Description
Study Report on on Customer Satisfaction Towards Smart Kid Education Plans of ICICI Bank In Trichy : ~ The project topic is the study on finding CUSTOMER’S SATISFACTION towards smart kid educational plan. Everybody is very cautious about their life and risk factors.
“A Study on Customer’s Satisfaction Towards Smart Kid Education Plans
of ICICI Bank In Trichy”
B
!"A!#$K#%A!
!e&" $o'(()*+,-(**,
./
0e1artment of %ana&ement Studies
2E3 %#3TI TEC4 S!I !A$5A!A6A$ SAK#$T4A3A
E$5I$EE!I$5 C.33E5E
A P!.6ECT !EP.!T
Su7mitted to the
/AC#3T ./ %A$A5E%E$T ST#0IES
In 1artial fulfillment of the re8uirements
/or the award of the de&ree
.f
%ASTE! ./ B#SI$ESS A0%I$IST!ATI.$
I$
%A!KETI$5
A$$A #$I2E!SIT
C4E$$AI 9 ,** *:;
A#5#ST 9 :**)
2E3 %#3TI TEC4 S!I !A$5A!A6A$ SAK#$T4A3A
E$5I$EE!I$5 C.33E5E
Accredited 7y $BA
<IS. =**(> :*** certified institution?
Affiliated to Anna #ni@ersity
A@adiA C4E$$AI 9 ,***,:"
B.$A/I0E CE!TI/ICATE
This is to certify that the project report C#ST.%E!’S
SATIS/ACTI.$ T.BA!0S S%A!T KI0 E0#CATI.$ P3A$S is the bonafide
work of !"A!#$K#%A!<!e&"$o'(()*+,-(**,? who carried out the research
under my supervision.Certified further that to the best of my knowledge the work
reported here in does not form part of any other project report or dissertation on
the basis of which a degree or award was conferred on an earlier occasion on
this or any other candidate.
Princi1al 4.0 C 0ean
Assessed 7y
Internal EDaminer EDternal EDaminer
i
ACK$.B3E50E%E$T
First of all I take this opportunity to express my gratitude to our
chairman 0r" !"!an&araEanA B"E <Elect?A B"E <%ech?A and %"S <Auto?APh"d"A
and to 0r" Siddha11a $aiduA Ph"0"A principal of 2E3 %#3TI TEC4 S!I
!A$5A!A6A$ SAK#$T4A3A E$5I$EE!I$5 C.33E5E
I would like to extend my sincere thanks to our head of the department
0r"2"Balasu7ramanianA %"comA %"1hilA Ph"0 and to my internal guide
%s"%enakade@iA %"B"A"A %"Phil"A
I would like to express my sincere gratitude to
%r"!"!a@iA %arketin& mana&er whose invaluable guidance and encouragement
helped me not only to perform the work assigned to me, but also to learn one of
the current trends of cost control system"
The project work of ICICI BA$K gave me an exposure to the company
and helped me to learn the finer aspects of Finance. uring the period I enjoyed
great support from the colleagues working in the organi!ation. I use this
opportunity to extend my heartfelt thanks to the people behind the success of this
project.
I extend my gratitude to the other staff members of "#$ department of
2E3 %#3TITEC4 S!S E$55 C.33E5E and finally to my parents and my
friends who had helped me in doing this project in a successful manner.
iii <A!#$K#%A!"!?
ABSTRACT
The project topic is the study on finding C%&T'"()*& &$TI&F$CTI'+
towards smart kid educational plan. (verybody is very cautious about their life
and risk factors. "any new market linked plans are introduced presently. &o this
study involves in finding the perception of people. This study throws light on
various factors influencing marketing decision of a product among various brands
and it will also give an idea about profile of the people based on age , occupation
and gender. ,here the target population is ICICI #$+- insured people in Trichy
the people should have take the insurance policy.
The type of survey conducted by stratified random sampling because
population can be segregated in to several sub population .or/ strata the policy
holder perception about the smart kid educational plan, where the target
population is surveyed in Trichy .The respondents responses are to be
documented
This &tudy also deals with
• Finding out the key benefits of the smart kid educational plan
• Identifying the reasons for non0awareness.
• "easures to improve the awareness level.
• (ffective suggestions to improve the plan.
i@
C4APTE! TAB3E ./ C.$TE$TS PA5E $.
( I$T!.0#CTI.$
1.1 'utline of the project
1.1.1 +eed of the project
1.1.2 &cope of the study
1.1.3 'bjectives of the study
1.1.4 5imitations of the study
1.1.6 )esearch methodology
1.1.7 Chapterisation
1.2 )eview of literature
1.2.1 Company profile
1.2.2 8roduct profile
1.2.3 'rganisation chart
1
3
4
6
7
9
:
1;
14
16
: 0ATA A$A3SIS A$0 I$TE!P!ETATI.$
2.1 8ercentage $nalysis
2.2 &tatistical Tool
2.2.1 Chi0&<uare test
2.2.2 )ank correlation
1=
3:
- S#%%A! A$0 C.$C3#TI.$
3.1 Findings
3.2 &uggestions
3.3 Conclusions
44
47
4=
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>uestionnaire $1
; !E/E!E$CES $2
C.$TE$TS
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42
C4APTE!'I
INTRODUCTION
1.1OUTLINE OF THE PROJECT
The 8roject 'utline of the introduction of the study on “customer
SATIS/ACTI.$ towards smart kid education 1lans”
5ife insurance is a form of insurance that plays monetary proceeds upon
the death of the insured covered in the policy. (ssentially, a life insurance policy
is a contract between the named insured and the insurance company wherein
the insurance company agrees to pay an agreed upon sum of money to the
insured*s premiums are current.
8eople take out life insurance policies for a number of reasons. &uch
insurance provider*s security to family members upon the loss of a loved one. For
instance, if the primary wage earner dies in his or her prime, the death benefit
received from a life insurance policy will assist the surviving family members in
overcoming the burden of the tragic loss. 5ife insurance can be purchased by
individual, but is also offered as a perk by many employers. 'ften times, large
employers and government employers offer group life insurance at no cost to the
employee. &hould the employee wish to obtain additional life insurance from the
employer*s insurance company, they can usually do so at reduced rates.
The cost of life insurance varies depending on such factors as the
insured*s age, health, and occupation. For example, the premium for a 260year0
old, male non0smoker in excellent health will be far less expensive than a similar
policy for a 760year0old male smoker. &imilarly, a sky dive instructor would have
to pay much higher premiums for life insurance than would a librarian.
ifferent 5ife &tagesD
• "arriage
• #irth of a Child
• &chooling of Child
• College (ducation of a Child
• "arriage of Child
• )etirement
STATE%E$T ./ T4E P!.B3E%
The main purpose of the study is to analy!e the customer*s opinions and
perceptions regarding key #enefits offered by &mart kid (ducation plans of ICICI
#$+- 5ife Insurance policy. The need for the study is to identify the customer*s
attitudes towards how effectively smart kid (ducation 8lans can meet (ducation
5iabilities of the customers* for the long period.
("("( $EE0 /.! T4E ST#0
To analy!e and conduct the research for finding the C%&T'"()*&
&$TI&F$CTI'+ towards the smart kid educational plan among the people in
Trichy )egion for ICICI #$+-, so that the management may come up with
various marketing strategy to promote the features of an product based on the
views given by people whose earning potential is more than one lakh and so that
in the down run may become the market leader among its Competitor
companies.
("(": SC.PE ./ T4E ST#0
The scope of the study is mainly focused on only Trichy and its
surrounding areas. The study has covered consumers* opinions towards key
benefits provided by smart kid (ducation plans. The opinions and suggestions
collected from the respondents under this study can be helpful for the company
to take innovative "arketing &trategy for providing variety of insurance products
and services to a large number of customers* in the future.
• The attitude of customers towards C%&T'"()*& &$TI&F$CTI'+
towards the smart kid educational plan.
• The organi!ation to know about the reach of a product among working
class individuals in Trichy.
• The organi!ation to know about the important attributes that individuals
consider before going for an C%&T'"()*& &$TI&F$CTI'+ towards
the smart kid educational plan.
("("- .B6ECTI2E ./ T4E ST#0
P!I%A! .B6ECTI2E
• To study on Customer*s &$TI&F$CTI'+ Towards &mart -id (ducation
8lans of ICICI #$+-.
SEC.$0A! .B6ECTI2E
• To find out the key benefits of the smart kid educational plan.
• To determine the satisfaction level of the respondents on the li<uidity,
protection, savings of the smart kid plan.
• To evaluate the awareness level of the smart kid plan among the customers.
• To analy!e the investment options available in the smart kid educational
plan.
• To study how effectively different schemes of smart kid plan meet
customer re<uirements in key educational milestones
• To give appropriate suggestions for meeting various financial re<uirement
of customers.
("("F 3I%ITATI.$S ./ T4E ST#0
This survey was restricted only to Trichy and its surrounding areas. Therefore,
the findings and conclusion are valid only for this area and could not be
generali!ed.
ue to short span of time, the researcher was able to meet 2;; respondents
only.
ata and information collected from the respondents regarding smart kid
(ducation plans are based on their opinions and knowledge. &ometime it may
subject to bias.
The researcher has felt inconvenient during personal interview with the
respondents due to some of the respondents are reluctant to answer the given
>uestionnaire.
This survey expensive and time consuming because the researcher has spent a
5ot of time in identifying and meeting the customers for carrying out the project
effectively.
("("; !ESEA!C4 %ET4.0.3.5
%EA$I$5 ./ !ESEA!C4 %ET4.0.3.5
)esearch methodology is the blueprint of the proposed study. It
presents the overall scheme of the study. )esearch methodology is the
description, explanation and justification of various methods of conducting
research. E$ research methodology is a logical and systematic planning and it
helps directing a piece of researchF.
!ESEA!C4 0ESI5$
)esearch esign used for this study is escriptive )esearch esign for
studying the attitude of the customer towards the &martkid educational plan.
0ESC!IPTI2E !ESEA!C4 0ESI5$
%EA$I$5 H 0E/I$ITI.$
escriptive research enables researcher to determine answer to various
<uestions formulated by the research, with prior knowledge of situation or
problem under study.
!EAS.$
It serves a variety of research objectives such as
? escriptions of phenomena or characteristics associated
with a subject population .the who, what, when, and how of a
topic/.
? (stimates of the proportions of a population that have these
characteristics.
? iscovery of associations among different variables.
SA%P3I$5 0ESI5$
&ling esign of the study consists of two steps
a/ &election of the &tudy $rea.
b/ &election of the &le &i!e.
SE3ECTI.$ ./ T4E ST#0 A!EA
The selected area for conducting the study was Trichy. The company
allotted the area to the researcher.
SE3ECTI.$ ./ T4E SA%P3E SIIE
&ince the population is large and unknown researcher followed +on0
8robability &ling method. +on0probability samples that are unrestricted are
called convenience samples. They are the least reliable design but normally the
cheapest and easiest to conduct. )esearchers or field workers have the freedom
to choose whomever they find, thus the name convenience.
? Thus Convenience &ling was followed in the selection of the
sample units.
? The &le &i!e selected for the &tudy was 3;; respondents.
STATISTICA3 T..3A
Aere the researcher used the )$+- T(&T C CAI0&>%$)( test as
statistical tool
("("," C4APTE!ISATI.$
Cha1ter (> This chapter is the introduction, which consists of the outline of the
project need for the study, scope of the study, objectives of the study, research
methodology, limitation, chapterisation, literature review, industry profile,
company profile, and product profile.
Cha1ter :> This chapter is the data analysis and interpretation, which consist of
variable cost analysis and fixed cost analysis.
Cha1ter -> This chapter is the summary and conclusion, which consists of
findings, suggestions and conclusion.
(": !E2IEB ./ 3ITE!AT#!E
Customer Satisfaction Towards Smartkid Education Plans
To secure your child*s future, you need an investment option that provides
ade<uate finance for regular educational and related expenses along with life
insurance cover to take care of immediate financial liabilities, when you are not
around. This will create a strong foundation for your child*s education, to help
make your dreams for his future come true.
The best way to achieve this is to opt for a specially designed education
plans like smartkid from ICICI #$+-. It safeguards your child*s education against
any 4 speciali!ed, insurance plans to protect your child*s education and to ensure
that you child receives sufficient finance, at key milestones.
Key Benefits of Smartkid Education Plans at a &lance
• /inancial Benefits> )egular payments at key (ducation
milestones in your child*s life like graduation, post0graduation, ect.
$s per the schedule selected by you.
• 3um1 Sum Payment of Sum Assured> The ensures that you
loved ones stay financially secure, even in your absence. This will
help in taking care of financial liabilities or immediate financial
re<uirements. The uni<ue benefit of smartkid is, in case of death of
the parent, all financial benefits under the plan continue. This
safeguards your child*s education, no matter what.
• Total Premium Bai@er> (ven in the unfortunate event of your
death, the policy benefits continue and the financial payout does
not stop. $ll further premiums are waived which means, after the
death of the parent, the surviving spouse need not pay the
premiums. Thus your family is not financially burdened. The
premiums are paid by the company and all the policy benefits
continue as it is.
• 0e@elo1ment Allowance> ,ith the help of income #enefit )ider, in
the unfortunate event of death, 1;G of this )ider sum $ssured will
be paid to your child every year till the end of the policy. This will
guarantee a regular income to secure your child*s academic career
as well as his overall development .such as cricket or tennis
coaching, extra tuitions, etc./. this is an optional benefit and paid in
addition to the sum $ssured and other payments.
• TaD Benefits> Tax benefits on the premium paid are available
under section =;c and the benefit amount received <ualifies for tax
benefits under section 1; .1;/, as per prevailing income tax laws.
%nder smartkid (ducation 8lans, in case of unfortunate event in the
life of parent, all financial benefits will be paid to the family and child,
since they are the beneficiary and parent is the life insured.
ST!E$5T4E$S 3EA0 A%.$5ST P!I2ATE 3I/E I$S#!E!S
ICICI #$+- 5ife Insurance, India*s leading private sector life insurance
company, has crossed the milestone mark of )s 6,;;; crore funds under
management
.F%"/, making its asset base the largest amongst all private life insurers. 'f
these, about )s 1,2;; crore were added since the beginning of this financial
year. ,ith yet another first under its belt, ICICI #$+- strengthens its lead
amongst private life insurers.
Commenting on the company*s achievement, "s &hikha &harma,
"anaging irector and C(', ICICI #$+- 5ife Insurance said, The continuously
growing asset base comprises premiums from both new policies as well as
renewal premiums 0 an encouraging reflection of our customers faith in
our company. The regular and consistent inflow of funds is a tribute to our belief
that our customers buy life insurance to meet their long0term financial goals and
reaffirms our commitment to manage the funds to deliver superior risk0adjusted
returns over such a time0frame.
ICICI #$+-*s weighted received premium incomeH for the 60month period
$pril0$ugust 2;;6 stood at )s 63; crore, up 96G from the same period last year.
Calculated on this basis, the company*s retail market share stands at 32G of
private companies and 1;G of the total market for the same period. 'f the )s
63; crore premium, )s 147 crore comes in $ugust 2;;6 alone, making the
company*s market share 31G of private companies and 1;.6G of total for the
month. Its total market share .retail I group/ stands at 31.6G for $pril0$ugust
2;;6.
,orldwide, it is the norm for single premium policies to be given only a
1;G weightage when adding the same to regular premium. This accounts for the
long0term nature of the premium received and even out the spikes that such
inflows create. 'nce a company matures and has a significant stream of renewal
premiums, the method for calculations changes, taking into account receipts from
single premium, regular premium and renewal premiums.
1.2.1 COMPANY PROFILE
ICICI BA$K 3I/E I$S#!A$CE
ICICI #$+- 5ife Insurance Company is a joint venture between ICICI
bank, a 8remier financial powerhouse and #$+- plc, a leading international
financial services group head<uartered in the %nited -ingdom. ICICI #$+- was
amongst the first private sector Insurance companies to begin operations in
ecember 2;;; after receiving approval from Insurance )egulatory
evelopment $uthority . I)$ /.
ICICI #$+-*s (<uity base stands at )s =.26 billion with ICICI bank and
#$+- plc holding 94G and 27G stake respectively. In the half year ended
&eptember 3;, 2;;4 , the company garnered )s 4:= Crore do new business
premium for a total sum assured of over )s 23,;;; crore and had over 1 million
policies. The company has a network of over 4;,;;; advisorsJ as well as 9 banc
assurance tie0ups. Today, ICICI #$+- has emerged as the +o 1 private life
insurer in the country, with a wide range of flexible products that meet the needs
of the Indian customer at every step in life.
ICICI and #$+- came together in 1::3 to form ICICI $sset "anagement
Company, which has today emerged as one of the leading mutual funds in India.
The two companies bring together two of the strongest financial service brands in
$sia known for their 8rofessionalism, excellent <uality of service and 5ong term
commitment. )iding on the success of this relationship the two companies joined
hands once more in 2;;; to form Icici #$+- 5ife Insurance with a commitment o
provide leading edge life insurance solutions
ICICI bank has 94G stake in the company and 27G by #$+-.
T4E C.%PA$
ICICI #$+- 5ife Insurance Company is a joint venture between ICICI
bank , a premier financial powerhouse and #$+- plc, a leading international
financial services group head<uartered in the %nited -ingdom. ICICI #$+- was
amongst the first private sector Insurance company to begin operations in
ecember 2;;; after receiving approval from Insurance )egulatory
evelopment $uthority . I)$/
ICICI #$+- Company had issued over 66;,;;; policies with a sum
assured exceeding )s 13,;;; crore and premium income of over )s 1;;; crore.
Today the company is the K1 private life insurer in the country.
(":": P!.0#CT P!./I3E
ICICI #$+- has one of the largest distribution network having
commenced operations in 47 cities and towns in India. These are
$gra,$hmedabad,$jmer,$urangabad,#anglore,#hopal,#hubhaneswar,Chandigar
h,Trichy,Coimbatore,ehradun,?oa,?untur,?urgaon,Ayderabad,Indore,Laipur,Lal
ander,Lamshedpur,Lodhpur,-anpur,-arnal,-ochi,-olkata,-ottayam,5ucknow,5ud
hiana,"adurai,"anglore,"eerut, "umbai, +agpur, +asik, +oida, +ew delhi,
8atiala, 8une, )ajkot, )anchi, &urat, Thane, Thrissur,Badodara, Bashi,
Bijayawada and Bi!ag.
The Company has 11 bank assurance tie0ups having agreements with Icici
bank, $llah bad bank, Federal bank etc., It has also tied up with organi!ations
like an for distribution of &alaam Mindagi a policy for the socially and
economically unprivileged sections of society.
ICICI #$+- has recruited and trained nearly 2:,;;; Insurance $dvisors to
interface with and advise customers. Further it leverages its state0of0the art IT
infrastructure to provide superior <uality of service to customers.
2ISI.$
To make ICICI #$+- the dominant 5ife and pension player built on trust
by
world0class people and service.
ICICI BA$K ho1e to achie@e 7y
? %nderstanding the needs of customers and offering them superior
products and service
? 5everaging technology to service customers <uickly, efficiently and
conveniently
? eveloping and implementing superior risk management and investment
strategies to offer sustainable and stable returns to their policyholders.
? 8roviding an enabling environment to foster growth and learning for their
employees.
? $nd above all, building transparency in all their dealings.
2A3#ES
? Integrity
? Customer first.
? #oundary less.
? 'wnership.
? 8assion
%A$A5E%E$T>
B.A!0 ./ 0I!ECT.!S
The ICICI #$+- 5imited #oard comprises reputed people from the finance
industry both from India and abroad.
"r. -.B. -amath, Chairman
"r. "ark +orbom
"rs. 5alita . ?upte
"rs. -alpana "orparia
"rs. Chanda -ochhar
"r. AT 8hong
"r. ".8. "odi
"r. ) +arayanan
"s. &hikha &harma, "anaging irector
"r. +.&. -annan, (xecutive irector
%A$A5E%E$T TEA%
"s. &hikha &harma, "anaging irector C C('
"r. +.&. -annan, (xecutive irector
"r. B. )ajagopalan, Chief 0 $ctuary
"r. &andeep #atra, Chief Financial 'fficer C Company &ecretary
"s. $nita 8ai, Chief 0 Customer &ervice and 'perations
"r. 8uneet +anda, Chief N Investments
1.2.3 ORGANISATION CHART
?eneral
manager
"arketing
"anager
Ar
"anager
&ystem
"anager
Credit
"anager
$sst hr
manager
&ales
promotion
manager
"arketing
executive
Finance
"anager
8ortfolio
manager
8ersonal
5oan
manager
Commerci
al loan
manager
CHAPTER-2
2. DATA ANALYSIS AND INTERPRETATION
2.1 PERCENTAGE ANALYSIS
AGE WISE CLASSIFICATION OF RESPONDENTS
TAB3E> :"("(
$ge ?roup +o. 'f
)espondents
8ercentage
.G/
#elow 3; @rs 7; 2;
3;06; @rs 16; 6;
$bove 6; @rs :; 3;
Total 3;; 1;;
C4A!T> :"("(
I$/E!E$CE
The above table clearly shows that 6;G of the respondents belong to the
age group 3;06; @rs, 3;G belong to the age group of above 6; @rs and 2;G
belong to the age group of below 3; @rs.
2;G
6;G
3;G
#elow 3; @rs 3;06; @rs $bove 6; @rs
ABA!E$ESS ./ S%A!T KI0 E0#CATI.$ P.3IC T4!.#54 %E0IA
TAB3E> :"(":
8articulars $rea 1 $rea 2 $rea 3 Total 8ercentage
.G/
FriendsO)elatives 3; 1; 16 66 1=
#it +oticeO &tall 2; 16 1; 46 16
Insurance $dvisers 7; 36 26 12; 4;
AoardingsO#anners 1; 1; 6 26 =
TBO+ews papers 3; 1; 16 67 1:
Total 16; =; 9; 3;; 1;;
C4A!T> :"(":
I$/E!E$CE
The above table states that 4;G of the respondents have responded that
they are aware of smart kid (ducation policy through insurance advisors only.
4;G
=G
1:G
16G
1=G
FriendsO)elatives #it +oticeO &tall
Insurance $dvisers AoardingsO#anners
TBO+ews papers
GENDER WISE CLASSIFICATION OF RESPONDENTS
TAB3E> :"("-
C4A!T>:"("-
I$/E!E$CE
The above table portrays that 99G of the respondents are male and 23G
of the respondents are female.
I$C.%E BISE C3ASSI/ICATI.$ ./ !ESP.$0E$TS
?ender +o of )espondent 8ercentage
.G/
"ale 2;3 99
Female 9; 23
Total 3;; 1;;
99
23
;
2;
4;
7;
=;
1;;
"ale Female
&eries1
TAB3E> :"("F
C4A!T> :"("F
I$/E!E$CE
It is clear from the above table that 4;G of the respondents are in the
income group of below )s. 1;,;;;, 39G are in the income group of )&. 1;,;;; N
2;,;;; and 23G are in the income group of above )s. 3;,;;;.
.CC#PATI.$ BISE C3ASSI/ICATI.$ ./ !ESP.$0E$TS
Income ?roup +o of
)espondents
8ercentage .G/
5ower
P )s. 1;,;;;
12; 4;
"iddle
)s. 1;,;;;02;,;;;
11; 39
%pper
Q )s. 3;,;;;
9; 23
Total 3;; 1;;
4;G
39G
23G
5owerP )s. 1;,;;; "iddle)s. 1;,;;;02;,;;;
%pperQ )s. 3;,;;;
TAB3E> :"(";
.ccu1ation +o. of
)espondents
8ercentage .G/
#usiness =; 29
?overnment (mployee 7; 2;
8rivate (mployee 12; 4;
8rofessionals 4; 13
'thers +I5 +I5
Total 3;; 1;;
C4A!T> :"(";
I$/E!E$CE
The above table infers that 4;G of the respondents are private
(mployees, 29G are business people, 2;G are ?overnment (mployees and
13G are ?overnment employees and 13G are professional.
/A%I3 STAT#S BISE C3ASSI/ICATI.$ ./ !ESP.$0E$TS
TAB3E> :"(",
Family &tatus +o. 'f 8ercentage
2;G
4;G
29G
13G
#usiness ?overnment (mployee
8rivate (mployee 8rofessionals
'thers
)espondents .G/
Couple with one child 16; 6;
Couple with two child 13; 43
Couple with more than two
child
2; 9
Total 3;; 1;;
C4A!T> :"(,
I$/E!E$CE
The above table status that 6;G of the respondents have one child only,
43G have two child 9G have more than two child.
THE PERIOD FOR WHICH THE POLICY IS TAKEN
TAB3E> :"("+
6;G
43G
9G
Couple with one child
Couple with two child
Couple with more than two child
8articulars +o. 'f
)espondents
8ercentage .G/
&hort0term period 4; 13
"edium0term period 1;6 36
5ong0term period 166 62
Total 3;; 1;;
C4A!T> :"("+
I$/E!E$CE>
The above table reveals that 62 G of respondents have taken the policy
for 5ong0term period, 36G have taken the policy for "edium0term period, and
13G have taken the policy for short0term period.
T4E S#% ASS#!E0 !ECEI2E0 I$ T4E %AT#!IT 0ATE
TAB3E> :"(")
8articulars +o. 'f
)espondents
8ercentage
.G/
Bery high 14; 49
Aigh 11; 39
62G
36G
13G
&hort0term period "edium0term period 5ong0term period
5ow 3; 1;
Bery low 2; 7G
Total 3;; 1;;
C4A!T> :"(")
I$/E!E$CE>
From the above table, it is inferred that 49G of respondents have felt that
the sum assured that they will receive in the maturity date is very high and 39G
have perceived that the sum assured that they will received in the maturity date
is high.
T4E .PTI.$ B B4IC4 T4E BE$E/IT A%.#$T !ECEI2E0
TAB3E> :"("=
8articulars +o. 'f
)espondents
8ercentage
.G/
'ne0time lump sum
payments
12; 4;
Installment payments 1=; 7;
Total 3;; 1;;
39G
49G
7G
1;G
Bery high Aigh 5ow Bery low
C4A!T> :"("=
I$/E!E$CE
The above table refers that 7;G of the respondents have responded that
they will receive benefit amount in installment payments and remaining 4;G
have responded that they will receive benefit amount in one0time lump sum
payment.
P!.CE0#!E /.! C3AI%I$5 T4E BE$E/IT A%.#$T
TAB3E> :"("(*
8articulars +o. 'f
)espondents
8ercentage
.G/
A& 12; 4;
& 6; 17
& =; 29
A& 6; 19
4;G
7;G
'ne0time lump sum pavements
Installment payments
Total 3;; 1;;
C4A!T> :"("(*
I$/E!E$CE>
The above table portrays that 4;G of the respondents are highly satisfied
with the claims procedure for claiming the benefit amount and 29G are
satisfied with the claims procedure for claiming the benefit amount.
SA/E5#A!0 ./ C4I30 E0#CATI.$ P3A$S
TAB3E> :"("((
8articulars +o. 'f
)espondents
8ercentage
.G/
+ot at all 4; 13
To &ome (xtent 6; 19
To ?reat (xtent 21; 9;
Total 3;; 1;;
29G
19G
17G
4;G
A& & & A&
C4A!T> :"("((
I$/E!E$CE>
It is concluded from the above table that 9;G of respondents have
responded that the smart kid (ducation plans safeguards their child*s
(ducation plans to great extent and 19G have said that the smart kid
(ducational plans can safeguard their child*s (ducation plans to some extent
only.
SATIS/ICATI.$ 3E2E3S ./ !ESP.$0E$TS !E5A!0I$5 TE!%S H
C.$0ITI.$S ./ S%A!T KI0 E0#CATI.$ P.3IC
TAB3E> :"("
8articulars +o. 'f
)espondents
8ercentage
.G/
A& 9; 23
& 12; 4;
& =; 29
A& 3; 1;
Total 3;; 1;;
9;G
13G
19G
+ot at all To &ome (xtent To ?reat (xtent
C4A!T> :"("
I$/E!E$CE>
The above table determines that 4;G of the respondents have felt that
they are satisfied with the terms C conditions of smart kid (ducation policy and
29G have felt that they are dissatisfied with the terms C conditions of smart kid
(ducation plans.
.PTI.$ T. S#!!E$0E! T4E P.3IC BE/.!E T4E 0ATE ./ %AT#!IT
TAB3E> :"("(-
8articulars +o. 'f
)espondents
8ercentage
.G/
+ot at all 46 16
To &ome (xtent 23; 99
To ?reat (xtent 26 =
Total 3;; 1;;
29G
4;G
23G
1;G
A& & & A&
C4A!T> :"("(-
I$/E!E$CE
It is understood from the above table that 99G of the respondents have
perceived that they have option to surrender the policy before the date of
maturity to some extent only and =G of the respondents have responded it to
have met to great extent.
T4E KE E0#CATI.$A3 %I3EST.$ES B B4IC4 T4E P.3IC IS TAKE$
TAB3E> :"("(F
8articulars +o. 'f
)espondents
8ercentage
.G/
?raduation 16; 6;
8ost ?raduation 1;; 33
#oth 6; 19
Total 3;; 1;;
C4A!T> :"("(F
To &ome
(xtent,
99G
+ot at all,
16G
To ?reat
(xtent, =G
+ot at all To &ome (xtent To ?reat (xtent
I$/E!E$CE>
It is concluded from the above table that 6;G of the respondents have
responded that they have taken smart kid (ducation plans for their child*s
graduation and remaining 33G have said that they have taken smart kid
education policy for their children*s post graduation.
P!.TECTI.$ ./ S%A!T KI0 E0#CATI.$ P3A$S A5AI$ST
ACCI0E$T H 0ISABI3IT ./ T4E PA!E$T
TAB3E> :"("(;
8articulars +o. 'f
)espondents
8ercentage
.G/
+ot at all 1; 3
To &ome (xtent 11; 39
To ?reat (xtent 1=; 7;
Total 3;; 1;;
C4A!T> :"("(;
33G
19G
6;G
?raduation 8ost ?raduation #oth
I$/E!E$CE>
It is inferred from the above table that 7;G of the respondents have
perceived that the smart kid (ducation plans provides protection against
accident C disability of the parent to great extent and 39G have said that it
provides protection against accident C disability of the parent to some extent
only.
I$/3#E$CE ./ KE BE$E/ITS T. TAKE S%A!T KI0 P.3IC
TAB3E> :"("(,
8articulars +o. 'f )espondents 8ercentage
.G/
"oney $vailable at key (ducational
"ilestone
26 =
Total 8remium ,aiver in case of
death of the parent
2; 9
evelopment allowance for overall
development of the child
3; 1;
7;G
39G
3G
+ot at all To &ome (xtent To ?reat (xtent
5ump sum payment of sum assures
incase of death of the parent
26 =
Tax benefit on the premiums paid C
#enefit received
6; 19
$ll the above 16; 6;
Total 3;; 1;;
C4A!T> :"("(,
I$/E!E$CE The above table reveals that 6;G of the respondents have
responded that they have taken smart kid (ducation plans.
P!E%I#% PAI0 #$0E! T4IS P.3IC
TAB3E> :"("(+
8articulars +o. 'f
)espondents
8ercentage
.G/
@early 2; 9
Aalf @early 3; 1;
"onthly 26; =3
Total 3;; 1;;
C4A!T> :"("(+
1;G
6;G
19G
=G
9G
=G
"oney $vailable at key (ducational "ilestone
Total 8remium ,aiver in case of death of the parent
evelopment allowance f or overall development of the child
5ump sum payment of sum assures incase of death of the parent
Tax benef it on the premiums paid C #enef it received
$ll the above
I$/E!E$CE>
It is clearly understood from the above table that =3G of the respondents
have said that they pay premium monthly basis and 1;G have said that they
are paying premium half @early basis.
#$CE!TA$IT .! #$/.!ESEE$ E2E$TS
TAB3E> :"("()
8articulars +o. 'f
)espondents
8ercentage .G/
+ot at all 4; 13
To &ome (xtent 16; 6;
To ?reat (xtent 11; 39
Total 3;; 1;;
C4A!T> :"("()
1;G
=3G
9G
@early Aalf @early "onthly
I$/E!E$CE
It is inferred from the above table that 6;G of the respondents have
responded that the smart kid (ducation policy protects child*s education against
any kind of uncertainty or unforeseen events to some extent only and 39G of
respondents have responded it to meet to great extent.
T4E I$2EST%E$T .PTI.$ B B4IC4 T4E /#$0S A!E I$2ESTE0
TAB3E> :"("(=
8articulars 3ower
<J !S" (*A***?
%iddle
<!S" (*A***'-*A***?
#11er
<K!S" -*A***?
Total
"aximiser 1; 26 4; 96
#alancer 16 6; 16 =;
8rotector 9; 2; 1; 1;;
8reserver 26 16 6 46
Total 12; 11; 9; 3;;
C4A!T> :"("(=
39G
6;G
13G
+ot at all To &ome (xtent To ?reat (xtent
I$/E!E$CE
The above table clearly shows that 33G of the respondents have
perceived that they would like to invest their funds only in protector and 29G
have felt that they would like to invest their funds only in balancer.
SATIS/ACTI.$ 3E2E3 ./ !ESP.$0E$TS T.BA!0S KE BE$E/ITS
C.2E!E0 B S%A!T KI0 E0#CATI.$ P3A$S
TAB3E> :"(":*
Particulars 3ower
<J !S" (*A***?
%iddle
<!S" (*A***'
-*A***?
#11er
<K!S" -*A***?
Total
A& 66 4; 3; 126
& 4; 3; 2; :;
& 1; 2; 1; 4;
A& 16 2; 1; 46
Total 12; 11; 9; 3;;
C4A!T> :"(":*
26G
16G
29G
33G
"aximiser #alancer 8rotector 8reserver
I$/E!E$CE
The above table infers that 42G of the respondents have perceived that
they are highly satisfied with the key benefits offered by the smart kid (ducation
plans.
%AT#!IT 0ATE S%A!T KI0 E0#CATI.$ P3A$S
TAB3E> :"("
Particulars Below
-*yre
-*';*yrs A7o@e
;*yrs
Total
A& 2; 3; 36 =6
& 16 7; 26 1;;
& 26 4; 2; 96
A& 1; 2; 1; 4;
Total 7; 16; :; 3;;
C4A!T> :"("
16G
42G
13G
3;G
A& & & A&
26G
33G
2=G
14G
A& & & A&
I$/E!E$CE>
The above table shows that 33G of the respondents have perceived that
they are satisfied with the date of maturity of smart kid policy.
TAB3E> :"("::
8articulars 5ower
.P)s.1;, ;;;/
"iddle
.)s.1;, ;;;03;,;;;/
%pper
.Q)s.3;, ;;;?
Total
A& 2; 2; 6 46
& 3; 16 2; 76
& 7; 6; 3; 14;
A& 1; 26 16 6;
Total 12; 11; 9; 3;;
C4A!T> :"("::
16G
49G
21G
19G
A& & & A&
I$/E!E$CE
It is clear from the above table that 49G of the respondents are
dissatisfied with the withdrawal options covered by the smart kid (ducation policy
:": STATISTICA3 T..3
C4I'SL#A!E'TEST
Aim>
To analy!e the significance difference between age group and level of
satisfaction.
$ull 4y1othesis <4o?> These are no significant association between 5evels of
satisfaction and age groups regarding date of maturity of smart kid (ducation
plans.
Alternati@e 4y1othesis <4a?> There is a significant association between levels
of satisfaction and age groups regarding date of maturity of smart kid (ducation
plans.
A&e &rou1
H
3e@el of
satisfactio
n
Below
-*yre
-*';*yrs A7o@e
;*yrs
Total
A& 2; 3; 36 =6
& 16 7; 26 1;;
& 26 4; 2; 96
A& 1; 2; 1; 4;
Total 7; 16; :; 3;;
A&e &rou1 H
3e@el of
satisfaction
Below -* yrs -*';* yrs A7o@e ;* yrs Total
4S 19 42.6 26.6 =6
S 2; 6; 3; 1;;
0S 16 39.6 22.6 96
40S = 2; 12 4;
Total 7; 16; :; 3;;
.i Ei <.i'Ei? <.i'Ei?M: <.i'Ei?M:CEi
2; 19 3 : ;.62:4
3; 42.6 012.6 167.26 3.7976
36 26.6 :.6 :;.26 3.63:2
16 2; 06 26 1.26
7; 6; 1; 1;; 2
26 3; 06 26 ;.=333
26 16 1; 1;; 7.7779
4; 39.6 2.6 7.26 ;.1779
2; 22.6 02.6 7.26 ;.299=
1; = 2 4 ;.6
2; 2; ; ; ;
1; 12 02 4 ;.3333
egree of freedom R .c01/ .r01/ R .301/ .401/ R7
5evel of &ignificance R 6G
Calculated value of S
2
R 1:.992:
Table Balue of S
2
.7,;.6/
R 12.6:2
Conclusion>
&ince calculated value is greater than the table value, the null
hypothesis is rejected
I$/E!E$CE>
There is significant association between level of satisfaction and age
groups regarding date of maturity of smart kid education plans.
:":": !A$K C.!!E3ATI.$
SATISFACTION LEVELS OF RESPONDENTS TOWARDS
BIT4 0!ABA3 .PTI.$S C.2E!E0 B S%A!T KI0 E0#CATI.$ P.3IC
:":": SPEA!%A$’S !A$K C.!!E3ATI.$ C.E//ICIE$T
Particulars !
(
!
:
!
-
0
(
:
N <!
(
'!
:
?
:
0
:
:
N <!
:
'!
-
?
:
0
-
:
N <!
(
'!
-
?
:
4S - - F * ( (
S : F : F F *
0S ( ( ( * * *
40S F : - F ( (
O 0
(
:
N ) O 0
:
:
N , O 0
-
:
N :
.!
(
9 refers lower income &rou1A !
:
9 refers middle income &rou1A C !
-
9
refers u11er income &rou1?
! N (' , 0 ?
:
C$
-
' $
!
(
and !
:
N 1' , ? )C,F'F N (' F)C,* NC,* N *":
!
:
and !
-
N 1' , ? ,C,* N ('-,C,* N :FC,* N *"F
!
(
and !
-
N 1' , ? :C,* N ('C,* N F)C,* N *")
I$/E!E$CE
• The correlation coefficient of 5ower Income ?roup and "iddle Income
?roup is o.2. It indicates that the opinions given by the respondents of
these two Income ?roups regarding withdrawal options covered by the
smart kid (ducation policy are positively correlated.
• The correlation coefficient of "iddle Income ?roup and upper income
group is ;.4. It clearly specifies that there is a positive correlation in the
opinions given by the respondents of these two income groups.
• The correlation coefficient of 5ower Income ?roup and upper Income
?roup is ;.=. It indicates that there is a high positive correlation in the
opinions given by the respondents of these two income groups.
C4APTE!'III
S#%%A! A$0 C.$C3#SI.$
-"( /I$0I$5S
• This shows that 6;G of the respondents belong to the age group 3;06;
@rs, 3;G belong to the age group of above 6; @rs and 2;G belong to the
age group of below 3; @rs.
• The 4;G of the respondents have responded that they are aware of smart
kid (ducation policy through insurance advisors only.
• The portrays that 99G of the respondents are male and 23G of the
respondents are female.
• It is clear from the above that 4;G of the respondents are in the income
group of below )s. 1;,;;;, 39G are in the income group of )&. 1;,;;; N
2;,;;; and 23G are in the income group of above )s. 3;,;;;.
• The infers that 4;G of the respondents are private (mployees, 29G are
business people, 2;G are ?overnment (mployees and 13G are
?overnment employees and 13G are professional.
• The status that 6;G of the respondents have one child only, 43G have
two child 9G have more than two child.
• They reveals that 62 G of respondents have taken the policy for 5ong0
term period, 36G have taken the policy for "edium0term period, and 13G
have taken the policy for short0term period.
• It is inferred that 49G of respondents have felt that the sum assured that
they will receive in the maturity date is very high and 39G have perceived
that the sum assured that they will received in the maturity date is high.
• The 7;G of the respondents have responded that they will receive benefit
amount in installment payments and remaining 4;G have responded that
they will receive benefit amount in one0time lump sum payment.
• The portrays that 4;G of the respondents are highly satisfied with the
claims procedure for claiming the benefit amount and 29G are satisfied
with the claims procedure for claiming the benefit amount.
• It is concluded from the above table that 9;G of respondents have
responded that the smart kid (ducation plans safeguards their child*s
(ducation plans to great extent and 19G have said that the smart kid
(ducational plans can safeguard their child*s (ducation plans to some
extent only.
• The determines that 4;G of the respondents have felt that they are
satisfied with the terms C conditions of smart kid (ducation policy and
29G have felt that they are dissatisfied with the terms C conditions of
smart kid (ducation plans.
3.2 SUGGESTIONS
• The company needs to take necessary steps to provide informative
advertisements through effective media* like Television, F" )adio,
Aoardings, and #it +otice for increasing awareness of the customers
regarding smart kid (ducation plans.
• The television add should be designed in such a way that
? It is understandable to everyone including the illiterate people.
? It should be changed periodically in timely basis.
? The advertisement should contain some theme.
• It is obvious from the study that most of the respondents are dissatisfied
with the withdrawal options of smart kid (ducation plans.
• It clearly suggests that the company should take needed attempts to
increase the withdrawal percentage of sum assured under the smart kid
(ducation plans.
• The study reveals that the sum assured under smart kid (ducation policy
will be paid only to child in the case of unfortunate event of the parent.
• "ost of the respondents have felt that the company should take necessary
provisions to pay the sum assured to the parent in the unfortunate event of
the child.
• It is obviously clear from the study that most of the respondents have
perceived that the cost of education is very expensive.
• They feel that the minimum sum assured cannot meet their educational
liabilities for longer period. It may suggest that the company must increase
minimum sum assured in order to meet their long0Term educational
liabilities effectively.
• "ost of the respondents have felt that the major health problems of the
parent are not covered by smart kid (ducation plans.
• The company needs to offer a variety of smart kid (ducation plans that
must cover a long0term critical illness plan such as Cancer, Coronary
$rtery #ypass ?raftO&urgery, Aeart $ttack, -idney Failure, "ajor 'rgan
Transplant C &troke.
-"- C.$C3#SI.$
The researcher has come to conclusion that most benefits offered by the
smart kid (ducation plans of ICICI #$+-. It is clearly understood from the survey
that the level of customers* awareness regarding smart kid (ducation plans is
termed to be not <uiet satisfactory. It is obvious that the company needs to
provide persuasive and informative advertisements through effective "edias like
TB, +ewspapers, Aoardings, #it +otice, and F" )adio so as to increase the level
of customers* awareness regarding smart kid (ducation plans effectively.
ICICI #$+-, the pioneer in bringing this service will definitely attract more
customers since they are redefining their products from traditional ones and
introducing many new market linked products by making it more
professionali!ed, customers never experienced before.
A$$#EG#!E
L#ESTI.$$AI!E
).$)%+-%"$).)(?.+' 11=;9731;;7/ doing a project entitled “A ST#0 .$
C#ST.%E!’S SATIS/ACTI.$ T.BA!0S S%A!T KI0 E0#CATI.$ P3A$S
./ ICICI BA$K"” I am grateful to you if you kindly spare few minutes for filling
this <uestionnaire.
The researcher has used the following 40points scale for collecting data from the
respondents.
ATT!IB#TES ABB!E2IATI.$S
4i&hly Satisfied > 4S
Satisfied > S
0issatisfied > 0S
4i&hly 0issatisfied > 40S
(" PE!S.$A3 P!./I3E
Customer +ame D
5ocation D
$ge D #elow 3; yrs T 3;06; yrs T $bove 6; yrs
?ender D "ale T Female P
"onthly Income D #elow )s.1;, ;;; T )s.1;, ;;; 0 3;,;;; T
$bove )s.3;, ;;; T
'ccupation D #usiness T ?overnment (mployee T
8rivate (mployee T 8rofessionals T
'thers T
A(
Family &tatusD
Couple with 'ne Child T Couple with two childT
Couple ,ith "ore Than Two Child T
:" @ou are aware of smart kid (ducation policy through
a. Friends O )elatives T b. #it +otice O &tall T
c. Insurance $dvisors T d. Aoardings O#anners T
e. T.B O +ewspapers T f. 'thers .please specify/ UUUUUUUUUUUUU
-" $re you satisfied with key benefits covered by the &mart kid (ducation 8lanV
A& T & T & T A& T
F" $re you satisfied with the &mart -id 8lan, which covers you against (ducation
5iabilities for a longer periodV
A& T & T & T A& T
;" The period for which the policy is taken by you is
&hort0term period T "edium term period T 5ong0term period T
," The sum $ssured that you will receive in the maturity date is
Bery Aigh T Aigh T 5ow T Bery 5ow T
+" In which of the following two options, you receive your benefit amountV
'ne0time lump sum payment T Installment payment T
)" $re you satisfied with the procedure for claiming the benefit amountV
A& T & T & T A& T
=" Is smart kid plan tailored to ensure maximum protection for your money at
every
&tep in your lifeV
+ot at all T To &ome (xtent T To ?reat (xtent T
(*" oes smart kid education plan safeguard your child*s education plan
effectivelyV
+ot at all T To &ome (xtent T To ?reat (xtent T
((. $re you satisfied with the terms and conditions of smart kid education plansV
A& T & T & T A& T
" $re you satisfied with the sum assured that will be paid in the case of
unfortunate event of the parentV
A& T & T & T A& T
(-" $re you satisfied with the date of maturity of smart kid policyV
A& T & T & T A& T
(F" o you have option to surrender the policy before the date of maturity
+ot at all T To &ome (xtent T To ?reat (xtent T
(;" $re you satisfied with the tax benefits on the premium paid and benefit
amount
received under this policyV
A& T & T & T A& T
(," In which of the following key educational milestones, you have taken smart
kid
(ducation plansV
?raduation T 8ost ?raduation T #oth T
(+" oes smart kid (ducation plans provide protection against accident C
disability of the
8arentV
+ot at all T To &ome (xtent T To ?reat (xtent T
()" Is sum assured chosen paid immediately to the child in case of unfortunate
event of
the parentV
+ot at all T To &ome (xtent T To ?reat (xtent T
(=" I have paid premium
@early T half yearly T "onthly T
:*" In which one of the following investment options, you would like to invest
your
FundsV
"axi miser T #alancer T 8rotector T preserver T
" The sum assured by you under this policy is
"aximum T "inimum T
::" $re you satisfied with the withdrawal options covered under this policy.
A& T & T & T A&
!E/E!E$CES
B..K>
• -othari C.) E)esearch "ethodology "ethods C Techni<uesF.,ishva
8rakash.
• 8.+.$rora E&tatistic for managementF.&.Chand C Co. 5td .+ew elhi/
• 8hilip -otler E"arketing "anagementF.8earson (dition.
• )avishankar E&ervice "arketingF.(xcel #ook (dition.
• &.". Lha E&ervice "arketingF.Aimalaya 8ublishing Aouse.
• Insurance in India "aga!ine D -.C."ishra, Indian Insurance
Industry $genda for ?rowth, ecember 2;;3, Chartered Financial $nalyst.
.
• ICICI. Catalogue.
• Insurance chronicle N maga!ine
• The ICF$I journal of insurance law
BEBSITE >
? Alta@ista"com
? Ask Eee@es"com
? atamonitor.com
? httpDOOwww.iciciprulife.com
? Indianinfoline.com
? Internationalinsurance.org
? Insurancetech.com
? Irdaindia.com
A2
doc_170664985.doc
Study Report on on Customer Satisfaction Towards Smart Kid Education Plans of ICICI Bank In Trichy : ~ The project topic is the study on finding CUSTOMER’S SATISFACTION towards smart kid educational plan. Everybody is very cautious about their life and risk factors.
“A Study on Customer’s Satisfaction Towards Smart Kid Education Plans
of ICICI Bank In Trichy”
B
!"A!#$K#%A!
!e&" $o'(()*+,-(**,
./
0e1artment of %ana&ement Studies
2E3 %#3TI TEC4 S!I !A$5A!A6A$ SAK#$T4A3A
E$5I$EE!I$5 C.33E5E
A P!.6ECT !EP.!T
Su7mitted to the
/AC#3T ./ %A$A5E%E$T ST#0IES
In 1artial fulfillment of the re8uirements
/or the award of the de&ree
.f
%ASTE! ./ B#SI$ESS A0%I$IST!ATI.$
I$
%A!KETI$5
A$$A #$I2E!SIT
C4E$$AI 9 ,** *:;
A#5#ST 9 :**)
2E3 %#3TI TEC4 S!I !A$5A!A6A$ SAK#$T4A3A
E$5I$EE!I$5 C.33E5E
Accredited 7y $BA
<IS. =**(> :*** certified institution?
Affiliated to Anna #ni@ersity
A@adiA C4E$$AI 9 ,***,:"
B.$A/I0E CE!TI/ICATE
This is to certify that the project report C#ST.%E!’S
SATIS/ACTI.$ T.BA!0S S%A!T KI0 E0#CATI.$ P3A$S is the bonafide
work of !"A!#$K#%A!<!e&"$o'(()*+,-(**,? who carried out the research
under my supervision.Certified further that to the best of my knowledge the work
reported here in does not form part of any other project report or dissertation on
the basis of which a degree or award was conferred on an earlier occasion on
this or any other candidate.
Princi1al 4.0 C 0ean
Assessed 7y
Internal EDaminer EDternal EDaminer
i
ACK$.B3E50E%E$T
First of all I take this opportunity to express my gratitude to our
chairman 0r" !"!an&araEanA B"E <Elect?A B"E <%ech?A and %"S <Auto?APh"d"A
and to 0r" Siddha11a $aiduA Ph"0"A principal of 2E3 %#3TI TEC4 S!I
!A$5A!A6A$ SAK#$T4A3A E$5I$EE!I$5 C.33E5E
I would like to extend my sincere thanks to our head of the department
0r"2"Balasu7ramanianA %"comA %"1hilA Ph"0 and to my internal guide
%s"%enakade@iA %"B"A"A %"Phil"A
I would like to express my sincere gratitude to
%r"!"!a@iA %arketin& mana&er whose invaluable guidance and encouragement
helped me not only to perform the work assigned to me, but also to learn one of
the current trends of cost control system"
The project work of ICICI BA$K gave me an exposure to the company
and helped me to learn the finer aspects of Finance. uring the period I enjoyed
great support from the colleagues working in the organi!ation. I use this
opportunity to extend my heartfelt thanks to the people behind the success of this
project.
I extend my gratitude to the other staff members of "#$ department of
2E3 %#3TITEC4 S!S E$55 C.33E5E and finally to my parents and my
friends who had helped me in doing this project in a successful manner.
iii <A!#$K#%A!"!?
ABSTRACT
The project topic is the study on finding C%&T'"()*& &$TI&F$CTI'+
towards smart kid educational plan. (verybody is very cautious about their life
and risk factors. "any new market linked plans are introduced presently. &o this
study involves in finding the perception of people. This study throws light on
various factors influencing marketing decision of a product among various brands
and it will also give an idea about profile of the people based on age , occupation
and gender. ,here the target population is ICICI #$+- insured people in Trichy
the people should have take the insurance policy.
The type of survey conducted by stratified random sampling because
population can be segregated in to several sub population .or/ strata the policy
holder perception about the smart kid educational plan, where the target
population is surveyed in Trichy .The respondents responses are to be
documented
This &tudy also deals with
• Finding out the key benefits of the smart kid educational plan
• Identifying the reasons for non0awareness.
• "easures to improve the awareness level.
• (ffective suggestions to improve the plan.
i@
C4APTE! TAB3E ./ C.$TE$TS PA5E $.
( I$T!.0#CTI.$
1.1 'utline of the project
1.1.1 +eed of the project
1.1.2 &cope of the study
1.1.3 'bjectives of the study
1.1.4 5imitations of the study
1.1.6 )esearch methodology
1.1.7 Chapterisation
1.2 )eview of literature
1.2.1 Company profile
1.2.2 8roduct profile
1.2.3 'rganisation chart
1
3
4
6
7
9
:
1;
14
16
: 0ATA A$A3SIS A$0 I$TE!P!ETATI.$
2.1 8ercentage $nalysis
2.2 &tatistical Tool
2.2.1 Chi0&<uare test
2.2.2 )ank correlation
1=
3:
- S#%%A! A$0 C.$C3#TI.$
3.1 Findings
3.2 &uggestions
3.3 Conclusions
44
47
4=
F A$$#EG#!E
>uestionnaire $1
; !E/E!E$CES $2
C.$TE$TS
3IST ./ TAB3E
S"$. PA!TIC#3A!S PA5E $.
:"("( $?( ,I&( C5$&&IFIC$TI'+ 'F )(&8'+(+T& 1=
:"(":"
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8'5IC@ TA)'%?A "(I$
1:
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21
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)(&8'+(+T&
22
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)(&8'+(+T&
23
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:"(")"
TA( &%" $&&%)( )(C(IB( I+ TA(
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26
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27
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29
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31
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85$+& $?$I+&T $CCI(+T C
I&$#I5IT@ 'F TA( 8$)(+T
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33
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37
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39
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3=
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42
3IST ./ C4A!T
S"$. PA!TIC#3A!S PA5E $.
:"("( $?( ,I&( C5$&&IFIC$TI'+ 'F )(&8'+(+T& 1=
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22
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:"(")"
TA( &%" $&&%)( )(C(IB( I+ TA(
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26
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27
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29
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31
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85$+& $?$I+&T $CCI(+T C
I&$#I5IT@ 'F TA( 8$)(+T
32
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34
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37
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39
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#@ &"$)T -I (%C$TI'+ 8'5IC@
42
C4APTE!'I
INTRODUCTION
1.1OUTLINE OF THE PROJECT
The 8roject 'utline of the introduction of the study on “customer
SATIS/ACTI.$ towards smart kid education 1lans”
5ife insurance is a form of insurance that plays monetary proceeds upon
the death of the insured covered in the policy. (ssentially, a life insurance policy
is a contract between the named insured and the insurance company wherein
the insurance company agrees to pay an agreed upon sum of money to the
insured*s premiums are current.
8eople take out life insurance policies for a number of reasons. &uch
insurance provider*s security to family members upon the loss of a loved one. For
instance, if the primary wage earner dies in his or her prime, the death benefit
received from a life insurance policy will assist the surviving family members in
overcoming the burden of the tragic loss. 5ife insurance can be purchased by
individual, but is also offered as a perk by many employers. 'ften times, large
employers and government employers offer group life insurance at no cost to the
employee. &hould the employee wish to obtain additional life insurance from the
employer*s insurance company, they can usually do so at reduced rates.
The cost of life insurance varies depending on such factors as the
insured*s age, health, and occupation. For example, the premium for a 260year0
old, male non0smoker in excellent health will be far less expensive than a similar
policy for a 760year0old male smoker. &imilarly, a sky dive instructor would have
to pay much higher premiums for life insurance than would a librarian.
ifferent 5ife &tagesD
• "arriage
• #irth of a Child
• &chooling of Child
• College (ducation of a Child
• "arriage of Child
• )etirement
STATE%E$T ./ T4E P!.B3E%
The main purpose of the study is to analy!e the customer*s opinions and
perceptions regarding key #enefits offered by &mart kid (ducation plans of ICICI
#$+- 5ife Insurance policy. The need for the study is to identify the customer*s
attitudes towards how effectively smart kid (ducation 8lans can meet (ducation
5iabilities of the customers* for the long period.
("("( $EE0 /.! T4E ST#0
To analy!e and conduct the research for finding the C%&T'"()*&
&$TI&F$CTI'+ towards the smart kid educational plan among the people in
Trichy )egion for ICICI #$+-, so that the management may come up with
various marketing strategy to promote the features of an product based on the
views given by people whose earning potential is more than one lakh and so that
in the down run may become the market leader among its Competitor
companies.
("(": SC.PE ./ T4E ST#0
The scope of the study is mainly focused on only Trichy and its
surrounding areas. The study has covered consumers* opinions towards key
benefits provided by smart kid (ducation plans. The opinions and suggestions
collected from the respondents under this study can be helpful for the company
to take innovative "arketing &trategy for providing variety of insurance products
and services to a large number of customers* in the future.
• The attitude of customers towards C%&T'"()*& &$TI&F$CTI'+
towards the smart kid educational plan.
• The organi!ation to know about the reach of a product among working
class individuals in Trichy.
• The organi!ation to know about the important attributes that individuals
consider before going for an C%&T'"()*& &$TI&F$CTI'+ towards
the smart kid educational plan.
("("- .B6ECTI2E ./ T4E ST#0
P!I%A! .B6ECTI2E
• To study on Customer*s &$TI&F$CTI'+ Towards &mart -id (ducation
8lans of ICICI #$+-.
SEC.$0A! .B6ECTI2E
• To find out the key benefits of the smart kid educational plan.
• To determine the satisfaction level of the respondents on the li<uidity,
protection, savings of the smart kid plan.
• To evaluate the awareness level of the smart kid plan among the customers.
• To analy!e the investment options available in the smart kid educational
plan.
• To study how effectively different schemes of smart kid plan meet
customer re<uirements in key educational milestones
• To give appropriate suggestions for meeting various financial re<uirement
of customers.
("("F 3I%ITATI.$S ./ T4E ST#0
This survey was restricted only to Trichy and its surrounding areas. Therefore,
the findings and conclusion are valid only for this area and could not be
generali!ed.
ue to short span of time, the researcher was able to meet 2;; respondents
only.
ata and information collected from the respondents regarding smart kid
(ducation plans are based on their opinions and knowledge. &ometime it may
subject to bias.
The researcher has felt inconvenient during personal interview with the
respondents due to some of the respondents are reluctant to answer the given
>uestionnaire.
This survey expensive and time consuming because the researcher has spent a
5ot of time in identifying and meeting the customers for carrying out the project
effectively.
("("; !ESEA!C4 %ET4.0.3.5
%EA$I$5 ./ !ESEA!C4 %ET4.0.3.5
)esearch methodology is the blueprint of the proposed study. It
presents the overall scheme of the study. )esearch methodology is the
description, explanation and justification of various methods of conducting
research. E$ research methodology is a logical and systematic planning and it
helps directing a piece of researchF.
!ESEA!C4 0ESI5$
)esearch esign used for this study is escriptive )esearch esign for
studying the attitude of the customer towards the &martkid educational plan.
0ESC!IPTI2E !ESEA!C4 0ESI5$
%EA$I$5 H 0E/I$ITI.$
escriptive research enables researcher to determine answer to various
<uestions formulated by the research, with prior knowledge of situation or
problem under study.
!EAS.$
It serves a variety of research objectives such as
? escriptions of phenomena or characteristics associated
with a subject population .the who, what, when, and how of a
topic/.
? (stimates of the proportions of a population that have these
characteristics.
? iscovery of associations among different variables.
SA%P3I$5 0ESI5$
&ling esign of the study consists of two steps
a/ &election of the &tudy $rea.
b/ &election of the &le &i!e.
SE3ECTI.$ ./ T4E ST#0 A!EA
The selected area for conducting the study was Trichy. The company
allotted the area to the researcher.
SE3ECTI.$ ./ T4E SA%P3E SIIE
&ince the population is large and unknown researcher followed +on0
8robability &ling method. +on0probability samples that are unrestricted are
called convenience samples. They are the least reliable design but normally the
cheapest and easiest to conduct. )esearchers or field workers have the freedom
to choose whomever they find, thus the name convenience.
? Thus Convenience &ling was followed in the selection of the
sample units.
? The &le &i!e selected for the &tudy was 3;; respondents.
STATISTICA3 T..3A
Aere the researcher used the )$+- T(&T C CAI0&>%$)( test as
statistical tool
("("," C4APTE!ISATI.$
Cha1ter (> This chapter is the introduction, which consists of the outline of the
project need for the study, scope of the study, objectives of the study, research
methodology, limitation, chapterisation, literature review, industry profile,
company profile, and product profile.
Cha1ter :> This chapter is the data analysis and interpretation, which consist of
variable cost analysis and fixed cost analysis.
Cha1ter -> This chapter is the summary and conclusion, which consists of
findings, suggestions and conclusion.
(": !E2IEB ./ 3ITE!AT#!E
Customer Satisfaction Towards Smartkid Education Plans
To secure your child*s future, you need an investment option that provides
ade<uate finance for regular educational and related expenses along with life
insurance cover to take care of immediate financial liabilities, when you are not
around. This will create a strong foundation for your child*s education, to help
make your dreams for his future come true.
The best way to achieve this is to opt for a specially designed education
plans like smartkid from ICICI #$+-. It safeguards your child*s education against
any 4 speciali!ed, insurance plans to protect your child*s education and to ensure
that you child receives sufficient finance, at key milestones.
Key Benefits of Smartkid Education Plans at a &lance
• /inancial Benefits> )egular payments at key (ducation
milestones in your child*s life like graduation, post0graduation, ect.
$s per the schedule selected by you.
• 3um1 Sum Payment of Sum Assured> The ensures that you
loved ones stay financially secure, even in your absence. This will
help in taking care of financial liabilities or immediate financial
re<uirements. The uni<ue benefit of smartkid is, in case of death of
the parent, all financial benefits under the plan continue. This
safeguards your child*s education, no matter what.
• Total Premium Bai@er> (ven in the unfortunate event of your
death, the policy benefits continue and the financial payout does
not stop. $ll further premiums are waived which means, after the
death of the parent, the surviving spouse need not pay the
premiums. Thus your family is not financially burdened. The
premiums are paid by the company and all the policy benefits
continue as it is.
• 0e@elo1ment Allowance> ,ith the help of income #enefit )ider, in
the unfortunate event of death, 1;G of this )ider sum $ssured will
be paid to your child every year till the end of the policy. This will
guarantee a regular income to secure your child*s academic career
as well as his overall development .such as cricket or tennis
coaching, extra tuitions, etc./. this is an optional benefit and paid in
addition to the sum $ssured and other payments.
• TaD Benefits> Tax benefits on the premium paid are available
under section =;c and the benefit amount received <ualifies for tax
benefits under section 1; .1;/, as per prevailing income tax laws.
%nder smartkid (ducation 8lans, in case of unfortunate event in the
life of parent, all financial benefits will be paid to the family and child,
since they are the beneficiary and parent is the life insured.
ST!E$5T4E$S 3EA0 A%.$5ST P!I2ATE 3I/E I$S#!E!S
ICICI #$+- 5ife Insurance, India*s leading private sector life insurance
company, has crossed the milestone mark of )s 6,;;; crore funds under
management
.F%"/, making its asset base the largest amongst all private life insurers. 'f
these, about )s 1,2;; crore were added since the beginning of this financial
year. ,ith yet another first under its belt, ICICI #$+- strengthens its lead
amongst private life insurers.
Commenting on the company*s achievement, "s &hikha &harma,
"anaging irector and C(', ICICI #$+- 5ife Insurance said, The continuously
growing asset base comprises premiums from both new policies as well as
renewal premiums 0 an encouraging reflection of our customers faith in
our company. The regular and consistent inflow of funds is a tribute to our belief
that our customers buy life insurance to meet their long0term financial goals and
reaffirms our commitment to manage the funds to deliver superior risk0adjusted
returns over such a time0frame.
ICICI #$+-*s weighted received premium incomeH for the 60month period
$pril0$ugust 2;;6 stood at )s 63; crore, up 96G from the same period last year.
Calculated on this basis, the company*s retail market share stands at 32G of
private companies and 1;G of the total market for the same period. 'f the )s
63; crore premium, )s 147 crore comes in $ugust 2;;6 alone, making the
company*s market share 31G of private companies and 1;.6G of total for the
month. Its total market share .retail I group/ stands at 31.6G for $pril0$ugust
2;;6.
,orldwide, it is the norm for single premium policies to be given only a
1;G weightage when adding the same to regular premium. This accounts for the
long0term nature of the premium received and even out the spikes that such
inflows create. 'nce a company matures and has a significant stream of renewal
premiums, the method for calculations changes, taking into account receipts from
single premium, regular premium and renewal premiums.
1.2.1 COMPANY PROFILE
ICICI BA$K 3I/E I$S#!A$CE
ICICI #$+- 5ife Insurance Company is a joint venture between ICICI
bank, a 8remier financial powerhouse and #$+- plc, a leading international
financial services group head<uartered in the %nited -ingdom. ICICI #$+- was
amongst the first private sector Insurance companies to begin operations in
ecember 2;;; after receiving approval from Insurance )egulatory
evelopment $uthority . I)$ /.
ICICI #$+-*s (<uity base stands at )s =.26 billion with ICICI bank and
#$+- plc holding 94G and 27G stake respectively. In the half year ended
&eptember 3;, 2;;4 , the company garnered )s 4:= Crore do new business
premium for a total sum assured of over )s 23,;;; crore and had over 1 million
policies. The company has a network of over 4;,;;; advisorsJ as well as 9 banc
assurance tie0ups. Today, ICICI #$+- has emerged as the +o 1 private life
insurer in the country, with a wide range of flexible products that meet the needs
of the Indian customer at every step in life.
ICICI and #$+- came together in 1::3 to form ICICI $sset "anagement
Company, which has today emerged as one of the leading mutual funds in India.
The two companies bring together two of the strongest financial service brands in
$sia known for their 8rofessionalism, excellent <uality of service and 5ong term
commitment. )iding on the success of this relationship the two companies joined
hands once more in 2;;; to form Icici #$+- 5ife Insurance with a commitment o
provide leading edge life insurance solutions
ICICI bank has 94G stake in the company and 27G by #$+-.
T4E C.%PA$
ICICI #$+- 5ife Insurance Company is a joint venture between ICICI
bank , a premier financial powerhouse and #$+- plc, a leading international
financial services group head<uartered in the %nited -ingdom. ICICI #$+- was
amongst the first private sector Insurance company to begin operations in
ecember 2;;; after receiving approval from Insurance )egulatory
evelopment $uthority . I)$/
ICICI #$+- Company had issued over 66;,;;; policies with a sum
assured exceeding )s 13,;;; crore and premium income of over )s 1;;; crore.
Today the company is the K1 private life insurer in the country.
(":": P!.0#CT P!./I3E
ICICI #$+- has one of the largest distribution network having
commenced operations in 47 cities and towns in India. These are
$gra,$hmedabad,$jmer,$urangabad,#anglore,#hopal,#hubhaneswar,Chandigar
h,Trichy,Coimbatore,ehradun,?oa,?untur,?urgaon,Ayderabad,Indore,Laipur,Lal
ander,Lamshedpur,Lodhpur,-anpur,-arnal,-ochi,-olkata,-ottayam,5ucknow,5ud
hiana,"adurai,"anglore,"eerut, "umbai, +agpur, +asik, +oida, +ew delhi,
8atiala, 8une, )ajkot, )anchi, &urat, Thane, Thrissur,Badodara, Bashi,
Bijayawada and Bi!ag.
The Company has 11 bank assurance tie0ups having agreements with Icici
bank, $llah bad bank, Federal bank etc., It has also tied up with organi!ations
like an for distribution of &alaam Mindagi a policy for the socially and
economically unprivileged sections of society.
ICICI #$+- has recruited and trained nearly 2:,;;; Insurance $dvisors to
interface with and advise customers. Further it leverages its state0of0the art IT
infrastructure to provide superior <uality of service to customers.
2ISI.$
To make ICICI #$+- the dominant 5ife and pension player built on trust
by
world0class people and service.
ICICI BA$K ho1e to achie@e 7y
? %nderstanding the needs of customers and offering them superior
products and service
? 5everaging technology to service customers <uickly, efficiently and
conveniently
? eveloping and implementing superior risk management and investment
strategies to offer sustainable and stable returns to their policyholders.
? 8roviding an enabling environment to foster growth and learning for their
employees.
? $nd above all, building transparency in all their dealings.
2A3#ES
? Integrity
? Customer first.
? #oundary less.
? 'wnership.
? 8assion
%A$A5E%E$T>
B.A!0 ./ 0I!ECT.!S
The ICICI #$+- 5imited #oard comprises reputed people from the finance
industry both from India and abroad.
"r. -.B. -amath, Chairman
"r. "ark +orbom
"rs. 5alita . ?upte
"rs. -alpana "orparia
"rs. Chanda -ochhar
"r. AT 8hong
"r. ".8. "odi
"r. ) +arayanan
"s. &hikha &harma, "anaging irector
"r. +.&. -annan, (xecutive irector
%A$A5E%E$T TEA%
"s. &hikha &harma, "anaging irector C C('
"r. +.&. -annan, (xecutive irector
"r. B. )ajagopalan, Chief 0 $ctuary
"r. &andeep #atra, Chief Financial 'fficer C Company &ecretary
"s. $nita 8ai, Chief 0 Customer &ervice and 'perations
"r. 8uneet +anda, Chief N Investments
1.2.3 ORGANISATION CHART
?eneral
manager
"arketing
"anager
Ar
"anager
&ystem
"anager
Credit
"anager
$sst hr
manager
&ales
promotion
manager
"arketing
executive
Finance
"anager
8ortfolio
manager
8ersonal
5oan
manager
Commerci
al loan
manager
CHAPTER-2
2. DATA ANALYSIS AND INTERPRETATION
2.1 PERCENTAGE ANALYSIS
AGE WISE CLASSIFICATION OF RESPONDENTS
TAB3E> :"("(
$ge ?roup +o. 'f
)espondents
8ercentage
.G/
#elow 3; @rs 7; 2;
3;06; @rs 16; 6;
$bove 6; @rs :; 3;
Total 3;; 1;;
C4A!T> :"("(
I$/E!E$CE
The above table clearly shows that 6;G of the respondents belong to the
age group 3;06; @rs, 3;G belong to the age group of above 6; @rs and 2;G
belong to the age group of below 3; @rs.
2;G
6;G
3;G
#elow 3; @rs 3;06; @rs $bove 6; @rs
ABA!E$ESS ./ S%A!T KI0 E0#CATI.$ P.3IC T4!.#54 %E0IA
TAB3E> :"(":
8articulars $rea 1 $rea 2 $rea 3 Total 8ercentage
.G/
FriendsO)elatives 3; 1; 16 66 1=
#it +oticeO &tall 2; 16 1; 46 16
Insurance $dvisers 7; 36 26 12; 4;
AoardingsO#anners 1; 1; 6 26 =
TBO+ews papers 3; 1; 16 67 1:
Total 16; =; 9; 3;; 1;;
C4A!T> :"(":
I$/E!E$CE
The above table states that 4;G of the respondents have responded that
they are aware of smart kid (ducation policy through insurance advisors only.
4;G
=G
1:G
16G
1=G
FriendsO)elatives #it +oticeO &tall
Insurance $dvisers AoardingsO#anners
TBO+ews papers
GENDER WISE CLASSIFICATION OF RESPONDENTS
TAB3E> :"("-
C4A!T>:"("-
I$/E!E$CE
The above table portrays that 99G of the respondents are male and 23G
of the respondents are female.
I$C.%E BISE C3ASSI/ICATI.$ ./ !ESP.$0E$TS
?ender +o of )espondent 8ercentage
.G/
"ale 2;3 99
Female 9; 23
Total 3;; 1;;
99
23
;
2;
4;
7;
=;
1;;
"ale Female
&eries1
TAB3E> :"("F
C4A!T> :"("F
I$/E!E$CE
It is clear from the above table that 4;G of the respondents are in the
income group of below )s. 1;,;;;, 39G are in the income group of )&. 1;,;;; N
2;,;;; and 23G are in the income group of above )s. 3;,;;;.
.CC#PATI.$ BISE C3ASSI/ICATI.$ ./ !ESP.$0E$TS
Income ?roup +o of
)espondents
8ercentage .G/
5ower
P )s. 1;,;;;
12; 4;
"iddle
)s. 1;,;;;02;,;;;
11; 39
%pper
Q )s. 3;,;;;
9; 23
Total 3;; 1;;
4;G
39G
23G
5owerP )s. 1;,;;; "iddle)s. 1;,;;;02;,;;;
%pperQ )s. 3;,;;;
TAB3E> :"(";
.ccu1ation +o. of
)espondents
8ercentage .G/
#usiness =; 29
?overnment (mployee 7; 2;
8rivate (mployee 12; 4;
8rofessionals 4; 13
'thers +I5 +I5
Total 3;; 1;;
C4A!T> :"(";
I$/E!E$CE
The above table infers that 4;G of the respondents are private
(mployees, 29G are business people, 2;G are ?overnment (mployees and
13G are ?overnment employees and 13G are professional.
/A%I3 STAT#S BISE C3ASSI/ICATI.$ ./ !ESP.$0E$TS
TAB3E> :"(",
Family &tatus +o. 'f 8ercentage
2;G
4;G
29G
13G
#usiness ?overnment (mployee
8rivate (mployee 8rofessionals
'thers
)espondents .G/
Couple with one child 16; 6;
Couple with two child 13; 43
Couple with more than two
child
2; 9
Total 3;; 1;;
C4A!T> :"(,
I$/E!E$CE
The above table status that 6;G of the respondents have one child only,
43G have two child 9G have more than two child.
THE PERIOD FOR WHICH THE POLICY IS TAKEN
TAB3E> :"("+
6;G
43G
9G
Couple with one child
Couple with two child
Couple with more than two child
8articulars +o. 'f
)espondents
8ercentage .G/
&hort0term period 4; 13
"edium0term period 1;6 36
5ong0term period 166 62
Total 3;; 1;;
C4A!T> :"("+
I$/E!E$CE>
The above table reveals that 62 G of respondents have taken the policy
for 5ong0term period, 36G have taken the policy for "edium0term period, and
13G have taken the policy for short0term period.
T4E S#% ASS#!E0 !ECEI2E0 I$ T4E %AT#!IT 0ATE
TAB3E> :"(")
8articulars +o. 'f
)espondents
8ercentage
.G/
Bery high 14; 49
Aigh 11; 39
62G
36G
13G
&hort0term period "edium0term period 5ong0term period
5ow 3; 1;
Bery low 2; 7G
Total 3;; 1;;
C4A!T> :"(")
I$/E!E$CE>
From the above table, it is inferred that 49G of respondents have felt that
the sum assured that they will receive in the maturity date is very high and 39G
have perceived that the sum assured that they will received in the maturity date
is high.
T4E .PTI.$ B B4IC4 T4E BE$E/IT A%.#$T !ECEI2E0
TAB3E> :"("=
8articulars +o. 'f
)espondents
8ercentage
.G/
'ne0time lump sum
payments
12; 4;
Installment payments 1=; 7;
Total 3;; 1;;
39G
49G
7G
1;G
Bery high Aigh 5ow Bery low
C4A!T> :"("=
I$/E!E$CE
The above table refers that 7;G of the respondents have responded that
they will receive benefit amount in installment payments and remaining 4;G
have responded that they will receive benefit amount in one0time lump sum
payment.
P!.CE0#!E /.! C3AI%I$5 T4E BE$E/IT A%.#$T
TAB3E> :"("(*
8articulars +o. 'f
)espondents
8ercentage
.G/
A& 12; 4;
& 6; 17
& =; 29
A& 6; 19
4;G
7;G
'ne0time lump sum pavements
Installment payments
Total 3;; 1;;
C4A!T> :"("(*
I$/E!E$CE>
The above table portrays that 4;G of the respondents are highly satisfied
with the claims procedure for claiming the benefit amount and 29G are
satisfied with the claims procedure for claiming the benefit amount.
SA/E5#A!0 ./ C4I30 E0#CATI.$ P3A$S
TAB3E> :"("((
8articulars +o. 'f
)espondents
8ercentage
.G/
+ot at all 4; 13
To &ome (xtent 6; 19
To ?reat (xtent 21; 9;
Total 3;; 1;;
29G
19G
17G
4;G
A& & & A&
C4A!T> :"("((
I$/E!E$CE>
It is concluded from the above table that 9;G of respondents have
responded that the smart kid (ducation plans safeguards their child*s
(ducation plans to great extent and 19G have said that the smart kid
(ducational plans can safeguard their child*s (ducation plans to some extent
only.
SATIS/ICATI.$ 3E2E3S ./ !ESP.$0E$TS !E5A!0I$5 TE!%S H
C.$0ITI.$S ./ S%A!T KI0 E0#CATI.$ P.3IC
TAB3E> :"("
8articulars +o. 'f
)espondents
8ercentage
.G/
A& 9; 23
& 12; 4;
& =; 29
A& 3; 1;
Total 3;; 1;;
9;G
13G
19G
+ot at all To &ome (xtent To ?reat (xtent
C4A!T> :"("
I$/E!E$CE>
The above table determines that 4;G of the respondents have felt that
they are satisfied with the terms C conditions of smart kid (ducation policy and
29G have felt that they are dissatisfied with the terms C conditions of smart kid
(ducation plans.
.PTI.$ T. S#!!E$0E! T4E P.3IC BE/.!E T4E 0ATE ./ %AT#!IT
TAB3E> :"("(-
8articulars +o. 'f
)espondents
8ercentage
.G/
+ot at all 46 16
To &ome (xtent 23; 99
To ?reat (xtent 26 =
Total 3;; 1;;
29G
4;G
23G
1;G
A& & & A&
C4A!T> :"("(-
I$/E!E$CE
It is understood from the above table that 99G of the respondents have
perceived that they have option to surrender the policy before the date of
maturity to some extent only and =G of the respondents have responded it to
have met to great extent.
T4E KE E0#CATI.$A3 %I3EST.$ES B B4IC4 T4E P.3IC IS TAKE$
TAB3E> :"("(F
8articulars +o. 'f
)espondents
8ercentage
.G/
?raduation 16; 6;
8ost ?raduation 1;; 33
#oth 6; 19
Total 3;; 1;;
C4A!T> :"("(F
To &ome
(xtent,
99G
+ot at all,
16G
To ?reat
(xtent, =G
+ot at all To &ome (xtent To ?reat (xtent
I$/E!E$CE>
It is concluded from the above table that 6;G of the respondents have
responded that they have taken smart kid (ducation plans for their child*s
graduation and remaining 33G have said that they have taken smart kid
education policy for their children*s post graduation.
P!.TECTI.$ ./ S%A!T KI0 E0#CATI.$ P3A$S A5AI$ST
ACCI0E$T H 0ISABI3IT ./ T4E PA!E$T
TAB3E> :"("(;
8articulars +o. 'f
)espondents
8ercentage
.G/
+ot at all 1; 3
To &ome (xtent 11; 39
To ?reat (xtent 1=; 7;
Total 3;; 1;;
C4A!T> :"("(;
33G
19G
6;G
?raduation 8ost ?raduation #oth
I$/E!E$CE>
It is inferred from the above table that 7;G of the respondents have
perceived that the smart kid (ducation plans provides protection against
accident C disability of the parent to great extent and 39G have said that it
provides protection against accident C disability of the parent to some extent
only.
I$/3#E$CE ./ KE BE$E/ITS T. TAKE S%A!T KI0 P.3IC
TAB3E> :"("(,
8articulars +o. 'f )espondents 8ercentage
.G/
"oney $vailable at key (ducational
"ilestone
26 =
Total 8remium ,aiver in case of
death of the parent
2; 9
evelopment allowance for overall
development of the child
3; 1;
7;G
39G
3G
+ot at all To &ome (xtent To ?reat (xtent
5ump sum payment of sum assures
incase of death of the parent
26 =
Tax benefit on the premiums paid C
#enefit received
6; 19
$ll the above 16; 6;
Total 3;; 1;;
C4A!T> :"("(,
I$/E!E$CE The above table reveals that 6;G of the respondents have
responded that they have taken smart kid (ducation plans.
P!E%I#% PAI0 #$0E! T4IS P.3IC
TAB3E> :"("(+
8articulars +o. 'f
)espondents
8ercentage
.G/
@early 2; 9
Aalf @early 3; 1;
"onthly 26; =3
Total 3;; 1;;
C4A!T> :"("(+
1;G
6;G
19G
=G
9G
=G
"oney $vailable at key (ducational "ilestone
Total 8remium ,aiver in case of death of the parent
evelopment allowance f or overall development of the child
5ump sum payment of sum assures incase of death of the parent
Tax benef it on the premiums paid C #enef it received
$ll the above
I$/E!E$CE>
It is clearly understood from the above table that =3G of the respondents
have said that they pay premium monthly basis and 1;G have said that they
are paying premium half @early basis.
#$CE!TA$IT .! #$/.!ESEE$ E2E$TS
TAB3E> :"("()
8articulars +o. 'f
)espondents
8ercentage .G/
+ot at all 4; 13
To &ome (xtent 16; 6;
To ?reat (xtent 11; 39
Total 3;; 1;;
C4A!T> :"("()
1;G
=3G
9G
@early Aalf @early "onthly
I$/E!E$CE
It is inferred from the above table that 6;G of the respondents have
responded that the smart kid (ducation policy protects child*s education against
any kind of uncertainty or unforeseen events to some extent only and 39G of
respondents have responded it to meet to great extent.
T4E I$2EST%E$T .PTI.$ B B4IC4 T4E /#$0S A!E I$2ESTE0
TAB3E> :"("(=
8articulars 3ower
<J !S" (*A***?
%iddle
<!S" (*A***'-*A***?
#11er
<K!S" -*A***?
Total
"aximiser 1; 26 4; 96
#alancer 16 6; 16 =;
8rotector 9; 2; 1; 1;;
8reserver 26 16 6 46
Total 12; 11; 9; 3;;
C4A!T> :"("(=
39G
6;G
13G
+ot at all To &ome (xtent To ?reat (xtent
I$/E!E$CE
The above table clearly shows that 33G of the respondents have
perceived that they would like to invest their funds only in protector and 29G
have felt that they would like to invest their funds only in balancer.
SATIS/ACTI.$ 3E2E3 ./ !ESP.$0E$TS T.BA!0S KE BE$E/ITS
C.2E!E0 B S%A!T KI0 E0#CATI.$ P3A$S
TAB3E> :"(":*
Particulars 3ower
<J !S" (*A***?
%iddle
<!S" (*A***'
-*A***?
#11er
<K!S" -*A***?
Total
A& 66 4; 3; 126
& 4; 3; 2; :;
& 1; 2; 1; 4;
A& 16 2; 1; 46
Total 12; 11; 9; 3;;
C4A!T> :"(":*
26G
16G
29G
33G
"aximiser #alancer 8rotector 8reserver
I$/E!E$CE
The above table infers that 42G of the respondents have perceived that
they are highly satisfied with the key benefits offered by the smart kid (ducation
plans.
%AT#!IT 0ATE S%A!T KI0 E0#CATI.$ P3A$S
TAB3E> :"("
Particulars Below
-*yre
-*';*yrs A7o@e
;*yrs
Total
A& 2; 3; 36 =6
& 16 7; 26 1;;
& 26 4; 2; 96
A& 1; 2; 1; 4;
Total 7; 16; :; 3;;
C4A!T> :"("
16G
42G
13G
3;G
A& & & A&
26G
33G
2=G
14G
A& & & A&
I$/E!E$CE>
The above table shows that 33G of the respondents have perceived that
they are satisfied with the date of maturity of smart kid policy.
TAB3E> :"("::
8articulars 5ower
.P)s.1;, ;;;/
"iddle
.)s.1;, ;;;03;,;;;/
%pper
.Q)s.3;, ;;;?
Total
A& 2; 2; 6 46
& 3; 16 2; 76
& 7; 6; 3; 14;
A& 1; 26 16 6;
Total 12; 11; 9; 3;;
C4A!T> :"("::
16G
49G
21G
19G
A& & & A&
I$/E!E$CE
It is clear from the above table that 49G of the respondents are
dissatisfied with the withdrawal options covered by the smart kid (ducation policy
:": STATISTICA3 T..3
C4I'SL#A!E'TEST
Aim>
To analy!e the significance difference between age group and level of
satisfaction.
$ull 4y1othesis <4o?> These are no significant association between 5evels of
satisfaction and age groups regarding date of maturity of smart kid (ducation
plans.
Alternati@e 4y1othesis <4a?> There is a significant association between levels
of satisfaction and age groups regarding date of maturity of smart kid (ducation
plans.
A&e &rou1
H
3e@el of
satisfactio
n
Below
-*yre
-*';*yrs A7o@e
;*yrs
Total
A& 2; 3; 36 =6
& 16 7; 26 1;;
& 26 4; 2; 96
A& 1; 2; 1; 4;
Total 7; 16; :; 3;;
A&e &rou1 H
3e@el of
satisfaction
Below -* yrs -*';* yrs A7o@e ;* yrs Total
4S 19 42.6 26.6 =6
S 2; 6; 3; 1;;
0S 16 39.6 22.6 96
40S = 2; 12 4;
Total 7; 16; :; 3;;
.i Ei <.i'Ei? <.i'Ei?M: <.i'Ei?M:CEi
2; 19 3 : ;.62:4
3; 42.6 012.6 167.26 3.7976
36 26.6 :.6 :;.26 3.63:2
16 2; 06 26 1.26
7; 6; 1; 1;; 2
26 3; 06 26 ;.=333
26 16 1; 1;; 7.7779
4; 39.6 2.6 7.26 ;.1779
2; 22.6 02.6 7.26 ;.299=
1; = 2 4 ;.6
2; 2; ; ; ;
1; 12 02 4 ;.3333
egree of freedom R .c01/ .r01/ R .301/ .401/ R7
5evel of &ignificance R 6G
Calculated value of S
2
R 1:.992:
Table Balue of S
2
.7,;.6/
R 12.6:2
Conclusion>
&ince calculated value is greater than the table value, the null
hypothesis is rejected
I$/E!E$CE>
There is significant association between level of satisfaction and age
groups regarding date of maturity of smart kid education plans.
:":": !A$K C.!!E3ATI.$
SATISFACTION LEVELS OF RESPONDENTS TOWARDS
BIT4 0!ABA3 .PTI.$S C.2E!E0 B S%A!T KI0 E0#CATI.$ P.3IC
:":": SPEA!%A$’S !A$K C.!!E3ATI.$ C.E//ICIE$T
Particulars !
(
!
:
!
-
0
(
:
N <!
(
'!
:
?
:
0
:
:
N <!
:
'!
-
?
:
0
-
:
N <!
(
'!
-
?
:
4S - - F * ( (
S : F : F F *
0S ( ( ( * * *
40S F : - F ( (
O 0
(
:
N ) O 0
:
:
N , O 0
-
:
N :
.!
(
9 refers lower income &rou1A !
:
9 refers middle income &rou1A C !
-
9
refers u11er income &rou1?
! N (' , 0 ?
:
C$
-
' $
!
(
and !
:
N 1' , ? )C,F'F N (' F)C,* N
C,* N *":!
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and !
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N 1' , ? ,C,* N ('-,C,* N :FC,* N *"F
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and !
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N 1' , ? :C,* N ('
C,* N F)C,* N *")I$/E!E$CE
• The correlation coefficient of 5ower Income ?roup and "iddle Income
?roup is o.2. It indicates that the opinions given by the respondents of
these two Income ?roups regarding withdrawal options covered by the
smart kid (ducation policy are positively correlated.
• The correlation coefficient of "iddle Income ?roup and upper income
group is ;.4. It clearly specifies that there is a positive correlation in the
opinions given by the respondents of these two income groups.
• The correlation coefficient of 5ower Income ?roup and upper Income
?roup is ;.=. It indicates that there is a high positive correlation in the
opinions given by the respondents of these two income groups.
C4APTE!'III
S#%%A! A$0 C.$C3#SI.$
-"( /I$0I$5S
• This shows that 6;G of the respondents belong to the age group 3;06;
@rs, 3;G belong to the age group of above 6; @rs and 2;G belong to the
age group of below 3; @rs.
• The 4;G of the respondents have responded that they are aware of smart
kid (ducation policy through insurance advisors only.
• The portrays that 99G of the respondents are male and 23G of the
respondents are female.
• It is clear from the above that 4;G of the respondents are in the income
group of below )s. 1;,;;;, 39G are in the income group of )&. 1;,;;; N
2;,;;; and 23G are in the income group of above )s. 3;,;;;.
• The infers that 4;G of the respondents are private (mployees, 29G are
business people, 2;G are ?overnment (mployees and 13G are
?overnment employees and 13G are professional.
• The status that 6;G of the respondents have one child only, 43G have
two child 9G have more than two child.
• They reveals that 62 G of respondents have taken the policy for 5ong0
term period, 36G have taken the policy for "edium0term period, and 13G
have taken the policy for short0term period.
• It is inferred that 49G of respondents have felt that the sum assured that
they will receive in the maturity date is very high and 39G have perceived
that the sum assured that they will received in the maturity date is high.
• The 7;G of the respondents have responded that they will receive benefit
amount in installment payments and remaining 4;G have responded that
they will receive benefit amount in one0time lump sum payment.
• The portrays that 4;G of the respondents are highly satisfied with the
claims procedure for claiming the benefit amount and 29G are satisfied
with the claims procedure for claiming the benefit amount.
• It is concluded from the above table that 9;G of respondents have
responded that the smart kid (ducation plans safeguards their child*s
(ducation plans to great extent and 19G have said that the smart kid
(ducational plans can safeguard their child*s (ducation plans to some
extent only.
• The determines that 4;G of the respondents have felt that they are
satisfied with the terms C conditions of smart kid (ducation policy and
29G have felt that they are dissatisfied with the terms C conditions of
smart kid (ducation plans.
3.2 SUGGESTIONS
• The company needs to take necessary steps to provide informative
advertisements through effective media* like Television, F" )adio,
Aoardings, and #it +otice for increasing awareness of the customers
regarding smart kid (ducation plans.
• The television add should be designed in such a way that
? It is understandable to everyone including the illiterate people.
? It should be changed periodically in timely basis.
? The advertisement should contain some theme.
• It is obvious from the study that most of the respondents are dissatisfied
with the withdrawal options of smart kid (ducation plans.
• It clearly suggests that the company should take needed attempts to
increase the withdrawal percentage of sum assured under the smart kid
(ducation plans.
• The study reveals that the sum assured under smart kid (ducation policy
will be paid only to child in the case of unfortunate event of the parent.
• "ost of the respondents have felt that the company should take necessary
provisions to pay the sum assured to the parent in the unfortunate event of
the child.
• It is obviously clear from the study that most of the respondents have
perceived that the cost of education is very expensive.
• They feel that the minimum sum assured cannot meet their educational
liabilities for longer period. It may suggest that the company must increase
minimum sum assured in order to meet their long0Term educational
liabilities effectively.
• "ost of the respondents have felt that the major health problems of the
parent are not covered by smart kid (ducation plans.
• The company needs to offer a variety of smart kid (ducation plans that
must cover a long0term critical illness plan such as Cancer, Coronary
$rtery #ypass ?raftO&urgery, Aeart $ttack, -idney Failure, "ajor 'rgan
Transplant C &troke.
-"- C.$C3#SI.$
The researcher has come to conclusion that most benefits offered by the
smart kid (ducation plans of ICICI #$+-. It is clearly understood from the survey
that the level of customers* awareness regarding smart kid (ducation plans is
termed to be not <uiet satisfactory. It is obvious that the company needs to
provide persuasive and informative advertisements through effective "edias like
TB, +ewspapers, Aoardings, #it +otice, and F" )adio so as to increase the level
of customers* awareness regarding smart kid (ducation plans effectively.
ICICI #$+-, the pioneer in bringing this service will definitely attract more
customers since they are redefining their products from traditional ones and
introducing many new market linked products by making it more
professionali!ed, customers never experienced before.
A$$#EG#!E
L#ESTI.$$AI!E
).$)%+-%"$).)(?.+' 11=;9731;;7/ doing a project entitled “A ST#0 .$
C#ST.%E!’S SATIS/ACTI.$ T.BA!0S S%A!T KI0 E0#CATI.$ P3A$S
./ ICICI BA$K"” I am grateful to you if you kindly spare few minutes for filling
this <uestionnaire.
The researcher has used the following 40points scale for collecting data from the
respondents.
ATT!IB#TES ABB!E2IATI.$S
4i&hly Satisfied > 4S
Satisfied > S
0issatisfied > 0S
4i&hly 0issatisfied > 40S
(" PE!S.$A3 P!./I3E
Customer +ame D
5ocation D
$ge D #elow 3; yrs T 3;06; yrs T $bove 6; yrs
?ender D "ale T Female P
"onthly Income D #elow )s.1;, ;;; T )s.1;, ;;; 0 3;,;;; T
$bove )s.3;, ;;; T
'ccupation D #usiness T ?overnment (mployee T
8rivate (mployee T 8rofessionals T
'thers T
A(
Family &tatusD
Couple with 'ne Child T Couple with two childT
Couple ,ith "ore Than Two Child T
:" @ou are aware of smart kid (ducation policy through
a. Friends O )elatives T b. #it +otice O &tall T
c. Insurance $dvisors T d. Aoardings O#anners T
e. T.B O +ewspapers T f. 'thers .please specify/ UUUUUUUUUUUUU
-" $re you satisfied with key benefits covered by the &mart kid (ducation 8lanV
A& T & T & T A& T
F" $re you satisfied with the &mart -id 8lan, which covers you against (ducation
5iabilities for a longer periodV
A& T & T & T A& T
;" The period for which the policy is taken by you is
&hort0term period T "edium term period T 5ong0term period T
," The sum $ssured that you will receive in the maturity date is
Bery Aigh T Aigh T 5ow T Bery 5ow T
+" In which of the following two options, you receive your benefit amountV
'ne0time lump sum payment T Installment payment T
)" $re you satisfied with the procedure for claiming the benefit amountV
A& T & T & T A& T
=" Is smart kid plan tailored to ensure maximum protection for your money at
every
&tep in your lifeV
+ot at all T To &ome (xtent T To ?reat (xtent T
(*" oes smart kid education plan safeguard your child*s education plan
effectivelyV
+ot at all T To &ome (xtent T To ?reat (xtent T
((. $re you satisfied with the terms and conditions of smart kid education plansV
A& T & T & T A& T
" $re you satisfied with the sum assured that will be paid in the case of unfortunate event of the parentV
A& T & T & T A& T
(-" $re you satisfied with the date of maturity of smart kid policyV
A& T & T & T A& T
(F" o you have option to surrender the policy before the date of maturity
+ot at all T To &ome (xtent T To ?reat (xtent T
(;" $re you satisfied with the tax benefits on the premium paid and benefit
amount
received under this policyV
A& T & T & T A& T
(," In which of the following key educational milestones, you have taken smart
kid
(ducation plansV
?raduation T 8ost ?raduation T #oth T
(+" oes smart kid (ducation plans provide protection against accident C
disability of the
8arentV
+ot at all T To &ome (xtent T To ?reat (xtent T
()" Is sum assured chosen paid immediately to the child in case of unfortunate
event of
the parentV
+ot at all T To &ome (xtent T To ?reat (xtent T
(=" I have paid premium
@early T half yearly T "onthly T
:*" In which one of the following investment options, you would like to invest
your
FundsV
"axi miser T #alancer T 8rotector T preserver T
" The sum assured by you under this policy is "aximum T "inimum T
::" $re you satisfied with the withdrawal options covered under this policy.
A& T & T & T A&
!E/E!E$CES
B..K>
• -othari C.) E)esearch "ethodology "ethods C Techni<uesF.,ishva
8rakash.
• 8.+.$rora E&tatistic for managementF.&.Chand C Co. 5td .+ew elhi/
• 8hilip -otler E"arketing "anagementF.8earson (dition.
• )avishankar E&ervice "arketingF.(xcel #ook (dition.
• &.". Lha E&ervice "arketingF.Aimalaya 8ublishing Aouse.
• Insurance in India "aga!ine D -.C."ishra, Indian Insurance
Industry $genda for ?rowth, ecember 2;;3, Chartered Financial $nalyst.
.
• ICICI. Catalogue.
• Insurance chronicle N maga!ine
• The ICF$I journal of insurance law
BEBSITE >
? Alta@ista"com
? Ask Eee@es"com
? atamonitor.com
? httpDOOwww.iciciprulife.com
? Indianinfoline.com
? Internationalinsurance.org
? Insurancetech.com
? Irdaindia.com
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doc_170664985.doc