Escolar Documentos
Profissional Documentos
Cultura Documentos
This study determines , whether the people are aware of the products namely
life time-l1and life time-ll pension are the two market linked plans which are
more benefit to the customer which covers the customer and gives the high
returns.
study is 200 and area sampling method is adopted. Life cover & security and
returns are the most important factors, which influences the people to invest.
Insurance to cover the risk, it will helpful to lead a peaceful and this will give
the security to he customers for there life. These are the important reason
people prefer insurance. The most effective method of making people aware
advertisement will create more benefits to the product and which will increase
the value of the product compare to our competitors product. Most of the
company.
1
1.1.1IMPORTANCE OF STUDY
with that of the company. As the company would go for the full fledge services
for its customer it needs to find out particular methods in which they can be
rendered a very good unique service and also to find out the method of
investment, the factors and the reason of investment made by the people
towards the insurance industry. Finally the suggestion is made on the more
2
1.1.2SCOPE OF THE STUDY
The study is made on the public awareness of life insurance products for
This study determines, whether the people are aware of the products
namely life time II and life time II pension are the two market linked plans
which are more benefit to the customer which covers the life of the
is a market leader among the private life insurance company and stand 2nd
The various internal and external factors that influence the purchasing
decision of the customer and also studied in a systematic way to find out
the factor and also the period at which the customer buys the product.
the awareness of life time pension and life time among the prospective
investors.
3
1.1.3 OBJECTIVE OF THE STUDY
PRIMARY STUDY
life time and life time II pension for ICICI Prudential life insurance Company in
patna
SECONDARY OBJECTIVES
basket.
2) To find out the factors influencing the prospects while they make a
purchase decision.
4
1.1.4 RESEARCH METHODOLOGY
RESEARCH DESIGN
procedure.
and money.
DESCRIPTIVE RESEARCH:
and fact findings enquiry of different kinds. The major purpose of descriptive
5
characteristic of expo facto method is that researcher has no control over the
PRIMARY DATA:
Prudential Life Insurance products, and each respondent were asked to fill up
form. It has both open ended and close ended questions. They were all
SECONDARY DATA:
6
UNIVERSE OR POPULATION:
conditions, activities, etc which form the point of research project. The survey
has been conducted in patna Hence the population of patna constitutes the
SAMPLE SIZE:
The unit, which is selected from the population, is called sample size.
QUESTIONNAIRE PREPARATION:
♦ Non-disguised structured
♦ Non-disguised non-structured
♦ Disguised structured
♦ Disguised unstructured
being answered.
7
SAMPLE METHOD:
AREA SAMPLING:
about when the total geographical area of interest happens to be big one.
Under area sampling, we divide the total area into a number of smaller non-
these smaller areas are randomly selected, and all units in these small areas
not have the list of the population concerned. It also makes the field
location.
STATISTICAL TOOLS:
CHI-SQUARE TEST:
frequency with which a given event has occurred, is significantly different from
8
theoretical frequencies and thus to determine whether the discrepancy so
( O-E )2
2
χ = Σ E
E = Expected Frequency
various categories within each of these factors, which may have a large
number of possible values. If we take only one factor and investigate the
we are said to use one-way anova and in case we investigate two factors at
9
WEIGHTED AVERAGE METHOD:
The term “weight” stands for the relative importance of the different
items. Arbitrary weights are assumed for each item and the calculation is
Weighted Average =
Σ fiWi
Σ fi
Where
PERCENTAGE ANALYSIS:
presentation. The data are reduced in to the standard form with the base
Number of respondents
Total no of respondents
10
1.1.5 LIMITATIONS OF THE STUDY
• As the survey is conducted only among the people of patna city, the
• As the time available for conducting the project is limited the sample size
• As some of the respondents are not ready to give the information required
for the project questionnaire the fact to the actual result may possibly vary
11
1.1.6CHAPTERISATION
Chapter Two includes percentage analysis and figures for the percentage such
12
1.2 REVIEW OF LITERATURE
ICICI prudential life insurance success has been built on its consistent
focus on the customer and delivering on his\her needs. This includes several
• Developing flexible products that are based on consumer needs and insights.
At a period level, ICICI prudential life insurance aim is to secure the families
of the middle and upper class working people in urban, and rural India. Our
strategy has always been to focus on delivering value and conveniences to the
customers while in rural areas the focus is on partnering with NGO’s and offering
13
AWARENESS:
ICICI prudential life insurance is reviewing its media planning and buying
- Lodestar
- Carat India have already met the client according to Industry Source.
The media planning and buying for TV and print is currently handled by initiative
creative Lowe confirming the development handles account. ICICI prudential life
insurance marketing manager clarify that the review is part of the routine
exercise.
in the fray, when short listing agencies to invite for the pitch they are looking for
the agencies which can go beyond tools and technique in terms of rigorously
14
ICICI prudential life insurance also introduced some innovation in the
category such as having a tax planner by the name of Chiatama on radio who
would answer consumer queries about the role of insurance in finance planning.
Other initiative included tie-up with the Dabbawala Organization in Mumbai for a
and thereby have a higher impact. The direct mailer was about ICICI prudential
retirement solutions and the tax benefits that can avail to buy and investing in
way of these.
advertising the company has also initiated several certificates to raise consumer
awareness about life insurance about ICICI prudential. It includes seminar and it
regularly holds consumer awareness meets on the need for retirement planning
and Mangalore. “ The current Insurance penetration levels in India and potential
of this sector”.
and volume of the market currently the life insurance penetration in India is very
private insurance Companies’ new models of distribution and selling and higher
15
It can be truly said that the insurance sector is one of the success stories of
product that was earlier viewed only as standards of services, convenient access
through advisors, agents and banks choice and flexibility in products, greater
differentiating factors.
Over the past four years ICICI prudential has consistent retained its position
as a lead amongst the private life insurance. The company has grow at a rate of
148% on GAGR basis over the past three financial years. It has emerged as the
only private life insurance to gross a number of milestone with amazing regularity
with the time taken to add an every additional 1,00,000 police continuously
decreasing.
ICICI prudential market share amongst private life insures for the period
April-August 2005 stands at 32% and its share in retail business stands at 34%
its total share for the same period is 5.6% . The company ;also recently
increased its capital base by Rs.150 crore taking its total paid up equity capital to
Rs.825 crores. This is the tenth equity like since the company was incorporated
in December 2000.
16
1.2.1 LIFE INSURANCE INDUSTRY IN INDIA
Life insurance in its exisiting form came to India from the United Kingdom
The Indian Life Assurance Companies Act was the first statutory measure
Companies Act was enacted to collect statistical information about both life and
the insurance Act 1938 with comprehensive provisions detailed and effective
The Act was amended in 1950 resulting in far reaching changes in the
controller could also call for appointment of administrators and put a ceiling on
17
By 1956, 154 Indian insurers, 16 foreign insurers and 75 provident societies
were carrying on life insurance business in India. Life insurance business was
concentrated in urban areas and confined to the higher strata of the society. On
January 19, 1956, the management of life insurance business of 245 Indian and
foreign insurers and provident societies then operating in India was taken over
1956 by an Act of Parliament, viz. LIC Act 1956 with a capital; contribution of
Rs.50 million.
The Finance minister Mr. C.D. Deshmukh while piloting the bill for
“To conduct the business with utmost economy with the sprit of trusteeship; to
invest the funds for obtaining maximum yield for the policy holders consistent
with safety of capital; to render prompt and efficient service to policy holders
Finally, some potential Indian entrants into insurance hope to ride their existing
like ICICI , HDFC or Kotak Mahindra intend to tap the customers who already
buy their deposits, consumer loans and housing finance. Other hopeful entrants
anticipate specific alliances such as with hospitals ;to provide health cover.
18
With largest number of life insurance policies in force in the world, Insurance
15-20% annually and presently is of the order of Rs.450 billion. Together with
collection is nearly 2% of GDP and funds available with LIC for investments are
8% of GDP.
Insurance is a federal subject in India. There are tow legislations that govern
the sector-The Insurance Act – 1938 and that IRDA Act -1999. Insurance
industry earlier comprised of only two state insurers, namely “Life Insurers i.e.
The first batch of licenses was issued by the insurance Regulatory and
LIFE INSURERS:
19
4. DABUR CGU LIFE INSURANCE CO.LTD
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% of the total 40 million of the insurable
population. The state owned LIC sold insurance as a tax instrument, not as a
or transparency in the products. With the entry of the private insurers the rules
20
The 12 private insurers in the life insurance market have already grabed
nearly 9% of the market in terms ;of premium income. The new business
the triple whammy combination that has enabled fledgling private insurance
Indians, who have always sen life insurance as a tax saving device are now
suddenly turning to the private sector and snapping up the new innovative
products on offer.
21
1.2.2 COMPANY PROFILE
was amongst the first private sector insurance companies to begin operations in
December 2000 after receiving approval from IRDA. ICICI Prudential’s equity
base stands at Rs.8.25 billion with ICICI Bank and Prudential plc holding 74%
and 26% stake respectively. In the half year ended September 30, 2004, the
company garnered Rs.498 crore of new business premium for a total sum
assured of over Rs.23,00 crore and had over 1 million policies. The company
Today, ICICI Prudential has emerged as the No. private life insurer in the
country, with a wide range of flexible products that meet the needs of the Indian
Board of Directors
The ICICI Prudential Life Insurance Company Limited Board comprises reputed
people from the finance industry both from India and abroad.
22
Mr. Mark Norbom
Management Team:
23
DISTRIBUTION:
private life insurers in India, having commenced operations in 6 cities and towns
Nagpur, Naisk, Noida, New Delhi, Patiala, Pune, Raipur, Rajkot, Ranchi,
ICICI Bank, Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank
and some co-operative banks, as well as over 6 corporate agents and brokers. It
has also tied up with organizations like Dhan for distribution of Salaam Zindagi, a
advisors to interface with and advise customers. Further, it leverages its state-
24
ABOUT THE PROMOTERS:
Rs.112,024 crore and a network of about 450 branches and offices and about
banking, life and non-life insurance, venture capital, asset management and
information technology. ICICI Bank posted a net profit of Rs.1,637 crore for the
year ended March 31, 2004. ICICI Bank’s equity shares are listed in India on
Exchange, Mumbai and the National Stock Exchange of India Limited and its
American Depositary Receipts (ADRs) are listed on the New York Stock
Exchange(NYSE).
the UK and Europe, the US and Asia, provides retail financial services products
and services to more than 16 million customers, policyholder and unit holders
worldwide. As of June 30,2004, the company had over US$300 billion in funds
financial services products that now includes life assurance, pensions, mutual
Prudential is the leading European life insurance company with a vast network of
25
24 life and mutual fund operations in twelve countries-China, Hong Kong, India,
and Vietnam.
centric products that meet the needs of customers at every life stage. Its 20
Savings Solutions:
levels of protection.
• Save ‘n’ Protect is a traditional endowment savings plan that offers life
26
• Cash Bank is an anticipated endowment policy ideal for meeting
milestone expenses like a child’s marriage, expenses for ;;a child’s higher
• Life Time & Life Time II offer customers the flexibility and control to
customize the policy to meet the changing needs at different life stages.
combines life insurance cover with the opportunity to stay invested in the
stock market.
• Invest Shield Life is a Market Linked plan that provides capital guarantee
• Invest Shield Cash is a Market Linked plan that provides capital guarantee
on the invested premiums and declared bonus interest along with flexible
liquidity options.
27
• Protection Solutions:
Life Guard is a protection plan, which offers life cover at very low cost. It is
available in 3 options: level term assurance, level term assurance with return of
Child Plans:
child along with life insurance cover for the parent who purchases the policy.
life. Smart Kid plans are also available in ;unit-linked form: both single premium
Retirement Solutions:
• Secure Plus Pension is a flexible pension plan that allows one to select
28
ICICI Pru Group Gratuity Plan:
ICICI Pru’s group gratuity plan helps employers fund their stautory
structure schemes that can provide benefits beyond the statutory obligations.
provide a retirement kitty for each member of the group. Employees have the
ICICI Pru’s flexible group term solution helps provide affordable cover to
or a multiple of salary. The benefit under the policy is paid to ;the beneficiary
ICICI Pru Life offers flexible riders, which can be added to the basic policy at
29
• Accident & disability benefit: If death occurs as the result of an accident
during the term of the policy, the beneficiary receives an additional amount
equal to the sum assured under the policy. If the death occurs while
• Critical Illness Benefit: protects the insured against financial loss in the event
medical emergencies, ensuring benefits are payable to the life assured for
43 surgical procedures.
• Income Benefit: This rider pays the 10% of the sum assured to the nominee
every year, till maturity, in the event of the death of the life assured. It is
accident, the premiums are waived till maturity. This rider is available with
30
DATA ANALYSIS AND INTERPRETATION
TABLE 2.1.1
NO OF
S.NO AGE PERCENTAGE
RESPONDENTS
1 20-25 10 5
2 26-35 67 33.5
3 36-45 107 53.5
4 >45 16 8
TOTAL 200 100
FIGURE 2.1.1
40
30
20
10
0
20-25 26-35 36-45 >45
AGE
INFERENCE
31
From the above table it has been inferred that, 5% of the total
26-35 age category; 53.5% of the respondents belong to 36-45 age category;
TABLE 2.1.2
NO OF
S.NO SEX PERCENTAGE
RESPONDENTS
FIGURE : 2.1.2
32
SEX WISE CLASSIFICATION OF THE
RESPONDENTS
32%
68%
MALE FEMALE
INFERENCE:
It has been inferred from the above table, 68.5% of the total respondents were
TABLE 2.1.3
33
OCCUPATION OF THE RESPONDENTS
NO OF
S.NO OCCUPATION PERCENTAGE
RESPONDENTS
SELF
1 18 9
EMPLOYED
GOVERNMENT
2 24 12
SERVANT
3 PROFESSION 63 31.5
4 BUSINESS 66 33
5 RETIRED 22 11
6 OTHERS 7 3.5
34
FIGURE 2.1.3
OC C U PATION OF TH E R E S P ON D E N TS
SE LF EMP LOYED
35 31.5 33
30 GOVERNME NT
SE RVANT
PERCENTAGE
25
20 PROFESSION
15 12 11
9
10 BUSINES S
3.5
5
0 RE TIRED
1
OCCUPATION OTHERS
INFERENCE:
From the above table it has been identified that 9% of the total respondents were
self employed; 12% of the respondents were government servant; 31.5% of the
the respondents were retired; 3.5% of the respondents belong to other category.
35
TABLE 2.1.4
NO OF
S.NO ANNUAL INCOME PERCENTAGE
RESPONDENTS
1 50000 – 1 LAKH 30 15
2 1 LAKH – 2 LAKHS 67 33.5
3 2 LAKHS – 5 LAKHS 35 17.5
4 5 LAKHS – 10 LAKHS 63 31.5
5 ABOVE 10 LAKHS 5 2.5
TOTAL 200 100
FIGURE 2.1.4
36
FAMILY ANNUAL INCOME
33.5
31.5
35
PERCENTAGE
30
25
17.5
20 15
15
10 2.5
5
0
PERCENTAGE
ANNUAL INCOME
INFERENCE:
The table 2.1.4 shows that, 15% of the total respondents annual income
falls under the category of 50000 – 1 lakh; 33.5% of the respondents annual
income falls under the category of 1 lakh - 2 lakhs; 17.5% of the respondents
annual income falls under the category of 2 lakhs – 5 lakhs; 31.5% of the
respondents falls under the category of 5 lakhs – 10 lakhs and 2.5% of the
TABLE 2.1.5
MARITUAL NO OF
S.NO PERCENTAGE
STATUS RESPONDENTS
1 SINGLE 43 21.5
37
2 MARRIED 157 78.5
TOTAL 200 100
FIGURE 2.1.5
78.5
80
PERCENTAGE
60
40 21.5
20
0
PERCENTAGE
MARITAL STATUS
SINGLE MARRIED
INFERENCE:
From the above table it has been inferred that, 21.5% of the total
married.
38
TABLE 2.1.6
NO OF
S.NO PARTICULARS PERCENTAGE
RESPONDENTS
1 YES 183 68.5
2 NO 17 31.5
FIGURE 2.1.6
39
INVESTMENT IN LIFE INSURANCE POLICY
32%
68%
YES NO
INFERENCE:
The table 2.1.6 shows that 91.5% of the total respondents have invested
in life insurance policy and the remaining 8.5% of the respondents doesn’t have
TABLE 2.1.7
NO OF
S.NO COMPANY PERCENTAGE
RESPONDENTS
1 ICICI PRULIFE 21 10.5
2 LIC 142 71
3 TATA AIG 6 3
4 AVIVA 5 2.5
4.5
5 BSL 9
40
6 HDFC 10 5
7 ING VYSYA 4 2
8 MET LIFE 5 2.5
TOTAL 100
80 71
70
PERCENTAGE
60
50
40
30
20 10.5
10 3 2.5 4.5 5 2.5
2
0
PERCENTAGE
COMPANY
INFERENCE:
It has been identified from the above table that, majority (71%) of the total
respondents preferred “LIC”. Among the private life insurance players “ICICI
investors, “TATA” has been preferred (i.e) 3% by the investors, “AVIVA” has
been preferred by 2.5%. “BIRLA SUN LIFE” has been preferred by 5% and “ING
VYAYA” is the least (2%) preferred life insurance company by the investors.
41
TABLE 2.1.8
PACKAGES
NO OF
S.NO PARTICULARS PERCENTAGE
RESPONDENTS
1 RISK COVERED 93 46.5
2 MEDICLAIM BENEFITS 14 7
3 PEACE ON MIND 4 2
4 TAX SAVINGS 16 8
5 FUTURE SECURITY 47 23.5
6 CHILDREN’S EDUCATION 26 13
TOTAL 200 100
42
FIGURE NO 2.1.8
35
30 23.5
25
20 13
15 8
7
10
2
5
0
PERCENTAGE
PARTICULARS
43
INFERENCE:
From the above table it has been inferred that, the risk covered (46.5%) is
the most important reason; ‘Future Security’ (23.5%) is the next reason and
‘Children’s Education’ (13%), ‘Tax Savings’ (8%) is the another reason, ‘Medical
benefits’ (7%) is the another reason for the investors to prefer life insurance
policies.
TABLE 2.1.9
NO OF
S.NO PARTICULARS PERCENTAGE
RESPONDENTS
1 YES 174 87
2 NO 26 13
TOTAL 200 100
44
AW AR E N E S S O F IC IC I P R U D E N T IAL L IF E
IN S U R AN C E
13%
87%
Y E S NO
INFERENCE:
The table 2.1.9 shows that, 87% of the total respondents were aware of
ICICI Prudential Life Insurance Company and 13% of the respondents were not
aware of ICICI Prudential Life Insurance Company. This is very happy to inform
that most of the respondents (87%) were aware of ICICI prudential Life
Insurance Company.
TABLE 2.1.10
NO OF
S.NO PARTICULARS PERCENTAGE
RESPONDENTS
45
1 ADVISORS 16 8
2 ADVERTISEMENTS 106 53
REFERENCE
3 11 5.5
GROUP
4 HOARDINGS 67 33.5
TOTAL 200 100
S OU R C E S OF AW AR E N E S S OF IC IC I P R U L IF E
IN S U R AN C E
60 53
50
33 .5
PERCENTAGE
40
30
20 8 5 .5
10
0
PERCENT AG E
A DV IS ORS A DV E RTIS E M E
SONTSRE FE RE NCE G RO UPHOA RDINGS
U RCES
INFERENCE:
46
From the above table it has been inferred that 8% of the total respondents
has awareness through the source of advisors; 53% of the total respondents has
awareness through the source of reference group and 33.5% of the total
TABLE 2.1.11
NO OF
S.NO PARTICULARS PERCENTAGE
RESPONDENTS
1 STRONGLY AGREE 26 13
2 AGREE 109 54.5
NEITHER AGREE NOR
3 54 27
DISAGREE
4 DISAGREE 7 3.5
5 STRONGLY DISAGREE 4 2
TOTAL 200 100
47
FIGURE NO: 2.1.11
EFFECTIVENESS OF ADVERTISEMENT
PROGRAMS MADE BY ICICI PRU LIFE
INSURANCE COMPANY
60 54.5
STRONGLY AGREE
50
PERCENTAGE
40 AGREE
27
30
NEITHER AGREE NOR
20 13 DISAGREE
10 3.5 2 DISAGREE
0
1 STRONGLY DISAGREE
PARTICULARS
INFERENCE:
It has been inferred from the above table that, majority (54.55) of the total
satisfactory; 13% of the total respondents strongly agree that the awareness
48
programs yet made by ICICI is satisfactory; 27% of the total respondents neither
agree nor disagree that the awareness programs yet made ICICI is satisfactory
and only 2% of the respondents strongly disagree with the above factor.
TABLE 2.1.12
PROGRAMS
NO OF
S.NO PARTICULARS PERCENTAGE
RESPONDENTS
BENEFITS OF THE
1 121 60.5
PRODUCT
COMPARISON WITH
2 6 3
THE COMPETITORS
VALUES ADDED TO
3 61 30.5
THE PRODUCT
4 OTHERS 12 6
TOTAL 200 100
49
FIGURE NO: 2.1.12
PROGRAMS
70 60.5
60
PERCENTAGE
50
40 30.5
30
20
6
3
10
0
PARTICULARS
BENEFITS OF THE PRODUCT
COMPARISON WITH THE COMPETITORS
VALUES ADDED TO THE PRODUCT
OTHERS
INFERENCE:
From the above table it has been inferred that, the benefits of the product
programs and the value added to the product (30.5%) is another factor to be high
lighted.
50
TABLE 2.1.13
NO OF
S.NO PARTICULARS PERCENTAGE
RESPONDENTS
1 AUDIO VISUAL 104 52
2 PRINT/ PRESS MEDIA 58 29
3 AUDIO 9 4.5
SALES PROMOTION LIKE
4 29 14.5
STALLS, EXHIBITION, ETC
TOTAL 200 100
51
FIGURE NO: 2.1.13
60 52
50
PERCENTAGE
40 29
30
14.5
20
4.5
10
0
1
PARTICULARS
AUDIO VISUAL
PRINT/ PRESS MEDIA
AUDIO
SALES PROMOTION LIKE STALLS, EXHIBITION, ETC
INFERENCE:
It has been identified from the above table that, ‘Audiovisual’ method is
the most (52%) effective method; ‘Print and Press Media’ (29%) is the other
important method.; ‘Sales Promotion’ (14.5%) is the other method; ‘Audio’ (4.5%)
is also one of the method in bringing awareness among the people for the
insurance products.
52
TABLE 2.1.14
COMPANY
NO OF
S.NO PARTICULARS PERCENTAGE
RESPONDENTS
1 VERY GOOD 49 24.5
2 GOOD 126 63
3 BAD 25 12.5
TOTAL 200 100
53
THE OVERALL PERCEPTION ABOUT ICICI PRUDENTIAL LIFE INSURANCE
COMPANY
63
70
60
50
PERCENTAGE
40 2 4 .5
30 1 2 .5
20
10
0
1
PAR TIC U LAR S
V E RY G O O D G O O D B A D
54
INFERENCE:
From the above table if has been inferred that, the majority (63%) of the
Insurance Co. Ltd is good; 24,5% of the total respondents overall perception
towards about ICICI Prudential life Insurance Co. Ltd is very good. 12.5% of the
AIM:
To find out the factor which is highly preferred by the investors to invest.
RANK
1 2 3 4 5 6
FEATURES
Liquidity 10 20 56 44 37 33
Capital Appreciation 12 15 10 30 52 81
Returns 50 50 30 28 22 20
Savings 41 37 42 47 26 7
Tax Relief 4 22 38 36 50 50
55
Life Cover & Security 83 56 24 15 13 9
FORMULA:
Σ fi Wi
Σ fi
Where,
Weights Given:
RANK 1 2 3 4 5 6
WEIGHT 6 5 4 3 2 1
Total Weight = 21
Wi = 21
56
INFERENCE:
From the above table it has been inferred that ‘Life Cover & Security’ has
been ranked first; ‘Returns ‘ got the 2nd rank; ‘Savings’ got the 3rd rank;
‘Liquidity’ got the 4th rank ; ‘Tax Relief’ got the 5th rank; ‘Capital Appreciation’ got
the 6th rank. From the above weighted analysis it has been identified that the life
AIM:
to invest.
Company RANK 1 2 3 4 5 6
57
ING VYSYA Life Insurance 5 8 15 21 23 28
FORMULA:
Σ fi Wi
Σ fi
Where,
Weights Given:
RANK 1 2 3 4 5 6
WEIGHT 6 5 4 3 2 1
Total Weight = 21
Wi = 21
58
TATA AIG 584 2.92 4
INFERENCE:
From the above table it has been inferred that ‘Birla Sun Life’ has been
ranked first; ‘AVIVA’ got the 2nd rank; ‘HDFC’ got the 3rd rank; ‘TATA AIG’ got the
4th rank; ‘ING VYSYA’ got the 5th rank; ‘MET LIFE’ got the 6th rank. From the
above table weighted average analysis it has been identified that the Birla Sun
AIM:
59
( O-E )2
2
χ E
FORMULA: = Σ
O – Observed frequency
E - Expected frequency
HOLDING OF POLICY
ANNUAL INCOME TOTAL
YES NO
< 2 LAKHS 122 11 133
> 2 LAKHS 61 6 67
TOTAL 183 17 200
HOLDING OF POLICY
ANNUAL INCOME TOTAL
YES NO
< 2 LAKHS 121.69 11.31 133
> 2 LAKHS 61.31 6 67.31
TOTAL 183 17 200
60
O E (O-E) (O-E)2 (O-E)2 / E
6 6 0 0 0
( O-E )2
2
χ E
FORMULA: = Σ= 0.011
= (2-1) (2-1)
=1
Result:
Inference:
61
It has been inferred that there is no relationship between the annual
AIM:
( O-E )2
2
χ E
62
FORMULA: = Σ
O – Observed frequency
E - Expected frequency
HOLDING OF POLICY
MARTIAL STATUS TOTAL
YES NO
SINGLE 39 4 43
HOLDING OF POLICY
ANNUAL INCOME TOTAL
YES NO
SINGLE 39.35 3.66 43
MARRIED 143.66 13.35 157
63
4 3.66 .34 .116 .0008
FORMULA:
2
= Σ( O-E ) 2 = 0.0078
χ E
= (2-1) (2-1)
=1
Result:
Inference:
It has been inferred that there is no relationship between the martial status
64
Null Hypothesis (Ho) : There is no significant difference among various
RANK
1 2 3 4 5 6 Ti Ti2/ ni
FEATURES
Liquidity 10 20 56 44 34 33 200 6666.67
Capital
12 15 10 30 52 81 200 6666.67
Appreciation
Returns 50 50 30 28 22 20 200 6666.67
Savings 41 37 42 47 26 7 200 6666.67
Tax Relief 4 22 38 36 50 50 200 6666.67
Life Cover &
83 56 24 15 13 9 200 6666.67
Security
Correction Factor = Σ T2 N
= 400000
Σ Ti2/ ni = 400000.02
65
Σ Σ Xij 2 = 53296
= 40000.02 – 40000
= 0.02
= 53296 - 40000
= 13296
= 13296 - 0.02
= 13295.98
= 0.004
= 443.20
MSW
MSB
= 443.20/0.004
66
= 11080
= (5) (30)
RESULT :
INFERENCE :
performance.
67
Life Insurance Companies with regard to sales
performance.
RANK
1 2 3 4 5 6 Ti Ti2/ ni
COMPANY
HDFC 43 39 33 47 25 13 200 6666.67
BSL 72 58 49 8 7 6 200 6666.67
ING VYSYA 9 17 31 42 45 56 200 6666.67
TATA AIG 15 26 28 30 61 40 200 6666.67
MET LIFE 5 9 14 51 50 71 200 6666.67
AVIVA 56 51 45 22 12 14 200 6666.67
Correction Factor = Σ T2 N
= 400000
Σ Ti2/ ni = 400000.02
Σ Σ Xij 2 = 53752
= 40000.02 – 40000
= 0.02
= 53752 - 40000
= 13752
68
SSW(Sum of the Squares
= 13752 - 0.02
= 13751.98
= 0.004
= 458.39
MSW
MSB
= 458.39/0.004
= 11459
= (5) (30)
RESULT :
69
INFERENCE :
III.1FINDINGS
MAJOR FINDINGS:
2. The study reveals that most of the respondents (46.5%) prefer insurance
3. The study reveals that people mainly consider the life cover and security
is the most important factor to invest and they consider they can et high
as many of the respondents have higher ranks to life cover and returns.
4. The study shows that 91.5% of the respondents have insured their life and
policy.
70
5. Life Insurance Corporation is the company known by the most of the
insurance.
6. The study shows that 87% of the total respondents were aware of ICICI
Prudential Life Insurance company and 13% of the respondents were not
8. The respondents ranked that Birla Sun Life as the leading competitor for
Company.
10. The market survey revealed that audio-visual is the most (52%) effective
products.
11. It is also found that the overall perception towards ICICI Prudential Life
MINOR FINDINGS:
71
1. The study shows that the majority (54.5%) of the total respondents agree
that the awareness programs yet made by ICICI Prudential Life Insurance
2. The study shows that 5% of the total respondents belong to 20-25 age
3. The study shows that 68.5% of the total respondents were male and
servant; 31.5% of the total respondents were profession; 33% of the total
5. The study shows that 33.5% of the respondent’s annual income falls
under the category of 1 lakh – 2 lakhs and 31.5% of the respondents fall
72
III.2SUGGESTIONS
1. Most of the people have invested in insurance for their life cover and
2. The factors that influence people to invest more in insurance are the
returns. The company should give comparatively high returns for the
occupation of the investors and the life being insured. The age group
the age group between 36-45 for the benefit oriented products, and the
products.
73
5. Most of the respondents have come to know about ICICI Prudential Life
company.
6. Among the total respondents a less percentage of people are not aware
people also. Because these events acts as a milestone for the growth of
the company.
7. The study shows that, of the total respondents 3.5% are disagree and
to satisfied customers.
8. It is found that Birla Sun Life is the major competitors among the existing
10. The respondents feel that audio-visual media is the best media for
bringing more awareness among the people for the insurance products
74
by ICICI Prudential Life Insurance Company. The company may
3.2 CONCLUSIONS
which been a brand loyalty to the company. The satisfaction level of the
respondent is more that 50% of the total respondents, which explains the
customers and the attachment that they have towards the customers Most
improvement.
75
QUESTIONNAIRE
Respected Sir/madam,
survey for the study on public awareness of life insurance products for
1. Name :
3. Gender : M F
Above 10 Lakhs
76
6. Marital Status: Single Married
Bonds/Debentures Insurances
RANK
1 2 3 4 5 6
FEATURES
Liquidity
Capital Appreciation
Returns
Savings
Tax Relief
Life Cover & Security
10. If I say life insurance the company comes to your mind immediately
is
77
Mediclaim benefit Tax savings Children’s Education
Yes No
Groups
advertisement----------
13. Are you aware of the following information relating to ICICI Prudential
Life
Insurance Company?
Prudential Life.
Life time Pension Life time Life link Pension Smart kid
78
Forever Life Cash bank Life Guard Life
link
16. Rank the company that would be a competitor for ICICI Prulife rather
than
LIC?
Company RANK 1 2 3 4 5 6
HDFC Std Life Insurance
Birla Sunlife Insurance
ING VYSYA Life
Insurance
TATA AIG Life Insurance
MET LIFE India Insurance
AVIVA Life Insurance
18. The methods that would bring more awareness among the people for
19. The overall perception towards knowing about ICICI Prudential Life
Insurance Company?
79
LIST OF CONTENTS
PAGE
CHAPTER CONTENTS
NO
I INTRODUCTION
1.1 OUTLINE OF THE PROJECT 1
1.1.1 IMPORTANCE OF THE STUDY 2
1.1.2 SCOPE OF THE STUDY 3
1.1.3 OBJECTIVES OF THE STUDY 4
1.1.4 RESEARCH METHODOLOGY 5
1.1.5 LIMITATIONS OF THE STUDY 9
1.1.6 CHAPTERISATION 10
1.2 REVIEW OF LITRATURE 11
1.2.1 INDUSTRY PROFILE 14
1.2.2 COMPANY PROFILE 17
1.2.3 PRODUCT PROFILE 20
II DATA ANALYSIS & INTERPRETATION
2.1 PERCENTAGE ANALYSIS / FIGURES 23
2.2 STATISTICAL TOOLS 37
2.2.1 WEIGHTED AVERAGE ANALYSIS 38
2.2.2 CHI-SQUARE TEST 41
2.2.3 45
ANALYSIS OF VARIANCE
3.1 FINDINGS 49
3.2 SUGGESTION 51
3.3 CONCLUSION 53
APPENDICS
REFERENCES
80
LIST OF TABLES
TABLE PAGE
CONTENTS
NO NO
AGE WISE CLASSIFINCATION OF THE
2.1.1
RESPONDENTS
2.1.2 SEX WISE CLASSIFICATION OF THE RESPONDENTS
2.1.3 OCCUPATION OF THE RESPONDENTS
2.1.4 FAMILY ANNUAL INCOME
81
2.1.5 MARITAL STATUS FO THE RESPONDENTS
2.1.6 INVESTMENT IN LIFE INSURANCE POLICY
INVESTORS PREFERENCE TOWARDS LIFE
2.1.7
INSURANCE COMPANY
MOST IMPORTANT REASON BEHIND PREFERING
2.1.8
LIFE INSURANCE COMPANY
AWARENESS OF ICICI PRUDENTIAL LIFE
2.1.9
INSURANCE COMPANY
SOURCES OF AWARENESS OF ICICI PRU LIFE
2.1.10
INSURANCE
EFFECTIVENESS OF ADVERTISEMENTS PROGRAMS
2.1.11
MADE BY ICICI PRU LIFE INSURANCE COMPANY
MOST IMPORTANT FACTOR TO BE HIGHLIGHTED IN
2.1.12
THE AWARENESS PROGRAMS
METHODS THAT BRING MORE AWARENESS AMONG
2.1.13
THE PEOPLE FOR THE LIFE INSURANCE PRODUCTS
THE OVERALL PERCENTAGE ABOUT ICICI
2.1.14
PRUDENTIAL LIFE INSURANCE COMPANY
82
LIST OF FIGURES
FIGURE PAGE
CONTENTS
NO NO
AGE WISE CLASSIFICATION OF THE
2.1.1
RESPONDENTS
SEX WISE CLASSIFICATION OF THE
2.1.2
RESPONDENTS
2.1.3 OCCUPATION OF THE RESPONDENTS
2.1.4 FAMILY ANNUAL INCOME
2.1.5 MARITAL STATUS OF THE RESPONDENTS
2.1.6 INVESTMENT IN LIFE INSURANCE POLICY
INVESTORS PREFERENCE TOWARDS LIFE
2.1.7
INSURANCE POLICY
MOST IMPORTANT REASON BEHIND PREFERING
2.1.8
LIFE INSURANCE POLICIES
83
AWARENESS OF ICICI PRUDENTIAL LIFE
2.1.9
INSURANCE COMPANY
SOURCES OF AWARENESS OF ICICI PRU LIFE
2.1.10
INSURANCE
EFFECTIVENESS OF ADVERTISEMENTS
COMPANY
MOST IMPORTANT FACTOR TO BE HIGHLIGHTED
2.1.12
IN THE AWARENESS PROGRAMS
METHODS THAT BRING MORE AWARENESS
PRODUCTS
THE OVERALL PERCETION ABOUT ICICI
2.1.14
PRUDENTIAL LIFE INSURANCE COMPANY
84