This document presents a comparative study of life insurance products offered by HDFC Life and other insurance companies in India. It provides an overview of HDFC Life, describing its founding and operations. It then analyzes several HDFC Life products, including protection plans, retirement plans, health plans, and savings/investment plans. The document proceeds to compare HDFC Life's ULIP plans to those of other insurers based on criteria like minimum premium, entry age, partial withdrawal options, and surrender periods. It outlines objectives to analyze product details, identify similarities and differences between companies, and understand customer purchase factors. The document also discusses marketing challenges and provides suggestions to improve HDFC Life's outreach and product offerings.

1. PRESENTED BY: ABHA GUPTA
PGDM-IB
ROLL NO- 1
A Summer Training project on
Comparative study on HDFC life product with other insurance companies

2. Overview
 HDFC Life Insurance Established on 14th August 2000.
 HDFC Life Insurance Co. Ltd. is a joint venture between Housing Development
Finance Corporation Limited (HDFC Limited) -India's leading housing finance
institution - and a Group Company of the Standard Life, that is a world-renowned
provider of financial services
 HDFC Life has about 568 branches and is present in over 700 cities and towns.
 It has almost 2, 00,000 financial consultants that meet various customer needs
such as protection, pension, savings, investments and health.

3. HDFC life products
1. Protection Plans
2. Retirement Plans
3. Health Plans
4. Savings & Investment Plans
 HDFC Life Sampoorn Samridhi Insurance Plan
 HDFC Endowment Assurance Plan
 HDFC SL Crest
 HDFC SL ProGrowth Super II
 HDFC SL ProGrowth Flexi
 HDFC SL ProGrowth Maximiser
 HDFC SL New Money Back Plan
 HDFC Assurance Plan
 HDFC Savings Assurance Plan
 Endowment Gain Insurance Plan
 Classic Assure Insurance Plan

4. Comparative study of HDFC life
product
With other insurance companies

5. ULIP Plans
Company Min Premium Entry Age Partial Withdrawal Surrender
Premium
Paying Term
HDFC SL Crest
30,000 14-55 Yrs 5 Yrs 5 Yrs 5 Yrs
LifeLink Wealth
SP Plan
40,000 0-60 Yrs 5 Yrs 5 Yrs 10-30 Yrs
Secure Invest
Insurance
50,000 0-60 Yrs 6 Yrs 5 Yrs 30 Yrs
Future Protect Plan
20,000 7-60 Yrs 5 Yrs 5 Yrs 15-40 Yrs.
Saral Maha Anand
15,000 18-55 Yrs 6 Yrs 5 Yrs 10-20 Yrs
Met Smart
Platinum
30,000
(Annual Mode)
7-70 Yrs 2 Yrs 5 Yrs
5 yrs/ 10yrs/ entire
term of the policy

6. Advantage
Insurance Plan
25,000 8-60 Yrs 5 Yrs 5 Yrs 5-7 Yrs
Select Insurance
Plan
18,000 7-60 Yrs. 5 Yrs. 5 Yrs. 10-20 Yrs.
Prospering Life
48,000 8-55 Yrs 5 Yrs 5 Yrs 16 or 20 Yrs
Life Bond
Advantage
50,000 2-65 Yrs 5 Yrs 5 Yrs Single
Ujjwal Life
30,000 7-65 Yrs 5 Yrs 5 Yrs 10 Yrs
Smart Save Plan
12,000 5-60 Yrs 5 Yrs 5 Yrs 15-25 Yrs.
Utkarsh Jeevan
Bima
20,000 12-55 Yrs 3 Yrs 5 Yrs 8-20 Yrs

7. OBJECTIVES OF THE STUDIES
To analysis the product details of HDFC Standard life Insurance Company limited and
other insurance companies.
To find ‘Points of Parity’ and ‘Points of Difference’ of HDFC Standard Life Insurance
Company Limited and other insurance companies.
To find out factors that influence customers to purchase insurance policies and give
suggestions for further improvement.
Comparative study of various insurance players in the market

8. MARKETING PROBLEMS
Some of the main problems in marketing the policies are:
Large amount of competition (18 players in the market)
Other brands are well advertised and have higher recall value
LIC is considered a safer option
Face competition from banks and mutual funds
High premium policies are difficult to market
Incorrect perception about insurance
Customers get defensive if you could call
Short term plans are available only at large premium
Customers do not have risk appetite to invest in shares
Some prospects have already invested and are not interested in further
investments
Consumers don’t want to undertake medical examinations
Large amount of documentation

9. SUGGESTIONS FOR IMPROVEMENT
Advertise about the company and its products – it motivates individuals to purchase insurance
Create a positive perception about insurance
Speak about the good features a plan offers like high returns, life cover, tax benefits, indexation, and accident cover
While prospecting Customers
Try to sell the product/plan which the consumer requires and not the plan where the advisors benefit is higher
Improve the efficiency in operations
Bring out policies with small premiums payable for short periods of time – Rs. 5000 – Rs. 10000 per annum for 10
Years
Attract the youth of India with higher returns on investment as returns are the motivating factor which influence
Purchase of insurance
Promote insurance in colleges and corporate houses
Should have partial withdrawals from the first year onwards
Tap the rural market where there is large potential Diversify product portfolio
Make products more straight forward – reduce complexities

10. Conclusion
HDFC Standard Life insurance is the oldest life insurance company in the world. It has businesses spread
out across the globe. It was registered on 23rd December2000. It currently ranks number 4 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
SLIC. The medium of advertising used could be television since most of its competitors use this tool to
promote their products
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 SLIC 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.