To Study Marketing Strategies and Investment options offered by

INSPLORE TLS CONSULTANTS PVT. LTD.

Submitted in partial fulfillment of the requirements

for the award of the degree of

Bachelor of Commerce (Honors)

BCOM (H)

To

Guru Gobind Singh Indraprastha University, Delhi

Guide: Submitted by:

Dr. Shachi Mishra Taruna Guliya

Roll No:04790388820

Institute of Innovation in Technology & Management

New Delhi – 110058
Batch (2020-2023)

1
 Certificate

I, Ms. Taruna Guliya, Roll No. 04790388820 certify that the Project Report/Dissertation BCOM (H) / Code

309 entitled To Study Marketing Strategies and Investment options offered by INSPLORE TLS

CONSULTANTS PVT. LTD is done by me and it is an authentic work carried out by me at. The matter

embodied in this project work has not been submitted earlier for the award of any degree or diploma to the

best of my knowledge and belief.

Signature of the Student:

Date:

Certified that the Project Report/Dissertation of BCOM (H) entitled To Study Marketing Strategies and

Investment options offered by INSPLORE TLS CONSULTANTS PVT. LTD done by Ms. Taruna

Guliya, Roll No. 04790388820 is completed under my guidance.

Signature of the Guide

Name of the Guide: Dr Shachi Mishra
Designation:
Date:

Countersigned
(Director / Project Coordinator)

2
 ACKNOWLEDGEMENT

I would like to express my special thanks of gratitude to my teacher Dr. Shachi Mishra as well as our

associate professor Ms. Shilpa Narang who gave me the golden opportunity to do this wonderful project on

the topic To Study Marketing Strategies and Investment Options offered by Insplore TLS Consultants

Pvt. Ltd. which also helped me in doing a lot of Research and I came to know about so many new things. I

am really thankful to them.

Secondly, I would also like to thank my parents and friends who helped me a lot in finalizing this project

within the limited time frame.

3
 CONTENTS

S.NO. TOPIC PAGE NO.

1 Certificate 2

2 Acknowledgment 3

3 Table of Content 4-5

4 List of Figures 5

5 List of Tables 5-6

6 Executive Summary 7

7 Chapter-1 Introduction 8

About the Industry? 8

Profile of the Company 8-20

Objectives of the Study 20

Insurance Industry 20-25

Insplore TLS Product 25-31

SWOT Analysis 31-32

8 Chapter-2 Research Methodology 33

Research Design 34

Sampling Technique 34

Sampling Unit 34

9 Chapter-3 Data Presentation and Analysis 35-48

10 Chapter-4 Summary and Conclusions 49

Findings 49

Conclusion 49

Recommendations 50

Limitations 50

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11 References 51

12 Annexure-1 Questionnaire 52-54

List of Figures

Figure No. Title Page No.

1.1 Various Competitors 24

1.2 Highlights of Mahajeevan policy 25

1.3 SWOT Analysis 31

3.1 Demographics Table 35

3.2 Table for few questions 37

3.3 Level of importance you gave to below factors 39

3.4 Gender Distribution 40

3.5 Age 41

3.6 Occupation 42

3.7 Annual Salary 43

3.8 For how long are you looking to invest 44

3.9 How much money are you approx. looking to invest 45

3.10 New Investment Options 46

3.11 Same Return and Risk 47

List of Tables

Table No. Title Page No.

3.1 Demographics Table 34

3.2 Table for few questions 36

5
3.3 Level of importance you gave to below factors 38

3.4 Gender Distribution 39

3.5 Age 40

3.6 Occupation 41

3.7 Annual Salary 42

3.8 For how long are you looking to invest 43

3.9 How much money are you approx. looking to invest 44

3.10 New Investment Options 45

3.11 Same Return and Risk 46

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 EXECUTIVE SUMMARY

Investment sector is one of the most prominent sector in the Indian industry but there m a y

be certain reasons because of which a larger section of the society is untapped

S o t o understand this behaviour that what may be the reasons which effect the buying

behaviour of the c u s t o m e r s a s t u d y w a s c o n d u c t e d   . The study named To Study Marketing

Strategies and Investment options offered by INSPLORE TLS CONSULTANTS PVT. LT D is

about consumers buying behaviour and the factor which influence consumer towards insurance

companies. As an individual each person possesses certain amount of risk from various sources. Typical

Indian consumers consider the future and struggle to make a healthier and safer life for his dependents in

the future. Therefore, the life insurance products are created which will meet the need of two aspects that

is: covering the risk and also saving the tax. Insurance is considered to be best and effective tools for

these purposes. So, for these a person goes for buying an insurance. But there are many different factors

which buyer analyse before buying and have different preferences. The study conclude that consumer buy

the insurance policy by giving importance to various factor such as tax benefits, flexibility, liquidity,

website /app and interest rate/return. The higher income group are currently the major market for

insurance companies. The consumer also goes through the advertisement before buying the policy. Most

consumer are satisfied by their current companies, making them feel delightful might help to company to

capture the competitor’s market. Overall, the consumer is satisfied towards buying insurance policy. So,

the companies can plan for the policy keeping the competitors i.e., consumer preferred companies and

other buying factor which consumer consider before buying. It will help the company to create better

strategies. Target marketing and promotion marketing strategies are recommended to the company.

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 CHAPTER -1

INTRODUCTION

1.1 About the Industry

1.1.1 What is Business Service Industry?

The business services industry is a very broad industry encompassing many different categories of

business operations; all of them provide some sort of non-financial service to other companies.

These services include advertising, marketing, consultation, logistics (including travel and

facilities services), waste handling, staffing services, shipping, administration, and security

services to name a few. Nearly every business in operation has need for at least one of the

different kinds of service offered by the industry.

o Marketing companies are responsible for increasing the sales of a client company by

helping the company gain new customers as well as keep current ones

o Legal services are needed to deal with business transactions, as well as for litigation

purposes

o Logistics and shipping companies are responsible for connecting businesses to other

businesses or consumers by collecting, storing, transporting, and delivering products

o Staffing companies match people in need of jobs, temporary or permanent, with companies

in need of qualified employees

o Leasing companies fill a client's need for certain items without requiring full purchase

o Security companies are responsible for keeping a company's assets secure

o Consulting companies are in the business of fulfilling needs for expertise that clients

cannot fulfil themselves. These companies may offer professional, scientific, or technical

consulting, management or strategy consulting, or human resources consulting.

1.2 Profile of the organisation

1.2.1 Company Profile

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 INSPLORE is an expert in financial advisory, realize the need of every customer who is looking

for financial independence and help them to reach that level of financial freedom. It understands how the

perception regarding the value of money changes as per different individuals’ desires. We extend a

helping

hand to customers by assisting them in making crucial financial decisions and managing their wealth

effectively to ensure that our customers stay stress free and get rid of their financial worries. It is also a

preferred talent acquisition partner, for Multinationals and leading Indian Businesses. It provides

recruitment and talent acquisition services to both large and small organisations. The Experts are helping

the talent seeker and the Job Seeker to find each other: ‘We Inspire, You Explore’. Insplore TLS

Consultants Private Limited is an Indian Non-Government Company. It's a private company and is

classified as ‘company limited by shares’. Company's authorized capital stands at Rs 1.0 lakhs and has

100.0% paid-up capital which is Rs 1.0 lakhs. Insplore TLS Consultants Private Limited is majorly in

Business Services business and currently, company operations are active. Company is registered in Delhi

(Delhi) Registrar Office. Insplore TLS Consultants Private Limited registered address is 90, GAGAN

VIHAR EXTENTION, NEW DELHI, NEW DELHI, East Delhi-110051, DL.

Identity-

Insplore is dedicated to empower with relevant Jobs & Growth Opportunities. We are a successful

Conglomerate with the experts of Financial Advisors on our panel.

Have a Team of Professionals working every day to provide HR as well as Financial Solutions to the

Companies/ Clients.

Mission-

Thrive to provide best wealth management advice through honest financial solutions as well as inspire the

candidates to explore job opportunities across various industrial sector.

Vision-

Our vision is to become the most trusted financial advisor as well as most valuable recruitment service

provider.

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1.2.2 Industry Practices by the Company

 Information Technology

India is standing out on global map because of the help of Information Technology and it is also an

important part of Indian Economy. The sector includes software solutions, hardware, IT services,

engineering and R&D services and ITES (IT-enabled services).

India is one of the most preferred destinations for companies to offshore their IT and backend functions

in ITES Segment as there is availability of talented and skilled manpower at affordable costs.

The demand of talent is increasing as the environment is getting dynamic and competitive and the

demand of clients are getting complex which is resulting in the involvement of IT Firms so that the value

added and unique solutions can be delivered. This is the way to ensure that people are ready for future

and they have an out of the box thinking.

Given that the industry is highly dependent on the talent pool, effective talent management is critical to

the success of a company. INSPLORE is having a team of consultants who are helping the clients in

sourcing of best available talent as they are having a solid industry background and functional expertise.

We are proactive in case of requirements as we are having the strong network with the companies which

helps us in assessing the needs of the organization.

 Process

Process consulting is a powerful tool which is used to enhance group effectiveness, shorten meeting

times, and address conflict. It helps teams to work together more effectively, and its effects can last long

after the consultant has departed. Its major benefits are better decisions, more productive meetings and

others. It is mainly about carefully assessing the group decisions to make it more productive.

We as INSPLORE are having the experts who help the team in solving the problem, understand group

dynamics and then result in conflict solution with manager/leader development. We are having the client

base who listens to advisors and are dynamic in nature with the environment.

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  Telecom

Indian Telecom industry is getting stronger day by day after seeing a boom period for the past few

decades. Few lakhs new jobs have been created because of the entry of new players, smartphones and IT

advancement. Share of each and every operator and the market capitalization will be determined by the

champions of the market. This is where we came into picture.

INSPLORE is the most trusted partner for the clients as we create a pool of talent in the industry to fulfil

the need of the executives.

Our team is a collection of experts who are specialists of Telecom Sector and provides all the customized

and dynamic results across the verticals along with the best talent. The team is having the strong network

which provides the best talent in the industry which also helps them in saving the time at the time of

recruitment.

 Advertisement

Advertisement industry is the most dynamic industry of all and it needs innovation at each and every step.

Our unique services help brands weave stories that resonate with their audience taking them to greater

heights. From ads that standout, to stories that get people talking about the brand; we believe in being a

cut above the rest. We take care of everything from brand building to campaign creations and help create

more business opportunities. Our bunch of services are Television Commercials, Radio Spots, Branding

Initiatives, and Strategy & Planning.

 Logistics

For Infrastructure projects, Indian Logistics Sector is the main contributor as it is the major source of

progress for almost all the industries. After the introduction of Make in India, the investment in Logistics

is increasing and government is building pathways for road and rail transport. Logistics Sector is

developing and the reason behind is the entry of large number of players in each and every sector.

We at INSPLORE are having a team of experts who have a vast knowledge and Supply Chain Talent

Landscape and Logistics Management. We assess and value each of our client’s needs and design a

11
supply chain according to the requirements as well as identifying the right talent for each Indian business

landscape.

 Education

India is at developing stage and its economic growth is leading to an increase in demand for more

engineers, management graduates and many professionals which is also making it the largest higher

education system in the world. The participation of Private sector is increasing. India aspires for 30%

enrolment by 2020 in higher education.

Indian Government is taking a keen interest in education sector which is resulting in the opening of new

schools and colleges in the remote area also. Free education system has motivated the lower section of

society for education.

Our country is facing an acute shortage of faculty at higher education as there is gap between the demand

and supply of talent. According to an estimate, there is need of 4.2 million teachers to teach 42 million

students at the higher educational level.

We as INSPLORE are closely following this sector and are dynamically resolving the challenges of this

sector. Institutes are taking help of consultants to recruit and retain the best talent so that the gap in the

demand and supply of faculty can be reduced.

 Financial Services

India has one of the most developed financial markets in the developing world as it is having sound

fundamentals and immense scope of growth. Despite of financial disturbance and strict government

regulations, this sector emerged stronger of all and it majorly consists of two segments i.e., banking and

non-banking.

Having an annual growth rate of 30%, positive demographic trends and growing demand has resulted in

potential Indian Financial Services.

Demand for highly skilled Finance professionals is increasing due to the developing stage of Indian

Economy. We confront with the talent needs for all middle and senior management roles across all the
12
segments of the sector such as Investment banking, Retail financial services, Insurance, Wealth

Management etc.

Requirement of staff to build on knowledge is increasing but providing training to new workers is

becoming difficult for them and retention is a biggest challenge in any of the industry.

We not only provide recruitment services to the industries but also acts as consultants/advisors for our

clients and help them to tackle with their scathing expertise concerns and also help them with succession

planning. Having Industry expertise, proactive approach and long-term association with major corporates

makes us the most desirable recruiters.

 FMCG

The Indian FMCG sector is the fourth largest sector in the economy with a total market size of more than

13.1 billion and expected to reach at US$ 103.7 billion by 2020.

Exceptional Pace of growth has been experienced by India’s FMCG sector since last decade as the

income of consumer is rising which is parallel to the rapid change in consumer’s taste and preference.

Almost 50% of the market is covered by the unbranded, unpackaged homemade products. This resulted in

the maximization of opportunities for the manufacturers of brands who can win the loyalty of their

customers.

The number of people with disposable income growing every year which is resulting in the war for talent

in FMCG Sector. Many of the Indian Marketing professionals are leading the FMCG organisations

worldwide and they are considered the best. FMCG companies hunt Sales and marketing experts from

telecom sectors, textile sectors, etc. which result in the team of best professionals in an organization and

this trend is most likely to continue. FMCG Professionals bring with them specific skills which helps

them in standing out of the crowd and which results in the effective growth of business.

We have the clients who are operating at international level and they have a global benchmark for

management practices & we also have domestic experts who possesses the experience of conducting

13
talent management. Our wide matrix of experts integrates to ensure that we provide our clients with the

business solutions according to their needs

 Health Care

India is getting more aware about the health, so the expenditure on healthcare is rising continuously. Also,

India is having majority of specialists available for each and every disease under similar roof at very

affordable costs so it is becoming the most preferred destinations for people globally. The expansion is at

fast pace that demand of skilled healthcare experts and technicians are increasing day by day.

INSPLORE understands the growing demand of experts and meet the manpower requirements of our

clients by assessing the needs. We have the experts who are having a strong network with employees who

are working across different companies across various levels as in any industry word of mouth is a crucial

driver. We focus on right fit model with the critical evaluation process so that the best talent can be

sourced.

 Automobile

Automobile is the fastest growing market in the competitive world and increasingly enlightened scenario.

Customers need are being met with greater efficiency and effectiveness. All the major manufacturers are

establishing plants in India because India is having a pool of talent which is dynamic to competitive

world. This environment is creating the demand of manpower and this scenario has positioned India as

the breeding ground of talent.

We as INSPLORE have understood the important research and development areas, manufacturing,

production, mechanical engineering, design, etc. We have a deep knowledge of industry and its

requirements and we ensure that we work on these mandates very efficiently.

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  Electronics

A major change has been experienced by Indian Electrical industry because of the increasing demand of

power, cement and textile. The empowerment in key sectors such as IT, consumer electronics and

telecom has made the Indian electronics industry one of the most rapidly progressing industries in India.

The talented amalgamation of highly qualified and skilled engineers has attracted many multinational

companies to setup their R&D centres in the country. The bunch of talent is mainly found in a few metros

which makes their movement to small towns difficult. Attenuation rate is increasing because of limited

availability of talent.

Apart from recruitment, we help people in development and management of their practices. We have

provided start-up companies with top level and middle level talent as per their requirements. A

specialised team of industry experts focusing on the manpower requirements of the electrical equipment,

electronics manufacturing sector throughout the country in INSPLORE has helped in meeting the sector

requirements.

 Retail

The fastest growing sector globally is Indian Retail Sector. This sector is experiencing the incremental

growth due to increase in affordability of customers. The further ease in the regulations of FDI by

government in India has taken the investments by multinationals on the ride of a continuous rise.

The second largest employer in India is organised Retail as it is manpower intensive. The demand of

manpower in retail sector will increase in future as per the indications of the current scenario.

INSPLORE has consultants who keep themselves updated with the changing environment of the industry.

We have a dedicated team of experts who have an insight into the operational structures and they

understand the requirements of the clients. We help our clients in assessing, identification and recruitment

of the talent according to their skills. We have the sources to provide the talent for all functional areas

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  Pharmaceuticals

Indian Pharmaceutical Sector is undergoing a gradual shift due to technology advancements, testing

phases of various new drugs, disturbing the former processes unfolding innovations to produce new

opportunities and an evolved and updated business model.

The highly competed space by small and medium-level enterprises, which are very agile and developing

at a high pace, is complementing the change of pace for the industry. In this rapidly progressing

environment, a high priority is the need of the industry to look for dependable talent that can uplift

creativity and become a contributor towards the profitability of the company through innovation.

With the help of our experts, we are able to judge the product development cycle of pharma sector and it

is a long process. It is then important for our clients to find talent for the long run. We are committed to

provide our clients with high quality talent in the given time who will add to their dynamic solutions.

 Services

India is the favourite destination for the service sector as it is having the availability of the large pool of

dependable workforce. India is having the workforce which is being sourced by tourism, hospitality and

service sectors. Markets are becoming consolidated with the globalization. Our experts have the

knowledge of domestic and international requirements for niche talent and critical service sector.

The key individuals who have the deep knowledge of innovation and who are instrumental in driving

growth are in the network of our experts. We provide highly personalized solutions to our clients. We

have earned the reputation of being the most trusted and highly favoured and one stop shop for all the

requirements because of our involvement and unstoppable endeavour to meet the talent with

requirements.

1.2.2 Services offered by the Company

 Portfolio Management

What is a Portfolio?

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A portfolio refers to a collection of investment tools such as stocks, shares, mutual funds, bonds, and cash

and so on depending on the investor’s income, budget and convenient time frame.

Following are the two types of Portfolios:

 Market portfolio

 Zero Investment portfolio

What is Portfolio Management?

The art of selecting the right investment policy for the individuals in terms of minimum risk and

maximum return is called as portfolio management.

Types of Portfolio Management

Portfolio Management is further of the following types:

  Active Portfolio Management

  Passive Portfolio Management

  Discretionary Portfolio management services

  Non-Discretionary Portfolio management services

 Financial Analysis

Analysis and Interpretation of financial statements refers to the process of determining the significant

operating and financial characteristics from the accounting data with a view to getting an insight into the

activities of an enterprise.

While analysis is used to mean the simplification of data by methodical classification of data given in the

financial statements, the term interpretation means explaining the meaning and significance of the data so

simplified. However, analysis is useless without interpretation, and interpretation becomes difficult

without analysis.

Based on the methods of analysis, it may be classified as horizontal vs. vertical analysis.

  Horizontal Analysis

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   Vertical Analysis

 Recruitment

Customized strategies are developed from a deep understanding and observation of organization's culture

and its business objectives. Expansion in new markets or recruitment for that market can only be done

after having the full-fledged knowledge of recruitment, remuneration and retention strategies besides the

understanding of regional work culture. At INSPLORE, you will find a network of efficient regional

consultants who will provide you the pathway towards seamless recruitment services starting from

identifying your potential clients to handling the immigration process, if required. Our experts have the

complete knowledge to provide valuable advisory in the following matters:

  Candidate Search

  Profiling

  Interview Coordination

  Employment Contract

  Immigration

  Advisory Service

 Internship Programme

We provide domestic & international level internship. INSPLORE have a team of experienced

educational and training professionals who can provide training solutions for clients to ensure that RPAS

operations are effectively and seamlessly integrated into their existing business systems. Our training

specialists include technical training specialists, formed high school teachers, university lectures and

regulatory training specialists. We have developed training manuals, conducted training needs analysis,

provided in-house training and produced online and e-training resources.

 Professional Skills Development

To grow with the pace of the organization, it is important to attend the Skill Development Programs as it

helps in facing the challenges. People being the major differentiator amongst companies in competition

18
also gives a need to keep them trained and developed. If an organization and individual want to grow in

the personal and professional life then they have to work on the Skill Development.

Our Professional Skill Development programs are developed with a purpose of enhancing employability

and performance of individuals that can further support them in their career development.

 Distress Your Tax

Fulfil those little desires with the money you save on tax.

Our Tax Savings Solutions can help you to DE-stress tax and at the same time, aim to grow your money

through equity investments.

Who can benefit from Tax Savings Solutions?

Tax saving is important, especially when investors can save up to 46,350 in taxes! Section 80C of the

Income Tax Act, 1961 provides options to save tax by reducing the taxable income by up to 1.5 lakh. But

wealth creation is also important. Isn't it? That's why these solutions are ideal for investors who would

like to create wealth along with tax saving.

 Mutual Funds

A mutual fund is a professionally-managed investment scheme, usually run by an asset management

company that brings together a group of people and invests their money in stocks, bonds and other

securities. As an investor, you can buy mutual fund 'units', which basically represent your share of

holdings in a particular scheme. These units can be purchased or redeemed as needed at the fund's current

net asset value (NAV). These NAVs keep fluctuating, according to the fund's holdings. So, each investor

participates proportionally in the gain or loss of the fund. All the mutual funds are registered with SEBI.

They function within the provisions of strict regulation created to protect the interests of the investor. The

biggest advantage of investing through a mutual fund is that it gives small investors access to

professionally-managed, diversified portfolios of equities, bonds and other securities, which would be

quite difficult to create with a small amount of capital. Insplore consultants will provide you all the

updates and services regarding mutual funds so that you can choose from the best available option.

 Insurance Services
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Different types of business have different types of risks. For adequate coverage, regionally settled

businesses need a thorough understanding of their market so that they can identify the potential risk

involved. Natural disasters, political uncertainties, epidemics, terror threats, technological threats are

adding to the risks posed by economic instability and competition. Insplore consultants have the group of

insurers who provide the comprehensive coverage and detailed risk assessment to identify the gap. Our

insurers will also advise you about the minimization of expenses on risk premium by providing the

services to reduce claims and they will help you in gaining the understanding of uninsured risks so that

you can avoid them. Our main services in this sector are:

1.Risk Assessment

2.Coverage

3.Risk Management

4.Corporate Insurance - Property, Pecuniary, Liability and Group

5.Political Risk

6.Professional Insurance

7.Financial Risk

8.Trade and Credit Risk

1.3 Objectives of the study

1. To know the investors preferences towards various Insurance Investment Policies

2. To know the factors affecting customer preference towards Insurance Investment Policies

3. To find out most important attribute for Insurance Investment Policies consideration

4. To study different competitors of Insplore TLS Pvt. Ltd. in regard of Insurance Investment.

1.4 Insurance industry

In India has seen a major growth in the last decade along with an introduction of a huge number of

advanced products and new entities entering in the market. This has led to a tough competition with a

positive and

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healthy outcome. The sector comprises commercial banks, insurance companies, non-banking financial

companies, co-operatives, pension funds, mutual funds and other smaller financial entities. The banking

regulator has allowed new entities such as payment banks to be created recently, thereby adding to the

type of entities operating in the sector. However, financial sector in India is predominantly a banking

sector with commercial banks accounting for more than 64% of the total assets held by the financial

system.

The Government of India has introduced several reforms to liberalise, regulate and enhance this industry.

The Government and Reserve Bank of India (RBI) have taken various measures to facilitate easy access

to finance for Micro, Small and Medium Enterprises (MSMEs). These measures include launching

Credit Guarantee Fund Scheme for MSMEs, issuing guideline to banks regarding collateral requirements

and setting up a Micro Units Development and Refinance Agency (MUDRA). With a combined push by

Government and private sector, India is undoubtedly one of the world's most vibrant capital

markets. The insurance industry has 58 insurance companies, including 24 life insurance and 34 non-life

insurance companies in the Indian market who compete on price and services to attract customers,

whereas there are two reinsurance companies. The industry has been spurred by product innovation and

vibrant distribution channels, coupled with targeted publicity and promotional campaigns by insurers.

1.3.1 Market scenario –

As of March 2021, AUM managed by the mutual funds industry stood at to Rs. 3,142,764 crore (US$

425.87 billion). Inflow in India's mutual fund schemes via systematic investment plan (SIP) were Rs.

96,080 crore (US$ 13.12 billion) in FY21. Equity mutual funds registered a net inflow of Rs. 8.04 trillion

(US$

114.06 billion) by end of December 2019. Another crucial component of India’s financial industry is the

insurance industry. Insurance industry has been expanding at a fast pace. The total first

year premium of life insurance companies reached Rs. 2.59 lakh crore (US$ 36.73 billion) in FY20.

Furthermore, India’s leading bourse, Bombay Stock Exchange (BSE), will set up a joint venture with

Ebix Inc to build a robust insurance distribution network in the country through a new distribution

exchange platform.

21
Fund raising from the equity market grew by 116% to Rs. 1.78 lakh crore in Initial public offering (IPOs),

Offer for Sale (OFS) and other market issuances in 2020. In FY20, the number of listed companies on the

NSE and the BSE were 1,795 and 5,377, respectively.

The following are some of the major investments and developments in the Indian insurance sector.

• Companies are trying to leverage strategic partnership to offer various services as follows:

• In FY21 (until March 2021), premium from new business of life insurance companies in India stood at

US$ 31.9 billion.

• In India, gross premiums written of non-life insurers reached US$ 26.52 billion in FY21 (between April

2020 and March 2021), from US$ 26.49 billion in FY20 (between April 2019 and March 2020), driven by

strong

growth from general insurance companies.

• In March 2021, health insurance companies in the non-life insurance sector increased by 41%, driven by

rising demand for health insurance products amid COVID-19 surge.

• In February 2021, Bharti AXA General Insurance launched its ‘Health Advantage’ health insurance

scheme to provide holistic cover against accelerating costs associated with medical requirements and

other

healthcare facilities.

• In February 2021, ICICI Lombard General Insurance, a non-life insurance firm in the private sector, has

been authorised by the International Financial Services Centre (IFSC) to establish an IFSC Insurance

Office (IIO) in GIFT City in Gandhinagar, Gujarat.

1.4.1 About insurance

Insurance in India refers to the market for insurance in India which covers both the public and private

sector organizations. It is listed in the Constitution of India in the Seventh Schedule as a Union List

subject, meaning it can only be legislated by the Central government. The insurance industry of India

consists of 57 insurance companies of which 24 are in life insurance business and 33 are non-life insurers.

The Confederation of Indian Industry states that the insurance sector of the country has been witnessing a

consistent growth rate of late and its present worth is 41 billion US dollars. The industry has of late

achieved a yearly growth rate within 32 and 34 percent and this makes it the 5th best among emerging
22
economies around the world. The various entities of the industry are also bringing out newer products on

a regular basis to attract their customers. As per rules, the upper limit of foreign direct investment

permitted in this sector is 26 percent. However, this has to be done through the automatic route and the

investor needs a license from Insurance Regulatory and Development Authority (IRDA). Among the life

insurers, Life Insurance Corporation (LIC) is the sole public-sector company. Apart from that, among the

non-life insurers there are six public sector insurers. In addition to these, there is sole national re-insurer,

namely, General Insurance Corporation of India (GIC Re). Other stakeholders in Indian Insurance market

include agents (individual and corporate), brokers, surveyors and third-party administrators servicing

health insurance claims

1.4.2 How do we invest?

Investment starts only after savings. To invest your money, you need to focus on factors like risks, return,

tenure, tax, and liquidity. It is better to start investing at an early stage of life. Once you start investing,

the compounding effect starts appreciating your infused capital, gradually growing it day by day.

Investment requires great discipline and patience. You can make an investment for short term, medium

term and long term and also select the appropriate instruments per your planning.

Investment requires periodical reviewing of the portfolio as per the prevailing macroeconomic conditions

of a country. You can switch from your preferred investment assets in the future, taking into account

alterations in your risk capacity and return requirements. An investor with a higher risk appetite can

invest in the stock market whereas moderate risk takers can opt for mutual funds. Low risk taker can

invest in instruments like bank deposits, PPF etc. The selection of the investment instrument boils down

to one’s risk profile. Investment follows acts of saving. Unless you already own a huge amount of money,

the only way to accumulate it is through saving. Once you have created a corpus, its value starts eroding

due to inflation. Therefor to maintain or growth value of your corpus, you must invest it in a higher return

asset. We can say that without savings, we can’t invest, and without investment, we lose the value of

saving. Hence both go hand-in-hand and are equally important.

1.4.3 Merits and Demerits of Investments:

Merits

23
Investing is the process of making your money work for you, instead of simply sitting safely in the bank

or at home, and it is increasingly a necessity of modern life. It is no longer possible for an individual to

work in one job all their life and retire on their pension and also enjoy high-quality of life. People move

from job to job, or from career to career, and due to government cut backs the responsibility for providing

for their retirement falls increasingly on the individual. By investing your money wisely, you can make a

profit that you can then reinvest or put aside as a nest-egg. A good return on an investment can maximize

earning potential.

Demerits

The major disadvantage of investing is that it is always possible to lose money on whatever investment

you make. If you invest in a rare collectible, the value of it can rise or fall depending on its popularity and

its availability on the market. Stock prices fluctuate based on everything from how the competition is

doing to public confidence in the market, traditionally the most secure investment, are not a guaranteed

return.

1.4.4 OPPORTUNITIES OF INVESTMENT

 Bank investments

 Gold

 Stock Market/ Equity

 LIC‟s

 Real Estate

 Mutual Fund

 Government Bonds

 PPF (Public Provident Fund)

 EPF (Employment Provident Fund)

1.4.5 Competitor’s analysis –

So far as the industry goes, LIC, New India, National Insurance, United insurance and Oriental are the

only government ruled entity that stands high both in the market share as well as their contribution to the

24
Insurance sector in India. There are two specialized insurers – Agriculture Insurance Company Ltd

catering to Crop Insurance and Export Credit Guarantee of India catering to Credit Insurance.

Below are the competitors in the life insurance sector:

 Private Sector Companies: Aegon Life Insurance Co. Ltd., Aviva Life Insurance

 Co. India Ltd., Bajaj Allianz Life Insurance Co. Ltd., Bharti AXA Life

 Insurance Co. Ltd., Birla Sun Life Insurance Co. Ltd., Canara HSBC Oriental

 Bank of Commerce Life Insurance Co. Ltd., DHFL Pramerica Life Insurance

 Co. Ltd., Edelweiss Tokyo Life Insurance Co. Ltd, Exide Life Insurance Co.

 Ltd., Future Generali India Life Insurance Co. Ltd., HDFC Standard Life

 Insurance Co. Ltd., ICICI Prudential Life Insurance Co. Ltd., IDBI Federal Life

 Insurance Co. Ltd., India First Life Insurance Co. Ltd, Kotak Mahindra Old

 Mutual Life Insurance Ltd., Max Life Insurance Co. Ltd., PNB MetLife India

 Insurance Co. Ltd., Reliance Life Insurance Co. Ltd., Sahara India Life

 Insurance Co. Ltd., SBI Life Insurance Co. Ltd., Shriram Life Insurance Co.

 Ltd., Star Union Dai-Ichi Life Insurance Co. Ltd., Tata AIA Life Insurance Co.

Private insurers like HDFC, ICICI and SBI have been some tough competitors for providing life as well

as non-life products to the insurance sector in India.

25
 Fig-1.1

Various Competitors

1.5 Insplore consultants Product

Insplore consultants deals with India First life insurance MahaJeevan product

 India First Life Insurance

India First Life Insurance Company is a life insurance company in India. It is a joint venture between two

of India's public-sector banks – Bank of Baroda (44%) and Andhra Bank (30%), and UK's financial and

investment company Legal & General (26%). It was incorporated in November, 2009. It has its

headquarters in Mumbai India First Life made more than Rs. 2 billion in turnover in just four and half

months since the insurance company became operational.

8% Return on Investment Tax benefits under sec 80c & sec 1010 Life Cover 1 premium* (16-18)

First Life insurance company is headquartered in Mumbai. The company is headed by the MD &CEO

Ms. R.M. Vishakha.

 Highlights of MahaJeevan Product

26
 Fig-1.2

Highlights of Mahajeevan policy

 Joint Ventures of India first Life Insurance

1.Bank of Baroda

2.Andhra Bank

3.Legal & General

1.5.1 About the Product

“MAHA JEEVAN YOJANA” is a product of the company India First Life Insurance, which is one of

India’s youngest life insurance companies. Headquartered in Mumbai, it’s present in over 1000 cities

across India. It’s a joint venture between Bank of Baroda (44% stake), Andhra Bank (30% stake) and

UK`s leading risk, wealth and investment brand Legal & General group (26% stake). This product or

investment policy is one of the best of its own. It’s a 15-year policy. Premium Varies from- Rupees 25000

to Maximum Limit Rate of return- Fixed 8% + 1 % (Annual Bonus) + 1% (Market Bonus) As most

policies don’t have much of the liquidity in it this policy provides its customer 90% liquidity i.e., amount

withdrawal option without any extra charges. This policy comes under the tax provision of 80C and

10(10D) The best part of this policy is that it provides an extra benefit of insurance i.e., if the policy

27
holder dies the company will provide the appointed nominee an amount 14 to 18 times of the first

premium paid.

No risk, No Brokerages, No TDS and Great Customer Relations. INSPLORE CONSULTANTS also

deals with a health care policy named „Star little Healthcare‟. This policy is for providing Med claims.

We were given both the products to pitch.

1.5.2 India insurance industry growth in last few years

The life insurance companies have performed the best when it comes to growth with an increase of almost

70% in new premium that has been collected in the initial 5 months of 2012. As per IRDA data, in April-

August 2010 the insurance companies earned $11.73 billion in new premium - in the corresponding

period in the previous year the amount stood at 6.9 billion dollars LIC, a state held insurer, had been the

biggest profit maker at that time with an addition of 88%to their existing business. The privately-owned

insurers together had seen a leap of 34% to their policy sales. ICICI Prudential earned 576.60 million

dollars at that time. During April-August 2009 SBI Life had earned $379.20 million in sales of new

policies and that figure went up to $531.87 million in the corresponding period in 2010 making it an

increase of 40%. HDFC Standard Life also experienced a good growth of 54% in new sales. IRDA data

shows that between April and October 2010 the general insurance industry experienced a year-on-year

growth of 22.76% with regards to underwritten gross premium. The total value of that premium was 5.29

billion dollars while the same figure stood at $4.31 billion in April-October 2009. For the public-sector

companies, the year-on-year growth rate was21.9percent between April-October 2010 and April-October

2009.In the same period the privately held insurers saw an increase of 25.19 percent in terms of premium

collected. Among the publicly owned entities, New India Insurance was one of the better performers with

a premium income of 916.77 million dollars in April-October 2010.At the same period in 2009 they had

earned 770.25 million dollars which implies a growth rate of 19.04%. The IRDA Summary Report of

Motor Data of Public and Private Sector Insurers 2009-10 states that in the same period almost 28.4

million policies were sold and the aggregate worth of premium collected was $2.31 billion.

The health insurance sector, according to the RNCOS' research report named "Booming Health Insurance

in India" posted unprecedented growth rates in 2008-09 and 2009-10. The report also estimates that

28
between the 2009-10 and 2013-14 the sector would see a compound annual growth rate (CAGR) of at

least 25%.

India insurance industry major problems

Following is some of the major problems plaguing the insurance industry in India:

 Focus on actuarial pricing

 Regulatory misunderstanding

 Investment regulations

 Solvency regulation

 Claims settlement procedure

 Data clarity

 Distribution channel issues

1.5.3 Why are more people taking insurance policies?

One of the major reasons for an increasing number of people availing insurance policies in India is the

growing level of awareness. People nowadays value their lives, their health, and their families even more

than before given the tough economic circumstances and so want to make sure that everything is fine

even if they are not there. Yet another reason for the growing popularity of insurance policies is the

benefit of tax exemption that is provided to family oriented and individual plans. Majority of the private

insurers also provide lucrative returns and are now being availed by a section of the Indian society with

greater disposable earnings. There is an aspect of psychological comfort attached to the insurance policies

as well - whenever an insurance is availed the policyholder can be more or less assured of a safe future

for that particular part of his or her life.

1.5.4 Porter’s Five Forces Model of Insurance Sector

Competition in an industry is rooted in its underlying economics, and competitive forces Exist that go

well beyond the established combatants in a particular industry. The state of competition in an Industry

depends on five basic forces that are as follows:

29
1.The threat of new entrants

 Other financial companies can enter the industry

 . Overall threat is medium given that entry is subject to license and regulations

2.The bargaining power of buyers/customers

 Bargaining power of customers especially corporate is very high because they pay huge amount of

premium

3.The threat of substitute products

 Similarity in services makes switchover a potent threat

 Investment oriented customers have switched to other avenues

4.The amount of bargaining power suppliers have

 Supplier being the distributor or agent have high bargaining power because they have customer

database and can influence customers in making choices

5.The intensity of the competitive rivalry

 Insurance industry is becoming highly competitive with 52 players operating in the industry

1.5.5 MARKETING MIX FOR INSURANCE

The insurance companies in private and the public sector insurance need to assign due weight age to the

formulation of marketing mix for the emerging insurance business. The emerging trends indicate that if

the insurance companies delay the process of formulating a sound marketing mix for their business, there

would be a sharp fall in their market share in the future, which would bring down the rate of profitability.

This makes it essential to study the different sub mixes of marketing such as the product mix, the

promotion mix, the price mix, the place mix, the people, the process and the physical evidence, in relation

to the marketing of insurance

1.5.6 COMPONENTS OF LIFE INSURANCE MARKETING STRATEGIES

The term insurance marketing refers to the marketing of insurance service with the motto of customer-

orientation and profit-generation. The insurance marketing focuses on the formulation of an ideal mix for

the insurance business so that the insurance organizations survive and thrive in a right perspective. They

30
quality of services can be improved by formulating a fair mix of the core and peripheral services. The

marketing concept in the insurance business is concerned with the expansion of insurance business in the

best interest of society vis-à-vis the insurance organizations. But in the modern business world, the

marketing concept insists on fixing of accountability for overall marketing performance. The concept of

marketing as co-creating values considered to be a very significant one; this viewpoint is very new and

may take some time to be absorbed into the mainstream of the life insurance sector. It is, therefore,

practical to consider some of the more conventional approaches to services marketing. However, there are

some considerations that still apply to the marketing of services; just as conventional marketing has been

underpinned by the four „Ps‟, financial services marketing too has a marketing mix which consists of

eight „PS “The Ps‟ is listed below, with examples of financial services provided:

 Product element

: The product element in the financial services is of the outmost importance, since the customer is initially

attracted to the product only. The benefits of the financial services must be of value to the customer

 Place and time

: Place and time elements represent the way in which the services delivered to the customer. Many of the

basic financial services are available 24/7 or during a working day (via automated telling machines)

 Process

: This refers to means through which the service is created and consumed (or even co- produced). The

more easy and friendly process will be, the higher the demand will be of the product in the financial

services market. The consumer plays a significant role in the process or creation of the financial services.

 Productivity

: Productivity refers to the way in which the inputs of the service are translated in to outputs that are

valued by the customers. In financial services where economies of scale are considered to be critical in

driving down costs (not necessarily prices), efficient production has to be central. It is also essential to

maintaining quality, without which customers will switch to competitors who offer better quality

 People

31
: People are the most important element of any service or experience. Services tend to be produced and

consumed at the same moment, and aspects of the customer experience are altered to meet the individual

needs of the person consuming it. People have an important role in service delivery, they are relied upon

to deliver and maintain transactional marketing and people play an important part in the customer

relationship

 Promotion

: It refers to the marketing strategies which help in promoting the financial services in the market.

Promotion in financial services may spell out the advantages of a particular service provider over its

rivals, as the sector is highly competitive and differentiation between products and providers is difficult to

establish.

 Physical evidence

: The service firm must recognize the importance of physical evidence and the role it is likely to play in

overall marketing strategy of the firm. The reasons why physical evidence management cannot be left to

chance include its role in service packaging, service differentiation, facilitation in the service creation and

delivery, and customer and employee socialization a traditional means of overcoming the intangibility of

most services by providing some element of tangible evidence

 Price

The price is an important aspect of the marketing of financial services in the competitive market. Every

customer wants to pay less and buy more. The customers pay for their financial services either directly or

indirectly, although pricing is highly competitive.

Companies are competing on price and also using low price and high returns strategy for customers to

lure them

1.6 SWOT Analysis-

Consulting firms provide professional services to businesses. There is a lot of competition among
consulting firms to secure and maintain clients, and many factors that lead a client to select one
consulting firm over another. As such, it is helpful for consulting firms to regularly assess the
marketplace and their competitiveness in the market. One tool for analysing a firm’s competitive market
32
position is the SWOT analysis. SWOT stands for Strengths, Weaknesses, Opportunities and Threats. This
tool utilizes data to provide a realistic overview of the market and competitiveness.

The SWOT analysis of Insplore TLS Consultancy Pvt. Ltd.:

Strength
- Strong compliance
- Have the existing loyal customer Weakness
- Working with companies’ products which have - Slow process due to paper work
excellent reputation. - Working with Limited product and services
- Strong and motivated team - Available in limited location (Physical presence)
- Quality and effective performance
- Working with high standards and privacy.

Threats
Opportunity
- Changing laws and regulations
- Expanding the presence in different location.
- Less demands for certain projects’ product and
- Getting multiple projects from different services
companies
- Weak financial position of customer due to
pandemic.

Fig-1.3

33
 CHAPTER – 2

RESEARCH METHODOLOGY

2.1 Research Methodology

Research methodology is a way to systematically solve the research problem. It may be understood as a

science of studying how research is done scientific

ally. In it we study the various steps that are generally adopted by a researcher in studying his research

problem along with the logic behind them. It is necessary for the researcher to know not only the research

methods or techniques but also the methodology.

The study is an exercise involving estimation of parameters as regard to organizational requirements.

Research was designed so as to get the relevant information that can be used for various organizational

purposes.

2.1.1 Research Design

In this study Exploratory research design has been used because this kind of research has the primary

objective of development of insights into the problem. It studies the main area where the problem lies and

also tries to evaluate some appropriate courses of action.

The research methodology for the present study has been adopted to reflect these realties and help reach

the logical conclusion in an objective and scientific manner.

The present study contemplated exploratory research.

34
2.1.2 Data Collection Technique

Research included collecting both primary and secondary data.

• Primary Data is the first- hand data, new data gathered to help solve the problem at hand. Data is

collected personally for the specific project through research. Questionnaire was prepared to gather

information on the company marketing and services.

• Secondary Data is the second- hand data collected by someone else with is gathered through internet,

publications, articles, company books, etc.

2.2 Sampling technique

Initially, a rough draft will be prepared keeping in mind the objective of the research. A pilot study will

be undertaken in order to know the accuracy of the questionnaire. The final questionnaire will be arrived

at only after certain important changes are incorporated. Convenience sampling technique will be used for

collecting the data from different investors. The investors are selected by the convenience sampling

method. The selection of units from the population based on their easy availability and accessibility to the

researcher is known as convenience sampling. Convenience sampling is at its best in surveys dealing with

an exploratory purpose for generating ideas and hypothesis.

2.3 Sampling unit

The respondents who will be asked to fill out the questionnaires are the sampling units. These comprise of

employees of various companies working in and around R G tower, government employees, housewives,

self-employed, professionals and other investors.

2.3.1Sampling size
35
The sample size were taken to only 150, which comprised of mainly people from different regions of

Delhi .

CHAPTER -3

DATA INTERPRETATION AND ANALYSIS

Table-3.1
Demographics

36
 Fig-3.1
Demographics

Inference –

For Demographics

From the table and chart, it is inferred that majority of respondents i.e., 32.3 % are in the age range of less

than 24 years old.

The ratio between male and female is close to equal. The majority of respondents are from Madhya

Pradesh i.e., 62.5 %.

The income range of 5,00,000 to 10,00,000 had maximum number of respondents i.e., 39.6%.

All respondents had either a bachelor degree i.e., 54.2% or a master degree i.e., 45.8%. 34% of

respondents are single and 25 % of respondents have the family with independent children.

37
 Table-3.2
Few questions

38
 Fig-3.2
Few questions

Inference –

From the above table and chart, it is inferred that 50% of the respondents have the insurance policy.

Majority of Respondents are aware of LIC i.e.,29.2% and India first life insurance28.8%.

Most of the respondents i.e., 60.4% gave importance to go through advertisement before buying an

insurance policy.

86.4 % of respondents agreed that Life insurance is important by responding important and very

important.

It is also inferred that most of the respondents i.e., 54.2 % very strongly preferred IFLI Company policy.

The Buying behaviour of respondents are positive i.e.,51% and very positive i.e., 39.6%.

Overall, the opinion towards life insurance policy is satisfied i.e., 47.9 % and strongly satisfied i.e.,35.4%

is marked by the respondents.

39
 Table-3.3
Level of importance did you give to factors

40
 Fig-3.3
Level of importance did you give to factors

Inference –

From the above chart and table, it is inferred that Tax benefit, flexibility and liquidity i.e., 82%, 77% and

75% respectively are the major factor were the very important is chosen by respondents.

Although in interest rate/ return, safety, Flexibility to track over app/website the maximum respondents

have not chosen ‘very important’ but at the same time they have also not chosen ‘not important’.

So, it is also concluded that most of the factor are in the Likert scale of fairly

important and above it.

GENDER DISTRIBUTION OF RESPONDENTS

63%

37%

100%

Table-3.4

41
 Gender Distribution

Fig-3.4
Gender Distribution

The above pie chart depicts that the total number of males which were investing their money were 63%.

Whereas, only 37% of females were only investing their money. It shows that males are more active in

investing their money to multiply their money.

AGE OF RESPONDENT

40%
46%
10%
4%
100%
Table-3.5
Age

42
 Fig-3.5
Age
From the above graph this can be concluded that people in the age group of 26 to 35 are more involved in

making investments. There can be various reason behind it like marriage etc. People at this age are more

ambitious about their career and strive for earning additional money to save for future needs, such as

starting up a business etc

OCCUPATION OF RESPONDENTS

19%
58%
7%
16%
100%
Table-3.6
Occupation

43
 Fig-3.6
Occupation

The above chart depicts that maximum percentage of respondents (58%) who are working prefer

investing their money, whereas business class and students prefer to invest only in 19% and 7%of the

cases respectively. People with other occupation who like to invest their money is 16%.

ANNUAL SALARY OF RESPONDENTS

53%
34%

9%

4%

100%
Table-3.7
Annual Salary

44
 Fig-3.7
Annual Salary

The above pie chart depicts that 53% of the respondents with the income level of 2 lakhs believe in

investing their money which is the highest. Whereas, 34% of the respondents with an income level of 5

lakhs prefer making investments. 9% of the respondents with the income level of 7lakhs prefer investing

their money and the respondents with more than 7 lakhs of income level are least active in investing their

money which is 4%.

FOR HOW LONG ARE YOU LOOKING TO INVEST?

49%

17%

34%

100%

Table-3.8
For how long are you looking to invest

45
 Fig-3.8
For how long are you looking to invest

The above pie charts depict that 49% of the respondents prefer to keep their investment duration ranging

for 0 to 5 years. Whereas 17% and 34% of the respondents prefer to invest in more than 5years of

duration and for open term respectively.

HOW MUCH MONEY ARE YOU APPROXIMATELY LOOKING TO INVEST?

49%

34%

14%

3%

100%

Table-3.9
How much money are you approx. looking to invest

46
 Fig-3.9
How much money are you approx. looking to invest

The above pie chart depicts that 49% of the respondents prefer investing less than 10,000, 34% prefer

investing between 10000-50000, 14% prefer investing between 50000-100000 and 3% of the respondents

prefer investing more than 100000

HOW DO YOU FEEL ABOUT THIS STATEMENT?

“I WOULD ENJOY EXPLORING INVESTMENT OPPORTUNITIES FOR MY MONEY”

Table-3.10

90%
10%
100%
New Investment Options

47
 Fig-3.10
New Investment Options

The above pie chart depicts that 90% of the respondents agree to the idea of exploring investment

opportunities, 10% of the respondents Not agree, with this idea.

IF YOU HAD MONEY TO INVEST, HOW MUCH WOULD YOU BE WILLING TO PLACE IN AN

INVESTEMNT WITH POSSIBLE HIGH RETURNS BUT A SIMILAR CHANCE OF LOSING SOME

OF YOUR MONEY?

5%
19%
37%
19%
20%
100%
Table-3.11
Same Return and Risk

48
 Fig-3.11
Same Return and Risk

The above pie chart depicts that only 5% of the respondents will put all their money in such investment

with high returns and equivalent amount of risk, 19% will invest more than half of their money, 20% of

the respondents will invest very little of their money, and 19% of the respondents will invest less than half

of their money.

49
 CHAPTER-4

FINDINGS AND CONCLUSIONS

4.1 Findings –

 60.4% of respondents gave importance to go through advertisement before buying an insurance

policy. For consumers the advertise is effective tool to know about company in buying decision.

 69.8% chosen Interest rate/ return factor as important and above in scale. Consumer give

importance to return of investment while purchasing the policy.

 Tax benefit is most important factor chosen by respondents while buying policy i.e., 82.3%.

Consumer give importance to the tax factor which they save by claim.

 The Buying behaviour of respondents are positive i.e.,51% and very positive i.e., 39.6%.

Consumer is overall having the positive behaviour towards buying the insurance.

 The consumer would have the positive behaviour if there is a higher interest rate / return. Return

on investment is important factor by which consumer have positive behaviour toward buying

policy.

 Most Investors prefer to park their funds in avenues like Life insurance as their safest option.

4.2 CONCLUSION

 The study conclude that consumer buy the insurance policy by giving importance to various factor

such as tax benefits, flexibility, liquidity, website App and interest rate/return. Different factor has

different importance level and tax rate is most important factor.

 The higher income group are currently the major market for insurance companies.

 The consumer also goes through the advertisement before buying the policy.

 Overall, the consumer is satisfied towards buying insurance policy. So, the companies can plan for

the policy keeping the competitors i.e., consumer preferred companies and other buying factor

which consumer consider before buying. It will help the company to create better strategy.

50
4.3 RECOMMENDATIONS

 The company can focus more on advertisement as consumer goes for advertisement before buying

a policy. Companies can use different marketing strategies for the same.

 Company can also create the modified version if policy for middle and lower segment income

group as these group currently did not have the policy.

 Companies can consider this factor i.e., tax benefits, flexibility, liquidity, website /app and interest

rate/return as important because these factors may provide the opportunity to company for better

market and provide the edge over competitors.

 Promotion strategy

 The company can go for different promotion strategy which would help to increase the

awareness level and knowledge of consumer.

 Hashtag marketing, different digital marketing are the new trends of marketing which company

can adopt and get the edge over the competitors.

 Target market

 The company can also target the middle and lower segment by modifying the exciting policy

which would be suitable for middle and lower segment.

4.4 LIMITATIONS

 The total number of INSURANCE POLICIES in the market is so large that it needs a lot of

resources to analyse them all. There are various companies providing these to the public. Handling

and analysing such a varied and diversified data need a lot of time and resources.

 Reluctance of the people to provide complete information about them can affect the validity of the

responses.

 The lack of knowledge of customers about the INSURANCE POLICIES can be a major limitation

 . The information can be biased due to use of questionnaire.

51
 REFERENCES

1 https://www.policybazaar.com/insurance-companies/indiafirst-lifeinsurance/

2 https://www.ibef.org/industry/insurance-sector-india.aspx

3 https://www.indiafirstlife.com/

4 https://www.insploreconsultants.com/

5 Nayan gupta MM2022437 Project report (CPS Report at Insplore)

6 A Study on the Customer’s Perception Regarding Insurance Policies

Annexure-1
QUESTIONNAIRE:
1. Age –

o Less than 24 years old

o 25-34 years old

o 35-44 years old

o 45 and above

52
2. Gender –

o Male

o Female

Highest degree you have completed –

o non-matriculate

o High School (Matriculation/ 12th)

o Bachelor’s Degree

o Professional/Master’s Degree

o Doctorate Degree

3 Marital and Family Status –

o Single

o Married without children

o Family with dependent children

o Family with independent children

4 Do you have life insurance policy –

o Yes

o No

5. Which of the company life insurance policy are you aware of –

□ Life Insurance Corporation of India Company

□ India First Life Insurance company

□ SBI Life insurance company

6 What is your annual salary?

a)2 lakhs
53
b)5 lakhs

c)7 lakhs

d)Above 7 lakhs

7 How much money are you approximately looking to invest?

a) Less than 10,000

b) 10,000-50,000

c) 50,000-1,00,000

d) 1,00,000 plus

8 Level of importance did you give to below factors while buying insurance –

(1 for not important to 5 for very important - Circle it)

o Interest rate/ Return

12345

o Safety

12345

o Tax benefit

12345

o Liquidity

12345

o Settlement ratio

12345

o Flexibility

12345

o Facility to Track policy over App/ website

12345

9 How important to go through Advertisement before buying an insurance

54
policy –

(1 for not important to 5 for very important - Circle it)

12345

55