A STUDY ON ANALYSIS OF THE CUSTOMERS ATTITUDE, PREFERENCE AND SATISFACTION LEVEL TOWARDS INVESTMENT IN ICICI PRUDENTIAL LIFE INSURANCE

COMPANY LIMITED, ADYAR, CHENNAI.

By

ARUN KUMAR. S
Reg. No 71104631003 of KONGU ENGINEERING COLLEGE, Perundurai, Erode 638 052. A PROJECT REPORT Submitted to the

FACULTY OF MANAGEMENT SCIENCES

In partial fulfillment of the requirements for the award of the degree of

MASTER OF BUSINESS ADMINISTRATION

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JUNE, 2006

BONAFIDE CERTIFICATE
Certified that this project report titled A STUDY ON ANALYSIS OF THE CUSTOMERS ATTITUDE, PREFERENCE AND SATISFACTION LEVEL

TOWARDS INVESTMENT IN ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED, ADYAR, CHENNAI is the bonafide work of Mr. S. ARUN KUMAR who

carried out the research under my supervision. Certified further that to the best of my knowledge the work reported herein does not form part of any other project report or dissertation on the basis of which a degree or award was conferred on an earlier occasion on this or any other candidate.

________________

________________

Guide

Director

Viva voce held on __________

Internal Examiner

External Examiner

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ABSTRACT

The study is mainly to analyze the Customers Attitude, Preference and Satisfaction Level towards Investment in ICICI Prudential Life Insurance Company Limited, Adyar, Chennai. The study is also to analyze the factors influencing the investor in investing in insurance and to determine the position of ICICI Prudential Life Insurance Company Ltd among the various insurance companies.

The research study conducted is descriptive in nature and the sample size used for this study is 120. Both primary and secondary data are collected to meet the requirements. For collecting the data a structured questionnaire is used as an instrument. The questionnaire was constructed with multiple choices, open ended and close ended questions.

The study is mainly based on the primary data and the required primary data were collected through the structured questionnaire from the one hundred and twenty sample respondents who were selected through the simple random sampling method. In this study Simple Percentage Analysis, Weighted Average Method, Sign Test and Chi-Square are used to interpret the data collected.

The study reveals that most of the respondents belongs to working category and most of them are male and their savings percentage is 5-10%. Most of the respondents prefer public sector for taking Life Insurance Policy. The factors that influence investment are Premium and Return.

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ICICI Prudential has got second rank among the various Life Insurance Company. With regard to ICICI Prudential, Investment Plans are more attractive. The respondents are satisfied with the factors Premium Collection Mode and Premium Payment Mode, but they are not satisfied with Bonus provided and Loan Availing facility.

Finally the suggestion part states that even though there are various schemes available, the people prefer only few schemes, which already exist. Hence all those new schemes must be promoted and advantages of ICICI Prudential must be made known to the insurers.

Based on the findings of the study a few suggestions have been given by the researcher, if it is considered, it would give strength to the marketing strategy of ICICI Prudential in tapping investment in the field of insurance.

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ACKNOWLEDGEMENT

I express my sincere gratitude to Thiru.P.Sathiyamoorthy B.E., M.B.A., M.S., Correspondent, Kongu Engineering College, Perundurai and all other trust members of the institution for permitting me to do this project. I here by acknowledge my sincere gratitude to the Kongu Institute of Technology Trust and Dr. A.M.NATARAJAN, B.E., M.Sc. (Engg)., Ph.D., Principal, Kongu Engineering College and the Management for giving me an opportunity to undergo M.B.A Degree Course and to undertake this project work. I wish to express my deep sense of gratitude to our Director

Prof.P.SURESH KUMAR M.Sc., (Agri), MBA, Department of Management Studies, Kongu Engineering College. I take this opportunity to express my indebtedness and profound sense of gratitude to my faculty guide Mr. S. Murugappan, P.G.D.E.D., M.B.A., Department of Management Studies, Kongu Engineering College, for his valuable guidance. It is my pleasure, to record my deep sense of thankfulness to Mr. Sridhar,

ASM, I also express my sincere thanks to Mr. Mahesh Patel, Unit Manager, providing me an opportunity to do my project in their esteemed organization. My very special thanks to all the staffs of ICICI PRUDENTIAL LIFE INSURANCE COMPANY for their responses and kind co-operation. Lastly I would like to acknowledge the wholehearted support of my parents, faculty members and friends who helped me at various work successfully. stages in completing this project

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CONTENTS
PAGE NUMBER ABSTRACT LIST OF TABLES LIST OF CHARTS CHAPTER 1: INTRODUCTION 1.1 1.2 1.3 INDUSTRY PROFILE COMPANY PROFILE ADVISORSHIP 1 8 11 iii x xii

CHAPTER 2: OBJECTIVES, NEED AND LIMITATIONS 2.1 OBJECTIVES 2.2 NEED FOR THE STUDY 2.3 LIMITATIONS OF THE STUDY CHAPTER 3: RESEARCH METHODOLOGY 3.1 RESEARCH DESIGN 3.2 SAMPLING DESIGN 3.2.1 POPULATION 3.2.2 SAMPLING TECHNIQUE 3.2.3 SAMPLE SIZE 3.2.4 SAMPLE UNIT 3.2.5 DATA COLLECTION 3.2.5.1 PRIMARY DATA 3.2.5.2 SECONDARY DATA 3.2.6 TOOLS USED 23 23 24 22 22 22 23 21 18 19 20

ix CHAPTER 4: ANALYSIS AND INTERPRETATIONS CHAPTER 5: FINDINGS, SUGGESTIONS AND CONCLUSION 5.1 FINDINGS 5.2 SUGGESTIONS 5.3 CONCLUSIONS APPENDICES REFERENCES 66 68 69 25

LIST OF CHARTS

TABLE NO. 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 4.10

TITLE TABLE SHOWING THE GENERAL PROFILE OF RESPONDENT TABLE SHOWING THE PERCENTAGE OF SAVINGS OF RESPONDENTS TABLE SHOWING THE REASON FOR INVESTMENT TABLE SHOWING THE INSURANCE SECTOR PREFERRED BY THE RESPONDENTS TABLE SHOWING THE NO. OF RESPONDENTS HAVING LIFE INSURANCE POLICY TABLE SHOWING THE POLICY HOLDINGS OF THE RESPONDENTS TABLE SHOWING THE FACTORS THAT INFLUENCE FOR CHOOSING THE ABOVE SAID COMPANY TABLE SHOWING THE POTENTIAL POLICY HOLDERS PREFERENCES TABLE SHOWING THE FACTOR INFLUENCING THE POTENTIAL POLICY HOLDERS PREFERENCES TABLE SHOWING THE PLANS PREFERRED BY THE POLICY HOLDERS TABLE SHOWING THE FUTURE PLAN OF RESPONDENTS OF TAKING POLICY IN ICICI PRUDENTIAL LIFE INSURANCE COMPANY TABLE SHOWING THE ICICI PRUDENTIAL LIFE INSURANCE COMPANY PLANS PREFERRED BY THE RESPONDENTS TITLE

PAGE NO. 25 27 29 31 33 35 37 39 41 43

4.11

45

4.12 TABLE NO.

47 PAGE NO.

xi TABLE SHOWING THE RANKING OF VARIOUS LIFE INSURANCE COMPANIES TABLE SHOWING THE ICICI PRUDENTIAL POLICY HOLDERS SATISFACTION LEVEL AMONG THE VARIOUS FACTORS FINDING THE RELATIONSHIP BETWEEN THE INVESTMENT AVENUE SHARES AND BONDS TABLE SHOWING THE CONSOLIDATED SIGN TEST FOR THE VARIOUS INVESTMENT AVENUES FINDING THE RELATIONSHIP BETWEEN THE VARIOUS FACTORS INFLUENCING THE INVESTMENT FINDING THE RELATIONSHIP BETWEEN THE VARIOUS PLANS IN WHICH THE RESPONDENTS HAVE INVESTED

4.13

49

4.14

51

4.15 4.16

54 56

4.17

64

4.18

65

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LIST OF TABLES

CHART NO. 1 2 3 4 5 6 7 8 9 10

TITLE CHART SHOWING THE GENERAL PROFILE OF RESPONDENTS CHART SHOWING THE PERCENTAGE OF SAVINGS OF RESPONDENTS CHART SHOWING THE REASON FOR INVESTMENT CHART SHOWING THE INSURANCE SECTOR PREFERRED BY THE RESPONDENTS CHART SHOWING THE NO. OF RESPONDENTS HAVING LIFE INSURANCE POLICY CHART SHOWING THE POLICY HOLDINGS OF THE RESPONDENTS CHART SHOWING THE FACTORS THAT INFLUENCE FOR CHOOSING THE ABOVE SAID COMPANY CHART SHOWING THE POTENTIAL POLICY HOLDERS PREFERENCES CHART SHOWING THE FACTOR INFLUENCING THE POTENTIAL POLICY HOLDERS PREFERENCES CHART SHOWING THE PLANS PREFERRED BY THE POLICY HOLDERS CHART SHOWING THE FUTURE PLAN OF RESPONDENTS OF TAKING POLICY IN ICICI PRUDENTIAL LIFE INSURANCE COMPANY CHART SHOWING THE ICICI PRUDENTIAL LIFE INSURANCE COMPANY PLANS PREFERRED BY THE RESPONDENTS

PAGE NO. 26 28 30 32 34 36 38 40 42 44

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46

12

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