A Project Report on insurance

8/8/2019 A Project Report on insurance

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Ques: Age


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a) Less than 25 yrs b) 26 - 35 c) 36 45 d) 46 55 e) more than 55

6

25

40

19

10

0

5

10

15

20

25

30

35

40

N O

. O F P E O P L E

LESS THAN

25YRS

26YRS TO

35YRS

36YRS TO

45YRS

46YRS TO

55YRS

MORE THAN

55YRS

AGE GROUP

AGE COMPOSITIO

AGE COMPOSITION NO. OF PEOPLELESS THAN 25YRS 626YRS TO 35YRS 2536YRS TO 45YRS 4046YRS TO 55YRS 19MORE THAN 55YRS 10

TOTAL 100


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In this market survey most of the people are between the age group of 26-55yrs which indicates

that this report has most of the emphasis (84%) on those people who are well established in their

related field i.e. business, profession, job, etc..

Ques: Occupation

a) Service man c) Professional

b) Business man d) student

.

OCCUPATION NO. OF PEOPLEBUSINESS 53PROFESSION 23SERVICE 22STUDENT 2TOTAL 100


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O C C U PAT IO N S C E

B U S I N E S53%

P R O F E S S I23%

S E RV I C

22 %

S T U D E N2%

In this market survey more than half of the people are businessman (53%) and rest of the people

belongs to profession and service. It indicates that this report has total emphasis (98%) on those

people who are well established, experienced, decision makers

Ques; Annual Income

a) Less than 60000 c) 1.5 lakhs 2.5 lakhs

b) 60000 1.5 lakhs d) More than 2 lakhs

ANNUAL INCOME PERCENTAGELESS THAN Rs.60000 30Rs.60000 - 1.5 LAKHS 22Rs.1.5 LAKHS - 2.5 LAKHS 35MORE THAN Rs.2.5 LAKHS 13TOTAL 100


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I N C O M E S C E N A

3 0

2 2

3 5

1 3

0

1 0

2 0

3 0

4 0

L E S S T H A NRs.60000

Rs.60 000 - 1.5L A K H S

Rs.1 .5 LAKHS - 2 .5L A K H S

M O R E T H A N R s .2L A K H S

IN C O M E G R O

P E R C E N T A G E

More than half of the people have annual income below 1.5 Lakhs (52%) and rest of the people

belongs to high annual income group (48%). It indicates that this report has balanced research

and findings without focusing on any specific income group. People of diverse income groups

helped us to study the absolute picture of life insurance as a tool of investment.

Ques : Which area would you like to prefer for investment ?

MOST PREFERABLE INVESTMENT AREA PERCENTAGEBANK FIXED DEPOSITS (FD'S) 16

NSC's/POST OFFICE SCHEMES 22MUTUAL FUNDS 20SHARE MARKET/EQUITIES 6LIFE INSURANCE PLANS 36TOTAL 100


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MOST PREFERABLE INVESTMENT

16

2220

6

36

0 1 0 20 3 0 4 0

BANK FIXED DEPOSITS (FD 'S )

NSC's/POST OFFICE SCHEMES

MUTUAL FUNDS

SHARE MARKET/EQUITIES

LIFE INSURANCE PLANS

I N V E S T M E N T O P T O N S

PERCENTAG

According to this market survey we have found out that most of people go for Life Insurance &

Post Office Schemes for Long Term, Safe & High Return Investments (58%). It indicates that

this report has proved that now people are much aware of Life Insurance and invest their hard

earned money into it.

Chi square (O E) / EH0 : Are people like to invest in other services than life insurance ?

Degree of freedom: 4

Significant level@5% , : 9.49 , Actual value : 23.6Thus the hypothesis is rejected. It means people like to invest in life insurance than other

companies.


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Ques : What is your most important criteria while investment ?

MOST IMPORTANT CRITERIA WHILEINVESTMENT NO. OF PEOPLEHIGHER RETURNS 14LIQUIDITY 20SECURITY 20INSURANCE COVER 22TAX BENEFITS 26TOTAL 100


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MOST IMPORTANT CRITERIA WH ILE INVESTME

HIGHER RETURNS

14%

LIQUIDITY

18%

SECURITY20%

INSURANCE COVE22%

TAX BENEFITS26%

Nowadays people are equally concerned for tax benefits, insurance, security, liquidity & high

returns. Hence life insurance is the only source of investment which cover all these criteria so

now people are getting aware of life insurance sector and gradually it will be the top most

priority for the general public to invest.

Ques: Are you aware about life insurance?

AWARENESS IN LIFE INSURANCE NO. OF PEOPLELOW 11MEDIUM 61HIGH 28TOTAL 100


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AWARENESS IN LIFE INSUR A

MED I UM61 %

HIGH28 %

LO11 %

This market research depicts that most of the people (89%) are aware of the various plans,

procedures, benefits, & working of life insurance sector in todays economy in this region.

Chi square (O E) / E Ho : How many people are not aware about life insurance ?

Degree of freedom: 2

Significant level@5%, Table value@5% level : 5.99

Actual value: 12.92

This hypothesis is rejected because table value is less than actual value. It means people are

aware about life insurance.

Ques: What is your criteria while investing in life insurance ?

MOST IMPORTANT CRITERIA IN LIFE INSURANCE PERCENTAGE


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CREATING WEALTH/ASSETS 32CHILDREN's EDUCATION & MARRIAGE 50RETIREMENT 6DISABILITY & ILLNESS 12TOTAL 100

MOST IMPORTANT CRITERIA IN LIFE INSURANCE

32

50

612

0

10

20

30

40

50

60

CREATING

WEALTH/ASSETS

CHILDREN's EDUCATION

& MARRIAGE

RETIREMENT DISABILITY & ILLNESS

PLANNING OPT IONS

P E R C E N T A G E

As about 90% people of this region are aware of life insurance sector hence they have certainimportant criteria in life insurance to satisfy their needs. In this survey half (50%) of the people

want insurance policies for childrens marriage and education. The second important criteria for

them is to create wealth & assets through it as it gives more flexibility options and higher amount

of rate of returns. People buy retirement solutions just to save tax under section 80cccc (i) as it is

apart to section 88 limit of 1 lakh.

Chi square (O E) / E H1 : Does people satisfy from the criteria of life insurance ?

Degree of freedom: 4 ( C-1)


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Significant level@5% , : 9.49 , Actual value : 3.8Thus the hypothesis is accepted and people are satisfied from the criteria of life insurance.

Ques: Are you satisfy with ICICI prudential life insurance services ?

BRAND RELIABILITY PERCENTAGE


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ICICI PRUDENTIAL 40BIRLA SUN LIFE 24HDFC STANDARD LIFE 15MAX NEW YORK LIFE 12TATA AIG 9TOTAL 100

MOST RELIABLE PRIVATE LIFE INSURANCE

40

24

15

129

0

5

10

15

20

25

30

35

40

45

ICICI PRUDENTIAL BIRLA SUN LIFE HDFC STANDARD

LIFE

MAX NEW YORK

LIFE

TATA AIG

PRIVATE PLAYER

P E R C E N T A G E

This Survey has shown that ICICI Prudential with 40% of preference votes still and will remain

No.1 Private Life Insurance company in years to comes as it offers the widest range of products

or plans with more & more features of Flexibility, Liquidity, Safety, Higher Returns,

Transparency & Tax benefits. It also indicates that this report has proved that now people are

aware of private life insurance companies as they are satisfying their needs.

Chi square (O E) / EH0 : How many people are not satisfy with ICICI prudential Insurance services ?

Degree of freedom : 4


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Significant level@5% , : 9.49 , Actual value : 31.3Thus the hypothesis is rejected because table value is less than actual value. It means most of

people are satisfied with ICICI prudential insurance services.

Conclusion

According to analysis Most of people like to invest in life insurance company


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Majority of the respondents who want to purchase insurance policies, with the

intention to cover the risk and to get good returns

ICICI Prudential gives wide range of services to the customers. There are various

factors ,which influenced the respondents to purchase the ICICI Prudential policy

Better returns for investors, Promotional schemes, Wide range of products and

flexibility in products offered etc

REFERENCES

1. www.iciciprulife.com
http://www.iciciprulife.com/http://www.iciciprulife.com/


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2. www.financialexpress.com

3. www.insuranceguide.com

4. Business Today Magazine

5. IRDA Journal
http://www.financialexpress.com/http://www.insuranceguide.com/http://www.financialexpress.com/http://www.insuranceguide.com/


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A Project Report on insurance

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