An analysis on selling strategies with special reference to hdfc standard life insurance
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This document analyzes selling strategies for HDFC Standard Life Insurance. It introduces HDFC as one of India's leading private insurers and lists some of their individual and group insurance policies. It then discusses the need to study selling strategies in the competitive life insurance market. The objectives are to study HDFC's selling process and factors affecting their sales. A survey was conducted of HDFC employees and life insurance customers. Findings show people are insured by several companies and most learn about insurance from family/friends. The document performs a SWOT analysis and provides recommendations like expanding to rural markets and increasing women customers.
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HDFC Life Insurance is a partnership between HDFC Ltd and Standard Life established in 2000. It has 414 offices in India and international offices in Dubai. It has over 145,000 employees and competes with SBI Life Insurance and ICICI Prudential. HDFC Life offers 37 retail and 8 group insurance products along with 9 riders. Its vision is to be the most successful and admired life insurance company through trust, customer service, value and industry standards. It has a variety of savings, investment, protection, health and retirement plans. One of its protection plans is Click2Protect Plus which offers term insurance with options for death benefits, accidental death benefits and monthly income payments.
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This document appears to be a project report submitted for a Bachelor's degree that studies the marketing strategies of HDFC Standard Life Insurance in Sagar, Madhya Pradesh, India. It includes an introduction covering the insurance industry and HDFC Standard Life profile. The report is divided into 5 chapters: introduction, literature review, research methodology, data analysis and interpretation, and findings, suggestions and conclusion. It aims to understand HDFC Standard Life's brand image and the impact of its marketing strategies on customers in the Sagar region through a questionnaire survey and data analysis.
hdfc life insurance.
HDFC Life Insurance was established in 2000 as a joint venture between HDFC and Standard Life, with HDFC holding a majority stake of 72.37% and Standard Life holding 26%; it offers a wide range of individual and group insurance products across India through 500 branches, focusing on protection, pension, savings, investment and health plans. HDFC Life aims to provide certainty, tax efficiency, flexibility and liquidity to customers through long-term savings and investment products.
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HDFC Life is one of India's leading life insurance companies. It offers individual and group insurance solutions through 421 branches across 980+ cities. HDFC Life distributes products through agents, banks, direct channels, brokers, and online platforms.
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HDFC Life Insurance was established in 2000 as a joint venture between HDFC and Standard Life, with HDFC holding a majority stake of 72.37% and Standard Life holding 26%; it offers a wide range of individual and group insurance products across India through 500 branches, focusing on protection, pension, savings, investment and health plans. HDFC Life aims to provide certainty, tax efficiency, flexibility and liquidity to customers through long-term savings and investment products.
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This document presents a comparative study of life insurance products offered by HDFC Life and other insurance companies in India. It provides an overview of HDFC Life, describing its founding and operations. It then analyzes several HDFC Life products, including protection plans, retirement plans, health plans, and savings/investment plans. The document proceeds to compare HDFC Life's ULIP plans to those of other insurers based on criteria like minimum premium, entry age, partial withdrawal options, and surrender periods. It outlines objectives to analyze product details, identify similarities and differences between companies, and understand customer purchase factors. The document also discusses marketing challenges and provides suggestions to improve HDFC Life's outreach and product offerings.
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This document provides a summary of a project report on the recruitment of financial consultants at HDFC Standard Life Insurance Company. The 3-page summary discusses the following key points:
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An analysis on selling strategies with special reference to hdfc standard life insurance
- 1. An analysis on selling strategies with special reference to HDFC Standard Life Insurance Rahul Verma MBM-I Roll No.-127633 DEI, Delhi(Sync)
- 2. Introduction HDFC Standard Life Insurance Company Limited is one of India’s leading private insurance companies, which offers a range of individual and group insurance solutions.
- 3. Products and Policy S. No . Name of Policy Age Limit Term Limit Benefits Products of Life Insurance 1 HDFC children’s Plan 18-60 10-25 Accelerated, maturity Whole Life 2 HDFC Saving Plan 18-50 10-30 Flexibility, Protection, No medicals Whole Life 3. HDFC Personal Plan 35-60 10-40 Choose Whole Life 4. HDFC immediate annuity Life time or over a period 15 Death Benefit Whole Life 5. HDFC Single Premium 18-70 15 Death Benefit Whole Life 6. HDFC Premium Guarantee Plan 18-55 10-30 Maturity benefit (Waiver of Premium) Whole Life
- 4. Need of the study There are lot of problem in life insurance sector so there is need to study of selling strategies in present competitive market to attract prospects for selling life insurance products, how to make a new client, how can life insurance company get better sales from other, how can create utility of life insurance among people and also with the help of selling strategies we can tell the client that which policy is best for their purpose.
- 5. OBJECTIVES OF THE STUDY To study the selling process of HDFC STANDARD LIFE INSURANCE To find out factors affecting HDFC STANDARD LIFE INSURANCE
- 6. RESEARCH METHODOLOGY Primary data:- Questionnaires Questionnaires was distributed in following selected area Executives of HDFC STANDARD LIFE INSURANCE Customers of LIFE INSURANCE
- 7. Secondary Data: Various books Various magazines Various journal articles Various newspapers Various websites Sample size:- Executives of HDFC STANDARD LIFE INSURANCE 20 Customers of LIFE INSURANCE 80
- 8. Selling Strategies Handling Objection Presentation and Demonstration Approach Pre-approach Prospecting
- 9. FINDINGS AND RECOMMENDATIONS FINDINGS: People have LIFE INSURANCE of different companies PEOPLE ARE INSURED WITH 23.53 11.76 44.12 20.59 0 5 10 15 20 25 30 35 40 45 50 HDFC STANDARD LIFE INSURANCE COMPANY ICICI LIFE INSURANCE COMPANY L I C LIFE INSURANCE COMPANY OTHER LIFE INSURANCE COMPANY INSURANCE COMPANIES NO.OFPEOPLE(%) Series1
- 10. How do People want to know about life insurance KNOWLEDGE ABOUT LIFE INSURANCE 66 24 10 0 10 20 30 40 50 60 70 FAMILY/FRIENDS ADVERTISEMENTS SELF/PERSONAL DECISION FACTORS NO.OFPEOPLE(%) Series1
- 11. How people’s decisions influenced to choose a particular life insurance companies DECISION TO CHOOSE A LIFE INSURANCE COMPANY 4 6 8 52 28 2 0 10 20 30 40 50 60 ADVERTISEMENT REFERENCES PAST EXPERIENCES SERVICE QUALITIES LOWCOSTS EASY ASSESSIBILITIES INFUENCING FACTORS RANKINGE Series1
- 12. INSURANCE PLANS which people want to take INSURANCE PLANS PEOPLE WANT 14 46 4 36 0 5 10 15 20 25 30 35 40 45 50 CHILDREN EDUCATION PLAN PENSION SCHME PLAN MEDICAL CLAIMPLAN PROTECTION PLAN INSURANCE PLANS NO.OFPEOPLE(%) Series1
- 13. SWOT Analysis STRENGTHS BIG BRAND AFTER SALES SERVICE CUSTOMER WEAKNESS PENETRATION CONTROVERSIES OPPORTUNITY RURAL AREA INSURANCE THREATS COMPETITION CRISIS SWOT ANALYSIS
- 15. Conclusion The company should try to tap the rural market as this segment has immense scope and people are ready to invest provided the premiums are small and the terms are less. It is also seen that women are insured less as compared to males and this should also changed.The company should try to advertise through television as most of its near competitors like Bajaj, ICICI, Max New York Life and other players use this medium.
- 16. Reference www.google.com.in www.standardlife .com www.hdfcinsurance .com www.mouthshut.com/ www.filife.com/companies/standard- insurance
- 17. Thank You