Professional Documents
Culture Documents
ON
“A STUDY ON CUSTOMER AWARENESS TOWARDS
INSURANCE SECTOR WITH SPECIAL PREFERENCES TO
HDFC STANDARD LIFE”
Submitted by,
ARCHANA BHANDARI
(Session- 2009-2010)
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DECLARATION BY THE CANDIDATE
I the undersigned solemnly declare that the report of the summer training work entitled “A STUDY
REFERENCES TO HDFC SLIC” is based on my own work carried out during the course of my
I assert that the statements made and conclusions drawn are an outcome of my research work. I
further declare that to the best of my knowledge and belief the report does not contain any part of
any work which has been submitted for the award of MBA degree or any other
_________________
(Signature of the
Candidate)
ARCHANA BHANDARI
Enrollment No: AE7106
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ACKNOWLEDGEMENT
This project has greatly been a collaborative effort. I take this opportunity to thank all who have
helped in the preparation and successful completion of this project work. It gives me immense
pleasure to express my deep sense of gratitude to Mr.Ashish Shrivastav sir (Branch manager of
HDFC SLIC., for his valuable guidance and consistent supervision throughout the course of my
Report.
I also take this opportunity in expressing my sincere gratitude within a few words to tell my
faculties, seniors and my colleagues for their earnest help and guidance.
I sincerely thank the entire staff of HDFC Standard Life Insurance Company Ltd. for giving me
valuable support.
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TABLE OF CONTENT
DECLARATION………………………………………………………………………………
CERTIFICATE……………………………………………………………………..….………
ACKNOWLEDGEMENT…………………………………………………………..…………
TABLE OF CONTENTS………………………………………………………………………
EXECUTIVE SUMMARY……………………………………………………………...………….…
PLANS OF HDFC
CHAPTER.7 LIMITATIONS…………………………………………………………………….
CHAPTER.8 RECOMMENDATIONS…………………………………………………………
CHAPTER.9 CONCLUSION………………………………………………………………….
REFERENCES
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EXECUTIVE SUMMARY
In today’s corporate and competitive world, I find that insurance sector has the maximum growth
and potential as compared to the other sectors. Insurance has the maximum growth rate of 70-
80% while as FMCG sector has maximum 12-15% of growth rate. This growth potential attracts
me to enter in this sector and HDFC Standard Life Insurance Company Ltd has Given me the
opportunity to work and get experience in highly competitive and enhancing sector.
The success story of good market share of different market organizations depends upon the
availability of the product and services near to the customer, which can be distributed through a
distribution channel. In Insurance sector, distribution channel includes only agents or agency
holders of the company. If a company like RELIANCE LIFE INSURANCE, TATA AIG, and MAX etc
has adequate agents in the market they can capture big market as compared to the other
companies.
Agents are the only way for a company of Insurance sector through which policies and benefits
2) To find out insurance pattern with their behavior in various aspects that is
3) To find out the technological innovations and strategies which are needed to be adopted by
the hdfc slic in order to retain their development, with taking into account the changing customer
The principal methodology adopted in the project was conclusive surveys/Observation, which was
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CHAPTER: 1
INTRODUCTION OF THE
INSURANCE COMPANY
INTRODUCTION
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LIFE INSURANCE
In 1818 the British established the first insurance company in India in Calcutta, the Oriental Life
Insurance Company. First attempts at regulation of the industry were made with the introduction of
the Indian Life Assurance Companies Act in 1912. A number of amendments to this Act were made
until the Insurance Act was drawn up in 1938. Noteworthy features in the Act were the power given
to the Government to collect statistical information about the insured and the high level of
protection the Act gave to the public through regulation and control. When the Act was changed in
1950, this meant far reaching changes in the industry. The extra requirements included a statutory
requirement of a certain level of equity capital, a ceiling on share holdings in such companies to
prevent dominant control (to protect the public from any adversarial policies from one single party),
stricter control on investments and, generally, much tighter control. In 1956, the market contained
154 Indian and 16 foreign life insurance companies. Business was heavily concentrated in urban
areas and targeted the higher echelons of society. “Unethical practices adopted by some of the
players against the interests of the consumers” then led the Indian government to nationalize the
industry. In September 1956, nationalization was completed, merging all these companies into the
so-called Life Insurance Corporation (LIC). It was felt that “nationalization has lent the industry
Some of the important milestones in the life insurance business in India are:
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1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the
1928: The Indian Insurance Companies Act enacted to enable the government to collect
1938: Earlier legislation consolidated and amended to by the Insurance Act with the
1956: The market contained 154 Indian and 16 foreign life insurance companies.
GENERAL INSURANCE
The General Insurance industry in India dates back to the Industrial Revolution and the subsequent
increase in trade across the oceans in the 17th century. As for Life Insurance, the British brought
General Insurance to India, and a similar path was followed in the development of this industry. A
number of private companies were in existence for years and years until, in 1971, the Indian
Government decided that the public interest would be served by nationalizing the industry, merging
all the 107 companies into four companies, depending on the sort of business transacted (Marine,
Fire, Miscellaneous). These were the National Insurance Company Ltd., the Oriental Insurance
Company Ltd., the New India Assurance Company Ltd., and the United India Insurance Company
Ltd. located in Calcutta, New Delhi, Bombay and Madras respectively. The General Insurance
Corporation (GIC) was set up in 1972 as a ‘holding’ company, having these four companies as its
subsidiaries.
INTRODUCTION OF HDFC
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HDFC was started by Hasmukh Bhai Parekh in1977 with the formation of Malhotra
Committee.HDFC Standard Life, one of India’s leading private life insurance companies, offers a
range of individual and group insurance solutions. It is a joint venture between Housing
Development Finance Corporation Limited (HDFC), India’s leading housing finance institution and
Standard Life plc, the leading provider of financial services in the United Kingdom.
HDFC Standard Life’s product portfolio comprises solutions, which meet various customer needs
such as Protection, Pension, Savings, Investment and Health. Customers have the added
advantage of customizing the plans, by adding optional benefits called riders, at a nominal price.
The company currently has 32 retail and 4 group products in its portfolio, along with five optional
rider benefits catering to the savings, investment, protection and retirement needs of customers.
HDFC Standard Life continues to have one of the widest reaches among new insurance
companies with 568 branches servicing customer needs in over 700 cities and towns. The
company has a strong presence in its existing markets with a base of 2,00,000 Financial
Consultants.
HDFCSL is one of India’s leading private insurance companies. It offers both individual and group
insurance solution. It is a joint venture between HDFC and a group of company of Standard Life. I
have chosen insurance sector as the place for summer training because in these days this sector
is in boom and it will never go down. All people invest their money in insurance and get more
benefited. In the sector the work of marketing is more challenging then the other sector because
there is 17 insurance companies in the market who are giving competition to each other and the
work of convince people for investment in respective company is a challenging work and success
in the sector proves that the respective person is a good marketer. Today insurance sector India is
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NEED OF THE STUDY
The project was an attempt to explore the “customer awareness about the insurance policy of
HDFC SLIC” in Bhilai. The project was started on 10th June, after knowing all the relevant
information about the company insurance product and policies and its competitor’s insurance
products in accordance with the prescribed schedule mentioned by management of HDFC SLIC.
The project started in BHILAI/DURG AND RAIPUR region covering all the local market. In this
process I meet with many persons to. I have tried to convey message from telephone calling, and
natural market. and contact person having gone to their home. In the entire work I have contacted
person who is student, person who is working in the organization.During my work I found the
perception of the people about insurance, what they desire from it, I also collected data by
This project will help to understand the current market scenario and marketing in stiff competition.
Being a student of management I can draw the relevant conclusion from the market survey and
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CHAPTER: 2
COMPANY PROFILE
COMPANY PROFILE
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HDFC Standard Life Insurance Company Ltd.
HDFC Incorporated in 1977 with a share capital of Rs 10 Crores, HDFC has since emerged as the
largest residential mortgage finance institution in the country The corporation has had a series of
share issues raising its capital to Rs. 119 crores. The gross premium income for the year ending
March 31, 2007 stood at Rs. 2, 856 crores and new business premium income at Rs. 1,624 crores.
The company has covered over 8, 77,000 lives year ending March 31, 2007.
HDFC operates through almost 450 locations throughout the country with its corporate head
quarters in Mumbai, India. HDFC also has an International Office in Dubai, UAE, with service
HDFC is the largest housing Company in India for the last 27 years.
SNAPSHOT-I
Almost 90% of initial shareholding in the hands of domestic institutes and retail investors.
KEY PLAYERS
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Mr. Deepak S Parekh is the Chairman of the Company. He is also the Executive Chairman of
Housing Development Finance Corporation Limited (HDFC Limited). He joined HDFC Limited in a
senior management position in 1978. He was inducted as a whole-time director of HDFC Limited in
1985 and was appointed as its Executive Chairman in 1993. He is the Chief Executive Officer of
HDFC Limited. Mr. Parekh is a Fellow of the Institute of Chartered Accountants (England & Wales).
Mr. Deepak M Satwalekar is the Managing Director and CEO of the Company since November,
2000. Prior to this, he was the Managing Director of HDFC Limited since 1993. Mr. Satwalekar
obtained a Bachelors Degree in Technology from the Indian Institute of Technology, Bombay and a
Masters Degree in Business Administration from The American University, Washington DC.
GROUP COMPANIES
HDFC Bank: World Class Indian Bank- among the top private banks in India.
HDFC AMC: One of the top 3 AMCs in India- Preferred investment manager.
HDFC securities.
STANDARD LIFE
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The Standard Life Assurance Company ("Standard Life") was established in 1825 and the first
Standard Life Assurance Company Act was passed by Parliament in 1832. Standard Life was
reincorporated as a mutual assurance company in 1925. Standard Life is a leading long term
Standard Life provides life assurance and pensions, investment management to over 6.5 million
customers worldwide. Inspired by life, we provide meaningful solutions, flexibility and support to
build our customers' confidence in their future wealth. The Group has around 10,000 employees
across the UK, Canada, Ireland, Germany, Austria, India, USA, Hong Kong and mainland China.
The Standard Life group has been looking after the financial needs of customers
It currently has a customer base of around 7 million people who rely on the
Company for their insurance, pension, investment, banking and health-care needs
It is a leading pensions provider in the UK, and is rated by Standard & Poor’s as
Standard Life was awarded the 'Best Pension Provider' in 2004, 2005 and 2006 at the
Money Marketing Awards, and it was voted a 5 star life and pensions.
Provider at the Financial Adviser Service Awards for the last 10 years running.
The '5 Star' accolade has also been awarded to Standard Life Investments for the
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last 10 years, and to Standard Life Bank since its inception in 1998. Standard
'The most successful and admired life insurance company, which means 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'.
Our Values
• Integrity
• Innovation
• Customer centric
• People Care “One for all and all for one”
• Team work
• Joy and Simplicity
THE COLLABORATORS:
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Joint Collaboration of HDFC and standard life.
HDFC Life insurance has evolved over the period with its start of 10 crores as the most massive
mortgage institution of finance. With thrust for standard life, HDFC is the joint collaboration of
HDFC and Standard Life, which are protagonists in this marketing platform from commendable
years of enriching experience. Moreover to add to its reputation, HDFC Life Insurance was the first
company to attain the license to work in the insurance arena and the rest is history. It has operation
from more than 52 locations. It’s just not about the renowned name of the company but more of its
customer based applications and services that make it bond with the best
HDFC Standard Life, one of India’s leading private life insurance companies, in collaboration with
Manipal Education, India’s premier academic and education services provider, has announced the
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PLANS
OF
HDFC STANDARD LIFE
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Individual Products
Protection Plans
A person can protect his family against the loss of his income or the burden of a loan in the
event of his unfortunate demise, disability or sickness. These plans offer Plan & Loan Cover Term
Assurance Plan.
Investment Plans
HDFC SLIC’s Single Premium Whole of Life plan is well suited to meet long term
Investment needs. This provides attractive long term returns through regular bonuses.
Pension Plans
Pension Plans help to secure financial independence even after retirement. Pension range
includes Personal Pension Plan, Unit Linked Pension, and Unit Linked Pension Plus.
Savings Plans
Savings Plans offer a flexible option to build savings for future needs such as buying
Savings range includes Endowment Assurance Plan, Unit Linked Endowment, Unit
Linked Endowment Plus, Unit Linked Endowment Plus II, Money Back,
Unit Linked Enhanced Life Protection II, Children's Plan, Unit Linked Young Star,
Unit Linked Young Star Plus, Unit Linked Young Star Plus II.
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GROUP PRODUCT
HDFC Standard Life has the most comprehensive list of products for progressive
employers who wish to provide the best and most innovative employee benefit
employers ranging from term insurance plans for pure protection to voluntary plans
HDFC SLIC offers the following group products to esteemed corporate clients:
Also suitable for other employee benefit schemes such as salary saving schemes and
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Protection Plans
Protection Plans help you shield your family from uncertainties in life due to financial losses in
terms of loss of income that may dawn upon them in case of your untimely demise or critical
illness. Securing the future of one’s family is one of the most important goals of life. Protection
Plans go a long way in ensuring your family’s financial independence in the event of your
unfortunate demise or critical illness. They are all the more important if you are the chief wage
earner in your family. No matter how much you have saved or invested over the years, sudden
eventualities, such as death or critical illness, always tend to affect your family financially apart
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HDFC Term Assurance Plan
This plan is designed to help secure your family’s financial needs in case of uncertainties. The plan
does this by providing a lump sum to the family of the life assured in case of death or critical illness
(if option is chosen) of the life assured during the term of the contract. One can choose the lump
sum that would replace the income lost to one’s family in the unfortunate event of one’s death. This
helps your family to maintain their financial independence, even when you are not around.
Advantages
• Premium amount remains the same over the term of the policy in case of regular premium
HDFC Premium Guarantee Plan is an insurance plan that comes with twin advantage of protection
and return of premiums* on maturity. So, you can enjoy life knowing that your family’s financial
independence is secure even in your absence. And your premiums are yours on your survival at
maturity.
Advantages
• Tax benefits under sections 80C and 10(10D) of Income Tax Act, 1961
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3. HDFC Loan Cover Term Assurance Plan
This plan aims to protect your family from your loan liabilities in case of your unfortunate demise
within the policy term. It provides the beneficiary with a lump sum amount, which is a decreasing
percentage of the initial Sum Assured. This means that as the outstanding loan decreases as per
the loan schedule, the cover under the policy also decreases as per the policy schedule.
Advantages
• Decreasing Sum Assurance as the outstanding loan decreases ensures that you do not pay
This plan aims to protect your family from your loan liabilities in case of your unfortunate demise
within the policy term. It ensures that your family does not lose the dream house that you have
purchased for them, in case you are not around to repay the outstanding monthly installments on
your housing loan. This provides you with the comfort of knowing that in your absence, a sum of
money will be available towards repaying your housing loan, making sure that your family will be
Advantages
• A decreasing Sum Assured payable if you die during the term of the contract. This sum
• The premium amount can be included in the housing loan and repaid as part of the loan
repayment instalments
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CHAPTER - 3
Literature
Review
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In the early times, consumer was considered as King of the market but in the contemporary
society, consumers are no longer safe against the mal practices such as, substandard goods and
unsatisfactory services. The consumer has every right to reject any product or services rendered
by any manufacturer in the market and can mould them to produce goods of their choice. Indian
Consumer are ignorant, illiterate and do no know the role of consumption vis-a-vis economic
system as well as quality of life. When they are ignorant of their rights, they cannot know their
responsibility as consumers. Consumers in the market find themselves deceived by wrong weights
and measures, adulterated and substandard products causing great damages to health. Neelkanta
and Anand (1992) found that people prefer to absorb and endure the wrong done to them rather
than fight against injustice. This is because consumers do not know the ways and means of facing
them confidently. At present the consumer movement in India is in its infancy. Vast majority of the
people are not even aware of consumerism as a movement closely connected with the protection
of their interest. Many constitutional provisions have been made by government to protect the
consumers. Until and unless the consumers avail of these provisions, the protection of consumer
becomes inevitable. There is a great need to make them aware of their rights and responsibilities.
The current investigation has been undertaken to seek answers to key aspects such as level of
consumer awareness regarding legislation and organization with the specific objective such as:
Legal laws.
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We have lots of customized solution that range from Group Team Insurance. Gratuity Leave,
Encashment and super annuation Products .these affordable plans apart from providing long term
We at HDFC standard life are committed to maintaining the highest level of customer
Service .Interacting with you via this website is an extension of this commitment.
We have designed the “Customer Service” section keeping in mind all the information you may
want to seek regarding procedures such as paying your premium various policy servicing options.
Processing a claim and so on we have also provided relevant forms that can be downloaded easily
In case you need any additional information or clarification and we will revert to you as
Soon as possible.
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CHAPTER - 4
REASEARCH
METHODOLOGY
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RESEARCH METHODOLOGY
A Research Design is the framework or plan for a study which is used as a guide in collecting and
analyzing the data collected. It is the blue print that is followed in completing the study. The basic
objective of research cannot be attained without a proper research design. It specifies the methods
and procedures for acquiring the information needed to conduct the research effectively. It is the
overall operational pattern of the project that stipulates what information needs to be collected,
from which sources and by what methods.
To aware the customer or people about the product of HDFC STANDARD LIFE
INSURANCE COMPANY
To encourage the people for being certified financial consultant in HDFC STANDARD LIFE
INSURANCE COMPANY
To aware the people or customer that if he/she becomes financial consultant in HDFC
STANDARD LIFE INSURANCE COMPANY. Then he/she has good chance to fulfill his/her
aims in a positive way with lots of benefits.
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SOURCES OF DATA
Data source are the data resources or collection of fresh and data to obtain results. these
Data may be obtained from primary sources. Primary source is one that itself collect the data.
PRIMARY DATA In terms of primary data structure questionnaire was prepared and was filled
by the professional, unemployed students, housewives, investment consultant, post office agent
and other in Durg/Bhilai and Raipur location. Analysis clearly reflected the views and preference
regarding the perception of the people towards HDFC standard life.
DATA COLLECTION TOOLS As for as the data collection method for this project is
concerned, designing the data collection forms or survey forms is applicable to the project. The
method selected is survey method. A survey can be conducted by doing personal Interaction with
the people.
Personal interaction.
Telephonic interview.
As the data collection method for this project is concerned, designing the data collection forms or
survey forms is applicable to the project. The method selected is survey method. A survey can be
conducted by doing personal interaction with the people
Amongst the above method personal interview method was conducted to gather information in
detail. This method was chosen because along with the study of projects primary objective i.e.
study of perception and willingness of people in insurance sector. In terms of primary data structure
questionnaire was prepared.
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SAMPLING METHODOLOGY
Sampling techniques:- A pilot study was done in order to know the accuracy of the
Questionnaire. The final Questionnaire was arrived only after certain important changes
were done. Thus my sampling came out to be judgemental and convenient.
Sampling Unit:- The respondents who were asked to fill out questionnaires are the
sampling units. These comprise of Govt. Employees, Self Employed people, investment
consultant etc.
Sample size:-The sample size for the survey conducted was 50 respondent, which
comprised of mainly peoples from Durg, Bhilai and Raipur region.
FIELD METHODOLOGY
The methodology adopted in the field to collect the data represented diagrammatically
Below:-
Segmentation with people.
Meeting with people
Filling up questionnaire.
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. CHAPTER – 5
DATA TABULATION &
INTERPRETATION
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QUE.1 Do you save Regularly?
A.YES
B.NO
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QUE.2 Do you have any insurance on your life?
a. Yes
b. no
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Q.3 Are you aware that life insurance can protect your family against the burden of repayment of
any outstanding loans?
A.YES
B.NO
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Q.4 Are you aware that life insurance can help you to protect for your child’s higher
education?
A. YES
B. NO
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Q.5 Are you aware that life insurance can help you to create wealth for yourself and
your family?
A.YES
B.NO
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Q.6 Are you aware that life insurance can help you to plan for your peaceful retired
life?
A.YES
B.NO
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Q.7 what are the view points on life insurance?
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Q.8
TABLE OF CONTENTS
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1. Chapter 1: Company Profile / Industry Profile
5. Chapter 5: Significant learning that the student underwent during the training
References
Appendices
a. Questionnaire used (if any)
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REFERENCES
Citation from journals:
G. D. Gopen and J. A. Swan, “The Science of Scientific Writing”, J. of American
Scientist, vol. 78, pp. 550–558, 1990.
C. H. Lee and Y. K. Lee, “An Adaptive Digital Image Watermarking Technique for
Copyright Protection,” IEEE Trans. on Consumer Electronics, Vol. 45, No. 4, pp.
1005-1015, November 1999.
41
ADEC (1999). ADEC Distance Education Consortium. [On-line]. Available:
http://www.adec.edu/ [2000, January 17].
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