A STUDY ON INSURANCE POLICIES IN PRIVATE INSURANCE

BANKS WITH REFERENCE TO HDFC BANK

A Project Submitted to
University of Mumbai for partial completion of the degree of
Bachelor of Management Studies
Under the Faculty of Commerce
By
Vruddhi Ashish Kesarkar
Under the Guidance of

Dr. Farhat Fatma Shaikh

Mahatma Education Society’s
Pillai College of Arts, Commerce and Science
(Autonomous)
2022-2023
 Certificate

This is to certify that Ms. Vruddhi Ashish Kesarkar has worked and duly
completed her/his Project Work for the degree of Bachelor of Management
Studies under the Faculty of Commerce in the subject of Project Work Sem
VI and her/his project is entitled, “A STUDY ON INSURANCE
POLICIES IN PRIVATE INSURANCE BANKS WITH REFERENCE
TO HDFC BANK” under my supervision. I further certify that the entire
work has been done by the learner under my guidance and that no part of it
has been submitted previously for any Degree or Diploma of any University.
It is her/ his own work and facts reported by her/his personal findings and
investigations.

Name and Signature of Guiding Teacher

(Dr. Farhat Fatma Shaikh)

Signature of External Teacher

 Declaration

I the undersigned Miss. Vruddhi Ashish Kesarkar here by, declare that the
work embodied in this project work titled “A STUDY ON INSURANCE
POLICIES IN PRIVATE INSURANCE BANKS WITH REFERENCE
TO HDFC BANK” forms my own contribution to the research work
carried out under the guidance of Dr. Farhat Fatma Shaikh is a result of my
own research work and has not been previously submitted to any other
University for any other Degree/ Diploma to this or any other University.
Wherever reference has been made to previous works of others, it has been
clearly indicated as such and included in the bibliography. I, here by further
declare that all information of this document has been obtained and
presented in accordance with academic rules and ethical conduct.
Name and Signature of Learner
(Vruddhi Ashish Kesarkar)
 Acknowledgment

To list who all have helped me is difficult because they are so numerous,
and the depth is so enormous. I would like to acknowledge the following as
being idealistic channels and fresh dimensions in the completion of this
project. I take this opportunity to thank the University of Mumbai for
giving me chance to do this project. I would like to thank my Principal, Dr.
Gajanan Wader for providing the necessary facilities required for
completion of this project. I take this opportunity to thank our Coordinator
Dr. Farhat Fatma Shaikh, for her moral support and guidance. I would also
like to express my sincere gratitude towards my project guide Dr. Farhat
Fatma Shaikh whose guidance and care made the project successful. I
would like to thank my College Library, for having provided various
reference books and magazines related to my project. Lastly, I would like to
thank each and every person who directly or indirectly helped me in the
completion of the project especially my Parents and Peers who supported
me throughout my project.
 Research

INDEX
Chapter No. Topic Pg. No
1. Introduction 6 - 19
2. Research Methodology 20 - 25
3. Conceptual Framework 26 - 38
4. Data Analysis and 39 - 56
Interpretation and
Presentation
5. Conclusion and 57 - 65
Suggestions

Appendix and
Bibliography
 CHAPTER 1
INTRODUCTION

1.1 INTRODUCTION:
As long as there has been trade and business in the developed world, insurance has been necessary.
Risk is a part of life, business, trading, etc. Its safety will be provided by the insurance. India's financial
system has seen the insurance sector take the lead. It has also been helping to achieve the goal of
creating a stable, effective, and efficient economic environment in India. As well meets the demands
of the country's socioeconomic goals as well as the real economy. It is one of the financial sectors in
India that is thought to be rapidly increasing as it is penetrating the interior of the economy. It has been
promoting long-term saving through life insurance to aid in economic development and boost
economic growth. You can be protected by an insurance policy from the risks associated with everyday
living, such as automobile accidents, life-threatening illnesses, and floods and fires. Disasters cannot
be prevented, but a solid insurance plan can offer financial protection for these unforeseen costs.
Making a sound personal financial plan requires protecting your most valuable assets, and the correct
insurance coverage can greatly assist you in protecting both your income and your possessions. Since
banks were liberalized, they have embraced universal banking and expanded into new economic
sectors while studying their completely digital counterparts in Europe and other Western countries.
This is the origin of banks selling goods from other companies, such as insurance, mutual funds,
pension funds, and so forth. The debate concerning India's low insurance penetration is another
intriguing aspect. With the entry of banks, there is a report that the penetration increased to about 4%
from 1%–1.2% in 2000. Has the banking industry profited by this question, or have the banks
themselves benefited? The process of bancassurance got underway in India in 2000. Indian insurance
businesses must register in accordance with rules established by the insurance regulatory development
authority of India (IRDAI). A notification from the Indian government designated "insurance" as a
legal line of business that banks could engage in in accordance with Section 6(1)(o) of the Banking
Regulation Act, 1949. But it was made clear that any bank wishing to engage in the industry would
require particular permission from the Reserve Bank of India (RBI).
What is Insurance? In simple words Insurance is a legal agreement, evidenced by a policy, under which
a policyholder receives financial security or compensation from an insurance provider against losses.
In order to make payments to the insured more manageable, the company pools the risks of its clients.
Insurance policies are intended to protect against the possibility of monetary losses, large and little,
that may be brought on by harm to the insured or their property or by liability for harm or injury given
to a third party.
There are many various kinds of insurance policies available, and almost any person or organization
can find an insurance firm that will insure them—for a fee, of course). Auto, health, homeowners, and
life insurance are the most popular categories of personal insurance plans. Businesses need customized
insurance policies that protect them against the various dangers that they face. For instance, a fast-food
restaurant needs a policy that protects against harm or injury resulting from deep-frying food. A car
dealer needs insurance to cover potential damage or injuries that could happen during test drives even
though they are not exposed to this kind of risk.
1.1.1Definition –
 1. Insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party
agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form
of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.
2. Insurance Policy
An insurance policy is a legal contract between the insurance company (the insurer) and the
person(s), business, or entity being insured (the insured).
3. Private Sector Bank
Private banks are banks owned by either the individual or a general partner(s) with limited
partner(s). Private banks are not incorporated. In any such case, creditors can look to both the
"entirety of the bank's assets" as well as the entirety of the sole-proprietor's/general-partners'
assets.

1.1.2MEANING –
1. Insurance
An entity which provides insurance is known as an insurer, insurance company, insurance
carrier, or underwriter. A person or entity who buys insurance is known as a policyholder,
while a person or entity covered under the policy is called an insured. The insurance transaction
involves the policyholder assuming a guaranteed, known, and relatively small loss in the form
of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate
the insured in the event of a covered loss. The loss may or may not be financial, but it must be
reducible to financial terms. Furthermore, it usually involves something in which the insured
has an insurable interest established by ownership, possession, or pre-existing relationship. The
insured receives a contract, called the insurance policy, which details the conditions and
circumstances under which the insurer will compensate the insured, or their designated
beneficiary or assignee.

2. INSURANCE POLICY
The insurance policy, which establishes the claims that the insurer is legally obligated to pay,
is a contract (often in standard form) between the insurer and the policyholder. The insurer
guarantees to reimburse losses brought on by risks covered by the policy language in return for
an upfront payment known as the premium.

Insurance contracts have several aspects not present in many other types of contracts since they
are created to address certain needs. Insurance policies contain boilerplate language that is
common to many different types of insurance policies because they are standard forms.

In most cases, the insurance policy is an integrated contract, which means that it contains all
documents related to the arrangement between the insured and the insurer. The insurance policy
may, in some circumstances, become a non-integrated contract if there are supplemental
writings, such as letters issued after the final agreement. According to one insurance textbook,
"courts consider all earlier conversations or agreements, every contractual provision in the
policy at the time of delivery, as well as those written after that as policy riders and
endorsements, with both parties' approval, are part of the written policy." The policy must refer
to all articles that are included in the policy, according to the textbook. Oral agreements are
 subject to the prohibition on evidence rule and might not be taken into account if the contract
seems to be complete. Circulars and promotional items are frequently excluded from
policies. Before a written policy is issued, verbal agreements may be made.

3. PRIVATE SECTOR BANKS

Private sector banks are ones where the majority of the equity is held by private persons or
businesses. Although these banks follow the country's central bank's rules, they are permitted
to come up with their own financial plans for their clients. A sizeable number of the shares of
these banks are traded on the stock market, and a sizeable portion of the shares of these banks
are available for purchase by anyone. Private Sector Banks are the banks in which private
individuals own and maintain the majority of the shares or equity.
Initially, public sector banks dominated the Indian banking sector, but after the 1990s, private
sector banks emerged and expanded rapidly.
Their rapid growth was due to their use of cutting-edge technology, new financial tools, and
cutting-edge innovations.
 In India, private sector banks are divided into two types.
- Old Private Sector Banks (emerged before 1968)
- New Private Sector Banks (emerged after the 1990s)
 Old Private Sector Banks are those private sector banks that existed at the time of
nationalization.
 The Reserve Bank of India issued guidelines for the establishment of new private sector
banks in India in 1993.
 The majority of a bank's share capital is held by private individuals. These banks are
set up as limited-liability corporations.

4. GOVERNMENT SECTOR BANKS

Public Sector Undertakings (Banks) are a significant category of government-owned banks in
India, where the Ministry of Finance of the Government of India or a State Ministry of Finance
of one or more Indian State Governments holds a majority interest (i.e., more than 50%). These
government-owned banks have their shares listed on stock markets. Their primary goal is social
welfare. India, like any other nation, needed a strong and effective financial system to handle
the various demands of credit and development as it started on a path of planned economic
progress immediately after gaining independence.
It employed a diversified pattern of economic development and built a financial structure to
support it in order to accomplish this goal. There aren't many examples of success like it in the
globe, especially in terms of making banking accessible to the general public and changing the
financial system into a potent tool for promoting public policy. Impressive was the banking
system's quick expansion in terms of presence and penetration in the two decades that followed
bank nationalisation in 1969. 90% of the nation's banking activity was under the hands of public
sector banks by the 1990s.

1.2 HISTORY OF INSURANCE POLICIES:

In India, the history of insurance finds its roots in the mentions of the writings of Manu (Manusmrithi),
Kautilya (Arthasastra) and Yagnavalkya (Dharmasastra). The writings suggest pooling of resources
that could be re-distributed in times of calamities like epidemics, floods, fire, famine, etc. Ancient
Indian History has preserved the earliest traces of insurance as in the marine trade loans and carriers’
contracts. In all, the insurance sector in India has taken its shape inspired by the other countries,
especially, from England.

Establishment - Insurance Industry

The advent of the life insurance business in India was introduced in 1818 with the establishment of the
Oriental Life Insurance Company in Calcutta. However, the company failed in 1834. The Madras
Equitable had begun transacting life insurance business in the Madras Presidency in 1829.

History of Insurance - Timeline

Year Event

1818 Life Insurance business introduced in India through Oriental Life Insurance
Company (Calcutta)

1829 Madras Equitable started transacting life insurance in the Madras Presidency

1834 Failure of the Oriental Life Insurance Company

1870 British Insurance Act enactment

1871 Set up of Bombay Mutual

1874 Set up of Oriental

1897 Set up of Empire of India

1914 Government of India published returns of the Insurance Companies in India

1928 Indian Insurance Companies Act enactment to enable the government to collect
statistical data about the life and non-life business transacted in the country by both
Indian as well as foreign insurers.

1938 Consolidation of the earlier legislation and amendment of the Insurance Act

19th January Insurance of an ordinance to nationalize the life insurance sector and the LIC (Life
1956 Insurance Corporation) was set up

1907 Indian Mercantile Insurance Ltd. was wet up

1957 Formation of the General Insurance Council

1968 Amendment of the Insurance Act to regulate the investments and set minimum
solvency margins
 1972 General Insurance Business (Nationalization) Act passed

1971 General Insurance Corporation of India incorporated as a company

01st January Insurance business nationalized

1973

1993 RN Malhotra committee formed to propose recommendations for reforms in the

insurance sector in India

1999 Insurance Regulatory and Development Authority (IRDA) established

2000 IRDA incorporated as a statutory body

August 2000 IRDA opened the market with the invitation for application for registrations

December Subsidiaries of the General Insurance Corporation of India were restructured as

2000 independent companies

GIC was converted into a national reinsurer

July 2002 Bill to de-link the four subsidiaries from GIC passed in parliament

Presently 34 general insurance companies including the Export Credit Guarantee Corporation
of India (ECGC) and Agriculture Insurance Corporation of India and 24 life
insurance companies are operational in India

1.3 TYPES OF INSURANCE POLICIES:

Unforeseen expenses are a cruel reality of life. Even if you believe that you are financially secure, an
unanticipated or sudden expense might seriously undermine this confidence. You could become
indebted as a result of such situations, depending on the severity of the emergency. Insurance policies
provide some support to reduce financial exposure from unanticipated events, even though you cannot
prepare ahead for eventualities stemming from such situations. It does not assist to merely be aware of
the various insurance coverage. You should learn how each of these strategies functions instead.
Without sufficient information about each of them, you might not be able to safeguard your assets and
the financial security of your family.

LET’S HAVE A DETAIL STUDY OF MOST PREFERRED, DIFFERENT TYPES OF

INSURANCE POLICIES

1. Life Insurance

A policy or cover known as life insurance allows the policyholder to guarantee the financial security
of his or her family members after passing away. Let's say you are the only source of income for your
household, providing for your partner and kids. Your passing would ruin the family financially in such
a case. By providing your family with money in the event of your demise, life insurance policies
prevent such a thing from happening.

Types of Life Insurance Policies

When it comes to life insurance, there are essentially seven different types of insurance policies. Which
are:

1. Term Plan:

A term plan's death benefit is only available for a certain time, such as 40 years from the date
the insurance was purchased.

2. Endowment Plan:

Endowment plans are life insurance policies in which the insurance company invests the
remaining premium money while you pay a portion of the death benefit. Endowment policies
can provide a variety of benefits, including periodic bonuses, maturity benefits, and death
benefits.

3. Unit Linked Insurance Plans or ULIPs :

Similar to endowment plans, unit linked insurance plans (or ULIPs) allocate a portion of your
insurance premiums to mutual fund investments and the remainder to the death benefit.

4. Whole life insurance:

As the name implies, these policies provide life insurance throughout the duration of an
individual's life, as opposed to a predetermined term. Some insurers might cap the length of
entire life insurance at 100 years.

5. Child's Plan: An investment and insurance policy that offers your kids lifetime financial
support. After the passing of parents, the death benefit is provided as a lump sum payout.

Retirement Plan: Pension plans, also referred to as retirement plans, combine insurance and
investing. A portion of the premiums is used to fund the policyholder's retirement corpus. After
the policyholder retires, they can get this as a lump sum or a regular payment.

Benefits of Life Insurance

If you possess a life insurance plan, you can enjoy the following advantages from the policy.

1. Tax Benefits –

If you pay life insurance premiums, you are eligible for tax benefits in India, under Section
80(C) and 10(10D) of the Income Tax Act. Thus, you can save a substantial sum of money as
taxes by opting for a life insurance plan.

2. Encourages Saving Habit –

Since you need to pay policy premiums, buying such an insurance policy promotes the habit
of saving money.

3. Secures Family’s Financial Future -

 The policy ensures your family’s financial independence is maintained even after your demise.

4. Helps Plan Your Retirement –

Certain life insurance policies also act as investment options. For instance, pension plans offer
a lump-sum payout as soon as you retire, helping you to fund your retirement.

2. Motor Insurance

Motor insurance refers to contracts that provide financial support in the event that your car or
motorcycle is involved in an accident. Three sorts of motorised vehicles are eligible for motor
insurance, including:

Four-wheeler vehicles - That are privately held are protected by this type of insurance.

Two-wheeler Insurance - These plans cover privately owned two-wheeled vehicles, such as bicycles
and scooters.

Insurance for commercial vehicles is required if you possess a vehicle that is utilised for business
purposes. These policies make sure that your company vehicles stay in excellent condition, which
greatly lowers losses.

Motor Insurance Policy Types

Motor insurance policies are divided into three categories based on the level of protection or coverage
provided, namely:

Third-Party Liability: In India, third-party liability insurance is the most fundamental kind of vehicle
insurance coverage. According to the Motor Vehicles Act of 1988, it is the very minimum requirement
for all motor vehicle owners. Such policies typically have modest premiums as a result of the little
financial help. These insurance policies exclusively cover the financial obligations owed to the third
person injured in the specific accident, preventing you from having to deal with legal issues as a result
of the disaster.

Comprehensive Cover: Comparing comprehensive insurance plans to the third-party liability option,
they provide better protection and security. In addition to covering third party liability, these plans also
pay for the costs of fixing any damage an accident has caused to the policyholder's own car.
Comprehensive plans also provide a compensation in the event that your car is damaged as a result of
a fire, an accident, a natural disaster, a riot, or any similar event.

Own Damage Cover: Own Damage Cover is a specialized type of auto insurance that is provided to
customers by insurance companies. Additionally, you can only use this type of coverage if you bought
your automobile or two-wheeler after September 2018. The automobile must be brand-new and not
used. Additionally, keep in mind that only drivers who already have third-party liability vehicle
insurance policies are eligible to use this standalone own damage coverage. You essentially get the
same benefits from own damage cover as from a comprehensive policy without the third-party liability
coverage.

Benefits of Motor Insurance Policies

Meets All Third-Party Liability – If you cause property damage or personal injury to a third party while
operating a vehicle, your insurance coverage will assist you in efficiently covering your financial losses.

Financial Support for Your Own Vehicle's Repair - After collisions, you must spend a lot of money
fixing your own car. Insurance policies restrict these out-of-pocket costs, enabling you to start repairs
right away.

Theft/loss coverage - If your car or bike is stolen, your insurance policy will assist you in recovering
some of the on-road cost. If your car has been in an accident and is beyond repair, you can anticipate
receiving comparable assistance.

3. Health Insurance

A sort of general insurance known as "health insurance" offers policyholders financial support when
they are admitted to hospitals for treatment. Additionally, some plans also cover the cost of therapy
received at home, either before or after admission to a hospital. Purchasing health insurance is
becoming essential due to India's soaring medical costs. However, take into account the numerous
kinds of health insurance plans offered in India before moving forward with your purchase.

Health Insurance Policy Types

In India, there are eight primary categories of health insurance policies. As follows:

Individual health insurance: These are medical insurance policies that cover only the policyholder.

Family floater insurance: With this type of policy, you may cover every member of your family's
medical expenses without having to purchase individual policies for each one. One such family floater
policy typically allows for health coverage for the husband, wife, and two of their children.

Critical illness cover: When the policyholder is identified as having one or more specified, chronic
conditions, these specialised health plans offer considerable financial help. These plans, as opposed to
standard health insurance policies, pay a lump payment after such a diagnosis.

Senior Citizen Health Insurance : As the name implies, these plans are tailored exclusively for people
60 years of age and older.

Group health insurance : These plans are typically provided to employees of a business or organisation.
According to the ability of the organisation to retain employees, older beneficiaries may be removed
and new beneficiaries may be added.

Maternity Health Insurance: These plans provide coverage for prenatal, postpartum, and delivery-
related medical costs. It protects both the mother and the child.

Benefits of Health Insurance

Medical Coverage - The main advantage of this type of insurance is that it provides financial protection
against medical expenses.
Cashless Claim - You can take advantage of the cashless claim benefit if you receive treatment at one
of the hospitals that has a partnership with your insurance company. This function makes sure that
your insurer and the hospital directly negotiate all medical bills.

Tax Benefits - Tax benefits are available to anyone who pay for health insurance premiums. One may
receive a tax credit of up to Rs. 1 lakh on the premiums they pay for their health insurance policies
under Section 80D of the Income Tax Act.

4. Travel Insurance

One must remember to study more about travel insurance policies when discussing the various
insurance products. Such policies guarantee a traveler's financial security while on a trip. Therefore,
travel insurance is a temporary form of protection when compared to other insurance products. Travel
insurance may give financial assistance in a variety of situations, including lost luggage, trip
cancellation, and more, depending on the service you choose.

Types of Travel Insurance

Domestic Travel Insurance: This type of travel insurance plan will protect your finances while you are
travelling throughout India. However, such a policy would not be helpful if you intended to travel
outside the country for a holiday.

International Travel Insurance: If you are leaving the country, be careful to choose a policy that covers
travel abroad. It enables you to pay for unanticipated costs that can occur during your vacation, such
as medical crises, lost baggage, passport loss, etc.

Home Holiday Insurance: Home-based vacation insurance When you go on vacation with your family,
your house is not watched after or secured. Burglary is always a possibility, which might result in large
losses. Thankfully, you are financially protected from such occurrences with home vacation insurance
plans, which are sometimes bundled with travel insurance policies.

Benefits of Travel Insurance

Baggage Loss/Delay - Travel insurance enables you to make a claim for financial help in the event of
a delay or the loss of luggage while travelling. Some of the necessities can be purchased with this sum.

Recover Lost Travel Documents - A passport and visa are necessary for travel abroad. By choosing
international travel insurance, you may be sure that you have the resources to reapply for temporary
or replacement documents as needed.

5. Property Insurance
Through property insurance plans, you can insure any building or immovable object. This could be
your home or a business location. You can ask the insurance company for financial aid if such a
property is damaged in any way. Remember that such a plan also financially protects the inside of the
property's content.
Types of Property Insurance in India
In India, the following kinds of property insurance plans are offered:
Home insurance: Home insurance protects you from any financial obligations that may result from
harm to your house or its contents caused by fires, burglary, storms, earthquakes, explosions, and other
unforeseen disasters.
Shop insurance: If you run a store that provides you with money, it is essential to safeguard yourself
from any resulting financial liability. With these policies, you can quickly start repairs to the shop
regardless of whether the obligation arises as a result of accidents or natural disasters.
Office Insurance: Office insurance is a different kind of property insurance coverage that guarantees
the office structure and all the equipment inside are well-protected in the event of unanticipated
catastrophes. In general, offices contain pricey furnishings like computers, servers, and a lot more. So,
taking advantage of these plans is crucial.
Building insurance: Choosing home insurance may not be enough if you own a complete building.
Alternatively, you can buy building insurance to cover the entire premises.
Benefits of Property Insurance
Protection from Fires - Although an insurance policy cannot stop a fire, it can reduce the financial
consequences of one.
Burglaries - A policy like this is essential to protect financial security if your property is located in a
neighborhood that is prone to theft and burglaries.
Floods - Floods are a common occurrence in some areas of India. These floods have the potential to
cause serious losses to your property. Property insurance also offers protection from such occurrences.
Natural Calamities - The plan also provides financial assistance for damage brought on by hurricanes,
earthquakes, and other calamities.
6.Fire Insurance
Insurance against fire can help to reduce the risk of property loss brought on by unintended or
accidental fire. A fire insurance policy covers the loss that the insurer might experience as a result of
fire-related destruction of or damage to property or goods for a predetermined amount of time.
Types of Fire Insurance
Valued Policy: This is a fire insurance policy in which the insurer agrees to make payments in the
event that property is destroyed by fire.
Specific Policy: This fire insurance policy covers a risk for a given sum of money. In the event of a
loss covered by this insurance, the insurer covers the full loss amount. It does not exceed the amount
mentioned in the policy. Therefore, the property's worth is not taken into account for this reason.
Average Policy: This type of fire insurance is covered if the property is underinsured, or if the
insurance coverage is for less money than the actual worth of the property.
1.4 BANCASSURANCE:
A collaboration between a bank and an insurance business (both life and nonlife) is known as
bancassurance. In this arrangement, the bank gives the insurance firm a platform to market its goods
and services. For a fee-based, risk-free income, banks provide insurance companies with access to a
sizable database of their clientele in the context of bancassurance. This investigation aims to clarify
the potential of concepts and tactics for bancassurance as a non-interest income source India has the
largest banking system, yet it also has the lowest penetration and density of insurance. It highlights
some of the potential difficulties in general as well as specific bank issues, as well as the existing
tendency in banks managing insurance goods, which has hurt bancassurance.
If done correctly and implemented successfully, bancassurance could benefit all parties, including
banks, insurers, and customers.
Benefits for Banks
• The employees' productivity rises.
• By offering both services to customers under one roof, businesses may raise customer retention rates
and increase overall customer satisfaction.
• Increasing asset return through the development of fee income from the sale of insurance products.
• Can use in-person interactions and knowledge of clients' financial situations to offer insurance
products.
• Insurance goods, such as term insurance products, can be cross-sold by banks with loans.
Benefit to Insurers
An advantage for insurers is that they can use the banks' enormous branch network to distribute their
products. Rural areas can benefit from the expansion of bank branches by using the services that
• Consumer data, including financial condition, spending patterns, investment, and purchase capacity,
can be used to build products and market them appropriately.
• Because banks have already established relationships with customers, a high lead-to-sale conversion
rate is predicted. Additionally, dealing with the service component is simple.
Benefit to Consumer
• Financial services including banking, mutual funds, personal loans, and other services are all offered
under one roof, including insurance services.
• A greater level of convenience for the insured.
• Filing claims is easy.

1.5 STUDY ON PRIVATE INSURANCE BANKS:

What are Private Sector Banks?
Instead of the government, businesses or individuals manage the private sector. Its various forms
include partnerships, corporations, and sole proprietorships. The business owners, stockholders, bank
loans, or any combinations of the aforementioned, provide the capital for private businesses. The
fundamental goals of the private sector are profit maximization and acting in the interests of
stakeholders, in contrast to the public sector, which is run by the government.
Private Insurance Banks
Private insurance businesses in India, particularly those in the non-life industry, have recently been
functioning well. All of India's non-life insurers contributed gross premiums totaling INR 6506.51
crores in April 2012. The amount was INR 2819.48 crores for non-life insurance companies in the
private sector, which was 20% more than the amount for April 2011.
The non-life insurance industry underwrote gross premiums totaling INR 4880.81 crores in May 2012.
2044.32 crores of this total were accounted for by private groups.
The Insurance Regulatory and Development Authority (IRDA) has informed that in India, foreign
companies can only form joint ventures with Indian companies. The list of the approved private life
insurance companies operating in India and details of their joint venture partners company-wise, year-
wise and State-wise details of registered office are enclosed below.
This is the list of Top 10 Private Insurance Banks

List of Private Insurance Companies

Sl. Insurers Foreign Partners Reg Date of Year of Registered
No. n Registratio Operatio Office located in
No. n n (City/State)
1. HDFC Standard Life 101 23.10.2000 2000-01 Mumbai
Standard Life (Mauritius (Maharashtra)
Insurance Co. Holdings), 2006
Ltd. Ltd.
2. Max Life Mitsui Sumitomo 104 15.11.2000 2000-01 Mumbai
Insurance Co. Insurance co.Ltd, (Maharashtra)
Ltd. Japan
3. ICICI- Prudential 105 24.11.2000 2000-01 Mumbai
Prudential Life Corporation (Maharashtra)
Insurance Co. Holdings Ltd , UK
Ltd.
4. OM Kotak Lif Old Mutual Plc,, 107 10.01.2001 2001-02 Mumbai
e Insurance South Africa (Maharashtra)
Co. Ltd.
5. Birla Sun Life Sun Life Financial 109 31.01.2001 2000-01 Mumbai
Insurance Co. (India) Insurance (Maharashtra)
Ltd. Investment Inc,
Canada
6. Tata-AIG Life American 110 12.02.2001 2000-01 Mumbai
Insurance Co. International (Maharashtra)
Ltd. Assurance
Co.(Bermuda Ltd.)
7. SBI Life BNP 111 29.03.2001 2001-02 Mumbai
Insurance Co. Paribas Cardif, (Maharashtra)
Ltd. France
8. ING Vysya Li ING Insurance 114 02.08.2001 2001-02 Bangalore
fe Insurance International B.V., (Karnataka)
Co. Ltd. Netherlands
 9. Bajaj Allianz Allianz, SE 116 03.08.2001 2001-02 Pune (Maharashtr
Life Insurance Germany a)
Co. Ltd.
10. Metlife India Metlife Internation 117 06.08.2001 2001-02 Bangalore
Insurance Co. al Holdings Inc, (Karnataka)
Ltd. USA

1.6 STUDY ON PUBLIC INSURANCE BANKS:

What are Public Sector Banks?
Public sector banks, sometimes known as nationalized banks, are those in which the government has
kept a majority stake primarily for the benefit of the general public. In order to enter the banking
industry after gaining independence, the Indian government began the nationalization of the Imperial
Bank of India in 1955. The State Bank of India was given a new name by the Reserve Bank of India,
which acquired 60% of the stock. India's government nationalized 14 additional banks in 1969. The
public sector banks had tremendous expansion in the final decade of the 20th century. The development
of the public sector banks was impacted by numerous political shifts in the early 21st century, and
these banks reported significant losses.
Public Insurance Banks
Indian Life Insurance Corporation
By combining 243 Companies under the Insurance Act of 1956, an Act of Parliament, LIC of India
was established on September 1st, 1956. The Insurance Act of 1938, the LIC Act of 1956, the LIC
Regulations of 1959, and the Insurance Regulatory and Development Authority Act of 1999 all govern
LIC. As of the end of March 2016, LIC has 73 customer zones, 1401 satellite offices, 1240 mini offices,
8 zonal offices, 113 divisional offices, 2048 branch offices, and 8 customer zones across India.
Top 10 Public Insurance Banks
S. No. Bank Name Headquarter Establishment Year
1 Bank of Baroda Vadodara, Gujrat 1908

2 Bank of India Mumbai, Maharashtra 1906

3 Bank of Maharashtra Pune, Maharashtra 1935
4 Central Bank of India Uttar Pradesh 1911
5 Canara Bank Bengaluru, Karnataka. 1906
6 Indian Bank Chennai, Tamil Nadu 1907
7 Indian Overseas Bank Chennai, Tamil Nadu 1937
8 Punjab National Bank New Delhi, Delhi 1894
9 Punjab and Sind Bank New Delhi, Delhi 1908
10 State Bank of India Mumbai, Maharashtra 1955

1.7 REVIEW OF LITERATURE:

A literature review is a piece of academic writing that contextualizes and demonstrates knowledge of
the academic literature on a given subject. It is considered a literature review rather than a literature
report because it also involves a critical assessment of the sources. It is both a method of reading and
writing about the literature. Think of television or movie reviews to demonstrate the distinction
between reporting and reviewing. These articles provide information like a concise overview or the
major themes of the movie or show in addition to the critic's personal assessment.

Dr. P.K. Gupta (2000), in the article named “Exploring Rural markets for Private Life Insurance
Players in India” has tried to examine the present state of affairs of rural life insurance in India and
attempts to explore the causes, which led to poor penetration of rural life insurance markets for which
a survey of 2000 sample of rural customers was been conducted to examine their perception and
attitude towards buying life insurance products. The study bought out interesting facts to lights like
rural households with head of the family more educated but with less family income are more likely
to purchase a life insurance policy than those with better social security but lesser education & rural
customers consider safety of invested funds as the most important factor in buying a life insurance
followed by claims settlement and assistance in policy purchases. On the distribution side the research
stated that a firm belief among the insurance companies is that agents are best suited for tapping the
rural segments. But the research concluded that the keys to success in insurance penetration in rural
areas for private players are accessibility, reasonably priced products, effective communication and
after-sales service.
Anshuja Tiwari, (2012) evaluated bancassurance model of distribution of insurance services has been
discussed with reference to lift insurance industry. Insurance sector was opened up in the year of 2000.
Before that only individual insurance agent was allowed to sell life insurance products But catering
the need of industry IRDA introduced several other distribution option like corporate agent, broker,
direct selling and bancassurance.
Bidyadhar Padhi, (2013) emphasized the role and performance of private insurance companies in
Indian Insurance Sector after opening up of the sector in 1999 has been examined and studied. Before
liberazation, LIC & GIC had monopoly over the Sector. But in the period of 2001 to 2012. 23 private
insurance companies in life insurance sector and 28 private companies in General insurance sector
started the business.
Bhagabat Barik, (2014) A general study of life insurance sector in India has been done. Life insurance
is not merely an investment but it is a protective tool. The protection of human being against calamities
and financial compensation in term of death is the basic idea of life insurance. Insurance is the fastest
growing industry in the country.
B. Muthukrishnan, (2013) accessed health insurance sector in India has been done. There is very less
penetration of health insurance. Only 3% of the population has got some what health insurance.
Unfortunately health insurance is purchased only to save income tax. The reason behind this is ver y
poor level of awareness about health insurance products.
 CHAPTER 2
RESEARCH DESIGN AND METHODOLOGY

2.1 INTRODUCTION:
Insurance industry worldwide a massive industrial complex is critical. In this century, economic
activity continued to be shaped so that the insurance cover is hard to impress. Insurance industry as a
valuable foundation for the economy of any country is known. Private banks have increased the level
of competitiveness, which is growing. Every business strives to incorporate new inventions and unique
product features to draw clients in order to satisfy the needs of the market. This research paper attempts
to study the Private Life Insurance Companies in India and also compare it with Public Insurance
Companies with the perception of customers in terms of service quality and analyze the performance
of public and private life insurance companies in India. Additionally, it contains a selection of
definitions and implications for a better comprehension of the insurance sector and defines the tactics,
difficulties, problems, and challenges in the life insurances provided. This research also defines the
history, reasons, pictures, forms of insurance, insurance marketing, and marketing tactics relevant to
the economic role of insurance.
2.2 RESEARCH METHODOLOGY:
Research methodology refers to the precise procedures or techniques used to collect, select, process,
and analyse data related to a topic. The reader has the opportunity to evaluate the study's general
validity and dependability in the methodology part of a research paper. The research method acts as
data collection, measurement, and analysis instructions. The study's overall operational structure, or
framework, outlines what information must be acquired from which sources and how. In this chapter,
which also emphasizes elements of the methodology employed to carry out the inquiry, the design or
plan of the study is described. It is consequently an important part of the research study and must be
planned and carried out carefully in order to make an accurate judgement and create appropriate and
proper outcomes. details on the Age, gender, the sample size, the format and kind of data collection,
the instruments and techniques used to gather the data, the statistical techniques used to analyze the
data, etc. In order to achieve the goals and test the hypotheses that were said to fit with them, the
following study strategy was followed.
2.3 RESEARCH STRATEGY:
The research plan establishes the overall study plan. It includes the method utilized to do research and
is one of the elements of research methodology. Based on the objectives and research questions,
available time and resources, and other factors, the best research approach must be chosen. available,
the researcher's philosophical foundations, and the depth of the corpus of existing knowledge in the
topic. Surveys are used to collect information that can help research teams make decisions on sample
selection, questions, and themes. It is a practical tactic that makes it simpler to gather lots of data from
many sources. The research plan establishes the overall study plan. It includes the method utilized to
do research and is one of the elements of research methodology. Based on the objectives and research
questions, available time and resources, and the researcher's philosophical foundations, and the depth
of the corpus of existing knowledge in the topic and other factors, the best research approach must be
chosen Surveys are used to collect information that can help research teams make decisions on sample
selection, questions, and themes. It is a practical tactic that makes it simpler to gather lots of data from
many sources. A range of criteria, including gender, age, race, sexual orientation, socioeconomic class,
and demographic questions, could be used to choose respondents. These inquiries come first in the
majority of surveys. If a researcher is unclear on the focus group format to use, They might need to
know whether the use is homogeneous or heterogeneous. Action research is a systematic study that
aids in solving everyday issues. This study aims to take into account complicated dynamics in all social
contexts. Continuous cycles of designed research work to find solutions to problems that arise in
specific contexts and locations enable the development of policies that enhance productivity and
effectiveness in social organisations and agencies, human and health services, businesses, and
educational institutions.

2.4 RESEARCH DESIGN:

Research Design is a Blue Print of a Research Study.
Descriptive and exploratory research designs
Design of Exploratory Research: Exploratory research's primary objective is to, as its name implies,
examine a problem to learn more about it and acquire fresh viewpoints for a more in-depth analysis.
The examination of notions and ideas is its main objective. The exploratory research design is suitable
for studies that can be flexible enough to give researchers the opportunity to look into all aspects of a
subject. Currently, the study process is fluid and unstructured, and the required data is only vaguely
defined. It is used when you need to precisely characterize the issue, identify viable solutions, generate
a hypothesis, gather further information before establishing a strategy, and set priorities for further
study.
Descriptive Research Design: Descriptive research refers to a particular type of scientific research
study that is concerned with outlining the characteristics of a certain person or group. It entails research
on certain hypotheses, traits or roles of people or groups, the recounting of events, Descriptive research
aims to collect detailed and accurate data for the study; as a result, the approach must be carefully
considered. It is important for the researcher to identify exactly what they want to measure.

2.5 OPERATIONAL DEFINITION OF VARIABLES:

The different variables studied in the investigation are operationally defined as :
1. Insurance Sector
Companies that provide risk management through insurance contracts make up the insurance
sector. The fundamental idea behind insurance is that one party—the insurer—will make a
financial commitment to cover a future catastrophe that is uncertain. In the meantime, another
party—the insured or policyholder—pays the insurer a lower premium in exchange for that
security against that hazy future event. Insurance is viewed as a sector by investors as a stable,
slow-growing investment. Despite the fact that it is not as prevalent as it once was, this image
nevertheless holds true when compared to other financial industries. In simple terms The
organizations and individuals who create, market, manage, and regulate insurance policies
make up the insurance sector. The insurance sector controls the risk posed to individuals and
organizations by the perils of their current situation. A defense against life's uncertainties are
insurance policies.
 2. Insurance Bonuses
The premiums that policyholders pay for life insurance plans are the insurer's asset. It is
employed to run the company and cover death benefits if needed. However, the corporation
invests a sizable amount of the wealth in stocks, bonds, and other profitable financial ventures.
The policyholders are given a bonus out of the excess that the earnings have over the liabilities.
Typically, it is given out at the conclusion of each fiscal year. Not all insurance policies are
eligible for bonus payments. There are insurance that are guaranteed "with profit" and "without
profit." According to logic, the premium for such "with profit" insurance is typically larger in
comparison.

3. Insurance Premium
The money paid by an individual or company for an insurance policy is known as the insurance
premium. Insurance premiums are paid for life, vehicle, home, and health insurance coverage.
The insurance firm receives income from the premium once it is earned. It also entails a liability
because the insurer is obligated to provide coverage for any claims brought up in relation to
the policy. The policy may be cancelled if either the individual or the business fails to pay the
premium. Depending on the insurance, certain premiums are paid on a quarterly, monthly, or
semi-annual basis. You might get low prices by comparing insurance quotes.

4. Deductible
The sum of money you must contribute to an insured loss is known as a deductible. The
deductible is deducted, or "subtracted," from the amount your insurance contributes to a claim
when a calamity strikes your house or you are involved in an automobile accident. Risk is
divided between you, the policyholder, and your insurer through deductibles. Generally
speaking, you pay less in premiums for an insurance policy the higher the deductible is. A
deductible can be a set monetary amount or a percentage of the entire insurance coverage
provided by a policy. On the declarations (or front) page of typical homeowners, condo owners,
renters, and vehicle insurance policies, you can find the terms of your coverage, which
determine the amount.

5. Coinssurance
Coinsurance is the sum that an insured must contribute to a covered claim after the deductible
has been met. It is typically represented as a fixed percentage. It frequently occurs in health
insurance. Coinsurance clauses are included in several property insurance plans. The amount
of coverage that the property owner is required to have for a structure in this instance is known
as coinsurance.
2.6 THE PROBLEM:
The area of Research is, “ A Study on Insurance Policies in Private Sector Banks with reference to
HDFC Bank.”

2.7 STATEMENT OF THE PROBLEM:

The lack of knowledge regarding insurance policies among the population is the study's main concern.
What are plans of insurance? Which bank do you choose for insurance coverage? What kind of
insurance coverage is ideal? Are all of the issues addressed in the study. The general public has to be
aware of the distinctions between the services offered by private insurance companies and public
insurance companies. The distinctions include:
1. In comparison to public insurance banks, private insurance banks offer better customer service.
2. In contrast to public insurance banks, private insurance banks provide greater policy security.
3. Private sector banks offer superior offers, flexibility, and bonuses to public insurance banks.
Many people are unaware of the benefits and services offered to them, thus they frequently lose out on
them. A lot of individuals claim that investing in insurance is not wise. Since insurance does not
directly pay out, As a result, people favour other assets over insurance. Two factors account for
people's preference for other investments:
1. Unlike insurance polices, the return in other investments is on spot price and is quite quick.
2. When compared to investing the insurance policy, thereis an increase in returns is greater.

2.8 SCOPE OF THE STUDY:

Conceptual Scope
A conceptual scope is an analytical tool with several variations and contexts. It can be applied in
different categories of work where an overall picture is needed. It is used to make conceptual
distinctions and organize ideas. The study's primary objective is to compare the insurance plans offered
by private insurance banks and public insurance banks. The thorough approach is to be aware of the
significance of insurance plans on a larger scale. Basically, it A conceptual framework for this study
outlines how the variables of people with insurance and those without it should be contrasted with one
another. It describes how the relevant goals of your research process fit together to produce logical
findings.

2.9 GEOGRAPHICAL SCOPE:

Navi Mumbai - A planned city named Navi Mumbai has been established as a rival to Mumbai. It
was designed as an independent, self-sufficient metropolis. It is the largest, most modern city in the
world with the best planning. Navi Mumbai is a planned city that has been made to compete with
Mumbai. It was designed as an independent, self-sufficient metropolis. The world's largest, most well-
planned, most modern city is this one. Navi Mumbai has been developed as an environmentally
friendly, lovely, manicured area with parks, gardens, and promenades in addition to waterfronts. About
half of Navi Mumbai is made up of rocky terrain, lakes, and green spaces that have been carefully
conserved.

2.10 OBJCTIVES OF THE STUDY:

1. The main objective of the study is to examine the Insurance Policies in Private Sector Banks
with reference to HDFC Bank.
2. To study the different types of Insurance policies.
3. To differentiate the services provided by Private Insurance Bank and Public Insurance Bank.
4. To detail study the insurance policies of HDFC Private Insurance Bank.
5. To analyze the awareness of the insurance policies among the different age and income groups.
6. To determine the Tax Benefits on Insurance policies.
7. To understand why investing in insurance policies is a valuable investment.
8. To understand the objectives of different Insurance policies.

2.11 SAMPLING DESIGN:

The sampling strategies employed include probability-based stratified random sampling and cluster
sampling. The stratified method is used to divide a population into smaller groups, known as strata.
Depending on the people included in them sharing a specific quality or characteristic, random sampling
approach. The population is divided into several strata or groups based on designation, age, gender,
and other variables. Each stratum is randomly sampled in an amount proportional to its size in relation
to the population. The population is segmented into clusters or groups, and a sample is then chosen in
accordance with the clusters or groups by the researcher. Cluster sampling, often known as area
sampling, is the term used to describe this method.
100 Respondents from different socioeconomic classes in Navi Mumbai were randomly chosen for the
current study's primary data collection. Additionally, the researcher has separated into numerous
groups based on distinct Navi Mumbai zones using cluster sampling.

2.12 METHODS:
The research methods carried out for Data collection of thee following study.
DATA COLLECTION

PRIMARY DATA SECONDARY DATA

1.Questionnare 1. Reference Books
2. Educational Websites
3. Magazines
4. Research Report
5. Newspapers
1. Primary data: The study makes considerable use of primary data. This primary data was primarily
gathered through questionnaires that were meticulously constructed. Then extensive explanations
followed the survey of the responders. 100 randomly chosen Navi Mumbai residents would be the
source of the primary data collection.
2. Secondary data: Information from books, magazines, websites, newspapers, research reports, and
websites will be used to support the study. Additionally, certain secondary data are used in this report.
3. Statistical Technique of analysis of data: Tabulation and Chi square test is used to test the hypothesis
2.13 THE HYPOTHESIS OF THE STUDY
Hypothesis1:
H0 : There is no Person Preferring an Insurance Policy.
H1 : There are persons Preferring an Insurance Policy.

Hypothesis2:
H0 : There is no Investment opportunity in an Insurance policy.
H1 : There is an Investment opportunity in an Insurance policy.
 CHAPTER 3
CONCEPTUAL FRAMEWORK
3.1 CONCEPTUAL FRAMEWORK:
A conceptual research framework describes the topic under study by fusing the researcher's earlier
works with relevant literature. It meticulously outlines the stages needed during the process using data
from relevant ongoing research and other academics' viewpoints on the issue of the investigation for
the study.
Below is a plan for creating a conceptual research framework.
1. Decide on a study topic: Before you started working on compiling any research materials, you should
have decided on a research topic. The topic should be determined in advance and should relate to your
expertise.
2. Obtain relevant literature: Once you've decided on a focus, you should gather relevant information
about it. The success of your research will depend greatly on this phase because conceptual research
frequently uses data from earlier investigations. The collection of relevant literature and data is the key
to successfully completing the research in this scenario. The best sources to consult are scientific
journals, reputable scientists' research articles, and comparable sources. Both the internet and public
libraries are great places to find information.
3. Specify the variables: List the factors that are relevant to the research study you want to conduct.
These elements can broaden the scope of your investigation and reveal how it relates to other fields of
study.
4. Create the framework: In this stage, you start putting the framework together using the various
variables that you pulled from relevant scientific articles and other sources. The problem statement for
your research serves as its framework. Your original hypothesis is the basis of each research project.
try to start answering the question. The study's objective is to fill the knowledge gap and enhance the
amount of reliable and pertinent data that is available.

3.2.1 NEED OF INSURANCE POLICIES:

As long as there has been trade and business in the developed world, insurance has been necessary.
Risk is a part of life, business, trading, etc. Its safety will be provided by the insurance. India's financial
system has seen the insurance sector take the lead. It has also been helping to achieve the goal of
creating a stable, effective, and efficient economic environment in India. As well meets the demands
of the country's socioeconomic goals as well as the real economy. It is one of the financial sectors in
India that is thought to be rapidly increasing as it is penetrating the interior of the economy. It has been
promoting long-term saving through insurance to aid in economic development and boost economic
growth.
3.2.2 AGE WISE POPULATION CATEGORIZATION OF NAVI MUMBAI:
AGE WISE:
1. 18 – 25 years: The adolescent phase is defined as the age range of 18 to 25. The interval
between childhood and adulthood is known as adolescence. During this stage, children grow
 emotionally and socially. Whether you pay a large premium or a low one depends on the age
at which you get an insurance. Age benefits you in many ways when you are young. Health is
the key to lower insurance rates. A 20-year-old has better health than someone twice their age,
thus they have to pay a lower premium.
2. 26 – 45 years: Middle age, the stage of human adulthood that comes just before old age.
Despite being somewhat arbitrary and varying widely from person to person, middle age is
typically seen as occurring between the ages of 26 and 45. The optimal age to purchase
insurance is when a person is no longer subject to the financial responsibilities that come with
older ages. You are given a tenure that will allow you to build a suitable nest for your future.
3. 45 – 60 years: the group of people in their late middle years, or between the ages of 50 and 60.
The age between 46 and 60 is now, When your children are self-sufficient financially, life is
simple and slow there. At this age, most people select retirement insurance plans.
4. 60 & above years: According to the World Health Organization, most industrialised nations
define old age as beginning at 60 years of age or older. As soon as a person becomes 60, he
starts to regret waiting to buy insurance. But getting insurance is something you should do at
any time.

3.3 INSURANCE PREMIUM AND FACTORS TO CALCULATE THE PREMIUM:

To obtain and maintain their insurance policy and coverage, an individual or corporation must pay the
insurance company a periodic premium in an agreed-upon sum. Insurance firms take into account a
variety of factors when calculating rates, especially in the case of life insurance. These include the
likelihood that the policyholder will file a claim, their medical history, their smoking and other lifestyle
choices, where they live, what they do for a living, and other factors.
How to Calculate Insurance Premiums?
Purchasing insurance is one of the most important financial choices someone will ever make. To be
more specific, life insurance serves as a protection for your family's well-being after you pass away.
You must comprehend the meaning of insurance premiums as a policyholder and be aware of your
unique needs in order to appropriately calculate the sum assured.
To maintain the policy in effect, premiums are required for life insurance. These insurance rates are
meticulously calculated based on a number of aspects of the insured's life. Therefore, you need to be
aware of the variables that could raise or lower the cost, including any potential discounts on insurance
premium payments. While a good insurance premium calculator is always available to figure out the
premiums, the calculating process also depends on the following factors:
 Age
 Area of residence
 Nature of employment
 Medical ailments and history
 Smoking and other lifestyle habits
 Likelihood of claims being made by the person insured
 Income
 Height and Weight
 Marital status and dependents
3.4 DIFFERENCE BETWEEN PRIVATE INSURANCE BANKS AND PUBLIC INSURANCE
BANKS:
Introduction
Public or private? Every time we need to use a significant good or service, such as seeking medical
attention, enrolling our children in school, or opening a bank account, this is one question that comes
to mind. On the one hand, while private enterprises typically provide a better user experience than their
PSU counterparts because to higher technology and process maturity, government-owned corporations
are frequently regarded as being more stable and reliable over the long term. Despite the fact that they
are more expensive, we tend to favor private service providers over public ones for things like travel,
healthcare, and education. When it comes to insurance, though, the situation is different.
Difference between a Public and a Private Sector Insurance Company
The term "private insurance companies" refers to those that are owned by private entities or funds. For
instance, HDFC Life is owned by HDFC Bank and is also listed on the stock exchange, whereas Star
Health is owned by several funds, including Safecrop Investments India LLP, West Bridge AIF, and
investor Rakesh Jhunjhunwala. These are private insurance firms, just like private banks.
The government owns and holds 100% of public sector insurance businesses, which are under the
Ministry of Finance's jurisdiction. They are not, however, charities or non-profit organizations. Their
objectives include achieving financial success, independence, and self-sufficiency.
Which insurance company offers better products - Public or Private Insurers?
In general, private sector insurers are significantly more innovative and flexible than public sector
organizations. They pick up new information rapidly and continuously develop on fresh products and
services based on user demands. Some private sector companies have alliances with multinational
insurance corporations that help our nation learn from foreign advances. Government insurance
companies frequently fall behind and only catch up with newer products after a few years.
Which insurance company provides better services to the customers?
In Private sector
Services are typically centralised and have a core service approach and technology in the commercial
sector. Since everything is system-driven, procedures can sometimes go smoothly but can also become
extremely inflexible. Simple mistakes might exist that a person with common sense could readily fix,
but the systems won't let them. Because he won't be permitted to update the system, even if a branch
manager wants to fix it, he can't.
On the other hand, government insurance businesses
Government insurance companies have advantages, but there are also drawbacks. Everything is
dependent on the person seated there. Even if you started working with someone fantastic, he might
get transferred, and another person might come in who might be awful. As a result of their greater
reliance on people, public sector businesses run a larger risk of providing subpar services.
3.5 INSURANCE POLICIES IN PRIVATE SECTOR BANKS WITH REFRENCE TO HDFC
BANK:
HDFC Life Insurance
Private corporation HDFC Standard Life Insurance Company offers clients long-term insurance
services. Hasmukhbhai Parekh established this business, which has its headquarters in Mumbai, India,
in the year 2000. The HDFC Life Insurance Company employs more than 13,771 people and is present
in more than 980 Indian cities. Additionally, it has a vast network of more than 400 branches to meet
all of the clients' insurance-related needs. Its main offerings include pensions, savings, health care,
investments, and a variety of programmes that are tailored to the needs of women and children. With
an extra 8 group products, these products comprise 37 retail items. Additionally, it provides clients
with additional optional rider advantages totaling nine. Dubai serves as the company's representative
office outside of India. Additionally, by introducing two pension plans, HDFC Life Pension Super
Plus and HDFC Life Single, it has become the first life insurance firm to offer pension plans to new
clients under the new IRDA framework.

Types of HDFC Life Insurance Plans:

Every person values the gift of life. Although life is unquestionably beautiful, it is also uncertain. No
matter who you are—a working professional, businessperson, homemaker, etc.—nobody knows what
tomorrow will bring, right? In keeping with this, HDFC Life does not believe in leaving anything to
chance. Let's now go specific about the different types of plans that are offered to help people protect
their lives as soon as possible. With excellent features and advantages, HDFC Life offers a variety of
life insurance policies, from term plans to unit-linked plans. All of these plans offer affordable
premiums and satisfy a variety of customer needs.
Let us take an in-depth understanding of the various types of plans,
1. Term Plans
The HDFC term insurance plans provide a large sum assured for a cost-effective and pocket-friendly
premium so that maximum people can avail the benefit from it. The HDFC term insurance plans are
designed in a manner that offers comprehensive coverage and life protection, which can be customized
and enhanced by option additional rider options. It also assures securing the family members
financially when you are not around. It involves
 a. HDFC Life Click 2 Protect Plus
The HDFC Life Click 2 Protect Plus is one complete protection plan i.e. term plan, which
provides comprehensive security at pocket-friendly cost through, which can protect the family
from any uncertainty that may occur at any point in time. It offers a range of additional coverage
alternatives wherein one can also customize the plans as per the needs.

b. HDFC Life Click 2 Protect 3D Plus

The HDFC Life Click 2 Protect 3D Plus plan will shield your family from making any financial
compromises. The plan provides a safety net to the family at an affordable cost. One can simply
customize the plan with a choice of a total of nine plan alternatives. Likewise, the plan also
offers to choose the policy and premium payment term. The plan also offers special premium
rates for the females and through a top-up option; one can also increase the cover each year.
As per the existing tax laws, one can also avail the tax benefits.
2. Retirement Plans
The retirement plans, also known as pension plans, that HDFC Life offers take care of post-retirement
income by providing a steady stream of annuity payments for as long as the annuitant is alive. The
following retirement plans are provided by HDFC Life:
a. Personal Pension Plans with HDFC Life
This is a single-life insurance policy with simple EMI options and adaptable premium
frequency options. The investments offer an assured reward of around 101% of the paid
premiums at the time of death or vesting and can have a term of 10 to 40 years.

b. HDFC Life Pension Super Plans

This unit-linked pension plan provides rewards to the clients after they retire. It provides a
102.5% enhanced premium distribution rate beginning in the eleventh year and vesting benefits
at maturity. With a customizable retirement date and guaranteed income on an annuity
purchased via them, it enables consumers to customise the policy's term.

c. HDFC Life Single Premium Pension Plans

It is a single premium unit-linked policy plan that aids the consumer in obtaining income after
retirement. It combines the advantages of vesting at maturity with the further benefit of
choosing a single premium with the choice of top-up premiums. It also guarantees regular
income on the purchased annuity and offers freedom to plan the retirement date suitable to the
customer.

d. HDFC Life Guaranteed Pension Plans

This in a one of a kind plan that helps the customers to save and develop their retirement fund
that can be used post retirement. It provides assured benefit of 3% of the assured sum each year
with premium payment tenure of 5, 7, and 10 years. The term of the policy ranges from 10 to
20 years and is taken on a single life basis.

3. Health Plans
The rising cost of medicine has mandated the coverage of a health plan to take care of any medical
expense which might arise if an individual suffers from any medical contingency. The company issued
various types of health insurance plans which are mentioned below:
a. HDFC Life Cancer Care Plan
This programme is a thorough cancer insurance policy that aids the client and their family in
maintaining their financial and mental stability in the event that they are diagnosed with cancer
at any stage, including early-stage and major cancer.
b. HDFC Life Health Assure Plan
The comprehensive HDFC Life Health Assure Plan covers all medical costs incurred in the
event of hospitalization. These plans typically come in two varieties: Individual and Family
Floater Plans, with Gold and Silver Option being the two main possibilities. Even after a claim
is filed, the customers are still guaranteed their payment for three additional years, and after
three years without a claim, the coverage is doubled. The method of compensation is simple
and includes a cashless claim service.
4. Savings & Investment Plans
These plans provide the facility of saving and wealth creation while at the same time providing life
insurance benefit in case of unfortunate death. The plan also earns tax reliefs and as such is great for
creating good savings corpus.
5.Child Plans
These HDFC life child plans are built with the sole aim of securing the childs future against the sudden
death of their parents.
6. Women’s Insurance Plans
These plans cater to a wide financial needs and requirements of the women’s arising at different stages
of their lives.

HDFC ERGO : General Insurance Company

HDFC ERGO General Insurance Company Ltd. is a joint venture between Munich Re Group's main
insurance company, ERGO International AG, and HDFC Ltd., India's foremost housing finance
institution. The company provides a full variety of general insurance products, including tailored
options like property, marine, and liability insurance for businesses as well as products like motor,
health, travel, home, and personal accident insurance for consumers.
Here’s the list of Insurance Plans by HDFC ERGO
1.Car Insurance
a. Comprehensive car insurance
A broad coverage auto insurance policy that protects your vehicle from several types of damage
is known as a comprehensive insurance policy. This includes damage from theft, complete loss,
natural disasters like fires, cyclones, floods, and earthquakes, as well as harm from man-made
events like riots, vandalism, and terrorism. In addition to the damages already mentioned,
comprehensive auto insurance also covers third-party liabilities, including as injury caused to
 a third party or their property as a result of the covered vehicle. If a third party dies as a result
of the insured vehicle, the third party liability insurance shields the owner from financial
obligations.

b. Third part car insurance

Third party car insurance is a fundamental type of coverage for third party liability. It offers
protection from losses your car causes to other people or their property through insurance. For
example, if you unintentionally hurt a pedestrian or damage another car, the Third-party Policy
will protect you. Third-party death-related claims are additionally protected. You are required
to obtain this fundamental automobile insurance policy for your four-wheeler under The Motor
Vehicles Act of 1988. If you don't, you could face harsh punishments.

c. Standalone own damage cover

In the event that your vehicle is damaged in an accident, a natural disaster, a man-made disaster,
a fire, etc., a standalone OD coverage shields you from financial liabilities. It also protects you
against auto theft. In contrast to third party liability insurance, own damage coverage is optional.
Adding your own damage coverage will ensure that your car is always fully covered if you
already have a third party liability policy, which is a legal necessity.

2. Health Insurance
3.Travel Insurance
a. Covers Emergency Medical Assistance
encountered an unplanned medical emergency while travelling abroad? Travel insurance is the
perfect support system for you at this difficult time thanks to its emergency medical coverage.
We have more than 100,000 cashless hospitals available to treat you.

b. Covers Travel Related Inconveniences

Flight rerouting. losing luggage financial crisis. These items can make you feel very uneasy.
But with travel insurance on your side, you may continue on without panicking.

c. Affordable Travel Security

Save money by protecting your foreign travel. The advantages of travel insurance far outweigh
the costs, with affordable premiums for every kind of budget.

d. Round-the-clock Assistance
Time zones do not interfere with a reliable travel insurance strategy. Whenever it happens to
be in your region of the world, you may always contact for trustworthy aid. Thanks to our
internal claim resolution and customer assistance system.
4.Home Insurance
Types of Home insurances provided by HDFC ERGO
Bharat Griha Raksha
The Insurance Regulatory and Development Authority of India (IRDAI) has mandated that all insurers
offer the Bharat Griha Raksha standard home insurance policy beginning on April 1, 2021. The core
concept of Bharat Griha Raksha is a home insurance policy that offers protection against loss, damage,
or destruction of the home's structure and contents due to risk of fire, earthquake, flood, and other
related perils. Additionally, Bharat Griha Raksha covers valuable home contents for up to 5 lakhs of
the insured sum.
Home Shield Insurance
Home Shield insurance offers complete protection for your possessions for up to five years against
almost all unavoidable accidents that could ruin your peace of mind. The HDFC ERGO Home Shield
Insurance offers optional covers to allow you to tailor the plan to your specific requirements while also
covering the actual worth of the property as stated in the registered agreement of the property.
These were more popular Insurance policies of HDFC ERGO. And variety of Insurance Policies are
in the list like, Cyber HDFC ERGO insurance : Protection against cybercrimes, Heavy vehicles HDFC
ERGO insurance etc.

3.6 TAX BENEFITS FROM INSURANCE:

Tax planning is extremely important and involves life insurance. According to the requirements of the
Income Tax Act of 1961, by purchasing a life insurance plan, you are eligible to deduct certain
expenses from your taxable income. This indicates that the insurance premiums you pay contribute to
a decrease in your tax obligations.
Maturity proceeds for some life insurance products are also classified as exempt incomes. This means
that, subject to Section 10's limitations, no tax is due on benefits received at maturity or at death (10D).
So life insurance policies are among the best solutions to guarantee that your family is always secured
while receiving tax advantages.
Important Sections:
Section 80C: You can claim deduction of life insurance premium paid from your taxable income as
per the provisions of Section 80C. Actual deduction is restricted to 10% of the minimum capital sum
assured or premium paid, whichever is lower. Further, the overall limit of deduction available under
Section 80C is `1,50,000/-.
Section 80CCC: You can get deduction from your taxable income towards premium paid for Pension
policies up to a limit of `1,50,000/-. Surrender of the Plan or Pensions/ Annuities received are taxable
as per prevailing tax laws.
Section 80CCE: Under this Section, the overall limit for deduction under Sections 80C, 80CCC and
80CCD(1) is `1,50,000/-.
Section 80D: You can get deduction of premium paid towards health insurance policies taken for self,
spouse, dependent children and parents. Limits are as follows:
1. `25,000 deduction is allowed for self , spouse and dependent children (Limit is `30,000 if the age of
insured is 60 years or more)
2. Additional deduction of `25,000 towards health insurance premium paid for covering parents (Limit
is `30,000 if the age of insured is 60 years or more).
Section 10(10D): Proceeds from Life Insurance policies are exempt, subject to conditions of Section
10(10D).
Section 10(10A): Payment received on commutation of a Pension policy is exempt from tax.

3.7.1 Advantages of Insurance policies:

Insurance is a method of preventing financial loss. It is a risk management method that is frequently
used to guard against the possibility of an unplanned or probable loss. The insurance firm (the insurer)
promises to compensate monetary losses brought on by insured occurrences in return for the covered
person's premium payments (the insured). A person and an insurance company have a legal agreement
known as an insurance contract (the insurer). You can be compensated for any financial losses you
could suffer as a result of unforeseen situations by transferring your risk through insurance.
Lets study the Advantages one by one:

1. Financial Support

In the event of death, a family member may be qualified to receive financial assistance via insurance.
Insurance provides financial assistance to help a firm recover and rebuild in the case of a loss. They
may be eligible for financial aid for medical care if they have health insurance.

In life, there is no such thing as a guarantee. Both a fatality and certain commercial disasters are
possible. Both of these situations make it difficult to accept the loss. As a result, insurance provides
financial protection against such an unplanned loss.

2. Insurance Decreases Risks

In exchange for reimbursement in the event of a loss, individuals pay an insurance company a
predetermined amount up to a predetermined time limit or lifetime. In both life and business, risk
cannot be completely eliminated, but it can be reduced, distributed, or shared. Insurance companies
assume risk in this situation so that they can distribute corporate and individual risk among themselves.

3. The Consistency of Living Standard

Insurance provides financial assistance when there is a chance of unforeseen losses to make sure that
people can maintain their quality of living.

4. Savings Motivation

People are encouraged to form a saving habit by paying a set amount for insurance that is based on an
agreement for a set period of time or for the rest of their lives. After learning how crucial saving is,
people begin saving in a variety of ways.

5. Jobs Opportunities

Like each other business, insurance has a successful business plan. Numerous business owners and
entrepreneurs are the target audience. As a result, the company has a lot of cash flow. They post job
vacancies based on qualifications and provide employment possibilities since they need someone to
manage and maintain cash flow and run the firm. How much an employee is paid may be based on the
adage "the harder you work, the more money you make." The sale and provision of insurance services
generates considerable earnings for insurance companies and agencies.

6. Foreign and International Trades

People were hesitant to participate in international trade in the past due to the possibility of accidents
when transporting goods by ships, roads, or other modes of transportation. However, in today's global
economy, insurance companies assume all those risks and cover losses. They also protect exporters of
goods and services against nonpaying overseas customers. Options for commercial trade insurance
include Export Credit among others.
7. Loan Resources

If a company has insurance, banks are more likely to provide it credit. No, getting a loan from a bank
is difficult for huge firms, but if you have a small business or startup and have business insurance, your
chances improve.

8. Business Stability

Even if your company suffers unanticipated losses, insurance can help with loss management. If you
offer insurance to your employees, they'll be more likely to show up for work. Therefore, insurance
promotes greater office productivity. The stability of the economy will also increase.

9. Specialization

Like other financial tools, insurance has a limited range of applications. As a result, you can use the
funds to further your original objective.

10. Tax-Free Funds

Another advantage is that insurance proceeds are typically tax-delayed. Except for employment
insurance plans, where the benefits are classified as other forms of taxable income, the benefits of the
policy and any other income you may receive are tax-free.

3.7.2 Disadvantages of Insurance Policies:

1. There Are Many Terms and Conditions in Insurance

Not all losses in a person's personal or business position are covered by insurance. Consumers are only
eligible for financial help under the terms and conditions of insurance plans. Therefore, before buying
any insurance, one must carefully read and comprehend the terms and conditions.

2. Protracted and expensive legal processes

Legal action taken in response to a claim made by an individual may take a while. As a result, it could
possibly cause issues in an emergency. Depending on the type of policy a person selects as well as
other factors, the cost of an insurance plan might constantly change; occasionally, this cost may be
larger than the Insurance assured. People must therefore be aware of the cost.

3. Fraud Agency

There are several different fraud prevention companies on the market. Before acquiring insurance,
consumers must be able to handle the situation on their own or seek professional help when selecting
insurance companies.

4. Not for everyone

The fact that some insurance, such as life and health insurance, sometimes excludes coverage for the
sick and elderly may provide a problem for some people.

5. Possible Criminal Behavior

To obtain the promised insurance money, policyholders may be coerced into engaging in fraud or other
illegal activities, which may result in civil charges.

6. Costs Go Up

Business owners constantly analyse budgets and look for ways to reduce costs. Insurance can be
expensive, especially in industries where worker's compensation injuries are common. The cost of
insurance for the construction sector is higher than the cost of insurance for accounting firms. As a
business grows, it should review its regulations to make sure they still satisfy customer needs.
Otherwise, the policy might only cover a portion of a loss, leaving the business with insufficient
coverage.

7. Additional Fees

One could also be required to pay fees on top of the premium. The broker charge is covered by this
additional expense.

8. Lack of Professionalism

Brokers providing insurance may lack professionalism. They may believe they are appearing to be
experts while attempting to con people and extort money. They might even perform their activities
without a valid licence or while using a fake insurance broker licence. As a result, before using an
intermediary service, one should demand documentation of an insurance broker licence.

9. Insurance Broker Concentrating on Making a Sale

Since they are focused on making the sale, it could be difficult to think that the insurance broker is a
reputable one. This is due to the possibility that some insurance brokers are more focused on closing
the deal than truly understanding your needs.

10. Special Offers

It's crucial to keep in mind that not every insurance broker works with every insurance provider. As a
result, there might be some restricted offerings.

3.8.1 Why to invest in an insurance policies:

It is quite important to invest in insurance for your financial stability, regardless of your age or your
professional status. Even if you and your family are financially stable, an unforeseen event can cause
financial hardship for your loved ones. You should think about buying insurance if you desire a
security blanket. Continue reading to learn the distinction between insurance and investments, as well
as what investment insurance is and its advantages. A variable universal life insurance plan, commonly
referred to as an investment insurance plan, offers the investor both financial security and growth.
There are two primary sections:

a. Insurance plan

b. Investment
In the case of investment insurance, you receive a return from your policy before the occurrence of an
unpleasant event, as opposed to a standard insurance policy, which pays benefits to you and your
beneficiary after the occurrence of an unpredictable event. As a result, you receive both a safety net
and a positive return on your assets.

3.8.2 What are the Benefits of Investment Insurance?

There are numerous benefits associated with taking an investment insurance plan. Some of them
are listed below:

1. Benefits From Flexible Premiums:

The returns will be higher the larger the premium amount. You have the choice to pay a higher
premium than the standard rate. Your fund will grow more quickly if you pay more than the
required minimum premium amount since the extra money will be added to your investment.

2. Money for Emergencies And Recreation

In addition to your insurance, making an investment can help you recover some of your money,
which you can then use to buy anything you like. Reinvesting your ROI will help you stay on
target. You can use the additional cash for leisure activities or to cover any family emergencies
that aren't covered by your insurance coverage.

3. Increased Returns

Investment insurance, as opposed to standard insurance plans, enables you to increase your
earning potential by tying some of your investments to equities and bonds, which may generate
larger sums of money.

4. No Waiver of Your Policy

The investments are subject to market conditions and carry a risk of loss. Depending on the value
of your premiums, the ROI may differ. However, neither your insurance coverage nor the
outcome of your investment will be impacted by this.
 CHAPTER 4
DATA ANALYSIS AND INTREPRETATION
4.1 Data Analysis:
Although numerous groups, organizations, and specialists approach data analysis in various ways,
most of them may be boiled down into a general description. Data analysis is the process of modifying,
processing, and cleaning raw data in order to obtain useful, pertinent information that supports
commercial decision-making. The process offers helpful insights and statistics, frequently presented
in charts, graphics, tables, and graphs, which lessen the risks associated with decision-making.
Every time we make a decision in our daily lives, we may observe a basic example of data analysis by
assessing what has happened in the past or what will happen if we take that action. In essence, this
process involves thinking about the past or future and coming to a choice.
4.2 Data interpretation:
Reviewing data and coming to meaningful conclusions using a range of analytical techniques is the
process of data interpretation. To categorise, manipulate, and summarise data in order to make wise
business decisions, researchers use data interpretation.
To undertake data interpretation, the following procedures must be followed:
1. Assembling the information, you'll need (neglecting irrelevant data) creating the preliminary
research or selecting the most crucial inputs;
2. Data filtering and sorting.
3. Drawing judgements from the data.
4. Creating suggestions or workable solutions.
To properly analyze data, people actually need to be aware of the many issues with this technique.
When two events occur simultaneously, it does not necessarily follow that one of them caused the
other.
The identification of problems and the improvement of processes are both aided by data interpretation.
It is challenging to grow and implement consistent improvements without at least some data collection
and analysis.

4.3.1 PERSONAL DISCRIPTION

1.GENDER
Interpretation: The aforementioned pie chart demonstrates the respondents Gender distribution.
And shows a Total and Percentage of the 100 respondents overall. It reveals that out of 100 responses,
59 (59%) of the Respondents are Men, and rest of 41 (41%) are Women, it shows that the survey's
respondents are Primarily Men.

2. AGE

Interpretation: The age distribution of the respondents is shown by the above pie chart. And the total
and percentage of the 100 respondents overall. According to the graph, 49 (49%) respondents are
between the age 18 – 25 years, 21 (21%) respondents are between the age 26 – 40 years, 26 (26%)
respondents are between the age 26 – 40 years and 4 (4%) respondents are 60& above Age. The
majority of respondents are from the age group 18 – 25 years.

3.AVERAGE INCOME
Interpretation: The above pie chart displays the respondent’s Average income categories. And the
sum and percentage of the 100 respondents overall. It reveals that out of 100 replies, 40 (40%) has an
average income in the range of 5000- 10000 Rs, 24 (24%) has an average income in the range of 11000
– 50000 Rs, 23 (23%) has an average income in the range of 51000 – 100000 Rs and 13 (13%) has an
average income above 100000 Rs. The majority of respondents are from the average income group
5000 – 10000 Rs.

1.DO YOU HAVE AN INSURANCE POLICY?

Interpretation: The above pie chart displays ,If the Respondent’s have an Insurance Policy. And the
Total and percentage of the 100 respondents overall. It reveals that out of 100 replies, 83 (83%) have
an Insurance Policy, whereas 17 (17%) does not have an Insurance Policy. Thus The Majority of
Respondents Have an Insurance Policy.
2.WHO INFLUENCED YOU TO GET AN INSURANCE POLICY
Interpretation: The above pie chart displays, the Source of influence on Respondents to get an
Insurance Policy. And the Total and percentage of the 100 respondents overall. It reveals that out of
100 replies, 55 (55%) are influenced by Friends, Family and colleagues to get an insurance policies,
31 (31%) are influenced bu Insurance Agents, 11 (11%) are influenced by other sourses and lastly, 3
(3%) are influenced by the Media. Thus The Majority of Respondents are influenced to Buy an
Insurance Policies by Friends, Family and Colleagues.

3.DO YOU CONSIDER INSURANCE AS AN INVESTMENT?

Interpretation: The above pie chart displays, Whether Respondents consider an Insurance Policies as
an Investment Opportunity. And the Total and percentage of the 100 respondents overall. It reveals
that out of 100 replies, 57 (57%) agree that Insurance Policies are an Investment, whereas 14 (14%)
disagree to Insurance being an investment, 23 (23%) are not sure, or confused if Insurance policies are
an investment, and 6 (6%) have no idea or are confused if Insurance policies are an Investment. Thus
The Majority of Respondents agree for Insurance Policies to be an Investment.
4.IF YOU DON’T HAVE AN INSURACE POLICY, THEN WHAT WOULD BE THE MAIN
REASON FOR YOU TO, NOT BUY THE INSURANCE?

Interpretation: The above pie chart displays, the Reason of Respondents for not having an Insurance
policies. And the Total and percentage of the 100 respondents overall. It reveals that out of 100 replies,
41 (41%) thinks Insurance Policies to be very much expensive, 30 (30%) considers it to be an
Unnecessary purchase, 29 (29%) do not believe in purchasing Insurance policies, 19 (19%) feel no
need of Insurance policies and 22 (22%) have other reasons. Thus, The Majority of Respondents, do
not have an Insurance policy because they consider it to be Too expensive.

5.WHICH OF THESE CHANNELS HAVE YOU USED TO PURCHASE INSURANCE ?

Interpretation: The above pie chart displays, the channels that the Respondents use to purchase
insurance. And the Total and percentage of the 100 respondents overall. It reveals that out of 100
replies, 53 (53%) take agent or brokers help to purchase an insurance policy, whereas 37 (37%)
purchase via banks, 28 (28%) prefer online purchase through Banks website, 24 (24%) purchase
insurance policies via mobile phones, and 19 (19%) purchase online through an aggregator. Thus, The
Majority of the purchase of Insurance Policies is done via Agent / Broker.
6.HOW MANY INSURANCE POLICIES DO YOU CURRENTLY HAVE?

Interpretation: The above pie chart displays, the number of Insurance Policies the Respondents
currently have. And the Total and percentage of the 100 respondents overall. It reveals that out of 100
replies, 36 (36%) currently have 2 Insurance Policies, 32 (32%) have just 1 Insurance policy, 15 (15%)
have 3 Insurance Policies, 10 (10%) have more than 5 Insurance Policies and 7 (7%) have 4 Insurance
Policies. Thus, The Majority of 36 (36%) currently have 2 Insurance Policies.

7.WHAT KIND OF INSURANCE POLICIES DO YOU HAVE? CHECK AS MANY AS

YOU’D LIKE.

Interpretation: The above pie chart displays, the types of Insurance Policies the Respondents have.
And the Total and percentage of the 100 respondents overall. It reveals that out of 100 replies, 82
(82%) have Life Insurance Policy, 74 (74%) have Health Insurance policy, 44 (44%) have Motor
Insurance Policy, 35 (35%) have Property Insurance Policy, 20 (20%) have Travel Insurance Policy,
19 (19%) have Mobile Insurance policy, 7 (7%) have Cycle Insurance policy, 8 (8%) have Pet
Insurance policy, 4 (4%) have other kind of Insurance Policies and 2 (2%) have Bite-Size Insurance
Policy. Thus, The Majority of preference from the respondents is for Life Insurance policy.

8.WHAT TYPE OF INSURANCE DO YOU HAVE ?

Interpretation: The above pie chart displays; the type of Insurance Companies, respondents have.
And the Total and percentage of the 100 respondents overall. It reveals that out of 100 replies, 67
(67%) prefer Private Insurance Company, whereas 26 (26%) prefer Public Insurance Company and 7
(7%) prefer neither of them. Thus, The Majority of respondents prefer Private Insurance Policy.

9.WHICH INSURANCE COMPANY PROVIDES BETTER CUSTOMER SERVICES ?

Interpretation: The above pie chart displays; the opinions of the respondents regarding, which
insurance companies provides better customer services. And the Total and percentage of the 100
respondents overall. It reveals that out of 100 replies, 68 (68%) prefer Private Insurance Company’s
customer services, whereas 20 (20%) prefer Public Insurance Company’s customer services and 12
(12%) prefer neither of them. Thus, The Majority of respondents prefer Private Insurance
Company’s customer services compared to Public Insurance company’s customer services.
10.DO YOU AGREE THAT GOVERNMANT INSURANCE BANKS ARE SLOW IN TERMS
OF PRODUCT INNOVATION AND START COMING UP WITH SIMILAR PRODUCTS
THAT THE PRIVATE PLAYERS HAVE ALREADY COME UP WITH, MUCH LATER ?

Interpretation: The above pie chart displays; the agreement of the respondents on, whether the
government insurance banks are slow in terms of product innovation and start coming up with similar
products that the private companies have already come up with, much later. And the Total and
percentage of the 100 respondents overall. It reveals that out of 100 replies, 42 (42%) are neutral in
their judgement, 37 (37%) agree to the statement and 11 (11%) Strongly agree to the above statement,
whereas 6 (6%) Disagree with the statement and the remaining 4 (4%)strongly disagree. Thus, The
Majority of respondents are neutral with the above statement that is 50-50 public insurance
banks are either better or not better competition in case of innovation, with private insurance
banks

11. FROM WHICH PRIVATE SECTOR BANK, YOU HAVE INVESTED IN INSURANC
POLICIES?
Interpretation: The above pie chart displays; the list of Private sector banks, where respondents hold
their insurance policies. And the Total and percentage of the 100 respondents overall. It reveals that
out of 100 replies, 48 (48%) prefer HDFC Standard Life Insurance Co. Ltd, 25 (25%) prefer other
Private insurance banks, 18 (18%) prefer OM Kotak Life Insurance Co. Ltd, 16 (16%) prefer ICICI
Prudential Life Insurance Co. Ltd and 13 (13%) prefer Max Life Insurance Co.Ltd. Thus, The
Majority respondents prefer HDFC Standard Life Insurance Co. Ltd for their Insurance policies.

12. HDFC STANDARD LIFE INSURANCE CO.LTD, IS ONE OF THE TOP PRIVATE
INSURANC EBANK, WHAT DO YOU THINK THE REASON TO BE ?

Interpretation: The above pie chart displays; the reasons given by the respondents, for HDFC bank
to be on the top of the list of private insurance banks. And the Total and percentage of the 100
respondents overall. It reveals that out of 100 replies, 68 (68%) thinks the reason to be good customer
service, 33 (33%) thinks the reason to be Flexibility in buying policy online, 29 (29%) thinks the reason
to be more insurance bonuses given, 24 (24%) thinks the reason to be due to less premium, and 9 (9%)
thinks some other reasons. The Majority respondents believes that HDFC Standard Life
Insurance Co. Ltd, is one of the top private insurance bank, because of its Good Customer
services.

13. WHAT IS THE AVERAGE TERM OF THE POLICIES YOU HAVE ?

Interpretation: The above pie chart displays; the respondent’s Average term of Insurance Policies.
And the Total and percentage of the 100 respondents overall. It reveals that out of 100 replies, 48
(48%) have an average term of 5 to10 years, 39 (39%) have an average term of 5 years and have an
average term Above 20years. Thus, The Majority of respondents have the average term of 5 to 10
years for their Insurance Policies.

14. DO YOU AGREE, THAT PRIVATE INSURANCE BANKS PROVIDES BEST OFFERS,
COMPARED TO PUBLIC SECTOR BANK?

Interpretation: The above pie chart displays; the agreement of the respondents on, whether the Private
Insurance banks provides best offers compared to Public Insurance Banks. And the Total and
percentage of the 100 respondents overall. It reveals that out of 100 replies, 46 (46%) are neutral in
their judgement, 37 (37%) agree to the statement and 12 (12%) Strongly agree to the above statement,
whereas the remaining are in disagreement. Thus, The Majority of respondents are neutral with the
above statement, and also clinging towards the Agreement with the statement. There is very less
disagreement on whether the Private Insurance banks provides best offers compared to Public
Insurance Banks.

15. HAVE YOU EVER RECEIVED ANY BENEFITS FROM ANY OF THE POLICIES YOU
CURRENTLY HAVE, FROM YOUR PRIVATE INSURANCE BANK ?

Interpretation: The above pie chart displays, if the respondents have ever received any benefits from
any of the policies they have, from their private insurance bank. And the Total and percentage of the
100 respondents overall. It reveals that out of 100 replies, 61 (61%) confirm the benefits they get for
their policies from their Private Insurance bank and 39 (39%) do not confirm the benefits they get for
their policies from their Private Insurance bank. Thus The Majority of Respondents agree about the
benefits they get for their policies from their Private Insurance bank
16. HOW REGULARLY DO YOU PAY YOUR PREMIUMS ?
Interpretation: The above pie chart displays; the respondent’s regular term of Premiums. And the
Total and percentage of the 100 respondents overall. It reveals that out of 100 replies, 31 (31%)
Quarterly pays the premium, 28 (28%) Yearly pays the premium, 22 (22%) Half yearly pays the
premium, 19 (19%) monthly pays the premium. Thus, The Majority of respondents pay their
insurance premiums on Quarterly basis.

17. HAS ANY OF YOUR POLICIES EVER LAPSED DUE TO NON – PAYMENT OF
PREMIUMS?

Interpretation: The above pie chart displays; if the respondent’s policies ever lapsed due to non –
payment of premiums. And the Total and percentage of the 100 respondents overall. It reveals that out
of 100 replies, 58 (58%) have never faced this issue, 28 (28%) have sometimes faced this issue, 11
(11%) have rarely faced this issue and 5 (5%) have always faced this issue. Thus, The Majority of
respondent’s Insurance Policies have Never lapsed due to non-payments of premiums.

18. ARE YOU AWARE OF ANY INSURANCE BONUSES OF YOUR POLICIES?

Interpretation: The above pie chart displays, Whether Respondents are aware about their Insurance
Bonuses. And the Total and percentage of the 100 respondents overall. It reveals that out of 100 replies,
53 (53%) are aware about their insurance bonuses, 23 (23%) are unaware about their insurance bonuses,
24 (24%) are not sure, or confuse about their insurance bonuses. Thus, The Majority of Respondents
are aware about their insurance bonuses.
19. WHAT IMPORTANT FACTORS YOU CONSIDER WHEN BUYING INSURANCE ?
CHOOSE THE FOLLOW.

Interpretation: The above pie chart displays; the factors that the respondents consider while buying
an insurance. And the Total and percentage of the 100 respondents overall. It reveals that out of 100
replies, 59 (59%) considers policy coverage to be one of the important factor, 53 (53%) considers
Quality of services to be one of the important factor, 44 (44%) considers prize to be one of the
important factor, and 22 (22%) considers equally both Brand and mouth publicity to be one of the
important factor. The Majority respondents considers policy coverage to be one of the important
factor of buying an Insurance Policy.

20. WHAT IS YOUR MAIN REASON FOR GETTING LIFE INSURANCE?

Interpretation: The above pie chart displays; the main reason of the respondents for getting Life
Insurance. And the Total and percentage of the 100 respondents overall. It reveals that out of 100
replies, 51 (51%) considers the reason to be the mitigation of personal risk from terminal illness, 47
(47%) considers the reason to be the mitigation of the risk for the dependents, 43 (43%) considers it to
be a good investment, and 28 (28%) considers it to be a standard practice and 5 (5%) are some other
reasons. The Majority respondents considers the reason to be the mitigation of personal risk from
terminal illness, for getting a life insurance policy.

21. HOW IMPORTANT DO YOU CONSIDER HEALTH INSURANCE TO BE?

Interpretation: The above pie chart displays; the importance of Health insurance considered by the
respondents. And the Total and percentage of the 100 respondents overall. It reveals that out of 100
replies, 37 (37%) consider it to be Extremely important, 32 (32%) consider it somewhat important, 27
(27%) have a neutral opinion, remaining respondents consider it unimportant. Thus, The Majority of
respondents consider Health Insurance to be Extremely important.
22. HOW MUCH IS YOUR AVERAGE MONTHLY PRMIUM FOR HEALTH AND LIFE
INSURANCE?

Interpretation: The above pie chart displays; the respondent’s Average monthly premium for health
and life insurance. And the Total and percentage of the 100 respondents overall. It reveals that out of
100 replies, 50 (50%) have an average monthly premium in the range 1000 – 10000rs, 31 (31%) have
an average monthly premium in the range 500 – 1000rs, 16 (16%) have an average monthly premium
in the range 11000 – 20000rs and remaining have an average monthly premium 20000 & above rs.
Thus, The Majority of respondents average monthly premium in the range 1000 – 10000rs

23. WHICH OF THESE IS COVERED IN YOUR CAR INSURANCE PREMIUM?

Interpretation: The above pie chart displays; the losses covered for the respondents in car insurance.
And the Total and percentage of the 100 respondents overall. It reveals that out of 100 replies, 52
(52%) gets the coverage for Third party, fire and theft, 44 (44%) gets covered the comprehensive
coverage, 38 (38%) gets the coverage for personal injury protection, 37 (37%) gets the coverage for
Third party only and 10 (10%) gets the coverage for Uninsured driver protection. The Majority
respondents gets Third party, fire and theft, covered in their Car Insurance Premium.

24. IF YOU HAVE FREE TRAVEL INSURANCE WITH YOUR BANK OR CREDIT CARD
COMAPANY, DO THEY OFFER TO INCLUDE COVER FOR YOUR MEDICAL
CONDITION ?

Interpretation: The above pie chart displays, If the Respondents have free travel insurance with their
bank or credit card company and if they offer to include cover for respondents medical condition. And
the Total and percentage of the 100 respondents overall. It reveals that out of 100 replies, 39 (39%)
are aware about this offer for free coverage on medical condition on travel insurance, 42 (42%) are not
sure or confused about this offer and 19 (19%) are unaware about this offer. Thus, The Majority of
Respondents are not sure or confused about this offer for free coverage on medical condition on travel
insurance, provided by their insurance banks.

25. DO YOU AGREE INVESTING IN INSURANCE POLICIES IS BETTER COMPARED TO

OTHER INVESTMENT OPTIONS?
Interpretation: The above pie chart displays; the agreement of the respondents on, whether investing
in Insurance policies is better compared to other investments. And the Total and percentage of the 100
respondents overall. It reveals that out of 100 replies, 45 (45%) agree to the statement, 43 (43%) have
an neutral response towards the statement, 6 (6%) Strongly agree to the above statement, whereas the
remaining are in disagreement. Thus, The Majority of respondents agree that Investing in
insurance policies is better compared to other investment options.

4.4 HYPOTHESIS TESTING

The Hypothesis is proved by using the test Chi Square :
People's responses, taking into account whether or not they have insurance coverage and how they
perceive insurance as an investment.

Table 1 : Observed Value

Responses People having Insurance Policy is an Total
Insurance policies investment
Yes 85 6 91
No 5 4 9
Total 90 10 100

Table 2 : Expected Value

Responses People having Insurance Policy is an Total
Insurance policies investment
Yes 81.9 9.1 91
No 8.1 0.9 9
Total 90 10 100
Table 3: Chi Square Calculation
O E (O – E) (O – E)2 (O – E)2 / E
85 81.9 3.1 9.61 0.13
6 8.1 -3.1 9.61 1.06
5 9.1 -3.1 9.61 1.19
4 0.9 3.1 9.61 10.67
Chi Square calculation 13.04

The computed value of Chi – Square i.e., 13.04 is more than the table value of Chi Square for 1 degree
of freedom at 5% level of significance (3.841). Hence, we reject the null hypothesis and accept
alternative hypothesis and conclude that there are persons having Insurance Policies and also there is
an investment in Insurance policies.
 CHAPTER 5
CONCLUSION

5.1 Summary:
This is the concluding chapter which discusses the outlook for the insurance industry based on primary
data and secondary data with help of survey. The thesis closes with a summary of the best strategies
and practices in the Industry.
So the conclusion that I got from the study is that, In insurance, you provide an insurance company
your risk (a negative departure from a future result), and in accordance with the terms of the contract
that both parties have signed, the insurance company will pay you when the event covered occurs. The
implication is that you should pay in little amounts frequently to prevent having financial strain during
difficult times. You will probably invest a significant amount of money in insurance over the course
of your lifetime and buy several policies. You must be aware of what each form of insurance covers
and how it functions in order to make the best purchasing decision. Consider the benefits as well as
the price before making a choice. Spend some time looking around to find the best insurance for your
needs. Although people frequently claim that they cannot afford insurance, the truth is that they cannot
afford to go without it. When unforeseen circumstances emerge, it may prevent them from incurring
tens of thousands of dollars in additional costs. Also, when it comes to getting insurance, where should
you go? is private or public better. Contrary to common belief, private businesses aren't necessarily
superior to public ones. In the insurance industry, both of these business models operate similarly
because they have the same objectives and seek to maximize profits. It ultimately boils down to
personal preference; if you favor system-dependent services, pick a private insurance provider; if not,
pick a public provider. However, at the end, private companies are preferred over public insurance
companies because they offer better customer services and more flexibility than public insurance
providers.
5.2 Findings:

5.2.1Personal Discription
1. The Total number and Percentage of the 100 respondents. Majority of 59 (59%) of the Respondents
are Men, and rest of 41 (41%) are Women.
2. The Total number and Percentage of the 100 respondents. Majority of 49 (49%) respondents are
between the age 18 – 25 years and the least majority of 4 (4%) respondents are 60& above Age
3. The Total number and Percentage of the 100 respondents. Majority of 40 (40%) has an
average income in the range of 5000- 10000 Rs and least majority of 13 (13%) has an average income
above 100000 Rs.
5.2.2 A Study on Insurance Polices under Private Insurance Banks with reference to HDFC bank.
1. The Total number and Percentage of the 100 respondents. Majority of Respondents Have an
Insurance Policy.
2. The Total number and Percentage of the 100 respondents. Majority of Respondents are influenced
to Buy an Insurance Policies by Friends, Family and Colleagues.
3. The Total number and Percentage of the 100 respondents. Majority of Respondents agree for
Insurance Policies to be an Investment.
4. The Total number and Percentage of the 100 respondents. Majority of Respondents, do not have an
Insurance policy because they consider it to be Too expensive.
5. The Total number and Percentage of the 100 respondents. Majority of the purchase of Insurance
Policies is done via Agent / Broker.
6. The Total number and Percentage of the 100 respondents. Majority of 36 (36%) currently have
number of Two Insurance Policies.
7. The Total number and Percentage of the 100 respondents. Majority of 82 (82%) have Life Insurance
Policy and least majority of 2 (2%) Bite-Size Insurance Policy.
8. The Total number and Percentage of the 100 respondents. Majority of (67%) prefer Private
Insurance Company.
9. The Total number and Percentage of the 100 respondents. Majority of 68 (68%) prefer Private
Insurance Company’s customer services compared to Public Insurance company’s customer services.
10. The Total number and Percentage of the 100 respondents. Majority of 42 (42%) are neutral in their
judgement that is 50-50 public insurance banks are either better or not better competition in case of
innovation, with private insurance banks
11. The Total number and Percentage of the 100 respondents. Majority of 48 (48%) prefer HDFC
Standard Life Insurance Co. Ltd for their Insurance policies.
12. The Total number and Percentage of the 100 respondents. The Majority 68 (68%) respondents
believes that HDFC Standard Life Insurance Co. Ltd, is one of the top private insurance bank, because
of its Good Customer services.
13. The Total number and Percentage of the 100 respondents. Majority of 48 (48%) have an average
term of 5 to10 years for their Insurance Policies.
14. The Total number and Percentage of the 100 respondents. The Majority of 46 (46%) respondents
are neutral with the above statement, and also clinging towards the Agreement with the statement.
There is very less disagreement on whether the Private Insurance banks provides best offers compared
to Public Insurance Banks.
15. The Total number and Percentage of the 100 respondents. Majority of 61 (61%) agree about the
benefits they get for their policies from their Private Insurance bank
16. The Total number and Percentage of the 100 respondents. Majority of , 31 (31%) respondents pay
their insurance premiums on Quarterly basis.
17. The Total number and Percentage of the 100 respondents. Majority of 58 (58%) respondent’s
Insurance Policies have Never lapsed due to non-payments of premiums.
18. The Total number and Percentage of the 100 respondents. Majority of 53 (53%) Respondents are
aware about their insurance bonuses.
19. The Total number and Percentage of the 100 respondents. Majority of 59 (59%) considers policy
coverage to be one of the important factor of buying an Insurance Policy.
20. The Total number and Percentage of the 100 respondents. Majority of 51 (51%) respondents
considers the reason to be the mitigation of personal risk from terminal illness, for getting a life
insurance policy.
21. The Total number and Percentage of the 100 respondents. Majority of 37 (37%) respondents
consider Health Insurance to be Extremely important.
22. The Total number and Percentage of the 100 respondents. Majority of 50 (50%) respondents
average monthly premium in the range 1000 – 10000rs
23. The Total number and Percentage of the 100 respondents. Majority of, 52 (52%) respondents gets
Third party, fire and theft, covered in their Car Insurance Premium.
24. The Total number and Percentage of the 100 respondents. Majority of 39 (39%) Respondents are
not sure or confused about this offer for free coverage on medical condition on travel insurance,
provided by their insurance banks.
25. The Total number and Percentage of the 100 respondents. Majority of 45 (45%) respondents agree
that investing in insurance policies is better compared to other investment options.

5.3 Conclusion

The world is a random place. Humans, on the other hand, detest predictability and dislike randomness
and unpleasant surprises. Insurance firms assist in reducing the amount of surprises and balancing the
risk across the entire community. As a result, life becomes less random and we experience less stress.
As a result, it can be said that the insurance industry is governed by six fundamental principles:
insurable interest, utmost good faith, proximate cause, indemnity, subrogation, and contribution.

a. Guaranteed Interest: The legal, recognised insurance right resulting from a financial
connection between an insurer and an insured.
b. Absolute good faith: Whether solicited or not, an action to accurately and totally reveal
all material facts (material facts) concerning something that will be insured. The
implication is that both the insurer and the insured must provide a clear and accurate
explanation of their respective obligations on the scope of the insurer's terms and
conditions.
c. proximate cause: It is an effective, active cause that starts a chain of events that
eventually leads to a result without the start's interference and works actively from a
fresh and independent source.
d. Indemnity: One method by which the insurer offers monetary compensation to restore
the insured to his pre-loss financial situation is indemnity.
e. Subrogation: Right transfer request sent to the insurer by the insured after a claim has
been resolved.

The other parties are not subject to the same obligations to the insured, despite the fact that the insurer
has the authority to include them in the supply of indemnity on an equal basis. These are the top six
principles the gives a clear conclusion.
5.4 Limitations of the Study

1.The study includes the types of Insurance Policies

2. The study examines the insurance polices in Private Insurance companies, with refernce to HDFC
Bank.
3.100 respondents were selected for the study
4.The study is limited to Navi Mumbai
5. Questionnaire method was used for data collection.
6. Chi square method was used for hypothesis testing.
7. The study was undertaken for 2months from december to January.

5.5 Suggestions of the Study

1. This study was conducted the insurance policies in Private Insurance companies, with reference to
HDFC Bank.
2. This study can be extended to the insurance policies in Public Insurance companies, with reference
to State bank of India.
3. This study can be extended to the insurance policies in foreign Insurance companies.
4. More accurate results can be derived by increasing the sample size, time period and area.
5. Data can be collected by Interview Method

5.6 Appendix
5.6.1 Personal Description
1. Gender:

 Male
 Female
2. Age:

 18 - 25 years
 26 – 40 years
 41 – 59 years
 60 & above

3.Average Income
 5000 - 10000 rs
 11000 - 50000 rs
  51000 - 100000 rs
 100000 Above rs
5.6.2 A Study on Insurance Policies in Private Insurance Banks with reference to HDFC Bank
1. Do you have an insurance policy?
 Yes
 No
2. Who influenced you to get an insurance policy?
 The media
 Insurance agents
 Friends, family and colleagues
 Other
3. Do you consider insurance as an investment ?
 Yes
 No
 Maybe
 I don't know

4. If you don't have an insurance policy then, What would be the main reasons for you to, NOT buy
the insurance?
 Too expensive
 Unnecessary purchase
 I don’t believe in insurance
 There is no need
 Other

5. Which of these channels have you used to purchase insurance?

 Online through the website
 Online through an aggregator
 Mobile
 Agent/ broker
 Through your bank

6. How many insurance policies do you currently have?

 1
 2
 3
 4
 More than 5

7. What kind of insurance policies do you have? Check as many as you’d like.
 Life Insurance
 Motor insurance
  Health insurance
 Travel insurance
 Mobile insurance
 Property insurance
 Pet Insurance
 Cycle insurance
 Bite-size insurance
 Others

8. What type of insurance do you have?

 Private
 Public
 None

9. Which insurance company provides better customer services?

 Private
 Public
 None

10. Do you agree that Government insurance banks are slow in terms of product innovation and start
coming up with similar products that the private players have already come up with, much later?
 Agree
 Strongly agree
 Neutral
 Disagree
 Strongly disagree

11. From which Private sector bank, u have invested in Insurance Policies?
 HDFC Standard Life Insurance Co. Ltd.
 Max Life Insurance Co. Ltd.
 ICICI-Prudential Life Insurance Co. Ltd.
 OM Kotak Life Insurance Co. Ltd.
 OTHER

12. HDFC Standard Life Insurance Co. Ltd, is one of the top private insurance bank, what do u think
the reasons to be?
 Less premium
 More Insurance policies bonuses
 Good customer service
 Flexibility in Buying policy online
 Other

13. What is the average term of the policies you have?

 Up to 5 years.
 5 to 10 years
  Above 20 years.

14. Do you agree, that Private Insurance Banks provides best offers, compared to Public sector bank?
 Agree
 Strongly agree
 Neutral
 Strongly disagree
 Disagree

15. Have you ever received any benefits from any of the policies you currently have, from your
private insurance bank?
 Yes
 No

16. How regularly do you pay your premiums?

 Monthly
 Quarterly
 Half year
 Yearly

17. Has any of your policies ever lapsed due to non-payment of premiums?
 Always
 Never
 Sometimes
 Rarely

18. Are you aware of any insurance bonuses of your policies ?

 Yes
 No
 Maybe

19. What important factors you consider when buying insurance? Choose the follow
 Price
 Quality of Service
 Brand
 Policy coverage
 Knowing that someone you know uses that insurance provider

20. What is your main reason for getting life insurance

 mitigate risk for dependents
 mitigate personal risk from terminal illness
 it's a good investment
 it's a standard practice
  Other

21. How important do you consider health insurance to be?

 Extremely Important
 Somewhat Important
 Neutral
 Somewhat Unimportant
 Extremely Unimportant

22. How much is your average monthly premium for health and life insurance?
 500 - 1000 rs
 1000 - 10000 rs
 11000 - 20000 rs
 20000 & above rs

23. Which of these is covered in your car insurance premium? (tick all that apply)
 Third party only
 Third party, fire and theft
 Comprehensive coverage
 Personal injury protection
 Uninsured driver protection

24. If you have free travel insurance with your Bank or Credit Card Company, do they offer to
include cover for your medical condition?
 Yes
 No
 Maybe

25. Do you agree investing in insurance policies is better compared to other investment options?
 Agree
 Strongly agree
 Neutral
 Strongly disagree
 Disagree
5.7 BIBILIOGRAPHY
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modern econometrics) Main Library 332.015 1 /G135-G
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