CHAPTER 1

Company Profile:
Introduction to Life Insurance Corporation (LIC)
The Life Insurance Corporation of India popularly known as LIC of India was incorporated on
September 1, 19! by nationali"in# $% Indian as well as forei#n companies& It was established
$ years a#o with a 'iew to pro'ide an insurance co'er a#ainst 'arious risk in life& The
luminaries who spearheaded this mo'e at that time 'isuali"ed an entity that will pro'ide life
insurance to Indians, especially the 'ast rural people, at an economical cost and channel the
sa'in#s for the betterment of the nation& It is the lar#est life insurance company in India and also
the countries lar#est in'estor& It is fully owned by the (o'ernment of India and head)uarter is
*umbai&
Today LIC function with $+%, fully computeri"ed branch offices, 1++ di'isional offices, - .onal
offices and the corporate office& LIC/s wide area 0etwork co'ers 1++ di'isional offices and
connects all the branches throu#h a *etro area network& LIC has tied up with some 1anks and
ser'ice pro'iders to offer on2 line premium collection facility in selected cities& LICs 3CS and
4T* premium payment facility is an addition to customer con'enience& 4part from on2line
kiosks and I56S, info centers ha'e been commissioned at *umbai, 4hmadabad, 1an#alore,
Chennai, 7yderabad, 8olkata, 0ew 9elhi, :une and many other cities& ;ith 'ision of pro'idin#
easy access to its policyholders, LIC has launched its S4T3LLIT3 S4*:468 offices& The
di#itali"ed record of the satellite offices will facilitate anywhere to ser'e and other con'enience
in the future&
LIC has crossed many milestones and has set unprecedented performance records in 'arious
aspect of life insurance business& The same moti'es which inspired our forefathers to brin#
insurance into e<istence in this country inspire us at LIC to take this messa#e of protection to
li#ht the lamps of security in as many homes as possible and to help the people in pro'idin#
security to their families&
1
The susidiary companies of LIC
LIC of India! International
4 =oint 'enture offshore company promoted by LIC, commenced its operation in =uly19,9& The
primary ob=ecti'e is to the >S2dollar denominated policies which cater to the insurance needs of
non2resident in Indians& It pro'ides insurance ser'ices to policyholders who residin# in (ulf& The
LIC International operates in all (ulf Cooperation Council ?(CC@ countries&
LIC "epal
4 =oint 'enture company formed in September $++1 with the 5ishal (roup of Industries with a
capital base of 6s&$+mn& It is one of the lar#est capitali"ed insurance companies of 0epal& It has
=oint share between LIC of India ?A@ 5ishal (roup ?$A@ and has a public participation to the
e<tent $+A&
Life Insurance Corporation Lan#a Limited (LICL)
4 =oint 'enture company formed in $++B with the 1artleet (roup of Companies, it is one of the
oldest and reliable institutions in Sri Lanka& The combined stren#ths of these two formidable
companies has enabled LICL to emer#e as the premier pro'ider of Life Insurance in Sri Lanka&
The Indian2based bluechip also has offices in >8, *auritius, Ci=i, and in all *iddle 3ast
countries&
LIC Housin$ %inance
Incorporated on Dune 19, 19,9E its main ob=ecti'e is to pro'ide lon# term finance for construction
or purchase of houses or apartments& The company pro'ides lon# terms finance to indi'iduals for
purchase, construction, repair and reno'ation of new F e<istin# flats F houses& It also pro'ides
finance on e<istin# property for business, personal needs and #i'es loans to professionals for
purchase or construction of clinics F nursin# homes F dia#nostic centers F office space and also for
purchase of e)uipments& It has set up a representati'e office in 9ubai and 8uwait to cater to the
non2 resident Indians in countries co'erin# 1ahrain, 9ubai, 8uwait, Gatar and Saudi 4rabia& It
$
has client #roup of o'er 9,%+,+++ prudent house owners who en=oy the company/s financial
assistance&
LIC Housin$ %inance Limited Care Homes
It is a ;holly2owned subsidiary of LIC 7ousin# Cinance& It builds and operates 4ssisted
Community Li'in# Center for senior citi"ens& It operates a network of appro<imately ! re#ional
offices, 1B back offices, and 1$- marketin# offices&
Introduction
Life is full of risk and uncertainties& Since we are the social human bein# we ha'e certain
responsibilities too& Indian consumers ha'e bi# influence of emotions and rationality on their
buyin# decisions& They belie'e in future rather than the present and desire to ha'e a better and
secured future, in this direction life insurance ser'ices ha'e its own 'alue in terms of minimi"in#
risk and uncertainties& Indian economy is de'elopin# and ha'in# hu#e middle class societal
status and salaried persons& Their money 'alue for current needs and future desires here the
pendulum mo'es to another side which #enerate the reasons behind holdin# a policy& 7ere the
attempt has been made in this research paper to study the buyin# beha'iour of consumers
towards life insurance ser'ices& Life insurance is one of the best known insurance products today&
:eople buy these products as in'estment tools and also as protection for themsel'es and their
families& 4ll the insurance companies the world o'er are lookin# at attractin# the eye balls of
customer and positionin# their solutions inno'ati'ely to cater to niche and specific markets& Hne
of the most critical aspects both from the 'iew point of the customer and the insurer is #ettin#
important and rele'ant leads that can be beneficial for both&
&ri$in of Insurance
4lmost %,++ years a#o, in the ancient land of 1abylonia, traders used to bear risk of the cara'an
trade by #i'in# loans that had to be later repaid with interest when the #oods arri'ed safely& In
$1++ 1C, the Code of 7ammurabi #ranted le#al status to the practice that, perhaps, was how
insurance made its be#innin#& Life insurance had its ori#ins in ancient 6ome, where citi"ens
formed burial clubs that would meet the funeral e<penses of its members as well as help
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sur'i'ors by makin# some payments& 4s 3uropean ci'ili"ation pro#ressed, its social institutions
and welfare practices also #ot more and more refined& ;ith the disco'ery of new lands, sea
routes and the conse)uent #rowth in trade, *edie'al #uilds took it upon themsel'es to protect
their member traders from loss on account of fire, shipwrecks and the like&
Since most of the trade took place by sea, there was also the fear of pirates& So these #uilds e'en
offered ransom for members held capti'e by pirates& 1urial e<penses and support in times of
sickness and po'erty were other ser'ices offered& 3ssentially, all these re'ol'ed around the
concept of insurance or risk co'era#e& ThatIs how old these concepts are, really&
In 1B%-, in (enoa, 3uropean maritime nations entered into the earliest known insurance contract
and decided to accept marine insurance as a practice&
The first step:
Insurance as we know it today owes its e<istence to 1-th century 3n#land& In fact, it be#an
takin# shape in 1!,, at a rather interestin# place called LloydIs Coffee 7ouse in London, where
merchants, ship2owners and underwriters met to discuss and transact business& 1y the end of the
1,th century, LloydIs had brewed enou#h business to become one of the first modern insurance
companies&
Enter companies
The first stock companies to #et into the business of insurance were chartered in 3n#land in
1-$+& The year 1-B saw the birth of the first insurance company in the 4merican colonies in
Charleston, SC& In 1-9, the :resbyterian Synod of :hiladelphia sponsored the first life
insurance corporation in 4merica for the benefit of ministers and their dependents& 7owe'er, it
was after 1,%+ that life insurance really took off in a bi# way& The tri##erJ reducin# opposition
from reli#ious #roups&
The $ro'in$ years
The 19th century saw hu#e de'elopments in the field of insurance, with newer products bein#
de'ised to meet the #rowin# needs of urbani"ation and industriali"ation& In 1,B, the infamous
0ew Kork fire drew peopleIs attention to the need to pro'ide for sudden and lar#e losses& Two
%
years later, *assachusetts became the first state to re)uire companies by law to maintain such
reser'es& The #reat Chica#o fire of 1,-1 further emphasi"ed how fires can cause hu#e losses in
densely populated modern cities& The practice of reinsurance, wherein the risks are spread amon#
se'eral companies, was de'ised specifically for such situations& There were more offshoots of the
process of industriali"ation& In 1,9-, the 1ritish #o'ernment passed the ;orkmenIs
Compensation 4ct, which made it mandatory for a company to insure its employees a#ainst
industrial accidents& ;ith the ad'ent of the automobile, public liability insurance, which first
made its appearance in the 1,,+s, #ained importance and acceptance&
In the 19th century, many societies were founded to insure the life and health of their members,
while fraternal orders pro'ided low2cost, members2only insurance&
3'en today, such fraternal orders continue to pro'ide insurance co'era#e to members as do most
labour or#ani"ations& *any employers sponsor #roup insurance policies for their employees,
pro'idin# not =ust life insurance, but sickness and accident benefits and old2a#e pensions&
3mployees contribute a certain percenta#e of the premium for these policies&
In India
Insurance in India can be traced back to the 5edas& Cor instance, Ko#akshema, the name of Life
Insurance Corporation of IndiaIs corporate head)uarters, is deri'ed from the 6i# 5eda& The term
su##ests that a form of Lcommunity insuranceL was pre'alent around 1+++ 1C and practised by
the 4ryans& 1urial societies of the kind found in ancient 6ome were formed in the 1uddhist
period to help families build houses, protect widows and children&
1ombay *utual 4ssurance Society, the first Indian life assurance society, was formed in 1,-+&
Hther companies like Hriental, 1harat and 3mpire of India were also set up in the 1,-+2 9+s& It
was durin# the Swadeshi mo'ement in the early $+th century that insurance witnessed a bi#
boom in India with se'eral more companies bein# set up&
4s these companies #rew, the #o'ernment be#an to e<ercise control on them& The Insurance 4ct
was passed in 191$, followed by a detailed and amended Insurance 4ct of 19B, that looked into
in'estments, e<penditure and mana#ement of these companiesI funds& 1y the mid2 19+s, there
were around 1-+ insurance companies and ,+ pro'ident fund societies in the countryIs life

insurance scene& 7owe'er, in the absence of re#ulatory systems, scams and irre#ularities were
almost a way of life at most of these companies&
4s a result, the #o'ernment decided nationalise the life assurance business in India& The Life
Insurance Corporation of India was set up in 19! to take o'er around $+ life companies& Cor
years thereafter, insurance remained a monopoly of the public sector& It was only after se'en
years of deliberation and debate 2 after the 60 *alhotra Committee report of 199% became the
first serious document callin# for the re2openin# up of the insurance sector to pri'ate players that
the sector was finally opened up to pri'ate players in $++1&
The Insurance 6e#ulatory M 9e'elopment 4uthority, an autonomous insurance re#ulator set up
in $+++, has e<tensi'e powers to o'ersee the insurance business and re#ulate in a manner that
will safe#uard the interests of the insured&
(eanin$ of Insurance
Insurance may be described as a social de'ice to reduce or eliminate risk of loss to life and
property& Insurance is a collecti'e bearin# of risk& Insurance spreads the risks and losses of few
people amon# a lar#e number of people as people prefer small fi<ed liability instead of bi#
uncertain and chan#in# liability& Insurance is a scheme of economic cooperation by which
members of the community share the una'oidable risks&
Insurance can be defined as a le#al contract between two parties whereby one party called
Insurer undertakes to pay a fi<ed amount of money on the happenin# of a particular e'ent, which
may be certain or uncertain& The other party called Insure or Insurant pays in e<chan#e a fi<ed
sum known as premium& The insurer and the insurant are also known as 4ssurer or >nderwriter
and 4ssurant, respecti'ely& The document which embodies the contract is called the policy&
Types of insurance contract:
Life insurance
(eneral insurance
!
Life Insurance:
Life insurance is a contract for payment of money to the person assured ?or to the person entitled
to recei'e the same@ on the occurrence of an e'ent insured a#ainst& >sually the contract pro'ides
for 2
:ayment of an amount may be on the date of maturity or at specified periodic inter'als or
after death, if it occurs earlier&
:eriodical payment of insurance premium can be done by the assured to the corporation
who pro'ides the insurance&
)ho can uy a life insurance policy*
4ny person abo'e 1, years of a#e and who is eli#ible to enter into a 'alid contract& Sub=ect to
certain conditions, a policy can be taken on the life of a spouse or children&
)hat is a )hole Life Policy*
;hen most people think of life insurance, they think of a traditional whole life policy& These are
the simplest policies to understandJ Kou pay a fi<ed premium e'ery year based on your a#e and
other factors, you earn interest on the policyIs cash 'alue as the years roll by, and your
beneficiaries #et a fi<ed benefit after you die&
The policy takes you into old a#e for the same premium you started out with& ;hole life
insurance policies are 'aluable because they pro'ide permanent protection and accumulate cash
'alues that can be used for emer#encies or to meet specific ob=ecti'es& The surrender 'alue #i'es
you an e<tra source of retirement money if you need it&
)hat is an Endo'ment Policy*
>nlike whole life, an endowment life insurance policy is desi#ned primarily to pro'ide a li'in#
benefit and only secondarily to pro'ide life insurance protection& Therefore, it is more of an
in'estment than a whole life policy& 3ndowment life insurance pays the face 'alue of the policy
either at the insuredIs death or at a certain a#e or after a number of years of premium payment&
-
3ndowment life insurance is a method of accumulatin# capital for a specific purpose and
protectin# this sa'in#s pro#ram a#ainst the sa'erIs premature death& *any in'estors use
endowment life insurance to fund anticipated financial needs, such as colle#e education or
retirement& :remium for an endowment life policy is much hi#her than those for a whole life
policy&
)hat is a (oney +ac# Policy*
This is basically an endowment policy for which a part of the sum assured is paid to the
policyholder in the form of sur'i'al benefits, at fi<ed inter'als, before the maturity date& The risk
co'er on the life continues for the full sum assured e'en after payment of sur'i'al benefits and
bonus is also calculated on the full sum assured& If the policyholder sur'i'es till the end of the
policy term, the sur'i'al benefits are deducted from the maturity 'alue&
)hy does one need Life Insurance*
Life insurance is desi#ned to protect you and your family a#ainst financial uncertainties that may
result due to unfortunate demise or illness& Kou can also 'iew it as a comprehensi'e financial
instrument 2 as a part of your financial plannin# offerin# you sa'in#s M in'estment facilities
alon# with co'er a#ainst financial loss& 1y choosin# the ri#ht policy as per your needs i&e&
customi"ed solutions, you will be able to plan for a secure future for yourself and your lo'ed
ones&
Choosin$ the ri$ht plan
Identifyin# the ri#ht plan basis your needs is the first crucial step towards insurance plannin#& 4t
6LIC we help customer by identifyin# their 'arious needs and offerin# plans that are customi"ed
for you& Kou may also choose a plan by identifyin# the life sta#e you are at& The followin# needs
of a person can be fulfilled by insuranceJ
Protection
0eed for a sound income protection in case of your unfortunate demise&
,
In,estment
0eed to ensure lon#2term real #rowth of your money&
-a,in$
Sa'e for the milestones and protect your sa'in#s too&
Pension
0eed to sa'e for a comfortable life post retirement&
Hnce customers ha'e analy"ed their needs as per abo'e classification, customers need to then
ascertain important factors such as type of co'er, insurance amount as per oneIs income, life
sta#e and dependents
&.ecti,es of Life Insurance:
1& To spread life insurance and pro'ide life insurance protection to the masses at reasonable
cost&
$& To mobili"e peoples sa'in#s throu#h insurance2linked sa'in#s schemes&
B& To in'est the funds to ser'e the best interests of both the policy holders and the nation&
%& To conduct business with ma<imum economy, always rememberin# that the money
belon#s to the policy holders&
& To act as trustees of the policy holders and protect their indi'idual and collecti'e
interests&
!& To inno'ate and adapt to meet the chan#in# life insurance needs of the community&
/eneral Insurance
(eneral ?non2life@ insurance pro'ides a short2term co'era#e, usually for a period of one year&
(eneral insurers transact fire insurance, motor insurance, marine insurance, and miscellaneous
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insurance business& 4mon# these cate#ories fire and motor insurance business are predominant&
*otor 'ehicle insurance is compulsory in India and the motor insurance industry& *oreo'er,
motor insurance due to third party liability claims has substantially contributed to underwritin#
losses&
/eneral Insurance Products
%ire Insurance
Cire Insurance is a comprehensi'e policy which co'ers loss on account of fire, earth )uake, riots,
floods, strikes, and malicious intent& It can be taken only by the owner of the premises to be
insured&
(otor Insurance
This co'ersJ In motor insurance, the rates were re'ised& >pwards twice, once in 19,$ and then
in199+ as the hi#h cost of repairs coupled with third party claims had ad'ersely affect the insured
loss ratio& *otor insurance is mandatory leadin# to #ood amount of premium collection but it is
not bein# fancied upon as it could lead to liti#ation problem&
(arine Car$o Insurance
This co'ersJ
Car#o in Transit&
Car#o 9eclaration policy&
It includes insurance of *arine 7ull Insurance Inland 5essels, Hcean #oin# 5essels, fishin# and
scalin# 'essels, frei#ht at risk, construction of ships, 'oya#e insurance of 'arious 'essels, ship
breakin# insurance, oil and ener#y in respect of onshore and offshore risks, includin#
construction risk&
&.ecti,e of Insurance Policy
1& Life Insurance policy for the rural areas and the socially and economically backward
1+
classes with a 'iew to reach all insurable persons in the country and pro'idin# them
ade)uate financial co'er of reasonable cost&
$& Conduct business with utmost economy and with the full reali"ation that the money to the
public&
B& *eet the 'arious life insurance need of the community that would arise in the chan#in#
social and economical en'ironment&
%& *a<imi"e mobili"ation of peoplesI sa'in# by makin# insurance 2 linked securin#
ade)uately attracti'e&
& In'ol'e all people workin# in the corporation to the best of their capability in furtherin#
the interests of the insurance public by pro'idin# efficient ser'ice with courtesy&
!& 1ear in mind, the in'estment of funds, the primary obli#ation to its policy holders, whose
money it holder in trust, without losin# si#ht of the interest of the community as a wholeE
the fund is to be deployed to the best ad'anta#e of the in'estors as the community as
whole, keepin# in 'iew national as well as the community attracti'e return&
+enefits to Insurance Policy Holder
(1) Ta0 +enefits:
6elief in income ta< is a'ailable for amount paid by way of premium for life insurance&
In'estment )ualifyin# for rebate 'i"& insurance premia, premium paid toward annuity plans for
life insurance are specified under section ,,?$@ of the income ta< 4ct&
(1) -afety:
In life insurance, on death, the full sum assured is payable ?with bonuses where'er applicable@
whereas in other sa'in# scheme, only the amount ?sa'ed with interest@ is payable&
(2) Li3uidity:
Loans can be raised on sole security of the policy which has ac)uired a paid2up 'alue& 1esides, a
11
Life Insurance policy is also #enerally accepted as security for e'en a commercial loanNhousin#
loan&
(4) Aid to Thrift:
Life Insurance encoura#es IthriftI Lon# term sa'in# can be made in a relati'ely painless manner
because of Ieasy installment facilityI ?:remium can be made throu#h monthly, )uarterly, half2
yearly or yearly installment@& The Salary Sa'in# Scheme, popularly known as SSS pro'ide a
con'enient method if payin# premium each month throu#h deduction from oneIs salary& The
Salary Sa'in# Scheme can be introduced in an institution of establishment sub=ect to specified
terms and condition&
(5) (oney at the time of Re3uirements:
4 suitable insurance plan or a combination of different plans can be taken to meet specific needs
that are likely to arise in future such as childrenIs education, start in2life or marria#e pro'ision or
e'en periodical needs for cash ones a predetermined stretch of time& 4lternati'ely, policy money
can be so arran#ed to be used for other in'estments sub=ect to certain conditions, loans are
#ranted to policy holders for house or for purchase of flats&
(6) Insurance affords peace of mind:
The security is the prime moti'atin# factor& The security ends the tension and finally leads to
peace to mind&
(7) Insurance Eliminate 8ependency
4t the death of husband or the father or any lead person, the family would suffer a lot& The
insurance is here to assist then like to pro'ide ade)uate amount at the time of sufferin#& The
economic dependency if the family is reduced&
(9) Insurance encoura$es sa,in$s:
In most of the life policies, element of sa'in# is predominant, this policies combine of
pro#ramme of Insurance and sa'in#& Sa'in# with insurance has certain e<tra ad'anta#e&
1$
(:) Economic /ro'th of the country:
Cor the #rowth of the country insurance pro'ides strin# hand and mid to protect a#ainst loss of
death& Crom the insurance #o'ernment #et more financial resource and utili"e stren#then the
economic condition of the country&
&+;ECTI<E- &% THE -T=8>:
Collowin# are the main ob=ecti'es of the study are
a@ To know the customers awareness re#ardin# the life insurance&
b@ To know the customers awareness re#ardin# the 'arious life insurance companies in the
insurance sector&
c@ To know the customers preference towards the pri'ate or public insurance sector&
d@ To know the different promotion strate#y used by companies to aware their customers&
e@ To e'aluate the factors underlyin# consumer perception towards in'estment in life
insurance policies&
f@ To de'elop and standardi"e a measure to e'aluate in'estment pattern in life insurance
ser'ices&
Perception
:erception is the process by which or#anisms interpret and or#ani"e sensation to produce a
meanin#ful e<perience of the world& Sensation usually refers to the immediate, relati'ely
unprocessed result of stimulation of sensory receptors in the eyes, ears, nose, ton#ue, or skin&
:erception, on the other hand, better describes oneIs ultimate e<perience of the world and
typically in'ol'es further processin# of sensory input& In practice, sensation and perception are
'irtually impossible to separate, because they are part of one continuous process&
Thus, perception in humans describes the process whereby sensory stimulation is translated into
or#ani"ed e<perience& That e<perience, or percept, is the =oint product of the stimulation and of
1B
the process itself& 6elations found between 'arious types of stimulation ?e&#&, li#ht wa'es and
sound wa'es@ and their associated percepts su##est inferences that can be made about the
properties of the perceptual processE theories of percei'in# then can be de'eloped on the basis of
these inferences& 1ecause the perceptual process is not itself public or directly obser'able ?e<cept
to the percei'er himself, whose percepts are #i'en directly in e<perience@, the 'alidity of
perceptual theories can be checked only indirectly&
7istorically, systematic thou#ht about percei'in# was the pro'ince of philosophy&
:hilosophical interest in perception stems lar#ely from )uestions about the sources and 'alidity
of what is called human knowled#e ?epistemolo#y@& 3pistemolo#ists ask whether a real, physical
world e<ists independently of human e<perience and, if so, how its properties can be learned and
how the truth or accuracy of that e<perience can be determined& They also ask whether there are
innate ideas or whether all e<perience ori#inates throu#h contact with the physical world,
mediated by the sense or#ans&
4s a scientific enterprise, howe'er, the in'esti#ation of perception has especially de'eloped as
part of the lar#er discipline of psycholo#y& Cor the most part, psycholo#y bypasses the )uestions
about percei'in# raised by philosophy in fa'ors of problems that can be handled by its special
methods& The remnants of such philosophical )uestions, howe'er, do remainE researchers are still
concerned, for e<ample, with the relati'e contributions of innate and learned factors to the
perceptual process&
Such fundamental philosophical assertions as the e<istence of a physical world, howe'er, are
taken for #ranted amon# most scientific students of percei'in#& Typically, researchers in
perception simply accept the apparent physical world particularly as it is described in those
branches of physics concerned with electroma#netic ener#y, optics, and mechanics&
The problems they consider relate to the process whereby percepts are formed from the
interaction of physical ener#y ?for e<ample, li#ht@ with the percei'in# or#anism& Hf further
interest is the de#ree of correspondence between percepts and the physical ob=ects to which they
ordinarily relate&
In philosophy, psycholo#y, and co#niti'e science, perception is the process of attainin#
1%
awareness or understandin# of sensory information& The word LperceptionL comes from the Latin
words perceptio, percipio, and means Lrecei'in#, collectin#, action of takin# possession,
apprehension with the mind or senses&
:erception is one of the oldest fields in psycholo#y& The oldest )uantitati'e law in psycholo#y is
the ;eber2Cetcher law, which )uantifies the relationship between the intensity of physical stimuli
and their perceptual effects& The study of perception #a'e rise to the (estalt school of
psycholo#y, with its emphasis on holistic approach&
Types of Perception:?
Two types of consciousness are considerable re#ardin# perceptionJ
Phenomenal ?any occurrence that is obser'able and physical@ and
Psycholo$ical@
The difference e'ery si#hted person can demonstrate to him2 or herself is by the simple openin#
and closin# of his or her eyesJ phenomenal consciousness is thou#ht, on a'era#e, to be
predominately absent without senses such as si#ht& Throu#h the full or rich sensations present in
senses such as si#ht, nothin# by comparison is present while the senses are not en#a#ed, such as
when the eyes are closed& >sin# this precept, it is understood that, in the 'ast ma=ority of cases,
lo#ical solutions are reached throu#h simple human sensation& The analo#y of :latoIs Ca'e was
coined to e<press these ideas& :assi'e perception can be surmised as the followin# se)uence of
e'entsJ
Surroundin# O Input ?senses@ O processin# ?brain@ O Hutput ?re2action@&
4lthou#h still supported by mainstream philosophers, psycholo#ists and neurolo#ists, this theory
is nowadays losin# momentum& The theory of acti'e perception has emer#ed from e<tensi'e
research of sensory illusions, most notably the works of 6ichard L& (re#ory& This theory, which
is increasin#ly #ainin# e<perimental support, can be surmised as dynamic relationship between
LdescriptionL ?in the brain@ P senses P surroundin#, all of which holds true to the linear
concept of e<perience&
1
Perception and reality
In the case of 'isual perception, some people can actually see the percept shift in their mindIs
eye& Hthers, who are not picture thinkers, may not necessarily percei'e the Ishapeshiftin#I as their
world chan#es& The IsimplisticI nature has been shown by e<perimentJ an ambi#uous ima#e has
multiple interpretations on the perceptual le'el& The )uestion, LIs the #lass half empty or half
fullQL ser'es to demonstrate the way an ob=ect can be percei'ed in different ways&
Dust as one ob=ect can #i'e rise to multiple percepts, so an ob=ect may fail to #i'e rise to any
percept at allJ if the percept has no #roundin# in a personIs e<perience, the person may literally
not percei'e it&
The processes of perception routinely alter what humans see& ;hen people 'iew somethin# with
a preconcei'ed concept about it, they tend to take those concepts and see them whether or not
they are there& This problem stems from the fact that humans are unable to understand new
information, without the inherent bias of their pre'ious knowled#e& 4 person/s knowled#e creates
his or her reality as much as the truth, because the human mind can only contemplate that to
which it has been e<posed& ;hen ob=ects are 'iewed without understandin#, the mind will try to
reach for somethin# that it already reco#ni"es, in order to process what it is 'iewin#& That which
most closely relates to the unfamiliar from our past e<periences, makes up what we see when we
look at thin#s that we don/t comprehend&
This confusin# ambi#uity of perception is e<ploited in human technolo#ies such as camoufla#e,
and also in biolo#ical mimicry, for e<ample by 3uropean :eacock butterflies, whose win#s bear
eye markin#s that birds respond to as thou#h they were the eyes of a dan#erous predator&
:erceptual ambi#uity is not restricted to 'ision& Cor e<ample, recent touch perception research
6obles29e2La2Torre M 7ayward $++1 found that kinesthesia based haptic perception stron#ly
relies on the forces e<perienced durin# touch&
Co#niti'e theories of perception assume there is a po'erty of stimulus& This ?with reference to
perception@ is the claim that sensations are, by themsel'es, unable to pro'ide a uni)ue
description of the world& Sensations re)uire Ienrichin#I, which is the role of the mental model& 4
different type of theory is the perceptual ecolo#y approach of Dames D& (ibson&
1!
(ibson re=ected the assumption of a po'erty of stimulus by re=ectin# the notion that perception is
based in sensations& Instead, he in'esti#ated what information is actually presented to the
perceptual systems& 7e and the psycholo#ists who work within this paradi#m detailed how the
world could be specified to a mobile, e<plorin# or#anism 'ia the lawful pro=ection of information
about the world into ener#y arrays& Specification is a 1J1 mappin# of some aspect of the world
into a perceptual arrayE #i'en such a mappin#, no enrichment is re)uired and perception is direct
perception&
:reconceptions can influence how the world is percei'ed& Cor e<ample, one classic psycholo#ical
e<periment showed slower reaction times and less accurate answers when a deck of playin#
cards re'ersed the color of the suit symbol for some cards ?e&#& red spades and black hearts@&
There is also e'idence that the brain in some ways operates on a sli#ht LdelayL, to allow ner'e
impulses from distant parts of the body to be inte#rated into simultaneous si#nals&
Perception?in?action
4n ecolo#ical understandin# of perception deri'ed from (ibsonIs early work is that of
Lperception2in2actionL, the notion that perception is a re)uisite property of animate actionE that
without perception action would be un#uided, and without action perception would ser'e no
purpose& 4nimate actions re)uire both perception and motion, and perception and mo'ement can
be described as Ltwo sides of the same coin, the coin is actionL& (ibson works from the
assumption that sin#ular entities, which he calls Lin'ariantsL, already e<ist in the real world and
that all that the perception process does is to home in upon them& 4 'iew known as
constructi'ism ?held by such philosophers as 3rnst 'on (lasersfeld @ re#ards the continual
ad=ustment of perception and action to the e<ternal input as precisely what constitutes the
LentityL, which is therefore far from bein# in'ariant&
(lasersfeld considers an Lin'ariantL as a tar#et to be homed in upon, and a pra#matic necessity to
allow an initial measure of understandin# to be established prior to the updatin# that a statement
aims to achie'e& The in'ariant does not and need not represent an actuality, and (lasersfeld
describes it as e<tremely unlikely that what is desired or feared by an or#anism will ne'er suffer
chan#e as time #oes on& This social constructionist theory thus allows for a needful e'olutionary
1-
ad=ustment&
4 mathematical theory of perception2in2action has been de'ised and in'esti#ated in many forms
of controlled mo'ement, and has been described in many different species of or#anism usin# the
(eneral Taw Theory& 4ccordin# to this theory, taw information, or time2to2#oal information is
the fundamental IperceptI in perception&
Theories of Perception
Two ma=or classesJ
1ottom2upJ perception builds up hierarchically from a set of primiti'e LfeaturesL to our
internal representations&
Top2downJ perception starts with a set of primiti'es, but our perceptual e<perience is
influenced by hi#her2le'el processes, such as knowled#e and conte<t&
+ottom?up theories
4ll bottom2up theories rely on the notion that perception builds upwards from a foundation of
primiti'es to a representation our co#niti'e system can use& This takes place without any
influence from hi#her co#niti'e processes&
Ci'e main theories are as followsJ2
8irect perception
:recursor to beha'iorism R :erception is a direct result of stimulus ener#y affectin# receptor
cells& 0o hi#her co#niti'e processes or internal representations are necessary
TemplateAE0emplar theory
;e store e<amples of all the ob=ects we ha'e seen as e<emplars or templates& ;e compare a
percei'ed ob=ect to this set of e<emplars until we find a match&
Proto type theory
1,
Instead of storin# many e<emplars or ri#id templates, we store a prototype, which is kind of like
the a'era#e of an ob=ect& ;e compare a percei'ed ob=ect to these prototypes until we find the
closest match&
%eature theory
:erception starts with the identification of basic features that are put to#ether into more comple<
ob=ects, which are put to#ether into more comple< ob=ects, etc& until we identify an ob=ect&
3<ampleJ :andemonium
-tructural description theory
8ind of like a three2dimensional 'ersion of feature theory, where rather than ha'in# lines and
corners as the basic features, simple #eometric shapes, called #eons, are the basic features& ;e
reco#ni"e ob=ects by matchin# the #eons we are lookin# at to the stored #eons in memory&
Top?do'n theories
Top2down theories posit 'aryin# de#rees of influence of hi#her co#niti'e processes on what we
actually percei'e& The primary e<ample of this is the effect of conte<t on perception, such as in
the ;ord Superiority 3ffect&
19
CHAPTER "&@ 1
Research (ethodolo$y:
6esearch is a common lan#ua#e refers to a search of knowled#e& 6esearch is scientific M
systematic search for pertinent information on a specific topic, in fact research is an art of
scientific in'esti#ation& 6esearch *ethodolo#y is a scientific way to sol'e research problem& It
may be understood as a science of studyin# how research is doin# scientifically& In it we study
'arious steps that are #enerally adopted by researchers in studyin# their research problem& It is
necessary for researchers to know not only know research method techni)ues but also
technolo#y&
The research problem consists of series of closely related acti'ities& 4t times, the first step
determines the nati'e of the last step to be undertaken& ;hy a research has been defined, what
data has been collected and what a particular methods ha'e been adopted and a host of similar
other )uestions are usually answered when we talk of research methodolo#y concernin# a
research problem or study&
Research 8esi$n:
4 research desi#n is defined as the specific methods and procedures for ac)uirin# the
information needed& It is a plant or or#ani"in# framework for doin# the study and collectin# the
data& 9esi#nin# a research plan re)uires decisions all the data sources, research approaches,
research instruments, samplin# plan and contact methods&
6esearch desi#n is mainly of followin# typesJ
1& 3<ploratory research
$& 9escripti'e research
B& Casual research
$+
E0ploratory Research
The ma=or purposes of e<ploratory studies are the identification of problems, the more precise
formulation of problems and the formulations of new alternati'e courses of action& The desi#n of
e<ploratory studies is characteri"ed by a #reat amount of fle<ibility and ad2hoc 'eracity&
8escripti,e -tudies
9escripti'e research in contrast to e<ploratory research is marked by the prior formulation of
specific research )uestions& The in'esti#ator already knows a substantial amount about the
research problem& :erhaps as a result of an e<ploratory study, before the pro=ect is initiated&
9escripti'e research is also characteri"ed by a preplanned and structured desi#n&
Casual or E0perimental 8esi$n
4 casual desi#n in'esti#ates the cause and effect relationships between two or more 'ariables&
The hypothesis is tested and the e<periment is done& There are followin# types of casual desi#nsJ
I& 4fter only desi#n
II& 1efore after desi#n
III& 1efore after with control #roup desi#n
I5& Cour #roups, si< studies desi#n
5& 4fter only with control #roup desi#n
5I& Consumer panel desi#n
5II& 3<posit factor desi#n
$1
8ata Collection (ethod
94T4 CHLL3CTIH0 *3T7H9
:6I*46K S3CH0946K
9irect personal Inter'iew
Indirect personal Inter'iew :ublished Sources >npublished Sources
Information from correspondents (o't& :ublication
*ailed )uestionnaire 6eport Committees M Commissions
Guestion filled by enumerators :ri'ate :ublication
6esearch Institute
Period of -tudy: This study has been carried out for a ma<imum period of , weeks&
Area of study: The study is e<clusi'ely done in the area of marketin#& It is a process re)uirin#
care, sophistication, e<perience, business =ud#ment, and ima#ination for which there can be no
mechanical substitutes&
-amplin$ 8esi$n: The random samplin# is done because any probability samplin# procedure
would re)uire detailed information about the uni'erse, which is not easily a'ailable further, as it
is bein# an e<ploratory research&
-ample Procedure: In this study Lrandom samplin# procedure is used& 6andom samplin# is
preferred because of some limitation and the comple<ity& 4rea samplin# is used in combination
with random samplin# so as to collect the data from different re#ions of the city&
-amplin$ -iBe: The samplin# si"e of the study is 1++&
$$
(ethod of the -amplin$:
Proaility -amplin$
It is also known as random samplin#& 7ere, e'ery item of the uni'erse has an e)ual chance or
probability of bein# chosen for sample&
:robability samplin# may be taken inform ofJ
-imple Random -amplin$
4 simple random sample #i'es each member of the population an e)ual chance of bein# chosen&
It is not a hapha"ard sample as some people think& Hne way of achie'in# a simple random
sample is to number each element in the samplin# frame ?e&#& #i'e e'eryone on the 3lectoral
re#ister a number@ and then use random numbers to select the re)uired sample&
6andom numbers can be obtained usin# your calculator, a spreadsheet, and printed tables of
random numbers, or by the more traditional methods of drawin# slips of paper from a hat,
tossin# coins or rollin# dice&
-ystematic Random -amplin$
This is random samplin# with a system from the samplin# frame, a startin# point is chosen at
random, and thereafter at re#ular inter'als&
-tratified Random -amplin$
;ith stratified random samplin#, the population is first di'ided into a number of parts or IstrataI
accordin# to some characteristic, chosen to be related to the ma=or 'ariables bein# studied& Cor
this sur'ey, the 'ariable of interest is the citi"enIs attitude to the rede'elopment scheme, and the
stratification factor will be the 'alues of the respondentsI homes& This factor was chosen because
it seems reasonable to suppose that it will be related to peopleIs attitudes
Cluster and Area -amplin$
Cluster samplin# is a samplin# techni)ue used when LnaturalL #roupin#s are e'ident in a
$B
statistical population& It is often used in marketin# research& In this techni)ue, the total
population is di'ided into these #roups ?or clusters@ and a sample of the #roups is selected&
Then the re)uired information is collected from the elements within each selected #roup& This
may be done for e'ery element in these #roups or a subsample of elements may be selected
within each of these #roups&
"on Proaility -amplin$
It is also known as deliberate or purposi'e or =ud#emental samplin#& In this type of samplin#,
e'ery item in the uni'erse does not ha'e an e)ual, chance of bein# included in a sample&
It is of followin# typeJ
Con,enience -amplin$
4 con'enience sample chooses the indi'iduals on the basis of easiness to reach or con'enience&
Con'enience samplin# does not represent the entire population so it is considered bias&
Cuota -amplin$
In )uota samplin# the selection of the sample is made by the inter'iewer, who has been #i'en
)uotas to fill form from specified sub2#roups of the population&
;ud$ment -amplin$
The samplin# techni)ue used here in probability S 6andom Samplin#&
8ata Collection
9ata is collected from 'arious customers throu#h personal interaction& Specific )uestionnaires
are prepared for collectin# data& 9ata is collected with mere interaction and formal discussion
with different respondents and face to face contact with the persons from whom the information
is to be obtained ?known as informants@& I ask them )uestions pertainin# to the sur'ey and collect
the desired information& I contact the workers of 6eliance Life Insurance Company Ltd& to obtain
some of the information& The information obtained is first hand and ori#inal in character&
$%
$
CHAPTER 2
8ATA A"AL>-I-
1@ A'areness of life insurance in consumer@
Tale no@ 1
0o& of respondents :ercenta#e of respondents
Kes $+ 1++A
0o + +A
%i$@ 1@
Interpretation 1:
4ccordin# to the data ma<imum no& of people are aware with life insurance policy ?here 1++A
people are aware with it@& Today Indians are aware with this in'estment because it co'ers risk of
the life as well as #i'es better return on maturity&
$!
1@ )hat is your purpose for uyin$ an insurance policy*
Tale no@ 1
:ercenta#e of respondents
Cor old a#e sa'in# 1A
Camily needs 1%A
Time to time needs $1A
Hpposite circumstances 1%A
%i$@ 1
Interpretation 1:
*ost of the people buy insurance policy for their old a#e sa'in# because they want to sa'e
money or back up for old a#e and only $1A people buy insurance for time to time needs&
$-
2@ Ho' much money you 'ant to in,est in insurance*
Table no& B
:remium amount A of respondents
6s& 1+,+++ to 1,+++ 1A
6s& 1,++1 to $+,+++ $9A
6s& $+,++1 to $,+++ B1A
6s& $,++1 to B+,+++ $1A
6s& B+,++1 to B,+++ %A
%i$@ 2
Interpretation 2:
*ostly people in'est in insurance on the basis of their sa'in# and accordin# to their sa'in# they
purchase insurance policies& 7ere most of the people in'est $+++1 6s& to $+++ 6s& and 'ery less
number of people in'est hu#e amount in insurance&
28
4 )hen you are uyin$ an insurance policy! your decision is influenced y*
Tale no@ 4
A& of respondents
Camily B-A
Criends B+A
:rofessional and trade union #roup 1A
1rand and ad'ertisement 1,A
%i$@ 4
Interpretation 4:
Insurance is now basic in'estment for consumers& 1ut this is tradition of India that we do not
belie'e on unknown people so when any one buy insurance policy then his or her decision is
depend on family, friends and on other factors& In the study i found that B-A of respondents
belie'e on their family to buy insurance policy but only 1,A respondentIs decision depend on
brand and ad'ertisement of the company& So, aNc to study, we see that family and friends play a
bi# role to buy an insurance policy&
29
5@ In 'hich company you elie,e most*
Tale no@ 5
Company A of respondents
:ri'ate company B,A
:ublic company !$A
%i$@ 5
Interpretation 5:
*ost of the people want to in'est their money in public insurance company& In pri'ate insurance
company only B, respondents want to in'est their money& *ost of the people buy insurance from
LIC and there are more than $+ pri'ate insurance companies in India&
30
6@ Ho' do you 'ant to pay your premium*
Tale no@ 6
*ode A of respondents
Cash BA
Che)ue M Credit card B9A
9emand draft $!A
%i$@ 6
Interpretation 6:
*ost of the respondents ?i&e& B9@ pay their premium throu#h che)ue M credit card because of
easiness and con'enience& B respondents pay their premium throu#h cash and $! of them pay
their premium throu#h demand draft&
31
7@ In 'hat mode you 'ant to $i,e premium*
Tale no@ 7
*ode :ercenta#e of respondents
*onthly $!A
7alf2yearly B9A
Kearly BA
%i$@7
Interpretation 7:
Insurance companies #i'e a lot of facility to their loyal customers for payment of premium&
Costumer also pays the premium in three modes monthly, half yearly and yearly& 7ere B9 A
respondents pay in half yearly mode and BA respondents pay yearly mode premium&
9@ 8o you 'ant 'hich type of insurance plan*
32
Tale no@ 9
:lans 0o& of respondentsA
>LI: $1A
Traditional plans %+A
7ealth plans $BA
Term plans 1!A
%i$@ 9
Interpretation 9:
*ost of respondents want mostly traditional plan& %+A respondents use traditional plan and $1A
respondents want to buy >LI: :lan& :eople show their interest towards >LI:Is because it
pro'ides both risk co'era#e for life and in'estment opportunity in securities&
:@ Are you satisfied 'ith the return on in,estment 'hich you $ettin$ from policy*
Tale no@ :
33
Satisfaction le'el :ercenta#e of respondents
5ery Satisfied $1A
Satisfied !+A
CanIt say %A
0ot much satisfied %A
9issatisfied 11A
%i$@ :
Interpretation ::
4Nc to data, !+A of respondent are satisfied with the return& 4bout $1A are 'ery satisfied on
their in'estmentIs return and 11A are dissatisfied with return on in'estment&
1D@ If you are not ta#in$ any insurance policy then please tell us the reason! 'hy*
Tale no@ 1D
6easons A of respondents
;e could not afford& $!A
;e donIt see any benefit &with it& $%A
34
;e donIt want insurance& 1A
I donIt understand that how it worksQ BA
%i$@ 1D
Interpretation 1 D:
4s the e'ident shows that as most as B of the total respondents donIt understand the workin# of
the insurance system and nearly $% of the respondents donIt see any benefit with the system, 1
and $! of the respondents donIt want insurance and could not afford respecti'ely&
35
CHAPTER 4
%I"8I"/- A"8 C&"CL=-I&"-
%indin$s
1& 0ow life insurance has become #eneric& :eople belie'e in Life Insurance Company only
and therefore, e'erybody wants to #o in for a policy with LIC& It will take time to pri'ate
companies to win the confidence of the people&
$& 4s far as future decision makin# about the policy is concerned most of the policy would
#o in for sa'in# plan&
B& :eople are turnin# towards the >LI: as a #ood in'estment option but >LI: is in its
startin# phase so customers prefer only bi# brands LIC, 6LIC etc&
%& LIC is the oldest player in the Insurance market, so people are more aware of i&e&, as
compared to new players&
& This clearly comes out from the sur'ey conducted that most of the people come to know
about 6eliance life Insurance company throu#h print media&
!& It has clearly come out that most of the people like to #o in for a policy, which #i'es them
ta< benefit&
-& 4Nc to sur'ey it is cleared that most of the people donIt take insurance policy because they
donIt understand that how insurance policy worksQ
,& *ost of :eople influenced by family and friends when they are buyin# insurance
policies&
Conclusions
Life insurance of India is one of the lar#est life insurance company in India and it has awakened
many new hopes and aspiration for human kind, =ust based on a noble human passion of law,
36
compassion tolerance and mutual understandin#&
(lobali"ation has opened new formalities of technolo#y, knowled#e, communication and
information& 6eliance Life insurance is a #ift of #lobali"ation to maintain de'elopment of these
formalities there before is a dauntin# challen#e i&e& the utili"ation of these facilities to create a
bra'e new worlds in which a )ualitati'e and a clear chan#e between yesterdays and hormones
can easily percei'ed&
I ha'e done a detailed the comparati'e study of Life insurance of India with other life insurance
companies and concluded that most of the people preferred to deal with nationali"ed insurance
companies&
:eople used to buy Insurance for ta< e<emption but time has chan#ed now, ad'ertisin# has made
the people understand the need of Life Insurance in their li'es and people are takin# initiati'es to
buy it& >r#e of people to ha'e Insurance and stron# marketin# can really make the industry reach
the sky&
Life insurance of India has set all the strate#ies and mission after proper 'ision and is achie'in#
the lar#est by workin# in co2operati'e and co2ordinate manner and #i'in# the people full ser'ices
and facilities and makin# easy& So I would like to conducted by sayin# that Life insurance of
India is a wonderful #ift #i'en to the mankind in the new are for people de'elopment and
maintenance of the world as well as India&
37
CHAPTER "o@ 5
REC&((E"8ATI&"-A-=//E-TI&"-
REC&((E"8ATI&"-
Collowin#s are the recommendations and the su##estions not only for the Life insurance of India
but also for other pri'ate life insurance companies if they want to complete with
publicN#o'ernment life insurance companies&
1@ Creatin$ positi,e ima$e:
Companies should try their le'el best to create positi'e and fa'ourable ima#e in the minds of
people i&e& in the minds of their tar#et customers&
1@ Trainin$ and de,elopment to a$ents:
Company must pro'ide trainin# to their a#ents and financial so that they can satisfy customer
and doubts effecti'ely&
2@ Concern to'ards customers:
Serious concern must be #i'en to the customers as in todayIs scenario it re#arded as LCustomer is
a kin#L& In formal words we can say that if can customers more loyal towards the company&
4@ Co?operation 'ith a$ents and ranch mana$ers:
The Company must full co2operate with branch mana#ers and a#ents&
5@ A,ailaility of ranch offices:
There must be the branch offices in each $+2B+ 8m& diameter&
6@ Efficient mana$ement:
The mana#ement appointed must be that much capable that it can control the whole team and
impro'e the #oodwill and ima#e of the company&
7@ -ales promotion and mar#etin$:
The marketin# department must be so a##ressi'e that it can ha'e a close watch on the
competitorsI acti'ities& 0ot only this but also it must take care of the need and wants of the
customers also&
9@ Incenti,e schemes and permanency in .o:
There must be #ood incenti'e schemes to be desi#ned as these can acts as #ood moti'ators for
the a#ents& The scheme of permanent =ob placement must be introduce for those a#ents who ha'e
shown e<tra ordinary performance&
:@ -olution of /rie,ances:
There must re#ular meetin#s with the financial consultants and a#ents to moti'ate them and to
sol'e #rie'ances if there are any&
CHAPTER "o@ 6
LI(ITATI&"-
Limitations
4lthou#h e'ery effort has been in to collect the rele'ant information throu#h the sources
a'ailable, still some rele'ant information could not be #athered&
+usy -chedule of Concerned E0ecuti,es:
The concerned e<ecuti'es were ha'in# 'ery busy schedule because of which they were reluctant
to #i'e appointment&
Time:
The time duration could not pro'ide ample opportunity to study e'ery detail of the company&
=na'areness:
Customers were unaware of many terms related to same while askin# to them&
Confidential Information:
4s the company on account of confidential report has not disclosed some fi#ures& *oreo'er, in
some cases separate accounts of di'ision are not separately maintained thereby, leadin# to
restrictions in study&
Area:
4rea of study chosen was not lar#e&
%+
+I+LI&/RAPH>
+oo#s Referred
*arketin# *ana#ement by :hilip 8otler
1usiness 6esearch by 0&8& *alhotra
Internet Resources
Search Sites www&#oo#le&co&in , www&msn&com
;ebsites of the or#ani"ation www&lifeinsurance&com
Hther sites www&bimaonline&com, www&irdaindia& #o'
www&yahooanswer&com, www&wikipedia&com
Company Resources
:roduct 1rochures
Inputs from company personnel/s&
%1
C=E-TI&""AIRE
9eclarationJ It is purely for academic purposes and the data #i'en will not be passed to anyone&
:lease tick ?T@ out for appropriate option&
(A) Personal Information:
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&
a& 0ameJ &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&
b& (enderJ a@ *ale b@ Cemale
c& 4#e ?in years@ a@ 1elow 1, b@1,2B
c@ B2+ d@ 4bo'e +
d& 3ducational )ualificationJ &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&
e& HccupationJ &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&
f& 4nnual IncomeJ a@ Less than 6s& 1,++,+++
b@ 6s& 1, ++,++1 to 6s& B, ++,+++
c@ 6s B, ++,++1 to 6s& , ++,+++
d@ 6s& , ++,++1 and 4bo'e
(+) Cuestions:
1@ A'areness of life insurance in consumer@
Kes
0o
1@ )hat is your purpose for uyin$ an insurance policy*
Cor old a#e sa'in#
Camily needs
Time to time needs
Hpposite circumstances
2@ Ho' much money you 'ant to in,est in insurance*
6s& 1+,+++ to 1,+++
6s& 1,++1 to $+,+++
6s& $+,++1 to $,+++
6s& $,++1 to B+,+++
6s& B+,++1 to B,+++
4 )hen you are uyin$ an insurance policy! your decision is influenced y*
Camily
Criends
:rofessional and trade union #roup
1rand and ad'ertisement
5@ In 'hich company you elie,e most*
:ri'ate company
:ublic company
6@ Ho' do you 'ant to pay your premium*
Cash
Che)ue M Credit card
9emand draft
7@ In 'hat mode you 'ant to $i,e premium*
*onthly
7alf2yearly
Kearly
9@ 8o you 'ant 'hich type of insurance plan*
>LI:
Traditional plans
7ealth plans
Term plans
:@ Are you satisfied 'ith the return on in,estment 'hich you $ettin$ from policy*
5ery Satisfied
Satisfied
CanIt say
0ot much satisfied
9issatisfied
1D@ If you are not ta#in$ any insurance policy then please tell us the reason! 'hy*
6easons
;e could not afford&
;e donIt see any benefit &with it&
;e donIt want insurance&
I donIt understand that how it worksQ