Interim report on

Analysing the consumer behaviour in relation to insurance

products

At

SURETI INSURANCE MARKETING PVT LTD

By

BANOTH RANJITH KUMAR

(18PGP231)
 ABSTRACT
In India, Life Insurance sector plays a major role in savings of a person.
There are many players in life insurance sector and LIC is the leading as it has
roots in India from more than 50 years. To purchase anything in this world a
customer has his/her own choice of preferences.
The project study of LIC’S endowment plan, Jeevan anand plan, children money
back plan as a part of financial planning.

The aim of study is to examine a client’s personal situation, financial

resources, financial objectives and financial problems in a comprehensive
manner, monitoring the plan performance to take corrective action as necessary
to assure that results match the plan projections. So, this study is also intended to
find whether people are aware of Life Insurance policies and details of it.

The method of study is market research with structured questionnaire

consisting of multiple-choice questions. The sample is 100 collected from
persons having Life Insurance Policy.

The Private Insurance companies are also able to create brand value and
trust in customers. So, they have only 42% (approx.) market share in Life
insurance sector.

INTRODUCTION

Sureti Insurance Marketing Private Limited is an unlisted private company

incorporated on 15 January, 2018.The company deals with financial products
and investments, provides total insurance solution from efficient and
transparent companies to the customers, provides cutting edge technology
based services with a human torch.
IRDA registered insurance marketing start-up company

Official distributors of
1.LIC
2.UNITED INDIA INSURANCE
3.STAR HEALTH INSURANCE
4.APOLLO MUNICH HEALTH INSURANCE
5.FUTURE GENERALI LIFE INSURANCE

The company mainly focus on life insurance policy, health insurance policy and
general insurance policy. As of now the company has provided 200 life insurance
policies, 190 health insurance policies, 250 general insurance policies.

OBJECTIVES
 Examining a client’s personal situation, financial resources, financial
objectives and financial problems in a comprehensive manner.
 Developing an impartial, integrated plan to utilize the resources to meet
objectives and solve problems, taking the steps to implement that plan once
approved by the client.
 Monitoring the plan performance to take corrective action as necessary to
assure that results match the plan projections.
 To find out how best an insurance Plan can become a necessary part of the
financial planning for the individuals.

To check that among the price of the premium, benefits of policy, brand name the
company has, which is more preferred by a person to take insurance policy.

SCOPE OF THE STUDY

The scope of subject refers to everything that is studied as a part of that subject
and set out to explain the scope of consumer behaviour we need to refer to all that
which forms part of consumer behaviour.
Consumer behaviour includes not only the actual buyer and his act of buying but
also the various roles played by different individuals and the influence they exert
on the final purchase decision.
To define the scope of subject it is important to set parameters or a framework
within which it shall be studied.

PROBLEM AREA AND NEED FOR STUDY

Today in India there is 133.92 crore population and only around 15 crore
people have Life Insurance Policy. There are around 24 Life Insurance
companies operating in India. Among all the players in insurance market in India,
LIC is the leading one and have high market share in life insurance sector. LIC is
Public Sector Company and all other are private sector companies. The reason
behind the LIC having high market share, it has its roots in India more than 60
years and brand name it created in minds of customer. The people of India have
more trust in LIC than any other private insurance.
The reason why LIC have high market share is its flexible payment options,
benefits offered, low premium of policies and its relation and coordination with
all the public sector undertakings. But the private Life Insurance companies are
unable to grab the insurance market, because the people do not have trust in
private sector.
A customer will have his/her own choice of preferences to purchase a
product. The preferences may be as quality, quantity, price, and brand name,
additional features from other products and long-term services, guarantee,
warranty. According to the choice preference and need for the product only, the
customer will purchase a product. For different products and services, the
preferences will be different base on time, situation, and need. But finally, what
the customer needs is value of the money he/she paid for the product i.e. enough
returns (services, benefits) by using the product. The case is same even in the
insurance sector also.
There are various factors which influence, and customer prefers in taking
an Insurance policy. Factors are premium of policy, benefits of the policy, flexible
payment options, brand name the company have in market. So, among the above
factors which when is preferred more by the customer is to be analysed.
The life insurance companies should market their products properly and make
people aware of the company and its various policies, benefits.

ANALYSIS OF DATA
1.Do you have insurance policy in your name?
1. yes
2. no

2.In which company you have life insurance policy?

1. LIC
2. ICICI
3. SBI Prudential
4. BAJAJ ALLIANZ
5. Others

3.Provide reason behind choose particular insurance company?

1. Safety
2. Brand Name
3. Good Return
4. Good Track Record

4.Is premium price of policy within your budget or not?

1. Yes
2. No

5.What Scheme of insurance policy have you taken?

1. Endowment Plan
 2. Jeevan Anand Plan
3. Children's Money Back Pan
4. Pension Fund
5. Others

6.Whether you are aware of all the details of policy you have taken?
1. Yes
2. No

7.Satisfaction level towards services offered.

1. Fully Satisfied
2. Partially Satisfied
3. Not Satisfied

8.What motivated you to purchase insurance plan?

1. High Returns
2. Advice from friends
3. Company
4. Financial advisor

9.What is your expected price of premium of the policy?

1. Less than Rs 5000
2. Rs.5000-100000
3. More than Rs.100000

10.Which promotional media do you think is the best one to make people educate
about an insurance policy?
1. TV advertisements
2. Hoardings
3. Paper advertisements
4. Banners

11.Do you suggest your colleagues, relatives or any of your friends about which
is the best company to opt for an Insurance Policy?
1. Yes
2. No
 Currently I am half wat through my project and collected the data of 60%
required for the project and will start analysis as soon as I am done
collecting all the data.

Benefits of the project to the company and the intern

The company is mostly concentrated on 3 products endowment plan, Jeevan
anand plan, children’s money back plan. To know how much they have been sold
in the market and want to know what the other plans are mostly preferred by the
customer and how satisfied they are with the product and which will help to get
more policies and if customers are preferring other policies introduction of the
new products to get more profits.