1.

Introduction HDFC Life, one of India's leading private life insurance companies, offers a range of individual and group insurance solutions. It is a joint venture between Housing Development Finance Corporation Limited (HDFC), India's leading housing finance institution and Standard Life plc, the leading provider of financial services in the United Kingdom. HDFC Ltd. holds 72.37% and Standard Life (Mauritius Holding) Ltd. holds 26.00% of equity in the joint venture, while the rest is held by others. HDFC Life's product portfolio comprises solutions, which meet various customer needs such as Protection, Pension, Savings, Investment and Health. Customers have the added advantage of customizing the plans, by adding optional benefits called riders, at a nominal price. The company currently has 25 retail and 9 group products in its portfolio, along with 10 optional rider benefits catering to the savings, investment, protection and retirement needs of customers. HDFC Life continues to have one of the widest reaches among new insurance companies with about 500 branches in India touching customers in over 900 cities and towns.The company has also established a liaison office in Dubai. HDFC Life has a strong presence in its existing markets with a strong base of Financial Consultants.

History of HDFC Life THE INSURANCE INDUSTRY IN INDIA AN OVERVIEW Wi t h t h e l a r g e s t n u mb e r o f l i f e i n s u r a n c e p o l i c i e s i n f o r c e i n t h e wo r l d , Insurance happens to be a mega opportunity in India. Its a business growing a t t h e r a t e o f 1 5 - 2 0 p e r c e n t a n n u a l l y a n d p r e s e n t l y i s o f t h e o r d e r o f R s 1560.41 billion (for the financial year 2006 2007). Together with banking services, it adds about 7% to the countrys Gross Domestic Product (GDP). The gross premium collection is nearly 2% of GDP and funds available with LIC for investments are 8% of the GDP. Even so nearly 65% of the Indian population is without life insurance coverw h i l e h e a l t h i n s u r a n c e a n d n o n l i f e i n s u r a n c e c o n t i n u e s t o b e b e l o w international standards. A large part of our population is also subject to weak social security and pension systems with hardly any old age income security. This in itself is an indicator that growth potential for the insurance sector in India is immense.A w e l l d e v e l o p e d a n d e vo l v e d i n s u r a n c e s e c t o r i s n e e d e d f o r e c o n o mi c development as it provides long term funds for infrastructure development and strengthens the risk taking ability of individuals. It is estimated that over the next ten years India would require investments of the order of one trillion US dollars. The Insurance sector, to some extent, can enable investments in infrastructure development to sustain the economic growth of the country.(Source: www.indiacore.com) HISTORICAL PERSPECTIVE The history of life insurance in India dates back to 1818 w h e n i t w a s conceived as a means to provide for English Widows. Interestingly in those days a higher premium was charged for Indian lives than the non Indianl i v e s , a s I n d i a n l i v e s we r e c o n s i d e r e d mo r e r i s k y t o c o v e r . Th e B o mb a y. Mutual Life Insurance Society started its business in 1870. It was the first company to charge the same premium for both Indian and non-Indian

lives. Th e Or i e n t a l As s u r a n c e C o mp a n y w a s e s t a b l i s h e d i n 1 8 8 0 . Th e Ge n e r a l insurance business in India, on the other hand, can trace its roots to Triton Insurance Company Limited, the first general insurance company established i n t h e ye a r 1 8 5 0 i n C a l c u t t a b y t h e B r i t i s h . T i l l t h e e n d o f t h e n i n e t e e n t h century insurance business was almost entirely in the hands of overseascompanies.I n s u r a n c e r e g u l a t i o n f o r ma l l y b e g a n i n I n d i a wi t h t h e p a s s i n g o f t h e Li f e I n s u r a n c e C omp a n i e s Ac t o f 1 9 1 2 a n d t h e P r o v i d e n t F u n d A c t o f 1 9 1 2 . Several frauds during the 1920's and 1930's sullied insurance business in India. By 1938 there were 176 insurance companies. The first comprehensive legislation was introduced with the Insurance Act of 1 9 3 8 t h a t p r o v i d e d s t r i c t S t a t e C o n t r o l o v e r t h e i n s u r a n c e b u s i n e s s . Th e i n s u r a n c e b u s i n e s s g r e w a t a f a s t e r p a c e a f t e r i n d e p e n d e n c e . I n d i a n companies strengthened their hold on this business but despite the growth that was witnessed, insurance remained an urban phenomenon. Th e G o v e r n me n t o f I n d i a i n 1 9 5 6 , b r o u g h t t o g e t h e r over 240 private lifei n s u r e r s a n d p r o v i d e n t s o c i e t i e s u n d e r o n e n a t i o n a l i z e d m o n o p o l y corporation and Life Insuranc e Corporation (LIC) was born. Nationalization was justified on the grounds that it would create the much needed funds for rapid industrialization. This was in conformity with the Government's chosen path of State led planning and development. The non-life insurance business continued to thrive with the private sector till1972. Their operations were restricted to organized trade and industry in large cities. The general insurance industry was nationalized in 1972. Witht h i s , n e a r l y 1 0 7 i n s u r e r s w e r e a m a l g a m a t e d a n d g r o u p e d i n t o f o u r companiesNational Insurance Company, New India Assurance Company,Oriental Insurance Company and United India Insurance Company. Thesewere subsidiaries of the General Insurance Company (GIC). KEY MILESTONES 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928:

The Indian Insurance Companies Act enacted to enab l e t h e government to collect statistical information about both life and non-life insurance businesses. 1938: Earlier legislation consolidated and amended by the Insurance Act with the objective of protecting the interests of the insuring public. 1956: 245 Indian and foreign insurers along with provident societies were taken over by the central government and nationalized. LIC was formed by an Act of Parliament- LIC Act 1956- with a capital contribution of Rs. 5 crore from the Government of India. INDUSTRY REFORMS Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in December 1999. The IRDA since its incorporation as a statutory body in April 2000 has fastidiously stuck to its schedule of framingregulations and registering the private sector insurance compani es. Sinceb e i n g s e t u p a s a n i n d e p e n d e n t s t a t u t o r y b o d y t h e I R D A h a s p u t i n a framework of globally compatible regulations. The other decision taken simultaneously to provide the supporting systems to the insurance sector and in particular the life insurance companies was the launch of the IRDA online service for issue and renewal of licenses to agents. The approval of institutions for imparting training to agents has also ensured that the insurance companies would have a trained workforce of insurance agents in place to sell their products. PRESENT SCENARIO - LIFE INSURANCE INDUSTRY IN INDIA Th e l i f e i n s u r a nc e i n d u s t r y i n I n d i a g r e w b y a n i mp r e s s i v e 4 7 . 3 8 % , wi t h premium income at Rs. 1560.41 billion during the fiscal year 2006-2007. Though the total volume of LIC's business increased in the last fiscal year(2006-2007) compared to the previous one, its market share came down from85.75% to 81.91%. Th e 1 7 p r i v a t e i n s u r e r s i n c r e a s e d t h e i r ma r ke t s h a r e f r o m a b o u t 1 5 % t o about 19% in a year's time. The figures for the first two months of the fiscal year 2007-08 also speak of the growing share of the private insurers. The share of LIC for this period has further come down to 75 percent, while the private players have grabbed over 24 percent. With the opening up of the insurance industry in India many foreign players

have entered the market. The restriction on these companies is that they are not allowed to have more than a 26% stake in a companys ownership. Since the opening up of the insurance sector in 1999, foreign investments of R s . 8 . 7 b i l l i o n h a v e p o u r e d i n t o t h e I n d i a n m a r k e t a n d 1 9 p r i v a t e l i f e insurance companies have been granted licenses.I n n o v a t i v e p r o d u c t s , s ma r t ma r k e t i n g , a n d a g g r e s s i v e d i s t r i b u t i o n ha v e enabled fledgling private insurance companies to sign up Indian customers faster than anyone expected. Indians, who had always seen life insurance as a tax saving device, are now s u d d e n l y t u r n i n g t o t h e p r i v a t e s e c t o r a n d snapping up the new innovative products on offer. Some of these products include investment plans with insurance and good returns (unit linked plans), multi purpose insurance plans, pension plans, child plans and money back plans.

COMPANY PROFILE

Board of Directors The members of the Board are

Brief Profile of The Board of Directors Mr. Deepak S. Parekh is the Chairman of the Company. He is also the Chairman and Director of Housing Development Finance Corporation Limited (HDFC Limited). He joined HDFC Limited in a senior management position in 1978. He was inducted as a whole-time director of HDFC Limited in 1985 and was appointed as its Chairman in 1993. Mr. Parekh is a Fellow of the Institute of Chartered Accountants (England & Wales).

Mr. Keki M. Mistry joined the Board of Directors of the Company in December, 2000. He is currently the Vice Chairman and Chief Executive Officer of HDFC Limited. He joined HDFC Limited in 1981 and became an Executive Director in 1993. He was appointed as its Managing Director in 2000. Mr. Mistry is a Fellow of the Institute of Chartered Accountants of India and a member of the Michigan Association of Certified Public Accountants. Ms. Renu S. Karnad is the Managing Director of HDFC Limited. She is a graduate in Law and holds a Master's degree in Economics from Delhi University. She has been employed with HDFC Limited since 1978 and was appointed as the Executive Director in 2000 and Deputy Managing Director in 2007. She is responsible for overseeing all aspects of lending operations of HDFC Limited. Mr. David Nish joined Standard Life on 1st November 2006 as Group Finance Director and remained in that position until December 2009. He is the Chief Executive at Standard Life Plc. In 2000 he was awarded the Scottish Business Awards Finance Director of the Year and from 2004 to 2005 he served on the Government Employers Pension Task Force. He is a member of the Institute of Chartered Accountants of Scotland. He joined the Board of Directors in February 2010. Mr. Nathan Parnaby is appointed as the Chief Executive, Europe & Asia of Standard Life in the year 2010. Nathan joined Standard Life in 1982 as Investment Manager, responsible for all UK net funds. He was appointed a Director of the Standard Life Investments board. He is a Mathematics graduate from Oxford University and the Member of the Securities Institute. He joined the Board of Directors in December 2009. Mr. Norman K. Skeoch is currently the Chief Executive in Standard Life Investments Limited and is responsible for overseeing Investment Process & Chief Executive Officer Function. Prior to this, Mr. Skeoch was working with M/s. James

Capel & Co. holding the positions of UK Economist, Chief Economist, Executive Director, Director of Controls and Strategy HSBS Securities and Managing Director International Equities. He was also responsible for Economic and Investment Strategy research produced on a worldwide basis. Mr. Skeoch joined the Board of Directors in November 2005. Mr. Skeoch is a Fellow of the Securities Institute, Fellow of the Royal Institute for the Encouragement of the Arts, Manufacture and Commerce, BA, MA. Mr. Gautam R. Divan is a practising Chartered Accountant and is a Fellow of the Institute of Chartered Accountants of India. Mr. Divan was the Former Chairman and Managing Committee Member of Midsnell Group International, an International Association of Independent Accounting Firms and has authored several papers of professional interest. Mr. Divan has wide experience in auditing accounts of large public limited companies and nationalised banks, financial and taxation planning of individuals and limited companies and also has substantial experience in structuring overseas investments to and from India.

Our Vision & Values Our Vision 'The most successful and admired life insurance company, which means that we are the most trusted company, the easiest to deal with, offer the best value for money, and set the standards in the industry'. 'The most obvious choice for all'. Our Values Values that we observe while we work:

Integrity Innovation Customer centric People Care "One for all and all for one" Team work Joy and Simplicity

2.OBJECTIVE OF THE STUDY

To know about the HDFC Life To study the marketing strategies of HDFC Life. To interact the different type of HDFC Life To find out which media influence most customers to buy the HDFC Life

To find out consumer loyalty about HDFC Life

3. RESEARCH METHODOLOGY All the findings and conclusions obtained are based on the survey done in the working area within the time limit. I tried to select the sample representative of the whole group during my study. I have collected data from people linked with different profession at sagar. (1 ) RESEARCH PLAN: 1.1 Preliminary Investigation: In which data on the situation surrounding the problems shall be gathered to arrive at The correct definition of the problem. An understanding of its environment. 1.2. Exploratory Study: To determine the approximate area where the problem lies. (2 ) RESEARCH DESIGN: Research was initiated by examining the secondary data to gain insight into the problem. By analyzing the secondary data, the study aim is to explore the short comings of the present system and primary data will help to validate the analysis of secondary data besides on unrevealing the areas which calls for improvement.

.1 DEVELOPING THE RESEARCH PLAN: The data for this research project has been collected through self Administration. Due to time limitation and other constraints direct personal interview method is used. A structured questionnaire was framed as it is less time consuming, generates specific and to the point in formation, easier To tabulate and interpret. Moreover respondents prefer to give direct answers. In questionnaires open ended and closed ended, both the types of questions has been used.

2.2 COLLECTION OF DATA 1: Secondary Data: It was collected from internal sources. The secondary data was collected on the basis of organizational file, official records, news papers, magazines, management books, preserved information in the companys database and website of the company. 2: Primary data: All the people from different profession were personally visited and inter viewed. They were the main source of Primary data. The method of collection of primary data was direct personal interview through a structured questionnaire. (3 )SAMPLING PLAN: Since it is not possible to study whole universe, it becomes necessary to take sample from the universe to know about its characteristics.

Sampling Units: Different professionals Chartered Accountants, Tax Consultants, Lawyers, Business Man, Professionals and House Wives of sagar. Sample Technique: Random Sampling. Research Instrument: Structured Questionnaire. Contact Method: Personal Interview. (4) SAMPLE SIZE: My sample size for this project was 50 respondents. Since it was not possible to cover the whole universe in the available time period, it was necessary for me to take a sample size of 50 respondents.

Swot Analysis of Hdfc Standard Life Insurance

Analysis of the industrys environment 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.

STRENGTH
1. Domestic image of HDFC supported by Prudentials international image is strength of the company. 2. Strong and well spread network of qualified intermediaries and sales person. 3. Strong capital and reserve base. 4. The company provides customer service of the highest order. 5. Huge basket of product range which are suitable to all age and income groups. 6. Large pool of technically skilled manpower with in depth knowledge and understanding of the market.

WEAKNESS
1. Heavy management expenses and administrative costs. 2. Low customer confidence on the private players. 3. Vertical hierarchical reporting structure with many designations and cadres leading to power politics at all levels without any exception. 4. Poor retention percentage of tied up agents.

OPPORTUNITIES
1. Insurable population According to ING only 10% of the population is insured, which represents around 30% of the insurable population. This suggests more than 300m people, with the potential to buy insurance, remain uninsured. 2. There will be inflow of managerial and financial expertise from the worlds leading insurance markets. Further the burden of educating consumers will also be shared among many players. 3. International companies will help in building world class expertise in local market by introducing the best global practices. 4. Insurance liberalization in India is expected to result in a wider choice of major commercial insurance covers, such as fire, export credit

Threats
1. Economic instability and global crisis 2. Entry of new NBFCs in the sector

Consumer group In sagar Axis Bank generally divided the customer and make consumer group on the bases of income and living standard of the people a target market is a group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise. A well-defined target market is the first element to a marketing strategy. The target market and the marketing mix variables of product, place(distribution), promotion and price are the four elements of a marketing mix strategy that determine the success of a product in the marketplace. Market segmentation Target markets are groups of people separated by distinguishable and noticeable aspects. Target markets can be separated into: Geographic segmentations, addresses (their location) Demographic/socio-economic segmentation (gender ,age, income occupation, education, sex, household size, age, and stage in the family life cycle) Psychographic segmentation (similar attitudes, values, and lifestyles) Product-related segmentation (relationship to a product)

Consumer behavior Consumer behavior is the study of when, why, how, and where people do or do not buy a product. It blends elements from psychology, sociology, social anthropology and economics. It attempts to understand the buyer decision making process, both individually and in groups. It studies characteristics of individual consumers such as demographics and behavioral variables in an attempt to understand people's wants. It also tries to assess influences on the consumer from groups such as family, friends, reference groups, and society in general. Customer behavior study is based on consumer buying behavior, with the customer playing the three distinct roles of user, payer and buyer. Relationship marketing is an influential asset for customer behavior analysis as it has a keen interest in the re-discovery of the true meaning of marketing through the re-affirmation of the importance of the customer or buyer. A greater importance is also placed on consumer retention, customer relationship management, personalization, customization and one-to-one marketing. Social functions can be categorized into social choice and welfare functions. Each method for vote counting is assumed as social function but if Arrows possibility theorem is used for a social function, social welfare function is achieved. Some specifications of the social functions are decisiveness, neutrality,anonymity, monotonicity, unanimity, homogeneity and weak and strong Pareto optimality. No social choice function meets these requirements in an ordinal scale simultaneously. The most important characteristic of a social function is identification of the interactive effect of alternatives and creating a logical relation with the ranks.

1) Protection Plans

Protection Plans HDFC Click 2 Protect HDFC Term Assurance Plan HDFC Premium Guarantee Plan HDFC Loan Cover Term Assurance Plan HDFC Home Loan Protection Pla Protection Plans help you shield your family from uncertainties in life due to financial losses in terms of loss of income that may dawn upon them incase of your untimely demise or critical illness. Securing the future of one's family is one of the most important goals of life.Protection Plans go a long way in ensuring your family's financial independence in the event of your unfortunate demise or critical illness. They are all the more important if you are the chief wage earner in your family. No matter how much you have saved or invested over the years, sudden eventualities, such as death or critical illness, always tend to affect your family financially apart from the huge emotional loss. For instance, consider the example of Amit who is a healthy 25 year old guy with a income of Rs. 1,00,000/- per annum. Let's assume his income increases at a rate of 10% per annum, while the inflation rate is around 4%; this is how his income chart will look like, until he retires at the age of 60 years. At 50 years of age, Amit's real income would have been around Rs. 10,00,000/- per annum. However, in case of Amit's unfortunate demise at an early age of 42 years, the loss of income to his family would be nearly Rs. 5,00,000/- per annum. 2)Childrens Plans

Children's Plans HDFC Children's Plan HDFC SL YoungStar Super II HDFC SL YoungStar Super Premium

Children's Plans helps you save so that you can fulfill your child's dreams and aspirations. These plans go a long way in securing your child's future by

financing the key milestones in their lives even if you are no longer around to oversee them. As a parent, you wish to provide your child with the very best that life offers, the best possible education, marriage and life style. Most of these goals have a price tag attached and unless you plan your finances carefully, you may not be able to provide the required economic support to your child when you need it the most. For example, with the high and rising costs of education, if you are not financially prepared, your child may miss an opportunity of a lifetime. Today, a 2-year MBA course at a premiere management institute would cost you nearly Rs. 3,00,000/- At a assumed 6% rate of inflation per annum, 20 years later, you would need almost Rs. 9,07,680/- to finance your child's MBA degree. Retirement Plans Retirement Plans provide you with financial security so that when your professional income starts to ebb, you can still live with pride without compromising on your living standards. By providing you a tool to accumulate and invest your savings, these plans give you a lump sum on retirement, which is then used to get regular income through an annuity plan. Given the high cost of living and rising inflation, employer pensions alone are not sufficient. Retirement planning has therefore become critical today. India's average life expectancy is slated to increase to over 75 years by 2050 from the present level of close to 65 years. Life spans have been increasing due to better health and sanitation conditions in the country. However, the average number of years of employment has not been rising commensurately. The result is an increase in the number of post-retirement years. Accordingly, it has become necessary to ensure regular income for life after retirement, so that you can live with pride and enjoy your twilight years. Savings & Investment Plans

Savings & Investment Plans HDFC Life Smart Woman Plan HDFC Life Sampoorn Samridhi Insurance Plan HDFC Endowment Assurance Plan HDFC SL Crest

HDFC SL ProGrowth Super II HDFC SL ProGrowth Flexi HDFC Life ProGrowth Plus HDFC SL ProGrowth Maximiser HDFC SL New Money Back Plan HDFC Single Premium Whole of Life Insurance Plan HDFC Assurance Plan HDFC Savings Assurance Plan Endowment Gain Insurance Plan

You have always given your family the very best. And there is no reason why they shouldn't get the very best in the future too. As a judicious family man, your priority is to secure the well-being of those who depend on you. Not just for today, but also in the long term. More importantly, you have to ensure that your family's future expenses are taken care, even if something unfortunate were to happen to you. A big factor that you need to consider while building your wealth is inflation. It has a dual impact on your hard-earned savings. Inflation not only erodes your current purchasing power but also magnifies your monetary requirements for the future. Sample this: An 35 Year individual needs to invest Rs. 36,000/- per year with 8% returns to build a corpus of Rs. 10,00,000/- by the age of 50 Years.

Health Plans Health plans give you the financial security to meet health related contingencies. Due to changing lifestyles, health issues have acquired completely new dimension overtime, becoming more complex in nature. It becomes imperative then to have a health plan in place, which will ensure that no matter how critical your illness is, it does not impact your financial independence. In the race to excel in our professional lives and provide the best for our loved ones, we sometimes neglect the most important asset that we have - our health. With increasing levels of stress, negligible physical activity and a deteriorating

environment due to rapid urbanization, our vulnerability to diseases has increased at an alarming rate.

Knowledge Centre Our Knowledge Centre will help you understand the basics of insurance and help you make an informed decision about buying a policy. It includes details on insurance concepts, helps you analyse plans for your various needs and understand the insurance jargon that you may encounter. Customer Service We at HDFC Life are committed to maintaining the highest level of customer service. Hence we have tried to provide you with all the information you may want to seek regarding procedures such as paying your premium, various policy servicing options, processing a claim and so on.

Company Marketing Strategies Marketing is process of analyzing the consumer need and serve the need of consumer which satisfy the consumer and solve the consumer problem. In this sector the marketing is pay main role in brand formation and policy awareness to the public. As we know that LIC is covering more than 75%market share. So marketing helps in increasing the market share. Marketers have to analyze the market share and find out the market. We can divide its marketing process in two parts:1) Marketing for Financial Consultant:- Work part-time, earn full-time isthe punch line of the its marketing strategy. It says just work for 5 hours a w e e k a n d e a r n mo r e t h a n R s . 2 0 ,0 0 0 p e r mo n t h . I f yo u wi l l b e f i n a n c i a l c o n s u lt a n t o f H DF C S L t h e n yo u c a n h a v e h i g h e a r n i n g p o t e n t i a l , z e r o i n v e s t me n t , a n d yo u wi l l n o t h a v e p r e s s u r e f o r wo r k . Yo u c a n wo r k a s whatever you make your target or you can work as a part-time as per your convenience. There are certain facilities for FC:-Flexible work timings:-you can work whenever you like and from whenever y o u l i k e . Y o u c a n w o r k f u l l t i m e o r p a r t t i m e , d e p e n d i n g o n y o u r c o n v e n i e n c e . I t s l i k e n o o t h e r jo b . Ho we v e r , t h e t i me yo u i n v e s t wi l l determine you success. Z e r o i n v e s t me n t : - Th e r e i s n o s t a r - u p c a p i t a l . B e yo u r o wn b o s s ; with a flexible working environment, unlimited earning potentia l a n d o t h e r opportunity to be part of a world class team. The advantage is all yours. Sunrise industry:- Life insurance in India has a huge potential for growth.S t a t i s t i c s r e v e a l t h a t o n l y 2 5 % o f t h e i n s u r a b l e p o p u l a t i o n i n I n d i a i s insured. And those insured are in need of still higher insurance cover. The o v e r 1 0 0 % g r o wt h d i s p l a ye d b y p r i v a t e l i f e i n s u r e r s i n d i c a t e s t h i s h u g e untapped potential. Strong partnership:- It is on of the fastest growing life insurance companies. It was the first private life insurance company to be granted a license by IRDA. It have been rated by business world class magazine as Indias most respected Private life Insurance Company in 2004. HDFC Standard life Insurance has one of he highest brand recall of around 86%.

2)Marketing for the potential market: - In our general life w e b u y t h o s e things which we see. For consumer awareness print marketing and electronic marketing both are most important. In the market insurance players is trying to convince people with the advertising in tel e v i s i o n , r a d i o , n e ws p a p e r a n d ma g a z i n e s . H DF C S t a n d a r d Li f e i s a l s o a d o p t i ng t h e s e electronic marketing. The punch line of HDFC Standard Life is Sar UthaKe Jiyo. Today it has more than 8 lack policyholder. It is also targetingc i n e m a h a l l s l i k e P V R w h e r e i t w i l l g e t m o r e p o t e n t i a l m a r k e t , f o r marketing.3 ) F o r i n s u r a n c e s e ctor the main marketer becomes its Finan c i a l Consultant. So it is trying to recruit more and more financial consultant for the purpose of sale of the policy of HDFC Standard life and people will be more aware through it because it is a work of contact. Which have more contact the that person can get more business

COMPETITIVE ANALYSIS LIFE INSURANCE CORPORATION OF INDIA (LIC) LIC has an excellent money back policy which provides for periodic payments of partial survival benefits as long as the policy holder is alive. 20% of the sum assured is payable after 5, 10, 15 and 20 years and the balance 40% is payable at the 20th year along with accrued bonus. (www.lic.com)For a 25 years term , 15% of the sum assured becomes payable after 5,10,15and 20 years and the balance 40% plus the accrued bonus becomes payable at the 25 th year. An important feature of these types of policies is that in the event of the death of the policy holder at any time within the policy term the d e a t h c l a i m c o mp r i s e s o f f u l l s u m a s s u r e d wi t h o u t d e d u c t i n g a n y o f t h e survival benefit amounts which have already been paid. The bonus is also calculated on the full sum assured. HDFC SLIC does not have a money back policy. It could offer a money back plan and capture some portion of this market. While marketing insurance products I found that many customers wanted to purchase these plans.LIC offers 66 different plans; plans are formulated for specific occasions whole life plans, term assurance plans, money back plan for women, child plans, plans for the handicapped individuals, endowment assurance plans, plan s for high worth individuals, pension plans, unit linked plans, special plans, social security schemes diversified portfolio of products. HDFC SLIC could diversify its product portfolio. It could add more plans for high worth individuals and women. ICICI PRUDENTIAL ICICI Prudential is a stiff competitor for HDFC SLIC. The company is a merger between ICICI Bank which is the biggest private bank in India and Prudential Plc which is a global life insurance company. The company has an investment plan which is market related Invest Shield Life. In this plan even if the market falls, the premium will be returned toi n v e s t o r s . I t i s a g u a r a n t e e d p l a n wh i c h e n s u r e s t h e c o mp a n y c a r e f u l l yi n v e s t s yo u r mo n e y. Th e s t o c k ma r k e t p e r f o r ma n c e o f I C I C I P r u d e n t i a l i s much better than HDFC SLIC. The returns on the growth fund were 46.28%compared to the 42.70% offered by HDFC SLIC. Customers are attracted by higher returns and this is a plus point for Prudential. The company is very well advertised. The advertisements are showcased inmo v i e s , t e l e v i s io n , n e ws p a p e r s , ma g a z i n e s , b i l l bo a r d s , r a d i o

e t c . Th e company has an excellent brand ambassador Mr. Amitabh Bacchan. His promotion of the company builds trust and faith in the minds of our people. However the charges are very high in the plans offered by ICICI Prudential. It is 35% during the first year, 15% in the next year and 3% from the third year onwards. Also a higher minimum premium of Rs. 8000 is charged. Hence thep o l i c i e s a r e n o t a c c e s s i b l e t o t h e l o w e r s t r a t a o f t h e s o c i e t y . ( S o u r c e : www.iciciprulife.com) BIRLA SUN LIFE Birla Sun Life Insurance Company Limited is a joint venture between The Aditya Birla Group, one of the largest business houses in India and Sun Life Financial Inc., a leading international financial services organization. The local knowledge of the Aditya Birla Group combined with the expertise of Sun LifeF i n a n c i a l I n c . , o f f e r s a f o r m i d a b l e p r o t e c t i o n f o r y o u r f u t u r e . ( S o u r c e : www.birlasunlife.com) The Aditya Birla Group has a turnover close to Rs. 33000 crores with a market capitalization of Rs. 53400 crores (as on 31st March 2007). It has over 72000employees across all its units worldwide. It is led by its Chairman - Mr. Kumar Mangalam Birla. Some of the key organizations within the group are Hindalcoand Grasim. TATAAIG Tata Aig is a joint venture between the Tata group and American International Gr o u p Inc. In one of the plans the c o mp a n y o f f e r s ho s p i t a l c a s h b e n e f i t wherein it will pay Rs. 2500 per day in case of hospitalization and Rs.12.5lakhs in case the person suffers from any critical illness. Annual premium ism u c h l e s s ( a b o u t R s . 6 7 1 2 ) t o a v a i l s u c h a g o o d b e n e f i t . C h a r g e s a r e relatively low compared to HDFC SLIC for some policies. The company offers high coverage plans at low cost. There is a plan even fora p o l i c y t e r m o f 1 ye a r . Yo u r f a mi l y c a n c o n t i n u e t o e n jo y t h e i r c u r r e n t life style even in the case of something happening to you. These plans are very flexible and HDFC SLIC could adopt this idea of insuring individuals for short periods of time. For example; there is a family of four. The only earning member is the father. He has just taken a loan from a bank of 20 lakhs to purchase a new home. He is able to repay the loan with his current salary in 15 years. The problem maries if something were to happen to him within these fifteen years.

1.Your Age:____________________ Age Number Percent % 0-20 5 10 21-40 20 40 41-above 25 50 Total 50 100

50 40 30 20 10 0

50 40 10

2. Occupation. Business Profession Service (Please mention below the type of business/profession you are in incase of service please mention your organization name and designation) Occupation Business Profession Service Total Number 27 9 14 50 Percent % 54 18 28 100
60 40 20 0 54 18 28

3.Your annual household income. less than 2 lack Between 2 to 5 lack Between 5 to 8 lack More than 8 lack

Income Less than 2 lack Between 2 to 5 lack Between 5 to 8 lack More than 8 lack

Number 6 16 23 5

Percent% 12 32 46 10

100% 80% 60% 32 40% 20% 0% 12

46

10

Series1

4. What is your perception about different products and services offered by HDFC Life ?

A. Lucrative B. Not lucrative C. No idea View Lucrative Not Lucrative No Idea Number 27 8 15 50 Percent 54 16 30 100
100% 80% 60% 40% 20% 0% 54 16

30

Series1

5. How do you feel after using this company product ? a) Excellent b) good c) fair d) poor
48% 32% 20% 0%

6.Why you are Inverts in the Insurance . a) Tax Saving b) Protection

80 60 40 20 0

c) Investment

7.In which Insurance Plan you are invest your saving ? a. Traditional Plan b. ULIP Plan

80 60 40 20 0 TraditionalULIP

8. Which of the companys products would you prefer to buy? a. HDFC b. LIC c)Other

60 40 20 0 HDFC LIC Other

Limitation Limitations of Survey Response Errors - These may arise when the respondents give inaccurate or incomplete answers. For e.g. in our survey a respondent may not mention that he had test driven a car before purchasing it A major problem faced in the survey involved the comparative ratings of various attributes for all the brands of cars. Many of the respondents were not very willing to rank so many factors as they perceived it to be time-consuming. Open Ended Questions All the questions in the questionnaire were open-ended to avoid any kind of bias from the respondents end. But drawback of this approach is that there was an incomplete capture of his responses, as the respondent could not always omen out with the purchase steps and the time taken in them. The reasons for such inaccuracy could be because of unfamiliarity, fatigue, boredom, faulty recall and the Question format. Random Sampling Errors This can occur, as the particular sample selected is an imperfect representation of the population of interest. The area covered in the survey was sagar region and the customer preferences and tastes in different Regions could not be covered

CONCLUSION HDFC Life is the renounce industry in the insurance sector. It believes in quality not in quantity. HDFC have total 12 group companies. It is the first insurance company who has gotten the license of insurance in firstly. It has started its insurance industry with the joint venture of U.K. based standard life insurance company. I n t h e i n s u r a n c e s e c t o r ma i n wo r k i s d o n e b y t h e f i n a n c i a l consultant who brings business to the industry. It gives more priority for the recruitment of financial consultant thats why it has setup 5-qscore. It gives priority that is professional like as MBA, CA, ENGINEERS, DOCTORS,LAYERS, AND OTHER PROFESSIONAL. During summer training I have given presentation in study centre of IGNOU and SIKKIM MANIPAL and phone call, and try to contact those p e r s o n t o wh o m I k n o w a n d c o n t a c t t h e m f o r t h e p u r p o s e o f f i n a n c i a l consultant. In this process I have recruited 12 people who are either CA,M B A , S O F T W A R E E N G I N E E R , S T U D E N T , O R E M P L O Y O F T H E ORGANISATION.I t g iv e s mo r e f a c i l i t i e s t o t h e i r e mp l o y a n d p r o v i d e s b e t t e r opportunity to their employ for promotion because it has minimum target for f u l f i l l me n t . F C h a ve t o g i v e 3 6 p o l i c y o r 3 6 0 l a c k p r e mi u m w i t h i n s i x months which less in comparison to the other insurance industry and for Delhi region where the transaction of money is too high. FC has chances to b e c o me s a l e s d e v e l o p me n t ma n a g e r wi t h i n s i x mo n t h mo n t h s w h e n h e fulfills the target. The post of SDM is based on payroll. He will get package of 2.75 lack per year.

SUGGESTIONS

When we talk about suggestion I think I have small experience of this sector but whatever I have pointed out which are thus. In the recruitment of financial consultant I found that mostly person d o n t wa n t t o g i v e r s .9 2 5 o r r s .8 2 5 . I h a v e f a c e d s o me d i f f i c u l t i e s when they dont agree to give this much amount. If the company will less this charge then it will get more FC. It should organize weakly meeting with FC for the business and give appraisal training to FC. It works as a performance appraisal of the FC. It should give monthly party to the FC for the attachment with the industry. It should give canopy facility to CDM or RC for the recruitment of FC and if it will give canopy facility to FC then they can give more facility. Generally we buy only that thing whatever we see. It means that it should spend more on advertisement. Other insurance industry like LIC and ICICI advertise mostly through banner on metro station, on road and advertise in the cinema hall. Add more and more movie hall for the advertisement. The role of recruitment is not easy so it should increase commissiono r g i v e s a l a r y i n s t e a d o f c o m m i s s i o n s o t h a t R C w i l l t a k e m o r e interest in the recruitment on financial consultant

BIBLIOGRAPHY

1.BOOKS Marketing Management (12th Edition) Marketing Management (3rd Edition) Research Methodology (2nd Edition) Research Methodology

AUTHORS Philip Kotler V.S. Ramaswamy C.R.Kothary S.P. Kasande

2. NEWS PAPERS Times of India Financial Express 3. WEBSITES www.google.com www. en.wikipedia.org