Ankur Project Comp

8/4/2019 Ankur Project Comp

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AWARENESS OF LIC IN PEOPLE

A PROJECT REPORT SUBMITTED FOR THE

PARTIAL FULFILLMENT OF THE

MASTER OF HUMAN RESOURCE DEVELOPMENT

[ M.H.R.D. REGULAR ]- SEMESTER 1

IN THE SUBJECT OF

APPLIED STATISTICS

SUBMITTED BY

ANKUR BHAGALIA

ROLL NO

[06]

SUPERVISING TEACHER BY

Mrs. NEHA SHETH

SUBMITTED TO

DEPARTMENT OF RESEARCH

METHODOLOGY AND INTERDISCIPLINARY

STUDIES IN SOCIAL SCIENCES

VEER NARMAD SOUTH GUJARAT UNIVERSITY

SURAT-395 007

DECEMBER 2009


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ACKNOWLEDGEMENT

Im very greatful to all the respondents who gave me all their experience

about life insurance of India. And I wish to express my sincere thanks toMR. Kiran Pandya Head of the Department of Research Methodologyand Interdisciplinary Studies In Social Sciences, Veer Narmad SouthGujarat University Surat, who gave me project of AWARENESS OFLIFE INSURANCE CORPORATION OF INDIA.


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DECLARATION

I declare that project entitled problems of child labour submitted to the partial

fulfilment of the semester-1 in Master of Human Resource Development [M.H.R.D

Regular] in the subject of APPLIED STATISTICS is my original work and carried it

out at Department of Research Methodology and Interdisciplinary studies in Social

Sciences, Veer Narmad South Gujarat University- Surat.

The project or any part of it has been previously submitted for any degree.

Signature of the Student

Date

Place


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CERTIFICATE

This to certify that the project entitled problems of child labour submitted by VIKAS

MODI for the partial fulfilment of the semester -1 in the Master of Human Resource

Development [M.H.R.D Regular] in the subject of APPLED STATISTICS is his

original work and he carried out at Department of Economics, Veer Narmad South

Gujarat University- Surat, under my supervision.

The project or any part of it has not been previously submitted for any

degree.

[Name and Designation of Supervising

teacher]

Date

Place


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CHAPTER-1: REVIEW OF LITERATURE ABOUT INSURANCE

1.1 About Insurance Industry

"Insurance is a contract between two parties whereby one party called insurer

undertakes in exchange for a fixed sum called premiums, to pay the other party called

insured a fixed amount of money on the happening of a certain event."Insurance is a

protection against financial loss arising on the happening of an unexpected event.

Insurance companies collect premiums to provide for this protection. A loss is paid

out of the premiums collected from the insuring public and the Insurance Companies

act as trustees to the amount collected. For Example, in a Life Policy, by paying a

premium to the Insurer, the family of the insured person receives a fixed

compensation on the death of the insured. Similarly, in car insurance, in the event of

the car meeting with an accident, the insured receives the compensation to the extent

of damage. It is a system by which the losses suffered by a few are spread over many,

exposed to similar risks.

Logic of insurance

It is a system by which the losses suffered by a few are spread over many, exposed to

similar risks. Insurance is a protection against financial loss arising on the happening

of an unexpected event. Insurance companies collect premiums to provide for this

protection. A loss is paid out of the amount premiums collected from the insuring

public and the Insurance Companies act as trustees to the collected.

Need of insurance

Insurance is desired to safeguard oneself and one's family against possible losses on

account of risks and perils. It provides financial compensation for the losses suffered

due to the happening of any unforeseen events. By taking life insurance a person can

have peace of mind and need not worry about the financial consequences in case of

any untimely death. Certain Insurance contracts are also made compulsory by

legislation. For example, Motor Vehicles Act 1988 stipulates that a person driving a

vehicle in a public place should hold a valid insurance policy covering Act" risks.

Another example of compulsory insurance pertains the Environmental Protection Act,

wherein a person using or to carrying hazardous substances (as defined in the Act)

must hold a valid public liability (Act) policy.

Insurance in India


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Insurance is a federal subject in India and has a history dating back to 1818. Life and

general insurance in India is still a nascent sector with huge potential for various

global players with the life insurance premiums accounting to 2.5% of the country's

GDP while general insurance premiums to 0.65% of India's GDP. The Insurance

sector in India has gone through a number of phases and changes, particularly in the

recent years when the Govt. of India in 1999 opened up the insurance sector by

allowing private companies to solicit insurance and also allowing FDI up to 26%.

Ever since, the Indian insurance sector is considered as a booming market with every

other global insurance company wanting to have a lion's share. Currently, the largest

life insurance company in India is still owned by the government.

History of Insurance in India

Insurance in India has its history dating back till 1818, when Oriental Life Insurance

Company was started by Europeans in Kolkata to cater to the needs of European

community. Pre-independent era in India saw discrimination among the life of

foreigners and Indians with higher premiums being charged for the latter. It was only

in the year 1870, Bombay Mutual Life Assurance Society, the first Indian insurance

company covered Indian lives at normal rates.

At the dawn of the twentieth century, insurance companies started mushrooming up.

In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were

passed to regulate the insurance business. The Life Insurance Companies Act, 1912

made it necessary that the premium rate tables and periodical valuations of companies

should be certified by an actuary. However, the disparage still existed as

discrimination between Indian and foreign companies. The oldest existing insurance

company in India is National Insurance Company Ltd, which was founded in 1906

and is doing business even today. The Insurance industry earlier consisted of only two

state insurers: Life Insurers i.e. Life Insurance Corporation of India (LIC) and General

Insurers i.e. General Insurance Corporation of India (GIC). GIC had four subsidiary

companies. With effect from December 2000, these subsidiaries have been de-linked

from parent company and made as independent insurance companies: Oriental

Insurance Company Limited, New India Assurance Company Limited, National

Insurance Company Limited and United India Insurance Company Limited.

Life Insurance Corporation Act, 1956

Even though the first legislation was enacted in 1938, it was only in 19 January 1956,

that life insurance in India was completely nationalized, through a Government


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ordinance; the Life Insurance Corporation Act, 1956 effective from 1.9.1956 was

enacted in the same year to, inter-alia, form LIFE INSURANCE CORPORATION

after nationalization of the 245 companies into one entity. There were 245 insurance

companies of both Indian and foreign origin in 1956. Nationalization was

accomplished by the govt. acquisition of the management of the companies. The Life

Insurance Corporation of India was created on 1 September, 1956, as a result and has

grown to be the largest insurance company in India as of 2008.

General Insurance Business (Nationalization) Act, 1972

The General Insurance Business (Nationalization) Act, 1972 was enacted to

nationalize the 100 odd general insurance companies and subsequently merging them

into four companies. All the companies were amalgamated into National Insurance,

New India Assurance, Oriental Insurance, and United India Insurance which were

headquartered in each of the four metropolitan cities.

Insurance Regulatory and Development Authority (IRDA) Act, 1999

Till 1999, there were not any private insurance companies in Indian insurance sector.

The Govt. of India then introduced the Insurance Regulatory and Development

Authority Act in 1999, thereby de-regulating the insurance sector and allowing private

companies into the insurance. Further, foreign investment was also allowed and

capped at 26% holding in the Indian insurance companies. In recent years many

private players entered in the Insurance sector of India. Companies with equal

strength started competing in the Indian insurance market. Currently, in India only 2

million people (0.2 % of total population of 1 billion), are covered under Medi claim,

whereas in developed nations like USA about 75 % of the total population are covered

under some insurance scheme. With more and more private players in the sector this

scenario may change at a rapid pace.

1.2 Advantage of Life Insurance

i) Protection against risk of untimely death

Life insurance is a product, which offers protection against the risk of death the full

sum assured is made available under a life assurance policy, whereas under other

savings schemes, the total accumulated savings alone will be available.

ii)Protection during old age

Life insurance can also be used as a means of saving for ones future. There are a

number of life insurance policies, which in addition to life cover also provide the


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means of investing ones income. The sum as per the policy will be received only

after a period of time. This amount thus provides for the old age.

iii) Forced savings

Payment of life insurance premiums is compulsory and becomes a habit. Savings in

other scheme can be easily withdrawn and may be used for less worthy purpose.

Termination of a life insurance policy by the policyholder usually results in

substantial loss in benefits under the policy to the policyholder. One is thus

encouraged to save and keep ones policy alive.

iv) Educational requirements and charity

The object of insurance may be to serve as a security to educational funds in respect

of loans advanced for educational purpose or to provide donations to charitable

institutions like hospital and school.

v) Nomination and assignment

The life insured can name the person or persons to whom the policy money would be

payable in the event of his death .the proceeds of a life insurance policy can be

protected against the claims of the creditors of the life insured by effecting a valid

assignment of the policy. The beneficiaries are fully protected from creditors expect

to the extent of any interest in the policy retained by the insured.21Marketability and

suitability for borrowing After 3 years, if the policyholder finds that he is unable to

continue payment of premiums he can surrender a policy for a cash sum. A life

insurance policy is accepted as a security for a commercial loan.

vi) Loans from the insurance company

A policy holder can take a loan from his insurance company against the Security of

his life insurance policy provided the terms of the terms of his policy allow such a

loan. This loan can be taken usually after a period of 3 years from commencement of

the policy and is a percentage of its surrender value.

vii) Investment options

The unit link products gives comprehensive insurance solutions that cater to an

individuals dual need of earning potentially high returns as well as stay for life. Thus

there is an option to invest money in the products that combine the best of insurance

and investment. In a volatile market conditions it is possible to secure both as one can

hedge the investment with saver investment vehicles that provide a diversified

portfolio.

viii) Tax benefits


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The Indian income tax act provides tax concessions to the policy holder both on

payment of premium and on the maturity amount. Under sec 88 the tax benefits on

premium paid by an individual for life insurance policies on his own life on the life of

spouse \children minor or major, including married daughters. Under sec 6 of the

married womens property act if a married man takes a policy of life insurance on his

own life and expenses on the face of it to be for the benefit of his wife or of his wife

and children or any of them, then it shall be deemed to

be a trust for the benefit of his wife and children or any of them, According to the

interest so expressed and shall not so long as any object of trust remains be subject to

the control of the husband or to his creditors or form part of his estate. An insurance

policy taken by a married man in the above manner is ideal way to protect the interest

of his wife and children, even after his untimely death.

1.3 Types of insurance products

Term assurance plan- In insurance language this is a pure risk cover and can be

described as an insurance or risk management product in its purest and simplest form.

In case of your untimely death, your dependents will receive the risk-cover amount or

the sum assured. On the other hand, there is no survival benefits if you survive the

policy term, and you also do not get back the premiums paid.

Endowment assurance plans- It is a traditional investment-cum-insurance plan. In

other words, it provides both life cover (in the event of death of life insured) or

maturity benefits if he/she survives the policy term. Endowment plans are typically

frontloaded. Therefore it makes sense for you to remain in the policy for at least 12-15

years.

Money-back policy- It is a variant of the endowment assurance policy-the difference

is that you get the survival benefits intermittently over the life of the policy. Thus

taking care of his lump-sum monetary requirements to enable him to meet his

financial goals and major commitments. The maturity benefit is the sum assured value

less the survival benefits already paid under the policy, plus bonuses accrued, if any.

In case of untimely death the nominee will receive the entire sum assured without

considering the payouts already made to you before the unfortunate death.

Whole life plan- This policy provides the life assurance cover for almost the entire

life. Most of the insurance companies provide protection up to the age of 100 years.

The sum assured is paid to you once you reach this age, and the policy is terminated.

In this payment of premium is for whole life, and the sum assured is paid to your


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nominee in the event of your death. In other words, this is equivalent to a term plan

over your lifetime.

Pension plan- A pension plan can be looked as more of an investment product

offered by insurers to cater to the golden retirement years of an individual. Also

referred to as retirement plans, these are designed to ensure that you are financially

independent during your retirement years. Most of the pension plans also provide an

optional life assurance cover in them.

Child plan- It basically aims at ensuring the achievement of life goals of your child.

The goal can be higher education, financial help in establishing a business or

profession, or even marriage. In a child plan, the life assured can be the parent or the

child. The beneficiary for the policy, however, is the child. As a child is a minor, the

life insurance contract is between the parent and the insurance company. In case of

early death of the parent, the premium payment is waived off by the insurance

company and the policy continues as originally planned.

Unit Linked Insurance Plan- ULIPs have been the darling of insurance companies,

intermediaries and the insured population alike over the last five years. The main

reason for this popularity is the twin advantage of a pure life cover (insurance

component) and a range of investment funds or options (savings component) to match

your risk profile. While the pure life cover provides the much needed financial

security to your dependents in the event of your untimely death, the savings

component allows you to participate in the capital markets and build wealth over the

long-term tenure of the policy.

Changing face of Indian insurance industry

Indian life-insurance market is the target market of all the companies who either want

to extend or diversify their business. To tap the Indian market there has been tie-ups

between the major Indian companies with other International insurance companies to

start up their business. The government of India has set up rules that no foreign

insurance company can setup their business individually here and they have to tie up

with an Indian company and this foreign insurance company can have an investment

of only 24% of the total start-up investment. Indian insurance industry can be featured

by:

Low market penetration.

Ever growing middle class component in population.


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Growth of customers interest with an increasing demand for better insurance

products.

Application of information technology for business.

Rebate from government in the form of tax incentives to be insured.

Today, the Indian life insurance industry has a dozen private players, each of which

are making strides in raising awareness levels, introducing innovative products and

increasing the penetration of life insurance in the vastly underinsured country. Several

of private insurers have introduced attractive products to meet the needs of their target

customers and in line with their business objectives.

1.4 India: The Next Insurance Giant

Market Performance & Forecast: In 2000, Indian insurance market size was $21.71

billion. Between 2000 and 2008, it had an increase of 120% and reached $47.89

billion. Between 2000 and 2008, total premiums maintained an average growth rate of

11.96% and the CAGR growth during this time frame has been 11.96%. It was one of

the most consistent growth patterns we have noticed in any other emerging economies

in Asian as well as Global markets.

Indian Insurance Market

Indian economy is the 12th largest in the world, with a GDP of $1.25 trillion and 3 rd

largest in terms of purchasing power parity. With factors like a stable 8-9 per cent

annual growth, rising foreign exchange reserves, a booming capital market and a

rapidly expanding FDI inflows, it is on the fulcrum of an ever increasing growth

curve. Insurance is one major sector which has been on a continuous growth curve

since the revival of Indian economy. Taking into account the huge population and

growing per capita income besides several other driving factors, a huge opportunity is

in store for the insurance companies in India. According to the latest research

findings, nearly 80% of Indian population is without life insurance cover while health

insurance and non-life insurance continues to be below international standards. And

this part of the population is also subjected to weak social security and pension

systems with hardly any old age

income security. As per our findings, insurance in India is primarily used as a means

to improve personal finances and for income tax planning; Indians have a tendency to

invest in properties and gold followed by bank deposits. They selectively invest in

shares also but the percentage is very small 4-5%. This in itself is an indicator that

growth potential for the insurance sector is immense. Its a business growing at the


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rate of 15-20% per annum and presently is of the order of $47.9 billion. India is a vast

market for life insurance that is directly proportional to the growth in premiums and

an increase in life density. With the entry of private sector players backed by foreign

expertise, Indian insurance market has become more vibrant. Competition in this

market is increasing with companys continuous effort to lure the customers with new

product offerings. However, the market share of private insurance companies remains

very low -in the 10-15% range. Even to this day, Life Insurance Corporation(LIC) of

India dominates Indian insurance sector. The heavy hand of government still

dominates the market, with price controls, limits on ownership, and other restraints.

Major Driving Factors

Growing demand from semi-urban population

Entry of private players following the deregulation

Rising demand for retirement provision in the ageing population

The opening of the pension sector and the establishment of the new pension

regulator

Rising per capita incomes among the strong middle class, and spreading affluence

Growing consumer class and increase in spending & saving capacity

Public private partnerships infrastructure development

Dearth of innovative & buyer-friendly insurance products

Success of Auto insurance sector

Emerging Areas

Healthcare Insurance & Pension Plans

Mutual fund linked insurance products

Multiple Distribution Networks .i.e. Bank assurance

The upward growth trend started from 2000 was mainly due to economic policies

adopted by the then Indian government. This year saw initiation of an era of economic

liberalization and globalization in the Indian economy followed by several reforms

and long-term policies that created a perfect roadmap for the success of Indian

financial markets. On the basis of several macroeconomic factors like increase in

literacy rate & per capita income, decrease in death rate and unemployment, better tax

rebates, growing GDP etc., we estimate that the Indian insurance sector will grow by

$28.65 billion and reach $76.54 billion by 2011 with a CAGR (compounded annual

growth rate) of 12.44% and a growth of 59.82%.


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1.5 Busting some insurance myths

With a range of products flooding the market, people today are more confused about

insurance than ever. Here are a bagful of myths floating around and I have made an

effort to bust a few of the significant ones.

1. I dont want to put my hard-earned money into a pure term assurance plan if I dont

even get back all the premiums paid on survival of the term.

A pure term assurance plan is a risk mitigation tool and not an investment product.

In the event of your untimely death during the policy term, your dependents get a

sum assured to enable them to continue living their existing lifestyle, repay loan

liabilities and meet long-term financial goals. To achieve this, you only need to pay a

premium amount that is a fraction of the sum assured. Moreover unlike

investments, where it takes years to build a suitable corpus, the sum assured on your

insurance policy is payable, in the event of your untimely death, from the date of its

commencement.

2. It would be enough if only the main breadwinner of the family takes life insurance.

While the main breadwinner should take out a life insurance policy on a priority

basis; the other members of the family should also be covered. If the wife is working,

then she should be covered to the extent of loss of income to the family in the event of

her untimely death. On the other hand, even if she is not working, she should be

covered, albeit for a smaller sum, because her contribution to the family, in form of

household services, has monetary value.

3. I will get back all my premiums when I surrender my endowment policy

prematurely.

You couldnt be more wrong! You only get back the surrender value, which is

based on the paid-up value is a proportion of the original sum assured based on

the number of years for which premium was paid against the total premium-paying

years. The paid-up value of the policy is also calculated and available as per the

policy conditions.

4. Insurance is primarily useful as a tax-saving instrument.

Again, this is a huge misconception! While you do get attractive tax breaks, the

primary objective of insurance is risk mitigations followed by wealth creation for the

long term. Many people end up taking this myth too seriously, particularly without

considering the costs and benefits involved.


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5. After three years, I can walk away from any ULIP, along with the accrued

investment or the fund value.

Sure, you can do that! However, you need to remember that a ULIP, at least in the

initial years, is very different from a mutual fund. While a mutual fund only charges o

nominal fund management charge every year, a ULIP is front loaded. That means a

significant chunk of your premium is allocated across various charges in the initial

years of the policy and only the balance gets invested in a fund of your choice. As

these charges taper off and average over time, it makes sense to stay in a ULIP for at

least 15 years. Therefore, if your investment horizon is just 3-5 years, you better off in

a mutual fund, and you can take out a separate term assurance plan for the required

risk cover.

CHAPTER-2: OBJECTIVE

A). Primary Objective:-


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1. To study the awareness about life insurance corporation in insurance category

in Navsari region.

B). Secondary objective:-

2. 1. To study the views of end users about different Insurance Company.

3. 2. To identify the potential market in Navsari region.

CHAPTER-3: RESEARCH METHODOLOGYSources of Data:


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The success of any Insurance company depends on how well they are able to align

with the objectives and needs of individual customers, and is able to provide proper

solutions to them. To know how a company is performing and whether they have any

cutting edge advantage over competitors, an intensive study of the market is

absolutely necessary. In order to understand the performance of different companies

in the market, we did two types of surveys, primary survey and secondary survey.

Primary survey

Primary survey included:-

Prepare a questionnaire for the market survey.

Meeting different people to know their views, perception and preference of

different insurance companies.

Secondary survey

Secondary survey included of consulting books, magazines, journals, internet and also

taking reference from:-

library.

Internet.

Methodology

We would go in for a qualitative research as our objective is to judge the perception

and preference of different insurance products. The research would be done from

primary data.

Sample Design

Target population: The target population for the research would be people who are in

the age group beyond 40 and age group between 20 to 40.We targeted this group of

population because these populations are the potential customers of insurance.

Sampling Frame : The research would be conducted in Navsari. The survey has

been conducted among the potential customers of inaurance.

Sampling Technique : The sampling technique that is adopted is the simple random

sampling wherein every element in the target population has an equal chance or

probability of getting selected in the sample. That means every unit of the population

who is more is in the above mentioned age group, have an equal chance of getting

selected


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Sample Size: I did a survey among 50 people by taking two categories ; that is

1.) Age group beyond 40

2) Age group between 20 to 40

Data Collection : The research would be conducted from the source of primary data

collection. Secondary data would help us in knowing the trends prevailing in the

insurance market and would help us in analyzing and interpretation of the primary

data.

CHAPTER 4: DATA ANALYSIS AND INTERPRITATION


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Gender

Frequency Percent Valid PercentCumulative

Percent

Valid Male 33 66.0 66.0 66.0

Female 17 34.0 34.0 100.0Total 50 100.0 100.0

Male

Female

Gender

Pies showcounts

66.00%

34.00%

Age


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Percent

Valid 20-40 32 64.0 64.0 64.0

Above 40 18 36.0 36.0 100.0

Total 50 100.0 100.0

20-40

Above 40

Age

Pies show counts

64.00%

36.00%

What is your occupation?


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Percent

Valid govt.officer 18 36.0 36.0 36.0

business man 14 28.0 28.0 64.0

other 18 36.0 36.0 100.0

Total 50 100.0 100.0

govt.officerbusiness man

other

What is your occupation?

Pies show counts

36.00%

28.00%

36.00%

What is your monthly income?

Frequency Percent Valid Percent

Cumulative

PercentValid 5000-10000 13 26.0 26.0 26.0


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10000-20000 23 46.0 46.0 72.0

Above 20000 14 28.0 28.0 100.0

Total 50 100.0 100.0

5000-10000

10000-20000

Above 20000

What is your m onthly income

Pies show counts26.00%

46.00%

28.00%

What is your marital status?


Cumulative

PercentValid married 37 74.0 74.0 74.0


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unmareied 13 26.0 26.0 100.0

Total 50 100.0 100.0

married

unmareied

What is your marital status?

Pies showcounts

74.00%

26.00%

\

Number of family members?


Cumulative

PercentValid 2-4 34 68.0 68.0 68.0


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4-6 12 24.0 24.0 92.0

Above 6 4 8.0 8.0 100.0

Total 50 100.0 100.0

2-4

4-6

Above 6

Number of family me mbers?

Pies show counts

68.00%

24.00%

8.00%

Earning members in the family?

Frequency Percent Valid Percent CumulativePercent

Valid 1 20 40.0 40.0 40.0


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2 25 50.0 50.0 90.0

Above 3 5 10.0 10.0 100.0

Total 50 100.0 100.0

1

2

Above 3

Earning members in the family?

Pies show counts

40.00%

50.00%

10.00%

Which kind of insurance of you have?


Percent

Valid life 34 68.0 68.0 68.0


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non-life 11 22.0 22.0 90.0

both 5 10.0 10.0 100.0

Total 50 100.0 100.0

life

non-life

both

Which kind o f insur ance of you have

Pies show counts

68.00%

22.00%

10.00%

For what purpose you have take insurance?


Cumulative

PercentValid investment 12 24.0 24.0 24.0


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tax savings 14 28.0 28.0 52.0

for better future 20 40.0 40.0 92.0

other 4 8.0 8.0 100.0

Total 50 100.0 100.0

investment

tax saving s

for better future

other

For w hat purpose you have take insur a

Pies show counts

24.00%

28.00%

40.00%

8.00%

How you rank LIC?


Percent


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Valid Excellent 15 30.0 30.0 30.0

very good 12 24.0 24.0 54.0

good 12 24.0 24.0 78.0

fair 7 14.0 14.0 92.0

bad 4 8.0 8.0 100.0

Total 50 100.0 100.0

Bars show counts

Excellent very good good fair bad

How you rank LIC?

0

5

10

15

Count

n=15

15

n=12

12

n=12

12

n=7

7

n=4

4

From which source you come to know about LIC?


Percent


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Valid Advertisement 12 24.0 24.0 24.0

agent 23 46.0 46.0 70.0

friends 8 16.0 16.0 86.0

other 7 14.0 14.0 100.0

Total 50 100.0 100.0

Advertisement

ag ent

fr iends

other

Fr o m w h ich s o u r ce y ou c o m e t o k n o w a

Pies sho w counts

24.00%

46.00%

16.00%

14.00%

Who suggest to take you insurance policy?


Percent


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Valid friends 9 18.0 18.0 18.0

family 15 30.0 30.0 48.0

agents 20 40.0 40.0 88.0

other 6 12.0 12.0 100.0

Total 50 100.0 100.0

friends

family

agents

other

Who sugge st to take you insur ance po lic

Pies show counts

18.00%

30.00%40.00%

12.00%

In which insurance plan have you invested the money?


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Percent

Valid term plan endowment 3 6.0 6.0 6.0

money back plan 15 30.0 30.0 36.0

children plan 12 24.0 24.0 60.0

pansion plan10 20.0 20.0 80.0

ULIP 5 10.0 10.0 90.0

health plan 5 10.0 10.0 100.0

Total 50 100.0 100.0

Bars show counts

term plan endowment

money back plan

children plan

pansion plan

ULIP

health plan

In which insurance plan have you invested the money?

0

5

10

15

Count

n=3

3

n=15

15

n=12

12

n=10

10

n=5

5

n=5

5

Rank the insurance company according to you?


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Percent

Valid LIC 26 52.0 52.0 52.0

BIRLA 8 16.0 16.0 68.0

TATA AIg 7 14.0 14.0 82.0

AVIVA5 10.0 10.0 92.0

RELIANCE 4 8.0 8.0 100.0

Total 50 100.0 100.0

Bars show counts

LIC BIRLA TATA AIg AVIVA RELIANCE

Rank the insurance company according to you?

5

10

15

20

25

Count

n=26

26

n=8

8

n=7

7

n=5

5

n=4

4

Are you satisfied with LIC services?


32/34


Percent

Valid yes 37 74.0 74.0 74.0

no 13 26.0 26.0 100.0

Total 50 100.0 100.0

yes

no

Are you satis fied w ith LIC services ?

Pies show counts

74.00%

26.00%

Where do LIC need to improve?


33/34


Percent

Valid Service 8 16.0 16.0 16.0

return 14 28.0 28.0 44.0

information 12 24.0 24.0 68.0

varity8 16.0 16.0 84.0

easy claim 8 16.0 16.0 100.0

Total 50 100.0 100.0

Bars show counts

0 1 2 3 4

Where do LIC need to improve?

0

4

8

12

Count

n=8

8

n=14

14

n=12

12

n=8

8

n=8

8


34/34

Date post:	07-Apr-2018
Category:	Documents
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