Study on Consumer Buying Behaviour for Life Insurance of

ING Vysya Life Insurance

Company Limited
in Hubi
!"!C#$I V! S#%%&'(
In todays corporate and competitive world, I fnd that insurance sector has
the maximum growth and potential as compared to the other sectors. The
main purpose of the study is to fnd the customer buying behavior for Life
Insurance of INvysya Life Insurance !ompany in "ubli region which has
been done and will help the company to ma#e the mar#eting strategy for the
different segments. The study which has been made during this pro$ect will
help the company to ma#e strategies for this region and emphasi%e on their
wea#er areas. The &rand Image of various companies will be #nown. The
company can fnd out where their competitor stands in the minds of the
people. 'esearch has been done by primary data collection, and primary
data has been collected by meeting with the people in "ubli region. (ata
collection has been done through by giving structured )uestionnaire. This
study will be based on sampling. This is a descriptive
stud
y.
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Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Company Limited
in Hubi
CH&*$!' I+ IN$',-#C$I,N
.). $he $heme
+nderstanding consumers needs and paying attention to customer
service a security for life
for things you insuring of consumer buying behaviour for
life Insurance.
.)/ Introduction
&efore business can develop mar#eting strategies, they must
understand what factors in,uence buyers behavior and how they ma#e
purchase decisions to satisfy their needs and wants. &uyers are moved by
a complex set of deep and subtle emotions. Their behavior result from
deeply held values and attitudes their perception of the world and their
place in it.
There are also several stages through which the consumer exhibit before
deciding to purchase goods or services. These include - steps which are.
problem or need recognition, information search, alternative evaluation,
purchase and post/purchase evaluation.
.)0 $he Bac1ground of the Current 2or1
Insurance is in a manner of spea#ing the last frontier in the fnancial
sector to open. It is also a sector, which leads to benefts across the full
spectrum, from the individual who now have wider choices, to the
economy, which see increased savings, to the infrastructure sector, which
can loo# forward to long term funding being available. In an under/insured
economy, newer channels of distribution have to be utili%ed to intensify
the reach of insurance both in urban and rural mar#ets. This will create
huge employment opportunities not only within insurance companies but
also as agents and consultants of insurance companies.
.)3 ,b4ectives of the 2or1
To identify the main influences on customer
buying behavior
To distinguish the factors in,uencing customer
buying behavior.
.)5 Scope of 2or1
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Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Company Limited
in Hubi
1 big boom has been witnessed in Insurance Industry in recent times. 1
large number of new players have entered the mar#et and are vying to
gain mar#et share in this rapidly improving mar#et. The study deals with
IN 2ysya Life Insurance in focus and the various segments that it caters
to not only hubli but it help to other places also. The study then goes on
to evaluate and analy%e the fndings so as to present a clear picture of
trends in the Insurance sector.
.)6 %ethodoogy
The methodology of this pro$ect is frst conducted the mar#et survey
which will be possible only through )uestionnaire design. 3or fnding of
customer perception I meet lot of customers personally and by phone as well
as by interviewing them. 3or doing mar#et survey I selected the "ubli region
as my target.
CH&*$!'7II+ LI$!'&$#'! '!VI!2
/). Introduction
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Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Company Limited
in Hubi
The meaning of insurance is important to understand for anybody that is
considering buying an insurance policy or simply understanding the basics of
finance. Insurance is a hedging instrument used as a precautionary measure
against future contingent losses. This instrument is used for managing the
possible ris#s of the future.
!onsumer behavior refers to the mental and emotional process and the
observable behavior of consumers during searching, purchasing and post
consumption of a product or service.
!onsumer behavior involves study of how people buy, what they buy, when
they buy and why they buy. It blends the elements from psychology,
sociology, psychology, anthropology and economics. It also tries to assess
the in,uence on the consumer from groups such as family, friends, reference
groups and society in general.
&uyer behavior has two aspects. the fnal purchase activity visible to any
observer and the detailed or short decision process that may involve the
interplay of a number of complex variables not visible to anyone.
5ar#eting is a societal process by which individuals and groups obtain
what they need and want through creating offering and freely exchanging
products and services of value with others for a managerial defnition
mar#eting has often been described as 6The art of selling the products
6but people surprised when they hear that the most important part of
mar#eting is not selling is
only the tric# of the mar#eting
iceberg.
!ompanies practising the mar#eting concept wor# at the level of
customer segments, a growing number of todays companies are now
shaping separate offers services and messages to individual customers these
companies collect information on each customers past transaction
demographics, psychographics and media and distribution preference,. They
hope to achieve profitable growth through capturing a larger share of each
customers expenditure by building high customer loyalty and focusing on
customer life time value.
1bility of a company to deal with customers one at time has become
practice as result of advances in factory customisation computers the
internet and data base mar#eting softwares yet the practicing of a one to
one mar#eting is not for every company the re)uired investment in
information collection, hardware, and software may exceed the pay out. it
wor#s best for companies that normally collect a great deal of individual
customer information, carry a lot of products that can be cross sold carry
products that need periodic replacement or up grading and self product of
high value.
is the difference between the perspective customers evaluation of all the
benefts and all the costs of an offering and the perceived alternatives
total customer value is the perceived monitory value of the bundle of
economic, functional, and psychological benefts customers except from a
given mar#et offering total customer cost is the bundle of costs customer
except to incur in evaluating, obtaining, using and disposing of the given
mar#et offering.
CH&*$!' III+ ,rgani8ationa
Study
0).
Introduction
In the social sciences, organi%ations are studied by researchers from several
disciplines, the most
common of which are sociology, economics, political science, psychology,
management, and
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organi%ational communication. The broad area is commonly referred to as
organi%ational studies, organi%ational behaviour or organi%ation analysis.
ING in India+
In India, IN is present in all three felds of ban#ing, insurance and asset
management in the form of IN, IN 2ysya Life Insurance and IN
Investment 5anagement respectively. The presence in all three felds
signifes the importance that the group attaches to the Indian mar#ets and
the group8s operations here, as well as its bullish future outloo# on the
country.
IN and IN 2ysya Life Insurance are head)uartered at &angalore, while the
corporate office of IN Investment 5anagement is situated at 5umbai.
The synergies arising out of the three distinct but complimentary
businesses are bound to be an asset to the group in the changing mar#et
dynamics of the future. The frst such signs are already visible on the hori%on
with combined products being successfully launched by the different entities
of the group in con$unction with each other.
$he origin of ING Group+
9n the other hand, IN group originated in *::; from the merger between
Nationale < Nederlanden N2 the largest (utch Insurance !ompany and N5&
=ost &an# roep N2. !ombining roots and ambitions, the newly formed
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
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company called 6Internationale Nederlanden roup>. 5ar#et circles soon
abbreviated the name to I/N/. The company followed suit by changing the
statutory name to 6IN roup N.2.>.
*rofie+
IN has gained recognition for its integrated approach of ban#ing,
insurance and asset management. 3urthermore, the company differentiates
itself from other fnancial service providers by successfully establishing life
insurance companies in countries with emerging economies, such as ?orea,
Taiwan, "ungary, =oland, 5exico and !hile. 1nother speciali%ation
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
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is IN (irect, an Internet and direct mar#eting concept with which IN is
rapidly winning retail mar#et share in mature mar#ets. 3inally, IN
distinguishes itself internationally as a provider of
@employee benefts, i.e. arrangements of non wage benefts, such
as pension plans for companies and their employees.
%issio
n+
INAs mission is to be a leading, global, client/focused, innovative and low/
cost provider of fnancial services through the distribution channels of the
clients preference in mar#ets where IN can create value.
The immediate beneft to the ban#, IN 2ysya &an#, has been the pride of
having become a 5ember of the global fnancial giant IN. 1s at the end of
the year (ecember 0;;B, IN8s total assets exceeded *440 billion euros,
employed over *0-;;; people, and served over B- million customers, across
-; countries. This global identity coupled with the bac# up of a fnancial
power house and the status of being the frst Indian International &an#,
would also help to enhance productivity, profitability, to result in improved
performance of the ban#, for the beneft of all the sta#e holders.
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
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IN 2ysya &an# Ltd., is an entity formed with the coming together of
erstwhile, 2ysya &an# Ltd, a premier ban# in the Indian =rivate Cector
and a global fnancial powerhouse, IN of (utch origin, during 9ct 0;;0.
The origin of the erstwhile 2ysya &an# was pretty humble. It was in the
year *:4; that a team of visionaries came together to found a ban# that
would extend a helping hand to those who weren8t privileged enough to
en$oy ban#ing services.
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
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ING Vysya Life Insurance
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It8s been a long $ourney since then and the &an# has grown in si%e and
stature to encompass every area of present/day ban#ing activity and has
carved a distinct identity of being India8s =remier =rivate Cector &an#.
In *:B;, the &an# completed ffty years of service to the nation and post
*:B-D the &an# made rapid strides to reach the coveted position of being the
number one private sector ban#. In *::;, the ban# completed its (iamond
Eubilee year. 1t the (iamond Eubilee !elebrations, the then 3inance 5inister
=rof. 5adhu (andavate, had termed the performance of the ban#
@Ctupendous. The F-th anniversary, the =latinum Eubilee of the ban# was
celebrated during 0;;-.
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
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In terms of pure numbers, the performance over the decades can better be
appreciated from the following table.
Gea
r
Networt
h
(eposit
s
1dvanc
es
=rofits 9utlet
s
*:7
;
;.;;
*
;.7;
;
;.7;
;
;.;;
*
7
*:-
;
*.7
;
-.4
;
4.B
;
;.;
:
*H
*:H
;
*.H
;
0;.*
;
*4.-
;
;.*
4
*:
*:F
;
4.;
;
:*.-
;
H0.B
;
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7
4:
*:B
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**.-
;
*7*7.4
;
B*4.F
;
*.*
4
00
B
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
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's. in millions
Cource.ww w .ing l if e . c o.in
*::
;
*H0.*
;
B-;:.7
;
7-B7.B
;
-;.4
-
4*
:
0;;
;
-:;;.;
;
F707;.
;;
4:4B;.
;;
774.*
;
7B
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0;;
*
H-0F.;
;
B*7**.
*;
74*H4.
*;
4F*.:
;
7B
7
0;;
0
HBH4.0
7
B;HB;.
;;
77*B;.
;;
HBF.-
;
7B
4
0;;
4
F;HF.:
;
:*BF;.
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-H*0;.
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BH4.-
;
7-
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7
F7F4.0
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*;7FB;.
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H:4HF.
4;
-:;.;
*
-0
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F;:7.;
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*0-H:4.
*;
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:;
I4B*.B
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*;*:H.
F;
*444-0.
-;
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***;*.
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*-7*B-.
F;
**:FH*.
F;
BB:.
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0;;
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*70H;.
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0;7:B;.
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*7H-;;.
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*-H:.;
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*BBB.;
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Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
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ING Vysya Life Insurance
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K 9utlets comprises of 77* branches, 4F L!s, 0B Catellite 9ffces and 4-*
1T5s as of 5arch
4*st 0;;:. 1dditionally ban# also has Internet &an#ing, my/ban# and
!ustomer Cervice Line for
=hone &an#ing
Cervice.
ING Vysya Life
Insurance+
IN 2ysya Life Insurance !ompany Limited a part of the IN roup the
worlds largest fnancial services provider entered the private life insurance
industry in India in Ceptember 0;;*. "ead)uartered at &angalore, IN 2ysya
Life is currently present in 07H cities and has a networ# of over 4;;
branches, staffed by F,;;; employees and over -*,;;; advisors, serving
over -.- la#h customers.
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ING Vysya Life Insurance
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*roduct
*ortfoio+
IN 2ysya Life follows a 6customer centric approach> while designing
its products. The
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ING Vysya Life Insurance
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!ompanys product portfolio offers products that cater to every financial
re)uirement, at all life
stages.
In fact, the company has developed the L i fe 5a #e r T 5 a simple tool which can
be used to choose a plan most suitable to a specifc customer based on
his needs, re)uirements and current life stage. This tool helps you build a
complete fnancial plan for life at every life stage, whether the re)uirement is
= rot ec ti o n , C a ving s , In v e st m e nt or ' e ti r e men t . Cuitable products from IN
2ysya Life Insurances product portfolio for each such re)uirement, ma#es
selection of your plan an easy exercise.
-istribution Channes+
IN 2ysya Life has a diversifed distribution platform. Mhile Tied 1gency
remains the strongest channel, the 1lternate !hannels business within IN
2ysya Life is one of the fastest growing distribution channels. IN 2ysya Life
has strengthened its position as the unparallel leader in the life insurance
industry in cooperative ban#s tie ups. The company currently has tie ups
with *4; cooperative ban#s across the country. The 1lternate !hannels
division has &anc assurance, IN, !orporate 1gents and C5IN!L
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ING Vysya Life Insurance
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$he Brand *ositioning+
In 0;;F, IN 2ysya Life developed its uni)ue brand positioning @5era far%.
This =ositioning means, IN 2ysya Life helps its customers fulfil their
responsibilities towards themselves and their families. This powerful
positioning has helped IN 2ysya Life create a distinct identity for itself.
The latest brand campaign with a very catchy $ingle dwells on how a little
planning and a helping hand from IN 2ysya life can help lighten the
burden of responsibilities that often come with happy moments and let you
en$oy your life without any worries.
%anagement+
Board of -irectors Ias on Eune ;*, 0;;:J.
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
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ING Vysya Life Insurance
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5r. 'a$an 'ahe$a. !hairman of the
&oard 5r. ?shiti$ Eain. 5anaging
(irector N !hief Lxecutive 9ffcer
5r. N. N. Eoshi. (irector
5r. Catish 'ahe$a.
(irector 5r. 'a$esh
?apadia. (irector 5r. C.
&. anguly. (irector 5r.
'on van 9i$en. (irector
Senior %anagement $eam =as on >une <.? /<<;@+
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
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5r. ?shiti$ Eain. 5anaging (irector N !hief Lxecutive 9ffcer
5r. 'ahul 1garwal. !hief (istribution 9ffcer
5r. &. 1shwin. !hief 9perating 9fficer
5r. Eohn &oers. !hief 3inancial 9ffcer
5s. "emamalini 'ama#rishnan. 1ppointed 1ctuary and !I'9 I!hief
Insurance 'is# 9fficerJ
5r. 5arco 3redri#s. 3inancial !ontroller
5r. 1mit upta. (irector / 5ar#eting N
!ommunication 5s. =riya opala#rishnan.
(irector / "uman 'esources 5r. T. ?.
+thappa. (irector, Cales / Tied 1gency
5r. 5ano$ ?aushi#. (irector / 1lternate !hannels
5r. 'avishan#ar Cubramanian. (irector / Information Technology
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ING Vysya Life Insurance
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Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Company Limited
in Hubi
5r. Eoost van &everen. 2ice =resident / &usiness Transformation
Corporate ,b4ective+
1t IN Life, we strongly believe that as life is different at every stage, life
insurance must offer ,exibility and choice to go with that stage. Me are fully
prepared and committed to guide you on insurance products and services
through our well/trained advisors, bac#ed by competent mar#eting and
customer services, in the best possible way.It is our aim to become one of
the top private life insurance companies in India and to become a
cornerstone of INs integrated
fnancial services business in India.
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Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
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Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Company Limited
in Hubi
%ission 6To set the standard in helping our customers manage their
financial future.>
*&'$N!'S
ING
Group+
IN is a global fnancial institution of (utch origin offering ban#ing,
insurance and asset management to over B- million private, corporate and
institutional clients in over -; countries. Mith a diverse wor#force of
approximately *4;,;;; people, IN comprises a broad spectrum of
prominent companies that increasingly serve their clients under the IN
brand.
Strate
gy+
9ur strategy is more relevant to consumers than ever before. Their
fundamental needs with regard to saving, investing and preparing for
retirement have not changedOin fact, the crisis has reinforced the basic
need to save. It has also highlighted the value of simplicity and transparency,
which are two important aspects of our goal to create an 6easier>
experience. 5ore than ever, our sta#eholders want a fnancial partner they
can trust. iven the nature of our business, its our responsibility to shield
our customers from mar#et ris#s and reduce the volatility of our earnings for
shareholders. 1s a result, we will put even more emphasis on the way that
we manage our ris#s, capital and costs.
'esponsibi
ity+
IN strives to be a good citi%en. Lthical, social and environmental
considerations play an integral part in our business decisions. IN is
committed to playing an active role as a community sponsor. It does
this through a wide range of local sponsorships and through its global
!hances for !hildren initiative, which provides access to primary education
to underprivileged children in developing countries who would otherwise not
have the chance to attend school.
B!L,2 &'! D ! 2 , D $ H ! *L&NS $ H&$ & ' ! ,DD ! '!- B( ING
V ( S (& L I D! INS#' & N C !
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Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Company Limited
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Insurance pans
avaiabe+
Individua *roducts
IN Life Insurance aims to ma#e customers loo# at life insurance afresh, not
$ust as a tax saving device but as a means to live life to the fullest. It
believes in enhancing the very )uality of life, in addition to
safeguarding an individual8s security. The
!ompany follows a 6customer centric approach> while designing its life
insurance products. The IN Life product portfolio offers products that cater
to every fnancial re)uirement, at all life stages.
*rotection
*ans
It is the simplest form of insurance, where the Life 1ssured is provided
insurance cover and on his death during the policy term, the sum assured
under the policy is paid to his benefciary. Mhat is more, the IN Term
Life is one of the most affordable and inexpensive ways of obtaining life
insurance cover
9ur saving range includes IN Term Life, IN Term
Life =lus.
Savings
*ans
9ur Caving =lans help you achieve your life goals ma#ing them cherished
moments for you and your family. They provide you with the ,exibility to
save for your future re)uirements while you continue to improve your
current lifestyle. 9ur plans help discipline your savings approach and point
your efforts towards defned goals so that whatever stage of life you are in,
you are always in control and self/reliant.
9ur saving range includes +nit Lin#ed Insurance =lan, 'eversionary &onus,
!hild =rotection
=lan, 5oney &ac# =lan, Lndowment =lan, 5oney &ac# =lan, =ositive
Life, !reating Ctar,
'etirement
*ans
9ur 'etirement =lans ensure that you lead your life after retirement on your
own terms, doing things you have always dreamt of. Me also believe it is
important to be in control of your retirement planning. 9ur innovative
features help you choose your retirement age and also control the way
your investments are managed #eeping in mind your retirement needs.
9ur saving range includes &est Gears, New 3uture =erfect and
IN olden Life
Investment
*ans
9ur Investment =lans are created #eeping your needs in mind. Me
appreciate the ,exibility re)uired to suit your ris# appetite and the
commitments you may want to ma#e. 9ur global
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Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
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expertise in managing wealth for individuals at all stages in their life
ensures that we have products to suit your taste whatever your ob$ective of
investing may be.
9ur savings range includes =owering Life, New 3reedom =lan, New 9ne
Life, =latinum Life
=lan, "igh Life, "igh Life =lus, New 3ulflling Life =lan,
'iders
'iders are the optional contracts, which offer additional benefts for
policyholders. They are always attached to a basic policy. They cannot be
bought separately or independently of a basic policy. Lach 'ider will have its
own premium rate and separate policy conditions.
9ur savings range includes 1ccidental (eath 'ider, 1ccidental
(eath, (isability and
(ismemberment 'ider.
Group *roducts
1 variety of plans to provide a cost effective yet comprehensive cover in an
effcient manner to all your employees, helping you attract and retain the
best of talent.
IN Cmart Chield
roup ratuity
Lmployee (eposit Lin#ed
Insurance roup Term Life
Insurance =lan Cingle
=remium Level Term =lan
Concusions
9ur exhaustive research in the field of Life Insurance threw up some
interesting trends which can be seen in the above analysis. 1 general
impression that we gathered during (ata collection
was the immense awareness and #nowledge among people about various
companies and their
Babasabpatifreepptmba)com
*age *-
insurance products. =eople are beginning to loo# beyond LI! for their
insurance needs and are willing to trust private players with their hard
earned money.
=eople in general have been impression by the mar#eting and advertising
campaigns of insurance companies. 1 high penetration of print, radio and
Television ad campaigns over the years is beginning to have its impact now.
1nother heartening trend was in terms of people viewing insurance as a
money bac# guaranty and investment instrument as much as a protective
one. 1 very high number of respondents have opted for insurance for such
purposes and it shows how insurance companies have been successful
to attract public money in recent times.
The general satisfaction levels among public with regards to policy and
agents still re)uires improvement. &ut therein lies the opportunity for a
relative new comer li#e IN 2ysya Life Insurance !ompany Ltd. LI! has
never been #nown for prompt service or customer oriented methods and IN
2ysya Life Insurance can build on these factors.
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
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0)6 &chievements E
&ccoade+
Launched the frst !==I product in the country
Launched the frst global real estate strategy in the country
Launched the most innovative product across the 1sia =acifc region <
Poom
Investment =ac. 1warded as the @5ost Innovative =roduct by 115.
IN !+& 3und ran#ed among the @Morlds *;; top performing e)uity
funds in 0;;F
by LI==L'.
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
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.9
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IN (omestic 9pportunities 3und awarded with - star rating by 2alue
'esearch.
IN Income 3und/CT= ran#ed a - star fund in the category of open
ended debt/short term for 4 year period ending 0;;F.
'ated among @Top 0;; &rands in India for press coverage in 0;;F
and ran#ed No. F in the asset management space ahead of all other
5N!s.
Lxecuted 1sias frst, largest and the most prestigious event that
the Indian 1sset 5anagement Industry has ever witnessed < IN
L9&1L IN2LCT5LNT 51'1T"9N. This was an ideal place for IN
I5 Indias existing N prospective clients to meet II5 global portfolio
specialists from +C, Lurope and 1sia)
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
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.:
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.:
CH&*$!' IV+ *ro4ect
$as1
3).
Introduction
These are the main tas#s, including the obvious ones. There are probably
other tas#s that need to be defned also. Lach tas# should have some
continually enhanced documentation about it, so that any person can do the
tas#s.
3)/
,b4ectives
To identify reason for optingQbuying Life Insurance.
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
.;
Babasabpatifreepptmb
a)com
*age
.;
To identify the best policy of IN 2ysya from customer perspective.
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
/<
Babasabpatifreepptmb
a)com
*age
/<
To diffrenciate on service provided by private insurance companies
with public sector insurance companies from customer perspective.
3)/). -ata 'eFuirement &naysis
The data re)uired is about the investment pattern of the
respondents, the income level under
which they fall, the respondents preferences to various companies and
their preferences to various types of insurance policies.
3)/)/ -ata Coection
The data is collected through primary and
secondary data.
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
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a)com
*age
/.
Babasabpatifreepptmb
a)com
*age
/.
The data is collected through primary data by doing feld Curvey in
"ubli region. 1nd secondary data through IN2ysya records li#e
text boo#s, websites etc. The scope of research is restricted to "ubli
region and the research approach descriptive method.
CH&*$!'7V+ &naysis and Interpretation
-ata gives preference of respondents of Insurance companies)
C,%*&N(GS N&%!
N,),D
'!S*,N-!N
$
SH&'! =H@
IN 2GCG1
I!I!I ='+(LNTI1L
L.I.!
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
//
Babasabpatifreepptmb
a)com
*age
//
'LLI1N!L LI3L
INC+'1N!L
T1T1 1I LI3L
; ;
1NG 9T"L'
*: *:
T9T1L *;
;
*;
;
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
/0
Babasabpatifreepptmb
a)com
*age
/0
IN$!'*'!$&$I,N
77R of the people contacted to prefer LI! policy to any other and
therefore it is ran#ed no.* by that percent of respondents.
*:R of the people contacted to prefer IN 2ysya companys policies.
*BR of the people contacted to prefer C&I Life Insurance companys
policies.
*:R of the people contacted to prefer any other policies of the
companies.
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
/3
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a)com
*age
/3
-ata gives benefits of Insurance perceived by respondents)
B!N!DI$S
N,),D
'!S*,N-!N
$S
SH&'! =H@
!over 3uture +ncertainty
Tax (eductions
T9T1L *;
;
*;
;
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
/5
Babasabpatifreepptmb
a)com
*age
/5
IN$! '*'!$&$I, N
-7R of the respondents believe that covering future uncertainty is
the biggest beneft of an insurance policy.
0-R of them believe that the other benefts are Tax deduction.
Mhereas, 0*R of them believe that other benefts are future
investment.
-ata gives peope perception about Insurance)
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
/6
Babasabpatifreepptmb
a)com
*age
/6
'!S*,NS! N,) ,D
'!S*,N-!N
$S
SH&'! =H@
1 saving tool
4* 4*
1 tax saving device
70 70
1 tool to protect your family
0F 0F
Total *; *;
IN$! '*'!$&$I, N
4*R of the respondents have perception of Insurance being a saving tool.
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
/9
Babasabpatifreepptmb
a)com
*age
/9
1nd 70R of the respondents have perception of Insurance being a tax
saving device.
&ut 0FR of the respondents have perception of Insurance is a tool to
protect your family.
-ata shoIs buying process of the peope)
B#(ING *',C!SS N,) ,D
'!S*,N-!N
SH&'! =H@
1fter seeing the
add
0B 0B
Insurance advisor
approached customer
F0 F0
Total *; *;
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
/:
Babasabpatifreepptmb
a)com
*age
/:
IN$! '*'!$&$I, N+
0BR of the respondents approached the after seeing the add in
IT.2Q=aperJ
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
/;
Babasabpatifreepptmb
a)com
*age
/;
Mhereas, F0R of the respondents were approached by the Insurance
advisor approached customer.
-ata shoIs features of your poicy attracted to buy it)
'!S*,NS! N,) ,D
'!S*,N-!N
SH&'! =H@
Low premium
; ;
"igh ris# coverage
: :
5oney bac# guarantee
HB HB
'eputation of the company
*0 *0
1gents !onviction
** **
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
0<
Babasabpatifreepptmb
a)com
*age
0<
Total *;; *;;
IN$! '*'!$&$I, N+
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
0.
Babasabpatifreepptmb
a)com
*age
0.
HBR of the 'espondents are attracted for 5oney bac# guarantee.
:R of the 'espondents are attracted for high ris# coverage.
*0R of the respondents are attracted for reputation of the company.
1nd **R of the respondents are attracted for agents beliefs.
-ata shoIs satisfaction of respondents Iith to poicy
'LC=9NCL N9. 93
'LC=9N(LNT
C"1'L IRJ
Catisfed
B0 B0
Not satisfed
*B *B
Not 'esponded
; ;
Total *; *;
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
0/
Babasabpatifreepptmb
a)com
*age
0/
IN$! '*'!$&$I, N+
B0R of the respondents are more or less satisfed with their existing
policy.
*BR of the respondents are not satisfed with their existing policy.
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
00
Babasabpatifreepptmb
a)com
*age
00
In this case all of those who have ta#en a policy have responded.
-ata shoIs satisfaction of respondents Iith respect to service
agents)
'!S*,NS! N,) ,D
'!S*,N-!N
SH&'! =H@
Catisfed
H- H-
Not satisfed
47 47
Not 'esponded
* *
Total *; *;
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
03
Babasabpatifreepptmb
a)com
*age
03
IN$! '*'!$&$I, N+
H-R of the respondents are satisfed with their existing service agent.
47R of the respondents are not satisfed with their service agent.
1nd *R who has not responded.
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
05
Babasabpatifreepptmb
a)com
*age
05
-ata gives peope perception on appropriate age for buying
Insurance)
'!S*,NS! N,) ,D
'!S*,N-!N
$S
SH&'! =H@
1fter 0- years
-- --
1fter 4- years
* *
1fter 7- years
* *
1nytime
74 74
Total *;
;
*;
;
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
06
Babasabpatifreepptmb
a)com
*age
06
IN$! '*'!$&$I, N+
--R of the respondents are with the view that insurance should be
bought after the age of 0- years.
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
09
Babasabpatifreepptmb
a)com
*age
09
Mhereas, 74R of the respondents are with the view that buying of
insurance do not have any thing to do with age i.e. there is no age
limitations. It can be purchased any time according to the need.
1nd *R of the respondents are with the view that insurance should be
bought after 4- and
7- years of age.
-ata shoIs peope opinion about Indian Insurance companies)
'LC=9NCL N9. 93
'LC=9N(LNT
C
C"1'L IRJ
'igid plans
00 00
Non user friendly
: :
+nsatisfactory services
* *
Non 1ggressive
*B *B
Catisfactory
** **
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
0:
Babasabpatifreepptmb
a)com
*age
0:
ood
4B 4B
2ery good
* *
Total *;
;
*;
;
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
0;
Babasabpatifreepptmb
a)com
*age
0;
IN$!'*'!$&$I,N+
00R of the respondents have the opinion that Indian Insurance
!ompanies have rigid plans.
:R feel that Indian Insurance companies are Non/user friendly.
*BR of the respondents are with the view that Indian Insurance
companies are Non/ aggressive.
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
3<
Babasabpatifreepptmb
a)com
*age
3<
**R of the respondents feel that products and services of Indian
Insurance companies is
Catisfactory.
Mhereas, 4BR feel that it is good enough.
1nd according to the data, only single person has felt that it is very good.
1nd *R of the respondents felt that it is unsatisfactory service.
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
3.
Babasabpatifreepptmb
a)com
*age
3.
-ata shoIs Ihat peope Ioud oo1 for in an Insurance company)
'!S*,NS! N,) ,D
'!S*,N-!N
$ S
SH&'!
=H@
1 trusted name
4- 4-
3riendly service
N
4 4
ood plans
H* H*
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
3/
Babasabpatifreepptmb
a)com
*age
3/
1ccessibility
* *
Total *;
;
*;
;
IN$! '*'!$&$I, N+
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
30
Babasabpatifreepptmb
a)com
*age
30
4-R customers loo# for a trusted name in a company for insurance.
H*R customers loo# for a good plan in a company for insurance.
4R customer loo#s for 3riendly service responsiveness.
1nd *R customer loo#s for 1ccessibility.
-ata shoIs peope interested in going for Insurance if Insurance
Company aIay from your city E oJers better services E products)
'!S*,NS! N,) ,D
'!S*,N-!N
$S
SH&'! =H@
Ges
7H 7H
No
07 07
+ncertain
4; 4;
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
33
Babasabpatifreepptmb
a)com
*age
33
Total *;; *;;
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
35
Babasabpatifreepptmb
a)com
*age
35
IN$! '*'!$&$I, N+
The interested customers i.e. 7HR are ready to go for insurance even
away from a city if services and products.
07R of the customer is not ready to go for insurance away from a city.
4;R of the customer is not #nown about their decision.
.) 2hich company u prefers the mostK
'LC=9NCL
any
tim
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
36
Babasabpatifreepptmb
a)com
*age
36
L.I.! 0; ; ; 0;
'LLI1N!L
LI3L
T1T1 1I
LI3L
T9T1L *;;
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
39
Babasabpatifreepptmb
a)com
*age
39
/) -ata gives benefits of Insurance perceived by respondents)
'LC=9NCL
any
tim
!over
3uture
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
3:
Babasabpatifreepptmb
a)com
*age
3:
Tax
3uture
T9T1L *;;
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
3;
Babasabpatifreepptmb
a)com
*age
3;
0) -ata gives peope perception about Insurance)
'LC=9NCL
any
tim
1
saving
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
5<
Babasabpatifreepptmb
a)com
*age
5<
1
tax
savin
1 tool
to
protect
your
T9T1L *;;
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
5.
Babasabpatifreepptmb
a)com
*age
5.
3) -ata shoIs buying process of the peope)
'LC=9NCL
any
tim
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
5/
Babasabpatifreepptmb
a)com
*age
5/
1fter
seeing
the add
inIT.2Q=ape
rJ
Insurance
advisor
approach
ed
customer
T9T1L *;;
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
50
Babasabpatifreepptmb
a)com
*age
50
5) -ata shoIs features of your poicy attracted to buy it)
'LC=9NCL
any
tim
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
53
Babasabpatifreepptmb
a)com
*age
53
Low
"igh
ris#
coverage
5oney
bac#
guarantee
'eputatio
n
of
the
company
1gents
!onviction
T9T1L *;;
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
55
Babasabpatifreepptmb
a)com
*age
55
6) -ata shoIs satisfaction of respondents Iith to poicy
'LC=9NCL
any
tim
Catisfed
7; ; ; -;
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
56
Babasabpatifreepptmb
a)com
*age
56
Not
Not
'esponde
d
T9T1L -; ; ; -;
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
59
Babasabpatifreepptmb
a)com
*age
59
9) -ata shoIs satisfaction of respondents Iith respect to service
agents)
'LC=9NCL
any
tim
Catisfed
-; ; ; -;
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
5:
Babasabpatifreepptmb
a)com
*age
5:
Not
Not
'esponde
d
T9T1L *;;
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
5;
Babasabpatifreepptmb
a)com
*age
5;
:) -ata shoIs peope opinion about Indian Insurance companies)
'LC=9NCL
any
tim
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
6<
Babasabpatifreepptmb
a)com
*age
6<
'igid plans
Non
user
friendly
+nsatisfacto
ry
services
Non
1ggressive
Catisfactory
ood
* ; ; 7
2ery good
T9T1L *;;
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
6.
Babasabpatifreepptmb
a)com
*age
6.
;) -ata shoIs Ihat peope Ioud oo1 for in an Insurance
company)
'LC=9NCL
any
tim
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
6/
Babasabpatifreepptmb
a)com
*age
6/
1 trusted
name
3riendly
service
N
responsiven
ood plans
1ccessibility
T9T1L *;;
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
60
Babasabpatifreepptmb
a)com
*age
60
.<) -ata shoIs peope interested in going for Insurance if
Insurance Company aIay from your city E oJers better
services E products)
'LC=9NCL
any
tim
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
63
Babasabpatifreepptmb
a)com
*age
63
Ges
4; ; ; *;
No
*; ; ; *;
+ncertain
T9T1L *;;
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
65
Babasabpatifreepptmb
a)com
*age
65
CH&*$!'7VI+ Soutions and Suggestions
Soutions+
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
66
Babasabpatifreepptmb
a)com
*age
66
77R of the people contacted to prefer LI! policy to any other
company so they need to improve in there benefts they provide and
product features.
-7R of the respondents believe that covering future uncertainty is
the biggest beneft of an insurance policy so they should be improve in
tax deduction and price.
70R of the respondents have perception of Insurance being a tax
saving device so they need to come up new family products.
F0R of the respondents were approached by the Insurance advisor
approached customer and not to by watching T.2 and advertisement
it means the company should come up with different and attractive
ads in television as well as news paper.
HBR of the 'espondents are attracted for 5oney bac# guarantee no
other than that so they should wor# on building trust as well as good
relation with people.
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
69
Babasabpatifreepptmb
a)com
*age
69
B0R of the respondents are more or less satisfed with their existing
policy. It tells about how the people are more conscious about their
health so insurance has good opening.
H-R of the respondents are satisfed with their existing service agent
so they should give training to each agent it helps to reach the
customer need and can satisfy them.
--R of the respondents are with the view that insurance should be
bought after the age of
0- years it tells about the company should come up with new products
which should help to above 0-years age group.
4BR feel that it is good enough it means they should provide good
policy to people which should help there future as savings etc.
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
6:
Babasabpatifreepptmb
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6:
H*R customers loo# for a good plan in a company for insurance so the
company already has good plans but also when day goes they should
come up with new plans features as well.
The interested customers i.e. 7HR are ready to go for insurance even
away from a city if services and products so people are more interest
which the service provide by company so they need to improve in their
customer satisfaction.
Suggesti
on+
The survey is important tool as clear perception of people about the product
can be estimated and #nown. The need levels of the people regarding the
insurance product been observed through survey. It was very useful in
#nowing about the re)uirements of the people.
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
6;
Babasabpatifreepptmb
a)com
*age
6;
CH&*$!' VIII+ S#%%&'( ,D 2,'C -,N! &N-
C,NCL#SI,NS
:). Summary of the
2or1 -one
In todays corporate and competitive world, I fnd that insurance sector
has the maximum growth and potential as compared to the other sectors.
The main purpose of the study is to fnd the customer buying behavior for
Life Insurance of INvysya Life Insurance !ompany in "ubli city which has
been done and will help the company to ma#e the mar#eting strategy for the
different segments. The study which has been made during this pro$ect will
help the company to ma#e strategies for this region and emphasi%e on their
wea#er areas. The &rand Image of various
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Babasabpatifreepptmb
a)com
*age
9<
Babasabpatifreepptmb
a)com
*age
9<
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Company Limited
in Hubi
companies will be #nown. The company can fnd out where their competitor
stands in the minds of the people. 'esearch has been done by primary data
collection, and primary data has been collected by meeting with the people
in "ubli. (ata collection has been done through by giving structured
)uestionnaire. This study will be based on sampling.
:)/ %a4or
Dindings
*. 5any are respondened that insurance is a tool to protect their family N a
tax saving device. They #now the fact N reali%ing its importance. The
company should try to expand N build up its infrastructure because there is a
large potential for insurance in India.
0. !ompany should come up with its new branches in "ubli region. Mith the
ob$ective and goals to meet the demands N expectations of the public.
&ecause the entrance of private players will
increase the competition and it would be a tough tas# to secure a good
position in mar#et.
Babasabpatifreepptmba)com
*age 74
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Company Limited
in Hubi
4. Cince IN 2ysya Life Insurance is leading with several companiesand
its policies should helps for them to penetrate into the mar#et and secure
a good position if they pay greater attention to the service part provided to
their customer and thereby forming a long and trusted relationship.
:)0 Scope for Duture
2or1
It helps to #now about customer buying behaviour with life insurance and
to #now about customer perception towards life insurance. it also helps to
#now about the mar#et potential in the "ubli. It can be apply by many life
insurance companies. To #now the opening of new branches in "ubli region.
It will help to company to improve them selves in there targeting mar#et
and targeting customer.
'!D!'!NC!
S
&ppendiL M &+ .)&usiness 'esearch 5ethodology, IN(I1N L(ITI9N IFeJ
by Milliam .
Pi#mund.
0. 5ar#eting 5anagement, eleventh edition by =hilip ?otler.
&ppendiL M B+ 22 2 )i n g if e )c o)in
222) m o n e y )c nn )c om
222 ) in s u r a n ce in sti t u t e o f in
d ia )c om
222 ) in s u r a n c e) c om
222 ) ec o n o m y I a t c h )c om
&ppendiL M C+ !ompany &roachers
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Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Company Limited
in Hubi
N#!S$I,NN&I'
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(ear CirQ5adam
Name.
Location.
9ccupati
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*. (o you have any Insurance =olicyS
Ges I J No I J
0. Mhich Insurance policy do you haveS
Life I J eneral I J &oth I J
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Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Company Limited
in Hubi
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7. 3or how many years form you would li#e to Insurance courageS
aJ T-Grs bJ -/*; Grs cJ *;/*- Grs dJ 1ny 9ther


ICpecif
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-. Mhat do you thin# are the benefts of Insurance coverS
aJ !over future uncertainty
I J bJ Tax deduction
I J cJ 3uture investment
I J
dJ 1ny
other
ICpecifyJ
H. Mhich feature of your policy attracted you to buy itS
aJ Low premium I J
bJ "igh ris# coverance I J
cJ 5oney bac# I J
Babasabpatifreepptmba)co
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Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Company Limited
in Hubi
dJ 'eputation of the company I J
eJ 1gents conviction I J
fJ 1ny
other
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F. Gour monthly incomeS
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aJ 2ery essential
I J bJ Lssential
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I J dJ Not re)uired
I J
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specifc reason
:. Mhat is your perception about InsuranceS
Babasabpatifreepptmba)com
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aJ 1 saving tool
I J
bJ 1 tax saving device
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Company Limited
in Hubi
aJ 1fter seeing the add in IT.2Q=aperJ I J
bJ Insurance advisor approached customer I J
**. 1re you satisfied with the
policyS
aJ Catisfed I
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I J cJ Not responding
I J
*4. Mhich is the best form of investmentsS Iive the rating No.* as
the most
=referred 1nd No.H last preferred
among theseJ
aJ
Insurance
bJ &an# deposits
cJ Eewellery
dJ Cecurities I&onds, 5.3sJ
eJ Chares
fJ 3ixed assets
*7. Mhat is the right age to buy InsuranceS
Babasabpatifreepptmba)com
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Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Company Limited
in Hubi
bJ 1fter 4- Grs I J
cJ 1fter 7- Grs I J
*-. "ow would you rate private life Insurance companies compare to
L.I.!S
aJ 'igid plans I J
bJ Non/user friendly I J
cJ +nsatisfactory I J
dJ Non/aggressive I J
eJ Catisfactory I J
fJ ood I J
*H. Mhat would you loo# for in Insurance companiesS
aJ 1 trusted name I J
bJ 3riendly service N
responsiveness
I J
cJ ood plans I J
*F. Mould you go for Insurance if Insurance company away
from your city N 9ffers better services N productsS
aJ Ges I
J
bJ No I
cJ +ncertain I J
Babasabpatifreepptmba)com *age
7:
Study on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life Insurance
Company Limited
in Hubi
777 $H&NC (,#
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Babasabpatifreepptmba)com
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