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A Summer Training Project On Comparative Study On HDFC Life Product With Other Insurance Companies
A Summer Training Project On Comparative Study On HDFC Life Product With Other Insurance Companies
Overview
HDFC Life Insurance Co. Ltd. is a joint venture between Housing Development
Finance Corporation Limited (HDFC Limited) -India's leading housing finance institution - and a Group Company of the Standard Life, that is a world-renowned provider of financial services
HDFC Life has about 568 branches and is present in over 700 cities and towns. It has almost 2, 00,000 financial consultants that meet various customer needs
HDFC Life Sampoorn Samridhi Insurance Plan HDFC Endowment Assurance Plan HDFC SL Crest HDFC SL ProGrowth Super II HDFC SL ProGrowth Flexi HDFC SL ProGrowth Maximiser HDFC SL New Money Back Plan HDFC Assurance Plan HDFC Savings Assurance Plan Endowment Gain Insurance Plan Classic Assure Insurance Plan
ULIP Plans
Company Min Premium Entry Age Partial Withdrawal Surrender Premium Paying Term 5 Yrs
HDFC SL Crest
30,000
14-55 Yrs
5 Yrs
5 Yrs
40,000
0-60 Yrs
5 Yrs
5 Yrs
10-30 Yrs
50,000
0-60 Yrs
6 Yrs
5 Yrs
30 Yrs
20,000
7-60 Yrs
5 Yrs
5 Yrs
15-40 Yrs.
15,000
18-55 Yrs
6 Yrs
5 Yrs
10-20 Yrs
30,000
(Annual Mode)
7-70 Yrs
2 Yrs
5 Yrs
25,000
8-60 Yrs
5 Yrs
5 Yrs
5-7 Yrs
18,000
7-60 Yrs.
5 Yrs.
5 Yrs.
10-20 Yrs.
Prospering Life
48,000
8-55 Yrs
5 Yrs
5 Yrs
16 or 20 Yrs
50,000
2-65 Yrs
5 Yrs
5 Yrs
Single
Ujjwal Life
30,000
7-65 Yrs
5 Yrs
5 Yrs
10 Yrs
12,000
5-60 Yrs
5 Yrs
5 Yrs
15-25 Yrs.
20,000
12-55 Yrs
3 Yrs
5 Yrs
8-20 Yrs
To analysis the product details of HDFC Standard life Insurance Company limited and other insurance companies. To find Points of Parity and Points of Difference of HDFC Standard Life Insurance Company Limited and other insurance companies.
To find out factors that influence customers to purchase insurance policies and give suggestions for further improvement.
MARKETING PROBLEMS
Some of the main problems in marketing the policies are: Large amount of competition (18 players in the market) Other brands are well advertised and have higher recall value LIC is considered a safer option Face competition from banks and mutual funds High premium policies are difficult to market Incorrect perception about insurance
investments
Consumers dont want to undertake medical examinations Large amount of documentation
Conclusion
HDFC Standard Life insurance is the oldest life insurance company in the world. It has businesses spread out across the globe. It was registered on 23rd December2000. It currently ranks number 4 amongst the
The unit linked concept must be specifically promoted. The general perception of life insurance has to
change in India before progress is made in this field. People should not be afraid to invest money in insurance and must use it as an effective tool for tax planning and long term savings. HDFC SLIC could tap the rural markets with cheaper products and smaller policy terms. There are individuals who are willing to pay small amounts as premium but the plans do not accept premiums below a
certain amount. It was usually found that a large number of males were insured compared to
females. Individuals below the age of 30 (mostly male) were interested in investment plans. This was a general conclusion drawn during prospecting clients.