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INDUSTRY PROFILE

BRIEF HISTORY OF INSURANCE IN INDIA


Life insurance activity in its modern from started in India in 1818
to provide insurance for the European soldiers and civilians to
benefit their families. The first Indian Life insurance company, the
Bombay Mutual Life assurance society started its business in
1870. This was the first company, which charged same amount of
premium on both Indian and Non-Indian lives. Earlier native Indian
lives were considered more risky and hence were charged more
premiums for coverage. Foreign insurance companies dominated
insurance business in India and enjoyed monopoly right up to the
end of nineteenth century.
Insurance regulation formally began in India through the passing
of two acts, the life Insurance companies act of 1912 and the
provident act 1912, the first legislation was introduced with the
insurance act of 1938 that provided strict state control over
insurance business in the country. This provided an effective
cheek on the large-scale frauds that sullied insurance business
during the 1930`s.
In the 1940s, there were more than 220 Insurance companies in
India. There was no control over the starting and closing of
insurance companies. Customer`s money was on stake. After
independence, the business of insurance grew at a faster pace as
the competition among the Indian companies intensified. At this
juncture, the government of India decided to merge all the
insurance companies. In the year 1956, the merger and
nationalization of all existing life insurance companies were done
which resulted in giving birth to the life insurance corporation of
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India (LIC). Closed to foreign competition, the Indian insurance


industry was run by the government for over 40 years through LIC
and four general insurance companies that spanned the length
and breadth of the country. LIC enjoyed a monopoly for more than
four decades.

GLOBEL MARKET PENETRATION


Penetration of life insurance is beginning to cut across socioeconomic classes and attract people who have never purchased
insurance before. With the heightened awareness and the
consumer education comes a willingness to view life insurance as
an integral part of the financial portfolio. No longer is the life
insurance a poorly understood product that is pushed onto
people. Nor is it a product that is only to be bought hurriedly at
the time of filling taxes. It`s now catching on as an important
element of the overall financial basket one that is purchased to
fulfill specific rational and emotional needs. Not only there has
been a charge in the structure and nature of the products, but
also in the way they are sold.

INSURANCE PENETRATION ACROSS THE NATION:


From being a purely advisor driven business, the sector has seen
the emergence of a number of channels including bank
assurance, corporate agents, brokers and direct marketing. These
channels, though new, are quickly gaining importance primarily
because they present the customer with multiple ways of
approaching life insurers. There has been a vast improvement in
service attitude and delivery too. As with privatization in any
industry, the benefits aren`t restricted to the customer alone, but
extend to the society at large, by generating employment
opportunities for thousands.

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Over the past two years, insurance companies; both life and non
life insurance have collectively hired at least 6,000 employees to
staff their operation across the country, another 90,000- odd have
been appointed as life insurance advisors who are engaged in
counseling and recommending products to the insurance buyers.
The potential for the growth and spread of life insurance is high as
in many other Asian countries. This is due to stronger economic
growth, rapid aging of population, a weak social security and
pension system leaves a majority of workers with no old age
income security. A well-developed insurance sector promotes
economic growth by encouraging risk-taking activity, and also has
great potential in mobilizing long-term contractual savings and
the rest is crucially needed for infrastructure development.

INSURANCE DENSITY ACROSS THE NATIONS


The global insurance market stands at 1521.2 billion US dollar and
India stands 23rd position with 9.93 billion US dollar. Out of the 1
billion populations in India 35 millions are insured. India`s life
insurance premium as percentage of GDP is 2.32%. The Indian
insurance market is set to touch 25 billion US dollar by 2010. On
the assumption of 7% growth in GDP. The role of life insurance is
a crucial one for the development of our country. Life insurance
companies have to invest 75% of its revenue in the government
specified securities like electricity boards, housing schemes,
water supply and sewage projects, development of road and
transport, industrial development schemes etc.

INSURANCE
AUTHORITY

REGULATORY

AND

DEVELOPMENT

Reforms in the insurance sector were initiated with the passage of


the IRDA bill in parliament in December 1999. The IRDA since its
incorporation as a statutory body in April 2000 has fastidiously
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stuck to its schedule of framing regulation and registering the


private sector insurance companies.
The other decisions taken simultaneously to provide the
supporting systems to the insurance sector and in particular to
the life insurance companies was the launch of the IRDA`s online
service for issue and renewal of licenses to agents .
The approval of institutions for imparting training to agents has
also ensured that the insurance companies would have a trained
workforce of insurance agents in place to sell their products,
which are expected to be introduced by early next year.
Since being set up as an independent statutory body the IRDA has
put in a framework of globally compatible regulations. In the
private sector 14 life insurance and 6 general insurance
companies have been registered.

MISSION OF INSURANCE SECTOR;To protect the interest of the policyholders,


to regulate, promote and ensure orderly
growth of the insurance industry and for
matters connected therewith or incidental
thereto.
DUTIES, POWERS AND FUNCTIONS OF IRDA
1. Adjudication of disputes between insurers and intermediaries
or insurance intermediaries.
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2. Promoting and regulation professional organizations connected


with insurance and re-insurance business.
3. Specifying requisite qualifications, code of conduct and
practical training for intermediary or insurance intermediaries and
agents.
4. Promoting efficiency in the conduct of insurance business
5. Regulation investment of funds by insurance companies
6. Issue the applicant a certificate of registration, renew, modify,
withdraw, suspend or cancel such registration.

T1; PRIVATE LIFE INSURANCE PLAYERS IN INDIA


REG NO.

DATE
REG.

OF NAME OF THE COMPANY

101

23.10.2000

HDFC Standard life insurance company


ltd.

104

15.11.2000

Max New York Life insurance company ltd.

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105

24.11.2000

ICICI Prudential life insurance company


lt6d.

107

10.01.2001

Om Kotak Mahindra
company ltd.

109

31.01.2001

Birla Sun life insurance company ltd.

110

12.02.2001

Tata AIG life insurance company ltd.

111

30.03.2001

SBI life insurance company ltd.

114

02.08.2001

ING Vysya life insurance company private


ltd.

116

03.08.2001

Alianz Bajaj life insurance company ltd.

117

06.08.2001

MetLife India insurance company pvt ltd.

122

14.05.2002

Aviva life insurance Co. India pvt ltd.

127

06.02.2004

Sahara India insurance company ltd

128

17.11.2005

Shriram life insurance company ltd.

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life

insurance

SOME OF THE IMPORTANT MILESTONES IN THE LIFE


INSURANCE BUSINESS IN India are;
1818:

Oriental life insurance Company, the first insurance


company on Indian soil started functioning.
1870: Bombay Mutual life assurance society, the first Indian life
insurance company started its business.
1912: The Indian insurance companies Act enacted as the first
Statute to regulate the life insurance business.
1928: The Indian insurance companies Act enacted to enable the
government to collect statistical information about both life and
non life insurance business.
1938: Earlier legislation consolidated and amended to by the
insurance Act with the objective of protecting the interest of the
insuring public.
1956: 245 Indian and foreign insurance and provident fund
societies take over the central Govt and nationalized. LIC formed
by an Act of Parliament, viz, LIC Act, 1956, with a capital
contribution of Rs. 5crore from the Govt of India.

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INSURANCE
Definitions
General Insurance:
A contract in which one party agrees to pay for
another parts financial loss resulting from a specific event (for
example, a collision, theft, or storm damage). Lease agreement
generally requires that you maintain vehicle collision and property
damage.

Life insurance:
A system of protection against loss in which a number of
individuals agree to pay certain sums of money, called premiums,
to create a pool of money which will guarantee that individual will
be compensated for losses caused by events such as fire,
accident, illness, or death.

Benefits of Insurance: Insurance is the instrument of security,


savings and peace of mind. It Provides several benefits by paying
a small amount of premium to an insurance company as:1.

Safeguard

oneself

and

ones

family

requirements.
2.

Peace of mind-in-case of financial loss.

3.

Tax rebate.

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for

future

4.

Protection from the claim by creditors.

5.

Security against a personal loan or other type of loan.

6.

Provide a protection cover to industries, agriculture,


women and child.

7.

Provide good returns on investments.

Private players in the Life insurance industry, which has tied up with
various foreign companies:-

ICICI Bank
Aditya Birla Group

Prudential, UK
Sun life,

Bajaj Auto

Canada
Allianz,

SBI Bank
HDFC Bank

Germany
Cordiff, France
Standard Life,

TATA Group
Max India

UK
AIG, US
New York Life,

Kotak Mahindra Life

DABUR
KOTAK Mahindra

US
Aviva, UK
Old Mutual,

ING Vysya Life

Bank
Vysya Bank

S.A
ING,

Reliance Group
J & K Bank

Netherlands
None
Met life, US

ICICI Prudential
Birla Sun Life

Allianz Bajaj

SBI Life
HDFC Standard Life

TATA-AIG Life
Max New York Life.

Aviva Life

Reliance Life
MetLife India

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Sahara Life

Sahara India

None

COMPANY PROFILE
HDFCS Standard Life Insurance Company Ltd. is one of
Indias leading Private insurance companies, which offers a range
of individual and group insurance solutions, it is a joint venture
between Housing Development Finance Corporation Limited
(HDFC Ltd.), and Indias leading housing finance institution and a
Group Company of the Standard Life, UK. HDFC as on March 31,
2007 holds 81.9 Per cent of equity in the joint venture

Our Key strengths


Financial Expertise
As a joint venture of leading financial Services groups, HDFC
Standard Life has the financial expertise required to manager
your long-term investments safely and efficiently.

Range of solutions
We have a range of individual and group solutions, which can
be easily customized to specific needs. Our group solutions have
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been designed to offer you complete flexibility combined with a


low charging structure

Track Record so far


Our Gross Premium income, for the year ending March 31, 2008
stood at Rs. 2, 856 crores and new business premium income at
Rs. 1,624 crores.
The company has covered over 8, 77,000 lives year ending
March 31, 2008.
HDFC PROFILE
HDFC was incorporated in 1977 with the primary objective of
meeting a social need that of promoting home ownership by
providing long-term finance to households for their housing
needs, HDFC was promoted with promoted with an initial share
capital of Rs. Million.

Business Objectives
The primary objective of HDFC is to enhance residential
housing stock in the country through the provision of housing
finance in a systematic and professional manner, and to promote
home ownership another objective is to increase the flow of
resources to the housing sector by integrating the housing finance
sector with the overall domestic financial markets.

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Organizational Goals
HDFCs main goals are to
1. Develop close relationships with individual households,
2. Maintain its position as the premier housing finance
institution in the country.
3. Transform ideas into viable and creative solutions,
4. Provide consistently high returns to shareholders,
5. We to grow through diversification by leveraging off the
existing client base

STANDARD LIFE HISTORY


The Standard Life Assurance Company (Standard
Life) was established in 1825 and the first Standard Life
Assurance Company Act was passed by parliament in 1832.
Standard Life was reincorporated as a mutual assurance company
in 1925.
The

Standard

Life

group

originally

operated

only

through

branches or agencies of the mutual company in the United


Kingdom and certain other countries.
Its Canadian branch was founded in 1833 and its Irish operations
in 1838. This largely remained the structure of the group until
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1996, when it opened a branch in Frankfurt, Germany with the


aim of exporting its UK Life assurance and pensions operating
model to capitalize on the opportunities presented by EC Directive
92/96/EEC (the Third Life Directive) and offer a product range in
that market with features which local provides were unable to
offer.
In the 1990s, the group also sought to diversify its
operations into areas, which complemented its core life assurance
and pensions business, which the intention of positioning itself as
a broad range financial services provider.

Standard Life Asia Limited / joint ventures:Economic Development Area General Company (TEDA)
became operational in 2003. The groups Hong Kong subsidiary,
Standard Life Asia Limited (SL Asia), was incorporated in 1999
as a joint venture and became a wholly owned subsidiary of
Standard Life in 2002, The groups operations in Hong Kong were
established to give the group a presence in the far East from
which it could expand into China. The groups joint ventures in
India

which

Housing

Development

Finance

Corporation

Limited(HDFC) Were Incorporated in 2000(in relation to the life


assurance and pensions joint venture) and 2003 (in relation to the
investment management joint venture). The groups joint venture
in China with Tianjin
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Our vision:
The most successful and admired life insurance company,
which means that we are the most trusted company, the easiest
to deal with, offer the best value for money, and set the standards
in the industry. The most obvious choice for all.
Our Values:
Values that we observe while we work:
Integrity
Innovation
Customer centric
Team work
Joy and Simplicity, People Care One for all and all for one

GROUP COMPANIES
Housing Development Finance Corporation
HDFC Bank
HDFC Mutual Funds
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HDFC Securities
HDFC Chubb General insurance company Limited

Board of Directors
MR Deepak S Parekh Chairman
MR Deepak M Satwalekar MD&CEO
MR Keki M Mistry
MR Ravi Narain
MR G.N. Bajpai
MR Alexander M Crombie
MR Gautam R Divan
MR Ranjan Pant
MRS Marcia Dominic Campbell
MR Keith Norman Skeoch

PROFILE OF THE PRODUCTS


Life insurance is a contract between a person and an
insurance company by which that person pays in a certain
agreed-upon amount regularly (usually monthly) so that upon that
persons death, his or her family or other beneficiary will receive a
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large lump sum payment and thereafter replaces the loss of


income or pension benefit caused by the death of the policyholder.
Benefits :1. Protection to the family: Helps maintain lifestyle even in
the absence of its earning member.
2. Savings: Life Insurance facilitates financial planning.
3. Security: Takes care of loans and debts in the event of the
death of the earning member.
4. Establish an emergency fund for the family to meet
unexpected expenses.
5. Retirement Benefits.
6. Also Tax savings.
Different life insurance policies may vary by frequency and
amount of payments (some policies have a fixed payment amount
that never changes; others will increase on a regular basis), term
of coverage, and the amount and method of final payment to the
beneficiary. The following are the products offered by HDFC
standard life.

Savings plans
Protection plans
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Retirement plans
Child plans
Investment plans
HDFC Unit Linked Young Star
The HDFC Unit Linked Young Star gives you:
1. Access to your accumulated fund before maturity
2. An outstanding investment opportunity by providing a
choice of thoroughly researched and selected investments
3. Valuable protection to your child in case you are not
around
4. Flexible

benefit

combinations

and

payment

options

Valuable protection to your child in case you are not


around
Your can choose your premium and the investment fund or
funds. We will then invest your premium, net of premium
allocation charges in your chosen funds in the proportion you
specify. At the end of the policy term, you will receive the
accumulated value of your funds.

In case of your unfortunate demise during the policy term


Pay the Sum Assured you had chosen to your child

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Continue your policy AND continue to pay the original


regular premiums you had chosen.
Benefits
Life :-

Speaks about death immediately, sum assured is paid &

all remaining premium are paid by insurance company and at the


time of maturity fund value is given.
Life & health :-Speaks about death immediately & Critical illness
which ever is earlier, sum assured is paid & all remaining
premium are paid by insurance company and at the time of
maturity fund value is given. Critical illness include stork, heart,
organ transplant, cancer, kidney failure, and coronary artery
bypass surgery.
Note 1: the beneficiary (child) is the sole person to receive the
benefit under the policy. Where the beneficiary is less than 18
years of age, the benefit will be paid to the Appointee.
Note 2: there is no nomination facility
Premium allocation charges
:KS
.99
.99
.99
19.99

First Year
60%
40%
30%
20%
10%

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Second year onwards


1%
1%
1%
1%
1%
Page 18

HDFC Unit Linked Young Star Plus


The HDFC Unit Linked Young Star plus gives you:
1. Access to your accumulated fund before maturity
2. An outstanding investment opportunity by providing a
choice of thoroughly researched and selected investments
3. Valuable protection to your child in case you are not
around
4. Flexible benefit combinations and payment options
Valuable protection to your child in case you are not
around
You can choose your premium and the investment fund or
funds. We will then invest your premium, net of premium
allocation charge sin your chosen funds in the proportion you
specify. At the end of the policy term, you will receive the
accumulated value of your funds.

In case of your unfortunate demise during the


policy term

Pay the Sum Assured you had chosen to your child

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Continue your policy AND continue to pay the original


regular premiums you had chosen.

Benefits
Life:- Speaks about death immediately, sum assured is paid & all
remaining premium are paid by insurance company and at the
time of maturity fund value is given.
Life & health:- Speaks about death immediately & Critical illness
which ever is earlier, sum assured is paid & all remaining
premium are paid by insurance company and at the time of
maturity fund value is given. Critical illness includes stork, heart,
organ transplant, cancer, kidney failure, and coronary artery
bypass surgery.
Note 1: The beneficiary (child) is the sole person to receive the
benefit under the policy. Where the beneficiary is less than 18
years of age, the benefit will be paid to the appointee.
Note 2: there is no nomination facility
Premium allocation charges
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KS
.99
.99
.99
19.99

First Year
Second year onwards
30%
1%
20%
1%
150%
1%
10%
1%
5%
1%
Additional Benefit: it given 0.1% of loyalty bonus every year.
UNIT LINKED ENDOWMENT
The HDFC unit Linked Endowment Plan gives you:1. An outstanding investment opportunity by providing a
choice

of

thoroughly

researched

and

selected

investments.
2. Valuable protection to your family in case you are not
around
3. Flexible benefit combinations and payment options
4. Flexible additional benefit options such as critical illness
cover
5. Access to your accumulated fund before maturity
You cans choose your premium and the investment fund of
funds. We will then invest your premium, net of premium
allocation charges in your chosen funds in the proportion you
specify. At the end of the policy term you will receive the
accumulated value of your funds.

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In case of your unfortunate demise during the policy term:


We will pay the greater of your Sum Assured (less any
withdrawals you have made in the two years before your claim)
and your total fund value to your family.

Benefits
Life
Life & health
Extra Life option
Extra Life & Health Option
Beneficiaries:
You will receive the benefits due on maturity due on maturity at
the end of the policy term. In the event of your unfortunate
demise, your nominee will receive the benefits due. Nomination
facilities are available.
Charges:
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Policy administration charges: Rs. 20 per month.


Fund manager charges; 0.8% per annum charge on daily basis.
Mortality charges: depends on age, features (on monthly basis).
Surrender charges are 3% of 2years of o/s premium.
Additional Benefit: It gives 0.1%of 2yours of o/s premium.

HDFC UNIT LINKED PENSION


The HDFC unit Linked Pension gives you:
1. An outstanding investment opportunity by providing a
choice

of

thoroughly

researched

and

selected

investments.
2. A post retirement income for life.
3. Flexibility to plan your retirement date
4. Freedom to invest premiums as per your preference
You cans choose your premium and the investment fund of
funds. We will then invest your premium, net of premium
allocation charges in your chosen funds in the proportion you
specify. At the end of the policy term you will receive the
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accumulated value of your funds, which will be used to provide


your pension income.
In the event of your unfortunate demise during the policy
term:
Your spouse will receive a cash lump sum to help him or her
manage the retirement years

Benefits

On retirements
You will get the value of the units in your policy.
You can take up to 1/3 of your fund value as a tax-free cash lump
sum and the rest must be converted in to annuity
You can buy the annuity from us or any other insurer.
On death:
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Unfortunate death your nominee will receive the unit fund value.
Policy terminates thereafter.

Charges:
Policy administration charges: Rs. 20 per month.
Fund manager charges; 0.8% per annum charge on daily basis.
Revival charge: A charge of Rs. 250 is charged for revival to cover
for administrative expenses
Miscellaneous charges: This is a charge levied for any alterations
with in the contract like premium redirection for any alterations
with in the contract like premium reduction or ad-hoc policy
servicing. 12 premium reduction requests will be free in a policy
year and any additional 12 premium reductions will be charged
Rs. 250 per request.
HDFC UNIT LINKED PENSION PLUS
The HDFC unit Linked Pension plus you:
1. An outstanding investment opportunity by providing a
choice

of

thoroughly

researched

and

selected

investments.
2. A post retirement income for life.
3. Flexibility to plan your retirement date
4. Freedom to invest premiums as per your preference
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You cans choose your premium and the investment fund of


funds. We will then invest your premium, net of premium
allocation charges in your chosen funds in the proportion you
specify. At the end of the policy term you will receive the
accumulated value of your funds, which will be used to provide
your pension income.

In the event of your unfortunate demise during the policy


term:
Your spouse will receive a cash lump sum to help him or her
manage the retirement years.

Benefits
On retirements: - You will get the value of the units in your
policy.
You can take up to 1/3 of your fund value as a tax-free cash lump
sum and the rest must be converted in to annuity
You can buy the annuity from us or any other insurer.
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On death: - Unfortunate death your nominee will receive the unit


fund value. Policy terminates thereafter.
Charges:
Policy administration charges: - Rs. 20 per month.
Fund manager charges: - 0.8% per annum charges on daily basis.
Revival charge:- A charge of Rs. 250 is charged for revival to
cover for administrative expenses
Miscellaneous charges: This is a charge levied for any alterations
with in the contract like premium redirection for any alterations
with in the contract like premium reduction or ad-hoc policy
servicing. 12 premium reduction requests will be free in a policy
year and any additional 12 premium reductions will be charged
Rs. 250 per request.
Additional benefit:
At the end of every policy year we will increase the number of
units in each of your funds by 0.10% as long as your policy is in
force or paid-up.
The compounding effect of this regular addition is expected to
boost your final vesting benefits.

AREA OF OPERATION:The area of operation was national since origin, but in the
year 2000 the company has a joint venture with standard life UK
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and entered Global market. So the area of operation of the


company is global since 2000.
OWNERSHIP PATTERN:-

HDFC STANDARD LIFE INSURANCE is

having a joint venture with Standard life UK. It was registered on


23.10.2000 & while registration it took the joint venture with
standard life.
COMPETITORS:New York Life Insurance Company Ltd
ICICI Prudential Life Insurance Company Ltd
Kotak Mahindra Life Insurance Company Ltd
Sun Life Insurance Company Ltd.
Tata AIG Life Insurance Company Ltd
Life Insurance Company Ltd
ING Vysya Life Insurance Company Private Ltd
Bajaj Life Insurance Company Pvt. Ltd
Life India Insurance Company Pvt. Ltd
SANMAR Assurance Company Pvt. Ltd
Life Insurance Company Ltd
SAHARA India Insurance Company Ltd
Life Insurance Company Ltd

INFRASTRUCTURE FACILITIES:-

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It covers over 693 cities & towns through its offices in India with over
79000 financial consultants by company. HDFC also has 833 corporate agents and
other sales intermediaries including banks for distribution of insurance products.
The company has a tied agency and an alternate channel. Tied agency mainly deals
with getting business and recruiting the life advisors, alternate channel. Tied
agency mainly deals with getting business and recruiting the life advisors, alternate
channel members are considered as the channel partners and they deal with mutual
funds. In the tied agency as well as alternate channel, each employee is provided
with a computer to perform their operations and a telephone connection is given as
they have to follow up their clients and telephones are very essential to make feel
calling.
Each branch is provided with a seminar room, a branch
manager

room,

regional

manager

room,

cash

counter

for

premium receipts and many other safety and welfare facilities to


make employees feel free to perform their work.

AWARDS AND ACCOLADES: Company of the Year for the seventh successive year
(Money Marketing Awards)
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Best

Pension

Provider

(2004

and

2005

Money

Marketing Awards)
Best Pension Product (2003 2005 Money facts
Investment, Life & Pension Awards)
Group Pensions Provider of the Year (Financial Adviser
Life and Pension Award 2004).

GROWTH & PROSPECTS: The company is performing well at present. It has increased sales by 65% to
euro 70m (2006:euro42m) of which standard life share was euro 12m
(2006:euro11m). There was an increase of 57.9% growth during the year (20072008). It also has the present share of 2.15%. As the HDFC is in various domains
of finance like Banking, Life insurance, Personal loan, Home loan, Mutual
Funds, Securities, and General insurance.

Mc Kinsley 7s Model:
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Mc Kinsley model is familiarly known as 7s model. Two persons


namely, Tom peter and Robert Waterman developed it. They have
been consultants at Mc Kinsley & co. at that time, they published
their 7s model in their article structure is not organization
(1980) and in their books the art of Japanese management
(1981) and in search of excellence (1982)
The model is based on concept that an organization is not just
structure, but consists of seven elements.

The Mc Kinsley 7s model is widely discussed framework for


viewing the interrelationship of strategy formulation and
implementation. It helps to focus managers attention on the
importance of linking the chosen strategy to a variety of activities
that can affect the implementation of that strategy.
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STRUCTURE:
The structure of the organization basically a network of authority
and responsibility, which has been assumed and delegated to the
employees. Organization structure defines the pattern of formal
relationship of superiors and subordinates. It may be regarded as
network of role, relationship, assigned work and delegated
authority of employees. It provides the basic which the managers
and non-managerial employees perform the job assigned to them.

Organization & Management


HDFC is professionally managed organization with a board of
directors consisting of eminent persons who represent various
fields including finance, taxation, construction and urban policy &
development. The board primarily focuses on strategy
formulation, policy and control, designed to deliver increasing
value to shareholders.
Board of Directors

MR Deepak S Parekh Chairman


MR Deepak M Satwalekar MD&CEO
MR Keki M Mistry
MR Ravi Narain
MR G.N. Bajpai
MR Alexander M Crombie
MR Gautam R Divan
MR Ranjan Pant
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MRS Marcia Dominic Campbell


MR Keith Norman Skeoch

Departments:
HDFC SLIC strongly believes that the structure of an organization
needs to be dynamic, constantly evolving and responsive to
changes both in the external and internal environments.
The organizational structure is designed to support the business
objectives, and is flexible while at the same time ensuring
effective control and supervision and consistency in standards
across business groups.
HDFC SLIC organization structure is flexible enough to counter
balance of the external and internal environment. This will help in
the smooth functioning of the company.
There are ten boards of directors who decide on & have the
authority to take decision. And in the next level the managing
director who controls over finance, marketing, IT, sales HR
departments who comes under the top management.
Zonal officer, branch manager, territory manager, sales manager,
all comes under middle level management.
Assistant sales manager, agency manager, unit manager,
assistant unit manager and advisers comes lower level
management.

Functional Departments:

Finance departments
Marketing departments
Information departments
Sales departments

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Motivating & involving every one in the organization for


active participation towards continuous improvement in its
activities.

SKILLS:
TRAINING:
According to Dale S. Beach Training is organized procedure
by which people learn knowledge and skill for a definite
purpose.
Thus training is a short-term education al process and
utilizing a systematic and organized procedure by which
employees learn technical skill and knowledge for a specific
purpose.
Experienced and knowledgeable professionals of the
company as well as great achievers of the industry conduct
more frequent training programs at HDFC SLIC.

Need for training:


Every organization big or small, productive or nonproductive, economic or social, old or newly established
should provide training to all employees irrespective of their
qualification, skill, suitability, for job etc.
HDFC SLIC is keen in developing competent work force by
conducting ongoing training programs.
Specifically, the need for training arises due to the following
reasons:

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To match the employee specification with the job


requirement and organizational needs.
Organizational viability and the transformation process due
to changes in insurance industry,
Technological advances.
Organizational complexity due to diversified services change
in job assignment, etc.

STYLE:Style of management comprise of employees shard and common


way of thinking
and individuals creative and innovative
approaches to their work that can be segregated into two
significant components.
Organizational culture: the dominant values and beliefs, and
norms, which develop over time and become relatively
enduring features of organizational life.
Management style: more a matter of what managers do than
what they say, how do companies managers spend their time?
What are they focusing attention on?
An HDFC the leadership style followed is democratic group effect.
Here all employees play an active part in giving suggestion for
decision making.
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All major decisions is taken in the branch concerned. Managing


director & DGM of the concerned department take the major
decisions.

STRATEGY:The strategy is concerned with the direction in which various


resources of organization will be mobilized and utilized for
maximizing the chance of accomplishing specific objectives. It
may be concerned as an action plan, initiative or response of the
organization foe seeking achievement of the objectives in specific
situation. Strategy is unified, comprehensive and integrated
action plan designed to achieve specific objectives.
Now we shall look in to the strategy of the bank studying the
TECHNOLOGY IMPLEMENTATION In its branches.
The technology implementation will be looked after by
department of information technology, it will follow the following
procedure in procuring and implementing necessary software and
hardware in installing core banking solution in its branches.

1.Policy and planning IT activities.


First step in any new technology implementation will be
planning the things which are essential while implementing the
technology as such, accordingly vijaya Bank has planned
systematically on how to implement the core Banking solution
(CBS). In the beginning the Board of Directors(BOD)will take
decision on information technology implementation in its
branches. In the later stages rest of the procedure will looked
after by department of information technology (DIT). It will
prepare the plans on following factors which are very essential
for implementing the technology:
Procurement of hardware and software
Training to employees on how to operate the software
Deployment of trained employees
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Recruitment and placement of IT staff


Evaluation
of
project
plans
of
implementation

technology

and

2.Procurement policy:

The second step in implementing technology in its


branches is procurement policy. In this step the DIT will
find the ways to procure the Hardware and Software at a
minimum cost. It follows centralized procurement policy,
wherein the Head Office procures the necessary Hardware
and Software. DIT will do the following works in the step:
Centralized procurement
Procurement of Hardware and Software
Tendering process
All the material will be procured through a systematic
tendering process. When any supplier willing to supply the
necessary material in the tendering process, his offer will
be measured by two parameters; they are
Technical Evaluation
His materials must be in complying with Banks
requirement. Banks officials will visit the warehouse of
supplier and evaluate the product whether it satisfy the
Banks requirement or not.
Price evaluation
Banks officials also evaluate the prices of the
respective materials.
Supply and delivery of material
Inspection in case of Hardware

3.Implementation :
After buying necessary Hardware and Software from suppliers,
the DIT officials visit the necessary branches and install the
Hardware and Software. When the branch is computerized the
DIT officials train all the employees in respective branch.
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For the purpose of computerization and training the Bank has


created two teams called core Banking solution team and Network team. These teams consists the DIT employees and their
work is to look after the successful installation of computers in
the branches.

4.Inspection and Evaluation


It is like follow-up of what has been done. This work will be
done by the CBS team and Net-work team. There are problem
occurs these teams will set right the problem .

SYSTEM:The System contains certain rules and regulation and


requires all the work to be done accordingly. Planning and
development department is an integaral part of any system. In
HDFC SLIC also P&D department performs various functions such
as Branch expansion, corporate planning, Management
Information, and Economic Research, now for the purpose of
understanding how it works on above function, we will study
BRANCH EXPANSION function.

In the first step Banks officials goes to the area where


planning to set up branch. It conducts necessary surveys to
out the potentials of that particular place and evaluates
competition in that place. Officials also project the deposit
advances it can mobilize and lend there.

it is
find
the
and

Next step is obtaining permission from RBI. Permission for


opening new branch is mandatory for all banks. All banks have to
fulfill the stringent rules laid down by RBI for setting up new
branch.

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When permission obtained from RBI, the Bank has to plan for
procuring necessary buildings, HR and furniture for opening
branch.

STAFF:
According to waterman and his colleagues the term staff
refers to the way organization introduces young recruits into the
main stream of their activities and the manner in which they
manage their careers as the new develop into future managers.
HDFC SLIC CO LTD has a well established system of recruiting
graduates from well known technical and management institution
and providing them with on

The job training in a number of functional areas before


deciding on the final placement in consultation with person
concerned. Recruitment is done through consultancy services,
tele-recruitment
or
through
advertisement.
Generally
advertisement are given only for the high posts & that too after
consultation with the unit head skills refer to the ability to perform
certain task based on companys strategy. Skills implemented at
HDFC SLIC have been classified into three levels. They are:
1. Strategic level:
Strategic level requires more conceptual skills,
experience, and decision making ability.
2. Managerial level:
Managerial level requires managerial skill, problem
solving capacity
3. Operational level:
Operational level requires more technical skill,
operational knowledge training and development
programs ensure people to know how to do their jobs
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and stay up to date with latest techniques. HDFC SLIC


organizes series of training and development programs
to improve the skills of the employees. Executives are
also required to have very strong verbal and written
communication skills and especially dealer point service
skills, as most of the time they will need to
communicate effectively with clients.
Managers also need to be skilled in multi tasking,
efficient planning and implementing of projects, like
wise be good in time keeping and managing staff.
And more essentially have a pleasing temperament,
which is important in the servicing industry, to improve
the efficiency of executive team by motivating, to meet
their business targets. The strong quantitative
background as most of the work involves dealing with
numbers, analyzing information, identifying patterns in
the data, and providing meaningfully sights to clients
based on the data. Most of the employees have
commerce background and MBA.
Thus,
The skill developed by the organization is very
astrictive.
The company is very strong in competing against the
counterpart and has the ability to lead from the front
in satisfying the financial needs.
The company is distinctively good at insuring and
covering life of the customers.

SHARED VALUES:
The core fundamental values that are widely shared in the
organization and serve as guiding principles that are important.
These values have great meaning because they focus attention
and provide a broader sense of purpose
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Shared values refer to a set of values and aspiration that


goes beyond the conventional formal statement of corporate
objectives. Culture of an organization usually determined by the
sum of the values benefits and working practice that exits with
an organization operational standard.

The shared values considered by HDFC SLIC are customer first,


boundary standard.

a)

Customer first:

Own

b)

the customer, deliver the promise.


Keep customer interest in the center of all decisions.
Promise what you can, deliver it to.
Proactively seek of customer and act on it.

Boundary less:

Never say its not my job


Offer help and support across function to ensure
business success.
Seek and share ideas freely.
Recognize and respect internal customers.
Understand and value contribution from colleagues.

c)Ownership:
If is

d)

it be, it is up to me
Take responsibility and see tasks to completion.
Own mistakes, learn from failures.
Pursue goals relentlessly, never give up.
Be a team player, take ownership for team
performance.

Passion:

Boundless energy and enthusiasm


Exhibit winning
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e)

Demonstrate speed and urgency for achieving


results.
Challenge status quo and do things differently.
Motivate lease members to reach full potential.

Integrity:

Be honest and fair in what you say and do


Practice what you preach.
Stand up honestly & fearlessly for what is right.
Act in a consistent & equitable manner.

STRENGTHS WEAKNESS OPPORTUNITIES AND THREATS ANALYSIS

STRENGTHS : Advanced Technology :


Technology plays a vital role in todays banking and insurance sector to be
very fast and accurate and in the process meet its day-to-day operations at a
lighting pace and tremendous accuracy. HDFC STANDARD LIFE is using
advanced technology to satisfy the customers in a large way.
Commanding market share :HDFC enjoys a commanding market share of around 15% in
the private insurance sector where other insurance companies are
fighting a battle to get their market share into double figures.
Providing innovative products and services :To attract new customers and retain old customers HDFC has range of
products tailor made for everyones requirements ranging from investment plans to

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child plans to retirement solutions. An array of products that cannot be found in


the shelf of any other life insurance company.
High quality infrastructure :HDFC perhaps has got the best infrastructure support both for its employees
and the advisors. They made huge investments in IT to make the company techno
savvy and competitive.
Premium rates are increasing and so are
commissions.
The variety of products is increasing.

Prospects expect more services from their


brokers.

Huge pool of skilled professionals

WEAKNESSES: Absent in the rural market :HDFC has not catered into the rural market where there are tremendous
opportunities for the companys products provided they develop some innovative
products for the rural markets.
Lack of Band image in rural areas :The company is well known in urban areas due the promotions undertaken
in the city but HDFC does not have the brand recognition of an LIC in the rural
area. So HDFC has to undertake promotional activities to generate interest among
the rural folks if it intends to have substantial market share.
Too many subsidiaries :Acharya Institute Of Graduate Studies.

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HDFC group has many subsidiary products like General insurance. Mutual
funds, Securities, Retail banking etc.
Premium is high :The company fixed the minimum premium that difficult to pay for lowincome class people.
Insurance companies are often slow to respond to changing
needs.
There is an increasing trend of financial weakness among the
companies.
There are more competitors for agencies to compete with
banks and Internet players.

OPPORTUNITIES : Every growing population :As the population of our country is increasing the steadily the demand for
the insurance and other financial products are increasing simultaneously as there
are more people with a variety of needs.
Expand more branches :As the awareness increase in people about insurance. There
is need to expand more branches.
More growth for few products :Acharya Institute Of Graduate Studies.

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Increase in population in particular area. There is large growth in Retirement


solution and Health products.
The ability to cross sell financial services is barely being
tapped.
Technology is improving to the point that paperless
transactions are available.

THREATS : Cut throat competition :HDFC is given a tough run for its money due to the
competition from other private insurance companies like ICICIPRU,
Bajaj Allianz and Birla Sun Life insurance companies.
Nonexistent in the rural market : Arrival of more insurance companies in India.

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The increasing cost and need for insurance might


hit a point where a backlash will occur.
Government regulations on issues like health
care, mold and terrorism can quickly change the
direction of insurance.
Increasing expenses and lower profit margins will
hit hard on the smaller agencies and insurance
companies.
Increasing expenses and lower profit margins will
hit hard on the smaller agencies and insurance
companies.
Human Resource Challenges.

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Annexure
QUESTIONNAIRE

I am MD ZAHEER ABBAS. student of BBM, Acharya Institute Of


Graduate Studies, have undertaken a project in partial fulfillment.. on the topic
CUSTOMER perception towards insurance products of HDFC standard life
insurance of HDFC Standard life insurance I request your valuable feedback for
the following questions, which would be a great assistance in completion of my
project.
Name:
Address:
1) Age :
a) Below 30 Years

b) 30 40 years

c) 40 50 years

d) 50 & above

a) Salaried

b) Self Employed

2) Are you
3) What is your income per month?

a) Less than Rs. 10,000

b)Rs. 10,000 Rs. 15,000

c) Rs. 15,000 Rs. 20,000

d) above Rs. 20,000

4) Do you know about Insurance?


Yes

No

If yes, the type of insurance


a) Life Insurance

Yes

No

b) General Insurance

Yes

No

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5) Do you think insurances are necessary for you?

A) Yes

b) No

6) If yes, Why?
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------7) Rate the following Insurance Company?
[Grade the most preferred 1 and, 4 for least preferred]
a) LIC

[ ] b) HDFC Standard Life Insurance

c) ICICI Prudential [ ] d) Bajaj Alliance

[ ]
[ ]

8) What is the benefit of securing yourself in insurance company?


{Rank them 1 to 4 accordingly}
a) Safe and secure

[ ]

b) High returns

[ ]

c) Death Benefits

[ ]

d) Tax Benefits

[ ]

9) What is the % of investment in Life Insurance out of total savings?


a) Below 10%

b) 10 to 20%

c) 20 30%

d) 30% to 40%

10) Which insurance company do you prefer most?


{Grade 1 to most preferred and, 4 for least preferred}
a) LIC

[ ]

c) Bajaj Alliance

b) ICICI Prudential
[ ]

[ ]

d) HDFC Standard Life Insurance [ ]

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11) Which company is easily accessible for you?


{Grade 1 to most accessible and 5 to least accessible}
a) LIC

[ ] b) HDFC Standard Life Insurance [ ]

c) Bajaj Alliance
e) Others [ ]

[ ] d) ICICI Prudential

[ ]

12) Which of standard life plans do you prefer most?


{Grade 1 to most accessible and 4 to least accessible}
a) Protection plans [ ] b) Investment Plans [ ]
c) Saving Plans

[ ] d) Pension Plans

[ ]

13) Which plans to you prefer most?


a) Traditional Plan

b) Unit Liked plan

14) In Unit linked plans, which plan is most preferable by you?


a) Freedom plan

b) High life plan

c) New future perfect plan


15) In savings plan, which plan is most preferable by you?
a) Reassuring Life Plan

b) Creative Plan

Freedom plan d) High life plan

e) Endowment

plan

Acharya Institute Of Graduate Studies.

c)

Page 49

16) How do you feel about the service of HDFC Standard Life
Insurance Company?
a) Good
c) Average

b) Satisfactory
d) poor

17) Give your suggestions about HDFC Standard Life insurance


Company?
Thank you for your kind cooperation
Date:

Acharya Institute Of Graduate Studies.

Signature

Page 50

2. Design of the Study


2.1 Title of the Project: A study on Customer perception towards insurance products of HDFC
standard life insurance
2.2 Statement of the Problem: The title of the research is Customer perception towards insurance products
of HDFC Standard life Insurance
2.3 Objectives of the Study: The main aim of the present study is to accomplish the following objectives:
To know

the customers perception towards HDFC

insurance products:
To identify insurance needs of the customer.
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To know customer expectations with respect to the


HDFC insurance products.
To study the preference of customers on different
insurance products HDFC.

2.4 SCOPE OF STUDY:


The study is confined only to insurance investors who
invested in various insurance companies with special reference to
HDFC Standard life insurance Bangalore.
RESEARCH METHODOLOGY
Research is a systematic and formalized process it follows a
certain sequence of actions. A Systematic research methodology
is followed to complete the study the steps through which the
research is undergone are
Date resources: - The data required for the research can be
either primary data or secondary data or both. Primary data is the
first hand information that is freshly gathered by surveying the
samples

selected.

Secondary

Acharya Institute Of Graduate Studies.

data

is

Page 52

the

collected

from

companys internal and external resources like company website,


magazines, etc.
Sample size: - Different people were randomly selected from
different areas in Bangalore were selected for survey. The sample
size was 150.
Sampling procedure: - It is the technique in which we selected
the sample. The non-probability sampling method the approaches
for survey under which I have selected the samples as per my
convenience.
Contact methods: - The selection of the method is used for the
present study under which the respondents are contacted
personally and filled the Questionnaire through them.

Collect the Information: - The required data is collected


through the respondents i.e. the need of life insurance and the
opinion regarding private sector.
The community is adult day care centers, in alternate living
facilities or in nursing happens to be a mega opportunity in India.
Its a business growth at rate of 15-20% annually and presently is
of the order of rs450 billion. Together with banking services, it
adds about 7% to the countrys GDP. Gross premium collection is
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Page 53

nearly 2% GDP and funds available with LIC for investing are 8%
of GDP.
Life insurance can ensure that, should the worst happen,
your dependents and any outstanding debts are taken care of
The government of India in 1956 brought together over 240
private

life

insurance

and

provident

societies

under

one

nationalized monopoly corporation LIC was born. Nationalization


was justified on the grounds that grounds that it would create
much-needed funds for rapid industrialization. This was in
conformity with the governments chosen path of state lead
planning and development.
Analyze the Information: - the data collected from the
respondents is analyzed. The analysis is represented in the form
of grabs. The data collected is analyzed using the statistical tools.
Present the findings: - It is the last step in the market
research, which represents the termination of it. Here the results
of analyzed data have been shown.

2.5 Limitations of the Study:


Though the present study aims to achieve the above-mentioned objectives in full
earnest and accuracy, it may be hampered due to certain limitations. Some of the
limitations of the study may be summarized as follows.
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Difficulties faced during collection of data due to nonfamiliar of the respondents.


Getting correct information from the customers is very
difficult due to their inherent problems and busy
schedule.
Getting biased responses from the respondents.
The selection of customers to cover the various strata
of the society is tedious and time consuming.
Survey is restricted only for the Bangalore city.
Accuracy of findings is not exactly the opinion of whole
Bangalore region.
The study is based on a sample size and hence the
findings cannot be generalized.

3. Analysis and Interpretation


Analysis of the Questionnaire
1) Age
Objective: - To Know the age of the respondent.
2) Are you salaried or self Employed?
Objective: - To know whether they are salaried or self employed.
3) What is the monthly income?
Objective: - To know income of the people every month.
4) Do you know about Insurance?
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Objective: - To know, how many people are aware of Insurance


5) Do you think insurance is necessary for you fife?
Objective: - The main aim to frame the question is to know how
important life insurance in todays world.
6) If yes, why?
Objective: - To know the opinion of the customer why they
secure their life and what are reasons.
7) How do you rate following insurance company?
Objective: - The purpose is to know the position of the insurance
company when the customer thinks of life insurance and to which
company they prefer most.

8) What are the benefits for securing yourself in life


insurance?
Objective: - To know what basic benefits are that the customers
expects when they secure their life.
9) What is your investment in Life Insurance as a
Percentage of Total savings?
Objective: - To Know the peoples percentage of investment of
savings in Life Insurance

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10) Which of the insurance company do you prefer


most?
Objective: - The aim is know, how many people are aware of
HDFC Standard Life Insurance.
11)

Which company is accessible for you?

Objective: - This Question is posed to know the, accessibility


whether the customer are getting the service easily or not.
12)

Which of HDFC standard Life insurance Plans do

you prefer most?


Objective: - This question is asked to know which plan of
HDFC is preferred more by the customer.
13)

Which plan do you prefer in traditional and unit

linked plans?
Objectives: - To know which plan is mostly preferable by
people.
14)

In Unit linked Plans, Which plan is most

preferable by you?
Objective: - To know which plan in the unit linked is preferred.

15)

In savings plans, which plan is most preferable

by you?
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Objective: - To know which plan in savings series is mostly


preferred by people.
16)

How do you feel about the service of HDFC

Standard Life Insurance Company?


Objective: - To know the customers satisfaction about HDFC
Standard Life Insurance Company service

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ANALYSIS OF DATA
1.Data
showing
respondents

the

age

group

of

Table no:
Age Group

No. of
Respondents

Below 30
30-40
40-50
Above 50
Total

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Percentage
(%)

2.Table showing the details of the


respondent is earning salaried or self
Employed shown as follows:Table no: 2

Earning areas

No. of
Respondents

Salaried
Self Employed
Total

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Percentage
(%)

3.Table showing the details of income


earned by respondents on monthly basis
as follows:Table no: 3

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Income
Range

No. of
Respondents

Below
Rs.10000
Rs. 1000015000
Rs. 1500020000
Above
Rs.20000
Total

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Percentage
(%)

4.Table Related to awareness of insurance


among people:Table no: 4
Responses

No.
of Percentage
Respondents (%)

Yes
No
Total

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5.Table showing the whether insurance is


necessary for your life:Table no: 5
Responses

No. of
Respondents

Yes
No
Total

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Percentage
(%)

6.The respondents given the rate to the


insurance company as follow:Table no: 6
Insurance
companys

No.
of Percentage
Respondents
(%)

LIC
ICICI Pru Life
Insurance
HDFC
Standard life
Bajaj Alliance
Total

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7.The benefits of the respondents from


insurance taken by customers:Table no: 7
Benefits

No. of
respondents

Safe &
secure
High
returns
Death
benefits
Tax benefits
Total

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Percentage
(%)

8.Data showing percentage investment in


life insurance out of the respondents
savings:Table no: 8
Range

No.
respondents

Below 10%
10-20%
20-30%
30-40%
Total

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Percentage
(%)

9.The respondents prefer the following


insurance company as follows :Table no: 9
Insurance
companys

No.
of Percentage
Respondents
(%)

LIC
ICICI Pru Life
Insurance
HDFC
Standard life
Bajaj Alliance
Total

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10. The
respondents
accessible:-

feel

easy

Table no: 10
Insurance
companys

No.
of Percentage
Respondents
(%)

LIC
ICICI Pru Life
Insurance
HDFC
Standard life
Bajaj Alliance
Total

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to

11. the respondents preferred the HDFC


Standard Life insurance plans are as
follows:Table no: 11
Insurance
plans

No. of
respondents

Protection
Plans
Investment
Plans
Savings
Plans
Pension
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Percentage
(%)

Plans
Total

12. The
respondents
preferred
following Pension Plan in HDFC:-

the

Table no: 12
Plans

No. of
respondents

Traditional
Plan
Unit Linked
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Percentage
(%)

Plan
Total

13. In unit Linked plans, the respondents


preferred the following plan:Table no: 13
Plans

Acharya Institute Of Graduate Studies.

No. of
respondents
Page 72

Percentage
(%)

Freedom
plan
High life
plan
New Future
Perfect plan
Total

14. In savings plan, the following plan is


preferred by the respondents:Table no: 14
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Plans

No. of
respondent
s

Reassuring life
plan
Creative plan
Freedom plan
High life plan
Endowment
plan
Total

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Percentage
(%)

15. Data showing opinion of respondents


about HDFC STANDARD LIFE INSURANCE:Table no: 15
Opinion

No. of
respondents

Good
Satisfactory
Average
Poor
Total

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Percentage
(%)