P.B. Marg, Lower Parel (W) Mumbai - 400013 Website: www.idbifortis.com Reliance General Insurance Reliance General Insurance Company Limited is one of the leading private general insurance companies of India, in the present times. It was amongst the first companies to apply for, and obtain, a license for insurance business, after the

liberalization of the insurance sector, in 2000. The company continued to grow with the passing time, widening the scope of its insurance policies. Today, it offers over 94 customized insurance products, catering to needs of the corporate, SME and individual customers. Reliance General Insurance also boasts of being the first insurance company in India to be awarded the ISO 9001:2000 certification across all functions, processes, products and locations pan-India. Growth & Innovation Reliance General Insurance Company Ltd has grown over time, to set up as many as 200 offices, which have spread across 173 cities, in 22 states of India. Such a wide distribution channel network, along with 24x7 customer service assistance and a full fledged website, has added to its success. At the same time, the company continues to launch innovative products, like India's first Over-The-Counter health & home insurance policies, to woo potential customers and keep the presents ones satisfied and pleased. Customer Focus The brand philosophy of Reliance General Insurance Company is "Protecting what you value". The company aims at helping individuals, corporates as well as SMEs protect their dreams and accomplishments; that too through a hassle-free buying process. With the concept of online buying, Reliance has made it possible for the potential customers to book the policies from within the confines of their home/office. At the same time, the insurance company intends to make the claims settlement as prompt, transparent and speedy as possible. Services Reliance General Insurance Company offers a wide range of innovative products to the potential customers. Right from health and home insurance to car/motor and travel insurance, you can get almost all types of individual policies with Reliance, that too at the best premium rates. Apart from that, the company also caters to corporate and SME clients, providing end to end insurance solutions. The product basket includes fire, engineering, liability, marine, travel and other types of insurance, for organizational risk management. Products For Health Insurance Reliance Critical Illness Reliance HealthWise Individual Mediclaim Motor Insurance Two Wheeler Comprehensive Private Car Comprehensive Individuals

Home Insurance Reliance HomeProtect Householder's Package Travel Insurance Individual & Family Student Asia Schegen Pravasi Bhartiya Bima Accident Cover Personal Accident Policy For Fire Insurance Std Fire & Spl Perils Consequestial Loss Industrial All Risks Engineering Insurance Erection All Risks/Storage-cum-Erection Contractor's All Risks Contractor's Plant & Machinery Machinery Loss of Profits Boiler & Pressure Plant Electronic Equipment Machinery Insurance Marine Insurance Marine Cargo Liability Insurance Directors & Officers Liability Workmen's Compensation Professional Indemnity Product Liability Public Liability Insurance Public Liability (Act) Packages Office Package Corporates

Commercial Care Industry Care Shopkeeper's Package

More Plans Travel Health Accident Misc For SMEs

Property Reliance Burglary & Housebreaking Fire Insurance Std Fire & Spl Perils Packages Office Package Commercial Care Industry Care Shopkeeper's Package Marine Insurance Marine Cargo Health

Group Mediclaim

More Plans Engineering Liability Travel

CHAPTER 5 RECOMMENDATION AND BENEFIT 5.1. RECOMMENDATIONS TO THE COMPANY: Being the best product player in the private sector, but still survey TATA AIA needs to improvement regarding its premium charges and advertisement to its target customers. A) Premium charges Owing to its high premium charges (Tata AIA Apex Plan, Premium RS. 90000/-) customers perception about the companys product has become that its only for the upper middle class people. Whereas TATA AIA do has some policy with low premium but the charges of allocation are too high. So we would like to suggest slowing down its premium charges to some extend by reducing administration charges and other charges. b) Advertisement: During survey we have found that due to lack of advertisements about the products and agents selling the products in which they get high commissions customers are somewhere mislead and they know about very few products though TATA AIA has wide range of variety of the products. So we would recommend TATA AIA to invest more in advertisement in form of TV commercials, pamphlets and hoardings. c) Wrong perception: AIA is on the edge of filing bankruptcy. So Tata AIA is also going to on the brink of filling bankruptcy. But insurance in India is a highly regulated industry. Any company that wants to set up an insurance business has to follow very stringent norms given by the Insurance Regulatory & Development Authority (IRDA). So company should take positive measure to remove this wrong perception from the people. d) Sample size: For this research study only hundred sample size has been taken. The result will be more appropriate if a large sample size is considered.

5.2. BENEFITS TO THE COMPANY AND US: During the survey time sales have been done. It is a win-win Situation for both company and me. The benefits of this summer internship program are discussed below. 1. Benefit to the company: a) This survey has been done in Gwalior region on comparison of TATAAIA s product and its competitor can give an idea of this position in the market. As TATA AIA leads in most of the parameters so it should continue to serve in the same manner. b) The survey also shows the customers perception about TATA AIA s life Insurance product with which it can improve its impression better than now. c) The recommendation has given in this report will help TATA AIA to position its product properly to the target customers d) Moreover the sales has been done during this internship have done a good business for the company. 2. Benefit to us: (a) Doing internship in TATA AIA have given me immense experience in the insurance industry for these fourteen weeks. b) Interaction with the customers for survey and sales has developed our marketing skills. c) Working in the office premises has given exposure to corporate world and an experience in working in corporate pressure.

CHAPTER 6 CONCLUSION AND REFERENCE 6.1 CONCLUSION Indian insurance sector is likely to register unprecedented growth of 200% and attain a size of Rs. 2000 billion ($51.2 billion) by 2009-10, in which a private sector insurance business will achieve a growth rate of 140% as a result of aggressive marketing technique being adopted by them against 35-40% growth rate of state owned insurance companies. The rural market offers tremendous growth opportunities for insurance companies and insurers should develop viable and cost-effective distribution channels; build consumer awareness and confidence. The state owned insurance companies such as LIC and GIC have limited number of policies to offer to their subscribers while in case of private insurance companies, their policy numbers are many more and the premium amount as well as the maturity period is much competitive as against those of government insurance companies. The private sector insurance players have started exploring the rural markets in which until recently, the state owned companies had the monopoly. Here it can be concluded that the summer internship program, done for partial fulfillment of the MBA course in ICFAI University, in TATA AIA Life Insurance Co. Ltd. has been completed successfully. Following are the achievements done during the summer internship from 24 th February 2009 to 23rd May 2009. a) Survey done with interest of TATA AIA has been conducted successfully and results are discussed above. b) Sales done during the time have done great business to the company. c) The experience gained during the internship has sharpen my skills and given a corporate exposure. 6.2. RFERENCES For the references different books, journals, and newspapers have been used and different websites have been used. Name of websites:

 www.tata-AIA.com/lifeinsurance, access on 8th April 2009 www.tata-AIAgeneral.com, access on 8thApril 2009 www.tata-AIA-life.com, access on 8thApril 2009 www.mouthshut.com/product-reviews/Tata_AIA_General_Insuranceaccess April 2009 www.irdaindia.org/duties/htmlaccess on 15 April 2009 www.mydigitalfc.com/tata-AIA-eyes-10-growth-motor-insurance-556.htm, access on 16thApril 2009 www.economy watch.com/insurance-overviewaccess on 12 May 2009 www.managementparadise.com/29381-distribution-channels-tata-AIA.html, access on 12 May 2009 www.andhra.net/27-Tata-AIA-General-60949.asp.htmaccess on 14th May 2009 www.marketresearch.com/product/disply.asp?productid=1475505access 2009 Name of newspaper: Asia Economy Watch 21sr March 2008 Business Line 20th September 20008 The Hindu Editorial 23 rd, 24th, 26th March 2009 The Economic Times, 17th September 2008, 23rd March 2009 on 15thMay on 10th

 Business Standard 17 march 2009, 18th April 2009