Gaurav's Project

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RESEARCH PROJECT REPORT

ON

“Buying behavior w.r.t. Life Insurance :A study”

SUBMITTED FOR THE PARTIAL FULFILLMENT OF THE DEGREEOF

MASTER OF BUSINESS ADMINISTRATION

of

PUNJAB TECHNICAL UNIVERSITY

By

GAURAV MAGOTRA,81005317021

MBA IV SEMESTER

UNDER THE SUPERVISION OF

FACULTY’S NAME WITH DESIGNATION

Chandigarh Business School, Landran, Mohali

YEAR-2008-10



Certificate of Supervisor

This is to certify that Mr. GAURAV MAGOTRA. Roll No.81005317021 has completed the research project titled“Buying behavior w.r.t. Life Insurance: A study” under my

supervision in partial fulfillment of the MASTER OFBUSINESS ADMINISTRATION degree of PUNJABTECHNICAL UNIVERSITY.

Supervisor’s signature:

Supervisor’s name:

Supervisor’s Designation:

Date:

Place:



Declaration

I, hereby declare that the research project report titled

“Buying behavior w.r.t. Life Insurance: A study” is my own

original research work and this report has not been submitted to any

University/Institute for the award of any professional degree or diploma.

GAURAV MAGOTRA

M.B.A (SEM IV)

Chandigarh Business School

Date:

Place: JAMMU



ContentsINDUSTRY PROFILE

ABOUT ICICI PRUDENTIAL

MANAGEMENT TEAM & BOARD OF DIRECTOR

SWOT ANALYSIS

CONSUMER ANALYSIS

COMPETITION ANALYSIS

METHODOLOGY OF STUDY

DATA COLLECTIONS

DATA INTERPRETATION

CONCLUSIONS

RECOMMENDATIONS

QUESTIONNAIRE

REFERENCES



INDUSTRY PROFILE

With such a large population and the untapped market area of this population

Insurance happens to be a very big opportunity in India. Today it stands as a business

growing at the rate of 15-20 per cent annually. Together with banking services, it adds

about 7 percent to the country’s GDP .In spite of all this growth the statistics of the

penetration of the insurance in the country is very poor. Nearly 80% of Indian

populations are without Life insurance cover and the Health insurance. This is an

indicator that growth potential for the insurance sector is immense in India. It was due

to this immense growth that the regulations were introduced in the insurance sector

and in continuation “Malhotra Committee” was constituted by the government in

1993 to examine the various aspects of the industry. The key element of the reform

process was Participation of overseas insurance companies with 26% capital. Creating

a more efficient and competitive financial system suitable for the requirements of the

economy was the main idea behind this reform.

Since then the insurance industry has gone through many sea changes . The

competition LIC started facing from these companies were threatening to the

existence of LIC. Since the liberalization of the industry the insurance industry has

never looked back and today stand as the one of the most competitive and exploring

industry in India. The entry of the private players and the increased use of the new

distribution are in the limelight today.

The use of new distribution techniques and the IT tools has increased thescope of the industry in the longer run.

The Indian Life Insurance company act 1912 was the first statutory body that

started to regulate the life insurance business in India. By 1956 about 154 Indian, 16

foreign and 75 provident firms were been established in India. Then the central

government took over these companies and as a result the LIC was formed. Since then

LIC has worked towards spreading life insurance and building a wide network across

the length and the breath of the country. After the liberalization the entrance of

foreign players has added to the competition in the market.



Insurance Sector Reforms

In 1993, Malhotra Committee, headed by former Finance Secretary and RBI

Governor was formed to evaluate the Indian insurance industry and give its

recommendations. The committee came up with the following major provisions

• Private Companies with a minimum paid up capital of Rs.1bn should be

allowed to enter the industry.

• Foreign companies may be allowed to enter the industry in collaboration with

the domestic companies.

• Only one State Level Life Insurance Company should be allowed to operate in

each state.

It was after this committee came into affect the regulatory body

for insurance sector was formed with the name of IRDA.

Insurance Regulatory and Development Authority (IRDA): The IRDA since its

incorporation as a statutory body has been framing regulations and registering the

private sector insurance companies. IRDA being an independent statutory body has

put a framework of globally compatible regulations.

Impact of Liberalization

The introduction of private players in the industry has added to the colors in the dull

industry. The initiatives taken by the private players are very competitive and have

given immense competition to the on time monopoly of the market LIC. Since the

advent of the private players in the market the industry has seen new and innovative

steps taken by the players in this sector. The new players have improved the service

quality of the insurance. As a result LIC down the years have seen the declining phase

in its career. The market share was distributed among the private players. Though LIC

still holds the 75% of the insurance sector but the upcoming natures of these private

players are enough to give more competition to LIC in the near future. LIC market

share has decreased from 95% (2002-03) to 81 %( 2004-05) and now it is further

decreasing.



Current Scenario of the Industry

India with about 200 million middle class household shows a huge untapped

potential for players in the insurance industry. Saturation of markets in many

developed economies has made the Indian market even more attractive for global

insurance majors. The insurance sector in India has come to a position of very high

potential and competitiveness in the market.

Innovative products and aggressive distribution have become the say of the

day. Indians, have always seen life insurance as a tax saving device, are now suddenly

turning to the private sector that are providing them new products and variety for their

choice. Life insurance industry is waiting for a big growth as many Indian and foreign

companies are waiting in the line for the green signal to start their operations. The

Indian consumer should be ready now because the market is going to give them an

array of products, different in price, features and benefits. How the customer is going

to make his choice will determine the future of the industry.

The private insurance players have significantly improving their market share

when compared to 50 years Old Corporation (i.e. LIC).

The life insurance industry grew by 52 per cent year-on-year till

February as top three players Life Insurance Corporation, ICICI Prudential and Bajaj

Allianz continued with their robust performance in premium income reported

Economic Times. (10-04-06)

The debut of Sriram Life saw the number of players going up to 15,

who together collected Rs 26,286 crore in premium in the first 11-months of 2005-06,

according to data compiled by Insurance Regulatory and Development Authority.

LIC continued with its recent high growth rate of over 40 per cent to

mop up Rs 18,834 crore in first year premium by selling 2.09 crore policies in April-

February of last fiscal. Though, country's largest life insurer LIC was expanding



business handsomely, its market share fell slightly to 71.65 per cent from 72.2 per

cent a month back as most of the private players are going at a faster rate.

In the private space competition has further intensified after entry of

Chennai-based Sriram Life, which collected Rs 18.76 lakh premium in its first month

of operation. The 14 private players increased their market share to 28.35 per cent

from 27.8 per cent a month ago by collecting Rs 7,451 crore in premium till

February. ICICI Prudential regained its number one position among private insurers

by logging 69 per cent growth to collect Rs 1,956 crore in premium and a market pie

of 7.44 per cent.

Bajaj Allianz Life Insurance was close behind ICICI Prudential, byclocking 292 per cent growth in business at Rs 1,940 crore and a market share of 7.38

per cent.

HDFC Standard collected Rs 778 crore in premium income, followed

by SBI Life (Rs 512 crore), Birla Sunlife (Rs 478 crore), Tata AIG (Rs 405 crore),

Max

New York Life (363 crore), Aviva (Rs 309 crore). Kotak Mahindra

Old Mutual collected Rs 234 crore, ING Vysya Rs 200 crore, Reliance Life Rs 150

crore, Met Life Rs 107 crore and Sahara Life Rs. 15 Crore.



OBJECTIVES OF STUDY

• Basic reason for buying a insurance plan

• Basic need for insurance

• Expected return and satisfaction

•

Criteria for selection of type of insurance product

• Relationship between age and type of product.

• Popular insurance plans

• Factors for choosing a particular brand

•

From where people prefer to buy.• Mode of premium payment

• Influencing factors.



Life Insurer in Public Sector

Life Insurance Corporation of India

Life Insurers in Private Sector

1. Bajaj Allianz Life

2. ICICI Prudential Life Insurance

3. HDFC Standard Life

4. Birla Sunlife

5. SBI Life Insurance

6. Kotak Mahindra Old Mutual Life Insurance

7. Aviva Life Insurance

8. Reliance Life Insurance Company Limited - Formerly known as

AMP Sanmar LIC

9. Tata AIG Life

10. Metlife India Life Insurance

11. ING Vysya Life Insurance

12. Max Newyork Life Insurance

13. Sahara Life Insurance - Now they are not into business

14. Shriram Life Insurance

15. Bharti AXA Life Insurance Co Ltd



Growth potential of the industry

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 (2009-10) is estimated at Rs. 650 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 24% 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.

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.

Penetration levels of insurance sector are low in India as compare toother countries in the world signaling significant opportunity of growth. At present,

only 19 percent 400 mn strong middle class are estimated to have life insurance cover.

At the same time, India is savings oriented company. Currently, gross savings

represent 26 percent of GDP and it is expected to grow to 30 percent by 2015 with the

expansion of the economy. Specifically, life insurance which represents 9 percent of

savings at present is projected to rise to 14 percent of the savings by 2015. Favourable

tax laws and tax rebate also contributes to the growth of the sector.



India is emerging as one of the two of the largest markets in the world

for life insurance products, the other being China. In the case of India, the three key

drivers of growth are a large insurable population, a high savings rate, roughly at

about 25 per cent and a low penetration, at a mere 2.3 per cent.



ABOUT

ICICI PRUDENTIAL

ICICI Bank

ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the

second largest bank in the country, with consolidated total assets of $121 billion as of March 31, 2008. ICICI Bank’s subsidiaries include India’s leading private sector

insurance companies and among its largest securities brokerage firms, mutual funds

and private equity firms. ICICI Bank’s presence currently spans 19 countries,

including India

Prudential Plc

Established in London in 1848, Prudential plc, through its businesses in the UK,

Europe, US, Asia and the Middle East, provides retail financial services products and

services to more than 20 million customers, policyholder and unit holders and

manages over £267 billion of funds worldwide (as of December 31, 2007). In Asia,

Prudential is the leading European life insurance company with life operations in

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

Singapore, Taiwan, Thailand, and Vietnam. Prudential is one of the largest retail fund

managers for Asian sourced assets ex-Japan. Its fund management business has

expanded into ten markets, comprising of China, Hong Kong, India, Japan, Korea,

Malaysia, Singapore, Taiwan, Vietnam and United Arab Emirates.



PREMIUM UNDERWRITTEN BY LIFE INSURERS IN INDIA2008-09

(Rs.In Crores)

Sl.No. Insurer

First Year

Premium

Renewal

Premium

Single

Premium Total Premium

1 LIC 29886.35 71599.28 26337.22 127822.84

2 ING Vysya 440.30 239.54 27.36 707.20

3 HDFC Std.Lif 1316.44 1207.01 332.41 2855.87

4 Birla Sunlife 832.31 893.98 50.42 1776.71

5 ICICI Prulife 4370.61 2750.86 791.52 7912.996 Kotak Mahin 553.05 356.58 61.89 971.51

7 Tata AIG 567.84 722.36 76.98 1367.18

8 SBI Life 1717.57 364.64 846.27 2928.49

9 Bajaj Allianz 3084.67 1040.20 1185.12 5310.00

10 Max Newyork 750.51 588.17 161.60 1500.28

11 Metlife 329.04 152.27 11.40 492.71

12 Reliance Life 700.37 72.55 231.74 1004.66

13 Aviva 692.11 425.88 29.23 1147.23

14 Sahara 20.47 8.01 22.53 51.00

15 Shriram Life 89.53 3.00 92.62 185.1516 Bharti AXA 7.77 - 0.01 7.78

Private Total 15472.59 8825.06 3921.11 28218.75

Total 45358.93 80424.34 30258.32 156041.59



The Company

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 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 Prudential Life's capital stands at Rs. 42.72 billion (as of June 30, 2009) with

ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the

quarter ended June 30, 2009, the company garnered Retail Weighted New Business

Premium of Rs. 1,174 crores as against Rs 810 crores for the quarter ended June 30,

2007, thereby posting a growth of 45% and has underwritten over 6 lakh policies over

this period. The company has assets held over Rs. 30,600 crore as on August 31,

2008.

ICICI Prudential Life is also the only private life insurer in India to receive a National

Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA (Ind)

rating is the highest rating, and is a clear assurance of ICICI Prudential's ability to

meet its obligations to customers at the time of maturity or claims.

For the past seven years, ICICI Prudential Life has retained its leadership position in

the life insurance industry with a wide range of flexible products that meet the needs

of the Indian customer at every step in life.



Vision & Values

Our vision:

To be the dominant Life, Health and Pensions player built on trust by world-class

people and service.

This we hope to achieve by:

•Understanding the needs of customers and offering them superior products andservice.

• Leveraging technology to service customers quickly, efficiently and

conveniently

• Developing and implementing superior risk management and investment

strategies to offer sustainable and stable returns to our policyholders.

• Providing an enabling environment to foster growth and learning for our

employees

And above all, building transparency in all our dealings

The success of the company will be founded in its unflinching commitment to 5 core

values –

1. Integrity

2. Customer First

3. Boundary less

4. Ownership

5. Passion.



Each of the values describes what the company stands for, the qualities of our people

and the way we work.

We do believe that we are on the threshold of an exciting new opportunity, where we

can play a significant role in redefining and reshaping the sector. Given the quality of

our parentage and the commitment of our team, there are no limits to our growth.

Our values:

Every member of the ICICI Prudential team is committed to 5 core values: Integrity,

Customer First, Boundary less, Ownership, and Passion. These values shine forth in

all we do, and have become the keystones of our success

Distribution

ICICI Prudential Life has one of the largest distribution networks amongst private life

insurers in India. It has a strong presence across India with over 2000 branches

(including 1,095 micro-offices) and an advisor base of over 261,000.

The company has 20 bancassurance partners having tie-ups with ICICI Bank, Bank of

India, South Indian Bank, Shamrao Vitthal Co-Op Bank, Jalgaon Peoples Co-op

Bank, Ernakulam District Co-op Bank, Idukki District Co-op Bank, Ratnagiri

Sindhudurg Gramin Bank, Solapur Gramin Bank, Wainganga Kshetriya Gramin

Bank, Aryawart Gramin Bank, Jharkhand Gramin Bank, Narmada Malwa Gramin

Bank, Baitarani Gramya Bank, Ratnagiri District Central Co-op Bank, Seva Vikas

Co-op Bank, Sangli Urban Co-Operative Bank, Baramati Co-operative Bank, Ballia

Kshetriya Co-operative Bank, The Haryana State Co-operative Bank.



Products

Insurance Solutions for Individuals

ICICI Prudential Life Insurance offers a range of innovative, customer-centric

products that meet the needs of customers at every life stage. Its products can beenhanced with up to 4 riders, to create a customized solution for each policyholder.

Savings & Wealth Creation Solutions

Save'n'Protect: is a traditional endowment savings plan that offers life protection

along with adequate returns.

CashBak: is an anticipated endowment policy ideal for meeting milestone expenses

like a child's marriage, expenses for a child's higher education or purchase of an asset.

It is available for terms of 15 and 20 years.

LifeTime Gold: is a unit-linked plan that offers customers the flexibility and control

to customize the policy to meet the changing needs at different life stages. It offers 7

fund options - Preserver, Protector, Balancer, Flexi Balanced Multiplier, R.I.C.H and

Flexi Growth.

LifeStage RP: is unit linked plan that provides you with an option of lifecycle-based

portfolio strategy that continuously re-distributes your money across various asset



classes based on your life stage. This will help you achieve the right Asset Allocation

to meet your desired financial goals.

LifeLink Super: is a single premium unit linked insurance plan, which combines life

insurance cover with the opportunity to stay invested in the stock market.

Premier Life Gold: is a limited premium-paying plan specially structured for long-

term wealth creation.

InvestShield Life New: is a unit linked plan that provides premium guarantee on the

invested premiums and ensures that the customer receives only the benefits of fund

appreciation without any of the risks of depreciation.

InvestShield Cashbak: is a unit linked plan that provides premium guarantee on the

invested premiums along with flexible liquidity options.

LifeStage Assure: a unit linked insurance plan that provide upto 450 % of first year

premium guarantee on maturity, with the additional advantage of a lifecycle based

portfolio strategy that allocates the investor’s money across various asset classes

based on his life stage and risk appetite

Protection Solutions

LifeGuard: is a protection plan, which offers life cover at low cost. It is available in 3

options - level term assurance, level term assurance with return of premium & single

premium.

HomeAssure: is a mortgage reducing term assurance plan designed specifically to

help customers cover their home loans in a simple and cost-effective manner.



Education Solutions

SmartKid New ULRP: provides guaranteed educational benefits to a child along

with life insurance cover for the parent who purchases the policy. The policy is

designed to provide money at important milestones in the child's life. SmartKid plans

are also available in traditional form.

Retirement Solutions

ForeverLife: is a traditional retirement product that offers guaranteed returns for the

first 4 years and then declares bonuses annually.

LifeTime Super Pension: is a regular premium unit linked pension plan that helps

one accumulate over the long term and offers 5 annuity options (life annuity, life

annuity with return of purchase price, joint life last survivor annuity with return of

purchase price, life annuity guaranteed for 5, 10 and 15 years & for life thereafter,

joint life, last survivor annuity without return of purchase price) at the time of retirement.

LifeStage Pension: is a regular premium unit linked pension plan that provides you

with a unique lifecycle-based strategy that continuously re-distributes your money

across various asset classes based on your life stage, eventually providing you with a

customized retirement solution.



LifeLink Super Pension: is a single premium unit linked pension plan.

Immediate Annuity: is a single premium annuity product that guarantees income for

life at the time of retirement. It offers the benefit of 5 payout options.

PremierLife Pension: is a unique and convenient retirement solution with a limited

premium paying term of three or five years, to suit professionals and businessmen,

especially those who require more flexibility and customization while planning their

finances.

Health Solutions

Health Assure Plus: Health Assure is a regular premium plan which provides long

term cover against 6 critical illnesses by providing policyholder with financial

assistance, irrespective of the actual medical expenses. Health Assure Plus offers the

added advantage of an equivalent life insurance cover.

Cancer Care: is a regular premium plan that pays cash benefit on the diagnosis as

well as at different stages in the treatment of various cancer conditions.

Cancer Care Plus: is a wellness plan that includes all the benefits of Cancer Care

and also provides an additional benefit of free periodical cancer screenings.

Diabetes Care: Diabetes Care is a unique critical illness product specially developed

for individuals with Type 2 diabetes and pre-diabetes. It makes payments on diagnosis

on any of 6 diabetes related critical illnesses, and also offers a coordinated care

approach to managing the condition. Diabetes Care Plus also offers life cover.



Diabetes Care Plus: is a unique insurance policy that provides an additional benefit

of life cover for Type 2 diabetics and pre-diabetics

Hospital Care: is a fixed benefit plan covering various stages of treatment -

hospitalization, ICU, procedures & recuperating allowance. It covers a range of

medical conditions (900 surgeries) and has a long term guaranteed coverage upto 20

years.

Crisis Cover: is a 360-degree product that will provide long-term coverage against 35

critical illnesses, total and permanent disability, and death.

MediAssure: is a health insurance policy that provides assured insurability till age 75

years, assured coverage for accepted pre-existing illnesses after 2 years and an

assured price for 3 years.

Group Insurance Solutions

ICICI Prudential Life also offers Group Insurance Solutions for companies seeking to

enhance benefits to their employees.



• Group Gratuity Plan: ICICI Prudential Life's group gratuity plan helps employers

fund their statutory gratuity obligation in a scientific manner and also avail of tax

benefits as applicable to approved gratuity funds.

• Group Superannuation Plan: ICICI Prudential Life offers a flexible market linked

scheme that provides substantial benefits to both employers and employees. Both

defined contribution (DC) and defined benefit (DB) schemes are offered to optimize

returns for members of the trust and rationalise cost. Members have the option of

choosing from various annuity options or opting for a partial commutation of the

annuity at the time of retirement.

• Group Immediate Annuities: ICICI Prudential Life realises the importance of

prudent retirement planning. With this in mind, we have developed a suite of annuity

products that not only give you an income for life but also provide you options to

match your needs. In addition to the annuities offered to existing superannuation

customers, we offer immediate annuities to superannuation funds not managed by us.

• Group Term Plan: ICICI Prudential Life's flexible group term solution helps

provide an affordable cover to members of a group. The cover could be uniform or

based on designation/rank or a multiple of salary. The benefit under the policy is paid

to the beneficiary nominated by the member on his/her death.



Flexible Rider Options

ICICI Prudential Life offers flexible riders, which can be added to the basic policy at

a marginal cost, depending on the specific needs of the customer.

Accident & disability benefit: If death occurs as the result of an accident during the

term of the policy, the beneficiary receives an additional amount equal to the rider

sum assured under the policy. If an accident results in total and permanent disability,

10% of rider sum assured will be paid each year, from the end of the 1st year after the

disability date for the remainder of the base policy term or 10 years, whichever is

lesser. If the death occurs while travelling in an authorized mass transport vehicle, the

beneficiary will be entitled to twice the sum assured as additional benefit.

Critical Illness Benefit: protects the insured against financial loss in the event of 9

specified critical illnesses. Benefits are payable to the insured for medical expenses

prior to death.

Waiver of Premium: In case of total and permanent disability due to an accident, thefuture premiums continue to be paid by the company till the time of maturity. This

rider is available with SmartKid, LifeTime Plus, LifeTime Super and LifeTime Super

Pension.

Income benefit rider: In case of death of the life assured during the term of the

policy, 10% of the sum assured is paid annually to the nominee on each policy

anniversary till the maturity of the rider.



MANAGEMENT TEAM &

BOARD OF DIRECTOR • Shri K.V. Kamath, Chairman

• Mr. Mark Tucker

• Smt. Lalita D. Gupte

• Mr. Danny Bardin

• Mrs. Kalpana Morparia

• Shri M.P. Modi

• Mr. John Caouette

• Shri S.P.Subhedar, (Alternate Director to Mr. Danny Bardin)

• Mr. Derek Stott, (Alternate Director to Mr. Mark Tucker)

• Ms. Shikha Sharma, Managing Director

• Mr. Kevin Wright, Executive Vice President - Sales & Distribution

• Ms. Madhavi Soman, Chief - Strategic Initiatives

• Mr. V. Rajagopalan, Appointed Actuary

• Mr. Sandeep Batra, Chief Financial Officer & Company Secretary

• Mr. Saugata Gupta, Chief - Marketing & Service



S.W.O.T Analysis

Strengths

The biggest strength of this origination is;

• Money power, which makes them ignorant about the gestation period

• Brand image, business experience and innovation product

• The agents are very selectively chosen have excellent communication skill

• Service quality which is crux of mission

• Larger network branches which is help to customer for payment

• Their strategy has been to grow the portfolio large enough so that there is an in

built fund hedge and in market where the portfolio has a large element of

saving rather then protection

• Product is price competitive compare with the competition and its upfront

charge has been always lower since from inspection.

• Automatic balance the debt and equity component of the portfolio every

quarter and first to come up with health product (diabetics).

• Average age of its policyholder is approx 8 year lower than LIC policyholder.

• Strong agent network that bring 60% of the total premium (lower commission

but high volume)



Weakness

• High target for financial advisor and for sales department

• Many competitions in the market offer same product by the title difference in

the premium and offering

• Sustainable to risk associated with investment in money market

• Try to catch middle lower level people also.

• High expenses on advertisement

• Most of the plans are too complicated in understanding for simple person so

most of person avoids such type of plan

• More than 70% people live in rural area but ICICI Prudential is more centric

in urban area.



Opportunity

• Huge market is literally untapped, out of 320 million insurable markets only

25% of the people insured

• Health insurance and pension scheme, an estimated market potential of

approximately $15 billion

• ICICI Prudential should give the insurance coverage both to the parents and

children so that their life should be covered in both cases the customer do not

mind paying some premium for that

• India is fast growing market and 80 to 85% people are below age of 45

• Leverage the customer base of Banc assurance partner

• Strong distribution network

• Insurance awareness are increasing in India



Threats

• Player like Bajaj and Birla Sun Life with low premium for same plan

• Entry of other private company with equal strong experience and financial

strength of partner making the competition difficult and saturating the urban

market.

• Current Govt. policies do not encourage in gross domestic saving. If the tax

liabilities of the service rise the customer will have little money to invest

• LIC has woken up from sleep and is following competitive strategies. Its huge

surplus in life fund gives a capability to lodge price war

• Product differentiation is difficult in market (bancassurance)

• Competition is getting keener in couple of year

• High opportunity expenses will be in future



ANALYASIS OF FACTORS EFFECTING

CONSUMER BEHAVIOUR

A consumer’s buying behavior is influenced by cultural, social and personal factor.

Cultural factor

Culture is fundamental determinant of a person’s needs and behavior. People

acquire a set of value, perception and behaviors through his or her family and other institution. Indian people want achievement and success, comfortable efficiency and

practicality, freedom and youthfulness. In other word there are multicultural

environment in India.

Indian loves their family and they want to secure their family from unnatural

event. Indian gives first preference to his family after than others. They do not want to

take loan and they want to invest their money in long-term investment for child

education and marriage.

When we say about metropolitan city, dependency on old age on son is

decreasing. People want to accumulate some fund for old age so ICICI Prudential

should concentrate on gratuity or pension plan.

Indian people also affected from sub culture. Urban people want to take more

insurance comparison than rural (due to high per capita income, insurance awareness,

social security, investment purpose, tax saving purpose). Religion also effect on

insurance. ICICI Prudential is using this thing very well. They use sinduor and

marriage in their advertisement and show that when you marriage from someone, her

all liabilities is your liabilities and we will help you in this situation. We will make

relation as like as sindur (here means long term stable relationship). In other word

ICICI Prudential want to say that we will cover you at every step in life (sorrow or

happiness). Consumer behavior is also affected from reference group. Firstly, people

see that which insurance is bestseller after that they purchase. They also influence

from agent. People do not concentrate on their need due to agent’s influence. Social

class also affect on consumer behavior. Lower class does not want insurance. Upper



lower class wants insurance for saving purpose. Working and middle class want

insurance for protection and saving purpose and lastly, upper class want to purchase

insurance for investment tax benefit and saving purpose.

Social factor

Consumers are also influenced by social factor for example; reference group,

family, and social role and status. Consumer behavior is firstly influenced from

membership group such as family, neighbor and co-worker. Insurance is such type of

product where people awareness is very low so people do not very much about

insurance. They think, insurance is only tax saving instrument so they fully dependenton agent for taking insurance. When agent say about any product, that time they

inquiry from neighbour and co-worker about that product. If any body suggests that,

this product and I have also taken this product. Individual think that, this product also

best for him. He does not concentrate on his need and requirement.

Secondly, he is influenced by information influences. If he goes to purchase

insurance, he makes enquiry about this product from his personal sources. He study

newspaper and search on Internet and gather all information related product. If he is

satisfied from that information, he decides to buy insurance. People also influence

from opinion leader, this opinion leader may be Mukhiya, or Surpanch in rural area or

this may be any leader, actor or cricket player in urban area. If opinion leader say or

advertise about any product, people are influenced from opinion leader because

opinion leader keep good position in society.

Family and household pattern also influence consumer behavior. Due to less

security of individual family, people want to purchase insurance, but in joint family

people give less attention in buying insurance. If all family are well earning, there are

given less attention on insurance in such family. But if earning member is less and

dependent is more in such type of family insurance is very important. Women want

more security so women are taking main role in purchase decision where, women

influence consumer behavior.



Personal factor

A consumer decision is also influenced by personal characteristics for examplethe buyer age and stage in life cycle, occupation and economics circumstances,

personality, self-concept, life style and value.

When we say about age and life, first is bachelor stage. They are generally

young independent and they are in early stage of his carrier and earning. They mostly

think that they have no need of insurance because in that time they have no

dependent. However, some people have some dream and dependent also. They are in

such stage where they can take more risk so they mostly prefer to invest in ULIP.

Second stage is newly married. In that stage people need and buying decision is

influenced from their future plan and earning capability. If they have to plan for

purchase flat that time, they will need term insurance. There after stage is one or two

children after marriage, they will be influenced from future need. They will

accumulate fund for children marriage and education, they can be plan time-to-time

vacation. In forth stage, they want to accumulate for retirement. People want to live

alone after old age or in peaceful place so they are ready to start saving for old age.

Attitude also affect consumer behavior positive attitude (about his life) person will

take pension plan because people think that they will live more. But negative attitude

person will take life insurance because they worry about their life.



Competition analysis

Threat of intense segment rivalry-

Due to high stake of ICICI Prudential position this segment is good for it and second

good factor is it’s brand value. But when we say about competition in this market,

competition is very tough. We can say that market condition is just like same as

oligopoly means a few number of large firm is providing all service partially different

along line of quality, feature or services. Each competitor may seek leadership in one

of that major attribute and changing a price for that attribute. For example, ICICI

Prudential is specialist on to attract high net worth or urban population but LIC has

large distribution network so it has specialist in rural segments. But when we say

about population growth, economics growth, or government policies insurance

segment is very attractive because only 25% insurable person are insured secondly

80% population are under age of 45. Aggressive market condition is in market. Main

competitor of ICICI Prudential is

LIC

Bajaj Allianz

HDFC

Birla Sun Life

LIC has many resources and it has above 50-year experience in insurance field but

ICICI Prudential has only 7 to 8 year experience in market. However, due to

Prudential experience and ICICI Bank brand value, ICICI prudential has made good

position in market. So there is threat as mainly by LIC for ICICI Prudential. Due to

this reason price war, advertisement, and new product innovation will be expensive in

future.



Threat of new entrance-

Due to aggressive competition and high entry exit barrier, this is not attractive

segment for new player. For entering in insurance field, mandatory capital is 100

crores. Secondly, foreign stake limited with 26%, third Indian company have no

experience in insurance business. Exit barrier are also very high because, no company

can leave market after entering due to loss because firstly, 100 crores will be lost

secondly, their compensation (customer or other company) will be very high or more

than deposited money. So in long run, company will try to less their business but they

will not leave market. So this is good factor for ICICI Prudential because, where entry

or exit barrier are high, profit potential are also high.

Threat of substitute product-

This is not attractive market in view of substitute goods because there is many

substitute in market but only service style is different. Different insurance company

provide at least same product but presentation is different. In case of lower substitute

(means investment purpose) many product in India for example, share, mutual fund,

fixed deposit. Substitute place a limit on price and on profit. Bajaj Allianz launch

same type of product of ICICI Prudential but in lower price.

Threat of buyer’s growing power-

in India buyer’s growing power are increasing because they have more concentrated

or organized towards market. Government has established insurance regulator (IRDA)

in India for growing buyer’s barging power. Due to lowest switching, buyers are very

price sensitive and buyers have many sources for knowing about different company

product. Due to education buyer can analysis that, which product is good for him. So

due to growing buyers power this segment is not good for new player.

Threat of supplier’s growing power-

Due to oligopoly market condition insurance company cannot raise price but they can

increase their profit from selling more policies in market. In India, supply-growing



power (agent, broker, bancassurance) are growing due to lot of company availability

in India and this is not good for ICICI Prudential.

METHODOLOGY OF STUDYProcedure:

The procedure that followed enlisted below:

Studying the product

Decision on objective needed to be work on.

Developing Survey instruments

Getting questionnaire filled through interacting with different age groups, sex,

monthly income and occupation.

Finally analyzing the data of various areas and trying to study about various influence

factors.

Process adopted:

Gaining knowledge about the product:

Reading about the product was the first step undertaken. This gave not only in depth

knowledge about what is been offered by the insurance but also proved useful while

developing the questionnaire.

Steps in the Development of the Survey Instruments:

The main instruments required for survey was a well-developed questionnaire. The

questionnaire development took place in a series of steps as described below:

Research objectives been transformed intoinformation objectives.Step 1



The appropriate data collection methods beendeterminedStep 2

Step 3

The information required by each objective is beingdetermined.

Specific Questions/Scale Measurement format isdeveloped.

Step 6

The number of information needed is beingdetermined.

Step 7

Step 4

Research objectives been transformed intoinformation objectives.

Step 5

Question/Scale Measurements been evaluated.



Customer Survey :

The survey is important tool as clear perception of people about the product can be

estimated and known. The need levels of the people regarding the insurance product

been observed through survey. It was very useful in knowing about the requirements

of the people.

Referred to brochures and websites of competitors:

The questionnaire and layout been evaluated.Step 8

Step 9Revise the questionnaire layout if needed.

Step10

The Questionnaire format been finalized.



To understand the competitors product brochures and websites of various insurance

were referred and a competitive analogy of all the rates and necessary features of the

Insurance policy is been made. The table is been attached in the Appendix.

Research Design:

A two stage Research been conducted:

• Secondary Research:

Collection of data from websites and catalogues to understand the product and the

charges of the different Insurance Company.

• Primary Research:

A Primary Research been conducted:The questionnaire was prepared for the companies and following areas covered:

Distribution Channel of Insurance Company

Consumer profile

Satisfaction level with the current Insurance Company on the basis of return

Reason for the selection of specific insurance policy and company

Desirable features of the product and risk aptitude

Sampling Plan and sample size:

Elements:

• The target population of the study included the general population above the

age of 25 yrs

•

Sampling design and sampling unit are as follows:



• Target population: Adults meeting qualifications-over 25 years, working class,

businessman, personnel having children

• Sampling frame- Urban class in the region

• Sampling unit: urban class personnel

• Through this we would focus on the following area;

• To identify critical factor (internal and external) which influence the buying

behavior of individual,

• Why people purchase insurance policy.

• To know about mindset of people.

• To analysis of customer perception of the quality of product, so that to take

steps to maximization of customer satisfaction.

Sample size:

A sample of 50 units was decided upon as the sample size. The customers wereselected randomly. The responses of the customers served as a primary data.

DATA COLLECTIONS

Data Collection Plan:

The first of Research consisted of secondary data search from the following sources:

Catalogues

Websites

For the conclusive research, questionnaires been developed on basis of secondary data

to gather information on the research objective.



I conducted a pilot study to test these questionnaires. In this sample of 10 people

picked up from the target population on convenience basis, as to determine the

limitation and deficiencies in the questionnaires.

The final draft of the questionnaire (see Appendix) was then prepared on basis of the

observations from the pilot study. These then finally filled by 50 consumers, for the

conclusive study.

Finally, the data collected fed into the data analysis software- SPSS, to be analyzed

using statistical techniques: frequencies, means, t-tests, Chi square distribution, cross

tabs and analysis of variance (ANOVA) etc.

Types of Primary Data collected:

1) Demographic /Socioeconomic Characteristics:

Demographic and socioeconomic characteristics sometimes called “states of being” in

that they represent the type of people. The factors on which we are working are age,

sex and occupation. Monthly income is also an important parameter but it is difficult

to verify. Although the amount of money that an individual earns in a month is an

absolute, not a relative quantity but it is a sensitive topic in our society and it is

difficult to determine.

2) Attitudes/Opinions:

Through the questionnaire we have tried to get hold of individual’s preference,

inclination and requirement from the products that the insurance company delivers to

the customer. Attitude is an important notion in the marketing literature, since

generally it is previewed that the attitudes are relating to the behavior of individual.

3) Awareness/Knowledge:

They are used in marketing research refers to what respondents do or do not know

about the product.



4) Motivation:

Through questionnaire have tried to find the hidden need or want of an individual and

have tried to find out that why people buy insurance.

5) Behavior:

Behavior concerns what subjects have done or are doing. Through made

questionnaire I have tried to find out the behavior of the individuals regarding the

product and their responses;

What do you think about insurance?

Why do you have taken insurance police?

Your objective to take Insurance cover is for

What is he looking for in an insurance policy?

Thus, it helps to draw a comparison between the Purchase and the observed behavior

of the individuals.

6) Obtaining the Primary Data:

The data collection was primarily through communication. Communication involves

questioning respondents to secure the desired information, using a data collection

instrument called questionnaire. The questions were in writing and so were the

responses.



DATA INTERPRETATION

GENERAL CONCLUSION

REASON TO PURSHASE INSURANCE

reason to purchase insurance

investment

12%

security

52%

saving

10%

tax saving

26%

investment tax saving security saving

FIG 1

Finding:-52 % people say that main reason is to purchase insurance is family security

26 % people purchase insurance for tax saving, 12 % buy insurance for investment

and lastly 10% buy it for discipline saving. So majority think/buy

insurance for security (52%).



OBJECTIVE BEHIND IT

objective behind it

social relaxation

6%

life stage needs

40%

fear

20%

cover liabilities

34%

social relaxation life stage needs fear cover liabiliti

FIG 2

Finding:-40% votes has come for life stage need, here people think that insurance is

goods tools for fulfilling time to time need due to compulsory saving (i.e. Child

education), some people invest in insurance for cover liabilities, means if a individual

faces 3D’s (death, deceases, disability) that time who will pay EMI/loan. So 34%

votes has comes for cover liabilities, only 20% people buy insurance due to fear;

means insurance awareness is increasing, In India because approx 74% people are

thinking about life stage need and cover liabilities. Only 6% people agree that

insurance give social relaxation.



CRITERIA OF SATISISFACTION ON THE BASIS OF INCOME

criteria of satisfaction on the basis of income

very satisfied

10%

satisfied

49%

not much satisfied

28%

dissatisfied13%

very satisfied satisfied not much satisfied dissatisfie

FIG 3

Finding:-Out of 100% people 10% have very satisfied from the return of their policy

and 49% are only satisfied. On the other hand , 28% people are not much satisfied

from their policy return and 13% people fell dissatisfaction. So for the attraction of

41% of people, Insurance Company

have to need to concentrate that, how to give/increase return to the policy

holder.



CRITERIA FOR SELECTING INSURANCE COMPANY

criteria for selecting insurance company

66

35 4

4

2

2

24

2 2

2

2

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

age

n o o f p e o p l e i n %

realibility

service

income

policy scheme

realibility 2 2

service 2 4 2

income 4 2 2 2

policy scheme 6 6 3 5 4

25-30 30-35 35-40 40-45 45-60

FIG –4

Finding:-Here all age of people give preference to choose insurance company on the

basis of policy scheme firstly, and then second selection base is income, third chosen

criteria is service and last criteria of chosen of insurance company is reliability and

creditworthiness. So on the basis of this survey we can say that people mainly give

importance of chosen an insurance company is what type of policy Scheme Company

has, means policy fulfill individual need or not.



OTHER OPTIONS FOR INVESTMENTS

investment age/income

1

5

1 1

11

2

11

02

5 4

2

0

3

6 1

41

1 0

0

20

1

13

0 01

0

1

3

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

age

% o

f p e o p l e

other 0 0 1 0 1

equity 1 3 1 3

pension 1 0 0 2 0

insurance 3 6 1 4 1

mutual fund 2 5 4 2 0

gold 1 2 1 1 0

real estate 1 5 1 1 1

25-30 30-35 35-40 40-45 45-60

FIG – 5

Finding:-Today mainly insurance company provide facility of insurance and pension,

and in this survey all age group give preference to invest in insurance and pension due

to discipline saving (income-saving=consumption) and post tax benefit. Then they

give preference to mutual fund due to earn income from market at the low risk then

they give preference to real estate, equity, gold and other. After age of 45 then do not



want to invest in equity due to high risk. So we can say that; due to low risk and stable

income instrument, people give to prefer investment in insurance and pension.

PURPOSE FOR BUYING LIFE INSURANCE

purpose for buying life insurance

for old age

saving

23%

for family needs

29%

for fullfillment of

different needs

25%

for opposite

circumstances

23%

for old age saving for family needs for fullf illment of different needs for opposite circumstances

FIG - 6

Finding:-People invest in insurance due to four reason i.e. old age saving, family

needs, time to time for fulfillment of different need, and lastly for opposite

circumstances. In this survey, people first purpose to investment in insurance is family

need (29%), then second purpose is fulfillment of different needs (25%), and lastly

they give equal important to old age saving and opposite circumstance (i.e. disability

and deceases).



which type of policy is popular amoung pe ople

1

5

6

7

6

1

3

4

1

4

1

1

1

3

0 2 4 6 8 10 12 14 16

25-30

30-35

35-40

40-45

45-60

a g

e

no of people

w hole life

endow nment

ULIP

epuity

FIG 7

Finding:-Above graph show that majority of people have invested in whole life

insurance plan, after that endowment and ULIP is popular among people. People are

giving last preference to invest in equity. Means till now in India people take less risk.

They firstly give preference to family and security of money after that return.



which factor is more important

0

1

2

3

4

5

6

age

n o o f c u s t o m e r

brand 2 5 3 3 2

policy scheme 3 5 2 5 2

relationship 1 2 1 2

service 1 1 1 1

25-30 30-35 35-40 40-45 45-60

FIG 8

Finding:-For time of buying insurance policy mainly peoples (all age group) consider

two things equally, first brand and second policy scheme, after that they give

preference to relationship and they think about service. In another word policy



scheme do main role in selection of insurance company (above mention) and policy

scheme.

4

24

14

0

5

10

15

20

25

no of peole

broker agent direct company other channel

distibution channel

where people like to purchase policy

Series1

Fig 9

Finding: - Out of 42 people, 24 people give preference to purchase from agent (more

than half people), another 14 person give preference to buy insurance direct from

company, and lastly 4 people would like to buy insurance through broker. With the

help of above chart we can say that agent or tied agency is most popular distribution

channel in insurance field.



mode which people prefer to pay premium

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2 to 3 Lakhsp.a

3 to 5 lakhs p.a 5 to 7 lakhs p.a 7 to 10 lakhsp.a

abobe 10 lakhs

income

% o

f p e o p l e monthly

half yearly

annually

single

premium

Fig – 10

Finding:-When we say about premium mode, all income groups give preference to

pay premium in annual mode, after that half yearly premium pay mode is their second

option, third option is monthly premium, and lastly very few person (above 10 lakhs)

want to pay premium in single mode.



Insurance buying decision influence by

family

41%

friends &

neighbour

21%

professonal &

trade union14%

brand &

advertisment

24%

family friends & neighbour professonal & trade union brand & advertismen

Fig 11

Finding:-In insurance mostly people’s buying decision (41%) influence by their

family, means they take insurance according to their family needs in another word

they insurance is taken because after death of earning person family don’t feel

insecure. After that their buying decision influence from brand and advertisement

(24%), due to advertisement insurance awareness ratio increase in India. Lastly they

influence from friends & neighbor (21%), and professional & trade union (14%).



13

3 3

24

0

5

10

15

20

25

no of people

factor

most influence factor in taking insurance

Series1 13 3 3 24

death disabilities diseases all

Fig 12

Finding:-Out of 43 people, 24 people think that 3D’s (death, diseases, disabilities) do

main role in taking insurance, or all 3 factor are most influence factor in taking

insurance. After that 13 people believe that only death factor is most important

influence factor, which does main role in buying insurance. Only few people think

that disabilities and diseases also influence buying behavior separately.



some factor, which increase attractiveness of insurance

bonus

12%

guarenteed

bonus

51%

return depend

on market

22%

other

15%

bonus guarenteed bonus return depend on market other

Fig 13

Finding:-51 % people think that guaranteed bonus could increase attractiveness of

insurance among public, and 49% people think that bonus and return, which depend

on market can also increase attractiveness insurance among people.



CONCLUSIONS

Questionnaire Analysis

The important factor, which has been recognized from the data, collected analysis

regarding the life insurance buying behavior of individual are that, people give most

important to their security, so other factors (saving, investment and tax saving)

increases attractiveness of insurance among people. Due to security reason, term

insurance is very popular among people.

Insurance give help to fulfill life stage need i.e. child marriage and education. People

think that insurance is good financial tool to face influence and accumulating fund(due to compulsory saving). Mindset is changing, now people take insurance

according to their need and not due to their fear, they understand their needs. So due

to this reason now people first concentrate on policy scheme and brand, when they are

going to choose Insurance Company and policy.

Whole life policy is popular due to family need, endowment policy is popular due to

life stage need (money back policy) and ULIP is popular due to old age saving and

fulfill different life stage need. In insurance, relationship and service is also important,

so mostly people want to buy insurance direct from company and agent, because

agent and brand fulfill relationship and service need.

Premium mode also influences buying behavior of customer. Every income group

likes annual and half yearly mode. Insurance buying decision is mainly influenced by

family. Due to brand and advertisement (aggressive) people are aware about insurance

and they are changing their mindset towards it. Now people know that it is important

for everyone and it gives us protection from 3d’s (death, disabilities, and diseases),

approx 80% people accept this fact. More than half of the people agree that guarantee

bonus will increase the attractiveness of insurance, because in India people do not

take more risk and more important they want to secure towards safety of their money.

Network reach and visibility of Insurance is a very important criterion for the

customer while buying an insurance policy. We can also conclude from our analysis

that network reach in terms of Branches is directly proportional to the market share

in case of Private Players.



Recommendations

1) Insurance policy gives good return but it cannot compete with other financial

tools (i.e. equity). So this is basic need to increase return in the field of

insurance sector.

2) Due to AIG (it was going to be insolvent) and deflation financial environment,

mostly people think that LIC is better than other private insurance company

(due to Government protection). So in this time private company needs to

know that how to win people’s belief.

3) There are lot of alternative distribution channel in insurance industry, but due

to less awareness of the people they do not know/like to buy insurance from

such type of alternative channel i.e. bancassurance, NGO’s. So there is some

need to increase awareness of such type of alternative channel among public.

4) Policy scheme is main factor to choose insurance company. If insurance

companies give more concentration on policy scheme then they can compete

with another financial tool in better way (i.e. equity and mutual fund).

5) In India people think that insurance is tax saving and protection tool, and not

investment tool. If insurance company increase awareness among public, that

insurance is good alternative saving and investment tool, this will do work as a

value added service which will increase penetration of India.

6) Now only product knowledge is not sufficient for selling insurance, some

thing should be added up in training program (age/front liner) i.e. human

behavior, CRM, knowledge of another financial tools, communication

program, and especially how to improve way of delivery.

7) In insurance, process is too much time taking, when we compare to other

financial tools, so process work should be less, effective and flexible.

8) People are not much aware of alternative policy scheme (health, diabetics), so

there are need to increase awareness of such type of policies among people.





QUESTIONARIES

Name:______________________________________ Age……..

Occupation: 1. Service 2. Business .3 Self employed

4.Retired

Income category: a. 2 to 3Lac /p.a . b. 3 to 5 Lac/p.a

c. 5 to 7Lac/p. a

d. 7 to 10Lac /p.ae. Above 10Lac /p.a

Q1. What do you think about insurance?

Ans. …………………………………………………………………….

Q2. Why do you have taken insurance police?

a. Investment b. tax saving c. security d. discipline saving

Q3. Your objective to take Insurance cover is for

a. Social relaxation b. life stage needs c. fear d. cover liabilities

Q4. Which criteria do you apply for selecting insurance company?

a. Policy scheme b. income c. service d. reliability

Q5. Are you satisfied with the return on investment, which you are getting from your

policy?

1. 2. 3. 4.

Very satisfied satisfied not much satisfied dissatisfied



Q6. Where do you have invested in?

a. real estate b. gold c. mutual fund d. insurance

e. pension g. equity h. other

Q7.which type of insurance policy do you want to entertain with increase in return?

a. whole life policy (5 to 6 % low risk) b. endowment (9% moderate)

c. ULIP (>15% high risk) d. equity (very high risk)

Q8. What is your purpose for buying insurance policy?

a. for old age saving b. for your family needs

c. time to time for fulfill different need d. for opposite circumstances

Q9. What is the importance of your family in your life?

1. 2. 3. 4. 5.

very important important some what not very not at all

Important important important

Q10. How will you prefer to buy insurance policy?

a. Through broker b. direct from company c. through agent d.

other (bancassurance etc.)

Q11. What will you more attract in insurance?

a. bonus b. guaranteed bonus c. return depend on market

d. other (if other please specify)-………………………………….

Q12. Which will give you preference in buying a insurance policy?

a. brand b. policy scheme c. relationship (agent) d. service

Q13. What mode would you prefer to pay premium?

a. single premium b. annually c. half yearly d. monthly

Q14. In buying insurance policy, your decision is influenced by

a. family b. friends & neighbors

c. professional & trade union group d. brand & advertisement



Q15. Amongst the following which one is most important for which you would be

tempted to secure or take insurance?

a. death b. disability c. diseases d. all

Q16. Your experience with your existence insurance company

Answer…………………………………………………………………………………

…………………………………………………………………

Q17. Your suggestion (to improve insurance sector)

Answer…………………………………………………………………………………

…………………………………………………………………..

Q18. Would you like to receive a summary report of this survey.

No, thank you

Yes, Send to my email address……………………

Address:__________________________________________________________

Signature-……………..



References:

Books

Marketing Research

Marketing and Management

Sales Management

Customer Relationship Management

Web site:

www.google.com

www.wikipedia.com

www.iciciprulife.com

www.pgpmiflyhigh.com

www.marketresearch.com

www.irda.org

www.yahoo.com

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Gaurav's Project