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Initial Report

Last Modified: 02/20/2015

1.

Do you have life insurance policy?

Answer

1
2

Bar

Response

Yes

56

77%

No

17

23%

Total

73

Statistic

Value

Min Value

Max Value

Mean

1.23

Variance

0.18

Standard Deviation

0.43

Total Responses

73

2.

if no Please check the reason(s) why not..

Answer

Bar

Response

It is too expensive

7%

I don't need a life insurance

50%

I do not think it is important

50%

other (please specify)

14%

other (please specify)


I dont earn
i invest in shares
Statistic

Value

Min Value

Max Value

Total Responses

14

3.

if yes Which provider(S) of life insurance do you use?

Answer

1
2

Bar

Response

LIC

38

68%

ICICI Prudential

16

29%

SBi life

13%

Tata AIG

9%

Birla sunlife

9%

Other

0%

Other
Statistic

Value

Min Value

Max Value

Total Responses

56

4.

Do you believe that your current insurance policy is adequate to your needs?

Statistic

Value

Min Value

Max Value

Mean

1.44

Variance

0.52

Standard Deviation

0.72

Total Responses

54

Answer

Response

Yes

37

69%

No

10

19%

I don't know

13%

Total

Bar

54

Statistic

Value

Min Value

Max Value

Mean

1.44

Variance

0.52

Standard Deviation

0.72

Total Responses

54

5.

What is the primary reason for your purchase of a life insurance policy

Answer

1
2

Bar

Response

Cover Future Uncertainty

28

50%

Tax Deductions

15

27%

Future Investment

13

23%

OTHER (PLEASE SPECIFY)

0%

Total

56

OTHER (PLEASE SPECIFY)


Statistic

Value

Min Value

Max Value

Mean

1.73

Variance

0.67

Standard Deviation

0.82

Total Responses

56

6.

How did you fist come to know abut the policy(S) you bought ? select those
you own

Question

TV ad

Magazine

Broker

Call centre executive

From friends /acquaintances/relatives

Total Responses

Mean

1
2

LIC

24

39

3.21

Sbi LIFe

20

2.45

ICIC life

13

29

2.48

Tata AIg

18

2.22

Birla sunlife

15

2.20

Statistic

LIC

Sbi LIFe

ICIC life

Tata AIg

Birla sunlife

Min Value

Max Value

Mean

3.21

2.45

2.48

2.22

2.20

Variance

1.38

2.47

2.40

1.71

2.17

Standard Deviation

1.17

1.57

1.55

1.31

1.47

39

20

29

18

15

Total Responses

7.

From where did you buy your insurance

Answer

1
2

Bar

Response

Bank /Companies office

14

25%

Broker

33

59%

Online

4%

Company Adviser

13%

Total

56

Statistic

Value

Min Value

Max Value

Mean

2.04

Variance

0.80

Standard Deviation

0.89

Total Responses

56

8.

Before buying the policy did you compare it with other products available in
the market

Answer

1
2

Bar

Response

Yes

27

49%

No

28

51%

Total

55

Statistic

Value

Min Value

Max Value

Mean

1.51

Variance

0.25

Standard Deviation

0.50

Total Responses

55

9.

Which type of insurance policy do you favor?and why

Answer

1
2
3

Response

ULIP

21

38%

Term

13%

Endowment

17

30%

Money back

16%

Group life insurance

4%

Total

Bar

56

Statistic

Value

Min Value

Max Value

Mean

2.36

Variance

1.54

Standard Deviation

1.24

Total Responses

56

10.

Please rank the following items (1-5) on their order of importance while
selecting an insurance plan 1 being most important and 5 being least

Answer

Total Responses

Low premium

13

16

Reputation of the company

26

10

18

55

12

Return on investment

11

55

13

13

55

Options of riders

Convenience for Approach

19

21

55

13

11

22

55

Total

55

55

55

55

55

Statistic

Low premium

Reputation of the company

Return on investment

Options of riders

Convenience for Approach

Min Value

Max Value

Mean

2.42

2.13

3.04

3.91

3.51

Variance

1.17

1.63

1.78

1.38

2.00

Standard Deviation

1.08

1.28

1.33

1.17

1.41

55

55

55

55

55

Total Responses

11.

What is your preferred channel of premium payment

Answer

personally going to Bank/Institution

Broker

on-line payment

17

30%

others

2%

Total

Bar

Response

13%

31

55%

56

others
agent
Statistic

Value

Min Value

Max Value

Mean

2.21

Variance

0.46

Standard Deviation

0.68

Total Responses

56

12.

Most Trusted Source of Information regarding life insurance

Answer

1
2

Bar

Response

Agents

15

27%

Friends/family

14%

Product brochure

14

25%

Internet search

14

25%

Financial advisers

9%

Total

56

Statistic

Value

Min Value

Max Value

Mean

2.75

Variance

1.79

Standard Deviation

1.34

Total Responses

56

13.

What is your most preferred way of receiving communications from the


company

Answer

Bar

Response

Phone call

Emails

10

18%

sms

Personal visits

Newsletters or mails
Total

56

9%

23

41%

14%

10

18%

Statistic

Value

Min Value

Max Value

Mean

3.05

Variance

1.69

Standard Deviation

1.30

Total Responses

56

14.

Based on the insurance policy you have please select the option that
matches with your view. In case of multiple insurance select the one with maximum
premium paid.

Strongly
Agree

Somewhat
Agree

Neither

Somewhat
Disagree

Strongly
Disagree

Total
Responses

Mean

Govt. companies are more trustworthy than private ones while thinking of investing in life
insurances

18

16

11

56

1.34

The terms and conditions are not transparent in an life insurance policy

10

25

10

55

1.40

I will buy non life insurance (car , house mediclaim) from my current insurance company if
they provides one

28

12

54

1.35

I discuss with my spouse or family before buying a life insurance

Question

13

28

56

1.16

10 Investment in life insurance is more secure than mutual funds

13

18

19

55

1.29

11 I would suggest my friends to buy life insurance

16

13

52

1.71

12 This is/are the only life insurance company(S) I want to associate myself with in the future

33

10

56

1.18

18 I review my insurance policy at regular intervals

17

15

11

53

1.74

20 i am very confident that i know enough about my insurance policy

21

16

12

54

1.80

Statistic

Govt. companies are


more trustworthy than
private ones while
thinking of investing in
life insurances

The terms and


conditions are
not transparent
in an life
insurance policy

I will buy non life insurance


(car , house mediclaim)
from my current insurance
company if they provides
one

I discuss with
my spouse or
family before
buying a life
insurance

Investment in
life insurance
is more
secure than
mutual funds

I would
suggest
my friends
to buy life
insurance

This is/are the only life


insurance
company(S) I want to
associate myself with
in the future

I review
my
insurance
policy at
regular
intervals

i am very
confident that i
know enough
about my
insurance
policy

Min Value

Max Value

Mean

1.34

1.40

1.35

1.16

1.29

1.71

1.18

1.74

1.80

Variance

1.50

1.10

0.76

0.90

0.88

1.50

0.69

1.24

0.96

Standard
Deviation

1.23

1.05

0.87

0.95

0.94

1.23

0.83

1.11

0.98

56

55

54

56

55

52

56

53

54

Total
Responses

15.

What is your yearly premium amounts

Answer

less than 10,000

9%

10,000- 20,000

26

47%

20,001 -30,000

14

25%

30,001-50,000

13%

more than 50,000

5%

Total

Bar

Response

55

Statistic

Value

Min Value

Max Value

Mean

2.58

Variance

1.03

Standard Deviation

1.01

Total Responses

55

16.

What is your age?

Answer

1
2

Bar

Response

less than 25

12%

25 - 34

30

43%

35 - 44

17

25%

45 - 54

10

14%

55 - 64

6%

65 and over

0%

Total

69

Statistic

Value

Min Value

Max Value

Mean

2.59

Variance

1.13

Standard Deviation

1.06

Total Responses

69

17.

Indicate your family status.

Answer

1
2
3

Bar

Response

Single

28

40%

Married

15

21%

Married with child(ren)

27

39%

Total

70

Statistic

Value

Min Value

Max Value

Mean

1.99

Variance

0.80

Standard Deviation

0.89

Total Responses

70

18.

Please indicate your approximate yearly household income before taxes.


(Include total income of all adults living in your household.)

Answer

Bar

Response

Under 2,50,000

6%

2,50,0001-6,00,000

20

29%

600001-10,00,000

26

38%

above 10,00,000

18

26%

Total

68

Statistic

Value

Min Value

Max Value

Mean

2.85

Variance

0.78

Standard Deviation

0.89

Total Responses

68