A PROJECT REPORT

ON

“A study on Consumer perception regarding life insurance policy.”.

INVESTOSURE PVT. LTD.

SUBMITTED TO

Global Business School and Research Centre

Dr. D. Y. Patil Vidyapeeth

In Partial fulfillment of the degree in Master of Business Administration

SUBMITED BY:
FINANCE -21
(FINANCE)

Under guidance
of
(DR. PRIYANKA BOBADE)
_________________________________________________
Batch 2021-2023
Pune
GLOBAL BUSINESS SCHOOL & RESEARCH CENTRE
Dr. D. Y. Patil Vidyapeeth, Pune - 411 033

Certificate

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This is to certify that Mr. ………………. is a Bonafede student of Global Business
School & Research Centre, for the academic year 2022-2023 having M.B.A Roll No.
FIN-21 and has completed his Summer Internship Project titled A STUDY ON
CONSUMER PERCEPTION REGARDING LIFE INSURANCE POLICY. Towards
partial fulfillment of the Master of Business Administration degree. He worked out and
completed the project under our guidance in all respect. His/her work is found to be
satisfactory.
This Project has been checked for plagiarism in the specified Software (Ithenticate) under
supervision of the Research Centre, GBSRC and it is within specified limit.

Signature
[Dr. PRIYANKA BOBADE]

Dr. Chetan Chaudhari

Director
Examined by:

1)
2)___________________________________

certificate

2
 Declaration

3
I ………….hereby declared that all the facts and figures included in the project report are
result of my own research and investigations including formal analysis of the entire
project work and the same have not been previously submitted to any examination of
this University or any other University.

The material borrowed from other sources and incorporated in the project has been
duly acknowledged and/or referenced.

I understand that I could be held responsible and accountable for plagiarism, if any,
detected later on.

This declaration will hold good and in my wise belief with full Consciousness.

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 Signature Signature
[Name of the Student] [Name of the Project Guide]

Signature Dr. Chetan Chaudhari

[Name of Anti-Plagiarism coordinator] Director

ACKNOWLEDGEMENT

The satiation and euphoria that accompany the successful completion of the project
would be incomplete without the mention of the people who made it possible.

I would like to take the opportunity to thank and express my deep sense of gratitude to
my corporate mentor Mr. JITENDRA SIR and my faculty guide DR. PRIYANKA
BOBADE.

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I am greatly indebted to both of them for providing their valuable guidance at all stages
of the study, their advice, constructive suggestions, positive and supportive attitude and
continuous encouragement, without which it would have not been possible to complete
the project.

I would also like to thank MS. (RANVIJAY SIR& DEEPALI MAM) who in spite of
busy schedule has co-operated with me continuously and indeed, his valuable
contribution and guidance have been certainly indispensable for my project work.

I am thankful to Director, Dr. Chetan Chaudhari for his consistent encouragement.

I owe my wholehearted thanks and appreciation to the entire staff of the company for
their cooperation and assistance during the course of my project.
I hope that I can build upon the experience and knowledge that I have gained and make a
valuable contribution towards this industry in coming future.

Date: 15-09-22

Place:

SR.NO. CONTENT PAGE NO.

1. INTRODUCTION 09-11

2. COMPANY PROFILE 12-17

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 3. LETERATURE REVIEW 18-19

4. OBJECTIVE OF STUDY 20-22

5. RESEARCH METHODOLOGY 23-26

6. DATA ANAYLYSIS AND INTERPRETITION 27-34

7. FINDINGS, RECOMMENDATION 35-38

AND CONCLUSION

8. ANNEXURE 39-41

TABLE OF CONTENT

EXECUTIVE SUMMARY

As per the course curriculum of doing summer internship, I ………….. student of

MBA in GBSRC was worked as an intern in INVESTOSURE. Accordingly, I have been
assigned to do my project work on “A Study of consumer perception regarding
life insurance policy.”.

This report focuses all relevant information that has been collected from

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Investosure Pvt. Ltd. This report will give a clear idea about activities of
Investosure. At the beginning of the report, scope, need, objective, key players in
the insurance industry and benefits are discussed. Especially this report focuses
on the topic " In assessment of consumer perception regarding Life insurance
policies of Investosure Pvt. Ltd." Investosure is a financial consulting company,
and was established in year 2010 and in 2012, entered into different investments
avenues with motive to provide more financial stability to people who finds it
difficult.

The major objective is to present an overview of Investosure and discuss "to

assess the consumer perception regarding life insurance policies of Investosure
Pvt. Ltd." This report is highlighting the problems and opportunities and also
about funds such as equity funds, balanced funds, conservative funds and secure
funds. This report explores that investors are now more aware and have a
knowledge in finance but not sufficient and they understand the various
investment avenues.

Chapter – 1

INTRODUCTION

Human life is a most precious asset and life insurance is one of the ways which
provides financial protection to a person and his family at the time of any disaster.
Life insurance provides both safety as well as protection to individuals and also
boosts savings among people.

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Insurance companies play an important role in the welfare of human well-being
by providing protection to millions of people against life risks such as uncertain
death or accident. LIC is the most trusted and popular brand in life insurance,
the market share of private insurers is gradually increasing with people trust.
The new private players offer many new innovative products and services.

They are increasing the awareness level among consumers by using innovative
and new techniques of advertisement, introducing new products, increasing
penetration of life insurance of consumers in uninsured markets. The competition
among public and private players has helped to increase in variety of products
being offered from pure risk based to ULIP plans.

Customers are the back bone of life insurance business. Every company tries to
attract new customers and retain existing customers in order to keep their profits
high. This helps insurance companies to maintain a good competitive edge on its
competitors. The proper understanding of consumers, their needs and
expectations help insurance providers to bring betterment in product as well as
services offered. In comparison with the developed foreign countries, the Indian
life insurance industry has achieved only a little due of low customer awareness,
high premiums, delayed and poor customer services, lack of suitable products.

In today’s competitive world, it becomes necessary for life insurers to provide

customer satisfaction, spread more awareness, stress on need based innovative
products and affordable price. This would help every individual to avail the
benefits of insurance and protect their lives against future risks and uncertainties.
Earlier life insurance was used as a tool to protect the income of families,
particularly young families in income saving phase, in the event of the head of
household's death. But now, life insurance is used for many other reasons,
including wealth preservation and tax saving. Whether an individual needs to
have life insurance or not, merely depends on his need.

Everyone is exposed to various risks. Future is very uncertain, but there is way to
protect one’s family and make one’s children’s future safe. Life Insurance
companies help us to ensure that our family’s future is not just secure but also

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prosperous. This study titled “Study of Consumers Perception about Life Insurance
Policies” enables the Life Insurance Companies to understand how consumer’s
perception differs from person to person. How a consumer selects, organizes and
interprets the service quality and the product quality of different Life Insurance
Policies, offered by various Life Insurance Companies.

1.2 BACKGROUND OF THE STUDY

Life Insurance is a contract for payment of a sum of money to the person assured
on the happening of the event insured against”. Usually, the insurance contract
provides for the payment of an amount on the date of maturity or at specified
dates at periodic intervals or at unfortunate death if it occurs earlier. Obviously,
there is a price to be paid for this benefit. Among other things the contracts also
provide for the payment of premiums, by the assured. Life Insurance is universally
acknowledged as a tool to eliminate risk, substitute certainty for uncertainty and
ensure timely aid for the family in the unfortunate event of the death of the bread
winner. In other words, it is the civilized world’s partial solution to the problems
caused by death. Life insurance helps in two ways dealing with premature death,
which leaves dependent families to fend for themselves and old age without
visible means of support.

1.7 SCOPE OF THE STUDY

This study is limited to the consumers within the limit of Bangalore city. The study
will be able to reveal the preferences, needs, perception of the customers
regarding the life insurance products, it also helps the insurance companies to
know whether the existing products are really satisfying the customer’s needs

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1.8 NEED FOR THE STUDY
1)The deeper the company’s understanding of consumer’s needs and perception,
the earlier the product is introduced ahead of competition, the greater the
expected contribution margin. Hence the study is very important.

2)Consumer markets and consumer buying behaviour can be understood before

sound product and marketing plans are developed

3) This study will help companies to customize the service and product, according
to the consumer’s need

4) This study will also help the companies to understand the experience and
expectations of the existing customers.

5) Apart from creating, manufacturing and distribution capabilities for life

insurance products, an in-depth study of the consumers, their preferences and
demand for their product is very necessary for setting up an efficient marketing
network.

1.9 OBJECTIVE OF THE STUDY

1. Ascertain the profile and characteristics of potential buyers.

2. Togain a thorough understanding of the attributes that prospective buyers

ascribe to life insurance policies.

3. To have an insight into the attitudes and behaviors of customers.

4. To find out the differences among perceived service and expected service.

5.To produce an executive service report to upgrade service characteristics of life

insurance companies.

6. To understand consumer’s preferences.

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7. To access the degree of satisfaction of the consumers with their current brand
of Insurance products

CHAPTER – 2

COMPANY PROFILE
INVESTOSURE
It is a financial consulting company.

In 2010 Mr. Ramdhari Hudaan ex govt. official started lending out funds to people
on an interest basis as private fund lender in Sonipat Haryana.

In 2012, we entered into different investments avenues with motive to provide

more financial stability to people who finds it difficult. When Mr. Yashvir Singh
who was working in Canada as PMS consultant. When Mr. Yashvir came to India,
they started venture together by giving different investments offer to HNIS and
common man as well and from that day onwards we were into portfolio
management and we are giving financial consulting to people in North India.

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2.1 Idea behind INVESTOSURE
In 2010 Mr. Ramdhari Hudaan ex govt. official started

lending out funds to people on an interest basis as

private fund lender in Sonipat Haryana. In 2012, we

entered into different investments avenues with

motive to provide more financial stability to people

who finds it difficult. When

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Mr. Yashvir Singh who was working in Canada as PMS

consultant. When Mr. Yashvir came to India they

started venture together by giving different

investments offers to HNIS and common man as well

and from that day onwards we were into portfolio

management and we are giving financial consulting

to people in North India


MAX LIFE INSURANCE
Introduction:
Max Life Insurance Company Limited (formerly known as Max New York Life
Insurance Company Limited) is a life insurance company in India. The company is
a subsidiary of the publicly listed Max Financial Services Limited and is the largest
non-bank private-sector life insurer in India. It was founded in 2000 after the
liberalization of the insurance sector in India and its operations began in 2001.
Analjit Singh, founder of Max Healthcare, is the chairman of Max Life Insurance.
The company is headquartered at New Delhi.

Company Overview:
Max Life Insurance is a part of the Max India Ltd. Group. It is a joint venture
between Max Financial Services and Mitsui Sumitomo Insurance Company. The
former owns 68% of the company while the latter owns 26%. After forming the
joint venture partnership with Mitsui Sumitomo, Max Life changed its name from
Max New York Life in 2012. In February 2016, Axis Bank held a 6% share in Max
Life.

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Product and Service:
Max Life's distribution channels include banks, individual agents, brokers, and
corporate agents, among others. It provides linked, participating and non-
participating products. Apart from life coverage, it also covers health, pension, and
annuity. It offers child, protection to groups, retirement, savings, and growth plans
to individuals and to groups.

Guaranteed Investment Return Plan:

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Guaranteed Investment Return Plan is a unique plan that was started in late 2020 by

Investosure. This plan offers peace of mind to our customers. Our team of experts invest

client’s money in trading account where, we book profits on more than 90%+ trade calls

and hence generating very high return, which put us in safe place not only to assure us

clients of good returns but generating a handsome revenue for the organization as well.

LIFE LONG GURANTEE INCOME PLAN:

India First Life Long Guaranteed Income Plan is a flawless fusion of orderly savings with
multiple benefits of regular assured income, the return of premiums, and life cover. This
guaranteed income insurance plan offers the benefits of a guaranteed savings plan as
well as a traditional cover. Choose how much you want to invest, for how long you want
to pay premiums, and for how long you want to enjoy income benefits—your returns are
guaranteed.

Why Max Life Insurance

There are several reasons why Max Life would be your ideal choice of insurance
company, including:

1. Variety of Product Options:

When you purchase a policy -be it term insurance, whole life insurance,
endowment or ULIP - you need options. In insurance, one size does not fit all.
Each person is different in terms of income, assets, goals, and liabilities. Hence,

16
their requirements too vary. Max Life offers a variety of product options so that
you can find the one that exactly meets your needs.

Currently, the company has 16 life insurance plans for individuals and 5 group
plans. In addition, there are five and four riders for individual and group products
respectively. With such a range of options at your disposal, you can definitely
meet all your risk coverage needs under one roof. Moreover, their 50,470 agent
advisors and 9,506 employees, assure that you will get all the inputs you need to
make an informed purchase.

2. One of the Best Claim Settlement Ratio Among Private Players

Max Life’s claim assurance is one of the best among private insurance companies
in India. The company has an impressive individual death claims paid percentage
of 99.22% in FY'19-20. Such a healthy claim settlement ratio means that you are
more than likely to get your claims on time and at the time when you probably
need it the most.

3. Financial Strength and Stability

The ability of Max Life to offer feature-rich products has demonstrated the
company’s robust financial strength and stability. In FY 17, the company posted its
best finances in a decade.

The gross written premium touched Rs. 10,780 crores, which was higher by 17%
than the FY 16. Moreover, the net profit of the company grew by 50% and
reached Rs. 660 crores, while the renewal premium grew by 12% and reached
Rs. 7,114 crores. The embedded value came up to Rs. 6,590 crores, higher by
26.3%, and the solvency ratio reached 309%, for FY 17- way above the mandatory
requirement of 150%.

4. Quality Service
At Max Life, customers are the focal point, and the company maintains very high
service levels across all touch points. As of 31st March 2017, no customer
complaint was pending for resolution. That itself speaks volumes about the
quality of service extended by Max Life.

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 CHAPTER- 3

LITERATUE REVIEW

This chapter presents a literature review of the studies performed. A brief literature
review can be very helpful in gaining insight into a researcher's chosen problem. It will
help you get a good knowledge of the field you study. The survey aims to bring together
the opinions of a panel of experts, research institutes and individual researchers on
individual life insurance, people's perceptions of life insurance, perceptions and IFLI, and
is the first of its kind in the field. The reviews presented below are based on research on
the Internet, reading relevant literature available in libraries, and various publications in
books, newspapers, magazines, journals and research studies on the subject. Perceptions
of Life Insurance Companies states that India is currently one of the fastest growing
economies in the world. The insurance industry contributes to the financial sector of the
economy and provides social security to the people of the country. Income-earning ability
and literacy are key factors driving the growth of the insurance industry. This sector
offers long-term contractual savings and security. Life insurance investors seek both
superior returns and life risk protection. This survey is being conducted to explore
insurance purchaser/consumer perceptions of life insurance. To achieve these goals, we
create surveys to collect data. analysed that customers are very aware of their insurance
needs and requirements. Based on various factors, customers are currently choosing
different types of products in their lives and their awareness of the different life insurance
products that exist can vary depending on the situation, culture, country, industry, sector

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and of course time. On the other hand, Life Insurance Corporation of India (LICI), like
other companies, participates in applying different strategies to raise customer awareness
of different products and meet different needs and requirements life insurance contracts
on the market, explain that the insurance sector like other elements of marketing and
financial infrastructure, has been touched upon and affected by the process of
liberalization and globalization in India. The customer is the king of the market, Life
insurance companies trade intangible products.

CHAPTER -4
OBJECTIVE OF STUDY

OBJECTIVE OF THE STUDY

Objective of the study.

 To Study people’s awareness about Insurance

 To find out nature of Investors
 To find out Investment pattern
 Reason behind investing in Insurance
 Factors affecting Investment

 Problem

The problem I have faced in this internship is the market situation, in present
market it was very difficult to convince the customer about the policy as all the
process was through online interface and it was very difficult for the Client to
believe without any one-to-one communication.

The type of policy which is being asked from me to sell is of long term that is MIAP
Plan which varies from 12 to 15 years so; many of my clients did not find it
beneficiary as they do not want any policy for the long run.

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  Opportunity
In this internship I had the opportunity to improve my communication skills as
well as to improve my convincing skills as the main work to do in my internship is
to deal with the people and convince them to take my Insurance Policy.

 Research Objective

• To study the marketing strategy of the Life Insurance company.

• To analyse the relationship of the customers towards the policymaking in

Max Life Insurance.

FUND
A fund is a pool of money that is allocated for a specific purpose. A fund
can be established for any purpose whatsoever, whether it is a city
government setting aside money to build a new civic centre, a college
setting aside money to award a scholarship, or an insurance company
setting aside money to pay its customers’ claims.

TYPES OF FUND

EQUITY FUNDS

in these funds, money is primarily invested in company stocks. This category

offers you medium to high returns with medium to high risk.

BALANCED FUNDS
In these funds money is invested in company stocks and fixed income
instruments of companies and government. this category offers you medium
returns with medium risk

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CONSERVATIVE FUND
Primarily known as debt fund, these funds are invested in corporate bonds
government securities and other fixed income instruments with a small
proportion of fund invested in company stocks. This category offers you how to
medium return with low medium risk

SECURE FUND
These funds are invested in debt and money market instruments like bank
deposits. There is no exposure to company stocks this category offers Depending
on your preference, you can select one of the above-mentioned funds or a mix of
all however, it is very important for ULIP policyholder to make an informed
decision and always remember that in ULIPs the investment risk rests with him.
always consult our investment advisor before taking any decision

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 CHAPTER – 5
RESEARCH METHOLOGY

Introduction
Research can be defined as “an activity that involves finding out, in a more or less
systematic way, things you did not know” “Methodology is the philosophical
framework within which the research is conducted or the foundation upon which
the research is based” Research Methodology chapter of a research describes
research methods, approaches and designs in detail highlighting those used
throughout the study, justifying my choice through describing advantages and
disadvantages of each approach and design taking into account their practical
applicability to our research

Research design
Research design is defined as a framework of methods and techniques chosen by
a researcher to combine various components of research in a reasonably logical
manner so that the research problem is efficiently handled. It provides insights
about “how” to conduct research using a particular methodology. Every
researcher has a list of research questions which need to be assessed – this can be
done with research design. The sketch of how research should be conducted can
be prepared using research design. Hence, the market research study will be
carried out on the basis of research design. the design of a research topic is used
to explain the type of research (experimental, survey, correlation, semi-
experimental, review) and also its sub-type (experimental design, research
problem, descriptive case-study). There are three main sections of research
design: Data collection, measurement, and analysis

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Type of Research Design
A researcher must have a clear understanding of the various types of research
design to select which type of research design to implement for a study. Research
design can be broadly classified into quantitative and qualitative research design

Qualitative Research
Qualitative Research is primarily exploratory research. It is used to gain an in-
depth understanding of underlying reasons, opinions, and motivations. It provides
insights into the problem or helps to develop ideas or hypotheses for potential
quantitative research. Qualitative Research is also used to uncover trends in
thought and opinions, and dive deeper into the problem. Qualitative data
collection methods vary using unstructured or semi-structured techniques. Some
common methods include focus groups (group discussions), individual interviews,
and participation/observations. The sample size is typically small, and
respondents are selected to fulfill a given quota.

Quantitative Research
Quantitative Research is used to quantify the problem by way of generating
numerical data or data that can be transformed into useable statistics. It is used
to quantify attitudes, opinions, behaviours, and other defined variables – and
generalize results from a larger sample population. Quantitative Research uses
measurable data to formulate facts and uncover patterns in research.
Quantitative data collection methods are much more structured than Qualitative
data collection methods. Quantitative data collection methods include various
forms of surveys – online surveys, paper surveys, mobile surveys and kiosk
surveys, face-to-face interviews, telephone interviews, longitudinal studies,
website interceptors, online polls, and systematic observations

Data Sources
Collection of data is the most essential part of this study as it gives the first-hand
knowledge about the individual’s psychology and decision making. The task of

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collecting data begins after a research problem is defined. For this study, the
research is conducted using primary data such as survey through questionnaire
and secondary data like journals, research papers.

1. Primary data

2. Secondary data

Primary Data
Primary research is conducted by generating leads through reference, personal
contacts and other sources. This is done in order to understand and analyse the
various investment avenues with special reference to insurance and to analyse
the individual’s preference of investment among different available avenues and
insurance. This would also give an insight about the mentality and the preference
of the particular or an individual investor.

Secondary data
Secondary research was also done in order to understand about the studies that
are already done and to give background information about the topic. This was
done through journals, articles, and company’s site

Instruments for Data Collection

For this report the following methods of data collection have been used:

1. Questionnaire: Questionnaire is a set of questions has been prepared to

ask a number of questions and collect answers from respondents relating to the
research topic. A number of questions usually in printed or electronic form are to
be answered by the individuals. The forms often have blank spaces in which the
answers can be written. Sets of such forms are distributed to groups and the
answers are collected relating to research topic. A questionnaire is a series of

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questions asked to individuals to obtain statistically useful information about a
given topic.

2. Telephone and Mobile Phone: Telephone and other devices can be

used for collecting data verbally and written on fax from respondents located
away from the researcher and having these facilities plus the researcher having
their contact numbers. Use of interviewers encourages sample persons to
respond, leading to higher response rates. Interviewers can increase
comprehension of questions by answering respondents' questions. It is fairly cost
efficient, depending on local call charge structure. It is good for large national or
international respondents and gives wider coverage.

3. Mail: For collection of data from the respondents who are located at a
long distance and do not have any communication facility. They can be contacted
through mailed questionnaire. Only thing is required that the researcher should
have the postal addresses of the respondents. The questionnaire may be handed
to the respondents or mailed to them, but in all cases, they are returned to the
researcher via mail. The cost involved is very less but no clarification can be given
to the respondents if required. Respondents can answer at their own
convenience.

4. Survey Method: Survey is used to collect quantitative information about

items in a population. Surveys are used in different areas for collecting the data
even in public and private sectors. A survey may be conducted in the field by the
researcher. The respondents are contacted by the research person personally,
telephonically or through mail. This method takes a lot of time, efforts and money
but the data collected are of high accuracy, current and relevant to the topic

Sampling

 Introduction
Sampling is a process used in statistical analysis in which a pre-determined number
of observations are taken from a larger population. The methodology used to

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sample from a larger population depends on the type of analysis being performed,
but it may include convenience sampling, sampling size and sampling unit.

Simple random sampling - Simple random sampling has been adopted for the
purpose of the research. In sample random sampling, a sample is chosen
randomly and entirely by chance so that every element has a fair and equal
chance of being chosen as a sample. It is regarded as unbiased surveying
technique. Under which we have considered the sampling which has been done
for a specific designed population, because here a small group of professionals
has been considered out of the total universe which has been divided in small
groups of different ages and gender.

Sampling Size -Sample size refers to the number of observations to be included

in a statistical sample.
An optimum sample size must be chosen in order to fulfill the objective of the
research. The sample sizes

I consider for the research is 41 random salaried people of different age and
gender who invest in different investment avenues and in mutual funds too.

Sampling Unit - Sampling unit refers to the area under sampling. I chose the
individuals who are educated and have the knowledge about the investment
avenues.

Development of research questionnaire

The questionnaire is constructed in simple language to reduce the risk of
ambiguity. The type of survey questions that will be included in the questionnaire
are multiple-choice questions, Dichotomous questions (which include yes or no in
the option) and open-ended questions will also be included.

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Sampling frame
The study is based on 50 samples. The sampling design that is used is simple
random sampling. The scaling technique used is a non-comparative scale under
which it is an itemized scale. The scales that I have used for the study are nominal
and Likert scale.

 Method of observation

In This observation mixed research method is used that is Qualitative and

quantative research method

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 CHAPTER – 6

DATA ANALISIS AND INTERPREDICTION

Interpretation:
From the above graph this can be concluded that people in the age group of 18-25 years
old are more involved in making investment. There can be various reason behind it like
marriage etc. people at this age are more ambitions about their career and strive for
earning additional money to save for future needs, such as starting up a business, etc.

28
Interpretation:
The above pie chart depicts that the total number of males which were investing their
money were 65.9% whereas, only 34.1% & of females were only investing their money. It
shows that males are more active in investing their money to multiply their money.

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Interpretation:
According to this pie chart 75.6% people have insurance policy plan whereas 24.4% do
not have insurance policy, majority of the respondance prefer insurance policy plan as
they are aware about the benefits such as tax deduction and safety purposes. The rest
24.4% of the respondance are not aware about the policy and their benefits.

Interpretation:
According to the above mention pie chart it shows that preferred reason for buying an
insurance policy was the investment, saving and safety purpose and the percentage was
51.2% and 24.4% people prefer for safety reason and 17.1% prefer the insurance policy
for investment purpose.

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Interpretation:
From the above mention graph, 46.3% were having saving policies, 31.7% people were
having other insurance and 9.8% were having property insurance.

Interpretation:

According to the responses 48.8% people having 1 insurance policy, 14.6% people
were having 2 insurance policy, 24.4% people were not having any insurance policy
and 12.2% people having more than 2 insurance policy.

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Interpretation:

According to the above graph 43.9% people were having moderate responses on
the scale of 1-5 and 12.2% people were fully satisfied with their insurance policy
plans.

32
Interpretation:

According to the above graph most of the people were having insurance because of
money back guarantee and 24.4% people were having max life insurance because
of reputation of the company and goodwill.

Interpretation:
According to the graph, 46.3% people were saw the insurance policy in TV commercials
and 43.9% people were saw the advertisement on social media, 7.3% people were saw
from the traditional hoardings.

33
Interpretation:

According to the above graph, 78% people were satisfied with different
endowment plans and 22% people were not satisfied with the endowment plan.

Interpretation:

34
According to the above mention graph 43.9% people buy insurance policy from
approached agents, 34.1% people buy from the customer approached and 22%
buy from the aggregator company.

CHAPTER – 7

FINDINGS, RECOMMENDATION AND CONCLUSION

FINDINGS:

 44.1% of respondents by the insurance policy which are being approached by

insurance company agents.
 47.1% of the respondents are aware about the insurance policy by the
advertisements in the tv commercials

35
  29.4% of the respondents prefer insurance policies because of money back
guarantee and 26.5% buys the insurance because of the reputation of the
company.
 48.5% of the respondents have currently have saving policy rather than money
back policy, property insurance etc.
 Investment, saving, safety are the major reasons my respondents feel to buy
insurance policy.

RECOMMENDATION

• In the view of competition from LIC and other private players in the market,
Max Life Insurance should organize an awareness campaign for promoting
the existing products.

• To enhance the satisfaction level of the policyholder and to avoid losing the
existing customers periodically market surveys should be conducted.

• E-mail marketing, which is the most common medium, used by the

company is on the rise. E-mail marketing is the best way to reach
prospective buyers. It can be helpful in connecting with potential buyers.

36
• More services should be innovated to tap rural as well as social sectors

CONCLUSION
The insurance sector is one of the booming sectors in India. There is a huge
market for insurance industries in the future in India. The penetration level of
insurance in India is only
2.3% when compared to 9-15% in the developed nations.

The existing state of Max's life insurance and India first insurance company is good
and the company is also creating a great brand name in this field. Max insurance
requires strategies to successfully survive in the market. To make insurance
potential to maximum, industry needs by framing marketing plans and strategies
that will help in capturing the market. The company has worked thoroughly and
has introduced new marketing strategies as a part of the marketing tool to satisfy
their employees and agents. A number of new marketing strategies were used by
the company which includes, cold calling, increasing the networking channel, and
also using social media channels like Facebook, Twitter, etc which affects the sale
of the company. Through this modern strategy, they have increased their channels
of networking.

Learning’s
• As a fresher who has seen people going to offices in a traditional setup. This
project has really changed my perception of the corporate world.
• With experience in remote working space, I have seen a new side of the
corporate world which is very flexible.
• As per the project, the fieldwork was restricted to online understanding
patterns. Therefore, on a personal level, this project has enhanced the
importance of how digitally things are done.
• I got an opportunity to learn about insurance in general and was able to
study the details of various plans offered by Max Life Insurance, India first
plans and GIRP plans

37
 Chapter 8

Annexures

Questionnaire

 Age –
o 18-25 years

o 26-35 years

o 36-55 years

38
  Gender –
o Male

o Female

 Do you have insurance policy?

o Yes

o No

  Preferred reason's for buying insurance.
o Investment

o Saving

o safety

o All of the above

 What kind of insurance policy do you currently have?

o Savings policies

o Endowment policy

o Money bank policy

o Property policy

o Other

 How many insurances policy do you currently have?

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 o 0

o 1

o 2

o More than 2

 With reference to max insurance, rate your level of satisfaction on the

services provided by the agents?
o 1

o 2

o 3

o 4

o 5

 Preferred reason for buying max insurance?

o Low premium

o Large risk cover

o Money back guarantee

o Reputation of the company

o Easy access of the agents

 Is the premium charged by the company adequate?

o Yes

o No

    Where did you saw the last advertisement Insurance policy?

40
 o TV commercials

o Social Media

o Print Media

o Traditional hoarding (Banners & Hoardings)

 Are you satisfied with the different endowment plans for life insurance
policy.
o Yes

o No

 How would you buy insurance?

o Customer approached insurance companies/agents

o Insurance companies approached agents

o Aggregator company

BIBLIOGRAPHY

REFRENCE
Alinvi F&Babri M, “Customers’ Preferences of Insurance Services “, International
Business Program Bachelor Thesis, pp1-96.

Chowdhury T; Rahman M and Afza S, “Perceptions of The Customers’ Towards

Insurance Companies In
Bangladesh”, BRAC University Journal, Vol. IV, No. 2, 2007, pp. 55-66

Gaikwad A And Vibhute S, “A Study on Buying Behaviour of Customers Towards

Life Insurance in Kolhapur

41
Jain V; Saini B, “Indian Consumer Demeanour for Life Insurance”, International
Journal of Research in
Finance & Marketing, Volume 2, Issue 11, pp 29-35

Mahajan K, “Analysing Consumer Decision Making Process in Life Insurance

Services”, International Journal of Marketing, Financial Services & Management
Research, Vol.2, No. 5, pp 60-68.

Raja Vardhan ; Jahangir Y, “Customer Perception Towards Life Insurance Services

in Rural Market”, Indian
Journal Of Applied Research, Volume: 5 | Issue: 1, pp 272-275

Sahu P; Jaiswal G and Pandey V, “A Study of Buying Behaviour of Consumers

towards Life Insurance Policies”, Asian Journal of Management Research, Volume
3, Issue ¾, pp 1-10.

Sandhu H; Bala N, “Customers’ Perception towards Service Quality of Life

Insurance Corporation of India: A Factor Analytic Approach”, International Journal
of Business and Social Science, Vol. 2 No. 18, pp 219-231.

https://www.maxlifeinsurance.com/ https://www.ibef.org/industry/insurance-
sector-india.aspx

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