SUMMER TRAINING REPORT ON MARKET RESEARCH AND CUSTOMER SATISFACTION For

Kotak Mahindra Life Insurance By Vintu- Beniwal

In partial fulfillment for the award of the degree Post Graduate Diploma In Business Management 2010-12

MATRIX BUSINESS SCHOOL

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SUMMER TRAINING REPORT ON

MARKET RESEARCH AND CUSTOMER SATISFACTION

For

Kotak Mahindra Life Insurance

Under the Supervision Of

Mr. Piyush Jain

Submitted ByVintu- Beniwal

ACKLOWLEDGEMENT
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It is said, The most important single word is we and the zero important single word is I. This true even in todays modern era. It is absolutely impossible for a single individual to complete the assigned job without help and assistance from others. It is my greatest pleasure to acknowledge sincere gratitude towards Mr. Piyush Jain (Senior manager-channel marketing) Kotak Mahindra Life Insurance Company Ltd. Mumbai, for the completion of the project work. I would also like to acknowledge to my sincere gratitude to the Director of my institute Dr. J . N . P o l and my project guide Prof. Prajakti Bakhre for helping me in this project work. I am thankful to all of my friends and batch mates for their help in completing this project work. Finally, I am thankful to my entire family members for their great support and encouragement.

Vintu- Beniwal

DECLARATION I Vintu- Beniwal student of Matrix Business School (2010-12) declare that every part of the project report on Market Potential of Kotak Mahindra Life Insurance that I have submitted is original. I was in regular contact the nominated with the nominated guide and contacted many times for discussing the project.

Date of project submission:______________

Facultys comments: _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________

Signature of faculty guide Name:

CONTENTS
Serial No. 1. Introduction 2. Industry Profile 3. Company Profile 4. Scope of the work 5. Research Methodology 6. Data interpretation and analyses 7. Observation and findings 8. Recommendation 9. Conclusion 9. Bibliography 10. Annexure 11.Glossary 43 46 Page No 09 10 16 24 26 29 39 40 41 42

Executive Summary
The objective of the project was to do Market Research and customer Satisfaction for Kotak Mahindra Life Insurance for that we have to understand the customer needs, Income, constraints, response and emotions so that they can contribute their time for becoming Life advisors for the company. The objective of this study was to analyze consumer satisfaction of mechanical splicing in Delhi city with respect to the performance, sales effort and sales service. As the company was new and it was yet to be marketed to a large number of customers, it was essential to know the feedback of customers in order to formulate effective marketing and sales strategies in future and improve the quality of service to achieve better consumer satisfaction. The site visits and companing made us possible to measure the satisfaction of consumer by identifying the attributes, which gave consumer-varying degrees of satisfaction. Questionnaire based on company format some attributes like requirement of customer and sales services offered by company were identified as critical (motivational) factors for providing satisfaction to consumers, while other factors like excisable deposit center, premium collocation was time to time and also intimation regaining before the collocation of premium. But absence of such hygienic factors definitely results in a dissatisfied consumer. These hygienic factors could result in selling but their absence can certainly unseal the product offering. For this a questionnaire was prepared which gave a vague idea about the people who were really interested and wanted to know about various new opportunities in the insurance sector. Go through questionnaire in different different area and people in the Delhi city. The study was undertaken for Delhi region during two months. The researchers were given first 15 days for collection of data and scanning the data. The questionnaire contains various aspects like there. Address, their present age, profession, number of dependents,Goals and also planning for old age (Retirement) etc. The second part of the study that consists of 40 days contains scanning the questionnaire and taking appointments. After that usually meeting the persons and tell them about the company. Most important part is analyzing the information.

INTRODUCTION
Wherever there is uncertainty there is risk. The risk cannot be averted. The risk is uncertainty of the financial loss. We don t have any command on uncertainties. This makes it essential that we think in favor of a device that becomes instrumental in spreading the loss. It is in this context that we think about insurance.Protection against the possible chances of generating uncertain losses. It eliminates worries and miseries of losses or destruction of property and death. Life insurance is a contract between you and a life insurance company, which provided you a death during the contract term. Buying insurance is extremely useful if you are the principal earning member in the family unfortunate premature demise, your family can remain financially secure because of the life that you have purchased. The primary purpose of life insurance is therefore protection of the family in the even insurance is also seen as a tool to plan effectively for your future years. Your retiren children s future needs. Today, the market offers insurance plans that not just cover your same time grow your wealth too. If you have dependants and financial responsibilities toward them, then you certainly need. Having a family means dependant, which in turn means financial commitments. Finance comes in the form of loans, children s education, medical expenses etc. Imagine what would happen if you were to lose your life suddenly or become disabled being insured in a situation like this is a necessity. When you insured your life, in effect what you are doing insuring your earning capacity that your dependents will be able to continue living without financial hardships even in case Most insurance plans available today come with a savings element built into it. These policies not only for a financially independents future, which were have a comfortable retirement. For example. Kotak preferred Retirement plans such as income plan and kotak Multiplier plan. Most insurance plans available today have a bailt in saving elements. Kotak preferred Retirement plans meet your dual financial goals of life cover and savings for the future. Collateral security.Life wasn t designed to be risk free. The key is not to eliminate risk, but to estimate it Accurately and manage it wisely. Insurance sector have characteristic that give can boost to the growth of any economy .it is due to the savings done at the individual level and at micro level it generates funds for infrastructure building as the cash flow is constant while the payout is differed, so that the insurance companies are becoming biggest investors in long gestation infrastructure development projects and hence have a great Importance to the developing economy like India. Insurance sector with an annual growth rate of 15-20% and the largest number of life insurance policies in force, the potential of the Indian insurance industry is huge.

INTRODUCTION OF THE TOPIC

The purpose of this training was to have practical experience of working within the organization, in the filed of marketing and to have exposure to the important management practices in field of marketing. While writing this report the language has been keep simple and the entire discussion has been logical and has coherent outlines. The main motto of the project work was Market Research and customer Satisfaction of Kotak Mahindra Life Insurance, New Delhi. It includes through market Research in various plans of Kotak Mahindra Life Insurance. And in detail consumer (Satisfaction) responses analysis, by surveying number of consumers. The project report is divided into two parts, first part consists market research for finding out best sold plan of Kotak Mahindra Life Insurance, And second consist survey report of various consumers about there responses about satisfaction towards Kotak Mahindra Life Insurance Company.

IMPORTANCE OF THE TOPIC

The project report is all about market research to find out best sold plan of Kotak Mahindra Life Insurance, Delhi. And to mouser the satisfaction level of consumers of Kotak Mahindra Life Insurance. Market research helps Kotak Mahindra Life Insurance about the best plan purchased by its consumer satisfaction level helps to know weather the consumers are satisfied by service/Plans of Kotak Mahindra Life Insurance.

INDUSTRY PROFILE

The industries, businesses and individuals are considerably by the services of insurance organization. th th A. The oldest form of insurance (12 century) is marine insurance. After wards in 16 century fire insurance is started in Germany. B. The first registered life office was Hand in Hand Society established in 1696. C. In India the first life insurance was started in the Bengal Presidency in 1818 knows as oriental life insurance company. D. Experiencing so many ups and downs the insurance business was found in changed shapes. Particularly after attaining independence and to the more specific after nationalizing in 1956. E. There was major change in the insurance sector after globalization in 2001. The private player in the insurance industry and ends the dominance of LIC. F. The different MNC s company of foreign country enters in the insurance industry with the joint venture with Indian companies. Today total 11 private life insurance companies are working in insurance industry.

HISTORY

1912: the Indian Life Assurance Companies Act enacted as the first stature to regulate the life insurance business. 1928: the Indian Insurance Companies Act enacted to the government to collect statistical information about both life and non life insurance businesses. 1938: Earlier legislation consolidated and amended to the insurance Act with the objective of protecting the interests of the insuring public. 1956: 245 Indian and Foreign insurers and provident societies taken over by the central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 core from the Government of India. INSURANCE SECTOR REFORMS:

1) Structure Government stake in the insurance companies to be brought down to 50%. 2) Competition Private companies with a minimum paid up capital of Rs. 1bn should be allowed to enter the industry. No company should deal in both Life and General Insurance though a single entity. Foreign companies may be allowed to enter the industry in collection with the domestic companies. Postal Life Insurance Should be allowed to operate in the rural market. Only One State Life Insurance Company should be allowed to operate in each state.

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3) Regulatory Body - The Insurance Act should be changed - An Insurance Regulatory body should be set up - Controller of Insurance (Currently a part from the Finance Ministry) should be made independent.

4) Investments Mandatory Investment of LIC Life Fund in government securities to be reduced from 75% to 50%. 5) Customer service LIC should pay interest on delays in payments beyond 30 days. Insurance companies must be encouraged to set up unit linked pension plans. Computerization of operations and updating of technology to be carried out in the insurance industry. The committee emphasized that in order to improve the customer services and increase the coverage of the insurance; industry should be opened up to competition.

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ENTRANCE OF PRIVATE PLAYERS IN INSURANCE SECTORS

st India still has low insurance penetration of 1.95 percent, 51 in the world. Despite the fact that India boosts a saving rate of around 25 percent, less than 5 percent is spent on insurance. The insurance landscape in India is undergoing major changes. Close to foreign competition since nationalization in 1956, the life insurance industry had been protected from competitive pressures. Now, with the reopening of the sector, several new players have entered the scene. The acronym for the Insurance Regulatory and Development authority of India, it overseeing the insurance business in India. It protects the interests of the policyholders received and ensures orderly growth of the insurance industry and for matters connected there thereto. Beside Kotak Mahindra Life Insurance there are other 11 private players working in life insurance sector, which are as follows. Allianz Bajaj Life Insurance Company Ltd. Allianz Bajaj Life Insurance Company Ltd. is a joint venture between Allianz AG (Largest insurer in Europe) and Bajaj Auto Ltd. incorporated on th 12 march 2001. AMP Sanmar Assurance Company Ltd. AMP Sanmar Assurance Company Ltd. is a joint venture between AMP, largest life insurer in Australia and New Zealand, Sanmar is one of the largest industrial groups in South India dealing in chlorochemicals and shipping and Engineering. Aviva Life Insurance Company Ltd. Aviva Life Insurance Company Ltd. is a joint venture between Dabur India and CGU, is a wholly subsidiary of Aviva Plc (UK).
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BI Life Insurance Company Ltd. India s largest bank SBI and Cardiff S.A, a leading insurer in France came together to from SBI Life. Tata Life Insurance Company Ltd. Tata Life Insurance Company Ltd. is capitalized at Rs. 185 crore; of which 74% has been brought in by TATA Sons and the American partner bring the balance 26%. ICICI Prudential Life Insurance Company Ltd. ICICI Prudential equity based stands at Rs. 675 Cr. With ICICI group and Prudential Plc holding 74% and 26% stake respectively. Birla Sun Life Insurance Company Ltd. Birla Sun Life Insurance Company is a 74:26 joint venture between Aditya Birla Group and sun life financial services of Canada. HDFC Standard Life Insurance Company Ltd. HDFC Standard Life Insurance Company Ltd. to be granted license by the IRDA to operate th incorporated on 14 august 2000. HDFC insurance JV with 81.4% stake and Standard life in Europe) has a stake of 18.6%. ING Vysya Life Insurance Company Ltd. ING Vysya Life Insurance Company Ltd. is expected to be first bank assurance venture in the country. Together they have roped in GMR group, which has wideranging interests in field such as power generation infrastructure, manufacturing, software and banking. As per JV agreement Vysya bank would hold 49% stake, ING (Europe, Dutch origin) 26% and GMR group would hold 25% of the
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was one of the first companies in life insurance sector. It was is the majority stakeholder in (largest mutual assurance company

stake. MAX New York Life Insurance Company Ltd. It s a partnership between MAX India ltd and New York life, a Fortune 100 company.

Met Life India Insurance Company Ltd. It was incorporated in April 2001 as a joint venture between Met Life International Holding, Inc, Jammu & Kashmir bank, and M. Pallonji and company private Ltd.

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COMPANY PROFILE

THE KOTAK MAHINDRA GROUP

Kotak Mahindra is one of India s leading financial institutions, offering completefinancial solutions that encompass every sphere of life. Form commercial banking of stock broking, to mutual funds, to life insurance, to investment banking. The group caters to the financial needs of individuals and corporate. The group has a net worth of over Rs. 1,800 core and employs over 4,400 employees in its various business. With a presence in 82 cities I India and offices in New York, London, Dubai and Mauritius, it services a customer base of over 5,00,000. Kotak Mahindra has international partnerships with Goldman Sachs (one of the world s largest investment banks and brokerage firms) and Old Mutual (a large insurance, banking and asset management conglomerate).
Mr. Uday Kotak Executive Vice Chairman & Managing Director Mr. Shivaji Dam Mr. C. Jayaram Mr. Dipak Gupta

OUR MANAGEMENT FOR LIFE INSURANCE

Mr. Gaurang Shah (Managing Director) Mr. G Murlidhar (Chief Financial Officer) Mr. Nandip Vaidya (Vice President - Sales) Mr. Arun Patil (Vice President - Sales & Management Development) Mr. Eksteen de Waal (Head Sales Training)

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OUR STORY
The Kotak Mahindra group was born in 185 as Kotak Capital Management Finance Limited. Uday Kotak, Sidne A.A. Pinto and Kotak & Company promoted this company. Industrialists Harish Mahindra and Anand Mahindra took a stake in 1986 and that s when the company changed its name to Kotak Mahindra Finance Limited. 1986 Kotak Mahindra Finance Limited starts the activity of Bill Discouting. 1987 Kotak Mahindra Finance Limited enters the Lease and Hire Purchase market. 1990 The Auto Finance division is started. 1992 The Investment Banking Division is started. Takes over FICOM, one of India s financial retail marketing networks. 1992 Enters the Funds Syndication sector. 1995 Brokerage and distribution business incorporated into a separate company Kotak Securities. Investment banking division incorporated into a separate company - Kotak Mahindra Capital Company. 1996 The Auto Finance Business is hived off into a separate company Kotak Mahindra Primus Limited. Kotak Mahindra takes significant stake in Ford Credit Kotak Mahindra Limited, for financing Ford vehicles. The launch of Matrix Information Services Limited marks the Group s entry into information distribution. 1998 Enters the mutual fund market with the launch of Kotak Mahindra Asset Management Company. 2000 Kotak Mahindra ties up with Old Mutual plc. for the Life Insurance Business.Kotak Securities launches kotakstreet.com it s on-line broking site. Formal commencement of private equity activity through setting up of Kotak Mahindra Venture Capital Fund.

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2001 Matrix sold to Friday Corporation Launches Insurance Services. 2003 Kotak Mahindra Finance Limited converts to bank.

KOTAK MAHINDRA

A Lifetime of Value

Fig:1

Old Mutual
Old Mutual was established more than 150 years ago and has developed
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into an International services group w focused on asset gathering and asset management. The old mutual Group offers a diverse range of financial services geographics : South Africa, the United States and United Kingdom. The company is listed on the London Stock Exchange capitalization of approximately $6 billon and is member of the elite FSTS 100 index. In the 2003 rankings of the w corporations Fortune magazine, Old mutual climbed 87 places to position number 366 and was also listed 14th company in the world. Old Mutual is the largest financial services business in South Africa, through its life insurance, asset management, and insurance operations. The company serves 4 million life insurance policyholders and employs over 13 000 South Africa operations. In the USA Old Mutual is one of the top ten fixed annuity business offering an array of specialist asset management. The company s US Life business recorded sales of $4 billion at the end of 2002. Operations in the United Kingdom are focused on wealth management, through Gerrard as one the leading private business in the UK. The Old Mutual Group has the ability to cater for variety of consumer segments and offers a comprehensive and in products for all income groups.

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KOTAK LIFE KOTAK BANK( 74%

)

MAHINDRA

OLD MUTAL PLC %) ( 26

INSURANCE ( 100% )

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PRODUCT

a) Kotak Flexi plan Advantages: 1 Choice of 5 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 facility 4 Riders options for enhanced protection 5 Loan facilities in case of emergencies 6 Simplified documentation and procedures b) Kotak Retirement Income Plan The Kotak Retirement Income Plan is a savings plan designed 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. Advantages: 1. In this plan minimum age of 18 years of old 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. For a with cover plan you have the facility of Automatic cover Maintenance, which ensures that the cover remains in force even when you miss the premium payments. This facility is available after the first 3 years of the term.
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5. You may exercise the option of paying premium from the Supplementary Accumulation Account, created from will be created from lump sum injections, if the need arises. 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 periods during which you pay a regular premium. If you die during policy, your beneficiaries will receive the sum assured along with the accumulated bonus a outlive the policy tenure you will receive the sum assured along with accumulated bonus. Advantages: 1 In this plan minimum age of 18 years of old and maximum age is 65 years. 2 You can take a loan against your policy has been in force for at least three years. 3 You have the option of paying premiums quarterly, half yearly or yearly. 4 You have the benefit of a 15-day free look period. 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 this 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. Advantages: 1 In this plan minimum age of 18 years of old 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
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higher. 3 In addition to the regular premiums, you can make lum sum injection into 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 even when you miss the premium payments. This facility is available after the first 3 years of the term. e) Kotak Child Advantage Plan The Kotak Child Advantage Plan is an investment plan designed to meet your child s future needs. It is a plan that gives your child the azaadi to realise his/her dreams. This is an endowment plan where the life insured is the child. This is a participating plan. Advantages: 1 In this plan minimum age of 0 years of old and maximum age is 17 years. 2 You may take a loan against this plan, after the policy has been in force for at least three years. 3 You have the option of paying premiums quarterly, half yearly or yearly.

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SCOPE OF STUDIES
Need for measuring customer satisfaction. Customers are too good to loose -------- Lets keep them happy! Customer is the king." In the era of cutthroat competition and economic recession, above axiom has more importance than ever before. Marketing starts with the customer and ends the customer . Peter Drucker.

So no organization, small or big ignores the customers. Earth is not the center of universe but revolves around the Sun . -Copernicus. Similarly, we have come to believe that business firm is not the center of economic universe but revolves around the customer. Build customer and not only products. Building customers is not a single step exercise but a process ------.

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OBJECTIVE OF THE STUDY:

1) To determine the present position and satisfaction of customer in Kotak Mahindra Life Insurance. The main objective of the project was to analyze consumer satisfaction of Kotak Mahindra Life Insurance with other services in Pune. And also present position of the company. 2) To determine the market share of different brands.The second objective of the project was to determine the market share of different brands available in the market. There was a tough competition for the brand in the market. Therefore to get establish, company had to make its competitors analysis and need to determine where do they stand. 3) Responses of customerResponses from them were collected through survey and for he questionnaire were prepared for both of them. 4) Benefits derived by assessing consumer satisfaction are: Feedback to organization regarding product. Understanding customer s requirements. Providing superior service to customer. Strengthen the relationship with customers. Formulating sales strategies.

5) Identify pros and cons of the brand.This was a fundamental objective of the whole research. Company wants to identify that where does the brand lack. In other words, what are the brands so that it can rectify them in order to establish the brand in the market. 6) Suggestions and recommendations.The objective of the research was not only to

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RESEARCH METHODOLOGY

INTRODUCTION 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 starts 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 directed 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 tackles 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 objectives 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.

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METHOD OF DATA COLLECTION

1) Data to be collected. Data includes facts and figures, which are required to be collected to achiever the objectives of the project. In order to determine the present position and satisfaction of customer of kotak Mahindra Life Insurance. a) Primary 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 consumer. - Identifying pros and cons of the brand. The above primary data were collected through responses of consumer was conducted through questionnaires prepared for them. b) Secondary Data Secondary data are that type of data, which are already assembled and need not to 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.
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2) Data Collection Method For given project, the primary data, which needed to collect for the first time, were 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. -Questionnaire for consumer.

3) Sampling Sample is the small group taken under consideration from the total group. This small group represents the total group. In the project the market research, which was ask to be studied was pune 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. 4) Data Evaluation The data so collected were not simply accepted because it contained unnecessary information and over or under emphasized facts. Therefore only relevant data were included in the report, which helped in achieving the objectives of the project.

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DATA INTERPRETATION AND ANALYSIS

Personal detail Classes (Age) 18-24 24-35 35-45 45-55 55-65 No of Respondents 4 19 16 8 1
No. Of Respondant 20 18 16 14 12 10 8 6 4 2 0 18-24 24-35 45-55 35-45 55-65

No. Of Respondant

Fig:2

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

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Do you think is it essential to have Life Insurance? YES NO No. of Respondents % of Respondents Yes 45 90 No 5 10 Total 50 100

No. of Respondents

YES NO

Fig:3

ANALYSIS To this question 45 consumers reported NO . YES and 5 consumers reported

Which are the companies you invested your money for Life Insurance? Companies Kotak Mahindra Life Insurance LIC Bajaj Allianz Tata AIG Max New York Life Insurance HDFC Life Insurance ICICI Prudential Life Insurance SBI No. of Respondents 50 30 10 5 10 25 5 % of Respondents 37.04 22.22 7.41 3.70 7.41 18.52 3.70

No. of Respondents Kotak Mahindra Life Insurance LIC Bajaj Allianz Tata AIG Max New York Life Insurance HDFC Life Insurance ICICI Prudential Life Insurance SBI Fig:4

ANALYSIS From the above figure we come to know that customer are 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 & SBI are having 3.70%. Why did you choose Kotak Life Insurance?

ROI Peer Pressure Tax Benefit Security /safety Low Premium TOTAL

No of Respondents 18 15 10 2 5 50
No. of Respondents

% Of Respondents 36 30 20 24 10 100

ROI Peer Tax Pressure Benefit

Security /safety Low Premium

Fig:5

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 benefit, safety and 100 premium respectively.

Which of the following planed you is insured? No o Respondents 25 19 3 6 10 % Of Respondents 40 30 5 10 15

Kotak Flexi plan Kotak Retirement Plan Kotak Endowment Plan Kotak Capital Multiplier Plan Child Advantage Plan

No. of Respondents

Kotak Flexi plan Kotak retirement Plan Kotak Endowment Plan Kotak Capital Multiplier Plan Child Advantage Plan

Fig:6

Note. Some of customer are having more than one plan total survey customers are 50. ANALYSIS From the total 63 respondents maximum i.e. 40% customers have opted for Flexi Plan, whereas 30% have gore for Retirement plans and remaining 30% have customer are having endowment, multiplier and child advantage respectively.

What kind of services you expect from insurance provides No of Respondents 20 12 8 24 64 % Of Respondents 31 19 13 37 100

Easy access ability to Deposit Center Time to time premium collection Provision in case of Dues Bonus & other schemes TOTAL

No. of Respondents

Easy access ability to Deposit Center Time to time premium collection Provision in case of Dues Bonus & other schemes

Fig:7

Note. Some of customer are expecting more than single service. ANALYSIS Out of total 50 respondents 37% like to have bonus and other service as a prime concern, 13% like to have provision in case of dues and remaining 31% & 12% respondents say. They need time-to-time premium collection and easy accessibility to deposit center as a concern before choosing insurance provider.

How will you rate the services given by Kotak Mahindra Life Insurance? No of Respondents 16 28 6 50 % Of Respondents 32 56 12 100

Poor Average Good Excellent TOTAL

No. of Respondents

Poor Average Good Excellent

Fig:8

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

What difference you Insurance provider.

find

between

Kotak

&

your

previous

Good Returns Effective Service/liquidity Tax Planning Security/ Safety Benefit TOTAL

No of Respondents 16 12 28 22 50

% Of Respondents 21 15 36 28 100

No. of Respondents

Good Effective Service Planning

Returns Tax

Security/ Safety Benefit

Fig:9

Note. Some of customers are having more than one plan more Benefit are expected in one plan. Total surveys of customers are 50.

Do have any suggestion for Kotak Mahindra Life Insurance? YES NO YES 39 78
No. of Respondents

No of Respondents % Of Respondents

NO 11 22

TOTAL 50 100

YES NO

Fig:10

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

In future, will you purchase policies from Kotak Mahindra Life Insurance? YES NO

No of Respondents % Of Respondents

YES 32 64
No. of Respondents

NO 18 36

TOTAL 50 100

YES NO

Fig:11

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

OBSERVATIONS
Majority of the customer s belonged to age group of 25-35 years that is 19 consumers. 45 consumers think Life Insurance is essential for them. 135 respondents are investing in life insurance companies like Kotak Life Insurance, LIC, Tata Allianz, Max New York, HDFC, ICICI and SBI. 36 percentages of the total respondents invest in Kotak Mahindra Life Insurance for getting high ROI. Most of respondent s preferred kotak Flexi Plan. 37.5 percentage respondents expect bonus and other schemes from Kotak Mahindra Life Insurance. 56 percentage respondents satisfied with services given by Kotak Mahindra Life Insurance. As per 28% of despondence Kotak Mahindra Life Insurance providers good tax benefits to the Investors.

64% of respondents are willing to purchased policies from kotak Mahindra life insurance.

RECOMMENDATIONS
1) There is scope to sale insurance policy by concentrating on age group 18-24 years here potential of customers are there.(Example. Software professional, BPO employees, and professionals) Flexi plan can be sold by concentrating on age group 35-45 years. (Example. Government employees, executives and businessman) 2) As major respondents think to have life insurance policy is very essential there is lot of scope for insurance company. 3) Kotak Mahindra Life Insurance should try to build trust among the public by making people aware of their investment is safe, high return on investment, Tax Benefits. 4) As more respondents are investing in Kotak Mahindra Life Insurance for getting high return on investment the company should try to provide attractive returns on investments in future. 5) Kotak Mahindra Life Insurance should introduce attractive policies & also attractive bonus on policies to attractive more potential customers. 6) Approx 36% of respondents differ with there previous insurance provider, they field that Kotak Mahindra Life Insurance providing good tax benefit for there investment so Kotak Mahindra Life Insurance if possible try to provided more tax benefit customer. 7) 64% respondents are willing to purchases Kotak Mahindra Life Insurance policies in future this benefit Kotak Mahindra Life Insurance as mort potential customer in future.

CONCLUSION

After conducting market research for Kotak Mahindra Life Insurance Company we came to know different needs of consumers, their valuable suggestions, responses to the different questions. With this information we can conclude that there is good market awareness about Kotak Mahindra Life Insurance Company in the market. Customer satisfaction level of most respondents is higher for Kotak Mahindra Life Insurance Company, which is provided by survey. Higher satisfaction level of Kotak Mahindra life insurance company was monthly due to Kotak provides good tax benefit for the consumers also ROI, security etc. Kotak Mahindra Flex s plan is the best-sold plan in market by Kotak Mahindra Life Insurance. This conveys that the customer s are switching to retirement plan.

BIBLIOGRAPHY

REFERENCES
BOOKS Research Methodology: Marketing Management: MAGAZINE Business & Economy Magazine Company websites: www.kotaklifeinsurance.com COMPUTER WEBSITE www.IRDA.com www.licindia.com www.hdfcinsurance.com www.businessindiaonline.com www.maxnewyorklife.com www.brandonline.com www.iciciprulife.com www.kotak.com C.R. Kothari Rajan Saxena

ANNEXURE

QUESTIONNAIRE 1. Personal detail Name: Age 18-24 45-55 Phone No. Email. Office Address: Residential Address: -35 55 and above -45

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 Life Insurance b) LIC c) Bajaj Allianz d) Tata AIG e) Max New York Life Insurance f) HDFC Life Insurance g) ICICI Prudential Life Insurance h) SBI

4. Why did you choose Kotak Life Insurance? a) ROI b) Peer Pressure c) Tax Benefit d) Security /safety e) Low Premium 5. Which of the following planed 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 services you expect from insurance provides a) Easy access ability to Deposit Center b) Time to time premium collection c) Provision in case of Due (Policy Lapse) 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

8. What difference you find between Kotak & your previous Insurance provider. a) Good Returns (HIGHEST) b) Effective Service/Liquidity c) Tax Planning d) Security/ Safety Benefit & Protection on your Capital 9. Do have any suggestion for Kotak Mahindra Life Insurance YES NO

10. In future, will you purchase policies from Kotak Mahindra Life Insurance? YES NO

GLOSSARY

A Accident: A sudden and unintentional happening leading to a loss. In the context of life insurance, it is a sudden and unforeseen happening that causes disability or death of the policyholder. Accidental Death Benefit: An add-on benefit in which the benefit is payable in the event of death of the life insured as a result of an accident provided he has opted for this benefit. Accumulation Period: The time interval between the commencement of the policy and the time when benefits are paid out. It is established by the insured. Actuary: A professional with expertise in technical aspects of insurance. An actuary is a statistician and mathematician by training. Agent (Life Advisor): A representative of an insurance company authorized to sell insurance policies. Annuity: The amount paid under an annuity scheme at stipulated intervals like yearly/half yearly/quarterly/monthly intervals. Authority: The Insurance Regulatory and Development authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999.

B Beneficiary: The person who receives the benefit of a policy in case of death during the term or the policyholder who receives the benefit on maturity. Bonus: Bonus is the amount added to the basic sum assured under a with-profit life insurance policy. C Claim: A request for payment of the contractual benefits by the insurer that is made by the insured or the beneficiary. Concealment: When an applicant withholds critical information from the insurance company, it is called concealment. For instance, if the applicant is suffering from a terminal disease and he does not notify the company of this, he is concealing information. D Death Benefit: The benefit received by the beneficiary (ies) on the death of the insured. E Endowment Plan: A plan in which the amount is paid to a policyholder if he outlives the tenure of the contract or to the beneficiary if the insured person dies before the date on which the policy matures.

Free look period: A free look period gives the client an option to review the terms and conditions of the policy within 15 days from the date of receipt of the policy document. G Group Life Insurance: Life insurance of a group of people under a policy. This group should already be in existence and should not have come together only for the purpose of insurance. H Human Life Value: The present value of the family's share of the breadwinner's future earnings is considered as Human Life Value, for purposes of life insurance. I IRDA: The acronym for the Insurance Regulatory and Development Authority of India, it is the apex body overseeing the insurance business in India. It protects the interests of the policyholders, regulates, promotes and ensures orderly growth of the insurance industry and for matters connected therewith or incidental thereto. L Lapse: The termination of an insurance policy due to non-payment of premia. Level Premium Life Insurance: Life insurance for which the premium remains unchanged year after year. License: Permission granted by IRDA to the applicant for commencement of the ins. business in India. M

Money Back Plan: A plan in which part of the sum assured is paid back to the policyholder at regular intervals. Maturity Date: The date on which the policy term expires. N Nomination: A provision by which a policyholder can designate any person to receive the policy money in the event of his death. Nominee: A person selected by the policyholder to receive the benefit in case of death of the life insured. P Policyholder: The person who owns the policy, in this case, a life insurance policy. Premium: The amount paid by a policyholder to the insurance company, in order to be covered under a policy.

R Rider: An add-on benefit available at the option of the policyholders that may alter certain features of a policy by increasing or restricting benefits.

Reinsurance: The transfer of part of the risk by the original insurance company to one or more reinsurers. S Selling price: This is the price at which you can sell units, based on the market value per unit, less the relevant trading costs associated with selling the assets. Surrender Value: A value payable if you want to surrender the plan before a claim arises. T Term: The tenure of the policy. Term Cover: A type of life insurance where the sum assured is payable only in the event of death of the insurer during the specified term. W Whole Life Insurance: A life insurance policy where benefits are payable to a beneficiary on death of the insured, whenever that occurs. The premium payment can happen for a specified number of years or throughout life.