ATraining project report

On “A study on investor behaviour regarding insurance

with special reference HDFC Standard Life Insurance ”

Submitted in partial fulfillment for the Award of degree of

Master of Business Administration (Affiliated to Rajasthan Technical University, Kota)

2009-2011

Submitted By: Submitted to:Puneet Kumar Tiwari Miss. Richa JainMBA (Semester-III) Asst. Prof.OKIMR (KOTA) OKIMR (KOTA)

OM KOTHARI INSITUTE OF MANAGEMENT & RESEARCH, KOTA

OM KOTHARI INSTITUTE OF MANAGEMENT &

RESEARCH

(Affiliated to Rajasthan Technical University, Kota, Approved by All-India

Council for Technical Education-Government of India and Sponsored by

Om Kothari Foundation, Kota)

INTERNAL GUIDE CERTIFICATE

This is to certify that Puneet Kumar Tiwari student of MBA I Year at Om Kothari

Institute of Management and Research has completed Summer Training Report

entitled.

“A study on investor behaviour regarding insurance with special

reference HDFC Standard Life insurance ”

The training has been completed after studying for one year in MBA course and for

partially fulfilling the requirements for award of degree of Master of Business

Administration of Rajasthan Technical University, Kota.

The Training Report has been completed under the guidance of “Miss. Richa Jain ”

Asst. Prof. of OKIMR and is as per norms and guidelines provided.

Prof. Mukesh Jain Miss. Richa JainPrincipal Academic Guide

Kota

Date:

A-1, Special I.P.I.A. Jhalawar Road, Kota-324005

(: 0744-2490878, 2490402, E-mail: okimr@rediffmail.com Fax: 0744-

2438069

OM KOTHARI INSTITUTE OF MANAGEMENT &

RESEARCH

(Affiliated to Rajasthan Technical University, Kota, Approved by All-India Council

for Technical Education-Government of India and Sponsored by Om Kothari

Foundation, Kota)

EXTERNAL EXAMINER CERTIFICATE

This is to certified that Mr. Puneet Kumar Tiwari student of MBA I Year (2009-2011) at

Om Kothari Institute of Management and Research has completed Summer Training

Report entitled.

“A study on investor behaviour regarding insurance with special

reference HDFC Standard Life Insurance ”

The training has been completed after studying for one year in MBA course and for

partially fulfilling the requirements for award of degree of Master of Business

Administration of Rajasthan Technical University, Kota.

The Training Report has been evaluated and viva voice conducted by the undersigned

panel of examiners. The project has been found satisfactory and is recommended for

acceptance.

Prof. Prof.

Internal Examiner External Examiner

Kota

Date:

A-1, Special I.P.I.A. Jhalawar Road, Kota-324005

Ph.: 0744-2490878, 2490420, E-mail: okimr@rediffmail.com

Fax: 0744-2438069 Website: www.okedu.in

PREFACE

When you don’t know where to go, them any road can lead you there, but we the

management students are here to learn and know how management theories and

practice work.

As a part of academic syllabus of two-year degree course of master degree in business

administration every student is required to submit a study project report.

The objective of this project is to study policyholder’s expectation and preference

towards selected private life insurance companies is Kota city.

To attain this objective, I first approached to various insurance companies and insurance

holders of Kota city. Here I come to know the level of awareness among general public

about insurance services and facilities expected from private insurance companies.

In the first part of summer Training project report I have covered Company profile,

Project profile & second part covered Objectives of the study, & Research

Methodology & the third part covered Data analysis, Fact & finding and after the

last part of Suggestion, Conclusion & Annexure.

Acknowledgement

I express my sincere thanks to my project guide, Miss. Richa Jain, Designation Asst.

Prof. Department Of OM KOTHARI INST. OF MANA. & RESEARCH KOTA, for guiding

me right forms the inception till the successful completion of the project. I sincerely

acknowledge her for extending their valuable guidance, support for literature, critical

reviews of project and the report and above all the moral support he had provided to me

with all stages of this project

I would also like to thank the supporting staff for their help and cooperation throughout my project.

(Signature of Student)

Puneet Kumar Tiwari

EXECUTIVE SUMMARY

In today’s 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 Different Life

Insurance Company has given me the opportunity to work and get experience in highly

competitive and enhancing sector.

The success story of good market share of different market organizations

depends upon the availability of the product and services near to the customer,

which can be distributed through a distribution channel. In Insurance sector,

distribution channel includes only agents or agency holders of the company. If

companies like RELIANCE LIFE INSURANCE, ING VYSYA, HDFC STANDARD,

ICICI PRU, etc have adequate agents in the market they can capture big market

as compared to the other companies.

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

ABSTRACT

Insurance companies stressed that the marketing performance of the insurance

companies has increased over last few years.

Challenges of competition and future scenario concludes that the limited availability of

data on policy holders , the low awareness among policy holders , the inadequate

infrastructure and technology are the major problem of the insurance industry in

marauding its products.

Key to growth and development stressed that multi-product, multi-channel and multi-

segment routes might help the insurance industry to improve the penetrating level in the

domestic marketing.

Exploiting an opportunity with partnership concludes that banks are the potential

partners in distributing the insurance products in the market.

Managing the agents pointed out that only quality agents can sell insurance products in

the market.

The establishment of micro-branches and the appointment of specialized insurance

agent in rural area helps police holders to market different insurance product .

The post sales service helps capturing more customers.

Insurance organization being more service oriented, need more customer

responsiveness. In addition, it should stand as a model in CRM activities. It is

observation that mere acquiring of technology in the name of serving effectively is not

the answer of CRM.

In today’s credit happy society, an insurance cover which mitigates the risk of repaying

credit if death or disability happens to the debtors is very relevant. We will try to know

creditor insurance by looking at the feature of the products, benefit, the problem faced

and the relevance of creditor insurance for the Indian insurance market.

CONTENTS LIST

I PREFACE

II EXECUTIVE SUMMARY

III ABSTRACT

Sr.No Chapter Name Page. No.

1 Company Profile 8 - 32

2 Project Profile 33 - 44

3 Objective of the study 45 - 46

4 Research Methodology 47 - 44

5 Data Analysis 45 – 53

6 Facts & Findings 54 – 60

7 Conclusions 61 – 63

8 Suggestions 64 - 66

Bibliography

CHAPTER-1

COMPANY PROFILE

INTRODUCTION TO THE DIFFERENT INSURANCE COMPANIES

COMPANY PROFILE OF RELIANCE LIFE INSURANCE

Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of the

Reliance - Anil Dhirubhai Ambani Group. Reliance Capital is one of India’s leading

private sector financial services companies, and ranks among the top 3 private sector

financial services and banking companies, in terms of net worth. Reliance Capital has

interests in asset management and mutual funds, stock broking, life and general

insurance, proprietary investments, private equity and other activities in financial

services.

Reliance Capital Limited (RCL) is a Non-Banking Financial Company (NBFC)

registered with the Reserve Bank of India under section 45-IA of the Reserve Bank

of India Act, 1934.

Reliance Capital sees immense potential in the rapidly growing financial services

sector in India and aims to become a dominant player in this industry and offer fully

integrated financial services.

Reliance Life Insurance is another step forward for Reliance Capital Limited to offer

need based Life Insurance solutions to individuals and Corporate.

CORPORATE OBJECTIVE

At Reliance Life Insurance, we strongly believe that as life is different at every stage, life

insurance must offer flexibility and choice to go with that stage. We are fully prepared

and committed to guide you on insurance products and services through our well-

trained advisors, backed by competent marketing and customer services, in the best

possible way.

It is our aim to become one of the top private life insurance companies in India

and to become a cornerstone of RLI integrated financial services business in

India.

CORPORATE MISSION

“To set the standard in helping our customers manage their financial future”.

BELOW ARE FEW OF THE PLANS THAT ARE OFFERED BY RELIANCE LIFE INSURANCE

INSURANCE PLANS AVAILABLE

1. Products (Individual Plans)

Savings (Endowment)

2. Reliance Endowment Plan

(formerly Divya Shree)

3. Reliance Special Endowment Plan

(formerly Subha Shree)

4. Reliance Child Plan

(formerly Yuva Shree)

5. Reliance Whole Life Plan

(formerly Nithya Shree)

Pensions

6. Reliance Golden Years Plan

(formerly Bhagya Shree)

Investments

7. Reliance Market Return Plan

(formerly Kanaka Shree)

8. Risk / Protection

9. Reliance Term Plan

(formerly Raksha Shree)

Products (Group / Corporate Plans)

10.Risk (Protection)

Reliance Group Term Assurance Policy

(formerly Group Term Assurance Policy)

Reliance EDLI Scheme

(formerly EDLI Scheme)

11.Pensions

a. Reliance Group Gratuity Policy(formerly Group Gratuity Policy)

b. Reliance Group Superannuation Policy(formerly Group Superannuation Policy)

INDUSTRIAL PROFILE OF ING YSYSA LIFE INSURANCE

ING Life Insurance is a part of the ING group- a Fortune 13 company, the world's

largest Financial Services Company and the largest life insurance Company- with net

profits in excess of $9 billion. ING has over 150 years of heritage and more than

110,000 employees worldwide, is rated amongst the top ten employers in Europe, and

manages the financial future of over 60 million customers in 50 countries

With an annual growth rate of 15-20% and the largest number of life insurance policies

in force, the potential of the Indian insurance industry is huge. Total value of the Indian

insurance market (2004-05) is estimated at Rs. 450 billion (US$10 billion). According to

government sources, the insurance and banking services’ contribution to the country's

gross domestic product (GDP) is 7% out of which the gross premium collection forms a

significant part. The funds available with the state-owned Life Insurance Corporation

(LIC) for investments are 8% of GDP.

Till date, only 20% of the total insurable population of India is covered under various life

insurance schemes, the penetration rates of health and other non-life insurances in

India is also well below the international level. These facts indicate the of immense

growth potential of the insurance sector.

 The year 1999 saw a revolution in the Indian insurance sector, as major structural

changes took place with the ending of government monopoly and the passage of the

Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry restrictions

for private players and allowing foreign players to enter the market with some limits on

direct foreign ownership..

ING Vysya LIFE INSURANCE

ING Vysya is a joint venture between ING Group a global financial institution of Dutch

origin and Vysya Bank, one of India's leading private sector banks, to form ING Vysya

Life Insurance.

ING Vysya Life Insurance in India

ING Vysya Life Insurance Company Limited (the Company) entered the private.ING

Vysya Life insurance industry in India in September 2001. The Company aims to make

Customers look at life insurance afresh, not just as a tax saving device but as a Mean’s

to add protection to life.ING Insurance is the world’s second largest life insurance

company as per latest

Fortune rankings with a client base of over 50 million.The Company has a customer

base of over 4, 50,000 & is headquartered at Bangalore. In 2005, ING Vysya Life

earned a total income in excess of Rs. 400 crore and also has a share capital of Rs.

440 crore.

ING Vysya Life Insurance Company Limited established its foothold in the private life

insurance industry in India in September 2001. In a branch network of over 140

branches with head office in Bangalore, ING Vysya Life Insurance Co employees

around 3000 employees with a sales force of over 21,000 insurance agents and

brokers. ING Vysya Life enjoys a customer base of 4.5 lakh and a total income of Rs.

400crore.

ING Vysya Life Insurance Co Ltd is the result of a joint venture between the world's

second largest life insurance company - ING Insurance and one of the largest private

sector banks in India - Vysya Bank. Another stakeholder in the JV is GMR Group.

PRODUCTS

The company has divided its products in four groups

Protection plan

Saving plan

Investment plan

Retirement plan

Protection

Conquering Life

Saving Plan; Reassuring Life (Reversionary Bonus) ,Creating

Life ,SafalJeevan ,Creating Life Money Back Safal Jeevan Money Back ,ING Life Plus

Investment: Rewarding Life Powering Life , New Freedom Plan, New One Life

Platinum Life New Fulfilling Life , High Life High Life Plus

Retirement Best Years, New Future Perfect

COMPANY PROFILE OF HDFC STANDARD LIFE INSURANCE COMPANY

ABOUT HDFC STANDARD LIFE INSURANCE

HDFC Standard Life Insurance Company Ltd. is one of India's leading private

insurance companies, which offers a range of individual and group insurance solutions.

It is a joint venture between Housing Development Finance Corporation Limited (HDFC

Ltd.), India's leading housing finance institution and a Group Company of the Standard

Life, UK. HDFC as on December 31, 2007 holds 72.38 per cent of equity in the joint

venture.

HDFC STANDARD LIFE INSURANCE PARENTAGE

HDFC Limited.

HDFC is India leading housing finance institution and has helped build

more than   23, 00,000 houses since its incorporation in 1977.

In Financial Year 2003-04 its assets under management crossed Rs. 36,000 Cr.

As at March 31, 2004, outstanding deposits stood at Rs. 7,840 crores. The

depositor   base now stands at around 1 million depositors.

Rated AAA by CRISIL and ICRA for the 10th consecutive year

Stable and experienced management

High service standards

Awarded The Economic Times Corporate Citizen of the year Award for its

long-standing commitment to community development.

Presented the Dream Homeâ award for the best housing finance provider

in 2004 at   the third Annual Outlook Money Awards.

Standard Life Group (Standard Life plc and its subsidiaries)

Standard Life Group (Standard Life plc and its subsidiaries)

The Standard Life group has been looking after the financial needs of

customers for   over 180 years

It currently has a customer base of around 7 million people who rely on

the company   for their insurance, pension, investment, banking and

health-care needs

Its investment manager currently administers £125 billion in assets

It is a leading pensions provider in the UK, and is rated by Standard &

Poor's as   'strong' with a rating of A+ and as 'good' with a rating of A1 by

Moody's

Standard Life was awarded the 'Best Pension Provider' in 2004, 2005 and

2006 at the Money Marketing Awards, and it was voted a 5 star life and

pensions provider at    the Financial Adviser Service Awards for the last 10

years running. The '5 Star'    accolade has also been awarded to Standard

Life Investments for the last 10 years,    and to Standard Life Bank since

its inception in 1998. Standard Life Bank was    awarded the 'Best Flexible

Mortgage Lender' at the Mortgage Magazine Awards in    2006

BELOW ARE FEW OF THE PLANS THAT ARE OFFERED BY HDFC

STANDARDS LIFE INSURANCE

Individual Products

HDFC Standard Life realize that not everyone has the same kind of needs. Keeping

this in mind, we have a varied range of Products that you can choose from to suit all

your needs. These will help secure your future as well as the future of your family.

Protection Plans

 

You can protect your family against the loss of your income or the burden of a loan in the event of your unfortunate demise, disability or sickness. These plans offer valuable peace of mind at a small price. Our Protection range includes our Term Assurance Plan & Loan Cover Term Assurance Plan.

 

Investment Plans

 Our Single Premium Whole Of Life plan is well suited to meet your long term investment needs. We provide you with attractive long term returns through regular bonuses.

 

Pension Plans

 

Our Pension Plans help you secure your financial independence even after retirement. Our Pension range includes our Personal Pension Plan, Unit Linked Pension, Unit Linked Pension Plus

 

Savings Plans

  Our Savings Plans offer you flexible options to build savings for your future needs such as buying a dream home or fulfilling your children immediate and future needs.

Our Savings range includes Endowment Assurance Plan, Unit Linked Endowment, Unit Linked Endowment Plus, Unit Linked Endowment Plus II, Money Back, Unit Linked Enhanced Life Protection II, Children's Plan, Unit Linked Young Star, Unit Linked Young Star Plus, Unit Linked Young Star Plus II.

Group Products

One-stop shop for employee-benefit solutions

HDFC Standard Life has the most comprehensive list of products for progressive employers who wish to provide the best and most innovative employee benefit solutions to their employees. We offer different products for different needs of employers ranging from term insurance plans for pure protection to voluntary plans such as superannuation and leave encashment.

We now offer the following group products to our esteemed corporate clients:

Group Term Insurance

Group Variable Term Insurance

Group Unit-Linked Plan

 

An investment solution that provides funding vehicle to manage corpuses with Gratuity, Defined Benefit or Defined Contribution Superannuation or Leave Encashment schemes of your companyAlso suitable for other employee benefit schemes such as salary saving schemes and wealth management schemes

Social Product

Development Insurance Plan

Development Insurance plan is an insurance plan which provides life cover to members of a Development Agency for a term of one year. On the death of any member of the group insured during the year of cover, a lump sum is paid to those member beneficiaries to help meet some of the immediate financial needs following their loss.

Eligibility

  Members of the development agency and their spouses with:

    - Minimum age at the start of the policy 18 years last birthday

    - Maximum age at the start of policy 50 years last birthday

Employees of the Development Agency are not eligible to join the group. The group to be covered is only eligible if it contains more than 500 members.

   

Premium Payments

  The premium to be paid will be quoted per member in the group and will be the

same for all members of the group. The premium can only be paid by the Development Agency as a single lump sum that includes all premiums for the group to be covered. Cover will not start until the premium and all the member information in our specified format has been received.

  The premium rate is Rs. 25 per Rs. 10,000 of lump sum, per member.

Benefits

  On the death of each member covered by the policy during the year of cover a lump sum equal to the sum assured will be paid to their beneficiaries or legal heirs. Where the death is as a result of an accident, an additional lump sum will be paid equal to half the sum assured. There are no benefits paid at the end of the year of cover and there is no surrender value available at any time.

   

The role of the Development Agency

  Due to the nature of the groups covered, HDFC Standard Life will be passing certain administrative tasks onto the Development Agency. By passing on these tasks the premium

  Submission of member data in a specified computer format

Collection of premiums from group members

Recording changes in the details of group members

Disbursement of claim payments and the mortality rebate (if any) to group members

These tasks would be in addition to the usual duties of a policyholder such as:

Payment of premiums

Reporting of claims

Keeping policy holder information up to date

  Training and support will be available to give guidance on how to complete the tasks appropriately. Since these additional tasks will impose a burden on the Development Agency, the Development Agency may charge a Rs. 10 administration fee to their members.

   

Prohibition of rebates

  Section 41 of the Insurance Act, 1938 states

  No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectus or tables of the insurer

If any person fails to comply with sub regulation (previous point) above, he shall be liable to payment of a fine which may extend to rupees five hundred

Introduction of ICICI Prudential Life Insurance Company Ltd.

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a

premier financial powerhouse and prudential plc, a leading international financial

services group headquartered in the United Kingdom.

ICICI was established in 1955 to lend money for industrial development. Today, it has

diversified into retail banking and is the largest private bank in the country. Prudential

plc was established in 1848 and is presently the largest life insurance company. .

ICICI Prudential is currently the No. 1 private life insurer in the country. For the financial

year ended March 31, 2005, the company garnered Rs 1584 crore of new business

premium for a total sum assured of Rs. 13,780 crore and wrote nearly 615,000 policies.

About Prudential

Prudential plc

Established in 1848, Prudential plc is a leading international financial services company

in the UK, with around US$250 billion funds under management, and more than 16

million customers worldwide. Prudential has championed customer-centric products and

services, supported by over 60,000 staff and agents across the region

Prudential has brought to market an integrated range of financial services products that

now includes life assurance, pensions, mutual funds, banking, investment management

and general insurance

Prudential plc is an international retail financial services group that aims to help people

secure and enhance their own and their dependants’ financial well-being by providing

savings, protection and other products and services suited to their needs.

We have strong franchises in three of the largest and most attractive markets in the

world, where rising wealth and changing demographics are fuelling demand for life

insurance and other long-term savings and protection products.

Our strategy is to build successful and increasingly profitable businesses in each of

these markets, and thereby maximise returns to our shareholders over time.

In Asia, Prudential is UK''s largest life insurance company with a vast network of 23 life

& fund management operations in 12 countries serving 4 million customers- China,

Hong Kong, India, Japan, Indonesia, Korea, Malaysia, the Philippines, Singapore,

Taiwan, Thailand & Vietnam.

ICICI Prudential was amongst the first private sector insurance companies to begin

operations in December 2000 after receiving approval from Insurance Regulatory

Development Authority (IRDA). ICICI Bank has 74% stake in the company, and

Prudential plc has 26% .

ICICI and Prudential came together in 1993 to form Prudential ICICI Asset Management

Company, which has today emerged as one of the leading mutual funds in India. The

two companies bring together two of the strongest financial service brands in Asia,

known for their professionalism, excellent quality of service and long term commitment

to YOU. Riding on the success of this relationship, the two companies joined hands

once more in 2000, to form ICICI Prudential Life Insurance, with a commitment to

provide leading-edge life insurance solutions.

ICICI Prudential has recruited and trained over 60,000 insurance advisors to interface

with and advise customers. Further, it leverages its state-of-the-art IT infrastructure to

provide superior quality of service to customers.

The company has network with 12 banc assurance tie-ups, having agreements with

ICICI Bank, as well as some corporate agents. It has also tied up with organizations like

Dhan for distribution of Salaam Zindagi, a policy for the socially and economically

underprivileged sections of society.

.

PROFILE

COMPANY NAME: ICICI PRUDENTIAL LIFE INSURANCE CO. LTD.

INDIAN PARTNER: ICICI BANK

FORIGN PARTNER: PRUDENTIAL plc

EQUITY RATIO: 74:26

COMMENCEMENT OF OPERATION: 19 TH DECEMBER, 2000

FIELD OF OPERATION: LIFE

HOME ADDRESS: ICICI PRUDENTIAL LIFE INSURANCE COMPANY

ICICI PRULIFE TOWERS, 1089, Appasaheb Marathe Marg, Prabhadevi,

MUMBAI- 400025

ICICI GROUP STRUCTURE

.

(ICICI Group)

VISION

The company’s vision is “to make ICICI Prudential the dominant Life and Pensions

player built on trust by world-class people and service.”

ORGANIZATION STRUCTURE,

The CEO and Managing Director of ICICI Bank, Mr. K.V. Kamath is the Chairman of

ICICI Prudential Life Insurance Company. The organization structure is as follows:

(Organization Chart)

Ms. Shikha Sharma - MD

Mr. Sandeep Batra, CFO - CS

Mr. Judho jit DasChief - HR

Mr.ShridharChief Sales &

Mkt.

Mr. Puneet NandaHead - Investment

Mr. V.RajagopalanAppointed Actury

Mr. Anil TikooHead –Info. Tec.

Ms. Anita Pai-Chief ope. &

Und.

PRODUCTS: OFFER BY ICICI PRUDENTIAL

1. Save ‘n’ Product

2. Riders

(a) Critical Illness Benefit Rider.

(b) Major Surgical Assistance Rider.

(c) Accident and Disability Rider.

(d) Accident Benefit Rider.

3. Cashbak

4. Life Guard – Return of Premium

5. Life Guard – Without return of Premium

6. Life Guard – Single Premium

7. Smart Kid

8. Assure Invest

9. ReAssure

10. Financial Markets

11. Mutal Funds

12. Market Linked Insurance Plans

(a) Life Time.

(b) Life Link.

13.Retirement Solutions.

(a) Forever Life.

(b) Life Time Pension.

(c) Life Link Pension.

14.Underwriting

(a) Jet Underwriting.

(b) Underwriting for Female lives.

(c) Underwriting for Pregnant Female Lives

(d) Financial Underwriting.

(e) Student Underwriting.

(f)NRI Underwriting.

(g) Age Proof Document.

(h) Client Confidential Report.

(i)Extra Rated Premium – XRT

15.Keyman Insurance

Financial Performance

Year of review 2007-2008:

A summary of the financial performance of ICICI

Prudential Life Insurance is as follows

( Rupees. in million )

Particulars for the period ended March 31, 2008

2008 2007

Premium Income 4176.00 1163.00

Other Income 120.60 220.71

Total Income 4424.00 1193.71

Expenditure 8.63 11.07

Net Profit/(Loss) (1471.82) (1050.98)

Share Capital 4250.00 1900.00

EQUITY STRUCTURE

CHAPTER -2

Project Profile

HISTORY OF LIFE INSURANCE

Insurance concept had been found out way behind in 13th and 14th century. The earlier

reference to insurance has been found Babylonia, the Greeks and the Romans. The

use of insurance appeared in the account of North Italian Merchant Bank that then

dominated the international trade in Europe at that time.

A brief history of the Insurance sector in India:

The business of life insurance in India in its existing form started in India in the

year1818 with the establishment of the Oriental Life Insurance Company in Calcutta.

Some of the important milestones in the life insurance business in India are:

1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all

classes of general insurance business.

1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate

the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to

collect statistical information about both life and non-life insurance businesses.

1938: Earlier legislation was consolidated and amended by the Insurance Act with the

objective of protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers and provident societies were taken over by the

central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act,

1956, with a capital contribution of Rest. 5 crores from the Government of India.

The General insurance business in India, on the other hand, can trace its roots to the

Triton Insurance Company Ltd., the first general insurance company established in

the year 1850

in Calcutta by the British. Some of the important milestones in the general insurance

business in India are:

1957: General Insurance Council, a wing of the Insurance Association of India, frames

a code of conduct for ensuring fair conduct and sound business practices.

1968: The Insurance Act amended to regulate investments and set minimum solvency

margins and the Tariff Advisory Committee set up.

1972: The General Insurance Business (Nationalization) Act, 1972 nationalized the

general insurance business in India with effect from 1stJanuary.

Life insurance in India

Life Insurance in India was nationalized by incorporating Life Insurance Corporation

(LIC) in 1 956 . All private life insurance companies at that time were taken over by LIC.

In 1993 the Government of Republic of India appointed RN Malhotra Committee to lay

down a road map for privatizations of the life insurance sector.

While the committee submitted its report in 1994, it took another six years before the

enabling legislation was passed in the year 2000, legislation amending the Insurance

Act of 1938 and legislating the Insurance Regulatory and Development Authority Act of

2000. The same year that the newly appointed insurance regulator - Insurance

Regulatory and Development Authority IRDA -- started issuing licenses to private life

insurers

Liberalization of the Insurance Sector

Liberalization commitments of the country to help in disciplining future economic policies

will include the insurance reforms. When the world over, insurance, markets have been

opened up, India cannot remain in isolation. Globalization is the new economic reality,

which is here to stay, heralding a new era of insurance in India. With the opening of the

insurance industry, India stands to gain the following major advantages:

1. Globalization will provide improved opportunities to the customers for better

products, with more reasonable & affordable pricing.

2. The customer will get quicker servicing.

3. It will enhance the savings rate.

4. Long-term funds for infrastructure development will be available to the country.

5. It will secure for India larger inflows of foreign capital needed to sustain our GDP

growth.

INSURANCE SECTOR REFORMS

In 1993, Malhotra committee was formed. In 1994, the committee submitted the report

and some of the key recommendations included:

Structure: Government stake in the insurance Companies to be brought down to

50% Government should take over the holdings of GIC and its subsidiaries so

that these subsidiaries can act as independent corporations. All the insurance

companies should be given greater freedom to operate.

Competition: Private Companies with a minimum paid up capital of Rs.1bn

should be allowed to enter the industry. No Company should deal in both Life

and General Insurance through single entity. Foreign companies may be allowed

to enter the industry in collaboration with the domestic companies’ .Postal Life

Insurance should be allowed to operate in the rural market .Only one State Level

Life Insurance Company should be allowed to operate in each state.

Regulatory Body: The Insurance Act should be changed .An Insurance

Regulatory body should be set up. Controller of Insurance (Currently a part from

the Finance Ministry) should be made independent.

Investments: Mandatory Investments of LIC Life Fund in government securities

to be

reduced from 75% to 50%. GIC and its subsidiaries are not to hold more than 5%

in any company (The recurrent holdings to be brought down to this level over a

period of time)

Customer Service: LIC should pay interest on delays in payments beyond 30

days. Insurance companies must be encouraged to set up unit linked pension

plans. Computerization of operations and updating of technology to be carried

out in the insurance industry. The committee emphasized that in order to improve

the customer services and increase the coverage of the insurance industry

should be opened up to competition.

LIFE INSURANCE MARKET

The Life Insurance market in India is an underdeveloped market that was only tapped

by the state owned LIC till the entry of private insurers. The penetration of life insurance

products was 19 percent of the total 400 million of the insurable population. The state

owned LIC sold insurance as a tax instrument, not as a product giving protection. Most

customers were under- insured with no flexibility or transparency in the products. With

the entry of the private insurers the rules of the game have changed.

The 15 private insurers in the life insurance market have already grabbed nearly 14

percent of the market in terms of premium income. The new business premiums of the

15 private players have tripled to Rs 1000 crores in 2005- 06 over last year. Meanwhile,

state owned LIC's new premium business has fallen.

Innovative products, smart marketing and aggressive distribution. That's the triple

whammy combination that has enabled fledgling private insurance companies to sign up

Indian customers faster than anyone ever expected. Indians, who have 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.

The growing popularity of the private insurers shows in other ways. They are coining

money in new niches that they have introduced. The state owned companies still

dominate segments like endowments and money back policies.

But in the annuity or pension products business, the private insurers have already

wrested over 33 percent of the market. And in the popular unit-linked insurance

schemes they have a virtual monopoly, with over 90 percent of the customer.

MAJOR PLAYERS IN INSURANCE SECTOR

LIFE INSURANCE

BUSINESS

NON-LIFE INSURANCE

BUSINESS

Life Insurance Corporation

ICICI Prudential Life Insurance

HDFC Standard Life Insurance

Max New York Life Insurance

Birla Sun Life Insurance

OM Kotak Mahindra Life Insurance

Reliance Life Insurance

Allianz Bajaj Life Insurance

Dabur CGU Life Insurance

ING Vyasa Life Insurance

SBI Life Insurance

General insurance Corporation

National Insurance Company

The New India Assurance Company

The Oriental Insurance Company

United India Insurance Company

Reliance General Insurance

TATA – AIG Insurance

Royal Sundaram Alliance General Ins.

Bajaj Allianz General Insurance

ICICI Lombard Insurance

WHAT IS INSURANCE?Insurance is a legal contract that protects people from the financial costs those results

from loss of life, loss of health, lawsuits, or property damage. Insurance provides a

means for individuals & society to cope up with some of the risk faced in every day life

by every body. People purchase contracts of insurance, called a policy, from various

insurance companies.

Insurance can be divided into three categories:

Life Insurance

General Insurance

Health Insurance

Life insurance is a contract for payment of a sum of money to the person assured on the

happening of the event insured against. Usually the contract provides for the payment of

an amount on the date of maturity or at specified intervals or at unfortunate death. The

contract also provides for payment of premium periodically to the corporation by the

assured.

General insurance includes many areas of insurance like marine, motor, engineering,

health, fire, etc. The contract provides for the payment of an amount on the happening

of some contingency. These types of contracts are annual in nature.

WHY INSURANCE?

You need Life Insurance because typically the need for income continues for those who

are financially dependent on you, but there is no guarantee of your ability to earn

consistently and for the rest of your life. Life insurance can help you safeguard the

financial needs of your family.

This need has become even more important due to steady disintegration of the

prevalent joint family system, and emergence of nuclear families. The need to protect

your family’s ever growing needs is why you need Life Insurance.

Events covered in life insurance

In Life Insurance we cover the Income Earning Capacity. The loss of the Income

Earning Capacity can be lost on the happening of the following events:-

Death of the life assured

Sickness of the life assured (critical illness)

Accident of the life assured (death or permanent disability due to accident)

Retirement of the life assured

Death of the life assured can destroy the income earning capacity of the

individual. When a person takes a life insurance (pure insurance) with the sum

assured payable on death he protects his family from the loss of income earning

capacity due to death. A Life Insurance company does not pay money to the

family because the life assured has died, but because the family has lost the

income earning capacity. Death itself is not covered. The loss of income earning

capacity due to death is covered in life insurance.

It is often felt that life insurance means only death insurance. This is not true. Life

insurance is insurance against the loss of the income earning capacity of the

person. Sickness (critical illness only) can affect an income earning capacity of

an individual. Life insurance offers protection for the loss of income earning

capacity due to a sickness. Since minor ailments do not permanently destroy the

income earning capacity of an individual the minor ailments are not covered in

life insurance. Insurance against critical illnesses pay not because the person

has contracted a critical illness, but because the person has lost his income

earning capacity due to the critical illness.

Similar is the case with accident cover. All accidents are not covered only those

accidents, which result in death or permanent disability of the life assured, are

covered in life insurance. The payment is not made because the person has met

with an accident, but the payment is made because a person has lost the income

earning capacity due to an accident.

Retirement on the other hand is a certain event. A certain event cannot be

insured at all. The only alternative left for the person is to save for retirement. All

the lives assured would definitely retire hence insurance cannot be offered for

retirement. Income earning capacity is affected on retirement. The retirement

plans are therefore savings plans, which help a person, save for the retirement.

Need of life Insurance

You need Life Insurance because typically the need for income continues for those who

are financially dependent on you, but there is no guarantee of your ability to earn

consistently and for the rest of your life. Life insurance can help you safeguard the

financial needs of your family.

This need has become even more important due to steady disintegration of the

prevalent joint family system, and emergence of nuclear families. The need to protect

your family's ever growing needs is why you need Life Insurance:-

Replacement of Income

Life insurance products can provide support to the family and take care of the family's

financial requirements. It provides a lump sum or periodic payments to help replace the

income stream, in case of an unfortunate event or an untimely demise of the

breadwinner.

Lifestyle Maintenance

Life insurance products can help you build a corpus to protect and maintain your

lifestyle against fluctuations in your future income.

Costs of EducationYou need to support your child with a sound educational background, to help your child

achieve his/her dreams. Life insurance products can help you fulfill these needs,

whether you are there or not.

Retirement Expenses

Retirement is an age when an individual has fulfilled almost all his responsibilities and

looks forward to relaxing. Life insurance products can help you lead a secure and

tension free retired life by ensuring that you get guaranteed pension.

Mortgage and Debt protection

With increasing consumerism and ever-rising demands, loans and debts are now part of

life. Life insurance products help you ensure that your family is not unduly burdened

with their repayments, in case of an unfortunate event or an untimely demise of the

breadwinner

Hardships Protection

Life insurance provides a sense of security to the income earner and to his/her family.

Buying life insurance frees the individual from various unnecessary financial burdens

that can otherwise make one spend sleepless nights.

ROLE OF LIFE INSURANCE

Security and Stability

Investment

Preservation of Health

Increase Efficiency

Self Reliance

Mental Peace

Planning of future

Safe guard against statutory liability

Capitalization of earning capacity

Exemption from Tax Liability

Safety to Investment Mode.

Advantages of Life Insurance

1. It is superior to an ordinary saving plan

Unlike other saving plans, it affords full protection against risk of death. In case of

death, the full sum assured is made available under a life assurance policy;

whereas under saving scheme the total accumulated saving alone will be

available. The later will be considerably less than the sum assured, if death

occurs during early years.

2. Easy settlement & protection against creditors

The life assured can name person(s) called Nominee to whom the policy money

would be payable in the event of his death. The proceeds of a life policy can be

protected against the claim of the creditors of the life assured by effecting a valid

assignment of the policy.

3. Ready marketability & suitability for quick borrowing

After an initial period, if the policyholder finds him unable to continue payment of

premiums, he can surrender the policy for a cash sum.Alternatively, ha can tide

over a temporary difficulty by taking loan on the sole security of the policy without

delay. Further, a life insurance policy is sometimes acceptable as security for a

commercial loan.

4. Tax Relief

The Indian Income-Tax Act allows deduction of certain portion of the taxable

income, which is diverted to payment of life insurance premiums from the total

income tax liability. When this tax relief is taken into account, it will be found that

the assured is in effect paying a lower premium for his insurance.

Limitations of insurance

All risks cannot be insured

There must be insurable interest

Insurance is limited to the financial value

There must be large number of similar risks

It must be possible to calculate the risk of loss

Losses should not be catastrophic

Losses must not be too small

Losses must be reasonably unexpected

Losses must be accidental

It must be consistent with public policy

Differences between life insurance and non-life insurance:

Risk (possibility of a loss) is certain in life insurance. Every person who is insured is

likely to die, and death would completely destroy the income earning capacity. In

non-life insurance the risk is uncertain and the insured event may or may not result

in the loss to the policyholder.

Life insurance is a long term contract while non-life insurance contracts are one year

contracts.

Difficulty in determining value of human life in life insurance. In non-life insurance the

value can be determined with much ease.

Life insurance is not a strict contract of indemnity. Non-Life insurance contracts are

strict indemnity contract.

CHAPTER - 3

OBJECTIVES OF THE STUDY

OBJECTIVES OF THE SUTDY

1. To identify the main factors influencing preference and expectation of

life insurance policy holders.

2. To find the satisfactory level of police holder’s about the products of

various Life Insurance.

3. To find out the main problems faced by policyholders of life insurance.

4. To find out the satisfactory level of policyholder’s about the service

provided by the agents of insurance companies.

5. To analyze the police holders opinion towards the premium aspect

and other charges.

CHAPTER-4

RESEARCH METHODOLOGY

RESEARCH METHODOLOGY

American Marketing Association defines market research as a systematic gathering,

recording and analyzing of data about problems to marketing of goods and services. It

involves the diagnosis of information needs and the selection of relevant interrelated

variables. Thus Marketing Research is a systematic and objective process of identifying

and formulating the marketing problems, setting research, setting research objective

and methods for collecting, editing, coding, tabulating, evaluating, analyzing,

interpreting and presenting data in order to find justified solution for these problems.

The research process is carried out according to a designated series of steps, which are

required to be taken in a chronological order as given below:

PROBLEM DEFINATION

This first step is very significant as if the problem is defined vaguely then the research

process would be a futile exercise so research problem should be properly formulated.

Here in this project the research problem was ‘To study police holder’s Expectation and

preference Towards Selected private Life Insurance Companies In Kota City.

NATURE OF DATA

The study was based on survey method. The theme of study was to find the policy

holder’s preference and expectations towards various Life Insurance companies on the

various products .the study is based on primary and secondary data.

SOURCE OF DATA

Primary Data

Secondary DataPrimary Data

Primary data is that data that is collected afresh for the first time and that is

original in nature. The primary data is collect through Questionnaire

Secondary data

Secondary data is that data that has been collected by some one else and which has already been pass through the statistical process. Secondary data here has been collected from company profile, product profile of the company, newspapers, magazines and general discussion with company channels.

SAMPLING UNIVERSE The Sampling universe is the selected private life insurance companies of Kota city.

SAMPLING FRAME

The selected private life insurance companies taken for samples are

RELIANCE Life insurance ING VYSYA Life insurance HDFC STANDARD Life insurance ICICI PRUDENTIAL

SAMPLING SIZE

Sampling size for the study is 100 which are collected from selected private insurance company.

SAMPLING DESIGN

Non- probability sampling is that sampling procedure which does not affordAny bases for estimating the probability that each item in the population has of being included in the sample .non probability sampling is also known by different names such as deliberate sampling, purposive sampling and judgment sampling.

METHOD OF SAMPLING

Convenience Sampling

The sample units are selected according to the convenience of the investigator or Researcher. Here, the researcher used convenience sampling design collection of primary data through structured questionnaires.

RESEARCH DESIGN

Research design is the conceptual structure within which research is conducted, “A research design is the arrangement of condition for collection and analysis of data in a manner that aims to combine relevance to the research purpose with economy in procedure”With this as a base Descriptive Research design, which includes survey and fact findings the major purpose descriptive research is for the description of the state of affairs, as it exist at present.

METHODS OF DATA COLLECTION

Questionnaire methods

A questionnaire consists of a number of question printed or typed in a definite order on a form or set of forms the respondents have to answer the questions on their own Quite often. The questionnaire is considered as the heart of survey operation. Hence, it should be very care fully constructed. If it is not properly set up, then the survey is bound to fail. This fact requires us to study the main aspects of a questionnaire viz., the general form, question sequence and question formation and wording.

Closed-ended questionsSuch questions are also called fixed alternative questions. They refer to those questions in which the respondents are given a limited number of alternative responses from which he / she has to select the one that most closely matches his opinion or attitude.

Open-ended questionSome times these questions are called free answer questions. As the name implies, this refers to a question that has no fixed alternative to which the answer must confirm .the respondent’s answer in his / her own words.

CHAPTRE – 5

DATA ANALYSIS

TABLE NO – 1 The details regarding general profile of the policy holders

Factors Classification No. of respondents Percentage

Sex

Male Female

63 37

67% 37%

Age

Below 20 Yrs 21 – 30 Yrs 31 – 40 Yrs Above 40 Yrs

25 29 21 14

29% 36% 21% 14%

Educational Qualification

Illiterate School level Graduate Other

12 36 34 18

12% 36% 34% 18%

Occupation

Professional Business Employee Housewife

24 27 36 13

24% 27% 36% 13%

Family Income (Annual)

Below 100000 100001- 200000 200001- 300000 Above 300000

23 37 29 11

23% 37% 29% 11%

INTERPRETATION

Regarding personal profile of the consumer, the above table show that 63% respondents are male, 36% respondents are having the age of above 21-30 years, , about 34% of them are graduates, and the maximum respondent are employees 36% and in case of annual income of the family, 23% of them are under the income group of below Rs.100000.

Factors Classification No. of respondents Percentage

Sex

Male Female

63 37

63% 37%

Age

Below 20 Yrs 21 – 30 Yrs 31 – 40 Yrs Above 40 Yrs

29 36 21 14

29% 36% 21% 14%

Educational Qualification

Illiterate School level Graduate Other

12 36 34 18

12% 36% 34% 18%

Occupation

Professional Business Employee Housewife

24 27 36 13

24% 27% 36% 13%

Family Income (Annual)

Below 100000 100001- 200000 200001- 300000 Above 300000

23 37 29 11

23% 37% 29% 11%

2. DATA GIVES PREFERENCE OF RESPONDENTS OF INSURANCE

COMPANIES

COMPANY’S NAMENO.OF RESPONDENT

SHARE (%)

RELIANCE LIFE INSURANCE

30 30

ICICI PRUDENTIAL 20 20

ING VYSYA 28 28

HDFC 22 22

TOTAL 100 100

INTERPRETATION

30% of the people contacted prefer REL policy to any other and therefore it is ranked no.1 by that percent of respondents.

3. DATA GIVES BENEFITS OF INSURANCE PERCEIVED BY RESPONDENTS

BENEFITSNO.OF RESPONDENTS

SHARE (%)

Protection Plan 30 30

Saving Plan 28 28

Investment Plan 20 20

Retirement Plan 22 22

TOTAL 100100

30

28

20

22 Protection Plan

Saving Plan

Investment Plan

Retirement Plan

INTERPRETATION

30% of the respondents believe that protection plan is the biggest benefit of an insurance policy.

Whereas, 28% and 20% of them believe that the other benefits are Saving Plan and investment plans respectively.

4. DATA PROVIDES FEATURES OF INSURANCE POLICY THAT

ATTRACTED RESPONDENTS

FEATURE NO.OF RESPONDENTS

SHARE (%)

Money Back Guarantee

20 20

Larger Risk Coverage 37 37

Low Premium 30 30

Company’s Reputation

13 13

TOTAL 100 100

FEATURES OF INSURANCE POLICY

MONEY BACKGUAARENTEE

LARGER RISKCOVERANCE

LOW PREMIUM

REPUTATION OFCOMPANY

INTERPRETATION

Majority of the respondent (37%) found larger risk coverage as the most attracted feature of the all.

5. DATA GIVES PEOPLE PERCEPTION ABOUT INSURANCE

RESPONSE NO. OF RESPONDENTS

SHARE (%)

A saving tool 32 32 %

A tax saving device 29 29 %

A tool to protect your family

39 39 %

INTERPRETATION

32% of the respondents have perception of Insurance being a saving tool.

29% of the respondents have perception of Insurance being a tax saving device.

39% of the respondents are with the view that Insurance is a tool to

protect your family .

6. DATA SHOWS SATISFACTION OF RESPONDENTS WITH RESPECT TO

SERVICE AGENT

RESPONSE NO. OF RESPONDENTS

SHARE (%)

Satisfied 45 45%

Not satisfied 55 55%

Not Responded 0 0.0%

Total 100 100%

INTERPRETATION

45% of the respondents are satisfied with their existing service agent.

55% of the respondents are not satisfied with their existing insurance agent.

All of those who have taken a policy have responded.

7. DATA SHOWS WHAT PEOPLE WOULD LOOK FOR IN AN INSURANCE COMPANY ?

RESPONSE NO. OF RESPONDENTS

SHARE (%)

A trusted name

29 29 %

Friendly service & responsiveness

25 25 %

Good plans 29 29 %

Accessibility 17 17 %

INTERPRETATION

29% customers look for a trusted name in a company for insurance.

29% customers look for a good plan in a company for insurance.

Friendly service & responsiveness and Accessibility are also important factors looked by customers in a company.

CHAPTER-6

FACTS & FINDINGS

FACTS & FINDINGS

1. INTERPRETATION

Regarding personal profile of the consumer, the above table show that 63% respondents are male, 36% respondents are having the age of above 21-30 years, , about 34% of them are graduates, and the maximum respondent are employees 36% and in case of annual income of the family, 23% of them are under the income group of below Rs.100000.

2. INTERPRETATION

30% of the people contacted prefer REL policy to any other and there fore it is ranked no.1 by that percent of respondents.

.

3. INTERPRETATION

30% of the respondents believe that protection plan is the biggest benefit

of an insurance policy.

28% and 20% of them believe that the other benefits are Saving Plan and

investment plans respectively.

4. INTERPRETATION

Majority of the respondent (37%) found Larger risk coverage as

the most attracted feature of the all.

5. INTERPRETATION

32% of the respondents have perception of Insurance being a saving tool.

29% of the respondents have perception of Insurance being a tax saving

device.

39% of the respondents are with the view that Insurance is a tool to

protect your family.

6. INTERPRETATION

45% of the respondents are satisfied with their existing service agent.

55% of the respondents are not satisfied with their existing insurance agent.

All of those who have taken a policy have responded.

7. INTERPRETATION

29% customers look for a Trusted name in a company for insurance.

29% customers look for a good plan in a company for insurance.

Friendly service & responsiveness and Accessibility are also important factors

looked by customers in a company.

CHAPTER-7

CONCLUSION

CONCLUSION

Our exhaustive research in the field of Life Insurance threw up some interesting trends

which can be seen in the above analysis. A general impression that we gathered during

Data collection was the immense awareness and knowledge among people about

various companies and their insurance products. People are beginning to look beyond

LIC for their insurance needs and are willing to trust private players with their hard

earned money.

People in general have been impression by the marketing and advertising campaigns of

Private insurance companies. A high penetration of print, radio and Television ad

campaigns over the years is beginning to have its impact now.

Another heartening trend was in terms of people viewing insurance as a tax saving and

investment instrument as much as a protective one. A very high number of respondents

have opted for insurance for such purposes and it shows how insurance companies

have been successful to attract public money in recent times.

The general satisfaction levels among public with regards to policy and agents still

requires improvement. But therein lies the opportunity for a relative new comer like

HDFC Standard life, ICICI prudential, RELIANCE life Insurance ,etc private Insurance

Company . LIC has never been known for prompt service or customer oriented methods

and private insurance companies can build on these factors.

CHAPTER -8

SUGGESTION

The life insurance companies could advertise their product through various mass

media.

The product terms and conditions should be completely transparent to the

people.

More training could be given to agent to sell the product because the agents are

the backbone of the life insurance companies.

The insurance company should educate their customer on different

products, which satisfy their special needs.

The life insurance companies can arrange some meetings to popularize their

schemes among the public.

The disposal of claims can be made easy for policy holders.

The insurance companies could develop viable & cost effective distribution

channel.

CRM could be followed to sell the product, for that the insurance companies may adopt technology to store the lot of data for maintaining long term relationship & carry out continuous follow up programs.

ANNEXURES

REFERENCES

QUESTIONNAIRE

1. BOOKS/MAGAZINES REFFERED:

STUDY GUIDE- PRINCILES & PRACTICES OF LIFE /

GENERALINSURANCE, by AIMA.

Books published by INSURANCE INSTITUTE OF INDIA

LIFE-INSURANCE, by Mc GILL

INSURANCEWATCH.

MONEYOUTLOOK.

2. WEBSITES REFFERED:

WWW.RELIANCELIFE.CO.IN

WWW.CIFAINSURANCE.COM

WWW.MONEYOUTLOOK.COM

WWW.INSURANCE.IND.COM

3. REPORTS/ARTICLES REFFERED:

REPORT: ISSUES & CHALLENGES FACING THE INSURANCE INDUSTRY….

Dec2008..

REPORT: COPING WITH COMPETITION…Jan2009

Questionnaire

NAME: ………………………………..

AGE: ………………………………..

GENDER: Male Female MARITAL STATUS Single Married

ADDRESS: ………………………………………………

………………………………………………

………………………………………………

CONTACT NO. ……………… MOBILE NO. ……………..

1. What is your educational qualification ?

10th Pass 12th Pass Graduate Post Graduate

2. Any professional qualification ?

MBA C.A ICWA Others

Specify …………………..

3. How many policies you have taken?

a) One

b) Two c) Three

d) More than three

4. What are the reasons to invest your money in private life insurance? (Rank them) a) For risk cover

b) For children’s c) For saving & investment

d) For others

5. What are your opinions regarding the information & details given in advertisement about the policies by private life insurance companies?

a) Excellent

b) Good c) Average d) Poor

6. The plan, which you prefer the most? (Rank them)

a) Protection

b) Savings plans c) Investment plans

d) Retirement plans7. Which company insurance policy you prefer?

(Rank them)

a) ICICI PRUDENTIAL

b) HDFC STANDARD LIFE

c) ING VYSYA LIFE

d) RELIANCE LIFE INSURANCE

8. Which feature of your policy attracted you to buy it? (RANK THEM)

a) LOW PREMIUM

b) LARGER RISK COVERANCE

c) MONEY BACK GUARNTEE

d) REPUTATION OF COMPANY

9. What’s your perception about insurance? (RANK THEM)

a) A SAVING TOOL

b) A TAX SAVING DEVICE c) A TOOL TO PROTECT FUTURE

10 Satisfaction level of policyholder’s towards the service of agents?

a) SATISFIED

b) NOT SATISFIED c) NOT RESPONDING

11. Policy holder’s preference towards payment of premium mode? (RANK THEM)

a) MONTHELY MODE

b) QUATERLY MODE

c) HALF YEARLY MODE

d) YEARLY MODE

12. What do you intents to gain from investments?

a) SAVING & RETURNS

b) SECURITY c) TAX BENIFITS

13. What’s the right age to buy insurance?

a) AFTER 25 Yrs

b) AFTER 35 Yrs c) AFTER 45 Yrs

d) ANYTIME

14. How would you rate indian insurance companies?

a) RIGID PLANS

b) NON-USER FRIENDLY

c) UNSATISFATORY SREVICES

d) NON-AGGRESSIVE

e) SATISFACTORY

f) GOOD

g) VERY GOOD

15. Are you planning for new investment?

PLANNING NOT PLANING

16. Would you go for insurance if a service provider away from the city offers better service & products?

a) YES

b) NO

c) UNCERTAIN

THANK YOU

NAME:_________________________

ADDRESS:______________________ ______________________________OCCUPATION:___________________