1

SCOPE OF STUDIES
Need for measuring customer satisfaction.
Customers are too good to lose
---------- Lets keep them happy!
Customer is the king.
In the era of cutthroat competition and economic recession, above axiom has more
importance than ever before.
Marketing starts with the customer and ends the customer.
------Peter Drucker.
So no organization, small or big ignores the customers.
Earth is not the center of universe but revolves around the Sun.
-----------Copernicus.
Similarly, we have come to believe that business firm is not the center of economic
universe but revolves around the customer.
Build customer and not only products.
Building customers is not a single step exercise but a process.

Executive Summary
The objective of the project was to do Market Research on consumer behaviour for
Kotak Mahindra Life Insurance for that we have to understand the customer needs,
income, constraints and emotion. The objective of this study was to analyze
consumer satisfaction of in Kolkata city with respect to the performance, sales effort
and sales service.
As the company is new and it is yet to be marketed to a large number of customers,
it was essential to know the feedback of customers in order to, formulate effective
marketing and sales strategies in future and improve the quality of service to
achieve better consumer satisfaction.
The site visits and campaigns made us possible to measure the satisfaction of
consumer by identifying the attributes, which gave consumer-varying degrees of
satisfaction.
Questionnaire based on attributes like requirement of customer and sales services
offered by company were identified as critical(motivational) factors for measuring
satisfaction level of consumers, while other factors like accessibility of deposit
centre, timely reminder and collection of premium. In absence of such hygiene
factors, definitely, results in an unhappy customer.
For this a questionnaire was prepared which gave a vague idea about the people
who were really interested and wanted to know about various new opportunities in
the insurance sector. The study was undertaken for Kolkata region. I initially
collected data and scanned them. The questionnaire contains various aspects like
their address, their present age, profession, number of dependents, goals and also
planning for old age (Retirement) etc.
The second part of the study consists of scanning the questionnaire and taking
appointments. After that usually meeting the persons and tell them about the
company. Lastly, most important part was analyzing the information.

OBJECTIVE OF THE STUDY

1) To determine the present purchase behaviour of target customers.
The main objective of the project was to analyze consumer behaviour of insurance
buyers in Kolkata. And also present position of the company.
2) To determine the market share of different brands. The second objective of the
project was to determine the market share of different brands available in the
market. There was a tough competition for the brand in the market. Therefore to get
establish, company had to make its competitors analysis and need to determine
where do they stand.
3) Identify pros and cons of the brand. This was a fundamental objective of the
whole research. Company wants to identify that where the brand does lack. In other
words, what are the brands so that it can rectify them in order to establish the
brand in the market.
4) Suggestions and recommendations. The objective of the research was not only to
find out the problem but also the identification of solutions or suggestions of the
problems.

INTRODUCTION OF THE TOPIC

The purpose of this training was to have practical experience of working within the
organization, in the field of marketing and to have exposure to the important
management practices in marketing insurance products.
While writing this report the language has been kept simple and the entire
discussion is logical and has coherent outlines. The aim of the project work was
Market Research on customer behaviour of Kotak Mahindra Life Insurance,
Kolkata. It includes thorough market research on various plans of Kotak Mahindra
Life Insurance, and consumer (behaviour) responses analysis, by surveying a
sample of target consumers.
The project report is divided into two parts, first part consists of market research for
finding out best sold plans of Kotak Mahindra Life Insurance, and second consist
survey report of various consumers about their responses about satisfaction
towards Kotak Mahindra Life Insurance Company.

IMPORTANCE OF THE TOPIC

The project report is all about market research to find out best sold plan of Kotak
Mahindra Life Insurance, Kolkata; and to identify key behaviours of consumers while
buying insurance policies.
This market research will help Kotak Mahindra Life Insurance to identify the most
preferred plans of it by its consumers. Secondly, it will help in drawing a marketing
strategy to promote its products more effectively by targeting customers according
to their buying behaviour.

INTRODUCTION
Wherever there is uncertainty there is risk. The risk cannot be averted. The risk is
uncertainty of a financial loss. We dont have any command on uncertainties. This
makes it essential for us to look for a device that becomes instrumental in
spreading the loss. It is in this context that we think of insurance; protection against
the possible chances of generating uncertain losses. It eliminates worries and
miseries of losses on destruction of property and death.
Life insurance is a contract between you and a life insurance company. Buying
insurance is extremely essential if one is the principal earning member in the family.
In case of an unfortunate premature demise, his/her family can remain financially
secure because of the insurance cover that you have purchased.
The primary purpose of life insurance is, therefore, protection of financial health of
the family in an event of death of the insured. Insurance is also seen as a tool of
savings to plan financial goals effectively for your future years; for example your
retirement needs, childrens future needs, etc. Today, the market offers insurance
plans that not just provide protection, but also at the same time grow your wealth
too. If you have dependants and have financial responsibilities toward them, then
you certainly need an insurance coverage.
Having a family means dependant, which in turn means financial commitments. It
comes inform of loans, childrens education, medical expenses etc. Imagine what
would happen if you were to lose your life suddenly or become disabled and unable
to earn for your family. If you are insured, in such a situation an insurance cover can
help you meet basic needs of the family.
By insuring yourself, you are insuring your earning capacity so that your
dependents can continue living without financial hardships even in case of your
sudden demise.
Most insurance plans available today, come with a savings element built within it.
These policies are not only for covering financial risk on death but also for a

7
financially independent future; such as having a comfortable retirement life. For
example. Kotak preferred Retirement plans such as income plan and Kotak Multiplier
plan.Kotak preferred Retirement plans meet your dual financial goals of life cover
and savings for the future.
Life isnt designed to be risk free. The key is not to eliminate risk, but toestimate it
accurately and manage it wisely.
Insurance sector have characteristics that can boost the growth of any economy. It
is due to the savings done at the individual level or at microlevel.It generates funds
for infrastructure building as cash flow is constant while the payout is differed.
Hence, insurance companies are becoming biggest investors in long gestation
infrastructure development projects and, thus, play an important role in developing
economy. With an annual growth rate of 15-20% and the largest number of life
insurance policies in force in the world, the potential of the Indian Insurance
industry is huge.

INDUSTRY PROFILE
A. The oldest form of insurance (12th century) is marine insurance. Afterwards
in 16th century fire insurance is started in Germany.
B. The first registered life office was Hand in Hand Society established in 1696.
C. In India, the first life insurance company was started in the Bengal Presidency
in1818 knows as Oriental life insurance company.
D. Experiencing so many ups and downs the insurance business was found in
changed shapes. Particularly after attaining independence and to be more
specific, after nationalizing in 1956.
E. There was major change in the insurance sector after globalization in2001.
Private players enter in the insurance industry and end the dominance of LICI.
F. Different MNC companies enter into Indian insurance industry by
collaborating with Indian companies. Today total 11 private life insurance
companies are working in insurance industry in India.

HISTORY
1912: The Indian Life Assurance Companies Act enacted as the first stature to
regulate the life insurance business.
1928: The Indian Insurance Companies Act enacted to the government to collect
statistical information about both life and non life insurance businesses.
1938: Earlier legislation consolidated and amended to the insurance Act with the
objective of protecting the interests of the insuring public.
1956: 245 Indian and Foreign insurers and provident societies were taken over by
the central government and was nationalized. Thus, LICI formed by an Act of
Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 core from the
Government of India.

INSURANCE SECTOR REFORMS

1) Structure
Government stake in the insurance companies are brought down to 50%.
2) Competition
Private companies with a minimum paid up capital of Rs. 1bn should be allowed to
enter the industry. No company should deal in both Life and General Insurance
through a single entity. Foreign companies may be allowed to enter the industry in
collaboration with the domestic players. Postal Life Insurance should be allowed to
operate in the rural market. Only single State Life Insurance Company should be
allowed to operate in each state.
3) Regulatory Body
- Insurance Regulatory and Development Authority (IRDA) is the governing body in
India for insurance industry.
- Any insurance plan designed by an insurance company need to get accepted by
the IRDA before it get launched in the market.
4) Investments
- Mandatory Investment of LIC Life Fund in government securities to be reduced
from 75% to 50%.
- FDI has been raised to 49% from 26% in Indian insurance companies.
5) Customer service

10
Insurance companies are supposed to pay interest on delays in payments beyond
30 days. Insurance companies must be encouraged to set up unit linked pension
plans. Computerization of operations and updating of technology to be carried out
in the insurance industry. The committee emphasized that in order to improve the
customer services and increase the coverage of the insurance; industry should be
opened up to competition.
6) Road Ahead
The future of India's insurance sector looks bright. The country has a favourable
demographic, growing awareness, investment friendly government which is
constantly working towards framing policies that can attract investment, customercentric products, and practices that give businesses the best possible environment
to grow. India's insurable population is anticipated to touch 75 crore in 2020, with
life expectancy reaching 74 years. Furthermore, life insurance is projected to
comprise 35 per cent of total savings by the end of this decade, as against 26 per
cent in 2009-10.

ENTRANCE OF PRIVATE PLAYERS IN

INSURANCE SECTORS
As per IRDA annual report for 2012-13, India still has a low life insurance
penetration of just 3.96 percent of GDP. Despite the fact that India boosts a saving
rate of around 25 percent, less than 5 percent is spent on insurance. The insurance
landscape in India is undergoing major changes. Closed to foreign competition since
nationalization in 1956, the life insurance industry had been protected from
competitive pressures. Now, with reopening of the sector, several new players have
entered the scene. Insurance Regulatory and Development Authority of India
oversees the insurance business in India. It protects the interests of the

11
policyholders and ensures orderly growth of the insurance industry and for matters
connected there to. Beside Kotak Mahindra Life Insurance, there are other 11
private players working in life insurance sector, which are as follows:
Bajaj Allianz Life Insurance Company Ltd.
Bajaj Allianz Life Insurance Company Ltd. is a joint venture between Allianz AG
(Largest insurer in Europe) and Bajaj Auto Ltd. with 26:74 ratios. It was incorporated
on12th march 2001.
Reliance Life Insurance Company Ltd.
Reliance Life Insurance Company (RLIC) is one of the largest life insurance
companies in India with a market share of 5%. The company has over 7 million
policy holders and a distribution network of close to 1,230 branches with over
124,000 agents as of 31 March 2013.Nippon Life Insurance Company acquired 26%
interest in equity share capital of the company effective October 7, 2011.
Aviva Life Insurance Company Ltd.
Aviva Life Insurance Company Ltd. is a joint venture between Dabur Indiaand CGU,
is a wholly subsidiary of Aviva Plc (UK).
SBI Life Insurance Company Ltd.
Indias largest bank, State Bank of India, and Cardiff S.A, a leading insurer in France,
came together to from SBI Life.
Tata AIG Life Insurance Company Ltd.
Tata AIG Life Insurance Company Ltd. is capitalized at Rs. 185 crore; of which74%
has been brought in by TATA Sons and the American partner brought the balance
26%.
ICICI Prudential Life Insurance Company Ltd.
ICICI Prudential equity based stands at Rs. 675 Cr. With ICICI group and Prudential
Plc holding 74% and 26% stake respectively.

12
Birla Sun Life Insurance Company Ltd.
Birla Sun Life Insurance Company is a 74:26 joint venture company between Aditya
Birla Group and Sun Life Financial Services of Canada.
HDFC Standard Life Insurance Company Ltd.
HDFC Standard Life Insurance Company Ltd. was one of the first companies to be
granted license by the IRDA to operate in life insurance sector. It was incorporated
on 14th august 2000. HDFC is the majority stakeholder in insurance JV with 81.4%
stake and Standard life (largest mutual assurance company in Europe) has a stake
of 18.6%.
Exide Life Insurance Company Ltd
Exide Life Insurance Company Limited is a life insurance company headquartered
in Bangalore, and was founded in 2001 as ING Vysya Life Insurance Company
Limited with a joint venture between ING Vysya Bank and Exide Industries Ltd. As of
January 2013, ING Group planned to divest itself from its Indian insurance and
investment management businesses through the sale of its 26% interest in ING
Vysya Life Insurance Company Ltd. to its joint venture partner Exide Industries Ltd
thus forming Exide Life Insurance. The company serves over 1,000,000 customers
across India.ING Vysya Life Insurance Company Ltd. is expected to be first bank
assurance venture in the country. Together they have roped in GMR group, which
has wide-ranging interests in field such as power generation infrastructure,
manufacturing, software and banking. As per JV agreement Vysya bank would hold
49% stake, ING (Europe, Dutch origin) 26% and GMR group would hold 25% of the
stake.
MAX New York Life Insurance Company Ltd.
Its a partnership between MAX India ltd and New York life, a Fortune 100company.
PNB Metlife India Insurance Company Ltd.
PNB MetLife India Insurance Company Limited (PNB MetLife) is a joint venture
between MetLife International Holdings Inc. (MIHI), Punjab National Bank Limited
(PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private

13
Limited and other private investors, with MIHI and PNB being the majority
shareholders. PNB MetLife was previously known as MetLife India Insurance
Company Limited (MetLife India) and has been present in India since 2001.

14

COMPANY PROFILE

15

COMPANY PROFILE
About Kotak Mahindra Old Mutual Life Insurance Ltd
Kotak Mahindra Old Mutual Life Insurance Ltd is a 74:26 joint venture company
between Kotak Mahindra Life Insurance Ltd. and Old Mutual plc. The company
started operations in 2001, and strives to offer its customers outstanding value
through high customer empathy, consistent and benchmarked service and a suite of
products that leverage the combined prowess of protection and long term savings.
The company covers over 4 million lives and is one of the fastest growing insurance
companies in India.
About Kotak Mahindra Group
Established in 1985, the Kotak Mahindra group is one of India's leading financial
services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the
Group's flagship company, received a banking license from the Reserve Bank of
India (RBI). With this, KMFL became the first non-banking finance company in India
to become a bank Kotak Mahindra Bank Limited.

The consolidated balance sheet of Kotak Mahindra group is over Rs. 1.17 lakh crore
and the consolidated net worth of the Group stands at Rs. 17,228 crore (approx.
US$ 2.9 billion) as on June 30, 2013. The Group offers a wide range of financial
services that encompass every sphere of life. From commercial banking, to stock
broking, mutual funds, life insurance and investment banking, the Group caters to
the diverse financial needs of individuals and the corporate sector. The Group has a
wide distribution network through branches and franchisees across India, and
international offices in London, New York, Dubai, Abu Dhabi, Mauritius and
Singapore.
Old Mutual

16
Old Mutual provides life assurance, asset management, banking and general
insurance to more than 14 million customers in Africa, the Americas, Asia and
Europe. Originating in South Africa in 1845, Old Mutual has been listed on the
London

and

Johannesburg

Stock

Exchanges,

among

others,

since

1999.

In the year ended 31 December 2012, the Group reported adjusted operating profit
before tax of 1.6 billion (on an IFRS basis) and had 262 billion of funds under
management from core operations.
MILE STONES

1986

Kotak Mahindra Finance Limited starts the activity of Bill Discounting

1987

Kotak Mahindra Finance Limited enters the Lease and Hire Purchase
market

1990

The Auto Finance division is started

1991

The Investment Banking Division is started. Takes over FICOM, one

of Indias largest financial retail marketing networks

1992

Enters the Funds Syndication sector

1995

Brokerage and Distribution businesses incorporated into a separate

company Kotak Securities. Investment Banking division
incorporated into a separate company Kotak Mahindra Capital
Company

1996

The Auto Finance Business is hived off into a separate company

Kotak Mahindra Primus Limited. Kotak Mahindra takes a significant
stake in Ford Credit Kotak Mahindra Limited, for financing Ford
vehicles. The launch of Matrix Information Services Limited marks
the Groups entry into information distribution.

1998

Enters the mutual fund market with the launch of Kotak Mahindra
Asset Management Company.

2000

Kotak Securities launches kotakstreet.com its online broking site.

Formal commencement of private equity activity through setting up
of Kotak Mahindra Venture Capital Fund.

2001

Kotak Mahindra ties up with Old Mutual plc. for the Life Insurance
business.

2003

Kotak Mahindra Finance Ltd. converts to bank

17

Vision and Mission Statement

An uncommon bond Strengthened by a common vision. Apart from
common beliefs, values and objectives we believe in the vision of a better
tomorrow. It is this deep veneer of faith that has brought us together and
fortified our bond.

The global Indian financial services brand. Our customers will enjoy the
benefits of dealing with a global Indian brand that best understands their
needs and delivers customized pragmatic solutions across multiple platforms.
We will be a world-class Indian financial services group. Our technology and
best practices will be benchmarked along international lines while our
understanding of customers will be uniquely Indian. We will be more than a
repository of our customers' savings. We, the group, will be a single window
to every financial service in a customer's universe.

The most preferred employer in financial services. A culture of

empowerment coupled with a spirit of enterprise, attracts bright minds with
an entrepreneurial streak to join us and stay with us. Working with a homegrown, professionally-managed company, which has partnerships with
international leaders, gives our people a perspective that is universal as well
as unique.

18

The most trusted financial services company. We will create an ethos of

trust across all our constituents. Adhering to high standards of compliance
and corporate governance will be an integral part of building trust.

Value creation. Value creation rather than size alone will be our business
driver.

Why Kotak Life Insurance

Kotak Mahindra Old Mutual Life Insurance is one of the fastest growing
insurance companies in India, trusted by over 4 million policyholders nationwide.
The company is differentiated because of its proven ability to deliver outstanding
value to its customers through high customer empathy and understanding, lifetime
of exceptional service and suite of products that best leverage the combined
prowess of Protection and Long term Savings - the two key elements that determine
any winning life insurance product. The company also has among the best claim
ratios in the industry, a solemn testimony to its business practices.

Strengths

Financial Acumen - Holds a stable and diversified portfolio and has received
some of the highest ratings in financial strength from industrys independent
rating agencies.

Disciplined fund management - Years of experience in asset management,

and a strong track record in managing funds - backed by the acclaimed
expertise of Old Mutual plc.

19

Innovativeness - Innovator in providing pragmatic and need based life

insurance solutions, with consistent emphasis on leveraging the combined
prowess of protection and long term savings to the customers best
advantage.

Unrelenting Customer Focus - A highly committed sales force, with

customer satisfaction as the key driving force

Transparency in Services - Daily declaration of fund performances, regular

performance benchmarking, well regulated asset management, and monthly
newsletter on market updates

PRODUCT
There are 19 plans available with Kotak Life Insurance to offer to its customers.
Below I have discussed some most selling plans.
a) Kotak Assured Income Accelerator
Key Features:

Guaranteed Income payable every year during the Payout Period

Income Boosters increases the Guaranteed Income between 5% to 7% every
year
Higher the annual premium, higher will be the Guaranteed Income
Death benefit is payable irrespective of Guaranteed Income already paid
Tax benefit on premiums paid u/s 80(C) and benefit received u/s 10(10D) of
Income Tax Act

b) Kotak Premier Moneyback Plan

20
Kotak Premier Moneyback Plan provides enhanced cover against any
unfortunate events of life, along with providing liquidity at regular intervals to take
care of interim financial requirements
Key Features:

Regular payouts at specific intervals throughout the term

Lump sum Maturity Addition
Enhanced death cover with additional payout on accidental death
Earn bonuses from 1st year onwards
Additional Protection through optional riders

c) KotakClassic Endowment Plan

An Endowment policy is a combination of savings along with risk cover. These
policies designed to accumulate wealth and at the same time cover your life. In
simple words, issued for specific time periods during which you pay a regular
premium. If you die during policy period, your beneficiaries will receive the sum
assured along with the accumulated bonus.
Key Features:

In this plan minimum age of 18 years of old and maximum age is 65 years.
You can take a loan against your policy has been in force for at least three
years.
You have the option of paying premiums quarterly, half yearly or yearly.
You have the benefit of a 15-day free look period.

d) Kotak Assured Savings Plan

Kotak Assured Savings Plan is a traditional savings cum protection oriented plan
offering guaranteed benefits
Key Features:

Guaranteed Maturity Benefit Basic Sum Assured PLUS Accrued Guaranteed

Yearly Additions PLUS Guaranteed Loyalty Addition
Increasing life cover Guaranteed Yearly Additions added every time
premium is paid, payable at maturity or earlier death
Longer the premium commitment, higher the benefits Guaranteed Yearly
Additions and Guaranteed Loyalty Addition increases with increase in
premium payment term

21

More value for money through high premium benefit resulting into higher
Basic Sum Assured

RESEARCH METHODOLOGY
INTRODUCTION
Research is an art of scientific investigation through search for new facts in any
branch of knowledge. It is a moment from known to unknown. Research always
starts with a question or a problem. Its purpose is to find answers to questions
through the application of the scientific method. It is a systematic and intensive
study directed towards a more complete knowledge of the subject studied. As
marketing does not address itself to basic or fundamental question, it does not
qualify as basic research. On the contrary, it tackles problems, which seem to have
immediate commercial potential. In view of the major consideration, marketing
research should be regarded as applied research.
We may also say that marketing research is of both types problem solving and
problem oriented. Marketing research is as systematic and objectives study of the
problems pertaining to the marketing of the goods and services. It may be

22
emphasized that it is not restricted to any particular area of marketing, but is
applied to all the phases and aspects.

METHOD OF DATA COLLECTION

1) Data to be collected.
Data includes facts and figures, which are required to be collected to achieve the
objectives of the project. In order to determine the present position of Kotak Life
Insurance and consumer behaviour insurance buyers, I collected data by the
following tools:a) Primary Data
The data that is being collected for the first time or to particularly fulfil the
objectives of the project is known as primary data.
These types of data were,
- The market share of Kotak Mahindra Life Insurance.
- The market share of other brands available in the market.
- Responses of consumer.
- Identifying pros and cons of the brand.
The above primary data were collected through responses of consumer was
conducted through questionnaires prepared for them.
b) Secondary Data
Secondary data are that type of data, which are already assembled and need not to
collected from outside. These types of data were
i) Company Profile
ii) Product Profile
iii) Competitors Profile
The aforesaid data were collected through Internet and companys financial report.

2) Data Collection Method

For given project, the primary data, which needed to collect for the first time, were
much significant. This type of information gathered through Survey technique,
which is the most popular and effective technique for correct data collection. The
survey was completed with the use of questionnaires.
- Questionnaire for consumer.
3) Sampling
Sample is the small group taken under consideration from the total group. This
small group represents the total group. In this project the market to be studied was

23
Kolkata, but as it was not possible to approach all the target customers of the city,
hence a sample was selected which represents the whole city. The areas selected
for the sample are present further in the appendix.
4) Data Evaluation
The data so collected were not simply accepted because it contained unnecessary
information and over or under emphasized facts. Therefore only relevant data were
included in the report, which helped in achieving the objectives of the project.

24

DATA INTERPRETATION
AND ANALYSIS

25

1. Personal detail

Age Class
Occupation
i.

Private Ltd

ii. i. Govt
service/Public Ltd
18-24
iii. ii. Self
Employed Professional/ Business
25-34
iv.iii. Student
35-44
iv.
v.

% of
respond
ents
% of
respon
43.3
dents
30
6.67
23.3
26.7
3.33
23.3

1 (a)

33.3

45-54

10

55 and above

Age Group
35
30
25
20
% of respondents

15
10
5
0

18-24

25-34

35-44
Age class

1 (c)

45-54 55 and above

26

Marital Status

10

i.

Single

ii.

Married

iii.

Divorced

iv.

Widow / widower

Occupation

%.of Respondeents

1 (d)

50
45
40
35
30
25
20
15
10
5
0

% of
respond
ents

80
3.33
6.67

27

No.of
Respon
se

Financial Liabilities
i. Child Education and Marriage

30
30

ii.

Loans

iii.

After retirement life

iv.

Medical Expenses

v.

None

63.3
36.7
13.3

Marital Status
90
80
70
60
50
40
30
20
10
0

1 (e)

Single

Married

Divorced

Widow / widower

28

Financial Liabilities
70
60
50
40
30
20
10
0
No.of Respondents

29

% of
respon
dents
i.

Yes

ii.

No

iii.

2. Do you think is it
essential to have Life
Insurance?

80
10
10

Do not know

90
80
70
60
50
% of respondents

40
30
20
10
0

Yes

No

Do not know

30
3. Do you own any life insurance policy?
% of
respon
dents
i.

Yes

ii.

No

96.7
3.33

Chart Title
100
90
80
70
% of respondents

60
50
40
30
20
10
0

Yes

No

31
4. Which are the companies you have invested your money with for Life
Insurance?

Life Insurance Companies in

India
i.
Insurance

Kotak Mahindra Life

ii.

LIC

iii.

Bajaj Allianz

iv.

Tata AIG

v.
vi.
Insurance
vii.
viii.
ix.
x.

% of respondents
invested
13.3
80
16.7
16.7
16.7

HDFC Life Insurance

ICICI Prudential Life

26.7
16.7

SBI Life

10

PNB Metlife

6.67

Reliance Life Insurance

20

Others

Popularity of Insurance companies

90
80
70
60
50
40
30
20
10
0
% of respondents invested

32

5. Why did you choose the above Life Insurance Company?

Selection Criteria
i.

Good Past record on ROI

ii.

Agent Pressure

iii.

Tax Benefit

iv.

Security /safety

v.
vi.

10
10
36.7

Low Premium

20
10
13.3

Protection

Selection Criteria

% of respondents

% of
respondents

40
35
30
25
20
15
10
5
0

33
6. Which of the following insurance plans have you purchased?

i.
ii.

Term Insurance Plans

Endowment Insurance Plans

iii.

Money Back Plans

iv.

v.

Child Plans
Retirement Plans

vi. Dont know

10
46.
7
20
23.
3
16.
7
10

Insurance Plans

No.of Response

50
45
40
35
30
25
20
15
10
5
0

34
7. Rank the following in terms of their importance to you while making a
decision to purchase an insurance policy from a particular service
provider. (1 being most important and 5 least)

i.

Easy accessibility to Service Outlets

ii.
Timely reminder as well as premium collection by
agents
iii.
iv.
v.

Easy and Quick Claim Settlement

28
7
28
3
29
7
28
0

Online services

34
3

Good financial advises

Factors influencing Purchasing Decision

400
350
300
250
200
150
100
50
0
No.of Respondents

35
8. How will you rate the services given by your Life Insurance service
provider?
20
i.
Poor
40
ii.
Average
33.
3
iii.
Good
6.6
7
iv. Excellent

Ratings
45
40
35
30
25
% of Respondents

20
15
10
5
0

Poor

Average

Good

Excellent

36
9. Would you like to invest with any other Life Insurer?

i.

Yes

ii.

No

iii.

56.
7
30
13.
3

May be

60
50

40

% of Respondents 30
20
10

Yes

No

May be

37

OBSERVATIONS

Majority of the customers belonged to age group of 45-54 years that is 10

consumers.
24 consumers think Life Insurance is essential for them.
51 respondents are investing in life insurance companies like Kotak Life
Insurance, LIC, Bajaj Allianz, HDFC, ICICI and SBI.
10 percentages of the total respondents invest in Insurance for getting high
ROI.
Most of respondent s preferred Endowment Insurance Plan.
Most of the respondents expects good financial advices from Insurance
Companies
As per 36.7% of respondents invested in Insurance for tax benefits.
56.7% of respondents are willing to purchased Insurance policies in future.

38

RECOMMENDATIONS

There is scope to sale insurance policy by concentrating on age group 45-54

years .
As major respondents think to have life insurance policy is very essential
there is lot of scope for insurance company.
Kotak Mahindra Life Insurance should try to build trust among the public by
making people aware of their investment is safe, high return on investment,
Tax Benefits.
As more respondents are investing in Kotak Mahindra Life Insurance for
getting high return on investment the company should try to provide
attractive returns on investments in future.
Kotak Mahindra Life Insurance should introduce attractive policies & also
attractive bonus on policies to attract more customers.
56.7% of respondents are willing to invest with new insurance providers

39

CONCLUSION
After conducting market research for Kotak Mahindra Life Insurance Company we
came to know different needs of consumers, their valuable suggestions, responses
to the different questions. With this information we can conclude that there is good
potential for Kotak Mahindra Life Insurance Company in Kolkata.
People prefer to invest in insurance mainly to avail tax exemption and high ROI. So,
Kotak Mahindra Life Insurance should try to build trust among the public by making
people aware of their investment is safe, high return on investment, Tax Benefits.
Kotak Mahindra Life Insurance should also educate their Life Advisors well about the
financial market so that they can give good advises to customers, which people in
Kolkata are expecting from insurance companies.
Kotak Mahindra Life Insurance should bring in new and attractive endowment plans,
which is the most selling product in Kolkata.

40

BIBLIOGRAPHY

www.business.standards--- Mumbai Jan2,2014

Media Reports,Press Releases IRDA Journal
http://www.ibef.org/industry/insurance-sector-india.aspx
insurance.kotak.com/

41

ANNEXURE