CUSTOMER PREFERANCE ON LIFE INSURANCE SERVICE IN INDIA

Prepare by:-
Ridhdhi butani - 13
Ekta vekariya - 28
DECLARATION

PREFACE
ACKNOWLEDGEMENT

INDEX
CHPTER:-1
 INTRODUCTION
Human life is a most precious assets and life insurance is one of the ways which provides
financial protection to a person and his family at the time of any problem. Life insurance provides
both safety as well as protection to individuals and also boosts saving among people. Insurance
companies pay an important role in the welfare of human being by providing protection to millions
of people against life risks such as uncertain death or accident.

The business of insurance is related to the protection of the economic values of the assets.
Every human has the tendency to save to protect him from uncertain event of future. Insurance is one
of saving where in people try to assure themselves against uncertainties of future. People can save
their earnings either in the form of Gold, fixed assets like property or in banking and insurances.

Life has always been an uncertain thing. To protect against uncertain event people are
requires the future plan. Man always prey god for protection from future events. But, in modern time
insurance companies want him to pay for protection and security. The insurance company said that “
God helps those who help themselves”.

Many people in the country are not employed and for many people there is no longer
guarantees income security. Risk has become central to one’s life. Life insurance policy has been
introduced by the insurance companies covering risks at various levels. Life insurance coverage is
against uncertainty or in the event of death of the insured, economic support for the dependents. It is
a measure of social security to livelihood for the insured or dependents. Man finds his security in
income which enables him to purchase food, cloths, shelter and other necessary things for life.
People earn income not only for himself but also for his wife and children. This fundamental need
for security is main reason for invention of life insurance.Insurance sector plays a very important role
in development of any economy.

What is insurance?
Insurance is a safeguard against uncertain events that may occur in the future. It is a
protection against financial loss arising on the happening of an unexpected event. Insurance
companies collect premium to provide security. Loss is paid out of the premium collected from
people and the insurance companies act as trustees. Insurance companies are risk bearers. The
function of insurance is to provide protection, prevent losses, capital formation etc. it is a contract
where in one party agrees to pay the other party or his beneficiary. Insurance industry get maximum
funds through sales of insurance products to large number of client.

History of Insurance
 Insurance has existed for thousands of years. The first type of insurance was property
insurance. It became popular about 3000 BC in china. It all started when Chinese merchants, as well
as their investors, wanted to ensure that they would see a profit from their goods that they shipped
overseas.
Property insurance was also seen in Babylon as well. On Babylon, merchants and investors
entered into a contract, in which the supplier of money for a trade agreed to cancel the loan if the
trader was robbed of his goods. The trader who borrowed the money paid an extra amount for this
protection in additional to the usual interest. As for the lender, collecting these premiums from many
traders made it possible for him to absorb the losses of the few. Later this contract was extended to
include provisions for a family’s home and even death of the insured, where life insurance came into
existence. This concept started across other places like Greek, Roma.
Since ancient times, communities have pooled some of their resources to help individuals
who suffer loss. The meaning of credit at that time was the ship owners obtained loans from
investors to finance their trading expeditions. In case, if a ship was lost, the owners were not
responsible to pay back the loans to the investors. The risk to thelender was covered by the interest
paid by numerous ship owners, since many ships returned safely.
By the middle 14th century, marine insurance was one of the most popular types of insurance
among nations of Europe. Things changed dramatically in the 17th century in Europe. In 1666 the
great fire of London bought the need for fire insurance. The great fire of London burned for four
days and nights. By 1688, Edward Lioyd was running a coffeehouse in London. Where, London
merchant and banker met informally to do business. Finally, in 1769, Lioyd’s became a formal group
of underwriters that in time grew as an insurance company.
The concept of insurance developed in the 17th and 18th century. The first stock companies to
engage in insurance were chartered in England in the year 1720. In 1735, the first insurance company
in the American colonies was found at Charleston. Later in the year 1787, fire insurance corporations
were formed in New York. Then later in the year 1759 the life insurance corporation was started in
Philadelphia, America.
The New York fire which occurred in the year 1835 was the main reason to draw attention to
create reserves to meet unexpected losses. After 1840, life insurance entered a boom period.
Until the 1950s, most insurance companies in the United States were restricted to provide
only one type of insurance, but then legislation was passed to permit fire and casualty companies to
underwrite several classes of insurance. Many firms have expanded and also were responsible for
many mergers

History of insurance industry in India

The insurance industry in India over the past century has gone through big change. In India
this industry reveals the 360 degree turn. 360 means that it started in India from being an open
competitive market to nationalization and back to a liberalize market again.

Insurance industry in India started as a fully private system with no restriction on foreign
participation in the 19th century. Life insurance was first set up in India through a British company
called the oriental Life Insurance Company in 1818, followed by the Bombay assurance company in
1823 and the madras equitable Life Insurance society in1829. All the company live in India but not
insure the lives if Indians. They insuring the lives of Europeans living in India.
Later on some company started provide Insurance for Indians. But, they charge extra 20%
premium from Indians. The first company that had policies that could be bought by Indians with
“fair value” was the Bombay Mutual Life assurance company starting in 1871.
After the independent, the industry went to the other extreme. The industry started to witness
a problem like fraud. Hence many regulations were put in place to reduce and control the problems
in the industry. After that insurance was nationalized. In 1956, then the finance minister S. D.
Deshmukh announced nationalization of the Life insurance business and then the General insurance
business was nationalized in 1972. In 1999 private insurance companies have been back into the
business of insurance with maximum of 26% of foreign holding.

Types of insurance
There are two type of insurance. In is based on the nature on insurance.
1. Life insurance
2. Non-life insurance or general insurance
General insurance are divided into many other categories.
Life Insurance
Life insurance is one type of insurance service. Life insurance is contract between insurer and
a policyholder in which the insurer give payment upon the death of the insured person. The policy
holder makes regular payment to company and in return company paid sum of money after certain
time to their family if they died. It is chosen based on the needs of policy holder. It provides financial
protection from future loss. It gives benefit to person’s family after the death of the person.
Life insurance is growing very fast in India. Life insurance is contract between policy holder
and insurer. Insurer pays a beneficiary amount of money in exchange of premium, on the death of
policy holder. The policy holder pay premium on regular or lump sum. It is for life of the person.
After the entry of new players the insurance sector cross the Rs. 2,00,000 cr. by 2010. The
current size if sector saw the annual growth of 175% in last five years. Both the insurance sector are
grown by 200%. Because of marketing technique the private insurance sector achieve growth rate of
140%.
After marketing strategies adopted by the private insurance players, the market share of
insurance companies like GIC, LIC and other come down to 70% from 97%. The private players are
offering 35% rate of return to its policy holders were public sector provide 20% return to its policy
holders.
Life Insurance Company in India
There are major two sector of Life Insurance Company.
1. Public sector
 Life Insurance Corporation of India

2. Private sector
 ICICI Prudential Life Insurance Co. Limited
 Bajaj Allianz Life Insurance Company Limited
 MetLife Insurance Company Limited
 Birla sun- Life Insurance Company Limited
 ING Vysya Life Insurance Company Limited
 HDFC Standard Life Insurance Co. Limited
 TATA AIG Life Insurance Co. Limited
 Max New York Life Insurance Co. Limited
 Om Kotak Mahindra Life Insurance Co. Limited

Product profile
Life Insurance products are mainly assigned to provide to family or business in the event of
the death of the insured.
There are two types of Life Insurance policies: term insurance, which provides coverage for a
specified period of time, and endowment insurance, which combines a death benefit with a cash
value component. The endowment insurance offers lifetime protection, while term insurance may be
most affordable option for buying Life insurance mainly for the financial protection and when the
need for life insurance is temporary.
Based on the demographic profilevarious product have been created to meet the growing
needs of different segments of the society. Some of the products categories to different segmentation
are as below.

Age group Policy

0-20 years Children plan
Educational Needs, Marriage plans
20-49 years Money back, endowment plan, loan cover, term pans, init
linked Insurance plans.
Investments, tax planning
50 and above Pension plans
Security and regular flows
GENERAL INSURANCE
General insurance is a type of insurance policy. General insurance is also called Non-Life
insurance. It is a contract that offers financial compensation on other loss except death. It insures
everything apart from death. It help insurer to protect some valuable thing such as vehicle, home or
valuable items of home. The insurance company pay a sum amount to cover damages to your
vehicle, medical treatments for health problems, loss due to fire or theft, financial problem during
travel. The main purpose of General insurance is protecting from financial impact of risk.
There are many types of general insurance available
 Health insurance
 Motor insurance
 Travel insurance
 Home insurance
 Fire insurance
 Commercial insurance

CHEPTRE:-2
 LITERATURE REVIEW

Dr. R. Padmaja, Shifali (2018)

According to them they study on investors perception toward Life Insurance service they
conclude that individual investor see many parameters in priority list for buying an Life Insurance
policy, most influential factor is service benefits which include prompt services, security and safety
and extra added benefits. The investors are having positive perception toward the insurance service,
which they purchase for themselves.
Dr. B.R. Patil (2016)
According to Dr. B. R. Patil he study on perception toward life insurance service. He gave the
conclusion that purchasing decision of the consumer depend on quality, accessibility and promptness
of service, which may lead a company acquire the top rank with a huge market share.
Sandeep Chaudhary (2016)

According to him a major contributor in service sector is the insurance sector. Majority of policy
holders purchase the insurance policy for savings purpose. He concluded that majority respondent
are aware about life insurance policies and majority of respondents are satisfied with the services of
their respective life insurers. The study has define six factors that affect the buying decision of a
consumer are customised and timely services, better company reputation, effective service Quality,
Customer convenience, tangible benefits and healthy customer client relationship. Insurance is one of
the ways which provides financial protection to a person and his family at the time of any
uncertainity.

Lina George(2014)

Lina George studies on the “consumer preference toward life insurance service”. She studies
the awareness and best market regarding insurance and best market segment for the distribution of
Insurance product. The insurance sector has a vast potential because the velocity in the system is
increasing. Insurance playing important role in reducing risk burden of individual. The mission of the
insurance sector in India is to extend the insurance coverage over a largest section of the population
and a wider segmentatio0n of activities.

Ms. Babita Yadav &Dr.Anshuja Tiwari(2014)

In her research titled the study on factor affecting customers investment toward life insurance
policy. Life insurance is an important form of insurance and essential for every individual.
Demographic factors of the people of the people play a major role in deciding the purchase of life
insurance policy. Customer are the real pillar of the success of life insurance business.
Gautam V. and Kumar M. (2012)
Gutam V. and Kumar M. study on attitudes of Indian consumer towards insurance services their
objective of study is that there is no effect of age, gender, level of education and household income
on consumer’s attitude toward insurance service. After study he conclude that there is impact on
socio demographic and economic variables have significant impact on Indian consumer’s toward
insurance services.
Dr.SunaynaKhurana (2008)
Dr.SunaynaKhurana study on customer preference on Life insurance industry. “The objective
of the study was to identify customer preference regarding plans & company, their purpose of buying
the insurance policies, satisfaction level & their future plans for new insurance policy. From the
analysis it was found that the main purpose of buying insurance policy is future safety or for
protection. Most of the respondent have LIC’s life insurance service. 53% of respondent are ready to
buy new insurance plans from same company.
N. Namasivayam, S. Ganesan and S. Rajendran (2006)
N. Namasivayam, S. Ganesan and S. Rajendran (2006) study titled “Socioeconomic factors
influencing the decision in Taking Life Insurance Policies “The objective of the study was to
analyse the socioeconomic factors that are responsible for taking life insurance policies
and to examine the preference of the policyholders towards various types of policies of
insurance service. From the analysis it was found that factors like age, educational level
and gender of the policy holders are insignificant But (Income Level, Occupation &
Family size are significant) while taking decision regarding an insurance policy. From the analysis, it
is found that respondents belonging to the age group between 31 to 40 years are very much interested
in taking a life insurance policy.

Dr. N. Raman & Miss. C. Gayatri (2004)

Dr. N. Raman & Miss. C. Gayatri (2004) had observed the customers Awareness
towards new insurance companies. It was found that 53% of the respondents belong to the age group
“up to 30”, 24% to the age group 31-40 , 20% belong to the age group of 41-50, and the remaining
belong to the group of above 50. They also observed that a large percentage of the insured
respondents (32%) are professionals and 56% of the respondents are married. It is also found
that most of the respondents (52%) have taken a policy to cover the risk and 44% to avoid tax and
the remaining to invest the surplus amount. The study suggests of the understanding the
customer better will enable insurance companies to design appropriate products, determine
price correctly and increase profitability.

CHPTER:-3
 RESEARCH METHODOLOGY

Title: -Customer preference on life insurance service in India

RESEARCH OBJECTIVE:-

1. To find awareness about life insurance service.

2. To find benefit that consumer get through life insurance service.
3. To find consumer preference on life insurance.
 RESEARCH PLAN

RESEARCH DESIGN
In this research we use Conclusive research design.

SAMPLING FRAME
 Sample unit
Customer

 Sample size
50
SAMPLING METHOD
Sampling method use in this research is “convenience sampling”. The area of
the research is Ahmedabad city. The survey is conduct through taking random people
from the city.
DATA SOURCE
In this study data will collect through primary data source and secondary data source.
 Primary data
Primary data means data collect for first time for gathering information and analyse
the problem. In this study data collect among customer using questionnaire.
 Secondary data
Secondary data means the data collect information that already exists somewhere else.
In this study secondary data collect from websites.
BENEFICIARIES
 Industry
HYPOTHESIS
H01:- age wise there is significant difference Customer preference on life insurance service in
India.

H02:- gender wise there is a significant differenceCustomer preference on life insurance

service in India
H03:- income wise there is a significant difference customer preference on life
insurance service in India.
 DATA ANALYSIS

1. GENDER

Preferences Respondent percentage

Male 58 58%

Female 42 42%

Graphical presentation

Interpretation

The above chart shows that 58% respondents are male and 42% respondent
are female. It define that male have more life insurance policy compare to
female.
 2. AGE
Preferences Respondent Percentage
Below 30 46 46%

31 – 40 21 21%

41 – 50 12 12%

51 – 60 20 20%

Above 60 1 1%

Graphical presentation

Interpretation
From the above chart we can see that 46% respondent belong to the age of
below 30. Followed by 21% respondent belong to the age group of 31-40 years. Then
51% respondents are between age group of 51- 60 year. Then 12% respondents belong
to age group of 31- 40 years and only 1% respondent is above 60. In this data analysis
most of the respondents are at the age of below 30.
 3. MARITAL STATUS
Preferences Respondent Percentage
Married 62 62%
Unmarried 38 38%

Graphical presentation

Interpretation
From the above chart we can see that 38% respondents are unmarried and
62% respondents are married. So majority of the respondent are married who take life
insurance service.
 4. EDUCATION QUALIFICATION
Preferences Respondent Percentage
12 pass 10 10%
Graduate 55 55%
Post graduate 33 33%
Other 2 2%

Graphical Presentation

Interpretation
From the above chart we can see that 55% respondents are graduate. 33%
respondents are post graduate. 10% respondents are 12th pass and only 2% respondents
have another education qualification. So, majority of the respondent are graduate.
 5. OCCUPATION
Preferences Respondent Percentage
Student 25 25%
Job 43 43%
Business 21 21%
Home making 7 7%
Profession 4 4%

Graphical presentation

Interpretation
From the above chart 43% respondent are currently engaged in the job. 25%
respondents are student. 21% respondents are doing business. 7% respondents are
engaged in home making and 4% respondents are profession. So, most of the
respondents are doing job.
 6. ANNUAL INCOME LEVEL
Preferences Respondent Percentage
Below 3 lakh 40 40%
3.1 – 5 lakh 40 40%
5.1 – 10 lakh 15 15%
Above 10 lakh 5 5%

Graphical presentation

Annual income

Below 3 lakh

5% 3.1 – 5 lakh
15%
40% 5.1 – 10 lakh

Above 10 lakh

40%

Interpretation
The above chart show that 40% respondent annual income is below 3 lakh.
40% respondent annual income is 3.1 – 5 lakh. 15% respondent annual income is 5.1 –
10 lakh and 5% respondent annual income is above 10 lakh. So, most of the
respondent annual income is below 3 lakh.
 7. WHAT PERCENTAGE OF YOUR SALARY DO YOU USUALLY SAVE?
Preferences Respondent Percentage
Less than 15% 32 32%
16 - 20 % 51 51%
21 – 25% 12 12%
Greater than 25% 5 5%

Graphical presentation

Interpretation
The above chart shows that 51% respondent save 16 – 20% of their salary. 32%
respondents are saving less than 15% of their salary. 12% respondents are saving 21 –
25% of their salary and 5% respondents are saving greater than 25% of their salary.
Most of the respondents are saving 16 – 20% of their salary
 8. WHAT KIND OF INVESTMENT DO YOU PREFER?
Preferences Respondent Percentage
Short term 44%
Long term 41%
Both 15%

Graphical presentation

Interpretation
The above chart shows that
 9. WHICH INVESTMENT ALTERNATIVE YOU PREFER USUALLY?
Respondent Percentage
Insurance 45 45%
Mutual fund 43 43%
Equity share 25 25%
Bonds and debenture 8 8%
Real assets 16 16%
Bank 29 29%
Gold 22 22%
Other 5 5%

Graphical presentation

Interpretation
The above chart show that 45% respondents invest into the insurance. 43%
respondents are investing into the mutual fund. 29% respondents invest into the bank.
25% respondents invest in equity share. 22% respondents invest into the gold. 16%
respondents invest into the real assets. 8% respondents invest into the bonds and
debenture and 5% respondent choose another option for investment. Most of the
respondents invest into the insurance.
 10. GIVE RANK TO YOUR EXPECTION ON INVESTMENT
ALTERNATIVE ACCORDING TO ITS IMPORTANCE (SAFETY)
Preferences Respondent Percentage
Highly important 72 72%
Important 24 24%
Neutral 4 4%
Least important 0 0%
Not important 0 0%

Graphical presentation

Interpretation
The above chart shows that 72% respondent define that safety is highly
important investment alternative 24% respondent define that safety is important and
4% respondents say that it is neutral. So safety is most important investment
alternative.
CAPITAL
Preferences Respondent Percentage
Highly important 50 50%
Important 43 43%
Neutral 7 7%
Least important 0 0%
Not important 0 0%

Graphical presentation

Interpretation
The above chart shows that for 50% respondent capital is highly important
investment alternative. For 43% respondent it is important alternative and for 7%
respondent it is neutral. So for most of the respondents capital is highly important
investment alternative.
LIQUIDITY
Preferences Respondent Percentage
Highly important 42 42%
Important 43 43%
Neutral 15 15%
Least important 0 0%
Not important 0 0%

Graphical presentation

Interpretation
The above chart shows that for 43% respondent liquidity is important
investment alternative. For 42% respondent it is highly important and for 15%
respondent in is neutral. So for most of the respondents liquidity is important
investment alternative.
TAX BENEFITS
Preferences Respondent Percentage
Highly important 40 40%
Important 49 49%
Neutral 9 9%
Least important 2 2%
Not important 0 0%

Graphical presentation

Interpretation
The above chart shows that for 49% respondent tax benefits is important
investment alternative. For 40% respondent it is highly important. For 9% respondent
it is neutral and for 2% respondent it is least important. So for most of the respondents
tax benefit is important investment alternative.
COMPANY PROFIT AND BRAND IMAGE
Preferences Respondent Percentage
Highly important 56 56%
Important 36 36%
Neutral 4 4%
Least important 2 2%
Not important 2 2%

Graphical presentation

Interpretation
The above chart shows that for 56% respondent company profit and brand
image is highly important. For 36% respondent it is important. For 4% respondent it is
neutral and for 2% respondent it is least important and not important. So for most of
the respondent company image and brand name is highly important.
 11. WHICH LIFE INSURANCE COMPANY POLICY HAVE YOU TAKEN?
Preferences Respondent Percentage
LIC 62 62%
SBI Life 38 38%
Reliance Life 12 12%
Other 2 2%

Graphical presentation

Interpretation
The above chart shows that 62% respondent has LIC Company’s life insurance
service. 38% respondent has SBI life insurance service. 12% respondent has reliance
life insurance service and 2% respondent has other life insurance service. So it can
shown that majority of the respondent has LIC life insurance service.
 12. WHAT PARAMETERS YOU LOOKED INTO AT THE TIME OF
BUYING INSURANCE SERVICE (PREMIUM)
Preferences Respondent Percentage
Highly important 67 67%
Important 25 25%
Neutral 7 7%
Least important 0 0%
Not important 1 1%

Graphical presentation

Interpretation
The above chart shows that for 67% respondent premium is highly important
parameters. For 25% respondent it is important. For 7% respondent it if neutral and for
1% it is not important parameters. For most of the respondent premium is highly
important parameter at the time of buying insurance service.
CHARGES
Preferences Respondent percentage
Highly important 33 33%
Important 53 53%
Neutral 12 12%
Least important 1 1%
Not important 1 1%

Graphical presentation

Interpretation
The above chart shows that for 53% respondent charges is important parameter.
For 33% respondent it is highly important. For 12%respondent it is neutral. For 1%
respondent it is least important and not important. So, for most of the respondents
charges are important parameters at the time of buying insurance service.
POLICY TERM
Preferences Respondent Percentage
Highly important 64 64%
Important 29 29%
Neutral 7 7%
Least important 0 0%
Not important 0 0%

Graphical presentation

Interpretation
Above chart show that for 64% respondent policy term is highly important.
For 29% respondent it is important and for 7% respondent it is neutral. So, for most of
the respondents policy term is highly important parameters at the time of buying
insurance service.
BONUS AND INTEREST
Preferences Respondent percentage
Highly important 45 45%
Important 46 46%
Neutral 6 6%
Least important 2 2%
Not important 1 1%

Graphical presentation

Interpretation
The above chart shows that for 46% respondent bonus & interest is important
parameters. For 45% respondent it is highly important. For 6% respondent it is neutral.
For 2% respondent it is least important and for 1% respondent it is not important. So,
for most of the respondents bonus & interest in important parameters at the time of
buying insurance service.
PRE AND POST SERVICE
Preferences Respondent Percentage
Highly important 62 62%
Important 25 25%
Neutral 11 11%
Least important 1 1%
Not important 1 1%

Graphical presentation

Interpretation
The above chart shows that for 62% respondent pre & post service is highly
important parameters. For 25% respondent it is important parameters. For 11%
respondent it is neutral and for 1% respondent it is least important and it is not
important. So, for most of the respondent pre and post service is highly important at
the time of buying insurance service.
COMPANY IMAGE
Preferences Respondent Percentage
Highly important 54 54%
Important 38 38%
Neutral 7 7%
Least important 1 1%
Not important 0 0%

Graphical presentation

Interpretation
The above chart shown that for 54% respondent company image is highly
important parameters. For 38% respondent it is important parameters. For 7%
respondent it is neutral and for 1% respondent it is least important. So, for most of the
respondent company image is highly important parameters at the time of buying
insurance service.
 13. ARE YOU AWARE OF THE TERM AND CONDITION OF THE
POLICY HAVE YOU TAKEN?
Preferences Respondent Percentage
Yes 89 89%
No 11 11%

Graphical presentation

Interpretation
The above chart shows that 89% respondent is aware of the term and
condition of the policy they have and 11% respondent are not aware about this. So,
most of the respondents are aware about the term and condition of the policy that they
have taken.
 14. ARE YOU SATISFIED WITH YOUR CURRENT LIFE INSURANCE
SERVICE?
Preferences Respondent Percentage
Satisfied 86 86%
Not satisfied 14 14%

Graphical presentation

Interpretation
The above chart shows that 86% respondents are satisfied with their life
insurance service and 14% respondents are not satisfied. So, most of the respondents
are satisfied with their life insurance service.
 15. FROM WHERE YOU GET SUGGESTION TO TAKE INSURANCE
SERVICE?
Preferences Respondent percentage
Personal interest 42 42%
Influence of advertisement 18 18%
Friends & Family 47 47%
Agents 17 17%

Graphical Presentation

suggestion to take insurance service

Personal interest

Influence of advertisement
14%
34% Friends & Family

Agents
38%
15%

Interpretation
The above chart shows that 47% respondent take suggestion from friends and family
for buying insurance. 42% respondent take insurance because of personal interest.
18% respondents are influence from advertisement and 17% respondents are get
suggestion from the agents. Most of the respondent gets suggestion from friends &
family for buying insurance service.
 16. HOW DO YOU RATE THE SERVICE OFFERED BY YOUR LIFE
INSURANCE COMPANY?
Preferences Respondent percentage
Excellent 32 32%
Very Good 45 45%
Good 18 18%
Average 3 3%
Poor 2 2%

Graphical presentation

Interpretation
The above chart shows 45% respondent give vary good rate to their insurance
company. 32% respondents give excellent rate to company. 18% respondents give
good rate to the company. 3% respondents give average rate to the company and only
2% respondents give poor rate to the company. So, most of the respondents gave very
good rate to their current insurance service company.
 17. WOULD YOU LIKE TO COMMUNICATE THE SERVICE OFFERED
BY YOUR INSURANCE COMPANY TO OTHER?
Preferences Respondent Percentage
Yes 87 87%
No 13 13%

Graphical presentation

Interpretation
The above chart shows that 87% respondents are like to communicate the
service to other. And 13% respondent are don’t like to communicate the service. So,
most of the respondents are like to communicate the service offered by their insurance
company.
 18. WHICH SECTOR YOU CHOOSE FOR INSURANCE SERVICE?
Preferences Respondent Percentage
Private 62 62%
Public 38 38%

Graphical presentation

Interpretation
The above chart shown that 62% respondent choose private sector for
insurance. And 38% respondent choose public sector for insurance service. It can
shows that majority of the respondent choose private sector for insurance service.
 FINDING
 It was found the 58% male have life insurance which is higher then the female.
 46% respondents are at the age of below 30.
 62% respondents are married.
 55% respondents are graduates which is higher than other education
qualification.
 It was found then 51% respondent save 16 – 20% of their income and the kind
of investment preferred by the respondent is short term investment.
 For 72% respondent safety is highly important investment alternative.
 From all of the respondent 62% respondent have LIC companies life insurance
service.
 For 67% respondent premium is highly important parameter while for 64%
respondent policy term is highly important parameters at the time of buying
insurance service.

CONCLUSION