Study of Term plan during Lock down

Product Name: Term Plan Insurance

Tenure: 21 March 2020 to 28June 2020

Survey date:23 June to 28 June

Sample Size: 35

Term plan taken in this period 18( M 16 +F2)

Term plane not taken: 17

Sample Target age: 25 to 45 years

Sample gender: 25 Male ,10 Female

Sample average salary: 10 lakhs to 25 lakh per annum

Chart Title
10
9
8
7
6
5
4
3
2
1
0
Less than 30 30- 35 35-40 Above 40

Male Female

Exhibit 1

Insured in lockdown

Insured in the time

Not insured /insured previously

Exhibit 2
 Group Member City covered in No of sample Male
collecting sample
Rajib Jhajjar 5
Shweta Jhajjar 4
Manish Banglore 4
Madhvi Delhi 6
Sunil Jhajjar 5
Anuj Pune 6
Kunal Banglore 5

Trigger of Purchase:

1.Due to insecurity

Due to Covid/Insecruity Pending from past, Now got

time
Male 13 3
Female 2 0

We also found within 16 Male, 15 males are married having 1 or 2 child.

Withing 2 female, 1 is Divorced having 1 child, 1 is single mother.

So we can conclude fear of Corvid may increase in rate of taking term insurance within people
having family responsibility.

Stages of Purchase:

Within 35 people29 people think there should be a term plan for them. 18 have taken purchase
decision within 3 months of lockdown.

Need Recognisation Purchase actually done

March Month 14 1
April Month 12 10

May Month 3 7

Information search: Mainly information has been through Internet & TV advertisement.

Month of March & April first & 2nd week: Information search through Internet

April 4 th Week & May month: Information through TV as well.

Evaluation through Policy Bazar & direct insurance company.

Mainly triggering People for making purchasing decision : Office colleague & Friend.