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APPENDIX 1
QUESTIONNAIRE TO BENEFICIARIES
PLEASE ANSWER FOR THE FOLLOWING QUESTIONS, YOUR
IDENTITY IS GUARDED. PLEASE FEEL FREE TO GIVE YOUR
COMMENTS.
GENERAL INFORMATION :
- Policy number (optional) :
- Name of the policy holder :
- Village to which you belong to :
- Distance to Taluk HQ :
- Educational background : 1.Illiterate 2.Higher primary
- Elementary high school
- PUC
- Degree
- Other Higher Qualification.
- Family Income : 1. < 50, (in rupees) 2. 50,000- 1,00, 3. 1,00,000 - 2,00, 4. 200000 - 5,00,
- Family Type : Unitary / Joint
- Family Size : Adults (Numbers) Children (Numbers)
- Sex : Male (Numbers) Female (Numbers)
QUESTIONNAIRE TO THE BENEFICIERIES.
Please tick ―YES or NO‖ (To ascertain levels of awareness)
- Do you think that insurance is necessary for any individual?
- YES 2. NO
- Do you know that insurance aims at covering risk and also a means of investment?
- YES 2. NO
- Are you aware that many private life insurance companies are providing life insurance coverage to the people apart from LIC of India?
- YES 2. NO
- Do you think that SBI Life Insurance Company is a government owned company like LIC of India?
- YES 2. NO
- Where do you invest your saving?
- Life insurance company 2. Post Office deposit
- Bank deposit 4. Gold/Shares
- Mutual fund 6. Real estate
- Any other.
- Do you feel that the premiums paid in private life insurance companies are safe?
- YES 2. NO
16 Do you think that the safety of the investments made in life insurance companies shall be protected by the regulatory body, i.e. IRDA.
- YES 2. NO
- If you have money back policies, are you receiving the money back amounts on time?
- Are you receiving premium notices regularly?
- YES 2. NO
- Did you find any difficulty in effecting corrections in policy, viz change of nomination, address change etc?
- YES 2. NO
- Do you feel that claims are settled easily when the policy matures?
- Indicate the level of satisfaction you have obtained about the service...........................
- 20-40%
- 40-60%
- 60-80%
- 80-100%
- What kind of policies, have you taken?
- Endowment
- ULIP
- Health
- Team Assurance
- Have you taken policies in the name of your wife, children, parents? Wife - Yes No Children - Yes No Parents - Yes No
- Probably, how many times have you visited your insurance office or met your agents for service needs?
- Once
- Twice
- Five times or more.
- Have you asked the LIC agent about the commission he received against the policy?
- YES 2. NO
- Have you expected any share in the commission for you?
- YES 2. NO
- If you have received, what is the probable amount?
- 50% of commission
- Definite sum
- Initial premium on policies.
- Any other form.
- Not claimed.
AWARENESSOFDIFFERENT PRODUCTS. (Tick any of the following of your choice.
- Do you think that ULIPS are better than endowment plans?
- YES 2. NO 3. NOT KNOWN
- Whether group insurance plans are cheaper than individual endowment plans?
- YES 2. NO 3.NOT KNOWN
- Do you think that the companies are collecting more towards administrative charges and mortality charges?
- YES 2.NO 3.NOT KNOWN
- Do you feel that premiums are more under money back plans than endowment plans?
- YES 2. NO 3. NOT KNOWN
- Do you think that retirement planning is an absolute necessity for you?
- YES 2. NO
- Do you find any difficulty in paying premium through Internet?
- YES 2.NO 3.NOT KNOWN
- Do you feel taking policy directly avoiding the agent/sales manager and expect reduction in cost of premium?
- YES 2. NO 3. NOT KNOWN.
- Do you feel that paying premia for a group policy for all villagers of your village through village panchayat is cost effective?
- YES 2. NO 3. NOT KNOWN.
- Do you find convenient to get your policies from Post Office or a Bank?
- YES 2. NO 3. NOT KNOWN.
Questions to ascertain some more information: Please give your answers in the following scale: Strongly agree (SA) - 5 Somewhat agree (SWA) - 4 Neither agree nor disagree (AAND) - 3 Somewhat disagree (SWD) - 2 Strongly disagree (SD) - 1
55. Group 1 (Awareness levels)—Objective 1 55a. In ULIPs, the company is not responsible for investment risk.. 55b. No death claim is settled in case the policy is lapsed.. 55c. Policy holders get lesser than what they paid in case they surrender the policies. 55d. All life insurance companies have policies for all needs of the customers. 55e. Pricing of all insurance products of all companies is decided by IRDA. 55f. There is no difference between micro insurance and rural life insurance. 55g. Past performance of any company may indicate the general future performance of the company.
56. Group 2 (expectations with regard to type of products)— Objective 2. 56a. People in rural areas wish to take term assurance product since it is the cheapest of all products provided it is properly positioned by agents. 56b. Keeping pension product in the portfolio is an absolute necessity for any policy holder. 56c. Insurance companies should sell group insurance policies in order to make insurance affordable and cheap. 56d. Insurance companies should pass on the commission to the rural people by encouraging multi level marketing. 56e. Insurance companies should encourage giving concessions in premium to rural customers who wish to take policies directly from the offices. 56f. Flexible premium payment options reduce lapsation and help rural people. 57. Group 3 (Objective 3)—Knowledge levels of agents. 57a. Agents of life insurance companies are by and large quite knowledgeable. 57b. Agents of life insurance companies provide reliable investment guidelines. 57c. Agents play a noble role in spreading the insurance message for the cause of general public. 57d. Agents have explained all products and sold only those need - based products for the customers. 58. Group 4 (Additional objective: to study the effectiveness of advertisement and other promotional activities of the insurance companies. 58a. Majority of the life insurance companies have erected hoardings in the big villages. 58b. You can find agents of many life insurance companies operating in your village. 58c. The representatives of all life insurance companies visit all the villages for explaining their products. 58d. The villagers understand the benefits of all products by seeing the advertisements in the TVs.
61. Group-7 (Additional objective- to study the factors that influence the purchase decisions of the rural customers.) 61a. Educated school and college going children have a major say in the life insurance purchase decisions. 61b. Village elders and opinion leaders are to be roped in for effective sale of the product in rural areas. 61c. Canvassing insurance becomes easy if the agent of the same caste of the customer go for canvassing. 61d. Advertisements and print media have very less influence on the purchase decisions of the rural customers. 61e. It is difficult to canvas sales of life insurance policy by a strange person not known to the villagers earlier. 62. Group-8 (Additional objective – to study whether insurance is equally sought after by both genders in the rural areas. 62a. Rural male investors take policies on the lives of their wives since premiums would be less for lesser age persons. 62b. Insurance purchase decisions are influenced by women in rural areas. 62c. Maximum policies sold in rural areas are on the lives of male members. 62d. Majority of agents in rural areas are women. 63. Group-9 (Additional objective- to study the pattern of canvassing of policies in rural areas.) 63a. Life insurance in rural areas is sold more as an investment option than as an insurance option due low levels of insurance awareness. 63b. Agents show the probable maturity returns and try to woo the customers in rural areas. 63c. Majority of policies sold in rural areas are yearly policies synchronizing the harvest months. 63d. Specific insurance needs of rural people are never the basis for canvassing policies. 63e. Only a few popular products are sold to rural people to avoid complication in explaining the features. 64. Group-10 (Additional objective- to study the utilization of IT initiatives of the life insurance companies by the rural customers.) 64a. Customers of rural areas, in general, know the toll free number 1251 for getting policy related information from LIC of India.
64b. Villagers obtain the policy status, due dates of premiums, the quantum of loan amounts and such other things through the websites of insurers. 64c. Insurance companies have educated the customers in rural areas to make use of Internet for accessing required information. 64d. The advanced features of premium payments through ATMs, SMS and Internet are known to rural customers. 64e. The villagers in rural areas know payment procedure in NEMMADI KENDRAs operated by Comat company in Karnataka on behalf of LIC of India.
65. Group-11 (Additional objective – to study awareness of government subsidized schemes and their popularity in rural market.) 65a. Janashree Bima Yojana, Siksha Sahayog Yojana and Aam Aadmi Bima Yojana subsidized by government of India and administered by LIC of India are known to all agents. 65b. Janashree Bima Yojana, Siksha Sahayog Yojana and Aam Aadmi Bima Yojana subsidized by government of India and administered by LIC of India are known and popular among all villagers. 65c. The subsidized social security schemes have not effectively covered the poor and needy claimants due to lack of adequate support from the nodal agencies of the government. 65d. The subsidized social security schemes have not effectively covered the poor and needy claimants due to lack of interest shown by insurance agents. 65e. By popularizing subsidized schemes the objective of widespread rural insurance coverage can be achieved. 65f. Subsidized rural life insurance schemes can become popular if the agents are provided with extra incentives.
- Do you feel group insurance policy a better option for covering a homogeneous group of a village instead of selling individual policies?
- YES 2. NO
- Have you found any remarkable differences in the products of different companies sold in the rural markets? If so, what are the differences?
- YES 2. NO
- What are the difficulties in selling policies in rural areas? 1.Illiteracy 2.Lack of insurance awareness 3.Lack of disposable income 4.Lack of need based products
- What type of existing policies do you suggest for selling in rural areas? 1.Endowment 2.ULIP 3.Low premium term assurance policies
- Group policies
- Do you think that the private companies and the LIC of India are really interested in selling policies in rural areas?
- YES 2. NO
12.a. If no, what is your suggestion to make insurance more popular in rural areas?
- What suggestions do you make to reduce the cost of insurance of rural policy holders?
- Reduction in commission on rural policies.
- Selling term insurance plans.
- Any other.
13.a What are the expectations of the rural policy holders as different from urban policy holders as perceived by you?
13.b. What are the special potentialities available in rural areas as against urban areas in selling policies?
- Do you expect any extra incentive to promote rural policies in terms of commission or gift or recognition or awards?
- YES 2. NO
- Do you think that the rural policy holders trust private companies as much as they trust LIC of India?
- YES 2. NO
15a. If no, state the reasons
- How do the rural policy holders get attracted to life insurance? a) Word of mouth b) Advertisements c) Canvas by agents d) Through the influence of opinion makers.
- Do you feel that a good opinion maker in the village can influence the insurance decisions of the rural people?
- YES 2. NO
- Do you think that rural people take policies more on trust and do not expect much of rebates as the urbanities usually do?
- YES 2. NO
- Do you think the insurance agent's caste / religion / sex etc can be made use of to influence the investment decisions of the rural people?
- YES 2. NO
- What strategies do you suggest to make rural policies popular?
- Any suggestion for premium structure of rural policies.
Appendix 3D Human Development Index(HDI)
Year Rural Urban Total 1981 0.26 0.44 0. 1991 0.34 0.51 0. 2001 0. Source: Human Development Report,2001-Extract from the Rural Marketing Book, 2009 by Pradeep Kashyap and Siddhartha Raut, page 29
Appendix 3-E Human Poverty Index(HPI) Year Rural Urban 1981 53 27 1991 44 22 Source: Human Development Report,2001-Extract from the Rural Marketing Book, 2009 by Pradeep Kashyap and Siddhartha Raut, page 30
Appendix 3-F Percentage share of the different sectors in GDP (at 1993-94 prices) Year Primary Secondary Tertiary Total 1950 - 51 57.2 14.8 28 100 1980 - 81 39.7 23.7 36.6 100 2001 - 02 23.9 26.6 49.5 100
Source: National Account Statistics, 1951-2001 -Extract from the Rural Marketing Book, 2009 by Pradeep Kashyap and Siddhartha Raut, page 30
Appendix- Article published in Southern Economist, 1st^ August, 2010.
Appendix- Article published in Southern Economist, 15th^ May, 2010.
