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ASummer Placement ReportonHDFC Standard Life Insurance Company Limited
Submitted in partial fulfillment for Post GraduateDiploma in Managementfrom Aravali Institute of Management, Jodhpur.
Submitted to:
Submitted by:
Prof. M. M. Mehta Ravi AgarwalPGP – 2, PGDMRoll No. - 01
ARAVALI INSTITUTE OF MANAGEMENT(An institution of Marwar Education Foundation)Marwar Bhawan, Polo No. 2, Paota,
Jodhpur (Raj.)
EXECUTIVE SUMMARY
HDFC Standard Life insurance is the oldest life insurance company in theworld. It is the largest insurer in the UK and is the 28
th
largest company in theworld. In India, the company is marketing life insurance products and unitlinked investment plans. From my research at HDFC SLIC, I found that thecompany has a lot of competition from other private insurers like ICICI, Aviva,Birla Sun Life and Tata AIG. It also faces competition from LIC. To competeeffectively HDFC SLIC could launch cheaper and more reasonable productswith small premiums and short policy terms (the number of year’s premiumis to be paid). The ideal premium would be between Rs. 5000 – Rs. 25000and an ideal policy term would be 10 – 20 years.HDFC must advertise regularly and create brand value for its products andservices. Most of its competitors like Aviva, ICICI, Max, Reliance and LIC usetelevision advertisements to promote their products. The Indian consumerhas a false perception about insurance – they feel that it would not benefitthem if they do not live through the policy term. Nowadays however, mostpolicies are unit linked plans where a customer is benefited even if theirdeath does not occur during the policy term. This message should beconveyed to potential customers so that they readily invest in insurance.Family responsibilities and high returns are the two main reasons peopleinvest in insurance. Optimum returns of 16 – 20 % must be provided toconsumers to keep them interested in purchasing insurance.On the whole HDFC standard life insurance is a good place to work at. Everynew recruit is provided with extensive training on unit linked funds, financialinstruments and the products of HDFC. This training enables an advisor/salesmanager to market the policies better. HDFC was ranked 13 in the BestPlaces to Work survey. The company should try to create awareness aboutitself in India. In the global market it is already very popular. With an
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improvement in the sales techniques used, a fair bit of advertising andmodifications to the existing product portfolio, HDFC would be all set tocapture the insurance market in India as it has around the globe.
TABLE OF CONTENTS
Introduction to Insurance5Research Design10Company Profileof HDFC SLIC16Company Profile of Tata AIG LIC29POP’s and POD’s33Competitive analysis38Marketing problems43Analysis and Interpretation46Future line of research63Conclusion65References67Appendix68
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