Consumer Buying Begaviour

Only available on StudyMode
  • Download(s) : 77
  • Published : January 23, 2013
Open Document
Text Preview
Abstract

This project basically deals with Outlook of a consumer for major private Life Insurance Company. Perception of consumer before purchasing any plan is studied. This project helps us to know whether the consumer pay more attention to plan, brand and advisor / Seller before purchase of any plan, moreover reason to purchase the insurance by the consumer is also studied . Which Plan is preferred more by which age group of people is also studied in this project.

Besides this whether the promotion strategy like advertisement, public relation affects the purchase decision of consumer and the preference of consumer to pay the premium (Annually, Half-yearly, quarterly, and monthly) is studied.

This study requires the collection of Primary data and secondary data. The primary data is collected by the questionnaire filled by the respondent of various sector and various age group.

Secondary data is collected from the internet and various books of insurance and brochure provided by the company.

This work done by me helps me to know the preference of consumer before opting for any insurance plan and help me to focus my study towards the Reliance life insurance company. This helps me to design the strategies for Reliance and how it can build the brand loyalty among the consumer and further helps me to know the perception among the consumer for RLIC and how it can improve in its services to be number 1 private Life Insurance company

Table of Content

TopicPage No.

Introduction……………………………………………………………….. 5

Types of Life Insurance……………………………………………………………………...5

History of Life Insurance…………………………………………………………….9

Industry Profile………………………………………………………………………11

Market share of the private life insurance company……………………………………..14 Company profile……………………………………………………………………..14
Vision…………………………………………………………………………………………..15
Mission…………………………………………………………………………………………15 Goals…………………………………………………………………………………………...15 Reliance Life Insurance Plans……………………………………………………………….15

Consumer Behavior…………………………………………………………………..16
Factors affecting consumer behavior………………………………………………………...17 Objectives of Project…………………………………………………………………..23 Methodology……………………………………………………………………………24 Questionnaire…………………………………………………………………………..28 Analysis of Questionnaire……………………………………………………………..29 Analysis for RLIC only…………………………………………………………………45 Appendix………………………………………………………………………………..54 Reference………………………………………………………………………………..55

Introduction

.
Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay 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 called a premium at regular intervals or in lump sums.

The risk, which can be insured against include fire, the peril of sea, death, incident, & burglary. Any risk contingent upon these may be insured against at a premium commensurate with the risk involved.

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 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.

TEMPORARY TERM

Term assurance: provides for life insurance coverage for a specified term of years for a specified premium. The policy does not accumulate cash value. Term is generally considered "pure" insurance, where the premium...
tracking img