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Marketing Strategies Of Idbi Federal Life Insurance C

Marketing Strategies




INTERNSHIP PROJECT REPORT On MARKETING STRATEGIES OF IDBI FEDERAL LIFE INSURANCE CO LTD LTD  Submitted By –   Name: Aman Aman Kumar  Batch & Section: FWU !"#$%' Stu(ent I): )*"#"FWICHE$UPC"+,"-!KO*$JUN$.$+/0/' Area o1 Re2earch: 3ar4etin5 Intern2hi6 2tart2 an( 1ini2h (ate2: " 3a7 8 #, June 9," 9," i ACKNOWLEDGMENT With 6ro1oun( 2en2e o1 5ratitu(e an( re5ar(; I con=e 5ui(ance an( the con1i(ence the7 in2ti==e( in that he=6e( me in 2ucce221u= com6=etion o1 the 6ro?ect re6ort@ I i2h to e6re22 e6re22 m7 2incere 2incere 5ratit 5ratitu(e u(e to m7 6ro?ect 6ro?ect 5ui(e 5ui(e Mr. ,….. un(er ho2e 5ui(ance the 2tu(7 a2 un(erta4en@ Without him 5ui(ance at each 2ta5e o1 the 6ro?ect 2tu(7; the ta24 cou=( not haeen accom6=i2he(@ Thi2 ac4no=e(5ment ou=( >e incom6=ete ithout than4in5 the co==e5e 1acu=t7 ho he=6e( me in a== 6o22i>=e a72 their ho=ehearte( co$o6eration@ *a2t >ut not the =ea2t I am ei=it7 o1 the 6ro(uct an( 2ere (i2tri>ute( throu5h a (i2tri>ution channe=@ In In2urance 2ector; (i2tri>ution channe= inc=u(e2 on=7 a5ent2 or a5enc7 ho=(er2 o1 the com6an7@ I1 a com6an7 =i4e I)BI *i1e In2urance; TATA AI; 3A etc hai5 mar4et a2 com6are( to the other com6anie2@ A5ent2 are the on=7 a7 1or a com6an7 o1 In2urance 2ector throu5h hich 6o=icie2 an( >ene1it2 o1 the com6an7 can >e e6=aine( to the cu2tomer@ The a>ou7in5 >u7in5  6attern in the in2urance in(u2tr7 ith a 26ecia= 1ocu2 on I)BI =i1e In2urance@ The ac45roun(2@ It inten(2 to 2ho ho the con2umer react2 to the ma?or u2e2 o1 the a(=e to the con2umer2@ In2urance 2ector ha2 a=a72 >een e5innin5@ A2 6riecome out 1in(in5 the aarene22 =eeen in 2earch o1 2ecurit7 an( 6rotection 1rom the >e5innin5 o1  cia2i2 >a2i2 o1  in2urance a2 the 2harin5 o1 the =o22e2 o1 a 1e amon52t man7@ In2urance 6roi=it7 an( 2tren5th to the in(i7 the (i2tri>ution o1 =o22 o1 a 1e amon5 man7 >7 man7 >7 >ui=(in5 u6 oeteen the in2urer an( in2ure( here>7; in con2i(eration o1 6a7ment o1 6remium >7 the in2ure( the in2urer  a5ree2 to ma4e 5oo( an7 1inancia= =o22 the in2ure( ma7 2u11er (ue to con2i(eration o1  an in2urance 6eri=@ Nat$re ! Ins$ran%e Ins$ran%e -eans Srea"ing ! Lsses r S+aring ! Risks/ *i1e i2 1u== o1 ri242@ For 6ro6ert7; there are 1ire ri242L 1or 2hi6ment o1 5oo(2; there are  6eri=2 o1 2eaL 2 eaL 1or human =i1e there are ri242 o1 (eath or (i2a>i=it7L 2o on an( 2o 1orth@ The ri242 are uncertain$ma7 or ma7 not occur@ Peo6=e 1acin5 common ri242 come to5ether an( 5iution to the common 1un(@ Whi=e it ma7 not >e  6o22i>=e to te== >e1ore; hich 6er2on2 i== 2u11er; >ut it i2 6o22i>=e to te== ho man7  6er2on2 on an a7 a==@ In2urance thu2 >roa(=7 >e un(er2too( a2 the 6roce22 o1 26rea(in5 o1 =o22e2 o1 an in(i7 tho2e ho 1ace common ri24@ Peo6=e ho 2u11er =o22 5et re=ie1 >ecau2e their =o22 i2 ma(e 5oo( out o1 common 1un(@ Peo6=e ho (o not 2u11er =o22 5et re=ie1 >ecau2e the7 are 1ree o1 an7 orr7 o1  =o22@ Fo==oin5 9 eam6=e2 e6=ain the a>oecomin5 a =i>era=ie( econom7 econom7; ha2 no o6ene( u6 mo2t mo2t o1 it2 in(u2t in(u2tr7 r7 2ector2 2ector2 1or 1or 6rieteen the In(ian an( 1orei5n com6anie2@ com6anie2@ An oera=i2ation =i>era =i2ation i2 not 1air 1 air at thi2 2ta5e o1 tran2ition@ But the 2i5n2 1rom the in(u2tr7 an( the o6inion2 o1 in(u2tr7 e6ert2 6oint out the 1act that In(ian In(ian econom7 econom7 i2 in an e=e =e 1eature2 1eature2 o1 thi2 eu2ine22 >u2ine22 actiera=ie( econom7 ar5ue that the rea= >ene1iciar7 o1 it i2 the cu2tom cu2tomer er@@ The The >a2i2 o1 thi2 thi2 ar5umen ar5umentt inten2i inten2i1ie 1ie(; (; a== the 6=a7er2 6=a7er2 =ie2 on the the 1act that that a2 com6etit com6etition ion 5et2 5et2 in the com6et com6etiti ition on i== i== >e >e com6e== com6e==e( e( to oo the cu2tomer2 cu2tomer2 >7 2uch techniGue2 techniGue2 a2 =o 6rice2; hi5her hi5her Gua=it7 Gua=it7 6ro(uct2; 6ro(uct2; e11icient e11icient 2eru2ine22 in the countrie2; in2urance t76e2 t 76e2 u2e( in the countr7; the in2urance 6roce22 in the countr7; in2urance >u2ine22 a2 the 6ercenta5e o1 the tota= )P an( =a2t=7 the =i2t o1  the in2urance com6anie2 o6eratin5 in the countr7@ Be2i(e2 the in2urance in(u2tr7 in the countrie2 o1 the or=(; the 26ecia= 2ection on the in2urance in the 2tate2 o1 the Unite( State2 5iu2ine22 in the 2tate; (i11erent t76e2 t76e2 o1 in2urance2; in2urance in2urance 6remium2; in2urance in2urance 6roce22 6roce22 an( the ma?or 6=a7er2 6=a7er2 in the in2urance >u2ine22 in the 2tate2 are >ein5 co7 In2urance Act; "0#/; the *i1e In2urance Cor6oration Cor6oration Act; "0+ an( enera= enera= In2urance In2urance Bu2ine22 Bu2ine22 !Nationa=i2at !Nationa=i2ation' ion' Act; "0-9; "0-9; # In2urance Re5u=ator7 an( )eer; "0+ >7 an Act o1 Par=iament; ution 1rom the oi==; out=ine( the o>?ectiu2ine22 ith the utmo2t econom7; in a 26irit o1 tru2tee2hi6 to char5e 6remium no hi5her than arrante( >7 2trict actuaria= con2i(eration2@ • To intainin o>tainin5 5 maimu maimum m 7ie=( 7ie=( 1or the 6o=ic7 6o=ic7 ho=(er ho=(er22 con2i2tent ith 2a1et7 o1 the ca6ita=@ • To ren(er ren(er 6rom6 6rom6tt an( e11ici e11icient ent 2er7 there>7 ma4in5 ma4in5 in2urance i(e=7 6o6u=ar@ Sinc Sincee nati nation ona=i a=i2at 2atio ion; n; *IC *IC ha2 ha2 >ui= >ui=tt u6 a ran >ranch che2 e2;; ",, ",, (iu2ine22 a>roa( an( ha2 o11ice2 in Fi?i; 3auritiu2 an( Unite( Kin5(om@ *IC i2 a22ociate( ith ?oint roa( in the 1ie=( o1 in2urance; name=7; Ken$In(ia A22urance Com6an7 *imite(; Nairo>i; Unite( Orienta= A22urance Com6an7 *imite(; Kua=a *um6ur an( *i1e In2urance Cor6oration !Internationa=' E@C@ Bahrain@ The Cor6oration ha2 re5i2tere( a ?oint er; 9,,, 9,,, in Kathm Kathman( an(u; u; Ne6a= Ne6a= >7 the name name o1 *i1e *i1e In2uran In2urance ce Cor6or Cor6oratio ation n !Ne6a= !Ne6a='' *imite( in co==a>oration ith i2ha= rou6 *imite(; a =oca= in(u2tria= rou6@ An o11$ 2hore com6an7 *@I@C@ !3au !3auri riti tiu2 u2'' O11$ O11$2h 2hor oree *imi *imite( te( ha2 ha2 a=2o a=2o >een >een 2et u6 in 9,," 9,," to ta6 ta6 the the A1rica 1rican n in2urance mar4et@ Genera# Ins$ran%e/ enera= enera= in2ura in2urance nce >u2ine >u2ine22 22 in the countr countr7 7 a2 nation nationa=i a=i2e( 2e( ith ith e11ect e11ect 1rom 1rom "2t Januar7; Januar7; "0-# >7 the enera= enera= In2urance In2urance Bu2ine22 Bu2ine22 !Nationa=i2at !Nationa=i2ation' ion' Act; "0-9@ 3ore than than ",, non$=i non$=i1e 1e in2ura in2urance nce com6an com6anie2 ie2 inc=u( inc=u(in5 in5 >ranch >ranche2 e2 o1 1orei5 1orei5n n com6an com6anie2 ie2 o6eratin5 ithin the countr7 ere ama=5amate( an( 5rou6e( into 1our com6anie2; a7; Ne )e=hi an( 3a(ra2; re26ecti=ic 2ector 5enera= in2urance com6anie2 ha2 2ince >een (e=in4e( 1rom the =ater an( ha2 >een a66roer 9,,,@ The 2hare ca6ita= o1 IC an( that o1 the 1our com6anie2 are he=( >7 the ou2ine22 ha2 5ron in 26rea( an( ranch o11ice2; "#, (i2i(iarie2 haranche2 or a5encie2 in " countrie2 an( throu5h a22ociate =oca==7 incor6orate( 2u>2i(iar7 com6anie2 in " other countrie2@ A ho==7$ one( 2u>2i(iar7 com6an7 o1 IC; i@e@ In(ian Internationa= Pte@ *t(@ i2 o6eratin5 in Sin5a6ore an( there i2 a ?oint 2i(iar7 2u>2i(iar7 ca==e( Ne In(ia Internationa Internationa== *t(@; UK ha2 a=2o >een re5i2tere(@ In(ian Econom7 In 9,,-$,/  The 3uch eu6horic economic 5roth in In(ia i2 e6ecte( to 2u2tain (urin5 the 7ear@ The >etter 6er1ormance in the 2eroth in the (ome2tic 2cenario a2 e== a2 in the internationa= 2cenario@ The 5=o>a= econom7 2u11er2 1rom the 6ro>=em o1 recor( =e 6ro>=e =em m o1 mon2 mon2oo oon; n; in1ra2tructure >ott=enec42; an( 1i2ca= im>a=ance2@ Thou5h Thou5h there are a =ar5er =ar5er num>er num>er o1 on5oin5 on5oin5 im>a=ance2 im>a=ance2 continuin continuin5 5 oone o1 In(ian Econom7M i2  ?u2ti1ie( to hat etent 1or the In(ian Econom7 to(a7@ to(a7@ A2 to 2tati2tic2; the actua= 5roth in the a5ricu=tura= 2ector 2 ector (urin5 the 1ir2t 1our 7ear2 o1 the Tenth Fia2i2@ The 2=oer rate o1 economic 5roth + in the countr7 i2 >ein5 mar4e( (ue to 2ta5nation in (ome2tic 6ro(uction in the commo(itie2 2uch a2 heat; 2u5ar an( 6u=2e2@ The (ec=inin5 6ro(uction in the a5ricu=tura= 2ector i2 5enera==7 mar4e( (ue to 2ome con2traint2 =i4e in1ra2tructure >ott=enec42; 6articu=ar=7 in re5ar( to irri5ation 1aci=itie2L continue to im6e(e 26ee(7 a(o6tion o1 im6roac4>one o1 In(ian Econom7M@ A== the P=anner2; thin4er2; an( economi2t2 te== a>out 2er=e enou5h to 2o==em o1 ineGua=it7; 6oo=em2@  COM3AN& COM3AN& 3ROFILE 3ROFI LE IDBI Fe"era# Li!e Ins$ran%e IDBI Fe"era# Li!e Ins$ran%e C Lt". i2 a ?oint$an4; Fe(era= Ban4; one o1 o1 In(ia2 =ea(in5  6rian42 an( A5ea2; A5ea2; a mu=tinationa= in2urance 5iant >a2e( out o1 Euro6e@ In thi2 ecame one o1 the 1a2te2t 5roin5 ne in2urance com6anie2 >7 5arnerin5 R2@",, Cr in 6remium2@ Throu5h a continuou2 6roce22 o1 innoan4 >ranche2 o1 I)BI Ban4 an( Fe(era= Ban4 in a((ition to a 2iea>=e netor4 o1 a(er 9,"#; the com6an7 ha2 i2 2ue( near=7 +@+ =a4h 6o=icie2 ith a 2um a22ure( o1 oe; 2ince it2 ince6tion; In(ia2 6remier in(u2tria= (ean4@ It came into >ein5 a2 on Ju=7 ,"; "0 to 2u66ort In(ia2 in(u2tria=  >ac4>one@ To(a7 To(a7;; it i2 amon52t In(ia2 1oremo2t commercia= >an42; ith a i(e ran5e o1 innoranche2 an( 9"+ AT AT32@ The Ban4 o11er2 it2 cu2tomer2 an eten2ieen in2trumenta= in 26on2orin5 the (ean42; ith a (ominant 6re2ence - in the 2tate o1 Kera=a@ It ha2 a 2tron5 netor4 o1 oranche2 an( ";#"9 AT AT32 26rea( acro22 In(ia@ The >an4 6roan42 to haranch netor4@ In a((ition to interconnecte( >ranche2 an( AT32; AT32; the Ban4 ha2 a i(e ran5e o1 2eri=e Ban4in5; Te=e Te=e Ban4in5; An7 Where Ban4in5; (e>it car(2; on=ine >i== 6a7ment an( ca== centre 1aci=itie2 to o11er roun( the c=oc4 >an4in5 coneen a 6ioneer in 6rou2ine22 actia= in2urance mar4et@ The2e are 5rou6e( aroun( 1our 2e5ment2: Be=5ium; Unite( Kin5(om; Continenta= Euro6e an( A2ia an( 2erination o1 ho==7 one( 2u>2i(iarie2 an( 6artner2hi62 ith 2tron5 1inancia= in2titution2 an( 4e7 (i2tri>utor2 aroun( the or=(@ A5ea2 o6erate2 2ucce221u=  6artner2hi62 in Be=5ium; UK; *uem>our5; *uem>our5; Ita=7; Ita=7; Portu5a=; Tur4e7 Tur4e7;; China; 3a=a72ia; In(ia an( Thai=an( an( ha2 2u>2i(iarie2 in France; Hon5 Kon5 an( UK@ A5ea2 i2 the mar4et =ea(er in Be=5ium 1or in(iene1it2; a2 e== a2 a =ea(in5 non$=i1e 6=a7er throu5h A In2urance@ In the UK; A5ea2 ha2 a 2tron5 6re2ence a2 the 1ourth =ar5e2t 6=a7er in 6rii==ion@ 'isin To >e the =ea(in5 6roe tran26arent in the a7 e (ea= ith our cu2tomer2 an( to act ith inte5rit7 inte5rit 7@ To inui=( Gua=it7 human ca6ita= in or(er to achieein5 1inancia==7 2tron5; o6erationa==7 ro>u2t an( harou5ht to =i1e throu5h our i(e arra7 o1  6ro(uct2 that 1it the ene1it2 o1 =on5$term 2aer o1 I)BI Fe(era= *i1e In2urance 6ro(uct2; hich o11er 6rotection an( a=2o cou6=e( ith 2a?ectiout 7our =oan o6tion2@ • Mne2 0a%k ass$ran%e r"$%t/  i=e on 26eci1ie( (ate2 (urin5 the 6erio( o1 contract; >ut a=2o the 1u== amount o1 mone7 a22ure( on (eath (urin5 the 6erio( o1 contract@ • Ann$it2 r"$%t/  iut a=2o 2um2 o1 mone7 hich are =in4e( ith the un(er=7in5 =e RetirementPen2ion P=an Retire2urance Term P=an Term2urance Saene1it2@ Chi=(2urance a==o2 to 7ou to  6rotect 7our chi=( 6=an ith tri6=e in2urance >ene1it2 2o that 7our ea=th$>ui=(in5 6=an remain2 una11ecte( >7 un1ore2een eui=(er In2urance P=an i2 a Unit =in4e( 6=an hich i2 =oa(e( ith =ot2 o1 >ene1it2 hich i== he=6 7ou to >ui=(; create an( mana5e 7our  ini=it7 2o that 7our 6=an meet2 7our 26eci1ic nee(2@ The 1o==oin5 are the 4e7 >ene1it2 Chi=(2urance  )ream>ui=(er In2urance P=an@ "# • • • • • • • • Contri>ute mone7 in a 1=ei>=e a7 to 2uit cu2tomer2 2ait A i(e choice o1 ina2e( on cu2tomer2 return e6ectation2 an( ri24 to=erance Inoo2t cu2tomer2 2aene1it2 on contri>ution2 an( >ene1it2 Fun(2 can >e ith(ran in ca2e o1 nee(; a1ter 1ietter o66ortunit7 to earnin5 >etter return@ KE& FEATURES OF LIFESURANCE SA'INGS INSURANCE 3LAN Mat$rit2 Mat$r it2 Bene! Bene!it it On the maturit7 o1 7our *i1e2urance 6o=ic7; 6roeen 6ai( in 1u== hen (ue e i== 6a7 7ou the 2um in2ure( a=on5 ith the onu2e2 an( termina= >onu2; i1 an7; in a =um6 2um@ 3aturit7 Bene1it Q Sum in2ure(  e2te( 5uarantee( a((ition2  e2te( reonu2e2  Termina= Termina= >onu2 " Deat+ Bene!it On the (eath o1 the =i1e in2ure( (urin5 the 6o=ic7 term; 6roeen 6ai( in 1u== hen (ue e i== 6a7 the >ene1iciar7; >ene1iciar7; the 2um in2ure( a=on5 ith the onu2e2; interim >onu2; i1 an7 an( termina= >onu2; i1 an7 in a =um6 2um@ )eath Bene1it Q Sum in2ure(  e2te( 5uarantee( a((ition2  e2te( reonu2e2  Interim >onu2 !i1 an7'  Termina= Termina= >onu2 >onu2 G$arantee G$ar antee" " A""itins A""iti ns uarantee( a((ition2 at the rate +, 6er ";,,, 2um in2ure( i== >e a((e( to 7our 6o=ic7 1or each 1u== annua= 6remium that i2 (ue an( 6ai( in the 1ir2t + 7ear2 o1 the 6o=ic7@ In the ca2e o1 6remium2 6ai( more 1reGuent=7 than annua==7; the 5uarantee( a((ition2 i== >e a((e( on a 6ro rata >a2i2 a2 the (ue 6remium2 are 6ai( in the 1ir2t + 7ear2 o1  the 6o=ic7@ The ecome 6a7a>=e a=on5 ith the 2um in2ure( at the time o1 a c=aim or maturit7 o1 the 6o=ic7@ Bn$ses A1ter the 1i1th 6o=ic7 7ear 7our *i1e2urance 6o=ic7 i== 6artici6ate in an7 6ro1it2 o1 our   6artici6atin5 6o=ic7ho=(er2 =i1e 1un( >7 a7 o1 reonu2e2 an( 6o22i>=7 termina= >onu2@ The amount o1 an7 6ro1it2; an( hence o1 an7 >onu2e2 i== (e6en( on the 1uture e6erience an( 6er1ormance o1 the 1un(@ The >onu2e2 i== >e (ec=are( >7 the Boar( o1 I)BI Fe(era= *i1e In2urance Com6an7 each 7ear; an( once a((e( the7 i== 1orm 6art o1 the 5uarantee( >ene1it2 o1 the 6o=ic7@ The Com6an7 ma7 (ec=are an interim >onu2 in the ee1ore the net >onu2 (ec=aration@ The com6an7 ma7 a=2o (ec=are a termina= >onu2 to >e 6ai( on maturit7 or (eath 6roeen 6ai(@ "+ Ta7 Bene B ene!i !its ts  De"$%tin $n"er Se% 89C/  The 6remium2 6remium2 that 7ou in=e 1or (e(uction un(er Sec /,C o1 the Income Ta Act u6 to the =imit o1  R2@ "; ,,;,,, !a=on5 ith other e=i5i>=e inene1it a2 e== a2 (eath  >ene1it are ta$1ree un(er Sec ",!",)' o1 the Income Ta Ta Act  There i2 a=2o no ta (e(uction at 2ource@ F#e7i0#e 3re-i$- 3a2-ent 3a 2-ent Ter- ;33T< = 3#i%2 Te Terr- ;3T< 3#i%2 Ter-/ ou can choo2e the term at the en( o1 hich 7ou i2h to receiene1it2@ *i1e2urance 6roi=it7 to choo2e >eteen 1our   6o=ic7 term2 8",; "+; 9, or or 9+ 7ear2@ 3re-i$- 3a2-ent Ter-/  ou can choo2e the term 1or hich 7ou ou=( =i4e to 6a7  6remium2 toar(2 7our *i1e2urance P=an@ The minimum Premium Pa7ment Term i2 + 7ear2 1or 6o=ic7 term2 o1 "+; 9, an( 9+ 7ear2@ The minimum 6remium 6a7ment term i2  7ear2 1or 6o=ic7 term o1 ", 7ear2@ The maimum Premium Pa7ment Term can >e eGua= to the Po=ic7 Term@ The minimum 6remium amount i2 R2 9,;,,, 1or annua= in2ta in2ta==m ==men ent2 t2;; R2 ",;, ",;,,, ,, 1or 1or ha=1$ ha=1$7e 7ear= ar=7 7 in2t in2ta== a==me ment nt2; 2; R2 +;,, +;,,, , 1or 1or Guar Guarte ter=7 r=7 in2ta==ment2 an( R2 9;+,, 1or month=7 in2ta==ment2@ Lans ou can can ae u6 to /+D o1 the 2urren(er ?ect to term2 an( con(ition2 26eci1ie( >7 I)BI Fe(era= 1rom time to time@ A"1ant A"1 antage age W-en W-e n *i1e2urance o11er2 an a((itiona= 6remium (i2count 1or 1ema=e in2ure( 6er2on2@ The  >a2ic 6remium 6a7a>=e 1or a 1ema=e 6o=ic7ho=(er i== >e eGui= >=ee 2a 2i>i= i=it itie2 ie2 in =i1e =i1e@@ Po=i Po=ic7 c7 i== i== 6art 6artic ici6 i6at atee in the the 2ur6 2ur6=u =u22 o1 the the com6 com6an an7 72  6artici6atin5 6o=ic7ho=(er2 =i1e 1un(; an( cu2tomer2 2hare o1 thi2 2ur6=u2 i== >e a((e( to cu2tomer 6o=ic7; 1rom the th 6o=ic7 7ear onar(2; >7 a7 o1 reonu2e2 an( a termina= ter mina= >onu2 a((e( at the time o1 maturit7; or on ear=ier (eath@ A2 a con2eGuence; 6artici6atin5 6o=ic7ho=(er2 ho maintain their 6o=icie2 ti== maturit7 i== en?o7 the >ene1it2 o1 =on5 term (e>t an( eGuit7 inein5 6rotecte( 1rom the 2hort term onu2e2 1rom the th 6o=ic7 7ear onar(2 •  Termina= Termina= >onu2 a((e( at the time o1 maturit7; or on ear=ier (eath P=an >ene1it2 an( E=i5i>i=it7 "@ Premium2 Premium2 are are ec=u2i< ec=u2i=e un(er the 6o=ic7 i2 #@,0 D !inc=u(in5 e(ucation ce22' o1 the 6remium2 6ai( 1or the 1ir2t 7ear an( "@++D 1or the renea= 6remium2@ Sere ca=cu=ate( a1ter inc=u(in5 a== in(iac4 P=an i2 a 6=an hich i2 (e2i5ne( 1or the cu2tomer2 to reach their 5oa=2 ith con1i(ence@ The main 1eature2 o1  thi2 6=an are: • • • • • • • • I)BI Premium2 6ai( 1or a =imite( 6erio( uarantee( annua= 6a7out 3inimum annua= 6a7out (ec=are( at the >e5innin5 A((itiona= annua= 6a7out i2 (ec=are( each time the 6remium i2 6ai(@ A((itiona= annua= 6a7out i2 =in4e( ith $ 2ec intere2t rate2 Cu2tomer2 can ta4e 6erio(ic 6a7ment2 or accumu=ate ti== maturit7 *um6 2um coene1it2 un(er Sec /,C an( Sec ",!",)' Fe(era= Income2urance En(oment an( 3one7 Bac4 P=an !Income2uran !Income2urance' ce' not on=7 5ii=it7 1=ei>i=it7 >ut there are =ot2 o1 other 1eature2 hich are in>ui=t in the 6ro(uct =i4e conene1it2 an( (ou>=e a(er #,; 9,", a2 R2@#9mi==ion@ The 6ro1it a1ter ta 1or the 2ame 6erio( i2 R2@+"# mi==ion@ There haeen "#9 (eath c=aim2 re6orte( (urin5 (urin5 the 6erio( 6erio( out o1 hich # c=aim2 ere 2ett=e( an( "0 c=aim2 ere re?ecte(@ Marketing Ca-aigns/  I)BI Fe(era= *i1e recent=7 =aunche( te=e #i2a> an( B+a a1is+a is+a1a 1ani ni> >@ an(  G$arantee" In%-e Ki B+ Wherea2 the 1ir2t a(ou a>outt it; it; >u72 >u72 it in2ta in2tant nt=7 =7;; the the 2econ 2econ( ( a(e c=ear c=ear an( an( tran26arent on the i22ue o1 return2 in the in7 the name o1 (a2 an (  L$%k2  to 6romote the >ran(@ To create an aarene22 o1 the 6ro(uct2 o1 the or5aniation amon5 the hou2eho=(2 hou2eho=(2;; a 6aintin5 6aintin5 com6etition com6etition ?Brig+t Sarks> a2 con(ucte( con(ucte( an( certi1icate2 certi1icate2 ere aar(e( to a== 6artici6ant2@ "0 COM3ETITION ANAL&SIS ANAL&SIS I)BI FE)ERA* *IFE INSURANCE Co@ *t(@ i2 in a hi5h=7 com6etitier o1 riran( er o1 >i5 com6etitor2 are 6route@ A2 e 4no *IC2 attri>ute i2 their ho=( in rura= mar4et@ But hen e 2a7 a>out 6o6u=ation 5roth; economic 5roth; or 5oecau2e on=7 9+D in2ura>=e 6er2on in2ura>=e  6er2on are in2ure( 2econ(=7 /,D 6o6u=ation are un(er a5e o1 +@ • T+reat ! ne* entran%e )ue to a55re22 a55re22iarrier >arrier;; thi2 thi2 i2 not attracti< attractiu2ine22@ Eit >arrier are a=2o ecau2e; no com6an7 can =eaecau2e 1ir2t=7; ",, crore2 i== >e =o2t 2econ(=7; their com6en2ation !cu2tomer or other com6an7' i== >e u2ine22 >ut the7 i== not =eaarrier are hi5h; 6ro1it 6otentia= are a=2o hi5h@ • T+reat ! s$0stit$te r"$%t Thi2 Thi2 i2 not attracti< attracti2tit 2u>2titute ute 5oo(2 5oo(2 >ecau2 >ecau2ee there there i2 man7 man7 2u>2titute2 2u>2titute2 in mar4et >ut on=7 2erut 6re2entation i2 (i11erent@ In ca2e ca 2e o1 =oer 2u>2titute 9, !mean2 !mean2 in2titute 6=ace a =imit on 6rice an( on 6ro1it@ • T+reat ! 0$2er@s gr*ing *er In In(ia >u7er2 5roin5 6oer are increa2in5 >ecau2e the7 ha=i2he( in2urance re5u=ator !IR)A' in In(ia 1or 5roin5 >u7er2 >ar5in5 6oer@ )ue to =oe2t 2itchin5; >u7er2 are u7er2 haout (i11erent com6an7  6ro(uct@ )ue to e(ucation >u7er can ana=72i2 that; hich 6ro(uct i2 5oo( 1or him@ So (ue to 5roin5 >u7er2 6oer thi2 2e5ment 2 e5ment i2 not 5oo( 1or ne 6=a7er@ • T+reat ! s$#ier@s gr*ing *er )ue to o=i5o6o=7 mar4et con(ition in2urance com6an7 cannot rai2e 6rice >ut the7 can increa2e their 6ro1it 1rom 2e==in5 more 6o=icie2 in mar4et@ In In(ia; 2u66=7$5roin5  6oer !a5ent; >ro4er; >anca22urance' are 5roin5 (ue to =ot o1 com6an7 ai=it7 ai=it 7 in I)BI Fe(era= *i1e In2urance Co@ *t(@ 9" COM3ETITION INFORMATION Li!e Ins$ran%e  H)FC Stan(ar( *i1e In2urance Com6an7 *t(@  3a Ne or4 *i1e In2urance Co@ *t(@  ICICI Pru(entia= *i1e In2urance Co@ *t(@  Om Kota4 3ahin(ra *i1e In2urance Co@ *t(@  Bir=a Sun *i1e In2urance Co@ *t(@  Tata Tata Ai5 *i1e In2urance Co@ *t(@  SBI *i1e In2urance Co@ *t(@  IN 727a *i1e In2urance Co@ Par( enera= In2urance Co@ *t(@ 99 S.W.O.T ANAL&SIS OF T(E ORGANISATION With the a>oro4er2@ Ma4r We Weaknesses aknesses  In2urance com6anie2 are o1ten 2=o to re26on( to chan5in5 nee(2@  There i2 an increa2in5 tren( o1 1inancia= ea4ne22 amon5 the com6anie2@  There are more com6etitor2 1or a5encie2 to com6ete ith >an42 an( Internet  6=a7er2@ Ort$nities  The a>i=it7 to cro22 2e== 1inancia= 2erare=7 >ein5 ta66e(@  Techno=o57 i2 im6ro=e@  The c=ient2 increa2in5 nee( 1or an Min2urance con2u=tantM can o6en ne a72 to 2erac4=a2h i== occur@  oene1it2 o1 thi2 6ro(uct 6ro7 I)BI Fe(era= *i1e In2urance com6an7@ • To 4no 4no the con2umer 1ee(>ac4@ • To 4no the mar4etin5 2trate5ie2 a(o6te( to 6romote the2e 6ro(uct2@ • To ma4e ma4e the the 6ri< 6ri 2i>=e =e to the the in=e co2t • In2ura In2urance nce ha2 a 1ar reachin reachin5 5 e11ect e11ect in 27nch 27nchron roniin iin5 5 >etee >eteen n the e 6romi2in5@ SCO3E OF STUD&  No 2tu(7 i2 5enera==7 1u== 6roo1 thi2 re6ort 2u11er2 1rom certain cer tain =imitation ith re26ect to in1ormation an( ana=72i2@ The rea2on 1or the a>oecau2e o1 their >u27 2che(u=e@ • Since the 6ro?ect ha( to >e 2u>mitte( ithin 2eor in term o1 >oth time an( e11ort@ Since the curricu=um (i( not 6ermit more time; the 2tu(7 ha( to >e oo4 o1 In2urance a5ent2 o1 (i11erent *i1e In2urance com6anie2 !iii' Internet e>2ite2 o1 IR)A an( e tar5ete( toar(2 the mar4eter2@ The 2tu(7 i== a=2o inc=u(e 2emi$2tructure( intero(7 that 2tarte( to re5u=ate the =i1e in2urance >u2ine22 in In(ia@ B7 : a>out : In(ian; : 1orei5n an(  6roeen e2ta>=i2he( e2ta>=i2he( in In(ia@ In(ia@ Then the centra= 5oui=(in5 a i(e netor4 acro22 the =en5th an( the >reath o1 the countr7@ A1ter the =i>era=iation the entrance o1 1orei5n  6=a7er2 ha2 a((e( to the com6etition in the mar4et@ Ins$ran%e Se%tr Re!r-s  In :; 3a=hotra Committee; hea(e( >7 1ormer Finance Secretar7 an( RBI on R2@">n 2hou=( 2hou=( >e a==oe( to enter the in(u2tr7@ • Forei5n com6anie2 ma7 >e a==oe( to enter the in(u2tr7 in co==a>oration ith the (ome2tic com6anie2@ • On=7 one State *ee a==oe( to o6erate in each 2tate@ It a2 a1ter thi2 committee came into e11ect the re5u=ator7 >o(7 1or in2urance 2ector  a2 1orme( ith the name o1 IRDA. Ins$ra n%e R eg$#a tr2 a n" ) e1e# -e nt A$t +r it2 ;IR DAo(7 ha2 >een 1ramin5 re5u=ation2 an( re5i2terin5 the 6riein5 an in(e6en(ent 2tatutor7 >o(7 ha2 6ut a 1rameor4 o1 5=o>a==7 com6ati>=e re5u=ation2@ 9 IM3ACT IM3ACT OF O F LIBERALIHAT LIBERAL IHATION ION The intro(uction intro(uction o1 6ri7 the 6ri7 the 6=a7er2 in thi2 2ector@ The ne 6=a7er2 haute( amon5 the 6riut the u6comin5 nature2 o1 the2e 6ri7 hich hich in2ure in2urer2 r2 2e=ec 2e=ectt the the ri242 ri242 to in2ure an( (eci(e ho much in 6remium2 to char5e 1or acce6tin5 tho2e ri242; an( 9@ B7 in=ic uti=itie2 an( 2ere inout 9,, mi==ion mi((=e c=a22 hou2eho=( 2ho2 a hu5e unta66e( 6otentia= 1or 6=a7er 6=a7er22 in the in2ura in2urance nce in(u2tr in(u2tr7 7@ Satura Saturatio tion n o1 mar4et2 mar4et2 in man7 man7 (ea= in2urance ma?or2@ The in2urance 2ector in In(ia ha2 come to a 6o2ition o1 ution (i2tri>ution haecome the 2a7 o1 the (a7@ In(ian2; hai5 5roth a2 man7 In(ian an( 1orei5n com6anie2 are aitin5 in the =ine 1or the 5reen 2i5na= to 2tart their o6eration2@ The In(ian con2umer 2hou=( >e rea(7 no >ecau2e the mar4et i2 5oin5 to 5iene1it2@ Ho the cu2tomer i2 5oin5 to ma4e hi2 choice i== (etermine the 1uture o1  the in(u2tr7@ The 6rie in a term 6o=ic7@ The ece22  6remium i2 then in7 the in2urer or in an account contro==e( >7 the 6o=ic7 ho=(er; >ui=(in5 u6 ca2h e u2e( in a 1e a72: to increa2e the (eath >ene1it; to >orro a5ain2t 1or an7 u2e or to 4ee6 the 6o=ic7 in e11ect i1 in2ure( 2to6 6a7in5 month=7 6remium2@ 90 DATA ANAL&SIS :. AGE OF T( T(E E RES3 RES3OND ONDENT ENTS S   P PA ARTICTU*ARS NO@OF@RESPON)ENT PERCENTAE *e22 than 9+ "" ""D 9+ $ #+ , ,D #+ 8 + 9, 9,D A>o' ,D o1 the re26on(ent2 are >eteen 9+ an( #+ 7ear2 o1 a5e@ c' 9,D o1 the the re26on(en re26on(ent2 t2 are >eteen >eteen #+ an( an( + 7ear2 7ear2 o1 a5e@ a5e@ (' 90D o1 the the re26on(en re26on(ent2 t2 are more more than than + 7ear2 o1 a5e@ a5e@ #, . UALIFICATION OF T(E RES3ONDENTS @ PARTICUA*R NO@OF@RESPON)ENT PERCENTAE ra(uate +9 +9D Po2t ra(uate 90 90D / /D "" ""D ",, ",,D )i6=oma Other (i2ci6=ine TOTA* ANAL&SIS/ From the 2ur' 90D o1 the re26on(ent2 ere 6o2t 5ra(uate c' /D o1 o1 the the re26on re26on(en (ent2 t2 ere ere (i6= (i6=oma oma #" . OCCU3ATIONS OF T(E RES3ONDENTS   PA PARTICU*ARS NO@OF@RESPON)ENT PERCENTAE Bu2ine22 man # #D Pro1e22iona=2 "/ "/D Jo> ho=(er2 #- #-D Other2 "" ""D TOTA* ",, ",,D ANAL&SIS/ From the 2ur' c' (' #D o1 o1 the re26o re26on(e n(ent2 nt2 are are >u2in >u2ine22m e22men@ en@ "/D o1 the re26on(ent2 are 6ro1e22iona=2@ #-D o1 the the re26o re26on(e n(ent2 nt2 are ?o>h ?o>ho=( o=(er2@ er2@ ""D ""D o1 the re26on re26on(en (ent2 t2 are >ac45r >ac45roun oun(@ (@ #9  A'ERAGE A'ERAGE ANNUAL INCOME OF RES3ONDENTS. RES3ON DENTS. PARTICU*ARS NO@OF@RESPON)ENT PERCENTAE U6 to " =a4h ## ##D " =a4h 8 # =a4h # #D # =a4h 8 + =a4h 9, 9,D + =a4h & a>o' #D o1 the re26on(ent2 haer2 +, +,D + $ ", mem>er2 #9 #9D A>oer2 9/ 9/D ",, ",,D TOTA*   ANANL&SIS/ From the 2ure=o >e=o + mem>er mem>er2@ 2@  >' #9D o1 the re26on(ent2 are >eteen + to ", mem>er2@ mem>er2@ #  ACCORDING TO LIFE INSURANCE PARTICU*ARS Ri24 Coo' c' (' ",D o1 o1 the re26o re26on(e n(ent2 nt2 2a7 2a7 ri24 ri24 co' "-D o1 the 2a7 that the7 are unaare o1 I)BI Fe(era= =i1e in2urance co # 8 AW AWARENESS REGARDING INSURANCE PARTICU*ARS NO@OF@RESPON)ENT PERCENTAE e2 9 9D No No 0/ 0/D TOTA* ",, ",,D     ANAL&SIS/ From the 2ur' On=7 9D are unaare o1 in2urance@ #- . 3ERCENTAGE OF RES3ONDENTS RES3ONDEN TS W(O ARE UNDER DIFFERENT 3LANS OF IDBI FEDERAL LIFE INSURANCE CO. PARTICU*ARS NO@OF@RESPON)ENT PERCENTAE In' c' (' "D o1 o1 the re26on re26on(en (ent2 t2 are un(er un(er inene1it 9, 9,D 3aturit7 (ate "9 "9D Sum A22ure( / /D ",, ",,D TOTA* ANAL&SIS/ a' #D o1 o1 the re26on( re26on(ent2 ent2 2a7 that a >ene1it >ene1it o1 choo2in5 choo2in5 the 6articu= 6articu=ar ar Pro(uct i2 1or Sa1et7 o1 =i1e@  >' 9,D o1 the re26on(ent2 2a7 that a >ene1it o1 choo2in5 the 6articu=ar 6articu=ar  6ro(uct2 i2 1or a((itiona= >ene1it to 1ami=7 c' "9D o1 o1 the re26on( re26on(ent2 ent2 2a7 that a >ene1it >ene1it o1 choo2in5 choo2in5 the 6articu= 6articu=ar ar  6ro(uct2 i2 1or maturit7 (ate (' /D o1 the the re26on(ent2 re26on(ent2 2a7 that a >ene1it >ene1it o1 choo2in choo2in5 5 the 6articu=a 6articu=arr  6ro(uct2 i2 1or 2um a22ure( #0 OF :: 3ERCENTAGE OF DISAD'ANTAGES IN INSURANCE 3LAN PARTICUA*RS NO@OF@RESPON)ENT PERCENTAE *iGui(it7 #+ #+D *a62ation 9, 9,D "0 "0D Hi5h ri24 co=e to (eci(e  6remium ANAL&SIS/ From the 2ur' 9,D o1 the re26on(ent2 2a7 that (i2a(=e (eci(e 6remium@ (' "D o1 o1 the re26on(en re26on(ent2 t2 2a7 that that (i2a(t Fun( + +D Ca2h Fun( 0 0D ",, ",,D TOTA* ANAL&SIS/  From the 2ur' c' (' e' 1 ,D o1 o1 re26on(ent re26on(ent22 2a7 that the7 the7 ant ant to ina=ance( >a=ance( 1un( 1un( ""D ""D o1 re26on(ent re26on(ent2 2 2a7 that the7 the7 ant an t to int (e>t mar4et mar4et 0D o1 re re2 on(ent2 2a 2a that th the ant to in in=i2hment o1 6riout ",D o1 re26on(ent2 haout ",D o1 re26on(ent2 are ne=7 em6=o7e( or trainee2@ • A>out ",D o1 re26on(ent2 intere2te( 1or inui=( u6 it2 in1ra2tructure >ecau2e there i2 a =ar5e 6otentia= 1or in2urance in In(ia@ Com6an7 2hou=( come u6 ith it2 >ranch in )e=hi@ With the o>?ecti=ic@ Becau2e the entrance o1 6rie a tou5h ta24 to 2ecure a 5oo(  6o2ition in mar4et@ Since Since I)BI I)BI Fe(era Fe(era== *i1e *i1e In2ura In2urance nce i2 =ea(in =ea(in5 5 ith ith 2ee ea27 1or them to 6enetrate into the mar4et an( 2ecure a 5oo( 6o2ition i1 the7  6a7 5reater attention to the 2er7 1ormin5 a =on5 an( tru2te( re=ation2hi6@ A2 2een 1rom the 2ure a 5oo( 6otentia= 1or the com6an7 an( the7 2hou=( ma4e an attem6t to tra6 the2e cu2tomer2@ #D o1 the cu2tomer i2 ea2ic o>?ectieen 1u=1 1u=1i= i==e =e( ( in the the ear=i ear=ier er cha6 cha6te ter; r; >a2e( >a2e( on the the o>?ec o>?ecti tia2e( on 2che(u=e a2 ana=7e( an( 2ome 1in(in52 haeen >een hi5h=i5hte( >e=o@ • 3o2t o1 the 6eo6=e are 2ati21ie( ith the etent o1 their =i1e in2urance cou7in5 more =i1e in2urance@ • Peo6=e (o not con2i(er =i1e in2urance a2 a 5oo( 2aecau2e o1 =o return2@ • A2 =i1e in2urance i2 a =on5 term contract@ 3aimum 6eo6=e (o not haout 6riou a>outt >ro4 >ro4er er;; cor6 cor6or orat atee a5en a5ent2 t2 an( an( >anc >anc a22urance; the7 re=7 on their a5ent2 on=7 • The mo2t 6re1erre( t76e o1 6=an i2 mone7 >ac4@ The rea2on >ein5 ai=it7 o1  1un(2 a1ter ee u2e( 1or 6a7in5 1urther 6remium; thu2 2aout hat t76e o1 cout the7 thin4 return2 are =o@ • Some Some 6eo6 6eo6=e =e ha (ou>t2 t2 on the the cre(i cre(i>i >i=i =it7 t7 an( an( =on5 =on5 2ta7 2ta7 o1 6ri< 6rie 6o6u=arie( a2 the mean2 o1 2ecurin5 1uture rather than 2ae i22ue( Guic4=7 an( ith =e22 1orma=itie2 • Other 2ere im6roe e== traine(@ Di1i"en" !r t+e Finan%ia# &ear 9:): The Boar( o1 )irector2 o1 the Cor6oration ha2 recommen(e( 6a7ment o1 (ier2 o1 the Cor6oration a2 at the c=o2e o1 >u2ine22 hour2 on June #,; 9,,+@ • For 2hare2 he=( in e=ectronic 1orm: >ene1icia= oner2 ho2e name2 a66ear in the 2tatement2 o1 >ene1icia= 6o2ition 1urni2he( >7 NS)* an( C)S* a2 at the c=o2e o1 >u2ine22 hour2 on June #,; 9,,0@ There ha2 >een tremen(ou2 tre men(ou2 chan5e in the in2urance hi2tor7@ An( ith it there ha2 >een continuou2 5roth in thi2 2ector >oth in In(ian a2 e== a2 or=( contet@ The o6enin5 u6 o1 the in2urance 2ector ha2 chan5e( the ho=e =oo4 o1 the in(u2tr7@ Whi=e the *IC in or(er to 1ace the com6etition i2 comin5 ith ne 2trate5ie2@ Ne  6=a7er2 =i4e I)BI Fe(era= are =ea(in5 the 2ector (ue to their 2trate5ic mana5ement an( tai=ore( ma(e 6ro?ect2@ From our re2earch a=2o e conc=u(e that thou5h the aarene22 an( 6eo6=e o6tin5 1or  *IC 6=an2 are more a2 com6are to 3N* >ut the =ater are 5ainin5 momentum in the mar4et (a7 >7 (a7@  The 6rimar7 rea2on2 1or >u7in5 an in2urance 6o=ic7; hether =i1e or non$=i1e i2 to  6rotect u2 1rom =e nece22itie2@ Thou5h a =ar5e 6ro6ortion o1 6o=icie2 a=e in the countr7 6rout no>o(7 i2 =oo4in5 1or return2 to the in1=ation + rate@ So hat (oe2 in2urance o11er; 6erha62 6eace o1 min(; >ut eeen 2een 1rom the eam6=e o1  2eera=iation 6roce22 >ein5 6ur2ue( >7 man7 (ei==ion >u2ine22 in In(ia an( 7et it2 26rea( in the countr7 i2 re=atieen a>=e to ma4e hea(a7 in In(ia@ There ha2 >een a 2tron5 1a== in in2urance >u2ine22 in recent 7ear2@ Furthermore; it can  >e o>2eru2ine22 i2 not increa2in5 a2 2tron5=7 a2 =i1e >u2ine22@ On the other han(; 5roth 1=uctuation2 haeen re=atieteen "D an( +D@ *i1e in2urance >u2ine22 >7 contra2t achieu2ine22 ith utmo2t econom7 ith the 26irit o1 tru2tee2hi6L there>7 ma4in5 in2urance i(e=7 6o6u=ar@  BIBLIOGRA3(& BOOKS • Marketing Manage-ent  >7 Kot=er; Phi=i6 Pear2on E(ucation 9 n( e(ition@ • Cns$-er Be+a1ir >7 @ Schi11man; *eon; Prentice$Ha== 6u>=ication I / th e(ition@ IRDA 5$rna# • IDBI Fe"era# Li!e Ins$ran%e C-an2 -againes • Ne*saer an" B$siness -againes - againes • Ne*s 3aers/) "@ The The Eco Econo nomi micc Tim Time2 e2@@ 9@ Time2 o1 o1 In( In(ia ia@@ #@ Bu2i Bu2ine ne22 22 2ta 2tan( n(ar ar(@ (@ @ Fina Financ ncia ia== E6r E6re2 e22@ 2@ • Magaines :$ "@ Bu2i Bu2ine ne22 22 or= or=(@ (@ 9@ Bu2i Bu2ine ne22 22 To(a7 (a7 #@ Out=oo4@ WEBSITES • htt6:@i(>i1e(era=@com - ANNEURE $estinnaire :. ARE &OU EM3LO&ED e2 No I1 7e2; on=7 then 6rocee( . D 2$ +a1e an2 ins$ran%e #i%2 e2 No . W(IC( INSURANCE 3OLIC& DO &OU (A'E *i1e Non$*i1e Both . W(IC( C9@S INSURANCE 3OLIC& &OU 3REFER T(E MOST !RANK THE3' *IC Icici 6ru(entia= SBI =i1e in2urance IN 727a =i1e I)BI Fe(era= =i1e in2urance Tata Ai5 =i1e An7 other . FOR (OW MAN& &EARS DO &OU (A'E INSURANCE 3OLIC& !P*EASE TICK ' a' +7r2 >' +$", 7r2 c' ",$"+ 7r2 (' An7 other !26eci17' . W(AT DO &OU T(INK ARE T(E BENEFITS OF INSURANCE CO'ER Coac4 5uarantee Re6utation o1 com6an7 Ea27 acce22 to a5ent2 An7 other XXXXXXXXXXX!26eci17' XXXXXXXXXXX!26eci17' 8. &OUR MONT(L& INCOME a' Y4 Y4 >'4 >'4$/ $/4 4 c' /4$" /4$"94 94 ('"9 ('"9$" $"4 4 e' othe otherr XXXX XXXXXX XXXX XXXX XXX! X!S6 S6ec eci17 i17'' . DO &OU REALL& T(INK INSURANCE 3OLIC& CO'ER IN TODA&@S SCENARIO IS NOT ESSENTIAL :9 W(AT@S &OUR 3ERCE3TION ABOUT INSURANCE A 2aene1it2 :8. W(AT@ T(E RIG(T AGE TO BU& INSURANCE a' Sa=e time ti me +,