A STUDY ON CUSTOMERS’ ATTITUDE TOWARDS LIFE INSURANCE PRODUCTS AT BHARTI AXA LIFE INSURANCE

A STUDY ON CUSTOMERS’ ATTITUDE TOWARDS LIFE INSURANCE PRODUCTS AT BHARTI AXA LIFE INSURANCE 

FINDINGS

·         The respondents in the age group of 20-30 are more inclined towards the life insurance products.

·         While invest in the life insurance policy 90% are aware about the company in the market.                                                 

·         The 50% respondent’s perception that child education is the biggest benefit of life insurance is.  

• The 80% respondents are satisfied with the returns which are given by the company.
• Some respondents are dissatisfied due to the not proper information in beginning and long term time process.
• The 50% respondents prefer the ULIP plan.
• The 80% respondents aware about the competition in the market between life insurance companies.

RECOMMENDATIONS

·         Emphasis should be laid more on advertisement and building brand awareness through different modes of communication. This will facilitate in creating more awareness about the product of the company.

·         To provide all types of benefits to the customers to make their perception positive, this in turn will increase their satisfaction level.

·         Company should require encouraging the customer for more invest in the life insurance policy.

·         Company can enhance its competitive position by focusing more on better customer services as compared to the competitors.

·         Proper product training should be given to the financial advisors of the company so that they may be able to explain about the various positive aspects of the product to the prospective customers. That will increase to their selling skills and eventually increase the sales.

CONCLUSIONS

The study has been conducted on Bharti AXA Life Insurance Company Limited and the main objective of the study was to examine the customers’ perception and satisfaction level towards the products of the company. A descriptive and exploratory research design has been adopted and a sample of 100 respondents was taken from the Gurgaon city. Convenient sampling technique has been used to choose the sample unit. It was found that the most of the respondents are aware about the benefits of insurance and have high preference towards life insurance products. They invest in these products due to a number of reasons, viz., child education, and retirement benefit, safety of their family in case of death and also for return. The majorities of the respondents are aware about the company’s name but may not find it suitable as it is a new company and still required to build-up trust amongst the customers. Thus it is suggested that the company should invest more in advertising and brand building to build the trust and to reach to the customers.

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