customer perception towards hdfc standard life
Post on 28-Oct-2014
145 Views
Preview:
TRANSCRIPT
HDFC STANDERD LIFE INSURANCE
INDUSTRY PROFILE BRIEF HISTORY OF INSURANCE IN INDIA
Life insurance activity in its modern from started in India in 1818 to provide insurance for the European soldiers and civilians to benefit their families. The first Indian Life insurance company, the Bombay Mutual Life assurance society started its business in 1870. This was the first company, which charged same amount of premium on both Indian and Non-Indian lives. Earlier native Indian lives were considered more risky and hence were charged more premiums for coverage. Foreign insurance companies dominated insurance business in India and enjoyed monopoly right up to the end of nineteenth century.
Insurance regulation formally began in India through the passing of two acts, the life Insurance companies act of 1912 and the provident act 1912, the first legislation was introduced with the insurance act of 1938 that provided strict state control over insurance business in the country. This provided an effective cheek on the large-scale frauds that sullied insurance business during the 1930`s.
In the 1940s, there were more than 220 Insurance companies in India. There was no control over the starting and closing of insurance companies. Customer`s money was on stake. After independence, the business of insurance grew at a faster pace as the competition among the Indian companies intensified. At this juncture, the government of India decided to merge all the insurance companies. In the year 1956, the merger and nationalization of all existing life insurance companies were done which resulted in giving birth to the life insurance corporation of India (LIC). Closed to foreign competition, the Indian insurance industry was run by the government for over 40 years through LIC and four general insurance companies that spanned the length and breadth of the country. LIC enjoyed a monopoly for more than four decades.
N.M.I.T. BANGALURU. Page 1
HDFC STANDERD LIFE INSURANCE
GLOBEL MARKET PENETRATION
Penetration of life insurance is beginning to cut across socio-economic classes and attract people who have never purchased insurance before. With the heightened awareness and the consumer education comes a willingness to view life insurance as an integral part of the financial portfolio. No longer is the life insurance a poorly understood product that is pushed onto people. Nor is it a product that is only to be bought hurriedly at the time of filling taxes. It`s now catching on as an important element of the overall financial basket one that is purchased to fulfill specific rational and emotional needs. Not only there has been a charge in the structure and nature of the products, but also in the way they are sold.
INSURANCE PENETRATION ACROSS THE NATION:
From being a purely advisor – driven business, the sector has seen the emergence of a number of channels including bank assurance, corporate agents, brokers and direct marketing. These channels, though new, are quickly gaining importance primarily because they present the customer with multiple ways of approaching life insurers. There has been a vast improvement in service attitude and delivery too. As with privatization in any industry, the benefits aren`t restricted to the customer alone, but extend to the society at large, by generating employment opportunities for thousands.
Over the past two years, insurance companies; both life and non life insurance have collectively hired at least 6,000 employees to staff their operation across the country, another 90,000- odd have been appointed as life insurance advisors who are engaged in counseling and recommending products to the insurance buyers. The potential for the growth and spread of life insurance is high as in many other Asian countries. This is due to stronger economic growth, rapid aging of population, a weak social security and pension system leaves a majority of workers with no old age income security. A well-developed insurance sector promotes economic growth by encouraging risk-taking activity, and also has great potential in mobilizing long-term contractual savings and the rest is crucially needed for infrastructure development.
N.M.I.T. BANGALURU. Page 2
HDFC STANDERD LIFE INSURANCE
INSURANCE DENSITY ACROSS THE NATIONS
The global insurance market stands at 1521.2 billion US dollar and India stands 23rd position with 9.93 billion US dollar. Out of the 1 billion populations in India 35 millions are insured. India`s life insurance premium as percentage of GDP is 2.32%. The Indian insurance market is set to touch 25 billion US dollar by 2010. On the assumption of 7% growth in GDP. The role of life insurance is a crucial one for the development of our country. Life insurance companies have to invest 75% of its revenue in the government specified securities like electricity boards, housing schemes, water supply and sewage projects, development of road and transport, industrial development schemes etc.
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY
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 framing regulation and registering the private sector insurance companies.
The other decisions taken simultaneously to provide the supporting systems to the insurance sector and in particular to the life insurance companies was the launch of the IRDA`s 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, which are expected to be introduced by early next year.
Since being set up as an independent statutory body the IRDA has put in a framework of globally compatible regulations. In the private sector 14 life insurance and 6 general insurance companies have been registered.
N.M.I.T. BANGALURU. Page 3
HDFC STANDERD LIFE INSURANCE
MISSION OF INSURANCE SECTOR;-
To protect the interest of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto.
DUTIES, POWERS AND FUNCTIONS OF IRDA
1. Adjudication of disputes between insurers and intermediaries or insurance intermediaries.
2. Promoting and regulation professional organizations connected with insurance and re-insurance business.
3. Specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents.
4. Promoting efficiency in the conduct of insurance business
5. Regulation investment of funds by insurance companies
6. Issue the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration.
N.M.I.T. BANGALURU. Page 4
HDFC STANDERD LIFE INSURANCE
T1; PRIVATE LIFE INSURANCE PLAYERS IN INDIA
REG NO. DATE OF REG. NAME OF THE COMPANY
101 23.10.2000 HDFC Standard life insurance company ltd.
104 15.11.2000 Max New York Life insurance company ltd.
105 24.11.2000 ICICI Prudential life insurance company lt6d.
107 10.01.2001 Om Kotak Mahindra life insurance company ltd.
109 31.01.2001 Birla Sun life insurance company ltd.
110 12.02.2001 Tata AIG life insurance company ltd.
111 30.03.2001 SBI life insurance company ltd.
114 02.08.2001 ING Vysya life insurance company private ltd.
116 03.08.2001 Alianz Bajaj life insurance company ltd.
117 06.08.2001 MetLife India insurance company pvt ltd.
122 14.05.2002 Aviva life insurance Co. India pvt ltd.
127 06.02.2004 Sahara India insurance company ltd
128 17.11.2005 Shriram life insurance company ltd.
N.M.I.T. BANGALURU. Page 5
HDFC STANDERD LIFE INSURANCE
SOME OF THE IMPORTANT MILESTONES IN THE LIFE INSURANCE BUSINESS IN India are;
1818: Oriental life insurance company, the first insurance company on Indian soil started functioning.
1870: Bombay Mutual life assurance society, the first Indian life insurance company started its business.
1912: The Indian insurance companies Act enacted as the first Statute to regulate the life insurance business.
1928: The Indian insurance companies Act enacted to enable the government to collect statistical information about both life and non life insurance business.
1938: Earlier legislation consolidated and amended to by the insurance Act with the objective of protecting the interest of the insuring public.
1956: 245 Indian and foreign insurance and provident fund societies take over the central Govt and nationalized. LIC formed by an Act of Parliament, viz, LIC Act, 1956, with a capital contribution of Rs. 5crore from the Govt of India.
N.M.I.T. BANGALURU. Page 6
HDFC STANDERD LIFE INSURANCE
INSURANCE
Definitions
General Insurance:
A contract in which one party agrees to pay for another part’s financial loss resulting from a specific event (for example, a collision, theft, or storm damage). Lease agreement generally requires that you maintain vehicle collision and property damage.
Life insurance:
A system of protection against loss in which a number of individuals
agree to pay certain sums of money, called premiums, to create a pool of money
which will guarantee that individual will be compensated for losses caused by
events such as fire, accident, illness, or death.
Benefits of Insurance: Insurance is the instrument of security, savings and peace of mind. It Provides several benefits by paying a small amount of premium to an insurance company as:-
1. Safeguard oneself and one’s family for future requirements.
2. Peace of mind-in-case of financial loss.
3. Tax rebate.
4. Protection from the claim by creditors.
5. Security against a personal loan or other type of loan.
N.M.I.T. BANGALURU. Page 7
HDFC STANDERD LIFE INSURANCE
6. Provide a protection cover to industries, agriculture, women and
child.
7. Provide good returns on investments.
Private players in the Life insurance industry, which has tied up with various foreign companies:-
ICICI Prudential ICICI Bank Prudential, UK
Birla Sun Life Aditya Birla Group Sun life, Cananda
Allianz Bajaj Bajai Auto Allianz, Germany
SBI Life SBI Bank Cordiff, France
HDFC Standard Life HDFC Bank Standard Life, UK
TATA-AIG Life TATA Group AIG, US
Max New York Life. Max India New York Life, US
Aviva Life DABUR Aviva, UK
Kotak Mahindra Life KOTAK Mahindra Bank Old Mutual, S.A
ING Vysya Life Vysya Bank ING, Netherlands
Reliance Life Reliance Group None
Metlife India J & K Bank Met life, US
Sahara Life Sahara India None
N.M.I.T. BANGALURU. Page 8
HDFC STANDERD LIFE INSURANCE
COMPANY PROFILE
HDFCS Standard Life Insurance Company Ltd. is one of India’s leading
Private insurance companies, which offers a range of individual and group
insurance solutions, it is a joint venture between Housing Development Finance
Corporation Limited (HDFC Ltd.), and India’s leading housing finance institution
and a Group Company of the Standard Life, UK. HDFC as on March 31, 2007 holds
81.9 Per cent of equity in the joint venture
Our Key strengths
Financial Expertise
As a joint venture of leading financial Services groups, HDFC Standard Life has the financial expertise required to manager your long-term investments safely and efficiently.
Range of solutions
We have a range of individual and group solutions, which can be easily
customized to specific needs. Our group solutions have been designed to offer
you complete flexibility combined with a low charging structure
Track Record so far
N.M.I.T. BANGALURU. Page 9
HDFC STANDERD LIFE INSURANCE
Our Gross Premium income, for the year ending March 31, 2008 stood at
Rs. 2, 856 crores and new business premium income at Rs. 1,624 crores.
The company has covered over 8, 77,000 lives year ending March 31, 2008.
HDFC PROFILE
HDFC was incorporated in 1977 with the primary objective of meeting a
social need – that of promoting home ownership by providing long-term finance
to households for their housing needs, HDFC was promoted with promoted with
an initial share capital of Rs. Million.
Business Objectives
The primary objective of HDFC is to enhance residential housing stock in
the country through the provision of housing finance in a systematic and
professional manner, and to promote home ownership another objective is to
increase the flow of resources to the housing sector by integrating the housing
finance sector with the overall domestic financial markets.
Organizational Goals
HDFC’s main goals are to
1. Develop close relationships with individual households,
2. Maintain its position as the premier housing finance institution in the
country.
3. Transform ideas into viable and creative solutions,
4. Provide consistently high returns to shareholders,
N.M.I.T. BANGALURU. Page 10
HDFC STANDERD LIFE INSURANCE
5. We to grow through diversification by leveraging off the existing
client base
STANDARD LIFE HISTORY
The Standard Life Assurance Company (“Standard Life”) was established
in 1825 and the first Standard Life Assurance Company Act was passed by
parliament in 1832. Standard Life was reincorporated as a mutual assurance
company in 1925.
The Standard Life group originally operated only through branches or agencies of
the mutual company in the United Kingdom and certain other countries.
Its Canadian branch was founded in 1833 and its Irish operations in 1838. This
largely remained the structure of the group until 1996, when it opened a branch
in Frankfurt, Germany with the aim of exporting its UK Life assurance and
pensions operating model to capitalize on the opportunities presented by EC
Directive 92/96/EEC (the “Third Life Directive”) and offer a product range in that
market with features which local provides were unable to offer.
In the 1990s, the group also sought to diversify its operations into areas,
which complemented its core life assurance and pensions business, which the
intention of positioning itself as a broad range financial services provider.
Standard Life Asia Limited / joint ventures:-
N.M.I.T. BANGALURU. Page 11
HDFC STANDERD LIFE INSURANCE
Economic Development Area General Company (“TEDA”) became
operational in 2003. The group’s Hong Kong subsidiary, Standard Life Asia Limited
(“SL Asia”), was incorporated in 1999 as a joint venture and became a wholly –
owned subsidiary of Standard Life in 2002, The group’s operations in Hong Kong
were established to give the group a presence in the far East from which it could
expand into China. The group’s joint ventures in India which Housing
Development Finance Corporation Limited(“HDFC”) Were Incorporated in 2000(in
relation to the life assurance and pensions joint venture) and 2003 (in relation to
the investment management joint venture). The group’s joint venture in China
with Tianjin
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
N.M.I.T. BANGALURU. Page 12
HDFC STANDERD LIFE INSURANCE
Team work
Joy and Simplicity, People Care “One for all and all for one”
GROUP COMPANIES
Housing Development Finance Corporation
HDFC Bank
HDFC Mutual Funds
HDFC Securities
HDFC Chubb General insurance company Limited
Board of Directors
MR Deepak S Parekh Chairman
MR Deepak M Satwalekar MD&CEO
MR Keki M Mistry
MR Ravi Narain
MR G.N. Bajpai
MR Alexander M Crombie
MR Gautam R Divan
N.M.I.T. BANGALURU. Page 13
HDFC STANDERD LIFE INSURANCE
MR Ranjan Pant
MRS Marcia Dominic Campbell
MR Keith Norman Skeoch
PROFILE OF THE PRODUCTS
Life insurance is a contract between a person and an insurance company by
which that person pays in a certain agreed-upon amount regularly (usually
monthly) so that upon that person’s death, his or her family or other beneficiary
will receive a large lump sum payment and thereafter replaces the loss of income
or pension benefit caused by the death of the policy-holder.
Benefits :-
1. Protection to the family: Helps maintain lifestyle even in the absence of
its earning member.
2. Savings: Life Insurance facilitates financial planning.
3. Security: Takes care of loans and debts in the event of the death of the
earning member.
4. Establish an emergency fund for the family to meet unexpected
expenses.
5. Retirement Benefits.
6. Also Tax savings.
N.M.I.T. BANGALURU. Page 14
HDFC STANDERD LIFE INSURANCE
Different life insurance polities may very by frequency and amount of
payments (some policies have a fixed payment amount that never changes;
others will increase on a regular basis), term of coverage, and the amount and
method of final payment to the beneficiary. The following are the products
offered by HDFC standard life.
Savings plans
Protection plans
Retirement plans
Child plans
Investment plans
HDFC Unit Linked Young Star
The HDFC Unit Linked Young Star gives you:
1. Access to your accumulated fund before maturity
2. An outstanding investment opportunity by providing a choice of
thoroughly researched and selected investments
3. Valuable protection to your child in case you are not around
4. Flexible benefit combinations and payment options Valuable protection
to your child in case you are not around
Your can choose your premium and the investment fund or funds. We will
then invest your premium, net of premium allocation charges in your chosen
N.M.I.T. BANGALURU. Page 15
HDFC STANDERD LIFE INSURANCE
funds in the proportion you specify. At the end of the policy term, you will receive
the accumulated value of your funds.
In case of your unfortunate demise during the policy term
Pay the Sum Assured you had chosen to your child
Continue your policy AND continue to pay the original regular premiums
you had chosen.
Benefits
Life :- Speaks about death immediately, sum assured is paid & all remaining
premium are paid by insurance company and at the time of maturity fund value is
given.
Life & health :-Speaks about death immediately & Critical illness which ever is
earlier, sum assured is paid & all remaining premium are paid by insurance
company and at the time of maturity fund value is given. Critical illness include
stork, heart, organ transplant, cancer, kidney failure, and coronary artery bypass
surgery.
Note 1: the beneficiary (child) is the sole person to receive the benefit under the
policy. Where the beneficiary is less than 18 years of age, the benefit will be paid
to the Appointee.
Note 2: there is no nomination facility
Premium allocation charges
N.M.I.T. BANGALURU. Page 16
HDFC STANDERD LIFE INSURANCE
:KS First Year Second year onwards
.99 60% 1%
.99 40% 1%
.99 30% 1%
19.99 20% 1%
10% 1%
HDFC Unit Linked Young Star Plus
The HDFC Unit Linked Young Star plus gives you:
1. Access to your accumulated fund before maturity
2. An outstanding investment opportunity by providing a choice of
thoroughly researched and selected investments
3. Valuable protection to your child in case you are not around
4. Flexible benefit combinations and payment options Valuable protection
to your child in case you are not around
You can choose your premium and the investment fund or funds. We will
then invest your premium, net of premium allocation charge sin your chosen
funds in the proportion you specify. At the end of the policy term, you will receive
the accumulated value of your funds.
In case of your unfortunate demise during the policy term
N.M.I.T. BANGALURU. Page 17
HDFC STANDERD LIFE INSURANCE
Pay the Sum Assured you had chosen to your child
Continue your policy AND continue to pay the original regular premiums
you had chosen.
Benefits
Life:- Speaks about death immediately, sum assured is paid & all remaining
premium are paid by insurance company and at the time of maturity fund value is
given.
Life & health:- Speaks about death immediately & Critical illness which ever is
earlier, sum assured is paid & all remaining premium are paid by insurance
company and at the time of maturity fund value is given. Critical illness includes
stork, heart, organ transplant, cancer, kidney failure, and coronary artery bypass
surgery.
Note 1: The beneficiary (child) is the sole person to receive the benefit under the
policy. Where the beneficiary is less than 18 years of age, the benefit will be paid
to the appointee.
Note 2: there is no nomination facility
Premium allocation charges
N.M.I.T. BANGALURU. Page 18
HDFC STANDERD LIFE INSURANCE
KS First Year Second year onwards
.99 30% 1%
.99 20% 1%
.99 150% 1%
19.99 10% 1%
5% 1%
Additional Benefit: it given 0.1% of loyalty bonus every year.
UNIT LINKED ENDOWMENT
The HDFC unit Linked Endowment Plan gives you:-
1. An outstanding investment opportunity by providing a choice of
thoroughly researched and selected investments.
2. Valuable protection to your family in case you are not around
3. Flexible benefit combinations and payment options
4. Flexible additional benefit options such as critical illness cover
5. Access to your accumulated fund before maturity
You cans choose your premium and the investment fund of funds. We will
then invest your premium, net of premium allocation charges in your chosen
funds in the proportion you specify. At the end of the policy term you will receive
the accumulated value of your funds.
In case of your unfortunate demise during the policy term:
N.M.I.T. BANGALURU. Page 19
HDFC STANDERD LIFE INSURANCE
We will pay the greater of your Sum Assured (less any withdrawals you have
made in the two years before your claim) and your total fund value to your family.
Benefits
Life
Life & health
Extra Life option
Extra Life & Health Option
Beneficiaries:
You will receive the benefits due on maturity due on maturity at the end of the
policy term. In the event of your unfortunate demise, your nominee will receive
the benefits due. Nomination facilities are available.
Charges:
Policy administration charges: Rs. 20 per month.
Fund manager charges; 0.8% per annum charge on daily basis.
N.M.I.T. BANGALURU. Page 20
HDFC STANDERD LIFE INSURANCE
Mortality charges: depends on age, features (on monthly basis).
Surrender charges are 3% of 2years of o/s premium.
Additional Benefit: It gives 0.1%of 2yours of o/s premium.
HDFC UNIT LINKED PENSION
The HDFC unit Linked Pension gives you:
1. An outstanding investment opportunity by providing a choice of
thoroughly researched and selected investments.
2. A post retirement income for life.
3. Flexibility to plan your retirement date
4. Freedom to invest premiums as per your preference
You cans choose your premium and the investment fund of funds. We will
then invest your premium, net of premium allocation charges in your chosen
funds in the proportion you specify. At the end of the policy term you will receive
the accumulated value of your funds, which will be used to provide your pension
income.
In the event of your unfortunate demise during the policy term:
N.M.I.T. BANGALURU. Page 21
HDFC STANDERD LIFE INSURANCE
Your spouse will receive a cash lump sum to help him or her manage the
retirement years
Benefits
On retirements
You will get the value of the units in your policy.
Your can take up to 1/3 of your fund value as a tax-free cash lump sum and the
rest must be converted in to annuity
You can buy the annuity from us or any other insurer.
On death:
Unfortunate death your nominee will receive the unit fund value. Policy
terminates there after.
Charges:
Policy administration charges: Rs. 20 per month.
N.M.I.T. BANGALURU. Page 22
HDFC STANDERD LIFE INSURANCE
Fund manager charges; 0.8% per annum charge on daily basis.
Revival charge: A charge of Rs. 250 is charged for revival to cover for
administrative expenses
Miscellaneous charges: This is a charge levied for any alterations with in the
contract like premium redirection for any alterations with in the contract like
premium reduction or ad-hoc policy servicing. 12 premium reduction requests will
be free in a policy year and any additional 12 premium reductions will be charged
Rs. 250 per request.
HDFC UNIT LINKED PENSION PLUS
The HDFC unit Linked Pension plus you:
1. An outstanding investment opportunity by providing a choice of
thoroughly researched and selected investments.
2. A post retirement income for life.
3. Flexibility to plan your retirement date
4. Freedom to invest premiums as per your preference
You cans choose your premium and the investment fund of funds. We will
then invest your premium, net of premium allocation charges in your chosen
funds in the proportion you specify. At the end of the policy term you will receive
the accumulated value of your funds, which will be used to provide your pension
income.
N.M.I.T. BANGALURU. Page 23
HDFC STANDERD LIFE INSURANCE
In the event of your unfortunate demise during the policy term:
Your spouse will receive a cash lump sum to help him or her manage the
retirement years.
Benefits
On retirements :- You will get the value of the units in your policy.
Your can take up to 1/3 of your fund value as a tax-free cash lump sum and the rest must be converted in to annuity
You can buy the annuity from us or any other insurer.
On death: - Unfortunate death your nominee will receive the unit fund value. Policy terminates there after.
Charges:
Policy administration charges :- Rs. 20 per month.
Fund manager charges :- 0.8% per annum charge on daily basis.
Revival charge:- A charge of Rs. 250 is charged for revival to cover for administrative expenses
Miscellaneous charges: This is a charge levied for any alterations with in the contract like premium redirection for any alterations with in the contract like
N.M.I.T. BANGALURU. Page 24
HDFC STANDERD LIFE INSURANCE
premium reduction or ad-hoc policy servicing. 12 premium reduction requests will be free in a policy year and any additional 12 premium reductions will be charged Rs. 250 per request.
Additional benefit:
At the end of every policy year we will increase the number of units in each of your funds by 0.10% as long as your policy is in force or paid-up.
The compounding effect of this regular addition is expected to boost your final
vesting benefits.
AREA OF OPERATION:-
The area of operation was national since origin, but in the year 2000 the
company has a joint venture with standard life UK and entered Global market. So
the area of operation of the company is global since 2000.
OWNERSHIP PATTERN:- HDFC STANDARD LIFE INSURANCE is having a joint
venture with Standard life UK. It was registered on 23.10.2000 & while
registration it took the joint venture with standard life.
COMPETITORS:-
New York Life Insurance Company Ltd
ICICI Prudential Life Insurance Company Ltd
Kotak Mahindra Life Insurance Company Ltd
Sun Life Insurance Company Ltd.
N.M.I.T. BANGALURU. Page 25
HDFC STANDERD LIFE INSURANCE
Tata AIG Life Insurance Company Ltd
Life Insurance Company Ltd
ING Vysya Life Insurance Company Private Ltd
Bajaj Life Insurance Company Pvt. Ltd
Life India Insurance Company Pvt. Ltd
SANMAR Assurance Company Pvt. Ltd
Life Insurance Company Ltd
SAHARA India Insurance Company Ltd
Life Insurance Company Ltd
INFRASTRUCTURE FACILITIES:-
It covers over 693 cities & towns through its offices in India with over
79000 financial consultants by company. HDFC also has 833 corporate agents and
other sales intermediaries including banks for distribution of insurance products.
The company has a tied agency and an alternate channel. Tied agency mainly deals
with getting business and recruiting the life advisors, alternate channel. Tied
agency mainly deals with getting business and recruiting the life advisors, alternate
channel members are considered as the channel partners and they deal with mutual
funds. In the tied agency as well as alternate channel, each employee is provided
with a computer to perform their operations and a telephone connection is given as
N.M.I.T. BANGALURU. Page 26
HDFC STANDERD LIFE INSURANCE
they have to follow up their clients and telephones are very essential to make feel
calling.
Each branch is provided with a seminar room, a branch manager room,
regional manager room, cash counter for premium receipts and many other
safety and welfare facilities to make employees feel free to perform their work.
AWARDS AND ACCOLADES: -
“Company of the Year” for the seventh successive year (Money
Marketing Awards)
“Best Pension Provider” (2004 and 2005 Money Marketing Awards)
“Best Pension Product” (2003 – 2005 Money facts Investment, Life &
Pension Awards)
“Group Pensions Provider of the Year” (Financial Adviser Life and
Pension Award 2004).
GROWTH & PROSPECTS: -
The company is performing well at present. It has increased sales by 65% to
euro 70m (2006:euro42m) of which standard life share was euro 12m
N.M.I.T. BANGALURU. Page 27
HDFC STANDERD LIFE INSURANCE
(2006:euro11m). There was an increase of 57.9% growth during the year (2007-
2008). It also has the present share of 2.15%. As the HDFC is in various domains
of finance like Banking, Life insurance, Personal loan, Home loan, Mutual
Funds, Securities, and General insurance.
Mc Kinsley 7s Model:
Mc Kinsley model is familiarly known as 7s model. Two persons namely, Tom peter and Robert Waterman developed it. They have been consultants at Mc Kinsley & co. at that time, they published their 7s model in their article “structure is not organization” (1980) and in their books “the art of Japanese management “ (1981) and “in search of excellence” (1982)
The model is based on concept that an organization is not just structure, but consists of seven elements.
N.M.I.T. BANGALURU. Page 28
HDFC STANDERD LIFE INSURANCE
The Mc Kinsley 7s model is widely discussed framework for viewing the interrelationship of strategy formulation and implementation. It helps to focus manager’s attention on the importance of linking the chosen strategy to a variety of activities that can affect the implementation of that strategy.
STRUCTURE:
The structure of the organization basically a network of authority and responsibility, which has been assumed and delegated to the employees. Organization structure defines the pattern of formal relationship of superiors and subordinates. It may be regarded as network of role, relationship, assigned work and delegated authority of employees. It provides the basic which the managers and non-managerial employees perform the job assigned to them.
Organization & Management
HDFC is professionally managed organization with a board of directors consisting of eminent persons who represent various fields including finance, taxation, construction and urban policy & development. The board primarily focuses on strategy formulation, policy and control, designed to deliver increasing value to shareholders.
Board of Directors
N.M.I.T. BANGALURU. Page 29
HDFC STANDERD LIFE INSURANCE
MR Deepak S Parekh Chairman
MR Deepak M Satwalekar MD&CEO
MR Keki M Mistry
MR Ravi Narain
MR G.N. Bajpai
MR Alexander M Crombie
MR Gautam R Divan
MR Ranjan Pant
MRS Marcia Dominic Campbell
MR Keith Norman Skeoch
Departments:
HDFC SLIC strongly believes that the structure of an organization needs to be dynamic, constantly evolving and responsive to changes both in the external and internal environments.
The organizational structure is designed to support the business objectives, and is flexible while at the same time ensuring effective control and supervision and consistency in standards across business groups.
HDFC SLIC organization structure is flexible enough to counter balance of the external and internal environment. This will help in the smooth functioning of the company.
There are ten boards of directors who decide on & have the authority to take decision. And in the next level the managing director who controls over finance, marketing, IT, sales HR departments who comes under the top management.
N.M.I.T. BANGALURU. Page 30
HDFC STANDERD LIFE INSURANCE
Zonal officer, branch manager, territory manager, sales manager, all comes under middle level management.
Assistant sales manager, agency manager, unit manager, assistant unit manager and advisers comes lower level management.
Functional Departments:
Finance departments Marketing departments Information departments Sales departments
Motivating & involving every one in the organization for active participation towards continuous improvement in its activities.
SKILLS:TRAINING:According to Dale S. Beach “Training is organized procedure by which people learn knowledge and skill for a definite purpose”.
Thus training is a short-term education al process and utilizing a systematic and organized procedure by which employees learn technical skill and knowledge for a specific purpose. Experienced and knowledgeable professionals of the company as well as great achievers of the industry conduct more frequent training programs at HDFC SLIC.
Need for training:
N.M.I.T. BANGALURU. Page 31
HDFC STANDERD LIFE INSURANCE
Every organization big or small, productive or non-productive, economic or social, old or newly established should provide training to all employees irrespective of their qualification, skill, suitability, for job etc.HDFC SLIC is keen in developing competent work force by conducting ongoing training programs.
Specifically, the need for training arises due to the following reasons: To match the employee specification with the job requirement and
organizational needs. Organizational viability and the transformation process due to changes in
insurance industry, Technological advances. Organizational complexity due to diversified services change in job
assignment, etc.
STYLE:-
Style of management comprise of employees shard and common way of thinking and individuals creative and innovative approaches to their work that can be segregated into two significant components.
Organizational culture: the dominant values and beliefs, and norms, which develop over time and become relatively enduring features of organizational life.
Management style: more a matter of what managers do than what they say, how do companies managers spend their time? What are they focusing attention on?
N.M.I.T. BANGALURU. Page 32
HDFC STANDERD LIFE INSURANCE
An HDFC the leadership style followed is democratic group effect.
Here all employees play an active part in giving suggestion for decision making.
All major decisions is taken in the branch concerned. Managing director & DGM of the concerned department take the major decisions.
STRATEGY:-
The strategy is concerned with the direction in which various resources of organization will be mobilized and utilized for maximizing the chance of accomplishing specific objectives. It may be concerned as an action plan, initiative or response of the organization foe seeking achievement of the objectives in specific situation. Strategy is unified, comprehensive and integrated action plan designed to achieve specific objectives.
Now we shall look in to the strategy of the bank studying the TECHNOLOGY IMPLEMENTATION In its branches.
The technology implementation will be looked after by department of information technology, it will follow the following procedure in procuring and implementing necessary software and hardware in installing core banking solution in its branches.
1. Policy and planning – IT activities.First step in any new technology implementation will be planning the things which are essential while implementing the technology as such, accordingly vijaya Bank has planned systematically on how to implement the core Banking solution (CBS). In the beginning the Board of Directors(BOD)will take decision on information technology implementation in its branches. In the later stages rest of the procedure will looked after by department of information technology (DIT). It will prepare the plans on following factors which are very essential for implementing the technology: Procurement of hardware and software Training to employees on how to operate the software Deployment of trained employees Recruitment and placement of IT staff
N.M.I.T. BANGALURU. Page 33
HDFC STANDERD LIFE INSURANCE
Evaluation of project plans of technology and implementation
2. Procurement policy:The second step in implementing technology in its branches is procurement policy. In this step the DIT will find the ways to procure the Hardware and Software at a minimum cost. It follows centralized procurement policy, wherein the Head Office procures the necessary Hardware and Software. DIT will do the following works in the step:
Centralized procurement Procurement of Hardware and Software Tendering process
All the material will be procured through a systematic tendering process. When any supplier willing to supply the necessary material in the tendering process, his offer will be measured by two parameters; they are
Technical Evaluation His materials must be in complying with Bank’s requirement. Bank’s officials will visit the warehouse of supplier and evaluate the product whether it satisfy the Bank’s requirement or not.
Price evaluation Bank’s officials also evaluate the prices of the respective materials.
Supply and delivery of material Inspection in case of Hardware
3. Implementation :
After buying necessary Hardware and Software from suppliers, the DIT officials visit the necessary branches and install the Hardware and Software. When the branch is computerized the DIT officials train all the employees in respective branch.For the purpose of computerization and training the Bank has created two teams called core Banking solution team and Net-work team. These teams consists the DIT employees and their work is to look after the successful installation of computers in the branches.
4. Inspection and Evaluation
N.M.I.T. BANGALURU. Page 34
HDFC STANDERD LIFE INSURANCE
It is like follow-up of what has been done. This work will be done by the CBS team and Net-work team. There are problem occurs these teams will set right the problem .
SYSTEM:-
The System contains certain rules and regulation and requires all the work to be done accordingly. Planning and development department is an integaral part of any system. In HDFC SLIC also P&D department performs various functions such as Branch expansion, corporate planning, Management Information, and Economic Research, now for the purpose of understanding how it works on above function, we will study BRANCH EXPANSION function.
In the first step Bank’s officials goes to the area where it is planning to set up branch. It conducts necessary surveys to find out the potentials of that particular place and evaluates the competition in that place. Officials also project the deposit and advances it can mobilize and lend there.
Next step is obtaining permission from RBI. Permission for opening new branch is mandatory for all banks. All banks have to fulfill the stringent rules laid down by RBI for setting up new branch.
When permission obtained from RBI, the Bank has to plan for procuring necessary buildings, HR and furniture for opening branch.
STAFF:
According to waterman and his colleagues the term “staff” refers to the way organization introduces young recruits into the main stream of their activities and the manner in which they manage their careers as the new develop into future managers.
HDFC SLIC CO LTD has a well established system of recruiting graduates from well known technical and management institution and providing them with on
N.M.I.T. BANGALURU. Page 35
HDFC STANDERD LIFE INSURANCE
The job training in a number of functional areas before deciding on the final placement in consultation with person concerned. Recruitment is done through consultancy services, tele-recruitment or through advertisement. Generally advertisement are given only for the high posts & that too after consultation with the unit head skills refer to the ability to perform certain task based on company’s strategy. Skills implemented at HDFC SLIC have been classified into three levels. They are:
1. Strategic level: Strategic level requires more conceptual skills, experience, and decision making ability.
2. Managerial level: Managerial level requires managerial skill, problem solving capacity
3. Operational level: Operational level requires more technical skill, operational knowledge training and development programs ensure people to know how to do their jobs and stay up to date with latest techniques. HDFC SLIC organizes series of training and development programs to improve the skills of the employees. Executives are also required to have very strong verbal and written communication skills and especially dealer point service skills, as most of the time they will need to communicate effectively with clients. Managers also need to be skilled in multi tasking, efficient planning and implementing of projects, like wise be good in time keeping and managing staff.And more essentially have a pleasing temperament, which is important in the servicing industry, to improve the efficiency of executive team by motivating, to meet their business targets. The strong quantitative background as most of the work involves dealing with numbers, analyzing information, identifying patterns in the data, and providing meaningfully sights to clients based on the data. Most of the employees have commerce background and MBA.
N.M.I.T. BANGALURU. Page 36
HDFC STANDERD LIFE INSURANCE
Thus, The skill developed by the organization is very astrictive. The company is very strong in competing against the counterpart
and has the ability to lead from the front in satisfying the financial needs.
The company is distinctively good at insuring and covering life of the customers.
SHARED VALUES:
The core fundamental values that are widely shared in the organization and serve as guiding principles that are important. These values have great meaning because they focus attention and provide a broader sense of purpose
Shared values refer to a set of values and aspiration that goes beyond the conventional formal statement of corporate objectives. Culture of an organization usually determined by the sum of the values benefits and working practice that exits with an organization operational standard.
The shared values considered by HDFC SLIC are customer first, boundary standard.
a) Customer first:Own the customer, deliver the promise.
Keep customer interest in the center of all decisions. Promise what you can, deliver it to. Proactively seek of customer and act on it.
b) Boundary less:Never say it’s not my job
Offer help and support across function to ensure business success.
Seek and share ideas freely. Recognize and respect internal customers. Understand and value contribution from colleagues.
N.M.I.T. BANGALURU. Page 37
HDFC STANDERD LIFE INSURANCE
c) Ownership:If is it be, it is up to me’
Take responsibility and see tasks to completion. Own mistakes, learn from failures. Pursue goals relentlessly, never give up. Be a team player, take ownership for team performance.
d) Passion:‘Boundless energy and enthusiasm’
Exhibit’ winning Demonstrate speed and urgency for achieving results. Challenge status quo and do things differently. Motivate lease members to reach full potential.
e) Integrity:‘Be honest and fair in what you say and do’
Practice what you preach. Stand up honestly & fearlessly for what is right. Act in a consistent & equitable manner.
STRENGTHS WEAKNESS OPPORTUNITIES AND THREATS ANALYSIS
STRENGTHS : -
Advanced Technology :
Technology plays a vital role in today’s banking and insurance sector to be
very fast and accurate and in the process meet its day-to-day operations at a
lighting pace and tremendous accuracy. HDFC STANDARD LIFE is using
advanced technology to satisfy the customers in a large way.
Commanding market share :-
N.M.I.T. BANGALURU. Page 38
HDFC STANDERD LIFE INSURANCE
HDFC enjoys a commanding market share of around 15% in the private
insurance sector where other insurance companies are fighting a battle to get
their market share into double figures.
Providing innovative products and services :-
To attract new customers and retain old customers HDFC has range of
products tailor made for everyone’s requirements ranging from investment plans to
child plans to retirement solutions. An array of products that cannot be found in
the shelf of any other life insurance company.
High quality infrastructure :-
HDFC perhaps has got the best infrastructure support both for its employees
and the advisors. They made huge investments in IT to make the company techno
savvy and competitive.
Premium rates are increasing and so are commissions.
The variety of products is increasing.
Prospects expect more services from their brokers.
Huge pool of skilled professionals
WEAKNESSES: -
Absent in the rural market :-
HDFC has not catered into the rural market where there are tremendous
opportunities for the company’s products provided they develop some innovative
products for the rural markets.
Lack of Band image in rural areas :-
N.M.I.T. BANGALURU. Page 39
HDFC STANDERD LIFE INSURANCE
The company is well known in urban areas due the promotions undertaken
in the city but HDFC does not have the brand recognition of an LIC in the rural
area. So HDFC has to undertake promotional activities to generate interest among
the rural folks if it intends to have substantial market share.
Too many subsidiaries :-
HDFC group has many subsidiary products like General insurance. Mutual
funds, Securities, Retail banking etc.
Premium is high :-
The company fixed the minimum premium that difficult to pay for low-
income class people.
Insurance companies are often slow to respond to changing needs.
There is an increasing trend of financial weakness among the companies.
There are more competitors for agencies to compete with banks and
Internet players.
OPPORTUNITIES :-
Every growing population :-
As the population of our country is increasing the steadily the demand for
the insurance and other financial products are increasing simultaneously as there
are more people with a variety of needs.
Expand more branches :-
N.M.I.T. BANGALURU. Page 40
HDFC STANDERD LIFE INSURANCE
As the awareness increase in people about insurance. There is need to
expand more branches.
More growth for few products :-
Increase in population in particular area. There is large growth in Retirement
solution and Health products.
The ability to cross sell financial services is barely being tapped.
Technology is improving to the point that paperless transactions are
available.
THREATS :-
Cut throat competition :-
HDFC is given a tough run for its money due to the competition from other
private insurance companies like ICICIPRU, Bajaj Allianz and Birla Sun Life
insurance companies.
Nonexistent in the rural market :-
N.M.I.T. BANGALURU. Page 41
HDFC STANDERD LIFE INSURANCE
Arrival of more insurance companies in India.
The increasing cost and need for insurance might hit a point where
a backlash will occur.
Government regulations on issues like health care, mold and
terrorism can quickly change the direction of insurance.
Increasing expenses and lower profit margins will hit hard on the
smaller agencies and insurance companies.
Increasing expenses and lower profit margins will hit hard on the
smaller agencies and insurance companies.
Human Resource Challenges.
N.M.I.T. BANGALURU. Page 42
HDFC STANDERD LIFE INSURANCE
Annexure
QUESTIONNAIRE
I am Manohara.B. student of MBA, Nitte Meenakshi Institute Of
Technology, have undertaken a summer project regarding the topic “CUSTOMER
perception towards insurance products of HDFC standard life insurance” of HDFC
Standard life insurance I need your feedback for some of the questions.
Name:
Address:
1) Age :
a) Below – 30 Years b) 30 – 40 years
c) 40 – 50 years d) 50 & above
2) Are you
a) Salaried b) Self Employed
3) What is your income every month?
a) Less than Rs. 10,000 b)Rs. 10,000 – Rs. 15,000
c) Rs. 15,000 – Rs. 20,000 d) above Rs. 20,000
4) Do you know about Insurance?
Yes No
If yes, the type of insurance
a) Life Insurance Yes No
b) General Insurance Yes No
5) Do you think insurance is necessary for your life?
A) Yes b) No
N.M.I.T. BANGALURU. Page 43
HDFC STANDERD LIFE INSURANCE
6) If yes, Why?
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
7) Rate the following Insurance Company?
[Put to most preferred and 4 for least preferred]
a) LIC [ ] b) HDFC Standard Life Insurance [ ]
c) ICICI Prudential [ ] d) Bajaj Alliance [ ]
8) What is the benefit of securing yourself in insurance company?
{Rank them accordingly}
a) Safe and secure [ ] b) High returns [ ]
c) Death Benefits [ [ d) Tax Benefits [ ]
9) What is the % of investment in Life Insurance out of total savings?
a) Below 10% b) 10 to 20%
c) 20 – 30% d) 30% to 40%
10) Which insurance company do you prefer most?
{Put 1 to most preferred and 4 for least preferred}
a) LIC [ ] b) ICICI Prudential [ ]
c) Bajaj Alliance [ ] d) HDFC Standard Life Insurance [ ]
11) Which company is accessible for you?
{Give 1 to most accessible and 5 to least accessible}
N.M.I.T. BANGALURU. Page 44
HDFC STANDERD LIFE INSURANCE
a) LIC [ ] b) HDFC Standard Life Insurance [ ]
c) Bajaj Alliance [ ] d) ICICI Prudential [ ] e) Others [ ]
12) Which of standard life plans do you prefer most?
{Give 1 to most accessible and 4 to least accessible}
a) Protection plans [ ] b) Investment Plans [ ]
c) Saving Plans [ ] d) Pension Plans [ ]
13) Which plans to you prefer most?
a) Traditional Plan b) Unit Liked plan
14) In Unit linked plans, which plan is most preferable by you?
a) Freedom plan b) High life plan
c) New future perfect plan
15) In savings plan, which plan is most preferable by you?
a) Reassuring Life Plan b) Creative Plan c) Freedom plan
d) High life plan e) Endowment plan
16) How do you feel about the service of HDFC Standard Life Insurance
Company?
a) Good b) Satisfactory
c) Average d) poor
N.M.I.T. BANGALURU. Page 45
HDFC STANDERD LIFE INSURANCE
17) Give your suggestions about HDFC Standard Life insurance Company?
Thank you for your kind cooperation
Date: Signature
N.M.I.T. BANGALURU. Page 46
HDFC STANDERD LIFE INSURANCE
2. Design of the Study
2.1 Title of the Project: -
A study on “Customer perception towards insurance products of HDFC
standard life insurance”
2.2 Statement of the Problem: -
The title of the research is “Customer perception towards insurance products
of HDFC Standard life Insurance”
2.3 Objectives of the Study: -
The main aim of the present study is to accomplish the following objectives:
To know the customer’s perception towards HDFC insurance
products:
To identify insurance needs of the customer.
To know customer expectations with respect to the HDFC insurance
products.
To study the preference of customers on different insurance
products HDFC.
N.M.I.T. BANGALURU. Page 47
HDFC STANDERD LIFE INSURANCE
2.4 SCOPE OF STUDY:
The study is confined only to insurance investors who invested in various
insurance companies with special reference to HDFC Standard life insurance
Bangalore.
RESEARCH METHODOLOGY
Research is a systematic and formalized process it follows a certain sequence of
actions. A Systematic research methodology is followed to complete the study the
steps through which the research is undergone are
Date resources: - The data required for the research can be either primary data or
secondary data or both. Primary data is the first hand information that is freshly
gathered by surveying the samples selected. Secondary data is the collected from
company’s internal and external resources like company website, magazines, etc.
Sample size: - Different people were randomly selected from different areas in
Bangalore were selected for survey. The sample size was 150.
Sampling procedure: - It is the technique in which we selected the sample. The
non-probability sampling method the approaches for survey under which I have
selected the samples as per my convenience.
N.M.I.T. BANGALURU. Page 48
HDFC STANDERD LIFE INSURANCE
Contact methods: - The selection of the method is used for the present study
under which the respondents are contacted personally and filled the
Questionnaire through them.
Collect the Information: - The required data is collected through the respondents
i.e. the need of life insurance and the opinion regarding private sector.
The community is adult day care centers, in alternate living facilities or in
nursing happens to be a mega opportunity in India. It’s a business growth at rate
of 15-20% annually and presently is of the order of rs450 billion. Together with
banking services, it adds about 7% to the country’s GDP. Gross premium
collection is nearly 2% GDP and funds available with LIC for investing are 8% of
GDP.
Life insurance can ensure that, should the worst happen, your dependents
and any outstanding debts are taken care of
The government of India in 1956 brought together over 240 private life
insurance and provident societies under one nationalized monopoly corporation
LIC was born. Nationalization was justified on the grounds that grounds that it
would create much-needed funds for rapid industrialization. This was in
conformity with the government’s chosen path of state lead planning and
development.
N.M.I.T. BANGALURU. Page 49
HDFC STANDERD LIFE INSURANCE
Analyze the Information: - the data collected from the respondents is
analyzed. The analysis is represented in the form of grabs. The data collected is
analyzed using the statistical tools.
Present the findings: - It is the last step in the market research, which
represents the termination of it. Here the results of analyzed data have been
shown.
2.5 Limitations of the Study:
Though the present study aims to achieve the above-mentioned objectives in full
earnest and accuracy, it may be hampered due to certain limitations. Some of the
limitations of the study may be summarized as follows.
Difficulties faced during collection of data due to non-familiar of the
respondents.
Getting correct information from the customers is very difficult due
to their inherent problems and busy schedule.
Getting biased responses from the respondents.
The selection of customers to cover the various strata of the society
is tedious and time consuming.
Survey is restricted only for the Bangalore city.
Accuracy of findings is not exactly the opinion of whole Bangalore
region.
The study is based on a sample size and hence the findings cannot be
generalized.
N.M.I.T. BANGALURU. Page 50
HDFC STANDERD LIFE INSURANCE
3. Analysis and Interpretation
Analysis of the Questionnaire1) Age
Objective: - To Know the age of the respondent.
2) Are you salaried or self Employed?
Objective: - To know whether they are salaried or self employed.
3) What is the monthly income?
Objective: - To know income of the people every month.
4) Do you know about Insurance?
Objective: - To know, how many people are aware of Insurance
5) Do you think insurance is necessary for you fife?
Objective: - The main aim to frame the question is to know how important life
insurance in today’s world.
6) If yes, why?
Objective: - To know the opinion of the customer why they secure their life
and what are reasons.
7) How do you rate following insurance company?
Objective: - The purpose is to know the position of the insurance company when
the customer thinks of life insurance and to which company they prefer most.
N.M.I.T. BANGALURU. Page 51
HDFC STANDERD LIFE INSURANCE
8) What are the benefits for securing yourself in life insurance?
Objective: - To know what basic benefits are that the customers expects when
they secure their life.
9) What is your investment in Life Insurance as a Percentage of Total
savings?
Objective: - To Know the peoples percentage of investment of savings in Life
Insurance
10) Which of the insurance company do you prefer most?
Objective: - The aim is know, how many people are aware of HDFC Standard
Life Insurance.
11) Which company is accessible for you?
Objective: - This Question is posed to know the, accessibility whether the
customer are getting the service easily or not.
12)Which of HDFC standard Life insurance Plans do you prefer most?
Objective: - This question is asked to know which plan of HDFC is preferred
more by the customer.
13)Which plan do you prefer in traditional and unit linked plans?
Objectives: - To know which plan is mostly preferable by people.
14)In Unit linked Plans, Which plan is most preferable by you?
Objective: - To know which plan in the unit linked is preferred.
N.M.I.T. BANGALURU. Page 52
HDFC STANDERD LIFE INSURANCE
15)In savings plans, which plan is most preferable by you?
Objective: - To know which plan in savings series is mostly preferred by
people.
16)How do you feel about the service of HDFC Standard Life Insurance
Company?
Objective: - To know the customers satisfaction about HDFC Standard Life
Insurance Company service
N.M.I.T. BANGALURU. Page 53
HDFC STANDERD LIFE INSURANCE
ANALYSIS FO DATA
1. Data showing the age group of respondents
Table no:
Age Group No. of Respondents
Percentage (%)
Below 30
30-40
40-50
Above 50
Total
N.M.I.T. BANGALURU. Page 54
HDFC STANDERD LIFE INSURANCE
2. Table showing the details of the respondent is earning salaried or self Employed shown as follows:-
Table no: 2
Earning areas No. of Respondents
Percentage (%)
Salaried
Self Employed
Total
N.M.I.T. BANGALURU. Page 55
HDFC STANDERD LIFE INSURANCE
3. Table showing the details of income earned by respondents on monthly basis as follows:-
Table no: 3
Income Range No. of Percentage (%)
N.M.I.T. BANGALURU. Page 56
HDFC STANDERD LIFE INSURANCE
Respondents
Below Rs.10000
Rs. 10000-15000
Rs. 15000-20000
Above Rs.20000
Total
4. Table Related to awareness of insurance among people:-
Table no: 4
N.M.I.T. BANGALURU. Page 57
HDFC STANDERD LIFE INSURANCE
Responses No. of Respondents
Percentage (%)
Yes
No
Total
5. Table showing the whether insurance is necessary for your life:-
Table no: 5
N.M.I.T. BANGALURU. Page 58
HDFC STANDERD LIFE INSURANCE
Responses No. of Respondents
Percentage (%)
Yes
No
Total
6. The respondents given the rate to the insurance company as follow:-
N.M.I.T. BANGALURU. Page 59
HDFC STANDERD LIFE INSURANCE
Table no: 6
Insurance company’s
No. of Respondents Percentage (%)
LIC
ICICI Pru Life Insurance
HDFC Standard life
Bajaj Alliance
Total
7. The benefits of the respondents from insurance taken by customers:-
N.M.I.T. BANGALURU. Page 60
HDFC STANDERD LIFE INSURANCE
Table no: 7
Benefits No. of respondents
Percentage (%)
Safe & secure
High returns
Death benefits
Tax benefits
Total
8. Data showing percentage investment in life insurance out of the respondents savings:-
N.M.I.T. BANGALURU. Page 61
HDFC STANDERD LIFE INSURANCE
Table no: 8
Range No. respondents Percentage (%)
Below 10%
10-20%
20-30%
30-40%
Total
N.M.I.T. BANGALURU. Page 62
HDFC STANDERD LIFE INSURANCE
9. The respondents prefer the following insurance company as follows :-
Table no: 9
Insurance company’s
No. of Respondents Percentage (%)
LIC
ICICI Pru Life Insurance
HDFC Standard life
Bajaj Alliance
Total
c
N.M.I.T. BANGALURU. Page 63
HDFC STANDERD LIFE INSURANCE
10. The respondents feel easy to accessible:-
Table no: 10
Insurance company’s
No. of Respondents Percentage (%)
LIC
ICICI Pru Life Insurance
HDFC Standard life
Bajaj Alliance
Total
N.M.I.T. BANGALURU. Page 64
HDFC STANDERD LIFE INSURANCE
11. the respondents preferred the HDFC Standard Life insurance plans are as follows:-
Table no: 11
Insurance plans No. of respondents
Percentage (%)
Protection Plans
Investment Plans
Savings Plans
Pension Plans
Total
N.M.I.T. BANGALURU. Page 65
HDFC STANDERD LIFE INSURANCE
12. The respondents preferred the following Pension Plan in HDFC:-
Table no: 12
Plans No. of respondents
Percentage (%)
Traditional Plan
Unit Linked Plan
Total
N.M.I.T. BANGALURU. Page 66
HDFC STANDERD LIFE INSURANCE
13. In unit Linked plans, the respondents preferred the following plan:-
Table no: 13
Plans No. of respondents
Percentage (%)
Freedom plan
High life plan
New Future Perfect plan
Total
N.M.I.T. BANGALURU. Page 67
HDFC STANDERD LIFE INSURANCE
14. In savings plan, the following plan is preferred by the respondents:-
Table no: 14
Plans No. of respondents
Percentage (%)
Reassuring life plan
Creative plan
Freedom plan
High life plan
Endowment plan
Total
N.M.I.T. BANGALURU. Page 68
HDFC STANDERD LIFE INSURANCE
15. Data showing opinion of respondents about HDFC STANDARD LIFE INSURANCE:-
Table no: 15
Opinion No. of respondents
Percentage (%)
Good
Satisfactory
Average
Poor
Total
N.M.I.T. BANGALURU. Page 69
top related