PROJECT REPORT ON “PERFORMANCE ANALYSIS OF ULIP FUNDS WITH SPECIAL REFERENCE TO LIC” Submitted in partial fulfillment of Bachelor of Business Administration Rashtrasant Tukdoji Maharaj Nagpur University, Nagpur Submitted by DIPANSHOO S. SHENDE Guidance by MS. ABHILASHA GEDAM
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PROJECT REPORT ON
“PERFORMANCE ANALYSIS OF ULIP FUNDS WITH SPECIAL REFERENCE TO LIC”
Submitted in partial fulfillment of Bachelor of Business Administration Rashtrasant Tukdoji Maharaj
Nagpur University, Nagpur
Submitted byDIPANSHOO S. SHENDE
Guidance byMS. ABHILASHA GEDAM
Dr. Ambedkar Institute of Management Studies & Research, Deeksha Bhoomi,Nagpur-440012
(2009-2010)
ACKNOWLEDGEMENT
“Words have never expressed human sentiments. This only an attempt to express my deep
gratitude which comes from my heart.”
It is a great pleasure for me to express my deep feeling of gratitude to my respected guide
Ms. Abhilasha Gedam, Lecturer, DAIMSR, for her great encouragement & unfailing
support which provided needed morale & confidence to carry on my work.
I am grateful to the Dr. Sujit Metre, Director of Dr. Ambedkar Institute of
Management Studies & Research, Nagpur for making all facilities available for my
work.
It is with profound gratitude that I wish to express my indebtedness to
Mr. Nirzar.Kulkarni (Coordinator, DAIMSR) for his invaluable guidance & supervision
for completion of this project work. “Thank you, Sir” for all you have done.
Last but not least I am thankful to my colleagues, friends & other faculties for their direct
& indirect help for completion of this work.
_______________________
DIPANSHOO S. SHENDE
2
DECLARATION
I, Dipanshoo Suresh Shende hereby declare that the project entitled
“PERFORMANCE ANALYSIS OF ULIP FUNDS WITH SPECIAL
REFERENCE TO LIC” is the outcome of my own research work based on personal
study during academic session 2009- 2010 and has not been submitted previously for
award of any degree or diploma to this university or any other university.
_______________________
DIPANSHOO S. SHENDE
3
CERTIFICATE
This is to certify that Mr. Dipanshoo S. Shende has satisfactorily completed the Project
work entitled “Performance Analysis Of ULIP Funds With Special Reference To LIC”
in not less than one academic session. This also certify that this Project work is the result of
the candidate’s own work and is of sufficiently high standard to warrant its presentation for
the BACHELOR OF BUSINESS ADMINISTRATION programme.
To the best of my knowledge this project or its part has not been submitted to this
university or any other university for any Degree/Diploma.
________________________
MS. ABHILASHA GEDAM
Guide
Internal Examiner External Examiner
Director
Place: Date:
4
CONTENT
SR.NO. CHAPTER PAGE NO.
1 INTRODUCTION TO TOPIC 6-28
2 COMPANY PROFILE 29-33
3 PRODUCT RANGE OF LIC 34-42
4 RESEARCH MEHFODOLOGY
43-46
5 PRIMARY DATA ANALYSIS 47-52
6 OBSERVATIONS 53-54
7 LIMITATIONS 55-56
8 ANNEXURE 57-60
9 BIBLIOGRAPHY 61-62
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CHAPTER 1
INTRODUCTION TO TOPIC
6
INTRODUCTION
In the commercial arena, the choice of an effective strategy is perhaps the most
important and the toughest decision to take. The decision to select among the grand
strategies and deciding upon which strategy will best meet the enterprises objectives is
rendered complex by multiple considerations. The same is also true with the insurance
companies in India who are constantly revamping their strategies and coming out with
innovative options to stay in the competition. There were days when Life Insurance
Corporation of India (LIC) was the only insurance company available to people in India
and where people synonymed Insurance to LIC. Also since it was a Public Sector
Undertaking (PSU) it has a great support from people. But now times have changed a lot of
private players have entered into the fray. There have been a lot of Indian companies
collaborating with foreign insurance giants like ICICI Prudential, Bajaj Allianz etc who
have already made their presence felt in the Indian Insurance industry.
Even though LIC is still the market leader with more than over 60% of the market
share, the private players are giving it a tough time. Since the last decade the market share
of LIC had fallen down by about more than 20%.
The new private players have started offering a variety of unlimited schemes right
from insurance plans for a 30 day old baby to that of a 70 year old senior citizen. Also
the private companies have started creating the importance and need of insurance in today’s
life They have started positioning their brand sand are marketing their products in such
a way the people have started feeling the need of security in their lives.
Taking into account the huge population and growing per capita income besides
several other driving factors, a huge opportunity is in store for the insurance companies in
India. According to the latest research findings, nearly 80% of Indian population are
without life insurance cover while health insurance and non-life insurance continues to
be below international standards. And this part of the population is also subjected to
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weak social security and pension systems with hardly any old age income security. As
per independent surveys, insurance in India is primarily used as a means to improve
personal finances and for income tax planning; Indians have a tendency to invest in
properties and gold followed by bank deposits. They selectively invest in shares also but
the percentage is very small (4-5%). This in itself is an indicator that growth potential for
the insurance sector is immense. It's a business growing at the rate of 15-20% per annum
and presently is of the order of around more than $55 billion.
India is a vast market for life insurance that is directly proportional to the growth in
premiums and an increase in life density. With the entry of private sector players backed by
foreign expertise, Indian insurance market has become more vibrant.
Competition in this market is increasing with companies’ continuous effort to lure
the customers with new product offerings. However, the market share of private insurance
companies remains low in the 25-35% range. Even to this day, Life Insurance Corporation
(LIC) of India dominates Indian insurance sector. The heavy hand of government still
dominates the market, with price controls, limits on ownership, and other restraints. They
private players are still in their initial days and would take some more time to capture a
good market share. At present they are coming up with new and innovative ideas.
Since the last decade the life insurance industry in India has been growing very fast
and many new companies have entered this business insurance. The Indian life insurance
industry has recorded a robust growth of more than 16 per cent for the nine-month period
which ended on December 31, 2008.It is expected to grow at an amazing rate of 20 per cent
this year Also in the present scenario the most sought after insurance plans are the Unit
Linked insurance Plans (ULIPs).
A ULIP is a life insurance policy which provides a combination of risk cover
and investment. ULIPs have gained high acceptance due to attractive features they offer
like flexibility, transparency, liquidity and a vast variety of fund option. Unit linked plans
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are suitable for all customer profiles; however as a general belief the risk averse investors
tend to choose traditional plans and an informed customer prefers a ULIP. ULIPs offer the
kind of flexibility that no insurance product can. ULIPs essentially combine the benefits of
an insurance policy and a market-linked investment. Investors can select a ULIP with an
equity-debt combination that is in line with their risk profile. A risk-taking investor would
typically select one with a high equity component, while a risk-averse investor would opt
for a debt-heavy one. Simply put, ULIPs are structured in such a way that the protection
element and the savings element are distinguishable, and hence managed according to
your specific needs. In this way, the ULIP plan offers unprecedented flexibility and
transparency.
So with many players around for a company to really be successful it has to
really be very efficient on all fronts. It has to constantly adapt to the changing consumer
preferences with a lot of new innovations and implementing new technology try to
different from the lot. Especially if it is a new player in the market the company has to
really work very hard to get into the completion and stay afloat.
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INDUSTRY PROFILE
INSURANCE
Insurance may be described as a social device to reduce or eliminate risk of loss to
life and property. Under the plan of insurance, a large number of people associate
themselves by sharing risks attached to individuals. The risks which can be insured against
include fire, the perils of sea, death and accidents and burglary. Any risk contingent upon
these, may be insured against at a premium commensurate with the risk involved. Thus collective
bearing of risk is insurance.
CHARACTERISTICS OF INSURANCE
1. Sharing of risks
2. Cooperative device
3. Evaluation of risk
4. Payment on happening of a special event
5. The amount of payment depends on the nature of losses incurred.
HISTORY OF INDIAN INSURANCE:
History of Insurance in India can be broadly bifurcated into three eras:
a. Pre Nationalization
b. Nationalization and
c. Post Nationalization
The story of insurance is probably as old as the story of mankind. The same instinct
that prompts modern businessmen today to secure themselves against loss and disaster
existed in primitive men also. They too sought to avert the evil consequences of fire and
10
flood and loss of life and were willing to make some sort of sacrifice in order to achieve
security. Though the concept of insurance is largely a development of the recent past,
particularly after the industrial era – past few centuries – yet its beginnings date back
almost 6000 years.
Life Insurance in its modern form came to India from England in the year 1818.
Oriental Life Insurance Company started by Europeans in Calcutta was the first life
insurance company on Indian Soil. All the insurance companies established during that
period were brought up with the purpose of looking after the needs of European community
and these companies were not insuring Indian natives. However, later with the efforts of
eminent people like Babu Muttylal Seal, the foreign life insurance companies started
insuring Indian lives. But Indian lives were being treated as sub-standard lives and heavy
extra premiums were being charged on them. Bombay Mutual Life Assurance Society
heralded the birth of first Indian life insurance company in the year 1870, and covered
Indian lives at normal rates. Starting as Indian enterprise with highly patriotic motives,
insurance companies came into existence to carry the message of insurance and social
security through insurance to various sectors of society. Prior to 1912 India had no
legislation to regulate insurance business. In the year 1912, the Life Insurance Companies
Act, and the Provident Fund Act were passed. The Life Insurance Companies Act, 1912
made it necessary that the premium rate tables and periodical valuations of companies
should be certified by an actuary. But the Act discriminated between foreign and Indian
companies on many accounts, putting the Indian companies at a disadvantage.
The first two decades of the twentieth century saw lot of growth in insurance
business. From 44 companies with total business-in-force as Rs.22.44 crore, it rose to 176
companies with total business-in-force as Rs.298 crore in 1938. The Insurance Act 1938
was the first legislation governing not only life insurance but also non-life insurance to
provide strict state control over insurance business. The demand for nationalization of life
insurance industry was made repeatedly in the past but it gathered momentum in 1944
when a bill to amend the Life Insurance Act 1938 was introduced in the Legislative
Assembly. However, it was much later on the 19th of January, 1956, that life insurance in
India was nationalized. About 154 Indian insurance companies, 16 non-Indian companies
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and 75 provident were operating in India at the time of nationalization. The Parliament of
India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life
Insurance Corporation of India was created on 1st September, 1956, with the objective of
spreading life insurance much more widely and in particular to the rural areas with a view
to reach all insurable persons in the country, providing them adequate financial cover at a
reasonable cost.
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INSURANCE MARKET - PRESENT
The insurance sector was opened up for private participation a decade back. For
years now, the private players are active in the liberalized environment. The insurance
market has witnessed dynamic changes, which include presence of a fairly number of
insurers both life, and non-life segment. Most of the private insurance companies have
formed joint venture partnering well-recognized foreign players across the globe.
The Indian life insurance market generated total revenues of $41.36 billion in
2007, thus representing a compound annual growth rate (CAGR) of 11.84% for the period
spanning 2000-2007. Life insurance market had a growth of $22.46 billion within a period
of 7 years with a growth rate of 118.24%. Estimated life premiums rose to INR 1,470,800
million ($36.77 billion) in 2006 from INR 1,301,540 million ($32.54billion) in 2005. We
envisage that life premiums in 2011 will be $65.96 billion, a growth larger than they were
in 2007. The performance of the market is forecast to accelerate, with an anticipated
CAGR of 9.78% for the four-year period 2007-2011 expected to drive the market to a
value of $65.96 billion by the end of 2011. There would be a growth of $24.6 billion i.e.
59.48% in the next 4 years.
Non-life premiums in India were $6.53 billion in 2007. Gross written premium
(GWP) in the Indian non-life insurance market reached a value of $5.75 billion in 2006,
this representing an annual growth of 13.55% for the period spanning 2006-2007.
Estimated non-life premiums rose from INR230 billion ($5.75 billion) in 2006 to INR261
billion ($6.53 billion) in 2007.
We anticipate that non-life premiums will grow by a CAGR of 9.40% between
2007-2011. We are looking for non-life premiums to rise by $405 million over the five
years to the end of 2011 with a growth rate of 62.02%.
With a huge population base and large untapped market, insurance industry is a
13
big opportunity area in India for national as well as foreign investors. India is the fifth
largest life insurance market in the emerging insurance economies globally and is growing
at 32-34% annually. This impressive growth in the market has been driven by
liberalization, with new players significantly enhancing product awareness and
promoting consumer education and information. The strong growth potential of the
country has also made international players to look at the Indian insurance market.
Moreover, saturation of insurance markets in many developed economies has made
the Indian market more attractive for international insurance players, according to
"Booming Insurance Market in India (2008-2011):
Total life insurance premium in India is projected to grow Rs 1,230,000 crore
by 2010-11.
Total non-life insurance premium is expected to increase at a CAGR of 25%
for the period spanning from 2008-09 to 2010-11.
With the entry of several low-cost airlines, along with fleet expansion by
existing ones and increasing corporate aircraft ownership, the Indian aviation
insurance market is all set to boom in a big way in coming years.
Home insurance segment is set to achieve a 100% growth as financial
institutions have made home insurance obligatory for housing loan approvals.
Health insurance is poised to become the second largest business for non-life
insurers after motor insurance in next three years.
A booming life insurance market has propelled the Indian life insurance
agents into the top 10 country list in terms of membership to the Million Dollar
In this policy, the investment risk in investment portfolio is borne by the policy holder.
This is a unit linked pension plan wherein the pension is payable after a specified
period. Four types of investment Funds namely Bond, Secured, Balanced and Growth
Fund are offered. Though primarily a Pension product, the plan has many attractive
features and options, which make it an ideal Retirement solution for the future.
Fortune Plus
It is a unit linked assurance plan where premium payment term (PPT) is 5 years
and the premium payable in the first year will be 50% of total premium payable under the
policy. The level of cover will depend on the level of premium you agree to pay.
Four types of investment funds are offered. Premiums paid after allocation charge
will purchase units of the Fund type chosen. The Unit Fund is subject to various charges
and value of the units may increase or decrease, depending on the Net Asset Value
(NAV). The plan therefore serves the purpose of insurance-cum-investment.
Money Plus-I
This is a unit linked Endowment plan with regular premium paying term, which
offers investment cum insurance during the term of the policy. You can choose the level
of cover within the limits, which will depend on the level of premium you agree to pay.
Four types of investment Funds are offered. Premiums paid after allocation charge
will purchase units of the Fund type chosen. The Unit Fund is subject to various charges
and value of units may increase or decrease, depending on the Net Asset Value (NAV).
36
Child Fortune Plus
In this policy, the investment risk in investment portfolio is borne by the
policy holder.
All of us wish to ensure the best possible future for our children. With the cost of
education sky rocketing, it is all the more important that an early provision is made to
ensure that your loved ones get a good head start in life. LICs Child Fortune Plus is a
total solution to their education and other needs. The plan is a unit linked one offering the
prospects of long term capital appreciation.
37
GENERAL FEATURES OF THE VARIED PRODUCTS OF LIC
MARKET PLUS-I
Min entry age
18 yrs
Max entry age
70 yrs
Max Maturity age 75 yrs
Min premium 5000 RP 10000 Single Premium
Riders ADBR
Min premium payment term 5 yrs
PROFIT PLUS(RP&SP)
Min entry age0 yrs
Max entry age65 yrs
Max Maturity age70,75 yrs
Min premium 1000 RP 20000 Single Premium
RidersADBR, CIBR
Min premium payment term 3 yrs
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FORTUNE PLUS
Min entry age12 yrs
Max entry age60 yrs
Max Maturity age65 yrs
Min premium20000
RidersADBR
Min premium payment term 5 yrs
MONEY PLUS-I
Min entry age0 yrs
Max entry age65 yrs
Max Maturity age75 yrs
Min premiumRs.5,000
RidersADBR, CIBR
Min premium payment term 5 yrs
39
CHILD FORTUNE PLUSMin entry age
Less than17 yrsMax entry age
17 yrsMax Maturity age 25 yrs of child or of the
insured 75 yrsMin premium
Rs.10,000Riders
ADBRMin premium payment term 5 yrs
ADBR-Accidental Death Benefit Rider, CIBR-Critical Illness Benefit Rider
(Source: www.licindia.com)
40
PERFORMANCE OF ULIP FUNDS OF LIC
PRODUCT BASIC VALUE (AS ON DATE OF LAUNCH)
NET ASSET VALUE
REPURCHASE VALUE
SALE VALUE
(AS ON 12TH NOVEMBER, 2009)
MARKET PLUS-I:
DATE OF LAUNCH
17.06.2008
BOND FUND 10 11.4720 11.4720 11.4720
SECURED FUND
10 11.7832 11.7832 11.7832
BALANCED FUND
10 11.9203 11.9203 11.9203
GROWTH FUND
10 12.8098 12.8098 12.8098
PROFIT PLUS:DATE OF LAUNCH
23.08.2007
BOND FUND 10 12.5528 12.5528 12.5528
SECURED FUND
10 11.7868 11.7868 11.7868
BALANCED FUND
10 12.2553 12.2553 12.2553
GROWTH FUND
10 10.6895 10.6895 10.6895
FORTUNE PLUS:
DATE OF LAUNCH
23.08.2007
41
BOND FUND 10 12.2086 12.2086 12.2086
SECURED FUND
10 12.0740 12.0740 12.0740
BALANCED FUND
10 10.8677 10.8677 10.8677
GROWTH FUND
10 10.8518 10.8518 10.8518
Money plus-I:Date of launch22.05.2008
Bond fund 10 12.4177 12.4177 12.4177
Secured fund 10 13.8626 13.8626 13.8626
Balanced fund 10 13.6496 13.6496 13.6496
Growth fund 10 12.8678 12.8678 12.8678
Child fortune plus:
Date of launch01.11.2008
Bond fund 10 10.6557 10.6557 10.6557
Secured fund 10 13.6108 13.6108 13.6108
Balanced fund 10 13.5517 13.5517 13.5517
Growth fund 10 13.5517 13.5517 13.5517
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CHAPTER 4
RESEARCH METHODOLOGY
43
SCOPE OF THE STUDY
This study aims to make a performance analysis of the Unit Linked Insurance Plans
(ULIPs) of LIFE INSURANCE CORPORATION OF INDIA in the Indian context, insurance
market and study the consumer perception towards various insurance products. The
performance analysis is based on the empirical data collected from the Nagpur city..
OBJECTIVES OF THE PROJECT
To understand the insurance products at length.
To understand Unit Linked Insurance Plans (ULIPs) of LIC.
To analyse the performance selective Unit Linked Insurance Plans (ULIPs) of
LIC.
To study the consumer perception towards various insurance products.
44
METHODOLOGY
The techniques used for data collection are:
a. Internet surveys and
b. Questionnaire method
The following methodology has been followed to achieve the objectives of the project.
Step: 1Developing a right research design and timeline for the project.
Step: 2Collecting Secondary data of the insurance Industry
Step: 3Designing of the Questionnaire
Step: 4Analysis of secondary data
Step: 5
45
Collection of primary data-Questionnaires and internet surveys
Step: 6Analysis of primary data
Step: 7Interpretation of the results
Step: 8Preparation of the final report
SOURCES OF DATA
There are two types of data used. They are primary and secondary data. Primary data is
defined as data that is collected from original sources for a specific purpose. Secondary
data is data collected from indirect sources. (Source: Research Methodology, By C. R.
Kothari)
Primary Data:
The primary data was collected by a survey based on the questionnaire. It was formulated
on the basis of information carefully gathered by me about the various mindsets of
the people. This questionnaire was mainly formulated to target the common man to see
his perception and awareness of various investment options available.
Sample Size:
The sample size for the survey conducted was 50 respondents.
Sampling Technique:
Random sampling technique was used in the survey conducted.
Study Area:
The samples referred to were residing in Nagpur City.
46
Secondary Data;
The secondary data was collected directly from the companies and their websites and
internet surveys. Also a lot of similar research studies and journals have been referred to.
LITERATURE STUDY
Till today a lot of research has been done on the Indian insurance industry especially
the life insurance sector. The material for this study was collected from various internet
sites, journal sand books by various authors.
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CHAPTER 5
DATA ANALYSIS AND INTERPRETATION
48
PRIMARY DATA ANALYSIS
We have done a detailed survey in Nagpur city to understand and study the
consumers’ responses. The primary data was collected through questionnaires. This
questionnaire was mainly formulated to target the common man to see his perception and
awareness of various investment options available. The sample size of the survey was 50.
Out of these 34 were male and 16 were female. The sample of respondents was carefully
selected covering people in all age groups and with different backgrounds and
occupations. The analysis of these questionnaires gives us an insight about the mindset of
people regarding various investments. Customer preferences as to where they would like
to invest have been studied. Also we come to know about the preferences given by
customers towards various top life insurance companies and their reasons for it.
Following is the analysis of the primary data collected through questionnaires.
(Please refer to annexure I)
The sample included respondents from all the age groups out of which people in
the age group 18-40 constituted around 70%.
Age No of Respondents Percentage
18-30 19 38%
30-50 26 52%
>50 5 10%
Total 50 100%
49
Figure 12: Break-up of respondents between different age groups
The sample of respondents was heterogeneous with people of various occupations right
from government service to ones who were self employed. Out of these people who were
working in private companies constituted round 65%.
Figure: Break-up of respondents by their occupations
Also the customers’ preferences for different forms of savings have been carefully
studied the main savings instruments generally preferred by customers are bank deposits,
50
fixed deposits, investments and post office schemes. Out of these Investments has been
preferred by around 43% respondents and fixed deposits by around 27%.
The various forms of investments generally preferred by customers have been identified
as mutual funds, stocks and shares, insurance products and government bonds. Out of
these around 35% preferred stocks and shares and around 20% preferred insurance
products.
Figure: Break-up of respondents based on their preferences for various savings instruments
The various forms of investments generally preferred by customers have been identified
as mutual funds, stocks and shares, insurance products and government bonds. Out of
these around 35% preferred stocks and shares and around 20% preferred insurance
products.
51
Figure: Break-up of respondents based on preferences for various forms of investment
Figure: Break-down of respondents who own insurance policies in various life insurance companies
52
Around 63% respondents felt that there was an amount of moderate to high risk involved with ULIPs.
Figure: Break-down of respondents who rated risk involved in ULIPs
Around 63% of the respondents owned an insurance policy in LIC which clearly shows that LIC still continues to be the market leader in as it has been since the last 50 years or so in spite of the presence various powerful private players which are still finding hard to capture a major market share. Around 13%b respondents chose ICICI Prudential.
Figure: Break-down of respondents who own insurance policies in various life insurance companies
53
CHAPTEZ 6
OBSERVATIONS
54
OBSERVATIONS
There is a great future of the life insurance sector in India as 80% of the Indian
population is still without life cover and people are just now coming in response
to the awareness campaigns being carried out by almost all the insurance
companies.
We have found out that age plays a major role in deciding the investment patterns
of
people as generally the younger class of people tend to take more risk and
invest in various instruments more frequently, when compared with the older
class of people.
Life insurance Corporation (LIC) of India is the company to be least affected
during this market slowdown as NAV of its equity growth funds came down just
by 23% during this major recession.
Life Insurance Corporation (LIC) of India is still the undisputed market leader as
63% of the respondents surveyed owned a policy in it.
55
CHAPTER 7
LIMITATIONS
56
LIMITATIONS OF THE STUDY
The study is confined only to a small segment of the entire population due to
monetary and time constraints and hence the results are applicable only to the
Nagpur city.
The scope of the project is limited to conceptual aspects of Life Insurance
Companies and does not include all the ULIP as well as insurance products of
LIC part of the operations which are equally important aspect of learning
.
It is not always possible to evaluate companies under similar parameters since
many aspects affect the company performance, companies deal with various
businesses thus clubbing all parameters is not always possible.
57
CHAPTER 8
ANNEXURE
58
ANNEXURE
QUESTIONNAIRE
(This questionnaire is only for the sake of some research work being done on insurance companies. Confidentiality would be maintained.)
Name (Optional): ____________________________________________________
Gender:
Male Female Contact no (Optional):________________________
Age Group:
18-30 31-40 41-50 >50
Qualification:
Post Graduate Graduate 12th < 12th
Occupation:
Government Service Businessman Private Company
Self Employed Any Other (Please specify)____________________
59
Your income range (per annum):
Below 150000 150000-250000 250000-350000
350000-450000 More than 450000
Your savings per year:
Below 10000 10000-25000 25000-50000
50000-100000 More than 100000
You would prefer savings in which form?
Bank deposits Fixed deposits Investments
Post Office schemes Any other (please specify) _________________________
Your opinion about investment:
Tax Saving Good returns Better future post retirement
Wealth creation Any other (please specify) _________________________
Preferably you would like to invest in:
Mutual funds Stocks and shares Insurance products
Govt. Bonds & securities Any other (please specify) _____________________
Do you agree that Insurance products are susceptible to very low risk when compared to the other options for investment?
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Yes No Don’t know
Name three insurance companies that come to your mind: