Insurance may be described as a social device to reduce or eliminate the risk of loss of life and property. Under the plan of insurance a large number of people associate themselves by sharing risk attached to individuals. The risks, which can be insured against, include fire, perils of sea, death, accidents and burglary. Any risk contingent upon these may be insured against at a premium commensurate with the risk involved. This we can say " collective bearing of risk is Insurance". Insurance is a plan by themselves which large number of people associate and transfer to the shoulder of all, risk that attach to individuals.


Insurance is a contract in which a sum of money is pad to the assured as consideration of insurer's incurring the risk of paying a large sum upon a given contingency


The insurance ensured protection of economic value of assets. Assets are insured against the risk of being destroyed or made the non-functional due to any accidental occurrence. Today, every company in every sector is scrambling to sell products & to earn profits. Today, the customers enjoy variety of products, brand choices, prices & suppliers. To survive in this competitive world one has to make

customer satisfied. Because it is generally said "Satisfied customer is half work done". When we talk about service industry, banking & insurance strikes our mind immediately. Insurance is a service industry. Insurance companies do not sell any goods but sell promises. They sell the promise to take care of customer, in case he suffers a loss due to some unforeseen contingencies.

Today, Insurance is one of the most effective methods found by man as a way of dealing with risk, against uncertainty. As the man is a social animal and lives in a tradition is a very common in India. A family is generally dependent for its food. Clothing and shelter on the income brought in at regular intervals by the breadwinner of the family. So long as he lives and the income is received steadily, that family is secure, but should death or in any sort of misshapenness suddenly intervene, the family may be left in very inherent in human life and this risk gave rise to the necessity for some from of protection against the financial loss arising from occurring of any unwanted situation and insurance Substitutes this uncertainty by certainty. Insurance is a contract where by the insurer pay the financial losses suffered by the insured as a result of the occurrence of certain unforeseen events in return for the payment of premium as consideration by the insured, the party which promises to indemnify the loss is called 'Insurer'. The person or the property subject to risk is called 'Insured'. The agreement providing for insurance is called an Insurance Policy. So Insurance is process in which many who are equally exposed to

same risk share losses of few. A large number of persons could be facing the same risk. One or a few of them unfortunately suffer the loss. All others share the loss. The only difference is that those exposed to the risk pay their share just in the beginning, when no one knows who will meet the loss.

Insurance Risks are classified into two industries, from the industry point of view: i) Life Insurance

As is evident from the name, this industry deals with insurance of human life and saving for long time. As per requirements of various segments of market, Different types of policies have been devised. Life Insurance Corporation of India - a sector undertaking has the monopoly in this sector since nationalization of industry, ii) General Insurance General Insurance meets the demand of all types of non-life insurance. This has been classified as Fire, Marine and miscellaneous including Vehicle Insurance.


To do comparative study of HDFC Standard Life Insurance and ICICI Prudential. To know the customer satisfaction level and their perception regarding HDFC Standard Life Insurance and ICICI Prudential.

To know the customer preference towards the Private or Public Life Insurance sector. To know the scope of as an investment opportunity and to know the priority of people while selecting different Saving Schemes.

To make the comparison between the products offered by HDFC Standard Life Insurance and ICICI Prudential.

To know about the future plans of people for buying an insurance policy.


Introduction and Meaning Research is a careful investigation or inquiry especially through search for new facts in branch of knowledge: market research specifies the information. Required to address these issues: designs the method for collecting information: manage and implements the data collection process analyses the results and communicates the finding and their implications.

Research problem is the one which requires a researcher to find out the best solution for the given problem that is to find out the course of action, the action the objectives can be obtained optimally in the context of a given environment.

Techniques The problem definition can be said to be the quite essential part of the research process; as it determine precisely, what the managerial problem is and the type of information that the research can generate to help the problem before conducting the fieldwork. It is better to decide upon the method/technique of data collection. Generally, there are two technique of data collection are: 1. Census Technique 2. Sample Technique or Convenient sampling A census is a complete enumeration of each and every unit of population where as in a sample only a part of the universe is studied and conclusion about the entire universe is drawn about that basis. The census method is costlier and more time consuming as compared to sampling method but the result are near representatives than sample method. The availability of resources, time factor degree of accuracy desire and scope of the problem enable us to apply sample technique. Data Collection The objectives of the project are such that both primary and secondary data is required to achieve them. So both primary and secondary data was used for the project. The mode of collecting primary data is questionnaire mode and sources of secondary data are various magazines, books, newspapers, & websites etc.

1. Primary Data The primary data was collected to make the comparison between the products offered by HDFC Standard Life Insurance and ICICI Prudential. The primary data was collected by means of questionnaire and analysis was

done on the basis of response received from the customers. The questionnaire has been designed in such a manner that the consumer's satisfaction level can be measured and consumer can enter his responses easily. 2. Secondary Data The purpose of collecting secondary data was to achieve the objective of studying the recent trends and developments taking place in Life Insurance.

Sample size: - Keeping in mind all the constraints 100 working people local residents of Chandigarh city were selected. Sampling Unit: - Chandigarh Sampling Technique: - Convenient sampling Analysis and Interpretation After the data collection, it was compiled, classified and tabulated manually and with help of computer. Then the task of drawing inferences was accomplished with the help of percentage and graphic method. Different suggestions given by me to the Company after analyzing the views of every respondent are also given in the report.

It is said, "Nothing is perfect" and if the quite is true, I am sure that there would be few shortcoming in this project also. Sincere efforts have been made to eliminate discrepancies as far as possible but few would have reminded due to limitations of the study. These are: 1. Limited scope The survey was conducted in Chandigarh thus the respondents belonged to only this region of the country. This could have brought bias into the study. 2. Nature of the study The survey concentrated on personal information about income, saving and investment. All these issues are highly sensitive and of secretive nature therefore there could have been untrue answers to some of the questions. 3. Ambiguous replies Some of the respondents gave ambiguous replies for certain questions or omitted the responses to some of them. The interpretation of such responses becomes difficult and could generate wrong results. 4. Unrepresentative sample size The sample size taken for the purpose of the study does not very significantly represent the whole society and their saving investment patterns may not clearly bring out the average trends existing in the market. 5. Assumption for the purpose of analysis Some assumption was made while doing analysis and interpretation; there could be few limitations in regard to these.


Are you aware of Life Insurance ?

Yes □


Are you aware of the following Life Insurance Companies ? HDFC Standard Life Insurance. ICICI Prudential Life Insurance □ □


Which companies policy had you opted from the following : HDFC Standard Life Insurance. ICICI Prudential Life Insurance □ □


Are you satisfied with the services offered by HDFC Standard Life Insurance? Yes □ No D


From where did you heard about HDFC Standard Life Insurance? Electronic Media Print Media Agents Others □ □ □ □


What was the motive behind purchasing the policy? Risk Coverage Saving Investment Taxation □ □ □ □


Are you aware of the following insurance plans? Single Premium Money Back Endowment Children Pension ULIP All □ □ □ □ □ □ □


What according to you are the motives of buying Life Insurance Policy? Tax Saving Liquidity □ □ Lives Cover Secure Investment □ □


If you are not taking any insurance policy, please tell us the reasons why? We could not afford We don't see any benefit with the system We don't want insurance We don't understand how system works □ □ □ □

Submitted to


Punjab Technical University
For the partial fulfillment of the requirement for the degree of

Bachelor of Business Administration 2009
Submitted To: MRS. DEEPALI SHARMA Lecturer, Lovely Institute of Management Submitted By: ANKUR SHARMA

614240767 B.B.A VI (SEM)

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