Summer Training Report

On

“NEED ANALYSIS OF THE CUSTOMERS IN

BHUBANESWAR HAVING LIFE INSURANCE
POLICIES”

At

MAX NEW YORK LIFE

Bhubaneswar

UNDER THE GUIDANCE OF :

Mr. MMMMMMM
 CONTENTS
Particulars Page No.
Declaration 3

Acknowledgement 4

List of Illustration / Tables 5

Abstract 6
Introduction
1.1 Objective
7
1.2 Scope
1.3 Limitation
Insurance industry in India 8 – 13
2.1 Life Insurance 8
2.2 Insurance sector reforms 9
2.3 Major Policy Changes 11
2.4 Protection of the Interest of the Policy 12
Holder
2.5 Present Scenario 13
Company Profile 14 –17
3.1 About the company 14
3.2 Various plans 15
3.3 Vision 16
3.4 Mission 16
3.5 Values 17
Research Methodology 18 – 19
4.1 Title 18
4.2 Title justification 18
4.3 Research Design 18
4.4 Sampling Methodology 18
4.5 Survey 19
Data Analysis and Interpretation 20 – 28

Findings and Recommendations 29

Conclusion 30

Annexure 31-32
Bibliography 33

2
 DECLARATION
I hereby declare that the project report entitled “Need Analysis of
the Customers having Life Insurance policies in
Bhubaneswar” is the product of my sincere effort. This Summer
Training Report is being submitted by me alone, at Institute of
Business & Computer Studies, S‘O’A University, Bhubaneswar,
for the partial fulfillment of the course MBA (Marketing), and the
report has not been submitted to any other educational institutions
for any other purpose.

Date:

Place:
Signature

3
 ACKNOWLEDGEMENT

I would like to express my gratitude to all those who gave me the

possibilities to complete this report. I would like to thank
Prof. Dr. Subhasish Das, Dean, Institute of Business & Computer
Studies, Mr. Deepak Kanungo, Branch Manager, Max New York
Life Insurance, Bhubaneswar and college authorities first for
providing me the opportunity to work with one of the prestigious
organization.
I want to thank Recruitment Manager, Max New York Life,
Bhubaneswar Mr. Devendra Jena for giving me permission to
commence this report in the first instance, to do the necessary
research work and for being my Company Guide.
With a deep sense of gratitude and humble submission I would
like to express my heartiest gratefulness to my Faculty Guide
Prof. Alka Samantaray, Institute of Business & Computer Studies,
whose help, stimulating suggestions and encouragement helped
me in all the times of research for and writing of this report.

Date:

Signature:

4
 LIST OF ILLUSTRATION
/FIGURES

PARTICULARS PAGE NO
FIG: 1 :- Preference of life insurance company 21
FIG: 2 :-Purpose behind buying a life
22
insurance product
FIG: 3 :-Attractive feature of the policy 23
FIG: 4 :-Satisfaction regarding the policy 24
FIG: 5 :-Satisfaction regarding the service
25
agent
FIG: 6 :-What does people want from an
26
insurance company
FIG: 7 :-People willing to go away from the
27
city if better service and product is provided
FIG: 8 :-People planning to go for new
28
investments
FIG: 9 :-Perception towards ULIP 29

ABSTRACT
5
In today’s corporate and competitive world, insurance sector has
the maximum growth and potential as compared to the other
sectors. Insurance has the maximum growth rate of 70-80% while
as FMCG sector has maximum 12-15% of growth rate. This
growth potential attracts me to enter in this sector and MAX NEW
YORK LIFE INSURANCE has given me the opportunity to work
and get experience in highly competitive and enhancing sector.

The report prepared by me mainly emphasizes on the need

analysis of the customer that is to study why people go for buying
life insurance policy.

This report throws light on what is the primary reason for buying a
policy, whether a customer is satisfied with the policy and the
service agent and what are the features that a customer wants in a
life insurance company.

At the end the perception of the customers towards ULIP is also

studied. This helps to understand whether people are aware of it or
not, so that the company may work on it.

To do this a questionnaire was prepared and people were

interviewed. Based on their answers the analysis is done.

INTRODUCTION

6
OBJECTIVE:
The main objective of this report is to find the need
behind buying an insurance policy. To achieve this
objective it is divided into the following:

• The need behind opting for a life insurance policy.

• To know the most attractive feature of the policy.
• To determine the customer’s perception towards
insurance company and their expectation from the
insurance company.
• To determine the feedback regarding the service
provided by the insurance agents.

SCOPE:

A big boom has been witnessed in the Insurance Industry

in the recent times. A large number of players have
entered the market and are trying to gain their market
share in this rapidly growing market. The study deals with
analyzing the need of customers for which they are
buying the policies with special focus on Max Mew York
Life. This analysis also throws a light on what more do the
customers expect from Insurance Company.

LIMTATION OF THE STUDY:

The report has the following limitations:

• The survey is confined to certain parts of

Bhubaneswar and does not necessarily shows a
pattern applicable to the whole country.
• Sometimes the respondents were reluctant to
provide their personal information which may affect
the validity of the responses.
• Since Insurance sector is rapidly changing so this
one day analysis may change with time. The
environmental changes are vital to be considered in
order to assimilate the findings

INSURANCE INDUSTRY IN INDIA

7
In India, insurance has a deep-rooted history. It finds
mention in the writings of Manu (Manusmrithi),
Yagnavalkya (Dharmasastra) and Kautilya (Arthasastra).
The writings talk in terms of pooling of resources that
could be re-distributed in times of calamities such as fire,
floods, epidemics and famine. This was probably a pre-
cursor to modern day insurance. Ancient Indian history
has preserved the earliest traces of insurance in the form
of marine trade loans and carriers’ contracts. Insurance in
India has evolved over time heavily drawing from other
countries, England in particular.

LIFE INSURANCE

1818 saw the advent of life insurance business in

India with the establishment of the Oriental Life
Insurance Company in Calcutta. This Company however
failed in 1834. In 1829, the Madras Equitable had begun
transacting life insurance business in the Madras
Presidency. 1870 saw the enactment of the British
Insurance Act and in the last three decades of the
nineteenth century, the Bombay Mutual (1871), Oriental
(1874) and Empire of India (1897) were started in the
Bombay Residency. This era, however, was dominated by
foreign insurance offices which did good business in India,
namely Albert Life Assurance, Royal Insurance, Liverpool
and London Globe Insurance and the Indian offices were
up for hard competition from the foreign companies.

In 1914, the Government of India started publishing

returns of Insurance Companies in India. The Indian Life
Assurance Companies Act, 1912 was the first statutory
measure to regulate life business. In 1928, the Indian
Insurance Companies Act was enacted to enable the
Government to collect statistical information about both
life and non-life business transacted in India by Indian
and foreign insurers including provident insurance
societies. In 1938, with a view to protecting the interest
of the Insurance public, the earlier legislation was
consolidated and amended by the Insurance Act, 1938
with comprehensive provisions for effective control over
the activities of insurers.

8
 The Insurance Amendment Act of 1950 abolished
Principal Agencies. However, 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

nationalizing 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 societies—245 Indian and foreign insurers in
all. The LIC had monopoly till the late 90s when the
Insurance sector was reopened to the private sector.

Some of the important milestones in the life

insurance business in India are:
• 1912 - The Indian Life Assurance Companies
Act enacted as the first statute to regulate the life
insurance business.
• 1928 - The Indian Insurance Companies Act
enacted to enable the government to collect
statistical information about both life and non-life
insurance businesses.
• 1938 - Earlier legislation consolidated and
amended to by 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 crore from the Government of
India.
The General insurance business in India, on the
other hand, can trace its roots to the Triton
Insurance Company Ltd., the first general insurance
company established in the year 1850 in Calcutta by
the British.

INSURANCE SECTOR REFORMS:

9
In 1993, Malhotra Committee headed by former Finance
Secretary and RBI Governor R.N. Malhotra was formed to
evaluate the Indian insurance industry and recommend its
future direction.

The Malhotra committee was set up with the objective of

complementing the reforms initiated in the financial
sector. The reforms were aimed at "creating a more
efficient and competitive financial system suitable for the
requirements of the economy keeping in mind the
structural changes currently underway and recognizing
that insurance is an important part of the overall financial
system where it was necessary to address the need for
similar reforms…"

In 1994, the committee submitted the report and some of

the key recommendations included:

1) Structure
• Government stake in the insurance Companies to be
brought down to 50%.
• Government should take over the holdings of GIC
and its subsidiaries so that these subsidiaries can act
as independent corporations.
• All the insurance companies should be given greater
freedom to operate.

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 through a single entity.
• Foreign companies may be allowed to enter the
industry in collaboration with the domestic
companies.
• Postal Life Insurance should be allowed to operate in
the rural market.
• Only One State Level Life Insurance Company should
be allowed to operate in each state.

10
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 Investments of LIC Life Fund in
government securities to be reduced from 75% to
50%.
• GIC and its subsidiaries are not to hold more than
5% in any company (There current holdings to be
brought down to this level over a period of time).

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.

But at the same time, the committee felt the need to

exercise caution as any failure on the part of new players
could ruin the public confidence in the industry. Hence, it
was decided to allow competition in a limited way by
stipulating the minimum capital requirement of Rs.100
crores. The committee felt the need to provide greater
autonomy to insurance companies in order to improve
their performance and enable them to act as independent
companies with economic motives. For this purpose, it
had proposed setting up an independent regulatory body.

MAJOR POLICY CHANGES

Insurance sector has been opened up for competition

11
from Indian private insurance companies with the
enactment of Insurance Regulatory and Development
Authority Act, 1999 (IRDA Act). As per the provisions of
IRDA Act, 1999, Insurance Regulatory and Development
Authority (IRDA) was established on 19th April 2000 to
protect the interests of holder of insurance policy and to
regulate, promote and ensure orderly growth of the
insurance industry. IRDA Act 1999 paved the way for the
entry of private players into the insurance market which
was hitherto the exclusive privilege of public sector
insurance companies/ corporations. Under the new
dispensation Indian insurance companies in private sector
were permitted to operate in India with the following
conditions:

• Company is formed and registered under the

Companies Act, 1956;
• The aggregate holdings of equity shares by a foreign
company, either by itself or through its subsidiary
companies or its nominees, do not exceed 26%, paid
up equity capital of such Indian insurance company;
• The company's sole purpose is to carry on life
insurance business or general insurance business or
reinsurance business.
• The minimum paid up equity capital for life or
general insurance business is Rs.100 crores.
• The minimum paid up equity capital for carrying on
reinsurance business has been prescribed as Rs.200
crores.

The Authority has notified 27 Regulations on various

issues which include Registration of Insurers, Regulation
on insurance agents, Solvency Margin, Re-insurance,
Obligation of Insurers to Rural and Social sector,
Investment and Accounting Procedure, Protection of policy
holders' interest etc. Applications were invited by the
Authority with effect from 15th August, 2000 for issue of

12
the Certificate of Registration to both life and non-life
insurers. The Authority has its Head Quarter at
Hyderabad.

PROTECTION OF THE INTEREST OF THE POLICY

HOLDERS:
IRDA has the responsibility of protecting the interest of
insurance policyholders. Towards achieving this objective,
the Authority has taken the following steps:

• IRDA has notified Protection of Policyholders Interest

Regulations 2001 to provide for: policy proposal
documents in easily understandable language;
claims procedure in both life and non-life; setting up
of grievance redressal machinery; speedy settlement
of claims; and policyholders' servicing. The
Regulation also provides for payment of interest by
insurers for the delay in settlement of claim.
• The insurers are required to maintain solvency
margins so that they are in a position to meet their
obligations towards policyholders with regard to
payment of claims.
• It is obligatory on the part of the insurance
companies to disclose clearly the benefits, terms and
conditions under the policy. The advertisements
issued by the insurers should not mislead the
insuring public.
• All insurers are required to set up proper grievance
redress machinery in their head office and at their
other offices.
• The Authority takes up with the insurers any
complaint received from the policyholders in
connection with services provided by them under the
insurance contract.

PRESENT SCENARIO:
13
Life insurance market in semi-urban and rural territories
is expected to rise to US$ 20 Billion mark in the upcoming
four years from the existing value of less than US$ five
Billion. This is because more semi-urban and rural
populace would opt insurance cover for a secure future,
said Assocham. On the other hand, life insurance market
in urban zones is expected to surge to US$ 15 Billion.
Anil K Agarwal, President, Assocham, reported that a
large segment of rural India is still untouched because of
long distances, poor distribution and high return costs.
The paper disclosed that the life insurance premium in
India is just 1.8% of the GDP as against 5.2% in US and
8% in South Korea.
A Research Analyst at RNCOS, who has recently
researched a report called "Indian Insurance Industry
Forecast (2007-2009)", says that the progress in the
semi-urban and rural areas would largely fuel the growth
in insurance sector. The other factors that would boost
the growth in this sector are improving economic
scenario, increasing disposable incomes, and rising
product demands.
Moreover in the present scenario Bank mergers in India
are likely to impact the insurance sector as many insurers
have select banks as their bancassurance partners.
Bancassurance is the sale of life, pension and investment
products through the branch network of a bank.
After the opening up of the insurance sector, banks have
come to occupy an important role in insurance
distribution, particularly for private life insurers.
Banks procure nearly 40 percent of the fresh business for
life insurers. It is not surprising therefore to have life
insurers whose very lifeline is their banking partners.
Insurers find recruiting and training individual agents a
time-consuming and costly process. There are also issues
like agency attrition and small-sized policies procured by
agents.
For new private life insurers who want to achieve fast
revenue growth, banks are the only source of business.

14
Banks also find that selling life insurance products is a
lucrative activity.
Normally bancassurance deals are for three years and
each bank can represent only one insurer as a corporate
agent.
However, new private life insurers are finding it difficult to
sign up a banking partner to sell their products as early
entrants have already inked distribution agreements with
them.
Realizing their vital role, banks are now dictating the
terms of the bancassurance deals. In some cases banks
are demanding commission and other fees totaling nearly
70 percent of the first year premium on a policy, say
industry experts.
Some banks have started representing a new life insurer
at regular intervals.

COMPANY PROFILE
15
ABOUT THE COMPANY:
Max New York Life Insurance Company Limited is a joint
venture between Max India Limited, which is a one of
India's leading multi-business corporate, and New York
Life International, which is a Fortune 100 company &
global expert in life insurance. Max New York Life
Insurance started its commercial operations in India in
2001. The company has positioned itself on the quality
platform. In line with its vision to be the most admired life
insurance company in India, it has developed a strong
corporate governance model based on the core values of
excellence, honesty, knowledge, caring, integrity and
teamwork. The strategy is to establish itself as a trusted
life insurance specialist through a quality approach to
business.

In line with its values of financial responsibility, Max New

York Life has adopted prudent financial practices to
ensure safety of policyholder's funds. The Company's paid
up capital is Rs.907.4 crore, which is more than the norm
laid down by IRDA.

Max New York Life has identified individual agents as its

primary channel of distribution. The Company places a lot
of emphasis on its selection process, which comprises four
stages - screening, psychometric test, career seminar and
final interview. The agent advisors are trained in-house to
ensure optimal control on quality of training.

Max New York Life invests significantly in its training

programme and each agent is trained for 152 hours as
opposed to the mandatory 100 hours stipulated by the
IRDA before beginning to sell in the marketplace. Training
is a continuous process for agents at Max New York Life
and ensures development of skills and knowledge through
a structured programme spread over 500 hours in two
years. This focus on continuous quality training has
resulted in the company having amongst the highest

16
agent pass rate in IRDA examinations and the agents
have the highest productivity among private life insurers.

337 agent advisors have qualified for the Million Dollar

Round Table (MDRT) memberships in 2007. MDRT is an
exclusive congregation of the world’s top selling insurance
agents and is internationally recognized as the standard
of excellence in the life insurance business.

Having set a best in class agency distribution model in

place, the company is spearheading a major thrust into
additional distribution channels to further grow its
business. The company is using a five-pronged strategy to
pursue alternative channels of distribution. These include
the franchisee model, rural business, direct sales force
involving group insurance and telemarketing
opportunities, bancassurance and corporate alliances.

Max New York Life offers a suite of flexible products. It

now has 43 life insurance products and 8 riders that can
be customized to over 800 combinations enabling
customers to choose the policy that best fits their need.

It is the first life insurance company in India to be

awarded the IS0 9001:2000 certifications. The company
has around 133 offices all over the country.

Max New York Life offers a variety of flexible products

covering both life and health insurance including 8 riders
that can be customized to over 800 combinations which
enable the customers to choose the policy that suits their
needs. Max New York Life also offers 6 products and 7
riders in group insurance business. The company has a
plan for every need, designed as to meet your long term
financial goals & aspirations. They help you fulfilling your
dreams & commitments. The list of few plans provided by
Max New York Life Insurance Company Limited is given
below:

17
VARIOUS PRODUCTS OF MAX NEW YORK LIFE
Protection Plans

• Five Yr Renewable & Convertible Plan

• Level Term Policy

Children Plans

• Children's Endowment to 18 (Par) Plan

• Children's Endowment to 24 (Par) Plan
• SMART Steps
• SMART Steps Plus

Investment Plans

• Life Maker Premium

• Life Maker Gold
• Life Maker Platinum
• Life Invest

Retirement Plans

• SMART Invest Pension

• Easy Life Retirement (Par) Plan

Health Plans

• Lifeline Medicash
• Lifeline Wellness Plus
• Lifeline Medicash Plus
• Lifeline Safety Net

Savings Plans

• Whole Life Participating

• Life Gain Plus 25 Participating Plan
• 20 year Endowment (Par) Plan
• Life Pay Money Back Plan

18
Strategic Products Plans

• Bancassurance
1. Capital Builder Plan
• Partnership Distribution
1. Max Mangal
2. Capital Builder
3. Max Vriksha
4. Max New York Life Unit Builder
• Max Amsure
1. Future Builder
2. Business Builder
3. Bonus Builder
4. Secure Returns Builder

Group Plans

• Group Credit Life

• Unit Linked Group Superannuation Plan
• Group Gratuity cum Term Assurance
• Group Term Life
• Unit Linked Group Gratuity Plan
• Employee Deposit Linked Insurance
• Max Super Life

VISION:

To become one of the most admired life Insurance

Company of India.

MISSION:

• Become one of the top quartile life insurance

companies in India
• Be a national player

• Be the brand of first choice

• Be the employer of choice

• Become principal of choice for agents

19
VALUES:

Knowledge:
Knowledge leads to expertise; and our expertise is in
helping people protect them. Perfectly combining global
expertise with local knowledge, we are India’s life
insurance specialist. Max New York Life believes that for
knowledge to be of value it must be focused, current,
tested and shared.

Caring:
Max New York Life is redefining the life insurance
paradigm by focusing on customers first. The service
process is responsive, personalized, humane and
empathetic. Every individual who represents the company
is for us our brand champion.

Honesty:
Honesty is the heart of the life insurance business. It is all
about trust. Transparency, integrity and dependability
form the cornerstones of the Max New York Life
experience. The company ensures that everyone who
represents the brand carries a promise: we care — in
word as well as deed.

Excellence:
Excellence at Max New York Life implies the ability to
perform at a consistently high level. Focused on the value
of continuous improvement in people, processes and the
organization, the company strives for the highest
standards of quality in every aspect of its business.

20
 RESEARCH METHODOLOGY
TITLE:

Need Analysis of the customers in Bhubaneswar having

life insurance policy.

TITLE JUSTIFICATION:

The title is self explanatory. It analyses the need of the

customer in Bhubaneswar for buying Life Insurance
product that is for which particular requirements it is
going for this products. It also studies whether their
needs are satisfied or not.

RESEARCH DESIGN:

• Non Probability Sampling

• Exploratory and Descriptive Research

The research was both Exploratory and Descriptive. The

data were collected from both primary and secondary
sources.
The survey was done by preparing well structured
questionnaire and conducting personal interview to collect
the information regarding customer’s need.

SAMPLING METHODOLOGY:
SAMPLING TECHNIQUE

Initially, a rough draft was prepared keeping in mind the

objective of the research. A pilot study was done in order
to know the accuracy of the Questionnaire. The final
Questionnaire was arrived only after certain important
changes were done. Thus my sampling came out to be
judgmental and convenient.

21
SAMPLEING UNIT

The respondents who were asked to fill the questionnaires

are the sampling units. These comprise of employees of
MNCs, Govt. Employees, Self Employed etc including both
male and female.

SAMPLE SIZE

The sample size was restricted to only 100, which

comprised of mainly peoples from different regions of
Bhubaneswar due to time constraints.

SAMPLEING AREA

The area of research was Bhubaneswar, India.

SURVEY:

This is a limited study which takes into consideration the

responses of 100 people. This data can be exported to
take in the trends across the industry. The significance for
the industry lies in studying these trends that emerge
from the study. It is a rapidly changing and evolving
sector. People are only beginning to wake up to its vast
possibilities. A study like this can attempt to guide the
future of the industry based on current trends. To
facilitate and provide useful information for the study of
the company and the insurance industry and also provide
recommendations for Max New York Life.

22
 DATA ANALYSIS AND
INTERPRETATION
PREFERENCE OF RESPONDENTS OF INSURANCE
COMPANIES
COMPANY NO. OF RESPONDENT SHARE(%)

LIC 70 70

ICICI PRUDENTIAL 8 8

SBI LIFE 10 10

ING VYSYA LIFE 3 3

MAX NEW YORK LIFE 5 5

TATA AIG LIFE 4 4

FIG :1

LIC
ICICI PRUDENTIAL
SBI LIFE INSURANCE
ING VYSYA LIFE
MAX NEW YORK LIFE
TATA AIG LIFE

INTERPRETATION:

• About 70% of the respondents preferred LIC, so it

has been ranked 1.

PURPOSE BEHIND BUYING A LIFE INSURANCE PRODUCT

23
 PURPOSE NO.OF RESPONDENTS SHARE (%)

COVER FUTURE 49 49
UNCERTAINITY
32 32
TAX DEDUCTION
19 19
FUTURE INVESTMENT

FIG : 2

COVER FUTURE
UNCERTAINITY
TAX DEDUCTION

FUTURE INVESTMENT

INTERPRETATION:

• About 49% of the respondents think that “covering

of future uncertainty” is the main purpose behind
buying a life insurance policy.
• Whereas 32% and 19% believe that life insurance
policy serves the purpose of Tax Deduction and
Future Investment respectively.

ATTRACTIVE FEATURE OF THE POLICY

24
 FEATURE NO. OF RESPONDENT SHARE (%)

LOW PREMIUM 11 11
LARGER RISK
20 20
COVERAGE
MONEY BACK
25 25
GUARANTEE
REPUTATION OF THE
37 37
COMPANY
EASY ACCESS TO
7 7
AGENTS

FIG : 3

LOW PREMIUM

LARGER RISK
COVERAGE
MONEY BACK
GUARANTEE
REPUTATION OF THE
COMPANY
EASY ACCESS TO
AGENTS

INTERPRETATION:

• About 37% of the respondents think that “Reputation

of the Company” is the most attractive feature of a
policy.
• About 25% of the respondents give importance to
“Money Back Guarantee”.
• Minimum respondent that is about 7% opted for
“Easy Access to Agents”.

SATISFACTION REGARDING THE POLICY

25
 NO.OF RESPONDENT SHARE (%)
RESPONSE

SATISFIED 67 67
NOT SATISFIED 33 33

NO ANSWER 0 0

FIG : 4

SATISFIED
NOT SATISFIED
NO ANSWER

INTERPRETATION:

• About 67% of the respondents are “satisfied” with

their policies.
• While rest of the respondent are “not satisfied”.

SATISFACTION REGARDING THE SERVICE AGENT

26
 REPONSES NO. OF RESPONDENTS SHARE (%)

SATISFIED 55 55

NOT SATISFIED 45 45

NO ANSWER 0 0

FIG : 5

SATISFIED
NOT SATISFIED
NO ANSWER

INTERPRETATION:

• About 55% of the respondents are satisfied with

their “service agents” and rests are “not satisfied”.
• Every respondent have expressed their views
regarding the service agent so “no answer” is 0%.

27
 WHAT DOES PEOPLE WANT FROM AN INSURANCE
COMPANY

RESPONSE
NO. OF RESPONDENT SHARE (%)

A TRUSTED NAME 27 27
FRIENDLY SERVICE
23 23
AND RESPONSIVENESS
GOOD PLANS 45 45

ACCESSIBILITY 5 5

FIG : 6

A TRUSTED NAME

FRIENDLY SERVICE AND

RESPONSIVENESS
GOOD PLANS

ACCESSIBILITY

INTERPRETATION:

• About 45% of the customers look for “Good Plan”

while 27% gets importance to trusted name.

28
 PEOPLE INTERESTED IN GOING FOR INSURANCE IF A
SERVICE PROVIDER AWAY FROM THE CITY OFFERS
BETTER SERVICE & PRODUCTS

RESPONSE NO. OF SHARE (%)

RESPONDENTS

YES 23 23

NO 64 64

UNCERTAIN 13 13

FIG : 7

Yes
No
Uncertain

INTERPRETATION:

• About 64% of the respondents are not willing to go

away from the city if the service provider offers
better service or products.
• While 23% are willing to go and 13% are uncertain.

29
 PEOPLE PLANNING FOR NEW INVESTMENT

RESPONSE NO. OF RESPONDENTS SHARE (%)

PLANNING 67 67

NOT PLANING 33 33

FIG : 8

PLANNING
NOT PLANING

INTERPRETATION:

• About 67% of the customers are planning to go for

some new investment.

PERCEPTION TOWARDS ULIP

30
 PERCEPTION NO. OF RESPONDENT SHARE (%)

BETTER THAN
53 53
TRADITIONAL
NOT BETTER THAN
13 13
TRADITIONAL
NO IDEA 34 34

FIG : 9

BETTER THAN TRADITIONAL

NOT BETTER THAN

TRADITIONAL
NO IDEA

INTERPRETATION:

• About 53% of the respondents think that “ULIP” is

better than traditional while many people that is
about 34% of the respondents have no idea about
ULIP.
• While about 13% thinks that ULIP is not better than
traditional policies.

31
 FINDINGS AND
RECOMMENDATIONS
• The entrance of many private players has increased
the competition and it has become tough to take
good position. Moreover most of the people in
Bhubaneswar prefer public sectors rather than
private. So it is the first requirement to erase out
such a perception from the minds of the people.

• As the people think that insurance is a tool to protect

their family & a tax saving device. They are aware of
the fact & realizing its, importance. Most of the
people who give importance to tax deduction are
eager to buy policies only for the purpose of tax
deduction. So this section of people is a good
potential for the company.

• In spite of several advertisements some people in

Bhubaneswar are still not aware of Max New York
Life. So company has to pay attention towards this
segment.

• Primarily people are looking for good plans from an

insurance company. Max New York already have
wide variety of Good Plans. So this can work as a
biggest strength to penetrate the market.

• About 67% of the existing customers are planning

for new investment. So beside new customers the
existing one may also provide the company a good
potential.

• About 34% of the people have no idea regarding

ULIP .This shows lack of awareness among the
people regarding ULIP. So if they are educated then
this section may be a good potential for the
company.

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 CONCLUSION
Our exhaustive research in the field of Life Insurance
threw up some interesting trends which can be seen in
the above analysis. A general impression that we
gathered during Data collection was that awareness and
knowledge among people about various companies and
their insurance products. But some more awareness is
required because still some people lacks knowledge about
some products like ULIP.

It is interesting to note that people have begin to look

beyond LIC for their insurance needs and are willing to
trust private players with their hard earned money. The
thing they are looking upon is mainly Good plans.

People in general have been impressed by the marketing

and advertising campaigns of insurance companies. A
high penetration of print, radio and Television
Advertisements campaigns over the years has begun to
have it’s impact now.

It is good to see that people have started viewing

insurance products as tax saving and to some extend
investment tool. A very high number of respondents have
opted for insurance for such purposes and it shows how
insurance companies have been successful to attract
public money in recent times.
Some attention is required towards the service agents.
Therein lies the opportunity for a relative player like Max
New York Life.

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 ANNEXURE

This is the project report, which is consisting of some

practical work and knowledge. It is fully based on
marketing & according to objective of the study some
organization taken into consideration for analysis and
evaluate the demand and supply of Max Newyork LIFE
INSURANCE. To shape the objective in to practice al some
methods are followed and analysis is done with full of
exposure.

After getting all information’s from analysis, some inputs

is given to organization to survive in the on competitive
phenomenon. Certificate is assigned by the organization
to me due to satisfaction level of project. On the other
hand it is basically a learning project in management
study. Which is help for decades?

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 QUESTIONNAIRE ON NEED ANALYSIS

NAME :_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

ADDRESS :_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
:_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

OCCUPATION :___________________________________

AGE :___________________________________

CELL NO. :___________________________________

1. ARE YOU EMPLOYED/RETIRED?

YES NO (if YES, only then proceed)

2. DO YOU HAVE ANY LIFE INSURANCE POLICY?

YES NO (If YES ,only then proceed)

3. WHICH CO’S INSURANCE POLICY DO YOU HAVE?

a) LIC b) ICICI PRUDENTIAL c) SBI LIFE

INSURANCE

d) ING VYSYA LIFEe) MAX NEW YORK LIFE INSURANCE f)

ANY_______( Specify)

4. WHAT DO YOU THINK ARE THE BENEFITS OF INSURANCE

PLAN?

a) COVER FUTURE UNCERTAINITY b) TAX

DEDUCTIONS

c) FUTURE INVESTMENT d) ANY OTHER

_____(Specify)

5. WHICH FEATURE OF YOUR POLICY ATTRACTED YOU TO BUY

IT?

a) LOW PREMIUMb) LARGER RISK COVERAGE c)

MONEY BACK GUARNTEE
d) REPUTATION OF COMPANY d) EASY ACCESS TO AGENTS f)
ANY __________ (Specify)

6. ARE YOU SATISFIED WITH YOUR POLICY?

a) SATISFIED b) NOT SATISFIED c) NOT

RESPONDING

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 7. ARE YOU SATISFIED WITH THE SERVICE AGENT?

a) SATISFIED b) NOT SATISFIED c) NOT

RESPONDING

8. WHAT WOULD YOU LOOK FOR IN AN INSURANCE COs?

a) A TRUSTED NAME b) FRIENDLY SERVICE &

RESPONSIVENESS

c) GOOD PLANS d) ACCESSIBILITY

9. WOULD YOU GO FOR INSURANCE IF A SERVICE PROVIDER

AWAY FROM THE CITY OFFERS BETTER SERVICE &
PRODUCTS?

a) YES b) NO c) UNCERTAIN

10. ARE YOU PLANNING FOR NEW INVESTMENTS?

a) PLANNING b) NOT PLANING

11. YOUR PERCEPTION TOWARDS ULIP

a) BETTER THAN TRADITIONAL. b) NOT BETTER THAN

TRADITIONAL c)NO IDEA

THANK YOU.

36
 BIBLIOGRAPHY

WEBSITES REFFERED:

• www.indiamba.com
• www.irda.gov.in
• www.maxnewyork.com
• www.thehindubusinessline.com

BOOKS REFFERED:
• RESEARCH METHODOLOGY by RANJIT
KUMAR
• MANAGING LIFE INSURANCE by S.K.KUTTY

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