Submitted by,
YOGESH KUMAR SAHU

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INTRODUCTION
In this research I want to study of Factor Influencing the choice of Insurance among the senior citizen of Durg & Bhilai city.
The options for purchasing Insurance are plentiful with choices ranging from choosing the Insurance Company, searching for an agent, deciding on the deductible, amount of coverage, beneficiaries and dependent coverage.
Insurance is a cover used for protecting oneself from the risk of a financial loss. It is important to understand that risk is a part of any person’s life and that it increases as a person increases in age, responsibility and wealth. Insurance is risk coverage against financial losses and should not be taken as an investment instrument.
There are mainly two parties involved in this – the insurer and the insured. The insurer is the insurance company who will provide the cover to the insured against any financial losses. The insured may be an individual person or a group of people like an employer, members of a society, etc.
A policy is the contract between the insurer and the insured, which states the risks covered, the exclusions, if any, and the benefits reimbursed on the happening of an event like death, illness etc. The policy is paid through what is called a premium, which is a set amount that must be paid by the insured on a monthly, semi-annual or annual basis. On the happening of an event like death, disability, fire, etc, for which the insured is covered, the benefit amount stated in the policy contract can be claimed by the insured.
So I have tried to analyze some of those factors and tried to bring in front of you.
This research study helps to design the strategies for the insurance companies targeting towards senior citizens.
LITERATURE REVIEW
Health insurance
Health insurance like other forms of insurance is a form of collectivism by means of which people collectively pool their risk, in this case the risk of incurring medical expenses. The collective is usually publicly owned or else is organized on a non-profit basis for the members of the pool, though in some countries health insurance pools may also be managed by for-profit companies. It is sometimes used more broadly to include insurance covering disability or long-term nursing or custodial care needs. It may be provided through a government-sponsored social insurance program, or from private insurance companies. It may be purchased on a group basis (e.g., by a firm to cover its employees) or purchased by an individual. In each case, the covered groups or individuals pay premiums or taxes to help protect themselves from unexpected healthcare expenses. Similar benefits paying for medical expenses may also be provided through social welfare programs funded by the government.
Pension Plan
In general, a pension is an arrangement to provide people with an income when they are no longer earning a regular income from employment.[1] It is a tax deferred savings vehicle that allows for the tax-free accumulation of a fund for later use as a retirement income. Pensions should not be confused with severance packages; the former is paid in regular installments, while the latter is paid in one lump sum.
The terms retirement plan or superannuation refer to a pension granted upon retirement.[2] Retirement plans may be set up by employers, insurance companies, the government or other institutions such as employer associations or trade unions
A retirement plan is an arrangement to provide people with an income during retirement when they are no longer earning a steady income from employment. Often retirement plans require both the employer and employee to contribute money to a fund during their employment in order to receive defined benefits upon retirement. Funding can be provided in other ways, such as from labor unions, government agencies, or self-funded schemes. Pension plans are therefore a form of "deferred compensation"
FACTORS
Income:- Income can be taken out whether you are employed or self-employed and can provide financial cover right up to retirement if you so wished.
Services Factors:- It’s directly related to provide a service by any insurance company like Agent facility, collection of premium, payment mode (online Banking, cheque etc. )
Sum Assured Amount:- Suitable for the investment oriented person. If you choose this option like 10 times the ATP or 20 times ATP (Annual Target Premium) you Sum Assured and your annual premiums will remain constant throughout the tenure of the policy
Risk Factor :- Life insurance is a complicated business. When an insurer analyses your application, they will be looking to minimize the chances they will lose money by insuring you. So the buyer of life insurance would do well to understand the risk factors in their lives that may push up their premiums.
Tax Benefit:-It’s may entitle you to certain tax benefits on your premiums and on your maturity value.
• U/s 0c of the Income Tax Act 1961 on your Annual Premium on your Policy.
• U/s 10(10DD) of the Income Tax Act 1961 on your maturity proceeds of the policy.
Death Benefit:- In case unfortunate event of the death of the life insured, the company shall pay the sum assured of the policy subject to deduction of Critical illness benefit if paid any.
If the life insured dies due to an accident, the company shall pay an additional benefit equal to 100% of the Sum Assured without adjusting for the critical illness benefit if paid any.
Maturity Benefit:- The amount payable on maturity would be the fund value in respect of the Balanced and Growth Fund.
Switching Facility:-This facility to change the investment pattern by moving from one fund to other fund(s) amongst the funds offered under this contract. Switching of units between multiple Investment policy.
Liquidity Facility:- This facility is only allowed from the Non guaranteed funds. you can make partial withdrawal up to 20% of the fund value in any policy year. Please notes that this facility is not available during the first three policy years, and also that each Top-up will have a lock in 3 year for Liquidity.
Premium
i) Frequency of premium payout :- Frequency means Policy Terms , The time duration of the policy like 15 years or 20 years.
ii) Amount :- Amount of the Premium it’s depend on the Terms and Condition of the Policy.
Charges under the Policy:- There are many types of charges.
• Premium Allocation Charges
• Fund Management Charges
• Policy Administration Charges
• Mortality Charges
• Switching Charges
• Liquidity Charges
• Surrender Charges
Purpose of our Investment Strategy :- A comprehensive Health Insurance policy specially offer complete protection for you and your family. And the pension plan to influence the people for retirement benefits and earn a regular income on monthly bases as a Salary.
Friends & Family Recommendation :- Recommendation is most important factor to influence the people to choose insurance policy, with the suggests of our friends and family members. because he knows that which insurance company & which policy are gives low risk and High returns.
RESEARCH METHOLOGY
RESEARCH OBJECTIVE:-
 To identify the factor which influence the choice of insurance to words senior citizen in Durg and Bhilai.
 To give suggests the measure to the companies based on the identified factor.
 To find out the customer’s reasons towards investment in insurance policies.
 To identify major attributes which effects the decision making process of purchase of Insurance policies
 To identify major market players offering Insurance policies.
Research plan:-
RESEARCH PLAN
Research Design: Descriptive
Research Method Used Survey
Research Technique Used Questionnaire
Data Collection (location) From Durg, and Bhilai
Sampling Plan Cluster
Sample Size 70
DATA COLLECTION, ANALAYSIS AND RESULTS
DATA COLLECTION
There are two type of data collection method use in my project work report.
 Primary data
 secondary data
For my project , I decided on Primary data collection method for observing customers perceptions towards insurance and approaching customers directly in the field , comparing and references to know their preference on insurance policies for my projects through questionnaires.