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EXECUTIVE SUMMARY

A well-developed and evolved insurance sector is needed for economic

development as it provides long-term funds for infrastructure development and
the same time strengthens the risk taking ability.
This report is an effort made by me. This report sheds on to compare the term
assurance plan of HDFC with other insurance players and recruitment of
Financial Consultant for HDFC SLI.
The aspects cover in this project are meaning of insurance and life insurance,
objective and advantage of life insurance. This report also shows Certified FC ‘a
career in insurance selling’ and selection process & role details of FC.

OBJECTIVES: The objectives of this report are as follows:

Comparative analysis of HDFC Term Assurance Plan with other Insurance
player’s Term Plan.
To recruit the financial consultant for HDFC Standard Life Insurance.

RESEARCH METHODOLOGY: There are two types of data:

Primary data
Secondary data

Primary Data are those data which doesn’t exist any where. We collected these
data with the help of interviews and questionnaire.
Secondary Data are those data which already exist. We can get this from the
Govt. Publications, commercial directories, books, libraries etc.

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FINDINGS
These were the certain findings in the process of the recruitment of the financial
consultant. So these findings were as follows:
LIC was the main constraint in the process of the recruitment of the Financial
Consultant being as a pioneer leader in the insurance sector.
Fraud being done by the private sector companies worked out as a negative
image in the mindsets of the persons contacted.
100 hrs. Mandatory training recommend by IRDA.
Qualifying the exam after training.
Term plan of HDFC SLI is most selling plan after children Plan.
Term plan of HDFC SLI is most selling Plan in comparison of other player.
HDFC SLI spends a low amount on promotional tools (on hoardings in Aligarh).

SUGGESTIONS:
Company should choose enthusiastic & ambitious person as a financial
consultant who should be able in selling the product according to the customer
need.
Company should give proper training to the financial consultant.
The new products in the health & pensions segments are badly needed in India,
giving ample the opportunity to exploit it. Company should use hoardings &
other promotional tools in Aligarh.

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4
INTRODUCTION OF INSURANCE

The modern industrialized society is exposed to various kinds of uncertainties

and risks, which are of different degrees and range from the unavoidable to
those assumed by choice. The annual losses to individuals & businessman from
premature deaths, fire, water, accident, windstorm, sea perils, earthquakes,
floods, dishonesty, negligence, unemployment, lighting etc. are beyond
estimation and indicate the importance of recognizing and meeting them
intelligently. In order to avoid or minimize these losses man has devised various
plans to protect himself against these unexpected and unfortunate calamities.
Insurance is one of such methods. It is a form of co-operation through which all
those who are subject to certain risks and losses pool their resources to
compensate those who actually suffer losses.

Insurance therefore, denotes a contract where by one party (insurer) in

consideration of money payment called premium undertakes to indemnify
another party (insured) against any loss or pay to that party an agreed sum of
money on the happening of a certain event. The insurance is based upon the
principle of co-operation and principle of probability.

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LIFE INSURANCE

Life Insurance helps to ensure that our family and loved ones are protected
against financial difficulties in the event of a premature death. Combined with
investments, retirement and estate planning, life insurance is a fundamental part
of a sound plan.

Life Insurance in India is a mechanism through which investor can both

generate personal savings and receive a tax break. At present life insurance
enjoys maximum scope because life is the most important property of the
society or an individual.

The primary purpose of life insurance is the protection of the family, insurance in
its various forms, protect against such misfortune by having the losses of the
unfortunate few paid by the contribution of the many who are exposed to the
same risk. This is the essence of insurance the sharing of losses and
substitution of certainty for uncertainty.

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Features of Life Insurance
Nature of general contract
Insurable interest
Utmost good faith
Warranties
Proximate causes
Assignment and nomination
Return of premium

OBJECTIVE AND ADVANTAGE OF LIFE INSURANCE

Protection against risk of untimely death : In case of death, the full

sum assured is made available.

Nomination and assignment: The life insured can name the person or
persons to whom the policy money would be payable in the event of death.

Marketability and suitability for borrowing: A life insurance policy is

acceptable as a security for commercial loan.

Loan from insurance company: A policy holder can take a loan from his
insurance company after a period of three year from commencement of the
policy.

Protection during old age: A person can protect can save his old age by
taking policy of retirement

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Faced savings: These are those savings which can be saved in any way for
future

Educational requirement: For children high studies requirement for future

can be saved and looked in advance.

Tax benefit of life insurance: The following tax benefits are applicable to
policy holders:-

Under income tax act 1961: Under section 88, rebate @ 20% of premium
paid is allowed to the payer Subject to maximum of Rs. 14,000/- (i.e. maximum
investment permissible under the act is Rs. 70,000/-) however. In case of
special categories viz. author, play, right, artist, musician, actor, sportsman.
(Including an athlete) rebate is permitted @ 25% instead of 20%.

Money received under a life insurance policy : As per section10(10

D) of income tax act, 1981, any sum received under life insurance policy except
in case of key man including bonus declared or paid is exempted from tax.

Under wealth tax act: Insurance premium paid as well as surrender value
of insurance policy do not form part of chargeable wealth.

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ICICI Prudential’s equity

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Its base stands at Rs. 6.75 billion with ICICI Bank and Prudential policy holding
74% and 26% stake respectively. In the year ended march 31 st 2006, the
company head issued over 430,000 policies, for a total sum assured of
over Rs. 8000 crore and premium income in excess of Rs. 980 crore. The
company has a network of about 30,000 advisor, as well as 12 banc assurance
ties up. Today the company is the #1 private insurer in the country.

HDFC SLI. Company LTD.

It is a joint venture between HDFC, India’s largest housing finance institution
and standard life insurance company, Europe’s largest mutual life company.
HDFC manages Rs. 26,300 crore in asset and standard life manages US$ 100
billion in asset. Both the promoters are well known for their ethical dealings,
their financial strength and their commitment to be a long term player in life
insurance industry all important factors to consider when choosing your insurer.

TATA AIG
IT is a joint venture between the TATA group and American international group.
TATA AIG Life Insurance Company offers a broad verity of life insurance
coverage to both individual and group. TATA group is most respected industrial
conglomerate in India with revenue of more than $8 billion.

MET Life India insurance company

It is one of India’s fastest growing company in this newly emerging sector is an
affiliate of an Americas largest life insurance company (MET life is the no.1
insurer in the US based $2.1 trillion of life insurance enforce).

BAJAJ ALLIANZ life insurance company LTD.

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It is a joint venture between two leading conglomerates- Allianz AG, one of the
largest insurance companies, and Bajaj auto, one of the biggest 2&3 wheeler
manufacturers in the world.

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HDFC Standard Life :

Company Profile

HDFC:
HDFC was incorporated in 1977 with two primary objectives-To enhance
housing stock in the country through housing finance systematically and
professionally and promote home ownership. Today we are the largest
residential mortgage finance institution in India, with a net worth of Rs.2703
crores as of March 31st 2002 and an asset base of over Rs.22000 crores. We
also aim to increase the flow of resources to the housing sector by integrating
the housing finance sector with the overall domestic financial markets.

Over a span of 25 years, HDFC has become the pioneer in housing finance in
India and made it possible for over 2 million families to own their homes,
through housing loans worth over Rs.42000 crores.

At HDFC, we have turned the concept of housing finance for the growing middle
class in India into a profitable, professionally managed world class enterprise.
We have also co-promoted financial intermediaries in various fields such as
banking, realty service, asset management, securities trading, life insurance as
well as general insurance, call centre and BPO service.

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HDFC has demonstrated the viability of market oriented housing finance in a
developing country. The World Bank considers us a model private sector
housing finance company in developing countries and a provider of technical
assistance for new and existing institutions, in India and abroad.

Our re-engineering has always centered around the customer in retail markets
on both sides of the balance sheet, i.e. loans are given to individuals and
deposits are accepted from individuals.
A positive personalized approach towards our customer’s needs has been
HDFC’s goal and motto.
HDFC is also the largest mobilize of retail deposits in the private sector outside
the banking circle.
Deposits have been awarded the highest safety credit rating ‘FAAA’ & ‘MAAA’ by
CRISIL and ICRA respectively for eight consecutive years.

Today our deposit base is over 10,000 crores a depositor base of over 13 lacks
and a network of over 50,000 deposits agents. A wide geographical spread of
activities in India, through our branch network of over 130 offices, over 80
outreach locations and the HDFC Bank branch network enables us to offer
loans & deposits services to individuals in over 2400 towns and cities across the
country. We also have an international office in Dubai, U.A.E. and service
associates in Kuwait, Oman, Qatar, Saudi Arabia and Bahrain to service non-
resident Indians.

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While being a household name in India and the undisputed market leader in the
field of housing finance our social responsibilities have remained in focus. We
continue to make consistent efforts towards economic and social upliftment of
the marginalized sections of society by offering customized financial assistance.
This is done through strong associations and partnerships with several NGO’s,
voluntary agencies and other development institutions ensuring effective
implementation of projects & improved sustainability at community levels.

HDFC has been voted the second ‘Best Managed Company in India’ after
Infosys in a poll conducted by Asia money for the year 2000.

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.

The second objective is to increase the flow of resources to the housing sector
by integrating the housing finance sector with the overall domestic financial
markets.

Organizational Goals-
HDFC’s main goals are:
To develop close relationship with the individual households. Maintain its
position as the premier housing finance Institution in the country.
Transform ideas into viable and creative solutions.
Provide consistently high returns to shareholders. To grow through
diversification by leveraging off the existing client base.

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HDFC Standard Life

The partnership-
HDFC and Standard Life first came together for a possible joint venture, to enter
the Life Insurance market, in January 1995. It was clear from the outset that
both companies shared similar values and beliefs and a strong relationship
quickly formed. In October 1995 the companies signed a 3 year joint venture
agreement.

Around this time Standard Life purchased a 5% stake in HDFC, further

strengthening the relationship.
The next 3 years were filled with uncertainty due to changes in government and
ongoing delays in getting the IRDA (Insurance Regulatory & Development
Authority) act passed in parliament. Despite this both companies remained
firmly committed to the venture.

In October 1998, the joint venture agreement was renewed & additional
resource made available. Around this time Standard Life purchased 2% of
Infrastructure Development Finance Company Ltd (IDFC). Standard Life also
started to use the services of the HDFC treasury department to advice them
upon their investment in India.

Towards the end of 1999, the opening of the market looked very promising and
both companies agreed the time was right to move the operation to the next
level. Therefore in January 2000 an expert team from the UK joined a hand
picked team from HDFC to form the core project team, based in Mumbai.
Around this time Standard Life purchased a further 5% stake in HDFC and a 5%
stake in HDFC Bank.

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In a further development Standard Life agreed to participate in the Asset
Management Company promoted by HDFC to enter the mutual fund market.
The mutual fund was launched on 20th July 2000.

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INCORPORATION OF HDFC STANDARD LIFE
INSURANCE COMPANY LIMITED-

The company was incorporated on 14 th August 2000 under the name of

Standard Life Insurance Company Limited.

Our ambition from as far back as October 1995, was to be the first private
company to re-enter the life insurance market in India. On the 23 rd of October
2000, this ambition was realized when HDFC Standard Life was the only life
company to be granted a certificate of registration.

HDFC are the main shareholders in HDFC Standard Life, with 81.4%, while
Standard Life owns 18.6%. Given standard Life’s existing investment in the
HDFC group, this is the maximum investment allowed under current regulations.

HDFC & Standard Life have a long & close relationship built upon shared values
& trust. The ambition of HDFC Standard Life is to mirror the success of the
parent companies and be the yardstick by which all other insurance company’s
in India are measured.

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OUR MISSION-

We aim to be the top new life insurance company in the market. This does not
just mean being the largest or the most productive company in the market,
rather it is a combination of several things like-

 Customer service of the highest order.

 Value for money for customers.

 Professionalism in carrying out business.

 Innovate products to cater to different needs of different customers.

 Use of technology to improve service standards.

 Increasing market share.

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VALUES-

1. Security-
Providing long term financial security to our policy holders will be our constant
Endeavour. We will be do this by offering life insurance & pension products.

2. Trust-
We appreciate the trust placed by our policy holders in us. Hence we will
manage their investments very carefully and live up to this trust.

3. Innovation-
Recognizing the different needs of our customers we will be offering a range of
innovative products to meet these needs.

Our mission is to be the best new life insurance company in India and these are
the values that will guide us in this.

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VISION-

The most successful and admired life insurance company, which mean that we
are the most trusted company, the easiest to deal with, offer the best value for
money and the standards in the industry. In short, “The most obvious choice for
all.”

CORE VALUES-

 INTEGRITY

 INNOVATION

 CUSTOMER CENTRIC

 PEOPLE CARE

 TEAM WORK

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Why Standard life Insurance?
Life Insurance has come a long way from the earlier days when it was originally
conceived as a risk covering medium for short period of time, covering
temporary risk situation, such as sea voyages. As life insurance became more
established, it was realized what a useful tool it was for a number of situations
including-

a) Temporary needs/threats- The original purpose of life insurance

remains an important element, namely providing for replacement of income on
death etc.

b) Regular savings- Providing for one’s family and one self, as a medium
to long term exercise (through a series of regular payment of premium). This
has become more relevant in recent times as people seek financial
independence for their family.

C) Investment- Put simply the building up of savings while safeguarding it

from the ravages of inflation. Unlike regular savings products, investment
products are traditionally lumpsum investments, where the individual makes a
one off payment.

d) Retirement- Provision for later years becomes increasingly, necessary

especially in a changing cultural and social environment. One can buy a suitable
insurance policy, which will provide periodical payments in one’s old age.

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HDFC Standard Life declares results for 1 st quarter of
FY 2008-09

HDFC Standard Life grows faster than the private sector

average

Recording a quarter-on-quarter growth of 167 % for April-June 2008, HDFC

Standard Life saw its new business premium income increase from Rs.53.11
crores to Rs.142.02 crores. The growth achieved by the company was way
above the private sector Industry average of 73% for the first quarter. In terms of
effective premium income (EPI), which gives a 10% value to a Single Premium
Policy and is an Internationally accepted indicator of an insurance company’s
performance, HDFC Standard Life’s premium income grew 248% from Rs.38.77
crores to Rs.134.91 crores.

Voted the most respected amongst the private life Insurance companies, HDFC
Standard Life’s growth in terms of annualized premiums was 211 % from Rs. 53
crores in April-June 2007 to Rs.165.08 crores in April-June 2008. A complete
product portfolio offering by HDFC Standard Life on the group business front
also led to a robust growth of premium from Rs.1.18 crores to Rs.8.91 crores in
effective premium income terms and from Rs. 2.68 crores to Rs. 16.94 crores in
terms of first year premiums- a 532 % growth.

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Commenting on the high growth rate achieved on the back of a robust growth in
2007-08, Mr. Deepak Satwalekar, MD and CEO, HDFC Standard Life said, “this
growth is a clear vindication of the strategy adopted by the company of
eschewing rapid growth in favour of establishing a firm foundation in the early
years. The decision to establish a geographically dispersed branch network
supported by sales force which has undergone an intensely focused sales
training programme to imbibe and practice HDFC Standard Life’s customer-
centric approach has helped reach out to more customers, helping them find the
most suitable insurance solutions.” Leveraging the parent brand and the wide
distribution network, HDFC Standard Life launched a cross media advertising
campaign, which has seen brand recognition almost double to one of the
highest amongst all life insurers.

For the individual business, volume, measured by the number of policies sold,
witnessed a 91% quarter-on-quarter growth from 26,752 in 2007 to 51,066 in
2008. Average effective premium on the other hand more than doubled from Rs.
12,000 to Rs. 25,000.

Contribution to the individual business premium income by the different

channels of distribution also changed significantly compared to the first quarter
last year. “The strategy to concentrate on activating a limited number of banc
assurance partners rather than going in for signing up a large number of banks
also paid off.” While the alternate channels of distribution including banks,
brokers and other corporate agents accounted for 20% of the business last year,
their share increased to 36% in April-June 2008.

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HDFC Standard Life added 33 new offices, enhancing its national footprint and
taking the number of offices to 137 by the end of the first quarter as compared
to 53 locations at the end of the first quarter last year. “Our decision almost 18
months ago, to spread to B and C class towns has paid off with the non-metro

locations already accounting for 53% of the individual business”. Ongoing

training for conventional products and specialized training for unit linked
products for around 25,000 financial consultants representing HDFC Standard
Life has also helped its customers choose the products best suited for their
need for protection, savings, investments and pensions. HDFC Standard Life
had 18,700 financial consultants in the same period last year.

A quick look at the Premium figures:

Parameters Apr-Mar Apr-Mar % Growth

2004-05 2005-06
(Rs.Cr) (Rs.Cr)
Total received 668.40 1532.21 129.23

premium
486.15 1028.94 111.65
I. New Business
182.25 503.27 176.14
ii. Renewal
Effective 436.08 887.30 103.47

Premium
income(Total)
Group Business 49.40 135.15 173.58

Premium(EPI)

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26
 OBJECTIVES

The objectives of this report are as follows:

Comparative analysis of HDFC Term Assurance Plan with

Other Insurance player’s Term Plan.

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RESEARCH METHODOLOGY

The design for this research was the way how I proceeded to find out the
qualities in a person to be a financial consultant for HDFC Standard Life
Insurance and then to convince that person to be the financial consultant for
HDFC Standard Life Insurance.
This research was based on Primary data & Secondary data. In comparative
analysis I collected information with the help of secondary data and in the
recruitment of FC with the help of Primary data.

Primary Data are those data which doesn’t exist any where. We collected
these data with the help of interviews and questionnaire.

Secondary Data are those data which already exist. We can get this from
the Govt. Publications, commercial directories, books, libraries etc.

I completed my research with the help of following:

Questionnaire
Self administered questionnaire was prepared for various purposes so that the
data collected helped us to fulfill our objective.

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Sample Size

The foremost and the most important step in a successful research is to decide
and to define the sample size. For the survey the sample chosen were
respondents in different age groups and different occupations. The sample size
was 150 persons.

Target Areas

Target areas were the areas where actually the survey was conducted so the
targeted areas were Centre Point, Amir Nishan, Durgabadi, Pratibha Nagar
Colony, Avantika, Ramghat Road,Railway Road etc.

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31
TERM ASSURANCE-
Term Assurance plan provides life insurance Cover during a specified period or
term and may be described as temporary insurance. The policy benefit
becomes payable only if:

a) The insured person dies during the specified period, or term and

B) The policy is valid (in force) at the time of death.

This form of cover is an exception to the general rule that a life insurance
always results in a claim. Indeed, in the great majority of cases, term insurance
runs their course without a claim. There is no maturity benefit under this policy. It
is the cheapest form of cover available.
The term of the policy could be for any period between 1 to 30 years.

1. Level term insurance-

Level term insurance plan is the most popular term insurance. It involves a
level (unchanging) premium and benefit throughout the policy period. In the
event of death during the term, the sum assured of the policy is payable. If
the term is for more than one year, the renewal premium is the same each
year.
Popular largely because of its simplicity, this is a useful answer to
a temporary need which neither increases nor decreases to any
Significant extent over the period of time involved. A loan which is
not being repaid by installments can be covered through level
term insurance.

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 2. Decreasing term insurance-
Under this plan, the premium is level (constant) throughout the premium
paying term, but the benefit decreases annually, or at other specified times.
Because the benefit is continually decreasing and is payable only on death
during the term, this is the cheapest form of life insurance available.
Premium under this plan is charged for a period generally 2/3 of the term of
the policy. It is particularly suited for a temporary need, which is reducing.

A) - Credit life insurance-

Designed to repay the balance of a loan direct to the lender should the
borrower die before all repayment installments have been made. This plan
is often sold to lending institutions on a group basis to cover the lives of
borrowers.

B) - Mortgage redemption insurance-

Designed to repay a typical mortgage loan being by monthly or other
periodic payments. This plan covers the balance of loan outstanding in the
event of death. This may be on a joint basis (e.g. husband and wife), the
benefit being payable when the first life dies. This is popular form of cover
throughout Europe. This policy is also called as Loan Cover Term
Insurance.
Premium under this policy are level and do not reduce though the benefits
reduced. Premium are generally charged for a period lesser than the term of
policy say 2/3 of the term.

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 3. Increasing term insurance-

Under this plan the benefit (SA) increases at periodical intervals as per policy
contract. The increases will traditionally be at a fixed percentage, or in line
with an agreed index (e.g. consumer pride index). The basic idea is to keep
the benefit in line with the value of money, especially in case of inflation.

4. Renewable term insurance-

This policy provides an option to the policy holder to renew the contract for
further specified period. The key point, however, is that the right to renew the
policy is without submitting fresh evidence of insurability (health) and the
premium for the further period is increased to reflect the increased age of the
life insured. (The new premium is said to be based on the attained age.)

As there is no underwriting when the plan is renewed, the risk to the insurer
will increase as and when policies are renewed .

Because of this, most insurer apply certain limitations on the policy,

such as:
Renewals may only be for equal or smaller sums assured
The number of renewals permitted may be restricted to 2 or 3 occasions.
Premium rates may be higher than for non-renewable policies.

5. Convertible term insurance-

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Such a plan includes a Conversion privilege which given the right to convert
the policy to a whole life or endowment plan without evidence of insurability
(health).

If this privilege is exercised, the premium for the changed plan would be the
charged at the standard rate for such plan at the attained age (actual age on
conversion of policy) of the life insured.
Again, because there is no underwriting on conversion, the insurer will
typically apply certain restrictions:

Conversion may not be possible beyond a certain age (say 50 years);

Conversion may not be allowed say during the last two/three years of the
policy with a view to avoid adverse selection.
The sum assured of the new plan will be limited to that for the term
insurance.

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36
VARIOUS PLANS OF HDFC SLI

Policies

 Children’s plan
 Endowment Assurance Plan
 Money Back Plan
 Personal Pension Plan
 Term Assurance Plan
 Loan Cover Term Assurance Plan
 Life Insurance and Pension Plan
 Single Premium Whole of Life Insurance Plan
 Unit Linked Young Star Plan
 Unit Linked Pension Plan
 Unit Linked Endowment Plan
 Unit Linked Young Star Plan Plus
 Unit Linked Pension Plan Plus

Riders

 Critical Illness Benefit

 Accidental Death Benefit
 Accelerated Sum Assured Benefit
 Waiver Of Premium Benefit
 Additional Death Benefit

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TERM ASSURANCE PLAN OF HDFC SLI:

Under this plan, a sum assured is payable in case of death of the life assured
during the term of the contract. One can choose the lumpsum that would
replace the income lost to one’s family in the unfortunate event of one’s death.
Since this non –participating (without profits) plan is a pure risk cover plan, no
benefits are payable on survival to the end of the term of the policy.

Details of this plan:

Minimum age at entry - 18 years

Maximum age at entry - 60 years

Maximum age at expiry - 65 years

Minimum sum assured - 50,000

Minimum term - 10 years

Payment Options:
You have the choice of paying your premium either in yearly, half- yearly or
quarterly modes, or paying a single one-time premium, depending on your
convenience.

Tax Benefits:
Tax benefits described in section 88, section 80D and section 10(10D) of the
Income Tax Act are applicable.

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Indicative Premium table:

Age of life Premium (Rs.) Single

Half Yearly
assured Premium
-yearly
(Rs.)
20 yrs 862 1566 11,970
25 yrs 914 1662 13,110
30 yrs 979 1782 15,726
35 yrs 1074 1956 18,216
40 yrs 1473 2688 26,400

*The premium quoted is for a healthy male, paying premiums for a 15 year term
for a sum assured of Rs. 6,00,000. The exact premium may vary as a result of
under writing.

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LOAN COVER TERM ASSURANCE PLAN

This plan provides a lump sum on the unfortunate death of the life assured
during the term of the plan. The lump sum will be a decreasing percentage of
the initial sum assured. As the outstanding loan decreases as per the loan
schedule, the cover under the policy decreases as per the policy schedule.
Since this is a non-participating (without profits) pure risk cover plan, no benefits
are payable on survival to the end of the term of the policy .

Why should you buy this product?

If you are taking a loan to buy a house for your family, this plan can help you
ensure that life’s uncertainties do not affect their shelter. It is an affordable plan
that has been designed to help your family repay the outstanding loan in case of
your unfortunate death.

Details of this plan:

Minimum age at entry - 18 years

Maximum age at entry - 55 years (Annual premium Policy)

60 years (Single premium policy)
Maximum age at expiry - 65 years
Minimum term - 10 years
Minimum sum assured - 50,000

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Indicative premium for the basic policy:

Annual Premium Single Premium

(Rs. P. a.) (Rs.)
Age of Term o (in Rs.) Term (in Rs.) years)
life years)
10 15 10 15
assured
30 yrs 1592 1634 5781 7993
35 yrs 1757 1799 6324 9152
40 yrs 2114 2163 8515 12991
45 yrs 2782 2915 10636 16663
50 yrs 3955 4175 15921 25038

The premium rates are for a male life assured for an initial sum assured of Rs.
3.5 lakh.
In case of annual premium payment, the premium is to be paid for only the first
2/3rd of the term while the cover continues for the full term.

Payment Options:
You have the choice of paying your premium either in yearly, half-yearly or
quarterly modes, or of paying a single one-time premium’ depending upon your
convenience.

Tax Benefits:
Tax benefits described in section 88 and section10(10D) ofS the Income Tax
Act are applicable.

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ABOUT ICICI PRUDENTIAL LIFE INSURANCE

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).

ICICI Prudential’s equity based stands at Rs. 9.25 billion with ICICI Bank and
Prudential plc holding 74% and 26% stake respectively. In the financial year
ended March 31, 2005, the company garnered Rs. 1584 crore of new business
premium for a total sum assured of Rs. 13,780 crore and wrote nearly 615,000
policies. The company has a network of about 56,000 advisors; as well as 7
bancassurance and 150 corporate agent tie-ups. For the past four years, ICICI
Prudential has retained its position as the no. 1 private life insurer in the country,
with a wide range of flexible products that meet the needs of the Indian
customer at every step in life.

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Life Guard

ICICI Prudential Life Insurance offer Life Guard a set of pure protections plans.
Choose from amongst three different product structures to insure your life and
provide total security to your family, at a very affordable cost. These 3 plans are-

1. Level Term Assurance with return of premium

2. Level Term Assurance without return of premium
3. Level Term Assurance- single premium

Level Term Assurance with return of premium-

Under this plan, in case of the death of the life assured during the term, the Sum
Assured will be paid to the beneficiary. There are no maturity benefits. Hence on
survival till maturity, the policy will terminate.
You will need to pay the regular annual premium, for the term chosen. You will
be provided with life cover equal to the Sum Assured.

RESTRICTIONS-

a) Minimum age at entry - 18 years

b) Maximum age at entry - 55 years
c) Minimum term - 5 years
d) Maximum term - 30 years
e) Maximum age at maturity - 65 years
f) Minimum premium payable - 2,400 per annum

43
The table below provides indicative premiums for various age-term
combinations for a sum assured of Rs. 10,00,000.

Age Term of Policy

2. 5 years 10 years 15 years
20 years
Age
30 years Rs.2,751 Rs.2,751 Rs.2,751 Rs.2,751
35 years Rs.2,878 Rs.2,878 Rs.2,947 Rs.3,446
40 years Rs.3,917 Rs.3,917 Rs.4,299 Rs.5,014
Level Term Assurance without return of premium-

Should you select this plan, you will need to pay a regular annual premium for
the term chosen. You will be provided with life cover equal to the Sum Assured.
In case of the death of life assured during the term, the Sum Assured under the
plan will be paid to the beneficiary. On survival till maturity, all the premiums
paid, will be returned.

Extended Life Cover

The plan also offers the unique feature of an additional extended cover for 5
years after maturity of the policy, for 50% of the sum Assured. This provides
additional protection, even after the Premium Paying Term.

RESTRICTIONS –

44
a) Minimum age at entry - 18 years
b) Maximum age at entry - 55 years
c) Minimum term - 10 years
d) Maximum term - 30 years
e) Maximum age at maturity - 65 years
f) Minimum premium payable - 2,400 per annum

The table below provides indicative premiums for various age-term

Combinations for a Sum Assured of Rs. 10,00,000.
]

45
 Age Term
10 years 15 years 20 years 25 years
30year Rs.32,195 Rs.15,642 Rs.10,860 Rs.9,047

s
35 Rs.37,193 Rs.19,170 Rs.13,927 Rs.11,928

years
40 Rs.46,130 Rs.24,952 Rs.18,631 Rs.16,230

years

3. Level Term Assurance – Single Premium

This is a single premium variant of the Life Guard Level Term Plan. You will
need to make a one-time premium payment, depending on the term and Sum
Assured choosen by you. The minimum Sum Assured is Rs.2.5 lakhs. In case of
death of life assured during the term, the Sum Assured under this plan will be
paid to the beneficiary. There are no maturity benefits, at the end of the term.

RESTRICTIONS-
a) Minimum age at entry - 18 years
b) Maximum age at entry - 55 years
c) Minimum term - 3 years
d) Maximum term - 15 years
e) Maximum age at maturity - 65 years
The table below provides indicative premiums for various age-term
combinations for a Sum Assured of Rs.10 lakhs.

Age Term
3 years 5 years 7 years 10 years
30 Rs.6,930 Rs.10,400 Rs.13,810 Rs.18,300

years

46
 35 Rs.7,590 Rs.11,740 Rs.16,090 Rs.22,070

years
40 Rs.9,400 Rs.14,950 Rs.20,740 Rs.28,960

years

What additional features does Lifeguard offer you?

For added protection of your family against any unfortunate eventualities, Life
Guard offers you the following:

Accident and disability rider:

On death of the life assured due to an accident, the beneficiary gets the
additional Sum Assured under the rider.
In case an accident related death occurs while traveling by mass surface public
transport, the beneficiary gets twice the Sum Assured under the rider.
In the event of total and permanent disability, 10% of the rider Sum Assured is
paid out every year for 10 years.

Waiver of premium:
In case of total and permanent disability due to an accident, this rider would
wave future premiums till maturity.

Note: The riders mentioned above are not available with the Life Guard Single
Premium Policy.

47
48
ABOUT BAJAJ ALLIANZ LIFE INSURANCE

Bajaj Allianz Life Insurance Co. Ltd. is a joint venture between two leading
conglomerates – Allianz AG, one of the world’s largest insurance companies,
and Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the world.

We at Bajaj Allianz realize that you seek an insurer who you can trust your hard-
earned money with. Allianz AG with over 110 years of financial experience in
over 70 countries and Bajaj Auto, trusted for over 55 years in the Indian market,
together are committed to offering you financial solutions that provide all the
security you need for your family and yourself. At Bajaj Allianz, customer delight
is our guiding principle. Ensuring world class solutions by offering you
customized products with transparent benefits supported by the best technology
is our business philosophy.

Bajaj Allianz Life Insurance

Is the fastest growing private Life Insurance Company in India?

Currently has over 3, 00,000 satisfied customers.
We have customer care centers in 155 cities with 28000 Insurance consultant
providing the finest customer service.
One of India’s leading private Life Insurance Companies .

49
VARIOUS PLANS OF ALLIANZ BAJAJ

Policies

 Unit Gain Sp Plan

 Unit Gain Plus Plan
 Life long Gain Plan
 Term Care Plan
 Risk Care Plan
 Group Term Life Plan
 Child Gain Plan
 Cash Gain Plan
 Bajaj Allianz Swarn Raksha ROC
 Unit Gain Easy Pension
 Unit Gain Life Pension

Riders

 Accidental Death Benefit

 Accidental Permanent Total/Partial Disability Benefit
 Waiver of Premium Benefit
 Critical Illness Benefit
 Hospital Cash Benefit

50
There are 2 types of term plans-

1. Allianz Bajaj Term Care Plan

2. Allianz Bajaj Risk Care Plan

1. Allianz Bajaj Group Term Care Plan-

The “Allianz Bajaj Term Care” plan is a term insurance plan. It is an economical
of providing for one’s life cover and at the same time ensuring that the
premiums paid are returned at maturity.
This plan not only offers you life insurance cover at a low cost, but also provides
for return of premiums on maturity. The premium returned at maturity will be
equal to the single premium or the sum total of equivalent annual premiums of
the Economy Pack(excluding extra premium charged, if any).
In case of death during the policy term, the full sum assured will be paid to the
nominee.
The “Allianz Bajaj Term Care” Plan offers you the convenience of choosing
between two premium payment options.

 Regular Premium Payment- Premium payment throughout the selected

term.

 Single Premium Payment- One time premium payment for the selected
term at commencement.

51
Other details of the “Allianz Bajaj Term Care” Plan

Minimum age at entry - 18 years

Maximum age at entry- 50 years
Maximum age at maturity- 65 years
Minimum term- 5 years
Maximum term- 40 years
Minimum sum assured- Rs. 1, 00,000
Maximum sum assured - Rs. 10,00,000
Minimum Premium (Rs.) - 750/- for yearly, 400/- for half yearly, 250/- for
quarterly and 100/- for monthly.
The minimum premium for Single Premium option shall be Rs.6000/-

Tax Benefits
Premium paid are eligible for Tax Exemption under section 88 Of the Income
Tax Act and maturity and death proceeds are tax free under section 10(10D) of
the Income Tax Act.

52
2. Allianz Bajaj Risk Care Plan-

The “Allianz Bajaj Risk Care” Plan is a pure term insurance plan & offers one of
the most economical means to provide financial security to your loved ones.
This plan offers you life insurance cover at the lowest possible cost for a
selected term. It is an ideal option to cover your near and dear ones against
financial risks arising out of life’s adversities-like death and permanent disability.
In case of premature death during the policy term, the sum assured is paid to
the nominee. There are no survival benefits under this plan.
The “Allianz Bajaj Risk Care” Plan offers you the convenience of choosing
between two premium payment options.

Regular Premium Payment- Premium payment throughout the selected

term.

Single Premium Payment- One time premium payment for the selcted
term at commencement.

53
Other details of the “Allianz Bajaj Risk Care” Plan

Minimum age at entry - 18 years

Maximum age at entry - 50 years
Maximum age at maturity - 65 years
Minimum Term - 5 years
Maximum Term - 40 years
Minimum sum assured - Rs. 1, 00,000
Maximum sum assured - Rs. 10,00,000
Minimum Premium (Rs.) - 1000 for yearly and 1000 for half Yearly.
The minimum premium for single premium option shall be Rs.1600.

Tax Benefits
Premium paid are eligible for tax exemption under section 88 of the income tax
act and the death proceeds are tax free under section 10 (10D) of income tax.

INBUILT BENEFITS THAT “ALLIANZ BAJAJ TERM

PLANS OFFER-

Accidental Death Benefit

Accidents are always sudden and sometimes fatal. You can’t lessen the
emotional shock, but you can certainly soften the financial one. Allianz Bajaj
accidental death benefit gives your loved ones something to start with after the
permanent loss of your income by paying double the basic sum assured. The
total accident death benefit shall however be subject to a maximum of
Rs.10,00,000 under all policies with Allianz Bajaj together.

54
Accident Permanent Total/Partial Disability Benefit

Accidents are unpredictable and so are the consequences. This may lead to a
disability partial or total. The Bajaj Allianz accidental permanent total/partial
disability benefits provides a financial cushion against such misfortunes.

Type of disability Benefits

Accidental permanent partial 50% of Sum Assured*
disability
Accidental permanent total 100% of Sum assured**
disability

* Subject to a maximum of Rs.5, 00,000 under all policies with Allianz Bajaj
taken together.
** Subject to a maximum of Rs.10, 00,000 under all policies with Allianz Bajaj
taken together.

Waiver of premium benefit

An accident may lead to permanent total disability limiting your ability to earn.
The Allianz Bajaj waiver of premium benefit is a helping hand when you need it
most. It keeps your insurance cover alive by waiving off future premiums and
enables you to live up to your commitments.

Critical Illness Benefit

55
Some illnesses are critical. They not only alter your life pattern but also result in
a financial drain. Allianz Bajaj critical illness benefit softnes the impact on your
family by paying out the critical illness benefit (equal to the sum assured) under
the plan immediately, while other policy benefits continue (excluding critical
illness benefit and hospital cash benefit). We cover 11 critical illnesses.

Hospital Cash Benefit

The worry of selling hospital bills (room charges) adds to the trauma of
hospitalization. Allianz Bajaj hospital cash benefit reduces this financial burden
and helps you to recover with peace of mind.

56
ABOUT LIFE INSURANCE CORPORATION

On June 18, 1956 the president of India given permission to established Life
Insurance Corporation. This act come into force from July 1, 1956 and start
operation from September 1, 1956.

Central office of Life Insurance Corporation situated in Bombay and seven

regional office are Bombay, Kolkata, Delhi, Bhopal, Chennai, Hyderabad and
total no. of branch office 2048. LIC also doing business foreign- London, Fiji,
Burma, Sri Lanka, Kenya etc.

Now monopoly of LIC removed and private player also operating business in
Life Insurance.

57
Life Insurance companies offer a wide variety of policies to its customers, from
the comparison point of view . The main plan of LIC are as follows:

 New Jeevan Shree

 LIC Jeevan Shree-I
 Jeevan Mitr
 Jeevan Kishore
 Jeevan Sathi
 LIC Bima Plus
 Jeevan Bharti
 Jeevan Anand
 New Janraksha Plan
 New Jeevan Dhara
 Komal Jeevan
 Jeevan Nidhi
 Anmol Jeevan
 Term Assurance Plan-43
 Convertible Term Assurance Plan-58
 LIC Jeevan Akshay-III Plan 170

Benefits:

 Critical Illness Benefit

 Congenital Disabilities Benefit
 Free Insurance Cover
 Accident Benefit
 Death Benefit

58
ANMOL JEEVAN –I (WITHOUT PROFITS) TABLE NO.164

BENEFITS
On Death during the Term of the Policy : Sum Assured
On Maturity : Nil

RESTRICTIONS
(A) Minimum age at entry
(B) Maximum age at entry
(C) Maximum age at maturity
(D) Minimum Term
(E) Maximum Term
(F) Minimum Sum Assured
(G) Maximum Sum Assured
: 18 years (completed)
: 55 years (nearer birthday)
: 65 years
: 5 years
: 25 years
: Rs.Five Lakh
: Rs.Three Crore (Inclusive of all
Term Assurance plans)

Note: The policy would be issued in multiples of Rs. one lakh for Sum
Assured above Rs. five lakh.

Mode of Premium Payment : Yearly, Half- Yearly & Single premium.

(G) Rebates : Sum Assured Rebate : NIL in case of regular premium

policies and Re.1/00 Sum Assured for policies of Rs.25 lakh and above in case of
single premium policies.
Mode Rebate : 1 % of Annual premium for yearly mode and nil for Half-Yearly
mode.

59
PAID-UP AND SURRENDER VALUE :

The policy will not acquire any paid-up value.

No Surrender Value will be available under this plan .

LOAN: No loan will be granted under this plan.

GRACE PERIOD FOR NON-FORFEITURE PROVISIONS:

A grace period of 15 days will be allowed for payment of yearly or half-yearly

premiums. If death occurs within this period and before the payment of the
premium then due, the policy will still be valid and the Sum Assured paid after
deduction of the said premium as also unpaid premiums falling due before the
next policy anniversary of the Policy. If the premium is not paid before the expiry
of the days of grace, the Policy lapses.

60
TERM ASSURANCE – PLAN NO.43

Features:
The Two Year Temporary Assurance policy is designed for the insuring public
who requires risk cover for a maximum of two years.
Under the Two Year Temporary Assurance policy a single premium is required to
be paid at the outset of the policy to cover the entire period of term.
The propose is required to pay the medical examination fee. The proof of age
must also accompany the proposal.
The policy issued will be only under the 'Without Profits' plan.
The policy is not entitled to any surrender value.
No loan will be granted against the Two Year Temporary Assurance policy.

Suitable For:
The Two Year Temporary Assurance policy caters to the individuals who
specifically require insurance cover against risk for a short period of two years,
for instance persons who are required to go on tours for instance for a year or
so.

Benefits:
Survival benefits: Not Applicable

Death benefits: Total Sum Assured

61
Plan Parameters:
Minimum Maximum
Entry Age (years) 18 60
Sum Assured(Rs.) 50000 10000000
Term 6, 12 ,18,2 months Not applicable

Mode of Maximum Policy Loan

payment Maturity Age Available
Single
62 years No
Premium

62
CONVERTIBLE TERM ASSURANCE- PLAN NO.58

Features:
This plan of assurance is designed to meet the needs of those who are initially
unable to pay the larger premium required for a Whole Life or Endowment
Assurance Policy, but hope to be able to pay for such a policy in the near future.
This plan would be found useful also in cases where it is desired to leave the
final decision as to the plan to a later date when, perhaps a better choice could
be made.
Policy holders get an option of converting an policy into endowment assurance
or limited payment whole life assurance.

Benefits:
Survival benefits: Nil

Death Benefits:
The sum assured is payable only in the event of death of the Life Assured
before the expiry of the specified term.

Plan Parameters:

Minimum Maximum
Entry Age (years) 20 (nearer birthday) 50
Term (years) 5 7

Mode of Payment Max Policy loan

Maturity available

63
 Age
Yearly, Half-
yearly,quaterly, Monthly, 55 years No
Salary Saving Scheme

Term Assurance Rider Option:

Term Assurance as optional rider will be available under this plan. Premiums for
this option are payable during the premium paying term and an amount equal to
Term Assurance Sum Assured will be payable on death during the policy term.
The maximum cover for this rider will be Rs.25 lakh under all policies of the Life
Assured with the Corporation taken together.

Critical Illness Rider Option:

An amount equal to the Critical Illness Rider Sum Assured as optional rider will
be payable in case of diagnosis of defined categories of Critical Illness subject
to certain terms and conditions. The maximum cover for this rider will be Rs.5
lakh under all policies of the Life Assured with the Corporation taken together.
If opted for Premium Waiver Benefit, then in case the Life Assured is diagnosed
with any of the Critical Illnesses covered under the policy, the total future
premiums in respect of the policy will be waived. Sum Assured under all such
policies with the Corporation taken together will not exceed Rs.5 lakh.

64
1. Do you know about Life Insurance?
(a) Yes (b) No

65
 80
70
60
50 2. Do
40 Yes you
30 No
know
20
10 about
0
80% 20%

HDFC?
(a) Yes (b) No

3. Do you know about HDFC Standard Life Insurance?

(a) Yes (b) No

66
4. Do you have any Life Insurance Policy?
(a) Yes (b) No

67
 5. Are you agent of any insurance company?
(a) Yes (b) No

6. How many policies do you have?

(a) None (b) One
(c) Two (d) More than two

68
7. If you want to insured your life which company will you prefer?

(a) LIC (b) HDFC

(c) ICICI (d) Bajaj Allianz

8. If he/she preferred HDFC- then why you prefer HDFC?

(a) Most respected company (b) Higher customer

Satisfaction
(c) More rate of return

69
9. Your total annual income-

(a) Less than 1 lakh (b) 1 lakh - 5 lakh

(c) More than 5 lakh

10. Do you know about Term Insurance Plan?

70
(a) Yes (b) No

71
11. Do you know about the riders related to Term Insurance plan?

(a) Yes (b) No

72
73
 COMPARITIVE ANALYSIS OF TERM PLANS WITHOUT RETURN
OF PREMIUM

Points of discussion HDFC Term HDFC Loan Allianz LIC Anmol

Assurance Cover Bajaj Risk Jeevan I
Plan Term Care Plan
Assurance
Plan
Minimum entry age 18 yrs 18 yrs 18 yrs 18 yrs

Maximum entry age 60 yrs 55 yrs 50 yrs 50 yrs

Minimum term 10 yrs 10 yrs 5 yrs 5 yrs

Maximum term _ _ 40 yrs 25 yrs

Maximum age at 65 yrs 65 yrs 65 yrs 60 yrs

expiry
Minimum Sum Rs.50,000 Rs.50,000 Rs.1Lakh Rs.5Lakh

Assured
Payment mode Yly/Hly/ Yly/Hly/ Yly/Hly/ Yly/Hly/
Qly/Monthly Qly/Monthly Single Single
Premium premium
Grace period 15 days 15 days 30 days 30 days

Tax Benefits Available Available Available Available

74
Premium for a policy Rs.2,820 Rs. 4,270 Rs.3,610 Rs. 2,564

of sum assured of Rs. annually annually Annually Annually

If single
10,00,000
premium
then
Rs.17,120

75
COMPARITIVE ANALYSIS OF TERM PLANS WITHOUT RETURN
OF PREMIUM

76
Points of LIC Term LIC ICICI Level ICICI Single
discussion Assurance Convertible Term Premium
Plan No.43 Term Assurance
Assurance
Plan No.58
Minimum entry 18 yrs 20 yrs 18 yrs 18 yrs

age
Maximum 60 yrs 50 yrs 55 yrs 55 yrs

entry age
Minimum term 6 Month 5 yrs 5 yrs 3 yrs

Maximum term 2 yrs 7 yrs 30 yrs 15 yrs

Maximum age at 62 yrs 55 yrs 65 yrs 65 yrs

expiry
Minimum Sum Rs. 50,000 Rs. 50,000 _ _

Assured
Payment mode Yly/Hly/ Yly/Hly/ Yly/Hly/ Yly/Hly/Qly/Mo
Qly/Monthly Qly/Monthly Qly/Monthly nthly
Grace period 30 days 30 days 30 days 30 days

Tax Benefits Available Available Available Available

Premium for a Maximum Maximum Rs. 2,751 Single

policy of sum term of this term of this Annually premium of Rs.

policy is 2 yrs policy is 7 yrs 18,300
assured of Rs.
So premium So premium
10,00,000
for 2 yrs is for 7 yrs is
Age 30 year Rs. 3150 per Rs.4,723 per
Term 10 years annum annum

77
COMPARITIVE ANALYSIS OF TERM PLANS WITH RETURN OF
PREMIUM

Points of discussion Allianz Bajaj Term ICICI

Care Plan Level Term Assurance
with return of premium
Minimum entry age 18 years 18 years
Maximum entry age 50 years 55 years
Minimum term 5 years 10 years
Maximum term 40 years 30 years
Maximum age at 65 years 65 years
expiry
Minimum Sum Rs. 1,00,000 Rs.2.5 Lakh
Assured
Payment mode Yly/Hly/Qly/Monthly Yly/Hly/Qly/Monthly
Single Premium
Grace period 30 days 30 days

Tax Benefits Available Available

Premium for a policy Rs. 30,510 annually Rs. 32,195 annually

of sum assured of Rs.

10,00,000
Age 30 year
Term 10 year

78
79
80
 MARKET SHARE OF LIFE INSURANCE SECTOR

ICICI - 6.25%

HDFC - 1.92%

BAJAJ ALLIANZ – 3.39%

TATA AIG – 1.18%

LIC – 78.07%

OTHERS – 9.19%

81
THE INSURANCE INDUSTRY: PRIVATE PLAYERS
COMPANY %OF MARKET SHARE

 ICICI-PRU 32.5

 HDFC- SLI 12.2

 BAJAJ-Allianz 15.2

 Birla Sunlife 8.8

 Tata-AIG 7.6

 Max Newyork 6.9

 Aviva 5.7

 Om Kotak 3.3

 ING Vysya 2.8

 SBI Life 2.4

 Met Life 1.8

 AMP Sanmar 0.8

 Sahara 0.1

82
Results of the research

In the duration of two month in this research total 150 persons were contacted
from the target segment, target areas, target qualities and the outcome of those
150 contacts were as follows

Having view that people will not take policies from private sector.

Some people already having LIC agency.

Some people said they don’t want to go into insurance sector.

The rules of their organization will not allow them to do any other work.

83
84
 CONCLUSION

Life insurance is now being regarded as a versatile financial planning tool.

Today consumer seeks products that offering flexible options, preferring
products with benefits unbundled and customizable to suit their diverse needs.
The trend in developed economies where people not only live longer and retire
earlier are now emerging in India. With the breakdown of traditional form of
social security like the joint family system, consumers are now concerning
themselves with the need to provide for a comfortable retirement.

This trend has been further driven by the long-term decline in interest rates,
which makes it all the more necessary to start saving early to ensure long term
wealth creation. Today’s consumers are increasingly interested in products to
help build wealth and provide for retirement income.

This all adds up to major change in demand for insurance products. Firms will
need to consistently innovate in terms of product development to meet ever-
changing consumer needs.

To conclude with we would just like to say that the Indian Life insurance market
is quite a big one and more importantly a huge part of it has been left untapped
till now. Therefore there is enough room for all the private players to establish
themselves provided they Give the Indian consumer the best value for their
money in the long run because it will take time for the people to get out of the
nutshell of being getting insured only with LIC as till few years ago it used to
have an absolute monopoly in this market.

85
86
 FINDINGS

These were the certain findings in the process of the recruitment of the financial
consultant. So these findings were as follows:

 LIC was the main constraint in the process of the recruitment of the
Financial Consultant being as a pioneer leader in the insurance sector.

 Fraud being done by the private sector companies worked out as a

negative image in the mindsets of the persons contacted.

 100 hrs. Mandatory training recommend by IRDA.

 Qualifying the exam after training.

 Term plan of HDFC SLI is most selling plan after children Plan.

 Term plan of HDFC SLI is most selling Plan in comparison of other

player.

 HDFC SLI spends a low amount on promotional tools (on hoardings in

Aligarh).

87
88
 SUGGESTION

Suggestions to the investors:

1. Investors should invest in the term plans because there is no uncertainty of

one’s life and term plans provides lumpsum amount to your family in case of
your unfortunate death.

Investors should also add the riders with this plan because riders not only cover
contingencies that may cause death, but also those which might incapacitate
the individual from earning a regular income required to maintain his life style or
contracting critical illness or for undergoing surgical procedure etc.

Suggestions to the Company:

1. Company should choose enthusiastic & ambitious person as a financial

consultant who should be able in selling the product according to the
customer need.

2. The new products in the health & pensions segments are badly needed
in India, giving ample the opportunity to exploit it.

3. Company should use hoardings & other promotional tools in Aligarh.

89
90
BIBLIOGRAPHY

Brochures/ Information Booklets:

 HDFC Standard Life Insurance

 ICICI Prudential

 Allianz Bajaj

 Tata AIG

 LIC

Websites:
 www.hdfcinsurance.com

 www.iciciprulife.com

 www.allianzbajaj.co.in

 www.tata-aig.com

 www.licindia.com

BOOKS:
Research Methodology: Kothari, C.R, Vikas Publication 3 rd Edition.

91
92
93
QUESTIONNAIRE

Dear Sir/ Madam,

I am a MBA student and I am doing a project on the Insurance Sector. Your co-
operation in this regard is needed.

Name-
Age-
Gender-
Qualification-
Current Occupation-
Telephone No.-
Address-

1. Do you know about Life Insurance?

(a) Yes (b) No

2. Do you know about HDFC?

(a) Yes (b) No

3. Do you know about HDFC Standard Life Insurance ?

(a) Yes (b) No

94
4. Do you have any Life Insurance Policy?

(a) Yes (b) No

5. Are you agent of any insurance company?

(a) Yes (b) No

6. How many policies do you have?

(a) None (b) One

(c) Two (d) More than two

7. If you want to insured your life which company will you prefer?

(a) LIC (b) HDFC

(c) ICICI (d) Bajaj Allianz

8. If he/she preferred HDFC-

Why you prefer HDFC?

(a) Most respected company (b) Higher customer satisfaction

(c) More rate of return

95
9. Your total annual income-

(a) less than 1 lakh (b) 1 lakh - 5 lakh

(c) More than 5 lakh

10. Do you know about Term Insurance Plan ?

(a) Yes (b) No

11. Do you know about the riders related to Term Insurance Plan ?

(a) Yes (b) No

96
97
98
99
100
101
102
103
104
105
106
107
108