QUESTIONNAIRE & ANALYSIS

Research Design:

The research design of this project is exploratory. Though each research

study has its own specific purpose but the research design of this project on
Insurance is exploratory in nature as the objective is the development of the
hypothesis rather than their testing.

METHODOLOGY

Every project work is based on certain methodology, which is a way to

systematically solve the problem or attain its objectives. It is a very
important guideline and lead to completion of any project work through
observation, data collection and data analysis.

Sampling Technique Used:

This research has used convenience sampling technique.

1) Convenience sampling technique: Convenience sampling is

used in exploratory research where the researcher is interested in getting an
inexpensive approximation of the truth. As the name implies, the sample is
selected because they are convenient

Selection of Sample Size:

For the survey, a sample size of 50 has been taken into consideration.

Sources of Data Collection:

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Research will be based on two sources:

1. Primary data

2. Secondary data

1) PRIMARY DATA:

Questionnaire: Primary data was collected by preparing questionnaire

for customers. The questionnaire was filled through telephonic research.

2) SECONDARY DATA:

Secondary data will consist of different literatures like books which are
published, articles, internet , the company manuals and websites of
company

In order to reach relevant conclusion, research work needed to be designed

in a proper way.

This research methodology also includes:-

• Familiarization with the concept of insurance and its various terms.

• Thorough study of the information collected.
• Conclusions based on findings.

Statistical Tools Used

The main statistical tools used for the collection and analyses of data in this
project are:

• Questionnaire
• Pie Charts

2
 • Bar Diagrams

Limitations of study

Due to the following unavoidable and uncontrollable factors the factors,the

result might not be accurate. Some of the problems faced while conducting
the survey are as follows:-

• Time and cost constraints were also there.

• Chances of some biasness could not be eliminated.
• A Samples size of fifty has been use due to time limitations.
• A majority of respondents show lack of cooperation and are biased
towards their own opinions.

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 Data Analysis

Q1. Are you currently insured?

Particulars No. of Respondents Percentage

Yes 31 62%
No 19 38%
Total 50 100%

No. of Respondents

19

Yes
No

31

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 62% of the respondents are already insured.

b) 38% of the respondents are not insured.

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Q2. Are you satisfied with your current insurer?

Particulars No. of Respondents Percentage

Yes 41 82%
No 9 18%
Total 50 100%

No. of Respondents

Yes
No

41

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 82% of the respondents are satisfied.

b) 18% of the respondents are not satisfied.

Q3. Which one is your favored insurance company?

5
 Particulars No. of Respondents Percentage

LIC 24 48%
ICICI 7 14%
HDFC 5 10%
Birla Sun Life 4 8%
Bajaj Allianz 4 8%
Others 6 12%
Total 50 100%

0.6

0.5

0.4
Share in %

0.3

0.2

0.1

0
LIC ICICI HDFC Birla Sun Bajaj Others
Allianz
Insurance companies

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 48% of the respondents likes LIC.

b) 14% of the respondents likes ICICI.
c) 10% of the respondents likes HDFC.
d) 8% of the respondents likes Birla Sun Life.
e) 8% of the respondents likes Bajaj Allianz.
f) 12% of the respondents likes other companies.

Q4. Are you interested in the products offered by Insurance companies?

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Particulars No. of Respondents Percentage

Yes 30 60%
No 12 24%
Can’t Say 8 16%
Total 50 100%

No. of Respondents

Yes
No
12 Can't Say
30

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 60% of the respondents are attracted towards Insurance

products.
b) 24% of the respondents are not attracted.
c) 16% of the respondents Can’t Say about it.

Q5. What is your main concern while taking an insurance policy ?

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Particulars No. of Respondents Percentage

Tax Benefit 20 40%

Security 16 32%
Investments/Savings 14 28%
Total 50 100%

25
No. of Respondents

20

15
Series1
10 20
16 14
5

0
s
fit

ng
rit
ne

cu

i
av
Be

Se

t/S
x
Ta

en
m
st
ve
In

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 40% of the respondents are concerned about Tax Benefit.

b) 32% of the respondents are concerned about their Security.
c) 28% of the respondents are concerned about
Investment/Savings.

Q6. Does this policy satisfy your financial needs? (Please rate on
the scale of 1 to 5 with 1 being least satisfied)

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Rating No. of Respondents Percentage

1 9 18%
2 9 18%
3 8 16%
4 10 20%
5 14 28%
Total 50 100%

1
2
5
1
2
3
4
3
5

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 18% of the respondents are Highly unsatisfied.

b) 18% of the respondents are Unsatisfied.
c) 16% of the respondents are Moderate.
d) 20% of the respondents are Satisfied.
e) 28% of the respondents are Highly satisfied.

Q7. Please express your opinion for the premiums paid for the above
policy?

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Particulars No. of Respondents Percentage

Very High 14 28%

High 11 22%
Moderate 13 26%
Low 8 16%
Very Low 4 8%
Total 50 100%

No. of Respondents

4
14
8 Very High
High
Moderate
Low
Very Low
13
11

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 28% of the respondents think that Premium is Very High.

b) 22% of the respondents think that Premium is High.
c) 23% of the respondents think that Premium is Moderate.
d) 15% of the respondents think that Premium is Low.
e) 12% of the respondents think that Premium is Very Low.

Q8. How do you come to know about this policy?

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Particulars No. of Respondents Percentage

Advertisements 10 20%
Friends and Relatives 12 24%
Direct Selling Agents 21 42%
Others 7 14%
Total 50 100%

No. of Respondents

7
10

Advertisements
Friends and Relatives
Direct Selling Agents
Others
12
21

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 20% of the respondents know about it from Advertisements.

b) 24% of the respondents know about it from Friends and
Relatives.
c) 42% of the respondents know about it from Direct Selling
Agents.
d) 14% of the respondents know about it from Other Sources.

Q9. Are you satisfied with the incentives (tax benefits or Bonuses)
associated with your policy?

Rating No. of Respondents Percentage

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Highly satisfied 9 18%
Satisfied 12 24%
Moderate 10 20%
Unsatisfied 11 22%
Highly Unsatisfied 8 16%
Total 50 100%

No. of Respondents

8 9

Highly Satisfied
Satisfied
Moderate
11
12 Unsatisfied
Highly Unsatisfied

10

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 18% of the respondents are Highly Satisfied.

b) 24% of the respondents are Satisfied.
c) 20% of the respondents are Moderate.
d) 22% of the respondents are Unsatisfied.
e) 16% of the respondents are Highly Unsatisfied.

Q10. According to you, in what areas should the insurance companies work
upon?

Particulars No. of Respondents Percentage

Easy Procedures 14 28%

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Fewer premiums 10 20%
More Returns 9 18%
Transparency 17 34%
Total 50 100%

18
16
14
No. of Respondents

12
10
17 Series1
8
14
6
10 9
4
2
0
Easy Returns Fewer More Returns Transperancy
premiums

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 28% of the respondents want Easy procedures.

b) 20% of the respondents want Fewer premiums.
c) 18% of the respondents want More returns.
d) 34% of the respondents want Transparency.

Q11. Do You think that services have improved after allowing private
players in insurance sector ?

Particulars No. of Respondents Percentage

13
Yes 40 80%
No 10 20%
Total 50 100%

20%

Yes
No

80%

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 80% of the respondents think that services have improved.

b)20% of the respondents think that services have not improved.

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 Findings

According to my survey the noteworthy points are:

• Most of the people buy life insurance as just a tax benefit tool or as a
life cover while only a few of the respondent take it as a saving
option.The reason for this is lack of knowledge of insurance benefits
among the people.
• A Majority of the respondent buy insurance products because of the
need reason while rest of the respondents buy for the brand purpose.
• A Majority of the people come to know about the policies from the
Direct Selling Agents.
• A Majority of the people are satisfied by the incentives associated
with their policies.
• Most of the respondents are satisfied by the services offered by there
insurance company while some says that they are not satisfied by the
services.
• Most of the respondents want more Transparency from the side of the
company.

CONCLUSION

After overhauling the all situation that boosted a number of Pvt. Companies
associated with multinational in the Insurance Sector to give befitting
competition to the established in private sector, we come at the conclusion
that

• There is a very tough competition among the private insurance

companies on the level of new trend of advertising to lull a major part
of Customers.

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• The entry of more Pvt. players in the Insurance Sector have expanded
the product segment to meet the different level of the requirement of
the customers. It has brought about greater choice to the customers.
• IRDA, is also playing very comprehensive role by regulating norms
mandating to private players in this sector, that increases the
confidence level of the customers to the private players.

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 Suggestions

The study has provided with the useful data from the respondents. There has
a lot to be recommended. Following are the recommendations:

• There is a need for better promotion for the investment products &
services. The bank should advertise its products through television
because it will reach to the masses.
• More returns should be provided on Insurance plans.
• As the bank provides the Insurance facility to its customers. It should
provide this facility by tie up with the other Insurance organizations
as well. The main reason is that, the entire customers do not want
Insurance of only one company. They should have choice while
selecting a suitable Insurance plans. This will definitely add to the
goodwill & profit for the bank.

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ANNEXURE

QUESTIONNAIRE

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Name - _____________
Age - _____________
Occupation - _____________

Q1. Are you currently insured?

- Yes
- No

If yes, please give the details of company, plan, premium etc.

Q2. Are you satisfied with your current insurer ?

- Yes
- No

Q3. Which is your favoured insurance company ?

- LIC
- ICICI
- HDFC
- Birla sun life
- Bajaj Allianz
- Others

Q4 Are you interested in the products offered by ICICI Prudential ?

- Yes
- No
- Cant say

Q5. What is your main concern while taking an insurance policy ?

- Tax benefit
- Security
- Investment/Savings

Q.6 Does this policy satisfy your financial needs? (Please rate on
the scale of 1 to 10 with 1 being least satisfied)

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Q.7 Please express your opinion for the premiums paid for the above
policy?
-Very high [ ]
-High [ ]
-Moderate [ ]
-Low [ ]
-Very Low [ ]

Q.8 How do you come to know about this policy? (Please tick).
-Advertisements [ ]
-Friends and relatives [ ]
-Direct selling agents [ ].
- Others (please specify) _____________________.

Q.9 Are there any incentives (tax benefits or Bonuses) associated with
this policy? (Please give appropriate details about it).
- _______________________________________________________
_______________________________________________________
____________

10. Are you satisfied with the incentives associated with your policy?
-Highly satisfied [ ].
-Satisfied [ ]
-Moderate [ ]
-Unsatisfied [ ]
-Highly Unsatisfied [ ].

Q11. According to you, in what areas should the insurance companies work upon?

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 - Less complicated procedures
- Fewer premiums
- More returns
- Transparency

Q12. Do You think that services have improved after allowing private players
in insurance sector ?

- Yes
- No

Your comments on Insurance

__________________________________________________________________

__________________________________________________________________

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