Chapter- 3: Research Design

Scope of the Study The study is restricted to sirsa region only. The study also analyses the preferences regarding different life insurance policies of Birla-sun life insurance. For this study 100 respondents of sirsa are chosen. Now days there are lot of private companies in market so its important to know what motivates the customer to buy the policy. Birla sun life is the fastest growing private insurance company in India. It determines market share of the various private companies in India.

Objective of the Study To determine and analyze the Market Potential of the Birla Sun Life Insurance Company. To determine whether the customers are satisfied with the policies of the company. To know the the customer awareness regarding the Birla-sun life insurance and its products. To study and determine the competitor position in the market. To know the future plans of the people for buying the policies. Proper understanding and analysis of life insurance industry.

Conduct market survey on a sample selected from the entire population and derived opinion
on that research

Research Methodology The research study carried out is descriptive and diagnostic in nature. Descriptive research includes surveys and fact findings and enquires of different kinds. The major purpose of these types of research is description of states of affairs as it exists at present. The main characteristics of this method are that the researcher has no control over the variables; he can only report what has been happened or what is happening. Sample Profile In statistics and survey methodology, sampling is concerned with the selection of a subset of individuals from within a population to estimate characteristics of the whole population. Researchers rarely survey the entire population because the cost of a census is too high. The

three main advantages of sampling are that the cost is lower, data collection is faster, and since the data set is smaller it is possible to ensure homogeneity and to improve the accuracy and quality of the data. The sample size taken in this research is 100. In the present study probability sampling has been used. Probability sampling are those based on random sampling, convenience sampling, area sampling. In this research simple random sampling has been used. In a simple random sample ('SRS') of a given size, all such subsets of the frame are given an equal probability. Each element of the frame thus has an equal probability of selection: the frame is not subdivided or partitioned. Furthermore, any given pair of elements has the same chance of selection as any other such pair (and similarly for triples, and so on). This minimizes bias and simplifies analysis of results. In particular, the variance between individual results within the sample is a good indicator of variance in the overall population, which makes it relatively easy to estimate the accuracy of results.

Data Collection: The present study is based on primary data. Secondary data has been used only for the reference. Primary data has been collected by interacting with various people. The secondary data has been collected through various websites. Limitations: 1. Some of the persons were not so responsive, and some of them did not responded in time. 2. Possibility of error in data collection can not be ruled out because many of investors may not have given actual answers of the questionnaire. 3. Sample size is limited to 100 respondents, which may not adequately represent the whole market. 4. The research is confined to Sirsa City only. 5. Some respondents were reluctant to divulge personal information which can affect the validity of all responses. 6. Availability of time is also a limitation of the study. 7. Lack of research experience is also one of the limitations.