Chapter 4
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CHAPTER-4 Analysis, Observations and Inferences4.1 Table 4.1. Particulars
No. of Responders
Percentage
Male
77
77
Female
23
23
Total
100
100
Distribution of Gender/ Sex of the Responders 90 77
80 70 60 50 40 30
23
20 10
0 Male
Female
Graph 4.1. Distribution of Gender/ Sex of the Responders Analysis: 73 percent male Responders and 23 percent female Responders Interpretation: Majority of the Responders who have responded towards the survey of performance of ICICI Prudential Life Insurance Company are male.
4.2. Particulars
Male
Female
Total
Percentage
15-20 yrs
29
16
45
45
20-25 yrs
19
5
24
24
25-30 yrs
14
1
15
15
Above 30 yrs
15
1
16
16
Table 4.2. Distribution of Age Group of the Customers 50
45
45 40 35 30 24
25 20
15
16
25-30 yrs
Above 30 yrs
15 10 5 0 15-20 yrs
20-25 yrs
Graph 4.2. Distribution of Age Group of the Customers Analysis: 45 percent of the Responders fall in the age group of 20 – 30 years, 24 percent fall in the age group of 31 – 40 years, 15 percent fall in the age group of 41 – 50 years and 16 percent fall in the age group of above 50. Interpretation: The age group of 20-30 which has a higher percentage (45 percent) which has 29 male and 16 female Responders, and under the age group of 41-50 which has 14 male and 1 female respondent has a percentage of (15 percent) which is comparatively very low percentage.
4.3. Particulars
No. of Responders
Percentage
Under Graduate
18
18
Graduate
46
46
Post Graduate
36
36
Table 4.3. Distribution of Qualification of the Responders 50
46
45 40
36
35 30 25 18
20 15 10 5 0
Under Graduate
Graduate
Post Graduate
Graph 4.3. Distribution of Qualification of the Responders Analysis: Out of 100 Responders 18 Responders are under-graduate, 46 Responders are graduates and 36 Responders are post graduates. Interpretation: It is analysed that a higher percentage (46 percent) of Responders are graduates and comparatively very low percentage (18percent) of Responders are undergraduates.
4.4. Particulars
No of Responders
Percentage
Less than 20,000
28
28
20,000-30,000
51
51
30,000-40,000
15
15
Above 40,000
6
6
Table 4.4. Distribution of Monthly Income of the Responders 60 51 50 40 28
30 20
15
10
6
0 Less than 20,000
20,000-30,000
30,000-40,000
Above 40,000
Graph 4.4. Distribution of Monthly Income of the Responders Analysis: 28 percent of the Responders are under the income group of less than 3 lakhs, 51 percent of the Responders are under 3-5 lakhs, 15 percent Responders are under 5-8 lakhs and 6 percent of the Responders are under the income group of 8 lakhs and above.
Interpretation: It is analysed that a large percentage of Responders are under the income group of 3-5 lakhs per annum and it is also inferred that comparatively a very low percentage of Responders are under the income group of 8 lakhs and above.
4.5. Particulars
No of Responders
Percentage
Yes
72
72
No
28
28
Table 4.5. Individuals having Insurance policy in their name 80
72
70 60 50 40 28
30 20 10 0 Yes
No
Graph 4.5. Individuals having Insurance policy in their name Analysis: 72 percent of the Responders have a life insurance policy and the rest 28 percent of the Responders do not have a life insurance policy.
Interpretation: It is analysed that out of a sample of 100 Responders only 72 Responders have a life insurance policy and the other 28 Responders do not have a life insurance policy. It is analysed that a higher percentage of Responders have a life insurance policy.
4.6. Particulars
No of Responders
Percentage
life 30
30
LIC
25
25
TATA AIG
8
8
ICICI
Prudential
insurance
life 12
12
HDFC life insurance
10
10
Max New York life insurance
15
15
Kotak
Mahindra
insurance
Table 4.6. Money Invested in the Company for Life Insurance 35
30
30
25
25 20
15
15
12 8
10
10
5 0 ICICI Prudential life insurance
LIC
TATA AIG
Kotak Mahindra life insurance
HDFC life insurance
Max New York life insurance
Graph 4.6. Money Invested in the Company for Life Insurance Analysis: The major player in insurance is LIC holding 25 percent of total sample. The second major player ICICI is holding 15 percent. HDFC is holding 10 percent, AIG is holding 8 percent & the Kotak Mahindra is holding 12 percent. Interpretation: It is analysed that a large percent of Responders are under ICICI Prudential Life Insurance and low percent of Responders are under TATA AIG.
4.7. Particulars
No of Responders
Percentage
Life Insurance Cooperation of India
51
71
Reliance Life Insurance
5
7
SBI Life Insurance
6
8
ICICI Prudential Life Insurance
3
4
Bharti AXA Life Insurance
1
2
Bajaj Allianz Life Insurance
3
4
Max New York Life Insurance
2
3
TATA AIG Life Insurance
1
1
Table 4.7. Market Share of Life Insurance Companies 80 70 60 50 40 30 20 10 0
71
7
8
4
2
4
3
1
Graph 4.7. Market Share of Life Insurance Companies Analysis: The above table represents the market share of various life insurance companies. Interpretation: It is analysed that life insurance Corporation of India has a higher percentage of market share (71 percent) and Bharti AXA and Tata AIG life insurance have comparatively very low market share
4.8. Particulars
Number of Responders
Percentage
Tax benefit
20
20
Safety and security
25
25
Risks cover
23
23
Return/yield
17
17
Investment
15
15
Table 4.8. Motive behind investing in life insurance. 30 25 25
23 20
20
17 15
15 10 5 0 Tax benefit
Safety and security
Risks cover
Return/yield
Investment
Graph 4.8. Motive behind investing in life insurance. Analysis: It can be seen that the main motive behind investing is safety and security followed by risks cover, tax benefits, returns and the least attractive motive investment.
Interpretation: It is analysed that safety and security is the main motive behind investing rather than tax benefit and investment is the least motive behind investing in life insurance.
4.9. Particulars
No of Responders
Percentage
On my own
70
70
Family Decision
20
20
Employer decides
0
0
As per guidance of agent
10
10
Table 4.9. Responders decision making about investing in life insurance. 80 70 70 60 50 40 30 20 20 10 10 0 0 On my own
Family Decision
Employer decides As per guidance of agent
Graph 4.9. Responders decision making about investing in life insurance.
Analysis: It can be seen that a higher percentage of respondent’s decision making (70 percent) is on my own, family decision is (20 percent) and as per guidance of agent is (10 percent)
Interpretation: It is analysed that a large percentage of the respondent’s decision making is on my own and the role of agent that is as per the guidance of agent the respondent’s decision making is comparatively low.
4.10. Particulars
No of Responders
Percentage
A saving tool
26
26
A tax saving device
23
23
A tool to protect family 51
51
Table 4.10. Respondent’s perception about life insurance. 60 51 50 40 30
26
23
20 10 0 A saving tool
A tax saving device
A tool to protect family
Graph 4.10. Respondent’s perception about life insurance. Analysis: It can be seen that a large number of Responders believe that life insurance is a tool to protect family (51 percent), a saving tool (26 percent) and a tax saving device (23 percent)
Interpretation: It is analysed that a large percentage of respondent’s perception about life insurance is a tool to protect family and comparatively very low percentage as tax saving device.
4.11. Particulars
Number of Responders
Percentage
Money back guarantee
22
22
Larger risk protection
23
23
Low premium
18
18
Company’s reputation
22
22
Easy access to agents
15
15
Table 4.11. Features of insurance policy that attracts Responders. 25 22
23
20
22
18 15
15 10 5 0 Money back guarantee
Larger risk protection
Low premium
Company’s reputation
Easy access to agents
Graph 4.11. Features of insurance policy that attracts Responders. Analysis: The above table summarizes the features of insurance policy that attract Responders.
Interpretation: It is analysed that larger risk protection attracts Responders towards insurance policy and easy access to agents feature is least attractive among the Responders.
4.12. Particulars
Number of Responders
Percentage
Trusted name
24
24
Friendly service and 19
19
responsiveness Transparency
20
20
Good Plans
21
21
Accessibility
16
16
Table 4.12. Features Responders look for in an insurance company. 30 24
25
19
20
20
21 16
15 10 5 0 Trusted name Friendly service Transparency and responsiveness
Good Plans
Accessibility
Graph 4.12. Features Responders look for in an insurance company. Analysis: Features that Responders look for in an insurance company, which includes trusted name 24 percent, friendly service 19 percent, transparency 20 percent, good plans 21 percent and accessibility 16 percent.
Interpretation: It is analysed that trusted name is most important feature followed by good plans and accessibility is the least important feature.
4.13. Particulars
No of Responders
Percentage
Greater than 21
27
27
Greater than 31
16
16
Greater than 41
7
7
Any time
50
50
Table 4.13. Respondent’s perception on appropriate age for investing in life insurance. 60 50
50 40 27
30
16
20
7
10
0 Greater than 21
Greater than 31
Greater than 41
Any time
Graph 4.13. Respondent’s perception on appropriate age for investing in life insurance.
Analysis: The Responders perception about appropriate age for investing in life insurance products it can be seen that a large percentage of Responders perceive anytime (50 percent), greater than 21 (27 percent), greater than 31 (16 percent), greater than 41 (7 percent) as appropriate age for investing in life insurance products.
Interpretation: It is analysed that a large percentage of Responders perception about investing in life insurance is anytime (50 percent), and comparatively very low percentage for age greater than 41(7 percent).
4.14. Particulars
No of Responders
Percentage
Returns
5
5
Security
6
6
Tax benefits
6
6
All in one
76
76
Security and tax benefits
7
7
Table 4.14. Respondent’s intention to gain from their investment in life insurance. 76
80 70 60
50 40 30 20 5
6
6
Returns
Security
Tax benefits
10
7
0 All in one
Security and tax benefits
Graph 4.14. Respondent’s intention to gain from their investment in life insurance.
Analysis: It can be seen that Responders want all the benefits as a package in one that is “all in one” which has a higher percentage (76 percent), returns (5 percent), security (6 percent), tax benefits (6%) and security and tax benefits as a package (7 percent).
Interpretation: It is analysed that a large number of Responders want “ all in one” which includes returns, security and tax benefits having a large percentage of Responders (88 percent) and comparatively very low percentage for returns(5 percent).
4.15. Particulars
Number of Responders
Percentage
Rigid plans
20
20
Unsatisfactory
18
18
Satisfactory
21
21
Good
23
23
Fair
18
18
services
Table 4.15. Respondent’s perception about Indian insurance policies. 25
23 21
20
20
18
18
15 10 5 0 Rigid plans
Unsatisfactory services
Satisfactory
Good
Fair
Graph 4.15. Respondent’s perception about Indian insurance policies. Analysis: The respondent’s perception about Indian insurance companies, it is easily seen that Responders have 20 percent Rigid Plans, 18 percent Unsatisfactory Services, 21 percent Satisfactory, 23 percent Good, 18 percent Fair.
Interpretation: It is analysed that a large number of Responders perceive Indian insurance companies as good which when compared to other options.
4.16. Particulars
No of Responders
Percentage
Yes
68
94
No
4
6
Table 4.16. Respondent’s satisfaction with the services provided by insurance company. 100
94
90 80 70 60 50 40 30 20 6
10 0 Yes
No
Graph 4.16. Respondent’s satisfaction with the services provided by insurance company.
Analysis: It can be seen that out of 72 Responders who have a life insurance policy, 68 Responders (94.4 percent) are satisfied with the services provided and only 4 Responders (5.5 percent) are not satisfied with the services provided by the life insurance companies.
Interpretation: It is analysed that out of 72 Responders who have a life insurance policy a large number of Responders that is 94.4 percent are satisfied with the services provided.
4.17. Particulars
No of Responders
Percentage
Inform the customer on 27
38
a regular basis 31
43
Responds to complain 14
20
Efficient services
quickly Table 4.17. Respondent’s reason for satisfaction. 50 43
45 38
40 35 30 25
20
20 15 10 5 0 Inform the customer on a regular basis
Efficient services
Responds to complain quickly
Graph 4.17. Respondent’s reason for satisfaction. Analysis: It is seen that informing the customer on a regular basis (37.5 percent), efficient services (43 percent), and respond to complains quickly (19.5 percent)
Interpretation: It is analysed that a large percentage of respondent’s reason for satisfaction is efficient services provided by various life insurance companies.
4.18. Particulars
No of Responders
Percentage
Yes
47
65
No
25
35
Table 4.18. Respondent’s satisfaction with the returns from insurance company. 70
65
60 50 40
35
30 20 10 0 Yes
No
Graph 4.18. Respondent’s satisfaction with the returns from insurance company.
Analysis: It can be seen that out of 72 Responders who have a life insurance policy 65 percent of the Responders are satisfied with the returns and 35 percent of Responders are not satisfied with the returns provided by the life insurance companies.
Interpretation: It is analysed that a large percentage(65 percent) of Responders are satisfied with the returns provide by the life insurance company.
4.19. Particulars
Number of Responders
Percentage
Bank deposits
19
19
Securities
20
20
Short term
17
17
Insurance
20
20
Fixed Assets
24
24
Table 4.19. Respondent’s perception about best form of investment. 30 24
25 19
20
20
20 17
15 10 5 0 Bank deposits
Securities
Short term
Insurance
Fixed Assets
Graph 4.19. Respondent’s perception about best form of investment. Analysis: It can easily be seen that Responders perceive 19 percent Bank Deposits, 20 percent Securities, 17 percent Short Term, 20 percent Insurance, 24 percent fixed assets as best form of investment
Interpretation: It is analysed that Responders perceive fixed assets as best form of investment and short term as least good form of investment. Responders perceive insurance as the next best form of investment after fixed assets.
4.20. Particulars
Number
of Percentage
Responders Child’s education
22
22
Medical illness
23
23
Child’s marriage
19
19
Retirement
18
18
Early death
18
18
Table 4.20. Respondent’s biggest concern for future. 25
23
22
19
20
18
18
Retirement
Early death
15 10 5 0 Child’s education
Medical illness
Child’s marriage
Graph 4.20. Respondent’s biggest concern for future. Analysis: It can be seen that respondent’s biggest concern for future, medical illness 23 percent, child’s education 22 percent, child’s marriage 19 percent, retirement 18 percent and early death 18 percent.
Interpretation: It is analysed that the respondent’s biggest concern for future is medical illness and the least concern is retirement and early death.
4.21. Particulars
No of Responders
Percentage
Yes
54
54
No
46
46
Table 4.21. Respondent’s awareness about ICICI Prudential Life Insurance. 56 54 54 52 50 48 46 46 44 42 Yes
No
Graph 4.21. Respondent’s awareness about ICICI Prudential Life Insurance.
Analysis: It is seen that 54 percent of Responders are aware about ICICI Prudential Life Insurance and 46 percent of Responders are not aware about ICICI Prudential Life Insurance.
Interpretation: It is analysed that a large percentage (54 percent) of the Responders are aware about ICICI Prudential Life Insurance.
4.22. Particulars
No of Responders
Percentage
Advertisements
41
76
Insurance agents
3
5
Friends and family
8
15
Internet
2
4
Table 4.22. Medium through which respondent’s known about ICICI Prudential Life Insurance. 76
80 70 60 50 40 30
15
20 5
4
Advertisements Insurance agents Friends and family
Internet
10 0
Graph 4.22. Medium through which respondent’s known about ICICI Prudential Life Insurance. Analysis: It is seen than out of 54 Responders 76 percent are aware through advertisements, 5 percent through insurance agents, 15 percent through friends and family and 4 percent through internet.
Interpretation: It is analysed that a large percentage of Responders that is 76 percent are aware about ICICI Prudential Life Insurance through advertisements and comparatively very low percentage 4 percent through internet.
4.23. Particulars
No of Responders
Percentage
Yes
71
71
No
29
29
Table 4.23. Life insurance is a noble service oriented business. 80 71 70 60 50 40 29
30 20 10 0 Yes
No
Graph 4.23. Life insurance is a noble service oriented business. Analysis: It is seen that 71percent of the Responders perceive life insurance business as a noble service oriented business and 29percent of the Responders perceive that life insurance business is not a noble service oriented business.
Interpretation: It is analysed that a large percentage 71 percent of the Responders perceive life insurance business as a noble service oriented business and comparatively very low percentage perceive that life insurance business is not a noble service oriented business.
4.24. Particulars
No of Responders
Percentage
Policy scheme
22
22
Income
8
8
Reliability
44
44
Service
18
18
Policy scheme and reliability
8
8
Table 4.24. Responders criteria while selecting an insurance company. 50 44
45 40 35 30 25
22 18
20 15 8
10
8
5 0 Policy scheme
Income
Reliability
Service
Policy scheme and reliability
Graph 4.24. Responders criteria while selecting an insurance company. Analysis: It can seen that 44 percent look for reliability, 22 percent of Responders look for policy scheme, 8 percent of Responders look for income, 18 percent of the Responders look for service and 8 percent look for both policy scheme and reliability.
Interpretation: It is analysed that a very large percentage 44 percent of respondent’s criteria for selecting an insurance company is reliability and comparatively very low percentage 8 percent for both income and as a combined criteria policy scheme and reliability.
4.25. Particulars
No of Responders
Percentage
Children
25
25
Adults
27
27
Couples
13
13
Old people
17
17
Children and adults
10
10
Adults and old people
8
8
Table 4.25. Responders perceive life insurance policies are for. 30
27
25 25
20
17 13
15
10 10
8
5 0 Children
Adults
Couples
Old people
Children Adults and and adults old people
Graph 4.25. Responders perceive life insurance policies are for. Analysis: It can be seen that 25 percent perceive they are for children’s, 27 percent perceive they are for adults, 13 percent perceive they are for couples, 17 percent perceive they are for old people, 10 percent perceive it is for children and adults and 8 percent perceive they are for adults and old people.
Interpretation: It is analysed that a large number of Responders (27 percent) perceive that life insurance policies are for adults and comparatively very low percentage (8 percent) perceive they are for adults and old people.
CHAPTER-5 SUMMARY OF FINDINGS, SUGGESTIONS AND CONCLUSION 5.1 Findings
It is evident from the study conducted that 72 percent of the Responders hold at least one life insurance policy.
It is found from the study that the market share of ICICI Prudential Life Insurance is 4 percent in the insurance sector.
It is analysed from the study conducted that majority of the Responders perceive insurance as a tool to protect family rather than insurance as a saving tool or a tax saving device.
It is found that majority of the Responders perceive insurance business as a noble service oriented business.
It is analysed from the study that 27 percent of the Responders have indicated that the insurance policies are for adults and 25 percent of the Responders have indicated life insurance policies are for children.
It is found from the study conducted that 76 percent of the Responders expect “all in one” that is returns, security and tax benefits as a package from their investment in life insurance.
It is analysed that from the study that 44 percent of the Responders have indicated that the criteria for selecting an insurance company is reliability.
It is found from the study that the main motive behind investing in life insurance is safety and security rather than tax benefits.
It is evident from the study conducted that 43 percent of the Responders indicate efficient services as a reason for satisfaction and 37.5 percent indicate informing the customer on a regular basis as a reason for satisfaction.
It is analysed from the study conducted that 65 percent of the Responders are satisfied with the returns from the insurance company.
It is analysed that Responders perceive 24 percent of the fixed assets as best form of investment
It is analysed that the respondent’s biggest concern for future is medical illness and the least concern is retirement and early death
It is analysed that a large percentage (54 percent) of the Responders are aware about ICICI Prudential Life Insurance
It is analysed that a large percentage of Responders that is 76 percent are aware about ICICI Prudential Life Insurance through advertisements and comparatively very low percentage 4 percent through internet.
It is analysed that a large percentage 71 percent of the Responders perceive life insurance business as a noble service oriented business and comparatively very low percentage perceive that life insurance business is not a noble service oriented business.
It is analysed that a very large percentage 44 percent of respondent’s criteria for selecting an insurance company is reliability and comparatively very low percentage 8 percent for both income and as a combined criteria policy scheme and reliability.
It is analysed that a large number of Responders (27 percent) perceive that life insurance policies are for adults and comparatively very low percentage (8 percent) perceive they are for adults and old people
5.2 Suggestions
ICICI Prudential Life Insurance We should try to make people aware of their investment to build trust between the public safe, high-return investment, tax incentives.
As more and more Emergency staff in ICICI Prudential Life Insurance Get ROI Investments Companies should try to provide an attractive return on investment in the future.
ICICI Prudential Life Insurance The policies that should be attractive attractive policy and also attractive bonuses more potential customers.
ICICI Prudential Life Insurance We should focus on media advertising.
ICICI Prudential Life Insurance You should release the weekly / monthly reports.
ICICI Prudential Life Insurance It should cause its agents to improve customer base, with due attention to their needs and requirements.
5.3 Recommendation
The program requires almost all customers have a life insurance from uncertainty about the future in order to protect. Companies always have the opportunity to develop and expand its life insurance business segment. Thus, the company was able to seize this opportunity to focus on introducing more insurance coverage to meet the needs of different classes of people.
The company has more focus on safety and security features and risk cover story, rather than tax breaks. Therefore, the company has sufficient opportunity to attract new customers.
The company has introduced products with unique features to bear in mind the existence of competition in the market .
The company can create potential customers about their products through advertising and efficient insurance agents, which in turn will help increase its customer base of more ways of understanding.
Respondents Most We believe that the insurance to protect their families and a tax saving device tool. They are facts and realize its importance to know. Companies should strive to expand and build infrastructure, because there is great potential for the insurance in India.
due to ICICI Prudential Life Insurance Working with several leading companies should be very easy for them to penetrate the market, if they offer to pay more attention to their customers, thereby forming part of a long-term relationship of trust services to get a good position.
5.4 Conclusion ICICI Prudential Life Insurance Company to conduct market research, we found out track consumers, valuable suggestions, respond to the different needs of different issues. With this information, we can conclude that the market about ICICI Prudential Life Insurance Company in good market awareness.
customer satisfaction is ICICI Prudential Life Insurance Company, which is higher by the investigation. ICICI Prudential Life Insurance Company's high level of satisfaction is due to the monthly consumer ICICI Prudential Life Insurance also provides return on investment, security, and good tax preferential
No. of Responders
Percentage
Male
77
77
Female
23
23
Total
100
100
Distribution of Gender/ Sex of the Responders 90 77
80 70 60 50 40 30
23
20 10
0 Male
Female
Graph 4.1. Distribution of Gender/ Sex of the Responders Analysis: 73 percent male Responders and 23 percent female Responders Interpretation: Majority of the Responders who have responded towards the survey of performance of ICICI Prudential Life Insurance Company are male.
4.2. Particulars
Male
Female
Total
Percentage
15-20 yrs
29
16
45
45
20-25 yrs
19
5
24
24
25-30 yrs
14
1
15
15
Above 30 yrs
15
1
16
16
Table 4.2. Distribution of Age Group of the Customers 50
45
45 40 35 30 24
25 20
15
16
25-30 yrs
Above 30 yrs
15 10 5 0 15-20 yrs
20-25 yrs
Graph 4.2. Distribution of Age Group of the Customers Analysis: 45 percent of the Responders fall in the age group of 20 – 30 years, 24 percent fall in the age group of 31 – 40 years, 15 percent fall in the age group of 41 – 50 years and 16 percent fall in the age group of above 50. Interpretation: The age group of 20-30 which has a higher percentage (45 percent) which has 29 male and 16 female Responders, and under the age group of 41-50 which has 14 male and 1 female respondent has a percentage of (15 percent) which is comparatively very low percentage.
4.3. Particulars
No. of Responders
Percentage
Under Graduate
18
18
Graduate
46
46
Post Graduate
36
36
Table 4.3. Distribution of Qualification of the Responders 50
46
45 40
36
35 30 25 18
20 15 10 5 0
Under Graduate
Graduate
Post Graduate
Graph 4.3. Distribution of Qualification of the Responders Analysis: Out of 100 Responders 18 Responders are under-graduate, 46 Responders are graduates and 36 Responders are post graduates. Interpretation: It is analysed that a higher percentage (46 percent) of Responders are graduates and comparatively very low percentage (18percent) of Responders are undergraduates.
4.4. Particulars
No of Responders
Percentage
Less than 20,000
28
28
20,000-30,000
51
51
30,000-40,000
15
15
Above 40,000
6
6
Table 4.4. Distribution of Monthly Income of the Responders 60 51 50 40 28
30 20
15
10
6
0 Less than 20,000
20,000-30,000
30,000-40,000
Above 40,000
Graph 4.4. Distribution of Monthly Income of the Responders Analysis: 28 percent of the Responders are under the income group of less than 3 lakhs, 51 percent of the Responders are under 3-5 lakhs, 15 percent Responders are under 5-8 lakhs and 6 percent of the Responders are under the income group of 8 lakhs and above.
Interpretation: It is analysed that a large percentage of Responders are under the income group of 3-5 lakhs per annum and it is also inferred that comparatively a very low percentage of Responders are under the income group of 8 lakhs and above.
4.5. Particulars
No of Responders
Percentage
Yes
72
72
No
28
28
Table 4.5. Individuals having Insurance policy in their name 80
72
70 60 50 40 28
30 20 10 0 Yes
No
Graph 4.5. Individuals having Insurance policy in their name Analysis: 72 percent of the Responders have a life insurance policy and the rest 28 percent of the Responders do not have a life insurance policy.
Interpretation: It is analysed that out of a sample of 100 Responders only 72 Responders have a life insurance policy and the other 28 Responders do not have a life insurance policy. It is analysed that a higher percentage of Responders have a life insurance policy.
4.6. Particulars
No of Responders
Percentage
life 30
30
LIC
25
25
TATA AIG
8
8
ICICI
Prudential
insurance
life 12
12
HDFC life insurance
10
10
Max New York life insurance
15
15
Kotak
Mahindra
insurance
Table 4.6. Money Invested in the Company for Life Insurance 35
30
30
25
25 20
15
15
12 8
10
10
5 0 ICICI Prudential life insurance
LIC
TATA AIG
Kotak Mahindra life insurance
HDFC life insurance
Max New York life insurance
Graph 4.6. Money Invested in the Company for Life Insurance Analysis: The major player in insurance is LIC holding 25 percent of total sample. The second major player ICICI is holding 15 percent. HDFC is holding 10 percent, AIG is holding 8 percent & the Kotak Mahindra is holding 12 percent. Interpretation: It is analysed that a large percent of Responders are under ICICI Prudential Life Insurance and low percent of Responders are under TATA AIG.
4.7. Particulars
No of Responders
Percentage
Life Insurance Cooperation of India
51
71
Reliance Life Insurance
5
7
SBI Life Insurance
6
8
ICICI Prudential Life Insurance
3
4
Bharti AXA Life Insurance
1
2
Bajaj Allianz Life Insurance
3
4
Max New York Life Insurance
2
3
TATA AIG Life Insurance
1
1
Table 4.7. Market Share of Life Insurance Companies 80 70 60 50 40 30 20 10 0
71
7
8
4
2
4
3
1
Graph 4.7. Market Share of Life Insurance Companies Analysis: The above table represents the market share of various life insurance companies. Interpretation: It is analysed that life insurance Corporation of India has a higher percentage of market share (71 percent) and Bharti AXA and Tata AIG life insurance have comparatively very low market share
4.8. Particulars
Number of Responders
Percentage
Tax benefit
20
20
Safety and security
25
25
Risks cover
23
23
Return/yield
17
17
Investment
15
15
Table 4.8. Motive behind investing in life insurance. 30 25 25
23 20
20
17 15
15 10 5 0 Tax benefit
Safety and security
Risks cover
Return/yield
Investment
Graph 4.8. Motive behind investing in life insurance. Analysis: It can be seen that the main motive behind investing is safety and security followed by risks cover, tax benefits, returns and the least attractive motive investment.
Interpretation: It is analysed that safety and security is the main motive behind investing rather than tax benefit and investment is the least motive behind investing in life insurance.
4.9. Particulars
No of Responders
Percentage
On my own
70
70
Family Decision
20
20
Employer decides
0
0
As per guidance of agent
10
10
Table 4.9. Responders decision making about investing in life insurance. 80 70 70 60 50 40 30 20 20 10 10 0 0 On my own
Family Decision
Employer decides As per guidance of agent
Graph 4.9. Responders decision making about investing in life insurance.
Analysis: It can be seen that a higher percentage of respondent’s decision making (70 percent) is on my own, family decision is (20 percent) and as per guidance of agent is (10 percent)
Interpretation: It is analysed that a large percentage of the respondent’s decision making is on my own and the role of agent that is as per the guidance of agent the respondent’s decision making is comparatively low.
4.10. Particulars
No of Responders
Percentage
A saving tool
26
26
A tax saving device
23
23
A tool to protect family 51
51
Table 4.10. Respondent’s perception about life insurance. 60 51 50 40 30
26
23
20 10 0 A saving tool
A tax saving device
A tool to protect family
Graph 4.10. Respondent’s perception about life insurance. Analysis: It can be seen that a large number of Responders believe that life insurance is a tool to protect family (51 percent), a saving tool (26 percent) and a tax saving device (23 percent)
Interpretation: It is analysed that a large percentage of respondent’s perception about life insurance is a tool to protect family and comparatively very low percentage as tax saving device.
4.11. Particulars
Number of Responders
Percentage
Money back guarantee
22
22
Larger risk protection
23
23
Low premium
18
18
Company’s reputation
22
22
Easy access to agents
15
15
Table 4.11. Features of insurance policy that attracts Responders. 25 22
23
20
22
18 15
15 10 5 0 Money back guarantee
Larger risk protection
Low premium
Company’s reputation
Easy access to agents
Graph 4.11. Features of insurance policy that attracts Responders. Analysis: The above table summarizes the features of insurance policy that attract Responders.
Interpretation: It is analysed that larger risk protection attracts Responders towards insurance policy and easy access to agents feature is least attractive among the Responders.
4.12. Particulars
Number of Responders
Percentage
Trusted name
24
24
Friendly service and 19
19
responsiveness Transparency
20
20
Good Plans
21
21
Accessibility
16
16
Table 4.12. Features Responders look for in an insurance company. 30 24
25
19
20
20
21 16
15 10 5 0 Trusted name Friendly service Transparency and responsiveness
Good Plans
Accessibility
Graph 4.12. Features Responders look for in an insurance company. Analysis: Features that Responders look for in an insurance company, which includes trusted name 24 percent, friendly service 19 percent, transparency 20 percent, good plans 21 percent and accessibility 16 percent.
Interpretation: It is analysed that trusted name is most important feature followed by good plans and accessibility is the least important feature.
4.13. Particulars
No of Responders
Percentage
Greater than 21
27
27
Greater than 31
16
16
Greater than 41
7
7
Any time
50
50
Table 4.13. Respondent’s perception on appropriate age for investing in life insurance. 60 50
50 40 27
30
16
20
7
10
0 Greater than 21
Greater than 31
Greater than 41
Any time
Graph 4.13. Respondent’s perception on appropriate age for investing in life insurance.
Analysis: The Responders perception about appropriate age for investing in life insurance products it can be seen that a large percentage of Responders perceive anytime (50 percent), greater than 21 (27 percent), greater than 31 (16 percent), greater than 41 (7 percent) as appropriate age for investing in life insurance products.
Interpretation: It is analysed that a large percentage of Responders perception about investing in life insurance is anytime (50 percent), and comparatively very low percentage for age greater than 41(7 percent).
4.14. Particulars
No of Responders
Percentage
Returns
5
5
Security
6
6
Tax benefits
6
6
All in one
76
76
Security and tax benefits
7
7
Table 4.14. Respondent’s intention to gain from their investment in life insurance. 76
80 70 60
50 40 30 20 5
6
6
Returns
Security
Tax benefits
10
7
0 All in one
Security and tax benefits
Graph 4.14. Respondent’s intention to gain from their investment in life insurance.
Analysis: It can be seen that Responders want all the benefits as a package in one that is “all in one” which has a higher percentage (76 percent), returns (5 percent), security (6 percent), tax benefits (6%) and security and tax benefits as a package (7 percent).
Interpretation: It is analysed that a large number of Responders want “ all in one” which includes returns, security and tax benefits having a large percentage of Responders (88 percent) and comparatively very low percentage for returns(5 percent).
4.15. Particulars
Number of Responders
Percentage
Rigid plans
20
20
Unsatisfactory
18
18
Satisfactory
21
21
Good
23
23
Fair
18
18
services
Table 4.15. Respondent’s perception about Indian insurance policies. 25
23 21
20
20
18
18
15 10 5 0 Rigid plans
Unsatisfactory services
Satisfactory
Good
Fair
Graph 4.15. Respondent’s perception about Indian insurance policies. Analysis: The respondent’s perception about Indian insurance companies, it is easily seen that Responders have 20 percent Rigid Plans, 18 percent Unsatisfactory Services, 21 percent Satisfactory, 23 percent Good, 18 percent Fair.
Interpretation: It is analysed that a large number of Responders perceive Indian insurance companies as good which when compared to other options.
4.16. Particulars
No of Responders
Percentage
Yes
68
94
No
4
6
Table 4.16. Respondent’s satisfaction with the services provided by insurance company. 100
94
90 80 70 60 50 40 30 20 6
10 0 Yes
No
Graph 4.16. Respondent’s satisfaction with the services provided by insurance company.
Analysis: It can be seen that out of 72 Responders who have a life insurance policy, 68 Responders (94.4 percent) are satisfied with the services provided and only 4 Responders (5.5 percent) are not satisfied with the services provided by the life insurance companies.
Interpretation: It is analysed that out of 72 Responders who have a life insurance policy a large number of Responders that is 94.4 percent are satisfied with the services provided.
4.17. Particulars
No of Responders
Percentage
Inform the customer on 27
38
a regular basis 31
43
Responds to complain 14
20
Efficient services
quickly Table 4.17. Respondent’s reason for satisfaction. 50 43
45 38
40 35 30 25
20
20 15 10 5 0 Inform the customer on a regular basis
Efficient services
Responds to complain quickly
Graph 4.17. Respondent’s reason for satisfaction. Analysis: It is seen that informing the customer on a regular basis (37.5 percent), efficient services (43 percent), and respond to complains quickly (19.5 percent)
Interpretation: It is analysed that a large percentage of respondent’s reason for satisfaction is efficient services provided by various life insurance companies.
4.18. Particulars
No of Responders
Percentage
Yes
47
65
No
25
35
Table 4.18. Respondent’s satisfaction with the returns from insurance company. 70
65
60 50 40
35
30 20 10 0 Yes
No
Graph 4.18. Respondent’s satisfaction with the returns from insurance company.
Analysis: It can be seen that out of 72 Responders who have a life insurance policy 65 percent of the Responders are satisfied with the returns and 35 percent of Responders are not satisfied with the returns provided by the life insurance companies.
Interpretation: It is analysed that a large percentage(65 percent) of Responders are satisfied with the returns provide by the life insurance company.
4.19. Particulars
Number of Responders
Percentage
Bank deposits
19
19
Securities
20
20
Short term
17
17
Insurance
20
20
Fixed Assets
24
24
Table 4.19. Respondent’s perception about best form of investment. 30 24
25 19
20
20
20 17
15 10 5 0 Bank deposits
Securities
Short term
Insurance
Fixed Assets
Graph 4.19. Respondent’s perception about best form of investment. Analysis: It can easily be seen that Responders perceive 19 percent Bank Deposits, 20 percent Securities, 17 percent Short Term, 20 percent Insurance, 24 percent fixed assets as best form of investment
Interpretation: It is analysed that Responders perceive fixed assets as best form of investment and short term as least good form of investment. Responders perceive insurance as the next best form of investment after fixed assets.
4.20. Particulars
Number
of Percentage
Responders Child’s education
22
22
Medical illness
23
23
Child’s marriage
19
19
Retirement
18
18
Early death
18
18
Table 4.20. Respondent’s biggest concern for future. 25
23
22
19
20
18
18
Retirement
Early death
15 10 5 0 Child’s education
Medical illness
Child’s marriage
Graph 4.20. Respondent’s biggest concern for future. Analysis: It can be seen that respondent’s biggest concern for future, medical illness 23 percent, child’s education 22 percent, child’s marriage 19 percent, retirement 18 percent and early death 18 percent.
Interpretation: It is analysed that the respondent’s biggest concern for future is medical illness and the least concern is retirement and early death.
4.21. Particulars
No of Responders
Percentage
Yes
54
54
No
46
46
Table 4.21. Respondent’s awareness about ICICI Prudential Life Insurance. 56 54 54 52 50 48 46 46 44 42 Yes
No
Graph 4.21. Respondent’s awareness about ICICI Prudential Life Insurance.
Analysis: It is seen that 54 percent of Responders are aware about ICICI Prudential Life Insurance and 46 percent of Responders are not aware about ICICI Prudential Life Insurance.
Interpretation: It is analysed that a large percentage (54 percent) of the Responders are aware about ICICI Prudential Life Insurance.
4.22. Particulars
No of Responders
Percentage
Advertisements
41
76
Insurance agents
3
5
Friends and family
8
15
Internet
2
4
Table 4.22. Medium through which respondent’s known about ICICI Prudential Life Insurance. 76
80 70 60 50 40 30
15
20 5
4
Advertisements Insurance agents Friends and family
Internet
10 0
Graph 4.22. Medium through which respondent’s known about ICICI Prudential Life Insurance. Analysis: It is seen than out of 54 Responders 76 percent are aware through advertisements, 5 percent through insurance agents, 15 percent through friends and family and 4 percent through internet.
Interpretation: It is analysed that a large percentage of Responders that is 76 percent are aware about ICICI Prudential Life Insurance through advertisements and comparatively very low percentage 4 percent through internet.
4.23. Particulars
No of Responders
Percentage
Yes
71
71
No
29
29
Table 4.23. Life insurance is a noble service oriented business. 80 71 70 60 50 40 29
30 20 10 0 Yes
No
Graph 4.23. Life insurance is a noble service oriented business. Analysis: It is seen that 71percent of the Responders perceive life insurance business as a noble service oriented business and 29percent of the Responders perceive that life insurance business is not a noble service oriented business.
Interpretation: It is analysed that a large percentage 71 percent of the Responders perceive life insurance business as a noble service oriented business and comparatively very low percentage perceive that life insurance business is not a noble service oriented business.
4.24. Particulars
No of Responders
Percentage
Policy scheme
22
22
Income
8
8
Reliability
44
44
Service
18
18
Policy scheme and reliability
8
8
Table 4.24. Responders criteria while selecting an insurance company. 50 44
45 40 35 30 25
22 18
20 15 8
10
8
5 0 Policy scheme
Income
Reliability
Service
Policy scheme and reliability
Graph 4.24. Responders criteria while selecting an insurance company. Analysis: It can seen that 44 percent look for reliability, 22 percent of Responders look for policy scheme, 8 percent of Responders look for income, 18 percent of the Responders look for service and 8 percent look for both policy scheme and reliability.
Interpretation: It is analysed that a very large percentage 44 percent of respondent’s criteria for selecting an insurance company is reliability and comparatively very low percentage 8 percent for both income and as a combined criteria policy scheme and reliability.
4.25. Particulars
No of Responders
Percentage
Children
25
25
Adults
27
27
Couples
13
13
Old people
17
17
Children and adults
10
10
Adults and old people
8
8
Table 4.25. Responders perceive life insurance policies are for. 30
27
25 25
20
17 13
15
10 10
8
5 0 Children
Adults
Couples
Old people
Children Adults and and adults old people
Graph 4.25. Responders perceive life insurance policies are for. Analysis: It can be seen that 25 percent perceive they are for children’s, 27 percent perceive they are for adults, 13 percent perceive they are for couples, 17 percent perceive they are for old people, 10 percent perceive it is for children and adults and 8 percent perceive they are for adults and old people.
Interpretation: It is analysed that a large number of Responders (27 percent) perceive that life insurance policies are for adults and comparatively very low percentage (8 percent) perceive they are for adults and old people.
CHAPTER-5 SUMMARY OF FINDINGS, SUGGESTIONS AND CONCLUSION 5.1 Findings
It is evident from the study conducted that 72 percent of the Responders hold at least one life insurance policy.
It is found from the study that the market share of ICICI Prudential Life Insurance is 4 percent in the insurance sector.
It is analysed from the study conducted that majority of the Responders perceive insurance as a tool to protect family rather than insurance as a saving tool or a tax saving device.
It is found that majority of the Responders perceive insurance business as a noble service oriented business.
It is analysed from the study that 27 percent of the Responders have indicated that the insurance policies are for adults and 25 percent of the Responders have indicated life insurance policies are for children.
It is found from the study conducted that 76 percent of the Responders expect “all in one” that is returns, security and tax benefits as a package from their investment in life insurance.
It is analysed that from the study that 44 percent of the Responders have indicated that the criteria for selecting an insurance company is reliability.
It is found from the study that the main motive behind investing in life insurance is safety and security rather than tax benefits.
It is evident from the study conducted that 43 percent of the Responders indicate efficient services as a reason for satisfaction and 37.5 percent indicate informing the customer on a regular basis as a reason for satisfaction.
It is analysed from the study conducted that 65 percent of the Responders are satisfied with the returns from the insurance company.
It is analysed that Responders perceive 24 percent of the fixed assets as best form of investment
It is analysed that the respondent’s biggest concern for future is medical illness and the least concern is retirement and early death
It is analysed that a large percentage (54 percent) of the Responders are aware about ICICI Prudential Life Insurance
It is analysed that a large percentage of Responders that is 76 percent are aware about ICICI Prudential Life Insurance through advertisements and comparatively very low percentage 4 percent through internet.
It is analysed that a large percentage 71 percent of the Responders perceive life insurance business as a noble service oriented business and comparatively very low percentage perceive that life insurance business is not a noble service oriented business.
It is analysed that a very large percentage 44 percent of respondent’s criteria for selecting an insurance company is reliability and comparatively very low percentage 8 percent for both income and as a combined criteria policy scheme and reliability.
It is analysed that a large number of Responders (27 percent) perceive that life insurance policies are for adults and comparatively very low percentage (8 percent) perceive they are for adults and old people
5.2 Suggestions
ICICI Prudential Life Insurance We should try to make people aware of their investment to build trust between the public safe, high-return investment, tax incentives.
As more and more Emergency staff in ICICI Prudential Life Insurance Get ROI Investments Companies should try to provide an attractive return on investment in the future.
ICICI Prudential Life Insurance The policies that should be attractive attractive policy and also attractive bonuses more potential customers.
ICICI Prudential Life Insurance We should focus on media advertising.
ICICI Prudential Life Insurance You should release the weekly / monthly reports.
ICICI Prudential Life Insurance It should cause its agents to improve customer base, with due attention to their needs and requirements.
5.3 Recommendation
The program requires almost all customers have a life insurance from uncertainty about the future in order to protect. Companies always have the opportunity to develop and expand its life insurance business segment. Thus, the company was able to seize this opportunity to focus on introducing more insurance coverage to meet the needs of different classes of people.
The company has more focus on safety and security features and risk cover story, rather than tax breaks. Therefore, the company has sufficient opportunity to attract new customers.
The company has introduced products with unique features to bear in mind the existence of competition in the market .
The company can create potential customers about their products through advertising and efficient insurance agents, which in turn will help increase its customer base of more ways of understanding.
Respondents Most We believe that the insurance to protect their families and a tax saving device tool. They are facts and realize its importance to know. Companies should strive to expand and build infrastructure, because there is great potential for the insurance in India.
due to ICICI Prudential Life Insurance Working with several leading companies should be very easy for them to penetrate the market, if they offer to pay more attention to their customers, thereby forming part of a long-term relationship of trust services to get a good position.
5.4 Conclusion ICICI Prudential Life Insurance Company to conduct market research, we found out track consumers, valuable suggestions, respond to the different needs of different issues. With this information, we can conclude that the market about ICICI Prudential Life Insurance Company in good market awareness.
customer satisfaction is ICICI Prudential Life Insurance Company, which is higher by the investigation. ICICI Prudential Life Insurance Company's high level of satisfaction is due to the monthly consumer ICICI Prudential Life Insurance also provides return on investment, security, and good tax preferential
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