SUMMER INTERSHIP PROJECT REPORT

ON

Consumer Behaviour Towards Insurance

Submitted in partial fulfillment of the requirements for the awards of the degree of

MASTER OF MANAGEMENT STUDIES (MMS)

MUMBAI UNIVERSITY

(2022-23)

UNDER THE GUIDANCE OF

(Prof. Dharmaraja Ganeshan )

SUBMITED BY:
Anushka Sanjay Bhoir

(Roll no. 21026 )

Marketing

SUBMITTED TO:

Swayam Siddhi College of Management &

Research
(Affiliated to University of Mumbai, Approved by AICTE & Recognized by Govt. of Maharashtra)
( DTE Code: MB 3133)
(An ISO 9001 – 2000 Certified Institute
 CERTIFICATE
This is to certify that Mr./Miss. Anushka Sanjay Bhoir [Roll no.21026], student of
First Year Master of Management Studies has successfully completed Summer
Internship Project work titled Consumer Behaviour Toward Insurance in
partial fulfillment of the Master degree of Management studies, university of
Mumbai,

This project report of the record of authentic work carried out during the
academic
Year 2022-23

DIRCTOR INTERNAL GUIDE

 DECLARATION

I hereby declare that summer internship project

t it led ” Consumer Behaviour Toward Insurance ”is submitted in partial
fulfillment of degree of Masters in Management S tudies, University of Mumbai
in the academic year 2022 - 23 and was carried out with sincere intention. To the
best of my knowledge it is an original piece of work done by me. It has neither been
submitted to any organization not publish anywhere.

Place:
Date: Anushka Sanjay Bhoir
 GUIDE CERTIFICATE

This is to certify that the survey entitled, “ Consumer Behaviour Towards Insurance”
submitted in partial fulfillment of the requirement for the award of degree of Masters of
Management studies (MMS) from University of Mumbai is a bonafide summer training
project work carried out by Anushka Snajay Bhoir under my supervision and guidance and
to the best of my knowledge and information, no part of summer training project work has
been submitted for any other degree or diploma.

Signature of Guide
 Acknowledgement

This project report bears the imprint of those who had rendered their wholehearted support and
encouragement without whose help this effort of mine would be in vain. I express my deep sense
of gratitude and sincere thanks to my project guide for his directions, suggestion and information
provided which were of utmost importance for the successful completion of the project. I am also
thankful to Aditya Birla Capital head/Manager/Concern person for her proper
guidance. I thankful to the employees of Aditya Birla Capital for assisting me in the timely
completion of project.

At last, I also thank to my family and my friends those helped me in my training period
and in the completion of project.

Anushka Sanjay Bhoir

 .Executive Summary

This project report has been prepared on the basis of the summer Internship
at Aditya Birla Capital . The reason behind this was to understand the
expertise it has developed and skills it has owned , especially in the field of
the finance and marketing and its products as it is the booming industries in
India . The main problem that the company faces today is of sales and of
less number of advisors . The project talks abpout the various investment
habits of an investor and making financial plams during the short periods .
We are indebted to company for providing this opportunity . In our
internship we analyse the investment habits of India
The in sight of knowledge and skills gave me a pratical view point to the
whole system of learning .
It was very good experience for me to work during this tenure .
I am glad that I have lerant so much in such little time
I can confidently say that my knowledge has improved in a very short time
I would like to Thank Mr . Subhjit Sengupta sir. And ASBLI for their
constant support.
Internship Certificate:
 TABLE OF CONTENTS

Sr.No. Content Page No.

Executive Summery
1 Introduction
2 Need for Studies
3 Objective & Hypothesis of Study
4 Company Profile
5 Review &Literature
6 Research Methodology
7 Data Analysis & interpretation
8 Finding
9 Suggestion
10 Conclusion
11 Limitation of Studies
Appendix
Reference
 INTRODUCTION
I interned under Aditya Birla Capital. My summer internship projects and tasks mainly
consisted of understanding the consumer behavior towards insurance sector,
Understanding the concept of tension line and how it is used , building market
communication, Creative advertisement campaigns and creative, secondary research
with respect to insurance sector

OBJECTIVES OF STUDY
 Understanding the current market trend and consumer behavior towards
insurance.
 Perform media palnning
 Building stratergies to acquire new insurance agents for Aditya Birla Capital
 Reviewing consumer perception about ASBLI on social media platform

Need For Study

COMPANY PROFILE
 REVIEW & LITERATURE
Consumer choice in the life insurance sector has been studied extensively in the last
five decades. Studies have examined various factors, including socioeconomic,
demographic and psychographic factors that might affect life insurance demand. In this
section, we discuss some of the more recent empirical papers that have looked at socio-
economic and demographic determinants of insured status.

Several studies look at macroeconomic variables that may affect the demand of life
insurance. These studies give an insight into the aggregate demand for insurance in
entire economies. However, they do not provide an insight into factors affecting
decision making by individuals or households. A review of 13 such macro-econometric
studies is given by Schlag (2003). We do not include these studies in the following
literature survey because while they provide an aggregate view of the market, they do
not shed light on the large variations among different sections of the society within a
given country.

Zietz (2003) presented a comprehensive and detailed survey of the empirical literature
over five decades. Among the papers that she reviewed, age, income, education,
marital status, family size and occupation were among the most significant
determinants of life insurance demand. Higher levels of income and education as well
as family size were mostly found to be positively related, while the life insurance
premiums and having other avenues of social security were negatively related to life
insurance demand. Zietz also pointed out that some of the studies found conflicting and
contradictory results for certain determinants of life insurance demand such as age and
family size.

For Germany, Hecht et al. (2010) found that marital status, number of children,
financial literacy and number of dependents all have a positive impact on life insurance
demand. Ulbinaite et al. (2013) showed that demographic characteristics and
socioeconomic factors have a significant impact on life insurance purchase decisions in
Lithuania. They found that families without children take into account a wide range of
factors for choosing a life insurance policy and families with children consider only a
few factors

In Malaysia, Annamalah (2013) found that income and education are positively related
to life insurance demand while age, number of children, occupation and working
spouse were found to be insignificant. Arun et al. (2012) found that participation in
micro life insurance is positively correlated with the number of children or dependents
in the household indicating a possible bequest motive. They also found that financially
better off households participate more in micro-life insurance than their poorer
counterparts.

In the Indian context, individual characteristics of life insurance policy holders and
choice of life insurance products have been the main focus of the research on life
insurance purchase. Bodla and Verma (2007) found that middle-aged individuals
dominate the rural life insurance market; insurance sales agents are important sources
of information and influencers for taking life insurance; and a money-back policy is the
most preferred policy in rural areas, followed by endowment policies.

study used both directly measurable variables (from NSHIE data) as well as latent
traits such as attitudes towards future financial security and propensity to save etc.
(from IFPS data). They report that insured households tend to be well off
economically, have higher levels of education, have a chief earner who is salaried, and
tend to be more optimistic about their financial future. Our work differs from Kakar
and Shukla (2010) in that we do not use latent traits, and in that our data is for two
different points of time, i.e., we are able to follow and model changes in insured status
of individual households.

Several studies have used a static framework to understand variances in demand for
life insurance across individuals and households. Few studies have looked at changes
in life insurance demand by the same individual or within the same household. We cite
two such studies below.

Liebenberg et al. (2012) used panel data from the Survey of Consumer Finances (SCF)
with data over the period of 1983-89. They found a significant relationship between
life events and life insurance demand. In particular they found that events such as
marriage, birth of a child, starting a new job and income growth are positively related
with acquiring a life insurance policy or increasing coverage on previously purchased
policy. Death of spouse, separation and becoming unemployed contribute toward
terminating life coverage.

Heo et al. (2013) used data from the 2004, 2006 and 2008 National Longitudinal
Survey of Youth (NLSY) 1979 cohort in the USA and found that an increase in net
worth was associated with increases in life insurance consumption. They also found
that women and black individuals increased their life insurance consumption over the
period of the study. Finally, they concluded that life insurance acts as a complement to
rather than a substitute for wealth.

RESEARCH AND METHSOLOGY

A marketing research was performed to seek out the reality from the investors about what they consider the
varied Investment choices. it had been done to seek out the investment patterns and behaviour of the
individuals i.e. what quantity they invest, what are the explanations behind their investment and wherever they
invest. Thus, a form was devised to fetch the preceding info from the investors. Most of the queries within the
questionnaires were objective in nature that helped the individuals to fill it. The sample size for the analysis
was fifty, including all the categories of individuals aged eighteen and on top of. The form devised for the
explained with the assistance of graphs, pie charts, bar graphs, etc.
SAMPLING:

The sample is chosen in an exceedingly random approach, no matter them being capitalist or not availing the
services. it's collected through mails, google forms, and private interaction from the investors. the information
has been analysed mistreatment the measures of the central tendency like mean, median, mode. The cluster has
been selected and therefore the analysis has been done on the essential applied mathematics tools accessible.

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Information
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FINDING
 Suggestion

CONCULSION
SUGGESTION

LIMITATION

APPENDIX