Project Report On MARKET RESEARCH AND CUSTOMER SATISFACTION For KOTAK MAHINDRA L IFE INSURANCE COMPANY LIMITED PUNE.

Submitted in partial fulfillment of two years full time course in Masters in Bus iness Administration, 2004-2006, Vishwakarma Institute of Management, Pune. By Mr. Sachin Bhutkar Vishwakarma Institute of Management Survey no.3/4, Kondhaw a Budruk, Pune-411 048

KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD PUNE STUDY ON MARKET RESEARCH AND CUST OMER SATISFACTION FOR KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD PUNE A SUMMER PROJECT REPORT DURING JUNE-JULY-2005 UNDER THE GUIDANCE OF MR NIKHIL SHAH (SALES MANGAGER) & PROF. MAHESH HALALE SUBMITTED BY MR SACHIN BHUTKAR IN PARTIAL FULFILLMENT OF MBA FROM VISHWAKARMA IN STITUTE OF MANAGEMENT PUNE

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 imposs ible for a single individual to complete the assigned job without help and assis tance from others. It is my greatest pleasure to acknowledge sincere gratitude towards Mr. Nikhil S hah (Sales Manager) Kotak Mahindra Life Insurance Company Ltd. Pune, for the com pletion of the project work. I would also like to acknowledge to my sincere gratitude to the Director of my i nstitute Dr. Shard Joshi and my project guide Prof. Mahesh Halale 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. Sachin Bhutkar

Executive Summary The objective of the project was to do Market Research and customer Satisfaction for Kotak Mahindra Life Insurance for that we have to understand the customer needs, Income, constraints, response and emotions so tha t they can contribute their time for becoming Life advisors for the company. The objective of this study was to analyze consumer satisfaction of mechanical spli cing in Pune city with respect to the performance, sales effort and sales servic e. As the company was new and it was yet to be marketed to a large number of custom ers, it was essential to know the feedback of customers in order to formulate ef fective marketing and sales strategies in future and improve the quality of serv ice to achieve better consumer satisfaction. The site visits and companing made us possible to measure the satisfaction of co nsumer by identifying the attributes, which gave consumer-varying degrees of sat isfaction. Questionnaire based on company format some attributes like requirement of custom er and sales services offered by company were identified as critical (motivation al) factors for providing satisfaction to consumers, while other factors like ex cisable deposit center, premium collocation was time to time and also intimation regaining before the collocation of premium. But absence of such hygienic facto rs definitely results in a dissatisfied consumer.

These hygienic factors could result in selling but their absence can certainly u nseal the product offering. For this a questionnaire was prepared which gave a vague idea about the people w ho were really interested and wanted to know about various new opportunities in the insurance sector. Go through questionnaire in different different area and p eople in the Pune city. The study was undertaken for pune region during two mont hs. 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 ques tionnaire and taking appointments. After that usually meeting the persons and te ll them about the company. Most important part is analyzing the information.

CONTENTS Serial No. 1. Particulars Introduction Page No. 2. Industry Profile 3. Company Profile 4. Scope of the work 5. Research Methodology 6. Data interpretation and analyses 7. Observation and findings 8. Limitation and Recommendation 9. Bibliography 10. Annexure

INTRODUCTION

INTRODUCTION Wherever there is uncertainty there is risk. The risk cannot be averted. The ris k is uncertainty of the financial loss. We don t have any command on uncertainti es. This makes it essential that we think in favor of a device that becomes inst rumental in spreading the loss. It is in this context that we think about insura nce. 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 pro vided you a death during the contract term. Buying insurance is extremely useful if you are the principal earning member in the family unfortunate premature dem ise, 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 t he even insurance is also seen as a tool to plan effectively for your future yea rs. Your retiren children s future needs. Today, the market offers insurance pla ns that not just cover your same time grow your wealth too. If you have dependan ts and financial responsibilities toward them, then you certainly need. Having a family means dependant, which in turn means financial commitments. Fina nce comes in the form of loans, children s education,

medical expenses etc. Imagine what would happen if you were to lose your life su ddenly 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 i ncome plan and kotak Multiplier plan. Most insurance plans available today have a bailt in saving elements. Kotak preferred Retirement plans meet your dual fina ncial 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 estima te it Accurately and manage it wisely. Insurance sector have characteristic that give can boost to the growth of any ec onomy .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 whil e the payout is differed, so that the insurance companies are becoming biggest i nvestors 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 i n force, the potential of the Indian insurance industry is huge.

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 importan t management practices in field of marketing. While writing this report the language has been keep simple and the entire discu ssion has been logical and has coherent outlines. The main motto of the project work was Market Research and customer Satisfaction of Kotak Mahindra Life Insura nce, Pune. It includes through market Research in various plans of Kotak Mahindr a Life Insurance. And in detail consumer (Satisfaction) responses analysis, by s urveying number of consumers. The project report is divided into two parts, firs t part consists market research for finding out best sold plan of Kotak Mahindra Life Insurance, And second consist survey report of various consumers about the re responses about satisfaction towards Kotak Mahindra Life Insurance Company.

IMPORTANCE OF THE TOPIC The project report is all about market research to find out best sold plan of Ko tak Mahindra Life Insurance, pune. And to mouser the satisfaction level of consu mers of Kotak Mahindra Life Insurance. Market research helps Kotak Mahindra Life Insurance about the best plan purchased by its consumer satisfaction level help s to know weather the consumers are satisfied by service/Plans of Kotak Mahindra Life Insurance.

INDUSTRY PROFILE

INDUSTRY PROFILE The industries, businesses and individuals are considerably by the services of i nsurance 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 established in 1696. C. In India the first life insurance was started in the Bengal Presidency in 1818 knows as oriental li fe insurance company. D. Experiencing so many ups and downs the insurance busine ss 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 insuran ce industry and ends the dominance of LIC. F. The different MNC s company of for eign country enters in the insurance industry with the joint venture with Indian companies. Today total 11 private life insurance companies are working in insur ance industry. Hand in Hand Society

HISTORY 1912: the Indian Life Assurance Companies Act enacted as the first stature to re gulate the life insurance business. 1928: the Indian Insurance Companies Act enacted to the government to collect st atistical 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. LI C Act, 1956, with a capital contribution of Rs. 5 core from the Government of In dia. INSURANCE SECTOR REFORMS: 1) Structure Government stake in the insurance companies to be brought down to 5 0%. 2) Competition Private companies with a minimum paid up capital of Rs. 1bn shoul d be allowed to enter the industry. No company should deal in both Life and Gene ral 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 Regulato ry body should be set up - Controller of Insurance (Currently a part from the Fi nance 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. Co mputerization of operations and updating of technology to be carried out in the insurance industry. The committee emphasized that in order to improve the custom er services and increase the coverage of the insurance; industry should be opene d up to competition.

ENTRANCE OF PRIVATE PLAYERS IN INSURANCE SECTORS India still has low insurance p enetration of 1.95 percent, 51st in the world. Despite the fact that India boost s 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 c ompetition since nationalization in 1956, the life insurance industry had been p rotected from competitive pressures. Now, with the reopening of the sector, seve ral new players have entered the scene. The acronym for the Insurance Regulatory and Development authority of India, it overseeing the insurance business in Ind ia. 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. Allianz Bajaj Life Insurance Company L td. 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 v enture 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 v enture 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 leadi ng 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 America n partner bring the balance 26%. ICICI Prudential Life Insurance Company Ltd. ICICI Prudential equity based stand s at Rs. 675 Cr. With ICICI group and Prudential Plc holding 74% and 26% stake r espectively. Birla Sun Life Insurance Company Ltd. Birla Sun Life Insurance Company is a 74:2 6 joint venture between Aditya Birla Group and sun life financial services of Ca nada. HDFC Standard Life Insurance Company Ltd.

HDFC Standard Life Insurance Company Ltd. was one of the first companies to be g ranted license by the IRDA to operate in life insurance sector. It was incorpora ted on 14th august 2000. HDFC is the majority stakeholder in insurance JV with 8 1.4% stake and Standard life (largest mutual assurance company in Europe) has a stake of 18.6%. ING Vysya Life Insurance Company Ltd. ING Vysya Life Insurance Company Ltd. is e xpected to be first bank assurance venture in the country. Together they have ro ped in GMR group, which has wide-ranging interests in field such as power genera tion infrastructure, manufacturing, software and banking. As per JV agreement Vy sya bank would hold 49% stake, ING (Europe, Dutch origin) 26% and GMR group woul d hold 25% of the stake. MAX New York Life Insurance Company Ltd. It s a partnership between MAX India lt d and New York life, a Fortune 100 company. Met Life India Insurance Company Ltd. It was incorporated in April 2001 as a joi nt venture between Met Life International Holding, Inc, Jammu & Kashmir bank, an d M. Pallonji and company private Ltd.

COMPANY PROFILE

PRODUCT a) Kotak Flexi plan Advantages: 1 Choice of 5 professionally managed funds included Gilt Fund, Float ing Rate Fund, Bond Fund, Balanced Fund, Growth Fund. 2 Add lump sum injections as and when suitable 3 Premium holiday facility 4 Riders options for enhanced pr otection 5 Loan facilities in case of emergencies 6 Simplified documentation and procedures b) Kotak Retirement Income Plan The Kotak Retirement Income Plan is a savings plan designed to meet your post re tirement needs. It is a plan that gives you jeene Ki azaadi by giving you the ch oice to remain independent even after retirement. Advantages: 1 In this plan min imum age of 18 years of old and maximum age is 60 years. 2 You may buy an annuit y either from Kotak Life Insurance. 3 You can make lump sum injections into your policy at any time before retirement. 4 For a with cover plan you have the faci lity of Automatic cover Maintenance, which ensures that the cover remains in for ce even when you

miss the premium payments. This facility is available after the first 3 years of the term. 5 You may exercise the option of paying premium from the Supplementar y Accumulation Account, created from will be created from lump sum injections, i f the need arises. c) Kotak Endowment Plan An Endowment policy is a combination of savings along with risk cover. These pol icies designed to accumulate wealth and at the same time cover your life. In sim ple words, issued for specific time periods during which you pay a regular premi um. If you die during policy, your beneficiaries will receive the sum assured al ong with the accumulated bonus a outlive the policy tenure you will receive the sum assured along with accumulated bonus. Advantages: 1 In this plan minimum age of 18 years of old and maximum age is 65 years. 2 You can take a loan against y our policy has been in force for at least three years. 3 You have the option of paying premiums quarterly, half yearly or yearly. 4 You have the benefit of a 15 -day free look period. d) Kotak Capital Multiplier Plan The Kotak Capital Multiplier Plan is a participating plan that is built in such a way that it allows your money to multiply, and gives you the flexibility of us ing this money the way you need it, in regular and irregular withdrawals.

This is an endowment plan, which is very flexible and has a lot of in-built bene fits. Advantages: 1 In this plan minimum age of 18 years of old and maximum age is 60 years. 2 At the start of your withdrawals period, you can draw the full pr oceeds or you can draw up to 50% of your basic sum assured or accumulation accou nt, whichever is higher. 3 In addition to the regular premiums, you can make lum sum injection into your plan during the premium paying period. A Supplementary Accumulation Account will be created. 4 You have the facility of Automatic Cover Maintenance, which ensures that the policy remains in force even when you miss the premium payments. This facility is available after the first 3 years of the term. e) Kotak Child Advantage Plan The Kotak Child Advantage Plan is an investment plan designed to meet your child s future needs. It is a plan that gives your child the azaadi to realise his/he r dreams. This is an endowment plan where the life insured is the child. This is a participating plan. Advantages: 1 In this plan minimum age of 0 years of old and maximum age is 17 years. 2 You may take a loan against this plan, after the policy has been in force for at least three years. 3 You have the option of payi ng premiums quarterly, half yearly or yearly. 4 You have the benefit of a 15-day free look period.

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 econo mic 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 Mahin dra Life Insurance. The main objective of the project was to analyze consumer sa tisfaction of Kotak Mahindra Life Insurance with other services in Pune. And als o present position of the company. 2) To determine the market share of different brands. The second objective of th e 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 determi ne where do they stand. 3) Responses of customer Responses from them were collected through survey and f or the questionnaire were prepared for both of them. 4) Benefits derived by assessing consumer satisfaction are: - Feedback to organi zation regarding product. - Understanding customer s requirements. - Providing s uperior service to customer. - Strengthen the relationship with customers. - For mulating 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 oth er 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 t o find out the problem but also the identification of solutions or suggestions o f the problems.

RESEARCH METHODOLOGY

RESEARCH METHODOLOGY INTRODUCTION Research is an art of scientific investigation through search for new facts in a ny 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 answ ers to questions through the application of the scientific method. It is a syste matic and intensive study directed towards a more complete knowledge of the subj ect studied. As marketing does not address itself to basic or fundamental question, it does n ot qualify as basic research. On the contrary, it tackles problems, which seem t o have immediate commercial potential. In view of the major consideration, marke ting research should be regarded as applied research. We may also say that marke ting research is of both types and problem oriented. problem solving Marketing research is as systematic and objectives study of the problems pertain ing 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 ph ases 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 th e 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 partic ularly fulfill the objectives of the project is known as primary data. These typ es of data were, - The market share of Kotak Mahindra Life Insurance. - The mark et share of other brands available in the market. - Responses of consumer. - Ide ntifying pros and cons of the brand. The above primary data were collected throu gh responses of consumer was conducted through questionnaires prepared for them. b) Secondary Data Secondary data are that type of data, which are already assemb led 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 col lected through Internet and company s financial report.

2) Data Collection Method For given project, the primary data, which needed to c ollect for the first time, were much significant. This type of information gathe red through Survey technique, which is the most popular and effective technique for correct data collection. The survey was completed with the use of questionna ires. - Questionnaire for consumer. 3) Sampling Sample is the small group taken under consideration from the total g roup. This small group represents the total group. In the project the market res earch, which was ask to be studied was pune market but as it was possible to app roach all the respondent s customer of the city, hence a sample was selected whi ch represents the whole city. The areas selected for the sample are present furt her 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 con tained unnecessary information and over or under emphasized facts. Therefore onl y relevant data were included in the report, which helped in achieving the objec tives of the project.

DATA INTERPRETATION AND ANALYSIS

Personal detail Classes (Age) 18-24 24-35 35-45 45-55 55-65 No of Respondents 4 19 16 8 1 No. Of Respondant 20 18 16 14 12 10 8 6 4 2 0 18-24 24-35 35-45 45-55 55-65 No. Of Respondant ANALYSIS Above diagram consist five classes of different age groups. Here customer 19 cus tomer biloges to 25-35 age groups, 16 customers fall in the age group 35-45 year s. Other 8 customer comes are in the class 45-55 years the age group of 18-24 co nsists four customer reaming customer is in age group 55-65 years. Here majority of customer belong to the group 25-35 years.

Do you think is it essential to have Life Insurance? YES NO Yes 45 90 No 5 10 To tal 50 100 No. of Respondents % of Respondents No. of Respondents YES NO ANALYSIS To this question 45 consumers reported YES and 5 consumers reported NO .

Which are the companies you invested your money for Life Insurance? Companies Kotak Mahindra Life Insurance LIC Bajaj Allianz Tata AIG Max New York Life Insurance HDFC Life Insurance ICICI Prudential Life Insurance SBI No. of Respondents 50 30 10 5 10 25 5 % of Respondents 37.04 22.22 7.41 3.70 7.41 18.52 3.70 No. of Respondents Kotak Mahindra Life Insurance LIC Bajaj Allianz Tata AIG Max New York Life Insurance HDFC Life Insurance ICICI Prudential Life Insurance SBI

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 A IG are having equal share of 7.41% & the Max New York & SBI are having 3.70%.

Why did you choose Kotak Life Insurance? ROI Peer Pressure Tax Benefit Security /safety Low Premium TOTAL No of Respondents 18 15 10 2 5 50 % Of Respondents 36 30 20 24 10 100 No. of Respondents ROI Peer Pressure Tax Benefit Security /safety Low Premium ANALYSIS The above diagram shows 36% of respondents choose because of good returns, 30% b ecause of peer pressure and remaining 24% opt. Because of tax benefit, safety an d 100 premium respectively.

Which of the following planed you is insured? Kotak Flexi plan Kotak Retirement Plan Kotak Endowment Plan Kotak Capital Multip lier Plan Child Advantage Plan No o % Of Respondents Respondents 25 40 19 30 3 5 6 10 10 15 No. of Respondents Kotak Flexi plan Kotak retirement Plan Kotak Endowment Plan Kotak Capital Multip lier Plan Child Advantage Plan Note. Some of customer are having more than one plan total survey customers are 50.

ANALYSIS From the total 63 respondents maximum i.e. 40% customers have opted for Flexi Pl an, whereas 30% have gore for Retirement plans and remaining 30% have customer a re having endowment, multiplier and child advantage respectively.

What kind of services you expect from insurance provides Easy access ability to Deposit Center Time to time premium collection Provision in case of Dues Bonus & other schemes TOTAL No of % Of Respondents Respondents 20 31 12 19 8 13 24 37 64 100 No. of Respondents Easy access ability to Deposit Center Time to time premium collection Provision in case of Dues Bonus & other schemes 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 accessi bility to deposit center as a concern before choosing insurance provider.

How will you rate the services given by Kotak Mahindra Life Insurance? No of % O f Respondents Respondents 16 32 28 56 6 12 50 100 Poor Average Good Excellent TOTAL No. of Respondents Poor Average Good Excellent ANALYSIS Out of 50 respondents 57% have ratted Kotak Mahindra Life Insurance ser vices as good and 32% have ratted as average. And remaining 12% have ratted as E xcellent.

What difference you find between Kotak & your previous Insurance provider. No of % Of Respondents Respondents 16 21 12 15 28 36 22 28 50 100 Good Returns Effective Service/liquidity Tax Planning Security/ Safety Benefit T OTAL No. of Respondents Good Returns Effective Service Tax Planning Security/ Safety Benefit Note. Some of customers are having more than one plan more Benefit are expected in one plan. Total surveys of customers are 50.

Do have any suggestion for Kotak Mahindra Life Insurance? YES NO YES 39 78 NO 11 22 TOTAL 50 100 No of Respondents % Of Respondents No. of Respondents YES NO ANALYSIS To this question 39 consumers reported YES and 11 consumers reported NO .

In future, will you purchase policies from Kotak Mahindra Life Insurance? YES NO No of Respondents % Of Respondents YES 32 64 NO 18 36 TOTAL 50 100 No. of Respondents YES NO ANALYSIS To this question 32 consumers reported YES and 18 consumers reported NO .

OBSERVATION AND FINDINGS

OBSERVATIONS Majority of the customer s belonged to age group of 25-35 years that is 19 consu mers. 45 consumers think Life Insurance is essential for them. 135 respondents a re investing in life insurance companies like Kotak Life Insurance, LIC, Tata Al lianz, Max New York, HDFC, ICICI and SBI. 36 percentages of the total respondent s invest in Kotak Mahindra Life Insurance for getting high ROI. Most of responde nt s preferred kotak Flexi Plan. 37.5 percentage respondents expect bonus and ot her schemes from Kotak Mahindra Life Insurance. 56 percentage respondents satisf ied with services given by Kotak Mahindra Life Insurance. As per 28% of desponde nce Kotak Mahindra Life Insurance providers good tax benefits to the Investors. 64% of respondents are willing to purchased policies from Kotak Mahindra Life In surance in future.

LIMITATION AND RECOMMENDATIONS

RECOMMENDATIONS 1) There is scope to sale insurance policy by concentrating on age group 18-24 y ears here potential of customers are there.(Example. Software professional, BPO employees, and professionals) Flexi plan can be sold by concentrating on age gro up 35-45 years. (Example. Government employees, executives and businessman) 2) A s major respondents think to have life insurance policy is very essential there is lot of scope for insurance company. 3) Kotak Mahindra Life Insurance should t ry 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 inves ting in Kotak Mahindra Life Insurance for getting high return on investment the company should try to provide attractive returns on investments in future. 5) Ko tak Mahindra Life Insurance should introduce attractive policies & also attracti ve bonus on policies to attractive more potential customers. 6) Approx 36% of re spondents differ with there previous insurance provider, they field that Kotak M ahindra Life Insurance providing good tax benefit for there investment so Kotak Mahindra Life Insurance if possible try to provided more tax benefit customer. 7 ) 64% respondents are willing to purchases Kotak Mahindra Life Insurance policie s in future this benefit Kotak Mahindra Life Insurance as mort potential custome r in future.

CONCLUSION

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

BIBLIOGRAPHY

REFERENCES BOOKS MAGAZINE Business & Economy Magazine COMPUTER WEBSITE www.IRDA.com www.licindia. com www.hdfcinsurance.com www.businessindiaonline.com www.maxnewyorklife.com www .brandonline.com www.iciciprulife.com

ANNEXURE

QUESTIONNAIRE 1. Personal detail Name: Age 18-24 45-55 Phone No. Email. Office Address: Reside ntial Address: 25-35 55 and above 35-45 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 Benef it d) Security /safety e) Low Premium 5. Which of the following planed you is in sured? a) Kotak Flexi plan b) Kotak retirement Plan c) Kotak Endowment Plan d) K otak Capital Multiplier Plan e) Kotak Child Advantage Plan 6. What kind of servi ces 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 Mahindr a 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) Securi ty/ Safety Benefit & Protection on your Capital 9. Do have any suggestion for Ko tak Mahindra Life Insurance YES NO 10. In future, will you purchase policies from Kotak Mahindra Life Insurance? YE S NO

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