1

1.0. INTRODUCTION Insurance is basically a sharing device. The losses to assets resulting from natural calamities like fire, flood, earthquake, accidents, etc., are met out of the common pool contributed by large number of persons who are exposed to similar risks. Thus contribution of many is used to pay the losses suffered by unfortunate few. However the basic principle is that loss should occur as a result of natural calamities or unexpected events which are beyond human control. Moreover the insured person should not make any gains out of insurance. It is natural to think of insurance of physical assets such as motor car insurance or fire insurance but often we forget that creator of all these assets is the human being whose efforts have gone a long way in building up the assets. In that sense, human life is a unique income generating asset. Unlike the physical assets, which decrease in value with passage of time, the individual becomes more experienced and more matured as he advances in age. This raises his earning capacity. The purpose of life insurance is to protect the income of individual and provide financial security to his family, which is dependent on his income in the event of his premature death. The individual himself also needs financial security for the old age or on his becoming permanently disabled when his income will stop. Insurance also has an element of savings in certain plans.

Setting New Standards: The biggest benefit of liberalization has been to the customer, who now has a wide choice in terms of product range, as against the traditional endowment and money back policies Private insurance companies have come out with the latest version of market linked products available in the international markets and they are quite different from other conventional plans Market Linked Plans provide for life insurance where the policy value at any time varies according to the value of the underlying assets at the time. Market linked insurance plan is life insurance solution that provides the client with the benefits of protection and flexibility in investment. . The investment decision is borne by the policy holder where by he may lose under conventional policy .The value of

money and may not achieve his financial goals but has the potential of earning high returns which opportunity is not available the fund goes up and down based upon market conditions. It is a vehicle for small investors to participate and have the potential of gain from the equity markets. . Market linked insurance plan is fundamentally different from with and without

profit plans

Features of MARKET LINKED PLANS: Market linked plans distinguishes itself through the multiple benefits it provides to the customer the plan is a one stop solution providing 1. Life protection 2. Investment and savings 3. Flexibility 4. Transparency 5. Liquidity 6. Tax planning In a falling interest rate scenario and boom experienced in the equity markets, market linked policies are becoming popular and favored by market savvy and high net worth individuals. 1.0.13. Competition has spurred the usage of technology in the insurance industry. While earlier obtaining the status of life insurance policy was a time consuming process, customers can now get their policy status and other information through call centers, interactive voice response systems and through the internet. The creation of the Insurance Regulatory and Development Authority (IRDA) has helped customers vastly as the authority now specifies time limits for documentation and settlement of claims. The regulator has also made it mandatory for insurers to have a premium calculator on their website, which makes it easier for the customer to compare products across companies. 1.0.14. In the last three years of liberalization, promoters of private insurance companies have demonstrated their long-term commitment to the Indian market in the best way. The total investment in private life insurance companies is now over Rs.3, 000 crore, which is much more than investments by promoters in any other segment of the financial sector.

1.0.15. The insurance industry has also played a significant role in mobilizing the savings of the individuals, providing cover against unforeseen contingencies and is investing these funds for economic development of the country. With only one fourth of the insurable population provided with insurance protection there is vast scope of growth for all the private companies in the future as untapped potential is still very large.

1.1 COMPANY PROFILE 1.1.1 ICICI prudential Life Insurance Company is a joint venture between ICICI

Bank, a premier financial powerhouse and prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). 1.1.2 ICICI Prudentials equity base stands at Rs. 8.25 billion with ICICI Bank and

Prudential plc holding 74% and 26% stake respectively. In the half year ended September 30, 2005, the company garnered Rs 498 crore of new business premiums for a total sum assured of over Rs 23,000 crore and had over 1 million policies. The company has a network of over 40,000 advisors; as well as 7 banc assurance tie-ups. Today, ICICI Prudential has emerged as the No.1, private life insurer in the country with the wide range of flexible products that meets the needs of the Indian customer at every step in life. 1.1.3 Distribution: ICICI Prudential has one of the largest distribution networks amongst private life insurers in India, having commenced operations in 62 cities and towns in India.

1.1.4 About the Promoters: ICICI Bank is Indias second-largest bank with total assets of about Rs. 112,024 crore and network of about 450 branches and offices and about 1750 ATMs. It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized

subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital, asset management and information technology. ICICI Bank posted a net profit of Rs.1, 637crore for the year ended March 31, 2005. ICICI banks quality shares are listed in India on stock exchanges at Chennai, Delhi, Kolkata and Vadodara, the Bombay Stock Exchange, Mumbai and the National Stock Exchange of India Limited Its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE). 1.1.5 Established in London in 1848, Prudential plc, through its businesses in the

UK and Europe, the US and Asia, provides retail financial services products and services to more than 16 million customers, policy holders and unit holders worldwide. As of December 2003, the company had over US$300 billion in funds under management. Prudential has brought assurance, pensions, mutual funds, banking, investment management and general insurance. In Asia, Prudential is UKs largest life insurance company with a vast network of 23 life and mutual fund operations in twelve countries China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam,. 1.1.6 Management: The ICICI Prudential Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad. Mr. K.V. Kamath, Chairman Mr. Mark Norbom Mrs. Lalita D. Gupte Mrs. Kalpana Morparia Mrs. Chanda Kochhar Mr. Kevin Holmegren Mr. M.P. Modi Mr. R. narayanan Ms. Shikha Sharma, Managing Director

Management Team: Ms. Shikha Sharma, Managing Director Mr. Sandeep Batra, Chief Financial Officer & Company Secretary Mr. Shubhro J. Mitra, Chief Human Resources Mr. Punnet Nanda, Head Investments Ms. Anita Pai, Chief Customer Service and Operations Mr. V. Rajagopalan, Appointed Actuary Mr. Shridhar Sethuram, Chief Strategy Mr. Dipan Bhattacharya Chief Information Technology.

1.2 INDUSTRY PROFILE 1.2.1 Insurance is primarily collective cooperation to share a particular risk. This

concept is as old as the dawn of human civilization. The joint family system in India is an example of concept of life insurance. Marine insurance is considered to be the oldest branch of insurance for providing protection against loss/damage in sea voyages. 1.2.2 Life insurance in its modem form came to India from England in 1818 with

the formation of Oriental Life insurance Company in Calcutta mainly by Europeans to help widows of their kin. By 1968 there were 285 companies doing business of insurance in India. These companies were insuring European lives. Indians were treated as substandard lives and were offered insurance with an extra premium of 15 to 20% over European lives. 1.2.3 Bombay life Assurance Society was the first Indian Company started in 1870

that started insuring Indians at standard rates. Oriental Govt Security Life Assurance Company established in 1874 became a leading Indian insurance Company. 1.2.4 Life Insurance business in India was nationalized by an Ordinance on 19 Jan

1956. LIC Act was passed in July 1956 LIC of India started its operation on 01 Sep 1956. Prior to nationalization of life insurance business there were 245 companies which were merged with LIC. 1.2.5 General insurance industry in India was nationalized in the Year 1972 by

merging 107 companies. With effect from 1st Jan 1973. GIC of India and its four subsidiary companies i.e. New India Assurance Company, Oriental Insurance Company, National Insurance Company, United India Insurance Company started operations in General Insurance Business.

1.2.6 With the passing of IRDA Act 1999, the insurance sector was opened up and Private insurance Companies were allowed to enter Life/Non life insurance business with a maximum of 26% participation by a foreign partner. Presently there are 14 Life insurance Companies and 14 Non-life insurance Companies operating in the insurance market.

10

1.2.7 PRODUCT PROFILE ICICI Prudential Life Insurance Offers a range of innovative, customerscentric products that meet the needs of customers at every life stage. Its 19 products can be enhanced with up to 6 riders, to create a customized solution for each policyholder. 1.2.8 Saving Solutions: Secure Plus is a transparent and feature packed savings plan that offers 3 levels of protection. Cash Plus is a transparent, feature packed savings plan that offers 2 levels of protection as well as liquidity options. Save n Protect is a traditional endowment savings plan that offers life protection along with adequate returns. Cash Bak is an anticipated endowment policy ideal for meeting milestone expenses like a childs marriage, expenses for a childs higher education or purchase of an asset. 1.2.9 Protection Solutions: Life Guard is a protection plan, which offers life cover at very low cost. It is available in 3 options level term assurance, level term assurance with return of premium and single premium. 1.2.10 Child Plans: Smart Kid education plans provide guaranteed educational benefits to a child along with life insurance cover for the parent who purchases the policy. The policy is designed to provide money at important milestones in the childs life. Smart kid plans are also available in unit-linked form both single premium and regular premium.

11

1.2.11 Market linked Solutions: Life Link II is a single premium market linked Insurance Plan which combines life insurance cover with the opportunity to stay invested in the stock market. Life Time II offer customers the flexibility and control to customize the policy to meet the changing needs at different life stages. It offers 4 fund options preserver, protector, balancer and maxi miser. Premier Life is a limited premium paying plan that offers customers life insurance cover till the age of 75. 1.2.12 Retirement Solutions: Forever Life is a retirement product targeted at individuals in their thirties. Secure plus Pension is a flexible pension plan that allows one to select between 3 levels of cover. Life Time Pension II is a regular premium market linked pension plan. Life Link Pension II is a single premium market linked pensions plan. ICICI prudential also launched Salaam Zindagi, a social sector group insurance policy targeted at the economically underprivileged sections of the society.

12

1.2.13 Group Insurance Solutions ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance benefits to their employees.

1.2.14 ICICI Pru Group Gratuity Plan: ICICI Prus gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner. The plan can also be customized to structure schemes that can provide benefits beyond the statutory obligations. 1.2.15 ICICI Pru Group Superannuation Plan: ICICI Pru offers a flexible defined contribution superannuation scheme to provide a retirement kitty for each member of the group. Employees have the option of choosing from various annuity options or opting for a partial commutation of the annuity at the time of retirement. 1.2.16 ICICI Pru Group Term Plan: ICICI Prs flexible group term solution helps provide affordable cover to members of a group. The cover could be uniform or based on designation/rank or a multiple of salary. The benefit under the policy is paid to the beneficiary nominated by the member on his/her death.

13

2.1 STATEMENT OF PROBLEM 2.1.1. ICICI Prudential is the no 1 company among the private players. ICICI Prudential apart from other companies has come out with the latest version of market linked products available in international market which are quiet different from other conventional plans. 2.1.2. These plans have become very popular because of the transparency and the flexibility it offers to the client. 2.1.3. In todays times, Market Linked Plans provides solutions for all the needs of a client like insurance planning, financial needs, financial planning for childrens future and retirement plan. 2.1.3. Despite having so many advantages the customers perception towards these plans have been different. 2.1.4. The company wants to find out how the customers feel about ICICI Prudentials market linked plans in Adyar region and also about the service provided to them. 2.1.5. The company also wants to find out the customers perception towards other companies in this industry.

14

2.2 SCOPE OF THE STUDY: 2.2.1. The survey is confined to opinion survey about ICICI Prudential Market linked Plans in Adyar region. 2.2.3. The study is to find out the customers perception towards ICICI Pru Life Insurance market linked plans in Adyar region. 2.2.3. The study is conducted in order to know the satisfaction level of customers in terms of services provided by ICICI Prudential. 2.2.4. The respondents willingness to take the risk while investing in market linked plans is also analyzed. 2.2.5. The study is conducted in order to know how the age, income, education, and occupation of the respondents influences investment in market linked plans. The study also involves identifying and analyzing the purpose of insurance.

15

2.3 OBJECTIVES OF THE STUDY 2.3.1 Primary Objective: To find out customer perception towards ICICI Prudential Life Insurance market linked plans in Adyar region. 2.3.2 Secondary Objectives: To find out, most preferred area of investment by the customer. To examine the problems faced by customers in terms of service. To find out the relationship between demographics and the amount of investment and risk taking appetite To study the preference of customers in terms of different players in the industry.

16

2.4 HYPOTHESIS

Quite often a research hypothesis is a predictive statement, capable of being tested by scientific methods that relates an independent variable to some dependent variable. The following null-hypotheses were set in order to achieve the aforesaid objectives. There is no significant relationship between the purpose of investment in insurance and the annual income. There is no significant relationship between the gender of the respondent and the risk taken while investing There is no significant relationship between the risk taken while investing and the amount invested. There is no significant relationship between the purpose of investment in insurance and the occupation There is no significant relationship between age of the respondent and the risk taken by him while investing.

17

2.5 Limitations of the Study The time constraint had restricted the researcher from more detailed study of the reasons behind the responses. The respondents have limited awareness about the private insurance companies. The sampling method adapted to this study is the major limitation. Because in convenience sampling, elements of the sample may not represent the whole population. As the sample size is not determined through customer database provided by the company

18

3.0 RESEARCH METHODOLOGY Introduction: According to the Oxford Advanced Learners Dictionary of current English the meaning of research is a Careful Study or investigation especially in order to discover new facts or information. Research is defined as movement from the known to the unknown. It is an effort to discover something. According to Clifford Woody Research comprise defining and redefining problems, formulating hypothesis or suggested solutions, collecting/ organizing and evaluating data, making deduction & research conclusions and at last carefully testing the conclusion to determine whether they fit the formulation hypothesis. 3.1 Research design: Research design is a plan of action that guides the entire research. There are four types of research design available. They are 1. Exploratory Research Design 2. Descriptive Research Design 3. Diagnostic Research Design 4. Experimental Research Design In this Study Descriptive Research Design has been adopted.

19

3.2Sampling Method: Convenience sampling method was adopted to select sample customer. Convenience sampling, as the name implies is based on the convenience of the researcher who is to select a sample .The type of sampling is also called as accidental sampling as the respondents in the sample are included in it merely on account of their being available on the spot where the survey is in progress. Thus a researcher may stand in certain prominent location and interview all those people who arrive there. The list of 1150 customers who are using the market linked products of ICICI prudential life insurance in Adyar Branch and residing in Adyar region has been given as the population. As per company rules and regulations information about customers are confidential so I conducted the survey in the branch itself. The customers visiting the branch at Adyar and if they are using market linked products and residing in Adyar were samples for the study. 3.3 Sample Size: The research design is of descriptive design .Further the sampling method is sampling method is convenience sampling. Hence no statistically valid conclusions about the population are being attempted. Hence a sample size of 10% of the customers of the branch using market linked plans has been chosen. The sample size is 10 3.4 Pre-testing: Pre-testing is a method which has to be followed strictly. Once questionnaire is drafted it should be field tested before finalizing. The responses are studied to determine the need for restructuring the questionnaire. Pre-testing was done on a group of 15 respondents. With the result of the pre-testing the researcher has reframed some of the questions.

20

3.5 Period of Study: The period of study is for three months i.e., January to March 2006. 3.6 Method of Data Collection: The data collected for the study includes both primary and secondary data in order to attain the objectives of the study. Apart from this, information regarding the company, future prospects etc have been collected from websites, clipping from newspapers, magazines, journals and books. 3.7 Questionnaire Design: Quite often questionnaire is considered as the heart of a survey operation. Hence it should be very carefully constructed. Questionnaire was prepared with the combinations of various types of questions which have been listed below. questions and 2 scaling/ranking questions. The number of questions used under each type is 1 yes/no questions 12 closed ended

21

3.8 Statistical Tools Used: The role of statistics in research is to furnish a tool in designing research, analyzing its data and drawing conclusions there from. As well known that a researcher cannot ignore the science of statistics. Tools used in the study are as follow. 3.8.1 Chi-Square test: The objective of the chi-square test is to determine whether any significant difference exists among the various groups. Chi-square test involves comparison of expected frequency (Ei) with observed frequency (Oi) to determine whether the difference between the two is greater than the tabulated value that might occur by chance. There are 5 steps in using chi-square test. 1. The difference between each observed frequency and each expected frequency is computed. 2. The difference is squared. 3. Each squared difference is divided by the respective expected frequency. 4. Their quotients are added together to obtain the computed chi square value. 5. This computed value is then compared with tabulated chi-square value. If the computed rejected. On the other hand, if the calculated the hypothesis is accepted. Where O E
2 2 2 2

value is greater than the tabulated

value at a

predetermined level of significance and degrees of freedom, the hypothesis is

value is less than the tabulated valued,

= = = =

(O-E)2/ E Chi-Square Observed frequency Expected frequency

22

3.8.2 Weighted Average method: When the relative importance of the different observations is not the same, we compute weighted arithmetic mean. Xw Where Xw Xi Wi = = = Weighted arithmetic mean the variable Weights attached to the variable Xi i-1n = WiXi / Wi The terms Weight stands for the relative importance of the different observations. The formula for this is,

23

4.0 ANALYSIS AND INTERPRETATION 4.1 PERCENTAGE ANALYSIS T.NO 4.1.1 AGE CLASSIFICATION OF THE RESPONDENTS

SNO 1 2 3 4 5

AGE 20 30 31 35 36 40 41- 50 ABOVE 51 TOTAL

NO.OF RESPONDENTS 10 24 33 29 24 120

PERCENTAGE % 8.3 20 27.5 24.1 20 100

Inference: From the above table it can be inferred that 27.5% respondents are between the age group 36 40 years , 24.1% of the respondents were between the age group 41 50 , followed by above 51 , 31- 35 and 20 30 with the percentages 20%, 20% and 8.3% respectively. Half of the respondents are aged between 36-50. The respondents aged between 20-30 are not using market linked plans more in number.

24

Fig. 4.1.1

AGE CLASSIFICATION OF THE RESPONDENTS

ABOVE 51

24

41-50

29

AGE

36-40

33

31-35

24

20-30

10

10

15

20

25

30

35

NUMBER OF RESPONDENTS

25

T.NO.4.1.2 GENDER CLASSIFICATION OF THE RESPONDENTS

SNO 1 2

GENDER MALE FEMALE TOTAL

NO.OF RESPONDENTS 74 46 120

PERCENTAGE % 61.6 38.3 100

INFERENCE: From the above table it can be is inferred that 61.6% are male respondents and 38.3% are female respondents.

26

Fig: 4.1.2

GENDER CLASSIFICATION

FEMALE 38%

MALE 62%

27

T.NO.4.1.3

EDUCATION QUALIFICATION OF THE RESPONDENTS

SNO 1 2 3 4

EDUCATION HSC GRADUATE PG OTHERS TOTAL

NO.OF RESPONDENTS 23 47 33 17 120

PERCENTAGE % 19.1 39.1 27.5 14.1 100

INFERENCE: From the table it can be inferred that 39.1% of the respondents are graduates, 27.5% are the post graduates followed by Hsc and others with 19.1% and 14.1% Most of the respondents are graduates and post graduates.

28

Fig 4.1.3

EDUCATION QUALIFICATION OF THE RESPONDENTS

47 50

45

40 33 35

30 23 RESPONDENTS 25 17 20

15

10

0 HSC GRADUATE EDUCATION PG OTHERS

29

T.NO.4.1.4

OCCUPATION OF THE RESPONDENTS

S.NO 1 2 3 4 5 6 7

OCCUPATION SELF EMPLOYEE GOVERNMENT SERVENT PRIVATE EMPLOYEE HOUSE WIFE RETIRED PROFESSIONAL OTHERS TOTAL

NO.OF. RESPONDENTS 25 28 30 11 13 5 8 120

PERCENTAGE 21 23 25 9 11 4 7 100

INFERENCE: From the table it can be inferred that 25% of the respondents are private sector employees, 23% are government servants followed by self employees, retired, house wives, others and professionals Approximately 70% of the respondents are belonged to the categories of private sector employee, government servant and self employee .Rest of the respondents are belonged to the categories of house wife, retired, professional and others

Fig 4.1.4

30

OCCU PA T ION OF T HE R ESPON DENT S

7% 4% 11% 21% S E LF E MP LO YE E G O V E R NME NT P R IV A T E HO US E W IFE R E T IE R E D P R O FE S S IO NA L O THE R S 23%

9%

25%

T.NO.4.1.5

31

ANNUAL INCOME OF THE RESPONDENTS

SNO 1 2 3 4 5

ANNUAL INCOME BELOW 1 LAC 1-2 LAC 2-5 LAC 5- 10 LAC ABOVE 10 LAC TOTAL

NO.OF. RESPONDENTS 27 53 18 12 10 120

PERCENTAGE % 22.5 44.1 15 10 8.3 100

INFERENCE: From the table it can be inferred that 44% of the respondents are in the income group 1- 2 lac, followed by below 1 lac, 2-5 lac, 5-10 lac and above 10 lac. Approximately 66% of the respondents are belonged to the income groups of below 1 lac and1- 2 lac.

Fig 4.1.5

32

ANNUAL INCOME OF RESPONDENTS

60

50

NUMBER OF RESPONDENTS

40

30

53
20

27
10

18 12 10
ABOVE 10 LAC

0 BELOW 1 LAC 1-2 LAC 2-5 LAC 5-10 LAC

AMOUNT

T.NO.4.1.6

33

RESPONDENTS TOP OF MIND AWARENESS ABOUT INSURANCE COMPANYS

SNO 1 2 3 4 5

COMPANY LIC ICICI PRUDENTIAL BIRLA SUN LIFE BAJAJ ALLIANZ OTHERS TOTAL

NO.OF. RESPONDENTS 52 26 12 8 22 120

PERCENTAGE % 43.3 21.6 10 6.6 18.3 100

INFERENCE: From the above table 43.3% of the respondents were had LIC on top of their mind followed by ICICI PRUDENTIAL, OTHERS, BIRLA SUN LIFE, and BAJAJ ALLIANZ Even though Life insurance sector is opened for private life insurance companies, LIC is continuing its strong impact on peoples mind unlike other sectors Fig 4.1.6

34

RESPONDENTS top of MIND AWARENESS ABOUT INSURANCE COMPANYS

60 52

50

40

RESPONDENTS 30

26 22

20 12 8 10

0 LIC ICICI PRUDENTIAL BIRLA SUN LIFE COMPANYS BAJAJ ALLIANZ OTHERS

T.NO.4.1.7

35

PURPOSE OF INVESTMENT IN INSURANCE

SNO 1 2 3 4 5

PURPOSE OF INVESTMENT LIFE COVERAGE RETURNS TAX PLANNING REGULAR SAVINGS OTHERS TOTAL

NO.OF. RESPONDENT 72 12 8 22 6 120

PERCENTAGE % 60 10 6.6 18.3 5 100

INFERENCE: From the table it can be inferred that 60% of the respondents have invested in insurance for life coverage, followed by regular savings, returns, tax planning and others. The fundamental principle behind the life insurance is life coverage it has been proved evidently

36

Fig 4.1. 7

37

PURPOSE OF INVESTMENT IN INSURANCE

5%

18%

LIFE COVERAGE RETURNS TAXATION 7% 60% CONDITIONAL SAVINGS OTHERS

10%

38

T.NO.4.1.8

WILLINGNESS OF THE RESPONDENTS TO TAKE THE RISK WHILE INVESTING IN INSURANCE

SNO 1 2 3 4

INVESTMENT RISK HIGH RETURNS WITH LOW SAFETY MEDIUM RETURNS WITHSOME RISK LOW RETURNS WITH SAFETY HIGH

NO.OF. RESPONDENTS 18 43 28 31 120

PERCENTAGE % 15 35.8 23.3 25.8 100

GUARANTEED RETURNS WITH NO RISK TOTAL

INFERENCE: From the table it can be inferred that 25.8% of the respondents are not willing to take risk. 23.3% of the respondents are willing to take low risk. 35.8% of the respondents are willing to take medium risk.

39

So 85% of the respondents risk appetite level is between zero and medium. The percentage of high risk takers persons are only 15. Fig 4.1.8

40

INVESTMENT RISK

45

43

40

35

31 28

30

25 RESPONDENTS 20

18

15

10

0 High returns With low safety Medium returns With some risk Low returns With high safety Guaranteed returns With no risk

T.NO.4.1.9

41

INVESTMENT IN OTHER AVENUES

SNO 1 2 3 4 5

INVESTMENTS MUTUAL FUNDS FIXED DEPOSITS SHARES REAL ESTATE OTHERS TOTAL

NO.OF. RESPONDENTS 25 47 16 18 14 120

PERCENTAGE % 20.8 39.1 13.3 15 11.6 100

INFERENCE: From the table it can be inferred that 39.1% of the respondents invested in fixed deposits followed by mutual funds, real estates and others. Here also we can prove that most of the respondents are having their risk level between low and medium. mutual funds and shares. Fig 4.1.9 Investments are made in such avenues 65% of the investments are made in fixed deposits ,real estate and others rest of them are made in

42

INVESTMENTS IN OTHER AVENUES

50 45 40 35 30
25 47

25
RESPONDENTS 20 18 16 14

15 10 5 0
MUTUAL FUNDS FIXED DEPOSITS SHARES REAL ESTATES

OTHERS

INVESTMENTS

T.NO.4.1.10

43

SOURCE OF INFORMATION ABOUT THE MARKET LINK PLANS OF ICICI PRUDENTIAL

SNO 1 2 3. 4.

SOURCE OF INFORMATION NEWPAPERS TELEVISION ADVISORS FRIENDS TOTAL

NO.OF.RESPONDENTS 25 22 55 18 120

PERCENTAGE % 20.8 18.3 45.8 15 100

INFERENCE: From the above table it can be inferred that 45.8% of the respondents got the information about the market link plans through advisors followed by newspapers, television and friends.

Fig 4.1.10

44

SOURCE OF INFORMATION

FRIENDS 15%

NEWSPAPERS 21%

TELEVISION 18% ADVISORS 46%

T.NO.4.1.11

45

AMOUNT INVESTED IN MARKET LINK PLANS OF ICICI PRUDENTIAL

SNO 1 2 3. 4. 5.

AMOUNT INVESTED BELOW 25,000 25,001-50,000 50,001-75,000 75,001-1,00,000 ABOVE 1,00,000 TOTAL

NO.OF.RESPONDENTS 52 30 17 13 8 120

PERCENTAGE % 43 25 14 11 7 100

INFERENCE: From the above table it can be inferred that 43% of the respondents have invested below 25000 followed by 25,001 50,000, 75,001-1, 00,000 and above 1, 00,000. Nearly two third of the respondents are investing below 50,000and the rest of them are investing above

Fig 4.1.11

46

AM OU N T IN V E S T E D IN M AR K E T L IN K E D P R O D U C T S OF IC IC I P R U D E N T IAL

ABOVE 1 ,0 0 ,00 0

7 5 ,0 0 1 -1 ,0 0 ,0 0 0

13

AMOUNT

5 0 ,0 01 -7 5 ,0 0 0

17

2 5 ,0 01 -5 0 ,0 0 0

30

BEL OW 2 5 ,0 0 0

52
10 20 30 40 50 60

NUM BER OF RESPONDENT S

T.NO.4.1.12

47

. SATISFACTION LEVEL WITH RESPECT TO THE SERVICE PROVIDED BY ICICI PRUDENTIAL.

SNO 1 2

SATISFACTION LEVEL YES NO TOTAL

NO.OF.RESPONDENTS 83 37 120

PERCENTAGE % 69 31 100

INFERENCE: From the table it can be inferred that 69%of the respondents are satisfied with the service provided and 31% respondents are not satisfied

Fig 4.1.12

48

SATISFACTION LEVEL WITH RESPECT TO THE SERVICE PROVIDED BY ICICI PRUDENTIAL

37

YES NO

83

T.NO.4.1.13 INVESTMENT MADE IN OTHER COMPANIES MARKET LINK PLANS.

49

SNO 1. 2. 3. 4. 5.

COMPANY LIC BIRLA SUN LIFE BAJAJ ALLIANZ HDFC STANDARD LIFE OTHERS TOTAL

NO.OF. RESPONDENTS 31 16 7 8 11 73

PERCENTAGE % 42.4 21.9 9.5 11 15.06 100

INFERENCE: From the above table it can infer that 42.4%of the respondents have invested in LIC followed by BIRLA SUN LIFE, OTHERS, HDFC STANDARD AND BAJAJ ALLIANZ.

Fig 4.1.13

50

INVESTMENT MADE IN OTHER COMPANYS

35

30

25

20 RESPONDENTS 15 LIC BIRLA SUN LIFE BAJAJ ALLIANZ HDFC STANDARD LIFE OTHERS

10

0 LIC BIRLA SUN LIFE BAJAJ ALLIANZ COMPANYS HDFC STANDARD LIFE OTHERS

4.2 CHI-SQUARE TEST

51

1. Chi-square test to find out the relationship between the purpose of investment in insurance and the annual income of the respondent. Null Hypothesis (Ho): There is no significant relationship between the purpose of investment in insurance and the annual income. Alternate Hypothesis (H1): There is significant relationship between the purpose of the investment in insurance and the annual income T.NO.4.2.1 Contingency table for the attributes purpose of the investment in insurance and the annual income

Purpose of investment Life Coverage in insurance Annual Income Taxation Returns

Conditional savings

Below 1,00,000 1 to 2,00,000 2 to 5,00,000 5 to 10,00,000 Above 10,00,000 Total

12 28 15 9 8 72

5 7 0 0 0 12

3 2 1 2 0 8

6 11 2 2 2 22

26 48 18 12 10 114

Total

52

T.NO.4.2.2 Chi-Square Table for the Contingency table had the attributes purpose of the investment in insurance and the annual income

0 12.00 05.00 03.00 06.00 28.00 07.00 02.00 11.00 15.00 00.00 01.00 02.00 09.00 00.00 02.00 02.00 08.00 00.00 00.00 02.00

E 16.42 02.74 01.82 05.02 30.32 05.05 03.36 09.26 11.37 01.89 01.26 03.47 07.58 01.26 00.84 02.32 06.32 01.05 00.70 01.93

(0-E)2 19.53 05.12 01.38 00.97 02.32 03.72 01.87 03.02 13.19 03.59 00.07 02.17 02.02 01.60 01.34 00.10 02.84 01.11 00.49 03.72 .Total =

(0-E)2 E 1.19 1.87 0.75 0.19 0.08 0.75 0.56 0.33 1.16 1.89 0.05 0.63 0.27 1.26 1.60 0.04 0.45 1.05 0.70 1.93 16.75

53

Degree of freedom

= = =

(r-1) (c-1) (4-1) (5-1) 12

2

The tabulated value of significance is 21.06

at 16 degree of freedom and at 0.05 level of

Since the calculated value is less than the tabulated value our null hypothesis is accepted and alternate hypothesis is rejected. INFERENCE: There is no significance relationship between the purpose of

investment in insurance and the annual income. The respondents in the income group below 100,000 are expected to take insurance for the purpose of life coverage and not expected for the purpose of returns and taxation with respect to Chi-Square Table but they are doing it inversely The respondents in the income group 2-5 lac are not expected much to take insurance for the purpose of life coverage and expected much for the purpose of returns with respect to Chi-Square Table. But they are doing it inversely

54

2. Chi-Square table find out the relationship between the gender of the respondents and the risk taken by the respondent while investing. NULL HYPOTHESIS: There is no significant relationship between gender of the respondent and the risk taken while investing. ALTERNATE HYPOTHESIS: There is significant relationship between the gender of the respondent and the risk taken while investing. T.NO.4.2.3 Contingency table for the attributes gender of the respondent and the risk taken while investing.

High returns with low safety

Medium returns with

Low returns

Risk taken while investing Gender Male Female Total

Guaranteed

Total

14 4 18

some risk

30 13 43

19 9 28

11 20 31

74 46 120

55

T.NO.4.2.4 Chi-Square table for the Contingency table had the attributes gender of the respondent and the risk taken while investing.

0 14.00 30.00 19.00 11.00 04.00 13.00 09.00 20.00

E 11.11 26.50 17.20 19.10 06.90 16.48 10.73 11.88

(0-E)2 08.41 12.25 03.24 65.61 08.41 12.11 02.99 65.94 Total =

(0-E)2 E 0.76 0.46 0.19 3.43 1.21 0.73 0.28 5.55 12.60

56

Degree of freedom

= = =

(r-1) (c-1) 1x3 3

2

The tabulated value of significance is 7.815.

at 3 degrees of freedom and at 0.05 level of

Since the tabulated value is less than the calculated value our alternate hypothesis is accepted and null hypothesis is rejected. INFERENCE: There is significant relationship between the gender of respondents and amount of risk taken while investing. Less number of female respondents are expected to be risk averse with respect to Chi-Square table but they are doing in inversely. More number of male respondents are expected to be risk averse with respect to Chi-Square table but they are doing in inversely.

57

3. Chi-square test find out the relationship between the risk taken while investing and the amount invested. NULL HYPOTHESIS: There is no significant relationship between the risk taken while and the amount invested. ALTERNATE HYPOTHESIS: There is significance relationship between the risk taken while investing and the amount invested. T.NO.4.2.5 Contingency table for the attributes risk taken while investing and the amount invested.

Amount invested

Guaranteed returns with no risk

Medium returns with some risk

Low returns with high safety

Risk taken while investing

High returns with low safety

Below 25,000 25,001 50,000 50,001 75,000 75,001 1,00,000 Above 1,00,000 Total

7 3 5 2 1 18

25 11 3 1 3 43

13 10 5 0 0 28

7 6 4 10 4 31

52 30 17 13 8 120

Total

58

T.NO.4.2.6 Chi-Square Table for the Contingency table had the attributes risk taken while investing and the amount invested.

0 07 25 13 07 03 11 10 06 05 03 05 04 02 01 00 10 01 03 00 04

E 07.80 18.64 12.14 13.43 04.50 10.75 07.00 07.75 02.55 06.09 03.96 04.39 01.95 04.66 03.03 03.36 01.20 02.87 01.87 02.06

(0-E)2 03.24 40.53 00.74 41.37 02.25 00.62 09.00 03.06 06.00 09.55 01.08 00.15 00.00 13.38 09.02 44.11 00.04 00.02 3.484 3.737 Total =

(0-E)2 E 00.08 02.17 00.61 03.08 00.50 00.58 01.29 00.40 02.35 01.57 00.27 00.35 00.00 02.87 03.03 13.13 0.03 00.00 01.87 01.81 35.99

DEGREE OF FREEDOM: = = (4 1) (5-1) 12

2

The tabulated value of is = 21.026

at 12 degrees of freedom and at 0.05 level of significance

59

Since the tabulated value is less than the calculated value our alternate hypothesis is accepted and null hypothesis is rejected. INFERENCE: There is significant relationship between the risk taken while investing and the amount invested. The group of people investing below 25,000 is expected to be risk averse more in numbers with respect to Chi-Square table but they are doing in inversely. The group of people investing below 25,000 is expected to take medium risk more in numbers with respect to Chi-Square table but they are doing in inversely. The group of people investing 25,001-50,000 is expected to take low risk more in numbers with respect to Chi-Square table but they are doing in inversely. The group of people investing below 25,000 is expected to be risk averse more in numbers with respect to Chi-Square table but they are doing in inversely. The group of people investing below 25,000 is expected to take medium risk more in numbers with respect to Chi-Square table but they are doing in inversely. 4. Chi-square test to find out the relationship between the purpose of investment in insurance and the occupation of the respondent. Null Hypothesis (Ho): There is no significant relationship between the purpose of investment in insurance and the occupation Alternate Hypothesis (H1): There is significant relationship between the purpose of the investment in insurance and the occupation

60

T.NO.4.2.7 Contingency table for the attributes the purpose of the investment in insurance and the occupation

Life Coverage

Occupation Self employee Government servant Professional Private employee House wife Retired Total

17 18 4 17 8 0 64

2 4 0 1 0 5 12

3 2 1 2 0 0 8

2 4 0 10 2 4 22

24 28 5 30 10 9 106

Total

in insurance

Conditional savings

Purpose of investment

Taxation

Returns

61

T.NO.4.2.8

Chi-Square Table for the Contingency table had the attributes the purpose of the investment in insurance and the occupation

0 17 02 03 02 18 04 02 04 04 00 01 00 17 01 02 10 08 00 00 02 00 05 00 04

E 15.70 02.40 01.60 04.40 14.93 02.80 02.11 05.81 03.02 00.57 00.38 01.04 18.11 O3.02 02.26 06.27 06.04 01.13 00.75 02.08 05.43 01.02 00.68 01.87

(0-E)2 01.70 00.16 01.96 05.76 09.40 01.44 00.01 03.28 00.96 00.32 00.39 01.08 01.24 04.08 00.07 14.24 03.85 01.28 00.60 00.01 29.54 15.85 00.46 04.55 Total =

(0-E)2 E 00.11 00.07 01.26 01.31 00.63 00.51 00.01 00.56 00.32 00.57 01.02 01.04 00.07 01.35 00.03 02.27 00.64 01.13 00.75 00.00 05.43 15.54 00.68 02.43 37.73

62

Degree of freedom

=(r-1) (c-1) = (6-1) (4-1) = 15

The tabulated value of significance is 24.996

at 24 degree of freedom and at 0.05 level of

Since the tabulated value is less than the calculated value our alternate hypothesis is accepted and null hypothesis is rejected. INFERENCE: There is significance relationship between the purpose of investment in insurance and the occupation.

63

5. Chi-Square table find out the relationship between the age of the respondents and the risk taken by the respondent while investing. NULL HYPOTHESIS: There is no significant relationship between age of the respondent and the risk taken while investing. ALTERNATE HYPOTHESIS: There is significant relationship between the age of the respondent and the risk taken while investing. T.NO.4.2.9 Contingency table for the attributes age of the respondent and the risk taken while investing.

Age Risk High Returns with low safety Medium Returns with some risk Low Returns With high safety Guaranteed Returns with no risk Total

20-30 3 4 2 1 10

31-35 5 12 3 4 24

35-40 6 19 4 4 33

41-50 3 5 9 12 29

Above 51 1 3 10 10 24

Total 18 43 28 31 120

64

T.NO.4.2.10 Chi-Square Table for the Contingency table had the attributes age of the respondent and the risk taken while investing.

0 03 05 06 03 01 04 12 19 05 03 02 02 04 09 10 01 04 04 12 10

E 01.50 03.60 05.00 04.35 03.60 03.60 08.60 12.00 10.30 08.60 02.30 05.60 07.70 06.80 05.60 02.60 06.20 08.50 07.50 06.20

(0-E)2 02.25 01.96 01.00 01.82 06.76 00.16 11.56 49.00 28.09 37.36 00.09 06.76 13.69 04.84 19.36 02.56 04.84 20.25 20.25 14.44 Total =

(0-E)2 E 01.50 00.54 00.20 00.40 01.90 00.04 01.34 04.08 02.70 03.60 00.03 01.20 01.70 00.07 03.45 01.00 00.07 02.38 02.70 02.30 32.38

65

Degree of freedom

= = =

(r-1) (c-1) 3x4 21.026

2

The tabulated value of significance is 21.026.

at 12 degrees of freedom and at 0.05 level of

Since the tabulated value is less than the calculated value our alternate hypothesis is accepted and null hypothesis is rejected. INFERENCE: There is significant relationship between the age of respondents and amount of risk taken while investing. INFERENCE FOR THE AGE GROUP 35-40 Twelve respondents in this group are expected to take medium risk with respect to Chi-Square table but actually 19 respondents are taking medium risk. Approximately eight respondents in this group are expected to take low risk with respect to Chi-Square table but actually 4 respondents are taking low risk. Approximately nine respondents in this group are expected to be risk averse with respect to Chi-Square table but actually 4 respondents is risk averse. People in this group mostly preferring for medium risk.

66

INFERENCE FOR THE AGE GROUP ABOVE 51 Fewer people in this group are taking medium risk .They are mostly preferring for low risk and to be risk averse. INFERENCE FOR THE AGE GROUP 41-50 Eleven respondents in this group are expected to take medium risk with respect to Chi-Square table but actually five respondents are taking medium risk. Approximately seven respondents in this group are expected to take low risk with respect to Chi-Square table but actually nine respondents are taking low risk. Approximately eight respondents in this group are expected to be risks averse with respect to Chi-Square table but actually twelve respondents are risk averse.

67

4.3 WEIGHTED AVERAGE METHOD

1. Weighted average method to find out the satisfaction of respondents

T.NO.4.3.1 SATISFACTION OF RESPONDENTS

Weighted points

Weights r1=w5 r2=w4 r3=w3 r4=w2 r5=w1

AverageWeighted 11.47 11.06 10.93 12.53 11.86

Para meters Claim settlements Quarterly Reports Response for queries Renewal premium Others

18 14 16 23 16

9 9 9 9 15

8 13 8 8 7

10 10 10 6 8

2 1 4 1 1

172 166 164 188 178

III IV V I II

From the table is an evident that renewal premium has been given the first rank followed by others, claims settlement, quarterly reports & customer care service.

Rank

68

2. Weighted average method to find out the customers perception towards other players in the industry. T.NO.4.3.2 SAFETY FOR MONEY AverageWeighted 32.66 28.33 25.6 22.66 26.13 19.53

Weighted points

r1=w5

r2=w4

r3=w3

r4=w2

r5=w1

Weights

LIC ICICI Prudential HDFC Standard Life Birla Sun life Bajaj allianz Others

68 41 26 19 33 12

22 26 34 14 24 27

9 19 18 41 19 15

14 25 22 20 30 24

7 9 20 26 14 32

490 425 384 340 392 293.4

I II IV V III VI

From the table it is evident that people are more safety with LIC followed by ICICI prudential, Bajaj allianz, HDFC Standard Life, Birla Sun Life and Others.

T.NO.4.3.3

Rank

69

FOR OPTIONS TO WITH DRAW THE MONEY AverageWeighted 23.4 24.46 21.2 21.6 23 20.8

r1=w5

r2=w4

r3=w3

r4=w2

r5=w1

Company LIC ICICI Prudential HDFC Standard Life Birla Sun life Bajaj allianz Others 22 37 21 28 30 16

14 17 19 9 18 20

38 8 16 21 15 26

19 32 25 23 27 16

27 26 39 39 30 42

351 367 318 324 345 312

II I V IV III VI

From the table it can be stated that ICICI Prudential has been given the First rank in terms of option to with draw the money followed by LIC, Bajaj allianz, Birla Sun Life, HDFC Standard Life and Others.

T.NO.4.3.4

Rank

Weights

Weighted points

70

FOR OPTIONS TO CHANGE THE TERMS OF POLICY AverageWeighted 24.8 23.93 22 22.6 21 21.2

r1=w5

r2=w4

r3=w3

r4=w2

r5=w1

Company LIC ICICI Prudential HDFC Standard Life Birla Sun life Bajaj allianz Others

28 27 19 21 14 11

31 18 22 19 22 20

12 23 27 31 19 32

23 31 14 16 35 30

26 21 38 33 30 27

372 359 330 339 315 318

I II IV III VI V

From the table it can be stated that LIC has been given the First rank in terms of options to change the terms followed by ICICI Prudential, BirlaSun life, HDFC Standard Life, others and Bajaj allianz.

T.NO.4.3.5

Rank

Weights

Weighted points

71

FOR QUALITY OF THE SERVICE PROVIDED AverageWeighted 23.8 29.53 23.93 24 21.46 23

r1=w5

r2=w4

r3=w3

r4=w2

r5=w1

Company LIC ICICI Prudential HDFC Standard Life Birla Sun life Bajaj allianz Others

28 52 21 27 15 23

22 18 32 18 25 10

14 21 16 31 22 39

32 19 27 16 23 25

24 10 24 28 35 23

357 443 259 360 322 345

IV I III II VI V

From the table it can be stated that ICICI Prudential has been given First rank in terms of service followed by Birla Sun life, HDFC Standard Life, LIC, Others and Bajaj allianz.

Rank

Weights

Weighted points

72

T.NO.4.3.6 FOR RETURNS AverageWeighted 26.46 27.73 22.93 22.4 22.26 22.2

r1=w5

r2=w4

r3=w3

r4=w2

r5=w1

Company LIC ICICI Prudential HDFC Standard Life Birla Sun life Bajaj allianz Others

36 38 21 28 19 22

23 29 19 16 27 15

199 21 26 19 13 31

26 15 31 18 31 18

16 17 23 39 30 34

397 416 344 336 334 333

II I III IV V VI

From the table it can be stated that ICICI Prudential has been given the First rank in terms of returns followed by LIC, HDFC Standard Life, Birla Sun Life, Bajaj allianz and others.

T.NO.4.3.7

Rank

Weights

Weighted points

73

SUMMARY OF THE WEIGHTED AVERAGE METHOD TABLES Options to change the terms of policy Options to withdraw the money Para Meters Companies Safety for money Returns II I III IV V VI Service IV I III II VI V

LIC ICICI Prudential HDFC Standard Life Birla Sun life Bajaj allianz Others

I II IV V III VI

II I V IV III VI

I II IV III VI V

From the table it can be inferred that LIC has been given first rank in terms of safety for the money, ICICI Prudential has been given first rank in terms of option to withdraw the money, LIC has been given first rank in terms of option to change the terms of the policy and ICICI Prudential has been given first rank in terms of service and returns.

5.1 FINDINGS

74

The respondents feel that the advisors are a major source of information about the market linked plans. Most of the respondents (69 %) are satisfied with the service provided by the company. Most of the respondents (85 %) are having their risk level between low and medium. Investments are made in such avenues where risk is low or medium. 65% of the investments are made in fixed deposits, real estate and others. The rest of them are made in mutual funds and shares. LIC has been a major competitor for ICICI Prudential in the market linked insurance plans. LIC has been given first rank in terms of safety for the money and options to change the terms of the policy. Nearly two third of the respondents are investing below 50,000and the rest of them are investing above. The fundamental principle behind the life insurance is life coverage and this has been confirmed by the respondents to the survey. ICICI Prudential has been given first rank in terms of option to withdraw the money, service and returns. Approximately 66% of the respondents belonged to the income groups of below 1 lac and1- 2 lac. Most of the respondents (67 %) are graduates and post graduates. Approximately 70% of the respondents belonged to the categories of private sector employee, government servants and self employed .Rest of the respondents belonged to the categories of house wife, retired, professional and others. There is no significance relationship between the purpose of investment in insurance and the annual income of the respondents. There is significant relationship between the gender of respondents and amount of risk taken while investing.

75

There is significant relationship between the risk taken while investing and the amount invested by the respondents. There is significance relationship between the purpose of investment in insurance and the occupation of the respondents. There is significant relationship between the age of respondents and amount of risk taken while investing. Even though Life insurance sector is opened for private, LIC is continuing its strong impact on peoples mind. Bajaj allianz, a private life insurance company had been ranked last in terms of service :ICICI prudential is doing well in terms of renewal premium collection, claim settlements and other services but not in customer care service.

76

5.2 RECOMMENDATIONS The respondents feel that the advisors are a major source of information about the market linked plans .So ICICI Prudential has to improve the effectiveness of other advertising and promotional efforts. ICICI Prudential is doing well in terms of renewal premium collection, claim settlements and other services .But they have to concentrate on their customer care service because this service is not provided properly by the company as well as others. In retaining the customers and getting business through them post purchase service plays a vital role Most of the respondents belonged to the income groups of below 1 lac and1- 2 lac. So ICICI Prudential should concentrate on this group of customers and design products suited for this segment of the population. Most of the respondents respondents are having their risk level between low and medium. So ICICI Prudential should design unique products for this sort of customers characterized by low/medium risk.

77

5.3 CONCLUSION The project title is A study on customer perception towards market linked insurance products of ICICI PRUDENTIAL In Adyar region of Chennai city. Customer perception has been found through a questionnaire gathering information regarding their awareness about the insurance companies, most preferred area of investment by the customer, problems faced by customers in terms of service, relationship between demographics and the amount of investment and risk taking appetite and preference of customers in terms of different players in the industry. In terms of the awareness and safety, LIC is occupying the first position. The risk appetites of the customers are mostly between medium and low. Most of the respondents are having insurance for the purpose of life coverage. Mostly the demographics of the respondents have a significant relationship with the amount of investment and risk taking appetite. The respondents mostly prefer the avenues of fixed deposits and real estate for investment. ICICI PRUDENTIAL is ranked first in terms of service and returns. Private life insurance companies except ICICI PRUDENTIAL dont have the capability to compete with LIC in all perspectives. Customers are facing difficulties in getting responses to their queries and it has been ranked last among the various services provided by the ICICI PRUDENTIAL. Recommendations have been made to overcome the deficiencies observed. Suggestions have also been made to design products to meet the requirements of the largest segment of customers keeping their preference for low/medium risk so as to gain competitive advantages. .

78

BIBLIOGRAPHY KOTHARI C.R., Research Methodology, Second Edition May [1990], page no. 12, 80-81, 85, 278. Most of the Data is collected from different website. Data is also collected from ICICI Prudential manuals & other booklets. G C BERI ,Marketing research, Third edition

79

APPENDICES A STUDY ON CUSTOMERS PERCEPTION TOWARDS MARKET LINKED INSURANCE PRODUCTS OF ICICI PRUDENTIAL LIFE INSURANCE CO LTD IN ADYAR REGION Name: Flat : Road: Area : City : 1. 2. 3. 4. Sex: Male [ ] Age: 25 30 [ ] Education: HSC [ ] Address:

Female [ ] 31 35 [ ] 36 40 [ ] 41 50 [ ] Above 51 [ ]

Graduate [ ] PG [ ] Others [ ]

Annual Income: Below1, 00,000[ ] 1, 00,001- to 2, 00,000 [ ] 2, 00,001 to 5, 00,000 [ ] 5, 00,001 to 10, 00,000 [ ] Above 10, 00,000 [ ] Occupation Self Employee [ ] Private Employee [ ] Government Servant [ ] professional [ ] House Wife [ ] Retired [ ] Others [ ]

5.

6.

If I say Life Insurance which company comes to your mind? L.I.C. [ ] ICICI Prudential [ ] Birla Sun Life [ ] Bajaj allianz [ ] others [ ] What is the purpose of taking insurance? Life Coverage [ ] Returns [ ] Conditional Savings [ ] Others [ ] Taxation [ ]

7.

8.

Have you invested in any of the following? Mutual Funds [ ] Fixed Deposits [ ] Shares [ ] Real Estate [ ] Others (nsc, kvp,postal office savings) [ ]

80

9. 10.

How did you come to know about these plans? News Papers [ ] Television [ ] Advisors [ ] Friends [ ] How much risk are you willing to take while investing insurance? High returns with low safety [ ] Medium returns with some risk [ ] Low returns with high safety [ ] Guaranteed returns with no risk [ ] If yes how much money has you invested till 2005? Below 25,000 [ ] 25,001 50,000 [ ] 50,001-75,000 [ ] 75,001 1, 00,000 [ ] Above 1, 00,000 [ ] Are you satisfied with the service provided by ICICI Prudential? Yes [ ] No [ ] Rate the following also provided by ICICI Prudential? Various services scaling Customer Service Quarterly Reports Customer Care Service Renewal Premium Others Very good

11.

12

13.

Excellent

Good

Average

Poor

14.

Apart from ICICI prudential market linked plans in which company have you invested. LIC [ ] HDFC Standard Life [ ] Birla Sun Life [ ] Bajaj allianz [ ] others [ ]

81

15.

Rank the following according to your priority? Products of the companies Options to withdraw the money [liquidity] Options to change the terms of the policy [flexibility] Service [before and after selling the policy]

Safety for the money

Returns

parameters LIC ICICI Prudential HDFC Standard Birla Sun Life Bajaj allianz Others

Signature Place: Date: