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Presentation on Customer Preference and Perception Towards Life Insurance Industry in Rural Area Presented By – Sanjay Gulati,MBA(F) ‘A’ ,Roll No-558

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TABLE OF CONTENTS 1) Introduction to the Industry. 2) Introduction to the Company. 3) Research Methodology. 4) Data Analysis. . 5) Findings 6) Limitations. 7) Suggestions. 8) Conclusion.

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INTRODUCTION OF INDUSTRY Over 5000 year ago, In China, Insurance was seen as a way to cover the losses against piracy on the sea. Life Insurance came about a little later in ancient Rome Near about 4500 years ago. In 1818 The first insurance company (Oriental life insurance company) was established in Calcutta. At Present there are 24 life insurance companies in India. Insurance Industry is regulated by IRDA. In that industry L.I.C is the market leader.

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INTRODUCTION OF COMPANY Reliance Money is a part of RELIANCE CAPITAL (Part of ADA Group) Reliance Capital has a net worth of over Rs 7,250 crore and over 1,65,000 shareholders. Reliance Money started operations in April 2007. Reliance Money is the largest brokerage and distributor of financial products in India with over 2.7 million customers. Mr.Amitabh jhunjhunwala is the C.E.O of Reliance Capital and Mr.Sudip Bandyopadhyay is the C.E.O of Reliance Money.

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Products Offering- Equity broking. Commodity Broking. Derivatives. D-Mat Account. Mutual Funds. Life Insurance. General Insurance. Gold coins retailing.

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RESEARCH METHODOLOGY Preference and Perception of customers towards insurance Companies. Saving and Investment pattern of investors in Naraingarh. Perceptual comparison of customers towards Life insurance policies of Reliance life insurance and ICICI PRU. Awareness of life insurance policies of Reliance life insurance in Naraingarh. Awareness of Reliance Money in Naraingarh. OBJECTIVES-

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Sample Size – Sample Size is 48 ,24(50%) businessman and 24(50%)employees Sampling Technique – Judgment Sampling (Non-Probability) Research Design – Descriptive Research Universe – In my research work universe is the total population of Naraingarh. Target Population - Businessman and Employees in Naraingarh.

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Sources of Data Collection – The research is based on Primary as well as Secondary data. Hypothesis – 1) H 0 : There is no significance impact of Investor’s income on investment. H 1 : There is significance Impact of investor’s income on investment. 2) H 0 : There is no perceptual difference of customers towards the life insurance policies of RELIANCE LIFE INSURANCE and ICICI PRU H 1 : There is significance perceptual difference of customers towards the life insurance policies of RELIANCE LIFE INSURANCE and ICICI PRU. Tools Used- -Correlation -Chi-Square test

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DATA ANALYSIS Q) Your annual income? RESPONSES NO. OF RESPONDENTS %AGE BUSINESSMAN Less than Rs 1,60,000 6 12.5% 1,60,000-3,00,000 6 12.5% 3,00,000-5,00,000 6 12.5% Above 5,00,000 6 12.5% EMPLOYEES Less than Rs 1,60,000 9 18.75% 1,60,000-3,00,000 9 18.75% 3,00,000-5,00,000 6 12.5% Above 5,00,000 0 0% TOTAL 48 100%

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Q) How much you save annually? RESPONSES NO. OF RESPONDENTS %AGE BUSINESSMAN Less than 10% of earnings 19 39.6% 10%-20% of earnings 5 10.4% 20%-30% of earnings 0 0% Above 30% of earnings 0 0% EMPLOYEES Less than 10% of earnings 9 18.75% 10%-20% of earnings 12 25% 20%-30% of earnings 3 6.25% Above 30% of earnings 0 0% TOTAL 48 100%

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Q) Are you investing your savings? RESPONSES NO. OF RESPONDENTS %AGE BUSINESSMAN YES 24 50% NO 0 0% EMPLOYEES YES 24 50% NO 0 0% TOTAL 48 100%

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Q) If yes, then where you invest your savings? RESPONSES NO. OF RESPONDENTS %AGE BUSINESSMAN a) Only Life insurance 8 16.7% b) stock market 0 0% c) Gold 0 0% d) Real estate 0 0% e) Fixed deposits 0 0% f) L.I and F.D both 6 12.5% g) L.I and Gold both 3 6.3% h) L.I and Real estate 7 14.6% EMPLOYEES a) Life insurance 10 20.8% b) stock market 0 0% c) Gold 0 0% d) Real estate 0 0% e) Fixed deposits 0 0% f) L.I and F.D both 8 16.7% g) L.I and Gold both 2 4.1% h) L.I and Real estate 4 8.3% TOTAL 48 100%

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Q) Which company’s insurance policy you prefer the most? RESPONSES NO. OF RESPONDENTS %AGE BUSINESSMAN a) Reliance life insurance 3 6.2% b) LIC 17 35.3% c) ICICI PRU 2 4.2% d) SBI 1 2.1% e) Tata AIG 0 0% f) Any Other 1 2.1% EMPLOYEES a) Reliance life insurance 4 8.3% b) LIC 14 29.2% c) ICICI PRU 2 4.2% d) SBI 2 4.2% e) Tata AIG 1 2.1% f) Any Other 1 2.1% TOTAL 48 100%

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Q) According to you is there any difference between insurance policies of different life insurance companies (Specially Reliance life insurance and ICICI PRU ) ? RESPONSES NO. OF RESPONDENTS %AGE BUSINESSMAN a) YES 14 29.2% b) NO 3 6.2% c) Don’t know 7 14.6% EMPLOYEES a) YES 16 33.3% b) NO 1 2.1% c) Don’t know 7 14.6% TOTAL 48 100%

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RELIANCE ICICI TOTAL YES 23 7 30 NO 2 2 4 TOTAL 25 9 34 Observed Expected O-E (O-E) 2 (O-E) 2 /E 23 22.1 0.9 .81 .04 7 7.9 -0.9 .81 .10 2 2.9 -0.9 .81 .28 2 1.1 0.9 .81 .74 TOTAL 0 1.16 Calculated Value= 1.16 (2-1)(2-1)=1 degree of freedom. Value of 0.5 at 1 degree of freedom= 3.84 that’s table value. Calculated Value < Table Value (1.16<3.84) So H 0 is Accepted means there is no Perceptual difference of customers towards life insurance policies of Reliance Life Insurance and ICICI PRU.

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If yes, then from these two companies which companies insurance policy you prefer? RESPONSES NO. OF RESPONDENTS %AGE BUSINESSMAN a) Reliance life insurance 9 30% b) ICICI PRU 5 16.7% EMPLOYEES a) Reliance life insurance 14 46.6% b) ICICI PRU 2 6.7% TOTAL 30 100%

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Q) Are you aware of any life insurance policy of reliance life insurance? RESPONSES NO. OF RESPONDENTS %AGE BUSINESSMAN a) YES 12 25% b) NO 12 25% EMPLOYEES a) YES 14 29.2% b) NO 10 20.8% TOTAL 48 100%

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Q) Do you know what products and services are offered by RELIANCE MONEY? RESPONSES NO. OF RESPONDENTS %AGE BUSINESSMAN a) YES 3 6.2% b) NO 21 43.8% EMPLOYEES a) YES 13 27.1% b) NO 11 22.9% TOTAL 48 100%

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FINDINGS There is the Positive Relationship between Income and Investment. L.I.C is the most preferred Company for investors because of the reputation of the company. Savings of most of the respondents are less than 10% and they prefer insurance and F.D to invest their money. There is no Perceptual difference of customers towards Life Insurance Policy of Reliance Life Insurance and ICICI PRU. 54% respondents are aware about policies of Reliance Life insurance. More Businessman are unaware about Reliance money as compare to Employees.But only 33% Respondents are aware about Reliance Money.

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LIMITATIONS It’s very difficult to collect information from respondents they hesitate to fill the Questionnaire. Biasness may be there in the response of respondents. Lack of Experience. Time Problem.

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SUGGESTIONS Reliance Money should more emphasis on advertising because of less awareness. Target Rural Area because there is lot of potential there. Company should try to retain their employees because this thing affect the faith of customers on the company.

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CONCLUSION

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THANK YOU... Any Query?

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