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Transcript of 60770407 Bharti AXA Project
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POSITIONING OF BHARTI AXA LIFE INSURANCEPRODUCTS
SUMMER INTERNSHIP REPORT
Submitted for the Partial Fulfillment of BBA Degree
Of
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ACKNOWLEDGEMENT
The project title POSITIONING BHARTI AXA LIFE INSURANCEPRODUCTShas beenconducted by me at BHARTI AXA LIFE INSURANCE. I
have completed this project, based on the project research, under the guidance ofMr.
Shekher Tiwari and Mr. Jitendra Kumar.
I owe enormous intellectual debt towards my guides Mr. Shekher Tiwari and Mr.
Jitendra Kumar, who have augmented my knowledge in the field of Finance and
Marketing. They have helped me learn about the process and giving me valuable
insight to complete this project.
I would like to thank Mr. Shekher Tiwari for his guidance and enriching my
thoughts in this field from different perspectives.
I would like to thank all respondents without whose cooperation my project would
nothing have been possible.
Last but not the least, I feel indebted to all those persons and organizations who/which
have provided helped directly or indirectly in successful completion of this study.
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CERTIFICATE
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Contents
Sr. No. Particular
1. Executive Summary 8
2. Acknowledgement 2
3. Introduction 9
4. History of the Insurance 10
5. About Bharti AXA Life Insurance 16
6. Products of Bharti AXA 19
7. Objective of the Study 26
8. Research Methodology 27
9. Findings and Data Analysis 28
10. Conclusion and Suggestions 49-50
11. Limitations of the Study 5212. SWOT Analysis 53
13. Annexure
(a) More Analysis 55
(b) Bibliography 74
(c) Questionnaire 75
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EXECUTIVE SUMM ARY
Summer training for 8 weeks in MBA course and study contents of such as
practical knowledge, it makes the student confident and introduce them about their
hidden ability.
An insurance company gives security and protection people in today life
insurance should be compulsory because today there is no surety of life. During my
tenure of training I deeply analyzed the thoughts of people about insurance.
To find out the importance of insurance research is conducted in Bharti AXA
Life Insurance Company which is among the largest private insurance company this
study is concerned the main feature which influence the Insurer. I have supported the
report with some suggestion.
For research data is collected from primary method and questionnaires method
as well as sample size method.
The objective was achieved through three-pronged efforts. The Firstobjective
of the study is to analyze the attitude of individuals towards insurance plans and
preference to Bharti AXA Life. The Second objective is objective of individuals
while purchasing insurance. The Third objective is to know the attitude of
individuals towards risk bearing. The Fourth objective is to know the awareness
about Insurance Plans and their benefits and financial position of the customers.
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INTRODUCTION
Today insurance industry is growing fast. After coming the private players this
industry is becoming complex day to day and the competition is increasing very fast.
Insurance is basically a risk-sharing device. The losses to assets resulting
from natural climates (life, fire, flood, earthquake, accident etc) are meet-out of
common pool contributes by large number of persons who are exposed to similar risk.
This contribution of money is used to pay the losses suffered by the unfortunate few.
The basic principle is that the loss should occur as a result of a natural calamity or an
unexpected event beyond human control and insured person should not making gains
out of insurance.
Service Industries are today facing a huge competition and the marketing in
these industries is becoming very complex, so that this is extremely fruitful and
enjoyable for a company and also for a research fellow to study marketing of
insurance products
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INSURANCE
1. Insurance is the method of the spreading and transfer to risk.
2. Loss of the unfortunate few a shared by the fortunate many who are exposed
to same or similar risk.
3. Loss of assets depriver the owner of the expected benefit.
4. Insurance is the content is a mechanism that helps to reduce the adverse
consequences due to loss of assets.
5. Insurance is assurance and protects the human life.
Why INSURANCE is so important
Assets are likely to be destroyed or made non-functional due to accidental
occurrences called perils. Assets can, therefore, be insured. A few examples or perils
are: fire, flood, breakdowns, lightning, and earthquake. Perils are the events. Risk is
the consequential losses or damage.
1. The possibility of damage to asses caused by any period is the risk that is
exposed to.
2. Risk means the possibility of loss or damage that may or may not happen.
3. It is because of the uncertainty about the risk that insurance become
important.
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4. No uncertainty implies any insurance.
5. Insurance does not protect the asset but only compensates the financial
loss.
6. Basically insurance cover tangible asset but the concept can be extended to
intangible also.
7. The individual himself also needs financial security for the old age or man
his becoming permanently disabled when his income will stop.
The business of Life Insurance Company is to bring together persons who are
exposed to similar risks collect contribution (premium) for them or an equitable basis
and pay the losses (claim) to those who actually suffer.
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ABOUT INSURANCE
The beginning of the insurance started to the city of London. It started with
the marine business. Marine traders, who used to gather at Lloyd, are a coffee house
in London, agreed to share losses to goods during transportation by ship. Marine
related losses include:-
Loss of ship by sinking due to bad whether in high seas.
Goods in transit by ship robbed by ship pirates.
Loss of over damage to the goods in transit by ship due to bad whether in high
seas.
The first insurance polity was issued in England in 1583.
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THE GROWING YEARS OF LIFE INSURANCE
The 19th century saw huge developments in the field of insurance, with newer
products being devised to meet the growing needs of urbanization and
industrialization.
In 1835, the infamous New York fie drew peoples attention to the need to
provide for sudden and large losses. Two years later, Massachusetts became the first
state of require companies by law to maintain such reserves. The great Chicago fire of
1871 further emphasized how fires can cause huge losses in densely populated
modern cities. The practice of reinsurance, wherein the risks are spread among several
companies, was devised specifically for such situations.
In the 19th century many societies were founded to insure the life and health of
their members, while fraternal orders provided low-cost, members only insurance.
Even today, such fraternal orders continue to provide insurance coverage to
members as do most labor organizations. Many employers sponsor group insurancepolicies for their employees, providing not just life insurance, but sickness and
accident benefits and old-age pensions. Employees contribute a certain percentage of
the premium for these policies.
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As a result the government decided nationalizes the life assurance business in India.
The Life Insurance Corporation of India was set up in 1956 to take over around 250
Life insurance companies. For years thereafter, insurance remained a monopoly of the
public sector. It was only after seven years of deliberation and debate after the R.N.
Malhotra committee report of 1944 became the sector was finally opened up of the
insurance sector to private players that the sector was finally opened up to private
players in 2001. In 2000 have extensive powers to oversee the insurance business and
regulate in a manner that will safeguard the interests of the insured.
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ABOUT US
Bharti AXA Life Insurance Company Ltd. is a joint venture between AXA
Asia Pacific Holdings Ltd (APH), a Fortune 100 company and Bharti Enterprises, one
of India's leading multi-business corporations. The joint venture company has a 74%
stake from Bharti and 26% stake of AXA Asia Pacific Holdings Ltd (APH). The
company has positioned itself on the quality platform. In line with its vision to be a
leader and the preferred company for financial protection and wealth management in
India, it has developed a strong corporate governance model based on the core values
of excellence, honesty, knowledge, caring, integrity and teamwork. The strategy is to
establish itself as a trusted life insurance specialist through a quality approach to
business.
In line with its values of financial responsibility, Bharti AXA York Life has adopted
prudent financial practices to ensure safety of policyholder's funds.
Bharti AXA Life has identified individual agents as its primary channel of
distribution. The Company places a lot of emphasis on its selection process, which
comprises four stages - screening, psychometric test, career seminar and final
interview. The agent advisors are trained in-house to ensure optimal control on quality
of training.
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Bharti AXA Life insurance invests significantly in its training program and each agent
is trained for 152 hours as opposed to the mandatory 100 hours stipulated by the
IRDA before beginning to sell in the marketplace. Training is a continuous process
for agents at Bharti AXA Life insurance and ensures development of skills and
knowledge through a structured program spread over 500 hours in two years. This
focus on continuous quality training has resulted in the company having amongst the
highest agent pass rate in IRDA examinations and the agents have the highest
productivity among private life insurance.
The company is selling its products through three distribution channel
1. Agency distribution model
2. Direct sales force
3. Banc assurance and corporate alliances
Having set a good distribution models in place, the company is also building a
strategy to sell its products through its retail chains like Field Fresh.
Vision
To be a leader and the preferred company for financial protection and wealth
management in India
Values
Professionalism
Innovation
Team spirit
Integrity
Pragmatism
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Bharti AXA Life Insurance Growing Presence
Number of cities - 111
Number of offices - 163
Number of Agents - 30,000 PLUS.
Product Offered By Bharti AXA
Bharti AXA Life Insurance offers a suite of flexible products. It has 7 life insuranceproducts and 8 riders that can be customized to over 400 combinations enabling
customers to choose the policy that best fits their need. Some important product
offered by bharti AXA are-
1. Future confident- This product is designed to meet the long term needs of the
customers like meeting the educational need of the children
2. Wealth confident scheme-This is the flagship product of Bharti AXA life
insurance. It is a unit linked investment and protection product which is providing risk
cover for 10 year but the customer has to pay premium only for 5 years, it also
provide customer the flexibility in premium payments .
3. Invest Confident This policy is designed for those people who want to invest
through a single larger premium.
4. Secure confident This product is designed to meet the need of those customerswho only want to take risk cover and not taking policy as an investment.
5. Save confident This product is a traditional money back insurance product. Itoffers a combination of benefits like liquidity, long term saving and risk cover.
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6. Aspire life This is an ULIP product, designed to meet the needs of thosecustomers who want to invest money for a longer period of time.
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INSURANCE REGULATIORY &
DEVELOPMENT AUTHORITY ACT 1999
(IRDA)
It came into existence in December 1999. It is a statutory body which was
framed to provide license to private companies in insurance sector and to protect the
right of policy holders.
SCOPE
The act was passed by the parliament in December 1999.
To permit private companies to enter the insurance market, Government has
enacted Insurance Regulatory & Development Authority Act, 1999.
The act provides for the establishment of the authority
1. Protect interest of holders of insurance policies;
2. To regulate, promote and ensure orderly growth of insurance industry;
3. For matters connected therewith or incidental thereto.
The act also sought to amend the following acts
4. The insurance act 1938.
5. The life insurance corporation act, 1956.
6. The General Business (Nationalization) Act, 1972
The act applies to the whole of India including J&K state.
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This is a corporate body established for the purpose and object as set out in the
explanation to the title.
The authority replaces controller under insurance act 1938.
The first schedule amends insurance act 1938.
CONSTITUTION OF IRDA
Insurance regulatory and development authority consists of the following
members.
1. A chairperson;
2. Not more than five whole-time members and
3. Not more than four part-time members to be appointed by the central Govt.
Members should be a person of ability; integrity; and standing.
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FUNCTION OF IRDA
1. To issue certificate of registration, renew, withdraw, suspend or cancelsuch registration.
2. To protect the interests of the policyholders/ insured in the mater ofinsurance contract with the insurance company.
3. To specify requisite qualifications, code of conduct and training forinsurance intermediaries and agents.
4. To specify code of conduct for surveyors/loss assessors.
5. To promote efficiency in the conduct of insurance business.
6. To promote and regulate professional organizations connected with theinsurance and reinsurance business.
7. To undertake inspection, conduct enquiries and investigations includingaudit of insurers and insurance business.
8. To control and regulate the rates, terms and conditions to be offered bythe insurer regarding general insurance business not so controlled by tariffadvisory committee.
9. To specify and the form and manner for maintenance of books of accountsand the statement of accounts.
10. To regulate investment of funds by the insurance companies.
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Insurance Industry in the year 2000-2001 had 13 new entrants, namely:
S.No. Reg. No. Date of Reg. Name of the Company
1. 101 23.10.2000 HDFC Standard Life Insurance Company
2. 103 23.10.2000 Reliance General Insurance Company Ltd.
3. 104 15.11.2000 Max New York Life Insurance Co. Ltd.
4. 105 24.11.2000 ICICI Prudential Life Insurance Company
5. 107 10.01.2001 Kotak Mahindra Old Mutual Life Insurance
6. 109 31.01.2001 Birla Sun Life Insurance Company Ltd.
7. 110 12.02.2001 Tata AIG Life Insurance Company Ltd.
8. 111 30.03.2001 SBI Life Insurance Company Limited
9. 114 02.08.2001 ING Vysya Life Insurance Co. Pvt. Ltd.
10. 116 03.08.2001 Bajaj Allianz Life Insurance Co. Ltd.
11. 117 06.08.2001 MetLife India Insurance Co. Pvt. Ltd.
12. 122 14.05.2002 Aviva Life Insurance Co. India Pvt. Ltd.
13. 127 06.02.2004 Sahara India Insurance Company Ltd.
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SOME PRIVATE INSURANCE COMPANIES:
Several insurance companies emerged after the liberalization of the insurance
sector. As a result now there are several insurance companies, which are leading their
ways. Now along with L.I.C. there are several private ones giving tough competition
to it. Some of the prominent insurance firms are:
BAJAJ (Allianz)
ICICI Prudential
TATA (AIG)
Kotak Mahindra Old Mutual Life Insurance Limited
BAJAJ (Allianz)
Bajaj Allianz Life Insurance Company Limited is a union between Allianz
AG, the worlds leading insurer and Bajaj Auto, one of the most respected names.
Allianz AG is the leading insurance conglomerate globally and the largest asset
manager in the world, managing asset worth over 989 billion Euro (Rs.49, 84,560crores). At Bajaj Allianz, we realize that you seek an insurer you can trust your hard
earned money with. Allianz AG has more than 110 years of financial experience in
over 70 countries and Bajaj Auto, trusted for over 55 years in the Indian market, are
committed to offering you financial solution that provide all the security you need for
your family and yourself. One of the prominent plans they have is Unit Gain Plus.
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TATA (AIG)
Tata AIG is a joint venture that is backed by the Tata Group Indias most
respected industrial conglomerate, with revenues of more than US$ 8.4 billion, and
American International Group, Inc. (AIG) the leading US based international
insurance and financial service organization, with the presence in over 130 countries
and jurisdictions throughout the world. Tata AIG offers a gamut of innovative
products in the life insurance sector, some of them are:
Money saver plan
Maha Life (Gold)
Raksha Plan
Nirvana
ICICI Prudential
ICICI Prudential is also a joint venture that is backed by ICICI Bank Limited
(erstwhile ICICI Limited) and Prudential plc formerly known as PrudentialCorporation plc, through its wholly owned subsidiary, Prudential Corporation
Holding Limited situated in Laurence Poultney Hill, London. Some of the innovative
products it offers in the insurance sector are:
ICICI Prudential Mutual Fund (Liquid plan, Income plan etc.)
Unit Linked Plan with Capital Guarantee
Smart Kid
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OBJECTIVES OF THE STUDIES
1. To know about the saving habits of consumers.
2. To know the awareness about Insurance Plans and their benefits
3. To know the attitude of individuals towards risk bearing.
4. To know the objective of individuals while purchasing insurance
5. To know the attitude of individuals towards insurance plans and preference
to Bharti AXA Life.
6. To check out the consumers financial position.
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Research Methodology
Primary Research:- Primary data are the data that are collected to solve a problemor take advantage of any opportunities on which a decision is depending. These data
are basically observed and recorded by the researcher for the first time.
Research Design:- For this study a survey research was adopted with the help of
primary data. For getting primary data the research tool was a structured
questionnaire.
Sample Size: - The sample for the purpose of study was the 50 customers.
Sample Design: - A sample design not only seeks to determine the size of sample and
also the sampling unit. The sample for he purpose of study was the customer.
Sample Techniques: - The techniques adopted of selection of sampling of sample for
study was simple random sampling method.
Questionnaire Design: - The author had a set of idea sand expected result based on
those ideas from the questionnaire. For this reason questions were:
Related to the field of study.
Related to the research hypothesis.
Questions must bear significance to concerned area of research.
Questions must seek information unattainable from other sources.
The must be short as possible but comprehensive enough to allow the author
to derive his requirement of his research.
Questions were well laid out.
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FINDING
No. of respondents which are aware of life Insurance
Do you know about Life Insurance Policy?
Frequency Percent Valid PercentCumulative
Percent
Valid yes 48 96.0 96.0 96.0
no 2 4.0 4.0 100.0
Total 50 100.0 100.0
yes no
Do you know about Life Insurance Policy?
0
10
20
30
40
50
Frequency
Do you know about Life Insurance Policy?
Inference:
Above bar chart shows that 96% of Peoples know about life insurance.
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No. of respondents having the life insurance policy
Do you have any Life Insurance Policy?
Frequency Percent Valid PercentCumulative
Percent
Valid yes 43 86.0 86.0 86.0
no 7 14.0 14.0 100.0
Total 50 100.0 100.0
yes no
Do you know about Life Insurance Policy?
0
10
20
30
40
50
Frequency
Do you know about Life Insurance Policy?
Inference:
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Above bar chart shows that 86% of respondents having Life Insurance.
Respondents preference in Investment
Where would you prefer to invest?
Frequency Percent Valid PercentCumulative
Percent
Valid Govt.Securities
10 20.0 20.0 20.0
MutualFunds
18 36.0 36.0 56.0
EquityShares
14 28.0 28.0 84.0
Insurance 8 16.0 16.0 100.0
Total 50 100.0 100.0
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Govt. Securities Mutual Funds Equity Shares Insurance
Where would you prefer to invest?
0
5
10
15
20
Frequency
Where would you prefer to invest?
Inference:
Above pie chart show that 20% respondent of preferred in Govt. Security, 16%
Insurance, 36% Mutual Funds and 28% in Equity Share.
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Criteria of Invest of respondent
On which criteria do you invest?
Frequency Percent Valid Percent
Cumulative
PercentValid Expert
Advice10 20.0 20.0 20.0
FriendlyAdvice
17 34.0 34.0 54.0
OwnAnalysis
23 46.0 46.0 100.0
Total 50 100.0 100.0
Expert Advice Friendly Advice Own Analysis
On which criteria do you invest?
0
5
10
15
20
25
Frequency
On which criteria do you invest?
Inference:
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The majority of respondents invest their money by their own analysis i.e.46%, by
friendly advice 34% respondents invest and 20% respondents invert their money by
taken experts advice
Source of Income of respondents
What is your source of income?
Frequency Percent Valid PercentCumulative
Percent
Valid Self Employed/Professional
13 26.0 26.0 26.0
Business 18 36.0 36.0 62.0Salaried 19 38.0 38.0 100.0
Total 50 100.0 100.0
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Self Employed/Professional Business Salaried
What is your source of income?
0
5
10
15
20
Frequency
What is your source of income?
Inference:
The majority of respondents are fall in the category of Salaried, approximately 38%,
where as 36% are having Business and 26% are self employed
Annual Income of respondents
To which income group you belong?
Frequency Percent Valid PercentCumulative
Percent
Valid > 1,00,000 10 20.0 20.0 20.0
1,00,000 to 2,00,000
20 40.0 40.0 60.0
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200,000 to500,000
15 30.0 30.0 90.0
500,000 &above
5 10.0 10.0 100.0
Total 50 100.0 100.0
> 1,00,000 1,00,000 to 2,00,000
200,000 to 500,000 500,000 & above
To which income group you belong?
0
5
10
15
20
Frequency
To which income group you belong?
Inference:
It shows that Annual income of majority of respondents falls in the category of 1-2lac,
approximately 40%. Where as 20% in
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Type of Plan respondents Prefer
What type of plan would you prefer?
Frequency Percent Valid PercentCumulative
Percent
Valid Endowment 23 46.0 46.0 46.0
Pure Risk 13 26.0 26.0 72.0
Money Back 8 16.0 16.0 88.0
TermInsurance
6 12.0 12.0 100.0
Total 50 100.0 100.0
Endowment Pure Risk Money Back Term Insurance
What type of plan would you prefer?
0
5
10
15
20
25
Frequency
What type of plan would you prefer?
Inference:
Above Bar Chart shows that majority of respondents prefer Endowment 46%, 26%
Money Back, 16% Pure Risk and around 12% prefer Term Insurance Plan.
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Investment range of Respondents
How much can you invest per annum?
Frequency Percent Valid PercentCumulative
Percent
Valid < 10,000 20 40.0 40.0 40.0
10,000 -15,000
13 26.0 26.0 66.0
15,000 -20,000
10 20.0 20.0 86.0
> 20,000 7 14.0 14.0 100.0
Total 50 100.0 100.0
< 10,000 10,000 - 15,000 15,000 - 20,000 > 20,000
How much can you invest per annum?
0
5
10
15
20
Frequency
How much can you invest per annum?
Inference:
It show that 26% of respondents invest around 1000-15000, where as 40 %< 10,000,
20% 15000-20000, 14% invest 20000 or above.
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Respondents Expectation from the Insurance Company
What is your main expectation from the insurance company?
Frequency Percent Valid PercentCumulative
Percent
Valid Security 24 48.0 48.0 48.0
GoodReturn
13 26.0 26.0 74.0
Service 7 14.0 14.0 88.0
Flexibility 6 12.0 12.0 100.0
Total 50 100.0 100.0
Security Good Return Service Flexibility
What is your main expectation from the insurance company?
0
5
10
15
20
25
Frequency
What is your main expectation from the insurance company?
Inference:
Above bar chart shows that majority of respondents prefer security 48%, 26% good
return, 14%service and around 12% prefer flexibility from insurance company.
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Additional Benefits respondent prefer from policy
What additional benefit do you want from the policy?
Frequency Percent Valid PercentCumulative
Percent
Valid Accidental 13 26.0 26.0 26.0
Critical Illness 16 32.0 32.0 58.0
Start of Life 8 16.0 16.0 74.0
Family IncomeBenefit
13 26.0 26.0 100.0
Total 50 100.0 100.0
Accidental Critical Illness Start of Life Family IncomeBenefit
What additional benefit do you want from the policy?
0
5
10
15
20
Frequency
What additional benefit do you want from the policy?
Inference:
Above bar chart shows that majority of respondents prefer critical illness 32%, 26%
accidental, 16%start of life and around 26%prefer family income benefit.
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Respondents logic behind taking an insurance plan
What is your logic behind taking an insurance plan?
Frequency Percent Valid PercentCumulative
Percent
Valid Tax Planning 12 24.0 24.0 24.0
Risk Cover 15 30.0 30.0 54.0
RetirementPlanning
8 16.0 16.0 70.0
InvestmentPlanning
6 12.0 12.0 82.0
5.00 9 18.0 18.0 100.0
Total 50 100.0 100.0
Tax Planning Risk Cover RetirementPlanning
InvestmentPlanning
5.00
What is your logic behind taking an insurance plan?
0
3
6
9
12
15
Frequency
What is your logic behind taking an insurance plan?
Inference:Above bar chart shows that 30% of respondent prefer risk cover, 24%
prefer tax planning,12%prefe Investment,16%prefer retirement planning and18%
prefer all of these
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Company preference of respondents
Which company would you prefer to invest in?
Frequency Percent Valid PercentCumulative
Percent
Valid L.I.C. 15 30.0 30.0 30.0
HDFC 7 14.0 14.0 44.0
BajajAllianz
10 20.0 20.0 64.0
ICICIPrudential
8 16.0 16.0 80.0
bharti AXA 6 12.0 12.0 92.0
Others 4 8.0 8.0 100.0
Total 50 100.0 100.0
L.I.C. HDFC Bajaj Allianz ICICIPrudential
bharti AXA Others
Which company would you prefer to invest in?
0
3
6
9
12
15
Frequency
Which company would you prefer to invest in?
Inference:It shows that majority of respondents prefers LIC about 30%, 12% Bharti
AXA, 20%Bajaj Allianz , 14% HDFC Standard life,16% ICICI Prudential and
8%prefer others.
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Satisfaction level of respondent with their L.I. Company
Are you satisfied with the services that are offered by your insurance company?
Frequency Percent Valid PercentCumulative
Percent
Valid yes 33 66.0 66.0 66.0
no 17 34.0 34.0 100.0
Total 50 100.0 100.0
yes no
Are you satisfied with the services that are offered by yourinsurance company?
0
10
20
30
40
Frequency
Are you satisfied with the services that are offered by yourinsurance company?
Interference:
Above bar chart shows the mostly number of people are satisfied with their life
Insurance Company around 66%.
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The Factors that motivated respondents to prefer Bharti
AXA
What are the factors that have motivated you to prefer Bharti AXA over the other companies?
Frequency Percent Valid PercentCumulative
Percent
Valid Brand Name 15 30.0 30.0 30.0
Goodwill ofBharti AXA
19 38.0 38.0 68.0
Service 9 18.0 18.0 86.0
Advertisement 7 14.0 14.0 100.0
Total 50 100.0 100.0
Brand Name Goodwill of BhartiAXA
Service Advertisement
What are the factors that have motivated you to prefer BhartiAXA over the other companies?
0
5
10
15
20
Frequency
What are the factors that have motivated you to prefer BhartiAXA over the other companies?
Inference:
Above bar chart shows that 38% of respondents prefer Bharti AXA for its good will
& 30% for Brand Name, 18% for service & 14% people prefer due to advertisement.
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Respondents which again prefer to buy Bharti AXA
products
If Given a Chance do you again prefer to buy the Bharti AXA Life Insurance policy in future?
Frequency Percent Valid PercentCumulative
Percent
Valid yes 35 70.0 70.0 70.0
no 15 30.0 30.0 100.0
Total 50 100.0 100.0
yes no
If Given a Chance do you again prefer to buy the Bharti AXA
Life Insurance policy in future?
0
10
20
30
40
Frequency
If Given a Chance do you again prefer to buy the Bharti AXALife Insurance policy in future?
Inference:
Above bar chart shows the mostly number of people are again going to buy Bharti
AXA Life Insurance Company products around 70%.
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Factor which most dissatisfy a respondent from Bharti AXA
What is the most dissatisfying factor do you feel about Bharti AXA?
Frequency Percent Valid PercentCumulative
Percent
Valid After SaleService
12 24.0 24.0 24.0
ProductDiversification
19 38.0 38.0 62.0
FundPerformance
10 20.0 20.0 82.0
Advertisement 9 18.0 18.0 100.0
Total 50 100.0 100.0
After Sale Service ProductDiversification
Fund Performance Advertisement
What is the most dissatisfying factor do you feel about BhariAXA?
0
5
10
15
20
Frequency
What is the most dissatisfying factor do you feel about Bhari
AXA?
Inference:Above bar chart shows that 24% of respondents dissatisfied with after
sales service of Bharti AXA & 38% for product diversification, 20% for fund
performance & 18% people dissatisfied due to advertisements.
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Reason behind not purchasing of a Bharti AXA Policy
What are die reason behind not purchasing/taking a Bharti AXA life insurance policy?
Frequency Percent Valid PercentCumulative
Percent
Valid Trust 11 22.0 22.0 22.0
Service 19 38.0 38.0 60.0
Advertisement
12 24.0 24.0 84.0
MarketReputation
8 16.0 16.0 100.0
Total 50 100.0 100.0
Trust Service Advertisement Market Reputation
What are die reason behind not purchasing/taking a BhartiAXA life insurance policy?
0
5
10
15
20
Frequency
What are die reason behind not purchasing/taking a BhartiAXA life insurance policy?
Inference:
Above bar chart shows that 22% of respondents are not purchasing Bharti AXA
Policy due to trust & 38% due to service, 24% due to Advertisement & 16% people
due to advertisements.
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Ranking of service offered by Bharti AXA Life Insurance
Rank the service of Bharti AXA Life Insurance?
Frequency Percent Valid PercentCumulative
Percent
Valid Excellent 8 16.0 16.0 16.0
Good 20 40.0 40.0 56.0
Average 13 26.0 26.0 82.0
BelowAverage
9 18.0 18.0 100.0
Total 50 100.0 100.0
Excellent Good Average Below Average
Rank the service of Bharti AXA Life Insurance?
0
5
10
15
20
Frequency
Rank the service of Bharti AXA Life Insurance?
Inference:
Above bar chart shows that 16% of respondents feels services offered by Bharti AXA
are Excellent & 40% thinks Good, 26% feels Average & 18% people feels below
average.
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CONCLUSION
Today insurance industry is a rapidly growing sector. After coming of the
private players this industry is becoming complex day to day and their competition
very fast.
After analyzing the responses of the people about main feature which
influence the insurance buying, the result shows that awareness level is increasing day
by day about the private insurance company. Till 1999 LIC have the monopoly in
insurance sector. But today is the era of private insurance companies, and the
awareness level and buying behavior is increasing day by day.
Major finding of the study show that protection is the prime preference along
with saving or tax benefits. At the same time people are more focused on their
childrens future planning In particular Bharti AXA Life Insurance have huge brand
awareness in the urban market due to Bharti Airtel presence in the market. But at the
same time company is struggling for its market share in rural market. In brief it can
be said that the people are getting confident to be the investor of Bharti AXA Life
Insurance products while they have heard about all the benefits of these plans.
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SUGGESTIONS
There are a lot of possibilities in the market for Bharti AXA Life Insurance Products
due to their unique features. To get the benefit of this opportunity the company
should consider the following points.
1. The study shows that there is less awareness for the companys Plans in
market. So it is necessary for company to make aware to the people for
company. The company should go for advertisements at local level.
2. Awareness of customers is very low in India even educated persons are
unaware about various products of insurance company. Company should
advertise their plans on a large scale e.g. on T.V. channel, leading
newspapers etc.
3. Company should recruit new agents or consultants. It is necessary for
company to trend them in a well manner therefore they will gave good
results.
4. Company should make plans for promotion of company business it should
organize road shows seminars, exhibition or contests because these things
make a clear picture of companys plans.
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5. Bharti AXA should open the branches and enhance its infrastructure so
that the people of that region can also be awarded about these plans.
6. Company should open customer service point in rural areas also.
7. Company should issue less premium plan.
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Limitation of the Study
However I tried my best to have desired information from he information from the
respondents and to make the report fruitful but some limitations are bound to incur
which may affect the results or findings.
1. No Secondary Data:
As the subject of my project viz. consumers aptitude towards unit-linked
product was new so I was unable to have secondary data for the purpose of
my study.
2. Small sample size:
As sample size taken by me for purpose of survey was 50 respondents. So
the result may have some deviations from the facts because of small
sample size.
3. Limited area and time:
The study although carried out with the fullest possible effort and
devotion, the limitation of time, resources available may lead to an
element chance of some error.
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SWOT ANALYSIS
Strength
Bharti AXA Life Insurance Company Indias Most Respected Company in theinsurance industry of India.
Excellent services
Customized of product as per customer needs
Brand image
Business experience
Strong financial base
Innovative product technology, organization culture and environment.
Weakness
Lot of the competitions is in the market offers some product difference in the
premium and offerings.
Target only bigger income group where other companies are trying to catch
middle lower level people.
Higher premium as compared to the other companies.
Client face problem to get insured due to large number of formalities.
High target of financial advisor and for the sales development.
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Opportunity
Huge market is literally untapped out of estimated 320 million is usable
markets only 20% of the population is insured.
In the pension field where people want good life after their retirement.
Indian people are more emotional towards their children that are why children
plan are selling like hot cakes.
Health insurance and pension schemes and estimated market potential of
approximately $ 10 billion.
Threats
Weak perception of private players in the minds of Indian people due tofrequent financial schemes.
Large number of insurance players.
Current government policies do not encourage gross domestic savings.
Of the tax liabilities of the service rises the customers will have little money to
invest.
And change rules day by day more rigid which is very difficult for the
company.
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Annexure
More Analysis
54
0.50 1.00 1.50 2.00 2.50
Do you know about Life Insurance Policy?
0
20
40
60
80
100
120
Frequency
Mean = 1.04Std. Dev. = 0.19795N = 50
Do you know about Life Insurance Policy?
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0.50 1.00 1.50 2.00 2.50
Do you have any Life Insurance Policy?
0
10
20
30
40
50
60
Frequency
Mean = 1.14Std. Dev. = 0.35051N = 50
Do you have any Life Insurance Policy?
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0.00 1.00 2.00 3.00 4.00 5.00
Where would you prefer to invest?
0
5
10
15
20
25
Frequency
Mean = 2.40Std. Dev. = 0.98974N = 50
Where would you prefer to invest?
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0.50 1.00 1.50 2.00 2.50 3.00 3.50
On which criteria do you invest?
0
5
10
15
20
25
30
Frequency
Mean = 2.26Std. Dev. = 0.77749
N = 50
On which criteria do you invest?
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0.50 1.00 1.50 2.00 2.50 3.00 3.50
What is your source of income?
0
5
10
15
20
25
Frequency
Mean = 2.12Std. Dev. = 0.79898N = 50
What is your source of income?
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0.00 1.00 2.00 3.00 4.00 5.00
To which income group you belong?
0
5
10
15
20
25
Frequency
Mean = 2.30Std. Dev. = 0.90914N = 50
To which income group you belong?
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0.00 1.00 2.00 3.00 4.00 5.00
What type of plan would you prefer?
0
5
10
15
20
25
Frequency
Mean = 1.94Std. Dev. = 1.05772N = 50
What type of plan would you prefer?
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0.00 1.00 2.00 3.00 4.00 5.00
How much can you invest per annum?
0
5
10
15
20
Frequency
Mean = 2.08Std. Dev. = 1.08496N = 50
How much can you invest per annum?
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0.00 1.00 2.00 3.00 4.00 5.00
For what duration would you like to hold thepolicy?
0
5
10
15
20
25
Frequency
Mean = 2.42Std. Dev. = 0.94954N = 50
For what duration would you like to hold the policy?
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0.00 1.00 2.00 3.00 4.00 5.00
What is your main expectation from the
insurance company?
0
5
10
15
20
25
Frequency
Mean = 1.90Std. Dev. = 1.05463N = 50
What is your main expectation from the insurance company?
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0.00 1.00 2.00 3.00 4.00 5.00
What additional benefit do you want from thepolicy?
0
5
10
15
20
Frequency
Mean = 2.42Std. Dev. = 1.14446N = 50
What additional benefit do you want from the policy?
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0.00 1.00 2.00 3.00 4.00 5.00 6.00
What is your logic behind taking an insuranceplan?
0
3
6
9
12
15
Frequency
Mean = 2.70Std. Dev. = 1.43214N = 50
What is your logic behind taking an insurance plan?
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0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00
Which company would you prefer to invest
in?
0
3
6
9
12
15
Frequency
Mean = 2.90Std. Dev. = 1.65677N = 50
Which company would you prefer to invest in?
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0.50 1.00 1.50 2.00 2.50
Are you satisfied with the services that areoffered by your insurance company?
0
10
20
30
40
50
Frequency
Mean = 1.34Std. Dev. = 0.47852N = 50
Are you satisfied with the services that are offered by yourinsurance company?
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0.00 1.00 2.00 3.00 4.00 5.00
What are the factors that have motivated youto prefer Bharti AXA over the other
companies?
0
5
10
15
20
Frequency
Mean = 2.16Std. Dev. = 1.0174N = 50
What are the factors that have motivated you to prefer BhartiAXA over the other companies?
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0.50 1.00 1.50 2.00 2.50
If Given a Chance do you again prefer to buythe Bharti AXA Life Insurance policy in
future?
0
10
20
30
40
50
Frequency
Mean = 1.30Std. Dev. = 0.46291N = 50
If Given a Chance do you again prefer to buy the Bharti AXALife Insurance policy in future?
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0.00 1.00 2.00 3.00 4.00 5.00
What is the most dissatisfying factor do youfeel about Bhari AXA?
0
5
10
15
20
Frequency
Mean = 2.32Std. Dev. = 1.03884N = 50
What is the most dissatisfying factor do you feel about BhariAXA?
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0.00 1.00 2.00 3.00 4.00 5.00
What are die reason behind notpurchasing/taking a Bharti AXA life insurance
policy?
0
5
10
15
20
Frequency
Mean = 2.34Std. Dev. = 1.00224N = 50
What are die reason behind not purchasing/taking a BhartiAXA life insurance policy?
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0.00 1.00 2.00 3.00 4.00 5.00
Rank the service of Bharti AXA LifeInsurance?
0
5
10
15
20
25
Frequency
Mean = 2.46Std. Dev. = 0.97332N = 50
Rank the service of Bharti AXA Life Insurance?
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BIBLIOGRAPHY
WWW.GOOGLE.COM
WWW.Bharti-axalife.com
www.irdaindia.org
www.insuranceguide.com
IC-33.
MARKET RESEARCH,NARESH MALOHTRA
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QUESTIONNAIRE
General Information:
1. Name:
2. Age:
3. Sex: Male [ ] Female [ ]
4. Marital Status: Single [ ] Married [ ]
5. Educational Background: High School [10+2 [ ] Graduate [ ] Post Graduate [ ]
6. Address:___________________________________________
Questions:
1. Do you know about Life Insurance Policy?
Yes [ ] No [ ]
2. Do you have any Life Insurance Policy?
Yes [ ] No [ ]
3. Where would you prefer to invest?
Govt. Securities [ ] Mutual Funds [ ] Equity Shares [ ] Insurance [ ]
4. On which criteria do you invest?
Expert Advice [ ] Friendly Advice [ ] Own Analysis [ ]
5. What is your source of income?
Self Employed/Professional [ ]Business [ ] Salaried [ ]
6. To which income group you belong?
> 1, 00,000 [ ] 1, 00,000 to 2, 00,000 [ ] 200,000 to 500,000 [ ] 500,000 &
above [ ]
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7. What type of plan would you prefer?
Endowment [ ] Pure Risk [ ] Money Back [ ] Term Insurance
8. How much can you invest per annum?
< 10,000 [ ] 10,000 - 15,000 [ ] 15,000 - 20,000 [ ] > 20,000 [ ]
9. For what duration would you like to hold the policy?
< 5 Years [ ] 5- 10 Years [ ] 10 - 20 Ye ar s [ ]> 20 Ye ar s [ ]
10. What is your main expectation from the insurance company?
Security [ ] Good Return' [ ] Service [ ] Flexibility [ ]
11. What additional benefit do you want from the policy?
Accidental [ ] Critical Illness [ ] Start of Life [ ] Family Income Benefit [ ]
12. What is your logic behind taking an insurance plan?
Tax Planning [ ] Risk Cover [ ] Retirement Planning [ ] Investment Planning [ ]
All of these [ ]
13. Which company would you prefer to invest in?
L.I.C. [ ] HDFC [ ] Bajaj Allianz [ ] ICICI Prudential [ ] bharti AXA [ ] others [ ]
14. Are you satisfied with the services that are offered by your insurance company?
Yes [ ]No [ ]
15. What are the factors that have motivated you to prefer Bharti AXA over the other
companies?
Brand Name [ ] Goodwill of Bharti AXA [ ] Service [ ] Advertisement [ ]
16. If Given a Chance do you again prefer to buy the Bharti AXA Life Insurance
policy in future?
Yes [ ] No [ ]
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17. What is the most dissatisfying factor do you feel about Bharti AXA?
After Sale Service [ ] Product Diversification [ ] Fund Performance [ ]
Advertisement [ ]
18. What are die reason behind not purchasing/taking a Bharti AXA life insurance
policy?
Trust [ ] Service [ ] Advertisement [ ] Market Reputation [ ]
19. Rank the service of Bharti AXA Life Insurance?
Excellent [ ] Good [ ] Average [ ] Below Average [ ]
Thanking you!