hdfc life insurance

HDFC STANDARD LIFE

INSURANCE

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CHAPTER ONE:

INTRODUCTION

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1) INTRODUCTION:

HDFC Standard Life Insurance Company Limited is one of India's leading

private insurance companies, which offers a range of individual and group

insurance solutions. It is a joint venture between Housing Development

Finance Corporation Limited (HDFC Limited), India's leading housing

finance institution and a Group Company of the Standard Life Plc, UK. As

on February 28, 2009 HDFC Ltd. holds 72.43% and Standard Life

(Mauritius Holding) 2006, Ltd. holds 26.00% of equity in the joint venture,

while the rest is held by others.

The company launched national operations in December 2001. Today, we

have over 8000 employees across over 12 states in the country and a national

footprint of distributors trained to provide quality financial advice and

insurance solutions to the large Indian customer base.

As we further expand our presence across the country with a large network

of distributors, we continue to provide innovative product and service

offerings to cater to specific insurance and wealth management needs of

customers. Whatever your plans in life, you can be confident that HDFC

Standard life will offer the right financial solutions to help you achieve

them.

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1.1 Meaning and Definition of Life Insurance

1.1.1 Meaning

Life insurance covers the risk that exists in one’s life. These risks may arise

due to accident, illness or natural causes like fire, flood, earthquake. Life

insurance aims to protect the family of the life insured so that they may not

suffer from financial consequences on the death or disability of the insured

person. Life insurance needs to be a mandatory part of every person’s life.

Life insurance is a contract that pledges payment of an amount to the person

assured (or his nominee) on the happening of the event insured against.

Life insurance is a very popular form of insurance. It ensures the life of an

individual and gives financial protection to the members of the family of the

policyholder.

It is different from other types of insurance in various ways. It not only gives

protection but it is a method of compulsory saving. This insurance provides

protection to the family at the premature death or gives adequate amount at

the old age when the earning capacities are reduced.

The contract is valid for payment of the insured amount during:

The date of maturity, or

Specified dates at periodic intervals, or

Unfortunate death, if it occurs earlier.

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Life insurance covers the risk that exists in one’s life. These risks may

arise due to accident, illness or natural causes like fire, flood,

earthquake. Life insurance aims to protect the family of the life

insured so that they may not suffer from financial consequences on

the death or disability of the insured person. Life insurance needs to

be a mandatory part of every person’s life. Life insurance is a contract

that pledges payment of an amount to the person assured (or his

nominee) on the happening of the event insured against.

Life insurance is a very popular form of insurance. It ensures the life

of an individual and gives financial protection to the members of the

family of the policyholder.

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1.1.2 Definition

Life Insurance may be defined as a type of Insurance Contract whereby the

insurer, in consideration of the premium paid in periodical instalments

undertakes to pay an annuity or a certain sum of money either on the death

of the insured or on the expiry of a certain number of years.

Life insurance or life assurance is a contract between the policy owner and

the insurer, where the insurer agrees to pay a designated beneficiary a sum

of money upon the occurrence of the insured individual's or individuals'

death or other event, such as terminal illness or critical illness. In return, the

policy owner agrees to pay a stipulated amount called a premium at regular

intervals or in lump sums.

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1.2 Features of Life Insurance Contract

(1) Nature of General Contract

Since life insurance contract is a sort of contract it is governed by the Indian

Contract Act. According to Section 10 of Indian Contract Act, 1872 a valid

contract must have the following essentialities:

(a) Offer and acceptance.

(b) Legal considerations.

(c) Competent to make contract.

(d) Free consent.

(e) Legal object.

(2) Insurable Interest

The insured must have an insurable interest in the life to be insured for a

valid contract.

Insurable Interest in life insurance may be divided into two categories:

(a) Insurable interest in own life, and

(b) Insurable Interest in other’s life.

The latter can be sub-divided into two classes:

Where proof is not required, and

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Where proof is required. Again this insurable interest can be divided

into two classes

insurable interest arising due to business relationship, and

insurable interest in family relation.

(3) Utmost Good Faith

The life insurance requires that the principle of utmost good faith should be

preserved by both the parties. The principle of utmost good faith says that

both the parties, proposer (insured) and insurer must be of the same mind at

the time of contract because only then the risk may be correctly ascertained.

They must make full and true disclosure of the facts material to risk.

(4) Warranties

Warranties are integral part of contract.i.e. they form the bases of the

contract between the proposer and the insurer and if any statement whether

material or non – material, is untrue the contract shall be null and void and

the premium paid by him may be forfeited by the insurer.

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(5) Proximate Cause

The efficient or effective cause that causes loss is called ‘PROXIMATE

CAUSE’. It is the real and actual cause of loss. If the cause of loss is

insured, the insurer will pay.

In ‘LIFE INSURANCE’ the doctrine of CAUSA PROXIMA is not applied

because the insurer is bound to pay the amount of insurance whatever may

be the reason of death. It may be natural or unnatural. Hence this principle is

not of much practical importance with life insurance.

(6) Assignment and Nomination

Life insurance policy can be assigned freely for a legal consideration or love

and affection. Notice of assignment must be given to the insurer who will

acknowledge the assignment.

The holder of life insurance policy on his own may either at the time of

affecting the policy or at any subsequent time before the policy matures,

nominate person or persons to whom the money secured by the policy shall

be paid in event of his death.

Nomination can be cancelled before the maturity, but a notice should be

served to this effect.

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(7) Return of Premium

In the ordinary course premium once paid cannot be refunded. But in the

following cases the premium paid are returnable.

On account of misrepresentation or breach of warranty, the insured, in the

absence of any express condition to the contrary, can claim the return of

premium paid.

But where the insured is guilty of fraud in obtaining a policy, he will fail in

his claim to the sum assured.

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1.3 HISTORY OF HDFC STANDARD LIFE

INSURANCE COMPANY LTD.

HDFC Standard Life Insurance Company Ltd. is a, one of India's leading

multi-business corporations and HDFC Life International, the international

arm of HDFC Life, a Fortune 100 company. The company has positioned

itself on the quality platform. In line with its vision to be the most admired

life insurance company in India, it has developed a strong corporate

governance model based on the core values of excellence, honesty,

knowledge, caring, integrity and teamwork.

Incorporated in 2000, HDFC Standard Life started commercial operation in

April 2001. In line with its values of financial responsibility, HDFC

Standard Life has adopted prudent financial practices to ensure safety of

policyholder's funds. The Company's paid up capital as on 30th April, 2009

Is Rs 1782 core HDFC Standard Life has multi-channel distribution spread

across the country. Agency distribution is the primary channel

complemented by partnership distribution, bancassurance, alliance

marketing and dedicated distribution for emerging markets. The Company

places a lot of emphasis on its selection process for agent advisors, which

comprises four stages - screening, psychometric test, career seminar and

final interview. The agent advisors are trained in-house to ensure optimal

control on quality of training. The company currently has around 75,832

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agent advisors at 715 offices across 389 cities. The company also has 36

referral tie-ups with banks, 24 partnership distribution and alliance

marketing relationships each. HDFC Standard Life has put in place a unique

hub and spoke model of distribution to deepen our rural penetration. This is

the first time such a model has been put in place for rural marketing of

insurance. The company has 139 offices dedicated to rural areas.

HDFC Standard Life offers a suite of flexible products. It now has 39

products covering both life and health insurance and 8 riders that can be

customized to over 800 combinations enabling customers to choose the

policy that best fits their need. Besides this, the company offers 6 products

and 7 riders in group insurance business.

HDFC Life Insurance Company is one of the largest insurance companies in

the United States and the world. Ranked as a Fortune 100 company, HDFC

Life has provided its policyholders with financial security and investment

opportunities since 1841. As a mutual company, HDFC Life is owned solely

by its policyholders, to whom it pays annual dividends and provides long-

term coverage on a wide range of insurance products. The company

prospered during its first 100 years of operations, as the growth of the

nation's population and economy created an expanding market for life

insurance. Since World War II HDFC Life has maintained its competitive

edge by diversification.

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1.4 VISION AND MISSION

1) Financial Expertise

As a joint venture of leading financial services groups, HDFC Standard Life

has the financial expertise required to manage your long-term investments

safely and efficiently.

2) Range of Solutions

We have a range of individual and group solutions, which can be easily

customized to specific needs. Our group solutions have been designed to

offer you complete flexibility combined with a low charging structure.

3) Track Record So Far

Our gross premium income, for the year ending March 31, 2009 stood at Rs.

5,564.69 cores.

As on March 31, 2009, the company has more than 27 lakh polices in force.

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3) Strong promoter

HDFC Standard Life is a strong, financially secure business supported by two strong and secure promoters – HDFC Ltd and Standard Life. HDFC Ltd’s excellent brand strength emerges from its unrelenting focus on corporate governance, high Standards of ethics and clarity of vision.

Standard Life is a strong, financially secure business and a market leader in the UK Life & Pensions sector.

4) Investment Philosophy

We follow a conservative investment management philosophy to ensure that our customer’s money is looked after well. The investment policies and actions are regularly monitored by a formal Investment Committee comprising non-executive directors and the Principal Officer & Executive Director.

As a life insurance company, we understand that customers have invested their savings with us for the long term, with specific objectives in mind. Thus, our investment focus is based on the primary objective of protecting and generating good, consistent, and stable investment returns to match the investor’s long-term objective and return expectations, irrespective of the market condition.

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1.5 INDUSTRY GROWTH PROSPECTS:

THE YOUTHFUL AGE PYRAMID – 2005

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THE EXPECTED AGE PYRAMID - 2030

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CHAPTER TWO:

TYPES OF

INSURANCE PLANS

IN HDFC STANDARD

LIFE INSURANCE

COMPANY LTD.

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2. TYPES OF LIFE INSURANCE PLAN

WHY DO WE NEED PROTECTION PLANS?

Protection Plans help you shield your family from uncertainties in life due to financial losses in terms of loss of income that may dawn upon them incase of your untimely demise or critical illness. Securing the future of one’s family is one of the most important goals of life. Protection Plans go a long way in ensuring your family’s financial independence in the event of your unfortunate demise or critical illness. They are all the more important if you are the chief wage earner in your family. No matter how much you have saved or invested over the years, sudden eventualities, such as death or critical illness, always tend to affect your family financially apart from the huge emotional loss.

For instance, consider the example of Amit who is a healthy 25 year old guy with a income of Rs. 1,00,000/- per annum. Let's assume his income increases at a rate of 10% per annum, while the inflation rate is around 4%; this is how his income chart will look like, until he retires at the age of 60 years. At 50 years of age, Amit’s real income would have been around Rs. 10, 00,000/- per annum. However, in case of Amit’s unfortunate demise at

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an early age of 42 years, the loss of income to his family would be nearly Rs. 5,00,000/- per annum.

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

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1. HDFC Term Assurance Plan

This plan is designed to help secure your family’s financial needs in case of

uncertainties. The plan does this by providing a lump sum to the family of

the life assured in case of death or critical illness (if option is chosen) of the

life assured during the term of the contract. One can choose the lump sum

that would replace the income lost to one’s family in the unfortunate event

of one’s death. This helps your family to maintain their financial

independence, even when you are not around.

Features

Advantages

High cover at a very nominal cost.

Flexibility to choose the Sum Assured.

Additional benefit options can be availed at marginal costs.

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Premium amount remains the same over the term of the policy in case

of regular premium

Option of paying single premium or regular premium.

Tax benefits under sections 80C, 80D and 10(10D) of Income Tax

Act, 1961.

2. HDFC Loan Cover Term Assurance Plan

This plan aims to protect your family from your loan liabilities in case of

your unfortunate demise within the policy term. It provides the beneficiary

with a lump sum amount, which is a decreasing percentage of the initial Sum

Assured. This means that as the outstanding loan decreases as per the loan

schedule, the cover under the policy also decreases as per the policy

schedule.

Features

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Advantages

Flexibility to choose the Sum Assured.

Decreasing Sum Assurance as the outstanding loan decreases ensures

that you do not pay for the protection you don’t need.

Additional Optional Benefit is available at a nominal cost.

Option of paying single premium or regular premium.

Tax benefits are offered under section 80C, 80 D and 10(10D) of the

Income Tax Act, 1961.

3. HDFC Home Loan Protection Plan

This plan aims to protect your family from your loan liabilities in case of

your unfortunate demise within the policy term. It ensures that your family

does not lose the dream house that you have purchased for them, in case you

are not around to repay the outstanding monthly installments on your

housing loan. This provides you with the comfort of knowing that in your

absence, a sum of money will be available towards repaying your housing

loan, making sure that your family will be secure in your family home.

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Features

Advantages

A decreasing Sum Assured payable if you die during the term of the

contract. This sum assured is intended to help pay-off your

outstanding home loan

Policy can be availed by paying a single premium in advance

The premium amount can be included in the housing loan and repaid

as part of the loan repayment installments

Decreasing Sum Assured makes sure that you do not pay for

protection you don’t need

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1. HDFC Children’s Plan

As a parent, your priority is your child’s future and being able to meet your

child’s dreams and aspirations. With our HDFC Children’s Plan, you can

start building your savings today and ensure a bright future for your child.

This ‘With Profits’ plan is designed to secure your child’s future by giving

your child (Beneficiary) a guaranteed lump sum on maturity or in case of

your unfortunate demise, early into the policy term.

Features

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Advantages

Lets you customize an ideal plan for your child and provide

invaluable financial support

The Double Benefit Plan Option helps you secure your child’s

immediate and future needs. In case of your unfortunate demise, we

will pay the Sum Assured to your child (Beneficiary). Your family

need not pay any further premiums and the policy continues. And on

maturity of the plan, we will pay you the Sum Assured plus Bonuses

Declared

You can choose to pay your premium as either Annually, Half-Yearly

or Quarterly depending on your convenience. You also have a range

of convenient auto premium payment options

Tax benefits are offered under section 80C and 10(10D) of the Income

Tax Act, 1961

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2. HDFC YoungStar Super

As a parent, your priority is to meet your children’s future and being able to

meet your child’s dreams and aspirations. With our HDFC YoungStar Super,

you can start building your savings today and ensure a bright future for your

child. This Plan provides valuable protection to your child in case you are

not around and gives you an outstanding investment opportunity to HDFC

imise your savings by providing you a choice of thoroughly researched and

selected investments. This plan also gives Bumper Addition to the fund

value at Maturity.

Features

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Advantages

You can customize the ideal plan for your child by choosing the

premium you wish to invest along with the Sum Assured, depending

on the level of protection required.

On Maturity, your fund value will be augmented by addition of

Bumper Addition , which is a percentage of your original annualised

premium and depends on the policy term chosen.

The Triple Insurance Benefit helps you secure your child’s immediate

and future needs. In case of your unfortunate demise or critical illness,

we will pay the Sum Assured to your child (Beneficiary). Your family

need not pay any further premiums. We will pay 50% of all the

original regular premiums towards your policy and 50% of the

premiums will be paid to the Beneficiary as and when due, on an

annual basis. Any Death Benefit or Critical Illness cover terminates

immediately.

In the long term, the key to building great maturity values is a low

Fund Management Charge (FMC). We have a low FMC of only

1.25% per annum of the fund’s value.


or Monthly depending on your convenience. You also have a range of

convenient auto premium payment options.

You can change your investment fund choices in two ways:

o Switching: You can move your accumulated funds from one

fund to another anytime

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o Premium Redirection: You can pay your future premiums into a

different selection of funds, as per your need


Tax Act, 1961

3. HDFC YoungStar Super Suvidha

As a parent, your priority is your child’s future and being able to meet your

child’s dreams and aspirations. With our HDFC YoungStar Super Suvidha,

you can start building your savings today and ensure a bright future for your

child. It is a convenient plan, which saves you from the need of going for

Medicals. This Unit Linked Plan provides valuable protection to your child

in case you are not around and gives you with an outstanding investment

opportunity to HDFC imise your savings by providing you a choice of

thoroughly researched and selected investments. This plan also gives

Bumper Addition to the fund value at Maturity.

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Features

Advantages

No need to go for medicals. Just filling a Short Medical Questionnaire

will do

This plan gives you Bumper Addition to the fund value at Maturity.

Your fund value will be augmented by addition of Bumper Addition,

which is a percentage of your original annualised premium and

depends on the policy term chosen.

In case of your unfortunate demise, we will pay the Sum Assured to

your child (Beneficiary). Your family need not pay any further

premiums.

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1.25% per annum (of the fund’s value)

You can choose to pay your premium as either Half Yearly or Yearly.

You also have a range of convenient auto premium payment options







Tax Act, 1961

4. HDFC YoungStar Supreme Suvidha

There is no bigger joy than being able to fulfill your child's dream. With

HDFC YoungStar Supreme Suvidha you can fulfill your child’s immediate

and future needs. So tomorrow when you child needs your support you don’t

have to depend on anyone else. This Plan provides valuable protection to

your child in case you are not around and gives you an outstanding

investment opportunity to HDFC imise your savings by providing you a

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choice of thoroughly researched and selected investments. This plan also

gives Bumper Addition to the fund value at Maturity.

Features

Advantages


will do





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premiums. At end of the term, your beneficiary would receive the

fund value.



1.25% per annum (of the fund’s value).


You also have a range of convenient auto premium payment options.




5. HDFC SL YoungStar Champion Suvidha

There is no bigger joy than being able to fulfill your child's dream; that too

on your own. With HDFC SL YoungStar Champion Suvidha you can fulfill

your child’s immediate and future needs. So tomorrow when you child needs

your support you don’t have to depend on anyone else. This is a convenient

plan, which saves you from the need of going for Medicals. This Unit

Linked Plan gives you with an outstanding investment opportunity to HDFC

imise your savings by providing you a choice of thoroughly researched and

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selected investments. This plan also gives Bumper Addition to the fund

value at Maturity.

Features

Advantages


will do





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premiums.





You also have a range of convenient auto premium payment options







Tax Act, 1961

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1. HDFC Personal Pension Plan

Today, you are busy climbing the ladder of success and realizing your

dreams. Today, time is with you. Just take a moment and think. Will you be

able to continue at the same pace? Will your income be the same forever?

Will you be able to live life on your own terms even after you retire? The

HDFC Personal Pension Plan is a ‘With Profits’ insurance policy that is

designed to provide a post-retirement income for life with the freedom to

choose your retirement date.

Features

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Advantages

This plan is designed to provide you a post retirement income for life

– You can choose your premium, the Sum Assured and your

retirement date. At the end of the policy term, you will receive the

Sum Assured plus any attaching bonuses, which will provide you a

post retirement income in your golden years

On your chosen retirement (Vesting) date, you will get the lump sum

comprising the Sum Assured plus any attaching bonus.

o You can take up to 1/3rd of your Sum Assured as a tax free

cash lump sum

o The rest must be converted to annuity

o You can buy the annuity from us or any other insurer

For Regular Premium Policy, you can choose to pay your premium as

either Annually, Half-Yearly or Quarterly depending on your

convenience. You also have a range of convenient auto premium

payment options

Tax benefits under sections 80CCC of the Income Tax Act, 1961

subject to the provisions contained therein

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2. HDFC Pension Super


dreams. Today, time is with you. Just take a moment and think. Will your

income be the same forever? Will you be able to live life on your own terms

even after you retire? The HDFC Pension Super is Unit Linked plan,


choose your retirement date. This plan gives you with an outstanding



gives Bumper Addition to the fund value at vesting.

Features

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Advantages


– You can choose your premium and your retirement date. You will

receive the accumulated value of your funds, which will be used to

provide you with the pension income in your golden years

On Maturity (Vesting) your fund value will be augmented by Bumper

Addition. Bumper addition is a percentage of your original

annualized premium and depends on your policy term chosen at

inception

On your chosen retirement (Vesting) date, you will get the value of

the units in your policy. As per prevailing Government regulations;

o You can take up to 1/3rd of the total benefit at Vesting (fund

value + Bumper Addition) as a tax-free cash lump sum






If you have not opted for AAO (Asset Allocation Option), you can

change your investment fund choices in two ways:





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You can choose to pay your premium as either Monthly (through

Standing Instructions or ECS Mandate), Half yearly or Annually. You

also have a range of convenient auto premium payment options



3. HDFC Pension Supreme




even after you retire? The HDFC Pension Supreme is Unit Linked plan,






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Features

Advantages






Addition. Bumper addition is a percentage of your average

annualized premium and depends on your policy term chosen at

inception



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You can choose to pay your premium as either Monthly (through

Standing Instructions or ECS Mandate), Half yearly or Annually. You

also have a range of convenient auto premium payment options



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4. HDFC SL Pension Champion




even after you retire? The HDFC SL Pension Champion is Unit Linked plan,






Features

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Advantages






Addition. Bumper addition is a percentage of your average annualised

premium and depends on your policy term chosen at inception
















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You can choose to pay your premium as either Half yearly or

Annually. You also have a range of convenient auto premium

payment options



5. HDFC SL Unit Linked Pension HDFC imiser II

Ideally, just how spending comes to you, so must saving and investing. You

are able to finance your expenses and take care of your expenses in present

times. However, to ensure that you are able to maintain the same Standard of

living post retirement, you need to make the right kind of investment today.

HDFC SL Unit Linked Pension HDFC imiser II is a unique Single

Premium unit linked plan, designed to provide a post-retirement income for

life with the freedom to HDFC imise your investment returns. This plan also

gives Bumper Addition* of 5% of initial single premium at vesting.

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Features

Advantages


– You can choose your initial single premium, the investment strategy

and retirement date. At the end of the policy term, you will receive the

accumulated value of your funds including Bumper Additions, which

will be used to provide your pension income in your golden years.

This plan gives you Bumper Addition (*for policies with term equal

or greater than 15 years) to the fund value on Vesting. Your fund

value will be augmented by addition of Bumper Addition to the extent

of 5% of the initial single premium chosen at inception.

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1. You can take up to 1/3rd of the total benefit at Vesting (fund

value + Bumper Addition if any) as a tax-free cash lump sum

2. The rest must be converted to annuity

3. You can buy the annuity from us or any other insurer




You can change your investment fund choices through switching

where you can move your accumulated funds from one fund to

another anytime



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1. HDFC Endowment Super

You have always given your family the very best. And there is no reason

why they should not get the best in future too. With rising costs, ensuring the

best got your family will need some financial planning. With our HDFC

Endowment Super, you can start building your savings today and ensure that

your family remains financially independent, even when you are not around.

This Unit Linked Plan also gives you with an outstanding investment


thoroughly researched and selected investments.

Features

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Advantages

This plan provides valuable protection to your family in case you are

not around. In case of your unfortunate demise during the policy term,

we will pay the greater of your Sum Assured (less any withdrawals

you have made in the two years before your claim) and your total fund

value to your family.

You can choose any one of 4 Additional Plan Benefit options

depending on your requirement:

o Life Option = Death Benefit

o Extra Life Option = Death Benefit + Accidental Death Benefit

o Life & Health Option = Death Benefit + Critical Illness Benefit

o Extra Life & Health Option = Death Benefit + Critical Illness

Benefit + Accidental Death Benefit










convenient auto premium payment options


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Tax Act, 1961

2. HDFC Endowment Super

You have always given your family the very best. And there is no reason

why they should not get the best in future too. With rising costs, ensuring the

best got your family will need some financial planning. With our HDFC

Endowment Super, you can start building your savings today and ensure that

your family remains financially independent, even when you are not around.

This Unit Linked Plan also gives you with an outstanding investment



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Features

Advantages



we will pay the greater of your Sum Assured (less any withdrawals

you have made in the two years before your claim) and your total fund

value to your family.

You can choose any one of 4 Additional Plan Benefit options

depending on your requirement:

o Life Option = Death Benefit

o Extra Life Option = Death Benefit + Accidental Death Benefit

o Life & Health Option = Death Benefit + Critical Illness Benefit

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o Extra Life & Health Option = Death Benefit + Critical Illness

Benefit + Accidental Death Benefit

















Tax Act, 1961

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3. HDFC SIMPILIFE

You have always believed in living life on your own terms. So why let the

changing realities of everyday life overwhelm you and make your

aspirations take a back seat? With our HDFC SimpliLife Plan, you can plan

now to HDFC imise your savings and secure your and your family’s future.

It is a convenient plan, which saves you from the need of going for

Medicals. This Unit Linked Plan gives you with an outstanding investment



Features

52

Advantages



we will pay the Unit Fund Value plus Sum Assured to your family.



which is a percentage of your original annualised premium




You can choose to pay your premium as either Annually or Half-

Yearly depending on your convenience. You also have a range of





o Premium Redirection: You can pay your future premiums into

a different selection of funds, as per your need


Tax Act, 1961

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4. HDFC Wealth Builder

HDFC Wealth Builder is an exclusive plan crafted for elite achievers like

you. An investment cum insurance plan that will actively help in building

your wealth and give you twin advantage of exclusive funds (actively

managed for you) along with choice of limited premium payment term.

This plan provides the financial protection to your loved ones and builds up

your wealth effortlessly. This plan also gives Bumper Addition to the fund

value at Maturity.

Features

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Advantages



which is a percentage of your average annualised premium.

This plan offers an excellent investment opportunity through choice of

exclusive funds




You can choose to pay your premium as either Half Yearly or

Annually. You also have a range of convenient auto premium

payment options







Tax Act, 1961

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5. HDFC Money Back Plan

You have always believed in living life on your own terms. So why let the

changing realities of everyday life overwhelm you and make your

aspirations take a back seat? With our HDFC Money Back Plan, you can

plan now to ensure that you have the necessary funds to have the necessary

funds to secure your long-term as well as short-term financial goals. This

‘With Profits’ plan gives you a proportion of the basis Sum Assured as

Cash lump sums at regular 5-year intervals within the policy term.

Features

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Advantages

This plan gives you a proportion of the basic Sum Assured as Cash

lump sums at regular 5-year intervals within the policy term and a

lump sum payment on survival up to maturity date. An ideal way to

secure your long-term as well as short-term financial goals

Provides invaluable protection to your family by way of lump sum

payment in case of unfortunate demise within policy term, over and

above any earlier payouts

Gives you the flexibility to customise your policy according to your

needs by adding any one of the 4 benefit options available

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or Quarterly depending on your convenience. You also have a range

of convenient auto premium payment options

Tax benefits under sections 80C, 80D and 10(10D) of Income Tax

Act, 1961

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1. HDFC Critical Care Plan

Critical Illness can strike anyone. Today with advancement in medical

science it is possible to survive a critical illness. Expenses on survival with a

critical illness can be very high. HDFC Critical care plan provides for a

lump sum payment on survival post diagnosis of a critical illness, so that in

the event a critical illness strikes, you don’t have to dig into those precious

savings of yours.

Features

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Advantages

Provides valuable protection on survival post diagnosis of a critical

illnesses

Covers as many as 30 critical illnesses

Lump sum benefit payment paid irrespective of medical expenses

The policy continues even after the benefit payment paid on selected

illness

Choice of the level of health cover and premium payment

Convenient and hassle free claims

Tax benefits are available under section 80D under Income Tax Act,

1961

2. HDFC SurgiCare Plan

In the fast paced lives that we lead, medical contingencies may arrive at our

doorstep uninvited.Surgery costs form a substantial portion of health care

expenditure and needs to be provided for. Health issues can get compounded

if left unattended and may require a surgery. Plus, the ever increasing costs

of surgical procedures are sure to burn a hole in our pockets.

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HDFC SurgiCare Plan provides you with timely support in case you have to

undergo a major surgery and hospitalisation, as the case maybe, ensuring

your financial independence at all times.

Features

Advantages

82 major surgical procedures are covered.

Option to include hospital cash benefit

Automatic increase in the level of health cover (subject to terms and

conditions) ensures that the increasing medical costs are taken care of.

Lump sum benefits are paid regardless of the actual medical expenses.

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Flexibility to tailor-make the policy by choosing level of health cover,

benefit options level and premium payment as per your needs.

Convenient and hassle free claims with cashless benefits on surgeries

and hospitalization in any of the network hospitals. To know more

click here.

Tax benefits can be availed under section 80D of the Income Tax Act,

1961

- To educate people about the different product & facilitates

provided by HDFC Standard life insurance

- To study the feature of HDFC Standard life insurance

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CHAPTER THREE:

RESEARCH AND

DESIGN

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3) METHODS OF DATA COLLECTION

3.1 Primary Method

Primary data are those which are collected fresh and for the first time and

thus happen to be original in character. It is always advised to use primary

data whenever possible. They are also known as first handed data.

Following are the methods of collecting Primary Data:

(1) Interview

(2) Telephone Interview

(3) Mail Survey

(4) Questionnaire

Questionnaire is a set of questions to find out the data about the Insurance

Company’s performance, which is circulated among the people or customers

of the same Company. The customers may regard to different branches. The

customer or people based on their personal experience give answers to the

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sets of questions presented to them on the basis of which we find out the

status of the company.

I have considered 50 samples to get a feedback that how many customers

have taken which kind of policies which I have mentioned in Finding.

3.2 Secondary Data

Secondary data means data that are already available. i.e. they refer to data

which have already been collected and analyzed by someone else. Such

information has not been gathered afresh specifically for any research

project.

(1) Books

Books were used to refer to the subject matter and to get extra knowledge on

the topic. Books of various authors were referred for the same purpose.

I have referred topics like Meaning, Definition and Features of Life

Insurance from Innovations in Banking and Insurance.

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(2) Newspaper

(3) Website

Websites are used to get the general view about the HDFC STANDARD

Life Insurance Company’s product and its history, on the net.

Websites are also used to attract the customers as per the knowledge that I

have.

Websites were used to take general information.

www.hdfcinsurance.com

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http://www.hdfcinsurance.com/

CHAPTER FOUR

FINDING

67

4. FINDING

1. As per survey 35% of sample are having HDFC STANDARD Life

Insurance Company Term Policy , 30% are having Pension Plan , 25% are

having Children’s Policy and 10% has UILP Plan of HDFC STANDARD

Life Insurance Company Ltd.

2. As per survey 20% of sample are taking HDFC STANDARD Life

Insurance Company for Tax Saving and Investment , 30% are taking

Retirement and pension , 30% are taking Children’s Education &Future Plan

and 20% are taking Insurance for Family Life Security.

3. As per survey 40% of sample prefers to have Mediclaim for their family,

15% sample prefers to have Life Plan for their family, 30% sample prefers

to have Whole Life Plan for their family and 15% sample prefers to the

Pension plan.

4. As per survey 30% of sample prefers to pay their premium through Cash,

40% sample prefers to pay their premium through Cheque, 15% sample

prefers to pay their premium through Online and 15% sample prefers to pay

their premium through ECS.

5. As per survey 45% of samples prefer to pay their premium through

monthly, 40% of sample prefers to pay their premium through half-yearly

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premium, and 15% of sample prefers to pay their premium through half-

yearly premium.

6. As per survey 40% of sample prefers to invest their money in growth

Fund, 30% of sample prefers to invest their money in balance Fund and 30%

sample prefers to invest their money in Traditional Fund.

As per survey 80% sample are satisfied with HDFC STANDARD Life

Insurance Company Ltd.

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hdfc life insurance

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