16_questionnaire Insurance Product

Questionnaire For Consumers of Insurance Products

The information collected is intended to be used for pursue academic purposes. I shall be grateful for your valuable inputs and active co-operation. Kindly respond to all questions. You need need not disclose your your identity Tick () the appropriate answer where required 1.

Which of these long-term savings you are aware of? (a) Life Insurance (b)

Fixed deposit

(c)

Mutual Funds

(d) Securities (Shares and Debentures)

2.

(e)

Post Office Savings

(f)

Any other

Have you taken any life insurance policy Yes

3.

No

If “Yes” From which source did you come to know about life insurance? News Papers and Magazines

Radio

Television

Direct Sales Executive

Agents/ Field sales representative Bank

Friend

Telemarketing Internet Direct Mail If “No”

199

Others (pl. Specify)

4.

5.

What are the reasons that may have held you back from investing in life insurance products? (Please rate them on extent of impact) Very low Very High (a)

Lack of awareness

1

2

3

4

5

(b)

Returns not lucrative enough

1

2

3

4

5

(c)

Promotional measures not attractive

1

2

3

4

5

(d)

Not approached by the intermediaries

1

2

3

4

5

(e)

Inclination to short term lump sum gain

1

2

3

4

5

(f)

Not affordable

1

2

3

4

5

(g)

Any other (

1

2

3

4

5

)

If you are holding a life insurance policy, please mention the name of the policy that you taken and the name of the company? Name of the Policy

:

Name of the company : 6.

What prompted you to buy the life insurance policy from the company named by you? (please rate them on scale of importance) Very low Very High (a) Brand image of the Company

1

2

3

4

5

(b) Excellent past record of performance

1

2

3

4

5

1

2

3

4

5

(c) Marketing people insisted me to buy

1

2

3

4

5

(d) Impressed the company‟s Ads and promotion

1

2

3

4

5

(e) Desire to try out a new company

1

2

3

4

5

1

2

3

4

5

(c)My friend/acquaintances have bought from this company

(e )Any other ( 7.

)

Are you able to recall any “Ad‟ about life insurance in general and / or life insurance product in particular Yes

No

200

8.

If “Yes” What in the main message that you get from the “Ad”? Low

9.

10

High

(a) Risk coverage

1

2

3

4

5

(b) Protection for the family

1

2

3

4

5

(c) Long term savings

1

2

3

4

5

(d) Tax savings

1

2

3

4

5

(e) Provision for old age

1

2

3

4

5

(f) Any other (Please Specify )

1

2

3

4

5

do you think that advertises (the life insurance company) wants you to know belief or do? (a) life insurance, a must for family protection

Low 1 2

3

High 4 5

(b) should go for compulsory long term savings

1

2

3

4

5

(c) should express my love for family through life insurance

1

2

3

4

5

(d) should have adequate risk coverage

1

2

3

4

5

(e) can save tax through life insurance

1

2

3

4

5

(f) can have peace and mental satisfaction

1

2

3

4

5

(g)should have economic independence and dignity in old age

1

2

3

4

5

(h) any other (Please specify )

1

2

3

4

5

How likely is it that the „Ad‟ will influence you to buy a life insurance product? (a)„Ad‟ is only a good source of information to me

Agree

Disagree

(b)Too many Ads by different companies create confusion

Agree

Disagree

(c) The actual product I buy in usually the same as advertised

Agree

Disagree

(d) It in hard to make a buying decision because of all the products to choose from

Agree

Disagree

201

(e) „Ads‟ sometimes make high promises than actually experienced later on

11.

Agree

Disagree

(f) I get promoted to make further enquires about the idea /product particularly it‟s features and price.

Agree

Disagree

(g) The main reason a company comes out with „Ads‟ is to make more sales

Agree

Disagree

(h) Advertising tempts people to think seriously about their „ourselves‟ and their family

Agree

Disagree

(i) I like to buy products that have well known brand name

Agree

Disagree

(j) It seems wasteful for so many companies to produce the products with similar features.

Agree

Disagree

(k) Advertising and promotional costs unnecessarily raise the price which the consumer has to pay for a product

Agree

Disagree

(l) Even with so much advertising it is difficult to know which brand is best

Agree

Disagree

(m) The wide variety of competing products makes intelligent buying decisions more difficult

Agree

Disagree

(n) Advertising usually present correct and true picture of the product

Agree

Disagree

How do you made your purchase decision for life insurance product? (a) Consult other people to help choose the best alternative YES available from a product class

NO

(b) Try to buy the same brand that my friends/ colleagues have bought

YES

NO

(c) Consult an Agent / Advisor before making final decision to buy

YES

NO

(d) Base my decision on the brand value of the company and the product.

YES

NO

(e) Achieve a sense of belonging by purchasing the same brands and from the same company that other purchase

YES

NO

202

12.

In selecting form many types and brands of the insurance products available in the market, would you so that I would not care at all as to which 1 2 3 4 5 I would care a great deal as to one by one buy which

13.

How important would it be to you to make a right choice of the brand? Not at all important 1 2 3 4 5 very much concerned Do you tend to stick to the same brand and remain loyal to a particular insurance company and its product? (a) I would rather stick with a brand I usually buy than try Yes No something I am not sure of 

14.

15.

(b) If I like a brand, I really switch from it just to try something different.

Yes

No

(c) I got bored with buying the same brands and even if they are good.

Yes

No

(d) When I see a new brand some what different from the usual, I make enquires.

Yes

No

(e) I rarely read „Ads‟ that just seen to contain a lot of  information

Yes

No

(f) I feel the urge to buy something really different from the brands I usually buy

Yes

No

(g) I take chances in buying unfamiliar brands just to get some Yes No variety in my purchase While purchasing a life insurance policy of a particular brand would you so that the commercial / Ads and other promotional campaigns used by the insurance company. (a) Remind you of the brand

Yes

No

(b) I feel as though I were right there in the commercial expensing the same thing

Yes

No

(c) I am compare the brand with other competing brands on matters that are important to me.

Yes

No

(d) This commercial leaves me with a good feeling about using the brand that I have bought.

Yes

No

203

16.

Personal data (optional) i) Sex

Male

Female

ii) Age group iii) Occupation

18-25 yrs

26-35 yrs

36-45yrs

46-55 yrs

Government /Public sector employee Pvt. Sector employee Self employed Professional (Doctor / Lawyer etc) Agriculturist Urban Marginal (wage earners)  NRI‟s Media Person Others (Please Specify ) iv) Annual Income

Less than Rs. 3,00,000 Between Rs.3,00,000 to 5,00,000 Between Rs.5,00,000 to 8,00,000 Between Rs.8,00,000 to 10,00,000 Above 10,00,000

204

Above 55