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INTRODUCTION

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CHAPTER-1

INTRODUCTION

Wherever there is uncertainty there is risk. The risk cannot be averted. The
risk is uncertainty of the financial loss. We don t have any command on
uncertainties. This makes it essential that we think in favor of a device that
becomes instrumental in spreading the loss. It is in this context that we think
about insurance.
Protection against the possible chances of generating uncertain losses. It
eliminates worries and miseries of losses or destruction of property and
death.

Life insurance is a contract between you and a life insurance company,


which provided you a death during the contract term.
Buying insurance is extremely useful if you are the principal earning
member in the family unfortunate premature demise, your family can remain
financially secure because of the life that you have purchased.

The primary purpose of life insurance is therefore protection of the family in


the even insurance is also seen as a tool to plan effectively for your future
years. Your retiren children s future needs. Today, the market offers
insurance plans that not just cover your same time grow your wealth too.
If you have dependants and financial responsibilities toward them, then you
certainly need.

Having a family means dependant, which in turn means financial


commitments. Finance comes in the form of loans, children s education,
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medical expenses etc. Imagine what would happen if you were to lose your
life suddenly or become disabled being insured in a situation like this is a
necessity.
When you insured your life, in effect what you are doing insuring your
earning capacity that your dependents will be able to continue living without
financial hardships even in case

Most insurance plans available today come with a savings element built into
it. These policies not only for a financially independents future, which were
have a comfortable retirement. For example. Kotak preferred Retirement
plans such as income plan and kotak Multiplier plan. Most insurance plans
available today have a bailt in saving elements. Kotak preferred Retirement
plans meet your dual financial goals of life cover and savings for the future.
Collateral security.
Life wasn t designed to be risk free. The key is not to eliminate risk, but to
estimate it Accurately and manage it wisely.

Insurance sector have characteristic that give can boost to the growth of any
economy .it is due to the savings done at the individual level and at micro
level it generates funds for infrastructure building as the cash flow is
constant while the payout is differed, so that the insurance companies are
becoming biggest investors in long gestation infrastructure development
projects and hence have a great Importance to the developing economy like
India. Insurance sector with an annual growth rate of 15-20% and the largest
number of life insurance policies in force, the potential of the Indian
insurance industry is huge.

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INTRODUCTION ON CUSTOMER SATISFACTION

The modern concepts of marketing realized that measuring consumer needs


or behavior was not enough." Consumer Satisfaction" should be the core and
then the correct perception on which marketing policies of our organization
should be built. "Management must think of itself not as producing products
but as providing customer creating value satisfaction." Customer satisfaction
has a vital role in sustaining and improving hold on the market. Brief
descriptions about the various measures that are needed to improve customer
orientation have also been dealt with. Consider the fact todays customer face
a plenitude of products in every category. Customer will be having high and
raising expectation of quality and service. In the face of their vast choices,
the customer will gravitate to the offering that the best meet their individual
needs and expectation. They will buy one of the bases of their perception
value.

Therefore it is not surprising that today's winning companies are those


succeed best in satisfying indeed delighting their target customer. They pay
extreme attention to quality and service to meeting and even exceeding
customer expectation. They complete vigorously and at the co-operated
smartly with their strategy partners in their supply and distribution chain.
They pursue efficiently and yet are responsible and flexible.

Customer satisfaction is the outcome felt by buyers who have expectation.


Customers are satisfied when their expectation are met and delighted when
their expectations are exceeded. Satisfied customers remain loyal longer,
buy more, and are less sensitive and talk favorable about the company. From

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this it is clear that the satisfied customer will be less sensitive towards the
fluctuating price and offensive marketing typically cost more than defensive
marketing, because it requires much effort and cost to induce satisfied
customers to switch away from their current suppliers. We should also
consider the fact that "the cost of attracting a new customer may be five
times the cost of keeping the current customer happy." Therefore the
companies are intending in developing stronger bones and loyalty with their
customers.

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CUSTOMER SATISFACTION IN KOTAK MAHINDRA

The purpose of this training was to have practical experience of working


within the organization, in the filed of marketing and to have exposure to the
important management practices in field of marketing.

While writing this report the language has been keep simple and the entire
discussion has been logical and has coherent outlines. The main motto of the
project work was Customer Satisfaction of Kotak Mahindra Prime
Ltd., Ludhiana. It includes through market Research in various plans of
Kotak Mahindra Prime Ltd.. And in detail consumer (Satisfaction) responses
analysis, by surveying number of consumers.
The project report is divided into two parts, first part consists market
research for finding out best sold plan of Kotak Mahindra Prime Ltd., And
second consist survey report of various consumers about there responses
about satisfaction towards Kotak Mahindra Prime Ltd.

IMPORTANCE OF THE TOPIC

The project report is all about market research to find out best sold plan of
Kotak Mahindra Prime Ltd., Ludhiana. And to mouser the satisfaction level
of consumers of Kotak Mahindra Prime Ltd.
Market research helps Kotak Mahindra Prime Ltd. about the best plan
purchased by its consumer satisfaction level helps to know weather the
consumers are satisfied by service/ Kotak Mahindra Prime Ltd.

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CHAPTER-2

INDUSTRY PROFILE

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INDUSTRY PROFILE

The industries, businesses and individuals are considerably by the services


of insurance organization.

A. The oldest form of insurance (12th century) is marine insurance. After


wards in 16th century fire insurance is started in Germany.
B. The first registered life office was Hand in Hand Society
established in 1696.
C. In India the first life insurance was started in the Bengal Presidency in
1818 knows as oriental life insurance company.
D. Experiencing so many ups and downs the insurance business was
found in changed shapes. Particularly after attaining independence
and to the more specific after nationalizing in 1956.
E. There was major change in the insurance sector after globalization in
2001. The private player in the insurance industry and ends the
dominance of LIC.
F. The different MNC s company of foreign country enters in the
insurance industry with the joint venture with Indian companies.
Today total 11 private life insurance companies are working in
insurance industry.

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HISTORY

1912: the Indian Life Assurance Companies Act enacted as the first stature
to regulate the life insurance business.

1928: the Indian Insurance Companies Act enacted to the government to


collect statistical information about both life and non life insurance
businesses.

1938: Earlier legislation consolidated and amended to the insurance Act with
the objective of protecting the interests of the insuring public.

1956: 245 Indian and Foreign insurers and provident societies taken over by
the central government and nationalized. LIC formed by an Act of
Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 core
from the Government of India.

INSURANCE SECTOR REFORMS:

1) Structure
Government stake in the insurance companies to be brought down to 50%.

2) Competition
Private companies with a minimum paid up capital of Rs. 1bn should be
allowed to enter the industry. No company should deal in both Life and
General Insurance though a single entity. Foreign companies may be allowed
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to enter the industry in collection with the domestic companies. Postal Life
Insurance Should be allowed to operate in the rural market. Only One State
Life Insurance Company should be allowed to operate in each state.

3) Regulatory Body
- The Insurance Act should be changed
- An Insurance Regulatory body should be set up
- Controller of Insurance (Currently a part from the Finance Ministry)
should be made independent.

4) Investments
Mandatory Investment of LIC Life Fund in government securities to be
reduced from 75% to 50%.

5) Customer service
LIC should pay interest on delays in payments beyond 30 days. Insurance
companies must be encouraged to set up unit linked pension plans.
Computerization of operations and updating of technology to be carried out
in the insurance industry. The committee emphasized that in order to
improve the customer services and increase the coverage of the insurance;
industry should be opened up to competition.

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ENTRANCE OF PRIVATE PLAYERS IN INSURANCE SECTORS

India still has low insurance penetration of 1.95 percent, 51 st in the world.
Despite the fact that India boosts a saving rate of around 25 percent, less
than 5 percent is spent on insurance.

The insurance landscape in India is undergoing major changes. Close to


foreign competition since nationalization in 1956, the life insurance industry
had been protected from competitive pressures. Now, with the reopening of
the sector, several new players have entered the scene.
The acronym for the Insurance Regulatory and Development authority of
India, it overseeing the insurance business in India. It protects the interests
of the policyholders received and ensures orderly growth of the insurance
industry and for matters connected there thereto.

Beside Kotak Mahindra Prime Ltd. there are other 11 private players
working in life insurance sector, which are as follows.

Allianz Bajaj Life Insurance Company Ltd.


Allianz Bajaj Life Insurance Company Ltd. is a joint venture between
Allianz AG (Largest insurer in Europe) and Bajaj Auto Ltd. incorporated on
12th march 2001.

AMP Sanmar Assurance Company Ltd.


AMP Sanmar Assurance Company Ltd. is a joint venture between AMP,
largest life insurer in Australia and New Zealand, Sanmar is one of the

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largest industrial groups in South India dealing in chlorochemicals and
shipping and Engineering.

Aviva Life Insurance Company Ltd.


Aviva Life Insurance Company Ltd. is a joint venture between Dabur India
and CGU, is a wholly subsidiary of Aviva Plc (UK).

BI Life Insurance Company Ltd.


India s largest bank SBI and Cardiff S.A, a leading insurer in France came
together to from SBI Life.

Tata Life Insurance Company Ltd.


Tata Life Insurance Company Ltd. is capitalized at Rs. 185 crore; of which
74% has been brought in by TATA Sons and the American partner bring the
balance 26%.

ICICI Prudential Life Insurance Company Ltd.


ICICI Prudential equity based stands at Rs. 675 Cr. With ICICI group and
Prudential Plc holding 74% and 26% stake respectively.

Birla Sun Life Insurance Company Ltd.


Birla Sun Life Insurance Company is a 74:26 joint venture between Aditya
Birla Group and sun life financial services of Canada.

HDFC Standard Life Insurance Company Ltd.

HDFC Standard Life Insurance Company Ltd. was one of the first
companies to be granted license by the IRDA to operate in life insurance
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sector. It was incorporated on 14th august 2000. HDFC is the majority
stakeholder in insurance JV with 81.4% stake and Standard life (largest
mutual assurance company in Europe) has a stake of 18.6%.

ING Vysya Life Insurance Company Ltd.


ING Vysya Life Insurance Company Ltd. is expected to be first bank
assurance venture in the country. Together they have roped in GMR group,
which has wide-ranging interests in field such as power generation
infrastructure, manufacturing, software and banking. As per JV agreement
Vysya bank would hold 49% stake, ING (Europe, Dutch origin) 26% and
GMR group would hold 25% of the stake.

MAX New York Life Insurance Company Ltd.


It s a partnership between MAX India ltd and New York life, a Fortune 100
company.

Met Life India Insurance Company Ltd.


It was incorporated in April 2001 as a joint venture between Met Life
International Holding, Inc, Jammu & Kashmir bank, and M. Pallonji and
company private Ltd.

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CHAPTER-3
COMPANY PROFILE

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Introduction of Kotak Mahindra Prime Ltd.

Kotak Mahindra Prime limited (KMPL) is a subsidiary of Kotak Mahindra


Bank Limited primarily formed to finance all passenger vehicles. KMPL is
India's Leading car finance company. The company is dedicated to financing
and supporting automotive manufacturers, dealers and retail customers. The
company offers financing in the form of loans for the entire range of
passenger cars, multi utility vehicles and pre-owned cars. The company also
offers Inventory funding and infrastructure funding to car dealers. KMPL
has preferred financier relationship with various car manufacturers in India
such as General Motors, Honda, Hyundai, Maruti, Toyota, M&M,
Volkswagen, Skoda, Audi, Ford, Renault, Nissan etc. KMP has a robust
delivery platform, which is critical for sustained growth.

Registered Office address: Corporate Office address:


27BKC, C 27, G Block, Kotak Infiniti, 4th Floor, Bldg no 21,
Bandra Kurla Complex, Infinity Park, Off Western Express Highway,
Bandra (E), General A K Vaidya Marg, Malad (E),
Mumbai - 400 051 Mumbai - 400097.
Tel No. : (022) 66056825

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The Kotak Group

1. Kotak Mahindra Bank Ltd.


2. Kotak Mahindra Capital Company Ltd.
3. Kotak Mahindra Old Mutual Life Insurance Ltd.
4. Kotaks International Business
5. Kotak Securities Ltd.
6. Kotak Mahindra Asset Management Company Ltd.
7. Kotak Mahindra Prime Ltd.

1. Kotak Mahindra Bank Ltd


The Kotak Mahindra Group's flagship company, Kotak Mahindra Finance
Ltd which was established in 1985, was converted into a bank - Kotak
Mahindra Bank Ltd in March 2003 becoming the first Indian company to
convert into a Bank. It's banking operations offers a central platform for
customer relationships across the group's various businesses. The bank has a
presence in the Commercial Vehicles, Retail Finance, Corporate Banking,
Treasury and Housing Finance.

2. Kotak Mahindra Capital Company Ltd


Kotak Investment Banking* (KIB) is India's premier Investment Bank Kotak
Investment Banking (KIB) and Kotak Institutional Equities represent the
securities business of the Kotak Mahindra Group ** (KI),Kotak Investment
Bank is a full service Investment Bank bringing to its clients the global
reach and the local knowledge and skills of Kotak Mahindra. As a full
service Investment Bank, Kotak Investment Banking's core business areas

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include Equity Issuances, Mergers & Acquisitions, Advisory Services and
Fixed Income Securities and Principal Business.

4. Kotak Mahindra Old Mutual Life Insurance Ltd


Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between
Kotak Mahindra Bank Ltd. (KMBL), and Old Mutual plc. Aimed at helping
customers take important financial decisions at every stage in life by
offering them a wide range of innovative life insurance products, to make
them financially independent.

5. Kotaks International Business


With a presence outside India since 1994, the international subsidiaries of
Kotak Mahindra Bank Ltd. operating through offices in London, New York,
Dubai, San Francisco, Singapore and Mauritius specialize in providing
services to specialist overseas investors seeking to invest into India.
Investors can access the asset management capabilities of the international
subsidiaries through funds domiciled outside India. They offer asset
management services to institutions and high net worth individuals based
outside India through a range of offshore Indian funds, as well as through
specific advisory and discretionary investment management mandates for
institutional investors.

The international arm of Kotak operates through the below three


subsidiaries:
Kotak Mahindra (UK) Limited (KMUK)
Kotak Mahindra Inc. (KM Inc)
Kotak Mahindra International Limited (KMIL)

1. Kotak Securities Ltd

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Kotak Securities Ltd., subsidiary of Kotak Mahindra Bank Ltd., is one of
India's largest brokerage and distribution house with a market share of
around 8.5 % as on 31st March. Kotak Securities Ltd. has been the largest in
IPO distribution.
Kotak Securities has been graced with various accolades, the latest being
Finance Asia Award (2006) - Best Broker In India and Euro Money Award
(2006) - Best Provider of Portfolio Management : and also online IPO and
Mutual Fund Investments.

2. Kotak Mahindra Asset Management Company Ltd


Kotak Mahindra Mutual Fund (KMMF) is managed by Kotak Mahindra
Asset Management Company Ltd. a wholly owned subsidiary of Kotak
Mahindra Bank Ltd. Kotak Mahindra Mutual Fund launched its Schemes in
December 1998 and today manages over Rs.13,635.83 Crore of assets from
close to 4,34,622 investors in various schemes.

3. Kotak Mahindra Prime limited


(KMPL) is a subsidiary of Kotak Mahindra Bank Limited primarily formed
to finance all passenger vehicles. KMPL is India's Leading car finance
company. The company is dedicated to financing and supporting automotive
manufacturers, dealers and retail customers. The company offers financing
in the form of loans for the entire range of passenger cars, multi utility
vehicles and pre-owned cars.

Board of Directors :

Mr. Uday Kotak Chairman


Mr. Dipak Gupta Director
Mr. Arvind Kathpalia Director
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Mr. Jaimin Bhatt Director
Ms. Shanti Ekambaram Director
Mr. Mohan Shenoi Director
Mr. K V S Manian Director
Mr. Narayan S A Director
Mr. Sumit Bali Director

Management

Mr. Vyomesh Kapasi CEO & Manager

PRODUCT

a) Kotak Flexi plan

Advantages:
1. Choice of 5 professionally managed funds included Gilt Fund,
Floating Rate Fund, Bond Fund, Balanced Fund, Growth Fund.
2. Add lump sum injections as and when suitable
3. Premium holiday facility
4. Riders options for enhanced protection
5. Loan facilities in case of emergencies
6. Simplified documentation and procedures

b) Kotak Retirement Income Plan

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The Kotak Retirement Income Plan is a savings plan designed to meet your
post retirement needs. It is a plan that gives you jeene Ki azaadi by giving
you the choice to remain independent even after retirement.

Advantages:
1. In this plan minimum age of 18 years of old and maximum age is 60
years.
2. You may buy an annuity either from Kotak Life Insurance.
3. You can make lump sum injections into your policy at any time
before retirement.
4. For a with cover plan you have the facility of Automatic cover
Maintenance, which ensures that the cover remains in force even
when you miss the premium payments. This facility is available after
the first 3 years of the term.
5. You may exercise the option of paying premium from the
Supplementary Accumulation Account, created from will be created
from lump sum injections, if the need arises.

c) Kotak Endowment Plan

An Endowment policy is a combination of savings along with risk cover.


These policies designed to accumulate wealth and at the same time cover
your life. In simple words, issued for specific time periods during which you
pay a regular premium. If you die during policy, your beneficiaries will
receive the sum assured along with the accumulated bonus a outlive the
policy tenure you will receive the sum assured along with accumulated
bonus.
Advantages:

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1. In this plan minimum age of 18 years of old and maximum age is 65
years.
2. You can take a loan against your policy has been in force for at least
three years.
3. You have the option of paying premiums quarterly, half yearly or
yearly.
4. You have the benefit of a 15-day free look period.

d) Kotak Capital Multiplier Plan

The Kotak Capital Multiplier Plan is a participating plan that is built in such
a way that it allows your money to multiply, and gives you the flexibility of
using this money the way you need it, in regular and irregular withdrawals.
This is an endowment plan, which is very flexible and has a lot of in-built
benefits.

Advantages:
1. In this plan minimum age of 18 years of old and maximum age is 60
years.
2. At the start of your withdrawals period, you can draw the full
proceeds or you can draw up to 50% of your basic sum assured or
accumulation account, whichever is higher.
3. In addition to the regular premiums, you can make lum sum injection
into your plan during the premium paying period. A Supplementary
Accumulation Account will be created.
4. You have the facility of Automatic Cover Maintenance, which ensures

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that the policy remains in force even when you miss the premium
payments. This facility is available after the first 3 years of the term.

e) Kotak Child Advantage Plan

The Kotak Child Advantage Plan is an investment plan designed to meet


your child s future needs. It is a plan that gives your child the azaadi to
realise his/her dreams. This is an endowment plan where the life insured is
the child. This is a participating plan.
Advantages:
1. In this plan minimum age of 0 years of old and maximum age is 17
years.
2. You may take a loan against this plan, after the policy has been in
force for at least three years.
3. You have the option of paying premiums quarterly, half yearly or
yearly.
4. You have the benefit of a 15-day free look period.

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CHAPTER-4

OBJECTIVES OF
THE STUDIES

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OBJECTIVE OF THE STUDY

To identify the satisfaction level of customer towards different types of


service attributes, by identifying their critical factors.

To study about the bank about their customized products and services,
according to the consumer's needed.

To study the experience and expectations of the existing customers.

To study to improve the current standards of services.

To study the scope of introducing new types of services.

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CHAPTER-5

RESEARCH
METHODOLOGY

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RESEARCH METHODOLOGY

INTRODUCTION

Research is an art of scientific investigation through search for new facts in


any branch of knowledge. It is a moment from known to unknown.

Research always starts with a question or a problem.


Its purpose is to find answers to questions through the
application of the scientific method.
It is a systematic and intensive study directed towards a more
complete knowledge of the subject studied.

As marketing does not address itself to basic or fundamental question, it


does not qualify as basic research. On the contrary, it tackles problems,
which seem to have immediate commercial potential. In view of the major
consideration, marketing research should be regarded as applied research.
We may also say that marketing research is of both types problem solving
and problem oriented.

Marketing research is as systematic and objectives study of the problems


pertaining to the marketing of the goods and services. It may be emphasized
that it is not restricted to any particular area of marketing, but is applied to
all the phases and aspects.

METHOD OF DATA COLLECTION


1) Data to be collected.
Data includes facts and figures, which are required to be collected to
achiever the objectives of the project. In order to determine the present
position and satisfaction of customer of Kotak Mahindra Prime Ltd.
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a) Primary Data
The data that is being collected for the first time or to particularly fulfill the
objectives of the project is known as primary data.
These types of data were,
- The market share of Kotak Mahindra Prime Ltd..
- The market share of other brands available in the market.
- Responses of consumer.
- Identifying pros and cons of the brand.
The above primary data were collected through responses of consumer was
conducted through questionnaires prepared for them.

b) Secondary Data
Secondary data are that type of data, which are already assembled and need
not to collected from outside. These types of data were
i) Company Profile
ii) Product Profile
iii) Competitors Profile
The aforesaid data were collected through Internet and company s financial
report.

2) Data Collection Method


For given project, the primary data, which needed to collect for the first
time, were much significant. This type of information gathered through
Survey technique, which is the most popular and effective technique for
correct data collection. The survey was completed with the use of
questionnaires.
- Questionnaire for consumer.
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3) Sampling
Sample is the small group taken under consideration from the total group.
This small group represents the total group. In the project the market
research, which was ask to be studied was Ludhiana market but as it was
possible to approach all the respondent s customer of the city, hence a
sample was selected which represents the whole city. The areas selected for
the sample are present further in the appendix. Sample size of customer list
was taken from Kotak Mahindra Prime Ltd. customer data basic.

4) Data Evaluation
The data so collected were not simply accepted because it contained
unnecessary information and over or under emphasized facts. Therefore only
relevant data were included in the report, which helped in achieving the
objectives of the project.

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CHAPTER-6
DATA INTERPRETATION
AND ANALYSIS

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DATA ANALYSIS AND INTERPRETATION

Personal detail

Classes No of
(Age) Respondents
18-24 4
24-35 19
35-45 16
45-55 8
55-65 1

No. Of Respondant

20
18
16
14
12
10 No. Of Respondant
8
6
4
2
0
18-24 24-35 35-45 45-55 55-65

ANALYSIS
Above diagram consist five classes of different age groups. Here customer
19 customer biloges to 25-35 age groups, 16 customers fall in the age group
35-45 years.
Other 8 customer comes are in the class 45-55 years the age group of 18-24
consists four customer reaming customer is in age group 55-65 years.
Here majority of customer belong to the group 25-35 years.

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2. Do you think is it essential to have Life Insurance?

YES NO

Yes No Total
No. of Respondents 45 5 50
% of Respondents 90 10 100

No. of Respondents

YES

NO

ANALYSIS

To this question 45 consumers reported YES and 5 consumers reported


NO .

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3. Which are the companies you invested your money for Life
Insurance?

Companies No. of % of
Respondents Respondents
Kotak Mahindra Prime Ltd. 50 37.04
LIC 30 22.22
Bajaj Allianz - -
Tata AIG 10 7.41
Max New York Life Insurance 5 3.70
HDFC Life Insurance 10 7.41
ICICI Prudential Life Insurance 25 18.52
SBI 5 3.70

No. of Respondents

Kotak Mahindra Life


Insurance
LIC

Bajaj Allianz

Tata AIG

Max New York Life


Insurance
HDFC Life Insurance

ICICI Prudential Life


Insurance
SBI

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ANALYSIS

From the above figure we come to know that customer are also investing
money in other life insurance companies. The major player in insurance is
LIC holding 22.22% of total sample. The second major player ICICI is
holding 18.52%. HDFC and AIG are having equal share of 7.41% & the
Max New York & SBI are having 3.70%.

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4. Why did you choose Kotak Life Insurance?

No of % Of
Respondents Respondents
ROI 18 36
Peer Pressure 15 30
Tax Benefit 10 20
Security /safety 2 24
Low Premium 5 10
TOTAL 50 100

No. of Respondents

ROI
Peer Pressure
Tax Benefit
Security /safety

Low Premium

ANALYSIS

The above diagram shows 36% of respondents choose because of good


returns, 30% because of peer pressure and remaining 24% opt. Because of
tax benefit, safety and 100 premium respectively.
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5. Which of the following planed you is insured?
No of % Of
Respondents Respondents
Kotak Flexi plan 25 40
Kotak Retirement Plan 19 30
Kotak Endowment Plan 3 5
Kotak Capital Multiplier Plan 6 10
Child Advantage Plan 10 15

No. of Respondents

Kotak Flexi plan

Kotak retirement Plan

Kotak Endowment Plan

Kotak Capital Multiplier


Plan
Child Advantage Plan

Note.
Some of customer are having more than one plan total survey customers are
50.

ANALYSIS

From the total 63 respondents maximum i.e. 40% customers have opted for
Flexi Plan, whereas 30% have gore for Retirement plans and remaining 30%
have customer are having endowment, multiplier and child advantage
respectively.

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6. What kind of services you expect from insurance provides

No of % Of
Respondents Respondents
Easy access ability to Deposit Center 20 31
Time to time premium collection 12 19
Provision in case of Dues 8 13
Bonus & other schemes 24 37
TOTAL 64 100

No. of Respondents

Easy access ability to


Deposit Center
Time to time premium
collection
Provision in case of
Dues
Bonus & other schemes

Note.
Some of customer are expecting more than single service.

ANALYSIS
Out of total 50 respondents 37% like to have bonus and other service as a
prime concern, 13% like to have provision in case of dues and remaining
31% & 12% respondents say. They need time-to-time premium collection
and easy accessibility to deposit center as a concern before choosing
insurance provider.
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7. How will you rate the services given by Kotak Mahindra Prime Ltd.?

No of % Of
Respondents Respondents
Poor - -
Average 16 32
Good 28 56
Excellent 6 12
TOTAL 50 100

No. of Respondents

Poor
Average
Good
Excellent

ANALYSIS
Out of 50 respondents 57% have ratted Kotak Mahindra Prime Ltd.
services as good and 32% have ratted as average. And remaining 12% have

ratted as Excellent.

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8. What difference you find between Kotak & your previous Insurance
provider.

No of % Of
Respondents Respondents
Good Returns 16 21
Effective Service/liquidity 12 15
Tax Planning 28 36
Security/ Safety Benefit 22 28
TOTAL 50 100

No. of Respondents

Good Returns
Effective Service
Tax Planning
Security/ Safety Benefit

Analysis:

Some of customers are having more than one plan more Benefit are expected
in one plan. Total surveys of customers are 50.

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9. Do have any suggestion for Kotak Mahindra Prime Ltd.?
YES NO

YES NO TOTAL
No of Respondents 39 11 50
% Of Respondents 78 22 100

No. of Respondents

YES

NO

ANALYSIS

To this question 39 consumers reported YES and 11 consumers reported


NO .

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10. In future, will you purchase policies from Kotak Mahindra Prime
Ltd.?
YES NO

YES NO TOTAL
No of Respondents 32 18 50
% Of Respondents 64 36 100

No. of Respondents

YES

NO

ANALYSIS

To this question 32 consumers reported YES and 18 consumers reported


NO .

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CHAPTER-7
FINDINGS

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FINDINGS

Majority of the customer s belonged to age group of 25-35


years that is 19 consumers.
45 consumers think Life Insurance is essential for them.
135 respondents are investing in life insurance companies like
Kotak Life Insurance, LIC, Tata Allianz, Max New York,
HDFC, ICICI and SBI.
36 percentages of the total respondents invest in Kotak
Mahindra Prime Ltd. for getting high ROI.
Most of respondent s preferred kotak Flexi Plan.
37.5 percentage respondents expect bonus and other schemes
from Kotak Mahindra Prime Ltd..
56 percentage respondents satisfied with services given by
Kotak Mahindra Prime Ltd..
As per 28% of despondence Kotak Mahindra Prime Ltd.
providers good tax benefits to the Investors.
64% of respondents are willing to purchased policies from
Kotak Mahindra Prime Ltd. in future.

42
CHAPTER-8
LIMITATION

43
LIMITATIONS

1) There is scope to sale insurance policy by concentrating on age group


18-24 years here potential of customers are there.(Example. Software
professional, BPO employees, and professionals) Flexi plan can be sold
by concentrating on age group 35-45 years. (Example. Government
employees, executives and businessman)
2) As major respondents think to have life insurance policy is very
essential there is lot of scope for insurance company.
3) Kotak Mahindra Prime Ltd. should try to build trust among the public
by making people aware of their investment is safe, high return on
investment, Tax Benefits.
4) As more respondents are investing in Kotak Mahindra Prime Ltd. for
getting high return on investment the company should try to provide
attractive returns on investments in future.
5) Kotak Mahindra Prime Ltd. should introduce attractive policies & also
attractive bonus on policies to attractive more potential customers.
6) Approx 36% of respondents differ with there previous insurance
provider, they field that Kotak Mahindra Prime Ltd. providing good tax
benefit for there investment so Kotak Mahindra Prime Ltd. if possible try
to provided more tax benefit customer.
7) 64% respondents are willing to purchases Kotak Mahindra Prime Ltd.
policies in future this benefit Kotak Mahindra Prime Ltd. as mort
potential customer in future.

44
CHAPTER-9
CONCLUSION

45
After conducting market research for Kotak Mahindra Prime Ltd. Company
we came to know different needs of consumers, their valuable suggestions,
responses to the different questions. With this information we can conclude
that there is good market awareness about Kotak Mahindra Prime Ltd.
Company in the market.

Customer satisfaction level of most respondents is higher for Kotak


Mahindra Prime Ltd. Company, which is provided by survey. Higher
satisfaction level of Kotak Mahindra Prime Ltd. company was monthly due
to Kotak provides good tax benefit for the consumers also ROI, security etc.

Kotak Mahindra Flex s plan is the best-sold plan in market by Kotak


Mahindra Prime Ltd.. This conveys that the customer s are switching to
retirement plan.

46
BIBLIOGRAPHY

47
BIBLIOGRAPHY

MAGAZINE

Business & Economy Magazine

COMPUTER WEBSITE

www.IRDA.com
www.licindia.com
www.hdfcinsurance.com
www.businessindiaonline.com
www.maxnewyorklife.com
www.brandonline.com
www.iciciprulife.com

48
ANNEXURE

49
QUESTIONNAIRE

1. Personal detail
Name:
Age
18-24 25-35 35-45
45-55 55 and above
Phone No.
Email.
Office Address: - Residential Address: -

2. Do you think is it essential to have Life Insurance?


YES NO

3. Which are the companies you invested your money for Life Insurance?
a) Kotak Mahindra Prime Ltd.
b) LIC
c) Bajaj Allianz
d) Tata AIG
e) Max New York Life Insurance
f) HDFC Life Insurance
g) ICICI Prudential Life Insurance
h) SBI

50
4. Why did you choose Kotak Life
Insurance? a) ROI
b) Peer Pressure
c) Tax Benefit
d) Security /safety
e) Low Premium

5. Which of the following planed you is


insured? a) Kotak Flexi plan
b) Kotak retirement Plan c)
Kotak Endowment Plan
d) Kotak Capital Multiplier Plan
e) Kotak Child Advantage Plan

6. What kind of services you expect from insurance provides


a) Easy access ability to Deposit Center
b) Time to time premium collection
c) Provision in case of Dues
(Policy Lapse)
d) Bonus & other schemes

7. How will you rate the services given by Kotak Mahindra Prime Ltd.? a)
Poor
b) Average
c) Good
d) Excellent

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8. What difference you find between Kotak & your previous Insurance
provider.
a) Good Returns (HIGHEST)
b) Effective Service/Liquidity
c) Tax Planning
d) Security/ Safety Benefit & Protection on your Capital

9. Do have any suggestion for Kotak Mahindra Prime Ltd.


YES NO

10. In future, will you purchase policies from Kotak Mahindra Prime Ltd.?
YES NO

52
Executive Summary

The objective of the project was to do Market Research and customer


Satisfaction for Kotak Mahindra Prime Ltd. for that we have to understand
the customer needs, Income, constraints, response and emotions so that they
can contribute their time for becoming Life advisors for the company. The
objective of this study was to analyze consumer satisfaction of mechanical
splicing in Ludhiana city with respect to the performance, sales effort and
sales service.

As the company was new and it was yet to be marketed to a large number of
customers, it was essential to know the feedback of customers in order to
formulate effective marketing and sales strategies in future and improve the
quality of service to achieve better consumer satisfaction.

The site visits and companing made us possible to measure the satisfaction
of consumer by identifying the attributes, which gave consumer-varying
degrees of satisfaction.

Questionnaire based on company format some attributes like requirement of


customer and sales services offered by company were identified as critical
(motivational) factors for providing satisfaction to consumers, while other
factors like excisable deposit center, premium collocation was time to time
and also intimation regaining before the collocation of premium. But
absence of such hygienic factors definitely results in a dissatisfied consumer.

53
These hygienic factors could result in selling but their absence can certainly
unseal the product offering.

For this a questionnaire was prepared which gave a vague idea about the
people who were really interested and wanted to know about various new
opportunities in the insurance sector. Go through questionnaire in different
area and people in the Ludhiana city. The study was undertaken for
Ludhiana region during two months. The researchers were given first 15
days for collection of data and scanning the data. The questionnaire contains
various aspects like there. Address, their present age, profession, number of
dependents, Goals and also planning for old age (Retirement) etc.

The second part of the study that consists of 40 days contains scanning the
questionnaire and taking appointments. After that usually meeting the
persons and tell them about the company.
Most important part is analyzing the information.

54
CONTENTS

Ch. No. Particulars Page No.


1. Introduction 1-6

2. Industry Profile 7-13

3. Company Profile 14-22

4. Objectives of the Study 23-24

5. Research Methodology 25-28

6. Data interpretation and analyses 29-40

7. Findings 41-42

8. Limitation and Recommendation 43-44


9. Conclusion 45-46
Bibliography 47-48
Annexure 49-52

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