An empirical study of Current State of Life Insurance in India

and Awareness and Preferences of Retail investors of Surat

city for Life Insurance Companies during the year 2012-13
- Mrunal Chetan Joshi*, - Ms. Tejal Mahedra Takodia**
1

Abstract
In India life insurance sector opened for private as well for foreign players after new industrial
policy 1991. But effectively new players could be operative only after the Insurance Regulatory
and Development Authority (IRDA) incorporated as a statutory body in April, 2000. Currently in
life insurance sector about 23 life insurer are working, but even after more than one decade of
establishment of IRDA and sector opened for private players as well foreign players, still more
than 70% market share is hold by Life Insurance Corporation of India (LIC). Hence, question
arises that why other players could not significantly penetrate in Indian life insurance sector?
For this it becomes important to know about awareness level and preferences of investors
about life insurers in India. This paper is an attempt to study the awareness among retail
investors and their preference for these life insurers. In this study primary data is collected from
the Surat city of Gujarat state. Secondary data are collected from the various reports issued by
IRDA and various research papers published. In study it has been found that LIC is most
preferred Life Insurance Company. Investors focus more on certain aspects related to insurance
companies are timely payment of maturity amount, minimum hassle at the time of settlement,
transparency in terms and conditions in insurance contact and good financial position company.
Key words: Life Insurance, Awareness, Preference, LIC


* Assistant Professor, B.R.C.M. College of Business Administration, Surat, Gujarat

** M.Phil Student, Department of Business and Industrial Management, VNGU, Surat, Gujarat
Introduction
Life Insurance
Life insurance is a contract that pledges payment of an amount to the person assured (or his
nominee) on the happening of the event insured against.
The contract is valid for payment of the insured amount during:
The date of maturity, or
Specified dates at periodic intervals, or
Unfortunate death, if it occurs earlier.
Among other things, the contract also provides for the payment of premium periodically to the
Corporation by the policyholder. Life insurance is universally acknowledged to be an institution,
which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the
family in the unfortunate event of death of the breadwinner.
By and large, life insurance is civilisation's partial solution to the problems caused by death. Life
insurance, in short, is concerned with two hazards that stand across the life-path of every
person:
1. That of dying prematurely, leaving a dependent family to fend for itself.
2. That of living till old age without visible means of support.
History of Life Insurance in India
Before independence in India there were a large number of insurance companies and the level
of competition was high. There were also allegations of unfair trade practices. The Government
of India, therefore, decided to nationalize insurance business. An Ordinance was issued on 19th
January, 1956 nationalising the Life Insurance sector and Life Insurance Corporation came into
existence in the same year. The LIC absorbed 154 Indian, 16 non-Indian insurers as also 75
provident societies245 Indian and foreign insurers in all. The LIC had monopoly till the late
90s when the Insurance sector was reopened to the private sector.
In 1993, the Government set up a committee under the chairmanship of RN Malhotra, for
reforms in the insurance sector. The committee submitted its report in 1994 wherein , among
other things, it recommended that the private sector be permitted to enter the insurance
industry. They stated that foreign companies be allowed to enter by floating Indian companies,
preferably a joint venture with Indian partners.
Following the recommendations of the Malhotra Committee report, in 1999, the Insurance
Regulatory and Development Authority (IRDA) was constituted as an autonomous body to
regulate and develop the insurance industry. The IRDA was incorporated as a statutory body in
April, 2000. The key objectives of the IRDA include promotion of competition so as to enhance
customer satisfaction through increased consumer choice and lower premiums, while ensuring
the financial security of the insurance market.
The IRDA opened up the market in August 2000 with the invitation for application for
registrations. Foreign companies were allowed ownership of up to 26%.
Table 1. Details of life insurance companies operating in India*
Sl.
No.
Insurers Foreign Partners Regn.
No.
Date of
Registration
Year of
Operation
1 Life Insurance
Corporation of India
512 01.09.1956 1956-57
2 HDFC Standard Standard Life Assurance, 101 23.10.2000 2000-01
3 Max New York UK New York Life, 104 15.11.2000 2000-01
4 ICICI Prudential USA Prudential Plc, 105 24.11.2000 2000-01
5 Kotak Mahindra Old
Mutual
UK Old Mutual, South Africa 107 10.01.2001 2001-02
6 Birla Sun Life Sun Life, Canada 109 31.01.2001 2000-01
7 TATA AIG American International
Assurance Co.,
110 12.02.2001 2001-02
8 SBI Life USA BNP Paribas Assurance SA,
France
111 29.03.2001 2001-02
9 ING Vysya ING Insurance International B.V,
Netherlands
114 02.08.2001 2001-02
10 Bajaj Allianz Allianz, Germany 116 03.08.2001 2001-02
11 Metlife Metlife International Holdings
Ltd., USA
117 06.08.2001 2001-02
12 Reliance 121 03.01.2002 2001-02
13 Aviva Aviva International Holdings Ltd.,
UK
122 14.05.2002 2002-03
14 Sahara 127 06.02.2004 2004-05
15 Shriram Sanlam, South Africa 128 17.11.2005 2005-06
16 Bharti AXA AXA Holdings, France 130 14.07.2006 2006-07
17 Future Generali Generali, Italy 133 04.09.2007 2007-08
18 IDBI Federal Ageas, Europe 135 19.12.2007 2007-08
19 Canara HSBC HSBC, UK 136 08.05.2008 2008-09
20 OBC Aegon Religare Aegon ,Netherlands 138 27.06.2008 2008-09
21 DLF Pramerica Prudential of America, USA 140 27.06.2008 2008-09
22 Star Union Dai-ichi Mutual Life
Insurance,Japan
142 26.12.2008 2008-09
23 Dai-ichi IndiaFirst Legal & General Middle East
Limited, UK
143 05.11.2009 2009-10
24 Edelweiss Tokio Tokio Marine Holding Inc,Japan 147 12.05.2011 2011-12
* as on 31
st
December, 2011.
(Source: Hand Book on Indian Insurance Statistics 2010-11)
Current Stat of Life Insurance in India
The insurance penetration in India from 2000-01 till 2009-10 increased consistently. It has slide
since 2010-11 on account of slowdown in life insurance premium as compared to the growth
rate of the Indian economy. Life insurance penetration had consistently gone up from 2.15 per
cent in 2001 to 4.60 in 2009, before slipping to 4.40 per cent in 2010 and further slipping to
3.40 per cent in 2011. (Annual Report 2011-12, IRDA).

Table 2. Total life insurance premium collected by various life insurance
companies in last four years (up to year 2011-12)
(Rs. In Crore)

(Source: Annual report of IRDA 2011-12)
Literature Review

Sandhu, H. S., & Bala, N. (2011) demonstrated in their study seven-factor construct (consisting
of 34 items) representing Proficiency; Media and presentations; Physical and ethical excellence;
Service delivery process and purpose; Security and dynamic operations; Credibility; and
Functionality. Besides, the study also investigated the relationship between each of the
generated service quality dimensions and customers overall evaluation of life insurance service
quality. It revealed that among those seven factors, three viz., Proficiency; Physical and ethical
excellence; and Functionality have significant impact on the overall service quality of Life
Insurance Corporation of India.
Joshi, M., & Takodia, T. (April 22-23, 2010) have observed that India's insurance sector is
zooming to show an unprecedented progressive growth of more than 200% in the period of
2009-10. As Indian Stock market has also achieved stable growth in last more than six months,
investment avenues based on it are also performing well afterwards. ULIPs have also shown its
increased market-share, in the total insurance business. ULIPs are also well managed by IRDA,
even in terms of ceiling of total charges charged by Insurance companies. IRDA has established
detailed guidelines with explanation of the terms used in it. Finally we can say about ULIPs that
its performance can be identified by its NAV and its growth, which could be the important
variable for the investors for their investment decision.
Khurana, A. (2009, April) has worked on comparitive study of HDFC, ICICI Pru and Bajaj Allianz
hybrid pension fund. He had used published data of performacne of this funds. He has used
ANOVA, Turkey HSD and Dunnet t-test and found that there is no significant differnece
between performance of pension funds balanced of all selected insurance companies. Here we
want to study preference for insurance company for taking life insurance plan in future as well.
For this purpose primary would be used.
Kokatnur, S. S. (2009) had found that store brand approximately sell for 30% less than the
national brand. Consumers perceptions varies when it is bought form a shabby, smelly store
compred to a good ambience store. In similar manner in this study effect of serive of agent,
name (brand) of company etc. on perception of investor could be studied.
Rashmi, B., Nair, N. S., Sabu, K. M., & Unnikrishnan, B. (2007) found that the health insurance
companies should come out with clear cut policy details, as many of the respondents had vague
ideas about the various benefits and risks involved in a policy. If the private insurance players
want to venture in the market, they should try to imbibe trust in the people as most of the
respondents preferred government health insurance schemes, the reason being guarantee for
their capital. To develop a viable health insurance scheme, it is important to understand
peoples perceptions and develop a package that is accessible, available, affordable and
acceptable to all sections of the society.
According to Das, M., C, L., Atwal, S., & Thapar, S. (2007) Life insuance policies are no longer
seen solely as a means of insuring life. Due to many new features introduced by life insurers,
they are seen in new light of serving saving and even investment purposes besides the basic
purpose of insuring life.
Bhat, R. (2005) mentioned that the process of reforms initiated some years ago has some
achievements to its credit. It has enhanced competition, provided a choice to the customers,
triggered innovative ways and means to carry out insurance activities, improved the efficiency
level of the industry, increased the coverage of insurance in terms of density and penetration,
obligated the insurers to provide for the needs of social and rural sectors, and increased
awareness about the necessity of insurance, to name a few.
Frank and Boyd (1965) found that both the brands private as well as government (public) are
consumed by people with similar socio-economic background. The demographic variables have
a major role to shape the perception of the consumers over private labels. We would like to
study that whether private or government brand of life insurance companies affect perception
and preference of investors or not.

Objectives
To study the awareness about life insurance companies operative in market and the
preferences of retail investors among those life insurance companies.
Research Methodology
To achieve above said objectives following Research Methodology has been carried out. This
methodology is decided after study of literature review discussed earlier.
Type of Research Design:
For this study Descriptive Research design is used. Various facts are described on the basis of
primary and secondary data analysis.
Sources of Data:
In primary data opinion of investors who have at least invested some amount life insurance is
collected. In secondary data up to date data published by regulatory authority as well as data
referred from various papers published in journals, papers presented and published in
conferences, and news paper articles are employed.
Population:
Population for the primary data in this study is all the investors who have invested their money
in different kinds of life insurance plans and situated at Surat city.
Sampling method and Sample:
Sample size for this study is 150. As it is not possible to have sample frame, out of non-
probabilistic sampling methods, convenient sampling method has been applied. Thus primary
data have been collected on the basis of accessibility of respondents.
Instruments
Structured questionnaire is used as an instrument for the collection of data. This questionnaire
is prepared carefully to check awareness of retail investors about and life insurance companies
and preferences for them. In questionnaire all questions were of close ended type.
Scope of Study
This study is conducted within Surat city only and outcome of this study may only applicable to
investors situated at Surat city. Hence the scope of the study could be limited to Surat city only.
Other researcher may conduct same kind of survey for other city or in any part of the country
to measure the same.
Data Collection
Secondary data is collected from reports of IDRA (Insurance Development and Regulatory
Authority), report of Economic Survey and other journals article referred for literature review.
Primary data collection is done through personal interviewing investors 104 respondents, and
with use of email to investors 46 respondents, who had invested at least in one of the life
insurance plans. The website www.surveymonkey.com is used to collect online data, so
computer savvy investors could also respond through online survey.

Interpretation and Analysis of Data
Awareness and preferences of investors could be reflected by market share of companies in the
market. Hence following chart is prepared to understand market share of various companies in
life insurance sector.
Figure 1. Market share of life insurance companies during year 2011-12

Above chart of market share is derived on the basis of total premium collected by insurance
companies during year 2011-12.
From the above figure we can interpret that LIC is the market leader and has market share of
more than 70%. At second level ICICI Prudential, SBI Life and HDFC Standard are having 3-5%
market shares respectively. Other few companies are having about 2-1% market shares and at
last total market share of few of the companies is very less i.e. 3.52%.
LIC
70.63%
ICICI Prudential
4.88%
SBI Life
4.57%
HDFC Standard
3.55%
Bajaj llinanz
2.61%
Max New York
2.22%
Birla Sun
Life
2.05%
Reliance
1.91%
TATA AIG
1.26%
Kotak
Mahindra
1.02%
MetLife
0.93%
Aviva
0.84%
Others
3.52%
Market share is directly affected by awareness and preferences of investors for various
companies. Following table explains about awareness about various life insurance companies
and respondents who had taken the life insurance.
In following table few of the respondents has not responded. Hence number of respondents
could be different for who are aware or who has taken life insurance. Such figure is mentioned
as out of the number of respondents, who had responded for that question.
Table 3. Awareness about various Life Insurance Companies
Name of Life Insurance Company Known Insurance taken
Life Insurance Corporation of India (LIC) 110/113 101/125
Bajaj Allianz Life Insurance Company Ltd. 73/113 17/125
Birla Sun-Life Insurance Company Ltd. 66/113 5/125
HDFC Standard Life Insurance Co. Ltd. 78/113 19/125
ICICI Prudential Life Insurance Co. Ltd. 75/113 15/125
ING Vysya Life Insurance Company Ltd. 56/113 0/125
Max New York Life Insurance Co. Ltd. 77/113 14/125
MetLife Insurance Company Ltd. 51/113 1/125
Kotak Mahindra Old Mutual Life Ins. Co. Ltd. 63/113 8/125
SBI Life Insurance Company Limited 72/113 12/125
TATA AIG Life Insurance Co. Ltd. 56/113 3/125
Reliance Life Insurance Co. Ltd. 58/113 5/125
Aviva Life Insurance Co. Pvt. Ltd. 53/113 3/125
Sahara India Life Insurance Co. Ltd. 32/113 1/125
Shriram Life Insurance Co. Ltd. 19/113 0/125
Bharti AXA Life Insurance Co. Ltd. 59/113 2/125
Future Generali India Life Insurance Co. Ltd. 33/113 0/125
IDBI Fortis Life Insurance Co. Ltd. 29/113 0/125
Canara HSBC Oriental Bank of Commerce Life Insurance Corp.ltd. 15/113 1/125
AFGON Religare Life Insurance company limited. 21/113 1/125
DLF Pramerica Life Insurance Co.ltd. 13/113 1/125
Star Union Dai-ichi Life Insurance Co.ltd. 18/113 0/123
India First Life Insurance Company Limited 23/113 0/125
Awareness: From above table we can observed that most of the respondents are aware about
LIC (Life Insurance Corporation of India). Many of them are aware about Bajaj Allianz, HDFC
Standard, ICICI Prudential, SBI life and Max New York Life. About 50% of respondents are aware
about Birla, ING, Kotak, Tata and Reliance for their Life insurance business. While for other life
insurance companies awareness is very less among respondents.
Insurance Taken: From above table we can observe that most of the respondents have invested
in insurance plan of LIC. Few of them have gone for few of private life insurer. Out of 23
insurance companies, 8 life insurers have hardly only 1-3 policy holder, 6 companies were
found such that not a single respondent has taken their insurance plan.
From above information it can be interpreted that awareness and stat of life insurance taken
are directly related with each other. But to check whether this relation is spurious or real, we
need to check following hypothesis.
H0: There is no significant relationship between awareness about Life Insurance Company and
state of life insurance policy taken for that company.
H1: There is significant relationship between awareness about Life Insurance Company and
state of life insurance policy taken for that company.

Table 4. Pearson Chi-Square tests
Name of Life Insurance Company Asymp. Sig.
Life Insurance Corporation of India (LIC) 0.029
Bajaj Allianz Life Insurance Company Ltd. 0.002
Birla Sun-Life Insurance Company Ltd. 0.05
HDFC Standard Life Insurance Co. Ltd. 0.012
ICICI Prudential Life Insurance Co. Ltd. 0.002
ING Vysya Life Insurance Company Ltd. NA
Max New York Life Insurance Co. Ltd. 0.005
MetLife Insurance Company Ltd. 0.274
Kotak Mahindra Old Mutual Life Ins. Co. Ltd. 0.017
SBI Life Insurance Company Limited 0.026
TATA AIG Life Insurance Co. Ltd. 0.076
Reliance Life Insurance Co. Ltd. 0.336
Aviva Life Insurance Co. Pvt. Ltd. 0.058
Sahara India Life Insurance Co. Ltd. 0.099
Shriram Life Insurance Co. Ltd. NA
Bharti AXA Life Insurance Co. Ltd. 0.165
Future Generali India Life Insurance Co. Ltd. NA
IDBI Fortis Life Insurance Co. Ltd. NA
Canara HSBC Oriental Bank of Commernce Life Insurance Corp.ltd. 0.013
AFGON Religare Life Insurance company limited. 0.042
DLF Pramerica Life Insurance Co.ltd. 0.007
Star Union Dai-ichi Life Insurance Co.ltd. NA
India First Life Insurance Company Limited 0.048

From above testing we cans say 95% level of significance that our of 23 companies for 12
companies having significance values less than 0.05, there is significant relationship between
awareness about those companies and stat of policy of those companies taken by retail
investors.
For 6 companies having their significance values more than 0.05, we cannot ensure at 95% level
of significance that the relation between awareness and stat of insurance taken for those
companies is significant.
For rest 5 life insurance companies, as none of the respondents has taken even a single policy
of we cannot apply chi-square test to test the hypothesis. But at the same time we check with
table 4 and table 3, that awareness levels for those companies are also very low.
Only past behaviour may not determine future behaviour. Increase in knowledge as well as
dynamics in the market may also influence future behaviour of investors. Hence in one of the
question current preference about the insurance companies were asked. Following data shows
the statistic of that question.
Table 5. Preferences for various life insurance companies
Name of Life Insurance Company Preference %
Life Insurance Corporation of India (LIC) 66/90 73.33
Bajaj Allianz Life Insurance Company Ltd. 18/90 20.00
Birla Sun-Life Insurance Company Ltd. 8/90 8.89
HDFC Standard Life Insurance Co. Ltd. 28/90 31.11
ICICI Prudential Life Insurance Co. Ltd. 25/90 27.78
ING Vysya Life Insurance Company Ltd. 1/90 1.11
Max New York Life Insurance Co. Ltd. 13/90 14.44
MetLife Insurance Company Ltd. 2/90 2.22
Kotak Mahindra Old Mutual Life Ins. Co. Ltd. 10/90 11.11
SBI Life Insurance Company Limited 32/90 35.56
TATA AIG Life Insurance Co. Ltd. 8/90 8.89
Reliance Life Insurance Co. Ltd. 9/90 10.00
Aviva Life Insurance Co. Pvt. Ltd. 4/90 4.44
Sahara India Life Insurance Co. Ltd. 3/90 3.33
Shriram Life Insurance Co. Ltd. 0/90 0.00
Bharti AXA Life Insurance Co. Ltd. 3/90 3.33
Future Generali India Life Insurance Co. Ltd. 0/90 0.00
IDBI Fortis Life Insurance Co. Ltd. 3/90 3.33
Canara HSBC Oriental Bank of Commernce Life Insurance
Corp.ltd. 1/90
1.11
AFGON Religare Life Insurance company limited. 0/90 0.00
DLF Pramerica Life Insurance Co.ltd. 1/90 1.11
Star Union Dai-ichi Life Insurance Co.ltd. 0/90 0.00
India First Life Insurance Company Limited 0/90 0.00

From above table we can say that most of the investor prefers LIC only rather than other life insurance
company. Even (Das, Mohanty, & Shil, 2008) found that 52% of the investors ranked LIC as number one,
33% ranked ICICI as number two and 15% ranked HDFC as number three in Indian insurance industry in
their study.
To perform well each organisation should be aware about expectations from the customers.
Following table helps in understanding preference of investors about various services in life
insurance.
Table 6. Various required services in Life Insurance
Various Aspects related to Life Insurance Score out of 146 %
Over all services provided by insurance companies 101 69
Accessibility of premium collection centers 56 38
Online policy and online payment 47 32
Frequent intimations given by company for premium payment 52 36
Timely payment of amount on maturity 99 68
Minimum hassle during settlement, in case of causality 79 54
Transparency in terms and conditions of insurance contract 84 58
Name of the Company (Well known Company) 86 59
Financial Position of Company 71 49
References given by others 24 16
Good attributes of Agent or Employees 52 36
Flexibility in different aspect of the company (ready to bargain) 23 16
Facility for online payment of premium 42 29
Minimum documentation 58 40
Medical check-up not required 33 23
Charge minimum premium 54 37
Maximum insurance term period provided 51 35

From above table we can understand first of all most of respondents (69%) want overall good
services from life insurance companies. From all these services first important service is to
make payment on of maturity value (68%). Second important factor is image i.e. brand name of
company (59%). Third important factor is transparency in terms and conditions while getting
sign from the investors (58%). Forth is minimum hassle at the time of settlement (54%) and
lastly they also want good financial position of company which ensures their return at the time
of maturity (49%). There are other factors also but former discussed factors are more important
than others discussed in table 6.
Evaluation of companies on the basis of rating various services provided by them may give
better idea about their preference among investors. Following table shows cross tabulation for
average rating of various services provided by top companies selected on the basis of market
share earlier.

Table 7. Top Five Life Insurance Companies on the basis of their various performance
LIC
ICICI
Prudential
SBI
Life
Bajaj
Allianz
HDFC
Life
After sales Services 3.83 3.16 3.31 2.97 3.44
Return 3.84 3.05 3.57 3.12 3.33
Premium Payment Centers 4.09 3.29 3.51 2.90 3.24
Payment mode 4.39 3.61 3.74 3.63 3.74
Professionalism of Employees 3.38 3.50 3.26 3.33 3.91
Professional work environment of company 3.52 3.56 3.38 3.17 3.69
Brand name and past history of company 4.46 3.29 3.84 2.77 3.94
Total Score 27.51 23.45 24.60 21.90 25.29

Table 8. Ranks of Life Insurance Companies as per the preference of investors
Rank Companies Name
1
2
3
4
5
LIC
HDFC Life
SBI Life
ICICI Prudential
Bajaj Allianz

The result of above study (Table 7) about the preference also match with the top five
companies as per the market share in total premium collection during year 2011-12 (Figure 1).
Now to check weather this preferential difference is significant or not following hypothesis
should be tested.

1. H0: There is no significant difference among level of various services provided by life
insurance companies.
H1: There is significant difference among level of various services provided by life
insurance companies.
2. H0: There is no significance difference in preference among top five life insurance
companies
H1: There is significance difference in preference among top five life insurance
companies.
To check above both of the hypothesis ANOVA (Analysis of Variance) can be used.
Table 9. Anova: Two-Factor Without Replication

SUMMARY Count Sum Average Variance

After sales Services 5 16.71 3.342 0.10507

Return 5 16.91 3.382 0.10667

Premium Payment Centers 5 17.03 3.406 0.19393

Payment mode 5 19.11 3.822 0.10447

Professionalism of Employees 5 17.38 3.476 0.06653

Professional work environment of company 5 17.32 3.464 0.03923

Brand name and past history of company 5 18.3 3.66 0.41995


LIC 7 27.51 3.93 0.1678

ICICI Prudential 7 23.46 3.351429 0.044581

SBI Life 7 24.61 3.515714 0.047429

Bajaj Allianz 7 21.89 3.127143 0.08329

HDFC Life 7 25.29 3.612857 0.077724



ANOVA

Source of Variation SS df MS F P-value F crit
Rows 0.892469 6 0.148745 2.186787 0.079953 2.508189
Columns 2.510926 4 0.627731 9.228663 0.000116 2.776289
Error 1.632474 24 0.06802


Total 5.035869 34
(Prepared with the use of Microsoft Excel)
From above ANOVA table, at 95% level of confidence we can say that there is no significant
difference in various services provided by life insurance companies. But there is significant
difference in perception about various life insurance companies among retail investors. So
there are chances that companies having higher score (LIC) is more preferred than other
companies having low score. Majority (68%) of the investors is of view that the public sector insurance
is better than the private sector (Das, Mohanty, & Shil, 2008).
Conclusion and Suggestion
Even after more than one decade of opening of life insurance sector for private and foreign
players, still LIC is having majority of the market share i.e. more than 70% with highest
preference among the retail investors. Other companies like SBI Life, HDFC Life, ICICI Prudential
and Bajaj Allianz could penetrate in life insurance market but still could not capture significant
market share.
From the study we can also suggest that to increase the market share in life insurance first of all
life insurers are required to generate / to enhance the awareness among the investors. From
the study of few of the important aspect in paper we can also suggest that life insurers are
required to give due weightage to important to various aspects like timely payment of maturity
as well as claim amount, confirm maximum convenience of investor all through the settlement,
have transparency in contact and maintain good financial position to pull off the investors
attention.
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