Internship Project Report on

“A study on understanding the perceptions of LIC Agents & get

them associated with NJ”

REPORT SUBMITTED IN PARTIAL FULFILLMENT OF REQUIREMENT

FOR THE DEGREE OF
MASTER OF BUSINESS ADMINISTRATION

PREPARED BY
MR. SOURAV PAUL

Roll:- PG/VUOAP02/MBA-IIS/ No:- 302

VU Registration No with year:

Subject Specialization:
Major Specialization:- MARKETING
Minor Specialization:- Finance

UNDER THE GUIDANCE OF

Internal Guide

Mr. Chittresh Coomer

External Guide

Mr. Kuntal Sen

Branch manager – Serampore Branch

(NJ India Invest)

SUBMITTED TO
Eastern Institute for Integrated Learning in Management, Kolkata

(Affiliated to Vidyasagar University)

August, 2021
COMPANY CERTIFICATE
 DECLARATION

I, (Sourav Paul) do hereby declare that this report titled “A study on understanding the perceptions
of LIC Agents & get them associated with NJ” is submitted by me for the partial fulfillment of
Master of Business Administration in Vidyasagar University.

This report is exclusively prepared by me and has not been submitted to any other institutions or
published anywhere before.

DATE: Student Name: Sourav Paul

Roll:- PG/VUOAP02/MBA-IIS/ No: 302

PLACE: KOLKATA Registration No:

 ACKNOWLEDGEMENT

At the outset, I would like to thank Mr. Kuntal Sen (Branch Manager – Serampore Branch) of NJ
India Invest for his guidance to undertake this project.

I express my sincere gratitude to Prof. Chittresh Coomer, Faculty, EIILM, Kolkata who has
sincerely provided me with critical suggestions and valuable insights which enabled me to
complete this project and bring out this report in the best way possible.

I would take this opportunity to thank Prof. (Dr.) R.P Banerjee, Director, EIILM, Kolkata and
other faculty member of the institute for their cooperation and support.

I am also thankful to all other persons who directly or indirectly helped me to accomplish my
project work.

Date: Signature
 EXECUTIVE SUMMARY

COMPANY:- Mr. Neeraj Choksi & Mr. Jignesh Desai are two first generation entrepreneurs who began the
journey of 'NJ' in 1994. The promoters of the NJ Group were friends since their college years and the bond
between Mr. Neeraj & Mr. Jignesh has been instrumental in the success of NJ. Discussing upon important
things before taking any decision, is a habit that they have followed ever since they shared their hostel room in
Vidhyanagar, where Mr. Neeraj was studying his management courses and Mr. Jignesh was into engineering.
They both have a complementary style of functioning that augurs perfectly well for the business.
NJ Group is a leading player in the Indian financial services industry known for its strong distribution
capabilities. The journey of NJ began in 1994 with the establishment of NJ India Invest Private Limited, the
flagship company, to cater to investor needs in the financial services industry. Today, the NJ Wealth Distributor
Network, earlier known as the NJ Fund Network, started in 2003 is among the largest networks of financial
products distributor in India.

OBJECTIVE:-
To find out the potential financial advisor within the data base provided by the Branch (Serampore).
To find out most acceptable financial services preferred by the people who are using several financial
services as investment options.
To find out the types of LIC Agents who can be interested to join NJ as partners.
To find out the reasons that can make LIC Agents interested to join NJ partners
.
METHODOLOGY:-

Questionnaire method was chosen as a survey the primary data Sampling size is 1-152 and
technique is Convenience sampling. Secondary data was collected from company profile.

FINDINGS:-
• Most customers are associated with a financial investment organization.
• Most of them belonging in insurance sector and stock broking house.
• Most of peoples are involves in sector more than 9 years and 7-9 years.
• They mostly refer their clients-insurance.
• Maximum respondent have not heard about our company.
• we can found that most of the customers are Male.

LIMITATION:-

• Company should focus on creating more brand awareness and brand salience which can help in boosting
customer acquisition and also sale. Even I realize that customers have some negative perception about our
company.

• Time to time presentation about the product should be there.

• There should be with resolution to the accrue of the customer.

• N J Invest India should more focus on advertisement and promotional part also.

• I would like to recommend that not only LIC Agents, NJ Invest India should convenience other insurance
company’s Agents also.
 TABLE OF CONTENTS

SL. NO PARTICULAR PAGE NO

S

1 INTRODUCTION 1

2 COMPANY PROFILE
a. ABOUT NJ INDIA INVEST COMPANY 2

b. VISION, MISSION AND PHYLOSOPHY 3-4

c. PRODUCTS AND SERVICES 5

d. SWOT ANALYSIS 6

3 OBJECTIVE OF STUDY 7

4 METHODOLOGY 8

5 DATA ANALYIS AND INTERPRETATION 9-17

6 FINDINGS 18

7 CONCLUSION 19

8 RECOMMENDATION 20

9. LIMITATION 21

9 BIBLIOGRAPHY 22

10. ANNEXURE 23
 LIST OF TABLES

SL. NO PARTICULARS PAGE NO

1 Associated any Finance Organization (TABLE-1) 9

2 Belonging Financial Sector (TABLE-2) 10

3 Involvement in Sector (TABLE-3) 11

4 Age (TABLE-4) 12

5 Gender (TABLE-5) 13

6 Heard about NJ India Invest (TABLE-6) 14

7 Income (TABLE-7) 15

8 Interested in Mutual Fund (TABLE-8) 16

9 Choose any one of the Option of NJ’S Unique 360 Degree 17

Platform (TABLE-9)
 INTRODUCTION

I have been assigned a task as a project related to Market Research. The project title is “Understanding
the perceptions of LIC Agents & get them associated with NJ”. This project is all about on
understanding the parameters on perception of business advisors about services and conversion of
business advisors into business partners on behalf of NJ Invest India.

My work has been divided into two parts-

1 Collecting Data: The basic task was to collect Data about the LIC Agents in Serampore with the help of
a questionnaire. The questionnaire was prepared in accordance with the data we required.

2 Making partner and Creating Awareness: While collecting the data by doing the survey, I tried to convince
them to become a partner of NJ Invest India.

1
 COMPANY PROFILE

ABOUT NJ INDIA INVEST COMPANY

HISTORY AND EVOLUTION
NJ India Invest Pvt. Ltd. is one of the leading advisors and distributors of financial products and
services in India. NJ India Invest Pvt Ltd. was started in 1994 to cater to the growing financial
services sector. NJ India invests evolved out as a client focused need based investment advisory
firm. At NJ regard mutual fund as one of the best investment avenue available to satisfy any kind
of investment need. N.J. has gained expertise in analyzing mutual fund schemes, and an in-depth
study on various parameters is carried out on a regular basis. NJ has over a decade of rich
exposure in financial investments space and portfolio advisory services. From a humble
beginning, NJ over the years has evolved out to be a professionally managed, quality conscious
and customer focused financial/investment advisory & distribution firm.
To the advisors, N.J. offer a 360° comprehensive business platform with unmatched IT solutions,
empowering them to set the best practice standards and deliver real value to their customers. N.J.
has a headquartered in Surat, India, and has more than INR 1,03,000+ crores of mutual fund
assets under advice, with a wide presence at over 95 branches in 19 states. The
numbers are reflections of the trust, commitment and value that NJ shares with over 25,00,000+
customer base with over 39,300+ Advisors.

2
VISION, MISSION AND PHYLOSOPHY
Vision:
Creating Wealth Transforming Lives
Total Customer Satisfaction
Commitment to Excellence
Determination to Succeed with strict adherence to compliance
Successful Wealth Creation of our Customers

Mission:
N.J. work towards building trusted relationship with our stakeholders, for inclusive growth
through constant process of innovation, time bound implementation & execution of ideas and
technological developments. We stretch our means and go overboard to make sure that our
clients' aspirations, dreams and expectations are met with, through high service standards.

Philosophy
At NJ our Service and Investing philosophy inspire and shape the thoughts, beliefs, attitude,
actions and decisions of our employees. If NJ would resemble a body, our philosophy would be
our spirit which drives our body.

Service Philosophy:
N.J INDIA INVETS primary measure of success is customer satisfaction. We are committed to
provide our customers with continuous, long-term improvements and value-additions to meet the
needs in an exceptional way. In our efforts to consistently deliver the best service possible to our
customers, all employees of NJ will make every effort to:

3
 think of the customer first, take responsibility, and make prompt service to the
customer a priority
deliver upon the commitments & promises made on time

anticipate, visualize, understand, meet, exceed our customer's needs

bring energy, passion & excellence in everything we do

be honest and ethical, in action & attitude, and keep the customer’s interest

strengthen customer relationships by providing service in a thoughtful &

Investing Philosophy:
We aim to provide Need-based solutions for long-term wealth creation N.J. aim to provide all
customers of NJ, directly or indirectly, with true, unbiased, need-based solutions and advice that
best meets their stated & un-stated needs. In our efforts to provide quality financial & investment
advice, we believe that.

Clients want need-based solutions, which fits them

Long-term wealth creation is simple and straight
Asset-Allocation is the ideal & the best way for long-term wealth creation

Educating and disclosing all the important facets which the customer needs to be aware of, is
The solutions must be unbiased, feasible, practical, executable, measurable and flexible

Constant monitoring and proper after-sales service is critical to complete the on-going process

4
PRODUCTS AND SERVICES:
NJ offers advisory and distribution services on the following products.
Investment Products:
Mutual funds – covering all AMCs & all schemes,

Fixed Deposits of companies,

PMS products (portfolio management system)

Government/RBI bonds,

Infrastructure Bonds,

Approved securities for charitable trusts, etc.

Real Estate:

Residential properties

Commercial properties

Training & Education:

Certification training courses

AMFI

CFP

Training product

5
SWOT ANALYSIS
STRENGTHS
The biggest strength of the organization is the;
• Money power, which makes them ignorant about gestation period.
• Brand image, business experience and innovative products.
• The agents are very selectively chosen have excellent communication skills.
• Service quality which is the crux of their mission. And new technology used by NJ is biggest
strength of the organization.
WEAKNESS
• High target for sales departments.
• Many competitors in market offer same products by the little difference in the offering.
• Sustainable to risk associated with investments in money market.
OPPORTUNITY
• Huge market is literally untapped; out of estimated 320 million only 20% of population has
investment in mutual fund industry.
• Equity and ELSS schemes, contribute an estimated market potential of approximately $15
billion.

• Gross Domestic Savings has been slightly expanded in present, which means customers will have
money to invest in mutual fund.

THREATS
• Entry of many other private player companies with equally strong experience and financial
strength of foreign partners making the competition difficult and soaking the urban market.
• Need to compete even with banking channel.

• Increase in the fees of NISM SERIES V A Mutual Fund Distribution Certification Examination.

6
 OBJECTIVES OF THE SURVEY

• To find out the potential financial advisor within the data base provided by the Branch (Serampore).
• To find out most acceptable financial services preferred by the people who are using several financial
services as investment options.
• To find out the types of LIC Agents who can be interested to join NJ as partners.
• To find out the reasons that can make LIC Agents interested to join NJ partners.

7
 METHODOLOGY

There are certain methods used for data collection in research, for research design, for data refining
and for data analysis and interpretation. These are called research methods. It helps the researcher to
find answers to his research problems.

• Type : Descriptive
• Data : Primary
• Sampling Frame : List of potential business advisors given by company
• Population : 452
• Sample Size : 152
• Sampling Area : Serampore
• Sampling Method : Convenience sampling
• Data Collection Tool : Telephonic survey
• Representation Tool : Bar chart, Pie chart and Line Diagram.

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 Data Analysis

TABLE – 1

Working in Financial Organization?

139 13 152

YES NO TOTAL

91% 9% 100%

CHART – 1

YES NO

9%

91%

Interpretation:

From the above mentioned data analysis we can say that majority of customers (91%) are associated with a
financial investment organization and rest (9%) are not associated with any financial investment organization.

9
TABLE - 2

Belonging Financial Sector

93 38 6 2 139
Finance and Loan
Insurance Companies Stock Market Commodity Traders Total
67% 27% 5% 1% 100%

CHART – 2
100
93
90

80

70

60

50
38
40

30

20

10 6
2
0
Insurance Finance And Lone Stock Market Commodity traders
companies

Interpretation:

From the above mentioned data analysis we can say that most of them belonging in Insurance sector
and Finance and Lone Companies (93% and 38%) respectively and rest peoples are belonging in
Stock market (6%) and Commodity Traders (1%).

10
TABLE – 3

Involvement in sector
6 13 29 37 54 139

1-3 years 3-5 years 5-7 years 7-9 years 9 year above Total

4% 9% 21% 27% 39% 100%

CHART – 3
45%

39%
40%

35%

30%
27%

25%
21%
20%

15%

9%
10%

4%
5%

0%
1 - 3 YEARS 3 - 5 YEARS 5 - 7 YEARS 7 -9 YEARS 9 YEARS ABOVE

Interpretation:
In this above charts we can found that most of peoples are involves in sector more than 9 years
(39%) and 7-9 years (27%) and rest of them are involves 5-7 years (21%), 3-5 years (%) and 1-
3years (3%).

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TABLE – 4

Age
40 46 43 10 139

21-30 years 31-40 years 41-50 years Above 50 years Total

29% 33% 31% 7% 100%

CHART – 4

21 - 30 YEARS 31 - 40 YRARS 41 - 50 YEARS ABOVE 50 YEARS

7%

29%

31%

33%

Interpretation:
Most of the customers lies in the age group of 31-40 years, 41-50 years and 21-30 years (33%, 31% and 29%)
respectively and few peoples are lies above 50 years (7%).

12
TABLE – 5

Gender
114 25 139

Male Female Total

82% 18% 100%

CHART – 5

FEMALE - 18% 18%

MALE - 82% 82%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

Interpretation:

In this chart we can found 82% customers are Male and Rest 18% customers are Female .

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TABLE – 6

Heard about NJ Wealth

4 135 139

YES NO Total

3% 97% 100%

CHART – 6

YES - 3 % 3%

NO - 97 % 97%

0% 20% 40% 60% 80% 100% 120%

Interpretation:

From the above mentioned data analysis we can found that maximum respondent (97%) have not
heard about our company and few people (3%) have heard about our company.

14
TABLE – 7

Income
59 52 15 9 4 139

Less than 30,000 31,000-40,000 41,000-50,000 51,000-60,000 Above 60,000 Total

43% 37% 11% 6% 3% 100%

CHART – 7
50%

45% 43%

40%
37%

35%

30%

25%

20%

15%
11%
10%
6%
5% 3%

0%
LESS THAN 30,000 31,000 - 40,000 41,000 - 50,000 51,000 - 60,000 ABOVE 60,000

Interpretation:

In this chart we can find 43% Customer’s income range is less than Rs.30000, 37% customer’s income range is
Rs.31000-40000, 11% customer’s income range is Rs. 41000-50000, 6% customer’s income range is Rs. 51000-
60000 and rest 3% is above Rs. 60000.

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TABLE – 8

Interested In Mutual Fund

18 121 139

YES NO Total

13% 87% 100%

CHART – 8

YES NO

13%

87%

Interpretation:

We can see that, only 13% of customers are interested in Mutual Fund and the rest 87% of
customers are not interested in Mutual Fund.

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TABLE – 9

Your Valuable Opinion On NJ’S Unique 360 Degree Platform

4 2 3 2 6 1 18
Technology Research
Sales Marketing Training Support Customer care
Solution support
Support Support TOTAL

22% 11% 17% 11% 33% 6% 100%

CHART – 9
35% 33%

30%

25%
22%

20%
17%

15%
11% 11%
10%
6%
5%

0%
Sales Support Technology Research Support Marketing support Training Support Customer Care
Solutions

Interpretation:
From the above mentioned data analysis we found that many of customers prefer Training
Support(33%), Sales Support(22%), Research Support(17%), Technology Support(11%), Marketing
support(11%) and less number of Customer Care Support (6%).

17
 FINDINGS

• We can say that majority of customers (91%) are associated with a financial investment
organization and rest (9%) are not associated with any financial investment organization.
• From the mentioned data analysis we can say that most of them belonging in Insurance
sector and Finance and Lone Companies (93% and 38%) respectively and rest peoples are
belonging in Stock market (6%) and Commodity Traders (1%).
• We can see that most of peoples are involves in sector more than 9 years (39%) and 7-9
years (27%) and rest of them are involves 5-7 years (21%), 3-5 years (%) and 1-3years
(3%).
• Most of the customers lies in the age group of 31-40 years, 41-50 years and 21-30 years (33%, 31%
and 29%) respectively and few peoples are lies above 50 years (7%).
• We have founded 82% customers are Male and Rest 18% customers are Female.
• We have concluded that maximum respondent (97%) have not heard about our company
and few people (3%) have heard about our company.
• In that Income chart, we can see 43% Customer’s income range is less than Rs.30000, 37% customer’s
income range is Rs.31000-40000, 11% customer’s income range is Rs. 41000-50000, 6% customer’s
income range is Rs. 51000-60000 and rest 3% is above Rs. 60000.
• We can see that, only 13% of customers are interested in Mutual Fund and the rest 87%
of customers are not interested in Mutual Fund.
• we found that many of customers prefer Training Support (33%), Sales Support (22%),
Research Support (17%), Technology Support (11%), Marketing support (11%) and less
number of Customer Care Support (6%).

18
 CONCLUSION

Thus, through this project I have tried to find out consumer’s perception of NJ wealth Mutual Fund services.

I have called different LIC Agents of Serampore which was provided by the company and tried to convince them
for a meeting with our branch manager (Serampore) those who are interested in mutual fund, so that they can join
our company as NJ Partner. If they are interested then I have to recorded the feedback and send back the report to
the external guide.
I have conducted the survey through telecommunication. The demand of Mutual Fund of NJ Wealth is average, the
company should focus on creating brand awareness, as many people are not aware of this company. The interested
customers are mainly Male at the age of between 31-40 and most of them are working in insurance sector.

19
 RECOMMENDATION

• Company should focus on creating more brand awareness and brand salience which can help in
boosting customer acquisition and also sale. Even I realize that customers have some negative
perception about our company.

• Time to time presentation about the product should be there. As there is a negative feedback about poor
customer service of the company

• There should be more personal touch in the NJ Partner meetings, as the company mostly rely on BOP
(Business Opportunity Program) which is done on YOUTUBE Live.

• Improvement in software application of the company, as there is a negative comment by an existing

customer.

• N J Wealth should focus on advertisement and promotional in various medium of promotion.

• I would like to recommend that not only LIC Agents, NJ Wealth should convenience other insurance
company’s Agents also.

• The timing of the meeting should be accurate and not to be delayed as the customers requested, it will
help in building trust between the customer and the company in first place.

20
 LIMITATION

• Lack of time, I was not able to survey in details.

• Lot of redundancy and business are not running fluently so they are not in positive mind to
provide the data.
• Because of lock down, we couldn’t have a face to face interaction with external and internal guide.
• Because of time constraint I have collect only 139 data.

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 BIBLIOGRAPHY

Website:
Company Profile www.njgroup.in

Books:-
Research Methodology:- Dr. SHANTI BHUSHAN MISHRA
Dr. SHASHI ALOKE
Marketing:- JOE PULLIZZI ( EPIC CONTENT OF MARKETING)

22
Code: Date:

QUESTIONNAIRE
SECTION: A

1. Would you like to be associated with a ‘FINANCIAL INVESTMENT’ organization?

a. Yes b. No

2. From which financial sector do you belong?

a) Insurance b) C.A. Firm c) Tax Officer /Consultant d) Stock Broking House e) Others

3. For how long you have been in this sector?

a) 1-3 years b) 3-5 years c) 5-7 years d) 7-9 years e) Above 9 years

4. Age group: 21 - 30 years 31-40 years 40-50 years above 50years

5. Gender: Male Female

6. Have you ever heard of N J India Invest?

a. Yes b. No

7. Monthly Income (Rs):

Less than 30,000/- 31,000/- to 40,000/- 41,000/- to 50,000/-

51,000/- to 60,000/- more than 60,000/-

8. Are you interested in Mutual Fund?

a. Yes b. No

9. Choose any one of the Option of NJ’S Unique 360 Degree Platform.

a. Sales Support b. Technology Support c. Research Support d. Marketing Support

e. Training Support f. Customer Care

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