INTRODUCTION

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INTRODUCTION

Life is full of risk and uncertainties. Since we are the social human being we have certain

responsibilities too. Indian consumers have big influence of emotions and rationality on their

buying decisions. They believe in future rather than the present and desire to have a better

and secured future, in this direction life insurance services have its own value in terms of

minimizing risk and uncertainties. Indian economy is developing and having huge middle

Class societal status and salaried persons. Their money value for current needs and future

desires here the pendulum moves to another side which generate the reasons behind holding a

policy. Here the attempt has been made in this research paper to study the buying behavior of

consumers towards life insurance services. Analyzing consumer behaviour is perceived as

cornerstone of a successful marketing strategy. Consumer behaviour is ‘the mental and

emotional processes and the observable behaviour of consumers during searching purchasing

and post consumption of a product and service. Similarly consumer behaviour is action and

decision process of people who purchase goods and services for personal consumption. Now

if these defining criteria are closely observed, it is evident that analyzing consumer’s decision

making process is the foundation of entire notion of consumer behaviour.

History of Insurance

In some sense we can say that insurance appeared simultaneously with appearance of human

society. In earlier economies, we can see insurance in the form of people helping each other.

For example, if a house is burnt, the members of the community help build a new one. Should

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the same thing happen to one’s neighbour, the other neighbors must come to help? Otherwise,

neighbors will not receive help in the future.

Insurance in the modern sense, started as a methods of transferring or distributing risk were

practiced by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC,

respectively. Chinese merchants traveling treacherous river rapids would redistribute their

cargo across many vessels to limit the loss due to any single vessel’s capsizing. The

Babylonians developed a system which was recorded in the famous Code of Hammurabi, c.

1750 BC, and practiced by early Mediterranean sailing merchants. If a merchant received a

loan to fund his shipment, he would pay the lender an additional sum in exchange for the

lender’s guarantee to cancel the loan should the shipment be stolen.

Greek monarchs were the first to insure their people and made it official by registering the

insuring process in governmental notary offices. They invented the concept of the ‘general

average’. Merchants whose goods were being shipped together would pay a proportionally

divided premium which would be used to reimburse any merchant whose goods were

jettisoned during storm or sinking of the vessel in the sea.

The Greeks and Romans introduced the origins of health and life insurance c. 600 AD when

they organized guilds called “benevolent societies” which cared for the families and paid

funeral expenses of members upon death. Guilds in the middle Ages served a similar purpose.

Before insurance was established in the late 17th century, “friendly societies” existed in

England, in which people donated amounts of money to a general sum that could be used for

emergencies.

Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of

contracts) were invented in Greeks rulers in the 14th century, as were insurance pools backed

by pledges of landed estates. These new insurance contracts allowed insurance to be

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separated from investment, a separation of roles that first proved useful in marine insurance.

Insurance became far more sophisticated in post-Renaissance Europe, and specialized

varieties developed. Insurance as we know it today can be traced to the Great Fire of London,

which in 1666 A.D devoured 13,200 houses. In the aftermath of this disaster, Nicholas

Barbon opened an office to insure buildings. In 1680, he established England’s first fire

insurance company, “The Fire Office,” to insure brick and frame homes.

The first insurance company in the United States underwrote fire insurance and was formed

in Charles Town (modern-day Charleston), South Carolina, in 1732.

Types of Insurances

Insurance business is divided into four classes:

1. Life Insurance

2. Fire

3. Marine

4. Miscellaneous Insurance.

Life insurers undertake the Life Insurance business; general insurers handle the rest. The

Business of insurance essentially means defraying risks attached to an activity (including life)

and sharing the risks between various entities, both persons and organizations. Insurance

companies are important players in financial markets as they collect and invest large amounts

of premium in various investment instruments.

Insurance offers the following benefits:

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1. Protection to investors

2. Accumulation of savings

3. Channeling these savings into sectors needing huge long-term investments.

Insurance companies receive a steady cash stream of premium or contributions to pension

plans. Their cash flows are determined on the basis of various actuary studies and models.

Since their liabilities are long-term or contingent in nature, their investments are also long-

term and they are able to maintain a healthy liquidity position. Since they offer more than the

return on savings in the shape of life cover to the investors, the rate of return guaranteed on

their insurance policies is relatively low. Consequently, the need to seek high rates of return

on their investments is also low. Since the risk factor in the insurance business is quite high,

insurance companies usually invest in relatively safer bets such as bonds of GOI, PSUs, state

governments, local bodies, corporate houses and mortgages of long-term nature. Lately,

insurance companies have

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INDUSTRY

PROFILE

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INDUSTRY PROFILE

Introduction of life insurance industry in India

The business of life insurance in India in its existing form started in India in the year 1818

with the establishment of the Oriental Life Insurance Company in Calcutta, which failed in

1834. However, the success of Indian life insurance can be traced back roughly to the second

decade of the nineteenth century when the Madras Equitable began transacting life insurance

business in the Madras Presidency in 1829. After that, it was a rather dull phase with regard

to the growth in life insurance enterprise. This dullness was due to the very critical phase

through which the British insurance companies were passing due to mismanagement and

inexperience, thus resulting in the failure of several British offices before 1870 and leading to

the enactment of the British Insurance Act, 1870. Till the 70s of the nineteenth century,

insurance had found no real place in the scheme of things and only certain European

companies operating in parts of India did life insurance business on some scale. But Indian

enterprise in this sphere later began to expand and in the last three decades of the nineteenth

century the following companies were started in the Bombay Presidency:

1. Bombay Mutual (1871)

2. Oriental (1874)

3. Empire of India (1897)

Few other companies were also set up in other parts of India. However, this period was

Dominated by foreign insurance offices, which did good business in India, namely – Albert

Life Assurance, Royal Insurance, Liverpool and London Globe Insurance. The Indian offices

that were setup during this period came up the hard way and had to struggle against the

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prevailing prejudice against life insurance and natural ignorance of the people. The recorded

history of Insurance business in India, however, began in 1914 when the Government of India

started publishing returns of Insurance Companies in India. The Indian Life Assurance

Companies Act, 1912 was the first statutory measure to regulate life insurance business. Later

in 1928 the Indian Insurance Companies Act was enacted to enable the Government to collect

statistical information about both life and non-life insurance business transacted in India by

Indian and foreign insurers including provident insurance societies. In 1938, with a view to

protecting the interest of insuring public, the earlier legislation was consolidated and

amended by the Insurance Act1938 with comprehensive provisions detailed and effective

control over the activities of insurers. The Insurance Amendment Act of 1950 abolished

Principal Agencies. However, there were legations of unfair trade practices. The Government

of India, therefore, decided to nationalize the insurance business. An Ordinance issued on

19th January 1956 nationalized the Life Insurance sector and Life Insurance Corporation of

India (LIC) came into existence in the same year. The LIC absorbed 154Indian, 16 non-

Indian insurers as also 75 provident societies. Since then LIC was the only player till the late

90s when the Insurance sector was reopened for the private sector.

India's economic development made it a most lucrative Insurance market in the world. Before

the year 1999, there was monopoly state run LIC transacting life business and the General

Insurance Corporation of India with its four Subsidiaries transacting the rest. In the wake of

reform process and passing Insurance Regulatory and Development Authority (IRDA) Act

through Indian parliament in 1999, Indian Insurance was opened for private companies.

Liberalization on the Insurance sectors has allowed the foreign players to enter the market

with their Indian partners. Most of the foreign Insurers have joined within the local market.

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India offers immense possibilities to foreign Insurers since it is the world's most populous

country having over a billion people.

Insurance industry had ten and six entrants in life and non-life sector respectively in the year

2000-2001. The industry again saw two and three entrants in the life and non-life business

respectively in the year 2001-2002. One additional entrant was made both in the life and in

non-life business in 2004 and 2005 respectively. At present there are fourteen companies

each in Life and General Insurance. The Funds earlier generated by the state owned insurers

have been diversified with other new insurers. We should wait and see how the new players

are going to boost up our economy.

Under the plan of insurance, a large number of people associate themselves by sharing risk,

attached to individual. The risk, which can be insured against include fire, the peril of sea,

death, incident, & burglary. Any risk contingent upon these may be insured against at a

premium commensurate with the risk involved. Insurance is actually a contract between two

parties whereby one party called insurer undertakes in exchange for a fixed sum called

premium to pay the other party on happening of a certain event. Insurance is a contract

whereby, in return for the payment of premium by the insured, the insurers pay the financial

losses suffered by the insured as a result of the occurrence of unforeseen events. The Indian

insurance market is characterized by the presence of 'young pensioners', as per an article in

the 'Times of India'. Young pensioners are typically under 40 individuals who are purchasing

retirement plans. The growing Indian economy has created an upwardly mobile, affluent

young generation, who believe in going for a planned retirement. As per data from IRDA,

28% of the premiums collected by the Indian Insurance companies are from retirement plans.

Life Insurance Corporation (LIC) is India's biggest domestic institutional investor. It is also

the largest life insurance company in India. LIC envisages augmenting its equity investment

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by one third in 2008. LIC plans to buy equities worth Rs 450 billion for the year 2008-09.

The comparable figure for 2007-08 was Rs 340 billion. Thomas Mathew, LIC Managing

Director expects the volatility in the stock markets to continue till October-November. The

prime objective of the company is to ensure the safety of the resources invested by the

company's shareholders. LIC is slated to buy up bonds worth Rs1.15 trillion in the current

fiscal year. LIC expects to earn a gross investment income ranging from Rs 400 billion to Rs

450 billion in the current year, depending upon the prevalent market conditions. LIC manages

total assets worth around US$175 billion. According to K N Bhandari, the Secretary General

of General Insurance Council, India's general insurance sector is slated to grow at 18% rate in

2008. The comparable figure for 2007 was 13%.As per Mr.Bhandari, the present market

value of the Indian general insurance sector is Rs 30,000-crore. The current penetration level

of the Indian insurance sector is 0.65 %.The Indian urban sector is a significant contributor to

the general insurance market P.Chidambaram, the then Indian Finance Minister, called for the

insurance companies in India to make simple products for the Indian masses.

Current scenario of life insurance sector

The insurance sector was opened up for private participation four years ago. For years now,

the private players are active in the liberalized environment. The insurance market have

witnessed dynamic changes which includes presence of a fairly large number of insurers both

life and non-life segment. Most of the private insurance companies have formed joint venture

partnering well recognized foreign players across the globe.

There are now 29 insurance companies operating in the Indian market – 14 private life

insurers, nine private non-life insurers and six public sector companies. With many more

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joint ventures in the offing, the insurance industry in India today stands at a crossroads as

competition intensifies and companies prepare survival strategies in a detariffed scenario.

There is pressure from both within the country and outside on the Government to increase the

foreign direct investment (FDI) limit from the current 26% to 49%, which would help JV

partners to bring in funds for expansion.

There are opportunities in the pensions sector where regulations are being framed. Less than

10 % of Indians above the age of 60 receive pensions. The IRDA has issued the first license

for a standalone health company in the country as many more players wait to enter. The

health insurance sector has tremendous growth potential, and as it matures and new players

enter, product innovation and enhancement will increase. The deepening of the health

database over time will also allow players to develop and price products for larger segments

of society.

State Insurers Continue To Dominate There may be room for many more players in a large

underinsured market like India with a population of over one billion. But the reality is that the

intense competition in the last five years has made it difficult for new entrants to keep pace

with the leaders and thereby failing to make any impact in the market.

Also as the private sector controls over 26.18% of the life insurance market and over 26.53%

of the non-life market, the public sector companies still call the shots.

The country’s largest life insurer, Life Insurance Corporation of India (LIC), had a share of

74.82% in new business premium income in November 2005.

Similarly, the four public-sector non-life insurers – New India Assurance, National Insurance,

Oriental Insurance and United India Insurance – had a combined market share of 73.47% as

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of October 2005. ICICI Prudential Life Insurance Company continues to lead the private

sector with a 7.26% market share in terms of fresh premium, whereas ICICI Lombard

General Insurance Company is the leader among the private non-life players with a 8.11%

market share. ICICI Lombard has focused on growing the market for general insurance

products and increasing penetration within existing customers through product innovation

and distribution.

Intense Competition In a de-tariff environment, competition will manifest itself in prices,

products, underwriting criteria, innovative sales methods and creditworthiness. Insurance

companies will vie with each other to capture market share through better pricing and client

segmentation.

The battle has so far been fought in the big urban cities, but in the next few years, increased

competition will drive insurers to rural and semi-urban markets.

Global Standards While the world is eyeing India for growth and expansion, Indian

companies are becoming increasingly world class. Take the case of LIC, which has set its

sight on becoming a major global player following a Rs280-crore investment from the Indian

government. The company now operates in Mauritius, Fiji, the UK, Sri Lanka, and Nepal and

will soon start operations in Saudi Arabia. It also plans to venture into the African and Asia-

Pacific regions in 2006.

The year 2005 was a testing phase for the general insurance industry with a series of

catastrophes hitting the Indian sub-continent.

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Market Share of Indian life Insurance Industry

The introduction of private players in the industry has added value to the industry. The

initiatives taken by the private players are very competitive and have given immense

competition to the on time monopoly of the market LIC. Since the advent of the private

players in the market the industry has seen new and innovative steps taken by the players in

this sector. The new players have improved the service quality of the insurance. As a result

LIC down the years have seen the declining phase in its career. The market share was

distributed among the private players. Though LIC still holds the 75% of the insurance sector

but the upcoming natures of these private players are enough to give more competition to LIC

in the near future. LIC market share has decreased from 95% (2002-03) to 81 %( 2004-

05).The following companies has the rest of the market share of the insurance industry. Table

shows the mane of the player in the market

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Table 1.1 Market shares of various players present in market

MARKET SHARE (%)

LIFE INSURERS

1. LIC 76.07

2.  ICICI Prudential  6.91

3.  Bajaj Allianz  4.75

4.  HDFC Standard  2.98

5.  Birla Sun life  1.72

6. Tata AIG  1.66

7.  SBI Life 1.46

8. Max New York  1.28

9. Aviva 1.08

10. Kotak Mahindra Old Mutual 0.71

11. ING Vysya 0.54

12. IDBI Federal 0.46

13. Met Life 0.37

14. Sahara Life 0.03

 Private total  23.93

 Public total 76.07

 Grand total 100.00

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Role of IRDA in Insurance Sector

IRDA plays an important role in insurance sector giving important guide lines to various

companies in the area of insurance. The IRDA's green signal to insurance companies for

investments in venture capital funds would provide a boost in growth pertaining to the

infrastructure segment. The insurance companies would be allowed to invest about 5% of the

total investment in the venture capital funds pertaining to infrastructure based projects. The

total aggregate of the assets under the life insurance companies is Rs 699,375 crores. The

proposed alterations in the regulations pertaining to investments of the insurance companies

were settled by the Insurance Regulatory and Development Authority of India (IRDA), at the

board meeting on the 25th of March 2008. Several other alterations were also done with the

investment norms. The other important norm is the expansion of the sanctioned investments

category, which would also include the mortgaged securities and the initial public offerings

unlike previously when these two were not included. The proposal would be submitted to the

Insurance Regulatory and Development Authority of India (IRDA) board for approval. The

final draft was published in the Gazette of the Central Government at the end of March 2008.

The alterations would help in developing the instruments of investment and provide

flexibility for insurers. The alterations would provide more margins pertaining to the

investments in certificates of deposit issued by the banks and term deposits. At present the

insurance companies may invest about 10% of its investment funds to a particular sector. The

Insurance Regulatory and Development Authority of India (IRDA) constituted a working

group in the year 2006 to probe the existing investment regulations and provide review on the

present statutory advices and the trends of investments for insurance companies. According

to the Insurance Regulatory and Development Authority (IRDA), the private insurers had

collected premium income from new business of about Rs. 18,980 crores, in 2007.

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Role of Private Insurance Companies in Insurance Sector

Private sector also plays important role in this sector and tried to capture maximum shares in

this sector. Max New York Life Insurance Company is the leading private life insurance

company in India. Max New York Life Insurance Company Ltd. launched 'lifeline' a health

insurance product on March 2008, across India. Now, the company can boast of offering

complete health and life insurance products across 11 regions in India. This newly launched

health insurance product of Max New York Life Insurance Company offers three groups of

heath insurance solutions. The director marketing product management and corporate affairs

of Max New York Life Insurance said that these three distinct heath insurance products are

meant to cover eventualities like hospitalization, surgery and critical illness of the insured and

these plans have been structured with features like coverage for a wide range of ailments, no

claim discount on revised premium for a healthy life, a fixed premium for a five-year term,

free second opinion from the best healthcare institutions of India on detection of illness.

Further, it also has provision for a free telephonic medical helpline across India. The

hospitalization is covered by "Medicash Plan", which is meant to provide a fixed amount of

cash benefit on a day-to-day basis during the entire period of hospitalization of the insured.

The “Medicash Plan” would also cover expenses for admission in ICU, lump sum benefits

against an unlimited number of surgeries and recuperation benefits. The second plan of the

newly launched health insurance of Max New York Life Insurance is the "Wellness Plan",

which is a more attractive one and covers 'critical illness' like cancer, Alzheimer’s, heart

ailments, liver disease, deafness, permanent disability, etc. The “Wellness plan” covers thirty

eight critical illnesses, which is the highest number of illness covered under one insurance

plan in India by any insurance company. The third health insurance policy of Max New York

Life Insurance is a term plus health protection plan known as "Safety Net". Max New York

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Life Insurance Company is one of the fastest growing life insurance companies in India and

is the first life insurance company of India to be awarded with ISO9001:2000 certification.

Modern Marketing Approach

Marketing strategies for insurance in the emerging scenario could be understood in terms of

the following steps:

Having done market research and finalizing on segmentation, targeting and positioning the

strategy would focus on the marketing mix namely, Product, Price, Place and Promotion.

While determining the implementation methodology, the four characteristics viz.

Intangibility, Inseparability, Perish ability and Variability gives rise to certain unique

requirements that deserve careful attention while formulating the marketing strategy for

insurance. After implementation, the insurers should concentrate on the effective control that

would enhance their business.

In India Insurance is sold and not bought. The agents / Advisors by using various strategies

sell the product by convincing the customers. Moreover, they push Policies with the highest

premium to pocket a higher commission. The consultative approach to selling is the modern

approach, which helps customers and prospects to buy. A consultant makes calls and sells

just like any other sales person. The difference is in their attitude, their approach and their

commitment. Here, the customer is seen as a person to be served and not a person to be sold.

It helps the purchaser to make an intelligent decision. The four-step process includes:

* Need discovery

* Selection of the product

* Need satisfaction presentation, and

* Serving the sale

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This approach to selling their products requires understanding of concepts and principles

borrowed from the fields of psychology, communications, and sociology and needs a lot of

personal commitments and self – discipline from the seller.

The commitments referred are:

Finding and understanding the needs of the customers.

Partnering with the customers.

Helping the customers to achieve his business and other objectives by the purchase of

the product or service.

Believing that your products / services are a great fit with your customer's needs, and

Believing in yourself and your ability to help the customers in solving their problems.

Product Innovations

Insurers are continuously innovating new products based on forward-looking models. They

have developed new products addressing the new challenges in society and products to

address the hazards from new environmental issues. Companies will need to constantly

innovate in terms of product development to meet ever-changing consumer needs.

Understanding the customer better will enable Insurance companies to design appropriate

products, determine price correctly and to increase profitability. Since a single policy cannot

meet all the Insurance objectives, one should have a portfolio of policies covering all the

needs. Product development is made possible by integrating actuarial, rating, claims and

illustration systems. At present, the Life Insurers are concentrating on the pension schemes

and the Non-Life Insurers on many innovative schemes of various realms and thereby

enriching their market share. Moreover, with increased commoditization of insurance

products, brand building is going to play a vital role.

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Distribution Network

While companies have been successful in product innovation, most of them are still grapping

with right mix of Distribution Channels for capturing maximum market share to build brand

equity, building strong and effective customer relationships and cost effective customer

service. While the traditional channel of tied up advisors or agents would be the chief

distribution channel, insurer should innovate and find new methods of delivering the products

to customers. Corporate agency, brokerage, Banc assurance, e-insurance, cooperative

societies and panchayats are some of the channels, which can be tapped by the insurers to

reach the appropriate market segments. Now days, the urban masses are tapped with the new

techniques provided by Information Technology through Internet. Rural masses are attracted

by the consultative approach adopted by the Insurers. Moreover, they attract the customers

through telephone and mobile also.

Customer Education and Services

Insurance is a unique service industry. The key industry drivers are related to life style issues

in terms of perceiving insurance as a savings instrument rather than for risk cover, need based

selling, quality of service and customers awareness.

In the present competitive scenario, a key differentiator is the professional customer service

in terms of quality of advice on product choice along with policy servicing. Servicing focus is

on enhancing the customer's experience and maximizing his convenience. This calls the

effective CRM system, which eventually creates sustainable competitive advantage and

enables to build long lasting relationship.

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What Is Life Insurance?

Life insurance is a contract that pledges payment of an amount to the person assured (or his

nominee) on the happening of the event insured against.

The contract is valid for payment of the insured amount during:

• The date of maturity, or

• Specified dates at periodic intervals, or

• Unfortunate death, if it occurs earlier.

Functions of Insurance

1. Primary function

2. Secondary function

3. Other functions

The primary functions of insurance include the following:

Provide protection - The primary function of insurance is to provide protection against

future risk, accidents and uncertainty. Insurance is actually a protection against economic

loss, by sharing the risk with others.

Collective bearing of risk - Insurance is a device to share the financial loss of few among

many others. Insurance is a means by which few losses are shared among larger number of

people. All the insured contribute the premiums towards a fund and out of which the persons

exposed to a particular risk is paid.

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Assessment of risk - Insurance determines the probable volume of risk by evaluating various

factors that give rise to risk.

Provide certainty - Insurance is a device, which helps to change from uncertainty to

certainty. Insurance is device whereby the uncertain risks may be made more certain.

The secondary functions of insurance include the following:

Prevention of Losses - Insurance cautions individuals and businessmen to adopt suitable

device to prevent unfortunate consequences of risk by observing safety instructions and

installation of automatic sparkler or alarm systems etc. Prevention of losses causes lesser

payment to the assured by the insurer and this will encourage for more savings by way of

premium. Reduced rate of premiums stimulate for more business and better protection to the

insured.

Small capital to cover larger risks - Insurance relieves the businessmen from security

investments, by paying small amount of premium against larger risks and uncertainty.

Contributes towards the development of larger industries - Insurance provides development

opportunity to those larger industries having more risks in their setting up. Even the financial

institutions may be prepared to give credit to sick industrial units which have insured their

assets including plant and machinery.

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The other functions of insurance include the following:

Means of savings and investment - Insurance serves as savings and investment. Hence,

insurance is a compulsory way of savings and it restricts the unnecessary expenses by the

insured's. For the purpose of availing income-tax exemptions people may also invest in

insurance.

Source of earning foreign exchange - Insurance is an international business. The country

can earn foreign exchange by way of issue of marine insurance policies and various other

ways.

Risk free trade - Insurance promotes exports insurance, which makes the foreign trade risk

free with the help of different types of policies under marine insurance cover.

Retirement - Life insurance makes sure that you have regular income after you retire and

helps you maintain your standard of living. It can ensure that your post-retirement years are

spent in peace and comfort.

Myths of Insurance:

i) Insurance is just meant for saving tax.

ii) Insurance does not give good returns

iii) Insurance products are not flexible

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Why Life Insurance?

We think twice before taking the plunge into buying insurance. Is buying insurance a

necessity now? Spending an ‘extra’ amount, as premium at regular intervals where we do riot

see immediate benefits does riot seem a necessity now may be later.

Well we could be wrong. Buying Insurance cannot be compared with any other form of

investment. Insurance gives us a life long benefit and the returns will definitely come but

only when we need it the most i.e. at the right time. Besides buying insurance early in life is

one of the wise decisions we could take. Because the premium we would be paying would be

comparatively lower. Insurance is not about how much more it can offer us when the stock

market is at its peak. It may not be an attractive investment option. However, weigh the pros

and cons and consider how much more it offers at a small price.

Most important of all it provides us with that unique sense of security that no other form of

investment provides. It gives us a sense of financial support especially during that time of

crisis irrespective of the fluctuations in the stock market. Insurance provides for our career

goals right from your childhood years. If the earning member of the family is no more our

child’s educational needs will not suffer. In fact his higher education too will be provided for.

We need not spend sleepless nights thinking about how to save for our child’s marriage. Life

Insurance will take care of that typical once-in-a-life-time spending on marriages.

An accident or a disability may be devastating but an insurance policy can be of utmost

support for the family during such times too. Besides, it provides for additional benefits such

as bonuses. We need not worry about our retirement years. The rising prices, taxes, and our

lifestyle will be taken care of easily. In addition, we can relax and spend our old age in

comfort and peace. Life insurance today plays a major role in ones life at various stages.

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Considering the benefits it offers one cannot but give a thought to buying an insurance policy

at the earliest.

Importance of consumer behavior study

The study of consumers helps firms and organizations improve their marketing strategies by

understanding issues such as how the psychology of consumers works, feel, reason, and

select between different alternatives (e.g., brands, products); The psychology of how the

consumer is influenced by his or her environment (e.g., culture, family, signs, media); The

behavior of consumers while shopping or making other marketing decisions; Limitations in

consumer knowledge or information processing abilities influence decisions and marketing

outcome;  How consumer motivation and decision strategies differ between products that

differ in their level of importance or interest that they entail for the consumer; and How

marketers can adapt and improve their marketing campaigns and marketing strategies to more

effectively reach the consumer. One "official" definition of consumer behavior is "The study

of individuals, groups, or organizations and the processes they use to select, secure, use, and

dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these

processes have on the consumer and society." Behavior occurs either for the individual, or in

the context of a group (e.g., friend’s influence what kinds of clothes a person wears) or an

organization (people on the job make decisions as to which products the firm should use).

Consumer behavior involves the use and disposal of products as well as the study of how they

are purchased. Product use is often of great interest to the marketer, because this may

influence how a product is best positioned or how we can encourage increased consumption.

Consumer behavior involves services and ideas as well as tangible products.

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Factors Influencing Consumer Behavior

Social factor: Social factor divides the society into a hierarchy of distinct classes. The

members of each class have relatively the same status and members of other classes have

either more or less status. It includes family, group, celebrity etc.

Cultural factor: It has potent influences that are brought up to follow the beliefs, values and

customs of their society and to avoid behavior that is judged acceptable. Beliefs, values and

customs set subculture apart from other members of the same society. Thus sub-culture is a

distinct cultural group that exists as an identifiable segment, within a larger, more complex

society.

Personal factor: It is a very important factor. Personal factors also influence buyer’s behavior.

They include age, income, occupation, life style. They simply direct our outer personality.

Psychology factor: The buying behavior of consumer is influenced by a number of

psychological factors which includes motivation, perception, learning, beliefs and attitude

and personality.

Applications of consumer behavior:

There are four main applications of consumer behavior:

The most obvious is for marketing strategy—i.e., for making better marketing

campaigns. For example, by understanding that consumers are more receptive to food

advertising when they are hungry, we learn to schedule snack advertisements late in

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the afternoon. By understanding that new products are usually initially adopted by a

few consumers and only spread later, and then only gradually, to the rest of the

population, we learn that (1) companies that introduce new products must be well

financed so that they can stay afloat until their products become a commercial success

and (2) it is important to please initial customers, since they will in turn influence

many subsequent customers’ brand choices.

A second application is public policy. In the 1980s, Acutance, a near miracle cure for

acne, was introduced. Unfortunately, Acutance resulted in severe birth defects if taken

by pregnant women. Although physicians were instructed to warn their female

patients of this, a number still became pregnant while taking the drug. To get

consumers’ attention, the Federal Drug Administration (FDA) took the step of

requiring that very graphic pictures of deformed babies be shown on the medicine

containers.

Social marketing involves getting ideas across to consumers rather than selling

something. Marty Fishbein, a marketing professor, went on sabbatical to work for the

Centers for Disease Control trying to reduce the incidence of transmission of diseases

through illegal drug use. The best solution, obviously, would be if we could get illegal

drug users to stop. This, however, was deemed to be infeasible. It was also determined

that the practice of sharing needles was too ingrained in the drug culture to be

stopped. As a result, using knowledge of consumer attitudes, Dr. Fishbein created a

campaign that encouraged the cleaning of needles in bleach before sharing them, a

goal that was believed to be more realistic.

As a final benefit, studying consumer behavior should make us better consumers.

Common sense suggests, for example, that if you buy a 64 liquid ounce bottle of

laundry detergent, you should pay less per ounce than if you bought two 32 ounce

IMS Dehradun 26

bottles. In practice, however, you often pay a size premium by buying the larger

quantity. In other words, in this case, knowing this fact will sensitize you to the need

to check the unit cost labels to determine if you are really getting a bargain.

IMS Dehradun 27

COMPANY

PROFILE

IMS Dehradun 28

COMPANY PROFILE

INTRODUCTION TO IDBI FEDERAL LIFE INSURANCE

IDBI Federal Life Insurance Co. Ltd.,(formally IDBI Fortis Life Insurance) is a joint

venture between three financial companies – development and commercial bank, IDBI

Bank, India’s private sector bank, Federal Bank and European

insurer Ageas (formerly Fortis), which was formed on March 2008. In this venture, IDBI

Bank owns 48% equity while Federal Bank and Ageas own 26% equity each.

History

2006: IDBI Bank, Federal Bank and Belgian-Dutch insurance major Fortis Insurance

International NV signed a MoU to start a life insurance company

2008: IDBI Fortis Life Insurance Co. Ltd., which started its operations in March 2008

2008: IDBI Fortis opens its second branch in Andhra Pradesh in Vijayawada

2008: IDBI Fortis Life positive on assured return products

2008: IDBI Fortis launches the Bondsurance Plan

2009: IDBI Fortis announces Rs 250cr capital infusion

2009: Nimbus ropes in IDBI Fortis as title sponsor of India–Sri Lanka series

2009: 'IDBI Fortis' Boss-Ka-Boss receives PRCI Award

2009: IDBI Fortis launches Retiresurance Pension Plan

2009: IDBI Fortis scores with Goalsurance

2009: IDBI Fortis reaches the banks of Hoogly

2009: IDBI Fortis launches Incomesurance Immediate Annuity

IMS Dehradun 29

2009: IDBI Fortis Life Insurance uses an interactive application to help users easily

calculate their taxes

2009: IDBI Fortis reaches the City of Eastern Light

2009: IDBI Fortis receives bronze Dragon at 'PMAA 2009'

2009: IDBI Fortis Life Insurance introduces financial inclusion plan in rural Orissa

2009: IDBI Fortis launches Termsurance Protection Plan

2009: IDBI Fortis redefines endowment & money back with Incomesurance

2009: IDBI Fortis to open 65 more branches; raise headcount by 1,000

2010: IDBI Fortis now renamed as IDBI Federal Life Insurance Company

Technology

To monitor and manage its network equipment across 34 sites, IDBI Forties uses Tulip

Proactive Managed CE solution. The solution includes device management, proactive

troubleshooting and notification support. With the implementation of the solution, IDBI has

reported improvement of network performance and availability, with a faster, more effective

change and configuration management.

Products

IDBI Forties launched its first set of products across India in March 2008, after receiving the

requisite approvals from the Insurance Regulatory and Development Authority (IRDA). IDBI

Forties offers services through a nationwide network across the branches of IDBI Bank and

Federal Bank in addition to a network of advisors and partners. IDBI Forties has 35 branches

across the country.

IMS Dehradun 30

Sponsorships, Awards

IDBI Forties Life Insurance Company was selected as the title sponsor for the India-

Sri Lanka Cricket Series 2009, consisting of five One-Day Internationals and a

Twenty 20 match. The ODI series will be called the IDBI Forties Wealthsurance Cup.

This will be followed by the IDBI Forties Wealthsurance Twenty20.

‘Wealthsurance Made Easy’ (WME), a knowledge aid by IDBI Forties for its sales force,

won The Bronze Dragon in the category for ‘Best Dealer/Sales Force activity’ at the

Promotion Marketing Awards of Asia (PMAA).

INTODUCTION TO IDBI BANK

The Industrial Development Bank of India Limited, now more popularly known as IDBI

Bank, was established as a wholly-owned subsidiary of Reserve Bank of India. The

foundation of the bank was laid down under an Act of Parliament, in July1964. The main aim

behind the setting up of IDBI was to provide credit and other facilities for the Indian industry,

which was still in the initial stages of growth and development. After the transfer of its

ownership, IDBI became the main institution, through which the institutes engaged in

financing, promoting and developing industry were to be coordinated. In January 1992, IDBI

accessed domestic retail debt market for the first time, with innovative Deep Discount Bonds,

and registered path-breaking success. The following year, it set up the IDBI Capital Market

Services Ltd., as its wholly-owned subsidiary, to offer a broad range of financial services,

including Bond Trading, Equity Broking, Client Asset Management and Depository

Services .In September 1994, in response to RBI's policy of opening up domestic banking

IMS Dehradun 31

sector to private participation, IDBI set up IDBI Bank Ltd., in association with SIDBI. In July

1995, public issue of the bank was taken out, after which the Government's shareholding

came down (though it still retains majority of the shareholding in the bank). In September

2003, IDBI took over Tata Home Finance Ltd, renamed ‘IDBI Home finance Limited’, thus

diversifying its business domain and entering the arena of retail finance sector the year 2005

witnessed the merger of IDBI Bank with the Industrial Development Bank of India Ltd. The

new entity continued to its development finance role, while providing an array of wholesale

and retail banking products (and does so till date). The following year, IDBI Bank acquired

United Western Bank (which, at that time, had 230 branches spread over 47 districts, in 9

states). In the financial year of 2008, IDBI Bank had a net income of Rs 9415.9 crores and

total assets of Rs120, 601 crores.

The Present

Today, IDBI Bank is counted amongst the leading public sector banks of India, apart from

claiming the distinction of being the 4th largest bank, in overall ratings. It Is presently

regarded as the tenth largest development bank in the world, mainly in terms of reach. This is

because of its wide network of 509 branches, 900 ATMs and319 centers. Apart from being

involved in banking services, IDBI has set up institutions like The National Stock Exchange

of India (NSE), The National Securities Depository Services Ltd. (NSDL) and the Stock

Holding Corporation of India (SHCIL).

Objectives

The main objectives of IDBI are to serve as the apex institution for term finance for industry

in India. Its objectives include

IMS Dehradun 32

(1) Co-ordination, regulation and supervision of the working of other financial institutions

such as IFCI , ICICI, UTI, LIC, Commercial Banks and SFCs.

(2) Supplementing the resources of other financial institutions and thereby widening the

scope of their assistance.

(3) Planning, promotion and development of key industries and diversifications of industrial

growth.

(4) Devising and enforcing a system of industrial growth that conforms to national priorities.

Functions

The IDBI has been established to perform the following functions:-

(1) To grant loans and advances to IFCI, SFCs or any other financial institution by way of refinancing

of loans granted by such institutions which are repayable within 25 year.

(2) To grant loans and advances to scheduled banks or state co-operative banks by way of refinancing of

loans granted by such institutions which are repayable in 15 years.

(3) To grant loans and advances to IFCI, SFCs, other institutions, scheduled banks, state co-operative banks

by way of refinancing of loans granted by such institution to industrial concerns for exports.

(4) To discount or rediscount bills of industrial concerns.

(5) To underwrite or to subscribe to shares or debentures of industrial concerns.

(6) To subscribe to or purchase stock, shares, bonds and debentures of other financial institutions.

(7) To grant line of credit or loans and advances to other financial institutions such as IFCI, SFCs, etc.

(8) To grant loans to any industrial concern.

(9) To guarantee deferred payment due from any industrial concern.

(10) To guarantee loans raised by industrial concerns in the market or from institutions.

IMS Dehradun 33

(11) To provide consultancy and merchant banking services in or outside India.

(12) To provide technical, legal, marketing and administrative assistance to any industrial concern or person

for promotion, management or expansion of any industry.

(13) Planning, promoting and developing industries to fill up gaps in the industrial structure in India.

(14) To act as trustee for the holders of debentures or other securities.

Subsidiaries

The following are the subsidiaries of IDBI

(1) Small Industries Development Bank of India (SIDBI)

(2) IDBI Bank Ltd..

(3) IDBI Capital Market Services Ltd.

(4) IDBI Investment Management Company

Capital Structure and Operations

As on September 30, 1996, the authorized Capital of IDBI was Rs.2000crores. Issued,

subscribed and paid up share capital was Rs.828.76crores.Reserves were Rs.6309 crores.

Loan funds were Rs.35450 crores. The total outstanding loans, investments and guarantee of

IDBI stood at Rs.39, 221 crore as on 31st March 1996.

IMS Dehradun 34

INTRODUCTION TO FEDERAL BANK

Federal Bank Limited is a major Indian commercial bank in the private sector,

headquartered at Aluva, Kochi, Kerala. As of 18 August 2012, Federal Bank has 1000

branches spread across 24 states in India and 1058 ATMs around the country(across 108

metro centres, 224 urban centres, 384 semi-urban locations and 87 rural areas). Federal Bank

opened its 1000th branch at Muthoor, Thiruvalla in Kerala on 17 August 2012,and is

planning to hire 2000 professionals by September 2012.The Bank would be the first Bank

from Kerala to cross the milestone of 1000 branch network.

History

In the year 1931, Travancore Federal Bank was inaugurated at Vengal Varuttisseril

at Nedumpuram, near Tiruvalla, Kerala. The 14 founders included Sri Vengal Varuttisseril

Oommen Varghese, his brothers Oommen Chacko, Oommen Kurian, Oommen George and

also another person from Tiiruvalla, Kavumbhagam Mundapallil Lukose, and others.

Oommen Varghese was the Chairman and Oommen Chacko the Manager. After it had

functioned for nearly 10 years, the bank's day to day transaction had to be stopped due to the

ill-health of the Manager.

Understanding this situation, a lawyer from Perumbavoor named Sri K.P.Hormis and his

acquaintances joined together, bought the bank and took over the management. In 1945, they

moved the bank's registered office to Aluva and Hormis became the Managing Director. In

1947,the bank's name was shortened from Travancore Federal Bank to Federal Bank.[4]

In 1970, the bank became a Scheduled Commercial Bank. Recently, it opened a

representative office in Dubai.

IMS Dehradun 35

Acquisitions and Mergers

In 1964, the bank embarked on a series of acquisitions that would substantially

increase its size. It acquired the Chalakudy Public Bank in Chalakudy, the Cochin

Union Bank inThrissur, and the Alleppey Bank in Alappuzha.

In 1965, it acquired the St.George Union Bank in Puthenpally.

In 1968, it acquired the Marthandom Commercial Bank in Thiruvananthapuram.

In 2006, Federal Bank acquired Ganesh Bank of Kurundwad after the Reserve Bank

of India suspended the bank. Established in 1920, Ganesh Bank had its headquarters

at Kurundwad, Maharashtra. The bank had a network of 32 branches and its

operations were concentrated in Sangli and Kolhapur in Maharashatra

and Belgaum in Karnataka. Prior to the merger, Federal Bank had 20 branches in

Maharashtra.

In March 2008, Federal Bank entered into a joint venture with IDBI Bank and Fortis

Insurance International to form IDBI Fortis Life Insurance, of which Federal Bank

owns 26 percent. The company ended the year with over 300 Cr in premiums as on 31

March 2009.

On 24 August 2010, IDBI Fortis, rejuvenated as IDBI Federal Life Insurance with

Aegas of Belgium.

INTRODUCTION TO AGEAS

Ageas N.V./S.A. is a Belgium-Dutch multinational insurance company co-headquartered

in Brussels, Belgium and Utrecht, Netherlands. Ageas is Belgium's largest insurer and

operates in 14 countries worldwide. The company was renamed from Fortis Holding in April

IMS Dehradun 36

2010 and consists of those insurance activities remaining after the breakup and sale of

the financial services group Fortis during the financial crisis of 2007-2010. It is listed on

the Euronext Brussels, Euronext Amsterdam, and Luxembourg stock exchanges and forms

part of the blue-chip BEL20 stock market index.

The company's roots reach back to the 1824 foundation of the Belgian life insurer Assurances

Générales (now AG Insurance).[2] In 1990 AG merged with the Netherlands-

based bancassurer AMEV/VSB to form Fortis. AMEV/VSB had itself been formed earlier

that year by the combination of savings bank VSB (Verenigde Spaarbank) and insurer

AMEV, which took advantage of the recent relaxation of Dutch legislation preventing

mergers between banks and insurers. AMEV had originally been founded in Utrecht in 1920

as Algemeene Maatschappij tot Exploitatie van Verzekeringsmaatschappijen (English:

General Society for Operation of Insurance).

After its creation in 1990, Fortis expanded its offerings to include private and investment

banking and asset management, establishing subsidiaries around the world, and by 2007 it

had become the 20th largest business in the world by revenue. That year Fortis agreed to

jointly purchase ABN AMRO with Banco Santander and Royal Bank of Scotland Group, but

the onset of the crisis exacerbated problems with financing its part of the large acquisition

and prompted fears of impending insolvency. Considered "too big to fail", Fortis received an

€11.2 billion bailout from the Benelux governments and saw its retail banking operations in

Belgium sold to BNP Paribas and its insurance and banking subsidiaries in the

Netherlands nationalised.

The remaining assets of the company, consisting principally of insurance operations but also

including some distressed assets, were rebranded Fortis Holding. In April 2010 its

shareholders agreed a formal change of name to Ageas N.V./S.A., with ownership of the

Fortis brand passing to BNP Paribas.

IMS Dehradun 37

Objectives:

1) To know about the reason for investment in life insurance.

2) To develop and standardize a measure to evaluate investment pattern in life insurance

services

3) To evaluate the factors underlying consumer perception towards investment in life

insurance policies

4) To compare the differences in consumer perception of male and female consumers

5) To open new vistas for further researches.

.

Scope:

The scope of the study lies in finding out the perception of customers in Dehradun city

through responses taken by 90 customers and highlighting the key areas which require some

concern on part of insurance companies and improving upon which the company may

strengthen its customer base. The present study, analysis, findings and suggestions proposed

by the present researcher will be of immense use for future researcher with similar studies in

insurance market.

IMS Dehradun 38

SCOPE OF THE

WORK

IMS Dehradun 39

Customer satisfaction, a business term, is a measure of how products and services supplied

by a company meet or surpass customer expectation. It is seen as a key performance indicator

within business and is part of the four perspectives of a Balanced Scorecard.

In a competitive marketplace where businesses compete for customers, customer satisfaction

is seen as a key differentiator and increasingly has become a key element of business

strategy. There is a substantial body of empirical literature that establishes the benefits of

customer satisfaction for firms.

Organizations are increasingly interested in retaining existing customers while targeting non-

customers; measuring customer satisfaction provides an indication of how successful the

organization is at providing products and/or services to the marketplace.

Customer satisfaction is an ambiguous and abstract concept and the actual manifestation of

the state of satisfaction will vary from person to person and product/service to

product/service. The state of satisfaction depends on a number of both psychological and

physical variables which correlate with satisfaction behaviors such as return and recommend

rate. The level of satisfaction can also vary depending on other options the customer may

have and other products against which the customer can compare the organization's products.

Because satisfaction is basically a psychological state, care should be taken in the effort of

quantitative measurement, although a large quantity of research in this area has recently been

developed. Work done by Berry (Bart Allen) and Brodeur between 1990 and 1998 defined

ten 'Quality Values' which influence satisfaction behavior, further expanded by Berry in 2002

and known as the ten domains of satisfaction. These ten domains of satisfaction include:

Quality, Value, Timeliness, Efficiency, Ease of Access, Environment, Inter-departmental

Teamwork, Front line Service Behaviors, Commitment to the Customer and Innovation.

IMS Dehradun 40

These factors are emphasized for continuous improvement and organizational change

measurement and are most often utilized to develop the architecture for satisfaction

measurement as an integrated model. Work done by Parasuraman, Zeithaml and Berry

(Leonard L) between 1985 and 1988 provides the basis for the measurement of customer

satisfaction with a service by using the gap between the customer's expectation of

performance and their perceived experience of performance. This provides the measurer with

a satisfaction "gap" which is objective and quantitative in nature. Work done by Cronin and

Taylor propose the "confirmation/disconfirmation" theory of combining the "gap" described

by Parasuraman, Zeithaml and Berry as two different measures (perception and expectation

of performance) into a single measurement of performance according to expectation.

According to Garbrand, customer satisfaction equals perception of performance divided by

expectation of performance.

IMS Dehradun 41

OBJECTIVE OF

THE STUDY

IMS Dehradun 42

OBJECTIVES OF THE STUDY

Primary Objectives

To analysis the satisfaction level of the customers toward IDBI Federal Life

Insurance.

Secondary Objectives

To analyze the customers view toward the plans of IDBI Federal Life Insurance.

To identify the insurance needs of the customer.

To study about the insurance policy.

To study about the customer perception towards IDBI Federal Life Insurance.

To study how insurance policy affects customer perception.

To analysis about the various schemes provided by the IDBI Federal Life Insurance.

IMS Dehradun 43

RESEARCH

METHDOLOGY

IMS Dehradun 44

RESEARCH METHODOLOGY

Research Design:

The study was exploratory in nature with survey method being used to complete the study.

The research is divided into two parts. The first part helps us to understand the consumer’s

satisfaction, service quality, problems faced and the investor’s motive of investment, the

second part deals with extracting important findings from this information and analyzing the

measures required to correct problems if any.

Sample Design:

Population includes investors in Dehradun city. Most of the sample will be generated by

personal contacts as the research requires those samples who are investing in insurance or

who had invested in past. List of all the contacts was formed from them all the possible

prospects were chosen out who are most favored one. In next step these prospects were

approached they were briefed about the questions and their responses were recorded.

Sample size :

Sample size is taken as 90 respondents.

Tool used for data collection:

Self designed questionnaire was used for the evaluation of factors affecting Customer’s

satisfaction towards IDBI Federal Life Insurance. In this questionnaire the responses of the

customer’s are recorded on the basis of four point scale i.e if the customer’s are highly

satisfied it would be rated as excellent & for highly dissatisfied it is bad.

IMS Dehradun 45

Types of data collection

PRIMARY DATA:

The primary data was collected by asking the customers who come to the IDBI Federal Life

Insurance circle office at NCR Plaza, New Cantt. Road, Dehradun for renewing their life

insurance policies. In the duration of 2 months of summer internship; I have asked 90

respondents to fill up the questionnaires by me. It is a very important part of the project as it

is only through the properly filled up questionnaires that I can reach to any conclusion from

the data which I got from the questionnaires.

SECONDARY DATA:

Secondary data are the information which is attained indirectly. They are the data collected

by someone else and which has already passed through statistical process

IMS Dehradun 46

REVIEW OF

LITERATURE

REVIEW OF LITERATURE

IMS Dehradun 47

Mehr and Cammack (1976) agrees that Insurance is usually thought of as a product that

spreads the risk of serious, but low-probability, losses among a group of individuals, thus

providing some financial protection to each in dividable. Kunreuther, (1979) said that his

product makes good sense, particularly when the protection is purchased against potential

losses so large as to be catastrophic, such as total destruction of one's home, large accident

liability judgment, or death of primary family breadwinner. However, it has long been

recognized that this sensible product is difficult to sell.

Kotler, (1973) considers insurance to been the category of "unsought goods, “along with

products such as preventive dental services and burial plots. He notes that unsought goods

pose special challenges to the marketer. Slavic, Fischhoff, Lichtenstein, Corrigan, and Combs

(1977) found that subjects were more likely to buy insurance against small, high-

probabilityosses than insurance against large, low probability losses, Hershey and

Schoemaker (1980) reported the opposite result. Kunreuther (1979) “It is not the magnitude

of a potential loss that inspires people to buy insurance voluntarily – it is the frequency with

which a loss is likely to occur”.Kahneman & Tversky, (1979) reported a risk-averse

individual, therefore, should Avoid nearly all types of risk. Empirical evidence, however,

suggests most people are risk averse for gains and risk seeking for losses. Kahneman &

Tversky, (1984) stated indeed, repeated demonstrations have shown most people lack an

adequate understanding of probability and risk concepts Dhar, (1997) Greenleaf and

Lehmann, (1995) Tversky and Shafir,(1992) have shown that offering more options can

generate decision conflict and preference uncertainty, leading to decision deferral.

IMS Dehradun 48

Michael L. Smith (1982) said that atypical life insurance contract provides a package of

options or rights to the policy owner that is not precisely duplicated by any other combination

of commonly available contracts. Viewed from this perspective, life insurance enjoys a

unique position in the field of investments and should be judged in

this light. The paper shows that an options viewpoint provides a more complete explanation

of policy owner behavior towards life insurance than the conventional savings-and-protection

view.

Michael L. Walden (1985) told that the option’s package view of the whole life insurance

policy suggests that a whole life policy is a package of options, each of which has value and

is expected to influence the price of the policy. This viewpoint implies the general hypothesis

that price differences between whole life policies can be explained by differences in policy

contract provisions and differences in selected company characteristics. The option's package

theory was empirically investigated using regression analysis on data from as ample of

policies marketed in North Carolina. The results suggest support for the options package

theory.

Kirchler and Angela-Christian Hubert (1999) found that the present study aims at describing

spouses’ relative dominance in decisions concerning different forms of investment. As

determinants of spouses’ dominance, partnership characteristics, such as partnership role

attitudes, marital satisfaction and individual expertise in relation to different investments,

were considered. A questionnaire on spouses’ dominance in making decisions various

investments, on the characteristics of particular investments and on partnership characteristics

IMS Dehradun 49

was completed by 142 Austrian couples. Basically, wives appeared to adapt to the dominance

exerted by their husbands in savings and investment decisions. Wives’ dominance was

highest in egalitarian partnerships, where autonomic and wife-dominated decisions were

reported more frequently than in traditional partnerships. Additionally, spouses’ relative

expertise in relation to the investments in question showed strong effects on dominance

distribution: Spouses with higher expertise than their partners exerted more dominance

indecision-making processes.

Amy Wong, (2004) empirically examined the role of emotional satisfaction in service

encounters. Specifically, this study seeks to: investigate the relationship between emotional

satisfaction and key concepts, such as service quality, customer loyalty, and

relationship quality, and clarify the role of emotional satisfaction in predicting customer

loyalty and relationship quality. In doing so, this study used the relationship between

emotional satisfaction, service quality, customer loyalty, and relationship quality as a context,

as well as data from a sample survey of 1,261 Australian retail customers concerning their

evaluation of their shopping experiences to address this issue. The results show that service

quality is positively associated with emotional satisfaction, which is positively associated

with both customer loyalty and relationship quality. Further investigations showed that

customers' feelings of enjoyment serve as the best predictor of customer loyalty, while

feelings of happiness serve as the best predictor of relationship quality. The findings imply

the need for a service firm to strategically leverage on the key antecedents of customer

loyalty and relationship quality in its pursuit of customer retention and long term profitability.

IMS Dehradun 50

Stephen Diacon (2004) presents the results of a detailed comparison of the perceptions by

individual consumers and expert financial advisers of the investment risk involved in various

UK personal financial services' products. Factor similarity tests show that there are

significant differences between expert and lay investors in the way financial risks are

perceived. Financial experts are likely to be less loss averse than lay investors, but are prone

to affiliation bias (trusting providers and salesmen more than lay investors do), believe that

the products are less complex, and are less cynical and distrustful about the protection

provided by the regulators. The traditional response to the finding that experts and non-

experts have different perceptions and understandings about risk is to institute risk

communication programmes designed tore-educate consumers. However, this approach is

unlikely to be successful in an environment where individual consumers distrust regulators

and other experts.

Helmut Gründl, Thomas Post, RomanSchulze, (2005) found that demographic risk, i.e., the

risk that life tables change in a nondeterministic way, is a serious threat to the financial

stability of an insurance company having underwritten life insurance and annuity business.

The inverse influence of changes in mortality laws on the market value of life insurance and

annuity liabilities creates natural hedging opportunities.

Evan Mills, Ph.D. (1999) Studied the insurance industry is rarely thought of as having much

concern about energy issues. However, the historical involvement by insurers and allied

industries in the development and deployment of familiar technologies such as automobile

airbags, fire prevention/suppression systems, and anti-theft devices, shows that this industry

has a long history of utilizing technology to improve safety and otherwise reduce the

likelihood of losses for which they would otherwise have to pay. We have identified nearly

IMS Dehradun 51

80examples of energy-efficient and renewable energy technologies that offer “loss-

prevention” benefits, and have mapped these opportunities onto the appropriate segments of

the very diverse insurance sector (life, health, property, liability, business interruption,

etc.).Some insurers and risk managers are beginning to recognize these previously "hidden"

benefits.

Roger. A. Formisano (1981) examined, via consumer interviews, the impact of the National

Association of Insurance Commissioner’s Model Life Insurance Solicitation Regulation as

implemented in New Jersey. A substantial portion of the insurance buyers sampled did not

become aware of the provisions of the regulation aimed to improve their buying ability.

Further, many life insurance buyers were not well informed concerning the nature and

operation of life insurance contracts, and in particular, the life insurance policies that they had

purchased.

Mike Armstrong (2002) the authors found no differences in the number of life insurance

policies purchased or coverage levels between women in the study kindred and those from

the general population. The public generally believes that life insurance companies would use

genetic information to deny coverage or charge higher rates. Individuals who learned that

they were at a genetically increased risk of a serious illness would be more likely to buy all

forms of insurance, but especially health and disability insurance the likelihood of purchasing

all forms of insurance on learning of a genetically increased risk is strongly correlated with

age, with younger individuals most likely to be purchasers.

IMS Dehradun 52

Retention of the Customers is the essence of Insurance business, Imtiyaz.H, Insurance Times,

Feb 2007: Retaining a customer is four times cheaper than acquiring a new one. The retention

of the customers is of utmost importance in the insurance industry in specification. Insurance

business is of the relationship building process. Were one customer leads to the building of

other one. A satisfied customer is like a word of mouth advertisement for the company. The

needs of the existing customers should be identified and satisfied well rather than only

concentrating at the new accounts. All possible measures needs to taken to retain the

customers as it is lesser costlier as well as provides stability to the business

Dr. Binod Kumar Singh, Alphia Institute of Business Management (ICFAI), (2009) with

increase in population and income there is a wide scope in insurance sector. Insurance sector

provides some security to the consumer for any type of mishappening. In this sector, IRDA

plays an important role and time to time gives important guide lines to various companies.

Still, LIC plays an important role and has maximum share in this sector. There are various

factors that affect the consumer buying decision and also influence consumer thinking when

they are planning to invest in insurance scheme .Major respondents generally prefer

insurance term cover insurance, medical/health insurance and they also prefer sum assured of

life insurance less than Rs 10 lakh. Most of the respondents show their interest in life

insurance having higher risk coverage and also for tax saving purpose.

Gaurav Jaiswal Lecturer, Prestige Institute of Management and Research, Gwalior (2009)

The consumer’s perception towards Life Insurance Policies is positive. It developed a

positive mind sets for their investment pattern, in insurance policies. Still some actions are

needed for developing insurance market. The major factors playing the role in developing

consumer’s perception towards Life Insurance Policies are Consumer Loyalty, Service

IMS Dehradun 53

Quality, Ease of Procedures, Satisfaction Level, Company Image, and Company-Client

Relationship. Insurance industry has to go ahead. A lot of opportunities are still waiting. This

research will help in developing the market share, loyalty and further development in

insurance sector.

Trends in Life Insurance Business—Unit Linked Insurance Plans, IRDA annual report 2007-

08: It wasn’t too long back when the good old endowment plan was the preferred way to

insure oneself against an eventuality and to set aside some savings to meet one’s financial

objectives. The traditional endowment policies were investing funds mainly in fixed interest

Government securities and other safe investments to ensure the safety of capital. Thus the

traditional emphasis was always on security of capital rather than yield. However, with the

inflationary trend witnessed all over the world, it was observed that savings through life

insurance were becoming unattractive and not meeting the aspirations of the policyholders.

The policyholder found that the sum assured guaranteed on maturity had really depreciated in

real value because of the depreciation in the value of money. The investor was no longer

content with the so called security of capital provided under a policy of life insurance and

started showing a preference for higher rate of return on his investments as also for capital

appreciation. It was, therefore found necessary for the insurance companies to think of a

method whereby the expectation of the policyholders could be satisfied. The object was to

provide a hedge against the inflation through a contract of insurance. Decline of assured

return endowment plans and opening of the insurance sector saw the advent of ULIPs on the

domestic insurance horizon. Today, the Indian life insurance market is riding high on the unit

linked insurance plans.

Retention of the Customers is the essence of Insurance business, Imtiyaz.H.Feb 2007:-

IMS Dehradun 54

Retaining a customer is four time cheaper than acquiring a new one. The retention of the

customers is of utmost importance in the insurance industry in specification. Insurance

business is of the relationship building process. were one customer leads to the building of

other one. A satisfied customer is like a word of mouth advertisement for the company. The

needs of the existing customers should be identified and satisfied well rather than only

concentrating at the new accounts. All possible measures needs to taken to retain the

customers as it is lesser costlier as well as provides stability to the business

Samuel B Sekar, Research associate, Academic wing, The ICFAI University, Customer —

driven innovation in insurance products, July 2006:- Insurance is one product which is not

demanded by a customer, but supplied to him by massive education and drive marketing.

Insurance ought to be bought not sold. The new concept of demand side innovation focuses

more on customer’s social and economic reality striving to deliver maximum value to the

customer at an affordable price. Therefore, when the customer becomes the primary focus

including him in the invention process becomes mandatory. But, there are certain areas of

insurance innovations where the customers cannot be involved. A case in point is the recent

insurance product invention called Telematic Auto Insurance. It’s a product by the

Progressive Auto Insurance, which monitors the driving behavior of its auto insurance

policyholder. The new machine grabs information and automatically transmits it to the

insurer. This information received is regularly analyzed to judicially conclude the intensity of

risk the person is exposed and the corresponding premium he is eligible to pay. This is an

example of supply side innovation, where it is strictly not possible to include the customer in

the innovation process. Though, there are instances where the customer is involved in the

testing phase, his inclusion in the conception phase makes an innovation demand-driven.

IMS Dehradun 55

Sampada Kapse & D.G Kodwani, Insurance as an investment option, , May2003

At national as at individual level the excess of income after consumption level savings as

finds for investment. Surplus funds can be invested in either real asset or in financial assets.

Purpose of investment is to protect one’s wealth against erosion of value due to inflation and

to earn risk adjusted return. There are three motives which drive people to purchase insurance

products in India.

— Desire to cover risk

— Tax benefit

— Saving motives

It is argued that in this paper that in the changing scenario for the insurance sector there is

going to be a good opportunities for insurance sector to expand its market base. For this

purpose there is need to improve the features of the insurance products to make them more

liquid or short term schemes could be increased. It is shown that although rewards implied by

the insurance products particularly by the tax benefits are quite close to those observed in

banks and small saving scheme of the governments. The performance of mutual funds which

come in many different types is found to be reasonable compared to the risk involved. The

survey indicates that it may not be very difficult to win over the confidence of small investors

towards insurance policies if good marketing techniques are adopted to educate the targeted

population about the uses of insurance policies from investment point of view.

IMS Dehradun 56

DATA ANALYSIS

AND

INTERPRETATION

IMS Dehradun 57

1. What type of product are you using of IDBI Federal Life Insurance?

Table No. 1

Termsurance Plans 18

Lifesurance Plans 18

Senior Citizen Plans 9

Incomesurance & Money Back Plans 30

Childsurance Plans 15

CHART 1

Interpretation: It has been found that majority of respondents are using Incomesurance &

Money Back Plan of IDBI Federal Life Insurance.

2. Are you satisfied with the Products provided by IDBI Federal Life Insurance?

IMS Dehradun

Term Plans Life Plans Sr. Ctzn Plans

Income Plans Child Plans0

5

10

15

20

25

30

35 Chart Title

58

Table No. 2

Option No. of Respondents Percentage

a) Yes 73 84

b) No 17 16

Total 90 100

a) yes b) No0

10

20

30

40

50

60

70

80

90

percentage

options

No. of Respondents

CHART 2

Interpretation: Mostly all customers are satisfied with the products of IDBI Federal life

insurance. Study shows that out of 90 respondents 73 are satisfied with the products that

constitute near about 84% of the total respondents. Remaining people are not satisfied with

the products of the IDBI Federal life insurance.

3. How will you rate the Products of IDBI Federal Life Insurance?

IMS Dehradun 59

Table No. 3

Option No. of Respondents Percentage

a)Excellent 9 10

b) Very Good 30 33

c) Good 45 50

d) Bad 6 7

Total 90 100

a)Excellentb) Very Goodc) Goodd) Bad

CHART 3

Interpretation: 10% of respondents feel that the Products provided by IDBI Federal Life

Insurance are Excellent where as 33% thinks that they are very good, 50% respondents think

that it is good & only 7% think that their products are bad.

4. What are the responses of the agents?

IMS Dehradun 60

Table No.4

Option No. of Respondents Percentage

a)Excellent 12 13%

b) Very Good 24 27%

c) Good 54 60%

d) Bad 0 0%

Total 90 100%

a)Exce

llent

b) Very

Good

c) Good

d) Bad

0

5

10

15

20

48

18

0No of respondents

CHART 4

Interpretation: 13% of respondents found that the responses are excellent & 27% of the

respondents found it very good, 60% of the respondents are good. No one is with the

opinion that the products are of bad quality.

IMS Dehradun 61

5. What do you think regarding the personal attention paid by the agents of IDBI

Federal Life Insurance towards the customers?

Table No. 5

Option No. of Respondents Percentage

a)Excellent 27 30%

b) Very Good 21 23%

c) Good 42 47%

d) Bad 0 0%

Total 90 100%

27

21

42a)Excellent

b) Very Good

c) Good

d) Bad

CHART 5

Interpretation: 30% of respondents found the personal attention by the agents of IDBI

Federal Life Insurance towards customers are excellent & 23% of the respondents found it

very good, 47% of the respondents found are good.

IMS Dehradun 62

6. What do you think about the returns of different plans of IDBI Federal Life

Insurance?

Table No.6

Option No. of Respondents Percentage

a)Excellent 36 40%

b) Very Good 29 32%

c) Good 19 21%

d) Bad 6 7%

Total 90 100%

a)Excellent b)Very Good c)Good d)Bad0

5

10

15

20

25

30

35

4036

29

19

6

No. of Respondents

CHART 6

Interpretation: 36% of respondents found the returns of different plans of IDBI Federal Life

Insurance are excellent & 29% of the respondents found it very good, 19% of the respondents

found that the returns of different plans of IDBI Federal Life Insurance is good & 6% of the

respondents are not satisfied with returns.

IMS Dehradun 63

7. How will you rate the after sales facilities provided by the IDBI Federal Life

Insurance?

Table No.7

Option No. of Respondents Percentage

a)Excellent 24 26%

b) Very Good 36 40%

c) Good 14 16%

d) Bad 16 18%

Total 90 100%

a)Excellent b) Very Good

c) Good d) Bad0

5

10

15

20

25

30

35

40

No. of Respondents

Options

No. of Respondents

CHART 7

IMS Dehradun 64

Interpretation: 26% of respondents found the after sale facilities provided by the IDBI

Federal Life Insurance are excellent & 40% of the respondents found it very good, 16% of

the respondents found it to be good & 18% found it to be the bad.

8. Are you satisfied with the IDBI Federal Life Insurance agency/dealer?

Table No.8

Option No. of Respondents Percentage

a)Yes 66 73%

b) No 24 27%

Total 90 100%

Yes NO0

10

20

30

40

50

60

70

Options

No of Re-spondents

CHART 8

Interpretation: 73% respondents are satisfied & 27% respondents are dissatisfied with the

IDBI Federal Life Insurance agency/dealer.

.

IMS Dehradun 65

9. Are you satisfied with the different plans of IDBI Federal Life Insurance?

Table No.9

Option No. of Respondents Percentage

a)Yes 69 77%

b) No 21 23%

Total 90 100%

Yes NO

0

10

20

30

40

50

60

70

Options

No of Respondents

CHART 9

Interpretation: 77% respondents are satisfied with the different plans of IDBI Federal Life

Insurance where as 23% are not satisfied.

IMS Dehradun 66

10. How will you rate the overall Products of IDBI Federal Life Insurance?

Table No.10

Option No. of Respondents Percentage

a)Excellent 27 30%

b) Very Good 21 23%

c) Good 28 31%

d) Bad 14 16%

Total 90 100%

Excellent Very Good0

5

10

15

20

25

30

Options

No of Re-spondents

CHART 10

Interpretation: 30% of respondents found the rate the overall Products of IDBI Fedearl Life

Insurance are excellent & 23% of the respondents found it very good, 31% of the respondents

found that the returns are good & 14% thinks it to be bad.

IMS Dehradun 67

11. Do you think that IDBI Federal Life Insurance is preferred because of its returns?

Table No.11

Option No. of Respondents Percentage

a)Yes 78 87%

b) No 12 13%

Total 90 100%

Yes NO

0

10

20

30

40

50

60

70

80

Options

No of Respondents

CHART 11

Interpretation: 87% respondents think that IDBI Federal Life Insurance is preferred

because of its returns & only 13% respondents don’t think so.

IMS Dehradun 68

OBSERVATIONS

&

FINDINGS

IMS Dehradun 69

OBSERVATIONS & FINDINGS

The major observations supports in the favour that customers are satisfied with the overall

services of the IDBI Federal Life Insurance. Through the above analysis & Interpretation it is

clearly stated that customers are happy with the services of the IDBI Federal Life Insurance.

The main findings are as follows:

It has been observed that majority of the respondents are using incomesurance &

money back plans of the IDBI Federal Life Insurance.

Majority of the customers are satisfied with the various products provided by the

IDBI Federal Life Insurance. 73% of the total respondents responded that they are

satisfied with the products of IDBI Federal Life Insurance.

45% of total respondents have rated the products of IDBI Federal Life Insurance as

Good.

Various agents/advisors who are working for the IDBI Federal Life Insurance also

give the favourable responses in favour of the services of the IDBI Federal.

The personal attention paid by the agents/advisors of IDBI Federal Life Insurance is

good. They are able to handle the queries of the customers well & able to satisfied

their needs & wants properly.

When it comes to Returns; Respondents rated the returns of the IDBI Federal Life

Insurance to be Excellent.

Majority respondents are very much satisfied with the different plans of IDBI Federal

Life Insurance.

77% of total respondents are satisfied with the different plans of the IDBI Federal Life

Insurance.

IMS Dehradun 70

Majority respondents rate the overall products of the IDBI Federal Life Insurance as

good.

Maximum people think that IDBI Federal Life Insurance is preferred for its returns.

So these are the some of the main findings that is been collected through the various

questions asked from the various respondents.

IMS Dehradun 71

CONCLUSION

&

SUGGESTIONS

IMS Dehradun 72

CONCLUSIONS

Customer satisfaction is a measure of how products and Products supplied by a company

meet or surpass customer expectation. It is seen as a key performance indicator within

business and is part of the four perspectives of a Balanced Scorecard.

In a competitive marketplace where businesses compete for customers, customer satisfaction

is seen as a key differentiator and increasingly has become a key element of business

strategy. For this we have done project on customer satisfaction of IDBI Federal Life

Insurance. It is found that majority of respondent have use Savings & Investment Plans

Products from IDBI Federal Life Insurance. 87% respondents think that IDBI Federal Life

Insurance is preferred because of its returns. So finally both below the hypothesis are proved:

It has been found that majority of respondents are using Incomesurance & Money Back Plans

from IDBI Federal Life Insurance. 84% of respondents satisfied with the Products provided

by IDBI Federal Life Insurance. 10% of respondents feel that the Products provided by IDBI

Federal Life Insurance are Excellent where as 33% thinks that they are very good, 50%

respondents think that it is good & only 7% of them rated the products Bad. 13% of

respondents found that the responses are excellent & 27% of the respondents found it very

good, 60% of the respondents is good. 30% of respondents found the personal attention by

the agents of IDBI Federal Life Insurance towards customers are excellent & 23% of the

respondents found it very good, 47% of the respondents found it to be good. 40% of

respondents found the returns of different plans of IDBI Federal Life Insurance are excellent

& 32% of the respondents found it very good, 21% of the respondents found that the returns

of different plans of IDBI Federal Life Insurance are good. 26% of respondents found the rate

IMS Dehradun 73

after sale facilities provided by the IDBI Federal Life Insurance are excellent & 40% of the

respondents found it very good, 16% of the respondents found it to be good.

73% respondents are satisfied with IDBI Federal Life Insurance agency/dealer. 77%

respondents are satisfied with the different plans of IDBI Federal Life Insurance where as

21% are not satisfied. 30% of respondents rate the overall Products of IDBI Federal Life

Insurance to be excellent, 23% of the respondents found it very good, 31% of the respondents

found it to be good, only 16% are not satisfied with the overall products of the IDBI Federal

Life Insurance.

IDBI Federal Life Insurance is preferred because of its returns. 87% of the customers are

satisfied with IDBI Federal Life Insurance.

SUGGESTIONS

On the basis of extensive study and research, here are some recommendation and suggestion

which may help the company to market the product and service more profitability and

increase its share in the insurance market.

PROMOTIONAL ACTIVITIES

The company expands the budget allocation for promotional campaign in center Bhopal. It

has affected the sale service brand image of kotak insurance especially in Bhopal. Low

supports in promotion have lead to fluctuation in sale.

There may be some useful tools which can be summed as follows:-

IMS Dehradun 74

Advertising: Advertising should have a clear objective and message, which has not been

found in recent ads. Insurance is a faster growing provider service in each state .every offers

and schemes they should show with proper message for benefit to the customer. In busy life

customer do not remembered any offers and which service we can provided for the customer

therefore they should by force showing advertisement in growing market and among

customer. Customers want continuously exposure in Cable and Local newspapers.

Persuasive Advertising: Now there is a need of persuasive advertising for Reliance service

which can be moved into the category of “comparative advertising”. It will help the company

to establish the superiority of its brand service through specific comparison of one or more

attributes and features.

Technical Expertise: The advertisement should show the company’s expertise, experience

and pride in market the product service sale.

IMS Dehradun 75

LIMITATIONS OF

THE STUDY

IMS Dehradun 76

Limitation of the study

In this research, researcher may under take some sort of preliminary survey. It could not do in

this study. The time devoted in the reviewing of research already on related problem. Studies

on related problem are useful for indicating the type of difficulties that may be in countered

in the present study as also the possible analytical short coming. At time such study may also

suggest useful and even new line of approach to the present problem. After the receiving the

questionnaire, the researcher think that some point must be incorporated in this study. What

effect is on their business, and what effect on the social status and how much growth is

generated in their economy? Time factor save by the consumer. How they spent their time

which they have save and what way they utilized. Such type of finding may be asked in the

questionnaire.

In spite of every care taken on the part of the researcher there were certain limitations which

could not be overcome and are as follows:

Some of the persons were not so responsive.

Possibility of error in data collection because many of investors may have not given

the actual answers of my questionnaire.

Sample size is limited to 90 people only. The sample size may not adequately

represent the whole market.

Some respondents were reluctant to divulge personal information which can hinder

the validity of all responses.

The research study was confined to Dehradun city only.

IMS Dehradun 77

BIBLIOGRAPHY

IMS Dehradun 78

REFERENCES & BIBLIOGRAPHY

- Published Sources

Aaker (1991) Building Strong Brands; New York: Free Press

C.R. Kothari (1985) Methods of Data Collection: Research Methodology

– Methods & Techniques, pp 95-96.

C.R. Kothari (1985), Research Design: Research Methodology – Methods

& Techniques, pp 31-32.

Chatterjee, Jauchius, Kaas and Satpathy no. 1, (2002): 'Revving up auto

branding', McKinsey Quarterly.

David. A. Aaker, V.Kumar & George S. Day, (2001) Descriptive

Research: Marketing Research, Seventh Edition, pp 17

David. A. Aaker, V. Kumar & George S. Day, (2001) Sampling

fundamentals : Marketing Research, pp 379

Donald S. Tull & Del I. Hawkins, (2004) Sampling & Data analysis :

Marketing Research – Measurement & Method, pp 537

Fink, Arlene (2002). How to sample in surveys, Vol. 7. Thousand Oaks,

CA: Sage Publications.

IMS Dehradun 79

ANNEXUREQUESTIONNAIRE

IMS Dehradun 80

Questionnaire

I am a final year student of M.B.A. management, I would like to measure

the satisfaction level of customers of “KOTAK LIFE INSURANCE,”. This

being a part of my academic requirement. Please answer the following.

Your name and details will be kept confidential.

Personal Details:

NAME :

AGE :

SEX :

QUESTIONS

1) What type of IDBI Federal Life Insurance Products have you purchase?

Termsurance Plans Senior Citizen Plans

Lifesurance Plans Childsurance Plans

Incomesurance & Money Back Plans

2) Are you satisfied with these Products?

Yes No

IMS Dehradun 81

3) How will you rate the Products of IDBI Federal Life Insurance?

Excellent Very Good

Good Bad

4) What is the responses of the agents?

Excellent Very Good

Good Bad

5) What do you think regarding the personal attention by the by the agents of

IDBI Federal Life Insurance towards the customers?

Excellent Very Good

Good Bad

6) What do you think about the returns of different plans of IDBI Federal Life

Insurance?

Excellent Very Good

Good Bad

7) How will you rate the after sale facilities provided by the IDBI Federal Life

Insurance?

Excellent Very Good

Good Bad

IMS Dehradun 82

8) Are you satisfied with the IDBI Federal Life Insurance agency/dealer?

Yes No

9) Are you satisfied with the different plans of IDBI Federal Life Insurance?

Yes No

10) How will you rate the overall plans of IDBI Federal Life Insurance?

Excellent Very Good

Good Bad

11) Do you think that IDBI Federal Life Insurance is preferred because of its

returns?

Yes No

IMS Dehradun

THANKYOU

83