ananya s..docx

A PROJECT REPORT
ON
A COMPARITIVE STUDY ON CUSTOMER SATISFACTION FROM LAKME &
SUGAR COSMETICS
Submitted to the
MAHARANA PRATAP ENGINEERING COLLEGE
In partial fulfillment of the requirements
for the award of the degree
Of
BACHELOR’S OF BUSINESS ADMINISTRATION
By
Ananya Sharma
Roll No.0201854
Under the guidance of
Mr. SHAILENDRA KUMAR
Business Development Manager
A COMPARITIVE STUDY ON CUSTOMER’S SATISFACTION
(LAKME & SUGAR COSMETICS)

DECLARATION
We hereby declare that this project work entitled “A COMPARITIVE STUDY ON
CUSTOMER’S SATISFACTION” submitted at MPEC (Maharana Pratap Engineering
College) is partial fulfillment of the requirement for the degree of Master of Business
Administration is a record of original work done in nature which are collected from various
sources. The same has never been submitted by under signed either in part or in full to any
institution.
This information is true to the best of my knowledge.
ANANYA SHARMA

ACKNOWLEDGEMENT
I first thank to my “Almighty God and my parents” for their sustained blessings and
grace at all stages of preparing of this project.
I render my gratitude and special thanks to Mr. SHAILENDRA KUMAR for giving me
the opportunity to work in his reputed organization.
I am extremely indebted and too thankful to my project guide MR. SHAILENDRA
KUMAR, who has been most co-operative and encouraging throughout this project.
Without his initiative and constant support this project wouldn’t have taken place.
I render my special thanks to our College Management and to our faculty
DR. SHAILENDRA KUMAR (Project Coordinator), for giving me this opportunity to
carry out this project.
TABLE OF CONTENT

 COMPANY PROFILES
 COMPANY CUSTOMER SATISFACTION
 SALES PROCESS
 CONCEPTUAL UNDERPINNING
 PROBLEM FRAMING
 COMPETITIVE SCENARIO
 SWOT ANALYSIS
 REFERENCES
COMPANY PROFILE

LAKME COSMETICS
Introduction
 Lakmé is an Indian cosmetics brand, as it is owned by Hindustan Unilever. Having Shraddha
Kapoor, Kajol Devgn, Kareena Kapoor, and Ananya Pandey as brand ambassadors, it ranked at
number 1 among the cosmetics brands in India. Lakme started as a 100% subsidiary of Tata Oil
Mills (Tomco). It was named after the French opera Lakmé, which itself is the French form of
devi Lakshmi (the Hindu goddess of wealth) who is renowned for her beauty. It was started in
1952 famously, because Prime Minister Jawaharlal Nehru was concerned that Indian women
were spending precious foreign exchange on beauty products and personally requested JRD
Tata to manufacture them in India.[4]
Simone Tata joined the company as director and went on to
become the chairperson.[
In 1996, Tata sold off their stakes in Lakmé Lever to HUL, for Rs 200
Crore (45 million US$).
 In The Brand Trust Report 2012, Lakme was ranked 104th among India's most trusted brands
and following year it was ranked 71st on the list. In 2014, Lakme was ranked 36th among India's
most trusted brands according to the Brand Trust Report 2014.]
The company is the title sponsor
for Lakme Fashion Week (LFW) a bi-annual fashion event which takes place in Mumbai.
VISION

MISSION
• To provide opportunities to advance your professional journey through rigorous online
programs that offer personalised support, developed in collaboration with best in class faculty
and industry professionals.
FOUNDERS
J.R.D TATA SIMONE TATA

HOW IT STARTED?
It was started in 1952 famously, because Prime Minister Jawaharlal Nehru was concerned that Indian
women were spending precious foreign exchange on beauty products and personally requested JRD
Tata to manufacture them in India. Simone Tata joined the company as director and went on to
become the chairperson.
Lakmé is an Indian brand of cosmetics, owned by Hindustan Unilever Limited. Lakme started as
part of the Tata Group. Indian cosmetic Lakme was started in 1952. Simone Tata joined the
company as director, and went on to become its chairman. In 1996 Tata sold off their stakes in
Lakmé Lever to HLL, for Rs 200 Crore. Lakme also started its new business in the beauty
industry by setting up Lakme Beauty Salons all over India.
FACTSABOUTLAKME
 Lakmé is the first Indian cosmetic brand to introduce make up to
Indian women and takes pride in being the expert on Indian Beauty for
over 50 years.
 It is a complete beauty brand spanning colour cosmetics & skin care and
extending to beauty services through the network of Lakmé Beauty
Salons.
 The bond with beauty and fashion is manifested through the Lakmé
Fashion Week, which is now the largest fashion event of its kind in the
country.
 Lakmé also offers discount offers on products, so that people can
easily buy their product and enjoy it.
 Lakmé provide virtual try on makeup, so that you can easily choose any
product by applying virtual makeup.
 It also offers online shopping to their valuable consumers.
COURSE INTRODUCTION
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SALES PROCESS
SALES
Sales is a term used to describe the activities that lead to the selling of goods or services.
Businesses have sales organizations that are broken up into different teams. And these sales
teams are often determined based on: • The region they're selling to • The product or service

they're selling • The target customer Salespeople reach out to contacts that might be
interested in purchasing the product or service that their company is selling. And the contacts
that demonstrate interest (e.g., visiting the company website, downloading a piece of content,
interacting with your company on social media). The goal is to reach out to leads who have
shown interest or fit the description of their target customer, in hopes of providing them with a
solution that results in them purchasing your product or service.
AIDA MODEL
The AIDA model is perhaps the best known marketing model amongst non-marketers of all the
classic marketing models. Many marketers find it useful, perhaps since we apply it daily
whether consciously or subconsciously when we're thinking how to make our marketing
communications effective. The AIDA Model identifies cognitive stages an individual goes
through during the buying process for a product or service. It's a purchasing funnel where
buyers go to and for at each stage, to support them in making the final purchase. It's no longer
a relationship purely between the buyer and the company since social media has extended it to
achieving the different goals of AIDA via information added by other customers via social
networks and communities.

1. Awareness: creating brand awareness or affiliation with your product or service.
2. Interest: generating interest in the benefits of your product or service, and sufficient interest
to encourage the buyer to start to research further.
3. Desire: for your product or service through an 'emotional connection', showing your brand
personality. Move the consumer from 'liking' it to 'wanting it'.
4. Action: CTA - Move the buyer to interact with your company and taking the next step i.e.
downloading a brochure, making the phone call, joining your newsletter, or engaging in live
chat, etc.
5. Retention: We all know that this is key to upsell, cross-sell, referrals, Advocacy and the list
goes on as companies are also focussing on LTV.

BUYING BEHAVIOUR PROCESS
The customer buying process (also called a buying decision process) describes the journey your
customer goes through before they buy your product. Understanding your customer’s buying
process is not only very important for your salespeople, it will also enable you to align your
sales strategy accordingly. The five stages framework remains a good way to evaluate the
customer’s buying process. John Dewey first introduced the following five stages in 1910:
nce policies and protect consumer interest. The guidelines apply to every activity of solicitation
and sale of in surance products through the internet, e-mail,
newspaper inserts, SMS and telephone and require every insurer to prepare a standardized
script for the purpose and file this with the regulator. Every telephonic conversation with the
customer needs to be recorded and a voice copy is to be given to the consumer (if he/she so
desires) at any time during the term of the policy or until a satisfactory settlement of claim,
whichever is later.

Moreover, the Ministry of Finance is holding internal discussions on listing of the four general
insurance companies - New India Assurance, National Insurance, Oriental Insurance and United
India Insurance. The move would give access to public capital to these companies. However,
the four companies would not get listed together.
a) NEED OF LIFE INSURANCE
The need to safeguard the family brings in the need for life insurance. Today insurance has
become even more important due to the disintegration of the prevalent joint family system, in
which a number of generations co-existed in harmony, and a system in which a sense of financial
security was always there as there were more earning members.
Times have changed and the nuclear family has emerged. Apart from other pitfalls of a nuclear
family, a high sense of insecurity is observed in it today besides, the family has shrunk. Needs
are increasing with time and fulfillment of these needs is a big question mark.
How will you be able to satisfy all those needs? Better lifestyle, good education, a long desired
house. But again one just cannot fritter away all your earnings. You need to save a part of it for
the future too – a wise decision. This is where insurance helps. Factors such as fewer number of
earning members, stress, pollution, increased competition, higher ambitions etc are some of the
reasons why insurance has gained importance and where insurance plays a successful role.

b) MAJOR INSURANCE INDUSTRY IN INDIA
 LIFE INSURANCE CORPORATION OF INDIA (LIC)
Life Insurance Corporation of India (LIC) was established on 1 September 1956 to spread the
message of life insurance in the country and mobilize people’s savings for nation-building
activities. LIC with its central office in Mumbai and seven zonal offices at Mumbai, Calcutta,
Delhi, Chennai, Hyderabad, Kanpur and Bhopal, operates through 100 divisional offices in
important cities and 2,048 branch offices. LIC has 5.59 lakh active agents spread over the
country.
The Corporation also transacts business abroad and has offices in Fiji, Mauritius and United
Kingdom. LIC is associated with joint ventures abroad in the field of insurance, namely,
Ken-India Assurance Company Limited, Nairobi; United Oriental Assurance Company
Limited, Kuala Lumpur; and Life Insurance Corporation (International), E.C. Bahrain. It has
also entered into an agreement with the Sun Life (UK) for marketing unit linked life insurance
and pension policies in U.K.
In 1995-96, LIC had a total income from premium and investments of $ 5 Billion while GIC
recorded a net premium of $ 1.3 Billion. During the last 15 years, LIC's income grew at a

healthy average of 10 per cent as against the industry's 6.7 per cent growth in the rest of Asia
(3.4 per cent in Europe, 1.4 per cent in the US). LIC has even provided insurance cover to five
million people living below the poverty line, with 50 per cent subsidy in the premium rates.
LIC's claims settlement ratio at 95 per cent and GIC's at 74 per cent are higher than that of global
average of 40 per cent. Compounded annual growth rate for Life insurance business has been
19.22 per cent per annum.
 General Insurance Corporation of India (GIC)
The general insurance industry in India was nationalized and a government company known as
General Insurance Corporation of India (GIC) was formed by the Central Government in
November 1972. With effect from 1 January 1973 the erstwhile 107 Indian and foreign insurers
which were operating in the country prior to nationalization, were grouped into four operating
companies, namely,
(i) National Insurance Company Limited;
(ii) New India Assurance Company Limited;
(iii) Oriental Insurance Company Limited; and
(iv) United India Insurance Company Limited.
(However, with effect from Dec'2000, these subsidiaries have been de-linked from
the parent company and made as independent insurance companies). All the above four
subsidiaries of GIC operate all over the country competing with one another and underwriting
various classes of general insurance business except for aviation insurance of national airlines
and crop insurance which is handled by the GIC. Besides the domestic market, the industry is

presently operating in 17 countries directly through branches or agencies and in 14 countries
through subsidiary and associate companies.
IN ADDITION TO ABOVE STATE INSURERS THE FOLLOWING HAVE BEEN
PERMITTED TO ENTER INTO INSURANCE BUSINESS: -
The introduction of private players in the industry has added to the colors in the dull industry.
The initiatives taken by the private players are very competitive and have given immense
competition to the on time monopoly of the market LIC. Since the advent of the private players
in the market the industry has seen new and innovative steps taken by the players in this sector.
The new players have improved the service quality of the insurance. As a result LIC down the
years have seen the declining phase in its career. The market share was distributed among the
private players. Though LIC still holds the 75% of the insurance sector but the upcoming natures
of these private players are enough to give more competition to LIC in the near future. LIC
market share has decreased from 95% (2002-03) to 82 %( 2004-05).
1. HDFC Standard Life Insurance Company Ltd.
HDFC Standard Life Insurance Company Ltd. is one of India’s leading private life
insurance companies, which offers a range of individual and group insurance solutions. It is a
joint venture between Housing Development Finance Corporation Limited (HDFC Ltd.), India’s
leading housing finance institution and The Standard Life Assurance Company, a leading

provider of financial services from the United Kingdom. Their cumulative premium income,
including the first year premiums and renewal premiums is Rs. 672.3 for the financial year,
Apr-Nov 2005. They have managed to cover over 11,00,000 individuals out of which over
3,40,000 lives have been covered through our group business tie-ups.
2. Max New York Life Insurance Co. Ltd.
Max New York Life Insurance Company Limited is a joint venture that brings together two large
forces - Max India Limited, a multi-business corporate, together with New York Life
International, a global expert in life insurance. With their various Products and Riders, there are
more than 400 product combinations to choose from. They have a national presence with a
network of 57 offices in 37 cities across India.
3. ICICI Prudential Life Insurance Company Ltd.
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier
financial powerhouse and prudential plc, a leading international financial services group
headquartered in the United Kingdom. ICICI Prudential was among the first private sector
insurance companies to begin operations in December 2000 after receiving approval from
Insurance Regulatory Development Authority (IRDA). The company has a network of about
56,000 advisors; as well as 7banc assurance and 150 corporate agent tie-ups.
4.Om Kotak Mahindra Life Insurance Co. Ltd.

Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak Mahindra
Bank Ltd. (KMBL), and Old Mutual plc.
5.Birla Sun Life Insurance Company Ltd.
Birla Sun Life Insurance Company is a joint venture between Aditya Birla Group and Sun Life
financial Services of Canada.
 Tata AIG Life Insurance Company Ltd.
 SBI Life Insurance Company Limited
 ING Vysya Life Insurance Company Private Limited
 Bajaj Allianz Life Insurance Company Ltd.
 MetLife India Insurance Company Pvt. Ltd.
 AMP SANMAR Assurance Company Ltd.
 Dabur CGU Life Insurance Company Pvt. Ltd.
6. Royal Sundaram Alliance Insurance Company Limited
The joint venture bringing together Royal & Sun Alliance Insurance and Sundaram Finance
Limited started its operations from March 2001. The company is Head Quartered at Chennai,
and has two Regional Offices, one at Mumbai and another one at New Delhi.
7. Bajaj Allianz General Insurance Company Limited
Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Auto
Limited and Allianz AG of Germany. Both enjoy a reputation of expertise, stability and strength.
Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority
(IRDA) certificate of Registration (R3) on May 2nd, 2001 to conduct General Insurance business

(including Health Insurance business) in India. The Company has an authorized and paid up
capital of Rs 110 crores. Bajaj Auto holds 74% and Allianz, AG, holds the remaining 26%
Germany.
8. ICICI Lombard General Insurance Company Limited
ICICI Lombard General Insurance Company Limited is a joint venture between ICICI
Bank Limited and the US-based $ 26 billion Fairfax Financial Holdings Limited. ICICI Bank is
India's second largest bank, while Fairfax Financial Holdings is a diversified financial corporate
engaged in general insurance, reinsurance, insurance claims management and investment
management.
Lombard Canada Ltd, a group company of Fairfax Financial Holdings Limited, is one of
Canada's oldest property and casualty insurers. ICICI Lombard General Insurance
Company received regulatory approvals to commence general insurance business in
August 2001.
9. Cholamandalam General Insurance Company Ltd.
Cholamandalam MS General Insurance Company Limited (Chola-MS) is a joint venture of the
Murugappa Group & Mitsui Sumitomo.
Chola-MS commenced operations in October 2002 and has issued more than 1.4 lakh

policies in its first calendar year of operations. The company has a pan-Indian presence with
offices in Chennai, Hyderabad, Bangalore, Kochi, Coimbatore, Mumbai, Pune, Indore,
Ahmedabad, Delhi, Chandigarh, and Kolkata.
10. TATA AIG General Insurance Company Ltd.
Tata AIG General Insurance Company Ltd. is a joint venture company, formed from the Tata
Group and American International Group, Inc. (AIG). Tata AIG combines the strength and
integrity of the Tata Group with AIG's international expertise and financial strength. The Tata
Group holds 74 per cent stake in the two insurance ventures while AIG holds the balance 26 per
cent stake.
Tata AIG General Insurance Company, which started its operations in India on January 22, 2001,
offers the complete range of insurance for automobile, home, personal accident, travel, energy,
marine, property and casualty, as well as several specialized financial lines.
11. Reliance General Insurance Company Limited.
12. IFFCO Tokio General Insurance Co. Ltd
13. Export Credit Guarantee Corporation Ltd.
14. HDFC-Chubb General Insurance Co. Ltd.

MARKETING OF INSURANCE IN INDIA
Insurance is in a manner of speaking the last frontier in the financial sector to open. It is also a
sector, which leads to benefits across the full spectrum, from the individual who now have wider
choices, to the economy, which see increased savings, to the infrastructure sector, which can
look forward to long term funding being available. In an under-insured economy, newer
channels of distribution have to be utilized to intensify the reach of insurance both in urban and
rural markets. This will create huge employment opportunities not only within insurance
companies but also as agents and consultants of insurance companies.
Marketing Mix Policies
Different companies can choose to position themselves differently and hence the
Marketing Mix is different. However, there are certain common characteristics that one can cull
out from the possible strategies that companies adopt.
 Product:

The development of flexible products to suit individual requirements is what will
differentiate the winners from the also-rans. The key to success is in providing insurance
solutions, not standardized insurance products. The concept of riders/optional benefits has
already been a huge innovation brought about by the new players, which has led to
customization of products for individual needs. However, companies may differentiate
themselves on the basis of product segments that they choose to focus on and excel in.
 Place:
Different companies may however choose different channels and different geographies to focus
on. The channel options are - tied agency force, corporate agents and brokers and this is an area
where different companies will make different choices. Many companies like HDFC Standard
Life are focusing on all channels whereas companies like Max New York Life are focusing on
the tied agency force only. Customer interface will be a key challenge for life insurance
companies and includes every that interaction that the customer has with the company, such as
sales, new business underwriting, policy servicing, premium payments, claim processing and so
on. Technology can play a crucial role in delivering the highest standards of service set by the
company and it will be imperative for any serious player to excel in all of these.
 Price:
Price is a relevant differentiator only in two segments - pure term insurance and in pure annuities.
Here too, service delivery and financial strength will need to be present at a minimum acceptable
level for price to be a relevant differentiator. In case of savings oriented products, long-term
returns generated are more relevant than just the price of the product. A focus on generating

good investment performance and keeping a tight control on costs help in generating good
long-term maturity value for customers. Norms have been laid down on all of these by IRDA
and adhering to these while delivering good returns will be a challenge.
 Promotion and Advertising:
The level of demand is latent and will have to be activated considerably. The market
needs to be developed. Greater awareness of insurance and the need to have it as a
protection tool rather than as a tax planning measure needs to be appreciated by the
Indian people. Various communication tools including advertising, direct marketing and road
shows contribute to all this and different companies take different approaches on these.

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY
(IRDA)
The Insurance Regulatory and Development Authority (IRDA) is a national agency of the
Government of India, based in Hyderabad. In 1999, the Insurance Regulatory and Development
Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance
industry. The IRDA was incorporated as a statutory body in April, 2000.
The key objectives of the IRDA include promotion of competition so as to
enhance customersatisfaction through increased consumer choice and lower premiums, while
ensuring the financial security of the insurance market. The IRDA opened up the market in
August 2000 with the invitation for application for registrations. Foreign
companies were allowed ownership of up to 26%.

The Authority has the power to frame regulations under Section 114A of the Insurance Act,
1938 and has from 2000 onwards framed various regulations ranging from registration of
companies for carrying on insurance business to protection of policyholders’ interests.
Role of IRDA:
 Protecting the interests of policyholders.
 Establishing guidelines for the operations of insurers, and brokers.
 Specifying the code of conduct, qualifications, and training for insurance
intermediaries and agents.
 Promoting efficiency in the conduct of insurance business.
 Regulating the investment of funds by insurance companies.
 Specifying the percentage of business to be written by insurers in rural sectors.
 Handling disputes between insurers and insurance intermediaries.

COMPANY OVERVIEW
a) ABOUT THE COMPANY
Max New York Life Insurance Company Ltd. is a joint venture between New York Life; a
Fortune 100 company and Max India Limited; one of India's leading multi-business corporations.
The company has positioned itself on the quality platform. In line with its vision to be the Most
Admired Life Insurance Company in India, it has developed a strong corporate governance
model based on the core values of excellence, honesty, knowledge, caring, integrity and
teamwork. The strategy is to establish itself as a Trusted Life Insurance Specialist through a
quality approach to business.
Incorporated in 2000, Max New York Life started commercial operation in 2001. In line with its
values of financial responsibility, Max New York Life has adopted prudent financial practices to
ensure safety of policyholder's funds. The Company's paid up is Rs. 1,432 core. Having set a
Best in Class Agency Distribution Model in place, the company is spearheading a major thrust
into additional distribution channels to further grow its business. The company has multi-channel

distribution that includes the agency distribution, partnership distribution, banc assurance,
distribution focused on emerging markets and alliance marketing through employed sales force.
The company currently has 33 banc assurance relationships, 14 corporate agency
27tie-ups and direct sales force at 14 locations. Max New York Life has put in place a unique
hub and spoke model of distribution to deepen rural penetration. The company has 39 (9 hub
office 30 spoke offices) offices dedicated to emerging markets in Punjab and Haryana. Max New
York Life offers a suite of flexible products. It now has 35 products covering both life and
health insurance and 8 riders that can be customized to over 800 combinations enabling
customers to choose the policy that best fits their need. Besides this, the company offers 6
products and 4 riders in group insurance business.
The company currently has more than 13,295 employees.
b) COMPANY PROFILE
Max New York Life Insurance
“Max New York Life wants people to view insurance as a financial protection and wealth
creation instrument and not just a tax-saving tool.”
Max New York Life Insurance Company Ltd. is a joint venture between New York Life, a
Fortune 100 company and Max India Limited, one of India's leading multi-business corporations.
The company has positioned itself on the quality platform. In line with its vision to be the most
admired life insurance company in India, it has developed a strong corporate governance model

based on the core 29values of excellence, honesty, knowledge, caring, integrity and teamwork.
The strategy is to establish itself as a trusted life insurance specialist through a quality approach
to business.
New York Life is a Fortune 100 company that has over 160 years of experience
in the life insurance business. Max India Limited is a multi-business corporate dealing in
Clinical Research, IT and Telecom Services, and Specialty Plastic Products businesses. Max
New York Life Insurance started its operations in India in 2000. It is the first life insurance
company in India to be awarded the IS0 9001:2000 certifications. Max New York offers
customized products tailored to suit individual's needs. With its various Products and Riders,
there are more than 400 product combinations to choose from. Today, Max New York Life
Insurance has a network of 57 offices spread over 37 cities all over India. In line with its values
of financial responsibility, Max New York Life has adopted prudent financial practices to ensure
safety of policyholder's funds.
The Company's paid up capital is Rs. 657 crore, which is more than the norm laid down by
IRDA.
Max New York Life has identified individual agents as its primary channel of distribution. The
Company places a lot of emphasis on its selection process, which comprises four stages -
screening, psychometric test, career seminar and final interview. The agent advisors are trained
in-house to ensure optimal control on quality of training.

Max New York Life, one of India’s leading life insurance companies, expanded its presence in
the southern region by opening its first general office in the city of Mysore. Max New York
Life now has established a countrywide network of 30172 offices and representatives across
120 cities in India. The company has over 25,300 agent advisors, who are widely considered
the best in the business. Max New York Life aspires to be the "life insurance brand of first
choice" among Indian consumers.
“Max New York Life wants people to view insurance as a financial protection and wealth
creation instrument and not just a tax-saving tool. Since the launch of our operations, our focus
has always been on providing risk protection and longterm wealth creation solutions to our
customers. With a diverse product portfolio to meet customer requirements, it is evident that we
are setting benchmarks in the marketplace and are well on course of realizing our vision to
become India’s most admired Life Insurance Company.
1. Total assets of the company Rs. 62,798 crores” .
2. The company has a massive network of 239 branch offices in 143 cities in India.
3. The Claim Settlement Ratio of the company for the financial year 2018-19 is 98.74%.
4. The total Sum Assured which are active and in force is Rs 703972 Crores for the
financial year 2018-19.
c) VISION:
Vision statement is “Most Admired Life Insurance Company in India".
MISSION:

• Become one of the top quartile life insurance companies in India
• Be a national player
• Be the brand of first choice
• Be the employer of choice
• Become principal of choice for agents.
VALUES:
This vision to become India's most admired life insurance company will be realized through our
unique set of values, which are as follows:
Caring: Max New York Life is redefining the life insurance paradigm by focusing on customers
first. The service process is responsive, personalized, humane and empathetic. Every individual
who represents the company is for us our brand champion.
Honesty: Honesty is the heart of the life insurance business. It is all about trust. Transparency,
integrity and dependability form the cornerstones of the Max New York Life experience. The
company ensures that everyone who represents the brand carries a promise: we care - in word as
well as deed.
Excellence: Excellence at MaxNew York Life implies the ability to perform at a consistently high
level. Focused on the value of continuous improvement in people, processes and the organization,
the company strives for the highest standards of quality in every aspect of its business.

Knowledge: Knowledge leads to expertise; and our expertise is in helping people protect
themselves. Perfectly combining global expertise with local knowledge, we are India's life
insurance specialist. Max New York Life believes that for knowledge to be of value it must be
focused, current, tested and shared.
Integrity: Integrity is the cornerstone of any ethical deed. Adhering to the professional code of
conduct and adherence to processes and systems is of utmost importance.
Teamwork: Teamwork implies the ability to share exchange and provide information and support
team members which is at the core of any successful venture. Selflessly putting the team interest
above personal agenda enables the company to perform better in every aspect.
Types of business proposal:
• Internal business proposal
• External business proposal
Internal business proposal
This business proposal meant for the head of the organization also called as justification report.
An internal business proposal provides an opportunity to develop the competence and
confidence to express your ideas, awareness, initiative and problem solving skill.
External business proposal
It is for the outsiders. Management plan, cooperation qualification, staffing plan, contact and
pricing, technology plan, regulatory requirements are main components of business proposal.
Here, at Max Life Insurance we offer a bouquet of insurance solutions to meet every need.

d) INSURANCE PLANS
For individuals, we have a range of protection, investment, pension and savings plans that assist
and nurture dreams apart from providing protection. You can choose from a range of products to
suit your life-stage and needs. For organizations we have a host of customized solutions that
range from Group Term Insurance, Gratuity, Leave Encashment and Superannuation Products.
These affordable plans apart from providing long term value to the employees help in enhancing
goodwill of the company.
 Protection Plans
Life is full of surprises. Unexpected events that strike without warning can disrupt the smooth
rhythm of life. You must be prepared at all times. As the 36primary earning member, you need
to make sure that your family is never lacking in anything even if you are taken away from them
forever. Do your best today to ensure that your family can always enjoy a comfortable lifestyle.
In double income families, both spouses should get adequate life covers especially if there are
dependent children involved. We have plans that guarantee maximum protection at a low cost.
• Five Yr Renewable and Convertible™
• Level Term Policy

 Children Plans
Your parenting is perfect but is your planning adequate? Are you thinking beyond the immediate
to the future, about higher education and professional courses, in India and abroad? Many
children are keen to pursue unconventional careers. Are you in tune with their aspirations and
passions? As parents you would never let money come in the way of your children and the
fulfillment of their true potential. Our plans will help build the corpus that allows your children
to dream big and soar high.
• Children's Endowment to 18 (Par)
• Children's Endowment to 24 (Par)
• SMART Steps™
• SMART Steps™ Plus, SMART Steps™ Single Premium
 Investment Plans
Building a nest egg is about aggregating surplus amounts regularly to allow them to grow into a
sizeable sum. Investments should be aligned to specific, long-term goals. Luxury car, foreign
holiday or dream house, create your own wish list and make it come true. Your dreams are in
your hands. Every move that you make today will bring you a step closer to your goals. Our

Investment Plans offer the dual benefit of protection and market-linked returns with the
flexibility to choose the premium and determine the market exposure.
• Life Maker™ Premium
• Life Maker™ Gold
• Life Maker™ Platinum
• Life Invest™
• SMART Assure
 Retirement Plans
Let your golden years be the most precious of your life, full of freedom and choice. A time to
pursue your hobbies, travel and enjoy the good life. You will never miss your salary cheque or
be constrained by rising inflation. Even as you work hard to make a better today, it is up to you
to create a superior tomorrow. If you want to sustain your current lifestyle even after you stop
working, make that money work for you. Our Retirement Plans will keep you comfortable and
content, and let you live the life you deserve.
• Easy Life™ Retirement (Par)
• SMART Invest™ Pension
 Health Plans
Do you know the cost of healthcare has climbed faster than inflation? Medical costs can be a big
drain on finances. A medical crisis can strike anyone, anytime and may even force an individual
to dip into savings to meet these sudden and steep costs. Such an eventuality could delay or
destroy a cherished financial goal. No wonder, health is wealth. The health of every member of

the family is precious and you need to safeguard it as a priority. Use our Health Plans to make
sure your family stays fit and fine.
• Lifeline MediCash™
• Lifeline Wellness™ Plus
• Lifeline MediCash™ Plus
• Lifeline Safety Net™
• Lifeline Wellness™
 Savings Plans
Is your money working for you? Clearly not, if it is lying idle in multiple bank accounts. We will
instill the discipline of investment through force of habit as you park your money for protection
and growth to meet your needs over your lifetime. Choose a plan that matches your needs and
budget. Our dual benefits saving plans recognize your need for all round financial protection,
and include a life cover that will protect you till the last day.
• Whole Life Participating
• Life Gain™ Plus 25 (Par)
• 20 year Endowment (Par)
• Life Pay™ Money Back
• Endowment to Age 60 (Par)
• Life Gain™ Endowment & Life Gain™ Plus 20 (Par)
 Rural Plans

We are conscious of our social responsibility to serve the financially vulnerable sections of
society. We have created specialized Rural Plans to meet the particular needs of customers in
rural areas. The ticket size has been kept low, the premiums are affordable and the procedures
are simple. Customers in rural areas can now find a plan to meet their unique requirements.
• Easy Term Policy
 Strategic Products Plans
Most people desire a carefree life. They want to be happy and comfortable at all times. But needs
keep evolving and you must always be one step ahead. Our Strategic Products Plans will meet
your special needs and are available through additional distribution channels. You can choose a
plan to meet the planned events and unforeseen incidents in your life.
Banc assurance
• Capital Builder
Additional Distribution
• Max Mangal™
• Capital Builder
• Max Vriksha™
Max Am sure
• Future Builder
• Business Builder
• Bonus Builder &Secure Returns Builder
 Group plans:

People are the most valuable asset of any organization. Organizations have to innovate newer
forms of compensation to retain talented employees. Pay and perks are all very fine but an
organization needs to show employees that it cares. Ensuring the financial well being of
employees and their families will earn an organization their enduring trust and loyalty. Our
Group Plans offer a three-inone advantage, as they are a powerful tool for motivation, reward
and retention, in these times of high attrition.
• Group Credit Life
• Unit Linked Group Superannuation Plan
• Group Gratuity cum Term Assurance
e) COMPANY REVENUE
MFS, the holding company of Max Life Insurance (Max Life), India's largest non-bank-owned
life insurer, reported consolidated revenue of Rs 5,366 crores, growing 19 per cent over the
previous year while nine months (9MFY20) consolidated revenue stood at Rs 14,000 crores, and
growing 13 per cent.
Max Financial Services Q3FY20 Consolidated Revenue Grows 19% To Rs 5,366 Cr
Max Life continued its strong performance in Q3FY20, reporting 14 per cent revenue growth to
reach Rs 4,688 crores. The shareholders' profit after tax for Q3FY20 grew by 92 per cent to Rs
154 crores due to one-off gain.

ABOUT THE SECTOR
i. INSURANCE SECTOR
Investors use sectors to place stocks and other investments into categories such as technology,
healthcare, energy, utilities and telecommunications. Each sector has unique characteristics and a
different risk profile that attracts a specific type of investor. As a result, it is common for
analysts and other investment professionals to specialize in certain sectors. For example, at large
research firms, analysts may cover just one sector, such as pharmaceutical companies or
technology stocks. Additionally, investment funds often specialize in a particular economic
sector, a practice known as sector investing. For example, the oil and gas sector is a large
industry that attracts specialized investment funds.
ii. FINANCIAL SECTOR

The financial sector is a section of the economy made up of firms and institutions that provide
financial services to commercial and retail customers. This sector comprises a broad range of
industries including banks, investment companies, insurance companies, and real estate firms.
The financial sector generates a good portion of its revenue from loans and mortgages. These
gain value in an environment where interest rates drop. When rates are low, the economic
conditions open up the doors for more capital projects and investment. When this happens, the
financial sector benefits, meaning more economic growth.
CUSTOMER SATISFACTION
Customer satisfaction is defined in the general satisfaction is a persons feeling of pleasure
or disappointed resulting from comparing a product/service perceived performance in relation to
his or her expectation. If the performance fells short of expectation the customer is not satisfied.
If the performance matches the expectation the customer is satisfied. If the performance exceeds
expectations the customer is highly satisfied or delighted.
Although the customer centered firms seeks to create high customer satisfaction, that is not
its ultimate goal. If the company increases customer satisfaction by lowering its price or
increasing its services the result may be lower profit. The company might be able to increase
profitability by means other than increased satisfaction. Defined as the feeling of pleasure or
disappointment by comparing the perceived performance of the product or service to expectation
perceived with product.
Customer Satisfaction = Performance / Expectation
Customer Satisfaction = Benefits / Conceived

All marketing strategies is built on STP- segmentation, Training, and Positioning. A
company discovers different needs and groups in the superior way, and then positioning its
offering so that the target market recognizes the company’s distinctive offering and image .If a
company does a poor job of poisoning, the market will be confused as to what to expect .If a
company does an excellent job of positioning, then it can work out the rest of its marketing
planning and differentiation from its positioning strategy.
A must have decide how many ideas to convey in its positioning to its target
customers. Many marketers advocate promoting only one central benefit.
A market offering can be differentiated along five dimensions
Product:- Form, feature, performance quality, conformance quality, durability, reliability,
responsibility, style, design.
Service:- Order as, delivery, installation, customer training ,customer consulting , maintenance
and repair, miscellaneous services.
Because economic conditions change and competitive activity varies, companies normally
find it necessary to reformulate their marketing strategy several times during a product’s life
cycle.
The definition of customer satisfaction has been widely debated as organizations increasingly
attempt to measure it. Customer satisfaction can be experienced in a variety of situations and
connected to both goods and services. It is a highly personal assessment that is greatly affected
by customer expectations. Satisfaction also is based on the customer’ experience of both contact

with the organization (the “moment of truth” as it is called in business literature) and personal
outcomes. Some researchers define a satisfied customer within the private sector as “one who
receives significant added value” to his/her bottom line—a definition that may apply just as well
to public services.
PART 2
STUDY OF PROBLEM STATEMENT

OBJECTIVES OF STUDY
The main of the present study of is accomplish the following objective.
 Proper understanding and analysis of life insurance industry.
 To know about brand awareness of MAX Life Insurance and customer’s
satisfaction about Life Insurance.
 According the market survey come know about how much potential of insurance
market in our city.
 And base on analysis of the result thus obtained make a report on that research.

REVIEW OF LITERATURE
CUSTOMER SATISFACTION AND CUSTOMER LOYALTY
Customer loyalty and satisfaction is vital for modern day business for two main reasons.
First, customers are scarce resource it is far easier to obtain from an old customer than from a
new one. Second, customer loyalty and satisfaction has a positive effect on the profitability
revenues of the company (Rosenberg & Czepiel 2017.)
Customer satisfaction
Customer satisfaction has been one of the top tools for a successful business. Customer
satisfaction is defined as an overall evaluation based on the total purchase and consumption
experience with the good or service over time (Fornell, Johnson, Anderson, Cha & Bryant 1996).
With marketing, customer satisfaction also comes along with it which means it ascertains the

expectation of the customer on how the goods and services are being facilitated by the
companies. Actionable information on how to make customers further satisfied is therefore, a
crucial outcome (Oliver 1999.)
At a glance, customer satisfaction is a crucial component of a business strategy as well as
customer retention and product repurchase. To maximize the customer satisfaction companies
should sell ideas and methods after the completion with all the necessary documents. As for
example, customers will buy a car after taking a closer look at it such as how is the engine, what
is its model, how many kilometers it has been traveling, and is there any cracks or not.
Therefore, they do not feel disappointed after purchasing it. Otherwise, if the company uses only
their sell and build method customers might expect that the car is exactly the same as what they
see in the pictures or during the exhibition and later on the company might receive complaint if
anything is wrong. Customer satisfaction is a barometer that predicts the future customer
behavior (Hill, Roche & Allen 2007.)
However, the product and its features, functions, reliability, sales activity and customer support
are the most important topics required to meet or exceed the satisfaction of the customers.
Satisfied customers usually rebound and buy more. Besides buying more they also work as a
network to reach other potential customers by sharing experiences (Hague & Hague 2016.)
The value of keeping a customer is only one- tenth of winning a new one. Therefore, when the
organization wins a customer it should continue to build up a good 6 relationship with the client.
Providing the quality of goods and services in the 20th century is not only to satisfy the
customers but also to have a safe position. Indeed, this has benefited the customers significantly
on consuming qualitative products (Rebekah & Sharyn 2004.)

Customers often look for a value in the total service which requires internal collaboration among
the department that is responsible for different elements of the offering, such as the core product
(goods or services) delivering the product, product documentation, etc. Moreover, from
profitability and productivity perspectives only activities that produce value for customers
should be carried out. Hence, firms have to get to know their customers much better than has
normally been. However, the company should be able to build trust with the customer so it is
easy to get the feedback from the customer. This is how customer oriented product or service
could be developed (Hill, Brierley & MacDougall 2003.)
Customer satisfaction is dynamic and relative. Only the idea “customer-centric” can help
companies improve satisfaction and keep customer truly, conversely, if competitors improve
customer satisfaction, then it may loss corporate customers. While improving customer
satisfaction, customer expectations should be noticed. Service quality, product quality and value
for money have a direct positive impact on customer satisfaction. Employee satisfaction is
equally important before achieving the customer satisfaction. If employees have a positive
influence, then they can play a big role to increase customer satisfaction level. Satisfaction is a
dynamic, moving target that may evolve overtime, influenced by a variety of factors. Particularly
when product usage or the service experience takes place over time, satisfaction may be highly
variable depending on which point in the usage or experience cycle one is focusing. (Lovelock,
C & Wright, L.2007,86-87.)
Customer satisfaction is influenced by specific product or service features and perceptions of
quality. Satisfaction is also influenced by customer’s emotional responses, their attibutions
natheir perception of equity (Zeithal & Bitner. 2003, 87-89.) Increased customer satisfaction can
provide company benefits like customer loyalty, extending the life cycle of a customer

expanding the life of merchandise the customer purchase and increases customers positive word
of mouth communication. When the customer is satisfied with the product or service of the
company, it can make the customer to purchase frequently and to recommend products or
services to potential customers. It is impossible for a business organization to grow up in case
the company ignores or disregards the needs of customers (Tao 2014.)
Customers loyalty
Oliver (1999,33) defines loyalty as "a deeply held commitment to rebuild and re-patronize a
preferred product or service in the future despite situational influences and marketing efforts
having the potential to cause switching behaviors. “Customer loyalty is viewed as the strength of
the relationship between an individual’s relative attitude and re-patronage. Although customer
satisfaction is a crucial part of a business, satisfaction alone cannot take a business to a top level.
Customer satisfaction produces a positive financial result, especially in regular purchases.
Today’s unforgiving market where creating and maintaining customer loyalty is more complex
than it used to be in the past years. This is because of technological breakthrough and
widespread of the internet uses.
Loyalty building requires the company to focus the value of its product and services and to show
that it is interested to fulfill the desire or build the relationship with customers (Griffin 2002.)
Thomas and Tobe (2013) emphasize that “loyalty is more profitable.” The expenses to gain a
new customer is much more than retaining existing one. Loyal customers will encourage others
to buy from you and think more than twice before changing their mind to buy other services.

Customer loyalty is not gained by an accident, they are constructed through the sourcing and
design decisions. Designing for customer loyalty requires customer-centered approaches that
recognize the want and interest of service receiver.
Customer loyalty is built over time across multiple transactions. A relationship with a customer
is equally important in customer loyalty and this requires that company work in a broader
context that extends beyond itself, as no company can be world class at everything (McDonlad
& Keen 2000). Gremler and Brown (1999) divided customer loyalty into three different
categories that include behavior loyalty, intentional loyalty, and emotional loyalty. Behavior
loyalty is repeating purchasing behavior while intentional loyalty is the possible buying intention.
Emotional loyalty, however, is achieved when a customer feels that a brand corresponds with
their value, ideas, and passion.
Customer satisfaction is a significant element in service delivery because understanding and
satisfying customer’s needs and wants can engender increased market share from repeat
purchases. The orientation to customer satisfaction is not a recent phenomenon. Number of
successful business people over the years have identified the importance of customer satisfaction
and output of it in a business result (Vavra 2002.)
Generally, customer loyalty is a behavior while customer satisfaction is an attitude. Therefore,
there are certain differences between the factors which influence customer satisfaction and
customer loyalty (Gajjar 2013.) Generally, price, quality, reliability, empathy, responsiveness are
the main factors that influence the customer satisfaction and loyalty.

1. Baal N. and Sandhog H. S. (August 2011), a study on Life Insurance Corporation of
India (LIC) the capital demanding business, supplies the most important financial instruments to
customers directed at safety as well as long term savings. The present study by examines the
parts affecting agent’s perception towards Life Insurance Corporation of India. Moreover,
analysis of one way arrangement has also been performed to test the important results to show
that no important differences exist among various groups of respondent regarding to their
apprehension towards Life Insurance Corporation of India.
2. Baal N. and Sandhog H. S. et al (August 2011), with the access of so many players in the
field and the consistent competitive activism, the choate area of the service sector is observing a
multi-dimensional, purposeful, consumer-friendly approach, shedding off the apathy that had
come to be affiliated with the sector. The findings of the study imply that the gap scores do not
amalgamate into five dimensions of service quality rather, than the perception scores merge into
three dimensions.

3. Meera C. and Eswari M. (November 2011), in modern aggressive environment services are
ameliorate accumulating more denotation. Nowadays, greater absorption is paid to all the bank
customer touch points, address to optimise the reciprocal and user friendly services. The aim of
the study by is to crumb the customers bliss towards cross selling of insurance products and
other services accomplished by private sector banks.
4. Singh H. and Loll M (December 2011), states that life insurance is one of the fastest
growing and emerging markets in India. Insurance diffusion in rural area – the insurance
industry has an acceptation grant in socio-economic development. Objective of the present
study is to appraise the opportunities for insurers in the rural market and what would be new
action to tap the highly underinsured rural area.
5. Friar F. and Khanbashi M. et al (December 2011), this study is one of the most conscious
actions taken in alluring and gratifying needs of customers is chattering a charismatic
information mechanism and feedback process between organisation and customers. The aim of
this study by, is finding of the variation between anticipation of the employees and customers
towards service quality in insurance industry of Iran. The study revealed that there is cogent
difference between the anticipation of staff and customers towards the tangibles dimension
while the anticipation of both the groups towards the other dimensions is homogenous.
6. Sharma M. and Vijay T. S. et al (January 2012), the animus of this study is to assay the
brunt of demographic factors on the level of satiety of investor’s contra insurance policies. The
study entraps the impact of demographics factors on the satisfaction of investors towards

insurance policies. This paper also evaluates cogent relationship between demographic factors
and overall satisfaction of the customers towards the insurance policies.
7. Gautam V and Kumar M (March 2012), the present research is an effort, to allegorise the
attitudes of Indian consumers towards the insurance services. The study has been made by
accumulating the antiphon of consumers through structured questionnaire on five point Likert
scale. The decree of the present study may act as an important aspect for the insurance
companies in Indian market to flounce marketing strategies established on socio demographic
and economic factors.
8. Ansari Z. A. (March 2012) in the present study examines the attitude of individuals towards
different kinds of risks and scope they prefer in Saudi Arabia. The study by further examine
how the use of insurance particularly the binding insurance has altered the perception towards
risks and their future behaviour towards buying other insurance policies and also what features
the users of insurance suggest in their insurance policy contract. The study is based on primary
data collected aimlessly from current users of binding insurance policies that is motor insurance
and health insurance and life insurance.
9. Srivastava A. and Tripathi S. et al (April 2012) is a study on insurance industry bequeaths
to the financial sector of an economy and also renders the paramount social covenant in
developing countries. Hence, the study on Indian life insurance industry and their changing
trends concluded that though the sector is rapidly growing, the industry has not yet insured even

50% of insurable population of India. To achieve this objective, this sector requires more
improvement in the insurance density and insurance penetration.
10. Bodla B. S. and Chaudhary K. (May 2012), present study by, looks for to determine the
expected and anticipated service quality level along with gaps on the origin of service quality
model by Suresh Chandar et al (2001) in one of the superior private sector company, ICICIPLI
– ICICI Prudential Life Insurance Company. Though altogether private sector has importantly
apprehended the market share at first but now days and most of the private sector companies are
assaying for customary expansion in business and market share and the picked company is one
of them.
11. Das S. K. (June 2012), a study on insurance has been as essential part of financial services
system and acknowledged as a vital element of a country’s financial health and mark of
progress. Insurance suppliers for the financial security of citizens and proposes valuable
investment advices and serves as a persuasive step towards both individual and national
financial stability. It is found that high operating cost, exertion break even, confluence of
accounting standard etc are the main issues of life insurance companies in India.
12. Borah S. (November 2012), the study done by was in Jorhat branch on the concomitant
notion of marketing accentuates on the gratification of customers. Marketing actualize and end
with the customers. The study on customer satisfaction on products of private sector insurance
company with reference to Kotak Mahindra life insurance company ltd revealed that most of the
customers are gratified and are satisfied with the same.

13. L Sreenivas. D. and B Anand M. (December 2012), in the Indian Lexicon, the insurance
convention among the general public during the independence decade was infrequent but yet
was an extraordinary furtherance in the Indian insurance industry soon after the economic
reforms a con due to healthy race from many national as well as international private insurance
players. The study entrap by, was a way to try to determine the investors understanding towards
public and private life insurance companies in India with special regards to Karnataka.
14. V Ravi and Gulati K et al (2012), the financial ameliorate posture a lot of confrontation
before the Indian insurance sector, one of the considerable demos faced by insurance
companies’ accord with the customer complacency and adherence. The study revealed the
considerable observations in customers’ expectations and perceptions from insurance services
thus knowing dissatisfaction among insurance company customers.
15. Babu P. R. (February 2013) in his study by, on the private sector life insurance companies
have been making briskly clump in terms of increasing their augmentation and market share
since year 2000. The Indian life insurance system is having cogent base on mixed economic
system where in the public sector engaged a monopolistic position in life insurance business.
Private players play an extensive aspect in life insurance business more energetic and customer
friendly.
16. Bihani P. and Bhowal A. (April 2013), has said that life insurance industry is in an
augmentation aspect and cyclic advancements are going on with respect to products and

services. The most alluring finding of the study was the severity of customer solution
experienced is more that degree of customer solution expected.
17. Purusothaman U. R. (July 2013) has said that India has extensively been known for the
divergence of its culture, for the amplitude of its people and for the accessibility of geography.
Its basin of technical skills, its base of an English speaking populace with an increasing
disposable income and its blooming market have all co adjure and accredit India engrosses as an
operable partner to global industry. Hence, the study revealed that India ranks fifth on the
overall index, as the number of points is more desirable on the country economy development
index and the real estate market index, but fairly low on the regulatory index.
18. Padhi B. (August 2013), a study on Indian insurance market was nationalized in 1956 and
LIC of India was setup. LIC of India adored monopoly on Indian Insurance market for more
than 4 decades. The study by will reveal the performance of particular private insurance
companies in the segments like number of policies floated number of money collected through
premium and the annual expansion in the specific areas from 2001 to 2012.
19. Rajan J. and Gomatheeswaran M. (August 2013), a study by this scholar states that
complete and persuasive banking system is required for a healthy economy. In the recent years
new trends have raised in the banking sector. The correlative study conducted by on public and
private sector banks limelight on the level of customer satisfaction on bancassurance services.

20. Gaikwad A. S. and Vibhute S.G. (August 2013), a study about Indian insurance industry
is in an unsettled situation. This study by, will ease the insurance companies to know the
opinions of customers concerning insurance industry and particularly opinions towards
traditional and ULIP plan. Along with this, the company and advisors would empathy the
accurate demand of samples, the limit of customer satisfaction. Factors customer acknowledge
while choosing the policy and opinions on advisors advocacy by which company and advisors
can draft their sales program, sales speech, local strategies and the like.
21. Kathirvel N. and Radhamani S. (September 2013), study on the insurance industry forms
an essential part of the Indian financial market, with insurance companies being cogent with
institutional investors. The study by, conclude the study as an attempt to calculate the various
parameters as perspective by the policy holders and to provide assistance to the insurance
company in serving its policy holders in a much better and smooth way.
22. Mahajan K. (November 2013), study about India after liberalisation, has been advancing
the culture of investment in financial works; which has uncloaked up huge change for insurance
firms to capture these opportunities the insurance firms have come up with cautious marketing
plans, so that, it helps them to accomplish their objectives at one end and assist the Indian
customer to travel from unknown to known product zone.
23. Damtew K. and Pagidimarri V. (December 2013), different policy holders by are basic
for insurers for their life and wealth in today’s opposing business environment .Customers can
purchase various and more policies from the same provider and restore their agreements before

end date if they have belief on their relevant providers. This reverie aims to analyze the role of
trust in building customer faithfulness in the insurance sector. In order to earn this aim,
non-experimental reverie was made for this reverie and to evoke policy holder’s perception,
systematic questionnaires were designed and then research is made and outcomes are described.
24. Ali L. and Chatley P. (2013), Bancassurance as an aqueduct of selling insurance has fast
ameliorated impulse in the Indian insurance scene. Hence conveying that future of
bancassurance can be bright in India too if the aggravating ascend companies can channelize
their achievements cogently is for corporate image taking the place by size of operations and
customer satisfaction and adeptness in sales process.
25. Prakash N. and Sugumaran G. (January 2014), in their research work stated that India
which has a behemoth population abominable and are not tapped by life insurance market,
which in turn concocted an favourable circumstances for the Indian and foreign nationals to
entrust in this market. For the customers of the private sector, the apical mean value to egress
the customer’s needs and wants.
26. Choudhari P. S. (January 2014), study indicates that the age of information technology,
customers are not only fully alert of their needs and requirements, expectations and information
technology enabled services but also conserve day to day communication with the different
kinds of service provider in their life for their own interest and getting their services in various
ways. In this paper the researcher tried to find out whether there exist any cogent service quality

gap in between insurer’s perception of customers service expectation and customers
expectations of quality of services provided by the LIC of India in Burdwan district.
27. Thirupathi T. (January 2014), Life Insurance Corporation of India (LIC) is the largest
insurance group and investment company in India. They prefer private insurance sectors
because they provide them the banking facility and a lot of value added services so it will be
beneficial both to common public and the LIC if it offers banking facility to the policy holders
and the common public. The study revealed that the policy holders have bought out the
expectations of the policyholders and their preferences. It has also offered suggestions that can
be implemented for the benefit of the common public and the government.
28. Mehta D. and Tripathi A. (February 2014), in his study has stated that insurance sector in
India is sprouting at a very swift stride. With the entrant of new and more and more private
sector the feuding within the industry is becoming very fierce. Thus, today to survive in the
market the very vital element for any company is to take notice of the customer’s satisfaction to
maintain, cherish and attract their potential clients.
29. Ahmed A. and Kwatra N. (March 2014), this papers aims at judging the quality of
insurance services in India through customer’s determination and how this can be used to
increase the demand for insurance which is at present low in India. The study by revealed
among other things that the total number of death claim settled by an insurance company is the
most important factor considered by the customers of insurance companies in India in their
judgement and calculation of quality of the policies they are holding. The study therefore

advises that the culture of deferment in premium payment or non-payment should be gridlocked
and organisations should look in going to see the acumen why the payment of premium is a
difficulty.
30. Janjua P. Z. and Akmal M. (March 2014), Islamic finance and insurance are in
international market particularly after world economic since 2008. This study by is a study to
ascertain customer’s satisfaction for the services of common and Islamic insurance companies
in Pakistan. The findings advices a cogent betterment in the service quality of common and
Islamic insurance industry specifically, the common insurance companies require to pay extra
heed on young people, private employees and lower income groups, whereas the Islamic
insurance companies have to put more efforts to better Shariah compliance and to allure self –
employed and higher income groups.

RESEARCH METHODOLOGY
Research can be defined as systematized effort to gain new knowledge. A research is
carried out by different methodology, which has their own pros and cons.
Research methodology is a way to solve research problem along with the logic behind
them. Thus when we talk of the research methodology we not only take of research method but
also context of our research study and explain why we are using a particular method or
techniques and why we are not using other so that research result are capable of being evaluated
either by the researchers himself or by others.
Research methodology means the method carried out to study the problem . It shows the
type of the sample design used, its size and the procedure used to dew sample. The extent of

precision achieved and the method used for handling any special problem during the course of
the study.
Data sources : Primary and Secondary.
Data approaches : Questionnaire.
Sample size : 50
Sample procedure : Convenience sampling.
Research Design : Descriptive.
TITLE:
To determine customer satisfaction for MAX Life Insurance.
Data collection method:
 Primary data:
The primary data are those which are collected afresh and for the first time, and thus

happened to be original in character. There are several methods of collecting primary data
particularly in surveys.
For the study: Questionnaire method is used for collecting the data while conducting the
research.
 Secondary data:
The secondary data are those which have already been collected by someone and which have
already been passed through the statistical process. Secondary data may either be published data
or un- published data.
For the study: Internet is used for collecting the data while conducting the research.
TITLE JUSTIFICATION:
The above title is self explanatory. The study deals mainly with studying the customer
satisfaction in the insurance industry with a special focus on MAX Life Insurance. The
various segments of the markets divided in terms of Insurance Needs, Age groups ,
Satisfaction levels etc will also studied.
OBJECTIVE
 To determine customer satisfaction on MAX Life insurance
 To provide the company with information of customer's Insurance policy if they have any
and reasons for opting for that particular policies.

 To know the most preferred policy
.
SCOPE OF THE STUDY
A big boom has been witnessed in Insurance Industry in recent times. A large number of new
players have entered the market and are vying to gain market share in this rapidly improving
market. The study deals with MAX in focus and the various segments that it caters to. The study
then goes on to evaluate and analyze the findings so as to present a clear picture of trends in the
Insurance sector.
LIMITATIONS
1) The survey was conducted within the city only.
2) Time to interact with the customers was not sufficient.
3) Customers were not fully aware of various plans of max life insurance.
4) Accurate results could not be found as every customer has his own
opinion.
SIGNIFICANCE OF THE STUDY

This is a limited study which takes into consideration the responses of 100 people. This data
can be exported to take in the trends across the industry. The significance for the industry lies in
studying these trends that emerge from the study. It is a rapidly changing and evolving sector.
People are only beginning to wake up to it’s vast possibilities. A study like this can attempt to
guide the future of the industry based on current trends.
RESEARCH DESIGN
 NON-PROBABILITY
 EXPLORATORY & DISCRIPTIVE EXPERIMENTAL RESEARCH
The research is primarily both exploratory as well as descriptive in nature. The sources of
information are both primary & secondary.
A well-structured questionnaire was prepared and personal interviews were conducted to collect
the customer’s perception and buying behavior, through this questionnaire.
SAMPLING METHODOLOGY
Sampling Technique:

Initially, a rough draft was prepared keeping in mind the objective of the research. A pilot study
was done in order to know the accuracy of the Questionnaire. The final Questionnaire was
arrived only after certain important changes were done. Thus my sampling came out to be
judgemental and convenient
Sampling Unit:
The respondents who were asked to fill out questionnaires are the sampling units. These
comprise of employees of MAX Life insurance customers.
DATA INTERPRETATION
1. Do you think is it essential to have Life Insurance?
YES NO
Yes No Total
No. of Respondents 45 5 50
% of Respondents 90 10 100
No. of Respondents

YES
NO
INTERPRETATION
To this question 45 consumers reported YES and 5 consumers reported NO .

2. Why did you choose Max Life Insurance?
No of % Of
Respondents Respondents
ROI 18 36
Peer Pressure 15 30
Tax Benefit 10 20
Security /safety 2 24
Low Premium 5 10
TOTAL 50 100
No. of Respondents
ROI
Peer Pressure
Tax Benefit
Security /safety
Low Premium
INTERPRETATION
The above diagram shows 36% of respondents choose because of good returns, 30%
because of peer pressure and remaining 24% opt. Because of tax benefit, safety and 100
premium respectively.

3. What kind of services you expect from insurance provides?
No of % Of
Easy access ability to Deposit Center 20 31
Time to time premium collection 12 19
Provision in case of Dues 8 13
Bonus & other schemes 24 37
TOTAL 64 100
No. of Respondents
Easy access ability to
Deposit Center
Time to time premium
collection
Provision in case of
Dues
Bonus & other schemes
Note.
Some of customer are expecting more than single service.

INTERPRETATION
Out of total 50 respondents 37% like to have bonus and other service as a prime concern,
13% like to have provision in case of dues and remaining 31% & 12% respondents say.
They need time-to-time premium collection and easy accessibility to deposit center as a
concern before choosing insurance provider.

4. How will you rate the services given by Max Life Insurance?
No of % Of
Poor - -
Average 16 32
Good 28 56
Excellent 6 12
TOTAL 50 100
No. of Respondents
Poor
Averag
e
Good
Excelle
nt
INTERPRETATION
Out of 50 respondents 57% have ratted max Life Insurance
services as good and 32% have ratted as average. And remaining 12% have
ratted as Excellent.

5. What difference you find between max & your previous Insurance provider.
No of % Of
Good Returns 16 21
Effective Service/liquidity 12 15
Tax Planning 28 36
Security/ Safety Benefit 22 28
TOTAL 50 100
No. of Respondents
Good Returns
Effective Service
Tax Planning
Security/ Safety Benefit
Note.
Some of customers are having more than one plan more Benefit are expected
in one plan. Total surveys of customers are 50.

6. Do have any suggestion for max Life Insurance?
YES NO
YES NO TOTAL
No of Respondents 39 11 50
% Of Respondents 78 22 100
No. of Respondents
YES
NO
INTERPRETATION
To this question 39 consumers reported YES and 11 consumers reported
NO .

7. In future, will you purchase policies from max Life Insurance?
YES NO
YES NO TOTAL
No of Respondents 32 18 50
% Of Respondents 64 36 100
No. of Respondents
YES
NO
INTERPRETATION
To this question 32 consumers reported YES and 18 consumers reported NO .

8. How likely are you to repurchase products and services from max life insurance? Would
you say the chances are?
BENEFITS
NO.OF
RESPONDENTS
SHARE (%)
Excellent 33 66
Good 10 20
Poor 7 14
TOTAL 50 100

INTERPRETATION
 65% of the respondents believe that they repurchase max life insurance service
 Whereas, 20% and 14% of them believe that the max life insurance service good and
poor respectively

9. How likely you rate the overall quality of your relationship with max life insurance all of your
experiences?would you say the chances are?
BENEFITS
NO.OF
RESPONDENTS
SHARE (%)
Excellent 30 60
Good 10 20
Poor 10 20
TOTAL 50 100

INTERPRETATION
 60% of the respondents believe that they have excellent experience of max life insurance
service
 Whereas, 20% ,and 20% of them believe that the max life insurance service good and
poor respectively.

10. How would you rate your satisfaction level in regards to customer service ?
BENEFITS
NO.OF
RESPONDENTS
SHARE (%)
Excellent 35 70
Good 7 14
Poor 8 16
TOTAL 50 100

INTERPRETATION
 70% of the respondents believe that they have excellent experience of customer
service of max life insurance service
poor respectively.

11. How would you rate your level of satisfaction with max life insurance in regards to price?
BENEFITS
NO.OF
RESPONDENTS
SHARE (%)
Excellent 33 65
Good 12 25
Poor 5 10
TOTAL 50 100

INTERPRETATION
 65% of the respondents believe that they have excellent experience of satisfaction in
regards to price
poor respectively.

12. How would you rate satisfaction in regards to value for money?
BENEFITS
NO.OF
RESPONDENTS
SHARE (%)
Excellent 28 55
Good 15 30
Poor 7 15
TOTAL 50 100

INTERPRETATION
regards to value for money
poor respectively.

13. How would you rate your satisfaction in regards to processing system of max life insurance
service?
BENEFITS
NO.OF
RESPONDENTS
SHARE (%)
Excellent 30 60
Good 13 25
Poor 7 15
TOTAL 50 100

INTERPRETATION
regards to value for money
poor respectively.

14. How would you rate your satisfaction level in regards to service of max life insurance
service?
BENEFITS
NO.OF
RESPONDENTS
SHARE (%)
Excellent 33 65
Good 15 30
Poor 2 5
TOTAL 50 100

INTERPRETATION
regards to service .
Whereas, 30% ,and 5% of them believe that the max life insurance service good and poor
respectively.

15. How would you rate your satisfaction level in regards to your current policy plan?
BENEFITS
NO.OF
RESPONDENTS
SHARE (%)
Excellent 38 75
Good 10 20
Poor 2 5
TOTAL 50 100

INTERPRETATION
regards to their current policy .
Whereas, 20% ,and 5% of them believe that the max life insurance service good and
poor respectively in regards to their current policy .

FINDINGS AND CONCLUSION
FINDINGS
 45 consumers think Life Insurance is essential for them.
 36 percentages of the total respondents invest in Max Life Insurance for getting high ROI.
 37.5 percentage respondents expect bonus and other schemes from max Life Insurance.
 56 percentage respondents satisfied with services given by max Life Insurance.
 As per 28% of respondence max Life Insurance providers good tax benefits to the
Investors.
 64% of respondents are willing to purchased policies from max Life Insurance in future.
 It is found the Customers are satisfy with the max life insurance service.
 max life insurance service. Gives best satisfaction to its customers.
 Most of the customers want max life insurance service again.
 It is found that life cover plan, investment plan attract customer.

RECOMMENDATIONS
1) max Life Insurance should try to build trust among the public by
making people aware of their investment is safe, high return on investment,
Tax Benefits.
2) As more respondents are investing in max Life Insurance for getting
high return on investment the company should try to provide attractive
returns on investments in future.
3) max Life Insurance should introduce attractive policies & also
attractive bonus on policies to attractive more potential customers.
4) Approx 36% of respondents differ with there previous insurance
provider, they field that max Life Insurance providing good tax benefit for
there investment so max Life Insurance if possible try to provided more tax
benefit customer.
5) 64% respondents are willing to purchases max Life Insurance policies
in future this benefit max Life Insurance as mort potential customer in
future.

CONCLUSION
After conducting market research for max Life Insurance Company we came to know different
needs of consumers, their valuable suggestions, responses to the different questions. With this
information we can conclude that there is good market awareness about max Life Insurance
Company in the market.
Our exhaustive research in the field of Life Insurance threw up some interesting trends which
can be seen in the above analysis. A general impression that we gathered during Data collection
was the immense awareness and knowledge among people about various companies and their
insurance products. People are beginning to look beyond LIC for their insurance needs and are
willing to trust private players with their hard earned money.
People in general have been impression by the marketing and advertising campaigns of
insurance companies. A high penetration of print , radio and Television ad campaigns over the
years is beginning to have it’s impact now.
Customer satisfaction level of most respondents is higher for max Life Insurance Company,
which is provided by survey. Higher satisfaction level of max life insurance company was
monthly due to max provides good tax benefit for the consumers also ROI, security etc.

REFERENCES
BOOKS
MAGAZINE

behaviour intentions in life insurance services in India: An SEM study. International
Journal of Quality and Service Sciences, 3(2), 225-242.
 ion of customers towards responsiveness of bancassurance
channel: An empirical study in Assam. International Journal of Entrepreneurship and
Development Studies, 3(1), 19-35.
 h service
quality in life insurance services. Journal of Targeting, Measurement and Analysis for
Marketing, 18(3-4), 221-238.

behaviour. European Journal of Marketing, 24(6), 24-40.

service quality. Journal of Services Marketing, 3(4), 5-14.
 customer problems to improve
service quality. Journal of Services Marketing, 3(4), 5-14.


Products Case Study: Lagos State, Nigeria. Woodside, A. G., Frey, L. L., & Daly, R. T. (1989).
Linking sort/ice anlity, customer satisfaction, and behavioral intention. Journal of health care
marketing, 9(4), 5-17.

survey. Total Quality Management & Business Excellence, 14(8), 919-930.

tabs on the issues that matter. Total Quality Management, 12(1), 83-94.
 atisfaction. ACR NorthAmerican
Advances.
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medicine. Emergencymedicine journal, 21(5), 528-532.

information security breach on hotel guest perception of service quality, satisfaction,
revisit intentions and word-of-mouth. International journal of contemporary hospitality
management, 24(7), 991-1010.
 on: The effect of disconfirmed expectancy
on perceived product performance. Journal of marketing research, 10(1), 38-44.
 -Lobato, L., Solis-Radilla, M. M., Moliner-Tena, M. A., & Sánchez-García, J.
(2006). Tourism destination image, satisfaction and loyalty: a study in Ixtapa
Zihuatanejo, Mexico. Tourism geographies, 8(4), 343-358.

recovery satisfaction, trust, word-of-mouth, and revisit intention in upscale
hotels. Tourism management, 30(1), 51-62.


service quality. Journal of marketing, 60(2), 31-46.
 rvice quality of Life
Insurance Corporation of India: A factor analytic approach. International Journalof
Business and Social Science, 2(18), 219-231.
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customer satisfaction and environmental safety. In 2011 International Conference on
Computer Communication and Management (Vol. 5, pp. 637-641).
Business & Economy Magazine
COMPUTER WEBSITE
www.IRDA.com
www.licindia.com
www.hdfcinsurance.com
www.businessindiaonline.com
www.maxnewyorklife.com
www.brandonline.com
www.iciciprulife.com

92
QUESTIONNAIR
1. Do you think it is essential to have life insurance?
a. Yes
b. No
2. Why did you choose max life insurance?
a) ROI
b) Peer pressure
c) Tax benefit
d) Securitysafety
e) Low premium
3. What kind of service you expect from insurance providers?
a) Easy access
b) Availability to deposit
c) Time to time premium collection
d) Provision in case of dues
e) Bonus and other schemes

93
4. How will you rate the services given by max life insurance?
a) Poor
b) Average
c) Good
d) Excellent
5. What difference you find between Max and your previous insurance providers?
a) Good return
b) Effective service
c) Tax planning
d) Security and safety benefits
6. Do you have any suggestions for Max life insurance?
a) Yes
b) No
7. In future will you purchase policies from Max life insurance?
a) Yes
b) No

94
8. How likely you repurchase products and services from Max life insurance?
a) Excellent
b) Good
c) Poor
9. How likely you rate the overall quality of your relationship with Max life insurance ? would you
say the chances are?
a) Excellent
b) Good
c) Poor
10. How would you rate the satisfaction level in regards of customer service?
a) Excellent
b) Good
c) Poor
11. How would you rate your level of satisfaction with max life insurance in regards to price?
a) Excellent
b) Good
c) Poor

95
12. How would you rate satisfaction in regards to value for money?
a) Excellent
b) Good
c) Poor
13. How would you rate your satisfaction in regards to processing system of Max life insurance
service?
a) Excellent
b) Good
c) Poor
14. How would you rate your satisfaction level in regards to service of max life insurance?
a) Excellent
b) Good
c) Poor
15. how would you rate satisfaction level in regards to current policy plan?
a) Excellent
b) Good
c) Poor

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