Cusotmer Satisfaction BHARTI AXA LIFE ELITE ADVANTAGE

Customer Satisfaction BHARTI AXA LIFE ELITE ADVANTAGE
INDUSTRY PROFILE
WHAT IS INSURANCE
The business of insurance is related to the protection of the economic values of assets. Every
asset has a value. The asset would have been created through the efforts of the owner. The
asset would have been created through the efforts of the owner. The asset is valuable to the
owner, because he expects to get some benefits form it. It is a benefit because it meets some
of his needs. The benefit may be an income or in some other form. In the case of a factory or
a cow, the product generated by it is sold and income is generated. In the case of a motor car,
it provides comfort and convenience in transportation. There is no direct income. Both are
assets and provide benefits.
Every asset is expected to last for a certain period of time during which it will provide the
benefits. After that, the benefit may not be available. There is a life-time for a machine in
factory or a cow or a motor car. None of them will last forever. The owner is aware of this
and he can so manage his affairs that by the end of that period or life-time, a substitute is
made available. Thus he makes sure that the benefit is not lost. However, the asset may get
lost earlier. An accident or some other unfortunate event may destroy it or make it incapable
of giving the benefits. An epidemic may kill the cow suddenly. In that case, the owner and
those enjoying the benefits therefore, would be deprived of the benefits. The planned
substitute would not have been ready. There is an adverse or unpleasant situation. Insurance
is a mechanism that helps to reduce the effects of such adverse situations. It promises to pay
to the owner or beneficiary of the asset, a certain sum if the loss occurs.
HISTORY OF INSURANCE
Insurance has been known to exist in some form or other since 3000 BC. The Chinese
traders, traveling treacherous river rapids would distribute their goods among several
vessels, so that the loss from any one vessel being lost, would be partial and shared,
and not total. The Babylonian traders would agree to pay additional sums to lenders,
as the price for writing off the loans, in case of the shipment being stolen. The
inhabitants of Rhodes adopted the principle of general average of general average,
whereby, if goods are shipped together, the owners would bear the losses in
proportion, if loss occurs, due to jettisoning during distress. {Captains of ships caught
in storms, would throw away some of the cargo to reduce the weight and restore
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balance. Such throwing away is called jettisoning} The Greeks had started benevolent
societies in the late 7th century AD, to take care of the funeral and families of
members who died. The great fire of London in 1666,in which more than 13000 house
were lost, gave a boost to insurance and the first fire insurance company, called the
fire office, was started in 1680.
The origins of insurance business as in vogue at present, is traced to the Lloyds
Coffee House in London. Traders, who used to gather in the Lloyds coffee house in
London, agreed to share the losses to their goods while being carried by ships. The
losses used to occur because of pirates who robbed on the high seas of because of bad
weather spoiling the goods or sinking the ship. In India, insurance began in 1818 with
life insurance being transacted by an English company, the Oriental Life Insurance
Co. in 1870 in Mumbai. This was followed by the Bharat Insurance co. in 1896 in
Delhi, the Empire of India in 1897 in Mumbai, The United India in Chennai, the
National, the National Indian and Hindustan Cooperative in Kolkata.
Later, were established the cooperative Assurance in Lahore, the Bombay Life
(originally called the swadeshi life), the India Mercantile, the new India and the
Jupiter in Mumbai and the Lakshmi in New Delhi. These were all Indian companies
started as a result of the swadeshi movement in the early 1900s. By the year 1956,
when life insurance business was nationalized and the life Insurance Corporation of
India (LIC) was formed on1st September 1956, there were 170 companies and 75
provident fund societies transacting life business in India. After the amendments to
the relevant laws in 1999, the L.I.C. did not have the exclusive privilege of doing life
insurance business in India. By 31.8.2007, sixteen new life insurers had been
registered and were transacting life insurance business in India.
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The History of Insurance in India
Some of the important milestones in the life insurance business in India are:
1912 - The Indian Life Assurance Companies Act enacted as the first statute to
regulate the life insurance business.
1928 - The Indian Insurance Companies Act enacted to enable the government to
collect statistical information about both life and non-life insurance businesses.
1938 - Earlier legislation consolidated and amended to by 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 crore from the Government of India.
The General insurance business in India, on the other hand, can trace its roots to the Triton
Insurance Company Ltd., the first general insurance company established in the year 1850 in
Calcutta by the British.
Life Insurance a Basic Need
Life insurance is a contract providing for payment of a sum of money to the person assured
or, failing him, to the person entitled to receive the same, on the happening of certain event.
A family is generally dependent for its food, clothing and shelter on the income brought in at
regular intervals by the bread winner of the family. So long as the he lives and the income is
received steadily, that family is secure; but should death suddenly intervene the family may
be left in a very difficult situation and sometimes, in stark poverty.
Uncertainty of death is inherent in human life. It is this uncertainty that is risk, which gives
rise to the necessity for some form of protection against the financial loss arising from death;
insurance substitutes this uncertainty by certainty.
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Few Advantages of Life Insurance
1. It is superior to an ordinary savings plans:
This is so because unlike other saving plans, it affords full protection against risk of death. In
case of death, the full sum assured is made available under a life assurance policy; whereas
under other savings schemes the total accumulated savings alone will be available. The latter
will be considerably less than the sum assured, if death occurs during early years.
2. Insurance encourages and forces thrift:
A savings deposit can be too easily withdrawn. Many may not be able to resist the temptation
of using the balance for some less worthy purpose. On the other hand, the payment of life
insurance premiums becomes a habit and comes to be viewed with the same seriousness as
the payment of interest on a mortgage. Thus insurance, in effect brings about compulsory
saving.
3. Easy settlement and protection against creditors:
The life assured can name a person or persons to whom the policy moneys would be payable
in the event of his death. The proceeds of a life insurance policy can be protected against. The
claims of the creditors of the life are assured by effecting a valid assignment of the policy. A
married womens property act policy constitutes a trust in favor of the wife and children and
no separate assignment is necessary. The beneficiaries are fully protected from creditors
except to the extent of any interest in the policy retained by the assured.
4. Administering the legacy for beneficiaries:
It often happens that a provision which a husband or father has made through insurance is
quickly lost through speculative or unwise investment or by unnecessary expenditure on
luxuries. These contingencies can be provided against in the case of insurance. The
policyholder can arrange that in the in the event of his death the beneficiary should receive,
instead of a single sum (a). payment of the net claim amount by equal installments over a
specified period of years, or (b).payment of the claim amount by smaller monthly
installments over the selected period followed by a lump sum at the end thereof.
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5. Ready marketability and suitability for quick borrowings:
After an initial period, if the policy holder finds him unable to continue payment of premiums
he can surrender the policy for a cash sum. Alternatively he can tide over a temporary
difficulty by taking loan on the sole security of the policy without delay. Further a life
insurance policy is sometimes acceptable as security for a commercial loan.
6. Tax relief:
For computing income tax (especially in India the Indian income tax act) follows deduction
from income tax payable, a certain percentage of a portion of the taxable income of
individuals which is diverted to payment of insurance premiums. When this tax relief is taken
into account it will be found that the assured is n effect paying a lower premium for his
insurance.
How Insurance Works
The mechanism of insurance is very simple. People who are exposed to the same risks come
together and agree that, if any one of the members suffers a loss, the others will share the loss
and make good to the person who lost. All people who send goods by ship are exposed to the
same risk related to water damage, ship sinking, piracy, etc. those owning factories are not
exposed to these risks, but they are exposed to different kinds of risks like, fire, hailstorms,
earthquakes, lightening, burglary, etc. like this, different kinds of risks can be identified and
separate groups, made including those exposed to such risks. By this method, the risk is
spread among the community and the likely big impact on one is reduced to smaller
manageable impacts on all.
If a Jumbo Jet with more than 350 passengers crashes, the loss would run into several crores
of rupees. No airline would be able to bear such a loss. It is unlikely that many Jumbo Jets
will crash at the same time. If 100 airline companies flying Jumbo Jets, come together into an
insurance pool, whenever one of the jumbo jets in the pool crashes, the loss to be borne by
each airline would come down to a few lakhs of rupees. Thus, insurance is a business
sharing.
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Role of Insurance in Economic Development
For economic development, investments are necessary. Investments are made out of
savings. A life insurance company is a major instrument for the mobilization of
savings of people, particularly from the middle and lower income groups. These
savings are channeled into investments for economic growth.
An insurance companys strength lies in the fact that huge amounts come by way of
premiums. Every premium represents a risk that is covered by that premium. In effect,
therefore, these vast amounts represent pooling of risks. The funds are collected and
held in trust for the benefit of the policyholders.
The management of insurance companies is required to keep this aspect in mind and
make all its decisions in ways that benefit the community. This applies also to its
investments. This is why successful insurance companies would not be found
investing in speculative ventures. Their investments benefit the society at large.
The system of insurance provides numerous direct and indirect benefits to the
individual and his family as well as to industry and commerce and to the community
and the nation as a whole. Those who insure, both individuals and corporate, are
directly benefited because they are protected from the consequences of the loss that
may be caused by the accident or fortuitous event. Insurance, thus, in a sense protects
the capital in industry and releases the capital for further expansion and development
of business and industry.
The very existence of risk that is, uncertainty concerning the future, is a severe
handicaps in economic activities. Insurance removes the fear, worry and anxiety
associated with this future uncertainty and thus encourages free investment of capital
in business enterprises and promotes efficient use of existing resources.
Thus insurance encourages commercial and industrial development and there by
contributes to a vigorous economy and increased national productivity.
Present day organization of industry, commerce and trade depend entirely on
insurance for their operation, banks and financial institutions lend money to industrial
and commercial undertakings only on the basis of the collateral security of insurance.
No bank or financial institution would advance loans on property unless it is insured
against loss or damage by insurable perils.
Insurers are closely associated with several agencies and institutions engaged in fire
loss prevention, cargo loss prevention, cargo loss prevention, industrial safety and
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road safety. Before acceptance of a risk, insurers arrange survey and inspection of the
property to be insured, by qualified engineers and other experts.
The object of these surveys is not only to assess the risk for rating purposes but also to
suggest and recommend to the insured, various improvements in the risk, which will
attract lower rates of premium and what is more important , reduce the loss potential.
For example, burglary surveyors make recommendation in regard to security
measures such as better locking system, appointment of Watchman, etc. Engineering
surveys play a most useful part in accident prevention as valuable technical advice is
provided in respect of plant and machinery.
Insurance ranks with export trade, shipping and banking services as earner of foreign
exchange to the country. It helps to earn foreign exchange and represent invisible
exports.
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LIST OF INSURANCE COMPANIES LISTED IN DIFFERENT

YEARS
List of Life Insurance Companies
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List of General Insurance Companies
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INSURANCE INDUSTRY IN INDIA
1. ICICI Prudential: Its a joint venture of ICICI bank, one of the biggest bank of India and
Prudential PLC, a financial monster from Britain with 74% and 26% holding respectively.
ICICI Prudential has over 1500 offices nationwide and it holds the total asset of over $13
billion.
2. STATE BANK OF INDIA: State Bank of India (SBI) is one of the largest Indian banks.
On the trailing four quarters it reported profit of Rs 7,677 crore. The bank has been able to
post good bottom line growth primarily because of improvement seen in its net interest
margin (NIM). For the December quarter of 2012, the banks NIM increased by 44 basis
points to 4.05 per cent, which is one of the best in the industry. For the trailing four quarters
the bank is facing headwinds in posting good bottom line mainly because of higher
provisioning. It is facing asset quality pressure which is evident from the fact that for the
December quarter of 2011 the net NPA of the bank increased by 61 basis points to 2.22 per
cent on a Yoyo basis while on a sequential basis it increased by 18 basis points. SBI is
currently trading at a book value of around 2x which should be considered as fairly valued.
Mr. Mahadev Nagendra Rao (MD & CEO)
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3. Bajaj Allianz: A joint venture between two big companies, Bajaj Group and Allianz AG.
Headquartered in Pune, the company is one of the fastest growing general and life insurance
Company in India with over 1200 branches across India and variety of services in insurance
sector.
4. Tata AIG: Another joint venture from India's monster Tata Group and America's
insurance specialist, AIA (American International Assurance). Started operations in 2001, the
stock holding is 74% and 26% for Tata and AIA respectively. It works in almost every
verticals in its sector.
5. Aviva India: Started its operation in 2002, its a joint venture between world's insurance
mosnter Aviva and India's Dabur Group with a stock sharing of 26% and 74% respectevely.
It has over 160 branches in India and employee strength of over 5000. Apart from that, Aviva
has already has associates in over 70 countries.
6. MetLife India: "Have you met life today?" this signature line is from Metropolitan Life
Insurance Company, commonly known as MetLife. Founded in 1868 in New York, the
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company is one of the oldest life insurance company in the world and with a turnover of
around $53 billion, its a market leader in terms of revenue.
7. Max New York Life Insurance: Founded in 2000 and started its operation in 2001, Max
New York Life Insurance is a joint venture between Max India Ltd and New York Life
Enterprise. With over 25 life insurance policies, it has a turnover of around $400 million.
Mr. Rajesh Sud (CEO & Managing Director).
8. ING Vysya Life Insurance: Also known as ING Life, the company is headquartered in
Bangalore. Started its operations in 2001, the company recently has completed a decade in
India. Its a joint venture between Exide Industries and ING Insurance International BV. With
over 1 million customers, it has presence in over 200 cities in India. Mr. Rajan Raheja
(Chairman), Mr. Satish Raheja (Director).
9. AEGON Religare Life Insurance: Its a joint venture among AEGON - an international
life insurance company, Religare - world's financial service leader and India's financial
service group, Bennett, Coleman and Company. Started its business in 2008, the company
has gain good market share in short span of time.
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9. Birla Sun Life: Its a joint venture between Aditya Birla Group and Sun Life Financial
from canada. Established in 2000, the company has experience of over 10 years. It has a
network of over 600 branches across India, covers 1500 cities, around 1350000
life advisers and has revenue of over $500 million. Mr. Jayant Dua (MD & CEO).
11. Bharti AXA Life Insurance: Started in 2006, its a joint venture between Bharti
Enterprise - a leading telecom company in India (Airtel) and AXA Group - an international
market leader in insurance sector. With 74% and 26% market share respectively.
With presence in all over India, the company provides many services in all verticals.
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PURPOSE AND NEED FOR INSURANCE
Functions of Life Insurance: -
a) Protection
The four hazards against which life insurance offers protection are:
Death
Disability
Disease
Destitution
b) Means of Savings
Life insurance is a sound method of savings. In all other savings, there is always
temptation to withdraw. However, there are in-built provisions under a life insurance
policy (such as paid-up value, surrender value etc.) which discourage the person from
discontinuing a policy. The contracts of life insurance are of long duration, which is an
element of encouragement to thrift and compulsion for saving.
c) Prudent Investment
Returns under a life insurance policy are comparatively lower than other financial
instruments in the market. However, in view of its very sound investment policy and
accumulation of a vast life fund, the Security of funds is very high. Further Liquidity
under life insurance policy is also guaranteed due to provisions of survival benefit, loans,
surrender values etc.
(d) Tax-saving instrument

Premiums under life insurance and annuity policies secure attractive tax benefits.
These get substantial rebates under Income tax, Wealth tax, Gift Tax etc. The proceeds of
life insurance policy are exempt from Income tax and Wealth tax.
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(e) Business Protection

Large numbers of business houses are of proprietary nature. With the untimely death
of proprietor, the business can be wiped out due to debts, un-recovered bills and inability
of heirs to carry on the business. A proper planning with the help of life insurance can
save such business and enhance their goodwill value.
(f) Best Collateral

No other financial instrument can compete with life insurance as sound collateral.
By going in for life insurance one creates an instant estate, which can be used as collateral
against housing loans and other business loans.
(g) Relieves Anxiety and Promotes Initiative

This is a hidden but very significant benefit of life insurance plan for an individual. A
man is not prone to take risk for security considerations. But once he is assured of basic
minimum security, he is inclined to take risks and launch any entrepreneurial activity. Life
insurance takes care of one of his biggest worries and thus enables him to embark upon new
initiatives.
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OBJECTIVES OF THE STUDY
1. To understand the customer preferences.

2. To get an instant overview of the insurance industry, its perspective, present scenarios
and the competitors.
3. To study the factors influencing customer preferences towards various investment
instruments.
4. To analyses acceptance of Bharti Axa Life Elite Advantage insurance policies.
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RESEARCH METHODOLOGY
INTRODUCTION
Research Methodology is way to systematically solve the research problem. In it we

study the various steps that are generally adopted by a researcher in studying his research
problem along with logic behind them .We also need to understand the assumption
underlying various techniques and procedures will be applicable to certain problems and
other will not. So it is necessary for us to design methodology for the problem as it differs
from problem. So research methodology is not only method research but also logic behind the
methods we use in context of our research study and explain why we are using a particular
method or technique and why we are not using others so that research results are capable of
being evaluated.
Marketing research is the systematic design, collection, analysis and reporting of data
and findings relevant to specific marketing situation facing the company.
An effective marketing research involves following five objectives.
Developing research plan. Steps in a sequential manner.
Defining the research.
Collecting the information.
Analyze the information.
Present the findings
DEFINNING RESEARCH OBJECTIVE:
Objective is the main theme of in, which is my job, is based. Research is a good
planning of strategy, policy and formulation of procedure to compete in the market. The
objective of the project should be very precise; it should neither be very broad nor be very
narrow.
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DEVELOPING RESEARCH PLAN:
The research plan is the main body or you can call the blue print in which we carry
the research. The research plans consist of data sources, research approaches, research
instruments, sampling plan and contact methods.
1. DATA SOURCES: I have gathered secondary data. Secondary data are the data,
which already exists and were collected for some other purpose or for similar
previous studies. Primary data are the data gathered for the specific research project
and are directly taken from the very source of information. For this research
secondary data were used for making assumption and the outline of the project.
Secondary data were proved to be instrumental in structuring the questions to be
asked for collecting primary data. The secondary data used here were in the form of
previous reports, sales record of the company and the sales history of the competitor
and this was the information on which the final report is based on.
2. RESEARCH APPROACH: Primary data can be collected in several different ways
these methods of collecting primary data are called research approaches. Research
approaches are of following types:
a) Observational research
b) Focus group research
c) Survey research
d) Experimental research.
e) Behavioral data research
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DATA INTERPRETATION AND ANALYSIS
Personal detail
Classes (Age) No. of respondents

18-24 4
24-35 19
35-45 16
45-55 8
55-65 1
ANALYSIS
Above diagram consists five classes of different age groups. Here customer 19
customers belong 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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Do you think is it essential to have Bharti Axa Life Elite Advantage Life Insurance?
YES NO
Yes No Total
No. of respondents 45 5 50
% of respondents 90 10 100
ANALYSIS
To this question 45 consumers reported YES and 5 consumers reported NO.
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Which are the companies you invested your money for Life Insurance?
Companies No. of respondents % of respondent

Bharti Axa Life Insurance 50 37.04
LIC 30 22.22
Bajaj Allianz - -
TATA AIG 10 7.41
Max New York Life 5 3.70
Insurance
HDFC Life Insurance 10 7.41
ICICI Prudential 25 18.52
Kotak Mahindra 5 3.70
Bharti Axa Life Insurance
LIC
Bajaj Allianz
TATA AIG
Max New York Life

Insurance
HDFC Life Insurance
ICICI Prudential
ANALYSIS
From the above figure we come to know that customers are also investing money in other life
insurance companies. The major player in insurance is Bharti Axa holding 37.04, 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%.
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Why did you choose Bharti Axa Life Elite Advantage?
No. of respondents % of respondents

ROI 18 36
Peer pressure 15 30
Tax benefit 10 20
Security/safety 2 24
Low premium 5 10
Total 50 100
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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What kind of services you expect from insurance provides?

Easy access ability to deposit 20 31
center
Time to time premium 12 19
collection
Provision in case dues 8 13
Bonus & other schemes 24 37
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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How will you rate the services given by Bharti Axa Life Elite Advantage?

Poor - -
Average 16 32
Good 28 56
Excellent 6 12
Total 50 100
ANALYSIS
Out of 50 respondents 57% have ratted Bharti Axa Life Elite Advantage services as
good and 32% have ratted as average. And remaining 12% have ratted as Excellent.
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What difference you find between Bharti Axa Life Elite Advantage & your previous
Insurance provider?

Good returns 16 21
Effective service\liquidity 12 15
Tax planning 28 36
Security / safety benefit 22 28
Total 50 100
Note.
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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Do have any suggestion for Bharti Axa Life Elite Advantage?

YES NO
Yes No Total
No. of Respondents 39 11 50
% of Respondents 78 22 100
ANALYSIS
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In future, will you purchase policies from Bharti Axa Life Elite Advantage?
YES NO
Yes No Total
No. of Respondents 32 18 50
% of Respondents 64 36 100
ANALYSIS
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NUMBER OF RESPONDENTS WHO HAVE TAKEN INSURANCE AS PER

OCCUPATION
Occupation Percentage
Business 25%
Profession 38%
Private 13%
Govt. service 22%
House wife 2
Total 100%
25% 13%
100% 38% Business
22% Profession
Private
Govt. service
2 House wife
Total
Interpretation
From the above graph it is clear that 25% are businessman, 38% are profession, 13%
are private job holder, 22% are government employee and only 2% are housewife.
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NUMBER OF RESPONDENTS WHO FEEL INSURING LIFE IS NECESSARY
Choice Percentage
Yes 97.39%
No 2.61
Total 100%
97.39%
Yes
2.61 No
Interpretation
From the above table it is inferred that 97.39% of the respondents have said they feel
insuring life is necessary, while 2.61% of the respondents have said they feel life insurance is
not important. This shows that more people are interested to invest in life insurance.
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People who have heard about Bharti Axa Life Elite Advantage?
Choice Percentage
Yes 34.76%
No 65.24
Total 100%
34.76%
Yes
No
65.24
Interpretation
From the above table it is inferred that 65.24% of the respondents have said they have
not heard about Bharti Axa Life Elite Advantage, whereas 34.76% of the people said they
have heard about the Bharti Axa Life Elite Advantage. This shows that the awareness about
the company is not much among the people.
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REASONS FOR SELECTING PARTICULAR POLICY
Reasons Percentage
Its features 32.88
Recommended by agents 41.1.
High risk coverage 8.22
Low premium 17.81
Total 100%
17.81%
32.88%
8.22% Its features
Recommended by agents
High risk coverage
41.10%
Low premium
Interpretation
From the above table it is inferred that 41.10% of the respondents have invested in
Bharti Axa Life Elite Advantage because it was recommended by agents which show agents
play a key role in insurance investments. 32.88% of the selected the particular policy because
of its features, which shows features of a particular policy influence people more. 17.81% of
the people have selected the particular policy as it has low premium while 8.22% of the
people have said that high risk coverage influenced them in selecting the particular policy.
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THE RANKING TO IMPROVE THE SERVICE OF BHARTI AXA LIFE ELITE

ADVANTAGE
Reasons Percentage
Train the agents 53.42%
Educating the policy holders thru 21.92%
Media
Improving the customer service 24.66%
Quick settlement of claims 0
Total 100%
Train the agents

24.66%
Educating the policy holders
53.42% thru Media
21.92%
Improving the customer
service
Quick settlement of claims
Interpretation
From the above table it is inferred that 53.42% of the people have said Bharti Axa
Life Elite Advantage has to train the agents to improve their service. 24.66% of the
respondents have said the company has to improve the customer service and 21.92% of the
people have said the company has to educate people through media to improve their service.
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TABLE SHOWING OVERALL SATISFACTION ABOUT THE COMPANY
Choice Percentage
Highly dissatisfied 0%
Dissatisfied 0%
Neither satisfied or nor dissatisfied 13.70%
Satisfied 0%
Highly Satisfied 86.60%
0% 0% Highly dissatisfied
0%
13.70%
Dissatisfied
Neither satisfied or nor

dissatisfied
86.60%
Satisfied
Highly Satisfied
Interpretation
From the above table it is inferred that 86.30% of the respondents have stated that
they are highly satisfied with the company, which shows that the company is renders good
customer service to its customers. 13.70% of the respondents have stated that the satisfaction
level with the company is neither satisfied nor dissatisfied.
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RANKING THE REASON FOR INVESTING IN BHARTI AXA LIFE ELITE

ADVANTAGE
Reason Strongly Agree Neither Disagree Strongly Total

agree satisfied disagree
nor
dissatisfied
Insurance 53 30 10 7 0 100
against
uncertainty
For 55 35 10 0 0 100
security
Agents 18 30 32 12 8 100
persistence
For returns 42 30 12 10 6 100
For tax 42 31 18 4 5 100
benefits
5
4.5
4
3.5
3 Insurance against uncertainty
2.5 For security
2 Agents persistence
1.5
For returns
1
For tax benefits
0.5
0
Strongly Agree Neither Disagree Strongly
agree satisfied agree
nor
dissatisfied
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Interpretation
From the table we have assigned ranks for the reasons for investing in Bharti Axa Life
Elite Advantage. According to the table people have strongly agreed that they insure against
uncertainty, and for tax benefit and for security reasons. People have said agents persistence
is neutral in investing in insurance. Respondents have agreed that they invest for returns in
Bharti Axa Life Elite Advantage.
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FINDINGS OF THE STUDY
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FINDINGS OF THE STUDY
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
Bharti Axa Life Elite Advantage, LIC, Tata Allianz, Max New York, HDFC, ICICI
and Kotak Mahindra.
36 percentages of the total respondents invest in Bharti Axa Life Elite Advantage.
Bharti Axa Life Elite Advantage for getting high ROI.
37.5 percentage respondents expect bonus and other schemes from Bharti Axa Life
Elite Advantage.
56 percentage respondents satisfied with services given by SBI Life Insurance.
As per 28% of despondence Bharti Axa Life Elite Advantage providers good tax
benefits to the Investors.
64% of respondents are willing to purchased policies from Bharti Axa Life Elite
Advantage in future.
37
RECOMMENDATIONS
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) Bharti Axa Life Elite Advantage 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 Bharti Axa Life Elite Advantage for getting
high return on investment the company should try to provide attractive returns on
investments in future.
5) Bharti Axa Life Elite Advantage should introduce attractive policies & also attractive
bonus on policies to attractive more potential customers.
6) Approx 36% of respondents differ with their previous insurance provider, they field
that Bharti Axa Life Elite Advantage providing good tax benefit for their investment
so Bharti Axa Life Elite Advantage if possible try to provided more tax benefit
customer.
7) 64% respondents are willing to purchases Bharti Axa Life Elite Advantage policies
in future this benefit Bharti Axa Life Elite Advantage as mort potential customer in
future.
38
CONCLUSION
39
CONCLUSION
After conducting market research for Bharti Axa Life Elite Advantage 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
Bharti Axa Life Elite Advantage in the market
Customer satisfaction level of most respondents is higher for SBI Life Insurance
Company, which is provided by survey. Higher satisfaction level of SBI life insurance
company was monthly due to SBI provides good tax benefit for the consumers also ROI,
security etc.
Bharti Axa Plan is the best-sold plan in market by Bharti Axa Life Insurance. This
conveys that the customers are switching to retirement plan.
40
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) Bharti Axa Life Elite Advantage
b) LIC
c) Bajaj Allianz
d) Tata AIG
e) Max New York Life Insurance
f) HDFC Life Insurance
g) ICICI Prudential Life Insurance
h) Kotak Mahindra
4. Why did you choose Bharti Axa Life Elite Advantage?

a) ROI
b) Peer Pressure
41
c) Tax Benefit
d) Security /safety
e) Low Premium
5. 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
6. How will you rate the services given by Bharti Axa Life Elite Advantage?
a) Poor
b) Average
c) Good
d) Excellent
7. What difference you find between Bharti Axa & your previous Insurance provider.
a) Good Returns (HIGHEST)
b) Effective Service/Liquidity
c) Tax Planning
d) Security/ Safety Benefit & Protection on your Capital
8. Do have any suggestion for Bharti Axa Life Elite Advantage
YES NO
9. In future, will you purchase policies from Bharti Axa Life Elite Advantage?
YES NO
10. Who Have Taken Insurance as per Occupation
a) Business b) Profession c) Private d) Govt. service e) Housewife
11. Who Feel Insuring Life Is Necessary
a) Yes b) No
12. People Who Have Heard About Bharti Axa Life Elite Advantage
a) Yes b) No
42
13. Reasons For Selecting Particular Policy
a) its features b) Recommended by agents c) High risk coverage d) Low premium
14. The Ranking To Improve The Service Of Bharti Axa Life Elite Advantage
a) Train the agents b) educating the policy holders thru Media c) Improving the
customer service d) quick settlement of claims
15. Overall Satisfaction about the company
a) Highly dissatisfied b) dissatisfied c) Neither satisfied or nor dissatisfied d)

Satisfied e) Highly satisfied
16. Ranking The Reason For Investing In Insurance

Reason Strongly Agree Neither satisfied Disagree Strongly Total
agree nor dissatisfied disagree
Insurance
against
uncertainty
For security
Agents
persistence
For returns
For tax
benefits
43

Cusotmer Satisfaction BHARTI AXA LIFE ELITE ADVANTAGE

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Customer Satisfaction BHARTI AXA LIFE ELITE ADVANTAGE

The History of Insurance in India

Life Insurance a Basic Need

Few Advantages of Life Insurance

1. It is superior to an ordinary savings plans:

2. Insurance encourages and forces thrift:

3. Easy settlement and protection against creditors:

4. Administering the legacy for beneficiaries:

5. Ready marketability and suitability for quick borrowings:

How Insurance Works

Role of Insurance in Economic Development

LIST OF INSURANCE COMPANIES LISTED IN DIFFERENT

List of Life Insurance Companies

List of General Insurance Companies

INSURANCE INDUSTRY IN INDIA

PURPOSE AND NEED FOR INSURANCE

Functions of Life Insurance: -

(d) Tax-saving instrument

(e) Business Protection

(f) Best Collateral

(g) Relieves Anxiety and Promotes Initiative

OBJECTIVES OF THE STUDY

1. To understand the customer preferences.

Research Methodology is way to systematically solve the research problem. In it we

An effective marketing research involves following five objectives.

Developing research plan. Steps in a sequential manner.

Defining the research.

Collecting the information.

Analyze the information.

Present the findings

DEFINNING RESEARCH OBJECTIVE:

DEVELOPING RESEARCH PLAN:

DATA INTERPRETATION AND ANALYSIS

Classes (Age) No. of respondents

Companies No. of respondents % of respondent

Bharti Axa Life Insurance

Max New York Life

Why did you choose Bharti Axa Life Elite Advantage?

No. of respondents % of respondents

What kind of services you expect from insurance provides?

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

No. of respondents % of respondents

No. of respondents % of respondents

Do have any suggestion for Bharti Axa Life Elite Advantage?

NUMBER OF RESPONDENTS WHO HAVE TAKEN INSURANCE AS PER

NUMBER OF RESPONDENTS WHO FEEL INSURING LIFE IS NECESSARY

REASONS FOR SELECTING PARTICULAR POLICY

THE RANKING TO IMPROVE THE SERVICE OF BHARTI AXA LIFE ELITE

Train the agents

TABLE SHOWING OVERALL SATISFACTION ABOUT THE COMPANY

Neither satisfied or nor

RANKING THE REASON FOR INVESTING IN BHARTI AXA LIFE ELITE

Reason Strongly Agree Neither Disagree Strongly Total

FINDINGS OF THE STUDY

FINDINGS OF THE STUDY

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

4. Why did you choose Bharti Axa Life Elite Advantage?

10. Who Have Taken Insurance as per Occupation

a) Business b) Profession c) Private d) Govt. service e) Housewife

11. Who Feel Insuring Life Is Necessary

13. Reasons For Selecting Particular Policy

a) its features b) Recommended by agents c) High risk coverage d) Low premium

15. Overall Satisfaction about the company