Project Report

On

Study on awareness of Life Insurance amongst

customers
At

Insplore Consultants

Submitted to

Global Business School and Research Centre

Dr. D. Y. Patil Vidyapeeth

Submitted by
Aravind Saravanan
FIN 16
Finance & Marketing

Under guidance
of
Dr. Shital Naikwade
_________________________________________________
Batch 2021-2023
Pune
GLOBAL BUSINESS SCHOOL & RESEARCH
CENTRE
Dr. D. Y. Patil Vidyapeeth, Pune - 411 033
i
 Certificate
This is to certify that Mr. Aravind Saravanan is a bonafide
student of Global Business School & Research Centre, for the
academic year 2022-2023 having M.B.A PRN 210501023 Roll
No. FIN 16 and has completed his Summer Internship Project
titled study on awareness of life insurance products amongst
customers. Towards partial fulfillment of the Master of Business
Administration degree. He worked out and completed the project
under our guidance in all respect. His work is found to be
satisfactory.
This Project has been checked for plagiarism in the specified
Software (Ithenticate) under supervision of the Research Centre,
GBSRC and it is within specified limit.

Signature
Dr. Shital Naikwade

Dr. Chetan Chaudhari

Director
Examined by:

1)
2)___________________________________Date:

ii
iii
 Declaration
I Aravind Saravanan hereby declared that all the facts and figures included
in the project report are result of my own research and investigations
including formal analysis of the entire project work and the same have not
been previously submitted to any examination of this University or any
other University.

The material borrowed from other sources and incorporated in the project
has been duly acknowledged and/or referenced.

I understand that I could be held responsible and accountable for

plagiarism, if any, detected later on.

This declaration will hold good and in my wise belief with full
Consciousness.

Date:

Place: Pune-411 033

Signature

Aravind Saravanan

iv
Plagiarism Report

Signature Signature
Aravind Saravanan Dr. Shital Naikwade

Signature Dr. Chetan Chaudhari

Prof Avinash Ghadge Director

v
 ACKNOWLEDGEMENT

The satiation and euphoria that accompany the successful completion of the project
would be incomplete without the mention of the people who made it possible.

I would like to take the opportunity to thank and express my deep sense of gratitude
to my corporate mentor Ms Sweta Choudhary and my faculty guide Dr. Shital
Naikwade.

I am greatly indebted to both of them for providing their valuable guidance at all
stages of the study, their advice, constructive suggestions, positive and supportive
attitude and continuous encouragement, without which it would have not been
possible to complete the project.

I would also like to thank Ms. Sweta Chaudhary who in spite of busy schedule has
co-operated with me continuously and indeed, his valuable contribution and
guidance have been certainly indispensable for my project work.

I am thankful to Director, Dr. Chetan Chaudhari for his consistent encouragement.

I owe my wholehearted thanks and appreciation to the entire staff of the company
for their cooperation and assistance during the course of my project.
I hope that I can build upon the experience and knowledge that I have gained and make
a valuable contribution towards this industry in coming future.

Date:

Place: Pune-411 033 Signature:

Aravind Saravanan

vi
 Table of Contents

Sr. No. Item Page No.

1 Cover Page i
2 College Certificate ii
3 Company Certificate iii
4 Declaration by Student iv
5 Plagiarism report v
6 Acknowledgement vi
7 Table of Contents , Index , Figure/ Chart/ Graph vii – x
8 Executive Summary xi
Chapter 1: Introduction to study
1.1 About the study
1.2 Purpose of study
9 1.3 Objectives of study 1-6
1.4 Significance of study
1.5 Scope of Study
1.6 Limitations of Study

Chapter 2: Company Profile

2.1 About the Company
10 2.2 Vision & Mission statement 7-9
2.3 Company History
2.4 Product & services

Chapter 3: Review of Literature, Theoretical and Conceptual

framework
11 10-12
Chorological, categorical or related theoretical viewpoints related to
the topic

Chapter 4: Research Methodology

4.1. Research Design
4.1.1. Type of research

12 4.2. Sources of data 13-14

4.2.1. Sources of Primary data
4.2.2. Sources of Secondary data

4.3. Methods used for Data collection

vii
 4.3.1. Interview /Survey/Observation /documents,
records/checklists
4.4. Sample design
4.5.1 Sampling Technique

4.4.1. Sampling Unit

4.4.2. Sample size

4.5. Tools used for data analysis

Chapter 5: Data Analysis & Interpretation

13 15-25
5.1.Data Analysis, tabulation of data and interpretations

Chapter 6: Findings ,Conclusion and Suggestions

6.1.Findings
14 26-27
6.2.Conclusion
6.3.Suggestions

15 References (Website, Company paper) 28

16 Annexure 29-30

viii
 Index

Sr. No. Items Page No

1 Executive Summary xi

2 Introduction to study 1

3 Company Profile 7

4 Review of Literature 10

5 Research & 13
Methodology

6 Data Analysis & 15

Interpretation

7 Finding Conclusion 24
Suggestion

8 References 26

9 Annexure 27

ix
 List of Figure/Chart/Graph

Figure Chart Graph Figure chart graph Page Number

Numbers title

1 Figure 1 Age 16

2 Figure 2 Gender 17

3 Figure 3 Annual 18
Income

4 Figure 4 Martial 19
Status

5 Figure 5 Do you 20
have insurance

6 Figure 6 21
Awareness of
insurance
companies
7 Figure 7 Factors 22
considered while
buying insurance
8 Figure 8 Influence 23
of Advertisement

9 Figure 9 Is 24
insurance
Important
10 Figure 10 Buying 25
experience

x
 Executive Summary

India's insurance markets are clearly expanding, necessitating that insurers take a
creative strategy to achieving long-term success. The report examines underlying
patterns in consumer awareness levels and how they affect insurers.

The report is based on a poll of 73 participants.

This paper seeks to enlighten various insurers on the variety and complexity of
insurance awareness issues. The purpose of this report is to educate those who know
little about insurance and to paint a complete picture of the situation with regard to
awareness across the nation.

Every person needs life insurance, but especially the main breadwinner in the family.
In the event of the insured person's untimely passing, it helps to safeguard their family's
way of life and house. The purpose of life insurance is to safeguard loved ones and
others who may be reliant on you for financial support. We cannot anticipate the future
since life is full of uncertainties. A certain incident could have an unrecoverable effect
on your family and on your life. Leaving your loved ones may be necessary at times. It
is better to purchase life insurance in order to protect your loved ones from facing a
financial issue while you are gone. As a result, the purpose of this research is to examine
consumer knowledge about life insurance.

The study will assist us in determining what the consumer actually desires in terms of
these insurance products. Additionally, the survey reveals what the client expects in
relation to different insurance plans if they prefer them. The sample was chosen using
an efficient sampling technique. A survey was conducted using a questionnaire to
record the response. The questionnaire was created with the goal of obtaining the most
accurate information possible, allowing the study to reach the closest to its goals.

It has been properly analyzed and meaningfully interpreted to make some suggestions
and recommendations using the survey data that was gathered.

xi
Chapter 1: Introduction To Study

1
1.1About the Study-
From being a free and open market with plenty of competition to being nationalised and
then returning to being a liberalised market, India's insurance industry has come full
circle.

An overview of the insurance industry's history With the founding of the Oriental Life
Insurance Company in Calcutta in 1818, the life insurance industry in India officially
began in its current form.

Life insurance in India has experienced some significant turning points, including:

The first law to control the life insurance industry was passed in 1912 with the
passage of the Indian Life Assurance Companies Act.

In 1928, the Indian Insurance Companies Act was passed, allowing the government
to compile statistics on both life and non-life insurance companies.

 With the aim of safeguarding the interests of the insured public, earlier law was
unified and updated in 1938 by the Insurance Act

 1956: The central government nationalised 245 foreign and Indian insurers and
provident societies. With a capital contribution from the Government of India
of Rs.5 crores, LIC was established by an Act of Parliament, the LIC Act, 1956.

Life insurance is a cooperative tool that distributes a person's risk across a wide
group of individuals for a variety of possibilities, including the death of a person
due to an accident, illness, etc. This system spreads out the losses of a select few
across a larger group of others who face comparable risks. Insurance has become
an essential component of life in today's technologically advanced and accident-
prone age.

It is now a basic requirement of life, much like food, clothing, and shelter. It serves
as a superior investment option in addition to offering policyholders financial
security. One of the safest and most reliable ways to prepare for old age when one's
ability to work is either lost or diminished is through life insurance.

Required life insurance

To support the financial needs of the family-

If you are the sole wage earner in your family, your death will end the family's
financial support.

2
 If something goes wrong, the family members' standard of living will drop and they
might not be able to afford even the most basic needs, like schooling, as they won't
have a reliable source of income.

To Repay Loans and Expenses-

For the purpose of launching a business, you might have gotten a loan or borrowed
money from a friend. You can also have a number of additional familial obligations.
In each of these scenarios, it will be your spouse or children who must shoulder the
onerous responsibility of repaying the debt.

Diverse Investment Options:

Your life insurance policy can also serve as a useful investment tool. You can
deposit your extra cash in a variety of insurance plans and receive returns either in
lump sums or over time total or at predetermined intervals. For instance, entire life
insurance, kid insurance, and retirement programs.

Benefits for Taxes:

Life insurance policies are a great way to reduce taxes. Numerous Indian insurance
programs, including life insurance programs, provide tax deductions on premium
payments under Section 80C of the IT Act.

Draw Loans Against Insurance –

You have the option of drawing a loan against your life insurance policy in addition
to using the proceeds to pay off debts and costs. It could be used as collateral in
banks or other financial institutions when obtaining loans.

Retirement programs

Term insurance strategy

Plan for a group

1.1.2 Types of Life Insurance

1. Term Life Insurance – The most basic type of life insurance is term insurance. Both
simple to grasp and reasonably priced.

A term insurance offers protection against death risk for a predetermined time.

3
The life insurance company pays the death benefit to the nominee in the event that the
life assured passes away during the policy period. Pure risk coverage is provided under
this low-cost, high-coverage plan.

2. Unit Linked Plans (ULIPs)

A unit linked plan combines insurance and investments in their entirety. Part of the
ULIP premium is utilised as risk protection (insurance), and the other part is invested
in funds. Depending on the investor's risk tolerance, the insurance firm offers a variety
of funds.

3. Endowment Plans

Another sort of life insurance plan that combines saving and insurance is an endowment
plan. The life insurance business invests the remaining funds while keeping a fixed
amount aside for life insurance. In an endowment plan, the insurance company offers
the life guaranteed the maturity benefit if he survives over the policy's term.
Additionally, Endowment Plans may periodically offer bonuses that are paid upon
maturity or to the nominee in the event of a death claim.

4. Money back life Insurance

A special kind of life insurance policy known as a money back plan pays the insured a
portion of the death benefit at regular intervals. The bonuses announced from time to
time by the corporation are also available to money back programs. The policyholder
can achieve their short-term financial objectives in this way.

5.Whole Life Insurance

Whole life insurance policies provide coverage for the life assured throughout their
entire lives or, in some situations, up to age 100. Term plans, however, are for a specific
period of time.

The coverage amount, or sum assured, is chosen at the time a policy is purchased, and
it, together with any bonuses, are paid to the nominee upon a life assured's death claim.

4
6. Child Plan

Building a corpus for a child's future development is assisted by a child plan. Building
up funds for a child's education and marriage is assisted by child plans. After the age of
18, the majority of child plans offer yearly payments or a one-time payout.

If, under any terrible circumstance, the insured parent dies during the policy's term, the
insurance company must provide an immediate payment. Some kid plans continue the
insurance till maturity after the life insured passes away, waiving all future premiums.

1.2 Purpose of the study

 To find out the awareness of life insurance products and its companies amongst
the customers.

1.3 Objectives of the study

 The objectives provide the parameters within which the research is conducted.
A study with no goals is useless.

 To get the answers to certain questions referred to as the study's objectives,

research is conducted. The following are the goals for this particular study:

 To find out how knowledgeable customers are about life insurance policies, how
many of them have invested in them, and how satisfied they are with both
commercial and public insurers.

 To investigate the qualities that consumers value while choosing a life insurance
policy.

 To determine consumer knowledge of life insurance products.

 To ascertain the satisfaction of the customers with their insurance purchases.

 To ascertain the level of insurance awareness among the population.

 To determine the oldest age at which someone can purchase insurance.

 To ascertain the elements that influence insurance purchases.

1.4 Significance of the study

5
  The significance of this study is to see whether the customer is aware of
insurance products and are they aware of the benefits given by the particular
insurance company

1.5 Scope of study

 The primary goal of a life insurance policy is to provide for dependents' needs
in the event of an unexpected death. In addition to the emotional pain, losing
the main provider can lead to severe financial insecurity.

 This is why the majority of personal finance professionals advise making life
insurance the centre piece of your investing strategy.

 Due to limited product knowledge in India, the market for life insurance has not
yet reached its full potential. Although the Indian life insurance market has
undergone significant change with the arrival of private firms, there is still a
long way to go before it can adequately protect the full population of our nation.\

1.6 Limitations of the study

 Live Insurance Older folks may find it pricey

 The life insurance returns are not very high.

 The benefit might not be paid by insurers

 Sophisticated insurance policies

6
Chapter 2 – Company Profile

7
2.1 About the Company
Because it is their preferred talent acquisition partner, INSPLORE is preferred by
multinational corporations and top Indian businesses. We Inspire, You Explore: Our
Experts are assisting in the matching of job seekers and talent seekers.

As financial advisory professionals, we understand each client's need for financial

independence and work with them to achieve it. We are aware of how a person's desire
might alter how they perceive the worth of money. To ensure that our customers remain
stress-free and are free from financial issues, we offer assistance to them in making
important financial decisions and in managing their wealth properly.

We believe in timely adaptation to the dynamic environment in order to meet any

difficulties that lie ahead with the utmost zeal because we recognise the significance of
acting appropriately at the appropriate moment to deal with the dynamic environment.

2.2 Vision & Mission Statement

Mission –
We thrive to provide best wealth management advice through honest financial
solutions as well as inspire the candidates to explore job opportunities across various
industrial sector.
VISION –
Our vision is to become the most trusted financial advisor as well as most valuable
recruitment service provider.

8
2.3 Company History

A private company named Insplore Consultants Private Limited was established on

January 1, 2018. It is listed with the Registrar of Companies as a Non-Government
Company.

2.4 Products & Services

1. Portfolio Management- Portfolio management is the art of choosing the best

investing strategy for a certain person with the least amount of risk and greatest
potential return.

Different Portfolio Management Styles

 Active Portfolio Management

 Portfolio Management for the Passive
 Discretionary portfolio management services
 Non-Discretionary Portfolio Management Services

2. Financial Analysis –
The process of identifying the key operating and financial characteristics from the
accounting data in order to gain insight into an enterprise's operations is known as
"analysis and interpretation of financial statements.

Types of Financial Analysis

 Horizontal Analysis

 Vertical Analysis

3. Distress your Tax-

Spend the money you save on taxes on those modest wishes.

While simultaneously aiming to grow your money through equity investments, our tax
savings solutions can assist you in DE-stressing taxes.

9
Chapter 3 – Review of Literature

10
3.1 Theoretical & Conceptual Framework
Insurance agents, followed by pamphlets and bulletins, newspapers, and hoardings, are
the main sources of information, according to K. Uma .'s research. Other media,
including radio, friends, and television, had a relatively small impact on raising
awareness of life insurance. Seranmadevi R. assessed investors' interest in ULIPs and
discovered that the majority of respondents learned about ULIPs from ads. Comparing
these two studies reveals that, according to K. Uma, insurance agents are the primary
source of information, followed by pamphlets and bulletins, newspapers, and
hoardings. In contrast, Seranmadevi R. found that advertisements are the primary
means of learning about life insurance.

According to Patil S. J.'s research, 97% of respondents are familiar with LIC of India's
products, and a similar percentage of respondents believe insurance is necessary for
life. Studies by K. Uma and Seranmadevi R. are compared to Patil S. J.'s study on the
one hand and demonstrates how the researchers' points of view are entirely dissimilar.
The notion of being aware of life insurance can therefore be interpreted in several ways.
Due to this, awareness has been used in the current study as both a source of life
insurance knowledge as well as a source of life insurance need knowledge.

According to Paul Clifford, 72% of respondents are aware of the policies and
programmes provided by insurance companies. There is an increase in knowledge of
the plans supplied by the insurance firms as education level and age rise, from the
illiterate to the postgraduate. In addition, the researcher noted that as overall income
rises, so does the motivation for purchasing tax-related insurance. The study found that
73% of respondents had purchased insurance for risk management, followed by saving
and tax planning.

11
Comparing their research to that of Patil S. J., Seranmadevi R. and K.Uma , The
research conducted by Paul Paul Clifford appears to be thorough. The researcher
attempted to establish a link between demographic parameters and the justifications for
purchasing life insurance policies. While Patil S. J. noticed that 97% of respondents are
familiar with the products of LIC of India, Paul Clifford reported that 72% of
respondents are aware of the policies and plans given by insurance providers. As a
result, the conclusions of these investigations vary.

The author demonstrated how the insurance firm should develop, carry out, and sustain
proper marketing campaigns to educate the public about insurance and make an effort
to satisfy them by offering products that meet their financial demands. Thus, the papers
by S. Hasanbanu and R. S. Nagajothi (2007) and Vijayakumari (2010) both
concentrated on the issues and difficulties facing industry. S. Hasanbanu and R. S.
Nagajothi (2007) recommended avoiding technical jargon, simplifying the claim-
disbursement process, using viable and affordable distribution channels, easing the
requirements for renewing lapsed policies, introducing more microinsurance products
aimed at underserved groups, and educating customers on various products. However,
Joseph Vijayakumari (2010) argued that in order to satisfy customers, it is important to
raise awareness, implement effective marketing campaigns, and design products that
are in line with consumer wants.

12
Chapter 4 – Research & Methodology

13
4.1 Research Design
4.1.1 Type of Research - Descriptive

Descriptive research is a type of analysis that focuses on outlining the features of the
population or issue under study.

4.2 Sources of Data

The data was collected through primary and secondary data.

4.2.1 Sources of Primary Data

The primary data is collected through interviews, surveys using google forms.

4.2.2 Sources of Secondary Data

The secondary data is collected through various websites, magazines, articles.

4.3 Methods used for data collection

4.3.1 Survey / Interview Method

During this research, a variety of interviews were conducted as well as a Google form
survey to collect data.

4.4 Sample Design

4.5.1 Sampling Technique –

Convenient sampling was employed as the sample technique for this study.

4.5.2 Sampling Unit –

Salaried employees and businessmen are the sampling population used in this study.

4.5.3 Sampling Size –

73 people were included in the study's sample.

4.6 Tools used for Data Analysis-

Charts, graphs, and interpretations are used to do the analysis.

14
Chapter 5 – Analysis & Interpretation of Data

15
 5.1 Analysis and interpretation of data

Age

13.7%

9% Less than 24 years

24 - 34 years
6.84% 35 -44 years
45 and above
71.2

1..

Age Less than 24 24 – 34 Years 35 – 44 years 45 and above

years

Response 10 7 5 51

71.2% of people are 45 years of age or older, according to the data, while 13.7% are
under 24 years old and 6.84% are between 35 and 44 years old. It is seen that 71.2% of
the people who are of age 45 and above seem to know more about insurance than other
age groups.

16
2.

1.3%

33%
Male
Female
Prefer not to disclose
67%

Gender Male Female Prefer not to

disclose

Response 48 24 1

Males make up 67% of the population, while females make up 32.9%, and 1.3% of
people prefer not to disclose. According to the data majority of the male candidate seem
to know about insurance rather than female candidates.

17
3.

Annual Income

28.8% Less Than 5 lakhs

5 to 7 lakhs

57.5% 7 to 10 lakhs
More than 10 lakhs
5.47 9.6%

Annual Less than 5 5 to 7 lakhs 7 to 10 lakhs More than 10

Income lakhs lakhs

Response 21 7 4 41

Data shows that persons making less than 5 lakhs are 28.8% of the population, 5 to 7
lakhs are 9.6%, 7 to 10 lakhs are 5.47%, and more than 10 lakhs are 57.5%. It is seen
that people who earn more than 10 lakhs seem to have insurance policy of their own
rather than others.

18
4

Martial Status
3%

19%
Single`
Married
Prefer not to disclose

78%

Martial Status Single Married Prefer not to

disclose

Responses 14 57 2

According to the data below, there are 19% of single persons, 78% of married people,
and 3% of people who choose to remain anonymous. It is seen that most of the people
are married and they have insurance for themselves and the family, as compared to
single / unmarried person

19
5.

Do you have Life insurance

2%
24%
Yes
No
Maybe
74%

Yes No Maybe

Response 52 17 4

As per the data 74% of the people have Insurance and 24% do not have insurance. It is
seen that 74% of the people have insurance for themselves and their loved ones and
some people do not have insurance as they might be not aware of the insurance.

20
6.
Which of the company life insurance policy are
you aware of
14% LIC

SBI

Aditya Birla

22% Max Life

58%
PNB Metlife
5%
All of the above
0%
1% Others

LIC SBI Aditya Max PNB All of Others

Birla Life MetLife the
above

Responses 42 4 0 1 0 16 10

According to research, 58% of people know about LIC and 1% know about SBI, while
1% know about Max Life, 22% know about All of the Above, and 14% know about
other companies

21
7.

Level of importance while buying insurance on

these parameters

44

33
30 29
28
25 24 24
19
17 16
13 14
11
9 9 9
2 2 0 2 7 0 3 2

INTEREST RATE SAFETY LIQUIDITY SETTLEMENT RATIO FLEXIBILITY

Very High High Average Low Very low

It is seen that majority of the people find interest rate as average as level of importance,
majority of the people prefer safety and consider it highly important, and for some
people liquidity plays a major role, for most of the people think settlement ration is
important and some people are think that there should be flexibility in their insurance
policies.

22
8.

How does advertisement influence you while

buying the insurance product.

21%

40% High
Low
Not at all

39%

High Low Not at all

Response 15 28 29

As per the data most of the people who are influenced by advertisements, high is 21%,
Low is 39%, Not at all is 40%. As we can see that majority people are not at all affected
by advertisements for buying insurance i.e 40% and then some people advertisements
plays a major role in buying insurance i.e 21%.

23
9.
Do you agree, life insurance cover is
important
2%

14%
Yes
No
Maybe

84%

Yes No Maybe

Response 60 10 3

As per the Data people feel that insurance is important, Yes category is 84%, No
Category is 14%, Maybe is 2%. Majority of the people think that life insurance is
important for their loved ones and some people disagree with this statement. While
minority of the people are neutral stage.

24
10.

If you have an insurance how was the buying

insurance
10%

3%
Highly Satisfied
29% Satisfied
Neutral
Dissatisfied
58% Highly Dissatisfied

Highly Satisfied Neutral Dissatisfied Highly

Satisfied Dissatisfied

Response 7 41 21 2 1

As per the data, 10% are highly satisfied with their buying experience, 58% are satisfied
with their buying experience, 29% are neutral about the decision, dissatisfied is 3%,
people who are highly dissatisfied with buying experience is 1%.

25
 Chapter 6 –
Findings, Conclusion, Suggestions

26
 Chapter 6 –
Findings, Conclusion, Suggestions

6.1 Findings
• According to the findings 74% of the people have insurance.

• According to the finding 58% of the population know about LIC and 22% of
the people know about the all the insurance companies i.e LIC, SBI, PNB
MetLife Insurance Company, Max Life Insurance Company.

• According to the finding people are not at all influenced by the advertisements
about the insurance products as the they found it out and those who are
influenced are 40%.

• According to findings 84% of the people feel that insurance is important for
them and they should buy the insurance for their loved ones.

• According to the findings majority of the people are satisfied with their buying
experience and would like to recommend it to others as well i.e 58%.

6.2 Conclusion
As per the data given above the conclusion is most of the people have insurance for
themselves and their family. Most of the people who have insurance are salaried
professional and some are businessman. Most of the people prefer buying insurance via
websites or through direct medium as they are not influenced by the advertisement for
buying the insurance. Most of the population feel that insurance is important for his/her
family for their benefit and to cover their medical expenses. Most of the people know
about the famous insurance companies which are there in the market.

So the conclusion is that out of total 73 populations 53 people know and have insurance.

6.3 Suggestions
As per the data given above the suggestion is that the people who are unaware of the
insurance should read more about insurance and try to get familiar with the insurance
products given by the insurance companies. People living in rural and semi-rural areas
should also be aware of insurance which will be beneficial for themselves and their
families.

27
 References

1. www.investopedia.com
2. www.wikipedia.com
3 https://quillbot.com/
4. www.insploreconsultants.com
5.https://www.researchgate.net/publication/281066208_AWARENESS_OF_LIFE_IN
SURANCE_AMONG_SAMPLE_CUSTOMERS
6. www.questionpro.com
7. www.proquest.com
8. www.coverfox.com
9.https://www.adityabirlacapital.com/abc-of-money/advantages-and-disadvantages-
of-life-insurance
10.https://www.drnishikantjha.com/papersCollection/%20STUDY%20THE%20LEV
EL%20OF%20CUSTOMER%20SATISFACTION%20TOWRADS%20BAJAJ%20A
LLIANZ%20.pdf
11.https://www.academia.edu/35380305/A_PROJECT_REPORT_HDFC_Standard_L
ife_Insurance_Company_Ltd_IN_CUSTOMER_BUYING_BEHAVIOR_IN_LIFE_I
NSURANCE
12. https://www.proquest.com/openview/0bf5aadce2af446944749b85876ced72/1?pq-
origsite=gscholar&cbl=2039847

28
 Annexure
1. Age:
• Less Than 24 Years
• 24-34 Years
• 35-44 Years
• 45 and Above
2. Gender:
• Male
• Female
• Not to Disclose
3. Household Annual Income:
• Less than 5 lakhs
• 5 to 7 lakhs
• 7 to 10 lakhs
• More than 10 lakhs
4. Martial Status
• Single
• Married
• Prefer not to disclose
5.. Do you have life insurance policy :
• Yes
• No
• Maybe
6. Which of the company life insurance policy are you aware of:
• Life Insurance Corporation of India
• SBI Life Insurance Company
• Aditya Birla Life Insurance Company
• Max Life Insurance Company
• PNB MetLife Insurance Company
• All of the Above
• Others

29
7. Level of importance while buying insurance on these parameters

Very High Average Low Very Low

High
Interest Rate/
Return
Safety
Liquidity
Settlement
Ratio
Flexibility

8. How does advertisement influence you while buying the insurance product:
• High
• Low
• Not at all
9. Do you agree, life insurance cover is important:
• Yes
• No
• Maybe
10. If you have an insurance, how was your buying experience:
• Highly satisfied
• Satisfied
• Neutral
• Dissatisfied
• Highly dissatisfied.

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