a project report on consumer buying behaviour for life insurance of ing vysya life insurance company

“Study on Consumer Buying Behaviour for Life Insurance” of ING Vysya Life Insurance Company Limited in Hubli

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EXECUTIVE SUMMARY

In today‘s corporate and competitive world, I find that insurance sector has the maximum growth

and potential as compared to the other sectors. The main purpose of the study is to find the

customer buying behavior for Life Insurance of INGvysya Life Insurance Company in Hubli

region which has been done and will help the company to make the marketing strategy for the

different segments. The study which has been made during this project will help the company to

make strategies for this region and emphasize on their weaker areas. The Brand Image of various

companies will be known. The company can find out where their competitor stands in the minds

of the people. Research has been done by primary data collection, and primary data has been

collected by meeting with the people in Hubli region. Data collection has been done through by

giving structured questionnaire. This study will be based on sampling. This is a descriptive

study.



CHAPTER I: INTRODUCTION

1.1 The Theme

Understanding consumer‘s needs and paying attention to customer service a security for life

for things you insuring of consumer buying behaviour for life Insurance.

1.2 Introduction

Before business can develop marketing strategies, they must understand what factors

influence buyer‘s behavior and how they make purchase decisions to satisfy their needs and

wants. Buyers are moved by a complex set of deep and subtle emotions. Their behavior result

from deeply held values and attitudes their perception of the world and their place in it.

There are also several stages through which the consumer exhibit before deciding to purchase

goods or services. These include 5 steps which are: problem or need recognition, information

search, alternative evaluation, purchase and post-purchase evaluation.

1.3 The Background of the Current Work

Insurance is in a manner of speaking the last frontier in the financial sector to open. It is

also a sector, which leads to benefits across the full spectrum, from the individual who now

have wider choices, to the economy, which see increased savings, to the infrastructure sector,

which can look forward to long term funding being available. In an under-insured economy,

newer channels of distribution have to be utilized to intensify the reach of insurance both in

urban and rural markets. This will create huge employment opportunities not only within

insurance companies but also as agents and consultants of insurance companies.

1.4 Objectives of the Work

• To identify the main influences on customer buying behavior

• To distinguish the factors influencing customer buying behavior.

1.5 Scope of Work



A big boom has been witnessed in Insurance Industry in recent times. A large number of new

players have entered the market and are vying to gain market share in this rapidly improving

market. The study deals with ING Vysya Life Insurance in focus and the various segments

that it caters to not only hubli but it help to other places also. The study then goes on to

evaluate and analyze the findings so as to present a clear picture of trends in the Insurance

sector.

1.6 Methodology

The methodology of this project is first conducted the market survey which will be possible

only through questionnaire design. For finding of customer perception I meet lot of customers

personally and by phone as well as by interviewing them. For doing market survey I selected the

Hubli region as my target.

CHAPTER-II: LITERATURE REVIEW 2.1 Introduction



The meaning of insurance is important to understand for anybody that is considering buying an

insurance policy or simply understanding the basics of finance. Insurance is a hedging instrument

used as a precautionary measure against future contingent losses. This instrument is used for

managing the possible risks of the future.

Consumer behavior refers to the mental and emotional process and the observable behavior of

consumers during searching, purchasing and post consumption of a product or service.

Consumer behavior involves study of how people buy, what they buy, when they buy and why

they buy. It blends the elements from psychology, sociology, psychology, anthropology and

economics. It also tries to assess the influence on the consumer from groups such as family,

friends, reference groups and society in general.

Buyer behavior has two aspects: the final purchase activity visible to any observer and the

detailed or short decision process that may involve the interplay of a number of complex

variables not visible to anyone.

Marketing is a societal process by which individuals and groups obtain what they need and

want through creating offering and freely exchanging products and services of value with others

for a managerial definition marketing has often been described as ―The art of selling the products

―but people surprised when they hear that the most important part of marketing is not selling is

only the trick of the marketing iceberg.

Companies practising the marketing concept work at the level of customer segments, a

growing number of today‘s companies are now shaping separate offers services and messages to

individual customers these companies collect information on each customers past transaction

demographics, psychographics and media and distribution preference,. They hope to achieve

profitable growth through capturing a larger share of each customer‘s expenditure by building

high customer loyalty and focusing on customer life time value.

Ability of a company to deal with customers one at time has become practice as result of

advances in factory customisation computers the internet and data base marketing software‘s yet

the practicing of a one to one marketing is not for every company the required investment in

information collection, hardware, and software may exceed the pay out. it works best for

companies that normally collect a great deal of individual customer information, carry a lot of

products that can be cross sold carry products that need periodic replacement or up grading and

self product of high value.

is the difference between the perspective customers evaluation of all the benefits and all the

cost‘s of an offering and the perceived alternatives total customer value is the perceived

monitory value of the bundle of economic, functional, and psychological benefits customers

except from a given market offering total customer cost is the bundle of costs customer except to

incur in evaluating, obtaining, using and disposing of the given market offering.

CHAPTER III: Organizational Study

3.1 Introduction

In the social sciences, organizations are studied by researchers from several disciplines, the most

common of which are sociology, economics, political science, psychology, management, and



organizational communication. The broad area is commonly referred to as organizational studies,

organizational behaviour or organization analysis.

ING in India:

In India, ING is present in all three fields of banking, insurance and asset management in the

form of ING, ING Vysya Life Insurance and ING Investment Management respectively. The

presence in all three fields signifies the importance that the group attaches to the Indian markets

and the group's operations here, as well as its bullish future outlook on the country.

ING and ING Vysya Life Insurance are headquartered at Bangalore, while the corporate office of

ING Investment Management is situated at Mumbai. The synergies arising out of the three

distinct but complimentary businesses are bound to be an asset to the group in the changing

market dynamics of the future. The first such signs are already visible on the horizon with

combined products being successfully launched by the different entities of the group in

conjunction with each other.

The origin of ING Group:

On the other hand, ING group originated in 1990 from the merger between Nationale –

Nederlanden NV the largest Dutch Insurance Company and NMB Post Bank Groep NV.

Combining roots and ambitions, the newly formed company called ―Internationale Nederlanden

Group‖. Market circles soon abbreviated the name to I-N-G. The company followed suit by

changing the statutory name to ―ING Group N.V.‖.

Profile:

ING has gained recognition for its integrated approach of banking, insurance and asset

management. Furthermore, the company differentiates itself from other financial service

providers by successfully establishing life insurance companies in countries with emerging

economies, such as Korea, Taiwan, Hungary, Poland, Mexico and Chile. Another specialization



is ING Direct, an Internet and direct marketing concept with which ING is rapidly winning retail

market share in mature markets. Finally, ING distinguishes itself internationally as a provider of

‗employee benefits‘, i.e. arrangements of non wage benefits, such as pension plans for

companies and their employees.

Mission:

ING`s mission is to be a leading, global, client-focused, innovative and low-cost provider of

financial services through the distribution channels of the client‘s preference in markets where

ING can create value.

The immediate benefit to the bank, ING Vysya Bank, has been the pride of having become a

Member of the global financial giant ING. As at the end of the year December 2008, ING's total

assets exceeded 1332 billion euros, employed over 125000 people, and served over 85 million

customers, across 50 countries. This global identity coupled with the back up of a financial

power house and the status of being the first Indian International Bank, would also help to

enhance productivity, profitability, to result in improved performance of the bank, for the benefit

of all the stake holders.

ING Vysya Bank Ltd., is an entity formed with the coming together of erstwhile, Vysya Bank

Ltd, a premier bank in the Indian Private Sector and a global financial powerhouse, ING of

Dutch origin, during Oct 2002. The origin of the erstwhile Vysya Bank was pretty humble. It

was in the year 1930 that a team of visionaries came together to found a bank that would extend

a helping hand to those who weren't privileged enough to enjoy banking services.



It's been a long journey since then and the Bank has grown in size and stature to encompass

every area of present-day banking activity and has carved a distinct identity of being India's

Premier Private Sector Bank.

In 1980, the Bank completed fifty years of service to the nation and post 1985; the Bank made

rapid strides to reach the coveted position of being the number one private sector bank. In 1990,

the bank completed its Diamond Jubilee year. At the Diamond Jubilee Celebrations, the then

Finance Minister Prof. Madhu Dandavate, had termed the performance of the bank ‗Stupendous‘.

The 75th anniversary, the Platinum Jubilee of the bank was celebrated during 2005.

In terms of pure numbers, the performance over the decades can better be appreciated from the

following table:

Year Networth Deposits Advances Profits Outlets

1940 0.001 0.400 0.400 0.001 4

1950 1.40 5.30 3.80 0.09 16

1960 1.60 20.10 13.50 0.13 19

1970 3.00 91.50 62.80 0.74 39

1980 11.50 1414.30 813.70 1.13 228



Rs. in millions

Source:www.inglife.co.in

* Outlets comprises of 441 branches, 37 ECs, 28 Satellite Offices and 351 ATMs as of March

31st 2009. Additionally bank also has Internet Banking, my-bank and Customer Service Line for

Phone Banking Service.

ING Vysya Life Insurance:

ING Vysya Life Insurance Company Limited a part of the ING Group the world‘s largest

financial services provider entered the private life insurance industry in India in September 2001.

Headquartered at Bangalore, ING Vysya Life is currently present in 246 cities and has a network

of over 300 branches, staffed by 7,000 employees and over 51,000 advisors, serving over 5.5

lakh customers.

Product Portfolio:

ING Vysya Life follows a ―customer centric approach‖ while designing its products. The

1990 162.10 8509.40 4584.80 50.35 319

2000 5900.00 74240.00 39380.00 443.10 481

2001 6527.00 81411.10 43163.10 371.90 484

2002 6863.24 80680.00 44180.00 687.50 483

2003 7067.90 91870.00 56120.00 863.50 456

2004 7473.20 104780.00 69367.30 590.01 523

2005 7094.00 125693.10 90805.90 (381.80) 536

2006 10196.70 133352.50 102315.20 90.6 562

2007 11101.90 154185.70 119761.70 889.0 626

2008 14260.00 204980.00 146500.00 1569.00 677

2009 15940.00 248900.00 167510.00 1888.00 857*



Company‘s product portfolio offers products that cater to every financial requirement, at all life

stages.

In fact, the company has developed the LifeMakerTM a simple tool which can be used to choose

a plan most suitable to a specific customer based on his needs, requirements and current life

stage. This tool helps you build a complete financial plan for life at every life stage, whether the

requirement is Protection, Savings, Investment or Retirement. Suitable products from ING Vysya

Life Insurance‘s product portfolio for each such requirement, makes selection of your plan an

easy exercise.

Distribution Channels:

ING Vysya Life has a diversified distribution platform. While Tied Agency remains the strongest

channel, the Alternate Channels business within ING Vysya Life is one of the fastest growing

distribution channels. ING Vysya Life has strengthened its position as the unparallel leader in the

life insurance industry in cooperative banks tie ups. The company currently has tie ups with 130

cooperative banks across the country. The Alternate Channels division has Banc assurance, ING,

Corporate Agents and SMINCE

The Brand Positioning:

In 2007, ING Vysya Life developed its unique brand positioning ‗Mera farz‘. This

Positioning means, ING Vysya Life helps its customers fulfil their responsibilities towards

themselves and their families. This powerful positioning has helped ING Vysya Life create a

distinct identity for itself. The latest brand campaign with a very catchy jingle dwells on how a

little planning and a helping hand from ING Vysya life can help lighten the burden of

responsibilities that often come with happy moments and let you enjoy your life without any

worries.

Management:

Board of Directors (as on June 01, 2009):

http://www.inglife.co.in/lifemaker.htm

http://www.inglife.co.in/productcenter.htm






Mr. Rajan Raheja: Chairman of the Board

Mr. Kshitij Jain: Managing Director & Chief

Executive Officer

Mr. N. N. Joshi: Director

Mr. Satish Raheja: Director

Mr. Rajesh Kapadia: Director

Mr. S. B. Ganguly: Director

Mr. Ron van Oijen: Director

Senior Management Team (as on June 01, 2009):

Mr. Kshitij Jain: Managing Director & Chief Executive Officer

Mr. Rahul Agarwal: Chief Distribution Officer

Mr. B. Ashwin: Chief Operating Officer

Mr. John Boers: Chief Financial Officer

Ms. Hemamalini Ramakrishnan: Appointed Actuary and CIRO (Chief

Insurance Risk Officer)

Mr. Marco Fredriks: Financial Controller

Mr. Amit Gupta: Director - Marketing & Communication

Ms. Priya Gopalakrishnan: Director - Human Resources

Mr. T. K. Uthappa: Director, Sales - Tied Agency

Mr. Manoj Kaushik: Director - Alternate Channels

Mr. Ravishankar Subramanian: Director - Information Technology



Mr. Joost van Beveren: Vice President - Business Transformation

Corporate Objective:

At ING Life, we strongly believe that as life is different at every stage, life insurance must offer

flexibility and choice to go with that stage. We are fully prepared and committed to guide you on

insurance products and services through our well-trained advisors, backed by competent

marketing and customer services, in the best possible way.It is our aim to become one of the top

private life insurance companies in India and to become a cornerstone of ING‘s integrated

financial services business in India.



3.2 ORGANIZATION STRUCTURE:

CEO

DIRECTOR-

I.T SERVICES

DIRECTOR-

SALES

(MR.T.K.UTTAPA)

DIRECTOR-

OPERATIONS

CENTRAL RVP

SALES

REGIONAL

VICE PRESIDENT

SALES-

NORTH

REGIONAL

VICE PRESIDENT

SALES-

SOUTH

REGIONAL

VICE PRESIDENT

SALES-

EAST

REGIONAL

VICE PRESIDENT

SALES-

WEST

AREA MANAGER

AREA MANAGER

AREA

MANAGER

BRANCH MANAGER

HUB/SPOKE LOCATION

AREA

MANAGER

SENIOR BM

AGENCY

MANAGER

SALES

MANAGER

SALES

MANAGER

SALES

MANAGER

SENIOR SALES

MANAGER

GROUP SALES

MANAGER

ASSISTANT

SM

AGENCY

SM

FINANCIAL

ADVISORS



Mission ―To set the standard in helping our customers manage their financial future.‖

PARTNERS

ING Group:

ING is a global financial institution of Dutch origin offering banking, insurance and asset

management to over 85 million private, corporate and institutional clients in over 50 countries.

With a diverse workforce of approximately 130,000 people, ING comprises a broad spectrum of

prominent companies that increasingly serve their clients under the ING brand.

Strategy:

Our strategy is more relevant to consumers than ever before. Their fundamental needs with

regard to saving, investing and preparing for retirement have not changed—in fact, the crisis has

reinforced the basic need to save. It has also highlighted the value of simplicity and transparency,

which are two important aspects of our goal to create an ―easier‖ experience. More than ever, our

stakeholders want a financial partner they can trust. Given the nature of our business, it‘s our

responsibility to shield our customers from market risks and reduce the volatility of our earnings

for shareholders. As a result, we will put even more emphasis on the way that we manage our

risks, capital and costs.

Responsibility:

ING strives to be a good citizen. Ethical, social and environmental considerations play an

integral part in our business decisions. ING is committed to playing an active role as a

community sponsor. It does this through a wide range of local sponsorships and through its

global Chances for Children initiative, which provides access to primary education to

underprivileged children in developing countries who would otherwise not have the chance to

attend school.

BELOW ARE FEW OF THE PLANS THAT ARE OFFERED BY ING VYSYA LIFE

INSURANCE



Insurance plans available:

Individual Products

ING Life Insurance aims to make customers look at life insurance afresh, not just as a tax saving

device but as a means to live life to the fullest. It believes in enhancing the very quality of life, in

addition to safeguarding an individual's security.

The Company follows a ―customer centric approach‖ while designing its life insurance products.

The ING Life product portfolio offers products that cater to every financial requirement, at all

life stages.

Protection Plans

It is the simplest form of insurance, where the Life Assured is provided insurance cover and on

his death during the policy term, the sum assured under the policy is paid to his beneficiary.

What is more, the ING Term Life is one of the most affordable and inexpensive ways of

obtaining life insurance cover

Our saving range includes ING Term Life, ING Term Life Plus.

Savings Plans

Our Saving Plans help you achieve your life goals making them cherished moments for you and

your family. They provide you with the flexibility to save for your future requirements while you

continue to improve your current lifestyle. Our plans help discipline your savings approach and

point your efforts towards defined goals so that whatever stage of life you are in, you are always

in control and self-reliant.

Our saving range includes Unit Linked Insurance Plan, Reversionary Bonus, Child Protection

Plan, Money Back Plan, Endowment Plan, Money Back Plan, Positive Life, Creating Star,

Retirement Plans

Our Retirement Plans ensure that you lead your life after retirement on your own terms, doing

things you have always dreamt of. We also believe it is important to be in control of your

retirement planning. Our innovative features help you choose your retirement age and also

control the way your investments are managed keeping in mind your retirement needs.

Our saving range includes Best Years, New Future Perfect and ING Golden Life

Investment Plans

Our Investment Plans are created keeping your needs in mind. We appreciate the flexibility

required to suit your risk appetite and the commitments you may want to make. Our global



expertise in managing wealth for individuals at all stages in their life ensures that we have

products to suit your taste whatever your objective of investing may be.

Our savings range includes Powering Life, New Freedom Plan, New One Life, Platinum Life

Plan, High Life, High Life Plus, New Fulfilling Life Plan,

Riders

Riders are the optional contracts, which offer additional benefits for policyholders. They are

always attached to a basic policy. They cannot be bought separately or independently of a basic

policy. Each Rider will have its own premium rate and separate policy conditions.

Our savings range includes Accidental Death Rider, Accidental Death, Disability and

Dismemberment Rider.

Group Products

A variety of plans to provide a cost effective yet comprehensive cover in an efficient manner to

all your employees, helping you attract and retain the best of talent.

ING Smart Shield

Group Gratuity

Employee Deposit Linked Insurance

Group Term Life Insurance Plan

Single Premium Level Term Plan

Conclusions

Our exhaustive research in the field of Life Insurance threw up some interesting trends which

can be seen in the above analysis. A general impression that we gathered during Data collection

was the immense awareness and knowledge among people about various companies and their



insurance products. People are beginning to look beyond LIC for their insurance needs and are

willing to trust private players with their hard earned money.

People in general have been impression by the marketing and advertising campaigns of insurance

companies. A high penetration of print, radio and Television ad campaigns over the years is

beginning to have its impact now.

Another heartening trend was in terms of people viewing insurance as a money back guaranty

and investment instrument as much as a protective one. A very high number of respondents have

opted for insurance for such purposes and it shows how insurance companies have been

successful to attract public money in recent times.

The general satisfaction levels among public with regards to policy and agents still requires

improvement. But therein lies the opportunity for a relative new comer like ING Vysya Life

Insurance Company Ltd. LIC has never been known for prompt service or customer oriented

methods and ING Vysya Life Insurance can build on these factors.

3.6 Achievements & Accolade:

Launched the first CPPI product in the country

Launched the first global real estate strategy in the country

Launched the most innovative product across the Asia Pacific region – Zoom

Investment Pac. Awarded as the ‗Most Innovative Product‘ by AAM.

ING CUB Fund ranked among the ‗World‘s 100 top performing equity funds in 2007‘

by LIPPER.



ING Domestic Opportunities Fund awarded with 5 star rating by Value Research.

ING Income Fund-STP ranked a 5 star fund in the category of open ended debt-short

term for 3 year period ending 2007.

Rated among ‗Top 200 Brands‘ in India for press coverage in 2007 and ranked No. 7 in

the asset management space ahead of all other MNC‘s.

Executed Asia‘s first, largest and the most prestigious event that the Indian Asset

Management Industry has ever witnessed – ING GLOBAL INVESTMENT

MARATHON. This was an ideal place for ING IM India‘s existing & prospective

clients to meet IIM global portfolio specialists from US, Europe and Asia.

CHAPTER IV: Project Task

4.1 Introduction

These are the main tasks, including the obvious ones. There are probably other tasks that need to

be defined also. Each task should have some continually enhanced documentation about it, so

that any person can do the tasks.

4.2 Objectives

• To identify reason for opting/buying Life Insurance.

• To identify the best policy of ING Vysya from customer perspective.



• To diffrenciate on service provided by private insurance companies with public sector

insurance companies from customer perspective.

4.2.1 Data Requirement Analysis

The data required is about the investment pattern of the respondents, the income level

under

which they fall, the respondent‘s preferences to various companies and their preferences to

various types of insurance policies.

4.2.2 Data Collection

The data is collected through primary and secondary data.

The data is collected through primary data by doing field Survey in Hubli region. And

secondary data through INGVysya records like text books, websites etc. The scope of

research is restricted to Hubli region and the research approach descriptive method.

CHAPTER-V: Analysis and Interpretation

Data gives preference of respondents of Insurance companies.

COMPANY’S NAME NO.OF

RESPONDENT SHARE (%)

ING VYSYA 19 19

ICICI PRUDENTIAL 0 0

SBI LIFE INSURANCE 18 18

L.I.C 44 44



RELIANCE LIFE

INSURANCE 0 0

TATA AIG LIFE 0 0

ANY OTHER 19 19

TOTAL 100 100

INTERPRETATION

44% of the people contacted to prefer LIC policy to any other and therefore it is ranked

no.1 by that percent of respondents.

19% of the people contacted to prefer ING Vysya company‘s policies.

18% of the people contacted to prefer SBI Life Insurance company‘s policies.

19% of the people contacted to prefer any other policies of the companies.



Data gives benefits of Insurance perceived by respondents.

BENEFITS NO.OF

RESPONDENTS SHARE (%)

Cover Future Uncertainty 54 54

Tax Deductions 25 25

Future Investment 21 21

TOTAL 100 100

INTERPRETATION

54% of the respondents believe that covering future uncertainty is the biggest benefit of

an insurance policy.

25% of them believe that the other benefits are Tax deduction.

Whereas, 21% of them believe that other benefits are future investment.

Data gives people perception about Insurance.



RESPONSE NO. OF

RESPONDENTS

SHARE (%)

A saving tool 31 31

A tax saving device 42 42

A tool to protect your family 27 27

Total 100 100

INTERPRETATION

31% of the respondents have perception of Insurance being a saving tool.

And 42% of the respondents have perception of Insurance being a tax saving device.

But 27% of the respondents have perception of Insurance is a tool to protect your family.

Data shows buying process of the people.

BUYING PROCESS NO. OF

RESPONDENTS

SHARE (%)

After seeing the add

in(T.V/Paper)

28 28

Insurance advisor approached

customer

72 72

Total 100 100



INTERPRETATION:

28% of the respondents approached the after seeing the add in (T.V/Paper)

Whereas, 72% of the respondents were approached by the Insurance advisor approached

customer.

Data shows features of your policy attracted to buy it.

RESPONSE NO. OF

RESPONDENTS

SHARE (%)

Low premium 0 0

High risk coverage 9 9

Money back guarantee 68 68

Reputation of the company 12 12

Agents Conviction 11 11



Total 100 100

INTERPRETATION:

68% of the Respondents are attracted for Money back guarantee.

9% of the Respondents are attracted for high risk coverage.

12% of the respondents are attracted for reputation of the company.

And 11% of the respondents are attracted for agents beliefs.

Data shows satisfaction of respondents with to policy

RESPONSE NO. OF

RESPONDENTS

SHARE (%)

Satisfied 82 82

Not satisfied 18 18

Not Responded 0 0

Total 100 100



INTERPRETATION:

82% of the respondents are more or less satisfied with their existing policy.

18% of the respondents are not satisfied with their existing policy.

In this case all of those who have taken a policy have responded.

Data shows satisfaction of respondents with respect to service agents.

RESPONSE NO. OF

RESPONDENTS

SHARE (%)

Satisfied 65 65

Not satisfied 34 34

Not Responded 1 1

Total 100 100



INTERPRETATION:

65% of the respondents are satisfied with their existing service agent.

34% of the respondents are not satisfied with their service agent.

And 1% who has not responded.

Data gives people perception on appropriate age for buying Insurance.

RESPONSE NO. OF

RESPONDENTS

SHARE (%)

After 25 years 55 55

After 35 years 1 1

After 45 years 1 1

Anytime 43 43

Total 100 100



INTERPRETATION:

55% of the respondents are with the view that insurance should be bought after the age of 25

years.

Whereas, 43% of the respondents are with the view that buying of insurance do not have any

thing to do with age i.e. there is no age limitations. It can be purchased any time according

to the need.

And 1% of the respondents are with the view that insurance should be bought after 35 and

45 years of age.

Data shows people opinion about Indian Insurance companies.

RESPONSE NO. OF

RESPONDENTS

SHARE (%)

Rigid plans 22 22

Non user friendly 9 9

Unsatisfactory services 1 1

Non Aggressive 18 18

Satisfactory 11 11



Good 38 38

Very good 1 1

Total 100 100

INTERPRETATION:

22% of the respondents have the opinion that Indian Insurance Companies have rigid plans.

9% feel that Indian Insurance companies are Non-user friendly.

18% of the respondents are with the view that Indian Insurance companies are Non-

aggressive.



11% of the respondents feel that products and services of Indian Insurance companies is

Satisfactory.

Whereas, 38% feel that it is good enough.

And according to the data, only single person has felt that it is very good.

And 1% of the respondents felt that it is unsatisfactory service.

Data shows what people would look for in an Insurance company.

RESPONSE NO. OF

RESPONDENT

S

SHARE (%)

A trusted name 35 35

Friendly service &

responsiveness

3 3

Good plans 61 61



Accessibility 1 1

Total 100 100

INTERPRETATION:

35% customers look for a trusted name in a company for insurance.

61% customers look for a good plan in a company for insurance.

3% customer looks for Friendly service responsiveness.

And 1% customer looks for Accessibility.

Data shows people interested in going for Insurance if Insurance Company away from

your city & offers better services & products.

RESPONSE NO. OF

RESPONDENTS

SHARE (%)

Yes 46 46

No 24 24

Uncertain 30 30



Total 100 100

INTERPRETATION:

The interested customers i.e. 46% are ready to go for insurance even away from a city if

services and products.

24% of the customer is not ready to go for insurance away from a city.

30% of the customer is not known about their decision.

1. Which company u prefers the most?

RESPONSE

after 25 after 35 after 45

any

time

ING VYSYA 20 0 0 0

ICICI

PRUDENTIAL 0 0 0 0



SBI LIFE

INSURANCE 10 0 0 10

L.I.C 20 0 0 20

RELIANCE

LIFE

INSURANCE 0 0 0 0

TATA AIG

LIFE 0 0 0 0

ANY OTHER 0 0 0 20

TOTAL 100

2. Data gives benefits of Insurance perceived by respondents.

RESPONSE


any

time

Cover

Future

Uncertainty 30 0 0 40



Tax

Deductions 10 0 0 0

Future

Investment 10 0 0 10

TOTAL 100

3. Data gives people perception about Insurance.

RESPONSE


any

time

A saving

tool 30 0 0 0



A tax

saving

device 10 0 0 30

A tool to

protect your

family

10 0 0 20

TOTAL 100

4. Data shows buying process of the people.

RESPONSE


any

time



After seeing

the add

in(T.V/Paper)

30 0 0 0

Insurance

advisor

approached

customer

20 0 0 50

TOTAL 100

5. Data shows features of your policy attracted to buy it.

RESPONSE


any

time



Low

premium 0 0 0 0

High risk

coverage

10 0 0 0

Money back

guarantee

30 0 0 40

Reputation

of the

company

0 0 0 10

Agents

Conviction

10 0 0 0

TOTAL 100

6. Data shows satisfaction of respondents with to policy

RESPONSE


any

time

Satisfied 40 0 0 50



Not

satisfied 10 0 0 0

Not

Responded

0 0 0 0

TOTAL 50 0 0 50

7. Data shows satisfaction of respondents with respect to service agents.

RESPONSE


any

time

Satisfied 50 0 0 50



Not

satisfied 0 0 0 0

Not

Responded

0 0 0 0

TOTAL 100

8. Data shows people opinion about Indian Insurance companies.

RESPONSE


any

time



Rigid plans

10 0 0 10

Non user

friendly

10 0 0 0

Unsatisfactory

services

0 0 0 0

Non

Aggressive

20 0 0 0

Satisfactory

0 0 0 0

Good 1 0 0 4

Very good

0 0 0 0

TOTAL 100

9. Data shows what people would look for in an Insurance company.

RESPONSE


any

time



A trusted name

0 0 0 30

Friendly

service &

responsiveness

0 0 0 0

Good plans

50 0 0 20

Accessibility

0 0 0 0

TOTAL 100

10. Data shows people interested in going for Insurance if Insurance Company away

from your city & offers better services & products.

RESPONSE


any

time



Yes 30 0 0 10

No 10 0 0 10

Uncertain

10 0 0 30

TOTAL 100

CHAPTER-VI: Solutions and Suggestions

Solutions:



44% of the people contacted to prefer LIC policy to any other company so they need to

improve in there benefits they provide and product features.

54% of the respondents believe that covering future uncertainty is the biggest benefit of

an insurance policy so they should be improve in tax deduction and price.

42% of the respondents have perception of Insurance being a tax saving device so they

need to come up new family products.

72% of the respondents were approached by the Insurance advisor approached customer

and not to by watching T.V and advertisement it means the company should come up

with different and attractive ads in television as well as news paper.

68% of the Respondents are attracted for Money back guarantee no other than that so

they should work on building trust as well as good relation with people.

82% of the respondents are more or less satisfied with their existing policy. It tells about

how the people are more conscious about their health so insurance has good opening.

65% of the respondents are satisfied with their existing service agent so they should give

training to each agent it helps to reach the customer need and can satisfy them.

55% of the respondents are with the view that insurance should be bought after the age of

25 years it tells about the company should come up with new products which should help

to above 25years age group.

38% feel that it is good enough it means they should provide good policy to people which

should help there future as savings etc.



61% customers look for a good plan in a company for insurance so the company already

has good plans but also when day goes they should come up with new plans features as

well.

The interested customers i.e. 46% are ready to go for insurance even away from a city if

services and products so people are more interest which the service provide by company

so they need to improve in their customer satisfaction.

Suggestion:

The survey is important tool as clear perception of people about the product can be estimated and

known. The need levels of the people regarding the insurance product been observed through

survey. It was very useful in knowing about the requirements of the people.

CHAPTER VIII: SUMMARY OF WORK DONE AND CONCLUSIONS

8.1 Summary of the Work Done

In today‘s corporate and competitive world, I find that insurance sector has the maximum

growth and potential as compared to the other sectors. The main purpose of the study is to find

the customer buying behavior for Life Insurance of INGvysya Life Insurance Company in Hubli

city which has been done and will help the company to make the marketing strategy for the

different segments. The study which has been made during this project will help the company to

make strategies for this region and emphasize on their weaker areas. The Brand Image of various



companies will be known. The company can find out where their competitor stands in the minds

of the people. Research has been done by primary data collection, and primary data has been

collected by meeting with the people in Hubli. Data collection has been done through by giving

structured questionnaire. This study will be based on sampling.

8.2 Major Findings

1. Many are respondened that insurance is a tool to protect their family & a tax saving device.

They know the fact & realizing its importance. The company should try to expand & build up its

infrastructure because there is a large potential for insurance in India.

2. Company should come up with its new branches in Hubli region. With the objective and goals

to meet the demands & expectations of the public. Because the entrance of private players will

increase the competition and it would be a tough task to secure a good position in market.



3. Since ING Vysya Life Insurance is leading with several companies‘and its policies should

helps for them to penetrate into the market and secure a good position if they pay greater

attention to the service part provided to their customer and thereby forming a long and trusted

relationship.

8.3 Scope for Future Work

It helps to know about customer buying behaviour with life insurance and to know about

customer perception towards life insurance. it also helps to know about the market potential in

the Hubli. It can be apply by many life insurance companies. To know the opening of new

branches in Hubli region. It will help to company to improve them selves in there targeting

market and targeting customer.

REFERENCES

Appendix – A: 1.Business Research Methodology, INDIAN EDITION (7e) by William G.

Zikmund.

2. Marketing Management, eleventh edition by Philip Kotler.

Appendix – B: WWW.inglife.co.in

WWW.money.cnn.com

WWW.insuranceinstituteofindia.com

WWW.insurance.com

WWW.economywatch.com

Appendix – C: Company Broachers

http://www.inglife.co.in/

http://www.money.cnn.com/

http://www.insuranceinstituteofindia.com/

http://www.insurance.com/

http://www.economywatch.com/



QUESTIONNAIRE

Dear Sir/Madam

Name:

Location:

Occupation:

1. Do you have any Insurance Policy?

Yes ( ) No ( )

2. Which Insurance policy do you have?

Life ( ) General ( ) Both ( )



3. Which Company‘s you prefer the most?

a) ING VYSYA LIFE ( )

b) ICICIPRUDENTIAL ( )

c) SBI LIFE INSURANCE ( )

d) L.I.C ( )

e) RELIANCE LIFE INSURANCE ( )

f) TATA AIG LIFE ( )

g) ANY OTHER ________ (Specify)

4. For how many years form you would like to Insurance courage?

a) <5Yrs b) 5-10 Yrs c) 10-15 Yrs d) Any Other______

(Specify)

5. What do you think are the benefits of Insurance cover?

a) Cover future uncertainty ( )

b) Tax deduction ( )

c) Future investment ( )

d) Any other _________ (Specify)

6. Which feature of your policy attracted you to buy it?

a) Low premium ( )

b) High risk coverance ( )

c) Money back guarantee ( )



d) Reputation of the company ( )

e) Agent‘s conviction ( )

f) Any other _________ (Specify)

7. Your monthly income?

a) >8,000 b) >8,000 to <=25,000 c) >=25,000.

8. Do you really think the necessity Insurance policy cover in today‘s scenario?

a) Very essential ( )

b) Essential ( )

c) Partially ( )

d) Not required ( )

e) If not required please give specific reason

_______________________________________________________________

9. What is your perception about Insurance?

a) A saving tool ( )

b) A tax saving device ( )

c) A tool to protect future ( )

10. How you buy Insurance?



a) After seeing the add in (T.V/Paper) ( )

b) Insurance advisor approached customer ( )

11. Are you satisfied with the policy?

a) Satisfied ( )

b) Not satisfied ( )

c) Not responding ( )

12. Are you satisfied with the service provided by Insurance agents?

a) Satisfied ( )

b) Not satisfied ( )

c) Not responding ( )

13. Which is the best form of investments? (Give the rating No.1 as the most

Preferred And No.6 last preferred among these)

a) Insurance ____

b) Bank deposits ____

c) Jewellery ____

d) Securities (Bonds, M.F‘s) ____

e) Shares ____

f) Fixed assets ____

14. What is the right age to buy Insurance?



a) After25 Yrs ( )

b) After 35 Yrs ( )

c) After 45 Yrs ( )

d) Any time ( )

15. How would you rate private life Insurance companies compare to L.I.C?

a) Rigid plans ( )

b) Non-user friendly ( )

c) Unsatisfactory services ( )

d) Non-aggressive ( )

e) Satisfactory ( )

f) Good ( )

g) Very good ( )

16. What would you look for in Insurance companies?

a) A trusted name ( )

b) Friendly service & responsiveness ( )

c) Good plans ( )

d) Accessibility ( )

17. Would you go for Insurance if Insurance company away from your city &

Offers better services & products?

a) Yes ( )

b) No ( )

c) Uncertain ( )



--- THANK YOU ---

a project report on consumer buying behaviour for life insurance of ing vysya life insurance company

Business

insurance sector

insurance industry

meaning of insurance

insurance policy

reach of insurance

consumer behavior

current work insurance

hubli region