TOPIC

Study the consumer perception regarding life insurance policy

Submitted by faisal beg0111pg026 Rekhi

Submitted to Prof.Bhavleen

Introduction
Significance of the study
The significance of project work has greater

importance in business world. Practical knowledge is as important as theory so that one thing is said, Practice makes a men perfect. My topic for the study was on .Consumer perception about Life Insurance Plans of various private banks and govt banks in India. Practical training is an important part of the theoretical studies.

 Background of the study Perception is the process by which organisms

interpret and organize sensation to produce a meaningful experience of the world Sensation usually refers to the immediate, relatively unprocessed result of stimulation of sensory receptors in the eyes, ears, nose, tongue, or skin. The main aim of the research was to explore consumers attitudes to allowing insurance companies to access results of genetic tests for the purpose of risk assessment and premium setting

 Literature review
OVERVIEW OF CURRENT INSURANCE INDUSTRY 1. WHAT IS INSURANCE? Insurance is a tool by which fatalities of a small number

are compensated out of funds (premium payment) collected from plenteous. Insurance is safeguard against uncertain events that may occur in the future. It is an arrangement where the losses experienced by a few are extended over several who are exposed to similar risks. It is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premium to provide security for the purpose. Loss is paid out of the premium collected from people and the insurance companies act as trustees to the amount so collected. These companies have proposal forms which are filled to give details of insurance required. Depending upon the answers in the proposal form insurance companies assess the risk and decide on the premium.

 Objectives of the study The main aim of the research was to explore

consumers attitudes to allowing insurance companies to access results of genetic tests for the purpose of risk assessment and premium setting. More specifically, the objectives of the research were: Proper understanding and analysis of life insurance industry To understand consumers attitudes to life insurance companies use of different factors in assessing risk To collect information on consumers current ownership of life insurance products, and

 Research methodology Types of study The study is a descriptive and exploratory research. It

is based on data collected through structured questionnaire from the consumers.

Sources of data collection The study requires both primary and secondary data. Primary data: Questionnaires Personal interviews Secondary data: Internet and web portals

 SAMPLING TECHNIQUES Research was initiated by examining the secondary data

to gain insight into the problem.The primary data is evaluated on the basis of the analysis of the secondary data. The population for the study will consist of consumers of all age groups. Sampling unit: Individual respondents for studying Customer Buying Behavior and Market Segmentation, selected randomly from different areas in NCR, like various shopping malls and markets, Government Offices. Chartered Accountants, Tax Consultants, Lawyers, Business Men, Professionals and House Wives of for recruitment of Life Insurance Advisors Sampling size: Study of Customer Buying Behavior and Market Segmentation: 100Respondents Sample Method: The research will make by the survey in accordance to the convenience of the consumers. So the sample type is convenient sampling.

 Data analysis technique

Data will be analyzed by using excel and various

graphs and pie chart will be made for the clear picture of the result

Thank you