1 Project report

on
Comparative Analysis of Insurance
Product of HDFC

Submitted in Partial Fulfilment for the Award of the Degree of

Bachelor of Business Administration (BBA)
Under the Guidance of: Submitted by:
Dr. Rashida Gani Abrar Khan
Roll no.: 613050016

The Business School Bhaderwah Campus, University of

Jammu
2 Declaration
I, the undersigned, hereby declare that the Project Report
entitled “Comparative Analysis of Insurance Product of HDFC
at HDFC Bank Bhaderwah” written and submitted by me to
The Business School Jammu University, in partial fulfilment of
the requirement for the award of degree of Bachelor in
Business Administration under the guidance of Dr. Dr. Rashida
Gani is my original work and the conclusions drawn therein
are based on the material collected by myself.

Acknowledgement
3 I have taken efforts in this project. However, it would not
have been possible without the kind support and help of
many individuals and organization. I would like to extend my
sincere thanks to all of them.
I am highly indebted to Naseer Ahmed Butt for his guidance
and constant supervision as well as for providing necessary
information regarding the project and also for her support in
completing the project.
I would like to express my gratitude towards management
and employees of HDFC Bank for their kind co-operation and
encouragement which helped me in completion of this
project.
I would like to express my special gratitude and thanks to Dr.
Rashida Gani for giving me such attention and time.
I would also like to express my special gratitude and sincere
thanks to the HOD The Business School Bhaderwah Campus
for giving me an opportunity to discover more knowledge.

Abrar Khan

Executive Summary
4 HDFC Bank offers various types of insurance schemes for life,
health and accident, vehicle, travel, home, cyber, and social
security.
HDFC Bank is India’s largest private sector bank by balance
sheet size and has a strong presence across the country with
over 6,000 branches and over 7 crore customers.
HDFC Bank is also one of the leading players in the insurance
sector in India with its subsidiaries HDFC Life and HDFC Ergo
having significant market shares among private players.
HDFC Bank has been performing well in the stock market as
well with its share price reaching an all-time high recently.
HDFC Bank faces competition from other banks and insurance
companies in India and has some strengths and weaknesses
in its business strategy.
5
SR NO. TOPIC PAGE NO.
1. Company Profile 6-19
2. Introduction to Life Insurance 20-27
3. Project Profile 28-46
Significance of the Study 47
Objective of Study 48
6. Research Methodology
i. Research Design 49-50
ii. Scope of Study
iii. Data Collection Sources

7. Sampling Procedure
i. Sampling Unit 51-52
ii. Sampling Technique
iii. Sample Size

8. Data Analysis & Interpretation 53-59

9. Findings 60
10. Suggestions 61
11. Conclusion 62
12. Limitation of the Study 63
13. Annexure 64-66
14. Bibliography 67
Table of Contents
6

COMPANY PROFILE

HDFC Bank

Type Private
Founded 1994
HDFC Bank Ltd.,
Headquarters
Mumbai, India
Banking
Insurance
Industry
Capital Markets and allied
industries
Loans, Credit Cards, Savings,
Products Investment vehicles, Insurance
etc.
Website www.hdfcbank.com
7
HDFC Bank (NYSE: HDB), one amongst the firsts of the new
generation, tech-savvy commercial banks of India, was incorporated
in August 1994, after the Reserve Bank of India allowed setting up of
Banks in the private sector. The Bank was promoted by the Housing
Development Finance Corporation Limited, a premier housing
finance company (set up in 1977) of India. Net Profit for the year
ended March 31, 2009 was Rs. 12837.34 crores. Results of the latest
quarter ended June 2009, indicate that the bank continues to grow in
a steady manner.

 History
The Housing Development Finance Corporation Limited (HDFC) was
amongst the first to receive an 'in principle' approval from the
Reserve Bank of India (RBI) to set up a bank in the private sector, as
part of the RBI's liberalization of the Indian Banking Industry in 1994.
The bank was incorporated in August 1994 in the name of 'HDFC
Bank Limited', with its registered office in Mumbai, India. HDFC Bank
commenced operations as a Scheduled Commercial Bank in January
1995.

 Branch network
Currently HDFC Bank has a nationwide network of 1,412 branches,
3,295 ATMs, in 528 cities in India, and all branches of the bank are
linked on an online real-time basis. The bank offers many innovative
products & services to individuals, corporate, trusts, governments,
partnerships, financial institutions, mutual funds, insurance
companies.

It is a path breaker in the Indian banking sector. In 2007 HDFC Bank

acquired Centurion Bank of Punjab taking its total branches to more
than 1,000. Though, the official license was given to Centurion Bank
of Punjab branches, to continue working as HDFC Bank branches, on
May 23, 2008.

 Recognition
8
Over a decade of its operations, HDFC Bank has been recognized,
rated and awarded by a number of organizations.

 Board Of Directors
Mr. Jagdish Capoor (Chairman)

Mr. Aditya Puri (Managing Director)

Mr. Keki Mistry

Dr. (Mrs.) Amla Samanta

Mr. Venkat Rao Gadwal

Mr. Anil Ahuja

Mr. Vineet Jain

Mr. Ranjan Kapoor

Mr. Bobby Parikh

Mrs. Renu Karnal

Vice President (Legal) & Co. Secretary

Mr. Sanjay Dongre

Auditor
P.C Honsolia & Co. (Chartered Accountant)

Registered Office
HDFC Bank House

Senapati Bapat Marg

9 Loveer Parel Mumbai – 400013

Tel. No. – 56521000

Fax No. – 24960739

Web. Site- www.HDFCbank.com

 Product Range of HDFC Bank
Product
Range of
HDFC
Bank

Accounts Investme Access

Forex
& Loans Cards nts & your
Services
Deposits Insurance Bank

Accou--
nts &
Deposi
ts

Safe
Saving Salary Current Fixed Demat
Deposi
Accoun Accoun Accoun Deposi Accoun
ts
t t t ts t
Lockers
10

Loans

Gold Loan
Personal Loan
Home Loan
Two WheelerEducation
Loan Loan
Loan Tractor Loan
Against Property

Cards

Debit cards Credit Cards Prepaid Card

11 Investme
nt &
Insuranc
e

General Equities
Mutual Knowled
Insuranc & Health & Mudra
Fund Bonds ge
e Insuranc Darivativ Gold Bar
Center
e es

Forex
services

Forex
Product
Trade Forex RBI services
&
Services Limited Guideline Branch
Services
Locator
12

Access Your Bank

ATM Mobile Banking

Phone BankingNet Banking
Branch Network
Email Stateme--nt

 Awards & Accolades

HDFC Bank began operations in 1995 with a simple mission to be a
“world-class Indian Bank”.

We realised that only a single-minded focus on product quality

and service excellence would help us to get there. Today, we are
proud to say that we are well on our way towards that goal.

It is extremely gratifying that our efforts towards providing

customer convenience have been recognised both nationally &
internationally.
In 2004, HDFC Bank was named “Best Overall Local/ Domestic
Bank- India” in the Corporate Cash Management Poll conducted by
the Hong Kong – based Asia money magazine.
13
In 2003, Forbes Global again named us in its ranking of “Best
Under a Billion, 200 Best Small Companies for 2003”

Hong Kong- based Finance Asia Magazine rated us “Best Domestic

Commercial Bank in India” in 1999, 2000 & 2001 respectively &
“Best Local Bank in India” in 2002 & 2003.

HDFC Bank has been named “Best Domestic Bank in India Region
“in The Asset Triple a Country Awards 2003.

Leading Indian Business Magazine Business Today in a survey rated

us “Best Private Sector Bank” in India in 1999 & “Best Bank in
India” in 2003

NASSCOM and economictimes.com have named us the “Best IT

User in Banking” at the IT Users Awards 2003.

Leading Personal Finance Magazine in India Outlook Money

named HDFC Bank the “Best Bank in the Private Sector” for the
year 2003.

Leading Business Newspaper, The Financial Express named HDFC

Bank the “Best New Private Sector Bank 2003” in the FE-Ernst &
Young Best Banks Survey 2003.
14
There have been some other proud moments as well: -
 London- based Euro money Magazine gave us the award
for “Best Bank- India” in 1999, “Best Domestic Bank” in
India in 2000, and “Best Bank in India” in 2001 & 2002.

 Asia money Magazine has named us “Best Commercial

Bank in India 2002”.

 The Economic Times has conferred on us The Economic

Times Awards for Corporate Excellence as the Emerging
Company of the Year 2000-01.

 For our use of information technology, we have been

recognized as a “Computerized Honors Laureate” and
awarded the 21st Century Achievement Award in 2002 for
Finance, Insurance & Real Estate category by
Computerworld, Inc., USA. Our technology initiative has
been included has been included as a case study their
online global archives.

 The Economic Times has conferred on us “The Economic

Times Awards for Corporate Excellence as the Emerging
Company of the year 2000-01.
 Leading Indian business magazine Business India named
us “India’s Best Bank” in 2000.
 In the year 2000, leading financial magazine Forbes Global
named us in its list of “The 300 Best Small Companies” in
the world and as one of the “20 for 2001” best small
company in the world.

We are aware that all these awards are mere milestones in the
continuing, never-ending journey of providing excellent service to our
15
customers. We are confident, however, that with your feedback and
support, we will be able to maintain and improve our services.

 HDFC Future
HDFC has always been market-oriented and dynamic with respect to
resource mobilisation as well as its lending programme. This renders
it more than capable to meet the new challenges that have emerged.
Over the years, HDFC has developed a vast client base of account
changes in the volatile external environment. borrowers, depositors,
shareholders and agents, and it hopes to capitalise on this loyal and
satisfied client base for future growth. Internal systems have been
developed to be robust and agile, to take into

HDFC has developed a network of institutions through partnerships

with some of the best institutions in the world, for providing
specialised financial services. Each institution is being fine-tuned for
a specific market, while offering the entire HDFC customer base the
highest standards of quality in product design, facilities and service.

Brief Profile of HDFC Standard Life

Insurance

I. BACKGROUND

a. Housing Finance Sector

Against the milieu of rapid urbanization & a changing socio-economic
scenario, the demand for housing has grown explosively. The
importance of the housing sector in the economy can be illustrated
by a few key statistics. According to the National Building
Organization (NBO), the total demand for housing is estimated at 2
16
million units per year & the total housing shortfall is estimated to be
19.4 million units, of which 12.76 million units is from rural areas &
6.64 million units from urban areas. The housing industry is the
second largest employment generator in the country. It is estimated
that the budgeted 2 million units would lead to the creation of an
additional 10 million man-years of direct employment & another 15
million man-years of indirect employment. Having identified housing
as a priority area in the Ninth Five Year Plan (1997-2002), the
National Housing Policy has envisaged an investment target of Rs.
1500 billion for this sector. In order to achieve this investment
target, the Government needs to make low-cost funds easily
available & enforce legal & regulatory reforms.

b. Background
HDFC Standard Life Insurance Co. Ltd. is a joint venture between
HDFC Ltd., India's largest housing finance institution and Standard
Life Assurance Company, Europe's largest mutual life company. It
was the first life insurance company to be granted a certificate of
registration by the IRDA on the 23rd of October 2000.

Standard Life, UK was founded in 1825 and has experience of over

180 years. Companies. The company is rated as "very strong" by
Standard & Poor's (AA) and "excellent" by Moody's (Aa2).

HDFC Standard Life's cumulative premium income, including the first-

year premiums and renewal premiums is Rs. 672.3 Crores for the
financial year, Apr-Nov 2005. So far, the company has covered over
11,00,000 individuals and has declared 5th consecutive bonus in as
many years for its 'with profit' policyholders.

c. 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 & professional manner, and to promote home ownership.
Another objective is to increase the flow of resources to the housing
17
sector by integrating the housing finance sector with the overall
domestic financial markets.

d. Organizational Goals
HDFC’s main goals are to: -

1. Develop close relationship with individual households,

2. Maintain its position as the premier housing finance institution
in the country,
3. Transform ideas into viable and creative solutions,
4. Provide consistently high returns to shareholders, and
5. To grow through diversification by leveraging off the existing
client base.

II. THE PARTNERSHIP: -

HDFC Standard Life Insurance Ltd. is a joint venture between HDFC
and Standard Life Assurance Company. HDFC is India’s largest
Housing Finance Institution and Standard Life Assurance Company is
Europe’s largest mutual life company.

The Partnership
 Discussions commenced in January 1995
 Joint Venture Agreement signed in October 1995
 Joint Venture Agreement renewed in October 1998
 Two Years time spent in doing Market Research
 Life Insurance project team established in January 2000 at
Mumbai
 Company officially incorporated 14th August 2000
 First private sector life insurance company to be a Certificate of
Registration: 23rd October, 2000
 Sales commenced on 12th December, 2000
18
 Hold the distinction of being the only new life insurance
company to have declared for all years of operation.
 For superlative performance in life insurance sector, HDFC SL
has been rated as the “best new life insurer- 2003”.

Corporate Office:
2nd Floor, 'A' Wing
Trade Star Building
Junction of Kondivita & M.V. Road
Andheri Kurla Road
Andheri East
Mumbai 400 093
Tel: 5551 6666, 2822 0055

Registered Office:
Ramon House
H T Parekh Marg, 169, Back Bay Reclamation
Church gate, Mumbai - 400020
Tel: 2820282, 2836255
Visit HDFC Standard Life on: www.hdfcinsurance.com

INSURANCE COMPANIES IN INDIA

Before insurance sector was opened to the private sector Life
Insurance Corporation (LIC) was the only insurance company in India.
After the opening up of Insurance sector in India there has been a
glut of insurance companies in India. These companies have come up
with innovative and flexible insurance policies to cater to varying
needs of the individual. Opening up of the Insurance sector has also
forced the Lic to tighten up its belt and deliver better service. All in
all, it has been a bonanza for the consumer.
 Major Life insurance Companies in India are:
19

 Aviva Life Insurance

 Bajaj Allianz
 Birla Sun Life Insurance
 HDFC Standard Life Insurance
 ICICI Prudential
 ING Vysya
 Kotak Mahindra
 LIC
 Max New York Life Insurance
 Metlife India Insurance
 Reliance Life Insurance
 SBI Life Insurance
 Shriram Life Insurance
 Tata AIG Life Insurance

III. OUR MISSION

We aim to be the top new life insurance company in the market. This
does not just mean being the largest or the most productive
company in the market; rather it is a combination of several things
like: -

1. Customer service of the highest order

2. Value for money for customer
3. Professionalism products to cater to different needs of
different customers
4. Use of technology to improve service standards
5. Increasing market share
20 Introduction To Insurance
 WHAT IS INSURANCE?
Every asset has a value for its owner and also for those who are
benefited with the existence of that asset. Insurance is concerned
with protection of economic value of asset.

All of us are interested in the creation of assets because:

1. All assets have value.

2. They yield income to the owner.
3. They meet some other needs of the owner.
4. They may provide satisfaction of some needs and also yield
income to the owner.

Under the life insurance, the insurance company guarantees to pay,

in consideration of a regular premium a certain sum of money to the
policy holder on his attaining a certain age, or to his nominee on his
death, whichever is earlier. Life insurance is also known as Assurance
because sooner or later the amount of the policy must be paid.

 DEFINITION
In the words of D.S. Hansel,” insurance is accumulated contributions
of all parties participating in the scheme”

 BRIEF HISTORY OF THE

INSURANCE
The Beginning
 The beginning of insurance business is traced to the city of London. It
21
started with the marine business. Marine traders, who used together at
Lloyd’s coffee house in London, agreed to share losses to goods
during transportation by ship. Marine related losses included: -

1. Loss of ship by sinking due to bad weather in high seas.

2. Goods in transit by ship robbed by sea pirates.
3. Loss of or damage to the goods in transit by ship due to bad
weather in high seas.
4. The first insurance policy was issued in England in 1583

 PURPOSE AND NEED FOR

INSURANCE
1. Assets are likely to be destroyed or made non-functional
due to accidental occurrences called perils. Assets can,
therefore, be insured.
2. Possibility of damage to assets caused by a peril is the risk
that asset is exposed to.
3. Risk means uncertainty or unpredictability about future
loss or damage, which may or may not happen. This refers
to the losses, which may happen suddenly and
unexpectedly.
4. This is because of uncertainty about the risk that
insurance plays a role.
5. Insurance becomes relevant only if there are
uncertainties of occurrence of event leading to loss/es.
Insurance is done against the contingency of the
happening of such events.
6. No uncertainty-No Insurance.

 MECHANISM OF INSURANCE
22
I. The concept of insurance is that-People exposed to the same
risk come together and agree to share a loss collectively if any
one of their members suffer from that risk.
II. The insurance companies play the vital role of implementing
this concept. They try bringing together people exposed to the
similar risk; they collect member’s contribution in advance in
the shape of premiums and create a fund out of which the
losses are paid.
III. In the event of breadwinner’s death, the family’s income stops
suddenly.
IV. The family’s income may also stop on retirement of the
breadwinner.
V. Life insurance covers the above contingencies and provides
relief to the family in the event of the death of retirement of
the breadwinner.
VI. Variable needs for life insurance can be- Providing financial
security to the family, provision for children’s education,
marriage, etc. Post-retirement income for self and dependents,
special needs like medical expenses, etc.

 WHY LIFE INSURANCE

Life Insurance has come a long way from the earlier days when it was
originally conceived as a risk covering medium for a short period of
time, covering temporary risk situations, such as sea voyages. As life
insurance became more established, it was realized what a useful
tool it was for a number of situations, including: -

a) Temporary needs / threats:

The original purpose of life insurance remains an important element,
namely providing for replacement of income on death etc.
23

b) Regular Savings:
Providing for one’s family and oneself, as a medium to long term
exercise (through a series of regular payment of premiums). This has
become more relevant in recent times as people seek financial
independent for their family.

c) Investment:
It is the building up of savings, to meet the sudden needs of the
family and to cope with inflation. It is a process of saving for the
future needs and to provide for risk cover.

d) Retirement:
Provision for latter years becomes increasingly necessary, especially
in a changing cultural and social environment. One can buy a suitable
insurance policy, which will provide periodical payments in one’s old
age.

 ADVANTAGES OF LIFE
INSURANCE
Secured targeted saving – a uniqueness
 Life insurance is not merely an investment or a saving device –
it is much more than that.
 In another investment or saving avenues, bank deposits,
savings certificates or mutual funds or shares and stocks etc.,
amount of funds available at any time will not be more than
amount saved, appreciation or interest earned till then. In life
insurance, the amount available is the one that one wished to
24
have at the end of savings period which may range up to 30 or
even more years.
 Life insurance has advantages over the other form of savings:
Facility of nomination and assignment makes the claim
settlement easy on death.
 Life insurance involves compulsory savings.
 Tax benefits- on premium paid as well as the amount received
by way of claim.
 Loans can be against a life insurance policy.

 LIFE INSURANCE IN INDIA

I) INTRODUCTION
With such a large population and the untapped market area of
this population Insurance happens to be a very big opportunity in
India. Today it stands as a business growing at the rate of 15-20
per cent annually. Together with banking services, it adds about 7
percent to the country’s GDP. In spite of all this growth the
statistics of the penetration of the insurance in the country is very
poor. Nearly 80% of Indian populations are without Life insurance
cover and the health insurance.

This is an indicator that growth potential for the insurance sector

is immense in India.

Since then, the insurance industry has gone through many sea
changes. LIC started facing competitions from many new
companies which were threatening the existence of LIC. Since the
liberalization of the industry the insurance industry has never
looked back and today stand as the one of the most competitive
and exploring industry in India. The entry of the private players
and the increased use of the new distribution are in the limelight
25
today. The use of new distribution techniques and the IT tools has
increased the scope of the industry in the longer run.

II) A Brief History

The origin of insurance is very old. The time when we were not
even born; man has sought some sort of protection from the
unpredictable calamities of the nature. The basic urge in man to
secure himself against any form of risk and uncertainty led to the
origin of insurance. The insurance came to India from UK; with the
establishment of the Oriental Life Insurance Corporation in 1818.

The Indian life insurance company act 1912 was the first statutory
body that started to regulate the life insurance business in India.
By 1956 about 154 Indian, 16 foreign and 75 provident firms were
been established in India. Then the central government took over
these companies and as a result the LIC was formed. Since the LIC
has worked towards spreading life insurance and building a wide
network across the length and the breath of the country. After the
liberalization the entrance of foreign players has added to the
competition in the market. The General insurance business in
India, on the other hand, can trace its roots to the Triton
Insurance Company Ltd., the first general insurance company
established in the year 1850 in Calcutta by the British.

In 1957 General Insurance Council, a wing of the Insurance

Association of India, frames a code of conduct for ensuring fair
conduct and sound business practices. In 1972 The General
Insurance Business (Nationalization) Act, 1972 nationalized the
general insurance business in India with effect from 1 st January
1973. It was after this that 107 insurers amalgamated and
grouped into 4 companies viz,
26
The National Insurance Company Ltd.,

The New India Assurance Company Ltd.,

The Oriental Insurance Company Ltd., and

The United India Insurance Company Ltd.

GIC incorporated as a company.

IRDA
IRDA-Insurance Regulatory Development Body
 It is like Reserve Bank of India (RBI) which is the father of all
banks. All the banks are regulated by RBI and have to be
maintained according to it and cannot go beyond its rules
and regulations.
 Same is the case with IRDA, it is the regulating body over all
the existing insurance companies. It checks the proper
working of all the insurance companies and also checks that
if the interest of the customer is secured.
 IRDA Act passed in 1999 to allow and control Private
Insurance Business. IRDA as a Regulating Authority
established by the Government of India in 2000 to protect
the interest of policyholders and to regulate and promote
orderly growth of Insurance Industry.
 IRDA registers a company only after satisfying itself with
sound financial condition, general character of management,
capital structure etc. of the promoters.
 Every insurance company is to deposit 1% of Total Gross
Premium in RBI (maximum 10 Crores) every year. This sum is
solely for meeting liabilities arising out of policies issued by
the company.
27
 Investment of funds is regulated by IRDA Act- Investment to
be made only in Central and State Government Securities
(minimum 50%) and balanced in approved Investment.
 Actuarial variation is to be done every year to see the
Financial Health of the Company.
 IRDA conducts surprise inspection and Audit.
 Central Government can appoint an administrator of the
company if anything goes wrong.
 Submission of returns to the Central Government every year
by the company.
 A Life Insurance Company cannot be wound up voluntarily
and escape policy liability.
28 STUDY OF VARIOUS PRODUCTS
OFFERED BY HDFC STANDARD
LIFE INSURANCE
INSURANCE SOLUTIONS FOR INDIVIDUALS
HDFC Standard Life Insurance offers a range of innovative, customer-
centric products that meets the needs of every life stage. Its ten
products can be enhanced with up to 4 riders, to create customized
solutions for each policyholder.

Each of us leads a unique life and so has unique needs. HDFC

Standard Life offers a range of products and invites you to choose
the one that suits you best

PLANS FEATURES
A. Savings Plans

Life Insurance with savings &

profit. Financial support to
1. Endowment Assurance family. In case of death of the
life assured within term policy.
Plan
OR Payment of lump sum on
maturity.
Financial security to the child.
Lump sum on maturity.
2. Children’s Plan Flexible plan- three options to
choose from.
Financial security for your child
with choice of investment
3. Unit Linked Young Star Plan funds.

Life Insurance with Savings &

Profits. Cash payment of lump sum
4. Money Back Plan at 5 years interval. On maturity,
payment of lump sum.
29
B. Investment Plans

Investment with Life Insurance

with profit.
1. Single Premium Whole
Life Insurance Plan With-drawl of money on any
(SPWL) 10th, 15th ……… 5 years term.

In case of death nominee gets

the lump sum and bonuses.
C. Protection Plans

1. Term Assurance Plan Life Insurance at an affordable

price. No profit plan. Sum
assured is payable in case of
death. It is a risk cover plan.
Life Insurance customized for
home loans. No profit plan.
2. Loan Cover Term Assurance Lump sum amount decreases
Plan the percentage of sum
assured. Risk cover plan. No
benefits payable on survival till
the term end.
D. Retirement Plan

25% share of private life

1. Personal Pension Plan
2. Unit Linked Pension Plan
insurance company business.
Savings for retirement. With
profits. A savings contract.
Income for life after
retirement. Lump sum plus
Bonuses on retirement.
Retirement Savings with a
choice of investment funds.
30 ADDITIONAL BENEFITS: -
CI --Critical Illness
ADB --Accidental Death Benefit
ATB --Additional Term Benefit
ASA --Accelerated Sum Assured
WOP--Waiver of Premium
A. SAVING PLAN
1. ENDOWMENT ASSURANCE PLAN
a. What is an Endowment Assurance Plan?
It is participating (with profits) insurance plan that offers the
following features:
Provides financial support to the family by way of a lump sum
payment in case of the unfortunate death of the life assured within
the term of the policy. Provide a lump sum payment to the life
assured on survival up to maturity. The lump sum mentioned is the
basic sum assured plus any bonus additions.
b. Benefits
This plan is a with profits saving plan and is well suited for saving
money for your long-term financial goals. This plan also helps to
provide for the needs of your family in your absence by paying out a
lump sum in the event of your unfortunate death during the term of
policy. What optional benefits are available with this plan?
You can add the following optical benefits to customize your policy to
suit your needs. Critical Illness (CI) Benefit provides an amount, equal
to the sum assured chosen under this optional benefit, on diagnosis
of any of the 6 common critical illnesses (1). The sum assured is
payable if you survive for 30 years after the date of the claim. Once
such a claim has been met, further Critical Illness benefit is payable.
However, your basic policy Term Benefit (ATB) provides an additional
31
amount equal to the sum assured chosen under this optional benefit,
in case of your unfortunate death.
Accidental Death Benefit (ADA) provides an additional amount, equal
to the sum assured chosen under this optical benefit, in case of your
unfortunate death.
 Due to accident, &
 Within 90 days of the accident Waiver of Premium (WOP)
benefit waives the premium for you in case become totally
disabled. The waiver is applicable during the period of total
disability.
All optional benefit must be selected at the outset of your plan. (1)
Cancer, Coronary Artery Bypass Grafts Surgery, Heart Attack, Kidney /
Rental Failure, Major Organ Transplant (as recipient) & Stroke.
Does Endowment Assurance Plan offer you tax benefit?
Tax benefits described in section 88, section 80D** & section 10
(10D) of the income tax act are applicable.
c. Eligibility
This plan can be taken on a single life basis or a joint life (first claim)
basis. This eligibility ages are as follows.

Basic Basic Policy with Optional Benefits

Policy
CI ATB ADA WOP
Min. age 12 18 18 18 18
at entry
Max. age 60 55 60 55 50
at entry
Max. age 75 70 75 65 60
32
at expiry

Min. Term: 10 years Max. Term: 30 years

2. CHILDERN’S PLAN
Children’s Plan is designed to provide a lump sum to the child at
maturity. It also provides financial security to the child in the future,
even in case of the insured parent’s unfortunate death during the
policy term. Children’s Plan receives simple reversionary bonuses,
which are usually added annually. This is a flexible plan with 3
options for you to choose from, depending on your requirements.
The details of these options are explained in the next section. The
option that is available with this plan.

Option On the death of the On Maturity

insured parent during
the policy term
Maturity Benefit Plan Future premiums Sum assured bonuses
waived and the policy paid
continues till
maturity
Accelerated Benefit Sum assured + On the survival of the
Plan bonuses paid and the insured parent to the
policy stops maturity date, sum
assured+ bonuses
paid

The children’s plans offer you tax benefits.

33
The premium you pay will be eligible for tax relief under section 88 of
the Income Tax Act, 1961. The benefits received under the policy are
eligible for tax relief under section 10(810D) of the Income Tax Act,
1961.

a. Eligibility
The eligibility ages for the life assured under the plan are as follows: -

Min. age at entry 18years

Max. age at entry 60years

Max. age at maturity 75years

Min. Term: 10years Max. Term: 25years

b. The Payment Options

You have the choice of paying the premium either in yearly, half
yearly or quarterly models, depending on your convenience.

c. Indicative Premium
Child Current Age: 1year

Age of Parents Maturity Accelerated Double

(Years) Benefit Plan Benefits Plan Benefits Plan
(Rs.) (Rs.)
30 4,658 4,835 4,937
35 4,684 4,929 5,078
40 4,731 5,098 5,321

 The above quoted premiums are for a male life assured paying
annual premiums for a Rs. 1 Lakh sum assured policy, with the
policy maturing the child is 21 years old. The premium quoted
above may vary as a result of underwriting.

Age of Maturity Accelerated Double

34
Parents(years) Benefit Plan Benefits Plan Benefits Plan
(Rs.) (Rs.)
30 7,039 7,142 7,282
35 7,063 7,169 7,390
40 7,107 7,300 7,593

 The above quoted premiums are for a male life assured paying
annual premium for a Rs. 1Lakh sum assured policy, with the
policy maturing when the child is 21 years old. The premium
quoted above may vary as a result of underwriting.

HDFC Standard Life Insurance Co. Ltd. is a joint venture between

HDFC, India’s largest housing finance institution and Standard Life
Assurance Company, Europe’s largest mutual life company. HDFC
manages Rs. 26,300 crores in assets and standard life manages
over US $100 billion in assets. Both the promoters are well known
for their ethical dealings, their financial strength and their
commitment to be a long –term player in the life insurance
industry- all important factors to consider when choosing your
insurer.

3. MONEY BACK PLAN

It is a participating with profits insurance plan that offers the
following features: -

 Payment of cash lump sum, each of which is a proportion of the

basic sum assured at 5-year intervals during the term of the
policy. (Please refer to the table given below).
 On survival up to maturity a payment equal to the basic sum
assured + any bonus additions less the cash lump sums paid
earlier is provided.
 In case of the unfortunate death of the life assured within the
term of the policy, the basic sum assured + any bonus additions
are provided. This is above the earlier payouts.

a. Schedule of Cash Lump Sum

35
(As a basic sum assured)

Total Number of years from policy date

Policy
Term
5 10 15 20 25
10 40%
15 30% 30%
20 25% 25% 25%
25 20% 20% 20% 20%
30 15% 15% 15% 15% 15%

b. Benefit To Boy
This plan helps you for future anticipated expenses by paying
periodic cash lump sums to you at regular intervals. This plan also
helps to provide for the needs of your family in your absence by
paying them the basic sum assured plus any bonus additions in the
event of your unfortunate death during the term of the policy.
c. Optional benefits are available with the plan
You can add the following optional benefits to customize your policy
to suit your needs: -
 Critical Illness Benefits provide an amount, equal to the
sum assured chosen under this optional benefit, on
diagnosis of any of the 6 common critical illness (1).
The sum assured is payable if you survive for 30 days
after the date of the claim. Once such a claim has been
met, no further critical illness benefit is payable.
However, your basic policy continues even after we pay
a claim on this benefit. Additional term benefit
provides an additional amount, equal to the sum
assured chosen under this optional benefit, in case of
your unfortunate death.
36
 Accidental death benefit provides an additional amount
equal to the basic sum assured in case you die:
 Due to accident, &
 Within 90 days of the accident Waiver of
Premium (WOP) benefit waives the premium for
you in case become totally disabled. The waiver
is applicable during the period of total disability.
All optional benefit must be selected at the outset of your plan. (1)
Cancer, Coronary Artery Bypass Grafts Surgery, Heart Attack, Kidney /
Rental Failure, Major Organ Transplant (as recipient) & Stroke.
d. Money Back Plan & Tax Benefits
Tax benefits described in section 88, section 80D** & section 10
(10D) of the income tax act are applicable.
**Applicable to premiums paid for CI & WOP.
e. Eligibility
This plan can be taken on a single life basis or a joint life (first claim)
basis. This eligibility ages are as follows.

Basic Basic Policy with Optional Benefits

Policy
CI ATB ADA WOP
Min. age 12 18 18 18
at entry
Max. age 60 55 60 55 50
at entry
Max. age 75 70 75 65 60
at expiry

Min. Term: 10 years Max. Term: 30 years

37
f. The Payment Options
You have the choice of paying the premium either in yearly, half
yearly or quarterly models, depending on your convenience.

g. Indicative Premium
Age Basic Policy Additional Premium for Optional Benefits
(Yrs.) Premium (Rs.)
(Rs.)
CI ATB ADB WOP
20 7491 304 322 136 352
30 7585 442 388 144 443
40 7925 925 641 156 672
50 8815 1890 1357 Not Not
Available Available

B. INVESTMENT PLAN

1. SINGLE PREMIUM WHOLE of LIFE

INSURANCE PLAN
Single premium whole of life insurance plan is well suited to meet
your long-term investment needs. This participating (with profits)
plan offers you the following benefits: -
A SOUND INVESTMENT: The fund aims to provide secure &
stable long-term growth. Normally, we will declare a compound
reversionary bonus for your policy every year and add it to your
policy on its anniversary. In addition, on death surrender or on the
guaranteed dates, a terminal bonus might be payable. You pay a
single premium and the policy will pay you a lump sum.
38
FLEXIBILITY of TERM: Even after choosing your policy, you
can decide on the policy term. For 4 weeks after any of the 10 th, 15th,
20th & subsequent 5-year anniversaries, you can choose to receive
the sum assured plus any attaching bonuses, in full. Once the money
has been received, your policy will cease.
SURRENDER VALUE: You can terminate the policy and time,
after it has been at least 6 months, & receive a surrender value.
IN CASE OF UNFORTUNATE DEATH: Your nominee gets
the sum assured secured by your premium, plus any attaching
bonuses.
NO MEDICAL REQURIEMENTS: We do not require you to
undergo any medical test for this plan.

a. ELIGIBILITY
The eligibility ages as follows:
Min. age at entry : 18years
Max. age at entry : 70years

You can buy the product on a single life basis.

b. PAYMENT OPTIONS
Cash, cheque or demand draft can pay a single premium.
c. INDICATIVE PREMIUM
Min. sum assured : 25,000
Max. sum assured : 5,00,000
Premium Rs. 950 per thousands of sum assured.
39 C. PROTECTION PLAN
1. TERM ASSURANCE PLAN
Under this plan a sum assured is payable in case of the life assured
during the term of the contract. One can choose the lump sum that
would replace the income lost to one’s family in the unfortunate
event of one’s death. Since this non-participating (without profits)
plan is a pure risk cover plan, no benefits are payable on survival to
the end of the term of the policy.
a. BENEFITS
If you have a family you care for, you should consider what would
happen in case of your unfortunate death. The emotional void
cannot be filled, but financial insecurity can be avoided. By taking this
affordable life insurance plan, you can provide for the well-being of
your family in case of your unfortunate death. This plan comes to you
at a minimal cost & is well-suited for the value-conscious customer.
The optional benefits are available with this plan?
You can add the following optional benefits to customize your policy
to suit your needs.
 Critical Illness (CI) Benefit provides an amount, equal to the
sum assured chosen under this optional benefit, on diagnosis of
any of the 6 common critical illnesses (1). The sum assured is
payable if you survive for 30 days after the date of the claim.
Once such a claim has been met, further Critical Illness benefit
is payable. However, your basic policy continues even after we
pay a claim on this benefit.
 Accidental Death Benefit (ADA) provides an additional amount,
equal to the sum assured chosen under this optical benefit, in
case of your unfortunate death.

b. TAX BENEFITS
Tax benefits described in section 88, section 80D** & section 10
(10D) of the income tax act are applicable.
40
**Applicable to premiums paid for CI & ASA.
c. ELIGIBILITY
This plan can be taken on a single life basis or a joint life (first claim)
basis. This eligibility ages are as follows.
Basic Basic Policy with Optional Benefits
Policy
Min. age 18 18
at entry
Max. age 60 55
at entry
Max. age 65 65
at expiry

d. PAYMENT OPTIONS
You have the choice of paying the premium either in yearly, half
yearly or quarterly models, depending on your convenience.

e. INDICATIVE PREMIUM

Age of Life Premium (Rs.) Single Premium

Insured (Rs.)
20years 862 1566 11970
25years 914 1662 13110
30years 979 1782 15726
35years 1074 1956 18216
41

40years 1473 2688 26400

2. LOAN COVER TERM ASSURANCE PLAN

This plan provides a lump sum on the unfortunate death of the life
assured during the term of the plan. The lump sum will be a
decreasing percentage of the initial sum assured. As the outstanding
loan decreases as per the loan scheme, the cover under the policy
decreases as per the policy schedule. Since this is non-participating
(without profits) pure risk cover plan, no benefits are payable on
survival to the end of the term of the policy.
a. BENEFITS
If you are taking a loan to buy for your family, this plan can help you
to ensure that life’s uncertainties don not affect their shelter. It is an
affordable plan that has been designed to help your family repay the
outstanding loan in case of your unfortunate death.
b. ELIGIBILITY
This plan can be taken on a single life basis or a joint life (first claim)
basis. This eligibility ages are as follows.
Basic Policy with any Optional Benefits
Policy
Min. age 18 18
at entry
Max. age 55* 55
at entry
Max. age 65 65
at expiry
42
*60years for a single premium policy
c. TERM ASSURANCE PLAN TAX BENEFITS
Tax benefits described in section 88, section 80D** & section 10
(10D) of the income tax act are applicable.
**Applicable to premiums paid for CI & ASA.
Annual Premiums** (Rs. P. A) Single Premium (Rs.)
Term of Loan (in years) Term of Loan (in years)
Age of life 10 15 10 15
insured
30 years 1592 1634 5781 7993
35 years 1757 1799 6324 9152
40 years 2114 2163 8515 12991
45 years 2782 2915 10636 16636
50 years 3955 4175 15921 25038

d. THE PAYMENT OPTION

You have the choice of paying the premium either in yearly, half
yearly or quarterly models, depending on your convenience.

D. RETIREMENT PLAN
1. PERSONAL PENSION PLAN
Before you enter into any financial contract, it is important that you
understand what the product is, how it works, the risk involved and
what a decision to buy could mean for you. We recommend that you
read this document before you purchase a policy form HDFC
Standard life Insurance Company.
43
a. PURPOSE
The policy is basically a savings contract, which is designed to provide
an income for life from retirement, with an option to take the lump
sum elsewhere to buy annuity, provided it is permitted by the
prevailing regulations.
Your commitment: you agree to pay a single premium or level
premiums with installment due every quarter, half- year or year
throughout the deferment period of the policy, after which you will
start receiving your pension.
b. RISK FACTOR
If you cease to pay premiums, we may pay a surrender value. This
will be determined at our discretion. If any of the information which
you provide is incorrect, we reserve the right to vary the benefits
which may be payable and further, if there has been non- disclosure
of a material fact then we may treat your policy as void. We will not
pay out if a claim arises from an excluded cause of death. Future
bonuses are not guaranteed. They are dependent on our future
experience. The principal elements of experience are our investment
performance and expenses.
c. PREMIUM PAYMENT
You can pay either a single premium or pay premiums in quarterly,
half-yearly or annual form by cheque, in cash or by bank draft.

d. BASIC BENEFITS PAID

Your basic benefits will be paid by cheque. You cannot increase your
benefits or term under the policy. To increase your benefits, you
would need a new policy. You should contact your personal financial
consultant. You may be able to decrease the benefits. The terms for
so doing will be at our discretion.
e. ELIGIBILITY
44
The age and term limits for taking out a personal pension plan are;
Minimum Maximum Minimum Maximum Minimum Maximum
Terms Terms age at age at age at age at
entry entry retirement retirement
RPI SP2 RP SP RP SP 60 50 70
10 5 40 15 18 35

2. UNIT LINKED PENSION PLAN

Our unit linked pension policy can greatly help you to meet your
financial need after retirement. It allows you build up a retirement
fund for the future and during that time, give you the knowledge that
your family will receive a cash lump sum to provide for them in the
event of your unfortunate demise.

It is important that you understand what the HDFC unit linked

pension plan is, how it works, the risk involved and what a decision
to buy could mean for you. We recommend that you read this
document before you purchase a policy form HDFC Standard life
Insurance Company.

The unit linked pension plan is basically an insurance contract, which

is designed to provide a retirement income for life.

Your premiums are invested in units of the investment fund of your

choice, based on the prevailing unit price. On vesting the value of
your units will be used to buy your retirement benefits. On earlier
death, the beneficiary receives the value of your units plus a cash
lump sum of Rs. 1,000.
45
a. PREMIUMS
You agree to pay level premiums regularly, either quarterly, half
yearly or annually, throughout the term of the policy or a single
premium at the start of the policy. The minimum premium amount
for regular mode is Rs. 10,000 each year and for single premium, it is
Rs. 25,000.

b. INVESTMENT FUNDS INVESTED

The policy is fully unitized with a range of funds to match your needs
and approach to risk. Each investment fund is composed of units. All
the units in a fund are identical. You can choose from the following
funds.

c. LIQUID FUND
The liquid funds invest 100% bank deposit and high-quality short-
term money market instrument. The fund is designed to be cash
secure and has a very low level of risk; however, unit prices may
occasionally go down due to the use of short-term money market
instruments.

d. SECURED MANAGED
The secure managed fund invests 100% in Government securities and
Bonds issued by companies or other bodies with a high credit
standing, however a small amount of working capital may be
invested in cash to facilitate the day-to-day running of the fund. This
fund has a low level or risk but unit prices may still go up or down.
e. DEFENSIVE MANAGED
46
15% to 30% of the defensive managed fund will be invested in high
quality Indian equities. The remainder will be invested in
Government securities and Bonds issued by companies or other
bodies with a high credit standing. In addition, a small amount of
working capital may be invested in cash to facilitate the day- to-day
running of the fund. The fund has a moderate level of risk with the
opportunity to earn higher returns in the long term from some equity
investment. Unit prices may go up or down.
f. ELIGIBILITY
Minimum Maximum Min. Max. Min. Max.
Term Term age at age at age at age at
entry entry vesting vesting
Regular 10 40 18 60 50 70
premium
version
Single 5 40 18 65 50 70
premium
version

SIGNIFICANCE OF THE STUDY

Life Insurance is universally acknowledged to be an institution which

eliminates risk, substitute certainty and comes to the timely aid of
the family in the unfortunate event of death of the bread wind by &
47
large. Life Insurance is civilization partial solution to the problems
caused by death.

Customers are now looking at insurance as complete financial

solution offering stable returns coupled with the protection.
Companies will need to constantly innovate in terms of product
development to meet the changing consumer needs. This will
provide valuable insight to the market on the level of brand
consciousness among respondents and their awareness towards
various life insurance plans. This knowledge would enable the
company to devise the marketing strategies based on the findings.
Understanding the customer better will enable the company to
design appropriate product, determine price correctly and increase
profitability.

OBJECTIVES OF THE STUDY

 To study the awareness of the respondents about HDFC

SLI and its plans.
48

 To study the most preferred plan of the HDFC SLI and its
plans.

 To study the satisfaction level of the respondents with

the company plans.

RESEARCH METHODOLOGY
49 INRODUCTION
This chapter focuses on the methodology & the techniques used
for the collection, classification & tabulation of data. It sheds light
on the research problem, the objective of study & its limitations.
The latter part of this chapter explains the manner in which the
data is collected, classified, tabulated & so as to reach on
conclusive results. It is written game plan for concluding research.
There for into design a research problem it is necessary to design a
research methodology as the same may differ from problem to
problem.
To carry out this study descriptive research has been conducted to
explore the hidden the fact about the insurance plans provided by
the life insurance companies. Exploratory study useful to narrow
the scope of the study. Under this study, survey method is
employed to go inside the problems of the respondents.

1. RESEARCH DESIGN
To carry out this study sample survey method has been employed.
In this method, information is gathered from a sample of people
using a questionnaire. This method is very useful; in studying the
relationship among different attitude and to explore the problems
that cannot be treated by experimental method.

2. SCOPE OF STUDY
The scope has been limited to sample size of 100 respondents due to
time and cost constraints.

3. COLLECTION of DATA SOURCES

After the research problem has been defined and the research design
has been chalked out, the task of data collection begins. Data can be
collected from either primary or secondary source. In this study
50
although the data was collected mainly through primary sources, it
was supplemented by secondary data.
For the collection of primary data, the respondents were contacted
personally and the tool for gathering the data was the questionnaire
and tally calling.

SAMPLING PROCEDURE

This refers to the procedure by which the respondent should be

chosen. In order to obtain a representative sample, convenience-
51
sampling method has been used in this study without nay
stratification to obtain a uniform size of respondents.

1. SAMPLING UNIT
The unit refers to the definitions of the particular person who is to be
survey. In this study the unit is the respondent, which is operating in
Bhaderwah.

2. SELECTION OF SAMPLE
Sample can ideally be selected as percentage of total population of
respondents to increase the accuracy and reliability of the sample.
Hence a sample 100 respondents was appropriate to keep sample
accurate as well as manageable.

3. SAMPLING PLAN
The following factors have to be decided within the scope of the
sampling.

SAMPLING SIZE
This refers to the procedure by which we describe the total number
of respondents from whom the information is to be collected. Here I
have selected 100 respondents.

FORMATION OF QUESTIONNAIRE
Quite often the questionnaire is considered as the HEART of a survey
operation. Hence, it should be carefully constructed. In the words of
52
GOOD & HATT, “In general, the word questionnaire refers to a device
for securing answer to questions by using a form which the
respondent fills in himself”. All the questions in a questionnaire are
framed with a specific objective in mind and are placed in logical,
sequential order. The questionnaire framed for the purpose of the
study consists of a limited number of questions placed in a logical
order. The questions were framed keeping in mind the educational
and social background of the company’s dealers. The questions were
both open and close ended as well as multiple choices.

CLASSIFICATION of DATA

It refers to the process of arranging data into homogenous classes.

Subsequent to the collection of data, the results were sorted out and
arranged in different categories.

GRAPHICAL ANALYSIS

For presently the data in an organized form graphic method has been
use i.e., the data is mainly represented in the form of pie-graphs etc.

Q1 Who is your insurer?

Insurer No. of Respondents %age
LIC 68 68
HDFC 20 20
ICICI 12 12
53

No. of Respondents

12%

20%
LIC
HDFC
ICICI

68%

Q2 While taking insurance plan how are your rate that

following?
Choice No. of Respondents %age
Tax Benefits 15 15
Savings 60 60
Risk Coverage 25 25
54 No. of Respondents

15%
25%

Tax Benefits
Savings
Risk Coverage

60%

Q3 Give choice you would prefer to invest in?

Choice No. of Respondents %age
Insurance 43 43
FD 33 33
NSS/NCC 0 0
Post Office 24 24
Shares 0 0

No. of Respondents

0%
24%
Insurance
43%
0% FD
NSS/NCC
Post Office
Shares

33%
55 Q4 Who is your financial consultant?
Option No. of Respondents %age
Family Agent 10 10
Friend/ relative 65 65
Professional 25 25

No. of Respondents

10%
25%

Family Agent
Friend/ relative
Professional

65%

Q5 Should life insurance be made compulsory?

Response No. of Respondents %age
Yes 57 57
No 43 43
56 No. of Respondents

43%
Yes
No
57%

Q6 Are you aware with these plans?

Plans No. of Respondents %age
Personal Pension 21 21
Loan Cover Assurance 5 5
Plan
Money Back Plan 24 24
Children Plan 39 39
Endowment Plan 11 11
57 No. of Respondents

11% 21%
Personal Pension
5% Loan Cover Assurance Plan
Money Back Plan
Children Plan
39%
Endowment Plan
24%

Q7 What is your occupation?

Occupation No. of Respondents %age
Private Job 32 32
Self-Employee 31 31
Govt. Job 37 37

No. of Respondents

32%
37%
Private Job
Self Employee
Govt. Job

31%
58 Q 8 Are you satisfied with services of your insurance
company?
Response No. of Respondents %age
Yes 79 79
No 21 21

No. of Respondents

21%

Yes
No

79%

Q9 Which plan you have taken?

Plan No. of Respondents %age
Money Back Plan 24 24
Pension Plan 19 19
Endowment Plan 15 15
Children Plan 42 42
59 No. of Respondents

24%

42% Money Back Plan

Pension Plan
Endowment Plan
Children Plan
19%
15%

Q10 How much of your income would you like to invest in?
Income No. of Respondents %age
1000-5000 46 46
5000-10000 30 30
10000-20000 21 21
20000 above 3 3

No. of Respondents

3%
21%

46% 1000-5000
5000-10000
10000-20000
20000 above

30%
60 FINDINGS
1. As per the study we find that 68% people prefer LIC, 20%
prefer HDFC Standard Life and 12% people prefer ICICI
insurance.
2. By the study we come to know that maximum people are
looking for savings then looking for risk coverage.
3. Whereas we come to know that savings and risk coverage
are the main criteria then the company should look these
benefits.
4. Friends 65% are the best resource for the financial
constancy then high-status family are talking about
professional qualified person 25% then respective family
agent 10% the resource.
5. People are not as much aware about life insurance factors.
So, only 57% people are agreeing with necessity of life
insurance and 43% simply refuses the requirement of life
insurance.
6. People are only crusty about Children Plan 39%, Money
Back Plan 24%, Personal Plan 21%, Endowment Plan 11%
and Loan Cover Assurance Plan 5% are same important.
7. People are the same worthy being a customer good that
79% people are satisfied but still rest 21% are same
important which should be satisfied later on by providing
them to the best services.
8. We found that maximum people preferring children’s plan,
then money back plan then personal pension plan then
endowment plan and then loan assurance plan.
61 SUGGESTIONS

 Lots of potential in rural area. They have no knowledge

regarding private companies. Company’s motto should be to
make them aware about their product.
 Awareness of customer is very low in India. Even educated
person are ignorant about various products of insurance.
 Company should have made endeavour in this context like
advertisement.
 Give assurance to people that they won’t go anywhere taking
their money, because that is regulated by IRDA and back up by
RBI.
 Company should provide more benefits with their products
like major surgical benefits and income benefits.
 Companies should open customer service points in rural areas
also.
 Company should advertise its plans in Local News Papers to
attract the rural market.
62 CONCLUSION

 HDFC Standards Life Insurance Ltd. is one of the best private

insurance companies.
 Facilities provided by HDFC SLI all are advanced.
 HDFC SLI and HDFC Bank has good market image and thus
attract more customers.
 Popular product: Children Plan
 People Scheme: Money Back Plan
 Popular Direct Banking Channel: ATM
 Causes of dissatisfaction for not using any of DBC unawareness
and lack of knowledge.
 Promotional Efforts: -
 Canopies
 Tele-Calling
 Marketing Executives
63

LIMITATIONS OF THE STUDY

1. The first and foremost limitations was time constraints was

only few days but still efforts have been made to put the
picture as clear as possible.
2. The sample size is only 100 respondents, so the sample may
not be truly representative of the population.
3. Samples were selected as per convenience so errors are bound
to creep in the study.
64 QUESTIONNAIRE

Name :
Age & Sex :
Occupation :
Contact No. :

Q1 Who is your Insurer?

LIC HDFC SLI ICICI

Q2 While taking insurance plan how are your rate that

following?

Savings Risk Coverage Tax Benefits

Q3 Give choice you would prefer to invest in?

FD Insurance Post Office

NSS/ NCC Shares

Q4 Who is your financial consultant?

65
Professional Friend/ Relative Family Agent

Q5 Should life insurance be made compulsory?

Yes No

Q6 Are you aware with these plans?

Children Plan Money Back Plan

Personal Pension Plan Endowment Plan

Loan Cover Assurance Plan

Q7 What is your occupation?

Govt. Job Private Job Self-employed

Q8 Are you satisfied with the service of your insurance

company?
66

Yes No

Q9 Which plan you have taken?

Endowment Plan Children Plan

Pension Plan Money Back Plan

Q10 How much of your income would you like to invest in?

1000-5000₹

5000-1000₹

10000-20000₹

20000 Above₹
67

BIBLIOGRAPHY

1. www.hdfcbank.com

2. www.hdfc.com

3. www.hdfcsli.com

4. www.hdfcstandardlifeinsurance.com

5. www.google.com