SUMMER INTERNSHIP PROJECT

Brand Awarenesswith Special reference to Bharti AXA Life Insurance

(In Partial Fulfillment of Beachlor of Business Administration)

ON

Faculty Guide: Mr. Nikilesh Sharma

Submitted By: Manoj Sharma BBA VI-Sem Roll No. 08440566

GLOBAL INSTITUTE OF INFORMATION & TECHNOLOGY

32-A, KNOWLEDGE PARK-1st Gr. Noida (U.P.)

ACKNOWLEDGEMENT

The Project title brand awareness-with special reference to Bharti AXA Life Insurance has been conducted by me during 2nd May 2007 to 30th June 2007 at Bharti AXA life insurance. I have completed this project, based on primary and secondary research, under the guidance of Mr. Rohit Sexena. I, owe enormous intellectual debt towards my guides Mr. Rohit Sexena who have augmented my knowledge in the field of Marketing. They have helped me learn about the processes and given me valuable insight into the study of channel development activities conducted in on premises. . I am obliged to the Bharti AXA Life Insurance staff for their cooperation during the internship. My increased spectrum of knowledge in this field is the result of their constant supervision and direction that has helped me to absorb the high quality information. I would like to thank Mr. Rakesh Singh (Senior Branch Sales Manager) for their enlightening guidance and enriching my thoughts in this field from different prospective. I would like to thank all the respondents, without whose co-operation, my study would not have been possible. Last but not the least I feel indebted to all those persons and organizations which have helped directly or indirectly in successful completion of this study.

MANOJ SHARMA
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08440566

CONTENTS
Acknowledgement Certificate from Faculty Certificate from Industry Executive Summary
1. Introduction 1.1 Concept of Insurance

1.2 Regulatory Body 1.3 Benefits of Insurance

2. Company Profile

2.1 Introduction 2.2 Products

3. Objectives and Rationale

3.1 Sub-Objectives
4. Review Study 5. Research Methodology 6. Data Analysis

6.1 Introduction 7. Conclusion & Recommendations

8. Limitations 9. Annexure

EXECUTIVE SUMMARY

EXECUTIVE SUMMARY

Insurance industry has seen an explosive growth since the sector was opened to private participation. It has taken private players some time, but finally players like BHARTI AXA LIFE, KOTAK LIFE INSURANCE, ICICI prudential life insurance, Bajaj Allianz, HDFC STANDARD,TATA AIG etc have been able to carve out there niche in this huge and still to be fully tapped Indian market.

The objective of this project was to know brand awareness Bharti AXA Life Insurance possess in expanding Insurance market in the country. It needs to undergo more and more advertising to get some new customers and to get some new ideas. Moreover insurance is such a growing sector that it has full potential to have new customers, as about 86% of people in India are still uninsured. So it is very essential to have new people in the system that can add new customers to the company. Jobs in insurance involve helping people and businesses manage risks to protect themselves from disaster and lose to anticipate potential risk problems.

This was achieved through three-pronged efforts. The First objective of the study is to gauge brand recall ability of the company. The Second objective of the project is to analyze the different ways it can adopt to reach

the masses. The Third

objective of the project is to finally know their

perception about the company.

INTRODUCTIO N

CONCEPT OF INSURANCE:

Insurance is an arrangement to deal with unpleasant contingencies. It is contractual arrangement which provide partial or total protection against adverse, typically financial outcomes. While there are many outcomes of risks which are insurable, there are many more against which there can be no insurance. Broadly insurance contracts can be divided into

1) LIFE INSURANCE 2) NON- LIFE INSURANCE

INDIAN INSURANCE INDUSTRY Insurers Insurance industry, as on 1.4.2000, comprised mainly two players: the state insurers: Life Insurers: Life Insurance Corporation of India (LIC)

General Insurers: General (with effect from Dec'2000, a National Reinsure)

GIC had four subsidiary companies, namely (with effect from Dec'2000, these subsidiaries have been de-linked from the parent company and made as independent insurance companies.

1. The Oriental Insurance Company Limited 2. The New India Assurance Company Limited, 3. National Insurance Company Limited 4. United India Insurance Company Limited

REGULATORY BODY INSURANCE REGULATORY & DEVELOPMENT AUTHORITY (IRDA) ACT, 1999.

Under this Act an authority called IRDA has been set up. This is a corporate body established for the purpose and objects as set out in the explanation to the title.

The Authority replaces Controller under Insurance Act 1938. The first schedule amends Insurance Act 1938. It states that if Authority is super ceded by Central Government, the Controller of Insurance may be appointed till such time as Authority is reconstituted.

PURPOSE AND NEED FOR INSURANCE

Assets are likely to be destroyed or made non-functional due to perils like fire, floods, breakdowns, lightning and earthquake.

Damage to assets caused by any peril is the risk that assets are exposed to. Insurance becomes relevant only if there are uncertainties of occurrence of event leading to loss.

We can say that human life is an income generating assets which can be lost on early death or disabilities caused by accidents.

Insurance does not protect the assets but only compensates the economic or financial loss.

Benefits of life insurance

1) Superior to an ordinary saving plan: Life insurance has better emerged as a saving plan as it provides full protection against the risk of loss of life. Besides it provides the low cost insurance plan to high risk coverage purposes.

2) Encourages and forces thrifts: A savings deposit can be too easily withdrawn. Many people may not be able to resist the temptation of using the balance for some other purposes. On the other hand the payment of life insurance premium is viewed with seriousness and becomes a compulsion. Thus, insurance brings about compulsory savings.

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3) Easy settlement and protection against some condition: The insured can name a person (nominee) to whom the policy money would be payable in the event of his death. The process of a life insurance policy can be protected, against the claims of condition of condition of life insured by effecting a valid assignment of policy. The beneficiaries are fully protected from condition except to the extent of any interest in the policy retained by the insured.

4) Administering the legacy of beneficiaries: it often happens that the provision which a husband or father has made through insurance is quickly lost through speculative or non wise investment or by unnecessary expenditures on luxuries. The policy holder can arrange that in the event of his death the beneficiary should receive , instead of a single sum the following:

a) Payment of the net claim amount by equal installments over a specified period of years. b) Payment of the claim amount by smaller monthly installments over the selected period followed by a lump sum at the end.

5) Ready marketability and suitability for quick borrowing: after an initial period, if the policy holder finds himself unable to continue payment of premium he can surrender the policy alternatively, he can confide over a temporary difficulty by taking loan.

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COMPANY PROFILE

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Introduction
Bharti AXA Life Insurance Company Ltd. is a joint venture between Bharti Enterprises and AXA, world leader in financial protection and wealth management. The joint venture company has a 74% stake from Bharti and 26% stake of AXA Asia Pacific Holdings Ltd (APH). The company has positioned itself on the quality platform. In line with its vision to be a leader and the preferred company for financial protection and wealth management in India, it has developed a strong corporate governance model based on the core values of Professionalism, Innovation, Team Spirit, Pragmatism and Integrity The strategy is to establish itself as a trusted life insurance specialist through a quality approach to business. Bharti AXA Life Insurance 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. Bharti AXA Life Insurance invests significantly in its training program 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 Bharti AXA Life Insurance and ensures development of skills and knowledge through a structured program spread over 500 hours in two years. This focus on continuous quality training has resulted in the company having amongst the highest
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agent pass rate in IRDA examinations and the agents have the highest productivity among private life insurers.

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. Bharti AXA Life Insurance offers a suite of flexible products. It has 7 life insurance products and 8 riders that can be customized to over 400 combinations enabling customers to choose the policy that best fits their need. Vision To be a leader and the preferred company for financial protection and wealth management in India Values

Professionalism Innovation Team Spirit Pragmatism Integrity

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Strategy

To achieve a top 5 market position in India through a multi-distribution, multiproduct platform

To adapt AXA's best practice blueprints as a sound platform for profitable growth

To leverage Bharti's local knowledge, infrastructure and customer base To deliver high levels of shareholder return To build long term value with our business partners by enhancing the proposition to their customers

To be the employer of choice to attract and retain the best talent in India To be recognized as being close and qualified by our customers

Products

In product training the candidate become aware of the various products being offered by the company. Product training is important as it makes the candidate aware of the various products in market and helps him suggesting the right product to the customer according to the customers need. BHARTI AXA LIFE INSURANCE provides a wide range of products under Individual Insurance such as:

Dream Life Pension, Bharti AXA Life Insurances unique pension product ensures that your retirement life is your Dream Life.
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Key Benefits:

Unmatched flexibility for retirement wealth creation

o o

Pay one time lump sum or regular premiums At the inception systematically increase your premiums by 5 % or 8% each year with the Accumulator Option

o o

Increase/decrease premiums any time after the 2nd policy year Add top up premiums any number of times after the 1st policy year

Dream Life Pension enhances your retirement kitty by providing special addition, starting from the end of 10th policy year

Change your planned retirement age any time during the policy term Obtain tax benefits as per the prevailing tax laws on the premiums paid and the benefits received under the policy

Invest Confident, a unique single premium, unit linked investment and protection product which not only strives to maximize your investment returns but also gives you an enhanced flexibility to suit it according to your protection needs, because we at Bharti AXA Life Insurance, believe that your hard earned money deserves nothing but the best.

Key Benefits:

Convenient single premium product with policy benefit period till the age of 70.

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Unique special additions starting from the end of 5th policy year and thereafter at the end of every 5 years till the maturity date.

3 investment fund options as per your investment preferences. Basic Sum Assured of five times the single premium. Unique option of investing additional amount at your convenience through Top up Premiums.

Flexibility of partial withdrawals after the third Policy Year Additional benefit of Rs.5, 00,000 in the event of death due to an accident. Tax benefits under section 80C and 10(10D) of Income Tax Act.

Wealth Confident, a unit-linked investment cum protection product, with its limited period premium payment facility of 5 years, premium payment flexibility, higher allocation of your premium for investment, unique special additions and life insurance benefit, not only makes your money grow but also provides your investment the special treatment that it deserves. Key Benefits:

Pay premium for five years, while your policy continues for ten years. Higher allocation of your premium up to 88% for investment. Special additions of units added every year from 6th Year for incremental wealth creation.

Choose from four different investment funds to meet your financial objectives.
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Five times the life cover of your annual premium. Tax benefit under 80C and 10(10D).

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Future Confident
Key Benefits:

Life insurance benefit of up to 420 times the monthly premium. Comprehensive overall protection through "Protection Enhancers" in the form of riders.

Wealth creation for your long term financial needs. Special additions at regular intervals, starting from 7th year, to enhance your wealth.

Four different investment funds to meet your financial objectives. Tax benefit under 80C and 10(10D).

Future Confident II Key Benefits:

Build Wealth for your long term financial needs with enhanced financial protection.

Sum assured up to 420 times the monthly premium. Life insurance benefit as Sum assured PLUS Policy fund value. Four different investment funds to meet your financial objectives.

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Comprehensive overall protection through "Protection Enhancers" in the form of riders.

Special additions at regular intervals, starting from the end of 7th year, to enhance your wealth.

Tax benefit under sections 80C and 10(10D) of Income Tax Act.

Save Confident, a traditional money back insurance product, offers you a perfect combination of liquidity, long term savings and life insurance benefit. Save Confident with its unique liquidity feature of guaranteed payment for 10 continuous years, annually compounded bonus accumulation, and a guaranteed life insurance benefit offers a perfect three-in-one solution for your financial needs.

Key Benefits:

Traditional money back product with payment term of 10 years. Get guaranteed amount back on specified intervals, starting from 6th policy year till maturity.

Amount equal to 110% of Sum Assured paid across 10 years. Secured growth on savings with Annual Reversionary Bonus, if declared, every year.

Savings enhanced by Terminal Bonus, if any, payable at maturity. Total protection for your family with guaranteed sum assured plus accrued bonuses.
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Added protection in the event of death due to an accident with payment of additional amount equal to the basic Sum Assured, subject to maximum of Rs 10 Lakh.

Tax benefit under sections 80C and 10(10D) of Income Tax Act, 1961.

Secure Confident, a simple long-term life insurance product that aims to ensure that the dreams that you aspired for your family in your lifetime, dont remain unfulfilled by the financial void which might get created due to unfortunate event of death.

Key Benefits:

Term Assurance for 5, 10,15,20,25 years. Financial protection against unfortunate event of death at an affordable cost. Comprehensive overall protection with help of riders. Tax benefit under section 80C and 10(10D) of Income Tax Act.

Bharti AXA Life Insurance Growing Presence

Number of cities Number of offices Number of Agents Number of Policies

66 77 12,000 PLUS 8,00,000 PLUS.

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OBJECTIVES

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MAIN OBJECTIVE Brand Awareness of Bharti AXA Life Insurance Company Sub-Objectives: To look for all segments of people that can be considered for conducting the primary research To gauge the penetration level of other insurance companies To determine whether the company is doing enough to spread its awareness in the market. To determine what are their (respondents) expectations from the company. To determine that what factors should the company focus on to attract more and more clientele base.

Scope: To study the Awareness Level of people with respect to the Insurance products To study the customer satisfaction with respect to the product and the company

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REVIEW STUDY

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India being the second biggest market for Life Insurance in the world after China has attracted many companies from all over the world. Currently the FDI restricts the foreign players to enter India directly. They have to form a JV with an Indian company with total capital limit of maximum 26% in the whole newly formed business. All over there are 19 registered Life Insurance companies in the country. The next 5 years will see huge growth in this sector. The CAGR is expected to be 45%.the reason for such huge potential is its low penetration in the Indian market. As per the reports the penetration rate in the country is just around 4%. These registered 19 players are facing cut throat competition. Thus to win this competition it is very important to make your presence feel to the customers. Brand awareness plays a very vital role in this industry. This is one of those industry where product is not sold as per the demand, but vice-versa i. e. initiation is taken to sell not the customer asks for it. Another feature of this industry is its purpose, while buying the buyer considers its add on features as the main aim of buying, which is tax rebate. There are various tax benefits available with the insurance policy which leads to make taxable income zero. This is the reason why insurance is sold maximum in the month of January, February, March as the investor gets maximum opportunity to zero down its taxable income. Facing growing competition even as many consumers are yet to feel the need for their products, insurance companies are looking at television reality shows to get their message across. Engaging consumers: Max New York Life is in talks for advertiser funded programmes on the lines of HULs.ICICI Prudential Life Insurance Co. Ltd is funding a
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reality show, loosely based on the bonding between fathers and sons, called Papa Aur Mein (My father and I). Another private insurance company, Max New York Life Insurance Co. Ltd, is also readying a TV show to promote its offerings. We are in talks to make a reality show for ICICI Prudential Life. The show based on the father-son relationship will likely be aired this year, says Deepak Dhar, country head, Endemol India Pvt. Ltd, the Indian subsidiary of the Netherlands-based TV content producer Endemol Group. We have not finalized anything yet. Right now, we are talking to Endemol and our media buying agency Mindshare to see if it will work, says Sujit Ganguli, senior vicepresident and marketing head, ICICI Prudential. Industry executives say the shows theme has been finalized and it will have the companys products woven into the content, albeit discreetly. Meanwhile, we are in talks with some TV channels and producers about funding a show. The idea is to engage consumers at a broader level, says Debashis Sarkar, director, marketing, product management and corporate affairs, Max New York Life. To be sure, advertiser funded programmes, or AFPs, are not a new phenomenon on Indian TV. Consumer products maker Hindustan Unilever Ltd, or HUL, has been succcessful with programmes such as Wheel Smart Srimatiji and Rin Mera Super Star. HUL is said to be working on 15 such programmes woven around its different brands. If ICICI and Max launch their shows, it will be the first time financial services companies are piggybacking on commercial TV shows.

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One goal is to try and reach out to those, especially in rural areas, who are still not insured. In rural areas, for instance, only around 25% people have bought insurance of any kind and in low-income households, insurance penetration stands at around 30%. Meanwhile, the market is still dominated by state-run Life Insurance Corp. of India, which accounts for 70% of the Indian insurance market. Plain-vanilla advertising will only build the brand whereas such programmes will help build the awareness about our products and services, says Maxs Sarkar. It is the next level of marketing. Indian television reaches at least 55% of the population, some 120 million of 212 million households. TV as a medium will help us get through to a wider audience quite effectively and efficiently, adds ICICIs Ganguli. Financial planners say such advertising will work, at least initially. Such efforts are likely to get companies a lot of mileage in terms of building consumer connect. But once such shows become common and the consumers are able to see through the idea, it might lose its efficacy, says Gaurav Mashruwala, a Mumbaibased financial planner. Financial product companies have so far been focused on building their brand awareness in the market. Whereas now they need to build awareness about their products and services. AFPs are a good strategy to achieve that goal, says Mozez Singh, vicepresident, B6 India, the branded entertainment network of media buying firm Havas Media.

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Service Offerings versus Products Most physical goods tend to be relatively high in search qualities; these are attributes that a customer can determine prior to purchasing a product, such as colour, style, shape, price, fit, feel, hardness and smell. Services, by contrast, may emphasise experience qualities, which can only be discerned after purchase or during consumption; as with taste, wearability, ease of handling, quietness and personal treatment. Finally, there are credence qualities-characteristics that customers find hard to evaluate even after consumption like surgery, legal services, etc.

Since services are very competitive and there is a very high level of replication of products, consumers do not perceive a drastic fall in quality with falling price. For highly intangible service offerings in particular, organisation-wide factors, such as the level of functional service quality, may be emphasised when adding value (Gronroos, 1984; Parasuraman et al, 1991). Zeithaml, Parasuraman and Berry (1985) also highlighted the uniqueness of service offerings in terms of their intangibility, non-standardisation, perishability and inseparability of production and consumption. In addition, contributions from Bharadwaj et al (1993), and Zeithaml (1988) suggest that extrinsic cues such as image and reputation may be particularly important in adding value in cases where consumer understanding of service offerings is limited. This is likely to be the case, in particular, where service offerings are complex and, as a result, highly mentally intangible to the average consumer. Leonard L Berry, in his model shown above,

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highlights the importance of the customers experience, which in turn is based on the service performance.

The presented brand is the companys controlled communication of its identity through advertisement while the external brand communication refers to the information customers absorb about the company that essentially is uncontrolled by the company. These factors, combined with the customers experience, lead to increased brand awareness and brand meaning. Brand meaning refers to the customers dominant perceptions of the brand and hence differs from awareness. Both these factors put together lead to development of brand equity. In services marketing, unlike in product marketing, it is the customers experience that plays a very important role and even if his services experience differs from the advertising message, he will go more by his experience. Thus, the main differentiating role is played by the service performance.

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RESEARCH METHODOLOGY

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Research Design: I have used a Descriptive research design as the problem is already known. The problem is that BALIC does not have enough recall ability to tap the huge market of insurable people. So a Descriptive research design is used to find solution to this problem and determine the best possible alternatives.

Target Population: Target population for this research was the people who do financial planning and reside in the area of Delhi and NCR.

Sampling Technique: Random sampling is used to conduct the survey of the research.

Sample size: A sample size of 100 people was chosen who were willing to share information and wanted to be a part of the survey.

Research Tools and Questionnaire: For this research, Personal contacts, personal observation and market survey tools were used. We have personally contacted the Financial Advisors of the company after getting the data from the company and got the questionnaires filled.

The plan of action is as follows:

1. 2. 3.

Collection of information from primary sources. Compilation of the collected information. Interpreting the available information so as to suit needs of research.
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4.

Finally analyzing the information collected and drawing conclusions.

Data Analysis and Report Preparation: After collecting the data, SPSS which is analytical software, was used to analyze the data. SPSS is a very scientific and accurate tool to analyze huge amounts of data with ease. The data collected through the survey was first scientifically fed into the software and then it was analyzed with the help of graphs and tables which include frequency graphs and cross tabular graphs.

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DATA ANALYSIS

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Introduction

The project is to gauge the brand awareness of Bharti AXA in the market. Since the company is one and half years old, its less awareness in the minds of the consumer is a bottleneck in its development process. As per the company development plans, the Company is expanding through investing more and more in manpower recruitment and infrastructure development. Company believes in expansion by developing good infrastructure and recruiting the best people in the industry. One of the most important tools which companies normally employ is huge advertisements. The company has laid stress more on other aspects rather than on advertisements

Services marketing has a very sensitive aspect where the strategy revolves around the customer. Building a strategic relationship with the customer is very essential. By identifying the drivers of consumer choice, a service marketer can identify the factors that can be leveraged in different service conditions to add value to the consumer and thus differentiate the offering. The process of adding value is in essence differentiating

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ones offerings effectively in the eyes of the consumer, and this is where branding services becomes important.

Some of the reasons that make branding a valuable proposition for services are:

Strong brands increase customers trust of the invisible purchase.

Strong-brand companies have high mind share with targeted customers, which contributes to market share.

They enable customers to better visualize and understand intangible products.

They reduce customers perceived monetary, social and safety risks in buying services.

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Q1 In which of the following options you invest in?

It is seen from the graph that the preference of the investor is changing. From fixed deposits and other traditional products, the preference has shifted to Mutual Funds and shares.

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Q2. Reasons for investing?

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Indian

market

being

highly

volatile

is

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ecoming riskier now days. The investor is now days more interested in good returns that too in short span of time.

Q3. Have you taken any Life insurance policy?

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The analysis clearly shows awareness of Life Insurance is around 80%.the penetration of insurance industry is increasing day by day and thus gives a lot of opportunities to insurance companies to market themselves.

Q4. If yes, chose from the option below?

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LIC being 60 year old company still holds monopoly position in this sector. It clearly shows the slow changing trend of preference shifting from public to private. The second position is hold by ICICI which is also at the first position in the private insurance companies.

Q5. What percentage of your yearly income you are willing to spend for buying Life Insurance policy?

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Majority of the respondents are willing to invest maximum 20% of their annual income. This shows the positivity in investing in the financial instruments by the respondents, though the market being very volatile.
Q6. How would you rate their products?

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The majority of the respondents consider their investment as good, i.e. they are quite satisfied with the products with respect to the return on the investments. No matter whatever be the market conditions the returns these investment tools are providing, the consumer feels good about the returns.

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Q7. Are you satisfied with the products?

The respondents are satisfied with products, as the product is fetching good returns and this shows the level of knowledge the investor has about the product he/she buys.

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Q8. If you have not taken any insurance policy, please specify the reason below?

The majority of those who dont invest are not investing because of improper knowledge. Being these products ULIP in nature, they were totally fluctuating with the market conditions.

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Q9. According to you, which business is Bharti into?

The much hype created due to Bharti-Wal mart JV has been perceived Bharti as Retail joint. But its flagship business (Tele communications-Airtel) has not been affected much. The Tele Communication business holds a strong position in the market and this is the business which took Bharti group to this position.

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Q10. company?

is the tag line of which insurance

The respondents are aware about the tagline, as the respondents were engaged in the financial sector. The aggressive ads started by the company have helped in capturing the mind share of the consumer.

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Q11. Are you aware of Bharti AXA Life Insurance Co. Limited?

The graph shows the awareness level of the respondents about the company is quite high. Financial investments require proper knowledge and the knowledge about the providers of it.

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Q12. From where you get to know about it?

The graph shows TV as the 1st source of information for the majority of the respondents. Compared to ad frequency given earlier and now the frequency has increased. Company has now started investing in the TV ads and has become one of the official partner with its sister concern Airtel in the show Kya aap Paanchvi paas se tez hain
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Q13. According to you, apart from Life Insurance, what else BALIC is into?

The graph shows that General Insurance gets maximum preference which was recently launched by the company. As far as Mutual Fund is concerned company few

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days ago launched it. Thus it makes the company a complete Wealth Management company.

Q 14 What is your age?

The majority of the respondents were in the age group of 20-35 years. This shows the respondents are young and are engaged in the financial sector.

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Q 14 What is your age? * Q1 In which of the following options you invest in? Crosstabulation Count Fixed Deposits Q 14 What is your age? 20-35 36-50 51-65 >65 Total 1 1 0 0 2 Q1 In which of the following options you invest in? Savings 8 4 3 0 15 Mutual Funds 9 6 1 2 18 Insurance 10 3 3 1 17 Any Other 2 4 2 0 8 Total 30 18 9 3 60

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Q2 Reasons for investing? * Q 14 What is your age? Crosstabulation Count 20-35 Q2 Reasons for investing? tax rebate good returns Any other Total 11 14 5 30 Q 14 What is your age? 36-50 6 8 4 18 51-65 3 5 1 9 >65 2 1 0 3 Total 22 28 10 60

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Q 14 What is your age? * Q3 Have you taken any Life insurance policy? Crosstabulation Q3 Have you taken any Life Count insurance policy? Yes Q 14 What is your age? 20-35 36-50 51-65 >65 Total 22 15 7 3 47 No 8 3 2 0 13 Total 30 18 9 3 60

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Q 14 What is your age? * Q4 If yes, chose from the option below? Crosstabulation Count Q4 If yes, chose from the option below? Max New York LIC Q 14 What is your age? 20-35 36-50 51-65 >65 Total 18 7 5 2 32 Bharti AXA 3 4 2 0 9 ICICI Prudential 7 6 1 1 15 Life 2 1 1 0 4 Total 30 18 9 3 60

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Q 14 What is your age? * Q5 What percentage of your yearly income you are willing to spend for buying Life Insurance policy? Crosstabulation Q5 What percentage of your yearly income you Count are willing to spend for buying Life Insurance policy? 0-20% Q 14 What is your age? 20-35 36-50 51-65 >65 Total 21 14 5 1 41 21-40% 6 4 3 2 15 41-60% 3 0 1 0 4 Total 30 18 9 3 60

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Q 14 What is your age? * Q6 How would you rate their products? Crosstabulation Count Q6 How would you rate their products? Excellent Q 14 What is your age? 20-35 36-50 51-65 >65 Total 0 1 0 0 1 12 5 8 0 25 Good Average 14 12 1 2 29 4 0 0 1 5 Total 30 18 9 3 60

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Q 14 What is your age? * Q7 Are you satisfied with the products? Crosstabulation Q7 Are you satisfied with the Count products? Yes Q 14 What is your age? 20-35 36-50 51-65 >65 Total 18 11 2 3 34 No 12 7 7 0 26 Total 30 18 9 3 60

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Q 14 What is your age? * Q9 According to you, which business is Bharti into? Crosstabulation Count Tele communications Retail Q 14 What is your age? 20-35 36-50 51-65 >65 Total 7 8 0 1 16 11 5 3 2 21 Q9 According to you, which business is Bharti into? Telephone Instruments 5 3 4 0 12 Insurance 7 2 2 0 11 Total 30 18 9 3 60

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Q 14 What is your age? * Q10 "be life confident" is the tag line of which insurance company? Crosstabulation Count Q10 "be life confident" is the tag line of which insurance company? Max New York LIC Q 14 What is your age? 20-35 36-50 51-65 >65 Total 8 2 1 0 11 Bharti AXA 11 5 3 3 22 ICICI Prudential 7 9 4 0 20 Life 4 2 1 0 7 Total 30 18 9 3 60

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Q 14 What is your age? * Q11 Are you aware of Bharti AXA Life Insurance Co. Limited? Crosstabulation Q11 Are you aware of Bharti Count AXA Life Insurance Co. Limited? Yes Q 14 What is your age? 20-35 36-50 51-65 >65 Total 18 10 6 0 34 No 12 8 3 3 26 Total 30 18 9 3 60

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Q 14 What is your age? * Q12 From where you get to know about it? Crosstabulation Count Q12 From where you get to know about it? Outdoor Newspaper Q 14 What is your age? 20-35 36-50 51-65 >65 Total 0 1 0 0 1 5 2 2 1 10 TV 12 6 3 0 21 Cold Calling 10 5 2 2 19 advertising 3 4 2 0 9 Total 30 18 9 3 60

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Q 14 What is your age? * Q13 According to you, apart from Life Insurance, what else BALIC is into? Crosstabulation Q13 According to you, apart from Life Insurance, what else BALIC Count is into? Wealth Mutual Funds Q 14 What is your age? 20-35 36-50 51-65 >65 Total 9 4 0 0 13 management 4 5 6 1 16 General Insurance 13 4 2 2 21 All of the above 4 5 1 0 10 Total 30 18 9 3 60

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CONCLUSION

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& RECOMMANDATION S

From this survey the following results has been found out: Mutual Funds are the latest investment tools for investors. These investments are not done as an additional investment, but as a serious source of income. Majority of the respondents have taken insurance policy. LIC hold the market leader position

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But ICICI is more popular in the age group of 20-35. LIC is slowly losing its market share due to increase in the entry of the private players.

They can invest maximum 20% of the yearly income. Majority of the respondents are satisfied with products and the return they fetch. All those who have not taken Life Insurance Policy reason it due to improper knowledge.

Respondents know Bharti group as a retail and tele communication company. Majority of respondents know about Bharti AXA Life Insurance Company. And the main source of information is through Television. Apart from Life Insurance Bharti is into General Insurance, which the company launched recently.

The recent venture that Bharti took is Mutual Funds which is gaining popularity slowly.

People have wrong perception about the industry which makes it tough for the companies to sell. The bottleneck is that the consumer is scared of the private insurers as they may run away; Peerless is the company which did it.

As more and more private companies are entering this sector, it makes necessary for the company to advertise a lot to capture the mind share of the consumer.

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Recommendations Company should invest more in advertising as it is in its developing stages. More and more TV and newspaper advertising is required to reach the interiors of the population. This will help the company in increasing its penetration. As per the regulatory obligations the company needs achieve a target of selling policy in the rural sector too, which thus can be achieved through rural marketing. More and more outdoor advertisements are required to attract customers. The company should provide proper knowledge about the products, as the investor is not too interested in buying the policy due to improper knowledge The company should start rural education programs to make aware about the Insurance industry and thus it would increase its market awareness. The insurance companies should focus less on the tax rebate part and should focus more on the financial safety.

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Limitations

Less participation from the respondents Less time to conduct surveys People were reluctant to answer the questions. Area covered was confined to some regions only. Time was less so conversion rate was less. People didnt have much knowledge about the company. People have perception that insurance selling for a private company is very difficult besides existence of IRDA.

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BIBLIOGRAPHY

www.google.com www.bharti-AXALife.com www.irda.gov.in www.insuranceguide.com IC-33. Marketing Management by PHILIP KOTLER. MARKET RESEARCH, NARESH MALOHTRA www.icfdc.com/factsheet www.imrb.org

Brand Management by Keller Lane

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ANNEXURE
BHARTI AXA LIFE INSURANCE COMPANY
PLEASE ANSWER THE FOLLOWING QUESTIONS. Name_____________________ Occupation___________________ Contact No.________________ Email________________________

Q1 In which of the following options you invest in? Fixed Deposits Mutual Funds Shares Any other, please specify_______________________ Savings Insurance

Q2 Reasons for investing? Tax Rebate Good returns Any other, please specify_______________________

Q3 Have you taken any Life insurance policy? Yes No

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Q4 If yes, chose from the option below? LIC Bharti AXA Life Insurance ICICI Prudential Max New York Life Insurance Any other, please specify______________________

Q5 What percentage of your yearly income you are willing to spent for buying Life Insurance policy? 0-20% 21%-40% 41%-60% 61%-80% 80% and above

Q6 How would you rate their products? Excellent Good Average Poor

Q7 Are you satisfied with the products? Yes No

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Q8 If you have not taken any insurance policy, please specify the reason below? _________________________________________________________________

Q9 According to you, which business is Bharti into? ________________________________________________________________

Q10

is the tag line of which insurance company?

__________________________________________________________

Q11 Are you aware of Bharti AXA Life Insurance Co. Limited? Yes No

Q12 From where you get to know about it? Newspapers TV Outdoor Advertising Friends Cold calling

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Q13 According to you, apart from Life Insurance, what else BALIC is into? Mutual Funds Wealth Management General Insurance Any other, please specify_______________________

THANK YOU

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