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SUMMER TRAINING REPORT
ON
“Awareness of life insurance products in Indian market.”
(With respect to HDFC SLI)Carried out at
Submitted in partial fulfillment of the requirement of the awards of degree in
Master Of Business Administration
SESSION(2010-2012)
Submitted to: Submitted by:
Controller of MANJU SINGHExamination ROLL NO;10033
M.D UNIVERSITY,ROHTAK.
Department Of Management Studies
Shri Ram College Of Engineering & Management
Plalwal (Haryana)
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ACKNOWLEDGEMENT
The successful completion of my project includes many people who formally or
informally helped me.
It is a great pleasure to express my deepest sense of obligation to Dr. S. K. Gupta
Principle Director S.R.C.E.M. Palwal for providing me opportunity to do training at
HDFC STANDARD LIFE INSURANCE LTD.
I own my ever Indebtedness and Gratitude to Mrs. Neha Sharma for intelligent guidance,
valuable suggestion and encouraging attitute through out the tenure of my study.
I am really grateful & feeling glad to acknowledge Miss. Nisha Bansal who helped me in
preparation of questionnaire and time-to-time guidance in analyzing data.
I deem it my most pleasant duty to express my deep sense of gratitude to my parents and
friends for their love affection and ever encouraging approach.
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PREFACE
Learning is an essential part of life .A person learns in everything he does. Each moment,
each day of his life teaches him a new thing.
Where as the practical knowledge is an important suffix to the theoretical knowledge,
both have to be coupled to be fruitful. Class room teaching makes the fundamental
concepts clear but they must be correlated with practical training to make the theoretical
base more strong.
I consider myself lucky to do my summer training at HDFC STANDARD LIFE
INSURANCE LTD.
.
It helped me to apply theoretical knowledge in . which made my financial concepts more
clear.
Outmost care has been taken while printing the report but all kinds of suggestions and
critical evaluation is welcomed.
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INDEX
S.NO CONTENTS PAGE NO. SIGN
1 COMPANY
PROFILE
1-26
2. INTRODUCTION
ABOUT THE
PROJECT
27-40
3. OBJECTIVES,
SCOPE &
LIMITATIONS
41-44
4 RESEARCH
METHODOLOGY
45-50
5 COLLECTION OF
DATA
51-56
6. DATA ANALYSIS &
INTERPRETATIONS
57-69
7. FINDINGS OF THE
STUDY
70-71
8. CONCLUSIONS &
SUGGESTIONS
72-75
9. BIBLIOGRAPHY &
ANNEXURE
76-78
10. QUESTIONNAIRE 79-84
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CHAPTER-1
COMPANY PROFILE
INTRODUCTION OF HDFC
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The first private sector retail Housing Finance Company in India was incorporated in
1977 with almost 90% of the initial share holding in the hands of domestic institution and
retail investors and currently 77% of the shares hold by foreign institutional investors and
a primary objective of meeting a social needs of the common mass of India as well as
promoting home ownership by providing long-term finance to house holds for their
needs.
However, the needs was according to “National Building Organization” The demand was
estimate at 2 million units per year and the total housing shortfall is estimated to be 19.4
million units with the division of 12.76 million for rural and 6.64 million for urban. It is
listed on both BSE (Bombay Stock Exchange) and NSE (National Stock Exchange) and
having the market capitalization of Rs79 billion (2002 June). It has 118 offices and
having the second largest employment generator in India with the staff strength of 1029.
FINANCIAL STRENGTH
Was promoted with an initial share capital of 100 million.
Asset Base more than Rs21459 cr.
AAA (High Security and High Safety) rated for seven consecutive years.
HDFC IS A HIGHLY DIVERSIFIED GROUP. ITS GROUP COMPANIES ARE:
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HDFC Limited
HDFC Bank Limited
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 an initial share capital of Rs.100.
The Housing Development Finance Corporation Limited (HDFC) was amongst
the first to receive approval from the Reserve Bank of India to set up a bank in the
private sector. The bank was incorporated in August 1994 in the name of HDFC Bank
Limited, with its registered office in Mumbai.
HDFC Securities Limited
HDFC Securities Ltd was promoted by the HDFC Bank & HDFC with the objective of
providing the diverse customer base of the HDFC Group and other investors, a capability
to transact in the Stock Exchanges & other financial market transactions. HDFC
securities, provides you with the necessary tools to allocate, select and manage your
investments wisely, and also support it with the highest standards of service, convenience
and hassle-free trading tools.
HDFC Asset Management Company Limited
HDFC Fund is a dominant player in the Indian mutual fund space, recognized for its high
levels of ethical and professional conduct and a commitment towards enhancing investor
interests.
HDFC Realty Limited
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HDFC Realty is a new, organized electronic marketplace for properties. HDFC realty
provides the entire gamut of real estate services, bringing together the "clicks world"
and the "bricks world" in a revolutionary and user-friendly way. Making available the
best guidance and the most professional, transparent, efficient service to the real
estate customer.
HDFC CHUBB GENERAL INSURANCE COMPANY LTD.
With over one century of experience in the field of non-life insurance from Chubb and HDFC’s expertise from the
financial segment, HDFC Chubb General Insurance Company Limited has the consumer insight to make its product
range world class and comprehensive.
HDFC STANDARD LIFE INSURANCE
HDFC STANDARD LIFE is the name, which is working as one of the best private
insurance company in insurance sector. HDFC Standard Life Insurance Company Ltd
was incorporated on 14th August 2000.It got the certificate of registration on 23rd
October.
INTRODUCTION OF STANDARD LIFE
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Standard was incorporated in 1825. It is mainly a UK based company having 31 branches
in UK itself and many other branches in all over the world. It is also renounced as the
European Largest Mutual Life Insurance Company and recently voted “Company of the
Decade” by independent financial adviser in UK.
SOME FACTS ABOUT THE COMPANY
Founded in 1825
Mutual Life Insurance Company since 1925
Largest mutual life insurance company in Europe
Assets under management over Rs707836 corers (£ 89.2 billions) Total assets under
management: Rs.707836 Corers
New premium income 2003: Rs.76277 Corers
AAA rated by Standard & Poor’s and Moody’s
FINANCIAL SECURITY
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Standard Life has the financial strength to remain secure and competitive. Company aims
to offer products that provide competitive returns to their customers while maintaining an
adequate level of financial strength to ensure their security.; that's why they believecustomer can have confidence in them.
MISSION
“To be the top new life insurance company in the country.”
VALUES
SERVICE
Offer a high quality customer service (pre & post sales)
And trained consultants who would advice the customers in choosing the right
product for him.
TRUST
Commitment to the Indian market to establish themselves as the most professional
Life Insurance Company in India.
INNOVATION
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Commitment for developing quality products for the specific needs of the Indian
customers
Use latest technology.
WORLDWIDE OPERATIONS AND PRESENCE
Head Office - Edinburgh, Scotland (UK)
United Kingdom: 31 Branches
Canada 11 "
Ireland 7 "
Germany 1 "
Austria 1 Sales office
Spain 31 Branches
Hong Kong 1 Representative office
China 2 Representative office
AWARDS AND RECOGNITION
Year Award
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2003 Company of the Year
2002 Company of the Year
2001 Best Personal Pension Provider
2000 Company of the Year
MONEY MARKETING AWARDS
Company of the Year every year from 1999 to 2010
Best Pension Provider 2004 and 2009
Best Group Pension Provider every year from 1998 to 2003
Best Personal Pension Provider every year since 1998 to 2003
INTRODUCTION OF HDFC STANDERD LIFE
The Joint Venture HDFC Standard Life
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Be granted license by the IRDA to operate in life insurance sector. Each of the JV HDFC
Standard Life Insurance Company Limited was one of the first companies to player is
highly rated and been conferred with many awards. HDFC is rated 'AAA' by both
CRISIL and ICRA. Similarly, Standard Life is rated 'AAA' both by Moody's and
Standard and Poor’s. These reflect the efficiency with which HDFC and Standard Life
manage their asset base of Rs.15, 000 Cr and Rs.600, 000 Cr respectively.
THE PARTNERSHIP
HDFC and Standard Life first came together for a possible joint venture, to enter the Life
Insurance market, in January 1995. It was clear from the outset that both companies
shared similar values and beliefs and a strong relationship quickly formed. In October
1995 the companies signed a 3-year joint venture agreement.
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Around this time Standard Life purchased a 5% stake in HDFC, further strengthening the
relationship.
The next three years were filled with uncertainty, due to changes in government andongoing delays in getting the IRDA (Insurance Regulatory and Development authority)
Act passed in parliament. Despite this both companies remained firmly committed to the
venture.
In October 1998, the joint venture agreement was renewed and additional resource made
available. Around this time Standard Life purchased 2% of Infrastructure Development
Finance Company Ltd. (IDFC). Standard Life also started to use the services of the
HDFC Treasury department to advise them upon their investments in India.
Towards the end of 1999, the opening of the market looked very promising and both
companies agreed the time was right to move the operation to the next level. Therefore,
in January 2000 an expert team from the UK joined a hand picked team from HDFC to
form the core project team, based in Mumbai.
Around this time Standard Life purchased a further 5% stake in HDFC and a 5% stake in
HDFC Bank.
In a further development Standard Life agreed to participate in the Asset Management
Company promoted by HDFC to enter the mutual fund market. The Mutual Fund was
launched on 20th July 2000.
INCORPORATION OF HDFC STANDARD LIFE INSURANCE COMPANY
LIMITED:
The company was incorporated on 14th August 2000 under the name of HDFC Standard
Life Insurance Company Limited.
Company’s ambition from as far back as October 1995, was to be the first private
company to re-enter the life insurance market in India. On the 23rd of October 2000, this
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ambition was realized when HDFC Standard Life was the only life company to be
granted a certificate of registration.
HDFC and Standard Life have a long and close relationship built upon shared values and
trust. The ambition of HDFC Standard Life is to mirror the success of the parent
companies and be the yardstick by which all other insurance companies in India are
measured.
VISION AND VALUES OF HDFC STANDARD LIFE
“The most successful and admired life insurance company, which mean 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. In short, ‘the most obvious choice for all’”.
COMPANY’S VALUES
1. INTRGRETY
Honest and trustful in every action
Transparency
Stick to principles irrespective of every action
Be just fair to every one
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2. INNOVATION
Building a storehouse of treasure through experience.
Looking at every product and process through fresh eyes every day.
3. CUSTOMER CENTRIC
Understand his expectations by keeping him as a centric point
Listen actively
Understand customer needs and deliver solutions
Customer interest always supreme
4. PEOPLE CARE
Genuinely understanding the people we work with
Guiding their development through training and support
Helping them develop requisite skills to reach their true potential
Know them on a personal front
Create an environment of trust and openness
Respect for the time of others
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5. TEAM WORK
Whole team take the ownership of the deliverables
Consult or involved, understand and arrive at a common objective
Cooperate and support across department boundaries
Identify strengths and weakness accordingly allocate responsibility to achieve
common objective
AWARDS AND ACCOLADES
Shield for the best presented accounts for banks and financial institutions - over 11
times (8 years in a row)
1999 IMC Ramakrishna Bajaj National Quality Award in the service category
CII-EXIM Bank Commendation Certificate for commitment to Total Quality
Management – 2000
Asia money declared HDFC as the second best managed company in India – 2001
Euro money identified HDFC as one of Asia’s top 10 best managed companies in the
finance sector – 2001
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Rated as the Best Non-Banking Financial Company in Asia by Institutional Investor
Research Group.
ORGANIZATIONAL STRUCTURE
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The organizational structure of HDFC SL is of vertical type where MD & CEO (Mr.
Deepak Satwakar) is on the top in the organizational structure followed by the different
department of
Sales
Operations
Finance and accounts
Information technology
Legal and secretarial
Human resource
BUSINESS GROWTH
Track Record so far
The gross premium income of HDFC, for the year ending March 31, 2009 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 December 31, 2010. Company
also declared our 5th
consecutive bonus in as many years for our ‘with profit’
policyholders.
117.3299.51
152.16
126.97
197.15
162.07
0.00
50.00
100.00
150.00
200.00
250.00
FY 08 FY 09 FY 10
LOANS APPROVED LOANS DISBURSED
TotalTotal
Growth –FY 08Growth –FY 08
ApprovalsApprovals
30%30%
DisbursementsDisbursements
28%28%
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LOAN APPROVALS AND DISBURSEMENTS
PRODUCT OF HDFC SLProducts are the plans offered by the HDFC SL
Categorized into:
TRADITIONAL PLANS
Term assurance
Money Back plan
Children Plan
UNIT LINKED INVESTMENT PLANS
Unit Link Young Star
Endowment Plus
Unit Link pension Plan
UNIT LINK YOUNG STAR PLAN
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IT IS THE INSURANCE POLICY LINKED TO THE MARKET. ITS AIM IS TO
OFFER
Choice of investment
Flexibility in premium payment
Flexibility in risk cover
BENEFITS
A parent is the Life assured which means money would be available on Death or Critical
Illness.
DEATH BENEFITS
On the death of the life assured under the ULIPS:
HDFCSLIC will pay the sum assured
Waive all future premium
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HDFCSLIC will pay premium at the level chosen at inception from the date of critical
illness till the date of maturity
HDFCSLIC will pay the policy value on the date of maturity
THE ILLNESSES COVERED ARE:
Cancer
Coronary Artery Bypass Graft Sugary
Heart attack
Kidney Failure
Major Organ Transplant
Stroke
MATURITY BENEFITS
On maturity the unitized fund value will be paid and the policy will terminate.
SURRENDER BENEFITS
The policy can be surrender at any time. The amount payable will be the policy
Value less the surrender charges. At present the charges is 25% of three years
Outstanding premium.
EXAMPLE
Premium Amount Rs 25,000 Per Annum
Mode of Payment Quaterly Rs 2250 Per Annum
Policy Service Date 15 Months after commencement
Total premium amount receive till date of (S) Rs 31250
3rd Year premium payable under the policy 25000 MULTIPLIED BY 5=75000
3rd Year outstanding premium as the date of
service
75000-31250=43750
Service Charge 43750 multiplied by 25% = 10937.50
WITHDRAW BENEFITS
The policyholder has the option to withdraw Lump sum amount at any time, the
conditions are:
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The minimum amount withdraw is Rs 10,000 and more
The policy fund value after the withdrawal and the withdrawal charges if any is not
less than the higher of:
The minimum fund limit which is Rs 15000 at present
The surrender charges if any
The cancellation charges if applicable to withdrawals
Presently no charge for withdrawals and cancellation.
PAID UP BENEFITS
Policy converted into paid up provided
3 years premium have been paid,
The policy acquired sufficient value, presently Rs 15000.
CHOOSE YOUR INVESTMENT FUND
In this plan the investment risk in your chosen investment portfolio is borne by you. This
means that the premiums you pay in this plan are subject to investment risk associated
with the capital markets. The unit price of the funds may go p or down, reflecting
changes in the capital markets.
So, the balance your level of risk and return, making the right investment choice is very
important and you are responsible for the choices you make.
THE DIFFERENT FUNDS OPTIONS ARE AS FOLLOWS:
GROWTH FUND
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100% in equity market
Risk & return rating=very high
EQUITY MANAGED
60-100% in equity market
0-40% in government securities
Risk & return rating=very high
BALANCED MANAGED
Equity Fund
40%
60%
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30-60% in equity market
70-40 in government security
Risk & return rating= high
DEFENSIVE MANAGED
15-30% in
equity market
85-70% in
government
security
Risk & return rating= moderate
SECURE MANAGED
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100% in govt. securities & bonds
Risk & return rating=low moderate
LIQUID FUND
100% in
bank
deposits &
money
market
Risk &
return
rating=low
ALLOCATION RATE OF THE PREMIUM
Regular 1 and 2 year
Up to 1,99, 999 70%
2 L to 4, 99, 999 80%
5 L to 9, 99, 999 85%
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10 L to 19, 99, 999 90%
Above 20, 00, 000 95%
3 years onwards 99%
Single premium top up (1 and 2 year) 97.5%
Single premium top-up (3 year onwards) 99%
Fund Management Charge: of Rs 0.80% of the fund per annum will be charge on a
daily basis. This charge deducted from the Net Asset Values of the units.
Policy Fee: An amount of Rs15 per month.
Risk Charge: A monthly charge will be collected by cancellation of the units towards
the risk cover opted under the policy. The charge will depend on sum at risk cover
chosen.
Sum at Risk =Sum Assured – withdrawal made during last two years-value of the
fund.
Surrender Charges: The present surrender charge is 30% of the difference between the
regular premiums expected and those paid, in the first 2 years of contract.
HDFC Standard Life does not charge on:
Premium Redirections
Fund switches
Partial Withdrawals
Policy Alteration and servicing request.
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SWITCHING CHARGES
24 switches instructions free in a policy year. Any additional switch will be charged at
Rs. 100 per switch.
POLICY ADMINISTRATION CHARGES
Rs. 20 per month
Service tax and education Cess on risk premium
Current arte is 12.24%
TAXATION
The premium is paid under the policy will qualify for deduction under sec (80c) of the
Income Tax Act 1961.
Since, the policy has an integrated critical illness benefit, which is charged by
cancellation of units, the same will not be shown separately in the premium receipts. The
total amount of premium paid will be eligible for the deduction under sec (80c) of the
Income Tax Act 1961.
In case the premium paid in any year does not exceed 20% of the sum assured, under the
policy, the maturity amount will be tax free under sec (10) 10D of the Income Tax Act.
COMPETITORS
In presently there are 16 life insurance corporation companies are working and
performing in India. So definitely HDFC Standard life has good competition with other.
The main competitors are as following.
LIFE Insurance Corporation.
ICICI Prudential Life Insurance.
BAJAJ Allianz.
SBI Life Insurance.
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BIRLA Sun Life.
AVIVA.
TATA Aig.
FINANCIAL RESULT FOR HDFC SL FOR YEAR 2010-2011
Table: 2.1
Total received premium has shown the tremendous
increase of 129%
There has been tremendous increase in the term of
new business premium, renewal and group business
income as clear from the above table
Table Showcasing Financial Results:
Parameters Apr-
Mar
2009-10
(Rs.
Cr.)
Apr-
Mar
2010-11
(Rs.
Cr.)
% Growth
Total received premium 668.401532.2
1129.23
i. New Business 486.151028.9
4111.65
ii. Renewal 182.25 503.27 176.14Effective Premium
Income (Total)
436.08 887.30 103.47
Group Business Premium
(EPI)
49.40 135.15 173.58
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CHAPTER-2
INTRODUCTION OF THE TOPIC
INTRODUCTION TO INSURANCE
Insurance is a system by which the losses suffered by few are spread many; exposed to
similar risk. It is the protection against financial loss arising on happening of any
unexpected event like;
Flood
Draught
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Earthquake
INSURANCE IS ESSENTIAL FOR
The calamity is either natural or unexpected.
The insured person does not gain out of this arrangement
It covers both the financial and non financial risk
BENEFITS OF INSURANCE
Safe guard oneself and one’s family for future requirement.
Peace of mind in case of financial loss
Encourage saving
Tax rebate
Protection from the claim made by creditor
security against personal loan, housing loan or other type of loan
Provide a protection covers to industries, agriculture, home and child.
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INSURANCE IN INDIA
The Insurance sector in India has become a full circle from being an open Competitive
market to Nationalization and back to a Liberalized market again. Tracing the
developments in the Indian Insurance sector reveals the 360-degree turn witnessed over a
period of almost two centuries.
The business of life insurance in India in its existing from started in India in the year
1818 with the establishment of the Oriental Life Insurance Company in Calcutta.
Some of the important milestones in the Life Insurance Business in India are:
1912- The Indian Life Assurance Companies Act enacted as the first statute to regulate
the life insurance business.
1928- The Indian Insurance Companies Act enacted to enable the government to collect
statically information about both life and non-life businesses
1938- Earlier legislation consolidated and amended by the Insurance act with the
objective of protecting the interest of the insuring public.
1956- 245 Indians and foreign insurers and provident societies taken over by the central
government and nationalized.
INSURANCE SECTOR REFORMS
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In 1993, Malhotra committee, headed by the former Finance secretary and RBI Governor
R.N Malhotra was formed to evaluate the Indian insurance industry and recommended its
future direction.
The Malhotra committee was set up with the objective of complementing the reforms
initiated in the financial sector. The reforms were aimed at “creating a more efficient and
competitive financial system required for the requirements of the economy keeping in
mind the structural changes currently underway and recognizing that the insurance is an
important part of the over all financial system where it was necessary to address the need
for similar reforms.
In 1994, the committee submitted the report and some of the key recommendation
included.
I) Structure:
Government stake in the insurance Companies to be brought down to 50%
Government should take over the holdings of GIC and its subsidiaries so that these
subsidiaries can act as independent corporations
All the insurance companies should be given greater freedom to operate
II) Competition
Private Companies with a minimum paid up capital of Rs.1bn should be allowed to
enter the industry
No Company should deal in both Life and General Insurance through a single entity
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Foreign companies may be allowed to enter the industry in collaboration with the
domestic companies
Postal Life Insurance should be allowed to operate in the rural market
only one State Level Life Insurance Company should be allowed to operate in each
state
III) Regulatory Body
The Insurance Act should be changed
An Insurance Regulatory body should be set up
Controller of Insurance (Currently a part from the Finance Ministry) should be made
independent
IV) Investments
Mandatory Investments of LIC Life Fund in government securities to be reduced
from 75% to 50%
GIC and its subsidiaries are not to hold more than 5% in any company
(There current holdings to be brought down to this level over a period of time)
V) Customer Service
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LIC should pay interest on delays in payments beyond 30 days
Insurance companies must be encouraged to set up unit linked pension plans
Computerization of operations and updating of technology to be carried out in the
insurance industry
The committee emphasized that in order to improve the customer services and increase
the coverage of the insurance industry should be opened up to competitionBut at the same
time, the committee felt the need to exercise caution as any failure on the part of new
players could ruin the public confidence in the industry.
Hence, it was decided to allow competition in a limited way by stipulating the minimum
capital requirement of Rs.100 cr. The committee felt the need to provide greater
autonomy to insurance companies in order to improve their performance and enable them
to act as independent companies with economic motives. For this purpose, it had
proposed setting up an independent regulatory body.
THE INSURANCE REGULAROTY & DEVELOPMENT
AUTHORITY (IRDA)
It is the regulatory body for insurance companies operating in India, formed by the act of
parliament It protects interest of policyholders, to regulate, promote and ensure orderly
growth of the insurance industry.
Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in
Parliament in December 1999The IRDA since its incorporation as a statutory body in
April 2000 has fastidiously stuck to its schedule of framing regulations and registering
the private sector insurance companies.
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The other decisions taken simultaneously to provide the supporting systems to the
insurance sector and in particular the life insurance companies were 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 12 life insurance and 6 general insurance
companies have been registered.
OBJECTIVE OF IRDA
1) To make available long term funds for infrastructure
2) To introduce new and innovative products
3) To affect the improvement in the quality of service to the customers
FUNCTIONS OF IRDA
1) To regulate the investment of funds by insurance companies
2) To adjudicate disputes between the insurance companies and the intermediaries
3) To supervise the tariff advisory committee.
HISTORY OF INSURANCE (PAST AND PRESENT)
Insurance industry has always been a growth-oriented indu
stry globallyOn the Indian seen too, the insurance industry has always been a noticeable
growth as comparing to other industry.
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INSURANCE HAS BEEN DIVIDED INTO TWO TYPES
General Insurance
Life Insurance
GENERAL INSURANCE:
Triton Insurance Company Ltd was the first General Insurance Company to be
established in India in 1850, whose share was mainly held by the British The first
General Insurance Company to be set up by India was Indian Mercantile Insurance
Company Ltd which was established in 1907There emerged many players in Indian
scenario thereafter The General Insurance was nationalized after the promulgation of
General Insurance (Nationalization Act, 1972)The General Insurance Corporation of
India (GIC) and its four subsidiaries undertook the post nationalization General Insurance
business:
Oriented Insurance Company Ltd
New India Assurance Company Ltd
National Insurance Company Ltd
United India Insurance Company Ltd
Towards the end of 2000, the relation ceased to exist and therefore companies at present
operating as independent companies There after private insurance came into the picture
as the concept of insurance and population of India is growing and the present scenario is
General \ Insurance Company grew by 16% in 2007-2008 as the private insurance
company continued there robust performance, while public there show.
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Then LIFE INSURANCE CORPORATION was established on 01.09.1956 and has
become the sole corporation to write Life Insurance Business in IndiaIt has the monopoly
over fifty years starting from 1956, but covered only 26% of the Indian population in
2000So, the Private players came into the market to cover rest of the Indian population as
Indian population is in the growing moodThen the Insurance industry saw a new sun
when IRDA invited the application for the registration as insurers in august 2000, with
the liberation and opening up the sector to private players; the industry has presented
promising prospect for the coming future as the population of India is growing very
fastThe transition has also resulted into introduction of Sample opportunities for the
professionals like BBA & MBA, Chatter account etc.
The Indian Industry is featured by the following attributes:
Not withstanding the rapid insurance penetration at 3.25% from 1.9% for the last
three to four years.
Ever growing middleclass income group composition in population
Growth of consumer movement which is an increasing demand for better insurance product
Inadequate application of information technology for business
Adequate fillip from the government in the form of Tax incentives to be insured
The industry formation need to keep vigil on these characteristics of the
Indian market and formulate there strategies to entail maximum contribution to the
output of the sector.
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THE INSURANCE LIFE AND NON-LIFE ACCOUNTED FOR
MERELY
Fig: 5.1
The term “Insurance market Penetration” broadly measures the contribution of the Indian
industry in relation to a Nation’s entire economic productivity.
TABULATION AND ANALYSIS
In order to determine the willingness of the people to become FC for HDFC SLIC in
Faridabad, data collected by surveying is treated as analysis Response to the parameter
like professional, unemployed students, housewives, investment consultant, post office
agent
Willingness to be FC for HDFC
Yes No Total
Professional 2 28 30
Working employees 2 33 35
House wives 2 18 20
Students 3 22 25Investment consultants 2 18 20
Post office agents 3 12 15
Others - - 10
Total 14 131 155
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yes
No
PROFESSIONALS
yes
No
Working Employees
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ye
No
House wives
ye
No
Student
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ye
No
Investment Consultant
yes
No
Post Office Agent
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yesNo
Total
CHAPTER-3
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OBJECTIVES OF STUDY
SCOPE OF STUDY
LIMITAION OF STUDY
OBJECTIVES OF STUDY
To make people more familiar with the life insurance industry and raise awareness of
HDFC standard life.
To give a general overview of the life insurance & pension policies being provided by
HDFC standard life.
To make people realize that apart from being a tool foe covering future risks and
uncertainties, insurance is also useful saving and tax saving alternative.
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To create awareness of the business opportunity that HDFC standard life provides to
individuals.
To give an overview of the various benefits of being an insurance FC with HDFC
standard life.
To go forward with the formalities incase the candidate is interested in become a
financial consultant and to take references of other potential individuals who may be
interested in the same.
SCOPE OF THE STUDY
The study gives the information about the Life Insurance market.
This will helps to identify the customer’s preferences and their complaints towards
the company.
The study will helps to the company for identifying the customer’s needs and wants.
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The study can be used by the researches for the further analysis and
recommendations.
The company executive can utilize the training report for various purposes
The training students can use the report to undergo the various spare parts.
LIMITATIONS OF THE STUDY
Lack of Universal application: Since the study had been conducted only in a selected
region and only in Life Insurance consumers, the applicability of the study in
different region and consumer products are restricted
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Probability based study: Study is being done with the aid of Convenience
samplingHence the entire customers had not been considered for their feedback and
the inference drawn on the basis of selected sampling.
Business of the respondents: Walk in respondents were busy with their schedule and
hesitate to cooperate with the researcher and because of their rushing to home or
office, they had completed the questionnaire quickly which may yield some inherent
errors.
1`
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CHAPTER 4
RESEARCH METHODOLOGY
RESEARCH METHODOLOGY
Research is defined as a scientific and systematic search for pertinent information on a
specific topic The function of a marketing research is to provide information, which assist
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marketer in recognizing and reacting to marketing opportunities and problems In essence/
researchers mix managers to take the better decision.
Research methodology is a way to systematically solve the research problem It has manydimensions and methods, which constitute a part of research methodology When we talk
of research methodology we not only talk of research methods but also consider the logic
behind these methods we use in the context of our research study This we explain by
using a particular method or technique The knowledge of research methodology provides
good training to new research worker and enables to do better research The study of the
research methodology gives the student the necessary training in gathering materials and
arranging them, participation in the fieldwork and also training in the techniques for the
collection of data to particular problems Research methodology helps in the use of
questionnaires and controlled experimentation and in recording evidence and interpreting
it.
RESEARCH DESIGN
Research Designs the way in which the research is carried out It works as a blue print
Research Design is the arrangement of the conditions for the collections and analysis of
data in a manner that to combine relevance to the research purpose with economy in
procedure.
TYPES OF RESEARCH DESIGN
Exploratory Research Design
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Descriptive & Diagnostic Research Design
Experimental Research Design
EXPLORATORY RESEARCH DESIGN
In it, a problem is formulated for precise investigation and working and hypothesis
are developed.
DESCRIPTIVE & DIAGNOSTIC RESEARCH DESIGN
In descriptive research design: those studies are taken which are concerned with
describing the characteristics of a particular individual or a group.
EXPERIMENTAL RESEARCH DESIGN
In it casual relationships between the variables are test edit is also known as
Hypothesis Testing Research Design
The present project is descriptive in nature The major purpose of descriptive
research is the description of the state of affairs, as it exists in present The maincharacteristic of this method is that the researcher has no control over the variable
she can only report what has happened or what is happening
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SAMPLE DESIGN
It is not possible for any researcher to include each and every member of the universe
in his research process So, he selects small portion of the universe, which is its true
representative This group is known as sample and this process is called sampling.
Sampling Techniques can be categorized into two broad categories namely:
No probability Sample
Probability Sampling
NO PROBABILITY SAMPLING
In it, researcher selects sample deliberately, by using his own judgment, in it every
item of the universe does not have equal chances of inclusion in the sample.
It can be of following type:
Convenience Sampling
Judgment Sampling
Quota Sampling
PROBABILITY SAMPLING
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It is known as “Random Sampling” or “Chance Sampling” In it, each population
element has equal chance of selection.
It can be of following types:
Simple Random Sampling
Stratified Sampling
Cluster Sampling
In the present project, no probability sampling has been used because sample is
selected by researcher’s own view and every item of the universe has not equal
chances of being selected Under no probability sampling, convenient sampling has
been used because sample has been selected according to own convenience.
UNIVERSE AND SURVEY POPULATION
All items in any field of inquiry constitute a ‘Universe’ or ‘Population’ A
complete enumeration of all the items in the ‘Population’ is known as a census
inquiry It can be presumed that in such an inquiry, when all items are covered, no
element of chance is left and highest accuracy is obtained But in practice this may
not be true Many a time it is not possible to examine every item in the population,
and sometimes it is possible to obtain sufficiently accurate results by studying
only a part of total population.
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SAMPLE SIZE
The number of sample is 65 from N.C.Rcity, which fulfills the requirement eachrespondent is treated as a case of detailed analysis.
SAMPLING DESIGN
The universe of study being large, researcher has to resort to sampling method of data
collection On the basis of a section of the universe selected in a prescribed manner one is
able to deduce for the universe For the sample results to be applicable on the universe,
sample should be adequately chosen so to make it representative and reliable.
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CHAPTER 5
COLLECTION OF DATA
DATA COLLECTION
Data are the bricks with which the researcher has to make a houseWhile the quality of
research findings depends on data, the adequacy of appropriate data in turn depends upon
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proper method of data collectionA number of methods are at the disposal of the
researcher of which one has to select the most appropriate one for visualizing the research
objectiveThus he has to see that the method adopted is compatible with the resources and
research study
For the accumulation of data the sources were primary and secondary data.
PRIMARY DATA
These data are raw material they are the measurement observed and recorded as a part of
original study they are original in character the investigator or researcher directly collects
this data the basic form of obtaining this data is by observing and questioning.
The Primary data was a detailed interview schedule with the help of a detailed
questionnaire The samples were drawn purposively from various areas for the relevance
of the study Discussions were held with the general, branch manager and executives of
the company to design and execute the research
SECONDARY DATA
They are not originally drawn by the researcher as fresh data these are collected by some
other person for this purpose and published these types of data can be collected through
various sources.Data that collected from primary data i.e., they are already exit somewhere For the
purpose of our study we collected both the data
For the purpose of this study we collected
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SECONDARY DATA through induction manual, magazines, corporate journals and
website.
PRIMARY DATA through
a) Questionnaire method
b) Interview method
In our study the main emphasis was on the questionnaire method Question, which were
asked, were of multiple choices in nature and were of, closed ended
Personal interview were also conducted There was face to face conversation between
researcher and the respondents Through interviewing, additional information was
received regarding our study.
SWOT ANALYSIS OF HDFC SL
STRENGTHSSTRENGTHS
HDFC SL’s strengths are many, to mention a few:
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a) Global Presence:
Its collaborations and joint ventures with international companies such as
Standard life, and partnership with chub, enable it to bring the best service
available worldwide to its consumers.
b) Fast paced and flexible work culture, which provides its employees autonomy to
accomplish the task without much pressure from the higher authoritiesThus,
employees are motivated to give their best to the organizationThe core strength
of HDFC SL is the talent and innovativeness of its people, which enables it to
provide the “right solution at the right time.”
c) The mass markets handled through a chain of financial consultants usage closer
to the individual It has very strong distribution network.
d) Its pool of competencies: mutual funds, sum assured, etc
e) Ability to understand customer's business and offer right technology.
f) Longstanding relationship with customers.
g) Pan India support & service infrastructure.
h) Best value for money offerings.
WEAKNESSES
a) HDFC SL Could not able to match LIC in remote area services
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b) Always emphasizes on numbers and fast results
c) After sales service.
d) Less promotional campaigns.
OPPORTUNITIESOPPORTUNITIES
a) Insurance industry booming at a rate of 45% every year.
b) Increasing consumer awareness about Insurance and its use.
c) Tremendous untapped potential of Insurance products in India.
d) Increasing competition.
e) Tie ups with various MNC’s enable to extract their core competencies.
THREATSTHREATS
a) New private players are coming in the market e.gRELIANCE Insurance.
b) Entry of MNC’s giving direct competition.
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c) Govt instability has a longterm repercussion affecting company’s policies & its
growth.
CHAPTER 6
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DATA ANALYSIS
&
INTERPRETATION
DATA ANALYSIS & INTERPRETATION
SAMPLING DETAILS
Sample Size – 65
Samples were selected on random basis
AGE GROUP
28
43%
20
31%
17
26%
Below 28 28 - 35 Above 35
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Figure: 1.1
Highest number of Respondents from Age group below 28, mostly BPO executives–
43%
Figure 1.2
Total number of single respondents – 32
Total number of married respondents – 33
MARITAL STATUS
26
6
02
1417
0
5
10
15
20
25
30
Below 28 28 -35 Above 35
Single Married
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Figure: 1.3
Respondents reluctant in providing actual/real figures
9
6
3
15
4 43
8
4
12
6
0
2
4
6
8
10
12
1416
Below
1.5 lacs
1.5 - 3
lacs
3 - 5 lacs Above 5
lacs
INCOME DISTRIBUTION
Below 28 28- 35 Above 35
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Highest, 23 respondents in income bracket 1.5 – 3 lakhs, which comprises mainly of
age group below 28 years
Minimum, 9 respondents in income bracket of above 5 lakhs, 6 of which are in age
group of above 35 years.
Num ber o f peop le A ware o
6 1
55
5342
26
37
2917
38 7
ICICI P rudent ia l
TA TA A IG
H D F C S t a n d a d r
Bi r la sun l i fe
Aviva
M a x N e w Y o rk
O M K o t ak M a hi
IN G V y s y a
Met l i fe
S B I L i fe
Figure: 1.4
ICICI Prudential has the highest Brand Recall – 94%
HDFC Standard life has Brand Recall of 82%
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Are you aware about ULIP Plans?
38%
62%
yes
no
Figure: 1.5
Only 24 respondents are aware about ULIP Plans out of 65 respondents
It shows that large section of society are not aware about ULIP Plans
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LIFE COVERED
78%
22%
Respondents having Insurance cover
Respondents not having Insurance Cover
Figure: 1.6
78 % of respondents have insurance cover on own life and on life of their family
members
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PENETRATION LEVEL OF Pvt. COMPANIES
27, 52%
12, 24%
12, 24%
Only LIC policy Only Pvt. Companies policy Both
Figure: 1.7
52% of respondents have insurance cover provided by LIC
24% of respondents have insurance cover provided by private Companies
Other 24% have got insurance from both LIC and private Companies
Total number of LIC policies sums up to 55 (68%) and total number of private
Companies policies sold sums up to 26 (32%)(This includes multiple policies bought
by one respondent from different companies)
Data provides that private Companies are fast making a mark in the market
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TYPES OF PLANS SOLD
31%
27%
10%
15%
17%
Money back Endowment Pension
ULIP Not aware
Figure: 1.8
Money back and endowment plans have been most popular plans till now
ULIPs are fast gaining popularity
A large number of respondents were not even aware of type of plan, mainly because
policy was not bought by them directly
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PURPOSE FOR BUYING INSURANCE
ANALYSIS FOR AGE GROUP BELOW 28 YEARS (SAMPLE SIZE – 40)
Risk cover is the most important purpose for buying insurance followed by option as
investment and old age provision
ANALYSIS FOR AGE GROUP 28 – 35 YEARS (SAMPLE SIZE – 30)
Frequency
Order of Preference I II III IV
Risk Cover 10 8 5 5
Investment 6 11 6 5
Tax Purpose 7 5 8 8
Old Age Provision 5 4 9 10
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Risk cover is the most important purpose for buying insurance followed by option as
investment and old age provision
ANALYSIS FOR AGE GROUP ABOVE 35 YEARS (SAMPLE SIZE – 20)
Risk cover remains the most important purpose for buying insurance followed by old
age provision with increase in age
ANALYSIS FOR TOTAL SAMPLE
Frequency
Order of Preference I II III IV
Risk Cover 13 4 2 1
Investment 2 5 10 3
Tax Purpose 3 7 4 6
Old Age Provision 2 4 4 10
Frequency
Order of Preference I II III IV
Risk Cover 12 3 2 0
Investment 2 3 8 4
Tax Purpose 1 3 5 8
Old Age Provision 2 8 2 5
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Risk cover remains the most important purpose for buying insurance followed by
option as investment
ULIP’s are responsible for increasing popularity of insurance as an investment tool
More Awarareness with emergence of
Private players?
90%
10%
yes
no
Figure: 1.9
Frequency
Order of Preference I II III IV
Risk Cover 35 15 9 6
Investment 10 19 24 12
Tax Purpose 11 15 17 22
Old Age Provision 92 16 15 25
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Most of the respondents said yes to the question that with emergence of private
players in the life insurance industries they are more aware about the insurance
products
Only 15% of respondents said no to the above question.
This shows that with the entry of private players the awareness among the masses is
more as compare with earlier stages.
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CHAPTER 7
FINDING OF THE STUDY
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FINDINGS OF THE STUDY
Highest number of Respondents from Age group below 28, mostly BPO executives–
43%.
Only 24 respondents are aware about ULIP Plans out of 65 respondents.
It shows that large section of society are not aware about ULIP Plans .
78 % of respondents have insurance cover on own life and on life of their family
members.
52% of respondents have insurance cover provided by LIC.
24% of respondents have insurance cover provided by private Companies.
Other 24% have got insurance from both LIC and private Company.
Data provides the A large number of respondents were not even aware of type of
plan, mainly because policy was not bought by them directly.
At private Companies are fast making a mark in the market.
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CHAPTER 8
CONCLUSION
AND
SUGGESTIONS
CONCLUSION
Marketing is a very crucial activity in every business organization every product
produced within an industry has to be marketed other wise it will remain as unsold
stock, which will be of no value.
In this project we found that the investor in insurance industry are taking interest to
have interest not only for security in a long term policy but also doing investment for
the short term policy which is presently called the ULIPS market.
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ICICI Prudential, TATA AIG have better awareness in the market then HDFC SL in
private companies
Risk cover remains the most important purpose for buying insurance followed by
option as investment
Premium income for HDFC SL grows by 132% for financial year 20102011the
company generated new business premium income of Rs.486 crore
Unit linked products accounted for over 50% of the new business premium
HDFC Standard Life continues to have one of the widest reaches among new
insurance companies The company doubled the number of offices to 104 across the
country Through these offices, the company today services customer needs in over
440 towns The company also increased its depth in existing markets by increasing its
Financial Consultant strength from 17,000 as on 31st March 2010 to over 23,000 as
on 31st March 2011.
The company expanded its portfolio of products by launching plans to cover
Superannuating and Leave Encashment needs, thereby offering a wide range of
employee benefit solutions to its corporate clients.
Alternate Channels including banc assurance have recorded an impressive growth of
over 400% to contribute 37% to the Effective Premium Income (EPI).
SUGGESTIONSSUGGESTIONS
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HDFC SL is having large number of channel partners but it is not supporting &
taking care all of them equally which results in increasing discontentment among new
channel partners because its not possible for company to support all of them equally
Company should take some positive action against it.
Company executive should visit customer on regular basis.
They should pay proper attention towards checking of various components of
insurance before end user delivery Otherwise it tends towards defame of brand name
in comparison to rivals.
Need to expend customer care center as the consumer base of HDFC SL is increasing
with tremendously fast pace.
Proper attention should be paid for advertisement planning otherwise it may lead to
problem for customer as well as for company.
Company should tie up with some event management company to organize various
promotional activities like canopy, Carnival.
Company should make policy for fixed end user price for all customers so that fair
game will be played & customer would not to compromise on their margin.
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CHAPTER 9
BIBLIOGRAPHY
BIBLIOGRAPHY
WEBSITES
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www.hdfc.com
www.hdfcstandardlife.com
www.irda.gov.in
www.legalpundits.com
BOOKS
Business research by C.R kothari
IC33 LIFE INSURANCE (Revised) by INSURANCE INSTITUTE OF INDIA
Indian Financial System by P.N Varshney & D.KMittal
NEWSPAPERS
The times of India
Economic times
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ANNEXURE
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QUESTIONNAIRE
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YES NO
Q3. Have you taken life insurance on your own life or on life of any of you family
members?
YES/NO
If Yes, Please mention:
No. of Policies LIC Private Companies (With
Names)
____________ __________________
Average coverage ____________ ___________________
Type of Plan ____________ __________________
_____________ ___________________
_____________ __________________
Q4. What was you purpose/will is your likely purpose of taking insurance? (Rank in
order of Preference)
I) Protection of Family________ III) Tax benefit_____________
II) Investment__________ IV) Old age provision________
Q5. Do you plan your investments?
(a) Yes
(b) No, why _________________________
Q6. Do you feel opening up of the private sector has created more insurance awareness
among the public? YES / NO
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Q7.Now that the private sector has been opened, would you prefer to buy insurance for
self and family through? LIC / Private Insurers
Please give reasons for your response
___________________________________________________________________
_____
_______________________________________________________________________
_______________________________________________________________________
_______________________________________________________________________
_______________________________________________________________________
________________
Q8. Are you aware about the concept of Financial Advisors?
(a) Yes (b) No
Q9. Do you currently avail financial advisor services/private banking services?
(a) Yes
(b) No, why _________________________
Q10. If yes, from whom?
(a) Citibank
(b) HDFC Bank
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(c) Allegro Capital Advisors
(d) Bajaj Capital
(e) HSBC Bank
(f) YES Bank
(g) Religare
(h) others (please specify) ______________
Q11. What are the products you are getting from your service provider?
(a) Mutual Funds
(b) Initial Public Offer (IPO)
(c) Secondary Market
(d) Post Office Schemes/Debt
(e) Insurance
(f) Real Estate/Property
(g) Tax Planning
(h) Loans
(i) Administrative Services
(j) Gold
(k) Art/Paintings
(l) Others (please specify) ______________
FINANCIAL RESULT FOR HDFC SL FOR YEAR 2010-2011
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Table Showcasing Financial Results:
Parameters Apr-
Mar
2009-
10
(Rs.
Cr.)
Apr-
Mar
2010-
11
(Rs.
Cr.)
% Growth
Total received premium 668.401532.2
1129.23
i. New Business 486.151028.9
4111.65
ii. Renewal 182.25 503.27 176.14
Effective Premium
Income (Total)
436.08 887.30 103.47
Group Business Premium
(EPI)
49.40 135.15 173.58
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