Lic Jeevan Saral Market Research

 Lic Jeevan Saral Researching the market Essay

M. At the. T (Bandra West, Mumbai)

PGDM (2012-14)

Title of the Project: Consumer buying patterns of Jeevan Saral Coverage in Mumbai Submitted By simply:

Amreen KhanPG12062

Shweta Oza PG12066

Varun Siddharth PG12082

Omkar vartakPG12089

Sandhya Thapar PG12090

Supriya SemwalPG12119

Submitted to: Prof. Naik

Business Summary

Stream of the Task: The project starts with a brief introduction from the Jeevan Saral Policy including the objective of the business and its technique. The job also includes the buyer buying patterns of insurance plan which consists of the elements influencing the buying patterns. The analysis of the questionnaires and recommendations are in the later section of the project. Analysis Methodology: Organized questionnaire with open and close concluded questions have been filled by respondents. Sampling technique used: The technique used intended for sampling is definitely random sample Sampling Device: The sampling units for the customer survey method were the LIC customers having Jeevan Saral Policy. Test Size: The survey was conducted between 30 consumers selected upon random sample.

Contents

Introduction of Jeevan Saral4

Company Objectives: four

Organizational Strategies5

Marketing Objective5

Marketing Strategies5

Situations: a few

Consumer Obtaining Behavior pertaining to Insurance Products6

The Obtaining Decision Method: 6

Factors influencing customer behavior7

Analysis10

Recommendations: 16

Annexure17

Questionnaire for LIC Jeevan Saral Policy17

Launch of Jeevan Saral

LIC Jeevan Saral was launched by LIC in 2005 and the policy has been doing amazing business intended for LIC. The product has already earned Golden Peacock award. This is certainly an Diathesis Assurance plan. В LIC Jeevan Saral has flexibilities which have been usually obtainable only with unit linked insurance plans. Hence it is classified under Special Plans. This really is a non unit-linked insurance coverage with Double Death Benefit of Sum Confident + Go back of High quality. In this plan, the premium amount is determined by the policyholder and he gets 250 times the monthly high quality as Sum Assured. In the event the Life Insured survives the complete term, in that case he would receive Maturity Sum Assured & Loyalty Additions. The Maturity Sum Guaranteed depends on different entry age range and policy term and is specified at the outset of the policy. Now, if the Life Insured dies within the policy period then his nominee will receive the Amount Assured & Return of premiums eliminating extra/rider superior and initial year high grade + Dedication Addition, if any. Therefore, the Death Benefit would be the same inspite of age of admittance and policy term because it depends only on picked premium sum but the Maturity Benefit would differ according to varied age of entrance and plan term. Company Objectives:

* Pass on and provide insurance coverage to the people at a reasonable cost. 2. Maximize breaking down of people's savings by simply 10% by making insurance-linked financial savings adequately eye-catching. * Distributed Life Insurance broadly and in particular to the rural areas and to the socially and economically in reverse classes with a view to reaching all insurable persons in the area and featuring them satisfactory financial cover against loss of life at a reasonable cost. 2. Bear in mind, inside the investment of funds, the principal obligation to its policyholders, whose money it holds in trust, without having to lose sight with the interest of the community all together; the money to be deployed to the greatest advantage of the investors plus the community as a whole, keeping because national priorities and commitments of appealing return. 2. Conduct organization with maximum economy with the full realization that the moneys belong to the policyholders. * Act as trustees of the covered public inside their individual and collective capacities. * Meet the various insurance coverage needs in the community that might arise in the changing interpersonal and economic environment. * Entail all people employed in the...

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