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Submitted in partial fulfillment of two years full time course in Masters in Business Administration, 2004-2006, Vishwakarma Institute of Management, Pune.
By Mr. Sachin Bhutkar Vishwakarma Institute of Management Survey no.3/4, Kondhawa Budruk, Pune-411 048
KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD PUNE STUDY ON MARKET RESEARCH AND CUSTOMER SATISFACTION FOR KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD PUNE
A SUMMER PROJECT REPORT DURING JUNE-JULY-2005 UNDER THE GUIDANCE OF
MR NIKHIL SHAH (SALES MANGAGER) & PROF. MAHESH HALALE
SUBMITTED BY MR SACHIN BHUTKAR IN PARTIAL FULFILLMENT OF MBA FROM VISHWAKARMA INSTITUTE OF MANAGEMENT PUNE
It is said, The most important single word is we and the zero important
single word is I . This true even in today s modern era. It is absolutely impossible for a single individual to complete the assigned job without help and assistance from others.
It is my greatest pleasure to acknowledge sincere gratitude towards Mr. Nikhil Shah (Sales Manager) Kotak Mahindra Life Insurance Company Ltd. Pune, for the completion of the project work.
I would also like to acknowledge to my sincere gratitude to the Director of my institute Dr. Shard Joshi and my project guide Prof. Mahesh Halale for helping me in this project work.
I am thankful to all of my friends and batch mates for their help in completing this project work. Finally, I am thankful to my entire family members for their great support and encouragement.
The objective of the project was to do Market Research and customer Satisfaction for Kotak Mahindra Life Insurance for that we have to
understand the customer needs, Income, constraints, response and emotions so that they can contribute their time for becoming Life advisors for the company. The objective of this study was to analyze consumer satisfaction of mechanical splicing in Pune city with respect to the performance, sales effort and sales service.
As the company was new and it was yet to be marketed to a large number of customers, it was essential to know the feedback of customers in order to formulate effective marketing and sales strategies in future and improve the quality of service to achieve better consumer satisfaction.
The site visits and companing made us possible to measure the satisfaction of consumer by identifying the attributes, which gave consumer-varying degrees of satisfaction.
Questionnaire based on company format some attributes like requirement of customer and sales services offered by company were identified as critical (motivational) factors for providing satisfaction to consumers, while other factors like excisable deposit center, premium collocation was time to time and also intimation regaining before the collocation of premium. But absence of such hygienic factors definitely results in a dissatisfied consumer.
These hygienic factors could result in selling but their absence can certainly unseal the product offering.
For this a questionnaire was prepared which gave a vague idea about the people who were really interested and wanted to know about various new opportunities in the insurance sector. Go through questionnaire in different different area and people in the Pune city. The study was undertaken for pune region during two months. The researchers were given first 15 days for collection of data and scanning the data. The questionnaire contains various aspects like there. Address, their present age, profession, number of dependents, Goals and also planning for old age (Retirement) etc.
The second part of the study that consists of 40 days contains scanning the questionnaire and taking appointments. After that usually meeting the persons and tell them about the company. Most important part is analyzing the information.
Particulars Introduction Page No.CONTENTS Serial No. 2. Bibliography 10. Annexure . Industry Profile 3. Observation and findings 8. Limitation and Recommendation 9. Scope of the work 5. Research Methodology 6. Company Profile 4. Data interpretation and analyses 7. 1.
your family can remain financially secure because of the life that you have purchased. Buying insurance is extremely useful if you are the principal earning member in the family unfortunate premature demise. the market offers insurance plans that not just cover your same time grow your wealth too. children s education.INTRODUCTION Wherever there is uncertainty there is risk. Finance comes in the form of loans. then you certainly need. If you have dependants and financial responsibilities toward them. . Life insurance is a contract between you and a life insurance company. The risk is uncertainty of the financial loss. Having a family means dependant. This makes it essential that we think in favor of a device that becomes instrumental in spreading the loss. The risk cannot be averted. Protection against the possible chances of generating uncertain losses. Your retiren children s future needs. It is in this context that we think about insurance. It eliminates worries and miseries of losses or destruction of property and death. Today. The primary purpose of life insurance is therefore protection of the family in the even insurance is also seen as a tool to plan effectively for your future years. which provided you a death during the contract term. which in turn means financial commitments. We don t have any command on uncertainties.
Collateral security. Imagine what would happen if you were to lose your life suddenly or become disabled being insured in a situation like this is a necessity. Life wasn t designed to be risk free. Most insurance plans available today have a bailt in saving elements.it is due to the savings done at the individual level and at micro level it generates funds for infrastructure building as the cash flow is constant while the payout is differed. which were have a comfortable retirement. Insurance sector have characteristic that give can boost to the growth of any economy . . Insurance sector with an annual growth rate of 15-20% and the largest number of life insurance policies in force. so that the insurance companies are becoming biggest investors in long gestation infrastructure development projects and hence have a great Importance to the developing economy like India. the potential of the Indian insurance industry is huge. Kotak preferred Retirement plans meet your dual financial goals of life cover and savings for the future. When you insured your life. These policies not only for a financially independents future. in effect what you are doing insuring your earning capacity that your dependents will be able to continue living without financial hardships even in case Most insurance plans available today come with a savings element built into it. For example.medical expenses etc. Kotak preferred Retirement plans such as income plan and kotak Multiplier plan. but to estimate it Accurately and manage it wisely. The key is not to eliminate risk.
While writing this report the language has been keep simple and the entire discussion has been logical and has coherent outlines. It includes through market Research in various plans of Kotak Mahindra Life Insurance. by surveying number of consumers. in the filed of marketing and to have exposure to the important management practices in field of marketing. The project report is divided into two parts. And second consist survey report of various consumers about there responses about satisfaction towards Kotak Mahindra Life Insurance Company. Pune. And in detail consumer (Satisfaction) responses analysis. The main motto of the project work was Market Research and customer Satisfaction of Kotak Mahindra Life Insurance. . first part consists market research for finding out best sold plan of Kotak Mahindra Life Insurance.INTRODUCTION OF THE TOPIC The purpose of this training was to have practical experience of working within the organization.
And to mouser the satisfaction level of consumers of Kotak Mahindra Life Insurance. . Market research helps Kotak Mahindra Life Insurance about the best plan purchased by its consumer satisfaction level helps to know weather the consumers are satisfied by service/Plans of Kotak Mahindra Life Insurance.IMPORTANCE OF THE TOPIC The project report is all about market research to find out best sold plan of Kotak Mahindra Life Insurance. pune.
INDUSTRY PROFILE .
INDUSTRY PROFILE The industries. F. Particularly after attaining independence and to the more specific after nationalizing in 1956. Hand in Hand Society . businesses and individuals are considerably by the services of insurance organization. The first registered life office was established in 1696. The private player in the insurance industry and ends the dominance of LIC. The different MNC s company of foreign country enters in the insurance industry with the joint venture with Indian companies. In India the first life insurance was started in the Bengal Presidency in 1818 knows as oriental life insurance company. After wards in 16th century fire insurance is started in Germany. D. C. Experiencing so many ups and downs the insurance business was found in changed shapes. B. A. E. The oldest form of insurance (12th century) is marine insurance. There was major change in the insurance sector after globalization in 2001. Today total 11 private life insurance companies are working in insurance industry.
Foreign companies may be . with a capital contribution of Rs. LIC formed by an Act of Parliament. 5 core from the Government of India.HISTORY 1912: the Indian Life Assurance Companies Act enacted as the first stature to regulate the life insurance business. 1956. No company should deal in both Life and General Insurance though a single entity. INSURANCE SECTOR REFORMS: 1) Structure Government stake in the insurance companies to be brought down to 50%. 2) Competition Private companies with a minimum paid up capital of Rs. 1928: the Indian Insurance Companies Act enacted to the government to collect statistical information about both life and non life insurance businesses. viz. 1938: Earlier legislation consolidated and amended to the insurance Act with the objective of protecting the interests of the insuring public. 1956: 245 Indian and Foreign insurers and provident societies taken over by the central government and nationalized. 1bn should be allowed to enter the industry. LIC Act.
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. Postal Life Insurance Should be allowed to operate in the rural market.An Insurance Regulatory body should be set up .The Insurance Act should be changed .Controller of Insurance (Currently a part from the Finance Ministry) should be made independent.allowed to enter the industry in collection with the domestic companies. 3) Regulatory Body . 5) Customer service LIC should pay interest on delays in payments beyond 30 days. Computerization of operations and updating of technology to be carried out in the insurance industry. Insurance companies must be encouraged to set up unit linked pension plans. 4) Investments Mandatory Investment of LIC Life Fund in government securities to be reduced from 75% to 50%. Only One State Life Insurance Company should be allowed to operate in each state.
several new players have entered the scene. Despite the fact that India boosts a saving rate of around 25 percent. AMP Sanmar Assurance Company Ltd. which are as follows.95 percent. Beside Kotak Mahindra Life Insurance there are other 11 private players working in life insurance sector.ENTRANCE OF PRIVATE PLAYERS IN INSURANCE SECTORS India still has low insurance penetration of 1. 51st in the world. largest life insurer in Australia and New Zealand. is a joint venture between AMP. the life insurance industry had been protected from competitive pressures. The insurance landscape in India is undergoing major changes. Close to foreign competition since nationalization in 1956. with the reopening of the sector. it overseeing the insurance business in India. is a joint venture between Allianz AG (Largest insurer in Europe) and Bajaj Auto Ltd. less than 5 percent is spent on insurance. Now. It protects the interests of the policyholders received and ensures orderly growth of the insurance industry and for matters connected there thereto. Sanmar is one of the . AMP Sanmar Assurance Company Ltd. The acronym for the Insurance Regulatory and Development authority of India. Allianz Bajaj Life Insurance Company Ltd. incorporated on 12th march 2001. Allianz Bajaj Life Insurance Company Ltd.
India s largest bank SBI and Cardiff S. .largest industrial groups in South India dealing in chlorochemicals and shipping and Engineering. is a joint venture between Dabur India and CGU. is capitalized at Rs. of which 74% has been brought in by TATA Sons and the American partner bring the balance 26%. HDFC Standard Life Insurance Company Ltd. is a wholly subsidiary of Aviva Plc (UK). 185 crore. Birla Sun Life Insurance Company is a 74:26 joint venture between Aditya Birla Group and sun life financial services of Canada. 675 Cr. Aviva Life Insurance Company Ltd. Tata Life Insurance Company Ltd. With ICICI group and Prudential Plc holding 74% and 26% stake respectively. Birla Sun Life Insurance Company Ltd. ICICI Prudential equity based stands at Rs. Tata Life Insurance Company Ltd. BI Life Insurance Company Ltd. a leading insurer in France came together to from SBI Life. Aviva Life Insurance Company Ltd. ICICI Prudential Life Insurance Company Ltd.A.
It s a partnership between MAX India ltd and New York life. and M. was one of the first companies to be granted license by the IRDA to operate in life insurance sector. software and banking. Dutch origin) 26% and GMR group would hold 25% of the stake. It was incorporated on 14th august 2000. Together they have roped in GMR group. Met Life India Insurance Company Ltd.4% stake and Standard life (largest mutual assurance company in Europe) has a stake of 18. MAX New York Life Insurance Company Ltd. which has wide-ranging interests in field such as power generation infrastructure. HDFC is the majority stakeholder in insurance JV with 81. ING Vysya Life Insurance Company Ltd. Inc. manufacturing. is expected to be first bank assurance venture in the country. ING Vysya Life Insurance Company Ltd. Jammu & Kashmir bank. ING (Europe. It was incorporated in April 2001 as a joint venture between Met Life International Holding. .HDFC Standard Life Insurance Company Ltd.6%. Pallonji and company private Ltd. a Fortune 100 company. As per JV agreement Vysya bank would hold 49% stake.
COMPANY PROFILE .
2 Add lump sum injections as and when suitable 3 Premium holiday facility 4 Riders options for enhanced protection 5 Loan facilities in case of emergencies 6 Simplified documentation and procedures b) Kotak Retirement Income Plan The Kotak Retirement Income Plan is a savings plan designed to meet your post retirement needs. 4 For a with cover plan you have the facility of Automatic cover Maintenance. Bond Fund. 2 You may buy an annuity either from Kotak Life Insurance. which ensures that the cover remains in force even when you . Advantages: 1 In this plan minimum age of 18 years of old and maximum age is 60 years. Balanced Fund. 3 You can make lump sum injections into your policy at any time before retirement. Floating Rate Fund. It is a plan that gives you jeene Ki azaadi by giving you the choice to remain independent even after retirement. Growth Fund.PRODUCT a) Kotak Flexi plan Advantages: 1 Choice of 5 professionally managed funds included Gilt Fund.
. If you die during policy. if the need arises. This facility is available after the first 3 years of the term. In simple words. half yearly or yearly. your beneficiaries will receive the sum assured along with the accumulated bonus a outlive the policy tenure you will receive the sum assured along with accumulated bonus. 2 You can take a loan against your policy has been in force for at least three years. Advantages: 1 In this plan minimum age of 18 years of old and maximum age is 65 years. in regular and irregular withdrawals. These policies designed to accumulate wealth and at the same time cover your life. issued for specific time periods during which you pay a regular premium. created from will be created from lump sum injections. c) Kotak Endowment Plan An Endowment policy is a combination of savings along with risk cover.miss the premium payments. d) Kotak Capital Multiplier Plan The Kotak Capital Multiplier Plan is a participating plan that is built in such a way that it allows your money to multiply. 3 You have the option of paying premiums quarterly. 4 You have the benefit of a 15-day free look period. and gives you the flexibility of using this money the way you need it. 5 You may exercise the option of paying premium from the Supplementary Accumulation Account.
Advantages: 1 In this plan minimum age of 0 years of old and maximum age is 17 years. 4 You have the facility of Automatic Cover Maintenance. 3 In addition to the regular premiums. . 2 You may take a loan against this plan. This is a participating plan. It is a plan that gives your child the azaadi to realise his/her dreams. Advantages: 1 In this plan minimum age of 18 years of old and maximum age is 60 years. you can make lum sum injection into your plan during the premium paying period. 2 At the start of your withdrawals period. A Supplementary Accumulation Account will be created. after the policy has been in force for at least three years. half yearly or yearly. e) Kotak Child Advantage Plan The Kotak Child Advantage Plan is an investment plan designed to meet your child s future needs. which ensures that the policy remains in force even when you miss the premium payments. which is very flexible and has a lot of in-built benefits. 3 You have the option of paying premiums quarterly.This is an endowment plan. you can draw the full proceeds or you can draw up to 50% of your basic sum assured or accumulation account. This facility is available after the first 3 years of the term. whichever is higher. 4 You have the benefit of a 15-day free look period. This is an endowment plan where the life insured is the child.
SCOPE OF STUDIES .
above axiom has more importance than ever before. we have come to believe that business firm is not the center of economic universe but revolves around the customer. Customers are too good to lose ---------. In the era of cutthroat competition and economic recession. . So no organization. Peter Drucker. Building customers is not a single step exercise but a process ------. Earth is not the center of universe but revolves around the Sun . small or big ignores the customers.Need for measuring customer satisfaction. -Copernicus. Build customer and not only products.Lets keep them happy! Customer is the king. Marketing starts with the customer and ends the customer . Similarly.
Providing superior service to customer. 4) Benefits derived by assessing consumer satisfaction are: . There was a tough competition for the brand in the market. . company had to make its competitors analysis and need to determine where do they stand. . 3) Responses of customer Responses from them were collected through survey and for the questionnaire were prepared for both of them.Formulating sales strategies.OBJECTIVE OF THE STUDY: 1) To determine the present position and satisfaction of customer in Kotak Mahindra Life Insurance.Understanding customer s requirements. The second objective of the project was to determine the market share of different brands available in the market. 2) To determine the market share of different brands. The main objective of the project was to analyze consumer satisfaction of Kotak Mahindra Life Insurance with other services in Pune.Strengthen the relationship with customers. Therefore to get establish. And also present position of the company. .Feedback to organization regarding product. . .
5) Identify pros and cons of the brand. The objective of the research was not only to find out the problem but also the identification of solutions or suggestions of the problems. 6) Suggestions and recommendations. . This was a fundamental objective of the whole research. what are the brands so that it can rectify them in order to establish the brand in the market. Company wants to identify that where does the brand lack. In other words.
RESEARCH METHODOLOGY .
it does not qualify as basic research. Its purpose is to find answers to questions through the application of the scientific method. problem solving Marketing research is as systematic and objectives study of the problems pertaining to the marketing of the goods and services. We may also say that marketing research is of both types and problem oriented. . In view of the major consideration.RESEARCH METHODOLOGY INTRODUCTION Research is an art of scientific investigation through search for new facts in any branch of knowledge. but is applied to all the phases and aspects. it tackles problems. Research always starts with a question or a problem. It is a systematic and intensive study directed towards a more complete knowledge of the subject studied. marketing research should be regarded as applied research. On the contrary. It is a moment from known to unknown. As marketing does not address itself to basic or fundamental question. which seem to have immediate commercial potential. It may be emphasized that it is not restricted to any particular area of marketing.
The above primary data were collected through responses of consumer was conducted through questionnaires prepared for them. . b) Secondary Data Secondary data are that type of data. . These types of data were. .Responses of consumer.The market share of other brands available in the market. . which are required to be collected to achiever the objectives of the project.The market share of Kotak Mahindra Life Insurance. These types of data were i) Company Profile ii) Product Profile iii) Competitors Profile The aforesaid data were collected through Internet and company s financial report.Identifying pros and cons of the brand. .METHOD OF DATA COLLECTION 1) Data to be collected. a) Primary Data The data that is being collected for the first time or to particularly fulfill the objectives of the project is known as primary data. which are already assembled and need not to collected from outside. Data includes facts and figures. In order to determine the present position and satisfaction of customer of kotak Mahindra Life Insurance.
This small group represents the total group. which is the most popular and effective technique for correct data collection.2) Data Collection Method For given project. This type of information gathered through Survey technique. which was ask to be studied was pune market but as it was possible to approach all the respondent s customer of the city. hence a sample was selected which represents the whole city. The survey was completed with the use of questionnaires. 3) Sampling Sample is the small group taken under consideration from the total group. . The areas selected for the sample are present further in the appendix. . the primary data. 4) Data Evaluation The data so collected were not simply accepted because it contained unnecessary information and over or under emphasized facts. In the project the market research.Questionnaire for consumer. which needed to collect for the first time. which helped in achieving the objectives of the project. Therefore only relevant data were included in the report. Sample size of customer list was taken from Kotak Mahindra Life Insurance customer data basic. were much significant.
DATA INTERPRETATION AND ANALYSIS .
.Personal detail Classes (Age) 18-24 24-35 35-45 45-55 55-65 No of Respondents 4 19 16 8 1 No. Here customer 19 customer biloges to 25-35 age groups. Here majority of customer belong to the group 25-35 years. Of Respondant ANALYSIS Above diagram consist five classes of different age groups. 16 customers fall in the age group 35-45 years. Of Respondant 20 18 16 14 12 10 8 6 4 2 0 18-24 24-35 35-45 45-55 55-65 No. Other 8 customer comes are in the class 45-55 years the age group of 18-24 consists four customer reaming customer is in age group 55-65 years.
Do you think is it essential to have Life Insurance? YES NO Yes 45 90 No 5 10 Total 50 100 No. of Respondents YES NO ANALYSIS To this question 45 consumers reported YES and 5 consumers reported NO . . of Respondents % of Respondents No.
of Respondents 50 30 10 5 10 25 5 % of Respondents 37.04 22.52 3.41 18.70 7. of Respondents Kotak Mahindra Life Insurance LIC Bajaj Allianz Tata AIG Max New York Life Insurance HDFC Life Insurance ICICI Prudential Life Insurance SBI .41 3.Which are the companies you invested your money for Life Insurance? Companies Kotak Mahindra Life Insurance LIC Bajaj Allianz Tata AIG Max New York Life Insurance HDFC Life Insurance ICICI Prudential Life Insurance SBI No.22 7.70 No.
70%. .52%. The major player in insurance is LIC holding 22. HDFC and AIG are having equal share of 7.22% of total sample.ANALYSIS From the above figure we come to know that customer are also investing money in other life insurance companies.41% & the Max New York & SBI are having 3. The second major player ICICI is holding 18.
30% because of peer pressure and remaining 24% opt. of Respondents ROI Peer Pressure Tax Benefit Security /safety Low Premium ANALYSIS The above diagram shows 36% of respondents choose because of good returns.Why did you choose Kotak Life Insurance? ROI Peer Pressure Tax Benefit Security /safety Low Premium TOTAL No of Respondents 18 15 10 2 5 50 % Of Respondents 36 30 20 24 10 100 No. safety and 100 premium respectively. Because of tax benefit. .
Some of customer are having more than one plan total survey customers are 50. .Which of the following planed you is insured? Kotak Flexi plan Kotak Retirement Plan Kotak Endowment Plan Kotak Capital Multiplier Plan Child Advantage Plan No o % Of Respondents Respondents 25 40 19 30 3 5 6 10 10 15 No. of Respondents Kotak Flexi plan Kotak retirement Plan Kotak Endowment Plan Kotak Capital Multiplier Plan Child Advantage Plan Note.
40% customers have opted for Flexi Plan. whereas 30% have gore for Retirement plans and remaining 30% have customer are having endowment.ANALYSIS From the total 63 respondents maximum i. . multiplier and child advantage respectively.e.
of Respondents Easy access ability to Deposit Center Time to time premium collection Provision in case of Dues Bonus & other schemes Note. .What kind of services you expect from insurance provides Easy access ability to Deposit Center Time to time premium collection Provision in case of Dues Bonus & other schemes TOTAL No of % Of Respondents Respondents 20 31 12 19 8 13 24 37 64 100 No. Some of customer are expecting more than single service.
.ANALYSIS Out of total 50 respondents 37% like to have bonus and other service as a prime concern. They need time-to-time premium collection and easy accessibility to deposit center as a concern before choosing insurance provider. 13% like to have provision in case of dues and remaining 31% & 12% respondents say.
. And remaining 12% have ratted as Excellent.How will you rate the services given by Kotak Mahindra Life Insurance? No of % Of Respondents Respondents 16 32 28 56 6 12 50 100 Poor Average Good Excellent TOTAL No. of Respondents Poor Average Good Excellent ANALYSIS Out of 50 respondents 57% have ratted Kotak Mahindra Life Insurance services as good and 32% have ratted as average.
of Respondents Good Returns Effective Service Tax Planning Security/ Safety Benefit Note.What difference you find between Kotak & your previous Insurance provider. Total surveys of customers are 50. Some of customers are having more than one plan more Benefit are expected in one plan. No of % Of Respondents Respondents 16 21 12 15 28 36 22 28 50 100 Good Returns Effective Service/liquidity Tax Planning Security/ Safety Benefit TOTAL No. .
of Respondents YES NO ANALYSIS To this question 39 consumers reported YES and 11 consumers reported NO . .Do have any suggestion for Kotak Mahindra Life Insurance? YES NO YES 39 78 NO 11 22 TOTAL 50 100 No of Respondents % Of Respondents No.
of Respondents YES NO ANALYSIS To this question 32 consumers reported YES and 18 consumers reported NO . will you purchase policies from Kotak Mahindra Life Insurance? YES NO No of Respondents % Of Respondents YES 32 64 NO 18 36 TOTAL 50 100 No.In future. .
OBSERVATION AND FINDINGS .
36 percentages of the total respondents invest in Kotak Mahindra Life Insurance for getting high ROI. HDFC. As per 28% of despondence Kotak Mahindra Life Insurance providers good tax benefits to the Investors.5 percentage respondents expect bonus and other schemes from Kotak Mahindra Life Insurance. Tata Allianz. 37. LIC. 135 respondents are investing in life insurance companies like Kotak Life Insurance. Max New York. 56 percentage respondents satisfied with services given by Kotak Mahindra Life Insurance. . Most of respondent s preferred kotak Flexi Plan. 64% of respondents are willing to purchased policies from Kotak Mahindra Life Insurance in future. 45 consumers think Life Insurance is essential for them. ICICI and SBI.OBSERVATIONS Majority of the customer s belonged to age group of 25-35 years that is 19 consumers.
LIMITATION AND RECOMMENDATIONS .
high return on investment. (Example. they field that Kotak Mahindra Life Insurance providing good tax benefit for there investment so Kotak Mahindra Life Insurance if possible try to provided more tax benefit customer. 3) Kotak Mahindra Life Insurance should try to build trust among the public by making people aware of their investment is safe. Software professional. BPO employees. executives and businessman) 2) As major respondents think to have life insurance policy is very essential there is lot of scope for insurance company. 7) 64% respondents are willing to purchases Kotak Mahindra Life Insurance policies in future this benefit Kotak Mahindra Life Insurance as mort potential customer in future. 5) Kotak Mahindra Life Insurance should introduce attractive policies & also attractive bonus on policies to attractive more potential customers. 4) As more respondents are investing in Kotak Mahindra Life Insurance for getting high return on investment the company should try to provide attractive returns on investments in future.RECOMMENDATIONS 1) There is scope to sale insurance policy by concentrating on age group 18-24 years here potential of customers are there. Tax Benefits. . Government employees. 6) Approx 36% of respondents differ with there previous insurance provider.(Example. and professionals) Flexi plan can be sold by concentrating on age group 35-45 years.
This conveys that the customer s are switching to retirement plan. With this information we can conclude that there is good market awareness about Kotak Mahindra Life Insurance Company in the market. their valuable suggestions. Kotak Mahindra Flex s plan is the best-sold plan in market by Kotak Mahindra Life Insurance. Higher satisfaction level of Kotak Mahindra life insurance company was monthly due to Kotak provides good tax benefit for the consumers also ROI. which is provided by survey.After conducting market research for Kotak Mahindra Life Insurance Company we came to know different needs of consumers. security etc. . Customer satisfaction level of most respondents is higher for Kotak Mahindra Life Insurance Company. responses to the different questions.
com www.com www.hdfcinsurance.REFERENCES BOOKS MAGAZINE Business & Economy Magazine COMPUTER WEBSITE www.com www.com .iciciprulife.com www.licindia.com www.com www.IRDA.brandonline.businessindiaonline.maxnewyorklife.
QUESTIONNAIRE 1. Personal detail Name: Age 18-24 45-55 Phone No. Email. Office Address: Residential Address: 25-35 55 and above 35-45 2. Do you think is it essential to have Life Insurance? YES NO 3. Which are the companies you invested your money for Life Insurance? a) Kotak Mahindra Life Insurance b) LIC c) Bajaj Allianz d) Tata AIG e) Max New York Life Insurance f) HDFC Life Insurance g) ICICI Prudential Life Insurance h) SBI .
What kind of services you expect from insurance provides a) Easy access ability to Deposit Center b) Time to time premium collection c) Provision in case of Dues (Policy Lapse) d) Bonus & other schemes 7.4. Why did you choose Kotak Life Insurance? a) ROI b) Peer Pressure c) Tax Benefit d) Security /safety e) Low Premium 5. How will you rate the services given by Kotak Mahindra Life Insurance? a) Poor b) Average c) Good d) Excellent . Which of the following planed you is insured? a) Kotak Flexi plan b) Kotak retirement Plan c) Kotak Endowment Plan d) Kotak Capital Multiplier Plan e) Kotak Child Advantage Plan 6.
Do have any suggestion for Kotak Mahindra Life Insurance YES NO 10. In future. What difference you find between Kotak & your previous Insurance provider. a) Good Returns (HIGHEST) b) Effective Service/Liquidity c) Tax Planning d) Security/ Safety Benefit & Protection on your Capital 9.8. will you purchase policies from Kotak Mahindra Life Insurance? YES NO .
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