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PROJECT REPORT ON BHARTI AXA LIFE INSURANCE

“THE AWARENESS OF LIFE INSURANCE AMONGST 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

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 to them 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 these lessons for life long. By doing a marathon project like this, I learnt the practical aspects of insurance and implemented the learning’s 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 India’s 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  Organization Structure  Products & Services  Competitors  Introduction of project  Statement of Problem  Objectives  Hypothesis  Methodology  Analysis  Statistical tool  Calculation  ANOVAs  Conclusion  Recommendations  Appendix (Questionnaire)  References

7 - 11 12 - 15 16 - 22 22 - 24 25 26 26 27 28 29 – 45 46 – 47 48 49 50 51 - 52 53 - 56 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 carrier’s 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

industry—especially those in administrative support positions—work a 5-day, 40hour 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 disaster—such as a tornado, flood, or hurricane—to 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 another’s 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 another’s 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 or injury.

   

Providing funds to pay for the deceased person's funeral. Insuring against a particular need - for example home mortgage or college loan Providing funds to pay income taxes or 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, India’s 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 (SBU’s) 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 India’s 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 Insurance’s 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 o

Pay one time lump sum or regular premiums At the inception systematically increase your premiums by 5 % or 8% each year with the Accumulator Option

o o 

Increase/decrease premiums any time after the 2nd policy year 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 Wealth Confident:A unit-linked investment cum protection policy. Your wealth, your status ensures that you get preferential status wherever you go. So why shouldn't your money get the same? WealthConfident, a unit-linked investment cum protection product, with its limited period premium payment facility of 5 years, premium payment flexibility, higher allocation of your premium for investment, unique special additions and life insurance benefit, not only makes your money grow but also provides your investment the special treatment that it deserves. "Be confident of providing your investments the right mix of growth, flexibility and loyalty benefits. Live confident with WealthConfident." Key Benefits:
  

Pay premium for five years, while your policy continues for ten years. Higher allocation of your premium up to 88% for investment. Special additions of units added every year from 6th Year for incremental wealth creation.



Choose from four different investment funds to meet your financial objectives.

 

Five times the life cover of your annual premium. Tax benefit under 80C and 10(10D).

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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 enhance your 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 child’s education, liquidity becomes a key aspect of your 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 nonIndian 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 people’s 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, child’s marriage or medical illness?  How many insurance they have?  Are they satisfied with the services of the company?  Are they wanted to purchase another company’s 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 don’t 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 doesn’t 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 individual’s 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 individual’s 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) 20 – 30[ ] b) 30 – 40[ ] c) 40 – 50[ ] d) Above 50 [ ]

AGE
8% 20%

40 - 50 32% 30 - 40 20 - 30 above 50 40%

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3. GENDER:-

a) Male [ ]

b) Female [ ]

GENDER

36%

64%

male female

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4. OCCUPATION:-

a) Student [ ]

b) Business [ ]

c) Service [ ]

d) Other [ ]

OCCUPATION

12%

40%

16%

student business service 4th Qtr

36%

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5. DO YOU LIVE IN JOINT FAMILY?

a) Yes [ ]

b) No [ ]

JOINT FAMILY

44% 56%

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 [ ]

FAMILY MEMBERS

20%

16% 60%

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 [ ]

CHILDREN

20% 30%

1 2 50% more than 2

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8. WHICH IS YOUR BIGGEST CONCERN FOR FUTURE?

a) Child education [ ] c) Child’s marriage [ ]

b) Retirement [ ] d) Medical illness [ ]

BIGGEST CONCERN

20% 45% 15% Child education Retirement Child’s marriage 20% Medical illness

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9. DO YOU HAVE ANY LIFE INSURANCE POLICY?

a) Yes [ ]

b) No [ ]

LIFE INSURANCE POLICY
25%

yes 75% no

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12. ARE YOU SATISFIED WITH YOUR COMPANY?

a) Yes [ ]

b) No [ ]

SATISFACTION
20%

yes no 80%

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

a) Yes [ ]

b) No [ ]

CHANGE THE COMPANY OR PRODUCT

25%

yes 75% no

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14. DO YOU LOOK AFTER COMPETITION WHEN YOU PURCHASE A PRODUCT?

a) Yes [ ]

b) No [ ]

CONCERN ABOUT THE COMPITITION

20%

yes no 80%

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15. WHICH FACTOR OF THE FOLLOWING YOU WILL BE CONCERN ABOUT WHILE YOU ARE PURCHACING A PRODUCT?

a) Allocation [ ] c) Fund administration [ ]

b) Fund management [ ] d) All of the above [ ]

CONCERN WHILE YOU ARE PURCHACING A PRODUCT
15% 10% Allocation 60% 15% 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 [ ]

CONCERN ABOUT THE COMPANY
10%

yes no 90%

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

a) 5 – 15 % [ ]

b) 15 – 30 % [ ]

c) Above 30 % [ ]

RANGE OF ALLOCATION

20% 30%

5 -- 15% 15 -- 30% 50% 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?

___________________________________________________________

COMPANY

25% 50% bharti axa life insurance ICICI prudential 35% 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.[ ] c) To cover final expenses [ ] b) To Replace Lost Income.[ ] d) all of the above [ ]

BIGGEST BENEFIT OF LIFE INSURANCE
To Help Pay for Your Children's Education. 50% To Replace Lost Income. 10% 10% to cover final expenses all of the above

30%

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

a) Yes [ ]

b) No [ ]

SUGGEST TO ANYONE FOR LIFE INSURANCE

20%

yes 80% no

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STATISTICAL TOOL USED Coding: - If the consumers are aware about Life insurance then
1, otherwise 2

ANNOVA (one way):NO. OF RESPONDENT 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. HAVE A LIFE INSURANCE YES(A) 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
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NO(B)

2

2

21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50.

1 1 1 1 1 1 2 2 2 1 1 1 1 1 1 2 1 1 1 1 2 1 2 1 1 1 2 1 1 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 Between samples Within samples total Sum of squares 4 Degree of freedom 1(2-1) Mean square 4 F-ratio

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48(50-2)

0.5

8

28

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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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have to offer. The more information you give, the more accurate your insurance quote will be.

 Make a change for the better. If you are overweight, are a smoker, have heart disease, high blood pressure or diabetes, finding affordable life insurance may be difficult. This is because the better your health is, the easier and more affordable it will be for you to buy life insurance. Insurance companies will issue lower premiums if the policyholder is in good health standing. The less things that may give you a risk of dying sooner, the more affordable your life insurance policy will be. Also, if you do have an outstanding medical condition, you are a smoker or overweight, and you are trying to better your health, be sure to document it. By showing the insurance company your medical files and that you have been trying to improve your health, you may save yourself some money in the long run.

 Being responsible saves you money. This goes along with making a change for the better.

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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) 20 – 30 b) 30 – 40 c) 40 – 50 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) Child’s 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) 5 – 15 % b) 15 – 30 % 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

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