CHAPTER-1

COMPANY PROFILE

INTRODUCTION
HDFCSLIC stands for Housing Development Finance corporation standard life insurance
company. It is incorporated in 1977 as a public limited company with the specialization in
provision of housing finance to individuals cooperative societies and the corporate sector. One
significant matter about the HDFC is that it is first private sector retail housing finance company
and it is listed on both BSE and NSE. Its market capitalization in June 2002.
Standard life insurance is founded in 1825. Standard life was reincorporated as a mutual
assurance company in 1925. Its largest mutual life insurance company in Europe. For the joint
venture between HDFC and SLIC, the discussion commenced in January 1995 and the
agreement signed in October 1995. Further joint venture agreement renewed in October 1998. In
January 2000 the life insurance project team established in Mumbai. At last the company
officially incorporated in 14th August 2000. It is the matter of great happiness for HDFCSLIC is
that it is the first private sector life insurance company to be granted a certificate of registration
in 23rd October, 2000. Today 75% shareholding in the hand of HDFC and Standard life has 25%
shareholding in this joint venture.

OUR PARENTAGE
HDFC Limited
HDFC Limited, India's premier housing finance institution has assisted more than 3.8 million
families own a home, since its inception in 1977 across 2400 cities and towns through its network of
over 289 offices. It has international offices in Dubai, London and Singapore with service associates
in Saudi Arabia, Qatar, Kuwait and Oman to assist NRI's and PIO's to own a home back in India. As
of March 2011, the total asset size has crossed more than Rs. 1, 32,727crores including the mortgage
loan assets of more than Rs.1, 17,126 crores. The corporation has a deposit base of over Rs. 24,625

crores, earning the trust of nearly one million depositors. Customer Service and satisfaction has been
the mainstay of the organization. HDFC has set benchmarks for the Indian housing finance industry.
Recognition for the service to the sector has come from several national and international entities
including the World Bank that has lauded HDFC as a model housing finance company for the
developing countries. HDFC has undertaken a lot of consultancies abroad assisting different
countries including Egypt, Maldives, Mauritius,and Bangladesh in the setting up of housing finance
companies.
STANDARD LIFE PLC.
Established in 1825, Standard Life Plc. is a leading provider of long term savings and investments to
around 6 million customers worldwide. A Headquartered in Edinburgh, Standard Life has around
9,000 employees across the UK, Canada, Ireland, Germany, Austria, India, USA, Hong Kong and
mainland China. The Standard Life group includes savings and investments businesses, which
operate across its UK, Canadian and European markets; corporate pensions and benefits businesses
in the UK and Canada; Standard Life Investments, a global investment manager, which manages
assets of over 157bn globally; and its Chinese and Indian Joint Venture businesses. A At the end
of April 2011 the Group had total assets under administration of 198.4bn. Standard Life plc is
listed on the London Stock Exchange and has approximately 1.5 million individual shareholders in
over 50 countries around the world.
VISION STATEMENT

'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'.

MISSION STATEMENT
To reach out an influence our target customer so as to provide them. World class Competitive
insurance solution .HDFCSLIC focuses long term strategy".

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

AWARDS & ACCOLADES

RECEIVED 2008 CIO BOLD 100 AND CIO SECURITY AWARDS

HDFC Standard Life has received the 2008 CIO Bold 100 Award. This annual award recognizes
organizations that exemplify the highest level of operational and strategic excellence in information
technology. This year's award theme, 'The Bold 100,' recognized those executives and organizations
that embraced great risk for the sake of great reward.
HDFC Standard Life has also been one of the five recipients of the Special 2008 CIO Security
Award aimed at CIOs, whose pioneering implementations have taken their enterprise security to the
next level. This award category identifies innovative and groundbreaking deployment of
technologies aimed at creating a secure business infrastructure.
The company received the 2008 CIO Bold Award for its mobile workforce portal and the CIO
Security Award for its initiatives for a secure computing environment, including identity
management.
RECEIVED PCQUEST BEST IT IMPLEMENTATION AWARD 2008
HDFC Standard Life received the PCQuest Best IT Implementation Award 2008 for Consultant
Corner, the applications for its financial consultants, providing centralized control over a vast
geographical spread for key business units such as inventory, training, licensing, etc.

HDFC Standard Life has won the PCQuest Best IT Implementation Award for two years
consequently. Last year, the company received the award for Wonders, its path-breaking
implementation of an enterprise-wide workflow system.
SILVER ABBY AT GOOFIEST 2008
HDFC Standard Life's radio spot for Pension Plans won a Silver Abby in the radio writing craft
category at the Goofiest 2008 organised by the Advertising Agencies Association of India (AAAI).
The radio commercial 'Pata nahin chala' touched several changes in life in the blink of an eye
through an old manna perspective. The objective was drive awareness and ask people to invest in a
pension plan to live life to the fullest even after retirement, without compromising on one's selfrespect
UNIT LINKED SAVINGS PLAN TOPS MINT BEST TV ADS SURVEY
The Unit Linked Savings Plan advertisement of HDFC Standard Life, one of the leading private
insurance companies in India, has topped Mint's Top Television Advertisement survey conducted,
for February 2008. HDFC Standard Life's Unit Linked Savings Plan advertisement was ranked 4th in
terms of a combined score of ad awareness and brand recall and 3rd in terms of ad diagnostic scores
(likeability, enjoyment, believability, and claim). The respondents were between 18 and 40 years.
Mint exclusive report, 'New voices in a makeover' outlines the survey in detail.
DEEPAK M SATWALEKAR AWARDED QIMPRO GOLD STANDARD AWARD
2007
Mr Deepak M Satwalekar, Managing Director and CEO, HDFC Standard Life, received the
QIMPRO Gold Standard Award 2007 in the business category at the 18th annual Qimpro Awards
function. The award celebrates excellence in individual performance and highlights the quality
achievements of extraordinary individuals in an era of global competition and expectations.
SAR UTHA KE JIYO AMONG INDIA'S 60 GLORIOUS ADVERTISING MOMENTS
HDFC Standard Life's advertising slogan honoured as one of '60 Glorious Advertising & Marketing
Moments' over the last 60 years in India,' by 4Ps Business and Marketing magazine. The magazine
said that HDFC Standard Life is one of the first private insurers to break the ice using the idea of self
respect (Sar Utha Ke Jiyo) instead of 'death' to convey its brand proposition. This was then, followed
by others including ICCI Prudential, thus giving HDFC Standard Life the credit of bringing up one
such glorious advertising and marketing moment in the last 60 years.

 RECEIVED CIO 'THE INGENIOUS 100 2009' AWARD

HDFC Standard Life has received the CIO 'The Ingenious 100 - 2009 Award,' for ATLAS (Agency
Training Licensing and Servicing System). Additionally,the company has received the CIO 100
'Security Award 2009' for pioneering LANDesk Management and Security Suite security
implementation and taking its security to a higher level of technological excellence.
HDFC Standard has received the CIO 100 Award for the third consecutive year. It had received the
2008 CIO Bold Award for Consultant Corner and CIO Security Award for our initiatives for a secure
computing environment, including Sesame - Identity and Access Management. In 2007, the
company received CIO 100 award for Wonders and a Special Award in Storage category.
CIO magazine has a long tradition of honoring leading companies for business and technology
leadership and innovations through its flagship award program - CIO 100. It's a celebration of 100
organizations (and the people within them) that are using IT in innovative ways to deliver business
value, whether by creating competitive advantage, optimizing business processes, enabling growth
or improving relationships with customers.
RECEIVED DIAMOND EDGE AWARD 2009
HDFC Standard Life has received the Diamond EDGE Award 2009 for its mobile workforce
portal - Consultant Corner. EDGE - Enterprises Driving Growth and Excellence (using IT) is an
initiative by the ,Network Computing magazine to identify, recognize, and honor end-user companies
in India that have demonstrated the best use of technology to solve a business problem, improve
business competitiveness, and deliver quantifiable ROI to stakeholders.
Network Computing magazine is part of CMP Technology, which brings more than 100 IT media
brands to more than 18 million technology and business decision makers worldwide.
BEST COMPANIES TO WORK FOR IN INDIA IN 2010
HDFC Standard Life has been adjudged one of the Best Companies to Work for in India in 2010.
The company participated in the Great Places to Workstudy for the first time and ranked first in the
insurance category. It ranked 34th on the Top 50 Best Companies to Work for, in India 2010 list.
The company was also

Awarded for its unique employee initiative - Mission in-Genius national quiz. The study has
shown that HDFC Standard Life conscientiously develops employee talent programmers to keep
engaging and motivating its employees. The company provides some unique platforms such as
'Mission in Genius' national quiz. The management is accessible to all at all times and sincerely
seeks feedback from its employees through programmes such as 'Sparsh', the study said.The Best
Companies to Work in India is a study conducted by the Great Place to Work Institute, India in
partnership with The Economic Times. The 2010 edition is the seventh study in India, which
received overwhelming response from more than 400 companies, making it the largest such study in
India. And only 50 companies made it to the Best Companies to Work list!
'YOUNGSTAR SUPER' VOTED 'PRODUCT OF THE YEAR 2010'
HDFC Standard Life Young Star Super has been voted Product of the Year 2010in the 'Insurance'
category by more than 30,000 consumers nationwide across 36 markets. Young Star Super is anUnit
linked Children Plan with unique benefits such as bumper additions, double and triple benefits,
attractive allocations rates, and seven different funds.
The consumer study on product innovation in India was conducted by A C Nielsen, the leading
global research firm. Entries were accepted from products that demonstrate innovation in their
product function, design, packaging or process or any other specified form. Entries were then filtered
by a jury of distinguished industry professionals to ensure that the products meet the innovation
criteria before they were passed on to the consumer votes/survey round. Product of the Year is an
Internationally Recognized Standard that celebrates and rewards the best innovations in consumer
products and services. The Product of the Year is selected through an independent consumer survey
across the country in 26 countries for the past 20 years.

2.1 ORIGIN OF THE ORGANIZATION

HDFC Standard Life Insurance Co. Ltd was incorporated on 14th august 2000. It is a joint venture
between Housing Development Finance Corporation Limited (HDFC Ltd.) India and UK based
Standard Life Company. Both the joint venture partners being one of the leaders in their respective
areas came together in this 81.4:18.6 joint Venture to form HDFC standard life insurance company
limited.

The MD and CEO of HDFC Standard Life Mr. Deepak Satwalekar, has given the company new
directions and has helped the company achieve the status it currently enjoys. HDFC Standard Life
brings to you a whole range of insurance solutions be it group or individual or NAV services for
corporations; they can be easily customized as per specific needs.

HDFC Standard Life Insurance India boasts of covering around 8.7 lakh lives by March'2007. The
gross incomes standing at a whopping Rs. 2, 856 crores, HDFC Standard Life Insurance Corporation
is sure to become one of the leaders and the first Preference for any life insurance customer.
The Banc assurance partners of HDFC Standard Life Insurance Co Ltd are HDFC, HDFC Bank
India Limited, Union Bank of India, Indian Bank, Bank of Baroda, Sarawak Bank and Bajaj Capital.
The premium payment options available to the customers vary from online payment to direct desk
payments at the HDFC Standard Life Branches, by courier services or in drop boxes provided. You
can also pay by ECS or Automatic Debit System or credit cards or standing instruction mandate.
HDFC Standard Life Insurance Company is a customer oriented corporation and aim at complete
customer satisfaction.

The lapsation and renewal policy of HDFC Standard Life are clearly defined on the official website.
Online renewal forms are also available. For any change in personal details like the contact details or
the nominee of the policy or policy benefits, online servicing is also available. Even the claim
procedure has been simplified since affect of the loss life is irreparable and is thus fully
understandable at HDFC Standard Life. A completely hassle-free process has been formulated to
provide maximum convenience.
HDFC 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 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 Development 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
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 handpicked 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 was incorporated on 14th August 2000 under the name of HDFC Standard life
insurance Companylimited. Their ambition from the beginning was to be the first private company
to re-enter the life insurance market in India. On the 23rd of October 2000, this ambition was
realized when HDFC Standard Life was the first 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 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 companies in
India are measured.HDFC Standard Life Insurance Company Limited is one of India's leading
private life insurance companies offering a range of individual and group insurance solutions. It is a
joint venture between Housing Development Finance Corporation Limited (HDFC Ltd), India's
leading housing finance institution and Standard Life plc, the leading providers of financial services
in the United Kingdom.HDFC Ltd. as on December 31, 2007 holds 72.38 per cent of equity in the
joint venture. HDFC Standard Life's Product portfolio comprises solutions, which meet various
customer needs such as Protection, Pension, Savings, and Investment. Customers have the added

advantage of customizing the Plans, by adding optional benefits called riders, at a nominal price. The
company currently has 21 retail and 6 group products in its portfolio.

financial consultants, has also helped its customers choose the product, best suited for their
needs.HDFC Standard Life operates across more than 726 cities and towns of the country supported
by its strong network of more than 1, 45,000 Financial Consultants. HDFC Standard Life also has
more than 383 corporate agents and other sales intermediaries including banks for distribution of
insurance products.

2.2 GROWTH AND PRESENT STATUS OF THE ORGANIZATION

HDFCSL Milestone
2006

HDFCSL expanded its reach in the Banc assurance channel by

arrangements with co-operative banks in the rural areas.
Continued to increase its focus on quality service, by putting in
place a robust mechanism to capture 'Voice of the Customer'
through service audits across its offices. This was complemented
by use of technology that enabled capture of all interactions with
customers across all touch points
SarUthaKeJiyo was honored as 'Among India's 60 Glorious
Advertising Moments. The advertisements of the company were
ranked 6th amongst 'The 10 most effective Advertisements' in
September 2007.
Received the PCQuest Best IT Implementation Award 2007 for
Wonders, its path-breaking implementation of an enterprise-wide
workflow system. In addition the company also bagged the EMC
storage award for being the most innovative users of storage and
storage management.
Pension Plan Tops Mint's Survey of Best TV Ads.
HDFC Standard Life's advertising created high awareness for the
brand and bagged 2 silver and 1 bronze awards at the ADFEST
2007 National Awards organised by the Advertising Agencies
Association of India (AAAI). The 3 awards are the highest won by

any single brand in the financial services business (including

banking, mutual fund, insurance and other financial services).
The year witnessed the launch of 'My Account', a web-based
facility with various policy servicing options such as switch,
premium redirection to be executed by clients, without recourse to
visiting a branch
Was selected as the '4Ps Power Brand 2006', for being one of
India's Top 25 'Most Innovative Companies' in an exclusive survey
conducted by ICMRand 4Ps - Business and Marketing (a
Business and Marketing magazine published by Planman Media)
2008

Received the PCQuest Best IT Implementation Award 2008 for

Consultant Corner, the applications for its financial consultants,
providing centralized control over a vast geographical spread for
key business units such as inventory, training, licensing, etc.
Received the 2008 CIO Bold 100 Award for its mobile workforce
portal and the Special 2008 CIO Security Award for a secure
computing

environment,

including

identity

management

respectively.
Mr. Deepak M Satwalekar Awarded QIMPRO Gold Standard
Award.

HDFC LIFE REGISTERS HIGHEST GROWTH IN INDIVIDUAL NEW BUSINESS IN

2010-11; ONLY COMPANY TO REGISTER POSITIVE GROWTH IN NEW REGIME
(H2, 2010-11)
Continues to be the fastest growing company with 26% YoY growth and the only one among the top
5 private players to be on positive YoY growth; Strongest market share gain of 4.2% in private space
in 2010-11
Mumbai, May 4, 2011: HDFC Life, one of Indias leading private life insurance companies,
registered highest growth of 26% in individual new business (regular and single) among the top 5
private life insurance players in 2010-11. HDFC Life recorded 36% growth in renewal premium and
29% growth in total premium in the financial year 2010-11.Announcing the companys financial
results, Mr. Amitabh Chaudhry, MD& CEO, HDFC Life, said, I am extremely satisfied with our

performance in 2010-11. In spite of significant challenges in the market, we responded extremely

well and demonstrated significantly better traction than our competitors. Our proactive efforts on
gearing up the organization to face challenges in the market reflect in the early signs of adapting
well to the new regime. We ranked 1stin H2 FY2010- 11 in individual business in the industry and
we are one of the very few private insurers to achieve positive growth in FY2010-11. Our consistent
focus on creating awareness about life insurance as long-term financial instruments has resulted in
our customers exhibiting renewed focus on life insurance reflected in our high conservation ratio of
81%.

Key Financial and Operational Highlights (2010-11):

High quality of existing policies & continuous focus on persistency lead to 36% increase in
renewal premium of Rs. 4924 crore from Rs. 3627 crore last year
Strongest market share gain of 4.2%* in private space in 2010-11 over same period last year;
Market share increased to 12.9% in private space in 2010-11 from 8.7% in 2009-10; Overall
market share increased to 5.9% in 2010-11 from 4.6% in 2009-10
With growth of 1.6%* in H2, 2010-11, stood first in the industry in individual business; Stood
3rd in the private space in 2010-11 in total premium
Conservation ratio (individual business) improved substantially to 81% in 2010-11 from 72% in
2009-10
31% growth in Assets Under Management over March 31, 2010 to Rs. 27,177 crore from Rs.
20,767 crore same period last year
Solvency ratio as on March 31st, 2011 was 172% as against regulatory requirement of 150%
Claim repudiation ratio for FY 2010-11 is 3.97%, which means we have settled 96.03% claims
Distribution mix - 66% from Banassurance, 31% from Agency and rest from others including
Direct Sales

The references of growth are in terms of Weighted Received Premium (WRP) of individual
business.

2.3FUNCTIONAL DEPARTMENT OF THE ORGANIZATION

CHAIRMAN

MANAGING DIRECTOR

CHIEF EXECUTIVE
OFFICER

BUSINESS HEAD

ZONAL MANAGER

REGIONAL MANAGER

EXECUTIVE SALES
MANAGER

CIRCLE MANAGER

CIRCLE HEAD

ASSISTANT SALES
MANAGER

BUSNIESS
DEVELOPMENT
MANAGER

SENIOR SALES
MANAGER

SALES MANAGER

SALES DEVELOPMENT
MANAGER

FINANCIAL
CONSULTANT

CUSTOMER

2.4HIERARCHIAL STRUCTURE OF THE ORGANIZATION

CHAIRMAN
MR. DEEPAK S. PAREKH

MANAGING DIRECTOR & CHIEF

EXECUTIVE OFFICER
MR. AMITABH CHAUDHRY

EXECUTIVE DIRECTOR AND CHIEF

OPERATING OFFICER
MR. PARESH PARASNIS

CHIEF FINANCIAL OFFICER

MS. VIBHA PADALKAR

CHIEF ACTUARY AND APPOINTED

ACTUARY
MR. ASHLEY REBELLO

GENERAL MANAGER, SALES AND

MARKETING
MR. VIKRAM MEHTA

CHIEF INVESTMENT OFFICER

MR. PRASUN GAJRI

2.5PRODUCT AND SERVICE PROFILE OF THE ORGANIZATION

COMPETITORS
HDFC Standard Life offers a bouquet of insurance solutions to meet individuals need, the company
has a range of protection, investment, pension and savings plans that assist and nurture dreams apart
from providing protection. The customers can choose from a range of products to suit their life-stage
and needs. At HDFC Standard Life realize that not everyone has the same kind of needs. Keeping
this in mind, varied range of products that customer can choose from to suit all needs. These will
help secure customer future as well as the future of family. The products of the company are
categorized into various sections which are as follows:

PROTECTION
PLANS

SAVINGS &
INVESTMENT
PLANS

CHILDREN'S PLANS

RETIREMENT
PLANS

HEALTH PLANS

PROTECTION PLANS
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.

However, with a Protection Plan, a mere sum of Rs. 2,280/- annually (exclusive of service tax &
educational cess) can help Amit provide a financial cushion of up to Rs. 10,00,000/- for his family
over a period of 25 years.

HDFC Term Assurance Plan

TYPES OF
PROTECTION PLANS

HDFC Premium Guarantee Plan

HDFC Loan Cover Term Assurance
Plan
HDFC Home Loan Protection Plan

CHILDRENS PLAN
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.
An illustration of how education expenses could rise with passing time due to inflation

Source: HDFC Standard Life Survey 2008. Inflation assumed as 6% p.a.

So, how can you cope with these costs? Children's Plans help you save steadily over the long term so
that you can secure your child's future needs, be it higher education, marriage or anything else. A

small sum invested by you regularly can help you build a decent corpus over a period of time and go a
long way in providing your child a secured financial future along with.

HDFC Children's Plan

TYPES OF
CHILDRENS PLANS

HDFC SL Young Star Super II

HDFC SL Young Star Super Premium

SAVINGS & INVESTMENT PLANS

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.

However, Rs. 10,00,000/- after 15 years would be worth roughly around half of what it is today once
adjusted for inflation at the rate of 4%. Therefore, an individual will need to save nearer to Rs
50,000/- annually to reach your targeted savings at the age of 50 Years, if you consider inflation.
Our Savings & Investment Plans provide you the assurance of lump sum funds for your and your
family's future expenses. While providing an excellent savings tool for your short term and long
term financial goals, these plans also assure your family a certain sum by way of an insurance cover.

TYPES OF SAVINGS & INVESTMENT PLANS

Type

Conventional Plans

Regular
Premium

Unit Linked Insurance

Plans

HDFC SL New Money Back Plan

HDFC
SL
Super
II
HDFC Assurance Plan#
HDFC
SL
HDFC Savings Assurance Plan^
Flexi
HDFC Endowment Assurance Plan
HDFC Life Sampoorn Samridhi Insurance
Plan

ProGrowth
ProGrowth

Single
HDFC Single Premium Whole of Life HDFC
SL ProGrowth
Premium/
Insurance Plan
Maximiser
Investment
Limited
HDFC SL ClassicAssure Insurance Plan
HDFC SL Crest
Premium
Payment

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.

As can be seen in the above chart, lifestyle diseases are set to spread at disturbing rates. The result increased expenditure. In many cases, people need to borrow money or sell assets to cover their
medical expenses. All it takes is a suitable plan to help you overcome the financial woes related to
your health by paying marginal amounts as premiums. For example, if you are 30 years old, then a
mere sum of approximately Rs 3500* annually can provide you a health insurance plan of Rs 5 lakh
over a period of 20 years, and a worry-free future for you and your family.

HDFC Critical Care Plan

TYPES OF HEALTH PLANS
HDFC Surgi Care Plan

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. Pension 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.
Priorities at different stages of life:-

The above illustration shows how with each passing year your annual savings requirement would
increase. For instance, if you are 30 years old and plan to retire at 60, then, with a current annual
expenditure of Rs. 3,00,000/- , you would need a corpus in excess of Rs. 2,00,00,000/- to maintain
your living standards, assuming you live till 85 years and the inflation rate is 4%. To build this
retirement corpus, you need to invest Rs 3,60,000/- per annum in a retirement plan that offers 8%
returns per annum. In case you delay planning your retirement by 5 years then the investment
amount would increase to Rs 6,90,000/- per annum.
TYPES OF RETIREMENT PLANS

Type
Regular Premium

Single Premium/
Investment

Conventional Plans

Unit Linked Insurance

Plans

HDFC Personal Pension

Plan
HDFC
Life Classic
Pension Insurance Plan
HDFC

SL
Maximus

Pension

ORGANIZATION COMPETITORS ARE AS:

ICICI Prudential Life Insurance Company Ltd.
ICICI Prudential Life Insurance Company is a joint venture between ICICI bank, a premier financial
powerhouse and prudential plc. A leading international financial service group headquartered in the
United Kingdom. ICICI prudential was amongst the first private sector insurance company to being
operations in December 2000 after receiving approval from Insurance Regulatory Development
Authority (IRDA). ICICI Prudential equity base 74% and 26% stake respectively. In the period
April-December 2004, the company garnered Rs. Billion of new business premium for a total sum
assured of over Rs 73.6 billion and wrote nearly 345000 policies. The company has a network of
over 50000 advisor; as well as 7 bank assurance tie-ups. Today, ICICI Prudential has emerged as the
No -1 Private Life insured in the country. With a wide range of flexible products that meet the needs
of the customer at every step in life.
Max New York Life Insurance Co. Ltd.
Max New York Life Insurance Company Limited is a joint venture that brings together two large
forces - Max India Limited, a multi-business corporate, together with New York Life International, a
global expert in life insurance. With their various Products and Riders, there are more than 400
product combinations to choose from. They have a national presence with a network of 57 offices in
37 cities across India.

2.6MARKET PROFILE OF THE ORGANIZATION

MARKETING STRATREGIES OF THE COMPANY
SOME OF THE STRATEGIES ADOPTED BY HDFC LIFE INSURANCE COMPANY.
HDFC Life Insurance plans to tap 2.5-crore telephony subscriber base to market its products. The
company is considering a series of options to leverage its relationship with HDFC GROUP.
However, a joint product or a co-branded solution would require approval from the Insurance
Regulatory and Development Authority.

Customers of INTERNET, the information and entertainment portal of HDFC GROUP, would also
be able to pay premiums through a bank account, provided the bank is listed on the network. HDFC
Life Insurance officials, however, offered no comment when asked whether there would be an
arrangement for payment of commission.

As an alternative channel for distribution, insurance companies usually tie up with banks. In the
case of banc assurance, where there is a corporate agency tie-up, he commission could range from 5
per cent to 40 per cent of first-year premium depending on the commission loaded on to the product
at the time of registration with IRDA.

CHAPTER 2:
RESEARCH
METHODOLOGY

2.1 Statement of the Problem:

It attempts to determine the frequency with which something occurs or the relationship between
two phenomenon. It is a type of conclusive research that has its major objective of describing
something like market characteristics or functions. Descriptive research gives a clear statement
of the problem, specifies hypothesis, and detailed information needs. it is conducted for the for
the reasons like to describe characteristics of relevant group are associated and to make specific
predictions, to estimate the percentage of units in a specified population exhibiting a certain
behavior, to determine the perceptions of product characertics,to determine the degree to which
marketing variables.
The knowledge of post purchase consumer perception of a product and level of satisfaction with
a product is essential for the manufacturers of a product in order to get an idea about what the
general consumer perceives about the product. This helps the manufacturer to know where his
product is lacking as compared with a competitor.

2.2 Objectives & Scope of Study

To study the customer awareness for HDFC Standard Life.

To understand the customers attitude towards HDFC Standard Life brand.

To know the customers attitude towards the service provided by the company.

To know the factors which influenced the customers to purchase policy.

To find the level of customer satisfaction of various life insurance policies offered
by HDFC SLIC.

To find out the socio economic profile of the Insurance Investors

To identify the customer preference towards life insurance policies of HDFC SLIC
To study the various factors that influences the customer to choose life insurance
policy.

2.3 Managerial usefulness of study

The research process consists of series of closely related activities. At times, the first step
determines the nature to the last step to be undertaken why a research study has been undertaken,
how the research problem has been defined, in what way and why the hypothesis has been
formulated, what data has been collected and what particular methods has been adopted and a
host of similar other questions are usually answered when we talk of research methodology
concerning a research problems or study.
Research simply means a search for facts answers to questions and solutions to problems. It is
a purposive investigation. It is an organized enquiry.
In other words research means search for knowledge and research methodology is a systematic
way to solve he research problem. It is a science of study how the search is actually done. It
presents the source of data collection, the sampling procedures and tools of investigation and
limitations of the study. My research project has a specified framework for collecting the data in
an effective manner. Such framework is called research design.

2.4 Type of Research and research Design

2. 4.1 Research Design

Before examining type of research design , it is important to be clear about the role and
the purpose of research design we need . We need to understand what research design is
and what is it not. We need to know what design it is into the whole research process
from framing a question to analyse the respected data.

2.4.2 Data Collection Techniques

Since the information required was not of a very technical nature and also looking
at the scope of the project and the extent of the target segment, the sampling
technique

employed

questionnaires.

was

Convenience

Sampling.

administered

the

2.4.3 Sample design

2.4.3.1 Population
It was not possible to cover the entire population of approximately 2cr +
Salaried customer in the Delhi and their remote locations where they are
Located. Therefore 100 Salaried customers were studied by me for this
research.

2.4.3.2 Sample size

100 Salaried customer and Self employed Professional.

2.4.3.3 Sampling method

To obtain a representative sample , a probability sample of the population
was drawn i.e. Cluster ( area ) sample ,

where Delhi City was divided

into 14 Area sample under five blocks of similar Category

2.5 Data Collection Methods

PRIMARY DATA
It is collected directly from people and organizations via questionnaires or
surveys before being analysed to reach conclusion concerning the issue covered in
the questionnaires or survey.

SECONDARY DATA
Various websites were consulted to collect literature relevant to the topic.
Secondary data collected by others to be reissued by the researchers.

Various Sources Used

1.

Internet

2.

Newspaper

3.

Prospectus

QUESTIONNAIRE DESIGN / FORMULATION

Questionnaires: - A questionnaire consists of a set of questions presented to

respondent for their answers. It can be Closed Ended of Open Ended
Open Ended: - Allows respondents to answer in their own words & are difficult
to Interpret and Tabulate.
Close Ended: - Pre-specify all the possible answers & are easy to Interpret and
Tabulate.

TYPES OF QUESTIONS USED IN THIS PROJECT:

Close ended Questions
To know the choice of the people regarding various matters
Dichotomous Questions
Which has only two answers Yes or No.
Multiple Choice Questions
Where respondent is offered more than two choices. This is done to know the
choice of the customers regarding different matters.

Chapter-4:
DATA ANALYSIS

CUSTOMERS PROFILE:
NUMBER OF RESPONDENTS WHO HAVE TAKEN LIFE INSURANCE AS PER
AGE

Age

Valid

20 - 30
30 -40
40 - 50
50-60
Total

Frequenc y
41
34
17
8
100

Percent
41.0
34.0
17.0
8.0
100.0

Valid Percent
41.0
34.0
17.0
8.0
100.0

Cumulativ e
Percent
41.0
75.0
92.0
100.0

Age
50-60
8.0%
40 - 50
17.0%

20 - 30
41.0%

30 -40
34.0%

Analysis:
From the pie chart it depicts that majority of Customers age is in between 20 40 age.

NUMBER OF RESPONDENTS WHO HAVE TAKEN LIFE INSURANCE AS PER

GENDER
Sex

Valid

Male
Female
Total

Frequenc y
72
28
100

Percent
72.0
28.0
100.0

Valid Percent
72.0
28.0
100.0

Sex
F emale
28.0%

Male
72.0%

Analysis
Out of 100 Respondents

72% of respondents are male

28% of respondents are female

Cumulativ e
Percent
72.0
100.0

NUMBER OF RESPONDENTS WHO HAVE TAKEN INSURANCE AS PER

MARITAL STATUS

Marital Status

Valid

Married
Unmarried
Total

Frequenc y
67
33
100

Percent
67.0
33.0
100.0

Valid Percent
67.0
33.0
100.0

Marital Status
Unmarried
33.0%

Married
67.0%

Analysis:
Out of 100 respondents majority of respondents are married.

Cumulativ e
Percent
67.0
100.0

NUMBER OF RESPONDENTS WHO HAVE TAKEN INSURANCE AS PER

EDUCATIONAL QUALIFICATION
Education

Valid

Graduate
Pos t Graduate
Under Graduate
Proffesional
Total

Frequenc y
41
25
29
5
100

Percent
41.0
25.0
29.0
5.0
100.0

Valid Percent
41.0
25.0
29.0
5.0
100.0

Cumulativ e
Percent
41.0
66.0
95.0
100.0

Education
Prof f esional
5.0%

Under Graduate
29.0%

Post Graduate
25.0%

Analysis:
According to analysis majority of clients are Graduate.

Graduate
41.0%

NUMBER OF RESPONDENTS WHO HAVE TAKEN INSURANCE AS PER

OCCUPATION
Occupation

V alid

Gov ernment Employee

Business
Private employee
Prof fesional
Other
Total

Frequenc y
10
26
28
5
31
100

Percent
10.0
26.0
28.0
5.0
31.0
100.0

V alid Percent
10.0
26.0
28.0
5.0
31.0
100.0

Cumulativ e
Percent
10.0
36.0
64.0
69.0
100.0

Occupation
Gov ernment Employ ee
10.0%
Ot her
31.0%
Business
26.0%

Prof f esional
5. 0%
Priv ate employ ee
28.0%

Out of 100 Respondents

10% of respondents are Government employees

26% of respondents are Business

28% of respondents are Private employee

5% of respondents are Professionals

31% of respondents are others

NUMBER OF RESPONDENTS WHO HAVE TAKEN INSURANCE AS PER

INCOME

Annual Income

Valid

Below 1 Lakh
1- 2lakhs
2 - 3 Lakhs
3 - 4Lakhs
Abow 4l akhs
Total

Frequency
28
30
27
13
2
100

Percent
28.0
30.0
27.0
13.0
2.0
100.0

Valid Percent
28.0
30.0
27.0
13.0
2.0
100.0

Cumulative
Percent
28.0
58.0
85.0
98.0
100.0

Annual Income
Abow 4l ak hs
2. 0%
3 - 4Lak hs
13.0%

Below 1 Lakh
28.0%

2 - 3 Lakhs
27.0%

1- 2lakhs
30.0%

Out of 100 respondents the pie chart depicts that majority of respondents have annual income of
1-2 lakhs per annum.

Q1. Can you mention the names of life insurance companies?

HDFC SLIC
LIC of India
ICICI Prudential
MetLife
TATA AIG
SBI
Aviva
Max New York
Kotak Mahindra
ING Vysya
Reliance
Bajaj Allianz
Others

100
100
75
14
22
27
22
8
7
5
12
10
5

Can you mention the names of life insurance companies

120

100

100

100
75

80
60

Series1

40
14

20

22

27

22
8

12

10

SB
I
Av
M
ax
iv
a
N
ew
Ko
yo
ta
rk
k
M
ah
in
dr
IN
a
G
Vy
sy
a
Re
l
i
Ba
an
ce
ja
jA
llia
nz
e
O
th
er
s

of
In
IC
d
IC
IP
ru
d
M
et
TA life
TA
AI
G

LI
C

HD

FC

SL
IC

The chart depicts that mostly or all the people know about the company.

Q2. In which company you have invested?

TATAAIG

ICICI Prudential

LIC of India

61

MetLife

Others

Others
8%
Metlife
0%

TATAAIG
4%

ICICI Prud
11%

TATAAIG
ICICI Prud
LIC of Ind
Metlife
Others

LIC of Ind
77%

The chart depicts that the customers of HDFC Standard Life are also having policies in the other
companies this indicates that the customers opt for different plans which they prefer in other
companies.

Q3. What % of your savings would you like to invest in Life insurance
Policy annually?

What % of your s avings w ould you lik e to inves t in Life Insurance policy
annually ?

V alid

Upto 20%
21% - 30%
Total

Frequenc y
79
21
100

Percent
79.0
21.0
100.0

V alid Percent
79.0
21.0
100.0

Cumulativ e
Percent
79.0
100.0

What % of your savings would you like to invest

21% - 30%
21.0%

U pto 20%
79.0%

Most of the customers would like to invest up to 20% and keep the substantial part of the income
for their livelihood.

Q4. Which policy have you taken from HDFC Standard Life?
Which policy have you take n from HDFC Standard Life ?

Valid

Pens ion Plan

Children Plan
Protection Plan
Investment Plan
Unit Linked Plan
Other
Total

Frequenc y
27
14
11
10
35
3
100

Percent
27.0
14.0
11.0
10.0
35.0
3.0
100.0

Valid Percent
27.0
14.0
11.0
10.0
35.0
3.0
100.0

Cumulativ e
Percent
27.0
41.0
52.0
62.0
97.0
100.0

Which policy have you taken from HDFC Standard Life ?

Other
3.0%
Pension Plan
27.0%
Unit Linked Plan
35.0%

Children Plan
14.0%
Inv estment Plan
10.0%

Protection Plan
11.0%

According to the analysis, unit linked plan has captured the mindsets of the customers
compared to traditional plans

Q5. Specify the reason for investing in HDFC Standard Life?

Spe cify the reason for inve sting in HDFC Standard LIfe ?

V alid

Service
Saving
Tax Benefit
Return On Inves tment
Total

Frequenc y
19
8
25
48
100

Percent
19.0
8.0
25.0
48.0
100.0

V alid Percent
19.0
8.0
25.0
48.0
100.0

Cumulativ e
Percent
19.0
27.0
52.0
100.0

Return On Investment
48.0%

Service
19.0%

Saving
8.0%

Tax Benefit
25.0%

Most of the customers (48%) invest in HDFC Standard Life Insurance for getting high
returns on investment. And minority is 8% of respondents have invested in HDFC Standard
Life for savings purpose.

Q6. How did you come to know about HDFC Standard Life?

How did you com e to k now about HDFC Standard Life ?

V alid

Periodic als
Family & Friends
Financial Consultants
A dv ersitments
Others
Total

Frequenc y
21
41
28
8
2
100

Percent
21.0
41.0
28.0
8.0
2.0
100.0

V alid Percent
21.0
41.0
28.0
8.0
2.0
100.0

Cumulativ e
Percent
21.0
62.0
90.0
98.0
100.0

Others
2.0%
Adversitments
8.0%
Financial Consultant
28.0%
Periodicals
21.0%

Family & Friends

41.0%

Chart indicates that majority of customers have come to know about HDFC Standard Life
Insurance from their Family& Friends.

Q7. Who influences you, while making purchase decision

(Company / policy decision)?
Who influence you ,While m ak ing purchas e decision(Com pany / Policy decision) ?

V alid

Friends & Colleagues

Family & Relatives
Financial Consultant
A dv ersitment
others
Total

Frequenc y
22
18
51
5
4
100

Percent
22.0
18.0
51.0
5.0
4.0
100.0

V alid Percent
22.0
18.0
51.0
5.0
4.0
100.0

Cumulativ e
Percent
22.0
40.0
91.0
96.0
100.0

Who influence you ,While making purchase decision

others
4.0%
Adv ers itment
5.0%

F riends & Colleagues

22.0%

F amily & Relativ es

F inancial Consultant

18.0%

51.0%

Analysis
Out of 100 Respondents

40%&of respondents have been influenced by reference groups while making purchase
decision (company /policy decision)

51% of respondents have been influenced from Financial Consultants while making
purchase decision (company /policy decision)

Q8. Would you like to recommend HDFC Standard Life to others?

Would you lik e to re ccom e nd HDFC Standard Life to othe rs ?

Valid

Yes
No
Total

Frequency
79
21
100

Percent
79.0
21.0
100.0

Valid Percent
79.0
21.0
100.0

Cumulative
Percent
79.0
100.0

Would you like to recomend HDFC SL to others?

No
2 1.0%

Yes
7 9.0%

Analysis:
79 % of respondents have positive attitude towards HDFC Standard Life that they
willingness to recommend HDFC Standard Life to others.
21% of respondents have not going to recommend HDFC Standard Life.

Q9. What level of satisfaction did the customers of HDFC SLIC get?

TABLE SHOWING LEVEL OF SATISFACTION TOWARDS HDFC SLIC

Factors
Premium
amount
Claim
settlement
Customer
service

Highly
satisfied
50

Satisfied

Neutra l

24

26

Highly
Dissatisfied Total
dissatisfied
0
0
100

45

25

30

100

20

55

25

100

ANALYSIS:From the table, we have assigned ranks for the level of satisfaction towards the HDFC Standard
Life insurance company. As per the table, people are highly satisfied with the premium amount
of the company. Respondents have said they are satisfied with the customer service provided by
the company. Respondents have ranked that they are highly dissatisfied with the claim settlement
of the company.

Q10. HDFC Standard Life maintains good relation with Customer

(After sales service).
HDFC Standard LIfe m aintains good relation w ith cus tom er

Valid

Frequenc y
Strongly Agree
15
Agree
53
Neither Agree
32
nor Dis agree
Total
100

Percent
15.0
53.0

Valid Percent
15.0
53.0

Cumulativ e
Percent
15.0
68.0

32.0

32.0

100.0

100.0

100.0

HDFC Standard LIfe maintains good relation with customer

Neither Agree nor Di
32.0%
Strongly Agree
15.0%

Agree
53.0%

Analysis:
68% of respondents (15% strongly agree + 53% Agree) have positive attitude towards
service provided by the company.
32% of respondents have not in a position to decide the service provided by the company.

Q11. You buy HDFC Standard Life products because it gives.

High Return on investment
High re tur n on inve s tm e nt

Valid

Frequenc y
Strongly Agree
57
Agree
32
Neither Agree
11
nor Dis agree
Total
100

Percent
57.0
32.0

Valid Percent
57.0
32.0

Cumulativ e
Percent
57.0
89.0

11.0

11.0

100.0

100.0

100.0

High return on investment

Neither Agree nor Di
11.0%

Agree
32.0%

Strongly Agree
57.0%

Analysis:

57% of customers have taken HDFC Standard Life Insurance products for high return on
investments and strongly agree with that.

Q12. You buy HDFC Standard Life products because it gives.High Security.
High s ecur ity

Valid

Highly Agree
Agree
Neither Agree
nor Disagree
Total

Frequency
40
51

Percent
40.0
51.0

Valid Percent
40.0
51.0

Cumulative
Percent
40.0
91.0

9.0

9.0

100.0

100

100.0

100.0

High security
Neither Agree nor Di
9.0%

Highly Agree
40.0%

Agree
51.0%

Analysis:

Majority of the customers agree with the security of their investment made in HDFC Standard
Life insurance and a substantial part of the customers strongly agree with that.

Q13. You buy HDFC Standard Life products because it gives.Good Service.
Good Se rvice

V alid

Stronly Agree
A gree
Neither Agree
nor Dis agree
Disagree
Total

Frequenc y
17
52

Percent
17.0
52.0

V alid Percent
17.0
52.0

Cumulativ e
Percent
17.0
69.0

30

30.0

30.0

99.0

1
100

1.0
100.0

1.0
100.0

100.0

Good Service
Dis agree
1.0%
Neither Agree nor Di
30.0%
Stronly Agree
17.0%

Agree
52.0%

Out of 100 Respondents

69% of respondents have positive attitude towards service provided by the company.
30% of respondents have not in a position to decide the service provided by the company.
1% respondent have negative attitude towards service provided by the company.

Q14. You buy HDFC Standard Life products because it gives Tax benefit

Tax benefit

Valid

Strongly Agree
Agree
Neither Agree
nor Dis agree
Total

Frequenc y
59
36

Percent
59.0
36.0

Valid Percent
59.0
36.0

Cumulativ e
Percent
59.0
95.0

5.0

5.0

100.0

100

100.0

100.0

Tax benefit
Neither Agree nor Di
5.0%
Agree
36.0%

Strongly Agree
59.0%

Analysis
Out of 100 Respondents

59% of respondents are strongly agree.

36% of respondents are Agree.

5% of respondents are neither agree nor disagree.

Q15. THE COMPANY RESPONDS TO PROBLEMS.

Choice

No. Of respondents

%age

Immediate

55

55

Delayed

45

45

No response

Total

100

100

ANALYSIS:From the above table it is inferred that 55% of the respondents have said that the
company responds to their problems immediately, which shows the customer service is
good. 19.18% of the respondents have said they have delayed response from the
company which shows the company has to concentrate more towards their customers
views.

CHAPTER-5:
FINDINGS &
CONCLUSION

Findings
35% of policy holders are more concentrated on Unit linked plans, it is due to the
reason that the returns on these policies are more compared to the traditional policies.
All the respondents are having insurance policies, which shows that their willingness to
cover his/ her life risk cover and give protection to his/her family.
79% of the respondents would like to invest up to 20% of their annual income in life
insurance and keep the substantial part of the income for their livelihood.
Many customers expect some extra facilities from the Company.
The major competitors are LIC and ICICI Prudential.
Maximum business comes from financial consultants with aggressive selling.
Most of the respondents are satisfied with attending query, which shows that the
company is capable of understanding the customers attitude & provide optimal
solution.
The customers of HDFC Standard Life are also having policies in the other companies
this indicates that the customers opt for different plans which they prefer in other
companies.
51% of the customers strongly agree that investing in HDFC Standard Life is easy.

79% of the customers would like to recommend HDFC Standard Life to others.

57% of the customers have invested in HDFC Standard Life because of high return on
investments.
Most of the customers have positive attitude towards safety and secured on their
investment.
68% of respondents have positive attitude towards service provided by the company
and 32% of respondents have not in a position to decide the service provided by the
company.

Conclusion
HDFC Standard Life Insurance Company is well structured company in all respects it has got
well-organized distribution system. It has also a proper procedure for running activities
systematically. The major competitors are LIC and ICICI Prudential. Financial consultants
are the one who influence the customers decision. Maximum business comes from financial
consultants with aggressive selling. Family welfare is the main factor, which investors think
while investing in any life insurance company. But other factors such as returns, security, and
tax benefit are also carrying almost same preference.

CHAPTER-6
SUGGESTIONS &
RECOMMENDATION

Suggestions
Company has to create sense of security among the customers. Because most of the
people fear about security in Private life insurance companies. So Company has to
explain and highlight about IRDA, which will give support to the private life insurance.
As the competition is increasing the company should use the new emerging methods for
collection of premiums to get the competitive advantage on others.

Service should focus on enhancing the customer experience and maximizing customer
convenience. This calls for effective CRM system, which eventually would create
sustainable competitive advantage and build long lasting relationship.
Whenever company launches new products, company should conduct some Events for
existing customers, which ensures direct interaction with existing customers.

RECOMMENDATIONS
The following suggestions recommended based on the research work done
It is recommended to concentrate on 21-40 age group people more because this
is an untapped potential so the company can make them to invest.
School Level educated people are investing less in life insurance; hence the
company can concentrate more on this group to invest in life insurance.
Business and profession people are investing less in life insurance business,
hence efforts needs to be taken by the company to make them invest in life
insurance
Bringing out advertisements in newspaper, TV and pamphlets can help the
company to place its products in the mind of the consumers in a better way.
As the people have said that they mainly invest in life insurance for planning
their annual tax, the company should concentrate during the month of January to
March.
As only 35.76% of the people have said that they are aware of the company
policies, the company needs to create more awareness among the people.
As the respondents have ranked first that the company should train its agents to
create awareness about its policies, the company should take necessary steps to
train the agents and training sessions could have been conducted using effective
trainers to increase the sales.
19.18% of the people have said that they received delayed response from the
company for the problems they faced; hence the company should try to attend
the problems of its customers immediately and the company can start 24hours
customer service to rectify the problem.
As the respondents have rated brand name as an important factor for investing
in life insurance, the company should try to create a good brand image for its
products.
Advertisements should be brought out more during the time of tax payable and
pamphlets can be issued near the places where public movements are more.

BIBLIOGRAPHY

Bibliography:

Books:
Marketing Management: Philip Kotler
Marketing Research: Tull and Hawkins

Magazines/Journals:
Insurance watch
IRDA journal

Website:
www.irda.com
www.hdfcinsurance.com

ANNEXURE

Dear Sir / Madam

Customer Profile
Name:

____________________________

Age: ______

Address: ____________________________
____________________________
Sex:

Male ( ) Female ( )

Marital status: Married ( ) Unmarried ( )

Education: Graduate ( ) Post graduate ( )Under Graduate ( ) Professional( )

Occupation: Government Employee ( ) Business ( ) Private Employee ( )
Professional ( ) Others ( )
Annual Income: Below1lakh ( ) 1-2 lakhs ( )
2-3 lakhs ( )
3-4 lakhs ( )
Above 4 lakhs ( )

1. Can you mention the names of Life Insurance companies?

________________________________________

3.

In which company you have invested?

HDFC Standard life ( ) Tata AIG ( )
LIC of India ( )
MetLife ( )

ICICI Prudential ( )
Others_____________

What % of your savings would you like to invest in Life insurance

Policy annually?
Nothing ( )
Up to 20% ( )
21 % -30% ( )
31%- above ( )

4. Which policy have you taken from HDFC Standard Life?

Pension plan ( )
Children plan ( )
Protection plan ( )
Investment plan ( )
Unit Link ( )
Other_____________

5. Specify the reason for investing in HDFC Standard Life?

Service ( )
Saving ( )
Tax benefit ( )
Return on investment ( )
6. How did you come to know about HDFC Standard Life?
Periodicals ( )
Family & Friends ( ) Financial Consultant ( )
Advertisement ( ) Others _____________
7. Who influences you, while making purchase decision
(Company / policy decision)?
Friends & Colleague ( )
Family & Relatives ( )
Financial Consultants ( )
Advertisements ( )
Others _____________
8. Would you like to recommend HDFC Standard Life to others?
Yes ( )
No ( )
Reason: _________________________________
__________________________________
9. It is easy to invest in HDFC Standard Life.
Strongly agree ( )
Agree ( )
Neither agree nor disagree ( )
Disagree ( )
Strongly disagree ( )

10. HDFC Standard Life maintains good relation with Customer (after sales service).
Strongly agree ( )
Agree ( )
Neither agree nor disagree ( )
Disagree ( )
Strongly disagree ( )

Attitude towards product

11. You buy HDFC Standard Life products because it gives.
Factors

Strongly
agree

Agree

Neither
Disagree
agree
nor
disagree

Strongly
disagree

High Return
on
investment
High
Security
Good
Service
Tax benefit

12. Which kind of facility do you expect from HDFC Standard Life?
____________________________________________