TOPIC: “CUSTOMER PERCEPTION TOWARDS LIFE

INSURANCE WITH REFERENCE TO BHARTI AXA

Name: MANAV SHARMA

Class: BBA 5th semester

Roll no: 608550041

EXECUTIVE SUMMARY:
 

This project was carried out in the Sales and Marketing department of BHARTI AXA Life insurance
company. Bharti AXA Life insurance is only concern with Life insurance and General insurance.
The objective of this project is to analyze “Customer Perception towards Life insurance
with reference to Bharti AXA” Life insurance. The Sales cum Marketing Department of Bharti
AXA Life insurance carries out both these functions quite effectively. Hence the range of services
is studied thoroughly and some inferences accordingly. The data and information collected is
with respect to working procedure specifically regarding research analysis the data referred for
this study is for the year 2019. The research work really has poured of immense learning for me. I
would like to thank whole heartedly to Bharti AXA for giving me this exposure.
OBJECTIVE OF THE STUDY:

 
TO KNOW THE AWARENESS ABOUT INSURANCE PLANS AND THEIR BENEFITS.

TO KNOW THE OBJECTIVE OF INDIVIDUAL WHILE PURCHASING INSURANCE.

 
TO KNOW THE ATTITUDE OF INDIVIDUALS TOWARDS INSURANCE PLANS AND
PREFERENCES TO BHARTIAXA LIFE.
 
 OVERVIEW OF INDIAN INSURANCE INDUSTRY

History:

Life insurance came to India from England in 1818 when oriental life insurance company started in Calcutta by Europeans.
First Indian life insurance company came as Bombay mutual life insurance assurance.
Second company was Bharat insurance company came in 1896.
First insurance act came in 1912 as life insurance company act and provident fund act
The insurance act came in 1938 to governing life and non life insurance companies and to provide strict state control.
 In1956 the life insurance business in India was nationalized.
In 1956 life insurance corporation of India (LIC) was created to spreading life insurance much more widely particularly in rural areas.
The insurance industry of India consists of 53 insurance companies of which 24 are in life insurance business and 29 are non-life
insurers. Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company. Apart from that, among the non-life
insurers there are six public sector insurers. In addition to these, there is sole national re-insurer, namely, General Insurance Corporation of
India (GIC Re).
MAJOR PLAYERS IN INSURANCE SECTOR
 Company profile
BHARTI AXA LIFE INSURANCE COMPANY LIMITED:
Bharti AXA Life is a life insurance player that was started in 2006. It brings together strong financial expertise of the Paris-
headquartered AXA Group, and Bharti Enterprises - one of India's leading business groups with interests in telecom,
agricultural business, financial services, and retail. The joint venture has a 74% stake from Bharti and 26% stake from AXA
Asia Pacific Holdings Ltd. (APH) .The Company launched national operations in December 2006.
 Company profile

Bharti AXA General Insurance is a joint venture between Bharti, one of India's leading business groups with
interests in Telecom, Agri Business and Retail; and AXA, world leader in Financial Protection and Wealth
Management. Bharti Group holds 74% of equity and AXA holds 26% of the equity.
The company was incorporate 13th July 2007 and plans to commence national operations in August 2008.
Headquartered in Bangalore, the company currently has offices in 7 cities Bangalore, Mumbai, Delhi, Ahmadabad, and
Hyderabad, Ludhiana and Chennai- and plans to grow to a total strength of29 branches by the end of the first year of
operations. With a vision to become the leader and preferred company for financial protection in India, Bharti AXA
General Insurance offers its customers - individuals and businesses- a wide range of products and services that meet
their insurance needs.
We undertook an in-depth analysis wherein we identified the notion of preference was totally related to the trust
granted to various names in insurance and financial services. The level of trust is very inadequate today, regardless of
the brand considered. This is because the perception of consumers is that we are all evolving only in "a world of
promises." And this is what we have to redefine.
 RESEARCH METHODOLOGY:

Primary Research

Research Design

Sample Size

Sample Design

Sample Techniques
 Data Collection
 
 
 Primary data collection

 Secondary data collection

SOURCES OF DATA
 
Primary source for the data collection is questionnaire, observations and conversations with the management
personnel. The questionnaires are given to the employees working in staff and executive level.

The main secondary source of data collection for this project was the reports of Aryan Associates. some other
documents given by the manager. Other sources used were books for theoretical aspects and websites for
company profile and theoretical aspects.
 

 
 INTRODUCTION TO THE TOPIC-"CUSTOMER PERCEPTION"

Customer perception refers to how customers view a certain product based on their own conclusions. 
Changing Product Strategies
• Customer Preferences
• Technological Advances
• Laws and Regulations
• Product Life-Cycles

CONSUMER PERCEPTION THEORY

Self Perception
Price Perception
Benefit Perception
DATA ANALYSIS AND INERPRETATION
Topic:: “CUSTOMER PERCEPTION TOWARDS LIFE INSURANCE WITH REFERENCE TO BHARTI AXA”
in Bharti AXA Life Insurance”

1)Age Group
Below 30 years
31 – 40 years
41 – 50 years
51 – 60 years
60 years and above
 
Age Group (in years) No. of Respondents
Below 30 11
  30 – 40 33
40 – 50 19
50 – 60 5
Above 60 2
Marital Status
Married
Unmarried

Response No. of Respondents

Married 55
Unmarried 15

Place of residence
Rural  
Urban

 
Response No. of Respondents
Rural 16
Urban 56
Q1: Do You Have Any Life Insurance Policy?
Response No. of Respondents
 
Yes 50
No 20

60

50

40

30
50
20

10 20

0
Yes No
Having Policy
Interpretation: Out of 70 respondents, nearly 72% of the people are insured i.e. they have taken a life
insurance policy.
Q2: For paying the premium, what is the mode of chosen by you?

Mode No. of Respondent

Monthly 22
Quarterly 07
Half-yearly 11
Yearly 10

25 22

20
15 11 10
10 7

5
0
Monthly Quartely Half- yearly Yearly

Mode of Premium

Interpretation: Out of 50 respondents, 44% have chosen a monthly mode to pay the premium for the life
insurance policy, 22% of respondents have taken half yearly mode while 20% have taken a yearly mode of
payment.
Q3: What is your monthly salary?
Response No.of respondents
Below 1lakh 0
1-5lakhs 34
5-10lakhs 14
Above 10lakhs 02

Monthly Salary
4%

28% Below 1 Lakh

1-5 Lakhs
5-10 Lakhs
68% Greater than 10 Lakhs

Interpretation: Out of 50 respondents, 68% have salary between 1 to 5 Lakhs, 28% have
salary between 5-10 Lakhs while 4% have salary greater than 10 Lakhs
Q4: What Percentage of Monthly Salary do you save?
Response No.of Respondents
Upto 10% 21
11 – 20% 16
21% - 30% 10
Above 30% 03

25

20

15
21
10 16
10
5
3
0
Upto 10% 11-20% 20-30% More than 30%

% of Salary Invested
Interpretation: Out of 50 respondents, 42% invest 10% of their salary, 32% invest between
10- 20% of their salary while 20% of the respondents invest between 20-30% of their salary in Life insurance
Q5: According to you, what is the most important alternative?
Response No. of Respondent
Safety 37
Capital growth 21
Liquidity 17
Return 34
Tax benefit 42
Company Name & Profile 22

Important Criterion
45
40
35
30
25
20
15
10
5
0 Safety Capital Growth Liquidity Return Tax Benefit Company Name & Profile

Interpretation: Majority of the people invest in insurance policy for the sake of safety and tax benefit.
Q6: What parameters you have looked into at the time of buying policy from Bharti AXA?
Response No .of Respondent
Premium 22
Charges 11
Policy term 08
Rider benefits 05
Bonus & interest 04
Important Parameter

25
20
15
Important Parameter
10
5
0
Premium Charges Policy Rider Bonus &
Term Benefits Interest

Interpretation: 44% of the people invest in Bharti AXA insurance policy for premium purpose, 22% because of policy charges, while 16%
because of policy term.
 Q7: Which scheme of insurance policy have you taken?
  Response No. of Respondent
Whole Life 08
Term Plans 03
Endowment Plan 15
Money Back 21
Pension Funds 02
Others 01

Scheme

Others 1

Pension Funds 2

Money Back 21
Scheme
Endowment Plans 15

Term Plans 3

Whole Life 8
0 5 10 15 20 25
 Interpretation: Majority of the people invest in Bharti AXA insurance policies in Money Back and
Endowment Plans.
Q8: What is the term of your policy?
  Response No. of Respondent
5 years 08
5-15 years 14
15-25 years 20
Above 25 years 08

Policy Term

Above 25
8
Years

15-25 Years 20
Policy Term

5-15 Years 14

Upto 5 Years 8

0 5 10 15 20 25

Interpretation: 40% of the people invest in Bharti AXA insurance policies that have tenure of 15- 25 Years, while 28% of
the people have their policy term as 5-15 Years.
Q9: Satisfaction level towards the services offered by Bharti AXA?

Response No. of respondent

Highly satisfied 15
Satisfied 22
Neutral 07
Dissatisfied 04
Highly dissatisfied 02
25

20

15

10 22
15
5
7
4 2
0
Highly Satisfied Satisfied Neutral Dissatified Highly Dissatisfied

Services

Interpretation: Majority of the people are satisfied with the services of Bharti AXA insurance policies. As seen
from above, 30% are highly satisfied while 44% are satisfied with the services of Bharti AXA
 Q10: Do agents of Bharti AXA provide the correct and proper information?
Response No. of Respondents
Yes 38
No 12

Agents Providing Correct Information

40
35
30 Agents Providing Correct In-
25 formation
20
15
10
5
0
Yes No

Interpretation: 74% of the people are satisfied with that the agents of Bharti AXA insurance policies provide
proper information
Q11: Rate your overall satisfaction level with the insurance policies of Bharti AXA?

Response No .of Respondent

Highly satisfied 10
Satisfied 18
Neutral 10
Dissatisfied 7
Highly Dissatisfied 5

Overall Satisfaction

10%
20% Highly Satisfied
14% Satisfied
Neutral
Dissatified
Highly Dissatisfied
20%
36%

Interpretation: 36% of the people are satisfied, 40% of the people are highly satisfied with the Bharti AXA
insurance policies.
Q12: Premium paid is too low as compared to the benefits derived?
 
Response No. of Respondent
Strongly Agree 09
Agree 12
Neutral 16
Disagree 08
Strongly Disagree 05
Premium v/s Benefits

16
14
12
10 Premium v/s Benefits
8
6
4
2
0
Strongly Agree Agree Neutral Disagree Strongly
Disagree

Interpretation: Majority of the people are uncertain or agrees that the premium is low as compared with the
benefits derived from the policies of Bharti AXA.
Q13: Do you think that the insurance products provide high rate of return when compared to other
saving instruments like fixed deposits, NSC, etc
Response No. of Respondent
Strongly Agree 13
Agree 14
Neither Agree Nor Disagree 12
Strongly Disagree 06
Disagree 05

16
14
14 13
12
12
10
8
6
6 5
4
2
0
Strongly Agree Agree Neither Agree Nor Strongly Disagree Disagree
Disagree

High Returns

Interpretation: Majority of the people agree that the insurance provide high returns as compared with
other saving instruments.
Q14: Do you think the agents and employees have the proper knowledge and competence to
answer customer’s specific queries and requests.
Response No. of respondent
Strongly agree 13
Agree 16
Neither agree nor disagree 8
Disagree 9
Strongly disagree 4

20

15

10
16
13
5 8 9
4
0
Strongly Agree Agree Neither Agree Nor Disagree Strongly Disagree
Disagree

Agents Have Proper Knowledge

Interpretation: 26% of the people believe that agents and employees have proper knowledge and competence,
while 32% of the people strongly agree that employees have proper knowledge and competence.
Q15: Agents inform and guide the customers at regular intervals regarding the policy status, due
date of premium, new products and service.
Response No. of Respondent
Strongly agree 17
Agree 18
Neither agree nor disagree 9
Disagree 4
Strongly disagree 2
20
18
16
14
12
10
17 18
8
6
4 9
2 4
2
0
Strongly Agree Agree Neither Agree Disagree Strongly Disagree
Nor Disagree

Informing Customers

Interpretation: 69% of the people agree that agents provide information at regular intervals.
Q16: Timely revival of lapsed policies, change of nominations, addresses and mode of premium payment etc.
Response No .of Respondent
Strongly agree 14
Agree 19
Neither agree nor disagree 7
Disagree strongly 6
Disagree 4

20 19

15 14

10
7 6
5 4

0
Strongly Agree Agree Neither Agree Nor Disagree Strongly Disagree
Disagree

Activation & Updation

Interpretation: Majority of the customers agree that the company easily revives lapsed policies, change in
nominations, addresses and mode of premium payment
Q17: Do you think that life insurance is a good option for investment, tax saving as well as
financial protection?
Response No. of Respondents
Yes 46
No 04

Good Investment Option

12%

Yes
No

88%

Interpretation: 88% of the people believe that the insurance is a good investment option for tax saving and for
protection cover.
Q18: What additional benefit do you want from the policy?
Response No. of Respondents
Accidental 15
Critical illness 09
Start of life 06
Regular income 21

25

20

15

10 21
15
5 9
6
0
Accidental Critical Illness Start of Life Regular Income
Additional Benefit

Interpretation: Apart from the benefits from the policies, people want that regular income should be
an additional benefit attached to the Life insurance policies of Bharti AXA
Q19: What is the most dissatisfying factor do you feel about Bharti AXA?
Response No. Of Respondents

After Sales Services 17

Product Diversification 11
Fund Performance 14
Advertisement 8

Dissatisfying Factor
20
15
17
10 13 12
8
5
0
After Sales Service Product Diversification Fund Performance Advertisement

Interpretation: 34% people believe that after sales service is a dissatisfying factor, 26% of the
respondents believe that fund performance is not a satisfying factor.
Q20: The facility to review the financial goals with an expert who can assess your financial goals is available.

Response No. of Respondents

Yes 41
No 09

45
40
35
30
25
20 41
15
10
5 9
0
Yes No
Assess the Financial Goals

Interpretation: 82% of the respondents agrees that the employees and experts of Bharti AXA can assess the
financial goals of the customers very well
FINDINGS
Mainly the customers take a monthly mode of payment.

Safety and tax benefits are the major concerns for investments.

The company sells major plans which are money back and endowment plans.

Majority of the people are satisfied with the policies of Bharti Axa.

People invest in insurance policies keeping in mind of their high returns.

The employees and agents of Bharti Axa are highly knowledgeable.

The employees/advisors can easily assess the financial goals.

SUGGESTION

Apart from the benefits provided majority of the customers want that an additional benefit of
regular income should be accompanied with the policies.

After sale services should be improved by the company.

LIMITATION OF THE STUDY:
However I tried my best to have desired information from the information from the respondents and to
make the report fruitful but some limitations are bound to incur which may affect the results or findings.

As sample size taken by me for purpose of survey was 50 respondents. So the result may have some
deviations from the facts because of small sample size.

The study although carried out with the fullest possible effort and devotion, the limitation of time,
resources available may lead to an element chance of some error.

Respondents were not interested in giving feedback.

Time for conducting research was not adequate.

The time bound period is the major limitation in research projects.

The customers were not easily ready to fill the questionnaires and number of them refused.
CONCLUSION
A survey was conducted to know the views of customers at BHARTI AXA LIFE INSURANCE CO.
LTD. Regarding the satisfaction level. The information was collected through questionnaires and
personal interview.

After the research it can be concluded that customers are more of less satisfied with the policies
of Bharti AXA and consider it to be easily understandable and less time consuming and the
company has served them to their best.
THANK
YOU