Consumer Preferences on ULIP-A Study at Birla Sun Life Insurance
Introduction
Insurance-a safeguard
BSLI have different kinds of
innovative ULIP products.
Objectives of the Project
To study about ULIP products
offered by Birla Sun life insurance.
To analyse investor preference
about ULIP over Traditional plan.
Research methodology
DATA COLLECTION
Primary Data
Secondary Data
SAMPLING
ANALYSIS OF DATA
GRAPHS
DATA ANALYSIS
Questionnaire for studying customer preference on ULIP products
Dear respondent,
This questionnaire is aimed at understanding your perception about life insurance .Your response
will be dealt with strict confidentiality and it will be used only for academic purpose. Thank you for
spending your valuable time to fill this questionnaire.
1. Name : Gender : [ ]M [ ]F
Marital status: [ ] Married [ ] Single
Age group : [ ]below 30 [ ] 31-40 [ ] 41-50 [ ] 51-60 [ ]Above 60
th
Educational qualification : [ ] 10 / below [ ] +2/ below [ ] Graduate [ ] PG/Abov
Occupation : [ ] Salaried [ ] Self employed [ ] Retired [ ] Housewife
[ ] Student
2. What percentage of your Salary do you usually save?
[ ]Less Than 15% [ ]15-20% [ ]20-25% [ ]Greater Than 25%
3. Are you assessed to tax? [ ] Yes [ ]No
4. Rank these various investment alternatives according to your preferences:
[ ] Insurance [ ]Bank Deposits [ ] Mutual Fund [ ] Real Estate
[ ] Gold & Silver
5. State your expectation on investment alternatives by ticking according to its importance.
Expectations on Important Neutral Not
investment important
Safety
Capital growth
Liquidity
Return
Tax benefit
Company profile
& name
6. Tick the life insurance companies you are familiar with:-
[ ]ICICI Prudential [ ]SBI Life [ ]Bajaj-Allianz [ ] Max New York Life
[ ] Birla Sun Life [ ]Aviva Life [ ]None
7. Do you have an existing policy with any life insurance company : [ ] Y [ ] N
8. What parameters do you look into before you take up a life insurance Policy?
Parameters considered Important Neutral Not Important
before insurance policy
Premium
Charges
Policy Term
Services (Pre & Post
Sales)
Company Image
[Link] is your preference on insurance plans?
[ ]Traditional plan [ ]Unit linked plan [ ] Not Interested
(If ULIP continue..)
10. What is your purpose to invest in ULIP plan?
Risk cover [ ] high return [ ] tax saving [ ]
11. Which type of ULIP product do you have?
Child plan [ ] pension plan [ ] saving plan [ ]
12. Are you satisfied with charges of ULIP Plan?
YES [ ] NO [ ]
[Link] you will prefer to invest next time?
ULIP [ ] TRADITIONAL PLAN[ ]
14. Do you think insurance is the viable option for investment?
[ ]Yes [ ] No Thank you!
What percentage of your Salary do
you usually save?
[Link] % OF No. Of Percentag
SAVING Responde e (%)
nts
1 Less than 70 58.3
15
2 15-20 20 16.7
3 20-25 30 25
4 Greater 0 0
than 25%
Total 120 100
Rank investment alternatives
Investment Rank
Alternatives
Bank Deposits I
Insurance II
Gold & Silver III
Real Estate IV
Mutual fund V
Expectation on investment
alternatives
90
80
70
60
50
Important
Neutral
40 Not important
30
20
10
0
Safety Liquidity Return Tax benefit Company profile
State your expectation on
investment alternatives
Responses Safety Liquidity Return Tax Company
benefit profile
Important 80 54 60 18 87
(66.7) (45) (50) (15) (72.5)
Neutral 40 46 40 23 33
(33) (38.3) (33.3) (19.16) (27.5)
Not - 20 20 79 -
important (16.7) (16.6) (65.8)
What parameters do you look
into before taking a Policy
Response Premium Charges Policy Services Company
term image
Important 56(53.8) 50(48) 56(53.8) 14(13.4) 83(79.8)
Neutral 36(34.6) 40(38.4) 36(34.6) 19(18.3) 20.2)
Not 12(11.5) 14(13.4) 12(11.5) 71(68.3) 0
important
Parameters people look for
before taking policy
90
80
70
60
50
Important
Neutral
40 Not important
30
20
10
0
Premium Charges Policy term Services Company image
Do you have an existing policy
[Link] Respon No. Of Percent
se Respon age (%)
dents
1 Yes 104 86.7
Yes
No
2 No 16 13.3
Total 120 100
Do you think insurance is the
viable option for investment?
OPTION RESPONS PERCENT
ES AGE
YES 62 59.6
NO 42 40.4
TOTAL 104 100%
What is your preference on
insurance plans?
[Link] Response No. Of Percentag
Responde e (%)
nts
1 Traditional 10 8.3
2 ULIP 94 78.3
3 Not 16 13.3
interested
Total 120 100
Which type of ULIP product do
you have?
OPTION RESPONSE PERCENTAGE
CHILDREN 34 32.6
SAVING 40 38.4
PENSION 30 30
TOTAL 104 100
Findings
Majority of the people save 15-20% of their
income.
Bank deposits and insurance ranks I and II resp.
and MF ranks V among the investment
alternatives
Company profile or image is considered more
important in before & after all investments.
About 86.7% of respondents have insurance
policy.
Majority of respondents prefer ULIP and 56%
taken it as an investment option.
Thank you !!