A Study of Consumer Behavior in Relation To Insurance Products in IDBI

A
Project Report
ON
A Study of Consumer Behavior in Relation to Insurance Products in IDBI

(With Special reference to IDBI, Magneto Mall branch, Raipur)
2017-18
Submitted in partial fulfillment of the requirements for the award of the degree of Bachelor
Of Business Administration
Guided By:- Submitted By:-
Mr.Suresh Pillai Miss Pooja Das

MU15BBA144
INTRODUCTION:-
Consumer behavior is the study of how individual customers, groups

or organizations select, buy, use, and dispose ideas, goods, and services
to satisfy their needs and wants. It refers to the actions of the
consumers in the marketplace and the underlying motives for those
actions.
Life insurers undertake the Life Insurance business; general insurers

handle the rest. The Business of insurance essentially means defraying
risks attached to an activity (including life) and sharing the risks
between various entities, both persons and organizations.
Insurance companies are important players in financial markets as

they collect and invest large amounts of premium in various investment
instruments.
COMPANY PROFILE:-
IDBI Federal Life Insurance Co Ltd. is a joint-venture of IDBI Bank, India's premier
development and commercial bank, Federal Bank, one of India's leading private sector
banks and Ageas, a multinational insurance giant based out of Europe. In this venture,
IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity each.
Having started in March 2008, in just five months of inception, IDBI Federal became
one of the fastest growing new insurance companies by garnering Rs.100 Cr in
premiums.
Through a continuous process of innovation in product and service delivery IDBI

Federal aims to deliver world-class wealth management, protection and retirement
solutions that provide value and convenience to the Indian customer.
OBJECTIVES:-
The main objective of this project is to study the consumer behavior and various
reactions of customers with reference to IDBI Federal Life Insurance Co. Ltd. And
suggest ways to improve its marketing efforts.
To study the trends in life insurance market
To study the profile of IDBI Federals customers.
To study the investors behavior with respect to IDBI Federal Life Insurance.
To analyze the investors perception about IDBI Federal.

RESEARCH METHODOLOGY:-
DATA COLLECTION
Following in order to complete project report a study of various Insurance schemes of
IDBI, methodology has been adopted.
The very first step I have taken is that I have collected all the data which are required
for study, after that I have extracted the things out of information, which are needed
for my project.
There are two main types of data collection i.e.
1. Primary Data.
2. Secondary data.
Primary Data:
It means collection of information for the first time. In order to collect such type of
information constructed and information is collected from the respondent. In my
project report study of Life Insurance schemes primary data is collected by interviewing
the bank staff.
Secondary data:
Secondary data are information, which has already been collected by others. In order
to carry out my project successfully I have relied on the secondary data already
available.
OBSERVATIONS AND LEARNINGS:-
There is a good amount of people in the age group 18-30 who have not bothered to buy
a life insurance policy because they are very sure that nothing would happen to them as
they are fit and fine.
People prefer to buy a policy which has less years of premium payment term.
More than life insurance, people are interested in a savings scheme. The better savings
plan they get, the more is their tendency to buy the policy.
Very less people are interested in a pure life insurance policy.
Tax benefits are also a major factor why people like to buy a policy.
IDBI Federal has limited reach to prospective customers as compared to other

companies.
LIMITATIONS:-
The study was conducted only in the Nagpur, Pune and Mumbai areas; hence the
results can be biased and hence not exactly accurate.
The survey was to be conducted on 100 respondents but due to time constraint and
unavailability of large number of respondents, the survey was filled by 80 people only.
The survey includes more number of responses of people within the age group of
18-30. Hence, the study may be biased, as, at that age, income is less and people take
life insurance lightly.
SUGGESTIONS:-
We need to tap the young crowd in the age group 18-30 and convince them that buying
a life insurance policy is necessary because life is very unpredictable.
More plans should be made that involve less period of premium payment.
As friends and family members are major influencers of customers, our advertisements
and promotions should be family and friend-centred.
Group insurance policies like full family insurance schemes should be made.
Our reach needs to be increased through social media (Facebook, Twitter, YouTube
campaigns), television, radio, newspapers etc.
Our insurance policies should have a range of premiums to suit every pocket size.
CONCLUSION:-
The Summer Internship project has helped me gain huge practical knowledge which
cant be gained only through books.
This experience gave me an opportunity to learn new things which provided me a

peek into the corporate culture.
Being a fresher, I would never be exposed to a corporate environment if it were not

for this project.
I thank IDBI Federal life insurance for giving me the chance to work with them as a
summer intern and showing me the path of knowledge and experience which will help
me succeed in my career and enter into a bright future.

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A Study of Consumer Behavior in Relation to Insurance Products in IDBI

Mr.Suresh Pillai Miss Pooja Das

Consumer behavior is the study of how individual customers, groups

Life insurers undertake the Life Insurance business; general insurers

Insurance companies are important players in financial markets as

Through a continuous process of innovation in product and service delivery IDBI

To study the trends in life insurance market

To study the profile of IDBI Federals customers.

To analyze the investors perception about IDBI Federal.

Very less people are interested in a pure life insurance policy.

IDBI Federal has limited reach to prospective customers as compared to other

This experience gave me an opportunity to learn new things which provided me a

Being a fresher, I would never be exposed to a corporate environment if it were not

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