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RESEARCH METHODOLOGY

Research: - is a process of collecting, analyzing, interpreting and summarizing in a

significant manner for the purpose of framing out necessary conclusion and
findings of data perceived and formulated for deriving out the meaningful
information.
Research methodology means the method carried out to study the problem. It
shows the type of the sample design used, its size and the procedure used to dew
sample. The extent of precision achieved and the method used for handling any
special problem during the course of the study.

Research Methodology Adapted:-

Descriptive Research
Descriptive research is used to obtain information concerning the current status of
the phenomena to describe "what exists" with respect to variables or conditions in
a situation.
The study was conducted through a rigorous follow up method, the detail
description of various calls are as follows:
1) In first following ideas were provided:
a) Overview of business growth in India
b) Idea what they will get after associate with this business
c) Idea about HDFC Std Life insurance
The basic idea of this call was to find out whether the person is interested in the
proposal and whether future follow up is required or not.
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2) After second call I was accompanied by my project guide Mr. Ashish

Sisodia in order to convenience them to become the part of HDFC SLIC

Why Descriptive Research?:-

Data Collection Method:-

1. Surveys
2. Interviews
3. Observation

1. Surveys:-
a. May be used to explore relationships between 2 or more variables.
b. May be used to reveal summary statistics by showing responses to all
possible questionnaire items.
c. Often provide leads in identifying needed changes.

2. Interviews:-
a. Allow the researcher to establish a rapport with the respondent
b. Allow the acquisition of more in-depth information
c. Allow for interviewer observation
d. Allow the interviewer to obtain visual cues
e. May be personal or telephone interviews
f. More time efficient

3. Observations:-
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a. Require direct observation of behavior

b. Data gathered without intermediary instruments
c. Can yield a wealth of invaluable information
d. Can be a complicated process

Procedure For Data Collecion:-

Process: Methodology or process involving in the Research followed

during the course of summer training is as follows: -

a) Collection of data: - This is an important aspect in formulating the

objective of research process where the data is collected via two
process: - i) Primary Sources and ii) Secondary sources

i) Primary sources: - Where the data is collected primarily by

interviewing and personal observation and is original in nature and
accurate to the considerable extent.

ii) Secondary sources: -Where the data is obtained from some published
and printed sources such as newspaper, magazines, websites and so
on.

b) Analyzing of collected data: - The data collected through market survey

and published sources is then processed to obtained necessary
inferences and findings for the purpose of achieving the objective as
well as to derive necessary conclusion. A considerable skill and
knowledge is involved in analyzing the data for the purpose of
interpreting thereof.
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c) Interpreting of data: - it is the significant step where the data collected

and analyzed is interpreted in the forms of graphs and figures is
depicted in the report called Project report.

d) Summarizing of data: - Thereby necessary summary is prepared which

is essential in the project report of the summer training being done
under an organization.

Procedure For Analysis of Data: -

Questionnaire: - Questionnaire is a set or group of questions being framed

for the purpose of obtaining market perspective about a particular aspect or
topic.

There are two types questionnaire bing carried necessary for the market
survey of the summer training being undertaken and put for the by the
trainee to the sample people taken as a base for entire population:

a) Open ended Questionnaire: - where the people (also called respondents)

are required freedom to present their views and suggestions for the
benefits and success of the organization.

b) Close ended questionnaire: - where the respondents is limited to the

choice of answer being delivered by the interviewer itself so that quick
and fast means of responses be derived out without wasting much time.
Here close ended questionnaire being followed by me during the course
of the summer training market survey.
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Sampling: - Sampling is a process of obtaining a number of individuals

taken a base for the entire population since entire population can not be
asked about the necessary objective upon which a questionnaire is put forth
needed for the responses to be derived for the purpose of generation of
facts and customer view point regarding their perception of particular
product or services.

There are two type of sampling – i) Random Sampling and ii) Systematic
sampling.

i) Random sampling: - Random sampling is a process of selecting the

sample size randomly and no choice or preference to be made about
the selection of respondents for the market survey and questionnaire
to be put forth against him. Here, Random sampling being adopted
by me.

ii) Systematic sampling: - it is a sampling where the limited number of

selected respondents is figured out based on some criteria so that
only those respondents can be asked for the purpose of filing
questionnaire.
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Conclusion:-

HDFC standard life insurance is first life insurance company in India. It has
businesses spread out across the globe. It was registered on 23 rd December 2000. It
currently ranks number 4 amongst the insurers in India (Source: annual premium
provided by the company)
The company faces a large amount of competition. To sustain itself it must
promote its products through advertising and improve its selling techniques.
Consumers must be aware of the new plans available at HDFC SLIC. The medium
of advertising used could be television since most of its competitors use this tool to
promote their products. The company must be promoted as an Indian company
since consumers seem to have more trust in investing in Indian firms.
The unit linked concept must be specifically promoted. The general perception of
life insurance has to change in India before progress is made in this field. People
should not be afraid to invest money in insurance and must use it as an effective
tool for tax planning and long term savings.
HDFC SLIC could tap the rural markets with cheaper products and smaller policy
terms. There are individuals who are willing to pay small amounts as premium but
the plans do not accept premiums below a certain amount. It was usually found that
a large number of males were insured compared to females. Individuals below the
age of 30 (mostly male) were interested in investment plans. This was a general
conclusion drawn during prospecting clients.
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Suggestion:-

I have only 2 months experience of insurance sector with HDFC SLIC but
whatever I have pointed out which are thus:-

1) It should give canopy facility to CDM or RC for the recruitment of FC and if

it will give canopy facility to FC then they can give more facility.

2) HDFCSLIC needs to organize weakly meeting with their FC for the business
and give appraisal training to FC. It works as a performance appraisal of the
FC.

3) In the recruitment of financial consultant I found that mostly person don’t

want to give `925 or `825. If the company will reduce this charge then it will
get more FC.

4) The role of recruitment is not easy so it should increase commission or give

salary instead of commission so that RC will take more interest in the
recruitment on financial consultant.

5) Regular canopy should be established such areas like metro Stations, college
campus, and malls, supermarket, and hypermarket for the purpose of
recruitment FC and getting business form FC.

6) It should launch new innovative insurance policy which will entice people
for insurance in HDFCSLIC.

7) Generally we buy only that thing whatever we see. It means that it should
spend more on advertisement. Other insurance industry like LIC and ICICI
advertise mostly through banner on metro station, on road and advertise in
the cinema hall. Add more and more movie hall for the advertisement.