PROJECT REPORT ON

“CONSUMER BUYING BEHAVIOR TOWARDS LIFE INSURANCE-A

STUDY DONE AT EXIDE LIFE INSURANCE”

Report submitted to
School of Management Studies and Research,
KLE Technological University,
Hubballi

By

Mr. Manish 01FM18MBA020

Ms. Sabina M 01FM18MBA037
Ms. Sahana.K 01FM18MBA039

Under the guidance of

Internal guide External guide

Dr. Mahantesh Halagatti Mr.Manjunath Honnavvar
Associate Professor Branch Manager

School of Management Studies and Research,

KLE Technological University
HUBBALLI – 580031
 ACKNOWLEDGEMENT
I take this opportunity to thank those people who have made a vital contribution in
shaping this study.

It is a genuine pleasure to express my thanks and gratitude to my mentor

Dr. Mahantesh Halagatti, Associate Professor.whose expert guidance and keen
interest above all his overwhelming attitude to help his students had been solely
and mainly responsible for completing the work.

I thank Mr.Manjunath Honnavvar, Branch Manager at Exide Life Insurance,

Hubballi for giving this opportunity to study his organization and providing timely
suggestions with kindness which enabled us to complete this project.

I would like to express our sincere thanks to our SMSR faculties for assistance
and cooperation during the project.

I would like to express our profound sense of gratitude to Dr. S.V.Patil, Head of
School, Dr. Prakash Tewari, Principal, and Dr. Ashok Shettar, Vice
Chancellor, KLE Technological University Hubballi for giving us an opportunity
to take up this project.

Lastly, I would like to thank my parents and friends for infinite support and help
during our project. This project wouldn’t have been completed without the
cooperation of these people.

Sahana K
Place: Hubballi
Date:
 ABSTRACT

Consumer Buying Behaviour is widely accepted principle of business that to

be more profitable and survive an organisation must understand and stay
close to its customers to provide products and service customers will
purchase.many companies today how recognise the importance of customers
and you suffocated approaches to understand consumer behaviour which
form the basis of marketing strategies.therefore and understanding of the
theory of consumer behaviour and its application to business and marketing
is a vital element of a business education.the consumer behaviour for
marketing project insight giving the as an understanding of factors
influencing consumer behaviour which can be used in the development of
more effective marketing strategies in the future.
 TABLE OF CONTENT

SL.NO PARTICULARS PAGE NO.

1 CHAPTER-I: INTRODUCTION

1.1 ORGANISATION PROFILE

1.2 ORGANISATION STRUCTURE

1.3 DIFFERENT TYPES OF PRODUCTS

1.4 ETHICAL PRACTICES

1.5 CODE OF CONDUCT

1.6 CORPORATE SOCIAL RESPONSIBILITY

1.7 BUSINESS MODEL

1.8 VARIOUS DEPARTMENTS

2 CHAPTER-II: LITERATURE REVIEW

2.1 PROBLEM STATEMENT

2.3 OBJECTIVES

2.4 SCOPE AND LIMITATIONS

3 CHPTER-III: RESEARCH METHODOLOGY

3.1 RESEARCH DESIGN

3.2 DATA TYPE

3.3 SAMPLING PLAN

5 CHAPTER- IV: DATA ANALYSIS AND INTERPRETATION

6 CHAPTER-V

7 FINDINGS

8 CONCLUSION

9 RECOMMENDATIONS

10 REFERENCES/ BIBLOGRAPHY

11 APPENDIX
1: INTRODUCTION
“Exide Life Insurance Company Limited is the 100% owned Indian Life Insurance Company
owned by Exide Industries. Exide Life Insurance distributes its products through multi-
channel channels, such as the Agency, Bancassurance, Corporate Agency and Broking, as well
as through direct channels.the Agency channel comprises of 50,000 guides who are joined to
more than 200 organizations workplaces the nation over. The organization has been working
since 2001 from Bangalore. In 2000, ING Insurance, a sub-holding organization of Dutch
monetary major ING Group, tied up with Bangalore-based Vysya Bank to enter the Indian extra
security showcase along these lines shaping the ING Vysya Life Insurance Company. Around
the same time, ING Vysya Bank, ING Insurance, and the Damani Group framed an extra
security joint endeavor, this imaginative coordinated effort denotes the first bancassurance
adventure in Quite a while. Exide enterprises obtained half stakes of ING Vysya Life Insurance
in 2005. In the wake of ING left India in Jan 2013, Exide Industries obtained the staying half of
the value capital of ING Vysya Life Insurance, in this way attending to be 100% partner. In
May 2014, after the seal of approval from the Insurance Regulatory and Development Authority
(IRDA) and the Ministry of Corporate Affairs, the name of ING Vysya Life Insurance
Company Limited was changed to Exide Life Insurance Company Limited (Exide Life
Insurance) with prompt impact.”

2: Company Profile:

COMPANY NAME Exide Life Insurance

Year of Establishment 2001
Type Private company
Industry Life Insurance Service
Headquarters Bangalore
CEO Kshitij Jain
Parent Company Exide Industries Limited
Registered Address Kalburgi Plaza, Second Floor,
Above Axis Bank,
Deshpandenagar,
Hubli,
Karnataka 580029
Website https://www.exidelife.in/
Vision:

Our vision is to actively protect and enhance people lives.

 Actively: We play a proactive and leading role in improving people’s lives through
insurance.
 Protect: We are dedicated to managing and mitigating the risks of individuals and
institutions.
 Enhance: The future generally is also committed to creating value.
 People: We deeply care about our customers and our employee’s lives and their future.
 Lives: Ultimately, we have an impact on the quality of people's lives – wealth, safety,
advice, and service are instrumental in improving a person's chose a way of life in the
long term.

Mission:

Our mission is to be the first choice by delivering relevant and accessible insurance solutions.

 First choice: Logical and natural action that acknowledges the best offer in the market,
based on clear advantage and benefits.
 Delivering: We ensure achievement striving towards better performance.
 Relevant: Anticipating or fulfilling a real-life need or opportunity, tailored to local and
personal needs and habits, perceived as valuable.
 Accessible: simple and easy to find, understand and use, always available, at a
competitive value for money.
 Insurance solution: we aim to offer and tailor a combination of protection, advice, and
service.

Quality Policy:

At Exide Life Insurance India, we are committed to being dynamic, dependable and
responsive to our customer needs leading to enhanced customer satisfaction over the long term.
We shall achieve this by ensuring a culture of continual improvement across all our processes
while ensuring compliance with applicable legal and statutory norms and internal guidelines.
ORGANISATION STRUCTURE

C.E.O

Director of Sales

Executive Vice
President

Area Manager

Branch Manager

Agency Sales
Manager Manager

Deputy Agency Financial

Development Advisior
Manager

Financial
Consultant
Financial
Advisior
What is Insurance?

“Insurance refers to a contractual arrangement in which insurance company or the insurer

agrees to compensate the loss or damage sustained to another party, the insured, by paying a
definite amount, in exchange for an adequate consideration called as premium”.

Types of Insurance

There are two types of Insurance:

1. Life Insurance:

“Life Insurance is a contract between an insurance policyholder and an insurer, where the
insurer promises to pay designated beneficiary a sum of money in exchange of a premium, upon
the death of an insured person”. In India, there are 24 Life Insurance Companies.

The two types of products of life insurance are:

1) Unit Linked Insurance Plans (ULIP) :

Unit connected protection plans are a kind of life coverage plan that gives a double preferred
position of insurance and adaptability in speculation. A unit-connected protection plan is a sort
of disaster protection where the money estimation of an arrangement differs as per the present
net resource estimation of the fundamental speculation resources. The premium paid is utilized
to buy units in speculation resources picked by the policyholder.

2) Traditional :

“Traditional insurance plans which include term, endowment and whole life policies, offer
multiple benefits in terms of risk cover, return and safety. Traditional policies are considered
risk-free, as they provide fixed returns in case of death or maturity of the term.Customer money
will not be invested directly into Stock market.”

a) Endowment Policy:

Endowment policy are the plans where entire benefit is payable once the policy turn over which
typically includes Bonus, Terminal bonus, Sum Assured and garanted addition.An endowment
policy is defined as a type of life insurance that is payable to the insured if policyholder is still
living on the policy's maturity date, or to a beneficiary otherwise. An endowment policy
provides you with a dual combination of protection and savings.

b) Money Back:

The cashback approach is a strategy that gives cashback at normal interims. Percentage of sum
assured will be payable at regular intervals which is referred as Service Benefit.This cashback
is paid during the arrangement residency and is a level of the Sum Assured. Cashback
compensation outs are called Survival Benefits. These advantages are paid during the
arrangement residency and on development; the rest of the Sum Assured is paid alongside
vested rewards.

c) Child Plan:

“A plan where money is paid at important stages of the child viz., Education and Marriage.The
risk cover in these plans will be of parents most of the time these plan come with inbuilt rider
waver of premium which provides payable premium getting waved of by the company in case
premium payer passes away.
”
d) Term Life Insurance:

Term Life Insurance or term planis a plan where sum assuered is payable only in case of
uncertainity(Death). Usually here we find two types by name TROP(Term Return of Premium)
and NON-TROP (Non Term Return of Payment).
In TROP Paid money cames back to customer once the policy term is over where as nothing is
payable after the policy term in case if it is NON-TROP.

e) Whole Life Insurance:

“An entire life arrangement where A risk cover will be there throught his life incase of
uncertainityclaimamount(death benefit) is payable to nomine. The inclusion is stretched out for
whatever length of time that the protected lives, as long as the premiums are paid up and the
approach isn't given up.”

f) Pension Plan:

Annuity plans are known asretirement plan that gives you a chance to designate a piece of your
investment funds to aggregate over some stretch of time and give you enduring pay after
retirement ”

2. Non-Life Insurance:

“The protection which is accomplished for the physical properties other than human life is
known as Non-Life Insurance.”In India, there are 31 Non-Life Insurance Companies.

Non-Life Insurance can be arranged into the following:

i. Marine Insurance:

“Marine Insurance is an Insurance that offers inclusion if there should arise an occurrence of
harm or loss of payload, boats, terminals, and any vehicle by which any property is obtained,
transferred or held between the purpose of cause and its goal.

ii. Health Insurance :

A medical coverage strategy is a sort of protection that offers inclusion for the restorative and
careful costs brought about by the policyholder when an individual is hospitalized during the
approach time frame.
iii. Motor Insurance:

Engine protection extensively covers the protection arrangements obtained for a wide range of
engine vehicles including bikes, three-wheeler, autos, business trucks, and so forth. The primary
utilization of engine protection is to ensure a vehicle against different potential consequences,
for example, coincidental harms, burglaries, and outsider obligation.

ETHICAL PRACTICES

Ethics is a foundation of a strong, reliable company and should not be forgotten about.”Ethical
Practices refers to the standards of professional conduct that any industry professional is
expected to uphold.”

Following are some of the ethical practices:

 Client confidentiality
 Restricted access to the trading flows
 Recorded lines for call information
 Only registered and certified equity advisor is appointed base on their experience
 Restricted external E-mails
 Company is very particular about Money Laundring, employees will be trained about
Money Laundring and asked to take a test.
 There will be certain certification courses which Employess and Financial Advisior need
to complete to stop misselling

CODE OF CONDUCT
 Office Timing: 9.30 : 5.30
 If the employee is late to office after 2 warning they have to pay Rs. 100 instead of that
they can sing a song without seeing or they have to dance in Office infront of everyone.
 Financial Advisior are strictly instructed to pay the cash within 24 hours incase of new
business or renewal
 Sales Manager are resistricted from collecting the cash directly from Customers

VALUES

Our business is driven by our values of Dependable, Dynamic, Responsive and Foresighted.

 Dependable: We are trustworthy and do what we say.

 Dynamic: We are active and strive for constant improvement.
 Responsive: We are quick to respond with a caring attitude.
 Foresighted: We focus on the long term with a prudent view of the future.
CORPORATE SOCIAL RESPONSIBILITY

Life coverage is critical to fabricate an establishment for our family's money related future, it is
significant for us as people to ensure the earth and society to assemble an establishment of a
superior tomorrow.

1. Helmet Saves:

Exide Life Insurance, as a piece of their Corporate Social Responsibility activity, propelled a
street wellbeing effort with the goal of averting loss of lives. The crusade under the standard
"Cap Saves" targets teaching each bike rider in India on the significance of wearing a head
protector.

2. Say NO to Plastic:

Exide Life Insurance is in the matter of helping its clients deal with their money related fates.
Asthesecurity of life, coverage is imperative to manufacture an establishment for our family's
budgetary future, it is significant for us as people to ensure the condition that will prompt a
more secure and better tomorrow.

Disapprove of Plastics is a special activity from Exide Life Insurance that instructs the residents
of India on the negative impacts of the utilization of plastics and urges them to change to
condition inviting materials.

3. SOS Children's Village of India:

In Association with SOS Children's Village, Exide Life Insurance is expanding support for
complete youngster care necessities including training, wellbeing and sustenance, mental and
profession improvement of 50 vagrant and deserted kids crosswise over Bangalore, Chennai,
Hyderabad, Delhi , Kolkata among different areas and furthermore support 1 (one) family at
Bangalore area.

4. Akshaya Patra Foundation:

In association with Akshaya Patra Foundation, Exide Life Insurance is supporting the
dissemination of early afternoon feast to 1480 understudies of Government school crosswise
over Bangalore.
Products and Service of Organization

 Protection Plans
 Saving and Investment Plans
 Retirement Plans
 Group Insurance Solutions

DEPARTMENTS:
• Marketing:

Showcasing assumes a fundamental job inside the protection business. It is utilized to expand
deals and continue commercial center situations for significant organizations and by littler
organizations to assemble and develop their organizations. The utilization of promoting can be
as extensive as a national TV battle to develop and continue a significant insurance agency, and
as confined as business cards and fliers utilized by a neighborhood protection operator. Despite
the size, promoting strategies and procedures are created by all in the business to target
purchasers and prospects to cover their protection requirements for a home, wellbeing, life, and
business inclusion.

• Human Resources:

An HR office is a basic part of worker prosperity in any business, regardless of how little. HR
obligations incorporate finance, benefits, employing, terminating, and staying up with the latest
with state and government charge laws.

• Finance:

The business elements of a fund office regularly incorporate arranging, sorting out, evaluating,
representing and controlling its organization's accounts. The fund office likewise, for the most
part, delivers the organization's fiscal summaries, one of the significant divisions which oversee
associations cash.

• FOCUS (Field Operation Customer Servive) (Back Office):

The back office is the supporting branch of the organization that completes managerial
capacities that help customer confronting positions in playing out their obligations.
BUSINESS MODEL:

1. Tied Agency:

“Agency is the largest distribution channel of almost all life insurance companies, comprising
a large advisor force that targets various customer segments. The strength of agency channels
lies in an aggressive strategy of expanding and procuring quality business. With focus on sales
& people development, tied agency has emerged as a robust, predictable and sustainable
business model.”

“All life insurance companies have an agency-building distribution strategy under which they
recruit, train, finance, and supervise their agent/advisers. For decades, agency was the only
distribution channel for life insurance in India. Even today more than 70% of business is
carried through insurance agents. Through agency channel, personal contact and relationship
can be established with the customer. In Exide Insurance 60% of the profit is generated from
Tied Agency.”
2. Corporate agency and brokers:

“Corporate entities represent an insurance company and sell its policies. Usually they are
engaged in a particular business and sell insurance policies to their existing customers based
on the situation. An insurance broker is a specialist in insurance and risk management. Brokers
act on behalf of their clients and provide advice in the interests of their clients.”

3. Bancassurance:

“Bancassurance in its simplest form is the distribution of life insurance products through a
bank’s distribution channel. Insurance companies see bancassurance as a tool for increasing
their market penetration and premium turnover.”

4. Group Insurance:

“Group insurance is an insurance that covers a group of people, for example the members of a
society or professional association, or the employees of a particular employer who began with
for the purpose of taking insurance.”

5. Direct Marketing:

“Direct marketing means selling products by dealing directly with consumers rather than
through intermediaries. Insurers have resorted to direct marketing wherein insurance companies
get in touch with the customers without the aid of an intermediary.”

CUSTOMER BUYING BEHAVIOR

“Customer buying behavior refers to the buying behavior of the ultimate end user i.e. the
customer. A firm needs to analyze the buying behavior for:Buyer’s reactions to a firms
marketing strategy has a great impact on the firm’s success. Buying Behavior is the decision
processes and acts of people involved in buying and using products.”

“The marketing concept stresses that a firm should create a marketing mix that satisfies a
customer and therefore need to analyze the what, where, when and how the customers buy.
Marketers can better predict how customers will respond to marketing strategies.”

“The study of consumer behavior involves search, evaluation, purchase, consumption and post
purchase behavior of the consumers and includes the disposal of purchased products keeping
environment and personal characteristics in mind.”
Definitions:

1. As per C.G. Walter and G.W. Paul, "Shopper Behavior is the procedure whereby people
choose whether, what, when, where, how and from whom to buy products and ventures".

3. As per Kotler, P. what's more, Armstrong/Customer conduct is just the individual acquiring
and additionally devouring choice of an individual - as well as a family unit - whoever
purchases products and ventures for individual utilization".

3: REVIEW OF LITERATURE

1. B. Das, S. Mohanty& Nikhil Chandra Shil, (2008), ordered Consumer‟s Buying Behavior in
Consumer Durable Market. Consumer‟s purchasing conduct is disparate and situational.
Shading TV was utilized to speak to the purchaser sturdy market. This examination work finds
that the components which impact purchasing choice are generally value, quality, notice, the
proposal from loved ones. This examination likewise uncovers that the consumer‟s observation
on purchasing shading TV is for the most part influenced by the elements like "basic extra,
informal, specialized highlights, toughness and ground reality."

2. B. A. Abdul Karim, (2012), directed the exploration on purchaser purchasing conduct of

TwoWheelers in Tirunelveli City (Tamilnadu). The goal was to contemplate the brand
inclinations, brand faithfulness and furthermore to investigate the elements that propel the bike
consumer‟s purchasing conduct. The examination uncovers that the time hole among instinct
and genuine buy for most of the test customer is short of what one month and Comfort and
Convenience is the main thrust for the acquisition of bike.

3. Clifford Paul S., Joseph AnbarasuD.organizesand Annette Barnabas, (2010), the exploration
uncovers that mindfulness is low and should be improved among the uneducated, lower age
gathering and every day pay class. The examination additionally demonstrates that genuine
development in extra security will happen when clients understand the genuine estimation of
disaster protection past expense sparing.

4. Tajudeen, Ayantunji and Dallah (2009) accepted that individuals with instruction have a
more uplifting frame of mind toward protection than individuals who less training ones. Other
than that, they likewise discover the respondents who have most noteworthy inspirational frame
of mind towards protection is the individuals in age bunch somewhere in the range of 56 and 65
years than other age bunches this is because of the individuals in this age gathering are toward
the finish of the dynamic life and they are progressively mindful of their retirement life. They
likewise found that high family unit salary gatherings have a most elevated uplifting disposition
toward protection than the low family unit earnings gatherings, truth be told, the affluent family
nearly feel secured ordinarily in Nigerian monetary condition. From the other perspective, the
low family unit pay gatherings are less approved and for the most part, they feel that the
protection is more distant than their range.

5. M.Vijaya Raghu Nadhan (2016) [5], in his investigation on purchaser conduct towards
disaster protection organizations with reference to two private insurance agencies uncovered
that buyer conduct and client buy administration endeavors, upon components like Search,
understanding and trustworthiness factors. The investigation reasoned that clients will offer
inclination to riches protection plans.

6. Sanjay Kanti Das, (2012), endeavored to contemplate the speculation propensities and
favored venture roads of the family unit. This examination analyzes the venture mentality, their
inclinations and learning about capital market establishments and instruments. This examination
likewise uncovers that by and large financial specialists overall classifications saw them as
more secure in taking up the protection strategies.

7. Anand Prakash, Sanjay Kumar Jha, and S. P. Kallurkar, the examination depicts Indians'
frame of mind towards administration quality for life coverage business exhibited through
various demographical factors. This exploration uncovers that kind of client character, age,
sexual orientation, levels of instruction, and month to month pay impact the disposition towards
the administration quality and furthermore gives the examination suggestions helpful to
business change and further improvement of research on administration quality.

8. Malliga, R. (2000)affecting her examination inspects the relationship between Socio-

Economic Status, Personality Traits of the Agents and the Performance in Tirunelveli, Tuticorin
and Kanyakumari regions. Further, the effect of showcasing systems and frame of mind of the
operators towards the association and their exhibition is contemplated with an example of 100
respondents utilizing stratified arbitrary inspecting. The aftereffects of the information
demonstrate that presentation of the operators regarding a number of strategies, the Sum
Assured and the all-out commission got was seen as subject to the Socio-financial status. There
is a noteworthy relationship between's the advertising systems of the specialists and their
exhibition.

9. B. Das, S. Mohanty& Nikhil Chandra Shil, (2008), inspected Behavior of Retail Investors in
Mutual Fund versus Extra security. 100 meetings were produced using two metros of Orissa
Viz.; Cuttack and Bhubaneswar. This examination balances that, despite the fact that the
speculation examples give pretty much similar administrations, there exist contrasts relying
upon the instruction level of financial specialists. It was additionally discovered that male
speculators are more contrasted with female financial specialists. Greatest speculators like to put
resources into disaster protection among which LIC is no. 1 pursued by shared reserve and
government sparing plans. It likewise uncovers that Government workers put more in disaster
protection.
10. SheshaAyyar, V. (1986) opines in the article entitled "Item Development" about different
issues and difficulties which are connected concerning growing new polices. The creator talks
about the requirement for structure and growing new plans and different concerns which can
present issues for the protection area. The bits of knowledge present insights concerning the
developing necessity viewing subordinate advantages, for example, benefits for hospitalization
or disablement and so forth.

11. A task report was being set up by The Insurance Institute of India on "Promoting of Life
Insurance" (1987). The reason for undertaking the task was to assess different perspectives as
for protection, for example, degree of extra security inclusion, attention to the individuals
towards life coverage plans and strategies, convictions and frames of mind in life coverage,
changing recognitions towards protection, recognizable proof feeling of representatives with
Life Insurance Company. The discoveries of the report incorporated that LIC is a superior
speculation road for financial specialists when contrasted with bank stores. Additionally, as far
as dependability, the feeling of unwavering quality is more with LIC when contrasted with other
speculation alternatives.

12. Thanjavur (1987) worked upon field visits and exploratory examination to accumulate
information on "Consumer loyalty". The reason for the investigation was to give experiences
about the various elements which influence the degree of consumer loyalty. The discoveries
incorporated the degree of purchaser fulfillment with respect to the administrations, for
example, subsequent meet-ups, convenient satisfaction of obligations and so on.

13. S.Raju and M. Gurupandi (2009), opine that the frame of mind of the strategy holders and
their financial foundation makes a huge impact. The examination displayed the suppositions and
frames of mind of the approach holders towards the administrations of LIC.

14. Shivanand .H.Lengti (2009), examine the protection of financial specialists who have the
choice to pick every other part of protection from protection authority, for example, protection
ombudsman and protection guidance to take their questions further.

15. Siddiqui et al. (2010) made a decent attempt to develop a reasonable and steady device to
process client saw administration quality in life coverage division. The destinations of the
examination were, first to explore administration quality.
4: PROBLEM STATEMENT:

“Buying Behavior is the decision processes and acts of people involved in buying and using
products.It is important for marketers to be sufficiently well versed in the field of consumer
behavior so that they make meaningful contributions to the development of marketing strategy
by studying consumer behavior, marketers can have a great competitive advantage in the market
place.”

“The companies are trying to make their products more popular and thereby, to be successful. In
the competitive market, the prospective buyer is prepared to choose the right brand based on
his/her needs. An understanding of purchase behavior is an essential aspect as it reflects the
influence of brands, buyers& customer type on the purchase of a particular brand. The success
of the market or its failure depends on the purchase behavior of consumers.”

5: OBJECTIVE

 To analyze the customer profiling of Exide Life Insurance.

 To analyze whether the service offered by the company has satisfied the needs of all
groups of people.
 To find out and suggest the benefits preferred by the customers to Exide Life Insurance.

6: RESEARCH DESIGN OF THE STUDY

Promoting examination can be characterized as the deliberate structure, gathering,

investigation, and announcing of the information and discovering important to a
particular showcasing circumstance confronting the organization.

Descriptive research:
The research design selected for this research is descriptive research.

Methodology:
“The collection of the data for the study can be drawn from the following methods for study.”

Sources of the data:

“After determining the objectives of the study and research design, the next important step is the
data collection method. The information has to be collected from the Customers of Life
Insurance.”
Data collection tools:

• Primary data
• Secondary data

Primary data

“The data is collected from the target segment that is customers with the help of a structured
well-designed questionnaire.Thequestionnaire prepared contains that are both close-ended and
opened. Individual interviewsweretaken to consumers, we have collected mainly the Primary
Data for my study by utilizing the questionnaire and interview methods.”

Secondary data

“These data are collected from published sources such as literature papers, and also from the
help of web site www.exidelife.com.”

Sampling plan of the study:

Sampling Frame:

List of the existing customers of Exide Life Insurance

Sampling unit:

Existing customers of Exide Life Insurance

Sample size:

Existing customers of Exide Life Insurance from 100 respondentsofHubballi branch

Sampling method:

“The researcher had a choice between probability and no probability sampling methods. In this
study a simple non-probability method namely convenience sampling was adopted.”

Data analysis tool: Excel

SCOPE OF THE STUDY:

The research is helpful to know about customer buying behavior with Exide Life
Insurance and also know about customer perception towards Life Insurance.It helps to know
about the market potential in the Hubballi which is useful for a company to improve themselves
in there targeting market and targeting customers. It's also useful to other Life insurance
companies.

LIMITATIONS OF THE STUDY:

• The research is limited to a specific piece of Hubballi and doesn't really demonstrate an
example material to all pieces of the Country.

• Some respondents were hesitant to reveal individual data, which can influence the
legitimacy of everything being equal.

• In a quickly evolving industry, investigation on one day or in one portion can change
rapidly. The ecological changes are imperative to be considered so as to absorb the discoveries.

• The information gathered from the clients might be one-sided

BLACK BOX CONSUMER BUYING BEHAVIOR MODEL

STIUMLI TRANSFORMER RESPONES

Marketing mix PURCHASE

BLACK BOX ( Buyer’s Mind) Product
Price
Internal influences Decision-making Process
Place
Brand
Promotion -Beliefs\Attitudes -Problem solving
Product -Values -Information search Source
OTHER -Learning -Alternate evaluation Amount
Demographic -Motives\Needs -Purchase
Economic -Perception -Post purchase-lifestyle Method of
Situational payment
-Evaluation
Social NO PURCHASE
Lifestyle
Inthe Black box model

Stimuli refers to external factor create need/want/desire in consumer mind that are internal
factors &the process (search and evaluation) after that consumer will response.

The first step is about input: information given to the mind

The second step is about transformer: the mind will thinking, search and evaluation & take a
decision

The last step is about the output: taking action against information that may be positive/negative
(responses to the things).

“Black box model focuses on the consumer as a thinker and problem solver who responds to a
range of external and internal factors when deciding whether or not to buy. The external stimuli
that are consumers respond to include the marketing mix and other environmental factors in the
market. The marketing mix (the four Ps) represents a set of stimuli that are planned and created
by the company. The environmental stimuli are supplied by the economic, political, and cultural
circumstances of a society. Together these factors represent external circumstances that help
shape consumer choices (influence internal factors).”

“The internal factors affecting consumer decisions are described as the “black box.” This “box”
contains a variety of factors that exist inside the person’s mind. These include characteristics of
the consumer, such as their beliefs, values, motivation, lifestyle, and so forth. The decision-
making process is also part of the black box, as consumers come to recognize they have a
problem they need to solve and consider how a purchasing decision may solve the problem. As
a consumer responds to external stimuli, their “black box” process choices based on internal
factors and determines the consumer’s response–whether to purchase or not to purchase.”

Cultural Factors in the Buyer Black Box

The thinking going on in the Buyer Black Box is firstly influenced by cultural factors.

Culture

The set of basic values, perceptions, and behaviors that distinguishes one group from
another.culture is the most fundamental cause of a person’s wants and behaviors.

Subculture

“Each culture consists of several smaller subcultures. These subcultures are groups of people
who share value systems. This may be based on common experiences and situations.”
Social Class

“The term social class refers to a certain permanent division in society. The social class is an
important factor in the buyer black box as it determines what the consumer’s response will be.”

Reference Groups

“Reference groups are direct or indirect points of comparison (reference). In other words, a
buyer orientates himself/herself by means of a reference group.they affect the person’s
attitudes.behavior also means the creation of a certain pressure to conform.”

Family

“The family is often the most powerful influence on consumer buying behavior. For instance,
the husband-wife relationship and involvement may greatly affect an individual’s buying
behavior.”

Roles and Status

“Each role carries a certain status that reflects the general esteem given to it by society.Since
people usually choose products based on their roles and status, as the above-mentioned example
shows, this factor can greatly influence the buyer black box.”

Age and lifecycle stage

“People do not buy the same goods over their lifetimes. Instead, tastes in food, clothes, furniture
and style are often related to age.”

Occupation

“Without a doubt, the buyer black box is strongly influenced by the person’s occupation. For
instance, blue-collar workers will tend to buy more rugged clothes for work. Marketers must try
to identify these occupational groups. They should find the one which has the highest interest in
their products.””

Economic situation

“It will affect his/her product and store choices. For instance, personal income, savings, and
other factors influence what a buyer will purchase where, when, and how much.”
Lifestyle

“Lifestyle refers to a person’s pattern of living. This pattern can be expressed in the person’s
activities, interests and opinions, the so-called AIO dimensions.Consumers do not buy products,
they buy the lifestyles and values those products represent.”

Personality

“It means nothing the unique psychological characteristics distinguishing one person from
another. It is often described in terms of traits.”

Motivation

“Motives are needs that are sufficiently pressing to direct the person to seek fulfillment of the
need. Needs can be of various natures. And those needs can become a motive when they are
sufficiently intensive.”

Perception

“Perception is the process by which a person selects, organizes and interprets information. By
that process, a meaningful picture of the world is generated.”

Learning

“Learning is another factor contributing to the stimulus-transformation in the buyer black box.
Every time a person acts, he or she learns. This means a change in his or her behavior arising
from experience.”

Beliefs and Attitudes

“Through all the doing and learning, a person acquires beliefs and attitudes. These factors, in
turn, influence the buyer black box. If a buyer has negative beliefs about a product based on
learning, it is unlikely that he or she will buy it in the future. Therefore, marketers should
concentrate on trying to fit the products into existing attitudes instead of attempting to change
them.”
7: DATA ANALYSIS AND INTERPRETATION
AGE GROUP OF RESPONDENTS

Age Group No. of respondent Percentage

Below 25 31 31%

25 to 35 39 39%

35 to 45 25 25%

45 and above 5 5%

Total 100 100%

Chart Title
No. of respondent Percentage

39

31
25

5
31% 39% 25% 5%

Below 25 25 to 35 35 to 45 45 and above

INTERPRETATION: The above chart shows that39% of respondents are 25 to 35, 31% of
the respondents are below 25 age, 25% of the respondents are between the 35 – 45 age and
5% of respondents are 45 and above.
 OCCUPATION OF THE RESPONDENTS

Working sector No. of Percentage

respondent
Govt. 32 32%

IT 16 16%

Service sector 6 6%

Self Employed 29 29%

Other 17 17%

Total 100 100%

Chart Title
No. of respondent Percentage

32
29

16 17

6
32% 16% 6% 29% 17%

Govt. IT Service sector Self Employed Other

INTERPRETATION:

The above figure reveals that most of the people 32% are working in government and 29% are
Self-Employed while IT, the Service sector and others are 16%, 6%, and 17% respectively.
 FAMILY INCOME OF RESPONDENTS

Family Income No. of respondent Percentage

Below Rs.20000 23 23%

Rs.20000-Rs.40000 40 40%

Rs.40000-Rs.60000 32 32%

Above Rs.60000 5 5%

Total 100 100%

Chart Title
No. of respondent Percentage

40

32

23

5
23% 40% 32% 5%

Below Rs.20000 Rs.20000-Rs.40000 Rs.40000-Rs.60000 Above Rs.60000

INTERPRETATION:

The figure shows monthly family income of respondents 40% of people earn Rs.20000-
Rs.40000,32% of people earn Rs.40000-Rs.60000, 23% of people earn below Rs.20000 and
5% of people earn above Rs.60000
 RESPONDENTS AWARENESS OF INVESTMENT OPTION

Awareness No. of respondent Percentage

Yes 33 33%

No 14 14%

Have some knowledge 53 53%

Total 100 100%

Chart Title
No. of respondent Percentage

53

33

14

33% 14% 53%

Yes No Have some knowledge

INTERPRETATION:
This graph shows that only 33% of people are aware of the investment option and 53% of
people have some knowledge about it. But 14% of people are not aware of the investment
option available to them.
 RESPONDENT INTEREST OF INVESTING OPTIONS

Need for investment Respondents Percentage

Retirement 28 28%

Tax saving 21 21%

Earning 33 33%

Liquidity 18 18%

Total 100 100%

Chart Title
Respondents Percentage
33
28

21
18

28% 21% 33% 18%

Retirement Tax saving Earning Liquidity

INTERPRETATION:
The figure shows 33% of people have insurance for future earnings and 28% are investing
for Retirement, 21% are Tax saving and 18% are Liquidity.
 TERM OF INVESTMENT PREFERRED

Investment Method No. of respondents Percentage

Short term 32 32%

Medium term 22 22%

Long term 46 46%

Total 100 100%

Chart Title
No. of respondents Percentage

46

32

22

32% 22% 46%

Short term Medium term Long term

INTERPRETATION:

The above figure shows 46% of respondents prefer long term investment whereas 32%
prefer medium-term and only 22% prefer the short term.
 KIND OF BUYING PROCESS PREFERRED

Buying Process No. of respondents Share (%)

The customer 44 44%

approached insurance
company/agent
Company/agent 56 56%
approached customer

Total 100 100%

Chart Title
Customer approached insurance company/agent
Company/agent approached customer
56

44

44% 56%

No. of respondents Share (%)

INTERPRETATION
• 44% of the respondents approached the Insurance Company / Agent.
• Whereas, 56% of the respondents were approached by the Company /Agent.
 CUSTOMER LOOK FOR INSURANCE COMPANY

Customers look for in No. of respondents Share (%)

insurance company

Brand image 29 29%

Service quality 25 25%

Product quality 29 29%

Return on investment 17 17%

Total 100 100%

Chart Title
No. of respondents Share (%)

29 29
25

17

29% 25% 29% 17%

Brand image Service quality Product quality Return on

investment

INTERPRETATION
• 29% of customers look for a trusted name in a company for insurance.
• 29% of customers look for a good plan in a company for insurance.
• Friendly service & responsiveness and Accessibility are also important factors looked by
customers in a company.
 SATISFACTIONOF THE RESPONDENTS WITH RESPECT TO POLICIES
OFFERED

No. of respondents Share (%)

Highly Satisfied 32 32%

Satisfied 44 44%

Average 22 22%

Dissatisfied 2 2%

Highly Dissatisfied 0 -

Total 100 100%

INTERPRETATION:

The figure shows satisfaction of the respondents with respect to policies offered 44% of
people are satisfied, 32% of people are highly satisfied, 22% of people are satisfiedaverage
and 2% of people are dissatisfied.
 RESPONDENTS PREFERENCE FOR CLARIFYING ANY QUERY

Services No. of Respondents Percentage

Advisor 39 39%

Company Website 16 16%

Customer care 28 28%

Branch manager 17 17%

Total 100 100%

Chart Title
No. of Respondents Percentage

39

28

16 17

39% 16% 28% 17%

Advisor Company Website Customer care Branch manager

INTERPRETATION:

The above graph shows that 39% of people believe in Advisor, 28% of people believe
Customer care while the company website and branch Manager People clarify any query
first respectively 16% and 17%
 SATISFACTION OF CURRENT POLICY

Satisfaction level No. of Respondents Percentage

Yes 82 82%

No 18 18%

Total 100 100%

Chart Title
Yes No

82

18

82% 18%

No. of Respondents Percentage

INTERPRETATION:

The above figure shows that 82% of respondents are satisfied with their current policy and
only 18% of people are not happy with their policy.
 TYPE OF INSURANCE POLICY CHOSEN

Types of plans No. of Respondents Percentage

Term plan 28 28%

Money-Back plan 38 38%

ULIP 10 10%

Endowment plan 12 12%

Whole life plan 8 8%

Other 4 4%

Total 100 100%

Chart Title
No. of Respondents Percentage
38

28

12
10
8
4
28% 38% 10% 12% 8% 4%

Term plan Money Back ULIP Endowment Whole life Other

plan plan plan
 INTERPRETATION:

The above graph shows that 38% of people are chosen Money Back Plan, 28% of people
are chosen Term Planwhile Endowment Plan, ULIP, Whole Life Plan and Other types of
insurance Policy chosen respectively 12%, 10%, 8%, and 4%.

DISTRIBUTION CHANNEL OF RESPONDENTS

Distribution channel No. of Respondents Percentage

Tied agency 53 53%

Direct marketing 14 14%

Bancassurance 24 24%

Other 9 9%

Total 100 100%

Chart Title
No. of Respondents Percentage

53

24

14
9
53% 14% 24% 9%

Tied agency Direct marketing Banc assurance Other

 INTERPRETATION:

The figure shows the Distribution channel of respondents 53% of people are Tied agency,
24% of people arebancassurance, 14% of people are direct marketing and 9% of people are
others.

THROUGH WHICH MEDIA YOU COME TO KNOW

No. of Respondents Percentage

Newspapers & Magazine’s 6 6%

Television & Radio 3 3%

Hoardings & Posters at 1 1%

Public Place
Internet 16 16%

Agents 74 74%

Total 100 100%

Chart Title
No. of Respondents Percentage
74

16
6 3
6% 3% 1 1% 16% 74%

Newspapers & Television & Hoardings & Internet Agents

Magazine’s Radio Posters at Public
Place
 INTERPRETATION:

The figure shows through which media respondents come to knowabout the Exide Life
Insurance 74% of people through Agents, 16% of people through Internet while Newspapers
& Magazines, Television & Radio, and Hoardings & Posters at the public place are
respectively 6%, 3%, and 1%.

PURCHASE DECISION OF RESPONDENTS

Purchase decision No. of Respondents Percentage

Neighbor’s 6 6%

Colleagues 3 3%

Agents 81 81%

Friends and relatives 9 9%

Others 1 1%

Total 100 100%

 Chart Title
No. of Respondents Percentage

81

6 9
6% 3 3% 81% 9% 1 1%

Neighbor’s Colleagues Agents Friends and others

relatives

INTERPRETATION:

The above graph shows that Purchase decision influence the Respondents 81% people
influenced by Agents, 9% of people influenced by Friends and relatives while Neighbors,
Colleagues and other people influenced respectively 6%, 3%, and 1%

SATISFACTION LEVEL TOWARDS SERVICE QUALITY OF THE

RESPONDENTS

Service quality No. of respondents Share (%)

Highly Satisfied 8 8%

Satisfied 44 44%

Average 46 46%

Dissatisfied 2 2%

Highly Dissatisfied 0 -

Total 100 100%

 INTERPRETATION:

The figure shows Satisfaction level towards Service quality of the Respondents 46% of
people are satisfied average, 44% of people are satisfied, 8% of people are highly satisfied
and 4% of people are dissatisfied.

PRICE IS AN IMPORTANT FACTOR FOR PURCHASE DECISION

Price No. of respondents Share (%)

Yes 67 67%

No 33 33%

Total 100 100%

Chart Title
Yes No

67

33

67% 33%

No. of respondents Share (%)

 INTERPRETATION:

The above figure shows that 67% of respondents said Price is an important factor for
purchase decision and only 33% of people said Price is not an important factor for a
purchase decision.

MEDIA OF PAYMENT

Media of Payment No. of respondents Share (%)

Cash 60 60%

Credit/Debit card 15 15%

Net banking 2 2%

Cheque 23 23%

Total 100 100%

Chart Title
No. of respondents Share (%)

60

23
15

60% 15% 2 2% 23%

Cash Credit/Debit card Net banking Cheque

 INTERPRETATION:

The figure shows the mode of Payment of respondents 60% of people are preferred cash,
23% of people are preferred a cheque, 15% of people are preferred credit/debit card and 9%
of people are preferred net banking

AWARE OF OTHER BRANDS

Aware of other brands No. of respondents Share (%)

Life Insurance 99 99%

Corporation of India

HDFC Standard Life 56 56%

Insurance Co. Ltd.

Max Life Insurance Co. 37 37%

Ltd.

ICICI Prudential Life 74 74%

Insurance Co. Ltd.

Kotak Mahindra Life 33 33%

Insurance Co. Ltd.

SBI Life Insurance Co. 61 61%

Ltd.
Bajaj Allianz Life 17 17%
Insurance Co. Ltd.
Aditya Birla Sun Life 19 19%
Insurance Co. Ltd.
TATA AIA Life 7 7%
Insurance Co. Ltd.
Punjab Met Life 23 23%
Insurance Co. Ltd.
Total 100 100%
 No. of respondents
No. of respondents

99
74
56 61
37 33
17 19 23
7

INTERPRETATION:

There is a huge competition in insurance. Most people have knowledge about the other
insurance industry. Exide should come with innovative and fewer premium schemes

FINDINGS

• It reveals that 39% of respondents belong to 25 to 35 age group and 31% belong to
below 25 ages.
• The survey shows that the maximum of 32% of the respondents is in working govt.
sector.
• Out of 100respondents, 33% of the respondents were well known about investment
options.
• 33% of respondents are indented to invest in their earning only.
• 46% of respondents are preferred long term investment term in Exide life.
• 56% of the respondents prefer the buying process of the company/agent approaching the
customer while 44% prefer vice-versa.
• 29% of respondents choose the company because of its brand image and 25% of
respondents because of service quality.
• 38% of respondents chose the Money back policy and 28% of respondents chosen Term
policy.
• 53% of the respondents chose a tied agency as a distribution channel.
• 74% of respondents come to about the Exide Life Insurance through Agents.
• 81% of the respondent's purchase decision is influenced by Agents.
 • 32% of the respondents are highly satisfied and 44% are satisfied with the policies
offered in Exide life.
• 39% of the respondents using Advisor service for post quarries of the Exide life.
• 82% of respondents are satisfied with the current policy offered by Exide life.
• 74% of the respondents got to know about policies by financial advisors.
• 44% of the respondents are satisfied with the services offered by the company.
• 67% of respondents said Price is an important factor for a purchase decision.
• 60% of respondents are preferred cash payment facilities.

8: CONCLUSION

“Our study on the field of Life Insurance hurled some intriguing patterns which can be found in
the above investigation. A general impression that we assembled during Data gathering was the
tremendous mindfulness and learning among individuals about different organizations and their
protection items.”

“Individuals are starting to look past LIC for their protection needs and are eager to confide in
private players with their well-deserved cash. Individuals, when all is said in done, have been
intrigued by the showcasing and promoting efforts of insurance agencies. A high entrance of
print, radio and Television promotion battles throughout the years is starting to have its effect
now. Another delighting pattern was as far as individuals seeing protection as an assessment
sparing and speculation instrument as much as a defensive one. An exceptionally high number
of respondents have decided on protection for such purposes and it indicates how insurance
agencies have been effective to pull in open cash as of late.”

“The general fulfillment levels among open non-probability strategy specialists still require
improvement. In any case, in that lies the open door for a relative newcomer like Exide Life
Insurance Company Ltd. LIC has never been known for brief assistance or client situated
strategies and Exide Life can expand on these components.”

9: SUGGESTIONS

“In Hubballi most of the people are working in Government and Business sector and they don’t
have much financial planning. Another important point is they have a good compensation
package so the company should bring more innovative and should carry out more promotional
activities in government fields. Better promotion of unit-linked insurance plans can generate
more sales to the company.”

“Exide Life Insurance Company’s unit-linked insurance plans can effectively meet the
requirements of the customers because unit-linked plans are directly related to the market, so the
customers can create more wealth through funds and they can enjoy the tax benefit, and also the
insurance cover.”

 As the awareness of insurance is less among the people,its awareness should be created
among the people by conducting stage shows and explaining its need and importance.”
 It is also recommended to concentrate on lower-income group people.”
 Follow up should be taken and customer relationships should be maintained by inviting
the existing customers to the seminars conducted when launching a new product or any
changes are made to the products or rules to retain them.”
 Coming with new promotional activities like giving new advertisements, keeping stalls,
conducting seminars in companies, and giving ads through SMS can be done by Exide
Life insurance Co. to create awareness among customers.”

Reference

 B. Das, S. Mohanty& Nikhil Chandra Shil (2008) “Consumer’s Buying Behavior in

Consumer Durable Market. Consumer’s”.
 Rajkumari.M (2008), “A Study on customer‟s preference towards Insurance Services and
Bancassurance”, ICFAI Journal of Risk and Insurance October 2007.
 Dr. Praveen Sahu , Gaurav Jaiswal , Vijay Kumar Pandey (August 2009 ) “a study of
buying behaviour of consumers towards life insurance policies”
 Mskavitamahajan (may 2013) “analysing consumer decision making process in life
insurance services”
 R. Uppily (May-June 2016 )“A Study on Consumer Behaviour on Life Insurance Products -
With Reference to Private Bank Employees in Chennai”
 Agarwala, A.N. Insurance in India – A Study of Insurance Aspect of Social Security in
India, Allahabad Law Journal Press, Allahabad, 1962.
 BellurVenkatakrishnan. V., “Marketing Research” Theory and Practice, Bombay, Himalaya
Publishing House, 1987, pp.87-90
 Bhir B.S. and Limaye M.D." Insurance Principles and practice. Lakshmi Book Depot,
Bombay, First Edition 1957.
Bibliography
 www.scribd.com
 www.google.com
 www.google.co.in/indian insurance industry
 www.irdaindia.org
 https://shodhganga.inflibnet.ac.in/
 https://www.exidelife.in/
 https://scholar.google.co.in/
ANNEXURE

QUESTIONNAIRE
Respected Sir / Madam,
We are the students of MBA 4th term from KLE Tech University, School of
Management Studies & Research, Hubballi, undergoing Major Concurrent
Project/training for 45 days at your esteemed organization Exide Life insurance
company. The project undertaken by us is related to “Customer’s buying behavior
towards Life Insurance”. With regard to this, we have formulated a questionnaire.
We will assure you that the information given by you will be confidential and used
purely for academic purposes. Kindly oblige and co-operate in filling this
questionnaire to make our project successful.
Thank you
Regards,
1. Manish.K
2. Sabina
3. Sahana.K

Personal Information

(1) What is your name? …………………………….

(2) Gender:

[ ] Male [ ] Female

(3) Which age group do you belong to?

[ ] less than 25years, [ ] 25 to 35 tears,

[ ] 35 to 45 years [ ] above 45years

(4) Which sector are you working in?

[ ] Service Industry [ ] Self-employed

[ ] Government [ ] Private company

[ ] others

(5) Monthly income of the family

[ ] Below Rs.20000 [ ] Rs.20000-Rs.40000

[ ] Rs.40000-Rs.60000 [ ] Above Rs.60000

Questions for Customers:

(6) Are you aware of the all the Financial Investment options available?

[ ] Yes [ ] No

[ ] Have some knowledge

(7) Why do you want to invest in insurance?

[ ] Retirement [ ] Tax saving

[ ] Earnings [ ] Liquidity

(8)Which type of insurance policy you have?

[ ] Term plan [ ] Money-back plan

[ ] ULIP [ ] Endowment plan

[ ] whole life plan [ ] Other

(9) Which term of investment preferred?

[ ] Short term [ ] Medium-term

[ ] Long term

(10) What kind of buying process do you prefer?

[ ] Customer approached Insurance company/Agent

[ ] Company/agent approached customer

(11) What do you look at an insurance company?

[ ] Brand image [ ] Service quality

[ ] Product quality [ ] Return on investment

(12)Which distribution channel you have chosen for buying the insurance policy

[ ] Tied agency [ ] Direct marketing

[ ] Bancassurance[ ] other sources

(13) How do you come to know about Exide life insurance?

[ ] Newspapers & Magazine’s [ ] Television & Radio

[ ] Hoardings & Posters at public Place [ ] Internet

[ ] Agent

(14)*Who influenced you for a Policy purchase decision

[ ] Neighborhoods [ ] Colleagues

[ ] Agents [ ] Friends and relatives

[ ] Others

(15) Rate your satisfaction level with the policies of the insurance provider?

[ ] Highly satisfied [ ] Satisfied

[ ] Average [ ] Dissatisfied

[ ] Highly dissatisfied

(16) If you want to clarify any query to whom you consult first?

[ ] advisor [ ] company website [ ] customer care [ ] branch

Manager

(17) Are you satisfied with your current policy?

[ ] Yes [ ] No

(18) Rate your satisfaction level of service quality of the company

[ ] Highly satisfied [ ] Satisfied

[ ] Average [ ] Dissatisfied

[ ] Highly dissatisfied

(19) Price of the product most important factor in your purchase decision

[ ] Yes [ ] No
(20) Which method of payment do you prefer for purchase?

[ ] Cash [ ] Credit/Debit card

[ ] Net Banking [ ] Cheque

[ ] other

(21) Insurance companies do you aware of?

Insurance companies Yes No

Life Insurance Corporation of India
HDFC Standard Life Insurance Co. Ltd.
Max Life Insurance Co. Ltd.
ICICI Prudential Life Insurance Co. Ltd.
Kotak Mahindra Life Insurance Co. Ltd.
SBI Life Insurance Co. Ltd.
Bajaj Allianz Life Insurance Co. Ltd.
Aditya Birla Sun Life Insurance Co. Ltd.
TATA AIA Life Insurance Co. Ltd.
Punjab Met Life Insurance Co. Ltd.