CHAPTER 1

INTRODUCTION TO INSURANCE:

 The whole idea of insurance has developed on the fact that human life is full of
uncertainties and the life of a person itself is very uncertain. It is well said that “Life is
full of risks.
 For property, there are fire risks, for shipment of goods, there are perils of sea, for human
life, there is the risk of death or disability and so on and so forth”.
 Life insurance is a husband’s privilege, a wife’s right and a child’s claim. The scheme of
life insurance provides an assurance that if such an event happens, the person or his
dependents would get financial assistance to bear the loss.
 It has been aptly said that life insurance offers the safest and surest means of establishing
a socialistic pattern, perhaps not without a lot of sweat but certainly without blood and
tears. It stabilizes the economic security of the policy holder and at the same time
contributes its might to promotion of industry by providing the necessary capital and
supports various social security measures.
 Insurance is a co-operative device to spread the loss caused by a particular risk over a
number of persons who are exposed to it and who agree to insure themselves against the
risk. Under the plan of insurance, a large number of people associate themselves to share
different types of risks attached to human life and property.
 The aim of all types of insurance is to make provision against such risks. In other words,
it is a provision which a prudent man makes against inevitable contingencies, loss or
misfortune. In this way, life insurance is a social device to share the risk of loss of life.

In simple words, it means an agreement in which one party agrees to pay a given sum of
money upon the happening of a particular event contingent upon duration of human life in
exchange of the payment of a consideration. The person who guarantees the payment is called
Insurer, the amount given is called Policy Amount, the person on whose life the payment is
guaranteed is called Insured or Assured. The particular event on which the payment is

1
 guaranteed to be given may be Death or Life. The consideration is called the Premium. The
document evidencing the contract is called Policy.

TYPES OF INSURANCE:

Fig 1

INSURANC

GENERAL LIFE
INSURANCE INSURANCE

HEALTH MOTOR MARINE FIRE

INSURANCE INSURANCE INSURANCE INSURANCE

LIFE INSURANCE:
1. “Life insurance contract is a contract whereby a person (insurer) agrees for a consideration
(that is payment of a sum of money) or a periodical payment, called the premium to pay to
another (insured or his estates) a stated sum of money on happening of an event dependent on
human life.”

2. “Life insurance is a contract to pay a certain sum of money on the death of a person in
consideration of the due payment of a certain annuity for his life calculated according to the
probable duration of life.”

3. “Life insurance is a contract in which one party agrees to pay a given sum of money upon the
happening of a particular event contingent upon the duration of human life in consideration of
immediate payment of a smaller sum or other equivalent periodical payments by the other.”

2
4. “A life insurance policy promises that the insurer will pay to the policy holder a certain sum of
money if the person insured dies or any other specified contingency happens.”

The best explanation of the definition and nature of life insurance contract undoubtedly occurs in
the case titled Dalbyv. India and London Life Assurance Company. The basic fact about life
insurance recognized in this case is that a contract of life insurance is not a contact of indemnity.
One of the effects of life insurance not being a contract of indemnity is that on happening of the
event insured against the insurer should pay the agreed amount irrespective of whether the
assured suffers any loss or not.

Life insurance is, therefore, in the nature of a contingency insurance. It does not provide an
indemnity but only provides for a payment on a contingent event. Moreover, the sum is not
measured in terms of a loss; the policy states the amount payable. And the sum undertaken to be
paid becomes payable irrespective of the value of life or limb lost.

Parts of an insurance contract

 Declarations - identifies who is an insured, the insured's address, the insuring company,
what risks or property are covered, the policy limits (amount of insurance), any
applicable deductibles, the policy period and premium amount. These are usually
provided on a form that is filled out by the insurer based on the insured's application and
attached on top of or inserted within the first few pages of the policy.
 Definitions - Defines important terms used in the rest of the policy. Insuring agreement -
Describes the covered perils, or risks assumed, or nature of coverage.
 Exclusions - Takes coverage away from the insuring agreement by describing property,
perils, hazards or losses arising from specific causes which are not covered by the policy.
 Conditions - These are specific provisions, rules of conduct, duties, and obligations
which the insured must comply with in order for coverage to incept, or must remain in
compliance with in order to keep coverage in effect. If policy conditions are not met, the
insurer can deny the claim.
 Policy form - The definitions, insuring agreement, exclusions, and conditions are
typically combined into a single integrated document called a policy form, coverage

3
 form, or coverage part. When multiple coverage forms are packaged into a single policy,
the declarations will state as much, and then there may be additional declarations specific
to each coverage form. Traditionally, policy forms have been so rigidly standardized that
they have no blank spaces to be filled in. Instead, they always expressly refer to terms or
amounts stated in the declarations.
 Endorsements - Additional forms attached to the policy that modify it in some way, either
unconditionally or upon the existence of some condition. Endorsements can make
policies difficult to read for non lawyers; they may revise, expand, or delete clauses
located many pages earlier in one or more coverage forms, or even modify each other.
Because it is very risky to allow non lawyer underwriters to directly rewrite policy forms
with word processors, insurers usually direct underwriters to modify them by attaching
endorsements preapproved by counsel for various common modifications.

MARKET SHARES OF INSURANCE COMPANIES

FIG 2

FIG 3

4
INSURANCE PLANS OF SOME COMPANIES
1) LIC
i) LIC JeevanAkshay
ii) LIC e-Term Plan
iii) LIC New Children's Money Back Plan
iv) LIC JeevanAnand Plan
v) LIC JeevanSaral

2) KOTAK
i) Protection plans
ii) Child plans
iii) Savings and Investment plans
iv) Retirement plans

3) HDFC
i) Protection plans
ii) Health plans
iii) Women’s plans
iv) Savings and Investment plans
v) Rural and Social plans

4) ICICI

5
 i) Term Insurance plans
ii) Traditional Insurance Plans
iii) Unit Linked Insurance Plan
iv) Retirement or Pension Plan

5) SBI
i) SBI Life- e-shield
ii) SBI Life- Smart Money Planner
iii) SBI Life- Smart Hamsafar
iv) SBI Life- CSC SaralSanchay
v) SBI Life- Smart Power

CHAPTER 2

6
OBJECTIVES:

1. To know which type of plans are taken by different age groups.

2. To know which type of plans are taken according to gender.
3. To know which type of plan is highly preferred and least preferred.
4. To know the number of policies sold from 2012-2017.
5. To know the average sum assured paid according to the age groups.
6. To identify the number of policies taken according to the age group
7. To identify the number of policies taken according to gender

CHAPTER 3

7
 STUDY METHODOLOGY

SOURCE OF DATA
The study carried with the corporation of the management who permitted to carry on
the study and provide the requisite data collected from the following sources.
 Primary data
 Secondary data

PRIMARY DATA
The information collected directly without any reference is primary data. In the study it is
mainly through conversation with concerned officers.
SECONDARY DATA
Study has been taken from secondary sources i.e. published annual reports of the
company editing, classifying and tabulation of the financial data.
For this purpose it is provided by the company which is purely secondary data.

NEED OF STUDY:

Insurance has evolved as a process of safeguarding the interest of people from loss and
uncertainty. It may be described as a social device to reduce or eliminate risk of loss to life and
property. Insurance does not only protect against risks and uncertainties, but also provides an
investment channel too. The study will help to find out about the policies that a particular age
group prefers and also about the number of sales of the policies in the years.

SCOPE OF THE STUDY:

Insurance are of various categories like health insurance, vehicle insurance, phone insurance etc.
As it is a vast concept this study is confined to life insurance only.
Life insurance and the various policies of it are studied and analysed.

TOOLS USED FOR STUDY

8
Following are the tools used for the study
 Ms Excel
 Tableau and R

LIMITATIONS OF THE STUDY:

1. Since the whole study is solely dependent on the data provided by the company conclusions
based on external factors cannot be included.
2. The effects of the errors in the data, if any, cannot be controlled.

SUMMARISED STATISTICS

9
 BRANCH 1

Commencem Installment.premiu
plan paying.term pmo02mode sum.assured
ent m
2013-12-28 :
Min. : 2.0 Min. : 1.00 Min. : 0.000 Min. : 0 Min. : 89
2738
2017-03-28 : 1st 1st Qu.:
1st Qu.:15.00 1st Qu.: 3.000 1st Qu.: 1910
2356 Qu.:165.0 100000
2016-03-28 : Median : Median :
Median :17.00 Median : 6.000 Median : 4789
2162 814.0 100000
2015-03-28 : Mean : Mean :
Mean :17.26 Mean : 6.349 Mean : 19995
2074 558.4 247328
2013-03-28 : 3rd 3rd Qu.:
3rd Qu.:20.00 3rd Qu.:12.000 3rd Qu.: 11625
1990 Qu.:820.0 210000
2013-09-28 : Max. :
Max. :845.0 Max. :60.00 Max. :12.000 Max. :10004373
1690 50000000
(Other) :86502 NA NA NA NA NA

customer_id name Gender Date_of_birth age_proof Age_at_entry

RAO 1978-07-01 :
Min. : 1 F :33288 S :60663 Min. : 0.0
: 5264 304
KUMAR 1976-07-01 : A :
1st Qu.:24879 M :66124 1st Qu.:25.0
: 2769 274 11180
LAKSHMI 1975-07-01 :
Median :49757 F : 2 L : 8557 Median :32.0
: 2185 268
RAJU 1970-07-01 :
Mean :49757 M : 98 P : 4336 Mean :32.6
: 1545 245
PRASAD 1979-07-01 :
3rd Qu.:74634 NA K : 3514 3rd Qu.:41.0
: 860 228
KRISHNA 1983-07-01 :
Max. :99512 NA U : 3364 Max. :89.0
: 763 226
(Other) (Other) : (Other) :
NA NA NA
:86126 97967 7898

BRANCH 2

10
 commence sum_assure instalment_premiu
plan paying_term pmo02_mode
ment d m
2013-12-28 :
Min. : 2 Min. : 1.00 Min. : 0.000 Min. : 0 Min. : 89
1403
2013-01-28 : 1st Qu.:
1st Qu.:149 1st Qu.:15.00 1st Qu.: 3.000 1st Qu.: 1959
1224 100000
2017-03-28 : Median :
Median :189 Median :16.00 Median : 6.000 Median : 4193
1178 100000
2016-03-28 : Mean :
Mean :473 Mean :17.14 Mean : 6.738 Mean : 17448
1083 222356
2015-03-28 : 3rd Qu.:
3rd Qu.:815 3rd Qu.:20.00 3rd Qu.:12.000 3rd Qu.: 10055
1040 200000
2013-03-28 : Max. :
Max. :845 Max. :60.00 Max. :12.000 Max. :10004373
1005 50000000
(Other) :
NA's :1 NA's :1 NA's :1 NA NA's :1
56017

customer.id name Sex date_of_birth age_proof age_at_entry

RAO 1976-07-01 : S :
Min. : 1 F :20736 Min. : 0.00
: 3160 388 36094
KUMAR 1978-07-01 : A :
1st Qu.:15738 J : 53 1st Qu.:25.00
: 1523 357 10489
LAKSHMI 1980-07-01 :
Median :31475 M :42160 L : 4606 Median :32.00
: 1390 308
RAJU 1977-07-01 :
Mean :31475 M : 1 P : 2265 Mean :32.57
: 922 307
RAMANA 1981-07-01 :
3rd Qu.:47213 NA K : 2154 3rd Qu.:40.00
: 624 307
NAIDU 1992-07-01 : U :
Max. :62950 NA Max. :89.00
: 574 304 1740
(Other) (Other) : (Other) :
NA's :1 NA NA's :1
:54757 60979 5602

11
 CHAPTER 4

ANALYSIS AND INTERPRETATION

DEMOGRAPHIC PROFILE

AGE AT ENTRY

GRAPH 1.1

BRANCH 1:

12
GRAPH 1.2

BRANCH 2:

INTERPRETATION:

The above graphs represent the data of two branches with 9 age groups. X-axis represents the
age groups and y-axis represents the age count. We can see that in graph 1.1 of branch 1 the
maximum customers are found in the age group 30-39 with 31.637% followed by 20-29 with
30.51% and 40-49 with 19.76% and minimum is found in 80-89 with 0.05%. Graph 1.2 of
Branch 2 the maximum customers are of age group 30-39 with 32% and followed by 20-29 with
31% and minimum is found in age group 80-89 with 0.02%.

13
GENDER

BRANCH 1: GRAPH 2.1

14
BRANCH 2:

GRAPH 2.2

INTERPRETATION:

The above graphs represent the data of two branches with gender female, male and joint account.
X-axis represents the gender and y-axis represents the age count. We can see that in graph 2.1
i.e., branch 1 the maximum customers are male with 66% and minimum in the joint account with
0.1% . In the graph 2.2 i.e., branch 2 the maximum number of customers are male with 67% and
minimum customers in joint a/c with 0.08%.

15
1.Age wise number of sales of plans (BRANCH 1)
TABLE 1.1
PLANS 0-9 (10-19) 20-29 30-39 40-49 50-59 60-69 70-79 80-89
185 186 10 0 0 0 0 0 0 0
159 230 2 0 0 0 0 0 0 0
102 284 38 0 0 0 0 0 0 0
184 158 6 0 0 0 0 0 0 0
178 305 258 214 284 184 32 2 0 0
817 419 178 194 316 290 218 42 0 0
832 1332 112 0 0 0 0 0 0 0
834 965 60 0 0 0 0 0 0 0
189 2 0 0 94 108 268 287 121 16
50 8 0 0 0 0 0 0 0 0
845 12 14 10 21 18 4 0 0 0
831 14 24 18 30 16 0 0 0 0
837 22 28 68 88 30 0 0 0 0
813 18 92 68 102 36 0 0 0 0
814 96 1352 2658 2671 2815 1102 0 0 0
827 54 665 2146 2664 2501 1186 0 0 0
826 6 26 52 92 34 0 0 0 0
836 20 289 783 854 696 451 0 0 0
843 2 10 27 38 37 38 0 0 0
808 0 8 24 46 40 4 0 0 0
809 0 24 12 16 20 12 6 0 0
41 0 2 0 0 0 0 0 0 0
844 0 22 23 50 49 26 0 0 0
165 0 660 4384 4536 2254 294 4 0 0
14 0 254 1002 410 388 326 52 0 0
48 0 4 18 40 24 14 0 0 0
75 0 104 362 344 122 4 0 0 0
171 0 4 10 18 10 22 8 2 0
821 0 144 782 582 94 0 0 0 0
820 0 256 1251 1331 764 22 0 0 0
179 0 452 2108 1862 964 132 0 0 0
186 0 2 4 6 6 0 0 0 0
841 0 189 671 732 420 16 0 0 0
175 0 78 301 630 584 564 344 0 0
107 0 4 10 12 18 6 0 0 0
93 0 4 52 38 6 0 0 0 0
816 0 52 186 299 362 484 156 0 0

16
 838 0 8 26 36 18 0 0 0 0
106 0 2 32 14 20 28 0 0 0
149 0 138 2964 2436 1356 458 36 0 0
91 0 48 762 790 736 40 0 0 0
192 0 8 62 74 80 4 0 0 0
162 0 2 6 16 2 4 0 0 0
815 0 457 7579 7094 3460 164 0 0 0
822 0 4 50 50 48 14 0 0 0
833 0 20 586 1041 470 10 0 0 0
830 0 4 32 70 54 84 80 0 0
103 0 2 208 282 46 0 0 0 0
108 0 4 34 18 4 0 0 0 0
88 0 2 36 34 14 0 0 0 0
5 0 0 8 12 10 10 0 0 0
805 0 0 4 8 0 0 0 0 0
168 0 0 84 142 28 2 0 0 0
2 0 0 2 0 2 2 0 0 0
90 0 0 82 92 16 8 0 0 0
818 0 0 20 30 20 20 0 0 0
807 0 0 184 688 172 2 0 0 0
133 0 0 44 48 26 2 0 0 0
164 0 0 22 52 30 0 0 0 0
823 0 0 60 98 76 20 0 0 0
190 0 0 16 38 24 4 0 0 0
812 0 0 12 24 16 2 0 0 0
89 0 0 18 88 44 0 0 0 0
136 0 0 0 2 2 0 0 0 0
167 0 0 0 0 4 2 0 0 0
828 0 0 0 0 0 0 290 100 32
842 0 0 0 0 0 0 32 15 1

BRANCH 2: TABLE 1.2

17
PLANS 0-9 (10-19) 20-29 30-39 40-49 50-59 60-69 70-79 80-89

18
185 107 7 0 0 0 0 0 0 0
159 137 1 0 0 0 0 0 0 0
102 230 44 0 0 0 0 0 0 0
184 137 5 0 0 0 0 0 0 0
178 166 141 122 151 100 18 1 0 0
817 210 90 97 159 145 109 21 0 0
832 672 56 0 0 0 0 0 0 0
834 490 30 0 0 0 0 0 0 0
189 1 0 0 47 55 135 146 61 8
50 4 0 0 0 0 0 0 0 0
845 6 8 5 13 9 2 0 0 0
831 7 12 9 15 8 0 0 0 0
837 11 14 34 44 15 0 0 0 0
813 9 46 34 51 18 0 0 0 0
814 48 680 1339 1341 1418 555 0 0 0
827 27 334 1075 1336 1254 597 0 0 0
826 3 13 26 46 17 0 0 0 0
836 10 146 399 436 354 228 0 0 0
843 1 6 14 21 22 25 0 0 0
808 2 17 33 51 36 3 0 0 0
809 1 18 9 14 18 16 5 0 0
41 0 1 0 0 0 0 0 0 0
844 0 13 14 28 32 14 0 0 0
165 0 406 2716 2838 1550 218 3 0 0
14 0 297 711 327 264 275 36 0 0
48 0 9 17 33 19 9 0 0 0
75 0 67 275 259 99 2 0 0 0
171 0 3 6 9 7 12 5 1 0
821 0 72 397 291 48 0 0 0 0
820 0 128 630 669 384 13 0 0 0
179 0 297 1533 1336 605 84 0 0 0
186 0 1 2 5 6 0 0 0 0
841 0 96 348 389 213 8 0 0 0
175 0 54 244 459 400 350 187 0 0
107 0 3 18 15 13 3 0 0 0
93 0 2 33 22 5 0 0 0 0
816 0 26 93 150 181 242 80 0 0
838 0 4 13 18 9 0 0 0 0
106 0 2 24 14 12 14 0 0 0
149 0 123 2498 1980 1051 314 22 0 0
91 0 132 2217 2146 1972 100 0 0 0

19
 192 0 4 35 40 40 2 0 0 0
162 0 1 5 10 1 2 0 0 0
815 0 231 3822 3570 1741 82 0 0 0
822 0 2 26 26 24 7 0 0 0
833 0 10 296 531 236 5 0 0 0
830 0 2 16 35 27 43 40 0 0
103 0 2 157 237 32 0 0 0 0
108 0 5 26 13 2 0 0 0 0
88 0 1 23 22 11 0 0 0 0
5 0 0 4 11 5 6 0 0 0
805 0 0 2 4 2 0 0 0 0
168 0 0 78 117 24 1 0 0 0
2 0 0 1 1 1 2 0 0 0
90 0 0 46 49 9 5 0 0 0
818 0 0 10 15 10 10 0 0 0
807 0 0 131 468 114 2 0 0 0
133 0 1 47 43 25 1 0 0 0
164 0 0 19 37 21 0 0 0 0
823 0 0 30 50 38 10 0 0 0
190 0 0 10 19 15 2 0 0 0
812 0 0 6 14 8 1 0 0 0
89 0 0 13 59 24 0 0 0 0
136 0 0 0 1 1 0 0 0 0
167 0 0 0 0 2 1 0 0 0
828 0 0 0 0 0 0 145 50 16
842 0 0 0 0 0 0 17 9 1

INTERPRETATION:

The above two tables, i.e., table 1.1 and 1.2 represent the data of different types of plans and the
sales according to the age groups of the customers. In table 1.1and 1.2, the highest sales are for

20
the plan 815with a count of 7579 and3822 respectively by the age groups 30-39 followed by the
next highest in both the branches from the plan 165 with a count of 4536 and 2838 respectively
by the age groups 40-49.

2. Gender wise number of sales of plans.

BRANCH 1: TABLE 2.1

FEMAL FEMAL
PLANS MALE E JOINT PLANS MALE E JOINT
185 104 92 0 93 62 38 0
159 146 86 0 816 769 770 0
102 162 160 0 838 62 26 0
184 82 82 0 106 64 32 0
178 848 431 0 149 5510 1878 0
817 812 845 0 91 1512 864 0
832 832 612 0 192 0 228 0
834 608 417 0 162 26 4 0
189 500 396 0 815 13609 5145 0
50 2 6 0 822 154 12 0
845 51 28 0 833 1581 546 0
831 52 50 0 830 220 104 0
837 158 78 0 103 418 120 0
813 194 122 0 108 36 24 0
814 6547 4147 0 88 74 12 0
827 5373 3843 0 5 28 12 0
826 146 64 0 805 6 6 0
836 1996 1097 0 168 172 84 0
843 152 0 0 2 4 2 0
808 84 38 0 90 120 78 0
809 52 38 0 818 74 16 0
41 2 0 0 807 992 54 0
844 0 170 0 133 108 12 0
165 8650 3482 0 164 94 10 0
14 1626 806 0 823 230 24 0
48 64 36 0 190 76 6 0
75 604 332 0 812 44 10 0
171 48 26 0 89 46 4 100
821 1093 509 0 136 2 2 0
820 2274 1350 0 167 4 2 0
179 3784 1734 0 828 280 142 0

21
186 16 2 0 842 29 19 0
841 1224 804 0
175 1400 1101 0
107 32 18 0

BRANCH 2: TABLE 2.2

PLAN FEMAL JOIN PLAN FEMAL JOIN

S MALE E T S MALE E T
165 5535 2196 0 186 10 4 0
149 4551 1437 0 5 18 8 0
807 680 35 0 812 23 6 0
179 2625 1230 0 167 2 1 0
175 875 819 0 813 97 61 0
14 1319 591 0 136 1 1 0
178 462 237 0 41 1 0 0
108 29 17 0 820 1145 679 0
91 4260 2307 0 814 3296 2085 0
168 157 63 0 815 6852 2594 0
184 70 72 0 816 385 387 0
808 92 50 0 822 79 6 0
171 27 16 0 818 37 8 0
75 471 231 0 821 551 257 0
185 59 55 0 817 407 424 0
190 43 3 0 823 116 12 0
162 16 3 0 827 2693 1930 0
103 346 82 0 830 111 52 0
192 0 121 0 832 421 307 0
102 142 132 0 826 73 32 0
133 109 8 0 828 140 71 0
189 253 200 0 833 803 275 0
50 1 3 0 831 26 25 0
88 51 6 0 836 1021 552 0
48 56 31 0 834 309 211 0
107 34 18 0 837 79 39 0
106 42 24 0 838 31 13 0
90 65 44 0 841 633 421 0
159 86 52 0 845 28 15 0
93 41 21 0 844 0 101 0
164 72 5 0 843 89 0 0
89 40 3 53 842 16 11 0
2 4 1 0
805 4 4 0

22
 809 50 31 0

INTERPRETATION:

The above two tables, i.e., table 2.1 and 2.2 represent the data of different types of plans and the
sales according to the gender of the customers. In table 1.1 and table 1.2 the highest sales are for
the plan 815with a count of 13609and 6852 respectively by the male customers. We can also
infer that the next highest plan is from a different plan, i.e., 165 with a count of 8650 and 5535
respectively by the male customers.

23
3.To know which type of plan is highly preferred and least preferred
BRANCH 1: GRAPH 3.1

BRANCH 2: GRAPH 3.2

24
 INTERPRETATION:

The above graphs represent the data of two branches with the plans and the preferred plans. X-
axis represents the different plan numbers and y-axis represents which type of plans are
preferred. We can see that in graph 3.1 i.e; in the first branch the highest preferred plan is
‘815’with 18.8% preference and the least preferred plan is ‘41’with 0.005% preference and the
highest preferred plan in the second branch, i.e., graph 3.2 is also ‘815’with 15.05% preference
and the least preferred plan is ‘41’ with 0.01% preference.

4. To know the number of policies sold from 2012-2017 in two branches

BRANCH 1:
GRAPH 4.1

25
BRANCH 2:
GRAPH 4.2

INTRERPRETATION:
The above graphs represent the data of two branches with the commencement of the plans and
the count of the customers along the years 2012-2017. X-axis represents commencement of the
plan and y-axis represents the count of the customers. We can see that in graph 4.1 i.e., branch 1
the maximum number of the customers were seen in the year 2013 with a count of 25350 and
there was a gradual decrease in the next year and a slight increase in the years 2015 and 2016
whereas in the graph 4.2 we can say that there was a huge records in the year 2012 with 18165
customers and then a decline in the next two years and then a slight increase in 2015-16.

26
5. Average sum assured paid according to the age groups.

BRANCH 1: GRAPH 5.1

BRANCH 2:
GRAPH 5.2

27
 INTERPRETATION:

The above graphs represent the data of two branches with the average sum assured and age
groups. X-axis represents the average sum assured and y-axis represents different age groups of
the customers. We can see that in graph 5.1 i.e; in the first branch the average sum assured is
paid the highest among 0-9 age group, i.e., Rs. 265566 followed by the age group 70-79 who are
paying average of Rs.247447 and the least is paid by the age group 60-69, i.e, Rs.145474 and all
the customers of the age group 80-89 are paying the total amount at once so we will consider it
as 0. In the graph 5.2 the highest sum assured is also paid by the age group 0-9,i.e., amount of
Rs. 256162 followed 50-59 with an average amount of Rs.245699.

6. Number of policiesaccording to the age group

BRANCH 1:
GRAPH 6.1

BRANCH 2: GRAPH 6.2

28
INTERPRETATION:

The above graphs represent the data of two branches with the policies and the age group of
customers. X-axis represents the different age groups and y-axis represents number of policies.
In the graph 6.1 the highest number of policies are taken by the age group 30-39 with 32% and
the least by the age group 80-89 with 0.05%. In the graph 6.2i.e; in the first branch the highest
number of policies are taken by the age group 30-39, i.e.,31% of the total followed by 30% from
the age group 20-29 whereas the least by the age group 80-89,i.e., just 0.049%.

29
7. Number of policies according to gender
BRANCH 1: GRAPH 7.1

BRANCH 2: GRAPH 7.2

30
INTERPRETATION:

The above graphs represent the data of two branches with the policies and the gender of
customers. X-axis represents the gender and y-axis represents number of policies. In the graph
7.1 the highest number of policies are taken by the male gender with 64%, female 35% and the
least by the joint account with 0.003%. In the graph 7.2 the highest number of policies are taken
by the male gender with 67%, female 32% and the least by the joint account with 0.08%.

31
 CHAPTER 5

OBSERVATIONS

OBSERVATIONS:

1. From this project I came to know about the important conclusion regarding the insurance
policies.
2. It is observed that most of the plans are taken by the male respondents with 64% and 67%
from both the branches.
3. The age group that mostly prefers the policies are 30-39 and the least preferred are 80-89.
4. ItIS also observed that there has been a decrease in the sales of the policies from the years
2016-2018.
5. The average sum assured is paid the highest by the age group 0-9.
6. It is also observed that highest preferred plan is 815 by the customers of both the
branches and the least preferred plan is 41.

32
 CHAPTER 6

CONCLUSION AND SUGGESTIONS

CONCLUSION:

Insurance is a safeguard against uncertain events that may occur in the future. Company image is
the highly important criteria that consumers consider before taking up a life insurance. This is
mainly because people expect safety and secure for their money which they invest, followed by
the factor Premium which we pay to the insurer and then Bonus and Interest paid by the
company, services etc.
In today’s competitive world, customer satisfaction has become an important aspect to
retain the customers, not only to grow but also to serve. Customer service is the critical success
factor in a company. Increased competition, wide range of product offerings and multiple
distribution channels cause Companies to value satisfied and highly profitable customers.

SUGGESTIONS:

1. Since amount paid by age group 0-9 is highest it can be further increased by attracting
the parents age group with improved plans and awareness programs.
2. New improved plans must be introduced for age group 80-89 by finding out the
reasons for the lesser sales.
3. The least preferred plans such as 41 needs to be improved according to customers’
requirements so that the rate of preference of these plans will be improved.
4. Since the preference for joint account is very less so the customers should be
educated about the benefits of joint account policies.

33
BIBLIOGRAPHY:

http://www.yourarticlelibrary.com/insurance/the-role-and-importance-of-insurance-
explained/7540/

https://www.easypolicy.com/life-insurance/term-insurance/articles/scope-of-life-insurance.html

ANNEXURE:

SAMPLE DATA:

commencemen pla paying_ter pmo02_mod sum_assure instalment_premiu

t n m e d m
1955-05-07 14 34 6 2000 30.5
1942-07-07 27 32 12 1000 38
1942-05-07 27 32 12 1000 38
1975-11-28 0 20 3 0 174

date_of_birt age_proo age_at_entr

pmo02_name sex h f y
RAMANA MURTY M 1934-07-01 S 21
G A P SWAMY M 1914-07-01 S 28
G A P SWAMY M 1914-07-01 S 32
NULL N 0

34