Private insurers like HDFC, ICICI and SBI have been some tough competitors for providing life

as well as

non-life products to the insurance sector in India.

Fig-1.1

Various Competitors

1.5 Insplore consultants Product

Insplore consultants deals with India First life insurance MahaJeevan product

• India First Life Insurance

India First Life Insurance Company is a life insurance company in India. It is a joint venture between two

of India's public-sector banks – Bank of Baroda (44%) and Andhra Bank (30%), and UK's financial and

investment company Legal & General (26%). It was incorporated in November, 2009. It has its

headquarters in Mumbai India First Life made more than Rs. 2 billion in turnover in just four and half

months since the insurance company became operational.

8% Return on Investment Tax benefits under sec 80c & sec 1010 Life Cover 1 premium* (16-18)

First Life insurance company is headquartered in Mumbai. The company is headed by the MD &CEO Ms.

R.M. Vishakha.

• Highlights of MahaJeevan Product

25
 Fig-1.2

Highlights of Mahajeevan policy

• Joint Ventures of India first Life Insurance

1.Bank of Baroda

2.Andhra Bank

3.Legal & General

1.5.1 About the Product

“MAHA JEEVAN YOJANA” is a product of the company India First Life Insurance, which is one of

India’s youngest life insurance companies. Headquartered in Mumbai, it’s present in over 1000 cities across

India. It’s a joint venture between Bank of Baroda (44% stake), Andhra Bank (30% stake) and UK`s leading

risk, wealth and investment brand Legal & General group (26% stake). This product or investment

policy is one of the best of its own. It’s a 15-year policy. Premium Varies from- Rupees 25000 to Maximum

Limit Rate of return- Fixed 8% + 1 % (Annual Bonus) + 1% (Market Bonus) As most policies don’t have

much of the liquidity in it this policy provides its customer 90% liquidity i.e., amount withdrawal option

without any extra charges. This policy comes under the tax provision of 80C and 10(10D) The best part of

26
 Strength
- Strong compliance
- Have the existing loyal customer Weakness
- Working with companies’ products which have - Slow process due to paper work
excellent reputation. - Working with Limited product and services
- Strong and motivated team - Available in limited location (Physical presence)
- Quality and effective performance
- Working with high standards and privacy.

Threats
Opportunity
- Changing laws and regulations
- Expanding the presence in different location.
- Less demands for certain projects’ product and
- Getting multiple projects from different services
companies
- Weak financial position of customer due to
pandemic.

Fig-1.3

32
 Fig-3.1
Demographics

Inference –

For Demographics

From the table and chart, it is inferred that majority of respondents i.e., 32.3 % are in the age range of less

than 24 years old.

The ratio between male and female is close to equal. The majority of respondents are from Madhya

Pradesh i.e., 62.5 %.

The income range of 5,00,000 to 10,00,000 had maximum number of respondents i.e., 39.6%.

All respondents had either a bachelor degree i.e., 54.2% or a master degree i.e., 45.8%. 34% of

respondents are single and 25 % of respondents have the family with independent children.

36
 Fig-3.2
Few questions

Inference –

From the above table and chart, it is inferred that 50% of the respondents have the insurance policy.

Majority of Respondents are aware of LIC i.e.,29.2% and India first life insurance28.8%.

Most of the respondents i.e., 60.4% gave importance to go through advertisement before buying an

insurance policy.

86.4 % of respondents agreed that Life insurance is important by responding important and very

important.

It is also inferred that most of the respondents i.e., 54.2 % very strongly preferred IFLI Company policy.

The Buying behaviour of respondents are positive i.e.,51% and very positive i.e., 39.6%.

Overall, the opinion towards life insurance policy is satisfied i.e., 47.9 % and strongly satisfied i.e.,35.4%

is marked by the respondents.

38
 Fig-3.3
Level of importance did you give to factors

Inference –

From the above chart and table, it is inferred that Tax benefit, flexibility and liquidity i.e., 82%, 77% and

75% respectively are the major factor were the very important is chosen by respondents.

Although in interest rate/ return, safety, Flexibility to track over app/website the maximum respondents

have not chosen ‘very important’ but at the same time they have also not chosen ‘not important’.

So, it is also concluded that most of the factor are in the Likert scale of fairly

important and above it.

GENDER DISTRIBUTION

40
 Table-3.4
Gender Distribution

Fig-3.4
Gender Distribution

The above pie chart depicts that the total number of males which were investing their money were 63%.

Whereas, only 37% of females were only investing their money. It shows that males are more active in

investing their money to multiply their money.

AGE

Table-3.5
Age

41
 Fig-3.5
Age
From the above graph this can be concluded that people in the age group of 26 to 35 are more involved in

making investments. There can be various reason behind it like marriage etc. People at this age are more

ambitious about their career and strive for earning additional money to save for future needs, such as

starting up a business etc

OCCUPATION

Table-3.6
Occupation

42
 Fig-3.6
Occupation

The above chart depicts that maximum percentage of respondents (58%) who are working prefer

investing their money, whereas business class and students prefer to invest only in 19% and 7%of the

cases respectively. People with other occupation who like to invest their money is 16%.

ANNUAL SALARY

Table-3.7
Annual Salary

43
 Fig-3.7
Annual Salary

The above pie chart depicts that 53% of the respondents with the income level of 2 lakhs believe in

investing their money which is the highest. Whereas, 34% of the respondents with an income level of 5

lakhs prefer making investments. 9% of the respondents with the income level of 7lakhs prefer investing

their money and the respondents with more than 7 lakhs of income level are least active in investing their

money which is 4%.

FOR HOW LONG ARE YOU LOOKING TO INVEST?

Table-3.8
For how long are you looking to invest

44
 Fig-3.8
For how long are you looking to invest

The above pie charts depict that 49% of the respondents prefer to keep their investment duration ranging

for 0 to 5 years. Whereas 17% and 34% of the respondents prefer to invest in more than 5years of

duration and for open term respectively.

HOW MUCH MONEY ARE YOU APPROXIMATELY LOOKING TO INVEST?

Table-3.9
How much money are you approx. looking to invest

45
 Fig-3.9
How much money are you approx. looking to invest

The above pie chart depicts that 49% of the respondents prefer investing less than 10,000, 34% prefer

investing between 10000-50000, 14% prefer investing between 50000-100000 and 3% of the respondents

prefer investing more than 100000

HOW DO YOU FEEL ABOUT THIS STATEMENT?

“I WOULD ENJOY EXPLORING INVESTMENT OPPORTUNITIES FOR MY MONEY”

Table-3.10
New Investment Options

46
 Fig-3.10
New Investment Options

The above pie chart depicts that 90% of the respondents agree to the idea of exploring investment

opportunities, 10% of the respondents Not agree, with this idea.

IF YOU HAD MONEY TO INVEST, HOW MUCH WOULD YOU BE WILLING TO PLACE IN AN

INVESTEMNT WITH POSSIBLE HIGH RETURNS BUT A SIMILAR CHANCE OF LOSING SOME

OF YOUR MONEY?

Table-3.11
Same Return and Risk

47
 Fig-3.11
Same Return and Risk

The above pie chart depicts that only 5% of the respondents will put all their money in such investment

with high returns and equivalent amount of risk, 19% will invest more than half of their money, 20% of

the respondents will invest very little of their money, and 19% of the respondents will invest less than

half of their money.

48