aarti summer training project report -art

7/31/2019 Aarti Summer Training Project Report -Art

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A

Project Study Report

On

HDFC STANDARD LIFE INSURANCE CO. LTD

Titled

Awareness of Life Insurance Products in Indian Market.

(With respect to HDFC SL)

Submitted in partial fulfillment for the Award of degree of

Master of Business Administration (MBA)

Submitted BY:- Submitted To:-


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Dr. Sunita Agarwal

Aarti Mourya

MBA 3rd sem

PREFACE


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ACKNOWLEDGMENT


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Table of contents

Sr

No:-

Conent Name of content Page

no

1. Introduction 1.1Overview of insurance industry 5

1.2Profile of company 15

1.3Competition 30

1.4SWOT analysis of the company 32

2. Objective & Research

methodology

2.1 Objective 34

2.2 Scope of the study 36

2.4 Methodology 37

3. Conceptual

Discussion

41

4. Data Analysis 45

5. Findings &

Recommendations

5.1Findings 60

5.2Suggestions&Recommendations 62

5.3 Limitation 63

5.4 Conclusion 64

6. Bibliography 65

7. Questionnaire 67


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INTRODUCTION

INTRODUCTION TO INSURANCE INDUSTRY

1.1 AN OVERVIEW

Insurance is a contract between the insurance company (insurer) and the

policyholder (insured). In return for a consideration (the premium) ,the insurance

company promises to pay a specified amount to the insecured on the happening of a

specific event.

Insurance is a form of risk management primarily used to hedge against

the risk of a contingent, uncertain loss.

Insurance is defined as the equitable transfer of the risk of a loss, from one entity to

another, in exchange for payment. An insurer, or insurance carrier, is a company

selling the insurance; the insured, or policyholder, is the person or entity buying the

insurance policy.

The amount to be charged for a certain amount of insurance coverage is called the

premium.Risk management, the practice ofappraisingand controlling risk, has

evolved as a discrete field of study and practice.

With the largest number of life insurance policies in force in the world, Insurance

happens to be a mega opportunity in India. Its a business growing at the rate of 15 -

20 per cent annually and presently is of the order of Rs 450 billion (for the financial

year 20042005). Together with banking services, it adds about 7% to the countrys

Gross Domestic Product (GDP). The gross premium collection is nearly 2% of GDP

and funds available with LIC for investments are 8% of the GDP.

Even so nearly 80% of the Indian population is without life insurance cover while

health insurance and non-life insurance continues to be below international
http://en.wikipedia.org/wiki/Risk_managementhttp://en.wikipedia.org/wiki/Risk_managementhttp://en.wikipedia.org/wiki/Risk_managementhttp://en.wikipedia.org/wiki/Decision_modelhttp://en.wikipedia.org/wiki/Decision_modelhttp://en.wikipedia.org/wiki/Decision_modelhttp://en.wikipedia.org/wiki/Decision_modelhttp://en.wikipedia.org/wiki/Risk_management


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standards. A large part of our population is also subject to weak social security and

pension systems with hardly any old age income security. This in itself is an indicator

that growth potential for the insurance sector in India is immense.

A well-developed and evolved insurance sector is needed for economic development

as it provides long term funds for infrastructure development and strengthens the risk

taking ability of individuals. It is estimated that over the next ten years India would

require investments of the order of one trillion US dollars. The Insurance sector, to

some extent, can enable investments in infrastructure development to sustain the

economic growth of the country. (Source: www.indiacore.com)

Definitions:

General definition:

In the words of John Magee, Insurance is a plan by themselves which large number

of people associate and transfer to the shoulders of all, risks that attach to

individuals.

Fundamental definition:

In the words of D.S. Hansell, Insurance accumulated contributions of all parties

participating in the scheme.

Contractual definition:In the words of justice Tindall, Insurance is a contract

in which a sum of money is paid to the assured as consideration of insurers

incurring the risk of paying a large sum upon a given contingency.

Characteristics of Insurance

Sharing of risks

Cooperative device

Evaluation of risk

Payment on happening of a special event

The amount of payment depends on the nature of losses incurred.


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The success of insurance business depends on the large number of people

insured against similar risk.

Insurance is a plan, which spreads the risk and losses of few people among a

large number of people.

The insurance is a plan in which the insured transfers his risk on the insurer.

Insurance is a legal contract which is based upon certain principles of insurance

which includes, utmost good faith, insurable interest, contribution, indemnity,

causas proxima, subrogation, etc.

The scope of insurance is much wider and extensive.

Functions of Insurance:

Insurance covers various utilities and various important aspects for an individual

which proves beneficial to him functions of insurance can be categorized in 2 parts

on the basis of

their functionality as it can be shown in the following fig .


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PrimaryFunction

SecondaryFunction

Functions

Of

Insurance


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Primary functions:

1. Provide protection:- Insurance cannot check the happening of the risk, but can

provide for the losses of risk.

2. Collective bearing of risk: - Insurance is a device to share the financial losses

of few among many others.

3. Assessment of risk: - Insurance determines the probable volume of risk by

evaluating various factors that give rise to risk.

4. Provide certainty: - Insurance is a device, which helps to change from

uncertainty to certainty.

5. Tax benefit :- Insurance is a source which reduce tax.

Primary

Functions

Avoid Risk

Certainty

Tax BenefitProtection

Assesment OfRisk


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Secondary functions:

1. Prevention of losses: - Insurance cautions businessman and individuals to

adopt suitable device to prevent unfortunate consequences of risk by observing

safety instructions.

2. Small capital to cover large risks: - Insurance relives the businessman from

security investment, by paying small amount of insurance against larger risks and

uncertainty.

3. Contributes towards development of larger industries.

Secondaryfunctions

Industrialdevelopment

Coverageof

LargeRisk

Prevention

ofLosses


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HISTORICAL PERSPECTIVE

The history of life insurance in India dates back to 1818 when it was conceived as a

means to provide for English Widows. Interestingly in those days a higher premium

was charged for Indian lives than the non - Indian lives, as Indian lives were

considered more risky to cover. The Bombay Mutual Life Insurance Society startedits business in 1870. It was the first company to charge the same premium for both

Indian and non-Indian lives.

The Oriental Assurance Company was established in 1880. The General insurance

business in India, on the other hand, can trace its roots to Triton Insurance Company

Limited, the first general insurance company established in the year 1850 in Calcutta

by the British. Till the end of the nineteenth century insurance business was almost

entirely in the hands of overseas companies.

Insurance regulation formally began in India with the passing of the Life Insurance

Companies Act of 1912 and the Provident Fund Act of 1912. Several frauds during

the 1920's and 1930's sullied insurance business in India. By 1938 there were 176

insurance companies.

The first comprehensive legislation was introduced with the Insurance Act of 1938

that provided strict State Control over the insurance business. The insurance

business grew at a faster pace after independence. Indian companies strengthened

their hold on this business but despite the growth that was witnessed, insurance

remained an urban phenomenon.

The Government of India in 1956, brought together over 240 private life insurers and

provident societies under one nationalized monopoly corporation and Life Insurance

Corporation (LIC) was born. Nationalization was justified on the grounds that it would


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create the much needed funds for rapid industrialization. This was in conformity with

the Government's chosen path of State led planning and development.

The non-life insurance business continued to thrive with the private sector till 1972.

Their operations were restricted to organized trade and industry in large cities. The

general insurance industry was nationalized in 1972. With this, nearly 107 insurers

were amalgamated and grouped into four companies- National Insurance Company,

New India Assurance Company, Oriental Insurance Company and United India

Insurance Company. These were subsidiaries of the General Insurance Company

(GIC).

KEY MILESTONES

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 statistical information about both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended by the Insurance Act with the

objective of protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers along with provident societies were taken over

by the central government and nationalized. LIC was formed by an Act of

Parliament- LIC Act 1956- with a capital contribution of Rs. 5 crore from the

Government of India.

INDUSTRY REFORMS

Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in

Parliament in December 1999. The IRDA since its incorporation as a statutory body

in April 2000 has fastidiously stuck to its schedule of framing regulations and

registering the private sector insurance companies. Since being set up as an


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independent statutory body the IRDA has put in a framework of globally compatible

regulations.

The other decision taken simultaneously to provide the supporting systems to the

insurance sector and in particular the life insurance companies was the launch of the

IRDA 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.

The evolution of Insurance in India can be summarized as:

Year Changes

1818 Oriental Insurance Company. The first Insurance company in India

1870 Bombay Mutual Life Assurance Company. First Indian Insurance

company.

1912 The Indian Life Assurance Company enacted the first law to regulate

the life

insurance business in India

1926 The Indian Assurance company act enacted to enable the government

to collect


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the statistical information about the insurance.

1938 The earlier legislation consolidated and amended the life insurance

act with

the objective of protecting the interest of insurance in the public.

1956 245 Indian and foreign players and prudent societies are taken once

by Central

govt. And nationalized

2000 FDIs are allowed to come and entered into the insurance business.

2002 There are total 16 insurance companies are available out of which

two are

Government companies.

2009 There are total 22 companies are available in the market out of which 3 are

wholly

Indian companies.

PRESENT SCENARIO LIFE INSURANCE INDUSTRY IN INDIA

The life insurance industry in India grew by an impressive 36%, with premium

income from new businesses at Rs. 253.43 billion during the fiscal year 2005-2006.

Though the total volume of LIC's business increased in the last fiscal year (2005-

2006) compared to the previous one, its market share came down from 87.04 to

78.07%.

The 14 private insurers increased their market share from about 13% to about 22%

in a year's time. The figures for the first two months of the fiscal year 2006-07 also


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speak of the growing share of the private insurers. The share of LIC for this period

has further come down to 75 percent, while the private players have grabbed over 24

percent.

With the opening up of the insurance industry in India many foreign players have

entered the market. The restriction on these companies is that they are not allowed

to have more than a 26% stake in a companys ownership.

Since the opening up of the insurance sector in 1999, foreign investments of Rs. 8.7

billion have poured into the Indian market and 14 private life insurance companieshave been granted licenses. Innovative products, smart marketing, and aggressive

distribution have enabled fledgling private insurance companies to sign up Indian

customers faster than anyone expected. Indians, who had always seen life insurance

as a tax saving device, are now suddenly turning to the private sector and snapping

up the new innovative products on offer. Some of these products include investment

plans with insurance and good returns (unit linked plans), multi purpose insurance

plans, pension plans, child plans and money back plans. (www.wikipedia.com)

1.2 PROFILE OF THE ORGANISATION

HOUSING DEVELOPMENT FINANCE CORPORATION ( HDFC )


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Mumbai based Housing Development Finance Corporation was incorporated in 1977

by H.T. Parekh, founder chairman of ICICI which has grown to be India's leading

housing finance company.

Its services are aimed at individuals as well as companies availing loans for housing

purposes. It also provides lease finance to companies and to development

authorities for financing infrastructure and other assets along with its property related

services.

Vision and Mission of the organization

"HDFC is an organization that strives for excellence, with the twin objectives of

enhancing customer satisfaction and shareholder value"

Vision of HDFC

To enhance residential housing stock in the country through the provision of

housing finance in a systematic and professional manner, and to promote home

ownership.

To increase the flow of resources to the housing sector by integrating the housing

finance sector with the overall domestic financial markets.

Mission of HDFC

Develop close relationships with individual households. Maintain its position as the premier housing finance institution in the country

Transform ideas into viable and creative solutions

Provide consistently high returns to shareholders

To grow through diversification by leveraging off the existing client base

HDFC HOLDINGS


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HDFC

80.5%

HDFC

Ventures

100%

HDFC

Pro erties

23.22%

HDFC Bank

74% HDFCStandard

Life

60% HDFC

Asset Mgt

23.27%

HDFC Bank


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Figure 1: Share Holding Pattern of HDFC

Figure 2: Loans Approved & Disbursed by HDFC

77%

12%

5%4%

2%

SHAREHOLDING PATTERN of HDFC Ltd

FII & FDI

Individuals

Bamks & Insurance Companies

Mutual Funds

Companies

2005-06 2006-07 2007-08

APPROVED 256.34 333.32 425.2

DISBURSED 206.79 261.78 328.75

0

50

100

150

200

250

300

350

400

450

IN

bn

LOANS APPROVAL & DISBURSED


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STANDARD LIFE INSURANCE COMPANY

Founded in 1825, Standard life has been at the forefront of the UK insurance

industry for 176 years by combining sound financial judgment with integrity and

reliability.

One of its successes was the launch of Standard Life Bank on 1st January, 1998. It is

one of the few insurance companies in the world to receive AAA rating from two of

the leading international credit rating agencies. Moodys and Standard & Poors. The

later described Standard Lifes ability to meet its claims obligations as overwhelming

under a variety of economic conditions.


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HDFC-STANDARD LIFE INSURANCE LTD.

The Joint Venture HDFC Standard Life

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


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Standard and Poors. 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 is an organization that strives for excellence, with the twin objective of

enhancing customer satisfaction and shareholder value.

The standard life assurance company was present in the Indian life insurance market

from 1847 to 1938 when agencies were setup in Kolkata and Mumbai.

Each of the JV 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

moodys and standard and poors. This reflects the efficiency with which HDFC and

standard life manage their asset base of Rs15000 Cr and Rs600000 Cr respectively.

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.

Companys 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 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.


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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.

COMPANYS VALUES:

1. INTRGRETY

Honest and trustful in every action

Transparency

Stick to principles irrespective of every action

Be just fair to every one

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


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Create an environment of trust and openness

Respect for the time of others

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 Asias top 10 best managed companies in

the finance sector - 2001

Rated as the Best Non-Banking Financial Company in Asia by Institutional

Investor Research Group.

Mr Deepak Parekh awarded the Life time Achievement Award at Bloomberg

UTVs Financial Leadership Awards 2012

Mr Deepak Parekh awarded Ernst & Young s Lifetime Achievement Award for

his exceptional contribution in developing Indias Financial Services sectors

HISTORY OF EVENTS

JANUARY 1995:


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HDFC and Standard life first came together for a possible joint venture, to

enter the life insurance market. At the outset it was clear that both co. shared

similar values and beliefs and a strong relationship quickly formed.

OCTOBER 1995:

The companies signed a three year joint venture agreement. around this time

Standard life purchased a 5% stake in HDFC, further strengthening the

relationship. The next three years were filled with uncertainty due to changes

in government and ongoing delays in getting the IRDA (Insurance Regulatory

and Development Authority) Act passed in parliament.

In October 1998:

The joint venture agreement was renewed and additional resource made

available, around this time standard Life purchased 3% of Infrastructure

Development Finance company Ltd (IDFC) Standard life also started to use

the services of the HDFC Treasury department to advised them upon their

investments in India.

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.

January 2000:

An expert team form 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.


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14th August 2000:

The company was incorporated under the name :HDFC STANDARD LIFE

INSURACE COMPANY LIMITED: their ambition from as far back as October

1995 was to be the first private company to re enter the life insurance market

in India

23rd October 2000:

HDFC Standard Life became the First life insurance company in the private

sector: TO be granted a certificate to Registration by the Insurance

Regulatory and Development Authority to transact life insurance business in

India.

HDFC are the main shareholders in HDFC Standard Life, with81.4%, while standard

life owns 18.6%. HDFC and Standard Life have a long and close relationship built

upon shared valued and trust. The ambitions of HDFC Standard life is to mirror the

success of the parent companies and be the yardstick by which all other insurance

companies in India are measured. HDFC Standard Life Insurance Company has

been signed on by Blue Star to provide insurance cover to its 1805 employees

across India and overseas.

HDFC Standard life Insurance is on of the leading players in the group insurance

segment of the life insurance business. Its group business has grown significantly

since inception and now covers over 25,000 lives across the entire industry spectrum

including software, FMCG, Pharmaceutical banking consultancy, BPO retailing and

consumer electronics.

USP: Strong Financial History

Segment : Personal and Group Insurance


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Target Group : Urban and Rural Investor

Positioning : Complete Insurance and Financial Solution

Competition: LIC

Bajaj Allianz

Sahara Life Insurance

Reliance Life Insurance


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The organizational structure of HDFC SL is of vertical type where MD & CEO (Mr.

Amitabh Chaudhary) 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

Which are further sub divided into sub departments.

RETAIL TEAM SET-UP

The retail team has a vertical type of classification where in GM-Sales leads

the structure or set-up and all the strategies is planned by the same.


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Followed by head of retail sales (Anup Rao)

Subdivided into zonal manager (Mr. Rishi Mehta) who look out the

performances and duties in a particular zone i.e. North, East, West and South

Regional manager (Mr.Sandeep Parihan)

Area sales manager (Mr.Vikas Kumra)

Branch Manager (Mr. Vikas Kumra )who looks after SDMs in his branch

and repots area sales manger.

Sales Development Manger acts as a team leader and manages the team to

bring out the sales from them. Each SDM has a team of about 35-50 FCs

(Financial Consultants) who act as an advisor.

Financial Consultants(Mr. Manjeet)who act as an advisor and these FCs

work as a member of sales member and meet with customer and make sales

happen for the company.

For any organization sales force is the most crucial part now a days as they

represent the organization and deal with the customer.

80% of the revenue for these sales force member contributes the company

and its the responsibility of the organization manage this sales force in most

appropriate manner.


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Plans

Insurance plans can be categorized under three major categories according to their

purpose and functionality as Shown in the following fig.

Products

Insurance Plans

TraditionalPlans ULIP Protection

Plans


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Each of us leads a unique life and so has unique needs as per our life styles. HDFC

Standard Life offers a range of products and invites you to choose the one that suits

you the best

Plans :

The major categorized plans can be further classified as under

SAVING PLANS

INVESTMENT PLANS

PROTECTION PLANS

RETIREMENT PLANS

Various plans with their benefits can be shown as under :

PLAN BENEFIT

SAVING PLANS

Endowment Assurance Plan Life Insurance with savings

Unit linked endowment plan Life insurance and saving with

Choice of investment funds

Childrens plan Financial security for your child

Unit linked youngster plus plan Financial security for your child with

Choice of investment funds

Money back plan Life insurance with savings.

INVESTMENT PLANS

Single premium whole of life

plan

Investment with life insurance


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PROTECTION PLANS

Term assurance plan Life insurance at an affordable price

Loan cover term assurance plan Life insurance customized for home loans

RETIREMENT PLANS

Personal pension plan Saving for retirement

Unit link pension plan Retirement saving with a choice of investment

funds.

1.3 COMPETITORS

In presently there are 46 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.

BIRLA Sun Life.

AVIVA.

TATA AIG.

Various Other Competitors In The Market

Bajaj Allianz Life Insurance Co. Ltd.

Birla Sun Life Insurance Co. Ltd.


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ICICI Prudential Life Insurance Co. Ltd.

ING Vysya Life Insurance Co. Ltd.

Life Insurance Corporation Of India

Max New York Life Insurance Co. Ltd

Met Life India Insurance Co. Ltd.

Kotak Mahindra Old Mutual Life Insurance Ltd.

SBI Life Insurance Co. Ltd.

Tata AIG Life Insurance Co. Ltd.

Reliance Life Insurance Co. Ltd. Aviva Life Insurance Co. India Pvt. Ltd.

Shriram Life Insurance Co. Ltd.

Bharti AXA Life Insurance

Future Generali Life Insurance

IDBI Fortis Life Insurance

Canara HSBC Oriental Bank Of Commerce Life Insurance

AEGON Religare Life Insurance DLF Pramerica Life Insurance

Star Union Dai-ichi Life Insurance

Agriculture Insurance Company Of India

Apollo DKV Insurance

Cholamandalam MS General Insurance

ICICI Lombard General Insurance

IFFCO Tokio General Insurance

National Insurance Company

New India Assurance

Oriental Insurance Company

Reliance General Insurance

Royal Sundaram Alliance Insurance

Shriram General Insurance Co. Ltd.

Tata AIG General Insurance


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United India Insurance

Universal Sompo General Insurance Ltd.

Apollo Munich Health Insurance

Bajaj Allianz General Insurance Co. Ltd.

Bharti AXA General Insurance

Export Credit Guarantee Corporation Of India

IDBI Federal Life Insurance

India First Life Insurance

L&T General Insurance Max Bupa Health Insurance

Raheja QBC General Insurance Co. Ltd.

SBI General Insurance

Star Health Insurance

1.4 SWOT ANALYSIS OF HDFC SL

SSTTRREENNGGTTHHSS::

HDFC SLs strengths are many, to mention a few:

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 authorities.

Thus, employees are motivated to give their best to the organization. The 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.


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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) Long-standing 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.

b) Always emphasizes on numbers and fast results.

c) After sales service.

d) Less promotional campaigns.

OO

PP

PP

OO

RR

TT

UU

NN

IITT

IIEE

SS

::

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 MNCs enable to extract their core competencies.


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TTHHRREEAATTSS::

a) New private players are coming in the market e.g. RELIANCE Insurance.

b) Entry of MNCs giving direct competition.

c) Govt. instability has a long-term repercussion affecting companys policies &

its growth.

Objective & Methodology

2.1 objectives

TITLE OF THE STUDY


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Awareness of Life Insurance Products in Indian

Market.(with respect to HDFCSL

STATEMENT OF THE PROBLEM

This study was undertaken to identify which type of insurance plans HDFC-SL

should market to particular market segments in India. A survey was undertaken to

understand the preferences of Indian consumers with respect to insurance. While

marketing policies the sole duty of an advisor/ agent is to provide insurance plans as

per customer requirements.

In effect plans (insurance products) should be flexible to suit individual requirements.

This research tries to analyze some key factors which influence the purchase of

insurance like the term of the policy, the type of company, the amount of annual

premium payable (capacity and willingness to spend), risk taking ability and the

influence of advertising. Solutions and recommendations are made based on

qualitative and quantitative analysis of the data.

OBJECTIVES OF THE STUDY

To explore the awareness of life insurance product in Indian Market

To showcase the influence of advertising on consumers buying behavior

To know the consumers willingness to spend on life insurance

To identify the factors that motivate purchase of insurance policies

To understand the type of company preferred for investment and awareness

level of consumers about unit linked insurance plans(ULIPs)

2.2 SCOPE OF STUDY


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In todays emerging Indian economy the role and scope of Insurance

companies has increased manifold and hence this sector has seen

tremendous growth and competition over the years. Through my project I am

trying to give an in depth analysis on the same sharping on the growth and

emergence of new companies in the turf which was predominated by

government backed companies. This study relates to evaluate various

insurance companies in terms of products, revenue, sales, and human

resources on the basis of consumer awareness about their products. It also

covers emergence and growth of new insurance companies in India. In this

study I will go through the customers of various insurance companies and

evaluate their awareness and satisfaction level with HDFCSLIC products so

that company can easily improve their productivity and boost their sales. In

this study a research will be conducted by using a structured questionnaire to

compare the awareness about various products and thus find out market

share of various insurance companies. It also helps in knowing customers

needs which is very beneficial for company to increase productivity and boost

sales. It is also helpful to understand various marketing strategies adopted by

various insurance companies so that company can increase their market

share by modifying marketing strategies and can better serve the customers

needs. I am also collecting information from the company, websites, journals,

magazines and unpublished data available at company to compare various

insurance companies. I have also done a certification of IRDA to get a

financial advisor license. I have also gone through compliance sales training

(CST) so that I can get better knowledge of existing products of HDFCSLIC

and it is also helpful in comparing with other companies products. A sample of

130 people will be taken to collect data by using structured and unbiased

questionnaire and probability sampling technique will be used to select

sample of 130 people from whole population and a convenience sample will

be selected


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2.3 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 marketer in recognizing and reacting to marketing opportunities and problems.

In essence/ researchers mix managers to take the better decision.

DESCRIPTIVE RESEARCH DESIGN

The research design adopted in this study is DESCRIPTIVE RESEARCH DESIGN.

A descriptive research design is the one which is description of the state of affairs as

it exists at present. It includes survey and fact finding enquiries of different kinds.

The researcher has no control over the variables. The researcher used this research

design to find out the respondents attitude and opinion about products offered.

SAMPLING DESIGN

A sample design is a definite plan for obtaining a sample from a given population. It

refers to the techniques or procedures the researcher would adopt in selecting items

for the sample.

SAMPLE SIZE

A sample of 130 people will be taken for the survey. The required data collected

through questionnaire.


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SAMPLING AREA

The sampling unit may be a Geographical one such as state, District, Village etc.,

The geographical sampling unit under study has covered the area of Sonipat

,Panipat ,Rohtak .

METHODOLOGY

APPROACH

The primary data was collected by using structured questionnaire. . Getting

questionnaire filled up by respondents picked up spontaneously by simple

random sampling and face-to-face interview was conducted to collect the

data.

Developing questionnaire to conduct a survey: A questionnaire was

developed to gauge

Awareness of various private insurance companies

Types of plans sold in the market

Purpose for buying insurance policies

Awareness of life insurance & its products with emergence of private

players in the market.

Secondary Data: Secondary data is that data which somebody else had

collected and which had already been passed through the statistical

process. The indirect information of data from sources containing past andpresent information is collected from newspapers, journals, business

manuals, magazines, pamphlets etc.

DATACOLLECTION


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The information required for our project was collect mainly from the primary

sources and even from secondary sources. The primary source consists of the

data analyzed from questionnaire and interaction with the user at that time only.

And internet is used as secondary source.

DATA COLLECTION METHOD

Data is collected through questionnaire schedule method.

CONTACT METHOD

Face to Face

Convenience samplingis used in exploratory research where the researcher is

interested in getting an inexpensive approximation of the truth. As the name implies,

the sample is selected because they are convenient. This non probability method is

often used during preliminary research efforts to get a gross estimate of the results,

without incurring the cost or time required to select a random sample.

SAMPLE SIZE

The sample size for the survey conducted was 130 respondents.

SAMPLING TECHNIQUE

Convenience sampling technique was used in the survey conducted.

PLAN OF ANALYSIS

Tables were used for the analysis of the collected data. The data is also neatly

presented with the help of statistical tools such as graphs and pie charts.

Percentages and averages have also been used to represent data clearly and

effectively.


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STUDY AREA

The samples referred to were residing in Sonipat, Panipat and Rohtak.

LIMITATIONS OF THE STUDY

The study was limited only to a few areas .

The study was conducted only for a short period of two month.

The study is based on the assumption that information provided by the

respondents is true.

Respondents want to hide some information


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Conceptual Discussion

Insurance An Introduction

Monopoly of LIC has been broken to make Indian Insurance to change its face and

pace to tap the market and to make the new challenges in it. Insurance in India is not

about India only; it is an open sector for the private players. The name which you

would see in Indian insurance market is something like: - HDFC (Indian company) +

Standard life (foreign player), BAJAJ (Indian company) + Allianz (foreign player),

TATA (Indian company) + Aig (foreign player) , and so many like them. HDFC has

its joint venture with standard life. It is a private sector company. The company was

registered on 23/10/2000.

Companies now are tapping a lot of ways to capture the market and hence adopting

different ways to hold the large portion of the market.

My project was to understand the different marketing strategies adopted by

the companies to increase their market share and along with it meeting their own

targets to achieve the position of no.1 in respective field or segment of the market.

My summer training learning helped me a lot to complete my project in order

to learn a lot of things of the corporate. As a project trainee the first task given to me

was to understand the basic behavior of the consumer in order to manipulate the

market according to the target competition. For this I developed a questionnaire and

I did my survey in Panipat.

From this database I was asked to do the telecalling in order to make

strengthen the agency channel by doing recruitment and I learnt how to develop this

channel and how to create the business opportunities besides grabbing them. This

made me to know issues of competitive market in a better manner and it also gave

me a lot of ideas to enhance my communication and convincing skills .


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Bhubaneswar(2012) reviewed customer expectation about insurance product in

Indian Life Insurance Industry and concluded that Life Insurance sector has a lot of

potential both in terms of sales, revenue and employment generation and difficult to

estimate the required customer expectation.

Customers realize two basic types of expectation such as desired and adequate

service. Their personal as well as technical Knowledge catalyzes the acceptance of

life insurance products. Masood H Siddiqui, Tripti Ghosh Sharma(2008) developed a

valid and reliable instrument to measure customer perceived service quality in the

life-insurance sector. The resulting

validated instrument comprised of six dimensions: assurance, personalized financial

planning, competence, corporate image, tangibles and technology. Further the

results of analytical hierarchy process highlighted the priority areas of service

instrument with assurance as the best predictor, followed by competence and

personalized financial planning. Okan Veli afakli (2007) concluded that public

awareness, public information were the factors often overlooked in deposit insurance

system design. For a deposit insurance system to be effective, it was essential that

the public be informed about the benefits and limitations of the system.

Public awareness was particularly important for a newly established deposit

insurance system. Viviana A. Rotman Zelizer VAR Zelizer(1979) analysed the

households optimal reactions to labor income (human capital) uncertainty that was

derived from the possibility of their wage earners' non-survival. SG Fie (2009),

suggested that the occurrence of a catastrophe may lead to increases in risk

perception, risk mitigation, and insurance purchasing behavior. Given the extensive

damage that often is inflicted by natural disasters, such a phenomenon was intuitive

for property risks. P.R Sodani (2001), investigated the community's preferences on

various aspects of health insurance. The data was collected from a sample of 300

households in Jaipur, Rajasthan.


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The study Journal of Arts, Science & Commerce E-ISSN 2229-4686 ISSN

2231-4172

International Refereed Research Journal www.researchersworld.com Vol. III,

Issue3(2),July. 2012 [42] revealed a low level of awareness (15 per cent) about

health insurance. Quality of care and cost were the two important factors identified

by the community as the factors affecting their decision to subscribe to any new

health insurance plan..

Insurance may be described as a social device to ensure protection of economic

value of life and other assets. Under the plan of insurance, a large number of people

associate themselves by sharing risks attached to individuals. The risks, which can

be insured against, include fire, the perils of sea, death and accidents and burglary.

Any risk contingent upon these, may be insured against at a premium commensurate

with the risk involved. Thus collective bearing of risk is insurance.

Insurance is a contract whereby, in return for the payment of premium by the

insured, the insurers pay the financial losses suffered by the insured as a result ofthe occurrence of unforeseen events. The term "risk" is used to describe the

possibility of adverse results flowing from any occurrence or the accidental

happenings, which produce a monetary loss.

Insurance is a pool in which a large number of people exposed to a similar risk make

contributions to a common fund out of which the losses suffered by the unfortunate

few, due to accidental events, are made good. The sharing of risk among large

groups of people is the basis of insurance. The losses of an individual are distributedover a group of individuals.


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Data Analysis

ANALYSIS & INTERPRETATION

AGE GROUP OF SURVEYED RESPONDENTS

TABLE 1:

Age group No. of Respondents

18 - 25 years 62

26 - 35 years 33

36 - 49 years 22

50 - 60 years 12

More than 60 years 2

CHART 1:


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Interpretations:

47% of the respondents fall in the age group of 18 25 years

25% in group of 26 35 years and 17% in 36 49 years.

Therefore most of the respondents are relatively young (below 26 years of age).

These individuals could be induced to purchase insurance plans on the basis of its

tax saving nature and as an investment opportunity with high returns.

GENDER CLASSIFICATION OF SURVEYED RESPONDENTS

TABLE 2:

Particulars No. of Respondents

Male 113

Female 17

CHART 2:

47%

25%

17%

9%

2%

18 - 25 years

26 - 35 years

36 - 49 years

50 - 60 years

More than 60 years


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Interpretation:

Mostly males are aware about the insurance and its various products only a few no.

of women are aware about the insurance sector. In their houses male take care all

about their insurance policys related decisions.

CUSTOMER PROFILE OF SURVEYED RESPONDENTS

TABLE 3:

Customer profile No. of respondents

Student 30

Housewife 3

Working Professional 55

Business 24

Self Employed 12

Gender of the respondents

17

113

0

20

40

60

80

100

120

Male Female

No.

ofrespondents

Male

Female


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49

Government service employee 7

CHART 3:

Interpretation:

From the chart above it can clearly be seen that 43% of the respondents are working

professionals, 23% are students and 18% are into business and only 2% are

housewives. Therefore the target market would be working individuals in the age

group of 18 25 years having surplus income, interested in good returns on their

investment and saving income tax.

MARKET SHARE OF LIFE INSURANCE COMPANIES

TABLE 4:

LIFE INSURER NUMBER OF POLICIES

HDFC STANDARD LIFE 5

BIRLA SUN LIFE 4

AVIVA LIFE INSURANCE 8

BAJAJ ALLIANZ 9

23%

2%

43%

18%

9%

5%Student

Housewife

Working Professional

Business

Self Employed

Government serviceemployee


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LIC 64

TATA AIG 8

ICICI PRUDENTIAL 14

ING VYSYA 7

BHARTI AXA 3

OTHERS 2

CHART 4:

Interpretation:

The largest life insurance company is Life Insurance Corporation of India completely

owned by the Government of India covering 53% of market share.

The largest private insurance company in India is ICICI Prudential covering 11%

followed by Bajaj Allianz with 7% and HDFC is having only 4% of market share.

ANNUAL PREMIUM PAID BY INDIVIDUALS FOR LIFE INSURANCE

TABLE 5:

Premium paid (p.a.) No. of respondents

Rs. 5000 Rs. 10000 45

Rs. 10001 - Rs. 15000 29

Rs. 15001 - Rs. 24900 19

4%3%

6%

7%

53%

6%

11%

6%2% 2%

HDFC STANDARD LIFE

BIRLA SUN LIFE

AVIVA LIFE INSURANCE

BAJAJ ALLIANZ

LIC

TATA AIG

ICICI PRUDENTIAL

ING VYSYA

BHARTI AXA

OTHERS


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Rs. 25000 - Rs. 50000 12

Rs. 50001 - Rs. 60000 5

Rs.60001 Rs. 80000 2

Rs. 80001 - Rs. 100000 3

CHART 5:

ANNUAL PREMIUM PAID BY INDIVIDUALS FOR LIFE INSURANCE

Interpretation:

39% of the respondents pay an annual premium less than Rs. 10001 towards life

insurance. 25% pay less than Rs. 15001 and 17% pay less than Rs. 25000.HDFC-

SL would be able to capture the market better if it introduced products/plans where

the minimum premium starts at Rs. 5000 p.a. They should introduce more productslike Easy Life Plus and Safe Guard where the minimum premium is Rs.6000 p.a. and

Rs. 12000 p.a. respectively.

POPULAR LIFE INSURANCE PLANS

TABLE 6:

Type of Plan No. of Respondents

Term Insurance Plans 53

Endowment Plans 62

39%

25%

17%

10%

4% 2% 3%

Rs. 5000 - Rs. 10000

Rs. 10001 - Rs. 15000

Rs. 15001 - Rs. 24900

Rs. 25000 - Rs. 50000

Rs. 50001 - Rs. 60000

Rs.60001 - Rs. 80000

Rs. 80001 - Rs. 100000


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Pension Plans 8

Child Plans 4

Tax Saving Plans 10

CHART 6:

POPULAR LIFE INSURANCE PLANS

Interpretation:

45% of the respondents hold endowment plans and 39% of the respondents hold

term insurance plans.

Endowment plans are very popular and serve two purposes life cover and

savings.

If the policy holder dies during the policy term the nominee gets the death benefit

that is, sum assured and accumulated bonus. On survival the policy holder receives

the survival benefit with a bonus. A term plan is a pure risk cover plan wherein the

insured pays a lower premium for a higher sum assured. Term insurance is the

cheapest form of insurance and helps the policy holder insure himself for a relatively

low premium. For the returns sensitive investor term plans do not find favor as they

do not offer a return in case the individual does not die during the policy term.

AWARENESS OF UNIT LINKED INSURANCE PLANS

TABLE 7:

39%

45%

6%

3%7%

Term Insurance Plans

Endowm ent Plans

Pension Plans

Child Plans

Tax Saving Plans


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Awareness of Unit Linked Plans No. of Respondents

Yes 74

No 56

CHART 7:

AWARENESS OF UNIT LINKED INSURANCE PLANS

Interpretation:

57% of the respondents are aware of unit linked life insurance plans and 43% are

not aware of such plans.

Unit linked plans are those where the benefits are expressed in terms of number of

units and unit price. They can be viewed as a combination of insurance and mutual

funds. The number of units a customer would get would depend on the unit price

when they pay the premium.

When the policy matures the individual gets his fund value. The value of his fund is

calculated by multiplying the net asset value and number of units held by them on

that day.

CONSUMER WILLINGNESS TO SPEND ON LIFE INSURANCE PREMIUM

TABLE 8:

57%

43%

Yes

No


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Willingness to spend on

premium

No. of

respondents Percentage

Less than Rs. 6000 20 15%

Rs. 6001 - Rs. 10000 35 27%

Rs. 10001 - Rs. 25000 54 41%

Rs. 25001 - Rs. 50000 20 15%

Rs. 50001 - Rs. 100000 2 2%

CHART 8:CONSUMER WILLINGNESS TO SPEND ON LIFE INSURANCE PREMIUM

Interpretation:

41% of the respondents are willing to spend between Rs. 10001 Rs. 25000 for life

insurance. 27 % to spend between Rs. 6001 Rs. 10000 per annum. Only 15%

would be willing to spend more than Rs. 25000 per annum as life insurance

premium.

We could say that the maximum premium payable by most consumers is less than

Rs. 25000 p.a. This is further reduced as most customers have already invested with

LIC, ICICI Prudential, Birla Sun Life, Bajaj Allianz etc.

HDFC-SL is faced with a large amount of competition. Hence to capture a larger part

of the market the company could introduce more reasonable plans with lesser

premium payable per annum

0

10

20

30

40

50

60

Less than Rs.

6000

Rs. 6001 - Rs.

10000

Rs. 10001 - Rs.

25000

Rs. 25001 - Rs.

50000

Rs. 50001 - Rs.

100000


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CHART SHOWING IDEAL POLICY TERM

TABLE 9:

Ideal policy term No. of respondents

3 - 5 years 25

6 - 9 years 20

10 15 years 46

16 20 years 18

21 25 years 12

26 30 years 2

More than 30 years 1

Whole life Policy 6


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CHART 9:

CHART SHOWING IDEAL POLICY TERM

Interpretation:

From the chart given above it can be seen that 35% of the respondents prefer a

policy term of 10 15 years, 19% prefer a term of 3 5 years and 15% prefer a term

of 6 9 years. This means that HDFC-SL could introduce more plans wherein the

premium paying term is less than 15 years.

The outlook of insurance as a product should be changed from something which you

pay for your whole life (whole life policy) and do not receive any benefit (the nominee

only receives the benefit in case of your death) to an extremely useful investment

opportunity with the prospects of good returns on savings, tax saving opportunities

as well as providing for every milestone in your life like marriage, education, children

and retirement.

19%

15%

35%

14%

9%

2%

1%5%

3 - 5 years

6 - 9 years

10 - 15 years

16 - 20 years

21 - 25 years

26 - 30 years

More than 30 years

Whole life Policy


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FACTORS THAT MOTIVATE RESPONDENTS TO PURCHASE INSURANCE

TABLE 10:

Parameter No. of Respondents

Advertisements 17

High returns 42

Advice from friends 23

Family responsibilities 45

Others 3

CHART 10:

Interpretation:

From the chart above it can be seen that 33% of the respondents purchase life

insurance to secure their families, 33% take life insurance to get high returns, 17%

purchase insurance on the advice of their friends and 13% purchase insurance

because of the influence of advertisements.

The main purpose of insurance is to cover the financial or economic loss that occurs

to the family in case of the uncertain death of the policy holder. But nowadays this

13%

31%

17%

33%

6%

Advertisements

High returns

Advice from friends

Family responsibilities

Others


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trend is changing. Along with protection (life cover), a savings element is being

added to insurance.

With the introduction of the new unit linked plans in the market, policy holders get the

option to choose where their money will be invested. They can invest their money in

the equity market, debt market, money market or a combination of these. The debt

and money markets usually have low risk attached whereas the equity market is a

high risk investment option.

PREFERRED COMPANY TYPE OF THE RESPONDENTS

TABLE 11:

Type of Company No. of Respondents Percentage

Government Owned

Company 67 47%

Public Limited Company 33 23%

Private Company 26 18%

Foreign Company 4 12%

CHART 11:

PREFERRED COMPANY TYPE OF THE RESPONDENTS

Interpretation:

From the graph above we find that 47% of the respondents preferred to purchase

insurance from a government owned company, 23% of the respondents preferred to

purchase insurance from a public limited company and only 12% of the respondents

0

10

20

30

40

50

60

70

80

Government Owned

Company

Public Limited

Company

Private Company Foreign Company


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preferred a foreign based company. HDFC-SL could be promoted as an essentially

Indian company with a foreign tie up. Its tie up with HDFC, a trusted name in an

Indian industry, could be used to give a push to its products/ services.

Heavy advertising through television, newspapers, magazines and radio is required.

Very few people know that HDFC-SL is one of the trusted insurance companies in

the world. These facts would surely increase the customer base it currently

possesses and thereby increase sales of HDFC-SL products in the Indian insurance

market.

MINIMUM EXPECTED RETURN ON INVESTMENT

TABLE 12:

Expected Returns No. of respondents

Less than 5% 3

5% - 10% 20

11% - 15% 22

16% - 20% 23

21% - 25% 22

26% - 30% 12

31% - 40% 11


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41% - 50% 7

More than 50% 10

CHART 12:

Interpretation:

From the chart above it can clearly been seen that 18% of the respondents would

like 16 20% returns, 17% would like returns between 21 25% and 17% would like

returns of 11 15% on their investments. Therefore the average return on

investment should be at least 16 20 %.

2%

15%

17%

18%

17%

10%

8%

5%

8%

Less than 5%

5% - 10%

11% - 15%

16% - 20%

21% - 25%

26% - 30%

31% - 40%

41% - 50%

More than 50%


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Most consumers are willing to adapt to some amount of risk but still want some

guaranteed returns. Therefore the bulk of investment should be made in the

balanced fund with 50% debt and 50% equity. The returns on the Secure Fund are

guaranteed as these involve investment is government securities and the debt

market. But the returns on these instruments are low (8 10%). If the company

invests in shares, returns are higher (39%) but correspondingly risk borne by the

policy holder is also higher. Therefore a good combination of the two instruments is

often a wise choice.

Findings and Recommendations

5.1 FINDINGS

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.

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 2004-2005.

the company generated new business premium income of Rs.486 crore

Unit linked products accounted for over 50% of the new business premium


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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 2004 to over 23,000 as on 31st March 2005.

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 bank assurance have recorded an impressive

growth of over 400% to contribute 37% to the Effective Premium Income

(EPI).

55..22 SSUUGGGGEESSTTIIOONNSS && RREECCOOMMMMEENNDDAATTIIOONNSS

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 themequally. 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.


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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.

5.3 LIMITATIONS

Though every effort was put in to make this report authentic in every

respect, there were few uncontrollable factors that might have had their

influence on the final report. The various limiting factors are:-

While making this report few typing and compilation result may have

crept in which have not been able to get rectified. Also the major part of

the data collect is primary in nature and hence the data may be subject

to some human errors.


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The study was mainly conducted in the region of Sonipt , Panipat and

few from Rohtak. It has not have included relevant respondents in other

areas in the sample size.

The information about some scheme differ from one source to another.

As I was a trainee in the company the many secrets and the important

facts, figures and information has not been provided.


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5.4 Conclusion

The 6 weeks summer practical training undertaken at HDFC BANK was completed

with a great enthusiasm and success.

The main aim of having introduced to a totally new office environment and to learn

stunning new things in life was covered in the training period.

During my training period I come to know about the various perspectives of

life insurance .I learnt how to persuade the customer emotionally for buying

insurance policy. I interacted nearly 150 persons some of them have dont

the insurance policy.

The problem is faced by us is that today also people considered insurance

as a negative product and they dont want to buy it.

As a whole mostly people are aware about the various insurance providers

and their products through advertisement and reference of their relatives or

friends. Emotional appeal plays a very important role in the insurance

sector.


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BIBLIOGRAPHY

WEBSITES

Products and Services. HDFC-SL.

.

Historical perspective. .

Overview." Indiacore. .

Reforms." Wikipedia. .

Unit Linked Plans." Life insurance Corporation of India.

.

Unit Linked Plans." Tata aig. .

Life Insurance." Bajaj allianz. .

Life Insurance." ICICI Prudential. .

Sumathi S., and Saranavel P. 2nd ed. New Delhi: Vikas Publishsing

House, 2003. 85-172.

Convenience Sampling. Statpac. .

Various private sectors companies in india.


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www.hdfcstandardlife.com

www.irda.gov.in

www.legalpundits.com

BOOKS

Business research by C.R. kothari

IC-33 LIFE INSURANCE (Revised) by INSURANCE INSTITUTE OF INDIA

Indian Financial System by P.N. Varshney & D.K. Mittal

NEWSPAPERS

Economic times

The Times of India
http://www.hdfcstandardlife.com/http://www.hdfcstandardlife.com/http://www.irda.gov.in/http://www.irda.gov.in/http://www.legalpundits.com/http://www.legalpundits.com/http://www.legalpundits.com/http://www.irda.gov.in/http://www.hdfcstandardlife.com/

aarti summer training project report -art

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