Priyanshu Bba

A
Project Report
On
“A STUDY ON CONSUMER SATISFACTION OF LIFE INSURANCE”
Submitted to
Shri B.H.Gandhi B.B.A College, Modasa
In partial fulfillment of the
Requirement of the award for the degree of
Bachelor of Business Administration

In
Hemchandracharya North Gujarat University,Patan
Under the guidance of

Prof. Minalben Parmar
Assistant Professor
Shri B.H.Gandhi B.B.A College, Modasa
Submitted by
Name Mr. Priyanshu Bhavsar Mr.Jay Acharya Mr.Yash Bamaniya

Roll No. 49 26
Academic Year
2023-24
SHRI B H GANDHI BBA COLLEGE,MODASA

PREFACE
The life insurance industry is one of the most important sectors of the financial
market. It plays a crucial role in providing financial security to individuals and
families in times of need. Over the years, the life insurance industry has evolved
significantly, and today, there are a multitude of insurance products available to
consumers.
Consumer satisfaction is a critical aspect of any industry, and the life insurance
sector is no exception. Understanding the level of satisfaction among consumers
is essential for insurance companies to improve their services and develop prod-
ucts that meet the needs of their customers. With this in mind, we have under-
taken a project to study the consumer satisfaction of life insurance in detail.
The primary objective of our project is to gather insights into the factors that in-
fluence consumer satisfaction with life insurance. To achieve this goal, we have
conducted extensive research and analysis, including surveys, interviews, and
data analysis of existing literature on the subject.
This project aims to provide valuable insights to the life insurance industry by
identifying areas of improvement and highlighting best practices. It is our hope
that the findings of this study will contribute to the overall improvement of the
life insurance industry and ultimately benefit consumers by providing them with
better products and services.
We would like to express our gratitude to all the individuals and organizations
who have contributed to this project. Their cooperation and support have been in-
valuable in enabling us to achieve our objectives. We hope that this project will
serve as a useful resource for researchers, policymakers, and stakeholders inter-
ested in understanding consumer satisfaction in the life insurance industry.

ACKNOWLEGEMENT
We would like to thank to our respected principal Dr. TUSHAR BHAVSAR

SIR for giving us the opportunity to learn about practical knowledge of busi-
ness environment. Because of him only, we get the value able opportunity to
work on this project.This experience was fully filled with enthusiasm.
We are also thankful to our guide Prof. Minalben Shah for their valuable time
with usand giving necessary information. We are also thankful for providing
guidance to us. We are thankful to All teachers for their valuable time with
us and giving necessary information.
We are also thankful for providing guidance to us. We express our sincere
gratitude towards all the faculty members and those people who helped
directly and indirectly to complete this project successfully. It was an
admirable learning experience

STUDENTS’ DECLARATION
We, Mr. Priyanshu Bhavsar , Mr.Jay Acharya and Mr. Yash Bamaniya hereby declare that
the report for Comprehensive Project Report On “A STUDY ON CONSUMER
SATISFACTION OF LIFEINSURANCE” is a result of our own work and our indebtedness to
other work publications,references, if any, have been duly acknowledged.
Place: MODASA
Date:
[Priyanshu Bhavsar]______________
[Jay Acharya] ______________
[Yash Bamaniya]______________

CHAPTER CONTENT
Chapter Sub No Particular Page

No No
PREFACE
ACKNOWLEDGEMENT
STUDENTS DECLARATION
1 INTRODUCTION ABOUT THE INDUSTRY 1

1.1 Introduction of Life Insurance 2
1.2 Global scenario of Life Insurance 7
1.3 Indian scenario of Life Insurance 9
1.4 Major players of Life Insurance 12
1.5 Product profile of Life Insurance in India 19
2 LITERATURE REVIEW 21
3 RESEARCH METHODOLOGY
3.1 Title of the Research 24
3.2 Research Objective 24
3.3 Research Design 24
3.4 Questionnaire Design 25
3.5 Sources of Data 25
3.6 Sampling Methodology 26
3.7 Sampling Technique 26
3.8 Data Collection Instrument 26
3.9 Analytical Techniques Applied 26
3.10 Limitation of study 27
4 DATA ANALYSIS & INTERPRETATION 28
5 INFERENTIAL STATISTICS 44
5.1 Descriptive statistics 49
5.2 Reliability statistics 49
5.3 One – Way ANOVA 50
5.4 Hypothesis (Chi-square analysis) 55
6 FINDINGS 60
7 BIBLIOGRAPHY 61

CHAPTER 1
INTRODUCTION
OF
INDUSTRY
SHRI B H GANDHI BBA COLLEGE,MODASA 1

1.1 Introduction of Life Insurance
Meaning of Life Insurance
Life insurance is one of the most efficient assets available for intergenerational wealth transfer.
In the Trust Owned Life Insurance (TOLI) world, life insurance is a tool to leverage assets to the
next generation in a tax efficient manner.
Life insurance is a risk pooling method with certain singular characteristics.
Life insurance was initially designed to replace the income that is lost to dependents in the event
of the death of the primary income-producer.1
The Pricing Structure of Life Insurance
The three primary pricing elements in all life insurance are:
 Mortality
 Interest
 Loading
The first two (mortality and interest) are used to compute the net premium, which is the cost of
claims. The net premium plus the expense loading is the gross premium, or the selling price of
the contract.
Mortality is simply the probability of living or dying at any given age. Based on past experience
actuaries can predict the number of deaths among a large group of insureds. The pure mortality
costs in life insurance have decreased dramatically over the years as medical advances and life
style changes have increased the average life span. The Commissioner‘s Mortality Table adapted
in 2001 pushed the mortality table out past age 100.
1
http://www.youritm.com/Sites/17/docs/WP_MikeBrohawn

Since the insurance company collects premiums in advance to pay out at a future date, it has the
use of the money for a period of time. For this reason, the interest earned on that money becomes
a part of the insurance cost equation.
Types of Life Insurance
There are two basic types of life insurance.
 Term Insurance
 Whole Life Insurance
Term Insurance
Term insurance covers insured for a term of one or more years. It pays a death benefit only if
insured die in that term. Term insurance generally offers the largest insurance protection for
insured premium dollar. It generally does not build up cash value, and it may not be renewable at
the end of the term or may cost considerably more to continue.
Term insurance is the easiest life insurance to understand. Insured pay a premium for a death
benefit only. Level Term insurance coverage is usually for a specified period of time. The
insurance carrier provides coverage for a specific period (up to 30 years) for a level premium,
which is usually guaranteed, after which the coverage is often dropped.
Term insurance policies often contain a conversion provision. This allows the insured the option
to convert the Term policy to a Permanent policy at current age and insurance rates, without
providing evidence of insurability. This is a very important provision, especially if the
policyholder has suffered a change in health.
Term insurance is typically used for short term coverage. Often it is used for those who have a
large insurance need but lack the cash flow currently and will convert the coverage to Permanent
coverage in the future.
Whole Life Insurance
Whole Life insurance goes by several names, such as universal life, variable universal life and
whole life. Permanent insurance provides long-term financial protection. These policies include

both a death benefit and, in some cases, cash savings. Because of the savings element, premiums
tend to be higher.
A Whole Life policy provides a guaranteed death benefit as long as premiums are paid, as well
as a guaranteed cash value. Most Whole Life policies also provide for additional cash value
through dividends.
Whole Life insurance was easy for actuaries to design. Similar to 10 or 20 year level Term
premiums, the Whole Life premium is the result of an actuarial calculation that levels the
increasing mortality costs and spreads them over the life of the policyholder.
A part of the return earned on the insurance company investment portfolio can be returned to the
policyholder. Whole Life policies are either participating or non-participating.
In a non-participating policy the policyholder receives a guaranteed cash value only as stipulated
in the contract. If a non-participating policy happens to be profitable, the profits will be returned
to the shareholders - since non-participating policies are usually issued by stock companies.
Participating Whole Life policies are issued by Mutual companies. Mutual insurance companies
are owned by the policy owners. Participating polices provide contractually guaranteed cash
values, as well as dividends. The dividends are considered to be a return of premium and are paid
when premiums received turn out to be more than the company needs, because fewer insured‘s
die, expenses are lower, or portfolio returns are more than expected. Dividends can fluctuate
above and below. Since it is relatively easy to predict both how many insured‘s will die in a
particular year and the expenses associated with a life insurance contract, the greatest
determining factor in a dividend scale will typically be the investment results in the General
Account.
The dividends that are earned on a policy can be used in a number of ways. They can be used to
reduce the future premium that is to be paid. By this method a policyholder can ―vanish‖ a
premium, as long as dividends remain sufficient to pay the policy premium. Dividends can also
be taken in cash or used to purchase additional insurance (paid up additions).It should be
understood that when a policy premium is expected to be paid by dividends this expectation is
based on an assumption that may or may not come true. Too often, it is assumed that a policy

will become ―paid up‖ at some point in time only to have dividends drop, necessitating the
payment of additional premiums.
Whole Life policies have fixed premiums, premium does not always have to be paid out of
pocket. As we mentioned, dividends can pay the premium or even a portion of the premium. The
premium can also be paid from the cash value of ―paid up additions‖ those little paid up policies
within the contract that are purchased with dividends. If the dividend or other sources are not
enough to pay the policy premium, the premium can be paid by a policy loan.
Whole Life insurance is a fixed premium product. The insurance company issues a premium
based on age, sex and health. The stated premium cannot be increased. As long as the premium is
paid, the death benefit is guaranteed. The investment portion of the contract has a guaranteed
cash value and a dividend that can be used to decrease the number of years of premiums paid.
The unique advantage of Whole Life insurance is that lifelong insurance coverage can be
purchased for a guaranteed, level premium, with the underlying investment backing the coverage
being managed by professionals. The insurance company portfolio is invested in a manner
designed to provide a stable and historically consistent result.2
2
www.google.co.in/#q=introduction+of+life+insurance

Factors Affect Life Insurance Premiums
1. The age insured purchase their policy

The older they are, the more expensive the premiums.
2. Insured’s overall health
Life insurance companies typically ask them about their medical history, request access
to medical records and even obtain blood and urine samples for testing.
3. Pre-existing and/or chronic health problems
Such as diabetes, heart disease, cancer or sexually transmitted diseases may prevent
insured from getting life insurance or place them in a high-risk pool at greater cost.
4. Poor health habits
Such as smoking and excessive drinking. Be aware that insurance companies may look
back and consider these behaviors for the past five years.
5. Engaging in dangerous hobbies
Such as skydiving, skiing or rock climbing
6. Insured’s driving record
In terms of accidents, DWI citations, claims and tickets. The better their record, the better
rates they will receive for their life insurance.
7. Insured’s geographic area
Life insurance companies have access to regional data that document mortality rates and
life expectancy, and they use that data to calculate the rates they offer.3
3
http://www.cbs.state.or.us/ins/consumer/insure-u/IUlife

1.2 Global scenario of Life Insurance
The global insurance industry is one of the largest sectors of finance. It ranges from consumer to
corporate and industrial insurance, and even reinsurance, or insurance of insurance.
The major insurance markets of the world are obviously the US, Europe, Japan, and South
Korea. Emerging markets are found throughout Asia, specifically in India and China, and are
also in Latin America.
With the internet and other forms of high-speed communication, companies and individuals are
now able to purchase insurance and related financial products from almost anywhere in the
world. Increasing affluence, especially in developing countries, and a rising understanding of the
need to protect wealth and human capital has led to significant growth in the insurance industry.
Given the evolving and growing socio-economic conditions worldwide, insurance companies are
increasingly reaching out across borders and are offering more competitive and customized
products than ever before.
Global insurance platform has witnessed a phenomenal change over the past decade. The forces
of globalization and liberalization have brought the insurance companies across the world closer
to each other than ever before. The insurance landscape has changed significantly over the years
due to many unforeseen incidents around the world like 9/11, SARS, derailment of corporate
governance, natural disasters like Tsunami, Hurricane Katrina etc. Outsourcing is another major
development in the insurance sector. Waning margins, massive claims disbursement and
increasing competition in recent years, especially post 9/11, have compelled insurance
companies to opt for outsourcing, to improve efficiency and channelize resources towards the
core functions like product development and innovation.
Over the past ten years, global insurance premiums have risen by more than 50%, with annual
growth rates ranging between 2 and 10%. In 2004, global insurance premiums amounted to $3.3
trillion. The global insurance market grew by 7.6% in 2007 to reach a value of $3,688.9 billion.

In 2012, the global insurance market is forecast to have a value of $4,608.5 billion, an increase
of 24.9% since 2007. Life insurance dominates the global insurance market, accounting for
59.7% of the market′s value. Europe accounts for 39.3% of the global insurance market′s value.
AXA generates 4.4% of the global insurance market‘s value.
Top ten global insurance companies are American intl group (USA), AXA group (France),
Allianz worldwide (Germany), Manulife financial (Japan), General Group (Italy), Prudential
financial (United States), Met life (United States), Aviva (United Kingdom) and Aegon
(Netherland).4
The majority of life insurance policies around the world can be classified into three general
categories: (1) policies providing death coverage only;(2) policies providing both a death
coverage and a savings component; and, (3) policies serving primarily as saving vehicles. What
are known as term policies in the U.S. fall within the first category. Premiums for these policies
essentially cover the cost of mortality risk, administrative expenses and a profit loading. Policies
in the second category, popularized as whole life, universal life, and variable life in the U.S.,
generally have higher premiums that include an explicitly or implicitly defined savings
component. This additional component typically earns interest and is returned to the consumer
through policy dividends, cash-values on termination of the policy, or endowment sum on
maturation of the policy. Policies in the third category, which are not common in the U.S. but
have been popularized in other countries, are primarily savings vehicles. While they offer little or
no mortality coverage, they are often considered life insurance policies since they are marketed
and sold by life insurers.5
4
http://insuranceinfo.my-place.us
5
http://elibrary.worldbank.org/doi/pdf

1.3 Indian scenario of Life Insurance
In India, insurance has a deep-rooted history. It finds mention in the writings of Manu
(Manusmrithi ), Yagnavalkya ( Dharmasastra ) and Kautilya ( Arthasastra ). The writings talk in
terms of pooling of resources that could be re-distributed in times of calamities such as fire,
floods, epidemics and famine. This was probably a pre-cursor to modern day insurance. Ancient
Indian history has preserved the earliest traces of insurance in the form of marine trade loans and
carriers‘ contracts. Insurance in India has evolved over time heavily drawing from other
countries, England in particular.
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 were also

allegations of unfair trade practices. The Government of India, therefore, decided to nationalize
insurance business.
An Ordinance was issued on 19th January, 1956 nationalizing the Life Insurance sector and Life
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.6
Life Insurance is the fastest growing sector in India since 2000 as Government allowed Private
players and FDI up to 26% and recently Cabinet approved a proposal to increase it to 49%. Life
Insurance in India was nationalized by incorporating Life Insurance Corporation (LIC) in 1956.
All private life insurance companies at that time were taken over by LIC.
In 1993, the Government of India appointed RN Malhotra Committee to lay down a road map for
privatization of the life insurance sector.
While the committee submitted its report in 1994, it took another six years before the enabling
legislation was passed in the year 2000, legislation amending the Insurance Act of 1938 and
legislating the Insurance Regulatory and Development Authority Act of 2000. The same year the
newly appointed insurance regulator - Insurance Regulatory and Development Authority
IRDA—started issuing licenses to private life insurers.
6
http://www.irda.gov.in/ADMINCMS/cms/NormalData_Layout.aspx

Foreign Direct Investment (FDI) Policy in Insurance Sector
As per the current (March 2006) FDI norms, foreign participation in an Indian insurance
company is restricted to 26.0% of its equity / ordinary share capital. The Insurance Regulator has
stipulated that foreign investment in Indian Insurance companies be limited to 26% of total
equity issued (FDI limit) with the balance being funded by Indian promoter entities. The limit to
foreign investment includes both direct and indirect investment and has been a cause of
significant lobbying by foreign insurance companies for a change in regulations to increase the
FDI limit to 49% of equity issued.
The Indian government has supported an increase in the FDI limit, which requires a change in
the Insurance Act. The Union Budget for fiscal 2005 had recommended that the ceiling on
foreign holding be increased to 49.0%.
A change in the Insurance Act requires a passage of the bill in both houses of Parliament. The
Indian government has tabled the bill in the Upper House of Parliament in August 2010.
Initial Public Offer (IPO) rules for Indian Life Insurance Companies
A key piece of legislation impacting on the Life Insurance industries capital raising abilities is
the lock-in period of 10 years for investment to be limited to promoter group equity investments.
Under the Insurance Guidelines, Indian Life Insurance companies can opt for a public issue of
equity through an Initial Public Offer (IPO) after 10 years of operations.
In October 2010, the securities market regulator, Securities and Exchange Board of India (SEBI),
issued disclosure norms for Indian Life Insurance Companies seeking to make an initial public
offer for sale of equity shares to the public.7
7
http://en.wikipedia.org/wiki/Life_insurance_in_India

1.4 Major players of Life Insurance
Life Insurer in Public Sector
1. Life Insurance Corporation of India
Life Insurers in Private Sector
1. SBI Life Insurance
2. PNB Metlife India Life Insurance
3. ICICI Prudential Life Insurance
4. Bajaj Allianz Life Insurance
5. Max Life Insurance
6. Sahara Life Insurance
7. Tata AIG Life
8. HDFC Life
9. Birla Sun Life Insurance
10. Kotak Life Insurance
11. Life Insurance Corporation of India
12. Aviva Life Insurance
13. Reliance Life Insurance Company Limited - Formerly known as AMP Sanmar LIC
14. ING Vysya Life Insurance
15. Shriram Life Insurance
16. Bharti AXA Life Insurance Co Ltd
17. Future Generali Life Insurance Co Ltd
18. IDBI Fedaral Life Insurance

19. AEGON Religare Life Insurance
20. DLF Pramerica Life Insurance
21. CANARA HSBC Oriental Bank of Commerce
22. Star Union Dia-ichi Life Insurance Co. Ltd
23. Edelweiss Tokio Life Insurance Company Ltd8
Top 10 Life Insurance Companies in India9
1. Life Insurance Corporation of India (LIC)

2. SBI Life Insurance
3. Birla Sunlife Insurance
4. Reliance Life Insurance (RLIC)
5. ICICI Prudential Life Insurance
6. Tata AIG Life Insurance
7. ING Vysya Life Insurance
8. Bajaj Allianz Life Insurance
9. Max Life Insurance
10. HDFC Standard Life Insurance
8
http://www.irda.gov.in/ADMINCMS/cms/NormalData_Layout.asp
9
http://top10companiesinindia.com

1) Life Insurance Corporation of India (LIC)
Corporate Office – Mumbai, Maharashtra
Employees - 115900+
Business – Financial services
Establishment – 1956
Website – www.licindia.in
Details – Best Insurance Company in India dominating the market since then it established in
market. In other word, It is the synonyms of Insurance in India, most important they have best
settlement ratio.
2 ) SBI Life Insurance
Employees – 7300+
Business – Insurance
Website -www.sbilife.co.in
Details -State bank of India life insurance is a joint venture between BNP Paribas Cardif holding
74:26 ratios. It has great hold in Indian market as far as concern of Finance and banking sector,
best in insurance sector after LIC.

3 ) Birla Sunlife Insurance
Employees – 133000+
Business – Financial services
Website -www.birlasunlife.com
Details - It is financial and Insurance Company, a Joint venture of Aditya Birla and Sun life
Insurance. Company offers life insurance products including health, wealth and retiral plans.
4 ) Reliance Life Insurance (RLIC)
Corporate Office – Navi Mumbai,Maharashtra
Employees – 1000+
Website -www.reliancelife.com
Details – Company is group company of Reliance, among of top insurance company in India. In
year 2011 Nippon life insurance, Japan acquired 26% share in this company.

5 ) ICICI Prudential Life Insurance
Corporate Office – United Kingdom
Business – Life Insurance
Website -www.iciciprulife.com
Details – ICICI prudential is a joint venture between ICICI and prudential Plc, United kingdom.
ICICI Prudential offers wide range of Insurance Products including health, wealth, life insurance,
medical insurance and retiral solutions.
6 ) Tata AIG Life Insurance
Website -www.tataaiginsurance.in
Details – Tata AIG is a joint venture between Tata and AIG, It is flagship company of Tata
group. Started insurance business in year 2001, company launched many insurance products such
as Motor, travel, health and accidental insurance.

7 ) ING Vysya Life Insurance
Corporate Office – Bangalore, Karnataka
Employees – 7800+
Website -www.inglife.co.in
Details – ING vysya is a insurance company offers insurance policies and retiral plans. It has
been serving in more than 200 cities in India and almost 10 lacs customer base.
8 ) Bajaj Allianz Life Insurance
Corporate Office – Pune
Employees – 1000+
Website -www.bajajallianz.com
Details – It is a private Insurance company offers many insurance plan & policies including
ULIP, pension plans and term Insurance.

9 ) Max Life Insurance
Corporate Office – New Delhi
Employees – 8000+
Business – Financial Services
Website -www.maxlifeinsurance.com
Details – Max life insurance is another private company offers Insurance plans for everyone.
10 ) HDFC Standard Life Insurance
Website -www.hdfclife.com
Details – Group Company of giant Housing development finance corporation, it is joint venture
with Standard life Insurance.

1.5 Product profile of Life Insurance in India
Life insurance products come in a variety of offerings catering to the investment needs and
objectives of different kinds of investors. Following is the list of broad categories of life
insurance products:
 Term Insurance Policies
The basic premise of a term insurance policy is to secure the immediate needs of nominees or
beneficiaries in the event of sudden or unfortunate demise of the policy holder. The policy holder
does not get any monetary benefit at the end of the policy term except for the tax benefits he or
she can choose to avail of throughout the tenure of the policy. In the event of death of the policy
holder, the sum assured is paid to his or her beneficiaries. Term insurance policies are also
relatively cheap to acquire compared to other insurance products.
 Money-back Policies
Money back policies are basically an extension of endowment plans wherein the policy holder
receives a fixed amount at specific intervals throughout the duration of the policy. In the event of
the unfortunate death of the policy holder, the full sum assured is paid to the beneficiaries. The
terms again might slightly vary from one insurance company to another.
 Unit-linked Insurance Policies (ULIP)
Unit linked insurance policies again belong to the insurance-cum-investment category where one
gets to enjoy the benefits of both insurance and investment. While a part of the monthly premium
pay-out goes towards the insurance cover, the remaining money is invested in various types of

funds that invest in debt and equity instruments. ULIP plans are more or less similar in
comparison to mutual funds except for the difference that ULIPs offer the additional benefit of
insurance.
 Pension Policies
Pension policies let individuals determine a fixed stream of income post retirement. This
basically is a retirement planning investment scheme where the sum assured or the monthly pay-
out after retirement entirely depends on the capital invested, the investment timeframe, and the
age at which one wishes to retire. There are again several types of pension plans that cater to
different investment needs. Now it is recognized as insurance product and being regulated by
IRDA.10
10

REVIEW OF LITERATURE
It has been observed that insurance agents should constantly monitor the level of satisfaction
among his/her customers to keep themselves close to the customers for fulfilling their needs
(Joseph et al., 2003). Ennew et al. (1993) indicated that a comparison of mean scores on the
importance of service attributes provides a very effective method of measuring the ability of
services to meet the needs of the customers. Perceived service quality has a significant effect on
the attitude towards obtaining insurance (Arora and Stoner, 1996). Moreover, the degree of
success in the implementation of enterprise mobilization in the life insurance industry is
positively correlated to the management performance of external aspects like providing increased
customer satisfaction (Luarn et al., 2003).
Customer satisfaction and the salesperson‘s relation orientation significantly influences the
future business opportunities and as the salespersons are able to enhance their relationships with
the clients, clients are more satisfied and are more willing to trust, and thus secures the long-term
demand for the services (Tam and Wong, 2001).
According to Hellier et al. (2003) found that in insurance purchase brand preference is an
intervening factor between customer satisfactions and repurchase intention and the main factor
influencing the brand preference is the perceived value and customer satisfaction. The company
and agent‘s service quality as well as recommendations of friends are factors that significantly
affect decisions of purchasing life insurance policies (Chow-Chua and Lim, 2000).
According to Stafford et al. (1998) in a study on auto-casualty industry proved that reliability is
consistently the most important determinant of both perceived service quality and feelings of
satisfaction among customers engaged in auto-insurance claims. No such study has been carried
out in the area of life insurance. Given the importance of the life insurance industry in India in
terms of increasing market size, growing competition and the share of the total insurance
premium market, this paper attempts to identify the service quality dimensions which contribute
to the maximum customer satisfaction in the life insurance industry of India. Objective the
objective of the study is to identify the dimension/s of service quality that ensures maximum
satisfaction for the customers in the life insurance industry.

According to Lawler Edward (1995) explained that companies are successful which possess
quality service in the top of their vision list. Protective Life Insurance Company depended on
Loma‘s FOCUS Customer Service Survey to get feedback from customers on how they were
being served. They measured customer satisfaction differently and determined the most common
causes for customer dissatisfaction and to eliminate them. The Insurance companies basically
have similar products, similar services, and similar technology. In fact, everything the company
does was tied to its core values which inurn tied with its employee‘s performance. Employees
agree with this continuous improvement process. They conclude as people never like to buy
insurance, so service provider must make it as easy and pleasant as possible and that was one
focus of continuous improvement in service provided for the benefit of the customer.
According to Gregory A. Kuhlemeyer (1999) conducted a research on consumer satisfaction

relevant to the purchase of life insurance products and compares satisfaction in an agent assisted
transaction with satisfaction when no agent is used. Benchmarks, Identified for consumer
satisfaction, are the life insurance product, the agent, and the institution. The hypothesis of the
study was that, consumer satisfaction with the life insurance purchase is primarily a function of
the trust of a policy holder on his agent or on the insurance company, agent's competence, the
product selected by the consumer, the financial safety, and fulfillment of consumer goals.
Duncan I.Simester (1999) described two related quasi-experiments, one in the United States and
one in Spain, in which a sophisticated, high-technology firm designed and implemented
customer-satisfaction improvement programs. Although the interventions implemented in the
two countries are differed in some respects, both interventions were targeted at five targeted
customer needs and the same type of business-to-business customers are selected. In each
country, the programs were implemented in ‗treatment‘ regions, but not in ‗control‘ regions and
the firm collected pre-test and post-test satisfaction measures for targeted and non-targeted
needs.

According to Tom Moormann (1999) explored how the life insurance industry is addressing the
issue of measuring customer satisfaction as satisfied customers are vitally important to life
insurance companies, where retention plays a large role in determining a company‘s revenue
stream, and ultimately its profitability.
Stephen Diacon and Chris O’Brien (2002) conducted a study to determine the nature of
systematic differences in persistency according to company size, efficiency, and ownership
structure. Good persistency was also of vital importance to the financial performance of life
insurance companies. Early withdrawal often means that product providers are unable to recoup
their business acquisition expenses.
According to Nina L Reynolds (2005) discussed several types of equivalence that need to be
considered to assess the comparability of the construct of Customer Satisfaction / Dissatisfaction
(CS/D) cross nationally. If CS/D equivalence was not rigorously established, using CS/D as a
culture -free input variable may result in international marketing strategies that were sub-
optimal. In order to establish CS/D equivalence, the analysis conducted at three levels namely
the antecedent factors, CS/D formation process and the behavioral outcomes. They concluded
that the axiomatic assumption of higher the level of customers satisfaction, higher the brand
loyalty and the customer retention rates and which may not be culturally free. The author found
that this assumption holds true in international markets and it will allow marketing managers to
perform successfully.
According to Jagannath and Santhosh Singh Bais (2006) analyzed that customer satisfaction is
of paramount importance to all the insurance companies in general and life insurance companies
in particular. The authors have identified and discussed the issues and challenges such as the
regulatory framework, simplification and rationalization of insurance laws. They concluded that
the success would depend on the LIC of India‘s ability to understand the customer needs and
offer the services at the lowest prices with best quality.11
11
http://shodhganga.inflibnet.ac.in/bitstream/10603/4967/8/08

3.1 Title of the Research
A Study on ―Customer Satisfaction towards Life Insurance.‖
3.2 Research Objective
Primary objective
In the research the primary objectives is to study Consumer Customer Satisfaction towards Life
Insurance.
Secondary objective
 To study the customer perception of life insurance
 To know about the various Investment alternatives that mostly preferred by the people.
 To study the awareness of Life insurance plans
 To study the level of satisfaction of customer after invest in sslife insurance

3.3 Research Design
This survey is carried out through personal interview of the respondents the study basically a
Descriptive research.

3.4 Questionnaire Design
In this survey, answers were of interest not intrinsically but because there exists a relationship to
something we were supposed to measure. Our questionnaire was reliable and provided consistent
results. In comparable situations, and valid; answers correspond to what they are intended to
measure .It is always what they are intended to measure. It was always important to us to
remember that the answers are valuable to us to the extent that it can be shown to have a
predictable relationship to factor subjective states that are of interest. There were two main
objectives in mind while designing the questionnaire:
 To maximize the proportion of subjects answering our questionnaire – that is, the
response rate.
 To obtain accurate relevant information for our survey.
3.5 Sources of Data
There are two types of data sources.
1). Primary Data.
2). Secondary Data.
3.5.1 Primary data:
In the research the customers will be surveyed to collect the primary data.
3.5.2 Secondary data:
In the research the secondary data are collected from web-site of company, browser, department
documents, books etc.

3.6 Sampling Methodology
 Sampling locations – Ahmadabad and Kadi.

 Sampling units – People who having a Life Insurance.
 Sampling techniques – Non-Probability Sampling (Convenient Sampling).
 Sample size – 150
 Mode of survey – Personalized Interviews- Questionnaire
3.7 Sampling Technique
In the research, Non-probability convenience sampling method is used because it is relied on

the personal judgments of the researcher. In that Convenience sampling is used in Project study.
Convenience Sampling
A non-probability sampling technique that attempts to obtain a sample of convenient elements.

The selection of sampling units is left primarily to the interviewer.
3.8 Data Collection Instrument
In the research data collection instrument used structured Questionnaire
3.9 Analytical Techniques Applied
The Study was carried out applying following analytical tools.
1) Descriptive Statistics
2) Reliability statistics
3) One – Way ANOVA
4) Chi- square ( Hypothesis Testing)
The analysis is carried out by using software such as SPSS 18 & MS Excel 2007.

3.10 Limitation of study
It is a small sample size of 150 respondents so, to come out with conclusive remark a larger
sample size research can be carried out.

Q1. Do you have any Life insurance policy?
Particular No. of Percentage

Respondent
Yes 150 100%
No 0 0%
Total 150 100%
No. of Respondent having Life Insurance

Policy
0%
Yes
No
100%
Interpretation:
As per the research select 150 respondents who are having life insurance policy. On that base
measure satisfaction level of them.

Q2. Since how long you have Life insurance policy?
Particular No. of Respondent Percentage
1 to 5 years 36 24%
6 to 10 years 56 38%
11 to 15 years 38 25%
More than 16 years 20 13%
Total 150 100%
Time durations of Life Insurance Policies
13% 24%
25% 1 to 5 years
6 to 10 years
11 to 15 years
38% More than 16 years
Interpretation:
As per the research analyze that out of 150 respondents 36 respondents are having life insurance
policy since 1 to 5 years, 56 respondents are having life insurance policy since 6 to 10 years, 38
respondents are having life insurance policy since 11 to 15 years and remaining 20 respondents
are having life insurance policy since more than 16 years.

Q3. How many Life insurance policies do you have?
No. of Policies No. of Respondent Percentage
1 Policy 102 68%
2 Policies 48 32%
Total 150 100%
No. of Life Insurance Policies
32%
1 Policy
68%
2 Policies
Interpretation:
As per the research analyze that out of 150 respondents 102 (68%) respondents are have one
policy and remaining 48 (32%) respondents are having two policies.

Q4. Why you invest in Life insurance?

Premium is reasonable 26 7%
Tax advantage 96 27%
Security purpose 124 35%
Investment 58 16%
Returns 52 15%
Others 2 1%
Total 358 100%
Reasons for Invest in Life Insurance
1%
14% 7% Premium is reasonable

27% Tax advantage
16%
security purpose
Investment
35%
Returns
Others
Interpretation:
As per the research analyze that out of 150 respondents most of (124) respondents are invest in
life insurance because of security purpose, some (58) respondents are invest in life insurance
because investment purpose and less (26) respondents are invest in life insurance because
policy‘s premium is reasonable.

Q5. Which company’s Life Insurance policy do you have?
Company No. of respondents Percentage
Life Insurance corporation 72 48%
SBI Life Insurance 14 10%
Birla Sun Life Insurance 2 1%
Reliance Life Insurance 8 5%
ICICI Prudential Life Insurance 8 5%
Tata AIG Life Insurance 10 7%
ING Vyash Life Insurance 6 4%
Bajaj Alliance Life Insurance 10 7%
Max Life Insurance 12 8%
HDFC Standard Life Insurance 8 5%
Total 150 100%
First Policy of Respondents Life Insurance corporation

SBI Life Insurance
7% 5% Birla Sun Life Insurance
8%
4% Reliance Life Insurance
48%
ICICI Prudential Life Insurance
7%
Tata AIG Life Insurance
5%
5% ING Vyash Life Insurance
10% Bajaj Alliance Life Insurance
Max Life Insurance
1% HDFC Standard Life Insurance
Interpretation:
As per the research analyze that out of 150 respondents 48% (72) respondents are having their
first policy of LIC (Life Insurance Corporation) it means that LIC having very high market share
as compared to other life insurance‘s companies and only 1% (2) respondents are having their
first policy of Birla Sun Life Insurance it means that Birla Sun Life Insurance having very less
market share as compared to other life insurance‘s companies.

Total 48 100%
Second Policy of Respondents

Life Insurance corporation
SBI Life Insurance

25% 9% Reliance Life Insurance
4% ICICI Prudential Life Insurance
8% Tata AIG Life Insurance
13%
6% 8%
Bajaj Alliance Life Insurance
Max Life Insurance
HDFC Standard Life Insurance
Interpretation:
As per the research analyze that out of 48 respondents 25% (12) respondents are having their
second policy of Max Life Insurance it means that Max Life Insurance have good image in a
mind of that customers who having two policies.

Q6. When you think about Life Insurance, which Company you can recall now?
Total 150 100%
Firstly Recall Company

SBI Life Insurance

7% 5%
Reliance Life Insurance

6% 52%
5%

1% Max Life Insurance
Interpretation:
As per the research analyze that when respondents think about life insurance at that time out of
150 respondents highest (78) respondents are firstly recall LIC (Life Insurance Corporation) it
shows that LIC covers first position in the mind of Life Insurance‘s customer as compare to other
companies.

Total 150 100%
Secondly Recall Company

SBI Life Insurance
7%
9% 8% ICICI Prudential Life Insurance
7% 12%
5% 4% Bajaj Alliance Life Insurance
Max Life Insurance
Interpretation:
As per the research analyze that out of 150 respondents most of (25%) respondents when think
about life insurance they secondly recall LIC (Life Insurance Corporation) it shows that as
compare to other life insurance‘s companies LIC covered very high position in the mind of Life
Insurance‘s customers.

ING Vyasya Life Insurance 34 23%
Total 150 100%
Lastly Recall Company

5% 8% SBI Life Insurance

8% 5%
12%
23% Tata AIG Life Insurance
Max Life Insurance
Interpretation:
As per the research analyze that out of 150 respondents 23% of respondents when think about
life insurance at that time they lastly recall ING Vyash Life Insurance it shows that after LIC
(Life Insurance Corporation) ING Vyash having good position in the mind of respondents.

Q7. Which type of the Life insurance plans do you have?
Insurance Plan No. of Respondent Percentage

Term Insurance Plan 26 14%
Money-back Plan 44 24%
Endowment Insurance Plan 58 32%
Pension Plan 16 9%
Unit-linked Insurance Plan 14 8%
Whole Life Insurance Plan 24 13%
Total 182 100%
Type of having the Life Insurance Plan
Term Insurance Plan

13% 14%
8% Money-back Plan
9% 24% Endowment Insurance Plan
Pension Plan
32%
Unit-linked Insurance Plan
Whole Life Insurance Plan
Interpretation:
As per the research analyze that out of 150 respondents 32% (58) respondents are having
Endowment Insurance Plan of Life Insurance and only 8% (14) respondents are having Unit
Linked Insurance Plan of Life Insurance.

Q8. If you have money back policies, are you received the money back amounts on time?
Yes 38 86%
No 6 14%
Total 44 100%
Receive Money on Time
14%
Yes
No
86%
Interpretation:
As per the research analyze that out of 150 respondents 44(24%) respondents are having Money
Back Plan and out of them 86%(38) respondents are received their money back amount on time
and 14%(6) respondents are not received their money back amount on time.

Q9. Which type of premium paying mode do you prefer?
Premium paying mode No. of Respondent Percentage
Online payment 88 59%
Offline payment 62 41%
Total 150 100%
Premium Paying Mode
41%
59% Online payment

Offline payment
Interpretation:
As per the research analyze that out of 150 respondents 59%(88) respondents are prefer online
payment mode for their premium payment and remaining 41%(62) respondents are prefer offline
payment mode for their premium payment.

Q10. What type of premium mode do you prefer for your policy?
Premium mode No. of Respondent Percentage
Monthly 22 15%
Quarterly 32 21%
Half yearly 64 43%
Annually 32 21%
Total 150 100%
Prefered Premium Paying Mode
21% 15%
21% Monthly
Quarterly
Half yearly
43%
Annually
Interpretation:
As per the research analyze that out of 150 respondents 43% (64) respondents are prefer half
yearly premium paying mode and only 15% (22) respondents are prefer monthly premium
paying mode.

Q11. Are you receiving premium notices regularly?
Yes 144 96%
No 6 4%
Total 150 100%
Regularly Receive Premium Notices
4%
Yes
No
96%
Interpretation:
As per the research analyze that out of 150 respondents 96% (144) respondents are receive their
premium notice regularly and remaining 4% (6) respondents are not receive their premium notice
regularly.

Q12. Through which source the Life insurance policy do you purchase?
Agent 120 80%
Banc assurance 20 13%
Company 10 7%
Other 0 0%
Total 150 100%
Sources of Life Insurance

0%
7%
13%
Agent
Banc assurance
Company
80%
Other
Interpretation:
As per the research analyze that out of 100% (150) respondents 80% (120) respondents purchase
their policy through agent and only 7% (10) respondents purchase their policy direct through
company.

Are you satisfied with the services provided by them?
Yes 144 96%
No 6 4%
Total 150 100%
Satisfaction From Service Provider
4%
Yes
No
96%
Interpretation:
As per the research analyze that out of 150 respondents 96% (144) respondents are satisfied with
service provided by their policy provider and remaining 4%(6) respondents are not satisfied with
service provided by their policy provider.

Q13. Are you satisfied with the features of your policy including below.
Rank them between 1 to 7 (1 for very good and 7 for very bad)
Features 1 2 3 4 5 6 7 Weighted Rank
Average
Premium 70 16 24 14 8 12 6 816 1
Premium paying mode 22 34 28 30 14 16 6 698 2
Policy term 24 34 12 26 26 6 22 648 3
Accessibility in claim 14 28 26 32 20 18 12 632 4
settlement
Post sales services 4 14 28 22 38 22 22 520 5
Bonus & Interest 14 12 10 14 16 46 38 454 6
Charges 2 12 22 12 28 30 44 432 7
Total 150 150 150 150 150 150 150
Interpretation:
As per the research analyze that all respondents are highly satisfy with premium of their policy,
neutral with accessibility in claim settlement and least satisfy with charges of their policy.
Q14. State your satisfaction level on investment in life insurance.
Factors Highly Satisfied Neutral Dissatisfied Highly Total

satisfied dissatisfied
Initial document process 30 94 22 2 2 150
Policy coverage 36 44 68 2 0 150
Capital growth 18 56 66 8 2 150
Knowledge of adviser 28 58 54 10 0 150
Return 50 72 24 4 0 150
Service provided by 18 96 32 2 2 150
representative
Advices provided by 36 72 36 2 4 150
representative
Tax benefit 38 54 52 6 0 150
Claim settlement process 36 92 18 4 0 150
Company profile & brand name 50 58 38 2 2 150
Interpretation As per the research analyze that out of 100% respondents 69.07% respondents
are satisfied with all the factors related after invest in life insurance policy and 3.60%
respondents are dissatisfied with all the factors related after invest in life insurance policy.

Descriptive Statistics
N Minimum Maximum Mean Std.
Deviation
Initial document process 150 1 5 2.01 .723
Policy coverage 150 1 4 2.24 .833
Capital growth 150 1 5 2.47 .825
Knowledge of adviser 150 1 4 2.31 .851
Return 150 1 4 1.88 .768
Service provided by 150 1 5 2.16 .696
representative
Advices provided by 150 1 5 2.11 .876
representative
Tax benefit 150 1 4 2.17 .857
Claim settlement process 150 1 4 1.93 .682
Company profile & brand name 150 1 5 1.99 .875
Valid N (listwise) 150
Mean
3
0
Mean

DEMOGRAPHIC ANALYSIS
AGE:
AGE No. of respondents

18 to 25 48
26 to 32 30
33 to 40 48
Above 40 24
Total 150
AGE
16%
32%
18 to 25
26 to 32
32%
33 to 40
20%
Above 40
SEX:
SEX No. of respondents

Male 112
Female 38
Total 150
Sex
25%
Male
75% Female

EDUCATION:
EDUCATION No. of respondents

Up to 10 standard 22
Up to 12 standard 20
Graduation 36
Post graduation 72
Total 150
EDUCATION
15%
48% 13% Up to 10 standard
Up to 12 standard
24% Graduation
Post graduation
OCCUPATION:
OCCUPATION No. of respondents

Services 62
Business 56
Retired 6
House wife 14
Other 12
Total 150
OCCUPATION
9%
4% 8% Services
42%
Business
Retired
37%
House wife
Other

MONTHLY INCOME:
MONTHLY INCOME No. of respondents

Less than 10000 26
10000 - 25000 56
26000 – 40000 56
Above 40000 12
Total 150
MONTHLY INCOME
8% 17%
Less than 10000
37%
10000 - 25000
38% 26000 – 40000
Above 40000

5.1 Descriptive
Descriptive statistics
Statistics
N Mean Std. Deviation Skewness Kurtosis
Statistic Statistic Statistic Statistic Statistic

AGE 150 2.32 1.089 .092 1.334
SEX 150 1.25 .436 .546 1.697
EDUCATION 150 3.05 1.098 .785 1.783
OCCUPATION 150 2.05 1.247 .204 1.372
INCOME 150 2.36 .861 .204 1.700
Valid N (listwise) 150
Interpretation:
Skew is a measure of symmetry. In our Test, analyze that skewness of distribution is greater than
0.00. A normal distribution has skewness = 0. So we can say that our distribution is not
symmetric. Kurtosis is a measure of peakeness and the fat-tails that associate with less density in
the middle. A normal distribution has kurtosis = 3.0 or excess. Here the data on age, sex,
education, occupation and income of the respondent and data of Kurtosis & Skewness are not at
0 so from that it can be said that the data are not normally distributed and further test can be
applied.
5.2 Reliability statistics
Reliability Statistics
Cronbach's N of Items
Alpha
.672 24

Interpretation:
Generally the Cronbach‘s Alpha is used to measure the reliability of the data. Data having .60 are
considered as reliable. The reliability statistics shows a value of 0.672 for Cronbach's Alpha
which further confirm that the scale is reliable for further study.
5.3 One – Way ANOVA
NO. HYPOTHESIS SIGNIFICANCE RESULT

VALUE
Ho.1 There is no significance difference in the level of .271 ACCEPT
satisfaction of the respondent regarding Initial
document process between different Age group of the
respondent.
Ho.2 There is no significance difference in the level of .033 REJECT
document process between different Educations of the
respondent.
document process between different Occupations of
the respondent.
document process between different Monthly incomes
of the respondent.
satisfaction of the respondent regarding Policy
coverage between different Age group of the
respondent.

coverage between different Educations of the
respondent.

coverage between different Occupations of the
respondent.
coverage between different Monthly incomes of the
respondent.
satisfaction of the respondent regarding Capital
Growth between different Age group of the
respondent.
Growth between different Educations of the
respondent.
Growth between different Occupations of the
respondent.
Growth between different Monthly incomes of the
respondent.
satisfaction of the respondent regarding Knowledge of
adviser between different Age group of the
respondent.
adviser between different Educations of the
respondent.
adviser between different Occupations of the
respondent.
adviser between different Monthly incomes of the

respondent.
satisfaction of the respondent regarding Return
between different Age group of the respondent.
between different Educations of the respondent.
between different Occupations of the respondent.
between different Monthly incomes of the respondent.
satisfaction of the respondent regarding Service
provided by representative between different Age
group of the respondent.
provided by representative between different
Educations of the respondent.
Occupations of the respondent.
provided by representative between different Monthly
incomes of the respondent.
satisfaction of the respondent regarding Advices
provided by representative between different Age
group of the respondent.
Educations of the respondent.
52
Occupations of the respondent.
provided by representative between different Monthly
satisfaction of the respondent regarding Tax Benefit
between different Age group of the respondent.
between different Educations of the respondent.
between different Occupations of the respondent.
between different Monthly incomes of the respondent.
satisfaction of the respondent regarding Claim
settlement process between different Age group of the
respondent.
settlement process between different Educations of the
respondent.
settlement process between different Occupations of
the respondent.
settlement process between different Monthly incomes
of the respondent.
satisfaction of the respondent regarding Company
Profile & Brand Name between different Age group of
the respondent.

Profile & Brand Name between different Educations
of the respondent.
Profile & Brand Name between different Occupations
of the respondent.
Profile & Brand Name between different Monthly

H0: There is no dependency between preference of types of premium mode and Age of the
respondents.
H1: There is dependency between preference of types of premium mode and Age of the respondents.
Chi-Square test between preference of types of premium mode and Age
Chi-Square Tests
Value df Asymp. Sig.
(2-sided)
Pearson Chi-Square 21.758a 9 .010

Likelihood Ratio 21.876 9 .009
Linear-by-Linear 2.406 1 .121
Association
N of Valid Cases 150
Interpretation:
From the chi-square test output table we see that at 5% significance level the value of Pearson
chi-square is .010. So, the null hypothesis is failed to accept, which shows that there is
dependency between preference of types of premium mode and Age of the respondents.

H0: There is no dependency between preference of types of premium mode and Sex of the
respondents.
H1: There is dependency between preference of types of premium mode and Sex of the respondents.
Chi-Square test between preference of types of premium mode and Sex
Chi-Square Tests
(2-sided)
Linear-by-Linear .027 1 .868
Association
Interpretation:
chi-square is .441. So, the null hypothesis is accept, which shows that there is no dependency
between preference of types of premium mode and Sex of the respondents.

H0: There is no dependency between preference of types of premium mode and Education of the
respondents.
H1: There is dependency between preference of types of premium mode and Education of the
respondents.
Chi-Square test between preference of types of premium mode and Education
Chi-Square Tests
(2-sided)

Linear-by-Linear 1.228 1 .268
Association
Interpretation:
between preference of types of premium mode and Education of the respondents.

H0: There is no dependency between preference of types of premium mode and Occupation of the
respondents.
H1: There is dependency between preference of types of premium mode and Occupation of the
respondents.
Chi-Square test between preference of types of premium mode and Occupation
Chi-Square Tests
(2-sided)

Association
Interpretation:
chi-square is .034. So, the null hypothesis is failed to accept, which shows that there is
dependency between preference of types of premium mode and Occupation of the respondents.

H0: There is no dependency between preference of types of premium mode and Monthly income of the
respondents.
H1: There is dependency between preference of types of premium mode and Monthly income of the
respondents.
Chi-Square test between preference of types of premium mode and Monthly income
Chi-Square Tests
(2-sided)

Association
Interpretation:
between preference of types of premium mode and of the respondents.

Findings :
 38% respondents are having life insurance policy since 6 to 10 years and 13%
respondents are having life insurance policy since more than 16 years.
 68% respondents are having one policy because of their security purpose.
 35% respondents are investing in life insurance because of security purpose and 27%
respondents are investing in life insurance because of take advantage of tax.
 LIC having very high market share as compared to other life insurance‘s companies
because 48% respondents are having their first policy of LIC (Life Insurance
Corporation) and only 1% respondents are having their first policy of Birla Sun Life
Insurance it means that Birla Sun Life Insurance having very less market share.
 25% respondents are having their second policy of Max Life Insurance it means that Max
Life Insurance have good image in a mind of that customers who having two policies.
 32% respondents are having Endowment Insurance Plan of Life Insurance and only 8%
respondents are having Unit Linked Insurance Plan of Life Insurance.
 24% respondents are having Money Back Plan and out of them 86% respondents are
received their money back amount on time.
 59% respondents are preferring online payment mode for their premium payment.
 43% respondents are preferring half yearly premium paying mode and 21% respondents
are prefer annually premium paying mode.
 80% respondents purchase their policy through agent because trustworthiness of their
agent.
 96% respondents are satisfied with service provided by their policy provider.
 96.40% respondents are neutral to satisfied with factors related after invest in life
insurance policy.

Bibliography
WEBSITES :
http://www.youritm.com/Sites/17/docs/WP_MikeBrohawn
www.google.co.in/#q=introduction+of+life+insurance
http://www.cbs.state.or.us/ins/consumer/insure-u/IUlife
http://insuranceinfo.my-place.us
http://elibrary.worldbank.org/doi/pdf
http://www.irda.gov.in/ADMINCMS/cms/NormalData_Layout.aspx
http://en.wikipedia.org/wiki/Life_insurance_in_India
http://top10companiesinindia.com
http://shodhganga.inflibnet.ac.in/bitstream/10603/4967/8/08
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A

Bachelor of Business Administration

Hemchandracharya North Gujarat University,Patan

Under the guidance of

Name Mr. Priyanshu Bhavsar Mr.Jay Acharya Mr.Yash Bamaniya

SHRI B H GANDHI BBA COLLEGE,MODASA

SHRI B H GANDHI BBA COLLEGE,MODASA

We would like to thank to our respected principal Dr. TUSHAR BHAVSAR

SHRI B H GANDHI BBA COLLEGE,MODASA

[Jay Acharya] ______________

SHRI B H GANDHI BBA COLLEGE,MODASA

Chapter Sub No Particular Page

1 INTRODUCTION ABOUT THE INDUSTRY 1

SHRI B H GANDHI BBA COLLEGE,MODASA

SHRI B H GANDHI BBA COLLEGE,MODASA 1

Meaning of Life Insurance

Life insurance is a risk pooling method with certain singular characteristics.

The Pricing Structure of Life Insurance

The three primary pricing elements in all life insurance are:

SHRI B H GANDHI BBA COLLEGE,MODASA 2

Types of Life Insurance

There are two basic types of life insurance.

Whole Life Insurance

SHRI B H GANDHI BBA COLLEGE,MODASA 3

SHRI B H GANDHI BBA COLLEGE,MODASA 4

SHRI B H GANDHI BBA COLLEGE,MODASA 5

1. The age insured purchase their policy

SHRI B H GANDHI BBA COLLEGE,MODASA 6

SHRI B H GANDHI BBA COLLEGE,MODASA 7

SHRI B H GANDHI BBA COLLEGE,MODASA 8

SHRI B H GANDHI BBA COLLEGE,MODASA 9

SHRI B H GANDHI BBA COLLEGE,MODASA 10

SHRI B H GANDHI BBA COLLEGE,MODASA 11

Life Insurer in Public Sector

1. Life Insurance Corporation of India

Life Insurers in Private Sector

1. SBI Life Insurance

2. PNB Metlife India Life Insurance

3. ICICI Prudential Life Insurance

4. Bajaj Allianz Life Insurance

5. Max Life Insurance

6. Sahara Life Insurance

7. Tata AIG Life

9. Birla Sun Life Insurance

10. Kotak Life Insurance

11. Life Insurance Corporation of India

12. Aviva Life Insurance

14. ING Vysya Life Insurance

15. Shriram Life Insurance

16. Bharti AXA Life Insurance Co Ltd

17. Future Generali Life Insurance Co Ltd

18. IDBI Fedaral Life Insurance

SHRI B H GANDHI BBA COLLEGE,MODASA 12

20. DLF Pramerica Life Insurance

21. CANARA HSBC Oriental Bank of Commerce

22. Star Union Dia-ichi Life Insurance Co. Ltd

23. Edelweiss Tokio Life Insurance Company Ltd8

Top 10 Life Insurance Companies in India9

1. Life Insurance Corporation of India (LIC)

SHRI B H GANDHI BBA COLLEGE,MODASA 13

Corporate Office – Mumbai, Maharashtra

Business – Financial services