Changes

We first studied the basics of Life Insurance through secondary resources like related websites on the internet, journals etc. as to what is life insurance, why people should go for it, various types of life insurance and hoe segmentation is done in Life Insurance industry. We covered the Term Life Insurance in detailed because people more than 60 years of age, which was our focus area in this study, generally for this insurance.

We determined the premium charged by major life insurance companies viz '''TransAmerica Life Insurance company''', '''American General Life company (AIG)''', '''Prudential Financial (Pruco life insurance company)''', '''Genworth Financial (Genworth life insurance company)''' and '''(ING) Reliastar Life Insurance company''' using online premium calculator. We considered cases for both men and women. For Men height and weight are taken as 5’8’’ and 176 lbs respectively while for Women height and weight are taken as 5’4’’ and 162 lbs respectively. Date of Birth is taken as march 3, 1949 (more than 60 yrs), coverage amount as $250,000, guaranteed term as 15 years and state as California both for male and female. Premiums were calculated considering different health conditions for Blood Pressure, Cholesterol, Cardiac problem or Cancer in the family, Medical advice or treatment for major illness etc.

Finally we analyze the companies response to different health conditions on the basis of the variation in premium amount. From this we also determined the key health parameters which have major impact on the premium that the companies are charging the individuals.