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FOR THE PARTIAL FULFILLMENT OF THE REQUIREMENT OF
I had undergone a practical training under HDFC STANDARD LIFE INSURANCE, JAIPUR REGION. It was a good exposure for me to undergo training in such a company to get the knowledge and experience regarding life insurance and recruitment of capable of life insurance advisors. Summer training is one of the major experiencing component of the knowledge, gain of relevant of information with respect to marketing and dealing with situations in a professional course like M.B.A. where a professional person faces a problem in a field. I was able to get familiarized with the customer relationship and got to know how a company measures to resolve their grievances and service them to the maximum for future prospect and success. Field component like survey, generation of questionnaire with respect to marketing helped me a lot and would be a great support in future. “It is good to have enthusiasm but it is essential to have training. Training can be in all way of life.” Thus I would say that this training was beneficial educative & good exposure to me, which will certainly help in my near future. This project was designed with respect to this company. The project made me to get the enhanced knowledge regarding life insurance concept and the process of recruiting of financial consultant.
Prateek Vohra (Roll no.)
I here by declare that work being presented by me in this project entitled ”PRIVATISATION IN INSURANCE SECTOR” in partial fulfillment of the requirements of the awards of graduation course BBA submitted to PTU LEARNING CENTER, FATHEGARH SAHIB is an authentic record of our own work carried out to us. The matter embodied in this project has not been submitted by us or anybody else for the award of any Degree.
Prateek Vohra (Roll no.)
I certified that this project entitled “PRIVATISATION IN INSURANCE SECTOR” to PTU LEARNING CENTER, FATHEGARH SAHIB, for the award of BBA, by PARTEEK VOHRA under my guidance and no part there of has been submitted for any other degree or diploma.
Prateek Vohra (Roll no.)
AKNOWLEDGEMENT “If words are considered as symbol of Approval and Taken of appreciation then let the words play the heralding role of expressing my sincere gratitude and thanks”. for their constant guidance. I am indebted to MR. Any accomplishment requires the effort of many people and this work is no different. It is my privilege to express thanks to my parents. HDFC Standard Life Insurance. encouragement and inspiration given throughout the course of study. who helped me in the best possible way to complete this summer training and this report. Baddi) but for whose guidance and patience I would have not been able to accomplish this task. I express my gratitude to the worthy the teachers of GPC. I also owe a great thanks to all the staff members of CHANDIGARH branch of HDFC Standard Life Insurance. who helped me in all possible manners and for their encouragement and moral support for making this Project. PARTEEK VOHRA Prateek Vohra (Roll no.) GPC . TEJ PARKASH THAKUR (Sales Development Manager.
A study of Life Insurance describes the meaning of various policies. comparison and analysis and changing market scenario. In this direction IRDA has planned to create awareness through Electronic and Print media.) GPC . Accidents. The way these companies provide different benefits to the policyholder. Illness. Insurance is Cooperative venture where risk and uncertainties are shared by many. Prateek Vohra (Roll no.SUMMARY OF PROJECT Risk and uncertainties are part of life’s great adventure. Now days a lot is being done to create awareness among the Insuring Public about the Importance of Insurance in life. Theft & Natural Calamities they all are pillars of this world. To overcome these risks and mishaps this project describes the policies and schemes of HDFC SLIC and ICICI Pru Life Insurance Company.
CONTETS Preface Declaration Certificate Acknowledgement Summary of project Introduction Company Profile (HDFCSLIC) Research Design And Methodology Data Analysis and Interpretation Findings Conclusion Suggestions BIBLIOGRAPHY QUESTIONNAIRE Prateek Vohra (Roll no.) GPC .
) GPC .Prateek Vohra (Roll no.
It is an insurance relating to a risk depending on human life. It is a policy that will pay a specified sum to beneficiaries upon the death of the insured. endowments providing payment either on survival to a specified date or on earlier death and annuities which are paid throughout the annuitant's lifetime but cease on death. including whole life. Prateek Vohra (Roll no. It is an agreement that guarantees the payment of a stated amount of monetary benefits upon the death of the insured. It provides financial security for your family by protecting your financial resources. According to an article on site life-line.INTRODUCTION Life Insurance: Definition Life Insurance could be defined as a policy that will pay a specified sum to beneficiaries upon the death of the insured. no payments are due if the insured person survives the term of insurance.) GPC . In the case of pure life insurance. providing a specified sum to beneficiaries upon the death of the insured.org Life insurance is the foundation of a sound financial plan. term life. such as your present and future income. typically a family member or business It is basically risk insurance intended as protection against the financial consequences of the death of the insured person which takes the form of payment of a previously agreed lump sum or pension to a beneficiary. In big terms Life Insurance is a contract agreement between the certificate holder and the insurance company. if the insured person dies during the term of insurance. Life Insurance could be said as protection against the death of the insured in the form of payment to a designated beneficiary. etc. against the uncertainties of life. without any endowment insurance component. universal life. There are many types of life insurance. It is a coverage that pays out a set amount of money to specified beneficiaries upon the death of the individual who is insured. This includes contracts providing payment on the insured person's death.
and estate taxes). While there's no substitute for evaluating specific situation. but it can be complicated. Permanent Insurance 1. including ongoing expenses (such as day care. And also that there is no federal income tax on life insurance benefits. burial costs. or pay expenses while job hunting. life insurance provides cash to the family after death. Prateek Vohra (Roll no. Term Insurance 2. It pays a benefit only if one dies during the term.) GPC . and ensure that dependents are not burdened with debt. The following points can help you determine if term insurance best suits your needs. This cash (the death benefit) replaces the income one would have provided and can meet many important financial needs. life insurance one needs. send kids to college. which can be from one to 30 years. There are many types of Life Insurance but they generally fall into two categories: 1. The premium rates increase at each renewal date. Choosing a life insurance product is an important decision. if any. tuition. Most people with dependents need life insurance.More specifically. The family also may need funds to help them readjust: perhaps to finance a move. run the household. To determine how much. Term Insurance: It provides protection for a specific period of time. Many policies require that you present evidence of insurability at renewal to qualify for the lowest rates. one rule of thumb is to buy life insurance equivalent to five to ten times ones annual gross income. As with any major purchase. then start by gathering all personal financial information and estimating what the family will need after one is gone. So me term insurance policies can be renewed when you reach the end of the term. It can help pay the mortgage. it is important that one should understand his or her family's needs. The proceeds from a life insurance policy could mean that the family won't have to sell assets to pay outstanding bills or taxes. or retirement) and immediate expenses at the time of death (like medical bills.
become too expensive to continue. 2. a life insurance policy in effect brings about compulsory savings. Evidently. In the event of death of a policyholder. the potential financial loss to the family of the policyholder is sizable. any other saving plan would amount to the total saving accumulated till date. permanent insurance. Thus.) GPC . BENEFITS OF LIFE INSURANCE 1. up insurance. the insurance company makes available the full sum assured to the policyholder’s near and dear ones. such savings can be much lesser than the sum assured. such as mortgages or car loans. a life insurance policy affords full protection against risk of death. allowing you to buy higher levels of coverage at a younger age when the need for • Coverage may terminate at the end of the term or protection often is greatest. is considered sacrosanct and is viewed with the same seriousness as the payment of interest on a mortgage. If the death occurs prematurely. Superior to Any Other Savings Plan: Unlike any other saving plan. however. • It’s good for covering needs that will disappear in • The policy generally doesn’t offer cash value or paidtime.Advantages & Disadvantages Advantages Disadvantages • Initial premiums generally are lower than those for • Premiums increase as you grow older. The payment of life insurance premiums. Prateek Vohra (Roll no. Encourages and Forces Thrift: A savings deposit can be easily withdrawn. In comparison.
Several policies have foreseen this possibility and provide for payments over a period of years or in a combination of installments and lump sum amounts. for example.3. many policies also include disability benefits. these provide for waiver of future premiums and payments of monthly installments spread over certain time period. a student loan. Accidental Death Benefits: Many policies can also provide for an extra sum to be paid (typically equal to the sum assured) if death occurs as a result of accident.) GPC . The policy is also acceptable as a security for a commercial loan. It is particularly advisable for housing loans when an acceptable LIC policy may also cause the lending institution to give loan at lower interest rates. 4. Administering the Legacy for Beneficiaries: Speculative or unwise expenses quickly cause the proceeds to be squandered. Typically. after a certain time period (generally three years). be surrender for a cash value. 5. Prateek Vohra (Roll no. Ready Marketability and Suitability for Quick Borrowing: A life insurance policy can. 7. Easy Settlement and Protection against Creditors: A life insurance policy is the only financial instrument the proceeds of which can be protected against the claims of a creditor of the assured by effecting a valid assignment of the policy. 6. Disability Benefits: Death is only the hazard that is insured.
Insurance is fundamental to every aspect of modern life and commerce. The more customers an insurer has. the lower the premiums can be. • Investment profiles of companies differ depending on what type of insurance they underwrite. and the less likely that insurer is to take a loss that wipes everyone out.8.) GPC . Tax Relief: Under the Indian Income Tax Act. the cost of insurance is a very negligible. THE IMPORTANT FEATURES OF INSURANCE ARE: • State insurance departments regulate the type of investments companies are permitted to make. it is found that most policies offer returns that are comparable/or even better than other saving modes such as PPF. Prateek Vohra (Roll no. • Each state enforces laws to protect consumers against unfair discrimination in the provision of insurance. the following tax relief is available: (a) 20% of the premium paid can be deducted from your total income tax liability. WORKING OF INSURANCE BUSINESS Insurance companies receive premium from a large number of people buying insurance. • Consumers who do not qualify for property insurance in the private market may obtain it through insurance industry operated plans. Moreover. NSC etc. (b) 100% of the premium paid is deductible from your total taxable income. When these benefits are factored in.
insurance allows individuals. Insurers also engage in a variety of accident prevention and reduction activities that reduce costs to policyholders. To indemnify is to restore the party that has had a loss to the same financial position as before the loss occurred. products for its customers and business for its suppliers. encouraging accident prevention. In addition. the family is less likely to be dependent on relatives or public assistance for lodging.• The insurance industry does not benefit from federal deposit insurance. enabling people to borrow money and reducing anxiety. Insurance companies pay for insolvencies in the industry through a system of state Guaranty Funds. Insurance and its Benefit to Society Insurance is a system by which a person. Concerned with safety While insurance exists to pay the losses that result from accidents. when a business is covered for a large liability loss that would have otherwise driven the firm into bankruptcy. insurance contributes to society because the firm continues to provide jobs for its workers. which reimburses the insured for covered losses and provides for sharing the costs of losses among all insurers. businesses and organizations to maintain their economic position and not suffer financial setbacks causing a burden to society or to other individuals. Society benefits when losses are controlled – lives are Prateek Vohra (Roll no. insurance indemnifies the injured persons. business or organization transfers a risk to an insurance company. insurance companies are naturally interested in lowering the number of accidents and associated costs. Insurance helps society by reimbursing people and businesses for covered losses. investing in capital country’s capital markets and bond markets. When a family’s house is destroyed by fire and the loss is covered by insurance. Likewise. Through indemnification. The major benefit of insurance is the indemnification of insurers for covered losses.) GPC .
job injuries. partly because these funds are available from insurance companies. and other accidental losses. maintain and repair municipal infrastructure — schools. sewers. explosions. providing them with the means to purchase buildings. Funds are also lent to businesses. Even though mortgage lenders approve an applicant for a home loan based on the applicant’s credit worthiness. Likewise. loss control representatives. bridges. Insurance provides funds to help businesses grow and create jobs. injuries are prevented and property is preserved. the insurance industry is probably the most active voluntary investor in low. provides local governments across the United States with the means to build. equipment and supplies. Insurers and related organizations employ thousands of safety engineers. injuries caused by defective products. roads. Reduces anxiety Prateek Vohra (Roll no. particularly those located in urban areas. and other specialists to help prevent auto accidents. Lending to municipalities. Support the provision of credit Insurance provides support for credit. Along with housing interests. airports. Premium funds that are not immediately needed are lent to government and businesses. most lenders also require that the dwelling be covered by homeowner’s insurance. the developed countries enjoy a higher standard of living..and moderate-income communities.saved. INSURANCE AS AN INVESTMENT TOOL : Insurance invests in the economy. a business applying for a loan to purchase inventory might be required to show that the inventory is insured before the loan is granted. fires. Compared to less-developed countries.) GPC . in the form of bonds.
Insurance also reduces anxiety because the insured knows insurance will provide indemnification if a covered loss occurs. Periodic reviews help clients understand that life changes. affect risk management and insurance coverage. It also contributes to a stable society where people can plan for the future without an undue fear of catastrophic loss.) GPC . insurance helps businesses avoid bankruptcy and keeps workers employed and local economies healthy. Prateek Vohra (Roll no. and personal loss. such as a job change or divorce. and developing strategies to manage exposure to risk and minimize the probability and amount of potential loss. Insurance and Risk Management Planning Insurance and Risk Management Planning is the process of identifying the source and extent of an individual’s risk of financial. physical. Risk reduction—involving strategies to minimize the amount of loss if a loss does occur. Insurance and Risk Management Planning in the Context of Personal Financial Planning In personal financial planning (PFP). involving strategies such as: • • Risk avoidance—involving the elimination of a threatened financial loss. By shouldering the burden of unexpected or catastrophic losses. risk management and insurance planning results in clients who are aware of the range of significant risks to their financial wellbeing and who are adequately and properly protected from the loss that could result from those risks. Risk Management Strategies Risk Management is much broader than the purchase of insurance policies.
Gross premium collection is nearly 2 per cent of GDP and funds available with LIC for investments are 8 per cent of GDP.• Risk transfer—sharing the burden of loss. and select and acquire the appropriate policies. it adds about 7 per cent to the country’s GDP. evaluate alternative insurance policies.) GPC . Insurance as a Risk Management Strategy Insurance is just one aspect—but a very critical aspect—of risk management planning. About 3. The insurance industry is a major contributor to the U. With largest number of life insurance policies in force in the world. Germany. identify gaps in coverage. This strategy includes the use of insurance to transfer some of the burden of loss to the third party insurer.S. It’s a business growing at the rate of 15-20 per cent annually and presently is of the order of Rs 450 billion. hold another quarter of the premium volume.300 companies sell some form of property/casualty insurance. France.900 domestic insurance companies. economy. the insurance industry provides 2. nearly 80 per cent of Indian population is without life insurance cover while Prateek Vohra (Roll no. or continuing to participate in activities with risks that cannot be transferred or shared. A Profile of the world Insurance Industry The United States is the world leader in insurance with 31 percent of the premium volume in 2005.3 million jobs. Yet. Government authorities in the various states regulate the operations of 7. Insurance happens to be a mega opportunity in India. From this point you can assist your clients to inventory what risks are to be protected. • Risk retention—involving either the acceptance of some of the economic burden of a loss. Together with banking services. South Korea and Italy combined. Altogether. Japan is second with just under a quarter of the world’s volume. the UK. A key aspect of insurance planning understands what is available from insurance companies to assist in offsetting the economic losses associated with a particular risk.
This itself is an indicator that growth potential for the insurance sector is immense. hurricanes. the industry pays out $74 in claims. and preferred stock. Because property/casualty policies are short-term – usually one-year – state insurance laws require most property/casualty investments to be short-term and highly liquid. consider that in an average year. Legally permissible investments include cash. other than their own buildings and property. customers receive back the vast majority of premiums in claims payments. and. property and casualty insurers cannot invest in real estate. policyholder protection funds 4 which protect against future catastrophic loss. 3 The remainder goes to agent commissions. insurance companies are chartered to provide insurance. Over time. specified types of debt securities. out of $100 paid in homeowners’ premiums. This reinvestment not only benefits policyholders. fix the car damaged by hail or sell the appliances and cabinets needed to repair the kitchen damaged by fire. mortgage-backed securities. it benefits the people who rebuild the structure after the tornado. operating costs. They generally do not extend credit and are often precluded from doing so by law and regulation. or earthquakes a greater percentage of premiums will be paid out in claims. As they do for Prateek Vohra (Roll no. administrative expenses. Treasury bills and notes. Policyholder premiums are invested in compliance with state insurance laws for the benefit of policyholders to ensure that the company can meet its obligations under the terms of the policies. Life insurance companies primarily issue life insurance policies and annuities. mutual funds. To illustrate the short-term nature of property/casualty investments. in good years.) GPC . And this part of the population is also subject to weak social security and pension systems with hardly any old age income security. The billions of dollars paid by the industry in claims is itself "reinvestment" in the local community when disaster strikes. When catastrophes strike. such as fires. Generally.health insurance and non-life insurance continues to be below international standards. How Insurance Companies Work? Unlike banks.
mortgage-backed securities. the insurance Prateek Vohra (Roll no. Treasury bills and notes. In the case of more specialized coverage such as director’s and officer’s liability insurance. some insurance company failures will inevitably occur. an insurance company may be domiciled in Illinois. They must be licensed in every state in which they do business. thrifts and credit unions. In a competitive environment. In the case of automobile insurance. Legally permissible investments include cash. and review and approve rates and policy forms to be used by any licensed company. Reflecting the long-term nature of a life insurance policy. Insurance companies must be "domiciled" in a single state and are primarily regulated by the home state regulator. How Insurance is regulated? Insurance regulation is conducted by each state through its department of insurance. life insurance companies generally are permitted longer-term investments than those permitted for property/casualty companies. most insurance companies have no geographic community. Unlike banks and thrifts. For example. Each state regulator must license any company that wants to do business in his or her state. and real estate. a company may not have a physical presence in any of its licensed states. corporate stock and other types of equity and debt securities. and be licensed for business in 40 states. run by a commissioner or director who may be elected. there may be no connection between a company’s physical location and its home state or other states in which it is licensed. Primarily the home state regulator.property/casualty companies. or appointed by the governor. unlike banks. state insurance laws establish the types and amounts of permissible investments for life companies. However. Insurance departments are charged with regulating the safety and soundness of insurance companies and consumer protection. loans. conducts safety and soundness regulation. who leads safety and soundness examinations and reviews investments and the adequacy of policy reserves.) GPC . mutual funds. the company likely would have claims offices and perhaps agents in each of the states in which it is licensed. However. have its headquarters in California.
Foreign Direct Investment (FDI) must pour in as anticipated. for foreign insurers. First because it encourages the savings habit. The guaranty funds ensure that the insolvent company is retired from the market in an orderly manner that gives maximum protection to the public. India couldn't have afforded to be lumbered with sub-optimally performing monopoly insurance companies and therefore the passage of the Insurance Regulatory & Development Authority Bill on December 2. to regulate.their market penetration should remain intact. The IRDA Bill provides for the establishment of an authority to protect the interests of the holders of insurance policies. The nature of the insurance business is such that the cash inflow of insurance companies is constant while the payout is deferred and contingency related. 1938. Instead. each state has a life insurance guaranty fund and a property/casualty insurance company guaranty fund. On the fringe. 1999 heralds an era of cautious optimism where stakes are high for all parties concerned. This characteristic of their business makes insurance companies the biggest investors in long-gestation infrastructure development projects in all developed and aspiring nations. With the nation's infrastructure in a state of imminent collapse. of India. the customer is pondering whether all the hype created on liberalization will actually benefit him. the Life Insurance Prateek Vohra (Roll no. second because it provides a safety net to rural and urban enterprises and productive individuals.industry does not have a government-backed fund to handle insolvency. Development of Insurance in India A thriving insurance sector is of vital importance to every modern economy. investments must start yielding returns and for the domestic insurance industry . promote and insure orderly growth of the insurance industry and amend the Insurance Act. For the Govt. This is the most compelling reason why private sector (and foreign) companies which will spread the insurance habit in the societal and consumer interest are urgently required in this vital sector of the economy. And perhaps most importantly it generates long-term investible funds for infrastructure building.) GPC .
viz. A BRIEF HISTORY OF THE INSURANCE SECTOR The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta. Prateek Vohra (Roll no. 1956: 245 Indian and foreign insurers and provident societies taken over by the central government and nationalized. LIC formed by an Act of Parliament. the first company to transact all Classes of general insurance business. the first general insurance company established in the year 1850 in Calcutta by the British. LIC Act. 1956 and the General Insurance Business (Nationalization) Act.6 Billion whereas industry leaders expected at that time that privatization will increase it to $ 40 Billion within next 3-5 years. The General insurance business in India. on the other hand.Act. 5 crore from the Government of India. can trace its roots to the Triton Insurance Company Ltd. Some of the important milestones in the life insurance business in India are: 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.) GPC . with a capital contribution of Rs. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. Before privatization. Some of the important milestones in the general insurance business in India are: 1907: The Indian Mercantile Insurance Ltd. 1956. set up. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. The bill allows foreign equity stake in domestic private insurance companies to a maximum of 26 per cent of the total paid-up capital and seeks to provide statutory status to the insurance regulator.. 1972. insurance business in India was pegged at $ 6.
1972 nationalized the general insurance business in India with effect from 1st January 1973.) GPC . 1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up. the committee submitted the report and some of the key recommendations included: i) Structure • • Government stake in the insurance Companies to be brought down to 50% Government should take over the holdings of GIC and its subsidiaries so that these subsidiaries can act as independent corporations • All the insurance companies should be given greater freedom to operate ii) Competition Prateek Vohra (Roll no. 1972: The General Insurance Business (Nationalization) Act. Malhotra Committee. a wing of the Insurance Association of India. INSURANCE SECTOR REFORMS In 1993. N.1957: General Insurance Council. frames a code of conduct for ensuring fair conduct and sound business practices. was formed to evaluate the Indian insurance industry and recommend its future direction. The Malhotra committee was set up with the objective of complementing the reforms initiated in the financial sector. headed by former Finance Secretary and RBI Governor R. Malhotra. The reforms were aimed at “creating a more efficient and competitive financial system suitable for the requirements of the economy keeping in mind the structural changes currently underway and recognizing that insurance is an important part of the overall financial system where it was necessary to address the need for similar reforms…” In 1999.
• iv) Investments • Mandatory Investments of LIC Life Fund in government securities to be reduced from 75% to 50% • GIC and its subsidiaries are not to hold more than 5% in any company (There current holdings to be brought down to this level over a period of time) v) Customer Service • • LIC should pay interest on delays in payments beyond 30 days Insurance companies must be encouraged to set up unit linked pension plans Prateek Vohra (Roll no.1bn should be allowed to enter the industry • No Company should deal in both Life and General Insurance through a single entity • Foreign companies may be allowed to enter the industry in collaboration with the domestic companies • • Postal Life Insurance should be allowed to operate in the rural market Only one State Level Life Insurance Company should be allowed to operate in each state iii) Regulatory Body • • • The Insurance Act should be changed An Insurance Regulatory body should be set up Controller of Insurance (Currently a part from the Finance Ministry) should be made independent.) GPC .• Private Companies with a minimum paid up capital of Rs.
) GPC .• Computerization of operations and updating of technology to be carried out in the insurance industry Prateek Vohra (Roll no.
HDFC has won several accolades in the past few years. HDFC bank for commercial banking.000 crore. HDFC is the only company so far to receive this award in the service category.HOUSING DEVELOPMENT FINANCE CORPORATION LTD. HDFC mutual fund products. to be followed very shortly by HDFC Standard Life Insurance Company for the life endurance and pension products. which demonstrates the tremendous confidence that retail investors have insurance the company. Its financial strength is reflected in highest safety rating of “FAAA” and “MAAA” awarded by CRISIL and ICRA. HDFC’s assets base amount to over 15. The road to success is a tough and challenging journey in the dark where only obstacles light the path.) GPC .two of India’s leading credit rating agency respectively. for the last 6 years consecutively.Promoted companies have emerged to meet the investors and customers needs. Prateek Vohra (Roll no. Being an institution that is strongly committed to the highest of quality and excellence. Helping Indians experience the joy of home ownership. it has a depositor base of over 11 lacks customer and a deposit agents force of over 46. HDFC has more than 110 offices in Dubai and 3 more services associates’ insurance Kuwait. success on a terrain like this is not without a solution. This award was instituted to Award Recognition to Indian Companies for business excellence and quality achievement. HDFC. Qatar and Sultanate of Oman.000 of the total deposit. However. HDFC is today the market leader in housing finance in India and has extended financial assistance to more than 15 lacks homes. Founded in 1977. 73% are sourced from individual and trust depositories. One such award is the ‘Ramakrishna Bajaj National Quality Award” for the year 1999.
According to the National Building Organization (NBO). has been to enhance residential housing stock and promote home ownership.76 million units is from rural areas and 6. All you need is the courage to innovate. Having identified housing as a priority area in the Ninth Five Year Plan (1997-2002). our offerings range from hassle-free home loans and deposit products. Our objective. It is estimated that the budgeted 2 million units would lead to the creation of an additional 10 million man-years of direct employment and another 15 million man-years of indirect employment. Objectives & background Housing Finance Sector Against the milieu of rapid urbanization and a changing socio-economic scenario. the Prateek Vohra (Roll no. nearly three million satisfied customers whose dream we helped realize. in 1977.4 million units.As we found out nearly three decades ago. We also offer specialized financial services to our customer base through partnerships with some of the best financial institutions worldwide. the solution for success is customer satisfaction. Now. the total demand for housing is estimated at 2 million units per year and the total housing shortfall is estimated to be 19. to property related services and a training facility.) GPC .64 million units from urban areas. The importance of the housing sector in the economy can be illustrated by a few key statistics. The housing industry is the second largest employment generator in the country. from the beginning. the skill to understand your clientele and the desire to give them your best Today. stand testimony to our success. the demand for housing has grown explosively. of which 12.
In order to achieve this investment target. c) transform ideas into viable and creative solutions. Organization And Management HDFC is a professionally managed organization with a board of directors consisting of eminent persons who represent various fields including finance. 1. Prateek Vohra (Roll no. 100 million. taxation. and to promote home ownership. Business Objectives The primary objective of HDFC is to enhance residential housing stock in the country through the provision of housing finance in a systematic and professional manner. Background HDFC was incorporated in 1977 with the primary objective of meeting a social need – that of promoting home ownership by providing long-term finance to households for their housing needs. b) maintain its position as the premier housing finance institution in the country.500 billion for this sector. Organizational Goals HDFC’s main goals are to a) develop close relationships with individual households. the Government needs to make low cost funds easily available and enforce legal and regulatory reforms.National Housing Policy has envisaged an investment target of Rs. Another objective is to increase the flow of resources to the housing sector by integrating the housing finance sector with the overall domestic financial markets. HDFC was promoted with an initial share capital of Rs. and e) to grow through diversification by leveraging off the existing client base.) GPC . d) provide consistently high returns to shareholders.
S Venkitaramanan Dr. D M Sukthankar Mr. policy and control. N M Munjee Dr.construction and urban policy & development. law. 2007). Ram S Tarneja Mr.Managing Director Ms. engineering and marketing. Deepak S Parekh . The board primarily focuses on strategy formulation. S A Dave Mr. Renu S. Board of Directors Mr. which includes professionals from the fields of finance. D M Satwalekar HDFC has a staff strength of 1388 (as on 31st March. Prateek Vohra (Roll no. Shirish B Patel Mr. Keshub Mahindra .Executive Director Mr. accountancy.) GPC . Keki M Mistry . Karnad . B S Mehta Mr. Kelkar Mr.Chairman Mr. D N Ghosh Dr. Vijay S. designed to deliver increasing value to shareholders.Vice Chairman Mr.
when it opened a branch in Frankfurt. Standard Life Healthcare expanded in March 2006 with the acquisition of the PMI business of First Assist. the group also sought to diversify its operations into areas which complemented its core life assurance and pensions business. its UK mortgage and retail savings banking subsidiary. with the aim of establishing it as an independent investment management business providing services to both the group and third party retail and institutional clients. In the 1990s. with the intention of positioning itself as a broad range financial services provider. Healthcare & Investments The group set up Standard Life Bank. This largely remained the structure of the group until 1996. Standard Life was reincorporated as a mutual assurance company in 1925. The Standard Life group originally operated only through branches or agencies of the mutual company in the United Kingdom and certain other countries. Its Canadian branch was founded in 1833 and its Irish operations in 1838. in 1998 and Standard Life Investments. The group acquired Prime Health Limited (subsequently renamed Standard Life Healthcare) in the United Kingdom in 2000. which had previously been the inhouse investment management unit of the group’s life assurance and pensions business. Banking.) GPC .STANDARD LIFE INSURANCE COMPANY (SLIC) The Standard Life Assurance Company ("Standard Life") was established in 1825 and the first Standard Life Assurance Company Act was passed by Parliament in 1832. Germany with the aim of exporting its UK life assurance and pensions operating model to capitalize on the opportunities presented by EC Directive 92/96/EEC (the “Third Life Directive”) and offer a product range in that market with features which local providers were unable to offer. was separated into a distinct legal entity in the same year. Prateek Vohra (Roll no.
) GPC . the group established a service company structure for the provision of central corporate services to the group’s business units. The group’s joint ventures in India with Housing Development Finance Corporation Limited (“HDFC”) were incorporated in 2000 (in relation to the life assurance and pensions joint venture) and 2003 (in relation to the investment management joint venture). Prateek Vohra (Roll no. facilities. Standard Life Employee Services Limited (“SLESL”) supplies a wide range of central services to the rest of the group. legal and human resources services. Sales of these products commenced in 2006. This service company structure was created to enable Standard Life to comply with regulatory restrictions on the provision of non-insurance services and to exploit group-wide synergies. Standard Life Asia Limited (“SL Asia”). based in Ireland. was incorporated in 1999 as a joint venture and became a wholly-owned subsidiary of Standard Life in 2002. including IT.Standard Life Asia Limited/Joint ventures – The group’s Hong Kong subsidiary. The group’s joint venture in China with Tianjin Economic Development Area General Company (“TEDA”) became operational in 2003. Service company – Following the group’s strategic review in 2004. which employ their staff directly). The group’s operations in Hong Kong were established to give the group a presence in the Far East from which it could expand into China. SLB and SLH. Standard Life International Limited – The group also incorporated Standard Life International Limited (“SLIL”) in 2005 for the purposes of providing the group with an offshore vehicle. through which it could sell tax-efficient investment products into the United Kingdom. and employs staff working in the group’s UK and Irish operations (other than SLI.
) GPC . Prateek Vohra (Roll no. Standard Life plc is a holding company which is owned by its shareholders (including those Eligible Members who received and retained shares received as a result of demutualization).Structure of Standard Life plc The following is a simplified structure diagram Standard Life plc owns all of the businesses and companies in the group.
Prateek Vohra (Roll no.) GPC .
Standard Life Investments (Holdings) Limited (and underneath it.Alternative textual explanationStandard Life plc structure Underneath Standard Life plc are Standard Life Healthcare Limited. Standard Life Investments Limited). Standard Life Oversea Holdings Limited. Standard Life Employee Services Limited. Standard Life Assurance Limited and Standard Life's Joint Venture interest in China Prateek Vohra (Roll no.) GPC .
Further strengthening the relationship. Standard Life International Limited and The Standard Life Assurance Company 2006.1998. documented high level business process maps and set about preparing the first project plan. The next three years were filled uncertainty. Despite this both companies remained firmly committed to venture. looked at possible information technology. In Oct. 1995. It was clear from the outset that both companies shared similar values and benefits and a strong relationship quickly formed. The Standard Life Assurance Company of Canada). Around this time Standard Life purchased 2% Infrastructure Development Finance Company Ltd. A small project term was set up in UK and India and set about preparatory work. which currently holds Standard Life's Joint Venture interests in India.Underneath Standard Life Oversea Holdings are Standard Life Asia Limited and Standard Life Financial Inc (and underneath it. in Jan. Prateek Vohra (Roll no. due to change in insurance Govt. Standard Life Bank Limited. Among other things. to enter the life insurance market.) GPC . Standard Life Pensions Funds Limited. the team conducted market research.1995 the companies signed a 3 year joint venture agreement. and both ongoing delays in getting the insurance bill passed in parliament. Underneath Standard Life Assurance Limited are Standard Life Direct Limited. the joint venture agreement was removed and additional resources made available. Standard Life Direct Limited. Standard Life also started to use the services of the HDFC Treasury Department to advise them upon their investment insurance India. Around this time Standard Life purchased a 5% stake in HDFC. Standard Life Savings Limited. (IDFC). Standard Life Trustee Company Limited. THE PARTNERSHIPS HDFC and Standard Life commenced discussions about possible joint venture. In Oct.
Around this time Standard Life purchased a further 5% stake in HDFC and a 5% stake in HDFC bank. the opening of the market looked very promising and both companies agreed the time was right to move the operation to the next level. Towards the end of 1999. Therefore. In further development standard Life to participate insurance. With a further 2students undergoing training in the UK. The new company has 1 Indian actuary and 5 actuarial students in the team. 2000 under the name of HDFC Standard Life Insurance Company Limited. Both parent companies strongly believe the program will benefit the new company. 1. 1995 was first to be private company to reenter in the life insurance market in India.One of many success stories over the last few years has been the actuarial student program. in Jan. On 23rd of Oct.2000 and expect team form the UK joined a hand picked team form HDFC to form the core project term based in Mumbai. The mutual fund market was launched on 20th July 2000 and on 10th Nov.2000 assets under the management reached Rs. this ambition was realized when HDFC Standard Life Insurance Company Limited were only life company to be granted a certificate of registration.063 crores. the ambition of the company form as far as back as Oct. The Assets Management Company promoted by HDFC to enter the mutual fund market.) GPC .2000. The program was designed to identify high caliber individuals who would be sponsored by Standard Life to study for their actuarial qualification in the UK. Prateek Vohra (Roll no. The company was incorporated on 14th Aug.
Range of Solutions We have a range of individual and group solutions. 2007 stood at Rs. 2.HDFC Standard Life Insurance Company Ltd. 2007. Our key strengths Financial Expertise As a joint venture of leading financial services groups. 856 crores and new business premium income at Rs. is one of India's leading private insurance companies. 00. HDFC as on March 31. 77. 1.The company has covered over 8. 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. which offers a range of individual and group insurance solutions. HDFC is India’s leading housing finance institution and has helped build more than 23.9 per cent of equity in the joint venture.) GPC . for the year ending March 31.000 lives year ending March 31. Track Record so far Our gross premium income. HDFC Standard Life Insurance Company Ltd. Prateek Vohra (Roll no. 2007 holds 81. HDFC Standard Life has the financial expertise required to manage your long-term investments safely and efficiently.624 crores. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd. India's leading housing finance institution and a Group Company of the Standard Life. Our Parentage HDFC Limited. UK. 000 houses since its incorporation in 1977.).
In Financial Year 2003-04 its assets under management crossed Rs. 36,000 Cr. 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 Award 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.
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, investment, 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 '5 Star' the Financial Adviser Service Awards for the last 10 years running. accolade has also been awarded to Standard Life Investments for and to Standard Life Bank since its inception in 1998. awarded the 'Best
the last 10 years,
Standard Life Bank was
'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'.
Prateek Vohra (Roll no.) GPC
'The most obvious choice for all'.
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
Accolades and Recognition
Rated by 'Business world' as 'India's Most Respected Private Life Insurance Company' in 2004 Rated as the "Best New Insurer - 2003" by Outlook Money magazine, India’s number 1 personal finance magazine
Brief profile of the Board of Directors
Mr. Deepak S Parekh is the Chairman of the Company. He is also the Executive Chairman of Housing Development Finance Corporation Limited (HDFC Limited). He joined HDFC Limited in a senior management position in 1978. He was inducted as a whole-time director of HDFC Limited in 1985 and was appointed as its Executive Chairman in 1993. He is the Chief Executive Officer of HDFC Limited. Mr. Parekh is a Fellow of the Institute of Chartered Accountants (England & Wales).
Prateek Vohra (Roll no.)
Mr. Keki M Mistry joined the Board of Directors of the Company in December, 2000. He is currently the Managing Director of HDFC Limited. He joined HDFC Limited in 1981 and became an Executive Director in 1993. He was appointed as its Managing Director in November, 2000. Mr. Mistry is a Fellow of the Institute of Chartered Accountants of India and a member of the Michigan Association of Certified Public Accountants. Mr. Alexander M Crombie joined the Board of Directors of the Company in April, 2002. He has been with the Standard Life Group for 34 years holding various senior management positions. He was appointed as the Group Chief Executive of the Standard Life Group in March 2004. Mr. Crombie is a fellow of the Faculty of Actuaries in Scotland. Ms. Marcia D Campbell is currently the Group Operations Director in the Standard Life group and is responsible for Group Operations, Asia Pacific Development, Strategy & Planning, Corporate Responsibility and Shared Services Centre. Ms. Campbell joined the Board of Directors in November 2005. Mr. Keith N Skeoch is currently the Chief Executive in Standard Life Investments Limited and is responsible for overseeing Investment Process & Chief Executive Officer Function. Prior to this, Mr. Skeoch was working with M/s. James Capel & Co. holding the positions of UK Economist, Chief Economist, Executive Director, Director of Controls and Strategy HSBS Securities and Managing Director International Equities. He was also responsible for Economic and Investment Strategy research produced on a worldwide basis. Mr. Skeoch joined the Board of Directors in November 2005. Mr. Gautam R Divan is a practicing Chartered Accountant and is a Fellow of the Institute of Chartered Accountants of India. Mr. Divan was the Former Chairman and Managing Committee Member of Midsnell Group International, an International Association of Independent Accounting Firms and has authored several papers of professional interest. Mr. Divan has wide experience in auditing
Prateek Vohra (Roll no.)
accounts of large public limited companies and nationalized banks, financial and taxation planning of individuals and limited companies and also has substantial experience in structuring overseas investments to and from India. Mr. Ranjan Pant is a global Management Consultant advising CEO/Boards on Strategy and Change Management. Mr. Pant, until 2002 was a Partner & VicePresident at Bain & Company, Inc., Boston, where he led the worldwide Utility Practice. He was also Director, Corporate Business Development at General Electric headquarters in Fairfield, USA. Mr. Pant has an MBA from The Wharton School and BE (Honors) from Birla Institute of Technology and Sciences. Mr. Ravi Narain is the Managing Director & CEO of National Stock Exchange of India Limited. Mr. Ravi Narain was a member of the core team to set-up the Securities & Exchange Board of India (SEBI) and is also associated with various committees of SEBI and the Reserve Bank of India (RBI). Mr. Deepak M Satwalekar is the Managing Director and CEO of the Company since November, 2000. Prior to this, he was the Managing Director of HDFC Limited since 1993. Mr. Satwalekar obtained a Bachelors Degree in Technology from the Indian Institute of Technology, Bombay and a Masters Degree in Business Administration from The American University, Washington DC. Ms. Renu S. Karnad is the Executive director of HDFC Limited, is a graduate in law and holds a Master's degree in economics from Delhi University. She has been employed with HDFC Limited since 1978 and was appointed as the Executive Director in 2000. She is responsible for overseeing all aspects of lending operations of HDFC Limited.
Prateek Vohra (Roll no.)
We cater to both. investment. Gratuity. pension and savings plans that assist and nurture dreams apart from providing protection. we offer a bouquet of insurance solutions to meet every need. Keeping this in mind. Investment Plans Prateek Vohra (Roll no. Individual Products We at HDFC Standard Life realize that not everyone has the same kind of needs. For individuals. You can choose from a range of products to suit your life-stage and needs. disability or sickness. Protection Plans You can protect your family against the loss of your income or the burden of a loan in the event of your unfortunate demise. individuals as well as to companies looking to provide benefits to their employees. Our Protection range includes our Term Assurance Plan & Loan Cover Term Assurance Plan. This section gives you details of all our products. These plans offer valuable peace of mind at a small price. These affordable plans apart from providing long term value to the employees help in enhancing goodwill of the company. For organizations we have a host of customized solutions that range from Group Term Insurance. we have a range of protection. We have incorporated various downloadable forms and product details so that you can make an informed choice about buying a policy. we have a varied range of Products that you can choose from to suit all your needs. These will help secure your future as well as the future of your family. Leave Encashment and Superannuation Products.) GPC .Products At HDFC Standard Life.
We now offer the following group products to our esteemed corporate clients: Group Term Insurance Group Variable Term Insurance Group Unit-Linked Plan Prateek Vohra (Roll no.Our Single Premium Whole Of Life plan is well suited to meet your long term investment needs. Pension Plans Our Pension Plans help you secure your financial independence even after retirement. Children’s Plan. Unit Linked Youngstar. Unit Linked Pension Plus Savings Plans Our Savings Plans offer you flexible options to build savings for your future needs such as buying a dream home or fulfilling your children’s immediate and future needs. Unit Linked Young star Plus . Unit Linked Pension. Money Back Plan. We provide you with attractive long term returns through regular bonuses. Unit Linked Endowment.) GPC . Group Products One-stop shop for employee-benefit solutions HDFC Standard Life has the most comprehensive list of products for progressive employers who wish to provide the best and most innovative employee benefit solutions to their employees. Unit Linked Endowment Plus. Our Pension range includes our Personal Pension Plan. Our Savings range includes Endowment Assurance Plan. We offer different products for different needs of employers ranging from term insurance plans for pure protection to voluntary plans such as superannuation and leave encashment.
Step 2 Choose the amount of protection (Sum assured) you desire. Step 1: Choose your regular premium This is the premium you will continue to pay each year of the policy. Step 4 Choose the investment fund or funds you desire. You can pay quarterly. ♦ Valuable protection in case of the insured parent’s unfortunate demise. Step 2: Choose your level of protection You can choose any amount of Sum Assured with: • • A minimum of 5 times your chosen regular premium.) . 4 easy steps to your own plan Step 1 Choose the premium you wish to invest.10. A maximum of 40 times your chosen regular premium. ♦ Very flexible benefit combinations and payment options. half yearly or annually. Defined Benefit or Defined Contribution Superannuation or Leave Encashment schemes of your company Also suitable for other employee benefit schemes such as salary saving schemes and wealth management schemes UNIT LINKED YOUNG STAR PLAN The HDFC Unit Linked Young Star Plan gives you: ♦ An outstanding investment opportunity by providing a choice of thoroughly researched and selected investment. The minimum regular premium is Rs.An investment solution that provides funding vehicle to manage corpuses with Gratuity. GPC Prateek Vohra (Roll no. Step 3 Choose the additional benefit options you desire.000 per year. ♦ Flexible additional benefit options such as critical illness cover.
Step 3: Choose additional plan benefits In addition to maturity benefit.Death Benefit + Critical Illness Benefit Step 4: Choose your investment funds. deposits Market Fund Composition Liquid Fund Secure Fund Defensive Fund Extremely low capital 100% risk.-term returns through equities. • • Life Option. All units in a particular fund are identical. You can choose from all or any of the following 6 funds. Prateek Vohra (Roll no. We have 6 funds that give you: • The potential for higher but more variable returns over the term of your policy. *Access to better long. or • More stable returns with lower long-term potential. Fund Details Asset Class Bank Govt.Death Benefit Life & Health Option. More capital stability -than equity funds. you can choose from these benefit options.) Equi Risk & Retur n Ratin g Low Low Moder ate Securities ty & Money & Bonds -100% 70% 85% --to 15% to 30% GPC . Choosing your investment option is important.You can reduce but not increase the sum assured. Your investment will buy units in any of 6 funds designed to meet your risk approach.
*100% equities. stop* or restart your regular premiums at any time. ♦ The Death Cover terminates immediately. keeps bond risk equity -better 40% 70% to 30% to Very 60% high exposure -100% Very high provides some stability.*Significant exposure Balanced Managed Fund down. investment insurance high Indian Benefits From the plan: Death Benefit: ♦ The company will pay the Sum Assured to the beneficiary. ♦ Any Critical Illness Cover terminates immediately. ♦ The company will pay future premiums on your behalf. Changes in the Payment of Premium: ♦ You can increase or reduce*. *For those who wish to -maximize their returns. ♦ Your family need not pay any further premiums. ♦ Your family need not pay any further premiums. Critical Illness Benefit: ♦ The company will pay the Sum Assured to the beneficiary. *Increased exposure *Bond Growth Fund gives long-term return. Prateek Vohra (Roll no.) GPC . ♦ The company will pay future premiums on your behalf.
♦ Premium Redirection: you can pay your future premiums into a different selection of funds. 000. ♦ Under Section 80C.000 are allowed as a deduction from your tax income.♦ You must have paid 3 years regular premiums and your fund must have a value above Rs. 660 from your tax each year (calculated on the highest tax bracket) as premiums up to Rs. 000.1. ♦ You can invest more than your regular premiums anytime. invest any extra money you have to enhance the longterm return and provide the little extras your child deserves. Additional single premiums: ♦ You can.) GPC . the benefits you receive from this policy are completely tax-free. Changes in Investment Decisions: You can change your investment fund choices in two ways. ♦ The minimum additional single premium amount is only Rs. Tax Benefits (Based on current tax laws) You will be eligible for tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act. ♦ If you have paid 3 years of regular premiums.15. very cost effectively. there will be no surrender charges. 1961. Surrendering the Policy: ♦ You can choose to surrender the policy at any time.33. ♦ Under Section 10 (10 D).00. as per your need. Prateek Vohra (Roll no.5. ♦ The surrender value will be the value of the units in the fund less any surrender charges. ♦ Switching: you can move your accumulated funds from one fund to another anytime. you can save up to Rs.
) GPC .10.) at Maturity (Yrs.000 and the surrender charges in force at the time of the withdrawal. the fund less any due charges exceeds both Rs. Max.Accessing Money Easily You can make lump sum withdrawals from your funds at any time provided: ♦ The minimum withdrawal amount is Rs. Eligibility The age and term limits for the insured parent for taking out a Unit Linked Young Star Plan are as shown below. Benefit Options Age at Entry Maximum Age Term Period (Yrs. Charges Applicable under the Policy The charges under the policy are deducted to provide for the benefits and the administration provided by the company. Prateek Vohra (Roll no. 25 25 18 18 60 55 75 65 10 Life Option Life & Health 10 Option Beneficiaries The beneficiary (your child) is the sole person to receive the benefit under the policy. Min. 000.) (Yrs. Where the beneficiary is less than 18 years of age the benefit will be paid to the Appointee.) Min. ♦ After the withdrawal. Max.15.
00% 80. Prateek Vohra (Roll no. the company will make a charge of 30% of the outstanding premiums due for the remainder of this 3-year period.00% 99.80% per annum of the fund’s value.000 to 4.00% Fund Management Charges (FMC) The daily unit price already includes a low fund management chare of 0.Premium Allocation Charge: This is a premium-based charge. in the proportion you have chosen. 3rd year onwards 70. the remainder is invested to buy units. In the long term.) GPC .00% 22.214.171.124 per month is charged to cover regular administration costs.00.00. Premium Paid During Tear (Rs.000 and above Single Premium Top-Up(s) Investment Content Rate (ICR) 1st & 2nd yrs. Cancellation or Surrender Charges On cancellation or surrender of the policy before 3 years of regular premiums have been paid.00% 99. The company makes the charge by canceling units in each of the funds you have chosen.999 Premiums 10. Other Charges Administration Charge A charge of Rs.999 From 2.999 Regular From 5. After deducting this charge from your premiums.00% 99.00.99.00% 85.000 to 9. the key to building great maturity values is a low FMC.50% 99.) Up to 1 .00% 90.00% 99.
Premium Redirection or Alteration Charges Premium alterations include stopping and restarting your regular premium after 3 years. in the proportion you have chosen. The company does not charge for any of these options currently. The amount of the charge taken each month depends on your age. The company takes the charge by canceling units in each of the funds you have chosen. The company deserves the right to introduce such charges after approval from the IRDA.) GPC .Risk Benefit Charges Every month the company makes a charge for providing you with the death or critical illness cover you have selected. Prateek Vohra (Roll no. Fund switching Charges.
and have become the keystones of our success. where we can play a significant role in redefining and reshaping the sector. Our values: Every member of the ICICI Prudential team is committed to 5 core values: Integrity. We do believe that we are on the threshold of an exciting new opportunity. This we hope to achieve by: Understanding the needs of customers and offering them superior products and service Leveraging technology service customers quickly.) GPC . Customer First. Each of the values describes what the company stands for. efficiently and conveniently Developing and implementing super risk management and investment strategies to offer sustainable and stable returns to our policyholders Providing an enabling environment to foster growth and learning for our employees And above all. the qualities of our people and the way we work. Health and Pensions player built on trust by world-class people and service. Ownership. The success of the company will be founded in its unflinching commitment to 5 core values -. These values shine forth in all we do. there are no limits to our growth. Prateek Vohra (Roll no. Ownership and Passion.Integrity. Customer First. Boundary less.Vision & Values Our vision: To be the dominant Life. and Passion. Given the quality of our parentage and the commitment of our team. building transparency in all our dealings. Boundary less.
2007).32 bn (USD 88 billion) as on June 30.Promoters ICICI Bank ICICI Bank (NYSE:IBN) is India's second largest bank and largest private sector bank with over 50 years presence in financial services and with assets of over Rs 3569. Singapore. Prateek Vohra (Roll no. 2007. Prudential plc. call centers and internet banking (www. 3469 ATMs. Taiwan. Korea. through its businesses in the UK and Europe. Taiwan. policyholder and unit holders and manages over £256 billion of funds worldwide (as on June 30.com) to ensure that customers have access to its services at all times Prudential Plc Established in London in 1848. provides retail financial services products and services to more than 20 million customers. Hong Kong. Korea. Malaysia. Malaysia. Its fund management business has expanded into a total of ten markets : China. the US and Asia. Hong Kong. Singapore.icicibank. life and non-life insurance.) GPC . private equity and asset management. Vietnam. In Asia. the Philippines. Japan. Prudential is the second largest retail fund manager for Asian sourced assets ex-Japan as at June 2006. Indonesia. India. Prudential is the leading European life insurance company with life operations in China. ICICI Bank is a leading player in the retail banking market and services its large customer base through a network of over 950 branches (including extension counters). Vietnam and United Arab Emirates. Japan. Thailand. The Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries in the areas of investment banking. India.
23. a leading international financial services group headquartered in the United Kingdom.400 crore.000 retail policies in the period. ICICI Prudential has retained its position as the No. ICICI Prudential's capital stands at Rs. 2007. and is a clear assurance of ICICI Prudential's ability to meet its obligations to customers at the time of maturity or claims. the company garnered Rs. For the first quarter ended June 30. 987 crore of weighted retail + group new business premiums and wrote over 450. and Prudential plc. a premier financial powerhouse. with a wide range of flexible products that meet the needs of the Indian customer at every step in life. 1 private life insurer in the country.72 billion with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. ICICI Prudential is also the only private life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. For the past six years.) GPC . 18. Prateek Vohra (Roll no.Fact Sheet THE Company ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). The company has assets held to the tune of over Rs. The AAA (Ind) rating is the highest rating.
Sangli Urban Co-operative Bank. R Narayanan Mr. Executive Director Prateek Vohra (Roll no. South Indian Bank. Modi Mr.V. Baramati Co-operative Bank. having tie-ups with ICICI Bank.) GPC K. The Haryana State Co-operative Bank and Imphal Urban Cooperative Bank Limited. Ernakulam Bank.000 advisors. Shamrao Vithal Co-op Bank. M. S. The company has over 23 bancassurnace partners. Mrs. Mr. Managing Director Mr.P.Distribution ICICI Prudential has one of the largest distribution networks amongst private life insurers in India. Chairman Stowe . Executive Director Mr. It has a strong presence across India with over 680 branches and over 235. Kannan. Lord Krishna Bank. Kalpana Morparia Mrs. HT Phong Mr. Ballia Kshetriya Gramin Bank. Idukki District Cooperative Bank. Mr. Chanda Kochhar Mr. Jalgaon Peoples Co-operative Bank. Barry Kamath. MANAGEMENT PROFILE Board of Directors The ICICI Prudential Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad. Shikha Sharma. Bhargav Dasgupta. Keki Dadiseth Ms. Federal Bank. Bank of India. 9 Bank of India sponsored Regional Rural Banks (RRBs). N.
) GPC . Mr. Bhargav Anita Pai. Puneet Nanda. Executive Vice President & Chief Investments Officer Prateek Vohra (Roll no. Director Executive Executive Customer Service Chief & CEO Director Director & Technology Actuary Mr. – Mithani. Ms. Mr. Azim Sharma. EVP Managing Kannan. S. Ms. Dasgupta. Shikha N.Management Team The ICICI Prudential Life Insurance Company Limited Management team comprises reputed people from the finance industry both from India and abroad. Mr.
Premier Life Gold is a limited premium paying plan specially structured for long-term wealth creation. to create a customized solution for each policyholder. Invest Shield Cash bak is a unit linked plan that provides premium guarantee on the invested premiums along with flexible liquidity options. Balancer.Products Insurance Solutions for Individuals ICICI Prudential Life Insurance offers a range of innovative. Maxi miser. Cash Bak is an anticipated endowment policy ideal for meeting milestone expenses like a child's marriage.Preserver. customer-centric products that meet the needs of customers at every life stage. Prateek Vohra (Roll no. Savings & Wealth Creation Solutions Save'n'Protectis a traditional endowment savings plan that offers life protection along with adequate returns.) GPC . Life Time Super & Life Time Plus are unit-linked plans that offer customers the flexibility and control to customize the policy to meet the changing needs at different life stages. It is available for terms of 15 and 20 years. Protector. expenses for a child's higher education or purchase of an asset. Invest Shield Life New is a unit linked plan that provides premium guarantee on the invested premiums and ensures that the customer receives only the benefits of fund appreciation without any of the risks of depreciation. Its products can be enhanced with up to 4 riders. Each offer 6 fund options . Flexi Growth and Flexi Balanced Life Link Super is a single premium unit linked insurance plan which combines life insurance cover with the opportunity to stay invested in the stock market.
joint life last survivor annuity with return of purchase price.both single premium and regular premium.) GPC . It offers the benefit of 5 payout options. life annuity with return of purchase price. Retirement Solutions Forever Life is a traditional retirement product that offers guaranteed returns for the first 4 years and then declares bonuses annually.level term assurance. Life Time Super Pension is a regular premium unit linked pension plan that helps one accumulate over the long term and offers 5 annuity options (life annuity. Immediate Annuity is a single premium annuity product that guarantees income for life at the time of retirement. Prateek Vohra (Roll no. life annuity guaranteed for 5. Life Link Super Pension is a single premium unit linked pension plan. level term assurance with return of premium & single premium. Home Assure is a mortgage reducing term assurance plan designed specifically to help customers cover their home loans in a simple and cost-effective manner. Education insurance plans Education insurance under the Smart Kid brand provides guaranteed educational benefits to a child along with life insurance cover for the parent who purchases the policy. joint life. Smart Kid plans are also available in unit-linked form . It is available in 3 options . last survivor annuity without return of purchase price) at the time of retirement. which offers life cover at low cost.Protection Solutions Life Guard is a protection plan. The policy is designed to provide money at important milestones in the child's life. 10 and 15 years & for life thereafter.
The plan can also be customized to structure schemes that can provide benefits beyond the statutory obligations.Health Solutions Health Assure and Health Assure Plus: Health Assure is a regular premium plan which provides long term cover against 6 critical illnesses by providing policyholder with financial assistance. and also offers a coordinated care approach to managing the condition. Cancer Care: is a regular premium plan that pays cash benefit on the diagnosis as well as at different stages in the treatment of various cancer conditions. It covers a range of medical conditions (900 surgeries) and has a long term guaranteed coverage upto 20 years. ICU. Hospital Care: is a fixed benefit plan covering various stages of treatment – hospitalization. and death. It makes payments on diagnosis on any of 6 diabetes related critical illnesses. irrespective of the actual medical expenses. Group Insurance Solutions ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance benefits to their employees. Group Gratuity Plan: ICICI Pru's group gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner. Group Superannuation Plan: ICICI Pru offers both defined contribution (DC) and Prateek Vohra (Roll no. procedures & recuperating allowance. Crisis Cover: is a 360-degree product that will provide long-term coverage against 35 critical illnesses.) GPC . Diabetes Care Plus also offers life cover. Diabetes Care: Diabetes Care is a unique critical illness product specially developed for individuals with Type 2 diabetes and pre-diabetes. total and permanent disability. Health Assure Plus offers the added advantage of an equivalent life insurance cover.
from the end of the 1st year after the disability date for the remainder of the base policy term or 10 years. 3.) GPC . Group Term Plan: ICICI Pru's flexible group term solution helps provide affordable cover to members of a group. If the death occurs while traveling in an authorized mass transport vehicle. The benefit under the policy is paid to the beneficiary nominated by the member on his/her death. 1. the beneficiary will be entitled to twice the sum assured as additional benefit. the future premiums continue to be paid by the company till the time of maturity. Members have the option of choosing from various annuity options or opting for a partial commutation of the annuity at the time of retirement. Critical Illness Benefit: protects the insured against financial loss in the event of 9 specified critical illnesses. which can be added to the basic policy at a marginal cost. The cover could be uniform or based on designation/rank or a multiple of salary. If an accident results in total and permanent disability.defined benefit (DB) superannuation schemes to optimize returns for the members of the trust and rationalize the cost. whichever is lesser. the beneficiary receives an additional amount equal to the rider sum assured under the policy. 10% of rider sum assured will be paid each year. Accident & disability benefit: If death occurs as the result of an accident during the term of the policy. Benefits are payable to the insured for medical expenses prior to death. we offer immediate annuities to superannuation funds not managed by us. Prateek Vohra (Roll no. Flexible Rider Options ICICI Pru Life offers flexible riders. depending on the specific needs of the customer. Group Immediate Annuities: In addition to the annuities offered to existing superannuation customers. Waiver of Premium: In case of total and permanent disability due to an accident. 2.
4.) GPC . Life Time Super and Life Time Super Pension. where it can play a significant role in redefining and reshaping the sector.This rider is available with Smart Kid. Prateek Vohra (Roll no. The company does believe that it is on the threshold of an exciting new opportunity. Income Benefit: In case of death of the life assured during the term of the policy. 10% of the sum assured is paid annually to the nominee on each policy anniversary till the maturity of the rider. Life Time Plus. Given the quality of its parentage and the commitment of its team. there are no limits to our growth.
) GPC . Provision of additional allocation of units at regular intervals to enhance the investment. The policyholder can enjoy tax benefits on premium paid & benefits received under this policy. KEY BENEFITS OF LIFE TIME PLUS This policy offers the policyholder the protection of Sum Assured AND Fund Value. the product offers a lot of flexibility. which ensures continuance of life insurance cover even if the policyholder takes a temporary break in premium payment. in case of an unfortunate event of death. Prateek Vohra (Roll no.ICICI Pru Life Time Plus Plan Suitability This policy is a long-term market linked total protection plan. as per the prevailing Income Tax Laws. ♦ The policyholder can opt for add-on riders available under the policy for a nominal extra amount. ♦ After deducting premium allocation charges. Provides cover continuance option. It is a single product combining the benefits of both investment product and insurance plan. Options to withdraw the money systematically over a period of 5 years on maturity of the policy. Potentially higher returns are offered over the long-term by investing in market linked funds. This apart. The plan offers protection for life at the same time allows the policyholder to get market-linked returns. How does the policy work? ♦ The policyholder needs to choose the premium amount. term &Sum Assured for which he wish to take the policy. the balance amount is invested in the investment fund(s) of policyholders’ choice.
anytime after the payment of first 3 years’ premium. 000. The minimum partial withdrawal amount is Rs. the policy holder can switch between the investment funds at any time [provided the policy is in force].2. the maturity benefit is paid to the policyholder. 4 switches are free of charge. the nominee receives the Sum Assured AND the Fund Value Benefits in detail Death Benefit In the unfortunate event of death during the term of the policy. Maturity Benefit Based on the term chosen for this policy. The Prateek Vohra (Roll no. The policyholder can restart premium payment any time thereafter. In any policy year. depending on the policy holders' financial priorities 7 investment decision. the nominee shall receive the Sum Assured AND Fund Value.♦ On survival. Cover Continuance Option This option ensures that the insurance cover continues in case policyholder is unable to pay premiums. If the unfortunate event of death. All applicable charges will be automatically deducted from the units available in his fund. The minimum switch amount is 2.) GPC . the policyholder will be entitled to receive the Fund Value at the time of maturity. Switching Option With this option.000 Partial Withdrawal Benefit Partial withdrawal will be allowed after completion of 3 policy years & on payment of full 3 years’ premium.
000 .policyholder needs to opt for cover continuance option.000 per annum : Yearly. Additional Protection with Riders The policyholder can further customize his policy by adding riders. the rider benefit amount would be paid.20. ♦ Waiver of Premium Rider.) . Monthly : Annual Premium x (Term/2) Minimum/Maximum Premium Premium Payment Frequency Minimum Sum Assured Charges applicable under the policy Premium allocation charge Annual Year 1 Year 2 Year 3 Year 4 Year 5 GPC Prateek Vohra (Roll no. if he wishes to avail of this benefit. Half-yearly. ♦ Critical illness benefit Rider.300.Rs.In the event of death or disability due to an accident. as given below: ♦ Accident & Disability Benefit Rider. Other Conditions Minimum/Maximum Entry Age : 0-65 years Minimum/maximum Term : 10-30 years : Rs.In case of total and permanent disability due to an accident all further premiums till maturity would be paid by the company. to enjoy additional protection at a nominal extra cost. Rider charges for opted riders will be recovered by cancellation of units.In the event of the Life Assured contracting any of the specified critical illness. the rider benefit would be paid.
Protector 0. which will be adjusted from the Net Asset Value of various Funds.The annual fund management charge.33 30 1.a. ♦ Policy Administration Charge.50% p.One partial withdrawal in a policy Year would be free.000 25% 3% 3% onwards 1% Other Charges ♦ Switching Charges.20.Premium Rs.a. 20 1.There would be a fixed policy administration charge of Rs60 per month.a. Indicative charges per thousand Sum Assured for a healthy male life is shown below: Age(yrs) Rs.46 40 2.99 ♦ Fund Management Charge.75% p. (These charges will be deducted by cancellation of units) Prateek Vohra (Roll no.00% p.4 free switches allowed every policy year. ♦ Mortality charge. are as follows: Fund Charge Maximiser ll 1.48 50 5.) GPC . Balancer ll 1. Subsequent switches will be charged at Rs100 per switch. Preserver 0.a. ♦ Partial Withdrawal Charge.000 to 25% Rs300.75% p. All subsequent partial withdrawals in that policy year would be charged at Rs100 per withdrawal.Mortality charges will be deducted on a monthly basis on the Sum Assured.
Prateek Vohra (Roll no.) GPC .
RESEARCH DESIGN 1) Statement of the problem 2) Research objectives 3) Research Methodology Type of study Data collection Sampling Tools & techniques 4) Scope of study 5) Limitations Defining Research Problem Problem definition is the first & foremost part of the research process. Provide an overview of unit linked plans of HDFC standard life insurance company ltd. In other words research is defined as a careful investigation or inquiry especially through for new facts in any branch of knowledge.) GPC . so problem definition in my project work is comparative study of unit link products of HDFC-SLIC & ICICI Prudential Life Insurance Company and to know which company can provide better service to consumer. Research Methodology Research refers to search for knowledge. Problem definition refers to the objective on which research has to be done. the research cannot be initiated. without this research cannot be completed until and unless there is a problem or objective. Prateek Vohra (Roll no. & ICICI Prudential Company. III. Objectives To know about company history and organization structure.
Under this project direct collection of data from source of information & techniques such as personal interviewing and survey through questionnaire for customers has been considered. Under this project secondary data is been collected from journals. Sampling Unit: Sampling units are the persons. Data Collection: Source of Data: Two types of data sources will be taken into consideration Primary Data Secondary Data Primary Data: The primary data are those which are collected a fresh and for the first time and thus happen to be original in character. • Developing Sample Design:Sample design refers to number of items to be included in sample It refers to the technique or procedure the researcher would adopt In selecting items from the sample. who have purchased the insurance plan in Baddi (H. Under this project type of universe include people residing in Baddi (H. & web sites. magazines.) GPC . Prateek Vohra (Roll no.P.P).Research Methodology is one of the important aspects of any project. Secondary Data: Secondary data is one which has already been collected by someone else and which has already been passed through statistical processing. Type of universe: The universe is the entire group of items the researcher wishes to study and about which they plan to generalize. • • Type of Study: Study is exploratory & descriptive in nature.) & surrounding rural area. This gives us clear-cut view of method so used while gathering the information so needed for the completion of the report.
Under this project selection of respondents is on the basis of convenience sampling. The facts and concepts of Respondents may be biased.P.Study is based on primary or secondary data that may not be true.Sampling technique is used. Scope of Study: This study is mainly confined to the customer of Baddi (H. Comparison is done on the basis of secondary sources. The size of sample is 100 respondents. The sample Consist of 100 Sampling Procedure: Sampling procedure refers to technique Used in selecting the items for the sample. Most of question in the questionnaire was closing ended which reduced the scope for people to give free opinion. Limitations of the Study: Time for the completion of the project was too short to do an in-depth study.) & near villages.) GPC . Most of the people are not interested to give the right data. The sample size was not enough to reach on any exact conclusion. Tools and Techniques: For this survey Convenience. respondents. Size of Sample: Number of people surveyed. Prateek Vohra (Roll no. Generally large Sample more reliable result than small sample. imaginary and may be based entirely on their personal experience.
Prateek Vohra (Roll no.) GPC .
Company Name Plan Name Age Sum Assured Premium HDFC Std.1. 000 Maximum-no limit 3 years ICICI Pru life Insurance Life Time Plus 0 to 65 Minimum-Rs. 000 Maximum-3.00.1. On Maturity-Fund value is to the HDFC on the behalf of policyholder.10.) GPC .000 3 years Lock in period Surrender allowed After 3 years: no charges Before lock in period-30% After 3 years: you get 92% of outstanding premium OP= difference between regular premium expected After 4 years: you get 94% & received in the first two years After 5 years: you get 96% After 6 years: you get 98% After 7years & above: you get 100% of fund value Death and Maturity On Death-Sum Assured + On Death.20. On maturity. Prateek Vohra (Roll no.00.000 Maximum-1crore Minimum-Rs.Sum Assured + future will be premiums given by Fund Value will be given nominee.000 Maximum-No limit Minimum-Rs.00. Life Insurance Young star 18 to 65 Minimum-Rs.Value of given to the policyholder accumulated fund is given to the beneficiary.
Liquid Fund 2. Balancer ll-1. All subsequent partial withdrawal in that policy year would be charged at Rs.60 per Month Partial Withdrawal Chargeone partial withdrawal in a policy year is free.) GPC .a.Fund Option Term Rider Charges 1. Critical Illness. Prateek Vohra (Roll no.20 per Month Risk Benefit ChargesDepend upon the age of the policyholder.a. Administration ChargesRs. Critical Illness. Protector0. All subsequent partial withdrawal in that policy year would be charged at Rs. 100 per switch. Subsequent switches will be charged at Rs. Growth Fund For accident. Secure Managed Fund 3.75% p.25.00% p. Permanent Disability Fund Management ChargesDifferent Charges for different funds selected. Fund switching Charges. 100 per switch premium Maxi miser ll Balancer ll Protector ll Preserver For accident.50% p. Charges0. Equity Managed Fund 6. Preserver0. Defensive Managed Fund 4.100 per withdrawal. Subsequent switches will be charged at Rs.75% p.max.80% per annum Administration ChargesRs. Rs. Switching Charges4 switches allowed every policy year free.000 Fund Mgmt. Balanced Managed Fund 5. 24 switches allowed every policy year free.00. Maxi miser ll-1.a. Partial Withdrawal Charge6 partial withdrawal in a policy year is free.a.250 per withdrawal.
Prateek Vohra (Roll no.) GPC .
) GPC . Prateek Vohra (Roll no. we can see that the agents play major role in awaring people about the HDFC-SLIC.Respondent Profile: Respondent profile has been analyzed: Que. No. Apart from this electronic media is also a source for awareness. A B C D Particulars Print Media Electronic Media Agents Others Response 24 30 35 11 40 35 30 25 20 15 10 5 0 Print Media Electronic Media Agents Others Series1 INTERPRETATION:In this chart. 1: Awareness of HDFC Standard Life Insurance Company. S.
2: What the people think about the Insurance? S.Respondents’ response about the awareness of the Insurance Companies Que. we can say that people mostly treat insurance as a protection instrument. 67 people think insurance as a necessity for protection & security.) GPC . A B C Particulars Necessity for protection security Imposition of a burden of expenses A compulsory tool for tax saving Response 67 17 16 80 70 60 50 40 30 20 10 0 Security Expenses Tax Saving Series1 INTERPRETATION:On the basis of above analysis. No. Prateek Vohra (Roll no.
3: Main consideration that a customer looks at while purchasing an Insurance Policy. Prateek Vohra (Roll no.Que. A B C D E Particulars TAX SAVING PROTECTION PENSION INVESTMENT Response 10 29 53 3 5 60 50 40 30 20 10 0 g Pr ot ec tio n on In ve st em nt Ta x Sa vin Pe ns i Series1 INTERPRETATION:On the basis of above analysis. No. we can say that people purchase insurance policy mostly for the protection purpose so use to purchase traditional palns. S.) GPC .
No. And apart from this while purchasing they also use to give more weight age to return also.) GPC . A B C D E Particulars Standing and goodwill of the company Product range of the company %age 46 7 Advertisement being released by the 3 company Services being given by the company 18 Returns of bonus declared by the 26 company 50 45 40 35 30 25 20 15 10 5 0 en t e Pr od uc tR an g G oo dw il l Ad ve rt i se m Se rv i ce s Re tu rn Series1 INTERPRETATION:On the basis of above analysis. we can say that people prefer the companies those have very highly goodwill in the market. 4: What a respondent see while purchasing Insurance from the company? S.Que. Prateek Vohra (Roll no.
No.Que.) Ch i GPC . 5: Plan that a respondent prefers to buy. Prateek Vohra (Roll no. A B C D Particulars Protection Plan Investment Plan Pension Plan Children Plan %age 47 19 10 24 50 45 40 35 30 25 20 15 10 5 0 Pr ot ec tio n In ve st m Pe ns io n ld re n en t Series1 INTERPRETATION:On the basis of above analysis. we can say that people prefer to buy protection & children plans mostly. S.
we can say that people expect better customer service from the insurance companies & reasonable premium on their investment. No. A B C D E Particulars Innovative Products Attractive Riders Reasonable Premium Better Customer Service High Risk Coverage %age 5 2 24 47 22 50 45 40 35 30 25 20 15 10 5 0 In no va t iv e At tra ct ive ce iu m Pr em Se rv i Ri s k Series1 INTERPRETATION:On the basis of above analysis.) GPC . S. 6: Customers’ expectations from Life Insurance Companies.Que. Prateek Vohra (Roll no.
A B C Particulars Yes No Cant say %age 34 2 64 70 60 50 40 Series1 30 20 10 0 Yes No Cant Say INTERPETATION:On the basis of above analysis. 7: HDFC Standard Life Insurance Company provides better facilities than ICICI Prudential Life Insurance Company.) GPC . we can say that people are not aware about these companies so we can not come on any conclusion. No.Que. S. Prateek Vohra (Roll no.
we can say that people are satisfied with the plans they have bought. 8: Is the respondent satisfied with the plan he bought? S. A B C Particulars Yes No I haven’t bought any Response 67 17 16 80 70 60 50 40 30 20 10 0 Yes No Haven't Series1 INTERPETATION:On the basis of above analysis. Prateek Vohra (Roll no.) GPC . No.Que.
The goodwill of the company also attracts customers toward a insurance company. People think insurance as a protection tool. People also take insurance policy as a security for their children. People purchase insurance policy mostly for protection purpose and some of people for saving.FINDING Agents play major role in awaring people about the benefits of insurance.) GPC . Prateek Vohra (Roll no.
Surrender charges of these companies are different from each other. I conclude that.e. On maturity.CONCLUSION On the basis of my study. HDFC Standard Life Insurance is the one that is providing wavier of premium to its customer in case of death of the life assured. Both the companies have same lock in period i. both the companies provide the amount equal to the market value of the units. Charges taken to manage the fund are different in both the companies.3 years. whereas ICICI is not providing this facility to its customers. Prateek Vohra (Roll no.) GPC . both the companies are providing very good facilities to their customers.
So agents should be given fullfledged training and the training should be strict. This will greatly help in raising awareness level. The private company should create good relations and communication. Insurance Companies should show more commitment with the customers. Private companies should collaborate to spread awareness regarding the benefits of insurance plans provided by the Private Companies. Agents have got maximum influence on customers.) GPC . Prateek Vohra (Roll no.SUGGESTIONS Advertisement should be done on television and especially Posters and Banners. Private companies give better services to the customers as compared to public companies. They are the one who introduces the prospect to different policies.
) GPC .com www.com BROUCHERS • • HDFC Standard Life Insurance ICICI Prudential Life Insurance Prateek Vohra (Roll no.google.irdaindia.bimaonline.com www.com www.economictimes.com www.BIBLIOGRAPHY WEBSITES • • • • • www.hdfcinsurance.
) GPC .1: How do you know about HDFC Standard Life Insurance Company? ♦ ♦ ♦ ♦ Print Media Electronic Media Agents Others Q. ♦ Tax ♦ Saving ♦ Protection ♦ Pension ♦ Investment Q.3: Main consideration that you look at while purchasing an insurance policy. will not to be disclosed to any other organization/department) Consumers Behavior towards various Investment and Insurance Products A.4: What do you see while purchasing an insurance policy from the company? ♦ ♦ ♦ ♦ ♦ Standing and goodwill of the company Product range of the company Advertisement being released by the company Services being given by the company Returns of bonus declared by the company Prateek Vohra (Roll no.Study Name Telephone Occupation Marital status: Single/Married Address Age Q.QUESTIONAIRE (This information is for our internal use only.2: What do you think about insurance? ♦ Necessity for protection security ♦ Imposition of a burden of expenses ♦ A compulsory tool for tax saving Q.
6: What do you expect from HDFC Standard Life Insurance Company? ♦ Innovative Products ♦ Attractive riders ♦ Reasonable premium ♦ Better Customer Service ♦ High risk coverage Q.7: Do you think that HDFC Standard Life Insurance Company provides better facilities than ICICI prudential life insurance company? ♦ Yes ♦ No Q.8.Q.5: Which plan would you like to buy? ♦ ♦ ♦ ♦ Protection Plan Investment Plan Pension Plan Children Plan Q. Are you satisfied with the plan you bought? ♦ Yes ♦ No ♦ I haven’t bought any -------------------------------------------------------------------------------------------(THANK YOU) Prateek Vohra (Roll no.) GPC .
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