Study on Consumer Buying Behaviour for Life Insurance.

Customer Segment of High Income Group and Middle

Income Group
Report submitted to
By
H.Chinna!atti
"nder the guidance of
#rof. G.Hiremath
$uly%&ugust '(()
*epartment of Management Studies
Hubli % +,((-.
B/B College of 0ngineering 1 2echnology Hubli
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C3202S
Certificate 4
&c!no5ledgement
+
06ecutive Summary
7
2able of Contents
CH&#20R I8 I2R3*"C2I3
... 2he 2heme 9
1.2 Introduction
9
1.3 2he Bac!ground of the Current :or!
9
1.4 3b;ectives of the :or!
9
1.5 Scope of :or!
,
1.6 Methodology
,
CH&#20R%II8 LI20R&2"R0 R0/I0:
'.. Introduction )
CH&#20R III8 3rgani<ational Study
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-.. Introduction .(
-., Conclusions .(%'.
CH&#20R I/8 #ro;ect 2as!
4.. Introduction '-
4.' 3b;ectives
'-
4.'.. *ata Re=uirement &nalysis
'-
4.'.' *ata Collection
'-
CH&#20R%/8 &nalysis and Interpretation
'4%4+
CH&#20R%/I8 Solutions and Suggestions
47%49
CH&#20R /III8 S"MM&R> 3? :3R@ *30 &*
C3CL"SI3S
,.. Summary of the :or! *one
4,
,.' Ma;or ?indings
4)
,.- Scope for ?uture :or!
4)
R0?0R0C0S +(
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&ppendi6 A &
&ppendi6 A B
&ppendi6 A C
Buestionnaire
+.%++
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Certificate
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&c!no5ledgement
I sncerey extend my thanks to Mr. #rashantsingh Ra;put, Senor Saes
Manager, INGvysya Hub, who mxed decate mx of freedom, gudance and
montorng to make ths pro|ect a great success.
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I thank our head of the department *r. S./. #atil and a the professors who
showed keen nterest n gvng ther vauabe gudance and constant
encouragement durng the pro|ect work.
I take ths opportunty to express my profound grattude to our #rof
G.HiremathC BVBCET Department of Management Studes, who has aways been a
constant source of nspraton to me wth hs nnovatve deas and gude me through
out my pro|ect work.
I sncerey thank a the Respondents who have spared ther vauabe tme
and have provded a the nformaton requred by me.
Last but not the east I am very gratefu to my non-teachng staff, parents
and frends for ther co-operaton and nvarabe support.
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0D0C"2I/0 S"MM&R>
In todays corporate and compettve word, I fnd that nsurance sector has
the maxmum growth and potenta as compared to the other sectors. The
man purpose of the study s to fnd the customer buyng behavor for Lfe
Insurance of INGvysya Lfe Insurance Company n Hub regon whch has
been done and w hep the company to make the marketng strategy for the
dfferent segments. The study whch has been made durng ths pro|ect w
hep the company to make strateges for ths regon and emphasze on ther
weaker areas. The Brand Image of varous companes w be known. The
company can fnd out where ther compettor stands n the mnds of the
peope. Research has been done by prmary data coecton, and prmary
data has been coected by meetng wth the peope n Hub regon. Data
coecton has been done through by gvng structured questonnare. Ths
study w be based on sampng. Ths s a descrptve study.
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CH&#20R I8 I2R3*"C2I3
... 2he 2heme
Understandng consumers needs and payng attenton to customer servce a
securty for fe for thngs you nsurng of consumer buyng behavour for fe
Insurance.
Introduction
Before busness can deveop marketng strateges, they must understand what
factors nfuence buyers behavor and how they make purchase decsons to
satsfy ther needs and wants. Buyers are moved by a compex set of deep and
subte emotons. Ther behavor resut from deepy hed vaues and atttudes
ther percepton of the word and ther pace n t.
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There are aso severa stages through whch the consumer exhbt before
decdng to purchase goods or servces. These ncude 5 steps whch are:
probem or need recognton, nformaton search, aternatve evauaton,
purchase and post-purchase evauaton.
..' 2he Bac!ground of the Current :or!
Insurance s n a manner of speakng the ast fronter n the fnanca
sector to open. It s aso a sector, whch eads to benefts across the fu
spectrum, from the ndvdua who now have wder choces, to the
economy, whch see ncreased savngs, to the nfrastructure sector, whch
can ook forward to ong term fundng beng avaabe. In an under-nsured
economy, newer channes of dstrbuton have to be utzed to ntensfy
the reach of nsurance both n urban and rura markets. Ths w create
huge empoyment opportuntes not ony wthn nsurance companes but
aso as agents and consutants of nsurance companes.
..- 3b;ectives of the :or!
To dentfy the man nfuences on customer buyng behavor
To dstngush the factors nfuencng customer buyng behavor.
..4 Scope of :or!
A bg boom has been wtnessed n Insurance Industry n recent tmes. A
arge number of new payers have entered the market and are vyng to
gan market share n ths rapdy mprovng market. The study deas wth
ING Vysya Lfe Insurance n focus and the varous segments that t caters
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to not ony hub but t hep to other paces aso. The study then goes on
to evauate and anayze the fndngs so as to present a cear pcture of
trends n the Insurance sector.
..7 Methodology
The methodoogy of ths pro|ect s frst conducted the market survey whch w
be possbe ony through questonnare desgn. For fndng of customer percepton I
meet ot of customers personay and by phone as we as by ntervewng them. For
dong market survey I seected the Hub regon as my target.
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CH&#20R%II8 LI20R&2"R0 R0/I0:
'.. Introduction
The meanng of nsurance s mportant to understand for anybody that s
consderng buyng an nsurance pocy or smpy understandng the bascs of
fnance. Insurance s a hedgng nstrument used as a precautonary measure
aganst future contngent osses. Ths nstrument s used for managng the possbe
rsks of the future.
Consumer behavor refers to the menta and emotona process and the observabe
behavor of consumers durng searchng, purchasng and post consumpton of a
product or servce.
Consumer behavor nvoves study of how peope buy, what they buy, when they
buy and why they buy. It bends the eements from psychoogy, socoogy,
psychoogy, anthropoogy and economcs. It aso tres to assess the nfuence on the
consumer from groups such as famy, frends, reference groups and socety n
genera.
Buyer behavor has two aspects: the fna purchase actvty vsbe to any observer
and the detaed or short decson process that may nvove the nterpay of a
number of compex varabes not vsbe to anyone.
Marketng s a soceta process by whch ndvduas and groups obtan what
they need and want through creatng offerng and freey exchangng products and
servces of vaue wth others for a managera defnton marketng has often been
descrbed as "The art of seng the products "but peope surprsed when they hear
that the most mportant part of marketng s not seng s ony the trck of the
marketng ceberg.
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Companes practsng the marketng concept work at the eve of customer
segments, a growng number of todays companes are now shapng separate offers
servces and messages to ndvdua customers these companes coect nformaton
on each customers past transacton demographcs, psychographcs and meda and
dstrbuton preference,. They hope to acheve proftabe growth through capturng a
arger share of each customers expendture by budng hgh customer oyaty and
focusng on customer fe tme vaue.
Abty of a company to dea wth customers one at tme has become practce as
resut of advances n factory customsaton computers the nternet and data base
marketng softwares yet the practcng of a one to one marketng s not for every
company the requred nvestment n nformaton coecton, hardware, and software
may exceed the pay out. t works best for companes that normay coect a great
dea of ndvdua customer nformaton, carry a ot of products that can be cross
sod carry products that need perodc repacement or up gradng and sef product
of hgh vaue.
s the dfference between the perspectve customers evauaton of a the benefts
and a the costs of an offerng and the perceved aternatves tota customer vaue
s the perceved montory vaue of the bunde of economc, functona, and
psychoogca benefts customers except from a gven market offerng tota
customer cost s the bunde of costs customer except to ncur n evauatng,
obtanng, usng and dsposng of the gven market offerng.
CH&#20R III8 3rgani<ational Study
-.. Introduction
In the soca scences, organzatons are studed by researchers from severa
dscpnes, the most common of whch are socoogy, economcs, potca scence,
psychoogy, management, and organzatona communcaton. The broad area s
commony referred to as organzatona studes, organzatona behavour or
organzaton anayss.
IG in India8
In Inda, ING s present n a three feds of bankng, nsurance and asset
management n the form of ING, ING Vysya Lfe Insurance and ING Investment
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Management respectvey. The presence n a three feds sgnfes the mportance
that the group attaches to the Indan markets and the group's operatons here, as
we as ts bush future outook on the country.
ING and ING Vysya Lfe Insurance are headquartered at Bangaore, whe the
corporate offce of ING Investment Management s stuated at Mumba. The
synerges arsng out of the three dstnct but compmentary busnesses are bound
to be an asset to the group n the changng market dynamcs of the future. The frst
such sgns are aready vsbe on the horzon wth combned products beng
successfuy aunched by the dfferent enttes of the group n con|uncton wth each
other.
2he origin of IG Group8
On the other hand, ING group orgnated n 1990 from the merger between
Natonae - Nederanden NV the argest Dutch Insurance Company and NMB Post
Bank Groep NV. Combnng roots and ambtons, the newy formed company caed
"Internatonae Nederanden Group". Market crces soon abbrevated the name to I-
N-G. The company foowed sut by changng the statutory name to "ING Group
N.V.".
#rofile8
ING has ganed recognton for ts ntegrated approach of bankng, nsurance and
asset management. Furthermore, the company dfferentates tsef from other
fnanca servce provders by successfuy estabshng fe nsurance companes n
countres wth emergng economes, such as Korea, Tawan, Hungary, Poand,
Mexco and Che. Another specazaton s ING Drect, an Internet and drect
marketng concept wth whch ING s rapdy wnnng reta market share n mature
markets. Fnay, ING dstngushes tsef nternatonay as a provder of empoyee
B/B College of 0ngineering 1 2echnology Hubli
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benefts, .e. arrangements of non wage benefts, such as penson pans for
companes and ther empoyees.
Mission8
ING`s msson s to be a eadng, goba, cent-focused, nnovatve and ow-cost
provder of fnanca servces through the dstrbuton channes of the cents
preference n markets where ING can create vaue.
The mmedate beneft to the bank, ING Vysya Bank, has been the prde of havng
become a Member of the goba fnanca gant ING. As at the end of the year
December 2008, ING's tota assets exceeded 1332 bon euros, empoyed over
125000 peope, and served over 85 mon customers, across 50 countres. Ths
goba dentty couped wth the back up of a fnanca power house and the status of
beng the frst Indan Internatona Bank, woud aso hep to enhance productvty,
proftabty, to resut n mproved performance of the bank, for the beneft of a the
stake hoders.
ING Vysya Bank Ltd., s an entty formed wth the comng together of erstwhe,
Vysya Bank Ltd, a premer bank n the Indan Prvate Sector and a goba fnanca
powerhouse, ING of Dutch orgn, durng Oct 2002. The orgn of the erstwhe Vysya
Bank was pretty humbe. It was n the year 1930 that a team of vsonares came
together to found a bank that woud extend a hepng hand to those who weren't
prveged enough to en|oy bankng servces.
It's been a ong |ourney snce then and the Bank has grown n sze and stature to
encompass every area of present-day bankng actvty and has carved a dstnct
dentty of beng Inda's Premer Prvate Sector Bank.
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In 1980, the Bank competed ffty years of servce to the naton and post 1985; the
Bank made rapd strdes to reach the coveted poston of beng the number one
prvate sector bank. In 1990, the bank competed ts Damond |ubee year. At the
Damond |ubee Ceebratons, the then Fnance Mnster Prof. Madhu Dandavate,
had termed the performance of the bank Stupendous. The 75th annversary, the
Patnum |ubee of the bank was ceebrated durng 2005.
In terms of pure numbers, the performance over the decades can better be
apprecated from the foowng tabe:
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Rs. n mons
B/B College of 0ngineering 1 2echnology Hubli
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Yea
r
Networ
th
Deposts
Advance
s
Profts
Oute
ts
194
0
0.001 0.400 0.400 0.001 4
195
0
1.40 5.30 3.80 0.09 16
196
0
1.60 20.10 13.50 0.13 19
197
0
3.00 91.50 62.80 0.74 39
198
0
11.50 1414.30 813.70 1.13 228
199
0
162.10 8509.40 4584.80 50.35 319
200
0
5900.0
0
74240.0
0
39380.0
0
443.1
0
481
200
1
6527.0
0
81411.1
0
43163.1
0
371.9
0
484
200
2
6863.2
4
80680.0
0
44180.0
0
687.5
0
483
200
3
7067.9
0
91870.0
0
56120.0
0
863.5
0
456
200
4
7473.2
0
104780.
00
69367.3
0
590.0
1
523
200
5
7094.0
0
125693.
10
90805.9
0
(381.8
0)
536
200
6
10196.
70
133352.
50
102315.
20
90.6 562
200
7
11101.
90
154185.
70
119761.
70
889.0 626
200
8
14260.
00
204980.
00
146500.
00
1569.
00
677
200
9
15940.
00
248900.
00
167510.
00
1888.
00
857*


Source:www.ngfe.co.n
* Outets comprses of 441 branches, 37 ECs, 28 Satete Offces and 351
ATMs as of March 31st 2009. Addtonay bank aso has Internet Bankng,
my-bank and Customer Servce Lne for Phone Bankng Servce.
IG /ysya Life Insurance8
ING Vysya Lfe Insurance Company Lmted a part of the ING Group the
words argest fnanca servces provder entered the prvate fe nsurance
ndustry n Inda n September 2001. Headquartered at Bangaore, ING Vysya
Lfe s currenty present n 246 ctes and has a network of over 300
branches, staffed by 7,000 empoyees and over 51,000 advsors, servng
over 5.5 akh customers.
#roduct #ortfolio8
ING Vysya Lfe foows a "customer centrc approach" whe desgnng ts products.
The Companys product portfoo offers products that cater to every fnanca
requrement, at a fe stages.
In fact, the company has deveoped the LfeMakerTM a smpe too whch can be
used to choose a pan most sutabe to a specfc customer based on hs needs,
requrements and current fe stage. Ths too heps you bud a compete fnanca
pan for fe at every fe stage, whether the requrement s Protecton, Savngs,
Investment or Retrement. Sutabe products from ING Vysya Lfe Insurances
product portfoo for each such requrement, makes seecton of your pan an easy
exercse.
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*istribution Channels8
ING Vysya Lfe has a dversfed dstrbuton patform. Whe Ted Agency remans
the strongest channe, the Aternate Channes busness wthn ING Vysya Lfe s one
of the fastest growng dstrbuton channes. ING Vysya Lfe has strengthened ts
poston as the unparae eader n the fe nsurance ndustry n cooperatve banks
te ups. The company currenty has te ups wth 130 cooperatve banks across the
country. The Aternate Channes dvson has Banc assurance, ING, Corporate
Agents and SMINCE
2he Brand #ositioning8
In 2007, ING Vysya Lfe deveoped ts unque brand postonng Mera farz. Ths
Postonng means, ING Vysya Lfe heps ts customers fuf ther responsbtes
towards themseves and ther fames. Ths powerfu postonng has heped ING
Vysya Lfe create a dstnct dentty for tsef. The atest brand campagn wth a very
catchy |nge dwes on how a tte pannng and a hepng hand from ING Vysya fe
can hep ghten the burden of responsbtes that often come wth happy moments
and et you en|oy your fe wthout any worres.
Management8
Board of *irectors (as on |une 01, 2009):
Mr. Ra|an Rahe|a: Charman of the
Board
Mr. Ksht| |an: Managng Drector &
Chef Executve Offcer
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Mr. N. N. |osh: Drector
Mr. Satsh Rahe|a: Drector
Mr. Ra|esh Kapada: Drector
Mr. S. B. Ganguy: Drector
Mr. Ron van O|en: Drector
Senior Management 2eam Eas on $une (.C '(()F8
Mr. Ksht| |an: Managng Drector & Chef Executve Offcer
Mr. Rahu Agarwa: Chef Dstrbuton Offcer
Mr. B. Ashwn: Chef Operatng Offcer
Mr. |ohn Boers: Chef Fnanca Offcer
Ms. Hemaman Ramakrshnan: Apponted Actuary and CIRO
(Chef Insurance Rsk Offcer)
Mr. Marco Fredrks: Fnanca Controer
Mr. Amt Gupta: Drector - Marketng & Communcaton
Ms. Prya Gopaakrshnan: Drector - Human Resources
Mr. T. K. Uthappa: Drector, Saes - Ted Agency
Mr. Mano| Kaushk: Drector - Aternate Channes
Mr. Ravshankar Subramanan: Drector - Informaton
Technoogy
Mr. |oost van Beveren: Vce Presdent - Busness
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Transformaton
Corporate 3b;ective8
At ING Lfe, we strongy beeve that as fe s dfferent at every stage, fe nsurance
must offer fexbty and choce to go wth that stage. We are fuy prepared and
commtted to gude you on nsurance products and servces through our we-
traned advsors, backed by competent marketng and customer servces, n the
best possbe way.It s our am to become one of the top prvate fe nsurance
companes n Inda and to become a cornerstone of INGs ntegrated fnanca
servces busness n Inda.
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-.' 3RG&IG&2I3 S2R"C2"R08
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Mission "To set the standard n hepng our customers manage ther fnanca
future."
#&R20RS
IG Group8
ING s a goba fnanca nsttuton of Dutch orgn offerng bankng, nsurance and
asset management to over 85 mon prvate, corporate and nsttutona cents n
over 50 countres. Wth a dverse workforce of approxmatey 130,000 peope, ING
comprses a broad spectrum of promnent companes that ncreasngy serve ther
cents under the ING brand.
Strategy8
Our strategy s more reevant to consumers than ever before. Ther fundamenta
needs wth regard to savng, nvestng and preparng for retrement have not
changed-n fact, the crss has renforced the basc need to save. It has aso
hghghted the vaue of smpcty and transparency, whch are two mportant
aspects of our goa to create an "easer" experence. More than ever, our
stakehoders want a fnanca partner they can trust. Gven the nature of our
busness, ts our responsbty to shed our customers from market rsks and
reduce the voatty of our earnngs for sharehoders. As a resut, we w put even
more emphass on the way that we manage our rsks, capta and costs.
Responsibility8
ING strves to be a good ctzen. Ethca, soca and envronmenta consderatons
pay an ntegra part n our busness decsons. ING s commtted to payng an
actve roe as a communty sponsor. It does ths through a wde range of oca
sponsorshps and through ts goba Chances for Chdren ntatve, whch provdes
access to prmary educaton to underprveged chdren n deveopng countres who
woud otherwse not have the chance to attend schoo.
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B0L3: &R0 ?0: 3? 2H0 #L&S 2H&2 &R0 3??0R0* B> IG />S>&
LI?0 IS"R&C0
Insurance plans available8
Individual #roducts
ING Lfe Insurance ams to make customers ook at fe nsurance afresh, not |ust as
a tax savng devce but as a means to ve fe to the fuest. It beeves n enhancng
the very quaty of fe, n addton to safeguardng an ndvdua's securty.
The Company foows a "customer centrc approach" whe desgnng ts fe
nsurance products. The ING Lfe product portfoo offers products that cater to
every fnanca requrement, at a fe stages.
#rotection #lans
It s the smpest form of nsurance, where the Lfe Assured s provded nsurance
cover and on hs death durng the pocy term, the sum assured under the pocy s
pad to hs benefcary. What s more, the ING Term Lfe s one of the most
affordabe and nexpensve ways of obtanng fe nsurance cover
Our savng range ncudes ING Term Lfe, ING Term Lfe Pus.
Savings #lans
Our Savng Pans hep you acheve your fe goas makng them chershed moments
for you and your famy. They provde you wth the fexbty to save for your future
requrements whe you contnue to mprove your current festye. Our pans hep
dscpne your savngs approach and pont your efforts towards defned goas so
that whatever stage of fe you are n, you are aways n contro and sef-reant.
Our savng range ncudes Unt Lnked Insurance Pan, Reversonary Bonus, Chd
Protecton Pan, Money Back Pan, Endowment Pan, Money Back Pan, Postve Lfe,
Creatng Star,
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Retirement #lans
Our Retrement Pans ensure that you ead your fe after retrement on your own
terms, dong thngs you have aways dreamt of. We aso beeve t s mportant to be
n contro of your retrement pannng. Our nnovatve features hep you choose your
retrement age and aso contro the way your nvestments are managed keepng n
mnd your retrement needs.
Our savng range ncudes Best Years, New Future Perfect and ING Goden Lfe
Investment #lans
Our Investment Pans are created keepng your needs n mnd. We apprecate the
fexbty requred to sut your rsk appette and the commtments you may want to
make. Our goba expertse n managng weath for ndvduas at a stages n ther
fe ensures that we have products to sut your taste whatever your ob|ectve of
nvestng may be.
Our savngs range ncudes Powerng Lfe, New Freedom Pan, New One Lfe,
Patnum Lfe Pan, Hgh Lfe, Hgh Lfe Pus, New Fufng Lfe Pan,
Riders
Rders are the optona contracts, whch offer addtona benefts for pocyhoders.
They are aways attached to a basc pocy. They cannot be bought separatey or
ndependenty of a basc pocy. Each Rder w have ts own premum rate and
separate pocy condtons.
Our savngs range ncudes Accdenta Death Rder, Accdenta Death, Dsabty and
Dsmemberment Rder.
Group #roducts
A varety of pans to provde a cost effectve yet comprehensve cover n an effcent
manner to a your empoyees, hepng you attract and retan the best of taent.
ING Smart Shed
Group Gratuty
Empoyee Depost Lnked Insurance
Group Term Lfe Insurance Pan
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Snge Premum Leve Term Pan

Conclusions
Our exhaustve research n the fed of Lfe Insurance threw up some nterestng
trends whch can be seen n the above anayss. A genera mpresson that we
gathered durng Data coecton was the mmense awareness and knowedge among
peope about varous companes and ther nsurance products. Peope are begnnng
to ook beyond LIC for ther nsurance needs and are wng to trust prvate payers
wth ther hard earned money.
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Peope n genera have been mpresson by the marketng and advertsng
campagns of nsurance companes. A hgh penetraton of prnt, rado and Teevson
ad campagns over the years s begnnng to have ts mpact now.
Another heartenng trend was n terms of peope vewng nsurance as a money
back guaranty and nvestment nstrument as much as a protectve one. A very hgh
number of respondents have opted for nsurance for such purposes and t shows
how nsurance companes have been successfu to attract pubc money n recent
tmes.
The genera satsfacton eves among pubc wth regards to pocy and agents st
requres mprovement. But theren es the opportunty for a reatve new comer ke
ING Vysya Lfe Insurance Company Ltd. LIC has never been known for prompt
servce or customer orented methods and ING Vysya Lfe Insurance can bud on
these factors.
-.7 &chievements 1 &ccolade8
Launched the frst CPPI product n the country
Launched the frst goba rea estate strategy n the country
Launched the most nnovatve product across the Asa Pacfc regon - Zoom
Investment Pac. Awarded as the Most Innovatve Product by AAM.
ING CUB Fund ranked among the Words 100 top performng equty funds n
2007 by LIPPER.
B/B College of 0ngineering 1 2echnology Hubli
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ING Domestc Opportuntes Fund awarded wth 5 star ratng by Vaue
Research.
ING Income Fund-STP ranked a 5 star fund n the category of open ended
debt-short term for 3 year perod endng 2007.
Rated among Top 200 Brands n Inda for press coverage n 2007 and
ranked No. 7 n the asset management space ahead of a other MNCs.
Executed Asas frst, argest and the most prestgous event that the Indan
Asset Management Industry has ever wtnessed - ING GLOBAL
INVESTMENT MARATHON. Ths was an dea pace for ING IM Indas
exstng & prospectve cents to meet IIM goba portfoo specasts from
US, Europe and Asa.
B/B College of 0ngineering 1 2echnology Hubli
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CH&#20R I/8 #ro;ect 2as!
4.. Introduction
These are the man tasks, ncudng the obvous ones. There are probaby other
tasks that need to be defned aso. Each task shoud have some contnuay
enhanced documentaton about t, so that any person can do the tasks.
4.' 3b;ectives
To dentfy reason for optng/buyng Lfe Insurance.
To dentfy the best pocy of ING Vysya from customer perspectve.
To dffrencate on servce provded by prvate nsurance companes wth
pubc sector nsurance companes from customer perspectve.
4.'.. *ata Re=uirement &nalysis
The data requred s about the nvestment pattern of the respondents, the
ncome eve under
whch they fa, the respondents preferences to varous companes and ther
preferences to
varous types of nsurance poces.

B/B College of 0ngineering 1 2echnology Hubli
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4.'.' *ata Collection
The data s coected through prmary and secondary data.
The data s coected through prmary data by dong fed Survey n Hub
regon. And
secondary data through INGVysya records ke text books, webstes etc. The
scope of
research s restrcted to Hub regon and the research approach descrptve
method.
CH&#20R%/8 &nalysis and Interpretation
*ata gives preference of respondents of Insurance companies.
C3M#&>HS &M0
3.3?
R0S#3*02
SH&R0 EIF
ING VYSYA
19 19
ICICI PRUDENTIAL
0 0
SBI LIFE INSURANCE
18 18
L.I.C
44 44
RELIANCE LIFE
INSURANCE
0 0
TATA AIG LIFE
0 0
ANY OTHER
19 19
B/B College of 0ngineering 1 2echnology Hubli
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TOTAL 100 100

I20R#R02&2I3
44% of the peope contacted to prefer LIC pocy to any other and
therefore t s ranked no.1 by that percent of respondents.
19% of the peope contacted to prefer ING Vysya companys poces.
18% of the peope contacted to prefer SBI Lfe Insurance companys
poces.
19% of the peope contacted to prefer any other poces of the
companes.
B/B College of 0ngineering 1 2echnology Hubli
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*ata gives benefits of Insurance perceived by respondents.
B00?I2S
3.3?
R0S#3*02
S
SH&R0 EIF
Cover Future
Uncertanty
54 54
Tax Deductons
25 25
Future Investment
21 21
TOTAL 100 100



I20R#R02&2I3
54% of the respondents beeve that coverng future uncertanty s the
bggest beneft of an nsurance pocy.
25% of them beeve that the other benefts are Tax deducton.
B/B College of 0ngineering 1 2echnology Hubli
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Whereas, 21% of them beeve that other benefts are future
nvestment.
*ata gives people perception about Insurance.
R0S#3S0 3. 3?
R0S#3*02S
SH&R0 EIF
A savng too
31 31
A tax savng devce
42 42
A too to protect your famy
27 27
Tota 100 100

I20R#R02&2I3
31% of the respondents have percepton of Insurance beng a savng too.
And 42% of the respondents have percepton of Insurance beng a tax savng
devce.
But 27% of the respondents have percepton of Insurance s a too to protect
your famy.
*ata sho5s buying process of the people.
B/B College of 0ngineering 1 2echnology Hubli
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B">IG #R3C0SS 3. 3?
R0S#3*02S
SH&R0 EIF
After seeng the add
n(T.V/Paper)
28 28
Insurance advsor
approached customer
72 72
Tota 100 100


I20R#R02&2I38
28% of the respondents approached the after seeng the add n (T.V/Paper)
Whereas, 72% of the respondents were approached by the Insurance advsor
approached customer.
B/B College of 0ngineering 1 2echnology Hubli
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*ata sho5s features of your policy attracted to buy it.
R0S#3S0 3. 3?
R0S#3*02S
SH&R0 EIF
Low premum
0 0
Hgh rsk coverage
9 9
Money back guarantee
68 68
Reputaton of the company
12 12
Agents Convcton
11 11
Tota 100 100

I20R#R02&2I38
68% of the Respondents are attracted for Money back guarantee.
9% of the Respondents are attracted for hgh rsk coverage.
12% of the respondents are attracted for reputaton of the company.
And 11% of the respondents are attracted for agents beefs.
B/B College of 0ngineering 1 2echnology Hubli
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*ata sho5s satisfaction of respondents 5ith to policy
RESPONSE NO. OF
RESPONDENTS
SHARE (%)
Satsfed
82 82
Not satsfed
18 18
Not Responded
0 0
Tota 100 100


I20R#R02&2I38
82% of the respondents are more or ess satsfed wth ther exstng pocy.
18% of the respondents are not satsfed wth ther exstng pocy.
In ths case a of those who have taken a pocy have responded.
B/B College of 0ngineering 1 2echnology Hubli
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*ata sho5s satisfaction of respondents 5ith respect to service
agents.
R0S#3S0 3. 3?
R0S#3*02S
SH&R0 EIF
Satsfed
65 65
Not satsfed
34 34
Not Responded
1 1
Tota 100 100

I20R#R02&2I38
65% of the respondents are satsfed wth ther exstng servce agent.
34% of the respondents are not satsfed wth ther servce agent.
And 1% who has not responded.
B/B College of 0ngineering 1 2echnology Hubli
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*ata gives people perception on appropriate age for buying
Insurance.
R0S#3S0 3. 3?
R0S#3*02S
SH&R0 EIF
After 25 years
55 55
After 35 years
1 1
After 45 years
1 1
Anytme
43 43
Tota 100 100

I20R#R02&2I38
55% of the respondents are wth the vew that nsurance shoud be bought
after the age of 25 years.
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Whereas, 43% of the respondents are wth the vew that buyng of nsurance
do not have any thng to do wth age .e. there s no age mtatons. It can be
purchased any tme accordng to the need.
And 1% of the respondents are wth the vew that nsurance shoud be bought
after 35 and 45 years of age.
*ata sho5s people opinion about Indian Insurance companies.
RESPONSE NO. OF
RESPONDENTS
SHARE (%)
Rgd pans
22 22
Non user frendy
9 9
Unsatsfactory servces
1 1
Non Aggressve
18 18
Satsfactory
11 11
Good
38 38
Very good
1 1
Tota 100 100
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I20R#R02&2I38
22% of the respondents have the opnon that Indan Insurance Companes
have rgd pans.
9% fee that Indan Insurance companes are Non-user frendy.
B/B College of 0ngineering 1 2echnology Hubli
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18% of the respondents are wth the vew that Indan Insurance companes
are Non-aggressve.
11% of the respondents fee that products and servces of Indan Insurance
companes s Satsfactory.
Whereas, 38% fee that t s good enough.
And accordng to the data, ony snge person has fet that t s very good.
And 1% of the respondents fet that t s unsatsfactory servce.
*ata sho5s 5hat people 5ould loo! for in an Insurance company.
R0S#3S0 3. 3?
R0S#3*02
S
SH&R0 EIF
A trusted name
35 35
Frendy servce &
3 3
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responsveness
Good pans
61 61
Accessbty
1 1
Tota 100 100

I20R#R02&2I38
35% customers ook for a trusted name n a company for nsurance.
61% customers ook for a good pan n a company for nsurance.
3% customer ooks for Frendy servce responsveness.
And 1% customer ooks for Accessbty.
*ata sho5s people interested in going for Insurance if Insurance
Company a5ay from your city 1 offers better services 1 products.
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R0S#3S0 3. 3?
R0S#3*02S
SH&R0 EIF
Yes
46 46
No
24 24
Uncertan
30 30
Tota 100 100

I20R#R02&2I38
The nterested customers .e. 46% are ready to go for nsurance even
away from a cty f servces and products.
24% of the customer s not ready to go for nsurance away from a cty.
30% of the customer s not known about ther decson.
.. :hich company u prefers the mostJ
B/B College of 0ngineering 1 2echnology Hubli
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RESPONSE after
25
after
35
after
45
any
tme
ING VYSYA 20 0 0 0
ICICI
PRUDENTI
AL 0 0 0 0
SBI LIFE
INSURANC
E 10 0 0 10
L.I.C 20 0 0 20
RELIANCE
LIFE
INSURANC
E 0 0 0 0
TATA AIG
LIFE 0 0 0 0
ANY
OTHER 0 0 0 20
TOTAL 100
B/B College of 0ngineering 1 2echnology Hubli
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'. *ata gives benefits of Insurance perceived by respondents.
RESPONS
E
after
25
after
35
after
45
any
tme
Cover
Future
Uncertan
ty 30 0 0 40
Tax
Deducton
s 10 0 0 0
Future
Investme
nt 10 0 0 10
TOTAL 100
B/B College of 0ngineering 1 2echnology Hubli
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-. *ata gives people perception about Insurance.
RESPON
SE
after
25
after
35
after
45
any
tme
A savng
too 30 0 0 0
A tax
savng
devce 10 0 0 30
B/B College of 0ngineering 1 2echnology Hubli
46

A too to
protect
your
famy 10 0 0 20
TOTAL 100
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4. *ata sho5s buying process of the people.
RESPONSE after
25
after
35
after
45
any
tme
After
seeng the
add
n(T.V/Pape
r) 30 0 0 0
Insurance
advsor
approache
d customer
20 0 0 50
TOTAL 100
B/B College of 0ngineering 1 2echnology Hubli
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+. *ata sho5s features of your policy attracted to buy it.
RESPONS
E
after
25
after
35
after
45
any
tme
Low
premum 0 0 0 0
Hgh rsk
coverage
10 0 0 0
Money
back
guarante
e 30 0 0 40
Reputato
n of the
company
0 0 0 10
Agents
Convcto
n 10 0 0 0
TOTAL 100
B/B College of 0ngineering 1 2echnology Hubli
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7. *ata sho5s satisfaction of respondents 5ith to policy
RESPON
SE
after
25
after
35
after
45
any
tme
Satsfed 40 0 0 50
Not
satsfed 10 0 0 0
Not
Respond
ed 0 0 0 0
TOTAL 50 0 0 50
B/B College of 0ngineering 1 2echnology Hubli
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9. *ata sho5s satisfaction of respondents 5ith respect to service
agents.
RESPONS
E
after
25
after
35
after
45
any
tme
Satsfed 50 0 0 50
B/B College of 0ngineering 1 2echnology Hubli
51

Not
satsfed 0 0 0 0
Not
Responde
d 0 0 0 0
TOTAL 100
B/B College of 0ngineering 1 2echnology Hubli
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,. *ata sho5s people opinion about Indian Insurance companies.
RESPONSE after
25
after
35
after
45
any
tme
Rgd pans
10 0 0 10
Non user
frendy
10 0 0 0
Unsatsfacto
ry servces
0 0 0 0
Non
Aggressve
20 0 0 0
Satsfactory
0 0 0 0
Good 1 0 0 4
Very good
0 0 0 0
TOTAL 100
B/B College of 0ngineering 1 2echnology Hubli
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9. *ata sho5s 5hat people 5ould loo! for in an Insurance company.
RESPONSE after
25
after
35
after
45
any
tme
A trusted
name
0 0 0 30
Frendy
servce &
responsvene
ss
0 0 0 0
Good pans
50 0 0 20
Accessbty
0 0 0 0
TOTAL 100
B/B College of 0ngineering 1 2echnology Hubli
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.(. *ata sho5s people interested in going for Insurance if
Insurance Company a5ay from your city 1 offers better services 1
products.
RESPON
SE
after
25
after
35
after
45
any
tme
Yes 30 0 0 10
No 10 0 0 10
Uncerta
n 10 0 0 30
TOTAL 100
B/B College of 0ngineering 1 2echnology Hubli
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CH&#20R%/I8 Solutions and Suggestions
B/B College of 0ngineering 1 2echnology Hubli
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Solutions8
44% of the peope contacted to prefer LIC pocy to any other company
so they need to mprove n there benefts they provde and product
features.
54% of the respondents beeve that coverng future uncertanty s the
bggest beneft of an nsurance pocy so they shoud be mprove n tax
deducton and prce.
42% of the respondents have percepton of Insurance beng a tax savng
devce so they need to come up new famy products.
72% of the respondents were approached by the Insurance advsor
approached customer and not to by watchng T.V and advertsement t
means the company shoud come up wth dfferent and attractve ads n
teevson as we as news paper.
68% of the Respondents are attracted for Money back guarantee no other
than that so they shoud work on budng trust as we as good reaton wth
peope.
82% of the respondents are more or ess satsfed wth ther exstng pocy. It
tes about how the peope are more conscous about ther heath so
nsurance has good openng.
B/B College of 0ngineering 1 2echnology Hubli
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65% of the respondents are satsfed wth ther exstng servce agent so they
shoud gve tranng to each agent t heps to reach the customer need and
can satsfy them.
55% of the respondents are wth the vew that nsurance shoud be bought
after the age of 25 years t tes about the company shoud come up wth new
products whch shoud hep to above 25years age group.
38% fee that t s good enough t means they shoud provde good
pocy to peope whch shoud hep there future as savngs etc.
61% customers ook for a good pan n a company for nsurance so the
company aready has good pans but aso when day goes they shoud
come up wth new pans features as we.
The nterested customers .e. 46% are ready to go for nsurance even away
from a cty f servces and products so peope are more nterest whch the
servce provde by company so they need to mprove n ther customer
satsfacton.
Suggestion8
The survey s mportant too as cear percepton of peope about the product can be
estmated and known. The need eves of the peope regardng the nsurance
product been observed through survey. It was very usefu n knowng about the
requrements of the peope.
B/B College of 0ngineering 1 2echnology Hubli
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CH&#20R /III8 S"MM&R> 3? :3R@ *30 &*
C3CL"SI3S
,.. Summary of the :or! *one
In todays corporate and compettve word, I fnd that nsurance sector
has the maxmum growth and potenta as compared to the other sectors.
The man purpose of the study s to fnd the customer buyng behavor for
Lfe Insurance of INGvysya Lfe Insurance Company n Hub cty whch has
been done and w hep the company to make the marketng strategy for the
dfferent segments. The study whch has been made durng ths pro|ect w
hep the company to make strateges for ths regon and emphasze on ther
weaker areas. The Brand Image of varous companes w be known. The
company can fnd out where ther compettor stands n the mnds of the
peope. Research has been done by prmary data coecton, and prmary
data has been coected by meetng wth the peope n Hub. Data coecton
has been done through by gvng structured questonnare. Ths study w be
based on sampng.
B/B College of 0ngineering 1 2echnology Hubli
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,.' Ma;or ?indings
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1. Many are respondened that nsurance s a too to protect ther famy & a tax
savng devce. They know the fact & reazng ts mportance. The company shoud
try to expand & bud up ts nfrastructure because there s a arge potenta for
nsurance n Inda.
2. Company shoud come up wth ts new branches n Hub regon. Wth the
ob|ectve and goas to meet the demands & expectatons of the pubc. Because the
entrance of prvate payers w ncrease the competton and t woud be a tough
task to secure a good poston n market.
3. Snce ING Vysya Lfe Insurance s eadng wth severa companesand ts poces
shoud heps for them to penetrate nto the market and secure a good poston f
they pay greater attenton to the servce part provded to ther customer and
thereby formng a ong and trusted reatonshp.
,.- Scope for ?uture :or!
It heps to know about customer buyng behavour wth fe nsurance and to
know about customer percepton towards fe nsurance. t aso heps to know about
the market potenta n the Hub. It can be appy by many fe nsurance companes.
To know the openng of new branches n Hub regon. It w hep to company to
mprove them seves n there targetng market and targetng customer.
B/B College of 0ngineering 1 2echnology Hubli
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R0?0R0C0S
&ppendi6 A &8 ..Busness Research Methodoogy, INDIAN EDITION (7e) by Wam
G.
Zkmund.
2. Marketng Management, eeventh edton by Php Koter.
&ppendi6 A B8 :::.inglife.co.in
:::.money.cnn.com
:::. insuranceinstituteofindia .com
:::. insurance .com
:::. economy5atch .com
&ppendi6 A C8 Company Broachers
B/B College of 0ngineering 1 2echnology Hubli
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B"0S2I3&IR0
Dear Sr/Madam
I am N H.CHINNAKATTI Student of B.V.B.C.E.T Department of Management Studes
undertakng a pro|ect on "Study on Consumer Buyng Behavour for Lfe Insurance"
of ING Vysya Lfe Insurance Company Lmted n Hub as a part of my MBA
currcuum. I therefore request you to gve your most candd and thorough response
to the questons beow. Rest assured that the nformaton you share s confdenta
and academc n nature.
Name:
Locaton:
Occupaton:
1. Do you have any Insurance Pocy?
B/B College of 0ngineering 1 2echnology Hubli
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Yes ( ) No ( )
2. Whch Insurance pocy do you have?
Lfe ( ) Genera ( ) Both ( )
3. Whch Companys you prefer the most?
a) ING VYSYA LIFE ( )
b) ICICIPRUDENTIAL ( )
c) SBI LIFE INSURANCE ( )
d) L.I.C ( )
e) RELIANCE LIFE INSURANCE ( )
f) TATA AIG LIFE ( )
g) ANY OTHER ________ (Specfy)
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4. For how many years form you woud ke to Insurance courage?
a) <5Yrs b) 5-10 Yrs c) 10-15 Yrs d) Any Other______
(Specfy)
5. What do you thnk are the benefts of Insurance cover?
a) Cover future uncertanty ( )
b) Tax deducton ( )

c) Future nvestment ( )
d) Any other _________ (Specfy)
6. Whch feature of your pocy attracted you to buy t?
a) Low premum ( )
b) Hgh rsk coverance ( )
c) Money back guarantee ( )
B/B College of 0ngineering 1 2echnology Hubli
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d) Reputaton of the company ( )
e) Agents convcton ( )
f) Any other _________ (Specfy)
7. Your monthy ncome?
a) >8,000 b) >8,000 to <=25,000 c) >=25,000.
8. Do you reay thnk the necessty Insurance pocy cover n todays scenaro?
a) Very essenta ( )
b) Essenta ( )
B/B College of 0ngineering 1 2echnology Hubli
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c) Partay ( )
d) Not requred ( )
e) If not requred pease gve specfc reason
_______________________________________________________________
9. What s your percepton about Insurance?

a) A savng too ( )
b) A tax savng devce ( )

c) A too to protect future ( )
10. How you buy Insurance?

a) After seeng the add n (T.V/Paper) ( )
b) Insurance advsor approached customer ( )


B/B College of 0ngineering 1 2echnology Hubli
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11. Are you satsfed wth the pocy?
a) Satsfed ( )
b) Not satsfed ( )

c) Not respondng ( )
12. Are you satsfed wth the servce provded by Insurance agents?
a) Satsfed ( )
b) Not satsfed ( )

c) Not respondng ( )
13. Whch s the best form of nvestments? (Gve the ratng No.1 as the
most
Preferred And No.6 ast preferred among these)
a) Insurance ____
B/B College of 0ngineering 1 2echnology Hubli
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b) Bank deposts ____
c) |eweery ____
d) Securtes (Bonds, M.Fs) ____
e) Shares ____

f) Fxed assets ____
14. What s the rght age to buy Insurance?
a) After25 Yrs ( )
b) After 35 Yrs ( )

c) After 45 Yrs ( )
d) Any tme ( )
15. How woud you rate prvate fe Insurance companes compare to L.I.C?
a) Rgd pans ( )
b) Non-user frendy ( )
B/B College of 0ngineering 1 2echnology Hubli
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c) Unsatsfactory servces ( )
d) Non-aggressve ( )
e) Satsfactory ( )
f) Good ( )
g) Very good ( )
16. What woud you ook for n Insurance companes?
a) A trusted name ( )
b) Frendy servce & responsveness ( )

c) Good pans ( )
d) Accessbty ( )

B/B College of 0ngineering 1 2echnology Hubli
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17. Woud you go for Insurance f Insurance company away from your cty
&
Offers better servces & products?
a) Yes ( )
b) No ( )
c) Uncertan ( )
%%% 2H&@ >3" %%%
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