aarti summer training project report -art
TRANSCRIPT
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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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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/