A STUDY ON “CONSUMERS PERCEPTION OF HDFCSL INSURANCE PRODUCTS”

CHENNAI
Submitted by
J.JARESH ARUN KUMAR
(Reg No: 12206631014)
Of
Department of Management studies

VEL SRI RANGARAJAN SAKUNTHALA HIGH TECH

ENGINEERING COLLEGE
(Approved by AICTE, New Delhi & Affiliated to ANNA UNIVERSITY)
Avadi, Chennai-600 062

A PROJECT REPORT
Submitted to

FACULTY OF Management studies

In partial fulfillment of the requirements for
the award of the degree of

MASTER OF BUSINESS ADMINISTRATION

IN
MARKETING

ANNA UNIVERSI
CHENNAI – 25.

MAY 2007
 VEL SRI RANGARAJAN SAKUNTHALA
HIGH TECT EMGINEERING COLLEGE
(Approved by AICTE, New Delhi & Affiliated to Anna University)
(Owned by Vel trust 1997)

CERTIFICATE

This is to certified that the project report title “A STUDY ON PEOPLE’S

PERCEPTION OF HDFCSL INSURANCE PRODUCTS“ is a bonafied project work of
J.JARESH ARUN KUMAR who carried out research under my supervision. certified further,
that to the best of my knowledge the work reported here in does not form part of any other
project report or dissertation on the basis of which a degree or award was conferred on an
earlier occasion on this or any other candidate.

Principal Head of the department

Assessed by

Internal Guide External Examiner

 ABSTRACT

People’s perception is a positive reaction of the customer’s

satisfaction
I am getting all these information primarily through
questionnaires. These questionnaires typically address satisfaction on various
facets of the product as well as provide an overall satisfaction score for each
customer.
In today’s business environment is more important that measures
the people’s perception for getting details bout Company.
It plays vital role in marketing. It is necessary for reducing the misunderstanding of
the customer
This study exposes the “people’s perception of hdfcsl products” and
reliable feed back of the product.
Descriptive research design is selected for the research from
the total size of population out of 300customers, 50 percent of population is
selected as sample size (i.e., 150 customers).
 ACKNOWLEDGEMENT

I use this opportunity to extend my heartfelt thank to the people

behind the successful completion of my project “A study on people’s perception of
hdfcsl insurance products in CHENNAI”.
I express my deep, my sense of gratitude and special thanks to our
Chairman Shri.Rangarajan.B.E., M.S., and Vice Chairman Dr.Sakunthala
Rangarajan M.B.B.S., Vel tech Group of Educational Institutions.
I sincerely thank to Principal E.B.Singh and Head of the Dept of MBA
Prof.M.Arul Jothi M.Com.,M.B.A.,MISTE.,Ph.d., , and the internal guidance
Mrs.SM.Parvathi,M.B.A.,M.Phil of VEL SRI RANGARAJAN SAKUNTHALA HIGH
TECH ENGENNERING COLLEGE, Chennai, and all my lectures for their valuable
advising and moral support extend to me.
I express my profound sense of gratitude and thanks to J.JOSHI
PREM ANAND, SDM (HDFCSL Ltd) for his constructive guidance and persistent
motivation throughout this project.
Last but not least, I remember at this moment my parents
and friends for all their help and guidance throughout my life.

J.JARESH ARUN KUMAR

 Institutional certificate

This is to certify that J.JARESH ARUN KUMAR student of vel

sri rangarajan sakunthala high tech engineering
college , avadi. Undergone Institutional training in our
organisation from 20-06-2007 to 20-07-2007.

During the period his conduct found to be good.

For HDFC standard life insurance company

Mr.J.JOSHI PREM ANAND

Sales development manager
 CONTENTS

Particulars Page No
S.No
Chapter 1
Introduction
1.1 Out line of the project 1
1.1.1 Need/Importance 2
1.1.2 Scope of the study 3
1.1.3 Objectives of the study 4
I 1.1.4 Research Methodology 5
1.1.5 Limitation of the study 10
1.1.6 Chapterisation 10
1.2 Literature Review 11
1.2.1 Organization profile 13
1.2.2 product profile 16
1.2.3 Organization chart 17
Chapter2
II 2.1 Data Analysis and Interpretation 18
2.2 Chi-square test 33
Chapter3- Summary and
Conclusion 35
III 3.1 Findings 36
3.2 Suggestions 37
3.3 Conclusion
Annexure
IV
Questionnaire A1

V References A2
LIST OF TABLES
 LIST OF TABLES

S.NO TABLE NAME PAGE NO

2.1.1 Age group of policy holders in HDFC

STANDARD 18
2.1.2 Sources of income 19

2.1.3 Income per annum 20

2.1.4 Saving per annum 21

2.1.5 Source of savings 22

2.1.6 Various sources of media 23

2.1.7 Preference of policy 24

2.1.8 Opinion about HDFCSL insurance company 25

2.1.9 Do you wish to have an other additional benefits 26

2.1.10 Are you satisfied with your and the services 27

provided by the organization

2.1.11 Are you satisfied with the premium rate of 28

HDFCSL insurance policies?

2.1.12 Did you avail any loan facility on your policies? 29

2.1.13 Rank the brands according to your opinion 30

2.1.14 Which attributes forced you to invest in 31

HDFCSLinsurance

2.1.15 Plan of HDFC SL insurance better the similar 32

plan of others
LIST OF CHARTS
S.NO FIGURE NAME PAGE NO

2.1.1 Age group of policyholders in HDFC STANDARD 18

2.1.2 Sources of income 19

2.1.3 Income per annum 20

2.1.4 Saving per annum 21

2.1.5 Source of savings 22

2.1.6 Various sources of media 23

2.1.7 Preference of policy 24

2.1.8 Opinion about HDFCSL insurance company 25

2.1.9 Do you wish to have an other additional benefits 26

2.1.10 Are you satisfied with your and the services provided by the 27
organization

2.1.11 Are you satisfied with the premium rate of HDFCSL insurance 28
policies?

2.1.12 Did you avail any loan facility on your policies? 29

2.1.13 Rank the brands according to your opinion 30

2.1.14 Which attributes forced you to invest in HDFCSLinsurance 31

2.1.15 Plan of HDFC SL insurance better the similar plan of others 32

INTRODUC
TION
 CHAPTER-1

INTRODUCTION OF THE STUDY

1.1 Outline of the project

Consumers People’s perception of HDFCSL INSURANCE products,chennai.
1.1.1 Need and importance of the study
This project aims to measure the Consumers people’s perception
of HDFC Standard Life Insurance Products. It focuses towards the possibilities of measuring
the aware of insurance products. It also aims to suggest techniques to improve the present
level of awareness.
Perception:
Definition: These word came from Latin language. According to W.J.Morse,”A way of
understanding or regarding something or the ability to understanding the true nature of
something is called perception’.
Here, the peoples are interesting to see, hear, or become aware
of something through the senses.
According to this statement people’s are interesting to get details
about the company and its product profile. These insurance companies will provide it’s
services in future or if some unexpected accidents will happened, that time it provide it’s
services immediate
 1

It means these insurance sectors will give security to their customer’s

life. Because future is uncertain. These insurance sectors are having these following plans.
They are
1. pension plans
2. children plans
3. health plans
From that’s why peoples will be interesting to join in insurance
sectors.
The main aim of these plans is to give the security to their customers
in future. If the peoples are hiding their money in these sectors, they are thinking to face their
future problems without facing any type of risks. Unfortunately some insurance companies are
deceiving to their customers.
Like pearls.
 2

SCOPE OF

STUDY
 1.1.2 SCOPE OF THE STUDY

1. The primary purpose of this study is to analyze awareness of HDFC Standard Life
Insurance Plans or Policies.
2. It will also help in analyzing the consumer perception regarding HDFC Standard Life
Insurance Company and their complaints were analyzed and suggestions are given to
rectify the complaints, so that it bridge the gap between the standard and actual service
provided.
3. The study is to analyze whether the existing consumers are satisfied with the product and
services, provided by HDFC Standard Life Insurance Company.
4. The study will help the firm in understanding the expectations, future needs and
requirements and complaints of the consumers.
5. The study is dedicated mainly towards the promotion of product or concept in the
Chennai Market.
 3

OBJECTIVE
OF THE
STUDY
 1.1.3 OBJECTIVES OF THE STUDY

Primary Objective:
To study on the “Consumers people’s perception of HDFC Standard Life Insurance
Products”.
Secondary Objective:
1. To analyze the willingness of the respondents to buy HDFC Standard Life
Insurance Products.
2. To compare the features insurance products offered by various players.
3. To understand customer Attributes.
4. To know the savings for future are made.
4
RESEARCH
METHODO
LOGY
 1.1.4 RESEARCH METHODOLOGY

Marketing Research
The American Marketing Association defines Marketing Research as “The systematic
gathering, recording, and analyzing of data about problem related to the marketing of goods
and services”.
Marketing Research Design
Marketing research design is the specification of procedures for collecting and
analyzing the data necessary to help identify or reach to a problem of opportunity, such that
the difference between the cost of obtaining various levels of accuracy and the expected
value of the information associated with each level of accuracy is maximized.
1. Descriptive Research Design:
Descriptive research includes surveys and fact finding enquiries of different kinds. The
major purpose of descriptive research is description of the state of affairs as it exists at
present. In social science and business research we acquire often use the term “Ex post
facto” research for descriptive research studies. The main characteristics of this method is
that the researcher has no control over the variables; he can only report what has happened
or what is happening.
 5

2. The study is based on primary data and secondary data:

Primary Data
That information which are followed in fresh for first time and thus
happen to be original in character, primary data is collected through survey and the method
used for
• Questionnaires
Secondary Data
Secondary data are those which have already been collected by someone else. But in
my survey there is no such type of data which is already collected. So the data is collected
from feed of customers and employees.
• Company internal records
• Web sites etc.
3. Research Instrument:
Questionnaire:
Questionnaire construction is a crucial part of the survey and once the questionnaire is
up to the mark, then that itself is an indication of the success of the project. A good
questionnaire will make the respondents feel easy and generate interest to fill up the
questionnaire which also minimizes rejection of questionnaire by the respondent to a greater
extent.
 6

4. Sampling Process:
Sampling process consists of the following sequential steps.
(i) Define the population
The population for a survey of “Brand awareness of HDFC Standard Life Insurance
Products” defined as analyzing the awareness of consumers of HDFC Standard Life
Insurance in chennai city.

Element - Brand awareness of HDFC

Sampling unit - Consumers
Extent - Chennai city

(ii) Sampling Frame

Sampling frame is a means of representing the elements of the population.
Sampling frame - Consumers address record.

(iii) Sampling Size

150 samples
(iv) Sampling Method
The sampling method is the way the sample units are to be selected.
- Non-Probability sample
Convenience sampling involves choosing the sample on the basis of convenience
(v) Sampling Area
Chennai city.
 7
Tools Used
1. Percentage Analysis
Percentage Analysis can be calculated as follows:
First the frequency (i.e.) no. of responses is noted in the tabular column.
Then the percentage is calculated by dividing the frequency by total no. of respondents
multiplied by 100. Then the values are noted in the column as valid percent. From the
column as valid percentage cumulative percentage can be calculated by adding the each valid
percentage. Like this valid and percentage analysis can be calculated.
2. Chi-Square Test
The objective of chi-square test is to determine whether the real are significant
difference exists among the various groups. Chi-Square test involves comparison of expected
frequency (E) with the observed frequency (O) to determine whether the difference between
the two is greater than which might occur by change.
Conditions to use
• Two sets of data i.e., observed and expected.
• Data based on same sample.
• Each observed and expected count of five or larger.
• The difference between rows and columns must represent categorical variable.
 8

Steps
• The difference between each observed frequency and expected frequency is
computed.
• The difference observed and squared.
• Each observed difference is divided by its respective expected.
• The quotient is added together to obtain the computed chi-square.
• The computed value is compared to tabulated chi-square.

If the computed value is greater than the tabulated value at a pre determined level of
significance and degree of freedom the hypothesis is rejected.
On the other hand if calculated chi-square value is less than the table value the
hypothesis is accepted.
χ 2
= Σ (Oi – Ei) 2/Ei
Where χ 2
= Chi-square
Oi = Observed Frequency
Ei = Expected Frequency
LIMITATIO
N OF THE
STUDY
1.1.5 LIMITATIONS OF THE STUDY
1. Time is the major constraint. Given one months time is not sufficient to have a deep
insight.
2. The survey is conducted only in Chennai city.
3. The sample size is restricted to 150 as it is not possible to cover the entire population
between time a lot.

1.1.6 CHAPTERISATION

Chapter I
It deals with outline of the project, scope of the study, objectives of the study, research
methodology, limitations, review of literature, organization profile, service profile and
organization chart.

Chapter II
It deals with data analysis and interpretation like percentage analysis and statistical
tools.

Chapter III

It deals with findings, suggestions and conclusion.

 10

REVIEW
OF
LITERATUR
 E

REVIEW OF LITERATURE

Insurance is concerned with protection of economic value of assets. Every asset has a
value and it is created at considerable cost. They have a lifetime during which time they are
expected to perform. But they can be destroyed or made nonfunctional through Accidental
occurrences. Such terrible occurrences are called perils.
The damage the perils may cause to the asset is the Risk. Risk only means that there
is possibility of loss or damage. There has to be uncertainty about Risk. Insurance is relevant
only when there is uncertainty. The occurrences have to be random, accidental and not
deliberately created.
HOW IT WORKS
People facing common risks come together and make a small contribution. The
contribution is made on the assumption that all of them are exposed to the risk, but who will
become the victim is not known. By studying events for a long time it is possible to forecast
happening of the future.
Thus insurance business is all about sharing. A risk which cannot be borne by one
person is spread over the entire community, so the Risk becomes bearable.

11

UTILITY
1. Insurance acts as a social security tool: Even though the Government is
expected to look after the social security of people, it is often not possible.
Insurance companies supplement the efforts of the Government in this regard.
2. Role in the economic development: Insurance Companies collect huge amounts
by way of Premiums. These funds are available for a long time. Insurance
Companies can invest in projects with long gestation period. They help in
development of infrastructure like roads, bridges, irrigation projects, power plants
etc.

KEY POINTS:
1 Insurance protects economic values of assets.
2 Perils means events which are beyond the control of human.
3 Insurance is possible only when there is uncertainty.
4 A thing certain to happen cannot be insured.
5 Events should occur at random.
12
ORGANISA
TIONAL
PROFILE
 1.2.1 ORGANIZATION PROFILE
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 purchase a 5% stake in HDFC, further strengthening the
relationship.
The next three years were filled with uncertainty, due to changes in government and
ongoing delays in getting the IRDA (Insurance Regulatory And 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 and additional resource
made available. Around this time Standard Life purchased 2% of Infrastructure
Developmental Finance Company Ltd. (IDFC). Standard Life also started to use the services
of the HDFC Treasury department to advise them upon their investments in India.
Towards the end of 1999, the opening of the market looked every promising and both
companies agreed the time was right to move the operation to be next level.
 13

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.
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.
Incorporation of HDFC Standard Life Insurance Company Limited:
The Company has incorporated on 14th August 2000 under the name of HDFC
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.
 14

HDFC and Standard Life have a long and close relationship built upon
shared values and 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.
STANDARD LIFE
HDFC and HDFC Standard Life Insurance Company is a joint venture between India’s
largest housing finance provider, HDFC and Europe’s largest mutual life assurance company
– The Standard Life Assurance Company (U.K).
HDFC Standard Life Insurance Company Limited is the First Private Sector Life
Insurance Company to be granted a license.
Standard Life, U.K, founded in 1825, has been at the forefront of the UK insurance
industry for 175 years by combing sound financial judgment with integrity and reliability. It is
the Largest Mutual Life Insurance Company in Europe and has total assets of Rs.5, 50,000
crore
Awards & Accolades
1. Awards galore by HDFC at the 44th ABCI Awards.
2. 5th best company to work for in India, ranked by Business Today in Nov. 2004.
3. HDFC ranked No.3 – India’s best managed companies by Finance Asia.
4. One of the top ten most respected companies in India by Business World.
 15

PRODUCT
PROFILE
 1.2.2 PRODUCT PROFILE

Broadly these product 4 types. They are

1. Protection plans
2. Saving plans
3. Pension plans
These above plans will provide a great service to their customers

1. Protection plans:
Objective: protection of income earning capacity.
Aim: high risk cover with low premium.

2. Saving plans:
Objective: cover the risk of long-term savings.
Aim: at providing good maturity value.

3. Pension plans:
Objective: covers the risk of living long.
Aim: regular income till the death ideal for retirement provision.
 16

1.2.3 ORGANIZATION CHART

Mr.DEEPAK S. PAREKH
Chairman
 Mr.KESHUB MAHINDRA
Vice Chairman

Mr.K.M.MISTRY
Director

MS.RENU SUD KAMAD

Director

Mr.A.M.CROMBIE
Director

Ms.MARICA D. CAMPBELL
Director

Mr.G.R.DIVAN
Director

Mr.GERALD EDGAR GRIMSTONE

Executive Director

Mr.D.M.SATWALEKER
Managing Director

17
 DATA
ANALYSIS
AND
INTERPRET
ATION
 CHAPTER-2,

DATA ANALYSIS AND INTERPRETATION

TABLE NO – 2.1.1
Age group of policy holders in HDFC Standard

No. of Percentage
S.No. Age
Respondents (%)
1 18 – 25 15 11
2 26 – 35 43 28
3 36 – 45 62 41
4 46 – 60 30 20
Total 150 100

CHART NO-2.1.1
Age group of policy holders in HDFC Standard

50
Percentage of Respondents

41
40

30 28

20
20
11
10

0
18 - 25 25 - 35 35 - 45 45 - 60
Age
Inference:
From 150 policy holders, 18 – 25 age clients preferred 11%, 26 – 35 age clients
preferred 28%, 36 – 45 age clients preferred 41% and 46 – 60 age clients preferred are 20%.
60 20% are prefers HDFC Standard Products

18

TABLE NO – 2.1.2

Sources of Income

No. of
S.No. Factors Percentage
Respondents
1 Business 70 47
2 Job 33 22
3 Professional 31 20
4 Others 16 11
Total 150 100

CHART NO-2.1.2

Sources of income

50 47
Percentage of Respondents

40

30
22
20
20
11
10

0
Business Job Professional Others
Source of Income

Inference:

From 150 sample size, 47% of the population with source of income is Business. Job 22%,
Professional 20% and Others 11%.
19

TABLE NO –2.1.3
Income per Annum

No. of
S.No. Factors Percentage
Respondents
1 Below 50,000 26 17

2 50,000 – 1 lakh 68 45

3 1 – 2 lakhs 44 30

4 Above 2 lakhs 12 8

Total 150 100

C
HART NO-2.1.3
Income per Annum

50 45
Percentage of Respondents

40

30
30

20 17

10 8

0
Below 50,000 - 1 1 - 2 lakhs Above 2
50,000 lakh lakhs
Income per annum

Inference:

The above table shows the various income levels of the consumers. The
consumers below 50,000 income group constitute 17%, whereas 45% - 50,000 – 1 lakh, 1 – 2
lakhs 30% and above 2 lakhs 8%.
 20

TABLE NO –2.1.4

Saving per Annum

No. of
S.No. Factors Percentage
Respondents
1 Below 25,000 27 28
2 25,000 – 50,000 65 43
3 50,000 – 1,00, 000 36 24
4 Above 1 lakh 7 5
Total 150 100
CHAR
T NO-2.1.4
Saving per Annum

50
Percentage of Respondents

43
40

30 28
24
20

10 5

0
Below 25,000 - 50,000 - Above 1
25,000 50,000 1,00,000 lakh
Saving per annum

Inference:
The above table shows below 25,000 28%, 25,000 – 50,000 43%, 50,000 – 1 lac 24%
and above 1 lac 5%.

21

TABLE NO –2.1.5
Source of Savings
 No. of
S.No. Factors Percentage
Respondents
1 Purchase of life policies 74 49
2 Deposits in public provident 43 29

fund (Post Office)

3 Deposits in Banks 25 17
4 Shares and debentures 8 5

purchased
Total 150 100

CHART NO-2.1.5
Source of Savings

49
50
No. of Respondents

40

29
30

20 17

10 5

0
Purchase of Deposits in Deposits in Shares or
life policies post office banks debentures

Inference:
The above table shows purchase of life policies 49%, deposits in public provident fund
29%, deposit in banks 17% and shares and debentures purchase5%
22

TABLE NO –2.1.6
Various sources of Media

No. of
S.No. Factors Percentage
Respondents
1 T.V 63 42
2 Newspaper 52 35
3 Word of Mouth 24 16
 4 Outdoor Media 11 7
Total 150 100

CHART NO 2.1.6
Various sources of Media

50
Percentage of Respondents

42
40 35

30

20 16

10 7

0
T.V Newspaper Word of Outdoor
mouth Media
Media

Inference:
The above table shows 42% of consume to know T.V ads, 35% newspaper, 16% word
of mouth and 7% outdoor media.

23

TABLE NO – 2.1.7

Preference of Policy

No. of
S.No. Factors Percentage
Respondents
1 HDFC Standard 33 22
2 LIC 64 43
3 ICICI 45 30
4 Others 8 5
Total 150 100
C
 HART NO-2.1.7
Preference of Policy

50
43
40

Respondents
Percentage of 30
30
22
20

10 5

0
HDFC LIC ICICI Others
Standard
Companies

Inference:
The above table shows 22% HDFC Standard, 43% LIC, 30% ICICI and 5% others.

24

TABLE NO –2.1.8

Opinion about HDFC Standard Life Insurance company

No. of
S.No. Factors Percentage
Respondents
1 Very Good 27 18
2 Good 63 42
3 Fair 45 30
4 Unsatisfactory 15 10
Total 150 100

CHART NO-2.1.8
Opinion about HDFC Standard Life Insurance company
 50

Percentage of Respondents
42
40

30
30

20 18

10
10

0
Very Good Fair
Factors

Inference:
The above table shows that the opinion about HDFC Standard rated is as very good
18%, 42% good, 30% fair and 10% unsatisfactory.
25

TABLE NO – 2.1.9

Do you wish to have an other additional benefits?

No. of
S.No. Factors Percentage
Respondents
1 Yes 98 65
2 No 52 35
Total 150 100

CHART NO-2.1.9
Do you wish to have an other additional benefits?
 Yes
35%
No

65%

Inference:
The above table shows 65% wish to have additional benefits and 35% responded as

No.

26

TABLE NO – 2.1.10

Are you satisfied with your policy and the services provided by the

organization?

No. of
S.No. Factors Percentage
Respondents
1 Yes 115 77
2 No 35 23
Total 150 100
CHAR
T NO-2.1.1O Are you
satisfied with your policy and the services provided by the
organization?
 23%

Yes
No

77%

Inference:
The above table shows 77% are satisfied with policies and services and 23%
responded as N0.

27

TABLE NO –2.1.11

Are you satisfied with the premium rate of HDFC Standard Life Insurance
Policies?
No. of
S.No. Factors Percentage
Respondents
1 Highly satisfied 6 4
2 Satisfied 12 8
3 Dissatisfied 87 58
4 Highly dissatisfied 45 30
Total 150 100

CHART NO-2.1.11
Are you satisfied with the premium rate of HDFC Standard Life Insurance
Policies?
 70

Percentage of Respondents
60 58

50

40
30
30

20
8
10
4
0
Highly Dissatisfied
satisfied
Factors

Inference:
The above table shows that 4% of the clients highly satisfied, 8% of clients are satisfied, 58%
of clients dissatisfied and 30% of clients highly dissatisfied.

28

TABLE NO – 2.1.12

Did you avail any loan facility on your policies?

No. of
S.No. Factors Percentage
Respondents
1 Yes 90 60
2 No 60 40
Total 150 100

CHART NO – 2.1.12
Did you avail any loan facility on your policies?
 Yes
No
40%

60%

Inference:

The above table shows 90% availed loan facility and 40% responded as No.

29

TABLE NO – 2.1.13

Rank the brands according to your opinion

No. of
S.No. Factors Percentage
Respondents
1 HDFC Standard 32 21
2 ICICI 43 29
3 LIC 65 43
4 Ing Vysya and ETC 10 7
Total 150 100

CHART NO-2.1.13
Rank the brands according to your opinion
 HDFC Standard
7% ICICI
21%
LIC
Ing Vysya and others

43%

29%

Inference:
The above table shows 21% consumers opinion according to brands of HDFC
Standard, ICICI 29%, LIC 43% and Ing Vysya and others 7%.

30

TABLE NO -2.1.14
Which attributes forced you to invest HDFC Standard life Insurance?

No. of
S.No. Factors Percentage
Respondents
1 Risk Coverage 63 42
2 Futures Expenses for the 17 11

children purpose
3 Protection of the family 57 38
4 Other activity 13 9
Total 150 100

CHART NO –2.1.14
Which attributes forced you to invest HDFC Standard life Insurance?
 50
42
38
40

Respondents
Percentage of
30

20
11 9
10

0
Risk Protection
Coverage of the
fam ily

Records

Inference:
The above table shows that the consumers attributes forced risk coverage 42%, 11%
future expenses for the children purpose, 38% protection of the family and 9% for other
activities.
31

TABLE NO – 2.1.15
Plan of HDFC Standard better than the
Similar plan of others

No. of
S.No. Factors Percentage
Respondents
1 Endowment Plan 52 35
2 Money back 19 13
3 Young star 68 45
4 Other plans 11 7
Total 150 100

CHART NO-2.1.15
Plan of HDFC Standard better than the similar plan of others
 50 45

40 35

Percentage of
respondents
30

20
13
10 7

0
Endow m ent Young star
plan
Factors

Inference:
The above table shows 35% endowment plan is better than others, 13% of the money
back, 45% of the young star is better than the other plans of HDFC Standard and remaining
7% for other plans.

32

2.2 STATISTICAL TOOL

2.2.1 CHI-SQUARE TEST

H0: There is no significant difference between service and opinion.

H1: There is a significant difference between service and opinion.

Service Very good

Good Fair Unsatisfactory Total
Opinion
Yes 22 55 33 5 115
No 5 8 12 10 35
Total 27 63 45 15 150
Observed
Freq Expected
(Oi – Ej) (Oi – Ej)2 (Oi – Ej)2/Ej
uenc Frequency (Ej)
y (Oi)
22 20.7 1.3 1.69 0.0173

55 48.3 6.7 44.89 0.9293

33 34.5 -1.5 2.25 0.0652

5 11.5 -6.5 42.25 3.65

5 6.3 -1.3 1.69 0.263

8 14.7 -6.7 44.89 3.0536

12 10.5 1.5 2.25 0.2142

10 3.5 6.5 42.25 12.075

23.9515

33

r = no. of rows
c = no. of columns
(r – 1) (c – 1) = ( 4 –1 ) ( 2 - 1)
=3
3 degrees of freedom at 5% level of significance is 7.814
χ 2
= 23.9515
χ 2
> 7.815
Therefore
Calculated value > table value
So, Null hypothesis Ho is rejected.

Conclusion: Hence there is a significant difference between service and opinion.

34
 FINDINGS

CHAPTER-3
SUMMARY AND CONCLUSION
3.1 FINDINGS
1. 41% of the respondents are in the age range of 35 – 45.
2. 47% of the business respondents are earning money.
3. 68% of the people are the income level between 50,000 – 1 lakh.
4. Most of the respondents 25,000 – 50,000 saving for annum.
5. 49% of the people savings are made purchase of life policies.
6. 63% of the respondents know about the HDFC Standard Life Insurance products
through the T.V. adds.
7. Out of 150 respondents 87% of respondents are dissatisfied with premium rate.
8. The maximum no. of respondents taken the policy in LIC company.
9. Most of the respondent’s opinion about HDFC Standard company is good and fair.
10. Out of 150 respondents 98 respondents are have other additional benefits.
11. Out of 150 respondents 115 respondents are satisfactory with the service of the
organization.
12. 43% of the respondent’s opinion about brands is LIC.
13. Out of 150 respondents, 63 respondents are forced to invest HDFC Standard Life
Insurance risk coverage.
14. 45% of the respondent’s young star plan of HDFC is better than the similar plan of
others.

35
SUGGESTI

ONS
 3.2 SUGGESTIONS

1. HDFC Standard Life Insurance Company can concentrate on all insurance sectors to

give advertising about insurance plans so, that it covers entire products ranges which

will increase the total sales of HDFC Standard Insurance Company.

2. HDFC can go for low premium category so, that it covers suburban people which is

having a lot of potential for insurance sector.

3. To give the product training program for existing financial consultants in detail about

all the plans.

4. I would suggest that HDFC Standard Life Insurance company one or two additional

benefits compared to the competitors like LIC, ICICI, etc are given to the clients.

5. Some special offers are given to financial consultants so it increases the sales of the

product.

36
CONCLUSI

ON
 3.3 CONCLUSION

This project work that have done on people’s perception of the HDFC Standard Life

Insurance Products.

If the suggestions are implemented then this will raise the level of sales of the products

as well as the company image which will make allot as the market leader in the insurance

companies.

By analyzing the survey result, the conclusion arrived is that majority of the consumers

are satisfied with the existing HDFC Standard Products and also awareness of the HDFC

Standard Products.

I hope my work would be of benefit of the insurance company to a certain extent and

also that a few of my suggestions would be to help and considerable.

 37

ANNEXURE
 CHAPTER-4
QUESTIONNAIRE
A study on “people’s perception of HDFC Standard Life Insurance Products” in
Chennai
Name :

Address :

Qualification :

1. Age group of policy holder in HDFC Standard

a) 18 – 25 [ ] b) 25 – 35 [ ]

c) 35 – 45 [ ] d) 45 – 60 [ ]
2. Source of Income?

a) Business [ ] b) Job [ ] c) Professional [ ] d)

Others [ ]

3. Income per annum

a) Below 50,000 [ ] b) 50,000 – 1 Lakh [ ]

c) 1 – 2 Lakhs [ ] d) Above 2 Lakhs [ ]

4. Saving per annum

 a) Below 25,000 [ ] b) 25,000 – 50,000 [ ]

c) 50,000 – 1 Lakh [ ]d) Above 1 Lakh [ ]

5. How the savings for future are made?

a) Purchase of life policies [ ]

b) Deposits in Public Provident Fund [ ]

A1

c) Deposit in a bank (SB / RD / Term Deposits) [ ]

d) Shares or debentures purchased [ ]

6. How do you know about various policies of HDFC Standard Life Insurance?

a) T.V [ ] b) Newspaper [ ]

c) Word of Mouth [ ] d) Out door media [ ]

7. Which company’s policy do you have?

a) HDFC Standard [ ] b) LIC [ ]

c) ICICI [ ] d) Others [ ]

If others please specify ____________________

8. What is your opinion about HDFC Standard Life Insurance Company?

a) Very good [ ] b) Good [ ]

c) Fair [ ] d) Unsatisfactory [ ]
9. Do you wish to have an other additional benefits?

a) Yes [ ] b) No [ ]

If Yes Please specify: ______________________________

10. Are you satisfied with your policy and the services provided by the
 organization?
If No specify the reason ________________________________

11. Are you satisfied with the premium rate of HDFC Standard Life Insurance

Policies?

a) Highly satisfied [ ] b) Satisfied [ ]

c) Dissatisfied [ ] d) highly dissatisfied [ ]

12. Did you avail any loan facility on your any of HDFC policies?

a) Yes [ ] b) No [ ]

If Yes please specify ____________________________

If No because of:

a) Too many formalities [ ]

b) High rate of interest [ ]

c) Delay in the processing [ ]

13. Rank the brands according to the your opinion

a) HDFC Standard [ ] b) ICICI [ ]

c) LIC [ ] d) Others [ ]

14. Which attributes forced to you invest HDFC Standard Life Insurance?

a) Risk coverage [ ]

b) Future expenses for the children purpose [ ]

c) Protection of the family [ ]

d) Other activities [ ]

15. Which plan of HDFC Standard is better than the similar plan of others?
a) Endowment plan [ ] b) Money back [ ]

c) Young Star [ ] d) other plans [ ]

REFERENC
 ES

CHAPTER-5
REFERENCES
BIBLIOGRAPHY
1. Philip Kotler: Marketing Management Analysis, Planning and Implements and
controls, New Delhi, Prentice Hall of India Pvt. Ltd., Ninth Edition, 1994.
2. Kothari C.R: Research Methodology Methods and Techniques: New Delhi, Wishwa
Prakashan Publication House Pvt. Ltd., Second Edition.
3. Beri G.C.: Marketing Research, New Delhi Tata McGraw Hill Publication Co. Ltd,
Third Edition, 2000.
4. Sharma D.D: Marketing Research Principles Applications and cases, New Delhi,
Sultan & Chand Sons, Second Edition, 1991.

Websites:
www.hdfc.com
www.hdfcslc.com
www.google.com
A2