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2. 3. PERCEPTION STUDY ON MONEY BACK POLICY& COMPARISON STUDY ON PRODUCT OF RELIANCE LIFE INSURANCE WITH OTHER PRIVATE INSURANCE COMPANY A PROJECT REPORTSubmitted by Mr. Anubhav Bhushan Reg. No. S0906POST GRADUATE DIPLOMA IN MANAGEMENT INMARKETING Centurion School of Rural Enterprise Management, Paralakahemundi, Odisha May June 2010 4. PERCEPTION STUDY ON MONEY BACK POLICY & COMPARISON STUDY ON PRODUCT OF RELIANCE LIFE INSURANCE WITH OTHER PRIVATE INSURANCE COMPANY A PROJECT REPORT Submitted to:PROFESSOR K. V. RAMANA Submitted by Mr. Anubhav Bhushan Reg. No. S0906 Centurion School of Rural Enterprise Management, Paralakahemundi, OdishaAPRIL JUNE 2010 5. BONAFIDE CERTIFICATECertifiedthatthis project report PROJECT REPORT ONCOMPARATIVE ANALYSIS OF INSURANCE PRODUCT WITHDIFFERENT LIFE INSURANCE COMPANIES. is the bonafide workof ANUBHAV BHUSHAN who carried out the project work under mysupervision. SIGNATUREK. V. RAMANA Assistant Professor Centurion School of Rural Enterprise Management, Paralakhemundi, Odisha 6. DECLARATIONI hereby declare that this project work entitled Perception study on Money Backpolicy & Comparison study on product of Reliance Life Insurancewith other private insurance company is my work, carried out under theguidance of my faculty guides PROF. K.V. RAMNA and company guide Mr.VIKASH KUMAR, Branch Manager, Reliance Life insurance Company Limited,Ranchi. This report neither full nor in part has ever been submitted for award ofany other degree of either this management college or any other managementcollege. SIGNATUREMr. ANUBHAV BHUSHANREGD. NO. S0906P.G.D.M.C.S.R.E.M. , PARALAKHEMUNDI 7. ACKNOWLEDGEMENTFirst of all I would like to acknowledge our indebted to our Director Dr. (Prof.)G.C.Patro, for his valuable guidance and consistent supervision throughout thecourse. I am also thankful to Mr. VIKASH KUMAR, Company Guide of Reliance LifeInsurance company LTD, Ranchi, for his valuable guidance for preparing the FinalReport and also for providing the necessary facilities. I am extremely thankful to PROF. K.V. RAMANA , Faculty Guide of CSREM,Paralakhemundi for their timely guidance and support throughout the projectwork. Finally I am indebted to our other faculty members, my friends and my parentswho gave their full-fledged co-operation for successful completion of my project. It was an indeed learning experience for me. ANUBHAV BHUSHAN Regd. No. - S0906 8. Page No.Project BA : Perception Study on Money Back policyChapter No. 11.1.Abstract ...01 1.2.Introduction ...02 1.3.Detail Study about Money back policy ...02 1.3.1 Salient Feature..03 1.3.2 Benefit...04 1.4 Research Problem ...05 1.5 Purpose of the Study ..05Chapter No. 2 2.1. Research Methodology ...06 2.1.1. Research Strategy...062.1.1.1. Primary source...062.1.1.1.1. Sampling Design ...062.1.1.1.1.1 Population..062.1.1.1.1.2 Sample Frame06 2.1.1.1.2. Sampling Element...06 2.1.1.1.3. Sample Technique..07 2.1.1.1.4. Sample Size ...072.1.1.2. Secondary Sources07 9. Chapter No. 33.1. Analysis and Data Interpretation 08Chapter No. 44.1. Results.214.2. Conclusion ..234.3. Suggestion ..24PROJECT - BB. Comparison study on product on Reliance Life InsuranceWith other private insurance companiesChapter No. 55.1. Objective...275.2. Introduction ..275.2.1. ULIP Plan of Reliance Life Insurance .27Chapter No. 66.2. Compare ULIP product of Reliance Life withMutual Fund 286.2.1. Mode of Investment 286.2.2. Expenses 296.2.3. Portfolio Disclosure 306.2.4. Flexibility in altering the assets allocation 31 6.2.5. Tax Benefit 32 10. SuggestionBibliographyAnnexure List of Table and FigureList of Table Particular Page No. 1. Table No. 1.Money Back Policy plan feature..042. Table No. 2....Awareness of Life Insurance.....083. Table No. 3.Decision Influence....094. Table No. 4..Attraction of Insurance105. Table No. 5.Purpose of buy Insurance..116. Table No. 6..........Investment for Insurance..127. Table No. 7Premium payment...138. Table No. 8....Mode of Premium...149. Table No. 9.Believable Company..1510. Table No.10..........Types of Insurance plan...1611. Table No.11Aware with Money Back1712. Table No.12..No. of Policy.1813. Table No.13...........Interest to take Money Back policy.1914. Table No.14.Satisfaction20 11. List of FigureParticular Page No. 1. Figure No. 1....Awareness of Life Insurance.....082. Figure No. 2.Decision Influence....093. Figure No. 3..Attraction of Insurance104. Figure No. 4.Purpose of buy Insurance..115. Figure No. 5..........Investment for Insurance..126. Figure No. 6Premium payment...137. Figure No. 7....Mode of Premium...148. Figure No. 8.Believable Company..159. Figure No. 9..........Types of Insurance plan...1610. Figure No. 10Aware with Money Back1711. Figure No. 12..No. of Policy.1812. Figure No. 13...........Interest to take Money Back policy.1913. Figure No. 14.Satisfaction20 12. Chapter No. 1 1.1. Abstract India is a country where the average selling of life insurance policies is still lowerthan many western and asian countries, with the second largest population in worldthe Indian insurance market is looking very prospective to many multinational andIndian insurance companies for expanding their business and market share. Beforethe opening of indian market for Multinational Insurance Companies, LifeInsurance Corporation (LIC) was the only company which dealt in Life Insuranceand after opening of this sector to other private companies, all the world leaders oflife insurance have started their operation in India. With their world marketexperience and network, these companies have offered many good schemes to lureall type of Indian consumers but unfortunately failed to get the major share ofmarket. Still the LIC is the biggest player in the life insurance market with approx65% market share. But why Indian consumers do not trust on many companies andwhy the major population of India does not have any life insurance policy or whatare the factors plays major role in buying behavior of consumers towards lifeinsurance policies. 13. 1.2. IntroductionLife is full of risk and uncertainties. Since we are the social human being we havecertain responsibilities too. Indian consumers have big influence of emotions andrationality on their buying decisions. They believe in future rather than the presentand desire to have a better and secured future, in this direction life insuranceservices have its own value in terms of minimizing risk and uncertainties. Indianeconomy is developing and having huge middle class societal status and salariedpersons. Their money value for current needs and future desires here the pendulummoves to another side which generate the reasons behind holding a policy. Herethe attempt has been made in this research paper to study the buying behavior ofconsumers towards life insurance services.Life insurance is one of the best known insurance products today. People buy theseproducts as investment tools and also as protection for themselves and theirfamilies. All the insurance companies the world over are looking at attracting theeye balls of customer and positioning their solutions innovatively to cater to nicheand specific markets. One of the most critical aspects both from the view point ofthe customer and the insurer is getting important and relevant leads that can bebeneficial for both. 14. 1.3. Detail study about Money back Policy 'MONEY BACK plan is an excellent plan with good return on reinvestment, bestsuited for businessmen and professionals. Money is available at regular intervals infuture to meet the specific expenses such as children's education or marriage. Atthe same time, the provides insurance protection for the family as well as old ageprovision.1.3.1 .Salient Features where lump sum amounts are paid to the life assured at periodic intervals on survival. In case of death of the life assured within the term, the total sum insured is paid to the nominee, irrespective of earlier survival benefits. Bonus is payable under this scheme. Premiums are to be paid regularly to get survival benefits. Premiums cease at death or on expiry of term whichever is earlier. This plan can be availed of for terms 20 or 25 years. 15. 1.3.2 . Benefits On Death:o Full sum assured is payable at death of the life assured within theterm, without any deduction of earlier survival benefits. (e.g. forexample, suppose a person takes a Rs.1,00,000/- for 20 years. At theend of the 5th and 10th year he receives Rs.20,000/- each as survivalbenefit. If he happens to die in the 12h year, the nominee of the lifeassured will receive full Rs.1,00,000/-, irrespective of the earlierbenefits of Rs.40,000/-) On Survival:For Example, on a Rs. Term At the end ofAmount of money back 1,00,000 5thyear20% of sum assured Rs.20,000/- 20 10thyear20% of sum assured Rs.20,000/-years 15thyear20% of sum assured Rs.20,000/-20thyear40% of sum assured Rs.40,000/- 255thyear15% of sum assured Rs.15,000/-years 10thyear15% of sum assured Rs.15,000/- 16. 15thyear 15% of sum assured Rs.15,000/-20thyear 15% of sum assured Rs.15,000/-25thyear 40% of sum assured Rs.40,000/- Table No. 1 1.4. Research ProblemThe problem of the my research is to know perception of the customer aboutMonet Back policy in Varanasi, U.P.1.5. Purpose of the studyThe purpose of the study is know that 1. To evaluate the factors underlying consumer perception towards investment in life insurance policies. 2. To develop and standardize a measure to evaluate investment pattern in life insurance services.Research QuestionPerception study about Money back policy 17. Chapter No. 2 2.1. RESEARCH METHODOLOGY2.1.1. .Research Strategy For my research study first of all this is very important that I have to know what is money back policy and how it works. Ill visit Reliance Life Insurance Company in Varanasi to know more about Money Back policy. Collection of data 2.1.1.1. Primary Source 2.1.1.1.1. Sampling Design a) Population:Population included investors in Varanasi region. b) Sample frame: Since the data was collected through personal contacts, thesample frame was the individuals who are investing in life insurance policies. 18. 2.1.1.1.2. Sampling elements:Individual respondents were the sampling elements. 2.1.1.1.4 Sampling Techniques:Purposive sampling technique was used to select the samples.2.1.1.1.5 Sample Size:Sample size was 104 respondents2.1.1.2 .Secondary SourceThe common source for secondary data includes different websites & books and Reliance life insurance office in Varanasi. 19. Chapter 33.1. Analysis and data interpretation 3.1. Awareness of life insurance in consumer.Fig. 1 EW z ETable No.2According to the data Maximum people are aware with Life insurance policy; here100% people are aware with life insurance. This time in india most of the peopleaware with this investment because now a days people are not interested to investtheir money in bank and post office etc. but if we see in rural area , where most ofthe people is not aware with life insurance. 20. 3.2. In buying insurance policy, your decision is influenced by Figure No. 2 E Z&&W Table No. 3Insurance is now basic investment for consumers. But this is tradition of india thatwe are not believe in unknown people So when any one buy insurance policy thenhis or her decision is depend on family friends etc. here if we see 37% respondentsbelieve his family to buy insurance policy but only 18% respondents decisiondepend on brand and advertisement of company. so here we see that family andfriends play a big role to buy insurance policy. 3.3. What will you more attract in insurance? 21. Figure No. 3 E ' / Z D Table No. 4Mostly people invest money in insurance for his life security but now they alsothink about profit. Today people are only asking about profit that after 3 or 4 yearhow much Money Company give me. Most of the people buy insurance for Bonus,here 66% people attract by bonus and only 4% people attract by return depend onmarket. 22. 3.4.What is your purpose for buying insurance policy? Figure No. 4E Z&&dK Table No. 5 Most of the people buy insurance policy for his old days saving because they wantto save money for old age and only 21% people buy insurance for time to timeneeds. 23. 3.5.How much money you want to invest in insurance?Figure No. 5W E Table No. 6 Mostly people invest in insurance his saving amount and according to theirsaving they purchase life insurance policy. Here most of the people invest20001 Rs. To 25000 Rs. And very less number of people invest huge amount ininsurance. 24. 3.6.How do you want to pay your premium? Figure No.6E K D Z Table No. 7 Most of the respondent pay their premium through cheque there 41 respondent paytheir premium through cheque and 36 respondent pay their premium through cashand 27 respondent pay their premium through demand draft.. 25. 3.7In what mode you want to give premium?Figure No. 7E DZ D , z z Table No. 8 Insurance company give a lots of facility to his loyal costumer for pay hispremium. Coustmer also pay the premium in three mode monthly, halfyearly and yearly. Here 39 % respondent pay in half yearly mode and35% respondent pay yearly mode premium. 26. 3.8.In which company you believe most ?Figure No.8E W WTable No. 9 Most of the people want to invest his money in public insurance company and inprivate insurance company only 38 respondent want to invest their money. Most ofthe people buy insurance from LIC and there are 24 private insurance company inIndia. 27. 3.9.Do you want which type of insurance plan? Figure No. 9 EW> E Zh>/W WdW,Wd Table no. 10 In insurance plan respondent want mostly traditional plan. 40% respondent usetraditional plan and 21% respondent want to buy ULIP Plan. 28. 3. 10. Do you aware with Money Back Policy of any life insurance company?Figure No.10 EZ z ETable No. 11 There are 84% respondents who aware about money back policy and 16%respondent have no idea about money back policy. 29. 3.11.How much Money Back policy you have?Figure No.11 EE ZTable No.12 There are 84% aware with Money back policy in this 84% respondent 37people have 1 money back policy and 27 people have 2 money back policy.There are 16% respondent they havent any money back policy. 30. 3.12.Do you interested to take Money Back policy? Figure No.12E ZzE Table No. 13 There are 55% respondent interested to take money back policy again but 27%respondent have no interest to take this policy again and 18% respondent dontknow what to do. 31. 3.13.Are you satisfied with the return on investment, which you are gettingfrom your policy? Figure No. 13E Zs^E DTable No.14 Here we see very positive result of my respondent about money back policyproduct. In that 84% respondent 60 % respondent satisfied with return on thismoney back policy and 21% respondent very satisfied with money backpolicy.and 11% respondent not satisfied with return on this money back policy. 32. Chapter No. 44.1. ResultsIn present Indian market, the investment habits of Indian consumers are changingvery frequently. The individuals have their own perception towards various typesof investment plans. The study of this research work was focused over consumersperception on investment towards money back policy of Life Insurance Services.The objectives of the study were to evaluate the factors underlying consumerperception towards investment in life insurance policies; and to compare thedifferences in consumer perception of male and female consumers. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 3. ^The consumers perception towards Life Insurance Policies is positive. Itdeveloped a positive mind sets for their investment pattern, in insurance policies.Still some actions are needed for developing insurance market. The major factorsplaying the role in developing consumers perception towards Life InsurancePolicies are Consumer Loyalty, Service Quality, Ease of Procedures, SatisfactionLevel, Company Image, and Company-Client Relationship. Insurance industry hasto go ahead. A lot of opportunities are still waiting. This research will help indeveloping the market share, loyalty and further development in insurance sector. 56. 4.3. Suggestions1. Insurance companies should try to adopt different strategies to market their products or plan. Companies should not primarily focus on the agents for their business.2. Insurance company should try to decrease its charge.3. Agents should not be cheat with his client .they should be give clear information about insurance product. 57. Project B 2Comparison study on Reliance LifeInsurance with other private insurancecompany 58. Chapter No. 55.1. AbstractToday total Investment scenario is changing, in past people were not interested ininvestment because there were no good options available for investment. Nowthere are many options available for investment like life Insurance, Mutual fund,Equity market, Real estate, etc. Today people want more services and more returnon their investment. So, most of the insurance companies are providing more value added services with the basic insurance operation. Another option for investmentavailable is Mutual Fund. Mutual Funds are providing good returns. So whileinvesting people tend more to words mutual fund as they are providing morereturns than Insurance also, with a good investment portfolio. Mutual fundcompanies are providing more liquidity. The project topic was taken to knowabout, compare study of Reliance life Insurance product with other privateinsurance companys product. 59. 5.2. Objective To compare investment option of costumer in ULIPs and Mutual Fund To understand the reason for which costumer prefer ULIP as one of the bestinsurance investment rather than mutual fund. 5.3. Introduction5.3.1. ULIP Plan of Reliance Life InsuranceULIPs have been the darling of insurance companies, intermediaries andthe insured population alike over the last five years. The main reason for thispopularity is the twin advantage of a pure life cover (insurance component) and arange of investment funds or options (savings component) to match your riskprofile. While the pure life cover provides the much needed financial security toyour dependents in the event of your untimely death, the savings component allowsyou to participate in the capital markets and build wealth over the long-term tenure 60. of the policy. Unit Linked Insurance Policies (ULIPs) as an investment avenue areclosest to mutual funds in terms of their structure and functioning. As is the caseswith mutual funds, investors in ULIPs are allotted units by the insurance companyand a net asset value (NAV) is declared for the same on a daily basis. SimilarlyULIP investors have the option of investing across various schemes similar to theones found in the mutual funds domain, i.e. diversified equity funds, balancedfunds and debt funds to name a few. Generally speaking, ULIPs can be termed asmutual fund schemes with an insurance component. However it should not beconstrued that barring the insurance element there is nothingChapter No. 066.1. Differentiating mutual funds from ULIPs6.1.2. Mode of investment/ investment amountsMutual fund investors have the option of either making lump sum investments orinvesting usingthe systematic investment plan (SIP) route which entailscommitments over longer timehorizons. The minimum investment amounts arelaid out by the fund house. ULIP investors also have the choice of investing in alump sum (single premium) or using the Conventional route, i.e. making premiumpayments on an annual, half-yearly, quarterly or monthly basis. In ULIPs,determining the premium paid is often the starting point for the investment activity. 61. This is in stark contrast to conventional insurance plans where the sum assured isthe starting point and premiums to be paid are determined there after ULIPinvestors also have the flexibility to alter the premium amounts during the policy'stenure. For example an individual with access to surplus funds can enhance thecontribution there by ensuring that his surplus funds are gainfully invested;conversely an individual faced with a liquidity crunch has the option of paying alower amount (the difference being adjusted in the accumulated value of hisULIP). The freedom to modify premium payments at one's Convenience clearlygives ULIP investors an edge over their mutual fund counterparts.6.1.2. ExpensesIn mutual fund investments, expenses charged for various activities like fundmanagement, sales and marketing, administration among others are subject to pre-determined upper limits as prescribed by the Securities and Exchange Board ofIndia. For example equity-oriented funds can charge their investors a maximum of2.5% per annum on a recurring basis for all their expenses; any expense above theprescribed limit is borne by the fund house and not the investors. Similarly fundsalso charge their investors entry and exit loads (in most cases, either is applicable).Entry loads are charged at the timing of making an investment while the exit loadis charged at the time of sale. 62. Insurance companies have a free hand in levying expenses on their ULIP productswith no upper limits being prescribed by the regulator, i.e. the InsuranceRegulatory and Development Authority. This explains the complex and at times'unwieldy' expense structures on ULIP offerings. The only restraint placed is thatinsurers are required to notify the regulator of all the expenses that will be chargedon their ULIP offerings. Expenses can have far-reaching consequences oninvestors since higher expenses translate into lower amounts being invested and asmaller corpus being accumulated.6.1.3. Portfolio disclosureMutual fund houses are required to statutorily declare their portfolios on aquarterly basis, albe it most fund houses do so on a monthly basis. Investors get theopportunity to see where their monies are being invested and how they have beenmanaged by studying the portfolio. There is lack of consensus on whether ULIPsare required to disclose their portfolios. During our interactions with leadinginsurers we came across divergent views on this issue. While one school of thoughtbelieves that disclosing portfolios on a quarterly basis is mandatory, the otherbelieves that there is no legal obligation to do so and that insurers are required todisclose their portfolios only on demand. Some insurance companies do declaretheir portfolios on a monthly/quarterly basis. However the lack of transparency in 63. ULIP investments could be a cause for concern considering that the amountinvested in insurance policies is essentially meant to provide for contingencies andfor long-term needs like retirement; regular portfolio disclosures on the other handcan enable investors to make timely investment decisions. 6.1.4. Flexibility in altering the asset allocationAs was stated earlier, offerings in both the mutual funds segment and ULIPssegment are largely comparable. For example plans that invest their entire corpusin equities (diversified equity funds), a 60:40 allotment in equity and debtinstruments (balanced funds) and those investing only in debt instruments (debtfunds) can be found in both ULIPs and mutual funds. If a mutual fund investor in adiversified equity fund wishes to shift his corpus into a debt from the same fundhouse, he could have to bear an exit load and/or entry load. On the other hand mostinsurance companies permit their ULIP inventors to shift investment across variousplans/asset classes either at a nominal or no cost (usually, a couple of switchesareallowed free of charge every year and a cost has to be borne for additionalswitches) Effectively the ULIP investor is given the option to invest across assetclasses as per his convenience in a cost-effective manner. This can prove to be veryuseful for investors, for example in a bull market when the ULIP investor's equity 64. component has appreciated, he can book profits by simply transferring therequested amount to a debt-oriented plan.6.1.5. Tax benefitsULIP investments qualify for deductions under Section 80C of the Income TaxAct. This holds good, irrespective of the nature of the plan chosen by the investor.On the other hand in the mutual funds domain, only investments in tax-savingfunds (also referred to as equity-linked savings schemes) are eligible for Section80C benefits. Maturity proceeds from ULIPs are tax free. In case of equity-oriented funds (for example diversified equity funds, balanced funds), if theinvestments are held for a period over 12months, the gains are tax free; converselyinvestments sold within a 12-month period attract short-term capital gains tax @10%. Similarly, debt-oriented funds attract a long-term capital gains tax @ 10%,while a short-term capital gain is taxed at the investor's marginal tax rate. Despitethe seemingly similar structures evidently both mutual funds and ULIPs have theirunique set of advantages to offer. As always, it is vital for investors to be aware ofthe nuances in both offerings and make informed decisions 65. Suggestion As insurance sector is growing rapidly so most of the life insurance playersare selling ULIP plans. And the awareness about ULIP is growing most of thepeople knows the ULIP of life insurance. Since last 4-5 years the returns providedby ULIP were very good so people tend more towards ULIP Middle class people who are interested in investment but they are not awareof such options so more awareness should be there, as main target customer are themiddle class peoples. While investing any insurance company customer prefers for good brandedcompany is Indias one of the most famous and richest family. And secondpreference is given to SBI life as many people perceive that SBI Life is a govt.owned company so people want security for their investment. As now till date people in India dont wanted to invest in share marketbecause then were thinking that it is a bad thing but as the awareness about Mutualfund is increasing as more and more private players are entering in the market. Soawareness about MF is not very good and it can be improved. While survey I found that many all customers had already invested in ULIPand Mutual Fund some people had invested in both options. 12% of people had 66. invested in Mutual Fund and 26% people had invested in ULIP and 4% people hadinvested in both the options. While investing in mutual fund 44% of the customers looks their return,42%customers observe the schemes performance in past years.First reason or preference that why an investor is interested in ULIP isInvestment Purpose, and second is to its returns and after that they investingbecause they are getting the tax benefit. Then again there are some people who areinvesting for pension planning and security. In future people will be more preferring to the security of their money meansthey want a secured option which should provide good returns. As ULIP are theoption in which you can have the security also and good returns. The secondchoice of the investors is return of their money. 54% of people given Best rating to the Reliance Life Insurance ULIP, sofrom this we can analyze that Reliance Life Insurance is doing good but it ishaving good potential in Market. To improve its market share they should improvethe awareness level of the common people. Innovative Products and good brand name are the main success factor forReliance Life Insurance. 6% customers are attracted due to the high reputation of 67. the company. So if BALIC wants to penetrate its market share they should improvethe marketing strategy, improving the distribution channel etc. Conclusion Awareness of ULIP is increasing as more number of private players isentering in life insurance industry.Mutual Fund is also getting more and more famous in Indian market as manyprivate companies innovating new funds as the investors demand ULIPdifferentiate from Mutual fund in respect of Insurance cover.Investors in Reliance Life ULIP will be getting the advantage of lifeinsurance cover.People are turning towards the ULIP as a good investment option but asULIP is in its starting phase so customers are preferring only big brands.Mutual fund is having good growth but many customers from rural areasdont have any knowledge about Mutual fund. They think it is very risky. 68. Even investors from cities like Varanasi dont have that much of Knowledgeabout fund selection they all are depend on Brokers.People in Varanasi are investing in only good branded companies as theydont believe on other financial companies for taking ULIP.There is a need for insurers to undertake a demand audit in order tounderstand what the policy holder wants and needs.Deriving the right feedback from customers and bringing out innovativeproducts which cater to customer demands will go a long way in tapping themarket potential of the insurance and Mutual fund sector. For Reliance Life Insurance They should go for creating more awarenessabout its ULIP as now also people are just investing because Reliance is Indiasmost Known and Favorite brand in past. Reliance life should go for innovating more and more products andimproving the distribution channels as per the area of sales 69. BibliographyBook-1. India Today Magazine ( May,2010; Page No. 24 )2. Dainik Jagran News paper ( 20th june,2010; Page No.04)Websites1. www.reliancelife.com2. www.wikipedia.com3. www.comparelifeinsurence.co.in4. www.apnainsurance.com5. www.moneycontrol.com6. www.irdaindia.gov7. www.bajajallianzlife.com8. www.yahooanswer.com 70. Annexure 1. QUESTIONNAIRES2. Data Sheet of data collection In Varanasi 71. QUESTIONNAIRESDeclaration: It is purely for academic purposes and the data given will not bepassed to anyone. I request you to kindly fill up the form. Thank you. NAME: _____________________________SURNAME____________________ DATE OF BIRTH: ___________________ PRESENTADDRESS___________________________________________________________ ______________________________________________________________________________ LANDMARK: ______________________PIN ______________ PHONE NO _____________ MOBILE____________________ PERMANENT ADDRESS: __________________________________________________________________ __________________________________________________________________ EDUCATION: ________________________ OCCUPATION: _______________________ MONTHLY INCOME:a) Rs30, 0001. Do you aware with life Insurance? a) Yesb) No2. Are you interested in investing your money?i) Yesii) Noiii) Not now3. Where you want to invest your money? i) Sharesii) Mutual fundsiii) Insurance iv) Fixed deposits 4. What is your purpose for buying insurance policy? 72. a) For old age savingb) Family needsc) Time to time needsd) Opposite circumstances5. In buying insurance policy, your decision is influenced bya) Familyb) Friendsc) Professional and trade union groupd) Brand and Advertisement 6. What is your savings as a percentage of annual income?a).15 to 20 b) 20 to 40c) 40 to 50 d) 50 to 607. How much money you want to invest in insurance?a) 10,000 to 15,000b) 15,001 to 20,000c) 20,001 to 25,000d) 25,001 to 30,000e) 30,001 to 35,000 7. In which company you believe most ?a) Private insurance companyb) Public insurance company8. Do you know how many insurance companies prevailing in India?a) 1 b) 8 c) 16 d) More than 20 d) No idea 73. 9. What will you more attract in insurance? a) Bonus b) Generated Bonus c) Return depend on market 10. How do you want to give your premium? a) Cash b) Cheque c) Demand Draft 11. Do you think that insurance is necessary in todays life? a) Yesb) No 12. In what mode you want to give premium? a. Monthly b. Half-yearly c. Yearly 13. Do you want which type of insurance plan?a) ULIPb) Traditionalc) Healthd) Term Plan 74. 14. Do you aware with Money Back Policy of any life insurance company ?a) Yesb) No 15. How much Money Back policy you have ?a) 0b) 1c) 2d) 3e) 4 and above 16. Do you interested to take Money Back policy ?a) Yesb) Noc) Cant say 17. Do you interested to take Money Back policy?a. Yesb. Noc. Cant say 18. Are you satisfied with the return on investment, which you are getting from your policy?a. Very satisfiedb. Satisfiedc. Cant sayd. Not much satisfiede. Dissatisfied 75. Any Suggestion. Signature:Date:Thank you for Your Cooperation 76. ^ insuranceaware with money E NameAwareness Company plan back Satisfaction Public InsuranceHealthNot much ashsih seth Yes Company Plan Yessatisfied Private Insurance sandeep verma Yes Company Traditinol Yes Very satisfied Public Insurance shiren saherYes Company ULIPNo Satisfied Public Insurance piya rastogiYes Company TraditinolNo Very satisfied Public Insurance Aanand tiwari Yes Company Traditinol Yes Satisfied Dr. jitendraPrivate Insurance Health Gupta Yes Company Plan Yes Satisfied Private Insurance satish Jiasawal Yes Company Term PlanYes Can't say ramakantPrivate Insurance jaisawalYes Company Traditinol Yes Satisfied Private Insurance Health sachin dewadi Yes Company Plan Yes Satisfied Private Insurance anil guptaYes Company ULIP Yes Very satisfied Private Insurance rehmaan khanYes Company ULIP Yes Satisfied ramapatiPrivate Insurance pradhan Yes Company Traditinol Yes Satisfied Public Insurance sanjay guptaYes Company Traditinol Yes Satisfied Public Insurance satish sarmaYes Company Traditinol Yes Satisfied Public Insurance rakesh dubeyYes Company Traditinol Yes Satisfied Public Insurance deepak kumarYes CompTraditinol Yes Satisfied Public Insurance wakil ahmed YesCompanyTraditinolNo Very satisfiedPublic Insurance kanhaiya lalYesCompanyTraditinol Yes SatisfiedPublic Insurance Health santosh kumar YesCompanyPlan Yes Satisfied gajendra prasadPublic Insurance Health gupta YesCompanyPlanNo SatisfiedPublic Insurance rahul sharmaYesCompanyTraditinol Yes Very satisfied 77. Public Insurance mukta gupta YesCompany Traditinol YesSatisfiedPublic Insurance dhirendra gupta YesCompany Term PlanYesSatisfiedPublic InsuranceHealth ramesh jaisawal YesCompany Plan No SatisfiedPrivate Insurance Health Jyotish PrasadYesCompany Plan YesSatisfiedPrivate Insurance Rakesh Prasad YesCompany ULIP YesVery satisfiedPrivate Insurance Gurpreet singhYesCompany ULIP YesSatisfied JagdishPrivate Insurance BaranwalYesCompany Traditinol YesSatisfied NarsinghdasPublic Insurance gupta YesCompany Traditinol YesSatisfied Ramakant Public Insurance Jaiswal YesCompany Traditinol YesSatisfied Santosh Kr.Public Insurance Jaiswal YesCompany Traditinol YesSatisfiedPublic Insurance pradeep Jaiswal YesCompany Traditinol YesSatisfied ^insuranceaware with money E NameAwarness Company plan back SatisfactionPublic Insurance Shireen Saher YesCompany Traditinol No Very satisfiedPublic Insurance Amit JaiswalYesCompany Traditinol YesSatisfiedPublic InsuranceHealth Navin gupta YesCompany Plan YesSatisfiedPublic InsuranceHealth Pramod GuptaYesCompany Plan No SatisfiedPublic Insurance Naresh Sharma YesCompany Traditinol YesVery satisfiedPublic Insurance Sunjay singhYesCompany Traditinol YesSatisfied KoushalPublic Insurance baranwalYesCompany Term PlanYesSatisfiedPublic InsuranceHealth Ravi bhushanYesCompany Plan No SatisfiedPublic InsuranceHealthNot much aalisha YesCompany Plan YessatisfiedPrivate Insurance Manish GuptaYesCompany Traditinol YesVery satisfiedPublic Insurance ashish seth YesCompany ULIP No Satisfied 78. priyesh Public Insurance chourasia Yes Company Traditinol NoVery satisfied Public Insurance pintu shrma Yes Company Traditinol Yes Satisfied Private Insurance Health Kailash Gupta Yes Company Plan Yes Satisfied Private Insurance Priya rastgiYes Company Term PlanYes Can't say Private Insurance Health abhishek GuptaYes Company Plan Yes Satisfied Private Insurance prahlad yadav Yes Company ULIP Yes Very satisfied Private Insurance Anupam seth Yes Company ULIP Yes Satisfied Ved prakash Private Insurance Health gupta Yes Company Plan NoSatisfied Private Insurance Raju guptaYes Company Traditinol Yes Very satisfied Public Insurance Puttul GuptaYes Company Traditinol Yes Satisfied Public Insurance sunil pandeyYes Company Term PlanYes Satisfied Public InsuranceHealth lakhan prasad Yes Company Plan NoSatisfied Public InsuranceHealth Chanderiwal Yes Company Plan Yes Satisfied Public Insurance gita seth Yes Company ULIP Yes Very satisfied Public Insurance niki jaiswalYes Company ULIP Yes Satisfied Public Insurance madan galgotiaYes Company Traditinol Yes Satisfied Public Insurance aanchal kumariYes Company Traditinol Yes Satisfied Public Insurance Ravi kishan Yes Company Traditinol Yes Satisfied Public Insurance lalu yadayYes Company Traditinol Yes Satisfied Public Insurance vivek chourasia Yes Company Traditinol Yes Satisfied Public Insurance munna jaiswal Yes Company Traditinol NoVery satisfied Private Insurance sanjay guptaYes Company Traditinol Yes Satisfied Private Insurance Health deepak jaisal Yes Company Plan Yes Satisfied 79. Private Insurance Health sneha keshari Yes Company Plan NoSatisfied Private Insurance PK Srivastawa Yes Company Traditinol Yes Very satisfied Public Insurance RK SinghYes Company Traditinol Yes Satisfied Public Insurance Ashok Singh Yes Company Term PlanYes Satisfied Public InsuranceHealth AK tripathi Yes Company Plan NoSatisfied Public Insurance LC RaiYes Company Traditinol Yes Satisfied Public InsuranceHealth DK singhYes Company Plan Yes Satisfied Public Insurance JP gaur Yes Company Term PlanYes Can't say Madholika Public InsuranceHealth Agrawal Yes Company Plan Yes Satisfied Public Insurance Hema SinghYes Company ULIP Yes Very satisfied Public Insurance Bharat RaiYes Company ULIP Yes Satisfied Ram LakhanPrivate Insurance Gupta Yes Company Traditinol Yes Very satisfied Private Insurance S k Sen Gupta Yes Company Traditinol NoSatisfied Raj bhushan Private Insurance Gupta Yes Company Traditinol Yes Satisfied Private Insurance TN RaoYes Company Traditinol Yes Very satisfied Private Insurance Health Baccha SinghYes Company Plan NoSatisfied Mushtaq Private Insurance Health AhamedYes Company Plan Yes Satisfied Private Insurance S D KhatriYes Company Traditinol Yes Satisfied Private Insurance BB Prasad Yes Company Traditinol Yes Satisfied Private Insurance R Venketesh Yes Company Term PlanNoVery satisfied Ranjanna SPrivate Insurance Health KhannaYes Company Plan Yes Satisfied Private Insurance Health Rajesh KumarYes Company Plan Yes Satisfied Ashish Kr.Private Insurance TiwariYes Company ULIP NoSatisfied 80. Vinod Kr. Private Insurance AgrwalYes Company ULIP NoSatisfied Private Insurance P K SrivastawaYes Company Traditinol Yes Satisfied Private Insurance S P MishraYes Company Traditinol Yes Satisfied Private Insurance Ram Bilas Yes Company Traditinol Yes Very satisfied Ravi shankerPrivate Insurance MishraYes Company Traditinol Yes Satisfied Public Insurance AP Mishra Yes Company Traditinol Yes Satisfied Public Insurance HB Srivastava Yes Company Traditinol Yes Satisfied Bandana Public Insurance SamantYes Company Traditinol NoVery satisfied Amiya Shanker Public InsuranceHealth Nayak Yes Company Plan Yes Satisfied Public InsuranceHealth Nandlal Jaiswal Yes Company Plan Yes Very satisfied Public Insurance Manas BenerjeeYes Company Traditinol Yes Satisfied Public Insurance K K gupta Yes Company Traditinol NoSatisfied Public Insurance Awadh Sharama Yes Company Term PlanYes Satisfied Public InsuranceHealth SN pandey Yes Company Plan Yes Satisfied Private Insurance Neha jaiswalYes Company Traditinol Yes Satisfied