CONSUMER BUYING BEHAVIOUR TOWARDS

FINANCIAL PRODUCTS OF IDBI FEDERAL

(Summer Training Project Report submitted in partial fulfilment of the

requirements for the Post Graduate Diploma in Management)
At
Jaipuria Institute of Management, Lucknow

By
Sagar Sarin
JL14PGDM042
Supervisor:
Industry: Ms. Shanthi Yagyanath
College: Prof. Jatin Srivastava

CERTIFICATE OF FACULTY MENTOR

This is to certify that the Summer Project Study Report, Titled Consumer Buying
Behaviour towards Financial Products of IDBI Federal submitted by Mr. Sagar Sarin as
partial fulfilment of requirement of the two year PGDM (2014-2016) is a bonafide work
carried out by the student at our Institute.

This Summer Project Study is his original work and has not been submitted to any other
University/Institute.

Prof.

Prof. .

Project Supervisor

Program Director- PGDM

Date:
Place:

STUDENT DECLERATION
I Sagar Sarin student of PGDM batch (2014-1016) declare that the project entitled
Consumer Buying Behaviour towards financial products of IDBI Federal is my own
work conducted under the supervision of Prof. Jatin Srivastava as a partial fulfilment of
Summer Internship Program for the course of PGDM submitted to IDBI Federal Life
Insurance Co LTD and Jaipuria Institute of Management, Lucknow.
I further declare that to the best of my knowledge the project does not contain any part of any
work which has been submitted for any other project either in this institute or in any other
without proper citation.

Place: Lucknow
Date:

Signature of the Candidate

ACKNOWLEDGEMENT

I express heartfelt gratitude to my institution Jaipuria Institute of Management and the

company I have worked in IDBI Federal Life Insurance Co. LTD. for allowing a valuable
chance to do a research on Consumer Buying Behaviour towards Financial Products of
IDBI Federal
I also give my sincere gratitude to my faculty mentor Prof. Jatin Srivastava who guided me
throughout the project, motivated, supported and helped in the successful completion of this
project.
Yet importantly, I would like to express my heartfelt thanks to my industry guide Ms.
Shanthi Yagyanath, Branch Head, IDBI Federal Life Insurance Co. Ltd. for guiding me
in successfully completing this project.
I would also like to thank my friends and my parents who helped me a lot during this
project and supported me.
I am grateful to you all for supporting, encouraging and helping me throughout this project.
Without you all, this project would have not been a success. Thank you all.

Sagar Sarin

EXECUTIVE SUMMARY

My internship in IDBI Federal Life Insurance Co Ltd started on 27th April, 2015. As per the
program we had training for IRDA and the different products offered by the company to pitch
for our prospective clients.
The work assigned to me was to achieve a sales target of 3 policies each of minimum
Rs.16000 annually in terms of premium collected. I managed to convert my pitches into sales
and sell 3 policies for the company.
Along with selling I also worked on the project Consumer Buying Behaviour towards
financial products of IDBI Federal. The project is focused on analyzing the factors which
aim at determining the customers buying behaviour towards financial products of IDBI
Federal. Buying behaviour is a vast and important marketing subject. It is mainly focused in
trying to understand the various key factors which influence a prospective consumer of life
insurance the most when considering the purchase of an insurance product. Understanding
these factors is a critical task. A questionnaire was prepared and I surveyed 100 respondents
to understand their buying behaviour and pattern.

Contents
CHAPTER 1: INTRODUCTION..................................................................................1
1.1) Problem Statement..................................................................................... 2
1.2) Rationale of the Problem.............................................................................3
1.3) Methodology................................................................................................ 4
1.4) Scope of the Study...................................................................................... 5
1.5) Limitations of the Study..............................................................................6
CHAPTER 2: DETAILS OF THE ORGANIZATION........................................................7
2.1) History of Insurance.................................................................................... 8
2.2) Industry Background................................................................................. 10
2.2.1) A Brief History of Insurance Sector in India.........................................11
2.2.2) Indian Insurance Market......................................................................12
2.2.3) Industry Dynamics.............................................................................. 13
2.2.4) Types of Insurances............................................................................. 14
2.3) IDBI Federal Life Insurance Co. Ltd............................................................15
2.3.1) Products in Brief.................................................................................. 18
2.3.2) Organizational Structure.....................................................................20
2.3.3) HR Practices........................................................................................ 22
2.4) Swot Analysis............................................................................................ 24
CHAPTER 3: RELEVANT LITERATURE REVIEW.......................................................25

Consumer Buying Behaviour............................................................................ 26

Review of Relevant Literature...........................................................................27
CHAPTER 4: DATA COLLECTION AND ANALYSIS....................................................29
4.1) Sampling Plan............................................................................................ 30
4.2) Data Collection Method.............................................................................30
4.3) Presentation of Data and Analysis.............................................................32
CHAPTER 5: DATA ANALYSIS AND INTERPRETATION.............................................42
5.1 Findings and Interpretation of Findings.......................................................43
5.2) Conclusion................................................................................................. 45
CHAPTER 6: RECOMMENDATIONS........................................................................47
6.1) Description of Recommendations/Suggestions.........................................48
CHAPTER 7:.......................................................................................................... 50
CONCLUDING REMARKS....................................................................................... 50
7.1) Gains from the Project...............................................................................51
7.2) Limitations of the Project...........................................................................52
7.3) Scope for Further Work.............................................................................. 53
References/Bibliography...................................................................................... 54
APPENDICES......................................................................................................... 55

List of Tables
Table No.
1
2
3
4
5
6
7

Title

Page No.
32
33
34
35
36
37
38

Occupation of respondents
Major sources of awareness in regard to insurance policies
Features investors consider before taking an insurance policy
Percentage of respondents having insurance policy
Reasons behind not investing in insurance policies
Most preferred banks of investors
Reasons behind taking an insurance policy

List of Figures
Chart No.
Pie 1
Bar 1
Bar 2
Pie 2
Bar 3
Graph 1
Bar4
Doughnut

Title
Occupation of Respondents
Major sources of awareness in regard to insurance policies
Features investors consider before taking an insurance policy
Percentage of respondents having insurance policy
Reasons behind not investing in insurance policies
Most preferred banks of investors
Reasons behind taking an insurance policy
Awareness level about IDBI Federal

Page No.
32
33
34
35
36
37
38
39

1
Graph 2
Pie 3

Customers of IDBI Federal

Investors who would like to invest in IDBI Federal in future

40
41

Page | 1

CHAPTER 1:
INTRODUCTION

Page | 2

1.1) Problem Statement

IDBI Federal life insurance is still a growing company in the insurance sector and has many
tough competitors so it is very important for the company to know the perception of the
potential customers and there buying behaviour. Therefore the managerial decision problem
or the problem at hand is to understand the consumer buying behaviour of consumers towards
the financial products of IDBI Federal Life Insurance and reactions towards the same. The
main objectives of this project are:

To analyze the investors perception about IDBI Federal.

To study the consumers buying behavior towards financial products of IDBI

Federal.

To study the reactions of the consumers with reference to IDBI Federal.

To suggest ways for creating awareness about the products of IDBI Federal.

To find the various competitors of IDBI Federal.

Page | 3

1.2) Rationale of the Problem

In todays corporate and competitive world, the insurance sector has a potential of huge
growth as compared to other sectors. Insurance has maximum growth rate of 70-80%
according to the report by Market Research Firm RNCOS, analyzing the Indian Insurance
Market. Large insurance sector is a sector which is largely driven by propensity of people to
save.
Yet nearly 80% of Indian population is without life insurance cover and this part of the
population is also subject to weak social security and pension systems with hardly any old
age income security. Thus it is an indicator that growth potential for the insurance sector is
immense.
In the introduction stage of the product life cycle a firm seeks to create awareness and
develop a market for the product and IDBI Federal Life Insurance Co Ltd is in its
introduction stage of its PLC.
Thus this report will help me in understanding what are the consumers perception and
buying behaviour towards IDBI Federal and will help me to recommend those crucial factors
which influence a prospective life insurance investor the most when they go ahead in
purchasing a life insurance product, so that they can create maximum awareness and attract
maximum customers and thus develop a market for their customers.

Page | 4

1.3) Methodology

Research Design: A research design is a framework that has been created to seek
answers to research questions. It is based on a framework and provides a direction to
the investigation being conducted in the most efficient manner.
Since this study seeks to identify the buying behaviour of consumers and their
perception towards the products offered by IDBI Federal, thus this research will be

conducted based on descriptive research.

Research Instrument: Questionnaire for survey will be used to collect information
related to the project. The questionnaire will include both open and close ended

questions to know what the different perceptions of customers are.

Sources of Data Collection: Data collection is an important aspect of any type of
research study. It is a term used to describe a process of preparing and collecting data
from all sources and observations. Data has been collected from both primary and
secondary resources.
a) Primary Data: Obtaining first hand by speaking to customers and getting
the questionnaire form filled by them about the insurance products of IDBI
Federal and observing their views, reactions and beliefs about the overall
insurance products.
b) Secondary Data: Secondary data will be collected through company
websites, journals and magazines to find about the history of the organizations

their position in the market and their competitors.

Data Analysis Technique: Analysis will be carried out through with help of
software like MS-Excel, SPSS, etc. Likert scale multiple choice questions will be
used in the questionnaire.

Page | 5

1.4) Scope of the Study

The scope of a subject refers to everything that is studied as part of that subject. When we set
out to explain the scope of consumer behaviour we need to refer to all that which forms part
of consumer behaviour.
Consumer behaviour includes not only the actual buyer and his act of buying but also the
various roles played by different individuals and the influence they exert on the final
purchase decision.
To define the scope of a subject it is important to set parameters or a framework within which
it shall be studied. This framework is made up of three main sections-the decision process as
represented by the inner-most circle, the individual determinants on the middle Circle and the
external environment which is represented by the outer circle. The study of all these three
sections constitutes the scope of consumer behaviour.
In this project I will discover what are the featured that people consider before buying an
insurance policy and what is their buying behaviour towards the products of IDBI Federal.

Page | 6

1.5) Limitations of the Study

Due to constraints of time and resources, the study is likely to suffer from certain limitations.
Some of these are mentioned here under so that the findings of the study may be understood
in a proper perspective.
The limitations of the study are:

Some of the respondents of the survey were unwilling to share information. People
refrain from giving personal details.

The research was carried out in a short period of 8 weeks. Therefore the sample
size and other parameters were selected accordingly so as to finish the work within
the given time frame.

The information given by the respondents might be biased because some of them
might not be interested to give correct information.

The research was confined to Lucknow city only.

Page | 7

CHAPTER 2: DETAILS
OF THE
ORGANIZATION

Page | 8

2.1) History of Insurance

In some sense we can say that insurance appeared simultaneously with appearance of human
society. In earlier economies, we can see insurance in the form of people helping each other.
For example, if a house is burnt, the members of the community help build a new one. Should
the same thing happen to ones neighbour, the other neighbours must come to help?
Otherwise, neighbours will not receive help in the future. Insurance in the modern sense,
started as a methods of transferring or distributing risk, were practiced by Chinese and
Babylonian traders as long ago as the 3rd and 2nd millennia BC, respectively. Chinese
merchants travelling treacherous river rapids would redistribute their cargo across many
vessels to limit the loss due to any single vessels capsizing. The Babylonians developed a
system which was recorded in the famous Code of Hammurabi, c.1750 BC, and practiced by
early Mediterranean sailing merchants. If a merchant received a loan to fund his shipment, he
would pay the lender an additional sum in exchange for the lenders guarantee to cancel the
loan should the shipment be stolen.
Greek monarchs were the first to insure their people and made it official by registering the
insuring process in governmental notary offices. They invented the concept of the general
average. Merchants whose goods were being shipped together would pay a proportionally
divided premium which would be used to reimburse any merchant whose goods
were jettisoned during storm or sinking of the vessel in the sea. The Greeks and Romans
introduced the origins of health and life insurance in 600 AD when they organized guilds
called benevolent societies which cared for the families and paid funeral expenses of
members upon death. Guilds in the middle Ages served a similar purpose. Before insurance
was established in the late 17th century, friendly societies existed in England, in which people
donated amounts of money to a general sum that could be used for emergencies. Separate

Page | 9

insurance contracts (i.e., insurance policies not bundled with loans or other kinds
of contracts) were invented in Greeks rulers in the 14th century, as were insurance pools
backed by pledges of landed estates. These new insurance contracts allowed insurance to be
separated from investment, a separation of roles that first proved useful in marine insurance.
Insurance became far more sophisticated in post-Renaissance Europe, and specialized
varieties developed. Insurance as we know it today can be traced to the Great Fire of
London, which in 1666 A.D devoured 13,200 houses. In the aftermath of this disaster,
Nicholas Barbon opened an office to insure buildings. In 1680, he established Englands first
fire insurance company, The Fire Office to insure brick and frame homes. The first insurance
company in the United States underwrote fire insurance and was formed in Charles Town
(modern-day Charleston), South Carolina, in 1732.

P a g e | 10

2.2) Industry Background

The insurance industry of India consists of 51 insurance companies of which 24 are in life
insurance business and 27 are non-life insurers. Among the life insurers, Life Insurance
Corporation (LIC) is the sole public sector company. Apart from that, among the non-life
Insurers, there are six public sector insurers. In addition to these, there is sole national
reinsurer, namely, General Insurance Corporation of India. Other stakeholders in Indian
Insurance market include Agents (Individual and Corporate), Brokers, Surveyors and Third
Party Administrators servicing Health Insurance claims. Out of 27 non-life insurance
companies, 4 private sector insurers are registered to underwrite policies exclusively in
Health, Personal Accident and Travel insurance segments. They are Star Health and Allied
Insurance Company Ltd, Apollo Munich Health Insurance Company Ltd, Max Bupa Health
Insurance Company Ltd and Religare Health Insurance Company Ltd. There are two more
specialized insurers belonging to public sector, namely, Export Credit Guarantee Corporation
of India for Credit Insurance and Agriculture Insurance Company Ltd for Crop Insurance.
Insurance penetration of India i.e. Premium collected by Indian insurers is 4.10% of GDP in
FY 2011-12. Per capita premium underwritten i.e. insurance density in India during FY 201112 is US$ 59.0.
The insurance sector in India has come to a full circle from being an open competitive market
to nationalization and back to a liberalized market again. Tracing the developments in the
Indian insurance sector reviles the 360-degre turn witnessed over a period of almost two
centuries.

P a g e | 11

2.2.1) A Brief History of Insurance Sector in India

Life Insurance in its modern form came to India from England in the year 1818. Oriental Life
Insurance Company started by Europeans in Calcutta was the first life insurance company on
Indian Soil. All the insurance companies established during that period were brought up with
the purpose of looking after the needs of European community and Indian natives were not
being insured by these companies. However, later with the efforts of eminent people like
Babu Muttylal Seal, the foreign life insurance companies started insuring Indian lives. But
Indian lives were being treated as sub-standard lives and heavy extra premiums were being
charged on them. Bombay Mutual Life Assurance Society heralded the birth of first Indian
life insurance company in the year 1870, and covered Indian lives at normal rates.
Insurance is an Rs 450 billion industry in India. The life insurance segment writes about 80%
of the overall market value. Indian Insurance market was at its all time high in 2003 with a
growth of about 17.4% over the previous year. Since 2001 Insurance is growing at the rate of
15-20 % annually. The growth in the insurance industry is affected by volatility in real estate
rates, GDP rates and long term interest rates. Fluctuations in exchange rates also affect the
growth in this sector. The gross premium as a percentage of the GDP has gone up from 2.3 in
the year 2000 to 4.8 in 2006. The premium as percentage of the countrys gross domestic
product (GDP) has increased from 4.8 percent in 2006 to 5.2 percent in 2011. Together with
banking services, it adds about 7% to the countrys GDP.
Some of the important milestones in the life insurance business in India are:

1818: Oriental Life Insurance Company, the first life insurance company on Indian
soil started functioning.

P a g e | 12

1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company

started its business

1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate

the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to

collect statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with the

objective of protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers and provident societies are taken over by the
central government and nationalized. LIC formed by an Act of Parliament, viz. LIC
Act, 1956, with a capital contribution of Rs. 5 crores from the Government of India.

Indian Insurance in 21st Century:

2000: IRDA starts giving licenses to private insurers: ICICI prudential and HDFC Standard
Life insurance first private insurers to sell a policy
2002: Banks allowed selling insurance plans. As TPAs enter the scene, insurers start setting
non-life claims in the cashless mode
2007: First Online Insurance portal, www.insurancemall.in set up by an Indian Insurance
Broker, Bonsai Insurance Broking Pvt. Ltd.
2.2.2) Indian Insurance Market

The insurance sector which stood at a strong US$ 72 billion in 2012 has the potential to grow
to US$ 280 billion by 2020. This growth is driven by Indias favourable regulatory
environment which guarantees stability and fair play. This environment has given rise to an
insurance market which encourages foreign investors to tap into the sectors massive
potential. Ever since the Indian government liberalised the insurance sector in 2000 and
opened the doors for private participation, the sector has gone from strength to strength. The

P a g e | 13

resultant competition has provided the consumer with a never-before-seen range of products
and providers, and also enhanced service levels markedly. The health of the insurance sector
reflects a countrys economy. This sector not only generates long-term funds for
infrastructure development, but also increases a countrys risk-taking capacity. Indias
economic growth since the turn of the century is viewed as a significant development in the
global economy. This view is helped in no small part by a booming insurance industry
2.2.3) Industry Dynamics

Factors that influence consistent growth in insurance sector are:

Effective distribution channels The efficiency and cost of the various distribution
strategies used by companies are significant to their success in the insurance business.

This particularly holds true for the retail business.

Focus on overall financial inclusion As time evolves, so must the approach of the
insurance sector in India. The objective of the insurance sector should ideally be to

offer a broader range of activities to a wider populace.

Consumer needs and preferences The growth of Indias insurance industry can be
attributed to product innovation, dynamic distribution channels, and vibrant publicity
and promotional campaigns run by insurance companies. Benefits attached to the
products and the manner in which they are delivered (through various marketing tieups) have helped bring customers and insurance companies closer to each other and
made the latter more relevant.

P a g e | 14
2.2.4) Types of Insurances

Insurance business is divided into four classes:

1)
2)
3)
4)

Life Insurance
Fire
Marine
Miscellaneous Insurance.

Life insurers undertake the Life Insurance business; general insurers handle the rest. The
Business of insurance essentially means defraying risks attached to an activity (including life)
and sharing the risks between various entities, both persons and organizations. Insurance
companies are important players in financial markets as they collect and invest large amounts
of premium in various investment instruments.

P a g e | 15

2.3) IDBI Federal Life Insurance Co. Ltd.

IDBI Federal Life Insurance Co Ltd is a joint-venture of IDBI Bank, Indias premier
development and commercial bank, Federal Bank, one of Indias leading private sector banks
and Ageas, a multinational insurance giant based out of Europe. In this venture, IDBI Bank
owns 48% equity while Federal Bank and Ageas own 26% equity each. At IDBI Federal, we
endeavour to deliver products that provide value and convenience to the customer. Through a
continuous process of innovation in product and service delivery we intend to deliver worldclass wealth management, protection and retirement solutions to Indian customers. Having
started in March 2008, in just five months of inception we became one of the fastest growing
new insurance companies to garner Rs 100 Cr in premiums. The company offers its services
through a vast nationwide network across the branches of IDBI Bank and Federal Bank in
addition to a sizeable network of advisors and partners. As on January 31st 2011, the
company has issued over 2.68 lakh policies with over Rs 14, 230 Cr in Sum Assured.

About the sponsors of IDBI Federal Life Insurance Co Ltd

IDBI Bank Ltd. continues to be, since its inception, Indias premier industrial development
bank. Created in 1956 to support Indias industrial backbone, IDBI Bank has since evolved
into a powerhouse of industrial and retail finance. Today, it is amongst Indias foremost
commercial banks, with a wide range of innovative products and services, serving retail and
corporate customers in all corners of the country from 783 branches and 1328 ATMs. The
Bank offers its customers an extensive range of diversified services including project
financing, term lending, working capital facilities, lease finance, venture capital, loan
syndication, corporate advisory services and legal and technical advisory services to its
corporate clients as well as mortgages and personal loans to its retail clients. As part of its

P a g e | 16

development activities, IDBI Bank has been instrumental in sponsoring the development of
key institutions involved in Indias financial sector National Stock Exchange of India
Limited (NSE) and National Securities Depository Ltd, SHCIL (Stock Holding Corporation
of India Ltd), CARE (Credit Analysis and Research Ltd)

Federal Bank is one of Indias leading private sector banks, with a dominant presence in the
state of Kerala. It has a strong network of over 739 branches and 797 ATMs spread across
India. The bank provides over four million retail customers with a wide variety of financial
products. Federal Bank is one of the first large Indian banks to have an entirely automated
and interconnected branch network. In addition to interconnected branches and ATMs, the
Bank has a wide range of services like Internet Banking, Mobile Banking, Tele Banking, Any
Where Banking, debit cards, online bill payment and call centre facilities to offer round the
clock banking convenience to its customers. The Bank has been a pioneer in providing
innovative technological solutions to its customers and the Bank has won several awards and
recommendations.
Ageas is an international insurance company with a heritage spanning more than 180 years.
Ranked among the top 20 insurance companies in Europe, Ageas has chosen to concentrate
its business activities in Europe and Asia, which together make up the largest share of the
global insurance market. They are grouped around four segments: Belgium, United Kingdom,
Continental Europe and Asia. It is an undisputed leader in the Belgian market for individual
life and employee benefits, as well as a leading non-life player, through AG Insurance.
Internationally Ageas has a strong presence in the UK, where it is the second largest player in
private car insurance. The company also has subsidiaries in France, Germany and Hong
Kong. Ageas has a track record in developing partnerships with strong financial institutions
and key distributors in different markets around the world and successfully operates

P a g e | 17

partnerships in Luxembourg, Italy, Portugal,China, Malaysia, India and Thailand. Ageas

employs more than 13,000 people and has annual inflows of almost EUR 18billion.
Vision, Mission and Values of the IDBI Federal
Vision:
To be the leading provider of wealth management, protection and retirement solutions that
meets the needs of our customers and adds value to their lives.
Mission:

To continually strive to enhance customer experience through innovative product

offerings, dedicated relationship management and superior service delivery while
striving to interact with our customers in the most convenient and cost effective

manner.
To be transparent in the way we deal with our customers and to act with integrity.
To invest in and build quality human capital in order to achieve their mission.

Values:

Transparency: Crystal Clear communication to our partners and stakeholders

Value to Customers: A product and service offering in which customers perceive

value
Rock Solid and Delivery on Promise: This translates into being financially strong,

operationally robust and having clarity in claims

Customer-friendly: Advice and support in working with customers and partners
Profit to Stakeholders: Balance the interests of customers, partners, employees,
shareholders and the community at large

P a g e | 18
2.3.1) Products in Brief

1) IDBI Federal Lifesurance Savings Insurance Plan: is a fixed term non-linked plan
that provides twin benefits of long-term savings and life cover. With customers small
savings will help them to realize their big dreams that they have for their family. The
benefits of life cover will provide financial security to their family in their absence.
2) IDBI Federal Childsurance Saving Protection Insurance Plan is a non-linked
endowment plan that ensures a child future. Childsurance plan is designed to give
their customers guaranteed annual payouts. In the unfortunate event of the parents not
around the policy would continue exactly as they have planned it without any further
premium being paid. In other words the plan ensures that their child gets to live
his/her dream exactly they have planned.
3) IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan is nonlinked non-participating money back plan which gives guaranteed return on an
investment so that the customers stop worrying about their future. This plan also
guarantees a secure future for their families even when they are not around.
4) Wealthsurance Growth Insurance Plan is a unit-linked plan that gives customer the
freedom to build his wealth exactly the way he wants. The IDBI Federal
Wealthsurance Growth Insurance Plan is a regular premium unit-linked insurance
plan. A plan that gives you freedom to decide how much you want to invest and for
how long you want to stay invested. With a bouquet of 9 fund offerings, it gives you
the freedom to invest in one or more funds, basis your risk appetite and financial goals
in life. Plus it comes with a life cover benefit that ensures financial security for your
loved ones. In a nutshell, a smart investment plan that helps you design your
investments, your way!

P a g e | 19

5) Wealthsurance Suvidha Growth Insurance Plan is a simple unit-linked plan that

helps to build wealth with ease and even protects your loved ones with a life cover in
your absence. It is a plan that helps you take your first step towards wealth creation
and that too, with ease. Whats more, the life cover with this plan provides financial
protection to your loved ones.
6) Wealthsurance Future Star Insurance Plan is a unit-linked insurance plan that
enables the customer to fulfill his childs dream. This plan with its exclusive waiver
of premium benefit ensures that the plan continues even in the case of an eventuality
and provides the maturity benefit as you had initially planned.
7) Wealthsurance Growth Insurance Plan SP: The IDBI Federal Wealthsurance SP is
a single premium unit-linked insurance plan. A one-time investment plan, whereby
paying the premium once, you allow your investment to enjoy returns of the selected
funds. The plan also offers you life cover providing your loved ones with financial
protection in case of any eventuality. In a nutshell, it is a smart investment plan that
helps you maximize the potential of your windfall, rather than let it sit idle.

P a g e | 20

2.3.2) Organizational Structure

P a g e | 21

Zonal Wise Organizational Structure

COUNTRY
HEAD

NORTH
ZONEHEA
D

EAST
ZONEHEAD

WEST
ZONEHEAD

SOUTH
ZONEHEAD

PUNJAB

MUMBAI

GUJARAT

COIMBATORE

LUCKNO
DELHI

LUCKNO

JAIPUR

BANGLORE

UP

ORISSA

HYDERABAD

P a g e | 22

2.3.3) HR Practices

Around 2200 Employees and about 7500 agents are working for the organization. IDBI
federal Bank provides many facilities to the employees as well as agents. Let us see the
Human resource department structure, recruitment process, Training process and other
privileges of the Organization. At IDBI Federal, the managerial style is Participative in
nature.
Recruitment Process

The Recruitment process of IDBI federal is completely through the resume screening and
interview methods. Based on the Real time experience the candidates are recruited to the
organization. The selected candidates are proposed to Achieve target policies. The Target of
the each employee is 5 products sale. So, each candidate should sell 5 products to make him
as the employee of the organization. This is the selection method where the organization is
recruiting the lower level managers which are based on the task performing.
Training

Training is must for every individual when he enters into the organization. Even though the
candidate has experience he also should get training. Why because the organization culture,
values and beliefs are different from one organization to other. Thats why the training
program plays a key role in every organization. Training program following by IDBI Federal
is different at various levels. Mainly in training program the company concentrates on sales
managers, agents, operations executives and tele-callers.
Performance Appraisal

The Performance appraisal of IDBI federal is based upon 2 types.

P a g e | 23

1. Employees Appraisal.

2. Agents Appraisal.

Employees Appraisal: The Employee appraisal is based upon the target system. There are
three levels in the performance appraisal.

Lower level: For the Post of Manager level, the employee must achieve the product
sales worth of 7.2lakhs at the Annual period of the year.

Higher level: For the Post of Senior Manager Level, the employee must achieve the
product sales worth of 22.2lakhs at the Annual period of the year.

Agents Appraisal: The Agents are paid with commission percentage for every sale which is
depending upon the products.
AWARDS

The awards and the other grievances are provided only based upon the individual
performance. The Company Provides free foreign trip for the employees all the year and best
performer Awards of the year.
OTHER RELAVANT INFORMATION

The Company provides non-interest loan for the employees in the IDBI Bank and Federal
Bank. It also provides health insurance to the family members of the employee. Programs like
Quick Starter king/Queen, Hero March, Super April, Best performer and Best Project

P a g e | 24

augmented the morale of the interns. Monetary compensation in the form of commission and
non monetary compensation (Stature oriented) like Best performer and Best project really
gave us the drive to work in for the company.

P a g e | 25

2.4) Swot Analysis

Strengths:

Wide range of products to suit the need of each type of customer

Sufficient cash base and stable foreign shareholders.
Can learn from the mistakes of the first 17 life insurance companies of India.
Uses a unique method of expansion, in which its next branch in a region is opened
only when, the earlier one reaches its break-even point.

Weaknesses:

Late entrant in the market.

Lack of knowledge about the company and the products of the company. Need brand
awareness and promotional activities.

Opportunities:

Abilities to tap the growing internet space for marketing and selling the products.
Prospective easing up of the FDI in insurance industry to 49% from the current 26%.

Threats:

Presence of highly competitive market. Presence of established players such as LIC,

SBI life, ICICI prudential etc.

Increasing expenses and lowering margins due to cut throat competition are hitting

hart companies with low market share.

The insurance companies are being over regulated by IRDA. It is hampering the

companies.
Government regulations on issues like health care and terrorism can quickly change
the direction of insurance.

P a g e | 26

CHAPTER 3:
RELEVANT
LITERATURE REVIEW

P a g e | 27

Consumer Buying Behaviour

Consumer Buying Behaviour may be defined as the interplay of forces that takes place
during a consumption process, within a consumers self and his environment.
- This interaction takes place between three elements viz. knowledge, affect and behaviour;
- It continues through pre-purchase activity to the post purchase experience;
- it includes the stages of evaluating, acquiring, using and disposing of goods and services.
The consumer includes both personal consumers and business/industrial/organizational
consumers. Consumer behaviour explains the reasons and logic that underlie purchasing
decisions and consumption patterns; it explains the processes through which buyers make
decisions.
The study includes within its purview, the interplay between cognition, affect and behaviour
that goes on within a consumer during the consumption process: selecting, using and
disposing of goods and services.

Cognition: This includes within its ambit the knowledge, information processing
and thinking part; It includes the mental processes involved in processing of
information, thinking and interpretation of stimuli (people, objects, things, places and

events). In our case, stimuli would be product or service offering.

Affect: This is the feelings part. It includes the favourable or unfavourable feelings
and corresponding emotions towards stimuli (e.g. towards a product or service

offering or a brand). These vary in direction, intensity and persistence.

Behaviour: This is the visible part. In our case, this could be the purchase activity:
to buy or not a buy (again specific to a product or service offering, a brand or even
related to any of the 4 Ps).

P a g e | 28

Review of Relevant Literature

Ravipa L. & Mark S. (2004) state that customer perceived that life insurance is a
long-term investment. With the long-term policy of life insurance, customers want to
confirm that they understand how to receive their money back when the maturity date
of insurance policy in the future, or that their family knows how to get it when they
have any unfortunately happen. Fundamentally, customers need personal commitment
from salespeople whom they trust to make sure their money will not be lost cause of
the poor investment by the insurance company. Besides that, customers want to have
someone who will help them take care their interest and can be contacted easily when

they need claim for themselves.

Moller (2004) found that income and social security which are the own wages, ability
to provide for family, insurance against illness and death, and income in old age have
been regarded as one of the major pointers of quality of life, this point of view

stresses the importance of insurance to human life.

Tajudeen, Ayantunji and Dallah (2009) believed that people with education have
more positive attitude toward insurance than people who less education ones. Besides
that, they also find out the respondents who have highest positive attitude towards
insurance is the people in age group between 56 and 65 years than other age groups
this is due to the people in this age group are at the end of the active life and they are
more aware of their retirement life. They also found that high household income
groups have highest positive attitude toward insurance than the low household
incomes groups, in fact, the wealthy household comparatively feel protected
commonly in Nigerian economic environment. From the other point of view, the low
household income groups are less authorized and usually they feel that the insurance
is further than their reach.

P a g e | 29

Kunreuther (1979) It is not the magnitude of a potential loss that inspires people to

buy insurance voluntarily it is the frequency with which a loss is likely to occur.
Roger. A. Formisano (1981) examined, via consumer interviews, the impact of the
National Association of Insurance Commissioner's Model Life Insurance Solicitation
Regulation as implemented in New Jersey. A substantial portion of the insurance
buyers sampled did not become aware of the provisions of the regulation aimed to
improve their buying ability. Further, many life insurance buyers were not well
informed concerning the nature and operation of life insurance contracts, and in

particular, the life insurance policies that they had purchased.

Dr. Praveen Sahu, Gaurav Jaiswal & Vijay Kumar Pandey (2009) stated that the
consumers perception towards Life Insurance Policies is positive. It developed a
positive mind sets for their investment pattern, in insurance policies. Still some
actions are needed for developing insurance market. The major factors playing the
role in developing consumers perception towards Life Insurance Policies are
Consumer Loyalty, Service Quality, Ease of Procedures, Satisfaction Level, Company

Image, and Company-Client Relationship.

P a g e | 30

CHAPTER 4: DATA
COLLECTION AND
ANALYSIS

P a g e | 31

4.1) Sampling Plan

Sample Frame: Due to the nature of the study, people residing or working in

Lucknow have been taken into consideration.

Sample Unit: People belonging to any age group with or without an insurance policy

have been taken into consideration.

Sample Size: Keeping in mind all the constraints the size of the sample of the study

was selected as 100.

Sampling Method: Simple Random Sampling method has been used wherein people
were taken into consideration on a completely random basis and questions were asked
from them. Research was conducted on clear assumptions that the respondents would

give frank and fair answers in a pragmatic way and without any bias.
Time Frame: 60 days time frame was taken to conduct the research.

4.2) Data Collection Method

Data for the research has been collected by obtaining first hand information by speaking to
customers and getting the survey form filled by them about the insurance products of IDBI
Federal and observing their views, reactions and beliefs about the overall insurance products.
This will help us in recording their reaction towards the products of financial products by
IDBI Federal and will help in knowing the major strength areas and also in finding out the
weaknesses where the company can work towards for increasing customer satisfaction and
increase the business of the company.
Both primary and secondary methods have been used for data collection:

Primary Data: - Primary data includes questionnaire having open and close ended
questions for the purpose of understanding the perception and buying behavior of
investors towards insurance policies provided by IDBI Federal Life Insurance Co.
Ltd.

P a g e | 32

Secondary Data: - Secondary data will be collected through company websites,

journals and magazines to find about the history of the organizations and their
position in the market and their competitors.

P a g e | 33

4.3) Presentation of Data and Analysis

1. The respondents were asked to which occupation they belonged to.
Table1: Occupation of respondents
Occupation

Percentage

Business
Service
Professional
Retired
Student
Housewife

20%
25%
8%
8%
32%
7%

Occupation

7%

Business
20%

Service
Professional
Retired

32%

Student
25%
8%

Housewife

8%

Pie Chart 1: Occupation of respondents.

Interpretation: Majority of the respondents who were targeted were students,
businessmen and people working in some organizations.
2. The respondents were asked through what all sources do they came to know about
insurance policies.

P a g e | 34

Table2: Major sources of awareness in regard to insurance policies.

Source
Newspapers
Insurance Agents
Internet
Friends & Family
Television
Telemarketing
Other

Percentage
29.10%
43.70%
28.20%
43.70%
50.50%
22.30%
0.00%

0.00%
Other
Telemarketing

22.30%

Televison

50.50%

Friends & Family

43.70%

Internet

28.20%

Insurance Agents

43.70%

Newspapers
0.00%

29.10%
10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

Bar 1: Major sources of awareness in regard to insurance policies.

Interpretation: Television, insurance agents and referrals from friends and families are
some of the major source of awareness about insurance policies.

P a g e | 35

3. The respondents were asked what features they consider before taking an insurance
policy.
Table 3: Features investors consider before taking an insurance policy.
Features
Insurance Coverage
High Returns
Low Premium
Flexible Withdrawals
Risk Involved
Other

Percentage
71.80%
55.30%
36.90%
25.20%
20.40%
0.00%

0.00%
Other

Risk Involved

Flexible Withdrawals

20.40%

25.20%

Low Premium

High Returns

36.90%

55.30%

Insurance Coverage

71.80%

0.00% 10.00%20.00%30.00%40.00%50.00%60.00%70.00%80.00%

Bar2: Features investors consider before taking an insurance policy.

Interpretation: Insurance coverage and high returns are some of the main features that
an investor wants to have in an insurance policy.
4. The respondents were whether they have an insurance policy.
Table4: Percentage of respondents having insurance policy.

P a g e | 36

Insurance Policy
Yes
No

Yes

Percentage
70.90%
29.10%

No

29%

71%

PieChart2: Percentage of respondents having insurance policy.

Interpretation: It was found that 71% of the population under consideration has an
insurance policy and 29% did not.

P a g e | 37

5. The respondents were asked that if they did not have an insurance policy then the
reason behind it is.
Table5: Reasons behind not investing in insurance policies.
Reasons
Lack of Awareness
Returns are not Good
Not Affordable
Others

Percentage
6.30%
21.90%
47%
25%

Reasons
Others

Not Affordable

Returns are not Good

Lack of Awareness
0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

Bar3: Reasons behind not investing in insurance policies.

Interpretation: Many people could not afford investing in insurance policies due to high
premium amount and that is a major reason why they did not purchase an insurance
policy. Other people thought that insurance policies do not give good returns.
6. The respondents were asked in which bank they have an insurance policy.
Table6: Most preferred banks of investors.

P a g e | 38

Bank
LIC
SBI
ICICI Prudential
IDBI Federal
Other

Percentage
81.90%
22.20%
20.80%
5.60%
1.40%

Bank
81.90%

22.20%

20.80%
5.60%

LIC

SBI

ICICI Prudentials

IDBI Federal

1.40%
Other

Graph1: Most preferred banks of investors.

Interpretation: It was found out that LIC by a significant margin is the most preferred
insurance company in comparison to others. Most of the investors purchase insurance
policies from LIC.

P a g e | 39

7. The respondents were asked the reason behind taking an insurance policy
Table7: Reason behind taking an insurance policy.
Reasons
Risk Coverage
Investment Purpose
Pension Schemes
Tax Benefits
Others

Percentage
71.60%
49.40%
19.80%
24.70%
0%

0.00%
Others

24.70%

Tax Benefits

Pension Schemes

19.80%

49.40%

Investment Purpose

71.60%

Risk Coverage
0.00%

20.00%

40.00%

60.00%

80.00%

Bar4: Reason behind taking an insurance policy.

Interpretation: The risk that is covered by life insurance policies is the main purpose
why people purchase insurance policies. Second reason is for investment purpose.

P a g e | 40

8. The respondents were asked whether they are aware about the products offered by
IDBI Federal Life Insurance.

Yes

No

38%

62%

Doughnut1: Awareness level about IDBI Federal.

Interpretation: The awareness level of IDBI Federal amongst the investors is very less.
Almost 62% of the population under consideration is not aware about the financial
products offered by IDBI Federal.

P a g e | 41

9. The respondents were asked whether they are a customer of IDBI Federal Life
Insurance Co. LTD.

100.00%
90.00%

95.10%

80.00%
70.00%
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%

Yes

4.90%
No

Graph2: Customers of IDBI Federal Life Insurance Co. LTD.

Interpretation: It was found out that out of the people surveyed only 5%
(approximately) had invested in IDBI Federal.

P a g e | 42

10. The respondents were asked whether they would like to invest in IDBI Federal in
future.

Yes; 31%

No; 69%

Pie Chart 3: Investors who would like to invest in IDBI Federal in future.

Interpretation: It was found out that 31% of the people were interested in investing in
IDBI Federal in the future only if they were made fully aware about the products of the
company and the returns were higher. On the other hand 69% of the people were not
interested.

P a g e | 43

CHAPTER 5: DATA
ANALYSIS AND
INTERPRETATION

P a g e | 44

5.1 Findings and Interpretation of Findings

Majority of the respondents who were targeted were students, businessmen and

people working in some organizations belonging to the service sector.

Shares and debentures are the most preferred option of investors to invest in as

provide greater returns than insurance policies.

Television, insurance agents are some of the major source of awareness about
insurance policies. Friends and family are major influencers on customers when it

comes to the decision of buying a life insurance policy.

The main features that investors consider before taking an insurance policy is the life
cover that insurance provides and also would like to get high returns from their

insurance policies.
Low premium amount is the also another which people consider before investing in
insurance schemes. Paying premium annually is the most preferred mode of payment

according to investors.
Approximately 71% of the respondents were insured and rest 29% had not invested in

insurance policies.
There is a good amount of people in the age group 18-30 who have not bothered to
buy a life insurance policy because they are very sure that nothing would happen to

them as they are fit and fine.

Those who had not invested in insurance policies said that they could not afford
purchasing an insurance policy and wanted the annual premium amount to be low

while others did not feel the need of it at the moment.

LIC by a significant margin is the most preferred company by the investors and
almost 82% of the respondents have purchased insurance policies from LIC. Brand
image and word of mouth in favor of LIC has had significant impact on the selection

of investors.
The risk that is covered by insurance policies is the main purpose or reason why
people purchase insurance policies. Second reason is investment purpose.

P a g e | 45

The awareness level amongst the consumers is very low. Approximately 63% of the
respondents were not aware about the products offered by IDBI Federal. Some were

not even aware about the companys existence as well.

Out of the 37% that are aware about more than 95% of the respondents are not

customers of IDBI Federal.

Lack of knowledge or awareness about the products, other companies have better
returns are some of the major reasons why people are not investing in IDBI Federal.
Some already have enough insurance policies and hence do not want to buy another

policy.
Some have not heard concrete positive reviews about the returns or performance of
the company from their friends or family members. LIC or other private banks

provides much better and beneficial plans in comparison to IDBI Federal.

Some were hesitant in giving their mobile or other contact numbers because they did

not wanted to be disturbed by the calls from the companys side.

It was found out that 31% of the people were interested in investing in IDBI Federal
in the future only if they were made fully aware about the products of the company
and the returns were higher. On the other hand 69% of the people were not interested.

P a g e | 46

5.2) Conclusion
While the fresh air of competition in every sector of economy brings in major changes in
consumer expectations, the insurance industry has experienced a few unique aspects, such as
regulation-inspired efforts to educate insurance buyers and a vast change of skills and
capabilities of the intermediaries involved in the distribution. The life insurance industry in
India has immense potential with nearly 80% of the population without insurance cover. Life
insurance is a sector which is largest driven by propensity of people to save and in
comparison to the west, Indians have a higher propensity to save. Understanding the
consumer buying behaviour pattern can give the companies a slight as to what a customer
wants before investing in an insurance policy. People are having good knowledge about
insurance companies through advertisements and insurance agents and most of the
respondents at least once in their life have been approached by an insurance agent.
With respect to life insurance, potential buyers are drivers of buying a policy for one or more
of these 3 major reasons: risk that is covered by insurance policies, for investment purpose or
for the availability of tax benefits. The challenge for the insurance companies is to address
the motivating factors of customers and come up with genuine solutions. The potential buyer
primarily expects that the saving should be a painless process and that the money saved
should be absolutely safe. The challenge is to provide not only convenient payment options,
but also mechanisms that could offer some measure of protection and relief to the customer if
he is forced to disrupt the payment arrangement for unforeseen reasons. People view
insurance as tax saving and investment instrument as much as a protective one.
The comparatively new player IDBI Federal will have to and must advertise well enough to
make the people aware about their products and schemes because most of the time a
prospective insurance customer will look for a brand name like that of LIC. The company has

P a g e | 47

a potential of growing in the coming years as still more than half the population of India is
still not insured. Thus here lies the opportunity for IDBI Federal to increase their customer
base by increasing the awareness level of potential investors in regard to their products and
by providing schemes according to the needs and requirements of the customers.

P a g e | 48

CHAPTER 6:
RECOMMENDATIONS

P a g e | 49

6.1) Description of Recommendations/Suggestions

Most of the respondents had only one suggestion to make, and that is to increase
awareness through advertisements and promotional activities and keep them updated

about the products and their respective benefits from time to time.
Increasing awareness about the products offered by IDBI Federal is the first and the
foremost important aspect that IDBI should focus upon as a large chunk of people are

still not aware about the products of IDBI, and the company even.
As television and friends & families are major sources of awareness about insurance
policies, advertisements should be broadcasted on televisions which have an
emotional appeal. The advertisements or promotional activities should be friends and

family centred and trigger a feeling on uncertainty.

There are still a lot of people in the age group of 20-35 who has not invested in
insurance policies and IDBI should try to convince them life is full of uncertainties
and is very unpredictable. New schemes can be launched which are affordable by

students or freshers who do not earn much.

The rural areas are more also quite heavily populated. Thus this rural population must
be made aware about the company and its offerings and gain their trust by appointing
agents from the rural areas itself. The plans should be affordable by these segments of

the society.
Insurance agents must be able to clearly tell all the benefits and features attached to a
particular policy to its customers and also provide after sales service to them to
increase customer satisfaction. Approach and conviction of agents is very important
and so the best efforts should be made to recruit and train their clients and handle

potential customers.
Another suggestion from the respondents was that the returns are too low and the
annual premium amount is quite high in comparison. Thus plans can be introduced

P a g e | 50

which have low premium amount along with flexible withdrawals and also provide

good returns.
Since M-Commerce is the next big thing in the banking or insurance industry, IDBI
Federal should launch a mobile application of its own to make the investors aware

about their schemes and products.

The app will also help the customers in knowing about the next premium due dates
and also pay the premiums. This will save the time of the customers.

P a g e | 51

CHAPTER 7:
CONCLUDING REMARKS

P a g e | 52

7.1) Gains from the Project

During my internship with IDBI Federal Life Insurance Co LTD I got valuable knowledge
about the insurance sector and growth potential in this sector is quite high. A large part of the
population is still not insured.
As I had some sales target as well, I realized how difficult it was to approach, demonstrate
and convince a customer especially in the insurance industry while working for IDBI which
is still in its growing phase. Some people already have life insurance policies and wont buy
another one. Selling of life insurance indeed is very difficult and one can only master it by
meeting more and more customers daily.
Another important thing that I learned is that it is not important what the company thinks
about a product. What is important is that how the customers perceive your products or
services in my case. The consumer has to be told how your product will provide them more
benefits and value added services in comparison to other companies.

P a g e | 53

7.2) Limitations of the Project

Due to constraints of time and resources, the study is likely to suffer from certain limitations.
Some of these are mentioned here under so that the findings of the study may be understood
in a proper perspective.
The limitations of the study are:

Some of the respondents of the survey were unwilling to share information. People
refrain from giving personal details.

The research was carried out in a short period of 8 weeks. Therefore the sample
size and other parameters were selected accordingly so as to finish the work within
the given time frame.

The information given by the respondents might be biased because some of them
might not be interested to give correct information.

The research was confined to Lucknow city only.

P a g e | 54

7.3) Scope for Further Work

The data collected for this research was from a sample size of 100. Although the sample size
is quite small, still the responses are quite consistent. The same questionnaires can used to
survey a larger sample to study the consumer behavior towards the insurance industry at
large.

This research was carried out in the city of Lucknow and hence the results reflect the
sentiments of the urban population. This research could be further carried out in tier-2 and
tier-3 cities. The questionnaire can be translated in the local language to conduct the same
survey in villages where the village dwellers are not proficient in English language.

P a g e | 55

References/Bibliography

www.idbifederal.com
www.idbifederal.com/Press/PressRelease
http://www.insidebusiness360.com/index.php/why-it-is-important-to-study-

consumer-behavior-8478/
https://en.wikipedia.org/wiki/IDBI_Federal_Life_Insurance
http://www.policybazaar.com/life-insurance/companies/idbi-federal-life-

insurance-company-ltd/
https://apps.aima.in/ejournal_new/articlespdf/gaurav_jaiswal_nrc3_24080992200
93389294.pdf

P a g e | 56

APPENDICES

QUESTIONNAIRE
(Hello! Please help us by kindly filling up the following information. We appreciate your
response and thank you for your precious time.)

1. Name:

2. Age:

3. Gender: Male ( )

Female ( )

4. Telephone:

5. Occupation:
a)
b)
c)
d)
e)
f)

Business
Service
Professional
Retired
Student
Housewife

( )
( )
( )
( )
( )
( )

P a g e | 57

6.) How did you come to know about insurance policies? (you can choose more than
one)
a)
b)
c)
d)
e)
f)

Newspapers ( )
Insurance agents ( )
Internet ( )
Friends & families ( )
Television ( )
Telemarketing ( )

7. What are the features you consider before taking an insurance policy? ( you can
choose more than one)
a)
b)
c)
d)
e)
f)

Insurance Coverage ( )
High Returns ( )
Low Premium Amount ( )
Flexible Withdrawals ( )
Risk Involved ( )
Others: __________________________________

8. Do you own an Insurance Policy?

a) Yes ( )

If not, why not?

Lack of awareness ( )
Returns are not good ( )

b) No ( )

P a g e | 58

Not affordable ( )
Others: ________________________________________

If yes, which company?

LIC ( )
ICICI Prudential ( )
SBI ( )
IDBI Federal ( )
Others: ______________________

9. Reasons behind taking an insurance policy?

a)
b)
c)
d)
e)

Risk Coverage
Investment purpose
Pension schemes
Tax Benefit
Others: _____________________________________

10. What prompted you to buy from that company? (You can choose more than one)
a)
b)
c)
d)
e)

Brand Image ( )
Word of mouth ( )
Advertisements ( )
Agents ( )
Other: _________________________________________

P a g e | 59

11. Are you aware of the products offered by IDBI Federal?

a) Yes ( )

b) No ( )

12. Are you a customer of IDBI Federal?

a) Yes ( )

b) No ( )

If not, what is the reason behind it?

___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________

If yes, mention the plan

___________________________________________________________________________

13) Would you like to invest in IDBI Federal in future?

a) Yes ( )

14. Any suggestions for IDBI Federal?

b) No ( )

P a g e | 60

___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________

(Thank you for your time taken in completing this questionnaire. The results of this
work will be important for determining the consumer buying behavior towards the
financial products of IDBI Federal)