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Project Report On

MARKET RESEARCH AND CUSTOMER SATISFACTION

For

KOTAK MAHINDRA LIFE INSURANCE COMPANY LIMITED PUNE. Submitted in partial fulfillment of two years full time course in Masters in Business Administration, 2004-2006, Vishwakarma Institute of Management, Pune. By Mr. Sachin Bhutkar Vishwakarma Institute of Management Survey no.3/4, Kondhawa Budruk, Pune-411 048 KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD PUNE

STUDY ON

MARKET RESEARCH AND CUSTOMER SATISFACTION FOR KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD PUNE

A SUMMER PROJECT REPORT DURING JUNE-JULY-2005

UNDER THE GUIDANCE OF

MR NIKHIL SHAH (SALES MANGAGER) & PROF. MAHESH HALALE SUBMITTED BY MR SACHIN BHUTKAR IN PARTIAL FULFILLMENT OF MBA FROM VISHWAKARMA INSTITUTE OF MANAGEMENT PUNE

ACKLOWLEDGEMENT

It is said, The most important single word is we and the zero important single word is I. This true even in todays modern era. It is absolutely impossible for a single individual to complete the assigned job without help and assistance from others.

It is my greatest pleasure to acknowledge sincere gratitude towards Mr. Nikhil Shah (Sales Manager) Kotak Mahindra Life Insurance Company Ltd. Pune, for the completion of the project work.

I would also like to acknowledge to my sincere gratitude to the Director of my institute Dr. Shard Joshi and my project guide Prof. Mahesh Halale for helping me in this project work.

I am thankful to all of my friends and batch mates for their help in completing this project work. Finally, I am thankful to my entire family members for their great support and encouragement.

Sachin Bhutkar

Executive Summary

The objective of the project was to do Market Research and customer Satisfaction for Kotak Mahindra Life Insurance for that we have to understand the customer needs, Income, constraints, response and emotions so that they can contribute their time for becoming Life advisors for the company. The objective of this study was to analyze consumer satisfaction of mechanical splicing in Pune city with respect to the performance, sales effort and sales service.

As the company was new and it was yet to be marketed to a large number of customers, it was essential to know the feedback of customers in order to formulate effective marketing and sales strategies in future and improve the quality of service to achieve better consumer satisfaction.

The site visits and companing made us possible to measure the satisfaction of consumer by identifying the attributes, which gave consumer-varying degrees of satisfaction.

Questionnaire based on company format some attributes like requirement of customer and sales services offered by company were identified as critical (motivational) factors for providing satisfaction to consumers, while other factors like excisable deposit center, premium collocation was time to time and also intimation regaining before the collocation of premium. But absence of such hygienic factors definitely results in a dissatisfied consumer.

These hygienic factors could result in selling but their absence can certainly unseal the product offering.

For this a questionnaire was prepared which gave a vague idea about the people who were really interested and wanted to know about various new opportunities in the insurance sector. Go through questionnaire in different different area and people in the Pune city. The study was undertaken for pune region during two months. The researchers were given first 15 days for collection of data and scanning the data. The questionnaire contains various aspects like there. Address, their present age, profession, number of dependents, Goals and also planning for old age (Retirement) etc.

The second part of the study that consists of 40 days contains scanning the questionnaire and taking appointments. After that usually meeting the persons and tell them about the company. Most important part is analyzing the information.

CONTENTS

Serial No. Particulars

Page No.

1. Introduction

2. Industry Profile

3. Company Profile

4. Scope of the work

5. Research Methodology

6. Data interpretation and analyses

7. Observation and findings

8. Limitation and Recommendation

9. Bibliography

10. Annexure

INTRODUCTION

INTRODUCTION

Wherever there is uncertainty there is risk. The risk cannot be averted. The risk is uncertainty of the financial loss. We dont have any command on uncertainties. This makes it essential that we think in favor of a device that becomes instrumental in spreading the loss. It is in this context that we think about insurance. Protection against the possible chances of generating uncertain losses. It eliminates worries and miseries of losses or destruction of property and death.

Life insurance is a contract between you and a life insurance company, which provided you a death during the contract term. Buying insurance is extremely useful if you are the principal earning member in the family unfortunate premature demise, your family can remain financially secure because of the life that you have purchased.

The primary purpose of life insurance is therefore protection of the family in the even insurance is also seen as a tool to plan effectively for your future

years. Your retiren childrens future needs. Today, the market offers insurance plans that not just cover your same time grow your wealth too. If you have dependants and financial responsibilities toward them, then you certainly need.

Having a family means dependant, which in turn means financial commitments. Finance comes in the form of loans, childrens education,

medical expenses etc. Imagine what would happen if you were to lose your life suddenly or become disabled being insured in a situation like this is a necessity. When you insured your life, in effect what you are doing insuring your earning capacity that your dependents will be able to continue living without financial hardships even in case

Most insurance plans available today come with a savings element built into it. These policies not only for a financially independents future, which were have a comfortable retirement. For example. Kotak preferred Retirement plans such as income plan and kotak Multiplier plan. Most insurance plans available today have a bailt in saving elements. Kotak preferred Retirement plans meet your dual financial goals of life cover and savings for the future. Collateral security. Life wasnt designed to be risk free. The key is not to eliminate risk, but to estimate it Accurately and manage it wisely.

Insurance sector have characteristic that give can boost to the growth of any economy .it is due to the savings done at the individual level and at micro level it generates funds for infrastructure building as the cash flow is

constant while the payout is differed, so that the insurance companies are becoming biggest investors in long gestation infrastructure development projects and hence have a great Importance to the developing economy like India. Insurance sector with an annual growth rate of 15-20% and the largest number of life insurance policies in force, the potential of the Indian insurance industry is huge.

INTRODUCTION OF THE TOPIC

The purpose of this training was to have practical experience of working within the organization, in the filed of marketing and to have exposure to the important management practices in field of marketing.

While writing this report the language has been keep simple and the entire discussion has been logical and has coherent outlines. The main motto of the project work was Market Research and customer Satisfactionof Kotak Mahindra Life Insurance, Pune. It includes through market Research in various plans of Kotak Mahindra Life Insurance. And in detail consumer (Satisfaction) responses analysis, by surveying number of consumers. The project report is divided into two parts, first part consists market research for finding out best sold plan of Kotak Mahindra Life Insurance, And second consist survey report of various consumers about there responses about satisfaction towards Kotak Mahindra Life Insurance Company.

IMPORTANCE OF THE TOPIC

The project report is all about market research to find out best sold plan of Kotak Mahindra Life Insurance, pune. And to mouser the satisfaction level of consumers of Kotak Mahindra Life Insurance. Market research helps Kotak Mahindra Life Insurance about the best plan purchased by its consumer satisfaction level helps to know weather the consumers are satisfied by service/Plans of Kotak Mahindra Life Insurance.

INDUSTRY PROFILE

INDUSTRY PROFILE

The industries, businesses and individuals are considerably by the services of insurance organization.

th A. The oldest form of insurance (12century) is marine insurance. After th wards in 16 century fire insurance is started in Germany. B. The first registered life office was Hand in Hand Society established in 1696. C. In India the first life insurance was started in the Bengal Presidency in 1818 knows as oriental life insurance company. D. Experiencing so many ups and downs the insurance business was found in changed shapes. Particularly after attaining independence and to the more specific after nationalizing in 1956. E. There was major change in the insurance sector after globalization in 2001. The private player in the insurance industry and ends the dominance of LIC. F. The different MNCs company of foreign country enters in the insurance industry with the joint venture with Indian companies.

Today total 11 private life insurance companies are working in insurance industry.

HISTORY

1912: the Indian Life Assurance Companies Act enacted as the first stature to regulate the life insurance business.

1928: the Indian Insurance Companies Act enacted to the government to collect statistical information about both life and non life insurance businesses.

1938: Earlier legislation consolidated and amended to 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 core from the Government of India.

INSURANCE SECTOR REFORMS:

1) Structure

Government stake in the insurance companies to be brought down to 50%.

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 though a single entity. Foreign companies may be

allowed to enter the industry in collection with the domestic companies. Postal Life Insurance Should be allowed to operate in the rural market. Only One State Life Insurance Company should be allowed to operate in each state.

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 Investment of LIC Life Fund in government securities to be reduced from 75% to 50%.

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.

ENTRANCE OF PRIVATE PLAYERS IN INSURANCE SECTORS

st India still has low insurance penetration of 1.95 percent, 51in the world. Despite the fact that India boosts a saving rate of around 25 percent, less than 5 percent is spent on insurance.

The insurance landscape in India is undergoing major changes. Close to foreign competition since nationalization in 1956, the life insurance industry had been protected from competitive pressures. Now, with the reopening of the sector, several new players have entered the scene. The acronym for the Insurance Regulatory and Development authority of India, it overseeing the insurance business in India. It protects the interests of the policyholders received and ensures orderly growth of the insurance industry and for matters connected there thereto.

Beside Kotak Mahindra Life Insurance there are other 11 private players working in life insurance sector, which are as follows.

Allianz Bajaj Life Insurance Company Ltd. Allianz Bajaj Life Insurance Company Ltd. is a joint venture between

Allianz AG (Largest insurer in Europe) and Bajaj Auto Ltd. incorporated on th 12 march 2001.

AMP Sanmar Assurance Company Ltd. AMP Sanmar Assurance Company Ltd. is a joint venture between AMP, largest life insurer in Australia and New Zealand, Sanmar is one of the

largest industrial groups in South India dealing in chlorochemicals and shipping and Engineering.

Aviva Life Insurance Company Ltd. Aviva Life Insurance Company Ltd. is a joint venture between Dabur India and CGU, is a wholly subsidiary of Aviva Plc (UK).

BI Life Insurance Company Ltd. Indias largest bank SBI and Cardiff S.A, a leading insurer in France came together to from SBI Life.

Tata Life Insurance Company Ltd. Tata Life Insurance Company Ltd. is capitalized at Rs. 185 crore; of which 74% has been brought in by TATA Sons and the American partner bring the balance 26%.

ICICI Prudential Life Insurance Company Ltd. ICICI Prudential equity based stands at Rs. 675 Cr. With ICICI group and

Prudential Plc holding 74% and 26% stake respectively.

Birla Sun Life Insurance Company Ltd. Birla Sun Life Insurance Company is a 74:26 joint venture between Aditya Birla Group and sun life financial services of Canada.

HDFC Standard Life Insurance Company Ltd.

HDFC Standard Life Insurance Company Ltd. was one of the first companies to be granted license by the IRDA to operate in life insurance th sector. It was incorporated on 14august 2000. HDFC is the majority stakeholder in insurance JV with 81.4% stake and Standard life (largest mutual assurance company in Europe) has a stake of 18.6%.

ING Vysya Life Insurance Company Ltd. ING Vysya Life Insurance Company Ltd. is expected to be first bank assurance venture in the country. Together they have roped in GMR group, which has wide-ranging interests in field such as power generation infrastructure, manufacturing, software and banking. As per JV agreement Vysya bank would hold 49% stake, ING (Europe, Dutch origin) 26% and GMR group would hold 25% of the stake.

MAX New York Life Insurance Company Ltd. Its a partnership between MAX India ltd and New York life, a Fortune 100 company.

Met Life India Insurance Company Ltd.

It was incorporated in April 2001 as a joint venture between Met Life International Holding, Inc, Jammu & Kashmir bank, and M. Pallonji and company private Ltd.

COMPANY PROFILE

PRODUCT

a) Kotak Flexi plan

Advantages: 1 Choice of 5 professionally managed funds included Gilt Fund, Floating Rate Fund, Bond Fund, Balanced Fund, Growth Fund. 2 Add lump sum injections as and when suitable 3 Premium holiday facility 4 Riders options for enhanced protection 5 Loan facilities in case of emergencies 6 Simplified documentation and procedures

b) Kotak Retirement Income Plan

The Kotak Retirement Income Plan is a savings plan designed to meet your post retirement needs. It is a plan that gives you jeene Ki azaadi by giving you the choice to remain independent even after retirement. Advantages: 1 In this plan minimum age of 18 years of old and maximum age is 60 years.

2 You may buy an annuity either from Kotak Life Insurance. 3 You can make lump sum injections into your policy at any time before retirement. 4 For a with cover plan you have the facility of Automatic cover Maintenance, which ensures that the cover remains in force even when you

miss the premium payments. This facility is available after the first 3 years of the term. 5 You may exercise the option of paying premium from the Supplementary Accumulation Account, created from will be created from lump sum injections, if the need arises.

c) Kotak Endowment Plan

An Endowment policy is a combination of savings along with risk cover. These policies designed to accumulate wealth and at the same time cover your life. In simple words, issued for specific time periods during which you pay a regular premium. If you die during policy, your beneficiaries will receive the sum assured along with the accumulated bonus a outlive the policy tenure you will receive the sum assured along with accumulated bonus. Advantages: 1 In this plan minimum age of 18 years of old and maximum age is 65 years. 2 You can take a loan against your policy has been in force for at least three years. 3 You have the option of paying premiums quarterly, half yearly or yearly. 4 You have the benefit of a 15-day free look period.

d) Kotak Capital Multiplier Plan

The Kotak Capital Multiplier Plan is a participating plan that is built in such a way that it allows your money to multiply, and gives you the flexibility of using this money the way you need it, in regular and irregular withdrawals.

This is an endowment plan, which is very flexible and has a lot of in-built benefits. Advantages: 1 In this plan minimum age of 18 years of old and maximum age is 60 years. 2 At the start of your withdrawals period, you can draw the full proceeds or you can draw up to 50% of your basic sum assured or accumulation account, whichever is higher. 3 In addition to the regular premiums, you can make lum sum injection into your plan during the premium paying period. A Supplementary Accumulation Account will be created. 4 You have the facility of Automatic Cover Maintenance, which ensures that the policy remains in force even when you miss the premium payments. This facility is available after the first 3 years of the term.

e) Kotak Child Advantage Plan

The Kotak Child Advantage Plan is an investment plan designed to meet your childs future needs. It is a plan that gives your child the azaadi to realise his/her dreams. This is an endowment plan where the life insured is the child. This is a participating plan. Advantages: 1 In this plan minimum age of 0 years of old and maximum age is 17 years. 2 You may take a loan against this plan, after the policy has been in force for

at least three years. 3 You have the option of paying premiums quarterly, half yearly or yearly. 4 You have the benefit of a 15-day free look period.

SCOPE OF STUDIES

Need for measuring customer satisfaction.

Customers are too good to lose ---------- Lets keep them happy!

Customer is the king.

In the era of cutthroat competition and economic recession, above axiom has more importance than ever before.

Marketing starts with the customer and ends the customer. Peter Drucker.

So no organization, small or big ignores the customers.

Earth is not the center of universe but revolves around the Sun. -Copernicus.

Similarly, we have come to believe that business firm is not the center of

economic universe but revolves around the customer.

Build customer and not only products.

Building customers is not a single step exercise but a process ------.

OBJECTIVE OF THE STUDY:

1) To determine the present position and satisfaction of customer in Kotak Mahindra Life Insurance. The main objective of the project was to analyze consumer satisfaction of Kotak Mahindra Life Insurance with other services in Pune. And also present position of the company.

2) To determine the market share of different brands. The second objective of the project was to determine the market share of different brands available in the market. There was a tough competition for the brand in the market. Therefore to get establish, company had to make its competitors analysis and need to determine where do they stand.

3) Responses of customer Responses from them were collected through survey and for the questionnaire were prepared for both of them.

4) Benefits derived by assessing consumer satisfaction are: - Feedback to organization regarding product. - Understanding customers requirements. - Providing superior service to customer. - Strengthen the relationship with customers. - Formulating sales strategies.

5) Identify pros and cons of the brand. This was a fundamental objective of the whole research. Company wants to identify that where does the brand lack. In other words, what are the brands so that it can rectify them in order to establish the brand in the market.

6) Suggestions and recommendations. The objective of the research was not only to find out the problem but also the identification of solutions or suggestions of the problems.

RESEARCH

METHODOLOGY

RESEARCH METHODOLOGY

INTRODUCTION

Research is an art of scientific investigation through search for new facts in any branch of knowledge. It is a moment from known to unknown.

Research always starts with a question or a problem. Its purpose is to find answers to questions through the application of the scientific method. It is a systematic and intensive study directed towards a more complete knowledge of the subject studied.

As marketing does not address itself to basic or fundamental question, it does not qualify as basic research. On the contrary, it tackles problems, which seem to have immediate commercial potential. In view of the major consideration, marketing research should be regarded as applied research. We may also say that marketing research is of both types problem solving and problem oriented.

Marketing research is as systematic and objectives study of the problems pertaining to the marketing of the goods and services. It may be emphasized that it is not restricted to any particular area of marketing, but is applied to all the phases and aspects.

METHOD OF DATA COLLECTION

1) Data to be collected. Data includes facts and figures, which are required to be collected to achiever the objectives of the project. In order to determine the present position and satisfaction of customer of kotak Mahindra Life Insurance.

a) Primary Data The data that is being collected for the first time or to particularly fulfill the objectives of the project is known as primary data. These types of data were, - The market share of Kotak Mahindra Life Insurance. - The market share of other brands available in the market. - Responses of consumer. - Identifying pros and cons of the brand. The above primary data were collected through responses of consumer was conducted through questionnaires prepared for them.

b) Secondary Data Secondary data are that type of data, which are already assembled and need

not to collected from outside. These types of data were i) Company Profile ii) Product Profile iii) Competitors Profile The aforesaid data were collected through Internet and companys financial report.

2) Data Collection Method For given project, the primary data, which needed to collect for the first time, were much significant. This type of information gathered through Survey technique, which is the most popular and effective technique for correct data collection. The survey was completed with the use of questionnaires. - Questionnaire for consumer.

3) Sampling Sample is the small group taken under consideration from the total group. This small group represents the total group. In the project the market research, which was ask to be studied was pune market but as it was possible to approach all the respondents customer of the city, hence a sample was selected which represents the whole city. The areas selected for the sample are present further in the appendix. Sample size of customer list was taken from Kotak Mahindra Life Insurance customer data basic.

4) Data Evaluation The data so collected were not simply accepted because it contained unnecessary information and over or under emphasized facts. Therefore only relevant data were included in the report, which helped in achieving the objectives of the project.

DATA INTERPRETATION

AND ANALYSIS

Personal detail

Classes No of (Age) Respondents 18-24 4 24-35 19 35-45 16 45-55 8 55-65 1

No. Of Respondant 20 18 16 14 12 10 No. Of Respondant 8 6 4 2 0 18-2424-3535-4545-5555-65

ANALYSIS

Above diagram consist five classes of different age groups. Here customer 19 customer biloges to 25-35 age groups, 16 customers fall in the age group 35-45 years. Other 8 customer comes are in the class 45-55 years the age group of 18-24 consists four customer reaming customer is in age group 55-65 years. Here majority of customer belong to the group 25-35 years.

Do you think is it essential to have Life Insurance? YES NO

Yes No Total No. of Respondents 45 5 50 % of Respondents 90 10 100

No. of Respondents

YES NO

ANALYSIS

To this question 45 consumers reported YES and 5 consumers reported NO.

Which are the companies you invested your money for Life Insurance?

Companies No. of % of Respondents Respondents Kotak Mahindra Life Insurance 50 37.04 LIC 30 22.22 Bajaj Allianz - Tata AIG 10 7.41 Max New York Life Insurance 5 3.70 HDFC Life Insurance 10 7.41 ICICI Prudential Life Insurance 25 18.52 SBI 5 3.70

No. of Respondents

Kotak Mahindra Life Insurance LIC Bajaj Allianz Tata AIG

Max New York Life Insurance HDFC Life Insurance ICICI Prudential Life Insurance SBI

ANALYSIS

From the above figure we come to know that customer are also investing money in other life insurance companies. The major player in insurance is LIC holding 22.22% of total sample. The second major player ICICI is holding 18.52%. HDFC and AIG are having equal share of 7.41% & the Max New York & SBI are having 3.70%.

Why did you choose Kotak Life Insurance?

No of % Of Respondents Respondents ROI 18 36 Peer Pressure 15 30 Tax Benefit 10 20 Security /safety 2 24 Low Premium 5 10 TOTAL 50 100

No. of Respondents

ROI Peer Pressure Tax Benefit Security /safety

Low Premium

ANALYSIS

The above diagram shows 36% of respondents choose because of good returns, 30% because of peer pressure and remaining 24% opt. Because of tax benefit, safety and 100 premium respectively.

Which of the following planed you is insured?

No o % Of RespondentsRespondents Kotak Flexi plan 25 40 Kotak Retirement Plan 19 30 Kotak Endowment Plan 3 5 Kotak Capital Multiplier Plan 6 10 Child Advantage Plan 10 15

No. of Respondents

Kotak Flexi plan Kotak retirement Plan Kotak Endowment Plan Kotak Capital Multiplier Plan Child Advantage Plan

Note.

Some of customer are having more than one plan total survey customers are 50.

ANALYSIS

From the total 63 respondents maximum i.e. 40% customers have opted for Flexi Plan, whereas 30% have gore for Retirement plans and remaining 30% have customer are having endowment, multiplier and child advantage respectively.

What kind of services you expect from insurance provides

No of % Of RespondentsRespondents Easy access ability to Deposit Center 20 31 Time to time premium collection 12 19 Provision in case of Dues 8 13 Bonus & other schemes 24 37 64 100 TOTAL

No. of Respondents

Easy access ability to Deposit Center Time to time premium collection Provision in case of Dues Bonus & other schemes

Note.

Some of customer are expecting more than single service.

ANALYSIS Out of total 50 respondents 37% like to have bonus and other service as a prime concern, 13% like to have provision in case of dues and remaining 31% & 12% respondents say. They need time-to-time premium collection and easy accessibility to deposit center as a concern before choosing insurance provider.

How will you rate the services given by Kotak Mahindra Life Insurance?

No of % Of RespondentsRespondents Poor - Average 16 32 Good 28 56 Excellent 6 12 50 100 TOTAL

No. of Respondents

Poor Average Good Excellent

ANALYSIS Out of 50 respondents 57% have ratted Kotak Mahindra Life Insurance services as good and 32% have ratted as average. And remaining 12% have ratted as Excellent.

What difference you find between Kotak & your previous Insurance provider.

No of % Of RespondentsRespondents Good Returns 16 21 Effective Service/liquidity 12 15 Tax Planning 28 36 Security/ Safety Benefit 22 28 50 100 TOTAL

No. of Respondents

Good Returns Effective Service Tax Planning Security/ Safety Benefit

Note.

Some of customers are having more than one plan more Benefit are expected in one plan. Total surveys of customers are 50.

Do have any suggestion for Kotak Mahindra Life Insurance? YES NO

YES NO TOTAL No of Respondents 39 11 50 % Of Respondents 78 22 100

No. of Respondents

YES NO

ANALYSIS

To this question 39 consumers reported YES and 11 consumers reported NO.

In future, will you purchase policies from Kotak Mahindra Life Insurance? YES NO

YES NO TOTAL No of Respondents 32 18 50 % Of Respondents 64 36 100

No. of Respondents

YES NO

ANALYSIS

To this question 32 consumers reported YES and 18 consumers reported NO.

OBSERVATION

AND

FINDINGS

OBSERVATIONS

Majority of the customers belonged to age group of 25-35 years that is 19 consumers. 45 consumers think Life Insurance is essential for them. 135 respondents are investing in life insurance companies like Kotak Life Insurance, LIC, Tata Allianz, Max New York, HDFC, ICICI and SBI. 36 percentages of the total respondents invest in Kotak Mahindra Life Insurance for getting high ROI. Most of respondents preferred kotak Flexi Plan. 37.5 percentage respondents expect bonus and other schemes from Kotak Mahindra Life Insurance. 56 percentage respondents satisfied with services given by Kotak Mahindra Life Insurance. As per 28% of despondence Kotak Mahindra Life Insurance providers good tax benefits to the Investors. 64% of respondents are willing to purchased policies from Kotak Mahindra Life Insurance in future.

LIMITATION

AND

RECOMMENDATIONS

RECOMMENDATIONS

1) There is scope to sale insurance policy by concentrating on age group 18-24 years here potential of customers are there.(Example. Software professional, BPO employees, and professionals) Flexi plan can be sold by concentrating on age group 35-45 years. (Example. Government employees, executives and businessman) 2) As major respondents think to have life insurance policy is very essential there is lot of scope for insurance company. 3) Kotak Mahindra Life Insurance should try to build trust among the public by making people aware of their investment is safe, high return on investment, Tax Benefits. 4) As more respondents are investing in Kotak Mahindra Life Insurance for getting high return on investment the company should try to provide attractive returns on investments in future. 5) Kotak Mahindra Life Insurance should introduce attractive policies & also attractive bonus on policies to attractive more potential customers. 6) Approx 36% of respondents differ with there previous insurance provider, they field that Kotak Mahindra Life Insurance providing good tax benefit for there investment so Kotak Mahindra Life Insurance if

possible try to provided more tax benefit customer. 7) 64% respondents are willing to purchases Kotak Mahindra Life Insurance policies in future this benefit Kotak Mahindra Life Insurance as mort potential customer in future.

CONCLUSION

After conducting market research for Kotak Mahindra Life Insurance Company we came to know different needs of consumers, their valuable suggestions, responses to the different questions. With this information we can conclude that there is good market awareness about Kotak Mahindra Life Insurance Company in the market.

Customer satisfaction level of most respondents is higher for Kotak Mahindra Life Insurance Company, which is provided by survey. Higher satisfaction level of Kotak Mahindra life insurance company was monthly due to Kotak provides good tax benefit for the consumers also ROI, security etc.

Kotak Mahindra Flexs plan is the best-sold plan in market by Kotak Mahindra Life Insurance. This conveys that the customers are switching to retirement plan.

BIBLIOGRAPHY

REFERENCES

BOOKS

MAGAZINE

Business & Economy Magazine

COMPUTER WEBSITE

www.IRDA.com www.licindia.com www.hdfcinsurance.com www.businessindiaonline.com www.maxnewyorklife.com www.brandonline.com www.iciciprulife.com

ANNEXURE

QUESTIONNAIRE

1. Personal detail Name: Age 18-24 25-35 35-45 45-55 55 and above Phone No. Email. Office Address: - Residential Address: -

2. Do you think is it essential to have Life Insurance? YES NO

3. Which are the companies you invested your money for Life Insurance? a) Kotak Mahindra Life Insurance

b) LIC c) Bajaj Allianz d) Tata AIG e) Max New York Life Insurance f) HDFC Life Insurance g) ICICI Prudential Life Insurance h) SBI

4. Why did you choose Kotak Life Insurance? a) ROI b) Peer Pressure c) Tax Benefit d) Security /safety e) Low Premium

5. Which of the following planed you is insured? a) Kotak Flexi plan b) Kotak retirement Plan c) Kotak Endowment Plan d) Kotak Capital Multiplier Plan e) Kotak Child Advantage Plan

6. What kind of services you expect from insurance provides a) Easy access ability to Deposit Center b) Time to time premium collection c) Provision in case of Dues (Policy Lapse) d) Bonus & other schemes

7. How will you rate the services given by Kotak Mahindra Life Insurance? a) Poor

b) Average c) Good d) Excellent

8. What difference you find between Kotak & your previous Insurance provider. a) Good Returns (HIGHEST) b) Effective Service/Liquidity c) Tax Planning d) Security/ Safety Benefit & Protection on your Capital

9. Do have any suggestion for Kotak Mahindra Life Insurance YES NO

10. In future, will you purchase policies from Kotak Mahindra Life Insurance? YES NO

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