IDBI FEDERAL life

Insurance Co. ltd.

BY:
ASHUTOSH AGARWAL
2013009

A Study of Consumer Behaviour in Relation to
Insurance Products in IDBI Federal Life Insurance Co.
ltd.
It is mainly focused in trying to understand the various
factors responsible for the buying decision.

Purchase decision in general is prompt by number of
factors, like Psycho graphical, Economical, Socio
Political, Legal and Demographical and certain other
factors such as, Customer Buying Behaviour, Customer
Preferences and Perception, Brand Loyalty, etc.

RESEARCH OBJECTIVES

The main objective of this project is to study the consumer
behaviour and various reactions of customers with reference
to IDBI Federal Life Insurance Co. Ltd.
To study the trends in life insurance market
To study the profile of IDBI Federals customers.
To study the investors behaviour with respect to IDBI
Federal Life Insurance.
To analyse the investors perception about IDBI Federal.


Methodology
Obtaining first hand information by pitching to
customers and getting the survey filled from them
about the insurance products of IDBI.


Sample Size
80 respondents responded to the pre-designed
questionnaire.


People of the age group 18-30 not bothered to buy a life
insurance policy.
People are interested in a savings scheme.
Tax benefits are also a major factor why people like to buy a
policy.
Customers willingness to pay through easy payment options-
online payment
Monthly premium payment options rather than annually or
half yearly.
Brand image and past record of performance are major
stimuli in buying decision.
LIC is still the market leader in life insurance sector.

The study was conducted in Siliguri and
nearby areas in West Bengal & New
Delhi; hence the results can be biased and
hence not exactly accurate.
The survey was conducted on 80
respondents.
The survey includes more number of
responses of people within the age group
of 18-30. Hence, the study may be biased,
as at that age, income is less and people
take life insurance lightly.


3 major reasons to buy a policy
1. Security of the money invested.
2. Saving for one or more specific purposes.
3. The availability of tax benefits.

Expectation of an insurance buyer
1. Saving should be a painless.
2. The money saved should be absolutely
safe.
3. Convenient payment options


Need to tap the young crowd from the age group 18-30
because life is very unpredictable.
More plans should be made that involve less period of
premium payment.
Idbi federals reach needs to be increased through social media
(Facebook, Twitter, YouTube campaigns) other than
television, radio, newspapers etc.
Idbi federals insurance policies should have a range of
premiums to suit every pocket size.
In terms of distribution, we should increase the number of
marketers- more channels of distribution and more
intermediaries.
Our company should have more offices at smaller towns and
uncovered segments in the cities.