A Project Report On AGE GROUP INFLUENCE FACTOR FOR PURCHASING INURANCE POLICY Undertaken at: HDFC STANDARD LIFE

INSURANCE CO.LTD. VALSAD

Submitted by: JIGNESH P.YAGNIK (07MBA60) Guided by: Mr. ANIL SARAOGI MBA (2007-09) SHRIMAD RAJCHANDRA INSTITUTE OF MANAGEMENT AND COMPUTER APPLICATION

DECLARATION

I, Jignesh prakash kumar yagnik, hereby declare that the summer project report titled age group influence factor for purchase the insurance policy is an original piece of work done by me for the fulfillment of the award of degree of Master of Business Administration, and whatever information has been taken from any sources had been duly acknowledged.

I further declare that the personal data & information received from any respondent during survey has not been shared with any one and is used for academic purpose only.

Jignesh p yagnik (07MBA60)

ACKNOWLEDGEMENT At this stage of my long educational journey, I look back and find that though mine is a fairly sail, it has been memorizing extravagance of memorable experience. At this gratifying moment of completion of my research problem, I feel obliged to record my gratitude to those who have helped me.

I wish to convey my special thanks to Mr. Jigar desai (Branch Manager) and Mr. Digant desai (Sales Manager) at HDFC standard Life Insurance co. Ltd., who has been a constant source of inspiration and encouragement to me.

I feel immense pleasure in expressing my deep sense of respect and indebtedness to my institute project guide, Mr.Anil saraogi, Faculty, Shrimad Rajchandra Institute of Management & Computer application (SRIMCA), Tarsadi for his valuable guidance throughout preparation of this report.

I feel immense pleasure to thank Dr. B. C Patel, Director, Shrimad Rajchandra Institute of Management & Computer application (SRIMCA), Tarsadi for making available all facilities in fulfilling the requirements for the research work. And I also thank those who helped me directly or indirectly.

Jignesh p yagnik (07MBA60)

Executive Summary
Purpose: The primary purpose is to study the factor which influences the various age groups to buy the insurance policy. The life insurance market in India is an underdeveloped market. The penetration of life insurance products was 19 percent of the total 400 million of the insurable population. Today, everyone in the world wants to secure their future. All wants to eliminate the risk of uncertain life. So my study is to know which factor influences various age groups to buy the insurance policy. Design/Methodology/Approach: The data has been collected through both primary and secondary data collection methods. This project report includes secondary data about the life insurance industry, company details, etc. Primary data are collected through questionnaire filled by the respondents during face to face interaction. At the initial stage the research design is exploratory because the research started with review of literature available on the Internet and in books. Based on that, the final research statement was framed. The subsequent research design is descriptive as it aims to describe the factor which influences the various age groups to buy the insurance policy. Sampling design is non-probability and sampling method is convenience sampling because of time and money constraints. The sample size consisted of 160 respondents across the population.

For the data analysis, various statistical tests like one sample ttest, independent sample t test and measures of central tendencies were applied through SPSS software.

Findings
1. 71.25% of respondents have given 1st rank to LIC; other insurance in peoples companies have got very less frequency in mind. getting 1st rank. So we can say that LIC is at first position 2. 45.625% respondents preferred to invest in fix deposit. 3. 27% of respondent have unit linked endowment plan. 4. 95% of people prefer HDFC standard life to purchase new policy. 5. 45% of people says that brand name influence them to buy the policy. 6. For the age group of (18-25) return on investment is the most important factor. 7. 8. For the age group of (26-35) tax benefits is the most important factor. For the age group of (36-45) risk cover, transparency is the most important factor. 9. For the age group of 46&above death benefit, withdrawal option in the policy is the most important factor. 10. Total customer satisfaction index is 85%. 11. The policy holder are satisfied with risk cover ,tax benefits safety ,transparency ,lock in period, withdrawal option in the policy

Table of content

Sr. No.
1 INTRODUCTION A. Industry profile B. Company profile 2 3 4 5 6 7 8

Topic

Page No.

RESEARCH METHODOLOGY DATA ANALYSIS & INTERPRETATION FINDINGS CONCLUSIONS RECOMMENDATIONS BIBLIOGRAPHY APPENDIX

Ch-1 INTRODUCTION
[A] INDUSTRY PROFILE 1.1 Insurance Insurance is basically a sharing device. The losses to assist resulting from natural calamities like fire, flood, earthquake, accidents, etc are met out of the common pool contributed by large number of persons who are exposed to similar risks. This contribution of many is used to pay the losses suffered by unfortunate few. However the basic principle is that loss should occur as a result of natural calamities or unexpected events which are beyond the human control. Secondly insured person should not make my gains out of insurance. 1.2 Classification of Insurance Insurance business can be divided into two broad categories, life and non-life. 1. Life insurance is concerned with making provision for a specific event happening to the individual, such as death. 2. Non-life is more commonly concerned with the provision for specific event, which affects a property, such as fire, flood, theft etc. 1.3 Life Insurance Market The Life Insurance market in India is an underdeveloped market that was only tapped by the state owned LIC till the entry of private insurers. The penetration of life insurance products was 19 percent of the total 400 million of the insurable population . With the entry of the private insurers the rules of the game have changed.

The 12 private insurers in the life insurance market have already grabbed nearly 9 percent of the market in terms of premium income. The new business premiums of the 12 private players has tripled to Rs 1000 core in 2002- 03 over last year. Meanwhile, state owned LIC's new premium business has fallen. The private insurers also seem to be scoring big in other ways- they are persuading people to take out bigger policies. For instance, the average size of a life insurance policy before privatization was around Rs 50,000. That has risen to about Rs 80,000. But the private insurers are ahead in this game and the average size of their policies is around Rs 1.1 lakhs to Rs 1.2 lakhs- way bigger than the industry average. The state owned companies still dominate segments like endowments and money back policies. But in the annuity or pension products business, the private insurers have already wrested over 33 percent of the market. And in the popular unit-linked insurance schemes they have a virtual monopoly, with over 90 percent of the customers.4 1.4 Important milestones in the life insurance business in India: 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and nonlife insurance businesses. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers and provident societies taken over by the central government and nationalized. LIC formed by an Act of Parliament- LIC Act 1956- with a capital contribution of Rs. 5 core from the Government of India. (2) 1.5 Present Scenario The Government of India liberalized the insurance sector in March 2000 with the passage of the Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry restrictions for private players and allowing foreign players to enter the market with some limits on direct foreign ownership. Under the current guidelines, there is a 26 percent equity cap for foreign partners in an insurance company. There is a proposal to increase this limit to 49 percent. The opening up of the sector is likely to lead to greater spread and deepening of insurance in India and this may also include restructuring and revitalizing of the public sector companies. In the private sector 12 life insurance and 8 general insurance companies have been registered. A host of private Insurance companies operating in both life and non-life segments have started selling their insurance policies since 2001. 1.6 GDP contribution With largest number of life insurance policies in force in the world, Insurance happens to be a mega opportunity in India. Its a business growing at the rate of 15-20 per cent annually and presently is of the order of Rs 450 billion. Together with banking services, it adds about 7 per cent to the countrys GDP. Gross premium collection is nearly 2 per cent of GDP and funds available with LIC for investments are 8 per cent of GDP.

Yet, nearly 80 per cent of Indian population is without life insurance cover while health insurance and non-life insurance continues to be below international standards. And this part of the population is also subject to weak social security and pension systems with hardly any old age income security. This itself is an indicator that growth potential for the insurance sector is immense.

[B] COMPANY PROFILE

1.7History of the HDFC Standard Life HDFC Standard Life first came together for a possible joint venture, to enter the Life Insurance market, in January 1995. It was clear from the outset that both companies shared similar values and beliefs and a strong relationship quickly formed. In October 1995 the companies signed a 3 year joint venture agreement. Around this time Standard Life purchased a 5% stake in HDFC, further strengthening the relationship. The next three years were filled with uncertainty, due to changes in government and ongoing delays in getting the IRDA (Insurance Regulatory and Development authority) Act passed in parliament. Despite this both companies remained firmly committed to the venture. In October 1998, the joint venture agreement was renewed and additional resource made available. Around this time Standard Life purchased 2% of Infrastructure Development Finance Company Ltd. (IDFC). Standard Life also started to use the services of the HDFC Treasury department to advise them upon their investments in India. Towards the end of 1999, the opening of the market looked very promising and both companies agreed the time was right to move the operation to the next level. Therefore, in January 2000 an expert team

from the UK joined a handpicked team from HDFC to form the core project team, based in Mumbai. Around this time Standard Life purchased a further 5% stake in HDFC and a 5% stake in HDFC Bank. 1.8 Incorporation of HDFC Standard Life Insurance Company Limited The company was incorporated on 14th August 2000 under the name of HDFC Standard Life Insurance Company Limited. Their ambition from the beginning was to be the first private company to re-enter the life insurance market in India. On the 23rd of October 2000, this ambition was realized when HDFC Standard Life was the first life company to be granted a certificate of registration. HDFC are the main shareholders in HDFC Standard Life, with 81.4%, while Standard Life owns 18.6%. Given Standard Life's existing investment in the HDFC Group, this is the maximum investment allowed under current regulations. HDFC and Standard Life have a long and close relationship built upon shared values and trust. The ambition of HDFC Standard Life is to mirror the success of the parent companies and be the yardstick by which all other insurance companies in India are measured. All information and material on this site are provided on an "as is" basis, and are without guarantees or warranties of any kind, express or implied. Furthermore, any ideas and/or information provided or gained from this site would not necessarily reflect the views of HDFC Standard Life or its directors or employees. You are not permitted to modify copy, reproduce, upload, post or distribute in any way any material from this site unless expressly permitted by HDFC Standard Life.

The

materials

and/or

information accuracy,

available reliability

or or

obtained otherwise

at/through this site is/are not guaranteed or warranted in terms of completeness, correctness, howsoever by HDFC Standard Life or its directors or employees. The information obtained at/or through this site is not and should not be construed as an offer for a policy or any other assistance. The terms and conditions on which the policies are sold by HDFC Standard Life are subject to changes from

Time to time depending on various factors. While the site may be updated with changes Periodically, HDFC does not guarantee that this site reflects the latest amendments/ information at all times or at any time. The terms and conditions are also largely dependent on the prevalent IRDA Regulations. HDFC Standard Life does not guarantee that this site is complete or accurate in its information content as regards the above.

1.9 Customer service Claims We understand that bereavement can be difficult to deal with, especially when you have to arrange for all the formalities in case of insurance claims. At HDFC Standard Life we lend a helping hand by enabling faster settlement of claims and help the family financially at the time of distress

To help you arrange the documents we have drawn up a list of documents that you may be required to send along with the claims form. This list is for your reference only and the complete list may vary for each claim.

Policy Servicing This section is designed to give you information that you may require incase you wish to make changes in Personal details or Policy details in your existing policy. The changes that you can avail of are: Change in Personal Details Changes you can avail of are: Changes in your mailing address Change of Nominee or Appointee Change in Policy Benefits Reduction in term of the policy Removal of additional benefits (Riders) Reduction in the level cover/premium of your policy Change in frequency of premium payment In case of unit linked policies in addition to the above you can also avail of the following: Paying additional premium (Top-up) Changing your current investment composition (Fund Changing your future premium direction (Premium

Switch) Redirection) Increase your regular premium

1.10ACHEVMENT AND AWARDS May, 2008 Received PC Quest Best IT Implementation Award 2008 HDFC Standard Life received the PC Quest Best IT

Implementation Award 2008 for Consultant Corner, the applications for its financial consultants, providing centralized control over a vast geographical spread for key business units such as inventory, training, licensing, etc. HDFC company Read more about the Consultant Corner tool in the Section. Life has won for the PC Quest its Best IT HDFCSLinNews Standard

Implementation Award for two years consequently. Last year, the received the award Wonders, path-breaking implementation of an enterprise-wide workflow system March, 2008 Silver Abby at Goa fest 2008 HDFC Standard Life's radio spot for Pension Plans won a Silver Abby in the radio writing craft category at the Goa fest 2008 organized by the Advertising Agencies Association of India (AAAI). The radio commercial Pata Nahin Chala touched several changes in life in the blink of an eye through an old mans perspective. The objective was drive awareness and ask people to invest in a pension plan to live life to the

fullest even after retirement, without compromising on ones selfrespect. HDFC Standard Life received Laadli Media Award 2007 for its 'Big car' TV commercial. It showed how a daughter wants to be more responsible towards her family and asks her dad to upgrade to a bigger car by offering him the extra money required to buy the car. HDFC Standard Life received this award for two years consecutively. In 2006, it won for the 'Papa' TV commercial, which challenged the stereotype parents saving only for their son's education or daughter's wedding. The company took a bold step by showing parents saving for their daughter's education abroad, demonstrating progressive thinking. Laadli Media Awards, instituted in 2007, by Population First, an NGO working on women's rights and social development, is given to professionals in print and electronic media and ad makers for gender sensitive news reports, articles, print, TV ads, and films.

March, 2008 Unit Linked Savings Plan Tops Mint Best TV Ads Survey The Unit Linked Savings Plan advertisement of HDFC Standard Life, one of the leading private insurance companies in India, has topped Mints Top Television Advertisement survey conducted, for February 2008. HDFC Standard Lifes Unit Linked Savings Plan advertisement was ranked 4th in terms of a combined score of ad awareness and brand recall and 3rd in terms of ad diagnostic scores (likeability, enjoyment, believability, and claim). The respondents were between 18 and 40 years. Mints exclusive report, New voices in a makeover outlines the survey in detail.

Mr Deepak M Satwalekar, Managing Director and CEO, HDFC Standard Life, received the QIMPRO Gold Standard Award 2007 in the business category at the 18th annual Qimpro Awards function. The award celebrates excellence in individual performance and highlights the quality achievements of extraordinary individuals in an era of global competition and expectations.

January, 2008 Sar Utha Ke Jiyo Among Indias 60 Glorious Advertising Moments HDFC Standard Lifes advertising slogan honored as one of 60 Glorious Advertising & Marketing Moments' over the last 60 years in India, by 4Ps Business and Marketing magazine. The magazine said that HDFC Standard Life is one of the first private insurers to break the ice using the idea of self respect (Sar Utha Ke Jiyo ) instead of 'death' to convey its brand proposition. This was then, followed by others including ICCI Prudential, thus giving HDFC Standard Life the credit of bringing up one such glorious advertising and marketing moment in the last 60 years.

1.11 Products Each of us leads a unique life and so has unique needs, HDFC Standard Life offers a range of products and invites you to choose the one that suits you best
Plan 1. Savings Plans Endowment Assurance Plan Unit Linked Endowment Plan Life Insurance with Savings Life Insurance & Savings with choice of investment funds Childrens Plan Unit Linked Young Star Plan Financial Security for your child Financial security for your child Benefits

with choice of investment funds Money Back Plan 2. Investment Plans Single Premium Whole Of Life Plan 3. Protection Plans Term Assurance Plan Loan Cover Term Assurance Plan Life Insurance at an affordable price Life Insurance customized for home loans Investment with Life Insurance Life Insurance with Savings

4.

Retirement Plans Personal Pension Plan Unit Linked Pension Plan Savings for retirement Retirement Savings with a choice

of investment funds

1.12 MISSION, VISION, VALUE OF COMPANY HDFC MISSION We aim to be the top new life insurance company in the market. This does not just mean being the largest or the most productive company in the market, rather it is a combination of several things like

Customer service of the highest order Value for money for customers Professionalism in carrying out business Innovative products to cater to different needs of different customers

Use of technology to improve service standards Increasing market share HDFCs VISION The most successful and admired life insurance company, which

means that we are the most trusted company, the easiest to deal with, offer the best value for money, and set the standards in the industry. HDFCs VALUES Values that we observe while we work: Integrity Innovation Customer centric

 People Care One for all and all for one Team work Joy and Simplicity

1.13 Board Members

Mr. Deepak S Parekh Chair man Mr. Keki M Mistry-Managing director Mr. Alexander M Crombie Ms. Marcia D Campbell Mr. Keith N Skeoch Mr. Gautam R Divan Mr. Ranjan Pant Mr. Ravi Narain Mr. Deepak M Satwalekar Ms. Renu S. Karnad-Executive director

Ch-2 RESEARCH METHODOLOGY

2.1 Problem statement: To study the factor which influence the various age group to buy the insurance policy? 2.2 Research Objectives 1. Primary objective: To identify the factor which influence the various age group to buy the insurance policy? 2. Secondary objectives: To measure the satisfaction level of the customer of the HDFC standard life insurance company in the valsad area. To study the awareness of the life insurance company in the valsad area. 2.3 Research Design During the primary research, I have done pilot testing of people in valsad area. From that I have prepared the questionnaire and then done my final survey in valsad.

At the initial stage the research is exploratory because it started with review of literature which was available on internet as well as in books. After framing the research statement, the research is now Descriptive

Design because it describes the present scenario at a particular point time and consists of a sample of the population of interests. Thus it provides the overall picture at a given time.

Pre-testing Before the final survey, 10 people were surveyed first to check the validity of the questionnaire.

2.4 Defining target population Sampling Design In this project Descriptive design is used. This is one shot research study at a given point of time and consists of a sample of the population of interest. This gives the overall picture at a given time. Sampling plan Sampling plan helps to collect the data more accurately from the market. Sampling plan is made to make the research more effective when the time available fir research is limited. Sample description The people who are living in valsad and surrounding region. Sample size For my project, the sample size taken for the survey purpose is of 160 people from valsad region.

Time duration:

12th May to 07th July. Two months period was

available for the research and data collection.

Sampling frame: General people of valsad including shop keepers, businessmen, farmers, service holders, house wives, etc.

Sampling technique Instead of probability sampling, here Non-probability Convenience sampling technique is used because of time constraints. Execution of sampling process I have collected the data from the people of valsad region through personal interview with them.

2.5 Research instrument Questionnaire was used for the purpose of data collection as the research instrument. Questionnaire consists of _ Close ended questions ( Many questions includes use of scale) Open ended questions

2.6 Data collection For the preparation of the project both types of data are used. i.e. Primary Data

Secondary Data

Primary Data: Primary data are those data which are collected by the researcher for the first time for his use. These data are pure and therefore more reliable. Primary data gives the original picture of the study or situation for which they are collected. In my project, the primary data are collected through the use of survey method. In the survey the respondents were personally interviewed for data collection. Secondary Data Secondary data are those data which are once collected by any other person in past for his purpose and now being used by the researcher for his purpose. These data are less reliable compared to primary data because these data may be obsolete with the passing of time and may have bias information. In my project, most of the secondary data are collected from internet. Some data regarding the company were obtained with the help of he company guide. Some data related to the topic were collected from the books related to that topic.

2.7 Limitations of the research

As many of the respondents were not that much familiar with English, I needed to explain each and every question in Guajarati or Hindi to them.

 The use of SPSS software is new. It took much time to be understood and to be applied in the project. The survey was conducted in valsad only so, it can not cover the preference of other areas client.

2.7Statistical tests used

In this project report, I have used One Sample T-test, paired sample ttest and measures of central tendency.
One Sample t-test

The one sample t-test is the statistical test which is used to test the difference between sample statistic and a hypothesized population parameter. It is used when the types of data are interval in nature. Paired sample t-test The paired sample procedure compares the mean of two variables for a single group. The procedure computes the difference between the values of the two variables for each case and test weather the average differs from zero. For example in a study of high blood pressure, all patients are measure again. Thus, each subject has two measures, often call before and after measure. An alternative design for which this test is use is a match pairs or case control study, in which each record in the data file contains the response for the patients and also for his or her matched control subject. In a blood pressure study, patient and also for his or her matched control subject. In a blood pressure study, patients and controls might be matched by 75 year old patient with a 75 year old control group member.

One sample t-test measure the different between the hypotheses mean and the calculated mean while paired t-test measure the mean difference between two parameters.

Measures of central tendency There are three parameters for the measure of central tendency. Mean is used when the data are of scale type in nature. Median is used when the data are of ordinal i.e. interval type in nature.

Mode is used when the data are of nominal type in nature.

2.8 How to conduct statistical test I have used SPSS software for applying statistical tests in my research.

Ch-3 DATA ANALYSIS & INTERPRETATION

Q.1 Kindly rank from 1 to 7 with respect to which ever company comes first to last in your mind when you think about insurance? Purpose: This question helps in knowing the respondents top of the mind Awareness regarding various life insurance companies.

LIC HDFC ICICI AVIVA MAX BAJAJ RELIANCE TOTAL

RANK=1 114 24 6 1 4 1 10 160

PERCENT 71.25% 15% 3.75% 0.625% 2.5% 0.625% 6.25% 100

From the above table, we can say that from 160 respondents 114 have given 1st rank to LIC. Other insurance companies have got very less frequency in getting 1st rank. So we can say that LIC is at first position in peoples mind.

Q-2.Rank the following investment options from 1 to 6 which you prefer most for investment?
Purpose: the purpose of asking this question is to know that which investment option is mostly used by the respondents PERCEN EQUITY FD MUTUAL FUND INSURANCE POSTAL BONDS TOTAL RANK 18 73 18 44 6 1 160 T 11.25 45.625 11.25 27.5 3.75 0.625 100

Here we can see that two investment options bank fix deposit and Insurance has got higher frequency i.e. 46%and 27% respectively. So we can say on the bases of the above data that from all the investment options, these two options viz. fix deposit and Insurance are mostly used and preferred by the people.

Q.3 what type of insurance policy you have taken? Purpose:

This question is asked to know that which type of life

insurance plan the people have.

PLAN life investment plan pension plan

NUMBER 5 17 37

PERSENTAGE 2 7 15

children money back endowment unit licked unit licked endowment others TOTAL

12 9 55 30 65 12 230

5 4 23 12 27 5

As we can see in the above table as well as chart, about 27% of people has the unit licked endowment plan. This shows that people are more interested in the unit linked endowment plan.

Q.4 put the make in below attributes which you prefer most while purchasing insurance policy?
Purpose. This question is asked to know which factor according to the policy holder is most important while they have purchase a life insurance policy.

Desired level (18-25) ATTRIBUTES Risk cover Tax benefits Return Flexibility Safety Death 1 0 0 0 0 0 2 10 0 0 0 0 0 10 0 12 15 3 20 3 0 7 11 0 20 3 10 7 4 3 22 3 15 14 14 2 11 5 4 5 1 10 32 7 10 21 3 21 0 0 MEAN 2.8 4.2 4.91 3.3 3.9 4.6 2.94 4.5 2.3 2.2

benefits Value added 0 service Transparenc y Fund option Policy term 0 8 10

Lock period Withdrawal

in 0 0

0 0

12 7

10 12

13 15

4 4.1

option in the policy

Risk cover One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (3).in other words, we hypothesize that policy holder are neutral about the risk cover factor. i.e. H0: x==3 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words the policy holders are not neutral about risk cover. i.e. x, i.e.H1x3 Significant level: 0.05

One-Sample Statistics Std. Std. RISKCOVER N 35 Mean 2.8000 Deviation .63246 Error Mean .10690

One-Sample Test t df Test Value = 3 Sig. (2- Mean 95% Confidence

Differen Interval of the RISKCOVER -1.871 34 tailed) .070 ce -.20000 Difference -.4173 .0173

Inference Here the test is performed at 95%significant level and the t value comes out as .070 which is greater then0.05, means here null hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean. So we can say that according to policy holder of this age group they are neutral about risk cover factor.

Tax benefits One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (4).in other words, we hypothesize that according to policy holders tax benefits are important for them. i.e. H0: x==4 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders tax benefits are not important for them. i.e. x, i.e.H1x4 Significant level: 0.05 One-Sample Statistics N Mean Std. Std.

Error Deviation TAX BENEFITS 35 4.2000 .58410 Mean .09873

One-Sample Test Test Value = 4 Mean Sig. t TAX BENEFITS Inference 2.026 df 34 tailed) .051 ce .20000 95% Confidence Difference -.0006 .4006

(2- Differen Interval of the

Here the test is performed at 95%significant level and the t value comes out as .051 which is greater then 0.05, means here null hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean. So we can say that according to policy holder of this age group tax benefit factor is important for them.

Returns One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (5).in other words, we hypothesize that according to policy holders return is completely important for them. i.e. H0: x==5

Alternative

hypothesize

(H1):

There

is

significant

difference

between calculated mean and hypotheses mean. In other according to policy holders return is not completely important for them. i.e. x, i.e.H1x5 Significant level: 0.05 One-Sample Statistics Std. Std. RETURNS N 34 Mean Deviation 4.9118 .28790 Error Mean .04937

One-Sample Test Test Value = 5 Mean Sig. (2RETURNS Inference t -1.787 df 33 tailed) .083 Differen ce -.08824 95% Confidence Interval of the Difference -.1887 .0122

Here the test is performed at 95%significant level and the t value comes out as .083 which is greater then0.05, means here null hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean. So we can say that according to policy holder of this age group return on investment is completely important for them

Flexibility One sample t- test

Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (3).in other words, we hypothesize that according to policy holders flexibility is neutral for them. i.e. H0: x==3 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words the policy holders are not neutral about flexibility. i.e. x, i.e.H1x3 Significant level: 0.05 One-Sample Statistics Std. Std. FLEXIBILITY N 35 Mean 3.3143 Deviation 1.65869 Error Mean .28037

One-Sample Test Test Value = 3 Mean Sig. FLEXIBILITY Inference Here the test is performed at 95%significant level and the t value comes out as .270 which is greater then0.05, means here null hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean. t 1.121 df 34 tailed) .270 ce .31429 95% Confidence Difference -.2555 .8841

(2- Differen Interval of the

So we can say that according to policy holder of this age group flexibility factor is neutral for them.

Safety One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (4).in other words, we hypothesize that according to policy holders safety is important for them. i.e. H0: x==4 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders safety is not important for them. i.e. x, i.e.H1x4 Significant level: 0.05 One-Sample Statistics Std. Std. SAFTY N 35 Mean 3.9714 Deviation .78537 Error Mean .13275

One-Sample Test t df Test Value = 4 Sig. (2- Mean 95% Confidence

Differen Interval of the SAFTY -.215 34 tailed) .831 ce -.02857 Difference -.2984 .2412

Inference Here the test is performed at 95%significant level and the t value comes out as .831 which is greater then0.05, means here null hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean. So we can say that according to policy holder of this age group safety factor is important for them.

Death benefits One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (5).in other words, we hypothesize that according to policy holders death benefit is completely important for them. i.e. H0: x==5 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders death benefits are not completely important for them. i.e. x, i.e.H1x5 Significant level: 0.05

One-Sample Statistics Std. Std. N DEATH BENEFITS 35 Mean 4.6000 Deviation .49705 Error Mean .08402

One-Sample Test Test Value = 5 Mean Sig. t DEATH BENEFITS Inference -4.761 df 34 tailed) .000 ce -.40000 95% Confidence Difference -.5707 -.2293

(2- Differen Interval of the

Here the test is performed at 95%significant level and the t value comes out as .000 which is less then0.05, means here null hypothesis is rejected. It can be said that there is significance difference between calculated mean and hypothesis mean. Value added service One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (3).in other words, we hypothesize that policy holder are neutral about the value added service factor. i.e. H0: x==3 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words the policy holders are not neutral about value added service.

i.e. x, i.e.H1x3 Significant level: 0.05

One-Sample Statistics Std. Std. N VALUEADDEDSE RVICE 34 Mean 2.941 Deviation .77621 Error Mean .13312

One-Sample Test Test Value = 3 Mean Sig. (2t VALUEADDEDSE RVICE Inference -.442 df 33 tailed) .661 Differen ce -.05882 95% Confidence Interval of the Difference -.3297 .2120

Here the test is performed at 95%significant level and the t value comes out as .661 which is greater then0.05, means here null hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean. So we can say that according to policy holder of this age group value added service is neutral for them.

Transparency One sample t- test

Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (4).in other words, we hypothesize that according to policy holders transparency is important for them. i.e. H0: x==4 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders transparency is not important for them. i.e. x, i.e.H1x4 Significant level: 0.05 One-Sample Statistics Std. Std. TRANSPARENCY N 35 Mean 4.5143 Deviation .65849 Error Mean .11131

One-Sample Test Test Value = 5 Mean Sig. (2t TRANSPARENCY -4.364 df 3 4 tailed) .000 Differen ce -.48571 95% Confidence Interval of the Difference -.7119 -.2595

Inference Here the test is performed at 95%significant level and the t value comes out as .000 which is less then0.05, means here null hypothesis is rejected. It can be said that there is significance difference between calculated mean and hypothesis.

Fund option One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (2).in other words, we hypothesize that according to policy holders fund options are not important for them. i.e. H0: x==2 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders fund options are important for them. i.e. x, i.e.H1x2 Significant level: 0.05 One-Sample Statistics Std. Std. FUNDOPTION N 35 Mean 2.3429 Deviation .99832 Error Mean .16875

One-Sample Test Test Value = 2 Mean t df tailed) ce 95% Confidence Difference

Sig. (2- Differen Interval of the

FUND OPTION Inference

2.032

34

.050

.34286

-.0001

.6858

Here the test is performed at 95%significant level and the t value comes out as .050 which is equal to 0.05, means here null hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean. So we can say that according to policy holder of this age group fund option is not important for them.

Policy term One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (2).in other words, we hypothesize that according to policy holders policy term is not important for them. i.e. H0: x==2 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders policy term is important for them. i.e. x, i.e.H1x2 Significant level: 0.05 One-Sample Statistics Std. Std. N POLICY TERM 35 Mean 2.0857 Deviation .91944 Error Mean .15541

One-Sample Test Test Value = 2 Sig. (2- Mean tailed) t POLICY TERM .552 Inference df 34 .585 ce .08571 95% Confidence Difference -.2301 .4016

Differen Interval of the

Here the test is performed at 95%significant level and the t value comes out as .585 which is greater then 0.05, means here null hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean. So we can say that according to policy holder of this age group policy term is not important for them. Lock in period One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (4).in other words, we hypothesize that according to policy holders lock in period is important for them. i.e. H0: x==4 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders lock in period is not important for them. i.e. x, i.e.H1x4 Significant level: 0.05 One-Sample Statistics N Mean Std. Std.

Error Deviation LOCK PERIOD IN 35 4.0286 .85700 Mean .14486

One-Sample Test Test Value = 4 Mean Sig. t LOCKINPERI OD Inference Here the test is performed at 95%significant level and the t value comes out as .845 which is greater then0.05, means here null hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean. So we can say that according to policy holder of this age group lock in period is important for them. Withdrawal option in the policy One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (4).in other words, we hypothesize that according to policy holders withdrawal option in the policy is important for them. i.e. H0: x==4 Alternative hypothesize (H1): There is significant difference .197 df 34 tailed) .845 ce .02857 95% Confidence Difference -.2658 .3230

(2- Differen Interval of the

between calculated mean and hypotheses mean. In other words

according to policy holders withdrawal option in the policy is not important for them. i.e. x, i.e.H1x4 Significant level: 0.05

One-Sample Statistics Std. Std. N WITHROWAL OPTION IN 35 4.1143 1.05081 .17762 THE POLICY One-Sample Test Test Value = 4 Mean Sig. t WITHROWAL OPTION IN .643 34 .524 .11429 -.2467 .4753 THE POLICY df tailed) ce 95% Confidence Difference Mean Deviation Error Mean

(2- Differen Interval of the

Inference Here the test is performed at 95%significant level and the t value comes out as .524 which is greater then0.05, means here null

hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean. So we can say that according to policy holder of this age group withdrawal option in the policy is important for them.

The respondents in this age group of 18-25 are looking for more returns rather then risk cover and value added service. Death benefits, withdrawal option in the policy are almost important. While policy term and fund option are least important.

Desired level (26-35)

ATTRIBUTES Risk cover Tax benefits Return Flexibility Safety Death

1 0 0 0 0 0 0

2 0 0 0 0 0 0 0

3 0 0 2 5 0 0 4

4 25 3 16 18 14 24 20

5 20 42 27 23 31 21 21

MEAN 4.44 4.93 4.55 4.48 4.69 4.46 4.37

benefits Value added 0 service Transparenc y Fund option Policy term Lock period Withdrawal option in the policy 0 11 in 0 0

0 14 7 0

1 11 14 20

19 12 10 14

25 7 3 11

4.53 3.2 2.7 3.91

20

17

4.2

Risk cover One sample t- test

Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (4).in other words, we hypothesize that according to policy holders withdrawal option in the policy is important for them. i.e. H0: x==4 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders withdrawal option in the policy is not important for them. i.e. x, i.e.H1x4 Significant level: 0.05 One-Sample Statistics Std. Deviatio RISKCOVER N 45 Mean 4.4444 n .50252 Std. Error Mean .07491

One-Sample Test Test Value = 4 Mean Sig. RISKCOVER t 5.933 df 44 tailed) .000 ce .44444 95% Confidence Difference .2935 .5954

(2- Differen Interval of the

Inference Here the test is performed at 95%significant level and the t value comes out as .00 which is less then0.05, means here null hypothesis is

rejected. It can be said that there is significance difference between calculated mean and hypothesis mean. Tax benefits One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (5).in other words, we hypothesize that according to policy holders tax benefits in the policy is completely important for them. i.e. H0: x==5 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders tax benefits in the policy is not completely important for them. i.e. x, i.e.H1x5 Significant level: 0.05 One-Sample Statistics Std. Deviatio TAXBENEFITS N Mean 45 4.93 n .25226 Std. Error Mean .0376

One-Sample Test t df Test Value = 5 Sig. (2Mean tailed) Differen 95% Confidence Interval of the

TAXBENEFITS Inference

1.7

44

.083

ce .06667

Difference .1425 .0091

Here the test is performed at 95%significant level and the t value comes out as .083 which is greater then0.05, means here null hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean. So we can say that according to policy holder of this age group tax benefit is completely important for them. Returns One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (5).in other words, we hypothesize that according to policy holders return is completely important for them. i.e. H0: x==5 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other according to policy holders return is not completely important for them. i.e. x, i.e.H1x5 Significant level: 0.05 One-Sample Statistics Std. Std. N Mean Deviation Error Mean

RETURNS

45

4.5556

.58603

.08736

One-Sample Test Test Value = 5 Mean Sig. RETURNS t -5.087 df tailed) 44 .000 ce -.44444 95% Confidence Difference -.6205 -.2684

(2- Differen Interval of the

Inference Here the test is performed at 95%significant level and the t value comes out as .000 which is greater then0.05, means here null hypothesis is rejected. It can be said that there is significance difference between calculated mean and hypothesis mean. Flexibility One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (4).in other words, we hypothesize that according to policy holders flexibility is important for them. i.e. H0: x==4 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders flexibility is not important for them. i.e. x, i.e.H1x4 Significant level: 0.05

One-Sample Statistics N Mean Std. FLEXIBILITY 45 4.4889 Deviation .62603 Std. Error Mean .09332

One-Sample Test Test Value = 4 Mean Sig. FLEXIBILITY Inference Here the test is performed at 95%significant level and the t value comes out as .000 which is less then0.05, means here null hypothesis is rejected. It can be said that there is significance difference between calculated mean and hypothesis mean. t df 5.239 44 tailed) .000 ce .48889 95% Confidence Difference .3008 .6770

(2- Differen Interval of the

Safety One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (5).in other words, we hypothesize that according to policy holders safety is completely important for them.

i.e. H0: x==5 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders safety is not completely important for them. i.e. x, i.e.H1x5 Significant level: 0.05

One-Sample Statistics Std. Std. SAFTY N 45 Mean 4.6889 Deviation .46818 Error Mean .06979

One-Sample Test Test Value = 5 Mean Sig. SAFTY Inference Here the test is performed at 95%significant level and the t value comes out as .000 which is less then0.05, means here null hypothesis is rejected. It can be said that there is significance difference between calculated mean and hypothesis mean. Death benefits t df -4.458 44 tailed) .000 ce -.31111 95% Confidence Difference -.4518 -.1705

(2- Differen Interval of the

One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (4).in other words, we hypothesize that according to policy holders death benefit is important for them. i.e. H0: x==4 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders death benefits are not important for them. i.e. x, i.e.H1x4 Significant level: 0.05

One-Sample Statistics Std. Std. DEATHBENEFITS N 45 Mean 4.4667 Deviation .50452 Error Mean .07521

One-Sample Test Test Value = 4 Mean Sig. DEATHBENEFITS Inference t df 6.205 44 tailed) .000 ce .46667 95% Confidence Difference .3151 .6182

(2- Differen Interval of the

Here the test is performed at 95%significant level and the t value comes out as .000 which is less then0.05, means here null hypothesis is rejected. It can be said that there is significance difference between calculated mean and hypothesis mean Value added service One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (4).in other words, we hypothesize that according to policy holders value added service is important for them. i.e. H0: x==4 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders value added service is not important for them. i.e. x, i.e.H1x4 Significant level: 0.05

One-Sample Statistics Std. Std. N VALUE SERVICE ADDED 45 Mean 4.3778 Deviation .61381 Error Mean .09150

One-Sample Test Test Value = 4 Mean Sig. t VALUE SERVICE Inference Here the test is performed at 95%significant level and the t value comes out as .000 which is less then0.05, means here null hypothesis is rejected. It can be said that there is significance difference between calculated mean and hypothesis mean Transparency One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (5).in other words, we hypothesize that according to policy holders transparency is completely important for them. i.e. H0: x==5 Alternative hypothesize (H1): There is significant difference ADDED 4.129 df 44 tailed) .000 ce .37778 95% Confidence Difference .1934 .5622 (2- Differen Interval of the

between calculated mean and hypotheses mean. In other words according to policy holders transparency is not completely important for them. i.e. x, i.e.H1x5 Significant level: 0.05 One-Sample Statistics

Std. Std. TRANSPARENCY N Mean 45 4.5333 Deviation .54772 Error Mean .08165

One-Sample Test Test Value = 5 Mean Sig. TRANSPARENCY t -5.71 df 44 tailed) .000 ce -.46667 95% Confidence Difference -.6312 -.3021

(2- Differen Interval of the

Inference Here the test is performed at 95%significant level and the t value comes out as .000 which is less then0.05, means here null hypothesis is rejected. It can be said that there is significance difference between calculated mean and hypothesis mean

Fund option One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (3).in other words, we hypothesize that according to policy holders fund options is neutral for them. i.e. H0: x==3

Alternative

hypothesize

(H1):

There

is

significant

difference

between calculated mean and hypotheses mean. In other words according to policy holders fund options is not neutral for them. i.e. x, i.e.H1x3 Significant level: 0.05 One-Sample Statistics Std. Std. FUNDOPTION N 45 Mean 3.2444 Deviation .85694 Error Mean .12774

One-Sample Test Test Value = 3 Mean Sig. FUNDOPTION t df 1.914 44 tailed) .062 ce .24444 95% Confidence Difference -.0130 .5019 (2- Differen Interval of the

Inference Here the test is performed at 95%significant level and the t value comes out as .062 which is greater then0.05, means here null hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean. So we can say that according to policy holder of this age group fund option is neutral for them.

Policy term One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (3).in other words, we hypothesize that according to policy holders policy term is neutral for them. i.e. H0: x==3 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders policy term is not neutral for them. i.e. x, i.e.H1x3 Significant level: 0.05 One-Sample Statistics Std. Std. N Mean Deviation POLICYTERM 45 2.7111 1.03621 One-Sample Test Test Value = 3 Mean Sig. POLICYTERM Inference Here the test is performed at 95%significant level and the t value comes out as .068 which is greater then0.05, means here null t df -1.870 44 tailed) .068 ce -.28889 95% Confidence Difference -.6002 .0224 (2- Differen Interval of the Error Mean .15447

hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean. So we can say that according to policy holder of this age group policy term is neutral for them. Lock in period One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (4).in other words, we hypothesize that according to policy holders lock in period is important for them. i.e. H0: x==4 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders lock in period is not important for them. i.e. x, i.e.H1x4 Significant level: 0.05 One-Sample Statistics Std. Std. N LOCK PERIOD IN 45 Mean 3.8000 Deviation 1.28982 Error Mean .19228

One-Sample Test t df Test Value = 4 Sig. (2- Mean 95% Confidence

Differen Interval of the tailed) LOCK PERIOD Inference IN -1.04 44 .304 ce -.20000 Difference -.5875 .1875

Here the test is performed at 95%significant level and the t value comes out as .304 which is greater then0.05, means here null hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean. So we can say that according to policy holder of this age group lock in period is important for them.

Withdrawal option in the policy One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (4).in other words, we hypothesize that according to policy holders withdrawal option in the policy is important for them. i.e. H0: x==4 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders withdrawal option in the policy is not important for them.

i.e. x, i.e.H1x4 Significant level: 0.05 One-Sample Statistics Std. Std. N WITHROWAL OPTION IN 45 4.2000 .72614 .10825 THE POLICY One-Sample Test Test Value = 4 Mean Sig. t WITHROWAL OPTION IN 1.848 44 .071 .20000 -.0182 .4182 THE POLICY Inference Here the test is performed at 95%significant level and the t value comes out as .071 which is greater then0.05, means here null hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean. So we can say that according to policy holder of this age group withdrawal option in the policy is important for them. df tailed) ce 95% Confidence Difference (2- Differen Interval of the Mean Deviation Error Mean

According to the respondent of this age group 26-35 tax benefit is the most important for them. So we can say that the respondent of this

age group consider insurance as a tax saving instrument rather than looking for returns than other attributes. They also feel that the lock in period and the withdrawal option in the policy are also important.

Desired level (36-45) ATTRIBUTES 1 2 3 4 5 Weighte d Risk cover Tax benefits Return Flexibility Safety 0 0 0 0 0 0 0 0 0 0 0 9 12 4 8 3 15 15 21 22 42 21 18 20 15 average 4.93 4.3 4.1 4.3 4.15

Death

0 0

0 17

14 17

31 11

4.68 3.86

benefits Value added 0 service Transparenc y Fund option Policy term Lock period Withdrawal option in the policy 0 0 0 3 in 0

0 0 9 0

0 3 10 12

2 20 12 15

43 22 11 18

4.84 4.42 3.35 4.13

11

17

17

4.13

Risk cover One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (5).in other words, we hypothesize that according to policy holders risk cover is completely important for them. i.e. H0: x==5 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words

according to policy holders risk cover is not completely important for them. i.e. x, i.e.H1x5 Significant level: 0.05

One-Sample Statistics Std. Std. RISKCOVER N Mean Deviation 45 4.93 .25226 Error Mean .03761

One-Sample Test Test Value = 5 Mean 95% Confidence Sig. (2- Differen RISKCOVER Inference t 1.773 df 44 tailed) .083 ce .06667 Interval of the Difference .1425 .0091

Here the test is performed at 95%significant level and the t value comes out as.083 which is greater then0.05, means here null hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean. So we can say that according to policy holder of this age group risk cover is completely important for them.

Tax benefits One sample t- test

Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (4).in other words, we hypothesize that according to policy holders tax benefits is important for them. i.e. H0: x==4 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders tax benefits is not important for them. i.e. x, i.e.H1x4 Significant level: 0.05 One-Sample Statistics Std. Std. TAXBENEFITS N 45 Mean 4.355 Deviation .74332 Error Mean .11081

One-Sample Test Test Value = 4 Mean Sig. TAXBENEFITS Inference t 3.20 df 44 tailed) .002 ce .35556 95% Confidence Difference .1322 .5789 (2- Differen Interval of the

Here the test is performed at 95%significant level and the t value comes out as .002 which is less then 0.05, means here null hypothesis is rejected. It can be said that there is significance difference between calculated mean and hypothesis mean.

Returns

One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (4).in other words, we hypothesize that according to policy holders return is important for them. i.e. H0: x==4 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders return is not important for them. i.e. x, i.e.H1x4 Significant level: 0.05

One-Sample Statistics Std. Std. RETURNS N 45 Mean 4.1333 Deviation .81464 Error Mean .12144

One-Sample Test Test Value = 4 Mean Sig. RETURNS Inference t df 1.09 44 tailed) .278 ce .13333 95% Confidence Difference -.1114 .3781

(2- Differen Interval of the

Here the test is performed at 95%significant level and the t value comes out as .278 which is greater then 0.05, means here null

hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean. So we can say that according to policy holder of this age group return on investment is important for them.

Flexibility One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (4).in other words, we hypothesize that according to policy holders flexibility is important for them. i.e. H0: x==4 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders flexibility is not important for them. i.e. x, i.e.H1x4 Significant level: 0.05 One-Sample Statistics Std. Std. FLEXIBILITY N 45 Mean 4.3556 Deviation .64511 Error Mean .09617

One-Sample Test t df Test Value = 4 Sig. (2- Mean 95% Confidence

Differen Interval of the tailed) FLEXIBILITY Inference Here the test is performed at 95%significant level and the t value comes out as .001 which is less then 0.05, means here null hypothesis is rejected. It can be said that there is significance difference between calculated mean and hypothesis mean. Safety One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (4).in other words, we hypothesize that according to policy holders safety is important for them. i.e. H0: x==4 Alternative hypothesize (H1): There is significant difference 3.6 9 44 .001 ce .35556 Difference .1617 .5494

between calculated mean and hypotheses mean. In other words according to policy holders safety is not important for them. i.e. x, i.e.H1x4 Significant level: 0.05 One-Sample Statistics Std. Std. SAFTY N 45 Mean Deviation 4.155 .70568 Error Mean .10520

One-Sample Test

Test Value = 4 Mean Sig. (2SAFTY Inference t 1.479 df 44 tailed) .146 Differen ce .15556

95% Confidence Interval of the Difference .0565 .3676

Here the test is performed at 95%significant level and the t value comes out as .146 which is greater then 0.05, means here null hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean. So we can say that according to policy holder of this age group safety is important for them.

Death benefits One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (5).in other words, we hypothesize that according to policy holders death benefits is completely important for them. i.e. H0: x==5 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders death benefits is not completely important for them. i.e. x, i.e.H1x5 Significant level: 0.05

One-Sample Statistics Std. Std. N DEATH BENEFITS 45 Mean 4.6889 Deviation .46818 Error Mean .06979

One-Sample Test Test Value = 5 Mean Sig. t DEATH BENEFITS Inference Here the test is performed at 95%significant level and the t value comes out as .000 which is less then 0.05, means here null hypothesis is rejected. It can be said that there is significance difference between calculated mean and hypothesis mean. -4.458 df 44 tailed) .000 ce -.31111 95% Confidence Difference -.4518 -.1705

(2- Differen Interval of the

Value added service One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (4).in other words, we hypothesize that according to policy holders value added service is important for them. i.e. H0: x==4

Alternative

hypothesize

(H1):

There

is

significant

difference

between calculated mean and hypotheses mean. In other words according to policy holders value added service is not important for them. i.e. x, i.e.H1x4 Significant level: 0.05 One-Sample Statistics Std. Std. N VALUE SERVICE ADDED 45 Mean 3.8667 Deviation .78625 Error Mean .11721

One-Sample Test Test Value = 4 Mean Sig. t VALUE SERVICE Inference ADDED -1.138 df 44 tailed) .261 ce -.13333 95% Confidence Difference -.3695 .1029 (2- Differen Interval of the

Here the test is performed at 95%significant level and the t value comes out as .261 which is greater then 0.05, means here null hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean. So we can say that according to policy holder of this age group value added service is important for them.

Transparency One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (5).in other words, we hypothesize that according to policy holders transparency is completely important for them. i.e. H0: x==5 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders transparency is not completely important for them. i.e. x, i.e.H1x5 Significant level: 0.05 One-Sample Statistics Std. Std. TRANSPARENCY N 45 Mean Deviation 4.9556 .20841 Error Mean .03107

One-Sample Test Test Value = 5 Mean Sig. (2TRANSPARENCY t -1.431 df 44 tailed) .160 Differen ce -.04444 95% Confidence Interval of the Difference -.1071 .0182

Inference Here the test is performed at 95%significant level and the t value comes out as .160 which is greater then 0.05, means here null hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean. So we can say that according to policy holder of this age group transparency is completely important for them. Fund option One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (4).in other words, we hypothesize that according to policy holders fund options is important for them. i.e. H0: x==4 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders fund options is not important for them. i.e. x, i.e.H1x4 Significant level: 0.05 One-Sample Statistics Std. Std. N FUND OPTION 45 Mean 4.4222 Deviation .62118 Error Mean .09260

One-Sample Test

Test Value = 4 Mean Sig. t FUND OPTION Inference 4.560 df 44 tailed) .000 ce .42222

95% Confidence Difference .2356 .6088

(2- Differen Interval of the

Here the test is performed at 95%significant level and the t value comes out as .000 which is less then 0.05, means here null hypothesis is rejected. It can be said that there is significance difference between calculated mean and hypothesis mean.

Policy term One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (3).in other words, we hypothesize that according to policy holders policy term is neutral for them. i.e. H0: x==3 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders policy term is not neutral for them. i.e. x, i.e.H1x3 Significant level: 0.05 One-Sample Statistics N Mean Std. Std.

Error Deviation POLICY TERM 45 3.3556 1.24600 Mean .18574

One-Sample Test Test Value = 3 Mean 95% Confidence Sig. (2POLICY TERM t 1.91 df 44 tailed) .062 Differen ce .35556 Interval of the Difference .0188 .7299

Inference Here the test is performed at 95%significant level and the t value comes out as .062 which is greater then 0.05, means here null hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean. So we can say that the policy holder of this age group is neutral about policy term factor. Lock in period One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (4).in other words, we hypothesize that according to policy holders lock in period is important for them. i.e. H0: x==4

Alternative

hypothesize

(H1):

There

is

significant

difference

between calculated mean and hypotheses mean. In other words according to policy holders lock in period is not important for them. i.e. x, i.e.H1x4 One-Sample Statistics Std. Std. N LOCK PERIOD IN 45 Mean 4.1333 Deviation .81464 Error Mean .12144

One-Sample Test Test Value = 4 Mean Sig. t LOCK PERIOD IN 1.098 df 44 tailed) .278 ce .13333 95% Confidence Difference -.1114 .3781 (2- Differen Interval of the

Inference Here the test is performed at 95%significant level and the t value comes out as .278 which is greater then 0.05, means here null hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean. So we can say that according to policy holder of this age group lock in period is important for them.

Withdrawal option in the policy

One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (4).in other words, we hypothesize that according to policy holders withdrawal option in the policy is important for them. i.e. H0: x==4 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders withdrawal option in the policy is not important for them. i.e. x, i.e.H1x4 Significant level: 0.05 One-Sample Statistics Std. Std. N WITHROWAL OPTION IN 45 4.1333 .78625 .11721 THE POLICY One-Sample Test Test Value = 4 Mean Sig. t WITHROWAL OPTION IN 1.138 44 .261 .13333 -.1029 .3695 THE POLICY Inference df tailed) ce 95% Confidence Difference Mean Deviation Error Mean

(2- Differen Interval of the

Here the test is performed at 95%significant level and the t value comes out as .261 which is greater then 0.05, means here null hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean.

So we can say that according to policy holder of this age group withrowal option in the policy is important for them.

According to responded of this age group (36-45) Risk cover and transparency is completely important for them. so we can say the respondent of this age group primary looking for risk cover and transparency. While return, safety, value added service, lock in period, withdrawal option in the policy are important for them.

Desired level (46&above) ATTRIBUTES 1 2 3 4 5 Weighted average Risk cover Tax benefits Return Flexibility Safety Death benefits Value added 0 service Transparenc y Fund option Policy term 0 0 0 0 0 0 3 3 8 12 15 12 20 17 15 4.48 4.4 4.2 1 4 16 14 4.22 0 0 0 0 0 0 0 0 0 4 0 0 7 0 8 7 0 0 6 12 14 12 15 2 22 23 13 12 20 33 4.42 4.65 4.14 3.91 4.57 4.94

Lock period Withdrawal

in 0

13

22

4.62

33

4.94

option in the policy

Risk cover One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (4).in other words, we hypothesize that according to policy holders withdrawal option in the policy is important for them. i.e. H0: x==4 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders withdrawal option in the policy is not important for them. i.e. x, i.e.H1x4 Significant level: 0.05 One-Sample Statistics N Mean Std. Deviation Std. Error

Mean RISK COVER 35 4.4286 .81478 .13772

One-Sample Test

Test Value = 4 Mean Sig. RISKCOVER Inference t 3.112 df 34 tailed) .004 ce .42857

95% Confidence Difference .1487 .7085

(2- Differen Interval of the

Here the test is performed at 95%significant level and the t value comes out as .004 which is less then 0.05, means here null hypothesis is rejected. It can be said that there is significance difference between calculated mean and hypothesis mean. Tax benefits One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (5).in other words, we hypothesize that according to policy holders tax benefits in the policy is completely important for them. i.e. H0: x==5 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders tax benefits in the policy is not completely important for them.

i.e. x, i.e.H1x5 Significant level: 0.05 One-Sample Statistics Std. Std. N TAX BENEFITS 35 Mean 4.6571 Deviation .48159 Error Mean .08140

One-Sample Test Test Value = 5 Mean Sig. t TAX BENEFITS -4.212 df 34 tailed) .000 ce -.34286 95% Confidence Difference -.5083 -.1774

(2- Differen Interval of the

Inference Here the test is performed at 95%significant level and the t value comes out as .000which is less then 0.05, means here null hypothesis is rejected. It can be said that there is significance difference between calculated mean and hypothesis mean. Returns One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (4).in other words, we hypothesize that according to policy holders return is important for them.

i.e. H0: x==4 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other according to policy holders return is not important for them. i.e. x, i.e.H1x4 Significant level: 0.05

One-Sample Statistics Std. Std. RETURNS N 35 Mean Deviation 4.142 .77242 Error Mean .1305

One-Sample Test Test Value = 4 Mean Sig. (2RETURNS t 1.094 df 34 tailed) .282 Differen ce .14286 95% Confidence Interval of the Difference .1225 .4082

Inference Here the test is performed at 95%significant level and the t value comes out as .282 which is greater then 0.05, means here null hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean. So we can say that according to policy holder of this age group return is important for them.

Flexibility One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (4).in other words, we hypothesize that according to policy holders flexibility is important for them. i.e. H0: x==4 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders flexibility is not important for them. i.e. x, i.e.H1x4 Significant level: 0.05 One-Sample Statistics Std. Std. FLEXIBILITY N 35 Mean 3.9143 Deviation 1.01087 Error Mean .17087

One-Sample Test Test Value = 4 Mean Sig. FLEXIBILITY t -.502 df 34 tailed) .619 ce -.08571 95% Confidence Difference -.4330 .2615

(2- Differen Interval of the

Inference

Here the test is performed at 95%significant level and the t value comes out as .619 which is greater then 0.05, means here null hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean. So we can say that according to policy holder of this age group flexibility is important for them. Safety One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (5).in other words, we hypothesize that according to policy holders safety is completely important for them. i.e. H0: x==5 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders safety is not completely important for them. i.e. x, i.e.H1x5 Significant level: 0.05

One-Sample Statistics Std. Std. SAFTY N 35 Mean 4.5714 Deviation .50210 Error Mean .08487

One-Sample Test

Test Value = 5 Mean Sig. SAFTY Inference t -5.050 df 34 tailed) .000 ce -.42857

95% Confidence Difference -.6010 -.2561

(2- Differen Interval of the

Here the test is performed at 95%significant level and the t value comes out as .000 which is less then 0.05, means here null hypothesis is rejected. It can be said that there is significance difference between calculated mean and hypothesis mean.

Death benefits One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (5).in other words, we hypothesize that according to policy holders death benefit is completely important for them. i.e. H0: x==5 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders death benefits is not completely important for them. i.e. x, i.e.H1x5 Significant level: 0.05 One-Sample Statistics

Std. Std. N DEATH BENEFITS 35 Mean 4.942 Deviation .23550 Error Mean .0398

One-Sample Test Test Value = 5 Mean Sig. (2t DEATHBENE FITS 1.435 df 34 tailed) .160 Differen ce .05714 95% Confidence Interval of the Difference .1380 .0238

Inference Here the test is performed at 95%significant level and the t value comes out as .160 which is greater then 0.05, means here null hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean. So we can say that according to policy holder of this age group death benefit is completely important for them.

Value added service One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (4).in other words, we hypothesize that according to policy holders value added service is important for them.

i.e. H0: x==4 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders value added service is not important for them. i.e. x, i.e.H1x4 Significant level: 0.05 One-Sample Statistics Std. Std. N VALUE SERVICE ADDED 35 Mean 4.2286 Deviation .77024 Error Mean .13020

One-Sample Test Test Value = 4 Mean Sig. t VALUE SERVICE Inference Here the test is performed at 95%significant level and the t value comes out as .088 which is greater then 0.05, means here null hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean. So we can say that according to policy holder of this age group value added service is important for them. ADDED 1.756 df 34 tailed) .088 ce .22857 95% Confidence Difference -.0360 .4932

(2- Differen Interval of the

Transparency One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (4).in other words, we hypothesize that according to policy holders transparency is important for them. i.e. H0: x==4 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders transparency is not important for them. i.e. x, i.e.H1x4 Significant level: 0.05 One-Sample Statistics Std. Std. N TRANSPARENCY 35 Mean 4.485 7 Deviation .65849 Error Mean .11131

One-Sample Test

Test Value = 4 Mean Sig. TRANSPARENCY t 4.36 4 df 34 tailed) .000 ce .48571

95% Confidence Difference .2595 .7119

(2- Differen Interval of the

Inference Here the test is performed at 95%significant level and the t value comes out as .000 which is less then 0.05, means here null hypothesis is rejected. It can be said that there is significance difference between calculated mean and hypothesis mean.

Fund option One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (4).in other words, we hypothesize that according to policy holders fund options is important for them. i.e. H0: x==4 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders fund options is not important for them. i.e. x, i.e.H1x4 Significant level: 0.05 One-Sample Statistics

Std. Std. N FUND OPTION 35 Mean 4.4000 Deviation .65079 Error Mean .11000

One-Sample Test Test Value = 4 Mean Sig. T FUND OPTION 3.636 df 34 tailed) .001 ce .40000 95% Confidence Difference .1764 .6236

(2- Differen Interval of the

Inference Here the test is performed at 95%significant level and the t value comes out as .001 which is less then 0.05, means here null hypothesis is rejected. It can be said that there is significance difference between calculated mean and hypothesis mean. Policy term One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (4).in other words, we hypothesize that according to policy holders policy term is important for them. i.e. H0: x==4

Alternative

hypothesize

(H1):

There

is

significant

difference

between calculated mean and hypotheses mean. In other words according to policy holders policy term is not important for them. i.e. x, i.e.H1x4 Significant level: 0.05 One-Sample Statistics Std. Std. N POLICY TERM 35 Mean 4.2000 Deviation .79705 Error Mean .13473

One-Sample Test Test Value = 4 Mean Sig. T POLICY TERM 1.484 df 34 tailed) .147 ce .20000 95% Confidence Difference -.0738 .4738

(2- Differen Interval of the

Inference Here the test is performed at 95%significant level and the t value comes out as .147 which is greater then 0.05, means here null hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean. So we can say that according to policy holder of this age group policy term is important for them.

Lock in period One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (5).in other words, we hypothesize that according to policy holders lock in period is completely important for them. i.e. H0: x==5 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders lock in period is not completely important for them. i.e. x, i.e.H1x5

One-Sample Statistics Std. Std. N LOCK PERIOD IN 35 Mean 4.6286 Deviation .49024 Error Mean .08287

One-Sample Test t df Test Value = 5 Sig. (2- Mean tailed) 95% Confidence

Differen Interval of the

ce LOCK PERIOD Inference IN -4.482 34 .000 -.37143

Difference -.5398 -.2030

Here the test is performed at 95%significant level and the t value comes out as .000 which is less then 0.05, means here null hypothesis is rejected. It can be said that there is significance difference between calculated mean and hypothesis mean.

Withdrawal option in the policy One sample t- test Null hypothesis (Ho): There is no significant different between calculated mean and hypothesized mean (5).in other words, we hypothesize that according to policy holders withdrawal option in the policy is completely important for them. i.e. H0: x==5 Alternative hypothesize (H1): There is significant difference

between calculated mean and hypotheses mean. In other words according to policy holders withdrawal option in the policy is not completely important for them. i.e. x, i.e.H1x5 One-Sample Statistics Std. Std. WITHROWAL OPTION IN THE N 35 Mean Deviation 4.942 .23550 Error Mean .0398

POLICY

One-Sample Test Test Value = 5 Mean 95% Confidence Sig. (2t WITHROWAL OPTION IN THE POLICY Inference Here the test is performed at 95%significant level and the t value comes out as .160 which is greater then 0.05, means here null hypothesis is accepted. It can be said that there is no significance difference between calculated mean and hypothesis mean. So we can say that according to the policy holder of this age group withdrawal option in the policy is most important for them. 1.43 34 .160 .05714 .1380 .0238 df tailed) Differen ce Interval of the Difference

According to responded of this age group (46&above) Death benefit and withdrawal option in the policy is completely important for them. So we can say the respondent of this age group primary looking for death benefits and withdrawal option in the policy.

Q5.

Following

are

the

features

related

to

Life

Insurance Company.
Purpose. This question is asked to check the customers satisfaction for the following attributes. Desired level ATTRIBUTES Risk cover Tax benefits Return Flexibility Safety Death benefits Value added 0 service Transparenc y Fund option Policy term Lock period Withdrawal option in the policy 0 0 29 55 76 4.29 0 8 22 in 0 0 24 29 0 7 26 46 31 55 63 37 53 98 39 26 73 4.57 3.63 3.10 4.19 12 45 58 45 3.85 1 12 0 0 0 0 0 2 20 0 0 4 0 0 3 2 5 19 21 11 0 4 52 60 52 67 62 66 5 74 95 89 64 87 94 Weighted average 3.98 4.56 4.44 4.12 4.48 4.59

Performance ATTRIBUTES Risk cover Tax benefits Return Flexibility Safety Death benefits Value added 0 service Transparenc y Fund option Policy term Lock period Withdrawal option in the policy 0 0 12 68 80 4.43 0 0 0 in 0 0 8 16 0 17 34 35 28 38 54 57 60 105 64 52 172 4.57 4.09 3.91 4.28 0 33 57 70 3.83 1 0 0 0 0 0 0 2 0 0 0 0 0 0 3 8 5 15 5 22 33 4 43 42 64 53 48 63 5 94 113 70 102 90 64 Weighted average 4.16 4.56 4.07 4.12 4.43 4.19

Risk cover Null hypothesis (Ho): There is no significant different between expected mean and satisfied mean. H0: X1=X2 Alternative hypothesize (H1): There is significant different between expected mean and satisfied mean. H1: X1X2 Significant level: 0.05

Paired Samples Statistics Std. RISK COVER RISK COVER Mean 3.98 4.16 N 160 160 Deviation 1.288 1.458 Std. Error Mean .102 .115

Paired Samples Test Paired Differences Std. 95% Confidence Std. Mean RISK COVER - RISK COVER -.187 1.924 .152 -.488 .113 -1.233 159 .219 Deviation Error Mean Interval of the Difference t df Sig (2 tail)

Inference Here the test is performed at 95%significant level and the t value comes out as .219 which is greater then 0.05, means here null hypothesis (H0) is accepted and alternative hypothesis (H1)is

rejected. It means there is no significant different between expected mean and satisfied mean.

Tax benefits Null hypothesis (Ho): There is no significant different between expected mean and satisfied mean. H0: X1=X2 Alternative hypothesize (H1): There is significant different between expected mean and satisfied mean. H1: X1X2 Significant level: 0.05
Paired Samples Statistics Std. Error TAX BENEFITS TAX BENEFITS Mean 4.56 4.68 N 160 160 Std. Deviation .557 .533 Mean .044 .042

Paired Samples Test Paired Differences 95% Confidence Std. Mean TAX BENEFITS TAX BENEFITS -.113 .735 .058 -.227 .002 -1.935 159 .055 Deviation Std. Error Mean Interval of the Difference t df Sig. (2-tailed)

Inference Here the test is performed at 95%significant level and the t value comes out as .055 which is greater then 0.05, means here null hypothesis (H0) is accepted and alternative hypothesis (H1)is rejected. It means there is no significant different between expected mean and satisfied mean.

Returns Null hypothesis (Ho): There is no significant different between expected mean and satisfied mean. H0: X1=X2 Alternative hypothesize (H1): There is significant different between expected mean and satisfied mean. H1: X1X2 Significant level: 0.05
Paired Samples Statistics Std. Error RETURNS RETURNS Mean 4.44 4.07 N 160 160 Std. Deviation .698 1.279 Mean .055 .101

Paired Samples Test

Paired Differences Std. Std. Mean RETURNS RETURNS .369 Deviation 1.311 Error Mean .104

95% Confidence Interval of the Difference .164 .573 3.558 159 t df

Sig. (2tailed)

.000

Inference Here the test is performed at 95%significant level and the t value comes out as .00 which is less then 0.05, means here null hypothesis (H0) is rejected and alternative hypothesis (H1)is accepted. It means there is a significant different between expected mean and satisfied mean.

Flexibility Null hypothesis (Ho): There is no significant different between expected and actual mean (4).in other words, we hypothesize that policy holder are satisfied with flexibly factor. i.e. H0: 1=2=4 Alternative hypothesize (H1): There is significant difference

between expected and actual mean. In other words the policy holders are not satisfied with flexibility factor. i.e.H1:144 Significant level: 0.05
Paired Samples Statistics Std. Error FLEXIBILITY FLEXIBILITY Mean 4.12 4.61 N 160 160 Std. Deviation 1.012 .551 Mean .080 .044

Paired Samples Test Paired Differences Std. 95% Confidence Std. Mean FLEXIBILITY FLEXIBILITY -.488 1.171 .093 -.670 -.305 159 .000 Deviation Error Mean Interval of the Difference t df Sig. (2tailed)

Inference Here the test is performed at 95%significant level and the t value comes out as .00 which is less then 0.05, means here null hypothesis (H0) is rejected and alternative hypothesis (H1)is accepted. It means

there is a significant different between expected mean and satisfied mean.

Safety Null hypothesis (Ho): There is no significant different between expected mean and satisfied mean. H0: X1=X2 Alternative hypothesize (H1): There is significant different between expected mean and satisfied mean. H1: X1X2 Significant level: 0.05
Paired Samples Statistics Std. Error SAFETY SAFETY Mean 4.48 4.43 N 160 160 Std. Deviation .624 .723 Mean .049 .057

Paired Samples Test Sig. (2Paired Differences Std. 95% Confidence Std. Mean SAFETY SAFETY .050 Deviation .937 Error Mean .074 Interval of the Difference -.096 .196 t .675 159 .501 df tailed)

Inference Here the test is performed at 95%significant level and the t value comes out as .501 which is greater then 0.05, means here null hypothesis (H0) is accepted and alternative hypothesis (H1)is

rejected. It means there is no significant different between expected mean and satisfied mean. Death benefits Null hypothesis (Ho): There is no significant different between expected mean and satisfied mean. H0: X1=X2 Alternative hypothesize (H1): There is significant different between expected mean and satisfied mean. H1: X1X2 Significant level: 0.05
Paired Samples Statistics Std. Error DEATH BENEFITS DEATH BENEFITS Mean 4.59 4.19 N 160 160 Std. Deviation .494 .756 Mean .039 .060

Paired Samples Test Sig. (2Paired Differences Std. 95% Confidence Std. Mean DEATH BENEFITS DEATH BENEFITS .394 Deviation .919 Error Mean .073 Interval of the Difference .250 .537 5.421 159 .000 t df tailed)

Inference Here the test is performed at 95%significant level and the t value comes out as .00 which is less then 0.05, means here null hypothesis (H0) is rejected and alternative hypothesis (H1)is accepted. It means

there is a significant different between expected mean and satisfied mean.

Value added service Null hypothesis (Ho): There is no significant different between expected mean and satisfied mean. H0: X1=X2 Alternative hypothesize (H1): There is significant different between expected mean and satisfied mean. H1: X1X2 Significant level: 0.05
Paired Samples Statistics Std. Error VALUE ADDED SERVICE VALUE ADDED SERVICE Mean 3.85 4.23 N 160 160 Std. Deviation .919 .771 Mean .073 .061

Paired Samples Test Sig. (2Paired Differences 95% Confidence Std. Mean VALUE ADDED SERVICE VALUE ADDED SERVICE -.381 1.233 .097 -.574 -.189 -3.911 159 .000 Deviation Std. Error Mean Interval of the Difference t df tailed)

Inference Here the test is performed at 95%significant level and the t value comes out as .00 which is less then 0.05, means here null hypothesis (H0) is rejected and alternative hypothesis (H1)is accepted. It means

there is a significant different between expected mean and satisfied mean.

Transparency Null hypothesis (Ho): There is no significant different between expected mean and satisfied mean. H0: X1=X2 Alternative hypothesize (H1): There is significant different between expected mean and satisfied mean. H1: X1X2 Significant level: 0.05

Paired Samples Statistics Std. Error TRANSPARENCY TRANSPARENCY Mean 4.57 4.55 N 160 160 Std. Deviation .579 .680 Mean .046 .054

Paired Samples Test Sig. (2Paired Differences Std. 95% Confidence Std. Mean TRANSPARENCY - TRANSPARENCY .019 Deviation .865 Error Mean .068 Interval of the Difference -.116 .154 .274 159 .784 t df tailed)

Inference Here the test is performed at 95%significant level and the t value comes out as .784 which is greater then 0.05, means here null hypothesis (H0) is accepted and alternative hypothesis (H1)is

rejected. It means there is no significant different between expected mean and satisfied mean.

Fund option Null hypothesis (Ho): There is no significant different between expected mean and satisfied mean. H0: X1=X2 Alternative hypothesize (H1): There is significant different between expected mean and satisfied mean. H1: X1X2 Significant level: 0.05
Paired Samples Statistics Std. Error FUND OPTION FUND OPTION Mean 3.63 4.09 N 160 160 Std. Deviation 1.153 .900 Mean .091 .071

Paired Samples Test Sig. (2Paired Differences 95% Confidence Std. Mean Pair 1 FUND OPTION - FUND OPTION -.456 1.382 .109 -.672 -.240 -4.176 159 .000 Deviation Std. Error Mean Interval of the Difference t df tailed)

Inference Here the test is performed at 95%significant level and the t value comes out as .00 which is less then 0.05, means here null hypothesis (H0) is rejected and alternative hypothesis (H1)is accepted. It means there is a significant different between expected mean and satisfied mean.

Policy term Null hypothesis (Ho): There is no significant different between expected mean and satisfied mean. H0: X1=X2 Alternative hypothesize (H1): There is significant different between expected mean and satisfied mean. H1: X1X2 Significant level: 0.05
Paired Samples Statistics Std. Error Pair 1 POLICY TERM POLICY TERM Mean 3.10 3.91 N 160 160 Std. Deviation 1.270 .970 Mean .100 .077

Paired Samples Test Paired Differences Std. 95% Confidence Std. Mean POLICY TERM POLICY TERM -.806 1.552 .123 -1.049 -.564 159 .000 Deviation Error Mean Interval of the Difference t df Sig. (2tailed)

Inference Here the test is performed at 95%significant level and the t value comes out as .00 which is less then 0.05, means here null hypothesis (H0) is rejected and alternative hypothesis (H1)is accepted. It means there is a significant different between expected mean and satisfied mean.

Lock in period Null hypothesis (Ho): There is no significant different between expected mean and satisfied mean. H0: X1=X2 Alternative hypothesize (H1): There is significant different between expected mean and satisfied mean. H1: X1X2 Significant level: 0.05

Paired Samples Statistics Std. Error LOCK IN PERIOD LOCK IN PERIOD Mean 4.19 4.28 N 160 160 Std. Deviation .959 .744 Mean .076 .059

Paired Samples Test Paired Differences Std. 95% Confidence Std. Mean LOCK IN PERIOD LOCK IN PERIOD -.088 Deviation 1.276 Error Mean .101 Interval of the Difference -.287 .112 t df 159 Sig. (2tailed) .387

Inference Here the test is performed at 95%significant level and the t value comes out as .387 which is greater then 0.05, means here null hypothesis (H0) is accepted and alternative hypothesis (H1)is rejected. It means there is no significant different between expected mean and satisfied mean.

Withdrawal option in the policy Null hypothesis (Ho): There is no significant different between expected mean and satisfied mean. H0: X1=X2 Alternative hypothesize (H1): There is significant different between expected mean and satisfied mean. H1: X1X2 Significant level: 0.05
Paired Samples Statistics Std. Error Mean WITHROWAL OPTION IN THE POLICY WITHROWAL OPTION IN THE POLICY 4.29 4.43 N 160 160 Std. Deviation .757 .630 Mean .060 .050

Paired Samples Test Sig. (2Paired Differences Std. 95% Confidence Std. Mean WITHROWAL OPTION IN THE POLICY WITHROWAL OPTION IN THE POLICY -.131 .998 .079 -.287 .025 -1.664 159 .098 Deviation Error Mean Interval of the Difference t df tailed)

Inference

Here the test is performed at 95%significant level and the t value comes out as .098 which is greater then 0.05, means here null hypothesis (H0) is accepted and alternative hypothesis (H1)is rejected. It means there is no significant different between expected mean and satisfied mean.

Calculation of total customer satisfaction index

Attributes Expecte d score Risk cover Tax benefits Return Flexibility Safety Death a 3.98 4.56 4.44 4.12 4.48 4.59 Satisfactio n score b 4.16 4.56 4.07 4.12 4.43 4.19 3.83 0.077309 4.57 4.57 4.09 3.91 4.28 4.43 0.0861445 49.8 0.38162 d=4.237151 [4.237151*2=8.47 4] 84.74 0.0917670 0.0728915 0.0622489 0.0841365 4.29 0.419376 0.298127 0.243394 0.360104 0.296094 Weighting factor c(a/T) 0.0799196 0.0915662 0.0891566 0.0827309 0.0899598 0.0921686 Weighted score d=(b*c) 0.332466 0.417542 0.362867 0.340851 0.398522 0.386187

benefits Value added 3.85 service Transparenc

y Fund option 3.63 Policy term 3.1 Lock in 4.19 period Withdrawal option in the policy Total

Total customer satisfactio n

Calculation

a = average importance score assigned by all respondents for each attributes. b = average satisfaction score assigned by all respondents for each attributes. c = weighted factor (a/T) d = weighted score (b*c) For example: Risk cover a1= average importance score assigned by all respondents for attribute risk cover. b1= average satisfaction score assigned by all respondents for attribute risk cover. T=summation of the average of expected score assigned by all respondents for all attributes. Here rate is a1=3.98 b1=4.16,T=49.8 Weighted factor c1= (a1/T) =3.98/49.8 =0.079919679 Weighting score d1=b1*c1 =4.16*0.079919679 =0.332466 Total customer satisfaction index=84.74%

So we can say t that the policy holder are satisfied in risk cover ,tax benefits safety, transparency ,lock in period, withdrawal option in the policy. Rest of all other attributes like returns, flexibility, value added service, fund option, policy term are less than satisfied as compare to their expectation.

6. In future if you are going to buy a life insurance policy, which company would you prefer?

Purpose: This question was asked to check whether the customers would remain loyal to the company.

From the above chart we can say that almost all the customers are satisfied with the performance of the HDFC STANDARD LIFE expects for a few. It is good for the company that the 95%of the policy holders say that they prefer HDFC for purchasing new policy.

Q.7which source influenced you to buy the policy from this company?

SOURCE

Valid

others brand name advertise ment friend /family Total

Frequency 11 72 16 61 160

Percent 6.9 45.0 10.0 38.1 100.0

From the above chart we can say that brand name has influence a lot of the people to buy the policy from this company.45%to be

exact which clearly shows the strength of the brand that the company holds. While friends/ family also play the witan role in the decision making of their buying the policy from this company. While advertise get only 10%role of influencing them. So we can conclude that brand name and friend/family play a major role in the purchasing of life insurance policy.

Findings

1. 71.25% of respondents have given 1st rank to LIC; other insurance in peoples companies have got very less frequency in mind. getting 1st rank. So we can say that LIC is at first position 2. 45.625% respondents preferred to invest in fix deposit. 3. 27% of respondent have unit linked endowment plan. 4. 95% of people prefer HDFC standard life to purchase new policy. 5. 45% of people says that brand name influence them to buy the policy. 6. For the age group of (18-25) return on investment is the most important factor. 7. 8. For the age group of (26-35) tax benefits is the most important factor. For the age group of (36-45) risk cover, transparency is the most important factor. 9. For the age group of 46&above death benefit, withdrawal option in the policy is the most important factor. 10. Total customer satisfaction index is 85%. 11. The policy holder are satisfied with risk cover, tax benefits safety, transparency, lock in period, withdrawal option in the policy

CONCLUSION

We can say that from the different age group different factor influence them to purchase life insurance policy. For the age group of the 18-25 return on in the investment is the most important factor. For the age group of 26-35 tax benefits is the most important factor. For the age group of the 36-45 risk cover and transparency is the most important factor. For the age group of 46&above death benefit and withdrawal potion in the policy is most important factor. LIC stands at first rank in the mind of people in valsad region. Majority of people in valsad having unit licked endowment plan. Majority of respondents preferred fix deposit and insurance as investment avenues. 95% of the respondent says that they prefer HDFC standard life for purchasing g new policy. So we can say that 95%people are loyal to the company so it is good for the company 45% respondent says that brand name influence them to buy the policy from this company. The total customer satisfaction index is 85%means almost all the customer are satisfied with the performance of HDFC standard life.

Recommendations

We can say that the different factor influence the people to purchase insurance policy. So it is important to know which factor according to them is most important. This factor helps the advisors to convince their client easily. From the above we can say that the age group of 18-25 return on investment is the most important factor. So we can say that the respondent of this age group look insurance as a investment tool. For the age group of 26-35 tax benefits is the most important factor. So we can say that the respondent of this age group considered insurance as a tax saving instrument rather then other attributes. For the age group of 36-45 risk cover and transparency is the most important factor. so we can say that the respondent of this age group consider insurance as a protection point of view . For the age group of 46& above death benefit and withdrawal option in the policy is the most important factor. So we can say that the respondent of this age group need higher protection and the death benefit and withdrawal option in the policy is the most important for them. Most of the people prefer to invest their money in fix deposit and very less person want to invest their money in equity market. This clearly indicates that very less person want to invest in equity because there is a lot of risk involved in the equity market. So it is the golden chance for the insurance company because people want to invest in fix deposit but its return is less compared to private insurance players; because of this people prefer to invest in pvt co. So it is a golden chance for the private players like HDFC and other company to grape this opportunity.

95% respondents say that they prefer HDFC for purchase a new policy it is good for the company. So company should try to bring more business from existing customer as it would be quite easy to get business from they are already satisfied.

From my work it was found that almost all the customer are satisfied but 7to8 are not satisfied. This is bound to happen in any company. But those are dissatisfied customer can spread a negative word on mouth for the customer and also the concept of customer life time value should be understood.

7.0 BIBLIOGRAPHY

1. http://www.indiacore.com/insurance.html 2. www.HDFCStandard .com 3. IC-33 LIFE INSURANCE (Revised). A handbook by Insurance Institute of India. 4. Darren George and Paul, SPSS for windows, 15 th edition. (Statistical test analysis.)

8.0 APPNDIX

QUESTIONNAIRE
Respected sir/madam, I am Jignesh yagnik, the student of MBA of Shrimad Rajchandra Institute of Management & computer application, Tarsadi. As a part of my academic curriculum, I have undertaken a project on the insurance sector. Would you be willing to participate and answer a few questions? 1. Kindly rank from 1to 7with respect to which ever company comes first to last in your mind when you think about insurance? ________LIC ________HDFC STANDARD LIFE ________ICICI PROTENTIAL ________AVIVA LIFE ________MAX NEW YORK ________BAJAJ ALIANS ________RELIANCE LIFE

2. Rank the following investment options from 1 to 7which you prefer most for investment? ______EQUITY MARKET ______FIX DEPOSIT

______MUTUAL FUND ______INSURANCE ______POSTAL SCEMES ______BONDS

3. What type of insurance policy you have taken?

LIFE [

] ]

MONEY BACK [

] ]

INVESTMENT PLAN [ PENSION PLAN [ CHILDREN PLAN [ ] ] ]

ENDOWMENT PLAN [ UNIT LICKED [ ]

UNIT LINKED ENDOWMENT [

ANY OTHER_________________

4. Put the mark in below insurance company which you prefer most while purchasing insurance policy? 1. Completely not important. 2. Not important.

3. Neutral. 4. Important 5. Completely important. ATTRIBUTES Risk cover Tax benefits Returns Flexibility Safety Death benefits Value added service Transparency Fund option Policy term Lock in period Withdrawal option in the policy 1 2 3 4 5

5. Following are the features related to Life Insurance Company. 1. Highly dissatisfied 2. Dissatisfied

3. Neutral 4. Satisfied 5. Highly satisfied ATTRIBUTES Risk cover Tax benefits Returns Flexibility Safety Death benefits Value added service Transparency Fund option Policy term Lock in period Withdrawal option in the policy 6. In future if you are going to buy a life insurance policy, which company would you prefer? 1 2 3 4 5

7. Which source influenced you to buy the policy from this company? Brand name [ ] ]

Advertisements [

Friend/family [

Any other________________________

_______________________________________________________________________ PERSONAL DETAIL

NAME: ____________________________________________________

AGE: 18-25[ ]

26-35[

] 36-45[

46 and above

CONTECT NO: _____________________

OCCUPATIONAL DETAILS:

Business [

salaried [

student [

MONTHLY INCOME Up to 10000Rs [ ] ] ] ]

10000Rs to 20000Rs [ 20000Rs to 30000Rs [ 30000Rs&above [