Questionnaire: Consumer Protection Scenario in Life Insurance Sector: With Special Reference To State of Punjab

Appendix-I
QUESTIONNAIRE
CONSUMER PROTECTION SCENARIO IN LIFE INSURANCE SECTOR: WITH

SPECIAL REFERENCE TO STATE OF PUNJAB
Dear respondents,
The prime motto of conducting this research Endeavour is to study the working of life insurance sector. The
responses given by you would be of great importance and will help me in arriving at logical conclusions.
I hereby declare that the information provided by you shall be kept completely confidential and shall be used
only for research purpose. Your identity and information shall not be disclosed.
Sincerely yours
(Baldeep Singh)
Part- A (for policyholders only)
Distinct personal profile
Name : _______________________________
Age : a)Less than 30 b) 30-40 year

c) 40-50 year d) 50 year and above
Gender: Male Female

Marital Status: Married Unmarried
Educational Qualification:
a) Matriculation and below b) Under-graduate
c) Graduate d) Post-graduate
e) Professional Qualification (if any) ______________________
Family size:
a) Less than 2 b) 2 to 4 Members
c) 4 to 6 members d) More than 6
Occupation:
a) Government employee b) Private employee
c) Business man d) Retired employee
e) Professional
Monthly Income:
a) Below 10000 b) Rs.10000-20000
c) Rs. 20000-50000 d) More than 50000
i
=======================================================
1. One must have a suitable insurance policy in these days of uncertainty
Strongly Agree Agree neutral Disagree Strongly Disagree
2. If ‘yes’, from whom have you brought a policy?

a) LIC India Private insurer
c) Both
3. You have been dealing with above insurance company for the last how
many years?
a) Less than 2 years b) 2- 5 years

c) 5- 10 years d) more than 10 years
4. What is periodicity of premium?
a) Monthly b) Quarterly
c) Half yearly d) yearly
5. Your mode of premium.
a) Cash c) Debit card

b) Cheque d) Draft
e) Credit card f) through saving account
g) Any other___________________________
6. How do you rate the service of premium deposit mode of a life

insurance company?
Excellent very good average bad very worse
7. How do you find the premium rates of private life insurance as against
public life insurance companies?
very cheap cheap at par expensive very expensive
ii
8. Life insurance in your opinion is important because of (Give Multiple
Response):
a) Risk cover b) Tax saving
c) Investment d) confidence building
e) All of them
9. Main reason for your sticking to company is
a) Quality b) Less premium

c) Better terms d) Better services
e) All of the above
10. To what extent the following factors influence you to purchase the
products of an insurance company?
a) Visit of insurance Agent b) General advertising
c) Direct mail advertising d) Newspaper
e) Magazines
11. Your Level of satisfaction with the performance of the company is
Excellent very good average bad very worse
12. Life needs protection due to uncertainties and as such long period
policy (15-20 years) is normal.
13. Do you feel that Consumer Protection Act, 1986 is sufficient to protect
the interests of policy holders?
iii
14. Insurance sector is prone to deficiencies in services like other
service areas?
15. Private insurance companies do not bother about Consumer Protection

Act while giving insurance services.
16. Agents or insurance officials do not tell or disclose the Negative points
of the scheme/policies to the consumer while selling the same.
17. Terms and conditions of a contract are explained to the consumers by

life insurance companies at the time of taking policy.
18. Periodical amounts of Money back policies when fall due are not paid
in many cases by insurance companies.
19. Claims of pre-mature payment in case of death or disability not

decided for months.
20. Life insurance companies Send notices for payment of premium

afterwards when premium becomes due so that premium is not paid by
the consumer in time and penalty be imposed.
iv
21. Final payment on expiry of the term of policy is made to the policy
holder/nominee immediately without delay.
22. Nature of the products of life insurance companies is easily

understandable.
23. Language of the brochure should be regional, simple and easily

understandable.
24. It is generally believed that insurance facilities should be availed from

one insurance company only.
25. Entry of private companies has affected business of public sector

companies.
26.
Entry of private companies has widened the scope of insurance
sector in India.
27. Marketing strategies of private companies have improved the strategies

of Public Sector Company also.
28. Quality of products of public sector insurance companies has improved

a lot with entry of private companies.
v
29. Inspite of so much of awareness by CPA and strictness by IRDA,
customers are entrapped by false promises by the insurance companies.
30. If the negative features are intentionally kept secret by an agent/ sub
agent, he/she should be penalized.
31. Death claims are promptly settled by insurance companies.

vi
Appendix-II
QUESTIONNAIRE
CONSUMER PROTECTION SCENARIO IN LIFE INSURANCE SECTOR: WITH
SPECIAL REFERENCE TO STATE OF PUNJAB
Dear respondents,
The prime motto of conducting this research Endeavour is to study the working of life insurance sector. The
responses given by you would be of great importance and will help me in arriving at logical conclusions.
I hereby declare that the information provided by you shall be kept completely confidential and shall be used
only for research purpose. Your identity and information shall not be disclosed.
Sincerely yours
(Baldeep Singh)
Part- B (for Agents, Advisors, Sales managers and Branch managers)

Distinct personal profile
Name : _______________________________
Age : a) Less than 30 b) 30-40 year

c) 40-50 year d) 50 year and above
Gender: Male Female

Marital Status: Married Unmarried
Education Qualification:
a) Matriculation and below b) Under-graduate
c) Graduate d) Post-graduate
e) Professional Qualification (if any) ______________________
Name of Life insurance company where employed________________
Your position in the organization______________________________
====================================================
1. Job with insurance companies is quite remunerative.
vii
2. It is true that assignments in the insurance sector are target linked and
challenging.
3. It is also correct that insurance sector is prone to deficiencies in service

like other service area.
4. Generally Products/ plans in insurance sector are meant for metro/

urban and semi urban people.
5. Life insurance products in public and private sectors are easily

understandable by common people.
6. Agents or insurance officials do not tell or disclose the negative

features of the schemes/policies to the consumer while selling the
same.
7. Term & conditions of the contract are not explained to the consumers
by life insurance advisors/ agents/sub agents.
8. Periodical amounts of money back policies are not paid in time in

many cases by insurance companies.
viii
9. Insurance companies issue notices for payment of premium as and
when the premium becomes due, so that penalty is not imposed on the
policy holder.
10. The guidelines of IRDA are followed meticulously while launching a

new product.
11. Claims of Pre mature payment in case of death or disability are not
decided for months.
12. There is undue pressure of senior officials on their subordinates to

bring maximum business for the company.
13. Pressure of senior officials on their subordinates is the main cause to

hide negative points of the policies from the buyers.
14. There is virtually a competition between public sector and private

sector insurance companies.
15. There is inter-se competition among private sector insurance

companies.
ix
16. Your company believes in long lasting relationship with the clientele
based on fair play and transparency.
17. With the fixing of commission by IRDA, the interests of customers are
now better protected than before.
18. Company focuses for customer retention on

a) Customer yield b) Customer service
b) After sale service d) Customer satisfaction
19. Quality of a product is known from

a) Product of a good company
b) Product having better features
c) Product having better image
d) Growth perspectives of product
e) All the above
20. Customer is guided by whom in buying a product

a) Span of the policy
b) Premium amount of the policy
c) Benefits emanating from the policy
d) Growth rate of the policy
e) All the above
21. To what extent the following kind of inputs your company offers to
your customers to increase the sales volume?
a) Organize seminars, work shop
b) Sponsor conferences
c) Gifts
d) Literature
e) Promote new concept

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Appendix-I

CONSUMER PROTECTION SCENARIO IN LIFE INSURANCE SECTOR: WITH

Age : a)Less than 30 b) 30-40 year

Gender: Male Female

Strongly Agree Agree neutral Disagree Strongly Disagree

2. If ‘yes’, from whom have you brought a policy?

a) Less than 2 years b) 2- 5 years

a) Cash c) Debit card

6. How do you rate the service of premium deposit mode of a life

Excellent very good average bad very worse

very cheap cheap at par expensive very expensive

9. Main reason for your sticking to company is

a) Quality b) Less premium

Excellent very good average bad very worse

Strongly Agree Agree neutral Disagree Strongly Disagree

Strongly Agree Agree neutral Disagree Strongly Disagree

Strongly Agree Agree neutral Disagree Strongly Disagree

15. Private insurance companies do not bother about Consumer Protection

Strongly Agree Agree neutral Disagree Strongly Disagree

Strongly Agree Agree neutral Disagree Strongly Disagree

17. Terms and conditions of a contract are explained to the consumers by

Strongly Agree Agree neutral Disagree Strongly Disagree

19. Claims of pre-mature payment in case of death or disability not

20. Life insurance companies Send notices for payment of premium

Strongly Agree Agree neutral Disagree Strongly Disagree

22. Nature of the products of life insurance companies is easily

23. Language of the brochure should be regional, simple and easily

24. It is generally believed that insurance facilities should be availed from

Strongly Agree Agree neutral Disagree Strongly Disagree

25. Entry of private companies has affected business of public sector

27. Marketing strategies of private companies have improved the strategies

28. Quality of products of public sector insurance companies has improved

31. Death claims are promptly settled by insurance companies.

Part- B (for Agents, Advisors, Sales managers and Branch managers)

Age : a) Less than 30 b) 30-40 year

Gender: Male Female

Your position in the organization______________________________

1. Job with insurance companies is quite remunerative.

Strongly Agree Agree neutral Disagree Strongly Disagree

3. It is also correct that insurance sector is prone to deficiencies in service

4. Generally Products/ plans in insurance sector are meant for metro/

5. Life insurance products in public and private sectors are easily

6. Agents or insurance officials do not tell or disclose the negative

8. Periodical amounts of money back policies are not paid in time in

10. The guidelines of IRDA are followed meticulously while launching a

12. There is undue pressure of senior officials on their subordinates to

13. Pressure of senior officials on their subordinates is the main cause to

14. There is virtually a competition between public sector and private

15. There is inter-se competition among private sector insurance

18. Company focuses for customer retention on

19. Quality of a product is known from

20. Customer is guided by whom in buying a product

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