COMPANY PROFILE

COMPANY PROFILE OF HDFC STANDARD LIFE INSURANCE COMPANY LTD OBJECTIVE Focus on the productivity of each consultant, corporate or individual, while stressing on the quality of proposals Quick roll out of Products Efficiency of Operations Meet Social & Rural sector obligations 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'.

VALUES Values that we observe while we work: Integrity. Innovation. Customer centric. People Care One for all and all for ones. Teamwork. Joy and Simplicity.

ABOUT HDFC STANDARD LIFE INSURANCE HDFC Standard Life Insurance Company Ltd. is one of India's leading private insurance companies, which offers a range of individual and group insurance solutions. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd.), India's leading housing finance institution and a Group Company of the Standard Life, UK. HDFC as on December 31, 2007 holds 72.38 per cent of equity in the joint venture. HDFC STANDARD LIFE INSURANCE PARENTAGE HDFC Limited. HDFC is India 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

AREAS OF OPERATION 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.

HDFC Securities, a trusted financial service provider promoted by HDFC Bank and JP Morgan Partners and their associates, is a leading stock broking company in the country, serving a diverse customer base of institutional and retail investors. HDFCsec.com provides investors a robust platform to trade in Equities in NSE and BSE , and derivatives in NSE. Our website will support you with the highest standards of service, convenience and hassle-free trading tools. HDFC Mutual Fund has been one of the best performing mutual funds in the last few years. HDFC Asset Management Company Limited (AMC) functions as an Asset Management company for the HDFC mutual fund.AMC is a joint venture between housing finance giant HDFC and British investment firm Standard Life Investments Limited. It conducts the operations of the Mutual Fund and manages assets of the schemes, including the schemes launched from time to time. As of Aug 2006, the fund has assets of Rs.25,892 crores under management. IN 2003, following a decision by the Zurich Insurance Company (ZIC), the Sponsor of

OBJECTIVE OF THE STUDY

1. The functioning and the growth prospects of the life insurance industry
in India. 2. The regulators and general regulations pertaining to this industry. 3. The kinds of promotional and distribution strategies adopted by HDFC. 4. The kinds of plans offered by the major players and how they segment and target market with the help of these plans. 5. This learning will help me during my final year of the course, placement and the job which I will do if I take up this industry as a career.

RESEARCH METHODOLOGY
RESEARCH Research means a search for knowledge or gain some new knowledge and methodology can properly refer to the theoretical analysis of the methods appropriate to a field of study or to the body of methods and principles particular to a branch of knowledge . Research Design:- reorganization of various type of information which is necessary for the study of performance system. Then a personal interaction with the people concerned is made to figure out the results. Sample size I have selected sample on the basis of performance of the premium collected by agent at least 25 policies per year. Other has been taken from the branch Manager and Consultant, branch Executives. All are taken randomly.

Sources of Data: Sources of data are the various sources from where the data is collected to analyse. There are various sources of data. They are as follows:
1) Interviews. 2) Internet. 3) Past records. 4) Project which are prepared earlier. Sources of primary data and secondary data differ as the primary data is original collected by researcher and secondary data is collected for various other source.

DATA ANALYSIS
Question 1: Do you own a life insurance policy?

Series1, Yes , 100 No. of respondents

Series1, No, 0

Fig 1

Interpretation: When I started the survey I was also looking for respondents who had no life insurance plans and pooled their resources on other instruments. But, all the respondents had a life policy in one form or the other. It can be inferred that most people have a life policy but their objectives may be different.

Question 2: What kinds of life insurance policies you own?

No. of respondents

Series1, Unit Linked (ULIP), Series1, 42 Traditional, 32

Series1, Pension, 12

Series1, Child, 8

Series1, Health, 6

Fig 2

Inference: ULIPs occupies a major share with 42 respondents. We can infer that the major promotional campaigns for ULIPs by both LIC and private insurance players have shown results. Traditional plans still constitute a major share. Mostly, persons who go for traditional plans are interested only in life cover unlike ULIP takers who have an investment motive also. The reach of pension, child and health plan is at a very minimum level.

Question 3: In your view, what would you consider the main objectives for having a life

insurance policy?

Series1, Should take a policy for investment, 19, 19%

Should take a policy for life cover Should take a policy Series1, for tax planning Should take a Should take life policy for a policy for investment cover, 58, 58%

Series1, Should take a policy for tax planning, 23, 23% Fig 3

Inference: 58 respondents have ranked life cover as their main objective for taking a policy followed by 23 and 19 for tax planning and investment respectively. The low response for using a policy for tax planning may be because of alternative tax planning instruments available such a tax saving mutual funds.

Question 4: How would you rate your knowledge of investments and money management?

Knowledge of investment and money management

Series1, Low, 0 Series1, Medium, 72

Series1, High, 23
Series1, Very High, 5

Fig 4

No. of respondents

Inference: Most of the respondents had a medium or fair knowledge on investment matters. This means they are ill prepared to handle situations like high volatility in the stock markets and planning their insurance requirements. Only a small proportion is confident about their financial knowledge. Therefore companies make their policies simple and also conduct policy holder education workshops.

Question 5: Through whom did you buy your life policy?

Series1, Series1, Series1, Online, 0, 0% Series1, Came 4% Direct with Bank, 4, Walk-a loan, 2, 2% in, 1, 1% Agent Bank Direct Walk-in Came with a loan Series1, Agent , 93, 93% Fig 5 Online

Inference: 93 respondents have bought policies through agents, the traditional channel in life insurance distribution. Bancassurance follows with 4 respondents only. None have bought polices online. Therefore alternate channels like bancassurance, mortgage life insurance, and online distribution should be aggressively marketed.

Question 11: You are regularly connected to which of the following media for advertisement? Please rank them, from 1 for highest to 5 for lowest.
Mobile, Rank 1, 1 Internet, Rank 1, Mobile, Rank 2, 9 Mobile Mobile, Rank 3, Mobile, Rank 4, 16 Magazines, 24 26 Mobile, Rank 5, newspapers etc, 40 Rank 1, 5 Internet Internet, Rank 2, Internet, Rank 4, Internet, Rank 3, 47 13 Internet, Rank 5, 23 1 Radio, Radio4, 22 Rank Television, Rank Radio, Rank 2, 7 Radio, Rank 3, 19 1, 78 Radio, Rank 5, 52 Magazines, Magazines, newspapers etc Magazines, newspapers etc, Magazines, Rank 2, 24 newspapers etc, newspapers etc, Rank 4, 38 Rank 3, 29 Magazines, Television Television, Rank Television, Rank Television, Rank Television, Rank newspapers etc, 2, 13 Fig 12 3, 5 Rank 3 4 5, 5, 4, 1

Inference: 78 respondents have indicated that they are connected to television for purpose of advertisement viewing and ranked it as 1. This is followed by internet, magazines at rank 2 and 3 respectively. Mobile and radio has got the least rank.

Based on your observation of the HDFC Life Insurance advertisements, please tick inside the appropriate boxes.
The advertisement message was relevant to me, Strongly Agree, 71 I was able to understand the message of the advertisement, Strongly Agree, 59

After viewing the After viewing the The monetary benefits advertisement, I would monetary benefits The advertisement,able to understand in the I was I would described consider I was able understand After viewing theto advertisement purchasing a described in the consider purchasing a advertisements can be The was Pru The advertisement the message of the was the message the advertisements can be advertisement, I would ofplan from ICICI The Life, The advertisement plan fromadvertisement, attained, Agree, 20 ICICI Pru Life, Agree, 20 believable, Disagree, 20 19 advertisement was believable, Strongly The monetary benefits Disagree, The advertisement attained, Strongly consideradvertisement, message was relevant was able to The monetarypurchasing a Disagree, to message was relevant to Strongly believable, Strongly Agree, 16 in the 17 I understand benefits 15 described Agree, plan from ICICI Pru Life, me, Agree, 14 me, Strongly Disagree, 15 Disagree, After viewing14 Disagree, 13 the the message of the described in the advertisementsI can be to understand the message of the advertisement was able Neutral, 11 I was able advertisement, I would to understand advertisement, Neutral, advertisements can be attained, Strongly Agree, The advertisement message was relevant to me The 6 advertisement was 6 advertisement consider purchasing a The attained, Neutral, The advertisement the message of the 6 to The advertisement was believable was relevant to 3 message plan Strongly believable, Neutral, message was relevantadvertisement,from ICICI Pru Life, me, Disagree, The monetary benefits described in the advertisements can be attained 1 Strongly me, Neutral, 0 Disagree, 0 Disagree, 0 After viewing the advertisement, I would consider purchasing a plan from ICICI Pru Life Fig 16

Most respondents strongly agreed that they were able to understand and connect with the advertisements of HDFC Life. Therefore as far as the content of the advertisements, they are well designed and are able to appeal the respondents.

No. of respondents

After viewing the advertisement, I would consider purchasing a plan from ICICI Pru Life, Agree, 53 The advertisement was believable, Agree, 48

The monetary benefits described in the advertisements can be attained, Disagree, 53

LIMITATIONS
Findings are based on the views expressed by the consumers. So it may suffer from biased prejudices. Some of the respondents were not co-operative & many seem to be having no interest. The study has not been intended on a very large scale, have the possibility of errors, which cannot be ruled out. Time limitations Area was specified.

Findings

The Project study report has the following findings with it: Most people have a life policy but their objectives may be different. The reach of pension, child and health plan is at a very minimum level. The low response for using a policy for tax planning may be because of alternative tax planning instruments available such a tax saving mutual funds. Companies make their policies simple and also conduct policy holder education workshops.

RECOMMENDATIONS The following recommendations to the company are purely based on the survey I have conducted. The word company in the following points refers to HDFC Life. The company should give more trust to child and health plans, as the persons having these plans are very low. Health Plans like Diabetic Care, Cancer Care, Crisis Cover etc have not been promoted on television. They should be widely promoted widely. Health plans have a huge potential because India does not have a good social health care system. Most people take life insurance only for life cover and tax benefit. Therefore promotion should be done to launch a life product as an investment tool just as other savings options like shares, fixed deposits, mutual funds etc.

BIBLIOGRAPHY

Books: Kotler Philip, Marketing Management, Ed. 7 Prentice Hall of India Pvt. Ltd Valatie A. Zeithaml, Mary Jo Bitner, Service Marketing, TMH Insurance Post Asia Journal, Apr 05- Jun 05 Marketing Mastermind Journal, May 05 Gupta S. P. and Gupta, M. P., Business Statistics, Ed. 2, Sultan Chand and Sons, New Delhi, 1997. Websites: Indianmba.com www.allconferences.com www.iloveindia.com

THANKS