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A

Project report on

Performance Evaluation of the Indian Life Insurance

(A Study on IDBI Federal Life Insurance Ltd. and other Insurance Institution)

Submitted By:

Group No. 5

Vikas Kumar

Sayeed Ahmed

Aakash sharma

Tushar jain

Aashish srivastava

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Abstract

Indian Life insurance sector is growing at a faster rate. This sun rising industry has given a platform for

economic growth and employment. The great extent of importance realized after it has opened to the

private players in the post liberalization period. With many players in business, the insurance regulatory

and development authority came with innovative and constructive guidelines for both products and

services.

Internet and online policy purchase is a new trend that has inspired the players to be more focused in their

business. High in volume and low in margin is going to be the ways towards policy procuring. Rural,

social and Micro insurance is a new avenue to be thought of.

This paper discusses the new trends and challenges that the present industry is facing. Our study is only

limited to life insurance sector. The suggestion and recommendation will help both academician and

industry personnel to re- engineer their thought in insurance sector.

Acknowledgment

We hereby give our sincerest and heartfelt thanks to our faculty Prof. Monica Bhardwaj

(Assistant Prof., Fortune Institute of International Business, New Delhi) for her invaluable suggestions

thought provoking ideas and indispensable recommendations. This report has been written as a part of the

curriculum of the PGDM. We are indebted to him for spending his valuable time in guiding and

supporting us through all the obstacles experienced by us during the course of working on our project.

We are especially grateful to all our team members for providing their invaluable ideas and insights

which have helped us successfully complete our project work during the stipulated timeframe.

Keywords: Life Insurance, ULIPs, IRDA, IDBI,

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I. Industry/Company overview and environment analysis

Insurance: It is contract of agreement between two parties by which one of them (called insurer) agree

to indemnify the other (called insured) against a lost which may occur to the insured on the happening

some event.

Insurance is a means of protection from financial loss. It is a form of risk management primarily used to

hedge against the risk of a contingent, uncertain loss. An insurer, or insurance carrier (often called an

“insurance company), is sells the insurance policy to customers. The customers, who are called the insured

or policyholder, is the person or entity (which may be a private company or other organization) buying the

insurance policy. The amount of money the customer pays for a certain amount of insurance coverage is

called the “premium”. The first life insurance policies were taken out in the early 18th century. The first

company to offer life insurance was the Amicable Society for a Perpetual Assurance Office, founded in

London in 1706 by William Talbot and Sir Thomas Allen. (www.ibef.org, 2015)

Majorly there are 5 types of insurance 1. Life Insurance,

2. Property Insurance,

3. Health Insurance,

4. Auto Insurance, and

5. Home Insurance

India's life insurance sector is the biggest in the world with about 360 million policies which are

expected to increase at a Compound Annual Growth Rate (CAGR) of 12-15 per cent over the next five

years. The insurance industry plans to hike penetration levels to five per cent by 2020. (www.ibef.org,

2015)

The country‟s insurance market is expected to quadruple in size over the next 10 years from its current

size of US$ 60 billion. During this period, the life insurance market is slated to cross US$ 160 billion. The

general insurance business in India is currently at Rs 78,000 crore (US$ 11.7 billion) premium per annum

industry and is growing at a healthy rate of 17 per cent. (www.ibef.org, 2015)

The Indian insurance market is a huge business opportunity waiting to be harnessed. India currently

accounts for less than 1.5 per cent of the world‟s total insurance premiums and about 2 per cent of the

world‟s life insurance premiums despite being the second most populous nation. The country is the

fifteenth largest insurance market in the world in terms of premium volume, and has the potential to grow

exponentially in the coming years.

Indian Insurance Industry comprises of 52 companies out of which 24 are life insurance companies

and the other 28 are non-life insurance. IDBI Federal belongs to the life insurance sector the insurance

industry. Life insurance Corporation of India (LIC) is the only public sector company in the life insurance

sector, rest of 23 companies are private sector companies. Life insurance sector of India has been ranked

11th among the 88 countries in the life insurance business in FY 2014 and the growth in the non-life

insurance sector„s premium has outperformed the average global growth from the period of 2010-2013.

(www.educba.com, 2015)

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Insurance Industry in India is regulated by IRDAI (Insurance Regulatory Development Authority of India)

which was formed by the IRDA Act in 1999. IRDA is responsible in promoting, regulating and ensuring

orderly growth of the Indian insurance industry including the insurance and re-insurance business. Indian

Insurance industry has encountered many tremendous changes during its evolution from the period of late

1956 to year 2000, here are some of the major changes in the Indian insurance industry.

(www.educba.com, 2015)

The first ULIP was launched in India in 1971 by Unit Trust of India (UTI). With the Government of

India opening up the insurance sector to foreign investors in 2001 and the subsequent issue of major

guidelines for ULIPs by the Insurance Regulatory and Development Authority (IRDA), now Insurance

Regulatory and Development Authority of India (IRDAI), in 2005, several insurance companies forayed

into the ULIP business leading to an overabundance of ULIP schemes being launched to serve the

investment needs of those looking to invest in an investment cum insurance product. (www.educba.com,

2015)

Unit Linked Insurance Plan (ULIP) is a product offered by insurance companies that, unlike a pure

insurance policy, gives investors both insurance and investment under a single integrated plan. There are

several public and private sector insurance providers that either operate solo or have partnered with

foreign insurance companies to sell unit linked insurance plans in India. The public insurance providers

include LIC of India, SBI Life and Canara while and some of the private insurance providers include

Reliance Life, ICICI Prudential, HDFC Life, “IDBI Federal Life Insurance Ltd.”, Bajaj Allianz, Aviva

Life Insurance and Kotak Mahindra Life.

Mutual Funds & ULIPs differ on various key factors like fund switching options, charge structure,

liquidity, tax benefits and other major beneficial elements. ULIP plans allow investors to direct part of

their premiums into different types of funds (equity, debt, money market, hybrid etc.) whereas A mutual

fund pools the money from investors and uses it to invest in various securities according to a pre-specified

investment objective. Unit Linked Insurance Plans are long term plans where Mutual funds are ideal

investment tool for the short to medium term. Unit Linked Plans (ULIP) allows you to switch your

investment between the funds linked to the plan. This enables you to change the risk return but in mutual

funds no switching option is available. If you are not satisfied with the performance of the fund you can

exit completely from the same by paying exit charges, if applicable. (www.hdfclife.com, 2015)

Some of the Unit Linked Plans give you an additional benefit or loyalty benefit by issuing extra fund units

but mutual fund doesn‟t provide any this type of facility. There is other investment plan like ELSS, SIP

and MF.

IRDA - 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 in India. (www.educba.com, 2015)

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IRDA Act.

IRDA Act was passed by parliament in December‟1999 and it received president approval in

January‟2000. The main aim of the authority is “to protect the interest of holders of Insurance policies to

regulate, promote and ensure orderly growth of Insurance industry & for matters connected therewith or

incidental thereto.” Under this Act, Controller of Insurance under Insurance Act 1398 was replaced by

newly established authority called Insurance Regulatory and Development Authority (IRDA).

(www.educba.com, 2015)

Role of Insurance Regulatory and Development Authority (IRDA)

1. To safeguard the interest of and secure fair treatment to insurance policy holders

2. To bring quick and systematic growth of the insurance industry or sector in order to provide

benefits to the common man and also to provide long term funds for accelerating growth of the

economy.

3. To set, promote, monitor and apply high standards of integrity, fair dealing, financial viability and

capability of those it regulates.

4. To make sure that insurance policy holder receives precise, accurate, clear & correct information

about the products & services provided by insurance companies & also make customers aware

about their duties & responsibilities in this regard.

5. To ensure quick settlement of genuine claims, to prevent insurance frauds, scams & other

malpractices and put in place operative grievance redressed machinery.

6. To boost transparency, fairness, and orderly conduct in financial markets dealing with insurance &

build a trustworthy management information system in order to enforce high standards of financial

soundness amongst market players.

7. To take appropriate actions where such standards do not prevail or are inadequate & ineffectively

enforced.

8. To bring about optimal amount of self-regulation in day-to-day activities of the industry reliable

with the requirements of prudential regulation.

IDBI Federal Life Insurance Ltd. is a joint-venture of IDBI Bank, India‟s premier development

and commercial bank, Federal Bank, one of India‟s leading private sector banks and Ageas, a

multinational insurance giant based out of Europe. In this venture, IDBI Bank owns 48% equity while

Federal Bank and Ageas own 26% equity each. Having started in March 2008, in just five months of

inception, IDBI Federal became one of the fastest growing new insurance companies to garner Rs 100 Cr

in premiums. Through a continuous process of innovation in product and service delivery IDBI Federal

aims to deliver world-class wealth management, protection and retirement solutions that provide value and

convenience to the Indian customer. (www.freepress.in, 2015)

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The company offers its services through a vast nationwide network of 2137 partner bank branches of IDBI

Bank and Federal Bank in addition to a sizeable network of advisors and partners. As on 28th February

2013, the company has issued over 8.65 lakh policies with a sum assured of over Rs. 26,591 Cr. IDBI

Federal today is recognized as a customer-centric brand, with an array of awards to their credit. They have

been awarded the PMAA Awards (2009) for best Dealer/Sales force Activity, EFFIE Award (2011) for

effective advertising, and conferred with the status of „Master Brand 2012-13‟ by the CMO Council USA

and CMO Asia. (www.freepress.in, 2015)

IDBI Federal offers a suite of products that addresses various life-stage needs of the customers. The

trademarked names of the products help define the benefit and the value they bring to the customer.

1. Termsurance offers financial protection to the family of the life insured in case of the unfortunate

event of the death of the life insured.

2. Lifesurance offers an array of participating endowment plans, designed to provide long-term

savings along with life cover.

3. Wealthsurance enables the life insured to build wealth while providing the protection of life

cover.

4. Homesurance provides insurance cover equal to the outstanding balance of the life insured‟s

home loan, thus ensuring that the life insured‟s family always enjoys living in their dream home.

5. Incomesurance provides guaranteed regular income along with a life cover.

6. Bondsurance offers, along with life cover, guaranteed return against a one-time premium

payment.

7. Loansurance is a cost-effective insurance plan that covers the life insured‟s outstanding debt.

8. Childsurance offers solutions to ensure funding the life insured‟s child‟s future needs like higher

education, marriage, vocational training, etc.

9. Healthsurance ensures that the life insured never lack the funds to obtain quality treatment in case

of medical emergencies.

10. Retiresurance offers plans that help the life insured build a corpus that lasts throughout his retired

life to make them the best years of his life.

11. Microsurance has been designed to provide effective insurance services for low-income groups

and promote financial inclusion for the community.

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Market share of top insurance company:

Figure 1.0 (Market Share of Company)

Function of Insurance Sector

There are two types of functions:

1. Primary

2. Secondary

Primary:

1. Providing protection – The elementary purpose of insurance is to allow security against future risk,

accidents and uncertainty. Insurance cannot arrest the risk from taking place, but can for sure allow for the

losses arising with the risk. Insurance is in reality a protective cover against economic loss, by apportioning

the risk with others.

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2. Collective risk bearing – Insurance is an instrument to share the financial loss. It is a medium through

which few losses are divided among larger number of people. All the insured add the premiums towards a

fund and out of which the persons facing a specific risk is paid.

3. Evaluating risk – Insurance fixes the likely volume of risk by assessing diverse factors that give rise to

risk. Risk is the basis for ascertaining the premium rate as well.

4. Provide Certainty – Insurance is a device, which assists in changing uncertainty to certainty.

Secondary:

1. Preventing losses – Insurance warns individuals and businessmen to embrace appropriate device to prevent

unfortunate aftermaths of risk by observing safety instructions; installation of automatic sparkler or alarm

systems, etc.

2. Covering larger risks with small capital – Insurance assuages the businessmen from security investments.

This is done by paying small amount of premium against larger risks and dubiety.

3. Helps in the development of larger industries – Insurance provides an opportunity to develop to those

larger industries which have more risks in their setting up.

II. Review of Literature

In order to find out the gaps in research, the literature already available pertaining to the problem is to be

reviewed. The literature on life insurance industry in India includes books, compendia, theses,

dissertations, study reports and articles published by academicians and researchers in different periodicals.

Mishra, K.C. and Simita Mishra (2011) in their article on “Insurance Industry: Recipe for a Learning

Organization” say that like any other industry, insurance industry in India suffers from one challenge

repeatable a hundred times, that is the constraints of infrastructure.

Srivastava, D.C. and Srivastava, S. (2012) in their book on “Indian Insurance Industry–Transition and

Prospects” discuss analytically the financial significance of insurance industry, its contribution to Indian

economy and alsothe transitory prospects and challenges of insurance industry due to liberalization and

the opening up of the sector to private players.

Rao, S. (2013) analysed that India is still an underdeveloped insurance market, it has a huge catch-up

potential. According to him even though there is strong potential for expansion of insurance into rural

areas, growth has so far remained slow. Considering that the bulk of the Indian population still resides in

rural areas, it is imperative that the insurance industry‟s development should not miss this vast sector of

the population.

Goswami, P. (2012) examined that Prior to privatization of insurance sector, Life Insurance Corporation

(LIC) of India was the sole player in the life insurance industry in India. In six years since the entry of

private players in the insurance market, LIC has lost 35% market share to the private players, although

both, market size and the insurance premium being collected, are on the rise.

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Ray, Subhashish and Pathak, Ajay. (2013) opined that ever since the privatization of the insurance

sector in India in 2000, the industries has been witnessing the birth of numerous private players, mostly

joint ventures between foreign insurance giants and Indian diversified conglomerates and each one is

trying to make an inroad into the huge untapped market.

Bengal Chamber of commerce and KPMG (2013) addressed the present context of insurance. The

external environment changed the entire industry. Profitability, growth and risks were to be considered

with respect to shareholder‟s view. FICCI and BCG (2013) discussed many issues with the industry.

Mindset of the people towards insuare is an important part.

III. Objectives

The main objectives of the study are:

1. To review the status of ULIPs in India and how it is different against other insurance plans.

2. To evaluate the Plan offered by IDBI Federal Life Insurance Ltd. and other life insurance industry.

3. To understand the consumer perception of ULIPs against IDBI Federal Life Insurance Ltd. with

competitors.

4. To review the impact on the ULIPs business after relaxation of regulatory by IRDA.

IV. Research Methodology

Secondary research has been collected to review the status of ULIPs, Financial performance and regulatory by

IRDA. The information and data for the research is collected through secondary sources i.e. published articles,

journals, newspapers, reports, books and company own websites. Data has been collected from the websites of the

Reserve Bank of India and also taken from various committee and IRDA reports submitted to Government of India.

Research design: Primary and Secondary data study, IDBI Federal Life Insurance Ltd. and some of its

competitor were selected to analyse their performance for the period of 2012-2015.

Population: The population for the study constitutes those individuals who have awareness about the

insurance companies and policies.

Sampling Design: The sample size for the study is 41 and the sampling unit is the people who are living in

Saket New Delhi. The type of sampling is convenient sampling.

Questionnaire: Both open ended and close ended questions are used in the questionnaire so as to know the

opinion of customers relating to insurance and awareness of IDBI Federal Life Insurance Ltd. The type of

questionnaire used in this project is structured. The questions are listed in a prearranged order and respondents are

informed about the purpose of collecting information. The same has been given in the appendix.

Data collection: Primary Data has been collected from through questionnaires during the time of study and

analysed by Excel and SPSS tool. Secondary data has been collected by various websites as well as journals. For

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comparing the features and financial performance of insurance sector will be done by the website of RBI as well as

other useful sources.

V. Hypothesis

The study is based on the hypothesis that

Product offered by IDBI Federal Life Insurance Ltd. is less effective as compare to other

life insurance industry.

Product offered by IDBI Federal Life Insurance Ltd. is more effective as compare to other

life insurance industry.

VI. Analysis, interpretation and Recommendations

Status of ULIPs in India and how it is different against other insurance plans

SL No.

Parameters Traditional Life Insurance Unit Linked Insurance

Plan (Equity ULIP) Diversified Equity Mutual Fund (MF)

1 Purpose Insurance Cover

Insurance cover + Investment Benefits

Investment Benefits

2

Return on Investment

Guaranteed Return as it invests in Low Risk Instruments (Fixed

Return)

Variable as it is linked to Equity

Variable as it is linked to Equity

3 Regulatory Body IRDA IRDA SEBI

4

When to Consider

Protection Against Mishaps + nominal

returns in Long term

Protection Against Mishaps + Better than

nominal returns in Long Term

High Returns in Long Term

5

How money

(Premium) gets Utilized

Premium = Expense + Towards Insurance Cover

+ Towards Low Risk Instruments

Premium = Expense + Towards Insurance Cover

+ Towards Equity MF

Money = Expense + Towards stocks

6

Flexibility of

Investment No Flexibility

Flexible (One can decide what proportion of money shall be used for Insurance

Cover and what shall be invested in Equity)

All money will be invested in Equity

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7

Expense

High (No Upper Limit set by IRDA) - [Expense

= mortality charges for the life insurance + premium allocation

Charge]

High (No Upper Limit set by IRDA) - [Expense

= mortality charges for the life insurance +

premium allocation charge + fund management

charge + admin charges]

Low (Upper Limit is Set by SEBI) - [Entry load + annual fund

management charge + exit load]. In many

cases entry and exit load are waived

8 Tax Benefit Yes U/s 80C Yes U/s 80C

No (Except for ELSS U/s 80C)

9

Investment Portfolio Remains Unknown (No

Transparency)

Remains Unknown (Less Transparent). Portfolio Tracking is Possible if Insurance Company Declares its holdings

Declared on Quarterly Basis (more

transparent). So Portfolio Tracking is

Possible

10 Lock-in Period Yes till maturity Yes (min 3 to 5 years) No

11 Which is Better (in

terms of safety) HIGHLY SECURE No Security No Security

12

Which is Better (as

an Insurance Plan) Good

BEST (as it combines benefits of insurance, tax savings and investment)

Not Suitable

13

Which is Better (as

an Investment Plan) Not Good May be Considered BEST

Table 1.0 (Status of ULIPs in India)

ULIP are not a long term investment plan but it is a long term protection plan. Even today, ULIP are

largely miss-sold by agents. People buy it as an investment plan. Agents sell it like this because they earn

healthy commissions. There is no doubt that ULIP has earned a bad name due to miss-selling by agents. I

believe, when it comes to long term investment, equity linked mutual funds are a better alternative than

ULIP. ULIP shall be sold to people whose main intention is insurance. For people who want to save tax or

seek capital growth, ULIP is not the best choice. Person whose objective is long term equity exposure

shall opt for equity linked mutual funds. ULIP is for those people, whose requirement is both insurance

cover and decent returns. If you are young, has no life insurance and no investment done till date, then

ULIP is for you. Keep a target of staying invested for at least 10 years. Choose an equity-ULIP. Not only

you will save income tax u/s 80C but will also earn healthy returns in long term. But Long term returns of

ULIP will probably never beat returns of a diversified equity mutual fund.

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Impact on the ULIPs business after relaxation of regulatory by IRDA

Impact of Insurance Regulatory and Development Authority (IRDA)

SL No. Impact Over Definition

1. Regulation of

Insurance

Sector

IRDA has a great impact on the overall regulation

of Indian Insurance Sector. In order to keep the proper

protection of the policy holder‟s interests, Insurance

Regulatory and Development Authority (IRDA) has a

close observation over the different activities of insurance

sector in India.

2.

Policyholders Interests

Protection The core objective or purpose of the Insurance

Regulatory and Development Authority is to protect the

interests of policyholders and IRDA is trying its level

best in this context.

3. Awareness to

Insurance In order to increase the awareness of insurance in the

society, IRDA is trying to take different steps in making

the activities of insurance sector transparent.

4. Insurance Market

There is great transformation in the insurance market due

to the impact of Insurance Regulatory and Development

Authority be it with respect to marketing, insurance

products, competition & customer awareness.

5.

Development of

Insurance Product Insurance Regulatory and Development Authority

(IRDA) have brought a revolution in the development of

insurance products. The development of ULIPs (Unit-

Linked Insurance Plans) is the result of privatization of

the insurance sector.

6.

Competition in the

Insurance Sector Earlier there was no competition in the insurance sector

but due to privatization of insurance sector & inviting

private players in the insurance sector, it has given rise to

competition in the insurance sector.

7.

Saving and Investment

of Individual Insurance Regulatory and Development Authority has

made insurance so popular & profitable mode of

investment and permanent place for saving amongst the

individuals of society.

Table 2.0 (Impact of IRDA)

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IRDA has a great impact on Indian insurance sector. It provides the proper protection of interest of policy

holder. IRDA have brought a revolution in the development of insurance product. The development of

ULIPs (Unit-Linked Insurance Plans) is the result of privatization of the insurance sector. IRDA make the

insurance sector privatization. Due to this reason, many competitors entered into the market. This gives

the rise of insurance sector. Because of privatization, Indian insurance sector become one of the profit

making sector. Many and many individual started taking insurance because of privatization.

Analysis on Primary Data:

Based on Hypothetical data we have total 41 respondents. In this respondent 24 is male and 17 is female. The male

and female groups are also divided on age group, 31-40, 41-50, 51-60. The table below represent the different age

group of male and female.

Table 3.0

Below table shows the no. of respondent through bank wise. The below table also shows that there are 41

respondent in which 17 are LIC, 9 are ICICI, 7 are IDBI and 8 are SBI.

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Table 4.0

The below data table shows the SPSS output. The table shows the positive result of between having life insurance

and the factor of choosing.

These are the following observation:

1. Value of R: .550

2. R square: .303

3. Adjusted R Square: -.468

4. Std. Error: .189

5. Significance value is .980

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Table 5.0

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Table 6.0

The above data table shows the value of B, Std. Error, Beta t, and Sig. the significance value for all factor is greater

than .05.

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Factor Analysis of Hypothetical data

(BP) Before

Purchase

(BI) Buying

Intention (Satisfaction) (PU) Perceive

Usefulness (Cost) (Loyalty) Security

IDBI Factor Average 4.4 4.5 4.3 4.0 4.35 4.5 4.4

ICICI Factor Average 3.625 3.925 3.625 3.625 3.25 3.21 3.18

LIC Factor Average 3.9 2.7 2.7 2.98 2.80 2.45 2.77

SBI Factor Average 2.68 2.58 2.875 2.6 2.75 2.59 2.3125

The above data shows the Factor analysis of hypothetical data. In the above table 7 factor has been consider for

differentiate the insurance company.

These are the list of factor:

1. BP: Before Purchase

2. BI: Buying Intention

3. Satisfaction

4. PU: Perceive Usefulness

5. Cost

6. Loyalty

7. Security

The above data has been mapped on 5 scale likert scale. Where 1 – Strongly Disagree, 2 – Disagree, 3 – Neutral, 4 –

Agree, 5 – Strongly Agree

First factor is „Before Purchase‟; IDBI value for this factor is 4.4 which show the high value. It means the customer

of IDBI are agree that before buying the IDBI life insurance their attitude level is high towards it. But when

compare to ICICI, the value is 3.625. This means the customers who purchase the ICICI insurance are neutral. And

there is 2 more company LIC and SBI. These are the Government Company. The value of this company is lower. It

shows that their customer were not satisfied before purchase this product. (Annexure consider the question is being

asked in Before Purchase factor.

Second factor is “Buying Intention”; IDBI factor value for this 4.5. It shows that the customer of IDBI is loyal and

in future they are looking for more insurance for their family member. They feel that this company will definitely

help in future. ICICI value is bit lower as compare to IDBI but it shows the good result. When comes to LIC and

SBI value is too low. The value of LIC and SBI is 2.7 and 2.58 respectively. It shows that the customers are not

happy and not looking for other insurance in future.

Third factor is Satisfaction: IDBI customers are more satisfied. Their experience is too good. ICICI customer exp. is

neutral. Again the SBI and LIC customers are not having good exp.

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The above data shows that IDBI customer considers that the insurance cost is not so high. They are loyal as well

they feel more secured after having insurance. While ICICI customer is having a neutral exp of above all factor. The

Government organization is not having a loyal customer and their customer do not feel safe after having the

insurance. Because they do not follow-up on regular basis. Their post purchase behaviour is not good.

VII. Recommendation: As we can see that IDBI is good establish company. The customer is

loyal and having a good attitude towards it. As recommendation part we as a team recommend IDBI to

sustain this services.

VIII. References

http://www.hdfclife.com/insurance-knowledge-centre/about-life-insurance/ulip-and-mutual-fund-comparison/

http://www.ibef.org/industry/insurance-sector-india.aspx

http://freepress.in/insurance/market-share-of-all-life-insurance-companies-india/

http://www.slideshare.net/

https://www.educba.com/insurance-regulatory-and-development-authority/

IX. Annexure

Section A

1. A. Are you aware of life insurance plan? Yes No

B. Do you have any Life Insurance plan? Yes No

C. If yes

I. From which company‟s life insurance you are using?

IDBI Federal Life Insurance LIC ICICI-Prudential HDFC-Standard SBI-Life

Other (__________)

II. How long have you been using life insurance?

Less than 1 month 1 to 3 months 3 to 6 months Less than 1 year 1 – 3 years more than 3 years

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If no

III. What is the reason, you are not having life insurance plan?

Not useful Never heard wasting of money other reason Please specify (__________)

IV. Would you like to have Life Insurance plan?

Yes No May be

2. What type of Life Insurance services you are using. (Please mark all those which apply)

Termsurance Lifesurance Wealthsurance Homesurance Incomesurance Bondsurance

Loansurance Childsurance Healthsurance Retiresurance Microsurance

3. How you come to know about this bank/Insurance Company.

TV Commercial () Social Media () Newspaper/Magazine () Refer by friend/Family ()

4. What are the things you consider before buying this insurance?

Please specify (___________)

5. Is your bank/insurance company following you on regular basis after taking insurance?

In a month () in a quarter () In a year () Never ()

6. If bank updating their scheme or changing some T&C, are they Informing you.

Yes () No ()

7. Have you cancel any life insurance policy in mean while?

Give Reason (__________)

If above answer is yes,

8. After cancel the policy with that bank/Insurance Company, which bank/Insurance Company you have taken

then?

Please specify (__________)

Section B - Please rate the following statements about life insurance service experiences opinion on the Scale

provided from 1 to 7 where 1 indicates strongly disagree and 7 indicates strongly agree

BP At the time of taking this insurance, what is the behaviour

of Agent?

1 2 3 4 5

BP Were the representative gives you all the information

while he was giving you details about the services?

1 2 3 4 5

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BI I feel that this company’s policy and T&C is good for me. 1 2 3 4 5

BI I would like to take other insurance in future by this

company if that will provide good return and cover.

1 2 3 4 5

BI I feel that this company’s policy will definitely help me In

future.

1 2 3 4 5

SAT I believe I am satisfied with my bank/insurance company

services. 1 2 3 4 5

SAT Overall, I am pleased with my bank/insurance company

services. 1 2 3 4 5

SAT Using the services of my bank/insurance company is

usually a satisfying experience. 1 2 3 4 5

SAT My feelings toward my bank/insurance company services

can best be characterized as very satisfied. 1 2 3 4 5

PU This bank/insurance company is faster and easier in terms

of solving my claim. 1 2 3 4 5

PU This bank/insurance company make me to live more

fearless. 1 2 3 4 5

PU My family/friend is so happy when they heard that i have a

life insurance from this bank/insurance company. 1 2 3 4 5

COST It cost a lot to buy insurance. 1 2 3 4 5 COST I think i am saving my money by taking insurance. 1 2 3 4 5 PBC I have the ability to buy insurance. 1 2 3 4 5 PBC I have ability to give the required amount by time to time

for insurance. 1 2 3 4 5

PBC I have the required knowledge to buy insurance. 1 2 3 4 5 ATT Having life insurance is an intelligent decision. 1 2 3 4 5 LOY This bank/insurance company is my first choice 1 2 3 4 5 LOY The next time my friend needs the services of an insurance

i will recommend my bank/insurance company. 1 2 3 4 5

LOY I have no regrets of having patronized my bank/insurance

company in the past. 1 2 3 4 5

LOY I intend to have more life insurance services for my family

using the bank/insurance company in the future. 1 2 3 4 5

SECURITY I feel my life is safer after having life insurance in this

company. 1 2 3 4 5

SECURITY I feel my bank/insurance company will never disclose my

personal information with others. 1 2 3 4 5

Section C: Personal Details

1. Gender Male Female

2. Age 21-30 31-40 41-50 51-60

3. Highest Academic Qualification Completed

Undergraduate 10th 12 th Graduate BBA BA B COM BSc BCA B Tech

Post Graduate MBA MA M COM MSc MCA M Tech Other................ (Please Specify)

4. Current Profession

21 | P a g e

Student (PLZ Mention Stream------------) Retired Private Professional Homemaker Self-

employed / Business Government Service Other Please specify _______________

5. Yearly Household/family income (in Rs.) (Not your personal income)

Below 3 lakhs 3 lakhs to 6 lakhs 6 lakhs to 9 lakhs 9 lakhs to 12 lakhs above 12 lakhs

Optional Details

6. Name:-________________________________________

7. Contact Number:-_______________________________

8. Email :-_______________________________________