PROJECT REPORT ON BHARTI AXA LIFE INSURANCE

“THE AWARENESS OF LIFE INSURANCE AMONGST CONSUMERS”
Submitted in partial fulfillment of the requirements for the award of the degree of BACHELOR OF BUSINESS ADMINISTRATION

SUBMITTED BY: VIPIN KUMAR ROLL NO.: 0852151708

CHANDERPRABHU JAIN COLLEGE OF HIGHER STUDIES

ACKNOWLEDGEMENTS
My project at BHARTI AXA LIFE INSURANCE was extremely enriching. I was given an opportunity to work with senior executive & it was benefited tremendously with the interaction i had with them during my project.

During my project I got insights into the insurance sector & an opportunity to understand the mechanics of how the work is done in an insurance company. I would like to thanks to Ms. Sonia Chawla for their guidance & support. They have been a constant guiding force & source of illumination for me. It entirely goes to them credit that this project has attained its final shape. I would like to thank them for their valuable advice & guidance.

I am very fortunate to be taught by them. I learnt a lot about insurance sector as their style of teaching was very lucid and detailed. They made learning about insurance very easy and interesting. They taught me the importance of insurance & consumers thinking about insurance. I am sure that I will remember these lessons for life long. By doing a marathon project like this, I learnt the practical aspects of insurance and implemented the learning’s of class in the project.

Ms. Sonia Chawla
(LECTURER)

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DECLARATION

I,

Vipin Kumar, student of Chanderprabhu Jain College of Higher Studies

affiliated to IP University, hereby declare that all the information, facts and figures in this report are based on my own findings and experience during my summer training in BHARTI AXA LIFE INSURANCE.

I hereby also declare that the work done by me is not being copied, it is my original work and does not lead to a award or any other degree, diploma, fellowship or other similar title or prizes.

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PREFACE
During the course of BBA, project puts theoretical knowledge into practical form. It aims at lucid exposition of various concept and techniques to give a shape and direction to theoretical knowledge. This is made possible through ―on the job training” at any company under the guidance of a competent person. The objective of the training module is to help the students to understand the business environment well and equip us with the work culture of companies in the present era. During my training with BHARTI AXA LIFE INSURANCE, I was able to enhance my knowledge to a large extent in the field of insurance.

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EXECUTIVE SUMMARY

THE OBJECTIVE OF THE PROJECT:The main objective of my project is to find out that how much awareness people have about life insurance. THE RESEARCH USED IN PROJECT:I used quantitative research. I made one questionnaire for research. There were 20 questions to ask. THE COMPANY:I did my summer training in BHARTI AXA LIFE INSURANCE COMPANY. It is a joint venture between Bharti, one of India’s leading business groups with interests in telecom, agri business and retail, and AXA, world leader in financial protection and wealth management. The joint venture company has a 74% stake from Bharti and 26% stake of AXA. The project assigned to me is to study the awareness of life insurance in people. This analysis is done thoroughly to understand the thinking of people. This project contain knowledge about life insurance industry, organizational structure, product & services, competitors, introduction about project, Statement of Problem, Objectives , Methodology, Analysis, Results & Findings, Conclusion & Recommendations, Appendix & References.

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TABLE OF CONTENTS  Industry Study  Organization Structure  Products & Services  Competitors  Introduction of project  Statement of Problem  Objectives  Hypothesis  Methodology  Analysis  Statistical tool  Calculation  ANOVAs  Conclusion  Recommendations  Appendix (Questionnaire)  References 7 .22 22 .24 25 26 26 27 28 29 – 45 46 – 47 48 49 50 51 .15 16 .11 12 .52 53 .56 57 6 .

Insurance agencies and brokerages sell insurance policies for the carriers. By purchasing insurance policies. such as claims adjustment or third-party administration of insurance and pension funds. many are independent and are thus free to market the policies of a variety of insurance carriers. medical expenses.INDUSTRY STUDY NATURE OF THE INSURANCE INDUSTRY:Goods and services: The insurance industry provides protection against financial losses resulting from a variety of perils. and loss of income due to disability or death. In general. In addition to supporting these two primary components. These other insurance industry establishments also include a number of independent organizations that provide a wide array of insurance-related services to carriers and their clients. theft of property. insurance carriers are large companies that provide insurance and assume the risks covered by the policy. and fire and storm damage. the insurance industry includes establishments that provide other insurance-related services. Industry organization: The insurance industry consists mainly of insurance carriers (or insurers) and insurance agencies and brokerages. One such 7 . individuals and businesses can receive reimbursement for losses due to car accidents. While some of these establishments are directly affiliated with a particular insurer and sell only that carrier’s policies.

call centers operate 24 hours a day. Work environment: Insurance employees working in sales jobs often visit prospective and existing customers’ homes and places of business to market new products and provide services. Also. The irregular business hours in the insurance industry provide some workers with the opportunity for part-time work. Also. Other services include loss prevention and risk management.service is the processing of claims forms for medical practitioners. WORKING CONDITIONS:Hours: Many workers in the insurance industry—especially those in administrative support positions—work a 5-day. so some of their employees must work evening and weekend shifts. There are several occupations in the insurance industry where workers may work irregular hours outside of office settings. 40hour week. Others working in the industry may need to frequently leave the office to inspect damaged 8 . 7 days a week. Those in executive and managerial occupations often put in more than 40 hours. This accommodation may result in these individuals working 50 to 60 hours per week. Those working in sales jobs need to be available for their clients at all times. Part-time employees make up 8 percent of the workforce. insurance companies sometimes hire independent claims adjusters to investigate accidents and claims for property damage and to assign a dollar estimate to the claim.

allowing the merging companies access to each other's client base and geographical markets. and providers of other insurance-related services accounted for 38 percent of jobs. to sell one another’s products. In order to expand into one another’s markets.3 million wage and salary jobs in 2007. This approach is most common in life insurance companies that already sold annuities. while insurance agencies. such as banks and securities firms. banks. mutual funds. More insurance carriers now sell financial products such as securities. EMPLOYMENT:The insurance industry had about 2. and at times can be away from home for days. but property and casualty companies also are increasingly selling a wider range of financial products. insurance carriers. Insurance carriers accounted for 62 percent of jobs. and various retirement plans. and securities firms have engaged in numerous mergers.property. Insurance carriers have discovered that the Internet can be a powerful tool 9 . brokerages. or hurricane—to work with affected policyholders and government officials. flood. RECENT DEVELOPMENTS:Congressional legislation now allows insurance carriers and other financial institutions. traveling to the scene of a disaster—such as a tornado.

SBI Life Insurance 10 . LIST OF SOME LIFE INSURERS:1. ICICI Prudential Life Insurance 3. Tata AIG Life 2. and some carriers even allow claims to be submitted online. It is an insurance company's promise to pay your beneficiary a specific amount of money when you die in exchange for timely payment of premiums.for reaching potential and existing customers. an increasing number of carriers are starting to expand their Web sites to enable customers to access online account and billing information. Birla Sun life 5. Many carriers also provide insurance quotes online based on the information submitted by customers on their Internet sites. some carriers will allow customers to purchase policies through the Internet without ever speaking to a live agent. and a list of local agents. Most carriers use the Internet simply to post company information. such as sales brochures and product information. In fact. HDFC Standard Life Insurance 4. financial statements. LIFE INSURANCE:Life insurance is protection against financial loss resulting from death. However.

Reliance Life Insurance company Ltd. MetLife India Life Insurance WHY LIFE INSURANCE:There are many good reasons for buying life insurance. Compensation to a company in the event of a loss of a key employee or to provide funds to purchase the remaining share of a business from a partner.6.for example home mortgage or college loan Providing funds to pay income taxes or other final obligations due on an estate. Max Newyork Life Insurance 8. 9. Insuring against a particular need . 11 . some of which include:  Providing for the financial security of your family in the event of personal loss or injury. Bharti AXA Life Insurance 7.     Providing funds to pay for the deceased person's funeral.

ORGANIZATION STRUCTURE COMPANY HISTROY:Bharti Airtel Telecom giant Bharti Airtel is the flagship company of Bharti Enterprises. It has successfully launched an international venture with EL Rothschild Group to export fresh agri products exclusively to markets in Europe and USA and has launched Bharti AXA Life Insurance Company Ltd under a joint venture with AXA. Airtel Telemedia Services & Enterprise Services. Bharti has recently forayed into retail business as Bharti Retail Pvt. under a MoU with Wal-Mart for the cash & carry business. India’s largest integrated and the first private telecom services provider with a footprint in all the 23 telecom circles. Ltd. The businesses at Bharti Airtel have been structured into three individual strategic business units (SBU’s) Mobile Services. world leader in financial protection and wealth management. Bharti Airtel since its inception has been at the forefront of technology and has steered the course of the telecom sector in the country with its world class products and services. Airtel comes to you from Bharti Airtel Limited. The mobile business provides mobile & fixed wireless services using GSM technology across 23 telecom circles while the Airtel Telemedia Services business offers broadband 12 . The Bharti Group has a diverse business portfolio and has created global brands in the telecommunication sector.

AXA Group AXA Group is a worldwide leader in financial protection and wealth management. 13 .010 million and IFRS adjusted earnings to Euro 5. 2008 and reported revenues of approximately Euro 79 billion for 2007. IFRS underlying earnings amounted to Euro 4. The Enterprise services provide end-to-end telecom solutions to corporate customers and national & international long distance services to carriers.& telephone services in 94 cities.140 million. The AXA ordinary share is listed and trades on the Paris Stock Exchange. AXA had Euro 1315 billion in assets under management as of DEC. North America. AXA's operations are diverse geographically. All these services are provided under the Airtel brand. and the Asia/Pacific area. 30. The AXA American Depository Share is also listed on the NYSE. with major operations in Western Europe.

we have over 5200 employees across over 12 states in the country. The company launched national operations in December 2007. world leader in financial protection and wealth management. Today. and AXA. Our business philosophy is built around the promise of making people "Life Confident‖. one of India’s leading business groups with interests in telecom. The joint venture company has a 74% stake from Bharti and 26% stake of AXA.Bharti AXA Life Insurance Bharti AXA Life Insurance is a joint venture between Bharti. The CEO of Bharti AXA Life Insurance is Mr. agri business and retail. Vision: To be a leader and the preferred company for financial protection and wealth management in India Values:  Professionalism Innovation 14 . Nitin Chopra.

infrastructure and customer base To deliver high levels of shareholder return To build long term value with our business partners by enhancing the proposition to their customers   To be the employer of choice to attract and retain the best talent in India To be recognised as being close and qualified by our customers 15 . multi-product platform  To adapt AXA's best practice blueprints as a sound platform for profitable growth    To leverage Bharti's local knowledge.   Team Spirit Pragmatism Integrity Strategy: To achieve a top 5 market position in India through a multi-distribution.

Key Benefits:  Unmatched flexibility for retirement wealth creation o o Pay one time lump sum or regular premiums At the inception systematically increase your premiums by 5 % or 8% each year with the Accumulator Option o o  Increase/decrease premiums any time after the 2nd policy year Add top up premiums any number of times after the 1st policy year Dream Life Pension enhances your retirement kitty by providing special addition. starting from the end of 10th policy year   Change your planned retirement age any time during the policy term Obtain tax benefits as per the prevailing tax laws on the premiums paid and the benefits received under the policy. Live your Dreams! Be Life Confident. Bharti AXA Life Insurance’s unique pension product ensures that your retirement life is your Dream Life.PRODUCTS & SERVICES Individual Plans:Bharti AXA Dream Life Pension:A Unit Linked Pension Product Dream Life Pension. 16 .

000 on your investment in the unit-linked fund from year 2 .  Up to 175% of the first year premium paid by you is returned as Guaranteed Special Addition.  Tax benefits under section 80C and 10(10D) of Income Tax Act.   3 investment fund options as per your investment preferences. no allocation charges for premiums greater than or equal to Rs. premium holiday option after seven policy years and facility to switch amongst the investment funds as per your investment objectives.Bharti AXA Life Aspire Life:Unit Linked Endowment Product. Aspire Life helps you create a pool of wealth to meet your long-term needs. Flexibility of partial withdrawals after fifth Policy Year.to maximize your investment returns.e.  Protection benefit which provides high Sum Assured for longer policy terms. 17 . while also providing you adequate protection in case the need arises.50. Key Benefits:  Allocation rates as high as 100% i. at maturity of the policy or on unfortunate event of death of the Life Insured.

5. so when it comes to making an investment decision. Tax benefits under section 80C and 10(10D) of Income Tax Act.    Flexibility of partial withdrawals after the third Policy Year Additional benefit of Rs.000 in the event of death due to an accident.Bharti AXA Life Invest Confident:Unit Linked Single Premium Product.  Unique special additions starting from the end of 5th policy year and thereafter at the end of every 5 years till the maturity date.    3 investment fund options as per your investment preferences. 00. Unique option of investing additional amount at your convenience through Top Up Premiums. 18 . Key Benefits:  Convenient single premium product with policy benefit period till the age of 70. we know that you would expect the best from it too. Basic Sum Assured of five times the single premium. You have always strived hard to achieve the best for you and your loved ones.

while your policy continues for ten years. Live confident with WealthConfident. "Be confident of providing your investments the right mix of growth.  Choose from four different investment funds to meet your financial objectives. flexibility and loyalty benefits. unique special additions and life insurance benefit. premium payment flexibility. Your wealth.Bharti AXA Life Wealth Confident:A unit-linked investment cum protection policy. Higher allocation of your premium up to 88% for investment. a unit-linked investment cum protection product. Tax benefit under 80C and 10(10D).   Five times the life cover of your annual premium. 19 ." Key Benefits:    Pay premium for five years. Special additions of units added every year from 6th Year for incremental wealth creation. So why shouldn't your money get the same? WealthConfident. not only makes your money grow but also provides your investment the special treatment that it deserves. with its limited period premium payment facility of 5 years. your status ensures that you get preferential status wherever you go. higher allocation of your premium for investment.

Bharti AXA Life Future Confident II:A unit-linked product which offers enhanced protection along with wealth creation in the long term. Key Benefits:   Life insurance benefit of up to 420 times the monthly premium. to enhance your wealth.Bharti AXA Life Future Confident:A unit-linked policy which offers comprehensive protection along with wealth creation in the long term. Tax benefit under 80C and 10(10D). Four different investment funds to meet your financial objectives.   Four different investment funds to meet your financial objectives. 20 .     Sum assured up to 420 times the monthly premium. Comprehensive overall protection through "Protection Enhancers" in the form of riders. Life insurance benefit as Sum assured PLUS Policy fund value. Key Benefits:  Build Wealth for your long term financial needs with enhanced financial protection. Comprehensive overall protection through "Protection Enhancers" in the form of riders. starting from 7th year. Special additions at regular intervals.   Wealth creation for your long term financial needs.

and protection for your family. Your changing life stages decide your financial milestone planning.  Added protection in the event of death due to an accident with payment of additional amount equal to the basic Sum Assured. Get guaranteed amount back on specified intervals. liquidity becomes a key aspect of your planning along with long term savings. starting from the end of 7th year.   Savings enhanced by Terminal Bonus. to enhance your wealth. if declared. if any. 21 . Bharti AXA Life Save Confident:Traditional money back insurance product for long term savings.  Tax benefit under sections 80C and 10(10D) of Income Tax Act. Special additions at regular intervals. When you foresee intermittent financial requirements in the years to come. starting from 6th policy year till maturity. Total protection for your family with guaranteed sum assured plus accrued bonuses. 1961.  Tax benefit under sections 80C and 10(10D) of Income Tax Act. Secured growth on savings with Annual Reversionary Bonus. payable at maturity. every year. subject to maximum of Rs 10 Lakh.   Amount equal to 110% of Sum Assured paid across 10 years. Key Benefits:   Traditional money back product with payment term of 10 years. like regular expenses related to your child’s education.

The thought of unfortunate events befalling us may cause us anxiety about providing a secured happiness to our loved ones. irrespective of the circumstances.10. Key Benefits:   Term Assurance for 5.Bharti AXA Life Secure Confident:A Long Term Life Insurance.   Comprehensive overall protection with help of riders.15. Group Plans :Bharti AXA Life Mortgage Credit Shield:Mortgage Credit Shield is a Group Product that provides coverage to people who have availed of a Mortgage\ Home loan\ Home equity loan from an Institution/Bank. 22 .20. Bharti AXA Life Credit Shield:Credit Shield is a Group Product that provides coverage to people who have availed of a loan for 1 to 5 years from Group Policyholder. Tax benefit under section 80C and 10(10D) of Income Tax Act. Financial protection against unfortunate event of death at an affordable cost. All of us desire to maximise the happiness for our family at all times.25 years.

which raised the pace of the organization. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil. LIC had 5 zonal offices. The LIC was created with the goal of reaching all the insurable people in the country and providing them financial coverage at a reasonable price. 33 divisional offices and 212 branch offices. Life Insurance in its modern form came to India from England in the year 1818. The amalgamation was achieved with the help of Life Insurance Act passed by the Parliament in the same year.a leading international financial services group headquartered in the United Kingdom. In the year 1956. 16 nonIndian companies and 75 provident.one of India's foremost financial services companies-and Prudential plc . With time there was a need for a branch office at every district headquarter and many branches were opened. 23 .COMPETITORS ICICI Prudential Life Insurance Company:ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank . LIC :Life Insurance Corporation (LIC) came into existence on 1st September 1956 through the amalgamation of 154 Indian insurance companies.

24 .38 per cent of equity in the joint venture. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd.). and assist you in making an insurance plan that is just right for you. which offers a range of individual and group insurance solutions. 2008 holds 72. who can guide you in ascertaining your insurance needs. one of India's leading Insurance companies. India's leading housing finance institution and a Group Company of the Standard Life. is one of India's leading private insurance companies.HDFC Standard Life Insurance Company Ltd:HDFC Standard Life Insurance Company Ltd. UK. At Standard Chartered. you can avail of the services of trained & certified professional consultants from Bajaj Allianz Insurance company. Standard Chartered:- Standard Chartered offers you a wide range of Life Insurance Products from Bajaj Allianz Life Insurance Company. HDFC as on December 31.

 Why people insured their life?  What are the basic reasons for doing life insurance?  What is the percentage of those people who had insured their life?  What are their incomes & they are between in what age?  Are they living in joint family or not?  What is their biggest concern for the future child education.INTRODUCTION OF THE PROJECT My project is on the awareness of life insurance among people. child’s marriage or medical illness?  How many insurance they have?  Are they satisfied with the services of the company?  Are they wanted to purchase another company’s product?  Whether they know all the benefits of having life insurance or not? I tried to find all the answer during my research. I did my research keeping some questions in my mind like. These are my research questions. retirement. I researched on people’s thinking towards life insurance. 25 .

the whole department of life insurance companies etc. local markets.STATEMENT OF THE PROBLEM Project title:―THE AWARENESS OF LIFE INSURANCE AMONG CONSUMERS‖ OBJECTIVES I made one questionnaire for research. I did my survey with the help of this questionnaire. local shops. Through questionnaire I asked some basic questions to others & came to know that whether they have life insurance or not. dealers. Are they satisfied with the service of the company from which they purchase the products? My target was individual’s house. who preferred life insurance most. who lives in joint family or in nuclear family. 26 . What is the reason if someone doesn’t have life insurance. If they don’t have so are they planning to have or not? What are their biggest concerns for their future? Who are those. whether he/she is aware of its benefits or not. all the malls. if they have so in which company & in which product.

HYPOTHESIS NUL HYPOTHESIS (h0):CONSUMERS ARE NOT AWARE OF LIFE INSURANCE. ALTERNATIVE HYPOTHESIS (h1):CONSUMERS ARE AWARE OF LIFE INSURANCE. 27 .

In the same time I filled out my questionnaire as well as from that person. During my research I came to know about the awareness of life insurance among people. During my summer internship I was in recruitment process. I analyzed those questionnaires & made some graphs. I recruited life adviser for the BHARTI AXA LIFE INSURANCE Company. This work also helped me a lot in my project because I did face to face meeting with different kind of people. I got one survey form from the company.METHODOLOGY I used quantitative research. some were relevant. It was great experience. dealers. I filled out about 50 questionnaires. local markets. My work was filled out that survey form from those people whom I targeted for life adviser & with the help of that survey form I had to understand that whether that person will be interested to become an life adviser or not. local shops. the whole department of life insurance companies etc. 28 . My target was individual’s house. through which I came to know about the awareness of the life insurance among people. all the malls. Which company has a great value among people? Which products are popular among people? This was my questionnaire through which I did my survey.

ANALYSIS I analyzed my questionnaire & converted the answers of my questions in percentage & explained it through pie chart. NAME:-___________________ 2.30 above 50 40% 29 . 1.50 32% 30 .40 20 . AGE:a) 20 – 30[ ] b) 30 – 40[ ] c) 40 – 50[ ] d) Above 50 [ ] AGE 8% 20% 40 .

3. GENDER:- a) Male [ ] b) Female [ ] GENDER 36% 64% male female 30 .

4. OCCUPATION:- a) Student [ ] b) Business [ ] c) Service [ ] d) Other [ ] OCCUPATION 12% 40% 16% student business service 4th Qtr 36% 31 .

DO YOU LIVE IN JOINT FAMILY? a) Yes [ ] b) No [ ] JOINT FAMILY 44% 56% yes no 32 .5.

6 above -.4 4 -.6. HOW MANY FAMILY MEMBERS ARE THERE IN YOUR FAMILY? a) 2-4 [ ] b) 4-6 [ ] c) Above 6 [ ] FAMILY MEMBERS 20% 16% 60% 2 -.6 33 .

7. IF MARRIED: DO YOU HAVE CHILDREN? HOW MANY? a) 1 [ ] b) 2 [ ] c) More than 2 [ ] CHILDREN 20% 30% 1 2 50% more than 2 34 .

WHICH IS YOUR BIGGEST CONCERN FOR FUTURE? a) Child education [ ] c) Child’s marriage [ ] b) Retirement [ ] d) Medical illness [ ] BIGGEST CONCERN 20% 45% 15% Child education Retirement Child’s marriage 20% Medical illness 35 .8.

9. DO YOU HAVE ANY LIFE INSURANCE POLICY? a) Yes [ ] b) No [ ] LIFE INSURANCE POLICY 25% yes 75% no 36 .

12. ARE YOU SATISFIED WITH YOUR COMPANY? a) Yes [ ] b) No [ ] SATISFACTION 20% yes no 80% 37 .

13. IF GIVEN A CHANCE WOULD YOU LIKE TO CHANGE YOUR COMPANY OR PRODUCT? a) Yes [ ] b) No [ ] CHANGE THE COMPANY OR PRODUCT 25% yes 75% no 38 .

DO YOU LOOK AFTER COMPETITION WHEN YOU PURCHASE A PRODUCT? a) Yes [ ] b) No [ ] CONCERN ABOUT THE COMPITITION 20% yes no 80% 39 .14.

15. WHICH FACTOR OF THE FOLLOWING YOU WILL BE CONCERN ABOUT WHILE YOU ARE PURCHACING A PRODUCT? a) Allocation [ ] c) Fund administration [ ] b) Fund management [ ] d) All of the above [ ] CONCERN WHILE YOU ARE PURCHACING A PRODUCT 15% 10% Allocation 60% 15% Fund management Fund administration All of the above 40 .

16. DO YOU LOOK AFTER THE PARANTAGE OF THE COMPANY WHEN YOU INVEST? a) Yes [ ] b) No [ ] CONCERN ABOUT THE COMPANY 10% yes no 90% 41 .

30% 50% above 30% 42 .15% 15 -. WHAT IS THE RANG OF ALLOCATION THAT YOU COME ACROSS BY THE SALES MANAGER? a) 5 – 15 % [ ] b) 15 – 30 % [ ] c) Above 30 % [ ] RANGE OF ALLOCATION 20% 30% 5 -.17.

BHARTI AXA LIFE INSURANCE & LIC SO WHICH ONE YOU WILL CHOOSE? ___________________________________________________________ COMPANY 25% 50% bharti axa life insurance ICICI prudential 35% LIC 43 .IF GIVEN A CHANCE TO INVEST WITH ICICI.18..

[ ] d) all of the above [ ] BIGGEST BENEFIT OF LIFE INSURANCE To Help Pay for Your Children's Education. 10% 10% to cover final expenses all of the above 30% 44 . 50% To Replace Lost Income. WHAT IS BIGGEST BENEFIT OF LIFE INSURANCE? a) To Help Pay for Your Children's Education.[ ] c) To cover final expenses [ ] b) To Replace Lost Income. ACCORDING TO YOU.19.

WOULD YOU LIKE TO SUGGEST FOR DOING LIFE INSURANCE TO OTHERS? a) Yes [ ] b) No [ ] SUGGEST TO ANYONE FOR LIFE INSURANCE 20% yes 80% no 45 .20.

2. 10. 13. OF RESPONDENT 1. 12.If the consumers are aware about Life insurance then 1. 14. 20. 5. 9. 18. 4. HAVE A LIFE INSURANCE YES(A) 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 46 NO(B) 2 2 . 16.STATISTICAL TOOL USED Coding: . 6. 19. 17. 15. 8. 11. 3. otherwise 2 ANNOVA (one way):NO. 7.

48. 33. 43. 45. 41. 31. 22. 27. 44. 26. 40. 25. 46. 29. 30. 28. 37. 24. 36. 32. 35. 47. 1 1 1 1 1 1 2 2 2 1 1 1 1 1 1 2 1 1 1 1 2 1 2 1 1 1 2 1 1 2 47 . 34. 39. 38. 42. 23.21. 49. 50.

(50*0.8 + 0.16 + 8 = 24 SS TOTAL: .CALCULATION N = 50 N1 = 50 N2 = 50 K=2 MEAN OF A: .MS BETWEEN / MS WITH IN = 4 / 0.6 SS BETWEEN :.0.20/50 = 0.4 / 2 = 0.04) = 4 SS WITH IN: .8 MEAN OF B: .5 = 8 48 .SS SS WITH IN / N-K = 0.04) + (50*0.5 F – RATIO: .40/50 = 0.4 + 24 = 28 MS (Mean square) BETWEEN:SS (sum of squares) BETWEEN / K-1 = 4 Degree of freedom 2-1=1 MS WITH IN: .4 SAMPLE MEAN: .

ANNOVA (one way)Sources of variation Between samples Within samples total Sum of squares 4 Degree of freedom 1(2-1) Mean square 4 F-ratio 24 48(50-2) 0.66 AT 1 . 1 & 48 is very high than the table value. 49 . = 4 F CAL > F TAB. 98 DEGREE OF FREEDOM SO F CAL. 8 > 4 Here we reject the null hypothesis and accept the alternate Hypothesis as the calculated value of F-ratio at 5% with DOF)degree Of freedom). = 8 & F TAB.5 ANSWER:CALCULATED F – RATIO IS 16. Consumers are aware of life insurance.5 8 28 49 4. hence.

Some people who had not life insurance they were with positive thinking about life insurance & were planning to have it. Some people who has low income they were not interested in life insurance but when I told them about different – different plan so they were quite interested in it. THE AWARENESS OF LIFE INSURANCE IS DAY BY DAY INCREASING AMONG PEOPLE. 50 . I hope they will definitely change their mind & will be aware of benefits of life insurance.CONCLUSION After doing my research I got the result that most of the persons are aware of the benefits of life insurance.

making them seemingly ideal.RECOMMENDATIONS  Buy what you need. It's not a good idea to under-buy insurance. so the younger you start. When shopping around for any kind of insurance. but ultimately much riskier for the insurer. be sure to evaluate what your exact needs are and go from there. the more you will save.  Check online. the price of your life insurance will increase. may sound too good to be true. you may want to inquire about a "level premium" policy. As you age. Which keeps your premium rates the same for a set amount of time. stay away from guaranteed issue policies. A good way of doing that is in the form of an equation: Short-term needs + long-term needs . If you are healthy. also know as "simplified" or "quick" policies. To keep your premium low. Instead of waiting until there is a real problem with your health. nor is it beneficial to over-buy. you will get much better rates by buying a life insurance policy that requires a medical test. buy life insurance early in life. They do not require a medical exam. looking online is a great way to compare prices and see what different companies 51 .  Buy early.  If you're healthy.resources = how much life insurance you will need. Guaranteed issue policies. because they really are. so when you're in the market for insurance.

high blood pressure or diabetes. the more affordable your life insurance policy will be.  Being responsible saves you money. Also.  Make a change for the better. be sure to document it. and you are trying to better your health. finding affordable life insurance may be difficult. Insurance companies will issue lower premiums if the policyholder is in good health standing. The more information you give. have heart disease. This is because the better your health is. 52 . you are a smoker or overweight. If you are overweight. if you do have an outstanding medical condition. This goes along with making a change for the better. the easier and more affordable it will be for you to buy life insurance.have to offer. are a smoker. By showing the insurance company your medical files and that you have been trying to improve your health. The less things that may give you a risk of dying sooner. you may save yourself some money in the long run. the more accurate your insurance quote will be.

NAME:-___________________ 2. AGE:a) 20 – 30 b) 30 – 40 c) 40 – 50 d) Above 50 [ [ [ [ ] ] ] ] 3. I am student of CPJCHS in bharti axa life insurance Company. OCCUPATION:a) Student b) b) Business c) c) Service d) d) Other [ ] [ ] [ ] [ ] 53 . 1.APPENDIX This is a questionnaire which i used for my research. `QUESTIONNAIRE DEAR RESPONDENT. GENDER:a) Male b) b) Female [ ] [ ] 4. It is purely for academic purpose. I am conducting research on consumer awareness on life insurance and their concern about the company.

IN WHICH PRODUCT? ____________________________ 54 . IN WHICH COMPANY? ____________________________ 11.5. DO YOU LIVE IN JOINT FAMILY? a) Yes b) b) No [ ] [ ] 6. IF MARRIED: DO YOU HAVE CHILDREN? HOW MANY? a) 1 b) 2 c) More than 2 [ ] [ ] [ ] 8. IF YES. DO YOU HAVE ANY LIFE INSURANCE POLICY? a) Yes b) No [ ] [ ] 10. HOW MANY FAMILY MEMBERS ARE THERE IN YOUR FAMILY? a) 2-4 b) 4-6 c) Above 6 [ ] [ ] [ ] 7. WHICH IS YOUR BIGGEST CONCERN FOR FUTURE? a) Child education b) Retirement c) Child’s marriage d) Medical illness [ ] [ ] [ ] [ ] 9.

ARE YOU SATISFIED WITH YOUR COMPANY? a) Yes b) No [ ] [ ] 13. IF GIVEN A CHANCE WOULD YOU LIKE TO CHANGE YOUR COMPANY OR PRODUCT? a) Yes b) No [ ] [ ] 14. DO YOU LOOK AFTER THE PARANTAGE OF THE COMPANY WHEN YOU INVEST? a) Yes b) No [ ] [ ] 17. WHAT IS THE RANG OF ALLOCATION THAT YOU COME ACROSS BY THE SALES MANAGER? a) 5 – 15 % b) 15 – 30 % c) Above 30 % [ ] [ ] [ ] 55 .12. DO YOU LOOK AFTER COMPETITION WHEN YOU PURCHASE A PRODUCT? a) Yes [ ] b) No [ ] 15. WHICH FACTOR OF THE FOLLOWING YOU WILL BE CONCERN ABOUT WHILE YOU ARE PURCHACING A PRODUCT? a) Allocation b) Fund management c) Fund administration d) All of the above [ ] [ ] [ ] [ ] 16.

ACCORDING TO YOU.18. BHARTI AXA LIFE INSURANCE & LIC SO WHICH ONE YOU WILL CHOOSE? _____________________________________________________________________ 19.IF GIVEN A CHANCE TO INVEST WITH ICICI.. WOULD YOU LIKE TO SUGGEST FOR DOING LIFE INSURANCE TO OTHERS? a) Yes b) No [ ] [ ] THANKS FOR GIVING YOUR VALUABLE TIME IN FILLING OUR QUESTIONNAIRE. WHAT IS BIGGEST BENEFIT OF LIFE INSURANCE? ____________________________________________________________________ 20. 56 .

hdfcslic.REFERENCES BOOKS  Kotler Philip. Marketing Research. Krishnan R. Marketing Management. ICMR Publications  Kothari C.R. Edition 2005 New Age International (p) ltd. Biztantra. Research Methodology. 2004 edition. Grewal Dhruv. Marketing Management. Macmilan Business Books.bhartiaxalifeinsurance. Pearson Education  Parsuram A.  Marketing Research. Indian Context.com 57 .com  www.Global Prospective. New Delhi. PRINT MEDIA  Business Today  MINT WEBSITES  www.  Ramaswamy and Namakumari. 11th edition.

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