PROJECT FINAL REPORT

ON

“MARKET RESEARCH AND CUSTOMER SATISFACTION”

BYABHISHAKE SINGH

TATA AIG Insurance Company Limited

Summer Internship Project(Batch of 2010)

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PROJECT TITLE

MARKET RESEARCH AND CUSTOMER SATISFACTION

A report submitted in partial fulfillment of the requirements of

MBA program

COMPANY GUIDE FACULTY GUIDE Mr. NISHANT SHARMA Prof. N.S.KOTHARIBRANCH MANAGER MANT.& COMMERCE Institute of global synergy SUBMITTED BY :-

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Abhishek singh

Certificet

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Declaration

I hereby declare that this report on “MARKET RESEARCH AND

CUSTOMER SATISFACTION ” has been written and prepared by me

during the academic year 2010-2011.This project was done under the able

guidance and supervision of Prof. N.S.kothari, Faculty of “management &

commerce institute of global syngry” ,ajmer. and Mr. Nishant

Sharma,Branch manager Tata Aig Life Insurance Company Ltd., Calicut in

partial fulfillment of the requirement for the Master Of Business

Administration Degree course of the management & commerce institute of

global synergy

I also declare that this project is the result of my own effort and has not

been submitted to any other institution for the award of any Degree or

Diploma.

Place: Ajmer

Abhishek singh

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ACKLOWLEDGEMENT

It is said, The most important single word is we and the zero important single word is I .This true even in today s modern era. It is absolutely impossible for a single individual to complete the assigned job without help and assistance from others.

It is my greatest pleasure to acknowledge sincere gratitude towards Mr.Nshant Sharma (branch Manager) Tata Aig Life Insurance Company Ltd. Ajmer, for the completion of the project work. I would also like to acknowledge to my sincere gratitude to the Director of my institute Dr. ishwar tharaney and my project guide Prof. N.S. Kothari for helping me in this project work. I am thankful to all of my friends and batch mates for their help in completing this project work. Finally, I am thankful to my entire family members for their great support and encouragement.

Abhishek singh

(MBA-III sem)

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PREFACE

For management career, it is important to develop managerial skills. In order to achieve positive and

concrete results, along with theoretical concepts, the exposure of real life situation existing in corporate

world is very much needed. To fulfill this need, this practical training is required.

I took training in in Tata aig life insurance company located in Ajmer. It was my fortune to get

training in a very healthy atmosphere. I got ample opportunity to view the overall working of the

insurance market

This report is the result of my 45 days of summer training in Tata aig life insurance company , as a

part of M.B.A. The subject of my report is-. MARKET RESEARCH AND CUSTOMER SATISFACTION

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Executive SummaryThe objective of the project was to do Market Research and customer Satisfaction for Tata Aig Life Insurance for that we have to understand the customer needs, Income, constraints, response and emotions so that they can contribute their time for becoming Life advisors for the company. The objective of this study was to analyze consumer satisfaction of mechanical splicing in ajmer city with respect to the performance, sales effort and sales service. As the company was new and it was 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 companying made us possible to measure the satisfaction of consumer by identifying the attributes, which gave consumer-varying degrees of satisfaction. Questionnaire based on company format so e attributes like requirement of customer and sales services offered by company were identified as critical (motivational) factors for providing satisfaction to consumers, while other factors like excisable deposit center, premium collocation was time to time and also intimation regaining before the collocation of premium. But absence of such hygienic factors definitely results in a dissatisfied consumer. These hygienic factors could result in selling but their absence can certainly unseal the product offering. 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. Go through questionnaire in different different area and people in the ajmer city. The study was undertaken for ajmer region during two months. The researchers were given first 15 days for collection of data and scanning the data. The questionnaire contains various aspects like there. Address, their present age, profession, number of dependents, Goals and also planning for old age (Retirement) etc. The second part of the study that consists of 40 days contains scanning the questionnaire and taking appointments. After that usually meeting the persons and tell them about the company. Most important part is analyzing the information

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CONTENTS

S.NO. Topic Page No.

1. Title of the project 1

2. Certificate 3

3. Declaration 4

4. Acknowledgement 5

5. Preface 6

6. Executive summery 7

7. Introduction History Insurance

91314

8. Company profile 23

9. Scope of study 27

10. Research Methodology 28

11. Data collection 28

12. Data interpretation and analyses 30

13. Observation and findings 39

14. Limitation and Recommendation 39

15. Conclusion 40

16. Bibliography 41

15. Annexure 42

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INTRODUCTION

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INTRODUCTION

Wherever there is uncertainty there is risk. The risk cannot be averted. The risk is uncertainty of the financial loss. We don t have any command on uncertainties. This makes it essential that we think in favor of a device that becomes instrumental in spreading the loss. It is in this context that we think about insurance. Protection against the possible chances of generating uncertain losses. It eliminates worries and miseries of losses or destruction of property and death. Life insurance is a contract between you and a life insurance company, which provided you a death during the contract term. Buying insurance is extremely useful if you are the principal earning member in the family unfortunate premature demise, your family can remain financially secure because of the life that you have purchased. The primary purpose of life insurance is therefore protection of the family in the even insurance is also seen as a tool to plan effectively for your future years. Your retire children s future needs. Today, the market offers insurance plans that not just cover your same time grow your wealth too. If you have dependants and financial responsibilities toward them, then you certainly need. Having a family means dependant, which in turn means financial commitments. Finance comes in the form of loans, children s education medical expenses etc. Imagine what would happen if you were to lose your life suddenly or become disabled being insured in a situation like this is a necessity. When you insured your life, in effect what you are doing insuring your earning capacity that your dependents will be able to continue living without financial hardships even in case Most insurance plans available today come with a savings element built into it. These policies not only for a financially independents future, which were have a comfortable retirement. For example. Kotak preferred Retirement plans such as income plan and kotak Multiplier plan. Most insurance plans available today have a bailt in saving elements. Kotak preferred Retirement plans meet your dual financial goals of life cover and savings for the future. Collateral security. Life wasn t designed to be risk free. The key is not to eliminate risk, but to estimate it Accurately and manage it wisely. Insurance sector have characteristic that give can boost to the growth of any economy .it is due to the savings done at the individual level and at micro level it generates funds for infrastructure building as the cash flow is constant while the payout is differed, so that the insurance companies are becoming biggest investors in long gestation infrastructure development projects and hence have a great Importance to the developing economy like India. Insurance sector with an annual growth rate of 15 20% and the largest number of life insurance policies in force, the potential of the Indian insurance industry is huge.

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INTRODUCTION OF THE TOPIC

The purpose of this training was to have practical experience of working within the organization, in the filed of marketing and to have exposure to the important management practices in field of marketing. While writing this report the language has been keep simple and the entire discussion has been logical and has coherent outlines. The main motto of the project work was Market Research and customer Satisfaction of Tata aig life insurance company. It includes through market Research in various plans of Tata aig Life Insurance. And in detail consumer (Satisfaction) responses analysis, by surveying number of consumers. The project report is divided into two parts, first part consists market research for finding out best sold plan of tata aig Life Insurance, And second consist survey report of various consumers about there responses about satisfaction towards Tata aig Life Insurance Company

IMPORTANCE OF THE TOPIC

The project report is all about market research to find out best sold plan of Tata aig Life Insurance, ajmer. And to mouser the satisfaction level of consumers of tata aig Life Insurance. Market research help stata aig Life Insurance about the best plan purchased by its consumer satisfaction level helps to know weather the consumers are satisfied by service/Plans of tata aig a Life Insurance

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INDUSTRY PROFILE

The industries, businesses and individuals are considerably by the services of insurance organization.

A. The oldest form of insurance (12th century) is marine insurance. After wards 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 was started in the Bengal Presidency in 1818 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 the more specific after nationalizing in 1956.

E. There was major change in the insurance sector after globalization in 2001. The private player in the insurance industry and ends the dominance of LIC.

F. The different MNC s company of foreign country enters in the insurance industry with the joint venture with Indian companies. Today total 11 private life insurance companies are working in insurance industry.

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HISTORY

1912: the Indian Life Assurance Companies Act enacted as the first stature nto 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 taken over by the central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 core from the Government of India.

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INTRODUCTION TO INSURANCE

Today, only one business, which affects all walks of life, is insurance business. That’s why insurance industry occupies a very important place among financial services operative in the world. Owing to growing complexity of life, trade and commerce, individuals as well as business firms are turning to insurance to manage various risks. Therefore a proper knowledge of what insurance is and what purpose does it serve to individual or an organization is therefore necessary.

The future is never certain .

So it’s rightly said, “AN INSURANCE POLICY IN HAND KEEPS THE TENSION AWAY.”Insurance, essentially, is an arrangement where the losses experienced by a few are extended over several who are exposed to similar risks. Insurance is a protection against financial losses arising on the happening of an unexpected event. Insurance companies collect premium to provide security for the purpose. In simple words it is spreading of risks amongst many people.

i) LIFE INSURANCE: It is a fundamental part of a sound financial plan which helps to insure your loved ones.

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ii) Benefits:

1) SAVINGS For unforeseen circumstances.2) EDUCATION For child’s education and for higher studies.3) RETIREMENT Facilitates adequate savings for worry free retired life.

iii) Insurance ------------a Flash back:The earliest transaction of insurance as practiced today can be traced back to the 14 th century AD. The business of insurance started with marine business by Traders who used to gather in the Lloyd’s coffee house in London, wherein they had agreed to insure their ships in transit.

The 1st Life Insurance Policy was issued on 18th June, 1583, on the life of William Gibbons for a period of 12 monthsLife Insurance in its current form came in India from the UK, with the establishment of British firm,

Oriental Life insurance Company, in 1818

The 1st Indian insurance company was the Bombay Mutual Assurance Society Ltd, formed in 1870.By the year 1956, when the life insurance business was nationalized and the Life

Insurance Corporation Of India ltd (LIC) was formed on 1st September, 1956 and there were 245 companies existing at that time in India. By 31.3.2002, eleven new insurers had been registered and had begun to transact Life insurance business in India.

IV) INSURANCE CLASSIFICATION

Life

Term

Endowment

Unit-linked

Money-back

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V) INSURANCE INDUSTRY POTENTIAL

1) Asia is amongst the world’s largest insurance markets contributing nearly 39% of global insurance business.2)The Life Insurance Industry has grown by 27% p.a. over the last 5 years and by about 62% in the first eleven months of 2006 -07. Source – IRDA Journal (April 2007)3) Global Life Insurance Market: $1,521 billion, Global Non-Life Insurance Market: $922 billion4) India is 23rd in insurance business with 0.41% share5) Out of one billion people in India, only 35 million people are covered by insurance.6) India’s life insurance premium as a percentage of GDP is just 1.8%7) Indian insurance market is set to touch $50 billion by 2010, on the assumption of a 7% growth in GDP (CII Projections 2001-2002)8) The Insurance premium as a % of GDP in 2005 increased to 3.14% and is set to touch 4.3% in 2008. (Source – Lifeline 26th Dec 2006)

LIFE INSURANCE COMPANIES IN INDIA

1.Life Insurance Corporation of India2. Tata AIG Life Insurance Company Ltd3. Kotak Mahindra Old Mutual Life Insurance Ltd4. Birla Sun Life Insurance5. ICICI Prudential Life Insurance6. Aviva Life Insurance7. Allianz Bajaj8. Max New York Life Insurance9. Bharti Axa Life Insurance10. SBI Life Insurance11. Reliance Life Insurance12. ING Vysya Life Insurance13. Sahara India Life Insurance14. HDFC Standard Life Insurance15. Shriram Group

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Market share for 5 yera

Lic 98% 94% 87% 78% 71%

Private player

2% 6% 13% 22% 29%

Market share of insurance players

Market share of public sector and private sector for 2008-09

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Market share of private insurance company 2008-09

Source : ESCOLIFE (insurance news papper by ritu Nanda jun 2010

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INSURANCE SECTOR REFORMS:

1) StructureGovernment stake in the insurance companies to be brought down to 50%.

2) CompetitionPrivate 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 though a single entity. Foreign companies may be allowed to enter the industry in collection with the domestic companies. Postal Life Insurance Should be allowed to operate in the rural market. Only One State Life Insurance Company should be allowed to operate in each state.

3) Regulatory Body

- The Insurance Act should be changed- An Insurance Regulatory body should be set up- Controller of Insurance (Currently a part from the Finance Ministry) should be made independent.

4) Investments

Mandatory Investment of LIC Life Fund in government securities to be reduced from 75% to 50%.

5) Customer service

LIC should 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.

ENTRANCE OF PRIVATE PLAYERS IN INSURANCE SECTORS

India still has low insurance penetration of 1.95 percent, 51st in the world. 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. Close to foreign competition since nationalization in 1956, the life insurance industry had been protected from competitive pressures. Now, with the reopening of the sector, several new players have entered the scene. The acronym for the Insurance Regulatory and Development authority of India, it overseeing the insurance business in India. It protects the interests of the policyholders received and ensures orderly growth of the insurance industry and for matters connected there thereto. Beside Kotak Mahindra Life Insurance there are other 11 private players working in life insurance sector, which are as follows.

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Allianz Bajaj Life Insurance Company Ltd.

Allianz Bajaj Life Insurance Company Ltd. is a joint venture between Allianz AG (Largest insurer in Europe) and Bajaj Auto Ltd. incorporated on 12th march 2001.

AMP Sanmar Assurance Company Ltd.

AMP Sanmar Assurance Company Ltd. is a joint venture between AMP, largest life insurer in Australia and New Zealand, Sanmar is one of the largest industrial groups in South India dealing in chlorochemicals and shipping and Engineering.

Aviva Life Insurance Company Ltd.

Aviva Life Insurance Company Ltd. is a joint venture between Dabur India and CGU, is a wholly subsidiary of Aviva Plc (UK).

BI Life Insurance Company Ltd.

India s largest bank SBI and Cardiff S.A, a leading insurer in France came together to from SBI Life.

Tata Life Insurance Company Ltd.

Tata Life Insurance Company Ltd. is capitalized at Rs. 185 crore; of which 74% has been brought in by TATA Sons and the American partner bring 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.

Birla Sun Life Insurance Company Ltd.

Birla Sun Life Insurance Company is a 74:26 joint venture 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%.

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ING Vysya Life Insurance Company Ltd.

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.

It s a partnership between MAX India ltd and New York life, a Fortune 100 company.Met Life India Insurance Company Ltd.

It was incorporated in April 2001 as a joint venture between Met Life International Holding, Inc, Jammu & Kashmir bank, and M. Pallonji and company private Ltd

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Company profil

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COMPANY PROFILE

Getting associated with a brand like Tata –AIG for just 2 months was really a prestigious and a memorable period in my MBA tenure. Growth has been the main objective of the company and will continue to be the driving force in the years to come by spreading the wings wider in India and contribute in the economic and social development. Tata-

AIG LIFE Insurance Company is a joint venture between Tata Group and American International Group (AIG.) Let’s throw light on the facts of both the high profile and prestigious companies. Some of the features of TATA are:

· Over 260,000employees

· Operates in 130 countries worldwide

· Trusted by over 3 million shareholders

· Diversified business interest ( 92 companies)

· Largest FOREX earner

· Revenues of US $ 14.25 billion

· Deep rooted commitment towards society.

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Some of the features of AIG are:In business since 1919,Over 80,000 employees worldwidePresence in over 130 countriesOver 50 million customers worldwideRevenues over US $ 81.3 billionRanks 4th on the FORBES 500 LIST OF 2003.Deals in General and life insurance, asset management, financial services.

It is a joint venture between TATA and AIG. It provides insurance cover for both for life and group. It deals in all kinds of products. And now concentrates more on UNIT LINKED PLANS.

It is Tata-AIG which consumers trust the more when it comes to giving exact claim valuation, best in consumer satisfaction and trusted as the best in quick disposal of claims. Its working is based on Business brought up by Business Associates who are the advisors/agents for the company. Areas of business Tata AIG Life Insurance products include a broad array of life insurance coverage to both individuals and groups. For groups, the company has life products whereas for individuals, it has term products, endowment products as well as money-back products. For groups and individuals, various types of add-ons and options are available to give consumers flexibility and choice. The company has also designed specific products for the financially challenged and underprivileged.

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Some of the features are:74% Stake of TATAs and 26% of AIGLicensed to operate on February 12, 2001Has over 190 branches and planning to increase the number to 120 plus by August2007 , and 300 plus by November 2008.Over 5 lac + policy holders.

Tata AIG is all set to scale greater heights and has arrived at a vision of making it A BILLION DOLLAR COMPANY BY 2009A glimpse at the Joint Venture

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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 ------.

OBJECTIVE OF THE STUDY:

1) To determine the present position and satisfaction of customer in Kotak Mahindra Life Insurance. The main objective of the project was to analyze consumer satisfaction of Kotak Mahindra Life Insurance with other services in Pune. 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) Responses of customer Responses from them were collected through survey and for the questionnaire were prepared for both of them.

4) Benefits derived by assessing consumer satisfaction are:

- Feedback to organization regarding product.- Understanding customer s requirements.- Providing superior service to customer.- Strengthen the relationship with customers.- Formulating sales strategies.

5) Identify pros and cons of the brand. This was a fundamental objective of the whole research. Company wants to identify that where does the brand lack. In other words, what are the brandsso that it can rectify them in order to establish the brand in the market.

6) 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.

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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 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 achiever the objectives of the project. In order to determine the present position and satisfaction of customer of kotak Mahindra Life Insurance.

a) Primary DataThe data that is being collected for the first time or to particularly fulfill 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 DataSecondary data are that type of data, which are already assembled and need not to collected from outside. These types of data were

i) Company Profileii) Product Profileiii) Competitors ProfileThe aforesaid data were collected through Internet and company s financial report.

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2) Data Collection MethodFor 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) SamplingSample is the small group taken under consideration from the total group. This small group represents the total group. In the project the market research, which was ask to be studied was pune market but as it was possible to approach all the respondent s customer 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. Sample size of customer list was taken from Kotak Mahindra Life Insurance customer data basic.

4) Data EvaluationThe 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

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DATA INTERPRETATION AND ANALYSIS

ANALYSISAbove diagram consist five classes of different age groups. Here customer 19 customer biloges to 25-35 age groups, 16 customers fall in the age group 35-45 years. Other 8 customer comes are in the class 45-55 years the age group of 18-24 consists four customer reaming customer is in age group 55-65 years. Here majority of customer belong to the group 25-35 years

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ANALYSISFrom the above figure we come to know that customer are also investing money in other life insurance companies. The major player in insurance is LIC holding 22.22% of total sample. The second major player ICICI is holding 18.52%. HDFC and AIG are having equal share of 7.41% & the Max New York & SBI are having 3.70%.

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Why did you choose Tata aig Life Insurance?

ANALYSISThe above diagram shows 36% of respondents choose because of good returns, 30% because of peer pressure and remaining 24% opt. Because of tax benefit, safety and 100 premium respectively

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Note.Some of customer are expecting more than single service.ANALYSISOut of total 50 respondents 37% like to have bonus and other service as a prime concern, 13% like to have provision in case of dues and remaining 31% & 12% respondents say. They need time-to-time premium collection and easy accessibility to deposit center as a concern before choosing insurance provider.

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How will you rate the services given by Tata aig Life Insurance?

ANALYSISOut of 50 respondents 57% have ratted Kotak

Mahindra Life Insurance services as good and 32% have ratted as average. And remaining 12% have ratted as Excellent.

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What difference you find between Tata aig & your previous Insuranceprovider.

Note.Some of customers are having more than one plan more Benefit are expectedin one plan. Total surveys of customers are

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Do have any suggestion for tata aig Life Insurance? YES NO

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In future, will you purchase policies from Tata aig Life Insurance? YES NO

ANALYSISTo this question 32 consumers reported YES and 18 consumers reportedNO .

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OBSERVATION AND FINDINGS

OBSERVATIONS

Majority of the customer s belonged to age group of 25-35 years that is 19 consumers. 45 consumers think Life Insurance is essential for them. 135 respondents are investing in life insurance companies like tata aig Life Insurance, LIC, Tata Allianz, Max New York, HDFC, ICICI and SBI. 36 percentages of the total respondents invest intata aig Life Insurance for getting high ROI. Most of respondent s preferred tata aig Flexi Plan. 37.5 percentage respondents expect bonus and other schemes from tata aig Life Insurance. 56 percentage respondents satisfied with services given by tata aig Life Insurance. As per 28% of despondence atat aig Life Insurance providers good tax benefits to the Investors. 64% of respondents are willing to purchased policies from atat aig Life Insurance in future.

LIMITATION AND RECOMMENDATIONS

RECOMMENDATIONS

1) There is scope to sale insurance policy by concentrating on age group 18-24 years here potential of customers are there.(Example. Software professional, BPO employees, and professionals) Flexi plan can be sold by concentrating on age group 35-45 years. (Example. Government employees, executives and businessman)

2) As major respondents think to have life insurance policy is very essential there is lot of scope for insurance company.

3) tata aig 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.

4) As more respondents are investing in tata aig Life Insurance for getting high return on investment the company should try to provide attractive returns on investments in future.

5) tata Life Insurance should introduce attractive policies & also attractive bonus on policies to attractive more potential customers.

6) Approx 36% of respondents differ with there previous insurance provider, they field that tata aig Life Insurance providing good tax benefit for there investment so tata aig Life Insurance if possible try to provided more tax benefit customer.

7) 64% respondents are willing to purchases tata aig Life Insurance policies in future this benefit tata aig Life Insurance as mort potential customer in future.

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CONCLUSION

After conducting market research for tata aig 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 market awareness about tata aig Life Insurance Company in the market. Customer satisfaction level of most respondents is higher for tata aig Life Insurance Company, which is provided by survey. Higher satisfaction level of tata aig life insurance company was monthly due totata aig provides good tax benefit for the consumers also ROI, security etc.tata aig Flex s plan is the best-sold plan in market by tata aig tata aig Life Insurance. This conveys that the customer s are switching to retirement plan.

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Books Magazines News papers Internet

Insurance in India Business world The Hindu IRDA website

Insurance distribution (ICFAI Publications)

Magazines on investment

Business Line Google search

Insurance industry (ICFAI Publications)

Economic Times Websites of different insurance

companies

BIBLIOGRAPHY & REFERENCES

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ANNEXURE

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QUESTIONNAIRE

1. Personal detail

Name:________________________Age__________________________Phone No._____________________Email.________________________Office Address: - _______________Residential Address: -____________

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

YES NO

3. Which are the companies you invested your money for Life Insurance?

a) Kotak Mahindra Life Insuranceb) LICc) Bajaj Allianzd) Tata AIGe) Max New York Life Insurancef) HDFC Life Insuranceg) ICICI Prudential Life Insuranceh) SBI

4. Why did you choose Kotak Life Insurance?

a) ROIb) Peer Pressurec) Tax Benefitd) Security /safetye) Low Premium

5. Which of the following planed you is insured?

a) Kotak Flexi planb) Kotak retirement Planc) Kotak Endowment Pland) Kotak Capital Multiplier Plane) Kotak Child Advantage Plan

6. What kind of services you expect from insurance provides

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a) Easy access ability to Deposit Centerb) Time to time premium collectionc) Provision in case of Dues(Policy Lapse)d) Bonus & other schemes

7. How will you rate the services given by Kotak Mahindra Life Insurance?

a) Poorb) Averagec) Goodd) Excellent

8. What difference you find between Kotak & your previous Insurance provider.

a) Good Returns (HIGHEST)b) Effective Service/Liquidityc) Tax Planningd) Security/ Safety Benefit & Protection on your Capital

9. Do have any suggestion for Kotak Mahindra Life InsuranceYES NO

10. In future, will you purchase policies from Kotak Mahindra Life Insurance?YES NO

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45

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