A

STUDY ON CONSUMER PERCEPTION & SATISFACTION IN HDFC STANDARD LIFE INSURANCE,

A Report of Project Work Submitted in Partial Fulfillments of The Requirements for the Award of Degree of BACHELOR OF BUSINESS ADMINISTRATION
NAVRATAN SHARMA
ENROLMENT No: BB09/003 Under The Guidance of Assistant Prof. Nitin Vasu

NIMS Institute of Management & Computer Sciences NIMS University Rajasthan Jaipur-303 001 Rajasthan

NIMS INSTITUTE OF MANAGEMENT AND COMPUTER SCIENCES Jaipur 303 121 RAJASTHAN BONAFIDE & FORWARDING CERTIFICATE

It is to certify that the Navratan Sharma/o Mr. Kunj Bihari Sharma is a bonafide student of this institute with enrolment number BB09/003. Based on the written consent of the faculty guide Assistant Prof. Nitin Vasu we are forwarding his project report titled CONSUMER PERCEPTION & SATISFACTION for further evaluation to The Controller of Examinations NIMS University, Jaipur Rajasthan.

Ms. Pallavi Tomar (Director NIMSIM&CS)

Certified that this dissertation is approved in quality and form

External Examiner

Internal Examiner

NIMS INSTITUTE OF MANAGEMENT AND COMPUTER SCIENCES Faculty Guides Certificate

TO WHOMSOEVER IT MAY CONCERN This is to certify that the dissertation titled CONSUMER PERCEPTION & SATISFACTION is a bonafide work done by Navratan Sharma/o Mr. Kunj Bihari Sharma under my guidance in partial fulfillment of Bachelor of Business Administration programme of NIMS University Rajasthan. This report has been checked by me on the basis of the rough draft submitted and the view expressed in the report is only that of the researcher and not of this institute.

Date: -

Assistant Prof. NitinVasu

Place: - NIMS INSTITUTE OF MANAGEMENT & COMPUTER SCIENCES NIMS UNIVERSITY, JAIPUR, RAJASTHAN.

STUDENT DECLARATION

I do hereby declare that the project work title CONSUMER PERCEPTION & SATISFACTION is a record of bonafide work done by me under the supervision of Assistant Prof.Nitin Vasu.NIMS Institute of Management & Computer Sciences Jaipur- 303121 and submitted to NIMS University, Rajasthan in partial fulfillment of the requirements for the award of degree of Bachelor of Business Administration.

Navratan Sharma BBA

NIMS INSTITUTE OF MANAGEMENT & COMPUTER SCIENCE NIMS UNIVERSITY, JAIPUR, RAJASTHAN.

Organization certificate

Acknowledgement
I place on record my indebtedness and gratitude to Almighty God for the inspiration, guidance and support. I also place on record my thanks to the authorities of NIMS Institute of Management for giving me the necessary permission for the survey and to the authorities of HDFC life Insurance for giving me the necessary support and permission for the study. I do thank my family members and all others who have helped me to come through this way. Sometimes words fall short to show gratitude, the same happened with me during this project. The immense help and support received from HDFC Life Insurance Limited overwhelmed me during the project. My sincere gratitude to Mr.Dinesh Bansal (Center Manager, HDFC Life Insurance limited, Jaipur) for providing me with an opportunity to work with HDFC Life Insurance Limited at Jaipur as a company project guide who has provided me with the necessary information and his valuable suggestion and comments on bringing out this report in the best possible way. I am highly indebted to Mr. Kuldeep Patel (Sales manager of HDFC Life Insurance, Jaipur) and company project guide, who has provided me the necessary information and his valuable suggestion and a good support in understanding the basics of the life insurance easily. I also very thankful to my friends who help me in completion of the project. I am thankful to that power that always inspires me to take right step in the journey of success my life.

Mr. Navratan Sharma BBA 6th Sem. NIMS Institute of Management, Jaipur, Rajasthan

CHAPTER NO 1

CONTENTS INTRODUCTION INDUSTRY PROFILE

PAGE NO 8-14 15-26

COMPANY PROFILE

26-33

PRODUCT

33-40

THEORITICAL BACKGROUND OF THE STUDY

40-43

DESIGN OF THE STUDY TITLE OF THE STUDY

43 43

STATEMENT OF PROBLEM

44

SCOPE OF THE STUDY

44

OBJECTIVES OF THE STDY 3 4 RESEARCH DESIGN OF THE STUDY RESEARCH METHODOLOGY SAMPLING PLAN OF THE STUDY LIMITATION

44-45 45-46 46-47 47-48 49

5 6 7 8

DATA ANALYSIS & INTERPRETATION FIDINGS, SUGGESTINS &CONCLUSION BIBLIOGRAPHY QUESIONNAIRE

50-63 63-67 67-68 68-70

INTRODUCTION Introduction of insurance: Insurance is commerce. Insurance product is a financial contract entered into by parties with a define consensus of mind. Insurance, in its purest from, is a risk management tool, a security blanket. It provides financial protection against unexpected events. When we buy insurance, effectively a portion of risk is transferred to the insurer. This protection comes at a price, but its a function of what we might otherwise find ourselves burdened with. Whatever stage of life we are at, chances are, and we need insurance. Definition: Insurance can be define as a contract by which insurance agrees to pay the insured a compensation for specified damage loss or injury suffered in exchange for periodic payment called premium Insurance cannot prevent the happening of the event; it can protect a person from the financial losses he may suffer after the happening of the event. Therefore, insurance if aimed at compensating the financial loss suffered an insured event. Classification of insurance:
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Insurance is basically classified into two categories.

1. 2.

Life Insurance General Insurance

Life insurance: This is provided for the payment of sum money on the death of the insured person due to natural causes or on the expiry of a certain number of years if the insured person is then alive. Death and life neither of them can be compensated. Life insurance aims to compensate the Income Earning Capacity of the person. Events covered in Life Insurance: In Life Insurance, income earning capacity of the person is covered. The loss of the income earning capacity can be on the happening of the following events when the life is assured.
1. 2. 3. 4.

Death. Sickness (critical illness). Accident (Death or permanent disability due to accident). Retirement.

Objectives and advantages of life insurance:

Protection against Risk of Untimely Death:

Life insurance is a product, with offers protection against the risk of Death the full sum assured is made available under a life assurance policy, whereas under other savings schemes, the total accumulated savings alone will be available.

Protection during old age:

Life insurance can also be used as a means of saving ones future. There are a number of life insurance policies which in addition to life cover also provide the means of investing ones income. The sum as per the policy will be received only after a period of time. This amount thus provides for the old age.

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Forced savings:

Payment of life insurance premiums is compulsory and becomes a habit. Saving in other scheme can be easily withdrawn and may be used for less worthy purpose. Terminatio1n of a life insurance policy by the policyholder usually results in substantial loss in benefits under the policy to the policyholder. One is thus encouraged to save and keep ones policy alive.

Educational Requirement and Charity:

The object of insurance may be to serve as a security to education funds in respect of loans advanced for educational purpose or to provide donations to charitable institution like hospital and school.

Nomination and Assignment:

The life insured can name the person or person whom the policy money would be payable in the event of his death the proceeds of a life insurance policy can be protected against the claims of the creditors of the life insured by effecting a valid assignment of the policy. The beneficiaries are fully protected from creditors expect the extent of any interest in the policy retained by the insured.

Marketability and Suitability for Borrowing:

After 3 years, if the policy holder finds that he is unable to continue payment of premiums he can surrender a policy for a cash sum. A life insured policy is accepted as a security for a commercial loan.

Loan from the Insurance Company:

A policy holder can take a loan from his insurance company against the security of his life insurance policy provided the term of the terms of his policy allow such a loan can be taken usually after a period of 3 years from commencement of the policy and is a percentage of its surrender value.

Investment Option.

The unit link products gives comprehensive insurance solution that cater to an individuals need of earning potentially high return as well as stay for life. Thus there
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is an option to invest money in the products that combine the best of insurance and investment. In a volatile market conditions it is possible to secure both as one can hedge the investment with saver investment vehicles that provide a diversified portfolio.

Tax Benefits:

The Indian income tax act provides tax concessions to the policy holder both on payment of premium and on the maturity amount. Under sec 88 the benefits on premium paid by an individual for life insurance policy on his own life/on the life of spouse children minor or major, including married daughters.

Protection to Wife and Children:

Under sec 6 of the married womans property act if a married man takes a policy of the life insurance on his own life and expenses on the face of it to be for the benefit of his wife or of his wife and children or any of them, than it shall be deemed to be a trust for the benefit of his wife and children or any of them, according to the interest so expressed and shall not so long as any object of trust remains be subject to the controls of the husband or to his creditors or from part of his estate. An insurance policy taken by a married man in the above manner is ideal way to protect the interest of his wife and children, even after his untimely death. General Insurance: Insurance other than life fall under general insurance. It covers loss of every other physical or non-possession. The loss may be due to fire, theft, accident etc. the general insurance is further classified into

Fire insurance:

It covers movable and immovable properly having monetary value. It covers the loss or damage to insured property by specific perils for example: damage of property in manufacturing premises due to fire may result in total or partial stoppage of production process leading to loss of profits. Such loss of profit can be covered under loss insurance policy.

Marine Insurance:

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It is of the oldest branches of the insurance. It plays a significant role in both and internal and international trade. The insurers undertake to indemnify the insured against the losses occur during transit by rail, road, sea or air.

Miscellaneous Insurance:

Insurance that takes other fire and marine is known as miscellaneous insurance. It is covered under the several classes of which motor insurance, burglary insurance, cattle and crop insurance are most important Differences between life insurance and Non life insurance (General Insurance)

Risk is certain in life insurance and non life insurance: Every person who is insured is likely to die, and the income earning capacity will be stopped by death. In non life insurance the risk is uncertain and the insured event may or may not result in the loss to the policy holder Life insurance is a long term contract while non life insurance contracts are one year contracts. Difficulty in determining value of human life in insurance. In non life insurance the value can be determined with much ease. Life insurance is not a strict contract of indemnity. Non life insurance contracts are in indemnity contracts.

Insurance as investment Endowment plans are the best selling life insurance product in the country. This single fact says a lot about how most Indians who get investment plans to get their lives insured, save on tax build a retirement corpus and fund their childrens education, among other things. Endowment plans offers good value to novice investment and those with a low appetite for risk. They force the habit of regular saving and help to create funds for lives, many financial goals; and unlike with mutual funds on stocks, there is no risk of capital erosion. But there is a price you pay for such certainty; low returns. Tax- benefits One of the several reasons given to buy life insurance is to save on tax. Its true that there are extremely generous tax breaks to be avoided of life insurance,
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Premiums: For the salaries, the rebate under section 88 of the income tax act is an effective way to lower tax rebates under this section, along with investments with other instruments like PPF and NSC. Note: if you claim a rebate on investment in insurance but withdraw from it with in 2 years, the rebate claims will be deemed as tax payable, the amount of tax rebate that can claim under section 88 in a year on the income that year.

INDUSTRY PROFILE: History of insurance: Insurance began as a way of reducing the risk of traders, as early as 5000 BC and 4500 BC in. Life insurance dates only to ancient Rome; "burial clubs" covered the cost of members' funeral expenses and helped survivors monetarily. Modern life insurance started in late 17th century, originally as insurance for traders: merchants, ship owners and underwriters met to discuss deals at Lloyd's Coffee House, predecessor to the famous. The first insurance company was formed in 1732, but it provided only fire insurance. The sale of life insurance in the U.S. began in the late 1760s. The Synods in and created the Corporation for Relief of Poor and Distressed Widows and Children of
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Presbyterian Ministers in 1759; Episcopalian priests organized a similar fund in 1769. Between 1787 and 1837 more than two dozen life insurance companies were started, but fewer than half a dozen survived. Prior to, many insurance companies in the United States for their owners, in response to bills passed in 2001 and in 2003, the companies have been required to search their records for such policies for example reported that Nautilus sold 485slaveholder life insurance policies during a two-year period in the 1840s; they added that their trustees voted to end the sale of such policies 15 years before the. General information: Human have always sought securities. This quest for security was an important motivating force in the earliest formation of families, clans, tribes, and other groups. Indeed, groups have been the primary source both emotional and physical security since the beginning of humankind. They ensured a less volatile source of life necessities then that which ensures isolated human & families could provide and help their less fortunate members in the time of crises. Human today continue their quest to achieve security and reduce risk uncertainty. We still rely on group for financial stability. The group may be our employer, the government, or an insurance company, but concept is the same. In some ways however, we today are more vulnerable that our ancestors. The physical and economical securities formerly provided by the tribes or extended family diminished with industrialization. Our income dependent, wealth acquiring lifestyle renders and our families more vulnerable to environment and societal changes over which we have no control. Humans are exposed to many serious perils, such as property loss from fire or windstorm, and personal losses from incapacity and death. All through individual cannot predict or completely prevent such occurrences, they can provide for their financial effects. Encyclopedia of finance and banking defines insurance as the elimination of or protection against risk amenable to actual calculation, voidance or reduction of losses occurring through misfortunes such as death, fire, accident, tornado, shipwreck, etc. insurance is a contact between an insurer and insured where by the insurer identifies the insured against loss due to specific risks such as from fire, storm and death. Insurance contracts require an agreement, considerations, capacity, legality, compliance with the status of frauds and delivery. Insurance is an integral part of most enterprises, risk management program. Insurance does not prevent losses, it substitutes a small certain loss (premium) for a possible or contingent large loss. The
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insured is indemnified for the amount of loss, for the insured amount, or for the face of his policy, in return for payment of periodic premiums. The principle kinds of insurance are as follows:

Life-term, ordinary, endowment, limited payment, group industrial and annuities, with a variety of combinations of the four basic forms. Fire & marine-fire, ocean marine, motor vehicle, inland navigation, and transportation, tornado and windstorm, sprinkler leakage, earthquake, riot and civil commotion, explosion rain, hale, flood, aircraft, etc. Causality and surety -automobile liability, liability other than automobile workers, compensation, fidelity and surety, burglary and theft, automobile property damage, accident in health, steam boiler, machinery, plate glass, etc.

All mutual and legal reserves life insurance companies provide for a participation in dividends by all policy holders. In this way the cost of insurance to the insured is reduced. Four classes of insurance business:

Life insurance Fire insurance Marine insurance Miscellaneous insurance.

Brief history of insurance sector in India: The insurance sector in India has come full circle from being open competitive market to nationalization and back to liberalized market again. Tracing the developments in India, insurance sector reveals the 360-degree turn witnessed over a period of almost two centuries.

1818 Oriental insurance company was established. 1870 Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business.

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1912 Indian life insurance companies act as the first statute to regulate the life insurance business 1928 The Indian insurance companies act enacted to enable the government to collect statistical information about both life and non life insurance business. 1938 Earlier legislation consol dated and amended to by the insurance act with the objective of protecting the interest of insuring public. 1956 245 Indian and foreign insurers and provident societies taken over by the central government were nationalized.

Insurance sector reforms: In 1993 Malhotra committee, headed by former finance secretary and RBI governor R N Malhotra was formed to evaluate the Indian insurance industry and recommended its future direct on. The Malhotra committee was set up with the objective of complimenting the reforms initiated in the financial sector. Recommendation included in the report submitted by the committee Structure:

Government stake in the insurance companies to brought down to 50% Government should takeover the wordings of GIC and its subsidiaries, so that these subsidiaries can act as independent companies. All the insurance companies should be given greater freedom to operate.

Competition:

Private companies with minimum paid up capital of Rs. 1 billion should be allowed to enter the industry; no company should deal in both life and general insurance through single entity. Foreign companies may be allowed to enter the industry collaboration with domestic companies. Postal life insurance should be allowed to operate in rural areas Only one state level life insurance company should be allowed to operate in each state.

Regulatory body:
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The insurance act should be changed An insurance regulatory body should be set up.

Life insurers transact life insurance business; general insurers transact the rest. No companies are permitted as per law. Legislation (as on 1-4-2000):

Insurance is a federal subject in India; the primary legislation that deals with insurance business in India is; Insurance Act, 1938 and Insurance Regulatory & Development Authority Act, 1999 Fire and miscellaneous insurance business are predominant motor and vehicle insurance is compulsory. Tariff Advisory Committee (TAC) lays down tariff rates for some of the general insurance products.

Customer Protection: Insurance industry has ombudsmen in 12 cities. Each ombudsman is empowered to redress customer grievances in respect of insurance contracts on personal lines where the insurance amount is less than 20 Lakes, in accordance with the ombudsmen scheme. Address can be obtained from the officers of LIC and other insurers. Need for life insurance: Maslows need hierarchy theory: Making the person feel SAFE other expression of the need for safety occur when individuals are confronted with real emergencies e.g. accidents, war, crime, natural calamities, etc. once physical needs are met, another set to motives, safety or security needs, become motivates. The primary motivating force here is to ensure reasonable degree of continuity, order, structure and predictability in once environment. Maslow suggested that the safety needs are most readily observed in infant and young children because of their relatives helplessness and dependence on adults. Security needs in original context co-related to such factors as job security, salary increment, safe working conditions, unionization and lobbying for prospective registration.

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Risk and uncertainty are part of life great adventures accident, illness, thefts, natural disaster. They are built into the working of universe, waiting to happen. Insurance that is main answer to the vagaries of life. If you cannot beat the manmade and natural calamities, wealth, at least be prepared for them and aftermath. Insurance is contract between two parties one is insurer (insurance company) and insured (the person or entity seeking the coverage). Where the insurer agrees to pay the insured for the financial loses arising out of any unforeseen events in return for a regular payment of the premium. These unforeseen events are determined as risk and that is why insurance is called is the risk cover. Hence the insurance is the essential means to financially compensate for loses that life throws at people- corporate and otherwise. India at glance:

Economy: India is 5th largest economy in the world in terms of purchase. GDP Growth rate: over 6% per year on an average for the last decade. Savings rate: around 26% of GDP Estimated middle class population: 300 million Insured population: 70 million

India has an enormous middle class that can afford to by life, health and disability and pens on plan products. The level of penetration of life insurance in India compared to other developed nations can be judged by a comparison of per capita life premium. Global life insurance trends: Country life premium per capita U.S. $ in 1994 JAPAN 3817

UK

1280

USA

964

19

INDIA

800

Life insurance market in India INDIAN COMPANY HDFC Tata Group Bajaj Max India IDBI SBI Bajaj Allianz Cholamandalam ICICI Vysa Bank Spic Sanmar Group FOREIGN COMPANY Standard life AIG Allianz New York Principal Alliance Capital Chubb Axis Prudential ING Met Life GIO of Australia

Life insurance statistics: Table showing premium collection by various insurance companies
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COMPANY

2006-07(Rs.in min.)2007-08(Rs.in min.)% Growth 1271.2 1797.05 726.27 278.82 1959.01 1801.55 7509.10 4498.62 771.38 1314.88 233.82 2093.33 24254.64 162746.87 187101.5 260.98 183.50 311.16 341.51 172.53 515.07 106.23 247.20 427.84 95.34 203.70 61.88 153.15 1.93 10.48

Kotak Mahindra352.1 Bajaj Allianz ING Vaysa AMP Sanmar SBI Life Tata AIG 633.89 179.59 63.15 718.81 522.08

ICICI Prudential 3641.07 Birla Sun Life Aviva 1295.68 134.66

Max New York 673.14 Met Life 76.99

HDFC Standard 1293.14 Private total LIC TOTAL 9581 159767.62 169348.92

Table showing market share of life insurance companies COMPANY HDFC Standard Bajaj Allianz 2006-07 (IN %) 0.76 0.37 2007-08 (IN %) 1.12 0.96

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ING Vaysa AMP Sanmar SBI Life Tata AIG ICICI Prudential Birla Sun Life Aviva Max New York Met Life LIC

0.1 0.04 0.42 0.31 2.15 0.77 0.08 0.4 0.05 94.34

0.39 0.15 1.05 0.96 4.01 2.4 0.41 0.7 0.12 87.05

TOTAL

100

100

Registration of Indian insurance companies The registration of Indian insurance companies involves the following contents

Requisition for the registration Application for registration Renewal of certificates of registration Action in case default Certificates to existing insurers.

COMPANY PROFILE Introduction:

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HDFC is a professionally managed organization with a board of directors consisting of eminent persons who represent various fields including finance, taxation, construction and urban policy & development. The board primarily focuses on strategy formulation, policy and control, designed to increasing value to shareholders. About HDFC:

HDFC is Indias leading housing finance institution and has helped build more than 23, 00,000 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 longstanding commitment to community development. Presented the Dream Home award for the best housing finance provider in 2004 at the third Annual Outlook Money Awards. It entered into various sectors and offering services like banking, mutual funds etc, and with the privatization in insurance sector, it also entered into insurance mark

Family companies:

HDFC Limited HDFC Bank Ltd HDFC Asset Management Co. Ltd HDFC Securities Ltd HDFC Chubb General Insurance Co Ltd

About standard life:

The Standard Life group has been looking after the financial needs of customers for over 180 years

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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 Financial Adviser Service Awards for the last 10 years running. The '5 Star' accolade has also been awarded to Standard Life Investments for the last 10 years, and to Standard Life Bank since its inception in 1998. Standard Life Bank was awarded the 'Best Flexible Mortgage Lender' at the Mortgage Magazine Awards in 2006 Its business operates within six areas: UK Life & pensions, Bank, Healthcare, Investments, Canada and International.

The partnership: HDFC and standard life insurance first came together for a possible joint venture, to enter life insurance market, in January 1995. It was clear from the outset both companies shared values and beliefs and a strong relationship quickly formed. In October 1995 the companies signed a 3-year joint venture agreement. Around this time standard life purchased a 5% stake in HDF, further strengthening the relationship. The next three years were filled with uncertainty, due to changes in government and ongoing delays in getting the IRDA (Insurance Regulatory and Development Authority) Act passed in parliament. Despite this both companies remained firmly committed to the venture. In October 1998, the joint venture agreement was renewed and additional resource made available. Around this time standard life purchased 2%of Infrastructure Development Finance Company Ltd. (IDFC) standard Life also started to use the services of the HDFC Treasury department to advise them upon their investment in India. Towards the end of 1999, the opening of the market looked very promising and both companies agreed the time was right to moves the operation to the next level.
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Therefore in January 2000 an export team from the UK joined pocked team from HDFC to r\from the core project team, based in Mumbai. Around this time standard life purchased a further 5% stake in HDFC and 5% stake in HDFC Bank. In a further development standard life agreed to participates in the Asset Management Company promoted by HDFC to enter the mutual fund market. The mutual fund was launched on 20th July 2000. Incorporation of HDFC Standard Life Insurance Company Limited: The company was incorporated on 14th August 2000 under the name of HDFC Standard Life Insurance Company Limited. Companys ambition from as far back as October 1995, was to be first private company to re-enter the life insurance market in India. On the 23rd of October 2000, this ambition was realized when HDFC Standard Life Insurance was the only life company to be granted a certificate of registration. HDFC are the main shareholders HDFC Standard Life, with 81.4%while standard Life owns 18.6% Given Standard Lifes existing investment in the HDFC Group, this is the maximum investment under current regulations. HDFC and standard life have a long and relationship built upon shared values and trust. The ambition of HDFC Standard Life is to mirror the success of the parent companies and be the yardstick by which all other insurance companies in India are measured. Our key strengths: Financial expertise: As a joint venture of leading financial services groups, HDFC Standard Life has the financial expertise required to manage your long-term investments safely and efficiently. Range of solution: We have a range of individual and group solutions, which can be easily customized to specific needs. Our group solutions have been designed to offer you complete flexibility combined with a low charging structure. Track Record so far:

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Our gross premium income, for the year ending March 31, 2008 stood at Rs. 4,859cr and new business premium income stood at Rs. 2,685cr The company has covered over 9,59,000 lives year ending March 31, 2008. Vision and values: Our Vision: 'The most successful and admired life insurance company, which means that we are the most trusted company, the easiest to deal with, offer the best value for money, and set the standards in the industry'. 'The most obvious choice for all' Our Values: Values that we observe while we work:

Integrity Innovation Customer centric People Care One for all and all for one Team work Joy and Simplicity

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, Indias number 1 personal finance magazine

Future: HDFC has always been market-oriented and dynamic with respect to resource mobilization as wall its lending programmed. 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 borrowers, depositors, shareholders and agents, it hopes of capitalize on this loyal and satisfied client base for future growth. Internal systems have been development to be robust and agile, to account changes in the volatile external environment.
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HDFC has developed a network of institutional through partnerships with some of the best institutions in the world, for providing specialized financial services. Each institution is being fine and service. Important dates in companys profile: In the year 2000, HDFC Standard Life Insurance and ICICI Prudential are the first private insurances to get from IRDA to issue policies. February 2, 2001- IRDA confirms income tax benefits to private insurance companies February 13, 2001- HDFC Standard Life consultants pass online test by NSE May 9, 2001- HDFC Standard Life insurance launches its Bangalore operation October 22, 2001- HDFC Standard Life insurance launches its Term Assurance plans December 4, 2001- First group Insurance policy was sold in Chennai. VATECH Waban Ltd., an Indian Arm of VATECH Waban, with headquarters in Vienna, is a global player in the water market and they have taken group term insurance policy cover all its employees in India February 20, 2002- HDFC Standard Life insurance launches its Personal Pension Plan August 10, 2002- group Insurance business of HDFC Standard Life crosses Rs.1000cr sum assured October 17, 2002- HDFC Chubb General Insurance Company Limited Starts Operation in India February 6, 2003- The two partners in the joint venture, HDFC Ltd and Standard Life Assurance Company, UK have brought in the additional capital and the share capital of the company now stands at Rs 218cr February 18, 2003- HDFC Standard Life insurance launches its childrens plan April 8, 2003- HDFC Standard Life declares results for FY 2002-03, premium from new business more than three and a half times over last FY insurance coverage crosses Rs.5000cr mark

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October 6, 2003- HDFC Blue star ties up with HDFC Standard Life insurance for group cover January 1 2004- HDFC Standard Life launches Unit Linked plans May 16 2005- HDFC Standard Life declares results for FY 2004-05 August 18 2005- HDFC Standard Life declares results for 1st quarter of financial year 2005-06

PRODUCT PROFILE: Individual product: We at HDFC Standard Life realize that not everyone has the same kind of needs. Keeping this in mind, 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. 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, disability or sickness. These plans offer valuable peace of mind at a small price.

Term Assurance Plan Loan Cover Term Assurance Plan

Investment Plans Our investment products are well suited to meet your long-term needs.

Single Premium Whole Life Plan

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Pension Plans Our Pension Plans help you secure your financial independence even after retirement.

Personal Pension Plan Unit Linked Pension Plan Unit Linked Pension Plus

Our Immediate Annuity plan will aid you in receiving income post retirement and securing you financial independence.

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 childrens immediate and future needs. Our Savings range includes

Endowment Assurance Plan Unit Linked Endowment Unit Linked Endowment Plus Money Back Plan Children's Plan Unit Linked Young star Unit Linked Young star Plus

Health Plans Our health plans provides you with timely support in case of any health related emergencies and helps you and your family to remain financially independent in difficult times

Critical care plan Surqi care plan

Group Products: One-stop shop for employee-benefit solutions

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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. 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. We now offer the following group products to our esteemed corporate clients

Group Term Insurance Group Variable Term Insurance Group Unit-Linked Plan

Social Product Development Insurance plan is an insurance plan which provides life cover to members of a Development Agency for a term of one year. On the death of any member of the group insured during the year of cover, a lump sum is paid to that members beneficiaries to help meet some of the immediate financial needs following their loss.

Other product:

Rural products
Tax benefits PRODUCT ANALYSIS:

Endowment Assurance Plan: You have given your family the very best. And there is no reason why they shouldn't get the very best in the future too. As a judicious family man, your priority is to secure the well-being of those who depend on you. Not just for today, but also in the long term. More importantly, you have to guard your loved ones against any eventuality. How will they sustain their way of life, so lovingly built by you, in your absence? With our HDFC Endowment Assurance Plan, you can ensure that your family remains financially independent, even if you are not around. You can ensure that they live a life of respect and dignity always. The HDFC Endowment Assurance Plan gives you:

An ideal way to secure your long-term financial goals

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Valuable protection to your family by way of lump sum payment in case of your unfortunate demise within policy term Lump sum payment (basic Sum Assured plus any bonus additions) on survival up to maturity date Very flexible benefit options and payment options

Unit linked endowment assurance: In this policy, the investment risk in investment portfolio is borne by the policy holder. You have given your family the very best. And there is no reason why they should not get the very best in the future too. With HDFC Unit Linked Endowment plus II, you can ensure that your family remains financially independent, even if you are not around. You can ensure that they live a life of respect and dignity, Always. The HDFC Unit Linked Endowment plus II gives:

Valuable protection to your family in case you are not around An outstanding investment opportunity by providing a choice of thoroughly researched and selected investments Regular Loyalty Units to boost your fund value every year Flexible benefit combinations and premium payment options Flexible additional benefit options such as critical illness cover

Childrens plan: As a parent, your priority is your child's future and being able to meet your child's dreams and aspirations. Today, providing a good education, establishing a professional career or even a modest wedding is expensive. Costs are increasing fast. Just imagine how much you'll need when your child takes these important steps in life! Plan today to ensure a bright future for your child. Start building savings today with our HDFC Children's Plan. So that your child is able to lead a life of respect and dignity with a secured financial future The HDFC Children's Plan gives you:
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Invaluable financial support to your child A choice to customize an ideal plan for your child Multiple options for multiple benefits

Unit linked young star plan: As a parent, your priority is your childrens future and being able to meet their dreams and aspirations. Today, providing a good education, establishing a professional career or even a modest wedding is expensive. Costs are increasing fast. Just imagine how much you will need when your children take these important steps in life. Plan today to ensure a bright future for your children. Start building savings today with our HDFC Unit Linked Young Star Champion so that your child is able to lead a life of respect and dignity with a secured financial future. The HDFC Unit Linked Young Star Champion gives:

Valuable protection to your child in case you are not around An outstanding investment opportunity by providing a choice of thoroughly researched and selected investments Bumper Addition to the fund value at maturity Flexible premium payment options No need to go for medicals. Just filling a Short Medical Questionnaire will do!

Money Back Plan: You have always believed in living life on your own terms. So why let the changing realities of everyday life overwhelm you and make your aspirations take a back seat? You can plan now to ensure that you have the necessary funds to meet your future financial needs. The HDFC Money Back Plan is a With Profit Plan that gives you:

A proportion of the basic Sum Assured as Cash lump sums at regular 5-year intervals within the policy term (see the table given below) an ideal way to secure your long- term as well as short-term financial goals. A lump sum payment on survival up to maturity date. Valuable protection to your family by way of lump sum payment in case of your unfortunate death within the policy term

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Single premium whole life insurance plan: The well-informed rightly said and proves how important investments are in todays date and age. The question that we all fear is What about the risks attached? HDFC Standard Life Insurance brings to you a safe investment plan that would take care of your savings and nurture your earnings HDFC Single Premium Whole of Life Insurance Plan is a tailor-made plan well suited to meet your long-term investment needs. This participating plan offers you the following benefits:

Whole of life plan aimed at providing long-term real growth of your money Single premium investment plan In case of your unfortunate demise during the policy term, this participating (With Profits) insurance plan will pay your family the Sum Assured and compound Reversionary Bonuses, which are usually added annually. An additional Terminal Bonus may be paid depending on the performance of the underlying investments During Guaranteed Surrender Periods you get the Sum Assured and all bonuses vested as at the date of surrender

Term assurance plan: The HDFC Term Assurance Plan is an insurance policy that is designed to help secure your family's financial needs. The plan does this by providing a lump sum to the family of the life assured in case of death or critical illness (if option is chosen) 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 Loan Cover Term Assurance Plan: This Plan provides a lump sum on the unfortunate death of the life assured within the policy term. If you are taking a loan to buy a house for your family, this plan can help you ensure that life's uncertainties do 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. THEORITICAL BACKGROUND OF THE STUDY About the project:
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This project is mainly concentrating on the various perceptions that each customer has on privet life insurance Company as well as on the value added service offered by HDFC std. life insurance. As my title is all about perception and value added service, I have given a brief introduction about it. Service marketing: Service is an act of performing or offering that some thing extra which gives some benefits or value to the customers with out the ownership of the physical products Nowadays marketing of service is gaining importance due to increasing in demand from economic well being, changing life style of people and complexity of the products. Service differs from physical goods in certain characteristics such as intangibility, heterogeneity and perishes ability, which makes them unique and poses a challenge for marketers to make them separately from goods. This project is mainly concentrating on the perception of customers who have the policy in private Life Insurance companies and know about the value added service offered by the private Life Insurance Companies. Perception: It may be define as the process by which an individual selects, organizes and interprets stimuli into a meaningful and coherent picture of the environment in which he lives. To a person, he perceives is the reality, irrespective of the objective trust, and his behavior is determined by his perception. Factors Influencing Perception:

The perceiver

The perceivers personal characteristics play major role in influencing the way he interprets a target. A persons attitude, motives, interests, past experiences and expectation affect his perception.

The Target

Perception is affected by characteristics of the target. The people who are loud or very tall or attractive are more likely to be noticed in a crowed. The target perceived based on its attributes such as motion, sound, size, etc.

The situation
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Time, location, climate, persons state of mind and other situational factors influencing his perception The Value Added Services Offered By The HDFC std. life insurance: Electronic clearing system: It is a system where your premium gets directly debited from your bank account on your due dates. This helps the customer to pay the insurance premium with out to the insurance company. Financial advisors: Advisors are the back is not just selling of the policies but listen to the customer like what they need, how much they can invest, which policy suits them the and what kind of policy expect from us i.e. what kind of policies should be designed for them. Ease in renewal of the lapsed policy: Policy holder can easily renew their policy without much more difficulties for these customers can seed the help of financial consultant. Other service:

Customized products All the information about the companies and its products are available in companys web site. In case a customer wants to pay their premiums through cheque then they can draw them in favors of the insurance company in which he has the policy. Market information: customers can check their policy status through online. Clime settlement: clime settlement in private life insurance company is faster than the other insurance company.

DESIGN OF THE STUDY

A.

TITLE OF THE PROJECT:

CUSTOMER PERCEPTION ON VALUE ADDED SERVICES OFFERED BY HDFC STANDARD LIFE INSURANCE COMPANY LIMITED IN KHAMBHAT
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AND ANAND

B.

STATEMENT OF PROBLEM:

One of the major problems affecting the performance of the company is the change in the customer needs and requirements, and also depends on the companys Value added services. Therefore the problematic area of this study focuses on the study of customer perception towards value added services provided by the HDFC Standard Life Insurance Ltd.
C.

SCOPE OF THE STUDY:

HDFC Standard life insurance is operating in the number of unit plus such as Home insurance, Asset insurance, Travel insurance, Health insurance, and vehicle insurance like two, three and four wheeler and life insurance to diversify their life insurance business. So the study concentrates to know the customer potential for new schemes launching in the customer area. It is facing server competition; marketing intelligence has suggested that the competitors sales people are doing a better job. Therefore HDFC Standard life insurance has felt that a look at the personal selling process would be immense use.
D.

OBJECTIVES OF THE STUDY:

The main aim of the study is to accomplish the following objective:

To know the satisfaction level of the customers on value added services provided by the HDFC Standard life insurance company To know the motivational factors those made them buy an insurance policy from the company. To know the image of the private life insurance companies in the minds of the customers.

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To know the preferences of the people in the taking policies by conducting market survey. To know the perception of the customers on value added services offered by private HDFC Standard life insurance

E.

RESEARCH DESIGN OF THE STUDY:

Marketing research can be defined as the systematic design, collection, analysis, and reporting of the data and finding relevant to a specific marketing situation facing the company. Research design is the basic plan which guides the researchers in the collection and analysis of data required for practicing the research product. In fact the research design is the conceptual structure with which research is conducted. It consist the blue print for the collection, measurement and analysis of the data that was followed completing the study to ensure that study is relevant to the problem and will follow the predetermined and set data. The main data feature of Research Design is that it specifies population to be studied. The main them of the chapter is to know the source of the data the researcher has collected. Data are raw facts of observation, typically about physical phenomenon. Thus data are usually subjected to value added process where

It from is aggregated, manipulated and organized Its contents are analyzed and evaluated It is placed in a proper context for human user

Therefore, information is processed data placed in a context gives value for the reader. It is a basis for analyzing and interpreting, which helps in making note of findings, conclusions and also helps to give suggestions so data should accurate, correct and clear. If it is inaccurate and not in proper order the whole out put gets affected and it may lead to confusion. Descriptive research The research design selected for this research is descriptive research design. Limitation:
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Lack of adequate training regarding company product and services in the company Non availability of adequate secondary date. The study is restricted to Pashim Vihar and Panjabi Bagh.

F.

METHODOLOGY:

Collection of the data for the study can be drawn from following methods for study. Sources of the data: After determining the objectives of study and research design, the next important step is data is step collection method. The information has to be collected from the retailers. During the process of the study the data is collected from the target segment that is customers, dealers and distributors with help of a structured well designed questionnaire. Data is collected from

Primary data Secondary data

Primary data It was collected through questionnaire prepared contains relevant questions that are both close ended and opened. Individual and group interviews also under taken with difference consumers, I have collected mainly the Primary Data for my study by utilizing the questionnaire and interview methods. Secondary data These data are collected from published sources such as Magazines, NEWS papers, several books, and also from the help of web site

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www.hdfcsl.com
G.

Sampling plan of the study:

Sample size: Sample size refers to number of elements to be included in the study several qualitative factors should also be taken into consideration when determining the sample size. These include the nature of research, number of variable, and nature of analysis, sample size used in similar studies incidence rates, completion rates, and resources constraints. During the process of the study, survey has been conducted on 100 retailers. Sampling method: The researcher had choice between probability and non probability sampling methods. In this study a simple non probability method namely convenience sampling was adopted. For my study I have selected Non-probability method in which I selected convincing sampling method.
H.

FIELD WORK:

Survey was done in West Delhi Area. The data was collected over a period of six weeks within West Delhi Area using well structured questionnaire. The respondents were contacted at their respective retail outlets in various parts of the city. Plan of the data analysis: Planning and analysis of data can be done through three steps. They are editing coding tabulation. These three are very important in analyzing the data. Editing: Editing is the process of examining errors when there is some inconsistency in the responses as entered in the questionnaire or where it contains partial or vague answers.

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Coding: Coding is necessary to carryout the subsequent operations of tabulating and analyzing data. If coding is not done, it will not be possible to reduce a large number of heterogeneous responses into meaningful categories with the result that the analysis of data would be weak and ineffective and without proper focus. Tabulation: Tabulation comprises sorting of the data into different categories and counting the number of cases that belong to category the simplest way to tabulate is to count the number of responses to one question. This is called univeriate tabulation. Where two or more variables are involved in tabulation, it is called bivariate or multivariate tabulation. In marketing research projects and generally both types of tabulation are used.
I.

LIMITATION OF THE STUDY: The existing customers did not have enough time to spare for the survey. Feedback from the respondents may be biased. Sample Area: The study id conducted within the area of West Delhi and therefore the conclusion derived will to the opinion of the residents. Cost constraint: Survey is little costly. Sample Size: the intended sample size is only 100, which may not give a true picture of the consumer investment pattern. Time constraint: Since the project is to be conducted alone with on the job training there is time constraint in meeting people. The selected respondents are from West Delhi.

ANALYSIS AND INTERPRETATION: Date Analysis and interpretation: Table 1: Age group respondents
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Age Group Below 25 25 to 35 35 to 45 45 and above Total

No. of respondent 31 39 25 5 100

Percentage 31% 39% 25% 5% 100%

Sources: primary data collected through questionnaire Fig-1

Inference: The above graph shows 39% of respondents having insurance belong to 25 to 35 age respondents group, 31% of respondents availing HDFCSL belong to below 25 age group and 25% are between 35 to 45age group. Table 2: Occupation of the respondents Working sector Govt. IT Education Finance Business No. of respondent 32 16 6 13 29 Percentage 32% 16% 6% 13% 29%

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Other Total

4 100

4% 100%

Sources: primary data collected through questionnaire Fig-2

Inference: The above figure reveals that most of the people 32% are working in government and 29%are Business sector Table3: Respondents awareness of investment option Awareness Yes No Have some knowledge Total No. of respondent 33 14 53 100 Percentage 33% 14% 53% 100%

Sources: primary data collected through questionnaire Fig-3

Inference: This graph shows that only 33% of people are aware of the investment option and 53% of people have some knowledge about it. But 14% of people are not aware of the investment option available to them
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Table4: Having an any Insurance policy Response Yes No Total No .of respondents 53 47 100 percentage 53% 47% 100%

Sources: primary data collected through questionnaire Fig-4

Inference: This graph shows that 47% of people not having an insurance policy and 53% of people having an insurance policy. Table 5: Respondent interest of investing options Need for investment Retirement Tax saving Earnings Liquidity Total Respondents 28 21 33 18 100 percentage 28% 21% 33% 18% 100%

Sources: primary data collected through questionnaire

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Fig-5

Inference: The figure shows 33% of people have insurance for future earnings and 28% are investing for Retirement. Table 6: Type of policy which holding by the Respondents Types of policy Traditional Unit Linked Total No .of respondents 24 76 100 percentage 24% 76% 100%

Sources: primary data collected through questionnaire Fig-6

Inference: The above graph shows most of the respondents (76%) have unit linked policy and only 24% respondents have traditional. This shows people are more interested towards good maturity values. Table 7: Term of investment preferred Investment Method Short term Medium Term No .of respondents 32 22
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percentage 32% 22%

Long Term Total

46 100

46% 100%

Sources: primary data collected through questionnaire Fig-7

Inference: The above figure shows 46% of respondents prefer long term investment where as 32% prefer medium term and only 22% prefer short term. Table 8: Reason for choosing HDFC Standard Life Insurance Company Motivational factor Brand Image Advertising Value Added Service Policy Features Advisor Total No .of respondents 14 12 21 29 24 100 percentage 14% 12% 21% 29% 24% 100%

Sources: primary data collected through questionnaire Fig-8

Inference:

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The above figure shows that 29% of policy features and 24% of influence of advisor made buy the private and 21% it brought it because the added services offered by the company Table 9: Respondent perception towards the HDFC Standard Life Insurance Company Opinion Average Aggressive Excellent professional Total No .of respondents 29 21 14 36 100 percentage 29% 21% 14% 36% 100%

Sources: primary data collected through questionnaire Fig-9

Inference: The above graph shows that 36% of Respondents believes the operations of private companies are professional and 29% believes in Average

Table 10: Rating of the services on 1-5 scale Analysis website Reminding letters
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Rating 3 4

ECS FA Sources: primary data collected through questionnaire According to the table:

2 1

The primary data Financial advisors rating is 1st while Electronic clearing system website, Reminding letters, respectively 2nd, 3rd, and 4th

Table 11: Satisfied with Electronic clearing system offered by HDFC Standard Life Insurance: Level Yes No Total No. of Respondents 73 27 100 Percentage 73% 27% 100%

Sources: primary data collected through questionnaire Fig-11

Inference:

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The above graph shows that 73% of people are satisfied with ECS facility while only 27% are not satisfied Table 12- Respondents for clarify any query to whom you consult first

services Adviser company website customer care branch manager Total

No. of Respondents 39 16 28 17 100

Percentage 39% 16% 28% 17% 100%

Sources: primary data collected through questionnaire Fig-12

Inference: The above graph shows that 39% people believes in Adviser, 28% of people believes Customer care while company website and branch Manager People clarify any query first respectively 16% and 17% Table-13 Respondent satisfaction of current policy Satisfaction level Yes No No. of Respondents 82 18
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Percentage 82% 18%

Total

100

100%

Sources: primary data collected through questionnaire Fig- 13

Inference: The above figure shows that 82% of respondents are satisfied with their current policy and only 18% of people are not happy with their policy.

FINDINGS AND SUGGESTIONS: FINDINGS:

It revels that 39% of respondents belongs to 25 to 35 age group 31% are belong to below 25 ages.
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The survey that maximum 32% of the respondents are in working govt. sector Out of 100respondents 33% of the respondents well known about HDFCSL investment option 53% of the people having a insurance policy 33% of respondents are indented to invest on their earning only. 76% of respondents holding unit linked policy in HDFCSL 46% of respondents are preferred long term investment term in HDFCSL. Out of 100 respondents 29% of respondents choosing HDFCSL insurance for policy feature and 24% are for Advisor, 21% for value added services. 29% of the respondents perception about HDFCSL IS Average, and 21% of has told that it is being aggressive and 14% are Excellent Financial Advisors got 1st rank and Electronic clearing system having 2nd rank. 73% of respondents are satisfied with electronic clearing system 39% of the respondents using Advisor service which the service offered by the HDFCSL 82% of respondents are satisfied with current policy offered by HDFCSL

SUGGESTIONS: In West Delhi most of the people working in Government and Business sector and they dont have much financial planning. Another important point is they have good compensation package. So the company should bring more innovative and should carry out more promotional activities in government fields. Better promotion of unit linked plans can generate more sales to the company.

HDFC STANDARD LIFE INSURANCE COMPANYs unit linked insurance plans can effectively meet the requirements of the customers, because unit linked plans are directly related to the market, so the customers can creates more wealth through fund and he can enjoy the tax benefit, and also the insurance cover. The pressure on the sales team would be lessoned by increasing the awareness among the people about the credibility of the companies and need for capitalizing on the various insurance plans offered by the private life insurance companies.

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As the awareness of insurance is less among the people, its awareness should be creating among the people by conducting stage shows and explaining its need and importance. Insurance should not be considered only as a risk cover element but also as a long term investment It is also recommended to concentrate to on lower income group people. More efforts should be taken by the companys financial consultants to convert the leads into policy holder of HDFCSL.

Follow up should be taken and customer relation should be maintained by the inviting the existing customers to the seminars conducted when launching a new product or any changes are made to the products or rules to retain them. Coming with new promotional activities like giving new advertisements, keeping stalls, conducting seminars in companies, and giving ads through SMS can be done by HDFC Standard Life insurance Co. to create awareness among customers.

CONCLUSION: A study on customer perception on value added services offered by HDFC Standard Life Insurance Ltd Company in Anand has been carefully analysed interpreted with the help of analysis tools.
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` HDFC Standard Life Insurance was grown a lot through its aggressive marketing strategies and the growth rate as tremendous, through it is growing faster it has to work on certain things and maintain the standard. This can be done through introducing more innovative products and recruiting good quality advisors because they are the pillars of the company and it is the most valuable value added services that the company is having. Therefore, the best the company can do is giving the customer something, which is little bit different and better than its competitor. The company should also be successful in expressing the extra features, which is given to the customer. The customer should feel that whatever company is giving is something great, and no one could ever imagine about it. This feeling makes the customer feel that company is very much satisfying them. In addition, the extra feature given to satisfying is some thing great.

BIBLIOGRAPHY: REFERENCES: List of websites:

www.irda.com www.hdfcsl.com

List of Books & Magazines:

Marketing Management- ICFAI publication Marketing Management- Philip kotler Outlook- the Laymans Guide to Insurance Business line IRDA Journal

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List of News Papers:

Business Line Economics Times

QUESTIONNARE: I am NAVRATAN SHARMA, BBA student of BVIMR New Delhi currently doing my project in HDFC Standard Life Insurance Company. As a part of my study I am collecting information of the existing customers to know the consumers perception on value added services provided by HDFC std. life insurance Company I kindly request you to fill the following questionnaires. Please [] the answer (1) What is your name? (2) Which age group do you belong to? [ ] less than 25years, [ ] 25 to 35 tears, [ ] 35 to 45 years [ ] above 45years (3) Which sector are you working in? [ ] Education [ ] Finance [ ] Government [ ] IT [ ] others (4) Are you aware of the all the Investment option [ ] Yes [ ] No [ ] Have some knowledge
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(5) Do have any insurance policy? [ ] Yes [ ] No (6) Why do you want to invest in to insurance? [ ] Retirement [ ] Tax saving [ ] Earnings [ ] Liquidity (7) What type of policy do you have? [ ] Traditional [ ] Unit linked (8) Which term of investment preferred? [ ] Short term [ ] Medium term [ ] Long term (9) What made you to invest in HDFC Standard Life Insurance? [ ] Brand image [ ] Advertising [ ] value added services [ ] policy feature [ ] Advisor (10) What is your opinion towards the services provided by HDFC Standard Life Insurance? [ ] Average [ ] Aggressive [ ] Excellent [ ] professional (11) Which service among the following you rate in ascending order (1 to 4)? [ ] Website [ ] Reminding letters [ ] ECS [ ] FC (12) Are you satisfied with ECS offered by HDFC Standard Life Insurance? [ ] Yes [ ] No

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