A SUMMER INTERNSHIP PROJECT REPORT ON

‘AN ANALYSIS OF PROMOTIONAL STRATEGY ADOPTED BY

INSURANCE COMPANY’

Submitted in partial fulfillment of requirements for the degree

of Master of Business Administration (MBA)
SUBMITTED BY:
RAKESH KUMAR BARDHAN
Regd.No-1706227002
Company Advisor Faculty Advisor:
S.K. sahabuddin Mr. Vivek mishra
Assistant partner, Assistant professor
In sales marketing (MBA)
Baramunda , Bhubaneswar Bhubaneswar

JUNE 2018
 CERTIFICATE
This is to certify that this individual assignment
(summer project work ) has been prepared by Rakesh
Bardhan , student ,under my guidance during the period
15th may, 2018 to 2nd july, 2018, as part fulfillment of
MBA Degree. This project work has been a work of
innovation under my guidance and has not been
submitted anywhere in any form.

Bhubaneswar S.K. SAHABUDDIN

 ACKNOWLEDGEMENT
It gives me immense pleasure and proud privilege to
express my gratitude to my seniors and my peers for their
kind co-operation and extended help that enabled me to
give this shape to my present project work.
I offer my solemn and earnest regards to S.K. Sahabuddin.
Assistant partner of sales , my project guide scholarly
guidance and illuminating suggestions inspired me in
shaping my project work.
I am indebted to my colleagues and all other staff for
their valuable assistance and guidance.
 DECLARATION

I do hereby declare that the individual assignment (project

work) assigned to me on ‘’AN ANALYSIS OF PROMOTIONAL
STRATEGIES ADOPTED BY INSURANCE COMPANY ‘’ as part
fulfillment of MBA course, is my own and that has not been
submitted in other department previously in what so ever form
.
CHAPTER 1
 A study an analysis of promotional strategy
adopted by insurance company
Company profile
Max Life Insurance Company is a joint venture between Max India
Limited and Mitsui Sumitomo Insurance Corporation Limited. Max life
insurance is one of the leading life insurance company that
provides comprehensive life insurance plans and retirement products
for long term savings and protection for more than 30 lakh customers.
Max life insurance mainly focuses on the quality of the product and to
satisfy the customers to their needs. In the financial year 2013-14,
Max Life Insurance ranked as 4th among the private life insurers with
a market share of 10.3%. Mr. Rajesh Sud is the CEO and Managing
Director of the Max life insurance company.

Max Life Insurance Company Limited provides life insurance products in

India. The company offers participating, non-participating, and linked
products covering life insurance, pension, annuity, and health benefits.
Its products include individual and group life insurance products, such
as protection, child, retirement, growth, savings, and group plans. Max
Life Insurance Company Limited distributes its products through
individual agents, corporate agents, banks, brokers, and other channels.
The company was formerly known as Max New York Life Insurance
Company Limited and changed its name to Max Life Insurance
Company Limited in July 2012. The company was founded in 2000 and
is headquartered in New Delhi, India. Max New York Life Insurance
Company Limited operates as a subsidiary of Max Financial Services
Limited.

Introduction to the problem

India stands next to china in terms of its population growth and stands
among one of the developing countries in the world. Due to its growth in
population , Indian insurance industry has got ample opportunities to
expand and introduce different products which attracts the individuals
to invest . The insurance market in India has witnessed dynamic
changes which has attracted a number of global insurers. Private
insurance companies have joint ventures with foreign insurance
companies who have their presence across the world .one such joint
venture is between max life insurance and mitsui sumitomo. Life
insurance corporation (LIC) of India and other private players have
their presence well established in the marke . Thus MAX LIFE has to
introduce variety of insurance product and market their products
aggressively way. This is because they are in competition with other
insurer for the same customers. Thus, the major area of concern of
the study is how Max life should distinguish itself in terms of reaching
customers through various strategies , so that customers respond to
the promotional strategies of the company vis-à-vis those of
competitors .

Need for the Study

As insurance is a ‘push’ rather than a ‘pull’ product, it is a big
challenge for the companies to make their products meaningful to
prospective customers. Companies have taken necessary steps to
introduce simplified insurance products and started designing the
benefits that suit the specific needs of policyholders. This has forced
companies to have a higher degree of transparency on policy terms
which will make the customer understand the product and its benefits
without any ambiguity. It is therefore important for the companies to
invest not just in expansion and distribution but also in client servicing
and processing. Many customers are discouraged from buying
insurance due to the anticipated complexity involved in settlement of
claims.

Insurance companies do assert that the competition in the industry is

forcing them to speed up their claim processes, but the fact remains
that a lot more needs to be done to make general insurance a hassle-
free experience for the customers. Such things are very important to
be communicated to the prospective customers so that they
understand the products of the company and the benefits and features
of the products. Thus, having proper promotion means that take the
products to the customer in a much quicker and transparent way has
become an important factor for companies like Max LIFE INSURANCE ,
to stand ahead of other players. This has created a necessity to study
the promotional strategies of Max life insurance in order to improve
the same so that they reach the customer in a better way.

Objectives and Importance of the Study

1. To find out whether the current promotional strategies are effective

in creating awareness among people.

2. To find out what type of ads the customers like with respect to
insurance products.

3. To suggest a new way of promotion for the company based on

people’s awareness about the brand Max life insurance co ltd.

Methodology

To address the mentioned objectives, data has been collected from

respondents using a questionnaire. The following gives the details of
the survey

Primary data: Data has been collected from respondents by

interviewing them over phone, through questionnaires during the time
of sales.

Population: The population for the study constitutes those individuals

who have awareness about the insurance companies and policies.

Sample Size and Sampling unit: The sample size for the study is 100 and
the sampling unit is office going people who have either joined
recently or who have been working for quite a few years.

Place of Study: The research is carried out in Bhubaneswar, Orissa.

Questionnaire: Both open ended and close ended questions are used in
the questionnaire so as to know the opinion of customers relating to
insurance and awareness of Max life insurance and how they respond
to the marketing stimuli adopted by the company. The type of
questionnaire used in this project is structured. The questions are
listed in a prearranged order and respondents are informed about the
purpose of collecting information. The same has been given in the
appendix.

Sampling design: The type of sampling is convenient sampling.

CLASSIFICATION OF INSURANCE
The insurance industry in India can broadly classified in two parts. They
are. 1) Life insurance. 2) Non-life (general) insurance. LIFE INSURANCE
Life insurance can be defined as “insurance that provides a sum of
money if the person who is insured dies while the policy is in effect”. In
1818 British introduced to India, with the establishment of the oriental
life insurance company in Calcutta. The first Indian owned Life
Insurance Company was the Bombay mutual life assurance society
which was set up in 1870. The life insurance act, 1912 was the first
statuary measure to regulate the life insurance business in India. In
1983, the earlier legislation was consolidated and amended by the
insurance act, 1938, with comprehensive provisions for detailed
effective control over insurance. The union government had opened
the insurance sector for private participation in 1999, also allowing the
private companies to have foreign equity up to 26%. Following the
opening up of the insurance sector, 12 private sector companies have
entered the life insurance business. Need for life Insurance The need to
safeguard the family brings in the need for life insurance. Today
insurance has become even more important due to the disintegration
of the prevalent joint family system, in which a number of generations
co-existed in 13.

Vision and Mission

Vision

Max Life envisions to the most admired life insurance company in India by
securing the financial futures of our customers.

MISSION

We are an honest life insurance company , committed to doing what is right.

We serves our customers through Long-term savings . Protection and
retirement solutions , delivered by our high quality agency and multi
channel distribution partners .
 MARKETING MIX
PRODUCT MIX
The formulation of product mix for the insurance business makes it significant to
take a look at the services and schemes of insurance organisations. The product
portfolio is known and the process of formulating a package should be known. It is
natural that the users expect a reasonable return for their investments. It is quite
natural that the insurance organisations want to maximise profitability. Both of
these dimensions are found interrelated.

The corporate objectives indicate that the insurance organisations are required to
be careful, especially while launching a new policy. The policies should not only
generate enough premium but it is also important that the policies cover persons
working in the informal sector, serving as porter, working as manual labourers, or
engaged in farm sector. It is the need of the hour that the insurance organizations
make their service internationally competitive. This makes a strong advocacy in
favour of innovative product mix strategy for the public sector insurance
organizations . Thus the formulation of product mix should be in face of innovative
product strategy. Strategies of foreign and private insurance companies should be
taken into consideration while initiating the innovative process.

PRICE MIX
In the insurance business, the pricing decisions are concerned with the premium
charged against the policies interest charged for defaulting the payment of
premiums & credit facilities, commission charged for underwriting & consultancy
services. The formulation of pricing strategies becomes significant with the
viewpoint of influencing the target market or prospects.
The strategy may have a new vision in the sense that the insurance organizations
prefer to make a mix of high & low pricing strategy. The motive is to make the
premium structure commercially viable so that the insurance organisations succeed
in having a sound product portfolio besides fuelling development orientation. The
pricing decisions make it essential that the insurers keep in their minds the nature
of policy vis-à-vis the segment to which the prospects belong.

In the tangible products, cost of production is taken as the basis for fixation of
prices. Even in the insurance business, it is found to be an important consideration
& a dominating base. This makes the cost of insurance a decisive factor for
charging premium. The important bases for determining the cost are rate of death,
rate of interest & the expenses incurred on the insurance business. The second
important element is the rate of interest. On the basis of mortality rate, it is
estimated that when & how much amount is to be received as premium & would be
paid as claims but on the basis of interest rate, it is estimated that how much
interest can be earned by investing the insurance funds. The last element is cost
which focuses on different types of expenses. There are certain expenses, which
incurred at the time of inception of the policy.

PLACE
The third component of the marketing mix is related to the place decisions in which
our focus would be on the two important facets – managing the insurance
personnel and locating a branch. The management of agents and insurance
personnel is found significant with the viewpoint of maintaining the norms for
offering the services. This is also to process the services to the end user in such a
way that a gap between the services- promised and services – offered is bridged
over. In a majority of the service generating organizations, such a gap is found
existent which has been instrumental in aggravating the image problem. The policy
makers make provisions; the senior executives specify the standards and quality
and the branch managers with the cooperation of the front-line staff and others
bear the responsibility of making available the promised services to the end users.
The public sector insurance organizations have failed in both the areas. The agents,
rural career agents, the front-line staff and even a majority of the branch managers
have become a party gap.

PROMOTION MIX
With the advent of private players in the insurance, companies resort to rampant
promotion. Promotion mix for this sector is as follows:

Advertisement
Advertisement can be done through the telecast media, broadcast media and print
media. Insurance companies have been making optimal use of all the three kinds.
Use of World Wide Web, as media is almost negligible and will not be very frequent
in the near future considering the fact that the majority of customer base of these
companies is not yet exposed to the Internet. The telecast media has been the
most effective of all in case of the insurance sector. Most of the companies have
their separate advertising section to take care of this aspect. An important
consideration while making the decision as to the selection of the media is
budgetary constraint. Since the insurance companies work on a large scale, usually
this constraint does not stand as an obstacle.
Publicity
It is a device to promote business without making any payment and therefore it
could be also called as unpaid form of persuasive communication bearing a high
rate of sensitivity. Developing

rapport with the media is an important aspect of publicity. This makes it essential
that the PR officers working in the insurance organisations maintain contacts with
the media personnel, organise press conference, and offer small gifts and momento
to them. These days LGD marketing is gaining popularity the world over. It also can
be applicable here. At the apex and regional levels, the PRO’s bear the
responsibility of projecting positive image of the organisation. Thus it is necessary
to select suitable personnel for this. They should be in particular taught to deal with
people, simple things like talking, greeting etc.

Sales Promotion
Incentives to the end users for taking the policy play an important role in promoting
the insurance business. Since the insurance business is also related to achieving of
a particular target, it is pertinent that the policymakers assign due weightage to the
same. The offering of small gifts during a particular period, the rebate, discount,
bonus can increase business of organisation by leaps and bounds. Besides, there
can be gifts for the insurance agents also.

Personal Selling
Personal selling in case of the insurance organisations is quite important
considering the existence of the insurance agents spread at all levels. Selection of
these agents, their training is responsibility of the organisation. There is difference
in urban and rural market. Rural customers might be uneducated / uninformed etc.
compared to the urban customer. Hence the organisations will have to make
selections of the rural and urban agents accordingly.

Word of Mouth Promoting.

The word – of- mouth communications result into wider publicity, which
substantially sensitise the process of influencing the impulse of users/prospects of
the insurance services. The satisfied group of customers, opinion leaders, the social
reformists, the popular personalities act as word of mouth communicators. The
advertisement slogans may be insensitive, the publicity measures may be
ineffective but the positive feelings of friends and relations communicated cannot
be ineffective. This makes it clear that the most important thing in the promotion of
any business is the quality of services.
Telemarketing
With the development of satellite communication facilities and with the expansion of
the television network, we find telemarketing gaining popularity the world over. The
insurance organisations in general need to promote telemarketing. The foreign
insurance companies have been assigning due weightage to this and in India this is
beginning to gain importance with the advent of competition in this sector. The
telemarketer is supposed to be well aware of the telephonic code so that the task of
satisfying the customers/their queries will not consume much of time.

World Wide Web

In banking as well as insurance, more and more importance is being given to online
contact facilities whereby complaints/comments could be sent through an email.
Email is fastest written mode of communication and since it has been recognized
legally, its use to clear doubts has been in full swing.

Some plan of max life insurance

1-whole life super plan

2-super term plan

3- cancer term plan

Example of a plan;

WHOLE LIFE SUPER PLAN

Product Overview
Max Life Whole Life Super is a life insurance plan in which you pay premiums for
only a limited number of years and enjoy protection up to the age 100 years. With
the power of bonuses, life cover continues to increase as your age increases. In
case of your death, your family will get a comprehensive death benefit that will
take care of all the financial needs and provide a legacy for your family.

Product Description
 This is a Traditional Participating Whole Life Plan.
 This is a Participating plan with bonus facility, Bonus is declared every year after
3 policy years
 There are 3 options for Bonus
 This plan continues till the Life Insured is 100 years of age.


Unique Features
 The plan provides 3 options for bonus: Cash Bonus-where you can take the
bonus in cash, Premium Offset - where you can use the bonus to pay a part of
your premium, Paid-Up Additions - where you can use the bonus to permanently
increase the Sum Assured.
 In addition to this, plan also provides liquidity through Paid-up addition withdrwal
facility. In case of a diagnosis of a terminal illness, the plan provides 50% sum
assured immediately upto a max limit of 10 lac.

Eligibility Criteria

Eligibility Criteria
Eligibility Criteria

Minimum Age at entry: 18 years

Maximum Age at entry

Premium Payment Term Maximum entry age

Entry Age
10 years 60 years

15 Years 55 Years

20 Years 50 Years

Policy anniversary following or coinciding with the life insured attaining

age 100 years
Maturity Age

The only available maturity age is 100 years.

Minimum The minimum premium for the product (10/15/20 Pay) is Rs. 8,500 p.a.
Premium excluding extra premium, modal extra, service tax and education cess.

Maximum No limit, subject to the Board approved underwriting policy of the

Premium Company.

Premium
10 Years, 15 Years or 20 Years.
Payment Term

Minimum: Rs. 50,000, subject to ¬minimum premium of Rs. 8,500

Sum Assured
Limits Maximum: No Limit (subject to the Board approved underwriting policy
of the Company)

 Maturity Benefit: On the maturity, that is, policy anniversary coinciding with or
immediately following Life Insured’s 100th birthday, the following benefit will be
paid:

1. Guaranteed Maturity Sum Assured, plus

2. Accrued Paid Up Additions (if any), plus
3. Terminal Bonus (if any)
  Death Benefit: On the death during the term of the policy, the following benefits
will be paid:

1. Guaranteed Death Benefit, plus

2. Accrued Paid Up Additions (if any), plus
3. Terminal Bonus (if any)

Other Policy Features

Feature Description

The plan offers you a guaranteed protection for life till age 100
which continues to grow
through bonuses. On attainment of age 100, this plan gives you
Get guaranteed life
100% of Guaranteed
time protection
Maturity Sum Assured along with Accrued Paid Up Additions (if
any) and Terminal Bonus
(if any).

Paid in Cash: The Bonus declared will be paid in cash.

Use the bonus to offset the premium payable

under the Policy.

In the event the bonus is in excess of the

premium payable under the policy, the excess
Premium Offset:
will be paid out in cash.
Flexible Bonus Option

However, if the bonus is not sufficient, the

shortfall should be paid in full to keep the
policy in force.

Utilize the bonus, if any, to buy single premium

Paid Up
endowment benefits,
additions
which will mature along with the base policy.

Terminal Bonus is an additional bonus paid only ONCE, on

Terminal Bonus earlier of Death, Surrender or Maturity. In case of surrender, the
cash value of Terminal Bonus shall be paid.

Note:- Please note that Bonuses are NOT guaranteed and may be as declared by
Feature Description

the Company time to time.

In case you have chosen Paid Up Additions as bonus option,

Paid Up Additions
you have the flexibility to
Withdrawal
withdraw the cash value of the same in case of any need.

There are five sum assured bands assumed for this product as
mentioned in the table below:

Sum Assured
Sum Assured range (Rs)
Band

Guaranteed Maturity Sum 1 50,000 to 249,999

Assured Bands (Higher
Sum Assured offer lower
premium rates) 2 250,000 to 499,999

3 500,000 to 999,999

4 1,000,000 to 4,999,999

5 5,000,000 & above

Up to 50% of the Guaranteed Maturity Sum Assured (Face

Amount) at the date of intimation (or RPU Guaranteed Maturity
Terminal
Sum Assured if applicable), subject to maximum cumulative
Illness Benefit
amount of ` 10 lacs under all policies which provide for the
Terminal Illness Benefit

The policyholder can surrender the policy anytime after it has

acquired a surrender value.
Surrender The policy acquires a Surrender Value immediately on payment
of first three years’ premium.
The surrender value will be equal to the higher of Guaranteed
Surrender Value (GSV) or Special Surrender
Feature Description

Value (SSV).

Guaranteed Surrender Value (GSV) =

Guaranteed GSV Factor X Total premiums paid
Surrender Value plus(GSV Factors are described in the sales
brochure)

Special Surrender Value (SSV) will be determined by

the
Special Surrender
Company from time to time and is equal to or higher
Value
than
the GSV.

Once the policy acquires a surrender value (after payment of 3 full years’
Non-Forfeiture Benefit :
premiums), by default the policy
Reduced Paid-Up (RPU)
will become RPU in case of non-payment of any further premium.

If we do not receive a Premium by the end of the Grace Period, the

Policy will lapse

However, if the policy has acquired cash value, it will be subject to the
Revival of Policy: chosen non-forfeiture option.

The cost of providing evidence of insurability would be the actual medical

examination fee plus an
administrative fee, which shall be not more than ` 2000/-.

organisational structure

competitor of max life insurance

1-SBI life insurance.

2- Bajaj Allianz Life Insurance.
3-Birla Sunlife Insurance.
4-Tata AIA Life Insurance
5-HDFC Standard Life Insurance.
CHAPTER 2
DATA ANALYSIS AND INTERPRITATION
Age of the respondentes
PARTICULARS(AGE) NO.OF RESPODENT PERCENTAGE
Less than 25 11 11%

25-35 40 43%

35-45 20 20%

Above 45 29 29%

TOTAL 100 100%

NO.OF RESPODENT

Less than 25
25-35
35-45
Above 45
TOTAL
Qualification of the respondent
PARTICULARS NO.OF RESPODENT PERCENTAGE
Graduate 52 52%
Post graduate 29 29%
Diploma 8 8%
Other discipline 11 11%

TOTAL 100 100%

100

80

60
NO.OF RESPODENT
40
PERCENTAGE
20

0
Graduate Post Diploma Other TOTAL
graduate discipline

INTERPRITATION;
From the survey it was found that amongst 100
respondents;-
a) 52% of respondents were graduate

b) 29% of respondents were post graduate

c) 8% of respondents were diploma

d) 11% of respondents were other discipline

Average annual income of respondents

PARTICULARS NO.OF RESPODENT PERCENTAGE

Up to 1lakh 33 33%

1lakh-3lakh 43 43%

3lakh-5lakh 20 20%

5lakh & above 4 4%

TOTAL 100 100%

50

40

30 NO.OF RESPODENT

20 PERCENTAGE

10

0
Up to 1lakh 1lakh-3lakh 3lakh-5lakh 5lakh & above

INTERPRITATION;
From the survey it was found that amongst 100
respondents;-
a) 33% of respondents annual income is up to 1lakh

b) 43% of respondents annual income is 1lakh-3 lakh

c) 20% of respondents annual income is 3lakh-5lakh

d) 4% of respondents annual income is above 5 lakh

occupation
PARTICULARS(AGE) NO.OF RESPODENT PERCENTAGE

Businessman 34 34%

Professionals 18 18%

Job holders 37 37%

Others 11 11%

TOTAL 100 100%

100
90
80
70
60
NO.OF RESPODENT
50
PERCENTAGE
40
30
20
10
0
Businessman Professionals Job holders Others TOTAL

From the survey it was found that amongst 100

respondents;-
a) 34% of the respondents are businessmen.
b) 18% of the respondents are professionals.
c) 37% of the respondents are job holders
d) 11% of the respondents are background.
 Family size of the respondents
PARTICULARS(AGE) NO.OF RESPODENT PERCENTAGE

Below 5 members 50 50%

5-10 members 32 32%

Above 10 members 28 28%

TOTAL 100 100%

NO.OF RESPODENT

Below 5 members
5-10 members
Above 10 members
TOTAL

INTERPRITATION
From the survey it was found that amongst 100
respondents;-
a) 50% of the respondents are below 5 members.
b) 32 % of the respondents are between 5 to10 members.

C) 28% of the respondents are above 10 members.

According to respondents life insurance is ;
PARTICULARS(AGE) NO.OF RESPODENT PERCENTAGE

Risk coverage 40 40%

Tax savings 30 30%

Security 30 30%

TOTAL 100 100%

NO.OF RESPODENT

Tax savings
Security
TOTAL

INTERPRITATION;
From the survey it was found that amongst 100
respondents;-
a) 40% of the respondents say risk coverage.

b) 30% of the respondents say tax savings.

c) 30% of the respondents say financial security.

Awareness of max life insurance;
PARTICULARS(AGE) NO.OF RESPODENT PERCENTAGE

No 17 17%

Yes 83 83%

Total 100 100%

100
90
80
70
60
NO.OF RESPODENT
50
PERCENTAGE
40
30
20
10
0
No Yes Total

INTERPRITATION;
From the survey it was found that amongst 100
respondents;-
a) 83% of the respondents say that they are aware of max life insurance
co.

b) 17% of the say that they are unaware of max life insurance co.
Awareness regarding insurance ;
PARTICULARS NO. OF RESPONDENT PERCENTAGE

Yes 70 70%

No 30 30%

TOTAL 100 100%

120

100

80

60 PERCENTAGE
NO. OF RESPONDENT
40

20

0
Yes No TOTAL

INTERPRITATION;
From the survey it was found that amongst 100
respondents;-
a) 70% of the respondents say that they are aware of insurance.

b) Only 30% are unaware of insurance.

% of respondents who are under different plans of max
life insurance company ;
PARTICULARS NO. OF RESPONDENT PERCENTAGE
Invest gain plan 30 30%
Protection gain plan 36 36%
child gain plan 8 8%
Whole life gain plan 15 15%
Pension plan 11 11%

NO. OF RESPONDENT
No
Yes
TOTAL

PARTICULARS

INTERPRITATION;
From the survey it was found that amongst 100
respondents;-
a) 30% of respondents are under invest gain plan.
b) 36% of respondents are under protection gain plan.
c) 8% of respondents are under child gain plan .
d) 15 % of respondents are under whole life plan.
e) 11% of respondents are under pension plan.
Are the respondents satisfied with the services of
max life insurance ;
PARTICULARS NO. OF RESPONDENT PERCENTAGE

No 30 30%

Yes 70 70%

TOTAL 100 100%

NO. OF RESPONDENT

No
Yes
TOTAL

INTERPRITATION;
From the survey it was found that amongst 100
respondents;-
a) 30% of respondents are not satisfied with the services of
max life insurance.
b) 70% of respondents are satisfied with the services of max
life insurance.
Has media been the source of information for
various plans max life insurance co.
PARTICULARS NO. OF RESPONDENT PERCENTAGE

No 40 40%

Yes 60 60%

TOTAL 100 8%

NO. OF RESPONDENT

No
Yes
TOTAL

INTERPRITATION;
From the survey it was found that amongst 100
respondents;-
a) 40% of respondents do not have media as the source of information
for various plans.
b) 60% of respondent have media as the source of information for
various plan.
Which source of media has provided information
for the various plans offered by max life insurance ;
PARTICULARS NO. OF RESPODENT PERCENTAGE
NEWSPAPER 30 30%
MAGAZINE 15 15%
TELEVISION 45 45%
RADIO 10 10%
TOTAL 100 100%

100

80

60 NO. OF RESPODENT

40 PERCENTAGE

20

0
NEWSPAPER MAGAZINE TELEVISION RADIO TOTAL

INTERPRITATION;
From the survey it was found that amongst 100
respondents;-
a) 30% of respondents prefer newspaper as the source of information.
b) 15% of respondents prefer magazine as the source of information.
c) 45% of respondents prefer television as the source of information.
d) % of respondents prefer magazine as the source of information.
 FINDINGS
 Maximum of the insurance is purchased by the middle age group.

 Insurance is mostly preferred by the job holders

 Maximum insurance holders fall under the average annual income ranging

between 1-3 lakhs.

 Insurance is usually preffered by small families .

 Mostly people prefer insurance to cover the risk factors.

 Max life insurance company has a good market value.

 Insurance holders under max life insurance prefer protection gain plan above

all the other plans offered to them.

 The services provided by max life insurance are satisfactory.

 Television media is one of the major sources that provides information

regarding different plans of max life insurance.

 RECOMMENDATIONS
 People should also be made aware of various other
benefits attached with insurance other than the factor of
risk coverage only

Appendix
Questionnaire

 NAME:
 AGE:
 SEX:
( ) Male
( ) Female
 E-MAIL ID:
 PHONE NO:
 OCCUPATION:
 ANNUAL INCOME
( ) Up to 1.5 lakh p.a
( ) 1.5 lakh-3 lakh p.a
( ) 3 lakh-5 lakh p.a
( ) 5 lakh or above p.a
 Have you ever heard about the company MAXlife insurance in the
insurance sector?
( ) Yes
( ) No
 If yes, then mention the source from where you have heard?

( ) TV ad
( ) Newspaper/Magazine
( ) Internet
( ) Personal E-mail/ SMS
( ) Word of mouth
( ) From IDBI Federal’s salesperson
( ) Other

 Do you plan to invest in any insurance policy in the near future?

( ) Yes
( ) No
 If yes what options do you have in your mind?
( ) IDBI FEDRAL
( ) MAX LIFE INSURANCE
( ) SBI LIFE INSURANCE
( ) HDFC Life INSURANCE
( ) ICICI PRUDENTIAL
 ( ) Others

 Reasons behind taking an insurance policy?

( ) Risk Coverage

( ) Investment purpose

( ) Pension schemes

( ) Tax Benefit

( ) Any other

 If the reason is the last option i.e. Any Other please mention the
reason
 Which of the following MAX life product have you heard of?

( ) wholelife plan

( ) online term plan

( ) cancer plan

 Do you know any of the following unique features and benefit of

MAX life insurance?

( ) tax reduction

( ) guaranteed annual payout

( ) endowment or money back

( ) flexible payout option

( ) lump sum cover option

 If you are not interested to buy MAX LIFE insurance policy,can you
please write the reason?
 Does your company provide you with insurance?

( ) Yes

( ) No

 Which mode of advertisement attracts you most?

( ) Newspaper

( ) Television

( ) magazine

( ) Online advertisements

( ) Hoardings/posters

( ) Others

 What type of magazine do you read often?

( ) Sports

( ) Business

( ) Fashion

( ) Education

( ) Entertainment and Film

( ) Comics

( ) Automobiles
( ) Others

 Which newspaper do you read often?

() The Hindu

( ) The Times of India

( ) The Statesman

( ) The Economic Times

( ) Telegraph

( ) Deccan Herald

( ) Others

 You spend maximum time on which channel while watching

television?

() News Channels

( ) Sports Channels

() Music Channels

( ) Movie Channels

( ) Cartoon Channels

( ) Entertainment & lifestyle Channels

 ( ) Science & discovery related Channels

Other Channels

 Which type of advertisement attracts you most?

() Animation

( ) Originality

( ) Humor

( ) Music

( ) Storyline / concept

( ) Celebrity endorsemenT

 In which way do you want to receive information related to

Insurance?

( ) Print Ad

( ) Magazine Ad

( ) Hoardings

( ) TV Ad

( ) Web Ad

( ) Agents
 How often did you see max life advertisement in television in last
week?

()0

( ) 1-3

( ) 4-7

( ) More than 7

 How did you describe the advertisement? (If you have seen any
advertisement of max life, then only answer this question)

( ) Convincing

( ) Just for the purpose of sale

( ) Building relationship between company & consumer

( ) satisfying your needs

 Do you feel you need to see more advertisements to know about

the products of max life?

( ) Yes

( ) No

 Your valuable feedback