A SUMMER TRAINING PROJECT REPORT

ON
MARKET RESEARCH AND CUSTOMER
SATISFACTON

SUBMITTED IN PARTIAL FULFILLMENT FOR THE AWARD

OF DEGREE OF BACHELOR IN BUSINESS ADMINISTRATION
COMPUTER AIDED MANAGEMENT
2016-19

UNDER THE GUIDANCE SUBMITTED BY:-

MS. GARIMA KHATRI SHUBHAM KUMAR AGGARWAL
ASSISTANT PROFESSOR ENROLLMENT NO. -00721501916

CHANDERPRABHU JAIN COLLEGE OF HIGHER STUDIES & SCHOOL OF LAW

An ISO 9001:2008 Certified Institute (Approved by the Govt of NCT of Delhi
Affiliated to Guru Gobind Singh Indraprastha University, Delhi)
Plot No OCF Sector A-8, Narela New Delhi -40
 DECLARATION

This is to certify that Report entitled “MARKET RESEARCH AND CUSTOMER

SATISFACTION” which is submitted by me in partial fulfillment of the requirement for the
award of degree BBA(CAM) to GGSIP University, Dwarka, Delhi comprises only my
original work and due acknowledgement has been made in the text to all other material used.

Date:

Approved by Name of Student

Ms. Garima Khatri Shubham Kumar Aggarwal

i
 CERTIFICATE

This is to certify that Report entitled “MARKET RESEARCH AND CUSTOMER

SATISFACTION” which is submitted by Shubham Kumar Aggarwal in partial
fulfillment of the requirement for the award of degree BBA (CAM) to GGSIP
University, Dwarka, Delhi is a record of the candidate own work carried out by him
under my/our supervision. The matter embodied in this thesis is original and has not
been submitted for the award of any other degree.

Date: Supervisor Signature

iii
 ACKNOWLEDGEMENT

I offer my sincere thanks and humble regards to Chanderprabhu Jain College of Higher
Studies & School of Law, GGSIP University, New Delhi for imparting us very valuable
professional training in BBA (CAM).
.
I pay my gratitude and sincere regards to Ms. Garima Khatri, my project Guide for
giving me the cream of her knowledge. I am thankful to her as she has been a constant
source of advice, motivation and inspiration. I am also thankful to her for giving her
suggestions and encouragement throughout the project work.

I take the opportunity to express my gratitude and thanks to our computer Lab staff
and library staff for providing me opportunity to utilize their resources for the
completion of the project.

I am also thankful to my family and friends for constantly motivating me to complete

the project and providing me an environment which enhanced my knowledge

Student’s Signature

iv
 EXECUTIVE SUMMARY
With the opening of the Insurance Sector, there is an increased level of activity in the arena of
insurance in India. It is now being referred to as the Sunrise industry with many sections of
the people taking a keen interest in this field of insurance.
What is this term called Insurance? Who needs it? Who provides it? What are its functions
and benefits? Is it a product or a service? Is it necessary? Is there any guarantee? These and
several more questions pop up in the minds of the people who are not in very close
association with this sector.
A rapid developing industry also offers a wide scope for increasing employment opportunity
and hence a lot of students of various fields have started taking a keen interest in this
industry. It is in this context that I decided to pursue my career and therefore my project in
this field of insurance.
The project assigned to me was "Market Survey for understanding customer’s buying
behavior with a focus on market segmentation & to study the reasons of salaried
persons taking up Insurance Services
I thus got an opportunity of working with kotak life insurance- a leading player in insurance
services.
Some of the key observations (findings) of this project were:
• 60% of the customers are satisfied with their existing policy. And still they are
looking forward for better policy and services.
• 82% customers look for a Trusted name in a company for insurance, whereas
81.5% customers look for a good plan in a company for insurance.
• 87.5% of the respondents are planning for investments, i.e. they all are having
positive intentions and hence are interested in buying an insurance cover.
• The service provided by the agent is not up to the expectations of the customers.
Hence this area should be looked upon and sincere attempts should be made to
improve it in future.
So, working in this insurance company I thus got an opportunity to understand the insight of
Insurance sector.

v
 CONTENTS
Student Declaration …………………………………………..i
Certificate from company…………………………………….ii
Certificate from Guide ……………………………………….iii
Acknowledgement ……………………………….……………iv
Executive Summary…………………………………………..v
CHAPTER 1: INTRODUCTION………………………….1
1.1 Introduction to Insurance Industry……………………2-5
1.2 Company Profile……………………………………..6-11
CHAPTER 2: LITERATURE REVIEW……………….12-14
CHAPTER 3: RESEARCH METHODOLOGY…………..15
3.1 SCOPE OF STUDY…………………………………...16
3.2 OBJECTIVE OF STUDY ……………………….……17
3.3 RESEARCH METHODOLGY ………………….…...18
3.4 DATA TO BE COLLECTED………………………...19
3.4.1 PRIMARY DATA
3.4.2 SECONDARY DATA
3.5 DATA COLLECTION METHOD…………………..20
3.6 SAMPLING………………………………..………...20
3.7 SAMPLE DESIGN………………………..…………20
3.8 SAMPLE SIZE…………………………..…………..20
3.9 SAMPLE TECHNIQUE……………………………..20
3.10 LIMITATIONS………………………..……………21
CHAPTER 4:DATA ANALYSIS &
INTERPRETATIONS………………………………...22-32.
CHAPTER 5: FINDINGS &
RECOMMENDATIONS………………………………….33
5.1 Findings………………………………………………..34
5.2 Recommendations…………………………………….35
CHAPTER 6: CONCLUSION…………………………36-38
BIBLIOGRAPHY………………………………………….39
ANNEXURES……………………………………………...40
Annexures ………………………………………………41-44
 CHAPTER – 1

INTRODUCTION

1
 1.1) INTRODUCTION TO INSURANCE INDUSTRY

Man has always been in search of security and protection from the beginning of civilization.
This urge led him to the concept of insurance. The basis of insurance was the sharing of the
losses of a few amongst many. Insurance provides financial stability and strength to the
individuals and organization by the distribution of loss of a few among many by many by
building up over a period of time.
The legal definition of insurance is that, “it is a contract between the insurer and insured
whereby, in consideration of payment of premium by the insured the insurer agrees to
make good any financial loss the insured may suffer due to consideration of an
insurance peril.”
Insurance means Spreading of Losses or Sharing of Risks. Life is full of risks. For property,
there are fire risks; for shipment of goods, there are perils of sea; for human life there are
risks of death or disability; so on and so forth. The risks are uncertain-may or may not occur.
People facing common risks come together and give their small contribution to the common
fund. While it may not be possible to tell before, which persons will suffer, but it is possible
to tell how many persons on an average out of the group will suffer loss. If any case risk
occurs, loss is made good out of common fund. In this way, all shares common risk.
Insurance, thus broadly can be understood as the process of spreading of losses of an
individual, over the group of individuals or the process of sharing of risk by those who face
common risk. People who suffer loss get relief because their loss is made good out of
common fund. People who do not suffer loss get relief because they are free of any worry of
loss. Following 2 e.g. explain the above concept of insurance.
Example-1:
In a village, there are 500 houses; each valued at Rs. 25,000. Every year 5 houses get burnt,
resulting into a total loss of Rs. 1250,000. If all the 500 owners come together and contribute
Rs. 250 each, the common fund would be Rs. 125,000. This is enough to pay Rs. 25,000 to
each of the 5 owners whose houses got burnt. Thus the risk of 5 owners is spread over 500
house-owners of the village.
Example – 2:
There are 1000 persons who are all aged 50 and standard lives. It is expected that 10 persons
out of the group die during the year. If the economic value of the loss suffered by the family

2
of each dying person were taken to be Rs. 20,000, the total loss would work out to Rs.
20,000/-. If each person of the group contributes Rs. 200 a year, the Common Fund would be
Rs. 2,00,000 this would be enough to pay Rs. 20,000 to the family of each of the 10 dying
persons. Thus 1000 persons are sharing the risks in cases of these 10 persons.

AN OVERVIEW
The insurance sector has a long history in India. It began in the early years of the 19th century.
The 1st legal enactment was made in 1870. The 1st Indian Insurance Act was passed in 1938
and amended in 1950, when it was nationalized. However, the sector was once again thrown
open to the private sector on December 1999, followed by the establishment of the Insurance
Regulatory and Development Authority (IRDA) in April 2000.
Though the Insurance Sector is now open for private players as a consequence of the new
liberalization policies of the Government, the existing government owned Insurance
companies will, nevertheless, continue to be in the government sector. These existing
companies will, however, have to strive for better realization of their corporate objectives and
goals to meet the demands and expectations of the public.
Quality of service and product that an industry offers must move forward with progress in the
state of the economy. As the quantum and quality of service change over time, the levels at
which customers continue to remain satisfied with the services provided, also keep on
increasing. Ultimately, the success of any industry depends upon its positioning in the state of
economy and on meeting the expectations of the service users.
With competition, the performance level of individual companies is expected to increase.
Segmentation is taking place within the economy with a need for socially responsive service
sector.
Globalization is the new economic reality, which is here to stay, heralding a new era of
insurance in India. With the opening of the insurance industry, India stands to gain with the
following major advantages:
• Globalization will provide improved opportunities to the customer for better products,
with more reasonable and affordable pricing.
• The customer will get faster servicing.
• It will enhance the savings rate.
• Long-term funds for infrastructure development will be available to the Country.
• It will secure for India larger inflows of foreign capital needed to sustain our GDP
growth.

3
INSURANCE OPPORTUNITIES IN INDIA
• Not even 25% of the insurable population has been extended the insurance cover. Market
penetration is quite low and hence the potential to exploit is very high.
• Insurance premium per capita is very low ($4).
• Lack of a comprehensive social security system/state benefit and welfare means that
demand for pension products should be high.
• There is a huge middle class section of approximately 300 million.
• Existing insurance companies score very low on the customer service front.
• With steadily increasing corporate asset values, need for insurance is on the rise.
Competition can help ensure the best products with best services. (ref.bibliography)

THE INSURANCE REFORMS ROUTE

So, its clear that the insurance was in private hands before 1971 and was nationalized in 1972
with all private companies merged into General Insurance Corporation of India as the parent
company with 4 subsidiaries as National Insurance Company Ltd. with Head Office at
Calcutta, New India Assurance Company Ltd. with Head Office at Bombay, Oriental
Insurance Company Ltd. with Head Office at New Delhi and United India Insurance
Company Ltd. with Head Office at Madras.
In 1993 the need for Private Insurance Companies and Multinational Companies was felt and
beginning of liberalization process started.

April 1993 R N Malhotra Committee an Insurance Sector reforms &

deregulation set up.
January ‘94 Malhotra Committee submits report to Finance Ministry.
January ‘96 An interim INSURANCE REGULATORY AUTHORITY
set up thru a resolution.
September ’96 INSURANCE REGULATORY AUTHORITY Bill drafted.
December ’96 The INSURANCE REGULATORY AUTHORITY Bill
introduced in the Parliament and referred to a standing
committee.
August ’97 The INSURANCE REGULATORY AUTHORITY Bill is
withdrawn following opposition to foreign participation in

4
 the domestic insurance sector.
November ‘97 Union government gives greater autonomy to LIC, GIC
and its 4 subsidiaries.
June ‘98 Union Budget announces opening up of the insurance
sector.
January ‘99 Notification of IRA is statutory authority and amendments
LIC & GIC Acts.
March ‘99 INSURANCE REGULATORY AUTHORITY sets the
procedure for filing applications.
April–July ‘2000 3 months open window for receipt of application.
December ‘04 In principal approvals to be granted.
2007 Private Insurance products hit the market.

After a long wait, however, there was light at the end of the tunnel when the Union Cabinet
first gave its nod for 26% direct foreign equity in any insurance JV, and later allowed foreign
institutional investors (FIIs) to hold 14% stake in such ventures effectively pushing up the
foreign equity proportion to 40%.

.THE ROADMAP TO PRIVATIZATION

• Insurance Regulatory Authority Bill was placed before Parliament. New act to grant
statutory powers to Insurance Regulatory Authority to issue guidelines and regulate
industry.
• GIC and LIC Acts were amended. Such an amendment was crucial as the Acts
disallows any other entity to issue policies.
• Guidelines for new private insurance companies were announced by Insurance
Regulatory Authority, which would include capital requirement, solvency margins
etc.
• Legislation was framed to permit institution of brokers to operate in the country.
• Guidelines for intermediaries such as surveyors, insurance agents and actuaries were
formulated.
• Invitation of business plans and applications from prospective participants, and
actuaries were formulated.

5
1.2) COMPANY PROFILE

Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak Mahindra
Bank Ltd. (KMBL), and Old Mutual plc. At Kotak Life Insurance, aim to help customers
take important financial decisions at every stage in life by offering them a wide range of
innovative life insurance products, to make them financially independent.
Mr. Sandesh Kirkire is the Chief Executive Officer of Kotak Mahindra Asset
Management Company. He moved into this role in May 2005. Mr. Kirkire joined the Kotak
Group in 1994, and has 15 years of in-depth knowledge and hands-on experience related to
fund management, corporate finance, proprietary trading, investment banking and treasury.
Prior to joining Kotak, Mr. Kirkire worked with SBI Capital Markets Limited and ITC
Bhadrachalam Finance & Investments Limited. Mr. Kirkire, 41, is a Mechanical Engineer
and holds a Masters Degree in Management from Jamnalal Bajaj Institute of Management
Studies.
What is life insurance?
Life insurance is an agreement or a contract between you (the insured) and an insurer.
Under the terms of a life insurance contract, the insurer promises to pay a certain sum to
someone (a beneficiary) when you die, in exchange for your premium payments.
Why would you need life insurance?
The most common reason for buying a life insurance is to replace the income lost when
one dies.
For e.g., say that you work, and that your income is used to support yourself and your
family. When you die, and your paychecks stop, the life insurance proceeds can be used
to continue to support the family members you've left behind.
Another common use of life insurance proceeds is to pay off any debts you leave behind.
For e.g., mortgages, car loans, medical bills, and credit card debts are often left unpaid
when someone dies. These obligations must be paid from the assets left behind. This can

6
deplete the resources that your family needs. Life insurance can be used to pay off these
debts, leaving your other assets intact for your family to use.
Life insurance provides liquidity to your estate. When you die, you may leave some
liquid assets (such as cash, CDs, and savings bonds), and some illiquid assets (such as
real estate, an automobile, and stocks). Your liquid assets may not be enough to pay all
the debts that you leave behind, plus all the expenses that arise because of your death
(such as funeral expenses and estate taxes). Your illiquid assets may have to be sold in
order to meet these obligations when they come due. This may cause a financial loss if
the assets must be sold cheaply in order to get the money on time. Life insurance can
avert this situation, because the proceeds are available almost immediately upon your
death.
Life insurance creates an estate for your heirs. After your debts and expenses are paid,
there may not be much left over for your family. Life insurance can automatically
provide assets for them after your death.
Life insurance is a great way to give to charity when you die. You may have always had
a great philanthropic desire, but not the means to make it a reality. Life insurance can do
that for you.
Life insurance can be a critical component for specialized business applications, such as
funding a buy-sell agreement. Under a buy-sell agreement, life insurance can be used to
provide cash for the purchase of a deceased owner's interest in the business.
Finally, life insurance can be an investment vehicle. Some types of life insurance policies
may actually make money for you, as well as provide the benefits described above. This
can help you with long-term financial goals.

7
MISSION AND VISION
AN UNCOMMON BOND, STRENGTHENED BY A COMMON VISION
Apart from common beliefs, values and objectives, we believe that vision of a better
tomorrow. It is this deep veneer of faith that has brought us together and fortified our
bond.

THE GLOBAL INDIAN FINANCIAL SERVICE BRAND

Our customers will enjoy the benefits of dealing with a global Indian brand that best
understands their needs and deliver customized pragmatic solutions across multiple
platforms. We will be a world class Indian financial group. Our technology and best
practices will be benchmarked along international lines while our understanding of
customers will be uniquely Indian. We will be more than a repository of our
customer’s savings. We the group will be a single window to every financial service
in a customer’s universe.

THE MOST PREFFERED EMPLOYER IN FINANCIAL SECTOR

A culture of empowerment coupled with the spirit of enterprise, attracts bright minds
with a entrepreneurial streak to join us and stay with us. Working with a home grown,
professionally managed company, which has partnership with international leaders,
gives our people a perspective that is universal as well as unique.

THE MOST TRUSTED FINANCIAL SERVICE COMPANY

We will create a ethos of trust across all our constituents. Adhering to high standards
of compliance and corporate governance will be an integral part of building trust.

VALUE CREATION
Value creation rather than size alone will be our business driver.

8
PRODUCT LINE
a) KOTAK Flexi Plan

1. Choice of five professionally managed funds included Gilt fund, Floating rate fund,
Bond fund, balanced fund, Growth fund.

2. Add lump sum injections as and when suitable.

3. Premium holiday facilities.

4. Riders options for enhanced protection.

5. Loan facilities in case of emergencies.

6. Simplified documents and procedures.

b) Kotak Retirement Income Plan

The Kotak retirement income plan is a saving plan design to meet your post retirement
needs. It is a plan that gives you jeene ki azaadi by giving you the choice to remain
independent even after retirement.

1) In this plan minimum age is 18 years and maximum age is 60 years.

2) You may buy an annuity either from kotak life insurance.

3) You can make lump sum injections into your policy at any time before retirement.

4) You may exercise the option of paying premium from the supplementary
accumulation account, will be created from lump sum injections, if the need arises.

9
 c) Kotak Endowment Plan

An endowment policy is a combination of savings along with risk cover. These

policies designed to accumulate wealth and at the same time cover your life. In simple
words, issued for specific time period during which you can pay a regular premium. If
you die during policy, your beneficiaries will receive the sum assured along the
accumulated bonus. A outlive the policy tenure you will receive the sum assured
along with accumulated bonus.

1) In this plan minimum age is 18 years and maximum age is 65 years.

2) You can take a loan against your policy has been in force at least 3 years.

3) You have the option of paying premiums quarterly, half yearly, or yearly.

4) You have a benefits of a 15 days free look perid.

d) Kotak capital multiplier plan

The Kotak capital multiplier plan is a participating plan that is built in such a way that it
allows your money to multiply, and gives you the flexibility of using that money the way you
need it, in regular and irregular withdrawals. This is an endowment plan, which is very
flexible and has a lot of in-built benefits.

1) In this plan minimum age is 18 years and maximum age is 60 years

2) At the start of your withdrawals period, you can draw the full proceeds or you can draw
up to 50% of your basic sum assured or accumulation account, whichever is higher.

3) In addition to the regular premiums, you can make lump sum injections to your plan
during the premium paying period. A supplementary accumulation account will be
created.

4) You have the facility of automatic cover maintenance, which ensures that the policy
remains in force when you miss the premium payments. This facility is available after
the first 3 years of the term.

10
 e) Kotak Child Advantage Plan

The kotak child advantage plan is an investment plan design to meet your child’s future
needs. It is a pan that gives your child the azaadi to realize his/her dreams. This is an
endowment plan where the life insured is child. This is a participating plan.

1) In this plan minimum age is 0 years and maximum age is 17 years

2) You may take a loan against this plan, after the policy has been in force for last 3
years.

3) You have the option to pay premiums quarterly, half yearly or yearly.

4) You have a benefit of a 15 days free look period.

11
 CHAPTER 2
LITERATURE REVIEW

12
2.1 LITERATURE REVIEW

In the present section an attempt has been made to examine the review of literature related to
the study.

Bapat, H.B., Soni, V., Joshi, R. (2014) studied the products offering of largest public sector ,
Life Insurance Corporation of India and the private sector giant ICICI Prudential Life
Insurance Company Limited on the aspects of applicability of SERQUAL dimensions to
current product offering .

Kotgiri, S. (2013), has focused on working of insurance players in Indian scenario and
comparison in terms of growth in insurance industry and trend of customers of investing
amount in particular plans. Some important aspects like amount of investment habits change
in attitude of customer’s investment, importance given to the type of business organization
are also analyzed.

Sharma, V. & Chauhan, D.S. (2013), analyzed the performance of public and private sector
life insurance companies in India. Through privatization of the insurance sector is feared to
affect the prospects of the LIC, the study shows the LIC continuous to dominate the sector.
Private sector insurance companies also tried to increase their market shares.

Nena, S. (2013) has highlighted the growth and performance of LIC by analyzing the major
source of income (premium earned) of the sampled unit, as well as the significant heads of
the study. The study shows consistent increase in LIC business. As private players are
coming up now a day, competition is increasing and LIC has made efforts to continue its
business.

Shashi, P. (2013), has made an effort to know whether the implemented strategies have truly
helped LIC of India in the changing trends of the society and has also suggested how these
recent trends have helped LIC of India as a whole to manage the existing leading position in
the Life Insurance market.

Bedi, H. S. and Singh, P. (2011), revealed that there is a tremendous growth in the
performance of Indian Life Insurance Industry and LIC due to the policy of LPG and due to
the emergence of private sector and opening up for foreign players. There is an increasing
trend toward the investment in stock- market by LIC due to the effective regulation of SEBI
and increasing transparency of stock-market.

13
CLAIM SETTLEMENT RATIO OF DIFFERENT INSURERS

We have been tracking IRDA claim settlement of insurers for 3+ years. Here is the
latest data on IRDA claim settlement ratio of life insurers in 2016-17( for which data
is available). Most of the good insurers are now having 95%+ claim settlement ratios
in 2016-17.

Max Life Insurance claim settlement ratio for 2016-17- 97.59%

HDFC Life claim settlement ratio for 2016-17-99.16%

ICICI Prudential claim settlement ratio for 2016-17-97.2%

Edelweiss Tokio claim settlement ratio for 2016-17- 93.29%

Kotak Life claim settlement ratio for 2016-17-92.59%

Reliance Life claim settlement ratio for 2016-17- 94.91%

SBI Life claim settlement ratio in 2016-17- 97.98%

Birla Sunlife claim settlement ratio in 2016-17- 94.21%

14
 CHAPTER 3

RESEARCH METHODOLOGY

15
3.1 SCOPE OF THE STUDY

The study will help to understand the marketing scenario of insurance industry in
Delhi region.

It may help the company to know its strength and weakness.

The study may help to know the drawbacks of Kotak Mahindra Life Insurance as a
competitor in the insurance industry.

This study may help the company to know its position as a competitor in the
insurance industry.

This will add value to know the most preferable product of the company among the
customers.

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3.2 OBJECTIVE OF THE STUDY

To determine the present brand position of the Kotak Mahindra Life

Insurance.
To study the customer satisfaction level of Kotak Mahindra Life
Insurance with other services.
To determine the market share of different brands available in the market.
There was a tough competition for the brands in the market. Therefore to
get establish, company had to make its competitor’s analysis and need to
determine where do they stand.
Responses were collected through survey and for this questionnaire were
prepared.
To showcase the consumer’s willingness to spend on life insurance.

17
3.3 RESEARCH METHODOLOGY

Research is an art of scientific investigation through search for new facts in any branch of
knowledge. It is a moment from known to unknown. Research always start with a question or
a problem.

Its purpose is to find answers to questions through the application of the scientific method.
It is a systematic and intensive study direct towards a more complete knowledge of the
subject studied.

As marketing does not address itself to basic or fundamental question, it does not qualify as
basic research. On the contrary, it tackels problems, which seem to have immediate
commercial potential.

In view of the major consideration, marketing research should be regarded as applied

research. We may also say that marketing research is of both types problem solving and
problem oriented.

Marketing research is as systematic and objective study of the problems pertaining to the
marketing of the goods and services. It may be emphasized that it is not restricted to any
particular area of marketing, but is applied to all the phases and aspects.

18
3.4 DATA TO BE COLLECTED
Data includes facts and figures, which are required to be collected to achieve the objectives of
the project. In order to determine the present position and satisfaction of customer of Kotak
Mahindra Life Insurance.

3.4.1Primary Data
The data that is being collected for the first time or to particularly fulfill the objectives of the
project is known as primary data.

These types of data were,

- The market share of Kotak Mahindra Life Insurance.
- The market share of other brands available in the market.
- Responses of the consumers.
- Identifying pros and cons of the brand.
The above primary data were collected through the responses of consumers was conducted
through questionnaires prepared for them.

3.4.2Secondary Data
Secondary data are that type of data, which are already assembled and need not to be
collected from outside. These types of data were,
i) Company profile
ii) Product profile
iii) Competitors profile
The aforesaid data were collected through internet and company’s financial report.

19
3.5 DATA COLLECTION METHOD
For given project, the primary data, this needed to collect for the first time, where much
significant. This type of information gathered through survey technique, which is the most
popular and effective technique for correct data collection. The survey was completed with
the use of questionnaires.

3.6 SAMPLING
Sample is the small group taken under consideration from the total group. This small group
represents the total group. In this project, the market research, which was asked to be studied
was gurugram market but as it was possible to approach all the respondent’s customer of the
city, hence a sample was selected which represents the whole city. The areas selected for the
sample are present further in the appendix. Sample size of customer list was taken from
Kotak Mahindra Life Insurance customer data basic.

3.7 SAMPLE DESIGN

Sampling refers to the method of selecting a sample from a given area with a view to draw
conclusions about that area. A sample is a representative of the area selected for the study.
Convenience sampling is used in exploratory research were the researcher I interested in
getting an inexpensive approximation of the truth. As the name implies, the sample is
selected because they are convenient. This non probability method is often used during
preliminary research efforts to get a gross estimate of the results, without incurring the cost or
time required to select a random sample.

3.8 SAMPLE SIZE

The sample size for the survey conducted was 50 respondents.

3.9 SAMPLE TECHNIQUE

Convenience sampling technique was used in the survey conducted. Simple random
sampling- In this, each unit of population has equal chance of being included in the sample
size.

20
3.10 LIMITATIONS

The sample size was limited to 50 consumers attached to this office.

The time available to the researcher was limited. This necessitated the use
of small sample size.

The accuracy of the study depends in the correctness of the response of

the respondents.

The observations and conclusions are based on the responses of the

consumer who choose to respond. The view of those who declined to
participate in the study are not represented.

21
 CHAPTER 4

DATA ANALYSIS AND INTERPRETATIONS

22
1) PERSONAL DETAILS:

CLASS (AGE) NO. OF RESPONDENTS

18-24 4
24-35 19

35-45 16

45-55 8

55-65 1

ANALYSIS
Above diagram consist of five classes of different age groups. Here 19 customers
biloges to 25-35 age groups, 16 customers falls in the age group of 35-45 years.
Other 8 customers comes in the class 45-55 years of age group, 18-24 consists 4
customers and remaining customer is in age group 55-65 years.
Here majority of customers belong to the age group of 25-35 years.

23
2) Do you think is it essential to have life insurance?
YES________ NO___________

YES NO TOTAL
No. of respondents 45 5 50
% of respondents 90 10 100

ANALYSIS
To these question 45 customers reported YES and 5 customers reported NO.

24
 3) Which are the companies you invested your money for life insurance?

COMPANIES NO. OF % OF
RESPONDENTS RESPONDENTS
KOTAK 50 37.04
MAHINDRA LIFE
INSURANCE
LIC 30 22.22
BAJAJ ALLIANZ - -
TATA AIG 10 7.41
MAX NEW YORK 5 3.70
LIFE INSURANCE
HDFC LIFE 10 7.41
INSURANCE

ANALYSIS
From the above figure we come to know that customer is also investing money in other life
insurance companies. The major player in insurance is LIC holding 22.22% of total sample.
The second major player ICICI is holding 18.52%. HDFC and AIG are having equal share of
7.41% & the MAX New York and SBI are having 3.70%.

25
 4) Why did you choose Kotak life insurance?

NO. OF RESPONDENTS % OF RESPONDENTS

ROI 18 36
PEER PRESSURE 15 30
TAX BENEFIT 10 20
SECURITY/SAFETY 2 24
LOW PREMIUM 5 10
TOTAL 50 100

ANALYSIS
The above diagram shows 36% of respondents choose because of good returns, 30% because
of peer pressure and remaining 24% opt. because of tax benefits, safety and low premiums
respectively.

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 5) Which of the following planned you is insured?

NO. OF RESPONDENTS % OF RESPONDENTS

Kotak flexi plan 25 40
Kotak retirement plan 19 30
Kotak endowment plan 3 5
Kotak capital multiplier plan 6 10
Child advantage plan 10 15
Total 50 100

Note. Some of customer is having more than one plan total survey.

ANALYSIS
From the total 63 respondents max. i.e, 40% customers have opted for flexi plan, whereas
30% have gone for retirement plans and remaining 30% customers are having endowment,
multiplier and child advantage respectively.

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 6) What kind of service you expect from insurance provider?
NO OF RESPONDENTS % OF RESPONDENTS
Easy access ability to deposit 20 31
center
Time to time premium 12 19
collection
Provision in case of dues 8 13
Bonus and other schemes 24 37
TOTAL 64 100

NOTE. Some of customers are expecting more than single service.

ANALYSIS
Out of total 60 respondents 37% like to have bonus and other services as a prime concern,
13% like to have provision in case of dues and remaining 31% and 12% respondents say that
they need time to time premium collection and easy accessibility to deposit center as a
concern before choosing insurance provider.

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 7) How will you rate the service given by Kotak Mahindra life insurance?
NO OF RESPONDENTS % OF RESPONDENTS
Poor -
Average 16 35
Good 28 56
Excellent 6 12
Total 50 100

ANALYSIS
Out of 50 respondents 57% have rated Kotak Mahindra Life Insurance services as good and
32% have rated as average. And remaining 12% have rated as excellent.

29
 8) What difference you find between Kotak and your previous insurance
provider?
NO OF RESPONDENTS % OF RSPONDENTS
Good return 16 21
Effective service/liquidity 12 15
Tax planning 28 36
Security/safety benefits 22 28
TOTAL 50 100

NOTE. Some of customers are having more than one plan, more benefits are expected in one
plan. Total surveys of customers are 50.

ANALYSIS
Out of 50 respondents 21% customers find good returns from kotak, 15% find effective
services, 36% find better tax planning and rest customers find better security/safety benefits.

30
 9) Do you have any suggestions for Kotak Mahindra Life Insurance?
YES______ NO_______

YES NO TOTAL
NO OF 39 11 50
RESPONDENTS
% OF 78 22 100
RESPONDENTS

ANALYSIS
To this question 39 consumers reported YES and 11 consumers reported NO.

31
 10) In future, will you purchase policies from Kotak Mahindra Life
Insurance?
YES_______ NO________

YES NO TOTAL
NO OF 32 18 50
RESPONDENTS
% OF 64 36 100
RESPONDENTS

ANALYSIS
To this question 32 consumers reported YES and 18 consumers reported NO.

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 CHAPTER 5

FINDINGS AND SUGGESTIONS

33
 5.1 FINDINGS
There is significant difference between Kotak Mahindra and other brands.
Middle income group constitutes largest contributor to investment in the company.
KSIP is the most sought after investment scheme for Kotak Mahindra.
ICICI prudential is giving tough competition to Kotak Mahindra on most of the
variables selected for study.
Other company advisors have better product knowledge than most of the established
companies.
Other company have better promptness of claim settlement than most of the
established companies.

34
 5.2 SUGGESTIONS
The company should give training to its advisors to enhance product knowledge
of the company.
The company should create awareness about its products and schemes
highlighting returns given by the company to its investors.
The company should come out with investment schemes catering to low income
group to penetrate into this segment.
Company should enhance its promptness of claim settlement.
The company should introduce new products for the rural areas also.

35
CHAPTER 6

CONCLUSION

36
 CONCLUSION
• The general perception of the people regarding insurance is that it is a tool to protect
their family. They opt for insurance as to keep their family on a safer side, 100% of the
customers surveyed are with this particular view. There are other factors also, for which
people opt for insurance such as, a tax saving device, a saving tool.
• All the customers surveyed were not having insurance policy. Only 70% of the
respondents were having an insurance policy, but it still shows that the majority of the
people are very well focused towards insurance and they are aware of the benefits related
to it.
• It is seen from the survey conducted that generally the insurance company/agent
approaches the customers. But the data that 44.5% of the people themselves approached
the insurance company/agent. This shows that in today's scenario there is a strong need
felt for having the insurance.
• From the data collected it is seen that 60% of the customers are satisfied with their
existing policy. And still they are looking forward for better policy and services.
• The service provided by the agent is not up to the expectations of the customers. Hence
this area should be looked upon and sincere attempts should be made to improve it in
future.
• The people generally invest in various things in order to enjoy the tax saving benefits.
Generally their investment is in LIC, NSC, BONDS, PPF, and PF. From the survey it is
seen that investment for tax savings is more in form of LIC i.e. 51%.
• People generally invest in various forms for securing their future. Such as insurance,
fixed assets, bank deposits, bonds, cash & Jewellery etc. But the people are more
attracted towards LIC. 70.5% of the respondents have invested in Insurance for securing
their future.
• 78% of the people contacted prefer LIC policy to any other and therefore it is ranked
no.1 by that percent of respondents.
• 75% of the positive respondents have Life Insurance Policy while 45% have both Life
and Non-life Insurance Policy.

37
• With regards to purchase of insurance policy majority of the customers are with the view
that there are no age specifications for purchasing insurance policy, it can be done at any
age according to their convenience.
• Now, when the private companies are emerging into the market most people are with the
opinion that Indian insurance companies does not have flexible plans, they are non-user
friendly, their service is unsatisfactory sector and they are not aggressive. On the other
hand 24% of the customers surveyed are with the view that Indian Insurance companies
are satisfactory.
• The people look for friendly service & Responsiveness, Good plans, a trusted name &
Accessibility in a company for Insurance.
• 87.5% of the respondents are planning for investments, i.e. they all are having positive
intentions and hence are interested in buying an insurance cover.
• 43% of the respondents are interested in going for insurance it service provider is away
form the city. But he should offer better services and products.
• In today's scenario Internet has become an important means for getting valuable
information & decision-making. 82.75% of the respondents are interested for taking
help of Internet to make a decision for an insurance plan.

38
 BIBILOGRAPHY

REFERENCE BOOKS
* Philip Kotler, Kevin Lane Keller, Abraham Koshy, Mithileshwar Jha(2008), Marketing

Management, 13th edition, pearson education, New Delhi

* K. Kundan (2009), Marketing Aptitude Test, BSC Publication, Delhi
* S P Gupta’s Statistical Methods, sultan chand and sons educational publishers, New Delhi
* William G. Zikmund, Business Research Methods, 7th edition, printed in India binding
house, 9th Indian report, 2009

WEBSITES REFFERED
# https://www.google.co.in/
# https://insurance.kotak.com/why-kotak-life/about-us
# https://insurance.kotak.com/
# https://en.wikipedia.org/wiki/Kotak_Life_Insurance

39
ANNEXURES
QUESTIONNAIRE

40
 ANNEXURE

1) PERSONAL DETAILS

NAME: _________________________
AGE:
18-24
25-35
35-45
45-55
55 & ABOVE

PHONE: __________________

EMAIL: __________________

ADDRESS: ___________________
____________________
____________________

2) DO YOU THINK IS IT ESSENTIAL TO HAVE LIFE INSURANCE?

YES_______ NO________

3) WHICH ARE THE COMPANIES YOU INVESTED YOUR MONEY FOR

LIFE INSURANCE?
A) KOTAK MAHINDRA LIF EINSURANCE _______
B) LIC _______
C) BAJAJ ALLIANZ _______
D) TATA AIG _______
E) MAX NEW YORK LIFE INSURANCE _______
F) HDFC LIFE UNSURANCE _______

41
G) ICICI PRUDENTIAL LIFE INSURANCE _______
H) SBI _______
4) WHY DID YOU CHOOSE KOTAK LIFE INSURANCE?
A) ROI ________
B) PEER PRESSURE ________
C) TAX BENEFITS ________
D) SECURITY/ SAFETY ________
E) LOW PREMIUM ________

5) WHICH OF THE FOLLOWING PLAN YOU IS INSURED?

A) KOTAK FLEXI PLAN ______
B) KOTAK RETIREMENT PLAN ______
C) KOTAK ENDOWMENT PLAN ______
D) KOTAK CAPITAL MULTIPLIER PLAN ______
E) KOTAK CHILD ADVANTAGE PLAN ______

6) WHAT KIND OF SERVICE YOU EXPECT FROM INSURANCE

PROVIDER?
A) EASY ACCESS ABILITY TO DEPOSIT CENTER ______
B) TIME TO TIME PREMIUM COLLECTION ______
C) PROVISION IN CASE OF DUES ______
D) BONUS & OTHER SCHEMES ______

7) HOW WILL YOU RATE THE SERVICES GIVEN BY KOTAK

MAHINDRA LIFE INSURANCE?
A) POOR _______
B) AVERAGE _______
C) GOOD _______
D) EXCELLENT _______

42
8) WHAT DIFFERENCE YOU FIND BETWEEN KOTAK AND YOUR
PREVIOUS INSURANCE PROVIDER?
A) GOOD RETURNS (highest) ________
B) EFFECTIVE SERVICE/ LIQUIDITY ________
C) TAX PLANNING ________
D) SECURIY/ SAFETY BENEFITS & PROTECTION
ON YOUR CAPITAL ________

9) DO YOU HAVE ANY SUGGESTION FOR KOTAK MAHINDRA LIFE

INSURANCE?
YES_______ NO______

10) IN FUTURE, WILL YOU PURCHASE POLICIES FROM KOTAK

MAHINDRA LIFE INSURANCE?
YES_______ NO_______

11) WHICH PLAN DO YOU PREFER OF KOTAK LIFE INSURANCE?

A) KSIP _______
B) MONEY BACK PLAN _______
C) CHILDREN PLAN ________
D) PENSION PLAN ________

43
 12) HOW WOULD YOU RATE THE PROMPTNESS OF CLAIM
SETTLEMENT WITH REGARD TO OTHER COMPANIES?

COMPANIES EXCELLENT GOOD AVERAGE POOR

Kotak life
icici prudential
Bajaj Allianz
TATA AIG
OTHERS

13) ARE YOU SATISFIED WITH THE RETURNS FROM YOUR

INVESTMENT IN KOTAK MAHINDRA IN COMPARISON TO OTHER
COMPANIES?

YES_______ NO_______

44