PROJECT REPORT ON BHARTI AXA LIFE INSURANCE “THE AWARENESS OF LIFE INSURANCE AMONGST CONSUMERS” Submitted in partial fulfillment of the requiremnets for the award of the degree of MASTER OF BUSINESS ADMINISTRATION SUBMITTED BY: ABHIJEET SINGH PARIHAR ROLL NO.: A7754276
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PROJECT REPORT
ON
BHARTI AXA LIFE INSURANCE
“THE AWARENESS OF LIFE INSURANCE AMONGST CONSUMERS”
Submitted in partial fulfillment of the requiremnets for the award of the degree of
MASTER OF BUSINESS ADMINISTRATION
SUBMITTED BY:ABHIJEET SINGH PARIHAR
ROLL NO.: A7754276
MADURAI KAMARAJ UNIVERSITYMADURAI
ACKNOWLEDGEMENTS
My project at BHARTI AXA LIFE INSURANCE was extremely enriching. I was
given an opportunity to work with senior executive & it was benefited
tremendously with the interaction i had with them during my project.
During my project I got insights into the insurance sector & an opportunity to
understand the mechanics of how the work is done in an insurance company. I
would like to thanks to -------------------------------------------- for their guidance &
support. They have been a constant guiding force & source of illumination for me.
It entirely goes to them credit that this project has attained its final shape. I would
like to thank them for their valuable advice & guidance.
I am very fortunate to be taught by them. I learnt a lot about insurance sector as
their style of teaching was very lucid and detailed. They made learning about
insurance very easy and interesting. They taught me the importance of insurance
& consumers thinking about insurance. I am sure that I will remember these
lessons for life long. By doing a marathon project like this, I learnt the practical
aspects of insurance and implemented the learning’s of class in the project.
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DECLARATION
I, Abhijeet Singh Parihar, student of Rai Business School affiliated to Madurai
Kamaraj University, Madurai, Tamil Nadu, hereby declare that all the information,
facts and figures in this report are based on my own findings and experience
during my summer training in BHARTI AXA LIFE INSURANCE.
I hereby also declare that the work done by me is not being copied, it is my
original work and does not lead to a award or any other degree, diploma,
fellowship or other similar title or prizes.
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PREFACE
During the course of MBA, project puts theoretical knowledge into practical form.
It aims at lucid exposition of various concept and techniques to give a shape and
direction to theoretical knowledge. This is made possible through “on the job
training” at any company under the guidance of a competent person.
The objective of the training module is to help the students to understand the
business environment well and equip us with the work culture of companies in
the present era.
During my training with BHARTI AXA LIFE INSURANCE, I was able to enhance
my knowledge to a large extent in the field of insurance.
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EXECUTIVE SUMMARY
THE OBJECTIVE OF THE PROJECT:-
The main objective of my project is to find out that how much awareness people
have about life insurance.
THE RESEARCH USED IN PROJECT:-
I used quantitative research. I made one questionnaire for research. There were
20 questions to ask.
THE COMPANY:-
I did my summer training in BHARTI AXA LIFE INSURANCE COMPANY. It is a
joint venture between Bharti, one of India’s leading business groups with
interests in telecom, agri business and retail, and AXA, world leader in financial
protection and wealth management. The joint venture company has a 74% stake
from Bharti and 26% stake of AXA.
The project assigned to me is to study the awareness of life insurance in people.
This analysis is done thoroughly to understand the thinking of people. This
project contain knowledge about life insurance industry, organizational structure,
product & services, competitors, introduction about project, Statement of
MS (Mean square)BETWEEN :- SS( sum of squares) BETWEEN / K-1 = 4
Degree of freedom 2-1=1
MS WITH IN :- SS SS WITH IN / N-K = 0.5
F – RATIO :- MS BETWEEN / MS WITH IN = 4 / 0.5 = 8
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ANNOVA (one way)-
Sources of variation
Sum of squares
Degree of freedom
Mean square
F-ratio
Between samples
4 1(2-1) 4
Within samples
24 48(50-2) 0.5 8
total 28 49 4.5
ANSWER:-
CALCULATED F – RATIO IS 16.66 AT 1 , 98 DEGREE OF FREEDOM
SO F CAL. = 8
& F TAB. = 4
F CAL > F TAB.
8 > 4
Here we reject the null hypothesis and accept the alternate
hypothesis as the calculated value of F-ratio at 5% with DOF)degree
of freedom). 1 & 48 is very high than the table value, hence,
consumers are aware of life insurance.
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CONCLUSION
After doing my research I got the result that most of the persons are aware of the
benefits of life insurance. Some people who had not life insurance they were with
positive thinking about life insurance & were planning to have it.
Some people who has low income they were
not interested in life insurance but when I told them about different – different
plan so they were quite interested in it. I hope they will definitely change their
mind & will be aware of benefits of life insurance.
THE AWARENESS OF LIFE INSURANCE IS
DAY BY DAY INCREASING AMONG PEOPLE.
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RECOMMENDATIONS
Buy what you need. It's not a good idea to under-buy insurance, nor is it
beneficial to over-buy, so when you're in the market for insurance, be sure
to evaluate what your exact needs are and go from there. A good way of
doing that is in the form of an equation: Short-term needs + long-term
needs - resources = how much life insurance you will need.
Buy early. Instead of waiting until there is a real problem with your health,
buy life insurance early in life. As you age, the price of your life insurance
will increase, so the younger you start, the more you will save. To keep
your premium low, you may want to inquire about a "level premium" policy.
Which keeps your premium rates the same for a set amount of time.
If you're healthy, stay away from guaranteed issue policies. Guaranteed
issue policies, also know as "simplified" or "quick" policies, may sound too
good to be true, because they really are. They do not require a medical
exam, making them seemingly ideal, but ultimately much riskier for the
insurer. If you are healthy, you will get much better rates by buying a life
insurance policy that requires a medical test.
Check online. When shopping around for any kind of insurance, looking
online is a great way to compare prices and see what different companies
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have to offer. The more information you give, the more accurate your
insurance quote will be.
Make a change for the better. If you are overweight, are a smoker, have
heart disease, high blood pressure or diabetes, finding affordable life
insurance may be difficult. This is because the better your health is, the
easier and more affordable it will be for you to buy life insurance.
Insurance companies will issue lower premiums if the policyholder is in
good health standing. The less things that may give you a risk of dying
sooner, the more affordable your life insurance policy will be. Also, if you
do have an outstanding medical condition, you are a smoker or
overweight, and you are trying to better your health, be sure to document
it. By showing the insurance company your medical files and that you have
been trying to improve your health, you may save yourself some money in
the long run.
Being responsible saves you money. This goes along with making a
change for the better.
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APPENDIX
This is a questionnaire which i used for my research.
`QUESTIONNAIRE
DEAR RESPONDENT, I am student of RBS in bharti axa life insurance company. I am conducting research on consumer awareness on life insurance and their concern about the company. It is purely for academic purpose.
1. NAME:-___________________
2. AGE:-
a) 20 – 30 [ ]
b) 30 – 40 [ ]
c) 40 – 50 [ ]
d) Above 50 [ ]
3. GENDER:-
a) Male [ ]
b) b) Female [ ]
4. OCCUPATION:-
a) Student [ ]
b) b) Business [ ]
c) c) Service [ ]
d) d) Other [ ]
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5. DO YOU LIVE IN JOINT FAMILY?
a) Yes [ ]
b) b) No [ ]
6. HOW MANY FAMILY MEMBERS ARE THERE IN YOUR FAMILY?
a) 2-4 [ ]
b) 4-6 [ ]
c) Above 6 [ ]
7. IF MARRIED: DO YOU HAVE CHILDREN? HOW MANY?
a) 1 [ ]
b) 2 [ ]
c) More than 2 [ ]
8. WHICH IS YOUR BIGGEST CONCERN FOR FUTURE?
a) Child education [ ]
b) Retirement [ ]
c) Child’s marriage [ ]
d) Medical illness [ ]
9. DO YOU HAVE ANY LIFE INSURANCE POLICY?
a) Yes [ ]
b) No [ ]
10. IF YES, IN WHICH COMPANY?
____________________________
11. IN WHICH PRODUCT? ____________________________
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12. ARE YOU SATISFIED WITH YOUR COMPANY?
a) Yes [ ]
b) No [ ]
13. IF GIVEN A CHANCE WOULD YOU LIKE TO CHANGE YOUR COMPANY OR PRODUCT?
a) Yes [ ]
b) No [ ]
14. DO YOU LOOK AFTER COMPETITION WHEN YOU PURCHASE A PRODUCT? a) Yes [ ]
b) No [ ]
15. WHICH FACTOR OF THE FOLLOWING YOU WILL BE CONCERN ABOUT WHILE YOU ARE PURCHACING A PRODUCT?
a) Allocation [ ]
b) Fund management [ ]
c) Fund administration [ ]
d) All of the above [ ]
16. DO YOU LOOK AFTER THE PARANTAGE OF THE COMPANY WHEN YOU INVEST?
a) Yes [ ]
b) No [ ]
17. WHAT IS THE RANG OF ALLOCATION THAT YOU COME ACROSS BY THE SALES MANAGER?
a) 5 – 15 % [ ]
b) 15 – 30 % [ ]
c) Above 30 % [ ]
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18..IF GIVEN A CHANCE TO INVEST WITH ICICI, BHARTI AXA LIFE INSURANCE & LIC SO WHICH ONE YOU WILL CHOOSE?