Patel Gopi . Mba-sip

7/28/2019 Patel Gopi . Mba-sip

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Kotak Life Insurance

Patel Gopi D. Shree Sahjanand Institute Of Management

AProject Report

On

Satisfaction Level of Kotak Life Insurances CustomersOf the Bhavnagar City

Project Done At:

Project Guided By:

Mrs.Saroj Vats

Project Submitted To:

Shree Sahjanand Institute Of Management

Affiliated with:

Gujarat Technological University

Project Done By:

Patel Gopi D.

Enrolment No.097610592049

SUMMER INTERSHIP PROJECT


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Index

Sr. No. Particulars Page

Numbers

1 Insurance

2 IRDA

3 Present forms of Insurance

4 Life Insurance

5 Kotak Mahindra

6 Kotak Life Insurance

7 Old Mutual

8 Kotak Mahindra Old Mutual Life

Insurance Ltd.

9 Companys vision

10 Products

11 Survey Report

12 Questionnaire

13 Findings and Analysis of

Questionnaire

14 Recommendation

15 Conclusion

16 Bibliography


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ACKNOWLEDGEMENT

Every person to get successful in his/her life needs someone who can give

him or her proper guidance to achieve their goals and help them to move on a right

track towards their goal. None other than our teachers does this job from several

years. They are the ones who taught us from the very beginning how to tackle

difficult situation. I feel myself lucky to have such helpful teachers; it is because of

their help that I was able to do my project work.

I have completed my project with the objective to To study the SatisfactionLevel of Kotak life Insurances customers of Bhavnagar City. I have successfully

completed my project with the help of guidance and encouragement of many people.

First I would like to express my deep sense of gratitude to the lecturer

Mrs.Saroj Vats, my project guide, without whose help I could not have done my

work. She was always there to provide me with all kinds of help I needed in doing

my project. It is because of her deep knowledge in marketing field that idea turns into

reality. Her intelligent & knowledge in marketing was really a great help for making

my project.

In Kotak, I am especially thankful to Mr. Maulik Ghoghari (Sales Manager,

Bhavnagar), who has provided me all the necessary information and details of their

company.

I am thankful to my respondents for their cooperation & kind behavior to me

as without their willingness & support, my project would not have been completed

and also thank all of them for sparing their valuable time for giving response.

Gopi d Pate


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PREFACE

To be an MBA student is a matter of pride because you are in a field which

helps you to develop from a normal human being into a disciplined and dedicated

professional. In the management field you cannot create success stories if you are

not a good learner. You need to be a good learner to sharpen your knowledge in the

particular field to achieve and attain the desired goals and heights.

Mere bookish or theoretical knowledge cannot help you in any field whether it

is management, technology, research, or any other field. The only thing that can help

you is having a sound practical knowledge of the concerned field. As part of my

learning in management field and also a requirement of the MBA programme, I have

been very fortunate to receive practical knowledge in KOTAK OLD MUTUAL LIFE

INSURANCE COMPANY

I received my training at Kotak as a requirement of the MBA curriculum. This

training has made me clear the difference between the theoretical knowledge and

the practical scenario, making me aware of the importance of practical working

conditions/situations.

I have tried to present whatever knowledge I gained, and learned at Kotak

during my training period in a very systematic manner.


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EXECUTIVE SUMMARY

In third semester as my training obligation for MBA program during this

summer project, my special topic was Satisfaction Level of Kotak Life

Insurances Customers of the Bhavnagar City in Kotak Old Mutual Life

Insurance Company.

During this summer project I have taken 6 week training Report contains all

the general information of Life Insurance. 6 week training was become helpful to

make clear all the concept of Life Insurance like assignment, nomination, rider,different non forfeiture option, calculation of premium etc.

I have also taken product training which was become helpful to understand

different plans of Kotak Old Mutual Life Insurance Company. And I have also done

marketing for companys product in which I have sold two policy.

I have also made market survey to know Satisfaction Level of Kotak Life

Insurances Customers of the Bhavnagar City in Kotak Old Mutual Life

Insurance Company.


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Insurance

Insurance Business is related with securities of monetary value of assets.

Every asset has a value for its owner because its owner earns something by using it.

This earning may be in monetary terms or may not be. For example a factory owner

or a cow owner can earn money by selling their respective production. And a car

owner gets facility of easy travelling, the car using cannot return into monetary term.

But if a car owner using his car as a taxi then he can earn in monetary term.

Every asset has a fix time period in which only they can be productive. After

end of their fixed age they will get expire and they will not be productive. The owners

of assets know about that thing and therefore he arranges things by which he can

earn after expiry of his current assets. But there are chances that the assets can

expire before their respective age. This can be happen by accidents or any natural

calamities. If assets expire before their life end time than it can be inversely affect

their owner and other persons also who are the beneficial of these assets.

Insurance is such a system by which the bad results of such type of accidents

and natural calamities can be reduced. Insurance is not securing the assets and also

it cannot stop any kind of natural calamities or accidents. It only can reduce the

burden of loss on their owners and other beneficially.

Logically the Insurance procedure is easy. The people who have the same

type of risk are get together and decide among themselves that if any one member

get loss than all the other member will divide it equally. For example the all persons

who transport goods by ship has the risk related to marine like pirates and bad

weather etc. But the persons who are the owner of factories they are not having any

risk from the marine but they are having different risk like fire earthquake theft etc


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General definition:

In the words of John Magee, "Insurance is a plan by which large number of people

associate and transfer to the shoulders of all risks that attach to individuals."

Fundamental definition:

In the words of D.S. Hansell, "Insurance is accumulated contributions of all parties

participating in the scheme. "

Contractual definition:In the words of justice Tindall, "Insurance is a contract in which a sum of money is

paid to the assured as consideration of insurer's incurring the risk of paying a large

sum upon a given contingency.


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Why do you need Insurance cover?

Insurance will help provide protection to investors from certain or uncertainrisks. Certain risk includes events like death, retirement, pension, education,

marriage, etc. Uncertain risk includes events like theft

A human life is also an income-generating asset. This asset also can be lost

through unexpectedly early death or made non-functional through sickness and

disability caused by accident. Accident may or may not happen. Death will happen,

but the timing is Uncertain.

If it happens around the time of retirement, when it could be expected that the

income will normally cease or the person could have made some other arrangement

to meet the continuing needs. But if it happens much earlier when the alternative

arrangements are not in place, insurance is necessary to help those dependent on

income.

In case of a human being, he may have made arrangements for his need after

his retirement. These would have been made on the basis of some expectations like

he may live for another 15 years or that his children will look after him. If any of these

expectations would become inadequate and there could be difficulties. Living too

long can be as much a problem as dying too young. These are risks, which need to

be safeguard against thorough insurance.


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The Insurance Regulatory & Development Authority

Reforms in the insurance sector were initiated with the passage of the IRDA bill in

Parliament in December, 1999, the IRDA since its incorporation as a statutory body

in April, 2000 has fastidiously stuck to its incorporation of framing regulations &

registering the private sector insurance companies since being set up as an

independent statutory body, the IRDA has put in a framework of globally compatible

regulations in the private sector & life insurance and 6 general companies have been

registered.

There are two types of insurance as from 1-4-2000 i.e.

1) Life insurance

2) General insurance

LIC and GIC with 9 new companies have entered into insurance sector from

December 2000. GIC has 4 subsidiary companies. These subsidiaries have been

delinked from the parent company. They are:

1) The Oriental Insurance Ltd.

2) The New India Insurance Ltd.

3) The National Insurance Ltd.

4) The United India Insurance Ltd.

The Insurance Regulatory and Development Authority (IRDA) issued the first

batches of licenses in the year 2001.


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Present forms of insurance

The business of insurance is divided into four main branches:

1.Marine insurance

2.Fire insurance

3.Life insurance

4.Casualty insurance

The first three state the form of disaster against which insurance is provided.

The fourth-originally accident insurance-includes all forms not embraced in the other

three. An idea of the variety of events against which insurance is offered.

Marine insurance antedates every other form, its history dating back over

seven centuries. It appears to have been practiced in the Mediterranean, and at least

one old policy has come down from the thirteenth century, proving that marine

insurance was an established practice among the commercial countries of that time.

Fire insurance, the second oldest form to become permanently established,

dates from the great London fire of 1666.

Life insurance followed a little later, although not until 1760 was a company

founded on a modern basis.

Casualty insurance owes its origin to the application of steam to railway travel;

its more common name of accident insurance was due to the fact that the first events

to be insured against were those of accidents to the person on a railway journey. It

originated in England in the first half of the nineteenth century.


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Life Insurance

Life Insurance or Life Assurance is a contract between the policy owner and

insurer, where the insurer agrees to pay a sum of money upon the occurrence of the

policy owners death. In return, the policy owner (or policy payer) agrees to pay a

stipulated amount called a premium at regular intervals.

As with most insurance policies, Life Assurance is a contract between the

insurer and the policy owner (policyholder) whereby a benefit is paid to the

designated beneficiary (or beneficiaries) if an insured event occurs which is covered

by the policy. To be a life policy the insured event must be based upon life (or lives)

of the people named in the policy.

Insured events that may be covered include:

Death

Accidental Death

Permanent Disability

Illness

Life policies are legal contracts and the terms of the contract describe the

limitations of the insured events. Specific exclusions are often written into the

contract to limit the liability of the insurer, for example claims relating to suicide,

fraud, war, riot and civil commotion.


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Life based contracts tend to fall into two major categories:

Protection policies: Designed to provide a benefit in the event of specified

event, typically a lump sum payment.

Investment policies: Where the main objective is to facilitate the growth of

capital by regular or single premium.

** Sixteen life insurers, a variety of traditional and unbundled product options,

emerging challenges, greater convergence of financial services and insurance

products the insurance sector needs today a forum that will help development,

coordinate and be a face of the life insurance industry; that will communicate on

behalf of the life insurance sector, to the Government, Regulator and the public.

ADVANTAGES OF LIFE INSURANCE


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Introduction

The Kotak Mahindra Group, established in 1986, is one of India's leading financial

institutions. The group has a net worth of around Rs.20 billion and employs 6,000

people in its various businesses. In 2005 the Kotak Mahindra Group realigned a joint

venture in Ford Credit; bought Kotak Mahindra Prime (formerly known as Kotak

Mahindra Primus limited), sold Ford Credit Kotak Mahindra and launched a real

estate fund.

Business

Kotak Mahindra offers financial solutions ranging from commercial banking to stock

broking, mutual funds, life insurance and investment banking. It is also involved in

car finance, securities and investment banking.

Brands

Some of the well-known brands from the group are:

Insurance (Kotak term plan, Kotak Premium Return Plan)

Mutual funds (Kotak Twin Advantage, Kotak Floater)

Location

Kotak Mahindra has main offices in Mumbai and New Delhi and has a distribution

network of branches, franchisees, representative offices and satellite offices across

216 cities and towns in India. It also has offices in New York, London, Dubai and

Mauritius


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Kotak Mahindra

Kotak Mahindra one of India's leading financial institutions was born in 1985

as Kotak Capital Management Finance Limited. Mr. Uday Kotak, Mr. Sidney A. A.

Pinto and Kotak & Company promoted this company. Industrialists Mr. Harish

Mahindra and Mr. Anand Mahindra took a stake in 1986, and that's when the

company changed its name to Kotak Mahindra Finance Limited.


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Kotak Mahindra is one of India's leading financial institutions, offering

complete financial solutions that encompass every sphere of life. From commercial

banking, to stock broking, to mutual funds, to life insurance, to investment banking,the group caters to the financial needs of individuals and corporate.

The group has a net worth of over Rs. 2,900 crore, employs around 8,800

people in its various businesses and has a distribution network of branches,

franchisees, representative offices and satellite offices across 282 cities and towns in

India and offices in New York, London, Dubai and Mauritius. The Group services

around 2 million customer accounts.

Old Mutual


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**It is the foreign partner of Kotak as per Govt. Law.

Old Mutual was established more than 150 years ago and has developed into

an International financial services group whose activities are focused on asset

gathering and asset management. The Old Mutual Group offers a diverse range of

financial services in three principal geographies: South Africa, the United States

and the United Kingdom.

The company is listed on the London Stock Exchange with a market

capitalization of approximately $6 billion. In the 2003 rankings of the World's 500

largest corporations by Fortune magazine, Old Mutual climbed 87 places to position

number 366 and was also listed as the 14th largest insurance company in the world.

Old Mutual is the largest financial services business in South Africa, through

its life insurance, asset management, banking and general insurance operations.

The company serves 4 million life insurance policyholders and employs over 13000

South Africans in its local operations.

In the USA, Old Mutual is one of the top ten fixed annuity businesses offering

an array of specialist asset management skills through its 23 asset management

businesses. The companys US Life business recorded sales of $4 billion at the end

of 2002.

The Old Mutual Group has the ability to cater for a variety of consumer

segments and offers a comprehensive and innovative range of products for all

income groups.

Kotak Mahindra Old Mutual Life Insurance Ltd.
http://www.oldmutual.com/http://www.oldmutual.com/http://www.oldmutual.com/http://www.oldmutual.com/http://www.oldmutual.com/http://www.oldmutual.com/http://www.oldmutual.com/http://www.oldmutual.com/http://www.oldmutual.com/http://www.oldmutual.com/http://www.oldmutual.com/http://www.oldmutual.com/


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Kotak Mahindra Old Mutual Life Insurance is a 76:24 joint venture between

Kotak Mahindra Bank Ltd. and Old Mutual plc.

Kotak Mahindra Old Mutual Life Insurance is one of the fastest growing insurance

companies in India and has shown remarkable growth since its inception in 2001.

Old Mutual, a company with 160 years experience in life insurance, is an

international financial service group listed on the London Stock Exchange and

included in the FTSE 100 list of companies, with assets under management worth $

400 Billion as on 30th June 2006. For customers, this joint venture translates into a

company that combines international expertise with the understanding of the local

market.

Corporate Identity:

What KOTAK people have to say about their Symbol?


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The symbol of the infinite ka reflects our global Indian personality. The ka is

uniquely Indian while its curve forms the infinity sign, which is universal. One of the

basic tenets of economics is that mans needs are unlimited. The infinite ka

symbolizes that we have an infinite number of ways meets those needs

Company's vision:

To make Kotak Old Mutual the dominant Life and Pensions player built on trust

by world-class people and service. This they hope to achieve by:


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Understanding the needs of customers and offering them superior products

and service Leveraging technology to service customers quickly, efficiently

and conveniently developing and implementing superior risk management and

investment strategies to offer sustainable and stable returns to their

policyholders.

Providing an enabling environment to foster growth and learning for their

employees And above all, building transparency in all their dealings.

The success of the company will be founded in its unflinching commitment to

5 core values ~ Integrity, Customer First, Boundary less, Ownership and

Passion. Each of the values describes what the company stands for, the

qualities of their people and the we\ they work.

They do believe that they are on the threshold of an exciting new opportunity,

where they can play a significant role in redefining and reshaping the sector.

Given the quality of their parentage and the commitment of their team, there

are no limits to their growth.

BANK PROFILE

Name: Kotak Mahindra Old Mutual Life Insurance Ltd.

ADDRESS: Kotak Life InsuranceWaghawadiroad,


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Bhavnagar-364004

CORPORATE OFFICE: Kotak Mahindra Old Mutual Life Insurance Ltd.9th Floor, Godrej Coliseum,

Behind Everard Nagar, Sion (East)Mumbai-400 022.

MEMBERS OF BOARD OF DIRECTORS:

1. Chairman Mr. K.M.Gherde

2. Executive Vice Chairman and Mr. Uday KotakManaging Director:

3. Other Board of Directors Mr. Anand MahindraMr. Cyril MahindraMr. Pradeep KotakMr. Shankar AcharyaMr. Shivaji Dam

4. Executive Director Mr. C. JayaramMr. Dipak Gupta

WEBSITE: WWW.Kotaklifeinsurance.com

ORGANIZATION STRUCTURE

BRANCH MANAGER

Asst. Br.

MANAGER


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BRANCH MANAGER - Mr. Jignesh Joshi

Asst. BRANCH MANAGER - Mr.Shukla

Total Employees:- 15

Total Life Advisors:- approximately. 21

Products

Kotak Life Insurance has two types of products.

1. Traditional Products.

SALES MANAGER Back Office

Executive

LIFE

ADVISORS


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2. ULIP Products.

The premium of traditional products is invested in Government Bonds. Here

policyholders are getting return up to 7 to 8 percent.

The premium of ULIP products i.e. Unit Linked Insurance Products is invested in

the share market. The investment is done after the consent of policyholder. Here

policyholders are getting return more than 15 percentages. It is risky also because if

the value of share gets down than policyholder will not get return. In this case Kotak

Life Insurance gives guarantee of capital return.

Kotak Term Plan is a pure risk product that aims to cover your life at a nominal cost.

You may want to take this plan to cover your outstanding debts like a mortgage, a

home loan etc. Since this is a pure risk cover product, there is no maturity benefits

payable on survival. This is a non-participating plan.


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The Kotak Preferred Term Plan is designed to provide you with reduced premium

rates for a sum assured of Rs.10 lakes and above.

Eligibility for this product:

1) Males over the age of 18 years, who do not use tobacco in any form.

2) Females over the age of 18 years.

The Kotak Money Back Plan not only covers your life, it also assures you a certain

percent of the sum assured as cash payment at regular intervals of every 5 years. It

is a savings plan with the added advantage of life cover and regular cash inflow. This

plan is ideal for planning special moments like a wedding, your child's education or

purchase of an asset etc. This is a participating plan (with profits).


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The Kotak Child Advantage Plan is an investment plan designed to meet your child's

future financial needs. It's a plan that gives your child the "azaadi" to realize his

dreams. The plan is a participating plan with a 15-day free look period.

Kotak Endowment Plan is a protection plan that covers your life and at the same

time ensures that your money does not lie idle. It invests a portion of your premium

in financial instruments and ensures a considerable growth in savings. This is a

participating plan (with profits).

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

it allows your money to multiply, and gives you the flexibility of using this money the

way you need it, in regular withdrawals. This is an endowment plan, which is very

flexible, and has a lot of other in-built benefits.


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

retirement needs. It is a plan that gives you "Jeene ki azaadi". It gives you the choice

to remain independent even after retirement.

The Kotak Retirement Income Plan is a participating plan. The plan comes in two

forms:

(i) With Cover

(ii) Without Cover.

Kotak Easy Growth Plans are single premium; market linked insurance plans that

keep pace with your ever-growing success. It not only helps you save for the future

but also lets you reap rich benefits from the investments of your choice. The

undisputed advantage of these plans is its simplicity. This simplicity stems from our

clear understanding of what would appeal to a customer who is looking for a hassle

free investment option.

Kotak Safe Investment Plan is an investment cum insurance plan, where we invest

your money in capital markets and you get market-linked returns. All gains from the

markets are yours to take and in case the markets do not perform well, you would

still get back the guaranteed Sum Assured. Sounds interesting. Read on.


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WHAT IS RESEARCH


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Research is done in to gain some knowledge so as to it may aid in

understanding the information gathered on a specific topic. It is a scientific

and systematic way of understanding information on specific and particular

subjects. It is a scientific investigation to understand the cause and effect as

well as the reasons through investigation. It is an academic activity. And it is

to be used in technical sense.

Today completion and market both have expanded. The company

every now and then cannot afford to undertake research activities as research

involves huge cost. The companies undertake research activities when it

perceives that something is going wrong or their is lack of information to solve

a particular problem.

Research has been done in the Kotak Life Insurance of the Bhavnagar city to

find out the success of programmed. The data was readily available to the

bank the main focus of research was to study to find the satisfaction level of

the Kotak Life Insurances customers who purchased the insurance from the

Kotak Life Insurance.

SURVEY REPORT

OJECTIVES OF THE RESEARCH:


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With an outlook of the every marketing research, it has been conducted for

specific objective. It must have clear-cut problem and based on it the objective must

also be clearly defined. Therefore, that research gets clear idea about their task.

Research objective help the researcher to achieve his task easily. Also after the

completion of research project can be evaluated based on the research objective.

Thus it is at most important to define the research objective.

The objective of my project is divided into primary & secondary.

The primary Objective:

To study the Customer Satisfaction Level of Kotak Life Insurances customers of

the BhavnagarCity.

The Secondary Objectives:

To study the reasons as to why the general people purchase the life

insurance policies of any kind

To study the influencing factors behind the peoples decisions on the basis of

which they purchase life insurance policies.

Which kind of option they look in policy why purchasing plan.

RESEARCH METHODOLOGY:

RESEARCH DESIGN :-

A research design server as a bridge between what has been established and

what is to be done, in the of conduce study, to realize this objective. It anticipates


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what the client will need in terms of results and the analytical work on the gathered

data that will convert it to useful findings.

Research design is needed because it facilitates the smooth sailing of the

various research operations, thereby making research as efficient as possible

yielding maximal information with minimal expenditure of effort, time and money.

Research design can be categorized in three parts.

i. Exploratory research studies

ii. Descriptive and diagnostic research studies

iii. Hypothesis-testing research studies

This research study is of descriptive research study because this research is

made on the basis of primary data as well as secondary data. This study consist the

Questionnaire method to collect the primary data to know the customer satisfaction

level of Kotak Life Insurance. The major emphasis in such studies is on the

discovery of ideas and insights.

Marketing research is the systematic design, collection, analysis & reporting

of data and findings relevant to specific marketing situations facing the company.

The marketing research process deals with inter-related activities, which

overlap and do not follow the particular sequence. The research work done in this

project for Kotak Life Insurance it is explained in terms of the various steps of

research process along with the explanation of particular steps & choosing the


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particular alternatives in the research process. The major steps involved in the

marketing research process:

SAMPLING DESIGN:

SAMLING SIZE:

A sample is a portion of the population which is examined with a view to estimating

the characteristics of the population.Sampling means it is the process of obtaining information about an entire populationby examining only a part of it.

Here the survey report on the satisfaction level of the Kotak Life Insurancescustomer. In my survey I have taken the Sample size fifty. I have taken the fiftycustomers preference about their Satisfaction with the Kotaks different products &their different services.

SAMPLING METHOD:

There are the two method of the collecting the statistical data. There are as under.

1. Census Method

2. Sample Survey Method

3.

In my survey, I have choose the Sample Survey Method. I have select randomly

elements from the list of the customers of the kotak.

Research Procedure:


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Questionnaire

To study the Satisfaction Level of Kotak Life Insurancescustomers of the Bhavnagar city

Formulation of Research problem

Choice of Research design

Selection of sources of data

Designing data collection technique

Sampling design

Field survey

Editing, tabulating & analysis of data

Preparing Research report


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Name:

Occupation:

Questionnaire

1. Are you a regular customer of kotak?

[ ] Yes [ ] No

2. Which product of Kotak Life Insurance you have?

[ ] Term plan [ ] Safe Investment[ ] Endowment plan [ ] others

3. Are you satisfied with the plan provided to you?

[ ] Highly satisfied [ ] Satisfied[ ] Neutral [ ] Dissatisfied

4. Are you satisfied with the behavior of Agent?


5. Are you getting timely reminder of your Premium from your Agent?

[ ] Yes [ ] No

6. Are you satisfied with the extra rider provided to you?

[ ] Highly satisfied [ ] Satisfied

[ ] Neutral [ ] Dissatisfied

7. Are you satisfied with the Services provided by staff?

[ ] Yes [ ] No


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8. Which reference group affects your decision in buying insurance policy?

[ ] Friends [ ] Insurance agents[ ] Relatives [ ] office group

9. Do you think that the plan you have chosen has fulfilled your objective?

[ ] Yes [ ] No

10. What do you think, is your money secured in Kotak?

[ ] Very secured [ ] Secured[ ] Unsecured

11. Are you interested to buy another product from the company?

[ ] Yes [ ] No

12. Do you suggest any of your relative to purchase our product?

[ ] Yes [ ] No

13. Are you satisfied with the return received by you?


14. Why Kotak?

[ ] Reputation of the company[ ] Benefit of the company

Finding and Analysis of Research

Q.1) Are you a regular customer of kotak?


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Findings:

Analysis:

From Above graph 60% respondent are regular customer of Kotak and 40%respondent are not regular customer. These 40% customers are first timepurchasing Kotak life insurance policy.

Q.2) which product of Kotak Life Insurance you have?

30

20

No. Of Respondent

Yes

No

No. OfRespondent

Yes 30

No 20


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Findings:

Analysis:

From the above graph we can see that most of the customers are prefer Kotak Term

plan because as it name suggests that the plan is very flexible by all parameters.

The customer can choose any term, as he likes. He can stop the policy again andrevive again and it also offers the market-related gain. Endowment and investment

as a whole regular plan which now a day not preferable by customers. As far as

protection plan is concern many people are not aware about of it.

Q.3) Are you you satisfied with the plan provided to you?

0

10

20

30 2416

64

No. Of respondent

No. Of respondent

No. Of

respondent

Kotak Term Plan 24

Kotak Investment16

Kotak Endowment06

Others 04


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Finding:

Analysis:

From above graph we can say that most of the customer satisfied with planand some of the customer neutral with the plan and some of the customerdissatisfied with the plan.

Q.4) Are you satisfied with the behavior of Agent?

0

5

10

15

20

11

19

15

5

No. Of Respondent

No. Of Respondent

No. OfRespondent

Highly satisfied 11

Satisfied 19

Neutral 15

Dissatisfied5


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Finding:

Analysis:

From above graph we can say that most of the customer satisfied and neutral withthe behavior of agent so the behavior of agent is very good and satisfactory.

Q.5) Are you getting timely reminder of your Premium from your Agent?

0

5

10

15

2012

1817

3

No. Of Respondent

No. Of Respondent

No. Of

RespondentHighly satisfied 12

Satisfied 18

Neutral 17

Dissatisfied3


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Finding:

Analysis:

From above graph we can say that most of the customers say getting timely

reminder of premium so kotak after sales service is very good.

Q.6) Are you satisfied with the extra rider provided to you?

Findings:

45

5

No. Of Respondent

Yes

No

No. Of

Respondent

Yes 45

No 5


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Analysis:

From above graph we can say that most of the customer are satisfied with the extrarider and some of the customer neutral with the extra rider so overall customersatisfied with the extra rider.

05

10152025

12

22

14

2

No. Of Respondent

No. Of Respondent

No. Of

Respondent

Highly satisfied 12

Satisfied 22

Neutral 14

Dissatisfied2


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Q.7) Are you satisfied with the Services provided by staff?

Findings:

No. OfRespondent

Yes 35No 15

Analysis:

From above graph we can say that the most of the customer satisfied with theservices provided by staff so the 70% customer satisfied with the services providedby staff.

35

15

No. Of respondet

Yes

No


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Q.8) Which reference group affects your decision in buying insurance policy?

Findings:

No. Ofrespondent

Friends 10Insurance agents 22Relatives 8office group 10

Analysis:

Insurance agents are the key people for selling product or policy. If they are

competent enough, company can collect good business. People can also

think of taking policy from the experience of other person like friends, relatives

and office group.

0

10

20

30

10

22

8 10

No. Of respondent

No. Of respondent


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Q.9) Do you think that the plan you have chosen has fulfilled yourobjective?

Finding:

No. Ofresponden

t

Yes 40No 10

Analysis:

From above graph we can say that 80% of customer fulfilled his objective so the

most of the customer satisfied with the policy of kotak.

40

10

No. Of respondet

Yes

No


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Q.10) what do you think, is your money secured in Kotak?

Finding:

No. Ofrespondent

Very secured 18Secured 27Unsecured 5

Analysis:

From above graph we can say that most of the customers think his/her moneysecured and very secured so the most of the customer satisfied with the plan ofKotak life insurance.

05

10

15

20

25

30

Verysecured Secured Unsecured

18

27

5

No. Of respondent

No. Of respondent


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Q.11) Are you interested to buy another product from the company?

Findings:

No. OfRespondent

Yes 30No 20

Analysis:

From above graph we can say that the most of the customer are interested tobuy another product so the most of the customer satisfied with the current productand so the buy another product.

30

20

No. Of Respondent

Yes

No


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Q.12) Do you suggest any of your relative to purchase our product?

Finding:

No. OfRespondent

Yes 30No 20

Analysis:

From above graph we can say that the 60% of customer satisfied with our productpurchase so that they suggest their relatives to purchase our product.

3020

No. Of Respondent

Yes

No


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Q.13) Are you satisfied with the return received by you?

Findings:

Analysis:

From above graph we can say that most of the customers are satisfied withtheir return received and 36% customer are neutral with their return. So the overallcustomer satisfied with their return.

05

10152025

5

22

18

5

No. Of Respondent

No. Of Respondent

No. Of

Respondent

Highly satisfied 5

Satisfied 22

Neutural 18

Dissatisfied 5


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Q.14) Why Kotak life insurance policy?

Findings:

No. Ofrespondent

Reputation of the company 30Benefit of the company 20

Analysis:

The above chart shows that all the two factors are having same vote. Thats why

company has to maintain all two factors in it for further growing. So the both the

factor affect the customer to purchase our product.

30

20

No. Of respondent

Reputation of thecompany

Benefit of thecompany


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Recommendations

Televisions and newspaper is the most important media channel because

they cover mass population. So Kotak should concentrate on this two.

The current customers are satisfied with the company so Kotak should

maintain good relation with them because their reference will bring more

customers to Kotak.

Kotak should include more riders as per IRDA guidelines to its policies like

critical illness benefit and hospitality benefit.

Most of the customers are taking policies for some benefits. Kotak should add

some more benefits by which customers will attract.

The advisors should also give commission on time because all the sales are

dependent upon them. If they are happy than they will definitely help in raising

the sales.

In the month of January to March people are more attracting towards

investment where they can save their tax. So in this time period Kotak should

provide more schemes to the people by which they will attract towards Kotak.


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CONCLUSION

Having known deeply about the Kotak Life Insurance. one can definitely say

that its future is very bright in life insurance. Large amount of customers are covered

by the Kotak life insurance. Each branch of the Kotak life insurance is doing a

successful business & earning very good return.

Kotak life insurance is one of the fastest growing in all over the country, with

the primary objective is to provide insurance to the people for securing their future

with providing the handsome return, it has been growing spontaneously & making

success in all over the country through its powerful management system.

The Kotak has covered large amount of customers in Insurance field, like the life

insurance, Marine insurance, Fire insurance, Casualty insurance.

Even today also different types of insurance schemes are developing & provided

different insurance alternatives to the customers.

The Kotak life insurance has been able to achieve its targeted goals in its life

span & still it is booming day to day.


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Bibliography

IC 33 Life Insurance (Published by LIC of India)

www.kotaklifeinsurance.com

www.mykotaklife.com

Marketing Management by Kotler and Keller

Research Methodology By Donald R. cooper

Documents

Patel Gopi . Mba-sip