ST xaviers college of management and technology

Naac Accredited with B++ Grade (1st cycle)

Aashyiana, digha ,Patna – 800001

INTERNSHIP REPORT
Preface
As I know that project is an essential part of my theoretical knowledge with practical
knowledge to inculcate efficiency.
I have chosen this topic to gain the depth knowledge of Insurance, to know that how much
effective for an academic exercise.
I observed that concept through skills and technical knowledge of the employees is the main
purpose of training and development is to increase Insurance policy service of the
organization.
I would Like to express my and my teammates thoughts through this project report.
ACKNOWLEDGEMENT
It is a great opportunity and pleasure for us to express our profile graduate towards all the
individuals who directly contribute towards the completion of this report I was provided with
an opportunity to be a part of it. I am also grateful for having a chance to meet so many
wonderful people and professionals who led me through this internship period.
Bearing in mind the previous we were using this opportunity to express our deepest gratitude
and special thanks to Mr. JAY PRAKASH SIR who in spite of being extraordinarily busy
with his duties took time out to hear, guid,e and keep us on the correct path and allowing us
to carry out our project at their esteemed organization and extending during training.
I perceive this opportunity as a big milestone in my career development. we will strive to use
gained skills and knowledge in the best possible way, and we will continue to work on their
improvement, in order to attain desired carrier objectives. Hope to continue cooperation in
future.

Sincerely:- Sanobar Fatimah

DECLARATION

This is to certify that this internship report has been prepared by me after undergoing
internship from 1st august 2022 to 17th August 2022 at Ageas Federal Life Insurance Co.Ltd,
Patna.
This report is my original work and is being submitted for the partial fulfilment of the
requirements of the award of the degree of BBA (Professional).
I also confirm that the report is only prepared for my academic requirement only , not for any
other purpose.

Signature:
S.No CONTENTS Page No.
01. Introduction

02. Summary

03. History of organization

04. Types of Insurance

05. About Ageas Federal Life Insurance

06. Key milestones

07. About the sponsors of ageas federal life

insurance
08. Company profile

09. Organizational structure

10. Swot analysis

11. Company’s vision, mission and values

12. Product offered

13. Description of internship

14. Description of business problem

13. Description of work assigned

15. Description of work carried out

16.

17. Description of work carried out

18. Conclusion and work recommendations

19. Observations and learnings

INTRODUCTION
Life is full of risk and uncertainties. Since we are social human beings, we have
certain responsibilities too. Indian consumers have big influence of emotions
and rationality on their buying decisions. They believe in future rather than
present and desire to have its own value in terms of minimizing risk and
uncertainties. Indian economy is developing and having huge middle class
societal status and salaried persons. Their money value for Current needs and
future desires generate the reasons behind holding a policy. An attempt has been
made in this report to study the buying behaviour of consumers towards life
insurance service.
 Analysing consumer behaviour is perceived as cornerstone of a
successful marketing strategy.
 Consumer behaviour is a mental and emotional process and the
observable behaviour of consumers during searching, purchasing and post
consumption of a product and service.
Similarly consumer behaviour is action and decision process of people who
purchase goods and services for personal consumption. Now if these defining
criteria are closely observed, it is evident that analysing consumers' decision
making process is the foundation of entire notion of consumer behaviour.
Summary

Influencing the ways that people act in their daily consumption lives
is a concern for researchers in a number of disciplinary areas,
including consumer behaviour psychology, sociology and marketing.
This project is focused on analysing the Internal and External factors
which aim at determining the Customers buying behaviour towards
insurance products of AGEAS Federal. It is mainly focused on trying
to understand the various factors responsible for the buying decision.
Understanding these factors is a critical task. The purchase decision in
general is prompted by the number of factors viz. Psycho graphical,
Economical, Socio-Political, Legal and Demographical. There are
certain other factors which need to be understood while keeping in
mind the investment decisions made by customers, such as Customer
Buying Behaviour, Customer Preferences and Perception, Brand
Loyalty etc.
 HISTORY OF THE ORGANIZATION
AGEAS federal life insurance is a joint venture between AGEAS, a
multinational insurance giant headquartered in Europe, and India’s
leading ban(Federalbank).

Vighnesh Shahane, MD & CEO (AGEAS Federal life insurance)

Website:
https://www.ageasfederal.com
Industry:
Insurance
Company size:
1001-5000 employees
Headquarters:
Mumbai, Maharashtra
Type:
Public Company
Founded:
2007
Specialities:
Protection plans, Savings plans, Child plans, Wealth plans, Group insurance
plans, and Regular income plans.

2007
• -IDBI signs MoU with Fortis
o -IDBI Tripartite MOU with Federal Bank & Forties o Insurance o
International
o IDBI, Federal Bank and Fortis Sign Joint Venture
Agreement To

Establish A New Life Insurance Company In India

2009:
IDBI Federal Life launches new plan for senior
citizens.
• IDBI Fortis redefines endowment & money back with IncomesuranceTM
• IDBI Fortis launches TermsuranceT Protection Plan
• IDBI Fortis bags bronze Dragon at 'PMAA 2009' - IDBI Fortis Life Insurance
uses an interactive application to help users easily calculate their taxes
• IDBI Fortis launches IncomesuranceT" Immediate
Annuity
• IDBI Fortis launches RetiresuranceT Pension Plan o IDBI Fortis' Boss-Ka-
Boss bags PRCI Award - IDBI Fortis announces Rs 250cr capital infusion 2010:
• IDBI Federal launches brand new campaigns! - IDBI Federal introduces a
cover for loans, Loansurance®
• IDBI Federal launches Wealthsurance Milestone plan
• IDBI Fortis Life Insurance is now IDBI Federal
Life Insurance

2011:
IDBI Federal heralds the New Year with
Childsurance
• IDBI Federal unveils 3-in-1 Lifesurance Savings
Plan
• IDBI Federal launches insured wealth plan IDBI
Federal pioneers Medical Test-free Term Plan for
Seniors
• IDBI Federal launches unit-linked Pension Plan o IDBI Federal targets HNIS
with Wealthsurance
Premier
o IDBI Federal launches Retiresurance Guaranteed
Pension Plan
o IDBI Federal-Samhita financial literacy drives a big
hit in MP
2012:
o IDBI Federal launches a plan with double life Cover and
no medicals
• IDBI Federal makes its online debut o IDBI Federal BondsuranceT" plan
offers attractive
guaranteed Tax-Free Returns, Life Cover
• IDBI Federal and IDBI Bank reaches out to Surli through Termsurance
Grameen Suraksha 2013:
o IDBI Federal breaks-even in Five years; posts maiden profit of Rs 9.24 crore
• IDBI Federal in association with Phoenix Foundation organises a trek for the
physically challenged 2014:
• IDBI Federal launches 7 new plans o IDBI Federal backs home grown talent;
elevates Vighnesh Shahane as CEO.
2018:
o Became the only new age life insurance company to
wipe out all accumulated losses.
o Sachin Tendulkar signed on as the brand ambassador.
• Awarded top 10 most trusted life insurance companies.
2021:
o Company name changed to AGEAS Federal.
o Recognised among India's top 30 best Workplaces in
BFSI 2021 by Great place to work.
o Recognised as one of India's top 3 best workplaces in
the insurance sector.
2022:
• Recorded tenth consecutive year of net profit. o Ageas increased its overall
stake to 70%.
• Became the 1 life insurance company in India to have
74% stake held by a foreign partner.
Types of Insurance:

Insurance business is divided into four classes:

1. Life Insurance
2. Fire Insurance
3. Marine Insurance
4. Miscellaneous Insurance.
Life insurance is a contract between an insurance policyholder and an insurer or
assurer, where the insurer promises to pay a designated beneficiary a sum of
money upon the death of an insured person. Depending on the contract, other
events such as terminal illness or critical illness can also trigger payment.
.

ABOUT AGEAS FEDERAL LIFE INSURANCE

LIC-controlled IDBI Bank said it has completed the sale transaction of its entire
stake in the joint venture Ageas Federal Life Insurance Company Ltd (AFLI )
for over Rs 580 crore.
we hereby advise that IDBI Bank has completed the sale transaction of its entire
stake of 20,00,00,000 equity shares in AFLI pursuant to the receipt of the
requisite regulatory approvals. Pursuant to this sale, IDBI Bank's shareholding
in AFLI now stands at NIL," the bank said in a regulatory filing on September
21.
AFLI is a three-party joint venture between IDBI Bank, Federal Bank, and
Ageas Insurance International NV, which is one of Europe's largest insurance
companies. Ageas concentrates its activities in Europe and Asia, which together
make up the major part of the global insurance market.
Also Read: KPIT Tech acquires 4 companies of Germany's Technica group —
shares rise
Ageas is the holding company of the Ageas Group. It is an international
insurance group having business activities in Europe and Asia.
AFLI is into providing life insurance products in India.
Private sector insurer AFLI posted a net profit of Rs 94 crore in the fiscal ended
March 2022, clocking a profit for the 10th consecutive year beginning FY13.
With the stake buyout from IDBI Bank, AFLI will become the first company in
the life insurance sector where the foreign partner will raise its stake to the
maximum permissible limit of 74 percent.
 KEY MILESTONES

2007 RECEIVED LICENSE FROM IRDAI

DEC

FIRST POLICY SOLD

2008 MARCH

FASTEST TO ACHIEVE RS100 CRORE SALES

2008 AUG MARK

2013
Break even in 5 years
MARCH

Reached RS.1000 crore sales mark

2015 MARCH

AWARDED TOP 10 MOST TRUSTED LIFE INSURANCE

2018 FEB BRANDS IN THE COUNTRY BY IT BRAND EQUITY
 2018
BECAME THE ONLY NEW AGE LIFE INSURANCE COMPANY TO WIPE OUT
AUGUST ALL ACCUMULATED LOSSES

SACHIN TENDULKAR SIGNED AS THE BRAND AMBASSADOR

2018
SEEPTEMBER

AGEAS INCREASED STAKE TO 49%

2020
DECEMBER

Company name changed to Ageas federal life

2021
JANUARY
insurance

Recongnised among India's top 30 best workplaces

2021 APRIL in BFSI

Became the first life insurance company in India to

2022
SEPTEMBER
have 74% stake held by a foreign partner
ABOUT THE SPONSORS OF AGEAS FEDRAL LIFE
INSURANCE CO. LTD.

IDBI Bank Ltd. continues to be, since its inception, India's premier industrial
development bank. It came into being as on July 01, 1964 to support India's
industrial backbone. Today, it is amongst India's foremost commercial banks,
with a wide range of innovative products and services, serving retail and
corporate Customers in all corners of the country from 1201 branches and 2156
ATMs. The Bank offers its customers an extensive range of diversified services
including project finance, term lending, working capital facilities, lease finance,
venture capital, loan syndication, corporate advisory services and legal and
technical advisory services to its corporate clients as well as mortgages and
personal loans to its retail clients. As part of its development activities, IDBI
Bank has been instrumental in sponsoring the development of key institutions
involved in India's financial sector National Stock Exchange of India Limited
(NSE) and National Securities Depository Ltd, SHCIL (Stock Holding
Corporation of India Ltd), CARE (Credit Analysis and Research Ltd).

Federal Bank is one of India's leading private sector banks, with a dominant
presence in the state of Kerala. It has a strong network of over 1,142 branches
and 1,312 ATMs spread across India. The bank provides over four million retail
customers with a wide variety of financial products. Federal Bank is one of the
first large Indian banks to have an entirely automated and interconnected branch
network. In addition to interconnected branches and ATMs, the Bank has a wide
range of services like Internet Banking, Mobile Banking, Tele Banking, Any
Where Banking, debit cards, online bill payment and call centre facilities to
offer round the clock banking convenience to its customers. The Bank has been
a pioneer in providing [10:14 pm, 06/01/2023] Shambhavi innovative
technological solutions to its customers and the Bank has won several awards
and recommendations.

Ageas is an international insurance group with a heritage spanning more than

180 years.
Ranked among the top 20 insurance companies in Europe, Ageas has chosen to
concentrate
its business activities in Europe and Asia, which together make up the largest
share of the global insurance market. These are grouped around four segments:
Belgium, United Kingdom, Continental Europe and Asia and served through a
combination of wholly owned subsidiaries and partnerships with strong
financial institutions and key distributors around the world. Ageas operates
successful partnerships in Belgium, UK, Luxembourg, Italy, Portugal, Turkey,
China, Malaysia, India and Thailand and has subsidiaries in France, Hong Kong
and UK. Ageas is the market leader in Belgium for individual life and employee
benefits, as well as a leading non-life player through AG Insurance. In the UK,
Ageas has a strong presence as the fourth largest player in private car insurance
and the over 50's market. Ageas employs more than 13,000 people and has
annual inflows of more than EUR 21 billion.
 Company profile

Name of the company : Ageas Federal Life Insurance

Type : Public company
CIN No. : U66010MH200PLC167164
REGISTRATION No. : 167164
Industry : Insurance
Company Size : 1001-5000 employees
Headquarters : Mumbai
Founded : 2007
Specialities : protection plans , savings plan ,wealth
plans , group insurance plans, regular income plans
 Organizational structure
The organizational structure of the ageas federal has a line
structure as its organizational structure. Authority flows from
the top level to lower levels through various managerial
positions. There is a vertical flow of authority and
responsibility. Every person is accountable to his/her
immediate boss.
 SWOT ANALYSIS
Swot analysis is a structure planning method used to evaluate the
strengths, weaknesses, opportunities and threat involved in a
company. Swot analysis provide information that helps in
synchronizing the firm’s resources and capabilities with the
competitive environment in which the firms operates.
Strengths and Weaknesses of the Company
STRENGTHS: -
a) Large pool of technically skilled manpower with in depth
knowledge and understanding of the market.
b) The company also provides innovative products to cater to
different needs of different customers.
c) Dedicated workforce aiming at making a long-term career in the
field.
d) Low management expenses and administrative costs.
e) IDBI Federal Life Insurance Company leverages on the strong
distribution network of its promoters and advisors.
f) Finance department helps the organization to keep a track on the
administration cost and all the other expenses.
WEAKNESSES: -
a) Customer service staff needs training due to changing human
behaviour.
b) Product awareness is low in the market.
c) Low customer confidence on the private players.
d) Centralization in the organization, management decisions are taken
by top authority which leads to significant delays in decisions.
e) A centralized administrative system gives way to inequity through
the instigation of excessive regulations or strict conformity to official
norms which is redundant or bureaucratic and that hinders decision-
making and delays work.

Opportunities and Threats of the company

OPPORTUNITIES
a) Insurable population: According to IRDA only 10% of the
population is insured which represents around 30% of the insurable
population. This suggests more than 300m people, with the potential
to buy insurance, remain uninsured.
b) International companies will help in building world-class expertise
in the local market by introducing the best global practice.
c) Fast-track career development opportunities on an industry-wide
basis.
d) An applied research centre to create opportunities for developing
techniques to provide added-value services.
e) There will be an inflow of managerial and financial expertise from
the world's leading insurance markets. Further, the burden of
educating consumers will also be shared among many players.
THREATS
a) Big public sector insurance companies like Life Insurance
Corporation (LIC) of India, National Insurance Company Limited,
New India Assurance Company Limited and United India Insurance
Company Limited. People trust and go to them more.
b) Legislation could impact and Great risk involved.
c) Very high competition preva'ling in the industry.
d) Lack of infrastructure in rural areas could constrain investment
e) People prefer short term investments rather than insurance.
COMPANY'S VISION, MISSION AND VALUES VISION

VISION
To be the leading provider of wealth management, protection and retirement
solutions that
meets the needs of our customers and adds value to their lives.

MISSION

To continually strive to enhance customer experience through innovative

product offerings, dedicated relationship management and superior service
delivery while striving too interact with our customers in the most convenient
and cost effective manner.
To be transparent in the way we deal with our customers and to act with
integrity.
To invest in and build quality human capital in order to achieve our mission

VALUES

 Transparency: Crystal Clear communication to our partners and

stakeholders
 Value to Customers: A product and service offering in which customers
perceive value Rock Solid and Delivery on Promise: This translates into
being financially strong, operationally robust and having clarity in claims
 Customer-friendly: Advice and support in working with customers and
partners
 Profit to Stakeholders: Balance the interests of customers, partners,
employees, shareholders and the community at large

PRODUCTS OFFERED

AGEAS Federal Childsurance Savings Protection Plan is a non-linked

participating
endowment plan that ensures a child's future. Childsurance Savings is designed
to
give the customers, guaranteed annual payouts and also aid the important
milestones
in their child's life. In the unfortunate event of the parent not being around, the
policy
will continue exactly as they had planned it, without any further premiums
being paid.

In other words, this plan ensures that their child gets to live his/her dream
exactly as
they have planned, whether or not their parents are around.

AGEAS Federal Incomesurance Guaranteed Money Back Insurance Plan is a

nonlinked
non-participating money-back plan which gives guaranteed returns on an
investment so that the customer stops worrying about the future. With
Incomesurance, they can guarantee a secure future for their families even when
they are not around.

1DBI Federal Lifesurance Savings Insurance Plan is a mixed term non-linked

The participating plan provides twin benefits of long-term savings and life
cover.
With Lifesurance Savings, customers' small savings will help them realise the
big
dreams that they have for their selves and their family. This plan also offers the
benefit of life cover that will provide financial security to their family in their
absence.
 Description of the Internship
Position title Sales advisor

Department Sales and marketing

Start Date August 1st , 2022

End Date August 17th , 2022

Reporting Supervisor Jay Prakash pandey

Agency Leader Manager , Patna

Address of the org. Grand plaza 5th floor,Dakbunglow

chauraha,Patna

Branch Patna
 Description of work assigned
01/06/2022 WEDNESDAY Make a note and submit to the company guide
02/06/2022 THURSDAY Principle of the life insurance

03/06/2022 FRIDAY Gather information about company

04/06/2022 SATURDAY Holiday
06/06/22 MONDAY Development of insurance
07/06/22 TUESDAY Differentiate between private and business sector
08/06/22 WEDNESDAY Scenario of insurance

09/06/22 THURSDAY Analyse the human life risks and concern

10/06/22 FRIDAY Holiday
11/06/22 SATURDAY Meeting on practice of insurance

12/06/2022 SUNDAY Holiday

13/06/2022 MONDAY Create awareness among people about insurance
Do a survey of 15 people whether they are insured or
14/06/2022 TUESDAY not
Explain guaranteed income plan to customer(target -
15/06/22 WEDNESDAY 10)
16/06/22 THURSDAY Persuade the client to invest the money for the future
Call 15 customers and take a feedback about GIP,is it
17/06/22 FRIDAY good or not
 Description of work done

Wrote a note and submitted to the company guide

Learned the principle of life insurance

Represented a short presentation about the company

Represented a short speech on the development of insurance

Speech on private and business sector

Analysis of the current scenario of insurance in India

represented a case study on human life risk

Group discussions among interns and mentors

I made 8 people aware in my families and freinds

I surveyed 16 people

I sold 2 policy
I convinced 4 customers and told them about the plans
\
OBJECTIVE OF STUDY:
The main objective of this project is to study the Consumer behaviour and various reactions
of
Customers with reference to AGEAS Federal Life Insurance Co. Ltd. And suggest ways to
improve its marketing efforts.
1. To study the trends in life insurance market
2. To study the profile of AGEAS Federal's Customers.
3. To study the investors' behaviour with respect to AGEAS Federal Life Insurance.
4. To analyse the investors' perception about AGEAS Federal.
CONCLUSIONS
The Internship project has helped me gain huge practical knowledge which can't be gained
only through books. This experience gave me an opportunity to learn new things which
provided me a peek into the corporate culture. Being a fresher, I would never be exposed to a
corporate environment if it were not for this project. I thank IDBI Federal life insurance for
giving me the chance to work with them as a summer intern and showing me the path of
knowledge and experience which will help me succeed in my career and enter into a bright
future.

CONCLUSIONS ON CONSUMER BEHAVIOUR

 While the fresh air of competition in every sector of economy brings in
 major changes in consumer expectations, the insurance industry has
 experienced a few unique aspects, such as regulation-inspired efforts to
 educate insurance buyers and a vast change of skills and capabilities of
 the intermediaries involved in the distribution.
 With respect to life insurance, potential buyers are drivers of buying a
 policy for one or more of these 3 major reasons: security of the money
 invested, saving for one or more specific purposes and the availability of
 tax benefits.
 The challenge for the insurance companies is to address the motivating
 factors of customers and come up with genuine solutions.
 The potential buyer primarily expects that the saving should be a painless
 process and that the money saved should be absolutely safe. The
 challenge is to provide not only convenient payment options, but also mechanisms
that could offer some measure of protection and relief to the Customer if he is forced
to disrupt the payment arrangement for unforeseen reasons.
 On the issue of customers' perception of security of the money invested,
 there are 2 important aspects. One is, how the features of the insurance
 contract are put across the buyer (whether it is unit linked policy or
 endowment oriented); and the second is, how to address effectively, the
 question about dependability of the new generation companies that
 potential new insurance buyers raise during sales calls. Both, the
 companies and the regulator need to address this behavioural challenge very actively.
 Customers in major cities appreciate the need for higher level of
 insurance cover with reference to their earning stage in working life.
 Instances of customers requiring agents to arrange for loans against their
 policies, or change nominations etc. are rare. Therefore companies need
 to gear themselves to provide high service standards directly.
 One aspect of customer service for new age Companies that remains to be
 tested widely is the claim payment record. 9. The entry of Pvt. players into insurance
sector have expanded the product
 segment to meet different level of requirements of customers. It has
 brought greater choice to customers.
 IRDA is also playing a very comprehensive role by regulating norms,
RECOMMENDATIONS/ SUGGESTIONS
1. We need to tap the young crowd in the age group 18-30 and convince
2. them that buying a life insurance policy is necessary because life is very
unpredictable.
3. More plans should be made that involve less period of premium payment.
4. As friends and family members are major influencers of customers, our
5. advertisements and promotions should be family and friend-centred.
6. Group insurance policies like full family insurance' schemes should be made.
7. Our reach needs to be increased through social media (Facebook,
8. Twitter, YouTube campaigns), television, radio, newspapers etc.
9. Our insurance policies should have a range of premiums to suit every pocket size.
10. In terms of distribution, we should increase the number of marketers more
11. channels of distribution and more intermediaries. 8. Our advertisements should cover
the benefits of our policies and what
12. differentiates our policies from those of other companies, in brief.
13. Our company should have more offices at smaller towns and uncovered
14. segments in the cities.
15. Mobile Commerce is the next big thing! We can have a mobile app
16. where our customers can get all the information related to our products as well as pay
their premiums.