Conclusion </li></li></ul><li>What Is Insurance?<br /> Insurance is a :-<br /> Contract between two parties<br /> one party called insurer <br /> in exchange for a fixed sum called premium<br /> to pay the other party on happening of a certain event.<br />
Insurance Regulatory and Development Authority<br /><ul><li>IRDA is a national agency of the Government of India, based in Hyderabad. It was formed by an act of Indian Parliament known as IRDA Act 1999.
Mission of IRDA as stated in the act is "to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental there to."</li></li></ul><li>Housing Development Finance Corporation Limited (HDFC) <br /><ul><li>Established in year 1977.
Assisted more than 3.4 million families own a home.
International offices in Dubai, London and Singapore.</li></li></ul><li> Standard Life Insurance Company (SLIC)<br /><ul><li>Standard Life is UK’s leading long term saving and investment company.
Headquarter in Edinburgh and operating internationally.
On 10 july, 2006 Standard Life was listed in London Stock Exchange.</li></li></ul><li>HDFC Standard Life Insurance(Joint Venture) <br /><ul><li>Incorporated on 14 August,2000.
HDFC holds 74% SLIC holds 26%</li></li></ul><li>Vision<br />The most successful and admired Life Insurance Company, which means that we are the most trusted company, the easiest to deal with, offer the best values for money, and set the standards in the industry,<br /> In short,:- <br />“The most obvious choice for all” <br />
Mission<br /><ul><li>To reach out and influence our target customer.
In the most Competitive manner, providing the customers with access to world class insurance based solutions.</li></li></ul><li>Values<br /><ul><li>Integrity
Claims<br />A claim is the payment made by the insurer to the insured or claimant on the occurrence of the event specified in the contract, in return for premiums paid for the insured.<br />Key Terms<br /><ul><li>Claimant
Research Methodology<br /><ul><li>Research Design</li></ul> Descriptive<br /><ul><li>Universe</li></ul> Every customer who had applied for life insurance claim in the world.<br /><ul><li>Population</li></ul> The customers who had purchased the life insurance policies of HDFC SLIC and availed the services of claim in India.<br />
Continued…<br /><ul><li>Sampling </li></ul>Every individual who has applied for claim in Ludhiana, Amritsar, Jalandhar and Chandigarh.<br /><ul><li>Sample Size</li></ul> 60 respondents<br /><ul><li>Sampling Technique</li></ul> Convenience sampling<br /><ul><li>Data collection</li></ul> Primary- Structured Schedule<br /> Secondary – Journal and Internet.<br />
LIMITATIONS<br /><ul><li>Sample size was limited.
Time has played a biggest constraint that the research could not be carried out comprehensively as the duration of the study was only 6 - 8 weeks
A maturity claim is not considered in research because company has not yet covered its 10 year.
Analysis of claim is done only for the HDFC SLIC.
Study is conducted through telephonic interview. So respondents may be biased.</li></ul> <br />
FINDINGS <br /><ul><li>Policyholder choose branch to get the information rather than the agents this may be due to lack of trust on the agents.
The main problems regarding the claim settlement are documentation and non-co-operation of agents.
Customers are neutral regarding the time period for settlement of claim. There is a need to improve the satisfaction of the customers regarding time period.
Customers are satisfied with the employee behaviour and co-operation they have received from the company which clearly projects that company values their customer.
There is a mix response regarding the purchase of policy again from HDFCSLIC</li></li></ul><li>SUGGESTIONS <br /><ul><li>The entire process of documentation should be told to the customers at the time of purchase of policy.
Time period for settlement of claim should be decreased.
Company should give their customers proper updates about their claim status.
The company should urge their agents to co-operate with the customers.</li></li></ul><li>CONCLUSION <br /><ul><li>The customers are attracted to an insurance company by its state of art claim service.
Life insurance service sector is highly growing finance sector.
Claim settlement services provided by the company affects the image of the company.</li></li></ul><li>