Consumer Preferences on ULIP-A Study at Birla Sun Life Insurance

Introduction
Insurance-a safeguard

BSLI have different kinds of

innovative ULIP products.
Objectives of the Project

To study about ULIP products

offered by Birla Sun life insurance.

To analyse investor preference

about ULIP over Traditional plan.
Research methodology
DATA COLLECTION
 Primary Data
 Secondary Data

SAMPLING

ANALYSIS OF DATA

GRAPHS
DATA ANALYSIS
 Questionnaire for studying customer preference on ULIP products
Dear respondent,

This questionnaire is aimed at understanding your perception about life insurance .Your response
will be dealt with strict confidentiality and it will be used only for academic purpose. Thank you for
spending your valuable time to fill this questionnaire.

1. Name : Gender : [ ]M [ ]F

Marital status: [ ] Married [ ] Single

Age group : [ ]below 30 [ ] 31-40 [ ] 41-50 [ ] 51-60 [ ]Above 60

th
Educational qualification : [ ] 10 / below [ ] +2/ below [ ] Graduate [ ] PG/Abov

Occupation : [ ] Salaried [ ] Self employed [ ] Retired [ ] Housewife

[ ] Student

2. What percentage of your Salary do you usually save?

[ ]Less Than 15% [ ]15-20% [ ]20-25% [ ]Greater Than 25%

3. Are you assessed to tax? [ ] Yes [ ]No

4. Rank these various investment alternatives according to your preferences:

[ ] Insurance [ ]Bank Deposits [ ] Mutual Fund [ ] Real Estate

[ ] Gold & Silver

5. State your expectation on investment alternatives by ticking according to its importance.

Expectations on Important Neutral Not

investment important

Safety

Capital growth

Liquidity

Return

Tax benefit

Company profile
& name

6. Tick the life insurance companies you are familiar with:-

 [ ]ICICI Prudential [ ]SBI Life [ ]Bajaj-Allianz [ ] Max New York Life

[ ] Birla Sun Life [ ]Aviva Life [ ]None

7. Do you have an existing policy with any life insurance company : [ ] Y [ ] N

8. What parameters do you look into before you take up a life insurance Policy?

Parameters considered Important Neutral Not Important

before insurance policy

Premium

Charges

Policy Term

Services (Pre & Post

Sales)

Company Image

9.What is your preference on insurance plans?

[ ]Traditional plan [ ]Unit linked plan [ ] Not Interested

(If ULIP continue..)

10. What is your purpose to invest in ULIP plan?

Risk cover [ ] high return [ ] tax saving [ ]

11. Which type of ULIP product do you have?

Child plan [ ] pension plan [ ] saving plan [ ]

12. Are you satisfied with charges of ULIP Plan?

YES [ ] NO [ ]

13.Where you will prefer to invest next time?

ULIP [ ] TRADITIONAL PLAN[ ]

14. Do you think insurance is the viable option for investment?

[ ]Yes [ ] No Thank you!
What percentage of your Salary do
you usually save?
S.No % OF No. Of Percentag
SAVING Responde e (%)
nts

1 Less than 70 58.3

15

2 15-20 20 16.7

3 20-25 30 25

4 Greater 0 0
than 25%

Total 120 100

Rank investment alternatives

Investment Rank
Alternatives
Bank Deposits I

Insurance II

Gold & Silver III

Real Estate IV

Mutual fund V
Expectation on investment
alternatives
90

80

70

60

50
Important
Neutral
40 Not important

30

20

10

0
Safety Liquidity Return Tax benefit Company profile
State your expectation on
investment alternatives
Responses Safety Liquidity Return Tax Company
benefit profile

Important 80 54 60 18 87
(66.7) (45) (50) (15) (72.5)

Neutral 40 46 40 23 33
(33) (38.3) (33.3) (19.16) (27.5)

Not - 20 20 79 -
important (16.7) (16.6) (65.8)
What parameters do you look
into before taking a Policy
Response Premium Charges Policy Services Company
term image

Important 56(53.8) 50(48) 56(53.8) 14(13.4) 83(79.8)

Neutral 36(34.6) 40(38.4) 36(34.6) 19(18.3) 20.2)

Not 12(11.5) 14(13.4) 12(11.5) 71(68.3) 0

important
Parameters people look for
before taking policy
90

80

70

60

50
Important
Neutral
40 Not important

30

20

10

0
Premium Charges Policy term Services Company image
Do you have an existing policy
S.No Respon No. Of Percent
se Respon age (%)
dents

1 Yes 104 86.7

Yes
No
2 No 16 13.3

Total 120 100

Do you think insurance is the
viable option for investment?
OPTION RESPONS PERCENT
ES AGE

YES 62 59.6

NO 42 40.4

TOTAL 104 100%

What is your preference on
insurance plans?
S.No Response No. Of Percentag
Responde e (%)
nts
1 Traditional 10 8.3
2 ULIP 94 78.3
3 Not 16 13.3
interested
Total 120 100
Which type of ULIP product do
you have?
OPTION RESPONSE PERCENTAGE

CHILDREN 34 32.6

SAVING 40 38.4

PENSION 30 30

TOTAL 104 100

Findings
Majority of the people save 15-20% of their
income.
Bank deposits and insurance ranks I and II resp.
and MF ranks V among the investment
alternatives
Company profile or image is considered more
important in before & after all investments.
 About 86.7% of respondents have insurance
policy.
Majority of respondents prefer ULIP and 56%
taken it as an investment option.
Thank you !!