Max New York project

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1.1 INTRODUCTION

The term insurance may be difined as The act, business, or system of insuring,

the state or a being insured, coverage by a contract binding a party to indemnify

another against loss in return for premium paid.

Generally speaking insurance is nothing but the spreading of the risk of the few

over the many. The loss faced by a few persons is spread to all people who have

the possibility of facing similar risk.

DIVISIONS OF INSURANCE BUSINESS:

Insurance business is dividing into four classes:

1.Life insurance

2.Fire insurance

3.marine insurance

4.Miscellaneous insurance

Life insurers transact life insurance business, general insurers transact the rest.

MERITS OF LIFEINSURANCE:

Life insurance involves both the elements of protection and investment. Thefollowing are the advantage of life insurance:

Superior savings plan


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Encourages and forces thrift

Protection against creditors

Suitable for raising loan

Tax bebefits an investment element reduces financial burden

Reduces financial burden

NEEDS OF INSURANCE:

Youth makes us feel immoral and invincible. It is all about dreams not

about death and disease. But this is the best time to insurance so that the dreams

are not shattered by death.

Life insurance provides risk cover which no other investment option offers. Followingare the advantage of life insurance:

It provides full protection against risk of death.

Encourages and forces compulsory saving as the saved money cannont

be withdrawn and premium has to be paid regularity.

Provides loan to tie over a temporary difficult phase and is also acceptable

as security for a commercialLoan.

Provides tax benefits to policyholders.

Hedges risk against uncertainty.

Risk coverLife is full of uncertainties-accident, illness, theft, natural disaster might happen

anytime. Being do not have much control over lifes risks and uncertainties

however they can at least be prepared for them and their aftermath.life insurance can

be a big support to a family in troubled times, to meet their financial needs, to fulfill

their dreams of another child bigger home, a new business, college education ,


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travel, retirement life insurance is all about making sure your family has adequate

financial resources to make thir future plans and dreams come true.

Insurance provides you with that unique sense of security that no other form of

investment provides. By buying life insurance , you buy peace of mint and areprepared to face any financial demand that would hit the family in case of an

untimely demise. Insurance also provides a safeguard in the case of accidents or

a drop in income after retirement. An insurance policy can lend timely support to

the family in case of an accident or disability. It also comes as a great help whin

you retire, in case no untoward incident happens during the term of the policy.

Investment

Insurance can be an attractive option for investment too. A lot of

insurance products yield more compared to regular investment option, with the

added advantages of providing incentives. No other investment schemes can offer

financial protection from risks.

The premium you pay for an insurance policy is an investment against

risk. Before comparing it with other schemes, one must remember that a part of the

total amount invested in life insurance goes toward providing for the risk cover,

while the rest is used for saving.

Also life insurance provides you get maturity benefits on survival the end of the

term. i.e. if you take a life insurance policy for 20 years and survival the term, the

amount invested as premium in the policy will come back to you with added

returns. In case of death or disability within the tenure of the policy, the

family/insured will receive the sum assured.

Now, let us compare insurance as an investment option. If you invest Rs.10,000 in

other investment options like PPF or Bonds, your money might give better returnsbut you cannot access you funds. One withdraw 50 per cent of initial deposit only

after 4 years. The same amount can give you an insurance cover of up to

approximately Rs.5-10 lakh(depending upon the plan, age health, ect) and this amount

would be immediately available to the nominee of the policyholder on death.


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Thus insurance provides sound returns in addition to risk cover.

Tax planning

Insurance can be used for tax planning too. Under section 88 of income tax

act, an individual is entitled to a rebate of up to 20 per cent on the annual

premium payable on his/her life of spouse and life of his/her children. This benefit

is available to an individual or a Hindu undivided family.

If the gross income per annum is less than Rs.1.5 lakhs per annum maximum

benefit available is 20% of the eligible amount I.e Rs.14,000. If the gross income

per annum is between Rs.1.5 lakhs per annum maximum benefit available is 15% of

the eligible amount i.e Rs.10,500.

More option & products

The entry of new players after opening up of sector has helped in more than one.

Aggressive advertising has improved awareness levels. Many new and innovative products have been launched. Customer have

tremendous choice from a large variety of products from pure risk

insurance to unit-linked investment.

Customers are offered unbundled products with a variety of benefits as

riders from which they can choose. More customers are buying products

and service based on their true need and not just traditional money-back

policies.

Advice and need based selling is emerging through much better trined salesforce and advisors.

There is improvement in response and turnaround times in specific areas

such as delivery of first policy receipt, policy document, premium notice, final

maturity payment, settlement of claims ect.

At present there are 14 life insurance companies in india


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Bajaj Allianz life insurance company limited

Birla sun life insurance comapy limited

HDFC standard life insurance company limited

ICICI prudential life insurance company limited

ING vysya life insurance company limited

Life insurance corporation of india

Max new York life insurance company limited

MetLife india insurance company pvt. Limited

Kotak Mahindra old mutual life insurance company limited

SBI life insurance company limited

Tata AIG life insurance company limited

AMP sanmar life insurance company pvt. Limited

Reliance life insurance company limited

Max new York life life insurance is one leading insurance provider in the nation.

In order to become the leader in the insurance sector, a survey titledNEED

BASED SELLING OF INSURANCE PRODUCT has been carried out.


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1.2 IMPORTANCE OF THE STUDY

The study will help the customer to realize their actual need about the life

insurance.

The study will create awareness in the minds of general public about the life

insurance.

The study will help the customer in possible way for their betterment of life.


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1.3 OBJECTIVES OF THE STUDY

PRIMARY OBJECTIVES:

To study the need based selling of life insurance product.

SECONDARY OBJECTIVE: To create awareness in the minds of the general puplic.

To study the process of life insurance products.

To suggest few measures to improve the betterment of the company.


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1.4 SCOPE OF THE STUDY

The study will analyze how the life insurance plays a vital role in the human

life.

It bridges the gap between the general public and the life insurance

companies.

The study will change the perception of the customers about life insurance.

The study will increase the selling activities of the life insurance products.

The study will encourage the savings patten of the general public.


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1.5 LIMITATION OF THE STUDY

The study was confined only to customer at kanchipuram so it cannot be

generalize to other areas.

Some respondents were reluctant to divulge information which can affect

the validity of all responses.`

In a rapidly changing industry, analysis on one day or in one segment can

change very quickly. The environmental changes are vital to be considered

in order to assimilate the findings.


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1.6 TOOLS USED FOR ANALYSIS

The role of statistical in research is to furnish a tool in designing research

analyzing its data and drawing conclusion there from. As well it is known

that a researcher cannot ignore the science of statistics. Tools used in the

study are as follow,

Percentage analysis

Chi square test

Weighted average method

Bar diagram

Correlation


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COMPANY PROFILE

THE HISTORY OF INDIAN INSURANCE INDUSTRY

In 1818 the british established the first insurance company in india in Calcutta, the

oriental life insurance company. First attempts at regulation of the industry weremade with the introduction of the Indian life insurance companies Act in 1912. A

number of amendments to this Act were made until the insurance Act was drawn up

in 1938. Noteworthy features in the Act were the power given to the government to

collect statistical information about the insured and the high level of protection the

Act gave to the public through regulation and control. When the Act was changed

in 1950, this meant far reaching changes in the industry. The extra requirements

included a statutory requirement of a certain level of equity capital, a ceiling on

share holdings in such companies to prevent dominant control(to protect the publicfrom any adversarial policies from one single party), stricter control on investment

and, generally, much tighter control. In 1956, the market contained 154 indian and 16

foreign life insurance companies. Business was heavily concentrated in urban areas

and targeted the higher echelons of society.unethical practices adopted by some of

the players against the interest of the consumers then led the Indian government to

nationalized the industry. In September 1956, nationalized was completed, merging all

these companies into the so-called life insurance corporation (LIC). It was felt that

nationalization has lent the industry fairness, solidity, growth and reach.


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Some of the important milestones in the life insurance business in indian are:

1912: The Indian life insurance companies Act enacted as the first statute to

regulate the life insurance business.

1928: the Indian insurance companies Act enacted to enable the government to

collect statistical information about both life and non-life insurance business.

1938: earlier legislation consolidated and amended to by the insurance Act with the

objective of protecting the interests of the insuring public.

1956: the market containment 154 indian and 16 foreign life insurance company.

General insurance

The general insurance industry in india dates back to the industrial revolution and

the subsequent in trade across the oceans in the 17th century. As for life insurance,

the british brought general insurance to india, and a similar path was followed inthe development of this industry. A number of private companies were in existence

for years and years until, In 1971, the Indian government decided that the public

interest would be served by nationalizing the industry, merging all the 107 companies

into four companies, depending on the sort of business transacted

(marine,fire,miscellaneous). These were the national insurance company ltd., the

oriented insurance company ltd., the new india assurance company ltd., the united

india insurance company ltd. Located in Calcutta, new delhi, Bombay and madras

respectively. The general insurance corporation (GIC) was set up in 1972 as

a`holding company, having these four companies as its subsidiaries.


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Some of the important milestones in the general insurance in india are:

1907: The Indian mercantile insurance ltd. Set up, the first company to transact all

classes of general insurance business.

1957: General insurance council,a wing of the insurance association of india,frames a code of conduct for ensuring fair conduct and sound business practices.

1968: The insurance Act amended to regulate investments and set minimum solvency

margins and Tariff Advisory committee set up.

1972:The general insurance business (Nationlization) Act,1972 nationalize the general

insurance business in india with effect from 1st January 1973. 107 insurers

amalgamated and grouped into four companies viz. the national insurance company

Ltd., the new india Assurance company Ltd., the oriental insurance companyLtd. And the united india insurance company Ltd. GIC incorporated.

MAJOR PLAYERS IN THE INSURANCE INDUSTRY IN INDIA

Life insurance corporation of india(LIC)

Life insurance corporation of india (LIC) was established on 1st

September 1956 tospread the message of life insurance in the country and mobilise peoples savings

for nation-building activities. LIC with its central office in Mumbai and seven zonal

offices at Mumbai, Calcutta, Delhi, Chennai, Hyderabad, Kanpur and Bhopal, operates

through 100 divisional offices in important cities and 2,048 branch offices. LIC has

5.59 lakh active agents spread over the country.


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The corporation also transacts business aboard and has offices in Fiji, Mauritius and

united kingdom. LIC is associated with joint ventures abroad in the insurance,

namely, ken-india associated company limited, Nairobi; united oriental Assurance

company company limited, kuala lumpur; and life insurance corporation (international),

E.C. Bahrain. It has also entered into an agreement with the sun life(UK) for marketingunit linked life insurance and pension policies in U.K.

In 1995-96, LIC had a total income from premium and investment of $5 billion while

GIC recorded a net premium of $1.3 billion. During the last 15 years, LICs income

grew at a healthy average of 10 per cent as against the industrys 6.7 per cent

growth in the rest of Asia(3.4 per cent Europe, 1.4 per cent in the US).

LIC has even provided insurance cover to five million people living below the

poverty line, with 50 per cent subsidy in the premium rates. LICclaims settlementratio at 95 per cent GICat 74 per cent are higher then that of global average of 40

per cent . compounded annual growth rate for life insurance business has been

19.22 per cent per annum.

General insurance corporation of india (GIC)

The general insurance industry in india was nationalized and a government company

known as general insurance corporation of india (GIC) was formed by the central

government in November 1972. With effect from 1 january 1973 the erstwhile 107

indian and foreign insurers which were operating in the country prior to

nationalization. Were grouped into four operation companies, namely,(1)national

insurance company limited; (2)New india assurance company limited;(3)Oriental

insurance company limited; and (4)united.

India insurance company limited. (However, with effect from dec2000, these

subsidiaries have been de-linked from from the parent company and made as

independent insurance companies). All the above four subsidiaries of GIC operate all

over the country competing with one another and underwriting various classes of

general insurance business except for aviation insurance of national airlines and crop

insurance which is handled by the GIC.


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Besides the domestic market, the industry is presently operating in 17 countries

directly through branches of agencies and in 14 countries through subsidiary and

associate companies.

IN ADDITION TO ABOVE STATE INSURANCES THE FOLLOWINGHAVE BEEN PERMITED TO ENTER INSURANCE BUSINESS:

The introduction of private players in the industry has added to the colors in the

dull industry. The initiatives taken by the private players are very competitive and

have given immense competition to the on time monopoly of the market LIC. Since

the advent of the private players in the market the industry has seen new and

innovative steps taken by the players in the this sector. The new players have

improved the service quality of the insurance. As result LIC down the years have

seen the declining phase in its career. The market shares was distributed amongthe private players. Though LIC still holds the 75% of the insurance sector but the

upcoming natures of these private players are enough to give more competition to

LIC in the near future. LIC market share has decreased from 95% (2002-03) to 82%

(2004-05).

1.HDFC Standard life insurance company Ltd.

HDFC standard life insurance company Ltd. is one of indias leading private life

insurance companies, which offers a range of individual and group insurancesolutions. It is a joint venture between housing development finance corporation

limited (HDFC Ltd.), indias leading housing finance institution and the standard life

insurance company, a leading provider of financial services from the united kingdom.

Their cumulative premium income, including the first year premiums and renewal

premium is Rs.672.3 for the financial year, Apr-Nov 2005. They have managed to

cover over 11,00,000 individuals out of which over 3,40,000 lives have been covered

though our group business tie-ups.

2.max new York life insurance Co.Ltd.

Max new York life insurance company limited is a joint venture that brings together

two large focus-Max india limited, a multi-business corporate, together, with new

York life international, a global expert in life insurance. With their various products


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and riders, are more than 400 product combination to choose from. They have a

national presence with a network of 57 officers in 37 cities across india.

3.ICICI Prudential life insurance company Ltd.

ICICI Prudential life insurance company is a joint venture between ICICI bank, a

premier financial powerhouse and prudential plc, a leading international financial

service group headquartered in the united kingdom. ICICI prudential was amongst

the first private sector insurance companies to being operations in December 2000

after receiving approval from insurance regulatory development authority (IRDA). The

company has a network of about 56,000 advisors; as well as 7 bancassurance and

150 corporate agent tie-ups.

4.kotak Mahindra old mutual life insurance Ltd.Kotak Mahindra old mutual life insurance Ltd. is a joint venture between kotak

Mahindra bank (KMBL), and old mutual plc.

5.Birila sun life insurance company Ltd.

Birila sun life insurance company is a joint venture between Aditya brila group and

sun life financial services of Canada.

6.Tata AIG life insurance company Ltd.

7.SBI life insurance company limited.

8. ING Vysya Life Insurance Company Private Limited

9. Bajai Alliancz Life Insurance Company Ltd.

10. Metlife India Insurance Company Pvt. Ltd.

11. AMP SANMAR Assurance Company Ltd.

12. Aviva Life Insurance Company Ltd.,

13.Reliance Life Insurance Company Ltd.,


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Some of the General Insurance Companies are:

1. Royal Sundaram Alliance Insurance Company Limited

The joint venture bringing together Royal & Sun Alliance Insurance and Sundaram Finance

Limited started its operations from March 2001. The company is Head Quartered at

Chennai, and has two Regional Offices, one at Mumbai and another one at New Delhi.

2. Bajaj Allianz General Insurance Company Limited

Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Auto

Limited and Allianz AG of Germany. Both enjoy a reputation of expertise, stability and

strength.

Bajaj Allianz General Insurance received the Insurance Regulatory and Development

Authority (IRDA) certificate of Registration (R3) on May 2nd, 2001 to conduct General

Insurance business (including Health Insurance business) in India. The Company has an

authorized and paid up capital of Rs 110 crores. Bajaj Auto holds 74% and the remaining

26% is held by Allianz, AG, Germany.

3. ICICI Lombard General Insurance Company Limited

ICICI Lombard General Insurance Company Limited is a joint venture between ICICI Bank

Limited and the US-based $ 26 billion Fairfax Financial Holdings Limited. ICICI Bank is

India's second largest bank, while Fairfax Financial Holdings is a diversified financial

corporate engaged in general insurance, reinsurance, insurance claims management and

investment management.

Lombard Canada Ltd, a group company of Fairfax Financial Holdings Limited, is one ofCanada's oldest property and casualty insurers. ICICI Lombard General Insurance

Company received regulatory approvals to commence general insurance business in

August 2001.

4. Cholamandalam General Insurance Company Ltd.


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Cholamandalam MS General Insurance Company Limited (Chola-MS) is a joint venture of

the Murugappa Group & Mitsui Sumitomo.

Chola-MS commenced operations in October 2002 and has issued more than 1.4 lakh

policies in its first calendar year of operations. The company has a pan-Indian presence with

offices in

Chennai, Hyderabad, Bangalore, Kochi, Coimbatore, Mumbai, Pune, Indore, Ahmedabad,

Delhi, Chandigarh, Kolkata and Vizag.

5. TATA AIG General Insurance Company Ltd.

Tata AIG General Insurance Company Ltd. is a joint venture company, formed from the

Tata Group and American International Group, Inc. (AIG). Tata AIG combines the strength

and integrity of the Tata Group with AIG's international expertise and financial strength. The

Tata Group holds 74 per cent stake in the two insurance ventures while AIG holds the

balance 26 per cent stake.

Tata AIG General Insurance Company, which started its operations in India on January 22,

2001, offers the complete range of insurance for automobile, home, personal accident,

travel, energy, marine, property and casualty, as well as several specialized financial lines.

6. Reliance General Insurance Company Limited.

7. IFFCO Tokio General Insurance Co. Ltd

8. Export Credit Guarantee Corporation Ltd.

9. HDFC-Chubb General Insurance Co. Ltd.

Marketing of Insurance In India

Insurance is in a manner of speaking the last frontier in the financial sector to open. It is also

a sector, which leads to benefits across the full spectrum, from the individual who now have

wider choices, to the economy, which see increased savings, to the infrastructure sector,


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which can look forward to long term funding being available. In an under-insured economy,

newer channels of distribution have to be utilized to intensify the reach of insurance both in

urban and rural markets. This will create huge employment opportunities not only within

insurance companies but also as agents and consultants of insurance companies.

Max New York Life Insurance Company Limited is a joint venture between Max India

Limited, which is a one of India's leading multi-business corporations and New York Life

International, the international arm of New York Life, a Fortune 100 company & global

expert in life insurance.

The company has positioned itself on the quality platform. In line with its vision to be themost admired life insurance company in India, it has developed a strong corporate

governance model based on the core values of excellence, honesty, knowledge, caring,

integrity and teamwork.

Incorporated in 2000, Max New York Life Insurance started its commercial operations in

India in April 2001. in line with its values of financial responsibility, Max New York Life has

adopted prudent financial practices to ensure safety of policyholders funds.

Company's paid up capital as on 31st March, 2009 is Rs 1782 crore.

It is the first life insurance company in India to be awarded the IS0 9001:2000 certifications.

The company has around 133 offices all over the country.

Max New York Life has multi-channel distribution spread across the country. Agencydistribution is the primary channel complemented by partnership distribution,

bancassurance, alliance marketing and dedicated distribution for emerging markets. The

Company places a lot of emphasis on its selection process for agent advisors, which

comprises four stages - screening, psychometric test, career seminar and final interview.


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The agent advisors are trained in-house to ensure optimal control on quality of training. The

company currently has around 93,000 agent advisors and more than 800 own employed

sales force at 712 offices across 389 cities. The company also has 36 referral tie-ups with

banks, 24 partnership distribution and alliance marketing relationships each. The companyhas 133 offices dedicated to rural areas.

Max New York Life invests significantly in its training programme and each agent is trained

for around 100 hours as opposed to the mandatory 50 hours stipulated by the IRDA before

beginning to sell in the marketplace. Training is a continuous process for agents at MaxNew York Life and ensures development of skills and knowledge through a structured

programme spread over 400 hours in two years. This focus on continuous quality training

has resulted in the company having amongst the highest agent pass rate in IRDA

examinations and the agents have the highest productivity among private life insurers

Max New York Life offers a variety of flexible products covering both life and health

insurance including 8 riders that can be customized to over 800 combinations which enable

the customers to choose the policy that suits their needs. Max New York Life also offers 6

products and 7 riders in group insurance business. The company has a plan for every need,

designed as to meet your long term financial goals & aspirations. They help you fulfilling

your dreams & commitments. The list of few plans provided by Max New York Life

The company currently has more than 12,000 employees.


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New York Life Insurance Company:

New York Life Insurance Company (NYLIC) is the largest mutual life insurance company inthe United States, and one of the largest life insurers in the world. New York Life has the

highest possible financial strength ratings from all four of the major credit rating agencies.

Founded in 1845 and headquartered in New York City, New York Life maintains operations

in all 50 states and eight overseas markets through a network of 17,000 employees and

104,000 licensed agents. New York Lifes family of companies offers life insurance,

retirement income, investments and long-term care insurance. New York Life Investments*

provides institutional asset management and retirement plan services. Other New York Life

affiliates provide an array of securities products and services, as well as institutional and

retail mutual funds. The company is the 76th largest company in the United States

according to the Fortune 500 list.**

*New York Life Investments is a service mark used by New York Life Investment

Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.

** May 4, 2009 Fortune magazine

Achievements and Awards

Some of the Industry Firsts

First company to provide Freelook period of 15 days to the customer. This was later

made mandatory by the regulator

First company to start toll free line for agent services


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First and the only life insurance company in India to implement Lean methodology of

service excellence in service industry

First life insurance company in India to provide various services to the agents and

customers over phone

First Indian life insurance company to start service center at the regional level

First life insurance company in India to receive ISO 9001:2000 certification

First life insurance company to be awarded CII-EXIM Bank commendation certificate

for Strong Commitment to Excel.

Awards

Outlook Money survey ranked MNYL No.1 in Slow, Medium and Quick fund

categories

BT MercerRanked No7 in the Best companies to Work For

Awarded the Gallup Great Work Place Award 2009

CIIExim Bank Commendation Certificate for Business Excellence2008 & 2009

Received Best Six Sigma Project award at 6th CII National Six Sigma conventions 2009.

Recognized as a Superbrand

Recipient of 2008 CIO 100 Award for technology implementation

Golden Peacock Award for Innovation2008

Among the top 25 companies to work for in India, according to Businessworld 2003

Great Workplaces of India

Among the top five most respected insurance companies in India as per

Businessworld 2004 & 2006 survey

Won Indo-American Corporate Excellence Award for Best Indo-US company in

Financial Services Category in 2006


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Received Best Six Sigma Project award atSakal Six Sigma Excellence Awards

2006

Among top 3 in Asia Life Insurance Company of the Year Award 2007 instituted by

Asia Insurance Review

Received the Amity Corporate Excellence Award2007

Received the Outlook Money Award for being among the best new insurers in the

country.

Max New York Life bags the Asia Insurance Industry Innovation of the Year Award

2009.

PRODUCT PROFILE

Protection Plans

Five Yr Renewable & Convertible Plan

Level Term Policy

Children Plans

Children's Endowment to 18 (Par) Plan

Children's Endowment to 24 (Par) Plan

Skiksha Plus

Investment Plans

SMART Express

Fortune Builder

Secure Dreams


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Retirement Plans

Super Invest Pension

Easy Life Retirement (Par) Plan

Health Plans

Lifeline Medicash

Lifeline Wellness Plus

Lifeline Medicash Plus

Lifeline Safety Net

Savings Plans

Whole Life Participating

Life Gain Plus 25 Participating Plan

20 year Endowment (Par) Plan

Life Pay Money Back Plan

Strategic Products Plans

Bancassurance

1. Capital Builder Plan

Partnership Distribution

1. Max Mangal

2. Capital Builder

3. Max Vriksha4. Max New York Life Unit Builder


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Max Amsure

1. Future Builder

2. Business Builder

3. Bonus Builder

4. Secure Returns Builder

Group Plans

Group Credit Life

Unit Linked Group Superannuation Plan

Group Gratuity cum Term Assurance

Group Term Life

Unit Linked Group Gratuity Plan

Employee Deposit Linked Insurance


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DATA ANALYSIS & INTERPERTATION

Table showing the Age of the Respondents

Findings:

From the above table it was observed that among the total respondent

28% belonged to the 26 35 yrs, 24% belonged to 36 -45 yrs, 22% belonged to

46- 55 yrs, 18% belonged to the >55 and the least investors IS 8% belonged to


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Chart showing the Age of the respondents

Inference:

It is inferred that most of the investors belonged to the 26 -35 years age

group.

Age of The Respondents

0

5

10

1520

25

30

55

Age

TotalNo

of

Responde

nts

% of the Respondents


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Table showing the Gender of the Respondents

Gender Total No ofRespondents

% of theRespondents

Male 82 59

Female 58 41

Total 140 100

Findings:


59% were male and remaining 41% female.


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Chart showing the Gender of the respondent

Inference:

It is inferred that most of the investors are male investors.

Gender of Respondents

0

10

20

30

40

50

60

70

Male Female

Gender

Tota

lnoofRespondents



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Table showing the Marital Status of the Respondents

Marital

Status

Total No of

Respondents

% of the

Respondents

Single 13 9Married 127 91

Total 140 100

Findings:


91% were married and remaining 9% unmarried


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Chart showing the Marital status of the respondents

Inference:

It is inferred that most of the respondents are married people.

Marital Status of Respondents

0

20

40

60

80

100

Single Married

Gender

TotalNo

of

Respondents



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Table Showing the Respondents interested in Taking up Life Insurance

Policy

Option Total No of

Respondents

% of the

Respondents

Yes 129 92

No 11 8

Total 140 100

Findings:


92% respondents interested in taking up life insurance and 8% not interested in

taking up life insurance.


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Chart showing Respondents interested in Taking up Life Insurance

Policy

Inference:

It is inferred that most of the respondents 92% interested in taking up

insurance policy.

Interested in Taking up Life Insurance

92

8

Yes

No


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Calculation of Interval Estimation:

n = Sample size 140

Yes = 129 No = 11

p = .92 q = .08

p 1.96pq/n

= .92+1.96.92*.08/140 = .92-1.96.92*.08/140

= .92 > p > .91

= 92% > p > 91%

Conclusion:

From the above test that the respondents interested in taking up life

insurance policy lies between 0.92 and 0.91 at 95% confidence interval and

population proportion lies between 92% to 91%


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Table Showing the Reason for taking up Life Insurance

Reasons Total No of

Respondents

% of the

Respondents

Savings 35 27

Life Coverage 51 40

Tax Benefits 15 12

Performance of

fund

11 9

Brand Image 9 7

Service 6 5

Total 140 100

Findings:


reason for taking up Life insurance is Life coverage 40%, Savings 27%, Tax

benefit12%, Performance o the fund9%, Brand Image - 7%, Service5%


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Chart showing the Reason for taking up Life Insurance

Inference:

It is inferred that most of the investors are chosen Life coverage (40%) is

the reason for taking up Life Insurance.

0

10

20

30

40

Total No ofRespondents

Savings Performance

of fund

Reasons

Reason for Taking up Life Insurance



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Table showing the Respondents aware about the InsuranceCompanies

Option Total No of

Respondents

% of the

Respondents

Yes 140 100No 0 0

Total 140 100

Findings:

From the above table it was observed that among the total

respondents 100% of investors are aware about the Insurance companies


38/113

38

Chart showing the Respondents aware about the Insurance

Companies

Inference:

It is inferred that the awareness among the public with regard to

insurance companies is growing rapidly. Table showing the mode of

awareness about the Insurance Companies

Aware about the Insurance Companies

0

20

40

60

80

100

120

Yes No

Option

TotalNoof

Respondents



39/113

39

Mode Total No of

Respondents

% of the

RespondentsFriends 38 27

Agents 73 52

Newspapers 12 9

Tv 10 7

Web sites 5 4

Others 2 2

Total 140 100

Findings:

From the above table it was observed that among the total respondents

the majority of the mode of awareness is Agent (52%), and other modes are

Friends (27%), Newspapers (9%), Tv (7%), Websites (4%) and the least mode is

Others (2%)


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40

Chart showing the mode of awareness about the InsuranceCompanies

Inference:

It is inferred that most of the investors aware through agent 52%

Awarnes about Insurance Companies

27

52

9

74 2

Friends

Agents

Newspapers

Tv

Web sites

Others


41/113

41

Table showing the awareness about the Life Insurance Companies

Name of the

companies

Total No of

Respondents

% of the

Respondents

Total No of

Respondents

% of the

RespondentsLIC 140 100 0 0

ICICI 81 58 59 42

MAX NEW

YORK

72 51 68 49

HDFC 43 31 97 69

SBI 37 26 103 74

BIRLA 78 56 62 44

RELIANCE 16 11 124 89

BAJAJ 111 79 29 21

Total 140 100 140 100

Findings:


the majority of awareness is LIC (100%), and other companies are Bajaj (79%),

ICICI (58%), Birla (56%), Max New York (51%), HDFC (31%), SBI (26%) and the least

is Reliance (11%)


42/113

42

Chart showing the awareness about the Life Insurance Companies

Inference:

It is inferred that most of the investors aware about LIC 100% still LIC

dominant the industry.

Awarnes About Life Insurance Companies

100

58

513126

56

11

79 LICICICI

MAX NEW YORK

HDFC

SBI

BIRLA

RELIANCE

BAJAJ


43/113

43

Table showing the Respondents feels Insurance is a best investment

Option Total No of

Respondents

% of the

Respondents

Yes 132 94

No 8 6

Total 140 100

Findings:


94% of investors feels Insurance is a best investment, 6% feels not best

investment.


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44

Chart showing the Respondents feels Insurance is a best investment

Inference:

It is inferred that most of the investors feels insurance is the best

investment for their life 94%

Feels Insurance is a Best Investment

Yes, 94

No, 6

YesNo


45/113

45

Table Showing Income of the Respondents

Income Total No of

Respondents


50,000 24 17.1Total 140 100

Findings:


respondents 25% belonged to the 10,000- 20,000, and 22.9% belonged to

20,001 30,000, 20.7% belonged to 30,001- 50,000, 17.1% belonged to

50,000


46/113

46

Chart Showing Income of the Respondents

Inference:

It is inferred that most of the investors 22.9% belonged to 20,001

30,000 income group.

Income of The Respondents

0

5

1015

20

25

30

50,000

Income

TotalNoof

Respo

ndents



47/113

47

Table showing monthly expenses of the Respondent

Monthly Expenses Total No ofRespondents


75,000 5 3.5Total 140 100

Findings:


respondents the monthly expenses the investors is 30% belonged to the

10,000- 25,000, and 28.6% belonged to 75,000


48/113

48

Chart showing monthly expenses of the Respondents

Inference:

It is inferred that most of the investors is 30.7% belonged to 10,000

25,000 expenses category.

Expenses of the Respondnts

05

101520

253035

75,000

Monthly Expenses

TotalNoof

Respon

dents



49/113

49

Table Showing the respondents expect for the childrens higher

education

Amount Total No of

Respondents


10,00,000 65 46.4

Total 140 100

Findings:

From the above table it was observed that among the total the

investors expect for the childrens higher education is 46.4% belonged to the

>10,00,000 and 25.7 2% belonged to 5,00,001110,00,000, 12.2% belonged

to 3,00,001 5,00,000, 10.7% belonged to


50/113

50

Chart Showing the respondents expect for the childrens higher

education

Inference:

It is inferred that most of the investors is 46.4% belonged to the>10, 00,000 category.

Childrens Higher Education

15

7

17

36

65

10,00,000


51/113

51

Table showing the respondents require for the childrens marriage

Amount Total No of

Respondents


20,00,000 6 4.3Total 140 100

Findings:


the investors require for the childrens marriage is 35.7% belonged to the

5,00,001 10,00,000 , and 25.7% belonged to 10,00,001 15,00,000, 19.3%

belonged to 20,00,000


52/113

52

Chart Showing the respondents require for the childrens marriage

Inference:

It is inferred that most of the investors is 35.7% belonged to the 5,

00,001 10, 00,000 category.

Childrens Marriage

19.3

35.725.7

15

4.3

20,00,000


53/113

53

Table Showing Money require to fulfill the respondents dreams

Amount Total No ofRespondents


50,00,000 15 10.8

Total 140 100

Findings:


respondents money require to fulfill the respondents dream is 27.9% belonged

to the 10,00,000- 25,00,000, and 25% belonged to 25,00,00135,00,000, 20%

belonged to 50,00,000


54/113

54

Chart Showing Money require to fulfill the respondents dreams

Inference:

It is inferred that most of the investors is 27.9 % belonged to the

10,00,00125,00,000 category.

05

1015

202530

Total No of

Respondents

75,000

Amount

Money Need After Retairment



55/113

55

Table showing money require to satisfy the needs after retirement ofthe respondents



75,000 11 7.9

Total 140 100

Findings:


respondents money require to satisfy after retirement is 32.1% belonged to

the 10,000- 25,000, and 23.6% belonged to 25,00150,000, 18.5% belonged

to 75,000


56/113

56

Chart showing money require to satisfy the needs after retirement of

the respondents

Inference:

It is inferred that most of the investors is 32.1% belonged to the

10,00125,000 category.

05

1015

20253035

Total No of

Respondents

75,000

Amount

Money Need After Retairment



57/113

57

Table Showing Respondents Having Medical insurance

Option Total No of

Respondents

% of the

Respondents

Yes 47 33.6

No 93 66.4

Total 140 100

Findings:


66.4% of investors not having medical insurance and 33.6.% of investors only

having medical insurance.


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58

Chart Showing Respondents Having Medical insurance

Inference:

It is inferred that the 66.4% of investors not having medical insurance.

0%

20%

40%

60%

80%

100%

Total No of

Respondents

Yes No

Option

Medical Emergency for Respondents



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59

Able Showing amount Require for medical emergency for respondents

Amount Total No of

Respondents


50,000 57 40.7Total 140 100

Findings:


respondents the amount require for medical emergency 40.7% belonged to

the >50,000, 15,001- 30,000 (21.4%), and 15% belonged to 30,001 50,000,

13.6% belonged to 5,001- 15,000, least 9.3% belonged to


60/113

60

Chart Showing amount Require for medical emergency for

respondents

Inference:

It is inferred that most of the investors the amount require for

medical emergency 40.7% belonged to the >50,000 category.

Emergency for Respondents

9.3

13.6

21.4

15

40.750,000


61/113

61

Table Showing the Avenues of investment of the respondents

Avenues Total No of

Respondentyes

% of the

Respondents

Total No of

RespondentsNo

% of the

Respondents

Banks 123 88 17 12

Lands 99 71 41 29

Insurance 88 63 52 37

Govt. Bonds 0 0 140 100Share market 24 17 116 83

Gold 48 34 92 66

Post Office 5 4 135 96

Total 140 100 140 100

Findings:


the majority investors like to invest in Banks (88%), Lands (71%), Insurance (63%),

Govt Bonds (0%), Share Market (17%), Gold (34%), and Post office (4%)


62/113

62

Chart Showing the Avenues of investment of the respondents

Inference:

It is inferred that most of the investors (i.e) 88% like to invest in Banks

0

20

40

60

80

100

Total No of the

Respondents

Banks Insurance Share

market

Post

Office

Avenues

Avenues of investment of the respondents

Total No of Respondent

yes


63/113

63

Table Showing the Amount of Investment till now made by the

Respondents



10,00,000 35 25.0

TOTAL 140 100

Findings:


respondents the amount of investment made by the investors is 25% belonged

to the >10,00,000, and 22.8% belonged to 3,00,001 5,00,000, 21.4%

belonged to 5,00,001 10,00,000, 17.9% belonged to 1,00,001 3,00,000,

least is 12.9% belonged to


64/113

64

Chart Showing the Amount of Investment till now made by the

Respondents

Inference:

It is inferred that most of the investors belonged to >10, 00,000

category (25%).

Investment made by the Respondents

0 5 10 15 20 25 30

10,00,000

Amoun

t

Total No of Respondents



65/113

65

Table Showing Respondents Taking Insurance Policy

Option Total No of

Respondents

% of the

Respondents

Yes 108 77.1

No 32 22.9

Total 140 100

Findings:

From the above table it was observed that among the total respondents77.1% like to take insurance policy and 22.9% not to take insurance policy.


66/113

66

Chart Showing Respondents Taking Insurance Policy

Inference:

It is inferred that most of the investors (i.e) 77.1% like to take insurance

policy.

Taking Insurance Policy

0

20

4060

80

100

Yes No

Option

TotalN

o

of

Respondents



67/113

67

Table Showing the Insurance companies the respondents Taken

the policy

Companies Total No ofRespondents


LIC 82 75.9

HDFC 33 30.5

MAX NEW YORK 49 45.3

RELIANCE 29 26.9

BIRLA 62 57.4

ICICI 54 50.0

OTHERS 24 22.2

Total 140 100

Findings:


the majority of the investors like to take insurance in LIC (75.9%), and other

companies are Brila (57%), ICICI (50%), Max New York (45.3%), HDFC (30.5%),

Reliance (26.9%), others (22.2%)


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68

Chart Showing the Insurance companies the respondents Taken

the policy

Inference:

It is inferred that most of the investors (i.e) 75.9% like to take

insurance policy in LIC.

the Insurance companies the respondents Taken the policy

0 20 40 60 80

LIC

HDFC

MAX NEW YORK

RELIANCE

BIRLA

ICICI

OTHERS

Companies




69/113

69

Table showing the savings of the respondents

Amount Total No of

Respondents


50,000 13 9.3

Total 140 100

Findings:

From the above table it was observed that among the totalrespondents most of the investors is 28.6% belonged to the 5,001 10,000,

10,001- 25,000 (27.1%), and 19.3% belonged to50,000


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70

Chart showing the savings of the respondents

Inference:

It is inferred most of the investors is 28.6% belonged to 5,001

10,000 of savings category

Savings of the Respondents

19.3

28.6

27.1

15.7

9.3

50,000


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71

Calculation showing chi-square test of independence

Chi-Square Test on Income & Savings of the respondents

Null Hypothesis Ho:There is no relation between income & savings of the

respondents.

Alternative Hypothesis H1:There is significant relation between income &

savings of the respondents.

(a) Table showing Income & Savings of the respondents

Oi Ei (oiEi) (OiEi)2 (OiEi)2/Ei

27 28 -1 1 0.04

40 28 12 144 5.14

38 38 10 100 3.57

22 28 -6 36 1.28

13 28 -25 625 22.32

Calculated chi square value: 32.35


72/113

72

Inference:

= 5% with n-1 degrees of freedom

n => 5-1 =4

From chi square table at = 5%, 4 degrees offreedom

With (5-1) df = 4, df = 9.488

2table = 32.35

Calculated value > Table value

Therefore H1is accepted.

Conclusion:

Hence,there is relation between income & savings of the respondents..


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73

Calculation of Pearsons Co-efficient of Correlation

3.2.22. (b) Table showing correlation between Income & Savings of the

respondents

X Y X2 Y2 XY

20 27 400 729 540

35 40 1225 1600 1400

32 38 1024 1444 1216

29 22 841 484 638

24 13 576 169 312

X = 140 Y = 140 X2= 4066 Y2 = 4426 XY = 4106

r = 5(4106) 140(140)

(5(4066) - 140

2

) * (5(4426) - 140

2

)


74/113

74

n = 5

r = 0.6843

Conclusion:

Thus there exists a degree of positive correlation between the income

and the savings of the respondents.

Table Showing the aware of services offered by the various

Insurance Companies

Option Total No of

Respondents

% of the

Respondents

Yes 107 76

No 33 23

Total 140 100

Findings:


the awareness of services offered by the insurance companies is 84.3 % and

unaware is 15.7%


75/113

75

Chart Showing the aware of services offered by the various

Insurance Companies

Inference:

It is inferred that most of the investors were aware about services

offered by various insurance companies is 84.3%

Service offered by the Various Insurance Companies

76

23

Yes

No


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76

Calculation of Interval Estimation:

n = Sample size 140

Yes = 118 No = 22

p = .84 q = .16

p zpq/n

= .84+1.96.84*.16/140 = .84-1.96.84*.16/140

= .85 > p > .83

= 85% > p >83 %

Conclusion:

From the above test that the respondents aware about the services

offered by various insurance companies lies between 0.85 and 0.83 at 95%

confidence interval and population proportion lies between 85% to 83%


77/113

77

Table showing the respondents like to take Insurance policy in Max

New York Life Insurance

Option Total No of

Respondents

% of the

Respondents

Yes 83 59

No 57 41

Total 140 100

Findings:


41.4% of the investors like to take Max New York life insurance policy and 58.6%

of investors not to take insurance policy.


78/113

78

Chart showing the respondents like to take Insurance policy in Max

New York Life Insurance

Inference:

It is inferred that the 41.4% of respondents like to take Max New York

Life Insurance Policy.

0 10 20 30 40 50 60


Yes

No

Option

Max New York Life Insurance



79/113

79

Table showing the tenure of taking policy of the respondents

Tenure Total No of

Respondents


20 yrs 11 7.9Total 140 100

Findings:


32.1% belonged to the 510yrs tenure, 28.6% belonged to the 10 -15 yrs , 16.4%

belonged to 20yrs


80/113

80

Chart showing the tenure of taking policy of the respondents

Inference:

It is inferred that most of the investors 32.1% belonged to 5 -

10Years of tenure of policy.

Tedure of Taking Policy

16.4

32.128.6

15

7.9

20 yrs


81/113

81

Calculation showing chi-square test of independence

Chi-Square Test on Age & Tenure of policy taken by the respondent

Null Hypothesis Ho:There is no relation between the age & the tenure of policy

taken by the respondents.

Alternative Hypothesis H1:There is relation between the age & the tenure of

policy taken by the respondents.

3.2.25(a) Table showing Age & Tenure of policy taken by the respondent

Oi Ei (OiEi) (OiEi)2 (OiEi)2/Ei

23 28 -5 25 0.89

45 28 17 289 10.32

40 28 12 144 5.14

21 28 -7 49 1.75

11 28 -17 289 10.32

Calculated chi square value: 28.42


82/113

82

Inference:

= 5% with n-1 degrees of freedom

n => 5-1 =4

From chi square table at = 5%, 4 degrees offreedom

With (5-1) df = 4, df = 9.488

2table = 28.42

Calculated value > Table value

Therefore H1is accepted.

Conclusion:

Hence,there is relation between the age & the tenure of policy taken

by the respondents.


83/113

83

Calculation of Pearsons Co-efficient of Correlation

(b) Table showing correlation between Age & Tenure of policy taken by the

respondent

X Y X2 Y2 XY

11 23 121 529 253

39 45 1521 2025 1755

34 40 1156 1600 1360

31 21 961 441 651

25 11 625 121 275

X = 140 Y = 140 X2= 4384 Y2 = 4716 XY = 4294

r = 5(4294) 140(140)

(5(4384) - 1402) * (5(4716) - 140

2)


84/113

84

n = 5

r = 0.6154

Conclusion:

Thus there exists a degree of positive correlation between the Age and

tenure of policy taken by the respondent

Weighted Average on awareness of service offered by various Life

Insurance companies

Companies Whole

life

(7)

Endowment

(6)

Money

back

(5)

Child

plan

(4)

Health

plan

(3)

Pension

plan

(2)

ULIPS

(1)

LIC 140 24 78 23 4 18 38

HDFC 32 8 14 27 8 4 30

Max NewYork

44 12 18 59 12 14 62

Birla 52 14 21 54 13 20 67

Reliance 21 5 10 46 5 10 65

ICICI 25 3 5 49 3 12 58


85/113

85

Weight:

Whole life = 7

Endowment = 6

Money back = 5

Child plan = 4

Health plan = 3

Pension plan = 2

ULIPS = 1

Weighted average table:

Companies 7 6 5 4 3 2 1 WA Rank

LIC 780 1444 390 92 12 36 38 53.29 1

HDFC 224 48 70 108 24 8 30 18.29 4

Max NewYork

308 72 90 236 36 28 62 29.71 3

Birla 364 84 105 216 39 40 67 32.68 2

Reliance 147 30 50 184 15 20 65 18.25 5

ICICI 175 18 25 196 9 24 58 18.04 6

1. 780 +144 + 390 + 92 + 12 + 36 + 38

15


86/113

86

2. 224 + 48 + 70 +108 + 24 + 8 + 30

15

3. 308 + 72 + 90 + 236 + 36 + 28 + 62

15

4. 3.64 + 84 + 105 + 216 + 39 + 40 + 67

15

5. 147 + 30 + 50 + 184 + 15 + 20 + 65

15

6. 175 + 18 + 25 + 196 + 9 + 24 + 58

15

Inference:

It is inferred that the most influencing service offered by LIC is 53.29, Birla

is 32.68, Max New York is 29.71, HDFC is 18.29, Reliance is 18.25 and ICICI is 18.04


87/113

87

Weighted Average On Life Insurance Products Offered By Various Insuracne

Companies

a) LIC

S.

No

Services HS S NSNDS DS HDS

1 Whole life 41 49 20 33 21

2 Child Plan 23 30 10 5 0

3 Health plan 20 23 15 15 5

4 Pension Plan 14 10 0 0 0

5 Growth Plan 25 15 20 25 10

Weight:

Highly satisfied = 5

Satisfied = 4

Neither satisfied nor dissatisfied = 3

Dissatisfied = 2

Highly dissatisfied = 1


88/113

88

Weighted average Table:

Services HS S NSNDS DS HDS WA Rank

1 205 196 60 66 21 36.53 1

2 115 120 30 10 0 18.33 3

3 100 92 45 30 5 18.13 4

4 70 40 0 0 0 7.33 5

5 125 60 60 50 10 20.33 2

1. 205 + 196 + 60 + 66 + 21

15

2. 115 + 120 + 30 + 10 + 0

15

3. 10 + 92 + 45 + 30 + 5

15

4. 70 + 40 + 0 + 0 + 0

15

5. 125 + 60 + 60 +50 + 10

15

Inference:

It is inferred that the majority of the services offered by LIC is Whole life

policy (13.6.53), Growth Plan (20.33), Child plan (18.33), Health plan (18.13) and

least service is Pension plan (7.33)


89/113

89

b) Max New York

S.

No


1 Whole life 30 10 5 15 0

2 Child Plan 34 31 5 0 0

3 Health plan 11 12 14 5 0


5 Growth Plan 23 21 10 7 3



1 150 40 15 30 10 15.67 3

2 170 124 15 0 0 20.60 1

3 55 48 42 10 0 10.33 4

4 60 24 9 0 0 6.20 5

5 115 84 30 14 3 16.40 2


90/113

90

Inference:

It is inferred that the majority of the services offered by Max New York Life

Insurance is Child plan (20.6), Growth plan (16.4), Whole plan (15.67), Health plan

(10.33) and least service is Pension pan (6.20)

c) HDFC

S.

No


1 Whole life 4 5 15 25 32

2 Child Plan 15 17 15 0 0

3 Health plan 21 13 0 1 0


5 Growth Plan 35 22 15 2 1


91/113

91



1 20 20 45 50 32 11.13 4

2 75 68 45 0 0 12.53 2

3 105 52 0 2 0 10.60 5

4 85 84 0 8 1 11.87 3

5 175 88 45 4 1 20.87 1

Inference:

It is inferred that the majority of the services offered by HDFC is Growth

plan (20.87),Child plan (12.53), Pension plan (11.87), Whole life (11.13) and least

service is Health plan (10.5).

d) ICICI

S.

No


1 Whole life 10 15 5 3 2

2 Child Plan 20 21 10 3 0

3 Health plan 23 17 0 3 0


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92


5 Growth Plan 47 31 13 5 4



1 50 60 15 6 2 8.87 5

2 100 84 30 6 0 14.67 2

3 115 68 0 6 0 12.6 4

4 100 100 0 2 0 13.47 3

5 235 124 39 10 4 27.47 1

Inference:

It is inferred that the majority of the services offered by ICICI is Growth plan

(27.47), Child plan (14.67), Pension plan (13.47), Health plan (12.6) and least

service is Whole life (8.87).

e) Others

S.

No


1 Whole life 15 13 4 1 0

2 Child Plan 10 13 14 0 2


93/113

93

3 Health plan 12 14 15 0 4


5 Growth Plan 45 29 12 3 0



1 75 52 12 20 0 9.40 5

2 50 52 42 0 2 9.73 4

3 60 56 45 0 4 11 3

4 155 132 30 0 0 21.13 2

5 225 116 36 6 0 25.53 1

Inference:

It is inferred that the majority of the services offered by other life insurance is

Growth plan (25.53), Pension plan (21.13), Health plan (11), Child plan (9.73) and

least service is Whole life (9.40)


94/113

94

FINDINGS

Most of the investors belonged to the 26 -35 years age group.

Most of the investors are belonged to male category

Most of the respondents are married people.

Most of the respondents (i.e) 92% interested in taking up insurance policy.

Most of the investors are chosen for Life coverage (40%) is the reason for

taking up Life Insurance.

The awareness among the public with regard to insurance companies is

growing rapidly.

Most of the investors aware through agent (i.e) 52%

Most of the investors aware about LIC 100% still LIC dominant the industry.


95/113

95

Most of the investors (i.e) 94% feels insurance is the best investment for

their life.

Most of the investors 22.9% belonged to 20,00130,000 income groups.

Most of the investors are 30.7% belonged to 10,000 25,000 expenses

category.

Most of the investors require for their childrens marriage is 46.4%

belonged to the >10, 00,000 category.

Most of the investors require for their childrens higher education is 35.7%

belonged to the 5,00,00110,00,000 categories.

Most of the investors money requires to fulfill the respondents financial

dream is 27.9 % belonged to the 10, 00,00125, 00,000 categories.

Most of the investors money requires satisfying the respondents

retirement needs is 32.1% belonged to the 10,00125,000 categories.

The 66.4% of investors not having medical insurance.


96/113

96

Most of the investors the amount require for medical emergency 40.7%

belonged to the >50,000 category.

Most of the investors (i.e) 88% like to invest in Banks.

The amount of investment made by the investors is 25% belonged to >10,

00,000 category.

Most of the investors (i.e) 77.1% like to take insurance policy.

Most of the investors (i.e) 75.9% like to take insurance policy in LIC.

The Savings of the investors is 28.6% belonged to 5,001 10,000

categories.

Most of the investors were aware about services offered by various

insurance companies is 84.3%

The 59% of respondents like to take Max New York Life Insurance Policy.

Most of the investors 32.1% belonged to 5 -10Years of tenure of policy.


97/113

97

SUGGESTION

The Max New York Life Insurance Company has to concentrate on

awareness campaigns.

As it was tested with statistical tools that there is a significant impact of

awareness of Max New York Life on creating interest towards taking an

insurance policy, the company must concentrate on huge awareness

campaign like

Public awareness campaigns through stall in malls and

road side areas.

Advertisement campaigns

Promotional campaigns

The Max New York Life Insurance should highlight the features, benefits of

Max in the awareness campaigns. The awareness campaign should target

youngsters, middle aged customers & the awareness campaign should

select appropriate channels such as regional language channels, free

awareness demos/seminars, brochures along with newspapers &

sponsoring local events to pierce the brand name & policy information in

the minds of the public.

Max New YorkLife Insurance should concentrate to grab the market.

As the people think that insurance is a tool to protect their family & a tax

saving device. They are aware of the fact & realizing its, importance. The

company should try to expand & build up its infrastructure because there is


98/113

98

a large potential for insurance in India. There are various insurance

companies which are competing with each other in the market & in order

to secure a large chunk of the public, the company should try to

concentrate on the needs of market.

Increase in the sales force.

Organization has to come up with more number of Sales personnels. The

objective and goals have to meet the demands & expectations of the

public. Because the entrance of private players will increase the

competition and it would be a tough task to secure a good position in

market. In order to attract a large section of the population, the company

should expand its sales force. Only by way of increase in sales force, more

success can be achieved.

Sales personnel of Max New York should highlight the features & benefits

for customer clarification.

Nearly, 51% of the customer is aware of Max New York Life Insurance. The

company should provide good products and services. The company should

try to convince these customers and get them in its favor. Customer

satisfaction is the primary objective of an organization. Only when a

customer is satisfied, one will persist taking a policy with the same

company. It is the duty & responsibility of sales personnel to highlight the

features & benefits of the products likes Sum assured, Modes of premium,

Payment methods, Maturity benefits, Accident Benefits, Riders option,

Switches in a clear manner for customer clarification. This clear clarification

leads the customer to take policy.


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Additional facilities are to be provided to the sales personnel.

The sales personnel should be equipped with all the required necessities &

whatever questions being put forward by the customers should be

answered by the representatives. There should not be any sorts of hiccups

while on duty. Only by way of a good sales force the company will be able

to achieve high standards.

The organizations have to keep track of customer needs & behavior.

It is the responsibility of the company & its agents to understand the pulse

of the public. The needs & requirements of the public, keeps changing

according to changing times & so the behavior also happens to fluctuate. So

it is the duty of the company to keep a tab with regard to the taste &

preferences of the public.

The organization has to track the customer needs & behavior by adopting

Research methods

Reference

Literature background

Survey method

Personal interview

Observation of customers

Physiological measures

The Max New York Life Insurance should convince the customers in going

for long policy tenure.

When people come forward to take up a policy with Max New York, the

company representatives should advise the customer by saying as to which


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policy is most suitable for the person. Persons who belong to ages fewer

than 25 can go for policy which has long maturity periods & those persons

who are aged can go for policy of a quick term.

Life insurance policy should be positioned as the best investment in the

minds of consumers.

Majority of the respondents do not think of insurance as savings. People go

for bank deposits & fixed assets on account of savings. The awareness with

regard to insurance on account of savings is very less, so conducting

awareness program will tend to bridge the gap among the minds of

customers. The advantages of investing in insurance should be told in a

pleasing manner so as to make the customer convinced.

Max New York Life Insurance Company have to concentrate on the

dissatisfied customers of other insurance companies & try convincing

them to take up policy with Max New York.

There are bound to be customers, who are not satisfied by the services of

the present company. Those people are to be targeted by Max New York &

must convince them by making them to take up a policy. The reason for

which the customer was unsatisfied by the previous insurance company has

to be taken into consideration, so the same does not happen at Max New

York.


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CONCLUSION

This study is related to Need based selling of Life Insurance products

with respect to Max New York Life Insurance Company.

This study has been conducted, to create awareness in the minds of the general

public, and to realize s their actual need, and for the betterment of customers. So

Max New York Life Insurance can develop their market position through various

promotional mix and activities.

If the suggestion, given are implemented, that the Max New York Life Insurance

could raise the level of sales of their products as well as the company image

which will make them as market leader among the insurance companies.

By analyzing the survey results majority of the customer were satisfied with the

existing Max New York Life Insurance products and also have awareness of Max

New York

This work would be beneficial for the Insurance Company to a certain extent and

also that a fewer of my suggestions would be helpful and also considerable.


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QUESSINNAIRE

Name :

Age : [ ] >25 [ ] 26-35 [ ] 3645 [ ] 46-55 [ ]


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[ ] TV [ ] Websites [ ] Others

3) Do you know about the following Life Insurance Companies?

S. No Name of the Companies Yes No

1 LIC

2 ICICI Prudential Life Insurance

3 Max New York Life Insurance

4 HDFC Standard Life Insurance

5 SBI Life Insurance

6 Birla Sun Life Insurance

7 Reliance Life Insurance

8 Bajaj Allianz Life Insurance

4) Do you feel insurance is a best investment for your life?

[ ] Yes [ ] No


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5) What is your Monthly Income?

[ ] Less than 10,000 [ ] 10,00120,000 [ ]

20,00130,000

[ ] 30,00150,000 [ ] More than50,000

6) What is your Monthly Expenses for your family?

[ ] Less than 10,000 [ ] 10,00125,000 [ ]25,00150,000

[ ] 50,00175,000 [ ] More than75,000

7) What amount of money you expect for childrens higher education (College)?

[ ] Less than 1,00,000 [ ] 1,00,0013,00,000 [ ] 3,00,001

5,00,000

[ ] 5,00,00110,00,000 [ ] More than 10,00,000

8 What amount of money that will be require for your childrens marriage?

[ ] Less than 5, 00,000 [ ] 5,00,00110,00,000 [ ] 10,00,00

15,00,000

[ ] 15,00,001 20,00,000 [ ] More than 20,00,000


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9) What amount of money that will be require to fulfill your dream?

[ ] Less than 10,00,000 [ ] 10,00,00125,00,000 [ ] 25,

35,00,000

[ ] 35,00,00150,00,000 [ ] More than 50,00,000

10) What amounts of money require to satisfy your needs after retirement (Monthly)?

[ ] Less than 10,000 [ ] 10,00125,000 [ ] 25,001

[ ] 50,00175,000 [ ] More than 75,000

11) Whether you have any medical Insurance?

[ ] Yes [ ] No

12)What amount you propose to take care of Medical Emergency for your

family?

[ ] Less than 5,000 [ ] 5,00115,000 [ ] 15,001

30,000

[ ] 30,001 50,000 [ ] More than 50,000


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13) What are the avenues of Investment, you like to invest?

S.

No.

Areas

Yes No

1 Banks

2 Lands

3 Insurance

4 Govt. Bonds

5Share

Market

6 Gold

7 Post Office

14) How much Investment you made till now?

[ ] Less than 1,00,000 [ ] 1,00,0013,00,000 [ ] 3,00,001

5,00,000

[ ] 5,00,00110,00,000 [ ] More than 10,00,000

15) Have you taken any Insurance policy?


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[ ] Yes [ ] No

If yes, answer the following Question:

a) Which of the following Insurance you taken the life Insurance plan?

[ ] LIC [ ] HDFC SLI [ ] MAX New

York

[ ] Reliance [ ] Birla Sun Life [ ] ICICI

Prudential

[ ] Others

16)How much you like to save per month for your family apart from your

personal (or) daytoday expenses?

[ ] Less than 5000 [ ] 5,00110,000 [ ] 10,001

25,000

[ ] 25,00150,000 [ ] More than 50,000

17)Do you aware of services offered by the various Insurance Companies

[ ] Yes [ ] No

If Yes, Please Tick the following:


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Services

Companies

Whole

Life

Services

Endowment

Plan

Money

Back

Plan

Child

Plan

Health

Plan

Pension

Plan

Unit

Linked

Plans

LIC

HDFC

Max New

York Life

Birla Sun

Life

Reliance

ICICI

Prudential

18)Indicate the Level of Satisfaction about the Life Insurance Products offered

by various Insurance Companies?

a. LIC

Products

Highly

Satisfied

(5)

Satisfied

(4)

Neither

Satisfied

NorDissatisfied

(3)

Dissatisfied

(2)

Highly

Dissatisfied

(1)

Whole Life


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Plan

Child Plan

Health Plan

Pension Plan

Growth Plan

(ULIP)

b. Max New York Life

Products

Highly

Satisfied

(5)

Satisfied

(4)

NeitherSatisfied

Nor

Dissatisfied

(3)

Dissatisfied

(2)

Highly

Dissatisfied

(1)

Whole Life

Plan

Child Plan

Health Plan

Pension Plan

Growth Plan

(ULIP)

c. HDFC

ProductsHighly

Satisfied

Satisfied

(4)

Neither

Satisfied

Nor

Dissatisfied

(2)

Highly

Dissatisfied


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(5) Dissatisfied

(3)

(1)

Whole Life

Plan

Child Plan

Health Plan

Pension Plan

Growth Plan

(ULIP)

d. ICICI

Products

Highly

Satisfied

(5)

Satisfied

(4)

Neither

Satisfied

Nor

Dissatisfied

(3)

Dissatisfied

(2)

Highly

Dissatisfied

(1)

Whole Life

Plan

Child Plan


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Health Plan

Pension Plan

Growth Plan

(ULIP)

e. Others

Products

Highly

Satisfied

(5)

Satisfied

(4)

Neither

Satisfied

Nor

Dissatisfied

(3)

Dissatisfied

(2)

Highly

Dissatisfied

(1)

Whole Life

Plan

Child Plan

Health Plan

Pension Plan

Growth Plan

(ULIP)

19)Did you like to take insurance policy in Max New York Life Insurance?


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[ ] Yes [ ] No

20) Which of the following tenure you like to inverts in Life insurance ?

[ ] Less than 5 years [ ] 5- 10 years [ ] 10-15 years

[ ] 1520 years [ ] More than 20 years

21) Suggestions if any:

.


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Max New York project

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