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UNDER THE GUIDENCE OFMR. ABHISEK RAI DVIVEDI BRANCH HEAD, SUNDARRAM DIRECT
TABLE OF CONTENT
DECLEARATION PREFACE ACKHNOWLEDGEMENT RESEARCH OBJECTIVES RESEARCH METHODOLOGY ABOUT LIC ABOUT PRIVATE SECTOR INSURANCE COMPANY GRAPHS AND INTERPRETATION FINDINGS CONCLUSIONS SUGGESTIONS LIMITATIONS BENEFITS BIBLIOGRAPHY ANEXTURE (3) (5) (7) (9) (11) (14) (30) (45) (61) (65) (67) (69) (72) (73) (75)
DECLEARATION
DECLEARATION
I am Eshan Dvivedi (PGDM-IRM 3rd) from School Of Management Sciences, Varanasi. Hereby declare that the survey report on COMPARITIVE ANNALYSIS OF LIFE INSURANCE COMPANIES is the result of my own efforts and is raised on information collected and guidance given by my mentor & faculty members. The survey report is correct to the best of my knowledge & this report so far has not been published anywhere else.
PREFACE
PREFACE
It is a great privilege for me to place this survey report before the reader. The report is concern about COMPARITIVE ANNALYSIS OF LIFE INSURANCE
COMPANIES This report is presented in very simple and understandable
language on the basis of primary data. Lastly I would like to state that although every possible care has been taken to make the report error free but still the possibility of some error keeping inadvertently cannot be ruled out. I shall be feeling highly obliged to all reader if some are brought to my notice. Critical evaluation welcome and shall be grateful acknowledge. I sincerely express my gratefulness to all those who directly or indirectly, helped me in this project. I firmly believe that there is always scope for improving and accordingly I shall look forward for welcome suggestion in this direction from all the reader and subject spiel, which shall be thankfully acknowledged.
ACKNOWLEDGEMENT
ACKHNOWLEDGEMENT
First of all I would like to bow before all the mighty presence of God without whose mercy this project would have not been possible. I am extremely grateful to K.K. SIR for giving me this opportunity to carry out this project work. I would like to thanks SATYA SIR for helping me in this project. I also thanks to the respondent and my friends, without whose co-operation this would not have been possible.
RESEARCH OBJECTIVES
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RESEARCH OBJECTIVES
1. To find out the investors opinion with LIC v/s private Sector insurance companies. 2. To find out the market position of LIC and private sector Insurance company. 3. To know about new private insurance companies which are Posing as threats to the LIC. 4. To know about the major private and public sector Insurance companies still are working 5. To find out the special policies, products and services Which are provided by the LIC and private sector insurance Companies?
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RESEARCH METHODOLOGY
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RESEARCH METHODOLOGY
Research is a careful investigation or enquiry through search for the facts in any branch of Knowledge. Research methodology refers to the method and techniques that are used for activities involved in performing the research operations such as making observation, recording data etc. Type of research Type of data Data collection method Primary data collection technique Descriptive Research Primary data Structured Questionnaire method Personal interview with the help of Questionnaire Universe of study Sampling technique Sample Size Delhi Simple random 100 people (respondents)
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Sample size Sample size refers to the number to be selected from the universe to constitute the sample for conducting the survey. The sample size of this project is 100. Data collection method This survey has been done through primary data collection. For primary data questionnaire method has been adopted for consumer. The questionnaire has close ended and open ended. Data analysis technique The data analysis technique used in statistical and quantitative in nature and the data analysis and the instrument used for conducting the research are tabulation, bar chart and pie chart.
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ABOUT LIC
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1000.00 crores only in the year 1969-70, and it took another 10 years for LIC to cross 2000.00 crore mark of new business. But with re-organization happening in the early eighties, by 1985-86 LIC had already crossed 7000.00 crore Sum Assured on new policies. Today LIC functions with 2048 fully computerized branch offices, 100 divisional Other Birla Sun Life Insurance for Savings include: Birla Sun Life Insurance Flexi Save Plus Birla Sun Life Insurance Dream Plan Birla Sun Life Insurance Gold-Plus II Birla Sun Life Insurance Classic Life Premier Birla Sun Life Insurance Prime Life Premier Birla Sun Life Insurance Saral Jeevan Plan Birla Sun Life Insurance Prime Life Birla Sun Life Insurance Life Companion Birla Sun Life Insurance Simply Life Birla Sun Life Insurance Flexi Cash Flow Birla Sun Life Insurance Flexi Life Line Birla Sun Life Insurance Supreme-Life Birla Sun Life Insurance Single Premium Bond offices, 7 zonal offices and the corporate office. LIC Wide Area Network covers 100 divisional offices and connects all the branches through a Metro Area Network. LIC has tied up with some Banks and Service providers to offer on-line premium collection facility in selected cities. LIC ECS and ATM premium payment facility is an addition to customer convenience. Apart from on-line Kiosks and IVRS, Info Centres have been commissioned at Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune and many other cities. With a vision of providing easy access to its policyholders, LIC
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has launched its SATELLITE SAMPARK offices. The satellite offices are smaller, leaner and closer to the customer. The digitalized records of the satellite offices will facilitate anywhere servicing and many other conveniences in the future. LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. LIC has issued over one crore policies during the current year. It has crossed the milestone of issuing 1,01,32,955 new policies by 15th Oct, 2005, posting a healthy growth rate of 16.67% over the corresponding period of the previous year. From then to now, LIC has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business. The same motives which inspired our forefathers to bring insurance into existence in this country inspire us at LIC to take this message of protection to light the lamps of security in as many homes as possible and to help the people in providing security to their families. Some of the important milestones in the life insurance business in India are: 1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning. 1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business. 1912: The Indian Life Assurance 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 businesses. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.
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1956: 245 Indian and foreign insurers and provident societies are 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 crore from the Government of India. Insurance sector reforms: In 1993, Malhotra Committee headed by former Finance Secretary and RBI Governor R.N. Malhotra was formed to evaluate the Indian insurance industry and recommend its future direction. The Malhotra committee was set up with the objective of complementing the reforms initiated in the financial sector. The reforms were aimed at "creating a more efficient and competitive financial system suitable for the requirements of the economy keeping in mind the structural changes currently underway and recognizing that insurance is an important part of the overall financial system where it was necessary to address the need for similar reforms" In 1994, the committee submitted the report and some of the key recommendations included: 1) Structure Government stake in the insurance Companies to be brought down to 50%. Government should take over the holdings of GIC and its subsidiaries so that these subsidiaries can act as independent corporations. All the insurance companies should be given greater freedom to operate. 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 through a single entity. Foreign companies may be allowed to enter the industry in collaboration with the domestic companies.
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Postal Life Insurance should be allowed to operate in the rural market. Only One State Level 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).
4) Investments Mandatory Investments of LIC Life Fund in government securities to be reduced from 75% to 50%. GIC and its subsidiaries are not to hold more than 5% in any company (There current holdings to be brought down to this level over a period of time). 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. But at the same time, the committee felt the need to exercise caution as any failure on the part of new players could ruin the public confidence in the industry. Hence, it was decided to allow competition in a limited way by stipulating the minimum capital requirement of Rs.100 crores. The committee felt the need to provide greater autonomy to insurance companies in order to improve their performance and enable them to act as independent companies with economic
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motives. For this purpose, it had proposed setting up an independent regulatory body.
offshore company promoted by LIC which commenced its operations in July, 1989 with the objective of offering policies denominated in US $ to NRIs residing in the Gulf.
LIC Nepal - Formed in 2001 in joint venture with Vishal Group of
Industries, Nepal.
LIC Lanka - Formed in 2003 in joint venture with Bartleet Group of
of LIC Housing Finance which builds "Assisted Community Living Centers" for senior citizens.
MAJOR POLICY CHANGES Insurance sector has been opened up for competition from Indian private insurance companies with the enactment of Insurance Regulatory and Development Authority Act, 1999 (IRDA Act). As per the provisions of IRDA Act, 1999, Insurance Regulatory and Development Authority (IRDA) was established on 19th April 2000 to protect the interests of holder of insurance policy and to regulate, promote and ensure orderly growth of the insurance industry. IRDA Act 1999 paved the way for the entry of private players into the insurance market which was hitherto the exclusive privilege of public sector insurance companies/ corporations.
Under the new dispensation Indian insurance companies in private sector were permitted to operate in India with the following conditions: Company is formed and registered under the Companies Act, 1956; The aggregate holdings of equity shares by a foreign company, either by itself or through its subsidiary companies or its nominees, do not exceed 26%, paid up equity capital of such Indian insurance company. The company's sole purpose is to carry on life insurance business or general insurance business or reinsurance business.
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The minimum paid up equity capital for life or general insurance business is Rs.100 crores. The minimum paid up equity capital for carrying on reinsurance business has been prescribed as Rs.200 crores. The Authority has notified 27 Regulations on various issues which include Registration of Insurers, Regulation on insurance agents, Solvency Margin, Reinsurance, Obligation of Insurers to Rural and Social sector, Investment and Accounting Procedure, Protection of policy holders' interest etc. Applications were invited by the Authority with effect from 15th August, 2000 for issue of the Certificate of Registration to both life and non-life insurers. The Authority has its Head Quarter at Hyderabad.
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Government-owned corporation September 1, 1956 Headquarters in Mumbai, India (Various other locations in India and abroad)
Headquarters
Key people
Industry Products
Employees 112,184 Parent NIL LIC Housing Finance Limited, LIC(Nepal)Ltd, LIC(Lanka)Ltd, LIC(International)BSC(C),Behrain, http://www.licindia.com
Subsidiaries
Website
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PRODUCTS OF LIC
As individuals it is inherent to differ. Each individuals insurance needs and requirements are different from that of the others. LIC Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit your requirement.
Jeevan Anurag CDA Endowment Vesting 21 CDA Endowment Vesting 18 Komal Jeevan Marriage Endowment Or Educational Annuity Plan Jeevan Chhaya Child Future Plan
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Jeevan Amrit
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Bima Bachat
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Insurance For Employee-Employer Groups Insurance For Non-Employer - Employee Groups Employees Deposit Linked Insurance New Group Superannuation Scheme New Group Gratuity Care Scheme Special Insurance Policies for NRI's Investgain Endowment Plan Cashgain Money Back Plan Childgain Kids Special Plan Swarna Vishranthi
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Excellence
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Unit Linked Products: Unit linked Plans are an attempt to meet all your financial & insurance needs through a single non participating product." Whats more you get marke t linked returns which in the long term has always proved to give better returns than traditional savings products".
Pension Products: You need to have a comprehensive plan to meet your post retirement financial needs ensuring complete peace of mind. To make your post retirement years truly golden, we offer you
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Pure Protection Products: There are times when everything seems to be perfect, but who can predict future and there is always a place to make this world a better place for our loved ones. To ensure that these uncertainties do not shatter the dreams you have for your family, SBI Life offers you
"SBI Life - Shield" used as Keyman Protection cum Savings Products: SBI Life offers a variety of plans that gives you the benefit of protection and the opportunity to save for various events like purchase of new house, wedding, car etc. We assist your savings.
Money Back Scheme Products: As an individual your life is fueled by dreams. You experience different special moments in life like wedding, birth of a child, childs education or purchasing a new home. You have to be financially
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prepared for these special moments. What you need is easy liquidity at regular intervals with life insurance protection to take care of these special moments.
For Brokers Taking inspiration from the endeavours of various industries and to make life simpler for You, we at SBI Life are proud to introduce Saral ULIP a simple Unit Linked Non-Participating Insurance Plan to take care of your Life Insurance needs.
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Birla Sun Life Insurance for Protection includes insurance such as Birla Sun Life Insurance Term Plan and Birla Sun Life Insurance Premium Back Term Plan. Birla Sun Life Insurance Term Plan is apt for those seeking insurance benefits at economic costs. The plan covers all the liabilities and provides absolute security. The minimum age limit for acquiring the insurance is 18 years and maximum is 55 years. One can pay the premium either annually, monthly, quarterly or semiannually. One can pay it through the ECS mode of payment or on a one-time basis. The Birla Sun Life Flexi Secure Life II- Retirement Plan is segregated into 2 sections. One is the Accumulation or build up phase and the other is the Annuity or the payout phase. With this plan one can enjoy tax benefits. Surrender scheme is also applicable to this plan. One can give up the policy after the 3 years of policy till the vesting age.
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Other Birla Sun Life Insurance for Savings include: Birla Sun Life Insurance Flexi Save Plus Birla Sun Life Insurance Dream Plan Birla Sun Life Insurance Gold-Plus II Birla Sun Life Insurance Classic Life Premier Birla Sun Life Insurance PrimeLife Premier Birla Sun Life Insurance Saral Jeevan Plan Birla Sun Life Insurance PrimeLife Birla Sun Life Insurance Life Companion Birla Sun Life Insurance Simply Life Birla Sun Life Insurance Flexi Cash Flow Birla Sun Life Insurance Flexi Life Line Birla Sun Life Insurance Supreme-Life Birla Sun Life Insurance Single Premium Bond
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The company provides its customers with a premier Financial Advisor Zone. A new offering from MetLife India Insurance Company Ltd has come in the form of introduction of 'drop box facilities' for premium collection. At present this facility is available at the following metros. Bangalore Mumbai Chennai Kolkata Delhi It may be noted that, these drop boxes are placed at strategic locations in the above mentioned metros. MetLife India Insurance Company Ltd is also currently providing customers with reply-paid envelopes, for payment of premium cheques
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Q. 1 Do you have any Insurance policy? (A) YES (B) NO Option Yes No Respondents 88 12
Interpretation
Out of 100 respondents 88 respondents have said yes I have while 12 respondents have said no I dont have any Insurance policy.
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Q.2 you have purchased your policy from LIC or any private sector Insurance company? (A) LIC (B) Private sector Insurance company
Interpretation
According to data 74% respondents have taken their policy from LIC while 26% respondents have taken their policy from Private Sector Insurance Company.
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Q, 3 you have taken your policy from which private company? (A) ICICI prudential (B) Bajaj Allianz (C) HDFC standard life (D) TATA AIG (E) Any other ..
Option ICICI Prudential BAJAJ Allianz HDFC standard life TATA AIG Respondents 12 6 4 1
Interpretation
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According to data 53% respondents was in favor of ICICI prudential, 26% respondents were in favor of BAJAJ Allianz, 17% have taken their policy from HDFC standard life while only 4% respondents was in favor of TATA AIG. Q.4 why you have taken your policy from LIC? (A) brand name ( B) oldest (C) flexible premium rate (D) tax saving/high returns (E) any other pls specify Option flexible premium rate brand name oldest & reliable tax saving Respondents 35 15 10 5
Interpretation
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This data has collected from the 65 respondents, who have taken their policies to the LIC. According to the data 54% respondents have taken their policy due to flexible premium rate of policy, 23% respondents by their brand name, 15% respondents have said its oldest and reliable and 8%respondents was in favor of tax saving.
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Q.5. why you have taken your policy from private sector Insurance Company? (A) Quick & high returns (B) better services (C) tax saving (D) Any other please disclose
Option Quick& high returns better services Tax saving Respondents 15 5 3
Interpretation
According to data 65% respondents was in favor of quick and high returns, 22% was in favor of their better services, while 13% respondents was in favor of tax saving also.
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Q.6. which policy or schemes you have taken? (A) ULIP plan (B) endowment plan (C) whole life plan (D) Pension plan (E) any other Option ULIP Endowment plan whole life plan pension plan Any other Respondents 11 21 38 16 2
Interpretation
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According to data we can say that 43% respondents was in favor of whole life plan, 24% respondents was in favor of endowment plan, 18% respondents was in favor of pension plan, 13% have agreed with ULIP plan while 2% respondents have opted to children assurance plans.
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Q.7. why you have chosen this policy? (A) Low premium (B) high returns (D) its your needs (E) all of them
Option Low premium high returns well awareness its your needs All of them Respondents 40 20 15 10 3
Interpretation
As per data is saying that out of 88 respondents 40 have said that they have taken their policy due to low premium, 20 have said that high returns, 15 was in favor of well awareness, 10 have said that is our my needs while 3 respondents was in favor of all of them.
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Q.8. Do you want to take any other policy from same company? (A) Yes (B) No (C) never (D) can think Option Yes No Never Can think Respondents 27 33 10 18
Respondents
35 30 25 20 15 10 5 0 Yes No 27
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18 Respondents 10
Never
can think
Interpretation
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According to my question 27 respondents have said yes, 33 respondents have said no I will not take any policy by same company, 10 respondents was highly dissatisfied they said never while 18 (max. LIC policy holder) have said we can think about take other policy.
Q.9 How much premium you have paid for your policy? Option Less than 1000 more than 5000 more than 10000 more than 15000 Don't want to disclose Respondents 40 20 15 10 3
(A) Less than 1000 (B) more than 5000 (C) more than 10000 (D) more than 15000 (E) dont want to disclose
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Interpretation
According to the questionnaire maximum data is collected from LIC and the premium of maximum LIC products is less than 1000Rs per 6 month.
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As per data is saying 40 respondents are in favor of less than 1000, 20 respondents are in favor of more than 5000, 15 respondents in favor of more than 10000, 10 are in favor of more than 15000 and 3 are not interested to disclose their premium. Q.10. Have you closed any insurance policy and why? (A) No (B) If yes (pls give company name..)
Option No If yes Respondents 80 8
1st. financial problem 2nd. Miss behavior of agent 3rd. benefits & returns of the policy
Interpretation
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Out of 88 respondents, 80 respondents said I dont have left any insurance policy while 8 respondents have said that they have left their policy due to miss behavior of agent and some financial problem also.
Q.11 Will you act as referred to others people seeking insurance policy? (A) yes (B) No (c) never Option Yes No Never Respondents 30 45 13
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Interpretation
According to this graph 30 respondents have said I will refer it to seek this policy, 45 respondents have said no while only 13 respondents have said I will never suggest to any one to seek this policy.
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Q.12. Do you look for IRDA Instructions before taking Insurance policy? (A) Yes (B) no (C) I dont know about IRDA Option Yes No I dont know about IRDA Respondents 50 31 7
Interpretation
According to data 57% respondents have seen IRDA instructions, 35% respondents have not studied about IRDA guidelines while at the same time 8% respondents is also there who dont have any about IRDA.
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Q.13. Are you satisfied with on line services of Insurance Company? (A) Yes (B) no (C) never
Respondents 40 35 13
Interpretation
According to my question 45% respondents was satisfied with the on line services of Insurance company, 40% respondents was not satisfied with on line services while 15% respondents was never satisfied by the on line services of insurance company.
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Q.14. Are you satisfied with your Insurance agent regarding their services? (A) Highly satisfied (B) satisfied (C) dissatisfied Option Highly satisfied Satisfied dissatisfied Respondents 25 50 13
Interpretation
When I asked a question regarding their satisfaction with the insurance agent than 50 respondents was satisfied with the services of agent, 25 respondents was highly satisfied and 13 respondents was also their who are dissatisfied with the services of insurance agents.
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Q.15 Suggestions Suggestion Right recruitment of agent Improve On line services low premium Others Respondents 35 25 21 7
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Interpretation
This was the last question of my questionnaire. According to data 40% answer was focus on right recruitment of agents, 28% was in favor of on line services, 24% answers were related to low premium and 8% data was not clear to me that what he want to say.
FINDINGS
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FINDINGS
After complete this survey report I found that: 1. I have taken 100 people as a sample size out of this 88% respondents have life insurance policy while 12% respondents were not having any insurance policy. 2. Out of 88 respondents 65 respondents were having LIC policy while 23 respondents have their policy from private sector insurance company. 3. According to my survey I found that ICICI Prudential is the most preferred private sector life Insurance company and up to some extent BAJAJ Allianz is also there. 4. I found that maximum LIC policy holder have taken their policy on the basis of flexible premium rate, brand name and their reliability.
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5. I found that due to high/quick return and better services maximum respondents have taken their policy from private sector insurance company. 6. I found that maximum respondents have taken whole life plan after this few respondents have taken endowment plan and few respondents have taken pension plan.
7. I found that maximum respondents have taken their policy due to low premium rate and high returns. 8. out of 88 respondents 27 have said yes I will take, 33 have said no, 10 respondents have said never while 27 respondents have said yes I can think about take any other policy from the same company.
9. I found that premium play an most important role before taking any investment in insurance because maximum respondents have select option less than 1000Rs. 10. I found that 80 respondents have not left any insurance policy while 8 respondents have left their policy due to financial problem and miss behavior of agents. 11. When I asked the question that will you referred to other people Seeking same Insurance policy 45 respondents answer were in the form of yes, 30 respondents have said no while 13 respondents have said never.
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12. I found that 57% respondents was well aware about the IRDA, 35% have said no while 8% have said I dont have any idea about IRDA. 13. According to data the ratio between satisfaction of on line services is equal to each other. 14. Out of 88 respondents 25 respondents are satisfied, 50 have satisfied while left are dissatisfied with the services of Insurance companies. 15. Lastly I found that maximum suggestion was regarding the improvement of services, right recruitment of agent and most of the focus was on rate of premium and returns. So, these are the most important findings which I fond after completion of this survey project.
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CONCLUSIONS
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CONCLUSIONS
According to my collection of data I have tried to give conclusion on Survey topic which is as follows: 1. The maximum respondents were agreeing to invest their money in LIC. 2. According to my survey 74% market has been captured by LIC while left 26% have occupied by Private Sector Insurance Company. 3. The private players have finished the monopoly of the LIC from the market. The major private sector Insurance companies which are posing as a threats to the LIC are as follows: ICICI Prudential life Insurance company Bajaj Allianz life Insurance company HDFC standard life Insurance company TATA AIG life insurance company SBI Life Insurance company
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4. There is only one public sector insurance company that is LIC & there are 22 private sector Insurance companies working in India, except few most of them are working in Varanasi also. 5. The most popular and new plan of Insurance companies are Children assurance plans with special riders and their on line services.
SUGGESTIONS
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SUGGESTIONS
1. According to the collection of data maximum respondents was in favor of that the company must have to recruit the right kind of agent for the job. 2. Maximum respondents have said that they should try to improve quality of the services and also consider the low/flexible premium rate for the policy. 3. They must have to think about the risk and returns of the policy.
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LIMITATIONS
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LIMITATIONS
Though the study gives the deep exploration but still it has a some limitation:1. The time provided was less for the collection of primary data for my survey project which was the major limitation.
3. The money was also limited to carry out my survey report which was also one of the major limitations.
4. The authenticity of my survey report is fully dependent on the responses of the respondents.
5. Sometime people hesitate to give their opinion and personnel detail so thats why it was also one of the major limitations which I faced during my survey.
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BENEFITS
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BIBLIOGRAPHY
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BIBLIOGRAPHY
1. BOOKS AND MAGAZINS REFFERED: LIFE INSURANCE BY M.N. MISHRA INSURANCE WATCH MONEY OUT LOOK 2. WEBSITES REFFERED: WWW. ICICIPRULIFE.COM WWW.MONEY OUTLOOK.COM WWW.INSURANCE.COM WWW.TATA-AIG.COM WWW.SBILIFE.COM 2. REPORT REFFERED: BREIF PROFILE OF LIC INSURANCE SECTOR IN INDIA.
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ANAXTURE
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OCCUPATION QUALIFICATION .. CONTACT NO. ... INCOME GROUP (A) below 10000 (B) 10000 - 20000
(C) 20000 - 30000 (D) 30000 & Above Q.1. Do you have any insurance policies? (A) Yes (B) No
Q.2. you have purchased your policy from LIC or from any private sector Insurance companies. (A) LIC (B) private sector Insurance company
Q.3. you have taken your policy from which private company? ( A) ICICI prudential (B) Bajaj Allianz (C) TATA AIG (D) HDFC standard life (E) any other (Pls. specify) .. Q.4. why you have taken your policy from LIC, (Please rank)? (A) Brand name [ ] (B) oldest [ ] (C) flexible premium rate [ ] (D) Tax saving/high return [ ] (E) any other (Pls. specify) . Q.5. Why you have taken your policy from private sector Insurance Company (Please rank)? (A) Quick & high returns (B) better services (C) tax saving (D) Any other (Please specify) . Q.6. which policy or schemes you have taken?
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(A) ULIP plan (B) endowment plan (C) whole life plan (D) Pension plan (E) any other Q.7. why you have chosen this policy? (A) Low premium (B) high returns (D) its your needs (E) all of them (C) well awareness
Q.8. Do you want to take any other policy from same company? (A) Yes (B) No (C) never (D) can think
Q.9. How much premium you have paid for your policy? (A) less than 1000 (B) more than 5000 (C) more than 10000 (D) More than 15000 (E) dont want to disclose Q.10. Have you closed any insurance policy and why? No (B) If yes (pls give company name..) 1st. financial problem 2nd. Miss behavior of agent 3rd. benefits & returns of the policy Q.11. Will you act as references to other people seeking insurance policy? (A) Yes (B) no (C) never Q.12. Do you look for IRDA Instructions before taking Insurance policy? (A) Yes (B) no (C) I dont know about IRDA Q.13. Are you satisfied with on line services of Insurance Company? (A) Yes (B) no (C) never Q.14. Are you satisfied with your Insurance agent regarding their services? (A) Highly satisfied (B) satisfied (C) dissatisfied Q.15. Suggestion .
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