Nikita Outline Project

A
Proposed Outline
on
“Analysis of ULIP Schemes”
Submitted in Partial Fulfillment of the Requirements for the Degree of

Master in Business Administration
to
Kavayitri Bahinabai Chaudhari
North Maharashtra University, Jalgaon
Submitted by
Nikita M. Patil
Under the Guidance of

Dr. M. B. Ahirrao
DEPARTMENT OF BUSINESS ADMINISTRATION (M.B.A.)

SSBT’s COLLEGE OF ENGINEERING AND TECHNOLOGY
BAMBHORI, JALGAON - 425 001 (MS)
2022 – 2023
1
INDEX
Sr. No. Content Page No.
1 Introduction 3
2 Company Profile 3
3 Literature Review 4
4 Objectives & Scope of Project 5
5 Research Methodology 5
6 Limitations of Project 6
7 Expected Outcome 6
8 Reference 6
2
Introduction:
The story of insurance is probably as old as the story of mankind. The same
instinct that prompts modern businessmen today to secure themselves against
loss and disaster existed in primitive men also. They too sought to avert the evil
consequences of fire and flood and loss of life and were willing to make some
sort of sacrifice in order to achieve security. Though the concept of insurance is
largely a development of the recent past, particularly after the industrial era –
past few centuries – yet its beginnings date back almost 6000 years.
Company Profile:
Life Insurance Corporation of India (LIC) is an Indian state-owned insurance

group and investment company headquartered in Mumbai. It is the largest insurance
company in India with an estimated asset value of 1560482 crore (US$240 billion).
As of 2013 it had total life fund of Rs.1433103.14 crore with total value of policies
sold of 367.82 lakh that year.
Today LIC functions with 2048 fully computerized branch offices, 113 divisional
offices, 8 zonal offices, 1381 satellite offices and the corporate office. LIC’s Wide
Area Network covers 113divisional offices and connects all the branches through a
Metro Area Network. LIC has tied up with some Banks and Service providers to offer
on-line premium collection facility in selected cities. LIC’s ECS and ATM premium
payment facility is an addition to customer convenience.
The company was founded in 1956 when the Parliament of India passed the Life
Insurance of India Act that nationalized the private insurance industry in India.
Over 245 insurance companies and provident societies were merged to create the
state-owned Life Insurance Corporation.
3
Literature Review:
What Is Insurance?
Insurance is a mechanism that ensures an individual to thrive on adverse

consequences by compensating the individual, his/her loss financially. The purpose of
insurance is to safeguard against such misfortune few, through the help of the fortune
many, who were exposed to the same risk, but saved from the misfortune. Thus, the
essence of insurance is to share losses substitute certainty by uncertainty.
How life insurance works?
There are three parties in a life insurance transaction; the insurer, the insured, and the
owner of the policy (policyholder), although the owner and the insured are often the
same person.
Contribution of life insurance in development of economy
➢ Contribution of Life Insurance Sector in the Economy
➢ Flow of Insurance Industry in India

➢ Structure of insurance industry: Snap Shot Industry
➢ Aggregation of long-term savings

➢ Spread of financial services in rural Areas
Product and services:
LIC provides a wide variety of products to the people they are as follows
1) Endowment plan
2) Money Back Plan
3) Pension Plan
4) Term Insurance Plan
4
Objectives:
➢ To determine and analyze the Market Potential of the LIC.
➢ To determine whether the customers are satisfied with the policies of the
company.
➢ To know the customer awareness regarding the LIC and its products.
➢ To study and determine the competitor position in the market.
Scope:
Now days there are lot of private companies in market so it’s important to know
what motivates the customer to buy the policy. LIC is the fastest growing private
insurance company in India. It determines market share of the various private
companies in India.
Research Methodology:
Here, I used two methods of Research Methodology -
Primary data
▪ Observation method,
▪ interview method,
▪ through schedules,
▪ pantry Reports,
▪ distributors audit,
▪ consumer panel.
Secondary data
▪ publications of the state and central government,
▪ reports prepared by researchers,
▪ reports of various associations connected with business,
▪ Industries, banks etc.
5
Limitations of Study:
Lack of awareness among the people
This is the biggest limitation found in this sector. Most of the people are not aware
about the importance and the necessity of the insurance in their life. They are not
aware how useful life insurance can be for their family members if something
happens to them.
Perception of the people towards Insurance sector –
People still consider insurance just as a Tax saving device. So today also there is
always a rush to buy an Insurance Policy only at the end of the financial year like
January, February and March making the other 9 months dry for this business.
Expected Outcome:
1. The investors should understand the ULIP schemes and then invest
properly.
2. The investors also pay their premium on time for avoiding penalties.
References:
Websites -
1) https://www.canarahsbclife.com/blog/life-insurance/what-is-insurance.html
2) https://licindia.in/Top-Links/about-us/History
Books:
• Kothari C.R. (1990) Research Methodology: Method and Techniques, Wishva
Parkashan, New Delhi. PP115-117
• Bodie. Z, Kane. A & Marcus. J: Essentials of Investments PP242-243

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A

“Analysis of ULIP Schemes”

Submitted in Partial Fulfillment of the Requirements for the Degree of

Under the Guidance of

DEPARTMENT OF BUSINESS ADMINISTRATION (M.B.A.)

Sr. No. Content Page No.

4 Objectives & Scope of Project 5

Life Insurance Corporation of India (LIC) is an Indian state-owned insurance

Insurance is a mechanism that ensures an individual to thrive on adverse

How life insurance works?

Contribution of life insurance in development of economy

➢ Contribution of Life Insurance Sector in the Economy

➢ Flow of Insurance Industry in India

➢ Aggregation of long-term savings

Product and services:

2) Money Back Plan

4) Term Insurance Plan

➢ To study and determine the competitor position in the market.

Lack of awareness among the people

Perception of the people towards Insurance sector –

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