143

Chapter 5
CONSUMER BEHAVIOUR AND PREFERENCES
5.1 Introduction
The consumer behaviour, in general, is prompt by number of factors viz. Psycho
graphical, Economical, Social, Politico legal and Demographical. The list is not
exhaustive but it is sufficient to have the deep understanding of the factors influencing
the decision.
Psycho graphical factors are those factors that include the behavioral aspect of the
individual viz. lifestyle, living standard. Here purchase decision in influenced by
those issues that affect the lifestyle of the consumer or in the other that reflects the
status. For e.g.: purchase decision related to buying of car and that to Mercedes Benz.
Talking specifically to the insurance sector, here customer will buy only that policy
that has got high premium or that type of policy which company is promoting to
limited high-income level group only. e.g. "Classic Life premier" policy of Birla Sun
life insurance is meant for only those individual, who can pay at least Rs. 25000/- per
annum.
Economical factors affect the purchase decision by influencing the issues pertaining
to money and income level of the individual. Consumers buy only that product which
will not have any negative effect on his pocket e.g. decision to buy an insurance
policy is influenced by the deepness in the pocket.
Social factor affects the purchase decision by influencing the issues pertaining to
social beliefs and morals.
Politico legal is the macro level environment. It effects in a way, say IRDA has
restricted the sale of Key Man Insurance policy through Term Plan only.
Demographical factor is that factor which has got the maximum of its effect in the
purchase decision of the product and especially if that product is life insurance
product. It is so because these factors incorporate other above said factors and
includes those factors that can influence the buying decision to maximum extent viz.
Occupational factor (service/business), Age factor, Gender, Marital status factor and
144
Income level etc. It cannot be denied that buying decision of the individual who is
unmarried and is into business, having the income level of the range Rs. 2.4 lakh per
annum, is into the age group of say 25 years will have the entirely different approach
towards purchase of the life insurance policy with the individual who is into service
and is married, is into the age group of, say 35, and is earning Rs. 30000/- per month.
5.2 Consumer Behavior towards Life Insurance in the State of
Haryana
To investigate the consumer behavior towards Life Insurance in the state of Haryana,
around 300 people were contacted to collect primary data.
However, 121 respondents gave the information as per our requirement.
On the basis of the collected data and to achieve the objective following hypotheses
were tested applying chi-square test:
1. The type of life insurance plan purchased is not effected by the education
level/ income level/family size
2. The percentage of income spent on life insurance is not effected by the
education level/ family size
3. The person for which the life insurance policy is purchased is not effected by
the education level/ income level/family size
4. The person whose recommendations affect the consumer is not effected by the
education level/ income level
5. The premium payment plan is not effected by the education level/ income
level
6. The purpose to purchase life insurance policy is not effected by the income
level
7. The interest to know facts about the insurance policy is not effected by the
education level/ income level
8. The having of insurance policy either of private or public company is not
effected by the education level/ income level
On rejection of a particular hypothesis i.e. on finding the dependence between the two
factors (for example education and type of plan) the test has been applied to see
whether there is any significant difference for opting the public and private sector
with regard to each category coming under a factor (for example this has been seen in
145
case of the categories below graduate, graduate and post graduate coming under the
factor education)
A detailed analysis covering the above mentioned aspects has been done as follows:
5.2.1 Type of Life Insurance Policy Purchased in Respect to Education
Table 5.1: Education and Type of Plan
Which type of plan you like Total
Low risk with
secured &
low returns
Moderate risk
moderate
returns
High risk
high
returns
Education Below graduation 34 4 2 40
Graduation 26 17 3 46
Post graduation/
Professional
17 9 9 35
Total 77 30 14 121
Table 5.2.1: Chi-Square Tests
Value Df
Asymp. Sig. (2-
sided)
Pearson Chi-Square 19.328(a) 4 .001
The Table 5.2.1 reveals that the hypothesis is rejected at 5 percent level of
significance and hence it is concluded that the type of life insurance purchased
depends on the education i.e. education affects the decision to purchase the type of
life insurance policy.
Now to see whether there is any significant difference for opting the public and
private sector with regard to each category coming under the factor education, chi-
square test is applied as under:
146
Table 5.2.2: Which Company's Insurance Policies do you have/Which Type of
Plan You Like/Education
Education Which type of plan you like Total
Low risk
with secured
& low
returns
Moderate
risk
moderate
returns
High risk
high
returns
Below
graduation
Which
company's
insurance
policies do
you have
LIC
30 3 0 33
PRIVATE
3 1 1 5
Total 33 4 1 38
Graduation which
company's
insurance
policies do
you have
LIC
21 10 3 34
PRIVATE
5 6 0 11
Total 26 16 3 45
Post
graduation/
Professional
which
company's
insurance
policies do
you have
LIC
13 8 7 28
PRIVATE
4 1 2 7
Total
17 9 9 35
Table 5.2.3: Chi-Square Tests
education Value df
Asymp. Sig. (2-
sided)
below graduation Pearson Chi-Square 7.569(a) 2 .023
N of Valid Cases 38
graduation Pearson Chi-Square 2.830(b) 2 .243
N of Valid Cases 45
post
graduation/professional
Pearson Chi-Square
.605(c) 2 .739
N of Valid Cases 35
The Table 5.2.3 reveals that the factors below graduate consumers and the
companies whose life insurance policies, they are having, are dependent i.e. less
147
educated people opt for the public sector i.e. LIC. They do not feel secure opting the
private sector.
The Table 5.2.3 also reveals that the graduate/post graduate consumers purchase
their life insurance policies irrespective of the sectors i.e. they can go for any
company if satisfied with the policy.
5.2.2: Type of Life Insurance Policy Purchased with Respect to Family Size
Table 5.2.4: Family Size and Type of Plan like by Consumers
Which type of plan you like
Total
Low risk with
secured & low
returns
Moderate risk
moderate
returns
High risk
high returns
Family size Less than 5 46 20 8 74
5 to 7
members
26 9 6 41
More than 7
members
5 1 0 6
Total 77 30 14 121
Table 5.2.5: Chi-Square Tests
Value df Asymp. Sig. (2-sided)
Pearson Chi-Square 1.897 4 .755
N of Valid Cases
121
The Table 5.2.5 reveals that the hypothesis is accepted i.e. the type of life insurance
plan purchased is not affected by the family size. Here, the significant difference is
more than 5 per cent and we can say that family size and type of life insurance
purchased are independent i.e. family size does not make any difference for opting the
decision to purchase the type of life insurance policy. It means that the person having
different size of family whether it is small, medium or large can opt for public sector
i.e. LIC or private sector.
148
5.2.3: Type of Life Insurance Policy Purchased in Respect to Income
Table 5.2.6: Income per Month and the Type of Plan Like by Consumers
Which type of plan you like Total
Low risk with
secured & low
returns
Moderate risk
moderate
returns
High risk
high
returns
Income
per month
Less than
25000
66 18 10 94
Between 25000
to 50000
8 10 2 20
More than
50000
3 2 2 7
Total 77 30 14 121
Table 5.2.7: Chi-Square Tests
Value df Asymp. Sig. (2-sided)
Pearson Chi-Square 11.105 4 .025
N of Valid Cases
121
The Table 5.2.7 reveals that the hypothesis is rejected that the type of life insurance
plan purchased is not affected by the income of the consumer. Here the significant
difference is less than 5 percent and we can say that income per month and type of life
insurance purchased is not independent i.e. income per month of the consumer affects
the decision to purchase the type of life insurance policy.
Now to see whether there is any significant difference for opting the public and
private sector with regard to each category coming under the factor income per
month, again the test has been applied as under:
Table 5.2.8: Type of Company whose Insurance Policies Having by
Consumer/the type of plan like by consumer / income per months
Income
per month Which type of plan you like Total
Low risk
with
secured &
low returns
Moderate
risk
moderate
returns
High
risk
high
returns
Less than
Rs. 25000
Which
company's
insurance
policies do you
have
LIC
59 12 8 79
PRIVATE 7 6 1 14
149
Total 66 18 9 93
Between
Rs. 25000
to Rs.
50000
Which
company's
insurance
policies do you
have
LIC
3 7 1 11
PRIVATE
4 2 1 7
Total 7 9 2 18
More than
Rs. 50000
Which
company's
insurance
policies do you
have
LIC
2 2 1 5
PRIVATE 1 0 1 2
Total 3 2 2 7
Table 5.2.9: Chi-Square Tests
Income per month Value df
Asymp. Sig. (2-
sided)
Less than Rs. 25000 Pearson Chi-
Square
5.834 2 .054
N of Valid Cases 93
Between Rs. 25000 to
Rs. 50000
Pearson Chi-
Square
2.137 2 .343
N of Valid Cases 18
More than Rs. 50000 Pearson Chi-
Square
1.283 2 .526
N of Valid Cases 7
The Table 5.2.9 reveals that the factors income per month of consumer and the
companies whose life insurance policies, they are having are independent
The Table 5.2.9 also reveals that the factor income per month of consumer and the
companies whose life insurance they are having are, independent. Private and public
sector does not matter for higher, average or low income group. They can opt any of
the company if satisfied with the policy.
However, the people earning less than Rs. 25,000 per month, the probability of
acceptance are near 0.05 and hence we can conclude that they are on the margin and
for some of them the type of sector i.e. public or private matters.
150
5.2.4: Percentage of Income Spent on Life Insurance in Respect To Family Size
Table 5.2.10: Family Size / Percentage of Income Spent on Life Insurance
% age of income spent on life
insurance Total
Up to
10%
Between 10
% to 20%
More than
20%
Family size Less than 5 55 16 3 74
5 to 7 members 33 8 0 41
More than 7 members 5 1 0 6
Total 93 25 3 121
Table 5.2.11: Chi-Square Tests
Value df Asymp. Sig. (2-sided)
Pearson Chi-Square 2.176 4 .703
N of Valid Cases
121
The Table 5.2.11 reveals that the hypothesis is accepted that the percentage of income
spent on life insurance is not affected by the family size. Here the significant
difference is more than 5 percent and we can say that family size and percentage of
income spent on life insurance is independent i.e. family size does not matter for
investing the percentage of their income towards life insurance policies. It means that
the person having different size of family whether it is small, medium or large can opt
for public sector i.e. LIC or private sector.
5.2.5: Percentage of Income Spent on Life Insurance in Respect to Education
Table 5.2.12: Education / Percentage of Income Spent on Life Insurance
% age of income spent on life
insurance Total
Up to
10%
Between 10
% to 20%
More than
20%
Education Below graduation 37 3 0 40
Graduation 37 9 0 46
Post
graduation/Professional
19 13 3 35
Total 93 25 3 121
151
Table 5.2.13: Chi-Square Tests
Value df Asymp. Sig. (2-sided)
Pearson Chi-Square 19.023 4 .001
N of Valid Cases
121
The Table 5.2.13 reveals that the hypothesis is rejected that the percentage of income
spent on life insurance is not affected by the educational level of the consumer. Here
the significant difference is less than 5 percent and we can say that educational level
and percentage of income spent on life insurance is not independent i.e. educational
level of the consumer affects the decision of percentage of income spent on life
insurance.
Now to see whether there is any significant difference for opting the public and
private sector with regard to each category coming under the factor educational level,
again the test has been applied as under:
Table 5.2.14: Which Company's Insurance Policies do you have / Percentage of
Income Spent on Life Insurance / Education
Education
% age of income spent on
life insurance Total
Up to
10%
Between
10 % to
20%
More
than
20%
Below graduation Which company's
insurance policies
do you have
LIC
31 2 33
PRIVATE
5 0 5
Total 36 2 38
graduation Which company's
insurance policies
do you have
LIC
30 4 34
PRIVATE
7 4 11
Total 37 8 45
Post
graduation/Professional
Which company's
insurance policies
do you have
LIC
16 9 3 28
PRIVATE
3 4 0 7
Total
19 13 3 35
152
Table 5.2.15: Chi-Square Tests
Education Value df
Asymp. Sig. (2-
sided)
Below graduation Pearson Chi-Square .320 1 .572
N of Valid Cases 38
Graduation Pearson Chi-Square 3.441 1 .064
N of Valid Cases 45
Post graduation/
Professional
Pearson Chi-Square
1.903 2 .386
N of Valid Cases 35
The Table 5.2.15 reveals that the factor educational level of consumer having less
educated, average educated and higher educated and companies whose life insurance
policies, they are having are independent.
The Table 5.2.15 also reveals that the selection of company does not matter regarding
the percentage of income spent on life insurance policies whether the consumer is
below graduate, graduate or post graduate. The satisfaction of consumer enables him
to go with any life insurance company whether it is of public sector i.e. LIC or of
public sector
5.2.6: For Whom the Policy is purchased in Respect to Education
Table 5.2.16: Education / Persons for Which You Purchase the Policies
Persons for whom you purchase the policies Total
Self Spouse Children
Other
family
members
Self as
well as
other
Education Below
graduation
32 1 4 1 2 40
Graduation 32 1 6 3 4 46
Post graduation/
Professional
12 6 6 1 10 35
Total 76 8 16 5 16 121
Table 5.2.17: Chi-Square Tests
Value df Asymp. Sig. (2-sided)
Pearson Chi-Square 25.761 8 .001
N of Valid Cases
121
153
The Table 5.2.17 reveals that the hypothesis is rejected that the person for whom the
policy is purchased is not affected by the respect of educational level of the consumer.
Here the significant difference is less than 5 percent and we can say that educational
level and person for whom the policy is purchased is not independent i.e. educational
level of the consumer affects the person for whom the policy is purchase.
Now to see whether there is any significant difference for opting the public and
private sector with regard to each category coming under the factor educational level,
again the test has been applied as under:
Table 5.2.18: Which Company's Insurance Policies do you have / Persons for
Which you Purchase the Policies / Education
Education
Persons for which you purchase the
policies Total
Self Spouse
Child-
ren
Other
family
members
Self
as
well
as
other
Below
graduation
Which
company's
insurance
policies
do you
have
LIC
28 3 1 1 33
PRIVATE
4 0 0 1 5
Total 32 3 1 2 38
Graduation Which
company's
insurance
policies
do you
have
LIC
24 1 4 2 3 34
PRIVATE
8 0 2 1 0 11
Total 32 1 6 3 3 45
Post
graduation/
Professional
Which
company's
insurance
policies
do you
have
LIC
10 5 2 1 10 28
PRIVATE
2 1 4 0 0 7
Total
12 6 6 1 10 35
154
Table 5.2.19: Chi-Square Tests
Education Value df Asymp. Sig. (2-sided)
Below graduation Pearson Chi-
Square
2.994 3 .393
N of Valid Cases 38
Graduation Pearson Chi-
Square
1.684 4 .794
N of Valid Cases 45
Post graduation/
Professional
Pearson Chi-
Square
11.042 4 .026
N of Valid Cases 35
The Table 5.2.19 reveals that the factors below graduate and graduate consumer
and the companies whose life insurance policies, they are having are independent.
Private and public sector does not matter for less educated and average educated.
They can go for either of the companies. It doesnt get affected by the person for
whom the policy is purchased.
The Table 5.2.19 also reveals that the factor post graduate consumer and the
companies whose life insurance they are having are, dependent. The people having
higher education opt the public sector i.e. LIC. They do not feel secure opting the
private sector.
5.2.7: For Whom the Policy is purchased in Respect to Income
Table 5.2.20: Income per Month/ Persons for Which You Purchase the Policies
Persons for which you purchase the policies Total
Self Spouse Children
Other
family
members
Self as well
as other
Income
per
month
Less than Rs.
25000
61 6 12 4 11 94
Between Rs.
25000 to Rs.
50000
11 2 3 1 3 20
More than
Rs. 50000
4 0 1 0 2 7
Total 76 8 16 5 16 121
155
Table 5.2.21:Chi-Square Tests
Value df Asymp. Sig. (2-sided)
Pearson Chi-Square 2.970 8 .936
N of Valid Cases
121
The Table 5.2.21 reveals that the hypothesis is accepted that the person for whom the
policy is purchased is not affected by the monthly income level. Here the significant
difference is more than 5 percent and we can say that monthly income level and the
person for whom the policy is purchased is independent i.e. monthly income does not
matter for the person for whom the policy is purchased towards life insurance
policies. It means that the person having different monthly income level can opt for
public sector i.e. LIC or private sector.
5.4.8: For Whom the Policy is purchased in Respect to Family Size
Table 5.2.22: Family Size/Persons for Which You Purchase the Policies
Persons for which you purchase the policies Total
Self Spouse Children
Other
members
Self and
other
Family
size
Less than 5
43 3 14 2 12 74
5 to 7 members 30 5 2 2 2 41
More than 7 members 3 0 0 1 2 6
Total 76 8 16 5 16 121
Table 5.2.23: Chi-Square Tests
Value df Asymp. Sig. (2-sided)
Pearson Chi-Square 16.146 8 .040
N of Valid Cases
121
The Table 5.2.23 reveals that the hypothesis is rejected that the person for whom the
policy is purchased is not affected by the family size of the consumer. Here the
significant difference is less than 5 percent and we can say that the size of the family
and person for whom the policy is purchased is not independent i.e. family size of the
consumer affects the person for whom the policy is purchase.
156
Now to see whether there is any significant difference for opting the public and
private sector with regard to each category coming under the factor family size, again
the test has been applied as under:
Table 5.2.24: Which Company's Insurance Policies do you have/Persons for
Which You Purchase the Policies/Family
Family
Size
Persons for which you purchase the
policies Total
Self Spouse Children
Other
family
members
Self
as
well
as
other
Less than
5
Which
company's
insurance
policies
do you
have
LIC
33 2 7 1 10 53
PRIVATE 10 1 6 1 1 19
Total 43 3 13 2 11 72
5 to 7
members
Which
company's
insurance
policies
do you
have
LIC
26 4 2 2 2 36
PRIVATE
4 0 0 0 0 4
Total 30 4 2 2 2 40
More
than 7
members
Which
company's
insurance
policies
do you
have
LIC
3 1 2 6
Total 3 1 2 6
Table 5.2.25: Chi-Square Tests
family size Value df
Asymp. Sig. (2-
sided)
Less than 5 Pearson Chi-Square 5.175 4 .270
N of Valid Cases
72
5 to 7 members Pearson Chi-Square 1.481 4 .830
N of Valid Cases 40
More than 7
members
Pearson Chi-Square
N of Valid Cases 6
157
The Table 5.2.25 reveals that the factors family size having less than five and 5 to 7
members and the companies whose life insurance policies, they are having are
independent. Private and public sector does not matter for these people. So the people
of above mentioned family size can go for either of the companies. It doesnt get
affected by the person for whom the policy is purchased.
5.2.9: Whose Recommendations Affect the Consumer in Respect to Education
Table 5.2.26: Education/You Purchase Insurance Policies on the
Recommendation of
You purchase insurance policies on the
recommendation of Total
Insurance
advisor
Friends/
Colleagues Boss Any other
Education Below
graduation
23 11 0 6 40
Graduation 22 18 4 2 46
Post graduation/
Professional
17 9 1 8 35
Total 62 38 5 16 121
Table 5.2.27: Chi-Square Tests
Value df Asymp. Sig. (2-sided)
Pearson Chi-Square 11.290 6 .080
N of Valid Cases 121
The Table 5.2.27 reveals that the hypothesis is accepted that the person whose
recommendations affect the consumer is not affected by the education level. Here the
significant difference is more than 5 percent and we can say that educational level and
the person whose recommendations affect the consumer is independent i.e.
educational level does not matter for the person whose recommendations affect the
consumer towards life insurance policies. It means that the person having different
educational level can opt for public sector i.e. LIC or private sector.
158
5.2.10: Whose Recommendations Affect the Consumer in Respect to Income
Table 5.2.28: Income per Month/You Purchase Insurance Policies on the
Recommendation of
You purchase insurance policies on the
recommendation of Total
Insurance
advisor
Friends/
Colleagues Boss
Any
other
Income
per
months
Less than Rs. 25000 44 33 3 14 94
Between Rs. 25000 to
Rs. 50000
14 4 1 1 20
More than 50000
4 1 1 1 7
Total 62 38 5 16 121
Table 5.2.29: Chi-Square Tests
Value df Asymp. Sig. (2-sided)
Pearson Chi-Square 6.884 6 .332
N of Valid Cases
121
The Table 5.2.29 reveals that the hypothesis is accepted that the person whose
recommendations affect the consumer is not affected by the income level. Here the
significant difference is more than 5 percent and we can say that income level and the
person whose recommendations affect the consumer is independent i.e. various
income groups does not matter for the person whose recommendations affect the
consumer towards life insurance policies. It means that the person having different
monthly income can opt for public sector i.e. LIC or private sector.
5.2.11: Premium Payment Plan in Respect to Income
Table 5.2.30: Income per Months / What Premium Payment Plan You Adopt
Normally
What premium payment plan you adopt
normally Total
Monthly Quarterly Half-yearly Yearly
Income
per
months
Less than Rs.
25000
2 17 43 32 94
Between Rs.
25000 to Rs.
50000
7 2 5 6 20
More than Rs.
50000
0 2 0 5 7
Total 9 21 48 43 121
159
Table 5.2.31: Chi-Square Tests
Value df Asymp. Sig. (2-sided)
Pearson Chi-Square 33.176 6 .000
N of Valid Cases 121
The Table 5.2.31 reveals that the hypothesis is rejected that the premium payment
plan is not affected by the income level not affected by the income per month of the
consumer. Here the significant difference is less than 5 percent and we can say that
the monthly income and the premium payment plan is not independent i.e. monthly
income of the consumer affects the premium payment plan.
Now to see whether there is any significant difference for opting the public and
private sector with regard to each category coming under the factor monthly income,
again the test has been applied as under:
Table 5.2.32: Which Company's Insurance Policies Do You Have/What Premium
Payment Plan You Adopt Normally/Income per Month
Income
per month
What premium payment plan you adopt
normally Total
Monthly Quarterly
Half-
yearly Yearly
Less than
Rs. 25000
which
company's
insurance
policies do
you have
LIC
1 13 39 26 79
PRIVATE
1 4 4 5 14
Total 2 17 43 31 93
Between
Rs. 25000
to Rs.
50000
Which
company's
insurance
policies do
you have
LIC
2 1 4 4 11
PRIVATE
4 1 1 1 7
Total 6 2 5 5 18
More than
Rs. 50000
Which
company's
insurance
policies do
you have
LIC
1 4 5
PRIVATE
1 1 2
Total 2 5 7
160
Table 5.2.33: Chi-Square Tests
Income per month Value df Asymp. Sig. (2-sided)
Less than Rs. 25000 Pearson Chi-Square 4.005 3 .261
N of Valid Cases 93
Between Rs.25000
to Rs.50000
Pearson Chi-Square
3.553 3 .314
N of Valid Cases 18
More than Rs.
50000
Pearson Chi-Square
.630 1 .427
N of Valid Cases 7
The Table 5.2.33 reveals that the factor income level of consumer having income less
than 25,000, between 25,000 to 50,000 and more than Rs. 25,000 and companies
whose life insurance policies, they are having are independent.
The Table 5.2.33 also reveals that the selection of company does not matter regarding
the premium payment plan on life insurance policies whether the consumer is
belonging to lower income group, middle income group and higher income group.
The satisfaction of consumer enables him to go with any life insurance company
whether it is of public sector i.e. LIC or of public sector.
5.2.12: Premium Payment Plan in Respect to Education
Table 5.2.34: Education / What Premium Payment Plan You Adopt Normally
What premium payment plan you adopt
normally Total
Monthly Quarterly Half-yearly Yearly
Education Below
graduation
3 9 23 5 40
Graduation 4 10 13 19 46
Post graduation/
Professional
2 2 12 19 35
Total 9 21 48 43 121
Table 5.2.35: Chi-Square Tests
Value df Asymp. Sig. (2-sided)
Pearson Chi-Square 18.927(a) 6 .004
N of Valid Cases
121
161
The Table 5.2.35 reveals that the hypothesis is rejected that the premium payment
plan adopted by the consumer is not affected by the respect of educational level of the
consumer. Here the significant difference is less than 5 percent and we can say that
educational level and premium payment plan adopted by the consumer is not
independent i.e. educational level of the consumer affects the premium payment plan
adopted by the consumer.
Now to see whether there is any significant difference for opting the public and
private sector with regard to each category coming under the factor educational level,
again the test has been applied as under:
Table 5.2.36: Which Company's Insurance Policies Do You Have / What
Premium Payment Plan You Adopt Normally / Education
Education
What premium payment plan you
adopt normally Total
Monthly Quarterly
Half-
yearly Yearly
Below
Graduation
Which
company's
insurance
policies
do you
have
LIC
1 7 22 3 33
PRIVATE
1 2 1 1 5
Total 2 9 23 4 38
Graduation Which
company's
insurance
policies
do you
have
LIC
2 7 10 15 34
PRIVATE
2 3 3 3 11
Total 4 10 13 18 45
Post
graduation/
Professional
Which
company's
insurance
policies
do you
have
LIC
0 1 11 16 28
PRIVATE
2 1 1 3 7
Total
2 2 12 19 35
162
Table 5.2.37: Chi-Square Tests
Education Value df
Asymp. Sig. (2-
sided)
Below graduation Pearson Chi-
Square
5.076 3 .166
N of Valid Cases
38
Graduation Pearson Chi-
Square
2.184 3 .535
N of Valid Cases 45
Post graduation/
Professional
Pearson Chi-
Square
10.356 3 .016
N of Valid Cases 35
The Table 5.2.37 reveals that the factor educational level of consumer having less
educated, average educated and higher educated and companies whose life insurance
policies, they are having are independent.
The Table 5.2.37 also reveals that the selection of company does not matter regarding
the premium payment plan adopted by the consumer on life insurance policies
whether the consumer is below graduate, graduate or post graduate. The satisfaction
of consumer enables him to go with any life insurance company whether it is of
public sector i.e. LIC or of public sector.
5.2.13: Purpose to Purchase Policy in Respect to Income
Table 5.2.38: Income per Month/You Purchase Insurance Policy for
You purchase insurance policy for Total
Tax
saving Security Savings Investments
Income
per
month
Less than Rs.
25000
16 23 48 7 94
Between Rs. 25000
to Rs. 50000
5 1 9 5 20
More than Rs.
50000
2 2 2 1 7
Total 23 26 59 13 121
Table 5.2.39: Chi-Square Tests
Value df Asymp. Sig. (2-sided)
Pearson Chi-Square 9.554 6 .145
N of Valid Cases
121
163
The Table 5.2.39 reveals that the hypothesis is accepted that the purpose to purchase
life insurance policy is not effected by the income level. Here the significant
difference is more than 5 percent and we can say that monthly income level and the
purpose to purchase life insurance policy is independent i.e. monthly income does not
matter the purpose to purchase life insurance policy. It means that the person having
different monthly income level can opt for public sector i.e. LIC or private sector.
5.2.14: Interest to know Facts about Insurance Policy in Respect to Income
Table 5.2.40: Income per Month/ Level of Involvement before Purchasing the
Insurance Policy
What about your level of involvement
before purchasing the insurance policy Total
Low
involvement
Moderate
involvement
High
involvement
Income
per
months
Less than Rs. 25000 46 45 3 94
Between Rs. 25000 to
Rs. 50000
7 10 3 20
More than Rs. 50000
3 3 1 7
Total 56 58 7 121
Table 5.2.41: Chi-Square Tests
Value df Asymp. Sig. (2-sided)
Pearson Chi-Square 5.669 4 .225
N of Valid Cases
121
The Table 5.2.41 reveals that the hypothesis is accepted that the interest to know facts
about the insurance policy is not effected by the income level. Here the significant
difference is more than 5 percent and we can say that monthly income level and the
interest to know facts about the insurance policy is independent i.e. monthly income
does not matter for the interest to know facts about the insurance policy. It means that
the person having different monthly income level can opt for public sector i.e. LIC or
private sector.
164
5.2.15: Interest to Know Facts about Insurance Policy in Respect to Education
Table 5.2.42: Education/What about Your Level of Involvement before
Purchasing
the Insurance Policy
What about your level of involvement before
purchasing the insurance policy Total
Low
involvement
Moderate
involvement
High
involvement
Education Below
graduation
21 18 1 40
Graduation 20 24 2 46
Post graduation/
Professional
15 16 4 35
Total 56 58 7 121
Table 5.2.43: Chi-Square Tests
Value df Asymp. Sig. (2-sided)
Pearson Chi-Square 3.619(a) 4 .460
N of Valid Cases
121
The Table 5.2.43 reveals that the hypothesis is accepted that the interest to know facts
about the insurance policy is not effected by the educational level. Here the significant
difference is more than 5 percent and we can say that the persons having less or more
qualifications and the interest to know facts about the insurance policy is independent
i.e. educational level of consumer does not matter for the interest to know facts about
the insurance policy. It means that the person having different qualification level can
opt for public sector i.e. LIC or private sector.
5.2 16: Which Companys Insurance Policy do you have in Respect to Education
Table 5.2.44: Education/Which Company's Insurance Policies Do You Have
Which company's insurance
policies do you have Total
LIC PRIVATE
Education Below graduation 33 5 38
Graduation 34 11 45
Post
graduation/Professional
28 7 35
Total 95 23 118
165
Table 5.2.45: Chi-Square Tests
Value df Asymp. Sig. (2-sided)
Pearson Chi-Square 1.681 2 .432
N of Valid Cases
118
The Table 5.2.45 reveals that the hypothesis is accepted that the having of insurance
policy either of private or public company is not effected by the education level. Here
the significant difference is more than 5 percent and we can say that the having of
insurance policy either of private or public company and persons having less or more
qualifications is independent i.e. educational level of consumer does not matter for the
purchase of life insurance policy either of private or public company. It means that the
person having different qualification level can opt for public sector i.e. LIC or private
sector.
5.2.17: Which Companys Insurance Policy do you have in Respect to Income
Table 5.2.46: Income per Month/Which Company's Insurance Policies Do You
Have
which company's insurance policies do
you have Total
LIC PRIVATE
Income
per month
Less than Rs. 25000 79 14 93
Between Rs. 25000 to
Rs. 50000
11 7 18
More than Rs. 50000 5 2 7
Total 95 23 118
Table 5.2.47: Chi-Square Tests
Value df Asymp. Sig. (2-sided)
Pearson Chi-Square 5.851 2 .054
N of Valid Cases 118
The Table 5.2.47 reveals that the hypothesis is accepted that the having of insurance
policy either of private or public company is not effected by the monthly income of
the consumer. Here the significant difference is more than 5 percent and we can say
that the having of insurance policy either of private or public company and persons
belonging to low income group, middle income group and higher income group is
independent i.e. income level of consumer does not matter for the purchase of life
166
insurance policy either of private or public company. It means that the person having
different income group can opt for public sector i.e. LIC or private sector.
5.3: Popularity determination of Private Insurance Companies
among the Rural and Urban Respondent in the State of Haryana
To determine and investigate which of private life insurance companies has gained
more popularity among the respondents belonging to rural and urban area, primary
data were collected.
Around 300 persons were contracted for the purpose. However, 121 respondents gave
the information as per our requirement for the objective. Out of 121 respondents, 61
and 60 belong to urban and rural area respectively. Each respondent was asked to give
the rank for 1(= most popular to 10 (= least popular) to these life insurance
companies. In other words, this is equivalent to say that the scores on 10 point licker
scale were given by them (Rank 1,2,3_ _ __,10 means score of 10,9,8_ _ _ ,1 points
respectively)
To study whether there is significant difference between the mean scores given to the
10 life insurance companies, the ANOVA was applied separately with respect to rural
area, urban area as well as both the areas taken together, If the difference were found
significant, then paired two sample t test applied taking two insurance companies at a
time and then the most popular company was identified. This study for these different
cases has been explained as under:
5.3.1: Popularity of Private Life Insurance Companies among Rural
Respondents
Table 5.3.1: Descriptive Statistics
Groups Count Sum Average Variance
ICICI PRUDENTIAL LIFE 60 511 8.51667 2.52514
HDFC STANDARD LIFE 60 443 7.38333 1.79972
BAJAJ ALLIANZ 60 415 6.91667 2.55226
BIRLA SUNLIFE 60 348 5.8 2.70508
SBI LIFE 60 485 8.08333 3.50141
RELIANCE LIFE 60 418 6.96667 4.84633
KOTAK MAHINDRA 60 220 3.66667 3.81921
MAX NEW LIFE 60 149 2.48333 1.4404
TATA AIG 60 208 3.46667 2.86328
FUTURE GENERALI 60 103 1.71667 2.44379
167
Table 5.3.2: Anova
The Table 5.3.1 and 5.3.2 reveals that there is significant difference between the mean
scores given by rural respondents to 10 different life insurance companies.
To see the difference between the mean scores taking two companies at a time pared
two sample t test was first applied between the companies getting highest and next
highest sample mean scores i.e. between the ICICI Prudential and SBI Life is shown
below:
Table 5.3.3: t-Test on Sample Score between ICICI Prudential Life and SBI Life
t-Test: Paired Two Sample for Means
ICICI PRUDENTIAL LIFE SBI LIFE
Mean 8.516666667 8.083333333
Variance 2.525141243 3.501412429
t Stat 1.294417521
P(T<=t) one-tail 0.100282344
t Critical one-tail 1.671093033
The exhibit no. 5.3.3 reveals that there is no significant difference between the
popularity of these two companies. Then the same test as applied to the 1
st
and 3
rd
high mean scorer life insurance companies has shown as follows:
Table 5.3.4: t-Test on Sample Score between ICICI Prudential Life and HDFC
Standard Life
t-Test: Paired Two Sample for Means
ICICI PRUDENTIAL LIFE HDFC STANDARD LIFE
Mean 8.516666667 7.383333333
Variance 2.525141243 1.799717514
t Stat 3.939806538
P(T<=t) one-tail 0.000109192
t Critical one-tail 1.671093033
It is therefore, concluded that there is significant difference between the popularity of
ICICI Prudential life and HDFC Standard Life insurance companies. So the ICICI
Prudential life and SBI Life are equally popular and HDFC Standard life comes to the
position next to them.
ANOVA
Source of Variation SS df MS F P-value F crit
Between Groups 3268.7 9 363.189 127.45 4.1583E-132 1.89574
Within Groups 1681.3 590 2.84966
Total 4950 599
168
Now to see, what is the position of other companies, as compared to HDFC Standard
life, the paired two sample t test was applied in the similar fashion taking the two
companies at a time. This has been done as under:
Table 5.3.5: t-Test on Sample Score between HDFC Standard Life
and Reliance Life
t-Test: Paired Two Sample for Means
HDFC STANDARD LIFE RELIANCE LIFE
Mean 7.383333333 6.966666667
Variance 1.799717514 4.846327684
t Stat 1.084457688
P(T<=t) one-tail 0.141286764
t Critical one-tail 1.671093033
Table 5.3.6: t-Test on Sample Score between HDFC Standard Life
and Bajaj Allianz Life
t-Test: Paired Two Sample for Means
HDFC STANDARD LIFE BAJAJ ALLIANZ
Mean 7.383333333 6.916666667
Variance 1.799717514 2.552259887
t Stat 1.600564809
P(T<=t) one-tail 0.057407448
t Critical one-tail 1.671093033
Table 5.3.7: t-Test on Sample Score between HDFC Standard Life
and Birla Sunlife
t-Test: Paired Two Sample for Means
HDFC STANDARD LIFE BIRLA SUNLIFE
Mean 7.383333333 5.8
Variance 1.799717514 2.705084746
t Stat 7.434020453
P(T<=t) one-tail 2.48774E-10
t Critical one-tail 1.671093033
Table 5.3.8: t-Test on Sample Scores between Birla Sunlife and Kotak Mahindra
t-Test: Paired Two Sample for Means
BIRLA SUNLIFE KOTAK MAHINDRA
Mean 5.8 3.666666667
Variance 2.705084746 3.81920904
t Stat 6.261446365
P(T<=t) one-tail 2.37136E-08
t Critical one-tail 1.671093033
169
Table 5.3.9: t-Test on Sample Score between Kotak Mahindra and Tata AIG
t-Test: Paired Two Sample for Means
KOTAK MAHINDRA TATA AIG
Mean 3.666666667 3.466666667
Variance 3.81920904 2.863276836
t Stat 0.622341172
P(T<=t) one-tail 0.268057713
t Critical one-tail 1.671093033
Table 5.3.10: t-Test on Sample Score between Kotak Mahindra and Max New
Life
t-Test: Paired Two Sample for Means
KOTAK MAHINDRA MAX NEW LIFE
Mean 3.666666667 2.483333333
Variance 3.81920904 1.44039548
t Stat 3.464515165
P(T<=t) one-tail 0.000497992
t Critical one-tail 1.671093033
Table 5.3.11: t-Test on Sample Score between Max New Life and Future
Generali
t-Test: Paired Two Sample for Means
MAX NEW LIFE FUTURE GENERALI
Mean 2.483333333 1.716666667
Variance 1.44039548 2.443785311
t Stat 3.112852048
P(T<=t) one-tail 0.001428174
t Critical one-tail 1.671093033
It is, therefore, interpreted from the above tables that the popularity of the life
insurance companies under consideration is in the following order:
ICICI Prudential life and SBI Life Insurance Company are equally popular
and at the top most position
HDFC Standard Life Insurance Company, Reliance Life Insurance Company
and Bajaj Allianz Life Insurance Company are equally popular and come to
the next position.
Birla Sunlife Life Insurance Company comes to the third position in the
popularity list.
170
Kotak Life Insurance Company and TATA AIG Life Insurance Company are
equally popular and come to the fourth position
Max New Life Insurance Company comes to the fifth position in the
popularity list
Future Generali Life Insurance Company comes to the fourth position.
5.3.2: Popularity of Private Life Insurance Companies among Urban
Respondents
Table 5.3.12: Descriptive Statistics
ANOVA: Single Factor SUMMARY
Groups Count Sum Average Variance
ICICI PRUDENTIAL LIFE 61 524 8.59016393 2.61257
HDFC STANDARD LIFE 61 444 7.27868852 5.5377
BAJAJ ALLIANZ 61 410 6.72131148 4.57104
BIRLA SUNLIFE 61 265 4.3442623 4.56284
SBI LIFE 61 424 6.95081967 5.28087
RELIANCE LIFE 61 310 5.08196721 6.8765
KOTAK MAHINDRA 61 304 4.98360656 7.74973
MAX NEW LIFE 61 241 3.95081967 5.58087
TATA AIG 61 277 4.54098361 6.38579
FUTURE GENERALI 61 159 2.60655738 4.24262
Table 5.3.13: Anova
ANOVA
Source of Variation SS df MS F P-value F crit
Between Groups 1816.45 9 201.828051 37.7951 3.7E-53 1.89547
Within Groups 3204.03 600 5.34005464
Total 5020.49 609
The Table 5.3.12 and 5.3.13 reveals that there is significant difference between the
mean scores given by urban respondents to 10 different life insurance companies.
To see the difference between the mean scores taking two companies at a time pared
two sample t test was first applied between the companies getting highest and next
highest sample mean scores i.e. between the ICICI Prudential and HDFC Standard
Life is shown below:
171
Table 5.3.14: t-Test on Sample Score between ICICI Prudential Life and HDFC
Standard Life
t-Test: Paired Two Sample for Means
ICICI PRUDENTIAL LIFE HDFC STANDARD LIFE
Mean 8.590163934 7.278688525
Variance 2.612568306 5.537704918
t Stat 3.58764836
P(T<=t) one-tail 0.000335887
t Critical one-tail 1.670648865
Here the value of t calculated is greater than critical t value, It is therefore, concluded
that there is significant difference between the popularity of ICICI Prudential life and
HDFC Standard Life insurance companies
Now to see, what is the position of other companies, as compared to HDFC Standard
life, the paired two sample t test was applied in the similar fashion taking the two
companies at a time. This has been done as under:
Table 5.3.15: t-Test on Sample Score between HDFC Standard Life and SBI Life
t-Test: Paired Two Sample for Means
HDFC STANDARD LIFE SBI LIFE
Mean 7.278688525 6.950819672
Variance 5.537704918 5.280874317
t Stat 0.732415676
P(T<=t) one-tail 0.233383225
t Critical one-tail 1.670648865
The Table 5.3.15 reveals that there is no significant difference between the popularity
of these two companies. Then the same test as applied to the 2
nd
and 4
th
high mean
scorer life insurance companies has shown as follows:
Table 5.3.16: t-Test on Sample Score between HDFC Standard Life and Bajaj
Allianz
t-Test: Paired Two Sample for Means
HDFC STANDARD LIFE BAJAJ ALLIANZ
Mean 7.278688525 6.721311475
Variance 5.537704918 4.571038251
t Stat 1.401302507
P(T<=t) one-tail 0.083137559
t Critical one-tail 1.670648865
172
The Table 5.3.16 reveals that there is no significant difference between the popularity
of these two companies. Then the same test as applied to the 2
nd
and 5
th
high mean
scorer life insurance companies has shown as follows:
Table 5.3.17: t-Test on Sample Score between HDFC Standard Life and Reliance
Life
t-Test: Paired Two Sample for Means
HDFC STANDARD LIFE RELIANCE LIFE
Mean 7.278688525 5.081967213
Variance 5.537704918 6.876502732
df 60
t Stat 4.285577904
P(T<=t) one-tail 3.35152E-05
t Critical one-tail 1.670648865
It is therefore, concluded that HDFC Standard Life insurance company, SBI Life
insurance company and Bajaj Allianz Life insurance company are equally popular
among urban. There is significant difference between the popularity of HDFC
Standard Life insurance company and Reliance Life insurance company. So the
Reliance Life insurance company comes to the position next to them.
Now to see, what is the position of other companies, as compared to Reliance Life
insurance company, the paired two sample t test was applied in the similar fashion
taking the two companies at a time. This has been done as under:
Table 5.3.18: t-Test on Sample Score between Reliance Life and Kotak
Mahindra
t-Test: Paired Two Sample for Means
RELIANCE LIFE KOTAK MAHINDRA
Mean 5.081967213 4.983606557
Variance 6.876502732 7.749726776
t Stat 0.184750991
P(T<=t) one-tail 0.427023707
t Critical one-tail 1.670648865
173
Table 5.3.19: t-Test on Sample Score between Kotak Mahindra and Tata AIG
t-Test: Paired Two Sample for Means
KOTAK MAHINDRA TATA AIG
Mean 4.983606557 4.540983607
Variance 7.749726776 6.38579235
t Stat 0.815180631
P(T<=t) one-tail 0.209096535
t Critical one-tail 1.670648865
Table 5.3.20: t-Test on Sample Score between Kotak Mahindra and Birla Sunlife
t-Test: Paired Two Sample for Means
KOTAK MAHINDRA BIRLA SUNLIFE
Mean 4.983606557 4.344262295
Variance 7.749726776 4.56284153
t Stat 1.328191198
P(T<=t) one-tail 0.094572627
t Critical one-tail 1.670648865
Table 5.3.21: t-Test on Sample Score between Birla Sunlife and Max New Life
t-Test: Paired Two Sample for Means
BIRLA SUNLIFE MAX NEW LIFE
Mean 4.344262295 3.950819672
Variance 4.56284153 5.580874317
t Stat 0.803039457
P(T<=t) one-tail 0.212560843
t Critical one-tail 1.670648865
Table 5.3.22: t-Test on Sample Score between Birla Sunlife and Future Generali
t-Test: Paired Two Sample for Means
BIRLA SUNLIFE FUTURE GENERALI
Mean 4.344262295 2.606557377
Variance 4.56284153 4.242622951
t Stat 4.365924684
P(T<=t) one-tail 2.5393E-05
t Critical one-tail 1.670648865
It is, therefore, interpreted from the above exhibits that the popularity of the life
insurance companies under consideration is in the following order:
ICICI Prudential life Insurance Company is at the top most position
174
HDFC Standard Life Insurance Company, SBI Life Insurance Company and
Bajaj Allianz Life Insurance Company are equally popular and come to the
next position.
Reliance Life Insurance Company, Kotak Mahindra Life Insurance, TATA
AIG Life Insurance Company and Birla Sunlife Life Insurance Company are
equally popular and come to the third position in the popularity list.
Birla Sunlife Life Insurance Company and Max New Life Insurance Company
are equally popular and come to the fourth position
Future Generali Life Insurance Company comes to the fifth position in the
popularity list
5.3.3: Popularity of Private Life Insurance Companies among both types of
Respondents
Table 5.3.23: Descriptive Statistics
Groups Count Sum Average Variance
ICICI PRUDENTIAL LIFE 121 1035 8.553719 2.5491736
HDFC STANDARD LIFE 121 887 7.3305785 3.6564738
BAJAJ ALLIANZ 121 825 6.8181818 3.55
BIRLA SUNLIFE 121 613 5.0661157 4.1455923
SBI LIFE 121 909 7.5123967 4.6852617
RELIANCE LIFE 121 728 6.0165289 6.7163912
KOTAK MAHINDRA 121 521 4.3057851 6.2307163
MAX NEW LIFE 121 390 3.2231405 4.0414601
TATA AIG 121 485 4.0082645 4.8915978
FUTURE GENERALI 121 262 2.1652893 3.5224518
Table 5.3.24: Anova
ANOVA
Source of Variation SS df MS F P-value F crit
Between Groups 4703.81 9 522.64509 118.81236 3E-159 1.88767
Within Groups 5278.69 1200 4.3989118
Total 9982.5 1209
175
The Table 5.3.23 and 5.3.24 reveals that there is significant difference between the
mean scores given by urban and rural respondents to 10 different life insurance
companies.
To see the difference between the mean scores taking two companies at a time paired
two sample t test was first applied between the companies getting highest and next
highest sample mean scores i.e. between the ICICI Prudential and SBI Life is shown
below:
Table 5.3.25: t-Test on Sample Score between ICICI Prudential Life and SBI
Life
t-Test: Paired Two Sample for Means
ICICI PRUDENTIAL LIFE SBI LIFE
Mean 8.553719008 7.512396694
Variance 2.549173554 4.685261708
t Stat 4.204167305
P(T<=t) one-tail 2.53636E-05
t Critical one-tail 1.6576509
Here in the Table 5.3.25 the value of t calculated is greater than critical t value, It is
therefore, concluded that there is significant difference between the popularity of
ICICI Prudential life and SBI Life insurance companies.
Now to see, what is the position of other companies, as compared to SBI life
insurance company, the paired two sample t test was applied in the similar fashion
taking the two companies at a time. This has been done as under:
Table 5.3.26: t-Test on Sample Score between SBI Life and HDFC Standard Life
t-Test: Paired Two Sample for Means
SBI LIFE HDFC STANDARD LIFE
Mean 7.512396694 7.330578512
Variance 4.685261708 3.656473829
t Stat 0.626224291
P(T<=t) one-tail 0.266178612
t Critical one-tail 1.6576509
The Table 5.3.26 reveals that there is no significant difference between the popularity
of these two companies. Then the same test as applied to the 2
nd
and 4
th
high mean
scorer life insurance companies has shown as follows:
176
Table 5.3.27: t-Test on Sample Score between SBI Life and Bajaj Allianz
t-Test: Paired Two Sample for Means
SBI LIFE BAJAJ ALLIANZ
Mean 7.512396694 6.818181818
Variance 4.685261708 3.55
t Stat 2.545824718
P(T<=t) one-tail 0.006084343
t Critical one-tail 1.6576509
The Table 5.3.27 reveals that there is no significant difference between the popularity
of these two companies. Then the same test as applied to the 2
nd
and 6
th
high mean
scorer life insurance companies has shown as follows:
It is therefore, concluded that SBI Life insurance company and HDFC Standard Life
insurance company are equally popular among the persons belongs to urban and rural
area.
There is significant difference between the popularity of SBI Life insurance company
and Bajaj Allianz Life insurance company. So the Bajaj Allianz Life insurance
company comes to the position next to them.
Now to see, what is the position of other companies, as compared to Bajaj Allianz
Life insurance company, the paired two sample t test was applied in the similar
fashion taking the two companies at a time. This has been done as under:
Table 5.3.28: t-Test on Sample Score between Bajaj Allianz and Reliance Life
t-Test: Paired Two Sample for Means
BAJAJ ALLIANZ RELIANCE LIFE
Mean 6.818181818 6.016528926
Variance 3.55 6.716391185
t Stat 2.604836546
P(T<=t) one-tail 0.005176963
t Critical one-tail 1.6576509
Table 5.3.29: t-Test on Sample Score between Reliance Life and Birla Sunlife
t-Test: Paired Two Sample for Means
RELIANCE LIFE BIRLA SUNLIFE
Mean 6.016528926 5.066115702
Variance 6.716391185 4.145592287
t Stat 3.298190233
P(T<=t) one-tail 0.000640421
t Critical one-tail 1.6576509
177
Table 5.3.30: t-Test on Sample Score between Birla Sunlife and Kotak Mahindra
t-Test: Paired Two Sample for Means
BIRLA SUNLIFE KOTAK MAHINDRA
Mean 5.066115702 4.305785124
Variance 4.145592287 6.230716253
t Stat 2.368714786
P(T<=t) one-tail 0.009723452
t Critical one-tail 1.6576509
Table 5.3.31: t-Test on Sample Score between Kotak Mahindra and Tata AIG
t-Test: Paired Two Sample for Means
KOTAK MAHINDRA TATA AIG
Mean 4.305785124 4.008264463
Variance 6.230716253 4.891597796
t Stat 0.941073293
P(T<=t) one-tail 0.174278946
t Critical one-tail 1.6576509
Table 5.3.32: t-Test on Sample Score between Kotak Mahindra and Max New
Life
t-Test: Paired Two Sample for Means
KOTAK MAHINDRA MAX NEW LIFE
Mean 4.305785124 3.223140496
Variance 6.230716253 4.041460055
t Stat 3.543820978
P(T<=t) one-tail 0.000281458
t Critical one-tail 1.6576509
Table 5.3.33: t-Test on Sample Score between Max New Life and Future
Generali
t-Test: Paired Two Sample for Means
MAX NEW LIFE FUTURE GENERALI
Mean 3.223140496 2.165289256
Variance 4.041460055 3.522451791
t Stat 4.4994525
P(T<=t) one-tail 7.93024E-06
t Critical one-tail 1.6576509
178
It is, therefore, interpreted from the above exhibits that the popularity of the life
insurance companies under consideration is in the following order:
ICICI Prudential life Insurance Company is at the top most position
SBI Life Insurance Company and HDFC Standard Life Insurance Company
are equally popular and come to the next position.
Bajaj Allianz Life Insurance Company is at third position
Reliance Life Insurance Company come to the fourth position
Birla Sunlife Life Insurance Company comes to the fifth position in the
popularity list.
Kotak Mahindra Life Insurance and TATA AIG Life Insurance Company are
equally popular and come to the sixth position in the popularity list.
Max New Life Insurance Company come to the seventh position
Future Generali Life Insurance Company comes to the eighth position in the
popularity list