CHAPETER NO 3
RESEARCH METHODOLOGY
3.1 RESEARCH METHODOLOGY
Research methodology refers to those methods which are followed by a researcher in the
research or the study. Research is an active, diligent, and systematic process of inquiry aimed at
discovering, interpreting, and revising facts. This intellectual investigation produces a greater
knowledge of events, behaviors, theories, and laws and makes practical applications possible.
The term research is also used to describe an entire collection of information about a particular
subject, and is usually associated with the output of science and the scientific method.
3.2 NEED OF THE STUDY
The need of the study is to find out the factors which are affecting customer satisfaction of the
company .Because customer satisfaction is essential requirement for the success of any business.
Just as circulation of blood is essential in the human body for maintaining life, customer
satisfaction is very essential in to maintain the smooth running of business. If customers are not
satisfied, no business can run successfully.
3.3 OBJECTIVE OF THE STUDY
To analyzed the satisfaction level of Customer Service provided by LIC
To give various suggestions to improve the policies.
3.4 RESEARCH DESIGN
A research design is the arrangement of conditions for collections and analysis of data in the
manner that aims to combine relevance to the research purpose with economy in procedure. In
fact, the research design is the conceptual structure within which research is conducted. It
constitutes the blueprint for the collection, measurement and analysis of data.
Descriptive research design has been used in this study.
In this study three decisions regarding research design process which includes
(a) Sample design
(b) Data collection
(c) Methods of analysis
(a) SAMPLE DESIGN
A sample design is a definite plan for obtaining a sample from a given population. It refers to the
technique or the procedure the researcher would adopt in selecting items for the sample. For my
present study purpose, three decision regarding sample design which includes:

Sample unit

Sample size

Sampling technique
SAMPLE UNIT
The target population must be defining that was to be sampled. It is necessary so as to develop a
sample frame so that everyone in the target population gets an equal chance of being sampled.
SAMPLE SIZE
Sample size refers to the number of items to be selected from the universe to constitute a sample.
An optimum sample is one which fulfills the requirements of efficiency, representativeness,
reliability and flexibility.
In my research the sample size that I took, 1OO units.
3.5 SAMPLING TECHNIQUE
It refers to the technique which is used in selecting the items for the sample. To achieve the
objective of my topic study, I used Random sampling technique.
3.6 DATA COLLECTION
Data collected in this project were both collected from primary and secondary sources of data
collection which are as follows-
SECONDARY DATA –It is defined as any data, which have been collected earlier for some
purpose. Indirect collection of data from sources containing past and recent information like
company’s brochures, annual publication, books etc. For my present study purpose, the
secondary data was collected from already published sources such as :
1. Journal, newspaper & magazine.
2. Articles
3. Internet
3. Government Publication
PRIMARY DATA – It is the information collected directly without any references. In the
study it was mainly interviews with concerned officers and staffs either individual or
collectively. Some of the information had verified or supplemented with personal observation,
the data collected through conducting the personal interview with the employees. This is through
a well designed questionnaire. In this study I used questionnaire method.
3.7 QUESTIONNAIRE - The questionnaire is the most common instrument to collect
primary data. It consists of a set of questions. In my study questionnaire was divided into one
section.
Section-A contains the details of person who were willing to fill my questionnaire. Contains
my study topic questions.
3.8 ANALYSIS INSTRUMENT
In this study I used percentage method for the analysis and interpretation of findings.
Percentage method: No. of Respondent to be Measured* 100
Total No. of Respondent
i.e. P= Q/R*100
P= Reading in percentage
Q= No. of respondents falling in this category to be measured.
R= Total No. of respondents.
Here I conclude this chapter the objective of study, scope of the study,
sampling technique, and sampling unit of this research.
CHAPTER 4
DATA ANALYSIS
AND INTERPRETATION
Table 4.1
Classification for investing in insurance plans of life insurance
CRITERIA
PERCENTAGE
RETURNS
34%
SCHEMES ARE GOODS
24%
REC. BY FAMILY
26%
NEED OF SAVE TAX
15%
OFFER MULTIPLE BENEFIT
11%
TOTAL
100
11
34
15
Returns
schemes are goods
26
recommended by family
24
need of save tax
offer multiple benefit
Figure 4.1 investing in insurance plans
Interpretation
From the above figure and table 4.1 show the after investing respondantent of returns 34%,
schemes are goods 24%, recommended by family are 26%, need of save tax are 15%, offer
multiple benefit are 11%.
Table 4.2
Feeling after investing insurance plan
CRITERIA
PERCENTAGE
HIGHLY SATISFIED
30%
SATISFIED
40%
AVERAGE SATISFIED
12%
NOT SATISFIED
16%
CHEATED
2%
TOTAL
100
2
16
30
highly satisfied
12
satisfied
avg. satisfied
Not satisfied
40
cheated
Figure 4.2 Feeling after investing
Interpretation
From the above figure and table 4.2 the custmore feeling after investing insurance plan highly
satisfied 30%, satisfied 40%, average satisfied 12%,not satisfied 16%,cheated 2%
Table 4.3
Marketing executive/agent recommended life insurance
CRITERIA
PERCENTAGE
YES
80%
NO
20%
TOTAL
100
20
yes
no
80
Figures 4.3 Marketing executive/agent recommended
Interpretation
From the above figure and table 4.3 the Marketing executive/agent recommended the customer
to take liofe insurance policies yes 80%,no 20%
Table 4.4
Correct information provided by agent/ marketing executive
CRITERIA
PERCENTAGE
YES
60%
NO
40%
TOTAL
100
40
60
yes
no
Figure 4.4 information provided by agent/ marketing executive
Interpretation
From the above figure and table 4.3 the correct information provided by agent & marketing
executive are yes 60%, no 40%
Table 4.5
Feel about the charges in insurance policies of life insurance
CRITERIA
PERCENTAGE
HIGH
35%
AVERAGE
40%
LOW
25%
TOTAL
100
25
35
high
average
low
40
Figures 4.5 Feel about the charges in insurance policies
Interpretation
From the above figure and table 4.5 the customer feel about charges in life insurance high
35%,average 40%,low 25%,
Table 4.6
Rate the premium amount to be paid in insurance plans of life insurance
CRITERIA
PERCENTAGE
H. SATISFIED
20%
SATISFIED
25%
AVERAGE SATISFIED
30%
DISSATISFY
10%
H. DISSATISFY
15%
TOTAL
100
15
20
10
H. satisified
satisfied
25
avg. satisfied
dissatisify
30
H. disatisify
Figures 4.6 Rate the premium amount to be paid
Interpretation
From the above figure and table 4.6 the premium amount to be paid are highly satisfied 20%,
satisfied 25%, average satisfied 30%,dissatisify 10%,highly dissatisify 15%.
Table 4.7
Rate of insurance policy that you bought
CRITERIA
PERCENTAGE
H. SATISFIED
30%
SATISFIED
25%
AVERAGE SATISFIED
30%
DISSATISFY
10%
H. DISSATISFY
5%
TOTAL
100
10
5
30
H. satisify
satisify
30
avg. satisify
dissatisify
25
H. dissatisify
Figures 4.7 Rate of insurance policy that you bought
Interpretation
From the above figure and table 4.7 the Rate of insurance policy they bought are highly satisfied
30%, satisfied 25%, average satisfied 30%,dissatisify 10%,highly dissatisify 5%.
Table 4.8
Rate of return of life insurance
CRITERIA
PERCENTAGE
H. SATISFIED
20%
SATISFIED
25%
AVERAGE SATISFIED
30%
DISSATISFY
12%
H. DISSATISFY
13%
TOTAL
100
13%
20%
12%
h. satisfied
satisfied
25%
average
dissatisfy
30%
h. dissatisfied
Figures 4.8 Rate of returns
Interpretation
From the above figure and table 4.8 the rate of return of life insurance are highly satisfied 20%,
satisfied 25%, average satisfied 30%,dissatisify 12%,highly dissatisify 13%.
Table 4.9
Would they like more in life insurance
CRITERIA
PERCENTAGE
MORE BENEFIT
50%
MORE SECURITY
34%
OTHERS
16%
TOTAL
100
16
50
more benefit
more security
34
other
Figures 4.9 They like more in life insurance
Interpretation
From the above figure and table 4.9 they would like more in life insurance are more benefit
50%,more security 34%,other 16%.
Table 4.10
Over all satisfaction with life insurance
CRITERIA
PERCENTAGE
H. SATISFIED
30%
SATISFIED
40%
AVERAGE SATISFIED
12%
DISSATISFY
10%
H. DISSATISFY
8%
TOTAL
100
8
10
30
H. satisify
12
satisify
average
dissatisify
40
h.dissatisfied
Figures 4.10 Overall satisfaction
Interpretation
From the above figure and table 4.10 all over satisfaction of life insurance are highly satisfied
30%, satisfied 40%, average satisfied 12%,dissatisify 10%,highly dissatisify 8%.