Final Sweety2

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A SUMMER TRAINING REPORT ON

CUSTOMER AWARENESS AND

SATISFACTION LEVEL FOR THE

INSURANCE POLICIES

BHARTI-AXA LIFE INSURANCE COMPANY

Submitted in partial fulfillment of the requirementsFor the award of the degree of

Bachelor of Business Administration (BBA)

To

Guru Gobind Singh Indraprastha University, Delhi

Guide: Ms.shilpa arora Submitted By: shubhi khannaRoll no.16590301709

Institute of Information Technology & Management,New Delhi 110058

Batch (2009-2012)


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CERTIFICATE

I, Ms Shubhi khanna , Roll No. 16590301709 certify that the Summer

Training Report (BBA - 311) entitled TO STUDYCUSTOMER

AWARENESS SATISFACTION LEVEL FOR THE INSURANCE POLICIES

is done by me and it is an authentic work carried out by me at

BHARTI AXA Private Limited. The matter embodied in this has not been

submitted earlier for the award of any degree or diploma to the best of my

knowledge and belief.

Signature of student

Date:

Certified that the Summer Training Report (BBA ) entitled Bharti axa is

done by Ms Shubhi khanna, Roll no: 16590301709 is completed under my

guidance.

Signature of the Guide

Date:

Name of the Guide:

Countersigned

Director


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ACKNOWLEDGEMENT

No man is indispensable but there are certain mortals without whom thequality of work suffers. Their guidance becomes indispensable in acquiring

quality results.

My sincere thanks to my internal guide MrRohit Gupta(branchmanager)Bharti-AXA, whose excellent guidance, encouragement& patience has madepossible the successful completion of my project.

Last but not least, sincere thanks to the staff of Bharti-AXA, for their

ever willing help.

I am thankful toMs. ShilpaArora (Internal guide) Institute ofInnovation In Technology And Management

for cheerfully and generously giving his time, advice and efforts and also for

sharing his experiences with me, which helped in completion of my project.


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PREFACE

During this project I fully realized this and come to know about the present

real world of insurance. Since it include all the activities involved in selling

insurance products directly to financial customers. I am pleased to know

about the customers' wants and various activities in the real world of

insurance product.

The Subject of Study is A STUDY OF INSURANCE POLICIES AND

ACTIVITIES OF BHARTI-AXA LIFE INSURANCE. I have done this by

applying various tools like Tele calling, and through direct interaction with

customers.

The report contains first of all brief introduction about BHARTI-AXA Life

Insurance. Then it throws some light on the insurance policies and plans

provided by BHARTI-AXA Life Insurance.


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TABLE OF CONTENTS

S NO. TOPIC PAGENO

1 Chapter 1 Introduction to indusrty 62 Chapter 2 Introduction to company 163 Chapter 3 Research Methodology 19

Title justification

Objective

Scope of the study

Significance of the study

Research design

Sampling Methodology

i. Sampling unitii. Sampling techniqueIii. Sampling areaiv. Sample size

Limitation

192020212122

22

4 Chapter 4 Facts and Findings 235 Chapter 5 Data Analysis and Interpretation 246 Chapter 6 conclusion 347 Chapter 7 recommendations 35

8 Annexure Questionnaire 36

9 Bibliography 40


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Chapter 1 INTRODUCTION TO INDUSTRY

Indian economy is in transition over the last ten years owing to the initiation

of major economic reforms affecting almost all sectors. The paradigm shift

from a mixed economic organization to a market oriented organization has

exposed all sectors to an intense competition. Insurance being one among the

players in the financial services sector. Indian insurance business is the most

significant one among them. The industry covers two dimensions viz. Life

insurance and General insurance. While Life Insurance Corporation (LIC) of

India is a financial intermediary which mobilizes people's savings and invests

large amounts of premiums, the General Insurance Companies (GIC) does not

collect savings, yet they raise crores of rupees from premiums. General

insurance deals with exposure of risks to goods and property, whereas life

insurance is a way to meet the contingencies of physical death and economic

death. In case of premature death of the assured, the proceeds of policy are

paid to the beneficiaries and annuities protect the assured against economic

death when he lives too long to arrange for his necessities. In simple

language, insurance promises a compensation of monetary loss sustained by a

particular person, due to the damage or destruction of a particular piece of

property owned by him, provided it happens due to certain courses. In other

words, it is perfectly a simple promise to make good the loss.


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Type of Insurance

The global insurance industry helps policyholders to shield themselves

from potential risks, and covers everything from property protection to

vehicle, medical, health and life insurance.

The insurance industry is one of the most important financial services

industries in the world. There are two broad sub-divisions of the insurance

industry - the life insurance industry and the general insurance industry.

The life insurance industry has been established to help dependents survive

the loss of the family breadwinner. There are five main types of life

insurance:

1. Term Insurance. Insurance is provided for a specific term, such as 30

years. If the policyholder dies during that period in which he has taken up the

policy then a pre-specified amount of money is paid to the beneficiaries if

they are still alive at the end of the period, no money is paid out. There is

no investment component.

2. Whole Life Insurance. A form of term insurance in which the policy is in

effect for the entire duration of the policyholder's life, not for a specified

term.

3. UniversalLife Insurance. Includes a cash account component. Any

monthly amount paid in that is above the minimum premium will be invested

and will grow in value during the term of the policy. At the end of the term

the surrender value is the size of the investment in the cash account, minus

any charges applicable, and this amount is paid to the policyholder. If the

policy holder dies during the term then the beneficiaries receive the death

benefits.


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4. Variable Life Insurance. Similar to universal life insurance, except

that the cash account is managed by the policyholder, who can decide where

to invest the additional funds. They are normally invested into mutual funds or

unit trusts.

5. EndowmentPolicies. These are insurance policies in which a lump sum

is paid out at the end of the pre-specified term, or when the policyholder

dies if that is during the term of the policy. Traditional With Profit

Endowment Policies pay out a minimum specific sum, the sum assured.

This amount can be increased through investment performance. Since this

policy type has additional benefits, it carries higher premium costs. The

general insurance industry consists of all the available forms of insurance,

other than life insurance. This includes a number of well known industries

such as vehicle insurance, , home and content insurance, disability

insurance, travel insurance, term insurance, medical insurance, dental

insurance, keyman insurance, renters insurance, farmer insurance and

general insurance.


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CHAPTER 2 INTRODUCTION TO COMPANY

Bharti-AXA Life Insurance is a joint venture between Bharti, one of India's

leading business groups with interests in telecom, agri business and retail, and

AXA, world leader in financial protection and wealth management. The joint

venture company has a 74% stake from Bharti and 26% stake of AXA The

company launched national operations in December 2006. Today, we have

over 5200 employees across over 12 states in the country. Our business

philosophy is built around the promise of making people "Life Confident". As

we expand our presence across the country to cater to your insurance and

wealth management needs with our product and service offerings, we

continue to bring 'life confidence' to customers spread across India. Whatever

your plans in life, you can be confident that Bharti AXA Life will offer the

rightfinancialsolutionsto help you achieve them.

You would like to live your life and prepare for the future with complete

confidence. The vision of Bharti AXA Life Insurance Company Limited is to

become the preferred lifeinsurance company in India. This vision extends to

our recruitment philosophy as well.Both the Bharti Group in India and AXA

globally enjoy the status of being a very employee focused organization.

At Bharti AXA Life Insurance, we are determined to achieve our vision

through talent who are empowered, focused on customer service, and

champions of strategic and operational excellence we at Bharti AXA Life

Insurance, design solutions which will protect you and your family and help

you realize your dreams.Bharti Enterprises is one of India's leading business

groups with interests in telecom, agri business, insurance and retail. Bharti

has been a pioneering force in the telecom sector with many firsts and

innovations to its credit. BhartiAirtel Limited, a group company, is one of

India's leadingprivate sector providers of telecommunications services with


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an aggregate of 60 million customers, spanning mobile, fixed line, broadband

and enterprise services.

AXA

AXA Group is a worldwide leader in Financial Protection. AXA's operations

are diverse geographically, with major operations in Western Europe, North

America and the Asia/Pacific area. AXA had Euro 1,315 billion in assets

under management as of December 31, 2006. For full year 2006, IFRS

revenues amounted to Euro 79 billion, IFRS underlying earnings amounted to

Euro 4,010 million and IFRS adjusted earnings to Euro 5,140 million

The AXA Name:-

Despite being written in upper case, "AXA" is not an acronym, but was chosen

because its name can be pronounced easily by people who speak any

language. The selection criteria consisted of a short and snappy name to

convey vitality, a name that begins with the letter A so that it would appear

near the top of all lists, and something that could be pronounced easily in

every language, consistent with the group's desire for an international

presence. In 1985, Chairman and CEO Claude Bbarchose the name AXA.

Operations

AXA in the United Kingdom

AXA trades in the United Kingdom as AXA Sun Life, AXA Insurance,AXA

Investment Managersand AXA PPP Healthcare. AXA PPP Healthcare was

created when AXA boughtGuardianRoyalExchange(GRE), though
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itsubsequently sold the other parts of GRE toAegon. The company also owns

the onlineinsurer Swiftcover, distribution businessand fund manager. In January

2007 AXA was reorganised into "strategic business units" (SBU's) aimed at

competing within their specific markets. AXA run its investment branch

through AXA Investment Managers (IM).

AXA in the United States

The United States arm of AXA is AXA Equitable. AXA Equitable consists

of many subsidiaries; AXA Advisors, LLC,AXA Network, AXA Equitable

LifeInsurance,Mutual of New York (MONY) (famous for the song

"MonyMony" that the logo on its building inspired), US Financial Life,

andAllianceBernstein. On December 15 of 2006, AXA Advisors, LLC

entered into agreements with LPL (Linsco Private Ledger), the country's

largest independent broker- dealer. LPL agreed to provide brokerage, clearing

and custody services on a fully-disclosed basis. The terms of the agreements

are five years, subject to additional 24-month extensions. Services are

expected to begin in August 2007.

Bharti group

Bharti Enterprises is a large Indian business conglomeratebased in NewDelhi,

India, operating primarily across Indiaand in some other Countries like

SriLanka, Jersey, Seychelles. It was established by Sunil Mittal, one of the

young and dynamic businessmen of India. The company offers mobile

services all over India as well as in some foreign countries. TheAirtelbrand

is the flagship brand of Bharti.

The company was founded by Sunil Bharti Mittalalong with two siblings in

eary1990s. The company was not so famous in Indiaby its own name, rather

its brand names likeAirtelandBeetel (PSTN Phone Sets) are household names
http://en.wikipedia.org/wiki/Aegonhttp://en.wikipedia.org/wiki/Aegonhttp://en.wikipedia.org/wiki/Swiftcoverhttp://en.wikipedia.org/wiki/Swiftcoverhttp://en.wikipedia.org/wiki/Swiftcoverhttp://www.bluefingroup.co.uk/http://www.architas-mm.com/http://www.axaonline.com/http://www.axaonline.com/http://www.axaonline.com/http://en.wikipedia.org/wiki/AXA_Equitable_Life_Insurancehttp://en.wikipedia.org/wiki/AXA_Equitable_Life_Insurancehttp://en.wikipedia.org/wiki/AXA_Equitable_Life_Insurancehttp://en.wikipedia.org/wiki/AXA_Equitable_Life_Insurancehttp://en.wikipedia.org/wiki/AXA_Equitable_Life_Insurancehttp://en.wikipedia.org/wiki/Mony_Monyhttp://en.wikipedia.org/wiki/Mony_Monyhttp://en.wikipedia.org/wiki/AllianceBernsteinhttp://en.wikipedia.org/wiki/AllianceBernsteinhttp://en.wikipedia.org/wiki/LPL_Financialhttp://en.wikipedia.org/wiki/LPL_Financialhttp://en.wikipedia.org/wiki/Conglomerate_(company)http://en.wikipedia.org/wiki/Conglomerate_(company)http://en.wikipedia.org/wiki/New_Delhihttp://en.wikipedia.org/wiki/New_Delhihttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Sri_Lankahttp://en.wikipedia.org/wiki/Sri_Lankahttp://en.wikipedia.org/wiki/Sri_Lankahttp://en.wikipedia.org/wiki/Sri_Lankahttp://en.wikipedia.org/wiki/Sri_Lankahttp://en.wikipedia.org/wiki/Sri_Lankahttp://en.wikipedia.org/wiki/Sri_Lankahttp://en.wikipedia.org/wiki/Sunil_Mittalhttp://en.wikipedia.org/wiki/Sunil_Mittalhttp://en.wikipedia.org/wiki/Airtelhttp://en.wikipedia.org/wiki/Airtelhttp://en.wikipedia.org/wiki/Sunil_Bharti_Mittalhttp://en.wikipedia.org/wiki/Sunil_Bharti_Mittalhttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Airtelhttp://en.wikipedia.org/wiki/Airtelhttp://en.wikipedia.org/wiki/Airtelhttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Sunil_Bharti_Mittalhttp://en.wikipedia.org/wiki/Airtelhttp://en.wikipedia.org/wiki/Sunil_Mittalhttp://en.wikipedia.org/wiki/Sri_Lankahttp://en.wikipedia.org/wiki/Sri_Lankahttp://en.wikipedia.org/wiki/Sri_Lankahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/New_Delhihttp://en.wikipedia.org/wiki/New_Delhihttp://en.wikipedia.org/wiki/Conglomerate_(company)http://en.wikipedia.org/wiki/LPL_Financialhttp://en.wikipedia.org/wiki/AllianceBernsteinhttp://en.wikipedia.org/wiki/Mony_Monyhttp://en.wikipedia.org/wiki/AXA_Equitable_Life_Insurancehttp://en.wikipedia.org/wiki/AXA_Equitable_Life_Insurancehttp://en.wikipedia.org/wiki/AXA_Equitable_Life_Insurancehttp://www.axaonline.com/http://www.architas-mm.com/http://www.bluefingroup.co.uk/http://en.wikipedia.org/wiki/Swiftcoverhttp://en.wikipedia.org/wiki/Swiftcoverhttp://en.wikipedia.org/wiki/Aegon


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in India. The company underwent abrandreformation process and changed its

logo and corporate Image. Bharti's primary industry is in the field of

telecommunicationsvia its subsidiary companiesBhartiAirtel(mobile

telecommunications),BhartiInfratel(PassiveTelecomInfrastructure provider) and

Bharti Teletech (wired telecommunication services,Comviva Technologiesand

PSTNtelephonehandsets).

BhartiAirtelLtd is one of Asia's leading telecommunications service provider.

The Company is India's largest integrated telecom company in terms of

customer base and offers Mobile Services, Fixed Line services, Broadband &

IPTV, DTH service namedAirtel Digital TV, Long Distance and Enterprise

services. Airtel also offers mobile services in Sri Lanka on a state-of-the art

3.5 G network.

Bharti Retail Ltd. is a wholly owned subsidiary of Bharti Enterprises.

BhartiRetail operates a chain of multiple format stores. The company's

neighbourhood format stores operate under the "Easyday" brand and the

compact hypermarket format under the "Easyday market" brand. Recently the

company has become more involved in the foodeconomic sectors, with a joint

partnership in the agriculturalcompany FieldFresh .Bharti Enterprises tied-up

with Wal-Martfor opening a chain ofretailstores all over India. Though the

retail chain store venture is yet to see the light, the two companies, in August

2007, made a surprise statement that they have signed a wholesale cash-and-

carry deal. The companies would open 10 - 15 cash-and- carry facilities over 7

years and would employ 5,000 people. Each store would occupy 50,000-

100,000 square feet. The other retail companies of Bharti group are Bharti

Retail (Holdings) Private Limited and Bharti Retail Resources Private Limited.

Bharti Teletech is India's leading telecom & allied products company. It is

one of the largest manufacturers of landline telephones in the world. With a

strong distribution network across the country, the company is also the

primary distributor of IT and Telecom products from interntional brands such
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as Motorola, Blackberry, Thomson,Polycom, Transcend, and Logitech.

A subsidiary of Bharti, '''Telecom Seychelles Ltd.''' provides comprehensive

telecom services including 3G mobile services in Seychelles, under the 'Airtel'

brand.Comviva Technologies Limitedis an India based organization

providing VAS solutions for mobile operators around the world. Comviva

was formerly known as BhartiTelesoft and took on the Comviva branding in

April 2009.

Bharti Del Monte India Pvt. Ltd is a joint venture between Bharti enterprises

and DMPL India ltd(a subsidiary of Del Monte Pacific Ltd.). The company

offers fresh fruits & vegetables and processed foods & beverages in the

domestic as well as international markets. Bharti Retail Pvt. Ltd. Bharti AXA

General Insurance is a joint venture between Bharti Enterprises and AXA,

world leader in financial protection and wealth management. The company

was incorporated in July 2007. Bharti AXA Life Insurance Company Ltd. is a

joint venture between BhartiEnterprises and AXA, world leader in financial

protection and wealth management. The company offers a range of life

insurance and wealth management products.Bharti AXA Investment Managers

Pvt. Ltd., an asset management company in India, is a joint venture between

Bharti Enterprises, AXA Investment Managers (AXA IM) and AXA Asia

Pacific Holdings (AXA APH). Centum Learning Limited (formerly '''Bharti

Learning Systems Limited'''), a wholly owned subsidiary of Bharti Enterprises,

is a learning and development organisation that specialises in the customer

experience arena. Jersey Airtel, a subsidiary of Bharti, offersmobile services in

Jersey(Channel Islands) over its full 2G, 3G and HSDPAenhanced network.

The Company brings products and services to its customers under Airtel-

Vodafonebrand. Bharti Foundation was set up in 2000, with the vision, "To

help underprivileged children and young people of our country realize their

potential". It aims to create and support programs that bring about sustainable

changes through education and the use of technology and information. bharti
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Realty Private Ltd. is the in-house Real EstateArm for Bharti Group and

facilitates by extending support to the Group Companies for Identifying,

Developing and Maintaining Quality Real Estate in line with their Business

Models.
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STRATEGY ADOPTED

i. Structured sales processes

ii. Better understanding of customer needs and their assessment.

iii. Training was one of the biggest initiatives they undertook last year

INDIVIDUAL PLANS

Bharti AXA Dream Life Pension

A Unit Linked Pension Product.

Dream Life Pension, Bharti AXA Life Insurance's unique pension product

ensures that your retirement life is your Dream Life.

Live your Dreams! Be Life Confident.

Bharti AXA Life Aspire Life

Unit Linked Endowment Product.

Aspire Life helps you create a pool of wealth to meet your long-term needs,

while also providing you adequate protection in case the need arises.

Bharti AXA Life InvestConfident

Unit Linked Single Premium Product You have always strived hard to achieve

the best for you and your loved ones, so when it comes to making an investment

decision, we know that you would expect the best from it too.


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Bharti AXA Life WealthConfident

A unit-linked investment cum protection policy.

Your wealth, your status ensures that you get preferential status wherever you

go. So why shouldn't your money get the same?

Bharti AXA Life FutureConfident I

A unit-linked policy which offers comprehensive protection along with

wealth creation in the long term.

Bharti AXA Life FutureConfident II

A unit-linked product which offers enhanced protection along with wealth

creation in the long term.

GROUP PLANS

Bharti AXA Life Mortgage Credit Shield

Mortgage Credit Shield is a Group Product that provides coverage to people

who have availed of a Mortgage\ Home loan\ Home equity loan from an

Institution/Bank.


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Bharti AXA Life Credit Shield

Credit Shield is a Group Product that provides coverage to people who have

availed of a loan for 1 to 5 years from Group Policyholder.

Bharti AXA Life Life Shield

Life Shield is a single premium group term life insurance product


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SWOT ANAYLSIS OF THE COMPANY

Business firms undertake Swot analysis to understand the external and

internal environment. SWOT, which is the acronym for Strength, Weakness,Opportunities and Threats, is also known as WOT-UP Analysis. Through

such an analysis strength and weakness existing within an organization can be

matched with the opportunities and threats operating the environment so that

an effective strategy can be formulated. An effective organization strategy,

therefore, is one that is capitalized on the opportunities and through the use of

strengths and neutralizes the threats maximizing the impact of weakness.

STRENGTH:

Efficient manpower.

r.

WEAKNESS:

the country.


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OPPORTUNITY:

products in the market.

market opportunity.

THREAT:

-AXA being a private life insurance

company.

the Insurance sector and the company.


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Chapter 3 REASEARCH METHODOLOGY

Research comprise defining and redefining problems, formulating hypothesis

or suggested solutions; collecting, organizing and evaluating data; making

deductions and reaching conclusions; and at last carefully testing the

conclusions to determine whether they fit the formulating Hypothesis.

In short, the search for Knowledge through Objective and Systematic method

of finding solutions to a problem is Research.

RESEARCH OBJECTIVES

1) To find whether life insurance is still synonymous with L.I.C

2) To know how many people take insurance as what it is meant

for and not as tax saving financial instrument.

3) To know whether people know fully about the benefits an insurance

advisor .

4) To know how many people are interested in becoming an insurance advisor?

5 )To search for prospects who can become advisors and recruit and

select the best.


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SCOPE OF THE STUDY

To study and analyze the customers in order to find out their awareness

power regarding various insurance policies prevailing in market with special

reference to Bharti-Axa Life Insurance and rating the satisfaction level for the

same.

SIGNIFICANCE OF THE STUDY

i. Significance to the Industry

The analysis and conclusions drawn by me during the course of my study can

serve as a guide to the industry people since a systematic analysis of facts has

been attempted by me.

ii. Significance for the Researcher

No professional curriculum is considered complete without work experience.

It is well evident that work experience is an indispensable part of every

professional course. In the same manner practical work in any organization is

must for each an every individual, who is undergoing management course.

Without the practical exposure one cannot consider himself as a qualified

capable manager. Entering in the organization is like stepping into altogether a

new world.


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RESEARCH DESIGN

Type of Research: - descriptive research

Descriptive Research includes Surveys and fact-finding enquiries of different

kinds. The main characteristic of this method is that the researcher has no

control over the variables; he can only report what has happened or what is

happening.

DATA SOURCES

There are two types of data.

i. PRIMARY DATA:

In this research the data is collected from respondents through questionnaire.

ii. SECONDARY DATA:

For the company information I had used secondary data like brochures, web

site of the company etc. The Method used by me is Survey Method as the

research done isdescriptive Research.


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SAMPLING METHODOLOGY

SAMPLING UNIT: -

The sample Unit taken by me is 100 people which consist ofGeneral

public of different age group, different gender and different profession.

SAMPLING AREA:-

I have covered a portion ofresidential area of south Delhi city for the survey.


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LIMITATIONS

1)The geographical area was very much limited to residential area ie

south delhi.

2)Biases and non-cooperation of the respondents

3)Due to limited time period and constraint working hours for most of

the respondents, the answers at times were vague enough to be

ignored.

4)People are not interested in giving personal opinion


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Chapter 4 FACTS AND FINDINGS

1. Private companies need to advertise more aggressively, especially in rural

areas.

2. More education about what insurance really is needs to be imparted.

3. Legal formalities in becoming an advisor should be minimum.

4. Companies should use and promote new channels of distribution.

5. Most people in rural areas know that private companies are operating in

insurance policies but life insurance is still synonymous with L.I.C. in

urban areas.

6. A lot of people are not yet clear about insurance as a financial

instrument. They mostly take it as a tax saving instrument.

7. Most of the people are aware about whom is an insurance advisor but

having little knowledge about the benefits to the advisors and people in

detail does also not know their earning.

8. As a result of this and a few other problems not many people are interested

in becoming an insurance advisor.


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Chapter 5 DATA ANYALIS AND INTERPRETATION

Q1).State the Comparison of the distribution of occupation of the respondents?

Options No of respondants

Self- Employed 14%

Public Sector Employees 18%

Private Sector Employees 62%

Other 6%

Interpretation

It belonged to the employee in the private sector, 62 belong to the employee

in the private sector, 18 are self employed and 14 are in the other category.All these 3 respondents are retired from there jobs.


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Q2). Are you interested in products offered by the BHARTI-AXA LIFE

INSURANCE?


Yes 61%

No 22%

Will think 17%

Interpretation

The good thing is that atleast the corporate were quite eager to find out what

BHARTI-AXA has to offer whereas the major 39 % of the corporate were not

even interested in the products as they are quite satisfied by the LIC and they

are not in breaking theirlong relationship with them. The private players will

have to play a long battle in order to ensure that they are serious player in the

market.


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Q3). Are you satisfied with your present insurer[Bharti AXA Life

AspireLife?


Yes 95%

No 5%

Interpretation -

Here is where the challenge is. Inevitably most of the players are very

satisfied with their present insurer which makes it tougher for the private

players to attract the corporate. The remaining 5 % are also not very

dissatisfied by the services but they are just open to new avenues and are

looking forward that private companies come with good offers so that they

may shift to them. Thus private players will have to be very proactive and inthis regard since LIC is the leader and BHARTI-AXA Life Insurance is

lagging behind its competitors in terms of competition.


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Q4). What is people's main concern while taking a insurance policy?

Options(Concern ofPeople ) No of

respondants

Security 10%

Savings 70%

Tax 20%

Interpretation-

People Investing more in Business for the concern of Savings Mainly


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Q5). Where would you like to insure if given chance?

Companies name Percentage of people

L IC 60%

ICICI 10%

BAJAJ ALLIANZ 5%

BHARTI-AXA 15%

SBI 8%

KOTAK MAHINDRA 2%

Interpretation

Majority of people prefer lic over any other comapny


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Q6). Opinion for the premiums paid for the various policies by the

customers?

Satisfaction Levels No of respondants

Very Low 9%

Low10%

Moderate11%

High30%

Very High 40%

Interpretation

40%people are very highly satisfied, 30% of people are highly satisfied,11%

are moderate, 10% of people are low satisfied, 9% are very low satisfied.


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Q7)How you come to know about this policy?


Advertisements 31%

Friends and Relative 9%

Direct selling26%

(i) and (ii) 4%

(ii) and (iii) 14%

(iii) and (i)10%

Interpretation-

The average score received was calculated by adding the score given by each

respondent divided by the total number of respondent. Also it was noted that

in case of LIC there were total of 13 respondents who give rating of 5 or less

than 5 but the same in case of Bharti-AXA Life Insurance were only 3.It is

inferred that though the difference between the averages score obtained on the

satisfaction of financial needs is not much, the customers of Bharti-AXA Life

Insurance seemed to be satisfied.


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Q8). Are there any incentives (tax benefits or Bonuses) associated with

insurance policy ?

Options No of Respondants

Tax Benefits 60%Bonuses 40%

Interpretation-

Responses show that customers prefer more of tax benefit rather than the

bonuses while taking insurance policy. That's why the ratio of Tax benefit to

Bonus


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CONCLUSION

1. The current state of insurance distribution in India is still in flux. On onehand, insurers are awaiting regulations to be approved for brokerages and

banc assurance to be truly launched. On the other hand they are trying the

corporate model of intermediaries in addition to the traditional models in the

market.

2. There is no right and wrong in all this. Thesuccess of marketing insurance

depends on understanding the social and cultural needs of the target

population, and matching the market segment with the suitable intermediary

segment.

3. In addition a major segment of the Indian population has low disposable

income, meaning that every penny won will be obtained after a lot of

persuasion and the expected value for money is high.

4. All intermediaries can't sell all lines of business profitably in all markets.

There should be clear demarcation in the marketing strategies of the company

from this perspective. Clients should also receive price differentials for using

different channels. This is not a new concept, as the Public sector Property

Casualty companies are giving discounts in lieu of agency commission. The

channel composition should not be homogeneous but should reflect the larger

society.


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RECOMMENDATIONS

1. More emphasis should be on promotional activities.

2. Plenty of advertisement should be done through T.V, Newspaper and

Radio as these media's are having maximum recall value.

3. Total financial planning and advice should be given to every customer.

4. More business opportunity seminars should be conducted to make

people aware of the offer given.

5. The company should quite frequently send their agent to the customer

so that they should be aware of the latest offer.

6. The company should attempt to open more and more of its branches in

the country so as to promote their product publicity.

7. Hierarchical management should be given preference. The centralofficers should assume the role of policy making whilst financial,

administrative and operational authority to be delegated to zonal offices.

8. Strengthen the role of branches as a single point of service and contact

for customers.

9. To overcome costly maintenance of organization and low returns, it

must improve productivity of employees and streamline systems and

procedures.

10 Training of agents and development officers to be reviewed and the

practice of indiscriminate recruitment to be stopped as inefficient and

untrained workforce,high turnover of agents.


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ANNEXURE

OUESTIONAIRE

Customer awareness and satisfaction level for the insuarance policies

Q1. Do you have any life insurance policies?

Yes NO

If Yes: -

Name of the Company ________________

Name of the plan _________________

Annual Amount of premium _________________

Term of plan _________________

Are you satisfied with present insurer?

A) YES [ ]

B) NO [ ]


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Q2. Which are the main issues that you take into consideration while

Purchasing any life insurance policy?

A) Security ( )

B) Returns ( )

C) Tax saving ( )

Others please specify_________


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Q3. Are you aware of Unit Linked Insurance Plans offered by

various Companies in india?

a)ICICI _

b) om kotak Mahindra _

c)tata aing _

d)bajaj Allianz _

e) lic _

f) birla sunlife _

Q4. Do you have a life insurance policy from BHARTI-AXA Life

Insurance?

a) Yes [] b) No []

Q5. If yes, which policy have you taken?

_______________________________________________________


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Q6. Does this policy satisfy your financial needs? (Please rate on the scale of 1

to 10 with one being least satisfied)

_______________________________________________________

Q7. Please express your opinion for the premiums paid for the above

policy?

a) Very high

b) High

c) Moderate

d) Low

e) Very Low

Q8. How do you come to know about this policy? (Please tick).

a) Advertisements

b) Friends and relatives

c) Direct selling agentsd) Others (please specify) _____________________.


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Q9. Are there any incentives (tax benefits or Bonuses) associated with

this policy? (Please give appropriate details about it).

____________________________________________________________

Q10. Are you satisfied with the incentives associated with your policy?

a) Highly satisfied

b) Satisfied

c) Moderate

d) Unsatisfied

e) Highly Unsatisfied

Q.11. If you are given a choice, which one you take:

a) ICICI

b) OM KOTAK MAHINDRA

c) TATA AIG

d) BAJAJ ALLIANZ

e) LIC

f) SBI

Q12. What other plans or flexibility you expect from Insurance

companies?

a) More returns

b) Complementary gifts

c) Investment Pattern


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BIBLIOGRAPHY

Websites

-AXAlife.com

-AXA.com

Magazines

- PAGE 43

- PAGE 1

Search engines

www.google.com

www.yahoo.com


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