INTERPRETATION
It was founded that 83% customers who have taken the policy are job oriented.
[Link] OF INSURANCE:
What is the main cause of taking the life insurance policy?
Future Security--59%
Tax Deductions--28%
Future Investment--13%
INTERPRETATION
The majority of consumer find it as future security followed by tax saving.
[Link] with the policy:
The question was asked to know that what percentage of customers is satisfied with the policies.
INTERPRETATION
It was founded that majority of customer are not satisfied with their current policy.
[Link] sector customer chose public or private?
INTERPRETATION
After the survey it was found that still major portion of customers go for public
insurancecompanies, but with the entry of more and more private companies the scenario is
changingrapidly, people need of more and better returns are opting for private companies, and
thiscan be justified by the increasing market share of private companies in the Indian
insurancesector. There are various ways in which private companies are found much more
lucrativethan public companies and the fact which support this statement are as follows:
[Link] do private life insurance companies need to improve?
This question was asked to know where private companies are lacking. It might be in termof
service, return, information, verity or easy claim.
INTERPRETATION
From the research it was found that there is a need for the private player to improvement
incertain sector to complete with the government sector companies, majority of the People
think that people think that private companies need to improve in easy claim andinformation.
TOTAL SUM ASSURED OF LIFE INSURANCE:
Explains about the types of insurance taken by consumer. About 20.20 % respondents have taken
vehicle insurance, 19.61 % respondents have taken term cover insurance, 14.6 % respondents
have taken medical/health insurance, purchase, 11.1 % respondents have taken personal accident
insurance, 10.60 % respondents have taken unit linked insurance plan and 7.13 % respondents
have taken pension plan etc.
TOTAL SUM ASSURED OF LIFE INSURANCE FOR THE SPOUSE:
Explains about the total sum assured of life insurance for the spouses. About 695 respondents
having sum assured of life insurance for the spouses less than Rs 10 lakh, 132 respondents
having sum assured of life insurance for the spouses between Rs 10 lakh to Rs 20 lakh, 39
respondents having sum assured of life insurance for the spouses between Rs 20 lakh to Rs 50
lakh and 1067 respondents have not taken any sum assured life insurance for the spouses etc.
REASONS FOR INVESTING IN LIFE INSURANCE:
The figure explains about the reason for investing in life Insurance. About 35.70 % respondents
have invested in life insurance due to higher risk coverage and 32.43% respondents have
invested in life insurance for tax saving.
Explains about the reasons for investing in life Insurance. About 35.70 % respondents have
invested in life insurance due to higher risk coverage, 32.43% respondents have invested in life
insurance for tax saving and 19.65 % respondents have invested in life insurance due to easy way
to invest.