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SUMMER TRAINING PROJECT REPORT

ON

"CONSUMER BUYING BEHAVIOUR REGARDING INSURANCE"

(A case study on reliance life insurance)

Submitted to

KURUKSHETRA UNIVERSITY, KURUKSHETRA

In the partial fulfillment of the award of the degree of

M.B.A. (Master of Business Administration){SESSION 2008-10}

Submitted to: Submitted By:Ms. Guneet Kaur Rinku SharmaFaculty InchargeS.D.D.I.M.S

SWAMI DEVI DAYAL INSTITUTE OF MANAGEMENT STUDIES

BARWALA

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PREFACE

PRACTICAL TRAINING IS FAR BETTER THAN ROOM TEACHING

Practical training gives a feel of the actual difficulties faced during the work. As part

of our summer training, we got an opportunity to work with Reliance Life Insurance

.

Life Insurance is a mile stone in growth to the social life of the countrymen. For

millions of Indias working families, may owning a home have a dream to buy a

Insurance Policy to secure their and their children future. Our nations greatest

opportunity now is the chance to build a better life for our people. Recognizing this,

the insurance sector has now been regarded as a potent engine to economic growth.

The government has outlined a substantive and detailed plan, seen first in the policy

of insurance plans, to reach this goal. Many incentives announced in the Union

Budget every year have helped to improve the affordability enormously over the past

couple of years.

All this has led to an enormous increase in the demand for Life Insurance and thus,

in the banks/ institutions providing this finance. The present scenario has led to the

steady evolution of especially Life Insurance with different return plans for different

age group of people .

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ACKNOWLEDGEMENT

I would like to thank my project guide Mr. Gulshan Rana Manager

RELIANCE Life Insurance, Shahabad, for guiding me through my summer

internship and research project. His encouragement, time and effort are greatly

appreciated.

I would like to thank Ms. Guneet kaur Sidhu (Lecturer, SDDIMS) for

supporting me during this project and providing me an opportunity to learn outside

the class room. It was a truly wonderful learning experience.

I would like to dedicate this project to my parents. Without their help and

constant support this project would not have been possible.

Lastly I would like to thank all the respondents who offered their opinions and

suggestions through the survey that was conducted by me in Shahabad.

Once again my gratitude to the RELIANCE LIFE INSURANCE for their kind

co-operation.

RINKU SHARMAMBA (Final)

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DECLARATION

I am the student of M.B.A. My name is Rinku Sharma. I did my training from

Reliance Life Insurance. This Project Report on "CONSUMER BUYING

BEHAVIOUR REGADING INSURANCE is my original work. There is no other

project report regarding this topic by any other and this type of same project are not

going to be submitted in any other university.

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CERTIFICATE

This is to certified that the project entitled " CONSUMER BUYING

BEHAVIOUR REGADING INSURANCE.is a bonafide research work carried out by

Rinku Sharma, student of M.B.A. Kurukshetra University, Kurukshetra during the

year 2008-2010, in partial fulfillment of the requirements for the award of the degree

of'Master of Business Administration and the project has not formed the basis for

the award previous by of any degree, diploma associate ship, fellowship or any other

similar title. This project is complete and fit for submission to Kurukshetra University,

Kurukshetra.

(MS. GUNEET SIDHU)

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LIST OF TABLE

TABLE NO. DESCRIPTION

4.1 Manycustomer having insurance.

4.2 Benefits of insurance perceived by customer.

4.3 Features of insurance policy that attracted customer.

4.4 Number of insurance policy type customer having.

4.5 Customer perception about insurance.

4.6 Preference of customer about insurance companies.

4.7 The buying progress of the customer.

4.8 Reasons behind buying insurance.

4.9 Satisfied with your present brand

4.10 Satisfaction level with respect to service agent.

4.11 Data shows number of respondents paying tax.

4.12 Data shows tool of investments for tax saving.

4.13 Customer perception about best form of investment for securing their future.4.14 Customer perception gain from their investment.

4.15 Customer perception of appropriate age for buying insurance.

4.16 Customer opinion about Indian insurance companies.

4.17 Customer looking for in an insurance company.

4.18 Customer planning for new investments.

4.19 Customer interested in going for insurance if a service provider away from the

city offers better service & products;

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LIST OF DIAGRAMS

DIAGRAM NO. DESCRIPTION

4.1 Manycustomer having insurance.

4.2 Benefits of insurance perceived by customer.

4.3 Features of insurance policy that attracted customer.

4.4 Number of insurance policy type customer having.

4.5 Customer perception about insurance.

4.6 Preference of customer about insurance companies.

4.7 The buying progress of the customer.

4.8 Reasons behind buying insurance.

4.9 Satisfied with your present brand

4.10 Satisfaction level with respect to service agent.

4.11 Data shows number of respondents paying tax.

4.12 Data shows tool of investments for tax saving.

4.13 Customer perception about best form of investment for securing their future.

4.14 Customer perception gain from their investment.

4.15 Customer perception of appropriate age for buying insurance.

4.16 Customer opinion about Indian insurance companies.

4.17 Customer looking for in an insurance company.

4.18 Customer planning for new investments.

4.19 Customer interested in going for insurance if a service provider away from the

city offers better service & products;

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INDEX

Preface I

Acknowledgement II

Certificate III

Declaration IV

List of Tables V

CHAPTER 1 INTRODUCTION 8-29

STATEMENT OF PROBLEM 9-14

INDUSTRY PROFILE 15-29

CHAPTER 2 REVIEW OF LITERATURE 30-31

CHAPTER 3 RESEARCH METHODOLOGY 32-38

Objective of study 35

Scope of study 36 Data Collection 34

Limitation of study 38

CHAPTER 4 ANALYSIS AND INTERPRETATION 39-59

CHAPTER-5 INVESTMENT AVANVE OF

RELIANCE LIFE INSURANCE 60-65

CHAPTER-6 FINDINGS AND SUGGESTIONS 66-69

6. 1 FINDINGS 67-68

6.2 SUGGESTIONS 69

6.3 CONCLUSION 70-71

Bibliography 74-75

Questionnaire 76-81

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CHAPTER 1

INTRODUTION

INDIAN INSURANCEINDUSTRY

"AN OVERVIEW"

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STATEMENT OF THE PROBLEM

With the above rationale, the problem may be stated as under:

RELEVANCE OF STUDY

Relevance of study means that what is the importance of the study or

what purpose does the study gives. The report has great relevance through the

study of report one clearly understand the market position of the company and

types of problems faced by the company. The study report helps us to know

what sort business is allowed and what sort of business is not allowed to

customers. The study of report also tells us about the various findings and

suggestions relating to market and customers.

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HISTORICAL PERSPECTIVE

The history of life insurance in India dates back to 1818 when it was

conceived as a means to provide for English Widows. Interestingly in those days in

higher premium was charged for Indian lives than the non-Indian lives, as Indian

lives were considered more risky to cover. The Bombay Mutual Life Insurance

Society started its business in 1870. It was the first company to charge the same

premium for both Indian and non-Indian lives.

The Oriental Assurance Company was established in 1880. The General

insurance business in India, on the other hand, can trace its roots to Triton Insurance

Company Limited, the first general insurance company established in the year 1850

in Calcutta by the British. Till the end of the nineteenth century insurance business

was almost entirely in the hands of overseas companies.

Insurance regulation formally began in Indian with the passing of the Life

Insurance Companies Act of 1912 and the Provident Fund Act of 1912. Several

frauds during the 1920's and 1930's sullied insurance business in India. By 1938

there were 176 insurance companies.

The first comprehensive legislation was introduced with the Insurance Act of

1938 that provided strict State Control over the insurance business. The insurance

business grew at a faster pace after independence. Indian companies strengthened

their hold on this business but despite the growth that was a witnessed, insurance

remained an urban phenomenon.

The Government of India in 1956, brought together over 240 private life

insurers and provident societies under one nationalized monopoly corporation and

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Life Insurance Corporation (LIC) was born. Nationalization was justified on the

grounds that it would create the much needed funds for rapid industrialization. This

was in conformity with the Government's chosen path of State led planning and

development.

The non-life insurance business continued to thrive with the private sector till

1972. Their operations were restricted to organized trade and industry in large cities.

The general insurance industry was nationalized in 1972. With this, nearly 107

insurers were amalgamated and grouped into four companies National Insurance

Company, New India Assurance Company, Oriental Insurance Company and United

India Insurance Company.

These were subsidiaries of the General Insurance Company (GIC).

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KEY MILESTONES

1912: The Indian Life Assurance Companies Act enacted as the first statute to

regulate the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to

collect statistical information about both the life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended by the Insurance Act with the

objective of protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers along with provident societies were taken over

by the central government and nationalized. LIC was formed by an Act of Parent

LIC Act 1956 with a capital contribution of Rs. 5 crore from the Government of

India.

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INDUSTRY REFORMS

Reforms in the Insurance sector were initiated with the passage of the IRDA

Bill in Parliament in December 1999. The IRDA since its incorporation as a statutory

body in April 2000 has fastidiously struck to its schedule of framing regulations and

registering the private sector insurance companies. Since being set up as an

independent statutory body the IRDA has put in a framework of globally compatible

regulations.

The other decision taken simultaneously to provide the supporting systems to

the insurance sector and in particular the life insurance companies was the launch of

the IRDA online service for issue and renewal of licenses to agents. The approval of

institutions for imparting training to agents has also ensured that the insurance

companies would have a trained workforce of insurance agents in place to sell their

products.

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PRESENT SCENARIO LIFE INSURANCE INDUSTRY IN INDIA

The life insurance industry in India grew by an impressive 47.38%, with

premium income at Rs. 1560.41 billion during the fiscal year 2006-2007. Though the

total volume of LIC's business increased in the last fiscal year (2006-2007)

compared to the previous one, its market share came down from 85.75% to 81.91%.

The 17 private insurers increased their market share from about 15% to about

19% in a year's time. The figures for the first two months of the fiscal year 2007-2008

also speak of the growing share of the private insurers. The share of LIC for this

period has further come down to 75 percent, while the private players have grabbed

over 24 percent.

With the opening up of the insurance industry in India many foreign players

have entered the market. The restriction on these companies is that they are not

allowed to have more than a 26% stake in a company's ownership.

Since the opening up of the insurance sector in 1999, foreign investments of

Rs. 8.7 billion have poured into the Indian market and 19 private life insurance

companies have been granted licenses.

Innovative products, smart marketing, and aggressive distribution have enabled

fledgling private insurance companies to sign up Indian customers faster than

anyone expected. Indians, who had always seen life insurance as a tax saving

device, are now suddenly turning to the private sector and snapping up the new

innovative products on offer. Some of these products include investment plans with

insurance and good returns (unit linked plans), multi-purpose insurance plans,

pension plans, child plans and money back plans. (www.wikipedia.com)

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INTRODUCTION TO THE COMPANY

COMPANY PROFILE OF RELIANCE LIFE INSURANCE

FOUNDER

Few men in history have made as dramatic a contribution to their country's

economic fortunes as did the founder of Reliance, Sh. Dhirubhai H. Ambani. Fewer

still have left behind a legacy that is more enduring and timeless.

As with all great pioneers, there is more than one unique way of describing the

true genius of Dhirubhai: The corporate visionary, the unmatched strategist, the

proud patriot, the leader of men, the architect of India's capital markets, the

champion of shareholder interest.

But the role Dhirbhai cherished most was perhaps that of India's greatest wealth

creator. In one lifetime, he built, starting from the proverbial scratch, India's

largest private sector enterprise.

When Dhirubhai embarked on his first business venture, he had a seed capital of

barely US$ 300 (around Rs. 14,000). Over the next three and a half decades, he

converted this fledging enterprise into a Rs. 60,000 crore colossus an

achievement which earned Reliance a place on the global Fortune 500 list, the

first ever Indian private company to do so.

Dhirubhai is widely regarded as the father of India's capital markets. In 1977,

when Reliance Textile Industries Limited first went public, the Indian stock market

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was a place patronised by a small club of elite investors which dabbled in a

handful of stocks.

Undaunted, Dhirubhai managed to convince a large number of first-time retail

investors to participate in the unfolding Reliance story and put their hard-earned

money in the Reliance Textile IPO, promising them, in exchange for their trust,

substantial return on their investments. It was to be the start of one of great

stories of mutual respect and reciprocal gain in the Indian markets.

Under Dhirubhai's extraordinary vision and leadership, Reliance scripted one of

the greatest growth stories in corporate history anywhere in the world, and went

on to become India's largest private sector enterprise.

Through out this amazing journey, Dhirubhai always kept the interests of the

ordinary shareholder uppermost in mind, in the process making millionaires out of

many of the initial investors in the Reliance stock, and creating one of the world's

largest shareholder families.

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ABOUT RELIANCE

Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of

the Reliance Anil Dhirubhai Ambani Group. Reliance Capital is one of India's

leading private sector financial services companies, and ranks among the top 3

private sector financial services and banking companies, in terms of net worth.

Reliance Capital has interests in asset management and mutual funds, stock

broking, life and general insurance, proprietary investments, private equity and other

activities in financial services.

Reliance Capital Limited (RCL) is a Non-Banking Financial Company (NBFC)

registered with the Reserve Bank of India under section 45-IA of the Reserve

Bank of India Act, 1934.

Reliance Capital sees immense potential in the rapidly growing financial services

sector in India and aims to become a dominant player in this industry and offer

fully integrated financial services.

Reliance Life Insurance is another step forward for Reliance Capital Limited to

offer need based Life Insurance solutions to individuals and Corporates.

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CORPORATE OBJECTIVE

At Reliance Life Insurance, we strongly believe that as life is different at every

stage, life insurance must offer flexibility and choice to go with that stage. We are

fully prepared and committed to guide you on insurance products and services

through our well-trained advisors, backed by competent marketing and customer

services, in the best possible way.

It is our aim to become one of the top private life insurance companies in India

and to become a cornerstone of RIL integrated financial services business in

India.

The Reliance life Insurance wants to make faith in the people regarding the

insurance policy

CORPORATE MISSION

"To set the standard in helping our customers manage their financial future".

BELOW ARE FEW OF THE PLANS THAT ARE OFFERED BY RELIANCE LIFE

INSURANCE.

INSURANCE PLANS AVAILABLE:

1. Products (Individual Plans)

Savings (Endowment)

2. Reliance Endowment Plan

(formerly Divya Shree)

3. Reliance Special Endowment Plan

(formerly Subha Shree)4. Reliance Cash Flow Plan

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(formerly Dhana Shree)

5. Reliance Child Plan

(formerly Yuva Shree)

6. Reliance Whole Life Plan

(formerly Nithya Shree)Pensions

7. Reliance Golden Years Plan

(formerly Bhagya Shree)Investments

8. Reliance Market Return Plan

(formerly Kanaka Shree)

9. Risk / Protection

10. Reliance Term Plan

(formerly Raksha Shree)Products (Group / Corporate Plans)

11. Risk (Protection)

Reliance Group Term Assurance Policy

(formerly Group Term Assurance Policy)

Reliance EDLI Scheme

( formerly EDLI Scheme)

12. Pensions

a. Reliance Group Gratuity Policy

(formerly Group Gratuity Policy)

b. Reliance Group Superannuation Policy

(formerly Group Superannuation Policy)

13. Reliance Money Guarantee Plan

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Tax Benefits

INCOME TAX

SECTION

GROSS ANNUAL

SALARY

HOW MUCH TAX

CAN YOU SAVE?

HDFC STANDARD

LIFE PLANS

Sec. 80C Across All IncomeSlabs

Upto Rs. 33,990saved on

investment of Rs.

1,00,000

All the lifeinsurance plans.

Sec. 80CCC Across All Income

Slabs

Upto Rs. 33,990

saved on

investment of Rs.

1,00,000

All the pension

plans.

Sec. 80D Across All Income

Slabs

Upto Rs. 3,399

saved on

investment of Rs.

10,000

All the health

insurance riders

available with the

conventional plans.TOTAL SAVINGS Rs. 37,389

POSSIBLE

Rs. 33,990 under Sec. 80C and under Sec. 80CCC, Rs. 3,399 under

Sec 80D, calculated for a male with gross annual income exceeding

Rs. 10,00,000.

Sec. 10 (10)D Under Sec. 10(10D), the benefits you receive are completely

tax-free, subject to the conditions laid down therein.

.

OTHER COMPETITORS

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MAJOR PLAYERS IN THE INSURANCE INDUSTRY IN INDIA

Life Insurance Corporation of India (LIC)

Life Insurance Corporation of India (LIC) was established on 1 September

1956 to spread the message of life insurance in the country and mobilize people's

savings for nation-building activities. LIC with its central office in Mumbai and seven

zonal offices at Mumbai, Calcutta, Delhi, Chennai, Hyderabad, Kanpur and Bhopal,

operates through 100 divisional offices in important cities and 2048 branch offices.

LIC has 5.59 lakh active agents spread over the country.

The Corporation also transacts business abroad and has offices in Fiji,

Mauritius and United Kingdom. LIC is associated with joint ventures abroad in the

field of insurance, namely, Ken-India Assurance Company Limited, Nairobi; United

Oriental Assurance Company Limited, Kuala Lumpur; and Life Insurance

Corporation (International), E.C. Bahrain. It has also entered into an agreement with

the Sun Life (UK) for marketing unit linked life insurance and pension policies in U.K.

In 1995-96, LIC had a total income from premium and investments of $5

Billion while GIC recorded a net premium of $ 1.3 Billion. During the last 15 years,

LIC's income grew at a healthy average of 10 per cent as against the industry's 6.7

per cent growth in the rest of Asia (3.4 per cent in Europe, 1.4 per cent in the US).

LIC has even provided insurance cover to five million people living below the

poverty line, with 50 per cent subsidy in the premium rates. LIC's claims settlement

ratio at 95 per cent and GIC's at 74 per cent are higher than that of global average of

40 per cent. Compounded annual growth rate for Life Insurance business has been

19.22 per cent per annum.

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General Insurance Corporation of India (GIC)

The general insurance company in India was nationalized and a government

company known as General Insurance Corporation of India (GIC) was formed by the

Central Government in November 1972. With effect from 1 January 1973 the

erstwhile 107 Indian and foreign insurers which were operating in the country prior to

nationalization, were grouped into four operating companies, namely, (i) National

Insurance Company Limited; (ii) New India Assurance Company Limited; (iii) Oriental

Insurance Company Limited; and (iv) United India Insurance Company Limited.

(However, with effect from Dec' 2000, these subsidiaries have been de-linked from

the parent company and made as independent insurance companies). All the above

four subsidiaries of GIC operate all over the country competing with one another and

underwriting various classes of general insurance business except for aviation

insurance of national airlines and crop insurance which is handled by the GIC.

Besides the domestic market, the industry is presently operating in 17

countries directly through branches or agencies and in 14 countries through

subsidiary and associate companies.

IN ADDITION TO ABOVE STATE INSURERS THE FOLLOWING

HAVE BEEN PERMITTED TO ENTER INTO INSURANCE BUSINESS:-

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The introduction of private players in the industry has added to the colors in

the dull industry. The initiatives taken by the private players are very competitive and

have given immense competition to the on time monopoly of the market LIC. Since

the advent of the private players in the market the industry has seen new and

innovative steps taken by the players in the sector. The new players have improved

the service quality of the insurance. As a result LIC down the years have seen the

declining phase in its career. The market share was distributed among the private

players. Though LIC still holds the 75% of the insurance sector but the upcoming

natures of these private players are enough to give more competition to LIC in the

near future. LIC market share has decreased from 95% (2002-03) to 82% (2004-05).

1. HDFC Standard Life Insurance Company Ltd.

HDFC Standard Life Insurance Company Ltd. is one of India's leading private life

insurance companies, which offers a range of individual and group insurance

solutions. It is a joint venture between Housing Development Finance Corporation

Limited (HDFC Ltd.), India's leading housing finance institution and The Standard

Life Assurance Company, a leading provider of financial services from the United

Kingdom. Their cumulative premium income, including the first year premiums and

renewal premiums is Rs. 672.3 for the financial year, Apr-Nov 2005. They have

managed to cover over 11, 00,000 individuals out of which over 3, 40,000 lives have

been covered through our group business tie-ups.

2. Max New York Life Insurance Co. Ltd.

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Max New York Life Insurance Company Limited is a joint venture that brings together

two large forces Max India Limited, a multi-business corporate, together with New

York Life International, a global expert in life insurance. With their various Products

and Riders, there are more than 400 product combinations to choose from. They

have a national presence with a network of 57 offices in 37 cities across India.

3. ICICI Prudential Life Insurance Company Ltd.

ICICI Prudential Life Insurance Company Ltd. is a joint venture between ICICI Bank,

a premier financial powerhouse and prudential plc, a leading international financial

services group headquartered in United Kingdom. ICICI Prudential was amongst the

first private sector insurance companies to begin operations in December 2000 after

receiving approval from Insurance Regulatory Development Authority (IRDA). The

company has a network of about 56,000 advisors; as well as 7 banc assurance and

150 corporate agent tie-ups.

4 Birla Sun Life Insurance Company Ltd.

Birla Sun Life Insurance Company is a joint venture between Aditya Birla Group and

Sun Life Financial Services of Canada.

Tata AIG Life Insurance Company Ltd.

SBI Life Insurance Company Limited

ING Vysya Life Insurance Company Private Limited

Allianz Bajaj Life Insurance Company Ltd.

MetLife India Insurance Company Pvt. Ltd.

AMP SANMAR Assurance Company Ltd.

Dabur CGU Life Insurance Company Pvt. Ltd.

5 Kotak Mahindra Life Insurance Co. Ltd.

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Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak

Mahindra Bank Ltd. (KMBL), and Old Mutual plc.

1. Royal Sundaram Alliance Insurance Company

The joint venture bringing together Royal & Sun Alliance Insurance and Sundaram

Finance Limited started its operations from March 2001. The company is Head

Quartered at Chennai, and has two Regional Offices, one at Mumbai and another

one at New Delhi.

2. Bajaj Allianz General Insurance Company Limited

Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj

Auto Limited and Allianz AIG of Germany. Both enjoy a reputation of expertise,

stability and strength.

Bajaj Allianz General Insurance received the Insurance Regulatory and Development

Authority (IRDA) certificate of Registration (R3) on May 2nd, 2001 to conduct General

Insurance business (including Health Insurance business) in India. The Company

has an authorized and paid up capital of Rs. 110 crores. Bajaj Auto holds 75% and

the remaining 26% is held by Allianz, AG, Germany.

3. ICICI Lombard General Insurance Company Limited

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ICICI Lombard General Insurance Company Limited is a joint venture between ICICI

Bank Limited and the US-based $ 26 billion Fairfax Financial Holdings Limited. ICICI

Bank is India's second largest bank, while Fairfax Financial Holdings is a diversified

financial corporate engaged in general insurance, reinsurance, insurance claims

management and investment management.

Lombard Canada Ltd, a group company of Fairfax Financial Holdings Limited, is one

of Canada's oldest property and casualty insurers. ICICI Lombard General Insurance

Company received regulatory approvals to commence general insurance business in

August 2001.

4. Cholamandalam General Insurance Company Ltd.

Cholamandalam MS General Insurance Company Limited (Chola-MS) is a joint

venture of the Murugappa Group & Mitsui Sumitomo.

Chola-MS commenced operations in October 2002 and has issued more than 1.4

lakh policies in its first calendar year of operations. The company has a pan-Indian

presence with offices in Chennai, Hyderabad, Bangalore, Kochi, Coimbatore

Mumbai, Pune, Indore, Ahmadabad, Delhi, Chandigarh, Kolkata and Vizag.

5. TATA AIG General Insurance Company Ltd.

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TATA AIG General Insurance Company Ltd. is a joint venture company, formed from

the Tata Group and American International Group, Inc. (AIG). Tata AIG combines

the strength and integrity of the Tata Group with AIG's international expertise and

financial strength. The Tata Group holds 74 per cent stake in the two insurance

ventures while AIG holds the balance 26 per cent stake.

Tata AIG General Insurance Company, which started its operations in Indian on

January 22, 2001, offers the complete range of insurance for automobile, home,

personal accident, travel, energy, marine, property and casualty, as well as several

specialized financial lines.

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CHAPTER-2

REVIEW

OF

LITERATURE

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LITRATURE REVIEW

The literature review includes the academic books, journals, internet access,

magazines etc. ICFAI reader-October 2006 (Page no. 58-60) It guided me to know

about the growth of the Insurance sector over the last few years.

T.R.JAIN. Gives the information regarding the statistical tools and

their limitations in different fields the research is given in this section.

This section explains why to use correlation and what are the situations

in which correlation can be used, and what does correlation means.

Schaums: Statistical Methods- Sultan Chand Publication The

information regarding the statistical tools and their limitations in

different fields the research is given in this section. This section

explains why to use trend analysis and what are the situations in which

correlation can be used, and what does correlation means.

Beri G.C.- Marketing Research 3rd edition : This book helped in

understanding the different research designs and analytical tools used

here.

Kothari C.R. The information regarding the basics of research and

research methodology , what are the different types of research

designs, what is problem statement, what are the sources of data

collection and what are the methods of data collection is given in this

section

NaliniProna Tripathy: Insurance Theory & Introduction of

Insurance, their advantages, disadvantages and various types have

been taken from it.

Whats the need of Life insurance, I read it from The Mc- Graw Hill

Investors Desk Reference,Mc-Graw Hill Publications, Ellie Williams

Clinton

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CHAPTER - 3

RESEARCH

METHODOLOGY

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RESEARCH METHODOLOGY

It is a way with involves procedure, practices, and rules and regulation used by those

who work in a discipline or engage manner in an enquiry a set of working method,

the methodology of genetic studies. This title relates to the investment avenues

regarding the insurance policies of reliance life insurance.

TITLE JUSTIFICATION:

The above title is self explanatory. The study deals mainly with studying the

investment avenues in the insurance industry with a special focus on Reliance Life

Insurance. The various segments of the markets divided in terms of Insurance

Needs, Age groups, Satisfaction levels etc. will also studied. Proper understanding

and analysis of life insurance industry of RIL.

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COLLECTION OF DATA

PRIMARY DATA:

Questionnaire

For the purpose of collecting data, a detailed structural questionnaire has

prepared. It was designed with a view of seeking information on all significant

aspects relating to the study. Initially a pilot study was carried out to test the

suitability of questionnaire.

Field visits:

Field study has been conducted by visiting Dealers and Users in Ambala.

SECONDARY DATA;

Secondary data is not the first hand or original information, but is the one, whichhas already been collected by some one else and has passed through statistical

process. For structural requirements of this study, researcher has to depend on

following resources:

Books And Journals

The data so collected has been analyze and interpret with the help of statistical

tables using percentages, graphs and diagrams. The collected data has beenpresented in tabular form to make data more attractive and clear.

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Objective of the study

To know about brand awareness of Reliance Life Insurance and customer's

preference about Reliance Life Insurance.

According the market survey come know about how much potential of insurance

market in our city.

And base on analysis of the result thus obtained make a report on that research.

Training aims at recruiting maximum number of Life Advisors and to Sell the

maximum policies for the company and bring the business for the company which

ever is going at the particular point of time.

As the Reliance Life Insurance well reputed company in India it's great chance for

me to observed different products launch by other competitor companies like

ICICI prudential, Bajaj Alliance, LIC, Max New York life etc. In all, it is to

understand the overall working of the Life Insurance sector.

To satisfy a customer about the Reliance product.

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SCOPE OF THE STUDY

A big boom has been witnessed in Insurance Industry in recent times. A large

number of new players have entered the market and are vying to gain market share

in this rapidly improving market. The study deals with Reliance in focus and the

various segments that it caters to. The study then goes on to evaluate and analyze

the findings so as to present a clear picture of trends in the Insurance sector.

SIGNIFICANCE OF THE STUDY

1. SIGNIFICANCE OF THE INDUST RY:

This is a limited study which takes into consideration the responses of 100 people.

This data can be exported to take in the trends across the industry. The significance

for the industry lies in studying these trends that emerge from the study. It is a

rapidly changing and evolving sector. People are only beginning to wake up to it's

vast possibilities. A study like this can attempt to guide the future of the industry

based on current trends.

2. SIGNIFICANCE FOR THE RESEARCHER:

To facilitate and provide all the useful information of the study about the company,

the insurance industry and also provide marketing ways, methods of reliance life

insurance to tackle the competitor.

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3. SIGNIFICANCE TO THE CONSUMER

This study provides various investment avenues regarding the reliance life

insurance. There are many insurance plans in the reliance industry which may

provide future benefits to the consumer.

RESEARCH DESIGN

NON-PROBABILITY

EXPLORATORY & DESCRIPTIVE EXPERIMENTAL RESEARCH

There are mainly two source of data-Primary and Secondary I have taken some data

regarding Questionnaire and some other from secondary sources i have taken help

from the magazines, internet and newspaper also. To research is primarily both

exploratory as well as descriptive in nature. The sources of information are both

primary & secondary.

A well-structured questionnaire was prepared and personal interviews were

conducted to collect the customer's perception and buying behavior, through this

questionnaire

.

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LIMITATIONS OF THE RESEARCH

1. The research is confined to a certain parts of Ambala and does not

necessarily shows a pattern applicable to all of Country.

2. Some respondents were reluctant to divulge personal information which

can affect the validity of all responses.

3. In a rapidly changing industry, analysis on one day or in one segment can

change very quickly. The environmental changes are vital to be

considered in order to assimilate the findings

4. The competitors are also providing better investment policies regarding the

investment schemes, so the competition is so high in the market.

5. There is no particular awareness about the insurance policies in the small

town regions, People does not believe in the private companies of the

Reliance Life Insurance.

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CHAPTER 4

ANALYSIS

ANDINTERPRETATION

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DATA ANALYSIS & INTERPRETATION

Q=1 HOW MANY CUSTOMER HAVING INSURANCE

COMPANY'S NAME NO. OFRESPONDENT

SHARE (%)

L.I.C. 78 78RELIANCE LIFE INSURANCE 3 3ICICI PRUDENTIAL 10 10SBI LIFE 7 7HDFC 2 2TOTAL 100 100

INTERPRETATION

78% of the people contacted prefer LIC policy to any other and therefore it is

ranked no. 1 by that percent of respondents.

78

3

10

72

L.I.C.

RELIANCE LIFE INSURANCE

ICICI PRUDENTIAL

SBI LIFE

HDFC

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Q=2 WHAT BENEFITS OF INSURANCE PERCEIVED BY CUSTOMER

BENEFITS NO. OFRESPONDENTS

SHARE (%)

Cover Future Uncertainty 55 55

Tax Deductions 20 20Future Investment 25 25TOTAL 100 100

INTERPRETATION

55% of the respondents believe that covering future uncertainty is the biggest

benefit of an insurance company.

Whereas, 20% and 25% of them believe that the other benefits are Tax deduction

and future investments respectively.

55%

20%

25%

Cover Future Uncertainty

Tax Deductions

Future Investment

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Q=4 HOW MANY NUMBER OF INSURANCE POLICY TYPE

CUSTOMER HAVING

POLICY TYPE NO. OF RESPONDENTS SHARE (%)

LIFE POLICY 75 75NON LIFE POLICY 25 25BOTH 45 45

INTERPRETATION

75% of the respondents have Life Insurance Policy while 45% have both. (The %

is calculated out of 280 positive response).

75

25

45

LIFE POLICY

NON LIFE POLICY

BOTH

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Q=5 CUSTMOMER PERCEPTION ABOUT INSURANCE

RESPONSE NO. OF RESPONDENTS SHARE (%)A saving tool 81 81A tax saving device 74 74A tool to protect yourfamily

100 100

INTERPRETATION

81% of the respondents have perception of Insurance being a saving tool.

And 74% of the respondents have perception of Insurance being a tax saving

device.

But 100% of the respondents are with the view that Insurance is a tool to protect

your family.

81

74

100

A saving tool A tax saving device A tool to protect your family

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Q=6 WHAT IS PREFERENCE OF CUSTOMER ABOUT INSURANCE

COMPANIES

RESPONSE NO. OF RESPONDENTS SHARE (%)Yes 70 70No 30 30Total 100 100

INTERPRETATION

Of the sample size of 400 surveyed respondents 70% of the respondents are

having Insurance policy.

30% of the respondents are either not having any Insurance policy at present or

their policy is already matured.

And at present 100% of the respondents are with the view that Insurance is a tool

to protect your family.

70%

30%

Yes No

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Q=7WHAT IS THE BUYING PROGRESS OF THE CUSTOMER

BUYING PROCESS NO. OF RESPONDENTS SHARE (%)Customer approachedInsurance Company /Agent

45 45

Company / agentapproached customer

55 55

Total 100 100

INTERPRETATION

INTERPRETATION

44.5% of the respondents approached the Insurance Company / Agent.

Whereas, 55.5% of the respondents were approached by the Company / Agent.

45%

55%

Customer approachedInsurance Company / Agent

Company / agent approachedcustomer

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Q=9 WHAT IS REASONS BEHIND BUYING INSURANCE

RESPONSE NO. OF RESPONDENTS SHARE (%)Satisfied 60 60Not Satisfied 40 40

Not Responded 0 0Total 100 100

INTERPRETATION

60% of the respondents are more or less satisfied with their existing policy.

40% of the respondents are not satisfied with their existing policy.

In this case all of those who have taken a policy have responded.

60%

40%

0%

Satisfied Not Satisfied Not Responded

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Q=10WHAT IS SATISFACTION LEVEL WITH RESPECT TO SERVICE

AGENT

RESPONSE NO. OF RESPONDENTS SHARE (%)

Satisfied 45 45Not Satisfied 55 55Not Responded 0 0Total 100 100

INTERPRETATION

45% of the respondents are satisfied with their existing service agent.

55% of the respondents are not satisfied with their existing insurance agent.

All of those who have taken a policy have responded.

45%

55%

0%

Satisfied Not Satisfied Not Responded

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Q=11 DATA SHOWS NUMBER OF RESPONDENTS PAYING TAX

RESPONSE NO. OF RESPONDENTS SHARE (%)Paying Tax 100 100Not Paying Tax - 0Total 100 100

INTERPRETATION

Of the sample size of 400 respondents, all the respondents are paying tax.

100%

0%

Paying Tax 100 Not Paying Tax -

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Q=12DATA SHOWS TOOL OF INVESTMENTS FOR TAX SAVING

INVESTMENTS NO. OF RESPONDENTS SHARE (%)LIC 51 51NSC 33 33Bonds 32 32PPF 25 25PF 21 21EPF 11 11

INTERPRETATION

51% of the respondents save their tax by investing in LIC, which is the highest

among all investment. This shows that most people for getting taxes benefits

invest in LIC.

33.25% of the respondents do their tax saving by investing in NSC.

32..25% of the respondents to their tax saving by investing in bonds.

51

3332

25

21

11

LIC NSC Bonds PPF PF EPF

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Q=13 CUSTOMER PERCEPTION ABOUT BEST FORM OF

INVESTMENT FOR SECURING THEIR FUTURE

NO. OF RESPONDENTS SHARE (%)

Fixed Assets 75 75Bank Deposits 11 11Jewellery 25 25Securities i.e. bonds, MFs 40 40Shares 10 10Insurance 70 70

INTERPRETATION

75.25% of the respondents as with the view that Fixed Assets is the best form ofinvestment for securing their future.

70.5% of the respondents are with the perception that Insurance is the best form

of investment for securing their future, which is one of the highest and this shows

that insurance is an important key for securing your future.

75

11

2540

10

70

Fixed Assets Bank Deposits Jewellery Securities i.e. bonds, MFs Shares Insurance

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Q=14 CUSTOMER PERCEPTION GAIN FROM THEIR INVESTMENT.

RESPONSE NO. OF RESPONDENTS SHARE (%)Saving & Returns 100 100Security 90 90Tax Benefits 71 71

INTERPRETATION

100% of the respondents intent to gain saving and returns from their investment

90% of the respondents intent to gain security from their investment

Whereas, 71.75% of the respondent's intent to gain tax benefits from their

investments.

100

90

71

Saving & Returns Security Tax Benefits

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Q15 CUSTOMER PERCEPTION OF APPROPRIATE AGE FOR BUYING

INSURANCE

RESPONSE NO. OF RESPONDENTS SHARE (%)After 25 years 29 29After 35 years 10 10After 45 years 0 0Anytime 60 60

INTERPRETATION

29% of the respondents are with the view that insurance should be bought after

the age of 25 years.

10.5% of the respondents are with the view that insurance should be buyed after

the age of 35 years.

Whereas, 60.5% of the respondents are with the view that buying of insurance do

not have any thing to do with age i.e. there is no age limitations. It can be

purchased any time according to the need.

29%

10%

0%

61%

After 25 years After 35 years After 45 years Anytime

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Q=16 CUSTOMER OPINION ABOUT INDIAN INSURANCE

COMPANIES

RESPONSE NO. OF RESPONDENTS SHARE (%)Rigid plans 67 67Non user friendly 29 29Unsatisfactory services 26 26Non Aggressive 35 35Satisfactory 24 24Good 10 10Very Good 0 0

INTERPRETATION

67% of the respondents have the opinion that Indian Insurance Companies have

Rigid plans.

29.5% feel that Indian Insurance companies are Non-user friendly.

26.%% feel that services of Indian Insurance companies are Unsatisfactory.

35.75% of the respondents are with the view that Indian Insurance companies

are Non-aggressive

24% of the respondents feel that products and services of Indian Insurance

companies is Satisfactory.

67

2926

35

2410 0

Rigid plans Non user friendly Unsatisfactory services

Non Aggressive Satisfactory Good

Very Good

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Whereas only 10.25% feel that it is good enough.

And according to the data, no single person has felt that it is very good.

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Q=17CUSTOMER LOOKING FOR IN AN INSURANCE COMPANY

RESPONSE NO. OF RESPONDENTS SHARE (%)A trusted name 82 82

Friendly Service &Responsiveness 71 71

Good Plans 81 81Accessibility 49 49

INTERPRETATION

82% customers look for a Trusted name in a company for insurance.

81.5% customers look for a good plan in a company for insurance.

Friendly Service & Responsiveness and Accessibility are also important factors

looked by customers in a company.

82

71

81

49

A trusted name Friendly Service & Responsiveness Good Plans Accessibility

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Q=18HOW MANY CUSTOMER PLANNING FOR NEW INVESTMENTS

RESPONSE NO. OF RESPONDENTS SHARE (%)Planning 87 87Not Planning 13 13Total 100 100

INTERPRETATION

Only 12.5% of the customers contacted are not planning for new investments

presently.

Whereas, 87.5% of the customers are still planning for new investments this can

be a great potential for Reliance Life Insurance to take them on their favour.

87%

13%

Planning Not Planning

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Q=19 CUSTOMER INTERESTED IN GOING FOR INSURANCE IF A

SERVICE PROVIDER AWAY FROM THE CITY OFFERS BETTER

SERVICE & PRODUCTS

RESPONSE NO. OF RESPONDENTS SHARE (%)Yes 43 43No 44 44Uncertain 13 13Total 100 100

INTERPRETATION

The interested customers i.e. 43% are ready to go for insurance even away from

a city if services and products are worthwhile, which again is a good prospect

(potential) for Reliance Life Insurance to take them on their favour.

43%

44%

13%

Yes No Uncertain

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SWOT ANALYSIS

SWOT analysis is the analysis of the internal and external factors, which have

Impact on the survival of any organization. Now lets make SWOT analysis for

Reliance Life Insurance Company Limited.

STRENGTHS:

1. Reliance Life Insurance Company Limited is the part of the Reliance Capital.

2. The brand name is enough to sell the products easily.

3. Private placement of Rs. 10,000 crs worth of securities with RBI the

Government. Led to an improvement in market securities.4. Strong liquidity from FII was the major reason for the up move.

5. Range of products

6. Reliance has a long and strong history of solvency, financial

stability.

WEAKNESSES:1. Newly established company, so people seems it risky.

2 Lack of staff.

3. Lack of advertisement, so most of the customers are not aware

of the Reliance Life Insurance.

OPPORTUNITY:

1. There is a vast untapped market in India. The life insurance

penetration in India is approximately 2.5%. So it has large

potential.

2. Intention of traditional products is to encourage long term,

regular and disciplined savings to systematically build up a

target fund.

3. The average insurance premium being collected

4. company has been growing exponentially year on

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year.

THREATS:

1. The main threat is from the other players who have grabbed

approximately 15% of the market share.

2. As the government has scrapped the rebate on the life insurance

premium, the people who used to invest in life insurance for the

sole motive of tax benefit may turn to other instruments.

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CHAPTER -5

INVESTMENT AVENUE OF RELIANCELIFE INSURANCE

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Reliance Policies

(1) Reliance Children Plans

What could make you happier than knowing, that your child's future is secure ?

Nothing, we suppose. Which is why, Reliance Life Insurance brings to you Reliance

Secure Child Plan, a unit-linked Insurance Plan, that gives you the freedom to enjoy

today with your child, because his tomorrow is in safe hands.

Do you see your child becoming a trailblazer?

Will they create the ultimate symphony or give sports a new dimension?

Our children may just be the ones to end the arms race and wipe out poverty from

the face of the Earth. But for them to be able to aim for the skies, YOU NEED TO

ACT NOW!

Introducing Reliance Secure Child Plan a unique life insurance cum savings plan,

secure the future of your child.

Key Features:

Insurance cover on the life of child

Your child is completely protected we will continue to pay the premiums even if

you are not alive.

Life time income to child in the event of disability

Return Shield option to protect your investment returns.

Liquidity in the form of partial withdrawals

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Capital guarantee available on maturity and on death of the child for basic and

top-up premiums

Option to package with Accidental Death and Total and Permanent Disablement

Rider, Critical Conditions Rider and Term Life Insurance Benefit Rider.

(2) Reliance Health + Wealth Policy

UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO

IS BORNE BY THE POLICYHOLDER.

There are times when late working hours take precedence over your health check-

ups. And there are times when a visit to the doctor seems more important than

dividends on your shares. In the rat race to make money, we often forget to take

care of ourselves.

We understand this predicament. Here is a plan that will ensure that your wealth

keeps increasing constantly and yet your health does not take a backseat. The

Reliance Wealth Health Plan. A plan that gives you the benefits of wealth bhi, health

bhi.

Life changes, And as it does, so do your priorities. After all, the circumstances of

your life can determine the type of health coverage you need.

India has made rapid strides in the health sector. Since Independence, Life

expectancy has gone up markedly and survival rates have also increased, still critical

health issues remain. Infectious diseases continue to claim a large number of lives.

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Reliance Wealth + Health Plan, a health insurance plan underwritten by Reliance

Life Insurance Company Limited, is designed to work in conjunction with

contributions towards savings.

Key Feature

A Unit Linked plan with Unique Savings Component

Twin benefit of market linked return and health protection.

Choose from two different plan options

Flexibility to take care of your family's health

Flexibility to switch between funds / plan options

Option to pay Top-ups

(3) Reliance Pension Policy

UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO

IS BORNE BY THE POLICY HOLDER.

Retirement means different things to different people, while some want to relax and

take a trip around the world, some want to start up a venture of their own, and

pursue a dream harnessed for years. The power to make your autumn years special

lies only with you. The Reliance Super Golden Years Plan gives you the power and

the right kind of solution A retirement plan that allows you to save systematically

and generate the much-needed corpus to make your olden years look golden.

Key Features Reliance Pension Policy:

Invest systematically and secure your golden years

A flexible unit-linked pension product that is different from traditional life

insurance products with Vesting Age between 45 & 70 years.

Eight different investment funds to choose from

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Flexibility to switch between funds

Option to pay Regular, Single as well as Top-up premiums.

Flexibility to advance/extend your Vesting Age

Tax free commutation up to one third of Fund Value at Vesting Age

(4) Reliance Whole Life Insurance Policy

You've always loved your family. As a loving person you want to be rest assured that

they will be happy, even if something were to happen to you. With Reliance Whole

Life Plan you can be sure that your family will receive that timely financial support

they need.

Go ahead, live your today to the fullest, without a worry about tomorrow.

Key Features:

Insurance protection till age 85

Choice of extending your insurance coverage till age 99

Convenient Premium Payment Term

Wealth creation through bonus additions

More value for your money by way of High Sum Assured Rebate Get Sum

Assured plus Bonuses in case of your unfortunate death.

Option to add two Riders - Critical illness and Accidental Death Benefit and Total

and Permanent Disablement Rider.

Policy Loan available after three full years premium payment.

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MARKETING STRATEGIES OF THE COMPANY

SOME OF THE STRATEGIES ADOPTED BY RELIANCE LIFE INSURANCE

COMPANY.

Reliance Life Insurance plans to tap Reliance Communications' 2.5 crore

telephony subscriber base to market its product.

The company is considering a series of options to leverage its relationship with

Reliance Communications.

However, a joint product or a co-branded solution would require approval from the

Insurance Regulatory and Development Authority.

Customers of R world, the information and entertainment portal of Reliance

Communications, would also be able to pay premiums through a bank account,

provided the bank is listed on the network.

Reliance Life Insurance officials, however, offered no comment when asked whether

there would be an arrangement for payment of commission to Reliance

Communications.

As an alternative channel for distribution, insurance companies usually tie up with

banks. In the case of banc assurance, where there is a corporate agency tie-up, the

commission could range from 5 per cent of 40 per cent of first-year premium

depending on the commission loaded on to the product at the time of registration

with IRDA.

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CHAPTER 6

FINDINGS

ANDSUGGESTIONS

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CHAPTER-VI

CONCLUSION

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CONCLUSION

Our exhaustive research in the field of Life Insurance threw up some

interesting trends which can be seen in the above analysis. A general impression

that we gathered during Data collection was the immense awareness and knowledge

among people about various companies and their insurance products. People are

beginning to look beyond LIC for their insurance needs and are willing to trust private

players with their hard earned money.

People in general have been impression by the marketing and advertising

campaigns of insurance companies. A high penetration of print, radio and Television

ad campaigns over the years is beginning to have it's impact now.

The general satisfaction levels among public with regards to policy and agents

still requires improvement. But their in lays the opportunity for a relative new comer

like ING. LIC has never been known for prompt service or customer oriented

methods and Reliance can build on these factors.

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SWOT ANALYSIS

SWOT analysis is the analysis of the internal and external factors, which have

Impact on the survival of any organization. Now lets make SWOT analysis for

Reliance Life Insurance Company Limited.

STRENGTHS:

1. Reliance Life Insurance Company Limited is the part of the Reliance Capital.

2. The brand name is enough to sell the products easily.

3. Private placement of Rs. 10,000 crs worth of securities with RBI theGovernment. Led to an improvement in market securities.

4. Strong liquidity from FII was the major reason for the up move.

5. Range of products

6. Reliance has a long and strong history of solvency, financial

stability.

WEAKNESSES:

1. Newly established company, so people seems it risky.

2 Lack of staff.

3. Lack of advertisement, so most of the customers are not aware

of the Reliance Life Insurance.

OPPORTUNITY:

1. There is a vast untapped market in India. The life insurance

penetration in India is approximately 2.5%. So it has large

potential.

2. Intention of traditional products is to encourage long term,

regular and disciplined savings to systematically build up a

target fund.

5. The average insurance premium being collected

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6. company has been growing exponentially year on

year.

THREATS:

1. The main threat is from the other players who have grabbed

approximately 15% of the market share.

2. As the government has scrapped the rebate on the life insurance

premium, the people who used to invest in life insurance for thesole motive of tax benefit may turn to other instruments.

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CHAPTER-IX

BIBLIOGRAPHY

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BIBLIOGRAPHY

1. BOOKS/MAGAZINES REFERRED:

Study Guide: Principles & Practices of Life General Insurance, by AIMA

Books published by Insurance Institute of India

Mc- Graw Hill T.R.JAIN Beri G.C

Life Insurance, by Mc GILL

Insurance Watch

Money You Look

2. WEBSITES REFERRED

www.reliancelife.co.in

www.cifainsurance.com

www.moneyoutlook.com

www.insurance.ind.com

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CHAPTER VIII

QUESTIONNAIRE

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QUESTIONNAIRE

1. Are you Employed?

Yes No2. Do you have any insurance policy?

Yes No

3. Which insurance policy do you have?

Life Non-Life Both

4. Which co's insurance policy you prefer the most? (Rank them)

a) LIC

b) ICICI PRUDENTIAL

c) SBI LIFE INSURANCE

d) ING VYSYA LIFE

e) RELIANCE LIFE INSURANCE

f) TATA AIG LIFE

g) ANY OTHER _____________

5. For how many years do you have insurance policy? (Please Tick)

a) < 5 yrs b) 5-10 yrs c) 10-15 yrs d) Any other (Specify)

6. What do you thing are the benefits of insurance cover? (Rank them)

a) Cover Future Uncertain

b) Tax Deductions

c) Future Investment

d) Any other ____________ (Specify)

7. Which feature of your policy attracted you to buy it? (Rank them)

a) Low Premium

b) Larger Risk Coverage

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c) Money Back Guarantee

d) Reputation of Company

e) Easy access to agent

f) Any other _________ (Specify)

8. Your monthly income?

a) < 4 k b) 4k-8k c) 8k-12k d) 12k-16k

e) Other _______________(Specify)

9. Do you really think insurance policy cover in today's scenario is not essential?

_____________________________________________________

10. What's your perception about insurance? (Rank them)

a) A Saving Tool

b) A Tax Saving Device

c) A tool to protect future

11. How has/would you bought / buy an insurance?

a) Customer approached insurance

b) Insurance Cos approached customer

12. Are you satisfied with the policy?

a) Satisfied saving tool

b) Not satisfied

c) Not responding

13. Are you satisfied with the service agent?

a) Satisfied Saving Tool

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b) Not Satisfied

c) Not responding

14. Do you pay taxes?

Yes No

15. Where have you invested for tax saving? (Rank them)

a) LIC

b) NSC

c) BONDS

d) PPF

e) PF

f) EPF

16. Which is the best form of investments? (Rank them)

a) Fixed Assets

b) Bank Deposits

c) Jewellery

d) Securities, i.e. Bonds, MIS

e) Shares

f) Insurance

17. What do you intent to gain from investments?

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a) Saving & Returns

b) Security

c) Tax Benefits

18. What's the right age to buy insurance?

a) After 25 years

b) After 35 years

c) After 45 years

d) Anytime

19. How would you rate Indian Insurance Cos?

a) Rigid Plans

b) Non-user friendly

c) Unsatisfactory services

d) Non-aggressive

e) Satisfactory

f) Good

g) Very Good

20. Are you planning for new investments?

Planning Not Planning

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21. Would you go for insurance if a service provider away from the city offers

better service & products?

a) Yes

b) No

c) Uncertain

Thank you

Name:_____________________________

Address:____________________________

Occupation: _________________________

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