INTERNSHIP REPORT

On
“CONSUMER’S PERCEPTION AND LIFE INSURANCE”
With special reference to
“MedTourEasy”

SUBMITTED TO
HEMWATI NANDAN BAHUGUNA GARHWAL UNIVERSITY
(A Central University)
SRINAGAR (GARHWAL) UTTARAKHAND

IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF

(BACHELOR OF BUSINESS ADMINISTRATION)

SUBMITTED BY

Anjali Joshi

Enrollment NO- G-202040264

UNDER THE SUPERVISION OF

DR. RENU PANDEY

(DEPT. OF H.O.D.)

BATCH: (2020-2023)
 CERTIFICATE OF ORIGINALITY

This is to certify that ANJALI JOSHI, Enrollment No.G-202040264 student of BBA,

4th semester, BABA FARID INSTITUTE OF TECHNOLOGY, Suddhowala,

Dehradun, (Uttarakhand), has completed his Summer Internship Report work entitled

as " CONSUMER’S PERCEPTION AND LIFE INSURANCE "

During the year 2022 under my guidance for partial fulfillment for her requirement in
Bachelor of Business Administration in the field of Management form HEMWATI
NANDAN BAHUGUNA GARHWAL UNIVERSITY, SRINAGAR
(GARHWAL), UTTARAKHAND. She took keen interest in all the stages of the
Summer Internship Report work and has gained valuable knowledge in the various
activities under "MedTourEasy"
.
I wish her success and good luck in his future life.

Dr. ANSHUL SHARMA DR. RENU PANDEY

Dean, Department of SMS H.O.D of SMS Department
,

MANAGEMENT NOMINEE EXTERNAL EXAMINER

BFIT

ii
 DECLARATION

I, ANJALI JOSHI, hereby declare that the Summer Internship Report entitled
"CONSUMER’S PERCEPTION AND LIFE INSURANCE” submitted to the
H.N.B. Garhwal University, Dehradun in the partial fulfilment of the requirements for
the award of the Degree of Bachelor of Business Administration is a record of original
training undergone by me under the supervision and guidance of Dr. Anshul Sharma
(Dean of SMS Department), BFIT Group of Institute, and Dr. RENU PANDEY
(H.O.D. of SMS Department), BFIT Group of Institute, it has not formed the basis for
the award of any Degree/Fellowship or other similar title to any candidate of any
University/Institution.

Date: (Signature of the Student)

Signature of Faculty Guide

DR.ANSHUL SHARMA
( Dean of SMS Department)

Dr. RENU PANDEY

(H.O.D of SMS Department)

iii
 ACKNOWLEDGMENT

It is a great concession and honour for me to have a contingency to go through this

project on the topic "CONSUMER’S PERCEPTION AND LIFE INSURANCE"
I am thankful to BFIT Group of Technology, Dehradun and especially to BBA
department who provide us the opportunity for carrying out the study. It is a moment
of pleasure for me to acknowledge the help and support of those people who made us
able to present this report for evaluation of “BACHELOR OF BUSINESS
ADMINISTRATION’’. Also, I would like to express my immense gratitude to my
guide DR. ANSHUL SHARMA for providing his valuable guidance, encouragement
support and suggestion throughout the course of the project.

I am greatly indebted to all the respected faculty who supported us and made us
worthy of all this knowledge.

ANJALI JOSHI

BBA
Enrolment No: G-202040264

iv
 ADMINISTRATIVE SUMMARY

Connecticut’s Healthcare Innovation Plan (“Innovation Plan”) is the product of a

shared vision of a broad range of stakeholders to establish primary care as the
foundation of care delivery that is consumer and family centered, team based,
evidence driven and coordinated, and in which value is rewarded over volume. We
envision a healthcare system rooted in primary care and prevention, integrated with
community resources, and truly accessible to our residents. We recognize that
providers in the care delivery system are one among many community participants
that must work together to achieve the broader goal of improved community health.
Most importantly, achieving our goals of better health and better healthcare require
the involvement of empowered and informed consumers who take an active role in
the continuous pursuit of a healthier lifestyle and effective management of chronic
conditions. Our Innovation Plan is possible because, as we learned through many
months of broad stakeholder engagement, many are already striving to improve health
and our healthcare system. There is utility in combining our disparate efforts in
support of the collective good. Connecticut’s Innovation Plan leverages current public
and private sector investments in healthcare reform initiatives, such as our state’s
health insurance marketplace, prevention efforts and value based payment reforms.
Our plan is distinctive; it strongly promotes health equity throughout all its initiatives,
ties provider payment to consumer experience, builds Health Enhancement
Communities, leverages healthcare workforce development programs serving
disparity populations in urban areas, and powers all through the effective use of health
information technology. We are forming a collaborative community of stakeholders
across Connecticut for fulfilling this plan. We are ready to launch.

Vision

Empowering everyone live their dreams.

Mission

v
Create unmatched value for everyone through dependable, effective,
transparent and profitable life insurance and pension plans.

Our Goal

MedTourEasy Pharma Insurance Company would strive hard to achieve the 3 goals
mentioned below:

 Emerge as transnational Life Insurer of global scale and standard.

 Create best value for Customers, Shareholders and all Stake holders.
 Achieve impeccable reputation and credentials through best business
practices.

vi
 ABSTRACT

India is a country where the average selling of Life insurance policies is still lower
than many Western and Asian countries, with the second largest population in
world the Indian insurance market is looking very prospective to many
multinational and Indian insurance companies for expanding their business and
market share. Before the opening of Indian market for Multinational Insurance
Companies, Life Insurance Corporation (LIC) was the only company which dealt
in Life Insurance and after opening of this sector to other private companies, all
the world leaders of life insurance have started their operation in India. With their
world market experience and network, these companies have offered many good
schemes to lure all type of Indian consumers but unfortunately failed to get the
major share of market. Still the LIC is the biggest player in the life insurance
market with approx 65% market share. But why Indian consumers do not trust on
many companies and why the major population of India does not have any life
insurance policy or what are the factors plays major role in buying behaviour of
consumers towards life insurance policies.
 CONTENTS

S.No. Particulars Page

No.
Cover Page

Certificate
Declaration
Acknowledgement
Administrative Summary

Abstract

Chapter
No.

1 Introduction 1-13

2 Research Methodology 14-19

3 Data Analysis 20-29

4 Findings and Conclusions 30-32

5 Recommendations/ 33-35
Suggestions

6 Limitations 36-37

Bibliography 39

Annexure 40-43

viii
 CHAPTER - 1

INTRODUCTION

1
1.1 INTRODUCTION:

Life is full of risk and uncertainties. Since we are the social human being we have
certain responsibilities too. Indian consumers have big influence of emotions and
rationality on their buying decisions. They believe in future rather than the present
and desire to have a better and secured future, in this direction life insurance
services have its own value in terms of minimizing risk and uncertainties. Indian
economy is developing and having huge middle class societal status and salaried
persons. Their money value for current needs and future desires here the
pendulum moves to another side which generate the reasons behind holding a
policy. Here the attempt has been made in this research paper to study the buying
behaviour of consumers towards life insurance services. Life insurance is one of
the best known insurance products today. People buy these products as
investment tools and also as protection for themselves and their families. All the
insurance companies the world over are looking at attracting the eye balls of
customer and positioning their solutions innovatively to cater to niche and specific
markets. One of the most critical aspects both from the view point of the
customer and the insurer is getting important and relevant leads that can be
beneficial for both.

1.1.1 ORIGIN OF INSURANCE:

Almost 4,500 years ago, in the ancient land of Babylonia, traders used to bear risk
of the caravan trade by giving loans that had to be later repaid with interest when
the goods arrived safely. In 2100 BC, the Code of Hammurabi granted legal status
to the practice that, perhaps, was how insurance made its beginning. Life
insurance had its origins in ancient Rome, where citizens formed burial clubs that
would meet the funeral expenses of its members as well as help survivors by
making some payments. As European civilization progressed, its social
institutions and welfare practices also got more and more refined. With the
discovery of new lands, sea routes and the consequent growth in trade, Medieval
guilds took it upon themselves to protect their member traders from loss on
account of fire, shipwrecks and the like.

Since most of the trade took place by sea, there was also the fear of pirates. So
2
these guilds even offered ransom for members held captive by pirates. Burial
expenses and support in times of sickness and poverty were other services offered.
Essentially, all these revolved around the concept of insurance or risk coverage.
That's how old these concepts are, really.

In 1347, in Genoa, European maritime nations entered into the earliest known
insurance contract and decided to accept marine insurance as a practice.

The first step

Insurance as we know it today owes its existence to 17th century England. In fact,
it began taking shape in 1688 at a rather interesting place called Lloyd's Coffee
House in London, where merchants, ship-owners and underwriters met to discuss
and transact business. By the end of the 18th century, Lloyd's had brewed enough
business to become one of the first modern insurance companies.

Enter companies

The first stock companies to get into the business of insurance were chartered in
England in 1720. The year 1735 saw the birth of the first insurance company in
the American colonies in Charleston, SC. In 1759, the Presbyterian Synod of
Philadelphia sponsored the first life insurance corporation in America for the
benefit of ministers and their dependents. However, it was after 1840 that life
insurance really took off in a big way. The trigger: reducing opposition from
religious groups.

The growing years

The 19th century saw huge developments in the field of insurance, with newer
products being devised to meet the growing needs of urbanization and
industrialization. In 1835, the infamous New York fire drew people's attention to
the need to provide for sudden and large losses. Two years later, Massachusetts
became the first state to require companies by law to maintain such reserves. The
great Chicago fire of 1871 further emphasized how fires can cause huge
losses in densely populated modern cities. The practice of reinsurance, wherein
3
the risks are spread among several companies, was devised specifically for such
situations. There were more offshoots of the process of industrialization. In 1897,
the British government passed the Workmen's Compensation Act, which made it
mandatory for a company to insure its employees against industrial accidents.
With the advent of the automobile, public liability insurance, which first made its
appearance in the 1880s, gained importance and acceptance.

In the 19th century, many societies were founded to insure the life and health of
their members, while fraternal orders provided low-cost, members-only insurance.
Even today, such fraternal orders continue to provide insurance coverage to
members as do most labour organizations. Many employers sponsor group
insurance policies for their employees, providing not just life insurance, but
sickness and accident benefits and old-age pensions. Employees contribute a
certain percentage of the premium for these policies.

In India

Insurance in India can be traced back to the Vedas. For instance, Yogakshema, the
name of Life Insurance Corporation of India's corporate headquarters, is derived
from the Rig Veda. The term suggests that a form of "community insurance" was
prevalent around 1000 BC and practised by the Aryans. Burial societies of the
kind found in ancient Rome were formed in the Buddhist period to help families
build houses, protect widows and children.
Bombay Mutual Assurance Society, the first Indian life assurance society, was
formed in 1870. Other companies like Oriental, Bharat and Empire of India were
also set up in the 1870- 90s. It was during the Swadeshi movement in the early
20th century that insurance witnessed a big boom in India with several more
companies being set up.
As these companies grew, the government began to exercise control on them. The
Insurance Act was passed in 1912, followed by a detailed and amended Insurance
Act of 1938 that looked into investments, expenditure and management of these
companies' funds. By the mid- 1950s, there were around 170 insurance companies
and 80 provident fund societies in the country's life insurance scene. However, in
the absence of regulatory systems, scams and irregularities were almost a way of
4
life at most of these companies.
As a result, the government decided nationalise the life assurance business in
India. The Life Insurance Corporation of India was set up in 1956 to take over
around 250 life companies. For years thereafter, insurance remained a monopoly
of the public sector. It was only after seven years of deliberation and debate –
after the RN Malhotra Committee report of 1994 became the first serious
document calling for the re-opening up of the insurance sector to private
players that the sector was finally opened up to private players in 2001.
The Insurance Regulatory & Development Authority, an autonomous insurance
regulator set up in 2000, has extensive powers to oversee the insurance business
and regulate in a manner that will safeguard the interests of the insured.

1.1.2 Meaning of Insurance:

Insurance may be described as a social device to reduce or eliminate risk of loss to
life and property. Insurance is a collective bearing of risk. Insurance spreads the
risks and losses of few people among a large number of people as people prefer
small fixed liability instead of big uncertain and changing liability. Insurance is a
scheme of economic cooperation by which members of the community share the
unavoidable risks.
Insurance can be defined as a legal contract between two parties whereby one
party called Insurer undertakes to pay a fixed amount of money on the happening
of a particular event, which may be certain or uncertain. The other party called
Insure or Insurant pays in exchange a fixed sum known as premium. The
insurer and the insurant are also known as Assurer or Underwriter and Assurant,
respectively. The document which embodies the contract is called the policy.

1.1.3 Types of insurance contract:

 Life insurance
 General insurance

5
1.3.3.1 Life Insurance:
Life insurance is a contract for payment of money to the person assured (or to the
person entitled to receive the same) on the occurrence of an event insured against.
Usually the contract provides for –
Payment of an amount may be on the date of maturity or at specified periodic
intervals or after death, if it occurs earlier.
Periodical payment of insurance premium can be done by the assured to the
corporation who provides the insurance.

Who can buy a life insurance policy?

Any person above 18 years of age and who is eligible to enter into a valid
contract. Subject to certain conditions, a policy can be taken on the life of a spouse
or children.

What is a Whole Life Policy?

When most people think of life insurance, they think of a traditional whole life
policy. These are the simplest policies to understand: You pay a fixed premium
every year based on your age and other factors, you earn interest on the policy's
cash value as the years roll by, and your beneficiaries get a fixed benefit after you
die.
The policy takes you into old age for the same premium you started out with.
Whole life insurance policies are valuable because they provide permanent
protection and accumulate cash values that can be used for emergencies or to meet
specific objectives. The surrender value gives you an extra source of retirement
money if you need it.

What is an Endowment Policy?

Unlike whole life, an endowment life insurance policy is designed primarily to
provide a living benefit and only secondarily to provide life insurance protection.
Therefore, it is more of an investment than a whole life policy. Endowment life
insurance pays the face value of the policy either at the insured's death or at a
certain age or after a number of years of premium payment.
Endowment life insurance is a method of accumulating capital for a specific
purpose and protecting this savings program against the saver's premature death.
6
Many investors use endowment life insurance to fund anticipated financial needs,
such as college education or retirement. Premium for an endowment life policy is
much higher than those for a whole life policy.

What is a Money Back Policy?

This is basically an endowment policy for which a part of the sum assured is paid
to the policyholder in the form of survival benefits, at fixed intervals, before the
maturity date. The risk cover on the life continues for the full sum assured even
after payment of survival benefits and bonus is also calculated on the full sum
assured. If the policyholder survives till the end of the policy term, the survival
benefits are deducted from the maturity value.

Why does one need Life Insurance?

Life insurance is designed to protect you and your family against financial
uncertainties that may result due to unfortunate demise or illness. You can also
view it as a comprehensive financial instrument – as a part of your financial
planning offering you savings & investment facilities along with cover against
financial loss. By choosing the right policy as per your needs i.e. customized
solutions, you will be able to plan for a secure future for yourself and your loved
ones.

Choosing the right plan

Identifying the right plan basis your needs is the first crucial step towards
insurance planning. At RLIC we help customer by identifying their various needs
and offering plans that are customized for you. You may also choose a plan by
identifying the life stage you are at.
The following needs of a person can be fulfilled by insurance:

Protection
Need for a sound income protection in case of your unfortunate demise.

Investment
Need to ensure long-term real growth of your money.

7
Saving
Save for the milestones and protect your savings too.
Pension
Need to save for a comfortable life post retirement.

Once customers have analyzed their needs as per above classification,

customers need to then ascertain important factors such as type of cover,
insurance amount as per one's income, life stage and dependents

Objectives of Life Insurance:

1. To spread life insurance and provide life insurance protection to the
masses at reasonable cost.
2. To mobilize peoples savings through insurance-linked savings schemes.
3. To invest the funds to serve the best interests of both the policy holders and
the nation.
4. To conduct business with maximum economy, always
remembering that the money belongs to the policy holders.
5. To act as trustees of the policy holders and protect their individual and
collective interests.
6. To innovate and adapt to meet the changing life insurance needs of the
community.

1.3.3.2 General Insurance:

General (non-life) insurance provides a short-term coverage, usually for a period
of one year. General insurers transact fire insurance, motor insurance, marine
insurance, and miscellaneous insurance business. Among these categories fire and
motor insurance business are predominant. Motor vehicle insurance is compulsory
in India and the motor insurance industry.
Moreover, motor insurance due to third party liability claims has substantially
contributed to underwriting losses.

8
General Insurance Products:

Fire Insurance:
Fire Insurance is a comprehensive policy which covers loss on account of fire,
earth quake, riots, floods, strikes, and malicious intent. It can be taken only by the
owner of the premises to be insured.

Motor Insurance: This covers:

In motor insurance, the rates were revised. Upwards twice, once in 1982 and then
in1990 as the high cost of repairs coupled with third party claims had adversely
affect the insured loss ratio. Motor insurance is mandatory leading to good amount
of premium collection but it is not being fancied upon as it could lead to litigation
problem.

Marine Cargo Insurance: This covers:

a. Cargo in Transit.
b. Cargo Declaration policy.
It includes insurance of Marine Hull Insurance Inland Vessels, Ocean going
Vessels, fishing and scaling vessels, freight at risk, construction of ships, voyage
insurance of various vessels, ship breaking insurance, oil and energy in respect of
onshore and offshore risks, including construction risk.

1.1.4 Objective of Insurance Policy

1. Life Insurance policy for the rural areas and the socially and economically
backward classes with a view to reach all insurable persons in the country
and providing them adequate financial cover of reasonable cost.
2. Conduct business with utmost economy and with the full realization that
the money to the public.
3. Meet the various life insurance need of the community that would arise in
the changing social and economical environment.
4. Maximize mobilization of peoples’ saving by making insurance – linked
securing adequately attractive.

9
 5. Involve all people working in the corporation to the best of their
capability in furthering the interests of the insurance public by providing
efficient service with courtesy.
6. Bear in mind, the investment of funds, the primary obligation to its policy
holders, whose money it holder in trust, without losing sight of the interest
of the community as a whole; the fund is to be deployed to the best
advantage of the investors as the community as whole, keeping in view
national as well as the community attractive return.

1.1.5 Benefits to Insurance Policy Holder

(1) Tax Benefits:
Relief in income tax is available for amount paid by way of premium for life
insurance.Investment qualifying for rebate viz. insurance premia, premium paid
toward annuity plans for life insurance are specified under section 88(2) of the
income tax Act.
(2) Safety:
In life insurance, on death, the full sum assured is payable (with bonuses wherever
applicable) whereas in other saving scheme, only the amount (saved with interest)
is payable.

(3) Liquidity:
Loans can be raised on sole security of the policy which has acquired a paid-up
value. Besides, a Life Insurance policy is also generally accepted as security for
even a commercial loan/housing loan.
(4) Aid to Thrift:
Life Insurance encourages ‘thrift’ Long term saving can be made in a relatively
painless manner because of ‘easy instalment facility’ (Premium can be made
through monthly, quarterly, half- yearly or yearly instalment). The Salary Saving
Scheme, popularly known as SSS provide a convenient method if paying
premium each month through deduction from one’s salary. The Salary Saving
Scheme can be introduced in an institution of establishment subject to specified
terms and condition.

10
(5) Money at the time of Requirements:
A suitable insurance plan or a combination of different plans can be taken to meet
specific needs that are likely to arise in future such as children’s education, start
in-life or marriage provision or even periodical needs for cash ones a
predetermined stretch of time. Alternatively, policy money can be so arranged to
be used for other investments subject to certain conditions, loans are granted to
policy holders for house or for purchase of flats.

(6) Insurance affords peace of mind:

The security is the prime motivating factor. The security ends the tension and
finally leads to peace to mind.

(7) Insurance Eliminate Dependency

At the death of husband or the father or any lead person, the family would suffer a
lot. The insurance is here to assist then like to provide adequate amount at the
time of suffering. The economic dependency if the family is reduced.

(8) Insurance encourages savings:

In most of the life policies, element of saving is predominant, this policies
combine of programme of Insurance and saving. Saving with insurance has
certain extra advantage.

(9) Economic Growth of the country:

For the growth of the country insurance provides string hand and mid to protect
against loss of death. From the insurance government get more financial resource
and utilize strengthen the economic condition of the country.

1.1.6 OBJECTIVES OF THE STUDY:

Following are the main objectives of the study are

a) To know the customers awareness regarding the life insurance.

b) To know the customers awareness regarding the various life insurance
companies in the insurance sector.
c) To know the customers preference towards the private or public insurance
sector.
d) To know the different promotion strategy used by companies to aware their
customers.
11
e) To evaluate the factors underlying consumer perception towards
investment in life insurance policies.
f) To develop and standardize a measure to evaluate investment pattern
in life insurance services.

12
 CHAPTER - 2

RESEARCH
METHODOLOGY

13
2.1 RESEARCH METHODOLOGY:
Research is a common language refers to a search of knowledge. Research is
scientific & systematic search for pertinent information on a specific topic, in fact
research is an art of scientific investigation. Research Methodology is a scientific
way to solve research problem. It may be understood as a science of studying how
research is doing scientifically. In it we study various steps that are generally
adopted by researchers in studying their research problem. It is necessary for
researchers to know not only know research method techniques but also
technology.

The research problem consists of series of closely related activities. At times, the
first step determines the native of the last step to be undertaken. Why a
research has been defined, what data has been collected and what a particular
methods have been adopted and a host of similar other questions are usually
answered when we talk of research methodology concerning a research problem
or study.

2.1.1 Research Design:

A research design is defined as the specific methods and procedures for acquiring
the information needed. It is a plant or organizing framework for doing the study
and collecting the data. Designing a research plan requires decisions all the data
sources, research approaches, research instruments, sampling plan and contact
methods.

Research design is mainly of following types:

1. Exploratory research
2. Descriptive research
3. Casual research

Exploratory Research

The major purposes of exploratory studies are the identification of problems, the
more precise formulation of problems and the formulations of new alternative
courses of action. The design of exploratory studies is characterized by a great
amount of flexibility and ad-hoc veracity.
14
Descriptive Studies

Descriptive research in contrast to exploratory research is marked by the prior

formulation of specific research questions. The investigator already knows a
substantial amount about the research problem. Perhaps as a result of an
exploratory study, before the project is initiated. Descriptive research is also
characterized by a preplanned and structured design.

Casual or Experimental Design

A casual design investigates the cause and effect relationships between two or
more variables. The hypothesis is tested and the experiment is done. There are
following types of casual designs:

I. After only design

II. Before after design
III. Before after with control group design
IV. Four groups, six studies design
V. After only with control group design
VI. Consumer panel design
VII. Exposit factor design

2.1.2 Data Collection Method

DATA COLLECTION METHOD

PRIMARY

SECONDARY

Direct personal Interview

Indirect personal Interview Published Sources

Unpublished Sources

Information from correspondents Govt. Publication

Mailed questionnaire Report Committees &

Question filled by enumerators

15
Period of Study: This study has been carried out for a maximum period of 8
weeks.

Area of study: The study is exclusively done in the area of marketing. It is a

process requiring care, sophistication, experience, business judgment, and
imagination for which there can be no mechanical substitutes.

Sampling Design: The random sampling is done because any probability

sampling procedure would require detailed information about the universe, which
is not easily available further, as it is being an exploratory research.

Sample Procedure: In this study “random sampling procedure is used.

Random sampling is preferred because of some limitation and the complexity.
Area sampling is used in combination with random sampling so as to collect the
data from different regions of the city.

Sampling Size: The sampling size of the study is 100.

2.1.3 Method of the Sampling:

Probability Sampling
It is also known as random sampling. Here, every item of the universe has an
equal chance or probability of being chosen for sample.

Probability sampling may be taken inform of:

Simple Random Sampling

A simple random sample gives each member of the population an equal chance of
being chosen. It is not a haphazard sample as some people think. One way of
achieving a simple random sample is to number each element in the sampling
frame (e.g. give everyone on the Electoral register a number) and then use random
numbers to select the required sample.

Random numbers can be obtained using your calculator, a spreadsheet, and

printed tables of random numbers, or by the more traditional methods of drawing
slips of paper from a hat, tossing coins or rolling dice.
16
Systematic Random Sampling

This is random sampling with a system from the sampling frame, a starting point
is chosen at random, and thereafter at regular intervals.

Stratified Random Sampling

With stratified random sampling, the population is first divided into a number of
parts or 'strata' according to some characteristic, chosen to be related to the major
variables being studied. For this survey, the variable of interest is the citizen's
attitude to the redevelopment scheme, and the stratification factor will be the
values of the respondents' homes. This factor was chosen because it seems
reasonable to suppose that it will be related to people's attitudes

Cluster and Area Sampling

Cluster sampling is a sampling technique used when "natural" groupings are

evident in a statistical population. It is often used in marketing research. In this
technique, the total population is divided into these groups (or clusters) and a
sample of the groups is selected.

Then the required information is collected from the elements within each selected
group. This may be done for every element in these groups or a subsample of
elements may be selected within each of these groups.

Non Probability Sampling

It is also known as deliberate or purposive or judgemental sampling. In this type
of sampling, every item in the universe does not have an equal, chance of being
included in a sample.

It is of following type:

Convenience Sampling

A convenience sample chooses the individuals on the basis of easiness to reach or

convenience. Convenience sampling does not represent the entire population so it
is considered bias.

17
Quota Sampling

In quota sampling the selection of the sample is made by the interviewer, who has
been given quotas to fill form from specified sub-groups of the population.

Judgment Sampling

The sampling technique used here in probability > Random Sampling.

2.1.4 Data Collection

Data is collected from various customers through personal interaction. Specific

questionnaires are prepared for collecting data. Data is collected with mere
interaction and formal discussion with different respondents and face to face
contact with the persons from whom the information is to be obtained (known as
informants). I ask them questions pertaining to the survey and collect the desired
information. I contact the workers of MedTourEasy Pharma Insurance Company
Company Ltd. to obtain some of the information. The information obtained is first
hand and original in character.

18
 CHAPTER - 3

DATA ANALYSIS

19
3.1 DATA ANALYSIS:

3.1.1 Awareness of life insurance in consumer.

Fig.1

Table no. 1

No. of respondents Percentage of respondents

Yes 100 100%
No 0 0%

Interpretation 1:
According to the data maximum no. of people are aware with life insurance policy
(here 100% people are aware with it). Today Indians are aware with this
investment because it covers risk of the life as well as gives better return on
maturity.

3.1.2 What is your purpose for buying an insurance policy?

Table no. 2
No. of respondents Percentage of respondents

For old age saving 51 51%

Family needs 14 14%

Time to time needs 21 21%

Opposite circumstances 14 14%

20
 Fig. 2

Interpretation 2:
Most of the people buy insurance policy for their old age saving because they
want to save money or back up for old age and only 21% people buy insurance
for time to time needs.

3.1.3 How much money you want to invest in insurance?

Fig. 3
21
 Table no. 3:

Premium amount No. of respondents

Rs. 10,000 to 15,000 15
Rs. 15,001 to 20,000 29
Rs. 20,001 to 25,000 31
Rs. 25,001 to 30,000 21
Rs. 30,001 to 35,000 4

Interpretation 3:

Mostly people invest in insurance on the basis of their saving and according to
their saving they purchase insurance policies. Here most of the people invest
20001 Rs. to 25000 Rs. and very less number of people invest huge amount in
insurance.

3.1.4 When you are buying an insurance policy, your decision is

influenced by?

Fig. 4
Table no. 4
No. of respondents
Family 37
Friends 30
Professional and trade union group 15
Brand and advertisement 18

22
 Interpretation 4:
Insurance is now basic investment for consumers. But this is tradition of India that
we do not believe on unknown people so when any one buy insurance policy then
his or her decision is depend on family, friends and on other factors. In the study i
found that 37% of respondents believe on their family to buy insurance policy but
only 18% respondent’s decision depend on brand and advertisement of the
company. So, a/c to study, we see that family and friends play a big role to buy an
insurance policy.

3.1.5 In which company you believe most?

Fig.5

Table no. 5

Company No. of respondents

Private company 38
Public company 62

Interpretation 5:
Most of the people want to invest their money in public insurance company. In
private insurance company only 38 respondents want to invest their money.
Most of the people buy insurance from LIC and there are more than 20 private
insurance companies in India.

23
 3.1.6 How do you want to pay your premium?

Fig. 6

Table no. 6

Mode No. of respondents

Cash 35
Cheque & Credit card 39
Demand draft 26

Interpretation 6:
Most of the respondents (i.e. 39) pay their premium through cheque & credit card
because of easiness and convenience. 35 respondents pay their premium through
cash and 26 of them pay their premium through demand draft.

3.1.7 In what mode you want to give premium?

Table no. 7

Mode No. of respondents Percentage of respondents

Monthly 26 26%
Half-yearly 39 39%
Yearly 35 35%

24
 Fig.7

Interpretation 7:

Insurance companies give a lot of facility to their loyal customers for payment of
premium. Costumer also pays the premium in three modes monthly, half yearly
and yearly. Here 39 % respondents pay in half yearly mode and 35% respondents
pay yearly mode premium.

3.1.8 Do you want which type of insurance plan?

Table no. 8

Plans No. of respondents

ULIP 21

Traditional plans 40

Health plans 23

Term plans 16

25
 Fig. 8

Interpretation 8:
Most of respondents want mostly traditional plan. 40% respondents use
traditional plan and 21% respondents want to buy ULIP Plan. People show their
interest towards ULIP’s because it provides both risk coverage for life and
investment opportunity in securities.

3.1.9 Are you satisfied with the return on investment which you

getting from policy?

Fig. 9
26
 Table no. 9

Satisfaction level No. of Percentage of

respondents respondents
Very Satisfied 21 21%
Satisfied 60 60%
Can’t say 4 4%
Not much satisfied 4 4%
Dissatisfied 11 11%

Interpretation 9:
A/c to data, 60% of respondent are satisfied with the return. About 21% are very
satisfied on their investment’s return and 11% are dissatisfied with return on
investment.

3.1.10 If you are not taking any insurance policy then please tell
us the reason, why?

Fig. 11

27
 Table no. 10

Reasons No. of respondents

We could not afford. 26
We don’t see any benefit .with it. 24
We don’t want insurance. 15
I don’t understand that how it works? 35

Interpretation 10:

As the evident shows that as most as 35 of the total respondents don’t understand
the working of the insurance system and nearly 24 of the respondents don’t see
any benefit with the system, 15 and 26 of the respondents don’t want insurance
and could not afford respectively.

28
 CHAPTER No. 4

FINDINGS AND CONCLUSIONS

29
4.1 FINDINGS:

1. Now life insurance has become generic. People believe in Life Insurance
Company only and therefore, everybody wants to go in for a policy with
LIC. It will take time to private companies to win the confidence of the
people.
2. As far as future decision making about the policy is concerned most of
the policy would go in for saving plan.
3. People are turning towards the ULIP as a good investment option but
ULIP is in its starting phase so customers prefer only big brands LIC,
RLIC etc.
4. LIC is the oldest player in the Insurance market, so people are more aware
of i.e., as compared to new players.
5. This clearly comes out from the survey conducted that most of the people
come to know about MedTourEasy Pharma Insurance Company company
through print media.
6. It has clearly come out that most of the people like to go in for a policy,
which gives them tax benefit.
7. A/c to survey it is cleared that most of the people don’t take insurance
policy because they don’t understand that how insurance policy works?
8. Most of People influenced by family and friends when they are buying
insurance policies.

4.2 Results

MedTourEasy Pharma Insurance Company is one of the largest private life

insurance company and it has awakened many new hopes and aspiration for
human kind, just based on a noble human passion of law, compassion tolerance
and mutual understanding.

Globalization has opened new formalities of technology, knowledge,

communication and information. MedTourEasy Pharma Insurance Company is a
gift of globalization to maintain development of these formalities there before is a
daunting challenge i.e. the utilization of these facilities to create a brave new
worlds in which a qualitative and a clear change between yesterdays and
30
hormones can easily perceived.

I have done a detailed the comparative study of MedTourEasy Pharma Insurance

Company with other life insurance companies and concluded that most of the
people preferred to deal with nationalized insurance companies.

People used to buy Insurance for tax exemption but time has changed now,
advertising has made the people understand the need of Life Insurance in their
lives and people are taking initiatives to buy it. Urge of people to have Insurance
and strong marketing can really make the industry reach the sky.

MedTourEasy Pharma Insurance Company has set all the strategies and mission
after proper vision and is achieving the largest by working in co-operative and co-
ordinate manner and giving the people full services and facilities and making
easy. So I would like to conducted by saying that MedTourEasy Pharma Insurance
Company is a wonderful gift given to the mankind in the new are for people
development and maintenance of the world as well as India.

31
 CHAPTER - 5

RECOMMENDATIONS/SUGGESTIONS

32
5.1 RECOMMENDATIONS:

Followings are the recommendations and the suggestions not only for the
MedTourEasy Pharma Insurance Company company but also for other private life
insurance companies if they want to complete with public/government life
insurance companies.

1. Creating positive image:

Private companies should try their level best to create positive and favourable
image in the minds of people i.e. in the minds of their target customers.
2. Training and development to agents:
Company must provide training to their agents and financial so that they can
satisfy customer and doubts effectively.
3. Concern towards customers:
Serious concern must be given to the customers as in today’s scenario it
regarded as “Customer is a king”. In formal words we can say that if can
customers more loyal towards the company.
4. Co-operation with agents and branch managers:
The Company must full co-operate with branch managers and agents.
5. Availability of branch offices:
There must be the branch offices in each 20-30 Km. diameter.
6. Efficient management:
The management appointed must be that much capable that it can control the
whole team and improve the goodwill and image of the company.
7. Sales promotion and marketing:
The marketing department must be so aggressive that it can have a
close watch on the competitors’ activities. Not only this but also it must take
care of the need and wants of the customers also.
8. Incentive schemes and permanency in job:
There must be good incentive schemes to be designed as these can acts as
good motivators for the agents. The scheme of permanent job placement must
be introduce for those agents who have shown extra ordinary performance.

33
9. Solution of Grievances:
There must regular meetings with the financial consultants and agents to
motivate them and to solve grievances if there are any.

34
CHAPTER - 6

LIMITATIONS

35
6.1 LIMITATIONS:
Although every effort has been in to collect the relevant information through the
sources available, still some relevant information could not be gathered.

Busy Schedule of Concerned Executives:

The concerned executives were having very busy schedule because of which they
were reluctant to give appointment.

Time:
The time duration could not provide ample opportunity to study every detail of the
company.

Unawareness:
Customers were unaware of many terms related to same while asking to them.

Confidential Information:
As the company on account of confidential report has not disclosed some
figures. Moreover, in some cases separate accounts of division are not
separately maintained thereby, leading to restrictions in study.

Area:
Area of study chosen was not large.

36
BIBLIOGRAPHY

37
Books Referred

 Marketing Management by Philip Kotler

 Business Research by N.K. Malhotra

Internet Resources

 Search Sites www.google.co.in , www.msn.com

 Websites of the organization www.reliancelife.com

 Other sites www.bimaonline.com,

www.irdaindia.gov ,

www.yahooanswer.com,

www.wikipedia.com

Company Resources

 Product Brochures
 Inputs from company personnel’s.

38
ANNEXURES

39
 QUESTIONNAIRES
Declaration: It is purely for academic purposes and the data given will not be

passed to anyone. Please tick (√) out for appropriate option.

(A) Personal Information:

...................................................................................................................................................
.................

a. Name: ...................................................................................
b. Gender: a) Male b) Female
c. Age (in years) a) Below 18 b)18-35
c) 35-50 d) Above 50
d. Educational qualification: .......................................................
e. Occupation: .............................................................................
f. Annual Income: a) Less than Rs. 1,00,000

b) Rs. 1, 00,001 to Rs. 3, 00,000

c) Rs 3, 00,001 to Rs. 5, 00,000

d) Rs. 5, 00,001 and Above

(B) Questions:
...................................................................................................................................................
.................

1. Do you aware with Life Insurance?

a) Yes b) No

2. Are you interested in investing your money?

a) Yes b) No

3. Where do you want to invest your money?

a) Shares b) Mutual funds

c) Insurance d) Fixed Deposits

4. What is the purpose for buying insurance Policy?

a) For old age saving b) Family needs

c) Time to time needs d) Opposite

40
circumstances

41
5. When you are buying an insurance policy then your decision influenced by?

a) Family b) Friends

c) Professional & Union groups d) Brand &

Advertisement

6. What is your saving as percentage (%) of annual income?

a) 10 to 20 b) 21 to 30

c) 31 to 40 d) 41 to 50

7. How much money do you want to invest in insurance plans?

a) Rs. 10,000 to Rs. 15,000 b) Rs. 15,001 to Rs. 20,000

c) Rs. 20,000 to Rs. 25,000 d) Rs. 25,001 t0 Rs. 30,000

e) Rs. 30,001 to Rs. 35,000

8. On which company do you believe most?

a) Private insurance company

b) Public insurance company

9. How do you want to pay your premium?

a) Cash

b) Cheque & Credit card

c) Demand draft

10. Do you think that insurance policy is necessity of today’s life?

a) Yes b) No

11. In what interval do you want to give your premium?

a) Monthly

b) Half yearly

c) Yearly

42
12. Do you want which type of
insurance policy?

a) ULIP (Unit Linked Insurance Plan)

b) Traditional

c) Health

d) Term Plan

13. Are you satisfied with the return on investment which you getting from policy?

a) Very Satisfied

b) Satisfied

c) Can’t say

d) Not much Satisfied

e) Dissatisfied

14. If you are not taking any insurance policy then please tell us the reason, why?

a) I could not afford.

b) I don’t see any benefit with it.

c) I don’t want insurance.

I don’t understand that how it w

43