ACKNOWLEDGEMENT Firstly I here by express my deep sense of gratitude Mr.ANIL SARAOGI.Assi.

Lecturer of SRIMICA whose guidance and feedback on the project has helped me a lot and enhanced me to give the right shape to this project. I am thankful to Mr. MANOJ MAKKAD Branch Manager ICICI prudential priority Circle, for providing me opportunity to venture in to the practical training and for helping me on each and every stage of my project work. Last but not the least, I am grateful to all my respondents who devoted their valuable time to give their response and all those who helped me directly at any stage of this project work.

KIRAN CHAVDA MBA [FINANCE] SRIMICA, Tarsadi VNSGU, Surat

PREFACE

This project report is the outcome of a practical training in ICICI Prudential life insurance priority circle PALANPUR at that includes project work on SATISFICATION LEVEL OF LIFE INSURNCE ADVISOR Field survey is made of Branches studying in located in Palanpur and surrounding region. + Industry and company profile.Section-2 covers plan of the study and include objectives of the study, research methodology, limitation of the study and theoretical overview. Section-3 covers data presentation Section-4 covers findings conclusion and recommendation and also annexure and finally reference for the project work.

EXUCATIVE SUMMARY:
The project report on the study of Satisfaction level of life insurance Advisors at ICICI PRUDENTIAL LIFE INSURANCE CO.LTD. At Palanpur. The research objective is: 1. To find out the relative importance of parameter critical to Life insurance Advisor satisfaction. 2. To measure the satisfaction of the Advisor on the critical parameters. 3. To find out the loyalty level of life insurance advisors. The research design used was Exploratory and later on objective type. The sampling Method used for data collection was convenient sampling. The total sample size of 150 was taken for the Survey, out of them 50 were taken for ICICI PRUDENTIAL LIFE INSURANCE CO.LTD, 50 were taken for BAJAJ ALLIENZ, and 50 were taken for KOTAK. The research instrument for collecting data was Questionnaires find the method used was personal interviews The major findings are as follow: 1. Commission is most important factor to become life insurance advisors. 2. Most of life insurance advisors are satisfied with working environment and good commission.

3. Most of life insurance advisors are loyal towards their respective organization. RECOMMANDATION: Commission in main Motivating factor to become life insurance advisor. So, Company should ensure that commission structure attractive, rewarding & achievable in short motivating the existing potential advisors To give more satisfaction to their advisor company should more concentrate on working environment and company support. The most of L.I.A are loyal toward their organization because of they satisfied, so companies more concentrate on those parameters.

INDEX

SECTION 1

TOPIC INTRODUCTION: INSURANCE BASIC INDUSTRY PROFILE COMPANY PROFILE

PAGE NO

PLAN OFSTUDY: OBJECTIVE OF STUDY RESEARCH METHODOLOGY THEORETICAL OVER VIEW LIMITATION THE STYDY

3 4

DATA PRESENTATION AND ANALYSIS FINDING,CONCLUSION & RECOMMENDATION: BIBLIOGRAPHY

INSURANCE BASIC: Why life insurance? Life Insurance cover is essential for it provided the following benefits: A lump sum payment to the nominees at the time of the death of the policy holder; A regular payment to the nominees in the event of the death of the policy holder; Tax benefits, as premiums paid reduce the liability of tax; Relieves economic hardships in the family on the uneventful death of the sole income holder;

Inculcates the habit of saving. What Are The Recent Changes In The Insurance Sector And How Will That Benefit The Consumer? With the passing of the Insurance Regulatory and Development Act (IRDA), the consumers in India can look forward to numerous companies coming into the insurance sector, with different types of products designed to cater to all. Foreign companies with global expertise in the sector will be allowed to enter in India.

ICICI PRUDENTIAL

We cover you. At every step in life

The Consumers can look forward to the following: A general education cum awareness level towards the insurance sector will increase, especially in the rural areas where more than 65% of the population resides: A larger base of the economies savings can be tapped to be put to use in social and infrastructure sector, as and how specified by IRDA to the insurance companies; Increased competition to the state insurance companies, resulting in them being more proactive, customer friendly and customer focused, reduced claim settlement time, better technology etc; IRDA giving priority to companies entering the health sector; this will ensure a larger base of Indians getting health insurance; Newer products will be designed to cater to the need of the individuals; About life insurance What is Insurance? It is protection of Economic Value of Asset Due to any accident occurrence. Protection is needed against Destruction of an asset.

 Non-Functionality of an asset Human life is most important asset. What is life insurance? The economic value of a human life arises out of its relation to other lives. Whenever continue of life is financially valuable to other, either to family dependent, business associates or educational & Philanthropic situation, the Necessary for life instance is present. Protection of the human life asset against risk.

The thumb rule for buying insurance is that your insurance needs are minimal in your early years, increase with added responsibility (Marriage, children, loans etc.) and rapper off by the time you retire. It is difficult to find a single insurance plan that can take care of your entire changing requirement in life. The basic concept of life insurance is to build a COMMOM FUND from the premiums contributed by policyholders. The FIND undertakes to financially safeguard the policyholder against untimely death, loss of earning capacity, and other things like purchase of a house. It is civilizations partial solution to the problem caused by untimely death. With life insurance you can leave behind what you have PLANNED to save not just what you have saved.

 Why Life Insurance: Provides security for the family Combines risk cover and savings. Plan for lifes uncertainties- Accidental Permanent total/Partial disability; Critical Illness; Hospitalization Expenses Lifestyle maintenance post retirement Tax benefits Encourages regular savings and protects against extravagance. Peace of Mind What is Human Life Value: Every Human life is PRICELESS. However, the economic value of and life depends on the income and the Provisions made for his/her dependants. In the unfortunate event of premature death, the dependants should Able to sustain the same standard of life as before. Assets like property should not be liquidated to provide for the Dependents requirements. Life insurance is the instrument that allows you to achieve these.

 Millstone of the Insurance Industry:1st insurance Company started in 1818Oriental insurance

Company it was UK 1st insurance Company BOMBAY MUTUAL LIFE

INSURANCE SOCIETY on 5th DEC 1870. With 7 directors and Rs. 7 Capital by each director. 2nd Indian Insurance Company Oriental insurance By Firozshah Mehta 1907 Rabindranath Tagore started in KolkattaHindustan coOperative Insurance SocietyLala Lajpatrai and Motilal Nehru Started in Lahore. Laxmi insurance company. 1913 New India Assurance Company 1938 insurance Act was passed in India. 1950 insurance act amendments were made mainly for commission And agency. Indian Insurance Industry: Life Insurance industry, as on 1.4.2000, comprised mainly one player: Life Insurers: Life insurance Corporation of India (LIC) Other 13 Life Insurance

Companies are below:-

Life Insurers:
S.No . 1 2 3 4 5 6 7 8 9 10 11 12 13 Registratio n number 102 104 105 107 109 110 111 114 116 117 121 112 127 IRDA: Insurance Regulatory & Development Authority The authority helps in consultation with the insurance advisor committee IRDA was set up as an independent regulatory authority, which has not put in place regulation in line with global forms. So far in the private sector 12 life insurance companies have been registered Date of Reg. 23.10.2000 15.11.2000 24.11.2000 10.01.2001 31.01.2001 12.02.2001 30.03.2001 02.08.2001 03.08.2001 06.08.2001 30.01.2002 14.05.2002 06.02.2004 HDFC Standard Life Insurance Company Ltd. Max New York Life Insurance Co. Ltd. ICICI Prudential life Insurance Co.Ltd. Kotak Mahindra Old Mutual Life Insurance Ltd. Birla Sun Life Insurance Company Ltd. Tata AIG Life Insurance Co-Ltd. SBI Life Insurance Co-Ltd. ING Vyasya Life Insurance Co. Privet Ltd. Bajaj Allianze Life insurance Co.Ltd. MetLife India insurance Co. private Ltd. AMP Sanmar Life Insurance Co.Ltd Aviva Life Insurance Co. India Pvt.Ltd. -------------Name of the company

Role of IRDA

IRDA made some necessary parameters for becoming life advisor like person should be at least 12th pass.

Insurance Market: India is huge market for the insurance industry. Much insurance company came into market as a joint venture. ICICI pr. Life insurance is 1st P.V.T. Sector company entered into 1999 Kev plavers ICICI Prudential Bajaj Alliances TATA AIG ING Visya MAX,NEW yours life insurance HDFC Standard life insurance Others Rules & Regulations Govt. stake in the insurance company to brought sown to 50% No company should deal in both life * general insurance. PVT Company should have minimum paid up capital of Rs.1 billion is allowed to enter.

COMPANY PROFILE:
ABOUT ICICI PREDENTIAL: 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 amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval form insurance Regulatory Development Authority (IRDA). ICICI Prudential equity base stands at Rs.11.85 billion with ICICI Bank and prudential plc holding 74%and 26% stake respectively. In the financial year ended March 31, 2005, the company garnered Rs.1584 crore of new business premiums for a total sum assured of Rs 13,780 core and wrote nearly 615,000 policies. The company has a network of about 56,000 advisors; as well as 7 banc assurance and 150 corporate agent tie-ups.For the past four years,ICICI Prudential has retained its position as the No.1 private life insure in the counter, with a wide range of flexible products that meet the needs of the Indian customer at every step in life. Company vision: To make ICICI Prudential the dominant life and Pensions player built on trust by world-class people and service. This we hope achieve by: Understanding the needs of customer and offering them superior products and service

 Leveraging technology to service customer quickly, efficiently and conveniently Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders network of 24 life and mutual fund operations in twelve countries china, Hong Kong, India, Indonesia, japan,korea,Malasiya, the Philippines, Singapore, Taiwan, Thailand and Vietnam. THE COMPANY: 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 amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from insurance Regulatory Development Authority (IRDA).

ICICI Prudentials equity base stands at Rs. 1185 crore with ICICI Bank and prudential plc holding 74% and 26% stake respectively. For the half year ended September 30, 2005, the company garnered Rs 820 crore of new business premiums for a total sum assured of Rs 7,131 crore and wrote 283,818 policies. For the past four years, ICICI prudential has retained its position as the No.1 private life insurance in the country, with a wide range of flexible products that meet the needs of Indian customer at every step in life. To know more about the company.

DISTRIBUTION: ICICI Prudential has one of the largest distribution networks amongst private life insurers in India, having commenced operations in 110 cities and towns in India, stretching from Bhuj in the west to Guwahati in the east, and Amritsar in the north to Trivandrum in the south. The company has seven banc assurance tie-ups, having agreements with ICICI Bank, Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank and some cooperative Banks, as well as about 290 corporate agents and brokers. It has also tied up with NGO, MFIS and corporate for the distribution of rural policies and organizations like Dhan for distribution of Salaam Zindagi, a policy for the socially and economically underprivileged sections of society. ICICI prudential has recruited and trained about 60,000 insurance advisors to interface with and advise customers. Further, it leverages its state-of-the-art IT infrastructure to provide superior quality of service to customers. PRODUCTS Profile: Insurance prudential life insurance offers a range of innovative, customer-centric products that meet the needs of customer at every life stage. Its products can be enhanced with up to 5 riders, to create a customized solution for each policyholder. Saving Solutions Secure Plus is a transparent and feature-packed savings plan that 3 levels of protection.

 Cash Plus is a transparent, feature-packed savings plan that offers 3 levels of protection as well as liquidity option. Saving & protect is a traditional endowment savings plan that offers life protection along with adequate returns. Cashbook is an anticipation endowment policy ideal for meeting milestone expenses like a childs marriage, expenses for child? S higher education or purchase of an asset. Life Time & Life Time II offer customer the flexibility and control to customize the policy to meet the changing needs at different life stages. Each offer 4 fund option? Preserver, Protector, Balancer and Maximizes. Life Link II is a single premium market linked insurance plan, which combines life insurance cover with the opportunity to stay, invested in the stock market. Premier Life is a limited premium-paying plan that offers customers life insurance cover till the age of 75. Invest Shield Life is a Market Linked plan that provides capital guarantee on the invested premium and declared bonus interest. Invest shield Cash is a market linked plan that provides capital guarantee on the invested premium and declared bonus interest along with flexible liquidity options.

 Invest Shield gold is a market linked plan that provides capital guarantee on the invested premium and declared bonus interest along with limited premium payment terms. Protection Solutions: Lifeguard is a protection plan, which offers life cover at very low coat. It is available in 3 options? Level term assurance with return of premium and single premium. Child Plans: Smart Kid education plans provide guaranteed educational

benefits to a child along with life insurance cover for the patent who purchases the policy. The policy is designed to provide money at important milestones in the childs life. Smart Kid plans are also available in unit-linked form? Both single premium and regular premium. Retirement Solution Forever Life is a retirement product targeted at individuals Secure plus pension is a flexible pension plan that allows in their thirties. one to select between 3 levels of cover. Market-linked retirement products Life Time Pension II is a regular premium market-linked pension plan

 Life Link Pension II is a single premium market-linked pension plan. Invest Shield Pension is a regular premium pension plan with a capital guarantee on the ingestible premium and declared bonuses. Golden years is a limited premium paying retirement solution that offers tax benefits up to Rs 100,000 u/s 80C, with flexibility in both the accumulation and pay out stages.

ICICI Prudential also launched? Salaam Zindagi?, a social sector group insurance policy targeted at the economically underprivileged sections of the society. Group Insurance solutions ICICI Prudential also offers group insurance solution for companies seeking to enhance benefits to their employees. ICICI Pru Group Gratuity Plan: ICICI Prus group gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner. The plan can also be customized to structure schemes that can provide benefits beyond the statutory obligations. ICICI Pru Group Superannuating plan: ICICI Pru offers a flexible defined contribution-superannuating scheme to provide a retirement kitty for each member of the group. Employees have the option of choosing from various Annuity option or opting for a partial communication of the annuity at the time of retirement.

ICICI Pru Group Terms plan: ICICI Prus flexible group terms solution helps provide affordable cover to member of a group. The cover could be uniform or based on designation /rank or a multiple of salary. The benefits under the policy are paid to the beneficiary nominated by the member on his/her death. Flexible Rider Option ICICI Pru Life offers flexible riders, which can be added to the basic policy at a marginal cost, depending on the specific needs of the customer. Accident & disability benefit: - if death occurs as the result of an accident during the terms of the policy, the beneficiary receives as additional amount equal to the sum assured under the policy. If the death occurs while traveling in an authorized mass transport vehicle, the beneficiary will be entitled to twice the sum assured as additional benefit.

CHAPTER 2: PROBLEM FORMULATION

2.1) Objectives of the study: The following are the objective of this research study. 1. To find out the relative importance of parameters critical to life advisor satisfaction. 2. To measure the satisfaction of the advisor on the critical parameters. 3. . To find out the loyally level of life advisors 2.2) Scope of the Study: 1. The study limited to life insurance advisors of three major life insurance Companies viz. ICICI PRUDENTIAL, BAJAJ, and KOTAK. 2. The life advisors selected for the study were limited to the city of Palanpur 2.3) importance of the study:

1. This study wills helps the life insurance companies to make improvement in their services and facilities towards greater advisor satisfaction. 2. The study will allow the companies to know the suggestion of the life advisor towards increasing advisor performance and productivity.

CHAPTER 3: RESEARCH METHODOLOGY

This part of the research report is very much important because it explains methods. Concept and producer followed by the researcher to study the problem. 3.1) RESEARCH DESIGN: A research design is a logical and systematic planning and helps direction a piece of research. The research design lays down the method and procedures for the collection of requisite information and its measurement and analysis with a view to arriving at certain meaningful conclusion at the end the proposed study. Research Design used for this study In the study ,objective Research has been used. This is because the study aims to understand in detail the satisfaction level of life insurance advisors. 3.2) Sources of Data

Primary Data: In this study, survey method of primary data collection has been used. For this, questionnaire has been designed comprising multiple choice question, Scaling questions and open ended questions. Secondary data:Secondary data used for this study have been collected from the following sources. Record book of advisor Websites of the major insurance companies plus articles available of the internet Prospectus and brochures

3.3Sampling Design: Non-probability sampling type has been adopted and the exact method used is convenience sampling. 3.4 Sampling Unit: Sample contains only one type of respondent as sample unit i.e. persons working as life advisor of any of the following insurance companies viz. ICICIPRUDENTIAL., BAJAJ and KOTAK.The Respondents covered businessman, professional, students, and housewives. 3.5 Sample size:

Given the time and coast constraints, a sample size of 150 was considered reasonable with the following break up: BAJAJ Allianz ICICI PRU. KOTAK : 50 respondents : 50 respondents : 50 respondents

3.6 Limitation of the Study: Following are the limitations of the study: 1. Due to time and coast constraints, pure random sampling method has not been used. And, therefore, the findings of the study cannot be generalized to the larger population. 2. It is quite possible that many of the respondents may misrepresent themselves while giving their responses. This respondent bias can lead to wrong conclusions about the satisfaction levels of the advisors even within the sample population. 3. Even through all efforts have been made to design a bias-free Questionnaire, is quite possible that some respondents may Misinterpret some of the questions and thereby give wrong responses. This may disports the findings of the study.

EXPERIENCE:
Frequency Table:

IN WHICH COMPANY WORKING * EXPERIENCE Crosstabulation Count EXPERIENCE LESS THAN MORE THAN .5 YEAR .5 TO 1 YEAR 1 YEAR IN WHICH COMPANY ICICI PRUDENTIAL 19 27 4 WORKING BAJAJ 22 19 8 KOTAK 32 18 Total 73 64 12

4 1 1

Total 50 50 50 150

Graph:

4 0

3 0

2 0

INW IC C M A YW R H H O PN O Count
1 0 IC I P U E T L IC R D N IA BJ J AA 0
E L .5 T M O 4 S

K TK OA

EPR NE X E IE C

Interpretation: The above charts show the tenure of life insurance advisors. We can see that most of life insurance advisors come below 1 year. Because reason is that research area only. Palanpur where most of the life insurance company came in the year 2006. TOTAL POLICY AMOUNT: The below graph shows the current business (total policy amount) of life insurance advisors surveyed in this study. Frequency table:

S T H A N .5 Y

1 Y E A R E A R

T H A N 1 Y E A R

IN WHICH COMPANY WORKING * TOTAL POLICY Crosstabulation Count TOTAL POLICY LESS THAN 5000015 LAKH 10 LAKH 1000001 IN WHICH COMPANY ICICI PRUDENTIAL 33 10 7 WORKING BAJAJ 30 17 3 KOTAK 31 17 2 Total 94 44 12

Total 50 50 50 150

Graph

40

30

20

TOTAL POLICY
10 LESS THAN 5 LAKH 500001- 10 LAKH 0 ICICI PRUDENTIAL BAJAJ KOTAK 1000001

Count

IN WHICH COMPANY WORKING

Interpretation: The above charts shows that the current business (total amount of policy) of life insurance advisors. The high proportions of the respondent are less than five lakh, and their respective respondents in particular company 33, 30 and 31 for icici prudential, bajaj allienz and kotak life insurance Company.

REASONS TO BECOME LIFE INSURANCE ADVISOR. 1. COMMISSION:

Crosstab Count IN WHICH COMPANY WORKING ICICI PRUDENTIAL BAJAJ KOTAK 18 14 16 32 36 34 50 50 50

REASONS- COMMISION NO YES Total

Total 48 102 150

Graph

hghjg

4 0

3 0

2 0

INW IC C M A YW R H H O PN O
IC I P U E T L IC R D N IA

Count

BJ J AA 1 0 N O YS E K TK OA

R A O S C M IS N E S N - O M IO

The above graph shows that the life insurance advisors are motivate for good commission of the parameter. So they become life insurance advisor most of the advisor says yes to become advisor. Good commission is one

2. PART TIME JOB.

Frequency table:
Crosstab Count IN WHICH COMPANY WORKING ICICI PRUDENTIAL BAJAJ KOTAK 27 22 20 23 28 30 50 50 50

PART TIME JOB Total

NO YES

Total 69 81 150

Graph
3 2

3 0

2 8

2 6

2 4

2 2

IN W HICH CO P M ANY W R O
IC I P U E T L IC R D N IA

Count

2 0 1 8 N O YS E

B JA A J K T K OA

PA TIM JO RT E B

Interpretation: The above graph and charts shows that part time job is also affected to become life insurance advisor where icici pru, bajaj and kotak are 23, 28 and 30 respectively. So, part time job is another most influence parameter to become life insurance advisor.

3. FREEDOM OF WORK
Frequency table:
Crosstab Count IN WHICH COMPANY WORKING ICICI PRUDENTIAL BAJAJ KOTAK 42 30 30 8 20 20 50 50 50

FREEDOM OF WORK Total

NO YES

Total 102 48 150

Graph

50

40

30

20

IN W HICH COMPANY WOR

10 ICICI P RUDE NTIA L B AJA J 0 NO Y S E K OTA K

Count

FREEDOM OF W ORK

Interpretation; The above graph and charts shows that another parameter to become life insurance advisor because freedom of work, but most of the life insurance advisor are not free from their work.

4. BUSINESS ENVIRONMENT.
Frequency table:

Crosstab Count IN WHICH COMPANY WORKING ICICI PRUDENTIAL BAJAJ KOTAK 34 30 34 16 20 16 50 50 50

BUSINESS ENVIRONMENT Total

NO YES

Total 98 52 150

Graph

4 0

3 0

2 0

IN W IC C M N W R H H O PA Y O
IC I P U E T L IC R D N IA

Count

B JA A J 1 0 N O YS E K TA O K

BU IN S E VIR N E T S E S N O M N

Interpretation: The above graph and charts shows that business environment is another parameter to become life insurance advisors. Few of advisor says yes because in this arena market facing too much competition.

5. BRAND NAME.
Frequency table:
Crosstab Count IN WHICH COMPANY WORKING ICICI PRUDENTIAL BAJAJ KOTAK 16 37 26 34 13 24 50 50 50

BRAND NAME Total

NO YES

Total 79 71 150

Graph

4 0

3 0

2 0

INW IC C M A YW R H H O PN O
IC I P U E T L IC R D N IA

Count

BJ J AA 1 0 N O YS E KTK OA

B A DN M RN A E

Interpretation: The above graph and charts shows that parameter for to become life insurance advisors is brand name. Most of people are motivate to become insurance advisors from brand name of company. We can see above icici Prudentials 34 respondent says yes. So we can see that icici pru, brand name is motivate to life insurance advisor.

6. MARKET SUPPORT.
Frequency table:
Crosstab Count IN WHICH COMPANY WORKING ICICI PRUDENTIAL BAJAJ KOTAK 27 38 38 23 12 12 50 50 50

MARKET SUPPORT NO YES Total

Total 103 47 150

Graph

4 0

3 0

2 0

IN W IC C M A Y W R H H O P N O
1 0 IC I P U E T L IC R D N IA B JA A J 0 N O YS E K TA O K

Count

M R E S P O T A K T U P R

Interpretation: The above graph and charts shows that parameter to become life insurance advisors is market support. Few of advisors say yes because of market computation. This parameter is not influence to become life insurance advisor compare to commission and part time job.

7. OTHERS.
Frequency table:

Crosstab Count IN WHICH COMPANY WORKING ICICI PRUDENTIAL BAJAJ KOTAK 40 34 33 10 16 17 50 50 50

OTHERS Total

NO YES

Total 107 43 150

Graph

5 0

4 0

3 0

2 0

IN W IC C M A Y W R H H O P N O
1 0 IC I P U E T L IC R D N IA B JA A J 0 N O YS E K TK OA

Count

OH R T E S

Interpretation; The above graph and charts shows that other parameter to become life insurance advisor. Where market leader, career opportunity and others. Where other parameters in icici, bajaj, and kotak 10, 16, and 17 respectively.

REASONS BEHIND SELECTING COMPANY: 1. COMMISSION.

Frequency table:

Crosstab Count IN WHICH COMPANY WORKING ICICI PRUDENTIAL BAJAJ KOTAK 27 24 19 23 26 31 50 50 50

SELECTINGCOMMISSION Total

NO YES

Total 70 80 150

Graph

3 2 3 0 2 8 2 6 2 4 2 2 2 0

IN W IC C M A Y W R H H O P N O
IC I P U E T L IC R D N IA B JA A J K TK OA N O YS E

Count

1 8 1 6

S LE T G C M IS IO E C IN - O M S N

Most advisers are consider commission while selecting a company we can see that above graph and chart out of 150, 80 adviser say that a commission is consideration.

2. WORKING ENVIRONMENT.
Frequency table:

Crosstab Count IN WHICH COMPANY WORKING ICICI PRUDENTIAL BAJAJ KOTAK 25 17 24 25 33 26 50 50 50

WORKING ENVIRONMENT Total

NO YES

Total 66 84 150

Graph

40

30

20

IN WHICH COMPANY WOR

ICICI PRUDENTIAL

Count

BAJAJ 10 NO YES KOTAK

WORKING ENVIRONMENT

Interpretation: The mostly advisors are also consider working environment while selecting a company. We can see in graph where 84 advisors say yes. So we can conclude that working environment is important factor.

3. MARKET LEADER.

Frequency table:

Crosstab Count IN WHICH COMPANY WORKING ICICI PRUDENTIAL BAJAJ KOTAK 26 31 39 24 19 11 50 50 50

MARKET LEADER Total

NO YES

Total 96 54 150

Graph
5 0

4 0

3 0

2 0

INW IC C M A YW R H H O P N O
1 0 IC I P U E T L IC R D N IA B JA A J 0 N O YS E K TK OA

Count

MR E L A E A K T E D R

Interpretation: Market leader is also one of the parameter of while selecting a company but compare to less commission and working environment. We can see in graph only 54 advisors say yes.

4. MARKET SUPPORT.
Frequency table:

Crosstab Count IN WHICH COMPANY WORKING ICICI PRUDENTIAL BAJAJ KOTAK 23 25 27 27 25 23 50 50 50

MARKET SUPPORT NO YES Total

Total 75 75 150

Graph:

2 8

2 7

2 6

2 5

2 4

IN W IC C M A Y W R H H O P N O
IC I P U E T L IC R D N IA

Count

2 3 B JA A J 2 2 N O YS E K TK OA

M R E S P O T A K T U P R

Interpretation: Market support is also consider while select company. We can see above graph and charts where 75 advisors say yes while select a company. So we can conclude that market support is also important parameter.

5. CAREER OPPORTUNITY.

Frequency table:
Crosstab Count IN WHICH COMPANY WORKING ICICI PRUDENTIAL BAJAJ KOTAK 30 37 23 20 13 27 50 50 50

CAREER OPPORTUNITY NO YES Total

Total 90 60 150

Graph:

4 0

3 0

2 0

INW IC C M A Y W R H H O P N O
IC I P U E T L IC R D N IA

Count

B JA A J 1 0 N O YS E K TK OA

C R E O P R U IT A E R P O T N Y

Interpretation: Most of advisors while select a company while they look career opportunity. So we can see in the graph where 20, 13 and 27 respondent for icici pru, bajaj allienz and kotak respectively.

6. OTHERS.
Frequency table:

Crosstab Count NO IN WHICH COMPANY ICICI PRUDENTIAL WORKING BAJAJ KOTAK Total OTHERS YES 23 27 23 27 25 25 71 79 Total 50 50 50 150

Graph:

28

27

26

25

24

OTHERS
23

Count

NO 22 ICICI PRUDENTIAL BAJAJ KOTAK YES

IN WHICH COMPANY WORKING

Interpretation: Most of the advisor is also considering while select a company they looking other parameter. So we can see in the graph where out of 150 respondent 79 respondents says yes.

T-Test
Purpose To know the satisfaction level of life insurance advisors.

Null Hypothesis (HO): There is no significant difference between calculated sample mean and hypothesized population mean. In other words, we hypothesize that the advisors are disagrees that the satisfaction level is not high. Alternative Hypothesis (H1): There is significant difference between calculated mean and hypothesized mean. Statistical Test: One sample t-test is chosen because the measurement of data is interval in nature.

One-Sample Statistics N SATISFICATIONCOMMISSION 150 Mean 4.17 Std. Deviation .89 Std. Error Mean 7.23E-02

Test Value at 4 Null Hypothesis (HO): There is no significant difference between calculated mean and hypothesized mean. In other words, we hypothesize that the advisors are disagree that the satisfaction level is not high. Alternative Hypothesis (H1): There is significant difference between calculated mean and hypothesized mean. In other words the advisors are not Disagree with the statement that the satisfaction level is high.

One-Sample Test Test Value = 4 95% Confidence Interval of the Difference Lower Upper 2.38E-02 .31

t SATISFICATIONCOMMISSION 2.305

df 149

Sig. (2-tailed) .023

Mean Difference .17

Inference: Here the test is performed at 95% significance level and the p-value comes out as 0.023 which is less than 0.05, it means that the null hypothesis H0 is rejected and alternative hypothesis is accepted and it can be said that there is significant difference between calculated mean and hypothesized mean.

T-Test
Purpose To know the satisfaction level of working environment

Null Hypothesis (HO): There is no significant difference between calculated sample mean and hypothesized population mean. In other words, we hypothesize that the advisors are disagrees that the working environment is not very good Alternative Hypothesis (H1): There is significant difference between calculated mean and hypothesized mean. Statistical Test: One sample t-test is chosen because the measurement of data is interval in nature.

One-Sample Statistics N WORKING ENVIRONMENT 150 Mean 4.16 Std. Deviation .88 Std. Error Mean 7.21E-02

Test Value at 4 Null Hypothesis (HO): There is no significant difference between calculated mean and hypothesized mean. In other words, we hypothesize that the advisors are disagree that the working environment is not very good. Alternative Hypothesis (H1): There is significant difference between calculated mean and hypothesized mean. In other words the advisors are

not disagree with the statement that the working environment is very good.

One-Sample Test Test Value = 4 95% Confidence Interval of the Difference Lower Upper 1.75E-02 .30

t WORKING ENVIRONMENT 2.219

df 149

Sig. (2-tailed) .028

Mean Difference .16

Inference: Here the test is performed at 95% significance level and the p-value comes out as 0.028 which is less than 0.05, it means that the null hypothesis H0 is rejected and alternative hypothesis is accepted and it can be said that there is significant difference between calculated mean and hypothesized mean.

T-Test
Purpose To know the satisfaction of insurance schemes

Null Hypothesis (HO): There is no significant difference between calculated sample mean and hypothesized population mean. In other words, we hypothesize that the advisors are disagrees that the insurance schemes are not very good Alternative Hypothesis (H1): There is significant difference between calculated mean and hypothesized mean. Statistical Test: One sample t-test is chosen because the measurement of data is interval in nature.

One-Sample Statistics N SCHEME 150 Mean 4.16 Std. Deviation .88 Std. Error Mean 7.21E-02

Test Value at 4 Null Hypothesis (HO): There is no significant difference between calculated mean and hypothesized mean In other words, we hypothesize that the advisors are disagree that the insurance schemes are not very good. Alternative Hypothesis (H1): There is significant difference between calculated mean and hypothesized mean. In other words the advisors are not disagree with the statement that the insurance schemes are very good

One-Sample Test Test Value = 4 95% Confidence Interval of the Difference Lower Upper 1.75E-02 .30

SCHEME

t 2.219

df 149

Sig. (2-tailed) .028

Mean Difference .16

Inference: Here the test is performed at 95% significance level and the p-value comes out as 0.028 which is less than 0.05, it means that the null hypothesis H0 is rejected and alternative hypothesis is accepted and it can be said that there is significant difference between calculated mean and hypothesized mean

T-Test

Purpose To know the satisfaction of company support

Null Hypothesis (HO): There is no significant difference between calculated sample mean and hypothesized population mean. In other words, we hypothesize that the advisors are disagrees that the company support is not very good Alternative Hypothesis (H1): There is significant difference between calculated mean and hypothesized mean. Statistical Test: One sample t-test is chosen because the measurement of data is interval in nature.

One-Sample Statistics N COMPANY SUPPORT 150 Mean 4.16 Std. Deviation .88 Std. Error Mean 7.21E-02

Test Value at 4.3 Null Hypothesis (HO): There is no significant difference between calculated mean and hypothesized mean In other words, we hypothesize that the advisors are disagree that the company support is not very good. Alternative Hypothesis (H1): There is significant difference between calculated mean and hypothesized mean. In other words the advisors are not disagree with the statement that the company support is very good

One-Sample Test Test Value = 4.3 95% Confidence Interval of the Difference Lower Upper -.28 2.46E-03

COMPANY SUPPORT

t -1.942

df 149

Sig. (2-tailed) .054

Mean Difference -.14

Inference: Here the test is performed at 95% significance level and the p-value comes out as 0.054 which is more than 0.05, it means that the null hypothesis H0 is accepted and alternative hypothesis is rejected and it can be said that there is no significant difference between calculated mean and hypothesized mean

T-Test
Purpose To know the satisfaction of career opportunity

Null Hypothesis (HO): There is no significant difference between calculated sample mean and hypothesized population mean. In other words, we hypothesize that the advisors are disagrees that the career opportunity is not very good Alternative Hypothesis (H1): There is significant difference between calculated mean and hypothesized mean. Statistical Test: One sample t-test is chosen because the measurement of data is interval in nature.

One-Sample Statistics N CAREER OPPORTUNITY 150 Mean 4.16 Std. Deviation .88 Std. Error Mean 7.21E-02

Test Value at 4 Null Hypothesis (HO): There is no significant difference between calculated mean and hypothesized mean. In other words, we hypothesize that the advisors are disagree that the career opportunity is not very good.

Alternative Hypothesis (H1): There is significant difference between calculated mean and hypothesized mean. In other words the advisors are not disagree with the statement that the career opportunity is very good.

One-Sample Test Test Value = 4 95% Confidence Interval of the Difference Lower Upper 1.75E-02 .30

CAREER OPPORTUNITY

t 2.219

df 149

Sig. (2-tailed) .028

Mean Difference .16

Inference: Here the test is performed at 95% significance level and the p-value comes out as 0.028 which is less than 0.05, it means that the null hypothesis H0 is rejected and alternative hypothesis is accepted and it can be said that there is significant difference between calculated mean and hypothesized mean.

7. I AM HAPPY AS LIFE INSURNACE ADVISOR. T-Test

Purpose To know the loyalty level of life insurance advisor

Null Hypothesis (HO): There is no significant difference between calculated sample mean and hypothesized population mean. In other words, we hypothesize that the advisors are disagrees that the loyalty level is not very high Alternative Hypothesis (H1): There is significant difference between calculated mean and hypothesized mean. Statistical Test: One sample t-test is chosen because the measurement of data is interval in nature

One-Sample Statistics N HAPPY AS LIFE INSURANCE ADVISOR 150 Mean 3.95 Std. Deviation 1.18 Std. Error Mean 9.64E-02

Test Value at 4 Null Hypothesis (HO): There is no significant difference between calculated mean and hypothesized mean. In other words, we hypothesize that the advisors are disagree that loyalty level is not very high. Alternative Hypothesis (H1): There is significant difference between calculated mean and hypothesized mean. In other words the advisors are not disagree with the statement that the loyalty level is very high.

One-Sample Test Test Value = 4 95% Confidence Interval of the Difference Lower Upper -.24 .14

t HAPPY AS LIFE INSURANCE ADVISOR -.553

df 149

Sig. (2-tailed) .581

Mean Difference -5.33E-02

Inference: Here the test is performed at 95% significance level and the p-value comes out as 0.581 which is higher than 0.05, it means that the null hypothesis H0 is accepted and alternative hypothesis is rejected and it can be said that there is no significant difference between calculated mean and hypothesized mean. Graph:

40

30

20

IN W HICH COMPANY W OR
10 ICICI P RUDE NTIA L BA J JA 0 S TRONGLY DIS A GRE E DISA GREE A GRE E S TRONGLY A GRE E KOTA K

Count

HAPPY AS LIFE INSURANCE ADVISOR

th

Interpretation: The above graph shows that most of life insurance advisors are happy. We can see that in graph where 22, 32 and 15 respondents are agree and also in strongly agree 26, 18 and 16 for bajaj allienz, kotak and icici pru.respectively.

8. I will continue to remain life insurance advisor.

8.

WILL

CONTINUE

TO

REMAIN

LIFE

INSURANCE

ADVISOR.
Purpose: to know about loyalty level.

Purpose: to know about loyalty level of life insurance advisor.

IN WHICH COMPANY WORKING * CONTINUE TO REMAIN Crosstabulation Count CONTINUE TO REMAIN DEFENITELY NOT SURE IN WHICH COMPANY ICICI PRUDENTIAL 9 WORKING BAJAJ 2 KOTAK 2 Total 13 NOT SURE 13 2 3 18 NEUTRAL 1 1 SURE 11 26 21 58 DEFENITELY SURE 17 19 24 60

Graph
30

20

CONTINUE TO REMAIN
DEFENITELY NOT SURE 10 NOT SURE NEUTRAL

Count

SURE 0 ICICI PRUDENTIAL BAJAJ KOTAK DEFENITELY SURE

IN WHICH COMPANY WORKING

Interpretation: The above graph and charts shows that the loyalty level of life insurance advisors. Because if he satisfied with the company. So, he

remain continue to as life insurance advisor we can see graph 17, 19 and 24 respondents of icici prudential, bajaj and kotak respectively.

AGE WISE CLASSIFICATION OF LIFE INSURANCE ADVISOR.

The table below shows that age wise break up of life insurance advisors surveyed in this study.

AGE Frequency LESS THAN 20 YEARS 19 21 TO 24 37 25 TO 29 51 30 TO 35 29 ABOVE 35 14 Total 150 Percent 12.7 24.7 34.0 19.3 9.3 100.0 Valid Percent 12.7 24.7 34.0 19.3 9.3 100.0 Cumulative Percent 12.7 37.3 71.3 90.7 100.0

Valid

Graph:

ABOVE 35

LESS THAN 20 YEARS

30 TO 35

21 TO 24

25 TO 29

Interpretation: The above charts shows that out of sample size 150, 37 life insurance advisors falls in the age group of 21-24 years and 51 life insurance advisors falls in the group of 25-29 in which from 24.7% and 34% the total advisors respectively. So we can say that the high ratio of age group 24-25 in the total population.

GENDER WISE CLASSIFICATION OF LIFE INSURANCE ADVISOR.

The below graph represented that gender wise classification of surveyed life insurance advisors in this study. Frequency table:

IN WHICH COMPANY WORKING * GENDER Crosstabulation Count GENDER MALE FEMALE 43 7 40 10 41 9 124 26 Total 50 50 50 150

IN WHICH COMPANY ICICI PRUDENTIAL WORKING BAJAJ KOTAK Total

Graph:

5 0

4 0

3 0

2 0

INW IC C M A YW R H H O PN O Count
1 0 IC I P U E T L IC R D N IA BJJ AA 0 ML AE F ML E AE K TK OA

GN E EDR

Interpretation: The above charts represented the gender wise classifications of life insurance advisors where we can see in charts most of life insurance advisors are male.

OCCUPATION:

OCCUPATION.
IN WHICH COMPANY WORKING * OCCUPATION Crosstabulation Count OCCUPATION PROFESSION IN WHICH COMPANY ICICI PRUDENTIAL 8 WORKING BAJAJ 7 KOTAK 7 Total 22 BUSSINE SSMAN 35 20 26 81 SERVICE 1 8 6 15 HOUSE WIFE 4 4 5 13 STUDENT 2 11 6 19

Graph

40

30

20

IN W ICH C H OMPANY W OR
10 ICICI PRUDENTIAL BAJAJ 0
P B S H S R U E T U O U R F O S

Count

KOTAK

V IC

OCC UPATION

Interpretation: The above graph and charts represent that occupation of life insurance advisors. Here we can see that 35, 20 and 26 for icici prudential, bajaj and kotak others are service people, students and professional. here most of people are business man

E S S N IO

IN E S S M

E A N

W IF E

EDUCATION:
Graph

30

20

IN WHICH COMPANY WOR

10 ICICI PRUDENTIAL BAJAJ 0
E D N U R G ST O P E TH O U AD

Count

KOTAK

S R

EDUCATION

Interpretation: The above graph and charts represent that education qualification of life insurance advisors. Which is we can see most of life insurance advisors graduate. Out of 150 respondents 22, 27 and 27 for icici pru, bajaj, and kotak which are surveyed population for the study.

MONTHLY HOUSE HOLDS INCOME.

Frequency table:

IN WHICH COMPANY WORKING * MONTHLY INCOME Crosstabulation Count LESS THAN 15000 IN WHICH COMPANY ICICI PRUDENTIAL 19 WORKING BAJAJ 28 KOTAK 28 Total 75 MONTHLY INCOME 15001 TO 20001 TO 20000 25001 12 4 16 3 10 10 38 17

R G

G AD R

TE A

A U AD R

E AT U

TE

ABOVE 25000 15 3 2 20

Total 50 50 50 150

Graph

30

20

10

IN WHICH COMPANY WOR

ICICI PRUDENTIAL

Count

BAJAJ 0 LESS THAN 15000 KOTAK 20001 TO 25001 ABOVE 25000

15001 TO 20000

MONTHLY INCOME

Interpretation: The above graph and charts represent that monthly house hold income of life insurance advisors. Which come in the less than Rs15000 19, 28 and 28 for icici pru, bajaj and kotak.

Inference:

1. As seen in previous chapter, two parameters that motivate an individual to become life insurance advisors are commission and part time job (side business). 2. Most of life insurance advisors are selecting company because of good commission and working environment. 3. Most of life insurance advisor are loyal towards their respective organization. 4. The major proportion of life insurance advisors falls in age group of 25-29. i.e.34% 5. The major proportions of life insurance advisors occupation is businessman. 6. Most of life insurance advisors are male. 7. Most of life insurance advisor are graduate.

RECOMMANDATION
Commission is the most motivating factor to become life insurance advisor. So, companies should ensure that commission structure is Attractive, Rewarding and Achievable in short motivating the Potential advisors. To give more satisfaction to their advisor company should more concentrate on working environment and company support Most of life insurance advisors are loyal towards their organization because of their satisfaction level. So companies have to more focus on Those parameters

Questionnaire
1. In which company are you working as a life insurance advisor? ICICI PRU. [ ] BAJAJ ALLIENZ [ ] KOTAK 2. Experience as a life Less than .5 year .5 1 years More than 1 years [ ] insurance Advisors? [ ] [ ] [ ]

3. Total Policy Amount (annual) Less than 5 lakh [ ] 500001- 10 lakh [ ] Above 100001 [ ] 4. What are the Reasons to become life insurance advisor? Commission Part-time job Freedom of Work Business Environment Brand name Marketing Support [ [ [ [ [ [ ] ] ] ] ] ]

Others_______________

5. Reasons behind selecting the company? Commission [ ] Working environment [ ] Market leader [ ] Career opportunity [ ] Others______________

6. Please tick where applicable. Strongly disagree Commission Working Environmen t Scheme Company support Career opportunity 7. I am happy as life insurance advisor. Strongly disagree [ ] Disagree [ ] Neutral [ ] Agree [ ] Strongly agree [ ] 8. I will continue to remain life insurance advisors of this company. Definitely not sure [ ] Not sure [ ] Neutral [ ] Sure [ ] Definitely sure [ ] 9. Name________________________________________________________ 10. Age: Less than 20 years [ ] Disagree Neutral Agree Strongly agree

11. 12.

13.

14.

21- 24 [ 25- 29 [ ] 30-34 [ ] Above 35 years [ ] Gender: Male [ ] Female [ ] Occupation: Profession [ ] Business [ ] Service [ ] House wife [ ] Student [ ] Others [ ] Education: Under Graduate [ ] Graduate [ ] Post Graduate [ ] Others [ ] Monthly income (Rs): Less than 15000 [ ] 15001-20000 [ ] 20001-25001 [ ] Above 25000 [ ]

BIBBLIOGRAPHY
Book name: Business Research methods. Donalds R. Cooper & Pamela R. Schindler. Tata McGraw-Hill, 8th edition. www.icicipru.com www.irda.com www.bimaonline.com www.insurance.com