A Project Report On AWARENESS STUDY OF LIFE INSURANCE IN BARDOLI AREA

Undertaken at:

BAJAJ ALLIANZ LIFE INSURANCE CO.LTD., BARDOLI

Submitted by: __________________ (________) Guided by:

Declaration
I, ___________________here by declare that the summer project report titled Awareness Study of Life Insurance in Bardoli Area is an original piece of work done by me for the fulfillment of the award of degree of Master of Business Administration, and whatever information has been taken from any sources had been duly acknowledged. I further declare that the personal data & information received from any respondent during survey has not been shared with any one and is used for academic purpose only.

ACKNOWLEDGEMENT
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At this stage of my long educational journey, I look back and find that though mine is a fairly sail, it has been memorizing extravagance of memorable experience. At this gratifying moment of completion of my research problem, I feel obliged to record my gratitude to those who have helped me.

Executive Summary
3

Purpose:
The primary purpose is to study the awareness among people in Bardoli area with respect to life insurance. The life insurance market in India is an underdeveloped market. The penetration of life insurance products was 19 percent of the total 400 million of the insurable population. Today, every one in the world wants to secure their future. All wants to eliminate the risk of uncertain life. So my study is to know the awareness regarding life insurance in Bardoli area.

Design/Methodology/Approach:
The data has been collected through both primary and secondary data collection methods. This project report includes secondary data about the life insurance industry, awareness, company details, etc.. Primary data are collected through questionnaire filled by the respondents during face to face interaction. At the initial stage the research design is exploratory because the research started with review of literature available on the Internet and in books. Based on that, the final research statement was framed. The subsequent research design is descriptive as it aims to describe the awareness among people of Bardoli regarding life insurance. Sampling design is non-probability and sampling method is convenience sampling because of time and money constraints. The sample size consisted of 200 respondents across the population. For the data analysis, various statistical tests like t-test, chi-square, measures of central tendencies were applied through SPSS software.

Findings

1.

75% of respondents have given 1st rank to LIC ,Other insurance companies have got very less frequency in getting 1st rank. So we can say that LIC is at first position in peoples mind.

2.

29% respondents preferred to invest in equity market. 3. 4. 48% of respondents are having Money Back Plan. 24% of respondent says that average 3 persons in their family are insured ,it indicates that most of the people in bardoli region are aware about need of life insurance. 5. 6. 7. 50% of respondents came to know about life insurance policy through insurance agents. 64% of respondents mostly prefers LIC , it indicate that that LIC covers their future risk more effectively. From the cross tabulation of investment option and occupation says that, the service holders prefer to invest in Mutual Funds. And the business persons prefers Equity Market for investment. 8. From the cross tabulation of life insurance policy and annual income we can say that, 49.7% of respondents having annual income between 1-2.9lacks have Money Back Policy i.e. 67.6%.

Suggestions

1. LIC is the first preference for insurance because of its goodwill and peoples trust in it, but its return is less compared to private insurance players; because of this people are preferring to invest in pvt co. So it is a golden chance for the private players like BAJAJ Allianz and ICICI to capture the market. 2. Awareness of life insurance is high and people prefer to invest in insurance so there is a big market for life insurance players. 3. People are aware about LIC, Bajaj Allianz, ICICI Pru, etc. but not aware about other companies like_ Birla Sun life, AVIVA, etc. So, they need to make people aware about their companies.

Table of content

SR. NO. 1.0

TOPIC
INTRODUCTION
A. Industry Profile 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 Insurance Classification of Insurance Life Insurance Market Important milestones Present Scenario GDP contribution Growth Of life insurance Industry Key Players

PAGE NO.

1-5

B. Company Profile 1.9 Introduction 1.10 Key Achievements in FY 2006-07 1.11 Products C. Literature Review 1.12 Definition 1.13 Concept 1.14 Role of awareness

6-11

12-13

2.0

RESEARCH METHODOLOGY
1 2 3 4 5 6 7 8 2.1 Problem statement 2.2 Research objective 2.3 Research design 2.4 Defining target population 2.5 Research instrument 2.6 Data collection 2.7 Limitations of the study 2.8 Statistical tests used

14-18

9 2.9 How to conduct statistical test

3.0 4.0 5.0

DATA ANALYSIS & INTERPRETATION FINDINGS CONCLUSIONS

19-48 49-50 51
7

6.0 7.0 8.0

RECOMMENDATIONS BIBLIOGRAPHY APPENDIX

52 53 54-57

Ch-1 INTRODUCTION [A] INDUSTRY PROFILE 1.1 Insurance

Insurance is basically a sharing device. The losses to assist 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 8

exposed to similar risks. This 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 the human control. Secondly insured person should not make my gains out of insurance.

1.2 Classification of Insurance

Insurance business can be divided into two broad categories, life and non-life. 1. Life insurance is concerned with making provision for a specific event happening to the individual, such as death. 2. non-life is more commonly concerned with the provision for specific event, which affects a property, such as fire, flood, theft etc.

1.3 Life Insurance Market

The Life Insurance market in India is an underdeveloped market that was only tapped by the state owned LIC till the entry of private insurers. The penetration of life insurance products was 19 percent of the total 400 million of the insurable population. With the entry of the private insurers the rules of the game have changed. The 12 private insurers in the life insurance market have already grabbed nearly 9 percent of the market in terms of premium income. The new business premiums of the 12 private players has tripled to Rs 1000 crore in 2002- 03 over last year. Meanwhile, state owned LIC's new premium business has fallen. The private insurers also seem to be scoring big in other ways- they are persuading people to take out bigger policies. For instance, the average size of a life insurance policy before privatisation was around Rs 50,000. That has risen to about Rs 80,000. But the private insurers are ahead in this

game and the average size of their policies is around Rs 1.1 lakh to Rs 1.2 lakh- way bigger than the industry average. The state owned companies still dominate segments like endowments and money back policies. But in the annuity or pension products business, the private insurers have already wrested over 33 percent of the market. And in the popular unit-linked insurance schemes they have a virtual monopoly, with over 90 percent of the customers.4

1.4 Important milestones in the life insurance business in India:

1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 1956: 245 Indian and foreign insurers and provident societies taken over by the central government and nationalised. LIC formed by an Act of Parliament- LIC Act 1956- with a capital contribution of Rs. 5 crore from the Government of India. (2)

1.5 Present Scenario

The Government of India liberalized the insurance sector in March 2000 with the passage of the Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry restrictions for private players and allowing foreign players to enter the market with some limits on direct foreign

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ownership. Under the current guidelines, there is a 26 percent equity cap for foreign partners in an insurance company. There is a proposal to increase this limit to 49 percent. The opening up of the sector is likely to lead to greater spread and deepening of insurance in India and this may also include restructuring and revitalizing of the public sector companies. In the private sector 12 life insurance and 8 general insurance companies have been registered. A host of private Insurance companies operating in both life and non-life segments have started selling their insurance policies since 2001.

1.6 GDP contribution

With largest number of life insurance policies in force in the world, Insurance happens to be a mega opportunity in India. Its a business growing at the rate of 15-20 per cent annually and presently is of the order of Rs 450 billion. Together with banking services, it adds about 7 per cent to the countrys GDP. Gross premium collection is nearly 2 per cent of GDP and funds available with LIC for investments are 8 per cent of GDP. Yet, nearly 80 per cent of Indian population is without life insurance cover while health insurance and non-life insurance continues to be below international standards. And this part of the population is also subject to weak social security and pension systems with hardly any old age income security. This itself is an indicator that growth potential for the insurance sector is immense.

1.7 Growth Of life insurance Industry

Life Insurance Corporation achieved a growth rate of over 40 per cent to garner Rs 18,834 crore premium income while ICICI Pru Life and Bajaj Allianz Life logged 69 per cent and 292 per cent growth respectively over last year. 11

The debut of Sriram Life saw the number of players going up to 15, who together collected Rs 26,286 crore in premium in the first 11-months of 2005-06, according to data compiled by Insurance Regulatory and Development Authority.

LIC continued with its recent high growth rate of over 40 per cent to mop up Rs 18,834 crore in first year premium by selling 2.09 crore policies in April-February of last fiscal.

Though, country's largest life insurer LIC was expanding business handsomely, its market share fell slightly to 71.65 per cent from 72.2 per cent a month back as most of the private players are going at a faster rate. In the private space competition has further intensified after entry of Chennai-based Sriram Life, which collected Rs 18.76 lakh premium in its first month of operation. The 14 private players increased their market share to 28.35 per cent from 27.8 per cent a month ago by collecting Rs 7,451 crore in premium till February. ICICI Prudential regained its number one position among private insurers by logging 69 per cent growth to collect Rs 1,956 crore in premium and a market pie of 7.44 per cent.

Bajaj Allianz Life Insurance was close behind ICICI Prudential, by clocking 292 per cent growth in business at Rs 1,940 crore and a market share of 7.38 per cent.

HDFC Standard collected Rs 778 crore in premium income, followed by SBI Life (Rs 512 crore), Birla Sunlife (Rs 478 crore), Tata AIG (Rs 405 crore), Max New York Life (363 crore), Aviva (Rs 309 crore).

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Kotak Mahindra Old Mutual collected Rs 234 crore, ING Vysya Rs 200 crore, Reliance Life Rs 150 crore, Met Life Rs 107 crore and Sahara Life Rs 15 crore. Rs 15 crore.

1.8 Key Players

Company LIC IPRU BAJAJ ALLIANZ HDFC Standard SBI Life Birla Sunlife Tata AIG Max New York Life Aviva Kotak Mahindra ING Vysya Reliance Life Met Life Sahara Life Premium Income Rs 18,834 crore Rs 1,956 crore Rs 1,940 crore Rs 778 crore Rs 512 crore Rs 478 crore Rs 405 crore Rs 363 crore Rs 309 crore Rs 234 crore Rs 200 crore Rs 150 crore Rs 107 crore Rs 15 crore.

[B] COMPANY PROFILE 1.9 Introduction

Bajaj Allianz Life Insurance Company Limited is a Union between Allianz SE, one of the worlds largest Life Insurance companies and Bajaj Auto, one of the biggest 2&3 wheeler manufacturers in the world.

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Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers in the world, managing assets worth over a Trillion Euros (Over R. 55,00,000 crores). Allianz SE has over 115 years of financial experience in over 70 countries.

Bajaj Auto is one of the most trusted name is Indian auto for over 55 years. At Bajaj Allianz customer delight is our guiding principle. Ensuring worldclass solutions by offering customized products with transparent benefits, supported by best technology is our business philosophy.

1.10 Key Achievements in FY 2006-07 :

Have sold over 40,00,000 policies to satisfied customers Is backed by a network of 876 offices spanning the country Accelerated Growth

Shareholder capital base of Rs 700 cr. 1.11

Products:

GROUP INSURANCE PLANS 1. NEW GROUP SUPERANNUATION SCHEME Assure your Employees a financially secured, stable and independent post retirement life. Group Superannuation Scheme will be established 14

under an irrevocable trust, with trustees appointed by Company taking care of the administration. 2. GROUP CREDIT SHIELD Available for Employer- Employee Groups and Non EmployerEmployee Groups. This scheme insures the loan amount outstanding in the account in case of premature death or disability. 3. GROUP TERM LIFE Available for Employer- Employee Groups and Non EmployerEmployee Groups. This scheme covers the members of an organization against the risk of premature death or disability. 4. GROUP TERM LIFE In lieu of EDLI (Employees Deposit Linked Insurance Scheme). This scheme is a better alternative to the Employees Deposit Linked Insurance Scheme, 1976, under Sec 17 (2) of the Employees Provident Fund and Miscellaneous Provisions Act. 5. NEW GROUP GRATUITY CARE Giving Employees and their families the heartening reassurance of care and financial security. Group Gratuity Care is a Multi Featured Employee Welfare Scheme, which addresses your Gratuity liability with flexibility like never before.

INDIVIDUAL INVESTMENT PLANS 1. Protector A Mortgage Reducing Term Insurance Plan. This is the perfect plan to protect the family from the repayment liability of outstanding loans, in the unfortunate case of death of the loanee. There is also an option to cover the co- applicant of the loan at a very nominal cost under this plan. 15

2. Cash Gain Money Back Plan. This is the only money back plan that offers quadruple protection, going up to 4 times the basic sum assured, and a family income benefit. 3. Swarna Vishranti Retirement Plan. In addition to life insurance and attractive tax benefits, this plan enables you to make adequate provisions for your years after retirement as well. 4. InvestGain An Endowment Plan. This savings plan combines high protection (up to quadruple cover) with a unique family income benefit. 5. Term Plan with Return-of-Premium An economic way of providing life cover, this plan also ensures the return of all premiums at the time of maturity. 6. Lifetime Care Whole Life Plan. This whole life plan provides survival benefits at the age of 80 thereby making sure customers are financially secure at the time when they need it the most. 7. Keyman Insurance It is a Promising Business Opportunity. Keyman Insurance provides with the unique opportunity to protect the business against the unfortunate loss of key people, while giving valuable tax advantage and a lovely tool to help employee loyalty too.

8. New Unit Gain Plus The thumb rule for buying insurance is that insurance needs are minimal in the early earning years, increase with added responsibilities (Marriage, children, loans etc.) and taper off by the time of retirement. It is difficult to find a single insurance plan that can take care of all changing requirements in life additional 16

protection, more money to invest, sudden requirement of cash or a steady post-retirement income. Additional Riders Benefit For Unit Linked Product - Bajaj Allianz Additional Benefits Additional protection for customers and their family available with Unit Gain Plus. 9. New Unit Gain Easy Pension Plus. Unit Linked Retirement Plan without life cover Bajaj Allianz New Unit Gain Easy Pension Plus, is a plan that helps customers take control of their future and ensure a retirement they can look forward to. This is a regular premium investment linked deferred annuity policy. Available as: New Unit Gain Easy Pension Regular Premium & New Unit Gain Easy Pension Single Premium. 10. Swarna Raksha -I A fixed annuity for life will be payable, and on death of the annuitant, the nominee will be entitled to receive an amount that is equal to the lump sum used to purchase the annuity. 11. MahilaGain Rider The unique plan that takes care of customers and their loved ones and provides benefits like Critical Illness Benefit Reconstructive Surgery Benefit for Breast(s) due to Breast Cancer Congenital Disability Benefit Complications of Pregnancy Benefit

12. HealthCare This is a three-year health insurance plan, providing comprehensive health cover with life insurance benefit. Customers can choose the amount of cover for each benefit separately in multiples of the minimum cover amount, subject to a maximum multiple. 13. New UnitGain Premier SP 17

 Upfront Allocation of 105% of single premium on day 1 Flexi maturity after 6years 14. New UnitGain Super High Allocation Guaranteed life cover 15. New FamilyGain The only Unitlinked insurance plan with ethical equity fund. Suits religious investment guidelines as well. 16. Savecare Economy SP An ideal plan for a one-time lump sum investment that provides for savings with high risk-cover. An investment that provides financial security and liquidity. An ideal plan for a one-time lump sum investment that provides for savings with high risk-cover. This Single Premium investment plan for 10 years. 17. New UnitGain Plus SP - participates in the profits of the company. 18. UnitGain Guarantee SP High Allocation Full or partial withdrawals are allowed anytime after 3 years. 19. UnitGain Guarantee SP High Allocation Full or partial withdrawals are allowed anytime after 3 years.

20. New Risk Care "Insure customers Today with company to Ensure their family Smiles Tomorrow." A non-participating traditional Term Assurance plan.

18

 Higher insurance coverage at Low premium. Regular/Single Premium payment options. INSURANCE FOR NRIS 1. InvestGain - 'With Profits Endowment Plan'. 2. CashGain - 'With Profits Money Back Plan'. 3. ChildGain - 'With Profits Money Back Plan' for children. 4. Lifetime Care - 'With Profits Whole of Life Plan'. 5. Swarna Vishranti - 'With Profits Differed Annuity Plan'. 6. UnitGain - 'Unit Linked Whole of Life Plan'.
3

[C] LITEATURE REVIEW 1.12 Definition

According to Dourish and Belloti, Understanding of the activities of others, which provides a context for your own activity.

19

Awareness is a part of the glue that allows groups to be more In bioligical psychology,

effective than individuals. Awareness comprises a humans or an animals perception and cognitive reaction to a condition or event.

1.12 Concept
Awareness is a relative concept. An animal may be partially aware, may be subconsciously aware, or ma be acutely aware of an event. Awareness may be focused on an interest state, such as a visceral feeling, or an external events by way of sensory perception.(1) Awareness provides the raw material from which animals develop qualia, or subjective ideas about their experiences. It also used to distinguish sensory perception is the word awarement. awarement is the established form of awareness. Once one has accomplished their sense of awareness, they have come to term with awarement.
1

Researchers have debated with minimal components are necessary for animals to be aware of environmental stimuli, though all animals have some capacity for acute reactive behaviour that implies a faculty for awareness.

1.14 Role of awareness

Awareness plays a number of key roles.

20

High-level awareness of the character of others actions allows

participants to structure their activities and avoid duplication of work. Low-level awareness of the content of others actions allows fine-grained shared working and synergistic group behaviour which needs to be supported by collaborative applications.

Ch-2 RESEARCH METHODOLOGY

2.1 Problem statement:
21

To study the awareness of life insurance in bardoli area.

2.2 Research Objectives

1. Primary objective: To study the awareness among the people in bardoli area with respect to life insurance.

2. Secondary objectives:
To know the people among whom awareness level is low as well as high. To study the consumer preferences for the life insurance policies. To analyze the parameters determining investment of prospective customers in life insurance.

2.3 Research Design

During the primary research, I have done pilot testing of people in Bardoli area. From that I have prepared the questionnaire and then done my final survey in Bardoli. At the initial stage the research is exploratory because it started with review of literature which was available on internet as well as in books. After framing the research statement, the research is now Descriptive with Cross sectional Design because it describes the present scenario at a particular point time and consists of a sample of the population of interests. Thus it provides the overall picture at a given time.

Pre-testing Before the final survey, 10 people were surveyed first to check the validity of the questionnaire.

2.4 Defining target population

Sampling Design

22

In this project Descriptive with Cross Sectional design is used. This is one shot research study at a given point of time and consists of a sample of the population of interest. This gives the overall picture at a given time. Sampling plan Sampling plan helps to collect the data more accurately from the market. Sampling plan is made to make the research more effective when the time available fir research is limited. Sample description The people who are living in Bardoli and surrounding region. Sample size For my project, the sample size taken for the survey purpose is of 200 people from Bardoli region. Time duration : 21st May to 20th July. Two months period was available for the research and data collection. Sampling frame : General people of Bardoli including shop keepers, businessmen, farmers, service holders, house wives, etc.. Sampling technique Instead of probability sampling, here Non-probability Convenience sampling technique is used because of time constraints. Execution of sampling process I have collected the data from the people of Bardoli region through personal interview with them.

2.5 Research instrument

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Questionnaire was used for the purpose of data collection as the research instrument. Questionnaire consists of _ Close ended questions ( Many questions includes use of scale) Open ended questions

2.6 Data collection

For the preparation of the project both types of data are used. i.e. Primary Data Secondary Data

Primary Data: Primary data are those data which are collected by the researcher for the first time for his use. These data are pure and therefore more reliable. Primary data gives the original picture of the study or situation for which they are collected. In my project, the primary data are collected through the use of survey method. In the survey the respondents were personally interviewed for data collection. Secondary Data Secondary data are those data which are once collected by any other person in past for his purpose and now being used by the researcher for his purpose. These data are less reliable compared to primary data because these data may be obsolete with the passing of time and may have bias information. In my project, most of the secondary data are collected from internet. Some data regarding the company were obtained with the help of he company guide. Some data related to the topic were collected from the books related to that topic.

2.7 Limitations of the research

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 Probability sampling was not used therefore the results can not be generalized to the population. The project has been carried for two months which is limitation on cost constraints. As many of the respondents were not that much familiar with English, I needed to explain each and every question in gujarati or hindi to them. The use of SPSS software is new. It took much time to be understood and to be applied in the project.

2.8 Statistical tests used

In this project report, I have used One Sample T-test, Non-parametric test i.e. Chi-square test, Cross tabulation and measures of central tendency. One Sample T-test The one sample T-test is the statistical test which is used to test the difference between sample statistic and a hypothesized population parameter. It is used when the types of data are interval in nature. Chi-square test Chi-square test is a non-parametric test of statistical significance for bivariate tabular analysis. The hypothesis tested with chi-square is whether or not different samples are different enough in some characteristics or aspects of their behaviour that we can generalize from our sample that the population from which our samples are also different in the behaviour or characteristics. It is used when the type of data are interval in nature. Independent-sample t test The independent-sample t test is used to compare means of two independent samples. In order to study the differences in productivity, performance, IQ level, physical characteristics, employment and use of high yielding variety (HYV) between two independent samples this test can be used. Measures of central tendency

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There are three parameters for the measure of central tendency. Mean is used when the data are of scale type in nature. Median is used when the data are of ordinal i.e. interval type in nature. Mode is used when the data are of nominal type in nature.

2.9 How to conduct statistical test

I have used SPSS software for applying statistical tests in my research.

Ch-3 DATA ANALYSIS & INTERPRETATION

26

Q-1

Kindly rank from 1 to 8 with respect to whichever

company comes first to last in your mind when you think about insurance. Purpose: This question helps in knowing the respondents top of the
mind awareness regarding various life insurance companies.

Responses (Frequency) Ranking LIC BA ICICI HDFC AVIVA MAX BIRLA Total N 149 28 6 8 1 7 1 200 Percent 74.5% 14.0% 3.0% 4.0% .5% 3.5% .5% 100.0%

Frequency of companies

LIC 3% 1% 1% 4% 4% 13% BA ICICI HDFC 74% AVIVA MAX BIRLA

27

From the above table, we can say that from 200 respondents 149 have given 1st rank to LIC. Other insurance companies have got very less frequency in getting 1st rank. So we can say that LIC is at first position in peoples mind.

Q-2 Rank the following Investment options from 1 to 6 which you prefer most for investment. Purpose: the purpose of asking this question is to know that which
investment option is mostly used by the respondents.

Responses Investmen t EM BFD MF INS PS BONDS Total N 58 18 53 46 23 2 200 Percent 29.0% 9.0% 26.5% 23.0% 11.5% 1.0% 100.0%

Frequency of Investment options

12% 23%

1%

EM 28% BFD MF 9% INS PS BONDS

27%

Here we can see that three investment options Equity Market, Mutual Fund and Insurance has got higher frequency i.e. 29%, 26.5% and 23% respectively. So we can say on the bases of the above data that from all the investment options, these three options viz. Equity Market, Mutual Fund and Insurance are mostly used and preferred by the people. 28

Q-3 Do you have any Life Insurance policy?

Purpose: This question helps to know about present level of life insurance awareness with respect to the amount of people insured.

Frequency Yes No Total 173 27 200

Percent 86.5 13.5 100.0

Life insurance policy holders

100 80 60 40 20 0

86.5

13.5 Y es No

Here we can see that 86.5% i.e. most of the people are already heaving life insurance policy(s). so we can say that, there is high level of awareness regarding life insurance.

29

(1) Of which company? Purpose: This question is asked to know if the respondent is
having any life insurance policy then of which company they have the policy.

Responses Company LIC BA ICICI HDFC AVIVA KOTAK MAX TATA RELIANCE ING Total N Percent 139 64.7% 38 17.7% 10 4.7% 5 2.3% 4 1.9% 6 2.8% 9 4.2% 2 .9% 1 .5% 1 .5% 215 100.0%

Companies mostly invested in

LIC BA ICICI HDFC AVIVA KOTAK MAX TATA RELIANCE ING

30

This question is a sub-question of 3rd question. Here we can see that majority of the people have the life insurance policy with LIC which is 64.7%

(2) Which type of life insurance policy do you have? Purpose: this question is asked to know that which type of life
insurance plan the people have.

Plans

RP MBP EP CLP PBTP WLP

Total

Responses Perce N nt 26 10.6% 117 47.8% 40 16.3% 5 2.0% 16 6.5% 41 16.7% 100.0 245 %

Types of life insurance policies used

16 .7 0% 6.5 0% 2.00 % 16 .30% 47 .8 0% 1 0.60 %

RP MBP EP CLP P B TP W LP

31

As we can see in the above table as well as chart, about 48% of people has the Money Back Plan. This shows that people are more interested in the money back policy of LIC.

4. How many members in your family are insured? Purpose: this question is asked to check the awareness level of
the people in Bardoli. N Mode 200 3

Family Members

None One Two Three Four More than Four Total

Frequency Percent 14 7.0 17 8.5 49 24.5 41 20.5 47 23.5 32 200 16.0 100.0

Family members insured

N one 16% 7% 9% 24% 21% O ne Tw o 23% Th re e F our M o re th a n F o u r

Here 24% people says that 2 members in their family are insured. 23% people says that 4 members are insured in their family. So we can say that

32

on an average, there are 3 members in each family are insured. Therefore, I can be interpreted that the awareness level in the people of Bardoli is high regarding life insurance

5.

To what extent you are agree with the following statements? Purpose: Here 7 sentences are given to check the awareness and
perception of people regarding life insurance.

1. Insurance is not an instrument of investment or a means of saving. ( for test of equality of variance)
Null Hypothesis (HO): There is no significant difference in variance of male and female respondents regarding the statement that Insurance is not an instrument of investment or a means of saving. Alternative Hypothesis (H1): There is a significant difference in variance of male and female respondents regarding the statement that Insurance is not an instrument of investment or a means of saving.

( For t-test)
Null Hypothesis (HO): There is no significant difference in perception of male and female respondents regarding the statement that Insurance is not an instrument of investment or a means of saving. Alternative Hypothesis (H1): There is a significant difference in perception of male and female respondents regarding the statement that Insurance is not an instrument of investment or a means of saving.

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Statistical Test: Independent sample t-test is chosen because the data chosen are independent of each other; i.e. perception of male and female respondents do not affect each other. The measurement of data is ratio. Significance level: 0.05

Group Statistics

not an instrument

GENDER Male Female

N 151 49

Mean 2.77 2.61

Std. Deviation 1.364 1.096

Std. Error Mean .111 .157

Independent Samples Test

Levene's Test for Equality of Variances

F Lower not an instrume nt Equal variances assumed Equal variances not assumed 7.607

Sig. Upper .006

t Lower .728

df Upper 198 100.25 8

t-test for Equality of Means Std. Sig. Mean Error (2Differenc Differe tailed) e nce Lower .468 Upper .156 Lower .214

95% Confidence Interval of the Difference Uppe r -.267 Lower .579

.813

.418

.156

.192

-.225

.537

The first assumes equal variances and the second does not. The F-value is 7.607 and its associated significance value is 0.006 (<0.05). so we reject the null hypothesis; it means that the variance of two group are not equal. We therefore use t-value with unequal variances to test the equality of means.

34

The t-value is 0.813 and associated significance value is 0.418 (>0.05) so we accept the null hypothesis. It means that male and female has same perception about Insurance is not an instrument of investment or a means of saving.

2.Insurance policies are very complex. ( For test of equality of variance)

Null Hypothesis (HO): There is no significant difference in variance of male and female respondents regarding the statement that Insurance policies are very complex. Alternative Hypothesis (H1): There is a significant difference in variance of male and female respondents the statement that Insurance policies are very complex..

( For t-test)
Null Hypothesis (HO): There is no significant difference in perception of male and female respondents regarding the statement that Insurance policies are very complex.. Alternative Hypothesis (H1): There is a significant difference in perception of male and female respondents the statement that Insurance policies are very complex.. Statistical Test: Independent sample t-test is chosen because the data chosen are independent of each other; i.e. perception of male and female respondents do not affect each other. The measurement of data is ratio.

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Significance level: 0.05

Group Statistics

compl ex

GENDER Male Female

N 151 49

Mean 2.67 2.82

Std. Deviation 1.112 1.034

Std. Error Mean .090 .148

Independent Samples Test

Levene's Test for Equality of Variances

t-test for Equality of Means Sig. (2tailed) Lower .413 Mean Differe nce Upper -.147 Std. Error Differenc e Lower .180 95% Confidence Interval of the Difference Upper -.502 Lower .207

F Lower complex Equal variances assumed Equal variances not assumed 1.557

Sig. Upper .214

t Lower -.820

df Upper 198

-.851

86.845

.397

-.147

.173

-.492

.197

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The first assumes equal variances and the second does not. The Fvalue is 1.557 and its associated significance value is 0.214 (>0.05). so we accept the null hypothesis; it means that the variance of two group are equal. We therefore use t-value with equal variances to test the equality of means. The t-value is -0.820 and associated significance value is 0.413 (>0.05) so we accept the null hypothesis. It means that male and female has same perception about the statement that Insurance policies are very complex.

3. Life insurance enhance the existing standards of living.

( For test of equality of variance)

Null Hypothesis (HO): There is no significant difference in variance of male and female respondents regarding the statement that Life insurance enhance the existing standards of living. Alternative Hypothesis (H1): There is a significant difference in variance of male and female respondents regarding the statement that Life insurance enhance the existing standards of living.

( For t-test)
Null Hypothesis (HO): There is no significant difference in perception of male and female respondents regarding the statement that Life insurance enhance the existing standards of living. Alternative Hypothesis (H1): There is a significant difference in perception of male and female respondents regarding the statement that Life insurance enhance the existing standards of living.

37

Statistical Test: Independent sample t-test is chosen because the data chosen are independent of each other; i.e. perception of male and female respondents do not affect each other. The measurement of data is ratio. Significance level: 0.05

Group Statistics

enhance SOL

GENDE R Male Female

N 151 49

Std. Mean Deviation 3.64 1.048 3.94 .827

Std. Error Mean .085 .118

Independent Samples Test

Levene's Test for Equality of Variances

t-test for Equality of Means Sig. (2tailed) Lower .073 Mean Differenc e Upper -.296 Std. Error Differenc e Lower .164 95% Confidence Interval of the Difference Upper -.620 Lower .027

F Lower enhanc e SOL Equal variances assumed Equal variances not assumed 4.692

Sig. Uppe r .031

t Lowe r 1.805 2.034

df Uppe r 198 102.1 84

.044

-.296

.146

-.585

-.007

38

The first assumes equal variances and the second does not. The F-value is 4.692 and its associated significance value is 0.031 (<0.05). so we reject the null hypothesis; it means that the variance of two group are not equal. We therefore use t-value with unequal variances to test the equality of means. The t-value is -2.034 and associated significance value is 0.044 (<0.05) so we reject the null hypothesis. It means that male and female has different perception about the statement that Life insurance enhance the existing standards of living.

4. Life insurance provides security for family. ( For test of equality of variance)
Null Hypothesis (HO): There is no significant difference in variance of male and female respondents regarding the statement that Life insurance provides security for family. Alternative Hypothesis (H1): There is a significant difference in variance of male and female respondents regarding the statement that Life insurance provides security for family.

( For t-test)
Null Hypothesis (HO): There is no significant difference in perception of male and female respondents regarding the statement that Life insurance provides security for family. Alternative Hypothesis (H1): There is a significant difference in perception of male and female respondents regarding the statement that Life insurance provides security for family.

39

Statistical Test: Independent sample t-test is chosen because the data chosen are independent of each other; i.e. perception of male and female respondents do not affect each other. The measurement of data is ratio. Significance level: 0.05

Group Statistics

provide security

GENDE R Male Female

N 151 49

Std. Mean Deviation 4.30 .987 4.39 .862

Std. Error Mean .080 .123

Independent Samples Test Levene's Test for Equality of Variances

t-test for Equality of Means Sig. (2tailed) Lower .598 Mean Differ ence Uppe r -.083 95% Confidence Interval of the Difference Lower .227

F Lowe r provid e securit y Equal variances assumed Equal variances not assumed .098

Sig. Uppe r .755

t Lower -.528

df Upper 198

Std. Error Difference Lowe r .157 Uppe r -.394

-.566

92.19 0

.573

-.083

.147

-.375

.209

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The first assumes equal variances and the second does not. The F-value is 0.098 and its associated significance value is 0.755 (>0.05). so we accept the null hypothesis; it means that the variance of two group are equal. We therefore use t-value with equal variances to test the equality of means. The t-value is -0.528 and associated significance value is 0.598 (>0.05) so we accept the null hypothesis. It means that male and female has same perception about the statement that Life insurance provides security for family.

6. There are no tax benefits in life insurance. ( For test of equality of variance)
Null Hypothesis (HO): There is no significant difference in variance of male and female respondents regarding the statement that there are no tax benefits in life insurance. Alternative Hypothesis (H1): There is a significant difference in variance of male and female respondents regarding the statement that there are no tax benefits in life insurance.

( For t-test)
Null Hypothesis (HO): There is no significant difference in perception of male and female respondents regarding the statement that there are no tax benefits in life insurance.

41

Alternative Hypothesis (H1): There is a significant difference in perception of male and female respondents regarding the statement that there are no tax benefits in life insurance.

Statistical Test: Independent sample t-test is chosen because the data chosen are independent of each other; i.e. perception of male and female respondents do not affect each other. The measurement of data is ratio. Significance level: 0.05
Group Statistics

no tax benefit

GENDER Male Female

N 151 49

Std. Mean Deviation 2.40 1.382 2.18 1.302

Std. Error Mean .112 .186

Independent Samples Test Levene's Test for Equality of Variances

t-test for Equality of Means Sig. (2tailed) Lower .327 Mean Differe nce Upper .220 Std. Error Differenc e Lower .224 95% Confidence Interval of the Difference Upper -.222 Lower .662

F Lowe r no tax benefi t Equal variances assumed Equal variances not assumed 1.656

Sig. Upper .200

t Lower .983

df Upper 198 85.83 6

1.014

.314

.220

.217

-.212

.652

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The first assumes equal variances and the second does not. The F-value is 1.656 and its associated significance value is 0.200 (>0.05). so we accept the null hypothesis; it means that the variance of two group are equal. We therefore use t-value with equal variances to test the equality of means.

The t-value is 0.983 and associated significance value is 0.220 (>0.05) so we accept the null hypothesis. It means that male and female has same perception about the statement that there are no tax benefits in life insurance.

7. Savings in life insurance is superior than any other saving

plan. ( For test of equality of variance)

Null Hypothesis (HO): There is no significant difference in variance of male and female respondents regarding the statement that Savings in life insurance is superior than any other saving plan. Alternative Hypothesis (H1): There is a significant difference in variance of male and female respondents regarding the statement that Savings in life insurance is superior than any other saving plan.

( For t-test)
perception

Null Hypothesis (HO): There is no significant difference in

of male and female respondents regarding the statement that Savings in life insurance is superior than any other saving plan.

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Alternative Hypothesis (H1): There is a significant difference in perception of male and female respondents regarding the statement that Savings in life insurance is superior than any other saving plan.

Statistical Test: Independent sample t-test is chosen because the data chosen are independent of each other; i.e. perception of male and female respondents do not affect each other. The measurement of data is ratio. Significance level: 0.05

Group Statistics

superior than other

GENDE R Male Female

N 151 49

Std. Mean Deviation 3.10 1.264 3.14 .935

Std. Error Mean .103 .134

Independent Samples Test Levene's Test for Equality of Variances

F Lowe r superior than other Equal variances assumed 5.768

Sig. Upper .017

t Lower -.222

df Upper 198

t-test for Equality of Means Sig. Std. 95% (2Mean Error Confidence tailed Differe Differ Interval of the ) nce ence Difference Lowe r .825 Upper -.044 Lowe r .196 Upper -.430 Lower .343

44

Equal variances not assumed

-.258

109.4 03

.797

-.044

.169

-.378

.291

The first assumes equal variances and the second does not. The F-value is 5.768 and its associated significance value is 0.017 (<0.05). so we reject the null hypothesis; it means that the variance of two group are not equal. We therefore use t-value with unequal variances to test the equality of means. The t-value is -0.258 and associated significance value is 0.797 (>0.05) so we accept the null hypothesis. It means that male and female has same perception about the statement that Savings in life insurance is superior than any other saving plan.

8. Insurance

is the only way to safeguard against the unpredictable risk of the future.

( For test of equality of variance)

Null Hypothesis (HO): There is no significant difference in variance of male and female respondents regarding the statement that Insurance is the only way to safeguard against the unpredictable risk of the future. Alternative Hypothesis (H1): There is a significant difference in variance of male and female respondents regarding the statement that Insurance is the only way to safeguard against the unpredictable risk of the future.

( For t-test)

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Null Hypothesis (HO): There is no significant difference in perception of male and female respondents regarding the statement that Insurance is the only way to safeguard against the unpredictable risk of the future. Alternative Hypothesis (H1): There is a significant difference in perception of male and female respondents regarding the statement that Insurance is the only way to safeguard against the unpredictable risk of the future.

Statistical Test: Independent sample t-test is chosen because the data chosen are independent of each other; i.e. perception of male and female respondents do not affect each other. The measurement of data is ratio. Significance level: 0.05

Group Statistics

only way to safeguard future risk

GENDE R Male Female

N 151 49

Std. Mean Deviation 3.66 1.217 3.37 1.035

Std. Error Mean .099 .148

Independent Samples Test Levene's Test for Equality of Variances

Sig.

df

t-test for Equality of Means Std. Sig. Mean Error (2Differ Differen tailed) ence ce

95% Confidence Interval of the Difference

46

Lower only way to safegua rd future risk Equal variances assumed

Upper

Lowe r

Upper

Lower

Upper

Lower

Upper

Lower

2.400

.123

1.492

198

.137

.288

.193

-.093

.669

Equal variances not assumed

1.620

94.651

.108

.288

.178

-.065

.642

The first assumes equal variances and the second does not. The F-value is 2.400 and its associated significance value is 0.123 (>0.05). so we accept the null hypothesis; it means that the variance of two group are equal. We therefore use t-value with equal variances to test the equality of means.

The t-value is 1.492 and associated significance value is 0.137 (>0.05) so we accept the null hypothesis. It means that male and female has same perception about the statement that Insurance is the only way to safeguard against the unpredictable risk of the future.

Q-6 From which media do you come to know about life insurance policy? Purpose: To know through which media people come to know about
life insurance.

Responses N $Media( a) AD AGENT FRIEND CO.SE SELF OTHER 43 128 40 9 31 3 Percent 16.9% 50.4% 15.7% 3.5% 12.2% 1.2%

47

Total

254

100.0%

Media

12% 4% 16%

1%

17%

AD AGENT FRIEND CO.SE SELF OTHER

50%

From this above data we can say that 50% respondents were came to know about life insurance through the life insurance agents of the respective insurance companies. Other media like friends, advertisements, self realization, company sales executives plays relatively less important role in making the people aware about life insurance.

Q-7 Put the mark in below Insurance companies which you prefer most while purchasing insurance policy. Purpose: To identify preferences of people towards life insurance
companies. To know which insurance company is most proffered by people. Null Hypothesis (HO): There is no significant difference between calculated mean and hypothesized mean. In other words, we

48

hypothesize that the people are indifferent about their preference for the life insurance companies. I.e. Ho: x = = 3 Alternative Hypothesis (H1): There is significant difference between calculated mean and hypothesized mean. In other words we can say that, the people are indifferent about their preference for the life insurance companies. i.e. H1: x , i.e. H1: x 3 Statistical Test: one sample t-test is chosen because the

measurement of data is interval in nature. Significance level: 0.05

1. LIC

One-Sample Statistics N 200 Mean 4.53 Std. Deviation .763 Std. Error Mean .054

LIC

One-Sample Test 49

Test Value = 3 t LIC Lower 28.263 df Upper 199 Sig. (2tailed) Lower .000 Mean Difference Upper 1.525 95% Confidence Interval of the Difference Lower 1.42 Upper 1.63

Here the test is performed at 95% significance level and the significant value comes out as 0.000 which is less than 0.05, so we reject the null hypothesis H0 and accept alternative hypothesis H1. In other words we can say that people mostly prefer the LIC.

2. ICICI Prudential

One-Sample Statistics N 200 Mean 3.60 Std. Deviation .952 Std. Error Mean .067

ICICI

50

One-Sample Test Test Value = 3 t ICICI Lower 8.843 df Upper 199 Sig. (2tailed) Lower .000 Mean Difference Upper .595 95% Confidence Interval of the Difference Lower .46 Upper .73

Here the test is performed at 95% significance level and the significant value comes out as 0.000 which is less than 0.05, so we reject the null hypothesis H0 and accept alternative hypothesis H1. In other words we can say that people prefer the ICICI Prudential.

3. Bajaj Allianz

One-Sample Statistics N 200 Mean 3.69 Std. Deviation 1.020 Std. Error Mean .072

BA

51

One-Sample Test Test Value = 3 Mean Difference Sig. (2tailed) BA Lower Upper 9.495 199 Lower .000 Upper .685

df

95% Confidence Interval of the Difference Lower .54 Upper .83

Here the test is performed at 95% significance level and the significant value comes out as 0.000 which is less than 0.05, so we reject the null hypothesis H0 and accept alternative hypothesis H1. In other words we can say that people prefer the Bajaj Allianz.

4. Max New York

One-Sample Statistics N Mean 200 3.04 Std. Deviation .997 Std. Error Mean .070

MAX

One-Sample Test

52

Test Value = 3 Sig. (2tailed) Lower .571 Mean Difference 95% Confidence Interval of the Difference Upper .18

t MAX

df

Lower Upper .568 199

Upper Lower .040 -.10

Here the test is performed at 95% significance level and the significant value comes out as 0.571 which is grater than 0.05, so we accept the null hypothesis H0 and reject alternative hypothesis H1. In other words we can say that people are indifferent about their preference for Max New York life insurance.

5. SBI

One-Sample Statistics N 200 Mean Std. Deviation 3.11 1.132 Std. Error Mean .080

SBI

One-Sample Test Test Value = 3 53

t SBI

df

Sig. (2Mean tailed) Difference Lower .191

95% Confidence Interval of the Difference Upper .26

Lower Upper 1.312 199

Upper Lower .105 -.05

Here the test is performed at 95% significance level and the significant value comes out as 0.191 which is grater than 0.05, so we accept the null hypothesis H0 and reject alternative hypothesis H1. In other words we can say that people are indifferent about their preference for SBI life insurance.

6. HDFC Standard life insurance

One-Sample Statistics N 200 Mean Std. Deviation 3.05 .955 Std. Error Mean .068

HDFC

One-Sample Test Test Value = 3

54

t HDF C .740

df 199

95% Confidence Sig. (2Mean Interval of the tailed) Difference Difference Lower .460 Upper .050 Lower -.08 Upper .18

Lower Upper

Here the test is performed at 95% significance level and the significant value comes out as 0.460 which is grater than 0.05, so we accept the null hypothesis H0 and reject alternative hypothesis H1. In other words we can say that people are indifferent about their preference for HDFC Standard life insurance.

7. AVIVA Life

One-Sample Statistics N 200 Mean 2.46 Std. Deviation .997 Std. Error Mean .070

AVIVA

One-Sample Test Test Value = 3

55

t AVIVA

df

95% Confidence Sig. (2Mean Interval of the tailed) Difference Difference Lower .000 Upper Lower -.540 -.68 Upper -.40

Lower Upper -7.662 199

Here the test is performed at 95% significance level and the significant value comes out as 0.000 which is less than 0.05, so we reject the null hypothesis H0 and accept alternative hypothesis H1. In other words we can say that people not prefer the AVIVA Life insurance.

8. Birla SunLife

One-Sample Statistics N 200 Mean Std. Deviation 2.43 1.105 Std. Error Mean .078

BIRLA

One-Sample Test Test Value = 3

56

t BIRLA

df

Sig. (2tailed) Lower .000

95% Confidence Mean Interval of the Difference Difference Upper Lower -.570 -.72 Upper -.42

Lower Upper -7.294 199

Here the test is performed at 95% significance level and the significant value comes out as 0.000 which is less than 0.05, so we reject the null hypothesis H0 and accept alternative hypothesis H1. In other words we can say that people never prefer the Birla SunLife Insurance.

Ch-4 Findings

1. 75% of respondents have given 1st rank to LIC ,Other insurance companies have got very less frequency in getting 1st rank. So we can say that LIC is at first position in peoples mind. 2. 29% respondents preferred to invest in equity market. 3. 65% of respondent are having insurance policy with LIC, so it indicates that most of the people in bardoli region believes in LIC. 4 48% of respondents are having Money Back Plan.

57

5 24% of respondent says that average 3 persons in their family are insured ,it indicates that most of the people in bardoli region are aware about need of life insurance. 6 7 8 9 10 39% of respondents are agree with the statement that 30% respondent are indifferent with the statement that 46% respondent believes that life insurance enhance standard 55% of respondent says that life insurance provides security for insurance is an instrument for investment and savings. insurance policies are very complex. of living. family. 35% respondents says that, there are tax benefits in life insurance. 11 12 13 14 15 27% respondents are indifferent with the statement that 33% respondent agree with the statement that insurance is 50% of respondents came to know about life insurance policy 64% of respondents mostly prefers LIC , it indicate that that savings in life insurance is superior than other savings. only way to safeguard against unpredictable risk of future. through insurance agents. LIC covers their future risk more effectively. From the cross tabulation of investment option and occupation says that, the service holders prefer to invest in Mutual Funds. And the business persons prefers Equity Market for investment. 16 From the cross tabulation of life insurance policy and annual income we can say that, 49.7% of respondents having annual income between 1-2.9lacks have Money Back Policy i.e. 67.6%

58

CONCLUSION
We can conclude that awareness level of people towards the life insurance in bardoli region is high; because majority of the people are aware about various life insurance companies and their plans and on an average 3 members are insured in their families. LIC stands at first rank in the mind of people in bardoli region. Majority of people in bardoli having Money Back Policy of LIC so, it indicate that people are more prefering to invest their savings in LIC.

59

Majority of respondents preferred equity market, MF and insurance as an investment avenues . and People in bardoli preferred to invest in life insurance because they believes that investment in life insurance is beneficial for various reasons like secured future of family, tax benefits, etc. Majority of people refers to invest in LIC , then after BAJAJ and ICICI. So we can say that these three companies are most preferred for investment.

6.0 Recommendations
4. LIC is the first preference for insurance because of its goodwill and peoples trust in it, but its return is less compared to private insurance players; because of this people are preferring to invest in pvt co. So it is a golden chance for the private players like BAJAJ Allianz and ICICI to capture the market.

60

5. Awareness of life insurance is high and people prefer to invest in insurance so there is a big market for life insurance players. 6. People are aware about LIC, Bajaj Allianz, ICICI Pru, etc. but not aware about other companies like_ Birla Sun life, AVIVA, etc. So, they need to make people aware about their companies as well as their plans and benefits provided by the companies.

7.0 BIBLIOGRAPHY
1. http://en.wikipedia.org/wiki/Awareness 2. http://www.indiacore.com/insurance.html 3. www.allianzbajaj.co.in 4. IC-33 LIFE INSURANCE (Revised). A handbook by Insurance Institute of India.

61

 5. Darren George and Paul, SPSS for windows, 6th edition. (Statistical test analysis.)

8.0 APPNDIX
Questionnaire
Respected Sir/Madam, ___________________________________________________________________________

62

1.

Kindly rank from 1 to 7 with respect to whichever

company comes first to last in your mind when you think about insurance. ____ ____ ____ ____ ____ ____ ____ 2. LIC Bajaj Allianz ICICI Prudential HDFC Standard AVIVA Life Max New York Birla Sun Life

Rank the following Investment options from 1 to 6 which ____ ____ ____ ____ ____ ____ Equity Market Bank Fixed Deposit Mutual Fund Insurance Postal Schemes Bonds

you prefer most for investment.

3.

Do you have any Life Insurance policy? [ ] Yes [ ] No

If Yes. (1) Of which company? ________________________ (2) Which type of life insurance policy do you have? [ [ [ [ [ [ ] ] ] ] ] ] Retirement Plan Money back Plan Endowment Plan Classic Life Plan Premium Back term Plan Whole life plan

If No, ( Please specify the reason) ________________________________________________________________ ________________________________________________________________ _____________________________________________________________

63

4. How many members in your family are insured? [ ] 1 [ ] 2 5. To what [ ] 3 [ ] 4 extent you are [ ] More than 4 [ ] None agree with the following

statements? 1-Strongly disagree 4-Agree 2-Disagree 5-strongly agree 3-Neutral

1. Insurance is not an instrument of investment or a means of saving. 1 2 3 4 5 2.Insurance policies are very complex. 1 2 3 4 5 3. Life insurance enhance the existing standards of living. 1 2 3 4 5 4. Life insurance provides security for family. 1 2 3 4 5 5. There are no tax benefits in life insurance. 1 2 3 4 5 6. Savings in life insurance is superior than any other saving plan. 1 2 3 4 5 7. Insurance is the only way to safeguard against the unpredictable risk of the future. 1 2 3 4 5 6. From which media do you come to know about life insurance policy? [ ] Advertisement [ ] Life Insurance Agent [ ] Friends [ ] Co. Sales Executive [ ] Self 64

Other (specify) ________________________________ 7. Put the mark in below Insurance companies which you prefer most while purchasing insurance policy. Company LIC ICICI Prudential Bajaj Allianz Max New York SBI Life HDFC Standard AVIVA Life Birla Sun Life Never Preferred Not Preferred Neutral Preferred Most Preferred

Demographic Profile: Name: __________________________________ Address: _____________________________________ _____________________________________ Phone no/mobile: _____________________ Gender: [ ] Male[ ] Female Education: [ ] Post Graduate [ ] Graduate [ ] HSC [ ] Other __________ Occupation: [ ] Student [ ] House wife [ ] Farmer

65

[ ] Service [ ] Business Annual income:[ ] < 1 Lacks. [ ] 1-2.9 Lacks. [ ] 3-5 Lacks. [ ] 5 Lacks & above

66