Project Disha Fms

8/7/2019 Project Disha Fms

1/67

A SUMMER PROJECT REPORT ON

MARKET RESEARCH AND CUSTOMER SATISFACTION

AT

TATA AIG LIFE INSURANCE COMPANY LIMITED KOTA

Under Supervision Of: Submitted By

Ms. Neelu Tuteja

TEJMALNAGAR

Asst. Prof. (MIMT) (MBA 3 SEM)

SESSION - 2009-2011

MODI INSTITUTE OF MANAGEMENT &

TECHNOLOGY,KOTA


2/67

TATA AIG LIFE INSURANCE COMPANY LTD

KOTA

STUDY ON

MARKET RESEARCH AND CUSTOMER SATISFACTION

FOR

TATA AIG LIFE INSURANCE COMPANY LTD KOTA

A SUMMER PROJECT REPORT DURING JULY-AUGUST-2010

UNDER THE GUIDANCE OFMr. Vijay Gautam

(ASST.MANGAGER)&

Asst. PROF. NEELU TUTEJA

SUBMITTED BYMr. Tejmal Nagar

Modi Institute of Management & Technology, KOTA


3/67

PREFACE

This Project Report seeks to discuss the practical knowledge of marketing areas

Vocational Training gives practical exposure to a candidate through which he relate.

What the learnt in the institution that can be applied practically in the organization. It is of

outmost value to a management student as it helps to develop among students a feeling

about business environment and prevailing scenario.

Marketing involves the framework for marketing division several analytical methods used to

cope with various problems in the market and present information about the present

market scenario.

My project was a survey in the suggestions to improve the supply of cement.

The survey has been presented in true & the best of my knowledge.

TEJMAL NAGAR


4/67

ACKNOWLEDGEMENT

I express my sincere thanks to my project guide, Ms. NEELU TUTEJA, Asst. Professor,

F.M.S., for guiding me right form the inception till the successful completion of the project.

I sincerely acknowledge her for extending their valuable guidance, support for literature,

critical reviews of project and the report and above all the moral support she had provided

to me with all stages of this project.

I would also like to thank the supporting staff F.M.S. Department, for their help and

cooperation throughout our project.

TEJMAL NAGAR

MBA 3 SEM.


5/67

EXECUTIVE SUMMARY

It is vital to implement the learning into practical Scenario. The intelligence in its

real sense is how and when to apply the learning in the business context. In this

regard I am doing my project on MARKET RESEARCH & CUSTOMER

SATISFACTION Generally it is observed that if we dont go for critical

evaluation and designing new things, it leads to increased monotony for the

customers, decrease in motivational level among employees and lack of

appreciation towards the company.

Also, increased competition faced by the Company from its competitors compels the

company to continuously upgrade its service and offerings. These existing and newly

emerging Cement Companies grab the market share of the clients and hence pose a

threat to the business magnitude of the Binani Cement Limited.

The approach followed to fulfill the requirement of the report starts with studying and

understanding the present marketing strategies and programmes practiced in the

Company. Evaluating their effectiveness and thereby improvising on the existing system if

necessary.

Cement is one of the business sectors in the world and it is growing rapidly today so that

is why there is a need for the Cement organizations to the market their services or

products effectively in order to attract as many customers as possible.

To conclude the study, recommendations has been put forward as to how the

Company can improve the grab on the market and strengthen their activities for

the uncertain future.

Questionnaire, observation and personal interview with executives is used to

collect the primary data and secondary data is collected from the financial reports


6/67

CONTENTS

Serial No. Particulars

1. Introduction to insurance sector

2. Industry Profile

3. Company Profile

4. Scope of the work

5. Research Methodology

6. Data interpretation and analyses

7. Observation and findings

8. Limitation and Recommendation

9. Bibliography

10. Annexure


7/67

INTRODUCTION

TO

INSURANCE SECTOR


8/67

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 retiren childrens 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,


9/67

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 onlyfora financially independents future, which were

have a comfortable retirement. For example. Tata AIG preferred Maha Life

Gold plans such as income plan and Tata AIG Life Plus plan. Most

insurance plans available today have a built in saving elements. Tata AIG

preferred Retirement plans meet yourdual 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.


10/67

The Insurance Regulatory and Development Authority

Reforms in the Insurance sector were initiated with the passage of the IRDA

Bill in Parliament in December 1999. The IRDA since its incorporation as a

statutory body in April 2000 has fastidiously stuck to its schedule of framing

regulations and registering the private sector insurance companies.

The other decisions were taken simultaneously to provide the supporting

systems to the insurance sector and in particular the life insurance companies

were the launch of the IRDAs online service for issue and renewal of licenses

to agents. The approval of institutions for imparting training to agents has also

ensured that the insurance companies would have a trained workforce of

insurance agents in place to sell their products, which are expected to be

introduced by early next year. Since being set up as an independent statutory

body the IRDA has put in a framework of globally compatible regulations. In

the private sector 12 life insurance and 6 general insurance companies have

been registered.


11/67

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, Kota. 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.


12/67

IMPORTANCE OF THE TOPIC

The project report is all about market research to find out best sold plan of

Tata AIG Life Insurance, Kota. And to mouser the satisfaction level of

consumers of Tata AIG Life Insurance.

Market research helps Tata 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 Life Insurance.


13/67

INDUSTRY PROFILE


14/67

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 Soc ie ty

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 23 pr ivate l ife ins urance companies are workin g

in insurance industry.


15/67

Common Types of Insurance

Life insurance, originally conceived to protect a man's family when his death

left them without income, has developed into a variety of policy plans. In a

whole life policy, fixed premiums are paid throughout the insured's lifetime;

this accumulated amount, augmented by compound interest, is paid to a

beneficiary in a lump sum upon the insured's death; the benefit is paid even if

the insured had terminated the policy. Under universal life, the insured can

vary the amount and timing of the premiums; the funds compound to create

the death benefit. With variable life, the fixed premiums are invested in a

portfolio (with earning reinvested), and the death benefit is based on the

performance of the investment. In term life, coverage is for a specified time

period (e.g., 510 years); such plans do not build up value during the term.

Annuity policies, which pay the insured a yearly income after a certain age,

have also been developed. In the 1990s, life insurance companies began to

allow early payouts to terminally ill patients.

Fire insurance usually includes damage from lightning; other insurance

against the elements includes hail, tornado, flood, and drought. Complete

automobile insurance includes not only insurance against fire and theft but

also compensation for damage to the car and for personal injury to the victim

of an accident (liability insurance); many car owners, however, carry only

partial insurance. In many states liability insurance is compulsory, and a

number of states have instituted so-called no-fault insurance plans, whereby

automobile accident victims receive compensation without having to initiate a

liability lawsuit, except in special cases. Bonding, or fidelity insurance, is
http://www.infoplease.com/ce6/bus/A0835799.htmlhttp://www.infoplease.com/ce6/bus/A0835799.html


16/67

designed to protect an employer against dishonesty or default on the part of an

employee. Title insurance is aimed at protecting purchasers of real estate from

loss by reason of defective title. Credit insurance safeguards businesses

against loss from the failure of customers to meet their obligations. Marine

insurance protects shipping companies against the loss of a ship or its cargo,

as well as many other items, and so-called inland marine insurance covers a

vast miscellany of items, including tourist baggage, express and parcel-post

packages, truck cargoes, goods in transit, and even bridges and tunnels. In

recent years, the insurance industry has broadened to guard against almost any

conceivable risk; companies like Lloyd's will insure a dancer's legs, a pianist's

fingers, or an outdoor event against loss from rain on a specified day.

INSURANCE IN INDIA

The insurance sector in India has come a full circle from being an open

competitive market to nationalization and back to a liberalized market again.

Tracing the Developments in the Indian insurance sector reveals the 360

degree turn witnessed over a period of almost two centuries.


17/67

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 st at is ti ca l information abo ut both lif e and non life

insura nc e 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 ce nt ra l go ve rn me nt and nat io na li zed . LIC 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 to be 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


18/67

General Insurance thoug h a s ing le en t i ty . 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 se t up uni t lin ked pen sion pla ns .

Computerization of operations and updating of technology to be carried out

in the insuran ce industry. The committee emphasiz ed that in order

to improve the customer services and increase the coverage of the

insurance; industry should be opened up to competition.


19/67

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 TATA AIG Life Insurance there are other 23 private playersworking 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. incorporated on

12th

march 2001.

Reliance Life Insurance Company Ltd.


20/67

Reliance Life Insurance is an associate company of Reliance Capital Ltd.,

which along with its associates has acquired 100% shares in AMP Sanmar Life

Insurance Co Ltd in 2005.

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).

SBI Life Insurance Company Ltd.

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

together to from SBI Life.

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 In sura nce Com pany Lt d. Was one of th e

f i r s t companies to be granted license by the IRDA to operate in life

insurance sector. It was incorporated on 14th

august 2000. HDFC is themajority stakeholder in insurance JV with 81.4% stake and Standard life

(largest mutual assurance company in Europe) has a stake of 18.6%.

ING Vysya Life Insurance Company Ltd.

ING Vysya Life Insurance Company Ltd. Is expected to be first bank


21/67

assurance venture in the country. Together they have roped in GMR group,

which ha s wide -ranging in te res t s in f i e l d such as power

g e n e r a t i o n infrastructure, manufacturing, software and banking. As perJV 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.


22/67

COMPANY PROFILE


23/67


24/67

services, financial services and asset management around the world. AIG's

common stock is listed on the New York Stock Exchange, as well as the stock

exchanges in Ireland and Tokyo.

PRODUCT

A) TATA AIG Maha Life Gold

This unique policy is an ideal planning vehicle to fund your retirement. Itprovides a steady income and insurance coverage for life. Premiums arepayable only for the first 15 years, and can be used to cover the futureexpenses of your children.

Key features include:

A guaranteed annual coupon of 5% of the sum assured every year forthe rest of the insureds term from the 10th policy anniversary.

Yearly cash dividends are available from the 6th policy anniversaryonwards (depending on Company performance).

The entire sum assured is paid tax-free as per current Income TaxLaws.

Tax Benefits, Riders and Age Eligibility

The guaranteed 5% coupon and non-guaranteed cash dividends are taxfree as per current Income Tax Laws.

Premiums paid under this plan are eligible for tax benefits underSection 80C of the Income Tax Act, 1961. Any sum received under this

plan is exempt from tax under section 10(10D) of the Income Tax Act,1961.*

Disability, Accident, Term and Critical Illness riders are available foradded protection at a nominal extra cost. (For juveniles, only PayorBenefit Rider is available).


25/67

Policy available for persons between 0 years and 60 years of age.

B) TATA AIG Maha Guarantee Plan

Life is about moving forward, so as you scale greater heights, yourresponsibilities also increase. As a hard working person, you would belooking to invest your savings in responsible investment avenues. What can

be a better option than to invest in a plan that not only provides you thebenefit of guaranteed returns on your savings but also a double life coverthat increases with time? Tata AIG Life Maha Guarantee, a non-

participating endowment plan, is one such plan that meets all your demandsfor a secured investment with a high life cover. Not only that, the plan

benefits grows every year, to help you meet your increasing needs


Guaranteed Returns: On maturity, you receive a sum of the following

amounts guaranteed:- 100% of the Basic Sum Assured Guaranteed Addition* as added on every policy anniversary Guaranteed Maturity Addition

This plan offers you a life cover of twice the Basic Sum Assured atpolicy inception.

Every policy anniversary, the plan adds a Guaranteed Addition to yourlife cover, provided all due premiums have been paid and policy is inforce.

You get a large sum assured discount for policies with sum assuredequal to or more than Rs.2 lacks.

Maturity Benefit

On maturity, we guarantee to pay you a sum of the following amountsprovided the policy is in force and all due premiums have been paid:-


26/67

100% of the Basic Sum Assured

Accrued Guaranteed Additions

Guaranteed Maturity Addition

Death Benefit

In case of unfortunate death of the life assured, before the maturity ofthe policy, we will pay the sum of the following amounts provided the

policy is in force and all due premiums have been paid:

Twice the Basic Sum Assured

Accrued Guaranteed Additions

C) Tata AIG Life invest assure Flexible Plan

IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENTPORTFOLIO IS BORNE BY THE POLICYHOLDER

Each one of us has our own set of financial needs, aspirations, andpriorities. In many ways, these needs are unique and need to be addressedin a unique way. Our insurance requirements may be different dependingon our age and financial position. We may have different time horizon forinvestments as they depend on the underlying needs. Keeping this inmind, Tata AIG Life Insurance Company Limited brings to you Tata AIGLife Invest Assure Flexi Supreme. This plan is a unit linked endowmentinsurance plan that provides you with ample flexibility to suit your needsand priorities and helps you to achieve your financial goals. This plan also

provides the much needed life insurance protection in case of anyunfortunate event.


Flexible Policy Terms

Flexibility to choose from range of Portfolio Strategies like SMARTor AAA


27/67

Flexibility to choose between 7 Investment Fund options.

Tax benefits u/s 80C and 10 (10D) of the Income Tax Act, 1961.

D) TATA AIG Life Plus

The financial security and happiness of your loved ones is always aconcern. Providing them the best as well is a priority, especially when youmay not be around. Taking an adequate cover can help ease these worriesand ensure that the future needs are well taken care of in your absence.

Presenting, Tata AIG Life Life Plus, a simple, non-participating planwhich provides you a life cover for 20 years. And in case of no claims tillmaturity, the premiums you pay will be refunded to you.*

Thus ensuring that not only your loved ones are adequately protected andbut you also get a value for money insurance cover.


A term policy that also returns the premiums paid at the end of 20

years guaranteed*

Life cover for 20 years - Upon your unfortunate death at any timeduring the 20-year term, the Plan pays the Sum Assured to your lovedones

Premiums are payable only for the first 15 years

In case of an accidental death, double of the sum assured will be paid

* excluding service tax & rider premium

Premiums paid under this plan are eligible for tax benefits underSection 80C of the Income Tax Act, 1961. Moreover, life insurance

proceeds enjoy tax benefits as per section 10(10D) of the said Act.

E)Tata AIG Life Health Investor

Hospital rooms. Doctors bills. Stress. Worry. Tears. Frustration. Life


28/67

seems to be over the moment one is diagnosed with a critical illness.

But, with Tata AIG Life Health Investor (Health Investor) from Tata AIG

Life, life does not have to come to a standstill. Because the financialcover it offers plays a large role in contributing to your peace of mind andsubsequent recovery.

Whats more, if you are fortunate enough never to be diagnosed with aCritical Illness, the premiums you pay will never go to waste as they will

be refunded in case there is no claim.

Protection Against 12 Critical Illnesses:

The critical illnesses covered under this policy include Benign Tumor,Paralysis, Parkinsons Disease, Total Blindness, Cancer, Stroke, HeartAttack, Chronic Renal Failure, Coronary Bypass Surgery, Heart ValveSurgery, Aorta Surgery and recipient of major organ transplant of Heart,Lung, Liver, Kidney, Pancreas or Bone Marrow. The coverage undercritical illness benefit would be available only after 180 days from theissue/reinstatement date. However, this policy will cease after one claimis made.

So, invest a little in your health now and stay protected and worry-free.

Key benefits includes:

Lump sum benefit on diagnosis of 12 critical illnesses

Cover in case of unfortunate death

100% Return of Premium in case of no claim

5% increase in the Critical Illness Benefit up to a maximum of 50% ofSum Assured

Limited premium payment period

Level Premium

Eligibility:

Policy is available for persons between 18 and 55 years of age


29/67


30/67

SCOPE OF STUDIES


31/67

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 ------.


32/67

OBJECTIVE OF THE STUDY:

1) To determine the present position and satisfaction of customer in Tata

AIG Life Insurance.

The main objective of the project was to analyze consumer satisfaction of

Tata AIG Life Insurance with other services in Kota. 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.


33/67

5) Identify pros and cons of the brand.

This was a fundamental objective of the whole research. Company wants toidentify that where does the brand lack. In other words, what are the brands

so 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.


34/67

RESEARCH

METHODOLOGY


35/67

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 purpos e i s to f i nd ans wers t o que s t i ons th rought h e 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.


36/67

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 TATA AIG Life Insurance.

a) Primary Data

The 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 Tata AIG 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 ProfileThe aforesaid data were collected through Internet and company s financial

report.


37/67

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 throughSurvey technique, which is the most popular and effective technique for

correct da t a co l l e c t i on . The su rv ey w as c ompl e ted wi th 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 the project the market

research, which was ask to be studied was Kota 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 Tata AIG Life Insurance customer data basic.

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.


38/67

DATA INTERPRETATION

AND ANALYSIS


39/67

Personal detail

Classes

(Age)

No of

Respondents18-24 4

24-35 19

35-45 16

45-55 8

55-65 1

No. OfRespondent

20

18

16

14

12

10

8

6

4

2

018-24 24-35 35-45

45-55 55-65

No. Of Respondent

ANALYSIS

Above diagram consist five classes of different agegroups. Here customer

19 customer biloges to 25-35 age groups, 16 customersfall 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.


40/67

Here majority of customer belong to the group 25-35years.


41/67

Do you think is it essential to have Life Insurance?YES NO

Yes No Total

No. of Respondents 45 5 50% of Respondents 90 10 100

No. ofRespondents

YES

NO

ANALYSIS

To this question 45 consumers reported YES and 5 consumers reported

NO .


42/67

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

Companies No. of

Respondents

% of

Respondents

Tata AIG Life Insurance 50 37.04

LIC 30 22.22Bajaj Allianz - -

Reliance Life Insurance 10 7.41

Max New York Life Insurance 5 3.70

HDFC Life Insurance 10 7.41

ICICI Prudential Life Insurance 25 18.52SBI 5 3.70

No. ofRespondents

Tata AIGLifeInsurance

LIC

Bajaj Allianz

Reliance

Max New York LifeInsurance

HDFC Life Insurance

ICICI Prudential LifeInsurance

SBI


43/67

ANALYSIS

From the above figure we come to know that customer is 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 KOTAK equal share of 7.41% & the Max

NewYork& SBI are having 3.70%.


44/67

Why did you choose Tata AIG Life Insurance?

No of

Respondents

% Of

Respondents

ROI 18 36

Peer Pressure 15 30Tax Benefit 10 20

Security /safety 2 4

Low Premium 5 10

TOTAL 50 100

No. ofRespondents

ROI

PeerPressure

Tax BenefitSecurity/safety

Low Premium

ANALYSIS

The above diagram shows 36% of respondents choose because of good

returns, 30% because ofpeerpressure and remaining 24% opt. Because of

tax benefit, safety and 100 premium respectively.


45/67

Which of the following planed you is insured?

No o

Respondents

% Of

Respondents

Maha Life gold 25 40

Invest Assure Flexi 19 30

3 5

Tata AIG Life Pus 6 10

10 15

No. ofRespondent

Maha Life Gold

Invest Assure Flexi

Health Investor

Life Plus

Maha Guarante Plan

Note.

Some of customers are having more than one plan total survey customersare 50.


46/67

ANALYSIS

From the total 63 respondents maximum i.e. 40% customers have opted for

Flexi Plan, whereas 30%have gore for Retirement plans and remaining 30%

have customer are having endowment, multiplier and child advantage

respectively.


47/67

What kind of services you expect from insurance provides

Noof

Respondents %Of

Respondents

Easy access ability to Deposit Center 20 31

Time to time premium collection 12 19Provision in case of Dues 8 13

Bonus & other schemes 24 37

TOTAL 64 100

No. ofRespondents

Easy access ability to

Deposit Center

Time to timepremium

collection

Provision in case of

Dues

Bonus & otherschemes

Note.

Some of customer are expecting more than single service.


48/67

ANALYSIS

Out 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.


49/67

How will you rate the services given by TATA AIG Life Insurance?

No ofRespondents

% OfRespondents

Poor - -Average 16 32

Good 28 56

Excellent 6 12

TOTAL 50 100

No. ofRespondents

Poor

Average

Good

Excellent

ANALYSIS

Out of 50 respondents 57% have ratted TATA AIG Life Insurance

services as good and 32% have ratted as average. And remaining 12% haveratted as Excellent.


50/67

What difference you find between Tata AIG & your previousInsurance provider.

No of

Respondents

% Of

Respondents

Good Returns 16 21

Effective Service/liquidity 12 15

Tax Planning 28 36

Security/ Safety Benefit 22 28

TOTAL 50 100

No. ofRespondents

Good Returns

Effective

Service Tax

Planning

Security/ Safety Benefit

Note.

Some of customers are having more than one plan more Benefit are expected

in one plan. Total surveys of customers are 50.


51/67

Do have any suggestion for Tata AIG Life Insurance?

YES NO

YESNO

TOTALNo of Respondents 39 11 50

% Of Respondents 78 22 100

No. ofRespondents

YES

NO

ANALYSIS


NO .


52/67

In future, will you purchase policies from TATA AIG Life Insurance?

YES NO

YES NO TOTAL

No of Respondents 32 18 50

% Of Respondents 64 36 100

No. ofRespondents

YES

NO

ANALYSIS


NO .


53/67

OBSERVATION

AND

FINDINGS


54/67

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 Li fe Insura nce , L IC , Kot ak , Bajaj Allianz, Max

New Yor k, HDFC, ICICI and SBI.

36 percentages of the total respondents invest in Tata

AIG Life Insurance for getting high ROI. Most

of respondent s preferred Tata AIG Maha Life

Gold.

37.5 percentage respondents expect bonus and other schemes

from TATA AIG Life Insurance.

68 percentage respondents satisfied with servicesgiven by

Tata AIG Life Insurance.

As per 28% of despondence TATA AIG Life Insurance

providers good tax benefits to the Investors.

64% of respondents are wil ling to purchased policies from

TATA AIG Life Insurance in future.


55/67

LIMITATION

AND

RECOMMENDATIONS


56/67

Limitations of study:-

1.


57/67

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 AIG Life Insurance should introduce attractive policies &

Also attractive bonus on policies to attractive more potentialcustomers.

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% respond ents are will ing to purcha ses Tata AIG Life

Insurance policies in future this benefit TATA AIG Life Insurance as

mort potential customer in future.


58/67

CONCLUSION


59/67

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

to TATA provides good tax benefit for the consumers also ROI, security etc.

Tata AIG Maha Life Gold Plan is the best-sold plan in market by TATA

AIG Life Insurance. This conveys that the customer s is switching to

ULIPs Plan.


60/67

BIBLIOGRAPHY


61/67

REFERENCES

BOOKS

MAGAZINE

Business & Economy Magazine

COMPUTER WEBSITE

1)www.IRDA.com2)www.licindia.com3)www.hdfcinsurance.com

4)www.businessindiaonline.com5)www.maxnewyorklife.com6)www.brandonline.com7)www.iciciprulife.com

8)www.tata-aig.com


62/67

ANNEXURE


63/67

QUESTIONNAIRE

1. Personal detail

Name:

Age

18-24 -35 -4545-55 55 and above

Phone No.

Email.

Office Address: - Residential Address: -

2.Doyou think is it essential to have Life Insurance?

YES NO

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

a) TATA AIG Life Insurance

b) LIC

c) Bajaj Allianz

d) Kotak Life

e) Max New York Life Insurance

f) HDFC Life Insurance

g) ICICI Prudential Life Insurance

h) SBI


64/67

4. Why did you choose Tata AIG Life Insurance?

a) ROI

b) Peer Pressure

c) Tax Benefitd) Security /safety

e) Low Premium

5. Which of the following planed you is insured?

a) Maha Life Gold////////////////b) Invest Assure Flexi

c) Tata AIG Life health Investord) Tata AIG Life Plus

e) Tata AIG Maha Guarantee

Plan

6. What kind of services you expect from insurance provides

a) Easy access ability to Deposit Center

b) 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 TATA AIG Life Insurance?

a) Poor

b) Average

c) Good

d) Excellent


65/67

8. What difference you find between T a t a A I G & your previousInsurance provider.

a) Good Returns (HIGHEST)

b) Effective Service/Liquidity

c) Tax Planning

d) Security/ Safety Benefit & Protection on your Capital

9. Do have any suggestion for TATA AIG Life Insurance

YES NO

10. In future, will you purchase policies from Tata AIG LifeInsurance?

YES NO


66/67


67/67

Project Disha Fms

Documents

Transcript of Project Disha Fms