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DATA ANALYSIS

AND
INTERPRETATION
DATA ANALYSIS AND INTERPRETATION
Analysis of data means studying the tabulated material in order to determine
inherent facts or meaning. It involves breaking down of complex factors into
simple parts and putting the parts together in new arrangement for the purpose
of interpretation. It is a careful, logical and critical examination of the result
obtained after analysis, keeping in view of the limitations of the sample chosen
and tools used for analysis.

1. No of life policy holders

Table No: 1.1

OPINION NUMBERS

Yes 78
No 22
Total 100
Interpretation: Majority of the respondents have insured their life to avoid the
risk in future. Out of this less than 13% have adopted the life insurance as a tax
saving tool. It is noted that 22% of the respondents are not insured their life,
due to their lack of awareness

Table No: 1.2

Preferred Insurance provider

NAME OF POLICY NUMBERS PERCENTAGE


SBI 1 1.06
LIC 50 53.19
HDFC 15 15.95
JEEVAN REKSHA 2 2.12
IDBI FEDERAL 2 2.12
ICICI 6 6.38
AVIVA 12 12.76
TECH MAHINDRA 2 2.12
TATA 2 2.12
BAJAJ 1 1.06
STAR HEALTH 1 1.06
TOTAL 94 100

Interpretation: According to the analysis, most of the policy holders


preferred LIC because of trust worthiness and the awareness. LIC is a
private sector provider and very high as compared to other company
because other company have less number of policy holders and market
experience is low. So the awareness about their products in the market is
also very less. ICICI prudential stands in the 4 th position among the
private sector provider.

Table No: 3.3


NUMBER OF INSURANCE POLICY OPTED

OPINION NUMBERS

ONE 78
MULTIPLE 16 ( among the 78)

Interpretations: Most of the respondents expectation is to avoid risk for


future in life. So we choose the opted insurance policy, more than 20%
were opted multiple insurance policy and they also have more attracted
tax savings.

Table No: 3.4


TIME PERIOD OF HOLDING THE POLICY

POLICY NUMBERS PERCENTAGE


PERIOD
1 - 5 YEAR 46 58.97
6-10 YEAR 22 28.20
11-15 YEAR 6 7.69
16-20 YEAR 4 5.13
TOTAL 78 100

Interpretations: The time period of holding an insurance policy has been


increasing. People prefer to have policies for a short term period. Where
as only 5.13% of people have policy for long term period.

Table No: 3.5


AMOUNT INSURED
AMOUNT NUMBERS PERCENTAGE

1-5 LAKH 56 71.79


6-10 LAKH 16 20.51
11-15 LAKH 5 6.41
16-20 LAKH 0 0
21-25 LAKH 1 1.28
TOTAL 78 100

Interpretations: More number of insurance policy holders have invested 1-5


Lakh rupees in insurance. Which is almost 71.79% these people have selected
low amount of insurance due to the benefits and also they do not prefer invest
large amount in insurance premium.

Table No: 3.6


EXTRA BENEFIT OBTAINED FROM INSURANCE POLICY
OPINION NUMBERS PERCENTAGE
YES 37 47.43
NO 41 52.56
TOTAL 78 100

Interpretations: Only 47.43% of people have obtained additional benefits from


insurance policies, While 52.56% of them have not obtained any benefits.
Because lack of awareness of the insurance policies and other benefits.

Table No: 3.7

REASON FOR CHOOSING LIFE INSURANCE POLICY


OPINION NUMBERS PERCENTAGE

Sum assured 11 14.10


Scheme are good 6 7.69
Recommendation from 21 26.92
family & friends
Save tax 10 12.82
Multibenefits 30 38.46

TOTAL 78 100

Interpretations: The insurance policy holders have been choosing insurance


policies due to multiple benefits. Which constitute about 38.46% while 14.10%
of insurance holders prefer to have it because the sum assured or return of the
insurance.
Table No: 3.8
OPINION AFTER INVESTING IN LIFE INSURANCE.

OPINION NUMBERS PERCENTAGE


GOOD 44 56.41
AVERAGE 34 43.58
Poor 0 0
TOTAL 78 100

Interpretations: 43.58% of them have an average opinion after investing in


insurance. The general public are to be made more aware of the benefits of
investing in insurance.

Table No: 3.9


IS THE POLICY HOLDER AWARE OF THE INCOME TAX ACT 1961 WHILE OPTING THE LIFE INSURANCE
POLICY.

OPINION NUMBERS

YES 50
NO 28
TOTAL 78

Interpretations: 50 individuals are aware about the income tax act, 1961 while
opting for life insurance policy whereas 28 respondents of the study are unware
of the act.

CHIE SQUARE TEST


OBSERVED EXPECTED ( O E) ( O E)2 ( O E)2/ E
11 100 89 7921 79.21
6 100 94 8836 88.36
21 100 79 6241 62.41
10 100 90 8100 81
30 100 70 4900 49