Questionnaire Devil

HDFC STANDARD LIFE INSURANCE CO.
LTD
CHAPTER 1
INTRODUCTION
1.1 INSURANCE:
Insurance is a contract providing for payment of a sum of money to the person
assured or failing him to the person entitled to receive the same on the happening
of certain event. Uncertainty of death is inherent in human life. It is this risk,
which gives rise to the necessity for some form of protection against the financial
loss arising from death. Insurance substitutes this uncertainty by certainty. The
objective of insurance is normally to provide:
a) Family protection and / or
b) Provision for old age.
c) Protection against risks
1.2 Why Insurance?

Insurance cover is essential because it provides the following benefits:
A lump sum payment to the nominees at the time of the death of the policy
holder.
A regular payment to the nominees in the event of the death of the policy
holder. Tax benefits, as premiums paid reduce the liability of tax.

Relieves economic hardships in the family on the uneventful death of the
sole income holder.

Inculcates the habit of savings.
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HDFC STANDARD LIFE INSURANCE CO.LTD

Insurance sector which is extremely essential for channeling the investments in to
the infrastructure sector. At the other end the policy makers had the fears that the
insurance premier, which are substantial, would seep out of the country; and
wanted to have a cautious approach of opening for foreign participation in the
sector.
As one of the rare occurrences the entire debate was put on the back burner and
the IRDA saw the day of the light thanks to the maturing polity emerging
consensus among factions of different political parties. Though some changes and
some restrictive clauses as regards to the foreign participation were included the
IRDA has opened the doors for the private entry into insurance.
Whether the insurer is old or new, private or public, expanding the market will
present multitude of challenges and opportunities. But the key issues, possible
trends, opportunities and challenges that insurance sector will have still remains
under the realms of the possibilities and speculation.
1.3 What is the likely impact of opening up Indias insurance

sector?
The large scale of operations, public sector bureaucracies and cumbersome
procedures hampers nationalized insurers. Therefore, potential private entrants
expect to score in the areas of customer service, speed and flexibility. They point
out that their entry will mean better products and choice for the consumer. The
critics counter that the benefit will be slim, because new players will concentrate
on affluent, urban customers as foreign banks did until recently. This seems to be
a logical strategy. Start-up costs-such as those of setting up a conventional
distribution network-are large and high-end niches offer better returns. However,
the middle-market segment too has great potential. Since insurance is a volumes
game. Therefore, private insurers would be best served by a middle-market
approach, targeting customer segments that are currently untapped.
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In todays corporate and competitive world, I find that insurance sector has the
maximum growth and potential as compared to the other sectors. Insurance has
the maximum growth rate of 70-80% while as FMCG sector has maximum 1215% of growth rate. This growth potential attracts me to enter in this sector and
HDFC Standard Life Insurance Company Ltd has given me the opportunity to
work and get experience in highly competitive and enhancing sector.
The success story of good market share of different market organizations
depends upon the availability of the product and services near to the customer,
which can be distributed through a distribution channel. In Insurance sector,
distribution channel includes only agents or agency holders of the company. If a
company like RELIANCE LIFE INSURANCE, TATA AIG, MAXetc have
adequate agents in the market they can capture big market as compared to the
other companies. Agents are the only way for a company of Insurance sector
through which policies and benefits of the company can be explained to the
customer
INTRODUCTION TO THE INDUSTRY
1.4 THE HISTORY OF INDIAN INSURANCE INDUSTRY
Life Insurance
In 1818 the British established the first insurance company in India in Calcutta,
the Oriental Life Insurance Company. First attempts at regulation of the industry
were made with the introduction of the Indian Life Assurance Companies Act in
1912. A number of amendments to this Act were made until the Insurance Act was
drawn up in 1938. Noteworthy features in the Act were the power given to the
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Government to collect statistical information about the insured and the high level
of protection the Act gave to the public through regulation and control. When the
Act was changed in 1950, this meant far reaching changes in the industry. The
extra requirements included a statutory requirement of a certain level of equity
capital, a ceiling on share holdings in such companies to prevent dominant control
(to protect the public from any adversarial policies from one single party), stricter
control on investments and, generally, much tighter control. In 1956, the market
contained 154 Indian and 16 foreign life insurance companies. Business was
heavily concentrated in urban areas and targeted the higher echelons of society.
Unethical practices adopted by some of the players against the interests of the
consumers then led the Indian government to nationalize the industry. In
September 1956, nationalization was completed, merging all these companies into
the so-called Life Insurance Corporation (LIC). It was felt that nationalization
has lent the industry fairness, solidity, growth and reach. Some of the important
milestones in the life insurance business in India are:
1912: The Indian Life Assurance 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 businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with
the objective of protecting the interests of the insuring public.
1956: The market contained 154 Indian and 16 foreign life insurance companies.
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General Insurance
The General Insurance industry in India dates back to the Industrial Revolution
and the subsequent increase in trade across the oceans in the 17th century. As for
Life Insurance, the British brought General Insurance to India, and a similar path
was followed in the development of this industry. A number of private companies
were in existence for years and years until, in 1971, the Indian Government
decided that the public interest would be served by nationalizing the industry,
merging all the 107 companies into four companies, depending on the sort of
business transacted (Marine, Fire, Miscellaneous). These were the National
Insurance Company Ltd., the Oriental Insurance Company Ltd., the New India
Assurance Company Ltd., and the United India Insurance Company Ltd. located
in Calcutta, New Delhi, Bombay and Madras respectively. The General Insurance
Corporation (GIC) was set up in 1972 as a holding company, having these four
companies as its subsidiaries.
Some of the important milestones in the general insurance business in India are:
1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact
all classes of general insurance business.
1957: General Insurance Council, a wing of the Insurance Association of India,
frames a code of conduct for ensuring fair conduct and sound business practices.
1968: The Insurance Act amended to regulate investments and set minimum
solvency margins and the Tariff Advisory Committee set up.
1972: The General Insurance Business (Nationalization) Act, 1972 nationalize the
general insurance business in India with effect from 1st January 1973. 107
insurers amalgamated and grouped into four companies viz. the National
Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental
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Insurance Company Ltd. and the United India Insurance Company Ltd. GIC
incorporated as a company.
1.5 MAJOR PLAYERS IN THE INSURANCE INDUSTRY IN

INDIA
Life Insurance Corporation of India (LIC)
Life Insurance Corporation of India (LIC) was established on 1 September 1956

to spread the message of life insurance in the country and mobilize peoples
savings for nation-building activities. LIC with its central office in Mumbai and
seven zonal offices at Mumbai, Calcutta, Delhi, Chennai, Hyderabad, Kanpur and
Bhopal, operates through 100 divisional offices in important cities and 2,048
branch offices. LIC has 5.59 lac active agents spread over. The Corporation also
transacts business abroad and has offices in Fiji, Mauritius and United Kingdom.
LIC is associated with joint ventures abroad in the field of insurance, namely,
Ken-India Assurance Company Limited, Nairobi; United Oriental Assurance
Company Limited, Kuala Lumpur; and Life Insurance Corporation
(International), E.C. Bahrain. It has also entered into an agreement with the Sun
Life (UK) for marketing unit linked life insurance and pension policies in U.K.
In 1995-96, LIC had a total income from premium and investments of $ 5 Billion
while GIC recorded a net premium of $ 1.3 Billion. During the last 15 years,
LIC's income grew at a healthy average of 10 per cent as against the industry's 6.7
per cent growth in the rest of Asia (3.4 per cent in Europe, 1.4 per cent in the US).
LIC has even provided insurance cover to five million people living below the
poverty line, with 50 per cent subsidy in the premium rates. LIC's claims
settlement ratio at 95 per cent and GIC's at 74 per cent are higher than that of
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global average of 40 per cent. Compounded annual growth rate for Life insurance
business has been 19.22 per cent per annum.
General Insurance Corporation of India (GIC)
The general insurance industry in India was nationalized and a government

company known as General Insurance Corporation of India (GIC) was formed by
the Central Government in November 1972. With effect from 1 January 1973 the
erstwhile 107 Indian and foreign insurers which were operating in the country
prior to nationalization, were grouped into four operating companies, namely,
(i)
(ii)
(iii)
(iv)
National Insurance Company Limited;

New India Assurance Company Limited;
Oriental Insurance Company Limited; and
United India Insurance Company Limited.
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(However, with effect from Dec'2000, these subsidiaries have been delinked from the parent company and made as independent insurance
companies).
All the above subsidiaries of GIC operate all over the country competing
with one another and underwriting various classes of general insurance
business except for aviation insurance of national airlines and crop
insurance which is handled by the GIC. Besides the domestic market, the
industry is presently operating in 17 countries directly through branches
or agencies and in 14 countries through subsidiary and associate
companies.
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IN ADDITION TO ABOVE STATE INSURERS THE

FOLLOWING HAVE BEEN PERMITTED TO ENTER INTO
INSURANCE BUSINESS: -
The introduction of private players in the industry has added to the colors in the
dull industry. The initiatives taken by the private players are very competitive and
have given immense competition to the on time monopoly of the market LIC.
Since the advent of the private players in the market the industry has seen new
and innovative steps taken by the players in this sector. The new players have
improved the service quality of the insurance. As a result LIC down the years
have seen the declining phase in its career. The market share was distributed
among the private players. Though LIC still holds the 75% of the insurance sector
but the upcoming natures of these private players are enough to give more
competition to LIC in the near future. LIC market share has decreased from 95%
(2002-03) to 82 %( 2004-05).
1. HDFC Standard Life Insurance Company Ltd.
HDFC Standard Life Insurance Company Ltd. is one of Indias leading private
life 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.), Indias leading housing finance institution and
The Standard Life Assurance Company, a leading provider of financial services
from the United Kingdom. Their cumulative premium income, including the first
year premiums and renewal premiums is Rs. 672.3 for the financial year, Apr-Nov
2005. They have managed to cover over 11,00,000 individuals out of which over
3,40,000 lives have been covered through our group business tie-ups.
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2. Max New York Life Insurance Co. Ltd.
Max New York Life Insurance Company Limited is a joint venture that brings
together two large forces - Max India Limited, a multi-business corporate,
together with New York Life International, a global expert in life insurance. With
their various Products and Riders, there are more than 400 product combinations
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to choose from. They have a national presence with a network of 57 offices in 37
cities across India.
3. ICICI Prudential Life Insurance Company Ltd.
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank,
a premier financial powerhouse and prudential plc, a leading international
financial services group headquartered in the United Kingdom. ICICI Prudential
was amongst the first private sector insurance companies to begin operations in
December 2000 after receiving approval from Insurance Regulatory Development
Authority (IRDA). The company has a network of about 56,000 advisors; as well
as 7 banc assurance and 150 corporate agent tie-ups.
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4. Om Kotak Mahindra Life Insurance Co. Ltd.
Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak
Mahindra Bank Ltd. (KMBL), and Old Mutual plc.
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5. Birla Sun Life Insurance Company Ltd.
Birla Sun Life Insurance Company is a joint venture between Aditya Birla Group
and Sun Life financial Services of Canada.
6. Tata AIG Life Insurance Company Ltd.
Tata AIG General Insurance Company Limited is an Indian general insurance

company, and a joint venture between the Tata Group and American International
Group (AIG).Tata Group holds 74 per cent stake in the insurance venture with
AIG holding the balance 26 percent. Tata AIG General Insurance Company,
which started its operations in India on January 22, 2001, provides insurance to
individuals and corporates. It offers a range of general insurance products
including insurance for automobile, home, personal accident, travel,
energy, marine, property and casualty as well as several specialized financial
lines. The Company's products are available through various channels of
distribution like agents, brokers, banks (through bank assurance tie ups) and direct
channels like Telemarketing, Digital Marketing, worksite etc.
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7. SBI Life Insurance Company Limited
SBI Life Insurance is a joint venture life insurance company between State Bank
of India (SBI), the largest state-owned banking and financial services company in
India, and BNP Paribas Assurance. SBI owns 74% of the total capital and BNP
Paribas Assurance the remaining 26% of the capital. SBI Life Insurance has an
authorized capital of 20 billion (US$330 million)and a paid up capital of 10
billion (US$160 million).
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8. ING Vysya Life Insurance Company Private Limited
ING Vysya Life Insurance Company Limited (ING Life Insurance India) is
a life insurance company headquartered in Bangalore. ING Vysya Life Insurance
recently achieved the significant milestone of completing 10 years of operations
in India. The company is a joint venture between Exide Industries and ING
Insurance International B.V.
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9. Allianz Bajaj Life Insurance Company Ltd.
Bajaj Allianz Life Insurance Company Limited is a joint venture between Bajaj
Finserv Limited (recently demerged from Bajaj Auto Limited) and Allianz. Bajaj
Allianz Life Insurance offers a range of insurance products for financial planning
and life insurance.
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10. Metlife India Insurance Company Pvt. Ltd.

MetLife India Insurance Company Private Limited was incorporated in India on
April 11, 2001 as a joint venture between MetLife International Holdings Inc.,
The Jammu and Kashmir Bank, M. Pallonji and Co Private Limited and other
private investors
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11. AMP SANMAR Assurance Company Ltd.

A business enterprise among the AMP Australia and Sanmar association was the
AMP Sanmar Life Insurance Company Limited of proportion 26:74. This AMP's
first capital payment of the business enterprise was Rs.125 Crores and a first task
of sale of about 30,000 schemes in the initial annual of its inauguration.
In the year of 2005, a subsidiary of Reliance capital limited under the power of
Anil Ambani of Reliance Life Insurance Company Limited, obtained AMP Life
Assurance Co. Ltd. As a result of this, Reliance Life Insurance was the very initial
private sector life insurance company to begin with business in India without the
interaction and association with foreign management.
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12. Dabur CGU Life Insurance Company Pvt. Ltd.
Aviva India is an Indian life assurance company, and a joint venture

between Aviva plc, a British assurance company, and Dabur Group, an Indian
conglomerate. Aviva began operations in July 2002 as a joint venture with Dabur
Group, one of Indias oldest business houses. As per the Indian insurance sector
regulations, Aviva plc has a 26% stake and Dabur has a 74% stake in the JV
partnership.
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13. Royal Sundaram Alliance Insurance Company Limited
The joint venture bringing together Royal & Sun Alliance Insurance and
Sundaram Finance Limited started its operations from March 2001. The company
is Head Quartered at Chennai, and has two Regional Offices, one at Mumbai and
another one at New Delhi.
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1.6 Marketing of Insurance In India
Insurance is in a manner of speaking the last frontier in the financial sector to

open. It is also a sector, which leads to benefits across the full spectrum, from the
individual who now have wider choices, to the economy, which see increased
savings, to the infrastructure sector, which can look forward to long term funding
being available. In an under-insured economy, newer channels of distribution
have to be utilized to intensify the reach of insurance both in urban and rural
markets. This will create huge employment opportunities not only within
insurance companies but also as agents and consultants of insurance companies.
1.7 Marketing Mix Policies
Different companies can choose to position themselves differently and hence the
Marketing Mix is different. However, there are certain common characteristics
that one can cull out from the possible strategies that companies adopt. The
development of flexible products to suit individual requirements is what will
differentiate the winners from the also-rans. The key to success is in providing
insurance solutions, not standardized insurance products. The concept of
riders/optional benefits has already been a huge innovation brought about by the
new players, which has led to customization of products for individual needs.
However, companies may differentiate themselves on the basis of product
segments that they choose to focus on and excel in. Different companies may
however choose different channels and different geographies to focus on. The
channel options are - tied agency force, corporate agents and brokers and this is
an area where different companies will make different choices. Many companies
like HDFC Standard Life are focusing on all channels whereas companies like
Max New York Life are focusing on the tied agency force only. Customer
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interface will be a key challenge for life insurance companies and includes every
that interaction that the customer has with the company, such as sales, new
business underwriting, policy servicing, premium payments, claim processing and
so on. Technology can play a crucial role in delivering the highest standards of
service set by the company and it will be imperative for any serious player to
excel in all of these. Price is a relevant differentiator only in two segments - pure
term insurance and in pure annuities. Here too, service delivery and financial
strength will need to be present at a minimum acceptable level for price to be a
relevant differentiator. In case of savings oriented products, long-term returns
generated are more relevant than just the price of the product. A focus on
generating good investment performance and keeping a tight control on costs help
in generating good long-term maturity value for customers. Norms have been laid
down on all of these by IRDA and adhering to these while delivering good returns
will be a challenge.
1.8 Promotion and Advertising:
The level of demand is latent and will have to be activated considerably. The
market needs to be developed. Greater awareness of insurance and the need to
have it as a protection tool rather than as a tax planning measure needs to be
appreciated by the Indian people. Various communication tools including
advertising, direct marketing and road shows contribute to all this and different
companies take different approaches on these. Cashless settlement: One of the
most defining and customer-friendly changes that weve seen in recent years
relates to the way claims settlements are made. The advent of the third-party
administrator (TPA) regime has facilitated the transition to the hugely convenient
era of cashless settlement of health and auto insurance claims. TPAs are entities
who process claims on behalf of insurers: the IRDA licenses them after it is
satisfied that they have the financial strength, the trained manpower, the
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infrastructure and the skills to undertake this activity. Likewise, with auto
insurance, the TPA ties up with garages and authorized service centers for
cashless settlement of auto insurance claims. Lower premiums: The spirit of
competition and the broadening of the risk experience of insurance companies
have contributed to a fall in premiums over the years. Thats because, other things
being equal, an insurer who covers the lives just of 10 people bears a higher risk
than an insurer who covers the lives of, say, 100 people. Further, a broader base
will provide greater efficiencies on costs such as distribution, management and
claims. A broad basing of the mortality experience, therefore, gives insurers the
elbowroom to compete by lowering premiums, and that trend is expected to
continue. Premium payment flexibility: Insurers have imparted certain flexibility
to premium payment options in order to address this concern. For instance, one
now have the option to pay your premiums upfront, which is then carried forward
for the tenure of the policy. The yearly premiums are drawn from the initial
corpus. Insurers have also introduced the concept of automatic cover
maintenance to protect your policy from lapsing owing to your omission to pay
your premium on time. Under this, in the event of your not paying the premium,
the insurer dips into your investment account to the extent of the premium. Of
course, this comes with an in-built drawback: your investment portion diminishes
year on year to the extent of the amount paid to cover your risk.
1.9 Physical Evidence:
This can play a significant role for marketing in the Indian scenario. Since
Internet users are comparatively lesser than countries such as US, the offline
mode will be preferred in India. Although the distribution model is largely agentbased, wherever the customer is in contact with the company, this factor can play
a significant role in luring the customer. The most important factor that
materializes sales and maintains customer relationships on a long-term basis is
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this factor. No matter what distribution strategy a company adopts, customer
relationship has to be taken care of in order to maintain the customer base on a
long-term basis.
CHAPTER 2
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RESEARCH DESIGN
2.1 TITLE OF THE STUDY

The purpose of this study is to know Customer Satisfaction in HDFC Standard
Life Insurance.
2.2 STATEMENT OF THE PROBLEM

The above title is self explanatory. The study deals mainly with studying the
buying pattern in the insurance industry with a special focus on HDFC Standard
Life Insurance. The various segments of the markets divided in terms of Insurance
Needs, Age groups, Satisfaction levels etc will also studied.
2.3 OBJECTIVES OF THE STUDY
To determine reasons behind opting for an insurance.

To provide the company with information of customer's Insurance policy
if they have any and reasons for opting for that particular policies.
To know the most preferred policy.
To determine customers perception towards private insurance companies
and their expectation form private insurance companies.

To determine the feedback on services provided by any other insurance
agent.
To study the types of benefits provided by insurance services.
To determine the use of Internet for valuable information and decisionmaking process.
2.4 SCOPE OF THE STUDY

A big boom has been witnessed in Insurance Industry in recent times. A large
number of new players have entered the market and are vying to gain market
share in this rapidly improving market. The study deals with HDFC Standard Life
in focus and the various segments that it caters to. The study then goes on to
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evaluate and analyze the findings so as to present a clear picture of trends in the
Insurance sector.
2.5 SIGNIFICANCE OF THE STUDY

This is a limited study which takes into consideration the responses of 63 people.
This data can be explored to take in the trends across the industry. The
significance for the industry lies in studying these trends that emerge from the
study. It is a rapidly changing and evolving sector. People are only beginning to
wake up to its vast possibilities. A study like this can attempt to guide the future
of the industry based on current trends.
2.6 SIGNIFICANE FOR THE RESEARCHER:

To facilitate and provide all the useful information of the study, the company, the
insurance industry and also provide marketing ways, methods of HDFC Standard
Life insurance.
2.7 RESEARCH METHODOLOGY

The research is exploratory research. The research methodology is primarily based
questionnaire prepared to ensure maximum coverage for the research objective.
The questionnaire will be prepared to ensure that the sufficient data, information
and analysis will be available to support the conclusion and recommendations.
Two kinds of data were used in this study:

Primary Data.
Secondary Data.
PRIMARY DATA
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The primary data for this study was collected using the undistinguished
Questionnaire method. The questionnaire method was applied to collect the data
from the Manager. This tools was applied to get the consumer view about the
industry. The questionnaire concentrated on communication accepts of knowledge
of the manager, their views, opinion, tastes, and suggestions which are useful to
improve the efficiency and broadening the companys existing market share.
SECONDARY DATA
The secondary data required for the study was collected from the company
brochure, journals, books, magazines websites related to the subject of the study.
Number of vivid talks and discussions had conducted with the company officials
to get the desired results.
2.8 RESEARCH APPROACH / DESIGN

EXPLORATORY & DISCRIPTIVE EXPERIMENTAL RESEARCH
The research is primarily both exploratory as well as descriptive in nature. The
sources of information are both primary & secondary.
A well-structured questionnaire was prepared and personal interviews were
conducted to collect the customers perception and buying behavior, through this
questionnaire.
2.9SAMPLING METHODOLOGY
Sampling Technique:
Initially, a rough draft was prepared keeping in mind the objective of the research.
A pilot study was done in order to know the accuracy of the Questionnaire. The
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final Questionnaire was arrived only after certain important changes were done.
Thus my sampling came out to be judgmental and convenient.
Sampling Unit:
The respondents who were asked to fill out questionnaires are the sampling units.
These comprise of employees of MNCs, Govt. Employees, and Self Employed
etc.
The sample size was restricted to only 100, which comprised of mainly peoples
from Bangalore due to time constraints.
2.10 LIMITATIONS OF THE RESEARCH

1. The research is confined to a certain parts of Bangalore and does not
necessarily shows a pattern applicable to all of Country.
2. Some respondents were reluctant to divulge personal information which can
affect the validity of all responses.
3. In a rapidly changing industry, analysis on one segment can change very
quickly. The environmental changes are vital to be considered in order to
assimilate the
Chapter Scheme
Chapter Layout of the Study
Chapter 1: Introduction
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This chapter includes the theoretical background of the study. This chapter is the
introduction chapter which includes about the insurance sector. There are two
parts in this chapter
Part A: history and growth and prospects of the insurance sector
Part B: descriptive term and relevant aspects of the subject to the title of study
Chapter 2: Research design

The chapter gives extensive information regarding the data collection, designing
the questionnaire and preparation of report.
It involves all the research design like everything related to my topic A Study on
Customer satisfaction on HDFC Life Insurance.
All the limitations of the project are all included in this chapter as well. The chapter
also covers parts like my source of data, scope of the study, and statement of problem.
Chapter 3: Company profile

This chapter covers the whole company profile and a summary of the company. The
boards of directors are mentioned, as well as the vision & mission of the company is
included in this chapter.
Chapter 4: Data analysis and interpretation
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The collected data is analyzed using suitable quantitative techniques and would be
interpreted for providing suitable recommendations.
Chapter 5 : Summary of findings and conclusion

The objectives would be interpreted based on research conducted and relevant
suggestions would be given for the betterment of the organization.
Chapter 6: Suggestions
Direct references to the objectives of study so that better justify recommendation are
form for the company betterment.
CHAPTER 3
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COMPANY PROFILE OF HDFC STANDARD LIFE
3.1 ABOUT HDFC STANDARD LIFE INSURANCE

HDFC Standard Life Insurance Company Ltd. is one of India's 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.), India's leading housing finance institution and
a Group Company of the Standard Life, UK. HDFC as on December 31, 2007
holds 72.38 per cent of equity in the joint venture.
HDFC STANDARD LIFE INSURANCE PARENTAGE

HDFC Limited.
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HDFC is India leading housing finance institution and has helped build more
than 23, 00,000 houses since its incorporation in 1977.
In Financial Year 2003-04 its assets under management crossed Rs. 36,000 Cr.
As at March 31, 2004, outstanding deposits stood at Rs. 7,840 crores. The
depositor base now stands at around 1 million depositors.
Rated AAA by CRISIL and ICRA for the 10th consecutive year
Stable and experienced management
High service standards
Awarded The Economic Times Corporate Citizen of the year Award for its longstanding commitment to community development.
Presented the Dream Home award for the best housing finance provider in 2004
at the third Annual Outlook Money Awards.
Standard Life Group (Standard Life plc and its subsidiaries)
The Standard Life group has been looking after the financial needs of customers
for over 180 years
It currently has a customer base of around 7 million people who rely on the
company for their insurance, pension, investment, banking and health-care needs
Its investment manager currently administers 125 billion in assets
It is a leading pensions provider in the UK, and is rated by Standard & Poor's as
'strong' with a rating of A+ and as 'good' with a rating of A1 by Moody's
Standard Life was awarded the 'Best Pension Provider' in 2004, 2005 and 2006
at the Money Marketing Awards, and it was voted a 5 star life and pensions
provider at the Financial Adviser Service Awards for the last 10 years running.
The '5 Star' accolade has also been awarded to Standard Life Investments for the
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last 10 years, and to Standard Life Bank since its inception in 1998. Standard Life
Bank was awarded the 'Best Flexible Mortgage Lender' at the Mortgage Magazine
Awards in 2006
HDFC KEYS STRENGHS
FINANCIAL EXPERTISE
As a joint venture of leading financial services groups, HDFC Standard Life
Insurance has the financial expertise required to manage your long-term
investment safely and range of solutions. We have a range of individual and group
solutions, which can be easily customized to specific needs. Our group solution
have been designed to offer you complete flexibility combined with a low
charging structure.
CORPORATE OBJECTIVE
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 most obvious choice for all'.
Our Values:
Values that we observe while we work.
Customer centric:
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People Care One for all and all for ones. Joy and Simplicity
Accolades and Recognition:

Rated by 'Business world' as 'India's Most Respected Private Life Insurance
Company' in 2004.Rated as the "Best New Insurer - 2003" by Outlook Money
magazine, India number 1 personal finance magazine
BELOW ARE FEW OF THE PLANS THAT ARE OFFERED BY

HDFC STANDARDS LIFEINSURANCE
Individual Products
We at HDFC Standard Life realize that not everyone has the same kind of needs.
Keeping this in mind, we have a varied range of Products that you can choose
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from to suit all your needs. These will help secure your future as well as the future
of your family.
Protection Plans
You can protect your family against the loss of your income or the burden of a
loan in the event of your unfortunate demise, disability or sickness. These plans
offer valuable peace of mind at a small price.
Our Protection range includes our Term Assurance Plan & Loan Cover Term
Assurance Investment Plans .
Pension Plus
Our Single Premium Whole Of Life plan is well suited to meet your long term
investment needs. We provide you with attractive long term returns through
regular bonuses.
Our Pension Plans help you secure your financial independence even after
retirement.
35
AIMS

Our Pension range includes our Personal Pension Plan, Unit Linked Pension, Unit
Linked.
Savings Plans
Our Savings Plans offer you flexible options to build savings for your future
needs such as buying a dream home or fulfilling your children immediate and
future needs.
Our Savings range includes Endowment Assurance Plan, Unit Linked
Endowment, Unit Linked Endowment Plus, Unit Linked Endowment Plus II,
36
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Money Back, Unit Linked Enhanced Life Protection II, Children's Plan, Unit
Linked Young Star, Unit Linked Young Star Plus, Unit Linked Young Star Plus II.
Health Plan
Health insurance is insurance against the risk of incurring medical expenses
among individuals. By estimating the overall risk of health care and health
system expenses, among a targeted group, an insurer can develop a routine
finance structure, such as a monthly premium or payroll tax, to ensure that money
is available to pay for the health care benefits specified in the insurance
agreement. The benefit is administered by a central organization such as a
37
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government agency, private business, or not-for-profit entity. According to
the Health Insurance Association of America, health insurance is defined as
"coverage that provides for the payments of benefits as a result of sickness or
injury. Includes insurance for losses from accident, medical expense, disability, or
accidental death and dismemberment"
Retirement plans
Retirement Plans provide you with financial security so that when your
professional income starts to ebb, you can still live with pride without
compromising on your living standards. Given the high cost of living and rising
inflation, Retirement planning has become all the more important.
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Womens plans
HDFC Life presents special solutions catering to different financial needs of
women. Womens plans are a set of specially created and hand-picked products
which suit the needs of women at different stages of their life; such as protection,
health, retirement, childs education and long term savings and investments.
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Childrens plans
Successful parenting is no mean accomplishment. A huge contributor to this

success is financial planning for your child's future needs at the right age! There is
really no better gift you can give your child, than the promise of a secure future
40
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with YoungStar Plans from HDFC Life. This Birthday, gift your child a secure
future and watch her soar high to fulfill her dreams.
Rural & social Plans

Rural & Social Plans are a special offering from HDFC Life, exclusively for the
benefit of our rural customers. These plans have been designed keeping in view
the rural population with stable returns and insurance cover.
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ProGrowth Plus Plan
HDFC Life ProGrowth Plus, a simple savings-cum-insurance plan that will enable
you to enjoy life cover and benefit from comfort of creating your own investment
strategies. This ULIP plan will help you to make the most of equities by
channelizing your savings effectively.
42
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Group Products
One-stop shop for employee-benefit solutions HDFC Standard Life has the most
comprehensive list of products for progressive employers who wish to provide the
best and most innovative employee benefit solutions to their employees. We offer
different products for different needs of employers ranging from term insurance
plans for pure protection to voluntary plans such as superannuation and leave
encashment. We now offer the following group products to our esteemed
corporate clients:
Group Term Insurance
Group Variable Term Insurance
Group Unit-Linked Plan
An investment solution that provides funding vehicle to manage corpuses with
Gratuity, Defined Benefit or Defined Contribution Superannuation or Leave
Encashment schemes of your company.
43
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Also suitable for other employee benefit schemes such as salary saving schemes
and wealth management schemes
Social Product
Development Insurance plan is an insurance plan which provides life cover to
members of a Development Agency for a term of one year. On the death of any
member of the group insured during the year of cover, a lump sum is paid to those
member beneficiaries to help meet some of the immediate financial needs
following their loss.
Members of the development agency and their spouses with:
- Minimum age at the start of the policy 18 years last birthday
44
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- Maximum age at the start of policy 50 years last birthday
Employees of the Development Agency are not eligible to join the group. The
group to be covered is only eligible if it contains more than 500 members.
Premium Payments
The premium to be paid will be quoted per member in the group and will be the
same for all members of the group.
The premium can only be paid by the Development Agency as a single lump sum
that includes all premiums for the group to be covered. Cover will not start until
the premium and all the member information in our specified format has been
received.
The premium rate is Rs. 25 per Rs. 10,000 of lump sum, per member.
On the death of each member covered by the policy during the year of cover a
lump sum equal to the sum assured will be paid to their beneficiaries or legal
heirs. Where the death is as a result of an accident, an additional lump sum will be
paid equal to half the sum assured. There are no benefits paid at the end of the
year of cover and there is no surrender value available at
The role of the Development Agency

Due to the nature of the groups covered, HDFC Standard Life will be passing
certain administrative tasks onto the Development Agency. By passing on these
tasks the premium charged can be lower.
These tasks would include:
45
Submission of member data in a specified computer format.
AIMS
Collection of premiums from group members
Recording changes in the details of group members
Disbursement of claim payments and the mortality rebate (if any) to

group members
These tasks would be in addition to the usual duties of a policyholder

such as:
Payment of premiums
Reporting of claims
Keeping policy holder information up to date
Training and support will be available to give guidance on how to

complete the tasks appropriately.
Since these additional tasks will impose a burden on the Development Agency,
the
Development Agency may charge a Rs. 10 administration fee to their members.
Prohibition of rebates:
Section 41 of the Insurance Act, 1938 states
No person shall allow or offer to allow, either directly or indirectly, as an
inducement to any person to take out or renew or continue an insurance in respect
of any kind of risk relating to lives or property in India, any rebate of the whole or
part of the commission payable or any rebate of the premium shown on the policy,
nor shall any person taking out or renewing or continuing a policy accept any
46
AIMS

rebate, except such rebate as may be allowed in accordance with the published
prospectus or tables of the insurer .
If any person fails to comply with sub regulation (previous point) above, he shall
be liable to payment of a fine which may extend to rupees five hundred
Tax Benefits
INCOME TAX
GROSS ANNUAL
SALARY
Sec. 80C Across All income Slabs
Sec. 80 CCC Across all income slabs.
Sec. 80 D* Across all income slabs
TOTAL SAVINGS POSSIBLE **

Rs. 33,990 under Sec. 80C and under Sec. 80 CCC , Rs.3,399 under Sec. 80 D,
Calculated for a male with gross annual income exceeding Rs. 10,00,000.
Sec. 10 (10)D Under Sec. 10(10D), the benefits you receive are completely taxfree, subject to the conditions laid down therein.
47
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CHAPTER: 4
DATA ANALYSIS
Table 4.1: Age group respondents
Age Group
No. of respondent
Percentage
Below 25
31
31%
25 to 35
39
39%
35 to 45
25
25%
45 and above
5%
Total
100
100%
SOURCES: PRIMARY DATA COLLECTED THROUGH QUESTIONNAIRE
Analysis:
From the above table it is clear that out of 100 respondents, the
majority of respondents i.e. 39% belongs to age group of 25-35.
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GRAPH 4.1: SHOWING AGE GROUP OF RESPONDENTS
AGE GROU
8.2
25
39
Interpretation:
Graph 4.1 shows the different age group who have taken life insurance policies.
Among whom the age group 25 35 have responded more on adopting an
insurance policy out of 100 respondents .
49
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TABLE 4.2: CONSUMER AWARENESS

Response
No of
respondents
%age of
Respondents
YES
100
100%
NO
Total
100
100%
ANALYSIS:
From the above table it is clear that out of the 100 respondents , 100% are aware
of the insurances policies.
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GRAPH 4.2: SHOWING ABOUT CONSUMER AWARENESS
AWARNESS
100
80
AWARNESS
60
40
20
0
YES
NO
INTERPRETATION:
Graph 4.2 shows the awareness among the consumers. This indicates that
everyone is aware of insurance policies . So company should not waste its
resources on creating awareness.
51
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TABLE 4.3: OCCUPATION OF RESPONDENTS

Sector of
work
No of respondents
%age of respondents
Education
9%
Finance
13
13%
Govt.
32
32%
IT
22
22%
Others
24
24%
Total
100
100%
SOURCES: PRIMARY DATA COLLECTED THROUGH

QUESTIONNAIRE
ANALYSIS:
From the above table we can find out 32% of customers are government
employee, whereas only 13% belongs to finance .
52
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OCCUPATION
others; 24%
Education ; 9%
IT; 22%
Finance; 13%
Govt.; 32%
GRAPH 4.3: SHOWING OCCUPATION OF THE
INTERPRETATION:
We can see maximum respondents are government employee. Company should
focus on attracting customers from other sectors too.
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Table 4.4: KNOWLEDGE ABOUT INVESTMENT
RESPONSE
No of respondents
%age of
respondents
Yes
33
33%
No
14
14%
Have some knowledge
53
53%
100
100%
TOTAL

QUESTIONNAIRE
ANALYSIS:
The above table shows that 53% of the respondents have some knowledge about
investment whereas 14% of people have no idea about investment .
GRAPH 4.4: SHOWING RESPONDENTS HAVING

KNOWLEDGE
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INVESTMENT
YES; 33%
HAVE SOME KNOWLEDGE; 53%
NO; 14%
INTERPRETATION:
The majority of people have only some idea about investment , company should
educate more people about investment policies .
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Table 4.5: TABLE SHOWING RESPONDENTS HAVING

POLICY
Response
No of respondents
%age of respondents
YES
100
100%
NO
0%
Total
100
100

QUESTIONNAIRE
ANALYSIS:
The above table states that out of 100 respondents, all the people i.e.100% have
insurance policy.
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GRAPH 4.5: SHOWING RESPONDENTS HAVING POLICY
YES; 100%
INTERPRETATION:
We can see that all respondents have some kind of insurance policies. Thus
company should encourage people for acquiring more than one policies.
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TABLE 4.6: REASONS FOR INVESTING IN INSURANCE

purpose
No of respondents
%age of
Respondents
Retirement
28
28%
Tax saving
21
21%
Earnings
33
33%
Liquidity
18
18%
Total
100
100%

QUESTIONNAIRE
ANALYSIS:
From the above data we can find out that 33% of people invest in insurance for
earnings .
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Graph 4.6: showing the reason for investment
REASON OF INVESTMENT
35
30
25
20
15
10
5
0
RETIREMENT
TAX SAVING
EARNING
LIQUIDITY

QUESTIONNAIRE
INTERPRETATION:
We can see that maximum people invest for earning whereas least people invest
for liquidity.
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AIMS
TABLE 4.7: TYPES OF POLICY PEOPLE HAVE.
Types of policy
No of respondents
%age of
respondents
TRADITIONAL
27
27%
UNIT LINKED
73
73%
TOTAL
100
100%

QUESTIONNAIRE
ANALYSIS:
From the above table we can find out 73% of respondent have unit linked policy ,
whereas 27% of people have traditional policy.
GRAPH 4.7: SHOWING THE TYPE OF POLICY

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TYPE OF POLICY
TRADITIONAL; 27%
UNIT LINKED; 73%
INTERPRETATION:
We can see that maximum people have unit linked policy , company should not
change any policies whereas company can encourage people for unit linked
policy.
TABLE 4.8: TABLE SHOWING TERM OF INVESTMENT.

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TERMS
NO of
respondents
%age of
respondents
Short term
46
46
Medium -term
22
22
Longterm
32
32
Total
100
100

QUESTIONNAIRE
ANALYSIS:
From the above table , we can see that maximum number of
respondents i.e. 46% have short term investment and 32% of
respondents have long term investment .
GRAPH 4.8: SHOWING THE TERM OF INVESTMENT BY

THE CUSTOMERS
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TERM OF INVESTMENT
50
45
40
35
30
25
20
15
10
5
0
SHORT TERM
MEDIUM TERM
LONG TERM
INTERPRETATION:
From the above graph, we can find out maximum people invest for
short term. Company should encourage people for long term
investment, so that company can invest fund in other areas .
TABLE 4.9: TABLE SHOWING REASONS FOR INVESTING

IN HDFC LIFE INSURANCE.
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Reasons
No of
respondents
%age of
Respondents
Brand image
14
14%
Advertising
12
12%
value added services
21
21%
Policy feature
29
29%
Advisor
24
24%
Total
100
100%

QUESTIONNAIRE
ANALYSIS:
Table shows that majority of people i.e. 29% invest in HDFC Life Insurance due
to its policy features and least people i.e. 12% people because of advertising.
GRAPH 4.9: SHOWING THE REASONS FOR INVESTING
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BRAND IMAGE; 14%

ADVISOR; 24%
ADVERTISING; 12%
VALUE ADDED SERVICES; 21%

POLICY FEATURE; 29%
INTERPRETATION;
65
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The above graph shows that maximum people invest due to its policy features and
minimum people invest because of advertising. So company should take some
appropriate action to attract more customers.TABLE 4.10: TABLE
SHOWING ABOUT POLICY INFORMATION
RESPONSE
NO OF
RESPONDENTS
%AGE OF
RESPONDENTS
YES
100
100%
NO
0%
TOTAL
100
100%

QUESTIONNAIRE
ANALYSIS:
The above table shows that all the people i.e. 100% were given full information at
the time of acquiring policy.
66
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GRAPH 4.10: SHOWING ABOUT THE POLICY

INFORMATION GIVEN TO THE CUSTOMERS
POLICY INFORMATION
100
90
80
70
60
50
40
30
20
10
0
YES
NO
INTERPRETATION:
The above graph shows that all people got all the information during the time of
acquiring policy so company should not change any thing to improve this.
67
AIMS
TABLE 4.11: TABLE SHOWING SATISFACTION WITH

POLICY
RESPONSE
NO. OF RESPONDENTS
PERCENTAGE OF
RESPONDENTS
YES
85
85%
NO
15
15%
TOTAL
100
100%
ANALYSIS:
The above table shows that out of 100 respondents 85% of respondents are
satisfied with the policy they have whereas 15% of people are not satisfied with
people.
68
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GRAPH 4.11: SHOWING NUMBER OF CUSTOMER

SATISFIED WITH POLICY
SATISFIED WITH POLICY

NO; 15%
YES; 85%
INTERPRETATION:
From the above graph we can find out, maximum people are satisfied with the
policy they have whereas minimum people are not satisfied with the policy they
have. Company should take care of the people who are not satisfied with the
policy they have.
69
AIMS
TABLE 4.12: : TABLE SHOWING NUMBER OF POLICY

PEOPLE HAVE
RESPONSE
NO. OF RESPONDENTS
PERCENTAGE OF
RESPONDENTS
58
58%
22
22%
13
13%
MORE THAN 3
7%
TOTAL
100
100%
ANALYSIS:
From the above graph, we can find out that 58% of respondents have only one
policy, whereas least i.e. 7% of respondents have more than 3 policies.
70
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GRAPH 4.12: SHOWING NUMBER OF POLICIES
NO. OF POLICIES
60
50
40
30
20
10
0
1
MORE THAN 3
INTERPRETATION:
From the above graph we can see that, maximum people have one policies.
Company should encourage people to invest in more than one policy.
TABLE 4.13: TABLE SHOWING ABOUT THE JUDGMENT OF

CUSTOMER NEED
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RESPONSE
NO. OF RESPONDENTS
PERCENTAGE OF
RESPONDENTS
YES
93
93%
NO
7%
TOTAL
100
100%
ANALYSIS:
From the above table we can find out majority of the respondents i.e. 93% were
judged appropriately on their need.
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GRAPH 4.13: SHOWING JUDGMENT OF CUSTOMERS

NEED
JUDGEMENT OF CUSTOMERS NEED
NO; 7%
YES; 93%
INTERPRETATION:
From the above graph we can see that majority of the customers need are judged
properly. Hence company should not change any policies regarding this.
73
AIMS
TABLE 4.14: TABLE SHOWING RATE OF JUDGMENT
RESPONSE
NO. OF RESPONDENTS
PERCENTAGE OF
RESPONDENTS
SATISFACTORY
67
67%
AVERAGE
26
26%
NON SATISFACTORY
7%
TOTAL
100
100%
ANALYSIS:
From the above table we can find out that 67% of respondents are satisfied with
the judgment of the company for the need of the customers.
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GRAPH 4.14: SHOWING RATE OF JUDGMENT:
RATE OF JUDGEMENT
70
60
50
40
30
20
10
0
SATISFACTORY
AVERAGE
NON SATISFACTORY
INTERPRETATION:
From the above graph we can see that majority of the customers need are judged
properly. Hence company should not change any policies regarding this.
75
AIMS
TABLE 4.15: TABLE SHOWING THE SATISFACTION OF

THE CUSTOMER.
RESPONSE
NO. OF RESPONDENTS
PERCENTAGE OF
RESPONDENTS
YES
90
90%
NO
10
10%
TOTAL
100
100%
ANALYSIS:
From the above table we can find out that 90% of the customers are satisfied with
the company, whereas only 10% of respondents are not satisfied with the
company.
76
AIMS
GRAPH 4.15: SHOWING SATISFACTION OF THE

CUSTOMER:
SATISFACTION WITH COMPANY
90
80
70
60
50
40
30
20
10
0
YES
NO
INTERPRETATION:
From the above graph we can find out that maximum people are satisfied with the
company. But company should not neglect those people who are not satisfied
because it can affect the business.
77
AIMS
CHAPTER 5
FINDINGS AND CONCLUSION
FINDINGS:
The majority of respondents i.e. 39% belongs to age group of 25-35.
Out of the 100 respondents , 100% are aware of the insurances policies
32% of customers are government employee, whereas only 13% belongs
to finance .
53% of the respondents have some knowledge about investment whereas
14% of people have no idea about investment .

Out of 100 respondents , 100% have insurance policy.
33% of people invest in insurance for earnings .
73% of respondent have unit linked policy , whereas 27% of people have
traditional policy.
46% of respondents have short term investment and 32% of
respondents have long term investment .
29% of people invest in HDFC Life Insurance due to its policy features
and least people i.e. 12% people because of advertising.

All the people i.e. 100% were given full information at the time of
acquiring policy.
Out of 100 respondents 85% of respondents are satisfied with the policy
they have whereas 15% of people are not satisfied with people.
58% of respondents have only one policy, whereas least i.e. 7% of
respondents have more than 3 policies.

Majority of the respondents i.e. 93% were judged appropriately on their
need.
67% of respondents are satisfied with the judgment of the company for the
need of the customers.
78
AIMS
90% of the customers are satisfied with the company, whereas only 10%
of respondents are not satisfied with the company.
79
AIMS
CONCLUSION
A study on customer satisfaction on value added services offered by HDFC
Standard Life Insurance Ltd Company has been carefully analysed interpreted
with the help of analysis tools.
` HDFC Standard Life Insurance was grown a lot through its aggressive
marketing strategies and the growth rate as tremendous, through it is growing
faster it has to work on certain things and maintain the standard. This can be done
through introducing more innovative products and recruiting good quality
advisors because they are the pillars of the company and it is the most valuable
value added services that the company is having.
Therefore, the best the company can do is giving the customer something,
which is little bit different and better than its competitor. The company should
also be successful in expressing the extra features, which is given to the customer.
The customer should feel that whatever company is giving is something great, and
no one could ever imagine about it. This feeling makes the customer feel that
company is very much satisfying them. In addition, the extra feature given to
satisfying is some thing great.
80
AIMS
CHAPTER 6
SUGGESTIONS:
Different age group who have taken life insurance policies. Among whom
the age group 25 35 have responded more on adopting an insurance
policy out of 100 respondents .

Everyone is aware of insurance policies . So company should not waste
its resources on creating awareness.

Maximum respondents are government employee. Company should focus
on attracting customers from other sectors too.

The majority of people have only some idea about investment , company
should educate more people about investment policies .

All respondents have some kind of insurance policies .Company should
encourage people for acquiring more policies .

Maximum people invest for earning whereas least people invest for
liquidity.
Maximum people have unit linked policy , company should not change
any policies whereas company can encourage people for unit linked
policy.
Maximum people invest for short term. Company should encourage
people for long term investment, so that company can invest fund in other
areas .
Maximum people invest due to its policy features and minimum people
invest because of advertising. So company should take some appropriate
action to attract more customers.
81
AIMS
Maximum people are satisfied with the policy they have whereas
minimum people are not satisfied with the policy they have. Company
should take care of the people who are not satisfied with the policy they
have.
Maximum people have one policies. Company should encourage people to
invest in more than one policy.

Majority of the customers need are judged properly. Hence company
should not change any policies regarding this.

Maximum people are satisfied with the company. But company should not
neglect those people who are not satisfied because it can affect the
business.
82
AIMS
BIBLIOGRAPHY:
REFERENCES:
List of websites:
www.irda.com
www.hdfcsl.com
List of Books & Magazines:

Marketing Management- ICFAI publication
Marketing Management- Philip kotler
Outlook- the Laymans Guide to Insurance
Business line
IRDA Journal
List of News Papers:
Business Line
Economics Times
83
AIMS
QUESTIONNAIRE
I am BHAVESH KUMAR, doing my final year Bachelor of Business
management from Acharya Institute of Management & Sciences,
Bangalore. As a part of my curriculum, I am currently doing my project
work on a study on CUSTOMER SATISFACTION with Insurance
service offered by HDFC STANDARD LIFE INSURANCE COMPANY
LTD.
1. PERSONAL DETAIL
Name:
Age: -
Phone No.:- .
Email:-..
Office Address: -.....
Residential Address: ..
(2) ARE YOU AWARE OF HDFC STANDARDLIFE INSURANCE CO.

LTD. ?
84
AIMS

a) YES
b)NO
(3) WHICH SECTOR ARE YOU WORKING IN?

(a) Education [ ] (b) Finance [ ] (c) Government [ ] (d) IT [ ]
(e) others [ ]
(4) ARE YOU AWARE OF THE ALL THE INVESTMENT OPTION ?
(a) Yes [ ]
(b) No [ ]
(c) Have some knowledge [ ]
(5) DO HAVE ANY INSURANCE POLICY ?

(a) Yes [ ]
(b) No
[ ]
(6) WHY DO YOU WANT TO INVEST IN TO INSURANCE?

(a) Retirement [ ] (b) Tax saving [ ] (c) Earnings [ ]
(d) Liquidity [ ]
(7) WHAT TYPE OF POLICY DO YOU HAVE?

(a) Traditional [ ]
(c) Unit linked [ ]
(8) WHICH TERM OF INVESTMENT PREFERRED?

(a) Short term [ ]
(b) Medium term [ ]
(c) Long term [ ]
(9) WHAT MADE YOU TO INVEST IN HDFC STANDARD LIFE

INSURANCE?
(a) Brand image [ ]
(b) Advertising [ ] (c) value added services [ ]
(d) Policy feature [ ]
(d) Advisor [ ]
85
AIMS
(10) WERE YOU GIVENINFORMATION ABOUT ALL THE

DIFFERENT POLICIESAVAILABLEAT THE TIMEYOU
PURCHASED THE POLICY?
a) Yes [ ]
b) No [ ]
(11) ARE YOU SATISFIED WITH THE POLICY YOU OWN?

a) Yes [ ]
b) No [ ]
(12) HOW MANY POLICIES DO YOU HAVE IN OUR COMPANY?

a) 1 [ ]
b) 2 [ ]
c) 3[ ]
d) More than 3[ ]
(13) DO YOU THINK THE CUSTOMER NEED IS PROPERLY JUDGED

BY THE COMPANY?
a) Yes [ ]
b) No [ ]
(14) HOW DO YOU RATE THE JUDGMENT?

a) Satisfactory [ ]
b) Average [ ]
c) Non satisfactory [ ]
(15) ARE YOU SATISFIED WITH THE COMPANY?

a) Yes [ ]
b) No [ ]
(16) ANY SUGGESTIONS
86
AIMS

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HDFC STANDARD LIFE INSURANCE CO.

1.2 Why Insurance?

holder. Tax benefits, as premiums paid reduce the liability of tax.

sole income holder.

HDFC STANDARD LIFE INSURANCE CO.LTD

1.3 What is the likely impact of opening up Indias insurance

HDFC STANDARD LIFE INSURANCE CO.LTD

INTRODUCTION TO THE INDUSTRY

1.4 THE HISTORY OF INDIAN INSURANCE INDUSTRY

HDFC STANDARD LIFE INSURANCE CO.LTD

HDFC STANDARD LIFE INSURANCE CO.LTD

HDFC STANDARD LIFE INSURANCE CO.LTD

1.5 MAJOR PLAYERS IN THE INSURANCE INDUSTRY IN

Life Insurance Corporation of India (LIC)

Life Insurance Corporation of India (LIC) was established on 1 September 1956

HDFC STANDARD LIFE INSURANCE CO.LTD

General Insurance Corporation of India (GIC)

The general insurance industry in India was nationalized and a government

National Insurance Company Limited;

HDFC STANDARD LIFE INSURANCE CO.LTD

HDFC STANDARD LIFE INSURANCE CO.LTD

IN ADDITION TO ABOVE STATE INSURERS THE

1. HDFC Standard Life Insurance Company Ltd.

HDFC STANDARD LIFE INSURANCE CO.LTD

2. Max New York Life Insurance Co. Ltd.

HDFC STANDARD LIFE INSURANCE CO.LTD

3. ICICI Prudential Life Insurance Company Ltd.

HDFC STANDARD LIFE INSURANCE CO.LTD

4. Om Kotak Mahindra Life Insurance Co. Ltd.

HDFC STANDARD LIFE INSURANCE CO.LTD

5. Birla Sun Life Insurance Company Ltd.

6. Tata AIG Life Insurance Company Ltd.

Tata AIG General Insurance Company Limited is an Indian general insurance

HDFC STANDARD LIFE INSURANCE CO.LTD

7. SBI Life Insurance Company Limited

HDFC STANDARD LIFE INSURANCE CO.LTD

8. ING Vysya Life Insurance Company Private Limited

HDFC STANDARD LIFE INSURANCE CO.LTD

9. Allianz Bajaj Life Insurance Company Ltd.

HDFC STANDARD LIFE INSURANCE CO.LTD

10. Metlife India Insurance Company Pvt. Ltd.

HDFC STANDARD LIFE INSURANCE CO.LTD

11. AMP SANMAR Assurance Company Ltd.

HDFC STANDARD LIFE INSURANCE CO.LTD

12. Dabur CGU Life Insurance Company Pvt. Ltd.

Aviva India is an Indian life assurance company, and a joint venture

HDFC STANDARD LIFE INSURANCE CO.LTD

13. Royal Sundaram Alliance Insurance Company Limited

HDFC STANDARD LIFE INSURANCE CO.LTD

1.6 Marketing of Insurance In India

Insurance is in a manner of speaking the last frontier in the financial sector to

1.7 Marketing Mix Policies

HDFC STANDARD LIFE INSURANCE CO.LTD

1.8 Promotion and Advertising:

HDFC STANDARD LIFE INSURANCE CO.LTD

1.9 Physical Evidence:

HDFC STANDARD LIFE INSURANCE CO.LTD

HDFC STANDARD LIFE INSURANCE CO.LTD

2.1 TITLE OF THE STUDY

2.2 STATEMENT OF THE PROBLEM

2.3 OBJECTIVES OF THE STUDY

To determine reasons behind opting for an insurance.

and their expectation form private insurance companies.