Title of the Project: Consumer buying behavior of Jeevan Saral Policy in Mumbai Submitted By:
Shweta Oza PG12066
Varun Siddharth PG12082
Sandhya Thapar PG12090
Submitted to: Prof. Naik
Flow of the Project: The project starts with a brief introduction of the Jeevan Saral Policy which includes the objective of the company and its strategy. The project also includes the consumer buying behavior of insurance policy which comprises of the factors influencing the buying behavior. The analysis of the questionnaires and recommendations are in the later part of the project. Research Methodology: Structured questionnaire with both open and close ended questions has been filled by the respondents. Sampling technique used: The technique used for sampling is random sample Sampling Unit: The sampling units for the questionnaire method were the LIC customers having Jeevan Saral Policy. Sample Size: The survey was conducted among 30 customers selected on random sample.
Introduction of Jeevan Saral4
Consumer Buying Behavior for Insurance Products6
The Buying Decision Process:6
Factors influencing consumer behavior7
Questionnaire for LIC Jeevan Saral Policy17
Introduction of Jeevan Saral
LIC Jeevan Saral was introduced by LIC in 2004 and the policy has been doing fantastic business for LIC. This product has already won Golden Peacock award. This is an Endowment Assurance plan. LIC Jeevan Saral has flexibilities that are usually available only with unit linked insurance plans. Hence it is categorized under Special Plans. This is a non unit-linked insurance plan with Double Death Benefit of Sum Assured + Return of Premium. In this plan, the premium amount is decided by the policyholder and he gets 250 times the monthly premium as Sum Assured. If the Life Insured survives the entire term, then he would receive Maturity Sum Assured + Loyalty Additions. The Maturity Sum Assured depends on different entry ages and policy term and is specified at the beginning of the policy. Now, if the Life Insured dies within the policy tenure then his nominee would receive the Sum Assured + Return of premiums excluding extra/rider premium and first year premium + Loyalty Addition, if any. Thus, the Death Benefit would be the same irrespective of age of entry and policy term since it depends only on chosen premium amount but the Maturity Benefit would differ according to varied age of entry and policy term. Organizational Objectives:
* Spread and provide life insurance to the masses at a reasonable cost. * Maximize mobilization of people's savings by 10% by making insurance-linked savings adequately attractive. * Spread Life Insurance widely and in particular to the rural areas and to the socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost. * Bear in mind, in the investment of funds, the primary obligation to its policyholders, whose money it holds in trust, without losing sight of the interest of the community as a whole; the funds to be deployed to the best advantage of the investors as well as the community as a whole, keeping in view national priorities and obligations of attractive return. * Conduct business with utmost economy and with the full realization that the moneys belong to the policyholders. * Act as trustees of the insured public in their individual and collective capacities. * Meet the various life insurance needs of the community that would arise in the changing social and economic environment. * Involve all people working in the...