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com
PROJECT REPORT
ON
Customer Buying Behavior with a Focus on ar!et
"egmentation
#n
$%FC "tan&ar& 'i(e #nsurance Com)any 't&.
Industrial Exposure Project
Submitted in the partial fulfillment of the requirement for the award of the Degree
of Bachelor of Business Administration
*+,+-*+,,
"u.mitte& To/ "u.mitte& By/
$.O.% 0#T %e)tt.1 Name / "umeer "on&hi
%.2.3. College Roll No. / 4546

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"ector-,+ Class / BB2 7
r&
8ear
Chan&igarh P9.Pin-,5:+;+++<+,
Jai "hree Ram= %osto
i am vi!as gu)ta= age 7, years . i start a gaming we.site name&
www.GamesWala.com which has PR6 an& ratings .elow 6 la!h.
i nee& here , hel) (rom you= as i have no money to )romote my gaming site=i
am running gra)hic sho) with , PC 0yes , PC /1 thin! how i am surviving
with , PC an& a (amily with * !i&s /P 1= # &o not !now much a.out how to
)romote my we.site= so i &eci&e& to tal! with you (rien&s to come an& >oin my
site an& )lay all the games (or (ree= all games are )ersonally selecte& .y me
(rom thousan&s o( games.
# am u)&ating my we.site &aily with lots o( awesome games.8ou can )lay
without register or register you i& or you also can )lay with your (ace.oo!
#%.ho)e you all will li!e my site an& )lay (ree online games there= an& &on?t
(orgot to tell your (rien&s a.out my
www.GamesWala.com /1


"tu&ent %ecleration

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This is to certify that I Sumeer Sondhi have completed the Summer
Training Project titled CUSTOM! "U#I$% "&'(IOU! )IT& '
*OCUS O$ M'!+T S%M$T'TIO$, in &-*C ST'$-'!-
.I* I$SU!'$C COMP'$# .T-., under the guidance of
&.O.- , in the partial fulfillment of the re/uirement for the a0ard of
"achelor of "usiness 'dministration of -.'.( College1 Chandigarh .
This is an original piece of 0or2 3 I have not su4mitted it earlier
else0here.


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2C@NOW'E%GEENT
The Pro>ect Title ACustomer Buying Behavior with a Focus on
ar!et "egmentation
#n
$%FC "tan&ar& 'i(e #nsurance Com)any 't&.,
has .een con&ucte& .y me= # have com)lete& this )ro>ect= .ase& on
the Primary research. To ac!nowle&ge all the )eo)le who )laye& a
greate roll (or com)letion o( )ro>ect .
# will li!e to than! my (amily mem.ers (or their consistant
su))ort an& co-o)eration without there hel) the whole )ro>ect
woul& have .een &i((icult to )ursue.
# than! my (amily (or encouragement an& almighty go&
without whom i cannot ta!e this challenege.

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www.GamesWala.com


CONTENT"
TABLE OF CONTENTS
,. O9R 3#"#ON
*. O9R 32'9E"
7. #NTRO%9CT#ON TO T$E #N%9"TR8
6. OBJECT#3E OF "T9%8
:. #NTRO%9CT#ON TO COP2N8
4. RE"E2RC$ ET$O%O'OG8
Title
Title Justi(ication
"igni(icance o( the #n&ustry
"igni(icance o( the Research
Research TechniBue
"am)ling etho&ology
"am)ling unit
"am)ling 2rea
"am)le "iCe
5. F2CT" 2N% F#N%#NG"
;. %2T2 2N2'8"#" 2N% #NTERPRET2T#ON
<. '##T2T#ON"
,+. RECOEN%2T#ON"

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www.GamesWala.com
,,. CONC'9"#ON
,*. B#B'#OGR2P$8
,7. D9E"T#ONN2#RE

Our 3ision

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5The most successful and admired life insurance company1 0hich means that 0e are the most
trusted company1 the easiest to deal 0ith1 offer the 4est value for money1 and set the standards in
the industry5..


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Our 3alues
(alues that 0e o4serve 0hile 0e 0or26
.Integrity
.Innovation
.Customer centric

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.People Care One for all and all for ones
.Team0or2
.7oy and Simplicity
#NTRO%9CT#ON
TO T$E #N%9"TR8

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www.GamesWala.com

T$E $#"TOR8 OF #N%#2N #N"9R2NCE #N%9"TR8
'i(e #nsurance
In 8989 the "ritish esta4lished the first insurance company in India in Calcutta1 the Oriental .ife
Insurance Company. *irst attempts at regulation of the industry 0ere made 0ith the introduction
of the Indian .ife 'ssurance Companies 'ct in 8:8;. ' num4er of amendments to this 'ct 0ere
made until the Insurance 'ct 0as dra0n up in 8:<9. $ote0orthy features in the 'ct 0ere the
po0er given to the %overnment to collect statistical information a4out the insured and the high
level of protection the 'ct gave to the pu4lic through regulation and control. )hen the 'ct 0as
changed in 8:=>1 this meant far reaching changes in the industry. The e?tra re/uirements
included a statutory re/uirement of a certain level of e/uity capital1 a ceiling on share holdings in
such companies to prevent dominant control @to protect the pu4lic from any adversarial policies

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from one single partyA1 stricter control on investments and1 generally1 much tighter control. In
8:=B1 the mar2et contained 8=C Indian and 8B foreign life insurance companies. "usiness 0as
heavily concentrated in ur4an areas and targeted the higher echelons of society. Unethical
practices adopted 4y some of the players against the interests of the consumers, then led the
Indian government to nationaliDe the industry. In Septem4er 8:=B1 nationaliDation 0as
completed1 merging all these companies into the soEcalled .ife Insurance Corporation @.ICA. It
0as felt that nationaliDation has lent the industry fairness1 solidity1 gro0th and reach.,

"ome o( the im)ortant milestones in the li(e insurance .usiness in #n&ia are/
,<,*/ The Indian .ife 'ssurance Companies 'ct enacted as the first statute to regulate the life
insurance 4usiness.
,<*;/ The Indian Insurance Companies 'ct enacted to ena4le the government to collect
statistical information a4out 4oth life and nonElife insurance 4usinesses.
,<7;/ arlier legislation consolidated and amended to 4y the Insurance 'ct 0ith the o4jective of
protecting the interests of the insuring pu4lic.

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,<:4/ The mar2et contained 8=C Indian and 8B foreign life insurance companies.
General #nsurance
The %eneral Insurance industry in India dates 4ac2 to the Industrial !evolution and the
su4se/uent increase in trade across the oceans in the 8Fth century. 's for .ife Insurance1 the
"ritish 4rought %eneral Insurance to India1 and a similar path 0as follo0ed in the development
of this industry. ' num4er of private companies 0ere in e?istence for years and years until1 in
8:F81 the Indian %overnment decided that the pu4lic interest 0ould 4e served 4y nationaliDing
the industry1 merging all the 8>F companies into four companies1 depending on the sort of
4usiness transacted @Marine1 *ire1 MiscellaneousA. These 0ere the $ational Insurance Company
.td.1 the Oriental Insurance Company .td.1 the $e0 India 'ssurance Company .td.1 and the
United India Insurance Company .td. located in Calcutta1 $e0 -elhi1 "om4ay and Madras
respectively. The %eneral Insurance Corporation @%ICA 0as set up in 8:F; as a GholdingH
company1 having these four companies as its su4sidiaries.

"ome o( the im)ortant milestones in the general insurance .usiness in #n&ia are/
,<+5/ The #n&ian ercantile #nsurance 't&. set up1 the first company to transact all classes of
general insurance 4usiness.

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,<:5/ General #nsurance Council1 a 0ing of the Insurance 'ssociation of India1 frames a code
of conduct for ensuring fair conduct and sound 4usiness practices.
,<4;/ The Insurance 'ct amended to regulate investments and set minimum solvency margins
and the Tariff 'dvisory Committee set up.
,<5*/ The %eneral Insurance "usiness @$ationaliDationA 'ct1 8:F; nationaliDe the general
insurance 4usiness in India 0ith effect from 8st 7anuary 8:F<. 8>F insurers amalgamated and
grouped into four companies viD. the National #nsurance Com)any 't&.= the New #n&ia
2ssurance Com)any 't&.= the Oriental #nsurance Com)any 't&. an& the 9nite& #n&ia
#nsurance Com)any 't&. %IC incorporated as a company.


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2JOR P'28ER" #N T$E #N"9R2NCE #N%9"TR8 #N #N%#2 2JOR P'28ER" #N T$E #N"9R2NCE #N%9"TR8 #N #N%#2
'i(e #nsurance Cor)oration o( #n&ia 0'#C1
.ife Insurance Corporation of India @.ICA 0as esta4lished on 8 Septem4er 8:=B to spread the
message of life insurance in the country and mo4ilise peopleHs savings for nationE4uilding
activities. .IC 0ith its central office in Mum4ai and seven Donal offices at Mum4ai1 Calcutta1
-elhi1 Chennai1 &ydera4ad1 +anpur and "hopal1 operates through 8>> divisional offices in
important cities and ;1>C9 4ranch offices. .IC has =.=: la2h active agents spread over the
country.
The Corporation also transacts 4usiness a4road and has offices in *iji1 Mauritius and United
+ingdom. .IC is associated 0ith joint ventures a4road in the field of insurance1 namely1 +enE
India 'ssurance Company .imited1 $airo4iI United Oriental 'ssurance Company .imited1
+uala .umpurI and .ife Insurance Corporation @InternationalA1 .C. "ahrain. It has also entered
into an agreement 0ith the Sun .ife @U+A for mar2eting unit lin2ed life insurance and pension
policies in U.+.
In 8::=E:B1 .IC had a total income from premium and investments of J = "illion 0hile %IC
recorded a net premium of J 8.< "illion. -uring the last 8= years1 .IC5s income gre0 at a healthy
average of 8> per cent as against the industry5s B.F per cent gro0th in the rest of 'sia @<.C per
cent in urope1 8.C per cent in the USA.
.IC has even provided insurance cover to five million people living 4elo0 the poverty line1 0ith
=> per cent su4sidy in the premium rates. .IC5s claims settlement ratio at := per cent and %IC5s

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at FC per cent are higher than that of glo4al average of C> per cent. Compounded annual gro0th
rate for .ife insurance 4usiness has 4een 8:.;; per cent per annum

General #nsurance Cor)oration o( #n&ia 0G#C1
The general insurance industry in India 0as nationaliDed and a government company 2no0n as
%eneral Insurance Corporation of India @%ICA 0as formed 4y the Central %overnment in
$ovem4er 8:F;. )ith effect from 8 7anuary 8:F< the erst0hile 8>F Indian and foreign insurers
0hich 0ere operating in the country prior to nationaliDation1 0ere grouped into four operating
companies1 namely1 @iA $ational Insurance Company .imitedI @iiA $e0 India 'ssurance
Company .imitedI @iiiA Oriental Insurance Company .imitedI and @ivA United India Insurance
Company .imited. @&o0ever1 0ith effect from -ec5;>>>1 these su4sidiaries have 4een deElin2ed
from the parent company and made as independent insurance companiesA. 'll the a4ove four
su4sidiaries of %IC operate all over the country competing 0ith one another and under0riting
various classes of general insurance 4usiness e?cept for aviation insurance of national airlines
and crop insurance 0hich is handled 4y the %IC.
"esides the domestic mar2et1 the industry is presently operating in 8F countries directly through
4ranches or agencies and in 8C countries through su4sidiary and associate companies.
#N 2%%#T#ON TO 2BO3E "T2TE #N"9RER" T$E FO''OW#NG $23E BEEN
PER#TTE% TO ENTER #NTO #N"9R2NCE B9"#NE""/ -
The introduction of private players in the industry has added to the colors in the dull industry.
The initiatives ta2en 4y the private players are very competitive and have given immense
competition to the on time monopoly of the mar2et .IC. Since the advent of the private players

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in the mar2et the industry has seen ne0 and innovative steps ta2en 4y the players in this sector.
The ne0 players have improved the service /uality of the insurance. 's a result .IC do0n the
years have seen the declining phase in its career. The mar2et share 0as distri4uted among the
private players. Though .IC still holds the F=K of the insurance sector 4ut the upcoming natures
of these private players are enough to give more competition to .IC in the near future. .IC
mar2et share has decreased from :=K @;>>;E><A to 9; K@ ;>>CE>=A.


,. $%FC "tan&ar& 'i(e #nsurance Com)any 't&.
&-*C Standard .ife Insurance Company .td. is one of IndiaHs leading private life insurance
companies1 0hich offers a range of individual and group insurance solutions. It is a joint venture
4et0een &ousing -evelopment *inance Corporation .imited @&-*C .td.A1 IndiaHs leading
housing finance institution and The Standard .ife 'ssurance Company1 a leading provider of
financial services from the United +ingdom. Their cumulative premium income1 including the
first year premiums and rene0al premiums is !s. BF;.< for the financial year1 'prE$ov ;>>=.
They have managed to cover over 881 >>1>>> individuals out of 0hich over <1 C>1>>> lives have
4een covered through our group 4usiness tieEups.
;. aE New 8or! 'i(e #nsurance Co. 't&.
Ma? $e0 #or2 .ife Insurance Company .imited is a joint venture that 4rings together t0o large
forces E Ma? India .imited1 a multiE4usiness corporate1 together 0ith $e0 #or2 .ife
International1 a glo4al e?pert in life insurance. )ith their various Products and !iders1 there are

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more than C>> product com4inations to choose from. They have a national presence 0ith a
net0or2 of =F offices in <F cities across India.
7. #C#C# Pru&ential 'i(e #nsurance Com)any 't&.
ICICI Prudential .ife Insurance Company is a joint venture 4et0een ICICI "an21 a premier
financial po0erhouse and prudential plc1 a leading international financial services group
head/uartered in the United +ingdom. ICICI Prudential 0as amongst the first private sector
insurance companies to 4egin operations in -ecem4er ;>>> after receiving approval from
Insurance !egulatory -evelopment 'uthority @I!-'A. The company has a net0or2 of a4out
=B1>>> advisorsI as 0ell as F 4anc assurance and 8=> corporate agent tieEups.
6. Om @ota! ahin&ra 'i(e #nsurance Co. 't&.
+ota2 Mahindra Old Mutual .ife Insurance .td. is a joint venture 4et0een +ota2 Mahindra
"an2 .td. @+M".A1 and Old Mutual plc.

:. Birla "un 'i(e #nsurance Com)any 't&.
"irla Sun .ife Insurance Company is a joint venture 4et0een 'ditya "irla %roup and Sun .ife
financial Services of Canada.
Tata 'I% .ife Insurance Company .td.
S"I .ife Insurance Company .imited

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I$% (ysya .ife Insurance Company Private .imited
'llianD "ajaj .ife Insurance Company .td.
Metlife India Insurance Company Pvt. .td.
'MP S'$M'! 'ssurance Company .td.
-a4ur C%U .ife Insurance Company Pvt. .td.


,. Royal "un&aram 2lliance #nsurance Com)any 'imite&

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The joint venture 4ringing together !oyal 3 Sun 'lliance Insurance and Sundaram *inance
.imited started its operations from March ;>>8. The company is &ead Luartered at Chennai1 and
has t0o !egional Offices1 one at Mum4ai and another one at $e0 -elhi.
*. Ba>a> 2llianC General #nsurance Com)any 'imite&
"ajaj 'llianD %eneral Insurance Company .imited is a joint venture 4et0een "ajaj 'uto .imited
and 'llianD '% of %ermany. "oth enjoy a reputation of e?pertise1 sta4ility and strength.
"ajaj 'llianD %eneral Insurance received the Insurance !egulatory and -evelopment 'uthority
@I!-'A certificate of !egistration @!<A on May ;nd1 ;>>8 to conduct %eneral Insurance 4usiness
@including &ealth Insurance 4usinessA in India. The Company has an authoriDed and paid up
capital of !s 88> crores. "ajaj 'uto holds FCK and the remaining ;BK is held 4y 'llianD1 '%1
and %ermany.
7. #C#C# 'om.ar& General #nsurance Com)any 'imite&
ICICI .om4ard %eneral Insurance Company .imited is a joint venture 4et0een ICICI "an2
.imited and the USE4ased J ;B 4illion *airfa? *inancial &oldings .imited. ICICI "an2 is India5s
second largest 4an21 0hile *airfa? *inancial &oldings is a diversified financial corporate
engaged in general insurance1 reinsurance1 insurance claims management and investment
management.
.om4ard Canada .td1 a group company of *airfa? *inancial &oldings .imited1 is one of
Canada5s oldest property and casualty insurers. ICICI .om4ard %eneral Insurance Company
received regulatory approvals to commence general insurance 4usiness in 'ugust ;>>8.

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www.GamesWala.com

6. Cholaman&alam General #nsurance Com)any 't&.
Cholamandalam MS %eneral Insurance Company .imited @CholaEMSA is a joint venture of the
Murugappa %roup 3 Mitsui Sumitomo.
CholaEMS commenced operations in Octo4er ;>>; and has issued more than 8.C la2h policies in
its first calendar year of operations. The company has a panEIndian presence 0ith offices in
Chennai1 &ydera4ad1 "angalore1 +ochi1 Coim4atore1 Mum4ai1 Pune1 Indore1 'hmada4ad1 -elhi1
Chandigarh1 +ol2ata and (iDag.
:. T2T2 2#G General #nsurance Com)any 't&.
Tata 'I% %eneral Insurance Company .td. is a joint venture company1 formed from the Tata
%roup and 'merican International %roup1 Inc. @'I%A. Tata 'I% com4ines the strength and
integrity of the Tata %roup 0ith 'I%5s international e?pertise and financial strength. The Tata
%roup holds FC per cent sta2e in the t0o insurance ventures 0hile 'I% holds the 4alance ;B per
cent sta2e.
Tata 'I% %eneral Insurance Company1 0hich started its operations in India on 7anuary ;;1 ;>>81
offers the complete range of insurance for automo4ile1 home1 personal accident1 travel1 energy1
marine1 property and casualty1 as 0ell as several specialiDed financial lines.
4. Reliance General #nsurance Com)any 'imite&.
5. #FFCO To!io General #nsurance Co. 't&
;. EE)ort Cre&it Guarantee Cor)oration 't&.

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www.GamesWala.com
<. $%FC-Chu.. General #nsurance Co. 't&.

ar!eting o( #nsurance #n #n&ia
Insurance is in a manner of spea2ing the last frontier in the financial sector to open. It is also a
sector1 0hich leads to 4enefits across the full spectrum1 from the individual 0ho no0 have 0ider
choices1 to the economy1 0hich see increased savings1 to the infrastructure sector1 0hich can loo2
for0ard to long term funding 4eing availa4le. In an underEinsured economy1 ne0er channels of
distri4ution have to 4e utiliDed to intensify the reach of insurance 4oth in ur4an and rural
mar2ets. This 0ill create huge employment opportunities not only 0ithin insurance companies
4ut also as agents and consultants of insurance companies.
ar!eting iE Policies
-ifferent companies can choose to position themselves differently and hence the Mar2eting Mi?
is different. &o0ever1 there are certain common characteristics that one can cull out from the
possi4le strategies that companies adopt.
Pro&uct/
The development of fle?i4le products to suit individual re/uirements is 0hat 0ill differentiate
the 0inners from the alsoErans. The 2ey to success is in providing insurance solutions1 not
standardiDed insurance products. The concept of ridersMoptional 4enefits has already 4een a huge

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innovation 4rought a4out 4y the ne0 players1 0hich has led to customiDation of products for
individual needs. &o0ever1 companies may differentiate themselves on the 4asis of product
segments that they choose to focus on and e?cel in.

Place/
-ifferent companies may ho0ever choose different channels and different geographies to focus
on. The channel options are E tied agency force1 corporate agents and 4ro2ers and this is an area
0here different companies 0ill ma2e different choices. Many companies li2e &-*C Standard
.ife are focusing on all channels 0hereas companies li2e Ma? $e0 #or2 .ife are focusing on
the tied agency force only. Customer interface 0ill 4e a 2ey challenge for life insurance
companies and includes every that interaction that the customer has 0ith the company1 such as
sales1 ne0 4usiness under0riting1 policy servicing1 premium payments1 claim processing and so
on. Technology can play a crucial role in delivering the highest standards of service set 4y the
company and it 0ill 4e imperative for any serious player to e?cel in all of these.
Price/
Price is a relevant differentiator only in t0o segments E pure term insurance and in pure
annuities. &ere too1 service delivery and financial strength 0ill need to 4e present at a minimum

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accepta4le level for price to 4e a relevant differentiator. In case of savings oriented products1
longEterm returns generated are more relevant than just the price of the product. ' focus on
generating good investment performance and 2eeping a tight control on costs help in generating
good longEterm maturity value for customers. $orms have 4een laid do0n on all of these 4y
I!-' and adhering to these 0hile delivering good returns 0ill 4e a challenge.
Promotion an& 2&vertising/
The level of demand is latent and 0ill have to 4e activated considera4ly. The mar2et needs to 4e
developed. %reater a0areness of insurance and the need to have it as a protection tool rather than
as a ta? planning measure needs to 4e appreciated 4y the Indian people. (arious communication
tools including advertising1 direct mar2eting and road sho0s contri4ute to all this and different
companies ta2e different approaches on these.

Process/
Cashless settlement/ One of the most defining and customerEfriendly changes that 0eHve seen in
recent years relates to the 0ay claims settlements are made. The advent of the thirdEparty
administrator @TP'A regime has facilitated the transition to the hugely convenient era of cashless
settlement of health and auto insurance claims. TP's are entities 0ho process claims on 4ehalf of
insurers6 the I!-' licenses them after it is satisfied that they have the financial strength1 the
trained manpo0er1 the infrastructure and the s2ills to underta2e this activity.
.i2e0ise1 0ith auto insurance1 the TP' ties up 0ith garages and authoriDed service centers for
cashless settlement of auto insurance claims.

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'ower )remiums/ The spirit of competition and the 4roadening of the ris2 e?perience of
insurance companies have contri4uted to a fall in premiums over the years. ThatHs 4ecause1 other
things 4eing e/ual1 an insurer 0ho covers the lives just of 8> people 4ears a higher ris2 than an
insurer 0ho covers the lives of1 say1 8>> people. *urther1 a 4roader 4ase 0ill provide greater
efficiencies on costs such as distri4ution1 management and claims. ' 4road 4asing of the
mortality e?perience1 therefore1 gives insurers the el4o0room to compete 4y lo0ering premiums1
and that trend is e?pected to continue.
Premium )ayment (leEi.ility/ Insurers have imparted certain fle?i4ility to premium payment
options in order to address this concern. *or instance1 one no0 have the option to pay your
premiums upfront1 0hich is then carried for0ard for the tenure of the policy. The yearly
premiums are dra0n from the initial corpus. Insurers have also introduced the concept of
Gautomatic cover maintenanceH to protect your policy from lapsing o0ing to your omission to pay
your premium on time. Under this1 in the event of your not paying the premium1 the insurer dips
into your investment account to the e?tent of the premium. Of course1 this comes 0ith an inE4uilt
dra04ac26 your investment portion diminishes year on year to the e?tent of the amount paid to
cover your ris2.

Physical Evi&ence/
This can play a significant role for mar2eting in the Indian scenario. Since Internet users are
comparatively lesser than countries such as US1 the offline mode 0ill 4e preferred in India.

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'lthough the distri4ution model is largely agentE4ased1 0herever the customer is in contact 0ith
the company1 this factor can play a significant role in luring the customer.
Peo)le/
The most important factor that materialiDes sales and maintains customer relationships on a longE
term 4asis is this factor. $o matter 0hat distri4ution strategy a company adopts1 customer
relationship has to 4e ta2en care of in order to maintain the customer 4ase on a longEterm 4asis.

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www.GamesWala.com

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PREF2CE
The li4eraliDation of the Indian insurance sector has 4een the su4ject of much heated de4ate for
some years. The policy ma2ers 0here in the catch ;; situation 0herein for one they 0anted
competition1 development and gro0th of this insurance sector 0hich is e?tremely essential for
channeling the investments in to the infrastructure sector. 't the other end the policy ma2ers had
the fears that the insurance premia1 0hich are su4stantial1 0ould seep out of the countryI and
0anted to have a cautious approach of opening for foreign participation in the sector.
's one of the rare occurrences the entire de4ate 0as put on the 4ac2 4urner and the I!-' sa0
the day of the light than2s to the maturing polity emerging consensus among factions of different
political parties. Though some changes and some restrictive clauses as regards to the foreign
participation 0ere included the I!-' has opened the doors for the private entry into insurance.
)hether the insurer is old or ne01 private or pu4lic1 e?panding the mar2et 0ill present multitude
of challenges and opportunities. "ut the 2ey issues1 possi4le trends1 opportunities and challenges
that insurance sector 0ill have still remains under the realms of the possi4ilities and speculation.
)hat is the li2ely impact of opening up IndiaHs insurance sectorN The large scale of operations1
pu4lic sector 4ureaucracies and cum4ersome procedures hampers nationaliDed insurers.
Therefore1 potential private entrants e?pect to score in the areas of customer service1 speed and

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fle?i4ility. They point out that their entry 0ill mean 4etter products and choice for the consumer.
The critics counter that the 4enefit 0ill 4e slim1 4ecause ne0 players 0ill concentrate on affluent1
ur4an customers as foreign 4an2s did until recently. This seems to 4e a logical strategy. StartEup
costsEsuch as those of setting up a conventional distri4ution net0or2Eare large and highEend
niches offer 4etter returns. &o0ever1 the middleEmar2et segment too has great potential. Since
insurance is a volumes game. Therefore1 private insurers 0ould 4e 4est served 4y a middleE
mar2et approach1 targeting customer segments that are currently untapped.



C$2PTER *

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EFEC9T#3E "92R8
EFEC9T#3E "92R8
In todayHs corporate and competitive 0orld1 I find that insurance sector has the
ma?imum gro0th and potential as compared to the other sectors. Insurance has the
ma?imum gro0th rate of F>E9>K 0hile as *MC% sector has ma?imum 8;E8=K of
gro0th rate. This gro0th potential attracts me to enter in this sector and $%FC

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"tan&ar& 'i(e #nsurance Com)any 't& has given me the opportunity to 0or2
and get e?perience in highly competitive and enhancing sector.
The success story of good mar2et share of different mar2et organiDations
depends upon the availa4ility of the product and services near to the
customer1 0hich can 4e distri4uted through a distri4ution channel. In
Insurance sector1 distri4ution channel includes only agents or agency holders
of the company. If a company li2e !.I'$C .I* I$SU!'$C1 T'T'
'I%1 M'O etc have ade/uate agents in the mar2et they can capture 4ig
mar2et as compared to the other companies.
'gents are the only 0ay for a company of Insurance sector through 0hich
policies and 4enefits of the company can 4e e?plained to the customer

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#NTRO%9CT#ON
TO T$E COP2N8

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COP2N8 PROF#'E OF
$%FC "T2N%2R% '#FE #N"9R2NCE COP2N8 'T%
2BO9T $%FC "T2N%2R% '#FE #N"9R2NCE
&-*C Standard .ife Insurance Company .td. is one of India5s leading private insurance
companies1 0hich offers a range of individual and group insurance solutions. It is a joint venture
4et0een &ousing -evelopment *inance Corporation .imited @&-*C .td.A1 India5s leading
housing finance institution and a %roup Company of the Standard .ife1 U+. &-*C as on
-ecem4er <81 ;>>F holds F;.<9 per cent of e/uity in the joint venture.
$%FC "T2N%2R% '#FE #N"9R2NCE P2RENT2GE
&-*C is India leading housing finance institution and has helped 4uild more than ;<1 >>1>>>
houses since its incorporation in 8:FF.
In *inancial #ear ;>><E>C its assets under management crossed !s. <B1>>> Cr.

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's at March <81 ;>>C1 outstanding deposits stood at !s. F19C> crores. The depositor 4ase
no0 stands at around 8 million depositors.
!ated ''' 4y C!ISI. and IC!' for the 8>th consecutive year
Sta4le and e?perienced management
&igh service standards

'0arded The conomic Times Corporate CitiDen of the year '0ard for its
longEstanding commitment to community development.
Presented the -ream &ome a0ard for the 4est housing finance provider in ;>>C at the third
'nnual Outloo2 Money '0ards.

"tan&ar& 'i(e Grou) 0"tan&ar& 'i(e )lc an& its su.si&iaries1
Standard .ife %roup @Standard .ife plc and its su4sidiariesA
The Standard .ife group has 4een loo2ing after the financial needs of customers for over
89> years

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It currently has a customer 4ase of around F million people 0ho rely on the company for
their insurance1 pension1 investment1 4an2ing and healthEcare needs
Its investment manager currently administers PQ8;= 4illion in assets
It is a leading pensions provider in the U+1 and is rated 4y Standard 3 Poor5s as 5strong5
0ith a rating of 'R and as 5good5 0ith a rating of '8 4y Moody5s
Standard .ife 0as a0arded the 5"est Pension Provider5 in ;>>C1 ;>>= and ;>>B at the Money
Mar2eting '0ards1 and it 0as voted a = star life and pensions provider at the *inancial
'dviser Service '0ards for the last 8> years running. The 5= Star5 accolade has also 4een
a0arded to Standard .ife Investments for the last 8> years1 and to Standard .ife "an2 since
its inception in 8::9. Standard .ife "an2 0as a0arded the 5"est *le?i4le Mortgage .ender5
at the Mortgage MagaDine '0ards in ;>>B

$%FC @E8" "TRENG$"
F#N2NC#2' EFPERT#"E
'S ' 7OI$T ($TU! O* .'-I$% *I$'$CI'. S!(ICS %!OUPS1 &-*C ST'$-'!- .I* &'S

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T& *I$'$CI'. OP!TIS !LUI!- TO M'$'% #OU! .O$%ET!M I$(STM$TS S'*.#
'$- **ICI$T.#.
R2NGE OF "O'9T#ON"

) &'( ' !'$% O* I$-I(I-U'. '$- %!OUP SO.UTIO$S1 )&IC& C'$ " 'SI.#
CUSTOMIS- TO SPCI*IC $-S. OU! %!OUP SO.UTIO$S &'( "$ -SI%$- TO O**!
#OU COMP.T *.OI"I.IT# COM"I$- )IT& ' .O) C&'!%I$% ST!UCTU!.
TR2C@ RECOR% "O F2R
OU! %!OSS P!MIUM I$COM1 *O! T& #'! $-I$% M'!C& <81 ;>>9 STOO- 'T !S. C19=:
C!O!S '$- $) "USI$SS P!MIUM I$COM STOO- 'T !S. ;1B9= C!O!S.
T& COMP'$# &'S CO(!- O(! :1=:1>>> .I(S #'! $-I$% M'!C& <81 ;>>9.

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2ccola&es an& Recognition
!ated 4y 5"usiness 0orld5 as 5India5s Most !espected Private .ife Insurance Company5 in
;>>C.
!ated as the S"est $e0 Insurer E ;>><S 4y Outloo2 Money magaDine1 India num4er 8
personal finance magaDine
BE'OW 2RE FEW OF T$E P'2N" T$2T 2RE OFFERE% B8 $%FC "T2N%2R%"
'#FE #N"9R2NCE
#N"9R2NCE P'2N" 232#'2B'E
#n&ivi&ual Pro&ucts
)e at &-*C Standard .ife realiDe that not everyone has the same 2ind of needs. +eeping this in
mind1 0e have a varied range of Products that you can choose from to suit all your needs. These
0ill help secure your future as 0ell as the future of your family.
Protection Plans
#ou can protect your family against the loss of your income or the 4urden of a loan in the

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event of your unfortunate demise1 disa4ility or sic2ness. These plans offer valua4le peace of
mind at a small price.
Our Protection range includes our Term 'ssurance Plan 3 .oan Cover Term 'ssurance Plan.

#nvestment Plans

Our Single Premium )hole Of .ife plan is 0ell suited to meet your long term investment
needs. )e provide you 0ith attractive long term returns through regular 4onuses.

Pension Plans

Our Pension Plans help you secure your financial independence even after retirement.
Our Pension range includes our Personal Pension Plan1 Unit .in2ed Pension1 Unit .in2ed
Pension Plus

"avings Plans

Our Savings Plans offer you fle?i4le options to 4uild savings for your future needs such as
4uying a dream home or fulfilling your children immediate and future needs.
Our Savings range includes ndo0ment 'ssurance Plan1 Unit .in2ed ndo0ment1 Unit
.in2ed ndo0ment Plus1 Unit .in2ed ndo0ment Plus II1 Money "ac21
Unit .in2ed nhanced .ife Protection II1 Children5s Plan1 Unit .in2ed #oung Star1
Unit .in2ed #oung Star Plus1 Unit .in2ed #oung Star Plus II.

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Grou) Pro&ucts
One-sto) sho) (or em)loyee-.ene(it solutions
&-*C Standard .ife has the most comprehensive list of products for progressive employers 0ho
0ish to provide the 4est and most innovative employee 4enefit solutions to their employees. )e
offer different products for different needs of employers ranging from term insurance plans for
pure protection to voluntary plans such as superannuation and leave encashment.
)e no0 offer the follo0ing group products to our esteemed corporate clients6
%roup Term Insurance
%roup (aria4le Term Insurance
%roup UnitE.in2ed Plan

'n investment solution that provides funding vehicle to manage corpuses 0ith %ratuity1
-efined "enefit or -efined Contri4ution Superannuation or .eave ncashment schemes
of your company
'lso suita4le for other employee 4enefit schemes such as salary saving schemes and
0ealth management schemes


"ocial Pro&uct
%evelo)ment #nsurance Plan
-evelopment Insurance plan is an insurance plan 0hich provides life cover to mem4ers of a
-evelopment 'gency for a term of one year. On the death of any mem4er of the group insured
during the year of cover1 a lump sum is paid to those mem4er 4eneficiaries to help meet some of
the immediate financial needs follo0ing their loss.

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Eligi.ility

Mem4ers of the development agency and their spouses 0ith6
E Minimum age at the start of the policy 89 years last 4irthday
E Ma?imum age at the start of policy => years last 4irthday
mployees of the -evelopment 'gency are not eligi4le to join the group. The group to 4e
covered is only eligi4le if it contains more than =>> mem4ers.

Premium Payments
The premium to 4e paid 0ill 4e /uoted per mem4er in the group and 0ill 4e the same for all
mem4ers of the group.
The premium can only 4e paid 4y the -evelopment 'gency as a single lump sum that includes
all premiums for the group to 4e covered. Cover 0ill not start until the premium and all the
mem4er information in our specified format has 4een received.
The premium rate is !s. ;= per !s. 8>1>>> of lump sum1 per mem4er.
Bene(its
On the death of each mem4er covered 4y the policy during the year of cover a lump sum e/ual
to the sum assured 0ill 4e paid to their 4eneficiaries or legal heirs. )here the death is as a
result of an accident1 an additional lump sum 0ill 4e paid e/ual to half the sum assured. There
are no 4enefits paid at the end of the year of cover and there is no surrender value availa4le at
any time.

The role o( the %evelo)ment 2gency
-ue to the nature of the groups covered1 &-*C Standard .ife 0ill 4e passing certain

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administrative tas2s onto the -evelopment 'gency. "y passing on these tas2s the premium
charged can 4e lo0er. These tas2s 0ould include6

Su4mission of mem4er data in a specified computer format
Collection of premiums from group mem4ers
!ecording changes in the details of group mem4ers
-is4ursement of claim payments and the mortality re4ate @if anyA to group mem4ers
These tas2s 0ould 4e in addition to the usual duties of a policyholder such as6
Payment of premiums
!eporting of claims
+eeping policy holder information up to date
Training and support 0ill 4e availa4le to give guidance on ho0 to complete the tas2s
appropriately.
Since these additional tas2s 0ill impose a 4urden on the -evelopment 'gency1 the
-evelopment 'gency may charge a !s. 8> administration fee to their mem4ers.

Prohi.ition o( re.ates
Section C8 of the Insurance 'ct1 8:<9 states

$o person shall allo0 or offer to allo01 either directly or indirectly1 as an inducement to
any person to ta2e out or rene0 or continue an insurance in respect of any 2ind of ris2
relating to lives or property in India1 any re4ate of the 0hole or part of the commission
paya4le or any re4ate of the premium sho0n on the policy1 nor shall any person ta2ing out
or rene0ing or continuing a policy accept any re4ate1 e?cept such re4ate as may 4e

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allo0ed in accordance 0ith the pu4lished prospectus or ta4les of the insurer
If any person fails to comply 0ith su4 regulation @previous pointA a4ove1 he shall 4e lia4le
to payment of a fine 0hich may e?tend to rupees five hundred.
TaE Bene(its
#NCOE T2F
"ECT#ON
GRO"" 2NN92'
"2'2R8
$OW 9C$
T2F C2N 8O9
"23EG
$%FC "T2N%2R%
'#FE P'2N"
Sec. 9>C 'cross 'll income
Sla4s
Upto !s. <<1::>
saved on
investment of
!s. 81>>1>>>.
'll the life insurance
plans.
Sec. 9> CCC 'cross all income
sla4s.
Upto !s. <<1::>
saved on
Investment of
!s.81>>1>>>.
'll the pension plans.

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Sec. 9> -T 'cross all income
sla4s
Upto !s. <1<::
saved on
Investment of
!s. 8>1>>>.
'll the health insurance
riders availa4le 0ith the
conventional plans.
TOT'. S'(I$%S
POSSI". TT

Rs75=7;<
!s. <<1::> under Sec. 9>C and under Sec. 9> CCC 1 !s.<1<:: under
Sec. 9> -1 calculated for a male 0ith gross annual income
e?ceeding !s. 8>1>>1>>>.



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Sec. 8> @8>A- Under Sec. 8>@8>-A1 the 4enefits you receive are completely ta?Efree1
su4ject to the conditions laid do0n therein.
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RE"E2RC$
ET$O%O'OG8
T#T'E/
To determine customerE4uying 4ehavior 0ith a focus on mar2et segmentation for &-*C
Standard .ife Insurance.
T#T'E J9"T#F#C2T#ON6

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The a4ove title is self e?planatory. The study deals mainly 0ith studying the 4uying pattern in
the insurance industry 0ith a special focus on &-*C Standard .ife Insurance. The various
segments of the mar2ets divided in terms of Insurance $eeds1 'ge groups 1 Satisfaction levels etc
0ill also studied.
"#GN#F#C2NCE TO T$E #N%9"TR8 /
This is a limited study 0hich ta2es into consideration the responses of 8>> people. This data can
4e e?plorated to ta2e in the trends across the industry. The significance for the industry lies in
studying these trends that emerge from the study. It is a rapidly changing and evolving sector.
People are only 4eginning to 0a2e up to itHs vast possi4ilities. ' study li2e this can attempt to
guide the future of the industry 4ased on current trends.
"#GN#F#C2NE FOR T$E RE"E2RC$ER /
To facilitate and provide all the useful informtaion of the company1 the insurance industry and
also provide mar2eting 0ays1 methods of &-*C Standard .ife insurance.
"2P'#NG ET$O%O'OG8

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"am)lingTechniBue/
Initially1 a rough draft 0as prepared 2eeping in mind the o4jective of the research. ' pilot study
0as done in order to 2no0 the accuracy of the Luestionnaire. The final Luestionnaire 0as
arrived only after certain important changes 0ere done. Thus the sampling came out to 4e
judgemental and convenient.
"am)ling 9nit/
The respondants 0ho 0ere as2ed to fill out /uestionnaires are the sampling units. These
comprise of employees of M$Cs1 %ovt. mployees1 Self mployeds etc.
"am)le siCe/
The sample siDe 0as restricted to only 8>>1 0hich comprised of mainly peoples from different
regions of -elhi1$C! due to time constraints.
"am)ling 2rea /
The area of the research 0as -elhi1$C!.
'##T2T#ON" OF T$E RE"E2RC$

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8. The research is confined to a certain parts of -.&I and does not necessarily sho0s a
pattern applica4le to all of Country .' small num4er of 8>> also does not sho0 the pattern of
the 0hole city.
;. Some respondents 0ere reluctant to divulge personal information 0hich can affect the
validity of all responses.
<. In a rapidly changing industry1 analysis on one day or in one segment can change very
/uic2ly. The environmental changes are vital to 4e considered in order to assimilate the
findings.
C. The training period 0as very less.

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C$2PTER 4
%2T2 2N2'8"#" 2N%
#NTERPRET2T#ON

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%2T2 2N2'8"#" H #NTERPRET2T#ON
%2T2 REPRE"ENT2T#ON OF PEOP'E W$O 2RE EP'O8E%
%2T2 G#3E" EP'O8ENT "T2T9" OF T$E #N"9RE% RE"PON%ENT".
EP'O8ENT
NO.OF
RE"PON%ENT
"$2RE 0I1
8E" <* <*
NO ; ;

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Ta.le ,
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#NTERPRET2T#ON
The data sho0s that the majority of respondents are employed 0hich 0ould depict the 4etter
picture of the mar2er scenerio.
%2T2 "$OW#NG 2NN92' #NCOE OF RE"PON%ENT"
2NN92' #NCOE
NO.OF
RE"PON%ENT"
"$2RE 0I1
U=. C= C=
=.E8>. ;= ;=

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Ta.le *
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8O.E8=. ;> ;>
8=.E;>. 8> 8>
#NTERPRET2T#ON
It can 4e noted that ma?imum amount of people @C=KA fall in the category of U = lac2s slot .
%2T2 "$OW" PEOP'E $23#NG #N"9R2NCE

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Ta.le 7
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RE"PON"E NO. OF
RE"PON%ENT"
"$2RE 0I1
#es F> F>K
$o <> <>K
*ig F.B
#NTERPRET2T#ON
Of the sample siDe of C>> surveyed respondents F>K of the respondents are having
Insurance policy.
<>K of the respondents are either not having any Insurance policy at present or their policy
is already matured.

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'nd at present 8>>K of the respondents are 0ith the vie0 that Insurance is a tool to protect
your family
. %2T2 G#3E" BENEF#T" OF #N"9R2NCE PERCE#3E% B8 RE"PON%ENT"
BENEF#T"
NO.OF
RE"PON%ENT"
"$2RE 0I1
Cover *uture Uncertainty == ==
Ta? -eductions ;> ;>
*uture Investment ;= ;=
TOT'. 8>> 8>>

*igF.;

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Ta.le 6
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#NTERPRET2T#ON
==K of the respondents 4elieve that covering future uncertainty is the 4iggest 4enefit of
an insurance policy.
)hereas1 ;>K and ;=K of them 4elieve that the other 4enefits are Ta? deduction and
future investments respectively.
%2T2 PRO3#%E" FE2T9RE" OF #N"9R2NCE PO'#C8 T$2T 2TTR2CTE%
RE"PON%ENT"
FE2T9RE NO.OF
RE"PON%ENT"
"$2RE 0I1
Money "ac2 %uarantee 8= 8=
.arger !is2 Coverance <F <F
asy 'ccess to 'gents F F
.o0 Premium <> <>
CompanyHs !eputation 88 88
TOT'. 8>> 8>>

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Ta.le :
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*ig F.<
#NTERPRET2T#ON
Majority of the respondent @<FKA found .arger ris2 coverance as the most attracted
feature of the all.
DATA SHOWS PEOPLE PREFERENCE IN INSURANCE COMPANIES
Table 6
CATEGORY NO. OF
RESPONDENTS
SHARE (%)

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PRIVATE 55 55%
GOVERNMENT 45 45%
#NTERPRET2T#ON
There are more num4er of people employed in Private sector@==KA as compared to C=K of
people in govt. Sector.

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%2T2 G#3E" PREFERECE OF RE"PON%ENT" OF #N"9R2NCE COP2N#E"
COP2N8J" N2E
NO.OF
RE"PON%ENT
"$2RE 0I1
'.#.C. 5; 5;
$%FC * *
#C#C# PR9%ENT#2' ,+ ,+
"B# '#FE 5 5
RE'#2NCE '#FE
#N"9R2NCE
7 7
TOT2' ,++ ,++
*ig F.8
#NTERPRET2T#ON

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Ta.le 5
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F9K of the people contacted prefer .IC policy to any other and therefore it is ran2ed no.8
4y that percent of respondents.

%2T2 "$OW#NG T$E RE2"ON FOR PREFERENCE OF 2N #N"9R2NCE PO'#C8
T2B'E ;
RE2"ON NO.OF
RE"PON%ENT
"$2RE 0I1
E2"8 2CCE""2B#'#T8 6+ 6+
ORE "EC9R#T8 *+ *+
BETTER "EC9R#T8 *+ *+
ORE #NFOR2T#ON H
$E'P
,+ ,+
C9"TOER OR#ENT2T#ON ,+ ,+
TOT2' ,++ ,++

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#NTERPRET2T#ON
It can 4e noted that the reason for ma?imun people for prefering the policy is easy accessa4ility
follo0ed 4y people 0ho loo2 for 4etter 3 more security
%2T2 "$OW#NGT$E T#E "P2N OF T$E #N"9R2NCE P'2N
NO. OF 8E2R"
NO.OF
RE"PON%ENT"
"$2RE 0I1
U=#!S C= C=
=#!SE8>#!S ;= ;=
8O#!SE8=#!S ;> ;>
8=#!SE;>#!S 8> 8>

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Ta.le <
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#NTERPRET2T#ON
It can 4e noted that ma?imum amount of people loo2 for short term insurance as compared to
8>K of those 0ho go for long term.
%2T2 "$OW" N9BER OF RE"PON%ENT" P28#NG T2F
RE"PON"E NO. OF
RE"PON%ENT"
"$2RE 0I1

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Ta.le ,+
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Paying ta? 8>> 8>>K
$ot paying ta? E >K
Total 8>> 8>>K
*ig F.88
#NTERPRET2T#ON
Of the sample siDe of 8>> respondents1 all the respondents are paying ta?
%2T2 "$OW" RE"PON%ENTJ" #N3E"TENT" FOR T2F "23#NG


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Ta.le ,,
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#N3E"TENT" NO. OF
RE"PON%ENT"
"$2RE 0I1
.IC =8 =8K
$SC << <<K
"onds <; <;K
PP* ;= ;=K
P* ;8 ;8K
P* 88 88K
*igF.8;
#NTERPRET2T#ON
=8K of the respondents save their ta? 4y investing in .IC1 0hich is the highest among all
Investment. This sho0s that most people for getting ta?es 4enefits invest in .IC.
<<.;=K of the respondents do their ta? saving 4y investing in $SC.
<;.;=K of the respondents to their ta? saving 4y investing in 4onds.

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%2T2 "$OW" "2T#"F2CT#ON OF RE"PON%ENT" W#T$ RE"PECT TO PO'#C8
RE"PON"E NO. OF
RE"PON%ENT"
"$2RE 0I1
Satisfied B> B>K
$ot satisfied C> C>K
$ot !esponded > >.>K
Total 8>> 8>>K

*ig F.:

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Ta.le ,*
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#NTERPRET2T#ON
B>K of the respondents are more or less satisfied 0ith their e?isting policy.
C>K of the respondents are not satisfied 0ith their e?isting policy.
In this case all of those 0ho have ta2en a policy have responded.
%2T2 PRO3#%E" N9BER OF #N"9R2NCE PO'#C8 T8PE RE"PON%ENT"
PO'#C8 T8PE NO. OF
RE"PON%ENT"
"$2RE 0I1
.I* PO.IC# F= F=
$O$ .I* PO.IC# ;= ;=
"OT& C= C=

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Ta.le ,7
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*ig F.C
#NTERPRET2T#ON
F=K of the respondents have .ife Insurance Policy 0hile C=K have 4oth. @The K is
calculated out of ;9> positive responseA

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C$2PTER 5
F2CT" H F#N%#NG"

F2CT"KF#N%#NG"

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8.'s the people thin2 that insurance is a tool to protect their family 3 a ta? saving device. They
are a0are of the fact 3 realiDing its1 importance. The company should try to e?pand 3 4uild up
its infrastructure 4ecause there is a large potential for insurance in India.
;.Company should come up 0ith more 4ranches in -elhi 0ith the o4jective and goals to meet
the demands 3 e?pectations of the pu4lic. "ecause the entrance of private players 0ill increase
the competition and it 0ould 4e a tough tas2 to secure a good position in mar2et.
<.Since &-*C ST'$-'!- .I* I$SU!'$C .T- is leading 0ith several companiesH
policies it should 4e easy for them to penetrate into the mar2et and secure a good position if they
pay greater attention to the service part provided to their customer and there4y forming a long
and trusted relationship.
C.'s seen from the survey that at present F>K of the customer are having insurance policy out of
0hich 9F.=K of the customer are planning for ne0 investments. So it can 4e a good potential for
the company and they should ma2e an attempt to trap these customers.
=. C<K of the customer is even ready to go for insurance if a service provider a0ay from their
home is providing it. "ut intend they should provide good products and services. The company
should try to convince these customers and get them in its favor.

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RECOEN%2T#ON"

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RECOEN%2T#ON"
To ma2e people a0are a4out the 4enefits of &-*C standard life insurance policy1 follo0ing
activities promotional activities should 4e carried out6
.Printed media
. &oardings 3 "anners
. continues telivision commercials.
Company should come up 0ith more 4ranches in -elhi 0ith the o4jective and goals to meet
the demands 3 e?pectations of the pu4lic in order to provide people 0ith 4etter customer
satisfaction.

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Since &-*C Standard .ife Insurance Company .td is leading 0ith several companiesH
policies it should 4e easy for them to penetrate into the mar2et and secure a good position if
they increase the num4er of 4ranches and diversify their 4usiness to various other regions. .
's seen from the survey that at present F>K of the customer are having insurance policy out
of 0hich 9F.=K of the customer are planning for ne0 investments. So it can 4e a good
potential for the company and they should ma2e an attempt to tap these customers.
C<K of the customer is even ready to go for insurance if a service provider a0ay from their
home is providing it. "ut intend they should provide good products and services. The
company should try to convince these customers and get them in its favor.



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CONC'9"#ON

CONC'9"#ON

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Our e?haustive research in the field of .ife Insurance thre0 up some intresting trends 0hich can
4e seen in the a4ove analysis. ' general impression that 0e gathered during -ata collection 0as
the immense a0areness and 2no0ledge among people a4out various companies and their
insurance products. People are 4eginning to loo2 4eyond .IC for their insurance needs and are
0illing to trust private players 0ith their hard earned money.
People in general have 4een impressioned 4y the mar2eting and advertising campaigns of
insurance companies. ' high penetration of print 1 radio and Television ad campaigns over the
years is 4eginning to have itHs impact no0.
'nother heartning trend 0as in terms of people vie0ing insurance as a ta? saving and investment
instrument as much as a protective one. ' very high num4er of respondants have opted for
insurance for such purposes and it sho0s ho0 insurance companies ahve 4een successful to
attract pu4lic money in recent times.
The general satisfaction levels among pu4lic 0ith regards to policy and agents still re/uires
improvement. "ut therein lies the oppurtunity for a relative ne0 comer li2e &-*C Standard .ife
Insurance Company .td . .IC has never 4een 2no0n for prompt service or customer oriented
methods and &-*C Standard .ife can 4uild on these factors.

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