A Study On TATA AIA Life Insurance Co. Ltd. and Various Life Insurance Plans

Synopsis on
A Study On TATA AIA Life Insurance

Co. Ltd. And Various Life Insurance
Plans
A Synopsis Submitted On Partial Fulfilment Of The

Requirement Of Degree Of Master Of Business
Administration Of YCMOU, Nashik - 422 222
By
Nikhil Anil Gulhane
PRN: 2015017001858163
Guide
Prof. Ku. S. S. Nimkar
Study Centre: Amolakchand Mahavidyalaya, Yavatmal 445001

Centre Code : 1401A
1
1. Introduction, Importance and Significance
of the Study:
Life Insurance:
In 1818 the British established the first insurance company in
India in Calcutta, the Oriental Life Insurance Company. First attempts
at regulation of the industry were made with the introduction of the
Indian Life Assurance Companies Act in 1912. A number of
amendments to this Act were made until the Insurance Act was drawn
up in 1938. Noteworthy features in the Act were the power given to
the Government to collect statistical information about the insured and
the high level of protection the Act gave to the public through
regulation and control. When the Act was changed in 1950, this meant
far reaching changes in the industry. The extra requirements included
a statutory requirement of a certain level of equity capital, a ceiling on
share holdings in such companies to prevent dominant control (to
protect the public from any adversarial policies from one single party),
stricter control on investments and, generally, much tighter control. In
1956, the market contained 154 Indian and 16 foreign life insurance
companies. Business was heavily concentrated in urban areas and
targeted the higher echelons of society. Unethical practices adopted
by some of the players against the interests of the consumers then
led the Indian government to nationalize the industry. In September
1956, nationalization was completed, merging all these companies
into the so-called Life Insurance Corporation (LIC). It was felt that
nationalization has lent the industry fairness, solidity, growth and
reach.
2
2. Objective And the Scope of the Project:
In todays corporate and competitive world, I find that insurance

sector has the maximum growth and potential as compared to the
other sectors. Insurance has the maximum growth rate of 70- 80%
while as FMCG sector has maximum 12-15% of growth rate. This
growth potential attracts me to enter in this sector and TATA AIA Life
Insurance Company Ltd has given me the opportunity to work and
get experience in highly competitive and enhancing sector.
The success story of good market share of different market

organizations depends upon the availability of the product and
services near to the customer, which can be distributed through a
distribution channel. In Insurance sector, distribution channel includes
only agents or agency holders of the company. If a company like
RELIANCE LIFE INSURANCE, TATA AIA, MAX, etc. have adequate agents
in the market they can capture big market as compared to the other
companies. Agents are the only way for a company of Insurance sector
through which policies and benefits of the company can be explained
to the customer.
3. COMPANY HISTORY
The TATA Group
The TATA Group comprises 98 operating companies in seven

business sectors: information systems and communications;
engineering; materials; services; energy; consumer products; and
chemicals. Jamsetji TATA founded the Group in the mid 19th century, a
period when India had just set out on the road to gaining
3
independence from British rule. Consequently, Jamsetji TATA and those
who followed him aligned business opportunities with the objective of
nation building. This approach remains enshrined in the Group's ethos
to this day.
The TATA Group is one of India's largest and most respected

business conglomerates, with revenues in 2006-07 of $28.8 billion
(Rs129,994 crore), the equivalent of about 3.2 per cent of the
country's GDP, and a market capitalisation of $72.8 billion as on
January 10, 2008. TATA companies together employ some 289,500
people. The Group's 27 publicly listed enterprises among them
stand out names such as TATA Steel, TATA Consultancy Services, TATA
Motors and TATA Tea have a combined market capitalisation that is
the highest among Indian business houses in the private sector, and a
shareholder base of over 2.9 million. The TATA Group has operations in
more than 85 countries across six continents, and its companies
export products and services to 80 countries.
The TATA family of companies shares a set of five core values:

integrity, understanding, excellence, unity and responsibility. These
values, which have been part of the Group's beliefs and convictions
from its earliest days, continue to guide and drive the business
decisions of TATA companies. The Group and its enterprises have been
steadfast and distinctive in their adherence to business ethics and
their commitment to corporate social responsibility. This is a legacy
that has earned the Group the trust of many millions of stakeholders in
a measure few business houses anywhere in the world can match.
The TATA Group comprises 96 companies in seven business

sectors. 65.8% of the ownership of TATA Group is held by the
charitable trust of TATA.
4
American International Group, Inc. (AIA)
American International Group, Inc. (AIA), a world leader in

insurance and financial services, is the leading international insurance
organization with operations in more than 130 countries and
jurisdictions. AIA companies serve commercial, institutional and
individual customers through the most extensive worldwide property-
casualty and life insurance networks of any insurer. In addition, AIA
companies are leading providers of retirement services, financial
services and asset management around the world. AIA's common
stock is listed on the New York Stock Exchange, as well as the stock
exchanges in Ireland and Tokyo.
The TATA Group is one of the largest and most respected industrial
houses in the country, while AIA is a leading US based insurance and
financial services company with a presence in over 130 countries and
jurisdictions around the world.
4. Key features include:
* Provides security to your family in case of your unfortunate demise.
* Gives you the flexibility to choose your funds based on your risk
profile.
* Gives you Return of Premium guarantee on maturity in case you opt

for Capital Guaranteed Fund**.
* Provides an in-built Payer Benefit for juvenile ages (0-17 years).
* Enables you to enjoy market-linked returns with a potential for higher

growth.
5
*Guarantee is applicable only if all due premiums have been paid. The
guarantee will not apply on premium allocated towards other funds
and on top-up premiums.
5. THE VARIOUS POLICIES AND SERVICES BY TATA

AIA LIFE INCLUDE INDIVIDUALS:
Children:
o Assure Career Builder
o Assure Educare At 18 & Assure Educare At 21
o Assure 21 Years Money Saver
o InvestAssure II
o Invest Assure Plus
o Mahalife
o Mahalife Gold
o TATA AIA Life Nirbhay Life
Adults:
o Assure 1/5/10/15/20/25 and 60 years Lifeline Plans
o Assure 10/ 20 / 30 years Security & Growth Plans
6
o Assure 21 years Money Saver
o Assure Golden Years Plan
o InvestAssure II
o InvestAssure Extra
o InvestAssure Gold
o InvestAssure Plus
o LIFE Plus
o MahaLife
o MahaLife Gold
o Raksha 10/15/20/25
o ShubhLife
o TATA AIA Health First
o TATA AIA Life Health Protector - 5 Year Guaranteed Renewal

Accident and Health Plan
o TATA AIA Life Nirbhay Life
6. OVERALL SUGGESTION
TATA AIAs is found to be a one very popular leading industry

serving in insurance by joint venture of TATA AIA INSURANCE CO. LTD.
7
It has been ranked 2 by the noted magazines in business worlds for
TATA AIA there is some of suggestions like.
The company should take advantage of all the favourable

factors, which developing and expanding the activities and there by
increasing the market share, which ultimately results into increasing
turnover and profit.
Company should make more flexible plans
Company should use new techniques to analyse between competitor &
Company should find more effective ways to grow in booming market.
7. CONCLUSION
At summing up the report, I would like to highlight here that TATA

AIA INSURANCE CO. LTD. has bright and pros porous future. After
taking the training in this unit I find that following points;
TATA AIA makes excellent efforts for achieving the target market
share
TATA AIA always invites suggestions from its employee to give a
full opportunity to develop their carrier and human resource
opportunity
8
TATA AIA INSURANCE CO. LTD. Has a very good public relation
and maintains a very high reputation in insurance sector 7
TATA AIA has a very wide international market.
8. REFRENCES:
Book Refrence:
Malhotra Committee Report (The Report of the Committee on Reforms

in the Insurance Sector);
IRDA's First Annual Report 2001
Website Refrence:
www.tataaia.com
www.hiestoryofinsurace.com

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Synopsis on

A Study On TATA AIA Life Insurance

A Synopsis Submitted On Partial Fulfilment Of The

Study Centre: Amolakchand Mahavidyalaya, Yavatmal 445001

In todays corporate and competitive world, I find that insurance

The success story of good market share of different market

The TATA Group

The TATA Group comprises 98 operating companies in seven

The TATA Group is one of India's largest and most respected

The TATA family of companies shares a set of five core values:

The TATA Group comprises 96 companies in seven business

American International Group, Inc. (AIA), a world leader in

4. Key features include:

* Provides security to your family in case of your unfortunate demise.

* Gives you Return of Premium guarantee on maturity in case you opt

* Provides an in-built Payer Benefit for juvenile ages (0-17 years).

* Enables you to enjoy market-linked returns with a potential for higher

5. THE VARIOUS POLICIES AND SERVICES BY TATA

o Assure Career Builder

o Assure Educare At 18 & Assure Educare At 21

o Assure 21 Years Money Saver

o Invest Assure Plus

o TATA AIA Life Nirbhay Life

o Assure 1/5/10/15/20/25 and 60 years Lifeline Plans

o Assure 10/ 20 / 30 years Security & Growth Plans

o Assure Golden Years Plan

o TATA AIA Health First

o TATA AIA Life Health Protector - 5 Year Guaranteed Renewal

o TATA AIA Life Nirbhay Life

TATA AIAs is found to be a one very popular leading industry

The company should take advantage of all the favourable

Company should make more flexible plans

Company should use new techniques to analyse between competitor &

Company should find more effective ways to grow in booming market.

At summing up the report, I would like to highlight here that TATA

Malhotra Committee Report (The Report of the Committee on Reforms

IRDA's First Annual Report 2001

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