Project Report Life Insurance Companies in India
The first stage involved initial discussion between the various team members and the company in order to identify the research objectives (Rationale of the research), which is the most difficult step in the research process.
Research design is the arrangement of condition for collection and analysis of data in a manner that aims to combine relevance to the research purpose with the economy in procedure. It is the blueprints for collection, measurement and analysis of data.
Type of Research: Analytical Research
Under the analytical research, the researcher has to use facts or information already available and analyze the facts and information to make a critical evaluation of the material. The research is designed to study the performance of insurance companies in the post-liberalization era.
The methodology followed for research is as following:
1. Survey of concerned literature
2. Collecting data:
3. After the collection of data the raw data is processed through editing, loading, classification and tabulation to make analysis of the data of information
After the analysis the finding are drawn and recommendations/conclusion are made.
The research design which help to answer the following questions:
- Why the study is being made?
- From where the data needed can be collected?
1. PRIMARY DATA
These include the survey or questionnaire method, telephonic interview as well as the personal interview methods of data collection
2. SECONDARY DATA
The secondary data as it has always been important for the completion of any report provides a reliable, suitable, adequate and specific knowledge. The standard cost reports, working sheets provide the knowledge and information regarding the relevant subjects.
Secondary data is a data, which is collected from various sources. Secondary data is not a fresh data so it has its own limitations like: Time Constraints, Accuracy and Applicability.
UNIVERSE AND SURVEY POPULATION SAMPLE
The process of collecting observation from the elements of a large population may be expensive, time consuming and difficult. It will be cheaper and quicker to collect the information from a sample of the population.
A sample is a fraction or a subset of population through a valid statistical procedure so that it can be regarded as representative of the entire population. The valid statistical procedure of drawing sample from the population is called sampling.
Nature of sampling
Random sampling has been used here. Random sampling is a type of sampling technique where each element of population has a chance of getting selected. Nature of this sampling is random sampling because each insurance company has an equal chance of being selected is its category.
One of the units which an aggregate is divided or regarded as divided for the purpose of sampling, each unit being regarded as individual and invisible when the selection is made. The definition of unit may be made on some natural basis or on some arbitrary basis. In the case of multistage sampling the units are different at different stages of sampling, being “large” at the first stage and growing smaller with each stage in the process of sampling.
The sample size for measuring the performance for life insurance companies is as follows:
This study is based on analysis the performance of different life insurance company in India, LIC is the major player in the market, there are 15 other life insurance companies operating in the country. Thus the size of the universe is 16.
Out of these 16 companies, 4 companies are selected; in these one is Public Company and other Three are Private Companies:
- Life Insurance Corporation of India
- Kotak Life Insurance
- ICICI Prudential Life insurance
- HDFC Standard Life Insurance
After the data is collected and editing, the next job of the researcher is to present it systematically. The collected data is so large, complex and unarranged that it can’t be processed without arranging it according to same charteristics.
The following statistical and analytical tools have been used:
- Various plans offered by the companies.
- Net Asset Value of Companies major Plans.
- Market Share of the companies.