Bba Sumer Project

8/3/2019 Bba Sumer Project

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Minor Project Report

On

..

Completed In (Companys Name)

Submitted In Partial Fulfillment

Of the Requirement

Of Bachelor of Business Administration

Training Supervisor Submitted By:

Name Name of the student

Designation: ENRNo./Batch

Submitted To:

Banarsidas Chandiwala Institute of Professional Studies, Dwarka, New Delhi

(Affiliated to Guru Gobind Singh Indraprastha University)


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ACKLOWLEDGEMENT

It is said, The most important single word is we and the zero important

single word is I.

Success is the expression of diligence, insistence, motivation, inspiration and novelty. Whilemaking this project, I had a wonderful experience. But this journey I have not traveled all alone.

There are some special people who made my journey easier with the words of support and more

intellectually satisfying by offering help in improving my quality of this work and bringing it to a

finish.

This true even in todays modern era. It is absolutely impossible for a single individual to

complete the assigned job without help and assistance from others

I would also like to acknowledge to my sincere gratitude to the Director Mr. SATISH TANEJA

ofmy institute and my project guide 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

Neha kumawat


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CONTENTS

Serial No. Particulars Page No.

1. Introduction2. Objectives3. litera

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


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Executive Summary

The objective of the project was to do Market Research and customer

Satisfaction for Kotak Mahindra 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 Pune 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 companing 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 some 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.


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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 Pune city. The study was undertaken for

pune 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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INTRODUCTIONWherever 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 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.


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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 TOPICThe 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 Kotak

Mahindra Life Insurance, Pune. It includes through market Research in

various plans of Kotak Mahindra 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 Kotak Mahindra Life Insurance,

And second consist survey report of various consumers about there

responses about satisfaction towards Kotak Mahindra Life Insurance

Company.


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IMPORTANCE OF THE TOPIC

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

Kotak Mahindra Life Insurance, pune. And to mouser the satisfaction level

of consumers of Kotak Mahindra Life Insurance.

Market research helps Kotak Mahindra Life Insurance about the best plan

purchased by its consumer satisfaction level helps to know weather the

consumers are satisfied by service/Plans of Kotak Mahindra Life Insurance.


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Why Organizations Focus on

Customer Satisfaction

Businesses monitor customer satisfaction in order to determine how to increase their customer

base, customer loyalty, revenue, profits, market share and survival. Although greater profit is the

primary driver, exemplary businesses focus on the customer and his/her experience with the

organization. They work to make their customers happy and see customer satisfaction as the key

to survival and profit. Customer satisfaction in turn hinges on the quality and effects of their

experiences and the goods or services they receive.

Effective marketing focuses on two activities: retaining existing customers and adding new

customers. Customer satisfaction measures are critical to any product or service company

because customer satisfaction is a strong predictor of customer retention, customer loyalty and

product repurchase


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What is Customer Satisfaction?

The an individual who buys products or services for personal use and not for manufacture

or resale. A consumer is someone who can make the decision whether or not to purchase

an item at the store, and someone who can be influenced by marketing and

advertisements. Any time someone goes to a store and purchases a toy, shirt, beverage, or

anything else, they are making that decision as a consumer

Meaning Of Consumer in India

Consumer means any person who----------

buys any goods for a consideration which has been paid or promised or partly Paid and party promised, or under any system of deferred payment and includes any user of

such goods other than the person who buys such goods for consideration or partly paid or

partly promised, or under any system of deferred payment when such use is made with the

approval of such person but does not include a person who obtains such goods for resale or

for any commercial purpose:

Customer satisfaction, a term frequently used in marketing, is a measure of how products and

services supplied by a company meet or surpass customer expectation. Customer satisfaction is

defined as "the number of customers, or percentage of total customers, whose reported

experience with a firm, its products, or its services (ratings) exceeds specified satisfaction goals."
http://en.wikipedia.org/wiki/Marketinghttp://en.wikipedia.org/wiki/Marketing


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Purpose

A business ideally is continually seeking feedback to improve customer satisfaction.

Customer satisfaction provides a leading indicator of consumer purchase intentions and loyalty.

Customer satisfaction data are among the most frequently collected indicators of market

perceptions. Their principal used are:

1. Within organizations, the collection, analysis and dissemination of these data send amessage about the importance of tending to customers and ensuring that they have a

positive experience with the companys goods and services..

Although sales or market share can indicate how well a firm is performing currently, satisfaction

is an indicator of how likely it is that the firms customers will make further purchases in the

future. Much research has focused on the relationship between customer satisfaction and

retention. Studies indicate that the ramifications of satisfaction are most strongly realized at the

extremes. On a five-point scale, individuals who rate their satisfaction level as 5 are likely to

become return customers and might even evangelize for the firm. (A second important metric

related to satisfaction is willingness to recommend.
http://en.wikipedia.org/wiki/File:Business_Feedback_Loop_PNG_version.pnghttp://en.wikipedia.org/wiki/File:Business_Feedback_Loop_PNG_version.pnghttp://en.wikipedia.org/wiki/File:Business_Feedback_Loop_PNG_version.pnghttp://en.wikipedia.org/wiki/File:Business_Feedback_Loop_PNG_version.png


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This metric is defined as "The percentage of surveyed customers who indicate that they would

recommend a brand to friends." When a customer is satisfied with a product, he or she might

recommend it to friends, relatives and colleagues. This can be a powerful marketing advantage.)

Individuals who rate their satisfaction level as 1, by contrast, are unlikely to return. Further,

they can hurt the firm by making negative

Service Quality

Research identifies many characteristics that are associated with service quality.

Business researchers Benjamin Schneider and David Bowen assert that service

organizations must meet three key customer needs to deliver service excellence:

security, esteem, and justice.9 Research identifies an array of service quality factors

those are important for customers, including:

timeliness and convenience, personal attention, reliability and dependability, employee competence and professionalism, empathy, responsiveness, assurance, availability, and tangibles such as physical facilities and equipment and the appearance of the personnel.


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Research shows that these characteristics also apply to citizen satisfaction with public

service quality. Timely service is an especially strong determinant of quality across

different types of public services. Fairness and outcomes are additional factors important

to public service customers.


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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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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.

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


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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 PROFILE


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HISTORY

1912: the Indian Life Assurance Companies Act enacted as the first stature

to regulate the life insurance business.

1928: the Indian Insurance Companies Act enacted to the government to

collect statistical information about both life and non life insurancebusinesses.

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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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

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. Insurancecompanies 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.


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PRODUCT

a) Kotak Flexi plan

Advantages:

1 Choice of 5 professionally managed funds included Gilt Fund, Floating

Rate Fund, Bond Fund, Balanced Fund, Growth Fund.

2 Add lump sum injections as and when suitable

3 Premium holiday facility

4 Riders options for enhanced protection

5 Loan facilities in case of emergencies

6 Simplified documentation and procedures

b) Kotak Retirement Income Plan

The Kotak Retirement Income Plan is a savings plan designed to meet your

post retirement needs. It is a plan that gives you jeene Ki azaadi by giving

you the choice to remain independent even after retirement.

Advantages:

1 In this plan minimum age of 18 years of old and maximum age is 60 years.

2 You may buy an annuity either from Kotak Life Insurance.

3 You can make lump sum injections into your policy at any time before

retirement.

4 For a with cover plan you have the facility of Automatic cover

Maintenance, which ensures that the cover remains in force even when you

miss the premium payments. This facility is available after the first 3 years of the term.

5 You may exercise the option of paying premium from the Supplementary

Accumulation Account, created from will be created from lump sum

injections, if the need arises.


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c) Kotak Endowment Plan

An Endowment policy is a combination of savings along with risk cover.

These policies designed to accumulate wealth and at the same time cover

your life. In simple words, issued for specific time periods during which you

pay a regular premium. If you die during policy, your beneficiaries will

receive the sum assured along with the accumulated bonus a outlive the

policy tenure you will receive the sum assured along with accumulated

bonus.

Advantages:


2 You can take a loan against your policy has been in force for at least three

years.

3 You have the option of paying premiums quarterly, half yearly or yearly.

4 You have the benefit of a 15-day free look period.

d) Kotak Capital Multiplier Plan

The Kotak Capital Multiplier Plan is a participating plan that is built in such

a way that it allows your money to multiply, and gives you the flexibility of

using this money the way you need it, in regular and irregular withdrawals. This is an endowment plan, which is very flexible and has a lot of in-

built

benefits.

Advantages:


2 At the start of your withdrawals period, you can draw the full proceeds or

you can draw up to 50% of your basic sum assured or accumulation account,

whichever is higher.

3 In addition to the regular premiums, you can make lum sum injection into

your plan during the premium paying period. A Supplementary


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Accumulation Account will be created.

4 You have the facility of Automatic Cover Maintenance, which ensures that

the policy remains in force even when you miss the premium payments. This

facility is available after the first 3 years of the term.

e) Kotak Child Advantage Plan

The Kotak Child Advantage Plan is an investment plan designed to meet

your child s future needs. It is a plan that gives your child the azaadi to

realise his/her dreams. This is an endowment plan where the life insured is

the child. This is a participating plan.

Advantages:


2 You may take a loan against this plan, after the policy has been in force for

at least three years.

3 You have the option of paying premiums quarterly, half yearly or yearly.

4 You have the benefit of a 15-day free look period.


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SCOPE OF STUDIES


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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.


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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 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.


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RESEARCH

AND

METHODOLOGY


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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.


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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 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 Kotak Mahindra Life Insurance.

- The market share of other brands available in the market.

- Responses of consumer.

- Identifying pros and cons of the brand.

The above primary data were collected through responses of consumer was

conducted through questionnaires prepared for them.

B)SECONDARY DATA

Secondary data are that type of data, which are already assembled and neednot to collected from outside. These types of data were

i) Company Profile

ii) Product Profile

iii) Competitors Profile

The aforesaid data were collected through Internet and company s financial


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report.

2)DATA COLLECTION METHOD

For given project, the primary data, which needed to collect for the first

time, were much significant. This type of information gathered through

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

correct data collection. The survey was completed with the use of

questionnaires.

- Questionnaire for consumer.

3)SAMPLING

Sample is the small group taken under consideration from the total group.

This small group represents the total group. In 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 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.


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DATA INTERPRETATION

AND

ANALYSIS


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ANALYSIS

Above 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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Do you think is it essential to have Life Insurance?

YES NO

ANALYSIS

To this question 45 consumers reported YES and 5 consumers

reported

NO .


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Which are the companies you invested your money for Life

Insurance?


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ANALYSIS

From the above figure we come to know that customer are also investingmoney 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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ANALYSIS

The 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 having more than one plan total survey customers are

50.

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.


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Note.

Some of customer are expecting more than single service.


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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.


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ANALYSIS

Out 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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Note.

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

in one plan. Total surveys of customers are 50.


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ANALYSIS

To this question 39 consumers reported YES and 11 consumers reported

NO .


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ANALYSIS

To this question 32 consumers reported YES and 18 consumers reported

NO .


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OBSERVATION

AND

FINDINGS


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OBSERVATIONS

Majority of the customer s belonged to age group of 25-35years that is 19 consumers.

45 consumers think Life Insurance is essential for them.135 respondents are investing in life insurance companies like

Kotak Life Insurance, LIC, Tata Allianz, Max New York,HDFC, ICICI and SBI.

36 percentages of the total respondents invest in KotakMahindra Life Insurance for getting high ROI.

Most of respondent s preferred kotak Flexi Plan. 37.5 percentage respondents expect bonus and other schemes

from Kotak Mahindra Life Insurance.

56 percentage respondents satisfied with services given byKotak Mahindra Life Insurance.

As per 28% of despondence Kotak Mahindra Life Insuranceproviders good tax benefits to the Investors.

64% of respondents are willing to purchased policies fromKotak Mahindra Life Insurance in future.


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LIMITATION

AND

RECOMMENDATIONS


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RECOMMENDATIONS

1) There is scope to sale insurance policy by concentrating on age group

18-24 years here potential of customers are there.(Example. Softwareprofessional, 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) Kotak Mahindra Life Insurance should try to build trust among the

public by making people aware of their investment is safe, high return on

investment, Tax Benefits.

4) As more respondents are investing in Kotak Mahindra Life Insurance

for getting high return on investment the company should try to provide

attractive returns on investments in future.

5) Kotak Mahindra 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 Kotak Mahindra Life Insurance providing good

tax benefit for there investment so Kotak Mahindra Life Insurance if

possible try to provided more tax benefit customer.

7) 64% respondents are willing to purchases Kotak Mahindra Life

Insurance policies in future this benefit Kotak Mahindra Life Insurance

as mort potential customer in future.


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CONCLUSION


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After conducting market research for Kotak Mahindra Life Insurance

Company we came to know different needs of consumers, their valuable

suggestions, responses to the different questions. With this information we

can conclude that there is good market awareness about Kotak Mahindra

Life Insurance Company in the market.

Customer satisfaction level of most respondents is higher for Kotak

Mahindra Life Insurance Company, which is provided by survey. Higher

satisfaction level of Kotak Mahindra life insurance company was monthly

due to Kotak provides good tax benefit for the consumers also ROI, security

etc.

Kotak Mahindra Flex s plan is the best-sold plan in market by Kotak

Mahindra Life Insurance. This conveys that the customer s are switching to

retirement plan.


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BIBLIOGRAPHY


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REFERENCES

BOOKS

MAGAZINE

Business & Economy Magazine

COMPUTER WEBSITE

www.IRDA.comwww.licindia.com

www.hdfcinsurance.com

www.businessindiaonline.com

www.maxnewyorklife.com

www.brandonline.com

www.iciciprulife.com


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ANNEXURE


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QUESTIONNAIRE


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4. Why did you choose Kotak Life Insurance?

a) ROI

b) Peer Pressure

c) Tax Benefit

d) Security /safety

e) Low Premium

.5. Which of the following planed you is insured?

a) Kotak Flexi plan

b) Kotak retirement Planc) Kotak Endowment Plan

d) Kotak Capital Multiplier Plan

e) Kotak Child Advantage Plan

6. What kind of services you expect from insurance provides

a) Easy access ability to Deposit Center

b) Time to time premium collection

c) 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) Poor

b) Average

c) Good

d) Excellent


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

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 Kotak Mahindra Life Insurance

YES NO

10. In future, will you purchase policies from Kotak Mahindra Life

Insurance?

YES NO


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Documents

Bba Sumer Project