A REPORT ON CONSUMER PERCEPTION AND BRAND RECALL IN INSURANCE INDUSTRY WITH REFERENCE TO KOTAK LIFE INSURANCE

A Project Report Submitted in Partial Fulfillment of the requirement Of degree of Post Graduate Diploma in Marketing Management

Submitted By: U.Ramu, MBA

Under the esteem guidance of Asst. Prof. R.Ramesh

BALAJI INSTITUTE OF MANAGEMENT SCIENCES

NARSAMPET, WARANGAL 506331 2009 - 2011

TABLE OF CONTENTS

CHAPTER 1 Introduction CHAPTER 2 Industry Profile CHAPTER 3 Company Profile

CHAPTER - 4 Data Analysis & Interpretation CHAPTER 5 Findings and Suggestions

ANNEXURE Bibliography Questionnaire

ACKNOWLEDGEMENT
It is inevitable that thoughts and ideas of other people tend to drift into the subconscious, when one feel to acknowledge the helped drive from others. I acknowledge to all those who have helped me in the preparation of this project. I take this opportunity to express my deep sense of obligation to Mr.Navdeep Singh Bhatia (Territory Manager) for permitting me to undergo the project work in their office and also to Mr. Mrityunjay Mishra (Sales Manager) who guided me throughout my project. My grateful thanks are due for his kind guidance and cooperation during the tenure of my project work. I wish to extend my appreciation to the management and faculty members of BALAJI INSTITUTE OF MANAGEMENT SCIENCES for their valuable guidance and cooperation. Last but not the least, my sincere thanks to my family members and my friends who have contributed directly and indirectly towards the successful completion of the project.

DATED: 11-9-2011 PLACE: NARSAMPET, WARANGAL

U.RAMU

Declaration:
I hereby declare that the project report entitled End consumer perception and brand image in Insurance Industry. is the produce of my sincere effort. This project was done as per the guidelines of the Kotak Life Insurance, Hyderabad branch and with the help of data provided by them. My industry guide Mr. Mrityunjay Mishra assigned me the project as far as the college report is considered; it is solely my individual effort. This Industry Internship Project Report is being submitted by me alone, at Balaji Institute of Management Sciences, Narsampet for the partial fulfillment of the course MBA (Marketing) and the report has not been submitted to any other educational institutions for any other purpose.

U.RAMU 098C1E0041

BALAJI INSTITUTE OF MANAGEMENT SCIENCES

II

CHAPTER I INTRODUCTION

INTRODUCTION
The environment for marketing has become extremely dynamic. Without adequate preparation, it is difficult for organizations to survive in such an environment. Marketing research is one of the most effective tools that help organizations excel in the marketplace. Obtaining necessary information about customers tastes and preferences is the key to business success. Marketing research provides information about consumers and their reactions to various products, prices, distribution, and promotion strategies. Marketers who collect accurate and relevant information quickly and design their strategies quicker than their competitors are more likely to be successful. Marketing research helps in effective planning and implementation of business decisions by providing accurate, relevant, and timely information. The process of

marketing research involves a series of steps that systematically investigate a problem or an opportunity facing the organization. This investigation starts with problem or opportunity recognition and definition, development of objectives for the research, development of hypothesis, planning the research design, selecting a research method, analyzing the research designs, selecting a sampling procedure, data collection, evaluating and analyzing the data and finally Preparing and presentation research report.

The research process provides a scientific platform, contrary to the traditional intuitive approach of decision making by managers which used to put large amounts of resources of the organization at risk. Organizations in areas such as IT, pharmaceuticals, telecom, manufacturing, transportation, advertising, banking, law, education and even governments utilize marketing research to find solutions to different kinds of decisionmaking problems. Marketing research is used in new product development, in segmenting markets, in identifying the needs of the customers, in sales forecasting and estimating the Market potential of products and services, in analyzing the satisfaction levels of Customers, and so on...

The Marketing Concept: The marketing concept holds that the key to achieving organizational goals consists of being more effective than competitors in integrating marketing activities toward determining and satisfying the needs and wants of target markets. The marketing concept rests on four pillars: Target market, Customer needs Integrated marketing and Profitability. Marketing management takes place when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties. Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products of value with others. A human need is a state of deprivation of some basic satisfaction. People require food, clothing, shelter, safety, belonging, and esteem. These needs are not created by society or by marketers. They exist in the very texture of human biology and the human condition. Wants are desires for specific satisfiers of needs. Although peoples needs are few, their wants are many. They are continually shaped and reshaped by social forces and institutions, including churches, schools, families and business corporations. Demands are wants for specific products that are backed by an ability and willingness to buy them. Companies must measure not only how many people want their product but, more importantly, how many would actually be willing and able to buy it.

Definitions of Marketing:

Marketing (Management) is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals.

- American Marketing Association

Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and values with each others. -Philip Kotler A Leading management thinker put them in this way, Aim of marketing is to make selling superfluous. The aim is to know and understand the customer so well that the product or service fits and sells it self. Outstanding Marketing companies stay close to customers. -Peter F Druker CONSUMER BEHAVIOR: It is the study of when, why, how, and where people do or do not buy a product. It blends elements from psychology, sociology, social anthropology and economics. It attempts to understand the buyer decision making process, both individually and in groups. It studies characteristics of individual consumers such as demographics and behavioral variables in an attempt to understand people's wants. It also tries to assess influences on the consumer from groups such as family, friends, reference groups, and society in general.Customer behavior study is based on consumer buying behavior, with the customer playing the three distinct roles of user, payer and buyer. Relationship marketing is an influential asset for customer behavior analysis as it has a keen interest in the re-discovery of the true meaning of marketing through the re-affirmation of the importance of the customer or buyer. All of us are consumers. We consume things of daily use, we also consume and buy These products according to our needs, preferences and buying power. These can be

Consumable goods, durable goods, speciality goods or, industrial goods. What we buy, how we buy, where and when we buy, in how much quantity we buy depends on our perception, self concept, social and cultural background and our age and family cycle, our attitudes, beliefs values, motivation, personality, social class and

many other factors that are both internal and external to us. While buying, we also consider whether to buy or not to buy and, from which source or seller to buy. In some societies there is a lot of affluence and, these societies can afford to buy in greater quantities and at shorter intervals. In poor societies, the consumer can barely meet his barest needs. The marketers therefore tries to understand the needs of different consumers and having understood his different behaviors which require an in-depth study of their internal and external environment, they formulate their plans for marketing.

Consumer behavior can be defined as the decision-making process and physical activity involved in acquiring, evaluating, using and disposing of goods and services. This definition clearly brings out that it is not just the buying of goods/services that receives attention in consumer behavior but, the process starts much before the goods have been acquired or bought. A process of buying starts in the minds of the consumer, which leads to the finding of alternatives between products that can be acquired with their relative advantages and disadvantages. This leads to internal and external research. Then follows a process of decision-making for purchase and using the goods, and then the post purchase behavior which is also very important, because it gives a clue to the marketers whether his product has been a success or not. Consumer behavior is a complex, dynamic, multidimensional process, and all Marketing decisions are based on assumptions about consumer behavior. Marketing strategy is the game plan which the firms must adhere to, in order to outdo the competitor or the plans to achieve the desired objective. In formulating the marketing strategy, to sell the product effectively, cost-benefit analysis must be Undertaken.

There can be many benefits of a product, for example, for owning a motor bike one can be looking for ease of transportation, status, pleasure, comfort and feeling of ownership. The cost is the amount of money paid for the bike, the cost of maintenance, gasoline, parking, risk of injury in case of an accident, pollution and frustration such as traffic jams. The difference between this total benefit and total cost constitutes the

customer value. The idea is to provide superior customer value and this requires the formulation of a marketing strategy. The entire process consists of market analysis, which leads to target market selection, and then to the formulation of strategy by juggling the product, price, promotion and distribution, sothat a total product (a set of entire characteristics) is offered. The total productcreates an image in the mind of the consumer, who undergoes a decision process which leads to the outcome in terms of satisfaction or dissatisfaction, which reflects the sales and image of the product or brand.

Brand Awareness
There are many ways of defining brands. This is due to the fact that branding is a complex concept and hence can be interpreted variously, depending upon the perspective. However, one of the simplest of all definitions is the following: Brand = Product + Images By this definition, brand is the amalgamation of a product and the images that it conjures. These images may be the result of the product itself(both core and augmented), its usage advertising and marketing activities, brand personality, the parent company and its reputation, companys employees, media reports regarding the brands etc., over time, exposure to these results in the creation of a brand The American Marketing Association has defined a brand as, a name, term, sign, symbol or design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors In general, awareness describes peoples perception and cognitive reaction to a condition or event. Awareness doesnt necessarily imply understanding as it is an abstract concept. Awareness may be focused on an internal state, such as an instinctive feeling, or an external events such as sensory perception. Brand awareness is a capacity of consumers to recognize or remember a brand, and there is a linkage between the brand and product class but the link doesnt have to be strong. Brand awareness is a process from where the brand is just known to a level when the consumers have put the brand on a higher rank; the brand has become the top the

mind (Aaker,1991). Brand awareness is much about communication. This is how Aaker (1991, p63) explains the awareness and recall of a name; A name is like a special file folder in the mind which can be filled with name related facts and feelings. Without such a file readily accessible in memory, the facts and feelings become misfiled, and cannot be readily accessed when needed. The likelihood that consumers recognize the existence and availability of a company's product or service. Creating brand awareness is one of the key steps in promoting a product. Brand awareness is an important way of promoting commodity-related products. This is because for these products, there are very few factors that differentiate one product from its competitors. Therefore, the product that maintains the highest brand awareness compared to its competitors will usually get the most sales. For example, in the soft drink industry, very little separates a generic soda from a brand-name soda, in terms of taste. However, consumers are very aware of the brands Pepsi and Coca Cola, in terms of their images and names. This higher rate of brand awareness equates to higher sales and also serves as an economic moat that prevents competitors from gaining more market share.

Brand Awareness: In general, awareness describes peoples perception and cognitive reaction to a Condition or event. Awareness does not necessarily imply understanding as it is an abstract concept. Awareness may be focused on an internal state, such as an instinctive feeling, or on external events such as sensory perception Marion and Booth (1997) give good examples of awareness: People have earlier experience of a certain situation and are aware of that. They are also aware of who they are, the background to the circumstances, where being located as well as the emotions to the place, what time of year it is and what day it is, and also what to do the rest of the day. Even though, there is awareness of everything at the same time, the intensity varies. Peoples' awareness is reshaping its structure constantly, and what we call awareness is the sum of the individual's experience. So it is possible to do one thing while still be aware of many other things. Brand awareness is the capacity of consumers to recognize or remember a brand, and there is a linkage

between the brand and the product class, but the link does not have to be strong. Brand awareness is a process from where the brand is just known to a level when the consumers have put the brand on a higher rank; the brand has become the "top of mind"(Aaker, 1991). Anchor to which other associations can be attached is when a new product has to work to win recognition, because there are few purchase decisions that can be done without knowledge about the product. Moreover, without attained recognition it is difficult to learn about the character and advantages of the new merchandise. With product identification it is easy to create a new relationship to the item. The explanation of familiarity/linking is that people like familiarity, and knowledge make the product and brand more well-known and familiar. This contains most of all low-involvement products like sugar, salt, paper towels, when the knowledge about the brand often makes the buying decision. The positive association between the number of experience and linking has been shown in studies. The incentives to this relationship are for example nonfigurative pictures, names and jingles. Substance/commitment can be seen in name awareness which means existence, promise and matter; things that are important for the buyer. The consumers do not have to know a lot about the company, but as long as the buyers have positive brand awareness they will buy the product. In some cases, the brand awareness and understanding can depend on a buying situation and do all the effort for consumers in a buying process. The level of brands to consider is the first level to reach. When buying merchandise is to choose a collection of trade names to consider - a "consideration set" (Aaker, 1991).

Brand awareness is much about communication. This is how Aaker (1991, p 63) explains the awareness and recall of a name: "A name is like a special file folder in the mind which can be filled with name-related facts and feelings. Without such a file readily accessible in memory, the facts and feelings become misfiled, and cannot be readily accessed when needed." Brand awareness is dependent upon both the situation and the level of achieved awareness.

Figure Levels of brand awareness:

1. Brand recognition:

This level is the first stage of brand awareness. It is when the consumers can recognize a specific brand among others; "aided recall". Aided recall can also be explained as a situation where a set of given brand names from a given product class is shown. The task is then to identify the recognized names. Brand recognition is major when consumers face the buying procedure.

2. Brand recall: This is upon the consumers to name the trademark in a product class. Apart from level one, this is an "unaided recall" since there are not given any examples of specific brands. The role of brand recall can also be vital for regularly purchased products like coffee, detergent, and headache remedies, for which brand decisions usually are made prior going to the store. Further on, in some categories (such as cereal) there are so many recognised alternatives that the shopper is overwhelmed.

3. Top of mind:
A brand that is "top of mind" is the first brand that consumers think of within a given product class (Aaker, 1991). Brand awareness is important since a lot of the consumers feel that if the brand is well known it has good quality. Most important is not that the brand is well known, it is what it is known for (Melin, 1999). Further, awareness is a very important brand advantage, but it cannot sell the product, especially not if the product is new (Aaker, 1991). In the literature there are many facts that show that brand awareness affects consumer choice and thereby their choice of brand. Lin and Chang (2003) found by their research that brand awareness had the strongest effect on purchase decision on habitual behavior of low involvement products. They also wrote that Hoyer and Brown (1990) examined the role played by brand awareness in consumer decision making process and found that it was a dominant factor. Likewise, Jiang's (2004) investigation also shows that brand name, in other words recognition of a brand, has an impact on consumers' choice.

Achieving Brand Awareness

Recognition and recall in attaining awareness, engage two responsibilities: to increase the brand name identity as well as linking the characteristics to the item. This is in particular vital when the product is new (Aaker, 1991). Aaker (1991) has set up the following factors concerning how to achieve brand awareness: Be different, memorable: Today, many products seem alike and the communication in

the product clusters is related. Therefore, it is important to differentiate the product, although, the bond between the product class and the brand has to exist for easier recognition. Involve a slogan or jingle: There can be a stronger linkage between a slogan and a brand because it involves a visual feature of the brand. By this, the jingle or slogan is powerful and can make a big change. Symbol exposure: It is important to have a known symbol, because it is easy to memorize and recall a visual illustration. A logo, either an already existing one or a developed one, which is connected to the brand, can take a huge part in forming and keeping awareness. Publicity: Advertising is a proficient way to get publicity and make awareness, since it can be customized to the communication and the addressees. Event sponsorship; the primary role of most event sponsorship is to create or maintain awareness. Consider brand extensions: To show the name or the logo on the products, and make the name more prominent, is one way to increase brand recall. Examples of names that can be found, promoted, shown and publicized on other products, than the key product, are Coca-Cola, Heinz and Sunkist. Using cues: The package is one of the most important cues to a brand, since that is what the purchaser sees when buying the product. If not knowing the brand or the product, the only contact to the brand is the package. Recall requires repetition: It is easier to build up recognition than to build up recall of a brand. It can be compared to the fact that one can recognize a face of a person but do not recall the name. Therefore the link between the brand and the product class needs to be stronger and the brand needs to be more prominent than in the recognition of the brand. To receive a top of mind recall is even harder. The recall bonus: To keep a top position through regular publicity creates brand awareness as well as a strong brand which in turn leads to decreasing recall of competitive brands.

BRAND CUSTOMER RELATIONSHIP:

The relationship between brand and customers is a complex one. The purpose of brand marketing is more than attraction, acquisition and retention of customers. It is necessary to build a long-term relationship between brand and customer as it is portable for both the parties. While building a long-term relationship with customers ensures a steady stream of income, a consistent market base and, stability in share market, for the company. For consumers, besides the utilitarian value of having to dispense with the time and money spend in searching for new brands, there are other social and emotional values that brands provide. A meaningful relationship is one where in both the customers and the brand provides value to each other. Customers view brands as a means of self expression and hence brands need to exploit the idea by developing closer links with its target audience, who share similar values and beliefs Loyalty and faithfulness are just one aspect of brand customer relationship and signal a servile attitude of customers towards brands. This is not always the case, infarct many a times the relationship between brand and customer is more like that of a friend or an advisor. For instance Perk, establishes a fun and friendly sort of relationship with its customers. Amicable Preity Zinta with her usual bubbly self personifies the brand which carries the tag line 'Kahin bhi, kabhi bhi'. Kotak finance communicates its accommodating and adaptive advisors' image through its commercials promising personalized financial advice.

BRAND LOYALITY
All brand marketers want their brands to command a high degree of brand loyalty the desire of having a large set of brand loyal customers is ultimately linked to long term profitability of the brand. It is a well-know fact that profits accrue mainly due to repeat purchases and brand loyal customers are known to make frequent purchases of their favorite brands, leading to a steady stream of profits from comparatively lesser outlays on advertising and promotions. But with thousands of brands vying for consumers limited mind space, achieving this elusive level of brand loyalty seems to be
QUITE

impossible.

Yet brands have large brand following and in certain cases customers refuse to buy any other brand in case the desired brand is not available. This chapter examines and analyzes

the cause of brand loyalty and the strategy for and means of nurturing and developing loyalty among consumers

SCOPE OF THE STUDY

Information about benefits availed by the insurance/investment plan was gathered by brochures and company website and also through inputs given by my corporate guide who manages business for HY3S branch in Hyderabad. The study was conducted for the period of two months i.e., from 16th March to 6th May, 2011.

OBJECTIVES OF THE STUDY To know consumer investment behavior towards insurance industry in general
and Kotak Life Insurance in particular.

To know the factors influencing consumer perception towards Kotak Life

Insurance.

To know the brand awareness and brand recall of Kotak Life Insurance. To study the consumer preferences towards insurance products. RESEARCH METHODOLOGY
It consists of information to find out the behavioral pattern of end consumer in insurance industry. The primary data was collected from the respondents who were selected through convenience method of sampling and contacted by a well designed questionnaire and also by personal interview. The secondary data was collected through various sources such as company reports, industry reports, magazines, journals, company website and other sources of information.

The sample size chosen for my study was 200. The data thus collected was tabulated and analyzed by using various statistical tools and interpreted through graphs and charts for drawing findings and suggestions.

LIMITATIONS OF THE STUDY

1. The sample size considered for the study was only 200 which may not represent the total population. 2. The study is restricted to insurance products only. 3. The study is confined to selected Hyderabad city only. 4. The study conducted for a limited period of two months.

CHAPTER II INDUSTRY PROFILE

Insurance Business is divided into four classes: 1. Life insurance 2. Fire insurance 3. Marine insurance 4. Miscellaneous insurance

BRIEF HISTORY OF LIFE INSURANCE Insurance has been known to exist in some from or other since 3000 BC. The great fire of London in 1666, in which more than 13000 houses were lost, gave a boost to insurance and the first fire insurance company, called the fire office, was started in 1680. In India, insurance began in 1818 with life insurance being transacted by an English company, the oriental life insurance co.Ltd. The first Indian insurance company was the Bombay mutual assurance society Ltd, formed in 1870 in Mumbai. This was followed by the Bharat insurance Co. in 1896 in Delhi, the Empire of India in 1897 in Mumbai, the United India in Chennai, the National, the National Indian and the Hindustan cooperative in Kolkata. By the year 1956, when the life insurance business was nationalized and the life insurance corporation of India (LIC) was formed on 1st September 1956, there were 170 companies and 75 provident fund societies transacting life insurance business in India. After the amendments to the relevant laws in 1999, the LIC did not have the exclusive privilege of doing the life insurance business in India. By 31.8.2007, sixteen new life insurers had been registered and were transacting life insurance business in India.

INSURANCE IN INDIA
Insurance may be described as a social device to reduce or eliminate risk of life and property. Under the plan of insurance, a large number of people associate themselves by sharing risk, attached to individual. Insurance is actually a contract between 2 parties whereby one party called insurer undertakes in exchange for a fixed sum called premium to pay the other party happening of a certain event. Insurance is a contract whereby, in return for the payment of premium by the insured, the insurer pay the financial loses suffered by the insured as a result of the occurrence of unforeseen events. Marks a significant change and growth of India Insurance industry scenario. Monopoly of public sector insurance company marks an end and private companys makes inroad. Foreign companies, both life and general flocked, collaborated and helped astronomical growth of Insurance industry in India. India insurance growth was long overdue. The public sector giant LIC started losing its market share at the cost of stupendous growth of private players. Now India insurance industry has more than a dozen private life insurance players and 9 private general insurance companies. Aggressive and penetrative marketing strategy coupled with wide product bandwidth was an instant success among the ignorant masses. Most of the private companies registered more than 100% growth till then and are still continuing with such Monstrous growth figures. Although, insurance in India is not regarded as a basic need but it getting popular among semi urban to rural masses. Life insurance products cover risk for the insurer against eventualities like death or disability. Non life insurance products cover risks against natural calamities, burglary, etc. They are not as popular as life products in the insurance India portfolio. Until very recently it had only corporate buyers, but with natural disasters like, earth quakes, tsunamis, storms and floods becoming more frequent and damaging there has been a sudden spurt in sales of general insurance among individuals. Consumerism of life style goods and modern amenities has also contributed to its growth. With more awareness and wide bandwidth of insurance and wide bandwidth of insurance product portfolio the growth for India insurance story will only get more competitive and more affordable to all sections of Indian society.

Facts and Details: With the largest number of life insurance policies in force in the world ,Indias insurance industry sector accounted for 4.1 percent of GDP in 2006-07,up from 1.2 percent in 1999-2000 , far ahead of china where insurance accounts for just 1.7 percent of the GDP. One area that continues that continues to cause concern is the number of customer grievances in insurance, especially in a few specific classes .This calls for more transparency in designing the contract wording and on insisting that the applicant is sufficiently informed about the coverage and more particularly the exclusions. In addition, the legislation itself requires to be transformed to meet the need of the emerging markets. Indian insurance companies recorded a 19.9 percent growth in premium in dollar terms (adjusted for inflation) in 2006-07, compared to the world market growth rate of 2.9 percent. This rate of growth of the industry looks particularly impressive when seen against the fact that the combined penetration of both life and non life is less than 2 percent of the GDP compared to the world average of 7.52 percent. Clearly the scope of growth is enormous. Led by the life insurance corporation (LIC), the life insurance industry registered a growth of 110 percent in fiscal 2006-07, taking the total business of us$ 19.2 billion from the previous year US$ 9.1 billion. The life insurance market has grown rapidly over the past six years, with new business premiums growing at over 40 percent per year owing to the entry of a host of new players with significant growth aspirations and capital commitments. Insurance in India has been spurred by product innovation, streamlining of sales and distribution channels along with targeted advertising and marketing campaigns. The kids insurance segment in the insurance sector is witnessing increased activity, childrens products such as ICICI prudential life smart kid, Birla sun life children Dream plan , or HDFC standards life young star plus , are a consistent growth path. According to the industry estimates, currently, 20 30 percent of business of any companies comes from children specific insurance policies alone. Emerging lifestyle trends amid a changing fabric of the Indian society have also modified social and financial behavior. For instance, an increase in the number of working women has led to a demand for life insurance policies, which in turn has helped women through a micro- entrepreneurship initiative (women have flexibility managing home and being financially independent as distributor of insurance).

The rapid growth of insurance industry, especially in the life segment has brought to the fore a number of issue which is vital link between the insured and insurer. In order to spread the message of insurance to the far corner of the country, the IRDA has enlarged the scope of the intermediaries structure from the traditional tied agent to the corporate agent, micro insurer agent, the Bancassurance mode and the referral system. Insurer have also adopted other channels of sales to suit e-selling such as computer points at convenient locations, on line insurance purchase etc. Insurance companies are rated by various agencies such as A. M. Best. The ratings include the company's financial strength, which measures its ability to pay claims. It also rates financial instruments issued by the insurance company, such as bonds, notes, and securitization products. Reinsurance companies are insurance companies that sell policies to other insurance companies, allowing them to reduce their risks and protect themselves from very large losses. The reinsurance market is dominated by a few very large companies, with huge reserves. A reinsure may also be a direct writer of insurance risks as well. Captive insurance companies may be defined as limited-purpose insurance companies established with the specific objective of financing risks emanating from their parent group or groups. This definition can sometimes be extended to include some of the risks of the parent company's customers. In short, it is an in-house self-insurance vehicle. Captives may take the form of a "pure" entity (which is a 100% subsidiary of the selfinsured parent company); of a "mutual" captive (which insures the collective risks of members of an industry); and of an "association" captive (which self-insures individual risks of the members of a professional, commercial or industrial association). Captives represent commercial, economic and tax advantages to their sponsors because of the reductions in costs they help create and for the ease of insurance risk management and the flexibility for cash flows they generate. Additionally, they may provide coverage of risks which is neither available nor offered in the traditional insurance market at reasonable prices. There are also companies known as 'insurance consultants'. Like a mortgage broker, these companies are paid a fee by the customer to shop around for the best insurance policy amongst many companies. Similar to an insurance consultant, an 'insurance broker' also shops around for the best insurance policy amongst many companies. However, with insurance brokers, the fee is usually paid in the form of commission from the insurer that is selected rather than directly from the client. The financial stability and strength of an insurance company should be a major consideration when buying an insurance contract. An insurance premium paid currently provides coverage for losses that might arise many years in the future. 10

CONTROVERSIES: 1. Insurance insulates too much: By creating a "security blanket" for its insureds, an insurance company may inadvertently find that its insureds may not be as risk-averse as they might otherwise be (since, by definition, the insured has transferred the risk to the insurer,) a concept known as moral hazard. To reduce their own financial exposure, insurance companies have contractual clauses that mitigate their obligation to provide coverage if the insured engages in behavior that grossly magnifies their risk of loss or liability. 2. Complexity of insurance policy contracts: Insurance policies can be complex and some policyholders may not understand all the fees and coverages included in a policy. As a result, people may buy policies on unfavorable terms. In response to these issues, many countries have enacted detailed statutory and regulatory regimes governing every aspect of the insurance business, including minimum standards for policies and the ways in which they may be advertised and sold. 3. REDLINING: Redlining is the practice of denying insurance coverage in specific geographic areas, supposedly because of a high likelihood of loss, while the alleged motivation is unlawful discrimination.

Functions of insurance:
The functions of insurance can be bifurcated into three parts: 1. Primary Function 2. Secondary Function. 3. Other Function. The primary functions of insurance include the following: 1. Provide protection: It provides protection against future risk, accidents and Uncertainty. Insurance is actually a protection against the economic losses, by sharing the risk with others. 2. Collective bearing of risk Insurance is a device to share the financial loss of few among others.

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3. Assessment of Risk insurance determines the probable volume of risk by evaluating various factors that give risk to risk. Risk is the basis for determining the premium rate also. 4. Provide certainty- insurance is a device, which helps to change from uncertainty to certainty. Insurance is device whereby the uncertain risks may be made more certain.

The secondary functions of insurance include the following: 1. Preventive of losses- Insurance cautions individuals and businessmen to adopt suitable device to prevent unfortunate consequences of risks by observing safety instruction, installation of automatic sparkler or alarm systems etc. 2. Small capital to cover larger risks- Insurance relieves the businessmen from security investments, by paying small amount of premium against larger risks and uncertainty. 3. Contribute towards the development of larger industries insurance provides development opportunity to those larger industries having more risks in their setting up. The other functions of insurance include the following: 1. Means of savings and investment - Insurance serves as savings and investment, insurance is a compulsory way of savings and it restricts the unnecessary expenses by the insureds. 2. Source of earning foreign exchange Insurance is an international business. The country can earn foreign exchange by way of issue of marine insurance policies and various other ways. 3. Risk free trade insurance promotes exports insurance, which makes the foreign trade risk free with the help of different types of policies under marine insurance cover.

CHAPTER III COMPANY PROFILE

Kotak Mahindra Old Mutual Life insurance is a joint venture between Kotak Mahindra bank Ltd and Old Mutual Plc. The company is one of the fastest growing insurance companies in India and has shown remarkable growth since its inception in 2001. Kotak Mahindra Group believes in offering its customer a life time of value. A commitment that has made it a leading financial services group employing around 17,100 people in its various businesses and has a distribution network of 1,250 branches, franchisees, representatives offices and satellite offices across 344 cities and towns in India and offices in New York , London , Dubai , Mauritius and Singapore . The group services around 3.6 million customer accounts. Old Mutual Plc is an international savings and wealth management company based in UK. Originating in South Africa in 1845, it is among the top 50 largest companies in the FTSE 100. The group has a balanced portfolio of businesses offering asset management, Life assurance Banking and general insurance services in over 40 countries, with a focus on South Africa, Europe and the United States and a growing presence in Asia pacific. Old Mutual Plc employees approximately 53,000 employees worldwide and is listed on the London and Johannesburg stock exchange.

Vision:
1. Global Indian Financial Services Global Standard of delivery to Customer. 2. Most preferred employer/ business partner home for bright minds and entrepreneurial skills. 3. Most trusted financial services company high standard of compliance/ corporate governance, value and not just size.

Future Strategy:
As a joint venture of leading financial services group,Kotak Life insurance has the final expertise required to manage all long term investment safely and efficiently of all the customer.

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PRIORITIES:

Maintain and strengthen capital position Streamline portfolio over time Leverage scale in long term savings businesses Drive value creation in $ between south African businesses Strengthen governance $ risk management.

Mission of Kotak:
To be a leading, preferred service provider to our customer , and to achieve this leadership position by building an innovative , enterprising , and technology driven organization which will set the highest standards of service and business ethics. Kotak offers trading on a vast platform; National stock exchange, Bombay stock exchange and Hyderabad stock exchange. More importantly, Kotak makes trading safe to the maximum possible extend by accounting for several risk factors and planning accordingly. Kotak is assisted in this task by their in depth research, constant feedback and sound advisory facilities

Values:
All our business subscribe to a set of common group values of Integrity, Respect, Accountability and Pushing beyond boundaries.

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About the Competitors:

HDFC standard life insurance is the 1st most recalled brand in India and this is the main competitors, next is the ICICI Pru which is the 2nd recalled brand. But the main competitors for these companies are the Life Insurance Policy (LIC), where they could not beat this company in selling the traditional life insurance policies. But these were successful in selling Taylor policies. Each company follows the different strategy: -HDFC targets the mass market comprised of retail customers in the low and medium income group for its insurance products. - Whereas Kotak Life insurance target middle and higher income group people. Here, in this Life insurance companys technology is not of that use but these companies require manpower in more power not only to create awareness in the market but also to generate profiles.

Achievements: 1.19 Dec 07 Kotak product top performer.

2. 19 Dec 07 Kotak platinum plan top performing ULIP 3. 23 Nov 07 Kotak aims Rs 1100 crore business premium 4. 01 Nov 07- Kotak Life is 100th branch.

Products at a Glance:
Kotak offers a range of carefully selected insurance policies across the entire spectrum of life insurance products. The relationship managers will analyze the insurance needs and develop the solution that works best for the customer.

15

Here are some of the products offered by Kotak life insurance: Kotak smart advantage plan Kotak external life plan Kotak head start child plans Kotak safe investment plan II Kotak flexi plan Kotak easy growth plan Kotak capital multiplier plan Kotak term plan Kotak preferred term plan Kotak child advantage plan Kotak retirement income plan Kotak retirement income plan(unit linked) Kotak endowment plan Kotak money plan Kotak premium return plan Riders

1. Kotak smart advantage plan: Kotak Life Insurance introduces Kotak Smart Advantage, a great combination of investment with insurance, to put your savings to work today. It is a market linked plan with 100% premium allocations helping you accumulate wealth systematically, over the long-term. This plan offers the following key benefits: Guaranteed returns of up to 275% of your first year premium at maturity Assured bonus additions at regular intervals during the policy term to enhance your fund value 100%1 allocation of your premiums from second year onwards to maximize your earnings potential A unique fund offering you the maximum opportunity for growth Option to maximize protection for your loved ones Applicable for premium sizes of Rs.36, 000 and above annually from second year onwards. 2. Kotak external life plan: Kotak Eternal Life Plans are participating whole life plans that provide enhanced protection till the golden age of 99. The plans provide for a high cover at lower premiums, cash lump sum benefits at desired stage and a way to care for your spouse in the second innings of life. 16 With guaranteed protection for life, opportunity to create wealth, and comprehensive cover options, these plans provide you with a perfect financial solution to suit your needs. What can Eternal Life do for you?

i.

ii.

iii.

Provides customer with lifelong protection which continues well beyond retirement to ensure that the loved ones remain secure, irrespective of the uncertainties in life. Enables a high amount of insurance cover at affordable premiums which takes into account the growing responsibilities and keeps pace with the customer increasing needs. Offers liquidity for planned and unplanned needs so that you have access to your money when you need it the most, adding to your comfort and security at important stages in life.

iv Presents options and solutions that suit your personal preference which enables you to make a decision that is more suitable and beneficial for you.

3. Kotak head start child plan: Every child is different. Each has their own set of dreams and aspirations. As a parent you would like to provide your child with all the building blocks that could develop his or her potential to the fullest. This could mean extra coaching or tuition for talented children, special training or equipment for natural athletes or professional training for born singers. Head start Child Plans - a specially tailored, cost-effective plan, aims to give your children the financial means to pursue his or her dreams and live them. The plan offers the following advantages.

Choice of 2 plan variants o Future Protect o Assure Wealth Maximizes wealth while providing protection Joint life option Save for 2 children with one plan Additional bonus units Flexible Withdrawal

17

4. Kotak safe investment plan II: Kotak Safe Investment Plan II is a unit linked plan that combines the benefits of insurance and capital market returns into one. This plan

from the stable of Kotak Life Insurance is a true reflection of the companys essence: innovation that will benefit the investor. What makes investing in Kotak Safe Investment Plan II truly unique is that you enjoy a Guaranteed Maturity Value, with varying degrees of equity exposure depending on your risk appetite. So, if the market value of your units is higher, you reap the benefits with the peace of mind that whilst in a bear market your investment is under-pinned by the Guaranteed Maturity Value. And theres more, the returns are totally tax-free*.

15. Kotak Flexi plan: There may be times when you wish there was an answer to your financial worries. A solution that allows you to take control of your investments. A way to provide for your familys future goals and expenses, and to protect your family the harsh uncertainties of life; be it death, disability or illness. Here is Kotak Flexi Plan which is designed to do just this. It comes to you with the option of investing in six professionally managed funds, allowing you to allocate your investment in a combination of one or more funds, switch between them and take charge of your investments. The plan aims to earn efficient returns over the long term and helps you plan for your financial goals, with the comfort of a Guaranteed Maturity Value. More importantly, it ensures that your loved ones are protected, if any unfortunate events were to take placea plan that gives you complete control.

6. Kotak Easy Growth Plan: Kotak Easy Growth Plans are single premium; market linked insurance plans that keep pace with your ever growing success. It not only helps you save for the future but also lets you reap rich benefits from the investments of your choice. The undisputed advantage of these plans is its simplicity. This simplicity stems from our clear understanding of what would appeal to a customer who is looking for a hassle free investment option.

7.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 withdrawals. This is an endowment plan, which is very flexible, and has a lot of other in-built benefits.

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8. Kotak Term Plan: Kotak Term Plan is a pure risk product that aims to cover your life at a nominal cost. You may want to take this plan to cover your outstanding debts like a

mortgage, a home loan etc. Since this is a pure risk cover product, there are no maturity benefits payables on survival. This is a non-participating plan 9. Kotak Preferred Term Plan: The Kotak Preferred Term Plan is designed to provide you with reduced premium rates for a sum assured of Rs.10 lakhs and above. Only Males over the age of 18 years, who do not use tobacco in any form. And females over the age of 18 years are eligible for this plan.

10. Kotak Child Advantage Plan: The Kotak Child Advantage Plan is an investment plan designed to meet your childs future financial needs. Its a plan that gives your child the "azaadi" to realize his dreams. The plan is a participating plan with a 15-day free look period.

11. 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". It gives you the choice to remain independent even after retirement. The Kotak Retirement Income Plan is a participating plan. The plan comes in two forms: (i) With Cover (ii) Without Cover.

12. Kotak Retirement Income Plan (unit linked): How well you save and invest today will make all the difference tomorrow between having to work and choosing to work. There is no better time than the present to plan for what should be the best years of life your retirement. By the time you retire, costs of living would have increased substantially making even the most basic commodities like milk and vegetables costlier by probably five times. Medical costs would have doubled or more. An ideal retirement solution is the one that gives you complete flexibility and peace of mind, not only while you save for your retirement but also after you retire. To help you plan towards the golden years of your life, we present to you the Kotak Retirement Plan (Unit-Linked).

19 An investment plan designed to secure your future, it assures that even though you have stopped working, your income does not. It is offered to you in three versions - Regular Premium, With Cover and Without Cover, in addition to a Single Premium version. The regular premium options come with the Kotak "Seal of Guarantee"@. These plans have

been designed to ensure that your money earns you handsome returns, safe from the vagaries of the capital market, so that you can retire comfortably and securely. Please note that in these plans, the investment risk in the investment portfolio is to be borne by the policyholder. However, Kotak Life Insurance offers you a Basic Sum Assured/ Guaranteed Maturity Value on the Regular Premium versions of this plan to safeguard against the downside risk of falling markets. 13. Kotak Endowment Plan: Kotak Endowment Plan is a protection plan that covers your life and at the same time ensures that your money does not lie idle. It invests a portion of your premium in financial instruments and ensures a considerable growth in savings. This is a participating plan (with profits). 14. Kotak Money Back Plan: The Kotak Money Back Plan not only covers your life, it also assures you a certain percent of the sum assured as cash payment at regular intervals of every 5 years. It is a savings plan with the added advantage of life cover and regular cash inflow. This plan is ideal for planning special moments like a wedding, your childs education or purchase of an asset etc. This is a participating plan (with profits). 15. Kotak Premium Return Plan: This plan is a sure and secure insurance option without the hassles or worries of a conventional insurance plan. With minimal paperwork and procedures, you get the dual benefit of a risk cover and savings. At the end of the term, a minimum of the premiums paid by you will be returned depending on the option you choose. In other words, this is a term plan that makes financial sense by offering maturity benefits as well.

16. Riders: Every person has a different need and we at Kotak Life Insurance recognize this. To give you the flexibility to customize and enhance your cover, we offer a set of riders which you may opt for along with your basic policy and shape your policy to suit your individual needs. The riders may be availed of at the time of purchasing the plan, at a nominal cost. The maximum amount of benefit you can avail is equal to the basic sum assured. The aggregate premium on all value-ads should not, however, exceed 30% of the basic premium.

20
22

CHAPTER IV DATA ANALYSIS & INTERPRETATION

Table 4.1: Age Group of the respondents

Sl. No. 1 2 3 4 5

Age Group <18 18 35 36 45 46 60 60>

No. of Respondents 4 174 17 5 0 200

% of Respondents 2 87 8.5 2.5 0 100

Age Group of Respondents

100 80 60 40 20 0 <18 18 35 36 45 46 60 60> % of Respondents

Intrepretation: In my survey most of the age group fall in between 18 35 i.e. 174 respondents out of 200 sample followed by 36 45 i.e. 17 in count and subsequently proceeded by 46 60 which is 5 in number and below 18 i.e. 4 in count. Lastly, none of my sample is more than 60 age group.

Table 4.2: Occupation of the respondents

Sl. No. 1 2

Occupation Salaried self employed

No. of Respondents 188 12 200

% of Respondents 94 6 100

Occupation of the respondent

self employed, 12, 6% OCCUPATION, , 0%

OCCUPATION salaried self employed

salaried, 188, 94%

Interpretation: In my survey, 94% of the respondents are salaried (188) and only 6% respondents are self-employed (12).

Table 4.3: Income Group of the Respondents

Sl. No. Income/month (Rs.) No. of Respondents % of Respondents 1 <10,000 41 20.5 2 10001-20000 82 41 3 20001-40000 56 28 4 40001-100000 19 9.5 5 100000> 2 1 200 100

Income Profile of the Respodent

100 82 56 41 40 19 20 0 <10,000 10001-20000 20001-40000 Income/month 40001-100000 100000> 2 Counts

Count(response)

80 60

27 Interpretation: In my survey majority of the respondent fall into the salary profile in between 10001-2000 i.e. 82 in count, followed by 20001-40000 i.e. 56 in count and subsequently followed by salary profile less than 10,000(41) and 40001-100000(19). Least in count is salary profile more than 100000(0nly2 in count)

Table 4.4: Awareness of different investment options

Sl. No. 1 2 3 4 5 6 7

Investment Options FIXED DEPOSIT INSURANCE MUTUAL FUNDS BONDS NSC ULIP EQUITY

Yes 177 184 145 100 109 96 81

No 23 16 55 100 91 104 119

Respondent awareness towards different investment modes

count(Response)
200 150 100 50 0 177 184 145 100 100 55 23 16 109 91 96104 119 81 AWARENESS YES AWARENESS NO

O SI T

CE

NS C

FU N

BO ND

UL IP

IN SU RA N

DE P

XE D

FI

UT U

AL

Types of investment mode

Interpretation: This graph is included to find out the awareness of the different investment mode to the consumer and from the survey it is found that maximum number of people are aware of insurance and fixed deposit for which the number found are insurance (184) and fixed deposit (177) therefore it is clearly seen that insurance and fixed deposit are well known to the people. Followed by mutual fund (145) and bonds (100), NSC (100). From the graph it is also seen that are not fully aware of UL IP (96)

and the least is equity (81). Therefore it is very essential for any insurance company to make general customer aware of the entire investment mode to perform their business well.

EQ UI

TY

Table 4.5: Risk category preferred by the Respondents Sl. No. 1 2 3 Type of Risk No. of Respondents % of Respondents Low 46 23 Medium 106 53 High 48 24 200 100

Risk Caterization

48, 24%

, 0%

46, 23% RISK CATEGORY LOW RISK MEDIUM RISK HIGH RISH

106, 53%

Interpretaion: This graph is included to find out the risk preference taken by the customer when they are going for investment. Here risk is directly proportional to return and from the graph it is clearly seen that people are generally preferring medium risk and medium return because that save them from heavy loss when the market is down and the number is found out to be 106(53%) out of 200 in total and then comes high risk and high return i.e. 48(24%) with close in number to low risk and low return i.e. 46(23%).

Table 4.6: Customer prioritization towards investments Sl. No. Investment Priority 1 2 3 4 Total 1 Return 89 68 29 14 200 2 Safety 79 62 49 10 200 3 Tax benefit 22 46 68 64 200 4 Insurance 9 25 54 112 200

Customer priorities while investing

112 14 10 64
4th

Ranking

29

49

68

54

3rd 2nd 1st 0

Interpretation: This graph is included to find out what the customer look while investing their money with any company and it is found that customer are generally looking for good return on maturity of their money (89 out of 200) followed by safety (62) and tax benefit (68) and the least is insurance (112) which is the fourth choice for the customer.

68 89
50 Return

100 counting Safety

62 79

150

Tax benefit

46 22

insurance

25 9
200 250

Table 4.7: Awareness of ULIP as a combination of Equity & Insurance

Sl. No. Awareness No. of Respondents % of Respondents 1 Yes 75 37.5 2 No 125 62.5 200 100

Awareness of ULIP is a combination of insurance and mutual fund

75, 38% YES NO 125, 62%

Interpretation: This graph is included to find out the awareness among the people that ULIP is a combination of insurance and mutual fund and from the survey it is found that 125 respondents out of 200 knows that ULIP is both the combination of insurance and mutual fund(approx 62%) and out of which 75 respondents are not aware of ULIP.

Table 4.8: Respondents preferences Sl. No. Preference No. of Respondents % of Respondents 1 Government 168 84 2 Private 32 16 200 100

Preference for insurance industry

PREFERENCE, , 0%

PRIVATE, 32, 16%

PREFERENCE GOVERNMENT PRIVATE GOVERNMENT, 168, 84%

Interpretation: This graph tells about the customer choice in between the government and private sector when they are likely going for their investment purpose. And it is found that 168 respondents out of 200 prefer government sector that comes out to be 84% and less in number are private sector which is only 34( i.e. 16%).

Table 4.9: Awareness of Kotak Life insurance

Sl. No. Awareness No. of Respondents % of Respondents 1 Yes 167 83.5 2 No 33 16.5 200 100

Awareness of Kotak life insurance

33, 17%

, 0% KOTAK AWARENESS YES NO 167, 83%

This graph is put to know the awareness level of Kotak Life insurance among the customer and from the survey it is found that maximum people are aware of the company with 167 out of 200 in number. And still in my survey 33 respondent are not aware of Kotak life insurance.

Table 4.10: Brand Image of Kotak Life insurance

Sl. No. Brand Image No. of Respondents % of Respondents 1 Premier 48 24 2 Medium 126 63 3 Low 26 13 200 100

Brand image of Kotak Life Insurance

140 120 100 80 60 40 20 0 BRAND IMAGE OF KOTAK

Count(response)

126

48 26

Series1

PREMIER SEGMENT

MEDIUM SEGMENT Brand Image

LOW SEGMENT

Interpretation: This graph is included to find out the customer perception and brand image of Kotak life insurance and majority of people (i.e. 128 out of 200) feel that Kotak life is a medium segment company followed by 48 respondent feel that it is a premier segment company and only 26 voted that it is an low segment company.

Table 4.11: Opinion on advertisement to promote insurance products

Sl. No. Opinion No. of Respondents % of Respondnets 1 Yes 192 96 2 No 8 4 200 100

Advertisement is important aspect of Insurance industry

8, 4%, 0%

ADVERTISEMENT YES NO

192, 96%

Interpretation: This graph predicts that 192(96%) respondents out of 200 feel that advertisement is very much essential element for any insurance company to sell their products, to raise their brand image and to beat their competitors and only 4% respondent feel that it is not that much essential.

Table 4.11: Most popular advertisement recall by the respondent:

Sl. No. Recall of Ads No. of Respondents % of Respondents 1 LIC 85 42.5 2 ICICI 41 20.5 3 HDFC 38 19 4 Others 36 18

Recall of Ads

ICICI 21%

LIC 42%

This graph is included to analyze which company advertisements is generally recalled by the customer and it is found that LIC headed the other company by 85 out of 200, followed by ICICI and thirdly HDFC .This are the top three brands which the customer could recall in their mind and then comes the other company advertisements which is only 39.

Table 4.12: Awareness of Kotak advertisements

Sl. No. Awareness No. of Respondents % of Respondents 1 Yes 31 15.5 2 No 169 84.5 200 100

Awareness of Kotak Ads

No 85%

Yes 15%

Interpretation: This graph is exclusively included to find out how many could actually recall the advertisement of Kotak life and the response found to be very poor where only 31 respondent out of 200 could say they could recall the advertisement for Kotak whereas the rest could not able to recall any of the advertisement of Kotak life which headed by 169 in number.

Table 4.13: Consumer preferences towards Kotak Life: Sl. No. Preference No. of Respondents % of Respondents 1 Yes 133 66.5 2 No 67 33.5 200 100

Preferences towards Kotak Life

No 34% Yes 66%

Interpretation: This graph predicts the interest of customer in investing their money in Kotak life and the response says that out of 200 respondent 133 would like to invest if given the best opportunity whereas 67(34%) respondent are not willing to invest.

CHAPTER V FINDINGS & SUGGESTIONS

Findings:
1. From the above analysis, it is clear that awareness among the consumer for fixed deposit (88.5%) and insurance (92%) are more than ULIP (48%) and Equity (40.5%). Therefore, table 4 shows the better understanding of different investment option available in the market.

2. Majority of consumer preferred medium risk and medium return (53%), followed by high risk (24%) and thirdly low risk (23%), as on table 5.

3. From table 8, it is evident that only 37.5% respondents are aware of ULIP is a combination of mutual fund and insurance, whereas 62.5% are not fully aware of ULIP. 4. In Table 9, it exhibits the behavioral pattern of individual customer in the course of making investment in either government and private sector, therefore from the analysis it is clear that 84% respondent preferred government sector whereas only 16% for private, even after having knowledge that LIC is not a government sector. 5. 83.5% respondents are aware of Kotak Life insurance as on above table 12, and also 63% consumer feels that is a medium segment brand, secondly 24% for premium brand and thirdly 13% for lower brand. 6. From the above table 14, it is clear that advertisement is an important aspect of insurance industry. Where LIC advertisement are mostly recalled by the consumer (42.5%) followed by the other brands. Also, Kotak advertisements are known by only 15.5% of the total sample size. 7. 66% consumer preferred to invest with Kotak life if given a best opportunity to them.

SUGGESTIONS
1. From the analysis it is seen that only 48% of the total survey are aware of ULIP, therefore organization should organize insurance awareness weak like activities to spread awareness among the consumer. 2. From table 16, it is clear that only 15.5% of the total respondents are aware of Kotak advertisement and therefore, company should increase their publicity by giving more advertisement through various media like television, newspaper, radio etc. 3. It has to concentrate on rural sector also.

BIBLIOGRAPHY www.kotaklifeinsurance.com www.indiainsuranceresearch.com www.limra.com

Journals 1. DALAL Street investment journal Investment avenue for 2009 vol xxiv no 1 Dated 4th Jan 2009 2. Asia insurance post vol 9, Issue 8 march 2009. 41

A STUDY ON CONSUMER PERCEPTION AND BRAND RECALL IN INSURANCE INDUSTRY WITH REFERENCE TO KOTAK LIFE INSURANCE QUESTIONNAIRE
Name ___________________________ Gender ______ Contact __________________ Age Group < 18 18 35 36 45 46 60 60 >

Occupation: -

Salaried

Self Employed 10001 20000 100000>

Income/Month :20001 40000

< 10,000 40001 100000

1. Do you think that insurance & investment are very important aspects of life? Yes No

2. Which of the following investment options available in the market is known to you? Fixed Deposit Insurance Mutual fund Bonds specify_________________ National Saving Certificate ULIP Equity Other please

3. Which risk category you like most to enter considering risk is directly proportional to Return? Low Risk Medium Risk High Risk 4. Kindly rank your preferences toward following investment options available Fixed deposit National saving certificate Insurance ULIP Mutual fund Equity Bonds Other please specify_____________. 5. Please, rank your priorities while investing? Return Safety Tax Benefit Insurance

6. Do you know that ULIP is a combination of Insurance and Mutual Fund benefits? Yes No

7. Have you ever invested in any ULIP plan with any existing insurance companies? Yes No

8. If yes, can you name the product in which you have invested? Yes No If yes, please specify _______________________________________

9. Your preference while investing would be with Government organization Private organization

10. Do you know that LIC is not a government organization now? Yes No

11. Which company would you like to go with for your insurance & investment needs? LIC Kotak mahindra life insurance insurance ICICI Prudential life insurance HDFC life insurance SBI life insurance specify______ Reliance life insurance MAX New York life MET life insurance ING Vysya life insurance any other please

12. Which company would you like to go with for your investment needs? (Considering that all companies have same Benefits to you)._______________________________________. 13. Are you aware of the company named as Kotak Mahindra Life Insurance? Yes No

14. If yes, what do you think is the brand image of Kotak in existing market? Premier segment Brand Medium segment Brand Lower segment Brand

15. Do you think that advertisement is an important tool for any insurance organizations? Yes No

16. Do you remember any recent advertisement of any insurance company? Yes No If yes, please specify_________________________________________. 17. Have you ever come across with any advertisement of Kotak Mahindra Life Insurance? Yes No If yes, please specify___________________________________________. 18. Given the best investment opportunity, would you like to go investing with Kotak? Yes No If no, please specify_____________________________________________. 19. Please add any suggestion to Kotak life insurance? Please specify _____________________________________________________