SYNOPSIS:

SCOPE OF THE STUDY:

•The result of this research would help the company to have a better
understanding about the consumer’s perception towards life insurance.

•The study helps the company by creating awareness about the consumers
of different ages and income levels.

•The study also enables the company to focus the consumer’s preferences and
expectations on the product which they offer.

OBJECTIVES OF THE STUDY:

a) To know about the various Investment alternatives that is mostly

preferred by the people.

b) To find out the important criteria that people think about before
investing in a life insurance policy.

c) To find out whether gender bias involved in investing life insurance or

not.

d) To find out the awareness of HDFC Life Insurance among the people

RESEARCH METHODOLOGY:

Methodology is a systematic way of solving a problem it includes the research

methods for solving a problem it includes the research methods for solving
the problem.

Type of research –
Descriptive research

Data source –

Primary and Secondary data

Data collection method –

Interview and surveyData collection tools –Questionnaires Sampling universe –

Sample size –

100

SAMPLE DESIGN

The target population of the study consists of various respondents of

various places. This survey was done by collecting the data from the
respondents.

SAMPLE SIZE

After due consultation with the company supervisor as well as with the
collegeguide, also keeping in mind the requirements of the company for the
research, the samplesize that was found to be appropriate for the study was
100.

SAMPLING TECHNIQUE

The sampling technique that adapted to conduct the survey was ‘Convenient
Random Sampling’ and the area of the research was concentrated in the city of
Erodeonly. The survey was conducted by visiting different places like colleges,
corporate offices, respondent’s home etc
DATA SOURCE

The task of data collection begins after a research problem has been defined.
Inthis study data was collected through both primary and secondary data
source.

A. PRIMARY DATA

A primary data is a data, which is collected for gathering information first

timeand to analyze the problem. In this study the primary data was collected
among the consumers using questionnaire.

B. SECONDARY DATA

Secondary data consist of information that already exits somewhere, having

been collected for some other purpose. In this study secondary data was
collected from company websites, magazines and brochures.

STATISTICAL TOOLS

Simple percentage analysis, ranking method and chi square analysis are the
mainstatistical tool used for the study.

SIMPLE PERCENTAGE ANALYSIS

Percentage refers o a special king of ratio in making comparison between two

or more data and to describe relationships. Percentage can also be used to
compare the relation terms between two or more sources of data.
Percentage of respondents = Number of respondents * 100 /Total
respondents.
EXECUTIVE SUMMARY

The project “A study on Consumer Perception about Insurance Company” is

undertaken under the guidance of Mr. AMAN TANDON (Asst. Sales
Manager).It looks deep into the effectiveness at senior level. It also provides a
comparative study of HDFC STANDARD Life Insurance Company
Ltd. withsome national companies with similar profiles to discuss their working
structure andsuggest to organization .On the basis of feedback through
questionnaire, interview and observation method, we find out the perception
view about the insurance company’s working style and
services offered is quite effective, Management of HDFC STANDARD LIFE
is constantly making efforts to make the company the best place to work
for level. As they are measures of individuals psychological makeup and
personality and as such are extremely powerful instruments as find out from our
comparative analysis results.

“In order to make them proactive., it is required to provide them with such kind
of environment, and equally have people oientation too in order to make a
company best place to work for high performers and creating a congenial
environment.”

TABLE OF CONTENT:

S.NO TOPIC PAGE

NO.
* STUDENT CERTIFICATE 2

* FACULTY CERTIFICATE 3

INDUSTRY GUIDE CERTIFICATE 4

 SYNOPSIS 5

EXECUTIVE SUMMARY 9

1. CHAPTER -1-INDIAN INSURANCE INDUSTRY “AN 14

OVERVIEW”
1.1 INTRODUCTION TO LIFE INSURANCE 15

1.2 NEED FOR INSURANCE 16

1.3 CHARACTERISTIC OF INSURANCE 18

1.4 FUNCTIONS OF INSURANCE 19

1.5 OVERVIEW 20

1.6 IMPORTANT MILE STONES OF INSURANCE INDUSTRY 23

1.7 LIBRALIZATION OF INDIAN INSURANCE 24

1.8 ROLE OF IRDA IN INSURANCE 24

1.9 ROLE OF INDIAN BANKS 26

1.10 POLE OF PRIVATE INSURANCE COMPANY 27

1.11 PLAYERS IN INSURANCE INDUSTRY 28

2. CHAPTER-2 CONSUMER PERCEPTION ON LIFE 30

INSURANCE
2.1 INTRODUCTION 31

2.2 ABOUT CONSUMER PERCEPTION 33

2.3 CONSUMER BEHAVIOUR 35

3. CHAPTER-3 COMPANY PROFILE:HDFC LIFE 36

3.1 OVERVIEW 37

3.2 COMPANY PROFILE 39

3.3 OFFICES IN INDIA 40

3.4 VISION AND VALUES 42

3.5 ASSOCIATE COMPANIES 43

3.6 PRODUCTS OF HDFCSL 49

3.7 AWARDS 60

3.8 ORGANISATIONAL STRUCTURE 62

4. CHAPTER-4 RESEARCH DESIGN 64

4.1 RESEARCH METHODOLOGY 65

4.2 RESEARCH OBJECTIVE 66

4.3 RESEARCH DESIGN 67

4.4 RESEARCH LIMITATION 69

5. CHAPTER-5 FINDINGS AND ANALYSIS 70

5.1 SWOT ANALYSIS 71

5.2 GRAPHS 73
5.2.1 MARKET SHARE OF KEY PLAYERS 73
5.2.2 BENEFIT OF INSURANCE 74
5.2.3 SATISFACTORY LEVEL 75
5.2.4 WHICH SECTOR-PRIVATE OR PUBLIC 76
5.2.5 WHERE TO IMPROVE 78
5.2.6 TOTAL SUM ASSURED OF LIFE INSURANCE 79
 5.2.7 REASON FOR INVESTING 81

6. CHAPTER-6 CONCLUSION 82

6.1 CONCLUSION 83

6.2 FACTOR INFLUENCING CONSUMER BEHAVIOUR 87

6.3 SUGGESTIONS 88

6.4 LIMITATIONS 89

7. QUESTIONAIRE 90

8. RESUME 94

9. BIBLIOGRAPHY 97

CHAPTER -1
 INDIAN INSURANCE
INDUSTRY
“AN OVERVIEW”

THE INSURANCE INDUSTRY IN INDIA

1.1 INSURANCE:

Definition:

Insurance is a contract providing for payment of a sum of money to the person

assured or failing him to the person entitled to receive the same on the
happening of certain event.Uncertainty of death is inherent in human life. It is
this risk, which gives rise to thenecessity for some form of protection against
the financial loss arising from death.Insurance substitutes this uncertainty by
certainty.The objective of insurance is normally to provide:

a)Family protection and / or

b)Provision for old age.

c)Protection against risks

Why Insurance?

 Insurance cover is essential because it provides the following benefits:

 A lump sum payment to the nominees at the time of the death of the
policy holder.
 A regular payment to the nominees in the event of the death of the policy
holder. Tax benefits, as premiums paid reduce the liability of tax.
 Relieves economic hardships in the family on the uneventful death of the
sole income holder.
 Inculcates the habit of savings.

1.2 NEED FOR INSURANCE:

Who will take care of my family if tomorrow something unfortunate happens to

me?” If this question bothers you, then Life Insurance is the answer.
Of course, under any circumstances, the loss of a loved one is a traumatic
experience. But, if your family is also left without sufficient money to meet
basic living needs or prepare for future goals, they will have to cope with a
financial crisis at the same time. A Life Insurance plan ensures that your family
is financially secure even if tomorrow you are no longer around to care for
them.Life insurance, especially tailored to meet your financial needs:

Need for Life Insurance

Today, there is no shortage of investment options for a person to choose from.

Modern day investments include gold, property, fixed income instruments,
mutual funds and of course, life insurance. Given the plethora of choices, it
becomes imperative to make the right choice when investing your hard-earned
money. Life insurance is a unique investment that helps you to meet your dual
needs - saving for life's important goals, and protecting your assets. Let us look
at these unique benefits of life insurance in detail.

Asset Protection

From an investor's point of view, an investment can play two roles - asset
appreciation or asset protection. While most financial instruments have the
underlying benefit of asset appreciation, life insurance is unique in that it gives
the customer the reassurance of asset protection, along with a strong element of
asset appreciation.

The core benefit of life insurance is that the financial interests of one’s family
remain protected from circumstances such as loss of income due to critical
illness or death of the policyholder. Simultaneously, insurance products also
have a strong inbuilt wealth creation proposition. The customer therefore
benefits on two counts and life insurance occupies a unique space in the
landscape of investment options available to a customer.

Goal based savings

Each of us has some goals in life for which we need to save. For a young, newly
married couple, it could be buying a house. Once, they decide to start a family,
the goal changes to planning for the education or marriage of their children. As
one grows older, planning for one's retirement will begin to take precedence.
Clearly, as your life stage and therefore your financial goals change, the
instrument in which you invest should offer corresponding benefits pertinent to
the new life stage.

Life insurance is the only investment option that offers specific products tailor
made for different life stages. It thus ensures that the benefits offered to the
customer reflect the needs of the customer at that particular life stage, and hence
ensures that the financial goals of that life stage are met.

The table below gives a general guide to the plans that are appropriate for
different life stages.

g Life Stage e Prim Primary Need ary Life Insurance Product Life Insurance Product
Need
Young & Single Asset creation Wealth creation plans

Young & Just married Asset creation & protection Wealth creation and mortgage protection plans

Married with kids Children's education, Asset Education insurance, mortgage protection & wealth creation
creation and protection plans

Middle aged with grown up Planning for retirement & asset Retirement solutions & mortgage protection
kids protection

Across all life-stages Health plans Health Insurance

1.3 Characteristics of insurance

 Sharing of risks
 Cooperative device
 Evaluation of risk
 Payment on happening of a special event
 The amount of payment depends on the nature of losses incurred.
 The success of insurance business depends on the large number of people
insured against similar risk.
 Insurance is a plan, which spreads the risk and losses of few people
among a large number of people.13
 The insurance is a plan in which the insured transfers his risk on the
insurer.
  Insurance is a legal contract which is based upon certain principles of
insurance which includes utmost good faith, insurable interest,
contribution, indemnity, causes proximal , subrogation, etc.

The scope of insurance is much wider and extensive