vintu marketing sip

8/3/2019 vintu marketing sip

1/50

SUMMER TRAINING REPORT ON

MARKET RESEARCH AND CUSTOMER SATISFACTION

For

Kotak Mahindra Life Insurance

By

Vintu- Beniwal

In partial fulfillment for the award of the degree

Post Graduate Diploma In Business Management

2010-12

MATRIX BUSINESS SCHOOL

1


2/50

SUMMER TRAINING REPORT ON

MARKET RESEARCH AND CUSTOMERSATISFACTION

For

Kotak Mahindra Life Insurance

Under the Supervision

Of

Mr. Piyush Jain

Submitted By-

Vintu- Beniwal

ACKLOWLEDGEMENT2


3/50

It is said, The most important single word is we and the zero important single word is I. Thistrue even in todays modern era. It is absolutely impossible for a single individual to completethe assigned job without help and assistance from others.

It is my greatest pleasure to acknowledge sincere gratitude towards Mr. Piyush Jain (Seniormanager-channel marketing) Kotak Mahindra Life Insurance Company Ltd. Mumbai, for thecompletion of the project work.

I would also like to acknowledge to my sincere gratitude to the Director of my institute Dr.J .N .P o l and my project guide Prof. Prajakti Bakhre for helping me in this project work.

I am thankful to all of my friends and batch mates for their help in completing this

project work. Finally, I am thankful to my entire family members for their great support andencouragement.

Vintu- Beniwal

3


4/50

DECLARATION

I Vintu- Beniwal student of Matrix Business School (2010-12) declare that everypart of the project report on Market Potential of Kotak Mahindra Life Insurance that Ihave submitted is original. I was in regular contact the nominated with the nominatedguide and contacted many times for discussing the project.

Date of project submission:______________

Facultys comments:___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Signature of faculty guide

Name:

4


5/50

CONTENTS

Serial No. Page No

1. Introduction 09

2. Industry Profile 10

3. Company Profile 16

4. Scope of the work 24

5. Research Methodology 26

6. Data interpretation and analyses 29

7. Observation and findings 39

8. Recommendation 40

9. Conclusion 41

9. Bibliography 42

10. Annexure 43

11.Glossary 46

5


6/50


7/50

INTRODUCTION

Wherever there is uncertainty there is risk. The risk cannot be averted. The risk is uncertainty

of the financial loss. We don t have any command on uncertainties. This makes it essential thatwe think in favor of a device that becomes instrumental in spreading the loss. It is in this contextthat we think about insurance.Protection against the possible chances of generating uncertainlosses. It eliminates worries and miseries of losses or destruction of property and death.Life insurance is a contract between you and a life insurance company, which provided you adeath during the contract term. Buying insurance is extremely useful if you are theprincipal earning member in the family unfortunate premature demise, your family can remainfinancially secure because of the life that you have purchased.The primary purpose of life insurance is therefore protection of the family in the even insuranceis also seen as a tool to plan effectively for your future years. Your retiren children s futureneeds. Today, the market offers insurance plans that not just cover your same time grow yourwealth too.

If you have dependants and financial responsibilities toward them, then you certainly need.Having a family means dependant, which in turn means financial commitments. Finance comesin the form of loans, children s education, medical expenses etc. Imagine what would happen ifyou were to lose your life suddenly or become disabled being insured in a situation like this isa necessity.When you insured your life, in effect what you are doing insuring your earning capacity thatyour dependents will be able to continue living without financial hardships even in case Mostinsurance plans available today come with a savings element built into it. These policies not onlyfor a financially independents future, which were have a comfortable retirement. For example.Kotak preferred Retirement plans such as income plan and kotak Multiplier plan. Mostinsurance plans available today have a bailt in saving elements. Kotak preferred Retirement plans meet yourdual financial goals of life cover and savings for the future. Collateralsecurity.Life wasn t designed to be risk free. The key is not to eliminate risk, but to estimate it

Accurately and manage it wisely.

Insurance sector have characteristic that give can boost to the growth of any economy .it is due tothe savings done at the individual level and at micro level it generates funds forinfrastructure building as the cash flow is constant while the payout is differed, so that theinsurance companies are becoming biggest investors in long gestation infrastructuredevelopment projects and hence have a great Importance to the developing economy like India.Insurance sector with an annual growth rate of 15-20% and the largest number of life insurance policies in force, the potential of the Indian insurance industry is huge.

7


8/50

INTRODUCTION OF THE TOPIC

The purpose of this training was to have practical experience of working within theorganization, in the filed of marketing and to have exposure to the importantmanagement practices in field of marketing.While writing this report the language has been keep simple and the entirediscussion has been logical and has coherent outlines. The main motto of the projectwork was Market Research and customer Satisfaction of Kotak Mahindra LifeInsurance, New Delhi. It includes through market Research in various plans ofKotak Mahindra Life Insurance. And in detail consumer (Satisfaction) responsesanalysis, by surveying number of consumers.The project report is divided into two parts, first part consists market research

for finding out best sold plan of Kotak Mahindra Life Insurance, And secondconsist survey report of various consumers about there responses aboutsatisfaction towards Kotak Mahindra Life Insurance Company.

IMPORTANCE OF THE TOPIC

The project report is all about market research to find out best sold plan of KotakMahindra Life Insurance, Delhi. And to mouser the satisfaction level of consumers ofKotak Mahindra Life Insurance.Market research helps Kotak Mahindra Life Insurance about the best plan purchased

by its consumer satisfaction level helps to know weather the consumers aresatisfied by service/Plans of Kotak Mahindra Life Insurance.

8


9/50

INDUSTRY PROFILE

The industries, businesses and individuals are considerably by the services ofinsurance organization.

A. The oldest form of insurance (12th

century) is marine insurance. After wards in 16th

century fire insurance is started in Germany.

B. The first registered life office was Hand in Hand Society established in 1696.

C. In India the first life insurance was started in the Bengal Presidency in1818 knows as oriental life insurance company.

D. Experiencing so many ups and downs the insurance business was found in changedshapes. Particularly after attaining independence and to the more specific afternationalizing in 1956.

E. There was major change in the insurance sector after globalization in 2001. The private player in the insurance industry and ends the dominance of LIC.

F. The different MNC s company of foreign country enters in the insuranceindustry with the joint venture with Indian companies. Today total 11 privatelife insurance companies are working in insurance industry.

9


10/50

HISTORY

1912: the Indian Life Assurance Companies Act enacted as the first stature toregulate the life insurance business.

1928: the Indian Insurance Companies Act enacted to the government to collectstatistical information about both life and non life insurance businesses.

1938: Earlier legislation consolidated and amended to the insurance Act with theobjective of protecting the interests of the insuring public.

1956: 245 Indian and Foreign insurers and provident societies taken over by the

central government and nationalized. LIC formed by an Act of Parliament, viz.LIC Act, 1956, with a capital contribution of Rs. 5 core from the Government ofIndia.

INSURANCE SECTOR REFORMS:

1) Structure

Government stake in the insurance companies to be brought down to 50%.

2) Competition

Private companies with a minimum paid up capital of Rs. 1bn should be allowed toenter the industry. No company should deal in both Life and General Insurancethough a single entity. Foreign companies may be allowed to enter the industryin collection with the domestic companies. Postal Life Insurance Should be allowedto operate in the rural market. Only One State Life Insurance Company should beallowed to operate in each state.

10


11/50

3) Regulatory Body

- The Insurance Act should be changed

- An Insurance Regulatory body should be set up

- Controller of Insurance (Currently a part from the Finance Ministry)

should be made independent.

4) Investments

Mandatory Investment of LIC Life Fund in government securities to be reducedfrom 75% to 50%.

5) Customer service

LIC should pay interest on delays in payments beyond 30 days. Insurance companiesmust be encouraged to set up unit linked pension plans. Computerization ofoperations and updating of technology to be carried out in the insurance industry.

The committee emphasized that in order to improve the customer services andincrease the coverage of the insurance; industry should be opened up to competition.

11


12/50

ENTRANCE OF PRIVATE PLAYERS IN INSURANCE SECTORS

India still has low insurance penetration of 1.95 percent, 51st

in the world. Despite

the fact that India boosts a saving rate of around 25 percent, less than 5 percent isspent on insurance.The insurance landscape in India is undergoing major changes. Close to foreigncompetition since nationalization in 1956, the life insurance industry had been

protected from competitive pressures. Now, with the reopening of the sector, severalnew players have entered the scene.The acronym for the Insurance Regulatory and Development authority of India, itoverseeing the insurance business in India. It protects the interests of the

policyholders received and ensures orderly growth of the insurance industry and for

matters connected there thereto.Beside Kotak Mahindra Life Insurance there are other 11 private players working inlife insurance sector, which are as follows.

Allianz Bajaj Life Insurance Company Ltd.

Allianz Bajaj Life Insurance Company Ltd. is a joint venture betweenAllianz AG (Largest insurer in Europe) and Bajaj Auto Ltd. incorporated on

12

th

march 2001.

AMP Sanmar Assurance Company Ltd.

AMP Sanmar Assurance Company Ltd. is a joint venture between AMP, largest lifeinsurer in Australia and New Zealand, Sanmar is one of the

largest industrial groups in South India dealing in chlorochemicals and shippingand Engineering.

Aviva Life Insurance Company Ltd.

Aviva Life Insurance Company Ltd. is a joint venture between Dabur India and CGU,is a wholly subsidiary of Aviva Plc (UK).

12


13/50

BI Life Insurance Company Ltd.

India s largest bank SBI and Cardiff S.A, a leading insurer in France came togetherto from SBI Life.

Tata Life Insurance Company Ltd.

Tata Life Insurance Company Ltd. is capitalized at Rs. 185 crore; of which74% has been brought in by TATA Sons and the American partner bring the balance26%.

ICICI Prudential Life Insurance Company Ltd.

ICICI Prudential equity based stands at Rs. 675 Cr. With ICICI group andPrudential Plc holding 74% and 26% stake respectively.

Birla Sun Life Insurance Company Ltd.

Birla Sun Life Insurance Company is a 74:26 joint venture between AdityaBirla Group and sun life financial services of Canada.

HDFC Standard Life Insurance Company Ltd.

HDFC Standard Life Insurance Company Ltd. was one of the first companiesto be granted license by the IRDA to operate in life insurance sector. It was

incorporated on 14th

august 2000. HDFC is the majority stakeholder ininsurance JV with 81.4% stake and Standard life (largest mutual assurance companyin Europe) has a stake of 18.6%.

ING Vysya Life Insurance Company Ltd.

ING Vysya Life Insurance Company Ltd. is expected to be first bank assuranceventure in the country. Together they have roped in GMR group, which has wide-ranging interests in field such as power generation infrastructure,manufacturing, software and banking. As per JV agreement Vysya bank would hold49% stake, ING (Europe, Dutch origin) 26% and GMR group would hold 25% of the

13


14/50

stake.

MAX New York Life Insurance Company Ltd.

It s a partnership between MAX India ltd and New York life, a Fortune 100 company.

Met Life India Insurance Company Ltd.

It was incorporated in April 2001 as a joint venture between Met LifeInternational Holding, Inc, Jammu & Kashmir bank, and M. Pallonji and company

private Ltd.

14


15/50

COMPA N Y PROFILE

THE KOTAK MAHINDRA GROUP

Kotak Mahindra is one of India s leading financial institutions, offeringcompletefinancial solutions that encompass every sphere of life. Form commercial

banking of stock broking, to mutual funds, to life insurance, to investment banking.The group caters to the financial needs of individuals and corporate.

The group has a net worth of over Rs. 1,800 core and employs over 4,400employees in its various business. With a presence in 82 cities I India and offices in

New York, London, Dubai and Mauritius, it services a customer base of over 5,00,000.

Kotak Mahindra has international partnerships with Goldman Sachs (one of the world slargest investment banks and brokerage firms) and Old Mutual (a large insurance,

banking and asset management conglomerate).

Mr. Uday Kotak Executive Vice Chairman & Managing Director

Mr. Shivaji Dam

Mr. C. Jayaram

Mr. Dipak Gupta

OUR MANAGEMENT FOR LIFE INSURANCE

Mr. Gaurang Shah (Managing Director)Mr. G Murlidhar (Chief Financial Officer)

Mr. Nandip Vaidya (Vice President - Sales)Mr. Arun Patil (Vice President - Sales & Management Development)

Mr. Eksteen de Waal (Head Sales Training)

15


16/50

OUR STORY

The Kotak Mahindra group was born in 185 as Kotak Capital Management

Finance Limited. Uday Kotak, Sidne A.A. Pinto and Kotak & Company promoted this

company. Industrialists Harish Mahindra and Anand Mahindra took a stake in 1986 and

that s when the company changed its name to Kotak Mahindra Finance Limited.

1986 Kotak Mahindra Finance Limited starts the activity of Bill Discouting.

1987 Kotak Mahindra Finance Limited enters the Lease and Hire Purchase market.

1990 The Auto Finance division is started.

1992 The Investment Banking Division is started. Takes over FICOM, one of India sfinancial retail marketing networks.

1992 Enters the Funds Syndication sector.

1995 Brokerage and distribution business incorporated into a separate company Kotak

Securities. Investment banking division incorporated into a separate company - Kotak

Mahindra Capital Company.

1996 The Auto Finance Business is hived off into a separate company Kotak

Mahindra Primus Limited. Kotak Mahindra takes significant stake in Ford Credit

Kotak Mahindra Limited, for financing Ford vehicles. The launch of Matrix

Information Services Limited marks the Group s entry into information distribution.

1998 Enters the mutual fund market with the launch of Kotak Mahindra Asset

Management Company.

2000 Kotak Mahindra ties up with Old Mutual plc. for the Life Insurance

Business.Kotak Securities launches kotakstreet.com it s on-line broking site. Formal

commencement of private equity activity through setting up of Kotak Mahindra

Venture Capital Fund.

16


17/50

2001 Matrix sold to Friday Corporation Launches Insurance Services.

2003 Kotak Mahindra Finance Limited converts to bank.

KOTAK MAHINDRA

A Lifetime of Val ue

Fig:1

Old Mutual

Old Mutual was established more than 150 years ago and has developed

17


18/50

into an International services group w focused on asset gathering and asset

management. The old mutual Group offers a diverse range of financial services

geographics : South Africa, the United States and United Kingdom. The company is

listed on the London Stock Exchange capitalization of approximately $6 billon and is

member of the elite FSTS 100 index. In the 2003 rankings of the w corporations

Fortune magazine, Old mutual climbed 87 places to position number 366 and was also

listed 14th company in the world.

Old Mutual is the largest financial services business in South Africa, through

its life insurance, asset management, and insurance operations. The company serves 4

million life insurance policyholders and employs over 13 000 South Africa operations.

In the USA Old Mutual is one of the top ten fixed annuity business offering anarray of specialist asset management. The company s US Life business recorded sales

of $4 billion at the end of 2002.

Operations in the United Kingdom are focused on wealth management,

through Gerrard as one the leading private business in the UK.

The Old Mutual Group has the ability to cater for variety of consumer segments and

offers a comprehensive and in products for all income groups.

18


19/50

19

KOTAK MAHINDRA

BANK

OLD MUTAL PLC

( 26

%)

KOTAK LIFE

INSURANCE

( 100%

)

( 74%

)


20/50

PRODUCT

a) Kotak Flexi plan

Advantages:

1 Choice of 5 professionally managed funds included Gilt Fund, FloatingRate Fund, Bond Fund, Balanced Fund, Growth Fund.

2 Add lump sum injections as and when suitable

3 Premium holiday facility

4 Riders options for enhanced protection

5 Loan facilities in case of emergencies

6 Simplified documentation and procedures

b) Kotak Retirement Income Plan

The Kotak Retirement Income Plan is a savings plan designed to meet your postretirement needs. It is a plan that gives you jeene Ki azaadi by giving you thechoice to remain independent even after retirement.

Advantages:

1. In this plan minimum age of 18 years of old and maximum age is 60 years.

2. You may buy an annuity either from Kotak Life Insurance.

3. You can make lump sum injections into your policy at any time beforeretirement.

4. For a with cover plan you have the facility of Automatic coverMaintenance, which ensures that the cover remains in force even when you miss the

premium payments. This facility is available after the first 3 years of the term.

20


21/50

5. You may exercise the option of paying premium from the SupplementaryAccumulation Account, created from will be created from lump sum injections,if the need arises.

c) Kotak Endowment Plan

An Endowment policy is a combination of savings along with risk cover. These policies designed to accumulate wealth and at the same time cover your life. Insimple words, issued for specific time periods during which you pay a regular

premium. If you die during policy, your beneficiaries will receive the sum assuredalong with the accumulated bonus a outlive the policy tenure you will receive thesum assured along with accumulated bonus.

Advantages:

1 In this plan minimum age of 18 years of old and maximum age is 65 years.

2 You can take a loan against your policy has been in force for at least three years.

3 You have the option of paying premiums quarterly, half yearly or yearly.

4 You have the benefit of a 15-day free look period.

d) Kotak Capital Multiplier Plan

The Kotak Capital Multiplier Plan is a participating plan that is built in such a waythat it allows your money to multiply, and gives you the flexibility of using thismoney the way you need it, in regular and irregular withdrawals.

This is an endowment plan, which is very flexible and has a lot of in-built benefits.

Advantages:


2 At the start of your withdrawals period, you can draw the full proceeds or you candraw up to 50% of your basic sum assured or accumulation account, whichever is

21


22/50

higher.

3 In addition to the regular premiums, you can make lum sum injection into your plan

during the premium paying period. A Supplementary Accumulation Account will becreated.

4 You have the facility of Automatic Cover Maintenance, which ensures that the policyremains in force even when you miss the premium payments. This facility is availableafter the first 3 years of the term.

e) Kotak Child Advantage Plan

The Kotak Child Advantage Plan is an investment plan designed to meet your childs future needs. It is a plan that gives your child the azaadi to realise his/her dreams.This is an endowment plan where the life insured is the child. This is a participating

plan.

Advantages:


2 You may take a loan against this plan, after the policy has been in force for at leastthree years.

3 You have the option of paying premiums quarterly, half yearly or yearly.

22


23/50

SCO P E OF S TUD I ES

Need for measuring customer satisfaction.

Customers are too good to loose

-------- Lets keep them happy!

Customer is the king."

In the era of cutthroat competition and economic recession, above axiom has more

importance than ever before.

Marketing starts with the customer and ends the customer . Peter

Drucker.

So no organization, small or big ignores the customers. Earth is not the center of

universe but revolves around the Sun .

-Copernicus.

Similarly, we have come to believe that business firm is not the center of economicuniverse but revolves around the customer. Build customer and not only products.Building customers is not a single step exercise but a process ------.

23


24/50

OBJECTIVE OF THE STUDY:

1) To determine the present position and satisfaction of customer in KotakMahindra Life Insurance. The main objective of the project was to analyze consumersatisfaction of Kotak Mahindra Life Insurance with other services in Pune. Andalso present position of the company.

2) To determine the market share of different brands.The second objective of theproject was to determine the market share of different brands available in the market.There was a tough competition for the brand in the market. Therefore to get establish,company had to make its competitors analysis and need to determine where do theystand.

3) Responses of customerResponses from them were collected through surveyand for he questionnaire were prepared for both of them.

4) Benefits derived by assessing consumer satisfaction are:

- Feedback to organization regarding product.

- Understanding customer s requirements.

- Providing superior service to customer.

- Strengthen the relationship with customers.

- Formulating sales strategies.

5) Identify pros and cons of the brand.This was a fundamental objective of the wholeresearch. Company wants to identify that where does the brand lack. In other words,what are the brands so that it can rectify them in order to establish the brand in the

market.

6) Suggestions and recommendations.The objective of the research was not only to

24


25/50

RESEARCH METHODOLOGY

INTRODUCTION

Research is an art of scientific investigation through search for new facts in

any branch ofknowledge. It is a moment from known to unknown.

Research always starts with a question or a problem.

Its purpose is to find answers to questions through the application ofthe scientific method.

It is a systematic and intensive study directed towards a more completeknowledge of the subject studied.

As marketing does not address itself to basic or fundamental question, it does notqualify as basic research. On the contrary, it tackles problems, which seem to haveimmediate commercial potential. In view of the major consideration, marketingresearch should be regarded as applied research. We may also say that marketing

research is of both types problem solving and problem oriented.

Marketing research is as systematic and objectives study of the problems pertainingto the marketing of the goods and services. It may be emphasized that it is notrestricted to any particular area of marketing, but is applied to all the phases andaspects.

25


26/50

METHOD OF DATA COLLECTION

1) Data to be collected.

Data includes facts and figures, which are required to be collected to achieverthe objectives of the project. In order to determine the present position andsatisfaction of customer of kotak Mahindra Life Insurance.

a) Primary Data

The data that is being collected for the first time or to particularly fulfill the objectives

of the project is known as primary data.These types of data were,

- The market share of Kotak Mahindra Life Insurance.

- The market share of other brands available in the market.

- Responses of consumer.

- Identifying pros and cons of the brand.

The above primary data were collected through responses of consumer wasconducted through questionnaires prepared for them.

b) Secondary Data

Secondary data are that type of data, which are already assembled and need not tocollected from outside. These types of data were

i) Company Profile ii) ProductProfileiii) Competitors Profile

The aforesaid data were collected through Internet and company s financial report.

26


27/50

2) Data Collection Method

For given project, the primary data, which needed to collect for the first time, weremuch significant. This type of information gathered through Survey technique,

which is the most popular and effective technique for correct data collection. Thesurvey was completed with the use of questionnaires.

-Questionnaire for consumer.

3) Sampling

Sample is the small group taken under consideration from the total group. This

small group represents the total group. In the project the market research, whichwas ask to be studied was pune market but as it was possible to approach all therespondent s customer of the city, hence a sample was selected which represents thewhole city. The areas selected for the sample are present further in the appendix.Sample size of customer list was taken from Kotak Mahindra Life Insurance customerdata basic.

4) Data Evaluation

The data so collected were not simply accepted because it containedunnecessary information and over or under emphasized facts. Therefore only relevantdata were included in the report, which helped in achieving the objectives of the

project.

27


28/50

DATA I NTER P RETAT I ON

AND ANALYS I S

Personal detail

Classes

(Age)

No of

Respondents

18-24 4

24-35 19

35-45 16

45-55 8

55-65 1

No. OfRespondant

20

18

16

14

12

10

8

6

42

0

18-24 24-35 35-4545-55 55-65

No. Of Respondant

Fig:2

ANALYSIS

Above diagram consist five classes of different agegroups. Here customer

19 customer biloges to 25-35 age groups, 16 customersfall in the age group 35-45 years.Other 8 customer comes are in the class 45-55 years

the age group of 18-24 consists four customer reaming

customer is in age group 55-65 years.

28


29/50

Here majority of customer belong to the group 25-35years.

29


30/50

Do you think is it essential to have Life Insurance?

YES NO

Yes No Total

No. of Respondents 45 5 50% of Respondents 90 10 100

No. ofRespondents

YES

NO

Fig:3

ANALYSIS

To this question 45 consumers reported YES and 5 consumers reported

NO .


31/50

Which are the companies you invested your money for Life Insurance?

Companies No. ofRespondents

% ofRespondents

Kotak Mahindra Life Insurance 50 37.04LIC 30 22.22

Bajaj Allianz - -

Tata AIG 10 7.41

Max New York Life Insurance 5 3.70

HDFC Life Insurance 10 7.41

ICICI Prudential Life Insurance 25 18.52

SBI 5 3.70

No. ofRespondents

Kotak Mahindra LifeInsurance

LIC

Bajaj Allianz

Tata AIG

Max New York Life

InsuranceHDFC Life Insurance

ICICI Prudential LifeInsurance

SBI

Fig:4

ANALYSIS

From the above figure we come to know that customer are also investing

money in other life insurance companies. The major player in insurance is

LIC holding 22.22% of total sample. The second major player ICICI is

holding 18.52%. HDFC and AIG are having equal share of 7.41% & the

MaxNewYork& SBI are having 3.70%.

Why did you choose Kotak Life Insurance?


32/50

No of

Respondents

% Of

Respondents

ROI 18 36

Peer Pressure 15 30Tax Benefit 10 20

Security /safety 2 24

Low Premium 5 10

TOTAL 50 100

No. ofRespondents

ROI

Peer Pressure

Tax Benefit

Security/safety

Low Premium

Fig:5

ANALYSIS

The above diagram shows 36% of respondents choose because of good

returns, 30% because ofpeerpressure and remaining 24% opt. Because of

tax benefit, safety and 100 premium respectively.


33/50

Which of the following planed you is insured?

No o

Respondents

% Of

Respondents

Kotak Flexi plan 25 40

Kotak Retirement Plan 19 30

Kotak Endowment Plan 3 5

Kotak Capital Multiplier Plan 6 10

Child Advantage Plan 10 15

No. ofRespondents

Kotak Flexi plan

Kotak retirement Plan

Kotak Endowment Plan

Kotak Capital Multiplier

Plan

Child Advantage Plan

Fig:6Note.

Some of customer are having more than one plan total survey customers are

50.

ANALYSIS

From the total 63 respondents maximum i.e. 40% customers have opted for

Flexi Plan, whereas 30%have gore for Retirement plans and remaining 30%

have customer are having endowment, multiplier and child advantage

respectively.


34/50

What kind of services you expect from insurance provides

No ofRespondents

% OfRespondents

Easy access ability to Deposit Center 20 31

Time to time premium collection 12 19Provision in case of Dues 8 13

Bonus & other schemes 24 37

TOTAL 64 100

No. ofRespondents

Easy access ability toDeposit Center

Time to timepremium

collection

Provision in case of

Dues

Bonus & otherschemes

Fig:7

Note.

Some of customer are expecting more than single service.

ANALYSIS

Out of total 50 respondents 37% like to have bonus and other service as a

prime concern, 13% like to have provision in case of dues and remaining

31% & 12% respondents say. They need time-to-time premium collection

and easy accessibility to deposit center as a concern before choosing

insurance provider.


35/50

How will you rate the services given by Kotak Mahindra Life

Insurance?

No of

Respondents

% Of

Respondents

Poor - -

Average 16 32

Good 28 56

Excellent 6 12

TOTAL 50 100

No. ofRespondents

Poor

Average

Good

Excellent

Fig:8

ANALYSIS

Out of 50 respondents 57% have ratted Kotak Mahindra Life Insurance

services as good and 32% have ratted as average. And remaining 12% have

ratted as Excellent.


36/50

What difference you find between Kotak & your previous

Insurance provider.

No of

Respondents

% Of

Respondents

Good Returns 16 21

Effective Service/liquidity 12 15

Tax Planning 28 36

Security/ Safety Benefit 22 28

TOTAL 50 100

No. ofRespondents

Good Returns

Effective

Service Tax

Planning

Security/ Safety Benefit

Fig:9

Note.

Some of customers are having more than one plan more Benefit are expected

in one plan. Total surveys of customers are 50.


37/50

Do have any suggestion for Kotak Mahindra Life Insurance?

YES NO

YESNO

TOTALNo of Respondents 39 11 50

% Of Respondents 78 22 100

No. ofRespondents

YES

NO

Fig:10

ANALYSIS


NO .


38/50

In future, will you purchase policies from Kotak Mahindra Life

Insurance?

YES NO

YES NO TOTAL

No of Respondents 32 18 50

% Of Respondents 64 36 100

No. ofRespondents

YES

NO

Fig:11

ANALYSIS


NO .


39/50

OBSERVATIONS

Majority of the customer s belonged to age group of 25-35years that is 19 consumers.

45 consumers think Life Insurance is essential for them.

135 respondents are investing in life insurance companies likeKotak Life Insurance, LIC, Tata Allianz, Max New York,HDFC, ICICI and SBI.

36 percentages of the total respondents invest in KotakMahindra Life Insurance for getting high ROI.

Most of respondent s preferred kotak Flexi Plan.

37.5 percentage respondents expect bonus and other schemesfrom Kotak Mahindra Life Insurance.

56 percentage respondents satisfied with services given byKotak Mahindra Life Insurance.

As per 28% of despondence Kotak Mahindra Life Insuranceproviders good tax benefits to the Investors.

64% of respondents are willing to purchased policies from kotakMahindra life insurance.


40/50

RECOMMENDATIONS

1) There is scope to sale insurance policy by concentrating on age group

18-24 years here potential of customers are there.(Example. Software

professional, BPO employees, and professionals) Flexi plan can be sold

by concentrating on age group 35-45 years. (Example. Government

employees, executives and businessman)

2) As major respondents think to have life insurance policy is very

essential there is lot of scope for insurance company.

3) Kotak Mahindra Life Insurance should try to build trust among thepublic by making people aware of their investment is safe, high return on

investment, Tax Benefits.

4) As more respondents are investing in Kotak Mahindra Life Insurance

for getting high return on investment the company should try to provide

attractive returns on investments in future.

5) Kotak Mahindra Life Insurance should introduce attractive policies &

also attractive bonus on policies to attractive more potential customers.

6) Approx 36% of respondents differ with there previous insurance

provider, they field that Kotak Mahindra Life Insurance providing good

tax benefit for there investment so Kotak Mahindra Life Insurance if

possible try to provided more tax benefit customer.

7) 64% respondents are willing to purchases Kotak Mahindra Life

Insurance policies in future this benefit Kotak Mahindra Life Insurance

as mort potential customer in future.


41/50

CON C LUSION

After conducting market research for Kotak Mahindra Life Insurance

Company we came to know different needs of consumers, their valuable

suggestions, responses to the different questions. With this information we

can conclude that there is good market awareness about Kotak Mahindra

Life Insurance Company in the market.

Customer satisfaction level of most respondents is higher for Kotak

Mahindra Life Insurance Company, which is provided by survey. Higher

satisfaction level of Kotak Mahindra life insurance company was monthly

due to Kotak provides good tax benefit for the consumers also ROI, security

etc.

Kotak Mahindra Flex s plan is the best-sold plan in market by Kotak

Mahindra Life Insurance. This conveys that the customer s are switching to

retirement plan.


42/50

B I BLIOGRAPHY

REFERENCES

BOOKSResearch Methodology: C.R. Kothari

Marketing Management: Rajan Saxena

MAGAZINE

Business & Economy Magazine

Company websites: www.kotak.comwww.kotaklifeinsurance.com

COMPUTER WEBSITE

www.IRDA.comwww.licindia.comwww.hdfcinsurance.comwww.businessindiaonline.com

www.maxnewyorklife.comwww.brandonline.comwww.iciciprulife.com
http://www.kotak.com/http://www.kotaklifeinsurance.com/http://www.irda.com/http://www.licindia.com/http://www.hdfcinsurance.com/http://www.businessindiaonline.com/http://www.maxnewyorklife.com/http://www.brandonline.com/http://www.iciciprulife.com/http://www.kotaklifeinsurance.com/http://www.irda.com/http://www.licindia.com/http://www.hdfcinsurance.com/http://www.businessindiaonline.com/http://www.maxnewyorklife.com/http://www.brandonline.com/http://www.iciciprulife.com/http://www.kotak.com/


43/50

A N NEX U RE

QUESTIONNAIRE

1. Personal detailName:

Age

18-24 -35 -4545-55 55 and above

Phone No.

Email.

Office Address: - Residential Address: -

2.Doyou think is it essential to have Life Insurance?

YES NO

3. Which are the companies you invested your money for Life Insurance?

a) Kotak Mahindra Life Insurance

b) LIC

c) Bajaj Allianz

d) Tata AIG

e) Max New York Life Insurance

f) HDFC Life Insurance

g) ICICI Prudential Life Insurance

h) SBI


44/50

4. Why did you choose Kotak Life Insurance?

a) ROI

b) Peer Pressure

c) Tax Benefit

d) Security /safety

e) Low Premium

5. Which of the following planed you is insured?

a) Kotak Flexi plan

b) Kotak retirement Plan

c) Kotak Endowment Pland) Kotak Capital Multiplier Plan

e) Kotak Child Advantage Plan

6. What kind of services you expect from insurance provides

a) Easy access ability to Deposit Center

b) Time to time premium collection

c) Provision in case of Due(Policy Lapse)

d) Bonus & other schemes

7. How will you rate the services given by Kotak Mahindra Life Insurance?

a) Poor

b) Average

c) Good

d) Excellent


45/50

8. What difference you find between Kotak & your previous Insuranceprovider.

a) Good Returns (HIGHEST)

b) Effective Service/Liquidity

c) Tax Planning

d) Security/ Safety Benefit & Protection on your Capital

9. Do have any suggestion for Kotak Mahindra Life Insurance

YES NO

10. In future, will you purchase policies from Kotak Mahindra LifeInsurance?

YES NO


46/50

GLOSSARY

A

Accident: A sudden and unintentional happening leading to a loss. In the context

of life insurance, it is a sudden and unforeseen happening that causes disability or

death of the policyholder.

Accidental Death Benefit: An add-on benefit in which the benefit is payable in

the event of death of the life insured as a result of an accident provided he has

opted for this benefit.

Accumulation Period: The time interval between the commencement of the

policy and the time when benefits are paid out. It is established by the insured.

Actuary: A professional with expertise in technical aspects of insurance. An

actuary is a statistician and mathematician by training.

Agent (Life Advisor): A representative of an insurance company authorized to

sell insurance policies.

Annuity: The amount paid under an annuity scheme at stipulated intervals like

yearly/half yearly/quarterly/monthly intervals.

Authority: The Insurance Regulatory and Development authority established

under sub-section (1) of section 3 of the Insurance Regulatory and Development

Authority Act, 1999.


47/50

B

Beneficiary: The person who receives the benefit of a policy in case of death

during the term or the policyholder who receives the benefit on maturity.

Bonus: Bonus is the amount added to the basic sum assured under a with-profit

life insurance policy.

C

Claim: A request for payment of the contractual benefits by the insurer that is

made by the insured or the beneficiary.

Concealment: When an applicant withholds critical information from the

insurance company, it is called concealment. For instance, if the applicant is

suffering from a terminal disease and he does not notify the company of this, he is

concealing information.

D

Death Benefit: The benefit received by the beneficiary (ies) on the death of the

insured.

E

Endowment Plan: A plan in which the amount is paid to a policyholder if he

outlives the tenure of the contract or to the beneficiary if the insured person dies

before the date on which the policy matures.

F


48/50

Free look period: A free look period gives the client an option to review the

terms and conditions of the policy within 15 days from the date of receipt of the

policy document.

G

Group Life Insurance: Life insurance of a group of people under a policy. This

group should already be in existence and should not have come together only for

the purpose of insurance.

H

Human Life Value: The present value of the family's share of the breadwinner's

future earnings is considered as Human Life Value, for purposes of life insurance.

I

IRDA: The acronym for the Insurance Regulatory and Development Authority of

India, it is the apex body overseeing the insurance business in India. It protects the

interests of the policyholders, regulates, promotes and ensures orderly growth of

the insurance industry and for matters connected therewith or incidental thereto.

L

Lapse: The termination of an insurance policy due to non-payment of premia.

Level Premium Life Insurance: Life insurance for which the premium remains

unchanged year after year.

License: Permission granted by IRDA to the applicant for commencement of the

ins. business in India.

M


49/50

Money Back Plan: A plan in which part of the sum assured is paid back to the

policyholder at regular intervals.

Maturity Date: The date on which the policy term expires.

N

Nomination: A provision by which a policyholder can designate any person to

receive the policy money in the event of his death.

Nominee: A person selected by the policyholder to receive the benefit in case of

death of the life insured.

P

Policyholder: The person who owns the policy, in this case, a life insurance

policy.

Premium: The amount paid by a policyholder to the insurance company, in order

to be covered under a policy.

R

Rider: An add-on benefit available at the option of the policyholders that may

alter certain features of a policy by increasing or restricting benefits.


50/50

Reinsurance: The transfer of part of the risk by the original insurance company to

one or more reinsurers.

S

Selling price: This is the price at which you can sell units, based on the market

value per unit, less the relevant trading costs associated with selling the assets.

Surrender Value: A value payable if you want to surrender the plan before a

claim arises.

T

Term: The tenure of the policy.

Term Cover: A type of life insurance where the sum assured is payable only in

the event of death of the insurer during the specified term.

W

Whole Life Insurance: A life insurance policy where benefits are payable to a

beneficiary on death of the insured, whenever that occurs. The premium payment

can happen for a specified number of years or throughout life.

Documents

vintu marketing sip