13-08-2013, 02:52 PM
A study on Life insurance penetration among the people in Mumbai.
Life insurance penetration.docx (Size: 20.04 KB / Downloads: 18)
Objective:
To find the percentage of people covered under life insurance and study the awareness about life insurance, its policies and benefits. To find the various opportunity areas in the market, Key reason behind buying/purchasing of life insurance policy. This study will help the insurance companies and the regulators in developing better life insurance products. Also to study insurance penetration and insurance density and provide suggestion to improve the performance of life insurance business in India.
Scope:
It covers the working middle class population of Mumbai. It covers the geographical area of Mumbai under western, central and harbor railway routes but does not include geographical areas of Navi Mumbai and Thane.
Hypothesis:
The null hypothesis identified is as follows:
The life insurance penetration among the working middle class population of Mumbai is significantly high.
Sampling design:
Sampling frame for the research study would be middle class working population residing in Mumbai.As a result of limited data on the total population, cost and time constraints, a convenient sample size of 1000 is planned.
For the purpose of the study stratified sampling technique would be adopted. The sample will first be stratified on the basis of companies located in areas viz. western , central and harbor. Secondly the strata will be sub divided on the basis of age group ranging from 30 yrs - 60 yrs. Male and female sample will be selected at random.
Observation design:
The instrument that would be used is questionnaire. Primary data will be collected from the questionnaire. Each statement would be accompanied by a corresponding rating scale viz. three point, five point depending upon the question and the response expected.
The secondary data will be collected from various publications including private and public companies, internet etc. The Economic as well as demographic variables used are collected from the IRDA Annual Report 2010-11.
Statistical design:
Data will be analysed using SPSS 17.0, MS Excel – 2007, ANOVA and t-Test will be used to examine the differences among various groups of respondents. Linear regression analysis also conducted using software tools between income levels and insurance coverage. Though the study is handicapped by limited sample size (both geographical as well as periodical), it can be amplified as per the national scenario with some specific modifications.