Consumer buying behaviour for life insurance in Hubli

Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance

Company Limited
in Hubli
EXECUTIVE SUMMARY
In todays corporate and competitive world, I find that insurance sector has the maximum growth
and potential as compared to the other sectors. The main purpose of the study is to find the
customer buying behavior for Life Insurance of INGvysya Life Insurance Company in Hubli
region which has been done and will help the company to make the marketing strategy for the
different segments. The study which has been made during this project will help the company to
make strategies for this region and emphasize on their weaker areas. The Brand Image of various
companies will be known. The company can find out where their competitor stands in the minds
of the people. Research has been done by primary data collection, and primary data has been
collected by meeting with the people in Hubli region. Data collection has been done through by
giving structured questionnaire. This study will be based on sampling. This is a descriptive
study.
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CHAPTER I: INTRODUCTION
1.1 The Theme
Understanding consumers needs and paying attention to customer service a security for life
for things you insuring of consumer buying behaviour for life Insurance.
1.2 Introduction
Before business can develop marketing strategies, they must understand what factors
influence buyers behavior and how they make purchase decisions to satisfy their needs and
wants. Buyers are moved by a complex set of deep and subtle emotions. Their behavior result
from deeply held values and attitudes their perception of the world and their place in it.
There are also several stages through which the consumer exhibit before deciding to purchase
goods or services. These include 5 steps which are: problem or need recognition, information
search, alternative evaluation, purchase and post-purchase evaluation.
1.3 The Background of the Current Work
Insurance is in a manner of speaking the last frontier in the financial sector to open. It is
also a sector, which leads to benefits across the full spectrum, from the individual who now
have wider choices, to the economy, which see increased savings, to the infrastructure sector,
which can look forward to long term funding being available. In an under-insured economy,
newer channels of distribution have to be utilized to intensify the reach of insurance both in
urban and rural markets. This will create huge employment opportunities not only within
insurance companies but also as agents and consultants of insurance companies.
1.4 Objectives of the Work
To identify the main influences on customer buying behavior
To distinguish the factors influencing customer buying behavior.
1.5 Scope of Work

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A big boom has been witnessed in Insurance Industry in recent times. A large number of new
players have entered the market and are vying to gain market share in this rapidly improving
market. The study deals with ING Vysya Life Insurance in focus and the various segments
that it caters to not only hubli but it help to other places also. The study then goes on to
evaluate and analyze the findings so as to present a clear picture of trends in the Insurance
sector.
1.6 Methodology
The methodology of this project is first conducted the market survey which will be possible
only through questionnaire design. For finding of customer perception I meet lot of customers
personally and by phone as well as by interviewing them. For doing market survey I selected the
Hubli region as my target.
CHAPTER-II: LITERATURE REVIEW

2.1 Introduction
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The meaning of insurance is important to understand for anybody that is considering buying an
insurance policy or simply understanding the basics of finance. Insurance is a hedging instrument
used as a precautionary measure against future contingent losses. This instrument is used for
managing the possible risks of the future.
Consumer behavior refers to the mental and emotional process and the observable behavior of
consumers during searching, purchasing and post consumption of a product or service.
Consumer behavior involves study of how people buy, what they buy, when they buy and why
they buy. It blends the elements from psychology, sociology, psychology, anthropology and
economics. It also tries to assess the influence on the consumer from groups such as family,
friends, reference groups and society in general.
Buyer behavior has two aspects: the final purchase activity visible to any observer and the
detailed or short decision process that may involve the interplay of a number of complex
variables not visible to anyone.
Marketing is a societal process by which individuals and groups obtain what they need and
want through creating offering and freely exchanging products and services of value with others
for a managerial definition marketing has often been described as The art of selling the products
but people surprised when they hear that the most important part of marketing is not selling is
only the trick of the marketing iceberg.
Companies practising the marketing concept work at the level of customer segments, a
growing number of todays companies are now shaping separate offers services and messages to
individual customers these companies collect information on each customers past transaction
demographics, psychographics and media and distribution preference,. They hope to achieve
profitable growth through capturing a larger share of each customers expenditure by building
high customer loyalty and focusing on customer life time value.
Ability of a company to deal with customers one at time has become practice as result of
advances in factory customisation computers the internet and data base marketing softwares yet
the practicing of a one to one marketing is not for every company the required investment in
information collection, hardware, and software may exceed the pay out. it works best for
companies that normally collect a great deal of individual customer information, carry a lot of
products that can be cross sold carry products that need periodic replacement or up grading and
self product of high value.
is the difference between the perspective customers evaluation of all the benefits and all the
costs of an offering and the perceived alternatives total customer value is the perceived
monitory value of the bundle of economic, functional, and psychological benefits customers
except from a given market offering total customer cost is the bundle of costs customer except to
incur in evaluating, obtaining, using and disposing of the given market offering.
CHAPTER III: Organizational Study

3.1 Introduction
In the social sciences, organizations are studied by researchers from several disciplines, the most
common of which are sociology, economics, political science, psychology, management,
and
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organizational communication. The broad area is commonly referred to as organizational studies,
organizational behaviour or organization analysis.
ING in India:
In India, ING is present in all three fields of banking, insurance and asset management in the
form of ING, ING Vysya Life Insurance and ING Investment Management respectively. The
presence in all three fields signifies the importance that the group attaches to the Indian markets
and the group's operations here, as well as its bullish future outlook on the country.
ING and ING Vysya Life Insurance are headquartered at Bangalore, while the corporate office
of ING Investment Management is situated at Mumbai. The synergies arising out of the
three distinct but complimentary businesses are bound to be an asset to the group in the
changing market dynamics of the future. The first such signs are already visible on the horizon
with combined products being successfully launched by the different entities of the group in
conjunction with each other.
The origin of ING Group:
On the other hand, ING group originated in 1990 from the merger between Nationale
Nederlanden NV the largest Dutch Insurance Company and NMB Post Bank Groep NV.
Combining roots and ambitions, the newly formed company called Internationale Nederlanden
Group. Market circles soon abbreviated the name to I-N-G. The company followed suit by
changing the statutory name to ING Group N.V..
Profile:
ING has gained recognition for its integrated approach of banking, insurance and asset
management. Furthermore, the company differentiates itself from other financial service
providers by successfully establishing life insurance companies in countries with emerging
economies, such as Korea, Taiwan, Hungary, Poland, Mexico and Chile. Another specialization
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is ING Direct, an Internet and direct marketing concept with which ING is rapidly winning retail
market share in mature markets. Finally, ING distinguishes itself internationally as a provider of
employee benefits, i.e. arrangements of non wage benefits, such as pension plans for
companies and their employees.
Mission:
ING`s mission is to be a leading, global, client-focused, innovative and low-cost provider of
financial services through the distribution channels of the clients preference in markets where
ING can create value.
The immediate benefit to the bank, ING Vysya Bank, has been the pride of having become a
Member of the global financial giant ING. As at the end of the year December 2008, ING's total
assets exceeded 1332 billion euros, employed over 125000 people, and served over 85 million
customers, across 50 countries. This global identity coupled with the back up of a financial
power house and the status of being the first Indian International Bank, would also help to
enhance productivity, profitability, to result in improved performance of the bank, for the benefit
of all the stake holders.
ING Vysya Bank Ltd., is an entity formed with the coming together of erstwhile, Vysya Bank
Ltd, a premier bank in the Indian Private Sector and a global financial powerhouse, ING of
Dutch origin, during Oct 2002. The origin of the erstwhile Vysya Bank was pretty humble. It
was in the year 1930 that a team of visionaries came together to found a bank that would extend
a helping hand to those who weren't privileged enough to enjoy banking services.
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It's been a long journey since then and the Bank has grown in size and stature to encompass
every area of present-day banking activity and has carved a distinct identity of being India's
Premier Private Sector Bank.
In 1980, the Bank completed fifty years of service to the nation and post 1985; the Bank made
rapid strides to reach the coveted position of being the number one private sector bank. In 1990,
the bank completed its Diamond Jubilee year. At the Diamond Jubilee Celebrations, the then
Finance Minister Prof. Madhu Dandavate, had termed the performance of the bank
Stupendous. The 75th anniversary, the Platinum Jubilee of the bank was celebrated during
2005.
In terms of pure numbers, the performance over the decades can better be appreciated from the
following table:
Year NetworthDeposits Advances Profits Outlets
1940
0.001
0.400
0.400
0.001
1950
1.40
5.30
3.80
0.09
16
1960
1.60
20.10
13.50
0.13
19
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1970
3.00
91.50
62.80
0.74
39
1980
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11.50
1414.30
813.70
1.13
228
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Rs. in millions
1990
162.10
8509.40
4584.80
50.35
319
2000 5900.00 74240.00 39380.00 443.10
481
2001 6527.00 81411.10 43163.10 371.90
484
2002 6863.24 80680.00 44180.00 687.50
483
2003 7067.90 91870.00 56120.00 863.50
456
2004 7473.20104780.00 69367.30 590.01
523
2005 7094.00125693.10 90805.90(381.80)
536
200610196.70133352.50102315.20
90.6
562
200711101.90 154185.70119761.70
889.0
626
200814260.00204980.00146500.00 1569.00
677
200915940.00248900.00167510.00 1888.00 857*

Source:www.inglife.co.in
* Outlets comprises of 441 branches, 37 ECs, 28 Satellite Offices and 351 ATMs as of March
31st 2009. Additionally bank also has Internet Banking, my-bank and Customer Service Line for
Phone Banking Service.
ING Vysya Life Insurance:

ING Vysya Life Insurance Company Limited a part of the ING Group the worlds largest
financial services provider entered the private life insurance industry in India in September 2001.
Headquartered at Bangalore, ING Vysya Life is currently present in 246 cities and has a network
of over 300 branches, staffed by 7,000 employees and over 51,000 advisors, serving over 5.5
lakh customers.
Product Portfolio:
ING Vysya Life follows a customer centric approach while designing its products. The
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Companys product portfolio offers products that cater to every financial requirement, at all life
stages.
In fact, the company has developed the LifeMakerTM a simple tool which can be used to choose
a plan most suitable to a specific customer based on his needs, requirements and current life
stage. This tool helps you build a complete financial plan for life at every life stage, whether the
requirement is Protection, Savings, Investment or Retirement. Suitable products from ING Vysya
Life Insurances product portfolio for each such requirement, makes selection of your plan an
easy exercise.
Distribution Channels:
ING Vysya Life has a diversified distribution platform. While Tied Agency remains the strongest
channel, the Alternate Channels business within ING Vysya Life is one of the fastest growing
distribution channels. ING Vysya Life has strengthened its position as the unparallel leader in the
life insurance industry in cooperative banks tie ups. The company currently has tie ups with 130
cooperative banks across the country. The Alternate Channels division has Banc assurance, ING,
Corporate Agents and SMINCE
The Brand Positioning:

In 2007, ING Vysya Life developed its unique brand positioning Mera farz. This Positioning
means, ING Vysya Life helps its customers fulfil their responsibilities towards themselves and
their families. This powerful positioning has helped ING Vysya Life create a distinct identity
for itself. The latest brand campaign with a very catchy jingle dwells on how a little planning
and a helping hand from ING Vysya life can help lighten the burden of responsibilities that
often come with happy moments and let you enjoy your life without any worries.
Management:
Board of Directors (as on June 01, 2009):
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Mr. Rajan Raheja: Chairman of the Board
Mr. Kshitij Jain: Managing Director & Chief
Executive Officer
Mr. N. N. Joshi: Director Mr.
Satish Raheja: Director Mr.
Rajesh Kapadia: Director Mr.
S. B. Ganguly: Director Mr.
Ron van Oijen: Director
Senior Management Team (as on June 01, 2009):

Mr. Kshitij Jain: Managing Director & Chief Executive Officer
Mr. Rahul Agarwal: Chief Distribution Officer
Mr. B. Ashwin: Chief Operating Officer
Mr. John Boers: Chief Financial Officer
Ms. Hemamalini Ramakrishnan: Appointed Actuary and CIRO (Chief
Insurance Risk Officer)
Mr. Marco Fredriks: Financial Controller
Mr. Amit Gupta: Director - Marketing & Communication
Ms. Priya Gopalakrishnan: Director - Human Resources
Mr. T. K. Uthappa: Director, Sales - Tied Agency
Mr. Manoj Kaushik: Director - Alternate Channels
Mr. Ravishankar Subramanian: Director - Information Technology
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Mr. Joost van Beveren: Vice President - Business Transformation
Corporate Objective:
At ING Life, we strongly believe that as life is different at every stage, life insurance must offer
flexibility and choice to go with that stage. We are fully prepared and committed to guide you
on insurance products and services through our well-trained advisors, backed by competent
marketing and customer services, in the best possible way.It is our aim to become one of the top
private life insurance companies in India and to become a cornerstone of INGs integrated
financial services business in India.
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3.2 ORGANIZATION STRUCTURE:

CEO
DIRECTORCENTRAL RVP
SALES
REGIONAL
VICE PRESIDENT
DIRECTOR-
DIRECTOR-
REGIONAL
VICE PRESIDENT
REGIONAL
VICE PRESIDENT
REGIONAL
VICE PRESIDENT
AREA MANAGER
AREA MANAGER
BRANCH MANAGER
HUB/SPOKE LOCATION
FINANCIAL
ADVISORS
SALES
MANAGER
SALES
MANAGER
SALES
MANAGER
SENIOR SALES
MANAGER
GROUP SALES
MANAGER
ASSISTANT
SM
AGENCY
SM
AREA
MANAGER
SENIOR BM
AGENCY
MANAGER
AREA
MANAGER
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Mission To set the standard in helping our customers manage their financial future.
PARTNERS
ING Group:
ING is a global financial institution of Dutch origin offering banking, insurance and asset
management to over 85 million private, corporate and institutional clients in over 50 countries.
With a diverse workforce of approximately 130,000 people, ING comprises a broad spectrum of
prominent companies that increasingly serve their clients under the ING brand.
Strategy:
Our strategy is more relevant to consumers than ever before. Their fundamental needs with
regard to saving, investing and preparing for retirement have not changedin fact, the crisis has
reinforced the basic need to save. It has also highlighted the value of simplicity and transparency,
which are two important aspects of our goal to create an easier experience. More than ever, our
stakeholders want a financial partner they can trust. Given the nature of our business, its our
responsibility to shield our customers from market risks and reduce the volatility of our earnings
for shareholders. As a result, we will put even more emphasis on the way that we manage our
risks, capital and costs.
Responsibility:
ING strives to be a good citizen. Ethical, social and environmental considerations play an
integral part in our business decisions. ING is committed to playing an active role as a
community sponsor. It does this through a wide range of local sponsorships and through its
global Chances for Children initiative, which provides access to primary education to
underprivileged children in developing countries who would otherwise not have the chance to
attend school.
BELOW ARE FEW OF THE PLANS THAT ARE OFFERED BY ING VYSYA LIFE
INSURANCE
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Insurance plans available:

Individual Products
ING Life Insurance aims to make customers look at life insurance afresh, not just as a tax saving
device but as a means to live life to the fullest. It believes in enhancing the very quality of life, in
addition
to
safeguarding
an
individual's
security.
The Company follows a customer centric approach while designing its life insurance products.
The ING Life product portfolio offers products that cater to every financial requirement, at all
life stages.
Protection Plans
It is the simplest form of insurance, where the Life Assured is provided insurance cover and on
his death during the policy term, the sum assured under the policy is paid to his beneficiary.
What is more, the ING Term Life is one of the most affordable and inexpensive ways of
obtaining life insurance cover
Our saving range includes ING Term Life, ING Term Life Plus.
Savings Plans
Our Saving Plans help you achieve your life goals making them cherished moments for you and
your family. They provide you with the flexibility to save for your future requirements while you
continue to improve your current lifestyle. Our plans help discipline your savings approach and
point your efforts towards defined goals so that whatever stage of life you are in, you are always
in control and self-reliant.
Our saving range includes Unit Linked Insurance Plan, Reversionary Bonus, Child Protection
Plan, Money Back Plan, Endowment Plan, Money Back Plan, Positive Life, Creating Star,
Retirement Plans
Our Retirement Plans ensure that you lead your life after retirement on your own terms, doing
things you have always dreamt of. We also believe it is important to be in control of your
retirement planning. Our innovative features help you choose your retirement age and also
control the way your investments are managed keeping in mind your retirement needs.
Our saving range includes Best Years, New Future Perfect and ING Golden Life
Investment Plans
Our Investment Plans are created keeping your needs in mind. We appreciate the flexibility
required to suit your risk appetite and the commitments you may want to make. Our global
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expertise in managing wealth for individuals at all stages in their life ensures that we have
products to suit your taste whatever your objective of investing may be.
Our savings range includes Powering Life, New Freedom Plan, New One Life, Platinum Life
Plan, High Life, High Life Plus, New Fulfilling Life Plan,
Riders
Riders are the optional contracts, which offer additional benefits for policyholders. They are
always attached to a basic policy. They cannot be bought separately or independently of a basic
policy. Each Rider will have its own premium rate and separate policy conditions.
Our savings range includes Accidental Death Rider, Accidental Death, Disability and
Dismemberment Rider.
Group Products
A variety of plans to provide a cost effective yet comprehensive cover in an efficient manner to
all your employees, helping you attract and retain the best of talent.
ING Smart Shield
Group Gratuity
Employee Deposit Linked Insurance
Group Term Life Insurance Plan
Single Premium Level Term Plan
Conclusions
Our exhaustive research in the field of Life Insurance threw up some interesting trends which
can be seen in the above analysis. A general impression that we gathered during Data collection
was the immense awareness and knowledge among people about various companies and their
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insurance products. People are beginning to look beyond LIC for their insurance needs and are
willing to trust private players with their hard earned money.
People in general have been impression by the marketing and advertising campaigns of insurance
companies. A high penetration of print, radio and Television ad campaigns over the years is
beginning to have its impact now.
Another heartening trend was in terms of people viewing insurance as a money back guaranty
and investment instrument as much as a protective one. A very high number of respondents have
opted for insurance for such purposes and it shows how insurance companies have been
successful to attract public money in recent times.
The general satisfaction levels among public with regards to policy and agents still requires
improvement. But therein lies the opportunity for a relative new comer like ING Vysya Life
Insurance Company Ltd. LIC has never been known for prompt service or customer oriented
methods and ING Vysya Life Insurance can build on these factors.
3.6 Achievements & Accolade:
Launched the first CPPI product in the country
Launched the first global real estate strategy in the country
Launched the most innovative product across the Asia Pacific region Zoom
Investment Pac. Awarded as the Most Innovative Product by AAM.
ING CUB Fund ranked among the Worlds 100 top performing equity funds in 2007
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by LIPPER.
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ING Domestic Opportunities Fund awarded with 5 star rating by Value Research.
ING Income Fund-STP ranked a 5 star fund in the category of open ended debt-short
term for 3 year period ending 2007.
Rated among Top 200 Brands in India for press coverage in 2007 and ranked No. 7 in
the asset management space ahead of all other MNCs.
Executed Asias first, largest and the most prestigious event that the Indian Asset
Management Industry has ever witnessed ING GLOBAL INVESTMENT
MARATHON. This was an ideal place for ING IM Indias existing & prospective
clients to meet IIM global portfolio specialists from US, Europe and Asia.
CHAPTER IV: Project Task

4.1 Introduction
These are the main tasks, including the obvious ones. There are probably other tasks that need to
be defined also. Each task should have some continually enhanced documentation about it, so
that any person can do the tasks.
4.2 Objectives
To identify reason for opting/buying Life Insurance.
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To identify the best policy of ING Vysya from customer perspective.
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To diffrenciate on service provided by private insurance companies with public sector

insurance companies from customer perspective.
4.2.1 Data Requirement Analysis

The data required is about the investment pattern of the respondents, the income level
under
which they fall, the respondents preferences to various companies and their preferences to
various types of insurance policies.
4.2.2 Data Collection

The data is collected through primary and secondary data.
The data is collected through primary data by doing field Survey in Hubli region. And
secondary data through INGVysya records like text books, websites etc. The scope of
research is restricted to Hubli region and the research approach descriptive method.
CHAPTER-V: Analysis and Interpretation

Data gives preference of respondents of Insurance companies.
COMPANYS NAME
ING VYSYA
ICICI PRUDENTIAL
SBI LIFE INSURANCE
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NO.OF
RESPONDENT
SHARE (%)
19
19
18
18
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L.I.C
44
44
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RELIANCE LIFE
INSURANCE
TATA AIG LIFE
19
100
19
100
ANY OTHER
TOTAL
INTERPRETATION
44% of the people contacted to prefer LIC policy to any other and therefore it is ranked
no.1 by that percent of respondents.
19% of the people contacted to prefer ING Vysya companys policies.
18% of the people contacted to prefer SBI Life Insurance companys policies.
19% of the people contacted to prefer any other policies of the companies.
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Data gives benefits of Insurance perceived by respondents.
BENEFITS
Cover Future Uncertainty
NO.OF
RESPONDENTS
SHARE (%)
54
54
Tax Deductions
25
25
Future Investment
21
100
21
100
TOTAL
INTERPRETATION
54% of the respondents believe that covering future uncertainty is the biggest benefit of
an insurance policy.
25% of them believe that the other benefits are Tax deduction.
Whereas, 21% of them believe that other benefits are future investment.
Data gives people perception about Insurance.
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RESPONSE
NO. OF
RESPONDENTS
SHARE (%)
A saving tool
31
31
A tax saving device
42
42
A tool to protect your family
27
27
100
100
Total
INTERPRETATION
31% of the respondents have perception of Insurance being a saving tool.
And 42% of the respondents have perception of Insurance being a tax saving device.
But 27% of the respondents have perception of Insurance is a tool to protect your family.
Data shows buying process of the people.
BUYING PROCESS
NO. OF
RESPONDENTS
SHARE (%)
After seeing the add

in(T.V/Paper)
28
28
Insurance advisor approached

customer
72
72
Total
100
100
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INTERPRETATION:
28% of the respondents approached the after seeing the add in (T.V/Paper)
Whereas, 72% of the respondents were approached by the Insurance advisor approached
customer.
Data shows features of your policy attracted to buy it.

RESPONSE
NO. OF
RESPONDENTS
SHARE (%)
Low premium
High risk coverage
Money back guarantee
68
68
Reputation of the company
12
12
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11
11
Agents Conviction
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Total
100
100
INTERPRETATION:
68% of the Respondents are attracted for Money back guarantee.
9% of the Respondents are attracted for high risk coverage.
12% of the respondents are attracted for reputation of the company.
And 11% of the respondents are attracted for agents beliefs.
Data shows satisfaction of respondents with to policy
RESPONSE
NO. OF
RESPONDENTS
SHARE (%)
Satisfied
82
82
Not satisfied
18
18
Not Responded
100
100
Total
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INTERPRETATION:
82% of the respondents are more or less satisfied with their existing policy.
18% of the respondents are not satisfied with their existing policy.
In this case all of those who have taken a policy have responded.
Data shows satisfaction of respondents with respect to service agents.

RESPONSE
NO. OF
RESPONDENTS
SHARE (%)
Satisfied
65
65
Not satisfied
34
34
Not Responded
100
100
Total
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INTERPRETATION:
65% of the respondents are satisfied with their existing service agent.
34% of the respondents are not satisfied with their service agent.
And 1% who has not responded.
Data gives people perception on appropriate age for buying Insurance.

RESPONSE
SHARE (%)
After 25 years
NO. OF
RESPONDENTS
55
After 35 years
After 45 years
Anytime
43
43
Total
100
100
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INTERPRETATION:
55% of the respondents are with the view that insurance should be bought after the age of 25
years.
Whereas, 43% of the respondents are with the view that buying of insurance do not have any
thing to do with age i.e. there is no age limitations. It can be purchased any time according
to the need.
And 1% of the respondents are with the view that insurance should be bought after 35 and
45 years of age.
Data shows people opinion about Indian Insurance companies.
RESPONSE
NO. OF
RESPONDENTS
22
SHARE (%)
Non user friendly
Unsatisfactory services
Non Aggressive
18
18
Rigid plans
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11
11
Satisfactory
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Good
38
38
Very good
100
100
Total
INTERPRETATION:
22% of the respondents have the opinion that Indian Insurance Companies have rigid plans.
9% feel that Indian Insurance companies are Non-user friendly.
18% of the respondents are with the view that Indian Insurance companies are Nonaggressive.
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11% of the respondents feel that products and services of Indian Insurance companies is
Satisfactory.
Whereas, 38% feel that it is good enough.
And according to the data, only single person has felt that it is very good.
And 1% of the respondents felt that it is unsatisfactory service.
Data shows what people would look for in an Insurance company.

RESPONSE
A trusted name
Friendly
service
responsiveness
&
Good plans
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NO. OF
RESPONDENT
S
35
SHARE (%)
61
61
35
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Accessibility
Total
100
100
INTERPRETATION:
35% customers look for a trusted name in a company for insurance.
61% customers look for a good plan in a company for insurance.
3% customer looks for Friendly service responsiveness.
And 1% customer looks for Accessibility.
Data shows people interested in going for Insurance if Insurance Company away from
your city & offers better services & products.
RESPONSE
SHARE (%)
Yes
NO. OF
RESPONDENTS
46
No
24
24
Uncertain
30
30
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Total
100
100
INTERPRETATION:
The interested customers i.e. 46% are ready to go for insurance even away from a city if
services and products.
24% of the customer is not ready to go for insurance away from a city.
30% of the customer is not known about their decision.
1. Which company u prefers the most?

RESPONSE
after 25
ING VYSYA
after 35
20
a.com
after 45
0
any
time
0
Page
35

Company Limited
ICICI
PRUDENTIAL
a.com
Page
36

Company Limited
SBI LIFE
INSURANCE
L.I.C
10
10
20
20
RELIANCE
LIFE
INSURANCE
TATA AIG
LIFE
20
ANY OTHER
TOTAL
100
2. Data gives benefits of Insurance perceived by respondents.

RESPONSE
after 25
Cover
Future
Uncertainty
30
after 35
a.com
after 45
any
time
40
Page
37

Company Limited
Tax
Deductions
Future
Investment
TOTAL
10
10
10
100
3. Data gives people perception about Insurance.

RESPONSE
after 25
A
saving
tool
30
after 35
0
a.com
after 45
0
any
time
0
Page
38

Company Limited
A
saving
device
tax
10
30
10
20
A tool to
protect your
family
TOTAL
100
4. Data shows buying process of the people.

RESPONSE
after 25
after 35
a.com
after 45
any
time
Page
39

Company Limited
After seeing
the add
in(T.V/Paper)
30
20
50
100
Insurance
advisor
approached
customer
TOTAL
5. Data shows features of your policy attracted to buy it.
a.com
Page
40

Company Limited
RESPONSE
any
after 25
after 35
a.com
after 45
time
Page
41

Company Limited
Low
premium
10
30
40
10
10
0
100
High
risk
coverage
Money back
guarantee
Reputation
of
the
company
Agents
Conviction
TOTAL
6. Data shows satisfaction of respondents with to policy

RESPONSE
after 25
after 35
a.com
after 45
any
time
Page
42

Company Limited
Satisfied
40
0
0
50
a.com
Page
43

Company Limited
Not
satisfied
10
0
50
0
0
0
0
0
50
Not
Responded
TOTAL
7. Data shows satisfaction of respondents with respect to service agents.

RESPONSE
Satisfied
any
after 25 after 35 after 45 time
50
0
0
50
a.com
Page
44

Company Limited
Not
satisfied
0
100
Not
Responded
TOTAL
8. Data shows people opinion about Indian Insurance companies.

RESPONSE
after 25
after 35
a.com
after 45
any
time
Page
45

Company Limited
Rigid plans
Non
friendly
10
10
10
20
0
1
0
0
0
0
0
4
user
Unsatisfactory
services
Non
Aggressive
Satisfactory
Good
Very good
TOTAL
100
9. Data shows what people would look for in an Insurance company.
a.com
Page
46

Company Limited
RESPONSE
any
after 25
after 35
a.com
after 45
time
Page
47

Company Limited
A trusted name
0
30
50
20
Friendly
service
&
responsiveness
Good plans
Accessibility
TOTAL
100
10. Data shows people interested in going for Insurance if Insurance Company away
from your city & offers better services & products.
a.com
Page
48

Company Limited
RESPONSE
any
after 25
after 35
a.com
after 45
time
Page
49

Company Limited
Yes
No
Uncertain
30
10
0
0
0
0
10
10
10
30
100
TOTAL
CHAPTER-VI: Solutions and Suggestions

Solutions:
a.com
Page
50

Company Limited
44% of the people contacted to prefer LIC policy to any other company so they need to
improve in there benefits they provide and product features.
54% of the respondents believe that covering future uncertainty is the biggest benefit of
an insurance policy so they should be improve in tax deduction and price.
42% of the respondents have perception of Insurance being a tax saving device so they
need to come up new family products.
72% of the respondents were approached by the Insurance advisor approached customer
and not to by watching T.V and advertisement it means the company should come up
with different and attractive ads in television as well as news paper.
68% of the Respondents are attracted for Money back guarantee no other than that so
they should work on building trust as well as good relation with people.
82% of the respondents are more or less satisfied with their existing policy. It tells about
how the people are more conscious about their health so insurance has good opening.
65% of the respondents are satisfied with their existing service agent so they should give
training to each agent it helps to reach the customer need and can satisfy them.
55% of the respondents are with the view that insurance should be bought after the age of
25 years it tells about the company should come up with new products which should help
to above 25years age group.
38% feel that it is good enough it means they should provide good policy to people
which should help there future as savings etc.
a.com
Page
51

Company Limited
61% customers look for a good plan in a company for insurance so the company already
has good plans but also when day goes they should come up with new plans features as
well.
The interested customers i.e. 46% are ready to go for insurance even away from a city if
services and products so people are more interest which the service provide by company
so they need to improve in their customer satisfaction.
Suggestion:
The survey is important tool as clear perception of people about the product can be estimated and
known. The need levels of the people regarding the insurance product been observed through
survey. It was very useful in knowing about the requirements of the people.
CHAPTER VIII: SUMMARY OF WORK DONE AND CONCLUSIONS

8.1 Summary of the Work Done
In todays corporate and competitive world, I find that insurance sector has the maximum
growth and potential as compared to the other sectors. The main purpose of the study is to find
the customer buying behavior for Life Insurance of INGvysya Life Insurance Company in Hubli
city which has been done and will help the company to make the marketing strategy for the
different segments. The study which has been made during this project will help the company to
make strategies for this region and emphasize on their weaker areas. The Brand Image of various
a.com
Page
52

Company Limited
in Hubli
companies will be known. The company can find out where their competitor stands in the minds
of the people. Research has been done by primary data collection, and primary data has been
collected by meeting with the people in Hubli. Data collection has been done through by giving
structured questionnaire. This study will be based on sampling.
8.2 Major Findings

1. Many are respondened that insurance is a tool to protect their family & a tax saving device.
They know the fact & realizing its importance. The company should try to expand & build up its
infrastructure because there is a large potential for insurance in India.
2. Company should come up with its new branches in Hubli region. With the objective and goals
to meet the demands & expectations of the public. Because the entrance of private players will
increase the competition and it would be a tough task to secure a good position in market.
Page 43

Company Limited
in Hubli
3. Since ING Vysya Life Insurance is leading with several companiesand its policies
should helps
for them to penetrate into the market and secure a good position if they pay
greater attention to the service part provided to their customer and thereby forming a long and
trusted relationship.
8.3 Scope for Future Work

It helps to know about customer buying behaviour with life insurance and to know about
customer perception towards life insurance. it also helps to know about the market potential in
the Hubli. It can be apply by many life insurance companies. To know the opening of new
branches in Hubli region. It will help to company to improve them selves in there targeting
market and targeting customer.
REFERENCES
Appendix A: 1.Business Research Methodology, INDIAN EDITION (7e) by William G.
Zikmund.
2. Marketing Management, eleventh edition by Philip Kotler.
Appendix B:
Appendix C:
WWW.inglife.co.in
WWW.money.cnn.com
WWW.insuranceinstituteofindia.com
WWW.insurance.com
WWW.economywatch.com
Company Broachers
Page 44

Company Limited
in Hubli
QUESTIONNAIRE
Dear Sir/Madam
Name:
Location:
Occupation:
1.
Do you have any Insurance Policy?

Yes
( )
No ( )
2.
Which Insurance policy do you have?

Life
( )
General
( )
Both
( )
Page 45

Company Limited
in Hubli
3.
Which 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
4.
(Specify)
For how many years form you would like to Insurance courage?
a) <5Yrs
b) 5-10 Yrs
c) 10-15 Yrs d) Any Other

(Specify)
5.
What do you think are the benefits of Insurance cover?

a) Cover future uncertainty
6.
( )
b) Tax deduction
( )
c) Future investment
d) Any other
( )
(Specify)
Which feature of your policy attracted you to buy it?

a) Low premium
( )
b) High risk coverance
( )
c) Money back guarantee

Babasabpatilfreepptmba.co
m
( )
Page 46

Company Limited
in Hubli
d) Reputation of the company
( )
e) Agents conviction
f) Any other
7.
( )
(Specify)
Your monthly income?

a) >8,000 b) >8,000 to <=25,000 c) >=25,000.
8.
Do you really think the necessity Insurance policy cover in todays scenario?
a) Very essential
( )
b) Essential
( )
c) Partially
( )
d) Not required
( )
e) If not required please give specific reason
9.
What is your perception about Insurance?

a) A saving tool
( )
b) A tax saving device
( )
c) A tool to protect future

10.
How you buy Insurance?
Page 47
( )

Company Limited
in Hubli
11.
a) After seeing the add in (T.V/Paper)
( )
b) Insurance advisor approached customer
( )
Are you satisfied with the policy?

a) Satisfied
12.
13.
( )
b) Not satisfied
( )
c) Not responding
( )
Are you satisfied with the service provided by Insurance agents?

a) Satisfied
( )
b) Not satisfied
( )
c) Not responding
( )
Which is the best form of investments? (Give the rating No.1 as the most
Preferred And No.6 last preferred among these)
a) Insurance
b) Bank deposits
c) Jewellery
d) Securities (Bonds, M.Fs)
e) Shares
f) Fixed assets
14.
What is the right age to buy Insurance?
Page 48

Company Limited
in Hubli
a) After25 Yrs
( )
b) After 35 Yrs
c) After 45 Yrs
15.
( )
d) Any time
( )
How would you rate private life Insurance companies compare to L.I.C?
a) Rigid plans
16.
( )
( )
b) Non-user friendly
( )
c) Unsatisfactory services
( )
d) Non-aggressive
( )
e) Satisfactory
( )
f) Good
( )
g) Very good
( )
What would you look for in Insurance companies?

a) A trusted name
( )
b) Friendly service & responsiveness
17.
( )
c) Good plans
( )
d) Accessibility
( )
Would you go for Insurance if Insurance company away from your city &
Offers better services & products?
a) Yes
( )
b) No
( )
c) Uncertain
( )
Page
49

Company Limited
in Hubli
--- THANK YOU ---
Page 50

Consumer buying behaviour for life insurance in Hubli

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Study on Consumer Buying Behaviour for Life Insurance of

ING Vysya Life Insurance

Study on Consumer Buying Behaviour for Life Insurance of

To identify the main influences on customer buying behavior

To distinguish the factors influencing customer buying behavior.

1.5 Scope of Work

Study on Consumer Buying Behaviour for Life Insurance of

CHAPTER-II: LITERATURE REVIEW

Study on Consumer Buying Behaviour for Life Insurance of

CHAPTER III: Organizational Study

Study on Consumer Buying Behaviour for Life Insurance of

Study on Consumer Buying Behaviour for Life Insurance of

Study on Consumer Buying Behaviour for Life Insurance of

Study on Consumer Buying Behaviour for Life Insurance of

Study on Consumer Buying Behaviour for Life Insurance of

2000 5900.00 74240.00 39380.00 443.10

2001 6527.00 81411.10 43163.10 371.90

2002 6863.24 80680.00 44180.00 687.50

2003 7067.90 91870.00 56120.00 863.50

2004 7473.20104780.00 69367.30 590.01

2005 7094.00125693.10 90805.90(381.80)

200915940.00248900.00167510.00 1888.00 857*

ING Vysya Life Insurance:

Study on Consumer Buying Behaviour for Life Insurance of

The Brand Positioning:

Study on Consumer Buying Behaviour for Life Insurance of

Senior Management Team (as on June 01, 2009):

Study on Consumer Buying Behaviour for Life Insurance of

Study on Consumer Buying Behaviour for Life Insurance of

3.2 ORGANIZATION STRUCTURE:

Study on Consumer Buying Behaviour for Life Insurance of

Study on Consumer Buying Behaviour for Life Insurance of

Insurance plans available:

Study on Consumer Buying Behaviour for Life Insurance of

Study on Consumer Buying Behaviour for Life Insurance of

3.6 Achievements & Accolade:

Launched the first CPPI product in the country

Launched the first global real estate strategy in the country

Study on Consumer Buying Behaviour for Life Insurance of

Study on Consumer Buying Behaviour for Life Insurance of

CHAPTER IV: Project Task

To identify reason for opting/buying Life Insurance.

Study on Consumer Buying Behaviour for Life Insurance of

Study on Consumer Buying Behaviour for Life Insurance of

To diffrenciate on service provided by private insurance companies with public sector

4.2.1 Data Requirement Analysis

4.2.2 Data Collection

CHAPTER-V: Analysis and Interpretation

Study on Consumer Buying Behaviour for Life Insurance of

Study on Consumer Buying Behaviour for Life Insurance of

TATA AIG LIFE

Study on Consumer Buying Behaviour for Life Insurance of

Study on Consumer Buying Behaviour for Life Insurance of

A tax saving device

A tool to protect your family

After seeing the add

Insurance advisor approached

Study on Consumer Buying Behaviour for Life Insurance of

Data shows features of your policy attracted to buy it.

High risk coverage

Money back guarantee

Reputation of the company