56092184 synopsis on life insurence

8/6/2019 56092184 Synopsis on Life Insurence

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A STUDY OF CONSUMER BEHAVIOUR FOR

LIFE INSURANCE POLICY:-

INTRODUCTION:-

In the partial fulfillment of the requirement for the

degree of the master of business administration from SMU I am doing

this Project.

Consumer behavior is the study of individuals or

organizations and the activities undertaken by them to select, procure

and use products or services to satisfy their needs and wants.

This study focuses on the consumer behavior and

awareness of life insurance towards risk security, the core product of

life insurance. The primary drivers of demand for risk security are

'Age', 'Income', 'Affordability', 'Wealth' and finally 'the desire to

protect income from Inflation'. Though aggregate demand is driven by

these factors, various researches have shown that there is little

correlation between a specific family's need for security and its actual

purchase of insurance. Many families, especially young ones, have

either no risk security or inadequate security. This study mostly

focuses at the rural area to know consumer perception about Indian

insurance company according to its services and plans available on the

basis of customers age, income and their need.


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RESEARCH METHODOLOGY:-

Research methodology is considered as the

nerve of the project. Without a proper well-organized research plan,

it is impossible to complete the project and reach to any

conclusion. The project was based on the survey plan. The main

objective of survey was to collect appropriate data, which work as

a base for drawing conclusion and getting result. Therefore,

research methodology is the way to systematically solve the research

problem. Research methodology not only talks of the methods but

also logic behind the methods used in the context of a research study

and it explains why a particular method has been used in the

preference of the other methods.

DATA COLLECTION:-

My project is based on Inhouse as well as

outhouse training. I am collecting my primary data from SBI LIFE

office in City centre, Durgapur as well as some other places. I have

visited many places of Durgapur to know the consumer view about

insurance. Apart from primary data I am collecting data from different

websites of companies and also taking reference of some books,

articles etc. My data collection is based on observation, face to face

interview, Questionnaire etc.


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REPORT & SAMPLING METHOD:-

My research is comparative analysis of different

insurance companies with special reference to SBI LIFE.I made a

descriptive report based on popular and article report type. My

sampling method is purposive (or judge) and convenience. I have met

with many persons & took their opinions about life insurance.

SCOPE OF THE PROJECT:-

Organization can be able to know about its customer demand

and can plan accordingly.

Organization can know about the target customer by which,

organization gives more emphasis to a particular customer

groups.

Organization can get to know what the real needs of consumers

are.

Organization can get to know its position in the competitive

market.

Organization can be able to know about its competitors.


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OBJECTIVE OF THE PROJECT:-

On the job training gives a practical exposure and helps in

acquiring the on road skills.

Our first & foremost objective is to focus the importance of

life insurance products to general people.

To generate the leads through survey & to make a ready

customer.

To find out the customer awareness about life insurance &

to find out the investment patterns of the people.

To win over the customer trust & believe, by giving them a

clear picture for the life insurance policy.


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LIMITATION OF STUDY:-

Although I try my best in preparation of this project,

but this study has some limitation:

1. The period of the project is not sufficient to study all the factors in

deep.

2. Visiting various places for the study consumed a lot of time.

3. We cannot say that what the consumer have revealed will be right

for each and every situation because their perception is influenced by

many factors.

4. Many consumers are less interested to provide their personal

information and havent cooperated.


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This training has given me a good experience in

learning how to deal with the customers, how to sell a product, how

satisfy an unsatisfied customer, how to generate leads, how to

maintain relationship with customers. I have learnt the convincing &

persuasive skills in my training. Initially I have faced some hurdles in

the beginning of the project but later on I could cope with the

problems.

By the end of the project I have briefly described the

meaning of the insurance, history of life insurance in India & also a

brief introduction of SBI LIFE & its history in India

Now I would like to thanks the people who helped

me to complete this project .I would like to thanks my friends, my

professors, and my project leader. I have paid my gratitude towards all

without whose support I would not been able to complete this project.

BIBLIOGRAPHY:-

I have collected my secondary data from the following places:

www.sbilife.co.in

www.sbilife.com

etc.
http://www.sbilife.co.in/http://www.sbilife.com/http://www.sbilife.co.in/http://www.sbilife.com/

56092184 synopsis on life insurence

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