FINDINGS

1. 53.3% respondents said that they are not aware about IRDA because IRDA does not do
any awareness camping for educating customer
2. 88.7% respondents said that life insurance cover is important for all the reasons like tax
planning, risk coverage and securities.
3. 70% respondents understanding insurance as protection, investment tool, and tax saving
tool Because of saving income tax by investing into insurance and most important
contingency planning which help the client during rainy days.
4. All 100% respondents have an insurance policy.
5. 48% respondents have policy of LIC company because of it is the oldest company after
independence and after nationalization of Life Insurance in 1956. It had a monopoly in
the Country for almost 47 years up-till year 2000 as the Insurance Industry as not opened
for Private Players.
6. 48.7% respondents give first preference to plan benefit while selecting the insurance
company because they are aware about their need and financial planning.
7. 26% respondents are associated with the insurance company because they are getting
good return
8. 42% respondents are having whole life plan against any other traditional plan because it
offer Life Insurance benefit after even maturity.
9. 31.3% respondents are prefer traditional plan against any other plan because of Risk
Cover, Low Risk as the plan is not linked to market and most important Guaranteed
Return (Fixed Income Return).

10. 44% respondents are having 20 year tenure of their policy as per their financial need to
cover the Higher Education Cost or Marriage of their Childrens from the first
maturity which they received.
Sum assured of 56.7% respondents is fall between 1lakh-5 lakh as their proper financial planning
by their respective Advisors were not done properly or their income is low wherein they cannot
afford costly Traditional Plan in terms of paying premium for higher sum assured.
50.7% respondents are paying their premium yearly so that their tax planning can be parallel to
their premium done it is the convenient mode for them to pay at a single go in a year and which
does not bother them every month or in other words it does not disturb their monthly budget
90.7% respondents are satisfied with their policy because of due to the returns of the policy.
The plans were advised as per the need of the client after doing proper financial checkup.
35.3% respondents said that they approached insurance companies/agents for buying insurance.
Its a shocking result which we have got but nevertheless the most of our respondent were
educated.
80.7% respondents are come to know about new policies of insurance company from
agents/advisors because the Advisors play a very active role in informing their existing clients.

Conclusion
This study titled investor preference for life insurance in Ahmedabad city with specific analysis
of traditional plan at IDBI bank Enables the Insurance Companies to understand how
consumers perception differs from person to person. How a consumer selects, organizes and
interprets the service quality and the product quality of different Insurance Policies, offered by
various Insurance Companies.

The response of the insurance companies has been very positive and within a short span on time,
the Indian insurance market scenario has seen a perceptible change in terms of improved
customer service benchmarks and introduction of innovative and tailors made Products.
Most of the insurance majors have represented in the form of joint venture in Indian market. The
new products that have been introduced by the companies have certain innovative features in
terms of better customer services and also wider covers. This has given customer ample choice to
select products.