A SUMMER PROJECT REPORT ON

MARKET RESEARCH AND CUSTOMER SATISFACTION

AT

TATA AIG LIFE INSURANCE COMPANY LIMITED KOTA

Under Supervision Of: Submitted By

Ms. Neelu Tuteja

TEJMALNAGAR
Asst. Prof. (MIMT) (MBA 3 SEM)

SESSION - 2009-2011

MODI INSTITUTE OF MANAGEMENT &

TECHNOLOGY,KOTA
 TATA AIG LIFE INSURANCE COMPANY LTD
KOTA

STUDY ON

MARKET RESEARCH AND CUSTOMER SATISFACTION

FOR
TATA AIG LIFE INSURANCE COMPANY LTD KOTA”

A SUMMER PROJECT REPORT DURING JULY-AUGUST-2010

UNDER THE GUIDANCE OF

Mr. Vijay Gautam
(ASST.MANGAGER)
&
Asst. PROF. NEELU TUTEJA

SUBMITTED BY
Mr. Tejmal Nagar
Modi Institute of Management & Technology, KOTA
 PREFACE

This Project Report seeks to discuss the practical knowledge of marketing areas
Vocational Training gives practical exposure to a candidate through which he relate.

What the learnt in the institution that can be applied practically in the organization. It is of
outmost value to a management student as it helps to develop among students a feeling
about business environment and prevailing scenario.

Marketing involves the framework for marketing division several analytical methods used to
cope with various problems in the market and present information about the present
market scenario.

My project was a survey in the suggestions to improve the supply of cement.

The survey has been presented in true & the best of my knowledge.

TEJMAL NAGAR
 ACKNOWLEDGEMENT

I express my sincere thanks to my project guide, Ms. NEELU TUTEJA, Asst. Professor,
F.M.S., for guiding me right form the inception till the successful completion of the project.

I sincerely acknowledge her for extending their valuable guidance, support for literature,
critical reviews of project and the report and above all the moral support she had provided
to me with all stages of this project.

I would also like to thank the supporting staff F.M.S. Department, for their help and
cooperation throughout our project.

TEJMAL NAGAR

MBA 3 SEM.
 EXECUTIVE SUMMARY

It is vital to implement the learning into practical Scenario. The intelligence in its
real sense is how and when to apply the learning in the business context. In this
regard I am doing my project on “MARKET RESEARCH & CUSTOMER
SATISFACTION ” Generally it is observed that if we don’t go for critical
evaluation and designing new things, it leads to increased monotony for the
customers, decrease in motivational level among employees and lack of
appreciation towards the company.

Also, increased competition faced by the Company from its competitors compels the
company to continuously upgrade its service and offerings. These existing and newly
emerging Cement Companies grab the market share of the clients and hence pose a
threat to the business magnitude of the Binani Cement Limited.

The approach followed to fulfill the requirement of the report starts with studying and
understanding the present marketing strategies and programmes practiced in the
Company. Evaluating their effectiveness and thereby improvising on the existing system if
necessary.

Cement is one of the business sectors in the world and it is growing rapidly today so that
is why there is a need for the Cement organizations to the market their services or
products effectively in order to attract as many customers as possible.

To conclude the study, recommendations has been put forward as to how the
Company can improve the grab on the market and strengthen their activities for
the uncertain future.
Questionnaire, observation and personal interview with executives is used to

collect the primary data and secondary data is collected from the financial reports
 CONTENTS

Serial No. Particulars

1. Introduction to insurance sector

2. Industry Profile

3. Company Profile

4. Scope of the work

5. Research Methodology

6. Data interpretation and analyses

7. Observation and findings

8. Limitation and Recommendation

9. Bibliography

10. Annexure
 INTRODUCTION
TO
INSURANCE SECTOR
INTRODUCTION

Wherever there is uncertainty there is risk. The risk cannot be averted. The
risk is uncertainty of the financial loss. We don t have any command on
uncertainties. This makes it essential that we think in favor of a device that
becomes instrumental in spreading the loss. It is in this context that we think
about insurance.
Protection against the possible chances of generating uncertain losses. It
eliminates worries and miseries of losses or destruction of property and
death.

Life insurance is a contract between you and a life insurance company,

which provided you a death during the contract term.
Buying insurance is extremely useful if you are the principal earning
member in the family unfortunate premature demise, your family can remain
financially secure because of the life that you have purchased.

The primary purpose of life insurance is therefore protection of the family

in the even insurance is also seen as a tool to plan effectively for your future
years. Your retiren children’s future needs. Today, the market offers
insurance plans that not just cover your same time grow your wealth too.
If you have dependants and financial responsibilities toward them, then you
certainly need.
Having a family means dependant, which in turn means financial
commitments. Finance comes in the form of loans, children s education,
Medical expenses etc. Imagine what would happen if you were to lose your
life suddenly or become disabled being insured in a situation like this is a
necessity.
When you insured your life, in effect what you are doing insuring your
earning capacity that your dependents will be able to continue living without
financial hardships even in case

Most insurance plans available today come with a savings element built into
it. These policies not only for a financially independents future, which were
have a comfortable retirement. For example. Tata AIG preferred Maha Life
Gold plans such as income plan and Tata AIG Life Plus plan. Most
insurance plans available today have a built in saving elements. Tata AIG
preferred Retirement plans meet your dual financial goals of life cover and
savings for the future. Collateral security.
Life wasn t designed to be risk free. The key is not to eliminate risk, but to
Estimate it accurately and manage it wisely.

Insurance sector have characteristic that give can boost to the growth of any
economy .it is due to the savings done at the individual level and at micro
level it generates funds for infrastructure building as the cash flow is
constant while the payout is differed, so that the insurance companies are
becoming biggest investors in long gestation infrastructure development
projects and hence have a great Importance to the developing economy like
India. Insurance sector with an annual growth rate of 15-20% and the largest
number of life insurance policies in force, the potential of the Indian
insurance industry is huge.
 The Insurance Regulatory and Development Authority

Reforms in the Insurance sector were initiated with the passage of the IRDA
Bill in Parliament in December 1999. The IRDA since its incorporation as a
statutory body in April 2000 has fastidiously stuck to its schedule of framing
regulations and registering the private sector insurance companies.

The other decisions were taken simultaneously to provide the supporting

systems to the insurance sector and in particular the life insurance companies
were the launch of the IRDA’s online service for issue and renewal of licenses
to agents. The approval of institutions for imparting training to agents has also
ensured that the insurance companies would have a trained workforce of
insurance agents in place to sell their products, which are expected to be
introduced by early next year. Since being set up as an independent statutory
body the IRDA has put in a framework of globally compatible regulations. In
the private sector 12 life insurance and 6 general insurance companies have
been registered.
INTRODUCTION OF THE TOPIC

The purpose of this training was to have practical experience of working

within the organization, in the filed of marketing and to have exposure to the
important management practices in field of marketing.

While writing this report the language has been keep simple and the entire
discussion has been logical and has coherent outlines. The main motto of the
project work was Market Research and customer Satisfaction of Tata
AIG Life Insurance, Kota. It includes through market Research in various
plans of Tata AIG Life Insurance. And in detail consumer (Satisfaction)
responses analysis, by surveying number of consumers.
The project report is divided into two parts, first part consists market
research for finding out best sold plan of Tata AIG Life Insurance, And
second consist survey report of various consumers about there
responses about satisfaction towards Tata AIG Life Insurance
Company.
IMPORTANCE OF THE TOPIC

The project report is all about market research to find out best sold plan of
Tata AIG Life Insurance, Kota. And to mouser the satisfaction level of
consumers of Tata AIG Life Insurance.
Market research helps Tata AIG Life Insurance about the best plan
purchased by its consumer satisfaction level helps to know weather the
consumers are satisfied by service/Plans of Tata AIG Life Insurance.
INDUSTRY PROFILE
INDUSTRY PROFILE

The industries, businesses and individuals are considerably by the services

of insurance organization.

th
A. The oldest form of insurance (12 century) is marine insurance. After
th
wards in 16 century fire insurance is started in Germany.
B. The first registered life office was “Hand i n H a n d S o c i e t y
established in 1696.
C. In India the first life insurance was started in the Bengal Presidency in
1818 knows as oriental life insurance company.
D. Experiencing so many ups and downs the insurance business was
found in changed shapes. Particularly after attaining independence
and to the more specific after nationalizing in 1956.
E. There was major change in the insurance sector after globalization in
2001. The private player in the insurance industry and ends the
dominance of LIC.
F. The different MNC s company of foreign country enters in the
insurance industry with the joint venture with Indian companies.
Today t ot al 23 pr i v a t e life i nsur ance companies ar e wor ki ng
in insurance industry.
 Common Types of Insurance

Life insurance, originally conceived to protect a man's family when his death
left them without income, has developed into a variety of policy plans. In a
“whole life” policy, fixed premiums are paid throughout the insured's lifetime;
this accumulated amount, augmented by compound interest, is paid to a
beneficiary in a lump sum upon the insured's death; the benefit is paid even if
the insured had terminated the policy. Under “universal life,” the insured can
vary the amount and timing of the premiums; the funds compound to create
the death benefit. With “variable life,” the fixed premiums are invested in a
portfolio (with earning reinvested), and the death benefit is based on the
performance of the investment. In “term life,” coverage is for a specified time
period (e.g., 5–10 years); such plans do not build up value during the term.
Annuity policies, which pay the insured a yearly income after a certain age,
have also been developed. In the 1990s, life insurance companies began to
allow early payouts to terminally ill patients.

Fire insurance usually includes damage from lightning; other insurance

against the elements includes hail, tornado, flood, and drought. Complete
automobile insurance includes not only insurance against fire and theft but
also compensation for damage to the car and for personal injury to the victim
of an accident (liability insurance); many car owners, however, carry only
partial insurance. In many states liability insurance is compulsory, and a
number of states have instituted so-called no-fault insurance plans, whereby
automobile accident victims receive compensation without having to initiate a
liability lawsuit, except in special cases. Bonding, or fidelity insurance, is
designed to protect an employer against dishonesty or default on the part of an
employee. Title insurance is aimed at protecting purchasers of real estate from
loss by reason of defective title. Credit insurance safeguards businesses
against loss from the failure of customers to meet their obligations. Marine
insurance protects shipping companies against the loss of a ship or its cargo,
as well as many other items, and so-called inland marine insurance covers a
vast miscellany of items, including tourist baggage, express and parcel-post
packages, truck cargoes, goods in transit, and even bridges and tunnels. In
recent years, the insurance industry has broadened to guard against almost any
conceivable risk; companies like Lloyd's will insure a dancer's legs, a pianist's
fingers, or an outdoor event against loss from rain on a specified day.

INSURANCE IN INDIA

The insurance sector in India has come a full circle from being an open
competitive market to nationalization and back to a liberalized market again.
Tracing the Developments in the Indian insurance sector reveals the 360
degree turn witnessed over a period of almost two centuries.
HISTORY

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

1928: the Indian Insurance Companies Act enacted to the government to

collect s t a t i s t i c a l information a b o u t b o t h l i f e a n d n o n l i f e
i n s u r a n c e businesses.

1938: Earlier legislation consolidated and amended to the insurance Act

with the objective of protecting the interests of the insuring public.

1956: 245 Indian and Foreign insurers and provident societies taken over by
the c e n t r a l g o v e r n m e n t and n a t i o n a l i z e d . LIC formed by an Act
of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5
core from the Government of India.

INSURANCE SECTOR REFORMS:

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

2) Competition
Private companies with a minimum paid up capital of Rs. 1bn should be
allowed to enter the industry. No company should deal in both Life and
General Insurance t h o u g h a s i n g l e e n t i t y . Foreign companies may
be
Allowed to enter the industry in collection with the domestic companies.
Postal Life Insurance Should be allowed to operate in the rural market. Only
One State Life Insurance Company should be allowed to operate in each
state.

3) Regulatory Body
- The Insurance Act should be changed
- An Insurance Regulatory body should be set up
- Controller of Insurance (Currently a part from the Finance Ministry)
Should be made independent.

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

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

st
India still has low insurance penetration of 1.95 percent, 51 in the world.
Despite the fact that India boosts a saving rate of around 25 percent, less
than 5 percent is spent on insurance.

The insurance landscape in India is undergoing major changes. Close to

foreign competition since nationalization in 1956, the life insurance industry
had been protected from competitive pressures. Now, with the reopening of
the sector, several new players have entered the scene.
The acronym for the Insurance Regulatory and Development authority of
India, it overseeing the insurance business in India. It protects the interests
of the policyholders received and ensures orderly growth of the insurance
industry and for matters connected there thereto.

Beside TATA AIG Life Insurance there are other 23 private players
working in life insurance sector, which are as follows.

Bajaj Allianz Life Insurance Company Ltd.

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

Reliance Life Insurance Company Ltd.

Reliance Life Insurance is an associate company of Reliance Capital Ltd.,
which along with its associates has acquired 100% shares in AMP Sanmar Life
Insurance Co Ltd in 2005.

Aviva Life Insurance Company Ltd.

Aviva Life Insurance Company Ltd. is a joint venture between Dabur India
and CGU is a wholly subsidiary of Aviva Plc (UK).
SBI Life Insurance Company Ltd.
India s largest bank SBI and Cardiff S.A, a leading insurer in France came
together to from SBI Life.
ICICI Prudential Life Insurance Company Ltd.
ICICI Prudential equity based stands at Rs. 675 Cr. With ICICI group and
Prudential Plc holding 74% and 26% stake respectively.

Birla Sun Life Insurance Company Ltd.

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

HDFC Standard Life Insurance Company Ltd.

HDFC S t a n d a r d L i f e I n s u r a n c e C o m p a n y L t d . Was o n e o f t h e
f i r s t companies to be granted license by the IRDA to operate in life
insurance sector. It was incorporated on 14th august 2000. HDFC is the
majority stakeholder in insurance JV with 81.4% stake and Standard life
(largest mutual assurance company in Europe) has a stake of 18.6%.

ING Vysya Life Insurance Company Ltd.

ING Vysya Life Insurance Company Ltd. Is expected to be first bank
assurance venture in the country. Together they have roped in GMR group,
which h a s w i d e -ranging i n t e r e s t s i n f i e l d s u c h as power
g e n e r a t i o n infrastructure, manufacturing, software and banking. As per
JV agreement Vysya bank would hold 49% stake, ING (Europe, Dutch
origin) 26% and GMR group would hold 25% of the stake.

MAX New York Life Insurance Company Ltd.

It s a partnership between MAX India ltd and New York life, a Fortune 100
company.

Met Life India Insurance Company Ltd.

It was incorporated in April 2001 as a joint venture between Met Life
International Holding, Inc, Jammu & Kashmir bank, and M. Pallonji and
company private Ltd.
COMPANY PROFILE
Tata AIG Life Insurance Company Limited
Tata AIG Life Insurance Company Limited (Tata AIG Life) is a joint venture
company, formed by the Tata Group and American International Group, Inc.
(AIG). Tata AIG Life combines the Tata Group’s pre-eminent leadership
position in India and AIG’s global presence as one of the world’s leading
international insurance and financial services organization. The Tata Group
holds 74 per cent stake in the insurance venture with AIG holding the balance
26 per cent. Tata AIG Life provides insurance solutions to individuals and
corporate. Tata AIG Life Insurance Company was licensed to operate in India
on February 12, 2001 and started operations on April 1, 2001.

THE TATA GROUP

Tata is a rapidly growing business group based in India with significant

international operations. Revenues in 2007-08 are USD 62.5 billion (around
Rs. 251,543 corer), of which 61% was from business outside India. The
Group’s Net Profit for 2007-08 is USD 5.4 billion (around Rs. 21,578 corer).
The Group employs around 350,000 people worldwide. The Tata name has
been respected in India for 140 years for its adherence to strong values and
business ethics. The business operations of the Tata Group currently
encompass seven business sectors - Communications and Information
Technology, Engineering, Materials, Services, Energy, Consumer Products
and Chemicals. The Group's 28 publicly listed enterprises have a combined
market capitalization of around $60 billion, among the highest among Indian
business houses, and a shareholder base of 2.9 million. The major companies
in the Group include Tata Steel, Tata Motors, Tata Consultancy Services
(TCS), Tata Power, Tata Chemicals, Tata Tea, Indian Hotels, Tata
Teleservices and Tata Communications.

American International Group, Inc. (AIG)

American International Group, Inc. (AIG), a world leader in insurance and
financial services, is the leading international insurance organization with
operations in more than 130 countries and jurisdictions. AIG companies serve
commercial, institutional and individual customers through the most
extensive worldwide property-casualty and life insurance networks of any
insurer. In addition, AIG companies are leading providers of retirement
services, financial services and asset management around the world. AIG's
common stock is listed on the New York Stock Exchange, as well as the stock
exchanges in Ireland and Tokyo.

PRODUCT

A) TATA AIG Maha Life Gold

This unique policy is an ideal planning vehicle to fund your retirement. It

provides a steady income and insurance coverage for life. Premiums are
payable only for the first 15 years, and can be used to cover the future
expenses of your children.

Key features include:

• A guaranteed annual coupon of 5% of the sum assured every year for

the rest of the insured’s term from the 10th policy anniversary.
• Yearly cash dividends are available from the 6th policy anniversary
onwards (depending on Company performance).
• The entire sum assured is paid tax-free as per current Income Tax
Laws.
Tax Benefits, Riders and Age Eligibility
• The guaranteed 5% coupon and non-guaranteed cash dividends are tax
free as per current Income Tax Laws.
• Premiums paid under this plan are eligible for tax benefits under
Section 80C of the Income Tax Act, 1961. Any sum received under this
plan is exempt from tax under section 10(10D) of the Income Tax Act,
1961.*
• Disability, Accident, Term and Critical Illness riders are available for
added protection at a nominal extra cost. (For juveniles, only Payor
Benefit Rider is available).
 • Policy available for persons between 0 years and 60 years of age.

B) TATA AIG Maha Guarantee Plan

Life is about moving forward, so as you scale greater heights, your

responsibilities also increase. As a hard working person, you would be
looking to invest your savings in responsible investment avenues. What can
be a better option than to invest in a plan that not only provides you the
benefit of guaranteed returns on your savings but also a double life cover
that increases with time? Tata AIG Life Maha Guarantee, a non-
participating endowment plan, is one such plan that meets all your demands
for a secured investment with a high life cover. Not only that, the plan
benefits grows every year, to help you meet your increasing needs
Key features include:

• Guaranteed Returns: On maturity, you receive a sum of the following

amounts guaranteed:-
• 100% of the Basic Sum Assured
• Guaranteed Addition* as added on every policy anniversary
• Guaranteed Maturity Addition
• This plan offers you a life cover of twice the Basic Sum Assured at
policy inception.
• Every policy anniversary, the plan adds a Guaranteed Addition to your
life cover, provided all due premiums have been paid and policy is in
force.
• You get a large sum assured discount for policies with sum assured
equal to or more than Rs.2 lacks.
Maturity Benefit
• On maturity, we guarantee to pay you a sum of the following amounts
provided the policy is in force and all due premiums have been paid:-
 • 100% of the Basic Sum Assured
• Accrued Guaranteed Additions
• Guaranteed Maturity Addition

Death Benefit
• In case of unfortunate death of the life assured, before the maturity of
the policy, we will pay the sum of the following amounts provided the
policy is in force and all due premiums have been paid:
• Twice the Basic Sum Assured
• Accrued Guaranteed Additions

C) Tata AIG Life invest assure Flexible Plan

IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT

PORTFOLIO IS BORNE BY THE POLICYHOLDER
Each one of us has our own set of financial needs, aspirations, and
priorities. In many ways, these needs are unique and need to be addressed
in a unique way. Our insurance requirements may be different depending
on our age and financial position. We may have different time horizon for
investments as they depend on the underlying needs. Keeping this in
mind, Tata AIG Life Insurance Company Limited brings to you Tata AIG
Life Invest Assure Flexi Supreme. This plan is a unit linked endowment
insurance plan that provides you with ample flexibility to suit your needs
and priorities and helps you to achieve your financial goals. This plan also
provides the much needed life insurance protection in case of any
unfortunate event.
Key features include:
• Flexible Policy Terms
• Flexibility to choose from range of Portfolio Strategies like SMART
or AAA
• Flexibility to choose between 7 Investment Fund options.
• Tax benefits u/s 80C and 10 (10D) of the Income Tax Act, 1961.

D) TATA AIG Life Plus

The financial security and happiness of your loved ones is always a
concern. Providing them the best as well is a priority, especially when you
may not be around. Taking an adequate cover can help ease these worries
and ensure that the future needs are well taken care of in your absence.
Presenting, Tata AIG Life Life Plus, a simple, non-participating plan
which provides you a life cover for 20 years. And in case of no claims till
maturity, the premiums you pay will be refunded to you.*
Thus ensuring that not only your loved ones are adequately protected and
but you also get a ‘value for money insurance cover’.
Key features include:
• A term policy that also returns the premiums paid at the end of 20
years – guaranteed*
• Life cover for 20 years - Upon your unfortunate death at any time
during the 20-year term, the Plan pays the Sum Assured to your loved
ones
• Premiums are payable only for the first 15 years
• In case of an accidental death, double of the sum assured will be paid
* excluding service tax & rider premium
• Premiums paid under this plan are eligible for tax benefits under
Section 80C of the Income Tax Act, 1961. Moreover, life insurance
proceeds enjoy tax benefits as per section 10(10D) of the said Act.

E)Tata AIG Life Health Investor

Hospital rooms. Doctor’s bills. Stress. Worry. Tears. Frustration. Life
seems to be over the moment one is diagnosed with a critical illness.
But, with Tata AIG Life Health Investor (Health Investor) from Tata AIG
Life, life does not have to come to a standstill. Because the financial
cover it offers plays a large role in contributing to your peace of mind and
subsequent recovery.
What’s more, if you are fortunate enough never to be diagnosed with a
Critical Illness, the premiums you pay will never go to waste as they will
be refunded in case there is no claim.

Protection Against 12 Critical Illnesses:

• The critical illnesses covered under this policy include Benign Tumor,
Paralysis, Parkinson’s Disease, Total Blindness, Cancer, Stroke, Heart
Attack, Chronic Renal Failure, Coronary Bypass Surgery, Heart Valve
Surgery, Aorta Surgery and recipient of major organ transplant of Heart,
Lung, Liver, Kidney, Pancreas or Bone Marrow. The coverage under
critical illness benefit would be available only after 180 days from the
issue/reinstatement date. However, this policy will cease after one claim
is made.
So, invest a little in your health now and stay protected and worry-free.
Key benefits includes:
• Lump sum benefit on diagnosis of 12 critical illnesses
• Cover in case of unfortunate death
• 100% Return of Premium in case of no claim
• 5% increase in the Critical Illness Benefit up to a maximum of 50% of
Sum Assured
• Limited premium payment period
• Level Premium
Eligibility:
• Policy is available for persons between 18 and 55 years of age
 Tax Benefits
• Premiums paid under this plan are eligible for tax benefits under
Section 80C of the Income Tax Act, 1961. Any sum received under this
plan is exempt from tax under section 10(10D) of the Income Tax Act,
1961.*
SCOPE OF STUDIES
Need for measuring customer satisfaction.

Customers are too good to lose

---------- Lets keep them happy!

Customer is the king.

In the era of cutthroat competition and economic recession, above axiom has
more importance than ever before.

Marketing starts with the customer and ends the customer .

Peter Drucker.

So no organization, small or big ignores the customers.

Earth is not the center of universe but revolves around the Sun .
-Copernicus.

Similarly, we have come to believe that business firm is not the center of
economic universe but revolves around the customer.

Build customer and not only products.

Building customers is not a single step exercise but a process ------.

OBJECTIVE OF THE STUDY:

1) To determine the present position and satisfaction of customer in Tata

AIG Life Insurance.
The main objective of the project was to analyze consumer satisfaction of
Tata AIG Life Insurance with other services in Kota. And also present
position of the company.

2) To determine the market share of different brands.

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

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

4) Benefits derived by assessing consumer satisfaction are:

- Feedback to organization regarding product.
- Understanding customer s requirements.
- Providing superior service to customer.
- Strengthen the relationship with customers.
- Formulating sales strategies.
5) Identify pros and cons of the brand.
This was a fundamental objective of the whole research. Company wants to
identify that where does the brand lack. In other words, what are the brands
so that it can rectify them in order to establish the brand in the market.

6) Suggestions and recommendations.

The objective of the research was not only to find out the problem but also
the identification of solutions or suggestions of the problems.
 RESEARCH
METHODOLOGY
RESEARCH METHODOLOGY

INTRODUCTION

Research is an art of scientific investigation through search for new facts in

any branch of knowledge. It is a moment from known to unknown.

Research always starts with a question or a problem.

Its p u r p o s e i s t o f i n d a n s w e r s t o q u e s t i o n s t h r o u g h
t h e application of the scientific method.
It is a systematic and intensive study directed towards a more
complete knowledge of the subject studied.

As marketing does not address itself to basic or fundamental question, it

does not qualify as basic research. On the contrary, it tackles problems,
which seem to have immediate commercial potential. In view of the major
consideration, marketing research should be regarded as applied research.
We may also say that marketing research is of both types problem solving
and problem oriented.

Marketing research is as systematic and objectives study of the problems

pertaining to the marketing of the goods and services. It may be emphasized
that it is not restricted to any particular area of marketing, but is applied to
all the phases and aspects.
METHOD OF DATA COLLECTION

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

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

b) Secondary Data
Secondary data are that type of data, which are already assembled and need
not to collected from outside. These types of data were
i) Company Profile
ii) Product Profile
iii) Competitors Profile
The aforesaid data were collected through Internet and company s financial
report.
2) Data Collection Method
For given project, the primary data, which needed to collect for the first
time, were much significant. This type of information gathered through
Survey technique, which is the most popular and effective technique for
correct d a t a c o l l e c t i o n . The s u r v e y w a s c o m p l e t e d w i t h t h e
u s e o f questionnaires.
- Questionnaire for consumer.

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

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

Classes No of
(Age) Respondents
18-24 4
24-35 19
35-45 16
45-55 8
55-65 1

No. Of Respondent

20
18
16
14
12
10 No. Of Respondent
8
6
4
2
0
18-24 24-35 35-45
45-55 55-65

ANALYSIS

Above diagram consist five classes of different age

groups. Here customer
19 customer biloges to 25-35 age groups, 16 customers
fall in the age group
35-45 years.
Other 8 customer comes are in the class 45-55 years
the age group of 18-24 consists four customer reaming
customer is in age group 55-65 years.
Here majority of customer belong to the group 25-35
years.
Do you think is it essential to have Life Insurance?
YES NO

Yes No Total
No. of Respondents 45 5 50
% of Respondents 90 10 100

No. of Respondents

YES
NO

ANALYSIS

To this question 45 consumers reported YES and 5 consumers reported

NO .
Which are the companies you invested your money for Life Insurance?

Companies No. of % of
Respondents Respondents
Tata AIG Life Insurance 50 37.04
LIC 30 22.22
Bajaj Allianz - -
Reliance Life Insurance 10 7.41
Max New York Life Insurance 5 3.70
HDFC Life Insurance 10 7.41
ICICI Prudential Life Insurance 25 18.52
SBI 5 3.70

No. of Respondents

Tata AIGLife
Insurance
LIC

Bajaj Allianz

Reliance

Max New York Life

Insurance
HDFC Life Insurance

ICICI Prudential Life

Insurance
SBI
ANALYSIS

From the above figure we come to know that customer is also investing
money in other life insurance companies. The major player in insurance is
LIC holding 22.22% of total sample. The second major player ICICI is
holding 18.52%. HDFC and KOTAK equal share of 7.41% & the Max
New York & SBI are having 3.70%.
Why did you choose Tata AIG Life Insurance?

No of % Of
Respondents Respondents
ROI 18 36
Peer Pressure 15 30
Tax Benefit 10 20
Security /safety 2 4
Low Premium 5 10
TOTAL 50 100

No. of Respondents

ROI
Peer Pressure
Tax Benefit
Security /safety
Low Premium

ANALYSIS

The above diagram shows 36% of respondents choose because of good

returns, 30% because of peer pressure and remaining 24% opt. Because of
tax benefit, safety and 100 premium respectively.
Which of the following planed you is insured?

Maha Life
60 Maha
gold Life
3000
50 Gold Plan No o % Of
2500
40 Invest Respondents Respondents
2000 Kotak
Maha Life gold
30 Assure
Retirem ent
Flexi 25 40
1500
Invest Assure Flexi
20 Plan 60
19 30
1000 Tata AIG Life
10
500
Kotak
Tata AIG Life Health Investor
Health 3 5
0 Endow m ent
TataNo
0 AIG
o
Life Pus Investor
Plan
6 10
Tata AIG Life
No o
Respondents
Tata AIG Maha Guarantee LifePlan
Kotak Capital
Pus
10 15
Respondents
Multiplier Plan
Tata AIG Life
Child
ShubhLife
Advantage
Plan

No. of Respondent

Maha Life Gold

Invest Assure Flexi

Health Investor

Life Plus

Maha Guarante Plan

Note.

Some of customers are having more than one plan total survey customers
are 50.
ANALYSIS

From the total 63 respondents maximum i.e. 40% customers have opted for
Flexi Plan, whereas 30% have gore for Retirement plans and remaining 30%
have customer are having endowment, multiplier and child advantage
respectively.
What kind of services you expect from insurance provides

No of % Of
Respondents Respondents
Easy access ability to Deposit Center 20 31
Time to time premium collection 12 19
Provision in case of Dues 8 13
Bonus & other schemes 24 37
TOTAL 64 100

No. of Respondents

Easy access ability to

Deposit Center
Time to time premium
collection
Provision in case of
Dues
Bonus & other schemes

Note.

Some of customer are expecting more than single service.

ANALYSIS
Out of total 50 respondents 37% like to have bonus and other service as a
prime concern, 13% like to have provision in case of dues and remaining
31% & 12% respondents say. They need time-to-time premium collection
and easy accessibility to deposit center as a concern before choosing
insurance provider.
How will you rate the services given by TATA AIG Life Insurance?

No of % Of
Respondents Respondents
Poor - -
Average 16 32
Good 28 56
Excellent 6 12
TOTAL 50 100

No. of Respondents

Poor
Average
Good
Excellent

ANALYSIS
Out of 50 respondents 57% have ratted TATA AIG Life Insurance
services as good and 32% have ratted as average. And remaining 12% have
ratted as Excellent.
What difference you find between Tata AIG & your previous
Insurance provider.

No of % Of
Respondents Respondents
Good Returns 16 21
Effective Service/liquidity 12 15
Tax Planning 28 36
Security/ Safety Benefit 22 28
TOTAL 50 100

No. of Respondents

Good Returns
Effective
Service Tax
Planning
Security/ Safety Benefit

Note.

Some of customers are having more than one plan more Benefit are expected
in one plan. Total surveys of customers are 50.
Do have any suggestion for Tata AIG Life Insurance?
YES NO

YES NO TOTAL
No of Respondents 39 11 50
% Of Respondents 78 22 100

No. of Respondents

YES
NO

ANALYSIS

To this question 39 consumers reported YES and 11 consumers reported

NO .
In future, will you purchase policies from TATA AIG Life Insurance?
YES NO

YES NO TOTAL
No of Respondents 32 18 50
% Of Respondents 64 36 100

No. of Respondents

YES
NO

ANALYSIS

To this question 32 consumers reported YES and 18 consumers reported

NO .
OBSERVATION
AND
FINDINGS
OBSERVATIONS

Majority of the customer s belonged to age group of 25-35

years that is 19 consumers.
45 consumers think Life Insurance is essential for them.
135 respondents are investing in life insurance companies like
Tata AIG Life Insurance, LI C, Kotak, Bajaj Allianz, Max
New York, HDFC, ICICI and SBI.
36 percentages of the total respondents invest in Tata
AIG Life Insurance for getting high ROI. Most
of respondent s preferred Tata AIG Maha Life
Gold.
37.5 percentage respondents expect bonus and other schemes
from TATA AIG Life Insurance.
68 percentage respondents satisfied with services
given by
Tata AIG Life Insurance.
As per 28% of despondence TATA AIG Life Insurance
providers good tax benefits to the Investors.
64% of respondents are willing to purchased policies from
TATA AIG Life Insurance in future.
 LIMITATION
AND
RECOMMENDATIONS
Limitations of study:-

1.
RECOMMENDATIONS

1) There is scope to sale insurance policy by concentrating on age group

18-24 years here potential of customers are there. (Example. Software
professional, BPO employees, and professionals) Flexi plan can be sold
by concentrating on age group 35-45 years. (Example. Government
employees, executives and businessman)
2) As major respondents think to have life insurance policy is very
essential there is lot of scope for insurance company.
3) TATA AIG Life Insurance should try to build trust among the public
by making people aware of their investment is safe, high return on
investment, Tax Benefits.
4) As more respondents are investing in TATA AIG Life Insurance for
getting high return on investment the company should try to provide
attractive returns on investments in future.
5) TATA AIG Life Insurance should introduce attractive policies &
Also attractive bonus on policies to attractive more potential
customers.
6) Approx 36% of respondents differ with there previous insurance
provider, they field that TATA AIG Life Insurance providing good tax
benefit for there investment so Tata AIG Life Insurance if possible try
to provided more tax benefit customer.
7) 64% respondents are willing to purchases Tata AIG Life
Insurance policies in future this benefit TATA AIG Life Insurance as
mort potential customer in future.
CONCLUSION
After conducting market research for Tata AIG Life Insurance
Company we came to know different needs of consumers, their valuable
suggestions, responses to the different questions. With this information we
can conclude that there is good market awareness about TATA AIG Life
Insurance Company in the market.

Customer satisfaction level of most respondents is higher for TATA

AIG Life Insurance Company, which is provided by survey. Higher
satisfaction level of TATA AIG life insurance company was monthly due
to TATA provides good tax benefit for the consumers also ROI, security etc.

Tata AIG Maha Life Gold Plan is the best-sold plan in market by TATA
AIG Life Insurance. This conveys that the customer s is switching to
ULIP’s Plan.
BIBLIOGRAPHY
REFERENCES

• BOOKS

• MAGAZINE

• Business & Economy Magazine

• COMPUTER WEBSITE

1)www.IRDA.com
2)www.licindia.com
3)www.hdfcinsurance.com
4)www.businessindiaonline.com
5)www.maxnewyorklife.com
6)www.brandonline.com
7)www.iciciprulife.com
8)www.tata-aig.com
ANNEXURE
QUESTIONNAIRE

1. Personal detail
Name:
Age
18-24 -35 -45
45-55 55 and above
Phone No.
Email.
Office Address: - Residential Address: -

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

YES NO

3. Which are the companies you invested your money for Life Insurance?
a) TATA AIG Life Insurance
b) LIC
c) Bajaj Allianz
d) Kotak Life
e) Max New York Life Insurance
f) HDFC Life Insurance
g) ICICI Prudential Life Insurance
h) SBI
 4. Why did you choose Tata AIG Life Insurance?
a) ROI
b) Peer Pressure
c) Tax Benefit
d) Security /safety
e) Low Premium

5. Which of the following planed you is insured?

a) Maha Life Gold
////////////////
b) Invest Assure Flexi
c) Tata AIG Life health Investor
d) Tata AIG Life Plus
e) Tata AIG Maha Guarantee
Plan

6. What kind of services you expect from insurance provides

a) Easy access ability to Deposit Center
b) Time to time premium collection
c) Provision in case of Dues
(Policy Lapse)
d) Bonus & other schemes

7. How will you rate the services given by TATA AIG Life Insurance?
a) Poor
b) Average
c) Good
d) Excellent
8. What difference you find between T a t a A I G & your previous
Insurance provider.
a) Good Returns (HIGHEST)
b) Effective Service/Liquidity
c) Tax Planning
d) Security/ Safety Benefit & Protection on your Capital

9. Do have any suggestion for TATA AIG Life Insurance

YES NO

10. In future, will you purchase policies from Tata AIG Life
Insurance?
YES NO