A Study On Perception of Investors Investing in Life Insurance 1234 (1) Edit
A Study On Perception of Investors Investing in Life Insurance 1234 (1) Edit
A Study On Perception of Investors Investing in Life Insurance 1234 (1) Edit
On
“A Study on Perception of Investors Investing In Life
Insurance”
SUBMITTED BY
AJAY PRASAD
Roll No. – 1220672032
MBA 3rd SEMESTER
Session 2023-2024
School of Management
Babu Banarasi Das University
Sector I, Dr. Akhilesh Das Nagar, Faizabad Road, Lucknow (U.P.) India.
Certificate from the Organization
i
Certificate
ii
DECLARATION
I do hereby declare that all the work presented in the summer training report
carried out and being submitted at the school of management for the award of
The work is carried out under the guidance of Ms. Sujata Shukla (Faculty Guide). It
hasn’t been submitted at any other place for any other academic purpose.
AJAY PRASAD
iii
ACKNOWLEDGEMENT
In order to accomplish a task, facts, situations and persons integrate together to form a
background. “Greatness lies in being grateful and not in being great.” This
the project. The experience which is gained by me during this project is essential for me at
this turning point of my career. I am thankful to my Faculty Guide Ms. Sujata Shukla
(Faculty Guide) for kind support and supervision under whose kind & constant
guidance I had the opportunity to expand my horizons and view the various problems
from different prospective. I am also thanking her for sparing her valuable time to
listen my problems and difficulties faced by me during the completion of this project
report.
AJAY PRASAD
iv
PREFACE
opportunity to work in a truly professional environment where team work score over
executed and evaluated training helps a lot in inoculating good work culture. The
tried to summarize all our experience and knowledge acquired up till now, in this
report. This project is a keen effort to obtain the expected results and fulfill all the
information required.
v
TABLE OF CONTENT
Declaration i
Acknowledgement ii
Preface iii
1. Introduction 1-16
6. Findings 75-76
7. Suggestions 77-78
8. Conclusion 79-80
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INTRODUCTION
1
INTRODUCTION
how individuals view life insurance as an investment option. Here are key
recommendations:
Objectives:
Determine Investment Motivations: Investigate the reasons why investors choose life
planning.
Explore Risk Perception: Examine how investors perceive the risks associated with
Evaluate Satisfaction Levels: Assess investors' satisfaction with their current life
life insurance investments and whether they rely on financial advisors, online
Understand Demographics: Analyze how demographic factors like age, income, and
family status influence investors' perceptions and choices regarding life insurance
investments.
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Methods:
Data Analysis: Analyze the collected data using statistical tools to identify patterns
Potential Findings:
Diverse Motivations: Investors may have varied motivations for choosing life
Risk Perception: Some investors may perceive life insurance as a low-risk investment
due to guaranteed payouts, while others may have concerns about policy performance
and returns.
Demographic Influences: The study may reveal that different age groups or income
Satisfaction Levels: Investors' satisfaction with life insurance investments may vary
based on factors such as policy type, insurer reputation, and returns on investment.
online resources.
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Recommendations:
Tailored Offerings: Create customized life insurance products that align with
performance, fees, and potential risks associated with life insurance investments.
Advisor Training: Provide training for financial advisors to ensure they can offer
Policy Reviews: Encourage investors to regularly review their life insurance policies
to ensure they remain aligned with their financial goals and changing circumstances.
guidelines governing the sale and marketing of life insurance products to protect
investor interests.
insurance, financial institutions and insurance providers can gain valuable insights to
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Life insurance is a financial product that plays a critical role in safeguarding the
protection and savings, making it a unique investment option. Life insurance policies
some life insurance products offer tax benefits and can serve as a means of wealth
among investors. Understanding how investors perceive life insurance is crucial for
investment:
Investor Goals: Different investors have varying financial goals, such as retirement
Risk Tolerance: Investors' willingness to accept risk can affect how they view life
insurance investments. Some may see it as a low-risk option, while others may have
Demographics: Age, income level, family status, and other demographic factors can
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Information Sources: Investors rely on various sources of information, including
financial advisors, online resources, and personal experiences, which can shape their
Given the significance of life insurance in financial planning and the diversity of
into these perceptions. Such a study can inform the development of tailored insurance
products, educational initiatives, and marketing strategies that better align with
This research aims to explore the perception of investors investing in life insurance,
identify the factors that influence their views, and provide recommendations for
meet investor needs, the financial industry can better serve individuals and families in
achieving their long-term financial goals and securing their financial future.
The rationale for conducting a study on the perception of investors investing in life
Life insurance is a fundamental financial product that plays a crucial role in providing
financial security and protection for individuals and their families. It serves as a safety
net, ensuring that loved ones are financially supported in the event of the
policyholder's death.
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In today's complex financial landscape, investors have a wide array of investment
options to choose from, including stocks, bonds, real estate, mutual funds, and more.
of factors, including their financial goals, risk tolerance, age, income level, and family
status. Some investors may view life insurance as a core component of their financial
planning, while others may have misconceptions or reservations about its value.
How investors perceive life insurance can significantly impact their financial
decision-making. These perceptions can influence whether they choose life insurance
as part of their investment portfolio, how much they invest in it, and the type of life
providers to adapt and offer products that meet the evolving needs and expectations of
their customers.
Policy Implications:
Insights into investor perceptions of life insurance can have broader policy
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Enhancing Financial Well-Being:
Ultimately, the study aims to contribute to the financial well-being of individuals and
industry can tailor its offerings and educational efforts to help investors make
informed decisions that align with their financial goals and aspirations.
examining and understanding these perceptions, the research can provide valuable
insights that benefit individuals, the insurance industry, and policymakers, ultimately
option. This analysis can provide insights into investor attitudes, motivations, and
such an analysis:
1. Investor Demographics:
Age: Analyze how different age groups perceive life insurance. Younger investors
might prioritize long-term financial goals, while older investors may view it as a
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Income Levels: Consider how income levels impact perceptions. High-income
investors may have different motivations and expectations compared to those with
lower incomes.
Family Status: Assess how family status, such as marital status and the presence of
dependents, influences perceptions. Families may prioritize life insurance for income
Financial Security: Evaluate the extent to which investors see life insurance as a tool
for providing financial security to their loved ones in case of premature death.
Tax Benefits: Explore whether investors are aware of and consider tax advantages
3. Risk Perception:
Risk Tolerance: Assess how investors perceive the risks associated with life insurance
investments. Some may consider it low-risk due to guaranteed payouts, while others
investors gather information about life insurance. Evaluate the influence of financial
addressed?
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5. Satisfaction Levels and Experiences:
Claims Process: Assess the ease and effectiveness of the claims process and whether
Economic Conditions: Consider how economic conditions, such as interest rates and
Investment Portfolio: Explore how life insurance fits into investors' overall
investment options.
Risk-Return Tradeoff: Evaluate how investors weigh the risk and return of life
Consider any trends or shifts in investor perceptions over time and whether these
patterns, trends, and disparities in how different segments of investors view this
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financial product. By understanding these perceptions, stakeholders in the insurance
industry and financial services sector can make informed decisions to better meet the
“The Business of Insurance is related to the protection of the economic values of the
assets”.
Every human being has the tendency to save to protect him from risks or events of
future. Insurance is one form of savings where in people try to assure themselves
People can save their earnings either in the form gold, fixed assets like property or in
banking and insurances. All the savings of people of a country account for gross
domestic savings. In India, although savings rate is high but people prefer to invest
either in gold or fixed assets so that they can make money out of it. Hence insurance
and shifting investor preferences. Within this landscape, life insurance has long stood
opportunities. This study delves into the perceptions of investors who choose life
The life insurance industry has long been a cornerstone of financial planning and risk
management for individuals and families. Life insurance products not only provide a
safety net for loved ones in the event of the policyholder's death but also offer
ever-evolving financial landscape. This background section provides context for the
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study by highlighting key aspects of the life insurance market, its historical
The concept of life insurance dates back centuries, with early forms emerging in
ancient civilizations such as Rome and China. However, modern life insurance as we
know it began to take shape in the 18th and 19th centuries. The growth of
adversity.
In the late 19th and early 20th centuries, life insurance companies proliferated,
offering various policy options to meet the diverse needs of policyholders. These
Term Life Insurance: Provides coverage for a specific term or period, often with
Whole Life Insurance: Offers lifelong coverage and includes a cash value component
that grows over time. Policyholders can access this cash value or use it to pay
premiums.
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MOTIVATIONS FOR INVESTING IN LIFE INSURANCE:
Investors choose life insurance for a multitude of reasons, which have evolved over
time:
Financial Security: One of the primary motivations for investing in life insurance is to
provide financial protection for loved ones in the event of the policyholder's death.
This ensures that beneficiaries receive a death benefit, helping them maintain their
financial stability.
Tax Advantages: Life insurance often comes with tax benefits, making it an attractive
option for those looking to minimize their tax liabilities, particularly in estate
planning.
Cash Value Accumulation: Whole life insurance policies accumulate cash value over
time, which can be accessed or borrowed against. Some investors view this as a way
Estate Planning: Life insurance can be a crucial tool in estate planning, allowing for
compared to the volatility of the stock market or real estate, making it an attractive
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THE ROLE OF FINANCIAL ADVISORS:
Financial advisors play a pivotal role in shaping investor perceptions and decisions
regarding life insurance. Their expertise and guidance can significantly influence an
investor's choice of insurance products, risk tolerance, and overall financial strategy.
in life insurance is essential to gain insights into these dynamics, thereby helping
insurance companies, financial advisors, and policymakers adapt to meet the evolving
insurance stems from several key factors that underscore the importance and
new investment opportunities and challenges emerging regularly. Life insurance has
traditionally served as a stable and essential component of financial planning, but the
Shift in Investor Behavior: Investor behavior and preferences have shifted over time.
Younger generations, in particular, have different financial goals and risk tolerances
compared to their predecessors. This study seeks to uncover how these shifts impact
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study on investor perceptions in the life insurance market can shed light on the extent
to which individuals are making informed decisions and whether financial literacy
how financial advisors influence investor perceptions can inform the industry on the
role of advisory services and the importance of advisor training and education.
Policy Implications: The findings of this study can have far-reaching policy
market. To remain competitive and meet the diverse needs of investors, these
companies must adapt their product offerings and marketing strategies based on
Financial Security: Life insurance is not only an investment but also a means of
ensuring financial security for loved ones in the event of the policyholder's death.
Understanding how individuals perceive this dual role of life insurance is crucial for
Tax and Estate Planning: Life insurance can offer significant tax advantages and serve
as a valuable tool in estate planning. Investor perceptions of these benefits can impact
Academic and Practical Interest: The study of investor perceptions in the life
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Academics can contribute to the existing body of knowledge, while industry
and risks associated with these products is essential for ensuring their financial well-
The insights gained from this research will inform industry practices, regulatory
investment decisions and greater financial security for individuals and their families.
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RESEARCH QUESTIONS:
To address our research objectives, we will investigate the following key questions:
financial portfolio?
How do investor demographics, financial goals, and risk attitudes influence their
What is the perceived level of risk associated with investing in life insurance, and
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SIGNIFICANCE OF THE STUDY:
Insurance Companies: Insights gained from this study can help insurance companies
tailor their product offerings to align with investor preferences and needs, ultimately
decisions. Knowledge of how they influence investor perceptions can inform training
Policymakers: The study's findings can inform policy decisions related to the
measures.
Investors: This study can empower investors with knowledge to make informed
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STRUCTURE OF THE STUDY:
The remainder of this study is organized into several sections, each contributing to a
developments, investment motives, risk perceptions, and the role of financial advisors.
Subsequently, we will elucidate the methodology used to gather and analyze data,
followed by a presentation of key findings. The discussion section will delve into the
conclude with recommendations for future research, recognizing the evolving nature
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OVERVIEW OF CURRENT INSURANCE INDUSTRY
1. WHAT IS INSURANCE?
Insurance is a tool by which fatalities of a small number are compensated out of funds
It is an arrangement where the losses experienced by a few are extended over several
who are exposed to similar risks. It is a protection against financial loss arising on the
security for the purpose. Loss is paid out of the premium collected from people and
the insurance companies act as trustees to the amount so collected. These companies
have proposal forms which are filled to give details of insurance required. Depending
upon the answers in the proposal form insurance companies assess the risk and decide
on the premium.
Insurance companies are risk bearers. They underwrite the risk in return for an
capital formation etc. hence insurance can be defined as a tool in which a sum of
the risk of paying a large sum .it may also be defined as a contract wherein one party
(insurer) agrees to pay the other party (insured) or his beneficiary, a certain sum upon
large number of clients. Insurers also create liabilities and commit themselves to
compensate for losses occurring to the policyholders on future date. It also plays an
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2. NATURE OF INSURANCE
a) Risk sharing and risk transfer: Insurance is used to share the financial losses that
might occur to an individual or his family on the happening of specified events. The
loss arising from such events are shared by all the insured in the form of premium.
Example: suppose in a village, there are 250 houses, each valued at Rs.200000.Every
year one house gets burnt, resulting into a total loss of Rs 200000.If all the 250
owners come together and contribute Rs.800 each, the common fund would be
Rs200000.This is enough to pay to the owner whose house gets burnt. Thus the risk of
b) Risk assessment in advance: Insurance companies are risk bearers. They assess
property and life because the insurer promises to pay a definite sum at damage or
because the uncertainty of loss is always looming. Moreover insurance is not possible
consideration.
or property to make cost of insurance less consequently premium would also be less.
3. SEMANTICS
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3. Whole life policy: It is the policy under which the amount of policy will be paid
only on death of the insured. Premiums may be payable throughout the life or for
a limited period.
4. Endowment policy: Endowment policies entitle the insured to receive the amount
of the policy on his reaching a certain age and premiums also stops. If death
occurs earlier, amount of the policy will be paid at that time and payment of
insurer. The object is to reduce the possible loss to be borne by the original
insurer, who pays premiums at the ordinary rates to the reinsurer. Reinsure must
domestic product.
10. Actuary: The actuary is a specialist who combines an understanding of risks and
these products. He helps in designing insurance plans and then evaluates the
financial risk of the company which it takes while selling an insurance policy.
4. TYPES OF INSURANCE
Insurance is broadly divided in two segments, based on the nature of insurance, those
are:
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2. Non-Life Insurance or General Insurance. It can be again subdivided into the
following categories:
a) Fire Insurance.
b) Marine Insurance.
For now we know the meaning of insurance, different types of insurance. Now let us
know the history and reasons for and behind different types of insurance.
Insurance has existed for thousands of years. The first ever type of insurance was
Property Insurance. It became popular about 3000 BC in China. It all started when
Chinese merchants, as well as their investors, wanted to ensure that they would see a
profit from their goods that they shipped overseas. In the event that a ship was lost at
sea, an insuring partner would reimburse the owners of the ship and goods. To pay for
the loss the merchant would be sold into slavery to the insurer until the debt was
repaid. This was so because, a merchant could not afford to pay for the lost goods or
Property insurance was also seen in Babylon as well. In Babylon, merchants and
investors entered into a contract, in which the supplier of money for a trade agreed to
cancel the loan if the trader was robbed of his goods. The trader who borrowed the
money paid an extra amount for this protection in addition to the usual interest. As for
the lender, collecting these premiums from many traders made it possible for him to
absorb the losses of the few. Later this contract was extended to include provisions for
a family's home and even the death of the insured, where life insurance came into
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existence. Slowly this concept started to spread across other places like Greek,
Roman.
Since ancient times, communities have pooled some of their resources to help
individuals who suffer loss. Like, about 3500 years ago, Moses instructed the nation
of Israel to contribute a portion of their produce periodically for "the alien resident
Later the origin of credit insurance, which was included in the Code of Hammurabi, a
collection of Babylonian laws said to predate the Law of Moses. Credit insurance
means, in ancient times the ship owners obtained loans from investors to finance their
trading expeditions. In case, if a ship was lost, the owners were not responsible to pay
back the loans to the investors. The risk to the lenders was covered by the interest
By the middle of the 14th century, marine insurance was one of the most popular
types of insurance among nations of Europe. Things changed dramatically in the 17th
century in Europe. In 1666, the Great Fire of London bought the need for fire
insurance .The Great Fire of London burned for four days and nights. It destroyed 436
acres, 13,200 houses, 89 churches (including Saint Paul's Cathedral), the Custom
House, the Royal Exchange and dozens of other public buildings. Only six people
were victims in the flames, but hundreds died from shock and exposure.
merchants and bankers met informally to do business. There financiers who offered
insurance contracts to seafarers wrote their names under the specific amount of risk
that they would accept in exchange for a certain payment, called premium. These
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The concept of insurance developed at a fast pace with the growth of British
commerce in the 17th and 18th century. The first stock companies to engage in
In 1735, the first insurance company in the American colonies was founded at
Charleston. Later in the year 1787, fire insurance corporations were formed in New
York. Then later in the year 1759, the life insurance corporation was started in
Philadelphia, America.
The New York fire which occurred in the year 1835 was the main reason to draw
Massachusetts was the first state to require companies by law to maintain such
legislation, made its appearance in the 1880s.It attained major importance with the
Until the 1950s, most insurance companies in the United States were restricted to
provide only one type of insurance, but then legislation was passed to permit fire and
casualty companies to underwrite several classes of insurance. Many firms have since
From this brief accounting of history we can see how insurance came into existence.
Fortunately for us we no longer have to sell ourselves into slavery if our car is stolen
confident that we will be compensated for our loss. Without people wanting to secure
their investments and great tragedies throughout history we may not have insurance as
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6. HISTORY OF INSURANCE INDUSTRY IN INDIA
The insurance industry in India over the past century has gone through big changes. In
India this industry reveals the 360 degree turn. 360 degree turn means that it started in
insurance companies dominated the Market. Life insurance was first set up in India
through a British company called the Oriental Life Insurance Company in 1818,
followed by the Bombay Assurance Company in 1823 and the Madras Equitable Life
Insurance Society in 1829.All of these companies operated in India but did not insure
the lives of Indians. They were there insuring the lives of Europeans living in India.
Some of the companies that started later did provide insurance for Indians. But, they
were treated as "substandard" and therefore had to pay an extra premium of 20% or
more. The first company that had policies that could be bought by Indians with "fair
value" was the Bombay Mutual Life Assurance Society starting in 1871.
The first general insurance company, Triton Insurance Company Ltd., was established
in 1850. It was owned and operated by the British. The first general insurance
company was the Indian Mercantile Insurance Company Limited set up in Bombay in
1907.By 1938; the insurance market in India had nearly 176 companies (both life and
non-life).
After the independence, the industry went to the other extreme. It became a state-
owned monopoly. The industry started to witness a problem like fraud. Hence many
regulations were put in place to reduce and control the problems in the industry. After
which Insurance was nationalized. In 1956, the then finance minister S. D. Deshmukh
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announced nationalization of the life insurance business and then the general
companies have been allowed back into the business of insurance with a maximum of
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7. INDIAN SCENARIO
INDIAN
INSURANCE INDUSTRY
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COMPANY PROFILE
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COMPANY PROFILE
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individuals so that they cansafeguard their financial future and that of their
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families. Agile Capital Services is anupcoming consulting firm in India. We
Agile Capital.
insurance. Inexchange for the insurer's pledge to compensate the insured in the case of
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insurance policy, that outlines the terms andconditions under which the insurer will
compensate them. The premium is the amount ofmoney charged by the insurer to the
Policyholder for the coverage specified in the insurancepolicy. If the insured suffers a
loss that may be covered by the insurance policy, the insuredfiles a claim with the
insurer, which is then processed by a claims adjuster. The insurer canreduce its risk by
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are thus shielded from risk inexchange for a cost, which is determined by the
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OUR VISION
Our Vision is to significantly increase the Wealth of our Clients by providing them
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OUR MISSION
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AGILE CAPITAL SERVICES PVT. LTD. VALUE PROPOSITION
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KEY SECTORS
OUR APPROACH
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Construction Skill Development Council Of India.
A business sees success when its foundation is strong. The same goes for a nation. A
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such program.
We are the widely known SAP consulting company in Pune who comprehend both
our client’s functional business necessities as well as the technical design of the
program. Numerous domestic and offshore companies trust on our services because
we assist our clients to profit from a range of new development possibilities, the
prospect of skilled resources and enhanced cost flexibility. We boost our client’s
We do it by means of our up-to-date know-hows and our well trained, dexterous team
the client’s offices and companies by means of dedicated links thus work in the
SAP S/4 HANA is a new generation of ERP solutions running in real time, integrating
predictive analytics, big data and mobile access. These solutions will support
providing new opportunities to collaborate. By unifying data in real time, SAP S/4
HANA provides instant insights enabling better decisions. SAP S/4 HANA will
SAP S/4 HANA is more than just a new technology. It is designed to drive instant
value across lines of business and industries with the ultimate sophistication. It
provides:
45
Responsiveness: Improve user satisfaction by reducing waiting time.
In several cases, after a new system has been implemented, SAP inclusive, it has been
observed that organizations are often challenged by the use of the technology. And
1. Culture,
3. Training gap,
Our observation of this occurrence in both local and International organizations, led
individuals, who are highly skilled in various modules of SAP, with wealth of several
Our support Team works with your organization leading you through the transition
periods and beyond, training the process owners, instilling in them enough knowledge
to enable them perform their day-to-day processes efficiently and also, to be able to
handle a first and second level trouble shooting of the system without supervision.
Creating a marketing strategy for Agile Capital Services Pvt. Ltd. (or any financial
services company) requires a comprehensive approach that aligns with the company's
46
developing a marketing strategy for a financial services firm like Agile Capital
Services:
Conduct thorough market research to understand industry trends, customer needs, and
competitor positioning.
financial needs.
Clearly define what sets Agile Capital Services apart from competitors. What unique
Craft a compelling UVP that addresses the specific pain points of your target
audience.
Segment your target audience into distinct groups based on factors like age, income,
Tailor your marketing efforts to address the unique needs and preferences of each
segment.
Develop a strong brand identity that communicates trust, reliability, and expertise in
financial services.
Position your brand in a way that resonates with your target audience's values and
aspirations.
47
CONTENT MARKETING:
your audience.
Publish blog articles, whitepapers, videos, and infographics that establish your
Digital Presence:
Build and maintain a professional website that provides information about your
Optimize your website for search engines (SEO) to improve visibility in search
results.
Utilize social media platforms to engage with your audience and share valuable
content.
EMAIL MARKETING:
LEAD GENERATION:
Implement lead generation tactics, such as gated content, webinars, and free financial
REFERRAL PROGRAM:
Encourage satisfied clients to refer friends and family through a referral program.
48
Build strategic partnerships with complementary businesses, such as accounting firms
ONLINE ADVERTISING:
COMMUNITY ENGAGEMENT:
personalize communication.
Ensure that all marketing efforts comply with industry regulations and ethical
standards.
Use analytics tools to track the performance of your marketing campaigns, including
Stay adaptable and ready to adjust your marketing strategy based on changing market
49
MONITORING AND REPORTING:
focuses first on the “job performance” and considers the following parameters for a
What has been delivered? How has been delivered? What has gone well?
1st, Getting these answers it will help in finding newer ways and means to improve
performance learning from past successes and failures. 2nd, it examines the
professional skills & knowledge which are required in a job, the actual skill &
knowledge level, a job holder possesses and thus helps in finding skill /knowledge
3rd, it reviews the leadership behaviors i.e. competencies or abilities which are
by the job holder and thus helps finding competency gaps to be addressed for personal
development. Therefore, the appraisal system of AB Bank takes care of the following:
plan/targets/expectation)
50
Skill & knowledge
AB Bank conducts its performance appraisal annually and in the process review
and as per standard format designed & developed. HR in coordination with the
Divisional / Departmental Heads will monitor, educate & guide and ensure policy
/ branch. Each Head of the function in joint consultation with HR will ensure that the
51
4.4) TYPES OF PERFORMANCE APPRAISAL FORM
Agile Capital Services Pvt. Ltd. has two types of performance appraisal forms. One is
for the branch managers or department heads and another is for the other employees
who are working under them. The performance appraisal form of the relationship
managers or the department heads are filled by the Management Committee. And the
employees other then Managers performance appraisal forms are filled up by the
relationship managers of the branches and the department heads. Managers fill this
manger that the documents are received and also make sure that how many forms they
received. If the document cover is tempered then HR Division refuses to receive the
52
THE COMPLETION PROCESS OF PERFORMANCE
APPRAISAL FORM:
It is already mentioned that there are two types of forms one is for the managers and
another one is for the employees who are working under them that means other then
Managers. Now the completion process of two different types of forms will be
form of the managers will be mentioned: The form consists of four pages. At the
beginning of the format page one it needs to mention the year for which the
organization is evaluating his employees. Then the name of the appraise (the person
who is evaluating) and also the designation, age, last promotion date, service period
with AB Bank etc informations have to be mention. Service period of the present
position and also need to mention the job location means where the employee was
working on that particular period of time. Then the Management Committee have to
fill up the section A where they need to mention the profit that the branch Manager
achieved and the targeted profit that was decided by the authority. After finishing
section A management have to fill up part B which is named other strategic targets
then they must fill up the percentages of different factors that is mentioned in that
particular area. These factors are deposits, loans, advances, imports, exports,
remittances, bonds etc. After completing section B they have to complete section C. in
this section they have to give some points about quality of achievements. These
achievements are audit compliances, NPL new and recovery, operating budget,
employee development etc. after completing this three part they put the marks below
53
Then after completing first page they have to move to page 2. Here they need to fill
Excellent
target
1 = Need development,
2 = Average,
3 = Good,
5 = Excellent.
Here they have to fill up nearly fifteen questions about the knowledge & behavioral
competence factors of Managers. These questions vary according to the situation. The
2. Knowledge about AB Bank’s product & services , Organization, Policies & Processes
(updated)
5. Planning: Ability to plan own job activities and able to prioritize and drive actions for
results
54
7. Awareness about compliance issues
These are the questions that are mainly asked in this section. Management has to put tick
mark on the number that the person (Manager) deserves. Then they have to comment on
question number 16 about his Integrity & Conduct in service. This is a very crucial part for
In section D the evaluator tries to identify two key areas that should be developed. There
are two areas like Knowledge and Behavioral competence. If the appraise needs any
development in this two areas then they have to mention them in this box. Basically from
this box information employees are selected for training on that basis.
Actually it shows the summary of the appraisal. This rating is directly entered into the
described later. After completing this part appraiser have to sign below.
Employee view point about this appraisal and own career wishes will be mentioned in the
section F. if appraise agrees with the appraisers evaluation then he has to write agreed and
sign below. If any appraise feels that their performance evaluation by the line managers is
influenced by discrimination or unfair and biased judgment the appraise may appeal to
55
Head of HR with their grievance in writing. In such cases the Head of HR will be the first
point contract. If the issue remain unresolved than it will referred to the MD for his/her
review and decision and in that case the decision of MD will be final.
Special Recommendations (career etc.) – Place with justification are filled up in section G.
if the appraiser think that the employee should get the annual increment then they have to
write it in this box. If employee is eligible for next higher level promotion then it also has
to mention there. If the appraiser thinks that the employee should get both of them then he
In section H there is a box for HR review and comment. If HR thinks that there should be
added any more things than they can add it here. Even if they think that this evaluation is
not properly completed then they can also write it here. Then the proper actions will be
taken further.
This part is mainly considered if the person is recommended for promotion. This part is
optional. HR can directly put this comment in the Managers personal file. If the person is
not recommended then this part does not count or necessary to complete. These are the
main things that are to be considered when the appraisal form of the managers evaluated.
Now the performance appraisal form of all employees other then manager will be
explained. In that case the last three pages of the appraisal form are similar to the
Manager’s form. The basic difference is in the first page of the form. So the first page of
At the beginning of the form as previous it needs to mention the year for which Managers
are evaluating the employees. Then they have to fill up the name of the appraise (the
person whom we evaluating) and also the designation, age, last promotion date, service
56
period with AB Bank, service period of the present position and also the job location
means where the employee was working on that particular period of time.
Then in section A mangers have to write the key job responsibilities, targets and work
plans of the employee in brief. Here they have to mention all the work which is done by
Then the manger has to fill section B which is called performance category. Here manger
has to mention in which category this employee fall in to with proper justification. There
Mangers have to describe the category which the employee belongs to and also have to
give a tick mark in the right side of the form. After that section all the sections are similar
as the mangers form. The Manager has to fill this form accordingly.
With a view to explaining the performance appraisal system of Agile Capital Services Pvt.
Ltd. a small case study has been undertaken where in the performance appraisal of a
57
respondent has been described. For the sack of anonymity the name of the respondent has
This is a performance appraisal form for year 2009 of an employee who is other then
have to describe the key job responsibilities of that employees. In this case the employee’s
L/C Opening.
Management of SWIFT.
Management of TI systems.
To develop myself in banking carrier and serve the bank effectively and efficiently.
To improve business worthiness & Marketing of the products to improve Bank profit.
Successfully achieved my business target for Tk,70.00 (Seventy) lacks set by the
branch management.
In section B manager has to mention in which category the appraise fall into. In that case
the manger selected him in as EX (excellent) category. Appraiser also wrote the
58
5 (Five) Performance Justification in brief – Tick √ RATING
100%+ ACHIEVER:
Reasonably Exceeded
Performance Standards /
above expectation.
GOOD (G)
Performance Standards
satisfactorily within
expectation.
AVERAGE (AVG)
Nearly TARGET
Performance Standards /
59
but not fully satisfactory
BELOW AVERAGE
performer.
In section C Manager has to assess the knowledge and behavioral competences of the
COMPETENCE FACTORS
(updated)
to banking
results
60
7. Awareness about compliance issues
change )
commitment
commitment
So it is visible that in this category the employee did very well. His performance was very
satisfactory to his managers. His average in this section was (6*5) + (9*4)/15 = 4.4 which
Then the manger has to write about the integrity & conduct in service of the employees. In
………………… is the honest sincere & well behaved person. He has the good
communication skill and he has ability to attract the customers to our products.
In section D Mangers have to identify the areas in knowledge and behavioral competence
that should be develop in employees characteristics. In this case manger identified two
61
D. Development Needs - 2(Two) areas in knowledge and 2(two) areas in behavioral competence
2. ..Foreign remittance. 2. ..
After finishing that section manger commented on the supervisor’s overall comment box
which is in section E. it can also described as the summary of the appraisal form where
supervisor make comment and give the final grade. In this case the manager has given the
Rating √
___________________ AVG
62
So according to the manger the employee got overall EX rating. This rating will be entered
in the performance appraisal software. So from this box it is easily identified that the
After this section there is a box for employee view point about this appraisal form which is
in section F. Here employee comments about the grading. In this case the employee gave
F. Employee view point about this appraisal and own career wishes:
Agreed.
Employee (Appraise)
Here employee is completely agreed with the managers rating. So the appraise wrote agreed.
discrimination or unfair and biased judgment then he may appeal to Head of HR with his
The Head of HR will be the first point contract. If the issue remain unresolved than it will
referred to the MD for his review and decision and in that case the decision of MD will be
final. After that part there is the box for special recommendations. In this
Recommended for annual increment and promotion to the next higher level.
___________________
Supervisor ( Appraiser)
63
So this is the total performance appraisal form for this employee. This form is included only
for better understanding about the performance appraisal system of Agile Capital Services
Pvt. Ltd.. At the end of the report this Performance Appraisal Form is included as appendix.
64
OBJECTIVES OF
THE STUDY
65
OBJECTIVES OF THE STUDY
insurance policies.
4. To know about the working scheme of the Agile Capital Services Pvt. Ltd..
5. To suggest some measures for improving the methods to appraise the performance
of the workers.
66
RESEARCH
METHODOLOGY
67
RESEARCH METHODOLOGY
study the various steps that are generally adopted by a researcher in studying his
research problem along with the logic behind them. It is necessary for the researcher
to know not only the research methods/ techniques but also the methodology.
Researcher not only need to know how to develop certain indices or tests, how to
calculate the mean, the mode, the median or the standard deviation or chi- square,
how to apply particular research techniques , but they also need to know which of
these methods or techniques are relevant and which are not , and what they mean and
techniques and they need to know the criteria by which they can decide that certain
techniques and procedures will be applicable to certain problems and others will not.
All this means that it is necessary for the researcher to design a methodology for his
Research in common parlance refers to a search for knowledge. Once can also define
research asa scientific and systematic search for pertinent information on a specific
investigation or inquiry especially through search for new facts in any branch of
knowledge. Redman and Mary define research as a “systematized effort to gain new
known to the unknown. It is actually a voyage of discovery. We all possess the vital
instinct of inquisitiveness for, when the unknown confronts us, we wonder and our
inquisitiveness makes us
68
probe and attain full and fuller understanding of the unknown. This inquisitiveness is
TYPE OF RESEARCH:
The research design of the project is descriptive and analytical research which has
i. DESCRIPTIVE RESEARCH -
Descriptive research includes surveys and the facts finding enquires of different kinds.
The major purposes of descriptive research are description of the state of affairs as it
exists at present. In social science and business research we quiet often use the term
Ex post factor research for descriptive research studies. The main characteristics of
this method are that the researcher has no control over the variables; he can only
The descriptive research attempts to describe, explain and interpret conditions of the
opinions held, processes that are going on or trends that are evade
In analytical research, on the other hand, the researcher has to use facts or information
already available, and analyse these to make a critical evaluation of the material.
69
DATA COLLECTION TOOLS:
Company reports
Newspapers
Various websites
Brochures
For this project report primary data (through interviews and selection methods) and
secondary data (employees data records provided by the company) both has been
collected.
I. PRIMARY DATA –
Primary data involves the collection of original primary data. It can be accomplished
others.
Secondary data means data that are already available i.e. they refer to the data which
have been collected and analyzed by someone and can save both money and time of
the researcher. Secondary data may be available in the form of company records,
Company reports
Daily newspaper
Standard textbook
Various websites
70
FIELD WORK:
Open and close-ended questions are used in the questionnaire. The orders of the
questions are in such a manner that they begin with simple questions and lead on the
questions that needed more involvement from respondents. The secondary data are
RESEARCH DESIGN:
A research design is a basic plan, which guides the researcher in the collection and
analysis of data required for practising the research. Infect the research design is the
conceptual structure where the research is conducted. It constitutes the “blue print”
for the collection, measurement and analysis of the data . The study is carried out to
this study the researcher used explanatory research designs. This research covers 50
SAMPLE DESIGN:
Population refers to the total of items about which information is defined. well
selected samples may reflect fairly and accurately the characteristics of the
population.
SAMPLING UNIT:
The sample unit of this survey was the customers from Lucknow city.
SAMPLING SIZE:
The sample size was 50 customers from various parts of Lucknow city.
71
DATA ANALYSIS
&
INTERPRETATION
72
DATA ANALYSIS & INTERPRETATION
No of respondents
LIC ICICI Others
12%
30%
58%
0%
INTERPRETATION
In the survey about 58% of the customer having LIC product as compare to Insurance
company 30% of them have Insurance company product and 12% have other
insurance company product.
73
Q2) How did you come to know about the Mahajeevan Plus Plan?
Others 6 12%
Total 50 100%
No of respondents
Newspaper Television Friends/ Family Others
12% 14%
30%
44%
INTERPRETATION
About 44% customer respondent that they will know about the Mahajeevan Plus Plan
through friends/family and 30% know through television or 14% through newspaper,
12% know through others.
74
Q3) Are you a customer of Agile Capital Services?
Factors No of respondents (% of respondents)
Yes 22 44%
No 28 56%
Total 50 100%
No of respondents
Yes No
44%
56%
INTERPRETATION
In the study I found that about 56% of the people are the customer of another
insurance company (like:-LIC,ICICI,BAJA) and only 44% of the customer are the
customer of Insurance company policy.
75
Q4) whether you are aware of all details of Agile Capital Services?
Factors No of respondents (% of respondents)
Yes 38 76%
No 12 24%
Total 50 100%
No of respondents
Yes No
24%
76%
INTERPRETATION
About 76% of the people are aware about the Insurance company policy and 24% of
the people are not aware about that.
76
Q5) Are you satisfied by the service provided by the Agile Capital Services?
Satisfied 27 54%
Total 50 100%
No of respondents
Satisfied Very much satisfied Not satisfied
16%
54%
30%
INTERPRETATION
The study reveals that from Agile Capital Services 54% of the respondents are
satisfied & 30% are very much satisfied& 16% of the respondents are not satisfied
from their services provided.
77
Q6) How do rate the sale and marketing practices of the Agile Capital Services?
FACTOR NO. OF (% OF
RESPONDENT RESPONDENT)
Very good 8 16%
Good 10 20%
Average 18 36%
Bad 14 28%
Total 50 100%
NO. OF RESPONDENT
Very good Good Average Bad
16%
28%
20%
36%
INTERPRETATION
About 16%of the people response was very good while presenting Agile Capital
Services and 20% was good and 36% was average while most of that is 28% was bad.
78
Q7) what type of approach did I prefer?
NO. OF RESPONNDENT
Personal Interaction Telephonic Interaction
48%
52%
INTERPRETATION
52% most of the people prefer personal interaction, 48% prefer to take telephonic
interaction as shown in above pie chart.
79
Q8)Which method do I prefer to interact with people?
Factors No. of Respondents (% of Respondents)
Direct 19 38%
Indirect 22 44%
Total 50 100%
No. of Respondents
Direct Indirect Third party
18%
38%
44%
INTERPRETATION
During feedback and survey of Insurance company Customer/ respondents prefer to
give their views and feedback most probably through indirect way (telephonic
interaction) almost 44% of people covered through telephonic conversation and 38%
through direct interaction and other through help of existing customer, relatives and
parents.
80
Q9) What is periodicity of premium?
No of respondents
Monthly Half yearly Quarterly Yearly
16%
56% 28%
0%
INTERPRETATTION
About 56% of the customer will pay on the yearly bases or 28% pay on half yearly
bases and 16% have pay on monthly bases.
81
Q10) what is a sum assured (RS) of your premium?
Factors No of respondents (% of respondents)
60,000-1,50,000 12 24%
1,50,000-2,50,000 20 40%
2,50,000-5,00,000 15 30%
5,00,000 above 3 6%
Total 50 100%
No of respondents
60,000-1,50,000 1,50,000-2,50,000 2,50,000-5,00,000 5,00,000 above
6%
24%
30%
40%
INTERPRETATION
During the survey most of the customer having the sum assured between 1.5 lakh to
2.5 lakh (40%) and 30% of the customer having sum assured between 2.5 lakh to 5
lakh or 20% of the customer having sum assured between 60 thousand to 1.5 lakh.
82
Q11) which scheme of insurance policy have you taken?
No of respondents
Health insurance plan Endowment plan ULIPs Others
18% 14%
0%
68%
INTERPRETATION
About 68% customer have Mahajeevan Plus Plan in Insurance company or 14%
having health insurance plan and 18% having other insurance plan in Insurance
company.
83
Q12) Mahajeevan Plus Plan in your opinion is important because?
Factor No of respondents (% of respondents)
Risk cover 4 8%
Tax saving 7 14%
Investment 2 4%
All of them 37 74%
Total 50 100%
No of respondents
Risk cover Tax saving Investment All of them
8%
14%
4%
74%
INTERPRETATION
Through the survey I found that Mahajeevan Plus Plan opinion through the customer
is important because of all of them i.e74% customer say because of (tax saving,
investment, risk cover) and 14% customer say that because of tax saving or 8%
because of risk cover and 4% because of investment.
84
Q13)If you buy Mahajeevan Plus Plan would you like to go for Agile Capital
Services?
No of respondents
Yes No
14%
86%
INTERPRETATION
In the survey I found that about 86% of the customer will buy (repurchase) new
insurance policy from Agile Capital Services and 14% will not interested to
repurchase the Insurance company product.
85
Q14) What would you like more in Mahajeevan Plus Plan of Agile Capital
Services?
No of respondents
Good return Tax benefit Other/both
18%
8%
74%
INTERPRETATION
Above pie chart show that about 74% of customer say that insurance policy will
provide both good return or tax benefit and (other benefit) and 18% say that only
good return or 8% say that only Tax benefit..
86
Q15) Rate your overall satisfaction with Mahajeevan Plus Plan of Agile Capital
Services?
No. of respondent
Highly satisfaction Satisfactory Average Dissatisfaction
12%
26%
8%
54%
INTERPRETATION
Through the overall survey it show that about 56% of the customer get satisfactory
with Insurance company insurance product or around 28% have average and 16%
customer get highly satisfaction with it.
87
FINDINGS
88
FINDINGS
III. Investor expectation toward LIC such as premium, policy term, bonus and
IV. Among all this factor 40% to 60% investor are satisfied and 20% to 40%
V. Out of 100 response 25% to 60% investors agree with all services provide by
LIC and 10% to 30% investors are strongly agree with all services provide by
LIC.
VI. The Investor decision to invest in LIC policy can be affected by several factors
VII. From the analysis it is observe that respondent belonging to age group below
VIII. The analysis shows that 85% customers are agree that they are looking toward
safety of the investment in LIC, 75% customers are agree that they are looking
return in their investment in LIC and for Liquidity 50% customers are agree
89
SUGGESTIONS
90
SUGGESTIONS
The suggestions are based on analysis and observation during the field study-
ii. Companies should understand the requirements of the people and should
requirements
iv. Companies should target different age groups and should design products
vi. Private companies need to work more on their customer relation services to
91
CONCLUSION
92
CONCLUSION
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But, before you rush out and get a child plan, take a few moments to think about what
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is a significant step towards ensuring your little one's financial future. Researching
and buying the right children's endowment policy is a purchase that requires high
involvement on your part. IndiaFirst Life Little Champ Child Plan is savings-cum-
insurance tool that offers periodic pay-outs, protection of your child's future in case of
Premium benefit. Learn more about the IndiaFirst Life Little Champ Plan so you can
93
LIMITATIONS
OF THE STUDY
94
LIMITATIONS OF THE STUDY
Time constraints:
The time stipulated for the project to be completed is less and thus there are chances
that some information might have been left out, however due care is taken to include
Sample size:
Due to time constraints the sample size was relatively small and would definitely have
Accuracy:
It is difficult to know if all the respondents gave the accurate information; some
95
BIBLIOGRAPHY
96
BIBLIOGRAPHY
I. N. Geetha & Dr. M. Ramesh. 2011. A Study on People’s Preferences in
47.
SSIJMAR. 2006.
97
ANNEXURE
98
QUESTIONNAIRE –
Q1) what type of approach did I prefer?
Personal Interaction
Telephonic Interaction
Q2) How do rate the sale and marketing practices of the Insurance Company?
Very good
Good
Average
Bad
Direct
Indirect
Third party
Q4) Are you satisfied by the service provided by the Insurance Company?
Satisfied
Not satisfied
Q5) How did you come to know about the insurance policies?
Newspaper
Television
Friends/ Family
Others
99
Q6) Which company policy do you have?
LIC
ICICI
HDFC
Others
Monthly
Half yearly
Quarterly
Yearly
Risk cover
Tax saving
Investment
All of them
60,000-1,50,000
1,50,000-2,50,000
2,50,000-5,00,000
5,00,000 above
Term Plan
ULIPs
Others
100
Q11) Are you a customer of Insurance company?
Yes
No
Yes
No
Q13)If you buy a new policy would you like to go for Insurance company?
Yes
No
Q14) What would you like more in insurance policies of Insurance company?
Good return
Tax benefit
Other/both
Q15) Rate your overall satisfaction with insurance policies of Insurance Company?
Highly satisfaction
Satisfactory
Average
Dissatisfaction
101