INTRODUCTION

Man is a social animal. He contributes to society's well being and gets livelihood and

protection from the society in which he lives. Man always seeks protection from risks

which infact compel him to live in groups. He remained exposed to various types of

risks like death, accidents, loss of health, wealth and property from wild animals,

reptiles, floods, fire, earthquakes and other natural calamities.

Insurance in some form or other has been on answer to his problem of

security. Insurance is a process in which losses of a few are shared by many who are

equally exposed to same risk. One or a few of the whole lot unfortunately suffer the

loss and thereby all others share the loss. Therefore, an individual’s share of

contribution towards the cost of meeting such loss is small. As such insurance is a co-

operative venture.

MEANING OF INSURANCE

Insurance is such a method which provides security and protection against financial

loss upto same limits. It is a means of shifting the risks to insure in consideration of a

nominal cost called premium.

In other words, we can say that insurance is a contract where one party takes the

responsibilities of risks of the party in exchange of some fixed amount. As per this

contract the first party (insurer) which is taking the responsibility of risk of another

party (insured) promises to pay a fixed amount of money to second party either at the

end of fixed period or at the happening of same events.

 BASIC TERMINOLOGY OF INSURANCE

1. Insurer: - One who does the Insurance i.e. who takes the responsibility of

risk in future.

2. Insured: -One whose insurance is done i.e., whose responsibility of risk is

taken by insurer.

3. Policy: - The printed legal document stating the term of insurance contract

that is issued to the policy holder by the company.

4. Premium: - The sum paid by a policyholder to keep an insurance policy in

force. It is amount paid to secure an insurance policy.

5. Sum Assured: - Sum assured is the amount that an issuer agrees to pay on

the occurrence of an events.

6. Surrender value: - The surrender or cash value is the amount payable to the

policyholder should the policyholder decide to discontinue the policy.

However, the insurance protection provided under the policy will also cease.

Not all insurance policies have surrender or cash values.

7. Riders: - Additional or supplementary benefits that is bought together with a

main life policy on the same life and is combined for the purposes of

collecting one premium.

8. Mortality: - The probability of life or group of lives.

9. Maturity date: - The date on which an endowment insurance policy’s face

amount will be paid to the policy- owner if the life insured is still living.

10. Lapse: - Termination of a life insurance contract because of non- payment of

premiums. If there are non forfeiture values, the policy lapses but may remain

effective reduced paid-up insurance.

11. Endowment: - A type of insurance policy which provides for the face amount

stated in the contract to be payable in a fixed date or on the life insured’s

earlier death.

12. Claim: - Written request by an insured for the insurance company to cover an

incurred loss, usually submitted on the company’s standard form.

INSURANCE INDUSTRY IN INDIA

India is marketing ahead to more prosperous future. The economy is on a high growth
path, domestic saving is growing, exports have risen and inflation has stabilized.

Infrastructure rector, which even today is woefully inadequate to meet the expected

increased industrial activities, has been accorded top priority by the government. All

this should reflect in a growth rate of 7% to 8% for the next 3-4 years. With this

scenario of high economic growth further reforms in the financial rector are in the

common minimum program of the government.

The insurance industry, which still remains a state monopoly, is therefore engaging

serious attention of the Govt. De-regulation of insurance sector has already been

recommended and has generally been welcomed by a dominant body of industry and

populace though the employees unions and same others remain opposed to the idea of

introducing competition in the insurance sector.

India is regarded as an under-insured country with insurance penetration at a very low

level of 0.6% of GDP. Insurance, as a rule, has always been given very low priority

by corporate India, It is compulsory, and then only by big industrial houses. Without

exception it is always inadequate to meet the meets of the corporate sector.

OBJECTIVE/ PURPOSE/ NEED OF

INSURANCE

1. It provides Security:

The first objective of insurance is to provide the security to the persons against the

risks of uncertain events. Under this the insurance company guarantees the insured

person to compensate the event of loss in consideration of premium paid by insured.

Thus the insurance provides the feeling of security against the evil of uncertain events

i.e. risk.
2. It provides capital:

It provides capital, a score source of production to the industry in various forms. The

amount received on account of premium by various insurance companies is made

available for the industrial development of the country in various financing forms,

such as, by providing long term loans to companies. We can say that insurance makes

the company.

3. It increases efficiency:

Insurance is increase the efficiency in business by reducing the risks or fear of losses.

Mgt is relieved from the various risks involved in uncertainties and becomes able to

give due attention to the other functions which effect the total efficiency of the

organization, such as, labor force material mgt. marketing etc. These insured persons

can work better for profit maximization.

4. It distributes Risk:

The objective of insurance is based on the low of co-operation. Insurance has describe

insurance as a plan by which large number of people associate themselves and

transfer to the shoulders of all risks that attach to individual. So the distribution the

losses of any uncertain events among a large number of persons covered under the

insurance.

5. It Provides Certainty

The main purpose of insurance is to reduce the risk of events. Actually insurance

means to indemnify or compensate the losses caused by the uncertain events. The

insured converts his uncertainties into certainties by paying premium to the insurer.

6. It provides fund to Invest

Insurance companies collects the funds by way of premium and employ or invest it in
the country life insurance corporation along with other insurance companies provides

the fund to various industrial and business concerns.

7. Encourages Savings

Insurance is considered to be a better source of encouraging the saving. The insurer

has to pay a fixed premium regularly and compulsorily. As such forced saving cards

the unnecessary expenses of the individuals.

8. Expansion of Foreign Trade

Insurance provides security to the international traders, shipper and banking or

financing institutions which are main functionaries to foreign trade. Thus, insurance

helps in the expansion of foreign trade.

9. Self Confidence and Goodwill

Insurance by providing a feeling of security among the insured, also creates self-

confidence in them. Thus, insurance not only provides protection against risks. But

also provides capital to the insured which becomes a source of financial stability and

strength. As such, insurance increases self -confidence reputation and goodwill of the

insured.

10. Social Security

Insurance provides on instrumental force to fight against evils of poverty,

unemployment, disease, old age, fateful accident of a person and other calamities of

nature. Insurance helps in a greater way by establishing or devising various types of

insurance in our country, like. Employee's state insurance Act, Provident Fund Act,

1932, Workmen's Compensation Act etc.

 BAJAJ ALLIANZ LIFE INSURANCE A

PROFILE

THE PARTNERSHIP:

BAJAJ ALLIANZ first came together for a possible joint venture, to enter the Life

Insurance market, in January 2001. It was clear from the outset that both companies

shared similar values and beliefs and a strong relationship quickly formed. In October

2001 the companies signed a joint venture agreement.

Around this time Standard Life purchased a 5% stake in BAJAJ ALLIANZ, further

strengthening the relationship.

The next three years were filled with uncertainty, due to changes in government and

ongoing delays in getting the IRDA (Insurance Regulatory and Development

Authority) Act passed in parliament. Despite this both companies remained firmly

committed to the venture.

In October 2001, the joint venture agreement was renewed and additional resource

made available. Around this time Standard Life purchased 2% of Infrastructure

Development Finance Company Ltd. (IDFC). Standard Life also started to use the

services of the BAJAJ ALLIANZ Treasury department to advise them upon their

investments in India.

Around this time Standard Life purchased a further 5% stake in BAJAJ and a 5%

stake in BAJAJ ALLIANZ.

In a further development Standard Life agreed to participate in the Asset Management

Company promoted by BAJAJ ALLIANZ to enter the mutual fund market. The

Mutual Fund was launched on 20th July 2000.

BAJAJ ALLIANZ has a long and close relationship built upon shared values and

trust. The ambition of BAJAJ ALLIANZ Life is to mirror the success of the parent

companies and be the yardstick by which all other insurance company's in India are

measured.

OUR MISSION:

We aim to be the top new life insurance company in the market.

This doe’s not just mean being the largest or the most productive company in the

market; rather it is a combination of several things like-

 Customer service of the highest order

 Value for money for customers

 Professionalism in carrying out business

 Innovative products to cater to different needs of different customers

 Use of technology to improve service standards

 Increasing market share

OUR VALUES:

 Security: Providing long term financial security to our policy holders will be

our constant endeavor. We will be do this by offering life insurance and

pension products.

 Trust: We appreciate the trust placed by our policy holders in us. Hence, we

will aim to manage their investments very carefully and live up to this trust.

 Innovation: Recognizing the different needs of our customers, we will be

offering a range of innovative products to meet these needs. Our mission is to

be the best new life insurance company in India and these are the values that
 will guide us in this.

PRODUCTS OF BAJAJ ALLIANZ LIFE INSURANCE

Insurance solutions for individuals

HDFC Standard life Insurance offers a range of innovative, customer- centric

products that meet the needs pf every life stage. Its ten products can be enhanced with

upto four riders, to create customized solutions for each policyholder. Each of us

leads a unique life and so has unique needs. BAJAJ ALLIANZ offers a range of

products and invites you to choose the one that suits you best.

Plan Benefits
Savings Plans
New unit gain Life Insurance with Savings
Life Insurance & Savings with choice of investment
Invest plus
funds
Children’s Plan Financial Security for your child
Financial security for your child with choice of
Fortune plus
investment funds
Cash gain Life Insurance with Savings
Investment Plans
New unit gain sp Investment with Life Insurance
Term Assurance Plan Life Insurance at an affordable price
Family care For family member health

Retirement Plans
Swarna vishranti Savings for retirement
 Retirement Savings with a choice of investment
Ne unit gain pention plus RP
funds
SAVING PLANS

New unit gain Plan

It is a participating (with profits) insurance plan that offers the following features:

1 Provides financial support to the family by way of a lump sum payment in case of

the unfortunate death of the life assured within the term of the policy.

2 Provides a lump sum payment to the life assured on survival up to maturity.

The lump sum mentioned is the basic sum assured plus any bonus additions.

Invest plus

The unit linked endowment plan is an insurance policy that is designed to pay a lump

sum on maturity or on earlier death. The Unit Linked Endowment Plan also gives the

option of additional protection against the six common critical illnesses, as well as

additional protection if death is as the result of an accident.

Your premiums are invested in units of the investment fund of your choice, based on

the prevailing unit price. On maturity you receive the value of your units. On death

(or critical illness, if chosen) you receive the greater of the value of your units and

your selected basic sum assured.

Invest plus

The unit linked endowment plan is an insurance policy that is designed to pay a lump

sum on maturity or on earlier death. The Unit Linked Endowment Plan also gives the

option of additional protection against the six common critical illnesses, as well as

additional protection if death is as the result of an accident.

Your premiums are invested in units of the investment fund of your choice, based on
the prevailing unit price. On maturity you receive the value of your units. On death

(or critical illness, if chosen) you receive the greater of the value of your units and

your selected basic sum assured.

Children's Plan

Children’s Plan is designed to provide a lump sum to the child at maturity. It also

provides financial security to the child in the future, even in case of the insured

parent’s unfortunate death during the policy term. Children’s Plan receives simple

reversionary bonuses, which are usually added annually. This is a flexible plan with

three options for you to choose from, depending on your requirements.

Fortune Plus

HDFC Unit Linked Young Star Plan is designed to provide a lump sum to the child at

maturity. It also provides financial security to the child in the future, even in case of

the insured parent's unfortunate death during the policy term. The Unit Linked Young

Star Plan also gives the option of additional protection against the six common critical

illnesses.

Your premiums are invested in units of the investment funds of your choice, based on

the prevailing unit prices. On maturity the value of the units will be paid. On death (or

critical illness, if chosen) the selected basic sum assured is paid, and the policy

continues until maturity. Following a valid death or critical illness claim, we will pay

the future premiums (at the level originally chosen at inception) into your policy, as

and when they would have fallen due.

Cash Gain

It is a participating (with profits) insurance plan that offers the following features:
3 Payment of cash lump sum, each of which is a proportion of the basic sum

assured, at 5-year intervals during the term of the policy. (Please refer to the table

given below.)

4 On survival up to maturity, a payment equal to the basic sum assured plus any

bonus additions less the cash lump sums paid earlier is provided.

5 In case of the unfortunate death of the life assured within the term of the policy,

the basic sum assured plus any bonus additions is provided. This is over and

above the earlier payouts.

INVESTMENT PLAN

New unit gain sp

Single Premium Whole Of Life Insurance Plan is well suited to meet your long term
investment needs. This participating (with profits) plan offers you the following

benefits:

A sound investment:

Your money will be invested in our With Profits fund. The fund aims to provide

secure and stable long term growth. Normally, we will declare a compound

reversionary bonus for your policy every year and add it to your policy on its

anniversary. In addition, on death, surrender or on the guaranteed dates, a terminal

bonus might be payable. You pay a single premium and the policy will pay you a

lump sum.

Flexibility of term:

Even after choosing your policy, you can decide on the policy term. For 4 weeks after

any one of the 10th, 15th, 20th and subsequent five-year anniversaries, you can

choose to receive the sum assured plus any attaching bonuses, in full. Once the money

has been received, your policy will cease.

Surrender value:

You can terminate the policy any time, after it has been in force for at least 6 months,

and receive a surrender value.

In case of unfortunate death:

Your nominee gets the sum assured secured by your premium, plus any attaching

bonuses.
No medical requirements:

We do not require you to undergo any medical test for this plan.

1. RETIREMENT PLANS

Swarna Vishranti

Under this plan, a sum assured is payable in case of death of the life assured during

the term of the contract. One can choose the lump sum that would replace the income

lost to one's family in the unfortunate event of one's death. Since this non-

participating (without profits) plan is a pure risk cover plan, no benefits are payable

on survival to the end of the term of the policy.

2. PENSION PLANS

New unit gain pension plus RP

Before you enter into any financial contract, it is important that you understand what

the product is, how it works, the risks involved and what a decision to buy could mean

for you. We recommend that you read this document before you purchase a policy

from BAJAJ ALLIANZ Insurance Company.

3. Purpose:

The policy is basically a savings contract, which is designed to provide an income for

life from retirement, with an option to take the lump sum elsewhere to buy the

annuity, provided it is permitted by the prevailing regulations.

Your commitment:

You agree to pay a single premium or level premiums with installments due every
quarter, half-year or year throughout the deferment period of the policy, after which

you will start receiving your pension.

Risk factors:

If you cease to pay premiums we may pay a surrender value. This will be determined

at our discretion. If any of the information which you provide is incorrect, we reserve

the right to vary the benefits which may be payable and, further, if there has been non-

disclosure of a material fact then we may treat your Policy as void. We will not pay

out if a claim arises from an excluded cause of death. Future bonuses are not

guaranteed.

They are dependent on our future experience. The principal elements of experience

are our investment performance and expenses.

4. Unit Linked Pension Plan

The unit linked pension plan is basically an insurance contract, which is designed to

provide a retirement income for life. Your premiums are invested in units of the

investment fund of your choice, based on the prevailing unit price. On vesting the

value of your units will be used to buy your retirement benefits.

CONSUMER BEHAVIOR

(In today’s challenging & competitive world of fast changing technology, consumer

tastes are also characterized by fast changes. So, to survive in the market, a firm has

to be constantly innovating and understand the latest, consumer trends, tastes and

preference. Consumer behavior provides invaluable dues and guidelines to market on

new technological frontiers, which they should explore. It is realized by studying the
buying behavior of consumers that many consumer products that they felt reflected

their own special needs, personalities and lifestyles. To better meet the needs of

specific groups of consumers, most marketers adopted a policy of market

segmentation & successfully market to different segments the marketing manager

needs appropriate marketing strategies, which he can design only when he can

understand the factor, which account for these difference in consumers behavior. The

most important reason for studying consumer behavior is the significant role it plays

in our lives. It plays a vital role in decision-making.

As consumer significantly affected certain decision's behavior or expected actions.

So, consumer behavior is said to be an applied discipline. Such applications can exit

at two different levels of analysis. The Micro Perspective & Societal perspective. The

micro perspective involves understanding consumers for the purpose of helping a firm

or organization accomplish its objectives. The societal perspective can provide insight

into aggregate economic & social trends and can perhaps even predict such trends. It

may suggest ways to increase the efficiency of the system & improve the well being

of people in society.

Consumers Behavior can be defined as -

"The behavior that consumer display in searching for, punching, using, evaluating and

disposing of products & service that they expect will satisfy their needs.”

Thus, the importance of consumer behavior lies in the fact that behavior can be

understood & influenced to ensure a positive purchase decision. So, a round

understanding of consumer behavior is essential to the long run success of any

marketing program. In fact, it is seen as a cornerstone of the marketing concept. That's

why the marketing managers interest lies exactly to ensure that his strategy result in

purchase of the product.

 Modelling Behaviour

The study of consumer behavior is quite complex, because of the many variable

involved and their tendency to interact with and influence each other. So, the most

relevant variables and their influence can be shown by a diagram, which is made up of

three major sections.

1. External environment variable influencing behavior.

2. Individual determinants of behavior.

3. The consumer's decision process.

1. External Variable:

The external environment is made up various influences as culture, subculture,

social class, social group, family and personal influences.

I) Culture:

The study of culture encompasses all aspect of a society such as its religion

knowledge, language, laws, customs, tradition, music, art, technology, work

pattern, products etc. for the purpose of CB culture can be defined as the sum

total of learned beliefs, value & custom that serve to guide and direct the

consumer behavior of members of a particular society. Thus, the concept of

culture offers many general & specific insights into the behavior of

consumers. So, it is a starting point for the marketer who wishes to better

understand a market.

II) Formal learning:

 In which parent an elders teach children the proper way to behave & this

behavior influence his attitude towards the products.

b) Informal learning: In which learning takes place by imitating the behavior

of the parents, friends or by watching TV & film actors in action.

III) Technical Learning: In which instruction are given about the specify

method by which certain things have to be done such as painting, dancing etc.

IV) Subculture: These groups’ posses’ beliefs, values and customs that set

them apart from other members of the same society or culture. So, there are

subculture of students, Professors, marketers, & other group. An individual may be

member of more than one subculture at the same time, and based upon it consumer’s

behavior like product purchase Patterns, Shopping behavior &: other Demographic &

Psyographic characteristics may differ. Thus, it is imperative that marketers

understand who constitutes the most relevant subculture for their particular or service.

V) Social Class Influences: Social class is defined as the division of members

of a society into a hierarchy of distinct status class, so that members of each class

have relatively the same status class, so that members of each class have relatively the

same status & members of all other classes have either more or status. In this complex

society, in which financial wealth dictates status, one's possessions become a

substitute indicator of the individual worth value, wealth & so forth. Members of

specific social class differ in terms of what they consider good taste. So, social class is
also an important variable in determining where a consumer shops. That's why

marketers have always catered to give them an edge, whether real or imagined, over

their pears.

VI) Social Group Influences: It can be viewed as a collection of people who

have a sense of relatedness resulting from some form of interaction with one another.

There are different types of reference groups & each group has its own status, norms,

role, socialization & power.

Reference Groups:
It refers to group that serve as trams of reference for individual in their judgment,

beliefs, purpose & consumption behavior. These reference groups are highly relevant

and potent influence in consumer’s decision-making. To attract consumers a no of

promotional strategies are used & one of them is Reference group appeal. There are

helpful in increasing: brand awareness & serve to reduce perceived & guide the

individual value & behavior.

1) Family:

The family is a major influence on the consumption behavior of its members;

it is also the prime target market for most product categories. Familiars can be

defined as two or more person related by blood, marriage or adoption that

reside together. The basic function of a family is the provision of economic &
 emotional support; childhood socialization & a suitable life style for its

members of consumer’s related role of family members include influences,

gatekeeper, deciders, buyers, users, maintainers & disposers. Thus, the family

operates an economic unit, earning & spending money & the family functions

directly in the role of ultimate consumption. Each family member influences

the purchase decision. Family members have individual and collective

consumption priorities. Thus, the marketers need to understand the nature, the

family's influence on its members & the way in which the purchase decision

are made by the members. The stages of a family's life cycle also influence the

consumer behavior.

2) Personal factor/influence:

(a) Demographic factor & life cycle stage: The first factor influence a

buyer's decision is his age. There are certain physiological difference between

men & women, which result in there having different consumption needs.

The consumption behavior is also influenced by the specific stage of the family life

cycle, which are as follows-

 Single stage (Young unmarried people living away from home)

 Young newly married (no children)

 Full nest I (Youngest child under 6)

 Full nest II (Youngest child over 6)

 Empty nest I; older (married couples, no children living at home, house hold

head still working)

 Solitary Survivor - In (Labour Force)

 Solitary Survivor: Retired.

b) Education & Occupation: Education widens a person's horizon, refines

his tastes and makes his outlook more cosmopolitan. An educated person as

compared to somebody less educated is more likely to consume educational

facilities, books, magazines and other knowledge oriented products and

services. The occupation also shapes the consumption needs. Some people

require specialized equipment for the purpose of their job.

c) Income: Income here means the income available for spending (i.e. income

after tax, provident fund and other statuary deduction). The person's attitude

towards spending versus saving and his borrowings power are also important

influencing factors.

d) Personality: Personality is defined as those inner psychological

characteristics that both determines and reflect how a person responses to his

environmental stimuli. Personality is enduring and ensures that a person’s

responses are consistent over time.

e) Life Style: Life styles are the pattern in which people live, as expressed by

the manner, in which they spend money and time on various activities and

interests. It is a function of opinion, social class, demographic factors and

personality etc.

f) Other Influences: This is the general category encompassing influences

 on consumers. The influence might be the effects of media i.e., whether

consumer's behavior is more influenced by print media or the electronic

media. Other influences include physical surroundings, the interpersonal

setting, national events and other situational variables.

2. Individual Determinants Of Behavior:

These variables influence how the consumer proceeds through a decision

process regarding products and services. The various individual determinants

are :

a) Consumer needs and motivation: Consumer has different needs and

attitudes towards any good and services and they accept different goods or

services with the expectation that they will satisfy their needs. Motives are the

internal factors that energize behavior and provide guidance to direct the

activated behavior.

Involvement describes the personal relevance or importance that consumer

perceives in a given purchase situation.

b) Perception: Perception can be defined as "how we see the world around

us;" Perception helps to explain the phenomenon of why different individual

responds definitely to the same stimulus under same conditions.

c) Learning and Memory: Learning can be viewed as very significant for

marketer as it implies that consumers can be made to learn the desired

behavior through an interplay of motives stimuli, cues, responses and

 reinforcements. Learning refers to the skill and knowledge gained from part

experience, which one tends to apply to evaluate future decisions learning and

memory processes can help to understand that war frequency is needed to

repeat, advertising messages, how visual symbols and other techniques can

facilitate consumers learning and memory regarding products and how

consumer develop habitual purchase pattern for some goods.

d) Beliefs and Attitudes: A belief is a descriptive thought that a person has

about something. The belief may be based on some real facts or it may merely

be a notion or opinion that the person has. Attitude is a person's enduring

facing evaluation and tendency towards a particular idea or object Attitudes

strongly influence how consumers will act and react to products and services

and how they will respond to communication that marketers develop to

convince then to purchase their products.

Thus, there were the various factors, which influence the consumer behavior.

OBJECTIVES OF THE STUDY

1 To know about different companies from which the respondents have taken

their insurance.

2 To know about the parameters who are deciding the consumer behaviour

regarding insurance company

3 To know about the level of awareness of consumers regarding insurance

 companies.

4 To know the level of satisfaction of respondents of different insurance

companies.

5 To know about the media of advertising who play vital role in increasing the

awareness about the insurance among consumers.

RESEARCH METHODOLOGY

Research

Research is an original contribution to the existing stock of knowledge making for the

advancement. According to Clifford Woody “Research comprises defining and

redefining problems, formulating hypothesis or suggested solution, collection,

organizing and evaluating data, making deductions and reaching conclusion and at

last carefully testing the conclusions to determine whether they fit the formulating

hypothesis.

Research in common parlance refers to search for knowledge. One can also define

research as a scientific and systematic search for pertinent information on a specific

topic. In fact, research is an art of scientific investigation. The advanced learner

dictionary of current English lays down the meaning of research as “a careful

investigation or inquiry especially through search for the new facts in any branch of

knowledge.” Some people consider research as a movement, a movement from

unknown to known. It is actually a voyage of discovery. Inquisitiveness is the mother

of all knowledge of whatever unknown, can be termed as research.

Research methodology is a way to systematically solve the research problem. This

chapter describes the research methodology adopted in conduct of this study. It may

be understood as a science of studying how research is done scientifically. In it we

study the various steps that are generally adopted by a researcher in studying his

research problem along with the logic behind them. It is necessary for the research to

know not only the research methods/ techniques, but also the methodology.

Every research project conducted systematically has a specified framework for

collection and analysis of data in a manner that aims at combining this frame work is

called research designed involves five steps:

1. Deciding the approach to be used in the design.

2. Deciding the data needed.

3. Identifying probable sources of data.

4. Deciding how the data should be gathered

5. Anticipating the results, their interpretation and presentation.

Research Design

The heart of research is research design. It is over – all plans that specify information

needed and specifies how investigation to obtain it will conduct.

A complete research deign would include the following elements:

(1) Statement of the evidence necessary to solve a problem and the basic scheme

whereby the solutions will become revealed or validated.

(2) Specification of the evidence-where and how it will obtain.

(3) Anticipation of how the data will be analyzed to produced answers to the

problem.

(4) Guidelines for calculation and approval of feasibility and cost of the project.

Research designs are often classified by the purpose of research and data

collection efforts. The usual classification is exploratory, descriptive and casual.

Exploratory research aims at defining the problem, including the identification of

the relevant variables and of possible alternative solutions. Such study may also

be designed to develop the specific research questions that need to be explored.

Descriptive research is the most common design. The purpose is to describing the

phenomena, to describe the consequences of possible alternative course of action,

to describe a potential market in terms of present or future customer attitude of

other characteristics and to describe a product image. For the purpose of my

survey, I decided to follow the conclusive research design under this I selected the

descriptive design.

Casual study, aims at predicting or for suggesting causes. Such studies require

procedures that will not only reduce bias and reliability, but will permit drawing

inferences about causality. Such study often takes the form of an experiment.

Data Collection

The investigator must identify the source from which the different items of

information are obtainable and select those that will use. He may use primary

data, secondary or both.

Primary data are data freshly gathered for a specific purpose or for a specific

research project at hand, directly e.g. -through questionnaire and interviews. When
the needed data do not exist or are dated, inaccurate, incomplete or unreliable, the

researcher will have to collect primary data collection.

Secondary data are generally published sources, which have been collected

originally for some other purpose. They are not gathered specifically to achieve

the objectives of particular project at hand, but are already assembled. Such

sources are internal company records, government publication, reports and

journals, trade professional and business firm’s records, university research

organization and library.

In my project I used both primary data as well as secondary data.

Research Instrument

The research instrument used by me in conduct of my survey is questionnaire. The

questionnaire consisted of a set of questions concerning to the subject. In

preparing questionnaire, I carefully choose the questions.

The information received from respondents is not factually corrected though it

may appear to be so. In addition, sometimes information belongs to the secondary

namely Belief. The information received from respondent can be a belief and

feeling. It involves depth interviewing.

The information is often sought in opinion of respondents. He is specifically asked

what view he holds on a particular company’s product and he is free to opine.

Similarly, information on the respondent’s attitude on one or more subjects or

things is sought. Finally the researcher at times wants to know the reason for a

particular choice or action of respondent.

The questionnaire consists of a number of questions pertaining to the subject. In

preparing questionnaire, I carefully choose questions, wording and sequence in

close-ended questions included in this questionnaire. An open-ended question

allowed the respondents to answer in their own words and reveals more about how

people think. These served a useful hand in explanatory stage of research. The

close-ended questions specify all possible answers and provide answers that are

easier to interpret and tabulate. Dichotomous questionnaire in my questionnaire

offers choices in my questions, I offered my respondents a numbers of specified

alternative form, which they were asked to choose one, or more through specified

information question. The language used for framing question is simple and easy

to understand.

For my survey I used personal interview of respondents by asking them a list of

questions from questionnaire prepared by me for collecting the desired

information and having being fulfilling the questionnaire these and then according

to information given by each person.

Sample Size

A sample size is a definite plan for obtaining a sample from a given population.

Sample size may as well lay down the number of item to be included in the

sample i.e. Size of the sample. Sample size must be reliable and appropriate for

the study.

During my project I got information from consumers of BAJAJ ALLIANZ Co. of

various age categories and related to different class of society. I selected 50

customers to know their satisfaction and asked some questions from them.

Sample Area

I have selected respondents of KURUKSHETRA.