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MARKET RESEARCH AND CUSTOMER SATISFACTION
Kotak Mahindra Life Insurance,New Delhi
Saurabh Jetly B-51
In partial fulfillment for the award of the degree Post Graduate Diploma In Business Management 2009-11
New Delhi Institution of Management
F-13,Okhla Phase-1,New Delhi,Pin:110020
SUMMER TRAINING REPORT ON
MARKET RESEARCH AND CUSTOMER SATISFACTION
Kotak Mahindra Life Insurance,New Delhi
Under the Supervision Of
Mr. Piyush Jain
Submitted BySaurabh Jetly B-51
Submitted Toprof. Parveen Kaur
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. Piyush Jain (Senior manager-channel marketing) Kotak Mahindra Life Insurance Company Ltd. New Delhi, for the completion of the project work. I would also like to acknowledge to my sincere gratitude to the Director of my institute Dr. M a n a b A d h i k a r y and my project guide Prof. Parveen Kaur 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.
DECLARATION I Saurabh Jetly student of New Delhi Institution of management Batch(2009-11) declare that every part of the project report on Market Potential of Kotak Mahindra Life Insurance that I have submitted is original. I was in regular contact the nominated with the nominated guide and contacted many times for discussing the project.
Date of project submission:______________
Faculty’s comments: _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________
Signature of faculty guide Name:
Serial No. Page No
2. Industry Profile
3. Company Profile
4. Scope of the work
5. Research Methodology
6. Data interpretation and analyses
7. Observation and findings
8. Recommendation 9. Conclusion
9.Glossary 54 6 . Bibliography 49 10. Annexure 51 11.
number of dependents. The questionnaire contains various aspects like there. But absence of such hygienic factors definitely results in a dissatisfied consumer. their present age. constraints. sales effort and sales service. The objective of this study was to analyze consumer satisfaction of mechanical splicing in Delhi city with respect to the performance. 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. profession.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. These hygienic factors could result in selling but their absence can certainly unseal the product offering. Go through questionnaire in different different area and people in the Delhi city. 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.Goals and also planning for old age (Retirement) etc. Address. As the company was new and it was yet to be marketed to a large number of customers. Income. 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. The researchers were given first 15 days for collection of data and scanning the data. while other factors like excisable deposit center. premium collocation was time to time and also intimation regaining before the collocation of premium. response and emotions so that they can contribute their time for becoming Life advisors for the company. 7 . The study was undertaken for Delhi region during two months. 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.
8 . After that usually meeting the persons and tell them about the company.The second part of the study that consists of 40 days contains scanning the questionnaire and taking appointments. Most important part is analyzing the information.
INTRODUCTION Wherever there is uncertainty there is risk. which in turn means financial commitments. When you insured your life. Most insurance plans available today have a bailt in saving elements. Kotak preferred Retirement plans such as income plan and kotak Multiplier plan. which were have a comfortable retirement. but to estimate it Accurately and manage it wisely. Having a family means dependant. 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. your family can remain financially secure because of the life that you have purchased. Life insurance is a contract between you and a life insurance company. It is in this context that we think about insurance. 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. For example. If you have dependants and financial responsibilities toward them.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. medical expenses etc. Today. children s education. The risk is uncertainty of the financial loss. Buying insurance is extremely useful if you are the principal earning member in the family unfortunate premature demise. The key is not to eliminate risk. These policies not only for a financially independents future. Finance comes in the form of loans. 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. Insurance sector have characteristic that give can boost to the growth of any economy . Kotak preferred Retirement plans meet your dual financial goals of life cover and savings for the future. Your retiren children s future needs. 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. The risk cannot be averted. We don t have any command on uncertainties. Collateral security. then you certainly need. It eliminates worries and miseries of losses or destruction of property and death.Life wasn t designed to be risk free. the market offers insurance plans that not just cover your same time grow your wealth too.Protection against the possible chances of generating uncertain losses. which provided you a death during the contract term. This makes it essential that we think in favor of a device that becomes instrumental in spreading the loss. Insurance sector with an 9 .
the potential of the Indian insurance industry is huge.annual growth rate of 15-20% and the largest number of life insurance policies in force. 10 .
first part consists market research for finding out best sold plan of Kotak Mahindra Life Insurance. in the filed of marketing and to have exposure to the important management practices in field of marketing. 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. New Delhi. IMPORTANCE OF THE TOPIC The project report is all about market research to find out best sold plan of Kotak Mahindra Life Insurance. It includes through market Research in various plans of Kotak Mahindra Life Insurance. And second consist survey report of various consumers about there responses about satisfaction towards Kotak Mahindra Life Insurance Company. While writing this report the language has been keep simple and the entire discussion has been logical and has coherent outlines. by surveying number of consumers. And to mouser the satisfaction level of consumers of Kotak Mahindra Life Insurance. Delhi.INTRODUCTION OF THE TOPIC The purpose of this training was to have practical experience of working within the organization. 11 . And in detail consumer (Satisfaction) responses analysis. 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.
B. Particularly after attaining independence and to the more specific after nationalizing in 1956. 12 . After wards in 16 century fire insurance is started in Germany. The private player in the insurance industry and ends the dominance of LIC. F. In India the first life insurance was started in the Bengal Presidency in 1818 knows as oriental life insurance company. The first registered life office was Hand in Hand Society established in 1696. E. th th A. Today total 11 private life insurance companies are working in insurance industry. D. businesses and individuals are considerably by the services of insurance organization. The oldest form of insurance (12 century) is marine insurance. Experiencing so many ups and downs the insurance business was found in changed shapes.INDUSTRY PROFILE The industries. The different MNC s company of foreign country enters in the insurance industry with the joint venture with Indian companies. There was major change in the insurance sector after globalization in 2001. C.
Only One State Life Insurance Company should be allowed to operate in each state. with a capital contribution of Rs. 5 core from the Government of India. 13 . No company should deal in both Life and General Insurance though a single entity. LIC formed by an Act of Parliament. 1bn should be allowed to enter the industry.HISTORY 1912: the Indian Life Assurance Companies Act enacted as the first stature to regulate the life insurance business. viz. 1956. 1938: Earlier legislation consolidated and amended to the insurance Act with the objective of protecting the interests of the insuring public. 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%. LIC Act. Postal Life Insurance Should be allowed to operate in the rural market. 2) Competition Private companies with a minimum paid up capital of Rs. Foreign companies may be allowed to enter the industry in collection with the domestic companies. 1956: 245 Indian and Foreign insurers and provident societies taken over by the central government and nationalized.
The Insurance Act should be changed . The committee emphasized that in order to improve the customer services and increase the coverage of the insurance.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%. Insurance companies must be encouraged to set up unit linked pension plans. 5) Customer service LIC should pay interest on delays in payments beyond 30 days.An Insurance Regulatory body should be set up . 14 . Computerization of operations and updating of technology to be carried out in the insurance industry.3) Regulatory Body . industry should be opened up to competition.
Beside Kotak Mahindra Life Insurance there are other 11 private players working in life insurance sector. Despite the fact that India boosts a saving rate of around 25 percent. It protects the interests of the policyholders received and ensures orderly growth of the insurance industry and for matters connected there thereto. which are as follows. is a joint venture between Dabur India and CGU. The insurance landscape in India is undergoing major changes. AMP Sanmar Assurance Company Ltd. several new players have entered the scene. Allianz Bajaj Life Insurance Company Ltd. Allianz Bajaj Life Insurance Company Ltd.95 percent. is a wholly subsidiary of Aviva Plc (UK). The acronym for the Insurance Regulatory and Development authority of India. the life insurance industry had been protected from competitive pressures. incorporated on th 12 march 2001. less than 5 percent is spent on insurance. Now. 15 . largest life insurer in Australia and New Zealand. AMP Sanmar Assurance Company Ltd. is a joint venture between AMP. Aviva Life Insurance Company Ltd. Close to foreign competition since nationalization in 1956. 51 in the world. with the reopening of the sector. it overseeing the insurance business in India.ENTRANCE OF PRIVATE PLAYERS IN INSURANCE SECTORS st India still has low insurance penetration of 1. Aviva Life Insurance Company Ltd. Sanmar is one of the largest industrial groups in South India dealing in chlorochemicals and shipping and Engineering. is a joint venture between Allianz AG (Largest insurer in Europe) and Bajaj Auto Ltd.
With ICICI group and Prudential Plc holding 74% and 26% stake respectively. HDFC Standard Life Insurance Company Ltd. ICICI Prudential equity based stands at Rs. to be granted license by the IRDA to operate th incorporated on 14 august 2000. ING Vysya Life Insurance Company Ltd. is expected to be first bank assurance venture in the country. ING Vysya Life Insurance Company Ltd. software and banking. of which 74% has been brought in by TATA Sons and the American partner bring the balance 26%. Together they have roped in GMR group. India s largest bank SBI and Cardiff S. manufacturing. 675 Cr. HDFC Standard Life Insurance Company Ltd. a leading insurer in France came together to from SBI Life.BI Life Insurance Company Ltd. ICICI Prudential Life Insurance Company Ltd.6%. which has wideranging interests in field such as power generation infrastructure. is capitalized at Rs. 185 crore.A. Dutch origin) 26% and GMR group would hold 25% of the 16 was one of the first companies in life insurance sector.4% stake and Standard life in Europe) has a stake of 18. Birla Sun Life Insurance Company is a 74:26 joint venture between Aditya Birla Group and sun life financial services of Canada. ING (Europe. It was is the majority stakeholder in (largest mutual assurance company . Birla Sun Life Insurance Company Ltd. As per JV agreement Vysya bank would hold 49% stake. Tata Life Insurance Company Ltd. HDFC insurance JV with 81. Tata Life Insurance Company Ltd.
It was incorporated in April 2001 as a joint venture between Met Life International Holding.stake. MAX New York Life Insurance Company Ltd. Jammu & Kashmir bank. Met Life India Insurance Company Ltd. a Fortune 100 company. Inc. It s a partnership between MAX India ltd and New York life. and M. 17 . Pallonji and company private Ltd.
Eksteen de Waal (Head Sales Training) 18 . Nandip Vaidya (Vice President .COMPANY PROFILE THE KOTAK MAHINDRA GROUP Kotak Mahindra is one of India s leading financial institutions. Gaurang Shah (Managing Director) Mr. banking and asset management conglomerate). The group caters to the financial needs of individuals and corporate. Shivaji Dam Mr. to life insurance. it services a customer base of over 5.00. With a presence in 82 cities I India and offices in New York. Uday Kotak Executive Vice Chairman & Managing Director Mr. The group has a net worth of over Rs. C.Sales & Management Development) Mr. Dipak Gupta OUR MANAGEMENT FOR LIFE INSURANCE Mr.400 employees in its various business. to mutual funds. G Murlidhar (Chief Financial Officer) Mr. Form commercial banking of stock broking.Sales) Mr. London. to investment banking.000. Arun Patil (Vice President . 1. Kotak Mahindra has international partnerships with Goldman Sachs (one of the world s largest investment banks and brokerage firms) and Old Mutual (a large insurance. offering completefinancial solutions that encompass every sphere of life. Mr.800 core and employs over 4. Dubai and Mauritius. Jayaram Mr.
OUR STORY The Kotak Mahindra group was born in 185 as Kotak Capital Management Finance Limited. Formal commencement of private equity activity through setting up of Kotak Mahindra Venture Capital Fund. Kotak Mahindra takes significant stake in Ford Credit Kotak Mahindra Limited.com it s on-line broking site. for financing Ford vehicles. Investment banking division incorporated into a separate company .Kotak Securities launches kotakstreet. Pinto and Kotak & Company promoted this company. 1986 Kotak Mahindra Finance Limited starts the activity of Bill Discouting. 1987 Kotak Mahindra Finance Limited enters the Lease and Hire Purchase market.A. one of India’ s financial retail marketing networks. 1998 Enters the mutual fund market with the launch of Kotak Mahindra Asset Management Company. Uday Kotak. 1992 The Investment Banking Division is started. 1990 The Auto Finance division is started. for the Life Insurance Business. 1995 Brokerage and distribution business incorporated into a separate company Kotak Securities. Industrialists Harish Mahindra and Anand Mahindra took a stake in 1986 and that s when the company changed its name to Kotak Mahindra Finance Limited. Takes over FICOM.Kotak Mahindra Capital Company. Sidne A. 19 . 2000 Kotak Mahindra ties up with Old Mutual plc. 1996 The Auto Finance Business is hived off into a separate company – Kotak Mahindra Primus Limited. 1992 Enters the Funds Syndication sector. The launch of Matrix Information Services Limited marks the Group s entry into information distribution.
2001 Matrix sold to Friday Corporation Launches Insurance Services. KOTAK MAHINDRA A Lifetime of Value Old Mutual Old Mutual was established more than 150 years ago and has developed 20 . 2003 Kotak Mahindra Finance Limited converts to bank.
the United States and United Kingdom.into an International services group w focused on asset gathering and asset management. In the USA Old Mutual is one of the top ten fixed annuity business offering an array of specialist asset management. The company serves 4 million life insurance policyholders and employs over 13 000 South Africa operations. The company s US Life business recorded sales of $4 billion at the end of 2002. The company is listed on the London Stock Exchange capitalization of approximately $6 billon and is member of the elite FSTS 100 index. and insurance operations. In the 2003 rankings of the w corporations Fortune magazine. through its life insurance. Old Mutual is the largest financial services business in South Africa. Operations in the United Kingdom are focused on wealth management. Old mutual climbed 87 places to position number 366 and was also listed 14th company in the world. The Old Mutual Group has the ability to cater for variety of consumer segments and offers a comprehensive and in products for all income groups. The old mutual Group offers a diverse range of financial services geographics : South Africa. 21 . through Gerrard as one the leading private business in the UK. asset management.
KOTAK LIFE KOTAK BANK( 74% ) MAHINDRA OLD MUTAL PLC %) ( 26 INSURANCE ( 100% ) 22 .
3. You may buy an annuity either from Kotak Life Insurance. In this plan minimum age of 18 years of old and maximum age is 60 years. Floating Rate Fund. Balanced Fund. 23 . This facility is available after the first 3 years of the term. Bond Fund. It is a plan that gives you jeene Ki azaadi by giving you the choice to remain independent even after retirement. 4. Advantages: 1.PRODUCT a) Kotak Flexi plan Advantages: 1 Choice of 5 professionally managed funds included Gilt Fund. You can make lump sum injections into your policy at any time before retirement. Growth Fund. 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. 2. 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. 2 You can take a loan against your policy has been in force for at least three years. and gives you the flexibility of using this money the way you need it. if the need arises. you can draw the full proceeds or you can draw up to 50% of your basic sum assured or accumulation account. 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. These policies designed to accumulate wealth and at the same time cover your life. 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. c) Kotak Endowment Plan An Endowment policy is a combination of savings along with risk cover. 2 At the start of your withdrawals period. which is very flexible and has a lot of in-built benefits. 4 You have the benefit of a 15-day free look period. 3 You have the option of paying premiums quarterly. half yearly or yearly. This is an endowment plan. issued for specific time periods during which you pay a regular premium. created from will be created from lump sum injections. In simple words. in regular and irregular withdrawals.5. Advantages: 1 In this plan minimum age of 18 years of old and maximum age is 65 years. You may exercise the option of paying premium from the Supplementary Accumulation Account. whichever is 24 .
you can make lum sum injection into your plan during the premium paying period. 4 You have the facility of Automatic Cover Maintenance. 25 . It is a plan that gives your child the azaadi to realise his/her dreams. A Supplementary Accumulation Account will be created. 3 In addition to the regular premiums. Advantages: 1 In this plan minimum age of 0 years of old and maximum age is 17 years. half yearly or yearly.higher. This is an endowment plan where the life insured is the child. e) Kotak Child Advantage Plan The Kotak Child Advantage Plan is an investment plan designed to meet your child s future needs. after the policy has been in force for at least three years. This facility is available after the first 3 years of the term. 3 You have the option of paying premiums quarterly. which ensures that the policy remains in force even when you miss the premium payments. This is a participating plan. 2 You may take a loan against this plan.
So no organization. 26 . Build customer and not only products. Customers are too good to loose -------. small or big ignores the customers." In the era of cutthroat competition and economic recession. above axiom has more importance than ever before.SCOPE OF STUDIES Need for measuring customer satisfaction. Marketing starts with the customer and ends the customer . Similarly.“Lets keep them happy”! “Customer is the king. Earth is not the center of universe but revolves around the Sun . -Copernicus. Peter Drucker. we have come to believe that business firm is not the center of economic universe but revolves around the customer. Building customers is not a single step exercise but a process ------.
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. In other words. Therefore to get establish. 6) Suggestions and recommendations.This was a fundamental objective of the whole research. 3) Responses of customerResponses from them were collected through survey and for he questionnaire were prepared for both of them. And also present position of the company. 4) Benefits derived by assessing consumer satisfaction are: Feedback to organization regarding product. 2) To determine the market share of different brands. Understanding customer s requirements. Providing superior service to customer. 5) Identify pros and cons of the brand. The main objective of the project was to analyze consumer satisfaction of Kotak Mahindra Life Insurance with other services in Pune.The second objective of the project was to determine the market share of different brands available in the market. what are the brands so that it can rectify them in order to establish the brand in the market. Formulating sales strategies. There was a tough competition for the brand in the market.The objective of the research was not only to 27 . Company wants to identify that where does the brand lack. Strengthen the relationship with customers.
it tackles problems. In view of the major consideration. Its purpose is to find answers to questions through the application of the scientific method. Research always starts with a question or a problem. it does not qualify as basic research. On the contrary. 28 . marketing research should be regarded as applied research. which seem to have immediate commercial potential. Marketing research is as systematic and objectives study of the problems pertaining to the marketing of the goods and services.RESEARCH METHODOLOGY INTRODUCTION Research is an art of scientific investigation through search for new facts in any branch of knowledge. 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. It is a moment from known to unknown. We may also say that marketing research is of both types problem solving and problem oriented. It is a systematic and intensive study directed towards a more complete knowledge of the subject studied. but is applied to all the phases and aspects.
The market share of other brands available in the market. . 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.The market share of Kotak Mahindra Life Insurance.Responses of consumer. These types of data were. . .Identifying pros and cons of the brand. 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. which are required to be collected to achiever the objectives of the project. . Data includes facts and figures. In order to determine the present position and satisfaction of customer of kotak Mahindra Life Insurance.METHOD OF DATA COLLECTION 1) Data to be collected. The above primary data were collected through responses of consumer was conducted through questionnaires prepared for them. 29 . b) Secondary Data Secondary data are that type of data.
the primary data. The survey was completed with the use of questionnaires. which was ask to be studied was pune market but as it was possible to approach all the respondent s customer of the city. The areas selected for the sample are present further in the appendix. 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. hence a sample was selected which represents the whole city. which is the most popular and effective technique for correct data collection. which needed to collect for the first time. This small group represents the total group. were much significant. Sample size of customer list was taken from Kotak Mahindra Life Insurance customer data basic. which helped in achieving the objectives of the project. This type of information gathered through Survey technique.2) Data Collection Method For given project. In the project the market research. 30 . 3) Sampling Sample is the small group taken under consideration from the total group. -Questionnaire for consumer.
Of Respondant 20 18 16 14 12 10 8 6 4 2 0 18-24 24-35 35-45 45-55 55-65 No.DATA INTERPRETATION AND ANALYSIS Personal detail Classes (Age) 18-24 24-35 35-45 45-55 55-65 No of Respondents 4 19 16 8 1 No. Other 8 customer comes are in the class 45-55 years the age group of 18-24 31 . Here customer 19 customer biloges to 25-35 age groups. Of Respondant ANALYSIS Above diagram consist five classes of different age groups. 16 customers fall in the age group 35-45 years.
Here majority of customer belong to the group 25-35 years.consists four customer reaming customer is in age group 55-65 years. 32 .
of Respondents YES NO ANALYSIS To this question 45 consumers reported NO . of Respondents % of Respondents Yes 45 90 No 5 10 Total 50 100 No.Do you think is it essential to have Life Insurance? YES NO No. YES and 5 consumers reported .
04 22.70 No.41 18.22 7.41 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 3.70 7. of Respondents 50 30 10 5 10 25 5 % of Respondents 37. of Respondents Kotak Mahindra Life Insurance LIC Bajaj Allianz Tata AIG Max New York Life Insurance HDFC Life Insurance ICICI Prudential Life Insurance SBI .
ANALYSIS From the above figure we come to know that customer are also investing money in other life insurance companies.22% of total sample. The second major player ICICI is holding 18.70%. The major player in insurance is LIC holding 22.52%. HDFC and AIG are having equal share of 7.41% & the Max New York & SBI are having 3. .
Why did you choose Kotak Life Insurance? No of Respondents 18 15 10 2 5 50 % Of Respondents 36 30 20 24 10 100 ROI Peer Pressure Tax Benefit Security /safety Low Premium TOTAL No. safety and 100 premium respectively. Because of tax benefit. . of Respondents ROI Peer Tax Pressure 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.
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 Respondents 25 19 3 6 10 % Of Respondents 40 30 5 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.
e. . 40% customers have opted for Flexi Plan. multiplier and child advantage respectively. whereas 30% have gore for Retirement plans and remaining 30% have customer are having endowment.ANALYSIS From the total 63 respondents maximum i.
ANALYSIS Out of total 50 respondents 37% like to have bonus and other service as a prime concern. Some of customer are expecting more than single service. 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 .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 Respondents 20 12 8 24 64 % Of Respondents 31 19 13 37 100 No. of Respondents Easy access ability to Deposit Center Time to time premium collection Provision in case of Dues Bonus & other schemes Note.
And remaining 12% have ratted as Excellent. . 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.How will you rate the services given by Kotak Mahindra Life Insurance? No of Respondents 16 28 6 50 % Of Respondents 32 56 12 100 Poor Average Good Excellent TOTAL No.
Some of customers are having more than one plan more Benefit are expected in one plan. Total surveys of customers are 50.What difference you find between Kotak & your previous Insurance provider. . No of Respondents 16 12 28 22 50 % Of Respondents 21 15 36 28 100 Good Returns Effective Service/liquidity Tax Planning Security/ Safety Benefit TOTAL No. of Respondents Good Effective Service Planning Returns Tax Security/ Safety Benefit Note.
.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. of Respondents YES NO ANALYSIS To this question 39 consumers reported YES and 11 consumers reported 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. .
. 64% of respondents are willing to purchased policies from kotak Mahindra life insurance. 45 consumers think Life Insurance is essential for them. 135 respondents are investing in life insurance companies like Kotak Life Insurance. 36 percentages of the total respondents invest in Kotak Mahindra Life Insurance for getting high ROI. ICICI and SBI. HDFC.OBSERVATIONS Majority of the customer s belonged to age group of 25-35 years that is 19 consumers. LIC. 56 percentage respondents satisfied with services given by Kotak Mahindra Life Insurance. 37. Tata Allianz. Max New York. Most of respondent s preferred kotak Flexi Plan. As per 28% of despondence Kotak Mahindra Life Insurance providers good tax benefits to the Investors.5 percentage respondents expect bonus and other schemes from Kotak Mahindra Life Insurance.
Software professional. 3) Kotak Mahindra Life Insurance should try to build trust among the public by making people aware of their investment is safe. 6) Approx 36% of respondents differ with there previous insurance provider. BPO employees. high return on investment.(Example. . (Example. 5) Kotak Mahindra Life Insurance should introduce attractive policies & also attractive bonus on policies to attractive more potential customers.RECOMMENDATIONS 1) There is scope to sale insurance policy by concentrating on age group 18-24 years here potential of customers are there. Government employees. 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. Tax Benefits. executives and businessman) 2) As major respondents think to have life insurance policy is very essential there is lot of scope for insurance company. and professionals) Flexi plan can be sold by concentrating on age group 35-45 years. 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. 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.
Higher satisfaction level of Kotak Mahindra life insurance company was monthly due to Kotak provides good tax benefit for the consumers also ROI. This conveys that the customer s are switching to retirement plan.CONCLUSION After conducting market research for Kotak Mahindra Life Insurance Company we came to know different needs of consumers. Kotak Mahindra Flex s plan is the best-sold plan in market by Kotak Mahindra Life Insurance. security etc. With this information we can conclude that there is good market awareness about Kotak Mahindra Life Insurance Company in the market. which is provided by survey. their valuable suggestions. . Customer satisfaction level of most respondents is higher for Kotak Mahindra Life Insurance Company. responses to the different questions.
com www. Kothari Rajan Saxena MAGAZINE Business & Economy Magazine Company websites: www.R.licindia.com www.businessindiaonline.hdfcinsurance.kotak.IRDA.com www.BIBLIOGRAPHY REFERENCES BOOKS Research Methodology: Marketing Management: C.com .kotaklifeinsurance.com www.com COMPUTER WEBSITE www.
com www.com .iciciprulife.com www.brandonline.www.maxnewyorklife.
Personal detail Name: Age 18-24 45-55 Phone No. Do you think is it essential to have Life Insurance? YES NO 3. Office Address: Residential Address: -35 55 and above -45 2. 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 . Email.ANNEXURE QUESTIONNAIRE 1.
How will you rate the services given by Kotak Mahindra Life Insurance? a) Poor b) Average c) Good d) Excellent .4. 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 Due (Policy Lapse) d) Bonus & other schemes 7. 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.
will you purchase policies from Kotak Mahindra Life Insurance? YES NO . What difference you find between Kotak & your previous Insurance provider. In future. a) Good Returns (HIGHEST) b) Effective Service/Liquidity c) Tax Planning d) Security/ Safety Benefit & Protection on your Capital 9.8. Do have any suggestion for Kotak Mahindra Life Insurance YES NO 10.
Agent (Life Advisor): A representative of an insurance company authorized to sell insurance policies.GLOSSARY A Accident: A sudden and unintentional happening leading to a loss. Authority: The Insurance Regulatory and Development authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act. An actuary is a statistician and mathematician by training. it is a sudden and unforeseen happening that causes disability or death of the policyholder. Annuity: The amount paid under an annuity scheme at stipulated intervals like yearly/half yearly/quarterly/monthly intervals. Actuary: A professional with expertise in technical aspects of insurance. 1999. It is established by the insured. In the context of life insurance. Accumulation Period: The time interval between the commencement of the policy and the time when benefits are paid out. B . Accidental Death Benefit: An add-on benefit in which the benefit is payable in the event of death of the life insured as a result of an accident provided he has opted for this benefit.
E Endowment Plan: A plan in which the amount is paid to a policyholder if he outlives the tenure of the contract or to the beneficiary if the insured person dies before the date on which the policy matures. he is concealing information. For instance. D Death Benefit: The benefit received by the beneficiary (ies) on the death of the insured. it is called concealment. F . if the applicant is suffering from a terminal disease and he does not notify the company of this. Bonus: Bonus is the amount added to the basic sum assured under a with-profit life insurance policy. C Claim: A request for payment of the contractual benefits by the insurer that is made by the insured or the beneficiary.Beneficiary: The person who receives the benefit of a policy in case of death during the term or the policyholder who receives the benefit on maturity. Concealment: When an applicant withholds critical information from the insurance company.
for purposes of life insurance. promotes and ensures orderly growth of the insurance industry and for matters connected therewith or incidental thereto. License: Permission granted by IRDA to the applicant for commencement of the ins. L Lapse: The termination of an insurance policy due to non-payment of premia. Level Premium Life Insurance: Life insurance for which the premium remains unchanged year after year. business in India. This group should already be in existence and should not have come together only for the purpose of insurance.Free look period: A free look period gives the client an option to review the terms and conditions of the policy within 15 days from the date of receipt of the policy document. G Group Life Insurance: Life insurance of a group of people under a policy. H Human Life Value: The present value of the family's share of the breadwinner's future earnings is considered as Human Life Value. it is the apex body overseeing the insurance business in India. M . regulates. I IRDA: The acronym for the Insurance Regulatory and Development Authority of India. It protects the interests of the policyholders.
Premium: The amount paid by a policyholder to the insurance company. in this case. N Nomination: A provision by which a policyholder can designate any person to receive the policy money in the event of his death.Money Back Plan: A plan in which part of the sum assured is paid back to the policyholder at regular intervals. Nominee: A person selected by the policyholder to receive the benefit in case of death of the life insured. R Rider: An add-on benefit available at the option of the policyholders that may alter certain features of a policy by increasing or restricting benefits. . in order to be covered under a policy. P Policyholder: The person who owns the policy. a life insurance policy. Maturity Date: The date on which the policy term expires.
W Whole Life Insurance: A life insurance policy where benefits are payable to a beneficiary on death of the insured. Surrender Value: A value payable if you want to surrender the plan before a claim arises. The premium payment can happen for a specified number of years or throughout life. whenever that occurs. S Selling price: This is the price at which you can sell units. T Term: The tenure of the policy.Reinsurance: The transfer of part of the risk by the original insurance company to one or more reinsurers. less the relevant trading costs associated with selling the assets. based on the market value per unit. . Term Cover: A type of life insurance where the sum assured is payable only in the event of death of the insurer during the specified term.