bharti+axa+project

“POSITIONING OF BHARTI AXA LIFE INSURANCE PRODUCTS IN NCR”

SUMMER INTERNSHIP REPORT

Submitted for the Partial Fulfillment of MBA Degree

Of

AMITY UNIVERSITY, UTTAR PRADESH

In the

FACULTY OF MANAGEMENT

By

AMARDEEP SINGHA0102107004

Under the supervision ofMr. Jitendra Kumar

Lecturer

AMITY BUSINESS SCHOOLAMITY UNIVERSITY, UTTAR PRADESH

SECTOR 125, NOIDA - 201303, UTTAR PRADESH, INDIA

2008

1

ACKNOWLEDGEMENT

The project title “POSITIONING BHARTI AXA LIFE INSURANCE PRODUCTS

IN NCR” has been conducted by me during 5th of May 2008 and 4th of July 2008 at

BHARTI AXA LIFE INSURANCE. I have completed this project, based on the

project research, under the guidance of Mr. Shekher Tiwari and Mr. Jitendra

Kumar.

I owe enormous intellectual debt towards my guides Mr. Shekher Tiwari and Mr.

Jitendra Kumar, who have augmented my knowledge in the field of Finance and

Marketing. They have helped me learn about the process and giving me valuable

insight to complete this project.

I would like to thank Mr. Shekher Tiwari for his guidance and enriching my

thoughts in this field from different perspectives.

I would like to thank all respondents without whose cooperation my project would

nothing have been possible.

Last but not the least, I feel indebted to all those persons and organizations who/which

have provided helped directly or indirectly in successful completion of this study.

Amardeep Singh

MBA E&L-2009

Amity Business School

Amity University

Noida

2

CERTIFICATE

This is to certify that Amardeep Singh of Master of Business Administration(E&L) ,

class of 2009 , Amity Business School , Amity University (Bearing AUUP Enroll.

Number A0102107004, has undertaken the Summer Internship Training at BHARTI

AXA LIFE INSURANCE, during 5th May 2008 and 4th July 2008. He has worked

under my guidance for the Project Title “POSITIONING BHARTI AXA LIFE

INSURANCE PRODUCTS IN NCR”. He has also been guided by Mr. Shekher

Tiwari (Agency Manager, BHARTI AXA LIFE INSURANCE)

This project report is prepared in partial fulfillment of Master of Business

Administration to be awarded by Amity University, Uttar Pradesh.

To the best of my knowledge, this piece of work is original and no part of this report

has been submitted by the student to any other Institute/University earlier.

Mr. Jitendra Kumar

Amity Business School

Amity University

Noida

3

CERTIFICATE

This is to certify that Amardeep Singh of Master of Business Administration(E&L) ,

class of 2009 , Amity Business School , Amity University (Bearing AUUP Enroll.

Number A0102107004, has undertaken the Summer Internship Training at BHARTI

AXA LIFE INSURANCE, during 5th May 2008 and 4th July 2008. He has worked

under my guidance for the Project Title POSITIONING BHARTI AXA LIFE

INSURANCE PRODUCTS IN NCR”. He has also been guided by Mr. Jitendra

Kumar, faculty of Amity Business School, Noida.

This project report is prepared in partial fulfillment of Master of Business

Administration to be awarded by Amity University, Uttar Pradesh.

To the best of my knowledge, this piece of work is original and no part of this report

has been submitted by the student to any other Institute/University earlier.

Mr. Shekher Tiwari

Agency Manager

BHARTI AXA LIFE INSURANCE

4

Contents

Sr. No. Particular

1. Executive Summary 8

2. Acknowledgement 2

3. Introduction 9

4. History of the Insurance 10

5. About Bharti AXA Life Insurance 16

6. Products of Bharti AXA 19

7. Objective of the Study 26

8. Research Methodology 27

9. Findings and Data Analysis 28

10. Conclusion and Suggestions 49-50

11. Limitations of the Study 52

12. SWOT Analysis 53

13. Annexure

(a) More Analysis 55

(b) Bibliography 74

(c) Questionnaire 75

7

EXECUTIVE SUMMARY

Summer training for 8 weeks in MBA course and study contents of such as

practical knowledge, it makes the student confident and introduce them about their

hidden ability.

An insurance company gives security and protection people in today life

insurance should be compulsory because today there is no surety of life. During my

tenure of training I deeply analyzed the thoughts of people about insurance.

To find out the importance of insurance research is conducted in Bharti AXA

Life Insurance Company which is among the largest private insurance company this

study is concerned the main feature which influence the Insurer. I have supported the

report with some suggestion.

For research data is collected from primary method and questionnaires method

as well as sample size method.

The objective was achieved through three-pronged efforts. The First objective

of the study is to analyze the attitude of individuals towards insurance plans and

preference to Bharti AXA Life. The Second objective is objective of individuals

while purchasing insurance. The Third objective is to know the attitude of

individuals towards risk bearing. The Fourth objective is to know the awareness

about Insurance Plans and their benefits and financial position of the customers.

8

INTRODUCTION

Today insurance industry is growing fast. After coming the private players this

industry is becoming complex day to day and the competition is increasing very fast.

Insurance is basically a risk-sharing device. The losses to assets resulting

from natural climates (life, fire, flood, earthquake, accident etc) are meet-out of

common pool contributes by large number of persons who are exposed to similar risk.

This contribution of money is used to pay the losses suffered by the unfortunate few.

The basic principle is that the loss should occur as a result of a natural calamity or an

unexpected event beyond human control and insured person should not making gains

out of insurance.

Service Industries are today facing a huge competition and the marketing in

these industries is becoming very complex, so that this is extremely fruitful and

enjoyable for a company and also for a research fellow to study marketing of

insurance products

9

INSURANCE

1. Insurance is the method of the spreading and transfer to risk.

2. Loss of the unfortunate few a shared by the fortunate many who are exposed

to same or similar risk.

3. Loss of assets depriver the owner of the expected benefit.

4. Insurance is the content is a mechanism that helps to reduce the adverse

consequences due to loss of assets.

5. Insurance is assurance and protects the human life.

Why “INSURANCE” is so important

Assets are likely to be destroyed or made non-functional due to accidental

occurrences called perils. Assets can, therefore, be insured. A few examples or perils

are: fire, flood, breakdowns, lightning, and earthquake. Perils are the events. Risk is

the consequential losses or damage.

1. The possibility of damage to asses caused by any period is the risk that is

exposed to.

2. Risk means the possibility of loss or damage that may or may not happen.

3. It is because of the uncertainty about the risk that insurance become

important.

10

4. No uncertainty implies any insurance.

5. Insurance does not protect the asset but only compensates the financial

loss.

6. Basically insurance cover tangible asset but the concept can be extended to

intangible also.

7. The individual himself also needs financial security for the old age or man

his becoming permanently disabled when his income will stop.

The business of Life Insurance Company is to bring together persons who are

exposed to similar risks collect contribution (premium) for them or an equitable basis

and pay the losses (claim) to those who actually suffer.

11

ABOUT INSURANCE

The beginning of the insurance started to the city of London. It started with

the marine business. Marine traders, who used to gather at Lloyd, are a coffee house

in London, agreed to share losses to goods during transportation by ship. Marine

related losses include:-

Loss of ship by sinking due to bad whether in high seas.

Goods in transit by ship robbed by ship pirates.

Loss of over damage to the goods in transit by ship due to bad whether in high

seas.

The first insurance polity was issued in England in 1583.

12

THE GROWING YEARS OF LIFE INSURANCE

The 19th century saw huge developments in the field of insurance, with newer

products being devised to meet the growing needs of urbanization and

industrialization.

In 1835, the infamous New York fie drew people’s attention to the need to

provide for sudden and large losses. Two years later, Massachusetts became the first

state of require companies by law to maintain such reserves. The great Chicago fire of

1871 further emphasized how fires can cause huge losses in densely populated

modern cities. The practice of reinsurance, wherein the risks are spread among several

companies, was devised specifically for such situations.

In the 19th century many societies were founded to insure the life and health of

their members, while fraternal orders provided low-cost, members only insurance.

Even today, such fraternal orders continue to provide insurance coverage to

members as do most labor organizations. Many employers sponsor group insurance

policies for their employees, providing not just life insurance, but sickness and

accident benefits and old-age pensions. Employees contribute a certain percentage of

the premium for these policies.

13

LIFE INSURANCE IN INDIA

In India, insurance started with the insurance. It was in the early 19 th century

when the Britishers on their postings in India felt the need of life insurance cover. It

started with English companies like, The European and the Albert”. The first Indian

Insurance Company was the Bombay Assurance Society Ltd. In 1870 other

companies like:

1. Hindustan Co-operative in Kolkata.

2. National Insurance in Kolkata.

3. Bombay Life in Mumbai.

4. New India in Mumbai

5. Jupiter in Mumbai

6. Lakshmi Insurance in New Delhi.

It was during the swadeshi movement in the early 20th century that insurance

witnessed a big boom in India with several more companies being setup. As these

companies grew, the government began to exercise control on them. The Insurance

Act was passed in 1912, followed by a detailed and amended insurance act of 1938

that looked into investments, expenditure and management of these companies’ funds.

By the mid 1950 there were around 170 insurance companies and 80 provident

fund societies in the country life insurance scene. However, in the absence of

regulatory systems, scams and irregularities were almost a way of life at most of these

companies.

14

As a result the government decided nationalizes the life assurance business in India.

The Life Insurance Corporation of India was set up in 1956 to take over around 250

Life insurance companies. For years thereafter, insurance remained a monopoly of the

public sector. It was only after seven years of deliberation and debate after the R.N.

Malhotra committee report of 1944 became the sector was finally opened up of the

insurance sector to private players that the sector was finally opened up to private

players in 2001. In 2000 have extensive powers to oversee the insurance business and

regulate in a manner that will safeguard the interests of the insured.

15

ABOUT US

Bharti AXA Life Insurance Company Ltd. is a joint venture between AXA

Asia Pacific Holdings Ltd (APH), a Fortune 100 company and Bharti Enterprises, one

of India's leading multi-business corporations. The joint venture company has a 74%

stake from Bharti and 26% stake of AXA Asia Pacific Holdings Ltd (APH). The

company has positioned itself on the quality platform. In line with its vision to be a

leader and the preferred company for financial protection and wealth management in

India, it has developed a strong corporate governance model based on the core values

of excellence, honesty, knowledge, caring, integrity and teamwork. The strategy is to

establish itself as a trusted life insurance specialist through a quality approach to

business.

In line with its values of financial responsibility, Bharti AXA York Life has adopted

prudent financial practices to ensure safety of policyholder's funds.

Bharti AXA Life has identified individual agents as its primary channel of

distribution. The Company places a lot of emphasis on its selection process, which

comprises four stages - screening, psychometric test, career seminar and final

interview. The agent advisors are trained in-house to ensure optimal control on quality

of training.

16

Bharti AXA Life insurance invests significantly in its training program and each agent

is trained for 152 hours as opposed to the mandatory 100 hours stipulated by the

IRDA before beginning to sell in the marketplace. Training is a continuous process

for agents at Bharti AXA Life insurance and ensures development of skills and

knowledge through a structured program spread over 500 hours in two years. This

focus on continuous quality training has resulted in the company having amongst the

highest agent pass rate in IRDA examinations and the agents have the highest

productivity among private life insurance.

The company is selling its products through three distribution channel –

1. Agency distribution model

2. Direct sales force

3. Banc assurance and corporate alliances

Having set a good distribution models in place, the company is also building a

strategy to sell its products through its retail chains like Field Fresh.

Vision

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

management in India

Values

Professionalism

Innovation

Team spirit

Integrity

Pragmatism

17

Bharti AXA Life Insurance – Growing Presence

Number of cities - 111 Number of offices - 163 Number of Agents - 30,000 PLUS.

Product Offered By Bharti AXA –

Bharti AXA Life Insurance offers a suite of flexible products. It has 7 life insurance

products and 8 riders that can be customized to over 400 combinations enabling

customers to choose the policy that best fits their need. Some important product

offered by bharti AXA are-

1. Future confident- This product is designed to meet the long term needs of the

customers like meeting the educational need of the children

2. Wealth confident scheme-This is the flagship product of Bharti AXA life

insurance. It is a unit linked investment and protection product which is providing risk

cover for 10 year but the customer has to pay premium only for 5 years, it also

provide customer the flexibility in premium payments .

3. Invest Confident – This policy is designed for those people who want to invest

through a single larger premium.

4. Secure confident – This product is designed to meet the need of those customers who only want to take risk cover and not taking policy as an investment.

5. Save confident – This product is a traditional money back insurance product. It offers a combination of benefits like liquidity, long term saving and risk cover.

18

6. Aspire life – This is an ULIP product, designed to meet the needs of those customers who want to invest money for a longer period of time.

19

INSURANCE REGULATIORY &

DEVELOPMENT AUTHORITY ACT 1999

(IRDA)

It came into existence in December 1999. It is a statutory body which was

framed to provide license to private companies in insurance sector and to protect the

right of policy holders.

SCOPE

The act was passed by the parliament in December 1999.

To permit private companies to enter the insurance market, Government has

enacted Insurance Regulatory & Development Authority Act, 1999.

The act provides for the establishment of the authority –

1. Protect interest of holders of insurance policies;

2. To regulate, promote and ensure orderly growth of insurance industry;

3. For matters connected therewith or incidental thereto.

The act also sought to amend the following acts –

4. The insurance act 1938.

5. The life insurance corporation act, 1956.

6. The General Business (Nationalization) Act, 1972

The act applies to the whole of India including J&K state.

20

This is a corporate body established for the purpose and object as set out in the

explanation to the title.

The authority replaces controller under insurance act 1938.

The first schedule amends insurance act 1938.

CONSTITUTION OF IRDA

Insurance regulatory and development authority consists of the following

members.

1. A chairperson;

2. Not more than five whole-time members’ and

3. Not more than four part-time members to be appointed by the central Govt.

Members should be a person of ability; integrity; and standing.

21

FUNCTION OF IRDA

1. To issue certificate of registration, renew, withdraw, suspend or cancel such registration.

2. To protect the interests of the policyholders/ insured in the mater of insurance contract with the insurance company.

3. To specify requisite qualifications, code of conduct and training for insurance intermediaries and agents.

4. To specify code of conduct for surveyors/loss assessors.

5. To promote efficiency in the conduct of insurance business.

6. To promote and regulate professional organizations connected with the insurance and reinsurance business.

7. To undertake inspection, conduct enquiries and investigations including audit of insurers and insurance business.

8. To control and regulate the rates, terms and conditions to be offered by the insurer regarding general insurance business not so controlled by tariff advisory committee.

9. To specify and the form and manner for maintenance of books of accounts and the statement of accounts.

10. To regulate investment of funds by the insurance companies.

22

Insurance Industry in the year 2000-2001 had 13 new entrants, namely:

S.No. Reg. No. Date of Reg. Name of the Company

1. 101 23.10.2000 HDFC Standard Life Insurance Company

2. 103 23.10.2000 Reliance General Insurance Company Ltd.

3. 104 15.11.2000 Max New York Life Insurance Co. Ltd.

4. 105 24.11.2000 ICICI Prudential Life Insurance Company

5. 107 10.01.2001 Kotak Mahindra Old Mutual Life Insurance

6. 109 31.01.2001 Birla Sun Life Insurance Company Ltd.

7. 110 12.02.2001 Tata AIG Life Insurance Company Ltd.

8. 111 30.03.2001 SBI Life Insurance Company Limited

9. 114 02.08.2001 ING Vysya Life Insurance Co. Pvt. Ltd.

10. 116 03.08.2001 Bajaj Allianz Life Insurance Co. Ltd.

11. 117 06.08.2001 MetLife India Insurance Co. Pvt. Ltd.

12. 122 14.05.2002 Aviva Life Insurance Co. India Pvt. Ltd.

13. 127 06.02.2004 Sahara India Insurance Company Ltd.

23

SOME PRIVATE INSURANCE COMPANIES:

Several insurance companies emerged after the liberalization of the insurance

sector. As a result now there are several insurance companies, which are leading their

ways. Now along with L.I.C. there are several private ones giving tough competition

to it. Some of the prominent insurance firms are:

BAJAJ (Allianz)

ICICI Prudential

TATA (AIG)

Kotak Mahindra Old Mutual Life Insurance Limited

BAJAJ (Allianz)

Bajaj Allianz Life Insurance Company Limited is a union between Allianz

AG, the worlds leading insurer and Bajaj Auto, one of the most respected names.

Allianz AG is the leading insurance conglomerate globally and the largest asset

manager in the world, managing asset worth over 989 billion Euro (Rs.49, 84,560

crores). At Bajaj Allianz, we realize that you seek an insurer you can trust your hard

earned money with. Allianz AG has more than 110 years of financial experience in

over 70 countries and Bajaj Auto, trusted for over 55 years in the Indian market, are

committed to offering you financial solution that provide all the security you need for

your family and yourself. One of the prominent plans they have is Unit Gain Plus.

24

TATA (AIG)

Tata AIG is a joint venture that is backed by the Tata Group India’s most

respected industrial conglomerate, with revenues of more than US$ 8.4 billion, and

American International Group, Inc. (AIG) – the leading US – based international

insurance and financial service organization, with the presence in over 130 countries

and jurisdictions throughout the world. Tata AIG offers a gamut of innovative

products in the life insurance sector, some of them are:

Money saver plan

Maha Life (Gold)

Raksha Plan

Nirvana

ICICI Prudential

ICICI Prudential is also a joint venture that is backed by ICICI Bank Limited

(erstwhile ICICI Limited) and Prudential plc formerly known as Prudential

Corporation plc, through its wholly owned subsidiary, Prudential Corporation

Holding Limited situated in Laurence Poultney Hill, London. Some of the innovative

products it offers in the insurance sector are:

ICICI Prudential Mutual Fund (Liquid plan, Income plan etc.)

Unit Linked Plan with Capital Guarantee

Smart Kid

25

OBJECTIVES OF THE STUDIES

1. To know about the saving habits of consumers.

2. To know the awareness about Insurance Plans and their benefits

3. To know the attitude of individuals towards risk bearing.

4. To know the objective of individuals while purchasing insurance

5. To know the attitude of individuals towards insurance plans and preference

to Bharti AXA Life.

6. To check out the consumer’s financial position.

26

Research Methodology

Primary Research:- Primary data are the data that are collected to solve a problem

or take advantage of any opportunities on which a decision is depending. These data

are basically observed and recorded by the researcher for the first time.

Research Design:- For this study a survey research was adopted with the help of

primary data. For getting primary data the research tool was a structured

questionnaire.

Sample Size: - The sample for the purpose of study was the 50 customers.

Sample Design: - A sample design not only seeks to determine the size of sample and

also the sampling unit. The sample for he purpose of study was the customer.

Sample Techniques: - The techniques adopted of selection of sampling of sample for

study was simple random sampling method.

Questionnaire Design: - The author had a set of idea sand expected result based on

those ideas from the questionnaire. For this reason questions were:

Related to the field of study.

Related to the research hypothesis.

Questions must bear significance to concerned area of research.

Questions must seek information unattainable from other sources.

The must be short as possible but comprehensive enough to allow the author

to derive his requirement of his research.

Questions were well laid out.

27

FINDING

No. of respondents which are aware of life InsuranceDo you know about Life Insurance Policy?

Frequency Percent Valid PercentCumulative

PercentValid yes 48 96.0 96.0 96.0

no 2 4.0 4.0 100.0

Total 50 100.0 100.0

yes no

Do you know about Life Insurance Policy?

0

10

20

30

40

50

Fre

qu

ency


Inference:

Above bar chart shows that 96% of Peoples know about life insurance.

28

No. of respondents having the life insurance policyDo you have any Life Insurance Policy?



no 7 14.0 14.0 100.0

Total 50 100.0 100.0

yes no


0

10

20

30

40

50

Fre

qu

ency


Inference:

29

Above bar chart shows that 86% of respondents having Life Insurance.

Respondents preference in InvestmentWhere would you prefer to invest?


PercentValid Govt.

Securities10 20.0 20.0 20.0

Mutual Funds

18 36.0 36.0 56.0

Equity Shares

14 28.0 28.0 84.0

Insurance 8 16.0 16.0 100.0

Total 50 100.0 100.0

30

Govt. Securities Mutual Funds Equity Shares Insurance

Where would you prefer to invest?

0

5

10

15

20

Fre

qu

ency


Inference:

Above pie chart show that 20% respondent of preferred in Govt. Security, 16%

Insurance, 36% Mutual Funds and 28% in Equity Share.

31

Criteria of Invest of respondent

On which criteria do you invest?


PercentValid Expert

Advice10 20.0 20.0 20.0

Friendly Advice

17 34.0 34.0 54.0

Own Analysis

23 46.0 46.0 100.0

Total 50 100.0 100.0

Expert Advice Friendly Advice Own Analysis


0

5

10

15

20

25

Fre

qu

ency


Inference:

32

The majority of respondents invest their money by their own analysis i.e.46%, by

friendly advice 34% respondents invest and 20% respondents invert their money by

taken expert’s advice

Source of Income of respondentsWhat is your source of income?


PercentValid Self

Employed/Professional

13 26.0 26.0 26.0

Business 18 36.0 36.0 62.0

Salaried 19 38.0 38.0 100.0

Total 50 100.0 100.0

33

Self Employed/Professional Business Salaried

What is your source of income?

0

5

10

15

20

Fre

qu

ency


Inference:

The majority of respondents are fall in the category of Salaried, approximately 38%,

where as 36% are having Business and 26% are self employed

Annual Income of respondentsTo which income group you belong?


PercentValid > 1,00,000 10 20.0 20.0 20.0

1,00,000 to 2, 20 40.0 40.0 60.0

34

00,000200,000 to 500,000

15 30.0 30.0 90.0

500,000 & above

5 10.0 10.0 100.0

Total 50 100.0 100.0

> 1,00,000 1,00,000 to 2, 00,000

200,000 to 500,000 500,000 & above

To which income group you belong?

0

5

10

15

20

Fre

qu

ency


Inference:

It shows that Annual income of majority of respondents falls in the category of 1-2lac,

approximately 40%. Where as 20% in <1 lac, 30% in 2-5 lac, 10% in 5 lac or above.

35

Type of Plan respondents PreferWhat type of plan would you prefer?


PercentValid Endowment 23 46.0 46.0 46.0

Pure Risk 13 26.0 26.0 72.0

Money Back 8 16.0 16.0 88.0

Term Insurance

6 12.0 12.0 100.0

Total 50 100.0 100.0

Endowment Pure Risk Money Back Term Insurance

What type of plan would you prefer?

0

5

10

15

20

25

Fre

qu

ency


Inference:

Above Bar Chart shows that majority of respondents prefer Endowment 46%, 26%

Money Back, 16% Pure Risk and around 12% prefer Term Insurance Plan.

36

Investment range of RespondentsHow much can you invest per annum?


PercentValid < 10,000 20 40.0 40.0 40.0

10,000 - 15,000

13 26.0 26.0 66.0

15,000 - 20,000

10 20.0 20.0 86.0

> 20,000 7 14.0 14.0 100.0

Total 50 100.0 100.0

< 10,000 10,000 - 15,000 15,000 - 20,000 > 20,000

How much can you invest per annum?

0

5

10

15

20

Fre

qu

ency


Inference:

It show that 26% of respondents invest around 1000-15000, where as 40 %< 10,000,

20% 15000-20000, 14% invest 20000 or above.

37

Respondents preferred Duration of PolicyFor what duration would you like to hold the policy?


PercentValid < 5 Years 9 18.0 18.0 18.0

5- 10 Years

18 36.0 36.0 54.0

10 - 20 Years

16 32.0 32.0 86.0

> 20 Years 7 14.0 14.0 100.0

Total 50 100.0 100.0

< 5 Years 5- 10 Years 10 - 20 Years > 20 Years

For what duration would you like to hold the policy?

0

5

10

15

20

Fre

qu

ency


Inference:

It shows that the 36% of respondents prefer 5-10 years policy duration, where as 18%

in <5 years, 32% in 10-20 years, 14% prefer 20 Years or above duration.

38

Respondents Expectation from the Insurance CompanyWhat is your main expectation from the insurance company?


PercentValid Security 24 48.0 48.0 48.0

Good Return

13 26.0 26.0 74.0

Service 7 14.0 14.0 88.0

Flexibility 6 12.0 12.0 100.0

Total 50 100.0 100.0

Security Good Return Service Flexibility

What is your main expectation from the insurance company?

0

5

10

15

20

25

Fre

qu

ency


Inference:

Above bar chart shows that majority of respondents prefer security 48%, 26% good

return, 14%service and around 12% prefer flexibility from insurance company.

39

Additional Benefits respondent prefer from policyWhat additional benefit do you want from the policy?


PercentValid Accidental 13 26.0 26.0 26.0

Critical Illness 16 32.0 32.0 58.0

Start of Life 8 16.0 16.0 74.0

Family Income Benefit

13 26.0 26.0 100.0

Total 50 100.0 100.0

Accidental Critical Illness Start of Life Family Income Benefit

What additional benefit do you want from the policy?

0

5

10

15

20

Fre

qu

ency


Inference:

Above bar chart shows that majority of respondents prefer critical illness 32%, 26%

accidental, 16%start of life and around 26%prefer family income benefit.

40

Respondents’ logic behind taking an insurance planWhat is your logic behind taking an insurance plan?


PercentValid Tax Planning 12 24.0 24.0 24.0

Risk Cover 15 30.0 30.0 54.0

Retirement Planning

8 16.0 16.0 70.0

Investment Planning

6 12.0 12.0 82.0

5.00 9 18.0 18.0 100.0

Total 50 100.0 100.0

Tax Planning Risk Cover Retirement Planning

Investment Planning

5.00

What is your logic behind taking an insurance plan?

0

3

6

9

12

15

Fre

qu

ency


Inference:Above bar chart shows that 30% of respondent prefer risk cover, 24%

prefer tax planning,12%prefe Investment,16%prefer retirement planning and18%

prefer all of these

41

Company preference of respondents

Which company would you prefer to invest in?


PercentValid L.I.C. 15 30.0 30.0 30.0

HDFC 7 14.0 14.0 44.0

Bajaj Allianz

10 20.0 20.0 64.0

ICICI Prudential

8 16.0 16.0 80.0

bharti AXA 6 12.0 12.0 92.0

Others 4 8.0 8.0 100.0

Total 50 100.0 100.0

L.I.C. HDFC Bajaj Allianz ICICI Prudential

bharti AXA Others


0

3

6

9

12

15

Fre

qu

ency


Inference:It shows that majority of respondents prefers LIC about 30%, 12% Bharti

AXA, 20%Bajaj Allianz , 14% HDFC Standard life,16% ICICI Prudential and

8%prefer others.

42

Satisfaction level of respondent with their L.I. CompanyAre you satisfied with the services that are offered by your insurance company?



no 17 34.0 34.0 100.0

Total 50 100.0 100.0

yes no

Are you satisfied with the services that are offered by your insurance company?

0

10

20

30

40

Fre

qu

ency


Interference:

Above bar chart shows the mostly number of people are satisfied with their life

Insurance Company around 66%.

43

The Factors that motivated respondents to prefer Bharti

AXAWhat are the factors that have motivated you to prefer Bharti AXA over the other companies?


PercentValid Brand Name 15 30.0 30.0 30.0

Goodwill of Bharti AXA

19 38.0 38.0 68.0

Service 9 18.0 18.0 86.0

Advertisement 7 14.0 14.0 100.0

Total 50 100.0 100.0

Brand Name Goodwill of Bharti AXA

Service Advertisement

What are the factors that have motivated you to prefer Bharti AXA over the other companies?

0

5

10

15

20

Fre

qu

ency


Inference:

Above bar chart shows that 38% of respondents prefer Bharti AXA for its good will

& 30% for Brand Name, 18% for service & 14% people prefer due to advertisement.

44

Respondents which again prefer to buy Bharti AXA

productsIf Given a Chance do you again prefer to buy the Bharti AXA Life Insurance policy in future?



no 15 30.0 30.0 100.0

Total 50 100.0 100.0

yes no

If Given a Chance do you again prefer to buy the Bharti AXA Life Insurance policy in future?

0

10

20

30

40

Fre

qu

ency


Inference:

Above bar chart shows the mostly number of people are again going to buy Bharti

AXA Life Insurance Company products around 70%.

45

Factor which most dissatisfy a respondent from Bharti AXAWhat is the most dissatisfying factor do you feel about Bharti AXA?


PercentValid After Sale

Service12 24.0 24.0 24.0

Product Diversification

19 38.0 38.0 62.0

Fund Performance

10 20.0 20.0 82.0

Advertisement 9 18.0 18.0 100.0

Total 50 100.0 100.0

After Sale Service Product Diversification

Fund Performance Advertisement

What is the most dissatisfying factor do you feel about Bhari AXA?

0

5

10

15

20

Fre

qu

ency


Inference:Above bar chart shows that 24% of respondents dissatisfied with after

sales service of Bharti AXA & 38% for product diversification, 20% for fund

performance & 18% people dissatisfied due to advertisements.

46

Reason behind not purchasing of a Bharti AXA PolicyWhat are die reason behind not purchasing/taking a Bharti AXA life insurance policy?


PercentValid Trust 11 22.0 22.0 22.0

Service 19 38.0 38.0 60.0

Advertisement

12 24.0 24.0 84.0

Market Reputation

8 16.0 16.0 100.0

Total 50 100.0 100.0

Trust Service Advertisement Market Reputation

What are die reason behind not purchasing/taking a Bharti AXA life insurance policy?

0

5

10

15

20

Fre

qu

ency


Inference:

Above bar chart shows that 22% of respondents are not purchasing Bharti AXA

Policy due to trust & 38% due to service, 24% due to Advertisement & 16% people

due to advertisements.

47

Ranking of service offered by Bharti AXA Life InsuranceRank the service of Bharti AXA Life Insurance?


PercentValid Excellent 8 16.0 16.0 16.0

Good 20 40.0 40.0 56.0

Average 13 26.0 26.0 82.0

Below Average

9 18.0 18.0 100.0

Total 50 100.0 100.0

Excellent Good Average Below Average

Rank the service of Bharti AXA Life Insurance?

0

5

10

15

20

Fre

qu

ency


Inference:

Above bar chart shows that 16% of respondents feels services offered by Bharti AXA

are Excellent & 40% thinks Good, 26% feels Average & 18% people feels below

average.

48

CONCLUSION

Today insurance industry is a rapidly growing sector. After coming of the

private players this industry is becoming complex day to day and their competition

very fast.

After analyzing the responses of the people about main feature which

influence the insurance buying, the result shows that awareness level is increasing day

by day about the private insurance company. Till 1999 LIC have the monopoly in

insurance sector. But today is the era of private insurance companies, and the

awareness level and buying behavior is increasing day by day.

Major finding of the study show that protection is the prime preference along

with saving or tax benefits. At the same time people are more focused on their

children’s future planning In particular Bharti AXA Life Insurance have huge brand

awareness in the urban market due to Bharti Airtel presence in the market. But at the

same time company is struggling for its market share in rural market. In brief it can

be said that the people are getting confident to be the investor of Bharti AXA Life

Insurance products while they have heard about all the benefits of these plans.

49

SUGGESTIONS

There are a lot of possibilities in the market for Bharti AXA Life Insurance Products

due to their unique features. To get the benefit of this opportunity the company

should consider the following points.

1. The study shows that there is less awareness for the company’s Plans in

market. So it is necessary for company to make aware to the people for

company. The company should go for advertisements at local level.

2. Awareness of customers is very low in India even educated persons are

unaware about various products of insurance company. Company should

advertise their plans on a large scale e.g. on T.V. channel, leading

newspapers etc.

3. Company should recruit new agents or consultants. It is necessary for

company to trend them in a well manner therefore they will gave good

results.

4. Company should make plans for promotion of company business it should

organize road shows seminars, exhibition or contests because these things

make a clear picture of company’s plans.

50

5. Bharti AXA should open the branches and enhance its infrastructure so

that the people of that region can also be awarded about these plans.

6. Company should open customer service point in rural areas also.

7. Company should issue less premium plan.

51

Limitation of the Study

However I tried my best to have desired information from he information from the

respondents and to make the report fruitful but some limitations are bound to incur

which may affect the results or findings.

1. No Secondary Data:

As the subject of my project viz. consumer’s aptitude towards unit-linked

product was new so I was unable to have secondary data for the purpose of

my study.

2. Small sample size:

As sample size taken by me for purpose of survey was 50 respondents. So

the result may have some deviations from the facts because of small

sample size.

3. Limited area and time:

The study although carried out with the fullest possible effort and

devotion, the limitation of time, resources available may lead to an

element chance of some error.

52

SWOT ANALYSIS

Strength

Bharti AXA Life Insurance Company India’s Most Respected Company in the

insurance industry of India.

Excellent services

Customized of product as per customer needs

Brand image

Business experience

Strong financial base

Innovative product technology, organization culture and environment.

Weakness

Lot of the competitions is in the market offers some product difference in the

premium and offerings.

Target only bigger income group where other companies are trying to catch

middle lower level people.

Higher premium as compared to the other companies.

Client face problem to get insured due to large number of formalities.

High target of financial advisor and for the sales development.

53

Opportunity

Huge market is literally untapped out of estimated 320 million is usable

markets only 20% of the population is insured.

In the pension field where people want good life after their retirement.

Indian people are more emotional towards their children that are why children

plan are selling like hot cakes.

Health insurance and pension schemes and estimated market potential of

approximately $ 10 billion.

Threats

Weak perception of private players in the minds of Indian people due to

frequent financial schemes.

Large number of insurance players.

Current government policies do not encourage gross domestic savings.

Of the tax liabilities of the service rises the customers will have little money to

invest.

And change rules day by day more rigid which is very difficult for the

company.

54

Annexure

More Analysis

55

0.50 1.00 1.50 2.00 2.50


0

20

40

60

80

100

120

Fre

qu

ency

Mean = 1.04Std. Dev. = 0.19795N = 50


0.00 1.00 2.00 3.00 4.00 5.00


0

5

10

15

20

25

Fre

qu

ency

Mean = 2.40Std. Dev. = 0.98974N = 50


56

0.50 1.00 1.50 2.00 2.50 3.00 3.50


0

5

10

15

20

25

30

Fre

qu

ency

Mean = 2.26Std. Dev. = 0.77749N = 50


57

0.50 1.00 1.50 2.00 2.50 3.00 3.50


0

5

10

15

20

25

Fre

qu

ency

Mean = 2.12Std. Dev. = 0.79898N = 50


58

0.00 1.00 2.00 3.00 4.00 5.00


0

5

10

15

20

25

Fre

qu

ency

Mean = 2.30Std. Dev. = 0.90914N = 50


59

0.00 1.00 2.00 3.00 4.00 5.00


0

5

10

15

20

25

Fre

qu

ency

Mean = 1.94Std. Dev. = 1.05772N = 50


60

0.00 1.00 2.00 3.00 4.00 5.00


0

5

10

15

20

Fre

qu

ency

Mean = 2.08Std. Dev. = 1.08496N = 50


61

0.00 1.00 2.00 3.00 4.00 5.00


0

5

10

15

20

25

Fre

qu

ency

Mean = 2.42Std. Dev. = 0.94954N = 50


62

0.00 1.00 2.00 3.00 4.00 5.00


0

5

10

15

20

25

Fre

qu

ency

Mean = 1.90Std. Dev. = 1.05463N = 50


63

0.00 1.00 2.00 3.00 4.00 5.00


0

5

10

15

20

Fre

qu

ency

Mean = 2.42Std. Dev. = 1.14446N = 50


64

0.00 1.00 2.00 3.00 4.00 5.00 6.00


0

3

6

9

12

15

Fre

qu

ency

Mean = 2.70Std. Dev. = 1.43214N = 50


65

0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00


0

3

6

9

12

15

Fre

qu

ency

Mean = 2.90Std. Dev. = 1.65677N = 50


66

0.50 1.00 1.50 2.00 2.50


0

10

20

30

40

50

Fre

qu

ency

Mean = 1.34Std. Dev. = 0.47852N = 50


67

0.00 1.00 2.00 3.00 4.00 5.00

What are the factors that have motivated you to prefer Bharti AXA over the other

companies?

0

5

10

15

20

Fre

qu

ency

Mean = 2.16Std. Dev. = 1.0174N = 50


68

0.50 1.00 1.50 2.00 2.50

If Given a Chance do you again prefer to buy the Bharti AXA Life Insurance policy in

future?

0

10

20

30

40

50

Fre

qu

ency

Mean = 1.30Std. Dev. = 0.46291N = 50


69

0.00 1.00 2.00 3.00 4.00 5.00


0

5

10

15

20

Fre

qu

ency

Mean = 2.32Std. Dev. = 1.03884N = 50


70

0.00 1.00 2.00 3.00 4.00 5.00

What are die reason behind not purchasing/taking a Bharti AXA life insurance

policy?

0

5

10

15

20

Fre

qu

ency

Mean = 2.34Std. Dev. = 1.00224N = 50


71

0.00 1.00 2.00 3.00 4.00 5.00


0

5

10

15

20

25

Fre

qu

ency

Mean = 2.46Std. Dev. = 0.97332N = 50


72

BIBLIOGRAPHY

WWW.GOOGLE.COM WWW.Bharti-axalife.com www.irdaindia.org www.insuranceguide.com IC-33. MARKET RESEARCH,NARESH MALOHTRA

73

http://www.insuranceguide.com/

http://www.irdaindia.org/

QUESTIONNAIRE

General Information:

1. Name:

2. Age:

3. Sex: Male [ ] Female [ ]

4. Marital Status: Single [ ] Married [ ]

5. Educational Background: High School [10+2 [ ] Graduate [ ] Post Graduate [ ]

6. Address:___________________________________________

Questions:

1. Do you know about Life Insurance Policy?

Yes [ ] No [ ]

2. Do you have any Life Insurance Policy?

Yes [ ] No [ ]

3. Where would you prefer to invest?

Govt. Securities [ ] Mutual Funds [ ] Equity Shares [ ] Insurance [ ]

4. On which criteria do you invest?

Expert Advice [ ] Friendly Advice [ ] Own Analysis [ ]

5. What is your source of income?

Self Employed/Professional [ ] Business [ ] Salaried [ ]

6. To which income group you belong?

> 1, 00,000 [ ] 1, 00,000 to 2, 00,000 [ ] 200,000 to 500,000 [ ] 500,000 &

above [ ]

74

7. What type of plan would you prefer?

Endowment [ ] Pure Risk [ ] Money Back [ ] Term Insurance

8. How much can you invest per annum?

< 10,000 [ ] 10,000 - 15,000 [ ] 15,000 - 20,000 [ ] > 20,000 [ ]

9. For what duration would you like to hold the policy?

< 5 Years [ ] 5- 10 Years [ ] 10 - 20 Years [ ]> 20 Years [ ]

10. What is your main expectation from the insurance company?

Security [ ] Good Return' [ ] Service [ ] Flexibility [ ]

11. What additional benefit do you want from the policy?

Accidental [ ] Critical Illness [ ] Start of Life [ ] Family Income Benefit [ ]

12. What is your logic behind taking an insurance plan?

Tax Planning [ ] Risk Cover [ ] Retirement Planning [ ] Investment Planning [ ]

All of these [ ]

13. Which company would you prefer to invest in?

L.I.C. [ ] HDFC [ ] Bajaj Allianz [ ] ICICI Prudential [ ] bharti AXA [ ] others [ ]

14. Are you satisfied with the services that are offered by your insurance company?

Yes [ ] No [ ]

15. What are the factors that have motivated you to prefer Bharti AXA over the other

companies?

Brand Name [ ] Goodwill of Bharti AXA [ ] Service [ ] Advertisement [ ]

16. If Given a Chance do you again prefer to buy the Bharti AXA Life Insurance

policy in future?

Yes [ ] No [ ]

75

17. What is the most dissatisfying factor do you feel about Bharti AXA?

After Sale Service [ ] Product Diversification [ ] Fund Performance [ ]

Advertisement [ ]

18. What are die reason behind not purchasing/taking a Bharti AXA life insurance

policy?

Trust [ ] Service [ ] Advertisement [ ] Market Reputation [ ]

19. Rank the service of Bharti AXA Life Insurance?

Excellent [ ] Good [ ] Average [ ] Below Average [ ]

Thanking you!

76

bharti+axa+project

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