1.

1INTRODUCTION TO THE STUDY

The aim of the study is to understand the attitude of the customers towards the insurance policies
.the study apart from knowing the customers attitude it also focus the scope and growth of
insurance sector in Chennai where the study is being conducted. The project focusing on HDFC
insurance company’s branching Kasaragod ensured to successfully take up the research on
knowing the customer and the reviews about the life insurance sector. The primary aim of the
study is to get a deep insight into the attitude of the customer towards insurance plans. The very
necessity of taking up this case is that life insurance companies are slowly moving away from the
usual traditional insurance plan and focusing more on investments plans. This study will help us
to get a better picture as to what customer perceives about insurance plans and their awareness
about the same. This study will help us in understanding what the customers prefer really through
these insurance plans. Also if the customers prefer these insurance plans, the study brings to light
the customer expectations about the same. The sample was decided based on simple random
sampling method. The responses were recorded by conducting a survey with the help of a
questionnaire. The questionnaire has been designed in such a way so as to bring out the most
accurate data, which will enable the study to get the closest vicinity of its objectives. The data
collected from the survey has been appropriately analyze and has been interpreted in a meaningful
way to offer some consideration suggestions and recommendations. The data has also been put
through a series of statistical tools that will close down the distance on the objective of the study.
Several measures have been taken to keep the study on course without any deviations. There are
certain limitations to the study that involved two primary factors –cost and time. Yet the study has
been done reaching close to the greatest possible extent of its primary objective.

1.2STATEMENT OF THE PROBLEM

The project lays emphasis on the perception level among customers about the insurance plans
offered by HDFC Life Insurance Company. It further brings into light what the customers feel
about these insurance plans. The study focuses on the factors that are related to the objective of
the study. The main focus is on the customer perception of insurance and how much they
considered insurances important for one’s life. To get a deep insight into the research area, the
customers perception level along with the awareness factor associated with the life insurance plans
are also looked at.

1.3IMPORTANCE OF THE STUDY

The project was an attempt to explore the customer perception of HDFCL in Kasaragod. The
project started after knowing all the relevant information about the company insurance product
and policies and its competitors insurance products in accordance with the prescribed schedule
mentioned by management of HDFCL. The project covered Kasaragod area. In this process I met
50 persons to collect information about HDFCL. I collected information for the company by
questionnaire method. During my work I found the perception of the people about insurance,
what they desire from it, and if they will work as financial consultant than what they want from
the organization.

1.4OBJECTIVES OF THE STUDY

The main purpose of the project is to do comparative analysis of different health insurance
products, check the awareness level and perception of insurance by the individual. The project
would also help in understanding preference of people regarding private and public life insurance.

 Consumers view about the life Insurance.

 To carry out a comparative analysis of the various life insurance with the comparison to
HDFC life
 To know about the types of insurance policy taken by consumer.
 To find out the features and benefits of life insurance.
 To find out the awareness level of life insurance.
 To know about the share of public insurance in insurance sector
 To find out the customer perception towards HDFC life insurance.
 To recommend improvement in the different sector of life insurance

1.5 METHODOLOGY OF THE STUDY

 Data collection
For data collection, I developed a well-defined questionnaire as a research instrument, consisting
questions aimed to measure the consumer perception about HDFC life insurance, their views and
comments about Company’s structure. I conducted unstructured interviews (sample size) of 50
persons of different age group. All the data generated was primary data that was generated from
different peoples of age group.

 Primary data:

Individual respondents, Insurance Agents were personally visited and interviewed. They were the
main source of Primary data. The method of collection of primary data was direct personal
interview through a structured questionnaire.

 Secondary Data:

It was collected from internal sources. The secondary data was collected on the basis of
organizational file, official records, newspapers, magazines, management books, preserved
information in the company’s database and website of the company.

1.6SCOPE OF THE STUDY

For this project, I have done my work through telephone calls, questionnaire, and contacting
persons by going to their home. I found that most of person can join insurance company for saving
taxes, unlimited earning, life time earning with little effort, which will give him back support as a
HEAD of the family in the diverse situation. This project will help to understand the current market
scenario and marketing in stiff competition. Being a student of management I can draw the relevant
conclusion from the survey and give the appropriate suggestion to the organization. The company
can take decision according to the suggestions and it will provide better experience to the students
for their bright carrier. My project will provide help in these matters which are thus:-
 Analyze the people perception about HDFCL
 To enhance the distribution channel in the selling of insurance Policies.
 To find out the competitive edge of the company over the Competitors.

1.7PERIOD OF THE STUDY

The study was conducted over a period of 60 days commencing from 1st November 2018 and
completed by 31st December 2018.

1.8LIMITATIONS OF THE STUDY

Even though the study was conducted with due care and attention, the following limitations were
inevitable;
 The study is confined to Kasragod only
 Sample size is restricted to 50 due to time limit
 Responses from respondents may not be accurate; they may be partial, biased.
 Inferences derived may not be applicable to all parts of the country, since the area selected was
Kasaragod

1.9 CHAPTER SCHEME

CHAPTER NUMBER CHAPTER NAME
CHAPTER 1 INTRODUCTION
CHAPTER 2 INDUSTRY PROFILE
CHAPTER 3 COMPANY PROFILE
CHAPTER 4 DATA ANALYSIS AND
INTERPRETATION
CHAPTER 5 FINDINGS, SUGGESTIONS AND
CONCLUSIONS
CHAPTER 6 REFERENCES
APPENDICES
History of Indian insurance industry

The story of insurance is probably as old as the story of mankind. The same instinct that prompts
modern businessmen today to secure themselves against loss and disaster existed in primitive men
also. They too sought to avert the evil consequences of fire and flood and loss of life and were
willing to make some sort of sacrifice in order to achieve security. Though the concept of insurance
is largely a development of the recent past, particularly after the industrial era – past few centuries
– yet its beginnings date back almost 6000 years.

Life Insurance

In 1818 the British established the first insurance company in India in Calcutta, the Oriental Life
Insurance Company. First attempts at regulation of the industry were made with the introduction
of the Indian Life Assurance Companies Act in 1912. A number of amendments to this Act were
made until the Insurance Act was drawn up in 1938. Noteworthy features in the Act were the power
given to the Government to collect statistical information about the insured and the high level of
protection the Act gave to the public through regulation and control. When the Act was changed
in 1950, this meant far reaching changes in the industry. The extra requirements included a
statutory requirement of a certain level of equity capital, a ceiling on share holdings in such
companies to prevent dominant control (to protect the public from any adversarial policies from
one single party), stricter control on investments and, generally, much tighter control. In 1956, the
market contained 154 Indian and 16 foreign life insurance companies. Business was heavily
concentrated in urban areas and targeted the higher echelons of society. “Unethical practices
adopted by some of the players against the interests of the consumers” then led the Indian
government to nationalize the industry. In September 1956, nationalization was completed,
merging all these companies into the so-called Life Insurance Corporation (LIC). It was felt that
“nationalization has lent the industry fairness, solidity, growth and reach.”

Insurance may be described as a social device to ensure protection of economic value of life and
other assets. Under the plan of insurance, a large number of people associate themselves by sharing
risks attached to individuals. The risks, which can be insured against, include fire, the perils of sea,
death and accidents and burglary. Any risk contingent upon these, may be insured against at a
premium commensurate with the risk involved. Thus collective bearing of risk is insurance.
Insurance is a contract whereby, in return for the payment of premium by the insured, the insurers
pay the financial losses suffered by the insured as a result of the occurrence of unforeseen events.
The term "risk" is used to describe the possibility of adverse results flowing from any occurrence
or the accidental happenings, which produce a monetary loss.

Insurance is a pool in which a large number of people exposed to a similar risk make contributions
to a common fund out of which the losses suffered by the unfortunate few, due to accidental events,
are made good. The sharing of risk among large groups of people is the basis of insurance. The
losses of an individual are distributed over a group of individuals.

Definitions:

General definition:

In the words of John Magee, “Insurance is a plan by themselves which large number of people
associate and transfer to the shoulders of all, risks that attach to individuals.”

Fundamental definition:

In the words of D.S. Hansel, “Insurance accumulated contributions of all parties participating in
the scheme.”

Contractual definition:

In the words of Justice Tindal, “Insurance is a contract in which a sum of money is paid to the
assured as consideration of insurer’s incurring the risk of paying a large sum upon a given
contingency.”

Characteristics of insurance

 Sharing of risks

 Cooperative device

 Evaluation of risk

 Payment on happening of a special event

 The amount of payment depends on the nature of losses incurred.

 The success of insurance business depends on the large number of people insured against
similar risk.

 Insurance is a plan, which spreads the risk and losses of few people among a large number of
people.

 The insurance is a plan in which the insured transfers his risk on the insurer.

 Insurance is a legal contract which is based upon certain principles of insurance which includes
utmost good faith, insurable interest, contribution, indemnity, causes proximal, subrogation,
etc.

 The scope of insurance is much wider and extensive.

Functions of insurance:

Primary functions:

1. Provide protection: - Insurance cannot check the happening of the risk, but can provide for the
losses of risk.

2. Collective bearing of risk: - Insurance is a device to share the financial losses of few among
many others.

3. Assessment of risk: - Insurance determines the probable volume of risk by evaluating various
factors that give rise to risk.

4. Provide certainty: - Insurance is a device, which helps to change from uncertainty to certainty.

Secondary functions:

1. Prevention of losses: - Insurance cautions businessman and individuals to adopt suitable device
to prevent unfortunate consequences of risk by observing safety instructions.

2. Small capital to cover large risks: - Insurance relives the businessman from security
investment, by paying small amount of insurance against larger risks and uncertainty.

3. Contributes towards development of larger industries.

Other Function:

Means of savings and investment:

Insurance companies are business houses. The product they sell is financial protection. To succeed
and survive, they must cover their costs, which include payments to cover the losses of
policyholders, as well as sales and administrative expenses, taxes and dividends.

Insurance companies have two sources of income for covering these costs:

 Premiums and

 Investment income.

The premiums are collected on a regular basis and invested in Government Bonds, Gilt, stocks,
mutual funds, real estates and other conservative avenues. However, investment income depends
on market conditions, interest rates, economy etc. and varies from year to year. Because of the
uncertainty associated with the investment income, insurance companies must generate enough
income from premiums to cover the bulk of their expenses.

Some of the important milestones in the life insurance business in India are:

1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started
functioning.

1870: Bombay Mutual Life Assurance Society, the first Indian life 'Insurance Company started 'Its
business,

1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life
'Insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical
'Infor1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective
of protecting the 'Interests of the insuring pubic.

1956: 245 Indian and foreign insurance and provident societies are taken over by the central
government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a
capital contribution of Rs. 5 chores from the Government of India.

Liberalization of Indian Insurance

1994: Insurance sector invited private participation to induce a spirit of competition amongst the
various insurers and. to provide a choice to the consumers.
1997: Insurance regulator IRDA was set up as there felt the Feed:

To set up an independent regulatory body, that provides greater autonomy to insurance companies
in order to improve their performance, In the first year of insurance market liberalization (2001)
as much as 16 private sector companies including joint ventures with leading foreign insurance
companies have entered the Indian insurance sector. Of this, 10 were under the life insurance
category and six under general insurance. Thus in all there are 25 players (12-life insurance and
l3-general insurance) in the Indian insurance industry till date.

Players in Indian insurance industry

Life insurers

Insurance industry, as on 1.4.2000, comprised mainly two players: the state insurers:

 Life Insurance Corporation of India (LIC)

General insurers:

 General Insurance Corporation of India (GIC) with effect from Dec'2000, a National
Reinsure

GIC had four subsidiary companies, namely with effect from Dec'2000, these subsidiaries have
been de-linked from the parent company and made as independent insurance companies.

1. The Oriental Insurance Company Limited

2. The New India Assurance Company Limited,

3. National Insurance Company Limited

4. United India Insurance Company Limited.

Year: 2000-2007: Insurance Industry in the year 2009-2010 had 15 new entrants

 Insurance industry in the year 2009-10

Sl No. Name of the Company

1 Max New York Life Insurance Co. Ltd.

2 HDFC Standard Life Insurance Company Ltd.

3 ICICI Prudential Life Insurance Company Ltd.

4 Om Kodak Mahindra Life Insurance Co. Ltd.

5 Birla Sun Life Insurance Company Ltd.

6 Tata AIG Life Insurance Company Ltd.

7 SBI Life Insurance Company Limited

8 ING Visa Life Insurance Company Private Limited

9 Allianz Bajaj Life Insurance Company Ltd.

10 MetLife India Insurance Company Pvt. Ltd.

11 Reliance Life Insurance Company Ltd.

12 Shiras Life Insurance Company Ltd.

13 Sahara India Life Insurance Company Ltd.

14 Bharti AXA Life Insurance Company Ltd.

15 Aviva Life Insurance Company Ltd.

Advantages of life insurance

1. It is superior to an ordinary saving plan: - Unlike other saving plans, if affords full protection
against risk of death. In case of death, the full sum assured is made available under a life assurance
policy; whereas under saving scheme the total accumulated saving alone will be available.

2. Easy settlement & protection against creditors: - The life assured can name person(s) called
Nominee to whom the policy money would be payable in the event of his death. The proceeds of
a life policy can be protected against the claim of the creditors of the life assured by effecting a
valid assignment of the policy.

3. Ready marketability & suitability for quick borrowing: - After an initial period, if the
policyholder finds him unable to continue payment of premiums, he can surrender the policy for a
cash sum. Alternatively, he can tide over a temporary difficulty by taking loan on the sole security
of the policy without delay.

4. Tax Relief: - The Indian Income-Tax allows deduction of certain portion of the taxable income,
which is diverted to payment of life insurance premiums from the total income tax liability..

Need for insurance

 To provide cash to meet various routine expenses of the family on or immediately after the
death of the income earner of the family.

 To preserve the family’s accustomed standard of living ever after the death of the
breadwinner.
 To provide continuous flow of funds for the living spouse.
 To allocate income funds for the children’s education.
 To provide a retirement income throughout old age.
 To provide a reliable savings plan for the future.
 To supplement income when earning power is reduced or eroded by illness, accident or
any handicap.
 To furnish surplus earnings for the investors should disaster strike.
IRDA (Insurance Regulatory and Development Authority)

The Insurance Act, 1938 had provided for setting up of the Controller of Insurance to act as a
strong and powerful supervisory and regulatory authority for insurance. Post nationalization, the
role of Controller of Insurance diminished considerably in significance since the Government
owned the insurance companies. But the scenario changed with the private and foreign companies
foraying in to the insurance sector. This necessitated the need for a strong, independent and
autonomous Insurance Regulatory Authority was felt. As the enacting of legislation would have
taken time, the then Government constituted through a Government resolution an Interim
Insurance Regulatory Authority pending the enactment of a comprehensive legislation.

The Insurance Regulatory and Development Authority Act, 1999 is an act to provide for the
establishment of an Authority to protect the interests of holders of insurance policies, to regulate,
promote and ensure orderly growth of the insurance industry 17 and for matters connected
therewith or incidental thereto and further to amend the Insurance Act, 1938, the Life Insurance
Corporation Act, 1956 and the General insurance Business

(Nationalization) Act, 1972 to end the monopoly of the Life Insurance Corporation of India (for
life insurance business) and General Insurance Corporation and its subsidiaries (for general
insurance business).

The act extends to the whole of India and will come into force on such date as the Central
Government may, by notification in the Official Gazette specify. Different dates may be appointed
for different provisions of this Act. The Act has defined certain terms; some of the most important
ones are as follows:

 Appointed day means the date on which the Authority is established under the act. Authority
means the established under this Act.

Interim Insurance Regulatory Authority means the Insurance Regulatory Authority set up by the
Central Government through Resolution No. 17(2)/ 94-lns-V dated the 23rd January, 1996.

Words and expressions used and not defined in this Act but defined in the

Insurance Act, 1938 or the Life Insurance Corporation Act, 1956 or the General Insurance
Business (Nationalization) Act, 1972 shall have the meanings respectively assigned to them in
those Acts.

A new definition of "Indian Insurance Company" has been inserted. "Indian insurance company"
means any insurer being a company

(a) Which is formed and registered under the Companies Act, 1956

(b) In which the aggregate holdings of equity shares by a foreign company, either by itself or
through its subsidiary companies or its nominees, do not exceed twenty-six percent, paid up capital
in such Indian insurance company.

(c) Whose sole purpose is to carry on life insurance business, general insurance business or re-
insurance business?

Current scenario

Liberalization commitments of the country to help in disciplining future economic

policies will include the i nsurance refo r m s. W hen t he worl d over, i nsur ance,
m arket s hav e b een o pened up, Indi a cannot remain in isolation. Globalization is the
new economic reality, which is here to stay, heralding a new era of insurance in India.
With the opening of the insurance industry, India stands to gain the following major
advantages:

 Globalization will provide improved opportunities to the customers for better products, with
more reasonable and affordable pricing.
 The customer will get quicker servicing.
 It will enhance the savings rate.
 Long-term funds for infrastructure development will be available to the country.
 It will secure for India larger inflows of foreign capital needed to sustain our GDP growth.
 COMPANY PROFILE- HDFC Limited

HDFCL is one of India’s leading private insurance companies. It offers both individual and group
insurance solution. It is a joint venture between HDFC and a group of company of Standard Life.
HDFC Standard Life Insurance Co. Ltd was incorporated on 14th august 2000. It is a joint venture
between Housing Development Finance Corporation Limited (HDFC Ltd.) India and UK based
Standard Life Company. Both the joint venture partners being one of the leaders in their respective
areas came together in this 81.4:18.6 joint Venture to form HDFC standard life insurance company
limited.
The MD and CEO of HDFC Life Mr. Deepak Satwalekar, has given the company new directions
and has helped the company achieve the status it currently enjoys. HDFC Standard Life brings to
you a whole range of insurance solutions be it group or individual or NAV services for
corporations; they can be easily customized as per specific needs.

HDFC Standard Life Insurance India boasts of covering around 8.7 lakhs lives by March'2007.
The gross income standing at a whopping Rs. 2,856 cores, HDFC Standard Life Insurance
Corporation is sure to become one of the leaders and the first Preference for any life insurance
customer.The Banc assurance partners of HDFC Standard Life Insurance Co Ltd are HDFC,
HDFC Bank India Limited, Union Bank of India, Indian Bank, Bank of Baroda, Sarawat Bank and
Bajaj Capital.The premium payment options available to the customers vary from online payment
to direct desk payments at the HDFC Standard Life Branches, by courier services or in drop boxes
provided. You can also pay by ECS or Automatic Debit System or credit cards or standing
instruction mandate. HDFC Standard Life Insurance Company is a customer oriented corporation
with an aim of complete customer satisfaction. HDFC Standard Life first came together for a
possible joint venture, to enter the Life Insurance market, in January 1995. It was clear from the
outset that both companies shared similar 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 HDFC, 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 investments in India.

Towards the end of 1999, the opening of the market looked very promising and both companies
agreed the time was right to move the operation to the next level. Therefore, in January 2000 an
expert team from the UK joined a handpicked team from HDFC to form the core project team,
based in Mumbai.

Around this time Standard Life purchased a further 5% stake in HDFC and a 5% stake in HDFC
Bank. In a further development Standard Life agreed to participate 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. Their ambition from the beginning was to be the 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 was the first life company to be granted a certificate of registration.

HDFC are the main shareholders in HDFC Standard Life, with 81.4%, while Standard Life owns
18.6%. Given Standard Life's existing investment in the HDFC Group, this is the maximum
investment allowed under current regulations. HDFC and Standard Life have a long and close
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.

HDFC Standard Life Insurance Company Limited is one of India's leading private life insurance
companies offering 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 Standard Life plc, the leading providers of financial services in the United
Kingdom.HDFC Ltd. as on December 31, 2007 holds 72.38 per cent of equity in the joint venture.
HDFC Standard Life's Product portfolio comprises solutions, which meet various customer needs
such as Protection, Pension, Savings, and Investment. Customers have the added advantage of
customizing the Plans, by adding optional benefits called riders, at a nominal price. The company
currently has 21 retail and 6 group products in its portfolio.HDFC Standard Life maintains very
high professional standards during product offerings by providing sound financial advice, efficient
post-sale service, and immaculate financial security. Ongoing training for conventional products,
and specialized training, for unit-linked products, for its financial consultants, has also helped its
customers choose the product, best suited for their needs.

HDFC Standard Life operates across more than 726 cities and towns of the country supported by
its strong network of more than 145,000 Financial Consultants. HDFC Life also has more than 383
corporate agents and other sales intermediaries including banks for distribution of insurance
products.

HDFC LIFE VISION AND WHERE

Vision of HDFC life
The most successful and admired life insurance company, which mean 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. In short, ³The most obvious choice for all for retention in the market and highest market
share; we need trust of our customer. The customer should trust on our policies, services,
employees and they should be friendly with us. It wants to live in the eye and heart of the customer.
It wants to give them the easiest deal so that they can understand the terms and policies. As we
know that profit is the main aim of any business but it think not only about his profit but also profit
of the customer. It wants to be the choice of all people on the basis of trust of customer, delivering
high value to the customer, and deliver of best value of the money. Value that will be observed
while we work with HDFC.

1. Integrity: HDFCL believes in honest and trustfulness in every action Transparency in dealing
with customer. It is stick to principles irrespective of outcome. When we work in HDFCL then we
observed that its rules and activity of every person in the organization is just and fair to everyone.
Integrity is the bedrock on which the company and the expectations of the customers and
employees are built. Integrity gives inner feeling to both customer and the employees to work
with it. It establishes the credibility of the person defines the character and empowers one to do
justice to the job. It enables confidence and trust, achieving transparency and laying a strong
foundation for a binding relationship. It guides principle for all walks of life.

2. Innovation: It is the process of building a store house of treasures through experiences. Lots of
product is going to be launched by the competitors. So it is very important to look every product
and process through fresh eyes every day. It is the significant part of the business that attracts
customer. Innovation is essential to exceed customer expectation and maximize
customer retention because it is the sector of investment so you need to fulfill the customer
expectation which help you to retain customer. Innovation helps to achieve competitive advantage.
It promotes growth and upgrade standards in the industry. It fosters creativity amongst employees
and partners. It opens a world of new possibilities because it brings new concept which helps to
entice the customer.

3. Customer centric: Customer becomes the main properties of any organization. Whatever work
done by the organization runs around the expectations of the customer. Customer becomes centre
point of the organization and the main focus of the organization becomes to understand his
expectations by keeping him as the Centre point. It gives more focus on customer activity and
saying. It tries to understand customer needs and deliver solutions. As we know that the market is
changed. Lots of competitors is here who search chance to increase their market share and entice
your customer so customer interest become always supreme.
4. People Care: Genuinely try to understand those people who are working with HDFCSL. It
guides their development through training and support. It helps them to develop their requisite
their skills so that they can reach their true potential. It tries to know them on a personal front
because it works as a performance appraisal. It try to create an environment of trust and openness
so that all people who are working here behave friendly and helps to each other because team work
is most important for getting success and give respect for the time of others. People are the most
valuable assets of the company so it tries to motivate individual to give his/her best. It wants to
establish a valuable relationship with them to create a joyful working environment. The most
important thing is that it tries to provide job satisfaction for their people.
5. Team work: One for all and all for one ´Here whole team takes the ownership of the
deliverables. It consults all involved in the work and tries to understand their opinion and then
arrive at a common objective. There is a cooperation and support across departmental boundaries.
It identifies strengths and weaknesses accordingly allocate responsibility to achieve common
objectives. Team work helps everyone to achieve more. It adds joy at work place which adds
interest in the work and new stamina in the work. It generates synergy and provides a focused
approach. When an idea or activity performed in a group, it has greater acceptability. ³Team work
proves one for all and all for one
6. Joy and simplicity: It believes in joy and simplicity so that people in the organization will be
more dedicated towards work and they will give more business to the organization. Work with joy
and simplicity brings creativity and new imagination which also brings new innovative ideas that
promote competitive advantage to the organization.
Mission of HDFC life
HDFC Life aims to be the top new life insurance company in the market. This doesn’t just mean
being the largest or the most productive company in the market; rather it is a combination of several
things like-
 Customer service of the highest order
 Value for money for customers
 Professionalism in carrying out business
 Innovative products to cater to different needs of different customers
 Use of technology to improve service standards
 Increasing market share

Market share

HDFC Limited.

 HDFC is India’s 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
long-standing commitment to community development.
 Presented the ‘Dream Home’ award for the best housing finance provider in 2004 at the
third Annual Outlook Money Awards.
Standard Life Group (Standard Life plc and its subsidiaries)

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

All people invest their money in insurance and get more benefited. In the sector the work of
marketing is more challenging than the other sector because there are 23insurance companies in
the market who are giving competition to each other and the work of convince people
for investment in respective company is a challenging work and success in the sector proves that
the respective person is a good marketer. Today insurance sector India is on boom because all
people want to invest. Those who don’t know about investment in share market and don’t want to
invest in mutual funds they invest in insurance sector. Insurance sector gives them investment
plus risk cover. Those who don’t want to take risk in the investment go to insurance sector. It also
gives income tax benefits to the peoples. Insurance company are now launching ULIP plan
and gives chance to the investor to choose their investment pattern according to their fund
investment table(this table is included in the product information of the product of HDFC
Standard life).
Marketing strategy of HDFC life
Marketing is process of analyzing the consumer need and serve the need of consumer which
satisfy the consumer and solve the consumer problem. In this sector the marketing is pay main role
in brand formation and policy awareness to the public. As we know that LIC is covering more than
75%market share. So marketing helps in increasing the market share. Marketers have to analyze
the market share and find out the market. We can divide its marketing process in two parts:-
1) Marketing for Financial Consultant: - Work part-time, earn full-time is the punch line
of its marketing strategy. It says just work for 5 hours a week and earns more than Rs. 20,000
per month. If you will be financial consultant of HDFCSL then you can have high earning
potential, zero investment, and you will not have pressure for work. You can work as whatever
you make your target or you can work as a part-time as per your convenience. There are certain
facilities for FC:-Flexible work timings:-you can work whenever you like and from whenever
you like. You can work full time or part-time, depending on your convenience. It’s like no other
job. However, the time you invest will determine you success.
2) Zero investment: - There is no star-up capital. Be your own boss; with a flexible working
environment, unlimited earning potential and other opportunity to be part of a world class team.
The advantage is all yours. Sunrise industry: - Life insurance in India has a huge potential
for growth. Statistics reveal that only 25% of the insurable population in India is insured. And
those insured are in need of still higher insurance cover. The over 100% growth displayed by
private life insurers indicates this huge untapped potential.
 Strong partnership: - It is one of the fastest growing life insurance companies. It was the
first private life insurance company to be granted a license by IRDA. It has been rated by
business world class magazine as India’s most respected Private life Insurance Company in
2004. HDFC Standard life Insurance has one of the highest brand recalls of around 86%.
 Marketing for the potential market: - In our general life we buy those things which we see.
For consumer awareness print marketing and electronic marketing both are most important.
In the market 17 insurance players is trying to convince people with the advertising in
television, radio, newspaper and magazines. HDFC Standard Life is also adopting these
electronic marketing.
  The punch line of HDFC Standard Life is ³Sar Utha Ke Jiyo´. Today it has more than 8
lack policy holder. It is also targeting cinema halls like PVR where it will get more potential
market, for marketing.
For insurance sector the main marketer becomes its Financial Consultant. So it is trying to
recruit more and more financial consultant for the purpose of sale of the policy of HDFC life
and people will be more aware through it because it is a work of contact. Which have more
contact the person can get more business.

Products of HDFC life

As we know that lots of insurance plan are playing in the market of different companies. HDCFL
has launched various insurance plans which based on unit link plan. It invests the investment of
his consumer in bank deposits, Government securities and Bonds, and Equity. The percentage of
these investments in these plans depends upon the consumer whether he wants to take more risk
and more return or less risk or less return. It has launched several insurance plans which are thus
given below:-
1. Unit link pension plan

2. Unit linked pension plus

3. Unit linked enhanced life protection II

4. Unit linked young star plus II

5. Endowment assurance plan

6. Children plan

7. Money back plan

8. Single premium whole of life plan

9. Personal pension plan

10. Saving assurance plan

11. Assure plan

12. Unit linked Young Star plus II

Awards

 Innovation in CRM Award 2011z

 2011 CIO 100 Award

 Asia Best Employer Brand Awards 2011

 Yuma Hero Award

 Top 50 Best Companies to Work for in India in 2011

 Indian Insurance Awards 2011

 CISO 100 Awards 2011

 IMC RBNQA - Performance Excellence Trophy 2010

 'Young Star Super' Voted 'Product of the Year 2010'

 Received CIO 'The Ingenious 100 2009' Award

 Received Diamond EDGE Award 2009

 Received 2008 CIO Bold 100 and CIO Security Awards

 Received PC Quest Best IT Implementation Award 2008

 Silver Abby at Goa fest 2008

 Unit Linked Savings Plan Tops Mint Best TV Ads Survey

 Deepak M Satwalekar Awarded QIMPRO Gold Standard Award 2007

 DATA ANALYSIS AND INTERPRETATION

TABLE 4.1: CLASSIFICATION OF RESPONDENTS ON THE BASIS OF AGE

AGE GROUP NO OF RESPONDENTS PERCENTAGE (%)

Below 25 4 8

26 – 40 16 32

40 - 60 18 36

Above 60 12 24

TOTAL 50 100

Source: Primary Data

CHART 4.1: CLASSIFICATION OF RESPONDENTS ON THE BASIS OF AGE

Age based classification

20
15
10
5
0
Below 25 26 – 40 40 - 60 Above 60

INTERPRETATION

The chart shows the distribution of respondents on the basis of their age group.36% of the total
respondents belongs to the age group 40-60, 32% belong to 26-40, 24% belongs to above 6o group
and the remaining belongs to age group below 25
TABLE 4.2: CLASSIFICATION OF RESPONDENTS ON THE BASIS OF GENDER

GENDER NO OF RESPONDENTS PERCENTAGE (%)

Male 31 62

Female 19 38

TOTAL 50 100

Source: Primary Data

CHART 4.2: CLASSIFICATION OF RESPONDENTS ON THE BASIS OF GENDER

Classification of respondents on the basis of gender

Male Female

38%

62%

INTERPRETATION

According to the survey, it is clear that majority of the respondents are male. 62% of the respondents are male and
38% are female as per the table and chart.
TABLE 4.3: CLASSIFICATION OF RESPONDENTS ON THE BASISOF MARITAL STATUS

MARITAL STATUS NO OF RESPONDENTS PERCENTAGE (%)

Married 12 24

Unmarried 38 76

TOTAL 50 100

Source: Primary Data

CHART 4.3: CLASSIFICATION OF RESPONDENTS ON THE BASIS OF MARITAL STATUS

Classification on the basis of Marital Staus

24%

76%

Married Unmarried

INTERPRETATION

According to the given data majority of the respondents are Married.76% of the respondents are married
and 24% are single.
TABLE 4.4: CLASSIFICATION OF RESPONDENTS ON THE BASIS OF OCCUPATION

OCCUPATION NO OF RESPONDENTS PERCENTAGE (%)

Service 21 42
Self employed 11 22
Students 9 18
Professionals 6 12
House wives 3 6
TOTAL 50 100
Source: Primary Data

CHART 4.4: CLASSIFICATION OF RESPONDENTS ON THE BASIS OF OCCUPATION

Occupation based classification

25

20

15

10

0
Service Self employed Students Professionals House wives

INTERPRETATION

From among 50 respondents majority are from service sector and next highest group is
professionals. There were self-employed people, house wives, and students, they are less in
number .Next thing in the questionnaire was the opinion of the respondents about life insurance.
Majority have an opinion that it life insurance protects their life and some have selected insurance
policy as savings option.
TABLE 4.5: CLASSIFICATION OF RESPONDENTS ON THE BASIS OF MONTHLY INCOME

INCOME (PER MONTH) NO OFRESPONDENTS PERCENTAGE (%)

(in Rs.)

Below 25000 3 6

25000 - 40000 19 38

40000 - 60000 20 40

Above 60000 8 8

TOTAL 50 100

Source: Primary Data

CHART 4.5: CLASSIFICATION OF RESPONDENTS ON THE BASIS OF MOTHLY INCOME

Classification of respondents on the basis of monthly income

25

20

15

10

0
Below 25000 25000 - 40000 40000 - 60000 Above 60000

INTERPRETATION

The table and graph represents the classification of respondents on the basis of their monthly income. 40% of the
respondents belong to the income group of 40000 - 60000, 38% of the respondents belong to 25000 – 40000 group,
16% belongs to above 60000 group and the least 6% belongs to income below 25000 per month.
TABLE 4.6: LIFE INSURANCE POLICY HOLDERS

LIFE INSURANCE NO OF RESPONDENTS PERCENTAGE (%)

POLICY HOLDER

Yes 32 64

No 18 36

TOTAL 50 100

Source: Primary Data

CHART 4.6: LIFE INSURANCE POLICY HOLDERS

Life Insurance policy holders

24%

Married
76% Unmarried

INTERPRETATION

According to the table and graph, 76% of the respondents are Life insurance policy holders
and24% are not. Therefore it can be concluded as majority of the respondents are life insurance
policy holders.
TABLE 4.7: TYPE OF INSURANCE POLICY THE RESPONDENTS PREFER

TYPE NO OF RESPONDENTS PERCENTAGE (%)

Tax savings 22 44%
Protection tool 16 32%
Savings option 12 44%
Others 0 0
TOTAL 50 100
Source: Primary Data

TABLE 4.7: TYPE OF INSURANCE POLICY THE RESPONDENTS PREFER

Type of policy
25

20

15

10

0
Tax savings Protection tool Savings option Others

INTERPRETATION

It is clear that 44% of the respondents selected insurance policy for the purpose of tax savings.
32% as protection tool and 44% are savings option. The main intention for purchasing insurance
policy is to get tax benefit.
TABLE 4.8: THE MAJOR LIFE INSURANCE COMPANIES IN THE LOCALITY
COMPANY NO OF RESPONDENTS PERCENTGE (%)
LIC of India 16 32
ICICI prudential 6 12
BAJAJ ALLIANZ 1 2
SBI 4 8
BIRLA LIFE 0 0
HDFC LIFE 23 46
TOTAL 50 100
Source: Primary Data

TABLE 4.8: THE MAJOR LIFE INSURANCE COMPANIES IN THE LOCALITY

25
Major Life Insurance Companies
20

15

10

0
LIC of India ICICI prudential BAJAJ ALLIANZ SBI BIRLA LIFE HDFC LIFE

INTERPRETATION

As per the survey on major insurance companies in the locality, 46% of therespondents chose
HDFC life, 32% was LIC, 12% was ICICI prudential, 8% was SBI life and 2 % was Bajaj
Allianz. Majority was HDFCL.
TABLE 4.9: PEOPLE ASSOCIATED WITH HDFC LIFE

OPINION NO OF RESPONDENTS PERCENTAGE (%)

Yes 35 70

No 15 30

TOTAL 50 100

Source: Primary Data

CHART 4.9: PEOPLE ASSOCIATED WITH HDFC LIFE

People associated with HDFCL

30%

70%

Yes No

INTERPRETATION

The graph and table shows the number of respondents associated with HDFC Ltd. It is clear that
70% of the respondents are associated with HDFCL and 30% are not.
TABLE 4.10: CUSTOMER AWARENESS ABOUT DIFFERENT SERVICES OF HDFC
LIFE

SERVICE NO OF RESPONDENTS PERCENTAGE (%)

Banking 12 24%
Insurance 28 56%
Mutual fund 2 4%
Securities 3 6%
House loan 5 10%
TOTAL 50 100
Source: Primary Data

CHART 4.10: CUSTOMER AWARENESS ABOUT DIFFERENT SERVICES OF HDFC

LIFE

Different services of HDFCL

30

25

20

15

10

0
Banking Insurance Mutual fund Securities House loan

INTERPRETATION

Among the respondents, majority are familiar with the insurance sector of HDFC. 56% of the
respondents are familiar with insurance, 24% with banking,10% with house loan, 6% with
securities and only 4% are aware of Mutual Funds.
TABLE 4.11: PEOPLE FAMILIAR WITH HDFC LIFE

OPINION NO OF RESPONDENTS PERCENTAGE (%)

Yes 36 72

No 14 28

TOTAL 50 100

Source: Primary Data

CHART 4.11: PEOPLE FAMILIAR WITH HDFC LIFE

People familiar with HDFCL

40

35

30

25

20

15

10

0
Yes No

INTERPRETATION

According to the data most of the respondents are aware and familiar with HDFCL. 72% of the
respondents are familiar and 28% are not familiar with HDFCL
TABLE 4.12: MEDIA THROUGH WHICH PEOPLE CAME TO KNOW ABOUT HDFC
LIFE

MEDIA NO OF RESPONDENTS PERCENTAGE (%)

News paper 10 20%
Tele Vision 18 36%
Word of mouth 14 28%
Internet 8 16%
TOTAL 50 100
Source: Primary Data

CHART 4.12: MEDIA THROUGH WHICH PEOPLE CAME TO KNOW ABOUT HDFC
LIFE

Media through which people came toknow about HDFCL

18
16
14
12
10
8
6
4
2
0
News paper Tele Vision Word of mouth Internet

INTERPRETATION

The graph and table represents the media through which the people comes to know about HDFCL.
36% of the respondents came to know through television, 28% through word of mouth, 20%
through newspaper and the remaining 16% through Internet.
TABLE 4.13: THE NUMBER OF PEOPLE WHO WANTS THEIR RELATIVES AND
FRIENDS TO KNOW ABOUT HDFC LIFE
OPINION NO OF RESPONDENTS PERCENTAGE (%)

Yes 46 92

No 4 8

TOTAL 50 100

Source: Primary Data

CHART 4.13: THE NUMBER OF PEOPLE WHO WANTS THEIR RELATIVES AND
FRIENDS TO KNOW ABOUT HDFC LIFE

The number of people who wants their relatives and friends

to know about hdfc life
50

40
Axis Title

30

20

10

0
Yes No
Axis Title

Series1

INTERPRETATION

According to the survey, 92% of the people want their relatives and friends to know about the
HDFC life and their services and the remaining 8% doesn’t want to inform their relatives and
friends about HDFC life
TABLE 4.14: THE NUMBER OF RESPONDENTS WHO REVIEWS THEIR FINANCIAL
GOALS WITH AN EXPERT
RESPONSE NO OF RESPONDENTS PERCENTAGE (%)
Yes 16 32%

No 34 68%

TOTAL 50 100
Source: Primary Data

CHART 4.14: THE NUMBER OF RESPONDENTS WHO REVIEWS THEIR FINANCIAL

GOALS WITH AN EXPERT

Review of Financial goals with an expert

32%

68%

Yes No

INTERPRETATION
The data clearly shows that 32% of the respondents will review their financial goals with an expert
who will be assisting them in achieving their financial goals
TABLE 4.15: AWARENESS ABOUT EXPERT ADVICE FROM HDFC LIFE

RESPONSE NO OF RESPONDENTS PERCENTAGE (%)

Yes 28 56%

No 22 44%

TOTAL 50 100

Source: Primary Data

TABLE 4.15: AWARENESS ABOUT EXPERT ADVICE FROM HDFC LIFE

Awareness about expert advice from HDFCL

Yes No

44%

56%

INTERPRETATION

According to the survey, 56% respondents are aware that they can get an expert advice form HDFC
life and the remaining 44% of the respondents still not aware about the expert advice from HDFCL.
TABLE 4.16: THE NUMBER OF RESPONDENTS WHO THINK HDFC PROVIDES
MORE BENEFITS THAN OTHER INSURANCE COMPANIES

RESPONSE NO OF RESPONDENTS PERCENTAGE (%)

Yes 26 52%

No 24 48%

TOTAL 50 100

Source: Primary Data

CHART 4.16: THE NUMBER OF RESPONDENTS WHO THINK HDFC PROVIDES

MORE BENEFITS THAN OTHER INSURANCE COMPANIES

The number of respondents who think hdfc provides more

benefits than other insurance companies

26

25

24 Series1

23
Yes No

INTERPRETATION

The table and chart shows that 26 among the 50 respondents think HDFC life provides benefits
more when compared to other insurance companies. The remaining 24 thinks HDFC life as like
any other life insurance companies. Services offering are more or less will be the same
TABLE 4.17: THE NUMBER OF RESPONDENTS WHO THINK FINANCIAL
CONSULTANTS SHOULD COME TO THEIR HOME AND COLLECT PREMIUM
AMOUNT

RESPONSE NO OF RESPONDENTS PERCENTAGE (%)

Yes 32 64%

No 18 36%

TOTAL 50 100

Source: Primary Data

CHART 4.17: THE NUMBER OF RESPONDENTS WHO THINK FINANCIAL

CONSULTANTS SHOULD COME TO THEIR HOME AND COLLECT PREMIUM
AMOUNT

The number of respondents who think financial consultants

should come to their home and collect premium amount
35

30

25

20

15

10

0
Yes No

INTERPRETATION

According to the survey, Majority (32 out of 50) thinks that financial consultants should come to
their home and collect the premium amount. The remaining 18 people do not have such an opinion.
TABLE 4.18: OPINION ON THE ADVERTISEMENT STRATEGY OF HDFC LIFE

OPINION NO OF RESPONDENTS PERCENTAGE (%)

Good 23 46

Average 22 44

Poor 5 10

TOTAL 50 100

Source: Primary Data

CHART 4.18: OPINION ON THE ADVERTISEMENT STRATEGY OF HDFC LIFE

Opinion on the advertisement strategy of HDFCL

Poor
10%
Good
46%
Average
44%

Good Average Poor

INTERPRETATION

From the survey it is known that the advertisements of HDFC life are good and average. Only 5
people among the respondents had an opinion that the ads are poor. Majority have a good opinion
about HDFC life, since the company gives priority to the customers. Some of them have a fear to
invest in HDFC life because of it’s a private ownership. The advertisements are more effective to
make a good place in the minds of the public.
TABLE 4.19: CUSTOMERS’ AWARENESS ABOUT THE LATEST OFFERS

RESPONSE NOOF RESPONDENTS PERCENTAGE (%)

Yes 47 94%

No 3 6%

TOTAL 50 100

Source: Primary Data

CHART 4.19: CUSTOMERS’ AWARENESS ABOUT THE LATEST OFFERS

Customers’ awareness about the latest offers

50
45
40
35
30
25
20
15
10
5
0
Yes No

INTERPRETATION

As per the survey it is clear that majority of the respondents are aware about the latest offers
provided by the HDFC Life. 94% of the respondents are aware and the 6% are not ware about the
latest offers.
TABLE 4.20: OVERALL SATISFACTION LEVEL OF THE RESPONDENTS

SATISFACTION LEVEL NO OF RESPONDENTS PERCENTAGE (%)

Highly Satisfied 27 54

Satisfied 17 34

Average 6 12

Dissatisfied 0 0

TOTAL 50 100

Source: Primary Data

CHART 4.20: OVERALL SATISFACTION LEVEL OF THE RESPONDENTS

Overall satisfaction level of the respondents

30

25

20

15

10

0
Highly Satisfied Satisfied Average Dissatisfied

INTERPRETATION

It is clear from the data that most of the customers are satisfied with the services of HDFC Life.
54% of the respondents are highly satisfied, 34% are satisfied, 12% are satisfied to an average
extent and no one was dissatisfied.
 5.1 FINDINGS

1. Majority of the respondents belong to the age group of 40 – 60 years.

2. Among 50 respondents, 31 are male and 19 are female.
3. 24% of the respondents were married and 76% were unmarried.
4. Among 50 respondents majority are form service sector and next highest group is
professionals and the least was housewives
5. Most of the respondents belong to the income group of Rs.40000- 60000 per month.
6. From among 50 respondents 64% in having life insurance policy and remaining 36% have
not.
7. 44%of the respondent’s policy for the purpose of tax savings
8. There are so many insurance companies in market both from private and public sector. But
the most preferred was HDFC and the least preferred was Birla.
9. 35 respondents out of 50 were already associated with and 15 were not.
10. Among the respondents majority are familiar with the insurance sector of HDFC.
11. 36 people know about HDFC life and 14 do not know about the company.
12. Majority of the respondents comes to know above HDFC life through Television
advertisements.
13. 92% of the respondents are ready and willing to suggest HDFC Life to their relatives and
friends.
14. Only 32% of the respondents are willing to review their financial goals and 68% arenot.
15. Majority of the respondents are aware about the expert advice from HDFC Life.
16. More than half of the total respondents claim that HDFC Life is more beneficial compared
to other insurance companies.
17. From 50 respondents, 32 thinks that financial consultants should come to their home and
collect the premium amount. The remaining 18 people do not have such an opinion.
18. 90% of the respondents makes good response to the advertisement strategy of HDFCL.
19. More than 50% of the respondents are aware of the latest offers from HDFCL.
20. Overall satisfaction level of the customers is good.
 3.2 SUGGESTIONS
Finally, some recommendations for the company are as follows:-
 To make people aware about the benefit of HDFC Life’s products, and change their
perception for the company following activities of advertisement should be done through;
 Print Media
 Hoarding and banners
 Stalls in trade fares
 Distribution of leaflets containing detailed information
 Company can recruit sales promoters so that maximum information can be provided to
the potential client
 By showing additional and alternative income source along with various schemes for
Financial Consultant in the company so that more and more FC can be recruited
 Free life cover for every active Financial Consultant.
 Discounted rate premium for its family members.
 Make people understand about the meaning of the IRDA authorization and its validity
 Company should organize the program in the society, so that people will be aware about
the company.
 Separate time slot for working professions, house wives and retired people.
 Agency of non-life products should also be provided along with life
 Company should open more branches in different cities
 It should provide better facilities for premium collection and to get the sum assured money
 FC should visit clients for premium collection

 Experts from company should visit the clients with the FC

 FCs should be given better training regarding the products and they should try to create
better impact on the customer for the company.
 In the advertisements their basic mission should be to change the perception of people
towards the HDFC group, because a good brand sells itself.
 In the recruitment of financial consultant I found that most people don’t want to give 825.
If the company will less this charge then it will get more FC.
 5.3 CONCLUSIONS

Life insurance is a relatively low involvement product, even for those who have voluntary cover.
It is not something that occupies consumers’ minds at times other than the time of consideration /
purchase. The result of this is a low level of awareness and understanding of life insurance
products, and more generally, of the operation of life insurance companies.

There is confusion in the minds of consumers between life insurance, general insurance, health
insurance, and some investment products (such as endowment products). Life insurance
companies, therefore, are subject to odium emanating from problems in the general insurance
sector, such as the collapse of HIH, increasing general insurance premiums, and obscenely large
director salaries and bonuses. This is the case even among apparently erudite individuals.In this
knowledge vacuum, people make incorrect assumptions and attributions about life insurance.
These ill-formed and uninformed attitudes then act as barriers to life insurance product take-up.A
similar line of reasoning is applicable to genetic testing. A lack of knowledge about the details
and potential benefits of genetic testing leads people to associate genetic testing with unrelated
areas such as organ farming, human cloning, ‘Dolly the sheep’ and so on.It should not be
surprising, therefore, that there is a significant level of opposition in the community to the use of
human genetic information by life insurers. It is effectively the fusion of two areas of uncertainty,
coupled with cynicism towards financial institutions.

However, the picture is not altogether bleak. There is evidence in this research suggesting that
attitudes to life insurance and genetic testing are, to some extent, malleable. In the course of the
group discussions, the attitudes of numerous people changed, in some cases dramatically. In the
quantitative research, a brief explanation of the concept of pooled risk was able to significantly
alter attitudes to a number of issues. While it is the case that some people are more easily led than
others, these two pieces of research suggest that a communications program has the potential to
influence attitudes in the area of life insurance and genetic testing. Our belief is that given the
relatively low involvement nature of life insurance, an attitude change program should target the
time of greatest involvement – that is, the time around product consideration and purchase. We
believe that a communication program would be most effective if it was a joint life insurance
industry and government initiative.
 6.1 BIBLIOGRAPHY

 Leon G. Schiffman, Leslie Lazar Kink, Consumer Behavior, Himalaya

Publishers, Delhi, 2004

 Kotler Philip, Marketing Management, Pearson Education Inc. 11thEdition.

 www.wikipedia.com
 www.licindia.com
 www.irda.org
 www.lifeinsure.com
 www.hdfclifeinsurance.com
 www.hdfc.com
 Valuable information from corporate guide and faculty guide.
 QUESTIONNAIRE

I, FATHIMATH THASHRIFA SHIRIN S A, Final year B.com Student of Kannur University

SDE, kindly request you to fill the following questions for the purpose of Project work on the topic
CONSUMERS PERCEPTION ON HDFC LIFE, on behalf of our curriculum.

Name:…………………………..

Address:…………………………………………..

……………………………………………….

Mob No:…………………………..

[Put a Tick Mark on your selected option]

1. Age group
a) Below 25 b) 25 - 40 c) 40- 60 d)Above 60
2. Gender
a) Male b) Female
3. Marital Status
a) Married b) Unmarried
4. Occupation
a) Service b) Self employed c) Professional d) Student

e) Housewife

5. Monthly Incom (in Rs)

a) Below 25000 b) 25000 – 40000 c) 40000 – 60000

d) Above 60000

6. Are you a Life Insurance Policy Holder?

a) Yes b) No v
7. What type of insurance policy do you prefer?
a) Tax saving b) protection tool c) savings option d) others
8. Which of the following companies in your locality do you prefer?
 a) LICI b) ICICI prudential c) Bajaj Allianz

d) SBI e) BIRLA Life f) HDFC Life

9. Are you associated with HDFCL earlier?

a) Yes b) No
10. Are you aware of the different services provided by HDFC Life?
a) Yes b) No
11. Are you Familiar with HDFC Life?
a) Yes b) No
12. Through which media do you came to know about HDFC Life?
a) Newspaper b) TV c) Word of mouth d) Internet
13. Will you suggest HDFC Life to your relatives and friends?
a) Yes b) No
14. Do you review your financial goals with an expert?
a) Yes b) No
15. Are you aware about the expert advice from HDFC Life?
a) Yes b) No
16. Do you think HDFC Life is more beneficial compared to other companies?
a) Yes b) No
17. Do you think consultants should come to your home and collect premium?
a) Yes b) No
18. What is your opinion on advertisement strategy of HDFC Life?
a) Good b) Average c) Poor
19. Are you aware of the latest offers from HDFC Life?
a) Yes b) No
20. How do you rate the overall satisfaction from the services of HDFC Life?
a) Highly Satisfied c) Average
b) Satisfied d) Dissatisfied

……………………….THANK YOU…………………