A

SUMMER INTERNSHIP REPORT ON

“A STUDY ON PERCEPTION OF INVESTORS INVESTING IN LIFE
INSURANCE AT AGILE CAPITAL SERVICES DELHI”
In partial fulfilment for the award of the degree
Master of Business Administration
Session – 2022-24

Under the guidance of: Submitted by:

Ms. Reeta Riya Singhal
Professor MBA 3rd Sem. (1227116)
 PREFACE

An internship is a stepping stone in one's career. The goal of an internship is to prepare you
for your chosen job and the real world. It allows you to receive hands-on experience from
market professionals.
The current report is the result of the MMDU, Mullana University's internship program. The
internship program's goal was to familiarize the student with the application of information
gained on school. The practical knowledge obtained by a student differs greatly from the
theoretical information obtained in an institution.
I have completed my internship in “Agile Capital Services”. I have been working in Finance
and Marketing department for 60 days. They clarified every topic to me so that I
understood how things function in real life.

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 Acknowledgments

I must first take this opportunity to thanks “Agile Capital Services” for giving me this
opportunity to complete my internship in such a reputed organisation.
I’m very grateful for my honourable mentor Ms Reeta Associate Professor Maharishi
Markandeshwar Deemed to be university for assessing me to prepare this report . She guided
me to prepare the whole report.
I also expressed my gratitude to Miss Ipshita Srivastava my training guide who taught me the
key concept in overall functionalities of “Agile Capital Services” .
And finally I would like to express my gratitude to all the individuals who have helped me to
prepare this report.

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4
 DECLARATION

I, Riya Singhal bearing Institute Roll No 12227116 , declare that the summer project titled “A
STUDY ON PERCEPTION OF INVESTORS INVESTING IN LIFE INSURANCE AT AGILE CAPITAL
SERVICES DELHI ” is my original work and completed under the supervisions of Miss Ipshita
Srivastava (Training Guide) at Agile Capital Services. I have also been inspired and instructed
by my supervisor Ms. Reeta Associate Professor, Maharishi Markandeshwar University,
Mullana. Further, I also declare that the report being submitted herewith is free of any textual
plagiarism.

Signature

RIYA SINGHAL
12227116
MBA (3RD Semester)
MMIM
Maharishi Markandeshwar Deemed University, Mullana

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 INDEX

Sr. Particulars Page No.

No.

1. Preface 2

2. Acknowledgement 3

3. Certificate 4

4. Declaration 5

5. Chapter 1: Introduction 7-22

6. Chapter 2: Review of Literature 23-26

7. Chapter 3: Research Methodology 27-30

8. Chapter 4: Data analysis and Interpretation 31-38

9. Chapter 5: Conclusion 39-40

10. Bibliography 41- 45

Annexure

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Chapter 1:
Introduction

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ABSTRACT
The goal of the study was to determine what influences people's perceptions about buying
life insurance. The aim of the study was to determine the variables influencing investors'
perceptions of life insurance investments, to measure the degree of variation in consumers'
acceptance of insurance products, and to investigate consumers' attitudes toward insurance
businesses. The study provides a detailed introduction to the life insurance industry,
including its history, profile, necessity, and a number of other elements. It also discusses the
goals of the research, the methodology, tools, and techniques employed in this project.

INTRODUCTION TO INSURANCE SECTOR OF INDIA

The insurance sector in India has grown significantly in recent years, with the introduction of
a large variety of complex products. As a result, competition is fierce with favourable and
healthy outcomes. India's insurance industry plays an active role in the economic growth of
its country. It gives individuals with chances for saving, protects their future and aids the
insurance industry in forming a large pool of funds that can be used in the future. The
insurance sector significantly helps to the development of capital markets, hence promoting
infrastructure developments in India, with the use of these funds.

HISTORY OF INDIAN INSURANCE SECTOR

The Indian insurance sector first appeared in the nineteenth century. Oriental Life Insurance
Company was founded in Kolkata (Calcutta) in 1818 by Europeans to primarily service their
population. The Bombay Mutual Life Assurance Society, founded in 1870, was the first
Indian insurance firm to insure Indians at standard rates. The first general insurance firm is
Triton Insurance firm Ltd, founded in 1850. Gradually, the insurance industry grew into a
massive industry that boosted India's economy.
The insurance sector has evolved through three stages: pre-nationalisation, nationalisation,
and privatisation. Only with the passage of the Life Insurance Corporation Act in 1956 was
the insurance sector nationalized. There were almost 200 insurance businesses of both
Indian and European heritage.
The Indian insurance industry is organized into two divisions: life insurance and non-life
insurance, generally known as general insurance. The Insurance Regulatory and
Development Authority of India (IRDAI) regulates both categories. India's insurance business
is made up of 57 insurance firms. There are 24 life insurance firms and the remaining 33 are
non-life insurance businesses.

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Life insurance businesses protect an individual's life, whereas non-life insurance firms cover
day-to-day living expenses such as travel, vehicle, bike, and house insurance.

What Exactly Is Insurance?

Insurance is a technique that compensates a small number of deaths with money gathered
from a large number of people. Insurance serves as a shield against unforeseeable future
events. It is a system in which the losses of a few are spread over multiple others who are
subject to similar risks. It is a safeguard against financial loss in the case of an unforeseen
incident. Premiums are collected by insurance firms to offer security for the purpose. Losses
are compensated through premiums collected from individuals, and insurance firms operate
as trustees for the funds received.
The function of insurance is to give protection, to prevent losses, to generate cash, and so
on. Thus, insurance may be characterized as a mechanism in which the insured pays a
quantity of money as a premium in exchange for the insurer carrying the risk of paying a
significant sum. It may also be described as a contract in which one party promises to pay
the other party or his beneficiary a certain sum in the event of a particular contingency for
which insurance is necessary. The insurance sector controls vast sums of money through
the selling of insurance products to a huge number of customers. Insurers also incur
obligations and pledge to reimburse policyholders for losses that arise at a later period. It
also plays a vital part in the capital formation process.

FEATURES OF INSURANCE

• Risk Transfer: The fundamental concept of insurance, where an individual or entity

transfers the financial risk of specific events to an insurance company in exchange for
payment of premiums.
• Premiums: The regular payments made by the policyholder to the insurance company
in exchange for coverage and protection against specified risks.

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 • Coverage: The extent and scope of protection provided by an insurance policy,
outlining the events and circumstances for which the insurance company will provide
benefits.
• Policyholder: The person or entity that owns an insurance policy and is entitled to the
benefits and coverage outlined in the policy.
• Claims: The process through which a policyholder requests compensation from the
insurance company for losses or damages covered by the policy.
• Deductibles: The initial amount that a policyholder must pay out of pocket before the
insurance company starts covering the remaining costs of a claim.
• Policy Limits: The maximum amount or extent of coverage that an insurance policy
provides for different types of losses or claims.
• Exclusions: The specific events, situations, or circumstances that are not covered by
an insurance policy, and for which the insurance company will not provide benefits.

Life insurance is a contract between an individual and an insurance company in which the
insurance company promises to pay a specified quantity of money to the insured person's
selected beneficiaries upon the insured person's death. In exchange for this financial
security, the policyholder pays the insurance provider on a monthly basis.

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❖ Term Life Insurance:
Term life insurance offers coverage for a certain period of time, such as ten, twenty, or
thirty years. The beneficiaries receive a death benefit if the policyholder dies during
the period. If the policyholder lives past the term, the coverage terminates.
❖ Whole Life Insurance:
Whole life insurance provides lifelong coverage and includes a cash value savings or
investment component. Premiums are often greater than those for term life
insurance, but they stay constant throughout the policyholder's life.
❖ Endowment Policy:
A life insurance policy with a savings or investing component is known as an
endowment policy. It pays a lump amount when the insurance matures or if the
insured dies during the term. It provides both safety and savings.
❖ Money-Back Policy:
During the policy term, a money-back insurance pays out periodic payouts (survival
benefits) to the policyholder. The whole sum promised is paid to the beneficiaries in
the event of the policyholder's death. This policy provides both insurance coverage
and periodic returns.

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 ❖ ULIP (Unit Linked Insurance Plan):
An ULIP is a type of life insurance that combines insurance coverage with investment
options. Policyholders can select from a variety of investment funds, and their returns
are determined by the performance of these funds. ULIPs provide flexibility and the
possibility for better returns, but they are not without risk.
❖ Children's Policy:
A children's policy is a type of life insurance policy that is meant to protect a child's
financial future. It usually includes a life insurance policy for the kid's parent or
guardian and matures when the child reaches a specific age, paying out a lump
amount that can be used for school, marriage, or other costs.
❖ Retirement Plan:
A retirement plan is a life insurance policy meant to offer financial stability after
retirement, frequently in the form of a pension or annuity. It provides the
policyholder with periodic payments or a lump amount once they retire, guaranteeing
a predictable income stream after retirement.

NEED OF LIFE INSURANCE

➢ Financial Security: Life insurance offers financial security for your loved ones in the
event of your untimely death.
➢ Peace of Mind: Provides peace of mind knowing your family is financially secure and
able to maintain their standard of living.
➢ Tax Advantages: Provides tax advantages on premiums and perks, assisting in tax
planning.
➢ Business Continuation: Ensures business continuation by providing funding to fulfill
business obligations or purchase the stake of a dead partner.
➢ Debt Coverage: Helps in covering outstanding debts like mortgages, loans, or other
liabilities so that your family isn't burdened.
➢ Education and Future Expenses: Helps secure funds for your children's education and
other future life events.

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➢ Life Insurance Corporation of India (LIC):
• LIC is the largest and most well-established life insurance company in India, owned
by the government of India. It has a significant market share and a wide range of
insurance products.
➢ ICICI Prudential Life Insurance:
• A joint venture between ICICI Bank and Prudential Corporation Holdings Limited,
this company is known for its innovative products and strong customer service.
➢ HDFC Life Insurance:
• HDFC Life is a leading private life insurance company, and it's a subsidiary of HDFC
(Housing Development Finance Corporation) - one of India's largest housing
finance companies.
➢ SBI Life Insurance Company:
• A collaboration between the State Bank of India (SBI) and BNP Paribas Cardif, SBI
Life is one of the largest life insurance companies in India in terms of market share.
➢ Max Life Insurance Company:
• Max Life Insurance is a well-established player in the market, offering a wide array
of insurance products and strong customer service.
➢ Kotak Mahindra Life Insurance Company:
• A subsidiary of Kotak Mahindra Bank, this life insurance company has gained a
reputation for its customer-centric approach and innovative products.
➢ Bajaj Allianz Life Insurance Company:
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 • A collaboration between Bajaj Finserv and Allianz SE, this company has a
significant presence in the Indian insurance market.
➢ Aditya Birla Sun Life Insurance:
• A joint venture between Aditya Birla Group and Sun Life Financial Inc., this
company offers a range of insurance and investment products.
➢ PNB MetLife India Insurance Company:
• A partnership between Punjab National Bank and MetLife, this company provides
various insurance and savings solutions.
➢ Tata AIA Life Insurance Company:
• A collaboration between Tata Sons and AIA Group, this company is known for its
innovative insurance products and strong customer service.

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 COMPANY PROFILE

Agile Capital Services Is One Of India's Emerging Consulting Firm. Acs is a one-stop shop for
all of the financial requirements. Their goal is to provide the greatest solution for consumers
to manage their funds in the most beneficial manner. ACS is an independent financial
services organization dedicated to assisting you in achieving long-term financial success.
They provide specialized advice services to wealthy customers in order to meet their
financial management demands. Their guiding idea is to provide excellent returns to our
clients through our network of Indian government-owned banks.
Services Provided
❖ Consulting Services
❖ Portfoloio Mangement
❖ Recruitment Services
❖ Taxation Services
❖ Financial Analysis
❖ Internship Program
❖ Professional Skill Development

➢ Consulting Services: Consulting services entail providing professional advice,

assistance, and suggestions to individuals or enterprises in order to help them make
educated decisions, solve issues, or enhance their performance in certain areas.
Consultants use their experience to deliver strategic solutions that are suited to the
client's demands.

➢ Portfolio Management: Portfolio management is the act of supervising and optimizing

an investment portfolio, which may contain stocks, bonds, real estate, and other
assets. The goal is to fulfill the investor's financial objectives while limiting risk and
guaranteeing diversity.
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➢ Recruitment Services: Recruitment services, which are frequently provided by staffing
agencies or HR businesses, strive to locate, attract, and employ qualified people for
job openings inside a company. These services include operations like applicant
sourcing, interviewing, and connecting candidates with job openings.
➢ Taxation Services: Taxation services are expert aid in managing and maximizing an
individual's or business's tax-related concerns. This involves tax planning, compliance,
and measures to reduce tax payments while conforming to applicable tax rules and
regulations.
➢ Financial Analysis: Financial analysis is the act of assessing an organization's financial
data in order to make educated judgments regarding its financial health,
performance, and future prospects. Examining financial accounts, ratios, and other
data to determine an entity's solvency and profitability.
➢ Internship Program: A organized and supervised work experience that helps students
or individuals to learn practical, hands-on knowledge and skills in a certain industry or
career. Internships are frequently performed by students in order to supplement their
education and get real-world experience.
➢ Professional skill development refers to actions and programs that aim to improve an
individual's talents and competences in their chosen career or sector. To develop
professional abilities and remain relevant in the job, it may include training,
workshops, courses, and experiential learning.

They thrive to provide best and simplest wealth management advice through honest
financial solutions as well as inspire the candidates to explore job opportunities across
various industrial sector.

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 s

The vision is to significantly increase the wealth of their clients by providing best financial
services as well as most valuable recruitment service provider.

Bank of Baroda

Introduction
Bank of Baroda (BOB or BoB) is a public sector bank in India with headquarters in Vadodara,
Gujarat. With 153 million clients, a total business of US$218 billion, and a worldwide
footprint of 100 abroad locations, it is India's second biggest public sector bank after State
Bank of India. According to 2019 statistics, it is rated 1145th on the Forbes Global 2000 list.
On July 20, 1908, the Maharaja of Baroda, Sayajirao Gaekwad III, established the bank in the
princely state of Baroda, Gujarat. On July 19, 1969, the Government of India nationalized
the Bank of Baroda, along with 13 other major Indian commercial banks, and the bank was
declared as a profit-making public sector enterprise (PSU).

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History
The Bank of Baroda, one of India's oldest and greatest banks, has a long and storied history
dating back to the late 1800s. It was formed on July 20, 1908, by Maharaja H.H. Sir Sayajirao
Gaekwad III of the princely state of Baroda in Gujarat. Initially known as the "Bank of Baroda
Limited," the bank's principal goal was to support trade and commerce in the region. It
began with a small paid-up capital of 10 lakh (1 million) and a single branch in Baroda.
The Bank of Baroda has continuously grown its activities and services throughout the years,
becoming a renowned financial institution in India. It was crucial in promoting economic
development and industrial expansion in the country, particularly during the pre- and post-
independence eras. The bank's unique strategy and dedication to client service contributed
to its continuing expansion.
The Bank of Baroda, along with several other prominent banks, was taken over by the
government in 1969. This initiative aims to increase financial inclusion and give banking
services to the general public. Following nationalization, the bank's network grew
dramatically, with branches sprouting not just in India but also in a number of other
countries across the world, establishing it as a global participant in the banking business.
Bank of Baroda has continually adapted to changing times and technological breakthroughs,
implementing contemporary banking methods and extending its product offerings to meet
its clients' changing demands. The bank has been at the forefront of financial innovation,
providing online banking, mobile banking, and a wide range of financial goods and services.
Bank of Baroda is today noted for its enormous global presence, with branches and offices
in over 20 countries. It serves millions of clients in India and throughout the world,
providing a wide range of financial products such as retail and business banking, wealth
management, and other financial services.
In conclusion, Bank of Baroda's history demonstrates its enduring legacy, from its humble
origins as a provincial bank in Baroda to its current standing as a worldwide financial
powerhouse. It has played a critical part in India's economic growth and development, and
it remains a trusted financial institution for innumerable individuals and businesses
throughout the world.
Subsidiaries
❖ BOB Capital Markets (BOBCAPS)
❖ Nanital Bank
❖ BOB Financial Solutions Limited
❖ Baroda Asset Management India Limited
❖ India First life Insurance Company Limited
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 ❖ India Infradebt Limited
❖ BOB (UK) Limited
❖ Baroda Global Shared Services Ltd.
❖ Baroda UP Bank

Shareholding

Shareholders Shareholding %

Government of India 63.97%

Mutual Funds 8.75%

Insurance Companies 5.75%

Foreign Holding 7.82%

Indian Public 13.24%

Bodies Corporates 1.01%

Others 1.30%

International Presence
The bank has 107 branches in 24 countries (excluding India), comprising 61 bank branches,
38 subsidiaries' branches, and 1 representative office in Thailand. In Zambia, the Bank of
Baroda operates a joint venture with 16 branches.

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 BANK OF BARODA’s INSURANCE PARTNER

India’s First Life Insurance

IndiaFirst Life Insurance Company is a joint venture of India's public sector banks Bank of
Baroda. The company has paid-up share capital of ₹ 663 crore.
It was incorporated in November 2009 and is headquartered in Mumbai. It recorded more
than INR 2 billion in turnover in just four and a half months since the insurance company
became operational .

HISTORY
IndiaFirst Life Insurance was founded in 2009 by Bank of Baroda, Union Bank of India, and
Legal & General. Legal & General then sold its shareholding to Carmel Point Investment
India Private Limited, a Mauritius-based firm owned by private equity funds managed by
Warburg Pincus LLC.
This was the first time in IndiaFirst Life Insurance's history that a private equity fund
invested in a life insurance company.
The merger of Andhra Bank with the Union Bank of India took place in April 2020. It shifted
IndiaFirst Life Insurance's shareholding pattern to Bank of Baroda (44%), Union Bank of India
(30%), and Carmel Point Investments India Private Limited (26%).

PRODUCTS OFFERED
❖ TERM PLANS
➢ IndiaFirst Life Plan
➢ IndiaFirst Life Guaranteed Protection Plus Plan

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❖ INVESTMENT PLANS ULIPS
➢ IndiaFirst Life Radiance Smart Invest Plan
➢ IndiaFirst Money Balance Plan
➢ IndiaFirst Smart Save Plan

❖ SAVINGS PLAN
➢ IndiaFirst Life Guaranteed Single Premium Plan
➢ New IndiaFirst Life Guarantee of Life Dreams Plan
➢ IndiaFirst Life Fortune Plus Plan
➢ IndiaFirst Maha Jeevan Plan

❖ RETIREMENT PLANS
➢ IndiaFirst Life Guaranteed Pension Plan
➢ IndiaFirst Life Guaranteed Annuity Plan
➢ IndiaFirst Guaranteed Retirement Plan

❖ MICRO LIFE INSURANCE PLANS

➢ IndiaFirst Life Micro Bachat Plan
➢ IndiaFirst Life “INSURANCE KHATA” Plan

❖ COMMON SERVICE CENTER PLANS (CSC)

➢ IndiaFirst CSC Shubhlabh Plan

❖ CHILD PLANS
➢ IndiaFirst Life Little Champ Plan

❖ POINT OF SALE (POS)

➢ IndiaFirst Life POS Cash Back Plan

❖ INDIAFIRST LIFE RIDERS

➢ IndiaFirst Term Rider
➢ IndiaFirst Life Waiver of Premium Rider

❖ SARAL PLANS
➢ IndiaFirst Life Saral Jeevan Bima Plan
➢ IndiaFirst Life Saral Pension Plan

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 IndiaFirst Maha Jeevan Plan

IndiaFirst Life Maha Jeevan plan helps a person to accumulate his savings systematically,
through regular premium contributions based on their income and needs. Be sure to receive
tax benefits and death benefits. Invest in IndiaFirst Maha Jeevan Plan at the minimum age of
20 to secure your future health insecurities. Key features of the policy are:

➢ Participating, non-linked endowment plan

➢ Assured maturity amount
➢ Any reversionary bonus and terminal bonus declared
➢ Waiver of Premium Rider option
➢ Tax benefits under prevailing tax laws

REASONS TO BUY INDIAFIRST LIFE MAHAJEEVAN PLUS PLAN

❖ Set and accomplish bigger goals with the help of timely assured payouts in this policy.
❖ Stand to receive 103% of your Annualized Premiums at the end of your 3rd, 7th and
11th policy year.
❖ Continue to keep your family secure for one full year even if you miss paying a
premium
❖ Enjoy the upside of earnings with an annual bonus
❖ Pay for shorter period with options suiting your time horizon and fulfil your long-term
goals.
❖ Avail discounts on paying your renewal premiums early.
❖ Tax benefits may be available on the premiums paid and benefits received as per
prevailing tax laws

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Chapter 2:
Review Of Literature

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Mazhar and Khan (2019) performed research on the factors influencing customers'
preferences for investing in life insurance plans. The study's aims were to investigate
numerous aspects that impact consumers' investing decisions in life insurance. The research
was both descriptive and exploratory in character. It was concluded that the consumer's
decision to purchase insurance products from different insurance companies can be
influenced by many factors, including age, gender, and income.
Kalaichelvan (2018) performed research to investigate investors' attitudes about various
investing options. According to the findings of the survey, investors prioritize safety. The
majority of respondents have made investments in life insurance, bank deposits, and minor
savings. The company's efforts can raise the degree of awareness concerning small and
medium-capitalization firms. Because many investors have indicated an interest in knowing
more about such firms. The statistical examination of data revealed information about
investor demographics and investing preferences. Suggestions for increasing the company's
market penetration were provided based on the investor profile and investor preferences.

Tati and Baltazar (2018) performed study on the variables influencing the decision to
invest in a life insurance policy. The study's objectives were to present the demographic
profile of investors in life insurance policies; to investigate the factors influencing investors'
choice of a life insurance policy as an investment; to determine whether there is any
relationship between annual income and factors influencing investors' choice of investment
in life insurance; and to investigate the choice of insurance company for investment.
Deshmukh and Jadhao (2017) did a study on customers' perceptions of life insurance:
a critical examination of the life insurance business in Nagpur. The study's aims were to
investigate the numerous factors that influence consumers to purchase life insurance and to
research and rate the factors that influence customers to purchase life insurance. According
to the survey, not all motivations for purchasing life insurance are equally important.
According to the findings, the most important motivations for purchasing life insurance in
Nagpur District were savings, broad risk coverage, and tax shelter.
Dev and Bansal (2017) performed a study on the factors influencing consumers'
investment decisions in life insurance plans in Punjab state. The study's objectives were to
investigate the various factors influencing customer investment decisions in life insurance,
to investigate and analyze the impact of various demographic factors on customers' life
insurance investment decisions, to evaluate customer preferences when making life
insurance investment decisions, to investigate and rank the factors responsible for the
selection of life insurance as an investment option, and to make recommendations for
popularization.

Shekar Chandra(2016) in his article ‘future strategies for life insurance”. Discussed
various issues relating to life insurance. He has given detailed note about new kinds of

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products and intimacy with the constant technology adoption for survival as well as for
consistent growth. Marketer is not simply to have a relationship with buyer but also to build
the relationship with buyer but also to build the relationship with buyer in the form of
linking the brand to a particular need, associating it with a pleasant mood, appealing to sub
conscious motives conditioning buyers to prefer the brand the brand through reward
penetrating perceptual and cognitive barriers to create preferences and providing attractive
models for buyers

Rani and Kumar (2016) It was determined that women investors in the unorganized
sector require a trusting atmosphere in order to put their money in a financial product,
particularly life insurance, which offers a social security net. Life insurance policies were
complicated and difficult to comprehend. A consumer places a high value on the advise of
the service provider, and any breach of that trust has major ramifications for the firm as a
whole. New goods and new technologies would play a critical role in lowering costs and, as
a result, making it cost feasible to service a wide population, particularly the female
component of India's unorganized sector.
Chaudhary and Kaur (2016) conducted research to determine customer perceptions of
life insurance products. The study's objectives were to determine consumer awareness of
life insurance policies and the number of consumers who have actually invested in life
insurance policies, to learn about consumer satisfaction with private and public insurers,
and to investigate the attributes that consumers prefer when purchasing life insurance
policies. Following the completion of the entire investigation, several loopholes were
discovered that must be closed in order to boost the life insurance industry. ULIP proposals
were not well received by respondents. People must invest more in these programs in order
to get the benefits of both investing and insurance. Even after privatization, the private
sector's stake was relatively low, thus the private sector should endeavour to earn the trust
of investors. To improve client connections, they must provide fresh and inventive items. To
decrease policyholder unhappiness, the amount of premium charged for insured must be
maintained low. Female members should have more life insurance coverage. Certain
regulations must be implemented specifically for businessmen who prefer to take higher
risks.

Velmurugan, Selvan, and Nazar (2015) conducted an empirical study on investors'

perceptions of various investments. The study's aims were to comprehend the impact of
demographic characteristics on investment and to discover investment decisions made by
investors in various investment outlets. The study indicated that numerous investment
routes should be pursued with the expectation of capital appreciation and short and long-
term profitability. The primary idea underlying the investment of all government, private,
self-employed, and retired people in this research was to use the surplus money in
beneficial schemes so that the money could be rolled back while simultaneously providing
high returns.
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Rajkumar and Kannan (2014) performed research on factors influencing consumer
preferences for life insurance company selection: an empirical study with reference to Tamil
Nadu. The study's aims were to uncover the essential elements that impact a customer's
decision to purchase an insurance policy from a certain company and to identify the weak
areas that require development so that the quality of services provided by insurance firms
may be improved.

Prajapati and Barad (2013) the current article was an attempt to learn about people's
attitudes on life insurance as well as the challenges they encounter. It was discovered that
among the numerous investment opportunities, investing in life insurance was accorded
second priority behind bank savings.It was established that investors rely heavily on their
advisors, thus while purchasing insurance, they must make sensible and serious decisions.
They should also demand additional product details and not rely on the advisor's word of
mouth.

Uma, Selvanayaki, and Shankar (2011) based their essay "A Survey of Life Insurance
Customer's Awareness, Perception, and Preferences" on a survey of 100 life insurance
policyholders in Coimbatore. It sheds insight on numerous elements of clients' awareness,
perception, and preferences about life insurance. The key goals of this survey were to
discover customer preferences for various life insurance plans, variables influencing policy
selection, and customer knowledge of life insurance brands.

Sabhaya and Panwala (2011) attempted to analyze the elements influencing the
purchasing choice of a life insurance policy in their article. The core data was acquired by a
questionnaire survey of life insurance investors in Surat, Gujarat, India. This includes
information on several demographic characteristics such as income, gender, education,
occupation, and so on. Other essential characteristics on which information was based were
personal aspects such as living style, policy user status, loyalty status, attitude toward life
insurance, and product elements such as policy knowledge, policy type, policy premium,
and the number of agents and branches in Surat.

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 Chapter-3
Research Methodology

27
This chapter describes the research area, the type and source of the data, and the
numerous tools and procedures used in data analysis and analyzing the results.

RESEARCH: Research is defined as the serious consideration of studies of a specific subject

or problem utilizing scientific methodologies.
According to the American sociologist Earl Robert Babbie, "research is a systematic inquiry
to describe, explain, predict, and control the observed phenomenon. It involves inductive
and deductive methods."

RESEARCH METHODOLOGY:
Research methodology refers to the systematic framework of techniques, processes,
procedures, and conventions used by researchers to do research and gather data. It is a
necessary component of every research project and serves as a guide for doing structured
and planned research. The study approach influences the validity, reliability, and importance
of the study results.

RESEARCH DESIGN:
The research design is an important part of the research process because it specifies the
general plan and strategy for carrying out a research investigation. It acts as a plan for how
the research will be conducted and includes a variety of components such as the type of
study, data gathering methods, and data analysis methodologies. A well-designed research
plan is required to guarantee that the study's objectives are satisfied and that the research
is carried out in a methodical and legitimate manner.

OBJECTIVES OF THE STUDY

1. To learn about the investors' attitudes about life insurance plans.
2. To assess the influence of numerous influencing factors on investors' purchasing behavior.
3. To assess the degree of satisfaction of investors with the services offered by the life
insurance firm.
4. Determine the amount of investor knowledge of life insurance policies, as well as the
number of investors who have invested in life insurance plans.

DATA COLLECTION

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Data collection is the process of acquiring and measuring information on variables of
interest in a systematic manner in order to answer specified research questions, test and
assess outcomes. Data gathering is a component of research that is shared by all disciplines
of study, including physical and social sciences, humanities, business, and so on. While
procedures differ depending on the field, the focus on ensuring accurate and honest
collecting remains constant.

TYPES OF DATA COLLECTION

1. Primary data is information gathered by researchers directly from primary sources, such
as interviews, surveys, and experiments. Primary data are often acquired from the source of
the data and are regarded as the best type of data in research.

2. Secondary data is information that has already been gathered from primary sources and
made accessible for scholars to utilize in their own study. It is a form of data that has already
been gathered.

Both techniques of data collecting were employed.

Primary data: Questionnaire

Secondary data: Internet, Books, Records of organisation, etc.

SAMPLE DESIGN:
A sample design is the framework, or road map, that serves as the foundation for survey
sample selection and influences many other critical components of a survey. In a broad
sense, survey researchers are interested in gathering information for a population, or
universe, of interest via a survey. A sampling frame that reflects the population of interest
from which a sample is to be obtained must be defined. Before collecting data, the sample
design is selected. Let us first define certain words before moving on to the sampling design:

Sampling technique:

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Researchers employ sampling techniques to choose a subset, or sample, from a larger
population. Sampling is a useful method for collecting data and drawing conclusions about a
group without analyzing every person in that community. The sample strategy used is
determined by the study objectives, demographic characteristics, and available resources.
Sampling Tool
A sampling tool is a device or method used in the field of statistics and data analysis to
select a subset of data from a larger population or dataset. This process, known as sampling,
is essential for various purposes, including research, quality control, and making inferences
about a population based on a representative sample. Sampling tools are designed to help
ensure that the selected sample is both unbiased and adequately representative of the
population from which it is drawn.
Sampling tools can take various forms, and their selection depends on the sampling method
and the specific objectives of the study
Sampling tool that is used in this report is questionnaire.

Sample

A "sample" in research refers to a subset of a larger population that is selected for the purpose
of a study or analysis. Samples are used to draw conclusions about the population as a whole,
without having to study every individual or element within that population

Questionnaire
A questionnaire is a research instrument or survey tool used in the field of data collection
and social research to gather information from individuals or groups of people. It consists of
a set of structured questions and prompts designed to elicit specific information, opinions,
or responses from respondents. Questionnaires can be administered in various formats,
including paper-based surveys, online surveys, telephone interviews, and face-to-face
interviews.
Population
A population refers to the entire group or set of individuals, items, or elements that meet
specific criteria or characteristics and are the subject of a research study. The population is
the broader group from which researchers aim to draw conclusions, make inferences, or
gather data. Understanding and defining the population is a crucial step in the research
process, as it helps determine the scope and generalizability of the study's findings.

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In this report, the sample size is 50 customers.

Chapter 4
Data analysis and Interpretation

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Gender

Age

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Occupation

Annual Income

Do you invest in different investment opportunities

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Insurance Policy you have taken

Kind of investment do you prefer

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What factors do you consider while buying a life insurance policy

In which insurance have you invested

Are you satisfied with your current Life Insurance Company

35
Would You like to continue with the same Life Insurance Company?

Would you like to communicate the service offered by your Life

Insurance Company to others?

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How do you rate the service offered by your Life Insurance
Company?

FINDINGS
Out of 50 respondents 26 are male and 24 are female. That’s mean the male have more
knowledge about life insurance policies and having more knowledge about the services
provided by the life insurance companies.
It was found that 20% people prefer short term investment policy, 34% people prefer long
term investment policy and 46% people prefer both long and short term policies of life
insurance.
The scheme mostly preferred by the insurance holders were whole life policy , money back
policy ,pension funds and then endowment policy
According to survey safety the most important criteria which is expected among all the
respondents towards their investment alternatives followed by Great Return, Company
Reputation , Premium and then Product Quality.
People who belong to different age groups have different perception regarding the most
important criteria before taking a decision on life insurance policy.
People who belong to different income groups also have different perception regarding
investment in life insurance policies.

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The most trusted company for insurance is considered Life Insurance Company (30%)
followed by India’s First Life Insurance (28%), SBI Life Insurance (20%) ,HDFC Life Insurance
(12%) and Kotak Mahindra Life Insurance (8%).
The survey confirmed that 88% of the people agree that they are satisfied with their current
life insurance company while 12% were neutral about this topic.

LIMITATIONS:
A number of issues arose while doing this investigation. As a result, the study had
significant limitations. The restrictions are as follows:
➢ Lack of understanding:
As a research student, I have no prior practical experience with data gathering, data
processing, data analysis, integrating, and presenting. As a result, it is a limiting
element in obtaining reliable information.

➢ Time constraint
Due to time constraints, I was unable to acquire more material to justify the specific
circumstance. Time limitations are a constraint.

➢ Small sample size

The study's sample size is restricted. Geographic and regional differences could not be
included due to the short sample size.

➢ Unavailability of funds
I don't have much financial backing to carry out my research. I was unable to
interview any more respondents from the survey region.

➢ Confidentiality policy
I was unable to acquire much information due to the department's strict
confidentiality policy.

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Chapter 5
Conclusion

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Insurance is a technique that compensates the deaths of a small number of people
using cash gathered from a large number of people. Insurance is a defence against
unforeseeable future events. Before purchasing life insurance, people carefully
analyse the company's image. This is mostly due to the fact that people demand
safety and security for the money they invest, which is then followed by the factor
Premium, which we pay to the insurance, and then Bonus and Interest provided by
the firm, services, and so on. The Indian insurance business is dominated by LIC. In
today's competitive market, customer satisfaction has become a vital part of customer
retention, not only to grow but also to serve. Companies appreciate pleased and
highly lucrative consumers as a result of increased competition, a diverse product
offering, and different distribution methods. Customer service is a vital success
component in every business, and offering excellent customer service distinguishes
amazing customer service from mediocre customer service. The advent of private
sector insurance companies into the Indian insurance market precipitated a number
of industry developments.

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Bibliography

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https://www.bankofbaroda.in/personal-banking/insurance/life-insurance/indiafirst-maha-
jeevan-plan
https://www.bankofbaroda.in/
www.agilecapitalservices.com
www.ambitionbox.com
www.indiafirstlife.com
www.gradcoach.com

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 Annexure

Gender
Male
Female
Age
Below 30
31-40
41-50
Above 50
Occupation
Student
Sevice
Self employed
Government employed
Other
Annual Income
Below 2.5 lakh
2.5 -5 lakh
5-7.5 lakh
Above 7.5 lakh
Do you invest in different investment opportunities
Agree
Disagree
Others
Insurance Policy you have taken

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Endowment policy
Whole Life policy
Pension Funds
Money back policy
Kind of investment do you prefer
Short term
Long term
Both
Not applicable
What factors do you consider while buying a life insurance policy
Premium
Product Quality
Company Reputation
Return on Investment
Others

In which insurance have you invested

Life Insurance Corporations
SBI Life Insurance
HDFC Life Insurance
Kotak Mahindra Life Insurance
Others
Are you satisfied with your current Life Insurance Company
Agree
Neutral
Disagree
Would You like to continue with the same Life Insurance Company?
Yes
No
Maybe
Would you like to communicate the service offered by your Life
Insurance
Company to others?
Yes
No

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Maybe
How do you rate the service offered by your Life Insurance
Company?

Excellent
Good
Fair
Poor

45