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MARKET SURVEY ON UNIT LINKED INSURANCE POLICY WITH SPECIALREFERENCE TO ICICI PRUDENTIAL FOR WAY2WEALTH
By
N.GEETHA ARTHY
(Reg. No 35103082)
A PROJECT REPORT
Submitted to the department of
SCHOOL OF MANAGEMENT
In partial fulfillment of the requirements
for the award of the degree
of
MASTER OF BUSINESS ADMINISTRATION
SCHOOL OF MANAGEMENT
SRM INSTITUTE OF SCIENCE AND TECHNOLOGY
Deemed University
June, 2005
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BONAFIDE CERTIFICATE
Certified that this project report titled MARKET SURVEY ON UNIT LINKED
INSURANCE POLICY WITH SPECIAL REFERENCE TO ICICI PRUDENTIAL
FOR WAY2WEALTH is the bonafide work of Miss M. GEETHA ARTHY (35103082)
who carried out the research under my supervision. Certified further, that to the best of my
knowledge the work reported herein does not form part of any other project or dissertation on
the basis of which degree or award was conferred on an earlier occasion on this or any other
candidate.
Prof. T.P. Nagesh Dr. Jayashree Suresh,
Signature of the Project Guide Signature of the HOD
Signature of the external examiner
05.04.2005
TO WHOMSOEVER IT MAY CONCERN
This is to certify that Miss. N. GEETHA ARTHY, a Final Year M.B.A., student of
S.R.M. Institute of Management Studies, Kattankulathur has successfully completed her three
months summer project MARKET SURVEY ON UNIT LINK INSURANCE POLICY
WITH SPECIAL REFERENCE TO ICICI PRUDENTIAL FOR WAY2WEALTH at
our company from 03.01.2005 to 31.03.2005. She has been very helpful in finding some
solutions to our problem and solve them effectively.
Yours sincerely,
Regional Sales ManagerWay2wealth
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ABSTRACT
As a part of my academic curriculum I have conducted a report on Market survey of unit
linked insurance policy with special reference to ICICI prudential for Way 2 Wealth
The title of this project clearly states that the purpose of the study is to know the
awareness of the unit linked products. The study is basically done for ICICI prudential life
insurance company to know the awareness level about the unit linked insurance product among
their existing bank customers. This would also help the company in knowing the satisfaction
level of the customers and how to improve them. This helps the company in knowing through
which media the awareness are created and in future which media they can concentrate to
improve this awareness.
The survey was based on a formal interview and the responses are obtained through
questionnaires. The city selected is Chennai and convenience sampling was adopted to conduct
the survey.
The size of the samples were restricted to150 respondents due to the time and financial
constraints. Sampling has its own limitations, being biased and unsatisfactory. The data collection
was analysed through using statistical tools like Kolmogrov Smirnov test, Spearmans rank
correlation, Chi-square test.
The major findings are reported at the end of this project work on the basis of findings
suitable suggestions have been made to the company.
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ACKNOWLEDGEMENTS
I take this opportunity to acknowledge the contributions of all those who inspired me,
do the best in this endeavor. There has been many a contribution for the completion of this
project.
I wish to express my sincere gratitude to Mr. Selvakumar,Regional Sales Manager of
Way2wealth, Alwarpet, Chennai, for giving me an opportunity to work in this division. I am
indebted to the guidance and wholehearted support extended by guides, Mr. Varadharajan, Mr.
Subburaman andMr. Sadagopan, Business Development Managers of Way2wealth, Alwarpet,
Chennai. I also take this opportunity to thank my project guide Mr. Nagesh and Mr.
Sadashivam, SRM School of Management Studies., whose timely suggestions were extremely
helpful in designing the report.
I will be failing in my duty if I do not mention the help & support rendered by my
friends who had help me in completing this project. Last but not the least I thank god for all the
good experience I gained under his vision and would also like to express my heartfelt gratitude to
my parents whose encouragement has been invaluable in accomplishing this project.
N. GEETHA ARTHY
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TABLE OF CONTENTS
CHAPTER
NO.TITLE PAGE NO.
I INTRODUCTION 1
II STATEMENT OF THE PROBLEM 4
III OBJECTIVES OF THE STUDY 5
IV REVIEW OF LITERATURE 6
VMETHODOLOGY AND
LIMITATIONS OF THE STUDY11
VI COMPANY PROFILE 19
VII ANALYSIS AND INTERPRETATION 27
VIII FINDINGS 61
IX SUGGESTIONS 63
X ANNEXURE QUESTIONNAIRE 64
XI BIBLOGRAPHY 67
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LIST OF TABLES
TABLE
NO.
TITLEPAGE
NO.
3.1 Gender Classification 27
3.2 Age of the Respondent 29
3.3 Income of the Respondent 31
3.4 Ranking In order of preferences to the various savings schemes 33
3.5 Investment in insurance 34
3.6 Type of Insurance 36
3.7 Factors Influencing Purchase of Insurance 38
3.8 Expectations from an Investment 40
3.9 Whether there is a single product to satisfy all the expectations 42
3.10 Unit linked insurance product satisfy all the expectations 44
3.11 Awareness of ULIP 46
3.12 Level of Satisfaction with references to ULIP 48
3.13 Companies offering ULIP 50
3.14 Invested in ULIP 52
3.15 Level of Satisfaction with respect to service provided 54
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LIST OF FIGURES
TABLE
NO.TITLE
PAGE
NO.
3.1 Gender Classification 28
3.2 Age of the Respondent 30
3.3 Income of the Respondent 32
3.4 Investment in insurance 35
3.5 Type of Insurance 37
3.6 Factors Influencing Purchase of Insurance 39
3.7 Expectations from an Investment 41
3.8 Whether there is a single product to satisfy all the expectations 43
3.9 Unit linked insurance product satisfy all the expectations 45
3.10 Awareness of ULIP 47
3.11 Level of Satisfaction with references to ULIP 49
3.12 Companies offering ULIP 51
3.13 Invested in ULIP 53
3.14 Level of Satisfaction with respect to service provided 55
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CHAPTER-1
INTRODUCTION
Life insurance is widely accepted as one of the most attractive financial
instruments in an individual portfolio, that provides an assurance of security with
attractive returns.
" Life insurance is a contract for payment of a sum of money to the person
assured (or failing him/ her, to the person entitled to receive the same) on the happening
of the event insured against".
Usually the contract provides for the payment of an amount on the date of
maturity or at specified dates at periodic intervals or on unfortunate death, if it occurs
earlier. Among other things, the contract also provides for the payment of premium
periodically to the corporation by the assured. Life insurance is universally acknowledged
to be an institution, which eliminates `risk', substituting certainty for uncertainty and
comes to the timely aid of the family in the unfortunate event of the death of the
breadwinner. By and large, life insurance is civilization's partial solution to financial
uncertainties caused by untimely death.
Life insurance, in short is concerned with two hazards that stand across the life
path of every person: that of dying prematurely leaving a dependent family to fend for
itself and that of living too old with out visible means of support.
The life insurance companies in India play around 1,50,000 crore in the market.
The LIC fund is the major occupied company among all the insurance companies playing
in the market. ICICI Prudential was amongst the first private sector insurance companies
to begin operations in December 2000 after receiving approval from Insurance
Regulatory Development Authority (IRDA). Now it is the number one company among
all the private players in the market and has a market share of 37 percent with a capital of
100 crore.
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1.1.1 THE COMPANY
ICICI Prudential's equity base stands at Rs 6.25 crore with ICICI Bank and
Prudential plc holding 74% and 26% stake respectively. As of December 31, 2003, the
company had issued over 550,000 policies, with a sum assured exceeding Rs 13,000 crore
and premium income of over Rs 1000 crore. Today the company is the #1 private life
insurers in the country.
1.1.2 OUR VISION
To make ICICI Prudential the dominant Life and Pensions player built on trust
by world-class people and service.
1.1.3 ICICI BANK
ICICI Bank (NYSE:IBN) is India's second largest bank with an asset base of Rs
106812 crore. ICICI Bank provides a broad spectrum of financial services to individuals
and companies. This includes mortgages, car and personal loans, credit and debit cards,
corporate and agricultural finance. The Bank services a growing customer base of more
than 7 million customer accounts and 5 million bondholders' accounts through a multi-
channel access network. This includes about 450 branches and extension counters, 1675ATMs, call centers and Internet banking (www.lcicibank.com). ICICI Bank posted a net
profit of Rs 1,206 crore for the year ended March 31, 2003. ICICI Bank is the only
Indian company to be rated above the country rating by the international rating agency
Moody's and the only Indian company to be awarded an investment grade international
credit rating. The Bank enjoys the highest AAA (or equivalent) rating from all leading
I n d i a n r a t i n g a g e n c i e s .
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1.1.4 PRUDENTIAL
Established in 1848, prudential is a leading international financial services
company in the UK, with around US$250 billion funds under management and more
than 16 million customers worldwide. Prudential has brought to market an integrated
range of financial services products that now includes life assurance, pensions, mutual
funds, banking, investment management and general insurance. In Asia, Prudential is
UK's largest life insurance company with a vast network of 22 life and mutual fund
operations in twelve countries - China, Hong Kong, India, Indonesia, Japan, Korea,
Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam. Since 1923,
Prudential has championed customer-centric products and services, supported by over
60,000 staff and agents across the region.
CHAPTER-2
STATEMENT OF PROBLEM
This study is basically done for ICICI PRUDENTIAL LIFE INSURANCE
COMPANY to know the awareness level about the unit link insurance product among
their existing bank customers. The research study done here has a dynamic scope, which
is to find and improvise the awareness level and responds in the life insurance business.
This might also help the company in know in the satisfaction level of the customers and
how to improve them. This helps the company in knowing through which media the
awareness are created and in future which media they can concentrate to improve this
awareness.
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CHAPTER-3
OBJECTIVES OF THE STUDY
3.3.1 PRIMARY OBJECTIVE
The main objective of the project is to ascertain the "AWARENESS OF UNIT
LINK INSURANCE PRODUCTS " among the existing ICICI BANK customers.
3.3.2 SECONDARY OBJECTIVE
To identify the various savings schemes of the respondents
To know the opinion about the insurance scheme
To find the factors that influence to buy insurance
To find the level of satisfaction about the ULIP
To find the level of satisfaction with the services provided by the company
CHAPTER-4
REVIEW OF LITERATURE
INSURANCE INVESTMENT - THE NEW PARADIGM
Insurance industry has been a perennial source of funds both for short term and
long-term needs of governments at all levels - Central, State and Local. It also caters to
the needs of capital markets where the corporates can meet their exacting standards of
investment that are know as prudential norms.
Through harnessing people and corporate savings for future, insurers divert that
stream of savings into investment channels. The premiums that are pooled are in the
nature of trust fund since they belong to policyholders and they should be well managed
ensuring their safety and productivity. Insurers cannot afford to keep them idle even for
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a single day. There fore, public sector insurance companies are allowed to operate in call
money markets. They also invest in number of other short term financial instruments for
a period of less than 30 days. Cash flow management is essential for insurers. The main
purpose of investments both in life and non-life companies is matching assets and
liabilities. Asset-Liability management is a specialized area where insurers have to payspecial attention.
Insurance is essentially funding business. This fund should be self-sustaining by
continuous flow of premiums, underwriting profit and investment returns. In some
cases, it is strengthened by reinsurance recoveries. This fund gets depleted by claim
payments, management expenses and underwriting losses in some cases. Therefore, both
inflows and outflows are be balanced.
Insurance industry in India is at the threshold of a great financial revolution.
India is poised for faster economic growth. Economy is reaching 7 to 8% growth in
GDP. Per capital incomes are growing. Globalization and liberalization opened new
threats and challenges. The Indian middle class and lower middle class want to seize
these opportunities. Insurance industry is ready to play its role. This great country needs
all the investment funds the insurance industry offers and the India insurers will play
their role in generating more and more investible funds through insurance business.
INDIAN LIFE INSURANCE INDUSTRY: ISSUES AND CHALLENGES
After the license was issued to private insurance players in October 2000, the
growth of this sector has been phenomenal. Experts opine that the result of the three
years of privatization has been extremely positive and the future looks promising. But,
there are several key issued that need to be addressed immediately.
One major change is in the way insurance is marketed in India. From a tax-
incentive - driven sale, the focus has now been shifted to a need based selling approach.
Today, the Indian life insurance industry has a dozen of private players, each of themmaking strides in raising awareness levels, introducing innovative products and increasing
the penetration of life insurance in the vastly underinsured country.
Rural Market
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In a country of over 1 billion people, life insurance premia until very recently
formed only 1.8% of GDP and only 8% of the population insured. More than 40 crore
of the insurable population is still not insured. Many of those insured are also not
adequately insured. A recent survey suggests that rural market hold tremendous potential.
But most of the players do not seem to be enthusiastic about rural market. Insuranceplayers need to work out appropriate consumer awareness campaigns amongst the rural
masses and develop marketing strategies to tap this huge market.
Foreign participation
Across the world, FDI had helped to grow the insurance industry. insurance,
being a highly capital intensive sector, requires huge investments over a prolonged period
of time and there is a constant need for capital injection. Now, the government has given
the approval for a hike of 49% across all segments including life insurance, non-life
insurance and the reinsurance companies. With this approval, Indian insurance industry
ca see some more active role of the global insurance giants.
Health Insurance
Health insurance sector has a great potential in the country, but remains highly
underdeveloped. According to some estimates, only 3% of India's population is covered
under some form of voluntarily health insurance schemes. These need the regulators
attention for its development.
CHANGING CUSTOMER BEHAVIOUR IN INSURANCE BUYING
"There are known knows; these are things we know we know. We also know that
there are known unknowns, that is to say we know there are some things we do not
know. But there are also unknown unknowns- the ones we don't know we don't know".
In Insurance buying, most customers would probably describe their level of
understanding of insurance contracts in the above manner.
CHANGING EXPECTATIONS
A remarkable trend in the insurance industry in the last three years is the rapid
change in the knowledge level as well as expectations of the customers. The Insurance
industry has witnessed a few unique aspects, such as regulation-inspired efforts to
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educate insurance buyers, and a vast change in the skills and capabilities of the
intermediaries involved in the distribution.
MOTIVATING FACTORS
Security of the money invested, saving for one or more specific purpose, and the
availability of tax benefit. On the issue of the consumers perception of security of the
money invested, there are two important aspects. One is how the features of the
insurance contract are put across the buyer. The second is how to address more
effectively the question about the dependability of the new generation companies that
potential new insurance buyers raise during sales calls especially outside metros and in
small towns.
CONSUMER'S EXPERIENCE
There has been a vast change in the approach of the insurance agent from the
pre-liberalization days. While the agent in the past established informal contacts with
potential buyers and often depended on referrals from friends and family members, the
new age companies insist on a professional, and often aggressive stance on the part of
the sales staff.
Customer expectations in this regard revolve around two key aspects; first,
whether the customer is getting truthful advice from the agent, or if he is pushing aproduct that yields him the highest commission rate. Thanks to the general publicity
given by new insurance companies about the protection aspect of insurance, customers
in major cities have come to appreciate the need for higher level of insurance cover with
reference to their earning stage in working life. Life insurance is widely accepted as one
of the most attractive financial instruments in an individual portfolio, that provides an
assurance of security with attractive returns.
" Life insurance is a contract for payment of a sum of money to the person
assured (or failing him/ her, to the person entitled to receive the same) on the happening
of the event insured against".
Usually the contract provides for the payment of an amount on the date of
maturity or at specified dates at periodic intervals or on unfortunate death, if it occurs
earlier. Among other things, the contract also provides for the payment of premium
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periodically to the corporation by the assured. Life insurance is universally acknowledged
to be an institution, which eliminates `risk', substituting certainty for uncertainty and
comes to the timely aid of the family in the unfortunate event of the death of the
breadwinner. By and large, life insurance is civilization's partial solution to financial
uncertainties caused by untimely death.
Life insurance, in short is concerned with two hazards that stand across the life
path of every person: that of dying prematurely leaving a dependent family to fend for
itself and that of living too old with out visible means of support. The life insurance
companies in India play around 1,50,000 crore in the market. The LIC fund is the major
occupied company among all the insurance companies playing in the market. ICICI
Prudential was amongst the first private sector insurance companies to begin operations
in December 2000 after receiving approval from Insurance Regulatory Development
Authority (IRDA). Now it is the number one company among all the private players in
the market and has a market share of 37 percent with a capital of 100 crores.
CHAPTER-5
RESEARCH METHODOLOGY
A research cannot be conducted abruptly. Researcher has to proceed
systematically in the already planned direction with the help of a number of step in
sequence. To make the research systemized the researcher has to adopt certain methods.
The methods adopted by the researcher for completing the project is called Research
Methodology.
In other words, Research Methodology is simply the plan of action for a research
which explains in detail how data is to be collected, analysed and Interpreted.
Datas becomes information only when a proper methodology is adopted. Thus
we can say Methodology is a tool which process the date to a reliable information. The
present chapter attempt to highlight the research methodology adopted in this project.
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5.1 RESEARCH DESIGN
A research design is a arrangement of conditions for collection and analysis of
data in a manner that aims to combine relevance to the research purpose with economy
in procedure.
Fundamental to the success of nay research project is the sound research design.
A research design is purely and simply the framework and plan for the study that guides
the collection and analysis of data. It is a blue print that is followed in completing a study
5.1.1 TYPES OF RESEARCH DESIGN
There are 3 basis types of research design
1. Exploratory Research Design
2. Descriptive Research Design
3. Experimental Research Design
Out of the research design said above the research design took for the study was
Exploratory Research Design
Exploratory Research Design
The Exploratory Research throws light on defining a problem, in discovering
new ideas, and sights deep into the problem at hand.
Importance of Exploratory Research Design
Exploratory study can be used to establish priorities in studying the competing
explanation of the phenomenon. It helps in formulating a problem in terms of problem
definition or Hypothesis It helps in clarifying concepts.
5.2. DATA COLLECTION METHODS
Selection of Appropriate Method, the researcher should keep in view of the
following factors.
Nature, scope and object of enquiry
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Availability of funds
Time factors
Precision Required
There are two different methods for collection of data to conduct this
exploratory study.
1. Primary Data Collection Method
2. Secondary Data Collection Method
In this study the primary data collection method have been used to collect data.
Now let us see about the primary data collection method
5.2.1 PRIMARY DATA COLLECTION
Primary data are those which are collected a fresh and for the first time, and thus
happen to be original in character. Primary data collection is nothing but the data that is
directly collected from the people by the researcher himself.
Primary data may pertain to demographic / socio economic characteristics or the
customers, altitudes and opinions of people, their awareness and knowledge and other
similar aspects. In this study Primary Data collection method has helped the researcher
to a great extent in arriving at the results.
5.2.2 METHODS OF PRIMARY DATA COLLECTION
There are three methods of collecting Primary data
1. Survey
2. Observation
3. Experiments
Among these, the method adopted for the study was Survey Method
5.2.3 SURVEY METHOD
Survey method is the systematic gathering of data from the respondents survey is
the most commonly used method of primary data this is widely used because of its
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1. Extreme Flexibility
2. Reliability
3. Easy Understandability
The main purpose of survey is facilitate understanding or enable prediction of
some aspects of the population being surveyed
5.2.4 SURVEY TECHNIQUE
The technique used for conducting the survey is called Survey Technique. There
are three technique to conduct the survey Viz.
1. Personal Interview
2. Telephone Interview
3. Mail Survey
The technique which has been in this survey is the Personal Interview.
DATA COLLECTION METHOD
The instrument used to collect data for the study was the structured
questionnaire.
5.3. SAMPLING
Sampling may be defined as the selection of some part of an aggregate or totality.
On the basis of which a judgement or inference about the aggregate or totality is made.
Research conducted by considering only a few units of population is called as Sampling.
Sampling is an important and persuasive activity. Sampling technique has got its own
Range of advantages
1. Reduce cost owing to a study of selected units from the population
2. Greater speed is there due to smaller units to be studied
3. Greater accuracy is results
4. Greater depth of information
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5. Reservation of units for reuse in destructive nature of experiments is
possible
5.3.1 METHODS OF SAMPLING
In this study non probability sampling has been adopted. Under the non
probability sampling convenience sampling has been taken for the purpose of study.
CONVENIENCE SAMPLING
The sampling units are chosen primarily on the basis of convenience to the
researcher is known as Convenience Sampling.
SAMPLE SIZE
One can say that the sample must be an optimum size that it is should be
excessively large nor too small. Technically, the sample size should be large enough to
give a confidence interval of desired width and as such the size of the sample must be
chosen by logical process before sample is taken from the universe. In order to extract
much feasible results through the study. A sample size of 150 has been taken for the
study.
5.4. QUESTIONNAIRE DESIGN
Questionnaire
The term Questionnaire refers to a self-administered process whereby the
respondent himself/herself reads the questions and records the answers with out
assistance of an interviewer. Questionnaire is an essentially question asking and data
gathering tool. A Questionnaire Is more structured and standardized than any other tool
used in the similar technique by an investigator. The investigator has used four type of
questions in this study. They are pointed and briefly described below:
Close-end questions
Such questions are also called fixed alternative questions. They refer to those
questions in which the respondent is given a limited number of alternative responses
from which the respond should select the one that most closely maches to their opinion.
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Dichotomous questions
A dichotomous question refers to one which offers the respond a choice between
only two alternatives.
Multiple-choice questioner
A multiple-choice questioner refers to one which provides several set alternatives
for its answer. It is a middle ground between free answer and dichotomous questions.
The choice provided to the customer will be more than two in numbers.
Rating sale
A rating scale is a technique of attitude measurement. A rating scale may ask the
respondent to rate a particular object along specific dimensions. In the marketing place ithas a heavy emphasis on the measurement of the primary attitudes. The Primary attitude
of different groups can be measured. Here the primary attitude of different groups can
be measured.
5.5. TOOLS USED FOR ANALYSIS
There must be an attempt to organize and summarize data in order to increase
results usefulness in such a manner that enables to relate critical points with study
objectives.
This organizing and summarizing data requires the use of summary statistical
measures such as percentage, average and dispersions. Since the research study has the
collected marketing data through the use of sample the reliability of these summary
estimates is required to be determined. The following are the tools that has been used to
analysis the data.
5.5.1 K - S Test
The Kolmogrov Smirnov Test (KS - Test) tries to determine if two data sets
significantly. The KS - test has the advantage of making no assumption about the
distribution of, data. (Technically speaking it is nonparametric and distribution free).
It is a goodness of fit used to examine the distribution function of the random
variable (X).
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Test statistics T = Sup I F (x) - S (x) ~
= Supremum of the absolute value of the difference
between F (x) and S (X)
Hois rejected if T exceeds the 1 - a quantile (W1 - a) of the Kolmogrov Smirnov's
Statistic.
5.5.2 SPEARMAN'S RANK CORRELATION
The rank correlation co - efficient is a measure of correlation that exists between
two sets or ranks. Spearman's Rank Correlation Co - efficient is calculated as follows:
r=1-6Sdi2
n (n2 1)
where n is number of packed observation d is the difference between one paired
observation.
The value of Spearman's Rank Correlation will always lie between -1 and +1. If
the coefficient is Ho the ranks given by two sets of judges show perfect positive
correlation. If it is -1, the ranks given by two sets of judges have a perfect negative
correlation between them.
5.5.3 CHI - SQUARE TEST
Chi - Square is an importance non - parametric test and as such no test are
necessary in respect of the type of population. We require only the degree of freedom
(implicity of course the size of the sample) for using this test. As a non - parametric test,
Chi - square can be used (i) as a test of goodness of fit and (ii) as a test of independence.
Since the researcher used test of independence only the details about test of
independence is given below.
TEST OF INDEPENDENCE
test enables us to explain whether or not two attributes are associated
attributes are associated. In order that we may apply the chi-square test either as test to
judge the significance of association between attributes, it is necessary that the observed
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aswellas theoretical or expected frequencies must be grouped in the same way and
theoretical distribution must be adjusted to give the same total frequency as we find in
case of observed distribution.
Karl Pearson developed a test for testing the significance of discrepancy between
experimental values and the theoretical values obtained under some theory or hypothesis.
This test is known as 2test of goodness of fit. Karl Pearson proved that the statistic
2=(O-E)2/E
O - Observed Frequency
E - Expected Frequency
2 is used to test whether difference between observed & expected frequencies are
frequent.
To find 2 table value degree of freedom should be calculated. Degree of
freedom is calculated using the formula (r - 1) (c - 1). The table value for this degree of
freedom is seen using 5% or 1% of significant level. If 2table value is greater than 2
calculated value, Null Hypothesis is accepted or Null Hypothesis is rejected.
CHAPTER-6
COMPANY PROFILE
Way 2 wealth previously known as Sivan securities, is a
premiere investment consultancy firm Sivan securities
started in 1984, has a long illustrious track record of being
amongst the premier financial intermediaries in the country
as well as an incubator for IT-start up firms.
The venture capital division came to be known as Global Technology ventures and the
financial intermediary division was spun of as way 2 wealth in the year 2000.
Way 2 wealth was promoted by Sivan securities and global technology ventures ltd.
Prudential ICICI AMC provides further strength to way2wealth as strategic equity
partner.
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Over the years, Sivan has developed a strong reputation for navigating its investors
through all the ups and downs in the market. Way 2 wealth has inherited these same in
addition to a base of 75000 customers over 300 corporate/institutional clients.
Other companies in the group include amalgamated bean coffee trading company ltd and
caf coffee day, a chain of youth hangout coffee parlors
Way 2 wealth is a premier investment consultancy firm that has been launched to with
the aim of making investing simpler, more understandable and profitable to the
investors. Way 2 wealth brings a wide range of product offerings from fixed income
securities, life insurance and mutual funds to equity and derivatives for the convenience
and benefits of its customers. Way 2 wealth has over 40 easily accessible investment
outlets spread across 20 major towns and cities in the country.
Way2wealth brokers Pvt ltd is an associate group company of way 2 wealth securities Pvt
ltd. It is a trading and clearing member of NATIONAL STOCK EXCHANGE OF
INDIA LTD for cash and debt segment and a trading member for derivatives segment
and also a trading and clearing member of BGSE financial ltd. Bangalore is a clearing
member of stock Holding Corporation of India ltd for derivatives clearing operations. It
has 49 equity terminals and 36 derivatives terminals across 49 branches in India.
Way2wealth brokers have commenced its equity trading and clearing operations in April
2001. It has since completed more than 550 settlements without delays or disruptions. It
has started derivatives trading in June 2001
Its banker is HDFC Bank ltd for all equity, derivatives and debit market segments.
Depository participant is with ING Vysya for NSDL pool account and stock Holding
Corporation for CSDL pool account
MISSION:
Way2Wealth is a premier Investment Consultancy Firm, launched with the mission to
be the pre-eminent destination for personalized financial solutions helping individuals
creates wealth.
PHILOSOPHY:
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We believe that our knowledge combined with our investors trust and involvement will
lead to the growth of wealth and make it an exciting experience.
PRODUCT PROFILE:
Mutual Funds.
Insurance.
Equity and Derivatives.
Bonds.
Fixed Income Investments and
Portfolio management Services.
NETWORK
Headquartered in Bangalore, Way2Wealth has six regional offices located in West, North,
Andhra Pradesh, Tamil Nadu, Kerala and Karnataka. Additionally the company has a
network of 50 Investment outlets with the state of the art infrastructure to cater to the
needs of retail investors. These outlets are spread across more than 20 major towns and
cities in the country.
HERITAGE:
Sivan Securities started in 1984, has a long and illustrious track record of beingamongst the premier Financial Intermediaries in the country as well as being an
incubator for IT start-up firms.
Mr.V.G.Siddhartha, the Chairman of the company is the visionary behind
Way2Wealth Securities Pvt Ltd.
The Venture Capital division came to be known as Global Technology Ventures
and the Financial Intermediary Division was spun off as Way2Wealth in the year
2000.
Way2Wealth is promoted by Sivan Securities and Global Technology Ventures
Ltd. Prudential ICICI AMC provides further strength to Way2Wealth as strategic
equity partner.
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Sivan has developed a strong reputation for navigating its investors through all
the ups and downs in the market. Way2Wealth has inherited these same values in
addition to a base of 75,000 individual customers, over 300
corporate/institutional clients.
Other companies in the group include: -
Amalgamated Bean Coffee Trading Company Ltd (one of the largest Coffee
Exporters in India with over 250 outlets.) and
Caf Coffee Day, a chain of youth hangout coffee parlors.
Way2Wealth has a very credible management team, who has well over 100 man-
years of experience amongst themselves.
Activities of the company
All customers receive individual attention. They provide
investment solutions based investors needs.
Holistic Investment planning: -Mutual funds, Life
Insurance, Fixed Income generating, debt instruments
Equity and Derivatives.
They do not have any products of their own and customers benefit from unbiased and
research-backed advice.
They take care of all customers paper work and provide service at their doorstep.
Customers with a minimum investment amount as low as Rs. 2500 per month can avail
of their services.
Life cycle investment planning- buying a home, education, childrens marriage, vocations,
retirement planning etc.
This unique Way2Wealth concept can be easily experienced through the innovative and
customer friendly network of Investment outlets that spans 20 major towns and cities in
the country.
BACKGROUND:
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Way2Wealth is in the financial services industry, where holistic knowledge is at a
premium, change is constant and inevitable, and the speed of response determines
creation of wealth. Individuals who are dynamic and result oriented find their own niche
in this environment. The growing crop of professionals in this industry mandates the
new entrants to have a pleasing personality, excellent communication skills and a
willingness to do good to the customers. Most importantly the individuals should possess
a natural flair for understanding and selling financial products.
Amidst this backdrop Way2Wealth is at the forefront redefining, pioneering and setting
benchmark for the way financial intermediaries should function in the future. Their aim
is to bring investment services to the doorstep of the consumer and be an integral part of
their life cycle.
PRODUCT PROFILE
6.2.1 Insurance Solutions for Individuals
ICICI Prudential Life Insurance offers a range of innovative, customer-centric
products that meet the needs of customers at every life stage. Its 17 products can be
enhanced with up to 6 riders, to create a customized solution for each policyholder.
6.2.2 Savings Solutions:
- Secure Plus is a transparent and feature-packed savings plan that offers 3 levels of
protection.
- Cash Plus is a transparent, feature-packed savings plan that offers 3 levels of
protection as well as liquidity options.
- Save n Protect is a traditional endowment savings plan that offers life protection
along with adequate returns.
- Cash Bank is an anticipated endowment policy ideal for meeting milestone
expenses like a child's marriage, expenses for a child's higher education or
purchase of an asset.
6.2.3 Protection Solutions
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Lifeguard is a protection plan, which offers life cover at very low cost It is
available in 3 options - level term assurance, level term assurance with return of premium
and single premium.
6.2.4 Child Solutions
Smart Kid child plans provide guaranteed educational benefits to a child along
with life insurance cover for the parent who purchases the policy. The policy is designed
to provide money at important milestones in the child's life Smart Kid child plan are also
available with in unit-linked form - both single premium and regular premium.
6.2.5 Market-linked Solutions
- Life Link is a single premium Market Linked Insurance Plan which combines life
insurance cover with the opportunity to stay invested in the stock market.
- Lifetime offers customers the flexibility and control to customize the policy to
meet the changing needs at different life stages It offers 3 investment options -
Growth Plan. Income Plan and Balanced Plan.
6.2.6 Retirement Solutions
- Forever Life is a retirement product targeted at individuals in their thirties.
- Secure Plus Pension is a flexible pension plan that allows one to select between 3
levels of cover.
6.2.7 Market-linked retirement products:
- Lifetime Pension is a regular premium market-linked pension plan.
- Life Link Pension is a single premium market-linked pension plan.
ICICI Prudential also launched "Salaam Zindagi", a social sector group insurance policy
targeted at the economically underprivileged sections of the society.
6.2.8 Group Insurance Solutions:
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ICICI Prudential also offers Group Insurance Solutions for companies seeking to
enhance benefits to their employees.
Group Gratuity Plan : ICICI Pru's group gratuity plan helps employers fund
their statutory gratuity obligation in a scientific manner. The plan can also be customized
to structure schemes that can provide benefits beyond the statutory obligations.
Group Superannuation Plan :ICICI Pru offers a flexible defined contribution
superannuation scheme to provide a retirement kitty for each member of the group.
Employees have the option of choosing from various annuity options or opting for a
partial commutation of the annuity at the time of retirement.
Group Term Plan : ICICI Pru's flexible group term solution helps provide
affordable cover to members of a group. The cover could be uniform or based on
designation/rank or a multiple of salary. The benefit under the policy is paid to the
beneficiary nominated by the member on his/her death.
6.2.9 Flexible Rider Options
ICICI Pru Life offers flexible riders, which can be added to the basic policy at a
marginal cost, depending on the specific needs of the customer.
1. Accident & disability benefit : If death occurs as the result of an accident
during the term of the policy, the beneficiary receives an additional amount equal to the
sum assured under the policy. If the death occurs while traveling in an authorized mass
transport vehicle, the beneficiary will be entitled to twice the sum assured as additional
benefit.
2. Accident benefit :This rider option pays the sum assured under the rider on
death due to accident.
3. Critical Illness Benefit :Protects the insured against financial loss in the event
of 9 specified critical illnesses. Benefits are payable to the insured for medical expenses
prior to death.
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4. Major Surgical Assistance Benefit :provides financial support in the event of
medical emergencies, ensuring that benefits are payable to the life assured for medical
expenses incurred for surgical procedures. Cover is offered against 43 different surgical
procedures.
5. Income Benefit : This rider pays the 10% of the sum assured to the nominee
every year, till maturity, in the event of the death of the life assured. It is available on
Smart Kid, Secure Plus and Cash Plus.
6. Waiver of Premium : In case of total and permanent disability due to an
accident, the premiums are waived till maturity. This rider is available with Secure Plus
and Cash Plus.
6.2.10 Protection Plan
We all hope to live a full life till a ripe old age... to ensure our children's
sustenance and healthy growth. But what if a sudden disability or illness strikes? Besides
the grief and the pain, such an event also completely disrupts life for all the people who
are financially dependent on us. Our life insurance policies offer a comprehensive range
of protection benefits:
Lifeguard - A low cost-high protection plan that offers protection over a
specified period.
Riders -Additional benefits that one can add on to the policy. The rider can
be opted for at the time of taking the basic policy. Additional premium is charged for
each rider.
An insurance policy can be tailor made to provide protection to you and your loved ones.
If something were to happen to you, it can help :
Safeguard Your Better Half: ensure life's continuity for your loved one.
Dear and Near Ones: ensure continuity of lifestyle for your dependents. Attain Greater Heights: ensure your children's education continues
undisrupted.
Unforeseen circumstances: bear the cost of fighting an illness,
disability, etc.
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6.2.11 Child plan
As a responsible parent, you will always ensure a hassle-free, successful life for
your child. However, life is full of uncertainties and even the best laid plans can go
wrong. Here's how you can give your child a 100% safe and assured tomorrow, whatever
the uncertainties. Smart Kid Child Plans are designed to provide flexibility and to
safeguard your child's future education and lifestyle, taking all possibilities into account.
CHAPTER-7
ANALYSIS & INTERPRETATION
TABLE 3.1
GENDER CLASSIFICATION
Gender No. of respondents %
Male 88 58.67
Female 62 41.33
Total 150 100
Inference
58.67% of the respondents surveyed are male.
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FIGURE 3.1
GENDER CLASSIFICATION
GENDER CLASSIFICATION
59%
41%
Male
Female
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TABLE 3. 2
AGE OF THE RESPONDENT
AGE No of respondents %
20-30 22 14.67
30-40 47 31.33
Above 40 81 54
Inference
Majority of the respondents (54%) are in the age group above 40, around 31 % of
the respondents are in the age group 30-40, and 15% are in the age group 20-30.
FIGURE 3. 2
AGE OF THE RESPONDENT
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0
10
20
30
40
50
60
20 - 30 30 - 40 Above 40
No Of Respondent
TABLE 3.3
INCOME OF THE RESPONDENT
Income (Rs.) No of respondents %
< 50000 8 5.33
150000-100000 38 25.33
100000-500000 97 64.67
> 500000 7 4.67
Total 150 100
Inference
Majority of the respondents (around 65%) are in the income group of Rs.100000-
500000, around 25% have an income level of Rs.50000-100000, and around 5% of the
respondents have an income below Rs.50000 and above Rs.500000 respectively.
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FIGURE 3.3
INCOME OF THE RESPONDENT
0
10
20
30
40
50
60
70
80
90
100
5,00,000
No Of Respondent
TABLE 3.4
RANKING IN ORDER OF PREFERENCE TO THE VARIOUS SAVINGS
SCHEMES
NO. OF RESPONDENTSFactors
1 2 3 4 5 6
FIXED DEPOSIT 80 28 10 13 9 10
POST OFFICE 9 22 82 10 18 9
MUTUAL FUNDS 21 73 11 19 15 11
INSURANCE 16 8 13 76 30 7
REAL ESTATE 10 15 5 8 72 40
SHARES 14 4 29 24 6 73
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Inference:
From the table it is seen that the ranking in order of the preference to the various
schemes are give below:
FACTORS RANK
FIXED DEPOSIT I
MUTUAL FUNDS II
POST OFFICE III
INSURANCE IV
REAL ESTATE V
SHARES VI
TABLE 3.5
INVESTMENT IN INSURANCE
RESPONSE No of respondents %
Yes 138 92
No 12 8
Total 150 100
Inference
92% of the respondents surveyed have invested in Insurance.
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FIGURE 3.4
INVESTMENT IN INSURANCE
YES
NO
TABLE 3.6
TYPE OF INSURANCE
TYPE No of respondents %
Term 33 23.91
ULIP 18 13.04
Endo 52 37.68
Pension 35 25.37
Total 138 100
Inference
Majority of the respondents (38%) have invested in Endo, around 24% in Term, 25% in
Pension and 13% in ULIP.
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FIGURE 3.5
TYPE OF INSURANCE
0
10
20
30
40
50
60
Term ULIP Endo Pension
no of respodent
TABLE 3.7
FACTORS INFLUENCING PURCHASE OF INSURANCE
Factors No of respondents %
Risk cover 62 44.93
Investment 38 27.54
Tax saving 31 22.46
Others 7 5.07
Total 138 100
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Inference
Majority of the respondents, around 45%, purchase insurance because of risk
cover, around 28% purchase insurance as investment, around 22% for tax saving and 5%
for other reasons.
FIGURE 3.6
FACTORS INFLUENCING PURCHASE OF INSURANCE
0
20
40
60
Risk cover Tax saving Others
%
Investment
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TABLE 3.8
EXPECTATIONS FROM AN INVESTMENT
OPTIONS No of respondents %
Returns 69 22.77
Liquidity 54 17.82
Tax benefits 67 22.11
Transparency 15 4.95
Risk cover 98 32.35
Total 303 100
Interpretation
Majority. of the respondents look for Risk cover, Return and Tax benefits from
an investments, followed by Liquidity and Transparency.
FIGURE 3.7
EXPECTATIONS FROM AN INVESTMENT
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0
5
10
15
20
25
30
35
Returns Liquidity Tax benefits Transparency Risk cover
%
TABLE 3.9
WHETHER THERE IS A SINGLE PRODUCT TO SATISFY ALL THE
EXPECTATIONS
Response No of respondents %
Yes 88 63.77
No 50 36.23
Total 138 100
Interpretation
Around 64% of the respondents think that there is a product that would satisfy
all the expectations.
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FIGURE 3.8
WHETHER THERE IS A SINGLE PRODUCT TO SATISFY ALL THE
EXPECTATIONS
Whether there is a single product to satisfy all the expectations
64%
36%
YesNo
TABLE 3.10
TABLE SHOWING WHETHER UNIT LINKED INSURANCE PRODUCT
SATISFY ALL THE EXPECTATIONS
Response No of respondents %
Yes 59 67.05
No 29 32.95
Total 88 100
Interpretation
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Majority of the respondents (67%) think that Unit Linked Insurance Product
satisfies all that is expected from an investment.
FIGURE 3.9
TABLE SHOWING WHETHER UNIT LINKED INSURANCE PRODUCT
SATISFY ALL THE EXPECTATIONS
Yes
67%
No
33%
Yes
No
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TABLE 3.11
AWARENESS OF ULIP
MEDIA No of respondents %
Television 21 15.22
Radio 15 10.87
,Newspaper 48 34.78
Magazines 28 20.29
Hoardings 17 12.32
Others 9 6.52
Total 138 100
Interpretation
Majority of the respondents, around 35%, are aware of ULIP through
Newspaper, around 20% through magazines, around 15% through television, around
12% through hoardings, around 11% through Radio and around 7% through other
medium.
FIGURE 3.10
AWARENESS OF ULIP
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0
10
20
30
40
Television Radio ,Newspaper Magazines Hoardings Others
%
TABLE 3.12
LEVEL OF SATISFACTION WITH REFERENCE TO ULIP
RESPONSE No of respondents %
Highly satisfied 37 27
Satisfied 57 41
Neutral 23 17
Dissatisfied 14 10
Highly dissatisfied 7 5
Total 138 100
Inference
Majority of the respondents (41%) are satisfied with ULIP, 27% are highly
satisfied. Around 10% of the respondents are dissatisfied and 5% are highly dissatisfied.
Around 17% of the respondents are neither satisfied nor dissatisfied.
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FIGURE 3.11
LEVEL OF SATISFACTION WITH REFERENCE TO ULIP
%
27%
41%
17%
10% 5%Highly satisfied
Satisfied
Neutral
Dissatisfied
Highly dissatisfied
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TABLE 3.13
COMPANIES OFFERING ULIP
COMPANIES No of respondents %
LIC 85 45.21
ICICI Prudential 38 20.21
Birla Sunlife 16 8.51
AMP Sanmar 14 7.45
HDFC Standard 31 16.49Others 4 2.12
Total 188 100
Inference
Around 45% of the respondents are aware that LIC offers this product, followed
by ICICI prudential (20.21%), HDFC Standard (16.49%), Birla Sunlife (8.51%), AMP
Sanmar (7.45%) and others (2.12%).
FIGURE 3.12
COMPANIES OFFERING ULIP
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0 10 20 30 40 50
LIC
ICICI Prudential
Birla Sunlife
AMP Sanmar
HDFC Standard
Others
Percentage
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TABLE 3.14
WHETHER INVESTED IN ULIP
RESPONSE No of respondents %
Yes 59 42.75
No 79 57.25
Total 138 100
Inference
Around 43% of the respondents who have invested in insurance have invested in
ULIP.
FIGURE 3.13
WHETHER INVESTED IN ULIP
Yes
43%
No
57%
Yes
No
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TABLE 3.15
LEVEL OF SATISFACTION WITH RESPECT TO SERVICE PROVIDED
Response No of respondents %
Excellent 8 13.56
Good 31 52.54
~Moderate 18 30.51
Poor 2 3.39
Very poor 1 1.69
Total 59 100
INFERENCE
Majority of the respondents (52.24%) rate the service provided as good, some
have rated the service provided as Moderate (30.51%), while 13.56% have rated it as
excellent. Only 3.39% and 1.69% have rated the service provided as poor & very poor
respectively.
FIGURE 3.14
LEVEL OF SATISFACTION WITH RESPECT TO SERVICE PROVIDED
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0
10
20
30
40
50
60
Excellent Good ~Moderate Poor Very poor
%
STATISTICAL ANALYSIS
i. KOLMOGROV SMIRNOV TEST
TO FIND OUT THE DISTRIBUTION OF RESPONDENT'S RATING
PATTERN ABOUT CUSTOMER RELATIONSHIP
Ho: Response Pattern obtained is uniformly distributed
Hj: Response Pattern is not uniformly distributed
Test of Uniform Distribution
OPINION F(x)CumulativePercentage
NullHypothesis
s(x)
CumulativePercentage
DifferenceF(x) - S(x)
EXCELLENT 0.13 0.13 1/5 0.20 -0.07
GOOD 0.52 0.65 2/5 0.40 0.25
MODERATE 0.31 0.96 3/5 0.60 0.36
POOR 0.03 0.99 4 / 5 0.80 0.19
VERY POOR 0.01 1 5/5 1 -
Calculated Value is:
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T (F (x) - S (x)) = 0.36
Tabulated Value is:
T (tab)= 1.22 / ~n for 5 % significance level.
When n = 5,
T (tab)= 0.5456
Calculated value is less than tabulated value. Ho is accepted.
INFERENCE:
Response pattern obtained is uniformly distributed.
SPEARMAN'S RANK CORRELATION
NULL HYPOTHESIS Ho : There is no correlation between the ranking of fixed
deposit and Mutual Fund among respondents i.e., r = 0
H1 : There is correlation between the ranking of Fixed deposit and Mutual Fund among
respondent's i.e., r > 0
S.NO RANK (X) RANK (Y)RANK
DIFFERENCE
DIFFERENCESQUARE di2
1 1 2 -1 1
2 1 2 -1 1
3 1 2 -1 1
4 1 2 -1 1
5 1 2 -1 1
6 1 2 -1 1
7 4 1 3 9
8 1 2 -1 1
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9 1 4 -3 9
10 4 1 3 9
11 1 2 -1 1
12 1 2 -1 1
13 1 4 -3 9
14 1 2 -1 1
15 1 2 -1 1
16 1 2 -1 1
17 2 1 1 1
18 1 2 -1 1
19 1 2 -1 1
20 1 2 -1 1
21 1 2 -1 1
22 1 2 -1 1
23 1 2 -1 1
24 1 3 -2 4
25 2 1 1 1
S d i2 = 60
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X = FIXED DEPOSIT Y = MUTUAL FUND
Spearman's r = 1 - 6 S d i2
n (n2- 1)
= 1-6x60
25(25 2- 1)
= 1 - 0.023
= 0.977
srtabulated s, (t), n = 25 at 5% level of significance
srcalculated s, (c) = 1 = 1 = 0.20
vn-1 v25-1
Upper limit (Ul) = , + sr(t) x sr(c)
=0+0.3977x0.20 =0.08
INFERENCE:
Since the `r' value = 0.977 it lies in the rejection region therefore we reject the
null hypothesis at 5% level of significance and we accept the alternate hypothesis. Hence,
we conclude that there is positive correlation between the ranking of Fixed deposit and
Mutual fund among the respondents.
ii. CHI - SQUARE TEST
To determine whether there is significant difference between age wise & whether
invested in insurance
H : There is no significant difference between age wise & whether invested in insurance
H1
: There is significant difference between age wise & whether invested in insurance
AGE WISE NO OF RESPONDENTS
CHOICE TOTAL
YES NO
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21 30 16 6 22
31 40 43 4 47
> 40 79 2 81
TOTAL 138 12 150
Expected Frequencies are:
(138 * 22) / 150 = 20.24 ( 12 * 22 / 150 = 1.76
(138 * 47) / 150 = 43.24 (12 * 47) / 150 = 3.76
(138-* 81) / 150 = 74.52 (12 * 81) / 150 = 6.48
Calculation of 2:
ObservedFrequency
Expected Frequency(E)
(O _ E)2 (O - E)2/ E
16 20.24 17.98 0.89
6 1.76 17.98 1.21
43 43.24 0.06 0.001
4 3.76 0.06 0.02
71 74.52 12.39 0.17
2 6.48 20.07 I 3.09
5.38
Calculated 2= (0- E)2 / E
O - Observed Frequency
E - Expected Frequency
= 5.38
Calculated 2= 5.38
Degree of Freedom = (3 - 1)(2 - 1)
= 2 d.f at 5 % level of significance
Therefore, Tabulated2= 5.991
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Since Calculated 2< Tabulated 2
Therefore, we accept the hypothesis.
i.e.. There is no significant difference between age wise & whether invested in insurance
CHAPTER-8
FINDINGS OF THE STUDY
58.67% of the respondents surveyed are male (Table-1).
Majority of the respondents (54%) are in the age group above 40, around 31% of
the respondents are in the age group 30-40, and 15% are in the age group 20-30
(Table-2).
Majority of the respondents (around 65%) are in the income group of Rs.100000-
500000, around 25% have an income level of Rs.50000-100000, and around 5%
of the respondents have an income below Rs.50000 and above Rs.500000
respectively (Table-3).
It is seen that the ranking in order of the preference to the various schemes are
give below: (Table-4)
FACTORS RANK
FIXED DEPOSIT I
MUTUAL FUNDS II
POST OFFICE III
INSURANCE IV
REAL ESTATE V
SHARES VI
92% of the respondents surveyed have invested in Insurance. (Table-5).
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Majority of the respondents (38%) have invested in Endo, around 24% in Term,
25% in Pension and 13% in ULIP(Table-6).
Majority of the respondents, around 45%, purchase insurance because of risk
cover, around 28% purchase insurance as investment, around 22% for tax saving
and 5% for other reasons. (Tab le-7).
Majority of the respondents look for Risk cover, Return and Tax benefits from
an investments, followed by Liquidity and Transparency(Table-8). Around 64%
of the respondents think that there is a product that would satisfy all the
expectations (Table-9).
Majority of the respondents (67%) think that Unit Linked Insurance Product
satisfies all that is expected from an investment (Table-10).
Majority of the respondents, around 35%, are aware of ULIP through
Newspaper, around 20% through magazines, around 15% through television,
around 12% through hoardings, around 11 % through Radio and around 7%
through other medium .(Table-11).
Majority of the respondents (41%) are satisfied with ULIP, 27% are highly
satisfied. Around 10% of the respondents are dissatisfied and 5% are highly
dissatisfied. Around 17% of the respondents are neither satisfied nor dissatisfied
(Table-12).
Around 45% of the respondents are aware that LIC offers this product, followed
by ICICI prudential (20.21%), HDFC Standard (16.49%), Birla Sunlife (8.51 %),
AMP Sanmar(7.45%) and others (2.12%)(Table-13).
Around 43% of the respondents who have invested in insurance have invested inULIP (Table-14).
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CHAPTER- 9
SUGGESTIONS
A portion can be given as a guaranteed return to the customer so that a trust can
be developed in customers mind.
Constant update on NAV can be given to the customers and also help them in
switching between funds.
Special training can be given to the employees in handling the HIGH
NETWORK INDIVIDUALS (HNI'S).
The lock in period can also be reduced, which will help the customer in heaving a
higher flexibility and higher liquidity.
CHAPTER- 10
APPENDIX
QUESTIONNAIRE
1) Name :
2) Gender : 6 M 6F
3) Age :
6>20 620-30 630-40 6Above 40
4) Income per Annum : 6>50,000 650,000-1,00,000
61,00,000 - 5,00,000 6
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6Insurance 6Real Estate 6Shares
6) Do you think Insurance as an Investment or just an risk cover
7) Have you invested in insurance
6Yes 6No
If yes what type of Insurance ?
6Term 6Endo
6ULIP 6Pension
8) What factors influence you to buy Insurance ?
6Risk cover 6Investment
6Tax Saving 6Others
9) What are the things that you expect from an Investment ?
6Returns 6Liquidity 6Tax benefits
6Transparency 6Risk cover
10) Do you think there could be a single product that satisfies all the above
factors ?
6Yes 6No
If yes, is it a Unit Linked Insurance product ? 6Yes 6No
If No. what else ?
11) Through which media you are aware of Unit Linked Insurance Products.
6Television 6Radio 6 News paper
6Magazines 6Hoardings 6Any other please specify
12) Kindly encircle your level of satisfaction with reference to the Unit Linked
Insurance Product
Highly Satisfied Highly Dissatisfied
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5 4 3 2 1
13) Which are the companies you think offer this product ?
6LIC
6ICICI
6Prudential
6Birla Sunlife
6AMP Senmar
6HDFC Standard
6Others .14) Have you invested in this Unit Linked Insurance Product ?
6Yes 6No
If ves, which are the companies you have invested in
15) Your level of satisfaction with the service provided by that company ?
Excellent Very poor
5 4 3 2 1
16) What you think that can be done to create more awareness about these
products ?
.
.
.
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CHAPTER-11
BIBLIOGRAPHY
1. Barry Berman, Joel R.Evans ` Retail Management-A Strategic ApproachFourth
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1998.
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8.
Paul E Green Donald S Dull, Research for Marketing Decisions, New Delhi.
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