UNIVERSITY OF MUMBAI
(2021-2023)
A PROJECT REPORT ON
A STUDY ON CONSUMER AWEARNESS OF LIFE INSURANCE PRODUCT
WITH REFRENCE TO BANK OF BARODA PRE AND POST COVID
SUBMITTED BY:
NAME OF THE STUDENT: SUDIKSHA SANJAY UDGAONKAR
ROLL NO: AMS2123043
MASTER IN MANAGEMENT STUDY
SEMESTER II
(2021-2023)
PROJECT GUIDE
PROF PANKAJ KULKARNI
1|Page
2|Page
DECLARATION
I, Mr. Sudiksha.S. Udgaonkar , hereby declare that this project report is the recoed of authentic work
carried out by me during the period from May 2022 to Jully 2022 and has not been submitted to any
other University or Institute for the award of any degree/diploma.
DATE:
PLACE:MUMBAI
Signature
NAME: SUDIKSHA UDGAONKAR
3|Page
CERTIFICATE
This is to certify that Ms. Sudiksha.S. Udgaonkar of Aruna Manharlal Shah
Institute of Management & Research has successfully completed the project work
title “A STUDY ON CONSUMER AWEARNESS OF LIFE INSURANCE
PRODUCT WITH REFRENCE TO BANK OF BARODA PRE AND POST
COVID INSPLORE (New DEHLI Branch)” in partial fulfilment of requirement for
the completion of MMS as prescribed by the University of Mumbai.
The project is the record of authentic work carried out by her during the project from May
2022 to July 2022.
He has worked under my guidance.
Date:
Project Guide
Prof. Pankaj Kulkarni
4|Page
ACKNOWLEDGMENTS
I express my sincere thanks to Prof.Pankaj kulkarni, faculty of Aruna Manharlal Shah Institute
of Management & Research for his valuable, timely and inspiring guidance to complete this
report work. He has guided me throughout my work in designing, implementation and making of
report and giving feedback during this project.
I also extend my hearty thanks to all other faculty members Aruna Manharlal Shah Institute of
Management & Research for their external support& guidance.
I am highly indebted to my Company Guide Mr. Harsh yadav , Senior Business Mentor, Insplore
company for his guidance and constant supervision as well as for providing necessary information
regarding the project & also for his support in completing the project. Provided help, motivation and
learning’s that could work out for us in the professional and competitive environment.
Also it gives me immense pleasure to thank authors of various books who indirectly helped me in
gaining knowledge about survey of consumer awearness of life insurance pre covid and post
covid .
Finally I conclude this acknowledgement by thanking all those known and unknown persons,who
directly or indirectly helped me during this report.
With regards,
SUDIKSHA UDGAONKAR M.M.S Student
5|Page
INDEX
Chapters
Particulars
Page No.
Executive Summary
8
Introduction of Stock Market
8
1.1
Bull and Bear Market
9
1.2
Depository
10
1.3
SEBI
11
1.4
NSDL
12
1.5
CDSL
12
1.6
BSE
13
1.7
NSE
13
1.8
IPO
14
1.9
Objective of investment strategies
15
Company Profile
16
2.1
History of company
17
2.2
Values
17
2.3
Product and service
16
2.4
Management Team
16
2.5
Research Product Offering
17
2.6
Research team
17
3
Literature review
18
4
Investment
21
4.1
What is investment
22
4.2
Types of investors
22
4.3
Types of investment
24
4.4
The risk and return
25
4.5
Return on investment P.A
25
4.6
Investment strategies
26
4.7
Candlestick pattern
28
1
2
6|Page
5
Research stock
42
6
References
61
6.1
Dummy Portfolio
62
6.2
Findings
63
6.3
Conclusion
64
6.4
Reference
65
7|Page
Executive SummaryInsurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge
against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer,
an insurance company, an insurance carrier or an underwriter. Consumer Awareness is a demonstration of
ensuring the purchaser or buyer knows about the data and information about Insurance. Consumer awareness
is significant with the goal that purchasers can settle on the best choice and settle on the ideal decision.
Life insurance should be considered as a protective mechanism. But Indians mostly consider it as a saving
investment option and most take life insurance for enjoying the tax benefits. They do not understand the real
value of the security it will offer in case of any sudden death of the earning member. The Covid 19 pandemic
has changed the perception to a certain extent but overall the approach still has not changed. Insurance in India
has always been focused on traditional products from the beginning but it was due to the Covid-19 pandemic
that people understood the need for insurance to ‘future-proof’ their lives, rather than looking at it merely as
a savings tool or an investment product
The study named “Consumer awareness of life insurance product with reference to Bank of Baroda pre and
post covid” is about consumer awareness 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.
Insurance awareness plays a key role in ensuring policyholders’ protection and also in development of
insurance sector. Lack of insurance awareness has proved to be one of the hurdles in penetration of insurance
across the country. Insurance occupies an important place in the complex modern world since risk, which can
be insured, has increased enormously in every walk of life. Insurance being complex and a subject matter of
solicitation is relatively not easy for a common person to understand. The Consumer education is an important
prerequisite for promotion on insurance inclusion and enhancing public awareness on key local risks and
insurance policy available that suits their needs.
This study attempts to know the degree of awareness of the concept of insurance, the reasons for purchase or
selection of an insurance policy for times during Pre-covid and Post covid. The study is conducted by both
primary and secondary research, survey tool was adopted to know the views and the awareness level for Life
Insurance product present among the respondents. The respondents were working professionals who were
asked to respond to the questionnaire, the information thus gathered was analysed and found that Consumer
8|Page
education is an important prerequisite for promotion on insurance inclusion, enhancing public awareness on
key local risks and insurance policy available that suits their needs.
9|Page
INTRODUCTION
What is Insurance?
Insurance is a legal agreement between two parties i.e. the insurance company (insurer) and the individual
(insured). In this, the insurance company promises to make good the losses of the insured on happening of the
insured contingency. The contingency is the event which causes a loss. It can be the death of the policyholder
or damage/destruction of the property. It’s called a contingency because there’s an uncertainty regarding
happening of the event. The insured pays a premium in return for the promise made by the insurer.
How does Insurance work?
The insurer and the insured get a legal contract for the insurance, which is called the insurance policy. The
insurance policy has details about the conditions and circumstances under which the insurance company will
pay out the insurance amount to either the insured person or the nominees. Insurance is a way of protecting
yourself and your family from a financial loss. Generally, the premium for a big insurance cover is much
lesser in terms of money paid. The insurance company takes this risk of providing a high cover for a small
premium because very few insured people actually end up claiming the insurance. This is why you get
insurance for a big amount at a low price. Any individual or company can seek insurance from an insurance
company, but the decision to provide insurance is at the discretion of the insurance company. The insurance
company will evaluate the claim application to make a decision. Generally, insurance companies refuse to
provide insurance to high-risk applicants.
Act under which insurance is covered in India
It is insurance act 1938

Insurance regulatory development authority (IRDA), it is the top authority which gives guidelines,
rules which insurance companies have to follow.
10 | P a g e
IRDA (Insurance regulatory development authority)
The Insurance Regulatory and Development Authority of India (IRDAI) is a regulatory body under the
jurisdiction of Ministry of Finance, Government of India and is tasked with regulating and licensing the
insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and
Development Authority Act, 1999, an Act of Parliament passed by the Government of India. The agency's
headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001.
IRDA or Insurance Regulatory and Development Authority of India is the apex body that supervises and
regulates the insurance sector in India. The primary purpose of IRDA is to safeguard the interest of the
policyholders and ensure the growth of insurance in the country. When it comes to regulating the insurance
industry, IRDA not only looks over the life insurance, but also general insurance companies operating within
the country.
 Role and responsibilities of IRDA
India began to witness the concept of insurance through a formal channel back in the 1800s and has
seen a positive improvement ever since. This was further supported by the regulatory body that
streamlined various laws and brought about the necessary amendment in the interest of the
policyholders. Below mentioned are the important roles of IRDA –

First and foremost is safeguarding the policyholder’s interest.

Improve the rate at which the insurance industry is growing in an organised manner to benefit
the common man.

To ensure the dealing are carried on in a fair, integral manner along with financial soundness
keeping in mind the competence of the insurance company.

To ensure faster and a hassle-free settlement of genuine insurance claims.

To address the grievances of the policyholder through a proper channel.

To avoid malpractices and prevent fraud.

To promote fairness, transparency and oversee the conduct of insurance companies in the
financial markets.
11 | P a g e

To form a reliable management system with high standards of financial stability.
 Functions of IRDAThe primary objective of the Insurance Regulatory and Development Authority of India is to ensure
the implementation of provisions as mentioned in the Insurance Act. This can be further understood
by its mission statement which is as follows
To safeguard the policyholder’s interest while ensuring a fair and just treatment.

To have a fair regulation of the insurance industry while ensuring financial soundness of the
applicable laws and regulations.

To frame regulations periodically so that there is no ambiguity in the insurance industry.
12 | P a g e
What are the types of insurance available in India?
Insurance in India can be broadly divided into three categories:
Life insurance
As the name suggests, life insurance is insurance on your life. You buy life insurance to make sure your
dependents are financially secured in the event of your untimely demise. Life insurance is particularly
important if you are the sole breadwinner for your family or if your family is heavily reliant on your income.
Under life insurance, the policyholder’s family is financially compensated in case the policyholder expires
during the term of the policy.
Health insurance
Health insurance is bought to cover medical costs for expensive treatments. Different types of health insurance
policies cover an array of diseases and ailments. You can buy a generic health insurance policy as well as
policies for specific diseases. The premium paid towards a health insurance policy usually covers treatment,
hospitalization and medication costs.
Car insurance
In today’s world, a car insurance is an important policy for every car owner. This insurance protects you
against any untoward incident like accidents. Some policies also compensate for damages to your car during
natural calamities like floods or earthquakes. It also covers third-party liability where you have to pay damages
to other vehicle owners.
Education Insurance
The child education insurance is akin to a life insurance policy which has been specially designed as a saving
tool. An education insurance can be a great way to provide a lump sum amount of money when your child
13 | P a g e
reaches the age for higher education and gains entry into college (18 years and above). This fund can then be
used to pay for your child’s higher education expenses. Under this insurance, the child is the life assured or
the recipient of the funds, while the parent/legal guardian is the owner of the policy. You can estimate the
amount of money that will go into funding your children’s higher education using Education Planning
Calculator.
Home insurance
We all dreaming of owning our own homes. Home insurance can help with covering loss or damage caused
to your home due to accidents like fire and other natural calamities or perils. Home insurance covers other
instances like lightning, earthquakes etc.
Benefits on insurance Apart from the safety and security benefits of buying insurance, there are also the income tax benefits that you
can avail.

Life insurance premium of up to ₹1.5 lakh can be claimed as a tax-saving deduction under Section 80C

Medical insurance premium of up to ₹25,000 for yourself and your family and ₹25,000 for your parents
can be claimed as a tax-saving deduction under Section 80D
These claims have to be made at the time of e-filing income tax returns.
 Public sector Insurance Company Life Insurance Corporation of India (LIC)Life Insurance Corporation of India (LIC) is an Indian statutory insurance and investment
corporation headquartered in the city of Mumbai, India. It is under the ownership of Government
of India. The Life insurance Corporation of India was established on 1 September 1956, when the
Parliament of India passed the Life Insurance of India Act that nationalized the insurance industry
in India. Over 245 insurance companies and provident societies were merged to create the stateowned Life Insurance Corporation of India. LIC reported 290 million policy holders as of 2019, a
14 | P a g e
total life fund of ₹28.3 trillion and a total value of sold policies in the year 2018–19 of ₹21.4 million.
The company also reported to have settled 26 million claims in 2018–19.
 National Insurance CompanyNational Insurance Company Limited (NICL) is an Indian nationalised general insurance company.
It is under the ownership of Ministry of Finance, Government of India. The company
headquartered at Kolkata was established in 1906 by Gordhandas Dutia and Jeevan Das Dutia and
National Insurance company and Asian Insurance company was nationalised in 1972. Its portfolio
consists of a multitude of general insurance policies, offered to a wide arena of clients
encompassing different sectors of the economy. Apart from being a leading insurance provider in
India, NICL also serves Nepal.
 SBI Life InsuranceSBI Life is an Indian life insurance company which was started as a joint venture between State
Bank of India (SBI) and French financial institution BNP Paribas Cardif. SBI has a 55.50% stake
in the company and BNP Paribas Cardif owns a 0.22% stake. Other investors are Value Line Pte.
Ltd. and MacRitchie Investments Pte. Ltd., holding a 1.95% stake each while the remaining 12%
is free float stake with public investors. SBI Life has an authorized capital of ₹20 billion (US$250
million) and a paid up capital of ₹10 billion (US$130 million).
 Private Insurance Company HDFC Life InsuranceHDFC Life Insurance Company Ltd. (HDFC Life) is a long-term life insurance provider with its
headquarters in Mumbai, offering individual and group insurance services and incorporated on 14
August 2000.The company is a joint venture between Housing Development Finance Corporation
Ltd (HDFC), one of India's leading housing finance institutions and Abrdn, a global investment
company. As of 31 March 2020, the promoters; HDFC Ltd. and Standard Life (Mauritius Holdings)
2006 Ltd. hold a 51.69% and 34.75% stake in HDFC Life respectively. The remaining equity is
held by public shareholders.
 MAX Life InsuranceMax Life Insurance Company Limited (formerly known as Max New York Life Insurance
Company Limited) is a life insurance company in India with a joint venture (JV) between Max
India Ltd and Axis Bank The company is a subsidiary of the publicly listed Max Financial Services
and is the largest non-bank private-sector life insurer in India. It was founded in 2000 after the
15 | P a g e
liberalization of the insurance sector in India and its operations began in 2001. Analjit Singh,
founder of Max Healthcare, is the chairman of Max Life Insurance. Prashant Tripathy is Managing
Director and Chief Executive officer, the company is headquartered at New Delhi.
 Types of Life Insurance
16 | P a g e
Types
of
Life
Insurance Overview
Policies
Term Life Insurance
Provides full risk cover against any type of eventuality.
Whole Life Insurance
Offers life insurance coverage till 100 years of age.
Endowment
Life
Insurance Provides the combined benefit of life insurance cum saving.
Policy
Money Back Insurance Policy
Provides periodic return along with the benefit of life insurance
cover.
Savings
&
Investment Provides an opportunity to save and gain long-term investment
Insurance
returns.
Plans
Retirement Insurance Plans
Helps to create a retirement corpus, so that you can retire
gracefully.
ULIP Life Insurance Plans
Offers the benefit of investment cum life insurance.
Child Insurance Policy
Helps to secure the future of your child.
17 | P a g e
Brief Company profile -
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. They 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’.
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.
18 | P a g e
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
19 | P a g e
Service offered by INSPLORE Portfolio ManagementThe 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
 Internship programmeThey 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.
Their training specialists include technical training specialists, formed high school teachers,
university lectures and regulatory training specialists. They have developed training manuals,
conducted training needs analysis, provided in-house training and produced online and e-training
resources.
 RecruitmentCustomized 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. Their experts have the complete knowledge to provide valuable advisory in
the following matters:

Candidate Search

Profiling
20 | P a g e

Interview Coordination

Employment Contract

Immigration

Advisory Service
SWOT Analysis of INSPLORE :
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 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 a firm can provide a snapshot of current
conditions for business.
Strength –
-Strong compliance
-Have the existing loyal customer
-Working with companies’ products which have excellent reputation.
-Strong and motivated team
-Quality and effective performance
-Working with high standards and privacy.
Weakness -Slow process due to paper work
21 | P a g e
-Working with Limited product and services
-Available in limited location (Physical presence)
Opportunity -Expanding the presence in different location.
-Getting multiple projects from different companies
Threats -Changing laws and regulations
-Large Competitors products or services from government and other Private Insurance Company.
22 | P a g e
Indian First Life Insurance profile:
Life insurance product company info –
Headquartered in Mumbai, India First Life Insurance Company Limited (India First Life), with a paid-up share
capital of INR 663 crore, is one of the country's youngest life insurance companies. Our key differentiators
are our simple, easy to-understand products that are fairly-priced and efficiently serviced.
It started as a joint venture of between two of India’s – Bank of Baroda (44%) and Andhra Bank (30%), and
UK’s financial and investment company Legal & General (26%).‘Traditional Money Savings Plan: For the
modern you who values tradition! India First MahaJeevan Plan and India First MahaJeevan Plus Plan is a
participating, non-linked endowment plan that offers an assured maturity amount plus a revisionary bonus
declared by the company every financial year end and terminal bonus, if any.
23 | P a g e
 OBJECTIVES OF STUDY :

To understand awareness of insurance product among the consumer.

Consumer preference for other investment rather than Insurance.

Identify the factors consumer consider before the Investment in Mahajeevan Bank of Baroda Insurance
policy

To understand the buying behaviour of the consumer pre and post covid-19.
24 | P a g e
LITERATURE REVIEW :
1) Title - A STUDY ON CONSUMERS’ AWARENESS ON
INSURANCE SERVICES WITH REFERENCE TO VAPI CITY
Author – Jyoti D. Gulwani, Vira P. Vora
(International Journal of Creative Research Thoughts (IJCRT) Volume 6, Issue 1 March 2018)
The insurance sector is mounting rapidly all over the world. The insurance industry is gaining vital position
in the Indian economy and playing a significant role to cover the life & business risk of millions. The industry
is even expected to grow even faster than country’s overall economic growth. Indian insurance sector is one
of the largest in the world with 360 million policies expected to increase at 12-15% CAGR over the next 5
year.
2) Title - IMPACT OF COVID-19 PANDEMIC ON THE INDIAN INSURANCE SECTOR
Author - Dr. V. PARVATHI, DR. C. LALITHA
(Perspectives on Business Management & Economics
Volume IV April 2021)
The authors have focused here on the challenges and opportunities for the Indian Insurance sector during the
covid pandemic, India was one of the countries which got severely affected by the deadly novel coronavirus
and which led to the worst financial crisis for many families, thus impacting the Insurance sector as well.
However this also gave an opportunity for the Insurance to grow much more ahead and thus the article finds
the way to enable the industry growth through innovative products & new -service based models.
25 | P a g e
3) Title - Consumer Awareness and Insurance Services
An Empirical Study of Punjab
Author - Dr. Samiya Chattha
(3rd International Award Conference on Research, Analyze, Communicate and Evaluate 15th March 2020)
The Indian insurance industry is constantly undergoing changes in line with the changing perceptions and
demands of the customers in particular and the market in general. Hence, to survive in pierce milieu,
strengthening of distribution network and implementation of distribution strategies are considered critical
factors. Therefore, the study endeavours to analyse the level of awareness among life insurance policyholders
toward services of distribution channels of Indian Life Insurance industry. For this, sample of 617
policyholders has been taken from three cities of Punjab (India) and data have been analysed using Chi Square.
The results examine that among various channels, individual agent has been considered the most preferred
channel of customers for buying life insurance policies. The research findings revealed some significant
differences of customers awareness towards each distribution channel with respect to sources of information
and demographic variables. The authorities at various levels need to encourage and exaggerate campaigns to
help in creating awareness about potential benefits of intermediate network to both policyholders and insurers.
Consequently, insurance sector needs to improve the awareness by looking into factors, which are failing to
spread complete awareness regarding distribution channels among policyholders. The distribution, being an
important element of business in the Indian insurance domain, has several mandates in place and calls for
absolute fulfilment of the regulations in their true spirit need to take up the challenges associated with the
hugely important area of distribution in insurance.
4) Title - A Study on Consumer Preference for Life Insurance Companies in Pune City
Author - Veerdhaval S. Ghorpade, Umesh M. Deshmukh
(ETHOS Volume 5 Number 2 July - December 2012)
The insurance industry in India has seen an array of changes in the past one decade. The year saw an appraise
in the Indian insurance sector as major structural changes took place with the ending of the government
monopoly and the route of the Insurance Regulatory and Development Authority (IRDA) Bill lifting all entry
restrictions for private players and allowing foreign players with some entry restriction and limits on direct
investment ownership. With the fast changing liberalization, globalization and privatization policies, the
changing and growing needs and demands of people have made the insurance industry more competitive.
26 | P a g e
Both public and private players now offer greater choice in terms of products and services. They also make
valuable efforts to create awareness about the benefits and significance of insurance although there is still a
blocking point among the people.
5) Title - A Study on Life Insurance Buyers Awareness, Initial Contacting and Channel
Preference
Author - MP Shiva Kumar
(Journal of Marketing Vistas, 7 Volume 11, No 1, January-June 2021)
The highly competitive Indian insurance industry, which has a large number of players on one hand and more
importantly, unpredictable, sophisticated, and ever-changing consumer preferences for products and channels
on the other, has resulted in fierce competition and significantly impacting sales. As a result, insurance
companies in India have turned their focus to gain a better understanding of their customers preferences and
their choices for channels to meet with their expectations and build relationships.
The study highlights that majority of the consumers who are purchasing life insurance products are males and
their initial contacting preference is to ‘call the sales agent’ they know followed by online self-service. Buyers
also opine that personal relationships are important when conducting insurance business with them.
6) Title- Optimal life insurance purchase and consumption/investment under uncertain lifetime
Author - Stanley R.Pliska, JinchunYe
(Journal of Banking & Finance, Volume 31, Issue 5, May 2007)
In this Author, They consider optimal insurance and consumption rules for a wage earner whose lifetime is
random. The wage earner is endowed with an initial wealth, and he also receives an income continuously, but
this may be terminated by the wage earner’s premature death. We use dynamic programming to analyze this
problem and derive the optimal insurance and consumption rules. Explicit solutions are found for the family
27 | P a g e
of CRRA utilities, and the demand for life insurance is studied by examining our solutions and doing numerical
experiments.
7) Title - An Analysis of Post Covid Awareness on Health Insurance
Author - Dr. Jayasree Nambiar
(Journal of Management & Entrepreneurship, Special Issue (ISSN: 2229-5348), April 2022)
The authors have focused here on the challenges and opportunities for the Indian Insurance sector during
the covid pandemic, India was one of the countries which got severely affected by the deadly novel
coronavirus and which led to the worst financial crisis for many families, thus impacting the Insurance sector
as well. However this also gave an opportunity for the Insurance to grow much more ahead and thus the
article finds the way to enable the industry growth through innovative products & new -service based model.
8) Title - Customer’s perceptions about life insurance service provider companies: An empirical evidence
Author - Dr. Manjit Singh
(Journal of critical reviews, vol 07, issue 01, 2020)
Insurance is the service industry; the main focus is on the efficient and effective delivery of services to the
policyholders. The most important factors in the insurance industry are security of the amount insured and
customer satisfaction. The best way of surviving and prospering in the competitive environment is through
providing prompt, relevant and efficient customer services at measurable level. Hence, putting the importance
of service quality of insurance sector in mind, in the present chapter an attempt has been made to compare the
service quality of public and private life insurance companies.
28 | P a g e
Research Methodology
Research Type –
It is a descriptive research.
Sample size –
In this particular study a sample is collected from 60 respondents and 60 responses are used apply the various
statistical tools. Sample taken of 60 respondents are from Thane, Maharashtra and they all are working
professional. The secondary data is collected from internet and companies’ documents.
Sampling Method –
Convenience sampling is used while selecting the sample for the study. As the name suggests itself when
population elements are selected for inclusion in the sample based on the ease of access, it can be called
convenience sampling.
Nature of data –
Primary data is used to find the answers to the objectives and Secondary data was collected from Internet and
company’s documents for all information.
Data Collection Method –
A structured questionnaire was framed and distributed to the respondents through direct interview method and
it contains two parts. Primary data was collected through filling up the Google form and Questionnaire by
direct personal & Telephonic interview. The Secondary data was collected from Internet & companies
documents.
29 | P a g e
Data Analysis-
Q1. Do you save money regularly?
8%
13%
14%
65%
Yes





No
Want to save but don't know how
Other
From above pie diagram, it is inferred that majority of respondents i.e., 65% they save
money on regular basis
The majority of respondents are from Thane, Maharashtra
14% of respondent don’t save money on regular basis while 13% of respondent they
want to save some money but they don’t know where to invest
Remaining 8% some time they save and some time they don’t because of low income
and other reasons
These data shows that most of the people in Thane believe in saving their money
30 | P a g e
Q2. Which way do you save the money?
18%
13%
30%
39%

Household saving
Bank account deposit
Life insurance products and saving plans
Investment in Mutual Debt Fund
From the above pie diagram, it is inferred the i.e., 39% of respondents believe in Life insurance
products and saving plans

30% of respondent believe in Bank account deposit saving

Whereas, 18% of respondent save money or invest through investment in Mutual Debt Funds

While, 13% save money as household saving
31 | P a g e
Q3. To what extent are you aware of the concept
of an Insurance product?
18%
8%
39%
35%
Not at all
Somewhat aware
Significantly aware Completrely aware

From the above pie diagram, it is inferred i.e., 39% of the respondents are somewhat aware of insurance
products

35% of respondent are significantly aware of the insurance products

Whereas, 18% of respondents are completely aware of insurance policy

While, 8% of respondents are not at all aware of insurance products
32 | P a g e
Q3A. Are you interested to known about
insurance and the different insurance
products?
38%
62%
Yes

No
From the above pie diagram, it is inferred i.e., 62% of respondents are interested to know about
insurance and different insurance products, also they like to make investment in the same as well

Whereas, 38% of respondents are not in insurance product and in investment too
33 | P a g e
Q4. Which type of insurance products are you aware
of ?
13%
40%
30%
17%
Life Insurance
General Insurance
Medical Insurance
Other Insurance

From the above pie diagram, it is inferred i.e., 40% of respondents are aware od Life insurance policy

30% of respondents are aware of Medical Insurance policy

Whereas, 17% of respondents are aware of General Insurance policy

While, 13% of respondents are aware of Other Insurance policy

These data shows that majority of respondents are aware of life insurance policy compare to other
insurance policy
34 | P a g e
Q5. Which type of Life Insurance products are
you aware of ?
10%
25%
29%
22%
14%

Term Insurance plans
ULIP
Whole life Insurance plans
Retirement insurance plans
Endowment plans
From the above pie diagram, it is inferred i.e., 29% of respondents are aware of whole life
insurance plans

25% of respondents are aware of Terms Insurance plans

Whereas, 22% of respondents are aware of ULIP plans

14% of respondents are aware of Endowment plans

While, 10% of respondents are aware of Retirement Insurance plans

In these data majority of respondents are aware of whole life insurance plans
35 | P a g e
Q6. What is the source of the information
for awareness of life insurance products
7%
8%
22%
22%
41%
Internet

Relatives
Friends
Tv advertisements
Other
From the above pie diagram, it inferred i.e., 42% of respondents are aware of life insurance
products through friends

22% of respondents are aware of life insurance products through Relatives

22% of respondents are aware of life insurance products through Internet

Whereas, 8% of respondents are aware of life insurance products through Tv advertisements

While, 7% of respondents are aware of life insurance products through other sources
36 | P a g e
Q7. Have you purchased any life insurance
policy for you or your family?
43%
57%
Yes

No
From the above pie diagram, it is inferred i.e., 57% of respondents are have purchased the life
insurance policy for themselves and for there family

Whereas, 43% of respondents are not purchased the life insurance policy for themselves as
well as family

These data shows that majority of people had purchased and aware of life insurance policy but
there are also people who had not purchased the life insurance policy and they are not aware
of life insurance policy
37 | P a g e
Q8. Did you purchase the policy before Covid
Pandemic ?
45%
55%
Yes

No
From above pie diagram, it is inferred i.e.,55% of respondents have not purchased life
insurance policy before covid pandemic

Whereas, 45% respondents have purchased the life insurance policy before covid pandemic
38 | P a g e
Q8A. Are you now post covid interested in
knowing about the vatious products of life
insurance
39%
61%
Yes

No
From the above pie diagram, it inferred i.e., 61% of respondents are interested in investing in
life insurance products after covid pandemic

Whereas, 39% respondents are not interested in investing in life insurance products after covid
pandemic
39 | P a g e
Q9. Why did you purchase the life insurance
policy?
5% 7%
17%
71%
To avail Tax benefits

As an avenue of Investment
To secure family's future
Others
From the above pie diagram, it inferred i.e., 71% respondents purchase life insurance policy
to secure their family’s future

17% of respondents purchase life insurance policy as an avenue for investment

Whereas, 7% of respondents purchase life insurance policy to avail Tax benefits

While, 5% of respondents purchase life insurance policy for other reasons

In these data majority of respondents purchase life insurance policy for their family’s security
40 | P a g e
Q10. Which company's policy/ policies have
you purchased?
7%
19%
52%
22%
LIC of India
Private Insurance Company
Policies offered by Nationalised Bank
Other

From the above pie diagram, it inferred i.e., 52% of respondents have purchased LIC of India

22% of respondents have purchase private Insurance Company policies

Whereas, 19% of respondents purchase policies offered by Nationalised bank

While, 7% of respondents purchased policies offered by others company

In these data majority of respondents like to purchased LIC India
41 | P a g e
Q11, Are you aware of the various Life
Insurance policies offered by Bank of Baroda
45%
55%
Yes

No
Frome above pie diagram, it inferred i.e., 55% of respondents are aware of various life
insurances policies offered by Bank of Baroda

Whereas, 45% of respondents are not aware of life insurance policies offered by Bank of
Baroda
42 | P a g e
Q12. If yes what is the source of
information for the awareness
9%
13%
18%
13%
47%
Internet/ Bank website

Relatives
Friends
TV advertisements
Bank employees
From the above pie diagram, it inferred i.e., 47% of respondents are aware of Bank of Baroda
life insurance policy through friends

18% of respondents are aware of Bank of Baroda life insurance policy through relatives

13% of respondents are aware of Bank of Baroda life insurance policy through Internet/ Bank
website

13% of respondents are aware of Bank of Baroda life insurance policy through TV
advertisements

9% of respondents are aware of Bank of Baroda life insurance policy through Bank employees

In these data majority of respondents are aware of Bank of Baroda life insurance policy
through friends
43 | P a g e
Q13. Choose the correct options which
represents your choice for below
15%
48%
25%
12%
To provide financial safety for the family members
To provide as an Investment option
To empower poor people at low cost permium
To provide funds after retirements

From the above pie diagram, it inferred i.e., 48% of respondents invest in life insurance policy
to provide financial safety for the family members

25% of respondents invest in life insurance policy to empower poor people at low cost
premium

15% of respondents invest in life insurance policy to provide funds after retirements

12% of respondents invest in life insurance policy to provide as an investment option

In these data majority of respondents invest in life insurance policy to provide financial safety
for the family members
44 | P a g e
ConclusionsAwareness in the working professional is relatively higher, with 95% of the working professionals knowing
the concept of life insurance while 80% knew of term plans. Awareness is driven by family, relatives, close
friends and social media channels.
Perception in working professionals concerning term life insurance mainly encompasses family security, death
benefit, protection from risk and life cover till a particular age. Working professionals value associated with
term plans is relatively low because of a lack of accurate financial knowledge. Around 20% have absolutely
no idea of a term plan, while out of the remaining 80%, roughly only 40% have a sound idea of term plans.
The attitude of working professionals towards term plans is more pragmatic and rational rather than emotional,
as their decision to buy a term plan is associated with a variety of benefits like family protection, large sum
assured for reasonable premium and tax savings. There is little sentimental value attached to buying insurance
for working professionals.
Lack of awareness, lack of personal or salary savings, unprofitable returns and poor after-sales service are the
main factors that deter working professionals from buying term plans.
Brand image and company reputation, a good claim settlement ratio, tangible benefits with a good profit
component, a good product range with customizable benefits, a sound complaint/redressal system, and good
after sales service are the main factors that encourage working professionals to buy term plans.
45 | P a g e
FindingsAwareness towards the Life Insurance: Table1 shows the awareness towards the life insurance investment of
respondents Thane city.
Table 1: Awareness towards the Life Insurance
Sr.no
Factor
Number of respondents Percentage (%)
1
Yes
40
66.67
2
No
20
33.33
Total
60
100
Source: Primary Data

The Result indicates that 60 respondents are having awareness on investment in life insurance and
remaining 20 respondents are not having the awareness towards the life insurance investment. Sources
of Awareness: Table 2 shows the various sources for awareness towards investment in life insurance
with special reference to Thane city.
Table 2: Sources of Awareness
Sr.no
Sources of awareness
Number of respondents Percentage (%)
1
Media
5
8.3%
2
Agent
15
25%
3
Friends
30
50%
4
Newspaper
10
!6.67%
Total
60
100
Source: Primary Data

The result indicates that 25 percent of respondents are getting their awareness through the sources of
agent, 50 percent of respondents are getting their awareness through the sources of friends, 8.3 percent
of respondents are getting their awareness through the sources of media and 16.67 percent of
respondents are getting their awareness through the sources of newspaper.

Factors that Influencing the Respondents while Investing in Life Insurance: Table 3 shows the Factors
that Influencing the Respondents while Investing in Life Insurance with special reference to
Coimbatore city.
Table 3: Influence Factors
Sr.no
Factors
No. of respondents
Percentage (%)
1
Security
20
33.33%
2
High returns
15
25%
46 | P a g e
3
Risk coverage
16
26.67%
4
Service
4
6.66%
5
Others
5
8.33%
Total
60
100
Source: Primary Data

From the above table 3, 33.33 percent of the respondents are look for security while investing in life
Insurance, 15 percent of the respondents look for high returns, 26.67 percent of the respondents look
for risk coverage, 6.66 percent of the respondents look for service and 8.33 of the respondents look for
others. So that most of the respondents look for security while investing in Life Insurance.
47 | P a g e
Recommendation
The company can focus more focus 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.
48 | P a g e
Bibliography1) J. Gnanadevan & B. H. Singu: “CUSTOMER AWARENESS TOWARDS LIFE INSURANCE
INVESTMENT WITH SPECIAL REFERENCE TO COIMBATORE CITY”, International Journal of
Applied and Advanced Scientific Research (IJAASR), Volume 2, Issue 2, 2017
2) Tausif Mistry & Rhiddhi Khartadkar: “A Study on Consumer Behavior, Awareness and Perception in
Working Professionals Towards Term Life Insurance”, BHU Management Review, Vol. 9, Issue-1,
Jan – June 2021
3) Jyoti D. Gulwani & Viral P. Vora: “A STUDY ON CONSUMERS’ AWARENESS ON INSURANCE
SERVICES WITH REFERENCE TO VAPI CITY”, International Journal of Creative Research
Thoughts (IJCRT), Volume 6, Issue 1 March 2018
4) Namiya C V: “Customer Awareness and Preference of Life Insurance”, International Journal of
Science and Research (IJSR), Volume 8 Issue 5, May 2019
5) https://www.investopedia.com/terms/i/insurance.asp
6) https://www.policybazaar.com/
7) https://www.ibef.org/
8) https://www.insploreconsultants.com/
9) https://www.indiafirstlife.com/
49 | P a g e
Appendix & Annexures –
(Questionaries)
Name :
Age :
Gender :
Martial Status :
Income p.a – Upto 200000 , 20000-400000,
400000-600000, 600000-800000, Above 800000
Q1. Do you Save money regularly ?
A) Yes
B) No
C) Want to save but don’t know how
D) Other
Specify other ___________________________
Q2. You save money by which way ?
A) Household Saving
B) Bank Account
C) Investment plan
D) Life Insurance and saving plans
E) Stock market commodity (Gold, Silver etc)
F) other
Specify Other _____________________________
Q3. To what extent are you aware of the concept
of Insurance
A)Not at all
B)Somewhat aware
C)Significantly aware
D)Complete aware
Q3 A) Are you interested to known about
insurance and the different insurance products
Q4) Which type of insurance products are you
50 | P a g e
aware of
A)Life Insurance
B)General Insurance
C)Medical Insurance
D)other Insurance
Q5) Which type of Life Insurance products you
aware of
A)Term Insurance plans
B)ULIP
C)Endowment plans
D)Whole life insurance plans
E) Retirement Insurance plans
Q6. What is the source of the information for awareness of life insurance
A)Internet
B)Relatives
C)Friends
D)TV advertisement
E)Other
Specify Other ___________________________
Q7. Have you purchased any Life insurance policy for you or your family members
Yes / No
Q8. Did you purchase the policy before Covid Pandemic
Yes /No
If answer to above is No go to Q8A) else go to Q9
51 | P a g e
Q8A) Are you now interested after post covid aware & interested in Life insurance and it’s
products .
Yes / No
Q9. Which company policy /policies have your purchased.
A) LIC of India
B) Private Insurance company
C) Policies offered by Nationalised Bank.
Q10. Are you aware of the Life Insurance Policies offered by Bank of Baroda
Yes /No
Q11. If yes what is the source of information for the awareness
A) Internet
B) Relatives
C) Friends
D) TV advertisements
E) Bank employees
52 | P a g e
Q11. If yes what is the source of information for the awareness
A )Internet
B) Relatives
C) Friends
D) TV advertisements
E) Bank employees
Q12 Choose the correct option which represents
your choice for below
( here strongly agree / somewhat agree/neutral
etc… )
Life Insurance product is important for
A) To provide financial safety for the family
members
B) To provide as an investment option
C) To empower poor people at low cost
premium
D) To provide for Retirement..
Q13. Any other information would you like to get
about Life insurance
_________________________________________
___
53 | P a g e