1. SAAB MARFIN MBAA study on customer awareness to determine thepotential market of HDFC Standard Life Insurance Products and plans.1A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans.

2. SAAB MARFIN MBAINDEXChapter-I1) Introduction2) Literature Review3) Statement of the problem4) Purpose of the study5) Scope of the study6) Objectives of studyChapter-II1) Organization Profile2) Organization Chart3) Sampling2A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 3. SAAB MARFIN MBA4) Research Design Data Collection Methods5) Measuring tools.Chapter-III1) Result & discussion with graphs & charts.2) Summary, conclusion, & a proposed action plan with resource requirements and projected benefits to the organization.Chapter-IV1) Appendix Questionnaire2) Bibliography3A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 4. SAAB MARFIN MBA4A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 5. SAAB MARFIN MBAINDUSTRY OVERVIEWTHE HISTORY OF INSURANCE:As with so many things in so many facts of our life, insurance toowas born out of a primal need and shaped by socio economic realitiesof the time. The story goes back to around 2100 BC, the time ancientcivilization of Babylon and a business practice called bottomry. For allpractical purposes a form of marine insurance, bottomry enabled shipowners to borrow money against their ships to pay for the trip. Withpiracy rampant of high seas, traders and seafarers were reluctant to saleto other lands for fear of their lives and goods. Bottomry gives themsome semblance of security. The arrangement was only if their shipreturned did trader have to repay the loan, along with interest, whichwas pegged at an above market rate for risk covered. So, if their shipfailed to make it back they did not have to repay the loan ,there bycovering some or all the loss.ORIGIN: With the marine rout being the bedrock of trade and commerce inthose days, the practice of bottomry evolved andspread. With thegrowth towns and trade in Europe, medieval guilds (group organized on5A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 6. SAAB MARFIN MBAthe basses of some common objective like traders) pooled in money toprotect their members from loss by fire and ship wreck, to pay ransomif they were captured by pirates and to provide burial and support insickness and poverty. By the middle of 14th century, as evidences byearliest known insurance contract (Genoa, 1347) marine insurance wascommon among maritime nations of Europe.Lioyds of London the largest marine insurance today, was foundin 1688, in a coffee shop in London. Lioyds coffee house becamepreferred place for merchants, ship owners and underwriters to transactbusiness. Insurance develop rapidly with growth of British commerce in17th & 18th century, and started becoming organized, along the waygoing through a period of defaults and closures. The British bought insurance to India in 1818, replete withimperialist prejudices. The oriental life insurance company, the firstinsurance company in the country, insured only European widows.British insurers eventually begin insuring Indian lives, but for a premiumthat was 15% to 20% higher than that payable by British. It was only in1870 that the disparity was corrected. Six Indians peeved by thissecond-class treatment, set-up Bombay Mutual Life Assurance Society,and started insuring Indian lives at the same cost of British lives. Socialdiscrimination, in fact, turned out to be catalyst for Indians initiative ininsurance sector. In 1909, activist Ishwar Chandra Vidyasagar founded6A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 7. SAAB MARFIN MBAthe Hindu family annuity fund the first instant of a pension-basedinvestment scheme targeted at Indians. As had happened in England earlier, a flood of new players andpatchy regulation snowballed into a crisis. Several insurers defaulted ontheir contractual obligations to policyholders, citing investment losses,some even folded-up. The insurance act 1938 started control oninsurance but even they failed to safeguard policyholders interests.NATIONALSATION: Post-Independence, discontent against insurers reached apitch. Business was chaotic ,, foreign insurers were leaving the country,and Indian insurers, driven by greed and business consideration, werent earning much credibility. The cry for nationalizing insurance grewlouder a move that insurers were, of course, opposed to. On 19th January 1956, the life insurance business wasnationalized. In one swoop, the government snapped up 245 insurersand provident societies. Eight months later, the life insurancecorporation of India (LIC) was formed, which took over the business of 7A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 8. SAAB MARFIN MBAthe erstwhile private insurers, and started expanding at a frenetic pace.Today, this monolith has 2100 branch, 8lakh agents and offers a bevyof insurance investment products. LIC marketed insurance less has arisk management tool and more has savings instruments with tax edge.A look at LIC policy profile shows that 18% of policies in force currentlyare protection plans. Insurance cum investment plans account for 60%,with balance being pure investment plans. Still house holds embracedthese safe investment avenues, with the sum assured (or the total valueof cove) increasing from Rs.1476cr in 1`957 to Rs. 459201cr to 1998to 1999. Similar circumstances lead to the nationalization of non-life(general insurance). As in life insurance per nationalization there werean inordinately largely number of insurers many of who where notoriousof clams. Non life insurance was nationalized in 1972. GeneralInsurance Corporation was setup as a holding company, total of 107private insurers where merged and group to form general insurancecorporation four subsidiaries.PRIVATISATION: There were various reasons given by the government to nationalizethe insurance sector was to take insurance to the mass, facilitate the 8A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 9. SAAB MARFIN MBAflow of long term funds (which insurance companies, by virtue of thebusiness they are in, have ready access to) into development ofinfrastructure in the country, and safe guard the interest of the policyholders. Towards this end, state insurers did develop the insurancesector, though most experts believe that these monopolies could havedone much, much more. In the early nineties is, the government went on a reforms bingeand started loosing controls on Indian industry. In 1993 the governmentappointed the Malhotra committee headed former RBI governorR.N.Malhotra, to draw up a blue print for insurance sector reforms. Thepanel submitted its report a year later, recommending privatization,backed by stiff entry guidelines and stringent regulations, so as to avoidrepeat per nationalization free for all. The insurance regulatory and development authority (IRDA)was founded to regulate the sector and over see the process ofprivatization. In 2000, the IRDA started giving out licenses, and a yearlater, the first of the private players started operation. The wheel hadcome full circle.Under state control, the insurance sector, both life andnon-life ,grew steadily. Still, Indians are not adequately insured and lagbehind most countries. Total insurance penetration (insurance premiumas a percentage of gross domestic product) is dismal when compared toits economic standing. Just 2% of the population has some of life 9 A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 10. SAAB MARFIN MBAinsurance.Why private insurance are queuing up? In many ways the re-entry of private insurers has marked SecondComing for the sector. In just 3 years, the sector has under gone amake over, offering the fruits of free market, more choice better service,and quicker settlements, tighter regulations greater awareness. Stateinsurers have been compelled to get their act together.10A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 11. SAAB MARFIN MBAINTRODUCTION OF LIFE INSURANCE :History of life insurance in India: The life insurance industry in India dates back to 1818 .whenthe Oriental Life Insurance Company set up office in Kolkata in 1823,the Bombay Life Assurance Company started operations in Mumbai,India. The Indian Life Assurance Companies Act was passed in 1912; theIndian Insurance Companies Act 1928 followed this .These acts allowedthe Government to collect data regarding life and non life businessesconducted by both Indian and foreign insurance companies later the1928 act was amended and a new act the Insurance Act was passed in1938. By the mid 1950s, 154 Indian insurers, 16 foreign insurersand 75 provident societies were operating in the country. The lifeinsurance business was concentrated in urban areas and was confinedto the higher strata of society. In 1956, the management of these11A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 12. SAAB MARFIN MBAcompanies was taken over the Government of India LIC was formed inSeptember 1956 through the LIC Act 1956 with a Capital of Rs 50million .One of the main objectives of forming LIC was to makeinsurance cover available to a larger number of people particularly tothe lower segments of society . In1972, the Government took overmanagement control of 106 private general insurance companies andformed the General Insurance Corporation(GIC) over the years , LICexpanded its network all over the country and become one of thelargest corporations in India .LIC had seven zonal offices 100divisionaloffices ,2,048 branch offices and army of agents totaling 6,28,031. Growth in Indian insurance industry was minimal in the1960s and 1970s because of low sayings and the low level of literacy. Inaddition the insurance industry lacked sufficient funding andinfrastructure .However changes in the economy in the 1980s, such asgrowth in the rate of industrialization improvement in infrastructure thecapital markets increase in the savings rate and substantial capitalformation resulted in tremendous growth in the life insurance industryover the years LIC launched several group insurance and social securityschemes to enhance its reach in the rural areas.What is life insurance?12A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 13. SAAB MARFIN MBALife insurance is a form of insurance that pays monetaryproceeds upon the death of the insured covered in the policy.Essentially , a life insurance policy is a contract between the namedinsured and the insurance company wherein the insurance companyagrees to pay an agreed upon sum of money to the insureds namedbeneficiary so long as the insureds premiums are current. People take out life insurance policies for a number ofreasons. Such insurance provides security to family members upon theloss of a loved one for instance if the primary wage earner dies in his orher prime the death benefit received from a life insurance policy willassist the surviving family members in overcoming the burden of thetragic loss . Life insurance can be purchased by individuals but is alsooffered as a perk by many employers .Often times large employers andgovernment employers offer group life insurance at no cost theemployee . Should the employee wish to obtain additional life insurancefrom the employers insurance company they can usually do so atreduced rates.The cost of life insurance varies depending on such factors asthe insured s age health and occupation . For example the premium fora 25 year old male non-smoker in excellent health will be far less13A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 14. SAAB MARFIN MBAexpensive then a similar policy for a 65-year old male smoker .similarly a sky dive instructor would have to pay much higher premiumsfor life insurance then would a librarian. Life insurance is available in a number of different forms tofit the tastes of the proposed insured some of the typical forms ofinsurance policies include whole life variable life and term life .Term lifeinsurance policies begin with low premiums during the initial stages ofthe policy and these premiums increase steadily as the insured growsolder .There is no cash built-up in a term policy and accordingly thedeath benefit will not increase. With whole life and variable life insurance a portion ofpremium pays for the insurance and the remainder serves as a tax-freeinvestment .A whole life policy sets a premium at the beginning of thepolicy and that premium does not change over the life of the policy .This form of insurance allows for a cash of the policy or it will simplyserve to increase the death benefits in the end. In a variable life product, the premium remains the sameover the life of the policy , and there should be a cash build-up as longas the various mutual funds selected by the insured perform well. 14A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 15. SAAB MARFIN MBA What is an insurance premium: An insurance premium is the actual amount of moneycharged by insurance companies for active coverage .An insurancepremium for the same service can very widely among insuranceproviders which is why experts strongly recommend getting severalquotes before committing to an insurance policy .Insurance agents orbrokers will take your basic information and calculate an insurancepremium estimate based on your answers and other factors. The lowestquoted price on an insurance premium may be the better bargain butthe level of coverage may also be lower.The cost of an insurance premium is largely based onstatistics not necessarily on individual habits or history .A 22-year oldmale seeking car insurance for a sports car can often anticipate ahigher insurance premium than a 45-year-old women driving amid-size sedan. Both may have excellent driving records but theinsurance company considers a younger driver in a faster car to bemore at risk for accidents. Therefore the insurance premium quotes willbe noticeably different. In general a more expensive or faster car willcost more to insure simply because owners of those vehicles TEND todrive faster. 15 A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 16. SAAB MARFIN MBAThe same philosophy holds true for medical insurancepremium costs .Non-smokers statistically live healthier lives thensmokers ,for example Construction worker may have more serious onthe job accidents than accountants . A55-year-old lumberjack whosmokes may be charged a higher health insurance premium than a30-year-old non-smoker working in an office conversely an insurancepremium may be reduced if the policyholder changes his or her habitsand life style. An insurance premium is generally collected in monthly orsemi-yearly payments .If the policyholder fails to make a scheduledpayment the insurance company can choose to cancel the policy entirely.This is often referred to as a lapsed policy .Either the customer will paythe balance of the insurance premium and become reinstated or thepolicy will become null and void. Because the billing cycle can belengthy it is not unusual for policy holders to forget to make apayments before the policy lapses.An insurance premium is always in a state of flux Rates cango up or remain stable between billing cycles .An accidents claim candramatically changes the insurance premium rate of the claimantespecially if the accidents report show the policy holder was at fault . 16 A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 17. SAAB MARFIN MBABecause most states now have a mandatory minimal insurance coveragelaw for drivers there may be no other choice but to pay the increasedinsurance premium or find another company willing to a higher riskdriver .Insurance agencies are for profit businesses , so they will makeevery effort to recoup their losses after a pay-out . Paying an insurancepremium may seem like a waste of money ,but knowing your expenseswill be met after an accident can bring peace of mind .INDIAN FOREIGNCOUNTRY INSURERWEBSITEPROMOTER PROMOTERBajaj Auto Allianz AG GermanyBajaj Allianz bajajallianz.c Life Insurance o.inICICIPrudential USA ICICIiciciprulife.co Prudentialm 17 A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 18. SAAB MARFIN MBA Life InsuranceHDFCStandard UKHDFC hdfcinsuranceLife Standard Life .com InsuranceVysya BankING GroupNetherlan INGVysya Life ingvysyalife.c dsInsuranceomSBI Cardif(arm CanadaSBI Life sbilife.co.inof BNP Insuranceparibas)TATAAmerican USA Tata-AIG Life tata_aig.comInternationa Insurancel GroupDabur India Aviva PlcAviva Life avivaindia.co InsurancemAditya Birla Sun LifeCanadaBirla Sun Life birlasunlife.cGroupInsuranceomLiterature Review:18A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 19. SAAB MARFIN MBA The project report on A study on customer awareness todetermine the potential market HDFC Standard Life Insurance Plan inDharwad. I through under took the project by the help of HDFCStandard Life Insurance Plan Ltd. Sales development manager Mr. MoinLohaniBody of the Report:Primary data was collected by administration questionnaire of100 customers. The questionnaire was specially framed to meet therequirement of the survey and the following details. Direct contact was made with the respondents through randomsample to collect the needful information with reference to ourobjective as per to meet the survey requirement.Interview technique: Direct personal interview was conducted throughout projectusing direct structured and self administrative questionnaire.Conclusion & Recommendation: Analysis was based on the result of the research conducted andthe recommendations are based on the analysis.Limitation :The major limitation of the project was time frame.19A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 20. SAAB MARFIN MBASTATEMENT OF THE PROBLEM A study on customer awareness to determine the potentialmarket of HDFC Standard Life Insurance Products and plans.The main core problem in the project is to know weather thepeople of Dharwad city is fully aware of HDFC Standard Life InsurancePlanPurpose of the study:The study was undertaken to gather information from therespondents regarding awareness Unit-Linked Youngster plan and thepurpose of the study is to know how many people are aware of HDFCStandard Life Insurance PlanScope of the study:The study will help the company to know the awareness ofHDFC Standard Life Insurance Plan in Dharwad city.The study will help the company to know the customerprofile.The company can find out where their competitors20A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 21. SAAB MARFIN MBAThe reason for confining the scope of the research in Dharwad were .1) One of the fast growing city in educational field in Karnataka andrepresents the more scope to the insurance companies.2) It is also commercial city in the Business field.Objectives:1. To study the awareness level of HDFC Standard Life Insurance Plan.2. To find factor influencing financial planning.3. To find potential market for HDFC Standard Life Insurance Plan4. To find vital communication media.RESEARCH METHODOLOGYData source:Primary data (field survey)Area of Research: Dharwad city.Research instrument:Questionnaire.Sample Plan:Personal Interview.Sample Unit:Businessman, Job holders, etc.Sampling method: Non probability method, Random sampling method.Sample Size:50 respondents.21A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 22. SAAB MARFIN MBA22A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 23. SAAB MARFIN MBAOrganizational Profile:HDFC (Housing Development Finance Corporation Ltd.)23A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 24. SAAB MARFIN MBAFounded in 1977, HDFC is today the market leader in housingfinance in India and extended financial assistance for more than 19lacks homes.HDFC has 120 offices in India presently. It also has oneinternational office in Dubai and service associate in Bahrain, Kuwait,Qatar, Saudi Arabia and sultanate of Oman.HDFCs asset based amount of over Rs 21450crore. Its financialstrength is reflected in highest safety rating of FAAA and MAAAawarded by CRISIL ICRA two of Indias leading credit rating agenciesrespectively for the last 7 years consequently.It has a depositor based of over 13 lacks depositors and deposits agentface of over 50000.Of the total deposit of 82%are sourced from individual and trustdepositors, which demonstrate the tremendous confidence that retailsinvestor, have in the company.HDFC promoted companies have emerged to to meet the investorand customers needs.HDFC bank for commercial banking HDFC mutual fund of mutualfund of products.HDFC standard life insurance company for life insurance andpension plan and product and HDFC Chubb for general insuranceproduct.24A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 25. SAAB MARFIN MBABeing an institution that is strongly committed to the higheststandard of quality and excellence , HDFC has own several accolades inthe past few years one such award is Ramakrishna Bajaj NationalQuality Award for the year 1999.this award was instituted to awardreorganization to Indian companies for business excellence and qualityachievements. HDFC is the only Company so far to receive this award inthe service category.25A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 26. SAAB MARFIN MBAStandard Life Assurance Company (SLAC)Founded in 1825, Standard life has been at the fore front of theU.K. Insurance Industry for 177 years by combining sound financialjudgment with integrity and reliability. The largest mutual life companyin Europe, it has operations in the U.K, Ireland, Spain, Germany, Austriaand Canada with representative offices in Hong Kong and Chaina.One of its most recent successes was the launch of standard lifebank on 1st January 1998. The introduction of its innovative mortgageproduct in January 1999 had an immediate impact on the U.K. market,accounting for 11% of the all new lending within the first operationalyear. The current deposite base of the bank is U.S. $ 7.1 Bn.Standard life has total assets of U.S.$ 121 Bn and the newpremium income last year of U.S.$ 9.2 Bn. Its U.K. investment portfolioaccounts for approximately 2% of all shares listed in the London StockExchange.It is one of the few insurance companies in the world to receiveAAA rating from two of the leading International Credit Rating Agencies,Moodys And Standard and Poors. The letter described standard life26A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 27. SAAB MARFIN MBAability to meet its claims obligations of overwhelming under a variety ofeconomic conditions.Not surprisingly, standard life is rated as one of the strongestcompanies in the world, in financial terms.The quality and values standard life brings to this venture areimmense. The companies reputation in the U.K. market remainsunrivalled. Besides being voted Company of the year for overall service,for the third consecutive year, standard life was recently votedCompany of the Decade by independent brokers.CommissionsThe rewards of selling insurance are the lucrative.The limits on commission as provided in the Insurance Act 1938 are asunder:Type of Policy Commission LimitsImmediate Annuity 2% of premiumDeferred Annuity2% of premium(single premium)Deferred Annuity7.5 % of the first years(regular premium) premium2% of each renewal premium27A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 28. SAAB MARFIN MBAAll other Cases A maximum of 40 % of the(Endowment, Money-back, etc.) first years premiumA maximum of 7.5 % of thesecond years premiumA maximum of 5 % of the 4th& 5th years premiumThereafter, 5% of the renewalpremiumTotal commission payable inthe first five years cannotexceed 60 % of the annualpremiumpayable on thepolicy.Role of the HDFC Standard Life Agent-The consultantThe Companys agent would be a professional sales person & would begiven the designation of a consultant by the Company.The consultant would act as a financial advisor to the customer. He/Shewould: Analyze the customer financial requirements28A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 29. SAAB MARFIN MBA Help them plan their goals & Recommend appropriate solution, so that the customer is able to meet his /her financial objectives in the most optimum manner. He/She shall provide support to customers on an ongoing basis. The Company would also support the consultant by providing the required training & information so that he/she is able to provide the best service to the customers. Thus, the Companys Consultant would have a far wider role to play than the typical insurance agent.Why should be a consultant with HDFC standard life insuranceCompany Ltd.? HDFC standard life are companies with tremendousfinancial strength as endorsed by credit rating agencies. Both enjoy an excellent reputation in terms of goodwill and efficient customer service. Sales training imparted to our consultants will be based on the finest international practices. Promote and effective communication on marketing campaigns, new products.29A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 30. SAAB MARFIN MBA The customer service process will be highly leveraged on technology, whether it is getting a new policy on the books, paying your commission or setting a claim. New business will be processed through a local branch network. Our objective is to get policies on our books and disburse. Commission paid to you as quickly as possible. A range of comparative products backed by quick and efficient service supported by highly trained and customer focused administration of team. The idea is to designeall our process around the customers want, when they want it and where tyeu want it. Additional recognition for top performers.Published service turnaround times, which will be used to measuresour performance. Customer satisfaction surveys will be conducted proactively and the company will the act on the results.Scope of Insurance Business in India The malhotra committee estimated that the insurance penetrationin India is to extent of about 25% of the insurable population. As of 1999-2000, LICs insurance premium income wasapproximately rs.32000 crore. It is observed that currently LIC has30A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 31. SAAB MARFIN MBAabout 10 crore policies in force, which contribute a premium of about6% of GDS (Grosss Domestic Savings ) of households in India. Based on a report by the confederation of Indian Industries (CII), itis anticipated that this figure of 10 crore policies inforce is likely todouble in the next decade.by the year 2010, the premium income isexpected to account for 18% of the GDS,amounting to Rs. 5,12,000crore. 31A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 32. SAAB MARFIN MBAAbout us32A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 33. SAAB MARFIN MBAHDFC Standard Life Insurance Company Ltd. is one of Indias leadingprivate life insurance companies, which offers a range of individual andgroup insurance solutions. It is a joint venture between HousingDevelopment Finance Corporation Limited (HDFC Ltd.), Indias leadinghousing finance institution and The Standard Life Assurance Company,a leading provider of financial services from the United Kingdom. Boththe promoters are well known for their ethical dealings and financialstrength and are thus committed to being a long-term player in the lifeinsurance industry all important factors to consider when choosingyour insurer.Our key strengths Financial Expertise As a joint venture ofleading financial services groups, HDFC Standard Life has thefinancial expertise required to manage your long-terminvestments safely and efficiently.RangeofSolutionsWe have a range of individual and group solutions, which can be easilycustomized to specific needs. Our group solutions have been designedto offer you complete flexibility combined with a low charging structure.33A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 34. SAAB MARFIN MBATrackRecordsofarOur cumulative premium income, including the first year premiums andrenewal premiums is Rs. 1532.21 Crores Apr-Mar 2005 - 06.We have covered over 1.6 million individuals out of which over 5,00,000lives have been covered through our group business tie-ups. Customer servicesWe at HDFC Standard Life are committed to maintaining thehighest level of customer service. Interacting with you via this website isan extension of this commitment.We have designed the Customer Service section keeping inmind all the information you may want to seek regarding proceduressuch as paying your premium, various policy servicing options,processing a claim and so on. We have also provided relevant forms thatcan be downloaded easily for your use.34A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 35. SAAB MARFIN MBAPremium PaymentThis section gives you all the details that you may require topay your premium and make it a hassle free experience. Along withvarious premium payment options currently available to you, we havealso drawn up a of details that you will need in case you are payingthroughcheque or demanddraft6 Easy Ways to pay your premium: Lapsation & Revival Your renewal premium should reach us by the due date specifiedin the premium reminders. It is always advisable to pay on time so thatyour valuable policy benefits can continue. However we do understand that there may be times when youmay not be able to pay the renewal premium by the due date.35A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 36. SAAB MARFIN MBA we allow for some additional number of days from the due date, which is specified in your policy document, to help you make your premium In case we still dont receive your premium payments by the end of the above mentioned period, we would do either one of the following: Lapse the policy if you havent paid premiums for the first 3 policy years payment. Make the policy Paid up if otherwise Either of these may mean loss/reduction of valuable benefits of your policy. Please refer to your policy document for details. We do, however, allow you to restore the original benefits for a Lapsed or a Paid up policy under certain conditions. Here is what you would need to do:Claims 36 A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 37. SAAB MARFIN MBAWe at HDFC Standard Life realize that not everyone has the same kindof needs. Keeping this in mind, we have a varied range of Products that youcan choose from to suit all your needs. These will help secure your future aswell as the future of your family.Protection PlansYou can protect your family against the loss of your income or the burden of a loan in the event of your unfortunate demise, disability or sickness. These plans offer valuable peace of mind at a small price. Our Protection range includes our Term Assurance Plan & Loan Cover Term Assurance Plan.Investment Plans 37 A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 38. SAAB MARFIN MBAOur Single Premium Whole Of Life plan is well suited to meet your longterm investment needs. We provide you with attractive long term returnsthrough regular bonuses.Pension PlansOur Pension Plans help you secure your financial independence even afterretirement.Our Pension range includes our Personal Pension Plan, Unit LinkedPension, Unit Linked Pension PlusSavings PlansOur Savings Plans offer you flexible options to build savings for yourfuture needs such as buying a dream home or fulfilling your childrensimmediate and future needs.Our Savings range includes Endowment Assurance Plan, Unit LinkedEndowment, Unit Linked Endowment Plus, Money Back Plan, ChildrensPlan, Unit Linked Youngster, Unit Linked Youngster Plus . 38 A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 39. SAAB MARFIN MBAWe understand that bereavement can be difficult to deal with, especially whenyou have to arrange for all the formalities in Case of insurance claims. If you are the claimant you may get in touch with us by emailing us at andwe will get back to you with that will be required to process a claim.To help you arrange the documents we have drawn up a list of documents thatyou may be required to send along with the claims form. This list is for yourreference only and the complete list may vary for each claim.Indicative list of documents for Death ClaimDeath Claim FormOriginal Death CertificateOriginal Policy DocumentsMedical certificate of cause of deathCremation orburial certificate (notmandatory)Legal evidence of title (In case there is nonominee)All past medical reportsIndicative list of documents for Critical Illness Claim39A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 40. SAAB MARFIN MBACritical Illness FormClaimant Statement FormOriginal Policy DocumentA copy of medical records at the time of diagnosis illness and for pastillnessesDoctors/Hospital Certificates (formats will be issued by the claims assessoronly)Group ProductsOne-stop shop for employee-benefit solutionsHDFC Standard Life has the most comprehensive list of products forprogressive employers who wish to provide the best and most innovative40A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 41. SAAB MARFIN MBAemployee benefit solutions to their employees. We offer differentproducts for different needs of employers ranging from term insuranceplans for pure protection to voluntary plans such as superannuation andleave encashment.We now offer the following group products to our esteemed corporateclients: Group Term Insurance with Riders Group Term Insurance with Profit-Share Group Unit-Linked PlanFor GratuityFor Defined Benefit SuperannuationFor Defined Contribution Superannuation Group Leave Encashment PlanRural ProductsAccording to our research findings, there is keenness among rural customers to invsavings cum protection plan with a term of five years. Especially, if the premium amis low and affordable. Keeping this in view, we have designed a special product c 41 A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 42. SAAB MARFIN MBABima Bachat Yojana.We have also designed a product called Super Bachat Yojana wherein the rural custcan save regularly to create a corpus for future needs..Bima Bachat YojanaThe key objective of this product is to provide cover to economically weaker seand also to popularise the concept of life insurance and savings in rural areas.Bachat Yojana is a low premium life protection plan. One time premium ffive-year term is just Rs. 100.Benefits on death before Maturity: Rs 1,000.Benefits on Surrender before Maturity During yearSurrender Value (Rs) 1100 2120 3140 4160 518042A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 43. SAAB MARFIN MBABenefits on MaturityOn survival of the life assured to maturity, a benefit of Rs 200 will be paid.Age Limit : 18 to 50 yearsSuper Bachat Yojana Super Bachat Yojana combines the benefits of life protection as well as super savin helps you save money to meet the expected long term needs. Whats more, it lets participate in the surplus profits of the company! Benefits on Maturity SumAssured +ReversionaryBonus +InterimandTerminal B (Bonuses will be declared normally as on 31st March) Benefits On Death 43A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 44. SAAB MARFIN MBADuring the first year a basic benefit of 80% of premiums paid and after the firstlesser basicsum assured +reversionary bonuses paidtotal premiums paid to date +interest @ 6 % per annumTax Benefits Premiums paid are eligible for tax relief under Section 80 C of the Income Tax 1961 Any sum received is exempt under Section 10[10D] of the Income Tax Act, 1961Age and Term LimitsMinimum Age at Entry 18 yearsMaximum Age at Entry 60 yearsMaximum Age at Maturity 75 yearsMinimum Term 10 yearsMaximum Term 30 yearsMinimum Premium & Policy Fee 44 A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 45. SAAB MARFIN MBAOption Premium FeeAnnual 1800150Half Yearly100080Quarterly550 45 Documents Required for Claim Payments Fully completed Claim Form Original Policy document Original Death Registration Certificate Original Certificate of Doctor certifying death Original Certificate of cremation There are NO exclusions under this productDevelopment Insurance PlanDevelopment Insurance plan is an insurance plan which provides life cover45A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 46. SAAB MARFIN MBAto members of a Development Agency for a term of one year. On the deathof any member of the group insured during the year of cover, a lump sumis paid to that members beneficiaries to help meet some of the immediatefinancial needs following their loss. EligibilityMembers of the development agency and their spouses with: - Minimum age at the start of the policy 18 years last birthday - Maximum age at the start of policy 50 years last birthdayEmployees of the Development Agency are not eligible to join the group.The group to be covered is only eligible if it contains more than 500members. Premium Payments The premium to be paid will be quoted per member in the group and will be the sameforallmembers of the group. The premium can only be paid by the Development Agency as a single lump sum that includes all premiums for the group to be covered. Cover will not start until the premium and all the member information in our specified format has been received.The premium rate is Rs. 25 per Rs. 10,000 of lump sum, per 46A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 47. SAAB MARFIN MBAmember. . Benefits On the death of each member covered by the policy during the year of cover a lump sum equal to the sum assured will be paid to their beneficiaries or legal heirs. Where the death is as a result of an accident, an additional lump sum will be paid equal to half the sum assured. There are no benefits paid at the end of the year of cover and there is no surrender value available at any time. The role of the Development Agency Due to the nature of the groups covered, HDFC Standard Life will be passing certain administrative tasks onto the Development Agency. By passing on these tasks the premium charged can be lower. These tasks would include: 47 A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 48. SAAB MARFIN MBASubmission of member data in a specified computer formatCollection of premiums from group membersRecording changes in the details of group membersDisbursement of claim payments and the mortality rebate (if any) togroup membersThese tasks would be in addition to the usual duties of a policyholdersuch as:Payment of premiumsReporting of claimsKeeping policy holder information up to dateTraining and support will be available to give guidance on how tocomplete thetasksappropriately.Since these additional tasks will impose a burden on the DevelopmentAgency, the Development Agency may charge a Rs. 10 administration feeto their members.Prohibition of rebatesSection 41 of the Insurance Act, 1938 statesNo person shall allow or offer to allow, either directly or indirectly, asan inducement to any person to take out or renew or continue an48A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 49. SAAB MARFIN MBAinsurance in respect of any kind of risk relating to lives or property inIndia, any rebate of the whole or part of the commission payable or anyrebate of the premium shown on the policy, nor shall any persontaking out or renewing or continuing a policy accept any rebate, exceptsuch rebate as may be allowed in accordance with the publishedprospectus or tables of the insurerIf any person fails to comply with sub regulation (previous point)above, he shall be liable to payment of a fine which may extend torupees five hundredTax BenefitsINCOME TAX GROSSHOW MUCH TAX HDFCSTANDARDLIFESECTION ANNUALCAN YOU SAVE? PLANSSALARYUp to Rs. 33,660AcrossAll savedonSec. 80CAll the life insurance plans.income Slabs. investment ofRs. 1, 00,000. 49A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 50. SAAB MARFIN MBAUp to Rs. 33,660Across all savedonSec. 80 CCCAll the pension plans.income slabs. InvestmentofRs.1, 00,000.Unto Rs. 3,366 Allthe health insuranceAcross all savedonSec. 80 D* riders availablewith theincome slabs. Investmentof conventional plans.Rs. 10,000.Rs.37,026TOTALRs. 33,660 under Sec. 80C and under Sec. 80 CCC , Rs.3,366SAVINGSunder Sec. 80 D, calculated for a male with gross annualPOSSIBLE **income not exceeding Rs. 10,00,000.Under Sec. 10(10D), the benefits you receive are completelySec. 10 (10)Dtax-free, subject to the conditions laid down therein.* Applicable to premiums paid for Critical Illness Benefit, Accelerated SumAssured andWaiverofPremiumBenefit.** These calculations are illustrative and based on our understanding of currenttaxlegislations.Please contact your tax consultant for exact calculation of your tax liabilities. 50 A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 51. SAAB MARFIN MBAKnowledge CentreOur Knowledge Centre is your personal resource for information thatcan help you understand the basics of insurance and help you make aninformed decision about buying a policy.This section includes details on insurance terms and concepts, helpsyou analyze plans for your various needs and lends meaning to some ofthe insurance jargon that you may encounter.51A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 52. SAAB MARFIN MBA52A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 53. SAAB MARFIN MBAHDFC Standard Life Insurance Company Ltd. is one of Indias leadingprivate life insurance companies, which offers a range of individual andgroup insurance solutions. It is a joint venture between Housing53A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 54. SAAB MARFIN MBADevelopment Finance Corporation Limited (HDFC Ltd.), Indias leadinghousing finance institution and The Standard Life Assurance Company,a leading provider of financial services from the United Kingdom. Boththe promoters are well known for their ethical dealings and financialstrength and are thus committed to being a long-term player in the lifeinsurance industry all important factors to consider when choosingyour insurer.Our key strengthsFinancialExpertiseAs a joint venture of leading financial services groups, HDFC StandardLife has the financial expertise required to manage your long-terminvestments safely and efficiently.RangeofSolutionsWe have a range of individual and group solutions, which can be easilycustomized to specific needs. Our group solutions have been designedto offer you complete flexibility combined with a low charging structure.TrackRecordsofarour cumulative premium income, including the first year premiums andrenewal premiums is Rs. 1532.21 Crores Apr-Mar 2005 - 06.54A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 55. SAAB MARFIN MBAWe have covered over 1.6 million individuals out of which over 5,00,000lives have been covered through our group business tie-ups.carriersHDFCs finest investment is in its Human Resources. It draws itspersonnel from many disciplines. They are the building blocks onwhich the companys performance & productivity is based" . Mr. H TParekh Founder-Chairman, HDFC Ltd.We welcome you to the family of HDFC Standard Life InsuranceCompanyLtd.This section will help you identify various career opportunities with us,give you an insight into our work culture and also our various learningand development initiatives amongst host of other information.HDFC Standard Life is one of the leading life insurance companieshaving a track record of declaring bonuses every year since inception.We attribute this success to our people, who are our most importantasset. We believe they are a key facet of the company and it is theircontribution that has enabled us to achieve our current status. Sincethey deserve the best, our efforts have been to provide them with thebest environment, best culture and best development opportunitiespossible.55A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 56. SAAB MARFIN MBAJoin the Winning Team at HDFC SLIn our quest to be a competitive player in the insurance space,we are keen to partner with talented, high performing people.We pride our self for a rich talent base that can successfullypropel the company to even greater heights in an increasinglycompetitive platform. So if you think, you have it in you toemerge victorious in this challenging environment, join us. Youcan in order to send us your CV. Current OpportunitiesAccounts & FinanceGroup SalesHuman Resource & AdministrationInferior & TechnologyMarketingOperationsSales-RetailSales-Alternate Channel56A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 57. SAAB MARFIN MBAUnderwritingTrainingProcess ManagementAgencyLegal & ComplianceMedicalGroup CompaniesSome of our valued bancassurance partners. 16th May 200657A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 58. SAAB MARFIN MBA HDFC Standard Life records impressive growth Premium Income grows by 112% HDFC Standard Life has recorded a strong year on year growth of 112% for the period April-March 2005- 06, in comparison with the same period 2004-05, with new business first year premium of Rs.1029corers. The growth achieved by the companywas considerably higher than the private sector industry average of 84% for 2005-06. In terms of effective premium income (EPI), which gives a 10% value to a Single Premium policy, and is an internationally accepted indicator of an insurance companys performance, the EPI grew by 103% from Rs.436 Cr. to Rs. 887Cr. HDFC Standard Lifes growth in new business is a result of number of lives insured as well as, an increase in the average premium. For the individual business, volume measured by the number of lives insured, witnessed a 32% growth. The average premium also increased by 62% from Rs.17, 000 in 2004-05 to Rs. 27,500 in 2005-06. Commenting on the huge potential that exists in the Indian market today, Mr. Deepak Satwalekar, Managing Director & CEO of HDFC58A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 59. SAAB MARFIN MBA Standard Life emphasized, The GDP has been growing over 8% per annum and 47% of all savings are now in financial saving forms; 16% of savings is in the form of insurance premiums and another 16% is in Provident Fund and Pensions i.e., 32% of Indias financial savings of the household sector are available to be tapped. Therefore, growth for the private life insurance industry is inevitable and HDFC Standard Life is confident of maintaining a steady growth pace. Highlighting HDFC Standard Lifes differentiators, Mr. Deepak Satwalekar said, Our Company has the most competitive fund management charge, which is the lowest in equity based products. Our fund management charge is as low as 0.8% per annum, the key to enhancing long-term returns. Our other differentiator is that we believe in offering life insurance solutions to customers based clearly on their needs, and Disha is the way it is done. Disha is a Professional Sales Skills Training Program. The delegates in this program are introduced to a Need-based selling approach, which can cater to all our clients opting for life insurance solutions. Disha is aimed at providing a good service to the client and building long-term relationships. Contribution to the individual business premium income by the59A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 60. SAAB MARFIN MBA different channelsof distribution also changed significantly, compared to last year. The Corporate Agency and Banc assurance channel has grown tremendously and currently accounts for 43% of the companys business. Speaking on this, Mr. Satwalekar said, The strategyto concentrate on activating a limited number of bancasurance partners rather than going in for signing up a large number of banks in the early years, also paid off. Our key to achieving banc assurance success is our belief in a partnership approach, customized product offerings, highly ethical dealings and providing good value to our partners and their customers. HDFC Standard Lifes offerings of Employee Benefit Solutions, to the corporate sector, through Group Business, have met with increased success with year on year growth of 174%. Commenting on the strong growth of HDFC SLs Group Business, Mr. Satwalekar said, Our excellent fund performance on retirement products and increase in our client base with 150 clients cutting across a spectrum of industries spanning from multinationals to PSUs to the older business houses, have been the highlights of the year. Ongoing training for conventional products and specialized training for unit linked products for more than 33,000 of our financial consultants has also helped its customers choose the products best 60A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 61. SAAB MARFIN MBA suited for their need for protection, savings, investments and pensions. HDFC Standard Life is the only company requiring its sales force to undergo specific training in ULIPs before they are permitted to sell the same. There has been a huge jump in the number of its Financial Consultants who have qualified to become members of the prestigious Million Dollar Round Table (MDRT). From 124 members as on 31st December 2004, the number has increased to 318 members as on 31st December 2005. HDFC Standard Life continues to have one of the widest reaches amongst new insurance companies. The Companys geographical presence has also increased and covers 169 offices across the country. Table Showcasing Financial Results: Apr-Mar Apr-Mar Parameters2004-05 2005-06 % Growth (Rs. Cr.) (Rs. Cr.) Totalreceived 668.401532.21 129.23 premium i. New Business 486.151028.94 111.65 ii. Renewal 182.25503.27176.1461A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 62. SAAB MARFIN MBA Effective Premium 436.08887.30103.47 Income (Total) Group Business 49.40135.15173.58 Premium (EPI)News 16th May 2005 HDFC Standard Life declares results for FY 2004-05 Premium Income grows by 132% HDFC Standard Life Insurance Company Limited declared its annual results for the financial year ending March 31st, 2005. The company generated62A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 63. SAAB MARFIN MBANew Business Premium Income of Rs. 486 Crore in 2004-05 registering ayear-on-year growth of 132%. The growth was primarily driven by thesuccess of the companys initiative on structured sales processes based oncustomer needs and their assessments.Mr. Deepak Satwalekar, Managing Director & CEO, HDFC Standard Lifeattributed this growth to the quality of life insurance solutions offered bythe company. Speaking on the occasion he said, "We are equipped to offersome of the best solutions to our customers given our wide range ofproducts and the quality of advice offered by our Financial Consultants andCorporate Consultants. Training was one of the biggest initiatives we hadundertaken last year. Clearly, this initiative has started giving us goodresults."Highlights of Financial Year 2004-05 New Business Premium Income up by 132% to Rs. 486 Crores. Total Premium Income of Rs.687 Crores as against Rs. 298 Crores in FY 03-04. Alternate Channels including banc assurance have recorded an63A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 64. SAAB MARFIN MBA impressive growth of over 400% to contribute 37% to the Effective Premium Income (EPI). Group business increased to Rs. 32 Crores on EPI basis. The average premium doubled to Rs 17,000 Company products and services available in 444 locations across the countryHDFC Standard Life tracks its New Business Premium on the basis ofEffective Premium Income (EPI). EPI is calculated by giving only a 10% valueto a Single Premium policy and is an internationally accepted indicator ofan insurance companys performance. While the company recorded NewBusiness Premium Income of Rs. 486 Crores, the EPI figure was lower at Rs.436 Crores. The total premium income (including renewal premium) grewby 130% to touch a figure of Rs. 687 Crores. High levels of persistencyhave resulted in a higher level of renewal premiums. High persistency is animportant contributor to future profitability. The cumulative sum assuredfor all policies issued up to March 31, 2005 crossed Rs. 30,000 Crores.In the first full year of offering unit linked products, the structured salesprocess adopted by the company has paid rich dividends. HDFC Standard64A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 65. SAAB MARFIN MBALife offers, both, life insurance policies as well as pension products on aunit linked platform. Unit linked products accounted for over 50% of thenew business premium. Given the nature of the unit linked product, thecompany provided specialized training to a limited number of its FinancialConsultants who were then tested for their understanding of the productsand separately licensed. HDFC Standard Life is unique in stipulating thisrequirement for its sales force.The companys national relationships with HDFC Limited, HDFC Bank,Union Bank of India, Indian Bank and Saraswat Bank have also helped itreach out to a larger number of customers across the country. Thealternate channel business grew by over 400% to contribute 37% of thepremium income. The company plans to further strengthen theserelationships through the introduction of products specially designed forthis channel.HDFC Standard Life continues to have one of the widest reaches amongnew insurance companies. The company doubled the number of offices to104 across the country. Through these offices, the company today servicescustomer needs in over 440 towns. The company also increased its depthin existing markets by increasing its Financial Consultant strength from17,000 as on 31st March 2004 to over 23,000 as on 31st March 2005.There has been a huge jump, of over 220%, in the number of its Financial65A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 66. SAAB MARFIN MBAConsultants who have qualified to become members of the prestigiousMillion Dollar Round Table (MDRT). From 38 members as on 31stDecember 2003, the number has increased to 124 members as on 31stDecember 2004.During the year, the company expanded its portfolio of products bylaunching plans to cover Superannuation and Leave Encashment needs,thereby offering a wide range of employee benefit solutions to itscorporate clients. Consequently, HDFC Standard Lifes Group Business sawa huge growth over the previous financial year. The New Business Premiumgrew to Rs. 49 Crore to cover over 200,000 lives for a sum assured of overRs.10,000 Crores.Given its parentage and its financial expertise, the company is confident ofoffering good long-term returns to its policyholders. Speaking on this Mr.Satwalekar said, "Our investment philosophy and cost consciousnesstogether will help us in providing good long term growth to policyholderson their investments with us. This is evident in the performance of ourequity based unit linked funds which have outperformed most indices overthe last one year".66A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 67. SAAB MARFIN MBAAccidentBenefitAn add-on with a life policy. It compensates a policyholder inthe event of death or injury by accidentAnnuityAn investment option that makes a series of regular payments to anindividual in exchange for a premium or a series of premia.AppreciateTo grow in valueAssetEverything owned or due to a personAsset allocationHow your investments are spread across various asset classes67A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 68. SAAB MARFIN MBABondIt is like an IOU. By buying a bond you loan money to a company, amunicipality, state or the Central GovernmentBonusThe amount paid as return in a with-profit policy. The bonus,expressed as a percentage of the sum assured, is generally declaredevery year. The amount is linked to the profits earned by the insurer.Depending on the time of withdrawal, there are two kinds of bonuses reversionary and cash. A reversionary bonus can be encashed onlyon maturity of the policy; a cash bonus can be withdrawn whendeclaredBudgetIt is a tool used to monitor and control expenditures and purchases.68A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 69. SAAB MARFIN MBACapital gainsProfit earned from the sale of stocks, mutual fund units and realestate. Long-term capital gains arise from assets owned for morethan a year while short-term capital gains are made from assetsowned for less than a year.Compound InterestInterest computed on principal plus interest accrued during theprevious periods of the investmentCorpusThe amount of money available with a scheme for investing. Ifalready invested, the corpus is the current value of the schemesportfolio.Cost averagingA strategy that involves investing a fixed amount of money in anasset class like equity, so that the average cost of acquiring the assetin the long-term is much lower than that in the short-term.Cover69A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 70. SAAB MARFIN MBAAnother word for insurance; it also refers to the amount ofinsurance.Critical illness riderA rider that provides a policyholder financial protection in the eventof a critical illnessDeath benefitThe amount payable to the nominee on death of the policyholder.The amount paid is the sum assured plus benefits applicable (if any)less outstanding loans.Declining term coverA type of pure life protection insurance policy where the premiaremain the same while the life coverage keeps declining. They aretypically used to cover the life of a person with a pending loanrepayment, like home loan.Deferred annuity70A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 71. SAAB MARFIN MBAAn annuity plan where the first annuity payment becomes payableafter a chosen period that exceeds one year.Discretionary expensesTheseare expenses like entertainment,dining outandnon-compulsory travel that you can reduce at will.Disability / dismemberment benefit riderA rider that provides for additional cover in the event of disability, ordismemberment, of the policy holder due to an accidentDividendsPayments made by companies and mutual funds to shareholders andunit-holders, respectively, from the income generated by it.Down paymentThe money that a home buyer has to contribute, often at least 15 percent of the value of the house, when he is taking a home loan.Dividend yieldThe percentage of dividend paid on a share to the value of the share.71A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 72. SAAB MARFIN MBAEmergency fundThe money, in the form of liquid investments in bank savingsaccounts, two-in-one accounts and liquid funds, you need, to takecare of emergencies like a job loss that your insurance policieswouldnt coverEndowment plansAn insurance plan that provides a policyholder risk cover and somereturn on investment. Usually suitable for the risk-averseEffective rate of interestThe true rate as against the nominal rate, which may be incorrect.EstateAll assets of a person, both financial-like stocks, bonds, mutualfunds and fixed deposits and physical-like a house and gold that canbe passed on to his heirs.72A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 73. SAAB MARFIN MBAEstate planningA financial plan to ensure the transfer of all your assets-bothfinancial, such as fixed deposits and stocks and physical, such ashome, after your death to your heirs without any delay or loss.ExclusionsRisks and circumstances not covered by a policy. No claim will beentertained in case of losses arising out of such situationsELSS (equity-linked savings schemes)Diversified equity funds that additionally offer a tax deduction underSection 80C on investments up to Rs.1 lack.EMI (equated monthly installment)A borrower must make this payment each month towards repaymentof interest and principal of a loan taken by him.EquityThe actual ownership interest in a specific asset or group of assets73A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 74. SAAB MARFIN MBAFinancial planningIt covers the essential elements of a persons financial affairs and isaimed at achieving a persons financial goals.Fixed depositFunds placed on deposit in a bank, company or post office at a fixedrate of interest.Fixed-income investmentAny investment that provides a stated percentage of value, say 6 percent, on the invested amount.Fixed rate loanInterest rate charged on a loan that remains fixed during the tenureof the loanFloating rate loanInterest rate charged on a loan benchmarked to a particular lendingrate. The rate gets adjusted during the tenure of the loan as thebenchmark interest rate changes.74A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 75. SAAB MARFIN MBAGroup InsuranceAn insurance policy taken out by employers to provide life cover totheir employees. Usually the cheapest form of insurance.Guaranteed additionsThe amount paid as returns in assured-return insurance plans.Guaranteed additions are expressed as a percentage of the sumassured, with the amount payable being stated by the insurer at theoutset.Hospital cash benefit riderA rider that provides cover for hospitalizationImmediate annuity75A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 76. SAAB MARFIN MBAAn annuity that starts payments immediately after, or soon after, thefirst premium is paidIndex fundA scheme whose portfolio mirrors the progress of a particular index,both in terms of composition and individual stock weight ages. Its apassive investment option, as a funds performance will mimic theindex concerned, barring a minor tracking error.InsuredThe policyholderInsurerThe insurance companyInvestmentsAssets like fixed deposits, post office savings, bonds and stocks thatare acquired for the purpose of earning a returnInvestment risksThe risks that your investments face. These include the risk of76A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 77. SAAB MARFIN MBAinterest rate fluctuations impacting your debt investments or theprices of equities going down.Level term cover riderA rider that increases the life cover in non-term plans, up to amaximum of the sum assured on the base policy. The rider offersdeath benefit along, and serves the need for extra protection for aspecified time period.LiabilitiesMonies owed, debt and other financial obligations of a personLife annuityAn annuity that makes regular income payments till the policyholderis alive. On the policyholders death, all income payments cease andthere are no beneficiary benefits.LiquidityThe quality of assets that can be easily and quickly converted into77A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 78. SAAB MARFIN MBAcash without any, or significant, loss in value.Loyalty additionsAdditional benefits (other than guaranteed additions/bonus) paid topolicyholders on maturity of certain investment-based insuranceplans for staying on through its term. Loyalty additions are paid as apercentage of the sum assured, with the amount depending on theinsurers financial performance.Lock-in periodThe period of time for which investments made in an investmentoption cannot be withdrawn.Marginal tax rateThe highest tax rate applicable to a person for paying income tax.Market valueThe monetary value an asset will fetch if sold in the market today.78A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 79. SAAB MARFIN MBAMaturity dateThe date on which a policy term or fixed-income investment likefixed deposit or bond comes to an end.Money-back plansA variant of endowment plans in which survival benefits aredisbursed through the policy term, rather than in a lump sum at theend.Net asset value (NAV)The simplest measure of how a scheme is performing, it tells howmuch each unit of it is worth at any point in time. A schemes NAV isits net assets (the market value of the financial securities it ownsminus whatever it owes) divided by the number of units it hasissued.NomineeThe person(s) nominated by the policyholder to receive the policy79A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 80. SAAB MARFIN MBAbenefits in the event of his death.Participative plansSee with-profit policyPension PlanInvestment products offered by insurance companies and mutualfunds that required the investor to make defined contributions overregular periods, mostly every year. The contributions are investedaccording to a pre-decided investment plan. At retirement, theaccumulation is paid out through regular pay-out options.Periodic payment investmentsInvestment options that have payouts in fixed intervals. For example,money-back life insurance policies.Permanent partial disabilityPermanent loss of any body part, one eye, one limb or one finger or80A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 81. SAAB MARFIN MBAa toe, or injuries that render the insured in capable of earning anincome from the date of the accident onwards from any work,occupation or profession. While the loss of the body part may bepermanent, its effects on the insureds life are partial.Permanent total disabilityPermanent loss of use of any two limbs, or permanent and completeloss of sight in both eyes and any other injury that renders theinsured incapable of earning an income. Cover this risk to secureyour wealth.PolicyThe legal document issued by an insurance company to apolicyholder that states the terms and conditions of an insurancecontract.PolicyholderThe person who buys an insurance policy. Also referred to as theinsured.Policy term81A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 82. SAAB MARFIN MBAThe period for which an insurance policy provides coverPost office schemesAlso known as Small Savings schemes, they are offered at postoffices and carry the highest returns among fixed incomeinstruments. Government backing makes these instruments likePublic Provident Fund (PPF), National Savings Certificate (NSC), KisanVikas Patra (KVP) and Post Office Monthly Income Scheme (POMIS)risk-freePre-paymentPartial or full repayment of the loan before the end of the tenure.PremiumThe amount paid by the insured to the insurer to buy coverRecurring depositThis is offered both in post office and banks where you are requiredto contribute a fixed amount ever month. It is a great tool for82A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 83. SAAB MARFIN MBAmaking small and regular savings.RestThe frequency at which interest is calculated on the outstanding loanbalance. The more regularly the interest is calculated on theoutstanding loan amount, the lesser the interest costs and cheaperthe loan. For example, monthly rests would make a loan with thesame rate cheaper than a quarterly rest.Revolving creditA pre-established credit line, typically in a credit card, against whicha person may borrow to make purchases.RidersAdditional covers that can be added to a life policy, for a costSmall savingsSee post office schemes83A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 84. SAAB MARFIN MBASum assuredThe amount of cover taken under a life insurance policy, it is theminimum amount that will be paid on death of the policyholderduring the policy term.Surrender valueThe amount payableby the insurer to the ownerof aninvestment-based plan in case he opts to terminate the policy afterthree years (the mandatory lock-in period) but before its maturitydate. The surrender value will be the premia paid till date minussurrender charges and any outstanding loans due.Survival benefitsThe amount payable to a policyholder under an investment-basedplan if he survives the policy term. Typically, it is the sum assuredplus returns (guaranteed additions / bonus) accrued.Temporary total disabilityAn injury that results from an accident and renders a person84A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 85. SAAB MARFIN MBAimmobile or affects his earning capacity temporarily. For instance, afracture in the arm or leg that keeps you from work: you may bemobile but the injury may prevent you from working.Term plansA plan that provides life cover for a specified period of time, but noreturn on the premia paidTerminal bonusA one-time bonus paid on maturity of a with-profit planVesting dateGenerally used in the context of pension plans and childrens plansoffered by life insurance companies. It is a date signifying amilestone in a policy. In pension plans, it is the date from which thepolicyholder starts receiving pension. In childrens plans, it is thedate from which a child becomes the owner of a policy taken out inhis name (generally, around his 18th birthday).85A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 86. SAAB MARFIN MBAWaiver of premium riderA rider that waives the premia payable on the base policy and otherriders in certain circumstances mostly related to death, disability orinjury. An important feature especially for investment products suchas childrens policies.WealthThe difference between the values of what you own (assets) and whatyou owe (liabilities).WillA document that designates the assets of a person-both financialand physical- to various family members and other heirs.With-profit policyAn insurance plan in which the policyholder gets a share of theinsurers profits ( in the form of guaranteed additions / bonus).Along with the sum assured.86A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 87. SAAB MARFIN MBAWithout-profit policyAn insurance plan in which the policyholder does not get any shareof the insurers profitsWhole-life plansClass of life insurance policies that provide cover through yourlifetime.BOARD OF DIRECTORSMr.Deepak S Parekh:Is the chairmen of the company. He is also the Executivechairmen of Housing Development Finance Corporation Limited87A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 88. SAAB MARFIN MBA(HDFC Limited). He joined HDFC Limited in a senior managementposision in 1978. he was inducted as a whole time director of HDFCLimited in 1985 and was appointed as its Executive Chairmen in1993. He is the Chief Executive Officer of HDFC Limited. Mr. Parekhis the Fellow of the Institute of Chartered Accountants (England &Wales)Mr. Keki M Mistry: Joined the board of directors of the company in December2000. He is currently the Managing Director of HDFC Ltd. He joinedHDFC Ltd in 1981 and become a Executive Director in 1993. He wasappointed as its Managing Director in November, 2000. Mr. Mistry isa Fellow of the Institute of Chartered Accountants of India and amember of the Michigan Association of Certified Public Accountants.Mr. Alexander M Crombie: Joined the Board of Directors of the company in April, 2002.He has been with the Standard Life Group for 34 years holdingvarious senior Management Positions. He was appointed as theGroup Chief Executive of the Standard Life Investment Limited. Mr.Alexander M Crombie is the Fellow of the Faculty of Actuaries in88A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 89. SAAB MARFIN MBAScotland.Ms. Marcia D Campbell:Is currently Group Operations Director in the Standard LifeAssurance Company and is responsible for Group Operations, AsiaPacific Development Strategy & Planning Corporate Responsibilitiesand Shared Service Centre. Ms. Marcia D Campbell joined the Boardof Directors in November 2005.Mr. Keith N Skeoch:Is currently the Chief Executive of the Standard LifeInvestment Limited and is responsible for overseeing InvestmentProcess and Chief Executive Officer Function. Prior to this, Mr.Skeoch was working with M/s. James Capel & Co. holding thePositions of UK Economist, Chief Economist, Executive Director,Director of Control and Strategy HSBS Securities and ManagingDirector International Equities. He was also responsible for Economicand Investment Strategy Research Produced on a worldwide basis.Mr. Keith N Skeoch joined the Board of the Directors in November2005.89A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 90. SAAB MARFIN MBAMr. G N Bajpai:Was the former chairman of the Life Assurance company ofIndia and Securities of Exchange Board of India. Mr. G N Bajpairetired from Life Assurance company of India with more than 3decades of experience and further served as SEBI as its Chairmen offor 3 years, during which time he had strengthened the complianceenforcement in SEBI.Mr. Gautam R Divan:Is a practicing Chartered Accountant and is a Fellow of theInstitute of Chartered Accountants of India. Mr. Gautam R Divanwas the chairmen and managing committee Member of MidsnellGroup international, an international Association of IndependentAccounting Firms and has authored several papers of professionalinterest.90A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 91. SAAB MARFIN MBAMr. Ranjan Pant Is a global Management Consultant advising CEO/Board ofStrategy and Change Management. Mr. Ranjan Pant, until 2002 was apartner & Vice President at a Bain & Company, Inc.,Boston,where he ledthe worldwide Utility Practice. He was also director, Corporate BusinessDevelopment at General Electric headquarters in Fairfield, USA. Mr. Panthas an MBA from the Wharton School and BE (Honours) from BirlaInstitute of Technology and Sciences.Mr. Ravi Narain Is the Managing Director & CEO of National StockExchange of India Ltd. Mr. Ravi Narain was the core team to set up thesecurities & Exchange Board of India (SEBI) and is also associated withvarious committees of SEBI and the Reserve Bank Of India (RBI).Mr. Deepak M Satwlekar91A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 92. SAAB MARFIN MBAIs the Managing Director and CEO of the Company sinceNovember, 2000. Prior to this, he was the Managing Director of theHDFC Ltd since 1993. Mr. Deepak M Satwlekar obtained a BachelorsDegree in Technology from the Indian Institute of Technology, Bombayand a Master Degree in Business Administration from The AmericanUniversity, Washington DC. The above graph shows that the sex wise classification of the respondents.92A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 93. SAAB MARFIN MBA In total 50 respondents 42% of respondents are males.And remaining 8% of respondents are females. The above graph shows that the age wise classification of the respondents.93A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 94. SAAB MARFIN MBA 2% of respondents are coming under the age between 15 to 20 years.21% of respondents are coming under the age between 20to 30 years.23% of respondents are coming under the age between 30to 40 years.And remaining 6% of respondents are coming under theage of 40 years and above.94A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 95. SAAB MARFIN MBA The above graph shows that the 4% of respondents havecompleted SSLC, 21% of respondents have completed PUC, 18% ofrespondents have completed degree and 15% of respondents havecompleted master degree.95A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 96. SAAB MARFIN MBA The above graph shows that the numbers of respondents are living in their own house.39%of respondents have their own house.Remaining 8% of respondents do not have their own house.96A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 97. SAAB MARFIN MBA The above graph shows that the number of respondents is using the following luxuries goods. 14 % respondents are using Car.10% respondents are using Colour TV.22% respondents are using Bikes.2% respondents are using Refrigerator.97A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 98. SAAB MARFIN MBA The above graph shows that the respondents occupation.15% of respondents are job holders.19% of respondents are Business mans.4% of respondents are Professionals.98A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 99. SAAB MARFIN MBA The above graph shows that the monthly income of the respondents. In the survey it was found that the. 3% of respondents are come under below Rs.5000 per month.26% of respondents are coming under Rs.5000 to 10,000per month.99A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 100. SAAB MARFIN MBA16% of respondents are coming under 10,000 to 15,000per month.Only 3% of respondents are coming under Rs.15, 000 &above. 100A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 101. SAAB MARFIN MBA The above graph shows that the 19% of respondents aware aboutHDFC Standard Life Insurance and 26% of respondents unaware aboutHDFC Standard Life Insurance. 101A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 102. SAAB MARFIN MBA The above graph shows that the number of respondents are come to know about this HDFC Standard Life Insurance Plans and Policies.Only 6% of respondents are come to know from the executives. 10% of respondents are come to know from their friends.1% of respondents are come to know from Television.2% of respondents are come to know from local NEWSPapers.3% of respondents are come to know from Pamphlets. 102A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 103. SAAB MARFIN MBA The above graph shows that the number of respondents wants to know more about HDFC Standard Life Insurance Plans and Policies. 39% of respondents are wants to know more about HDFC Standard Life Insurance Plans and Policies.10% of respondents dont want to know. 103A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 104. SAAB MARFIN MBA The above graph shows that the numbers of respondents are interested to invest their money in HDFC Standard Life Insurance.26% of respondents are interested to invest their money inHDFC Standard Life Insurance.20% of respondents are not interested to invest theirmoney in HDFC Standard Life Insurance.104A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 105. SAAB MARFIN MBA The above graph shows that the numbers of respondents are interested to invest their money in the following plans in HDFC Standard Life Insurance. 7% of respondents are interested to invest their money in the Investment Plans. 9% of respondents are interested to invest their money in the Saving Plans.105A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 106. SAAB MARFIN MBA 8% of respondents are interested to invest their money in the Pension Plans. The above graph shows that the numbers of respondents are invested their money in the following companies. 17% of respondents are invested their money in the LIC. 9% of respondents are invested their money in the HDFC. 8% of respondents are invested their money in the ICICI. 106A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 107. SAAB MARFIN MBA 2% of respondents are invested their money in the Bajaj Allianz. The above graph shows that the numbers of respondents saving consist of in the following companies. 2% of respondents consist their savings in the Post Office.14% of respondents consist their savings in the Bank F.D. 1% of respondents consist their savings in the Shares. 107A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 108. SAAB MARFIN MBA 3% of respondents consist their savings in the Land and Building. 27% of respondents consist their savings in the Life Insurance. Findings In 50 respondents presently 46% of respondents age between 30 to 40 years.this indicates that they have ability to take financial investment decisions. So it is suggests that the company catch such kind of respondents. In the survey it was found that more number of respondents i.e.36% of respondents have completed graduation. This indicates that the respondents in the Dharwad city are educated and they are easily understood what are the benefits and importance of the policies. In this survey it was found that 44% of respondents have their own bikes and 28% of respondents have cars. This indicates 108A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 109. SAAB MARFIN MBA these financially sound and they can easily understand the importance of policies and they can invest thhier money in that. In this survey it was found that 52% of the respondents monthly income is in between Rs.5000 to Rs.10000. such kind of respondents are wants save money or invest money which will help for their childrens in future. It was found that 52% of respondents in Dharwad city are unaware about the HDFC standard Life Insurance. This indicates the advertisements which are using for creating awareness in Dharwad is not effective so it is suggests the company to use more effective ad camps to create awareness. In Dharwad city 78% of respondents wants to know more about HDFCs policies so it is suggest that the company should give ads in local NEWS Paper and also give advertisement in local cable TV.Dharwad city is aware or knows about this scheme. In this survey it was found that 52% of respondents are wanted to invest their money in HDFC Life Insurance Policy. These respondents are potential customer for the organization.109A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 110. SAAB MARFIN MBAConclusionFrom the survey analysis it was found that in Dharwad City morethan half of respondents are unaware about HDFC Standard LifeInsurance Plans and Policies. 110A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 111. SAAB MARFIN MBAIn this survey it was also found that more number of respondentshave perception in that they are interested to invest their money inHDFC Standard Life Insurance In short many respondents are still notdecided to in which company they have to invest their money. So theyhave opportunity in Dharwad city and the company has an opportunityso it suggests that they catch the such customers to tap the market. 111A study on customer awareness to determine the potential market ofHDFC Standard Life Insurance Products and plans. 112. SAAB MARFIN MBARecommendations 1. More number of respondents have their monthly income belowRs.5000. And such kind of population wants to make policies inHDFC Standard Life Insurance. More number of the respondentsare come to know about this scheme from TV and Friends. So itsuggests that they should use other sources of advertisementlike Big Eye Catching Hoardings and Road shows etc.2. Here it can recommended that the company should provide bonusfor the potential financial consultant and Company almost all plansand policies have duration period of minimum 10 years for this longduration people are not interested to invest their money so thecompany should reduce their duration period.112A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 113. SAAB MARFIN MBA Bibliography. MARKETING RESEARCH BY DONALD S. TULL & DELL HAWKINS. PRINCIPLE OF MARKETING BY PHILLIP KOTLER & ARMSTRONG. NEWSPAPER AND MAGZINES COMPANY MANUALS. 113A study on customer awareness to determine the potential market of HDFC Standard Life Insurance Products and plans. 114. SAAB MARFIN MBAQuestionnaire. This is an anonymous surveyDear respondent.I am Basheer Ahmed. M.B.A. IInd sem. Student of Belgauminstitute of management Studies, Belgaum. As for curricular part of thiscourse I am undertaking a project to determine the CustomerAwareness Level in market forHDFCStandardLife InsuranceCorporation in Dharwad city. This is sincerely meant for academicpurpose. The information which is provided by you will be kept strictlyconfidential & used only