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TABLE OF CONTENTS
SUMMARY .................................................................................................. Error! Bookmark not defined. INTRODUCTION .......................................................................................... Error! Bookmark not defined. What is ULIP ? .......................................................................................... Error! Bookmark not defined. Working of ULIP....................................................................................................................................... 3 Charges Under ULIP ................................................................................................................................. 3 Policy administration charges .............................................................................................................. 4 Premium allocation charges ................................................................................................................. 4 Mortality charges................................................................................................................................. 4 Fund management charges .................................................................................................................. 4 Rider CHARGES .................................................................................................................................... 5 Switching charges ................................................................................................................................ 5 Top Up charges .................................................................................................................................... 4 Surrender charges................................................................................................................................ 4 Types of ULIP ........................................................................................................................................... 4 Relevance of the study ............................................................................................................................ 5 Research Objective ..................................................................................... Error! Bookmark not defined. Research Methodology ............................................................................... Error! Bookmark not defined. RESULTS ..................................................................................................... Error! Bookmark not defined. Limitation of Study ..................................................................................... Error! Bookmark not defined. RECOMMENDATIONS ................................................................................. Error! Bookmark not defined. Conclusion .................................................................................................. Error! Bookmark not defined. APPENDIX ................................................................................................... Error! Bookmark not defined. Exhibit 1............................................................................................................................................. 15 Exhibit 2............................................................................................................................................. 20 Exhibit 3............................................................................................................................................. 32
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SUMMARY
The project aims at analysis of awareness among the people about Unit linked investment plans. Analyze insurance as an investment option/avenue. The project has a detailed study of various insurance plans offered by major players in insurance industry. People perception about them and comparison of various plans offered. The project aims to help understand the consumer behavior towards unit linked insurance policy (ULIP). The report enhances the knowledge on how various concepts learned in the classroom are implemented in real life environment. It also deals with inter functional linkages. The project assigned entitles to understand ULIP as an innovative investment avenue and to analyze perception among the people about it.
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INTRODUCTION
In last two decades, after liberalization in India, GDP (Appendix1) of India has seen noteworthy surge indicating escalation in income level of common people. This amplified level has enthused people to quest for diverse sources of investment options. ULIP has originated as a virtuous option for venture beside with other choices like bonds, debentures, mutual funds etc. ULIP has its benefits and downsides as any other possibility of investment bearing in mind which individuals forms perception and make choice regarding investment. This project targets at ascertaining perception of ULIPs consumers and potential market in India. This project will try to walk around the awareness level amongst corporate folks and attempts to examine the conjectural factors for investing decision selection midst masses.
WHAT IS ULIP
ULIPs are a category of goal-based financial solutions that combine the safety of insurance protection with wealth creation opportunities. In ULIPs, a part of the investment goes towards providing you life cover. The residual portion of the ULIP is invested in a fund which in turn invests in stocks or bonds; the value of investments alters with the performance of the underlying fund opted by an individual. The main benefit of ULIP is transparency. Unit linked insurance plan (ULIP) is a life insurance solution that provides the client with the benefits of protection and flexibility in investment. It is a solution which provides for life insurance where the policy value at any time varies according to the value of the underlying assets at the time. The investment is denoted as unit and is represented by the value that it has attained called as Net Asset Value (NAV).
Units in Funds
Underlying Investment
As time progressed the plans were also successfully mapped along with life insurance needs to retirement planning. In todays times ULIP provides solution for all the needs of a client like insurance planning, financial needs, financial planning for childrens future and retirement planning.
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Premium
Less Charge
Life Cover
WORKING OF ULIP
When an individual decides the amount of premium to be paid and the amount of life cover he wants from the ULIP, the insurer deducts some portion of the ULIP premium upfront. This portion is known as the Premium Allocation charge, and varies from product to product. The rest of the premium is invested in the fund or mixture of funds depending upon the company portfolio and fund plan chosen by the individual. The fund of an individual is invested either in equity or debt or a combination of the two in various ratios. The fund value will reflect the performance of the underlying asset classes. At the time of maturity of the plan, the individual is entitled to receive the fund value as at the time of maturity.
Policy administration charges These charges are deducted on a monthly basis to recover
the expenses incurred by the insurer on servicing and maintaining the life insurance policy like paperwork , work force etc.
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Premium allocation charges These charges are deducted upfront from the premium paid
by the client. These charges account for the initial expenses incurred by the company in issuing the policy- eg. Cost of underwriting, medicals & expenses related to distributor fees. After these charges are deducted the money gets invested in the chosen fund.
Mortality charges Mortality expenses are charged by life insurance companies for providing
a life cover to the individual. The expenses vary with the age and either the sum assured or the sum-at-risk which is the difference between sum assured and fund value of the insurance policy of an individual. Mortality charges are deducted on a monthly basis.
Fund management charges A portion of the ULIP premium, depending on the fund
chosen, is invested either in equities, bonds, g-secs or money market instruments. Sometimes it is a combination of these. Managing these investments incurs a fund management charge (FMC). The FMC varies from fund to fund even within the same insurance company depending on the underlying assets in the fund. Usually a fund with higher equity component will have a higher FMC.
Rider CHARGES Insurance companies levy rider charges in case you opt for riders Switching charges Insurance companies charge fee for switching funds. Top Up charges Insurance companies deduct a certain percentage from the top-up amount as
charges. These charges are usually lower than the regular charges that are deducted from the annual premium. Surrender charges Surrender charge may be deducted for premature partial or full encashment of units wherever applicable, as mentioned in the policy conditions. These charges are levied as a percentage of the fund value or as a percentage of the premium. One can gain knowledge about these charges through Sales benefit illustration, brochure and advisor.
TYPES OF ULIP
Depending upon the purport of investment of the populaces, ULIP can be broadly assorted as follows: y y Retirement Wealth
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y y
Wealth Creation ULIPs can be further primarily classified as: y Single premium - Regular premium plan y Guarantee plans Non guarantee plans y Life Stage based Non life Stage based Child's education ULIP ensures that ones childs education continues unhampered even if something unfortunate happens to the individual. Under Health ULIPs and Retirement pension ULIP tax benefits are also provided on premium under section 80D and 80CCC respectively in India. On the basis of the nature of return the ULIPs can be classified as: y y Type I ULIP (On death you get: Higher of sum assured OR fund value) Type II ULIP (On death you get : Sum assured PLUS fund value)
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PROBLEM STATEMENT
With the growth in last two decades, after the liberalization in India, GDP of India has seen a significant growth and hence, the increase in income level. This increased level has motivated people to search for diverse sources of investment options. ULIP has come up as a good option for investment along with other options like bonds, debentures, mutual funds etc. ULIP has its benefits and drawbacks as any other option of investment considering which people forms perception and take decision of investment. This project aims at identifying perception of ULIPs buyers in India. This project will try to explore the awareness level among cooperate people and tries to test the theoretical parameters for selection among the masses.
RESEARCH OBJECTIVE
In order to find an answer to the research problem following research objective has been identified which will help us in gathering information which in turn will help us getting better insight of the real situation prevailing in mind of Indian customers: y y y y y y y y y y Level of satisfaction with currently available ULIPs. Criteria for selecting a ULIP. Demographic characteristics of ULIP buyers. Analysis of customer sentiments on various services provided by insurance companies for ULIP. Reasons for satisfaction or dissatisfaction. Level of awareness about ULIP. Determining the types of services the customers need. Level of customer knowledge about ULIP charges. Attitude towards charging policies. Likelihood of purchase of plan when and why.
SAMPLING PLAN
Sample Profile: People with age group of 25-35, working in Cooperate world, in India. Sample Size: 150 Survey Method: Online surveys hosted on create survey and Google.
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RESEARCH METHODOLOGY
Majority of the above mentioned identified objectives can be analysed by using descriptive research methods that through by building up questionnaires and surveys. We propose to do Mail survey and webhosted survey using Google and Create survey to capture a sample of around 150 people from the population defined in the limitation of the study. We propose to use Snowball sampling method to achieve this number. We will also try to capture response of IMT student managers who have work ex and invested ULIP. Following is the outline which describes the research methodology planned by us in order to analyze the identified problem:
y
Research objective To determine Demographic characteristics of ULIP buyers. Research method- For capturing demographic characteristic we can put questions to capture personal information like name, age, occupation, sex, income level, etc. at the end of the questionnaire. Measurement/ scale- For capturing age and income level broader categories can be created (nominal scale), for sex two options can be given (nominal scale) Name can be optional
Research objective- Analysis of customer sentiments on various services provided by insurance companies for ULIP. Research method- Various common services provided by insurance companies can be identified by doing exhaustive secondary data study of various ULIP plans offered in India. Once the services are identified the question can posed to customers to rate the quality of various services in the questionnaire designed for survey. Measurement/ scaleContinuous ratings scale can be used to identify the ranking of the services for various ULIP providers.
Research objective- Reasons for satisfaction or dissatisfaction. Research method- The main reasons for satisfaction and dissatisfaction can be identified by IDIs with customers and insurance agents. Once the major issues are identified then it can be further tested by adding another question to the questionnaire.
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Measurement/ ScalingPreference ranking (interval scale) y Research objective - Criteria for selecting a ULIP. Research method- Various options for selecting can be gathered through a mixture of IDI and secondary sources which can be further evaluated by adding another question to questionnaire. Measurement/ Scaling- Continuous ratings scale can be implemented to rate each identified parameter in order to suffice our understanding regarding what goes inside the customer mind when he goes for selecting the ULIP.
y
Research objective- Level of satisfaction with currently available ULIPs. Research method- This information can only extracted from the satisfied current/ old ULIP customers. This can be easily captured by augmenting another question in questionnaire. Measurement/ Scaling- Continuous ratings scale can be implemented to identify the satisfaction level of customers.
Research objective- Level of awareness about ULIP. Research method- This can be easily captured by augmenting another question in questionnaire. Measurement/ Scaling- Continuous ratings scale can be implemented to identify the awareness level of customers.
Research objective - Determining types of service customer needed Research method - What services a customer looking for can be figured out again by conducting IDIs and later on putting the recognized option in the questionnaire for further validating those points. Measurement/ Scaling- Preference ranking can be used to find types of services they need.
Research objective - Level of customer knowledge about ULIP charges Research method Information regarding the various charges augment in ULIP can be elicit from the secondary sources and to judge the knowledge of customer question can be added in the questionnaire.
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Measurement/ Scaling- Preference ranking scale can be proved as a good tool for judging whether they knew about the charges or not and further they can be asked to continuously rank the various charges they know about. y Research objective- Attitude towards charging policies. Research method what is the attitude towards charging policies of ULIP can be known by asking question regarding this, and this can be done by IDI of customers as well as policy sellers. After this we can also know about the attitude of policy sellers by adding questions in questionnaire to be filled by customers to understand it in better way. Measurement/ ScalingContinuous ratings scale can be implemented to identify the satisfaction level of customers by the attitudes of policy sellers. y Research objective- Likelihood of purchase of plan when and why. Research method For generating the options for finding answer to why we can again go for IDIs. We can introduce question regarding timing of new plans purchasing plus one question for getting views of customers on IDI generated and one question for probable investment amount. Measurement/ Scaling- for fetching information on tenure, likely amount and validating reasons Preference ranking (interval scale) as well as continuous rating scale can be implemented.
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RESULTS
After conducting the research with the questionnaire exhibit1, the data collected as shown in exhibit2 and the analysis as shown in exhibit3 these are the findings: y In our research we mainly included young and middle age professionals, who are working and we found that just 52% are aware about Ulip Now people mainly prefer ULIP for saving, then bank then Post-Office and after that prefer P.P.F. and other. The main reason behind the insurance plan or ULIP preference is switching facility or option to choose fund.
High inclination is towards considering Ulip as tax saving and creating wealth investment tool. Also, 8% of people, out of those 52% who are aware about Ulip, consider it as waste of money as it involve high risk
Mainly people prefer low growth safe return as compare to high growth some risky return. Maximum number of people look for tax amenities while choosing a Ulip rather than transparency process
People mainly purchase life insurance policy for investment and then for tax-saving they give 2nd preference to protection. Approximately 20% people do not know what is insurance
y y
We found maximum people like to invest in regular premium plan Non guarantee plan, which is considered to be risky, is found to be second most popular option, after regular premium plan, among the category of Ulip
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A very mixed opinion we got about frequency of premium paid, maximum percentage of people was found interesting in paying premium monthly, quarterly and once in two year. Maximum people usually opt for either for auto payment option or through authorized agents Around 42% of people were found to be satisfied with the investment in Ulip In research it was found that maximum percentage of people are not satisfied with the awareness programs the management conduct. Maximum people suggested that management should introduce Flexibility in deciding fund allocation to equity and debt. Second service, which people like to see after flexibility in future, which got maximum votes, is E-mobile payment option. Around 40% of people invest money in Ulip in the range of 45,000 to 1 lakh
y y
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Recommendations
1. Emphasis on advertisement: Companies should emphasis on insurance plan advertisement, because at present Companies main focus on conventional product advertisement. 2. Increase in commission: Companies should also change the commission structure of F.C., because in initial year commission is very high as compare to remaining year. So F.C. does not focus on remaining year and many policies lapsed. 3. Making more accessible: Here I mean that as 80% of the population of India is rural therefore institutions must have their branches in important towns so it not only this will increase the awareness among people more over it will help the institutions to acquire local market and cater to their needs effectively. 4. There should be a product with similar features and low initial premium: A product like Life Time super is suitable for all but the initial premium which cannot be less than 20000 Rs. is on the higher side, therefore the Companies should derive a product with similar features but with low initial premium so that it is affordable to normal service class. 5. Administration charges should be low as in comparison with mutual funds, national saving certificate (N.S.C), etc.: The Companies should lessen down the administration charges so that this product can have an edge over other investment modules like N.S.C, P.P.F etc. 6. Market surveys should be conducted regularly so that to know about customer demands and changing needs: The Companies should know about the customers changing needs and demands by conducting market surveys which are helpful in improving a product which suits the customers requirements. 7. There should be Training batches on weekends: It is advised that the institution should have training batches for the already serving class on weekends, so that the willing candidates can opt it as a part time business opportunity.
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Conclusion
In India, insurance is generally considered as a tax-saving device instead of its other implied long-term financial benefits. Indian people are prone to investing in properties and gold followed by banks deposits. They selectively invest in shares also but the percentage is very small4.5%. Even to this day, Life insurance market has become more vibrant. Smashing all doubts over the decision to liberalize the industry, the overwhelming first year performance of the Indian insurance sector is test case of a massive success story of private players entering into the erstwhile state monopoly. The top three insurance companies-ICICI Prudential Life Insurance Company, HDFC Standard Life and Max New York Life- combined managed to sell over two lakh policies in a single year.
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APPENDIX
Exhibit 1: Questionnaire 1) Have you ever invested in ULIP (please choose one)? a) Yes b) No Note: - If No, please move to Q3. 2) For how many years are you investing in ULIP (please choose one) a) b) c) d) e) Doesnt invest anymore, invested in past. Investing for last 5 years. Investing for last 10 years. Investing for last 15 years. Investing for more than 15 years.
3) What is your perception regarding the ULIP (choose which ever option(s) applies) a) b) c) d) ULIPs are waste of money, too risky for investment. ULIPs are for good option for Tax saving purpose. ULIPs are good option for Health insurance. ULIPs are safe and good option for wealth management.
4) Please tick the purpose with which you might/you have selected ULIP as investment option (multiple options can be selected). a) b) c) d) e) Tax saving Purpose Health insurance Purpose Retirement Planning Purpose Wealth growth Purpose Children Education
5) Which of these factors you have/ might consider while choosing the ULIP as investment option? (multiple options can be selected) a) Transparency of processes. b) Liquidity of funds. c) Flexibility of fund switching.
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d) e) f) g) h) i) j) k) l)
Tax benefits from investment. Low risk in comparison to mutual fund. Returned earned. Performance of past schemes. Rating of ULIP by agencies. Recommendations of friends and relatives. Company brand value. Recommendation of agents. Others _______________________________________________________________
6) Please rate the knowledge level with respect to ULIP services provided by Insurance companies in India. Very Low-----------------------------------------------------------------------------------Very High 00 01 02 03 04 05 06 07 08 09 10 7) Please mark the what types of ULIPs you are aware of (multiple options can be selected) a) b) c) d) e) f) g) h) Type I Type II Single premium Regular premium plan Guarantee plans Non guarantee plans Life Stage based Non-life Stage based
8) Please tick against the type of charges charged by companies associated with the ULIP that you are aware of (multiple options can be selected) a) b) c) d) e) f) g) h) Policy administration charges Premium allocation charges Mortality charges Fund management charges Rider charges Switching charges Top Up charges Surrender charges
If Q1 answer is no, please ignore Q9, Q10 , Q11 , Q12 and Q13 and continue with Q14
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9) What is/are frequency of premium payment you prefer for currently available ULIP which suits you? (multiple options can be selected) a) b) c) d) e) f) g) h) One time Monthly Quarterly Half yearly Yearly Once in 2 year Once in 3 year More than 3 year
10) Which mode of payment would you prefer? (multiple options can be selected) a) b) c) d) e) f) g) h) i) Insurance offices. Credit card. Net banking. Cheques deposits. Office collection. Banks. Auto pay facility. Authorized agents. Authorized internet sites.
11) Please rate your satisfaction level with the current ULIP Very dissatisfied-----------------------------------------------------------------------Very satisfied 00 01 02 03 04 05 06 07 08 09 10 12) Please rate your satisfaction level with the ULIP plans based on following services provided by the insurance companies.(alerts and updates are through SMS, email and phone calls) Very dissatisfa ctory dissatisf actory Neither Satisfact satisfacto ory ry nor dissatisfa ctory Very satisfact ory
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Flexibility in modes of premium payment Providing premium payment alerts Customer service at insurance offices Customer call center services Fund value updates
13) What are the factors you consider for ULIP to be to be satisfactory. (multiple options can be selected) a) b) c) d) e) f) Rate of return. Flexibility of fund switching. Proper guidance for management of funds. Various modes for payments of premium. Customer service. Transparency in various processes.
14) Which of the following services would you like to see in future ULIPs? (multiple options
can be selected) a) b) c) d) e) f) g) Flexible premium amount payment option. E-mobile payment option. Daily funds value alerts. Flexibility in deciding fund allocation to equity and debt. Allow more number of fund switching. 24x7 customer support. 15 days premium option.
15) Please mark the probable time period in future when you would like to go for the ULIP as investment option (please choose one, if already invested, ignore). a) b) c) d) e) f) Not decided. Within 1 month. 1 - 6 months. 6 - 12 months. 12 - 18 months. More than 18 months.
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g) Wont invest in future. If (a) or (g) is chosen, Please ignore Q16 and Q17, proceed with Q18. 16) Please mark the tenure (in years) for which you would like to invest in ULIPs. a) b) c) d) e) f) 3 3-6 6 - 9. 9 - 12 12 - 15 15 20
17) Please mark the probable amount you would like to invest in ULIP in coming future (all figures are in INR and annually) (Please choose one) a) b) c) d) e) f) 20,000 20,000-50,000 50,000-100,000 100,000-200,000 200,000-500,000 More than 500,000
Please let us know a little more about you. 18) Your age group (please choose one) a) b) c) d) e) f) g) h) Less than 20 years 21-25 26-30 30-35 36-40 41-45 45-50 Over 51
19) Your monthly household income (rupees/month) (please choose one) a) Less than 10,000 b) 10,001 to 20,000 c) 20,001 to 30,000
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d) e) f) g) h) i) j) k)
30,001 to 40,000 40,001 to 50,000 50,001 to 60,000 60,001 to 70,000 70,001 to 80,000 80,001 to 90,000 90,001 to 100,000 Over 100,000
20) Your Gender (please choose one) a) Male b) Female 21) Your Name (optional) _______________________________________________________________________
Exhibit 2: Data collected Code book: Column Variable Question Label Number Number Q1 1 Have you ever invested in ULIP (please choose one)? Values 1=Yes 2=No 9=Missing Value 1=Doesnt invest anymore, invested in past. 2=Investing for last 5 years 3=Investing for last 10 years 4=Investing for last 15 years 5=Investing for more than 15 years
Q2
For how many years are you investing in ULIP(please choose one)
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Q3
What is your perception regarding the ULIP (choose which ever option(s) applies)
9=Missing Value 1=ULIPs are waste of money, too risky for investment 2=ULIPs are for good option for Tax saving purpose 3=ULIPs are good option for Health insurance 4=ULIPs are safe and good option for wealth management 5=Both (b) and (c) 6=Both (b) and (d) 7=Both (c) and (d) 8=Options (b), (c) and(d) 10=Missing Value
Q4
4) Please tick the purpose with which you might/you have selected ULIP as investment option (multiple options can be selected). 4 Tax saving Purpose 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value
Children Education
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Q5
5) Which of these factors you have/ might consider while choosing the ULIP as investment option? (multiple options can be selected) 9 Transparency of processes 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes
10
Liquidity of funds
11
12
13
14
Returned earned
15
16
17
18
19
Recommendation of agents
20
Others
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Q6
21
Please rate the knowledge level with respect to ULIP services provided by Insurance companies in India
10=very high 20=Missing Value Q7 Please mark the what types of ULIPs you are aware of (multiple options can be selected) 22 Type I 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value
23
Type II
24
Single premium
25
26
Guarantee plans
27
28
29
Q8
Please tick against the type of charges charged by companies associated with the ULIP that you are aware of (multiple options can be selected) 30 Policy administration charges 1=Yes
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31
32
Mortality charges
33
34
Rider charges
35
Switching charges
36
Top Up charges
37
Surrender charges
2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value
Q9
What is/are frequency of premium payment you prefer for currently available ULIP which suits you? (multiple options can be selected) 38 One time 1=Yes 0=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value
39
Monthly
40
Quarterly
41
Half yearly
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42
Yearly
43
Once in 2 year
44
Once in 3 year
45
1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value
Q10
10) Which mode of payment would you prefer? (multiple options can be selected) 46 Insurance offices 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value 1=Yes 2=No 9=Missing Value
47
Credit card
48
Net banking
49
Cheques deposits
50
Office collection
51
Banks.
52
53
Authorized agents
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54
Q11
55
1=Yes 2=No 9=Missing Value 0=Very dissatisfied 10=Very satisfied 20=Missing Value
Q12
Please rate your satisfaction level with the ULIP plans based on following services provided by the insurance companies.(alerts and updates are through SMS, email and phone calls) 56 Flexibility of fund switching 1=very dissatisfactory 5=very satisfactory 9=missing value 1=very dissatisfactory 5=very satisfactory 9=missing value 1=very dissatisfactory 5=very satisfactory 9=missing value 1=very dissatisfactory 5=very satisfactory 9=missing value 1=very dissatisfactory 5=very satisfactory 9=missing value 1=very dissatisfactory 5=very satisfactory 9=missing value 1=very dissatisfactory 5=very satisfactory
Q12a
Q12b
57
Q12c
58
Portfolio management
Q12d
59
Q12e
60
Q12f
61
Q12g
62
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Q12h
63
Q13
What are the factors you consider for ULIP to be to be satisfactory. (multiple options can be selected) 64 Rate of return. 1=Yes 2=No 9=missing value 1=Yes 2=No 9=missing value 1=Yes 2=No 9=missing value 1=Yes 2=No 9=missing value 1=Yes 2=No 9=missing value 1=Yes 2=No 9=missing value
65
66
67
68
Customer service.
69
Q14
70
Which of the following services would you like to see in future ULIPs? (multiple options can be selected) Flexible premium amount payment option.
71
72
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73
74
75
76
Q15
77
Q16
78
2=No 9=missing value Flexibility in deciding fund allocation to equity and 1=Yes debt. 2=No 9=missing value Allow more number of fund switching. 1=Yes 2=No 9=missing value 24x7 customer support. 1=Yes 2=No 9=missing value 15 days premium option. 1=Yes 2=No 9=missing value Please mark the probable time period in future 1=Not decided. when you would like to go for the ULIP as investment option. 2=Within 1 month. 3=1 - 6 months. 4=6 - 12 months. 5=12 - 18 months. 6=More than 18 months. 7=Wont invest in future. 9=missing value Please mark the tenure (in years) for which you 1=3 would like to invest in ULIPs. 2=3 to 6 3=6 to 9 4=9 to 12 5=12 to 15 6=15 to 20 9= Missing Value
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Q17
79
Please mark the probable amount you would like to investment in ULIP in coming future (all figures are in INR and annually)
Q18
80
Q19
81
2=20,000-50,000 3=50,000-100,000 4=100,000-200,000 5=200,000-500,000 6=More than 500,000 9=Missing Value 1=Less than 20 years 2=21-25 3=26-30 4=30-35 5=36-40 6=41-45 7=45-50 8=Over 51 9=Missing Value 1=Less than 10,000 2=10,001 to 20,000 3=20,001 to 30,000 4=30,001 to 40,000 5=40,001 to 50,000 6=50,001 to 60,000 7=60,001 to 70,000 8=70,001 to 80,000 9=80,001 to 90,000 10=90,001 to 100,000 11=Over 100,000 13=Missing Value 1=Male 2=Female 9=Missing Value
Q20
82
Your Gender
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Data :
Question Number Variable Number COUNT 1's 1's 1's 78 21 11 2's 2's 2's 72 21 27 9's 10's 72 13 3's 3's 15 6 4's 4's 6 12 5's 5's 15 18 6's 33 7's 0 8's 30 1's 123 2's 18 9's 9 1's 105 2's 39 9's 6 1's 30 2's 105 9's 15 1's 1's 1's 1's 1's 21 75 81 63 84 2's 2's 2's 2's 2's 111 72 69 87 63 9's 9's 9's 9's 9's 18 3 0 0 3 1's 1's 1's 1's 1's 1's 1's 1's 123 84 87 72 63 69 72 57 2's 2's 2's 2's 2's 2's 2's 2's 27 66 63 72 81 78 69 90 9's 9's 9's 9's 9's 9's 9's 9's 0 0 0 6 6 3 9 3 1's 6 2's 3 9's 141
1 1 2 2 3 3 4 5 4 6 7 8 9 10 11 12 13 5 14 15 16 17 18 19 20
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10
21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 18 81 78 93 111 72 87 66 66 129 123 111 120 99 90 87 96 36 48 45 33 15 48 39 36 45 39 30 21 42 33 66 69 51 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 0 69 72 57 39 75 60 81 81 9 15 36 24 45 36 36 24 45 33 36 45 66 27 36 39 36 42 51 60 33 42 15 9 24 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 0 0 0 0 0 3 3 3 3 12 12 3 6 6 24 27 30 69 69 69 72 69 75 75 75 69 69 69 69 75 75 69 72 75 3's 15 4's 12 5's 12 6's 27 7's 60 8's 0 10's 3 20's 3
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11 55 56 57 58
12 59 60 61 62 63 64 65 66
13 67 68 69 70 71 72
14 73 74 75 76
15 77
16 78
17 79
18 80
19 81
20 82
1's 0 2's 0 9's 6 3's 21 4's 24 5's 6 6's 0 7's 18 8's 6 10's 0 20's 69
1's 1's 3 0 2's 2's 18 0 9's 9's 69 69 3's 3's 24 36 4's 4's 36 45 5's 5's 0 0
1's 1's 1's 0 0 0 2's 2's 2's 24 0 0 9's 9's 9's 72 69 75 3's 3's 3's 36 30 24 4's 4's 4's 18 33 48 5's 5's 5's 0 18 3
1's 1's 0 0 2's 2's 6 0 9's 9's 72 78 3's 3's 33 27 4's 4's 39 45 5's 5's 0 0
1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 1's 3 36 27 57 0 9 45 63 93 72 117 69 117 94 33 12 15 0 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 2's 3 45 54 24 78 66 27 81 51 69 27 72 21 44 9 12 18 90 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 9's 72 69 69 69 72 75 78 6 6 9 6 9 12 12 0 51 51 0 3's 3's 3's 3's 3's 36 0 51 60 15 4's 4's 4's 4's 4's 33 15 0 0 24 5's 5's 5's 5's 5's 3 27 9 0 15 6's 6's 6's 6's 36 15 6 6 7's 7's 30 0 8's 0
1's 1's 36 99 2's 2's 6 51 9's 9's 3 0 3's 24 4's 6 5's 9 6's 0 7's 42 8's 6 10's 0 11's 18 13's 0
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48% 52%
19%
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purpose with which you might/you have selected ULIP as investment option
160 140 120 100 80 60 40 20 0 Tax saving Health insurance Retirement Planning Wealth growth Children Education No response No Yes
Graph 4: purpose with which you might/you have selected ULIP as investment option
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Factors you have/ might consider while choosing the ULIP as investment option
160 140 120 100 80 60 40 20 0
No response No Yes
Graph 5: Factors you have/ might consider while choosing the ULIP as investment option
knowledge level with respect to ULIP services provided by Insurance companies in India
70 60 50 40 30 20 10 0
No. of Responses
Graph 6: knowledge level with respect to ULIP services provided by Insurance companies in India
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Type of charges associated with the ULIP that respondents are aware of
160 140 120 100 80 60 40 20 0
Graph 8: Type of charges associated with the ULIP that respondents are aware of.
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Responces
50 40 30 20 10 0 1 2 3 4 5 6 7 8 9 10 Missing Value
Rating
Graph 11: Satisfaction level with the current ULIP
Satisfaction level with the ULIP plans based on following services provided by the insurance companies.
160 140 120 100 80 60 40 20 0
No response 5 4 3 2 1
Graph 12: Satisfaction level with ULIP plans based on services provided by insurance companies.
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Which of the following services would you like to see in future ULIPs?
160 140 120 100 80 60 40 20 0 Flexible premium amount payment option. E-mobile Daily funds Flexibility in Allow more 24x7 payment value alerts. deciding number of customer option. fund fund support. allocation to switching. equity and debt. 15 days premium option.
No response No Yes
Graph 14: Which of the following services would you like to see in future ULIPs?
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Probable time period in future when you would like to go for the ULIP as investment option.
40 35 30 25 20 15 10 5 0 Not Within 1 1-6 6 - 12 12 - 18 More than wont t No decided. month. months. months. months. 18 invest in response months. future.
No. of responses
Graph 15: Probable time period in future when you would like to go for the ULIP as investment option.
Tenure (in years) for which you would like to invest in ULIPs.
60 50 40 30 20 10 0 3 3 to 6 6 to 9 4=9 to 12 12 to 15 15 to 20 No response No. of responses
Graph 16: Tenure (in years) for which you would like to invest in ULIPs.
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Please mark the probable amount you would like to investment in ULIP in coming future (all figures are in INR and annually)
10% 34% 12% Less than 20,000 20,000-50,000 50,000-100,000 100,000-200,000 200,000-500,000 More than 500,000 4% 0% 40% 0% Missing Value
Graph 17: Please mark the probable amount you would like to investment in ULIP in coming future (all figures are in INR and annually)
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Gender of respondents
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