PROJECT FINAL REPORT

ON

“MARKET RESEARCH AND CUSTOMER

SATISFACTION”

BY
ABHISHAKE SINGH

TATA AIG Insurance Company

Limited

Summer Internship Project

(Batch of 2010)

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 PROJECT TITLE

MARKET RESEARCH AND CUSTOMER SATISFACTION

A report submitted in partial

fulfillment of the requirements of
MBA program

COMPANY GUIDE FACULTY GUIDE

Mr. NISHANT SHARMA Prof. N.S.KOTHARI
BRANCH MANAGER MANT.& COMMERCE
Institute of global synergy

SUBMITTED BY :-

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Abhishek singh

Certificet

3
Declaration
I hereby declare that this report on “MARKET RESEARCH AND
CUSTOMER SATISFACTION ” has been written and prepared by me
during the academic year 2010-2011.This project was done under the able
guidance and supervision of Prof. N.S.kothari, Faculty of “management &
commerce institute of global syngry” ,ajmer. and Mr. Nishant
Sharma,Branch manager Tata Aig Life Insurance Company Ltd., Calicut in
partial fulfillment of the requirement for the Master Of Business
Administration Degree course of the management & commerce institute of
global synergy

I also declare that this project is the result of my own effort and has not
been submitted to any other institution for the award of any Degree or
Diploma.

Place: Ajmer
Abhishek singh

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 ACKLOWLEDGEMENT

It is said, The most important single word is we and the zero important single word is I .This
true even in today s modern era. It is absolutely impossible for a single individual to complete
the assigned job without help and assistance from others.

It is my greatest pleasure to acknowledge sincere gratitude towards Mr.Nshant Sharma

(branch Manager) Tata Aig Life Insurance Company Ltd. Ajmer, for the completion of the
project work. I would also like to acknowledge to my sincere gratitude to the Director of my
institute Dr. ishwar tharaney and my project guide Prof. N.S. Kothari for helping me in this
project work. I am thankful to all of my friends and batch mates for their help in completing this
project work. Finally, I am thankful to my entire family members for their great support and
encouragement.

Abhishek singh

(MBA-III sem)

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 PREFACE

For management career, it is important to develop managerial skills. In order to

achieve positive and concrete results, along with theoretical concepts, the exposure

of real life situation existing in corporate world is very much needed. To fulfill this

need, this practical training is required.

I took training in in Tata aig life insurance company located in Ajmer. It

was my fortune to get training in a very healthy atmosphere. I got ample

opportunity to view the overall working of the insurance market

This report is the result of my 45 days of summer training in Tata aig life

insurance company , as a part of M.B.A. The subject of my report is-. MARKET

RESEARCH AND CUSTOMER SATISFACTION

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Executive Summary
The objective of the project was to do Market Research and customer Satisfaction for Tata Aig
Life Insurance for that we have to understand the customer needs, Income, constraints, response
and emotions so that they can contribute their time for becoming Life advisors for the company.
The objective of this study was to analyze consumer satisfaction of mechanical splicing in ajmer
city with respect to the performance, sales effort and sales service. As the company was new and
it was yet to be marketed to a large number of customers, it was essential to know the feedback
of customers in order to formulate effective marketing and sales strategies in future and improve
the quality of service to achieve better consumer satisfaction. The site visits and companying
made us possible to measure the satisfaction of consumer by identifying the attributes, which
gave consumer-varying degrees of satisfaction. Questionnaire based on company format so e
attributes like requirement of customer and sales services offered by company were identified as
critical (motivational) factors for providing satisfaction to consumers, while other factors like
excisable deposit center, premium collocation was time to time and also intimation regaining
before the collocation of premium. But absence of such hygienic factors definitely results in a
dissatisfied consumer. These hygienic factors could result in selling but their absence can
certainly unseal the product offering. For this a questionnaire was prepared which gave a vague
idea about the people who were really interested and wanted to know about various new
opportunities in the insurance sector. Go through questionnaire in different different area and
people in the ajmer city. The study was undertaken for ajmer region during two months. The
researchers were given first 15 days for collection of data and scanning the data. The
questionnaire contains various aspects like there. Address, their present age, profession, number
of dependents, Goals and also planning for old age (Retirement) etc. The second part of the study
that consists of 40 days contains scanning the questionnaire and taking appointments. After that
usually meeting the persons and tell them about the company. Most important part is analyzing
the information

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 CONTENTS
S.NO. Topic Page No.

1. Title of the project 1

2. Certificate 3

3. Declaration 4

4. Acknowledgement 5

5. Preface 6

6. Executive summery 7

7. Introduction 9
History 13
Insurance 14
8. Company profile 23

9. Scope of study 27

10. Research Methodology 28

11. Data collection 28

12. Data interpretation and analyses 30

13. Observation and findings 39

14. Limitation and Recommendation 39

15. Conclusion 40

16. Bibliography 41

15. Annexure 42

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INTRODUCTION

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INTRODUCTION

Wherever there is uncertainty there is risk. The risk cannot be averted. The risk is uncertainty of
the financial loss. We don t have any command on uncertainties. This makes it essential that we
think in favor of a device that becomes instrumental in spreading the loss. It is in this context that
we think about insurance. Protection against the possible chances of generating uncertain losses.
It eliminates worries and miseries of losses or destruction of property and death. Life insurance is
a contract between you and a life insurance company, which provided you a death during the
contract term. Buying insurance is extremely useful if you are the principal earning member in
the family unfortunate premature demise, your family can remain financially secure because of
the life that you have purchased. The primary purpose of life insurance is therefore protection of
the family in the even insurance is also seen as a tool to plan effectively for your future years.
Your retire children s future needs. Today, the market offers insurance plans that not just cover
your same time grow your wealth too. If you have dependants and financial responsibilities
toward them, then you certainly need. Having a family means dependant, which in turn means
financial commitments. Finance comes in the form of loans, children s education medical
expenses etc. Imagine what would happen if you were to lose your life suddenly or become
disabled being insured in a situation like this is a necessity. When you insured your life, in effect
what you are doing insuring your earning capacity that your dependents will be able to continue
living without financial hardships even in case Most insurance plans available today come with a
savings element built into it. These policies not only for a financially independents future, which
were have a comfortable retirement. For example. Kotak preferred Retirement plans such as
income plan and kotak Multiplier plan. Most insurance plans available today have a bailt in
saving elements. Kotak preferred Retirement plans meet your dual financial goals of life cover
and savings for the future. Collateral security. Life wasn t designed to be risk free. The key is not
to eliminate risk, but to estimate it Accurately and manage it wisely. Insurance sector have
characteristic that give can boost to the growth of any economy .it is due to the savings done at
the individual level and at micro level it generates funds for infrastructure building as the cash
flow is constant while the payout is differed, so that the insurance companies are becoming
biggest investors in long gestation infrastructure development projects and hence have a great
Importance to the developing economy like India. Insurance sector with an annual growth rate of
15 20% and the largest number of life insurance policies in force, the potential of the Indian
insurance industry is huge.

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INTRODUCTION OF THE TOPIC

The purpose of this training was to have practical experience of working within the organization,
in the filed of marketing and to have exposure to the important management practices in field of
marketing. While writing this report the language has been keep simple and the entire discussion
has been logical and has coherent outlines. The main motto of the project work was Market
Research and customer Satisfaction of Tata aig life insurance company. It includes through
market Research in various plans of Tata aig Life Insurance. And in detail consumer
(Satisfaction) responses analysis, by surveying number of consumers. The project report is
divided into two parts, first part consists market research for finding out best sold plan of tata aig
Life Insurance, And second consist survey report of various consumers about there responses
about satisfaction towards Tata aig Life Insurance Company

IMPORTANCE OF THE TOPIC

The project report is all about market research to find out best sold plan of Tata aig Life
Insurance, ajmer. And to mouser the satisfaction level of consumers of tata aig Life Insurance.
Market research help stata aig Life Insurance about the best plan purchased by its consumer
satisfaction level helps to know weather the consumers are satisfied by service/Plans of tata aig a
Life Insurance

INDUSTRY PROFILE

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The industries, businesses and individuals are considerably by the services of insurance
organization.

A. The oldest form of insurance (12th century) is marine insurance. After wards in 16th century
fire insurance is started in Germany.

B. The first registered life office was Hand in Hand Society established in 1696.

C. In India the first life insurance was started in the Bengal Presidency in 1818 knows as oriental
life insurance company.

D. Experiencing so many ups and downs the insurance business was found in changed shapes.
Particularly after attaining independence and to the more specific after nationalizing in 1956.

E. There was major change in the insurance sector after globalization in 2001. The private player
in the insurance industry and ends the dominance of LIC.

F. The different MNC s company of foreign country enters in the insurance industry with the
joint venture with Indian companies. Today total 11 private life insurance companies are
working in insurance industry.

HISTORY

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1912: the Indian Life Assurance Companies Act enacted as the first stature nto regulate the life
insurance business.

1928: the Indian Insurance Companies Act enacted to the government to collect statistical
information about both life and non life insurance businesses.

1938: Earlier legislation consolidated and amended to the insurance Act with the objective of
protecting the interests of the insuring public.

1956: 245 Indian and Foreign insurers and provident societies taken over by the central
government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a
capital contribution of Rs. 5 core from the Government of India.

INTRODUCTION TO INSURANCE

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Today, only one business, which affects all walks of life, is insurance business. That’s why
insurance industry occupies a very important place among financial services operative in the
world. Owing to growing complexity of life, trade and commerce, individuals as well as business
firms are turning to insurance to manage various risks. Therefore a proper knowledge of what
insurance is and what purpose does it serve to individual or an organization is therefore
necessary.

The future is never certain .

So it’s rightly said, “AN INSURANCE POLICY IN HAND KEEPS THE TENSION
AWAY.”
Insurance, essentially, is an arrangement where the losses experienced by a few are extended
over several who are exposed to similar risks. Insurance is a protection against financial losses
arising on the happening of an unexpected event. Insurance companies collect premium to
provide security for the purpose. In simple words it is spreading of risks amongst many people.

i) LIFE INSURANCE: It is a fundamental part of a sound financial plan which helps to insure
your loved ones.

ii) Benefits:

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1) SAVINGS For unforeseen circumstances.
2) EDUCATION For child’s education and for higher studies.
3) RETIREMENT Facilitates adequate savings for worry free retired life.

iii) Insurance ------------a Flash back:

The earliest transaction of insurance as practiced today can be traced back to the 14 th century
AD. The business of insurance started with marine business by Traders who used to gather in the
Lloyd’s coffee house in London, wherein they had agreed to insure their ships in transit.

The 1st Life Insurance Policy was issued on 18th June, 1583, on the life of William Gibbons
for a period of 12 months
Life Insurance in its current form came in India from the UK, with the establishment of British
firm,

Oriental Life insurance Company, in 1818

The 1st Indian insurance company was the Bombay Mutual Assurance Society Ltd, formed
in 1870.
By the year 1956, when the life insurance business was nationalized and the Life

Insurance Corporation Of India ltd (LIC) was formed on 1st September, 1956 and there were
245 companies existing at that time in India. By 31.3.2002, eleven new insurers had been
registered and had begun to transact Life insurance business in India.

IV) INSURANCE CLASSIFICATION

Life

Term

Endowment

Unit-linked

Money-back

V) INSURANCE INDUSTRY POTENTIAL

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1) Asia is amongst the world’s largest insurance markets contributing nearly 39% of global
insurance business.
2)The Life Insurance Industry has grown by 27% p.a. over the last 5 years and by about 62% in
the first eleven months of 2006 -07. Source – IRDA Journal (April 2007)
3) Global Life Insurance Market: $1,521 billion, Global Non-Life Insurance Market: $922 billion
4) India is 23rd in insurance business with 0.41% share
5) Out of one billion people in India, only 35 million people are covered by insurance.
6) India’s life insurance premium as a percentage of GDP is just 1.8%
7) Indian insurance market is set to touch $50 billion by 2010, on the assumption of a 7% growth
in GDP (CII Projections 2001-2002)
8) The Insurance premium as a % of GDP in 2005 increased to 3.14% and is set to touch 4.3% in
2008. (Source – Lifeline 26th Dec 2006)

LIFE INSURANCE COMPANIES IN INDIA

1.Life Insurance Corporation of India

2. Tata AIG Life Insurance Company Ltd
3. Kotak Mahindra Old Mutual Life Insurance Ltd
4. Birla Sun Life Insurance
5. ICICI Prudential Life Insurance
6. Aviva Life Insurance
7. Allianz Bajaj
8. Max New York Life Insurance
9. Bharti Axa Life Insurance
10. SBI Life Insurance
11. Reliance Life Insurance
12. ING Vysya Life Insurance
13. Sahara India Life Insurance
14. HDFC Standard Life Insurance
15. Shriram Group

Market share for 5 yera

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Lic 98% 94% 87% 78% 71%

Private 2% 6% 13% 22% 29%

player

Market share of insurance players

Market share of public sector and private sector for 2008-

09

Market share of private insurance company 2008-09

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Source : ESCOLIFE (insurance news papper by ritu Nanda jun 2010

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INSURANCE SECTOR REFORMS:

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1) Structure
Government stake in the insurance companies to be brought down to 50%.

2) Competition
Private companies with a minimum paid up capital of Rs. 1bn should be allowed to enter the
industry. No company should deal in both Life and General Insurance though a single entity.
Foreign companies may be allowed to enter the industry in collection with the domestic
companies. Postal Life Insurance Should be allowed to operate in the rural market. Only One
State Life Insurance Company should be allowed to operate in each state.

3) Regulatory Body

- The Insurance Act should be changed

- An Insurance Regulatory body should be set up
- Controller of Insurance (Currently a part from the Finance Ministry) should be made
independent.

4) Investments

Mandatory Investment of LIC Life Fund in government securities to be reduced from 75% to
50%.

5) Customer service

LIC should pay interest on delays in payments beyond 30 days. Insurance companies must be
encouraged to set up unit linked pension plans. Computerization of operations and updating of
technology to be carried out in the insurance industry. The committee emphasized that in order to
improve the customer services and increase the coverage of the insurance; industry should be
opened up to competition.

ENTRANCE OF PRIVATE PLAYERS IN INSURANCE SECTORS

India still has low insurance penetration of 1.95 percent, 51st in the world. Despite the fact that
India boosts a saving rate of around 25 percent, less than 5 percent is spent on insurance. The
insurance landscape in India is undergoing major changes. Close to foreign competition since
nationalization in 1956, the life insurance industry had been protected from competitive
pressures. Now, with the reopening of the sector, several new players have entered the scene.
The acronym for the Insurance Regulatory and Development authority of India, it overseeing the
insurance business in India. It protects the interests of the policyholders received and ensures
orderly growth of the insurance industry and for matters connected there thereto. Beside Kotak
Mahindra Life Insurance there are other 11 private players working in life insurance sector,
which are as follows.

Allianz Bajaj Life Insurance Company Ltd.

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Allianz Bajaj Life Insurance Company Ltd. is a joint venture between Allianz AG (Largest
insurer in Europe) and Bajaj Auto Ltd. incorporated on 12th march 2001.

AMP Sanmar Assurance Company Ltd.

AMP Sanmar Assurance Company Ltd. is a joint venture between AMP, largest life insurer in
Australia and New Zealand, Sanmar is one of the largest industrial groups in South India dealing
in chlorochemicals and shipping and Engineering.

Aviva Life Insurance Company Ltd.

Aviva Life Insurance Company Ltd. is a joint venture between Dabur India and CGU, is a
wholly subsidiary of Aviva Plc (UK).

BI Life Insurance Company Ltd.

India s largest bank SBI and Cardiff S.A, a leading insurer in France came together to from SBI
Life.

Tata Life Insurance Company Ltd.

Tata Life Insurance Company Ltd. is capitalized at Rs. 185 crore; of which 74% has been
brought in by TATA Sons and the American partner bring the balance 26%.

ICICI Prudential Life Insurance Company Ltd.

ICICI Prudential equity based stands at Rs. 675 Cr. With ICICI group and Prudential Plc holding
74% and 26% stake respectively.

Birla Sun Life Insurance Company Ltd.

Birla Sun Life Insurance Company is a 74:26 joint venture between Aditya Birla Group and sun
life financial services of Canada.

HDFC Standard Life Insurance Company Ltd.

HDFC Standard Life Insurance Company Ltd. was one of the first companies to be granted
license by the IRDA to operate in life insurance sector. It was incorporated on 14th august 2000.
HDFC is the majority stakeholder in insurance JV with 81.4% stake and Standard life (largest
mutual assurance company in Europe) has a stake of 18.6%.

ING Vysya Life Insurance Company Ltd.

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ING Vysya Life Insurance Company Ltd. is expected to be first bank assurance venture in the
country. Together they have roped in GMR group, which has wide-ranging interests in field such
as power generation infrastructure, manufacturing, software and banking. As per JV agreement
Vysya bank would hold 49% stake, ING (Europe, Dutch origin) 26% and GMR group would
hold 25% of the stake.

MAX New York Life Insurance Company Ltd.

It s a partnership between MAX India ltd and New York life, a Fortune 100 company.
Met Life India Insurance Company Ltd.

It was incorporated in April 2001 as a joint venture between Met Life International Holding, Inc,
Jammu & Kashmir bank, and M. Pallonji and company private Ltd

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 Company profil

COMPANY PROFILE

Getting associated with a brand like Tata –AIG for just 2 months was really a
prestigious and a memorable period in my MBA tenure. Growth has been the
main objective of the company and will continue to be the driving force in

23
the years to come by spreading the wings wider in India and contribute in
the economic and social development. Tata-

AIG LIFE Insurance Company is a joint venture between Tata Group and
American International Group (AIG.) Let’s throw light on the facts of both the
high profile and prestigious companies. Some of the features of TATA are:

· Over 260,000employees

· Operates in 130 countries worldwide

· Trusted by over 3 million shareholders

· Diversified business interest ( 92 companies)

· Largest FOREX earner

· Revenues of US $ 14.25 billion

· Deep rooted commitment towards society.

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Some of the features of AIG are:
• In business since 1919,
• Over 80,000 employees worldwide
• Presence in over 130 countries
• Over 50 million customers worldwide
• Revenues over US $ 81.3 billion
• Ranks 4th on the FORBES 500 LIST OF 2003.
• Deals in General and life insurance, asset management, financial services.

It is a joint venture between TATA and AIG. It provides insurance cover for both for life and
group. It deals in all kinds of products. And now concentrates more on UNIT LINKED PLANS.

It is Tata-AIG which consumers trust the more when it comes to giving exact claim valuation,
best in consumer satisfaction and trusted as the best in quick disposal of claims. Its working is
based on Business brought up by Business Associates who are the advisors/agents for the
company. Areas of business Tata AIG Life Insurance products include a broad array of life
insurance coverage to both individuals and groups. For groups, the company has life products
whereas for individuals, it has term products, endowment products as well as money-back
products. For groups and individuals, various types of add-ons and options are available to give
consumers flexibility and choice. The company has also designed specific products for the
financially challenged and underprivileged.

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Some of the features are:
• 74% Stake of TATAs and 26% of AIG
• Licensed to operate on February 12, 2001
• Has over 190 branches and planning to increase the number to 120 plus by August
2007 , and 300 plus by November 2008.
• Over 5 lac + policy holders.

Tata AIG is all set to scale greater heights and has arrived at a vision of making it A
BILLION DOLLAR COMPANY BY 2009
A glimpse at the Joint Venture

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SCOPE OF STUDIES

Need for measuring customer satisfaction. Customers are too good to lose ---------- Lets keep
them happy!

Customer is the king. In the era of cutthroat competition and economic recession, above axiom
has more importance than ever before. Marketing starts with the customer and ends the customer

Peter Drucker.

So no organization, small or big ignores the customers. Earth is not the center of universe but
revolves around the Sun .

-Copernicus.

Similarly, we have come to believe that business firm is not the center of economic universe but
revolves around the customer. Build customer and not only products. Building customers is not a
single step exercise but a process ------.

OBJECTIVE OF THE STUDY:

1) To determine the present position and satisfaction of customer in Kotak Mahindra Life
Insurance. The main objective of the project was to analyze consumer satisfaction of Kotak
Mahindra Life Insurance with other services in Pune. And also present position of the company.

2) To determine the market share of different brands. The second objective of the project was to
determine the market share of different brands available in the market. There was a tough
competition for the brand in the market. Therefore to get establish, company had to make its
competitors analysis and need to determine where do they stand.

3) Responses of customer Responses from them were collected through survey and for the
questionnaire were prepared for both of them.

4) Benefits derived by assessing consumer satisfaction are:

- Feedback to organization regarding product.

- Understanding customer s requirements.
- Providing superior service to customer.
- Strengthen the relationship with customers.
- Formulating sales strategies.

5) Identify pros and cons of the brand. This was a fundamental objective of the whole research.
Company wants to identify that where does the brand lack. In other words, what are the brands
so that it can rectify them in order to establish the brand in the market.

6) Suggestions and recommendations. The objective of the research was not only to find out the
problem but also the identification of solutions or suggestions of the problems.

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 RESEARCH METHODOLOGY

INTRODUCTION

Research is an art of scientific investigation through search for new facts in any branch of
knowledge. It is a moment from known to unknown. Research always starts with a question or a
problem. Its purpose is to find answers to questions through the application of the scientific
method. It is a systematic and intensive study directed towards a more complete knowledge of
the subject studied. As marketing does not address itself to basic or fundamental question, it does
not qualify as basic research. On the contrary, it tackles problems, which seem to have
immediate commercial potential. In view of the major consideration, marketing research should
be regarded as applied research. We may also say that marketing research is of both types
problem solving and problem oriented. Marketing research is as systematic and objectives study
of the problems pertaining to the marketing of the goods and services. It may be emphasized that
it is not restricted to any particular area of marketing, but is applied to all the phases and aspects.

METHOD OF DATA COLLECTION

1) Data to be collected.
Data includes facts and figures, which are required to be collected to achiever the objectives of
the project. In order to determine the present position and satisfaction of customer of kotak
Mahindra Life Insurance.

a) Primary Data
The data that is being collected for the first time or to particularly fulfill the objectives of the
project is known as primary data. These types of data were,
- The market share of Kotak Mahindra Life Insurance.
- The market share of other brands available in the market.
- Responses of consumer.
- Identifying pros and cons of the brand.
The above primary data were collected through responses of consumer was conducted through
questionnaires prepared for them.

b) Secondary Data
Secondary data are that type of data, which are already assembled and need not to collected from
outside. These types of data were

i) Company Profile
ii) Product Profile
iii) Competitors Profile
The aforesaid data were collected through Internet and company s financial report.

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2) Data Collection Method
For given project, the primary data, which needed to collect for the first time, were much
significant. This type of information gathered through Survey technique, which is the most
popular and effective technique for correct data collection. The survey was completed with the
use of questionnaires. - Questionnaire for consumer.

3) Sampling
Sample is the small group taken under consideration from the total group. This small group
represents the total group. In the project the market research, which was ask to be studied was
pune market but as it was possible to approach all the respondent s customer of the city, hence a
sample was selected which represents the whole city. The areas selected for the sample are
present further in the appendix. Sample size of customer list was taken from Kotak Mahindra
Life Insurance customer data basic.

4) Data Evaluation
The data so collected were not simply accepted because it contained unnecessary information
and over or under emphasized facts. Therefore only relevant data were included in the report,
which helped in achieving the objectives of the project

DATA INTERPRETATION AND ANALYSIS

29
ANALYSIS
Above diagram consist five classes of different age groups. Here customer 19 customer biloges
to 25-35 age groups, 16 customers fall in the age group 35-45 years. Other 8 customer comes are
in the class 45-55 years the age group of 18-24 consists four customer reaming customer is in
age group 55-65 years. Here majority of customer belong to the group 25-35 years

30
31
ANALYSIS
From the above figure we come to know that customer are also investing money in other life
insurance companies. The major player in insurance is LIC holding 22.22% of total sample. The
second major player ICICI is holding 18.52%. HDFC and AIG are having equal share of 7.41%
& the Max New York & SBI are having 3.70%.

32
Why did you choose Tata aig Life Insurance?

ANALYSIS
The above diagram shows 36% of respondents choose because of good returns, 30% because of
peer pressure and remaining 24% opt. Because of tax benefit, safety and 100 premium
respectively

33
Note.
Some of customer are expecting more than single service.
ANALYSIS
Out of total 50 respondents 37% like to have bonus and other service as a prime concern, 13%
like to have provision in case of dues and remaining 31% & 12% respondents say. They need
time-to-time premium collection and easy accessibility to deposit center as a concern before
choosing insurance provider.

34
How will you rate the services given by Tata aig Life Insurance?

ANALYSIS
Out of 50 respondents 57% have ratted Kotak

Mahindra Life Insurance services as good and 32% have ratted as average. And remaining 12%
have ratted as Excellent.

35
What difference you find between Tata aig & your previous Insurance
provider.

Note.
Some of customers are having more than one plan more Benefit are expected
in one plan. Total surveys of customers are

36
Do have any suggestion for tata aig Life Insurance?
YES NO

37
In future, will you purchase policies from Tata aig Life Insurance?
YES NO

ANALYSIS
To this question 32 consumers reported YES and 18 consumers reported
NO .

38
OBSERVATION AND FINDINGS

OBSERVATIONS

Majority of the customer s belonged to age group of 25-35 years that is 19 consumers. 45
consumers think Life Insurance is essential for them. 135 respondents are investing in life
insurance companies like tata aig Life Insurance, LIC, Tata Allianz, Max New York, HDFC,
ICICI and SBI. 36 percentages of the total respondents invest intata aig Life Insurance for
getting high ROI. Most of respondent s preferred tata aig Flexi Plan. 37.5 percentage
respondents expect bonus and other schemes from tata aig Life Insurance. 56 percentage
respondents satisfied with services given by tata aig Life Insurance. As per 28% of despondence
atat aig Life Insurance providers good tax benefits to the Investors. 64% of respondents are
willing to purchased policies from atat aig Life Insurance in future.

LIMITATION AND RECOMMENDATIONS

RECOMMENDATIONS

1) There is scope to sale insurance policy by concentrating on age group 18-24 years here
potential of customers are there.(Example. Software professional, BPO employees, and
professionals) Flexi plan can be sold by concentrating on age group 35-45 years. (Example.
Government employees, executives and businessman)

2) As major respondents think to have life insurance policy is very essential there is lot of scope
for insurance company.

3) tata aig Life Insurance should try to build trust among the public by making people aware of
their investment is safe, high return on investment, Tax Benefits.

4) As more respondents are investing in tata aig Life Insurance for getting high return on
investment the company should try to provide attractive returns on investments in future.

5) tata Life Insurance should introduce attractive policies & also attractive bonus on policies to
attractive more potential customers.

6) Approx 36% of respondents differ with there previous insurance provider, they field that tata
aig Life Insurance providing good tax benefit for there investment so tata aig Life Insurance if
possible try to provided more tax benefit customer.

7) 64% respondents are willing to purchases tata aig Life Insurance policies in future this benefit
tata aig Life Insurance as mort potential customer in future.

39
CONCLUSION

After conducting market research for tata aig Life Insurance Company we came to know
different needs of consumers, their valuable suggestions, responses to the different questions.
With this information we can conclude that there is good market awareness about tata aig Life
Insurance Company in the market. Customer satisfaction level of most respondents is higher for
tata aig Life Insurance Company, which is provided by survey. Higher satisfaction level of tata
aig life insurance company was monthly due totata aig provides good tax benefit for the
consumers also ROI, security etc.tata aig Flex s plan is the best-sold plan in market by tata aig
tata aig Life Insurance. This conveys that the customer s are switching to retirement plan.

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 BIBLIOGRAPHY & REFERENCES

Books Magazines News papers Internet

Insurance in Business world The Hindu IRDA website
India
Insurance Magazines on Business Line Google search
distribution investment
(ICFAI
Publications)
Insurance Economic Times Websites of
industry (ICFAI different
Publications) insurance
companies

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ANNEXURE

42
QUESTIONNAIRE

1. Personal detail

Name:________________________
Age__________________________
Phone No._____________________
Email.________________________
Office Address: - _______________
Residential Address: -____________

2. Do you think is it essential to have Life Insurance?

YES NO

3. Which are the companies you invested your money for Life Insurance?

a) Kotak Mahindra Life Insurance

b) LIC
c) Bajaj Allianz
d) Tata AIG
e) Max New York Life Insurance
f) HDFC Life Insurance
g) ICICI Prudential Life Insurance
h) SBI

4. Why did you choose Kotak Life Insurance?

a) ROI
b) Peer Pressure
c) Tax Benefit
d) Security /safety
e) Low Premium

5. Which of the following planed you is insured?

a) Kotak Flexi plan

b) Kotak retirement Plan
c) Kotak Endowment Plan
d) Kotak Capital Multiplier Plan
e) Kotak Child Advantage Plan

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6. What kind of services you expect from insurance provides

a) Easy access ability to Deposit Center

b) Time to time premium collection
c) Provision in case of Dues
(Policy Lapse)
d) Bonus & other schemes

7. How will you rate the services given by Kotak Mahindra Life Insurance?

a) Poor
b) Average
c) Good
d) Excellent

8. What difference you find between Kotak & your previous Insurance provider.

a) Good Returns (HIGHEST)

b) Effective Service/Liquidity
c) Tax Planning
d) Security/ Safety Benefit & Protection on your Capital

9. Do have any suggestion for Kotak Mahindra Life Insurance

YES NO

10. In future, will you purchase policies from Kotak Mahindra Life Insurance?
YES NO

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