A COMPARATIVE STUDY

ON
LEVEL OF CUSTOMER TO WARDS HDFC STANDARD LIFE INSURANCE AND
BIRLA SUN LIFE INSURANCE

An Final Report Submitted by:

M.SRIDHASR
III SEM-MBA
7NBNL005
(2007-2009)

Submitted To:
Mr. SUNDEEP KUMAR
FACULTY SUPERVISOR
INC- NELLORE
 Table of Contents

•Introduction
•Objective s
•Methodology
•Limitation
•Data Analysis
•Finding & Suggestion
•Conclusion
•Questionnaire
•Bibliography
 INTRODUCTION

CUSTOMER PERCEPTION

Company Profile

HDFC Standard Life Insurance and Birla Sun Life Insurance Company Profiles
 Objectives

The main of the present study of is accomplishing the following objective.

•Proper understanding and analysis of life insurance industry.

•To know about brand awareness of HDFC Standard Life Insurance, Birla Sun Life
Insurance and customer’s preference about HDFC Standard Life Insurance and Birla Sun
Life Insurance.

•Conduct market survey on a sample selected from the entire population and derived
opinion on the research.

•According the market survey come know about how much potential of insurance market in
our city.

•And base on analysis of the result thus obtained make a report on that research.

•The object behind the project is as follows.

•To find the right candidate.

 Methodology

Data collection
There are two types of data collection method use in my project work report.

-Primary data
-Secondary data.

For my project, I decided on primary data collection method for observing of company and
approaching customers directly in the field, comparing and references to know their interest in
business with company in my project and also make questionnaire for creating on business class
people is Nellore city for company.

I decided on secondary data collection method was used by referring to various websites, books,
magazines, journals and daily newspapers for collection information regarding project under study
SAMPLE SIZE: - The sample size is 150

SAMPLING METHOD: - I used simple random sampling to collect the data.

•Age wise classification:

Age No Of Members

18 – 25 11

26 – 30 22

31 – 45 44

46 – to above 23

N o O f M e m b e rs

50
No Of Customers

40
30
N o O f M e m b e rs
20
10
0
1 8 – 2 6 – 3 1 – 4 6 – to
25 30 4 5 a b o ve
ye a r
 •Income wise classification:

Income No of Members

40k – 70k 17

70k – 1 Lake 41

1 Lake to 3 Lakes 28

3 Lacks 14

Income Wise C lassification

No Of Customers

50
40
30 No of M em bers
20
10
0
40k – 70k – 1 Lake 3
70k 1 Lake to 3 Lacks
Lakes
Incom e (P.A)

Interpretation: - 41% of people have tack insurance and is ranked number one by that percent of
respondent.
 •No of having Insurance:

Insurable Member Uninsurable members

42% 58%

N o o f H avin g In s u ra n ce

No of having
Ins uranc e
Ins urable M em ber

No of having
Ins uranc e
Unins urable
m em bers

Interpretation: Only 42% people having insurance in Nellore so it is potential for

insurance company to capture to all that market
 •No. Of Having Under/Fully insurable person:

Under insurable persons Fully insurable person

82% 18%

Fully
insurable
person,
18%
Under insurable
persons
Fully insurable
person
Under
insurable
persons,
82%

Interpretation:
Only 42% people having life insurance but among them82% of the people have under insurable person and is ranked number
once by that percent of respondent.
 Limitation

Some of the difficulties and limitations faced by me during my training are as follows:

•Lack of awareness among the people

•Perception of the people towards Insurance sector

•Increased competition

•Lack of awareness about the earning opportunity in the Insurance sector

 FINDINGS AND SUGGESTIONS

•Almost 80% of respondents have an insurance policy.

•People have more number of life insurance policies as compared to non life insurance.
•Majority of the respondents preferred/have LIC policy since it was the only option due to complete
government control in insurance sector.
•Due to increased in consumerism new product is launched every day. Thus non – life/general insurance
business is also going to have boom period.
•Due to the increasing concern of people towards their health/life the life insurance business has good
prospects.
•According the survey only 42% people are insured in HDFCSLI and 24% Birla Sun Life so remaining
other part is potential for insurance sector
•Among that 42% people who having insurance, 6hey have insurance 40% for self 28% for spouse 21%
for children and 18% for their parents and 11% for all family numbers, also its very help full for
insurance sector so they should take necessary step for capture this potential.
•Only 42% people having insurance in HDFC SLI & Birla Sun Life insurance in that42% these are 82%
people are under insured and other 18% people fully insured according to their income so that is also
plus point for insurance sector to capture the market.
 CONCLUSION

I have come to know about the customer perception about the insurance sector and how it
varies with their behaviors’ and cultures this helps me increase my marketing skills, have
more knowledge about the products and improve my communication skills. I have also
come to know how to talk with different types of customers in different situations and I am
able to solve their queries in a more effective way.

•All the insurance company must advertise more in the market because not all people
know more about life insurance policy.

•Most number of people wants guaranteed returns so company must focus on this for the
customer investment.

•Make insurance policy which can buy any one so we can insurance them
through this type of life insurance policy.
 BIBLIOGRAPHY

In order to obtain more information regarding the present study and to substantiate it
with theoretical proof, the following references were made:-

•Library of College
•Insurance chronicle

Websites visitedd:

• www.google.com
•www.birlasunlife.com
•www.hdfcstandardlifeinsurance.com
 Questionnaire

Dear Sir/Madam
I Sridhar pursuing MBA with Marketing and Finance as my specialization request you to spare a few
minutes for answering this form, which will help me in completing my project.

1. How long are you associated with this company?

a) 0 – 4 months b) 4 – 8 months c) 8-12 months
d) 12-16 months e) above 1year
2. Qualification
a) Non – Graduate b) Graduate c) Post Graduate
d) Research e) any other (Please specify)

3. Are you employed? (Yes / No)________________________________

4. Do you have insurance policy? (Yes / No) ________________________

5. How did you first hear about our company Names?

•Television b) Radio c) Newspaper
d) Magazine e) Word-of-mouth f) Internet
g) Other: Please Specify _______________

6. Which of these companies do you like best?

a) HDFC Standard Life Insurance b) Birla Sun Life Insurance
c) LIC d) ICICI Life Insurance

7. Which company’s insurance policy you prefer the most? (rank them)
a) HDFC Standard Life Insurance b) Birla Sun Life Insurance
c) LIC d) ICICI Life Insurance
 8. Which insurance policy do you have?
a) Life b) Non Life c) Both

9. How many products do you buy in the fast year?

a) 1 b) 2 c) 3 d) 4 above

10. For how many years do you have insurance policy? (please tick)
a) < 5year b) 5 – 10 year
c) 10 – 15 year d) Any other (please specify) ________________________

11. What do you think are the benefit of insurance cover? (Rank them)
a) Cover future uncertainty b) Tax Deduction
c) Future Investment d) Any other (please specify) ________________________

12. You monthly House holds Income?

a) < 10k b) 10k – 20k
c) 20k – 30 k d) 30k – 40k d) Any other (please specify)

13. Which future of your policy attracted you to buy it? (Rank them)
a) Low premium b) Large rick coverage
c) Money back coverage d) Reputation of company
e) Any other (please specify) ___________

14. Do you really think Life Insurance Policy Cover I n today’s scenario is not essential?
_______________________________________________________________________________________
___________________________________________________________________________________
Thank you