1

SCOPE OF STUDIESNeed for measuring customer satisfaction.

Customers are too good to lose---------- Lets keep them happy!Customer is the king.

In the era of cutthroat competition and economic recession, above axiom has more importance than ever before.

“Marketing starts with the customer and ends the customer.” ------Peter Drucker.So no organization, small or big ignores the customers.

“Earth is not the center of universe but revolves around the Sun.” -----------Copernicus.Similarly, we have come to believe that business firm is not the center of economic universe but revolves around the customer.

“Build customer and not only products.”

Building customers is not a single step exercise but a process.

2

Executive Summary

The objective of the project was to do Market Research on consumer behaviour for Kotak Mahindra Life

Insurance for that we have to understand the customer needs, income, constraints and emotion. The

objective of this study was to analyze consumer satisfaction of in Kolkata city with respect to the

performance, sales effort and sales service.

As the company is new and it is yet to be marketed to a large number of customers, it was essential to

know the feedback of customers in order to, formulate effective marketing and sales strategies in future

and improve the quality of service to achieve better consumer satisfaction.

The site visits and campaigns made us possible to measure the satisfaction of consumer by identifying

the attributes, which gave consumer-varying degrees of satisfaction.

Questionnaire based on attributes like requirement of customer and sales services offered by company

were identified as critical(motivational) factors for measuring satisfaction level of consumers, while

other factors like accessibility of deposit centre, timely reminder and collection of premium. In absence

of such hygiene factors, definitely, results in an unhappy customer.

For this a questionnaire was prepared which gave a vague idea about the people who were really

interested and wanted to know about various new opportunities in the insurance sector. The study was

undertaken for Kolkata region. I initially collected data and scanned them. The questionnaire contains

various aspects like their address, their present age, profession, number of dependents, goals and also

planning for old age (Retirement) etc.

The second part of the study consists of scanning the questionnaire and taking appointments. After that

usually meeting the persons and tell them about the company. Lastly, most important part was

analyzing the information.

3

OBJECTIVE OF THE STUDY

1) To determine the present purchase behaviour of target customers.

The main objective of the project was to analyze consumer behaviour of insurance buyers in Kolkata.

And also present position of the company.

2) To determine the market share of different brands. The second objective of the project was to

determine the market share of different brands available in the market. There was a tough competition

for the brand in the market. Therefore to get establish, company had to make its competitors analysis

and need to determine where do they stand.

3) Identify pros and cons of the brand. This was a fundamental objective of the whole research.

Company wants to identify that where the brand does lack. In other words, what are the brands so that

it can rectify them in order to establish the brand in the market.

4) Suggestions and recommendations. The objective of the research was not only to find out the

problem but also the identification of solutions or suggestions of the problems.

4

INTRODUCTION OF THE TOPIC

The purpose of this training was to have practical experience of working within the organization, in the

field of marketing and to have exposure to the important management practices in marketing insurance

products.

While writing this report the language has been kept simple and the entire discussion is logical and has

coherent outlines. The aim of the project work was Market Research on customer behaviour of Kotak

Mahindra Life Insurance, Kolkata. It includes thorough market research on various plans of Kotak

Mahindra Life Insurance, and consumer (behaviour) responses analysis, by surveying a sample of target

consumers.

The project report is divided into two parts, first part consists of market research for finding out best

sold plans of Kotak Mahindra Life Insurance, and second consist survey report of various consumers

about their responses about satisfaction towards Kotak Mahindra Life Insurance Company.

5

IMPORTANCE OF THE TOPIC

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

Insurance, Kolkata; and to identify key behaviours of consumers while buying insurance policies.

This market research will help Kotak Mahindra Life Insurance to identify the most preferred plans of it

by its consumers. Secondly, it will help in drawing a marketing strategy to promote its products more

effectively by targeting customers according to their buying behaviour.

6

INTRODUCTION

Wherever there is uncertainty there is risk. The risk cannot be averted. The risk is uncertainty of a

financial loss. We don’t have any command on uncertainties. This makes it essential for us to look for a

device that becomes instrumental in spreading the loss. It is in this context that we think of insurance;

protection against the possible chances of generating uncertain losses. It eliminates worries and

miseries of losses on destruction of property and death.

Life insurance is a contract between you and a life insurance company. Buying insurance is extremely

essential if one is the principal earning member in the family. In case of an unfortunate premature

demise, his/her family can remain financially secure because of the insurance cover that you have

purchased.

The primary purpose of life insurance is, therefore, protection of financial health of the family in an

event of death of the insured. Insurance is also seen as a tool of savings to plan financial goals effectively

for your future years; for example your retirement needs, children’s future needs, etc. Today, the

market offers insurance plans that not just provide protection, but also at the same time grow your

wealth too. If you have dependants and have financial responsibilities toward them, then you certainly

need an insurance coverage.

Having a family means dependant, which in turn means financial commitments. It comes inform of

loans, children’s education, medical expenses etc. Imagine what would happen if you were to lose your

life suddenly or become disabled and unable to earn for your family. If you are insured, in such a

situation an insurance cover can help you meet basic needs of the family.

By insuring yourself, you are insuring your earning capacity so that your dependents can continue living

without financial hardships even in case of your sudden demise.

Most insurance plans available today, come with a savings element built within it. These policies are not

only for covering financial risk on death but also for a financially independent future; such as having a

comfortable retirement life. For example. Kotak preferred Retirement plans such as income plan and

Kotak Multiplier plan.Kotak preferred Retirement plans meet your dual financial goals of life cover and

savings for the future.

Life isn’t designed to be risk free. The key is not to eliminate risk, but toestimate it accurately and

manage it wisely.

7

Insurance sector have characteristics that can boost the growth of any economy. It is due to the savings

done at the individual level or at microlevel.It generates funds for infrastructure building as cash flow is

constant while the payout is differed. Hence, insurance companies are becoming biggest investors in

long gestation infrastructure development projects and, thus, play an important role in developing

economy. With an annual growth rate of 15-20% and the largest number of life insurance policies in

force in the world, the potential of the Indian Insurance industry is huge.

8

INDUSTRY PROFILEA. The oldest form of insurance (12th century) is marine insurance. Afterwards in 16th century fire

insurance is started in Germany.

B. The first registered life office was Hand in Hand Society established in 1696.

C. In India, the first life insurance company was started in the Bengal Presidency in1818 knows as

Oriental life insurance company.

D. Experiencing so many ups and downs the insurance business was found in changed shapes.

Particularly after attaining independence and to be more specific, after nationalizing in 1956.

E. There was major change in the insurance sector after globalization in2001. Private players enter

in the insurance industry and end the dominance of LICI.

F. Different MNC companies enter into Indian insurance industry by collaborating with Indian

companies. Today total 11 private life insurance companies are working in insurance industry in

India.

HISTORY

1912: The Indian Life Assurance Companies Act enacted as the first stature to regulate the life insurance

business.

1928: The Indian Insurance Companies Act enacted to the government to collect statistical information

about both life and non life insurance businesses.

1938: Earlier legislation consolidated and amended to the insurance Act with the objective of protecting

the interests of the insuring public.

9

1956: 245 Indian and Foreign insurers and provident societies were taken over by the central

government and was nationalized. Thus, LICI formed by an Act of Parliament, viz. LIC Act, 1956, with a

capital contribution of Rs. 5 core from the Government of India.

INSURANCE SECTOR REFORMS

1) Structure

Government stake in the insurance companies are brought down to 50%.

2) Competition

Private companies with a minimum paid up capital of Rs. 1bn should be allowed to enter the industry.

No company should deal in both Life and General Insurance through a single entity. Foreign companies

may be allowed to enter the industry in collaboration with the domestic players. Postal Life Insurance

should be allowed to operate in the rural market. Only single State Life Insurance Company should be

allowed to operate in each state.

3) Regulatory Body

- Insurance Regulatory and Development Authority (IRDA) is the governing body in India for insurance

industry.

- Any insurance plan designed by an insurance company need to get accepted by the IRDA before it get

launched in the market.

4) Investments

- Mandatory Investment of LIC Life Fund in government securities to be reduced from 75% to 50%.

- FDI has been raised to 49% from 26% in Indian insurance companies.

10

5) Customer service

Insurance companies are supposed to pay interest on delays in payments beyond 30 days. Insurance

companies must be encouraged to set up unit linked pension plans. Computerization of operations and

updating of technology to be carried out in the insurance industry. The committee emphasized that in

order to improve the customer services and increase the coverage of the insurance; industry should be

opened up to competition.

6) Road Ahead

The future of India's insurance sector looks bright. The country has a favourable demographic, growing

awareness, investment friendly government which is constantly working towards framing policies that

can attract investment, customer-centric products, and practices that give businesses the best possible

environment to grow. India's insurable population is anticipated to touch 75 crore in 2020, with life

expectancy reaching 74 years. Furthermore, life insurance is projected to comprise 35 per cent of total

savings by the end of this decade, as against 26 per cent in 2009-10.

ENTRANCE OF PRIVATE PLAYERS IN INSURANCE SECTORS

As per IRDA annual report for 2012-13, India still has a low life insurance penetration of just 3.96

percent of GDP. Despite the fact that India boosts a saving rate of around 25 percent, less than 5

percent is spent on insurance. The insurance landscape in India is undergoing major changes. Closed to

foreign competition since nationalization in 1956, the life insurance industry had been protected from

competitive pressures. Now, with reopening of the sector, several new players have entered the scene.

Insurance Regulatory and Development Authority of India oversees the insurance business in India. It

protects the interests of the policyholders and ensures orderly growth of the insurance industry and for

11

matters connected there to. Beside Kotak Mahindra Life Insurance, there are other 11 private players

working in life insurance sector, which are as follows:

Bajaj Allianz Life Insurance Company Ltd.

Bajaj Allianz Life Insurance Company Ltd. is a joint venture between Allianz AG (Largest insurer in

Europe) and Bajaj Auto Ltd. with 26:74 ratios. It was incorporated on12th march 2001.

Reliance Life Insurance Company Ltd.

Reliance Life Insurance Company (RLIC) is one of the largest life insurance companies in India with a

market share of 5%. The company has over 7 million policy holders and a distribution network of close

to 1,230 branches with over 124,000 agents as of 31 March 2013.Nippon Life Insurance Company

acquired 26% interest in equity share capital of the company effective October 7, 2011.

Aviva Life Insurance Company Ltd.

Aviva Life Insurance Company Ltd. is a joint venture between Dabur Indiaand CGU, is a wholly subsidiary

of Aviva Plc (UK).

SBI Life Insurance Company Ltd.

India’s largest bank, State Bank of India, and Cardiff S.A, a leading insurer in France, came together to

from SBI Life.

Tata AIG Life Insurance Company Ltd.

Tata AIG Life Insurance Company Ltd. is capitalized at Rs. 185 crore; of which74% has been brought in by

TATA Sons and the American partner brought the balance 26%.

ICICI Prudential Life Insurance Company Ltd.

ICICI Prudential equity based stands at Rs. 675 Cr. With ICICI group and Prudential Plc holding 74% and

26% stake respectively.

Birla Sun Life Insurance Company Ltd.

Birla Sun Life Insurance Company is a 74:26 joint venture company between Aditya Birla Group and Sun

Life Financial Services of Canada.

12

HDFC Standard Life Insurance Company Ltd.

HDFC Standard Life Insurance Company Ltd. was one of the first companies to be granted license by the

IRDA to operate in life insurance sector. It was incorporated on 14th august 2000. HDFC is the majority

stakeholder in insurance JV with 81.4% stake and Standard life (largest mutual assurance company in

Europe) has a stake of 18.6%.

Exide Life Insurance Company Ltd

Exide Life Insurance Company Limited is a life insurance company headquartered in Bangalore, and was

founded in 2001 as ING Vysya Life Insurance Company Limited with a joint venture between ING Vysya

Bank and Exide Industries Ltd. As of January 2013, ING Group planned to divest itself from its Indian

insurance and investment management businesses through the sale of its 26% interest in ING Vysya Life

Insurance Company Ltd. to its joint venture partner Exide Industries Ltd thus forming Exide Life

Insurance. The company serves over 1,000,000 customers across India.ING Vysya Life Insurance

Company Ltd. is expected to be first bank assurance venture in the country. Together they have roped in

GMR group, which has wide-ranging interests in field such as power generation infrastructure,

manufacturing, software and banking. As per JV agreement Vysya bank would hold 49% stake, ING

(Europe, Dutch origin) 26% and GMR group would hold 25% of the stake.

MAX New York Life Insurance Company Ltd.

It’s a partnership between MAX India ltd and New York life, a Fortune 100company.

PNB Metlife India Insurance Company Ltd.

PNB MetLife India Insurance Company Limited (PNB MetLife) is a joint venture between MetLife

International Holdings Inc. (MIHI), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited

(JKB), M. Pallonji and Company Private Limited and other private investors, with MIHI and PNB being the

majority shareholders. PNB MetLife was previously known as MetLife India Insurance Company Limited

(MetLife India) and has been present in India since 2001.

13

COMPANY PROFILE

14

COMPANY PROFILE

About Kotak Mahindra Old Mutual Life Insurance Ltd

Kotak Mahindra Old Mutual Life Insurance Ltd is a 74:26 joint venture company between Kotak

Mahindra Life Insurance Ltd. and Old Mutual plc. The company started operations in 2001, and strives to

offer its customers outstanding value through high customer empathy, consistent and benchmarked

service and a suite of products that leverage the combined prowess of protection and long term savings.

The company covers over 4 million lives and is one of the fastest growing insurance companies in India.

About Kotak Mahindra Group

Established in 1985, the Kotak Mahindra group is one of India's leading financial services conglomerates.

In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received a

banking license from the Reserve Bank of India (RBI). With this, KMFL became the first non-banking

finance company in India to become a bank – Kotak Mahindra Bank Limited.

The consolidated balance sheet of Kotak Mahindra group is over Rs. 1.17 lakh crore and the

consolidated net worth of the Group stands at Rs. 17,228 crore (approx. US$ 2.9 billion) as on June 30,

2013. The Group offers a wide range of financial services that encompass every sphere of life. From

commercial banking, to stock broking, mutual funds, life insurance and investment banking, the Group

caters to the diverse financial needs of individuals and the corporate sector. The Group has a wide

distribution network through branches and franchisees across India, and international offices in London,

New York, Dubai, Abu Dhabi, Mauritius and Singapore.

Old Mutual

Old Mutual provides life assurance, asset management, banking and general insurance to more than 14

million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old

Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

15

In the year ended 31 December 2012, the Group reported adjusted operating profit before tax of £1.6

billion (on an IFRS basis) and had £262 billion of funds under management from core operations.

MILE STONES

1986 Kotak Mahindra Finance Limited starts the activity of Bill Discounting

1987 Kotak Mahindra Finance Limited enters the Lease and Hire Purchase market

1990 The Auto Finance division is started

1991 The Investment Banking Division is started. Takes over FICOM, one of India’s largest financial retail marketing networks

1992 Enters the Funds Syndication sector

1995 Brokerage and Distribution businesses incorporated into a separate company Kotak‐ Securities. Investment Banking division incorporated into a separate company ‐ Kotak Mahindra Capital Company

1996 The Auto Finance Business is hived off into a separate company – Kotak Mahindra Primus Limited. Kotak Mahindra takes a significant stake in Ford Credit Kotak Mahindra Limited, for financing Ford vehicles. The launch of Matrix Information Services Limited marks the Group’s entry into information distribution.

1998 Enters the mutual fund market with the launch of Kotak Mahindra Asset Management Company.

2000 Kotak Securities launches kotakstreet.com its on line broking site. Formal‐ ‐ commencement of private equity activity through setting up of Kotak Mahindra Venture Capital Fund.

2001 Kotak Mahindra ties up with Old Mutual plc. for the Life Insurance business.

2003 Kotak Mahindra Finance Ltd. converts to bank

16

Vision and Mission Statement

An uncommon bond Strengthened by a common vision. Apart from common beliefs, values and

objectives we believe in the vision of a better tomorrow. It is this deep veneer of faith that has

brought us together and fortified our bond.

The global Indian financial services brand. Our customers will enjoy the benefits of dealing with

a global Indian brand that best understands their needs and delivers customized pragmatic

solutions across multiple platforms. We will be a world-class Indian financial services group. Our

technology and best practices will be benchmarked along international lines while our

understanding of customers will be uniquely Indian. We will be more than a repository of our

customers' savings. We, the group, will be a single window to every financial service in a

customer's universe.

The most preferred employer in financial services. A culture of empowerment coupled with a

spirit of enterprise, attracts bright minds with an entrepreneurial streak to join us and stay with

us. Working with a home-grown, professionally-managed company, which has partnerships with

international leaders, gives our people a perspective that is universal as well as unique.

The most trusted financial services company. We will create an ethos of trust across all our

constituents. Adhering to high standards of compliance and corporate governance will be an

integral part of building trust.

Value creation. Value creation rather than size alone will be our business driver.

17

Why Kotak Life Insurance

Kotak Mahindra Old Mutual Life Insurance is one of the fastest growing insurance companies in India,

trusted by over 4 million policyholders nationwide. The company is differentiated because of its proven

ability to deliver outstanding value to its customers through high customer empathy and understanding,

lifetime of exceptional service and suite of products that best leverage the combined prowess of

Protection and Long term Savings - the two key elements that determine any winning life insurance

product. The company also has among the best claim ratios in the industry, a solemn testimony to its

business practices.

Strengths

Financial Acumen - Holds a stable and diversified portfolio and has received some of the highest

ratings in financial strength from industry’s independent rating agencies.

Disciplined fund management - Years of experience in asset management, and a strong track

record in managing funds - backed by the acclaimed expertise of Old Mutual plc.

Innovativeness - Innovator in providing pragmatic and need based life insurance solutions, with

consistent emphasis on leveraging the combined prowess of protection and long term savings to

the customer’s best advantage.

Unrelenting Customer Focus - A highly committed sales force, with customer satisfaction as the

key driving force

Transparency in Services - Daily declaration of fund performances, regular performance

benchmarking, well regulated asset management, and monthly newsletter on market updates

18

PRODUCT

There are 19 plans available with Kotak Life Insurance to offer to its customers. Below I have discussed some most selling plans.

a) Kotak Assured Income Accelerator

Key Features:

Guaranteed Income payable every year during the Payout Period Income Boosters increases the Guaranteed Income between 5% to 7% every year Higher the annual premium, higher will be the Guaranteed Income Death benefit is payable irrespective of Guaranteed Income already paid Tax benefit on premiums paid u/s 80(C) and benefit received u/s 10(10D) of Income Tax Act

b) Kotak Premier Moneyback Plan

Kotak Premier Moneyback Plan provides enhanced cover against any unfortunate events of life, along with providing liquidity at regular intervals to take care of interim financial requirements

Key Features:

Regular payouts at specific intervals throughout the term Lump sum Maturity Addition Enhanced death cover with additional payout on accidental death Earn bonuses from 1st year onwards Additional Protection through optional riders

c) KotakClassic Endowment Plan

An Endowment policy is a combination of savings along with risk cover. These policies designed to accumulate wealth and at the same time cover your life. In simple words, issued for specific time periods during which you pay a regular premium. If you die during policy period, your beneficiaries will receive the sum assured along with the accumulated bonus.

Key Features:

In this plan minimum age of 18 years of old and maximum age is 65 years.

19

You can take a loan against your policy has been in force for at least three years. You have the option of paying premiums quarterly, half yearly or yearly. You have the benefit of a 15-day free look period.

d) Kotak Assured Savings Plan

Kotak Assured Savings Plan is a traditional savings cum protection oriented plan offering guaranteed

benefits

Key Features:

Guaranteed Maturity Benefit – Basic Sum Assured PLUS Accrued Guaranteed Yearly Additions PLUS Guaranteed Loyalty Addition

Increasing life cover – Guaranteed Yearly Additions added every time premium is paid, payable at maturity or earlier death

Longer the premium commitment, higher the benefits – Guaranteed Yearly Additions and Guaranteed Loyalty Addition increases with increase in premium payment term

More value for money through high premium benefit resulting into higher Basic Sum Assured

20

RESEARCH METHODOLOGY

INTRODUCTIONResearch is an art of scientific investigation through search for new facts in any branch of knowledge. It

is a moment from known to unknown. Research always starts with a question or a problem. Its purpose

is to find answers to questions through the application of the scientific method. It is a systematic and

intensive study directed towards a more complete knowledge of the subject studied. As marketing does

not address itself to basic or fundamental question, it does not qualify as basic research. On the

contrary, it tackles problems, which seem to have immediate commercial potential. In view of the major

consideration, marketing research should be regarded as applied research.

We may also say that marketing research is of both types problem solving and problem oriented.

Marketing research is as systematic and objectives study of the problems pertaining to the marketing of

the goods and services. It may be emphasized that it is not restricted to any particular area of marketing,

but is applied to all the phases and aspects.

METHOD OF DATA COLLECTION

1) Data to be collected.Data includes facts and figures, which are required to be collected to achieve the objectives of the project. In order to determine the present position of Kotak Life Insurance and consumer behaviour insurance buyers, I collected data by the following tools:-

a) Primary DataThe data that is being collected for the first time or to particularly fulfil the objectives of the project is known as primary data.These types of data were,- The market share of Kotak Mahindra Life Insurance.- The market share of other brands available in the market.- Responses of consumer.- Identifying pros and cons of the brand.

21

The above primary data were collected through responses of consumer was conducted through questionnaires prepared for them.

b) Secondary DataSecondary data are that type of data, which are already assembled and need not to collected from outside. These types of data werei) Company Profileii) Product Profileiii) Competitors ProfileThe aforesaid data were collected through Internet and company’s financial report.

2) Data Collection MethodFor given project, the primary data, which needed to collect for the first time, were much significant. This type of information gathered through Survey technique, which is the most popular and effective technique for correct data collection. The survey was completed with the use of questionnaires.- Questionnaire for consumer.

3) SamplingSample is the small group taken under consideration from the total group. This small group represents the total group. In this project the market to be studied was Kolkata, but as it was not possible to approach all the target customers of the city, hence a sample was selected which represents the whole city. The areas selected for the sample are present further in the appendix.4) Data EvaluationThe data so collected were not simply accepted because it contained unnecessary information and over or under emphasized facts. Therefore only relevant data were included in the report, which helped in achieving the objectives of the project.

22

DATA INTERPRETATIONAND ANALYSIS

23

1. Personal detail

1 (a)

Age Class

% of responden

ts

   i.            18-246.67

  ii.            25-3426.7

iii.            35-4423.3

iv.            45-5433.3

   v.            55 and above10

24

18-24 25-34 35-44 45-54 55 and above0

5

10

15

20

25

30

35

Age Group

Age class

% o

f res

pond

ents

1 (c)

Occupation

% of respondents

i.            Private Ltd43.3

ii.            Govt service/Public Ltd30

iii.            Self Employed Professional/ Business23.3

iv.            Student3.33

25

Priv

ate Ltd

Govt

servic

e/Public

Ltd

Self E

mployed Profes

sional/

Business

Studen

t0

10

20

30

40

50

Occupation

%.o

f Res

pond

eent

s

1 (d)

Marital Status

% of respondents

      i.            Single10

     ii.            Married80

  iii.            Divorced3.33

  iv.            Widow / widower6.67

26

Single Married Divorced Widow / widower0

10

20

30

40

50

60

70

80

90

Marital Status

1 (e)

Financial Liabilities

No.of Response

i.    Child Education and Marriage30

ii.            Loans30

iii.            After retirement life63.3

iv.            Medical Expenses36.7

v.            None13.3

27

Child Ed

ucation an

d Marr

iage

Loans

After

retirem

ent li

fe

Med

ical Ex

penses

None

010203040506070

Financial Liabilities

No.

of R

espo

nden

ts

28

2. Do you think is it essential to have Life Insurance?

Yes No Do not know0

10

20

30

40

50

60

70

80

90

% o

f res

pond

ents

% of responde

nts

  i.            Yes80

ii.            No10

  iii.            Do not know10

29

3. Do you own any life insurance policy?

Yes No0

10

20

30

40

50

60

70

80

90

100

Chart Title

% o

f res

pond

ents

% of responden

ts

         i.            Yes96.7

       ii.            No3.33

30

4. Which are the companies you have invested your money with for Life Insurance?

Life Insurance Companies in India% of respondents invested

         i.            Kotak Mahindra Life Insurance13.3

       ii.            LIC80

      iii.            Bajaj Allianz16.7

     iv.            Tata AIG16.7

       v.            HDFC Life Insurance16.7

     vi.            ICICI Prudential Life Insurance26.7

    vii.            SBI Life16.7

  viii.            PNB Metlife10

     ix.            Reliance Life Insurance6.67

       x.            Others20

0102030405060708090 Popularity of Insurance companies

% o

f res

pond

ents

inve

sted

31

5. Why did you choose the above Life Insurance Company?

Selection Criteria% of respondents

         i.            Good Past record on ROI10

       ii.            Agent Pressure10

      iii.            Tax Benefit36.7

     iv.            Security /safety20

       v.            Low Premium10

     vi.            Protection13.3

Good Past record on ROI

Agent Pressure

Tax Benefit Security /

safety

Low Premium

Protection0

5

10

15

20

25

30

35

40

Selection Criteria

% o

f res

pond

ents

32

6. Which of the following insurance plans have you purchased?

         i.            Term Insurance Plans10

       ii.            Endowment Insurance Plans

46.7

      iii.            Money Back Plans20

     iv.            Child Plans

23.3

       v.            Retirement Plans

16.7

vi. Don’t know10

Term In-surance

Plans

Endowment Insurance

Plans

Money Back Plans

Child Plans Retirement Plans

Don’t know0

5

10

15

20

25

30

35

40

45

50

Insurance Plans

No.

of R

espo

nse

33

7. Rank the following in terms of their importance to you while making a decision to purchase an insurance policy from a particular service provider. (1 being most important and 5 least)

  i.            Easy accessibility to Service Outlets287

ii.            Timely reminder as well as premium collection by agents283

  iii.            Easy and Quick Claim Settlement297

   iv.            Online services280

    v.            Good financial advises343

0

100

200

300

400

Factors influencing Purchasing Decision

No.

of R

espo

nden

ts

34

8. How will you rate the services given by your Life Insurance service provider?

Poor Average Good Excellent0

5

10

15

20

25

30

35

40

45

Ratings

% o

f Res

pond

ents

         i.            Poor20

       ii.            Average40

      iii.            Good33.3

iv. Excellent6.67

35

9. Would you like to invest with any other Life Insurer?

Yes No May be0

10

20

30

40

50

60

% o

f Res

pond

ents

         i.            Yes56.7

       ii.            No30

      iii.            May be13.3

36

OBSERVATIONS

Majority of the customer‘s belonged to age group of 45-54 years that is 10 consumers.

24 consumers think Life Insurance is essential for them.

51 respondents are investing in life insurance companies like Kotak Life Insurance, LIC, Bajaj

Allianz, HDFC, ICICI and SBI.

10 percentages of the total respondents invest in Insurance for getting high ROI.

Most of respondent s preferred Endowment Insurance Plan.

Most of the respondents expects good financial advices from Insurance Companies

As per 36.7% of respondents invested in Insurance for tax benefits.

56.7% of respondents are willing to purchased Insurance policies in future.

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RECOMMENDATIONS

There is scope to sale insurance policy by concentrating on age group 45-54 years .

As major respondents think to have life insurance policy is very essential there is lot of scope for

insurance company.

Kotak Mahindra Life Insurance should try to build trust among the public by making people

aware of their investment is safe, high return on investment, Tax Benefits.

As more respondents are investing in Kotak Mahindra Life Insurance for getting high return on

investment the company should try to provide attractive returns on investments in future.

Kotak Mahindra Life Insurance should introduce attractive policies & also attractive bonus on

policies to attract more customers.

56.7% of respondents are willing to invest with new insurance providers

38

CONCLUSION

After conducting market research for Kotak Mahindra Life Insurance Company we came to know

different needs of consumers, their valuable suggestions, responses to the different questions. With this

information we can conclude that there is good potential for Kotak Mahindra Life Insurance Company in

Kolkata.

People prefer to invest in insurance mainly to avail tax exemption and high ROI. So, Kotak Mahindra Life

Insurance should try to build trust among the public by making people aware of their investment is safe,

high return on investment, Tax Benefits.

Kotak Mahindra Life Insurance should also educate their Life Advisors well about the financial market so

that they can give good advises to customers, which people in Kolkata are expecting from insurance

companies.

Kotak Mahindra Life Insurance should bring in new and attractive endowment plans, which is the most

selling product in Kolkata.

39

BIBLIOGRAPHY

www.business.standards--- Mumbai Jan2,2014

Media Reports,Press Releases IRDA Journal

http://www.ibef.org/industry/insurance-sector-india.aspx

insurance.kotak.com/

40

ANNEXURE