3.
Sample Description
A total of 450 respondents have been contacted for the purpose of data collection. The city-wise, product-wise distribution and demographic profile of the respondents are detailed in the following sections.
3.1.1
City-wise Distribution of Respondents
For the purpose of data collection, Chandigarh and the major cities of Punjab have been selected. The cities of Punjab that have been selected include Ludhiana, Amritsar, Jalandhar and Patiala. The city-wise distribution of the respondents is presented in Table 3.1.
Table 3.1
City-wise Distribution of the Respondents Cities Ludhiana Amritsar Jalandhar Patiala Chandigarh N Number of Respondents 98 82 90 81 99 (21.78) (18.22) (20.00) (18.00) (22.00) 450
The table shows that most of the respondents (22.00%) belong to Chandigarh, followed by Ludhiana (21.78%), Jalandhar (20.00%), Amritsar (18.22%) and Patiala (18.00%), in that order.
3.1.2
Product-wise Distribution of Respondents
The products selected for the study include private car insurance, packaged home insurance and individual health insurance. The population consists of all the policyholders, who have purchased any two of the three insurance covers under study. Table 3.2 presents the product-wise distribution of the respondents.
Table 3.2
Product-wise Distribution of Respondents Products Public Sector Car Insurance Home Insurance 266 (59.11) 151 (33.56) 211 (46.89) Private Sector 172 (38.22) 88 (19.56) 110 (24.44) N = 450 Do not have policy cover
12 (2.67) 211 (46.89) 129 (28.67)
Health Insurance
The table reveals that 2.67 per cent of the respondents have not got car insurance. As many as 59.11 per cent and 38.22 per cent have purchased car insurance from public and private sector companies respectively. The table also shows that 46.89 per cent of the respondents have not got home insurance. As many as 33.56 per cent and 19.56 per cent have purchased home insurance from public and private sector companies respectively. Further, 28.67 per cent of the respondents have not got health insurance. However, 46.89 per cent and 24.44 per cent have purchased health insurance from public and private sector companies respectively.
3.1.3
Demographic Profile of Respondents
The demographic profile of the respondents is presented in Table 3.3.
The table reveals that majority of the respondents (88.44%) are males. Only 11.56 per cent are females. Further, most of the respondents (26.67%) are in the age group 40-50
years, followed by age groups of 50-60 years (25.11%), 30-40 years (19.56%), 20-30 years (17.78%) and 60 years or more (10.89%), in that order.
Table 3.3
Demographic Profile of Respondents Profile Characteristics Sex Male Female Age (in years) 20- 30 30- 40 40- 50 50- 60 60 or more Occupation Service Business Professional Others Monthly Income (in Rs.) Less than 20,000 20,000- 30,000 30,000- 40,000 40,000 or more Did not respond Education Matriculation Under graduation Graduation Post graduation Professional Qualification Marital Status Married Unmarried Categories N=450 Number of Respondents 398 52 80 88 120 113 49 238 104 46 62 91 89 80 75 115 23 38 206 112 71 388 62 (88.44) (11.56) (17.78) (19.56) (26.67) (25.11) (10.89) (52.89) (23.11) (10.22) (13.78) (20.22) (19.78) (17.78) (16.67) (25.56) (5.11) (8.44) (45.78) (24.89) (15.78) (86.22) (13.78)
Occupation-wise distribution of the respondents shows that most of the respondents (52.89%) are in service, followed by business (23.11%). Only 10.22 per cent of the respondents are professionals, whereas 13.78 per cent of the respondents belong to others category of occupation, which includes those who are housewives among females, students and those who are retired from service. As regards income level of respondents, 25.56 per cent of the respondents have not revealed their income level. Most of the respondents (20.22%) belong to the monthly income group of less than Rs. 20,000, followed by monthly income groups of Rs. 20,000-30,000 (19.78%), Rs. 30,00040,000 (17.78%) and Rs. 40,000 or more (16.67%), in that order. As far as education level is concerned, most of the respondents (45.78%) are graduates, followed by postgraduates (24.89%). As many as 15.78 per cent have got professional qualification. Only 8.44 per cent and 5.11 per cent are undergraduates and matriculates respectively. Further, the table indicates that majority of the respondents are married (86.22%). Only 13.78 per cent are unmarried.
3.2 Awareness regarding Various General Insurance Companies
The respondents have been asked to specify the names of those general insurance companies, they are aware of. The responses in this regard are shown in Table 3.4.
The table shows that awareness regarding public sector companies is relatively high as compared to private sector companies. In case of the public sector companies, most of the respondents (84.67%) are aware of National Insurance, followed by New India Assurance (79.33%), Oriental India (72.00%) and United India (65.78%), in that order. In case of the private sector companies, most of the respondents (51.56%) are aware of ICICI Lombard, followed by Bajaj Allianz (39.11%), Iffco Tokio (28.00%), Tata AIG (18.89%), Reliance (17.33%) and Cholamandlam (17.11%), in that order. Only 12 per cent and 5.78 per cent of the respondents are respectively aware of HDFC Chubb and Royal Sundram.
Table 3.4
Awareness regarding Various General Insurance Companies Sector Name of the Company N= 450 Number of Respondents 357 381 296 324 126 77 176 85 78 54 232 26 (79.33) (84.67) (65.78) (72.00) (28.00) (17.11) (39.11) (18.89) (17.33) (12.00) (51.56) (5.78)
New India Assurance Public Sector Companies National Insurance United India Oriental India Iffco Tokio Cholamandlam Bajaj Allianz Tata AIG Reliance HDFC Chubb ICICI Lombard Royal Sundram
Private Sector Companies
