Project Report On MARKET RESEARCH AND CUSTOMER SATISFACTION For KOTAK MAHINDRA LIFE INSURANCE COMPANY LIMITED PUNE

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Submitted in partial fulfillment of two years full time course in Masters in Business Administration, 2004-2006, Vishwakarma Institute of Management, Pune.

By Mr. Sachin Bhutkar Vishwakarma Institute of Management Survey no.3/4, Kondhawa Budruk, Pune-411 048

KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD PUNE STUDY ON MARKET RESEARCH AND CUSTOMER SATISFACTION FOR KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD PUNE

A SUMMER PROJECT REPORT DURING JUNE-JULY-2005 UNDER THE GUIDANCE OF

MR NIKHIL SHAH (SALES MANGAGER) & PROF. MAHESH HALALE

SUBMITTED BY MR SACHIN BHUTKAR IN PARTIAL FULFILLMENT OF MBA FROM VISHWAKARMA INSTITUTE OF MANAGEMENT PUNE

ACKLOWLEDGEMENT
It is said, The most important single word is we and the zero important

single word is I . This true even in today s modern era. It is absolutely impossible for a single individual to complete the assigned job without help and assistance from others.

It is my greatest pleasure to acknowledge sincere gratitude towards Mr. Nikhil Shah (Sales Manager) Kotak Mahindra Life Insurance Company Ltd. Pune, for the completion of the project work.

I would also like to acknowledge to my sincere gratitude to the Director of my institute Dr. Shard Joshi and my project guide Prof. Mahesh Halale for helping me in this project work.

I am thankful to all of my friends and batch mates for their help in completing this project work. Finally, I am thankful to my entire family members for their great support and encouragement.

Sachin Bhutkar

Executive Summary

The objective of the project was to do Market Research and customer Satisfaction for Kotak Mahindra Life Insurance 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 Pune 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.

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 different area and people in the Pune city. The study was undertaken for pune 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.

Annexure . Bibliography 10. Research Methodology 6. Observation and findings 8. 1. Particulars Introduction Page No. Scope of the work 5. 2. Industry Profile 3. Limitation and Recommendation 9.CONTENTS Serial No. Company Profile 4. Data interpretation and analyses 7.

INTRODUCTION .

your family can remain financially secure because of the life that you have purchased. Buying insurance is extremely useful if you are the principal earning member in the family unfortunate premature demise. 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. The risk cannot be averted. . then you certainly need. It eliminates worries and miseries of losses or destruction of property and death. We don t have any command on uncertainties. Life insurance is a contract between you and a life insurance company. Having a family means dependant. the market offers insurance plans that not just cover your same time grow your wealth too. Today. which in turn means financial commitments. children s education. It is in this context that we think about insurance. Your retiren children s future needs. Finance comes in the form of loans. which provided you a death during the contract term.INTRODUCTION Wherever there is uncertainty there is risk. Protection against the possible chances of generating uncertain losses. The risk is uncertainty of the financial loss. If you have dependants and financial responsibilities toward them. This makes it essential that we think in favor of a device that becomes instrumental in spreading the loss.

For example. Kotak preferred Retirement plans such as income plan and kotak Multiplier plan. which were have a comfortable retirement.medical expenses etc. Insurance sector with an annual growth rate of 15-20% and the largest number of life insurance policies in force. . Insurance sector have characteristic that give can boost to the growth of any economy . Most insurance plans available today have a bailt in saving elements. Life wasn t designed to be risk free. 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. but to estimate it Accurately and manage it wisely. The key is not to eliminate risk.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. Collateral security. 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. Kotak preferred Retirement plans meet your dual financial goals of life cover and savings for the future. When you insured your life. the potential of the Indian insurance industry is huge. 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.

And in detail consumer (Satisfaction) responses analysis. in the filed of marketing and to have exposure to the important management practices in field of marketing. The main motto of the project work was Market Research and customer Satisfaction of Kotak Mahindra Life Insurance. The project report is divided into two parts. While writing this report the language has been keep simple and the entire discussion has been logical and has coherent outlines.INTRODUCTION OF THE TOPIC The purpose of this training was to have practical experience of working within the organization. by surveying number of consumers. first part consists market research for finding out best sold plan of Kotak Mahindra Life Insurance. . And second consist survey report of various consumers about there responses about satisfaction towards Kotak Mahindra Life Insurance Company. It includes through market Research in various plans of Kotak Mahindra Life Insurance. Pune.

IMPORTANCE OF THE TOPIC The project report is all about market research to find out best sold plan of Kotak Mahindra Life Insurance. . pune. Market research helps Kotak Mahindra Life Insurance about the best plan purchased by its consumer satisfaction level helps to know weather the consumers are satisfied by service/Plans of Kotak Mahindra Life Insurance. And to mouser the satisfaction level of consumers of Kotak Mahindra Life Insurance.

INDUSTRY PROFILE .

The oldest form of insurance (12th century) is marine insurance. The first registered life office was established in 1696. E. After wards in 16th century fire insurance is started in Germany. The different MNC s company of foreign country enters in the insurance industry with the joint venture with Indian companies.INDUSTRY PROFILE The industries. F. There was major change in the insurance sector after globalization in 2001. Hand in Hand Society . Today total 11 private life insurance companies are working in insurance industry. D. C. B. Particularly after attaining independence and to the more specific after nationalizing in 1956. In India the first life insurance was started in the Bengal Presidency in 1818 knows as oriental life insurance company. The private player in the insurance industry and ends the dominance of LIC. A. businesses and individuals are considerably by the services of insurance organization. Experiencing so many ups and downs the insurance business was found in changed shapes.

1956. 5 core from the Government of India. 2) Competition Private companies with a minimum paid up capital of Rs. LIC Act. viz. No company should deal in both Life and General Insurance though a single entity.HISTORY 1912: the Indian Life Assurance Companies Act enacted as the first stature to regulate the life insurance business. 1bn should be allowed to enter the industry. with a capital contribution of Rs. LIC formed by an Act of Parliament. Foreign companies may be . 1928: the Indian Insurance Companies Act enacted to the government to collect statistical information about both life and non life insurance businesses. INSURANCE SECTOR REFORMS: 1) Structure Government stake in the insurance companies to be brought down to 50%. 1956: 245 Indian and Foreign insurers and provident societies taken over by the central government and nationalized. 1938: Earlier legislation consolidated and amended to the insurance Act with the objective of protecting the interests of the insuring public.

The committee emphasized that in order to improve the customer services and increase the coverage of the insurance. 4) Investments Mandatory Investment of LIC Life Fund in government securities to be reduced from 75% to 50%.The Insurance Act should be changed . 3) Regulatory Body .allowed to enter the industry in collection with the domestic companies. Only One State Life Insurance Company should be allowed to operate in each state. 5) Customer service LIC should pay interest on delays in payments beyond 30 days. industry should be opened up to competition.Controller of Insurance (Currently a part from the Finance Ministry) should be made independent. Insurance companies must be encouraged to set up unit linked pension plans. Postal Life Insurance Should be allowed to operate in the rural market.An Insurance Regulatory body should be set up . . Computerization of operations and updating of technology to be carried out in the insurance industry.

with the reopening of the sector. largest life insurer in Australia and New Zealand. the life insurance industry had been protected from competitive pressures. The acronym for the Insurance Regulatory and Development authority of India. it overseeing the insurance business in India. is a joint venture between Allianz AG (Largest insurer in Europe) and Bajaj Auto Ltd. Sanmar is one of the . AMP Sanmar Assurance Company Ltd. It protects the interests of the policyholders received and ensures orderly growth of the insurance industry and for matters connected there thereto. The insurance landscape in India is undergoing major changes. Despite the fact that India boosts a saving rate of around 25 percent. Now. 51st in the world. Beside Kotak Mahindra Life Insurance there are other 11 private players working in life insurance sector. Allianz Bajaj Life Insurance Company Ltd.95 percent.ENTRANCE OF PRIVATE PLAYERS IN INSURANCE SECTORS India still has low insurance penetration of 1. AMP Sanmar Assurance Company Ltd. Allianz Bajaj Life Insurance Company Ltd. incorporated on 12th march 2001. is a joint venture between AMP. which are as follows. several new players have entered the scene. Close to foreign competition since nationalization in 1956. less than 5 percent is spent on insurance.

Tata Life Insurance Company Ltd. HDFC Standard Life Insurance Company Ltd. is capitalized at Rs. ICICI Prudential Life Insurance Company Ltd. With ICICI group and Prudential Plc holding 74% and 26% stake respectively. is a wholly subsidiary of Aviva Plc (UK). 185 crore. India s largest bank SBI and Cardiff S. Birla Sun Life Insurance Company Ltd. . is a joint venture between Dabur India and CGU.A. ICICI Prudential equity based stands at Rs. of which 74% has been brought in by TATA Sons and the American partner bring the balance 26%.largest industrial groups in South India dealing in chlorochemicals and shipping and Engineering. Tata Life Insurance Company Ltd. Aviva Life Insurance Company Ltd. BI 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. a leading insurer in France came together to from SBI Life. 675 Cr. Aviva Life Insurance Company Ltd.

It was incorporated in April 2001 as a joint venture between Met Life International Holding. Met Life India Insurance Company Ltd. HDFC is the majority stakeholder in insurance JV with 81. Dutch origin) 26% and GMR group would hold 25% of the stake.6%.4% stake and Standard life (largest mutual assurance company in Europe) has a stake of 18. As per JV agreement Vysya bank would hold 49% stake. It was incorporated on 14th august 2000. manufacturing. Pallonji and company private Ltd. a Fortune 100 company. . It s a partnership between MAX India ltd and New York life. ING Vysya Life Insurance Company Ltd. Together they have roped in GMR group.HDFC Standard Life Insurance Company Ltd. was one of the first companies to be granted license by the IRDA to operate in life insurance sector. Inc. MAX New York Life Insurance Company Ltd. software and banking. which has wide-ranging interests in field such as power generation infrastructure. ING (Europe. is expected to be first bank assurance venture in the country. Jammu & Kashmir bank. ING Vysya Life Insurance Company Ltd. and M.

COMPANY PROFILE .

2 You may buy an annuity either from Kotak Life Insurance. Floating Rate Fund. It is a plan that gives you jeene Ki azaadi by giving you the choice to remain independent even after retirement. 4 For a with cover plan you have the facility of Automatic cover Maintenance.PRODUCT a) Kotak Flexi plan Advantages: 1 Choice of 5 professionally managed funds included Gilt Fund. 3 You can make lump sum injections into your policy at any time before retirement. Bond 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 The Kotak Retirement Income Plan is a savings plan designed to meet your post retirement needs. Advantages: 1 In this plan minimum age of 18 years of old and maximum age is 60 years. Balanced Fund. which ensures that the cover remains in force even when you . Growth Fund.

half yearly or yearly. 3 You have the option of paying premiums quarterly. issued for specific time periods during which you pay a regular premium. In simple words. . c) Kotak Endowment Plan An Endowment policy is a combination of savings along with risk cover. 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. in regular and irregular withdrawals. 4 You have the benefit of a 15-day free look period. 2 You can take a loan against your policy has been in force for at least three years. if the need arises. Advantages: 1 In this plan minimum age of 18 years of old and maximum age is 65 years. created from will be created from lump sum injections. This facility is available after the first 3 years of the term. and gives you the flexibility of using this money the way you need it. 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. If you die during policy. 5 You may exercise the option of paying premium from the Supplementary Accumulation Account. These policies designed to accumulate wealth and at the same time cover your life.miss the premium payments.

4 You have the benefit of a 15-day free look period. which is very flexible and has a lot of in-built benefits. It is a plan that gives your child the azaadi to realise his/her dreams. Advantages: 1 In this plan minimum age of 0 years of old and maximum age is 17 years. . you can draw the full proceeds or you can draw up to 50% of your basic sum assured or accumulation account. This is a participating plan. 3 In addition to the regular premiums. which ensures that the policy remains in force even when you miss the premium payments. you can make lum sum injection into your plan during the premium paying period. e) Kotak Child Advantage Plan The Kotak Child Advantage Plan is an investment plan designed to meet your child s future needs. whichever is higher. 3 You have the option of paying premiums quarterly. 2 You may take a loan against this plan. 2 At the start of your withdrawals period.This is an endowment plan. This facility is available after the first 3 years of the term. half yearly or yearly. Advantages: 1 In this plan minimum age of 18 years of old and maximum age is 60 years. A Supplementary Accumulation Account will be created. This is an endowment plan where the life insured is the child. after the policy has been in force for at least three years. 4 You have the facility of Automatic Cover Maintenance.

SCOPE OF STUDIES .

So no organization. above axiom has more importance than ever before.Lets keep them happy! Customer is the king. Marketing starts with the customer and ends the customer . small or big ignores the customers. . we have come to believe that business firm is not the center of economic universe but revolves around the customer. Similarly. Earth is not the center of universe but revolves around the Sun . Peter Drucker. Build customer and not only products. Building customers is not a single step exercise but a process ------.Need for measuring customer satisfaction. Customers are too good to lose ---------. -Copernicus. In the era of cutthroat competition and economic recession.

company had to make its competitors analysis and need to determine where do they stand.OBJECTIVE OF THE STUDY: 1) To determine the present position and satisfaction of customer in Kotak Mahindra Life Insurance. 4) Benefits derived by assessing consumer satisfaction are: . .Strengthen the relationship with customers. The second objective of the project was to determine the market share of different brands available in the market.Formulating sales strategies.Understanding customer s requirements. . 2) To determine the market share of different brands.Providing superior service to customer. And also present position of the company. . . Therefore to get establish.Feedback to organization regarding product. There was a tough competition for the brand in the market. 3) Responses of customer Responses from them were collected through survey and for the questionnaire were prepared for both of them. . The main objective of the project was to analyze consumer satisfaction of Kotak Mahindra Life Insurance with other services in Pune.

This was a fundamental objective of the whole research. In other words. what are the brands so that it can rectify them in order to establish the brand in the market.5) Identify pros and cons of the brand. 6) Suggestions and recommendations. . The objective of the research was not only to find out the problem but also the identification of solutions or suggestions of the problems. Company wants to identify that where does the brand lack.

RESEARCH METHODOLOGY .

Research always starts with a question or a problem. It is a moment from known to unknown.RESEARCH METHODOLOGY INTRODUCTION Research is an art of scientific investigation through search for new facts in any branch of knowledge. . On the contrary. We may also say that marketing research is of both types and problem oriented. As marketing does not address itself to basic or fundamental question. It may be emphasized that it is not restricted to any particular area of marketing. which seem to have immediate commercial potential. it tackles problems. In view of the major consideration. but is applied to all the phases and aspects. Its purpose is to find answers to questions through the application of the scientific method. problem solving Marketing research is as systematic and objectives study of the problems pertaining to the marketing of the goods and services. it does not qualify as basic research. marketing research should be regarded as applied research. It is a systematic and intensive study directed towards a more complete knowledge of the subject studied.

Responses of consumer.Identifying pros and cons of the brand. b) Secondary Data Secondary data are that type of data. These types of data were. . which are already assembled and need not to collected from outside. In order to determine the present position and satisfaction of customer of kotak Mahindra Life Insurance. .The market share of Kotak Mahindra Life Insurance. 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. which are required to be collected to achiever the objectives of the project. Data includes facts and figures. . 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.METHOD OF DATA COLLECTION 1) Data to be collected.The market share of other brands available in the market. . The above primary data were collected through responses of consumer was conducted through questionnaires prepared for them. .

2) Data Collection Method For given project. The areas selected for the sample are present further in the appendix. which was ask to be studied was pune market but as it was possible to approach all the respondent s customer of the city. which helped in achieving the objectives of the project. 4) Data Evaluation The data so collected were not simply accepted because it contained unnecessary information and over or under emphasized facts. which needed to collect for the first time. which is the most popular and effective technique for correct data collection. . were much significant. The survey was completed with the use of questionnaires. . Sample size of customer list was taken from Kotak Mahindra Life Insurance customer data basic. Therefore only relevant data were included in the report. This type of information gathered through Survey technique. the primary data. In the project the market research. This small group represents the total group. 3) Sampling Sample is the small group taken under consideration from the total group.Questionnaire for consumer. hence a sample was selected which represents the whole city.

DATA INTERPRETATION AND ANALYSIS .

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.Personal detail Classes (Age) 18-24 24-35 35-45 45-55 55-65 No of Respondents 4 19 16 8 1 No. Of Respondant 20 18 16 14 12 10 8 6 4 2 0 18-24 24-35 35-45 45-55 55-65 No. Of Respondant ANALYSIS Above diagram consist five classes of different age groups. . Here customer 19 customer biloges to 25-35 age groups.

Do you think is it essential to have Life Insurance? YES NO Yes 45 90 No 5 10 Total 50 100 No. . of Respondents YES NO ANALYSIS To this question 45 consumers reported YES and 5 consumers reported NO . of Respondents % of Respondents No.

70 7.22 7.04 22.70 No.41 18.41 3. of Respondents Kotak Mahindra Life Insurance LIC Bajaj Allianz Tata AIG Max New York Life Insurance HDFC Life Insurance ICICI Prudential Life Insurance SBI . of Respondents 50 30 10 5 10 25 5 % of Respondents 37.52 3.Which are the companies you invested your money for Life Insurance? Companies Kotak Mahindra Life Insurance LIC Bajaj Allianz Tata AIG Max New York Life Insurance HDFC Life Insurance ICICI Prudential Life Insurance SBI No.

52%.22% of total sample. The major player in insurance is LIC holding 22.41% & the Max New York & SBI are having 3.70%.ANALYSIS From the above figure we come to know that customer are also investing money in other life insurance companies. HDFC and AIG are having equal share of 7. The second major player ICICI is holding 18. .

30% because of peer pressure and remaining 24% opt.Why did you choose Kotak Life Insurance? ROI Peer Pressure Tax Benefit Security /safety Low Premium TOTAL No of Respondents 18 15 10 2 5 50 % Of Respondents 36 30 20 24 10 100 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. safety and 100 premium respectively. Because of tax benefit. .

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. .Which of the following planed you is insured? Kotak Flexi plan Kotak Retirement Plan Kotak Endowment Plan Kotak Capital Multiplier Plan Child Advantage Plan No o % Of Respondents Respondents 25 40 19 30 3 5 6 10 10 15 No.

multiplier and child advantage respectively.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. .

. Some of customer are expecting more than single service.What kind of services you expect from insurance provides Easy access ability to Deposit Center Time to time premium collection Provision in case of Dues Bonus & other schemes TOTAL No of % Of Respondents Respondents 20 31 12 19 8 13 24 37 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.

13% like to have provision in case of dues and remaining 31% & 12% respondents say. .ANALYSIS Out of total 50 respondents 37% like to have bonus and other service as a prime concern. They need time-to-time premium collection and easy accessibility to deposit center as a concern before choosing insurance provider.

of Respondents Poor Average Good Excellent ANALYSIS Out of 50 respondents 57% have ratted Kotak Mahindra Life Insurance services as good and 32% have ratted as average. . And remaining 12% have ratted as Excellent.How will you rate the services given by Kotak Mahindra Life Insurance? No of % Of Respondents Respondents 16 32 28 56 6 12 50 100 Poor Average Good Excellent TOTAL No.

Total surveys of customers are 50. No of % Of Respondents Respondents 16 21 12 15 28 36 22 28 50 100 Good Returns Effective Service/liquidity Tax Planning Security/ Safety Benefit TOTAL No.What difference you find between Kotak & your previous Insurance provider. of Respondents Good Returns Effective Service Tax Planning Security/ Safety Benefit Note. . Some of customers are having more than one plan more Benefit are expected in one plan.

. of Respondents YES NO ANALYSIS To this question 39 consumers reported YES and 11 consumers reported NO .Do have any suggestion for Kotak Mahindra Life Insurance? YES NO YES 39 78 NO 11 22 TOTAL 50 100 No of Respondents % Of Respondents No.

will you purchase policies from Kotak Mahindra Life Insurance? YES NO No of Respondents % Of Respondents YES 32 64 NO 18 36 TOTAL 50 100 No. . of Respondents YES NO ANALYSIS To this question 32 consumers reported YES and 18 consumers reported NO .In future.

OBSERVATION AND FINDINGS .

Max New York. 56 percentage respondents satisfied with services given by Kotak Mahindra Life Insurance. As per 28% of despondence Kotak Mahindra Life Insurance providers good tax benefits to the Investors. LIC.OBSERVATIONS Majority of the customer s belonged to age group of 25-35 years that is 19 consumers. 36 percentages of the total respondents invest in Kotak Mahindra Life Insurance for getting high ROI. ICICI and SBI. 135 respondents are investing in life insurance companies like Kotak Life Insurance. .5 percentage respondents expect bonus and other schemes from Kotak Mahindra Life Insurance. HDFC. 37. 64% of respondents are willing to purchased policies from Kotak Mahindra Life Insurance in future. Most of respondent s preferred kotak Flexi Plan. Tata Allianz. 45 consumers think Life Insurance is essential for them.

LIMITATION AND RECOMMENDATIONS .

Tax Benefits. 4) As more respondents are investing in Kotak Mahindra Life Insurance for getting high return on investment the company should try to provide attractive returns on investments in future. executives and businessman) 2) As major respondents think to have life insurance policy is very essential there is lot of scope for insurance company. . 6) Approx 36% of respondents differ with there previous insurance provider.(Example. Software professional. and professionals) Flexi plan can be sold by concentrating on age group 35-45 years. they field that Kotak Mahindra Life Insurance providing good tax benefit for there investment so Kotak Mahindra Life Insurance if possible try to provided more tax benefit customer. 3) Kotak Mahindra Life Insurance should try to build trust among the public by making people aware of their investment is safe.RECOMMENDATIONS 1) There is scope to sale insurance policy by concentrating on age group 18-24 years here potential of customers are there. high return on investment. BPO employees. Government employees. 7) 64% respondents are willing to purchases Kotak Mahindra Life Insurance policies in future this benefit Kotak Mahindra Life Insurance as mort potential customer in future. 5) Kotak Mahindra Life Insurance should introduce attractive policies & also attractive bonus on policies to attractive more potential customers. (Example.

CONCLUSION .

their valuable suggestions. which is provided by survey. security etc. Kotak Mahindra Flex s plan is the best-sold plan in market by Kotak Mahindra Life Insurance. . With this information we can conclude that there is good market awareness about Kotak Mahindra Life Insurance Company in the market. Higher satisfaction level of Kotak Mahindra life insurance company was monthly due to Kotak provides good tax benefit for the consumers also ROI. responses to the different questions. This conveys that the customer s are switching to retirement plan. Customer satisfaction level of most respondents is higher for Kotak Mahindra Life Insurance Company.After conducting market research for Kotak Mahindra Life Insurance Company we came to know different needs of consumers.

BIBLIOGRAPHY .

com www.licindia.maxnewyorklife.IRDA.iciciprulife.businessindiaonline.hdfcinsurance.com www.com .com www.com www.brandonline.com www.com www.REFERENCES BOOKS MAGAZINE Business & Economy Magazine COMPUTER WEBSITE www.

ANNEXURE .

QUESTIONNAIRE 1. Email. Which are the companies you invested your money for Life Insurance? a) Kotak Mahindra Life Insurance 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 . Personal detail Name: Age 18-24 45-55 Phone No. Office Address: Residential Address: 25-35 55 and above 35-45 2. Do you think is it essential to have Life Insurance? YES NO 3.

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 Life Insurance? a) Poor b) Average c) Good d) Excellent .4. 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. Why did you choose Kotak Life Insurance? a) ROI b) Peer Pressure c) Tax Benefit d) Security /safety e) Low Premium 5.

Do have any suggestion for Kotak Mahindra Life Insurance YES NO 10. In future.8. What difference you find between Kotak & your previous Insurance provider. will you purchase policies from Kotak Mahindra Life Insurance? YES NO . a) Good Returns (HIGHEST) b) Effective Service/Liquidity c) Tax Planning d) Security/ Safety Benefit & Protection on your Capital 9.

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