SUMMER INTERNSHIP PROGRAMME

BAJAJ CAPITAL

A STUDY ON

“CONSUMER BEHAVIOR TOWARDS INSURANCE PRODUCT”

BAJAJ CAPITAL LIMITED

(TITLE OF THE PROJECT)

 
PROJECT REPORT
 
Submitted by
 
DARSHAN PATEL
 
ENROLLMENT ID: 20PG008
BAJAJ CAPITAL
Bajaj Capital Group

●
● one of India’s premier Investment Advisory and Financial Planning
companies. It is also a Merchant Banker which is approved by SEBI.

Bajaj Capital Insurance Broking Ltd (BCIBL)

●
● BCIBL,
BCIBL, an an IRDA
IRDA licensed
licensed "Composite
"Composite Insurance
Insurance Broker"
Broker" bearing
bearing license
license number
number CBCB 042/02,
042/02, they
they
call
call it
it Risk
Risk Management.
Management. They
They help
help customers
customers to
to identify
identify the
the potential
potential risks
risks and
and pass
pass some
some of
of them
them on
on to
to
insurance companies.

Bajaj Investor Service

●
● NSE member of stock broking
KEY PERSONNEL

Key Personnel
 
Mr. K.K. Bajaj
Chairman
 
Mr. Rajiv Deep Bajaj
Vice Chairman & Managing Director
 
Mr. Sanjiv Bajaj
Joint Managing Director
 
Mr. Anil Chopra
CEO & Director.
 CAR
INSURANCE
HEALTH
BCIBL offers : INSURANCE
TERM LIFE
INSURANCE

Why BAJAJ CAPITAL?

 Bajaj Capital has contributed to the growth of the Indian Capital Market at every step.
 Bajaj capital has several years of experience as investment advisors and financial planners.  

 More than 8 lakh satisfied customers all over India.

 A national network of 134 branches.

 More than 12,000 NRI clients worldwide.

Introduction on project title
“CONSUMER BEHAVIOR TOWARDS INSURANCE PRODUCT”
 What Is Insurance? 
 Insurance is a contract, represented by a policy, in which a person or
business receives financial protection or compensation for losses by the
insurance company.
 Insurance Regulatory and Development Authority 
 The authority acts as the regulator of the insurance industry in India and
oversees the operations of Life Insurance and General Insurance
companies operating in the country. The main objectives of the IRDA are:
-
 Protect the interests of the policyholder
 Manage the insurance industry.
LITERATURE REVIEW
AUTHOR NAME & TITLE OF RESSEARCH FINDINGD
YEAR PAPER
Mitra D. and Ghosh A. Rural Life Insurance in This paper goes on to
Post Reform Era discuss small insurance,
rural agents and the role of
government in the
distribution of home
insurance.

R. Sridhar, Dynamics of Indian 54 insurance companies

Insurance Industry – Role operate in India of which 25
of Public and Private are in the life insurance sector
and 28 are in the health sector.
Players
Of those 54 companies 8
companies are from the public
sector and the remaining 46
companies are from the private
sector.
AUTHOR NAME & TITLE OF RESSEARCH FINDING
YEAR PAPER
Binny and Gupta Health insurance in India
K.Ramesh Babu Health Insurance and Third
Party Administrators:
Issues and Challenges
G. Karunanithi Impact of liberalisation on
Indian life insurance
industry
opportunities make it easier for
market players to expand their
business and compete in the
market. But there are some
structural problems that
companies are facing.
In his analysis of the study said
the level of customer
satisfaction and behavior of
policy holders will be given
priority.
Before Privatization LIC had
authority over the sector. But
after private practice there are
now 24 insurance companies
in the life insurance market.
Damaged LIC share to 71%
Research Methodology
What is Research Methodology?
It is a scientific & systematic search for pertinent Information on a specific
topic, Or we can say it is a specific procedures or techniques used to identify,
select, process, and analyze information about a topic. 

Objective of the Research :

 To study about the Insurance industry.

 To study the approach of investors towards Insurance products.

 To study the behavior of India’s towards Insurance?

Limitation

Lack of face to face Completely

communication as depended on the
sizable amount of
survey is completed
information that
through Google is collected from
forms. questionnaire.

Lack of
limitation of
personal
age group.
touch.
 RESEARCH
METHODOLOGY
AGE GENDER
33%
6% 8% 18-25 MALE
25-45 FEMALE
67%
86.3% 45 Above

What type of insurance do you have

Do you have insurance policy
28% Private
10%
YES Public
NO 72%
90%
 What kind of insurance policy do you have?
Who influenced you to get an insurance
100.00%
policy?
80.00%
4% Insurance Agent CAR
11% 60.00% INSURANCE
Other
49% TERM LIFE
36% Friends 40.00% INSURANCE
MEDIA 20.00% Column2

0.00%

ave you received any benefits from any of the Have your any policy lapsed due to non - payment
licies you currently have? of premium?
4% YES
NO
33% YE
96%
S
67%
Are you aware of any insurance Have ever surrendered any
bonuses of your policies? insurance policy?
YES
15% YES
27% NO
42% MAY BE NO
31%
85%
Findings:-
 By collecting this information, I got to know age of the people; I
am getting help in my research. This information helped in
analysis.
 90.2% have insurance, it may be any type of insurance. And 9.8%
don’t have type of insurance. There may be different reasons for
not having insurance.
 48.9% of total respondent got influenced from Insurance Agent,
10.6% through friends, 4.3% by Media and rest 36.2% from other
sources.
 Majority of respondent i.e. 66.7% have received benefits from
policies and rest 33.3% have not.
 According to survey we can see 56.3% have car insurance,
83.3% have health insurance. And 58.3% of respondent have
Term life insurance.
 As per survey we can identify only 41.7% know about bonuses
paid by company. 31.3% doesn’t know and rest 27.1% .
 On basic of survey 84.8% have not surrendered insurance policy
& 15.2% have surrendered policy.
 According to respondent 95.7% people pay policy on time and
in case of nonpayment of premium amount on due date or even
after the grace period policy may lapsed. The duration of this
grace period is 30 days
 Recommendation

FOR INSURANCE COMPANIES:-

 Insurance companies need to modify their recruitment strategies

with increased focus on the marketing and sales training because

still most of people are unaware about policies.
FOR CONSUMER:-
  Financially Security :- No matter how much you are earning or

how much you have saved; your financial position can be dented
by an unexpected event in a moment. So, the best way to become
financially secure is to cover yourself, your family, and your assets
with insurance.
 Insurance helps in tax saving under Income tax act 1961(80c,80d).
Conclusion
 So we can say, yes Insurance companies are trying
to simplify the procedure so people can easily
understand.
 Still there a large group of people who are unaware
about policies.
 Government & Insurance companies still need to
promote more and more.
Learning from SIP
The internship of BAJA CAPITAL started with the
objective to give the basic knowledge and sharing
the idea of Marketing to us.
 To know how to communicate with customer

 To know how to sale Mutual fund, policy and other

stuff to client
 To be professional in office and in front of clients

 To know how to solve client query and solve it

TASK ASSIGNED TO US
 Mutual fund analysis.
 Awareness to society for a medical claim.
 Health insurance portfolio review.
 Collect Wealthpreneur Mutual fund SIP.