Professional Documents
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Customer Satisfaction Regards KOTAK Om Life Insurance LTD
Customer Satisfaction Regards KOTAK Om Life Insurance LTD
Customer Satisfaction Regards KOTAK Om Life Insurance LTD
PROJECT REPORT
SUBMITTED TO
UNIVERSITY OF MUMBAI
STUDYON
MARKETRESEARCHANDCUSTOMERSATISFACTION FOR
KOTAKMAHINDRALIFEINSURANCECOMPANYLTDPUNE
GUIDANCEOFPROJECT
MR.PRATEEKSINHA
SUBMITTEDBY
SIDDHESH RAGHUNATH
PARKER
ACKLOWLEDGEMENT
Itissaid, Themostimportantsinglewordisweandthezeroimportant
singlewordisI .Thistrueevenintoday smodernera.Itisabsolutely
impossibleforasingleindividualtocompletetheassignedjobwithouthelp
andassistancefromothers.
Iwouldalsoliketoacknowledgetomyprojectguide PROF.PRATEEK
SINHAforhelpingmeinthisprojectwork.
SIDDHESHRAGUNATHPARKAR
ExecutiveSummary
Asthecompanywasnewanditwasyettobemarketedtoalargenumberof
customers,itwasessentialtoknowthefeedbackofcustomersinorderto
formulateeffectivemarketingandsalesstrategiesinfutureandimprovethe
qualityofservicetoachievebetterconsumersatisfaction.
Thesitevisitsandcompaningmadeuspossibletomeasurethesatisfaction
of consumer by identifying the attributes, which gave consumervarying
degreesofsatisfaction.
Questionnairebasedoncompanyformatsomeattributeslikerequirementof
customerandsalesservicesofferedbycompanywereidentifiedascritical
(motivational)factorsforprovidingsatisfactiontoconsumers,whileother
factorslikeexcisabledepositcenter,premiumcollocationwastimetotime
and also intimation regaining before the collocation of premium. But
absenceofsuchhygienicfactorsdefinitelyresultsinadissatisfiedconsumer.
Thesehygienicfactorscouldresultinsellingbuttheirabsencecancertainly
unsealtheproductoffering.
Forthisaquestionnairewaspreparedwhichgaveavagueideaaboutthe
peoplewhowerereallyinterestedandwantedtoknowaboutvariousnew
opportunitiesintheinsurancesector.Gothroughquestionnaireindifferent
differentareaandpeopleinthePunecity.Thestudywasundertakenfor
puneregionduringtwomonths.Theresearchersweregivenfirst15daysfor
collectionofdataandscanningthedata.Thequestionnairecontainsvarious
aspects like there. Address, their present age, profession, number of
dependents,Goalsandalsoplanningforoldage(Retirement)etc.
Thesecondpartofthestudythatconsistsof40dayscontainsscanningthe
questionnaire and taking appointments. After that usually meeting the
personsandtellthemaboutthecompany.
Mostimportantpartisanalyzingtheinformation.
CONTENTS
1. Introduction
2. IndustryProfile
3. CompanyProfile
4. Scopeofthework
5. ResearchMethodology
6. Datainterpretationandanalyses
7. Observationandfindings
8. LimitationandRecommendation
9. Bibliography
10. Annexure
INTRODUCTION
INTRODUCTION
Whereverthereisuncertaintythereisrisk.Theriskcannotbeaverted.The
riskisuncertaintyofthefinancialloss.Wedon thaveanycommandon
uncertainties.Thismakesitessentialthatwethinkinfavourofadevicethat
becomesinstrumentalinspreadingtheloss.Itisinthiscontextthatwethink
aboutinsurance.
Protection against the possible chances of generating uncertain losses. It
eliminates worries and miseries of losses or destruction of property and
death.
Theprimarypurposeoflifeinsuranceisthereforeprotectionofthefamily
intheeveninsuranceisalsoseenasatooltoplaneffectivelyforyourfuture
years. Your retiren children s future needs. Today, the market offers
insuranceplansthatnotjustcoveryoursametimegrowyourwealthtoo.
Ifyouhavedependantsandfinancialresponsibilitiestowardthem,thenyou
certainlyneed.
Mostinsuranceplansavailabletodaycomewithasavingselementbuiltinto
it.Thesepoliciesnotonlyforafinanciallyindependentsfuture,whichwere
have a comfortable retirement. For example. Kotak preferred Retirement
planssuchasincomeplanandkotakMultiplierplan.Mostinsuranceplans
availabletodayhaveabailtinsavingelements.KotakpreferredRetirement
plansmeetyourdualfinancialgoalsoflifecoverandsavingsforthefuture.
Collateralsecurity.
Lifewasn tdesignedtoberiskfree.Thekeyisnottoeliminaterisk,butto
estimateitAccuratelyandmanageitwisely.
Insurancesectorhavecharacteristicthatgivecanboosttothegrowthofany
economy.itisduetothesavingsdoneattheindividuallevelandatmicro
level it generates funds for infrastructure building as the cash flow is
constantwhilethepayoutisdiffered,sothattheinsurancecompaniesare
becoming biggest investors in long gestation infrastructure development
projectsandhencehaveagreatImportancetothedevelopingeconomylike
India.Insurancesectorwithanannualgrowthrateof1520%andthelargest
number of life insurance policies in force, the potential of the Indian
insuranceindustryishuge.
INTRODUCTIONOFTHETOPIC
Thepurposeofthistrainingwastohavepracticalexperienceofworking
withintheorganization,inthefiledofmarketingandtohaveexposuretothe
importantmanagementpracticesinfieldofmarketing.
Whilewritingthisreportthelanguagehasbeenkeepsimpleandtheentire
discussionhasbeenlogicalandhascoherentoutlines.Themainmottoofthe
projectworkwas MarketResearchandcustomerSatisfaction ofKotak
MahindraLifeInsurance,Pune. ItincludesthroughmarketResearchin
variousplansofKotakMahindraLifeInsurance.Andindetailconsumer
(Satisfaction)responsesanalysis,bysurveyingnumberofconsumers.
The project report is divided into two parts, first part consists market
researchforfindingoutbestsoldplanofKotakMahindraLifeInsurance,
And second consist survey report of various consumers about there
responsesaboutsatisfactiontowardsKotakMahindraLifeInsurance
Company.
IMPORTANCEOFTHETOPIC
Theprojectreportisallaboutmarketresearchtofindoutbestsoldplanof
KotakMahindraLifeInsurance,pune.Andtomouserthesatisfactionlevel
ofconsumersofKotakMahindraLifeInsurance.
MarketresearchhelpsKotakMahindraLifeInsuranceaboutthebestplan
purchased by its consumer satisfaction level helps to know weather the
consumersaresatisfiedbyservice/PlansofKotakMahindraLifeInsurance.
INDUSTRYPROFILE
INDUSTRYPROFILE
Theindustries,businessesandindividualsareconsiderablybytheservices
ofinsuranceorganization.
A.Theoldestformofinsurance(12thcentury)ismarineinsurance.After
wardsin16thcenturyfireinsuranceisstartedinGermany.
B. The first registered life office was Hand in Hand Society
establishedin1696.
C.InIndiathefirstlifeinsurancewasstartedintheBengalPresidencyin
1818knowsasorientallifeinsurancecompany.
D. Experiencing so many ups and downs the insurance business was
found in changed shapes. Particularly after attaining independence
andtothemorespecificafternationalizingin1956.
E.Therewasmajorchangeintheinsurancesectorafterglobalizationin
2001. The private player in the insurance industry and ends the
dominanceofLIC.
F. The different MNC s company of foreign country enters in the
insurance industry with the joint venture with Indian companies.
Today total 11 private life insurance companies are working in
insuranceindustry.
HISTORY
1912:theIndianLifeAssuranceCompaniesActenactedasthefirststature
toregulatethelifeinsurancebusiness.
1928: theIndianInsuranceCompaniesActenactedtothegovernmentto
collect statistical information about both life and non life insurance
businesses.
1956:245IndianandForeigninsurersandprovidentsocietiestakenoverby
the central government and nationalized. LIC formed by an Act of
Parliament,viz.LICAct,1956,withacapitalcontributionofRs.5core
fromtheGovernmentofIndia.
INSURANCESECTORREFORMS:
1)Structure
Governmentstakeintheinsurancecompaniestobebroughtdownto50%.
2)Competition
PrivatecompanieswithaminimumpaidupcapitalofRs.1bnshouldbe
allowedtoentertheindustry.NocompanyshoulddealinbothLifeand
GeneralInsurancethoughasingleentity.Foreigncompaniesmaybe
allowed toenter theindustry incollection withthe domestic companies.
PostalLifeInsuranceShouldbeallowedtooperateintheruralmarket.Only
OneStateLifeInsuranceCompanyshouldbeallowedtooperateineach
state.
3) RegulatoryBody
TheInsuranceActshouldbechanged
AnInsuranceRegulatorybodyshouldbesetup
ControllerofInsurance(CurrentlyapartfromtheFinanceMinistry)should
bemadeindependent.
4) Investments
Mandatory Investment of LIC Life Fund in government securities to be
reducedfrom75%to50%.
5)Customerservice
LICshouldpayinterestondelaysinpaymentsbeyond30days.Insurance
companies must be encouraged to set up unit linked pension plans.
Computerizationofoperationsandupdatingoftechnologytobecarriedout
in the insurance industry. The committee emphasized that in order to
improvethecustomerservicesandincreasethecoverageoftheinsurance;
industryshouldbeopeneduptocompetition.
ENTRANCEOFPRIVATEPLAYERSININSURANCESECTORS
Indiastillhaslowinsurancepenetrationof1.95percent,51 st intheworld.
DespitethefactthatIndiaboostsasavingrateofaround25percent,less
than5percentisspentoninsurance.
BesideKotakMahindraLifeInsurancethereareother11privateplayers
workinginlifeinsurancesector,whichareasfollows.
AllianzBajajLifeInsuranceCompanyLtd.
Allianz Bajaj Life Insurance Company Ltd. is a joint venture between
AllianzAG(LargestinsurerinEurope)andBajajAutoLtd.incorporatedon
12thmarch2001.
AMPSanmarAssuranceCompanyLtd.
AMPSanmarAssuranceCompanyLtd.isajointventurebetweenAMP,
largestlifeinsurerinAustraliaandNewZealand,Sanmarisoneofthe
largest industrial groups in South India dealing in chlorochemicals and
shippingandEngineering.
AvivaLifeInsuranceCompanyLtd.
AvivaLifeInsuranceCompanyLtd.isajointventurebetweenDaburIndia
andCGU,isawhollysubsidiaryofAvivaPlc(UK).
BILifeInsuranceCompanyLtd.
India slargestbankSBIandCardiffS.A,aleadinginsurerinFrancecame
togethertofromSBILife.
TataLifeInsuranceCompanyLtd.
TataLifeInsuranceCompanyLtd.iscapitalizedatRs.185crore;ofwhich
74%hasbeenbroughtinbyTATASonsandtheAmericanpartnerbringthe
balance26%.
ICICIPrudentialLifeInsuranceCompanyLtd.
ICICIPrudentialequitybasedstandsatRs.675Cr.WithICICIgroupand
PrudentialPlcholding74%and26%stakerespectively.
BirlaSunLifeInsuranceCompanyLtd.
BirlaSunLifeInsuranceCompanyisa74:26jointventurebetweenAditya
BirlaGroupandsunlifefinancialservicesofCanada.
HDFCStandardLifeInsuranceCompanyLtd.
HDFC Standard Life Insurance Company Ltd. was one of the first
companiestobegrantedlicensebytheIRDAtooperateinlifeinsurance
INGVysyaLifeInsuranceCompanyLtd.
ING Vysya Life Insurance Company Ltd. is expected to be first bank
assuranceventureinthecountry.TogethertheyhaveropedinGMRgroup,
which has wideranging interests in field such as power generation
infrastructure,manufacturing,softwareandbanking.AsperJVagreement
Vysyabankwouldhold49%stake,ING(Europe,Dutchorigin)26%and
GMRgroupwouldhold25%ofthestake.
MAXNewYorkLifeInsuranceCompanyLtd.
It sapartnershipbetweenMAXIndialtdandNewYorklife,aFortune100
company.
MetLifeIndiaInsuranceCompanyLtd.
It was incorporated in April 2001 as a joint venture between Met Life
InternationalHolding,Inc,Jammu&Kashmirbank,andM.Pallonjiand
companyprivateLtd.
COMPANYPROFILE
PRODUCT
a)KotakFlexiplan
Advantages:
1Choiceof5professionallymanagedfundsincludedGiltFund,
FloatingRateFund,BondFund,BalancedFund,GrowthFund.
2Addlumpsuminjectionsasandwhensuitable
3Premiumholidayfacility
4Ridersoptionsforenhancedprotection
5Loanfacilitiesincaseofemergencies
6Simplifieddocumentationandprocedures
b)KotakRetirementIncomePlan
TheKotakRetirementIncomePlanisasavingsplandesignedtomeetyour
postretirementneeds.Itisaplanthatgivesyou jeeneKiazaadi bygiving
youthechoicetoremainindependentevenafterretirement.
Advantages:
1Inthisplanminimumageof18yearsofoldandmaximumageis60
years.2YoumaybuyanannuityeitherfromKotakLifeInsurance.
3Youcanmakelumpsuminjectionsintoyourpolicyatanytimebefore
retirement.
4ForawithcoverplanyouhavethefacilityofAutomaticcover
Maintenance,whichensuresthatthecoverremainsinforceevenwhenyou
missthepremiumpayments.Thisfacilityisavailableafterthefirst3years
oftheterm.
5YoumayexercisetheoptionofpayingpremiumfromtheSupplementary
Accumulation Account, created from will be created from lump sum
injections,iftheneedarises.
c)KotakEndowmentPlan
AnEndowmentpolicyisacombinationofsavingsalongwithriskcover.
Thesepoliciesdesignedtoaccumulatewealthandatthesametimecover
yourlife.Insimplewords,issuedforspecifictimeperiodsduringwhichyou
pay a regular premium. If you die during policy, your beneficiaries will
receivethe sum assuredalongwiththeaccumulated bonusaoutlivethe
policy tenure you will receive the sum assured along with accumulated
bonus.
Advantages:
1Inthisplanminimumageof18yearsofoldandmaximumageis65years.
2Youcantakealoanagainstyourpolicyhasbeeninforceforatleastthree
years.
3Youhavetheoptionofpayingpremiumsquarterly,halfyearlyor
yearly.4Youhavethebenefitofa15dayfreelookperiod.
d)KotakCapitalMultiplierPlan
TheKotakCapitalMultiplierPlanisaparticipatingplanthatisbuiltinsuch
awaythatitallowsyourmoneytomultiply,andgivesyoutheflexibilityof
usingthismoneythewayyouneedit,inregularandirregularwithdrawals.
Thisisanendowmentplan,whichisveryflexibleandhasalotofinbuilt
benefits.
Advantages:
1Inthisplanminimumageof18yearsofoldandmaximumageis60years.
2Atthestartofyourwithdrawalsperiod,youcandrawthefullproceedsor
youcandrawupto50%ofyourbasicsumassuredoraccumulationaccount,
whicheverishigher.
3Inadditiontotheregularpremiums,youcanmakelumsuminjectioninto
your plan during the premium paying period. A Supplementary
AccumulationAccountwillbecreated.
4YouhavethefacilityofAutomaticCoverMaintenance,whichensuresthat
thepolicyremainsinforceevenwhenyoumissthepremiumpayments.This
facilityisavailableafterthefirst3yearsoftheterm.
e)KotakChildAdvantagePlan
TheKotakChildAdvantagePlanisaninvestmentplandesignedtomeet
yourchild sfutureneeds.Itisaplanthatgivesyourchildthe azaadi to
realisehis/herdreams.Thisisanendowmentplanwherethelifeinsuredis
thechild.Thisisaparticipatingplan.
Advantages:
1Inthisplanminimumageof0yearsofoldandmaximumageis17years.
2Youmaytakealoanagainstthisplan,afterthepolicyhasbeeninforcefor
atleastthreeyears.
3Youhavetheoptionofpayingpremiumsquarterly,halfyearlyor
yearly.4Youhavethebenefitofa15dayfreelookperiod.
SCOPEOFSTUDIES
Needformeasuringcustomersatisfaction.
Customersaretoogoodtolose
Letskeepthemhappy!
Customeristheking.
Intheeraofcutthroatcompetitionandeconomicrecession,aboveaxiomhas
moreimportancethaneverbefore.
Marketingstartswiththecustomerandendsthecustomer .
PeterDrucker.
Sonoorganization,smallorbigignoresthecustomers.
EarthisnotthecenterofuniversebutrevolvesaroundtheSun .
Copernicus.
Similarly,wehavecometobelievethatbusinessfirmisnotthecenterof
economicuniversebutrevolvesaroundthecustomer.
Buildcustomerandnotonlyproducts.
Buildingcustomersisnotasinglestepexercisebutaprocess.
OBJECTIVEOFTHESTUDY:
1) TodeterminethepresentpositionandsatisfactionofcustomerinKotak
MahindraLifeInsurance.
Themainobjectiveoftheprojectwastoanalyzeconsumersatisfactionof
Kotak Mahindra Life Insurance with other services in Pune. And also
presentpositionofthecompany.
2)Todeterminethemarketshareofdifferentbrands.
Thesecondobjectiveoftheprojectwastodeterminethemarketshareof
differentbrandsavailableinthemarket.Therewasatoughcompetitionfor
thebrandinthemarket.Thereforetogetestablish,companyhadtomakeits
competitorsanalysisandneedtodeterminewheredotheystand.
3)Responsesofcustomer
Responses from them were collected through survey and for the
questionnairewerepreparedforbothofthem.
4) Benefitsderivedbyassessingconsumersatisfactionare:
Feedbacktoorganizationregardingproduct.
Understandingcustomer srequirements.
Providingsuperiorservicetocustomer.
Strengthentherelationshipwithcustomers.
Formulatingsalesstrategies.
5)Identifyprosandconsofthebrand.
Thiswasafundamentalobjectiveofthewholeresearch.Companywantsto
identifythatwheredoesthebrandlack.Inotherwords,whatarethebrands
sothatitcanrectifytheminordertoestablishthebrandinthemarket.
6)Suggestionsandrecommendations.
Theobjectiveoftheresearchwasnotonlytofindouttheproblembutalso
theidentificationofsolutionsorsuggestionsoftheproblems.
RESEARCH
METHODOLOGY
RESEARCHMETHODOLOGY
INTRODUCTION
Researchisanartofscientificinvestigationthroughsearchfornewfactsin
anybranchofknowledge.Itisamomentfromknowntounknown.
Researchalwaysstartswithaquestionoraproblem.
Itspurposeistofindanswerstoquestionsthroughthe
applicationofthescientificmethod.
Itisasystematicandintensivestudydirectedtowardsamore
completeknowledgeofthesubjectstudied.
Asmarketingdoesnotaddressitselftobasicorfundamentalquestion,it
does not qualify as basic research. On the contrary, it tackles problems,
whichseemtohaveimmediatecommercialpotential.Inviewofthemajor
consideration,marketingresearchshouldberegardedasappliedresearch.
Wemayalsosaythatmarketingresearchisofbothtypesproblemsolving
andproblemoriented.
Marketingresearchisassystematicandobjectivesstudyoftheproblems
pertainingtothemarketingofthegoodsandservices.Itmaybeemphasized
thatitisnotrestrictedtoanyparticularareaofmarketing,butisappliedto
allthephasesandaspects.
METHODOFDATACOLLECTION
1)Datatobecollected.
Data includes facts and figures, which are required to be collected to
achiever the objectives of the project. In order to determine the present
positionandsatisfactionofcustomerofkotakMahindraLifeInsurance.
a)PrimaryData
Thedatathatisbeingcollectedforthefirsttimeortoparticularlyfulfillthe
objectivesoftheprojectisknownasprimarydata.
Thesetypesofdatawere,
ThemarketshareofKotakMahindraLifeInsurance.
Themarketshareofotherbrandsavailableinthemarket.
Responsesofconsumer.
Identifyingprosandconsofthebrand.
Theaboveprimarydatawerecollectedthroughresponsesofconsumerwas
conductedthroughquestionnairespreparedforthem.
b)SecondaryData
Secondarydataarethattypeofdata,whicharealreadyassembledandneed
nottocollectedfromoutside.Thesetypesofdatawere
i) CompanyProfile
ii) ProductProfile
iii) CompetitorsProfile
TheaforesaiddatawerecollectedthroughInternetandcompany sfinancial
report.
2)DataCollectionMethod
Forgivenproject,theprimarydata,whichneededtocollectforthefirst
time, were much significant. This type of information gathered through
Surveytechnique, which is themost popular and effective technique for
correct data collection. The survey was completed with the use of
questionnaires.
Questionnaireforconsumer.
3) Sampling
Sampleisthesmallgrouptakenunderconsiderationfromthetotalgroup.
This small group represents the total group. In the project the market
research,whichwasasktobestudiedwaspunemarketbutasitwaspossible
toapproachalltherespondent scustomerofthecity,henceasamplewas
selectedwhichrepresentsthewholecity.Theareasselectedforthesample
arepresentfurtherintheappendix.Samplesizeofcustomerlistwastaken
fromKotakMahindraLifeInsurancecustomerdatabasic.
4)DataEvaluation
The data so collected were not simply accepted because it contained
unnecessaryinformationandoverorunderemphasizedfacts.Thereforeonly
relevant datawereincluded inthe report,whichhelpedinachieving the
objectivesoftheproject.
DATAINTERPRETATION
ANDANALYSIS
Personaldetail
Classes Noof
(Age) Respondents
1824 4
2435 19
3545 16
4555 10
5565 1
No. Of Respondent
20
18
16
14
12
10 No. Of Respondant
8
6
4
2
0
18-24 24-35 35-45 45-55 55-65
ANALYSIS
Abovediagramconsistfiveclassesofdifferentagegroups.Herecustomer
19customerbilogesto2535agegroups,16customersfallintheagegroup
3545years.
Other10customercomesareintheclass4555yearstheagegroupof1824
consistsfourcustomerreamingcustomerisinagegroup5565years.
Heremajorityofcustomerbelongtothegroup2535years.
1.DoyouthinkisitessentialtohaveLifeInsurance?
YES NO
Yes No Total
No.ofRespondents 45 5 50
%ofRespondents 90 10 100
No. of Respondents
YES
NO
ANALYSIS
No. of Respondents
Bajaj Allianz
Tata AIG
Fromtheabovefigurewecometoknowthatcustomerarealsoinvesting
moneyinotherlifeinsurancecompanies.Themajorplayerininsuranceis
LIC holding 22.22% of total sample. The second major player ICICI is
holding18.52%.HDFCandAIGarehavingequalshareof7.41%&the
MaxNewYork&SBIarehaving3.70%.
3.WhydidyouchooseKotakLifeInsurance?
Noof %Of
Respondents Respondents
ROI 18 36
PeerPressure 15 30
TaxBenefit 10 20
Security/safety 2 24
LowPremium 5 10
TOTAL 50 100
No. of Respondents
ROI
Peer Pressure
Tax Benefit
Security /safety
Low Premium
ANALYSIS
Noo %Of
Respondents Respondents
KotakFlexiplan 20 40
KotakRetirementPlan 15 30
KotakEndowmentPlan 5 10
KotakCapitalMultiplierPlan 5 10
ChildAdvantagePlan 5 10
Total 50 100
No. of Respondents
Note.
Someofcustomersarehavingmorethanoneplantotalsurveycustomersare
50.
ANALYSIS
Fromthetotal50respondentsmaximumi.e.40%customershaveoptedfor
FlexiPlan,whereas30%havegoreforRetirementplansandremaining30%
have customer are having endowment, multiplier and child advantage
respectively.
5.Whatkindofservicesyouexpectfrominsuranceprovides
Noof %Of
Respondents Respondents
EasyaccessabilitytoDepositCentre 15 30
Timetotimepremiumcollection 8 16
ProvisionincaseofDues 5 10
Bonus&otherschemes 22 44
TOTAL 50 100
No. of Respondents
Note.
Someofcustomerareexpectingmorethansingleservice.
ANALYSIS
Outoftotal50respondents44%liketohavebonusandotherserviceasa
primeconcern,10%liketohaveprovisionincaseofduesandremaining
30%&16%respondentssay.Theyneedtimetotimepremiumcollection
and easy accessibility to deposit centre as a concern before choosing
insuranceprovider.
6.HowwillyouratetheservicesgivenbyKotakMahindraLifeInsurance?
Noof %Of
Respondents Respondents
Poor
Average 16 32
Good 28 56
Excellent 6 12
TOTAL 50 100
No. of Respondents
Poor
Average
Good
Excellent
ANALYSIS
Outof50respondents57%haverattedKotakMahindraLifeInsurance
servicesasgoodand32%haverattedasaverage.Andremaining12%have
rattedasExcellent.
7.WhatdifferenceyoufindbetweenKotak&yourpreviousInsurance
provider.
Noof %Of
Respondents Respondents
GoodReturns 16 21
EffectiveService/liquidity 12 15
TaxPlanning 28 36
Security/SafetyBenefit 22 28
TOTAL 50 100
No. of Respondents
Good Returns
Effective Service
Tax Planning
Security/ Safety Benefit
Note.
SomeofcustomersarehavingmorethanoneplanmoreBenefitareexpected
inoneplan.Totalsurveysofcustomersare50.
8.DohaveanysuggestionforKotakMahindraLifeInsurance?
YES NO
YES NO TOTAL
NoofRespondents 39 11 50
%OfRespondents 78 22 100
No. of Respondents
YES
NO
ANALYSIS
YES NO TOTAL
NoofRespondents 32 18 50
%OfRespondents 64 36 100
No. of Respondents
YES
NO
ANALYSIS
1) Thereisscopetosaleinsurancepolicybyconcentratingonagegroup18
24 years here potential of customers are there.(Example. Software
professional,BPOemployees,andprofessionals)Flexiplancanbesold
by concentrating on age group 3545 years. (Example. Government
employees,executivesandbusinessman)
2) As major respondents think to have life insurance policy is very
essentialthereislotofscopeforinsurancecompany.
3) KotakMahindraLifeInsuranceshouldtrytobuildtrustamongthepublic
by making people aware of their investment is safe, high return on
investment,TaxBenefits.
4) AsmorerespondentsareinvestinginKotakMahindraLifeInsurancefor
getting high return on investment the company should try to provide
attractivereturnsoninvestmentsinfuture.
5) Kotak Mahindra LifeInsurance should introduce attractive policies &
alsoattractivebonusonpoliciestoattractivemorepotentialcustomers.
6) Approx 36% of respondents differ with there previous insurance
provider,theyfieldthatKotakMahindraLifeInsuranceprovidinggood
tax benefit for there investment so Kotak Mahindra Life Insurance if
possibletrytoprovidedmoretaxbenefitcustomer.
7) 64% respondents are willing to purchases Kotak Mahindra Life
InsurancepoliciesinfuturethisbenefitKotakMahindraLifeInsurance
asmortpotentialcustomerinfuture.
CONCLUSION
After conducting market research for Kotak Mahindra Life Insurance
Companywecametoknowdifferentneedsofconsumers,theirvaluable
suggestions,responsestothedifferentquestions.Withthisinformationwe
canconcludethatthereisgoodmarketawarenessaboutKotakMahindra
LifeInsuranceCompanyinthemarket.
BOOKS
MAGAZINE
Business&EconomyMagazine
COMPUTERWEBSITE
www.IRDA.com
www.licindia.com
www.hdfcinsurance.com
www.businessindiaonline.com
www.maxnewyorklife.com
www.brandonline.com
www.iciciprulife.com
ANNEXURE
QUESTIONNAIRE
1.Personaldetail
Name:
Age
1824 2535 3545
4555 55andabove
PhoneNo.
Email.
OfficeAddress: ResidentialAddress:
2.DoyouthinkisitessentialtohaveLifeInsurance?
YES NO
3.WhicharethecompaniesyouinvestedyourmoneyforLifeInsurance?
a) KotakMahindraLifeInsurance
b) LIC
c) BajajAllianz
d) TataAIG
e) MaxNewYorkLifeInsurance
f) HDFCLifeInsurance
g) ICICIPrudentialLifeInsurance
h) SBI
4. WhydidyouchooseKotakLifeInsurance?
a)ROI
b)PeerPressure
c)TaxBenefit
d)Security/safety
e)LowPremium
5. Whichofthefollowingplanedyouisinsured?
a)KotakFlexiplan
b)KotakretirementPlanc)
KotakEndowmentPlan
d)KotakCapitalMultiplierPlan
e)KotakChildAdvantagePlan
6. Whatkindofservicesyouexpectfrominsuranceprovidesa)
EasyaccessabilitytoDepositCenter
b)Timetotimepremiumcollection
c)ProvisionincaseofDues
(PolicyLapse)
d)Bonus&otherschemes
7. HowwillyouratetheservicesgivenbyKotakMahindraLifeInsurance?
a)Poor
b)Average
c)Good
d)Excellent
8.WhatdifferenceyoufindbetweenKotak&yourpreviousInsurance
provider.
a) GoodReturns(HIGHEST)
b) EffectiveService/Liquidity
c) TaxPlanning
d) Security/SafetyBenefit&ProtectiononyourCapital
9.DohaveanysuggestionforKotakMahindraLifeInsurance
YES NO
10.Infuture,willyoupurchasepoliciesfromKotakMahindraLife
Insurance?
YES NO