SURYADATTA INSTITUTE

OF MANAGEMENT ANF INFORMATION RESEARCH

( SIMIR )




Project Report
On

MARKET RESEARCH AND CUSTOMER SATISFACTION

SUBMITED TO
PROF. PRADEEP MKASHIR

















By
Mr. Mehul Agarwal
(SEF/MMM/018)





2013 - 2014




ACKNOWLEDGEMENT
It is said, The most important single word is we and the zero important
single word is I . This true even in today s modern era. It is absolutely
impossible for a single individual to complete the assigned job without help
and assistance from others.

It is my greatest pleasure to acknowledge sincere gratitude towards Mr.
Nikhil Shah (Sales Manager) Kotak Mahindra Life Insurance Company
Ltd. Pune, for the completion of the project work.

I am thankful to all of my friends and batch mates for their help in
completing this project work. Finally, I am thankful to my entire family
members for their great support and encouragement.




Mehul Agarwal




Executive Summary

The objective of the project was to do Market Research and customer
Satisfaction for Kotak Mahindra Life Insurance for that we have to
understand the customer needs, Income, constraints, response and emotions
so that they can contribute their time for becoming Life advisors for the
company. The objective of this study was to analyze consumer satisfaction
of mechanical splicing in Pune city with respect to the performance, sales
Effort and sales service.

As the company was new and it was yet to be marketed to a large number of
customers, it was essential to know the feedback of customers in order to
formulate effective marketing and sales strategies in future and improve the
Quality of service to achieve better consumer satisfaction.

The site visits and companying made us possible to measure the satisfaction
of consumer by identifying the attributes, which gave consumer-varying
degrees of satisfaction.
Questionnaire based on company format some attributes like requirement of
customer and sales services offered by company were identified as critical
(motivational) factors for providing satisfaction to consumers, while other
factors like excisable deposit center, premium collocation was time to time
and also intimation regaining before the collocation of premium. But
absence of such hygienic factors definitely results in a dissatisfied consumer.





These hygienic factors could result in selling but their absence can certainly
Unseal the product offering.

For this a questionnaire was prepared which gave a vague idea about the
people who were really interested and wanted to know about various new
opportunities in the insurance sector. Go through questionnaire in different
different area and people in the Pune city. The study was undertaken for
pune region during two months. The researchers were given first 15 days for
collection of data and scanning the data. The questionnaire contains various
aspects like there. Address, their present age, profession, number of
dependents, Goals and also planning for old age (Retirement) etc.

The second part of the study that consists of 40 days contains scanning the
questionnaire and taking appointments. After that usually meeting the
persons and tell them about the company.
Most important part is analyzing the information.



CONTENTS


Serial No. Particulars Page No.


1. Introduction

2. Industry Profile

3. Company Profile


4. Scope of the work

5. Research Methodology

6. Data interpretation and analyses

7. Observation and findings

8. Limitation and Recommendation

9. Bibliography

10. Annexure









INTRODUCTION





INTRODUCTION

Wherever there is uncertainty there is risk. The risk cannot be averted. The
risk is uncertainty of the financial loss. We don t have any command on
uncertainties. This makes it essential that we think in favor of a device that
becomes instrumental in spreading the loss. It is in this context that we think
about insurance.
Protection against the possible chances of generating uncertain losses. It
eliminates worries and miseries of losses or destruction of property and
death.


Life insurance is a contract between you and a life insurance company,
which provided you a death during the contract term.
Buying insurance is extremely useful if you are the principal earning
member in the family unfortunate premature demise, your family can remain
financially secure because of the life that you have purchased.

The primary purpose of life insurance is therefore protection of the family
in the even insurance is also seen as a tool to plan effectively for your future
years. Your retiren children s future needs. Today, the market offers
insurance plans that not just cover your same time grow your wealth too.
If you have dependants and financial responsibilities toward them, then you
certainly need.

Having a family means dependant, which in turn means financial
commitments. Finance comes in the form of loans, children s education,




medical expenses etc. Imagine what would happen if you were to lose your
life suddenly or become disabled being insured in a situation like this is a
necessity.
When you insured your life, in effect what you are doing insuring your
earning capacity that your dependents will be able to continue living without
financial hardships even in case

Most insurance plans available today come with a savings element built into
it. These policies not only for a financially independents future, which were
have a comfortable retirement. For example. Kotak preferred Retirement
plans such as income plan and kotak Multiplier plan. Most insurance plans
available today have a bailt in saving elements. Kotak preferred Retirement
plans meet your dual financial goals of life cover and savings for the future.
Collateral security.
Life wasn t designed to be risk free. The key is not to eliminate risk, but to
estimate it Accurately and manage it wisely.
Insurance sector have characteristic that give can boost to the growth of any
economy .it is due to the savings done at the individual level and at micro
level it generates funds for infrastructure building as the cash flow is
constant while the payout is differed, so that the insurance companies are
becoming biggest investors in long gestation infrastructure development
projects and hence have a great Importance to the developing economy like
India. Insurance sector with an annual growth rate of 15-20% and the largest
number of life insurance policies in force, the potential of the Indian
insurance industry is huge.






INTRODUCTION OF THE TOPIC
The purpose of this training was to have practical experience of working
within the organization, in the filed of marketing and to have exposure to the
important management practices in field of marketing.

While writing this report the language has been keep simple and the entire
discussion has been logical and has coherent outlines. The main motto of the
project work was Market Research and customer Satisfaction of Kotak
Mahindra Life Insurance, Pune. It includes through market Research in
various plans of Kotak Mahindra Life Insurance. And in detail consumer
(Satisfaction) responses analysis, by surveying number of consumers.
The project report is divided into two parts, first part consists market
research for finding out best sold plan of Kotak Mahindra Life Insurance,
And second consist survey report of various consumers about there
responses about satisfaction towards Kotak Mahindra Life Insurance
Company.





IMPORTANCE OF THE TOPIC

The project report is all about market research to find out best sold plan of
Kotak Mahindra Life Insurance, pune. And to mouser the satisfaction level
of consumers of Kotak Mahindra Life Insurance.
Market research helps Kotak Mahindra Life Insurance about the best plan
purchased by its consumer satisfaction level helps to know weather the
consumers are satisfied by service/Plans of Kotak Mahindra Life Insurance.









INDUSTRY PROFILE



INDUSTRY PROFILE


The industries, businesses and individuals are considerably by the services
of insurance organization.

A. The oldest form of insurance (12
th
century) is marine insurance. After
wards in 16
th
century fire insurance is started in Germany.
B. The first registered life office was Hand in Hand Society
established in 1696.
C. In India the first life insurance was started in the Bengal Presidency in
1818 knows as oriental life insurance company.
D. Experiencing so many ups and downs the insurance business was
found in changed shapes. Particularly after attaining independence
and to the more specific after nationalizing in 1956.
E. There was major change in the insurance sector after globalization in
2001. The private player in the insurance industry and ends the
dominance of LIC.
F. The different MNC s company of foreign country enters in the
insurance industry with the joint venture with Indian companies.
Today total 11 private life insurance companies are working in
insurance industry.




HISTORY

1912: the Indian Life Assurance Companies Act enacted as the first stature
to regulate the life insurance business.
1928: the Indian Insurance Companies Act enacted to the government to
collect statistical information about both life and non life insurance
businesses.

1938: Earlier legislation consolidated and amended to the insurance Act
with the objective of protecting the interests of the insuring public.
1956: 245 Indian and Foreign insurers and provident societies taken over by
the central government and nationalized. LIC formed by an Act of
Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 core
from the Government of India.

INSURANCE SECTOR REFORMS:


1) Structure
Government stake in the insurance companies to be brought down to 50%.


2) Competition
Private companies with a minimum paid up capital of Rs. 1bn should be
allowed to enter the industry. No company should deal in both Life and
General Insurance though a single entity. Foreign companies may be



allowed to enter the industry in collection with the domestic companies.
Postal Life Insurance Should be allowed to operate in the rural market. Only
One State Life Insurance Company should be allowed to operate in each
state.

3) Regulatory Body
- The Insurance Act should be changed
- An Insurance Regulatory body should be set up
- Controller of Insurance (Currently a part from the Finance Ministry)
should be made independent.

4) Investments
Mandatory Investment of LIC Life Fund in government securities to be
reduced from 75% to 50%.

5) Customer service
LIC should pay interest on delays in payments beyond 30 days. Insurance
companies must be encouraged to set up unit linked pension plans.
Computerization of operations and updating of technology to be carried out
in the insurance industry. The committee emphasized that in order to
improve the customer services and increase the coverage of the insurance;
industry should be opened up to competition.




ENTRANCE OF PRIVATE PLAYERS IN INSURANCE SECTORS
India still has low insurance penetration of 1.95 percent, 51
st
in the world.
Despite the fact that India boosts a saving rate of around 25 percent, less
than 5 percent is spent on insurance.

The insurance landscape in India is undergoing major changes. Close to
foreign competition since nationalization in 1956, the life insurance industry
had been protected from competitive pressures. Now, with the reopening of
the sector, several new players have entered the scene.
The acronym for the Insurance Regulatory and Development authority of
India, it overseeing the insurance business in India. It protects the interests of
the policyholders received and ensures orderly growth of the insurance
industry and for matters connected there thereto.

Beside Kotak Mahindra Life Insurance there are other 11 private players
working in life insurance sector, which are as follows.


Allianz Bajaj Life Insurance Company Ltd.
Allianz Bajaj Life Insurance Company Ltd. is a joint venture between
Allianz AG (Largest insurer in Europe) and Bajaj Auto Ltd. incorporated on
12
th
march 2001.

AMP Sanmar Assurance Company Ltd.
AMP Sanmar Assurance Company Ltd. is a joint venture between AMP,
largest life insurer in Australia and New Zealand, Sanmar is one of the




largest industrial groups in South India dealing in chlorochemicals and
shipping and Engineering.




Aviva Life Insurance Company Ltd.
Aviva Life Insurance Company Ltd. is a joint venture between Dabur India
and CGU, is a wholly subsidiary of Aviva Plc (UK).

BI Life Insurance Company Ltd.
India s largest bank SBI and Cardiff S.A, a leading insurer in France came
together to from SBI Life.


Tata Life Insurance Company Ltd.
Tata Life Insurance Company Ltd. is capitalized at Rs. 185 crore; of which
74% has been brought in by TATA Sons and the American partner bring the
balance 26%.

ICICI Prudential Life Insurance Company Ltd.
ICICI Prudential equity based stands at Rs. 675 Cr. With ICICI group and
Prudential Plc holding 74% and 26% stake respectively.

Birla Sun Life Insurance Company Ltd.
Birla Sun Life Insurance Company is a 74:26 joint venture between Aditya
Birla Group and sun life financial services of Canada.

HDFC Standard Life Insurance Company Ltd.




HDFC Standard Life Insurance Company Ltd. was one of the first
companies to be granted license by the IRDA to operate in life insurance
sector. It was incorporated on 14
th
august 2000. HDFC is the majority
stakeholder in insurance JV with 81.4% stake and Standard life (largest
mutual assurance company in Europe) has a stake of 18.6%.

ING Vysya Life Insurance Company Ltd.
ING Vysya Life Insurance Company Ltd. is expected to be first bank
assurance venture in the country. Together they have roped in GMR group,
which has wide-ranging interests in field such as power generation
infrastructure, manufacturing, software and banking. As per JV agreement
Vysya bank would hold 49% stake, ING (Europe, Dutch origin) 26% and
GMR group would hold 25% of the stake.


MAX New York Life Insurance Company Ltd.
It s a partnership between MAX India ltd and New York life, a Fortune 100
company.

Met Life India Insurance Company Ltd.
It was incorporated in April 2001 as a joint venture between Met Life
International Holding, Inc, Jammu & Kashmir bank, and M. Pallonji and
company private Ltd.












COMPANY PROFILE




PRODUCT


a) Kotak Flexi plan

Advantages:
1 Choice of 5 professionally managed funds included Gilt Fund, Floating
Rate Fund, Bond Fund, Balanced Fund, Growth Fund.
2 Add lump sum injections as and when suitable
3 Premium holiday facility
4 Riders options for enhanced protection
5 Loan facilities in case of emergencies
6 Simplified documentation and procedures

b) Kotak Retirement Income Plan

The Kotak Retirement Income Plan is a savings plan designed to meet your
post retirement needs. It is a plan that gives you jeene Ki azaadi by giving
you the choice to remain independent even after retirement.
Advantages:
1 In this plan minimum age of 18 years of old and maximum age is 60 years.
2 You may buy an annuity either from Kotak Life Insurance.
3 You can make lump sum injections into your policy at any time before
retirement.
4 For a with cover plan you have the facility of Automatic cover
Maintenance, which ensures that the cover remains in force even when you





miss the premium payments. This facility is available after the first 3 years
of the term.
5 You may exercise the option of paying premium from the Supplementary
Accumulation Account, created from will be created from lump sum
injections, if the need arises.

c) Kotak Endowment Plan

An Endowment policy is a combination of savings along with risk cover.
These policies designed to accumulate wealth and at the same time cover
your life. In simple words, issued for specific time periods during which you
pay a regular premium. If you die during policy, your beneficiaries will
receive the sum assured along with the accumulated bonus a outlive the
policy tenure you will receive the sum assured along with accumulated
bonus.
Advantages:
1 In this plan minimum age of 18 years of old and maximum age is 65 years.
2 You can take a loan against your policy has been in force for at least three
years.
3 You have the option of paying premiums quarterly, half yearly or yearly.
4 You have the benefit of a 15-day free look period.


d) Kotak Capital Multiplier Plan

The Kotak Capital Multiplier Plan is a participating plan that is built in such
a way that it allows your money to multiply, and gives you the flexibility of
using this money the way you need it, in regular and irregular withdrawals.



This is an endowment plan, which is very flexible and has a lot of in-built
benefits.
Advantages:
1 In this plan minimum age of 18 years of old and maximum age is 60 years.
2 At the start of your withdrawals period, you can draw the full proceeds or
you can draw up to 50% of your basic sum assured or accumulation account,
whichever is higher.
3 In addition to the regular premiums, you can make lum sum injection into
your plan during the premium paying period. A Supplementary
Accumulation Account will be created.
4 You have the facility of Automatic Cover Maintenance, which ensures that
the policy remains in force even when you miss the premium payments. This
facility is available after the first 3 years of the term.

e) Kotak Child Advantage Plan

The Kotak Child Advantage Plan is an investment plan designed to meet
your child s future needs. It is a plan that gives your child the azaadi to
realise his/her dreams. This is an endowment plan where the life insured is
the child. This is a participating plan.
Advantages:
1 In this plan minimum age of 0 years of old and maximum age is 17 years.
2 You may take a loan against this plan, after the policy has been in force for
at least three years.
3 You have the option of paying premiums quarterly, half yearly or yearly.
4 You have the benefit of a 15-day free look period.










SCOPE OF STUDIES






Need for measuring customer satisfaction.

Customers are too good to lose
---------- Lets keep them happy!

Customer is the king.


In the era of cutthroat competition and economic recession, above axiom has
more importance than ever before.

Marketing starts with the customer and ends the customer .
Peter Drucker.


So no organization, small or big ignores the customers.

Earth is not the center of universe but revolves around the Sun .
-Copernicus.

Similarly, we have come to believe that business firm is not the center of
economic universe but revolves around the customer.


Build customer and not only products.

Building customers is not a single step exercise but a process ------.







OBJECTIVE OF THE STUDY:

1) To determine the present position and satisfaction of customer in Kotak
Mahindra Life Insurance.
The main objective of the project was to analyze consumer satisfaction of
Kotak Mahindra Life Insurance with other services in Pune. And also
present position of the company.

2) To determine the market share of different brands.
The second objective of the project was to determine the market share of
different brands available in the market. There was a tough competition for
the brand in the market. Therefore to get establish, company had to make its
competitors analysis and need to determine where do they stand.

3) Responses of customer
Responses from them were collected through survey and for the
questionnaire were prepared for both of them.

4) Benefits derived by assessing consumer satisfaction are:
- Feedback to organization regarding product.
- Understanding customer s requirements.
- Providing superior service to customer.
- Strengthen the relationship with customers.
- Formulating sales strategies.







5) Identify pros and cons of the brand.
This was a fundamental objective of the whole research. Company wants to
identify that where does the brand lack. In other words, what are the brands
so that it can rectify them in order to establish the brand in the market.

6) Suggestions and recommendations.
The objective of the research was not only to find out the problem but also
the identification of solutions or suggestions of the problems.








RESEARCH
METHODOLOGY




RESEARCH METHODOLOGY


INTRODUCTION
Research is an art of scientific investigation through search for new facts in
any branch of knowledge. It is a moment from known to unknown.

Research always starts with a question or a problem.
Its purpose is to find answers to questions through the
application of the scientific method.
It is a systematic and intensive study directed towards a more
complete knowledge of the subject studied.
As marketing does not address itself to basic or fundamental question, it
does not qualify as basic research. On the contrary, it tackles problems,
which seem to have immediate commercial potential. In view of the major
consideration, marketing research should be regarded as applied research.
We may also say that marketing research is of both types problem solving
and problem oriented.

Marketing research is as systematic and objectives study of the problems
pertaining to the marketing of the goods and services. It may be emphasized
that it is not restricted to any particular area of marketing, but is applied to
all the phases and aspects.





METHOD OF DATA COLLECTION


1) Data to be collected.
Data includes facts and figures, which are required to be collected to
achiever the objectives of the project. In order to determine the present
position and satisfaction of customer of kotak Mahindra Life Insurance.

a) Primary Data
The data that is being collected for the first time or to particularly fulfill the
objectives of the project is known as primary data.
These types of data were,
- The market share of Kotak Mahindra Life Insurance.
- The market share of other brands available in the market.
- Responses of consumer.
- Identifying pros and cons of the brand.
The above primary data were collected through responses of consumer was
conducted through questionnaires prepared for them.


b) Secondary Data
Secondary data are that type of data, which are already assembled and need
not to collected from outside. These types of data were
i) Company Profile
ii) Product Profile
iii) Competitors Profile
The aforesaid data were collected through Internet and company s financial
report.





2) Data Collection Method
For given project, the primary data, which needed to collect for the first
time, were much significant. This type of information gathered through
Survey technique, which is the most popular and effective technique for
correct data collection. The survey was completed with the use of
questionnaires.
- Questionnaire for consumer.


3) Sampling
Sample is the small group taken under consideration from the total group.
This small group represents the total group. In the project the market
research, which was ask to be studied was pune market but as it was possible
to approach all the respondent s customer of the city, hence a sample was
selected which represents the whole city. The areas selected for the sample
are present further in the appendix. Sample size of customer list was taken
from Kotak Mahindra Life Insurance customer data basic.

4) Data Evaluation
The data so collected were not simply accepted because it contained
unnecessary information and over or under emphasized facts. Therefore only
relevant data were included in the report, which helped in achieving the
objectives of the project.









DATA INTERPRETATION
AND ANALYSIS




Personal detail


Classes
(Age)
No of
Respondents
18-24 4
24-35 19
35-45 16
45-55 8
55-65 1



No. Of Respondant

20
18
16
14
12
10 No. Of Respondant
8
6
4
2
0
18-24 24-35 35-45 45-55 55-65

ANALYSIS


Above diagram consist five classes of different age groups. Here customer
19 customer biloges to 25-35 age groups, 16 customers fall in the age group
35-45 years.
Other 8 customer comes are in the class 45-55 years the age group of 18-24
consists four customer reaming customer is in age group 55-65 years.
Here majority of customer belong to the group 25-35 years.





Do you think is it essential to have Life Insurance?
YES NO


Yes No Total
No. of Respondents 45 5 50
% of Respondents 90 10 100









No. of Respondents

YES
NO






ANALYSIS
To this question 45 consumers reported YES and 5 consumers reported
NO .





Which are the companies you invested your money for Life Insurance?



Companies No. of
Respondents
% of
Respondents
Kotak Mahindra Life Insurance 50 37.04
LIC 30 22.22
Bajaj Allianz - -
Tata AIG 10 7.41
Max New York Life Insurance 5 3.70
HDFC Life Insurance 10 7.41
ICICI Prudential Life Insurance 25 18.52
SBI 5 3.70





No. of Respondents
Kotak Mahindra Life
Insurance
LIC

Bajaj Allianz

Tata AIG

Max New York Life
Insurance
HDFC Life Insurance

ICICI Prudential Life
Insurance
SBI







ANALYSIS

From the above figure we come to know that customer are also investing
money in other life insurance companies. The major player in insurance is
LIC holding 22.22% of total sample. The second major player ICICI is
holding 18.52%. HDFC and AIG are having equal share of 7.41% & the
Max New York & SBI are having 3.70%.





Why did you choose Kotak Life Insurance?




No of
Respondents
% Of
Respondents
ROI 18 36
Peer Pressure 15 30
Tax Benefit 10 20
Security /safety 2 24
Low Premium 5 10
TOTAL 50 100







No. of Respondents
ROI
Peer Pressure
Tax Benefit
Security /safety
Low Premium



ANALYSIS

The above diagram shows 36% of respondents choose because of good
returns, 30% because of peer pressure and remaining 24% opt. Because of
tax benefit, safety and 100 premium respectively.





Which of the following planed you is insured?





No o
Respondents
% Of
Respondents
Kotak Flexi plan 25 40
Kotak Retirement Plan 19 30
Kotak Endowment Plan 3 5
Kotak Capital Multiplier Plan 6 10
Child Advantage Plan 10 15








No. of Respondents
Kotak Flexi plan

Kotak retirement Plan

Kotak Endowment Plan

Kotak Capital Multiplier
Plan
Child Advantage Plan





Note.


Some of customer are having more than one plan total survey customers are
50.







ANALYSIS

From the total 63 respondents maximum i.e. 40% customers have opted for
Flexi Plan, whereas 30% have gore for Retirement plans and remaining 30%
have customer are having endowment, multiplier and child advantage
respectively.




What kind of services you expect from insurance provides






No of
Respondents
% Of
Respondents
Easy access ability to Deposit Center 20 31
Time to time premium collection 12 19
Provision in case of Dues 8 13
Bonus & other schemes 24 37
TOTAL 64 100






No. of Respondents
Easy access ability to
Deposit Center
Time to time premium
collection
Provision in case of
Dues
Bonus & other schemes


Note.

Some of customer are expecting more than single service.







ANALYSIS
Out of total 50 respondents 37% like to have bonus and other service as a
prime concern, 13% like to have provision in case of dues and remaining
31% & 12% respondents say. They need time-to-time premium collection
and easy accessibility to deposit center as a concern before choosing
insurance provider.




How will you rate the services given by Kotak Mahindra Life Insurance?



No of
Respondents
% Of
Respondents
Poor - -
Average 16 32
Good 28 56
Excellent 6 12
TOTAL 50 100




No. of Respondents
Poor
Average
Good
Excellent




ANALYSIS
Out of 50 respondents 57% have ratted Kotak Mahindra Life Insurance
services as good and 32% have ratted as average. And remaining 12% have
ratted as Excellent.





What difference you find between Kotak & your previous Insurance
provider.



No of
Respondents
% Of
Respondents
Good Returns 16 21
Effective Service/liquidity 12 15
Tax Planning 28 36
Security/ Safety Benefit 22 28
TOTAL 50 100








No. of Respondents
Good Returns
Effective Service
Tax Planning
Security/ Safety Benefit


Note.

Some of customers are having more than one plan more Benefit are expected
in one plan. Total surveys of customers are 50.





Do have any suggestion for Kotak Mahindra Life Insurance?
YES NO



YES NO TOTAL
No of Respondents 39 11 50
% Of Respondents 78 22 100










No. of Respondents

YES
NO


ANALYSIS
To this question 39 consumers reported YES and 11 consumers reported
NO .





In future, will you purchase policies from Kotak Mahindra Life Insurance?
YES NO





YES NO TOTAL
No of Respondents 32 18 50
% Of Respondents 64 36 100









No. of Respondents

YES
NO





ANALYSIS

To this question 32 consumers reported YES and 18 consumers reported
NO .









OBSERVATION
AND
FINDINGS




OBSERVATIONS

Majority of the customer s belonged to age group of 25-35
years that is 19 consumers.
45 consumers think Life Insurance is essential for them.
135 respondents are investing in life insurance companies like
Kotak Life Insurance, LIC, Tata Allianz, Max New York,
HDFC, ICICI and SBI.
36 percentages of the total respondents invest in Kotak
Mahindra Life Insurance for getting high ROI.
Most of respondent s preferred kotak Flexi Plan.
37.5 percentage respondents expect bonus and other schemes
from Kotak Mahindra Life Insurance.
56 percentage respondents satisfied with services given by
Kotak Mahindra Life Insurance.
As per 28% of despondence Kotak Mahindra Life Insurance
providers good tax benefits to the Investors.
64% of respondents are willing to purchased policies from
Kotak Mahindra Life Insurance in future.






LIMITATION
AND
RECOMMENDATIONS



RECOMMENDATIONS

1) There is scope to sale insurance policy by concentrating on age group
18-24 years here potential of customers are there.(Example. Software
professional, BPO employees, and professionals) Flexi plan can be sold
by concentrating on age group 35-45 years. (Example. Government
employees, executives and businessman)
2) As major respondents think to have life insurance policy is very
essential there is lot of scope for insurance company.
3) Kotak Mahindra Life Insurance should try to build trust among the
public by making people aware of their investment is safe, high return on
investment, Tax Benefits.
4) As more respondents are investing in Kotak Mahindra Life Insurance
for getting high return on investment the company should try to provide
attractive returns on investments in future.
5) Kotak Mahindra Life Insurance should introduce attractive policies &
also attractive bonus on policies to attractive more potential customers.
6) Approx 36% of respondents differ with there previous insurance
provider, they field that Kotak Mahindra Life Insurance providing good
tax benefit for there investment so Kotak Mahindra Life Insurance if
possible try to provided more tax benefit customer.
7) 64% respondents are willing to purchases Kotak Mahindra Life
Insurance policies in future this benefit Kotak Mahindra Life Insurance
as mort potential customer in future.








CONCLUSION



After conducting market research for Kotak Mahindra Life Insurance
Company we came to know different needs of consumers, their valuable
suggestions, responses to the different questions. With this information we
can conclude that there is good market awareness about Kotak Mahindra
Life Insurance Company in the market.

Customer satisfaction level of most respondents is higher for Kotak
Mahindra Life Insurance Company, which is provided by survey. Higher
satisfaction level of Kotak Mahindra life insurance company was monthly
due to Kotak provides good tax benefit for the consumers also ROI, security
etc.

Kotak Mahindra Flex s plan is the best-sold plan in market by Kotak
Mahindra Life Insurance. This conveys that the customer s are switching to
retirement plan.








BIBLIOGRAPHY



REFERENCES
BOOKS

MAGAZINE

Business & Economy Magazine
COMPUTER WEBSITE
www.IRDA.com
www.licindia.com
www.hdfcinsurance.com
www.businessindiaonline.com
www.maxnewyorklife.com
www.brandonline.com
www.iciciprulife.com










ANNEXURE




QUESTIONNAIRE

1. Personal detail
Name:
Age
18-24 25-35
45-55 55 and above
Phone No.
Email.
Office Address: -
35-45




Residential Address: -








2. Do you think is it essential to have Life Insurance?
YES NO

3. Which are the companies you invested your money for Life Insurance?
a) Kotak Mahindra Life Insurance
b) LIC
c) Bajaj Allianz
d) Tata AIG
e) Max New York Life Insurance
f) HDFC Life Insurance
g) ICICI Prudential Life Insurance
h) SBI





4. Why did you choose Kotak Life Insurance?
a) ROI
b) Peer Pressure
c) Tax Benefit
d) Security /safety
e) Low Premium

5. Which of the following planed you is insured?
a) Kotak Flexi plan
b) Kotak retirement Plan
c) Kotak Endowment Plan
d) Kotak Capital Multiplier Plan
e) Kotak Child Advantage Plan

6. What kind of services you expect from insurance provides
a) Easy access ability to Deposit Center
b) Time to time premium collection
c) Provision in case of Dues
(Policy Lapse)
d) Bonus & other schemes

7. How will you rate the services given by Kotak Mahindra Life Insurance?
a) Poor
b) Average
c) Good
d) Excellent





8. What difference you find between Kotak & your previous Insurance
provider.
a) Good Returns (HIGHEST)
b) Effective Service/Liquidity
c) Tax Planning
d) Security/ Safety Benefit & Protection on your Capital

9. Do have any suggestion for Kotak Mahindra Life Insurance
YES NO

10. In future, will you purchase policies from Kotak Mahindra Life
Insurance?
YES NO