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International Journal of Research & Development in
Technology and Management Science Kailash

Volume - 21| Issue 4 | OCTOBER 2014 | ISBN - 1-63102-448-5
European Article Number [EAN]- 978-163-102-448-1
editor.ijrdtm@rtmonline.in | editor@ijrdtm.com | http://journal.rtmonline.in | http://www.ijrdtm.com
Paper Id: IJRDTM 053034
DO ULIPS MEET THE ASPIRATIONS AND GOALS OF INVESTORS? - A STUDY
by
Pallavi Pahuja |Assistant Professor | pahujapallavi@gmail.com |Chandigarh business school
ABSTRACT
The evaluation of financial planning has been increased through decades,

the existing Behavioral Finance studies on factors influencing selection
of mutual fund and life insurance schemes are very few and very little
information is available about investor perceptions, preferences, attitudes
and behavior. Yet again, perhaps no efforts are made to analyze and
compare the selection behavior of Indian retail investors towards mutual
funds and life insurances particularly in post-liberalization period. With
this background this paper makes an earnest attempt to study the behavior
of the investors in the selection of these two investment vehicles in an
Indian perspective by making a comparative study. The thesis aims at
analyzing the preference of investors towards various investment avenues.
The saving objectives and source of information for investors and shall
advise the companies as to which is the most preferred investment avenue.
The study will help the individuals to make a wise decision in investing
their savings; such as: whom to buy from and where to buy. Further this
study will help mutual fund and life insurance companies to understand
the profile of Indian retail investors and their behavioral pattern. By
knowing this, companies can improve their products and can adopt most
apt strategy to tap unexplored market in a better way.
KEYWORDS: ULIPs, Investor Behavior, Investor Perception, Investment avenues
I. INTRODUCTION
The study aims at unit linked investment plans ULIPs. Analyse insurance as an investment
option/avenue. Meaning Of ULIP: Unit linked insurance plan (ULIP) is life insurance solution
that provides for the benefits of risk protection and flexibility in investment. The investment is
denoted as units and is represented by the value that it has attained called as Net Asset Value
(NAV).
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The policy value at any time varies according to the value of the underlying assets at the time.
In a ULIP, the invested amount of the premiums after deducting for all the charges and
premium for risk cover under all policies in a particular fund as chosen by the policy holders
are pooled together to form a Unit fund. A Unit is the component of the Fund in a Unit Linked
Insurance Policy. The returns in a ULIP depend upon the performance of the fund in the
capital market. ULIP investors have the option of investing across various schemes,
In a ULIP, investors have the choice of investing in a lump sum (single premium) or making
premium payments on an annual, half-yearly, quarterly or monthly basis. Investors also have
the flexibility to alter the premium amounts during the policy's tenure.
For example, if an individual has surplus funds, he can enhance the contribution in ULIP.
Conversely an individual faced with a liquidity crunch has the option of paying a lower amount
(the difference being adjusted in the accumulated value of his ULIP). ULIP investors can shift
their investments across various plans/asset classes (diversified equity funds, balanced funds,
debt funds) either at a nominal cost.
II. EXPENSES CHARGED IN A ULIP
Premium Allocation Charge: A percentage of the premium is appropriated towards

charges initial and renewal expenses apart from commission expenses before allocating
the units under the policy.
Mortality Charges: These are charges for the cost of insurance coverage and depend
on number of factors such as age, amount of coverage, state of health etc.
Fund Management Fees: Fees levied for management of the fund and is deducted
before arriving at the NAV.
Administration Charges: This is the charge for administration of the plan and is levied
by cancellation of units.
Surrender Charges: Deducted for premature partial or full encashment of units.
Fund Switching Charge: Usually a limited number of fund switches are allowed each
year without charge, with subsequent switches, subject to a charge.
Service Tax Deductions: Service tax is deducted from the risk portion of the premium
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III. UNIT LINKED INSURANCE PLAN
(ULIP) provides for life insurance where the policy value at any time varies according to the
value of the underlying assets at the time. ULIP is life insurance solution that provides for the
benefits of protection and flexibility in investment. The investment is denoted as units and is
represented by the value that it has attained called as Net Asset Value (NAV).
ULIP came into play in the 1960s and is popular in many countries in the world. The reason
that is attributed to the wide spread popularity of ULIP is because of the transparency and the
flexibility which it offers..
Unit Linked Insurance Plan - is a financial product that offers you life insurance as well as an
investment like a mutual fund. Part of the premium you pay goes towards the sum assured
(amount you get in a life insurance policy) and the balance will be invested in whichever
investments you desire - equity, fixed-return or a mixture of both.
Investments in ULIP is covered under Section 80C.
Figure 1 Premium Break up
IV. MUTUAL FUND
Mutual fund means indirect investment in share market, mutual fund has following
characteristics
It is a pool of money, collected from investors, invested according to certain investment

objectives
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The ownership of the fund is thus joint or mutual; the fund belongs to all investors.
Mutual Funds are also known as Financial Intermediaries
In India, Mutual Funds are constituted as Trust.
The investors share is denominated by units whose value is called as Net Asset Value
(NAV) which changes every day.
The investment portfolio is created according to the stated investment objectives of the
fund.
The ownership is in the hands of the investors who have pooled in their funds.
V. OBJECTIVES OF THE STUDY
To identify the key factors that influence customers preference towards ULIPs
To identify the preferred source of information for investors
To assess the saving objectives among individual investors.
To comparatively analyze the satisfaction levels in ULIPs and Mutual funds.
VI. RELATED WORK
Madhusudhan V. Jambodekar (1996,) conducted a study to assess the awareness of MFs

among investors, to identify the information sources influencing the buyer decision and the
factors influencing the choice of a particular fund. The study revealed that income schemes and
open-ended schemes are preferred over growth schemes and close-ended schemes during the
prevalent market conditions. Investors look for Safety of Principal, Liquidity and Capital
Appreciation in order of importance; Newspapers and Magazines are the first source of
information through which investors get to know about MFs / Schemes and the investor service
is the major differentiating factor in the selection of MFs.
Harry M. Kat (2000), highlighted the popularity of equity linked plans for which data from
various companies about their plans and sale of those plans. He used Hypothesis testing as a
tool for analysis to complete the interpretation of his study. He found that many have invested
in Equity linked plans
T.R. Rajeshwari (2001) , did a research To understand the savings avenue preference among
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retail mutual fund investors and to identify the preferred source of information. For this, a
Survey was done on 300 educated investors. Analysis tools used were Weighted mean value,
Std. deviation, factor analysis and chi square. It was found that the most favored saving avenue
is bank deposits and safety is the main consideration for investment.
Kavita Ranganathan (2004), conducted a study to assess the saving objectives among
individual investors and to assess the mutual fund conceptual awareness. The Research
methodology used was through an exploratory study by Judgment sampling of 100 investors of
Mumbai. The tools used for analysis were ANOVAs and chi square. It was found that main
saving objective is to save for retirement, majority of sample preferred mutual funds over
equity and maximum were aware about mutual funds.
Dr. Bhagaban Das (2006) , conducted a study to understand the retail investors behavior
towards different savings avenues, to identify the preferred source of information and to
identify the scheme preference of investors. The research methodology used was primary
survey on 100 educated investors. The tools used for analysis were Percentage Method, Chi-
square, Two-way ANOVA, Rank correlation and Z-test and t-test: to test the significance. It
was found that the investors have a wide difference with respect to their profession and also the
different investment patterns vary widely.
P Prasada Rao and Vedanatam (2006), conducted a study to identify the key factors that
influence customers preference for a particular mutual fund. Study was Exploratory by a
survey on 110 respondents by mode of a structured questionnaire. Factor analysis was the
underlying tool for analysis.
It was found that tax benefit is the first factor, secondly core product feature factor, and thirdly
fund strength factor.
B S Bodla and Sushma Rani Verma (2007) , examined buying behavior study in rural areas
to examine the preference of the policyholders towards various types of policies of insurance.
For which a survey was done on 188 respondents with the mode of a pre tested questionnaire.
Interpretation tool used was percentages. It was concluded that rural people have less faith in
private players and women segment is still untapped in rural market.
M R shollapur and A B kuchanur (2007), conducted a research to identify the popular

perceptions of the individual investors. Survey was conducted on 300 educated investors.
Variance and coefficient of variance (CV) were the key tools for analysis and interpretation of
data collected.
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M J Xavier (2007), surveyed investors by one to one interview to map the preferences of
individual investors of mutual funds. He used conjoint analysis as analysis tool.
He categorized investors in three categories, the dare devils, the image driven and the
conservative.
VII. RESEARCH METHODOLOGY AND DATABASE
Primary data: Sample selection (convenience sampling)
A systematically designed questionnaire filled in by 100 investors of tricity (Chandigarh,

Panchkula, Mohali).
Analytical procedure:
Data will be analyzed using:
Pie diagrams
Bar Graphs
Mean, and percentages
ANOVA (Analysis Of variance)
Correlation
SOFTWARE USED FOR ANALYSIS
SPSS
ANALYSIS
Rank the Objectives of your savings:(1 for the most preferred , 6 for least preferred)
Objective Mean
Retirement Benefit 3.51
Tax Reduction 2.36
Meet Contingencies 3.28
Children's Education 4.04
Purchase of Assets 4.24
Capital Appreciation 3.6
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Figure 2 Objectives of your savings
VIII. INTERPRETATION
As per the response of sample it can be inferred that the primary goal of investment of
investors in tricity is tax benefit. The reason for the same is that income of most of the sample
is above 3 lakhs for which they need to save on their taxes and under 80 c they get exemption
of 1,00,000 on their savings. The second main Objective is to meet uncertainties/
contingencies as people plan for future.
The other objectives follow thereafter like, capital appreciation, childrens education,
retirement benefit and purchase of assets.
Rank the following in the order of your preference as the convenient source of
information for investment decisions (1 for most preferred, 7 for least preferred)
Source of information Mean

reference Groups 2.5
Newspaper (General) 3.82
Newspaper (Business) 4.51
Financial Magazines 3.54
Television 4.6
Brokers/Agents 3.73
Mail 5.2
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Figure 3 Source of information
INTERPRETATION
Since the source of information for financial decisions is through reference groups therefore the
decision is influenced by reference groups by majority of respondents.
Thereafter spouse and self decision certainly matters. only minority pay to financial advisor for
financial advisory services, which further implies there is a huge untapped market for financial
advisors.
What is your preference of following as Savings Avenue? (Rank from 1 first preference
to 8 last preference)
Avenue Mean
Bank Deposit 1.54
ULIP 4.69
Pension & P.F. 3.86
Shares 6.04
Mutual Funds 5.54
Real Estates 5.51
Gold 5.74
Postal Savings 3.01
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Figure 4 Savings Avenue
INTERPRETATION
According to the analysis of collected data, the most preferred investment/saving avenue by the
investors in tricity is various forms of bank deposits. The second favored avenue is Postal
savings and pension and P.F specifically by service class.
ULIPs are ranked at 4th surplus after saving in the first three preferred avenues in diversified
in ULIPs ,mutual funds, real estate ,shares, Gold etc.
Using the 5 point scale offer your response in the following scale 5-highly satisfied 4-
satisfied 3-neutral 2-dissatisfied 1-highly dissatisfied
Reasonableness of amount of investment

ULIPs Percent Mutual Funds Percent
Valid Highly Dissatisfied 9.8 Valid Highly Dissatisfied 19.5
Dissatisfied 4.9 Dissatisfied 20.7
Neutral 14.6 Neutral 14.6
Satisfied 46.3 Satisfied 31.7
Highly Satisfied 24.4 Highly Satisfied 13.4
Total 100.0 Total 100.0
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Regular and steady income

ULIPs Percent
Valid Highly Dissatisfied 15.9
Dissatisfied 14.6
Neutral 25.6
Satisfied 31.7
highly Satisfied 12.2
Total 100.0
Mutual Funds Percent
Dissatisfied 18.3
Neutral 31.7
Satisfied 42.7
Highly Satisfied 3.7
Total 100.0
Chances of capital appreciation

ULIPs Percent
Dissatisfied 15.9
Neutral 34.1
Satisfied 15.9
Total 100.0
Dissatisfied 18.3
Neutral 22.0
Satisfied 20.7
Total 100.0
Possibility of tax benefits

ULIPs Percent
Dissatisfied 20.7
Neutral 19.5
Satisfied 30.5
Total 100.0
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Dissatisfied 17.1
Neutral 30.5
Satisfied 29.3
Total 100.0
Transaction Costs
ULIPs Percent
Dissatisfied 39.0
Neutral 18.3
Satisfied 20.7
Total 100.0

Dissatisfied 22.0
Neutral 32.9
Satisfied 24.4
Total 100.0
Provision of premature withdrawal facility

ULIPs Percent Mutual funds Percent
Valid Highly Dissatisfied Valid Valid Highly Dissatisfied 23.2
Dissatisfied Dissatisfied 12.2
Neutral Neutral 30.5
Satisfied Satisfied 28.0
Highly Satisfied Highly Satisfied 6.1
Total Total 100.0
Liquidity of investment
ULIPs Percent Mutual Funds Percent
Valid Highly Dissatisfied 15.9 Valid Highly Dissatisfied 4.9
Dissatisfied 24.4 Dissatisfied 29.3
Neutral 23.2 Neutral 29.3
Satisfied 25.6 Satisfied 31.7
Highly Satisfied 11.0 Highly Satisfied 4.9
Total 100.0 Total 100.0
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Intensity of risk
ULIPs Percent
Dissatisfied 20.7
Neutral 29.3
Satisfied 22.0
Total 100.0
Dissatisfied 40.2
Neutral 22.0
Satisfied 15.9
Total 100.0
Accessibility to sources of information

ULIPs Percent
Dissatisfied 24.4
Neutral 23.2
Satisfied 30.5
Total 100.0
Mutual funds Percent
Dissatisfied 17.1
Neutral 24.4
Satisfied 36.6
Total 100.0
Appropriate service delivery

ULIPs Percent
Dissatisfied 24.4
Neutral 30.5
Satisfied 28.0
Total 100.0
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Dissatisfied 12.2
Neutral 34.1
Satisfied 17.1
Total 100.0
CORRELATION ANALYSIS BETWEEN AGE AND PREFERENCE FOR ULIPS.
Symmetric Measures
Asymp. Std.
Value Errora Approx. Tb Approx. Sig.
Interval by Pearson's R -.231 .110 -2.124 .037c

Interval
Ordinal by Spearman -.218 .111 -1.994 .050c

Ordinal Correlation
N of Valid Cases 82
INTERPRETATION
Since the correlation is .050 hence it can be inferred that the AGE and preference for ULIPs
are correlated, the ULIPs vary for different age people.
CORRELATION BETWEEN GENDER AND PREFERENCE FOR ULIPS
Symmetric Measures
Asymp. Std. Approx.
Value Errora b
Approx. T Sig.
Interval by Interval Pearson's R -.192 .102 -1.750 .084c
Ordinal by Ordinal Spearman -.196 .100 -1.787 .078c

Correlation
N of Valid Cases 82
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INTERPRETATION
Since the correlation is more than .050 hence it can be inferred that the Gender and preference
for ULIPs are positively correlated, the preferences for ULIPs vary for males and females.
ANOVA (Analysis of variance)
Test is done to verify wether there is a significance difference between income of the
respondents and rating of QUALITY OF SERVICE (ULIP vs Mutual Fund)
ANOVA
Sum of Mean
Squares df Square F Sig.
QS Between 26.737 3 8.912 1.049 .376

Groups
Within 662.776 78 8.497

Groups
Total 689.512 81
m Between 46.185 3 15.395 1.841 .147

Groups
Within 652.267 78 8.362

Groups
Total 698.451 81
*QS=quality of service of ulips
M=quality of services of Mutual Funds
INTERPRETATION:
As the p- value for significance is more than .05 it can be inferred that the different groups
based on the incomes of respondents do not differ in their ratings of quality of service.
Test is done to verify wether there is a significance difference between income of the
respondents and rating of Benefits to investors(ULIP vs Mutual Fund)
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ANOVA
Sum of Mean
Squares df Square F Sig.
ben Between 54.697 3 18.232 1.314 .276

Groups
Within 1082.047 78 13.872

Groups
Total 1136.744 81
mf Between 28.562 3 9.521 .755 .523

Groups
Within 984.036 78 12.616

Groups
Total 1012.598 81
*ben=benefits to investors of ULIPs
Mf=benefits of investors of mutual funds
INTERPRETATION
As the p- value for significance is more than .05 it can be inferred that the different groups
based on the incomes of respondents do not differ in their ratings of Benefits to Investors..
IX. FINDINGS RELATED TO OBJECTIVES OF THE STUDY
It is inferred from the data analysis that aspirations and goals of investors before making
investment are primarily for tax reduction, to meet contingencies, capital appreciation, to
provide for childrens education etc.
Another important inference that came up from analysis of research that most preferred
source of information for investors is their reference groups. The reason for which is that
financial products are sold mainly through references. Most of the business generation in
insurance industry is through referrals.
It is found from the analysis that reference groups are the major source of information for
investment decisions. The reason is that people have the tendency to go by the words of
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their peer members and experiences of their friends. This has always been observed by the
other studies of behavioral finance.
Since the source of information for financial decisions is through reference groups
therefore the decision is influenced by reference groups by majority of respondents.
Thereafter spouse and self decision certainly matters. only minority pay to financial advisor
for financial advisory services, which further implies there is a huge untapped market for
financial advisors.
When satisfaction level of ULIPs was contrasted with Mutual Funds it was inferred:
a. There is a moderate level of satisfaction of respondents, for both of them for parameters
like reasonableness of amount of investment, provision of premature delivery, regular
and steady income, as for these parameters maximum respondents were satisfied when
asked them to rate.
b. There comes a neutral response for capital appreciation in ULIPs and Mutual Funds.
c. The respondents are satisfied as far as the tax benefits in ULIPs are concerned whereas
they are neutral when tax benefits in mutual funds are concerned.
d. In case of liquidity of investment the investors rate both ULIPs and Mutual Funds as
Satisfactory.
e. In case of transaction costs the maximum respondents are dissatisfied. In case of ULIPs
39% respondents are dissatisfied and in case of Mutual funds 22%. The reason for
which is charges in ULIPs at initial stage are very high.
ADDITIONAL FINDINGS, OTHER THAN OBJECTIVES OF THE STUDY.
After applying ANOVA (analysis of variance), it was inferred that different income
groups dont rate differently the quality of services delivered by ULIPs and Mutual funds
companies . they rate them similar for both of the investment avenues.
ANOVA was also applied to know that whether there is a significance difference between
benefits to investors provided by ULIPs and Mutual Funds, by different income groups.
But it was found that there is no significant difference between both.
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Correlation was applied to know whether there is any correlation between age and
preference for ULIPs , and it was found that there is a positive relationship between both
the variables.
Correlation was also applied to find whether there is any significant relation between
Gender and preference towards ULIPs.
It was found that there is a positive correlation between both.
X. CONCLUSION
To sum up and conclude it can be revealed from the research, that , investors in the tricity are
aware of their investment decisions ,specifically in ULIPs, therefore they are satisfied with the
returns they are getting from ULIPs and Mutual Funds. They take wise investment decisions
not only by self, but by discussing with their spouse and most importantly the reference groups
or peer groups. Also, most of the retail investors invest more than 1,00,000 p.a for saving and
future purposes. The sole reason of dissatisfaction among investors is the huge transaction
costs.
Thanks to the growth of Insurance industry which have a ULIP for need of anyone and
everyone, ULIPs meet the aspirations and goals of retail investors.
XI. LIMITATIONS
Sample size could have been more; the accuracy would have been more.
Non cooperation and careless response of some of the respondents became a hassle in the
study.
ULIP could be compared with other investment avenues as well not only Mutual Funds.
Time limit was also a constraint in the study.
XII. RECOMMENDATIONS
Sample Size can be increased to get more accuracy in data , research and analysis.
ULIPs can be compared with other investment avenues as well.
Even rural investors perception can be mapped regarding ULIPs and other investment
avenues.
Perceptual mapping of various ULIPs, or Insurance Companies can be done.
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Insurance companies should advertise more in financial magazines and televisions as they
are the preferred source of information for the investors.
XIII. REFERENCES
1. Hackethal.Andreas and Jansen. Christian 2008, How to meet private investors

advisory needs Accessed at http://ssrn.com/abstract=1009194
2. Kat. M Henry 2000, Equity linked saving A New Product Range for Retail Investors
Accessed at http://ssrn.com/sol3/papers.cfm?abstract_id=256659
3. Rajeshwari .T.R 2001, An empirical analysis on factors influencing the mutual

fund/scheme selection by retail investors. Accessed at http://www.utiicm. com/ Cmc /
PDFs/2001/rajeswari.pdf
4. Ranganathan.Kavita 2004, A study on fund selection of individual investors towards

mutual funds-with reference to Mumbai city. Accessed at http://papers.ssrn.com/sol3/
papers.cfm
5. Das.Dr Bhagwan 2006, Mutual Fund vs. Life Insurance: Behavioral
6. Analysis of Retail Investors, International Journal of Business and Management October,

2008 ,vol 89, Accessed at http ://w ww. Ccse net.org /journal /index .php/ ijbm/
article/viewFile/55/48
7. Rao.Prasada.P and Vedanatam 2006 , Mutual funds: exploring the retail customer
expectations. , the icfai journal of service marketing vol. IV No. 2 sept. 2007
8. Bodla. B.S 2007, life insurance policies in rural areas: understanding buyer behavior
the icfai journal of service marketing vol. IV No. 2 dec 2007
9. Shollapur.M.R and kuchanur.A.B 2007, Identifying perceptions and perceptual gaps: a

study on individual investors in selected investment avenues., The icfai journal of
behavioral finance, vol V,No 2, 2008
10. Xavier.M.J 2007, An approach to segmenting mutual funds investors Accessed at -

http://papers.ssrn.com/sol3/papers.cfm
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International Journal of Research & Development in

Technology and Management Science Kailash

Paper Id: IJRDTM 053034

DO ULIPS MEET THE ASPIRATIONS AND GOALS OF INVESTORS? - A STUDY

Pallavi Pahuja |Assistant Professor | pahujapallavi@gmail.com |Chandigarh business school

The evaluation of financial planning has been increased through decades,

KEYWORDS: ULIPs, Investor Behavior, Investor Perception, Investment avenues

Paper Id: IJRDTM 053034

II. EXPENSES CHARGED IN A ULIP

Premium Allocation Charge: A percentage of the premium is appropriated towards

Surrender Charges: Deducted for premature partial or full encashment of units.

Paper Id: IJRDTM 053034

Investments in ULIP is covered under Section 80C.

Figure 1 Premium Break up

IV. MUTUAL FUND

It is a pool of money, collected from investors, invested according to certain investment

Paper Id: IJRDTM 053034

Mutual Funds are also known as Financial Intermediaries

In India, Mutual Funds are constituted as Trust.

V. OBJECTIVES OF THE STUDY

To identify the preferred source of information for investors

To assess the saving objectives among individual investors.

To comparatively analyze the satisfaction levels in ULIPs and Mutual funds.

VI. RELATED WORK

Madhusudhan V. Jambodekar (1996,) conducted a study to assess the awareness of MFs

Paper Id: IJRDTM 053034

M R shollapur and A B kuchanur (2007), conducted a research to identify the popular

Paper Id: IJRDTM 053034

VII. RESEARCH METHODOLOGY AND DATABASE

Primary data: Sample selection (convenience sampling)

A systematically designed questionnaire filled in by 100 investors of tricity (Chandigarh,

Data will be analyzed using:

SOFTWARE USED FOR ANALYSIS

Paper Id: IJRDTM 053034

Figure 2 Objectives of your savings

Source of information Mean

Paper Id: IJRDTM 053034

Figure 3 Source of information

Paper Id: IJRDTM 053034

Figure 4 Savings Avenue

Reasonableness of amount of investment

Paper Id: IJRDTM 053034

Regular and steady income

Chances of capital appreciation

Possibility of tax benefits

Paper Id: IJRDTM 053034

Mutual Funds Percent

Mutual Funds Percent

Provision of premature withdrawal facility

Paper Id: IJRDTM 053034

Accessibility to sources of information

Appropriate service delivery

Paper Id: IJRDTM 053034

Mutual Funds Percent

CORRELATION ANALYSIS BETWEEN AGE AND PREFERENCE FOR ULIPS.

Interval by Pearson's R -.231 .110 -2.124 .037c

Ordinal by Spearman -.218 .111 -1.994 .050c

CORRELATION BETWEEN GENDER AND PREFERENCE FOR ULIPS

Interval by Interval Pearson's R -.192 .102 -1.750 .084c

Ordinal by Ordinal Spearman -.196 .100 -1.787 .078c

Paper Id: IJRDTM 053034

ANOVA (Analysis of variance)

QS Between 26.737 3 8.912 1.049 .376