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SUMMER TRAINING REPORT ON

Customer Buying Behavior in Insurance with a ocus on
!"C #i$e Insurance Com%any #t&.
Undertaken at
!"C #IE
Submitted in partial fulfillment of the requirements
for the award of the degree of
BAC!E#OR O BUSINESS A"MINISTRATION
To
Guru Go'in& Singh In&ra%rastha University( "e)hi
Under the Guidance of Submitted by
Mr. Chandan Parsad Vikil Kumar Singhal
Assistant Professor, TIAS BBA-V Sem
!"#$%$!"
Session *+,, - ,*
To Whom It May Concern
I .I/I# /UMAR SING!A#, &nrolment 'o. +01*,2+,0+1 from BBA3. Sem of the
Te(nia Institute of Ad)an(ed Studies, *elhi here+, de(lare that the Summer Training -e.ort
/BBA-%$$0 entitled CONSUMER BU4ING BE!A.IOUR IN INSURANCE SECTOR
ON OCUS ON T!E !"C #IE at !"C #IE5 Is an original 1ork and the same has
not +een su+mitted to an, other Institute for the a1ard of an, other degree. A .resentation of
the Summer Training -e.ort 1as made on *63AUG3*+,, and the suggestions as a..ro)ed +,
the fa(ult, 1ere dul, in(or.orated.
*ate2 Signature of the Student
Certified that the Summer Training -e.ort su+mitted in .artial fulfillment of Ba(helor of
Business Administration /BBA0 to +e a1arded +, 3.3.S.I.P. Uni)ersit,, *elhi +, .i7i)
/umar Singha), &nrolment 'o. +01*,2+,0+1 has +een (om.leted under m, guidan(e and is
Satisfa(tor,.
*ate2 Signature of the 3uide
'ame of the 3uide2 Chan&an %rasa&
*esignation2 Assistant Pro$essor( TIAS
3
Summer Training A%%raisa) orm
Summer Training Appraisal form to be filled by the respective industry guides on the format
prescribed by the GGSIP University which is as follows:
Summer Training Appraisal
Student’s Name: viil !umar Singhal
Programme: ""A
You are requested to provide your opinion on the following parameters.
Outstanding Good Satisfactory
Unsatisfactory
A B C D
#$ Technical nowledge gathered about the industry and the %ob he&she was involved$
'$ (ommunication Sills: )ral & *ritten & +istening sills
3$ Ability to wor in a team
,$ Ability to tae initiative
-$ Ability to develop a healthy long term relationship with client
.$ Ability to relate theoretical learning to the practical training
/$ (reativity and ability to innovate with respect to wor methods 0 procedures
1$ Ability to grasp new ideas and nowledge
2$ Presentations sills
#3$ 4ocumentation sills
##$ Sense of 5esponsibility
#'$ Acceptability 6patience7 pleasing manners7 the ability to instill trust7 etc$8
#3$ 9is&her ability and willingness to put in hard wor
#,$ In what ways do you consider the student to be valuable to the organi:ation;
(onsider the student<s value in term of: 6a8 =ualification
6b8 Sills and abilities
6c8 Activities& 5oles performed
#-$ Punctuality
,
A
A
B
A
B
B
A
B
A
A
A
B
B
B
A
Any other comments
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>$
Assessor’s overall rating
Assessor<s ?ame: 5avinder !umar
4esignation: "4@ 6"ranch 4evelopment @anager8
)rgani:ation name and address: 94A( +ife7 sco no$ '7 Asho Bihar7 PhaseC II7 4elhi
Dmail id: umar>ravinderEhdfclife$com
(ontact ?o: 3##C,/3123337 3#
AC/NO8#E"GMENT

The su((ess of an, .ro4e(t de.ends largel, on the en(ouragement and guidelines of man,
others. I take this o..ortunit, to e5.ress m, gratitude to the .eo.le 1ho ha)e +een
instrumental in the su((essful (om.letion of this .ro4e(t.
I 1ould like to sho1 m, greatest a..re(iation to Mr. Chandan Prasad /6a(ult, guide0. I (an7t
sa, thank ,ou enough for his tremendous su..ort and hel.. 8ithout his en(ouragement and
su.er)ision this .ro4e(t 1ould not ha)e materiali9ed.

I thank m, 6amil, and 6riends for their )alua+le feed+a(k. I am grateful for their (onstant
su..ort and hel..


9.i7i) /umar Singha):
-


E;ECUTI.E SUMMAR4
In toda,7s (or.orate and (om.etiti)e 1orld, insuran(e se(tor has the ma5imum gro1th and
.otential as (om.ared to the other se(tors. Insuran(e has the ma5imum gro1th rate of !-
:; 1hile as 6MC3 se(tor has ma5imum $#-$<; of gro1th rate.
The su((ess stor, of good market share of different market organi9ations de.ends u.on the
a)aila+ilit, of the .rodu(t and ser)i(es near to the (ustomer, 1hi(h (an +e distri+uted through
a distri+ution (hannel. In Insuran(e se(tor, distri+ution (hannel in(ludes onl, agents or
agen(, holders of the (om.an,. If a (om.an, like -&=IA'C& =I6& I'SU-A'C&, TATA
AI3, MA> et( ha)e ade?uate agents in the market the, (an (a.ture +ig market as (om.ared
to the other (om.anies.
Agents are the onl, 1a, for a (om.an, of Insuran(e se(tor through 1hi(h .oli(ies and
+enefits of the (om.an, (an +e e5.lained to the (ustomer.
@*6C =ife Insuran(e Com.an, =td. is one of IndiaAs leading .ri)ate insuran(e (om.anies,
1hi(h offers a range of indi)idual and grou. insuran(e solutions. It is a 4oint )enture +et1een
@ousing *e)elo.ment 6inan(e Cor.oration =imited /@*6C =td.0, IndiaAs leading housing
finan(e institution and a 3rou. Com.an, of the Standard =ife, UK.
.
CONTENTS
/
1
S NO5 TOPIC PAGE NO5
, CERTIICATE *
* SUMMER TRAINING APPRAISA# ORM <
2 AC/NO8#E"GEMENT 6
< E;ECUTI.E SUMMAR4 =
6 C!APTER , > INTRO"UCTION ?
= C!APTER * > RE.IE8 O #ITRATURE *6
0 C!APTER 2 > RESEARC! MET!O"O#OG4 *?
? C!APTER < > "ATA RE"UCTION( PRESENTATION @
ANA#4SIS
2+
1 C!APTER 6 > "ATA INTREPRETATION <=
,+ C!APTER = > SUMMAR4 AN" CONC#USIONS <1
,, REERENCESABIB#IOGRAP!4 6*
,* APPEN"ICES>
=IST B6 TAB=&S 6<
=IST B6 6I3U-&S 66
CU&STIB''AI-& 6=
C!APTER - ,
INTRO"UCTION
,5, Intro&uction >
,5,5, The li+erali9ation of the Indian insuran(e se(tor has +een the su+4e(t of mu(h heated
de+ate for some ,ears. The .oli(, makers 1here in the (at(h ## situation 1herein for one
the, 1anted (om.etition, de)elo.ment and gro1th of this insuran(e se(tor 1hi(h is
2
e5tremel, essential for (hanneling the in)estments in to the infrastru(ture se(tor. At the other
end the .oli(, makers had the fears that the insuran(e .remia, 1hi(h are su+stantial, 1ould
see. out of the (ountr,D and 1anted to ha)e a (autious a..roa(h of o.ening for foreign
.arti(i.ation in the se(tor.
,5,5* As one of the rare o((urren(es the entire de+ate 1as .ut on the +a(k +urner and the
I-*A sa1 the da, of the light thanks to the maturing .olit, emerging (onsensus among
fa(tions of different .oliti(al .arties. Though some (hanges and some restri(ti)e (lauses as
regards to the foreign .arti(i.ation 1ere in(luded the I-*A has o.ened the doors for the
.ri)ate entr, into insuran(e.
8hether the insurer is old or ne1, .ri)ate or .u+li(, e5.anding the market 1ill .resent
multitude of (hallenges and o..ortunities. But the ke, issues, .ossi+le trends, o..ortunities
and (hallenges that insuran(e se(tor 1ill ha)e still remains under the realms of the
.ossi+ilities and s.e(ulation. 8hat is the likel, im.a(t of o.ening u. India7s insuran(e
se(torE
,5,52 The large s(ale of o.erations, .u+li( se(tor +ureau(ra(ies and (um+ersome .ro(edures
ham.ers nationali9ed insurers. Therefore, .otential .ri)ate entrants e5.e(t to s(ore in the
areas of (ustomer ser)i(e, s.eed and fle5i+ilit,. The, .oint out that their entr, 1ill mean
+etter .rodu(ts and (hoi(e for the (onsumer. The (riti(s (ounter that the +enefit 1ill +e slim,
+e(ause ne1 .la,ers 1ill (on(entrate on affluent, ur+an (ustomers as foreign +anks did until
re(entl,.
,5,5< This seems to +e a logi(al strateg,. Start-u. (osts-su(h as those of setting u. a
(on)entional distri+ution net1ork-are large and high-end ni(hes offer +etter returns.
@o1e)er, the middle-market segment too has great .otential. Sin(e insuran(e is a )olumes
game. Therefore, .ri)ate insurers 1ould +e +est ser)ed +, a middle-market a..roa(h,
targeting (ustomer segments that are (urrentl, unta..ed.
#3
,5,56 In $:$: the British esta+lished the first insuran(e (om.an, in India in Cal(utta, the
Briental =ife Insuran(e Com.an,. 6irst attem.ts at regulation of the industr, 1ere made 1ith
the introdu(tion of the Indian =ife Assuran(e Com.anies A(t in $"$#. A num+er of
amendments to this A(t 1ere made until the Insuran(e A(t 1as dra1n u. in $"%:.
'ote1orth, features in the A(t 1ere the .o1er gi)en to the 3o)ernment to (olle(t statisti(al
information a+out the insured and the high le)el of .rote(tion the A(t ga)e to the .u+li(
through regulation and (ontrol. 8hen the A(t 1as (hanged in $"<, this meant far rea(hing
(hanges in the industr,. The e5tra re?uirements in(luded a statutor, re?uirement of a (ertain
le)el of e?uit, (a.ital, a (eiling on share holdings in su(h (om.anies to .re)ent dominant
(ontrol /to .rote(t the .u+li( from an, ad)ersarial .oli(ies from one single .art,0, stri(ter
(ontrol on in)estments and, generall,, mu(h tighter (ontrol. In $"<F, the market (ontained
$<G Indian and $F foreign life insuran(e (om.anies. Business 1as hea)il, (on(entrated in
ur+an areas and targeted the higher e(helons of so(iet,. HUnethi(al .ra(ti(es ado.ted +, some
of the .la,ers against the interests of the (onsumersI then led the Indian go)ernment to
nationali9e the industr,. In Se.tem+er $"<F, nationali9ation 1as (om.leted, merging all these
(om.anies into the so-(alled =ife Insuran(e Cor.oration /=IC0. It 1as felt that
Hnationali9ation has lent the industr, fairness, solidit,, gro1th and rea(h.I
,5* O'Bectives o$ stu&y
,5,5, To determine reasons +ehind o.ting for an insuran(e.
,5,5* To .ro)ide the (om.an, 1ith information of (ustomerAs Insuran(e .oli(, if the, ha)e
an, and reasons for o.ting for that .arti(ular .oli(ies.
,5,52 To kno1 the most .referred .oli(,.
##
,52 Sco%e O$ The Stu&y
A +ig +oom has +een 1itnessed in Insuran(e Industr, in re(ent times. A large num+er of ne1
.la,ers ha)e entered the market and are ),ing to gain market share in this ra.idl, im.ro)ing
market. The stud, deals 1ith @*6C Standard =ife in fo(us and the )arious segments that it
(aters to. The stud, then goes on to e)aluate and anal,se the findings so as to .resent a (lear
.i(ture of trends in the Insuran(e se(tor.
,5< Com%any %ro$i)e
ig , > !"C #ogo
,5<5, The name of the (om.an, is !"C #IE )t&. The address is S(o-% Suman To1er
Building, Ashok )ihar .hase-$ 'e1 *elhi-$$<#. The Tele.hone 'o. is $$-
G!:"%. @*6C =I6& is a Multinational Com.an,. As it is a Multinational
Com.an, the address of its !ea& O$$ice is @*6C Standard =ife Insuran(e Com.an,
=imited, ATradeStar A,#ndfloor, AAA8ing,Jun(tion of Kondi)ita and M.V.
-oad,Andheri-Kurla -oad, Andheri /&ast0, Mum+ai - G <".Phone2 "$-##-
#:##<< 6a52 "$ -##- #:## """:
,5<5* Nature o$ the OrganiCation
@*6C Standard =ife Insuran(e Com.an, =td. is one of IndiaAs leading .ri)ate insuran(e
(om.anies, 1hi(h offers a range of indi)idual and grou. insuran(e solutions. It is a 4oint
)enture +et1een @ousing *e)elo.ment 6inan(e Cor.oration =imited /@*6C =td.0, IndiaAs
leading housing finan(e institution and a 3rou. Com.an, of the Standard =ife, UK.
#'
,5<5*5, @*6C =ife, one of IndiaAs leading .ri)ate life insuran(e (om.anies, offers a range of
indi)idual and grou. insuran(e solutions. It is a 4oint )enture +et1een @ousing
*e)elo.ment 6inan(e Cor.oration =imited /@*6C0, IndiaAs leading housing finan(e
institution and Standard =ife .l(, the leading .ro)ider of finan(ial ser)i(es in the United
Kingdom.
,5<5*5* @*6C =td. holds !#.%!; and Standard =ife /Mauritius @olding0 =td. holds #F.;
of e?uit, in the 4oint )enture, 1hile the rest is held +, others.
,5<5*52 @*6C =ifeAs .rodu(t .ortfolio (om.rises solutions, 1hi(h meet )arious (ustomer
needs su(h as Prote(tion, Pension, Sa)ings, In)estment and @ealth. Customers ha)e
the added ad)antage of (ustomi9ing the .lans, +, adding o.tional +enefits (alled riders, at a
nominal .ri(e. The (om.an, (urrentl, has #: retail and " grou. .rodu(ts in its .ortfolio,
along 1ith ten o.tional rider +enefits (atering to the sa)ings, in)estment, .rote(tion and
retirement needs of (ustomers.
,5<5*5< @*6C =ife (ontinues to ha)e one of the 1idest rea(hes among ne1 insuran(e
Com.anies 1ith more than <+ran(hes ser)i(ing (ustomer needs in o)er ! (ities and
to1ns. The (om.an, has a strong +ase of 6inan(ial Consultants.
,5<5*56 @*6C Standard =ife +elie)es that esta+lishing a strong and ethi(al foundation is an
essential .rere?uisite for long-term sustaina+le gro1th. To ensure this, 1e ha)e (on(entrated
our fo(us on e5.ansion of +ran(h net1ork, organising an effi(ient and 1ell trained sales
for(e, and setting u. a..ro.riate s,stems and .ro(esses 1ith o.timum use of te(hnolog,. As
all these areas form the +asi( infrastru(ture for esta+lishing the highest .ossi+le (ustomer
ser)i(e standards.
,5<5*5= Bur (ore )alues are drilled do1n to all le)els of em.lo,ees, as these are in)iola+le.
8e (ontinue to .romote high integrit, in +usiness .ra(ti(es and shun short (uts and unethi(al
.ra(ti(es, as 1e 1ish to +e .er(ei)ed as an institution 1ith high moral standing. Sin(e our
#3
in(e.tion in #, 1hen the Indian insuran(e s.a(e 1as o.ened for .ri)ate .arti(i.ation, 1e
ha)e (onsistentl, fo(used on setting +en(hmarks in all as.e(t on insuran(e +usiness. Being
the first .ri)ate .la,er to +e registered 1ith the I-*A and the first to issue a .oli(, on
*e(em+er $#, #.
,5<52 Com%anies vision an& mission
,5<525, .ision
AThe most su((essful and admired life insuran(e (om.an,, 1hi(h means that 1e are the most
trusted (om.an,, the easiest to deal 1ith, offer the +est )alue for mone,, and set the
standards in the industr,A.
AThe most o+)ious (hoi(e for allA.
,5<525* Mission
To +e the to. ne1 life insuran(e (om.an, in the market. This does not 4ust mean +eing the
largest or the most .rodu(ti)e (om.an, in the market, rather it is a (om+ination of se)eral
things like-
,5<525*5, Customer ser)i(e of the highest order.
,5<525*5* Value for mone, for (ustomers.
,5<525*52 Professionalism in (arr,ing out +usiness
,5<525*5< Inno)ati)e .rodu(ts to (ater to different needs of different (ustomers.
,5<525*56 Use of te(hnolog, to im.ro)e ser)i(e standards.
,5<525*5= In(reasing market share.
,5<5< Pro&uct range o$ com%any
,5<5<5, Protection %)an
Prote(tion Plans hel. ,ou shield ,our famil, from un(ertainties in life due to finan(ial losses
in terms of loss of in(ome that ma, da1n u.on them in (ase of ,our untimel, demise or
(riti(al illness. Se(uring the future of oneAs famil, is one of the most im.ortant goals of life.
Prote(tion Plans go a long 1a, in ensuring ,our famil,As finan(ial inde.enden(e in the e)ent
of ,our unfortunate demise or (riti(al illness. The, are all the more im.ortant if ,ou are the
#,
(hief 1age earner in ,our famil,. 'o matter ho1 mu(h ,ou ha)e sa)ed or in)ested o)er the
,ears, sudden e)entualities, su(h as death or (riti(al illness, al1a,s tend to affe(t ,our famil,
finan(iall, a.art from the huge emotional loss.
,5<5<5* Chi)&renDs %)an
ChildrenAs Plans hel.s ,ou sa)e so that ,ou (an fulfill ,our (hildAs dreams and as.irations.
These .lans go a long 1a, in se(uring ,our (hildAs future +, finan(ing the ke, milestones in
their li)es e)en if ,ou are no longer around to o)ersee them. As a .arent, ,ou 1ish to .ro)ide
,our (hild 1ith the )er, +est that life offers, the +est .ossi+le edu(ation, marriage and life
st,le. Most of these goals ha)e a .ri(e tag atta(hed and unless ,ou .lan ,our finan(es
(arefull,, ,ou ma, not +e a+le to .ro)ide the re?uired e(onomi( su..ort to ,our (hild 1hen
,ou need it the most. 6or e5am.le, 1ith the high and rising (osts of edu(ation, if ,ou are not
finan(iall, .re.ared, ,our (hild ma, miss an o..ortunit, of a lifetime.
Toda,, a #-,ear MBA (ourse at a .remiere management institute 1ould (ost ,ou nearl, -s.
%,,K- At a assumed F; rate of inflation .er annum, # ,ears later, ,ou 1ould need
almost -s. ",!,F:K- to finan(e ,our (hildAs MBA degree.
,5<5<52 Retirement %)an
-etirement Plans .ro)ide ,ou 1ith finan(ial se(urit, so that 1hen ,our .rofessional in(ome
starts to e++, ,ou (an still li)e 1ith .ride 1ithout (om.romising on ,our li)ing standards. B,
.ro)iding ,ou a tool to a((umulate and in)est ,our sa)ings, these .lans gi)e ,ou a lum. sum
on retirement, 1hi(h is then used to get regular in(ome through an annuit, .lan. 3i)en the
high (ost of li)ing and rising inflation, em.lo,er .ensions alone are not suffi(ient. -etirement
.lanning has therefore +e(ome (riti(al toda,.
#-
IndiaAs a)erage life e5.e(tan(, is slated to in(rease to o)er !< ,ears +, #< from the .resent
le)el of (lose to F< ,ears. =ife s.ans ha)e +een in(reasing due to +etter health and sanitation
(onditions in the (ountr,. @o1e)er, the a)erage num+er of ,ears of em.lo,ment has not +een
rising (ommensuratel,. The result is an in(rease in the num+er of .ost-retirement ,ears.
A((ordingl,, it has +e(ome ne(essar, to ensure regular in(ome for life after retirement, so
that ,ou (an li)e 1ith .ride and en4o, ,our t1ilight ,ears.
,5<5<5< Saving an& Investment %)an
Lou ha)e al1a,s gi)en ,our famil, the )er, +est. And there is no reason 1h, the, shouldnAt
get the )er, +est in the future too. As a 4udi(ious famil, man, ,our .riorit, is to se(ure the
1ell-+eing of those 1ho de.end on ,ou. 'ot 4ust for toda,, +ut also in the long term. More
im.ortantl,, ,ou ha)e to ensure that ,our famil,As future e5.enses are taken (are, e)en if
something unfortunate 1ere to ha..en to ,ou.
A +ig fa(tor that ,ou need to (onsider 1hile +uilding ,our 1ealth is inflation. It has a dual
im.a(t on ,our hard-earned sa)ings. Inflation not onl, erodes ,our (urrent .ur(hasing .o1er
+ut also magnifies ,our monetar, re?uirements for the future. Sam.le this2 An %< Lear
indi)idual needs to in)est -s. %F,K- .er ,ear 1ith :; returns to +uild a (or.us of -s.
$,,K- +, the age of < Lears.
,5<5<56 !ea)th %)an
@ealth .lans gi)e ,ou the finan(ial se(urit, to meet health related (ontingen(ies. *ue to
(hanging lifest,les, health issues ha)e a(?uired (om.letel, ne1 dimension o)ertime,
+e(oming more (om.le5 in nature. It +e(omes im.erati)e then to ha)e a health .lan in .la(e,
1hi(h 1ill ensure that no matter ho1 (riti(al ,our illness is, it does not im.a(t ,our finan(ial
inde.enden(e.
#.
In the ra(e to e5(el in our .rofessional li)es and .ro)ide the +est for our lo)ed ones, 1e
sometimes negle(t the most im.ortant asset that 1e ha)e - our health. 8ith in(reasing le)els
of stress, negligi+le .h,si(al a(ti)it, and a deteriorating en)ironment due to ra.id
ur+ani9ation, our )ulnera+ilit, to diseases has in(reased at an alarming rate.
,5<56 SiCe o$ the organisation
,5<565, Man%ower> The Man.o1er is a..ro5. %,, in(luding 6(s and trainee.
,5<565* Turnover> Turno)er of @*6C =If& is a..ro5 # +illion.
#$' In&ustry Profile
,565, #i$e Insurance
In $:$: the British esta+lished the first insuran(e (om.an, in India in Cal(utta, the Briental
=ife Insuran(e Com.an,. 6irst attem.ts at regulation of the industr, 1ere made 1ith the
introdu(tion of the Indian =ife Assuran(e Com.anies A(t in $"$#. A num+er of amendments
to this A(t 1ere made until the Insuran(e A(t 1as dra1n u. in $"%:. 'ote1orth, features in
the A(t 1ere the .o1er gi)en to the 3o)ernment to (olle(t statisti(al information a+out the
insured and the high le)el of .rote(tion the A(t ga)e to the .u+li( through regulation and
(ontrol. 8hen the A(t 1as (hanged in $"<, this meant far rea(hing (hanges in the industr,.
The e5tra re?uirements in(luded a statutor, re?uirement of a (ertain le)el of e?uit, (a.ital, a
(eiling on share holdings in su(h (om.anies to .re)ent dominant (ontrol /to .rote(t the
.u+li( from an, ad)ersarial .oli(ies from one single .art,0, stri(ter (ontrol on in)estments
and, generall,, mu(h tighter (ontrol. In $"<F, the market (ontained $<G Indian and $F foreign
#/
life insuran(e (om.anies. Business 1as hea)il, (on(entrated in ur+an areas and targeted the
higher e(helons of so(iet,. HUnethi(al .ra(ti(es ado.ted +, some of the .la,ers against the
interests of the (onsumersI then led the Indian go)ernment to nationali9e the industr,. In
Se.tem+er $"<F, nationali9ation 1as (om.leted, merging all these (om.anies into the so-
(alled =ife Insuran(e Cor.oration /=IC0. It 1as felt that Hnationali9ation has lent the industr,
fairness, solidit,, gro1th and rea(h.I
,565* Some o$ the im%ortant mi)estones in the )i$e insurance 'usiness in In&ia are>
,1,*> The Indian =ife Assuran(e Com.anies A(t ena(ted as the first statute to regulate the
life insuran(e +usiness.
,1*?> The Indian Insuran(e Com.anies A(t ena(ted to ena+le the go)ernment to (olle(t
statisti(al information a+out +oth life and non-life insuran(e +usinesses.
,12?> &arlier legislation (onsolidated and amended to +, the Insuran(e A(t 1ith the o+4e(ti)e
of .rote(ting the interests of the insuring .u+li(.
,16=> The market (ontained $<G Indian and $F foreign life insuran(e (om.anies.
,5652 MAEOR P#A4ERS IN T!E INSURANCE IN"USTR4 IN IN"IA ,5652 MAEOR P#A4ERS IN T!E INSURANCE IN"USTR4 IN IN"IA
,56525, #i$e Insurance Cor%oration o$ In&ia 9#IC:
#1
=ife Insuran(e Cor.oration of India /=IC0 1as esta+lished on $ Se.tem+er $"<F to s.read the
message of life insuran(e in the (ountr, and mo+ilise .eo.le7s sa)ings for nation-+uilding
a(ti)ities. =IC 1ith its (entral offi(e in Mum+ai and se)en 9onal offi(es at Mum+ai, Cal(utta,
*elhi, Chennai, @,dera+ad, Kan.ur and Bho.al, o.erates through $ di)isional offi(es in
im.ortant (ities and #,G: +ran(h offi(es. =IC has <.<" lakh a(ti)e agents s.read o)er the
(ountr,.
The Cor.oration also transa(ts +usiness a+road and has offi(es in 6i4i, Mauritius and United
Kingdom. =IC is asso(iated 1ith 4oint )entures a+road in the field of insuran(e, namel,, Ken-
India Assuran(e Com.an, =imited, 'airo+iD United Briental Assuran(e Com.an, =imited,
Kuala =um.urD and =ife Insuran(e Cor.oration /International0, &.C. Bahrain. It has also
entered into an agreement 1ith the Sun =ife /UK0 for marketing unit linked life insuran(e and
.ension .oli(ies in U.K.
In $""<-"F, =IC had a total in(ome from .remium and in)estments of M < Billion 1hile 3IC
re(orded a net .remium of M $.% Billion. *uring the last $< ,ears, =ICAs in(ome gre1 at a
health, a)erage of $ .er (ent as against the industr,As F.! .er (ent gro1th in the rest of Asia
/%.G .er (ent in &uro.e, $.G .er (ent in the US0.
=IC has e)en .ro)ided insuran(e (o)er to fi)e million .eo.le li)ing +elo1 the .o)ert, line,
1ith < .er (ent su+sid, in the .remium rates. =ICAs (laims settlement ratio at "< .er (ent
and 3ICAs at !G .er (ent are higher than that of glo+al a)erage of G .er (ent. Com.ounded
annual gro1th rate for =ife insuran(e +usiness has +een $".## .er (ent .er annum
,56525* Genera) Insurance Cor%oration o$ In&ia 9GIC:
The general insuran(e industr, in India 1as nationali9ed and a go)ernment (om.an, kno1n
as 3eneral Insuran(e Cor.oration of India /3IC0 1as formed +, the Central 3o)ernment in
#2
'o)em+er $"!#. 8ith effe(t from $ Januar, $"!% the erst1hile $! Indian and foreign
insurers 1hi(h 1ere o.erating in the (ountr, .rior to nationali9ation, 1ere grou.ed into four
o.erating (om.anies, namel,, /i0 'ational Insuran(e Com.an, =imitedD /ii0 'e1 India
Assuran(e Com.an, =imitedD /iii0 Briental Insuran(e Com.an, =imitedD and /i)0 United
India Insuran(e Com.an, =imited. /@o1e)er, 1ith effe(t from *e(A#, these su+sidiaries
ha)e +een de-linked from the .arent (om.an, and made as inde.endent insuran(e
(om.anies0. All the a+o)e four su+sidiaries of 3IC o.erate all o)er the (ountr, (om.eting
1ith one another and under1riting )arious (lasses of general insuran(e +usiness e5(e.t for
a)iation insuran(e of national airlines and (ro. insuran(e 1hi(h is handled +, the 3IC.
Besides the domesti( market, the industr, is .resentl, o.erating in $! (ountries dire(tl,
through +ran(hes or agen(ies and in $G (ountries through su+sidiar, and asso(iate
(om.anies.
,565< IN A""ITION TO ABO.E STATE INSURERS T!E O##O8ING !A.E
BEEN PERMITTE" TO ENTER INTO INSURANCE BUSINESS> 3
The introdu(tion of .ri)ate .la,ers in the industr, has added to the (olors in the dull industr,.
The initiati)es taken +, the .ri)ate .la,ers are )er, (om.etiti)e and ha)e gi)en immense
(om.etition to the on time mono.ol, of the market =IC. Sin(e the ad)ent of the .ri)ate
.la,ers in the market the industr, has seen ne1 and inno)ati)e ste.s taken +, the .la,ers in
this se(tor. The ne1 .la,ers ha)e im.ro)ed the ser)i(e ?ualit, of the insuran(e. As a result
=IC do1n the ,ears ha)e seen the de(lining .hase in its (areer. The market share 1as
distri+uted among the .ri)ate .la,ers. Though =IC still holds the !<; of the insuran(e se(tor
+ut the u.(oming natures of these .ri)ate .la,ers are enough to gi)e more (om.etition to =IC
in the near future. =IC market share has de(reased from "<; /#:-"0 to :# ;/ #$-$$0.
,565<5, !"C Stan&ar& #i$e Insurance Com%any #t&.
'3
@*6C Standard =ife Insuran(e Com.an, =td. is one of India7s leading .ri)ate life insuran(e
(om.anies, 1hi(h offers a range of indi)idual and grou. insuran(e solutions. It is a 4oint
)enture +et1een @ousing *e)elo.ment 6inan(e Cor.oration =imited /@*6C =td.0, India7s
leading housing finan(e institution and The Standard =ife Assuran(e Com.an,, a leading
.ro)ider of finan(ial ser)i(es from the United Kingdom.
,565<5* MaF New 4or7 #i$e Insurance Co5 #t&5
Ma5 'e1 Lork =ife Insuran(e Com.an, =imited is a 4oint )enture that +rings together t1o
large for(es - Ma5 India =imited, a multi-+usiness (or.orate, together 1ith 'e1 Lork =ife
International, a glo+al e5.ert in life insuran(e. 8ith their )arious Produ(ts and -iders, there
are more than G .rodu(t (om+inations to (hoose from. The, ha)e a national .resen(e 1ith
a net1ork of <! offi(es in %! (ities a(ross India.
,565<52 ICICI Pru&entia) #i$e Insurance Com%any #t&5
ICICI Prudential =ife Insuran(e Com.an, is a 4oint )enture +et1een ICICI Bank, a .remier
finan(ial .o1erhouse and .rudential .l(, a leading international finan(ial ser)i(es grou.
head?uartered in the United Kingdom. ICICI Prudential 1as amongst the first .ri)ate se(tor
insuran(e (om.anies to +egin o.erations in *e(em+er # after re(ei)ing a..ro)al from
Insuran(e -egulator, *e)elo.ment Authorit, /I-*A0. The (om.an, has a net1ork of a+out
<F, ad)isorsD as 1ell as ! +an( assuran(e and $< (or.orate agent tie-u.s.
,565<5< Om /ota7 Mahin&ra #i$e Insurance Co5 #t&5
Kotak Mahindra Bld Mutual =ife Insuran(e =td. is a 4oint )enture +et1een Kotak Mahindra
Bank =td. /KMB=0, and Bld Mutual .l(.
,565<56 Bir)a Sun #i$e Insurance Com%any #t&5
Birla Sun =ife Insuran(e Com.an, is a 4oint )enture +et1een Adit,a Birla 3rou. and Sun
=ife finan(ial Ser)i(es of Canada.
'#
Tata AI3 =ife Insuran(e Com.an, =td.
SBI =ife Insuran(e Com.an, =imited
I'3 V,s,a =ife Insuran(e Com.an, Pri)ate =imited
Allian9 Ba4a4 =ife Insuran(e Com.an, =td.
Metlife India Insuran(e Com.an, P)t. =td.
AMP SA'MA- Assuran(e Com.an, =td.
*a+ur C3U =ife Insuran(e Com.an, P)t. =td.

,5656 Mar7eting o$ Insurance In In&ia
Insuran(e is in a manner of s.eaking the last frontier in the finan(ial se(tor to o.en. It is also
a se(tor, 1hi(h leads to +enefits a(ross the full s.e(trum, from the indi)idual 1ho no1 ha)e
1ider (hoi(es, to the e(onom,, 1hi(h see in(reased sa)ings, to the infrastru(ture se(tor,
1hi(h (an look for1ard to long term funding +eing a)aila+le. In an under-insured e(onom,,
ne1er (hannels of distri+ution ha)e to +e utili9ed to intensif, the rea(h of insuran(e +oth in
ur+an and rural markets. This 1ill (reate huge em.lo,ment o..ortunities not onl, 1ithin
insuran(e (om.anies +ut also as agents and (onsultants of insuran(e (om.anies.
,565= Mar7eting MiF Po)icies
*ifferent (om.anies (an (hoose to .osition themsel)es differentl, and hen(e the Marketing
Mi5 is different. @o1e)er, there are (ertain (ommon (hara(teristi(s that one (an (ull out
from the .ossi+le strategies that (om.anies ado.t.
,565=5, Pro&uct>
''
The de)elo.ment of fle5i+le .rodu(ts to suit indi)idual re?uirements is 1hat 1ill differentiate
the 1inners from the also-rans. The ke, to su((ess is in .ro)iding insuran(e solutions, not
standardi9ed insuran(e .rodu(ts. The (on(e.t of ridersKo.tional +enefits has alread, +een a
huge inno)ation +rought a+out +, the ne1 .la,ers, 1hi(h has led to (ustomi9ation of
.rodu(ts for indi)idual needs. @o1e)er, (om.anies ma, differentiate themsel)es on the +asis
of .rodu(t segments that the, (hoose to fo(us on and e5(el in.
,565=5* P)ace>
*ifferent (om.anies ma, ho1e)er (hoose different (hannels and different geogra.hies to
fo(us on. The (hannel o.tions are - tied agen(, for(e, (or.orate agents and +rokers and this is
an area 1here different (om.anies 1ill make different (hoi(es. Man, (om.anies like @*6C
Standard =ife are fo(using on all (hannels 1hereas (om.anies like Ma5 'e1 Lork =ife are
fo(using on the tied agen(, for(e onl,. Customer interfa(e 1ill +e a ke, (hallenge for life
insuran(e (om.anies and in(ludes e)er, that intera(tion that the (ustomer has 1ith the
(om.an,, su(h as sales, ne1 +usiness under1riting, .oli(, ser)i(ing, .remium .a,ments,
(laim .ro(essing and so on. Te(hnolog, (an .la, a (ru(ial role in deli)ering the highest
standards of ser)i(e set +, the (om.an, and it 1ill +e im.erati)e for an, serious .la,er to
e5(el in all of these.
,565=52 Price>
Pri(e is a rele)ant differentiator onl, in t1o segments - .ure term insuran(e and in .ure
annuities. @ere too, ser)i(e deli)er, and finan(ial strength 1ill need to +e .resent at a
minimum a((e.ta+le le)el for .ri(e to +e a rele)ant differentiator. In (ase of sa)ings oriented
.rodu(ts, long-term returns generated are more rele)ant than 4ust the .ri(e of the .rodu(t. A
fo(us on generating good in)estment .erforman(e and kee.ing a tight (ontrol on (osts hel. in
generating good long-term maturit, )alue for (ustomers. 'orms ha)e +een laid do1n on all
of these +, I-*A and adhering to these 1hile deli)ering good returns 1ill +e a (hallenge.
'3
,565=5< Promotion an& A&vertising>
The le)el of demand is latent and 1ill ha)e to +e a(ti)ated (onsidera+l,. The market needs to
+e de)elo.ed. 3reater a1areness of insuran(e and the need to ha)e it as a .rote(tion tool
rather than as a ta5 .lanning measure needs to +e a..re(iated +, the Indian .eo.le. Various
(ommuni(ation tools in(luding ad)ertising, dire(t marketing and road sho1s (ontri+ute to all
this and different (om.anies take different a..roa(hes on these.
,565=56 Process>
,565=565, Cash)ess sett)ement> Bne of the most defining and (ustomer-friendl, (hanges that
1e7)e seen in re(ent ,ears relates to the 1a, (laims settlements are made. The ad)ent of the
third-.art, administrator /TPA0 regime has fa(ilitated the transition to the hugel, (on)enient
era of (ashless settlement of health and auto insuran(e (laims. TPAs are entities 1ho .ro(ess
(laims on +ehalf of insurers2 the I-*A li(enses them after it is satisfied that the, ha)e the
finan(ial strength, the trained man.o1er, the infrastru(ture and the skills to undertake this
a(ti)it,.
,565=5= Peo%)e>
The most im.ortant fa(tor that materiali9es sales and maintains (ustomer relationshi.s on a
long-term +asis is this fa(tor. 'o matter 1hat distri+ution strateg, a (om.an, ado.ts,
(ustomer relationshi. has to +e taken (are of in order to maintain the (ustomer +ase on a
long-term +asis.
',
Cha%ter3* Review o$
#iterature
'-
Intro&uction
The meaning of insuran(e is im.ortant to understand for an,+od, that is (onsidering +u,ing
an insuran(e .oli(, or sim.l, understanding the +asi(s of finan(e. Insuran(e is a hedging
instrument used as a .re(autionar, measure against future (ontingent losses. This instrument
is used for managing the .ossi+le risks of the future.
Consumer +eha)ior refers to the mental and emotional .ro(ess and the o+ser)a+le +eha)ior
of (onsumers during sear(hing, .ur(hasing and .ost (onsum.tion of a .rodu(t or ser)i(e.
Consumer +eha)ior in)ol)es stud, of ho1 .eo.le +u,, 1hat the, +u,, 1hen the, +u, and
1h, the, +u,. It +lends the elements from .s,(holog,, so(iolog,, .s,(holog,, anthro.olog,
and e(onomi(s. It also tries to assess the influen(e on the (onsumer from grou.s su(h as
famil,, friends, referen(e grou.s and so(iet, in general.
Bu,er +eha)ior has t1o as.e(ts2 the final .ur(hase a(ti)it, )isi+le to an, o+ser)er and the
detailed or short de(ision .ro(ess that ma, in)ol)e the inter.la, of a num+er of (om.le5
)aria+les not )isi+le to an,one.
Marketing is a so(ietal .ro(ess +, 1hi(h indi)iduals and grou.s o+tain 1hat the, need and
1ant through (reating offering and freel, e5(hanging .rodu(ts and ser)i(es of )alue 1ith
others for a managerial definition marketing has often +een des(ri+ed as HThe art of selling
the .rodu(ts H+ut .eo.le sur.rised 1hen the, hear that the most im.ortant .art of marketing
is not selling is onl, the tri(k of the marketing i(e+erg.
BVB College of &ngineering N Te(hnolog, @u+li
Com.anies .ra(tising the marketing (on(e.t 1ork at the le)el of (ustomer segments, a
gro1ing num+er of toda,7s (om.anies are no1 sha.ing se.arate offers ser)i(es and messages
to indi)idual (ustomers these (om.anies (olle(t information on ea(h (ustomers .ast
transa(tion demogra.hi(s, .s,(hogra.hi(s and media and distri+ution .referen(e,. The, ho.e
to a(hie)e .rofita+le gro1th through (a.turing a larger share of ea(h (ustomer7s e5.enditure
+, +uilding high (ustomer lo,alt, and fo(using on (ustomer life time )alue.
'.
A+ilit, of a (om.an, to deal 1ith (ustomers one at time has +e(ome .ra(ti(e as result of
ad)an(es in fa(tor, (ustomisation (om.uters the internet and data +ase marketing soft1are7s
,et the .ra(ti(ing of a one to one marketing is not for e)er, (om.an, the re?uired in)estment
in information (olle(tion, hard1are, and soft1are ma, e5(eed the .a, out. it 1orks +est for
(om.anies that normall, (olle(t a great deal of indi)idual (ustomer information, (arr, a lot of
.rodu(ts that (an +e (ross sold (arr, .rodu(ts that need .eriodi( re.la(ement or u. grading
and self .rodu(t of high )alue.
is the differen(e +et1een the .ers.e(ti)e (ustomers e)aluation of all the +enefits and all the
(ost7s of an offering and the .er(ei)ed alternati)es total (ustomer )alue is the .er(ei)ed
monitor, )alue of the +undle of e(onomi(, fun(tional, and .s,(hologi(al +enefits (ustomers
e5(e.t from a gi)en market offering total (ustomer (ost is the +undle of (osts (ustomer
e5(e.t to in(ur in e)aluating, o+taining, using and dis.osing of the gi)en market offering.
'/
'eed -e(ognition and .ro+lem
A1areness
Information Sear(h
&)aluation of Alternati)es
Pur(hase
Post-Pur(hase &)aluation
ig * > Buying &ecision %rocess
Cha%ter32 Research
Metho&o)ogy
'1
25, Research &esign
25,5, -esear(h design- &5.lorator, and *is(ri.ti)e -esear(h
25,5* Uni)erse- 'on Pro+a+ilit,
25,52 *ata used- Primar, as 1ell Se(ondar, data
25,5< Primar, sour(e- Cuestionnaire
25,56 Se(ondar, sour(e- Internet
Books
Maga9ines
25,5= Tools used- ; test
25,50 3ra.hi( -e.resentation- Bar, Pie (hart.
25* SAMP#ING MET!O"O#OG4
25*5, Sam%)ing TechniGue> Initiall,, a rough draft is .re.ared kee.ing in mind the o+4e(ti)e
Bf the resear(h. A stud, is done in order to kno1 the a((ura(, of the Cuestionnaire.
The final Cuestionnaire is arri)ed onl, after (ertain im.ortant (hanges are made. Thus
m, sam.ling (ame out to +e 4udgmental and (on)enient elf &m.lo,ees et(.
25*5* Sam%)ing Unit> The res.ond ants asked to fill out ?uestionnaires are the sam.ling
'2
units. These (om.rise of em.lo,ees of M'Cs, 3o)t. &m.lo,ees, S
25*52 Sam%)e siCe> The sam.le si9e 1as restri(ted to onl, $, 1hi(h (om.rised of mainl,
.eo.les from different regions of *elhi.
25*5< Sam%)ing Area> The area of the resear(h 1as *elhi, I'*IA.
Cha%ter3 <
"ata Re&uction(
Presentation an& Ana)ysis
33
<5, "ATA S!O8S PEOP#ES !A.ING #IE INSURANCE
-&SPB'S& 'B. B6
-&SPB'*&'TS
S@A-& /;0
Les ! !;
'o % %;
Ta')e , > %eo%)e having )i$e insurance
$
ig 2 > %eo%)e having )i$e insurance
3#
<5* "ATA GI.ES PREERENCE O RESPON"ENTS O INSURANCE
COMPANIES
COMPAN4DS NAME
NO5O
RESPON"ENT
S!ARE 9H:
#5I5C5 0? 0?
!"C * *
ICICI PRU"ENTIA# ,+ ,+
SBI #IE 0 0
RE#IANCE #IE
INSURANCE
2 2
TOTA# ,++ ,++
Ta')e * > Pre$erence o$ res%on&ants
3'
#
ig < > Pre$erence o$ res%on&ants

<52 "ATA GI.ES BENEITS O INSURANCE PERCEI.E" B4 RESPON"ENTS
BENEITS
NO5O
RESPON"ENTS
S!ARE 9H:
Co)er 6uture Un(ertaint, << <<
Ta5 *edu(tions # #
6uture In)estment #< #<
TBTA= $ $
Ta')e 2 > 'ene$its o$ insurance
33
%
ig 6 > 'ene$its o$ insurance
<5< "ATA PRO.I"ES EATURES O INSURANCE PO#IC4 T!AT ATTRACTE"
RESPON"ENTS
EATURE NO5O
RESPON"ENTS
S!ARE 9H:
Mone, Ba(k 3uarantee $< $<
=arger -isk Co)eran(e %! %!
&as, A((ess to Agents ! !
=o1 Premium % %
Com.an,7s -e.utation $$ $$
TBTA= $ $
Ta')e < > $eatures o$ insurance %o)icy
3,
G
ig = > $eatures o$ insurance %o)icy
<56 "ATA PRO.I"ES NUMBER O INSURANCE PO#IC4 T4PE RESPON"ENTS
PO#IC4 T4PE NO5 O
RESPON"ENTS
S!ARE 9H:
=I6& PB=ICL <# <#
'B' =I6& PB=ICL $! $!
BBT@ %$ %$
Ta')e 6 > ty%e o$ res%on&ants
3-
<
ig 0 > ty%e o$ res%on&ants
<5= "ATA GI.ES PEOP#E PERCEPTION ABOUT INSURANCE
RESPONSE NO5 O
RESPON"ENTS
S!ARE 9H:
A sa)ing tool %# %#;
A ta5 sa)ing de)i(e #" #";
A tool to .rote(t ,our famil, %" %";
Ta')e = > %eo%)e %erce%tion
3.

ig ? > %eo%)e %erce%tion
<50 "ATA S!O8S SATISACTION O RESPON"ENTS 8IT! RESPECT TO
SER.ICE AGENT
RESPONSE NO5 O
RESPON"ENTS
S!ARE 9H:
Satisfied G< G<;
'ot satisfied << <<;
'ot -es.onded .;
Total $ $;
Ta')e 0 > SATISACTION O RESPON"ENTS
3/
!
ig 1 > SATISACTION O RESPON"ENTS
<5? "ATA GI.ES PEOP#EDS PERCEPTION ON APPROPRIATE AGE OR
BU4ING INSURANCE
RESPONSE NO5 O
RESPON"ENTS
S!ARE 9H:
After #< ,ears #" #";
After %< ,ears $ $;
After G< ,ears ;
An,time F$ F$;
Ta')e ? > PEOP#EDS PERCEPTION ON APPROPRIATE AGE
31
:
ig ,+ > PEOP#EDS PERCEPTION ON APPROPRIATE AGE
<51 "ATA S!O8S REASONS BE!IN" GOING OR INSURANCE
RESPONSE NO5 O
RESPON"ENTS
S!ARE 9H:
Ta5 sa)ing %$ %$;
Sa)ing K In)estment %$ %$.;
6amil, .rote(tion %: %:;
Ta')e 1 > REASONS BE!IN" GOING OR INSURANCE
32
"
ig ,, > REASONS BE!IN" GOING OR INSURANCE

<5,+ "ATA S!O8S NUMBER O RESPON"ENTS PA4ING TA;
RESPONSE NO5 O
RESPON"ENTS
S!ARE 9H:
Pa,ing ta5 $ $;
'ot .a,ing ta5 - ;
Total $ $;
Ta')e ,+ > RESPON"ENTS PA4ING TA;
,3

ig ,* > RESPON"ENTS PA4ING TA;

<5,, "ATA S!O8S RESPON"ENTDS IN.ESTMENTS OR TA; SA.ING

IN.ESTMENTS NO5 O
RESPON"ENTS
S!ARE 9H:
=IC % %;
'SC $" $";
Bonds $" $";
PP6 $G $G;
P6 $# $#;
&P6 F F;
Ta')e ,, > RESPON"ENTDS IN.ESTMENTS OR TA; SA.ING
,#

ig ,2 > RESPON"ENTDS IN.ESTMENTS OR TA; SA.ING

<5,* "ATA S!O8S RESPON"ENTS PERCEPTION ABOUT BEST ORM O
IN.ESTMENT OR SECURING T!EIR UTURE
NO5 O
RESPON"ENTS
S!ARE 9H:
6i5ed Assets %% %%;
Bank de.osits < <;
Je1eller, $$ $$;
Se(urities i.e. +onds, M6s $! $!;
Shares G G;
Insuran(e % %;
Ta')e ,* > RESPON"ENTS PERCEPTION
,'
$#
ig ,< > RESPON"ENTS PERCEPTION
<5,2 "ATA S!O8S 8!AT PEOP#E INTENT TO GAIN ROM T!EIR
IN.ESTMENT
RESPONSE NO5 O
RESPON"ENTS
S!ARE 9H:
Sa)ing N -eturns %: %:;
Se(urit, %< %<;
Ta5 +enefits #! #!.;
Ta')e ,2 > PEOP#E INTENT TO GAIN
,3

ig ,6 > PEOP#E INTENT TO GAIN
<5,< "ATA S!O8S BU4ING PROCESS O T!E PEOP#E

BU4ING PROCESS NO5 O
RESPON"ENTS
S!ARE 9H:
Customer a..roa(hed Insuran(e
(om.an,KAgent
GG GG;
Com.an,Kagent a..roa(hed
(ustomer
<F <F;
Total $ $;
Ta')e ,< > BU4ING PROCESS O T!E PEOP#E
,,

ig ,= > BU4ING PROCESS O T!E PEOP#E

<5,6 "ATA S!O8S SATISACTION O RESPON"ENTS 8IT! RESPECT TO
SER.ICE AGENT
RESPONSE NO5 O
RESPON"ENTS
S!ARE 9H:
Satisfied G< G<;
'ot satisfied << <<;
'ot -es.onded .;
Total $ $;
Ta')e ,6 > SATISACTION O RESPON"ENTS
,-
$<

ig ,0 > SATISACTION O RESPON"ENTS
,.
Cha%ter36 "ata
inter%retation
65, Bf the sam.le si9e of $ sur)e,ed res.ondents !; of the res.ondents are ha)ing =ife
Insuran(e .oli(,.
65* %; of the res.ondents are not ha)ing a life Insuran(e .oli(, at .resent and are
.lanning to .ur(hase one.
652 !:; of the .eo.le (onta(ted .refer =IC .oli(, to an, other and therefore it is ranked
no.$ +, that .er(ent of res.ondents.
65< <<; of the res.ondents +elie)e that (o)ering future un(ertaint, is the +iggest +enefit of
an insuran(e .oli(,.
656 8hereas, #; and #<; of them +elie)e that the other +enefits are Ta5 dedu(tion and
future in)estments res.e(ti)el,.
65= Ma4orit, of the res.ondent /%!;0 found =arger risk (o)eran(e as the most attra(ted
,/
feature of the all.
650 <#; of the res.ondents ha)e =ife Insuran(e Poli(, 1hile %$; ha)e +oth.
65? F; of the res.ondents are more or less satisfied 1ith their e5isting .oli(,.
651 G; of the res.ondents are not satisfied 1ith their e5isting .oli(,.
In this (ase all of those 1ho ha)e taken a .oli(, ha)e res.onded
65,+ G<; of the res.ondents are satisfied 1ith their e5isting ser)i(e agent.
65,, <<; of the res.ondents are not satisfied 1ith their e5isting insuran(e agent.
65,* All of those 1ho ha)e taken a .oli(, ha)e res.onded.
65,2 #"; of the res.ondents are 1ith the )ie1 that insuran(e should +e +ought after the age
of #< ,ears.
65,< $; of the res.ondents are 1ith the )ie1 that insuran(e should +e +u,ed after the age
of %< ,ears.
65,6 8hereas, F; of the res.ondents are 1ith the )ie1 that +u,ing of insuran(e do not
ha)e an, thing to do 1ith age i.e. there is no age limitations. It (an +e .ur(hased an, time
a((ording to the need.
65,= $%.F; of the -es.ondents o.ted for Insuran(e for ta5 sa)ing +enefits.
65,? %:; of the -es.ondents o.ted for sa)ing K In)estments.
65,1 %:; of the res.ondents ha)e o.ted for insuran(e for their famil, .rote(tion.
65*+ Bf the sam.le si9e of $ res.ondents, all the res.ondents are .a,ing ta5
65*, %; of the res.ondents sa)e their ta5 +, in)esting in =IC, 1hi(h is the highest among
all In)estment. This sho1s that most .eo.le for getting ta5es +enefits in)est in =IC.
65** $"; of the res.ondents do their ta5 sa)ing +, in)esting in 'SC.
65*2 $"; of the res.ondents to their ta5 sa)ing +, in)esting in +onds.
65*< %%; of the res.ondents as 1ith the )ie1 that 6i5ed Assets is the +est form of
in)estment for se(uring their future.
65*6 %; of the res.ondents are 1ith the .er(e.tion that Insuran(e is the +est form of
in)estment for se(uring their future, 1hi(h is one of the highest and this sho1s that insuran(e
is an im.ortant ke, for se(uring ,our future.
,1
65*= %:; of the res.ondents intent to gain sa)ing and returns from their in)estment.
65*0 %<; of the res.ondent7s intent to gain se(urit, from their in)estments.
8hereas, #!; of the res.ondent7s intent to gain ta5 +enefits from their in)estments.
65*? GG; of the res.ondents a..roa(hed the Insuran(e Com.an, K Agent.
65*1 8hereas, <F; of the res.ondents 1ere a..roa(hed +, the Com.an, KAgent.
652+ G<; of the res.ondents are satisfied 1ith their e5isting ser)i(e agent.
,2
Cha%ter3= Summary @
Conc)usion
=5, #imitations o$ the stu&y
=5,5, The resear(h is (onfined to a (ertain .arts of *&=@I and does not ne(essaril, sho1s a .attern
a..li(a+le to all of Countr,.
=5,5* Some res.ondents 1ere relu(tant to di)ulge .ersonal information 1hi(h (an affe(t the
)alidit, of all res.onses.
=5,52 In a ra.idl, (hanging industr,, anal,sis on one da, or in one segment (an (hange )er, ?ui(kl,.
The en)ironmental (hanges are )ital to +e (onsidered in order to assimilate the findings.
=5* Recommen&ations
=5*5, As the .eo.le think that insuran(e is a tool to .rote(t their famil, N a ta5 sa)ing de)i(e.
-3
The, are a1are of the fa(t N reali9ing its, im.ortan(e. The (om.an, should tr, to
e5.and N +uild u. its infrastru(ture +e(ause there is a large .otential for insuran(e in
India.
=5*5* Com.an, should (ome u. 1ith more +ran(hes in *elhi 1ith the o+4e(ti)e and goals to
meet the demands N e5.e(tations of the .u+li(. Be(ause the entran(e of .ri)ate .la,ers
1ill in(rease the (om.etition and it 1ould +e a tough task to se(ure a good .osition in
market.
=5*52 Sin(e @*6C Standard =ife Insuran(e Com.an, =td is leading 1ith se)eral (om.anies7
.oli(ies it should +e eas, for them to .enetrate into the market and se(ure a good
.osition if the, .a, greater attention to the ser)i(e .art .ro)ided to their (ustomer and
there+, forming a long and trusted relationshi..
.
=52 Conc)usion
The resear(h in the field of =ife Insuran(e thre1 u. some intresting trends. Peo.le are
+eginning to look +e,ond =IC for their insuran(e needs and are 1illing to trust .ri)ate
.la,ers 1ith their hard earned mone,.
Peo.le in general ha)e +een im.ressioned +, the marketing and ad)ertising (am.aigns of
insuran(e (om.anies. A high .enetration of .rint , radio and Tele)ision ad (am.aigns o)er
the ,ears is +eginning to ha)e it7s im.a(t no1.
A )er, high num+er of res.ondants ha)e o.ted for insuran(e for su(h .ur.oses and it sho1s
ho1 insuran(e (om.anies ha)e +een su((essful to attra(t .u+li( mone, in re(ent times.
The general satisfa(tion le)els among .u+li( 1ith regards to .oli(, and agents still re?uires
im.ro)ement.
-#
Bi')iogra%hy
-'

Bi')iogra%hy
Boo7s>
Marketing Management +, Phili. Kotler, Pearson &du(ation #nd ed.
Consumer Beha)ior +, =eon 3.S(hiffman, Prenti(e-@all India :th ed.
Consumer Beha)ior +, Mi(hael - Soleoman "
th
edition
Bu,ing influen(e +, ). k. mittal #
nd
edition
Marketing resear(h +, m. s. 3eorge %
rd
edition
Marketing resear(h +, .hilli.e kottler !
th
edition
8e'sites>
www5h&$c)i$e5com
htt%>AAwww5h&$c5comAcor%orateIgovernanceAcorIintro&uction5as% on *n& se%tem'er
*+,, at *>6+ a5m5
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htt%>AAwww5ir&ain&ia5orgAnoti$icationA&iscontinue&5P" on ,st octo'er *+,, at
,*>2+a5m5
www5h&$c)i$e5com
htt%>AAwww5h&$c)i$e5comAA'outUsAA'outUs5as%F on ,*th octo'er *+,, at ,+><2 a5m5
-3
www5wi7i%e&ia5com
htt%>AAen5wi7i%e&ia5orgAwi7iA!&$cI)i$eIinsurance on *2r& octo'er at *>,0 %5m5
www5myinsurancec)u'5com
htt%>AAwww5myinsurancec)u'5comA)i$e3insuranceAcom%aniesAh&$c3)i$eA at 6>*6 %5m5 on *
n&
Novem'er *+,,
www5h&$c'an75com
htt%>AAwww5h&$c'an75comA%ersona)AinvestmentsAinsurance5htm on ,,th novem'er *+,,
at 0>,6 %5m5
A%%en&ices
#ist o$ Ta')es
TAB#E NO5 TIT#E PAGE NO5
, Ta')e , > PEOP#E !A.ING #IE INSURANCE 2,
* Ta')e * > PRERENCE O RESPON"ANTSP 2*
2
Ta')e 2 > BENEITS O INSURANCE
22
<
Ta')e < > EATURE O INSURANCE PO#IC4
2<
6
Ta')e 6 > T4PES O RESPON"ANTS
26
=
Ta')e = > PEOP#E PERCEPTION
2=
0
Ta')e 0 > SATISACTION O RESPON"ENTS
20
?
Ta')e ? > PEOP#EDS PERCEPTION ON
APPROPRIATE AGE
2?
1
Ta')e 1 > REASONS BE!IN" GOING OR
INSURANCE
21
,+
Ta')e ,+ > RESPON"ENTS PA4ING TA;
<+
-,
,,
Ta')e ,, > RESPON"ENTDS IN.ESTMENTS
OR TA; SA.ING
<,
,*
Ta')e ,* > RESPON"ENTS PERCEPTION
<*
,2
Ta')e ,2 > PEOP#E INTENT TO GAIN
<2
,<
Ta')e ,< > BU4ING PROCESS O T!E
PEOP#E
<<
,6
Ta')e ,6 > SATISACTION O
RESPON"ENTS
<6
#ist o$ igures
IGUR
E NO5
TIT#E PAGE
NO5
, !"C #OGO ,,
* BU4ING BE!A.IOUR PROCESS *0
2
PEOP#E !A.ING #IE INSURANCE
2,
<
PRERENCE O RESPON"ANTSP
2*
6
BENEITS O INSURANCE
22
=
EATURE O INSURANCE PO#IC4
2<
0
T4PES O RESPON"ANTS
26
?
PEOP#E PERCEPTION
2=
1
SATISACTION O RESPON"ENTS
20
,+
PEOP#EDS PERCEPTION ON
APPROPRIATE AGE
2?
,,
REASONS BE!IN" GOING OR
INSURANCE
21
,*
RESPON"ENTS PA4ING TA;
<+
--
,2
RESPON"ENTDS IN.ESTMENTS
<,
,<
OR TA; SA.ING
<*
,6
RESPON"ENTS PERCEPTION
<2
,=
PEOP#E INTENT TO GAIN
<<
,0
BU4ING PROCESS O T!E PEOP#E
<6
,?
SATISACTION O RESPON"ENTS
<=
5
JUESTIONNAIRE>
,5 ARE 4OU EMP#O4E"?
L&S 'B
If L&S, onl, then .ro(eed
*5 "O 4OU !A.E AN4 INSURANCE PO#IC4?
L&S 'B
25 8!IC! INSURANCE PO#IC4 "O 4OU !A.E?
=I6& 'B'-=I6& BBT@
4. 8!IC! CODS INSURANCE PO#IC4 4OU PREER T!E MOST?
/-A'K T@&M0
a0 =IC
+0 ICICIP-U*&'TIA=
(0 SBI =I6& I'SU-A'C&
-.
d0 I'3 VLSLA =I6&
e0 -&=IA'C& =I6& I'SU-A'C&
f0 TATA AI3 =I6&
g0 A'L BT@&- OOOOOOOO/ S.e(if,0
6 5OR !O8 MAN4 4EARS "O 4OU !A.E INSURANCE PO#IC4? /Please
Ti(k0
a0 P<Lrs +0 <-$ Lrs (0 $-$< Lrs d0 An, BtherOOOOOO/S.e(if,0

=5 8!AT "O 4OU T!IN/ ARE T!E BENEITS O INSURANCE CO.ER?
/-A'K T@&M0
a0 CBV&- 6UTU-& U'C&-TAI'ITL
+0 TA> *&*UCTIB'S

(0 6UTU-& I'V&STM&'T
d0 A'L BT@&- OOOOOOOOO /S.e(if,0
-/
05 8!IC! EATURE O 4OUR PO#IC4 ATTRACTE" 4OU TO BU4
IT?
/-A'K T@&M0
a0 =B8 P-&MIUM
+0 =A-3&- -ISK CBV&-A'C&
(0 MB'&L BACK 3UA-'T&&
d0 -&PUTATIB' B6 CBMPA'L
e0 &ASL ACC&SS TB A3&'TS
f0 A'L BT@&- OOOOOOOOO /S.e(if,0
?. 4OUR MONT!#4 INCOME?
a0PGk +0Gk-:k (0:k-$#k d0$#k-$Fk e0BtherOOOOO/S.e(if,0
1. "O 4OU REA##4 T!IN/ INSURANCE PO#IC4 CO.ER IN TO"A4DS
SCENARIO IS NOT ESSENTIA#?
OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO
10. 8!ATDS 4OUR PERCEPTION ABOUT INSURANCE?
/-A'K T@&M0
a0 A SAVI'3 TBB=
-1
+0 A TA> SAVI'3 *&VIC&

(0 A TBB= TB P-BT&CT 6UTU-&


11. ARE 4OU SATISIE" 8IT! T!E PO#IC4?
a0 SATIS6I&* SAVI'3 TBB=
+0 'BT SATIS6I&*

(0 'BT -&SPB'*I'3
12. 8!ATDS T!E RIG!T AGE TO BU4 INSURANCE?
a0 A6T&- #< Lrs
+0 A6T&- %< Lrs

(0 A6T&- G< Lrs
d0 A'LTIM&

-2
13. WHA 8OU#" 4OU #OO/ OR IN AN INSURANCE COs?
/-A'K T@&M0
a0 A T-UST&* 'AM&
+0 6-I&'*=L S&-VIC& N -&SPB'SIV&'&SS

(0 3BB* P=A'S
d0 ACC&SSIBI=ITL
14. ARE 4OU SATISIE" 8IT! T!E SER.ICE AGENT?
a0 SATIS6I&* SAVI'3 TBB=
+0 'BT SATIS6I&*

(0 'BT -&SPB'*I'3
1!. "# $#U PA$ A%&S?

L&S 'B

.3