HDFC LIFE

HDFC CHILD INSURENCE PLAN

NAME: ANIK DAS

SECTION: B2B3
UID: 2019-0107-0001-0004
TABLE OF CONTENTS
1. Business Summary
 Company Name
 Marketing Leadership Team
 Vision and Value
 SWOT Analysis
 BCG Matrix

2. Business Initiatives
3. Target Market
 Product Name
 STP
 Buyer Persona
 Competitive Analysis

4. Market Strategy
 Product
 Price
 Promotion
 People
 Process
 Physical Evidence

5. Budget
6. Marketing Channels

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BUSINESS SUMMARY
COMPANY INFORMATION
HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance
Company Limited) ('HDFC Life' / ‘Company’) is a joint venture between HDFC Ltd., one of
India’s leading housing finance institution and Standard Life Aberdeen, a global investment
company.
Established in 2000, HDFC Life is a leading long-term life insurance solutions provider in
India, offering a range of individual and group insurance solutions that meet various
customer needs such as Protection, Pension, Savings, Investment and Health. As on March
31, 2019 the Company had 38 individual and 11 group products in its portfolio, along with 8
optional rider benefits, catering to a diverse range of customer needs.
HDFC Life continues to benefit from its presence across the country with 412 branches and
additional distribution touchpoints through several partnerships.  The partnerships comprise
265 bancassurance partners including NBFCs (Non-Banking Financial Companies), MFIs
(Micro Finance Institutions), SFBs (Small Finance Banks), etc. and 39 partnerships within
non-traditional ecosystems. The Company is also strengthened by a strong base of financial
consultants.
In Fiscal 2012, The Company established a wholly-owned subsidiary, HDFC Pension
Management Company Ltd., to operate its pension fund business under the National Pension
Scheme (NPS). And in Fiscal 2016, the Company established its first international wholly-
owned subsidiary in the UAE, HDFC International Life and Re Company Ltd., to operate its
reinsurance business.

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MARKETING LEADERSHIP TEAM

Ms. Vibha Padalkar

Managing Director & Chief Executive Officer
Ms. Padalkar has been associated with HDFC Life since August 2008. She qualified as a
member of the Institute of Chartered Accountants of England and Wales in 1992 and is
also a member of the Institute of Chartered Accountants of India.
Prior to her appointment at HDFC Life, she has worked in varied sectors such as global
Business Process Outsourcing, global FMCG and in an international audit firm. She was
recently honoured with the ‘Finance Leader of the Year’ award at the ET Prime Women
Leadership Awards 2019. She has also received the ‘CA CFO - Insurance Sector’ award
from the Institute of Chartered Accountants of India, along with being recognised as one
of the ‘Top 30 most powerful women in business’ by Business Today. She was conferred
the ‘CFO-woman of the year’ award by the Institute of Chartered Accountants of India in
2011 and for “Excellence in Financial Control, Compliance and Corporate Governance”
by IMA, India in 2013.

Mr. Suresh Badami

Executive Director
Mr Suresh Badami has been associated with our Company since October 2013 and is the
Executive Director of the Company. Prior to joining our Company, Mr Badami was
associated with Dunlop India Limited, ICI India Limited, Cogensis Networks Private
Limited, Max Ateev Limited, and ICICI Bank Limited. Mr Badami holds a Bachelor's
degree in Science from Bangalore University and a Post Graduate Diploma in
Management from Xavier Institute of Management, Bhubaneswar.

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Mr. Niraj Shah
Chief Financial Officer
Mr. Niraj Shah has been associated with HDFC Life since February 2019. He heads
Finance, Audit, Risk Management and Investor Relations. He has 20 years of experience
in financial services, primarily in life insurance and corporate finance advisory. Prior to
joining HDFC Life, he was associated with PNB MetLife, ICICI Prudential Life, EY and
BNP Paribas. Mr. Shah holds a Post Graduate Diploma in Management from Indian
Institute of Management, Bangalore and is a member of the Institute of Chartered
Accountants of India.

Mr. Parvez Mulla

Chief Operating Officer
Mr. Parvez Mulla has been associated with HDFC Life as a Chief Business Officer -
Group since January 2018. In November 2018, he was elevated as Chief Operating Officer
(COO) of the HDFC Life. As COO, his portfolio includes Branch Operations, Customer
Service, Underwriting, Centralised Operations, Technology, Business Insights, Data Labs
and Innovation functions. Since October 2018, Mr. Parvez Mulla has been appointed as
the Non-Executive Director on the Board of HDFC Pension Management Company
Limited.
Prior to joining HDFC Life, he was the MD with True North Managers LLP and before
that he was the Chief Executive of Retail at L&T Financial Services. Prior to L&T
Financial Services, he was associated with ICICI Bank, ANZ Grindlays Bank and Bajaj
Auto. He has over 23 years of experience in retail banking and financial services.
Mr. Parvez Mulla holds a Bachelor’s degree in Mechanical Engineering and a Post
Graduate Diploma in Management from IIM Bangalore.

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Mr. Prasun Gajri
Chief Investment Officer
Mr. Prasun Gajri has been associated with HDFC Life since April 2009 and heads
Investments. Prior to joining HDFC Life, he was associated with Citibank N.A and Tata
AIA Life Insurance Company Limited. Mr. Gajri holds a Bachelor's degree in Engineering
from Punjab Engineering College, Chandigarh and is an alumnus of Indian Institute of
Management, Ahmedabad. He is also a Chartered Financial Analyst from CFA Institute,
USA.

Mr. Srinivasan Parthasarathy

Sr. EVP, Chief Actuary and Appointed Actuary
Mr. Srinivasan Parthasarathy has been associated with HDFC Life since December 2011
and heads Actuarial and Products. Prior to joining HDFC Life, he was associated with
LIC of India, Watson Wyatt (UK), AVIVA Life (UK), York (Norwich Union), AVIVA
India, and Canara HSBC. Mr. Parthasarathy holds a Bachelor’s degree in Science
(Mathematics) from Loyola College, University of Madras. He is also a Fellow of the
Institute of Actuaries of India (2008) and Institute of Actuaries, UK (2004).

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Mr. Pankaj Gupta
Senior Executive Vice President (Sales) & Chief Marketing Officer
Mr. Pankaj Gupta has been associated with HDFC Life since November 2014. He is the
Chief Marketing Officer and also heads Strategic Alliances, Speciality Sales, Credit Life,
Government Business & CRM. Prior to HDFC Life, he has been associated with
Citigroup, ICICI Bank, and TCS. He has over 23 years of work experience in the financial
services space. Mr. Gupta holds a Bachelor’s degree in Technology from IIT Kanpur and
is an alumnus of the Indian Institute of Management, Lucknow.

Mr. Sanjay Vij

Senior Executive Vice President (Bancassurance) & Chief Values Officer
Mr. Sanjay Vij has been associated with HDFC Life since July 2001 and heads
Bancassurance (HDFC Group). Prior to joining HDFC Life, he was associated with HCL
Limited, Blue Star Limited, Core Parenterals Limited, Span Medicals Limited and Birla
AT&T Communications Limited. Mr. Vij holds a Bachelor’s degree in Science (D.Tech)
from Gujarat Agricultural University and has a Master's degree in Business
Administration from Faculty of Management Studies, University of Baroda.

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 Mr. Vibhash Naik
Executive Vice President – HR, L&D and Administration
Vibhash has been with HDFC Life since 2011 and heads Human Resources, Learning and
Development and Administration. He has 21 years of experience and prior to joining
HDFC Life he was associated with Atos Origin, Lehman Brothers and Religare Macquarie
Private Wealth. He has graduated from University of Mumbai in 1998 with a Masters in
Labour Studies, Human Resources.

VISION AND VALUES

Vision
One of the most successful and admired Life Insurance company, which means that we are
the one of 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
Our vision and values that we observe at work
 Excellence
 People Engagement
 Integrity
 Customer Centricity
 Collaboration

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S.W.O.T. ANALYSIS
STRENGTH:
 Customize packages - The business offers its customers with customized insurance
plans based on the needs of the customer.
 Brand Image - HDFC life insurance has a very well establish domestic image in the
Indian market.
 Well established Networks - The business has a well-established network in the
country who further sells the policies to customers. It has a network of over 500
branches in over 700 cities.
WEAKNESSES
 High Cost of operations - The business involves high administration cost and
management expenses.
 Retention of the network is poor - Thought the business has a well-established
network but there is a high churn in the network and hence it further adds to the cost
of operations.
OPPERTUNITIES
Population - the population of India is increasing at a rapid pace and also the insurable
population is too high and not yet covered completely and hence there is a huge potential for
the business in Indian market.
THREATS

 Instability in Economy - There is a high instability in the economy which impacts the
business to great extent. Global crisis inhibits people from investing in such policies as
the guarantee of getting the returns or even the principal amount is not known
 NBFC’s Entry in the industry - There is a high competition in the market owing to the
fact that many new players are entering the market and biggest threat is from NBFC’s
 Movement of Employees - The industry experiences high churn ratio and hence the
employees who are successful in the industry keeps on moving from one company to
another which puts a lot of pressure on hiring and also the candidates who are driven
for sales and increasing the business in terms of new insurances issued for the brand.

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BCG MATRIX

STARS:

The products with high growth and high market share are classified as stars. HDFC LIFE
Term Insurance Plan is fall under this category.

QUESTION MARKS:
Products with high market growth but low share are classified as question marks. HDFC
LIFE Retirement Plan is fall under this category.
CASH COW:

Products with low growth but high market share are classified as cash cows. HDFC LIFE
Child Insurance Plan is fall under this category.

DOGS:

Products with low growth and low market share are classified as dog. HDFC LIFE Saving
Investment Plan is fall under this category.

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BUSINESS INITIATIVES
HDFC Life believes that the edifice of long-term sustainable business growth can be
established only on a foundation of ethical social responsibility.
We pro-actively contribute towards social development through our various initiatives under
the realm of Corporate Social Responsibility (CSR).
While Corporate Social Responsibility activities have been implemented in the organization
since 2010, the CSR Policy of HDFC Life has been revised in 2016- 17 to ensure sharper
alignment with Section 135 of the Companies Act, 2013.
We actively strive to encourage our employees to volunteer and collaborate with the eco-
system by building a sense of social responsibility and contributing to the society.
Education

 A fully paid sponsorship through which employees work as fulltime teachers for
children from underprivileged backgrounds has been instituted in the organization.
Through this direct intervention program we have impacted 400 plus children across
schools.
 An NGO in West Bengal has been enabled by us to build a library and dining space
for school children to ensure equitable access to facilities within the school for 500
plus children.
 In the east region, we are supporting the education of 300 children without parental
support.
 Expanding the outreach of the education framework, we have provided infrastructural
support to 10 schools across North India, which cater to the educational needs of
differently abled children.
 HDFC Life has also contributed in ensuring ease of transportation for around 200
underprivileged school children in Tamil Nadu, resulting in reduction of expenses
incurred by their parents on transportation and thereby removing a barrier to
education.
 Through one of our projects undertaken in Karnataka, civic literacy and awareness
would be imparted to children studying in class 8th in 29 lower income schools
ensuring not only academic development, but a long term impact through creating
responsible and aware citizens of India.
 Empowering children to make informed life and career choices by imparting career
and life skills counselling. The children are provided with mentors to guide them in
the critical academic years from classes 8th to 10th.
 Enabling young girl students in a remote village to attend school regularly by
providing cycles to them.
 Providing nutritious and healthy mid-day meals to school children.

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Livelihood
Like everyone else, persons with disabilities have abilities, strengths, hopes, dreams and
needs. HDFC Life has undertaken a project in Karnataka which involves providing
vocational training to around 200 differently abled youth and ensuring at least 80 percent
placement.

Health

HDFC Life has tied up for a large project with a focus on reducing and preventing protein
energy malnutrition amongst around 43,000 children under 5, in 24 Gram Panchayats in
West Bengal.

 Another project has been initiated to aid children affected with cancer by providing
them holistic healthcare support and accommodation facilities during the course of
treatment. The aim is to reduce the treatment abandonment ratio in underprivileged
families.
 Providing safe drinking water solutions across six villages and promoting
entrepreneurship-based sustainability.
 Improving and upgrading sanitation facilities and providing drinking water access to
children in 10 municipal schools.

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TARGET MARKET
PRODUCT NAME
HDFC Life Child Insurance Plan
STP
SEGMENTATION: All individuals
TARGETING: Parents, Middle Income group
POSITIONING: Good maturity amount of a lump sum investment
BUYER PERSONA
Buyer Persona 1:
 Persona Name: Anirban
 Age: 35
 Works in TCS for 10 years
 Monthly income 70000
 Married and have 1 children 4 years old
 Challenges:
1. He not gets enough time to play with his
2. He travels a lot
3. He saves for his retirement but as he is the only person who income it is difficult

Buyer Persona 2:
 Persona Name: Suman
 Age: 32
 Works in Zomato for 5 years
 Monthly income 25000
 Married and have 1 children 3 years old
 Challenges:
1. He travels a lot daily basis
2. If they late for some reason they face rude behaviour of customer
3. On time delivery
4. No holiday to spent with family

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COMPETITORS ANALYSIS
COMPANY NAME: MAX LIFE
FEATURES:
 They entry for this plan is between 21-50 years and the maximum maturity age is 65
 You can take your pick from five options, each covering difference risk level
 Flexibility to choose the policy term and then term of your premium, depending on your
goals
 Option to make partial withdrawals when you are in need of money
 The plan is liable to pay loyalty additions
 Tax benefits can be availed

COMPANY NAME: BAJAJ ALLIANZ

FEATURES:
 The entry age for this plan is between 18-50 years and the maximum maturity age is 60
years
 Policy will ensure that there is adequate cash available for important events like paying
for your child’s higher education, your child’s marriage and other important landmark
events
 Flexibility to choose from three cash instalment options
 Offer special rates for women policy holders
 You can customize your plan by choosing additional riders at very low rates

COMPANY NAME: LIC

FEATURES:
 You can choose to pay the premium on annual, semi-annual, quarterly or monthly basis
 Along with the maturity benefit you can also avail loyalty additional
 You can choose riders for critical illness or accidental benefits
 If you discontinue paying the premium, you will receive a guaranteed surrender value
upon on both regular premium and single premium policies

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MARKET STRATEGY
PRODUCT
HDFC Life Child Insurance Plan
PRICE
Premium charge against the policies, interest charge for defaulting the payment of premium, commission
charged for underwriting and consultancy.

PLACE
Managing the insurance personal and locating a branch

PROMOTION
 Advertising and publicity
 Organization of conference and seminars
 Incentives of policy holders
 Exhibition

PEOPLE
 Training and development of employees
 Strong relationship with intermediaries
 Use IT for efficiency at both stuff and agent level

PROCESS
 Speed and accuracy to payment
 Easy and convenient processing method
 Schemes catering demand of customers

PHYSICAL EVIDENCE
 Internet webpages
 Brochures
 Business card
 Building and office

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BUDGET
Over the course of 2020 given the cash allotted to the Marketing team, we expect to invest in
the following items to ensure we meet the objectives outlined in this marketing plan:

Marketing Expense Estimated Price

Marketing Software 300000
Event Hosting 1000000
Advertising 5000000
Content Sponsorship 500000
Digital Marketing 200000
Total 7000000

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MAEKETING CHANNELS
Over the course of 2020, we will launch/ramp up our use of the following channels for
educating our customers, generating leads, and developing brand awareness:

Website/Publication
Purpose of channel: Brand Awareness
Metrics to measure success: 40,000 unique page views per month

Social Network
Purpose of channel: Networking building, Awareness of their product
Metrics to measure success: 20000 response per month

Bank Branches
Purpose of channel: It is for Influencer Marketing
Metrics to measure success: In one month on average 3 response

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