ACKNOWLEDGEMENT

This project is an outcome of the support an encouragement provided

by a number of people at HDFC STANDARD LIFE INSURANCE
COMPANY that embodies some of the best aspect of Indian
corporate world .

I would like to express my sense of gratitude to the company for giving

me this valuable learning opportunity and for allowing me to conduct
this summer project .

I sincerely thanks my project guide Mr. RAKSHAN ALI RIZVI

Senior corporate manager , HDFC STANDARD LIFE INSURANCE
COMPANY for guiding me throughout the project and helpful in
furnishing the required information .
 INDEX
 INTRODUCTION..................................................................

 EXECUTIVE SUMMARY.......................................................

 OBJECTIVES AND SCOPE OF

STUDY...............................................................

 COMPANY PROFILE...........................................................

 FORM OF ORGANISATION................................................

 HISTORY OF INSURANCE...................................................

 CURRENT SCENARIO OF INSURANCE SECTOR...................

 BANCASSURANCE..............................................................

 PRODUCTS OF HDFC LIFE INSURANCE..............................

 BARRIERS TO ENTRY.........................................................

 GROWTH POTENTIAL.......................................................

 FUTURE TRENDS..............................................................

 UNIT LINKED INSURANCE PLAN.......................................

 FUTURE OF INSURANCE INDUSTRY.................................

 REASEARCH METHODOLOGY..........................................

 ANALYSIS & FINDINGS OF SURVEY..................................

 LIMITATIONS...................................................................
 CONCLUSION..................................................................

 RECOMMENDATIONS......................................................

 ANNEXURE.......................................................................

 BIBLIOGRAPHY.................................................................
 INTRODUCTION

BREIF IDEA ABOUT THE PROJECT

The outlook of the modern day investors has undergone a dramatic

change. In the changed fiscal scenario with drastic fall in the interest for
investment and the volatile capital market with limited investment
options,ULIP(Unit Linked Plans) comes to the rescue of the prudent
investors. Investment in insurance has become the style of the day. The
individual looks at buying an insurance policy more of an investment
,which comes with the additional benefits of life cover and tax benefit
also.

Unit Linked Plans provides one with not only an effective protection
against individual investment risks and inflation but above all it brings
along a long-term growth potential of financial means. Everyone
decides on their own what is the right method of investment for them,
which predetermines evaluation of deposited money.
 EXECUTIVE SUMMARY
As a management intern I chose insurance sector because it has large
opportunities and gives me greater exposure not only professionally
but also morally and creates better relationships and social
network.Insurance sector is a vast sector and has huge potential in
Indian market.It is because demand for investment is growing up as
people’s standard of living and per capita has risen up. It is also a noble
work as insurance secures the life of a person financially and brings
hope to policyholder.Insurance is need for every individual and group
whether in form of family,business,spouse,etc. Modern time requires
insurance to prevent unknown or sudden risk.

Working as an intern I got to know the real picture behind the

insurance sector in HDFC Life, how to understand the cleints in a better
manner and how to fufill their needs.

HDFC Life gave me a perfect plaform to understand the market as it is a

reputed organisation in the market. It is a joint venture between HDFC
and a group of company of Standard Life. HDFC Life is one of the oldest
private sector insurance company in India and running successfully with
glory .As an organisation it believes in creating standard and harmony
with employees and basic concern is customer satisfaction.
Approximately 21 companies like LIC,SBI Insurance, ICICI prudential,
Birla Sun Life, Tata AIG ,Aviva ,Bajaj Allianz, Religare,etc are giving fierce
competition and challenges to HDFC Life. IRDA regulates the various
activties of insurance companies and it is an autonomous body. The
ULIP plan and conventional plan gives a choice to policyholders to
invest according to market share and securities or use traditional
insurance practices . It covers risk of both individual and group

OBJECTIVES AND SCOPE OF STUDY

 Exposure to financial service sector particularly insurance and
mutual funds sector.

 The study of Insurance in India & Unit Linked Plans.

 Gain the professional knowledge while working in corporate
environment.

The focus is mainly on what the customer wants, how the

organisation works, where will we discover better
opportunities,which is the best option to match the market, when
does the investor invest the most and for what purpose.

The scope in Insurance business is that one gains trust from

others by selling a concept .This will help in further growth and
networking in future requirement.We get to know the insurance
market and marketing in better manner.
Insurance and tax go hand in hand.The tax benefits under
sections 80C and 10(10D) of the Income Tax Act,1961 puts on the
question –How best can we utilise the benefit as per IRDA norms
and give best to policy holders.
 COMPANY PROFILE

HDFC STANDARD LIFE INSURANCE

HDFC Standard Life Insurance Company Ltd. Is one of India’s

leading private life insurance companies,which offers a range of
individual and group insurance solutions. It is a joint venture
between Housing Development Finance Corporation Limited
(HDFC Ltd), India’s leading housing finance institution and one of
the subsidiaries of Standard Life plc, leading providers of financial
services in the United Kingdom. Both the promoters are well
known for their ethical dealings and financial strength and are
thus committed to being a long-term player in the life insurance
industry –all –important factors to consider when choosing your
insurer.
 HDFC Limited
 HDFC is India’s leading housing finance institution and has
helped build more than 23,00,000 houses since its
incorporation in 1977.
 As at March 31,2004, outstanding deposits stood at Rs.7,840
crores. The depositor base now stands at around 1 million
depositors.
 Rated ‘AAA’ by CRISIL and ICRA for the 10th consecutive year
 Stable and experienced management.
 High service standards.
 Awarded The Economic Times Corporate Citizen of the year
for its long-standing commitment to community
development.
 Presented the ‘Dream Home’ award for the best housing
finance provider in 2004 at the third Annual Outlook Money
Awards.
 In financial year 2017-2018 its assests under management
crossed Rs. 88,000Cr.
 Standard Life Group (Standard Life plc and its
subsidiaries)
 The Standard Life group has been looking after the financial needs
of customers for over 180 years.
 It currently has a customer base of around 7 million people who
rely on the company for their insurance, pension, investmment,
banking and health care needs.
 Its investment manager currently administers 125 billion in assets.
 It is a leading pensions provider in the UK,and is rated by Standard
& Poor’s as ‘strong’ with a rating of A+ and as ‘good’ with a rating
of A1 by Moody’s.
 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 Advisor Service
Awards for the last 10 years running. The ‘5 Star’ accolade has
also been awarded to Standard Life Investments for the last 10
years, and to Standard Life Investments for the last 10 years, and
to Standard Life Bank since its inception in 1998. Standard Life
Bank was awarded the ‘Best Flexible Mortgage Lender’ at the
Mortgage Magazine Awards in 2006.
 OUR KEY STRENGTHS
 FINANCIAL EXPERTISE
As a joint venture of leading financial services groups,HDFC Standard Life
has the financial expertise required to manage your long-term investments
safely and efficiently.

 RANGE OF SOLUTIONS
We have a range of individual and group solutions,which can be easily
customized to specific needs. Our group solutions have been designed to
offer you complete flexibility combined with a low charging structure.

 TRACK RECORD SO FAR

We have covered over 1.6 million individuald out of which over 5,00,000
lives have been covered through our group business tie-ups.

OUR VISION

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

Values that we observe while we work:

 Integrity
 Innovation
 Customer centric
 People care “ One for all and all for one’’
 Team work
 Joy and Simplicity

FORM OF ORGANISATION

HDFC Standard Life insurance belongs to a Life insurance sector in

India.

INTRODUCTION

With such a large population and the untapped market area of this
population, insurance happens to be a very big opportunity in india.
Today it stands as a business growing at the rate of 15-20 percent
anually. Together with banking services, it adds about 7% to the
country’s GDP. In spite of all this growth the statistics of the
penetration of the insurance in the country is very poor. Nearly 80%
of the Indian population is without life insurance cover and the
health insurance.
This is an indicator the growth potential for the insurance sector is
immense in India. It was due to this immense growth that the
regulations were introduced in the insurance sector and in
continuation the government in 1993 to examine the various aspects
of the industry constituted “ Malhotra committee”. The key element
of the reform process was participation of overseas insurance
companies with 26% capital. Creating a more efficient and
competitive financial system suitable for the requirements of the
company was the main idea behind this reform.
Since then the insurance industry has gone through many sea
changes. The competition LIC started facing from these companies
were threatening to the existance of the LIC. Since the liberalization
of the industry , the insurance industry has never looked back and
today stand as one of the most competitive and exploring industry in
India.The entry of the private players and the increased use of the
new distribution are in the limelight today.The use of new
distribution techniques and the IT tools have increased the scope of
the industry in the longer run.

A BRIEF HISTORY

The origin if insurance is very old.The time when we were not even
born:man has sought some sort of protection from the
unpredictable calamities of the nature.The basic urge in man to
secure himself against any risk and uncertainty led to the origin of
insurance.
The insurance came to India from UK:with the establishment of the
Oriental Life Insurance Corporation in 1818. The Indian Life
Insurance Company Act 1912 was the 1st statutory body that started
to regulate the life insurance business in India. By 1956 about 154
Indian,16 foreign and 75 provident firms were established in
India.Then the central govt. Took over these companies and as a
result the LIC was formed.Since the LIC has worked towards
spreading life insurance and building a wide network across the
length and the breadth of the country.After the liberalization the
entrance of foreign players has added to the competition in the
market.
The general insurance business in India ,on the other hand, can trace
its roots to the Triton Insurance Company Ltd., the first general
insurance company established in the year 1850 in Calcutta by the
British.In 1957 General Insurance Council,a wing of the Insurance
Association of India ,frames a code of conduct for ensuring fair
conduct and sound business practices.In 1972 The General Insurance
Business (Nationalization) Act 1972 nationalized the general
insurance business in India with effect from 1st January 1973,it was
after this that 107 insures amalgamated and grouped into 4
companies viz. the National Insurance Company Ltd, the New India
Assurance Company Ltd., the Oriental Insurance Company Ltd.,and
the United India Insurance Company Ltd.

CURRENT SCENARIO OF INSURANCE INDUSTRY

India with about 200 million middle class household shows a huge
untapped potential for players in the insurance industry. Saturation
of markets in many developed economics has made the Indian
market even more attractive for global insurance majors.The
insurance sector in India has come to a very high potential and
competitivenessin the market.

Innovative products and aggressive distribution have become the say

of day. Indians who have always seen life insurance as a tax saving
device are now are suddenly turning to the private sector that are
providing them new products and variety for their choice.

Life insurance industry is waiting for a big growth as many Indian and
foreign companies are waiting in the line for the green signal to start
their operations. The Indian consumer should be ready now because
the market is going to give them an array of products different in
price, features and benefits . How the consumer is going to make his
choice will determine the future of industry.

CUSTOMER SERVICE

Consumers remain the most important center of the insurance

sector.After the entry of foreign players the industry is facing a lot of
competition and thus improvement of the customer service in the
industry.Computerization of operations and updating of technology
has become imperative in the current scenario.Foreign players are
bringing in international best practice in service through use of latest
technologies.The one time monopoly of the LIC and its agents are
now going through a thorough revision and training programmes to
catch up with the other private players. Though lot is being done for
the inreased customer service and adding technology to it but there
is a long way to go and various customer surveys indicate that the
standards are still below customer expectation levels.