CERTIFICATE

CERTIFICATE
This is to certify that the project report entitled to “A STUDY ON
CUSTOMER SATISFACTION TOWARDS MAMAEARTH PRODUCTS
WITH REFERNCE TO ERODE CITY", submitted to BHARATHIAR
UNIVERSITY, COIMBATORE in partial fullfillment of the requirements for
the award of the Degree of “BACHELOR OF COMMERCE WITH
COMPUTER APPLICATIONS” is a record of original project work done by
XXXXXX (XXXXXXX) during the study period 2023 - 2024 of his study in
the Department of Commerce with Computer Applications of SRI VASAVI
COLLEGE (SELF-FINANCE WING), ERODE under my supervision and
guidance and the project has not formed the basis for the award of any degree /
associate ship / fellowship or other similar title of any candidate of any
University.

Place : Erode
Date :

Signature of the Guide Head of the Department

Viva – Voce Examination held on:

INTERNAL EXAMINER EXTERNAL EXAMINER

DECLARATION
 DECLARATION
I hereby declare that the project entitled to “A STUDY ON CUSTOMER
SATISFACTION TOWARDS MAMAEARTH PRODUCTS WITH
REFERNCE TO ERODE CITY " submitted to the BHARATHIAR
UNIVERSITY, COIMBATORE in partial fulfillment of the requirements for
award of the degree of “BACHELOR OF COMMERCE WITH
COMPUTER APPLICATION is a record of original project work done by me
under the supervision and guidance of XXXX M.COM., M .Phil., PGDCA.,
Ph.D., DEPARTMENT OF COMMERCE WITH COMPUTER
APPLICATIONS, SRI VASAVI COLLEGE (SELF-FINANCE WING),
ERODE and the project not formed the basis for the award of any Degree /
Diploma / Associate ship / Fellowship or similar title of any candidate of any
University.

Signature of the Candidate

[XXXXXX]

Place : Erode
Date :
ACKNOWLEDGEMENT
 ACKNOWLEDGEMENT

First of all my grateful thanks to the almighty for his blessings to make the
project grand success.

I express my deep sense of gratitude to our Secretary, Thiru. G.RAJAARATHINAM,

M.Sc., SRI VASAVI COLLEGE(SELF - FINANCE WING), ERODE, Who allowed us to do
this project work
.
I am extremely grateful to our encouraging principal(i/c) Dr. M. THAMARAI
KANNAN, M.Com., M.Phil., M.Ed., M.B.A., Ph.D., SRI VASAVI COLLEGE,
ERODE, for giving kind and valuable advice to the project work.
I am express my deep sense of gratitude to our Dean,
Dr.K.ANANDAPADMANABHAN, M.C.A., M.Phil., Ph.D., SRI VASAVI COLLEGE
(SELF - FINANCE WING), ERODE, for allowing me to acquire the most cherished
desire of my life.
I feel happy to express my sincere thanks to Dr.R.LATHA M.Com.,M.Phil.,
PGDCA., Ph.D., Head & Assistant Professor in Department of Commerce with
Computer Applications for this Valuable suggestion and her keen interest and help in
carrying out this study.
I have no words to express my deep gratitude to my guide of the Department
Dr.R.LATHA M.Com., M.Phil., PGDCA., Ph.D., Professor in Department of
Commerce with Computer Applications for his encouragement, guidance and suggestions
throughout my project report work successfully.

I am greatly thanks to our Department Faculty Members Dr.R.LATHA M.Com.,

M.Phil., PGDCA., Ph.D., Mr.S.LOGANATHAN., M.COM(CA)., M.Phil.,
for helping me to carried out the project work.

Finally, I would like to thank my parents and friends and all who helped me to complete
this project successfully.

(XXXXX)
CONTENTS
 CONTENT

CHAPTER NO. PARTICULARS PAGE NO.

LIST OF TABLES

LIST OF CHARTS

I INTRODUCTION AND DESIGN OF THE

STUDY

II REVIEW OF LITERATURE

III PROFILE OF THE COMPANY

IV DATA ANALYSIS AND INTERPRETATION

V SUMMARY OF FINDING AND

SUGGESTIONS, CONCLUSION

BIBILOGRAPHY
INTRODUCTION
 EXECUTIVE SUMMARY

This project examines how the insurance industry has evolved over time. The primary goal of
this project is to investigate the significance of the health insurance sector in India. Over the
last few decades, India's insurance industry has grown. India has one of the highest private
healthcare expenditures in the world. In the fiscal year 2018, health insurance in India cost
370 billion Indian rupees. It was expected to surpass 2 trillion rupees by the fiscal year 2030.

Health insurance is a mechanism that provides financial protection in the event of illness or
injury. India's achievements in terms of health improvement have been remarkable over the
last few decades, but the health insurance industry remains far behind that of many other
developing countries.

In today's scenario, as everyone wants to insure themselves, this sector has seen increased
penetration. The study also explains the authority's laws and regulations for the sector, as
well as how it protects customers' rights. This project examines which insurance companies
have successfully grabbed the market and now have a dominating position in both the life
and general insurance markets. This project outlines the opportunities that the sector can take
advantage of. The health insurance industry has its own set of concerns and obstacles that
must be addressed, and the best way to do so has been attempted to estimate with the help of
this project.

1
 CHAPTER I

INTRODUCTION

1.1 Introduction:

Insurance is a contract between two parties in which one undertakes to take on the risk of the
other in exchange for a monetary payment known as a premium and promises to compensate
the other in the event of an unexpected incident. The major benefit of insurance is that it
spreads the risk of a few individuals across a big group of people who are exposed to similar
risks.

A person's and family's live are normally pleasant unless a health problem arises that is
unpredictable and cannot be predicted before it occurs. Health insurance is a type of general
insurance that pays for the costs of medication and surgery for the insured, who could be an
individual, a family, or a group. It is a contract in which an individual, a family, or a group
purchases health insurance coverage in advance for a price known as a premium. In other
terms, health insurance is a contract that allows an insured to postpone, defer, minimize, or
eliminate paying for medical expenses. The insurer will either give cashless treatment for
medical problems or refund medical expenses made in any of the policy's network hospitals
around the country.

Health insurance is a type of general insurance that accounts for around 29% of all premiums
paid by all other types of general insurance. However, there are multiple problems in this
industry, which is the driving force behind this research. This research will assist insurance
companies in better understanding their performance and the magnitude of losses that this
industry has incurred over time

2
1.2 OBJECTIVE OF THE STUDY

1. To study the overall healthcare insurance sector of India.

2. To recognize the changes that have occurred in the health insurance industry
throughout time.
3. To determine the sector's opportunities for growth and development in India.
4. To determine the challenges and issues that the Indian health insurance industry faces.
5. To Study of the concept and structure of Indian health insurance.

1.3 SCOPE OF THE STUDY:

The scope of this study focuses on analyzing the overall healthcare insurance sector in India,
including its growth, market size, key players, and regulatory framework. It examines the types of health
insurance products available, such as individual, family, and group policies, along with government-
sponsored schemes. The study also explores consumer behavior, market trends, and the impact of digital
transformation on the sector. Additionally, it evaluates challenges like affordability, claim settlement
processes, and regulatory compliance. The research covers both public and private insurers while
assessing their role in improving healthcare access. This study provides insights into future opportunities
and policy implications for the Indian health insurance market.

1.4RESEARCH AND METHODOLOGY:

PRIMARY DATA OF MAMAEARTH:

POPULATION: People residing in Erode city have participated in this study.

SAMPLE: We have selected the people who are aware about insurance products from
the population and above-mentioned age group.
SAMPLE SIZE: 100 individuals have participated in this study.
SAMPLING METHOD: Purposive sampling is opted (a non- probability sampling
technique).
ANALYSIS OF DATA: This is done through descriptive statistics (it helps in
summarizing the entire data or representation in an understandable manner).

3
 SECONDARY DATA OF MAMAEARTH PRODUCTS:

Articles, research papers, blogs etc. has been used.

1.5 LIMITATIONS OF THE STUDY

The reach of insurance products in rural areas is too low, as rural areas occupy
many parts of India.
Limited to only one geographical place i.e., Erode

1.6 TOOLS USED

Percentage Analysis
Chi Square Tests

1.7 CHAPTER SCHEME

Chapter 1: Introduction of the study

Chapter 2: Review of literature

Chapter 3: overview of the product

Chapter 4: Analysis of interpretation

Chapter 5: Findings, Suggestions and conclusion

4
 CHAPTER II
REVIEW OF LITERATURE

Gangolli et al. (2005) According to the study, the majority of India's population lives in poverty.
According to this, they spend 70 to 90 percent of their income on food and related expenses.
Social support for health and other fundamental necessities becomes crucial in this situation.
The study also found that avoiding the public health sector is a bigger problem than simply
implementing a government policy.

(Prinja, et.al ,2012) The Indian healthcare system is notable for its massive public health
infrastructure. However, skilled personnel are in short supply, and as a result, this
infrastructure is underutilized. Due to the disastrous impact of healthcare expenditures, about
a quarter of all patients are driven below the poverty level.

(Madhukumar, et.al,2012) Low income, uncertainty of income, unreliable sources, no support

from friends or relatives because they do not use them, not a valid investment, do not feel the
need to invest in health insurance, and they do not have adequate knowledge regarding the
additional benefits of the insurance policy were the major barriers to the subscription of
health insurance policies. As a result, it is evident that there is a knowledge gap between
policymakers and potential policy implementers.

(Priya and Srinivasan, 2015) Because of the changing environment and the changing lifestyle
of the current generation, the majority of Indians are vulnerable to serious illnesses. Health
insurance information should be disseminated like wildfire because it is critical. This would
make it easier for consumers to cover unplanned expenses that arise from unforeseen
circumstances. Work must be done to make the situation a win-win situation for both the firm
and the people by focusing on market penetration so that insurance schemes may assist the
company reach its full potential.

Ramani and Mavalankar(2005) Based on an analysis of the opportunities and challenges for
improving India's health system, the report highlighted the roles of various stakeholders in
improving the health sector, including the government's promotion of social healthcare
insurance and scaling up financial resources, protection of the poor against illness and
exploitation, and quality improvement through standards and accreditations. According to the
report, the business sector should build cross-subsidizing mechanisms to provide high-quality
evidence-based medical services at reasonable pricing.
5
 CHAPTER III

HISTORY

In the late 1940s and early 1950s, public sector workers (Central Government Health
Scheme) and formal sector workers (Employees' State Insurance Scheme) were enrolled in a
contributing but significantly subsidized health insurance programmed. In 1999, the
government opened up the private sector (including health insurance) as a result of the
economy's liberalisation from the early 1990s.This development made it possible for people
with higher incomes to receive high-quality care from private tertiary care facilities.
However, in the last five years (since 2007), India has seen a slew of new efforts, both from
the national government and from a slew of state governments jumping on the health
insurance bandwagon. One of the motivations for launching such schemes is the Indian
government's commitment to increasing public spending on health care.

Following independence, primary health care became more important, and it has witnessed
significant improvements. In 1948, India's health insurance history began with the
Employee's State Insurance Scheme (ESIS). It was established as a social security umbrella
for organized-sector blue-collar workers. It offers health-care services through a network of
ESIS-approved clinics and hospitals. ESIS covers OPD and IPD expenses as well as cash
payments to compensate for lost wages and other medical contingencies. This plan is still in
place and is primarily funded by company and employee contributions.A program for central
government health schemes (CGHS) was also introduced in 1954. It was a health-
contributory scheme that provided comprehensive healthcare services, primarily to central
government employees and their families. The government of India and central government
employees contribute a nominal amount per month based on their pay scale, which is still
ongoing.

The health insurance market is growing prominence in India, leaving no stone uncovered.
Health insurance is currently one of India's fastest-growing industries. Private health
insurance businesses, IRDAI, and other stakeholders in this ecosystem are working hard
every day to develop the finest health insurance coverage for every citizen. When it comes to
health insurance, Indians have become the most active and involved clients. Following the
pandemic, buying cashless health insurance online has become the new normal.Rising
medical inflation, advances in medical sciences, pandemics, and urgent ailments are all
6
contributing to this increased focus and awareness. The availability of health insurance for
seniors, pregnant women, and children has increased the popularity of medical insurance.As a
result, the Indian health insurance sector has provided lucrative growth prospects for both
corporations and users.

General Insurance Corporation (GIC) issued India's first Mediclaim policy in 1986 to
standardize the terms and conditions of health insurance. It was a voluntary health insurance
plan that covered inpatient costs but excluded pre-existing diseases, pregnancy, childbirth,
HIV/AIDS, and other conditions. The expenses were reimbursed directly through third-party
administrators' mechanism based on the indemnity agreement. However, after the
Government of India established a new economic policy and liberalization process in 1991,
the insurance business was privatized. The Indian parliament enacted the Insurance
Regulatory and Development Authority (IRDA) bill.It marks a turning point in the evolution
of health insurance.

HELATH INSURANCE SECTOR IN INDIA

In India, the health insurance industry was established in 1986. Since then, it has grown
exponentially as a result of a variety of factors, including economic liberalization and general
public awareness. According to World Bank statistics, more than a quarter of India's
population has access to some form of insurance. This insurance could be provided by the
government or by a private stand-alone health insurer.

India's insurance industry is comprised of 57 insurance companies. 24 are life insurers, while
the remaining 34 are non-life insurers. Life Insurance Corporation (LIC) is the sole public-
sector life insurer. In the non-life insurance segment, there are six public sector insurers. In
addition, there is only one national re-insurer, the General Insurance Corporation of India
(GIC Re). Agents (individual and corporate), brokers, surveyors, and third-party
administrators who handle health insurance claims are among the other stakeholders in the
Indian insurance market.

Private out-of-pocket payments are the primary source of health-care financing in India. In
fact, India has one of the highest per capita private healthcare expenditures in the world. This
private financing system creates financial barriers to care and can have disastrous
consequences for families in need of hospital care. Health insurance has long been regarded
as an important tool for addressing health-care financing issues. It is especially important in a
country like India, where per capita income is extremely low and a large population lives
7
below the poverty line.

Health insurance is a financial mechanism that protects people from catastrophic financial
burdens caused by unexpected illness or injury. A well-functioning insurance system ensures
that resources are pooled to cover risks. Today's demand for health insurance in India is
being driven by the growing affluence of the Indian middle class, as well as lifestyle-related
diseases and rising healthcare costs. The establishment of new hospital chains with a focus on
holistic well-being is exacerbating this demand, particularly in urban areas.

In fiscal year 2018, the Indian health insurance sector had a market value of approximately
370 billion Indian rupees. This was expected to exceed two trillion rupees by the fiscal year
2030.

Non-life insurers (general insurers, standalone health insurers, and specialized insurers)
increased gross direct premiums by 5.19 percent in FY21. The private sector's market
sharein general and health insurance has increased from 47.97 percent in FY19 to 48.03
percent in FY20.

In India, the health insurance industry is the fastest growing segment of the non-life insurance
sector. In FY 17, the market experienced robust double-digit growth of 24 percent, with a
market share of 24 percent in the entire non-life insurance sector. For the past ten years, it has
been the fastest growing market segment, with a CAGR of 23%. This phenomenal growth
can be attributed to the economy's liberalisation and the general public's growing awareness
of healthcare issues.

8
TYPES OF HEALTH INSURANCE

9
 KEY PLAYERS IN INDIA

 General Insurance Corporation of India.

 Life Insurance Corporation of India.
 India - Insurance Regulatory and Development Authority (IRDA)
 Insurance Institute of India.
 United India Insurance Company Ltd.

STANDALONE HEALTH INSURANCE COMPANIES IN INDIA

 Max Bupa Health Insurance.

 Care Health Insurance.
 Star Health and Allied Insurance.
 Manipal Cigna Health Insurance.
 Aditya Birla Health Insurance.

MARKET LEADER OF HEALTH INSURANCE SECTOR IN INDIA.

In terms of providing quality healthcare through its various health insurance products, Star
Health is the market leader in India, with a market share of approximately 0.46 percent held
by Max Bupa.

NEED FOR HEALTH INSURANCE IN INDIA

Many ailments are treatable in India thanks to advances in medical science, but the cost
of treatment is what pinches your pocket. As a result, it is critical in India for people to
purchase a health insurance plan to secure their medical needs.

10
 Lifestyles have evolved. Indians today are under a great deal of stress. Working long
hours, getting little exercise, ignoring a healthy balanced diet, and relying on junk
food as a result have weakened our immune systems and put us at risk of contracting
illnesses.
 Rare noncommunicable diseases are becoming more common. Obesity, high blood
pressure, strokes, and heart attacks, which were previously thought to be uncommon,
are now affecting an increasing number of urban Indians.
 Medical care is incredibly overpriced. Cure for deadly diseases has been achieved
thanks to medical discoveries. These remedies, on the other hand, are only offered to
a chosen few. Because of the high running and treatment costs, this is the case.
 The financial strain is increased by indirect costs. Indirect costs like as travel,
boarding and housing, and even a temporary loss of income contribute for up to 35%
of the total cost of treatment. When it comes to medical bills, these details are
sometimes disregarded.
 Financial planning that is not complete. The majority of us have insurance for our
home, car, children's education, and even our retirement years. However, we have not,
ironically, taken out health insurance. We overlook the fact that sicknesses can come
without notice, having a negative effect on our finances and depleting our savings if
we don't have decent health insurance or medical insurance.

According to the February 2003 issue of Money Digest. One out of every three people
will acquire a life-threatening cancer. Before they retire, one out of every four people will
get heart disease. One in every twenty people has a probability of getting a stroke before
they reach the age of seventy. According to a World Bank report, 85 percent of India's
working population does not have access to Rs. 5,00,000 in cash. 14 percent have Rs.
5,00,000 right away, but will run into financial difficulties later. Only 1% of the
population can afford to spend Rs. 5,00,000 on the spot. In the event of a catastrophic
sickness, 99 percent of Indians will be financially strained. As a result, health insurance is
required.

VARIOUS HEALTH INSURANCE PRODUCTS OF INDIA

Health insurance plans and policies are currently offered by a variety of companies and
can be broadly categorised as follows:

11
 Hospitalization:
Hospitalization plans are indemnity plans that cover the costs of hospitalisation as
well as other medical expenses incurred by the covered individual during the
hospitalisation. These strategies could be adopted on an individual or family level. In
the case of an individual basis, just that particular individual's hospitalisation bills will
be covered under that coverage. If the entire family is covered, then any of the
members can take advantage of this benefit. In most cases, hospitalisation insurance is
non-cash.

 Family Floater Health Insurance:

A single plan covers the entire family under a Family Floater Health Insurance plan.
It is based on the assumption that not every member of a family would become
unwell at the same time. This form of insurance would be provided by health insurers
who have a good network of hospitals to provide optimal services in an emergency.

 Pre-Existing Disease Cover Plans:

This plan protects the policyholder against diseases that have already been identified
in the patient before the policy is taken out. Diabetes, heart disease, liver disease, and
other disorders are examples of these diseases. Chronic diseases are the nature of
these illnesses.

 Senior Citizen Health Insurance:

Health insurers should provide policies that cover individuals' health benefits until
they reach the age of 65, according to IRDA recommendations. Individuals over the
age of 65 can purchase this plan, which covers all diseases associated with ageing.
 Maternity Health Insurance:
These plans cover you for the whole maternity term as well as any additional
expenses. It covers both prenatal and postnatal care, as well as any fees paid during
the baby's delivery, whether natural or not.

 Hospital Daily Cash Benefit Plans:

This is a well-defined policy that pays a set amount of money to the patient on a daily
basis during his or her stay in the hospital.
12
  Critical Illness Plans:
This is a well-defined policy that pays a set amount of money to the patient on a daily
basis during his or her stay in the hospital.

 Pro-active Plans:
These are tailored programs and regimens that take into account all elements of
health, including medical, behavioral, and lifestyle factors. These services assist a
person in better managing and understanding their health.

 Disease Specific Special Plans:

These plans assist individuals in managing unforeseen medical expenses emerging
from epidemics such as dengue fever, and in managing and treating them at a low
cost. These programs give help based on medical needs, behavioural needs, and
lifestyle issues related to epidemics that are discovered suddenly.

GOVERNMENT INITIATIVES

Governments all across the world strive to offer high-quality healthcare to their residents.
Raising public awareness about health issues, creating a robust infrastructure, and
encouraging health insurance are just a few of the government's positive actions for the
people's welfare.

A Government Health Insurance Scheme (GHIS) is a state or federal government-run

program offers health insurance to its citizens. Its purpose is to improve the healthcare
quotient in the region by offering low-cost insurance policies with a big sum insured. These
plans are frequently accessible on a year-to-year basis.

The following is a list of India's 16 government-sponsored health insurance schemes:

1. Ayushman Bharat:
This initiative was created as a result of recommendations made by the National Health
Policy. With Universal Health Coverage in mind, the Ayushman Bharat Yojana was
launched (UHC). Ayushman Bharat aims to improve India's health care system, which is
13
 largely fragmented. It's about taking a holistic approach to the health industry and
ensuring that the people of India receive consistent care.
Health and Wellness Centers (HWC) and Pradhan Mantri Jan Arogya Yojana are two
components of Ayushman Bharat (PM-JAY). 150000 HWCs have been constructed to
give better healthcare to the general public. HWCs are reincarnations of earlier projects
like Sub Centers and Primary Health Centers.At a premium of Rs. 30, it provides a health
insurance cover of Rs. 5 lakhs per family per year.

2. Awaz Health Insurance Scheme:

The Kerala government created this healthcare program for migrant workers. It also
covers workers who pass away as a result of an accident. The scheme was launched in
2017 with the goal of assisting 5 lakh inter-state migrant labourers working in Kerala.
Awaz Health Insurance offers health insurance coverage of Rs.15000 and death insurance
coverage of Rs.2 lakh. This coverage is available to workers between the ages of 18 and
60. They will be provided an Awaz Health Insurance card after submitting and processing
enrolling details such as biometric information and other work-related documents.

3. Aam Aadmi Bima Yojana:

The Aam Aadmi Bima Yojana (AABY) is for those who labour in a variety of trades,
including carpentry, fishing, and handloom weaving. There are a total of 48 different
professions to choose from. Prior to 2013, AABY and Janashree Bima Yojana were two
comparable initiatives. (JBY). In 2013, JBY and AABY merged. A Rs.30,000 insurance
coverage has a Rs.200 annual premium. You must be a family head or an earning
member of your family (living on or near the poverty line) and work in one of the 48
vocations listed to be eligible for this policy.

4. Bhamashah Swasthya Bima Yojana:

The Rajasthan government promotes insurance initiatives for its inhabitants through the
Bahmashah Swasthya Bima Yojana. For Rajasthan's rural population, this is a cashless
claims scheme. To engage in this Policy, you must be at least 18 years old. Participants in
the National Food Security Act (NFSA) and the Rashtriya Swasthya Bima Yojana are
also eligible for this insurance coverage (RSBY). This plan covers hospitalisation costs
for both general and catastrophic illnesses, according to the terms and conditions. Both
14
 in-patient and out-patient treatment are covered.

5. Central Government Health Scheme (CGHS)

As the name says, this policy is initiated by India's central government. The federal
government's employees are covered under this policy. Judges of the Supreme Court,
Railway Board officials, and others are just a few examples. This policy, which covers
around 35 lakh employees and retirees, has been in place for over six decades. This plan's
terms and conditions cover both inpatient and outpatient care. The Central Government
Health Insurance Scheme covers both allopathy and homoeopathy. It's available in 71
cities right now, with ambitions to extend to more.

6. Chief Minister’s Comprehensive Insurance Scheme

The state government is in charge of this initiative. It is being promoted by the Tamil
Nadu government in conjunction with United India Insurance Company Ltd. The Chief
Minister's Comprehensive Insurance Scheme is a floater plan that offers high-quality
health care to families. You can claim up to Rs. 5 lakhs in hospitalisation expenses with
this plan. A number of government and commercial hospitals are included in this scheme.
Residents of Tamil Nadu who earn less than Rs. 75000 per year are eligible for this
scheme. More than a thousand operations are covered by the Chief Minister's
Comprehensive Insurance Scheme.

7. Employees’ State Insurance Scheme:

Following India's independence, many people went to work in factories. As a result of the
working conditions, there were also injuries and deaths. This is when the concept of
insurance became useful. Employees' State Insurance Scheme (ESIS) was founded in
1952 to cover insured workers/employees financially in the event of illness, incapacity, or
death. Only Kanpur and Delhi were examined at first, but the scheme's scope extended
over time. This policy was upgraded in the year 2015. More than 7 lakh factories are
presently part of this campaign.

8. Karunya Health Scheme:

Kerala's government initiated this project in 2012. The Karunya Health Scheme intends to
provide health insurance to people suffering from a variety of chronic illnesses. It's a

15
 critical illness plan for the poor that covers catastrophic illnesses like cancer, kidney
disease, and heart difficulties, among others.
This insurance is accessible to persons who are impoverished or on the verge of
becoming poor. An Aadhaar Card and a valid Income Certificate are required for this
plan. There were rumours that this programe was being phased out, but they were just
that: rumours. The scheme continues to operate.

9. Mahatma Jyotiba Phule Jan Arogya Yojana:

This plan was implemented by the Maharashtra government in order to better the lives of
the states underprivileged. The Mahatma Jyotiba Phule Jan Arogya Yojana was renamed
Mahatma Jyotiba Phule Jan Arogya Yojana in 2017. This scheme is open to farmers from
specified districts, as well as people living on or near the poverty level in all districts. It's
a family plan with a benefit of Rs. 150000. Unless otherwise specified, the diseases
mentioned as plan inclusions will be covered right away, with no waiting period.

10. Mukhyamantri Amrutum Yojana:

The Gujarat government introduced the Mukhyamantri Amrutum Yojana in 2012 for the
benefit of the state's underprivileged population. This insurance is provided to lower-
middle-class households as well as those who are poor. This policy gives a yearly cover
of Rs. 3 lakhs for a family floater. Treatment can be found in a variety of venues,
including public hospitals, private hospitals, trust-based hospitals, and Grant-in-Aid
institutions, among others.

11. Pradhan Mantri Suraksha Bima Yojana:

The purpose of this scheme is to give accident insurance to Indian nationals. Only 20% of
Indian individuals were insured by insurance in 2016, according to a study. On the other
hand, the Pradhan Mantri Suraksha Bima Yojana seeks to improve this statistic. Anyone
with a bank account between the ages of 18 and 70 is eligible to apply. This policy
provides annual coverage of Rs. 1 lakh for partial disability and Rs. 2 lakhs for total
disability/death at a premium of Rs. 12. The premium is debited from the insured's bank
account automatically.

12. Dr YSR Aarogyasri Health Care Trust Andhra Pradesh State Government:
16
 In conjunction with the Dr YSR Aarogyasri Trust, which works in the field of health care,
the Andhra Pradesh government has developed four helpful welfare initiatives. These
plans cover a wide range of people and offer support when they are in need.

The four schemes are as follows:

1) Dr YSR Aarogyasri – This scheme is dedicated to the welfare of the poor.
2) Aarogya Raksha – This scheme is designed to benefit people Above Poverty Line
(APL).
3) Working Journalist Health Scheme – This scheme is for journalists and it offers
cashless treatment in case of listed procedures.
4) Employee Health Scheme – This scheme is for the benefit of state government
employees.
13. Telangana State Government – Employees and Journalists Health Scheme:
This health plan is available to Telangana government officials and journalists. It is
beneficial to both employed people and those who have retired and are pensioners. The
scheme's highlight is the cashless treatment. If the prerequisites and restrictions are met,
beneficiaries can go to partner hospitals and get cashless treatment for specific therapies.
This is advantageous to the recipients since they will not have to hustle to obtain funds
for medical expenses in the event of an emergency.

14. Rashtriya Swasthya Bima Yojana:

This scheme is for people who work in the unorganized sector. Frequently, they are not
covered by any insurance policy. If they become ill in this situation – which happens
frequently – their savings will be exhausted. As a result, they can never be certain that
they have sufficient funds in the bank. Having health insurance can help in this situation.
The Rashtriya Swasthya Bima Yojana was launched by the Indian government's Ministry
of Labour and Employment. This program covers people who work in the unorganised
sector and are poor. The policy also covers their family (maximum of five members).

15. Universal Health Insurance Scheme:

Many developed and developing countries throughout the world have health-care plans in
place for their poor citizens. All of this and more is what India's Universal Health
Insurance Scheme aims to achieve. This program is open to the poorest of the poor aged 5
17
 to 70. The Universal Health Insurance Scheme provides individual and group health
insurance. Accidents, hospitalisation, and incapacity are all covered. The premium is
determined by the size of the family. Those who are destitute must present proper
documentation in order to be covered.

16. Yeshasvini Health Insurance Scheme:

The Yeshasvini Health Insurance Scheme is promoted by the Karnataka State
Government. It is designed for farmers and peasants who are members of a cooperative.
Over 800 operations are covered by this insurance policy (orthopaedic, neurology,
angioplasty, and so on). Cooperative societies support peasants and farmers in enrolling
in the Yeshasvini Health Insurance Scheme. Beneficiaries get access to health care
through network hospitals. The scheme's advantages are extended to the main
beneficiary's family members as well.

 Top Government Health Insurance Plan Features and Benefits:

1. Low-cost policies are available.

2. Encourages those living in poverty to get insurance.
3. Ensures that the impoverished have some form of insurance.
4. Policies put in place by the government assist policyholders in feeling secure.

18
 ENTRY OF BANKS INTO HEALTH INSURANCE.

Health insurance is a popular product offered by a variety of insurance firms. With the recent
growth in health insurance obligations, even banks have begun to offer their customers
various sorts of coverage.

Given the rising number of persons diagnosed with lifestyle disorders, health insurance is quickly
coming up to the prominence enjoyed by life and motor insurance. With the rising cost of
medical treatment, acquiring proper medical assistance has become prohibitively expensive,
and many Indians are now purchasing health insurance coverage to help cover the expense.

While there are a number of public and commercial health insurers on the market that offer
complete plans, banks are steadily emerging as a viable alternative to insurance firms. While
this may appear surprising, the connection between banking and insurance has existed for
some time, with nationalized banks offering a variety of insurance products to their account
holders.

Banks' health insurance programs are generally tie-ups with insurance firms, with the bank acting
as an intermediary. In most cases, insurance providers customize plans for bank customers
based on a prior agreement between the two sides.

As a result, the policies are restrictive, and most are group health insurance policies with limited
possibilities. These policies are also limited to bank account holders, which means that if a
customer closes his or her account with the bank for whatever reason, the insurance will be
cancelled.

19
 IMPACT OF COVID 19 ON HEALTH INSURANCE SECTOR.

This era of global pandemic has had a negative impact on a large population, and many
people have lost loved ones as a result. A patient with coronavirus disease demands rapid
medical attention, however people have suffered due to a lack of financial assistance and
adequate treatment. In the event of a medical emergency, people with health insurance
coverage receive financial assistance as well as high-quality treatment. This has helped
people realise how important it is to have health insurance that covers hospitalisation in the
event of a medical emergency.

Hospitalization costs, tax benefits, healthcare checkups, ambulance fees, room rents, and
other advantages are all included in a health insurance plan and can be claimed by
policyholders at the time of claim settlement of the purchased health insurance cover.
COVID-19 therapies are now covered by health insurance plans, and the IRDAI has
mandated insurers to include COVID-19 coverage in all policyholders' regular health
insurance policies.

Hospitalization costs, tax benefits, healthcare checkups, ambulance fees, room rents, and
other advantages are all included in a health insurance plan and can be claimed by
policyholders at the time of claim settlement of the purchased health insurance cover.
COVID-19 therapies are now covered by health insurance plans, and the IRDAI has
mandated insurers to include COVID-19 coverage in all policyholders' regular health
insurance policies.

During the coronavirus outbreak, health insurance firms have seen a significant increase in
medical coverage queries, with 30 to 40% more customers seeking coverage against the
COVID-19 virus, which has infected over 96000 people in India and 4.71 million people
worldwide. Many insurance companies are creating specific plans to ensure that the affected
are covered. Some insurance companies have launched plans that cover infants as young as
one day old up to senior citizens as old as 75 years old, regardless of travel or medical
history.

Furthermore, according to a recent declaration by the Finance Minister, government

insurance firms will offer Rs.50 lakh as part of a custom-made comprehensive personal
accident cover for public health care personnel in the event of an unintentional death due to

20
Covid-19 infection. 22.12 lakh private healthcare employees, public and community
healthcare providers who are actively involved in the care of Covid-19 patients will be
covered. It will be good for 90 days beginning March 30, 2020. And the premium is normally
in the range of Rs. 200 to Rs. 2500.

The health insurance sector has been completely digitalized, with health insurance policies
purchased and renewed through the insurer's official website. The sale of health insurance
policies has risen considerably in recent years as consumers have realised the need of having
financial backup in the event of a medical emergency. Even in times of economic hardship
for businesses, the health insurance industry has persevered and grown to meet the needs of
clients and global trends.

GROWTH OF THE HEALTH INSURANCE SECTOR

According to Global Data, a prominent data and analytics organization, health insurance in
India is expected to expand by 10% in 2020, besides the impact of Coronavirus (COVID-19).

Increased consumer awareness as a result of the epidemic is likely to enhance health

insurance retail sales in India. The rise of the health insurance market contrasts with the
general insurance market in India, which is predicted to contract by 9% by 2020 due to the
economic impact of COVID-19.

"The coronavirus pandemic has driven demand for health insurance in an otherwise under-
penetrated insurance market," says Janashree Sahoo, Insurance Analyst at Global Data.
People in India have realized the need of buying a health insurance plan as the number of
coronavirus cases has increased."

Insurers are also being encouraged by the regulator to create short-term COVID-19 policies,
which are in high demand among consumers. For example, Star Health, ICICI Lombard, and
Edelweiss General Insurance all provide low-cost COVID-19 diagnosis and treatment
insurance policies.

The health insurance business is also likely to benefit from recent regulatory requirements on
product standardization. Insurers are required to issue standard indemnity plans to vulnerable
consumer categories such as healthcare workers from July 10, 2020.
21
All of the aforementioned factors are predicted to help India's health insurance market, which is
expected to increase by 10% to INR576.0 billion by 2020. This favorable trend in health
insurance sales is backed up by data from Policy bazaar, one of the top online insurance
marketplaces, which recorded a 30% increase in health policy sales in March 2020 compared to
January-February 2020.

"The pandemic resulted in a short-term spike in demand for health insurance in India," Jeneshree
concludes. Over the forecast period, insurers' initiatives to introduce need-based products, rising
consumer awareness, and the usage of tech-based distribution solutions are projected to keep the
growth trend going."

22
 CHAPTER IV

DATA ANALYSIS AND INTERPRETATION

RESEARCH METHODOLOGY

RESEARCH DESIGN

The formidable problem that follows the task of defining the research problem is the preparation of design

of the research project popularly known as the “research design “.

A research design is the arrangement of conditions for collection and analysis of data in a manner that aims

to combine relevance to the research purpose with economy in procedure the design is the conceptual structure with

in research is conducted; it constitutes the blue print for the collection, measurement and analysis of data.

Research design must at least contain:

 Clear statement of the research problem

 Procedures and techniques to be used for gathering information

 The population to be studied

 Methods to be used in processing and analysis data.

Descriptive Study

A descriptive study is undertaken in order to ascertain and be able to describe the

characteristics of the variables of interest in situation. Descriptive studies are undertaken in organization to learn

about and describe the characteristic of a group of employees. It is also undertaken to understand the characteristics

of organization that follow certain common practices. So the researcher had adopted the descriptive research.

SOURCES OF DATA

 Primary Data

The primary data are those which are collected a fresh and for the first time, thus happen to be

original in character. The researcher should collected information from the consumers of Erode city through the

questionnaire come schedule method.

 Secondary Data

The secondary data, on the other hand are those which have already been collected by someone else

and which have already been passed through statistical process. This data collection method used for collecting the
23
industry profile and company profile.

 Collection of data through Questionnaire

This method of data collection is quiet and in this method a questionnaire is sent to the customers

with a request to answer the question and return the questionnaire. A questionnaire consists of number of questions

printed of typed in a definite order.

SAMPLING

Sampling is the process of selecting a sufficient number of elements from the population, so that a study of

the sample and understanding of its properties or characteristics would make it possible for us to generalize such

properties or characteristics to the population elements.

 Non-Probability sampling

In non-probability sampling designs, the element in the population do not have any probabilities attached to

their being chosen as sample subjects. The non-probability sampling design is fit into the convenience sampling is

this project.

 Convenience Sampling

A researcher had adopted the convenience sampling method for her study. As its name implies,

convenience sampling refer to the collection of information from members of the population who are conveniently

available to provide it.

 Sample Size

Samples of 100 users of insurance were taken for the survey particularly in Erode.

TOOLS USED

This tools used for study:

 Simple percentage method

 Chi- square Test

 Simple Percentage Method

Percentage refers to a special kind of ratios, which is used in making comparison between two or more

series of data; percentage is used to describe relationship of two or more series data.

24
Simple Percentage Method formula

Percentage Method = Number of Respondents

____________________ X100
Total Number of Respondents

 Weighted Average Method

Weighted average method is used for average ranking given by respondent on different factors to

know whether the factors was considered as very important factors by the sample respondents.

Weighted Average = Σfx /n

where as, f(x) = Weight allotted for each factor

n= Number of respondents

Chi- square method

The X2 (Pronounced as chi – square test) is one of the simplest and most widely used non – parametric tests

in statistical work. The symbol X 2 test is the break letter chi. The X 2 test was first used by karl pearson in the year

1990. The X2 describes the magnified of the discrepancy between theory and observation.

The X2 is a measure of actual divergence of the observed and expected frequencies and such if there is no

difference between actual and observed frequencies the value of chi-square is 0. Chi – square test enable us to find

out whether the divergence between expected and actual frequencies is significant or not. The following formula

can be used for calculating chi-square value.

( O−E )2
Chi−square=
E
Where as, O - Observed Frequency E - Expected Frequency

25
 4.1. AGE OF THE RESPONDENTS
The age is considered as a major factor in making decisions. In the present study, the age of
the sample respondents has been divided into four. The following table shows the distribution
of respondents according to their age.

TABLE 4.1 SHOWING AGE OF THE RESPONDENT

Age group No. of Percentage

respondents
4 4
Below 20 years
53 53
21 - 40 years
27 27
41 - 60 years
16 16
Above 60 years

TOTAL 100 100%

Source: Primary data

INTERPRETATION

From Table No. 4.1that out of 100 respondents, majority of the respondents 53% belong
to the age group of below 21 - 40 years, and 27% belong to the next group between 41 -
60 years. 16% to the age group of above 60 years. 4% belong to the age group below 20
years.

26
CHART NO: 4.1 SHOWING AGE OF THE RESPONDENTS

60
53
50

40
Respondents

30 27

20 16

10
4

0
Below 20 years 21 - 40 years 41 - 60 years Above 60 years
Age

27
 4.2 GENDER OF THE RESPONDENTS

In the present study, the gender of the sample respondents has been divided into three. The
following table shows the distribution of respondents according to their gender.

TABLE 4.2 SHOWING GENDER OF THE RESPONDENT

Gender group No. of respondents Percentage

Male
68 68

Female
24 24

Transgender
8 8

TOTAL 100 100%

Source: Primary data

INTERPRETATION

From Table No. 4.2 that out of 100 respondents, majority of the respondents 68% belong
to the male gender, and 24% belong to the female gender. 16% and only 8 % of the
respondents gender belongs to transgender.

28
CHART NO: 4.2 SHOWING GENDER OF THE RESPONDENTS

24

68

Male Female Transgender

29
 4.3 RESIDENCY OF THE RESPONDENTS

In the present study, the respondents place of residence is split into three types as shown in
the table 4.3

TABLE 4.3 SHOWING PLACE OF THE RESPONDENT

Place No. of respondents Percentage

Urban
52 52

Rural
31 31

Semi - urban
17 17

TOTAL 100 100%

Source: Primary data

INTERPRETATION

From Table No. 4.3 that out of 100 respondents, majority of the respondents 52% belongs
to urban, and 31% are from rural and 17% of the respondents are belongs to semi-urban
respectively.

30
CHART NO: 4.3 SHOWING PLACE OF THE RESPONDENT

Urban Rural Semi - urban

17

52

31

31
 4.4 OCCUPATION OF THE RESPONDENTS

In the present study, the respondent’s occupation is split into four types as shown in the table
4.4

TABLE 4.4 SHOWING OCCUPATION OF THE RESPONDENT

Occupation No. of respondents Percentage

Student
9 9

Government Employees
38 38

Businessmen
41 41

Agriculture
12 12

TOTAL 100 100%

Source: Primary data

INTERPRETATION

From Table No. 4.4 that out of 100 respondents, 41 % of the respondents are
businessmen, 38% of the respondents are government employees, 12% of the respondents
are doing agriculture and only 9% of the respondents are students respectively.

32
CHART NO: 4.4 SHOWING OCCUPATION OF THE RESPONDENT
45
41
40 38
35
30
Respondents

25
20
15 12
10 9

5
0
Student Government Businessmen Agriculture
Employees
Occupation

33
 4.5 INCOME OF THE RESPONDENTS

In the present study, the respondent’s income as shown in the table 4.5

TABLE 4.5 SHOWING INCOME OF THE RESPONDENTS

Income No. of Percentage

respondents
less then Rs 3,00,000
16 16
Rs 3,00,001 - Rs 5,00,000
36 36
Rs 5,00,001-Rs 10,00,000
28 28
above Rs.10,00,000
20 20

TOTAL 100 100%

Source: Primary data

INTERPRETATION

From Table No. 4.5 that out of 100 respondents, 36 % of the respondents income are
between Rs. 3,00,001 to Rs.5,00,000, 28% of the respondents income belongs in the
range of Rs.5,00,000 – Rs.10,00,000, 20% of the respondents are above Rs.10,00,000 and
only 16% of the respondents are less than Rs.3,00,000 respectively.

34
CHART NO: 4.5 SHOWING INCOME OF THE RESPONDENTS

40
36
35

30 28

25
Respondnets

20
20
16
15

10

0
less then Rs Rs 3,00,001 - Rs Rs 5,00,001-Rs above Rs.10,00,000
3,00,000 5,00,000 10,00,000
Income

35
 4.6 MARITAL STATUS OF THE RESPONDENTS

In the present study, the respondent’s marital status as shown in the table 4.6

TABLE 4.6 SHOWING MARITAL STATUS OF THE RESPONDENTS

Marital Status No. of Percentage

respondents
Married
76 76
Unmarried
24 24

TOTAL 100 100%

Source: Primary data

INTERPRETATION

From Table No. 4.6 that out of 100 respondents, 76% of the respondents are married and
only 24% of the respondents are unmarried respectively.

36
CHART NO: 4.6 SHOWING MARITAL STATUS OF THE
RESPONDENTS

24

76

Married Unmarried

37
 4.7 RESPONDENTS FAMILY TYPE

In the present study, the respondent’s marital status as shown in the table 4.7

TABLE 4.7 SHOWING TYPE OF THE RESPONDENTS FAMILY

Marital Status No. of Percentage

respondents
Nuclear Family
68 68
Joint family
32 32

TOTAL 100 100%

Source: Primary data

INTERPRETATION

From Table No. 4.7 that out of 100 respondents, 68% of the respondents are nuclear
family and 32% of the respondents are in joint family respectively.

38
CHART NO: 4.7 SHOWING TYPE OF THE RESPONDENTS FAMILY

32

68

Nuclear Family Joint family

39
 4.8 HEALTH INSURANCE COVERAGE OF THE RESPONDENTS

In the present study, the health insurance coverage of the respondents are shown in the table
4.8

TABLE 4.8 SHOWING HEALTH INSURANCE COVERAGE OF THE

RESPONDENTS FAMILY

Marital Status No. of Percentage

respondents
Yes
62 62
No
38 38

TOTAL 100 100%

Source: Primary data

INTERPRETATION

From Table No. 4.8 that out of 100 respondents, 62% of the respondents are said
yes that they are having health insurance coverage and 38% of the respondents are not
having health insurance respectively.

40
CHART NO: 4.8 SHOWING HEALTH INSURANCE COVERAGE OF
THE RESPONDENTS FAMILY

38

62

Yes No

41
 4.9 TYPE OF HEALTH INSURANCE COVERAGE OF THE
RESPONDENTS

In the present study, the type of health insurance coverage of the respondents are shown in
the table 4.9

TABLE 4.9 SHOWING TYPE OF HEALTH INSURANCE

COVERAGE OF THE RESPONDENTS FAMILY

Marital Status No. of Percentage

respondents
Yes
62 62
No
38 38

TOTAL 100 100%

Source: Primary data

INTERPRETATION

From Table No. 4.9 that out of 100 respondents, 62% of the respondents are said
yes that they are having health insurance coverage and 38% of the respondents are not
having health insurance respectively.

42
CHART NO: 4.9 SHOWING HEALTH INSURANCE COVERAGE
OF THE RESPONDENTS FAMILY

38

62

Yes No

43
 4.10 SATISFACTION LEVEL OF HEALTH INSURANCE
COVERAGE OF THE RESPONDENTS

In the present study, the satisfaction level of health insurance coverage of the respondents
are shown in the table 410

TABLE 4.10 SHOWING SATISFACTION LEVEL OF HEALTH

INSURANCE COVERAGE OF THE RESPONDENTS FAMILY

Satisfaction Level No. of Percentage

respondents
Very Satisfied
32 32
Satisfied
39 39
Dissatisfied
18 18
Very Dissatisfied
11 11

TOTAL 100 100%

Source: Primary data

INTERPRETATION

From Table No. 4.10 that out of 100 respondents, 39% of the respondents are
satisfied with the current health insurance plan, 32% of the respondents are very
satisfied, 18% are dissatisfied and only 11% of the respondents are very dissatisfied.

44
CHART NO: 4.10 SHOWING SATISFACTION LEVEL OF HEALTH
INSURANCE COVERAGE OF THE RESPONDENTS FAMILY

45

40 39

35 32
30
Respondnets

25

20 18

15
11
10

0
Very Satisfied Satisfied Dissatisfied Very Dissatisfied
Satisfaction Level

45
 4.11 TYPE OF HEALTH INSURANCE COVERAGE OF THE
RESPONDENTS

In the present study, the satisfaction level of health insurance coverage of the respondents
are shown in the table 411

TABLE 4.11 SHOWING TYPE OF HEALTH INSURANCE

COVERAGE OF THE RESPONDENTS

Type of Coverage No. of Percentage

respondents
Inpatient Hospitalization
42 42
Outpatient
Hospitalization
13 13
Maternity benefits
23 23
Critical illness coverage
22 22

TOTAL 100 100%

Source: Primary data

INTERPRETATION

From Table No. 4.11 that out of 100 respondents, 42% of the respondents are having
health insurance to cover inpatient hospitalization, 23% of the respondents are said
maternity benefits, 22% are said that their policy will cover only critical illness
coverage and only 13% of the respondents are used for outpatient hospitalization.

46
CHART NO: 4.11 SHOWING TYPE OF HEALTH INSURANCE
COVERAGE OF THE RESPONDENTS

45 42
40
35
30
25 23 22
20
15 13
Respondents

10
5
0
n n ts e
a tio a tio nefi ra
g
liz liz be ove
ita ita ity sc
osp osp rn es
tH tH a te i lln
en en M al
ti ati tic
pa tp Cr
i
In u
O
Policy Coverage

47
 4.12 CHOOSING OF HEALTH INSURANCE POLICY OF THE
RESPONDENTS

In the present study, the satisfaction level of health insurance coverage of the respondents
are shown in the table 4.12

TABLE 4.12 SHOWING CHOOSING OF HEALTH INSURANCE

POLICY OF THE RESPONDENTS

Choosing a plan No. of Percentage

respondents
Premium amount
21 21
Coverage benefits
48 48
Claim Settlement ratio
19 19
Other
12 12

TOTAL 100 100%

Source: Primary data

INTERPRETATION

From Table No. 4.12 that out of 100 respondents, 48% of the respondents are
choosing health insurance policy based on coverage benefits, 21% of respondents are
choose based on premium amount, 19% of respondents are choosed based on
premium amount and only 12% choose other reasons.

48
CHART NO: 4.12 SHOWING CHOOSING OF HEALTH INSURANCE
POLICY OF THE RESPONDENTS

60

50 48

40
Respondents

30
21
19
20
12
10

0
Premium amount Coverage benefits Claim Settlement Other
ratio
Choosing of Policy

49
 CHAPTER V

FINDINGS, SUGGESTIONS AND CONCLUSION

5.1 FINDINGS

The following findings from the project

 Based on findings, 53% of the respondents are between 21 – 40 years old and 27% of the
respondents are between 41 – 60 years old respectively
 68% of the respondents are male gender using health insurance policy
 majority of the respondents 52% belongs to urban
 41 % of the respondents are businessmen and 38% of the respondents are government
employees
 36 % of the respondents income are between Rs. 3,00,001 to Rs.5,00,000 and 28% of the
respondents income belongs in the range of Rs.5,00,000 – Rs.10,00,000
 76% of the respondents are married and only 24% of the respondents are unmarried
respectively
 68% of the respondents are nuclear family and 32% of the respondents are in joint family
respectively

 62% of the respondents are said yes that they are having health insurance
coverage and 38% of the respondents are not having health insurance respectively.
 62% of the respondents are said yes that they are having health insurance coverage
 39% of the respondents are satisfied with the current health insurance plan, 32% of the
respondents are very satisfied
 42% of the respondents are having health insurance to cover inpatient hospitalization, 23% of
the respondents are said maternity benefits, 22% are said that their policy will cover only
critical illness coverage
 48% of the respondents are choosing health insurance policy based on coverage benefits, 21%
of respondents are choose based on premium amount

5.2 SUGGESTIONS
50
 The product portfolio of Insurance companies might be reviewed so as to include a
new range of new and innovative products to reach all kinds of customers.
 The delay in medical examination and underwriting may be reduced to the minimum.
 The companies may capitalize their high brand image of the parent companies so as to
reach the prospective customers across the country by rapidly increasing its present
distribution network and to develop on new channels of distribution.
 All the financial consultants of the companies may be trained in such a way that they
have very good product knowledge and the way of presentation will also be effective
so as to bring professionalism in the dealing of the company with its customers.
 The mode of premium payment may include all options which are very much
convenient to the customers like demand draft and cheques etc.
 The proper feedback mechanism which functions on a continuous basis can be adopted
to ensure that there are no pitfalls in the long term relationships with the customers.

5.3 CONCLUSION
51
 Private insurance is a recently developed concept in India. Compared to western
countries, India is far behind in this concept. The healthy competition between private, public
sector insurance and foreign insurance provider operating in India give more benefits to the
customers.
The study shows that though most of the people know about, they are reluctant in
making insurance in private sector. The reasons behind it are lack of awareness, lack of
products and no proper guidance by the consultants.
To overcome this Insurance has to take initiatives. The companies should improve
their service and consultant skills to make people aware about their products and to get
advantage of the benefits high degree of infrastructure development has to take place.

52
 BIBLIOGRAPHY

Books
1. Donald S. Tull and Del I. Hawkins – Marketing Research Methods and Measurements,
Sixth edition.
2. Kothari C.R., Research Methodology (Vishwa Prakashan, Delhi).
3. Philip Kotler – Marketing Management (Prentice hall of India Pvt Ltd, New Delhi),
Millennium Edition.

Websites
www.avivalife.com
www.bimaonline.com
www.insuranceinfoline.com
www.insuremagic.com

53