A Report ON Is Taxation A Selling Tool For Life Insurance?: by Name: Ajita Sahu Enrollment No.: 19BSP0189

A REPORT
ON
IS TAXATION A
SELLING TOOL FOR LIFE
INSURANCE?
By
Name: Ajita Sahu
Enrollment No.: 19BSP0189
Name of the organization:

Bridge Group Solutions
SUMMER INTERNSHIP PROGRAM | 2020
REPORT
ON
IS TAXATION A SELLING TOOL FOR LIFE
INSURANCE?
By
Name: Ajita Sahu
Enrollment No: 19BSP0189
A report submitted in partial fulfilment of the

requirements of
PGPM Program of
IBS Gurgaon
Date of Submission:
22 May 2020
ii
APPROVAL OF REPORT
Approval of Final Report through mail of Summer Internship program 2020 by the
company guide Miss. Juhi Tripathi, HR Training Manager of Bridge Group Solutions.
iii
AUTHORISATION
I the undersigned solemnly authorise that the project report “IS TAXATION A SELLING TOOL
FOR LIFE INSURANCE” submitted by me to ICFAI Business School, Gurgaon. In partial
fulfilment of the requirement for the award of the degree of PGPM and is based on my work carried
out during the course of our study under the guidance of Miss. Juhi Tripathi, company guide and
Junior HR Manager and Trainer and my faculty guide of IBS.
I assert the statements made and conclusions drawn are an outcome of my research work. I further
certify that
I. The work contained in the report is original and has been done by me under the general
supervision of my supervisor.
II. The work has not been submitted to any other institution for any other degree/ diploma/
certificate in this university or any other University of India or abroad.
III. We have followed the guidelines provided by the university in writing the report.
IV. Whenever we have used materials (data, theoretical analysis, and text) from other sources, we
have given due credit to them in the text of the report and giving their details in references.
Date: 22 May 2020 Name: Ajita Sahu
Place: Gurgaon Enrollment No.: 19BSP0189
iv
ACKNOWLEDGEMENT
It is always a pleasure to remind the fine people in the ICFAI Business School for their sincere
guidance I received to uphold my practical as well as theoretical skills in Finance.
First of all, thanks to my parents for giving encouragement, enthusiasm and invaluable assistance to
me. Without all this, I might not be able to complete this subject properly.
Second, I would like to thank the Internship Cell of IBS, Gurgaon for giving us the opportunity to
undergo internship in Bridge Group Solutions.
Thirdly, I also want to express my deepest thanks and gratitude to my faculty guide of IBS (finance
department) that she has helped me a lot in dealing with the difficulties faced during the internship.
She has supported me and helped all the time when we needed and gave the right direction towards
the completion of project.
Besides, I would like to thank Miss. Juhi Tripathi, Junior HR Manager and Trainer, as company
guide for being friendly and guiding at each step. To manage matters related to the training and the
project. A paper is not enough for me to express the support and guidance I received from her for all
the work I did.
In addition, I would like to thank Mr. Kashish Jerath, Vice-president of Bridge Group Solutions for
guiding it and recommending things to enhance our knowledge and skills. And motivating at every
step and being a great support.
I perceive this opportunity as a big milestone in my career development. I will strive to use gained
skills and knowledge in the best possible way and I will continue to work on their improvements in
order to attain desired career objective.
v
TABLE OF CONTENTS:
Sr. Topic Page

No. No.
Abstract vii
1. About Insurance Industry
1.1 About Insurance 1
1.2 Contribution to GDP 2
1.3 Porter’s Five Forces Model 3
1.4 Drivers and Challenges 4
1.5 Current Trends 5
1.6 Impact of COVID-19 on insurance industry 6
2. About company
2.1 Introduction 7
2.2 Vision, Mission, Core Values 8
2.3 History 9
2.4 Best Services 10
2.5 SWOT Analysis 11
2.6 Major Competitors 12
3. SIP Objective 13
4. Methodology Used 14
5. About Topic
5.1 About Life Insurance 15
5.2 Tax Benefits 16
6. Main Text
6.1 Max Life Insurance 18
6.2 Financial Analysis of Max Life 20
6.3 ULIP and Aditya Birla Health 24
6.4 Financial Planning 25
6.5 Courses Done 26
7. Consumer Survey 28
8. Findings 37
9. Conclusion 38
10. Learnings 39
11. References 41
12. Annexure 42
vi
ABSTRACT:
A summer internship program is a period of work experience and practical knowledge offered by an
organisation, where we get an experience of the corporate world and it provides opportunity for
interns to grow and learn in the corporate sector and gets introduced to how corporate works.
Working as a finance intern for Bridge group solutions for a duration of 14 weeks has taught me
many technical skills, soft skills and life skills. The first training period was dedicated to insurance,
the basics, the partners and their products.
Bridge Group Solutions is in partnership with Max Life Insurance, Aditya Birla health insurance, 24
mutual fund companies etc. The financial product of max life we studied were Monthly Income
Advantage Plan (MIAP) and Savings Advantage Plan (SAP), Unit linked investment plan (ULIP),
Aditya Birla’s diamond and platinum health plan. These insurance products allows the policyholder
to get maturity, death and tax benefits. the policy holder/ proposer gets deduction under section 80D
of INR 150000 and under section 80D while paying the premium and after the maturity the whole
amount is tax free under section 10 (10D) and various other tax deductions under section 80DD,
80CCE etc. are provided. Hence, tax becomes an important tool for the people to buy insurance.
Understanding the financial position of the client and develop tools to assist in meeting financial
goals. The Financial tools would include developing a family budget, tax sheltered investment plan,
retirement savings and a major purchase timeline. Generating revenue for the company by pitching
and selling the product of Max life insurance to new and existing customers of the company is also
another objective.
Also because of the conditions prevailing in the country, I have completed a certificate course on
Beginner to pro in Excel: Financial Modeling and Valuation on Udemy, which had all the basics of,
excel all the concepts of Advanced Excel. Financial Modeling basics, preparation of financial
statements from beginning until end for analysis. Capital Budgeting basics and how to implement it
in the financial analysis along with many case studies and quizzes. Another course was of TCS Ion
on improving communication skills, etiquettes in corporates, introduction to fundamental accounting
and Artificial intelligence.
vii
ABOUT INSURANCE INDUSTRY
Insurance is a means of protection from financial loss. It is a form of risk management, primarily
used to hedge against risk of a contingent or uncertain loss. An entity, which provides insurance, is
known as insurer, insurance company, insurance carrier or underwriter. A person or entity who buys
insurance is known as insured or policyholder.
The insured receives a contract, called the insurance policy, which details the conditions and
circumstances under which the insurer will compensate the insured. The amount of money charged
by the insurer to the policyholder for the coverage set forth in the insurance policy is called the
“premium”.
MAJOR DEVELOPMENTS:
The insurance industry is critical for any country’s economic development. A well-developed
insurance sector boosts risk-taking in the economy, as it provides some security in the event of an
unforeseen, loss-causing incident. It also provides much needed support to family members in the
case of loss of life and health.
The history of India’s insurance industry reflects the history of India’s economy. Insurance
companies in India were nationalised during pre-liberalisation. This was done to protect the interests
of policyholders. Two state-owned insurance companies were thus created: the Life Insurance
Corporation in 1956, and the General Insurance in 1972 for the non-life insurance business.
Post liberalisation, the industry was opened up. The Insurance Regulatory and Development
Authority of India (IRDAI) was created in 1999 to regulate the insurance industry in India. Thus, the
insurance sector was opened to private players. This allowed foreign players to collaborate with
Indian entities to enter the sector.
The number of insurance companies in India increased quickly and continuously, and this has led to
a vibrant insurance sector- with more variety and affordability for the consumer.
There are currently 57 insurance companies in India of which 46 are from the private sector. There
are 24 life insurance and 33 non-life insurance companies in India. The major names in the sector
are: Life Insurance Corporation (LIC), HDFC Standard Life, SBI Life Insurance, ICICI Prudential
Life Insurance, ICICI Lombard, Max Life Insurance, Bajaj Allianz, National Insurance Company.
The market share of private sector players has increased over the years. In the non-life insurance
sector, private companies had a market share of 54.68% in FY 2019. In the life insurance sector,
private companies had a market share of 33.74% in FY 2019.
1
CONTRIBUTION TO GDP
During fiscal year 2018, total gross premiums for the non-life and life insurance sectors grew 11.5
percent to INR 6.1 lakh crore, bringing the 5-year compound annual growth rate (CAGR) to 11
percent.
India’s strong economy and evolving regulatory regime continue to support growth for its insurance
and reinsurance sectors. Moody’s said in a report titled insurance- India: Continued regulatory
evolution is credit positive for India’s insurance sector. It expects India’s real GDP to expand by 7.4
percent and 7.3 percent in fiscal year 2019 and 2020, making the Indian economy one of the world’s
fastest-growing.
The Insurance Regulatory and development Authority of India (IRDAI) is proactively introducing
regulations that will support insurer’ balance sheets and improve their access to capital, a credit
positive.
Liberalisation of the reinsurance sector- with the admission of foreign reinsurers since 2017 and
IRDAI’s steps to ensure that they can compete with incumbents- will specifically benefit the non-life
sector. Regulatory reforms will also improve the sector’s capital strength. In 2015, IRDAI raised the
ceiling on foreign ownership of Indian insurers to 49 percent from 26 percent, encouraging global
players to buy holdings in local entities.
Besides, the government’s launch of a new program in 2018 to provide health insurance for 100
million families is credit positive as it will help grow health premiums and provide insurers with
cross-selling opportunities.
Insurance and reinsurance sectors will grow strongly driven by strong economic growth and evolving
regulatory regime. Robust GDP expansion, coupled with current low insurance penetration, should
support double-digit growth for the non-life sector over the next 3-4 years.
2
PORTER’S FIVE FORCES MODEL
Threat of new entrants- High

The threat for new entrants lies within the industry itself. Some companies are operating in the niche
area of underwriting insurance. They are running the threat of being squeezed out by big players.
Another threat is other financial services companies entering the market.
Bargaining power of suppliers- Medium

For the insurance industry, the source of funds is the premium paid by its customers, hence
intertwining the customer & suppliers here. The suppliers of funds here hence have the option of
choosing from various insurance agencies. However, the insurance agencies cannot reduce the
premiums below a minimum support level. Thereby, the bargaining power of suppliers is medium.
Bargaining power of buyers- Moderate to High

There are two types of buyers/consumers- individual and corporate. Large corporate clients who pay
millions of dollars in premium have a lot more bargaining power than individual clients do. As a
whole, the buyers have moderate to high bargaining power.
Threat of substitutes- Low

There is no real threat of substitutes for the insurance industry. However, PPF and PF can act as low-
level substitutes.
Intensity of Rivalry- High

Insurance has become more of a commodity. The Insurance companies with low cost structure, better
customer service and greater efficiency will be able to beat out its competitors. Considering that
more than 50 companies exist in this sector, the intensity of competition would definitely be high.
3
DRIVERS AND CHALLENGES
DRIVERS:
➢ Insurance market to quadruple in size in coming 10 years.

➢ Insurance penetration to cross 4%.
➢ 2.3% of new health insurance policies introduced.
➢ Push of digitization with India having 430 million internet users.
➢ New Insurance products introduced.
➢ Online sales in 2016-17.
➢ Government initiatives for the underprivileged in the society.
CHALLENGES:
➢ Low penetration level when compared to global average.

➢ Weak distribution networks.
➢ Dominance of old existing players in the market.
➢ Governance and regulatory issues.
➢ Trust deficit amongst people to buy insurance.
➢ Heightened customer expectations.
➢ Increase in the number of frauds.
➢ New entrants bringing superior proposition.
4
CURRENT TRENDS OF INSURANCE
➢ New Models, Personalized Products:

The digital economy will make usage-based on demand and all-in-one insurance lifestyle products
more relevant. Customers will prefer personalized insurance covers instead of the on-size-fits-all
products currently available. Today, more than 80% of the premiums collected by insurers is lost to
distribution costs. Digital models will make intermediaries in the insurance value chain- marked by
their excessive dependence on human effort- obsolete.
➢ AI & Automation for Faster Claims:
Robotic Process Automation (RPA) and AI will occupy centre stage in insurance, driven by newer
data channels, better data processing capabilities and advancements in AI algorithms. While AI
eliminates brokers and paperwork, its behavioural economics capabilities minimize fraud- leading to
reduced time, effort and costs.
Another InsurTech firm Tyche has deployed an AI-infused claim likelihood model in Underwriting
to accurately determine the risks and achieve higher profitability.
➢ Advanced Analytics & Proactiveness:
Premiums will become highly personalized, enabled by new sources of tech-enabled data such as
Internet of Things, mobile enabled InsurTech apps and wearables. Advanced analytics will be
deployed to dynamically segment users and needs, model behaviours and identify exceptions, adjust
policy prices, optimize business strategies, and identify new growth opportunities.
➢ InsurTech Partnerships:
InsurTech firms have been showing significant growth in the areas of auto, home ownership and
cyber insurance. Such strong growth will stimulate traditional insurers to either acquire technology
capabilities or collaborate with InsurTech companies. With and increasing demand for innovative
products and services from millennials, such collaboration will become a critical imperative. Overall,
it will be a win-win situation- traditional insurers will benefit from faster results in establishing a
tech culture and InsurTech companies will get access to larger customer bases, funding and domain
expertise.
➢ Mainstreaming Block chain:
The need for huge volumes of customer data to be processed in real time by different insurance
functions calls for easy and secret transfer of data across organizations and their diverse
stakeholders.
Block chain technology provides the advantage of secure data management across multiple interfaces
and stakeholders without loss of integrity. Interestingly, more than 38 insurance and reinsurance
companies have embarked on an initiative called the B3i to explore block chain applications in
insurance.
5
IMPACT OF COVID-19 ON INSURANCE INDUSTRY:
The COVID-19 pandemic has severely affected many industries such as travel and transportation,
manufacturing, retail, and hospitality. All thought the impact on the insurance sector is less severe
we believe that it will be significant and highly disruptive; ranging from employee and business
continuity issues, client service consideration to operating profits.
The immediate concern for insurance company is the protection of employees, its distribution partner
help along with business continuity. The insurance carriers have lost roughly 48% of their market
value since the crisis commenced; with life and health insurance carriers particularly hit hard with
average drop of 58%. The cost of COVID-19 testing and treatment is likely to squeeze US health
insurers profit, which could lead to higher premiums in 2021. To cover these cost enabling insurers
to remain solvent in a period of increased claims firms will have to consider increased premiums in
the range of 4% to 40% in 2021.
The insurance regulatory and development authority of India (IRDAI) had issued guidelines for
health insurers asking to expedite corona virus related claim settlements in the case of
hospitalisation. Apart from hospitalisation charges, most health insurance policies will also cover
post hospitalisation expenses incurred during the recovery period. Some insurance policies have the
clause of not covering pandemics and epidemics but industry experts believe all companies will have
to comply with IRDAI’s strict directive. Just like the health insurance, death due to corona virus will
be honoured in life insurance settlement. Health related illness that results in the death of the insured
are generally covered under life insurance policies.
One of the biggest challenges could be enabling alternative work arrangements for insurance
companies’ employees if needed to protect staff and adapt to possible office access restrictions all
while assuring business continuity.
Emphasis on effort to contain the spread of COVID-19 may mean enabling Insurance company staff-
from actuaries to underwriters to claim managers – to work offsite, most likely from home. Insurers
should ascertain whether employees could access necessary files and conduct business from remote
locations. In addition, chief information security officers (CISOs) may need to establish new cyber
security protocols to permit the safe exchange of confidential information among employees
connecting from outside the office.
As this situation evolves, insurers are expected to continue to serve as shock absorbers for the
economy and society. Financially, the industry prepares for large loss events such as COVID-19 and
should be well capitalized for any on rush of claims. Insurers are also helped, in large part, by
reinsuring large parts of their books of business, which is one of the industries is able to spread risk.
6
INTRODUCTION OF BRIDGE GROUP SOLUTIONS
Bridge Group Solutions was founded in 2014 as one of India’s original Project Outsourcing start-
ups, with an aim to bridge gaps in process management and outsourcing. They started as a project
outsourcing firm and later on moved into different zones with a motto of providing high-quality, low
cost and applicable interventions to handle gaps.
Today, Bridge Group Solutions (BGS) enterprise has its presence across varied sectors that include
technology, wealth management and talent management solutions. They have expanded to more than
5 cities in less than two years and are going at great velocity towards great heights.
This is where aspiration meets innovation, candour fuels collaboration and impossible surrenders to
teamwork. They champion the bold to achieve the extraordinary. Their energy has been focused on
creating an experienced team, developing technology enablers and institutionalizing standardized
processes.
They have consistently grown with clients through referrals and have a very high customer retention
rate. They seek out people and clients who challenge themselves to be exceptional- and champion
that spirit in others. They are guided by True North, their unwavering commitment to always do the
right thing by our clients, people and communities.
They define a bold ambition with clients, then work together as one team to create such high levels
of value that they set new standards of excellence for our industries.
The headquarter of BGS is in Noida.

Verticals Location
Information Technology Noida
HR Outsourcing Rohini, New Delhi
Financial Services Gurgaon
Government Tenders Sohna Road, Gurgaon
BGS is looking forward to expand in Pune, Sector-17 Chandigarh and in Dehradun in the domain of
Finance.
7
VISION:
To offer unique financial planning opportunities to individuals by assisting them in accomplishing
their financial goals and dreams in a systematic and efficient approach, leading transformed planned
finance for life based on research analysis, technologies and software.
MISSION:
To provide comprehensive financial planning for individuals with the whole process driven on
systems thereby developing such unique processes that can be controlled, monitored and evaluated
by us independently thus making us self-reliant with over 10 million clients by 2028.
CORE VALUES:
Bridge group solutions hold their associates, customers, employees as well as their community in the
highest regard, where they incorporate both the needs of their company as well as the needs of their
ever-changing world into the culture. The core values are the backbone to their company, which
resonate with their vision.
MAIN FEATURES:
● Personalized Solutions: They give their customers an unmatched personalized solution as per
their needs.
● Premium Customer Support: They provide premium 24x7 support to the customers
● Best Service @ Low Cost: They believe in customer delight rather than in number of
customers.
● Innovation & Implementations: As a team of talented and young members, they believe in
fresh ideas.
8
HISTORY:
2012:
They started their journey with an idea, courage and loads of blessings and hope.
2013:
Bridge Group Solutions started getting recognized by people in the field of customized software.
2014:
They started RPO and skill development programmers. They got associated with Skill India.
2016:
Entered the most unorganized and diversified financial sector.
Bridge Groups Solutions (BGS) has five years of experience and have completed 113 projects. They
have 1356 satisfied customers and received 32 awards.
9
BEST SERVICES:
➢ Risk Management:
It is the identification, evaluation and prioritization of risks followed by coordinated and economical
application of resources to minimize, monitor and control the probability or impact of unfortunate
events or to maximize the realization of opportunities.
➢ Portfolio Management:
It is the art and science of making decisions about investment mix and policy, matching investments
to objectives, asset allocation for individuals and institutions and balancing risk against performance.
➢ Wealth Management:
It is an investment advisory discipline which incorporates financial planning, investment portfolio
management and a number of aggregated financial services offered by a complex mix of asset
managers, custodial banks, retail banks, financial planners and others.
➢ Project Outsourcing:
Outsourcing allows a company to subcontract a particular area within the organization. A company
may outsource project management or any other task or department for one or more reasons.
➢ ERP & Customized Software:

Enterprise resource planning is business process management software that allows an organization to
use a system of integrated applications to manage the business and automate many back-office
functions related to technology, services and human resources.
➢ Manpower Solutions:
Recruitment process outsourcing (RPO) is when a company transfers all or part of its permanent
recruitment to an external provider. An RPO provider can act as an extension of a company's HR or
Resourcing function, sitting on site with the client providing a holistic hiring solution.
10
SWOT ANALYSIS OF COMPANY
SWOT analysis is the analysis of the company’s Strengths, Weakness, Opportunities and Threats.
Bridge Group Solutions (BGS) as a successful start-up also has some strength and weaknesses which
makes it different from the other players and some opportunities and threats are available in the
finance and insurance industry.
•Growth rate of the company was •The capital investment base of the
quite higher than that of the other company is pretty low.
startups.
•Since the company is a startup and
•Customer base of the company is sells insurance it is difficult to
strong as it prefers reference develop trust.
marketing and customer delight.
•The company hires interns
•Tie ups with big brands such as throughout the year, so thier
Max Life Insurance, Aditya Birla branches are limited.
Capital.
STRENGTHS WEAKNESS
OPPORTUNITIES THREATS
•As it has tie-ups with many brands

and is also successful in gaining •BGS happens to be an oligopolistic
customer base it will look further competition so the threats are
to expand in many cities. always there from the new entrants
•It aims to work on a diversified as they come up with new ideas and
level. diversified tie-ups
11
MAJOR COMPETITORS
Capital First:
Capital First Ltd. Was an Indian non-bank financial institution providing debt financing to small
entrepreneurs, MSMEs and Indian customers. Capital first was founded in 2012 by V. Vaidya
Nathan. The company market cap grew from INR 7.81 billion to INR 60.96 billion as at 31 March
2018. In December 2018 NBFC Capital First and private sector lender IDFC bank has announced the
completion of their merger and is called IDFC First Bank.
Policy Bazaar:
Policy Bazaar is an Indian insurance aggregator and a global financial technology start-up. The
company was founded in June 2008 by Yashish Dahiya, Alok Bansal and Avaneesh Nirjar. It
provides a digital platform- website and app- where users compare financial services from major
insurance companies. It is the largest insurance aggregator. It’s headquarter is in Gurgaon, Haryana.
Policybazaar.com has so far raised USD 366 million in 7 rounds of funding since its inception in
2008.
Purnartha Cap Metrix:
Purnartha Investment Advisers Pvt. Ltd. Is a SEBI registered advisor and provides investment and
advisory services. They have 10+ years of experience in providing equity research services to global
financial institutions. Backed by a team of industry veterans and subject matter experts, since its
inception in 2009, Purnartha has grown and become a 6000+ strong family. Having outperformed
benchmarks such as NIFTY over time, it has embraced financial opportunities with knowledge and
confidence creating a circle of value, trust and wealth.
Policy X:
Policy.com- an IRDAI approved, self-funded insurance comparison portal helping consumers
compare, choose and buy policies online. It was started in 2013 in Udyog Vihar with 5 members
only. The company was founded with the aim to provide consumers with expert guidance in
selecting health, life, travel and corporate insurance plans from top insurance companies of India.
Insurance Dekho:
Insurance Dekho is an online platform that lets you compare insurance quotes from top-rated
insurance companies and purchase the insurance policy that best suits your needs. InsuranceDekho is
becoming a household name in India. Till now they have been successful in providing a delightful
experience to more than 3 lakh customers with the help of transparent and quick process, a dedicated
support team along with the availability of numerous insurers.
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SIP OBJECTIVE
The professional objectives which are being covered in the report are as follows:
1. The main objective of the project is to understand various financial products in the market
like the Mutual funds, SIP and also to know the products of Max Life Insurance and Aditya
Birla Health Insurance and to know the benefits derived from it.
2. To know how different deductions and exemptions in tax attract people to invest in insurance.
How tax facilitates to be a selling tool for life insurance apart from savings and coverage of
risk.
3. To understand the financial position of the client and develop tools to assist in meeting
financial goals through financial planning.
4. Generating revenue for the company by pitching and selling the product of Max life
insurance that were Monthly Income Advantage Plan (MIAP) and Savings Advantage Plan
(SAP), ULIP and also Aditya Birla Health Capital products to new and existing customers of
the company is also another objective.
13
METHODOLOGY USED
There are two types of methods for collection of data:
1. Primary data
2. Secondary data
The methodology used is primary. Primary data includes collecting information directly from the
public by means of survey, questionnaire, observation etc. For the preparation of the questionnaire
the basic objective of the survey was concentrated, previous surveys were analysed through
secondary data.
For the survey, Convenience Sampling was undertaken, which involves purposive or deliberate
selection of particular units of the universe which are available in the case of access for constituting a
sample representing the universe. Identification of potential clients through market surveys and
questionnaires, also through customer segmentation.
Had Personal interaction with the customers by pitching them and also calling the customer from the
primary data to tell them about the product and handle their queries thereby selling the product.
Tools of analysis in data collection:
● Tables
● pie chart
● bar diagrams
Preparing the report with the help of the primary and secondary data collected. Secondary data is the
data already available, collected and analysed by someone else. It may be collected through books,
magazines, internet etc.
14
ABOUT LIFE INSURANCE:
Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the
insurer promises to pay designated beneficiary a sum of money in exchange for a premium, upon the
death of an insured person. Depending on the contract, other events such as terminal illness or
critical illness can also trigger payment. The policy holder typically pays a premium, either regularly
or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits.
Life based contracts tend to fall into two major categories:

• Protection Policies: designed to provide a benefit, typically a lump sum payment, in the event
of a specified occurrence. A common form- more common in years past- of a protection
policy design in term insurance.
• Investment Policies: the main objective of these policies is to facilitate the growth of capital
by regular or designed premiums. Common forms are whole life, universal life and variable
life policies.
There are three major components of a life insurance policy:
Life
Insurance
Death Premium
Cash Value
benefit Payments
1. Death benefit is the amount of money the insurance company guarantees to the beneficiaries
identified in the policy upon the death of the insured. The insured will choose their desired
death benefit amount based on the estimated future needs of surviving heirs
2. Premium payments are set using actuarially based statistics. The insurer will determine the
cost of insurance or the amount required to cover mortality costs, administrative fees, and
other policy maintenance fees.
3. Cash value of permanent or universal life insurance is a component that serves two purposes.
It is a savings account, which can be used by the policyholder, during the life of the insured,
with cash accumulated on a tax deferred basis.
15
TAX BENEFITS OF LIFE INSURANCE:
Life insurance policies can be useful tax planning tools, because the policyholder is eligible for tax
benefits under the Income Tax Act, 1961.
Income Tax Slabs for Individual Taxpayers (2019-20)
Income Tax Slabs Tax Rates
Up to ₹2,50,000 Nil
Within the tax bracket of ₹2,50,001 to

5% of total income exceeding ₹2,50,000
₹5,00,000
Within the tax bracket of ₹5,00,001 to ₹12,500 + 20% of total income exceeding
₹10,00,000 ₹5,00,000
₹1,12,500 + 30% of total income exceeding

Above ₹10,00,000
₹10,00,000
Though there are multiple modes for saving tax, life insurance is one of the most effective tax
planning instruments. There are two kinds of income tax benefits available to individuals with
respect to long term savings being made in Life Insurance policies:
DEDUCTIONS:
❖ 80C/80CCC
1. Benefit is available to Individual assessee and Hindu Undivided Family assessee.
a. In case of individual assessee - Himself/herself, spouse, children of such individual

b. In case of HUF assessee - any member of HUF
2. If the amount of premium paid in a financial year for a policy is in excess of 20% of the actual
capital sum assured, then deduction will be allowed only for premiums upto 20% of the sum assured.
3. For insurance policies issued on or after April 01 2012, deduction is allowed for only so much of
the premium payable as does not exceed 10% of the actual capital sum assured. (15% of actual capital
sum assured in case of person with severe disability or specified ailment).
16
4. Above benefits shall be reversed if the policy is terminated/cease to be in force within 2 years for
traditional products and 5 years for ULIP products after the date of commencement of policy.
5. Sec 80CCE - Maximum amount of deduction that an assessee can claim under Sections 80C, 80CCC
will be limited to Rs. 150,000.
❖ 80D
1. Benefit is available to Individual assessee and Hindu Undivided Family assessee.
a. In case of individual assessee - Himself/herself, spouse, dependent children and parents of such
individual
b. In case of HUF assessee - any member of HUF
2. The qualifying amounts under Section 80D for self, spouse and dependent children is
upto Rs. 15,000/- and additional deduction upto Rs. 15,000/- for the parents. However, a higher
amount of upto Rs. 20,000/- is permitted for parents, if they are senior citizens. Assessee is allowed to
make any payment on account of preventive health check-ups upto Rs. 5,000 within prescribed overall
limit.
❖ 80DD
Premiums paid for disabled dependent are eligible for deduction up to Rs. 50,000 every year. A higher
deduction of Rs. 75,000 shall be allowed, where such dependent is a person with severe disability.
EXEMPTIONS:
❖ 10 (10D)
Any sum received under a life insurance policy, including the sum allocated by way of bonus on such
policy will be exempt from tax. However, this rule does not apply to following amounts:
1. Sum received under Section 80DD (3), or
2. A sum received under a Keyman Insurance Policy, or
3. Any sum received other than as death benefit under an insurance policy which has been issued on
or after April 1 2003 and if the premium payable in any of the years during the term of the policy does
not exceed 20% of the sum assured. For insurance policies issued on or after April 01 2012, exemption
would be available for policies where the premium payable for any of the years during the term of the
policy does not exceed 10% of the actual capital sum assured.
17
MAIN TEXT:
Bridge Group Solutions is in partnership with many insurance companies but till date the product
that we came to know was of Max Life Insurance and Aditya Birla Health Insurance.
MAX LIFE INSURANCE:

Max Life Insurance has the highest claim settling ratio as compared to other players in the market
which is 98.74%. IRDAI regulates insurance and says to maintain 150% of the amount but Max Life
Insurance maintains 242% of the amount.
In this period, we learnt about two Life Insurance Savings and Investment plans of Max Life
Insurance:
1. Monthly Income Advantage Plan (MIAP)
2. Savings Advantage Plan (SAP)
Monthly Income Advantage Plan (MIAP):

It has a premium paying term of 12 years and 15 years and the policy term is of 22 years and 25
years respectively. The minimum entry age is 18 years and the maximum age is 55 years. The
minimum premium payable under this category is Rs. 50000.
18
Savings Advantage Plan (SAP):

It has a premium paying term of 12 years and the policy term is 17 years. The minimum age is 90
days and the maximum age is 60 years. The minimum amount of premium that can be paid is Rs.
25000 yearly exclusive of GST. The person receives the acute bonus as well as the terminal bonus.
Here the bonus will start from the base, it will not be compounded in case it is withdrawn before
maturity. Bonus is given out of the asset under management (AUM).
19
FINANCIAL ANALYSIS OF MAX FINANCIAL SERVICES COMPANY:
Max Life Insurance has progressed well on all business parameters in Financial Year 2018-19 and
has further strengthened its position.
➢ Gross written premium of the company grew at 17% to INR 14,575 crore. Shareholder’s profit
after tax at INR 556 crore.
➢ Assets under management increased by 20% to INR 62,798 crore.
➢ Solvency ratio of 242%, 1.61 times more than the mandatory 150% indicating the company’s
strong and stable financial position. Conservation ratio at 88.6% and 13th month persistency at
83%.
➢ Policyholder Bonus paid at INR 1019 crore. Sum assured in force at INR 703,972 crore, recorded
an increase of 38% over the financial year.
➢ Expenses of management to gross direct premium ratio at 20%. In FY 2018-19 the grievance
incidence rate was 58 per 10000 policies.
➢ In FY 2018-19 the company paid 98.74% claims on individual business policies and 99.28% on
group business policies.
20
Max Financial’s life insurance business continued to do well with overall annual premium equivalent
(APE) growth was 22% YoY continued to be led by non-par savings continued from limited pay
short duration endowment type of product which is fully hedged. Protection continued to deliver
strongly with 30% YoY growth but the mix has been slightly off to 14% in APE mix.
Max Financial Services Q2 consolidated profit fell 49% YoY to INR 42.2 crore, but revenue
increased 8.6% to INR 4686 crore compared to year ago. The stock was quoting at INR 470, upto
INR 31.55, or 7.20% on the BSE at 1119 hours IST. It was in addition to 2% gains in the previous
session.
The per share ratios show that the basic EPS is declining year by year and same is with the diluted
EPS and cash EPS. The PBIT per share and the net profit per share is also declining which shows
that the company is not performing well.
21
The profitability of Max Financial Services is declining in the last 5 years. The net profit margin is
deteriorating and has reached to 15.59% from 67.19%. The returns are also declining over the years.
However, the asset turnover ratio is quite stable from financial year 2017-2019.
22
The current ratio of the company declined in FY 2016 and 2017 but then it increased gradually in FY
2018. The ideal current ratio is of 2:1 and here the ratio is more, so the company has good liquidity.
Same is with the quick ratio of the company. The valuation ratios also saw decline in the
performance of the company. They have declined slowly in the past 5 years.
23
ULIP:
Also known as Max Life Platinum Wealth Plan. It is a plan designed mainly for HNI- High Net
Income group people i.e. people having businesses, job of salary above 10,00,000 etc. the minimum
premium to be paid is INR 2,00,000.
Features of this ULIP includes:
1. Low charges
2. Flexibility
3. Cover 10 times of the annual premium.
4. Follows two strategies: systematic fund transfer and dynamic fund allocation.
It has three provisions: Single pay, Limited pay, Regular pay.
ADITYA BIRLA HEALTH INSURANCE:

Aditya Birla Group is a group of 14 financial entities headed by Mr. Ajay Srinivasan. We got
insights of two products of health insurance:
a. Platinum Plan:
o It has coverage for 5000 and more hospitals in PAN India and the treatment is on cashless
basis.
o Pre and Post coverage for 60 days and 180 days respectively.
o Reimbursement of up to INR 5000 when you call for an ambulance.
o Reload feature is also available in which sum insured is reinstated by 100%.
o Considering ABCD- Asthma, Blood pressure, Cholesterol and diabetes, it provides health
insurance with high premiums.
o Health returns up to 30% premium is provided in case of improved conditions.
o Deduction under section 80D can be availed and the rebate is INR 50,000 for 60 years of age
and INR 25000 for less than 60 years.
b. Diamond Plan:
o It is the most selling product and cheapest out of all the health insurance products of Aditya
Birla.
o ABCD feature is not available under diamond plan.
o The sum assured ranges from 2, 00,000 to 2 crores.
o It covers children below 25 years of age and 2 adults.
o Reload is available up to 150% of the sum assured.
o Pre and Post hospitalization of 30 days and 60 days is available respectively.
o 586 day care procedures are covered.
o No claim bonus is available which 10% of the sum assured for free claim every year. In
addition, super NCB is available.
24
FINANCIAL PLANNING:
Basics of Financial Planning were also explained in order to prepare the financial plan of the client,
manage the portfolio etc.
Financial planning is done to ensure right amount of money is available to meet different goals in life
like saving for buying a car, child’s marriage, retirement etc.
Why Financial Planning?
• To beat inflation.
• For traditional investment.
• Changing life style of the client.
• Lack of planning.
Steps of Financial Planning:
1. Establishing relationship
2. Gathering data
3. Identifying the problems
4. Preparation of alternatives
5. Implementation of recommendation
6. Review and revision
Financial Planning Journey:
a. Assess the current situation- savings, budget, liquidity
b. Goals Setting- priority goals, money requirement
c. Making right investment- risk profile, asset allocation
Human Life Value (HLV):

Human Life value (HLV) is the main factor to help in Financial Planning of the client. It takes into
consideration the current age of the client, his retirement age and the current income of the client.
HLV= Age- Retirement Age X Current Income
25
COURSES DONE:
Amidst the situation prevailing in the world because of the COVID-19 pandemic and the lockdown
in the country, I managed to complete courses, which could facilitate me ahead in my self-
development and career growth.
1) Beginner to pro in Excel: Financial Modeling and Valuation:
• It consisted of the basics of MS-Excel, the keyboard shortcuts, formulas, the various
functions available in excel.
• The Advanced Excel tools: Pivot table, Scenario Manager, Macros, Sum Ifs, Data Validation,
choose etc.
• To prepare the financial models like P&L, Balance Sheet, Cash flow from the raw data and
with the help of advance excel tools.
• Calculating Future value, Present value, NPV, IRR, Loan functions and preparing Excel
charts like bridge or waterfall, tree map charts, Spark lines, doughnut charts.
• Financial Modeling helps in building scenarios like best, worst and base and take decision
based upon it.
• Capital budgeting techniques and CAPM models also discounting cash flows with the help of
case studies and quizzes.
2) TCS Ion- Career Edge:
• A course by TCS Ion Digital Learning to give insights to the students regarding the
communication skills, resume building and Cover letter, Email Etiquettes, Telephonic
Etiquettes, corporate interview details and how to crack it, soft skills and its importance.
• Fundamentals of accounting, Basics of Artificial Intelligence in two parts along with
assessment after every topic.
• A final assessment was also conducted covering the whole syllabus and I scored A grade and
passed the test.
26
3) Introduction to Financial Markets:
• This course by Indian School of Business (ISB) gave basic knowledge about the various
markets in the financial world. The history of the famous Wall Street and various terms used
in trading in Wall Street.
• The markets are classified into- Equity markets, Forex markets, Bonds markets or Fixed
Income markets and currency markets.
• The economic indicators, which effect these financial markets and impact of each indicator
like GDP, Yield curve, Consumer Price Index (CPI), PPI, monetary policy, have on the
stocks, currency and bonds in the market.
• After every topic, an assessment was there and I scored overall 87.5% in the course
assessment and successfully completed it.
27
CONSUMER SURVEY
We were supposed to conduct a survey on the given topic “Is Taxation a Selling Tool for Life
Insurance?” In the survey we are gathering primary data with the help of a questionnaire. The
questionnaire consists of 18 questions. In the questionnaire (Annexure) basic questions related to the
background of the client and about the life insurance policies he/she has and also the tax benefits
availed or not. The data is collected by circulating the questionnaire personally on social media sites,
mail etc. 100 responses are gathered from various people to know their views regarding purchasing
of insurance policy from saving their taxes
The data is collected by circulating a questionnaire to 100 people and got different responses.
Age of the respondents:
Particulars (Age) No. of respondents Percentage

Below 18 4 4%
18-30 69 69%
31-55 26 26%
Above 55 1 1%
28
Sex of the respondents:
Particulars No. of respondents Percentage

Male 53 53%
Female 46 46%
Marital Status:
Married 64 64%
Unmarried 35 35%
29
Qualification of respondents:

Below Matric 8 8%
Graduate 51 51%
Post Graduate 38 38%
Others 3 3%
Occupation of respondents:

Student 39 39%
Business 13 13%
Job 35 35%
Others 13 13%
30
Interpretation:
From the survey it was found that amongst 100 respondents
a) 80% of the respondents were insured.
b) 11% of the respondents were not insured.
c) 9% were uncertain whether they have an insurance policy or not.
Interpretation:
a) Most of the respondents had Life Insurance Corporation policies.
b) Max Life Insurance also constituted some portion.
c) Other policies were:
Apollo, HDFC Life, Kotak Mahindra, ICICI Prudential, SBI Life.
31
Interpretation:

a) 75.3% respondents have upto 3 that is 0-3 insurance policies.
b) 16.5% respondents have 4 to 7 insurance policies.
c) Only 8.2% have insurance policies of more than 7.
Interpretation:
a) Major portion that is 43% respondents wishes to pay the premium monthly.
b) 31% of the respondents pay on yearly basis.
c) 22% pay the premium quarterly.
d) Rest 4% pay Half yearly.
32
Interpretation:
a) 60% respondents insure themselves for all the mentioned reasons that is savings, tax saving/
benefit and covering risk.
b) 19% insure themselves to save their money.
c) 13% invest in insurance to cover their risk.
d) 8% of respondents do it for tax benefits.
Interpretation:
a) 89% of the respondents are aware of the tax benefits availed from insurance policies.
b) 11% are unaware about the tax benefits.
33
Interpretation:
a) 66% of the respondents have saved some amount of tax from the insurance policies.
b) 34% of the respondents have not saved tax or are not insured.
Interpretation:
a) As per the respondents Life Insurance Corporation (LIC) provides better tax benefits as
compared to other players in the market. Approximately 45% of the respondents voted for
LIC.
b) 20% of the respondents think Max Life Insurance provides better tax benefits.
c) Others constituted 2% or 1% in terms of tax saving. These are Aditya Birla, Axis, HDFC
Life, PNB met life, SBI.
34
Interpretation:
a) 96% of the respondents are satisfied with the services of their company.
b) 4% which is a small portion is either not satisfied or is not insured.
Interpretation:
a) 41% of the respondents are quite satisfied with their insurance companies and have rated
them 8 out of 10.
b) 20% have rated 7 out of 10.
c) 15% are delighted with their insurance company and have rated 10 out of 10.
d) 10% of the respondents are happy with the company and have rated 9 out of 10.
e) 6% only have rated 5 and 6 out of 10.
f) Very few respondents are not happy or satisfied with the services of their company and have
rated 2 out of 10.
35
Interpretation:

a) 70% of the respondents are of the view that insurance is a good tool to save tax by providing various
tax benefits.
b) 26% of the respondents are not even sure or are not insured so does not know about the tax benefits of
life insurance.
c) 4% only think that insurance does not help in saving tax.
36
FINDINGS
Through this survey amongst 100 respondents we could derive the following findings:-
▪ Out of all the 100 respondents maximum were of between 18 to 30 years of age.
▪ Most respondents were male but females also constituted a good percentage.
▪ Maximum people were unmarried.
▪ Out of all the respondents mostly were graduate and post graduate.
▪ Job workers and students constituted the major percentage of the occupation.
▪ Out of all the majority population was insured. Very few were not or they were uncertain
whether they have an insurance policy.
▪ Life Insurance Corporation (LIC) has an edge over the market as most of the respondents are
insured from it.
▪ Max Life also has some portion and rest were Apollo, SBI Life, Kotak Mahindra, HDFC
Life, ICICI Prudential.
▪ Majority respondents have policy upto 3. Few have above 4 to 7.
▪ Maximum people wish to pay the premium amount monthly as it is feasible for them.
▪ Approximately everyone buys life insurance policy for saving, tax benefit, and covering risk.
▪ And most of them were aware about the tax benefits derived from life insurance policies.
▪ LIC was found to have the major proportion regarding the tax benefits followed by Max Life,
SBI Life, HDFC Life, ICICI Prudential,
▪ Maximum people were satisfied with the services of the company and rated it between 8 and
10.
▪ Majority population were of the view that insurance paves to be a good tool for saving tax
because of the various tax benefits provided in these life insurance policies.
37
CONCLUSION
Insurance is a superior tool to other forms of tax savings or benefits as it provides protection,
collective bearing of risk, certainty factor, and easy liquidity and above all the safest means of
savings and investment.
In this survey of 100 respondents, mostly were millennials and of generation Z and mostly were
unmarried and were students. I concluded that the people think that insurance facilitates to be a tax
planning tool and provides many tax benefits. Most of the respondents are of the view that one of the
main reason to buy insurance policy is the taxation. As we have seen that many tax benefits-
deductions and exemptions are available while purchasing an insurance policy and also helps in risk
management, so people are more inclined towards insurance. The rest were not sure about buying
insurance for tax benefits because they were not insured or they didn’t know about the tax benefits
derived from insurance.
Another conclusion I can make is that Life Insurance Corporation (LIC) is the dominant player in the
market till now. Most of the people buy LIC’s Life insurance policies because of many reasons: trust,
leading players for more than 50 years, distribution channels etc.
Also many private players like Max Life, HDFC Life, SBI Life, ICICI Prudential, and Bharti AXA
are entering and have a good position in the market and people are developing trust regarding these
private players and also buying their policies because of the enhanced services they are providing
and maintaining the customer base and relationship with them.
38
LEARNINGS
During this 14 weeks of Summer Internship program at Bridge Group Solutions we have gained new
facts and knowledge regarding the financial products and services and also enhanced our skills and
theoretical as well as practical knowledge in our domain.
I would like to bifurcate the different learning skills gained during the entire internship into 3 parts:
Technical skills, Soft skills and Life skills.
• Technical Skills:
Bridge Group Solutions is in partnership with many companies like Max Life Insurance, Aditya
Birla Capital, Drishti and other mutual fund companies. In initial days we learnt the basics of
insurance, About Max Life Insurance, its various partners, services, how it is different from other
insurance companies, competitive advantage etc. We got training regarding the two products of Max
Life Insurance- Monthly Income Advantage Plan and Savings Advantage Plan and also the ULIP
plan.
Also learned the tax benefits derived from these Life Insurance. The various tax exemptions and
deductions available while purchasing a life insurance policy and on the premium paid. The
deduction under section 80C, 80CCC, 80CCE with maximum amount of INR 150000 can be availed
while paying the premium amount and exemption under section 10 (10D) can be availed in which the
whole amount of maturity is tax free. Various riders are also included in the different policies to
provide more advantage.
We also learnt the basics of Financial Planning and also how to calculate the Human Life Value
Income and Age are the main factors to determine the human life value which plays an important
role in the Financial Planning of a client.
We also got insights about Health insurance of Aditya Birla Capital which helped to increase our
technical knowledge and skill in the field of finance.
• Soft Skills:
The most important soft skill I got to enhance in this internship was the communication skills. We
were given some minimum sales targets to be achieved and generate revenue for the company by
selling these two products of Max Life Insurance, this helped us to interact with many people,
communicate with them and persuade them by pitching the product.
Also, this helped in enhancing the skills of customer handling and pitching the product. It gave us a
responsibility to achieve the target on time while creating and maintaining relationship with the
customer. This also helped me to test and enhance my ability to work under pressure and also taught
me time management by making daily schedules, meeting the client and pitching the product.
The HR Activities held in the office and the other tasks given which we had to do in a team taught
me the importance of team work and to manage and adjust in the team while giving full participation.
39
These targets consisted of rewards and recognition which motivated me to do well in the target
achievement and as the targets got achieved it gave me self-motivation and confidence to do well
ahead in my career and life.
• Life Skills:
During this entire sales target completion process, I learnt the various life skills needed to boost up
our morale and stay ahead by being successful in our career.
While doing the sales target I learnt how to critically analyse the client and his situation, thinking
creatively on pitching the product to different clients as every person has different perceptions and
preferences.
Also, to have effective communication and maintaining interpersonal relationship with the client.
Analyse his situation and making decisions based on it and solving their problems and query
handling.
Most importantly I learnt how to cope up with stress and anxiety in tough situations and how to cope
up with the emotions and handling the situation properly considering all the possible factors.
As recommended by our company guide, I’ve also started an online course on Financial Modeling
and Valuation from Udemy. I have completed the course. I’ve learnt the basics of MS- Excel and
also the Advance Excel functions which form the base of Financial Modelling. MS- Excel helps in
doing fast calculations and adding shortcuts to ease the complicated data and simplify the task. 2
assignments were given and between various quizzes appeared to test the concepts. A case study was
also there to put all the excel functions and improve the concepts. Basics of Financial Modeling and
valuation, how to value a company, prepare its financials from beginning, along with that of a
company named Tesla. Also learned the Capital budgeting techniques which helps in analysis of the
financial statements.
40
REFERENCES:
➢ Books:
▪ KOTLER, P. & ARMSTRONG, G. (2018). Marketing Management 17th Edition, Upper

Saddle River, NJ, Prentice Hall.
▪ AHUJA G. & GUPTA R. (2015). '' Practical Approach to Direct & Indirect Taxes (Income
Tax, Excise, Customs, CST, VAT, Service and Wealth Tax) Problems & Solution'' Bharat Law
House Pvt. Ltd. New Delhi. P.P. 543 to 682.
➢ Online sources like web pages, articles, journals:

• https://en.wikipedia.org/wiki/Wikipedia
• https://www.bridgegroupsolutions.com/
• https://in.linkedin.com/company/bridge-group-solutions-pvt-ltd
• https://www.maxlifeinsurance.com/
• https://www.maxlifeinsurance.com/ulip-plans
• https://www.adityabirlacapital.com/healthinsurance/#!/homepage
• https://www.niit-tech.com/resource-library/point-view/impact-covid-19-insurance-industry-
continuing-service-excellence
• https://assets.kpmg/content/dam/kpmg/in/pdf/2020/04/covid-19-impact-on-insurance-
sector.pdf
• https://www.ibef.org/industry/insurance-sector-india.aspx
• https://www.maxlifeinsurance.com/blog/tax-savings/tax-benefits-insurance-plans
41
ANNEXURE
QUESTIONNAIRE
Is Tax a selling tool for Life Insurance?
1. Name
2. Age
Mark only one oval.
Below 18
18 to 30
31 to 55
Above 55
3. Sex
Mark only one oval.
Female
Male
4. Marital status
Mark only one oval.
Married
Unmarried
42
5. Qualification
Mark only one oval.
Below Matric
Graduate
Post graduate
Other:
6. Occupation
Mark only one oval.
Student
Business
Job
Other
7. Income (Yearly)
PART-B (LIFE INSURANCE)
8. Are you insured
Mark only one oval.
Yes
No
Maybe
43
9. From which companies are you insured?
10. How many Insurance Policies do you have?
Mark only one oval.
Upto 3
4 to 7
Above 7
11. How would you like to pay the premium?
Mark only one oval.
Monthly
Quarterly
Half yearly
Yearly
12. Reason for insuring yourself
Mark only one oval.
Saving
Tax benefit
Covering Risk
All of the above
13. Are you aware about the tax benefits from insurance?
Mark only one oval.
Yes
No
44
14. Have you ever saved tax from insurance?
Mark only one oval.
Yes
No
15. Which company according to you provides better tax benefits on insurance?
16. Are you satisfied with the services of the company?
Mark only one oval.
Yes
No
17. Rate your experience with the company
Mark only one oval.
1 2 3 4 5 6 7 8 9 10
18. Do you think Insurance is a good tool for saving tax?
Mark only one oval.
Yes
No
Maybe
45

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A REPORT

Name of the organization:

A report submitted in partial fulfilment of the

Date: 22 May 2020 Name: Ajita Sahu

Place: Gurgaon Enrollment No.: 19BSP0189

Sr. Topic Page

ABOUT INSURANCE INDUSTRY

PORTER’S FIVE FORCES MODEL

Threat of new entrants- High

Bargaining power of suppliers- Medium

Bargaining power of buyers- Moderate to High

Threat of substitutes- Low

Intensity of Rivalry- High

DRIVERS AND CHALLENGES

➢ Insurance market to quadruple in size in coming 10 years.

➢ Low penetration level when compared to global average.

CURRENT TRENDS OF INSURANCE

➢ New Models, Personalized Products:

IMPACT OF COVID-19 ON INSURANCE INDUSTRY:

INTRODUCTION OF BRIDGE GROUP SOLUTIONS

The headquarter of BGS is in Noida.

➢ ERP & Customized Software:

SWOT ANALYSIS OF COMPANY

•As it has tie-ups with many brands

There are two types of methods for collection of data:

Tools of analysis in data collection:

ABOUT LIFE INSURANCE:

Life based contracts tend to fall into two major categories:

There are three major components of a life insurance policy:

TAX BENEFITS OF LIFE INSURANCE:

Income Tax Slabs Tax Rates

Within the tax bracket of ₹2,50,001 to

₹1,12,500 + 30% of total income exceeding

a. In case of individual assessee - Himself/herself, spouse, children of such individual

1. Sum received under Section 80DD (3), or

2. A sum received under a Keyman Insurance Policy, or

MAX LIFE INSURANCE:

Monthly Income Advantage Plan (MIAP):

Savings Advantage Plan (SAP):

FINANCIAL ANALYSIS OF MAX FINANCIAL SERVICES COMPANY:

ADITYA BIRLA HEALTH INSURANCE:

Human Life Value (HLV):

HLV= Age- Retirement Age X Current Income

2) TCS Ion- Career Edge:

3) Introduction to Financial Markets:

Age of the respondents:

Particulars (Age) No. of respondents Percentage

Sex of the respondents:

Particulars No. of respondents Percentage

Particulars No. of respondents Percentage

Particulars No. of respondents Percentage

From the survey it was found that amongst 100 respondents

From the survey it was found that amongst 100 respondents

▪ KOTLER, P. & ARMSTRONG, G. (2018). Marketing Management 17th Edition, Upper

➢ Online sources like web pages, articles, journals:

Mark only one oval.

Mark only one oval.

Mark only one oval.