bharti axa deepak

8/2/2019 bharti axa deepak

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PROJECT REPORT

ON

BHARTI AXA LIFE INSURANCE

THE AWARENESS OF LIFE INSURANCEAMONGST CONSUMERS

Submitted in partial fulfillment of the requirements

for the award of the degree of

BACHELOR OF BUSINESS ADMINISTRATION

SUBMITTED BY:

VIPIN KUMAR

ROLL NO.: 0852151708

CHANDERPRABHU JAIN COLLEGE OF HIGHER

STUDIES


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ACKNOWLEDGEMENTS

My project at BHARTI AXA LIFE INSURANCE was extremely enriching. I was

given an opportunity to work with senior executive & it was benefited

tremendously with the interaction i had with them during my project.

During my project I got insights into the insurance sector & an opportunity to

understand the mechanics of how the work is done in an insurance company. I

would like to thanks to Ms. Sonia Chawla for their guidance & support. They have

been a constant guiding force & source of illumination for me. It entirely goes tothem credit that this project has attained its final shape. I would like to thank them

for their valuable advice & guidance.

I am very fortunate to be taught by them. I learnt a lot about insurance sector as

their style of teaching was very lucid and detailed. They made learning about

insurance very easy and interesting. They taught me the importance of insurance

& consumers thinking about insurance. I am sure that I will remember theselessons for life long. By doing a marathon project like this, I learnt the practical

aspects of insurance and implemented the learnings of class in the project.

Ms. Sonia Chawla

(LECTURER)


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DECLARATION

I, Vipin Kumar, student of Chanderprabhu Jain College of Higher Studies

affiliated to IP University, hereby declare that all the information, facts and figures

in this report are based on my own findings and experience during my summer

training in BHARTI AXA LIFE INSURANCE.

I hereby also declare that the work done by me is not being copied, it is my

original work and does not lead to a award or any other degree, diploma,

fellowship or other similar title or prizes.


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PREFACE

During the course of BBA, project puts theoretical knowledge into practical form.

It aims at lucid exposition of various concept and techniques to give a shape and

direction to theoretical knowledge. This is made possible through on the job

training at any company under the guidance of a competent person.

The objective of the training module is to help the students to understand the

business environment well and equip us with the work culture of companies in

the present era.

During my training with BHARTI AXA LIFE INSURANCE, I was able to enhance

my knowledge to a large extent in the field of insurance.


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EXECUTIVE SUMMARY

THE OBJECTIVE OF THE PROJECT:-

The main objective of my project is to find out that how much awareness people

have about life insurance.

THE RESEARCH USED IN PROJECT:-

I used quantitative research. I made one questionnaire for research. There were

20 questions to ask.

THE COMPANY:-

I did my summer training in BHARTI AXA LIFE INSURANCE COMPANY. It is a

joint venture between Bharti, one of Indias leading business groups with

interests in telecom, agri business and retail, and AXA, world leader in financial

protection and wealth management. The joint venture company has a 74% stake

from Bharti and 26% stake of AXA.

The project assigned to me is to study the awareness of life insurance in people.

This analysis is done thoroughly to understand the thinking of people. This

project contain knowledge about life insurance industry, organizational structure,

product & services, competitors, introduction about project, Statement of

Problem, Objectives , Methodology, Analysis, Results & Findings, Conclusion &

Recommendations, Appendix & References.


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TABLE OF CONTENTS

Industry Study 7 - 11 Organization Structure 12 - 15

Products & Services 16 - 22

Competitors 22 - 24

Introduction of project 25

Statement of Problem 26

Objectives 26

Hypothesis 27

Methodology 28

Analysis 2945

Statistical tool 4647

Calculation 48

ANOVAs 49

Conclusion 50

Recommendations 51 - 52

Appendix (Questionnaire) 53 - 56

References 57


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INDUSTRY STUDY

NATURE OF THE INSURANCE INDUSTRY:-

Goods and services: The insurance industry

provides protection against financial losses resulting from a variety of perils. By

purchasing insurance policies, individuals and businesses can receive

reimbursement for losses due to car accidents, theft of property, and fire and

storm damage; medical expenses; and loss of income due to disability or death.

Industry organization: The insurance industry

consists mainly of insurance carriers (or insurers) and insurance agencies and

brokerages. In general, insurance carriers are large companies that provide

insurance and assume the risks covered by the policy. Insurance agencies and

brokerages sell insurance policies for the carriers. While some of these

establishments are directly affiliated with a particular insurer and sell only that

carriers policies, many are independent and are thus free to market the policies

of a variety of insurance carriers. In addition to supporting these two primary

components, the insurance industry includes establishments that provide other

insurance-related services, such as claims adjustment or third-party

administration of insurance and pension funds. These other insurance industry

establishments also include a number of independent organizations that provide

a wide array of insurance-related services to carriers and their clients. One such


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service is the processing of claims forms for medical practitioners. Other services

include loss prevention and risk management. Also, insurance companies

sometimes hire independent claims adjusters to investigate accidents and claims

for property damage and to assign a dollar estimate to the claim.

WORKING CONDITIONS:-

Hours: Many workers in the insurance

industryespecially those in administrative support positionswork a 5-day, 40-

hour week. Those in executive and managerial occupations often put in more

than 40 hours. There are several occupations in the insurance industry where

workers may work irregular hours outside of office settings. Those working in

sales jobs need to be available for their clients at all times. This accommodation

may result in these individuals working 50 to 60 hours per week. Also, call

centers operate 24 hours a day, 7 days a week, so some of their employees

must work evening and weekend shifts. The irregular business hours in the

insurance industry provide some workers with the opportunity for part-time work.

Part-time employees make up 8 percent of the workforce.

Work environment: Insurance employees

working in sales jobs often visit prospective and existing customers homes and

places of business to market new products and provide services. Others working

in the industry may need to frequently leave the office to inspect damaged


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property, and at times can be away from home for days, traveling to the scene of

a disastersuch as a tornado, flood, or hurricaneto work with affected

policyholders and government officials.

EMPLOYMENT:-

The insurance industry had about 2.3 million wage and

salary jobs in 2007. Insurance carriers accounted for 62 percent of jobs, while

insurance agencies, brokerages, and providers of other insurance-related

services accounted for 38 percent of jobs.

RECENT DEVELOPMENTS:-

Congressional legislation now allows insurance carriers and

other financial institutions, such as banks and securities firms, to sell one

anothers products. More insurance carriers now sell financial products such as

securities, mutual funds, and various retirement plans. This approach is most

common in life insurance companies that already sold annuities, but property and

casualty companies also are increasingly selling a wider range of financial

products. In order to expand into one anothers markets, insurance carriers,

banks, and securities firms have engaged in numerous mergers, allowing the

merging companies access to each other's client base and geographical

markets.

Insurance carriers have discovered that the Internet can be a powerful tool


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for reaching potential and existing customers. Most carriers use the Internet

simply to post company information, such as sales brochures and product

information, financial statements, and a list of local agents. However, an

increasing number of carriers are starting to expand their Web sites to enable

customers to access online account and billing information, and some carriers

even allow claims to be submitted online. Many carriers also provide insurance

quotes online based on the information submitted by customers on their Internet

sites. In fact, some carriers will allow customers to purchase policies through the

Internet without ever speaking to a live agent.

LIFE INSURANCE:-

Life insurance is protection against financial loss resulting

from death. It is an insurance company's promise to pay your beneficiary a

specific amount of money when you die in exchange for timely payment of

premiums.

LIST OF SOME LIFE INSURERS:-

1. Tata AIG Life

2. ICICI Prudential Life Insurance

3. HDFC Standard Life Insurance

4. Birla Sun life

5. SBI Life Insurance


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6. Bharti AXA Life Insurance

7. Max Newyork Life Insurance

8. Reliance Life Insurance company Ltd.

9. MetLife India Life Insurance

WHY LIFE INSURANCE:-

There are many good reasons for buying life insurance, some of which include:

Providing for the financial security of your family in the event of personal loss orinjury.

Providing funds to pay for the deceased person's funeral.

Insuring against a particular need - for examplehome mortgageor college loan

Providing funds to payincome taxesor other final obligations due on an estate.

Compensation to a company in the event of a loss of a key employee or to

provide funds to purchase the remaining share of a business from a partner.
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ORGANIZATION STRUCTURE

COMPANY HISTROY:-

Bharti Airtel

Telecom giant Bharti Airtel is the flagship company of Bharti Enterprises. The

Bharti Group has a diverse business portfolio and has created global brands in

the telecommunication sector. Bharti has recently forayed into retail business as

Bharti Retail Pvt. Ltd. under a MoU with Wal-Mart for the cash & carry business.

It has successfully launched an international venture with EL Rothschild Group to

export fresh agri products exclusively to markets in Europe and USA and has

launched Bharti AXA Life Insurance Company Ltd under a joint venture with

AXA, world leader in financial protection and wealth management.

Airtel comes to you from Bharti Airtel Limited,

Indias largest integrated and the first private telecom services provider with a

footprint in all the 23 telecom circles. Bharti Airtel since its inception has been at

the forefront of technology and has steered the course of the telecom sector in

the country with its world class products and services. The businesses at Bharti

Airtel have been structured into three individual strategic business units (SBUs) -

Mobile Services, Airtel Telemedia Services & Enterprise Services. The mobile

business provides mobile & fixed wireless services using GSM technology across

23 telecom circles while the Airtel Telemedia Services business offers broadband


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& telephone services in 94 cities. The Enterprise services provide end-to-end

telecom solutions to corporate customers and national & international long

distance services to carriers. All these services are provided under the Airtel

brand.

AXA Group

AXA Group is a worldwide leader in financial protection and wealth management.

AXA's operations are diverse geographically, with major operations in Western

Europe, North America, and the Asia/Pacific area. AXA had Euro 1315 billion in

assets under management as of DEC. 30, 2008 and reported revenues of

approximately Euro 79 billion for 2007. IFRS underlying earnings amounted to

Euro 4,010 million and IFRS adjusted earnings to Euro 5,140 million.

The AXA ordinary share is listed and trades on the Paris Stock Exchange. The

AXA American Depository Share is also listed on the NYSE.


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Bharti AXA Life Insurance

Bharti AXA Life Insurance is a joint venture between Bharti, one of Indias leading

business groups with interests in telecom, agri business and retail, and AXA,

world leader in financial protection and wealth management. The joint venture

company has a 74% stake from Bharti and 26% stake of AXA.

The company launched national operations in December 2007. Today, we have

over 5200 employees across over 12 states in the country. Our business

philosophy is built around the promise of making people "Life Confident. The

CEO of Bharti AXA Life Insurance is Mr. Nitin Chopra.

Vision: -

To be a leader and the preferred company for financial protection and

wealth management in India

Values:-

Professionalism

Innovation


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Team Spirit

Pragmatism

Integrity

Strategy:-

To achieve a top 5 market position in India through a multi-distribution,

multi-product platform

To adapt AXA's best practice blueprints as a sound platform for profitable

growth

To leverage Bharti's local knowledge, infrastructure and customer base

To deliver high levels of shareholder return

To build long term value with our business partners by enhancing the

proposition to their customers

To be the employer of choice to attract and retain the best talent in India

To be recognised as being close and qualified by our customers


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PRODUCTS & SERVICES

Individual Plans:-

Bharti AXA Dream Life Pension:-

A Unit Linked Pension Product

Dream Life Pension, Bharti AXA Life Insurances unique pension product

ensures that your retirement life is your Dream Life.

Live your Dreams! Be Life Confident.

Key Benefits:

Unmatched flexibility for retirement wealth creation

o Pay one time lump sum or regular premiums

o At the inception systematically increase your premiums by 5 % or

8% each year with the Accumulator Option

o Increase/decrease premiums any time after the 2nd policy year

o Add top up premiums any number of times after the 1st policy year

Dream Life Pension enhances your retirement kitty by providing special

addition, starting from the end of 10th policy year

Change your planned retirement age any time during the policy term

Obtain tax benefits as per the prevailing tax laws on the premiums paid

and the benefits received under the policy.


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Bharti AXA Life Aspire Life:-

Unit Linked Endowment Product.

Aspire Life helps you create a pool of wealth to meet your long-term needs, while

also providing you adequate protection in case the need arises.

Key Benefits:

Allocation rates as high as 100% i.e. no allocation charges for premiums

greater than or equal to Rs.50, 000 on your investment in the unit-linked

fund from year 2 - to maximize your investment returns.

Up to 175% of the first year premium paid by you is returned as

Guaranteed Special Addition, at maturity of the policy or on unfortunate

event of death of the Life Insured.

3 investment fund options as per your investment preferences.

Flexibility of partial withdrawals after fifth Policy Year, premium holiday

option after seven policy years and facility to switch amongst the

investment funds as per your investment objectives.

Protection benefit which provides high Sum Assured for longer policy

terms.

Tax benefits under section 80C and 10(10D) of Income Tax Act.


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Bharti AXA Life Invest Confident:-

Unit Linked Single Premium Product.

You have always strived hard to achieve the best for you and your loved ones, so

when it comes to making an investment decision, we know that you would expect

the best from it too.

Key Benefits:

Convenient single premium product with policy benefit period till the age of

70.

Unique special additions starting from the end of 5th policy year and

thereafter at the end of every 5 years till the maturity date.

3 investment fund options as per your investment preferences.

Basic Sum Assured of five times the single premium.

Unique option of investing additional amount at your convenience through

Top Up Premiums.

Flexibility of partial withdrawals after the third Policy Year

Additional benefit of Rs.5, 00,000 in the event of death due to an accident.

Tax benefits under section 80C and 10(10D) of Income Tax Act.


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Bharti AXA Life Future Confident:-

A unit-linked policy which offers comprehensive protection along with wealth

creation in the long term.

Key Benefits:

Life insurance benefit of up to 420 times the monthly premium.

Comprehensive overall protection through "Protection Enhancers" in the

form of riders.

Wealth creation for your long term financial needs.

Special additions at regular intervals, starting from 7th year, to enhanceyour wealth.

Four different investment funds to meet your financial objectives.

Tax benefit under 80C and 10(10D).

Bharti AXA Life Future Confident II:-

A unit-linked product which offers enhanced protection along with wealth creation

in the long term.

Key Benefits:

Build Wealth for your long term financial needs with enhanced financial

protection.

Sum assured up to 420 times the monthly premium. Life insurance benefit as Sum assured PLUS Policy fund value.

Four different investment funds to meet your financial objectives.

Comprehensive overall protection through "Protection Enhancers" in the

form of riders.


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Special additions at regular intervals, starting from the end of 7th year, to

enhance your wealth.

Tax benefit under sections 80C and 10(10D) of Income Tax Act.

Bharti AXA Life Save Confident:-

Traditional money back insurance product for long term savings.

Your changing life stages decide your financial milestone planning. When you

foresee intermittent financial requirements in the years to come, like regular

expenses related to your childs education, liquidity becomes a key aspect ofyour planning along with long term savings, and protection for your family.

Key Benefits:

Traditional money back product with payment term of 10 years.

Get guaranteed amount back on specified intervals, starting from 6th policy

year till maturity.

Amount equal to 110% of Sum Assured paid across 10 years.

Secured growth on savings with Annual Reversionary Bonus, if declared,

every year.

Savings enhanced by Terminal Bonus, if any, payable at maturity.

Total protection for your family with guaranteed sum assured plus accrued

bonuses.

Added protection in the event of death due to an accident with payment of

additional amount equal to the basic Sum Assured, subject to maximum of

Rs 10 Lakh.

Tax benefit under sections 80C and 10(10D) of Income Tax Act, 1961.


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Bharti AXA Life Secure Confident:-

A Long Term Life Insurance.

All of us desire to maximise the happiness for our family at all times, irrespective

of the circumstances. The thought of unfortunate events befalling us may cause

us anxiety about providing a secured happiness to our loved ones.

Key Benefits:

Term Assurance for 5,10,15,20,25 years.

Financial protection against unfortunate event of death at an affordable

cost.

Comprehensive overall protection with help of riders.

Tax benefit under section 80C and 10(10D) of Income Tax Act.

Group Plans :-

Bharti AXA Life Mortgage Credit Shield:-

Mortgage Credit Shield is a Group Product that provides coverage to people who

have availed of a Mortgage\ Home loan\ Home equity loan from an

Institution/Bank.

Bharti AXA Life Credit Shield:-

Credit Shield is a Group Product that provides coverage to people who have

availed of a loan for 1 to 5 years from Group Policyholder.


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COMPETITORS

ICICI Prudential Life Insurance Company:-

ICICI Prudential Life Insurance Company is a joint venture

between ICICI Bank - one of India's foremost financial services companies-and

Prudential plc - a leading international financial services group headquartered in

the United Kingdom.

LIC :-

Life Insurance Corporation (LIC) came into existence on 1st September

1956 through the amalgamation of 154 Indian insurance companies, 16 non-

Indian companies and 75 provident. The amalgamation was achieved with the

help of Life Insurance Act passed by the Parliament in the same year. The LIC

was created with the goal of reaching all the insurable people in the country and

providing them financial coverage at a reasonable price. In the year 1956, LIC

had 5 zonal offices, 33 divisional offices and 212 branch offices. With time there

was a need for a branch office at every district headquarter and many branches

were opened, which raised the pace of the organization. Life Insurance in its

modern form came to India from England in the year 1818. Oriental Life

Insurance Company started by Europeans in Calcutta was the first life insurance

company on Indian Soil.


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HDFC Standard Life Insurance Company Ltd:-

HDFC Standard Life Insurance Company Ltd. is one of India's

leading private insurance companies, which offers a range of individual and

group insurance solutions. It is a joint venture between Housing Development

Finance Corporation Limited (HDFC Ltd.), India's leading housing finance

institution and a Group Company of the Standard Life, UK. HDFC as on

December 31, 2008 holds 72.38 per cent of equity in the joint venture.

Standard Chartered:-

Standard Chartered offers you a wide range of Life Insurance

Products from Bajaj Allianz Life Insurance Company, one of India's leading

Insurance companies. At Standard Chartered, you can avail of the services of

trained & certified professional consultants from Bajaj Allianz Insurance

company, who can guide you in ascertaining your insurance needs, and assist

you in making an insurance plan that is just right for you.


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INTRODUCTION OF THE PROJECT

My project is on the awareness of life insurance among people. I researched on

peoples thinking towards life insurance. I did my research keeping some

questions in my mind like. These are my research questions.

Why people insured their life?

What are the basic reasons for doing life insurance?

What is the percentage of those people who had insured their life?

What are their incomes & they are between in what age?

Are they living in joint family or not?

What is their biggest concern for the future child education, retirement,

childs marriage or medical illness?

How many insurance they have?

Are they satisfied with the services of the company?

Are they wanted to purchase another companys product?

Whether they know all the benefits of having life insurance or not?

I tried to find all the answer during my research.


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STATEMENT OF THE PROBLEM

Project title:-

THE AWARENESS OF LIFE INSURANCE AMONG CONSUMERS

OBJECTIVES

I made one questionnaire for research. I did my survey with the help of this

questionnaire. Through questionnaire I asked some basic questions to others &

came to know that whether they have life insurance or not, if they have so in

which company & in which product. If they dont have so are they planning to

have or not? What are their biggest concerns for their future? Who are those,

who preferred life insurance most, who lives in joint family or in nuclear family.

What is the reason if someone doesnt have life insurance, whether he/she is

aware of its benefits or not. Are they satisfied with the service of the company

from which they purchase the products?

My target was individuals house, all the malls, local

markets, local shops, dealers, the whole department of life insurance companies

etc.


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HYPOTHESIS

NUL HYPOTHESIS (h0):-

CONSUMERS ARE NOT AWARE OF LIFE

INSURANCE.

ALTERNATIVE HYPOTHESIS (h1):-

CONSUMERS ARE AWARE OF LIFE INSURANCE.


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METHODOLOGY

I used quantitative research. I filled out about 50 questionnaires, some were

relevant, I analyzed those questionnaires & made some graphs, through which I

came to know about the awareness of the life insurance among people. Which

company has a great value among people? Which products are popular among

people? This was my questionnaire through which I did my survey. During my

summer internship I was in recruitment process. I recruited life adviser for the

BHARTI AXA LIFE INSURANCE Company. This work also helped me a lot in

my project because I did face to face meeting with different kind of people. It was

great experience. During my research I came to know about the awareness of life

insurance among people. My target was individuals house, all the malls, local

markets, local shops, dealers, the whole department of life insurance companies

etc.

I got one survey form from the company. My work was filled out

that survey form from those people whom I targeted for life adviser & with the

help of that survey form I had to understand that whether that person will be

interested to become an life adviser or not. In the same time I filled out my

questionnaire as well as from that person.


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ANALYSIS

I analyzed my questionnaire & converted the answers of my questions in

percentage & explained it through pie chart.

1. NAME:-___________________

2. AGE:-

a) 2030[ ] b) 3040[ ] c) 4050[ ] d) Above 50 [ ]

8%

32%

40%

20%

AGE

40 - 50

30 - 40

20 - 30

above 50


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3. GENDER:-

a) Male [ ] b) Female [ ]

64%

36%

GENDER

male

female


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4. OCCUPATION:-

a) Student [ ] b) Business [ ] c) Service [ ] d) Other [ ]

12%

16%

36%

40%

OCCUPATION

student

business

service

4th Qtr


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5. DO YOU LIVE IN JOINT FAMILY?

a) Yes [ ] b) No [ ]

44%

56%

JOINT FAMILY

yes

no


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6. HOW MANY FAMILY MEMBERS ARE THERE IN YOUR FAMILY?

a) 2-4 [ ] b) 4-6 [ ] c) Above 6 [ ]

60%

16%

20%

FAMILY MEMBERS

2 -- 4

4 -- 6

above -- 6


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7. IF MARRIED: DO YOU HAVE CHILDREN? HOW MANY?

a) 1 [ ] b) 2 [ ] c) More than 2 [ ]

20%

50%

30%

CHILDREN

1

2

more than 2


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8. WHICH IS YOUR BIGGEST CONCERN FOR FUTURE?

a) Child education [ ] b) Retirement [ ]

c) Childs marriage [ ] d) Medical illness [ ]

45%

20%

15%

20%

BIGGEST CONCERN

Child education

Retirement

Childs marriage

Medical illness


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9.DO YOU HAVE ANY LIFE INSURANCE POLICY?

a) Yes [ ] b) No [ ]

75%

25%

LIFE INSURANCE POLICY

yes

no


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12. ARE YOU SATISFIED WITH YOUR COMPANY?

a) Yes [ ] b) No [ ]

80%

20%

SATISFACTION

yes

no


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13. IF GIVEN A CHANCE WOULD YOU LIKE TO CHANGE YOUR

COMPANY OR PRODUCT?

a) Yes [ ] b) No [ ]

25%

75%

CHANGE THE COMPANY OR PRODUCT

yes

no


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14. DO YOU LOOK AFTER COMPETITION WHEN YOU PURCHASE A

PRODUCT?

a) Yes [ ] b) No [ ]

80%

20%

CONCERN ABOUT THE COMPITITION

yes

no


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15. WHICH FACTOR OF THE FOLLOWING YOU WILL BE CONCERN

ABOUT WHILE YOU ARE PURCHACING A PRODUCT?

a) Allocation [ ] b) Fund management [ ]c) Fund administration [ ] d) All of the above [ ]

15%

10%

15%60%

CONCERN WHILE YOU ARE PURCHACING A

PRODUCT

Allocation

Fund management

Fund administration

All of the above


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16. DO YOU LOOK AFTER THE PARANTAGE OF THE COMPANY

WHEN YOU INVEST?

a) Yes [ ] b) No [ ]

90%

10%

CONCERN ABOUT THE COMPANY

yes

no


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17. WHAT IS THE RANG OF ALLOCATION THAT YOU COME ACROSS

BY THE SALES MANAGER?

a) 515 % [ ] b) 1530 % [ ] c) Above 30 % [ ]

30%

50%

20%

RANGE OF ALLOCATION

5 -- 15%

15 -- 30%

above 30%


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18..IF GIVEN A CHANCE TO INVEST WITH ICICI, BHARTI AXA LIFE

INSURANCE & LIC SO WHICH ONE YOU WILL CHOOSE?

___________________________________________________________

25%

35%

50%

COMPANY

bharti axa life insurance

ICICI prudential

LIC


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19. ACCORDING TO YOU, WHAT IS BIGGEST BENEFIT OF

LIFE INSURANCE?

a) To Help Pay for Your Children's Education.[ ] b) To Replace Lost Income.[ ]

c) To cover final expenses [ ] d) all of the above [ ]

50%

10%

10%

30%

BIGGEST BENEFIT OF LIFE INSURANCE

To Help Pay for Your Children's

Education.

To Replace Lost Income.

to cover final expenses

all of the above


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20. WOULD YOU LIKE TO SUGGEST FOR DOING LIFE INSURANCE

TO OTHERS?

a) Yes [ ] b) No [ ]

80%

20%

SUGGEST TO ANYONE FOR LIFE INSURANCE

yes

no


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STATISTICAL TOOL USED

Coding: - If the consumers are aware about Life insurance then1, otherwise 2

ANNOVA (one way):-

NO. OFRESPONDENT

HAVE A LIFE INSURANCE

YES(A) NO(B)

1. 12. 13. 14. 15. 16. 27. 1

8. 19. 110. 111. 112. 113. 114. 115. 1 216.17. 118. 119. 120. 1


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21. 122. 123. 1

24. 125. 126. 127. 228. 229. 230. 131. 132. 133. 134. 135. 136. 237. 138. 1

39. 140. 141. 242. 143. 244. 145. 1

46. 147. 248. 149. 150. 2


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CALCULATION

N = 50

N1 = 50

N2 = 50

K = 2

MEAN OF A: - 40/50 = 0.8

MEAN OF B: - 20/50 = 0.4

SAMPLE MEAN: - 0.8 + 0.4 / 2 = 0.6

SS BETWEEN :- (50*0.04) + (50*0.04) = 4

SS WITH IN: - 16 + 8 = 24

SS TOTAL: - 4 + 24 = 28

MS (Mean square) BETWEEN:-SS (sum of squares) BETWEEN/ K-1 = 4

Degree of freedom 2-1=1

MS WITH IN: - SS SS WITH IN / N-K = 0.5

F RATIO: - MS BETWEEN / MS WITH IN = 4 / 0.5 = 8


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ANNOVA (one way)-

Sources of

variation

Sum of

squares

Degree of

freedom

Mean

square

F-ratio

Betweensamples

4 1(2-1) 4

Withinsamples

24 48(50-2) 0.5 8

total 28 49 4.5

ANSWER:-

CALCULATED F RATIO IS 16.66 AT 1 , 98 DEGREE OF FREEDOM

SO F CAL. = 8

& F TAB. = 4

F CAL > F TAB.

8 > 4

Here we reject the null hypothesis and accept the alternate

Hypothesis as the calculated value of F-ratio at 5% with DOF)degree

Of freedom). 1 & 48 is very high than the table value, hence,

Consumers are aware of life insurance.


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CONCLUSION

After doing my research I got the result that most of the persons are aware of the

benefits of life insurance. Some people who had not life insurance they were with

positive thinking about life insurance & were planning to have it.

Some people who has low income they were

not interested in life insurance but when I told them about different different

plan so they were quite interested in it. I hope they will definitely change their

mind & will be aware of benefits of life insurance.

THE AWARENESS OF LIFE INSURANCE IS

DAY BY DAY INCREASING AMONG PEOPLE.


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RECOMMENDATIONS

Buy what you need. It's not a good idea to under-buy insurance, nor is it

beneficial to over-buy, so when you're in the market for insurance, be sure

to evaluate what your exact needs are and go from there. A good way of

doing that is in the form of an equation: Short-term needs + long-term

needs - resources = how much life insurance you will need.

Buy early. Instead of waiting until there is a real problem with your health,

buy life insurance early in life. As you age, the price of your life insurance

will increase, so the younger you start, the more you will save. To keep

your premium low, you may want to inquire about a "level premium" policy.

Which keeps your premium rates the same for a set amount of time.

If you're healthy, stay away from guaranteed issue policies. Guaranteed

issue policies, also know as "simplified" or "quick" policies, may sound too

good to be true, because they really are. They do not require a medical

exam, making them seemingly ideal, but ultimately much riskier for the

insurer. If you are healthy, you will get much better rates by buying a life

insurance policy that requires a medical test.

Check online. When shopping around for any kind of insurance, looking

online is a great way to compare prices and see what different companies


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APPENDIX

This is a questionnaire which i used for my research.

`QUESTIONNAIRE

DEAR RESPONDENT, I am student of CPJCHS in bharti axa life insurance

Company. I am conducting research on consumer awareness on life insurance and

their concern about the company. It is purely for academic purpose.

1. NAME:-___________________

2. AGE:-

a) 2030 [ ]

b) 3040 [ ]

c) 4050 [ ]

d) Above 50 [ ]

3. GENDER:-

a) Male [ ]

b) b) Female [ ]

4. OCCUPATION:-

a) Student [ ]

b) b) Business [ ]

c) c) Service [ ]

d) d) Other [ ]


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5. DO YOU LIVE IN JOINT FAMILY?

a)Yes [ ]

b)b) No [ ]

6. HOW MANY FAMILY MEMBERS ARE THERE IN YOUR FAMILY?

a) 2-4 [ ]

b) 4-6 [ ]

c) Above 6 [ ]

7. IF MARRIED: DO YOU HAVE CHILDREN? HOW MANY?

a) 1 [ ]

b) 2 [ ]

c) More than 2 [ ]

8. WHICH IS YOUR BIGGEST CONCERN FOR FUTURE?

a) Child education [ ]

b) Retirement [ ]

c) Childs marriage [ ]d) Medical illness [ ]

9. DO YOU HAVE ANY LIFE INSURANCE POLICY?

a) Yes [ ]

b) No [ ]

10. IF YES, IN WHICH COMPANY?

____________________________

11. IN WHICH PRODUCT?

____________________________


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12. ARE YOU SATISFIED WITH YOUR COMPANY?

a) Yes [ ]

b) No [ ]

13. IF GIVEN A CHANCE WOULD YOU LIKE TO CHANGE YOUR COMPANY OR

PRODUCT?

a) Yes [ ]

b) No [ ]

14. DO YOU LOOK AFTER COMPETITION WHEN YOU PURCHASE A

PRODUCT?

a) Yes [ ]

b) No [ ]

15. WHICH FACTOR OF THE FOLLOWING YOU WILL BE CONCERN ABOUT

WHILE YOU ARE PURCHACING A PRODUCT?

a) Allocation [ ]

b) Fund management [ ]

c) Fund administration [ ]

d) All of the above [ ]

16. DO YOU LOOK AFTER THE PARANTAGE OF THE COMPANY WHEN YOU

INVEST?

a) Yes [ ]

b) No [ ]

17. WHAT IS THE RANG OF ALLOCATION THAT YOU COME ACROSS BY THE

SALES MANAGER?a) 515 % [ ]

b) 1530 % [ ]

c) Above 30 % [ ]


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18..IF GIVEN A CHANCE TO INVEST WITH ICICI, BHARTI AXA LIFE

INSURANCE & LIC SO WHICH ONE YOU WILL CHOOSE?

_____________________________________________________________________

19. ACCORDING TO YOU, WHAT IS BIGGEST BENEFIT OF LIFE INSURANCE?

____________________________________________________________________

20. WOULD YOU LIKE TO SUGGEST FOR DOING LIFE INSURANCE TO

OTHERS?

a) Yes [ ]

b) No [ ]

THANKS FOR GIVING YOUR VALUABLE TIME IN FILLING OUR QUESTIONNAIRE.


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REFERENCES

BOOKS

Kotler Philip, Marketing Management, 11th edition. Pearson Education

Parsuram A, Grewal Dhruv, Krishnan R, Marketing Research. 2004 edition. Biztantra.

Ramaswamy and Namakumari, Marketing Management- Global Prospective, Indian Context,

Macmilan Business Books.

Marketing Research, ICMR Publications

Kothari C.R. Research Methodology, Edition 2005 New Age International (p) ltd. New

Delhi.

PRINT MEDIA

Business Today

MINT

WEBSITES

www.bhartiaxalifeinsurance.com

www.hdfcslic.com
http://www.google.com/http://www.google.com/http://www.hdfcslic.com/http://www.hdfcslic.com/http://www.hdfcslic.com/http://www.google.com/

bharti axa deepak

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