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
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: [email protected]
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:___________________
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