A

Summer Training

Report

on
Analytical study of saving scheme in LIC

Submitted to
Kurukshetra University, Kurukshetra in partial fulfilment for the degree of
Bachelor of Business Administration (Session 2012-2015)

Under the supervision of

Submitted by

Mr. Rajan Kumar

Gurpreet singh

Life Insurance Corporation

Roll no. 331

Reg.no.12-SMTJ-50
University Roll no.
BBA Final Year

S.D. INSTITUTE OF MANAGEMENT & TECHNOLOGY,

Yamuna Nagar. Approved by AICTE and Affiliated to

KURUSHETRA UNIVERSITY KURUSHETRA.

DECLARATION

I hereby declared that this summer training report entitled Analytical study of saving
scheme in LIC (life insurance corporation of India) submitting for partial fulfillment of
the requirement for the degree of BBA from KURUKSHETRA UNIVERCITY,
KURUKSHETRA is of my original work. This report is only for education purpose and
not for any other purpose.

GURPREET SINGH

ACKNOWLEDGEMENT

In this world of cut throat competition my project report is a combination of both theoretical as
well as practical efforts.
Analytical study of saving scheme in LIC
I thank almighty god to give me strength to work sincerely during the course of the project.
I express my sincere gratitude to DR. SHELLY GUPTA (DIRECTOR)

without whose

guidance, keen interest and regular encouragement my project my project would not have been
compiled. I`m also thankful to MRS.REKHA Rathore , Head of Department (HOD) for his
inspiration and helpful attitude. I would also like to grab the opportunity to thank Mr. Rajan
Kumar for his helping hand in the compilation of the report.

Last but not least I would like to thank my parents for their support.

GURPREET SINGH

PREFACE
Practical knowledge is an important part of theoretical studies. It covers all that which remains
uncovered in the classroom. It offers all that which remains an invaluable treasure of experience.
It offers an exposure to practical of management of business organization.
The field of insurance has taken a giant leap at the threshold of twentieth century. Insurance have
become an integral part of life of man all over the globe. The proverb Need is the mother of
invention is proving equally correct in case of insurance.
Insurance have already had a considerable impact on many aspects of our society. This project on
LIFE INSURANCE CORPORATION OF INDIA deals with the automation of various
activities done in insurance like how the insurance companies doing there business and what is
the feature of life insurance.
The research and methodology includes the research procedure, research, research design,
sample design, data collection and finally limitations of study. The methods used for conducting
survey are by preparing a structured questionnaire and then taking the views of respective
respondents.
The analysis of the research data is done with the help of tabulation and diagrammatic
representation of data in respect to attitude of people towards respective facilities. In last the
findings and suggestions, which came out after going through the whole survey of the
organization are mentioned.

CONTENTS

Chapter no.
Chapter 1.
Chapter-2
Chapter 3
Chapter 4
Chapter 6.

CONTENTS
Introduction of Industry
Introduction of Organization
Objective
Research methodology

Data analysis & interpretation

Page no.
1-3
4-41
42-43
44-47
48-63

Chapter 7.

Swot Analysis

64-65

Chapter 8.

Conclusion

66-67

Chapter11

Annexure
a)
b)

Bibliography
Questionnaire

69
70-76

EXECUTIVE SUMMEARY
In todays corporate and competitive world, I find that insurance sector has the
maximum growth and potential as compared to the other sectors. Insurance has the
maximum growth rate of 70-80% while as FMCG sector has maximum 12-15% of
growth rate. This growth potential attracts me to enter in this sector and LIFE
INSURANCE CORPORATION (LIC).

has given me the opportunity to work and

get experience in highly competitive and enhancing sector.

Agents are the only way for a company of Insurance sector through which policies
and benefits of the company can be explained to the customer.
The life insurance industry in India grew by an impressive 47.38%, with premium
income at Rs. 1560.41 billion during the fiscal year 2006-2007. Though the total
volume of LIC's business increased in the last fiscal year (2006-2007) compared to
the previous one, its market share came down from 85.75% to 81.91%.
The 17 private insurers increased their market share from about 15% to about 19% in
a year's time. The figures for the first two months of the fiscal year 2007-08 also
speak of the growing share of the private insurers. The share of LIC for this period
has further come down to 75 percent, while the private players have grabbed over 24
percent.
Since the opening up of the insurance sector in 1999, foreign investments of Rs. 8.7
billion have poured into the Indian market and 19 private life insurance companies
have been granted licenses.
Innovative products, smart marketing, and aggressive distribution have enabled
fledgling private insurance companies to sign up Indian customers faster than anyone
expected. Indians, who had always seen life insurance as a tax saving device, are now
suddenly turning to the private sector and snapping up the new innovative products
on offer. Some of these products include investment plans with insurance and good
returns (unit linked plans), multi purpose insurance plans, pension plans, child plans
and money back plans