This document provides information about Ankita Garg's summer training project conducted at HDFC Life Insurance. It includes a declaration by Ankita, acknowledgements, table of contents, lists of tables and figures, and an executive summary. The project report was submitted in partial fulfillment of Ankita's MBA degree and aimed to study the products of HDFC Life under the supervision of her professor and HDFC Life employees.
This document provides an overview of the Indian insurance industry. It discusses that the insurance industry in India has a history dating back to 1818 and provides life and general insurance. It notes that the industry has gone through changes in recent years with the opening up of the private insurance sector. It then discusses the nature of the industry, including that it provides protection against financial losses. It also discusses industry organizations, products offered, and recent developments like increased online services. It provides information on working conditions and common occupations in the industry.
The document provides background information on the insurance industry in India. It discusses how the industry was nationalized in 1956 but opened up to private players in the 1990s. Currently there are 52 insurance companies operating in India, with the life insurance industry experiencing a decline in growth of 1.57% in 2011-12. The insurance sector has significant growth potential as penetration rates remain low compared to other Asian countries, providing opportunities for interested companies.
Advertising startegies of idbi federal life insuranceChanchal Sharma
This document provides an overview of IDBI Federal Life Insurance Co. Ltd., including details about the company, its joint venture partners, products offered, market presence, and financial performance. Some key points:
- IDBI Federal is a joint venture between IDBI Bank, Federal Bank, and Ageas, a multinational insurance company.
- It offers life insurance products through over 3,000 bank branches of its joint venture partners across India.
- As of March 2015, IDBI Federal has issued over 835,000 policies with a total sum assured of over Rs. 53,918 crore.
Marketing Strategies of HDFC Standard LifeAnshiMalaiya
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.
This document provides information about IDBI Federal Life Insurance, including its sponsors IDBI Bank and Federal Bank. IDBI Federal is a joint venture between IDBI Bank, Federal Bank, and Ageas, an insurance company based in Europe. The document discusses IDBI Federal's rapid growth since inception in 2008. It also provides background on IDBI Bank and Federal Bank, the leading development bank and private sector bank in India that sponsor IDBI Federal.
This document appears to be a project report submitted by a student named Aakash Singh for their Bachelor of Business Administration degree. The report focuses on enhancing the distribution of insurance products for HDFC Standard Life Insurance Company in India. The report provides background on HDFC Standard Life, including its vision to be the most trusted and customer-centric life insurance company. It discusses the company's recruitment strategies and objectives to increase insurance coverage and offer customers a wide range of product options.
This document is a summer internship report submitted by NEHA to the School of Management at Gautam Buddha University. It presents a comparative study of two life insurance companies in India - IDBI Federal Life Insurance Co. Ltd. and LIC. The report includes declarations, certificates of work completion, acknowledgements, an executive summary, and outlines of chapters on the insurance industry in India, company descriptions, product profiles, research methodology, data analysis, findings and recommendations.
This document provides an overview of the Indian insurance industry. It discusses that the insurance industry in India has a history dating back to 1818 and provides life and general insurance. It notes that the industry has gone through changes in recent years with the opening up of the private insurance sector. It then discusses the nature of the industry, including that it provides protection against financial losses. It also discusses industry organizations, products offered, and recent developments like increased online services. It provides information on working conditions and common occupations in the industry.
The document provides background information on the insurance industry in India. It discusses how the industry was nationalized in 1956 but opened up to private players in the 1990s. Currently there are 52 insurance companies operating in India, with the life insurance industry experiencing a decline in growth of 1.57% in 2011-12. The insurance sector has significant growth potential as penetration rates remain low compared to other Asian countries, providing opportunities for interested companies.
Advertising startegies of idbi federal life insuranceChanchal Sharma
This document provides an overview of IDBI Federal Life Insurance Co. Ltd., including details about the company, its joint venture partners, products offered, market presence, and financial performance. Some key points:
- IDBI Federal is a joint venture between IDBI Bank, Federal Bank, and Ageas, a multinational insurance company.
- It offers life insurance products through over 3,000 bank branches of its joint venture partners across India.
- As of March 2015, IDBI Federal has issued over 835,000 policies with a total sum assured of over Rs. 53,918 crore.
Marketing Strategies of HDFC Standard LifeAnshiMalaiya
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.
This document provides information about IDBI Federal Life Insurance, including its sponsors IDBI Bank and Federal Bank. IDBI Federal is a joint venture between IDBI Bank, Federal Bank, and Ageas, an insurance company based in Europe. The document discusses IDBI Federal's rapid growth since inception in 2008. It also provides background on IDBI Bank and Federal Bank, the leading development bank and private sector bank in India that sponsor IDBI Federal.
This document appears to be a project report submitted by a student named Aakash Singh for their Bachelor of Business Administration degree. The report focuses on enhancing the distribution of insurance products for HDFC Standard Life Insurance Company in India. The report provides background on HDFC Standard Life, including its vision to be the most trusted and customer-centric life insurance company. It discusses the company's recruitment strategies and objectives to increase insurance coverage and offer customers a wide range of product options.
This document is a summer internship report submitted by NEHA to the School of Management at Gautam Buddha University. It presents a comparative study of two life insurance companies in India - IDBI Federal Life Insurance Co. Ltd. and LIC. The report includes declarations, certificates of work completion, acknowledgements, an executive summary, and outlines of chapters on the insurance industry in India, company descriptions, product profiles, research methodology, data analysis, findings and recommendations.
This document provides a summary of a summer placement report submitted by Ravi Agarwal on their internship at HDFC Standard Life Insurance Company. The report includes an overview of the Indian insurance industry, history of insurance in India, key milestones, and reforms. It also discusses the present scenario of the life insurance industry in India and HDFC Standard Life's products, marketing strategies, competition, and recommendations for improving sales and market share.
IDBI Federal Life Insurance is a joint venture between IDBI Bank, Federal Bank and Ageas. The document provides an overview of the company, including its products, mission, values and SWOT analysis. It then outlines a project for trainees which involves researching the company's current advertising strategies and developing a new strategy to improve awareness and market share, particularly through digital advertising and campaigns throughout the year. Key findings from a questionnaire indicate low brand awareness and a need for more frequent advertisements, especially online. Suggestions include using the AIDA model and advertising across various media channels on a consistent basis.
This document discusses customer retention at IDBI Federal Life Insurance Co. Ltd. in Hyderabad, India. It aims to study the factors that help IDBI retain customers and identify ways to improve customer satisfaction. A survey was conducted of 120 existing customers. The results found that over 60% of customers were satisfied with their experience and benefits. However, only 33% felt IDBI offers higher benefits than competitors. The document recommends ways for IDBI to retain customers like offering rewards for continuous purchase, gifts, and membership programs. It suggests developing policies targeting unmarried customers and increasing promotions to educate all customer types.
This document summarizes a study on target customer behavior and marketing approach for IDBI Federal Life Insurance Company. It identifies key managerial problems such as lack of brand awareness and trust. Through qualitative and quantitative research involving surveys and segmentation, it analyzes customer perceptions, preferences and behavior across different income and age groups. The results show gaps in IDBI Federal's marketing activities and awareness. Recommendations focus on targeting specific income segments, positioning products as lower risk options, and boosting marketing efforts through referrals and newspapers.
The document provides information about IDBI Federal Life Insurance Company:
1. It is a joint venture between IDBI Bank, Federal Bank and Ageas with 48%, 26% and 26% shares respectively.
2. The company offers a range of wealth management, protection and retirement solutions and achieved break-even in 2013 after commencing operations in 2008.
3. A PEST analysis is presented identifying various political, economic, social and technological factors impacting the insurance industry.
- ANALYSIS OF THE CUSTOMER ATTITUDE, PREFRENCE AND SATISFACTION TOWARDS INV...Sardaar Saab
The document is a project report submitted by Shifali Khural for her MBA program. It analyzes customer attitudes, preferences, and satisfaction towards investments in ICICI Prudential Life Insurance Co. Ltd. The report includes an introduction to the insurance sector in India, a profile of ICICI Prudential, their products and major competitors. It outlines the objectives of studying customer investment preferences and factors influencing satisfaction. The methodology discusses collecting primary data through questionnaires and secondary data from sources like the internet, magazines and journals.
This document is a summer training report submitted to Guru Jambheshwar University by Mohit Agarwal after completing an internship at HDFC Standard Life Insurance. The report includes an introduction to the life insurance industry in India and HDFC Standard Life. It also describes the research methodology, findings, data analysis, and conclusions from a study conducted on the awareness of financial planning in the emerging Indian market. Key recommendations are provided at the end.
This document provides a summary of a project report on recruitment and selection at HDFC Standard Life Insurance Company. It includes sections on the organization overview, product range and variety, areas of operation, and advertisements and sales promotions of HDFC Standard Life. The summary discusses the key points about HDFC Standard Life's history and partnership with HDFC and Standard Life, its vision, values and executive summary of the project report. It also briefly outlines some of HDFC Standard Life's major products and services. The summary is concise at 3 sentences.
This document provides an overview of the life insurance industry in India. It discusses how the industry has grown significantly over the years and now represents a major economic sector. While insurance penetration is still low compared to other countries, there is huge growth potential as nearly 80% of the population lacks adequate life or health insurance. The regulatory framework for insurance is outlined, including the key acts governing the industry and the role of the Insurance Regulatory and Development Authority. Segment-wise splits of new business premiums collected in 2010 and 2011 are also presented in charts.
HDFC Life is a joint venture between HDFC and Standard Life providing life insurance in India. It was established in 2000 as India's first private life insurance company. HDFC Life offers a range of individual and group insurance solutions to meet customer needs for protection, pension, savings, investment, and health. The company has over 400 branches across India and established a liaison office in Dubai. HDFC Life has received numerous awards for its products, marketing campaigns, and workplace culture.
This document appears to be a training report submitted by Jyoti Priya Roul analyzing the financial statements of IDBI Federal Life Insurance Co Ltd. over multiple years to evaluate the company's performance and financial health. The report includes declarations, certificates, acknowledgements, tables of contents, and chapters covering the insurance industry, company profile, literature review, research methodology, financial statement analysis including ratios, findings, suggestions and conclusions.
This document provides a project report on a comparative study of ULIP plans offered by ICICI Prudential and other life insurance companies. It includes an introduction, preface by the student, certificate by the faculty guide, table of contents, and literature review sections. The introduction discusses the objectives of the project which are to conduct a comparative study of ULIP plans, analyze customer response, and study various tax planning solutions available in the market. It aims to understand the workings of ULIP plans and conduct a SWOT analysis of the product.
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.
This document is a project report submitted to SRM University by Anand.N to fulfill the requirements of a Master's degree in Business Administration. The project examines customer buying behavior in the life insurance industry, with a focus on HDFC Standard Life Insurance Company Ltd. The report includes an introduction outlining the objectives and scope of the study. It also provides information on the research methodology used. Several chapters analyze and interpret data collected on customer perceptions and satisfaction with HDFC Standard Life. The report concludes with findings and suggestions.
This document is a project report on the brand awareness of IDBI Federal Life Insurance Co Ltd. It was submitted by Ribu Abraham Varghese to Aurora's Business School in partial fulfillment of a postgraduate diploma program. The report contains an introduction to the insurance sector, the objectives and scope of the study, and the methodology used. It also includes tables, figures, acknowledgments and a certificate of completion. The main focus of the report is to analyze and assess the brand awareness of IDBI Federal Life Insurance among consumers.
Insurance Foundation of India (IFI) aims to encourage students to undertake Insurance Industry oriented projects through this competition. This is facilitated with a view to broaden the analytical knowledge of students aiming for a successful career in Financial Services /Insurance industry.
Hi Friends
This is supa bouy
I am a mentor, Friend for all Management Aspirants, Any query related to anything in Management, Do write me @ supabuoy@gmail.com.
I will try to assist the best way I can.
Cheers to lyf…!!!
Supa Bouy
A project report on satisfaction level of the financial consultants at hdfcBabasab Patil
The document discusses a project report on the satisfaction level of financial consultants of HDFC Standard Life Insurance Company Limited. The objectives of the study were to examine the role of financial consultants, key motivational factors, satisfaction with support from superiors, training and guidance provided, and overall satisfaction with the company. The research methodology involved a survey of 100 financial consultants in Belgaum city using a questionnaire. The findings showed that 96% were satisfied with the training and guidance provided by the company. Financial consultants were motivated by promotional activities that helped them sell products. Recommendations included continuing to provide attractive incentives to consultants and giving extra benefits to efficient agents.
This document provides a summary of the history and development of the insurance industry in India. It discusses how insurance has ancient roots in India but the modern industry was heavily influenced by British companies starting in the 1800s. The life insurance industry was nationalized in 1956 with the formation of LIC, which had a monopoly until the late 1990s when private players were allowed. The general insurance industry also originated from British trade but remained fragmented until steps towards consolidation in the 1900s. Overall the document outlines the evolution of insurance from early concepts to the nationalized structure to recent private sector liberalization.
This document provides a summary of a summer placement report submitted by Ravi Agarwal on their internship at HDFC Standard Life Insurance Company. The report includes an overview of the Indian insurance industry, history of insurance in India, key milestones, and reforms. It also discusses the present scenario of the life insurance industry in India and HDFC Standard Life's products, marketing strategies, competition, and recommendations for improving sales and market share.
IDBI Federal Life Insurance is a joint venture between IDBI Bank, Federal Bank and Ageas. The document provides an overview of the company, including its products, mission, values and SWOT analysis. It then outlines a project for trainees which involves researching the company's current advertising strategies and developing a new strategy to improve awareness and market share, particularly through digital advertising and campaigns throughout the year. Key findings from a questionnaire indicate low brand awareness and a need for more frequent advertisements, especially online. Suggestions include using the AIDA model and advertising across various media channels on a consistent basis.
This document discusses customer retention at IDBI Federal Life Insurance Co. Ltd. in Hyderabad, India. It aims to study the factors that help IDBI retain customers and identify ways to improve customer satisfaction. A survey was conducted of 120 existing customers. The results found that over 60% of customers were satisfied with their experience and benefits. However, only 33% felt IDBI offers higher benefits than competitors. The document recommends ways for IDBI to retain customers like offering rewards for continuous purchase, gifts, and membership programs. It suggests developing policies targeting unmarried customers and increasing promotions to educate all customer types.
This document summarizes a study on target customer behavior and marketing approach for IDBI Federal Life Insurance Company. It identifies key managerial problems such as lack of brand awareness and trust. Through qualitative and quantitative research involving surveys and segmentation, it analyzes customer perceptions, preferences and behavior across different income and age groups. The results show gaps in IDBI Federal's marketing activities and awareness. Recommendations focus on targeting specific income segments, positioning products as lower risk options, and boosting marketing efforts through referrals and newspapers.
The document provides information about IDBI Federal Life Insurance Company:
1. It is a joint venture between IDBI Bank, Federal Bank and Ageas with 48%, 26% and 26% shares respectively.
2. The company offers a range of wealth management, protection and retirement solutions and achieved break-even in 2013 after commencing operations in 2008.
3. A PEST analysis is presented identifying various political, economic, social and technological factors impacting the insurance industry.
- ANALYSIS OF THE CUSTOMER ATTITUDE, PREFRENCE AND SATISFACTION TOWARDS INV...Sardaar Saab
The document is a project report submitted by Shifali Khural for her MBA program. It analyzes customer attitudes, preferences, and satisfaction towards investments in ICICI Prudential Life Insurance Co. Ltd. The report includes an introduction to the insurance sector in India, a profile of ICICI Prudential, their products and major competitors. It outlines the objectives of studying customer investment preferences and factors influencing satisfaction. The methodology discusses collecting primary data through questionnaires and secondary data from sources like the internet, magazines and journals.
This document is a summer training report submitted to Guru Jambheshwar University by Mohit Agarwal after completing an internship at HDFC Standard Life Insurance. The report includes an introduction to the life insurance industry in India and HDFC Standard Life. It also describes the research methodology, findings, data analysis, and conclusions from a study conducted on the awareness of financial planning in the emerging Indian market. Key recommendations are provided at the end.
This document provides a summary of a project report on recruitment and selection at HDFC Standard Life Insurance Company. It includes sections on the organization overview, product range and variety, areas of operation, and advertisements and sales promotions of HDFC Standard Life. The summary discusses the key points about HDFC Standard Life's history and partnership with HDFC and Standard Life, its vision, values and executive summary of the project report. It also briefly outlines some of HDFC Standard Life's major products and services. The summary is concise at 3 sentences.
This document provides an overview of the life insurance industry in India. It discusses how the industry has grown significantly over the years and now represents a major economic sector. While insurance penetration is still low compared to other countries, there is huge growth potential as nearly 80% of the population lacks adequate life or health insurance. The regulatory framework for insurance is outlined, including the key acts governing the industry and the role of the Insurance Regulatory and Development Authority. Segment-wise splits of new business premiums collected in 2010 and 2011 are also presented in charts.
HDFC Life is a joint venture between HDFC and Standard Life providing life insurance in India. It was established in 2000 as India's first private life insurance company. HDFC Life offers a range of individual and group insurance solutions to meet customer needs for protection, pension, savings, investment, and health. The company has over 400 branches across India and established a liaison office in Dubai. HDFC Life has received numerous awards for its products, marketing campaigns, and workplace culture.
This document appears to be a training report submitted by Jyoti Priya Roul analyzing the financial statements of IDBI Federal Life Insurance Co Ltd. over multiple years to evaluate the company's performance and financial health. The report includes declarations, certificates, acknowledgements, tables of contents, and chapters covering the insurance industry, company profile, literature review, research methodology, financial statement analysis including ratios, findings, suggestions and conclusions.
This document provides a project report on a comparative study of ULIP plans offered by ICICI Prudential and other life insurance companies. It includes an introduction, preface by the student, certificate by the faculty guide, table of contents, and literature review sections. The introduction discusses the objectives of the project which are to conduct a comparative study of ULIP plans, analyze customer response, and study various tax planning solutions available in the market. It aims to understand the workings of ULIP plans and conduct a SWOT analysis of the product.
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.
This document is a project report submitted to SRM University by Anand.N to fulfill the requirements of a Master's degree in Business Administration. The project examines customer buying behavior in the life insurance industry, with a focus on HDFC Standard Life Insurance Company Ltd. The report includes an introduction outlining the objectives and scope of the study. It also provides information on the research methodology used. Several chapters analyze and interpret data collected on customer perceptions and satisfaction with HDFC Standard Life. The report concludes with findings and suggestions.
This document is a project report on the brand awareness of IDBI Federal Life Insurance Co Ltd. It was submitted by Ribu Abraham Varghese to Aurora's Business School in partial fulfillment of a postgraduate diploma program. The report contains an introduction to the insurance sector, the objectives and scope of the study, and the methodology used. It also includes tables, figures, acknowledgments and a certificate of completion. The main focus of the report is to analyze and assess the brand awareness of IDBI Federal Life Insurance among consumers.
Insurance Foundation of India (IFI) aims to encourage students to undertake Insurance Industry oriented projects through this competition. This is facilitated with a view to broaden the analytical knowledge of students aiming for a successful career in Financial Services /Insurance industry.
Hi Friends
This is supa bouy
I am a mentor, Friend for all Management Aspirants, Any query related to anything in Management, Do write me @ supabuoy@gmail.com.
I will try to assist the best way I can.
Cheers to lyf…!!!
Supa Bouy
A project report on satisfaction level of the financial consultants at hdfcBabasab Patil
The document discusses a project report on the satisfaction level of financial consultants of HDFC Standard Life Insurance Company Limited. The objectives of the study were to examine the role of financial consultants, key motivational factors, satisfaction with support from superiors, training and guidance provided, and overall satisfaction with the company. The research methodology involved a survey of 100 financial consultants in Belgaum city using a questionnaire. The findings showed that 96% were satisfied with the training and guidance provided by the company. Financial consultants were motivated by promotional activities that helped them sell products. Recommendations included continuing to provide attractive incentives to consultants and giving extra benefits to efficient agents.
This document provides a summary of the history and development of the insurance industry in India. It discusses how insurance has ancient roots in India but the modern industry was heavily influenced by British companies starting in the 1800s. The life insurance industry was nationalized in 1956 with the formation of LIC, which had a monopoly until the late 1990s when private players were allowed. The general insurance industry also originated from British trade but remained fragmented until steps towards consolidation in the 1900s. Overall the document outlines the evolution of insurance from early concepts to the nationalized structure to recent private sector liberalization.
The document provides details about the recruitment and selection process for financial consultants at HDFC Standard Life Insurance. It discusses the background and promoters of HDFC Limited and Standard Life Group, who formed a joint venture called HDFC Standard Life Insurance Company Limited. The summary also outlines some of the key payment options available to customers, including paying premiums at branches, via post/courier, online, drop boxes, ECS, standing instructions, and credit cards.
PERCEPTION TOWARDS CURRENT ACCOUNTS OF HDFC BANKAnkur Mittal
This document is a project report submitted for a Master's degree in Business Administration. It examines customer satisfaction levels and perceptions of current accounts at HDFC Bank in Panipat City, India. The project was supervised by Mr. Yoginder Kataria and submitted by Ankur Mittal. It includes an acknowledgement, executive summary, table of contents, and introduction to the banking industry and HDFC Bank. The report aims to understand customer profiles, preferences, and satisfaction regarding HDFC Bank's current account products and services in Panipat City.
A project report on hdfc standard life insuranceProjects Kart
This document provides an acknowledgement and index for a project report on HDFC Standard Life Insurance Company. It thanks the company and project guide for their support and guidance. The index outlines the contents of the report, which will cover topics like the history of insurance, HDFC's products and services, barriers to entry in the insurance sector, growth potential, and recommendations.
A project report on customer perception towards insuranceProjects Kart
The document provides an introduction and overview of the insurance industry in India. It discusses the history and evolution of insurance from ancient times to its nationalization in India in the 1950s. It also summarizes the key types of insurance like life and non-life insurance. The insurance industry in India is categorized into public and private sector for both life and non-life insurance. It provides a breakdown of the major players in both life and non-life insurance sectors in India.
A project report on comparative analysis of marketing strategies of vodafone ...Projects Kart
The document provides information about a project report on the comparative analysis of marketing strategies of Bharti Airtel and Vodafone. It includes an introduction to the topic, background details on the telecom sector in India and profiles of Airtel and Vodafone. It also describes the objectives of the study, research methodology used and the contents that will be covered in the report such as the marketing strategies, SWOT analysis, suggestions and conclusions.
This document provides an overview of the Indian insurance industry. It discusses that the insurance industry in India has a history dating back to 1818 and provides life and general insurance. It notes that the industry has gone through changes in recent years with the opening up of the private insurance sector. It then discusses the nature of the industry, including that it provides protection against financial losses. It also discusses industry organizations, products offered, and recent developments like increased online services. It provides information on working conditions and common occupations in the industry.
Comparative analysis of insurance market in india on hdfc-life-1-1Flex
This document is a project report submitted by Vivek Kumar to SavitriBai Phule Pune University for the degree of Master of Business Administration. The report is about life insurance and taxation in India, with a focus on HDFC Standard Life Insurance. It includes approval letters for the internship and project, a certificate confirming the original work, and declarations. It also provides acknowledgements, preface, index, and executive summary sections.
HDFC Life was established in 2000 as a joint venture between HDFC and Standard Life. It has over 568 branches across 700 cities and towns in India. HDFC Life aims to be one of the most successful and trusted life insurance companies through excellence, integrity and customer centricity. It offers a variety of insurance products focused on protection, savings, retirement, investments and health. HDFC Life promotes through various channels including television, print media, digital and social media. It aims to provide customers with high value products at affordable prices.
The presentation discusses the comparative study of IDBI Federal Life Insurance Co. Ltd. and LIC of India. The comparison is done on the basis of products & plans, market share, new policies issued, grievances resolved percentage, premium collection, claim settlement ratio. The presentation also gives the analysis of customer awareness and satisfaction level for both the companies.
Comparison of traditional insurance products to ulipsSiva Shankar
This document discusses a study conducted on HDFC Standard Life Insurance Company. It includes an introduction to the insurance industry and company, objectives of the study, research design, findings, and recommendations. The study found that most respondents were willing to invest long-term for security and returns. It also found that HDFC's products lacked awareness. Recommendations include developing more hybrid products, improving services, boosting customer awareness, simplifying products, and enhancing promotions.
This document presents a study on customer satisfaction with HDFC Life Insurance. It outlines the objectives of studying customer satisfaction, products, and performance. It describes the scope of the study and profile of HDFC Life Insurance. It discusses the research plan, sampling plan, perceived benefits, attractive features, policy types, customer perceptions, satisfaction with agents, and investment intentions. In conclusion, it suggests HDFC Life Insurance expand infrastructure to meet customer demands and secure market position by improving customer service and relationships.
This document provides an overview of a summer training project comparing HDFC Life insurance products to other insurance companies. It outlines HDFC Life's history and products offerings, including protection plans, retirement plans, health plans, and savings/investment plans. The objectives of the study are listed as analyzing product details, finding points of parity and difference, and determining factors that influence customer purchases. Suggestions are provided for HDFC Life to improve marketing and attract more customers.
This document discusses recruitment and selection at SBI Life insurance. It provides background on the life insurance industry and SBI Life's vision, values, and achievements in 2013-2014. Recruitment involves locating and attracting individuals for job vacancies, while selection eliminates candidates who do not have the required skills. The findings note that Indians prefer LIC and internal references when applying to SBI Life. The conclusion states that insurance faces high attrition, making recruitment critical, and innovations are needed for organizations to sustain in competition.
This document is a summer training project report submitted by Rahul Pal for their MBA program. The report analyzes the financial statements of IDBI Federal Life Insurance Co. Ltd. over several years. It includes an introduction to the insurance industry in India and background on IDBI Federal Life Insurance. The report then covers literature review, research methodology, analysis of financial statements including comparative statements, ratios, findings and suggestions. The analysis examines the financial performance and strength of IDBI Federal Life Insurance.
Dynamics of-agency-recruitment-insurnace-sector1Nagpur home
The document is an industrial training project report submitted by a student for their MBA program. It provides an overview of the insurance sector in India, including a brief history highlighting key milestones such as the nationalization of insurance companies in 1956 and their privatization in 1999-2000. It discusses the underdeveloped state of the insurance market in India prior to privatization and the reasons for private insurance companies entering the Indian market, such as low penetration rates and the inability of LIC to cover more than 10-15% of the population.
The document is an industrial training project report submitted by a student for their MBA program. It includes sections on the declaration, preface, acknowledgements, and an index of topics to be covered in the report such as the company and sector profiles, tasks undertaken during training, analysis, SWOT analysis, and conclusions. The report was prepared during a training internship at Bharti AXA Life Insurance to fulfill the practical training requirements of the MBA program.
This document provides an introduction and overview of a project report on foreign direct investment (FDI) in the life insurance sector in India. It includes declarations by the student author, acknowledgements of those who assisted or provided guidance, and an abstract that summarizes the objectives and conclusions of the study. The document outlines the table of contents, which covers chapters on introduction, literature review, company profiles, data analysis and interpretation, and conclusions and suggestions.
This document is a company training report submitted to Guru Jambheshwar University of Science and Technology by Deependra Parmar. The report analyzes saving schemes completed at LIC of India as part of Parmar's BBA degree program. It provides background on the supervisor, Mr. Surjeet Bishnoi, and declares that the work is Parmar's original work. It also acknowledges and thanks those who provided guidance and support during the training.
After the bruising general election, India’s new government got down to the business of preparing the Union Budget. Much is expected of the Narendra Modi regime, which projected a pro-business, pro-reform image throughout the campaign.
While reactions to the Budget were mixed, it did include two important policy changes. Foreign direct investment norms for insurance and defence manufacturing were changed to attract more foreign players. Both sectors have been touchy topics, with battlelines drawn between those for liberalised investment norms and those in favour of a more conservative approach.
Whatever the merits of each argument, it’s clear that a long, hard road lies ahead on the economic front and these are the first steps of a fledgling government of which much is expected. There will be other, tougher decisions to make – reducing subsidies, a simpler tax regime that protects states’ interests and a land acquisition policy that will spur industrial growth while conserving land-owners’ interests, to name just a few.
With this edition, MSLGROUP’s Public Affairs Round-up takes on a new look and structure too. Now onwards, PAR will be a quarterly. It will have more detailed analyses and content than its earlier avatar, and will incorporate commentary and data that is more relevant to you.
MSLGROUP’s insights team will play the role of an observer of the Indian economic and policy environment, and will provide analyses that we hope will benefit you and your business. As always, we look forward to your feedback.
This document is Divya Gupta's summer training project report submitted for her MBA program. It examines a comparison of customer satisfaction between Reliance Life Insurance and Life Insurance Corporation. The report contains sections on the genesis and profile of the organizations, their functional areas, organizational structure, products and services, achievements, comparative performance, and SWOT analysis. It also outlines the research methodology used, which included a sample design, data analysis and interpretation through diagrams and charts. The report provides recommendations to improve future customer satisfaction surveys.
This document provides an analysis of consumer perceptions of Bajaj Allianz Life Insurance conducted by Poulami Mitra, Sankhadip Chatterjee, and Avik Chakraborty. It first introduces Bajaj Allianz as a partnership between Allianz AG and Bajaj Auto. A SWOT analysis is then presented, identifying strengths like brand image and weaknesses like high premiums. Customer demographics, influencers, and purposes for purchasing insurance are analyzed. Perceptions of Bajaj Allianz's aspects like plans and promptness are mixed. The study concludes Bajaj Allianz should focus on advertising, technology, and improving agents' product knowledge to maintain its position
This document analyzes consumer perceptions of Bajaj Allianz Life Insurance through a study conducted by Poulami Mitra, Sankhadip Chatterjee, and Avik Chakraborty. It finds that while LIC dominates the life insurance sector in India, Bajaj Allianz has established a strong presence as well. The study aimed to understand customer perceptions in order to help Bajaj Allianz adjust its market performance. It used surveys of Kolkata residents and found that while customers appreciate Bajaj Allianz's plans and customer interaction, aspects like offices and agent knowledge could be improved. Overall, LIC was seen as the top provider but Bajaj All
Star Union Dai-ichi Life Insurance is a joint venture between Union Bank of India, Bank of India, and Dai-ichi Life Insurance Company of Japan. It aims to leverage the distribution networks of the two Indian banks and insurance expertise of Dai-ichi Life to become a strong player in the Indian life insurance market. The document provides an overview of the company's profile, ownership structure and goals. It highlights the strengths of the partner organizations that Star Union Dai-ichi aims to utilize to grow its customer base and cross-sell insurance products across India.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...
Ankita garg docunment of hdfc
1. SUMMER TRAINING PROJECT
ON
A STUDY ON PRODUCTS OF
H.D.F.C LIFE
Submitted in partial fulfillment of the requirement
For the award of
MASTERS DEGREE IN BUSINESS ADMINISTRATION
(Session 2012-2014)
Under Supervision of: Submitted By:
MR Yoginder Kataria ANKITA GARG
(Associate Professor) ROLL NO:12209
PANIPAT INSTITUTE OF ENGINEERING & TECHNOLOGY
KURUKSHETRA UNIVERSITY, KURUKSHETRA
2. DECLARATION
I, Ankita student of MBA IIIrd Semester, studying at Panipat Institute of
Engineering & Technology Samalkha hereby declare that the summer training report
on “A Study On Products Of HDFC LIFE” submitted to Kurukshetra
University, Kurukshetra in partial fulfillment of Degree of Master’s of Business
Administration is the original work conducted by me.
The information and data given in the report is authentic to the best of my knowledge.
This summer training report is not being submitted to any other University for award
of any other Degree, Diploma and Fellowship
ANKITA GARG
12209
3. ACKNOWLEDGEMENT
It is my pleasure to be indebted to various people, who directly o r i n d i r e c t l y
c o n t r i b u t e d i n t h e d e v e l o p m e n t o f t h i s w o r k a n d w h o influenced
my thinking, behavior, and acts during the course of study. .
I am thankful to Mr. Manjeet Sharma (ASM HDFC Life) for his support, cooperation, and
motivation provided to me during the training for constant inspiration, presence and
blessings.
I also extend my sincere appreciation to Mr. Vikram Sir w h o p r o v i d e d h e r v a l u a b l e
s u g g e s t i o n s a n d p r e c i o u s t i m e i n accomplishing my project report.
Lastly, I would like to thank the almighty and my parents and my teacher Mr Yoginder Kataria
for their moral support and my friends with whom I shared my day-to-day
experience and received lots of suggestions that improved my quality of work.
ANKITA GARG
12209
4. TABLE OF CONTENTS
SERIAL
NUMBER
INDEX OF CONTENTS PAGE
NUMBER
1 Chapter-1 Introduction
1.1 Introduction to industry
1.2 Introduction to company
1.3 Introduction to topic
1-10
11-21
22-27
2 Chapter-2 Literature review 28-31
3 Chapter-3 Research methodology 32-34
4 Chapter-4 Data analysis and
interpretation
35-51
5 Chapter-5 Suggestion
Conclusions
52
53
6 Chapter-6 References
Websites
Books
Appendix
54
55-57
58-61
5. LIST OF TABLES
Table No. Contents Page No.
1 Age group of surveyed respondents 35
2 Gender classification of surveyed respondents 36
3 Customer profile 38
4 No of policy purchased by customer 39
5 Annual premium paid by individual for life insurance 41
6 Popular life insurance plans of HDFC LIFE 42
7 Awareness of unit linked plan 43
8 Consumer willingness to spend on life insurance premium 44
9 Ideal policy term 46
10 Factor that motivate respondents to purchase insurance
policy
48
11 Preferred company type of the respondents 49
12 Minimum expected return investnment 50
6. LIST OF FIGURES
Table No. Contents Page No.
1 Age group of surveyed respondents 36
2 Gender classification of surveyed respondents 37
3 Customer profile 38
4 No of policy purchased by customer 40
5 Annual premium paid by individual for life insurance 41
6 Popular life insurance plans of HDFC LIFE 42
7 Awareness of unit linked plan 43
8 Consumer willingness to spend on life insurance premium 45
9 Ideal policy term 46
10 Factor that motivate respondents to purchase insurance
policy
48
11 Preferred company type of the respondents 49
12 Minimum expected return investnment 50
7. EXECUTIVE SUMMARY
HDFC Standard Life is the most trusted life insurance company in the India. Standard Life is the
largest insurer in the UK and is the 7th
largest company in the world. In India, the company is
marketing life insurance products and unit linked investment plans. From my research at HDFC-
life, I found that the company has a lot of competition from other private insurers like ICICI
Prudential, Aviva, Birla Sun Life and Tata AIG. It also faces competition from LIC. To compete
effectively HDFC-SL could launch cheaper and more reasonable products with small premiums
and short policy terms (the number of year’s premium is to be paid). The ideal premium would
be between Rs. 5000 – Rs. and an ideal policy term would be 10 – 20 years.
HDFC-life must advertise regularly and create brand value for its products and services. Most of
its competitors like ICICI, Reliance and LIC use television advertisements to promote their
products. The Indian consumer has a false perception about insurance – they feel that it would
not benefit them if they do not live through the policy term. Nowadays however, most policies
are unit linked plans where a customer is benefited.
The insurance market in India as it has around the globe. even if their death does not occur
during the policy term. This message should be conveyed to potential customers so that they
readily invest in insurance. Family responsibilities and high returns are the two main reasons,
people invest in insurance. Optimum returns of 16 – 20 % must be provided to consumers to
keep them interested in purchasing insurance.
On the whole HDFC-SL is a good place to work at. Every new recruit is provided with extensive
training on unit linked funds, financial instruments and the products of HDFC Standard Life.
This training enables an advisor/ sales manager to market the policies better. HDFC-SL was
ranked 5 in the Best Places to Work survey. The company should try to create awareness about
itself in India. In the global market it is already very popular. With an improvement in the sales
techniques used, a fair bit of advertising and modifications to the existing product portfolio,
HDFC-SL would be all set to capture
10. THE INSURANCE INDUSTRY IN INDIA
AN OVERVIEW
With the largest number of life insurance policies in force in the world, Insurance happens to be
a mega opportunity in India. It’s a business growing at the rate of 15-20 per cent annually and
presently is of the order of Rs 450 billion (for the financial year 2004 – 2005). Together with
banking services, it adds about 7% to the country’s Gross Domestic Product (GDP). The gross
premium collection is nearly 2% of GDP and funds available with LIC for investments are 8% of
the GDP.
Even so nearly 80% of the Indian population is without life insurance cover while health
insurance and non-life insurance continues to be below international standards. A large part of
our population is also subject to weak social security and pension systems with hardly any old
age income security. This in itself is an indicator that growth potential for the insurance sector in
India is immense.
A well-developed and evolved insurance sector is needed for economic development as it
provides long term funds for infrastructure development and strengthens the risk taking ability of
individuals. It is estimated that over the next ten years India would require investments of the
order of one trillion US dollars. The Insurance sector, to some extent, can enable investments in
infrastructure development to sustain the economic growth of the country.
11. PRESENT SCENARIO - LIFE INSURANCE INDUSTRY IN INDIA
The life insurance industry in India grew by an impressive 36%, with premium income from new
businesses at Rs. 253.43 billion during the fiscal year 2005-2006. Though the total volume of
LIC's business increased in the last fiscal year (2005-2006) compared to the previous one, its
market share came down from 87.04 to 78.07%.
The 14 private insurers increased their market share from about 13% to about 22% in a year's
time. The figures for the first two months of the fiscal year 2006-07 also speak of the growing
share of the private insurers. The share of LIC for this period has further come down to 75
percent, while the private players have grabbed over 24 percent.
With the opening up of the insurance industry in India many foreign players have entered the
market. The restriction on these companies is that they are not allowed to have more than a 26%
stake in a company’s ownership.
Since the opening up of the insurance sector in 1999, foreign investments of Rs. 8.7 billion have
poured into the Indian market and 14 private life insurance companies have been granted
licenses. Innovative products, smart marketing, and aggressive distribution have enabled
fledgling private insurance companies to sign up Indian customers faster than anyone expected.
Indians, who had always seen life insurance as a tax saving device, are now suddenly turning to
the private sector and snapping up the new innovative products on offer. Some of these products
include investment plans with insurance and good returns (unit linked plans), multi – purpose
insurance plans, pension plans, child plans and money back plans.
13. HDFC LIFE INSURANCE LTD.
The partnership:
HDFC is an organization that strives for excellence, with the twin objective of enhancing
customer satisfaction and shareholder value.
The standard life assurance company was present in the Indian life insurance market from 1847
to 1938 when agencies were setup in kolkata and Mumbai.
Each of the JV player is highly rated and been conferred with many awards .HDFC is rated
‘AAA’ by both CRISIL and ICRA. Similarly, standard life is rated ‘AAA’ both by moody’s and
standard and poor’s. This reflects the efficiency with which HDFC and standard life manage
their asset base of Rs15000 Cr and Rs600000 Cr respectively.
HISTORY OF EVENTS
1 JANUARY 1995:
HDFC life first came together for a possible joint venture, to enter the life insurance market. At
the outset it was clear that both co. shared similar values and beliefs and a strong relationship
quickly formed.
2 OCTOBER 1995:
The companies signed a three year joint venture agreement around this time Standard life
purchased a 5% stake in HDFC, further strengthening the relationship.
3 OCTOBER 1998:
The joint venture agreement was renewed and additional resource made available, around
this time standard Life purchased 3% of Infrastructure Development Finance company
Ltd (IDFC) Standard life also started to use the services of the HDFC Treasury
department to advise them upon their investments in India.
14. 4 JANUARY 2000:
An expert team form the UK joined a handpicked team from HDFC to form the core project
team, based in Mumbai. Around this time Standard Life purchased a further 5% stake in
HDFC and a 5% Stake in HDFC bank. In a further development Standard Life agreed to
participate in the Asset Management Company promoted by HDFC to enter the mutual fund
market.
5 14th AUGUST 2000:
The company was incorporated under the name :HDFC STANDARD LIFE INSURACE
COMPANY LIMITED: their ambition from as far back as October 1995 was to be the first
private company to re-enter the life insurance market in India.
6 23rd
OCTOBER 2000:
HDFC Standard Life became the” First life insurance company in the private sector: TO be
granted a certificate to Registration by the Insurance Regulatory and Development Authority
to transact life insurance business in India.
HDFC are the main shareholders in HDFC Life, with81.4%, while standard life owns 18.6%.
HDFC Life has a long and close relationship built upon shared valued and trust. The ambitions
of HDFC life is to mirror the success of the parent companies and be the yardstick by which all
other insurance companies in India are measured. HDFC Life Insurance Company has been
signed on by Blue Star to provide insurance cover to its 1805 employees across India and
overseas.
HDFC life Insurance is on of the leading players in the group insurance segment of the life
insurance business. Its group business has grown significantly since inception and now covers
over 25,000 lives across the entire industry spectrum including software, FMCG, Pharmaceutical
15. banking consultancy, BPO retailing and consumer electronics.
MANAGEMENT TEAM OF THE H.D.F.C
MANAGEMENT TEAM
MR.AMITABH CHAUDHARY MANAGING DIRECTOR AND
CHIEF EXECUTIVE OFFICER
MS VIBHA PADALKAR EXECUTIVE DIRECTOR AND
CHIEF FINANCIAL OFFICER
MR.SRINIVASAM PARTHASARATHY CHIEF ACTUARY AND
APPOINTED ACTUARY
Mr. Prasun Gajri Chief Investment Officer
Mr. Rajendra Ghag Senior Executive Vice President &
Chief Human Resource Officer
Mr. Anup Rau Senior Executive Vice President
Mr. Sanjay Tripathy Executive Vice President
Mr. Subrat Mohanty Executive Vice President
Mr. Sanjeev Kapur Executive Vice President
Brief Profile of The Management Team
16. Mr. Amitabh Chaudhry
Managing Director and Chief Executive Officer
Mr. Amitabh Chaudhry is the Managing Director and Chief Executive Officer
of HDFC Life.
Before joining HDFC Life in January 2010, he was the Managing Director and
CEO of Infosys BPO and was also heading an Independent Validation
Services unit in Infosys Technologies.
Mr. Chaudhry completed his Engineering in 1985 from Birla Institute of
Technology and Science, Pilani and MBA in 1987 from IIM, Ahmedabad.
Ms. Vibha Padalkar
Executive Director and Chief Financial Officer
Ms. Vibha Padalkar is the Executive Director and Chief Financial Officer at
HDFC Life.
Ms. Padalkar joined HDFC Life in August 2008 after a seven year stint as
Executive Vice President-Finance at WNS Global Services; a NYSE listed
leading global business process outsourcing company. Vibha's key
achievement during her tenure at WNS was to lead a team that successfully
completed the Group's IPO on the New York Stock Exchange in a short span
of six months. Prior to WNS, Vibha was with Colgate Palmolive India,
including a short posting to the group's New York headquarters.
17. Mr. Srinivasan Parthasarathy
Chief Actuary and Appointed Actuary
Mr. Srinivasan Parthasarathy is the Chief Actuary and Appointed Actuary of
HDFC Life. s
Mr. Parthasarathy joined HDFC Life in 2011 from Canara HSBC Life
Insurance with 18 years of experience in Life Insurance and Pensions in both
India and the UK
.
Mr. Prasun Gajri
Chief Investment Officer
Mr. Prasun Gajri is the Chief Investment Officer of HDFC Life.
He holds a PGDM from IIM Ahmedabad and is also a CFA Charterholder.
Mr. Rajendra Ghag
Senior Executive Vice President & Chief Human Resource Officer
Mr. Rajendra Ghag is the Senior Executive Vice President & Chief Human
Resource Officer at HDFC Life.
Mr. Ghag joined HDFC Life in September 2009 and has been spearheading
the Human Resource function since then. Before HDFC Life, he was
associated with DHL Express as Head of HR for India and Senior Advisor -
Quality and Processes (First Choice Programme) for South Asia.
He holds a Masters Degree in Personnel Management apart from his degree in
Commerce and Law.
18. Mr. Anup Rau
Senior Executive Vice President
Mr. Anup Rau is the Senior Executive Vice President of HDFC Life.
He is a Post Graduate in Management from University of Mumbai (1998) and
a Graduate in Economics from University of Delhi (1995).
Mr. Sanjay Tripathy
Executive Vice President
Mr. Sanjay Tripathy is the Executive Vice President responsible for
Marketing, Product and Direct Channels at HDFC Life.
Mr. Tripathy joined HDFC Life in 2004 and has been responsible for Direct
Sales Channels, Marketing Strategy, Brand Planning, Advertising,
Communication & Media, Customer Insights, New Product Development,
Product Life Cycle Management, Online and Digital Strategy, E-Commerce,
Customer Analytics, & Corporate communication. He started his career with
GCMMF Ltd. in 1992..
He holds a Management degree from IRMA and he is also a member of the
Technical Committee of Indian Readership Survey (IRS) at Media Research
Users Council (MRUC)
19. Mr. Subrat Mohanty
Executive Vice President
Mr. Subrat Mohanty is the Executive Vice President responsible for Strategy,
Customer Relations, Persistency and Technology at HDFC Life.
Mr. Mohanty joined HDFC Life in 2010 and has led the strategic themes and
transformation initiatives of the organization during a fast changing industry
environment.
.
He holds a bachelor's degree in Mechanical Engineering from NIT Rourkela
and an MBA from Indian Institute of Management, Calcutta.
Mr. Sanjeev Kapur
Executive Vice President
Mr. Sanjeev Kapur is the is the Executive Vice President of HDFC Life.
At HDFC Life, Mr. Kapur heads the Institutional Sales and HNI Sales
functions. He has been associated with HDFC Life since inception
Mr. Kapur is A.C.A from Institute of Chartered Accountants
21. COMPETITOR NAME : COMPETITOR SHARE
COMPETITOR NAME COMPETITOR SHARE
TATA AIG
3%
MET LIFE
3%
AVIVA
3%
BHARTI AXA LIFE
16%
ICICI
29%
HDFC LIFE 9%
BAJAJ
20%
BIRLA SUN LIFE
5%
SBI LIFE
12%
22.
23.
24. REGULATORY BODY
IRDA
IRDA
Insurance Regulatory and Development Authority (IRDA) is an autonomous apex statutory
body which regulates and develops the insurance industry in India. It was constituted by
25. a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999 and
duly passed by the Government of India.
The agency operates its headquarters at Hyderabad, Andhra Pradesh where it shifted
from Delhi in 2001. The Insurance regulatory and Development Authority (IRDA), batted for a
hike in the foreign direct investment (FDI) limit to 49 per cent in the sector from the present 26
per cent.
“I am in favor of hike in the FDI limit for the insurance sector. Unless we go for 49 per cent, we
will not have the kind of capital required to underpin the growth of the industry. This sector
requires a lot of money,’’ IRDA Chairman J. Hari Narayan said on the sidelines of a summit
here.
The Insurance Laws (Amendment) Bill has been pending before Parliament for about four years
as there has been no consensus among political parties on the issue of raising the FDI limit to 49
per cent. Coming under pressure from its allies, the UPA II government, in May this year, had
postponed a decision on raising the FDI limit in the sector to 49 per cent.
Earlier, Mr. Hari Narayan said the IRDA would develop ten standard products in consultation
with industry bodies which could be launched by insurance companies without seeking the
regulatory nod. “We will have to work closely with the Life Insurance Council and the General
Insurance Council to see if we can develop such products,’’ he added.
The insurance regulator said the persistence level was very low in the industry and there was a
need to bring in complete understanding of the market and insurance companies. The persistence
level refers to client retention by insurance companies. He said `Use and File’ would not be in
the general interest of the policy-holders since the persistence ratio was high
History
The IRDA Act, 1999 was passed as per the major recommendation of the Malhotra
Committee report (1994) which recommended establishment of an independent regulatory
authority for insurance sector in India. Later, It was incorporated as a statutory body in April,
2000. The IRDA Act, 1999 also allows private players to enter the insurance sector in India
26. besides a maximum foreign equity of 26 per cent in a private insurance company having
operations in India. It serves as an Authority to protect the interests of holders of insurance
policies, to regulate, promote and ensure orderly growth of the insurance industry and for matters
connected therewith. IRDA role is to protect rights of policy holders & they provides
registration certification to life insurance companies & responsible for renewal, modification,
cancellation & suspension of this registered certificate.
IRDA
The acronym for the Insurance Regulatory and Development Authority of India, it is the apex
body overseeing the insurance business in India. It protects the interests of the policyholders,
regulates, promotes and ensures orderly growth of the insurance in India.
News on IRDA.
IRDA slaps fine of Rs 3.10cr on Bajaj Allianz Life
21-08-2013| Source:PTI
Insurance regulator IRDA today imposed a hefty penalty of Rs 3.10 crore on Bajaj Allianz Life
Insurance for violation of various norms, including those related to early-death claims and group
IRDA formulates new rules for banks to be insurance brokers
Insurance Regulatory Development Authority (IRDA) formulated new set of rules for banks to
27. act as insurance brokers
.
Reliance Life welcomes new IRDA regulations
Reliance Life Insurance Company, a part of Reliance Capital, today welcomed new regulations
announced by IRDA that allows banks to become licensed insurance brokers and sell products of
multiple life
IRDA eases premium payment mode for policyholders
Insurance Regulatory and Development Authority (IRDA) on Wednesday directed all insurance
companies to allow policyholders who are paying premium through the Electronic Clearing
System (ECS
HC directs insurance regulator to issue guidelines on claim
The Bombay High court today directed Insurance Regulator and Development Authority (IRDA)
to issue guidelines to the Insurance companies to come out with a pre-packaged compensation
for 42 ailments
28. Vission:
“The most successful and admired life insurance company, which means that we are the most
trusted company, the easiest to deal with, offer the vest values for money, and easiest the
standards in the industry, In short, “ Them most obvious choice for all. ”
MISSION:-
HDFC standard Life aims to be the top new life insurance company in the market.
This does not just mean being the largest or the most productive company in the market, rather it
is a combination of several things like:
1 Customer Service of the highest order.
29. 2 Value for money for customers.
3 Professionalism in carrying out business.
4 Innovative products to cater to different needs of different costumers
5 Use of technology to improve service standard.
6 Increasing market Share.
VALUES:
• Integrity
• Innovation
• Customer centric.
• People care.
• Team work
OBJECTIVES OF THE
STUDY
30. OBJECTIVES OF THE STUDY:
Main objective:
To know the products of H.D.F.C Life and analyse & interpret the products of H.D.F.C Life
To suggest additions to the current product portfolio.
Sub objective:
1 To find the market share of various life insurance in India.
2 To recognize the popular insurance plans.
3 To showcase the influence of advertising.
4 To suggest ideal policy term and premium for insurance.
5 To showcase the consumers’ willingness to spend on life insurance.
31. 6 To showcase the factors that motivates purchase of insurance policies.
7 To understand the type of company preferred for investment.
8 To understand the awareness level of consumers about unit linked insurance plans
(ULIP’s).
INTRODUCTION TO TOPIC
32. Insurance – An Introduction
Insurance may be described as a social device to ensure protection of economic value of life and
other assets. Under the plan of insurance, a large number of people associate themselves by
sharing risks attached to individuals. The risks, which can be insured against, include fire, the
perils of sea, death and accidents and burglary. Any risk contingent upon these, may be insured
against at a premium commensurate with the risk involved. Thus collective bearing of risk is
insurance.
• A system under which individuals, businesses, and other organizations or entities, in
exchange for payment of a sum of money (called a premium), are guaranteed
33. compensation for losses resulting from certain perils under specified conditions in a
contract.
• A contract that provides compensation for specific losses in exchange for a periodic
payment. An individual contract is known as an insurance policy, and the periodic
payment is known as an insurance premium.
Definitions:
1.General definition:
In the words of John Magee, “Insurance is a plan by themselves which large number of people
associate and transfer to the shoulders of all, risks that attach to individuals.”
2.Fundamental definition:
In the words of D.S. Hansell, “Insurance accumulated contributions of all parties participating in
the scheme.”
3.Contractual definition: In the words of justice Tindall, “ Insurance is a contract in which a
sum of money is paid to the assured as consideration of insurer’s incurring the risk of paying a
large sum upon a given contingency.”
Characteristics of Insurance:
♦ Sharing of risks
♦ Cooperative device
♦ Evaluation of risk
♦ Payment on happening of a special event
♦ The amount of payment depends on the nature of losses incurred.
34. ♦ The success of insurance business depends on the large number of people insured against
similar risk.
♦ Insurance is a plan, which spreads the risk and losses of few people among a large number of
people.
♦ The insurance is a plan in which the insured transfers his risk on the insurer.
♦ Insurance is a legal contract which is based upon certain principles of insurance which
includes, utmost good faith, insurable interest, contribution, indemnity etc.
♦ The scope of insurance is much wider and extensive.
Functions of Insurance:
Primary functions:
1. Provide protection:- Insurance cannot check the happening of the risk, but can provide for the
losses of risk.
2. Collective bearing of risk: - Insurance is a device to share the financial losses of few among
many others.
35. 3. Assessment of risk: - Insurance determines the probable volume of risk by evaluating various
factors that give rise to risk.
4. Provide certainty: - Insurance is a device, which helps to change from uncertainty to
certainty.
5. Tax benefit :- Insurance is a source which reduce tax.
Secondary functions:-
1. Prevention of losses: - Insurance cautions businessman and individuals to adopt suitable
device to prevent unfortunate consequences of risk by observing safety instructions.
2 .Small capital to cover large risks: - Insurance relives the businessman from security
investment, by paying small amount of insurance against larger risks and uncertainty.
3. Contributes towards development of larger industries.
Insurance can be defined as assurance for uncertainty. Insurance is about
something going wrong. Its’ often about things going right. One of the Wonders of
36. human nature is that we never believe anything can actually go wrong.
The insurance sector in India has come a full circle from being an open
competitive market to nationalization and back to liberalized market again.
Tracking the development in Indian insurance sector reveals the 360 degree turn
witnessed over a period of almost two centuries.
WHY WE NEED INSURANCE
Wealth Children’s Marriages
Creation and Education
37. Dying too soon Living too long
Living Death Gap
Why we need insurance? For passing a happy life we need to full fill some basic needs. Without
fulfill these needs no one can survive, these basic needs these are:
• Air
• Water
• Food
• Cloths
• Shatter
• Safety
For making the future safe a sensible person invest their money or take insurance plans to cover
themselves or their family members and dependents. You don’t know when a casualty is happen
and if you are not having any safety cover what will you do and what will happen then.
PRODUCTS OF H.D.F.C LIFE
38. Each of us leads a unique life and so has unique needs. HDFC Standard life offers a range of
products and invites you to choose the one that suits you the best.
PLAN BENEFIT
SAVING PLANS:
Endowment Assurance Plan Life Insurance with savings
Unit linked endowment plan Life insurance and saving with
Choice of investment funds
39. Children’s plan Financial security for your child
Unit linked youngster plus plan Financial security for your child with
Choice of investment funds
Money back plan Life insurance with savings.
INVESTMENT PLANS:
Single premium whole of life plan Investment with life insurance
PROTECTION PLANS
Term assurance plan Life insurance at an affordable price
Loan cover term assurance plan Life insurance customized for home loans
RETIREMENT PLANS:
Personal pension plan Saving for retirement
Unit link pension plan Retirement saving with a choice of
investment funds.
Young star plan:
Get maximum advantage of the HDfC YoungStar Super Premium with flexible premium
payments, option to customize your plan according to your child's needs, varied choice of funds
to save in and security of your child even after your death. Here are some of the features of the
plan:
• Level of Protection: You have the flexibility to choose any amount as the "Sum
Assured" in multiples its age dependent. Less than 45 10 x above 45 7 x annual premium.
You can choose between Life Option and Life & Health Option.
40. • Regular Premiums: Minimum premium is Rs. 15,000 with no limits on maximum
premiums. Premiums are to be paid annually only.
• Benefit Payment Preference: You can choose from plan options of 'Save Benefit'
or 'Save-n-Gain Benefit'.
• Policy Term: The minimum policy term is 10 years and maximum is 20 years. The
term period of 11 to 14 years is not available.
• Age Limit: The minimum age at entry for the Life Option is 18 years and maximum
entry age is 65 years. Maximum age at maturity is 75 years. Please refer to the product
brochure for term and age limits for other Plan Options.
Here are a few other features of the HDFC SL Youngstar Super Premium:
• Save Benefit: In case of your unfortunate demise or critical illness, this plan will pay
the Sum Assured to your child (Beneficiary). Your family need not pay any further
premiums. With Save benefit option of
• HDFC SL YoungStar Super Premium, 100% of all the original regular premiums towards
your policy will be paid. Any Death Benefit or Critical Illness cover will terminate
immediately. On maturity, the beneficiary of the plan will receive the Fund Value.
• Flexibility for customization of the plan: You can determine the level of
protection you need and choose the sum assured accordingly. Investment funds can be
chosen as per your risk and return appetite.
• No Medical tests required: You may not be required to go for elaborate medical
tests. Filling a short Medical Questionnaire may suffice. Please refer to the product
brochure or contact your Relationship Manager for further details.
• Choice of funds: Select from a choice of 5 funds with different equity and debt
exposures.
Do you want to change your Investment Fund Choices at any point? Here are your options.
• Switching: You can move your accumulated funds from one fund to another at any given
time.
• Premium Redirection: You can pay your future premiums with a different selection of
funds, as per your requirement.
Features:
41. • Fulfill and protect your child's dream and future needs through your financial support.
• Choose any amount as the 'Sum Assured' in multiples of 10 to 40 times of the annual
premium.
• No elaborate medical procedures required.
Benefits:
• Create a customized plan depending on the level of protection your child needs.
• Choose from two insurance cover options along with benefit payment preference.
• Avail tax benefits are offered under section 80C and 10(10D) of the Income Tax Act,
1961
HDFC Life Click 2 Protect:
Looking for an easier way to insure yourself and secure your loved ones happiness? You know
that the solution is a term insurance plan and you seek a plan that is convenient to buy and is
affordable. Your search ends here. HDFC Life is happy to present the perfect plan for your
protection needs HDFC Life Click 2 Protect! HDFC Life Click 2 Protect is a term insurance
plan. This plan provides for a payment of a lump sum in the event of your unfortunate death
during the policy term.
42. Features:
Advantages:
• Buy this plan at click of button , anytime & anywhere
• High cover at a very nominal cost.
• Flexibility to choose the Sum Assured and policy term
• Attractive premium rates for Non tobacco user and those with healthier lifestyle.
• Tax benefits under sections 80Cand 10(10D) of Income Tax Act, 1961.
Why choose this product?
' With profits ' Insurance plan
Choice of premium payment options: monthly, quarterly, half-yearly and yearly
Lump sum payment to your family in case of your unfortunate demise
Choose your Maturity Benefit Option:
• Enhanced Cash Option
• Enhanced Cover Option
43. Sampoorn Samridhi Insurance Plan:
HDFC Life Sampoorn Samridhi Insurance Plan is a 'With Profits' insurance plan that offers
financial protection to your family when they need it the most. Now ensure a life of respect and
dignity for you and your family even in your absence!
Features:
• Bonuses: Reversionary bonus will be declared. Once added they are guaranteed to be
payable on earlier death or maturity. Terminal and interim bonus if declared will be also
added.
• Term & Premiums: Minimum policy term is 5 years. Maximum policy term is 40
years. Minimum entry age is 18 years. Maximum entry age is 60 years. Maximum age at
maturity is 75 years. The premiums depend on the policy term chosen. You can pay
premium annually, half yearly, quarterly or monthly. Minimum annual premium is Rs.
12000 for annual, Rs.6000 for Half yearly, Rs. 3000 for Quarterly and Rs. 1000 for
monthly for term of 10 years and above.
• Maturity Benefit: Choice of Maturity Options: Enhanced Cover Option that offers
life cover till 99 years or Enhanced Cash Option that offers Enhanced Terminal Bonus on
maturity.
• High Sum Assured Discount: Get 5% discount on basic premium for Sum assured
of 5 Lakhs and above.
Benefits:
• Financial protection to your loved ones by way of a lump sum payment in case of your
unfortunate demise during the policy term. Sum assured plus attached bonuses will be
44. paid to the nominee. In case of death due to accident, an additional Sum Assured will be
paid. The policy will terminate and no further benefits will be payable.
• Choice of Maturity Benefit Option- on survival till maturity , you can choose maturity
benefit option:
o
o Enhanced Cash Option: Sum Assured + Reversionary Bonus +any interim
bonus + any terminal bonus + Enhanced Terminal Bonus. Policy terminates and
no further benefits are payable.
o Enhanced Cover Option: Sum Assured + Reversionary Bonus + any Interim
bonus + any Terminal Bonus payable on maturity + Additional Sum Assured on
unfortunate death of life assured up to age of 99 years.
New Money back plan
On completion of every 4 years, get a percentage of your Sum Assured as a cash payout
Protection to your family by way of lump sum paymentof SUM Assured + Bonuses in case of
unfortunate demise within the policy term, above the payouts already made before the death
Large Sum Assured discount of 5% on premium for Sum Assured of Rs 5 Lakhs and above
Want added financial security for your loved ones?
45. Secure the future of your loved ones by providing for their financial security.
(This will be redirected to the HDFC Term Assurance Plan)
(Can be used to cross-sell other products also)
46. LITERATURE REVIEW
The insurance sector is currently in a state of some uncertainty and companies are increasingly
conscious of the need to maintain a competitive edge over their commercial rivals while at the
same time getting maximum benefits from in-house resources (Abell, 1998).
The insurance market is having a tough time. Costs are rising as risk become tougher. But the
best risks see high costs of insurance as a reason to leave the market and insure them. The market
cycle has been broken. The key now is to understand and manage risks. Alternative risk transfer
47. techniques could be an answer. But finance directors need to understand the whole issue of risk
and risk management much better (Venezian, 2006).
The advanced countries have developed the insurance system and made it effective and
mandatory – as a result the loss of lives and property is comparatively less. In India, most of the
losses suffered in natural disasters are not insured, for reasons such as lack of purchasing power,
lack of interest in insurance, theory of karma attitude and ignorance of availability of such
covers. Quite large numbers of agencies provide the insurance cover and foreign insurance
companies have already ventured in such areas. This implies that the commercial and private
sector can also play an essential role in disaster mitigation (Atmanand, 2003).
The practice of insuring essentially involves the determination and assignment of risk to
individuals. Such determinations are made almost exclusively on the basis of statistical models.
As such, the determination of an individual's risk in relation to a particular form of insurance,
and thus ultimately to the determination of the cost and availability of that insurance for the
individual, is made in relation to her inclusion in certain statistical groups. However, a number of
questions, both practical and philosophical, can be raised about the way in which an individual is
assessed upon the basis of such statistical modelling. In this paper, I explore some of these issues
in relation to questions of fairness. I begin by examining the basic structure of statistical risk
assessment for insurance purposes. I argue that the underlying ethical concern involved with
such cases involves the manner in which the attributes of the statistical groups used for insurance
purposes can be said to fairly represent the individual qua individual. As such, I go on to explore
the general philosophical issues involved in applying statistical models to individuals and the
fairness of using such applications to make determinations about individuals for insurance
purposes(Palmer, 2007).
The insurance industry often experiences criticism for unethical and frequently illegal activities.
This document suggests that insurers operate in an uncompetitive environment and that the
nature of insurer operations leads otherwise ethical individuals in the direction of questionable
ethical decisions throughout the operations of an insurance company.(Barrese, 2007).
48. Explains that derivatives sellers see insurance companies, because of their representation of
some of the biggest financial groups, as a prime target worldwide. Goes on to show the part
played by insurance companies using derivates. States that there are only 3 areas where options,
generally, can be used in the context of investment management for the insurance companies:
use by individual fund managers of stock options; transformation of wholesale products into
retail products; and the use of options at balance sheet level. Summarizes that large insurance
companies need to fit use of equity and bond derivatives within understandable policies
(Mariathasan, 2000).
In study the influence of five critical factors on service quality in the insurance sector. Having
studied the influence of these critical factors, an attempt has been made to obtain a generic
solution to enhance the quality of service by proposing a holistic framework of learning
organization. As globalization and IT revolution have made the insurance sector highly
knowledge-intensive, customer expectations and perceptions have also grown exponentially.
Hence, this research is timely and goal-focused (Rodrigues, 2007).
Discrimination by the insurance industry against the disabled and victims of violence in the
recent cases. Covers suggested changes to the law, outlining the benefits and pitfalls. Identifies
genetics and the use of the Internet as new areas for concern and suggests potential legislation in
these cases (Kleiner, 1999).
Reporting on ongoing research within a major life insurance company, the difficulties in
managing a sales force are examined. Contradictions and strains created by the mode of
management, particularly affecting the sales force and customers, are explored. It is argued that a
“professionalization of selling”, brought about by a combination of strategic human resource
management and government legislation (in the form of the Financial Services Act) will
considerably improve the conduct and quality of selling in the future (Morgan, 1990).
The major results are that although the factors driving the decisions on health insurance
participation are basically the same for rural and urban citizens, the participation levels are quite
different. The major difference is that urban SHI has higher coverage and urban citizens have
higher income, resulting in a much larger urban medical expenditure (Yan, 2010).
49. Health insurance in India has shown little development. It has not been able to evoke enthusiasm
among Indian insurers. Consequently, several reports on Indian health care insurance have been
produced. The purpose of this paper is to offer a review of this matter (Gupta, 2007).
Insurance companies are now putting into place amended managerial systems. The marketing
function is undergoing changes in responsibilities in all these companies. While most companies
have key managers who have visions of how markets can be reshaped to give distinct
competitive advantages, effecting such changes within existing operating constraints poses major
challenges(Johne, 1993).
Insurance liabilities are converging with capital markets products (e.g. derivatives and
securitizations), thereby increasing the demand for integrated asset and liability management
strategies. This article compares the value-added by an integrative approach-based on scenario
optimization modelling-relative to traditional risk management methods. The authors present
some examples of products offered by the insurance industry in Italy, and apply the results of the
analysis to the design of competitive insurance policies (Zenios, 1993).
The practical application of enterprise mobilization is the use of a wireless network system and
equipment to allow employees to update information on demand. This study employs a case
study method, using in-depth interviews of 29 corporate managers and experts to understand the
current state of mobilization in the life insurance industry. The study suggests a conceptual
framework for mobilization in the life insurance industry, and formulates possible research
propositions incorporating a number of variables. The study also suggests a total of ten key
success factors for the implementation of mobilization in the life insurance industry (Luarn,
2003).
A study conducted which discusses issues common to the pricing of both insurance and finance.
These include increasing collaboration between insurance companies and banks, deregulation of
various insurance and finance markets, integrated risk management, and the emergence of
financial engineering as a new profession. Rather than attempting to give an exhaustive
exposition of the issues at hand, the author highlights developments that, from a methodological
point of view, offer new insight into the comparison of pricing mechanisms between insurance
and finance (Embrechts, 1993).
50. Independent agent insurers are found to be cost inefficient compared to insurers with other
distribution systems, but the independent agent insurers have better revenue efficiency compared
to their long counterpart, the exclusive agent insurers. This study also documents that the direct
writing system provides higher cost and revenue efficiencies than other distribution systems,
although their efficiencies have been deteriorating during the same time period (Bin Kang,
2009).
The article describes the forces that drive financial innovation in the insurance industry, as it
relates to the convergence between insurance and capital markets. The authors base their analysis
on general principles of supply and demand underlying financial intermediation and innovation,
e.g., regulation and taxation. They also provide practical examples from both the capital and
insurance markets. Finally, the article addresses the costs and benefits of capital markets-based
insurance solutions and inherent challenges to future innovation (Laster and Raturi, 1993).
51. RESEARCH METHODOLOGY
RESEARCH DESIGN
A Research Design is the framework or plan for a study which is used as a guide in collecting
and analyzing the data collected. It is the blue print that is followed in completing the study. The
basic objective of research cannot be attained without a proper research design. It specifies the
methods and procedures for acquiring the information needed to conduct the research effectively.
52. It is the overall operational pattern of the project that stipulates what information needs to be
collected, from which sources and by what methods.
Research : Research is a process of steps used to collect and analyze information to increase
our understanding of a topic or issue. It consists of three steps: Pose a question, collect data to
answer the question, and present an answer to the question
In the broadest sense of the word, the definition of research includes any gathering of data,
information and facts for the advancement of knowledge.
Research in more detail as "a studious inquiry or examination; especially : investigation or
experimentation aimed at the discovery and interpretation of facts, revision of accepted theories
or laws in the light of new facts, or practical application of such new or revised theories or laws".
Research Design used:
Descriptive research design is used in this Descriptive research, is used to describe
characteristics of a population or phenomenon being studied. It does not answer questions about
how/when/why the characteristics occurred. Rather it addresses the "what" question (What are
the characteristics of the population or situation being studied The characteristics used to
describe the situation or population are usually some kind of categorical scheme also known as
descriptive categories. For example, the periodic table categorizes the elements. Scientists use
knowledge about the nature of electrons, protons and neutrons to devise this categorical scheme.
We now take for granted the periodic table, yet it took descriptive research to devise it.
Descriptive research generally precedes explanatory research.
TITLE OF THE STUDY
“ A Study On Products Of HDFC Life”.
STATEMENT OF THE PROBLEM
53. This study was undertaken to identify which type of insurance plans HDFC-SL should market to
particular market segments in India. A survey was undertaken to understand the preferences of
Indian consumers with respect to insurance. While marketing policies the sole duty of an
advisor/ agent is to provide insurance plans as per customer requirements.
In effect plans (insurance products) should be flexible to suit individual requirements. This
research tries to analyze some key factors which influence the purchase of insurance like the
term of the policy, the type of company, the amount of annual premium payable (capacity and
willingness to spend), risk taking ability and the influence of advertising. Solutions and
recommendations are made based on qualitative and quantitative analysis of the data.
TYPE OF DATA COLLECTED
There are two types of data used. They are primary and secondary data. Primary data is defined
as data that is collected from original sources for a specific purpose. Secondary data is data
collected from indirect sources.
PRIMARY SOURCES
These include the survey or questionnaire method, telephonic interview as well as the personal
interview methods of data collection.
SECONDARY SOURCES
These include books, the internet, company brochures, product brochures, the company website,
competitor’s websites etc, newspaper articles etc.
SAMPLING
Sampling refers to the method of selecting a sample from a given universe with a view to draw
conclusions about that universe. A sample is a representative of the universe selected for study.
Convenience sampling is used in exploratory research where the researcher is interested in
getting an inexpensive approximation of the truth. As the name implies, the sample is selected
because they are convenient. This non probability method is often used during preliminary
research efforts to get a gross estimate of the results, without incurring the cost or time required
54. to select a random sample.
SAMPLE SIZE
The sample size for the survey conducted was 130 .
SAMPLING TECHNIQUE
Convenience sampling technique was used in the survey conducted.
56. Q1. AGE GROUP OF SURVEYED RESPONDENTS
TABLE 1: AGE GROUP OF SURVEYED RESPONDENTS.
Age group No. of Respondents
18 - 25 years 62
26 - 35 years 33
36 - 49 years 22
50 - 60 years 12
More than 60 years 2
47%
25%
17%
9%
2%
18 - 25 years
26 - 35 years
36 - 49 years
50 - 60 years
More than 60 years
Figure 1
AGE GROUP OF SURVEYED RESPONDENTS.
INTERPRETATION:
From the above chart we find that 47% of the respondents fall in the age group of 18 – 25 years,
25% fall in the age group of 26 – 35 years and 17% fall in the age group of 36 – 49 years.
Therefore most of the respondents are relatively young (below 26 years of age). These
individuals could be induced to purchase insurance plans on the basis of its tax saving nature and
57. as an investment opportunity with high return.
Q2. GENDER CLASSIFICATION OF SURVEYED RESPONDENTS
Table 2GENDER CLASSIFICATION OF SURVEYED RESPONDENTS
Particulars No. of Respondents
Male 113
Female 17
58. Gender of the respondents
17
113
0
20
40
60
80
100
120
Male Female
No.ofrespondents
Male
Female
Fig
ure 2: GENDER CLASSIFICATION OF SURVEYED RESPONDENTS
INTERPRETATION:
From the above chart we find that113 male respondandts prefer insurance and only 17 female prefer to
insurance among 140 respondandts .In these we can anlaysis the female member is less aware in regards
of insurance policy
Q3. CUSTOMER PROFILE OF SURVEYED RESPONDENTS.
TABLE 3 CUSTOMER PROFILE OF SURVEYED RESPONDENTS
Customer profile No. of respondents
Student 30
Housewife 3
Working Professional 55
Business 24
Self Employed 12
Government service employee 7
59. 23%
2%
43%
18%
9%
5%
Student
Housewife
Working Professional
Business
Self Employed
Government service
employee
Figure 3 CUSTOMER PROFILE OF SURVEYED RESPONDENTS
INTERPRETATION:
From the above chart it can clearly be seen that 43% of the respondents are working
professionals, 23% are students and 18% are into business. Therefore the target
market would be working individuals in the age group of 18 – 25 years having
surplus income, interested in good returns on their investment and saving income
tax.
Q4. NO OF LIFE POLICIES PURCHASED BY CUSTOMER?
: Table 4 NO OF LIFE POLICIES PURCHASED BY CUSTOMER.
60. LIFE INSURER NUMBER OF POLICIES
HDFC STANDARD LIFE 5
BIRLA SUN LIFE 4
AVIVA LIFE INSURANCE 8
BAJAJ ALLIANZ 9
LIC 64
TATA AIG 8
ICICI PRUDENTIAL 14
ING VYSYA 7
BHARTI AXA 3
OTHERS 2
4%
3%
6%
7%
53%
6%
11%
6%
2% 2%
HDFC STANDARD LIFE
BIRLA SUN LIFE
AVIVA LIFE INSURANCE
BAJAJ ALLIANZ
LIC
TATA AIG
ICICI PRUDENTIAL
ING VYSYA
BHARTI AXA
OTHERS
Figure 4 NO OF LIFE POLICIES PURCHASED BY CUSTOMER.
INTERPRETATION:
61. In India, the largest life insurance company is Life Insurance Corporation of India. It has been in
existence in India since 1956 and is completely owned by the Government of India.
Today the organization has grown to 2048 offices serving 18 crore policies and has a corpus of
over 340000 crore I
Q5. ANNUAL PREMIUM PAID BY INDIVIDUALS FOR LIFE INSURANCE?
TABLE 5: ANNUAL PREMIUM PAID BY INDIVIDUALS FOR LIFE INSURANCE.
Premium paid (p.a.) No. of respondents
Rs. 5000 – Rs. 10000 45
Rs. 10001 - Rs. 15000 29
Rs. 15001 - Rs. 24900 19
Rs. 25000 - Rs. 50000 12
Rs. 50001 - Rs. 60000 5
Rs.60001 – Rs. 80000 2
Rs. 80001 - Rs. 100000 3
62. 39%
25%
17%
10%
4% 2% 3%
Rs. 5000 - Rs. 10000
Rs. 10001 - Rs. 15000
Rs. 15001 - Rs. 24900
Rs. 25000 - Rs. 50000
Rs. 50001 - Rs. 60000
Rs.60001 - Rs. 80000
Rs. 80001 - Rs. 100000
Figure 5 ANNUAL PREMIUM PAID BY INDIVIDUALS FOR LIFE INSURANCE
INTERPRETATION:
From the above chart we find that, 39% of the respondents surveyed pay an annual premium less
than Rs. 10001 towards life insurance. 25% of the respondents pay an annual premium less than
Rs. 15001 and 17% pay an annual premium less than Rs. 25000. Hence we can safely say that
HDFC-SL would be able to capture the market better if it introduced products/plans where the
minimum premium starts at Rs. 5000 p.a.
63. Q6. What kind of insurance policy would suit you best in your current stage of life?
TABLE 6: POPULAR LIFE INSURANCE PLANS of HDFC LIFE
Type of Plan No. of Respondents
Term Insurance Plans 53
Endowment Plans 62
Pension Plans 8
Child Plans 4
Tax Saving Plans 10
39%
45%
6%
3%
7%
Term Insurance Plans
Endowment Plans
Pension Plans
Child Plans
Tax Saving Plans
Figure 6
POPULAR LIFE INSURANCE PLANS of HDFC LIFE
64. INTERPRETATION:
From the above chart we can clearly see that 45% of the respondents hold endowment plans and
39% of the respondents hold term insurance plans. Endowment plans are very popular and serve
two purposes – life cover and savings.
If the policy holder dies during the policy term nominee gets death benefit I.e, sum assured and
accumulated bonus. On survival the policy holder receives the survival benefit with a bonus
Q7. AWARENESS OF UNIT LINKED INSURANCE PLANS?
TABLE 7: AWARENESS OF UNIT LINKED INSURANCE PLANS
Awareness of Unit Linked Plans No. of Respondents
Yes 74
No 56
57%
43%
Yes
No
Figure 7 AWARENESS OF UNIT LINKED INSURANCE PLANS
65. INTERPRETATION:
From the chart given above we find that 57% of the respondents are aware of unit linked life
insurance plans and 43% are not aware of such plans. These plans should be promoted through
advertising. The company can advertise through television, radio, newspapers, bill boards and
pamphlets. This would increase awareness and arouse curiosity in the minds of the consumer
which would enable the company to market its products more effectively.
Unit – linked plans are those where the benefits are expressed in terms of number of units and
unit price. They can be viewed as a combination of insurance and mutual funds. The number of
units a customer would get would depend on the unit price when they pay the premium.
Q8. How much would you be willing to spend per annum if you were to go for an investment/
insurance plan?
TABLE 8: . CONSUMER WILLINGNESS TO SPEND ON LIFE INSURANCE PREMIUM
Willingness to spend on premium No. of respondents Percentage
Less than Rs. 6000 20 15%
Rs. 6001 - Rs. 10000 35 27%
Rs. 10001 - Rs. 25000 54 41%
Rs. 25001 - Rs. 50000 20 15%
Rs. 50001 - Rs. 100000 2 2%
66. 0
10
20
30
40
50
60
Less than Rs.
6000
Rs. 6001 - Rs.
10000
Rs. 10001 - Rs.
25000
Rs. 25001 - Rs.
50000
Rs. 50001 - Rs.
100000
Figure 8 CONSUMER WILLINGNESS TO SPEND ON LIFE INSURANCE PREMIUM
INTERPRETATION:
From the above graph, we can clearly see that 41% of the respondents would be willing to spend
between Rs. 10001 – Rs. 25000 for life insurance. 27 % would be willing to spend between Rs.
6001 – Rs. 10000 per annum. Only 15% would be willing to spend more than Rs. 25000 per
annum as life insurance premium.
67. Q9. . Which according to you is an ideal policy term? (Number of years you would be willing to
pay premium
TABLE 9: IDEAL POLICY TERM
Ideal policy term No. of respondents
3 - 5 years 25
6 - 9 years 20
10 – 15 years 46
16 – 20 years 18
21 – 25 years 12
26 – 30 years 2
More than 30 years 1
Whole life Policy 6
19%
15%
35%
14%
9%
2%
1%
5%
3 - 5 years
6 - 9 years
10 - 15 years
16 - 20 years
21 - 25 years
26 - 30 years
More than 30 years
Whole life Policy
Figure 9 IDEAL POLICY TERM
68. INTERPRETATION:
From the chart given above it can be seen that 35% of respondents prefer a policy term of 10 –
15 years, 19% prefer a term of 3 – 5 years and 15% prefer a term of 6 – 9 years. This means that
HDFC-SL could introduce more plans wherein the premium paying term is less than 15 year.
Q10. What motivates you to purchase insurance/ investment plans?
TABLE 10; FACTORS THAT MOTIVATE RESPONDENTS TO PURCHASE INSURANCE.
Parameter No. of Respondents
Advertisements 17
High returns 42
Advice from friends 23
Family responsibilities 45
Others 8
69. 13%
31%
17%
33%
6%
Advertisements
High returns
Advice from friends
Family responsibilities
Others
Figure 10; FACTORS THAT MOTIVATE RESPONDENTS TO PURCHASE
INSURANCE.
INTERPRETATION:
From the chart above it can be seen that 33% of the respondents purchase life insurance to secure
their families, 33% take life insurance to get high returns, 17% purchase insurance on the advice
of their friends and 13% purchase insurance because of the influence of advertisements.
.
70. Q11 In which kind of company would you prefer to make a purchase of insurance?
TABLE 11: PREFERRED COMPANY TYPE OF THE RESPONDENTS
Type of Company No. of Respondents Percentage
Government Owned
Company 67 47%
Public Limited Company 33 23%
Private Company 26 18%
Foreign Company 17 12%
0
10
20
30
40
50
60
70
80
Government Owned
Company
Public Limited
Company
Private Company Foreign Company
Figure 11: PREFERRED COMPANY TYPE OF THE RESPONDENTS
INTERPRETATION:
From the graph above we find that 47% of the respondents preferred to purchase insurance from
a government owned company, 23% of the respondents preferred to purchase insurance from a
public limited company and only 12% of the respondents preferred a foreign based company.
HDFC-SL could be promoted as an essentially “Indian” company with a foreign tie up. Its tie up
with HDFC, a trusted name in an Indian industry, could be used to give a “push” to its products/
services
Q12. Typically what kind of returns would you look at from your investments? (Please note:
71. Higher returns involve greater risk)
TABLE 12: MINIMUM EXPECTED RETURN ON INVESTMENT
Expected Returns No. of respondents
Less than 5% 3
5% - 10% 20
11% - 15% 22
16% - 20% 23
21% - 25% 22
26% - 30% 13
31% - 40% 11
41% - 50% 7
More than 50% 10
72. 2%
15%
17%
18%
17%
10%
8%
5%
8%
Less than 5%
5% - 10%
11% - 15%
16% - 20%
21% - 25%
26% - 30%
31% - 40%
41% - 50%
More than 50%
Figure 12: MINIMUM EXPECTED RETURN ON INVESTMENT
INTERPRETATION:
From the above chart it can clearly been seen that 18% of the respondents would like 16 – 20%
returns, 17% would like returns between 21 – 25% and 17% would like returns of 11 – 15% on
their investments. Therefore the average return on investment should be at least 16 – 20 %.
74. SUGGESTIONS FOR IMPROVEMENT:
1 Advertise about the company and its products – it motivates individuals to purchase
insurance.
2 Create a positive perception about insurance.
3 Speak about the good features a plan offers like high returns, life cover, tax benefits,
indexation, accident cover while prospecting customers.
4 Try to sell the product/plan which the consumer requires and not the plan where the
advisors benefit is higher.
5 Improve the efficiency in operations.
6 Bring out policies with small premiums payable for short periods of time – Rs. 5000 –
Rs. 10000 per annum for 10 years.
7 Attract the youth of India with higher returns on investment as returns are the motivating
factor which influence purchase of insurance.
8 Promote insurance in colleges and corporate houses.
9 Promote HDFC-SL as an Indian Company to build trust.
10 HDFC-SL could have a brand ambassador or a mascot to promote its services.
11 Should have partial withdrawals from the first year onwards.
12 Tap the rural market where there is large potential.
13 HDFC diversify its product portfolio.
76. HDFC-SL is one of the world’s largest and oldest life insurance companies. It has businesses
spread out across the globe. It came to India in the year 2002. It currently ranks number 2
amongst the insurers in India (Source: annual premium provided by the company)
The company faces a large amount of competition. To sustain itself it must promote its products
through advertising and improve its selling techniques. Consumers must be aware of the new
plans available at HDFC-SL.
The medium of advertising used could be television since most of its competitors use this tool to
promote their products. The company must be promoted as an Indian company since consumers
seem to have more trust in investing in Indian firms.
The unit linked concept must be specifically promoted. The general perception of life insurance
has to change in India before progress is made in this field. People should not be afraid to invest
money in insurance and must use it as an effective tool for tax planning and long term savings.
HDFC-SL could tap the rural markets with cheaper products and smaller policy terms. There are
individuals who are willing to pay small amounts as premium but the plans do not accept
premiums below a certain amount. It was usually found that a large number of males were
insured compared to females. Individuals below the age of 30 (mostly male) were interested in
investment plans. This was a general conclusion drawn during prospecting clients
78. LIMITATIONS OF THE STUDY
1 The study was limited only to the District areas.
2 The study was conducted only for a short period of eight weeks.
3 The study is based on the assumption that information provided by the respondents is
true.
4 Respondents are less aware for insurance sector
5 Lack of willingness to adopt insurance policy
6 Most of the respondents whom my approach where already having lic policy, they were not
wiiling to listen about hdfc plan
80. BIBLIOGRAPHY
1 “Products and Services.” HDFC-SL. <http://www.hdfcinsurance.com>.
2 “Historical perspective.” <http://www.wikipedia.com>.
3 Regulatory body “<www.irda.com.in>
4 “Overview." Indiacore. <http://www.indiacore.com>.
5 “Reforms." Wikipedia. <http://www.wikipedia.com>.
6 “Unit Linked Plans." Life insurance Corporation of India. <http://www.lic.com>.
7 “Stock price of HDFC-SL." Money Control. <http://www.money control.com>.
“Unit Linked Plans." Tata aig. <http://www.tataaig.com>.
8 “Life Insurance." Bajaj allianz. <http://www.bajajallianz.com/
9 BagicCorp/index.jsp>.
10 “Life Insurance." ICICI Prudential. <http://www.icici.prulife.com>.
11 Sumathi S., and Saranavel P. 2nd ed. New Delhi: Vikas Publishsing House, 2003. 85-
172.
12 “Convenience Sampling.” Statpac.<http://www.statpac.com>.
13 “Business standard” for data collection
81. BOOKS AND JOURNALS:-
1. Berle Jr., A., and Means G. (1932), “The modern corporation and private property”,
Macmillan, New York.
2. Bhimani A., “The role of a crisis in reshaping the role of accounting”,Journal of Accounting
and Public Policy, Volume 27, Issue 6, Pages 444-454, (2008)
3. Cooper, D., “Discussion of towards a political economy of accounting”, Accounting,
Organizations and Society , 51, pp. 161–166, (1998)
4. Financial Accounting Standards Board, “Agenda of the meeting of the Financial Crisis
Advisory Group”, Baruch College Newman Conference Center, New York, (2009)
5. Hoogervorst, H. (2002), “Learning from the Asian Crisis”, Address to the International
Monetary Fund and Financial Committee, Washington, D. C.
6. Hopwood A.G., “The economic crisis and accounting: Implications for the research
community”, Accounting, Organizations and Society, Volume 34, Issues 6-7, Pages 797-802,
August-October 2009
7. Laux C., Leuz C., “The crisis of fair-value accounting: Making sense of the recent debate”,
Accounting, Organizations and Society, Volume 34, Issues 6-7, Pages 826-834, August-October,
(2009)
8. Miller, P., Hopper, T., Laughlin, R. (1991), “The New Accounting History: an introduction”,
Accounting, Organizations and Society, 16 (56), 395-403
9. Previts, G. J., Merino, B. D. (1979), “A History of Accounting in America”, Ronald Press
publication, New York
10. Ray, B., Scapens, R., Theobald, M. (2002), “Research Method & Methodology in Finance &
82. Accounting”, Thomson, London
11. Rahman, M. Z. (1998), “The role of accounting in the East Asian financial crisis: lessons
learned”, Transnational Corporations, 7 (3), 1-52
12. Shehu U.H., (2010), “Global economic crisis a challenge to Accounting profession”, paper
presented at International Conference with the theme: Global Financial Crises and African Quest
for Development, Ahmadu Bello University, Nigeria
13. Stefanescu C., "Corporate governance” concept in Accponting and Auditing literature – an
overview “ante” and “post” financial crisis, Proceedings of the 7th International Conference on
Management of Technological Changes 2011(ISBN 978-960-99486-3-0), pp. 749-752
14. “Technical Summary of IAS 8 Accounting Policies”, Changes in Accounting Estimates and
Errors, IASB , 01.01.2009
15. Tomkins, C., (1978), “The Development of Accounting”, a discussion paper presented at the
Workshop on Accounting in a Changing Social and Political Environment, London.
84. QUESTIONNAIRE
Q1. Age group.
1 18 – 25 years
2 26 – 35 years
3 36 – 49 years
4 50 – 60 years
5 Above 60 years
Q2. Classification of Gender regarding awareness of insurance policies.
Male
Female
Q3. Profile of respondent.
1 Student
2 Housewife
3 Working Professional
4 Business
5 Self – Employed
85. 6 Government Service employee
Q4. If yes which company/ company’s insurance policies do you hold?
1 HDFC Standard Life
2 Birla Sun Life
3 Aviva Life Insurance
4 Bajaj Allianz
5 LIC
6 Tata AIG
7 ICICI Prudential
8 ING Vysya
9 Bharti Axa
10 Others (specify name)
Q5. What is the approximate premium paid by you annually (in Rupees)?
1 Rs. 5000 – Rs. 10000
2 Rs. 10001 – Rs. 15000
3 Rs. 15001 – Rs. 24900
4 Rs. 25000 – Rs. 50000
5 Rs. 50001 – Rs. 6000
6 Rs. 60001 – Rs. 80000
7 Rs. 80001 – Rs. 100000
8 More than Rs. 100000 ( specify premium)
Q6. What kind of insurance policy would suit you best in your current stage of life?
1 Life Insurance
2 Life Insurance and Investment Plans
3 Pension Plans
4 Child Plans
5 Tax saving plans
Q7. Are you aware of the new unit linked insurance plans in the market?
1 Yes
2 No
86. Q8. How much would you be willing to spend per annum if you were to go for an investment/
insurance plan?
1 Less than Rs. 6000
2 Rs. 6001 – Rs. 10000
3 Rs. 10001 – Rs. 25000
4 Rs. 25001 – Rs. 50000
5 Rs. 50000 – Rs. 100000
6 More than Rs. 100000
Q9. Which according to you is an ideal policy term? (Number of years you would be willing to
pay premium)
1 3 to 5 years
2 6 to 9 years
3 10 to 15 years
4 16 to 20 years
5 21 to 25 years
6 26 to 30 years
7 More than 30 years
8 Whole life policy
Q10. What motivates you to purchase insurance/ investment plans?
1 Advertisements
2 High Returns
3 Advice from friends
4 Family responsibilities
5 Others (specify)
Q11. In which kind of company would you prefer to make a purchase of insurance?
87. 1 Government owned company
2 Public Limited Company
3 Private Company
4 Foreign based company
Q12. Typically what kind of returns would you look at from your investments? (Please note:
Higher returns involve greater risk)
1 Less than 5%
2 5% - 10 %
3 11% - 15 %
4 16% - 20 %
5 21% - 25%
6 26% - 30%
7 31% - 40%
8 41% - 50%
9 More than 50%
Personal Details:
Name:
Phone:
Address
Gender:
Male
Female