“A STUDY ON CUSTOMER

PERCEPTION TOWARDS
MAX LIFE INSURANCE”
PRESENTED BY:
NAME- ARPIT BHATNAGAR
ROLL NO.- 213
ABOUT THE COMPANY
Investosure is a trade mark registered under the name of HNS Capital Solutions Pvt. Ltd. We
started as a proprietor firm in 2010 as private fund lender organization with a single branch in
Sonipat, Haryana. In 2012, we entered insurance sector and mutual funds marketing. By 2014,
we were able to provide our clients with various investment options and avenues.
Now, we have grown to a team of more than 250+ members across 5 locations in Delhi NCR. Our
motive is to provide financial stability and security to individuals
Our customers belong all economic sections of society. Below is classification of customers we
serve according to their economical background. We have served more than 3500 people till
date.
MAX LIFE INSURANCE
Max New York Life Insurance Company Ltd. is a joint venture between New York
Life, a Fortune 100 company and Max India Limited, one of India's leading multi-
business corporations. 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.
LITERATURE REVIEW
 Life insurance has become the most widely used means of family financial security planning. Apart
from that, it can help ensures the financial security of family, pay the support of dependents and meet
outstanding financial obligations when the policyholder dies. (BCG 2013)
 J Rajesh C Jampala and B Venkiteswara Rao( insurance marketing 2005) in his article “Sales
promotion in Insurance sector (A study of LIC) asserts that, sales promotion helps in maximizing sales
volume and value besides keeping competitors at bay.
 Walter de Oude and Rajagopalan Krishnamurthy (health insurance, Feb 2006) in their article “The
health insurance industry in India & its growing potential” emphasis that ensuring public health is the
principal responsibility lay down by the Indian constitution
 Brian D Baetz (Insurance marketing, July 2003) in his article “Term insurance sales techniques” States
that today people need term insurance more than ever, so one should learn to be efficient in its sale.
Term insurance enables even those people who could otherwise not be able to afford a sufficient
amount of life insurance, to ensure that their family will not suffer financially should they die.
OBJECTIVE
To find the level of customer satisfaction of various life insurance policies offered by Max New York
Life insurance.
 
To find out the socio economic profile of the Insurance Investors
 
To identify the customer preference towards life insurance policies of Max New York Life Insurance.
 
To analyse the strength and weakness of the life insurance policies of Max New York Life Insurance.
 
To study the various factors that influences the customer to choose life insurance policy.
METHODOLOGY
RESEARCH DESIGN

• Study area - Proposed study was conducted in Max

insurance sector, Ajmer

• Study design- This is cross sectional, Descriptive

observational study.

• Study Period- May 1 to 30 June 2020.

• Data approaches : Questionnaire.

 DATA COLLECTION TOOLS USED
Sample Size: 30
Sampling Area: AJMER
Sampling Unit: All those customers who purchase MAX LIFE INSURANCE
Sampling Tools: Pie charts, Bar graphs, Tables
Sampling Time: 1st May 2019 to 30th June 2020
Sampling Instrument: Structured Questionnaire
TABLE FACTORS WHICH ARE CONSIDERED IMPORTANT FOR LIFE INSURANCE
      Very     Not     
 
   
Factors  
  Important
 
   
Important
  Important
 
  
Total  
   IMPORTANT FACTORS FOR LIFE
  Claim             
 
  Settlement
   
   
22  
     
 
   
8  
   
0
  
30   
  
INSURANCE
  Customer             
      18     10   2 30   
  Service                        
  Brand Name     13     15   2 30   
                             

  Experience In             
      15     10   5 30   

22
  the field                        

18
 

15

15
13
 

10

10
 

5
 

2
 

0
  Cla im Cust ome r B r a nd na me E xpe r ie nc e in
  se tt le me nt se r vic e t he fi e ld
 
 
 
 
               
 SHOWING LEVEL OF SATISFACTION TOWARDS MAX NEW YORK LIFE INSURANCE
Highly Highly level of satisfaction
Factors Satisfied Neutral Dissatisfied Total 20
  Satisfied     dissatisfied    
             
18
Premium 18 4 8 0 0 30 18
17
Amount            

Claim 0 0 13 17 0 30 16
15
Settlement            

Customer 5 15 10 0 0 30 14
13
Service            
12

10
10

8
8

6
5
4
4

0 0 0 0 0 0 0
0
premium amount claim settlement customer service

highly satisfied satisfied neutral

highly dissatisfied dissatisfied
 FINDINGS AND SUGGESTIONS

 The age group of 40 to 60, which shows middle aged people show more interested in life insurance investments
than youngsters.
 According to our study, graduates are more interested in life insurance investments.
 As per our study, 90% of the respondents are married, which shows married people are more interested in life
insurance investments.
 According to our study, 70% of the people are Government service, which shows that salaried people are more
interested in life insurance policy investments.
 90% of the respondents have said that they feel insuring life is necessary, which shows people are more
interested in taking life insurance policies.
 46.67% of the people have said that they came to know about insurance through agents, which shows that the
agents play a key role in life insurance business.

 
  50% of the people have said that they invest in life insurance for tax planning, which indicates people wants to
reduce their tax burden through life insurance investments.
 63.33% of the respondents have said that advertisements influenced them to take insurance policy, which shows
advertisements play a main role in creating awareness about life insurance companies.
 33.33% of the respondents have said that they have not heard about the Max New York Life Insurance
Company, which shows that the company has to create awareness about their policies to the people.
 40% of the respondents have said that they have taken policy in Max New York Life Insurance Company
because it was recommended by agents.
 53.34% of the respondents have said that the Max New York Life Insurance company has to train its agents
more to create awareness about the company among people.
 People have ranked uncertainty and tax benefit reasons are the number one reasons for life insurance
investments

 93% of the respondents have said that the premium amount is affordable to them.
 People have rated claim settlement and customer service factors as first for selecting a company to invest in life
insurance
 .86.30% of the respondents have said that they are satisfied with the Max New York Life insurance company and 13.70%
of the respondents have said that they remain neutral regarding the satisfaction level with the company.
 
 The following suggestions recommended based on the research work done.
 
It is recommended to concentrate on 21-40 age group people more because this is an untapped potential so the company can
make them to invest.
 
School Level educated people are investing less in life insurance; hence the company can concentrate more on this group to
invest in life insurance.
 
Business and profession people are investing less in life insurance business, hence efforts needs to be taken by the company
to make them invest in life insurance.
 
Bringing out advertisements in newspaper, TV and pamphlets can help the company to place its products in the mind of the
consumers in a better way.
 
As the people have said that they mainly invest in life insurance for planning their annual tax, the company should
concentrate during the month of January to March.
 
As only 35.76% of the people have said that they are aware of the company policies, the company needs to create more
awareness among the people.
 
As the respondents have ranked first that the company should train its agents to create awareness about its policies, the
company should take necessary steps to train the agents and training sessions could have been conducted using effective
trainers to increase the sales.
 
19.18% of the people have said that they received delayed response from the company for the problems they faced; hence the
company should try to attend the problems of its customers immediately and the company can start 24hours customer service
to rectify the problem.
 
As the respondents have rated brand name as an important factor for investing in life insurance, the company should try to
create a good brand image for its products.
 
Advertisements should be brought out more during the time of tax payable and pamphlets can be issued near the places
where public movements are more.
 
THANK YOU!