CHAPTER-IV ANALYSIS ON POLICYHOLDERS OF MICRO...

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CHAPTER-IV

ANALYSIS ON POLICYHOLDERS OF

MICRO INSURANCE

CHAPTER IV

ANALYSIS ON POLICYHOLDERS OF MICRO INSURANCE

'In India, 2% of the rural people covered under the insurance. Both, public and

private insurance companies are providing insurance services to the people. Access to

insurance services is still inadequate among the majority of rural populations. The

largest public sector companies LIC has planned to cover the rural market7 It leads to

make a new policy for rural peoj Before making a new product in any sector it

must be considers the certain factors. The LIC has designed the new insurance policy

for the rural people and economically underprivileged people. The policy is micro

insurance policy (jeevan madhur). It needs to design a special marketing strategy in

the market. So, the LIC has adopted a special marketing strategy. The strategy

follows different premium option, mode of payment, different method of distribution

and new market segment.

This study views the benefit of micro insurance policy and how its extent the

benefits to the policy holders. From the analysis on policy holders of micro insurance,

we can understand policy holders needs, expectations, capacity to pay the premium,

satisfaction level on micro insurance premium, sum assured, mode of payment,

distribution method on micro insurance policy, option of payment method, perception

on micro insurance policy and benefits of micro insurance.

For this purpose, the convenient sampling technique was used for the selection

of samples which constitutes 155 micro insurance policy holders in Tirunelveli

District. Uni-variate and bi-variate analysis were used for analysis like percentage

analysis, mean score analysis & Chi-square test. Means score is used to know about

the policy holder's satisfaction level on premium, sum assured, mode of payment,

loan facilities, bonus benefits, accidental benefits, NGOs services and insurance

company services. Chi-Square is used to determined the association between the

gender and. satisfaction level on micro insurance, policy holders willingness to take

micro insurance in the future and perception on micro insurance.

MICRO INSURANCE BEIVEEI iS TOWARDS POLICYHOLDERS60

Chapter IV ANALYSIS ON POLICY HOLDERS OF MICRO INSURANCE

. TYPE OF LIFE INSURANCE POLICY

Table 4.1 Type of Life Insurance Policy

Particulars No. of Respondents Percentage of

RespondentsWhole life policy 26 16.77

Endowment policy 1 0.65

Money Back policy 5 3.23

Other (Special Plan) 123 79.35

Total 155 100Source: Primary data

The table 4.1 represents that, out of the 155 respondents, 0.65% of the

respondents insured in both Endowment policy and Micro Insurance policy, 3.23% of

the respondents insured in both Money Back policy and Micro Insurance policy,

16.77% of the respondents insured in both whole life policy and Micro Insurance

policy, 79.35% of the respondents insured Only in Micro Insurance policy. Micro

Insurance comes under a special plan (other). From this table, it is observed that the

micro insurance policy attracts both existing policyholders and new policyholders.

But, it is an additional savings to the existing policyholders. Hence, most of the

respondents are new policyholders.

. AWARENESS ON MICRO INSURANCE

Table 4.2 Awareness on Micro Insurance

Percentage ofParticulars No. of Respondents

Respondents

Yes 29 18.71

No 126 81.29

Total 155 100

Source: Primary data

MICRO INSURANCE BENEFITS TOWARDS POLICYHOLDERS61

Chapter IV ANALYSIS ON POLICYHOLDERS OF MICRO INSURANCE

The table 4.2 shows that, out of the total respondents, 81.29% of the

respondents not have awareness on micro insurance and 18.71% the respondents have

the awareness on micro insurance.

It reveals that, Micro Insurance policyholders have no awareness because the

micro insurance agents hurry to cover more policyholders. So, they don't reveal the

full information regarding micro insurance. Thus, few policyholders have get

awareness.

. MEANS OF AWARENESS OF MICRO INSURANCE

Table 4.3 Means of awareness of Micro Insurance

- Percentage ofParticulars No. of Respondents

Respondents

SHGs 92 59.35

30 I 19.36

5 I 3.23

NewpapersI 0 I 0

Friends & Relatives I 12 I 7.74

Others (Colleagues)I

Total 1 155 I 100

The table 4.3 reveals that, out of the total respondents, 59.35% of the

respondents heard about the micro insurance through Self Help Group (SHG5),

19.36% of the respondents heard about the micro insurance through Non

Governmental Organization (NGOs), 10.32% of the respondents heard about micro

insurance through others (includes LIC, colleagues, neighbours), 7.74% of the

respondents heard about the micro insurance through Friends & Relatives and 3.23%

of the respondents heard about the micro insurance through Banks.

MICRO INSURANCE BE\'Er/is TOWARDS POLICYHOLDERS

Chapter IV ANALYSIS ON POLICYHOLDERS OF MICRO INSURANCE .

From the table 4.3, it observed that, micro insurance policy is reached to the

people through the SHGs because it plays a vital role of micro insurance agent on

behalf of the NGOs and they are appointed by the NGOs. NGO acts an intermediary

between the LIC and SHGs. Another reason is that there is no direct relationship

between LIC and SHGs thus there is no advertisement for this micro insurance policy.

• NUMBER OF POLICIES OWNED BY POLICY HOLDER

Table 4.4 Number of policies owned by Policy Holder

Respondents

132 85.16

2 17 10.97

Above 2 6 3.87

Total 155 100

The table 4.4 shows that, out of the 155 respondents, 85.16% of the

respondents owned one micro insurance policy, 10.97% of the respondents owned

two policies and 3.87% of the respondents owned above two policies.

It reviews that single member can take more number of micro insurance

policies under the scheme. Many policy holders do not know about this facility. Few

policy holders have the knowledge about it and they have taken the policy in the name

of their nominee.

Another reason is that, the policyholders are not ready to insured under the

same policy because they feel it is a less benefited scheme compare to other life

insurance policies.

Chapter IV

ANALYSIS ON POLICY HOLDERS OF MICRO INSURANCE

. REASONS FOR PURCHASING MICRO INSURANCE

Table 4.5 Reasons for purchasing Micro Insurance

Respondents

Risk coverage for 32 20.65

Individuals

Risk coverage for Group 0 0

For savings 47 30.32

Other 76 49.03

Total 155 100

The table 4.5 reveals that, out of the 155 respondents, 49.03% of the

respondents purchased the micro insurance policy for other reason (Because they are

SHGs members, Compulsory to their group leader and compulsory by the Bank),

30.32% of the respondents purchased the micro insurance policy for savings and

20.65% of the respondents purchased the policy for their risk coverage.

SI-IG members gave first preference to micro insurance policy because the

main reason is that they are a member of SHG and the policy is distributed by their

leaders. The respondents gave next priority to the savings because it is a small savings

for them.

This policy is not providing risk cover for groups. Hence, The LIC also

motivates the SHG members to acquire the policy.

Chapter IV

. TERMS OF THE MICRO INSURANCE POLICY

Table 4.6 Terms of the Micro Insurance policy

Percentage of

Particulars No. of RespondentsRespondents

0-5yrs 17 10.97

6-10yrs 76 49.03

11-I5yrs 62 40

Above l5yrs 0 0

Total 155 100

The table 4.6 represents that, out of the total respondents, 49.03% of the

respondents insured for the term of 6-10 years, 40% of the respondents insured for the

term of 11-1 5 years and 10.97% of the respondents insured for the term of 0-5 years.

Micro Insurance has the policy term of 5-15 years. The respondents choose the policy

term according to their age and sum assured. Most of the respondents are married

people out of the total respondents. So, they are selected the term based on their

children education and marriage and also many respondents felt that less than 5 years

policy term is less benefited for themselves.

. SUM ASSURED OF THE MICRO INSURANCE POLICY

Table 4.7 Sum Assured of the Micro Insurance Policy

Percentage of

Particulars No. of RespondentsRespondents

Below Rs.5,000 0 0

Rs.5,001-Rs.10,000 17 10.97

Rs. 10,001-Rs.15,000 42 27.10

Above Rs. 15,000 96 61.93

Total 155 100

MICRO INSURANCE BENEFITS TOWARDS POLICYHOLDERS 65

respondents insured for the sum assured of above Rs.15000, 27.10% of the

respondents insured for Rs. l0001-Rs.15000. 10.97% of the respondents insured the

amount of Rs.5001-Rs.10000. Micro Insurance policy have minimum sum assured is

Rs.5000 and maximum sum assured is Rs.30000. Many policyholders prefer the sum

assured of above Rs.15000 because they want to achieve maximum benefit and it

gives lump sum amount in future. Very few respondents have taken the sum assured

of Rs.5001-Rs.10000 because they want to achieve immediate benefit. The reason

behind in it is their age.

• AMOUNT OF MICRO INSURANCE POLICY PREMIUM

Table 4.8 Amount of Micro Insurance Policy Premium

Particulars No. of RespondentsPercentage ofRespondents

Rs.25 6 3.87

Rs.50 14 9.03

Rs. 100 122 78.71

Rs.300 9 5.81

Rs.600 4 2.58

Rs. 1200 0 0

Total 155 100

respondents are paying the premium of Rs.100, 9.03% of the respondents are paying

the premium of Rs.50, 5.81% of the respondents are paying the premium of Rs.300.

3.87% of the respondents are paying the premium of Rs.25 and 2.58% of the

respondents are paying the premium of Rs.600. Many policyholders are paying the

premium of Rs. 100. Because, they felt that it is the best option for them and also they

have the facility for paying the premium in their group meeting. It is an easy to

policyholders and also for the agent. Middle income people are paying the premium

of Rs.300. Other people plan according to their standard of life. Hence, Micro

Insurance premium is suitable to all.

• OPTION OF PAYMENT OF PREMIUM

Table 4.9 Option of Payment of Premium

Particulars No. of RespondentsPercentage of

Respondents

Weekly 6 3.87

Monthly 122 78.71

Quarterly 9 5.81

Half-yearly 4 2.58

Yearly 0 0

Other (Fortnightly) 14 9.03

Total 155 100

The table 4.9 represents that, out of the 155 respondents, 78.71% of the

respondents are paying the premium on monthly basis, 9.03% of the respondents are

paying the premium on other option (Fortnightly), 5.81% of the respondents are

paying the premium on quarterly basis, 3.87% of the respondents are paying the

premium on weekly basis and 2.58% of the respondents are paying the premium on

Half-yearly basis.

No one is paid the premium on yearly basis. Thus, the monthly payment is the

best option for the policy holders. Middle income people are selected the option of

quarterly and Half yearly. Yearly payment is difficult to the policyholders because

they cannot affordable and Micro Insurance is not mostly acquired by high income

people. From this point, it is observed that the monthly option is more suitable to all

segment of the people.

Chapter IV

. REASONS FOR MODE OF PREMIUM PAYMENT

Table 4.10 Reasons for Mode of premium payment

Respondents

Based on Corn fortability 63 40.68

Based on Low Premium 46 29.68

Based on Our Income 22 14.16

Other 24 15.48

Total 155 100

respondents selected mode of premium payment based on their comfortability,

29.68% of the respondents selected the mode of premium payment on the basis of low

premium, 15.48% of the respondents selected the mode of premium payment based on

other reason and 14.19% of the respondents paid the premium based on their income.

Hence, Most of the policyholders selected the mode of payment of premium

based on their comfortability because the reason is that they very comfortable to pay

the premium in their group meetings and if they do not participate in their group

meeting, the premium is collected by their group leader or other member.

Some policyholders selected low premium because it is easy to pay. Few

policyholders paying the premium based on their income or their family income.

MICRO INSURANCE BENEFITS JO WA RDS POLICYhOLDERS 68

. PAYMENT OF PREMIUM

Table 4.11 Payment of Premium

Self 91 58.71

Parents 17 10.97

Husband 35 22.58

Relatives 12 7.74

Other 0 0

Total 155 100

respondents paid the premium by themselves, 22.58% of the respondents paid the

premium by their Husband, 10.97% of the respondents are paid the premium by their

parents and 7.74% of the respondents paid the premium by their Relatives.

From this table, we can understand many policyholders paid the premium

from their own income because most of the policyholders are SHGs member. SHG

member are mostly employed so that, they paid the premium from their own income.

Few policyholders are not employed persons. So, the premium is paid from their

family income. It is paid by their Parents or Husband or their Relatives

. WAYS TO PAY THE PREMIUM

Table 4.12 Ways to pay the premium

Direct Payment 0 0

Through NGOs 38 24.52

Through Agent 117 75.48

Through BanI 0 0

Other 0 0

Total 155 100

MICRO INSURANCE BENEFI TS TOWARDS POLICYHOLDERS69

The table 4.12 reveals about, 75.48% of the respondents paid the premium

through Micro Insurance Agent (SHGs) and 24.52% of the respondents paid the

premium through NGOs. Thus, Policy holders pay the premium through agent and

NGOs is collecting the premium from the agent and they settle to the LIC. The

method of premium payment for micro insurance is three-way process (Policyholders-

Agent-NGO-LIC). Thus, there is no direct payment and bank payment.

. GETTING FINANCIAL ASSISTANCE TO PAY PREMIUM

Table 4.13 Getting Financial Assistance to pay premium

Particulars No. of Respondents Percentage ofRespondents

Yes 0 0

No 155 100

Total 155 100

The table 4.13 shows that, 100% of the respondents have not availed financial

assistance to pay the premium. Because, the policyholders feel micro insurance has

the low premium. So, they themselves pay the premium.

. PURCHASE OF POLICY FOR FAMILY MEMBERS

Table 4.14 Purchase of policy for Family Members

Yes - 25 16.13

No 130 83.87

Total 155 100

respondents have not taken micro insurance policy for their family members and

16.13% of the respondents have taken the micro insurance policy for their family

members. Hence, only few respondents have purchased the micro insurance policy

for their family members. Because it is based on the policyholders need, expectation,

capability to pay the premium, satisfaction level on micro insurance policy and

knowledge about to compare the other life insurance policy.

. NUMBER OF POLICIES BOUGHT FOR FAMILY MEMBERS

Table 4.15 Number of policies bought for Family Members

Respondents0-3 17 68

Above3 8 32

Total 25 100

The table 4.15 represents that, out of the 25 respondents, 68% of the

respondents bought up to 3 micro insurance policies for family members and 32% of

the respondents bought above 3 micro insurance policies for family members. Thus,

Micro insurance policy holders are not only benefited but also their family members.

. WILLINGNESS TO TAKE MICRO INSURANCE IN THE FUTURE

Table 4.16 Willingness to take Micro Insurance in the future

Particulars No. of Respondents Percentage ofRespondents

Yes 129 83.23

No 26 16.77

Total 155 100

respondents like to take the micro insurance policy in the future and 8.39%

respondents do not welcome the micro insurance policy. This policy has designed

according to the needs and standard of living of low income people. Thus, most of

respondents are low income people and they are ready to purchase the micro

insurance policy in future. Few respondents are male respondents as well as the

middle income people. Since, they are not ready to purchase the micro insurance

policy.

MICRO INSURANCE BENEFI1S 10 WARDS POLICYHOLDERS71

• MICRO INSURANCE COVERAGE OF ANTICIPATED RISK

Table 4.17 Micro Insurance covera ge of anticinated risk

Particulars

No. of Respondents

Percentage of

Respondents

respondents feel that the micro insurance policy covers the anticipated risk and

14.19% of the respondents feel that the micro insurance policy does not cover the

anticipated risk. The risk is not fully offset by the micro insurance but it is reducing

their risk in life. Thus, the respondents felt that micro insurance partly covers their

. LEVEL OF SATISFACTION ON MICRO INSURANCE

Table 4.18 Level of Satisfaction on Micro Insurance

SI.Particulars HS S M DS HDS Mean

No. Score

1. Premium 79 38 24 11 3 4.15

2. Sum Assured 22 47 71 10 5 3.46

3. Mode of Payment 17 15 50 69 4 2.82

4. Loan facilities 0 0 0 137 18 1.88

5. Bonus benefits 29 12 67 32 15 3.05

6. Accidental benefits - 71 14 13 43 14 3.55

7. NGOs services 38 13 23 45 36 2.82

8. Insurance Company Services 13 38 11 60 33 2.60

HS-Highly Satisfied, 5- Satisfied, M- Moderate,

DS- Dissatisfied, HDS-Highly Dissatisfied.

Policy holders are satisfied on premium (4.15) because it has the low

premium. It is applicable to all people. They are moderately satisfied on sum

assured (3.46) because they feel it is a low sum assured and it's not enough to them.

They are moderately satisfied on bonus benefits (3.05) and accidental benefits (3.55).

Policy holders are dissatisfied on NGOs services (2.82) and Insurance company

services (2.60). Most of the policy holders are dissatisfied on mode of payment (2.82)

because it is one of the way for payment of premium through a mediator and some

respondents want direct payment. There is no loan facility (1.88) so they are highly

dissatisfied on loan facilities.

. PERCEPTION ON MICRO INSURANCE

Table 4.19 Perception on Micro Insurance

SI. MeanParticulars HA A M DA HDA

No. Score

1. Micro Insurance gives protection against 112 7 20 4 12 4.31

risk in life.

2. Creates savings habit within myself. 25 72 18 23 17 3.42

3. Provides long term benefits for me. 12 31 27 74 11 2.74

4. Provides loan facility on insurance policy 0 0 0 63 92 1.44

5. Gives additional benefits (bonus). 40 38 25 43 9 3.37

6. Able to pay the premium since it is low. 73 19 36 15 12 3.81

7. Sum Assured is enough for me. 48 6 21 51 29 2.95

8.Improves standard of life. 7 19 85 39 5 2.90

HA-Highly Agree, A-Agree, M-Moderate,

DA-Disagree, HDA- Highly Disagree.

Micro insurance gives protection against risk in life (4.31). It creates savings

habit within some respondents (3.42) a few respondents having bank savings. It

provides additional benefits during the policy term (3.37). The premium is based on

ability of the low income people (3.81). The premium is not satisfied to the middle

income and male respondents. It is not providing long term benefits (2.74) because

respondents felt *that it is a long term saving but it is a lumpsum benefit in future. The

policy has lowsum assured. Thus, the policy holders are dissatisfied on sum assured

amount (2.95). Few respondents feel that micro insurance improves their standard of

life (2.90). There is no loan facility for payment of premium and loan on their micro

insurance policy (1.44).

PROFILE OF THE RESPONDENTS

. GENDER WISE CLASSIFICATION

Table 4.20 Gender wise Classification

Respondents

Male 19 12.26

Female 136 87.74

Total 155 100

The table 4.20 shows that, out of the 1 55 respondents, 87.74% of the

respondents are female and 12.26% of the respondents are male. Because, SHGs play

a vital role for the distribution of Micro Insurance policy. First, they make their group

members to take micro insurance policy. Then they approach the outsiders. SHGs

member are female. So that, more female members are acquiring micro insurance

policy and another reason is that it is exclusively designed for female than male but

they are also allowed to take insurance policy.

. MARITAL STATUSWISE CLASSIFICATION

Table 4.21 Marital Status wise Classification

Respondents

Married 116 74.84

Unmarried 31 20.00

Widow 7 4.52

Other (Widower) 1 0.64

Total 155 100

The table 4.21 represents that, Out of the 155 respondents, 74.84%

respondents are married, and 20% respondents are unmarried, 4.52% respondents are

widow and 0.64% respondents are widower. Married people have more needs and

expectations compared to other categories. Thus, Micro insurance is highly taken by

married people than other people.

. NUMBER OF FAMILY MEMBERS

Table 4.22 Number of Family Members

Particular No. of RespondentsPercentage of

Respondents

Below 3 16 10.32

4-6 109 70.32

Above 6 30 19.36

Total 155 100

respondents come under the category of 4-6 family members, 19.36% of the

respondents come under the category of above 6 family members and 10.32% of the

respondents come under the category of below 3 family members. Below 3 is taken as

small size family. 4-6 members are taken as medium size family. Above 6 members

are taken as large size family. Hence, category of 4-6 (i.e) member of Medium size

family is the ultimate user of Micro Insurance because they feel it is additional

savings for themselves. Small size family member prefer the bank savings than Micro

Insurance. Because already they have save their money in banks so, they feel that

bank savings is better than micro insurance policy.

. EDUCATIONAL QUALIFICATION OF RESPONDENTS

Table 4.23 Educational Qualification of Respondents

Respondents

Primary 65 41.94

Secondary 59 38.06

Graduation 16 10.32

Post Graduation 7 4.52

Professional 0 0

Other 8 5.16

Total 155 100

The table 4.23 reveals that, out of the 155 respondents, 41.94% of the

respondents have completed primary education, 38.06% of the respondents have

finished their higher secondary education, 10.32% of the respondents have finished

Graduation, 5.16% of the respondents had other education qualification (Diploma

courses on Tailoring, Polytechnic), and 4.52% of the respondents have studied Post

Graduation and No respondents are professionals out of the total respondents.

From the table, it is inferred that Micro Insurance policy acquired by people

who have less education because, this research has taken the samples from the rural

areas like (Takkaramalpuram, Pottal, Vitalapuram, Arasakulam, Veeralaperunchelvi).

Thus, most of the respondents in this area are less educated people.

. OCCUPATIONAL STATUS OF RESPONDENTS

Table 4.24 Occupational Status of Respondents

Respondents

Permanent job 7 4.52

Temporary job 32 20.64

Agriculture Production 68 43.87

Livestock breeding 15 9.68

Trade Activities 23 14.84

Service Provision 10 6.45

Total 155 100

The table 4.24 shows that, 43.87% of the respondents are involved in

agriculture production, 20.64% of the respondents are doing temporary job, 14.84%

of the respondents are involved in trade activities, 9.68% of the respondents are

involved in livestock breeding, 6.45% of the respondents are involved in service

provision (Tailoring Mart) and 4.52% of the respondents are having permanent job.

Very few respondents are having permanent job. Many respondents are wage

employees. Thus, Micro insurance suits for those who don't have a permanent job.

MICRO INSURANCE BEVEFI1S JOW-IRDS POLICYHOLDERS77

Chapter IV

• INCOME LEVEL OF RESPONDENTS

Table 4.25 Income Level of Respondents

Respondents

Below Rs.5,000 114 73.55

Rs.5,001-Rs.10,000 29 18.71

Above Rs. 10,000 12 7.74

Total 155 100

respondents are earning below Rs.5000, 18.71% of the respondents are earning

Rs.5001- Rs. 10000 and 7.74% of the respondents are earning above Rs. 10000.

Most of the respondents are daily wage people, beedi workers, farmers and

artisans. They cannot earn regular income. So that, many respondents come under

the category of below Rs.5000. Hence, many respondents are earning low level of

income which means Micro Insurance policy covers the low-income people.

MICRO INSURANCE BENEFITS TOWARDS POLICYHOLDERS

• INCOME LEVEL AND REASONS FOR SELECTION OF PREMIUM OPTION

H0: There is no association between the respondents income

level and Reasons for selection of premium option.

Table 4.26 Income and Reasons for selection of premium option

Particulars Below Rs.5000 Above Rs.5000 Total

Based on Comfortability 36 27 63

Based on Low Premium 39 7 46

Based on their Income 39 7 46

Total 114 41 1 155

Chi-Square Analysis

Calculated Value :13.67

Table Value : 5.991

Level of Significance : 5%

Degrees of freedom : 2

From the table 4.26, the association of income levels and reasons for selection

of premium option were analysed. There is association between the respondents

income level & the opinion expressed or reasons for selection of premium option

Because, calculated value (13.67) is more than table value (5.991). Hence, Null

hypothesis is rejected & Alternative hypothesis is accepted.

. GENDER AND SATISFACTION LEVEL ON PREMIUM

H0 : There is no association between the male and female

satisfaction level on premium

Table 4.27 Gender and Satisfaction level on premium

Highly HighlyParticulars Moderate Total

Satisfied Dissatisfied

Male 5 6 8 19

Female 112 18 6 136

Total 117 24 14 155

Chi-Square Analysis

Calculated Value : 46

Table Value : 5.991

From the table 4.27, the association between the male and female satisfaction

level on micro insurance premium is analysed. The null hypothesis is rejected &

Alternative hypothesis is accepted because the calculated value (46) is more than table

value (5.991). Hence, there is association between the male and female satisfaction

level on premium.

MICRO INSURANCE BENE/71S TOWARDS POLICYHOLDERS80

Chapter IV

ANALYSIS ON POLICY hOLDERS OF MICRO INSURANCE

. GENDER AND SATISFACTION LEVEL ON SUM ASSURED

Ho: There is no association between the male and female satisfaction

level on sum assured.

Table 4.28 Gender and Satisfaction level on Sum Assured

Male 5 5 9 19

Female 64 66 6 136

Total 69 71 15 155

Chi-Square Analysis

Calculated Value : 31.59

Table Value :5.991

In the table 4.28, the null hypothesis that, there is no association between the

male satisfaction level and female satisfaction level on sum assured is analysed. The

null hypothesis is rejected & Alternative hypothesis is accepted because the calculated

value (31.59) is more than table value (5.991). Thus, there is association between the

male and female satisfaction level on sum assured.

. GENDER AND SATISFACTION LEVEL ON MODE OF PAYMENT

H0: There is no association between the male and female

satisfaction level on mode of payment.

Table 4.29 Gender and Satisfaction level on Mode of Payment

Male 8 5 6 69

Female 24 45 67 136

Total 32 50 73 155

Chi-Square Analysis

Table Value : 5.991

Level of Significance: 5%

male and female satisfaction level on mode of payment is analysed.. The null

hypothesis is accepted. Because, the calculated value (5.89)) is less than table value

(5.991). Hence, there is no association between the male and female satisfaction level

on mode of premium payment.

MICRO INSURANCE BEvEP11S 10 WARDS POLICYHOLDERS82

Chapter IV ANAL YSIS ON POLICY HOLDERS OF MICRO INSURANCE

. GENDER AND SATISFACTION LEVEL ON ACCIDENTAL BENEFITS

H0: There is no association between the male and female

satisfaction level on accidental benefits

Table 4.30 Gender and Satisfaction level on Accidental Benefits

Female 77 7 52 136

Male 8 6 5 19

Total 85 13 57 155

Chi-Square Analysis

Table Value :5.99 1

From the table 4.30, the null hypothesis that, there is no association between

male and female satisfaction level on accidental benefits is analysed.. The null

hypothesis is rejected & alternative hypothesis is accepted because, the calculated

value (10.55) is more than table value (5.991). Hence, there is association between

the male and female satisfaction level on accidental benefits.

Chapter IV

. GENDER AND SATISFACTION LEVEL ON BONUS BENEFITS

Ho: There is no association between the male and female

satisfaction level on bonus benefits.

Table 4.31 Gender and Satisfaction level on Bonus Benefits

Male 7 5 7 19

Female 34 62 40 136

Total 1 41 67 47 155

Chi-Square Analysis

Table Value :5.99 1

In the table 4.3 1, the null hypothesis that, there is no association between the

male and female satisfaction level on bonus benefits is analysed. The null hypothesis

is accepted. Because, the calculated value (2.37) is less than table value (5.991).

Hence, there is no association between the male and female satisfaction level on

bonus benefits.

. GENDER AND SATISFACTION LEVEL ON NGOS SERVICES

H 0 : There is no association between the male and female

satisfaction level on NGOs services.

Table 4.32 Gender and Satisfaction level on NGOs services

Male 5 5 9 19

Female 46 18 72 136

Total 51 23 81 155

Chi-Square Analysis

Table Value : 5.991

From the table 4.32, the null hypothesis that there is no association between

the male and female satisfaction level on NGOs services is analysed. The null

hypothesis is accepted. Because, the calculated value (1.83) is less than table value

(5.991). Hence, there is no association between the male satisfaction and female

satisfaction level on NGOs service.

. GENDER AND SATISFACTION LEVEL ON INSURANCE COMPANY SERVICES

H0 : There is no association between the male and female

satisfaction level on Insurance Company Services.

Table 4.33 Gender and Satisfaction level on Insurance Company Services

Male 8 5 6 19

Female 43 6 87 136

Total 51 11 93 155

Chi-Square Analysis

Table Value :5.991

male and female satisfaction level on Insurance Company services is analysed. The

null hypothesis is rejected & Alternative hypothesis is accepted because the calculated

the male and female satisfaction level on Insurance Company services.

MICRO INSURANCE BENEFiTS TOWARDS POLICYHOLDERS

. WILLINGNESS TO TAKE MICRO INSURANCE IN THE FUTURE AND PERCEPTION ON

MICRO INSURANCE GIVES PROTECTION AGAINST RISK

H0 : There is no association between the policyholders willingness

to take micro insurance in the future and perception on micro

insurance gives protection against risk.

Table 4.34 Willingness to take micro insurance in the future and

Perception on micro insurance gives protection against risk.

Willingness to take Highly HighlyModerate Total

Micro insurance Agree Disagree

Yes 113 9 7 129

No 6 11 9 26

Total 119 20 16 155

Chi-Square Analysis

Table Value : 5.991

the policy holder's willingness and perception on micro insurance gives protection

against risk is analysed. The null hypothesis is rejected & Alternative hypothesis is

accepted because the calculated value (51.64) is more than table value (5.991). Thus,

there is association between the policyholder's willingness to take micro insurance in

the future and perception on micro insurance gives protection against risk.

MICRO INSURANCE CREATES SAVINGS HABIT

H0: There is no association between the willingness to take

micro insurance in the future and perception on micro

insurance creates saving habit within themselves.

Perception on micro insurance creates savings habit

Particulars Highly Agree ModerateHighly

TotalDisagree

Yes - 89 13 27 129

No 8 5 13 26

Total 97 18 40 155

Chi-Square Analysis

Table Value : 5.991

policy holder's willingness and perception on micro insurance creates savings habit is

analysed. The null hypothesis is rejected & Alternative hypothesis is accepted

because the calculated value (12.62) is higher than table value (5.991). Thus, there is

association between the policy holder's willingness to take micro insurance in the

future and perception on micro insurance creates savings habit within themselves.

LONG TERM BENEFITS

Ho: There is no association between the policyholders

willingness to take micro insurance in the future and

perception on long term benefits.

Perception on long term benefits

TotalDisagree

Yes 37 22 70 129

No 6 5 15 26

Total 43 27 85 155

Chi - Square Analysis

Calculated value : 0.54

Table Value : 5.991

the willingness to take micro insurance in the future and perception on long term

benefits is analysed. The null hypothesis is accepted. Because the calculated value

(0.54) is less than table value (5.991). Hence, there is no association between the

willingness to take micro insurance in the future and perception on long term benefits.

. WILLINGNESS TO TAKE MICRO INSURANCE IN THE FUTURE AND PERCEPTION

ON ADDITIONAL BENEFITS

H0 : There is no association between the willingness to take

micro insurance in the future and perception on

additional benefits.

Perception on additional benefits

TotalDisagree

Yes 73 18 38 129

No 5 7 14 26

Total 78 25 52 155

Chi - Square Analysis

Calculated Value: 11.97

Table Value : 5.991

In the table 4.37, the null hypothesis that, the willingness to take micro

insurance in the future and the perception on additional benefits is analysed. The null

hypothesis is rejected & Alternative hypothesis is accepted because, the calculated

the willingness to take micro insurance in the future and perception on additional

benefits.

Chapter IV ANAL ISIS ON POLICY HOLDERS OF MICRO INSURANCE

• WILLINGNESS TO TAKE MICRO INSURANCE IN THE FUTURE AND PERCEPTION ON

ABLE TO PAY THE PREMIUM

H 0 : There is no association between the willingness to take the

micro insurance in the future and perception on able to pay

the premium.

Perception on able to pay the premium

TotalDisagree

Yes 88 28 13 129

No 5 8 13 26

Total 93 36 26 155

Chi-Square Analysis

Calculated Value 33.26

Table Value 5.99 1

Degrees of freedom 2

the willingness to take micro insurance in the future and perception on able to pay the

premium is analysed. The null hypothesis is rejected & Alternative hypothesis is

accepted. Thus, there is association between the willingness to take micro insurance

and perception on able to pay the premium.

• WILLINGNESS TO TAKE MICRO INSURANCE IN THE FUTURE AND PERCEPTION ON

SUM ASSURED

H0 : There is no association between willingness to take the

micro insurance in the future and perception on sum

assured.

Perception on Sum Assured

TotalDisagree

Yes 46 14 69 129

No 8 7 Ill 26

Total 54 21 80 155

Chi-Square Analysis

Table Value : 5.991

Degrees of freedom 2

insurance in the future and perception on sum assured is analysed. The null

hypothesis is accepted. Because, the calculated value (3.28) is less than table value

(5.991). Hence, there is no association between the willingness to take micro

insurance in the future and perception on sum assured.

IMPROVED STANDARD OF LIFE.

H0: There is no association between the willingness to take

micro insurance in the future and perception on improves

standard of life.

Perception on Improves Standard of life

TotalDisagree

Yes 21 79 29 129

No 5 6 15 26

Total 26 85 44 155

Chi-Square Analysis

Calculated Value 16.64

Table Value : 5.99 1

Level of Significance :5%

insurance in the future and perception on improves standard of life is analysed. The

null hypothesis is rejected & Alternative hypothesis is accepted. Hence, there is

association between the willingness to take micro insurance in the future and

perception on improves standard of life.

CHAPTER-IV ANALYSIS ON POLICYHOLDERS OF MICRO...

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