INTRODUCTION

INSURANCE
In law and economics, insurance is a form of risk management
primarily used to hedge against the risk of a contingent,
uncertain loss. Insurance is defined as the equitable transfer of
the risk of a loss, from one entity to another, in exchange for
payment. An insurer is a company selling the insurance; an
insured, or policyholder, is the person or entity buying the
insurance policy. The insurance rate is a factor used to
determine the amount to be charged for a certain amount of
insurance coverage, called the premium. Risk management,
the practice of appraising and controlling risk, has evolved as a
discrete field of study and practice.

The transaction involves the insured assuming a guaranteed

and known relatively small loss in the form of payment to the
insurer in exchange for the insurer's promise to compensate
(indemnify) the insured in the case of a financial (personal)
loss. The insured receives a contract, called the insurance
policy, which details the conditions and circumstances under
which the insured will be financially compensated.

LIFE INSURANCE

Life insurance is a contract between the policy owner and the

insurer, where the insurer agrees to pay a designated
beneficiary a sum of money upon the occurrence of the insured
individual's or individuals' death or other event, such as
terminal illness or critical illness. In return, the policy owner
agrees to pay a stipulated amount (at regular intervals or in
lump sums). There may be designs in some countries where
bills and death expenses plus catering for after funeral
expenses should be included in Policy Premium. In the United
States, the predominant form simply specifies a lump sum to
be paid on the insured's demise.

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The value for the policyholder is derived, not from an actual
claim event, rather it is the value derived from the 'peace of
mind' experienced by the policyholder, due to the negating of
adverse financial consequences caused by the death of the Life
Assured.

Life policies are legal contracts and the terms of the contract
describe the limitations of the insured events. Specific
exclusions are often written into the contract to limit the
liability of the insurer; for example claims relating to suicide,
fraud, war, riot and civil commotion.

Life-based contracts tend to fall into two major categories:

 Protection policies - designed to provide a benefit in the

event of specified event, typically a lump sum payment. A
common form of this design is term insurance.
 Investment policies - where the main objective is to
facilitate the growth of capital by regular or single
premiums. Common forms (in the US anyway) are whole
life, universal life and variable life policies.

Types of life insurance

Life insurance may be divided into two basic classes –
temporary and permanent or following subclasses - term,
universal, whole life and endowment life insurance.

Term Insurance

Term assurance provides life insurance coverage for a specified

term of years in exchange for a specified premium. The policy
does not accumulate cash value. Term is generally considered
"pure" insurance, where the premium buys protection in the
event of death and nothing else.

There are three key factors to be considered in term insurance:

1. Face amount (protection or death benefit),

2. Premium to be paid (cost to the insured), and

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 3. Length of coverage (term).

Various insurance companies sell term insurance with many

different combinations of these three parameters. The face
amount can remain constant or decline. The term can be for
one or more years. The premium can remain level or increase.
Common types of term insurance include Level, Annual
Renewable and Mortgage insurance.

Permanent Life Insurance

Permanent life insurance is life insurance that remains in force

(in-line) until the policy matures (pays out), unless the owner
fails to pay the premium when due (the policy expires OR
policies lapse). The policy cannot be canceled by the insurer for
any reason except fraud in the application, and that
cancellation must occur within a period of time defined by law
(usually two years). Permanent insurance builds a cash value
that reduces the amount at risk to the insurance company and
thus the insurance expense over time. This means that a policy
with a million dollar face value can be relatively expensive to a
70 year old. The owner can access the money in the cash value
by withdrawing money, borrowing the cash value, or
surrendering the policy and receiving the surrender value.

The four basic types of permanent insurance are whole life,

universal life, limited pay and endowment.

Whole life coverage

Whole life insurance provides for a level premium, and a cash

value table included in the policy guaranteed by the company.
The primary advantages of whole life are guaranteed death
benefits, guaranteed cash values, fixed and known annual
premiums, and mortality and expense charges will not reduce
the cash value shown in the policy. The primary disadvantages
of whole life are premium inflexibility, and the internal rate of
return in the policy may not be competitive with other savings
alternatives. Also, the cash values are generally kept by the
insurance company at the time of death, the death benefit only
to the beneficiaries. Riders are available that can allow one to

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increase the death benefit by paying additional premium. The
death benefit can also be increased through the use of policy
dividends. Dividends cannot be guaranteed and may be higher
or lower than historical rates over time. Premiums are much
higher than term insurance in the short term, but cumulative
premiums are roughly equal if policies are kept in force until
average life expectancy.

Cash value can be accessed at any time through policy "loans"

and are received "income-tax free". Since these loans decrease
the death benefit if not paid back, payback is optional. Cash
values support the death benefit so only the death benefit is
paid out.

Dividends can be utilized in many ways. First, if Paid up

additions is elected, dividend cash values will purchase
additional death benefit which will increase the death benefit of
the policy to the named beneficiary. Another alternative is to
opt in for 'reduced premiums' on some policies. This reduces
the owed premiums by the unguaranteed dividends amount. A
third option allows the owner to take the dividends as they are
paid out. (Although some policies provide other/different/less
options than these - it depends on the company for some
cases)

Universal life coverage

Universal life insurance (UL) is a relatively new insurance

product intended to provide permanent insurance coverage
with greater flexibility in premium payment and the potential
for greater growth of cash values. There are several types of
universal life insurance policies which include "interest
sensitive" (also known as "traditional fixed universal life
insurance"), variable universal life (VUL), guaranteed death
benefit, and equity indexed universal life insurance.

A universal life insurance policy includes a cash values.

Premiums increase the cash values, but the cost of insurance
(along with any other charges assessed by the insurance
company) reduces cash values. However, with the exception of
VUL, interest is credited on cash values at a rate specified by

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the company and may also increase cash values. With VUL,
cash values will ebb and flow relative to the performance of the
investment subaccounts the policy owner has chosen. The
surrender value of the policy is the amount payable to the
policyowner after applicable surrender charges, if any.

Universal life insurance addresses the perceived disadvantages

of whole life - namely that premiums and death benefit are
fixed. With universal life, both the premiums and death benefit
are flexible. Except with regards to guaranteed death benefit
universal life, this flexibility comes at a price: reduced
guarantees.

Depending on how interest is credited, the internal rate of

return can be higher because it moves with prevailing interest
rates (interest-sensitive) or the financial markets (Equity
Indexed Universal Life and Variable Universal Life). Mortality
costs and administrative charges are known. And cash value
may be considered more easily attainable because the owner
can discontinue premiums if the cash value allows it.

Flexible death benefit means the policy owner can choose to

decrease the death benefit. The death benefit could also be
increased by the policy owner but that would (typically) require
that the insured go through new underwriting. Another
example of flexible death benefit is the ability to choose option
A or option B death benefits - and to be able to change those
options during the life of the insured.

Option A is often referred to as a level death benefit. Generally

speaking, the death benefit will remain level for the life of the
insured and premiums are expected to be lower than policies
with an Option B death benefit.

Option B pays the face amount plus the cash value. If cash
values grow over time, so would the death benefit which is
payable to the insured's beneficiaries. If cash values decline,
the death benefit would also decline. Presumably option B
death benefit policies require greater premium than option A
policies.

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Limited-pay

Another type of permanent insurance is Limited-pay life

insurance, in which all the premiums are paid over a specified
period after which no additional premiums are due to keep the
policy in force. Common limited pay periods include 10-year,
20-year, and paid-up at age 65.

Endowments
Endowment policy

Endowments are policies in which the cash value built up inside

the policy, equals the death benefit (face amount) at a certain
age. The age this commences is known as the endowment age.
Endowments are considerably more expensive (in terms of
annual premiums) than either whole life or universal life
because the premium paying period is shortened and the
endowment date is earlier.

In the United States, the Technical Corrections Act of 1988

tightened the rules on tax shelters (creating modified
endowments). These follow tax rules as annuities and IRAs do.

Endowment Insurance is paid out whether the insured lives or

dies, after a specific period (e.g. 15 years) or a specific age
(e.g. 65).

Accidental Death

Accidental death is a limited life insurance that is designed to

cover the insured when they pass away due to an accident.
Accidents include anything from an injury, but do not typically
cover any deaths resulting from health problems or suicide.
Because they only cover accidents, these policies are much less
expensive than other life insurances.

It is also very commonly offered as "accidental death and

dismemberment insurance", also known as an AD&D policy. In
an AD&D policy, benefits are available not only for accidental
death, but also for loss of limbs or bodily functions such as
sight and hearing, etc.

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Accidental death and AD&D policies very rarely pay a benefit;
either the cause of death is not covered, or the coverage is not
maintained after the accident until death occurs. To be aware
of what coverage they have, an insured should always review
their policy for what it covers and what it excludes. Often, it
does not cover an insured who puts themselves at risk in
activities such as: parachuting, flying an airplane, professional
sports, or involvement in a war (military or not). Also, some
insurers will exclude death and injury caused by proximate
causes due to (but not limited to) racing on wheels and
mountaineering.

Accidental death benefits can also be added to a standard life

insurance policy as a rider. If this rider is purchased, the policy
will generally pay double the face amount if the insured dies
due to an accident. This used to be commonly referred to as a
double indemnity coverage. In some cases, some companies
may even offer a triple indemnity cover.

TRADITIONAL VS MODERN PLANS

We live in interesting times - interesting yet volatile! In such
times, where there are no guarantees on life, Life Insurance is
the only assurance that you have to guard you and your loved
ones against the unknown and the unforeseen. Insurance is
essentially a pact between the insured and the insurer. The
insured pays the insurer a certain amount of money at fixed
intervals as a premium in lieu of which, the insurer pays a
certain sum assured in the event of death or on maturity of the
policy.

In the past, people would go in for rather conventional

insurance policies which were typically term policies or
endowment policies. The sum assured in these insurance plans
are guaranteed and pre-decided. These plans mostly gave the
insured insurance for life, health and sometimes linked with life
long pension paying scheme. However, although these old
plans provide a safety net, they are outdated owing to the

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spiraling cost of living. They do not yield high returns and the
premium paying term is rather long.

A decade back, the younger generation was not as aware of

the need of insuring oneself as today's youth. Today, not only
are we interested in insurance, we have learnt that investment
and insurance can take place at the same time and with the
same amount of money.

The business of life insurance has seen a paradigm shift.

Today, insurance is not just a form of protection against the
untimely and unfortunate incidents of life but also an active
form of investment in the equity market. The whole concept
has changed with more and more private sector companies
jumping headlong into this arena. Gone are the days where
people went in for government sector companies and played it
safe. The risk appetite in general has increased hence Unit
Linked Insurance Plans or ULIPs are ruling the roost. These
ULIPs invest the insurers money in the market and not only
promise life protection but also make your savings grow
substantially.

With increasing awareness among the common man, the

modern plans have handed over the controls to the insurer.
Almost all these plans can be customized as per the insurer's
needs. They have a lot of flexibility in terms of premium, term
and riders. They come attached with a host of optional riders
like accidental death, critical illness and premium waiver
benefits. Liquidity, loan against policy and tax benefits have
made them more alluring than ever before.

Life Insurance Corporation of India or LIC, as we commonly

know it, was once considered the insurance giant but now it
has made way for insurance biggies like AEGON Religare,
Aviva, Bajaj Allianz, Bharti AXA, Birla Sun Life, Canara HSBC
Oriental Bank of Commerce Life Insurance Company, DLF
Pramerica, Future Generali, HDFC Standard Life Insurance
Comapny, ICICI Prudential, IDBI Fortis, India First Life, ING
Vysya, Kotak Mahindra, Max New York, Met Life, Reliance Life,
Sahara India, SBI Life, Shriram Life, Star Union Dai-ichi and
Tata AIG.

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With the increasing life expectancy, it makes sense to make
ample provision to live life with a certain degree of comfort. No
one has seen tomorrow but we have the power of now.

Save and invest today and rest assured tomorrow!

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MAJOR PLAYER’S IN LIFE INSURANCE INDUSTRY
Life Insurance Corporation of India :
This leading Insurance company of India was established in the
year 1956 by the alliance of 16 non-Indian companies,154
Indian Insurance Companies and 75 provident. It has 100
divisional offices,2048 computerized branches,7 zonal offices
and the company's corporate office. It has introduced new
strategies for the facilitation of the customers like the
IVRS,ECS,ATM Premium payment facility and the company's
Info centers in Mumbai, Delhi, Chennai, Kolkata and many
others cities.

SBI Life :

This renders premium Insurance solutions like SBI Life-Smart

ULIP,SBI Life-Group Criti9, SBI Life-Unit Plus Child Plan etc. It
also offers services like the NRI services,Premium Payment
Procedure,ECS Facility,RPI/RFI and many others. SBI Life is a
joint venture of BNP Paribas Assurance and SBI.

ICICI Prudential:

This major Insurance Company in India provides health

Insurance,life insurance,ULIPs,ULIP,Retirement Plans and many
others. Life Insurance Plans of the company covers Premium
Guarantee Plans,Education Insurance Plans etc. Pension Plans
encompass LifeStage Pension,Forever Life. Health Insurance
Plans cover Hospital Care,MediAssure.

Bajaj Allianz Life Insurance:

This Indian Insurance company is a joint venture of Alliance

AG,which is one among the largest Life Insurance companies
and Bajaj Auto,one among the biggest 2- & 3 wheeler
producers in the world. The Company has various plans for the
customers like the Pension,Retirement,Life Time Care,Health
Care,Life Insurance Online,Life Insurance Saving Plans, and
online services like the Address change,Renewal Premium
Payment etc.

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Reliance Life :

The company based in India offers the best plans for Life
Insurance in India. Reliance Capital Limited's associate
company is Reliance Life which is one of the leading private
sectors in India. The company provides the Protection
Plans,Child Plans,Retirement Plans and Investment plans and is
also the ultimate solver of solutions for Groups and Individuals.

Tata AIG Life :

This renowned life Insurance company in India offers a wide
array of products related to life insurance for
associations,individuals and businesses. The company offers
high quality solutions to its corporate Indian clients. It renders
services like the AIG Health First,AIG Health Life Protector,
Tata AIG Life Hospi Cash Back, Tata AIG Life Maha Gold, Tata
AIG Life Assure 10 Years and many others. The company is a
joint venture of America International Group and TATA group.

Birla Sun Life Insurance:

It is one of the major insurance companies in India and a joint

venture of Sun Life Financials and Aditya Birla group. The
company provides Life Insurance Solutions to meet the needs
of Protection, Retirement and Saving .It has recently launched
the Money back Plus Plan and offers Insurance programs like
the Children,NRI,Riders,Health etc.

Max New York Life:

This Life Insurance company in India provides the best
solutions related to life insurance like children's plan,
retirement solution, Investment, Protection, Health,Savings
etc. The company has 14 corporate agency tie ups, 33
bankassurance relationships and direct sales force at 14
locations. It is now covering 36 products related to life and
health insurance.

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Kotak Life Insurance:
This premier Insurance company in India offers insurance
facilitiesrelatedtoSavings,Investments,Child,Retirement,Protecti
on, Kotak Long Life Secure Plus,Kotak Long Life Health Plus
etc. It opens up services like Insurance Guide, NAV, Premium
Payment Options and many others.

HDFC Standard Life:

This is one of the major market leaders in the insurance sector

in India. The company offers Insurance services like the Group
Plans,Health Plans,Protection Plans,Retirement Plans,Savings
and Investment Plans etc. The customer base of the company
is about more than 7 million who depend on the company for
pension,investment,banking needs.

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 OBJECTIVES OF THE STUDY

1. To study the factors governing consumer choice

regarding purchase of life insurance policy.

2. To compare traditional plans vs modern plans

offered by various insurance companies.

3. To compare the major players in insurance

industry.

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 4. RESEARCH METHODOLOGY

Research methodology is an important pre-requisite for any

project to be precise and be a more systematic activity.
Directed towards the discovery and development of organized
body of knowledge.

“NATURE OF DATA”:-

RESEARCH DESIGN- DESCRIPTIVE RESEARCH.

(It includes surveys and fact finding enquiries of different

kinds. The major purpose of this research is description of the
state of affairs as it exists at present.)

UNIVERSE- the Study was carried out in MEERUT region.

SAMPLE DESIGN- Random sampling.

(This type of sampling is also known as chance sampling or

probability sampling where each and every item in the
population has an equal chance of inclusion in the sample and
each one of the possible samples.)

SAMPLE SIZE- 80(Between 50-100)

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DATA COLLECTION TOOL

1.PRIMARY DATA-Questionnaire,schedule.

2.SECONDARY DATA-Internet.

SURVEY METHOD

Information was collected from persons who are expected to

have that information by asking suitable questions and thereby
filling up the questionnaire.

PERIOD OF STUDY

21ST DEC TO 4TH JAN

DATA
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 ANALYSIS
&
INTERPRETETION

Q1. WHAT IS YOUR AGE ?

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 AGE

23%
26%

15-25
25-35
35-45
45 & ABOVE

15%

36%

Age of 80 people surveyed are as follows

15-25=18

25-35=12

35-45=29

45 & above=21

Q2. GENDER?

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 GENDER

36%
MALE
FEMALE

64%

Out of 80 people surveyed 51 are males & 29 are females.

Q3. OCCUPATION?
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 OCCUPATION

14%

30%
STUDENT
BUSINESS
PROFFESIONAL
OTHERS

9%
48%

Occupation of 80 people surveyed are as follows

Student=11

Business=38

Professional=7

Others=24

OTHERS

38% HOUSEWIVES
PRIVATE SECTOR EMPLOYEE
46%
GOVERNMENT OR PUBLIC
SECTOR EMPLOYEE

17%

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Q4. INCOME LEVEL(IN LAKHS)?

INCOME (IN LAKHS)

9%

16%
0 TO 2
2 TO 4
46% 4 TO 6
6 & ABOVE

29%

Income level of 80 people surveyed are as follows

0 to 2=37

2 to 4=23

4 to 6=13

6 & above=7

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 Q5. NUMBER OF FAMILY MEMBERS?

FAMILY MEMBERS

14%

5%
2 TO 4
43% 4 TO 6
6 TO 8
8 & ABOVE

39%

Number of family members of 80 people surveyed

2 TO 4=34

4 TO 6=31

6 TO 8=4

8 & ABOVE=11

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Q6. DO YOU HAVE LIFE INSURANCE
POLICY?

16%

YES
NO

84%

Out of 80 people surveyed 66 people said that they have an insurance

policy & 14 do not have.

WHICH COMPANY

COMPANY
1%
3% 5%
4%

8% L.I.C
ICICI PRUDENTIAL
SBILIFE INSURANCE
RELIANCE LIFE
BAJAJ ALLIANCE
OTHERS

79%

Out of 66 people who have the life insurance policy the share of diff companies
areL.I.C(79%),ICICI.PRUDENTIAL(8%),SBILIFEINSURANCE(4%),RELIANCE
LIFE(3%),BAJAJALLIANCE(5%),OTHERS(1%).

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Q7.FEATURES OF YOUR CURRENT
POLICY YOU LIKE THE MOST?

FEATURES
4%
6%
5% 24% SUM ASSURED
RISK COVER
INVESTMENT
TAX BENEFITS
16% CONVINIENCE
SUM ASSURED & INVESTMENT
RISK COVER & TAX BENEFIT
CONVINIENCE & INVESTMENT
19%
9%

18%

This is the pie representation of 66 people who have the life insurance
policy .This representation shows the factors governing consumer choice
regarding choice of life insurance policy.

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Q8. How you pay your instalments &
what is the mode?
3% 5%

14%

MONTHLY
QUARTERLY
14% H.YEARLY
YEARLY
ONE TIME

65%

Monthly with which mode?

25%

CASH
OTHERS

75%

Quarterly with which mode?

16%

5%

CASH
CHEQUE
E-BANKING

78%

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H.yearly with which mode?
11%

CASH
CHEQUE
33% 56% OTHERS

Yearly with which mode?

5%
9%

CASH
CHEQUE
E-BANKIING
28% OTHERS
58%

One time with which mode?

50% 50% cash

others

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Q9 Do your insurance policy have any
Add on services?

23%

YES
NO

77%

Out of 66 people 15 have the extra or ADD on services with their life
insurance policy while 51 people do not have.

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Q10 Do you know about traditional &
modern plans in life insurance?

44%

YES
NO
56%

Out of 66 people 29 people know about traditional & modern plans while
37 do not know.

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Q11 According to you which are better
(Traditional or modern plans) & why?

48%
TRADITIONAL
52%
MORDERN

Out of 29 people 15 think that traditional plans are better & 14 think that
modern plans are better.

Why?
MORDERN

14%

MORE BENEFITS & SERVICES

14%
HIGH RISK HIGH RETURN
FLEXIBLE

71%

TRADITIONAL

20%

LESS RISK
GAURANTEED INVESTMENT
TRUSTED
53%

27%

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Q12 Are you satisfied with your current
policy?
3%

YES
NO

97%

Out of 66 people surveyed 2 are not satisfied & 64 are satisfied from their
current policy.

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Q13 Would you like to take any other
policy in future?

21%

YES
NO

79%

Out of 80 people surveyed 63 people want to take policy while 17 people denied
to take any policy in future.

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Q14 If yes then of which company you
would like to prefer in future?
2%
10%

14%
43% LIC
ICICI
SBI LIFE INSURANCE
RELIANCE LIFE
BAJAJ ALLIANZ
11% OTHERS

21%

Why?
LIC
7%

TRUSTED
SECURED

93%

ICICI PRUDENTIAL

MORE BENEFITS
46% BETTER SERVICES
54%

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 SBI LIFE

43% MORE SERVICES

SECURED

57%

RELIANCE LIFE

44% MORE BENEFITS & SERVICES

TRUSTED

56%

BAJAJ ALLIANZ

33%

MORE BENEFITS & SERVICES

GOOD PETTENTIAL

67%

OTHERS

EMERGING

100%

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 COMBINED ANALYSIS OF
OCCUPATION & COMPANY

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%
STUDENT BUSINESS PROFESSIONAL OTHERS

This shows the market share of companies with respect to

occupation of 80 people(sample size).

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 OTHERS

100%
80%
60%
40%
20%
0%

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 FINDINGS

After doing the research on the study of criteria adopted by

people for buying an insurance policy the major findings are
here.

1) The major factors governing consumer choice regarding

purchase of life insurance policy are Sum assured,risk
cover & investment.
2) Majority of people like to pay their instalments yearly.

3) According to the study done very small number of people

are attracted towards ADD on or extra services.

4) After doing the combined analysis of occupation with

respect to company major share was found of L.I.C(79%)
under all the four occupation heads.

5) The public sector or government employees prefer L.I.C

because of trust & security(90%) while private sector
employees prefer other companies than L.I.C because of
more benefits & services.

6) About 48% of the people think that modern plans are

better because of more benefits & services,high return &
flexibility while 52% of the people think that traditional
plans are better because of less risk, guaranteed return &
trust.

7) Among the top 5 companies L.I.C is the market leader

but people also prefer to invest in other companies(ICICI
PRUDENTIAL,SBI LIFE,BAJAJ ALLIANZ,RELIANCE &
OTHERS) in future for more return.

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 LIMITATIONS

Although every study is made to make the results accurate but

almost all reports suffers from some limitations. Some of the
limitations of this study are:-

1) The area specified for the carryout of the study was MEERUT
region which made the study area restricted.

2) There was not ample time to conduct an exhaustive study

and that too with no holidays.

3) Respondents were not willing to give their time and giving

answers to the questions.

4) Many of the respondents did not showed any interest while

giving answers to the question and were least interest in giving
their views.

5) Since, the research is conducted by a student and not by

any expert so it is likely to produce unsatisfactory and
expensive results.

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 CONCLUSION

IN THE END I WOULD LIKE TO CONCLUDE THAT AFTER DOING

THIS RESEARCH I FOUND THE FACTORS GOVERNING
CONSUMER CHOICE REGARDING PURCHASE OF LIFE
INSURANCE POLICY & MOREOVER THE FEATURES THAT
CONSUMERS LIKE IN LIFE INSURANCE POLICY.AFTER DOING
DATA ANALYSIS & INTERPRETETION I FIND OUT SEVERAL
INTERESTING FACTS MENTIONED IN THE FINDINGS,WHAT IS
THE PERCEPTION OF THE PEOPLE ABOUT TRADITIONAL &
MODERN PLANS IN LIFE INSURANCE,WHAT IS THE MARKET
SHARE OF DIFFERENT LIFE INSURANCE COMPANIES IN THE
REGION, THE REASONS BEHINED THE CONSUMER CHOICE &
LASTLY THE COMPARISON AMONG TOP 5 COMPANIES IN LIFE
INSURANCE.

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 RECOMMENDATIONS

After doing this study following are the some

recommendations as per me which should be taken by the Life
insurance companies.

1) As the private sector employees are interested to invest

for more return on high risk. So it an opportunity for
private sector companies to target on private sector
employees.

2) As the L.I.C has the brand loyalty in the area surveyed .

So it is an opportunity for L.I.C to introduce high R.O.I
products for more revenue.

3) Private sector companies should have to work on making

their trust among the people in the region for getting
more market share.

4) Private sector companies should work on assuring the

people for high return with low investment.

5) All the companies should work more on after sale service

& convenience to its customers for its benefits.

6) Since 79% of the people want to take new policies in

future according to study so there is a scope for all the
companies.

38 INSTITUTE OF PRODUCTIVITY & MANAGEMENT

 BIBLIOGRAPHY

RESEARCH METHODOLOGY- C.R KOTHARI 2ND EDITION

MARKETING MANAGEMENT- PHILIP KOTLER

www.google.com
www.wikipedia.com
www.irda.gov.in
www.articlesnatch.com
www.articlealley.com
www.licindia.com
www.bestindiansites.com

39 INSTITUTE OF PRODUCTIVITY & MANAGEMENT