Professional Documents
Culture Documents
CONSUMER AWARENESS TOWARD INSURANCE PRODUCT Mitali
CONSUMER AWARENESS TOWARD INSURANCE PRODUCT Mitali
CONSUMER AWARENESS TOWARD INSURANCE PRODUCT Mitali
CERTIFICATE
Dated…./…./…..
Himachal Pradesh Technical University Business School[HPTUBS]
Rajiv Gandhi Government Engineering College [RGGEC]
Kangra at Nagrota Bagwan (Massal)
Himachal Pradesh (India) – 176047
This is certify I Mitali have carried out the research proposal embodied in present six weeks
internship report for the partial fulfillment of the degree of Master in Business Administration as
per the ordinances of Himachal Pradesh Technical University. I declare to the best of my
knowledge that no part of this internship report earlier submitted for the award of Master in
Business Administration and other reseaech degree of any University.
--------------------------------
Name: Mitali
Urn : 18MBA0311
Dr. sanjeev sir
HPTUBS
ACKNOWLEDGEMENT
First of fall I would like to thank the SBI LIFE INSURANCE.for giving me the opportunity to
do my 45 days project training in their esteemed organization. I am highly obliged to Mr.MONU
kumar (Baranch Manager) for granting me to undertake my training at Dharamshala branch.
I express my thanks to all Employees under whose able guidance and direction, I was able to
give shape to my training. Their constant review and excellent suggestions throughout the project
are highly commendable.
I also express my thanks to my teacher Dr.sanjeev sir for boosting me to complete the project.
My heartfelt thanks go to all the executives who helped me gain knowledge about the actual
working and the processes involved in various departments.
PREFACE
The liberalization of the Indian insurance sector has been the subject of much heated debate
forsome years. The policy makers where in the catch 22 situation wherein for one they wanted
competition, development and growth of this insurance sector which is extremely essential for
channeling the investments in to the infrastructure sector. At the other end the policy makers had
the fears that the insurance premia, which are substantial, would seep out of the country; and
wanted to have a cautious approach of opening for foreign participation in the sector.
As one of the rare occurrences the entire debate was put on the back burner and the IRDA saw
the day of the light thanks to the maturing polity emerging consensus among factions of different
political parties. Though some changes and some restrictive clauses as regards to the foreign
participation were included the IRDA has opened the doors for the private entry into insurance.
Whether the insurer is old or new, private or public, expanding the market will present multitude
of challenges and opportunities. But the key issues, possible trends, opportunities and challenges
that insurance sector will have still remains under the realms of the possibilities and speculation.
What is the likely impact of opening up India’s insurance sector.
The large scale of operations, public sector bureaucracies and cumbersome procedures hampers
nationalized insurers. Therefore, potential private entrants expect to score in the areas of customer
service, speed and flexibility. They point out that their entry will mean better products and choice for the
consumer. The critics counter that the benefit will be slim, because new players will concentrate on
affluent, urban customers as foreign banks did until recently. This seems to be a logical strategy. Start-
up costs-such as those of setting up a conventional distribution network-are large and high-end niches
offer better returns. However, the middle-market segment too has great potential. Since insurance is a
volumes game. Therefore, private insurers would be best served by a middle-market approach, targeting
customer segments that are currently untapped.
ABOUT COMPANY
SBI Life Insurance is a joint venture life insurance company between State Bank of India (SBI),
the largest state-owned banking and financial services company in India, and BNP Paribas
Cardif. BNP Paribas is a French multinational bank and financial services company with global
headquarters in Paris. SBI owns 62.1% of the total capital and BNP Paribas Cardif 22% of the
capital. Other investors are Value Line Pvt. Ltd. and MacRitchie Investments Pte. Ltd., holding
1.95% of the total capital each and remaining 12% with Public. SBI Life Insurance has an
authorized capital of ₹20 billion (US$290 million)and a paid up capital of ₹10 billion (US$140
million).
In 2007, CRISIL Ltd, a subsidiary of global rating agency Standard & Poor's, gave company a
AAA/Stable/P1+ rating.[2][3]
SBI life insurance is Public Limited Listed company. SBI Life Insurance Listed on BSE And
NSE (Stock Exchange of India). SBI Life started as a joint venture with BNP Paribas in 2001.
While in its initial stage its business was mainly from banc assurance channel, now it is
developing its own agency team for selling its life insurance products.
standards in India and in the process to manage the entire array of post trade activities of
Financial Institutions and Foreign Institutional Investors with dedicated client relationship teams
and state-of-the-art reporting systems.
The corporation quickly garnered nearly 70% market share of the domestic custodial business
and the financial figures shot up impressively for the first decade of its existence.
With sustained market leadership, the biggest investing body of the country in its client list, SBI
ensures that its technology support not only holds enormous databases together but also makes
sense and service out of it too.
The Smithsonian Institute’s Award for “Innovative Use of Technology in the Field of Finance”
in1996 and “Computer Society of India Award” were affirmations of its efforts, long before
information technology started leapfrogging across the country.
SBI has also received “No Action Letter” from Securities Exchange Commission (SEC) of USA,
which renders it an eligible institution to hold assets of US-based funds.
India is one of the countries which most of the residents secure their belongings,
life and health by getting insurance. One of the successful insurance companies in
India is the SBI Life Insurance. This is a private bank that provides personal
insurance and other services for insurance. It works with the principle that life is
vague so everyone must save for emergency purposes.
SBI Beginning: The Company is composed of two banks that merged together.
These two banks are the State Bank of India and the French Insurance Company.
The company provides pension services and insurance services that are in
concurrence with the two companies’ portfolios depending on the condition of the
clients. The good thing about SBI is that, the services that they offer are obtained
through the entire financial guidance programs. Some of these programs are
medical insurance, corporate banking, personal banking, and SBI mutual funds.
SBI Services: The main objective why the company was created is to offer clients
insurance policies and long term care that are very affordable. The company
ensures that they are able to give life insurance that suits the financial status of
every individual. Aside from that, they also want to give services that can easily be
accessed. Because of the advancement of technology, internet is now accessible to
everyone. SBI Life Insurance Company offers its services online for easy access of
their clients. Clients should login to their company site and right away clients can
avail the complete services the company. They also have round the clock customer
support. This is to ensure that they are able to give assistance to their clients
anytime needed.
To enumerate the services that the company offers, some of them are as follows:
These are the primary insurance services that SBI Life Insurance offers. Though a
few companies encounter some problems in their business, this company still
manages to provide excellent insurance services to its clients. Despite of some
failures, still it is one of the best insurance companies in India that is widely trusted
by the residents. The company continues to offer outstanding services to its clients
at very fair rate.
This vision of the company is slowly being achieved with the foray of the company into
new financial services and products into its portfolio the latest to be the Insurance
product, which would be soon distributed.
objectives
Main objectives of the project is to find out the strategies of different insurance agencies and
evaluate them. Project is about to penetrate the competitors of SBI life. Conclusion of this
projects can give an idea of strategies of different companies which may be helpful to the
company.
To study the insurance sector industry in India.
To study the marketing strategies of SBI life insurance .
To analyze the market share of SBI insurance in life insurance sectors .
To study the market size of different insurance companies .
To differentiate the company with its market competitors.
To study the future plan of the company .
EXECUTIVE SUMMARY
In today’s corporate and competitive world, I find that insurance sector has the maximum growth
and potential as compared to the other sectors. Insurance has the maximum growth rate of 70-
80% while as FMCG sector has maximum 12-15% of growth rate. This growth potential attracts
me to enter in this sector and Insurance has given me the opportunity to work and get experience
in highly competitive and enhancing sector.
The success story of good market share of different market organizations depends upon the
availability of the product and services near to the customer, which can be distributed through a
distribution channel. In Insurance sector, distribution channel includes only agents or agency
holders of the company. If a company like RELIANCE LIFE INSURANCE, TATA AIG, MAX
etc have adequate agents in the market they can capture big market as compared to the other
companies.
Agents are the only way for a company of Insurance sector through which policies and benefits
of the company can be explained to the customer.
Table of Content
Chapter No. Title Page No.
Certificate
Ackowledgement
Preface
About Company
Executive Summary
1. Introduction
1. Introduction 12
2. Life Insurance 14
3. General Insurane 16
4. Health Insurance 17
5. Insurance Sector Reform 20
1. Sturture 20
2. Competition 20
3. Regulatory Body 20
4. Investment 20
5. Cutomer Services 20
1. Insurance Regulatory Authority
2. Insurers 21
2. Life Insurers 21
2. General Insurers 21
2. Mojor Players in the Insurance Industry in India 22
2. Life Insrance Corporation of India
1. ICICI Prudential Life Insurance 22
1. General Insurance Corporation Of India
22
1. Frequently Term Used
23
24
27
2. Research Methodology
2.1 Reaearch Methodilogy 32
2. Objective of the Study 32
2. Research Design 32
2. Data Collection 33
2. Colection from Primary Sources
2. Collection from Secondary Sources 33
2. Sampling Design
2. Samplin Procedure 33
34
34
3. Data Interpretation & Analysis
3. Classification of the basis of Age Wise
3. Classificationof the Basis of Insurance Policy
3. Classification on the Basis of Education Level 36
3. Classification on the Basis of Occupation 37
3. Classifaction on the Basis of Marital Status
38
3. Classification on the Basis No. of Dependents
3. Classification on the Basis of Annual Income 39
3. Classification on the Basis of Reason to Take Policy
40
3. Classification on the Basis of Policy Chocie
3. Classification on the Basis of Awareness Through 41
42
43
44
45
4. Conclusion, Finding & Suggestions
3. Finding
3. Conclusion 48
3. Suggestion 48
3. Limitation of the tudy 49
49
Bibliography 51
Questionnaire 51
CHAPTER – I
INTRODUCTION
1.1 INTRODUCTION
1818 saw the advent of life insurance business in India with the establishment of the Oriental
Life Insurance Company in Calcutta. This Company however failed in 1834. In 1829, the
Madras Equitable had begun transacting life insurance business in the Madras Presidency. 1870
saw the enactment of the British Insurance Act and in the last three decades of the nineteenth
century, the Bombay Mutual (1871), Oriental (1874) and Empire of India (1897) were started in
the Bombay Residency. This era, however, was dominated by foreign insurance offices which
did good business in India, namely Albert Life Assurance, Royal Insurance, Liverpool and
London Globe Insurance and the Indian offices were up for hard competition from the foreign
companies.
In 1914, the Government of India started publishing returns of Insurance Companies in India.
The Indian Life Assurance Companies Act, 1912 was the first statutory measure to regulate life
business. In 1928, the Indian Insurance Companies Act was enacted to enable the Government to
collect statistical information about both life and non-life business transacted in India by Indian
and foreign insurers including provident insurance societies. In 1938, with a view to protecting
the interest of the Insurance public, the earlier legislation was consolidated and amended by the
Insurance Act, 1938 with comprehensive provisions for effective control over the activities of
insurers.
The Insurance Amendment Act of 1950 abolished Principal Agencies. However, there were a
large number of insurance companies and the level of competition was high. There was also
allegation of unfair trade practices. The Government of India, therefore, decided to nationalize
insurance business..
An Ordinance was issued on 19 January, 1956 nationalizing the Life Insurance sector and Life
th
Insurance Corporation came into existence in the same year. The LIC absorbed 154 Indian, 16
non-Indian insurers as also 75 provident societies—245 Indian and foreign insurers in all. The
LIC had monopoly till the late 90s when the Insurance sector was reopened to the private sector.
The history of general insurance dates back to the Industrial Revolution in the west and the
consequent growth of sea-faring trade and commerce in the 17 century. It came to India as a
th
legacy of British occupation. General Insurance in India has its roots in the establishment of
Triton Insurance Company Ltd., in the year 1850 in Calcutta by the British. In 1907, the Indian
Mercantile Insurance Ltd, was set up. This was the first company to transact all classes of
general insurance business.
1957 saw the formation of the General Insurance Council, a wing of the Insurance Association of
India. The General Insurance Council framed a code of conduct for ensuring fair conduct and
sound business practices.
In 1968, the Insurance Act was amended to regulate investments and set minimum solvency
margins. The Tariff Advisory Committee was also set up then.
In 1972 with the passing of the General Insurance Business (Nationalization) Act, general
insurance business was nationalized with effect from 1 January, 1973. 107 insurers were
st
amalgamated and grouped into four companies, namely National Insurance Company Ltd., the
New India Assurance Company Ltd., the Oriental Insurance Company Ltd and the United India
Insurance Company Ltd. The General Insurance Corporation of India was incorporated as a
company in 1971 and it commence business on January 1sst 1973.
This millennium has seen insurance come a full circle in a journey extending to nearly 200 years.
The process of re-opening of the sector had begun in the early 1990s and the last decade and
more has seen it been opened up substantially. In 1993, the Government set up a committee
under the chairmanship of RN Malhotra, former Governor of RBI, to propose recommendations
for reforms in the insurance sector. The objective was to complement the reforms initiated in the
financial sector. The committee submitted its report in 1994 wherein, among other things, it
recommended that the private sector be permitted to enter the insurance industry. They stated
that foreign companies be allowed to enter by floating Indian companies, preferably a joint
venture with Indian partners.
Following the recommendations of the Malhotra Committee report, in 1999, the Insurance
Regulatory and Development Authority (IRDA) was constituted as an autonomous body to
regulate and develop the insurance industry. The IRDA was incorporated as a statutory body in
April, 2000. The key objectives of the IRDA include promotion of competition so as to enhance
customer satisfaction through increased consumer choice and lower premiums, while ensuring
the financial security of the insurance market.
The IRDA opened up the market in August 2000 with the invitation for application for
registrations. Foreign companies were allowed ownership of up to 26%. The Authority has the
power to frame regulations under Section 114A of the Insurance Act, 1938 and has from 2000
onwards framed various regulations ranging from registration of companies for carrying on
insurance business to protection of policyholders’ interests.
In December, 2000, the subsidiaries of the General Insurance Corporation of India were
restructured as independent companies and at the same time GIC was converted into a national
re-insurer. Parliament passed a bill de-linking the four subsidiaries from GIC in July, 2002.
Today there are 31 general insurance companies including the ECGC and Agriculture Insurance
Corporation of India and 24 life insurance companies operating in the country.
The insurance sector is a colossal one and is growing at a speedy rate of 15-20%. Together with
banking services, insurance services add about 7% to the country’s GDP. A well-developed and
evolved insurance sector is a boon for economic development as it provides long- term funds for
infrastructure development at the same time strengthening the risk taking ability of the country.
1.5.2 COMPETION:
1. Private Companies with a minimum paid up capital of Rs. 1 ban should be allowed to
enter the industry
2. No Company should deal in both Life and General Insurance through a single entity.
3. Foreign companies may be allowed to enter the industry in collaboration with the
domestic companies.
4. Postal Life Insurance should be allowed to operate in the rural market.
5. Only one State Level Life Insurance Company should be allowed to operate in each state.
1.6.1 INSURERS:
Insurance industry, as on 1.4.2000, comprised mainly two players: the state insurers:
1.6.2 LIFE INSURERS:
Life Insurance Corporation of India (LIC)
ICICI PRUDENTIAL LIFE INSURANCE
Life Insurance Corporation of India (LIC) was established on 1 September 1956 to spread the
message of life insurance in the country and mobilize people’s savings for nation-building
activities. LIC with its central office in Mumbai and seven zonal offices at Mumbai, Calcutta,
Delhi, Chennai, Hyderabad, Kanpur and Bhopal, operates through 100 divisional offices in
important cities and 2,048 branch offices. LIC has 5.59 lakh active agents spread over the
country.
The Corporation also transacts business abroad and has offices in Fiji, Mauritius and United
Kingdom. LIC is associated with joint ventures abroad in the field of insurance, namely, Ken-
India Assurance Company Limited, Nairobi; United Oriental Assurance Company Limited,
Kuala Lumpur; and Life Insurance Corporation (International), E.C. Bahrain. It has also entered
into an agreement with the Sun Life (UK) for marketing unit linked life insurance and pension
policies in U.K.
In 1995-96, LIC had a total income from premium and investments of $ 5 Billion while GIC
recorded a net premium of $ 1.3 Billion. During the last 15 years, LIC's income grew at a healthy
average of 10 per cent as against the industry's 6.7 per cent growth in the rest of Asia (3.4 per
cent in Europe, 1.4 per cent in the US).
LIC has even provided insurance cover to five million people living below the poverty line, with
50 per cent subsidy in the premium rates. LIC's claims settlement ratio at 95 per cent and GIC's
at 74 per cent are higher than that of global average of 40 per cent. Compounded annual growth
rate for Life insurance business has been 19.22 per cent per annum
1.7.2 ICICI PRUDENTIAL LIFE INSURANCE
ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) is promoted by ICICI
Bank Limited and Prudential Corporation Holdings Limited.
ICICI Prudential Life began its operations in fiscal year 2001 and has consistently been amongst
the top players in the Indian life insurance sector. Our Assets Under Management (AUM) as on
*
At ICICI Prudential Life, we operate on the core philosophy of customer centricity. We offer
long term savings and protection products to meet different life stage requirements of our
customers. We have developed and implemented various initiatives to provide cost-effective
products, superior quality services, consistent fund performance and a hassle-free claim
settlement experience to our customers.
In FY2015 ICICI Prudential Life became the first private life insurer to attain assets under
management of `1 trillion. ICICI Prudential Life is also the first insurance company in India to
be listed on NSE and BSE.
1.7.3 General Insurance Corporation of India (GIC)
The general insurance industry in India was nationalized and a government company known as
General Insurance Corporation of India (GIC) was formed by the Central Government in
November 1972. With effect from 1 January 1973 the erstwhile 107 Indian and foreign insurers
which were operating in the country prior to nationalization, were grouped into four operating
companies, namely, (i) National Insurance Company Limited; (ii) New India Assurance
Company Limited; (iii) Oriental Insurance Company Limited; and (iv) United India Insurance
Company Limited. (However, with effect from Dec'2000, these subsidiaries have been de-linked
from the parent company and made as independent insurance companies). All the above four
subsidiaries of GIC operate all over the country competing with one another and underwriting
various classes of general insurance business except for aviation insurance of national airlines
and crop insurance which is handled by the GIC.
In other word, General insurance means managing risk against financial loss arising due to
fire,marine or miscellaneous events as a result of contingencies, which may or may not occur.
General Insurance means to “Cover the risk of the financial loss from any naturalcalamities viz.
Flood, Fire, Earthquake, Burglary, etc.. i.e. the events which are beyondthe control of the
owner of the goods for the things having insurable interest with theutmost good faith by
declaring the facts about the circumstances and the products bypaying the stipulated sum , a
premium and not having a motive of making profit from theinsurance contract.”
AGENT:
An insurance company representative licensed by the state, who solicits,negotiates or effects
contracts of insurance, and provides service to the policyholder farthe insurer.
ADDITIONAL COVER
An insurance policy extended to cover additional risk perils such as strikes. Riotsand Civil
commotion etc on payment of extra premium.
ASSESOR:
Person who estimates the value of goods for the purpose of apportioning the sumpayable by the
underwriters to settle the claims. Also called as Surveyor.
ASSURED:
Party indemnified against 19ss by means of insurance.
BURGLARY:
It is a theft committed by breaking into or out of the premises. Evidence of breaking In, Is
necessary.
COVERAGE:
The scope of protection provided under a contract of insurance; any of several riskscovered by a
policy.
CARGO INSURANCE:
A generic term used in both inland marine and ocean marine insurance todesignate the type’s of
insurance available to provide coverage for cargo that is beingtransported by truck, rail, air, ship,
or boat.
CERTIFICATE OF INSURANCE:
A statement of coverage issued to an individual insured, specifying the insurancebenefits and
principal provisions applicable to the member.
CLAIM:
The formal request by a policyholder or a claimant for payment of loss under aninsurance policy.
CO-INSURANCE:
A provision under which an insured who carries less than the stipulatedpercentage of insurance
to value, will receive a loss payment that is limited to the sameration which the amount of
insurance bears to the amount required.
COVER NOTE:
Is the document that is issued provisionary pending issuance of insurance Policy.
INDEMNITY:
Legal principle that specifies an insured should not collect more than the actualcash value of a
loss but should be restored to approximately the same financial positionas existed before the loss.
INSURABLE INTEREST:
A condition in which the person applying for insurance and the person who is toreceive the
policy benefit will suffer all emotional or financial loss, if any untouchedevent occurs. Without
insurable interest, an insurance contract is invalid.
INSURANCE:
Social device for minimizing risk of uncertainty regarding loss by spreading therisk over a large
enough number of similar exposures to predict the individual chance of loss.
NET PREMIUM:
The portion of premium rate which is designed to cover benefits of the policy,excluding
expenses, contingencies and profit.
POLICY:
Is the legal document that has the conditions of the insurance contract.Premium:It is the amount
paid to secure an insurance policy.
SALVAGE:
Recovery made by an insurance company by the sale of property which has beentaken over from
that insured as a part of loss settlement. The remains of damaged vehicleor any other property.
THIRD PARTY:
Any person other than the two parties signing an insurance, contract.
UNDERWRITTING:
Underwriting of a risk involves consideration of material, facts on the basis of which a decision
will be taken whether to accept the risk and if so at what rate of premium.
CHAPTER II
RESEARCH METHODOLOGY
2.3RESEARCH DESIGN
The research design refers to the overall strategy that you choose to integrate the different
components of the study in a coherent and logical way, thereby ensuring you will effectively
address the research problem it constitutes the blueprint for the collection measurement and
analysis of data.
Research design stands for advance planning of methods to be adopted for collective the relevant
data and the techniques to be used in their analysis keeping in the view the objective of research
and the availability of the time and money. Research design in the fact has a great bearing on
reliability of result arrived at.
The research study carried out is descriptive and diagnostic in nature. Descriptive research
includes surveys and fact finding and enquires of different kinds. The major purpose of these
types of research id descriptive of states of affair as it exists at present. The main characteristics
of this study method are that the researcher has no control over the variables; he can only report
what is happening.
In this research we seek to measures item like:
Preference of people among various investment options and insurance policies
Awareness of insurance among general public
Behaviour patern of investors
Up to 30 29 29
30-40 34 34
40-50 24 24
Above 50 13 13
FIG 3.1
The following graph depicts that 63% of the repondents below the age of 40 and the only 13%
repondents are above the age 50. The indicates that young people are more aware and conscious
toward insurance policies category.
3.2 TABLE CLASSIFIACTION OF THE BASIS INSURANCE POLICY
General Insurance 36 36
Health Insurance 22 22
FIG 3.2
The following graph depicts that 42% of the repondents brought life insurance policy, 36% of the
respondents are brought general insurance and only 22% of the repondents are brought health
insurance.
10th level 14 14
12th level 24 24
Graduates 48 48
Post Graduates 14 14
FIG 3.3
The following graph depicts that 14% of the respondents have education till 10th and 24% of the
respondents are 12th pass, 48% respodents are graduates, 14% are post graduates. It inclides that
graducates are much concious than under gradutates.
Govt. 28 28
Private 42 42
Professional 18 18
Self Employed 12 12
FIG 3.4
The following figure show that 42% of the respondents are private employees, 28% are govt.
Employees, 18% are professional and 12% are self employee it means emoployyes are more
aware towards insurance policies.
Married 66 66
Single 34 34
FIG 3.5
It is observe that from the above table that 66% respondents are married & 34% repondents are
single married persons are more aware of insurance.
3.6 TABLE CLASSIFICATION ON THE BASIS NO. OF DEPENDENTS
Dependents No. of Respondents % of Respondents
1 32 32
2 16 16
More than 2 52 52
FIG 3.6
It is observed that from the above table that 52% repondents have more than 2 dependents, 16%
repondents have 2 depentdents and 32% have 1 dependents.
Below 100000 18 18
100000-250000 34 34
250000-500000 22 22
Above 500000 26 26
FIG 3.7
The following graph depicts that 34% of the repondents are in the income level of 100000-
250000, 26% repondents has got above 500000 income, 22% of repondents comes in net annual
income and rest 18% comes under below 100000 category.
To Cover risk 30 30
To Avoid Tax 16 16
Investment 34 34
Good Returns 20 20
FIG 3.8
It is observed that from the above table that 30 repondents take insurance policy to secure their
future, 16 respondents that take insurance to avoid tax and 34 take insurance for investment p
urpose, 20 respondents observe that it gives good return.
Term Plan 36 36
Money Back 24 24
Riders 20 20
Endowment Plan 20 20
FIG 3.9
The following figure show investor attitude towards the policy 36 respondent wants to take term
plan 24 reapondents wants to take money back 20 respondents wants to take riders ,consumer is
much crazy is taking term policy.
3.10 TABLE CLASSIFICATION ON THE BASIS OF AWARENESS
THROUGH
Awareness No. of Repondents % of Respondents
Friends 24 24
Agents 36 36
Advertisment 20 20
Other 20 20
FIG 3.10
The following graph depicts that 36% of the respondents get knowledge through agents in
mutual funds, 24% repondents get knowlwdge through friends, and 20% get knowledge from
advertisment and other sources.
CHAPTER - IV
FINDING, CONCLUSION & SUGGESTION
4.1 FINDING
Based on my analysis of data collection during my research works on “Consumer Awareness
Towards Insurance Product” I have got following findings:
1. 63% of the respondents belong to the age group of 40 years.
2. 62% of the repondent have their education level up to college.
3. Majority of the respomdent i.e. 42% belongs to private jobs
4. 66% of the respondents are in married category
5. 52% of the respondentshave more than two members as dependents
6. Maximum respondents have income level Rs. 100000-250000
7. Covering risk is the major reason to take insurance
8. Majority of the investors want to take term plans
9. Most of the repondent come to know about new companies through agents
10. Premium offered is the main reason to choose a new company
4.2 CONCLUSION
Our exhaustive research in the field of Life Insurance threw up some intresting trends which can
be seen in the above analysis. A general impression that we gathered during Data collection was
the immense awareness and knowledge among people about various companies and their
insurance products. People are beginning to look beyond LIC for their insurance needs and are
willing to trust private players with their hard earned money.
People in general have been impressioned by the marketing and advertising campaigns of
insurance companies. A high penetration of print , radio and Television ad campaigns over the
years is beginning to have it’s impact now.
Another heartning trend was in terms of people viewing insurance as a tax saving and investment
instrument as much as a protective one. A very high number of respondants have opted for
insurance for such purposes and it shows how insurance companies ahve been successful to
attract public money in recent times.
4.3 SUGGESTION
1. Their should be transparency in context of charges taken by insurance companies
2. Allocated of units should be clearly stated in case of ULIPS
3. It is advisable for the agents that they should make regular follow up with the insurer.
4.4 LIMITATION OF THE STUDY
1. There was limited time in which this project has to be completed. Therefore it was a
major limitation of the study.
2. The area covered in this project was only Solan.
3. There was little intereraction with the people as we were only limited with in area.
4. The accurate desision can not to taken by the information collected, people were reducate
while giving their personal information.
BIBIOGRAPHY
www.insurancemagic.com
www.investor.com/scripts/insureer.asp
www.moneyguru.com
www.delhischools.com/career/insurance.htm
QUESTIONNAIRE
A Study on Consumer buying behavior towards insurance with special reference to Solan,
Himachal Pradesh.
Dear respondent, This questionnaire is aimed at understanding your perception about Insurance
Corporation of India .Your response will be dealt with strict confidentiality and it will be used
only for academic purpose. Thank you for spending your valuable time to fill this questionnaire.
Name:
Contact No:-
9. Mode of Payment
a) Monthly b) Quarterly
c) Half-Yearly d) Yearly