8/7/2019 pesara

1/49

8/7/2019 pesara

2/49

EXECUTIVE SUMMARY

A SURVEY ON CUSTOMER AWARENESS ON UNIT LINKEDINSURANCE POLICIES (ULIP) IN ING VYSYA LIFE INSURANCECO., LTD.SECUNDRABAD

Under the guidance of SUBMITTED BYMR.VEERESH P.Sridhar reddy

HT.NO:2146-09-672-130

_____________________________________________________________________

INTRODUCTION OF TOPIC :

Life insurance is need by the people to protect the people you love, andfamily has a means to look after itself after you are gone. And also it is oneof the best tax savings Options to day.

COMPANY PROFILE :

ING Vysya life insurance co., Ltd. Entered the private life insuranceindustry in India in September 2001, and in span of 5 years has establisheditself as a distinctive life insurance brand with an innovative, attractive andcustomer friendly product portfolio and professional adviser sales force.ING Vysya life insurance is a joint venture between ING insurance andBangalore based Vysya bank.

NEED FOR THE STUDY:

The present study is under taken to know the customer awareness onULIP.Customer awareness is essential for every Product to survive in themarket. When customer is aware of products he can help the business byplacing future demands to the company, and passing the word of mouth tothe other customers. So it is very important for the company to take care ofcustomer.

2

8/7/2019 pesara

3/49

OBJECTIVES:

1. To know the customer awareness on unit linked insurance polices.2. To know customer opinion on ULIP.3. To know whether promotional activities are effective (or) not.

LIMITATIONS OF THE STUDY:

1. The study is confined to the SECUNDRABAD only.

2. All customers are unable to spend much time for responding to allquestions.3. The study is confined to sample size of 100

RESEARCH METHODOLOGY:

Research approach : survey methodResearch instrument: structured questionnaireContact method: personal interview

DATA SOURCE:

Primary data: collected from the customers of ING Vysya life co., Ltd.Secondary data: collected from journals, company brochures and websites

SAMPLE SIZE: 100

SAMPLE METHOD: convenience sampling method

3

8/7/2019 pesara

4/49

FINDINGS:

1. 76% of the customers are aware of unit linked insurance polices2. 40% of the customers know about ING Vysya life through sales

persons.3. 42% of the customers are investing in ULIP for returns.4. Most of the customers are not aware with promotional activities.5. 38% of the customers are satisfied with the settlement of claims when

compared to other insurance companies.

SUGGESTIONS:

1. In order to compete with other insurance companies the proceduresadopted in settlement of claims should be simplified.

2. Promotional activities should be increased.3. To increase the awareness on ULIP the salesperson should regularly meet

the customers so as to explain about the product (ULIP).4. The insurance company should make constant effort to keep in touch

with its customers by monitoring their needs.

4

8/7/2019 pesara

5/49

CHAPTER-II

LITERATURE OF REVIEW

5

8/7/2019 pesara

6/49

Insurance in India:

Insurance is a federal subject in India and has a history dating back to

1818. Life and general insurance in India is still a nascent sector with hugepotential for various global players with the life insurance premiumsaccounting to 2.5% of the country's GDP while general insurance premiumsto 0.65% of India's GDP.The Insurance sector in India has gone through anumber of phases and changes, particularly in the recent years when theGovt. of India in 1999 opened up the insurance sector by allowing privatecompanies to solicit insurance and also allowing FDI up to 26%. Ever since,the Indian insurance sector is considered as a booming market with everyother global insurance company wanting to have a lion's share. Currently,the largest life insurance company in India is still owned by the government.

History of Insurance in India:

Insurance in India has its history dating back till 1818, when OrientalLife Insurance Company was started by Europeans in Kolkata to cater to theneeds of European community. Pre-independent era in India sawdiscrimination among the life of foreigners and Indians with higherpremiums being charged for the latter. It was only in the year 1870, BombayMutual Life Assurance Society, the first Indian insurance company covered

Indian lives at normal rates.

At the dawn of the twentieth century, insurance companies startedmushrooming up. In the year 1912, the Life Insurance Companies Act, andthe Provident Fund Act were passed to regulate the insurance business. TheLife Insurance Companies Act, 1912 made it necessary that the premiumrate tables and periodical valuations of companies should be certified by anactuary. However, the disparage still existed as discrimination betweenIndian and foreign companies

Related Acts:

6

http://en.wikipedia.org/wiki/Insurancehttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/FDIhttp://en.wikipedia.org/wiki/Kolkatahttp://en.wikipedia.org/wiki/Insurancehttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/FDIhttp://en.wikipedia.org/wiki/Kolkata

8/7/2019 pesara

7/49

The insurance sector went through a full circle of phases from beingunregulated to completely regulate and then currently being partlyderegulated. It is governed by a number of acts, with the first one being theInsurance Act, 1938.

The Insurance Act, 1938:

The Insurance Act, 1938 was the first legislation governing all formsof insurance to provide strict state control over insurance business.

Life Insurance Corporation Act, 1956:

Even though the first legislation was enacted in 1938, it was only in19 January 1956, that life insurance in India was completely nationalized,

through the Life Insurance Corporation Act, 1956. There were 245 insurancecompanies of both Indian and foreign origin in 1956. Nationalization wasaccomplished by the govt. acquisition of the management of the companies.The Life Insurance Corporation of India was created on 1st September,1956, as a result and has grown to be the largest insurance company in Indiaas of 2006.

General Insurance Business (Nationalization) Act, 1972:

The General Insurance Business (Nationalization) Act, 1972 wasenacted to nationalize the 100 odd general insurance companies andsubsequently merging them into four companies. All the companies wereamalgamated into National Insurance, New India Assurance, OrientalInsurance, and United India Insurance which were headquartered in each ofthe four metropolitan cities.

7

http://en.wikipedia.org/wiki/January_19http://en.wikipedia.org/wiki/1956http://en.wikipedia.org/wiki/Life_Insurance_Corporation_of_Indiahttp://en.wikipedia.org/wiki/As_of_2006http://en.wikipedia.org/wiki/1972http://en.wikipedia.org/wiki/January_19http://en.wikipedia.org/wiki/1956http://en.wikipedia.org/wiki/Life_Insurance_Corporation_of_Indiahttp://en.wikipedia.org/wiki/As_of_2006http://en.wikipedia.org/wiki/1972

8/7/2019 pesara

8/49

Insurance Regulatory and Development Authority (IRDA) Act, 1999:

Till 1999, there were not any private insurance companies in Indianinsurance sector. The Govt. of India then introduced the Insurance

Regulatory and Development Authority Act in 1999, thereby de-regulatingthe insurance sector and allowing private companies into the insurance.Further, foreign investment was also allowed and capped at 26% holding inthe Indian insurance companies

PRODUCT PROFILE:

Products under investment:

1. Highlife

2. Highlife Plus

3. ING Life Plus

4. Platinum Life

5. New Fulfilling Life

6. Powering Life

7. New One Life

8. Rewarding life

Products under retirement:

1. Best Years

2. New Future Perfect

8

8/7/2019 pesara

9/49

Products under savings:

1. Reassuring Life Rev Bonus

2. Creating Life

3. Creating Life Money Back

4. Safal Jeevan

5. Safal Jeevan Money Back

Products under protection:

1. Conquering life

9

8/7/2019 pesara

10/49

CHAPTER-III

COMPANY PROFILE

10

8/7/2019 pesara

11/49

Industry Profile:

In 1993 the Government of Republic of India appointed RN Malhotra

Committee to lay down a road map for privatization of the life insurance

sector.

While the committee submitted its report in 1994, it took another six

years before the enabling legislation was passed in the year 2000,

legislation amending the Insurance Act of 1938 and legislating the

Insurance Regulatory and Development Authority Act of 2000. The same

year that the newly appointed insurance regulator - Insurance Regulatory

and Development Authority IRDA started issuing licenses to private life

insurers.

List of Life Insurers (as of March, 2006)

Apart from Life Insurance Corporation, the public sector life insurer,

there are 14 other private sector life insurers, most of them joint ventures

between blue-blooded Indian groups and global insurance giants.

Life Insurer in Public Sector

Life Insurers in Private Sector:1. Bajaj Allianz Life

2. ICICI Prudential Life Insurance

3. HDFC Standard Life

4. Birla Sun life

5. SBI Life Insurance

6. Kotak Old Mutual Life Insurance

7. Aviva Life Insurance

8. Reliance Life Insurance - Formerly known as AMP Sanmar LIC

9. Tata AIG Life

10. Metlife India Life Insurance

11. ING Vysya Life Insurance

12. Max Newyork Life Insurance

13 Sahara Life Insurance - Now they are not into business

14. Surinam Life Insurance

11

8/7/2019 pesara

12/49

Commission / Intermediation fees:

The maximum commission limits as per statutory provisions are:

Agency commission for retail life insurance business:

- 35 - 40% for 1st year premium if the premium paying term is more

than 20 years

- 25 - 30% for 1st year premium if the premium paying term is more

than 15 years

- 10 - 15% for 1st year premium if the premium paying term is less than

10 years

- 7.5% - yr 2 and 3rd year and 5% - thereafter for all premium paying

terms.

In case of Mutual fund related - Unit linked policies it varies between

1.5% to 60% on the premium paid.

Agency commission for retail pension policies:

- 7.5% for 1st year premium and 2.5% thereafter

- Maximum broker commission - 30%

- Referral fees to banks Max 55% for regular premium and 10%for single premium. However in any case this fee cannot be more

than the agency commission as filed under the product.

- However, the above commission may be further subject to the

product wise limits specified by IRDA while approving the

product

The ING Group:

Over 150 years of financial expertise, and 6 crore customers in 50countries

Core business operations- Insurance / Banking / Asset management

The worlds largest life insurance company (in profits and Revenues)

The worlds largest financial services company (in Revenues)

Ranked 13th in the global fortune 500

12

8/7/2019 pesara

13/49

Assets of Rs.61.5 lakh crores which is 174% of Indias GDP

ING Known as ING Vysya in INDIA:

1. ING vysya mutual funds (started in 1999) and is now one of Indiasleading Asset management companies

2. ING vysya life started in September 2001

3. ING group acquired vysya bank in 2002

4. ING vysya bank provides retail, wholesale and private bankingservices

5. Share holding patternOur current shareholders are ING 26%, Exide 50%, Gujarat cements

14.87% and the Enam group 9.13%

6. As of September 2006, ING vysya life is:a. Present in 74 citiesb. With over 135 branches

7. Range of solutions:a. Protection planb. Savings planc. Investment plansd. Retirement plans

BRAND VALUES:

1. Delivers on promises

Knowledgeable about the markets and my needsCan be trusted with my moneyFocus on doing rather than just talking

2. Treats me fairlyOffers good quality products and servicesOffers clarity in prices and conditions

Communicates openly and with out jargon

13

8/7/2019 pesara

14/49

3.is easy to deal withAccessible when neededFlexible solutions fitting with customer needsFriendly and caring

MILESTONES FOR ING IN INDIA:

1. Year 1994. ING Barings NV:Offers investment banking, corporate finance and other financialproducts and services.

2. Year 1997. ING Insurance representative 0ffice

3. Year 1999. ING investment management (India) Pvt. Ltd

Provides mutual fund products to customers through ING savingstrust, established in early 1999

4. Year 2000. ING Venture capital-Barings private equity

5. September, 2001 ING Vysya life launched

6. Year 2002 ING buys a 44% stake in Vysya bank and merges INGBarings with Vysya bank to form ING Vysya Bank

7. Year 2003 ING Vysya bank launches direct selling arm ING Vysyafinancial services

14

8/7/2019 pesara

15/49

8/7/2019 pesara

16/49

quality of life, in addition to safeguarding an individual's security. Our core

values are therefore defined as Professional, Entrepreneurial, Trustworthy,

Approachable and Caring.

The Companys portfolio offers products that cater to every financial

requirement, at any life stage. We believe in continuously developing

customer-driven products and services and value being accessible and

responsive to the needs of our customers.

In fact, the company has developed the Life Maker. A simple method 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, whether the requirement is

Protection, Savings orInvestment, Retirement.

CEO Speak:

At ING Vysya Life Insurance, in a span of 5 years of operations, we have

established ourselves as a distinctive life insurance brand in India. With aninnovative, attractive and customer friendly product portfolio backed by a

professional advisor force, we are proudly serving over 4, 50,000 customers

today

We are a part of the ING Group, the world's largest financial institution*,

trusted by 60 million people across 50 countries, with a heritage of over 150

years.Our cornerstone is the trust that you've invested in us. We've always

designed products with your needs in mind and a communication model that

speaks to you.

Our website reflects our openness & dynamism. We speak a language that

you will understand, and not complicated jargon. What we tell you, we hope,

will make it easier for you to choose from our product portfolio, the policy

16

http://www.ingvysyalife.com/lifemaker.htmhttp://www.ingvysyalife.com/productcenter.htmhttp://www.ingvysyalife.com/productcenter.htmhttp://www.ingvysyalife.com/productcenter.htmhttp://www.ingvysyalife.com/productcenter.htmhttp://www.ingvysyalife.com/lifemaker.htmhttp://www.ingvysyalife.com/productcenter.htmhttp://www.ingvysyalife.com/productcenter.htmhttp://www.ingvysyalife.com/productcenter.htmhttp://www.ingvysyalife.com/productcenter.htm

8/7/2019 pesara

17/49

that suits you best. For instance, we have developed a dynamic new touch

point between you and us -the Life Maker

The Life Maker is a complete financial planning tool. It takes in basic

information from you and offers you the policy that is best suited to your

needs. In an interactive way, it gives you results that are customized to you

and empowers you to choose for yourself what is best for your requirements

It is our endeavor to serve you better & develop a greater understanding of

your needs. And our website is a step in the direction.

Corporate Objective:

At ING Vysya 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 INGs integrated financial services

business in India.

17

8/7/2019 pesara

18/49

Our Mission:

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

Partners

A glance at our equity partners:

ING Group Exide Industries Limited Gujarat Ambuja Cements Limited Enam Group

ING Group

ING Group is known for its philosophy of keeping it simple. This thought

is the result of ING Groups 150 years of understanding of customers needs

and fulfilling them.

ING is a global financial institution of Dutch origin. It has 150 years of

experience, and provides a wide array of banking, insurance and asset

management services in over 50 countries and is trusted by over 60 million

customers. Its 1,13,000 employees work daily to satisfy a broad customer

base individuals, families, small businesses , large corporations,

institutions and governments. The ING Group has gone from strength to

strength year after year and is the world's 13th largest company*. The ING

Group is the world's largest financial institution* with over US $ 1 trillion#

in assets and profits of US $ 8.5 billion in 2005#.

Over the last 150 years, ING Group has grown to become the largest insurer

in the world*. Today it touches the lives of millions of people across 50

countries.

18

http://www.ingvysyalife.com/partners.htm#inggroup%23inggrouphttp://www.ingvysyalife.com/partners.htm#exide%23exidehttp://www.ingvysyalife.com/partners.htm#gacl%23gaclhttp://www.ingvysyalife.com/partners.htm#enam%23enamhttp://www.ingvysyalife.com/partners.htm#inggroup%23inggrouphttp://www.ingvysyalife.com/partners.htm#exide%23exidehttp://www.ingvysyalife.com/partners.htm#gacl%23gaclhttp://www.ingvysyalife.com/partners.htm#enam%23enam

8/7/2019 pesara

19/49

ING Group has wide and deep experience in setting up companies in new

markets, which require substantial investments underlining ING's long-term

commitment. In the last 20 years, ING Group has established successful life

insurance companies in 15 countries contributing to the development of

insurance services in these countries successfully.

Exide Industries Limited:

With eight manufacturing plants strategically located across the country,

Exide is Indias largest producer of automotive and industrial batteries. Its

range of products covers everything from the smallest batteries required inmotorcycles to the giant batteries powering submarines.

For the fiscal year 2004-05, the company registered a sales turnover of Rs.

1,482crores and a net profit of Rs. 77crores. Boasting an uninterrupted

dividend payment track record of 58 years, the company has a global

presence through its subsidiaries in Singapore, Sri Lanka and the United

Kingdom.It is the market leader in the organized sector in both the automotive and

industrial segments. 'EXIDE' and SF (Standard Furukawa)', the flagship

brands of the Company, are also the leading battery brands in the country.

19

8/7/2019 pesara

20/49

Gujarat Ambuja Cements Limited:

Gujarat Ambuja Cements Limited. Is the fastest growing cement company in

India and considered one of the most reputed companies in India. GACLs

brand Ambuja Cement is considered a premium brand in the Indian

market. Apart from domestic sales, Ambuja Cement is also the largest seller

of Indian cement in countries including Sri Lanka, Dubai and Kuwait.

Its plants are some of the most efficient in the world, with environment

protection measures that are on par with the finest in the developed world. It

is the most profitable cement company in India, and the lowest cost producer

of cement in the world

Enam Group

Enam Group is one of Indias leading financial service providers reputed for

its ability to perceive the true potential of businesses and enhance their

value. The culture at Enam Group is deeply rooted in ethics, innovation and

financial sobriety

About ING Vysya:

ING Vysya (a group terminology) has 3 businesses in India, ING Vysya Life

Insurance, ING Vysya Bank and ING Vysya Mutual Fund. ING Vysya Bank

is a premier private sector bank with a 70-year heritage and 1.5 million

satisfied customers. ING Vysya Mutual Fund is a mid sized asset

management company with a retail investor focus.

20

8/7/2019 pesara

21/49

Our Plans Arm You For Tomorrow...

At ING Vysya Life, we understand how much you cherish and value your

familys happiness. Nothing gives you more joy than seeing your loved ones

brimming with happiness. Which is why we believe our most important

responsibility is to help you fulfill yours.

All our products and services are designed keeping this simple philosophy in

mind. Our protection plans help you fulfill your most important

responsibility: providing financial security to your family, in your absence.

We have childrens products so you can help your little ones reach for the

stars. Our retirement products are designed to help you enjoy your retired

life to the fullest. In addition, we have Investment and Savings products to

help you realize your financial goals in a planned, hassle-free manner

What are these plans?

Protection:

Protection plans safeguards your income and your familys financial future

in case you are not around. They shield you from heavy economic loss and

reduce the impact of financial risk on you and those dependent on you.

Conquering Life

Saving:

Saving plans act as a compulsory savings instrument for families when the

premium is paid regularly. They work as long-term savings, enhanced by tax

benefits, which give you the financial strength to achieve your life goals.

Reassuring Life (Reversionary Bonus) | Creating life Money BackCreating Life | Safal Jeevan | Safal Jeevan Money Back| ING LifePlus

21

http://www.ingvysyalife.com/reassuringlife.htmhttp://www.ingvysyalife.com/creatinglifemb.htmhttp://www.ingvysyalife.com/creatinglife.htmhttp://www.ingvysyalife.com/safaljeevan.htmhttp://www.ingvysyalife.com/safaljeevanmb.htmhttp://www.ingvysyalife.com/IngLifeplus.htmhttp://www.ingvysyalife.com/reassuringlife.htmhttp://www.ingvysyalife.com/creatinglifemb.htmhttp://www.ingvysyalife.com/creatinglife.htmhttp://www.ingvysyalife.com/safaljeevan.htmhttp://www.ingvysyalife.com/safaljeevanmb.htmhttp://www.ingvysyalife.com/IngLifeplus.htm

8/7/2019 pesara

22/49

Investment:

Investment plans act as wealth creation instruments helping to create big

estates for the family. It is a long-term investment, free from the risk of

market swings. At the end of the term, you or your family can enjoy added

returns on investment.

Rewarding Life | Powering Life | New Freedom Plan | New One Life

New Fulfilling Life | Platinum Life| High Life | High Life Plus

Retirement:

Retirement plans can ensure that your post-retirement years are spent in

peace and comfort. They make sure that you have regular income after you

retire and also help you maintain your standard of living.

Best Years | New Future Perfect

Why Do I Need Life Insurance?

Thats a common question. Why would you need Insurance? Simply put,

Life brings with it many surprises, some pleasant and some not so and a Life

Insurance Plan ensures that you are better prepared to face uncertainties.

How? In a number of ways:

Protection:

You need life insurance to be there and protect the people you love, making

sure that your family has a means to look after itself after you are gone. It is

a thoughtful business concept designed to protect the economic value of a

human life for the benefit of those financially dependent on him. Thats a

good reason.

Suppose you suffer an injury that keeps you from earning? Would you like

to be a financial burden on your family, already losing out on your salary?

With a life insurance policy, you are protected. Your family is protected.

22

http://www.ingvysyalife.com/rewardinglife.htmhttp://www.ingvysyalife.com/poweringlife.htmhttp://www.ingvysyalife.com/freedomplan.htmhttp://www.ingvysyalife.com/onelife1.htmhttp://www.ingvysyalife.com/Newfulfillinglife.htmhttp://www.ingvysyalife.com/Platinumlife.htmhttp://www.ingvysyalife.com/HighLife.htmhttp://www.ingvysyalife.com/HighLifePlus.htmhttp://www.ingvysyalife.com/bestyears.htmhttp://www.ingvysyalife.com/futureperfect.htmhttp://www.ingvysyalife.com/rewardinglife.htmhttp://www.ingvysyalife.com/poweringlife.htmhttp://www.ingvysyalife.com/freedomplan.htmhttp://www.ingvysyalife.com/onelife1.htmhttp://www.ingvysyalife.com/Newfulfillinglife.htmhttp://www.ingvysyalife.com/Platinumlife.htmhttp://www.ingvysyalife.com/HighLife.htmhttp://www.ingvysyalife.com/HighLifePlus.htmhttp://www.ingvysyalife.com/bestyears.htmhttp://www.ingvysyalife.com/futureperfect.htm

8/7/2019 pesara

23/49

Retirement:

Life insurance makes sure that you have regular income after you retire and

also helps you maintain your standard of living. It can ensure that your post-

retirement years are spent in peace and comfort.

Savings and Investments:

Insurance is a means to Save and Invest. Your periodic premiums are like

Savings and you are assured of a lump sum amount on maturity. A policy

can come in really handy at the time of your childs education or marriage!

Besides, it can be used as supplemental retirement income

Tax Benefits:

Life insurance is one of the best tax saving options today. Your tax can be

saved twice on a life insurance policy-once when you pay your premiums

and once when you receive maturity benefits. Money saved is money

earned!

What is the Life Maker?

The Life Maker is a tool that assists you in building a complete financial

plan for life by helping you understand the basic needs for buying life

insurance- Protection, Saving and Investment.

Protection:

First, life insurance helps you to protect your income and your familys

financial future in case you are not around.

23

8/7/2019 pesara

24/49

Saving:

Second, life insurance works as a long term saving, thus giving you the

financial strength to achieve your life goals. It also gives you tax benefits.

Retirement:

Third, life insurance makes sure that you have regular income after you

retire and also helps you maintain your standard of living.

Investment:

Final, life insurance is a safe, long-term investment, free from the risk ofmarket swings. At the end of the term, you or your family can enjoy added

returns on investment.

How does it help me?

Most people are smart enough to understand the need for life insurance. But

not all of them know that since insurance products are based on the life stageand need factors, they are all different. So it is better to approach them with

a bit of advice, so you can maximize the plans benefit. Thats where the

Life Maker comes in.

Need for the Study:

24

8/7/2019 pesara

25/49

Customer awareness is essential for every Product to survive in the market.

When customer is aware of products he can help the business by placing

future demands to the company, and passing the word of mouth to the otherpotential customers. So it is very important for the company to take care of

customer.

Objectives of the Study:

To know customer awareness towards unit linked insurance

policies (ULIP)

To know customer opinion on ULIP To know whether the promotional activities are effective (or) not.

RESEARCH METHODOLOGY:

RESEARCH DESIGN:

A research design is considered as the frame work or plan for a study that

guides and helps the collection and analysis of the data.

A sound research is the basis of success of any formal research. It is said to

be the blue print of the study conducted.

NATURE OF THE DATA:

The data collected for the study was mainly primary in nature. There is first

hand information which is customer opinion, towards the company products.

Besides this secondary data was also collected from company brochures and

company websites.

25

8/7/2019 pesara

26/49

8/7/2019 pesara

27/49

Sampling Method:

Convenient Sampling; is adopted by using the list of the Customers in the

company.

Limitations:

The study is confined to SECUNDERABAD only.

All the customers are unable to spend much time for responding to all

questions.

The study is confined to sample of (100).

27

8/7/2019 pesara

28/49

CHAPTER-IV

DATA ANALYSIS

AND

INTERPRTATION

28

8/7/2019 pesara

29/49

Sources of awareness

Sources No. of respondents

Sales person 40

Friends/relatives 20Advertisement 24

Word of mouth 16

Total 100

[TABLE-1]

0

5

10

15

20

25

30

35

40

salesperson

friends/relatives

advertisement

word of mouth

Inference: From the above chart, it is clear that 40% of the customers are

come to know about ING VYSYA life by sales person, 24% through friends,

20% through advertisements and 16% through word of mouth.

29

8/7/2019 pesara

30/49

Monthly income of the customers

Income No. of respondents

Less than 10000 2410000-15000 38

15000-20000 20

Above 20000 18

T0tal 100

[TABLE-2]

0

5

10

15

20

25

30

35

40

Less than 10000

10000-15000

15000-20000

Above 20000

Inference: from the above chart, it is clear that 38% of the customers salary

lies between 10000-15000, 24% less than 10000, 20% between15000-20000

and 18% above 2000

30

8/7/2019 pesara

31/49

Investment in a financial year

Investment No. Of respondents

Less than 25000 28

25000-50000 4050000-1lakh 24

Above 1 lakhs 8

Total 100

[TABLE-3]

0

5

10

15

20

25

3035

40

Less than 25000

25000-50000

50000-1lakh

Above 1 lakhs

Inference: from the above chart, it is clear that 40% of the customers are

investing between 25000-50000, 28% less than 25000, 24% between 50000-

1lakh and 8% above 1lakh.

31

8/7/2019 pesara

32/49

No of customers who are aware

Idea No. of respondents

Yes 76No 24

Total 100

[TABLE-4]

0

10

20

30

40

50

60

70

80

yes

no

Inference: 76% of customers have an idea about ULIP.

32

8/7/2019 pesara

33/49

Insurance companies

Insurance Company No. of RespondentsState Bank of India 44

ICICI 26

HSBC 12

ING Vysya Life Insurance 18

Total 100

[TABLE-5]

0

5

10

15

20

25

30

35

40

45

State Bank of India

ICICI

HSBC

ING Vysya Life

Insurance

Inference: 44% of the customers are interested to invest in S.B.I., 18% in

ING Vysya Life Insurance.

33

8/7/2019 pesara

34/49

Reasons for taking ULIP

Reasons No. of RespondentsReturns 42

Savings 20

Tax Benefit 18

Protection 20

Total 100

[TABLE-6]

0

10

20

30

40

50

Returns

Savings

Tax Benefit

Protection

Inference: 42% of the people are investing in ULIP for returns, 20% for

protection and savings, and 18% for tax benefits.

34

8/7/2019 pesara

35/49

Customers knew about tax plan

Satisfaction No. of Respondents

Yes 64No 36

Total 100

[TABLE-7]

0

10

20

30

40

50

60

70

Yes

No

Inference: 64% of the customers knew tax plan.

35

8/7/2019 pesara

36/49

Satisfaction level with ING Vysya Life Insurance products

Satisfaction No. of RespondentsYes 56

No 44

Total 100

[TABLE-8]

0

10

20

30

40

50

60

Yes

No

Inference: 56% of the customers are satisfied with ING Vysya Life

Insurance products, 44% are not satisfied.

36

8/7/2019 pesara

37/49

8/7/2019 pesara

38/49

Tenure period of investment

Satisfaction No. of Respondents

Less than 5 years 18

5 10 years 46

10 15 years 16

Above 15 years 18

Total 100

[TABLE-10]

0

5

10

15

20

25

30

35

40

45

50

Less than 5

years

5 10 years

10 15 years

Above 15 years

Inference: 46% of the customers are holding investment up to 5 years, 18%

are holding between 5-10 years, 16% are holding 10-15 years and 18%

above 15 years.

38

8/7/2019 pesara

39/49

Comparison with other companies

Satisfaction No. of Respondents

Highly satisfied 12Satisfied 38

Indifferent 32

Dissatisfied 18

Total 100

[TABLE-11]

0

5

10

15

20

25

30

35

40

Highly satisfied

Satisfied

Indifferent

Dissatisfied

Inference: 38% of the customers satisfied when compared to other

insurance companies, 32% felt moderate, 12% are highly satisfied, 18% are

dissatisfied

39

8/7/2019 pesara

40/49

Customers are willing to suggest others

Satisfaction No. of Respondents

Yes 58

No 42

Total 100

[TABLE-12]

0

10

20

30

40

50

60

Yes

No

Inference: 58% of the customers like to suggest others to invest.42% are not

interested to suggest others.

40

8/7/2019 pesara

41/49

CHAPTER-V

FINDINGS & SUGESTIONS

41

8/7/2019 pesara

42/49

FINDINGS

1.40% of the customers are come to know about ING VYSYA life by sales

person, 24% through friends, 20% through advertisements and 16% through

word of mouth.

2. 38% of the customers salary lies between 10000-15000, 24% less than

10000, 20% between15000-20000 and 18% above 2000

3. 40% of the customers are investing between 25000-50000, 28% less than

25000, 24% between 50000-1lakh and 8% above 1lakh.

4 .76% of customers have an idea about ULIP.

5. 43% of the customers are interested to invest in S.B.I., 18% in ING Vysya

Life Insurance.

6. 42% of the people are investing in ULIP for returns, 20% for protection

and savings, and 18% for tax benefits.

7. 64% of the customers knew tax plan.

8. 56% of the customers are satisfied with ING Vysya Life Insurance

products, 44% are not satisfied.

9. 32 % of the customers are satisfied with promotional activities, 18% are

feeling promotional activities are excellent and 28% fair and 22% feel poor.

42

8/7/2019 pesara

43/49

10. 46% of the customers are holding investment up to 5 years, 18% are

holding between 5-10 years, 16% are holding 10-15 years and 18% above 15

years.

11. 38% of the customers satisfied when compared to other insurance

companies, 32% felt moderate, 12% are highly satisfied, 18% are

dissatisfied

12. 58% of the customers like to suggest others to invest.42% are not

interested to suggest others.

43

8/7/2019 pesara

44/49

SUGGESTIONS

1. In order to compete with other insurance companies the procedures

adopted in settlement of claims should be simplified.

2. Promotional activities like ads should be increased.

3. To increase the awareness on ULIP the salesperson should regularly

meet the customers so as to explain about the product (ULIP).

4. The insurance companies should make constant effort to keep in touch

with its customers by monitoring their needs.

44

8/7/2019 pesara

45/49

Conclusion

This study on the brand awareness of ING VYSYA life insurance

envisages a lot of anxiety among the customer segment. Lot of work is to be

done by life insurance companies to tap the vast market available for them.

However ING VYSYA life insurance has clearly emerged as the winner in

the customer segment as of now regarding to private sector.

Focus has to be on the influence of policy purchase decisions i.e.

agents/consultants who are the major influences. Advertisement takes the

second place. Another important preferential attribute that instigates

purchase was found to be tax planning and savings. This is not advisable for

the life insurance industry. As such the insurance companies have to stress

the factor Risk Cover and maintain the purchase levels to sustain for a long

time in the market.

Using finding and suggestions the organization may get benefited for

performance in future to effective advertisement, direct selling and customer

Relationship management.

45

8/7/2019 pesara

46/49

ANNEXURE

1. QUESTIONNAIRE

2. BIBILOGRAPHY

QUESTIONNAIRE

46

8/7/2019 pesara

47/49

NAME: ADDRESS:AGE :

GENDER:OCCUPATION: PH NO:____________________________________________________________

1. Are you aware of ULIP?

Yes [ ] No [ ]

2. How do you come to know about ING Vysya life?

1. Salesperson ( ) 2.friends/relatives ( ) 3.adverstisements ( )4.word of mouth ( )

3. Reason for taking ULIP?

1. Returns ( ) 2.savings ( ) 3.tax benefits ( ) 4. Protection ( )

4. Do you know with ULIP, you can save tax up to Rs.1, 00,000? Undersec.80 (c)?

Yes [ ] No [ ]5. Are you aware of ING VYSYA Insurance products?

Yes [ ] No [ ]

6. What is your monthly income?

1. Less than 10,000 ( ) 2. 10,000 15,000 ( ) 3. 15,000 - 20,000 ( )

4. Above 20,000 ( )

7. How much do you invest in a financial year?

47

8/7/2019 pesara

48/49

1. Less than 25,000 ( ) 2. 25,000 50,000 ( ) 3. 50,000 1, 00,000( )4. Above 1, 00,000 ( )

8. What is your opinion on the promotional activities of ING VYSYA life?

1. Excellent ( ) 2. Good ( ) 3. Fair ( ) 4.poor ( )5.scale

9. How do you feel about premium of ULIP in ING VYSYA?

1. Highly satisfied ( ) 2. Satisfied ( ) 3.indifferent ( ) 4.scale ( )

10. How long you generally hold your investment?

1. Less than 5 years ( ) 2.5 - 10 years ( ) 3.10 - 15 years ( ) 4. Above15 years ( )

11. How do you feel when compared to other insurance companies?

1. Highly satisfied ( ) 2. Satisfied ( ) 3.indifferent ( ) 4.scale ( )

12. Can you suggest others to invest in ING VYSYA?

Yes [ ] No [ ]

13. Which insurance company you prefer for ULIP/Why?

1. SBI ( ) 2. ICICI ( ) 3. FRANKLIN TEMPLETON ( ) 4. INGVYSYA ( )

14. ANY SUGGESTIONS___________.

48

8/7/2019 pesara

49/49

BIBLIOGRAPHY

Name of the Book Author Name

Marketing Management : Philip Kilter

Fundamentals of Marketing : William J. StantonBruce J. Walker

Marketing Research : Donald S. TollDell I Hawkins

Web Sites:

www.ingvysyalife.com

www.ingvysyabank.com

http://www.ingvysyalife.com/http://www.ingvysyalife.com/http://www.ingvysyabank.com/http://www.ingvysyabank.com/http://www.ingvysyalife.com/http://www.ingvysyabank.com/