Essay On Federal Life Insurance

EXECUTIVE SUMMARY

Sales is a part of everyone’s life, every individual does sales in one way or the other, as a student we try to sell our skills and competencies to get a job. Sales is the part of marketing and provides vital information to marketing manager about what is the brand’s sales, awareness among the people, who are the competitors who are trying to beat their product by providing incentives to the retailer’s, wholesaler’s.

Insurance is widely recognized as an important aspect of the source of security for the policy holder and as a short term and long term investment. The objective of the report was to learn how the sales of insurance policies are done and what are the promotion strategy of IDBI Federal life insurance company.

It further tells what are different products are offered by the company and how benefits and premium are calculated. It further brings into light the promotion strategies adopted by the company.

1.2 LITERATURE REVIEW

Sales is one of the most important function of an organization. For an organization to be successful it has to have a good sales process and for this there has to be effective management of sales. Effective sales management can be achieved when the sales manager is able to handle certain important things like knowing your customer, knowing your product, knowing your competitor etc.

Marketing is a process where a person identifies the needs and wants of people, determines and create products and services that meet their need and wants, how and where to deliver them, how to price them and how to promote the products.

1.2.1 Industry Profile-Insurance

Wherever there is uncertainty there is risk. We do not have any control over uncertainties which involves financial losses. The risks may be certain events like death, pension, retirement or uncertain events like theft, fire, accident,

The main function of Insurance is to provide protection against the possible chances of generating losses. It eliminates worries and miseries of losses by destruction of property and death. It also provides capital to the society as the funds accumulated are invested in productive heads. The risks, which can be insured against, include fire, the dangers of sea, death and accidents and burglary. Any risk contingent upon these may be insured against a premium commensurate with the risk involved. Thus collective bearing of risk is insurance

Insurance And Banking is coexisting financial institution while complementing and supplementing each other. The Insurance Regulatory and Development Authority Act, 1999 have created more opportunities for expansion of the markets. Industry serves the society in a very effective manner.

Indian mentality for insurance is very bleak people do not feel need of insurance although they have dire-necessity for that. Insurance institutions in India have not considered forced insurance. The voluntary-purchasing of insurance policies is rare phenomena. They prefer to go to bank offices rather than going to insurance offices for getting risk coverage. The insurance institutions procure the business through their agents who are the main link between people and the