A STUDY ON HDFC STANDARD LIFE INSURANCE

COMPANY LIMITED IN CUSTOMER BUYING BEHAVIOUR

IN LIFE INSURANCE

A project report submitted to the Mahatma Gandhi University in partial

fulfillment of the requirements for the award of the Degree of Bachelor of
Commerce for the year

2018-21

Submitted by

VYSAKH UM (180021061269)

VISHNU GIREESH (180021061270)

VYSAKH V (180021061271)

BACHELOR OF COMMERCE

(Vocational: Model-II Finance & Taxation)

Under the supervision and guidance of

Ms. ASHME ANDREWS

Assistant Professor

Department of commerce

Nirmala Arts & Science College, Mulanthuruthy

March 2021
 DECLARATION

We VYSAKH UM, VISHNU GIREESH, VYSAKH V. hereby declare that the

project work entitled, ”A STUDY ON HDFC STANDARD LIFE
INSURANCE COMPANY LIMITED IN CUSTOMER BUYING
BEHAVIOUR IN LIFE INSURANCE”, is exclusively bonafide work done by
us under the supervision and guidance of Ms. ASHME ANDREWS, Assistant
Professor in Department of commerce at Nirmala Arts & Science College,
Mulanthuruthy and no part of it has formed the basis for award of any Degree
diploma or similar institutions to any persons.

VYSAKH UM

VISHNU GIREESH

VYSAKH V

Place:Mulanthuruthy

Date:
 DEPARTMENT OF COMMERCE
NIRMALA ARTS & SCIENCE COLLEGE,
MULANTHURUTHY

CERTIFICATE
This is to certify that the project entitled, “A STUDY ON HDFC STANDARD
LIFE INSURANCE COMPANY LIMITED IN CUSTOMER BUYING
BEHAVIOUR IN LIFE INSURANCE”, is bonafide record of work carried out
by VYSAKH UM, VISHNU GIREESH, and VYSAKH V under my
supervision and guidance and submitted to Mahatma Gandhi University in
partial fulfillment of requirements for Degree leading to Bachelor of
Commerce.

Ms. Ashme Andrews

Assistant Professor

Department of Commerce

Nirmala Arts & Science College,

Mulanthuruthy

Place:Mulanthuruthy

Date:
 DEPARTMENT OF COMMERCE
NIRMALA ARTS & SCIENCE COLLEGE,
MULANTHURUTHY

CERTIFICATE
This is to certify that the project entitled, “A STUDY ON HDFC STANDARD
LIFE INSURANCE COMPANY LIMITED IN CUSTOMER BUYING
BEHAVIOUR IN LIFE INSURANCE”, is bonafide record of work carried out
by VYSAKH UM, VISHNU GIREESH, and VYSAKH V final year B.Com
students in the Department during the year 2018-21. They completed the project
work under our guidance and to the best of our satisfaction the project report
represents the group work of the candidates.

Mr. Bitto Paul

Head of Department of Commerce

Nirmala Arts & Science College,

Mulanthuruthy

Place:Mulanthuruthy

Date:
 ACKNOWLEDGEMENT

We express our deep gratitude to the almighty God for providing everything
that we required in completing this project.

We express our sincere gratitude to Dr. C.A Geetha, Principal of Nirmala Arts
& Science College, Mulanthuruthy for the encouragement and support and for
all the valuable help she has rendered in this study.

We are highly indebted to our guide Ms. Ashme Andrews, Assistant professor
of Department of Commerce at Nirmala Arts & Science College,
Mulanthuruthy, for her guidance and constant supervision as well as for
providing necessary information regarding the project & also for her support in
completing the project.

We acknowledge our gratitude to Mr. Bitto Paul, Head of the Department for
his guidance and encouragement in out this project work.

We are also expressing our sincere gratitude towards our parents for their kind
co-operation and encouragement which is helpful for the successful completion
of our project.

Last but not the least our thanks and appreciations also go to our classmates in
developing the project and to the people who have willingly helped us out with
their abilities.

VYSAKH UM

VISHNU GIREESH

VYSAKH V

Place:Mulanthuruthy

Date:
 CONTENTS

CHAPTER TITLE PAGE NO.

1 Introduction 1- 7

2 Review of Literature 8 -11

3 Company Profile 12-19

4 Theoratical Framework 20-26

5 Analysis and Interpretation 27-43

6 Findings ,suggestions and conclusion 44-47

7 Bibliography 48-50

8 Annexure 51-54
 LIST OF TABLES
TABLE NO. TITLE PAGE NO.
4.1 Age Group Of Respondents 27

4.2 Gender of Respondents 28

4.3 Occupation of the Respondents 29

4.4 Respondents of investment options 30

4.5 Respondents having an insurance policy 31

4.6 Respondent Interest of investing Options 32

4.7 Term of Investment preferred 33

4.8 Perception about Insurance 34

4.9 Kinds of buying process Preferred 35

5.0 What people look for an insurance company 36

Feature made you to invest in HDFC Standard life

5.1 37
insurance policy

5.2 Respondent Perceptions towards HDFC Standard

38
Life insurance company
satisfaction of the respondents with respect to the
5.3 policies offered 39

Respondents Preference to Clarify their Query 40

5.4

5.5 Benifits of insurance perceived Respondent 41

5.6 Satisfaction of current policy 42

 LIST OF FIGURES
FIG NO. TITLE PAGE NO.
4.1 Age Group Of Respondents 27

4.2 Gender of Respondents 28

4.3 Occupation of the Respondents 29

4.4 Respondents of investment options 30

4.5 Respondents having an insurance policy 31

4.6 Respondent Interest of investing Options 32

4.7 Term of Investment preferred 33

4.8 Perception about Insurance 34

4.9 Kinds of buying process Preferred 35

5.0 What people look for an insurance company 36

Feature made you to invest in HDFC Standard life

5.1 37
insurance policy

5.2 Respondent Perceptions towards HDFC Standard

38
Life insurance company
satisfaction of the respondents with respect to the
5.3 policies offered 39

Respondents Preference to Clarify their Query 40

5.4

5.5 Benifits of insurance perceived Respondent 41

5.6 Satisfaction of current policy 42

 CHAPTER-1

INTRODUCTION
 Introduction

Customer is the king and it is the customer who decides what a business is and

therefore a sound marketing programme starts with a careful analysis of

habits ,attitudes,motivates,and need of the customer. Buying behaviour is a decision

process and acts of people involved in buying and using products.customer buying

behaviour of the ultimate end user.Buyer reaction to a firms marketing strategy has a

great impact on the firm’s success.HDFC standard life insurance company ltd is one

of the India’s leading private life insurance companies which offers a range of

individual and group insurance solutions.It is a joint venturebetween Housing

Development Finance Corporation ltd India’s leading housing finance institution and

standard life assurance company, a leading provider of financial services from United

Kingdom.

In the first step the customer has determined that for some reason he/she is not

satisfied (i.e. customer's perceived actual condition) and want to improve his/her

situationExternal factors can also trigger the customer's needs. Marketers are

particularly good at this through advertising in-store did plays etc.

Assuming that customers are motivated to satisfy his/her need they will undertake a

search for information on possible solutions. The sources may he simple like the past

experience or the customer may expend considerable effort to locate information

from outside sources

Customers search efforts may result in set of options from which a choice can be

made It should be noted that there may be two levels to this stage At level one the

customer may create a set of possible solutions to their solution while at level to the

customer may be evaluating particular products within each solution In many case the

solution chose by the customer is the same as the product whose evaluation is

highest. The intended purchase may be altered at the time of purchase for many

reason such as the product is out of stock a competitor offering incentive at the time

of purchase, the customer lacking in necessary of funds.

Once the customer has made the purchase they are faced with evaluation of the

decision. If the product performs below the customers expectation then he/she will re-

evaluate the satisfaction with the decision, which at its extreme might result in the

customer returning the product while in less extreme situations the customer will

retain in expensive or highly important purchases Customer service canter and

follow-up market research are useful tools in helping to address the purchaser's

concern.
Objectives Of The Study

Primary Objectives
To determine reasons behind opting for an insurance.

To determine customer buying behaviour towards private insurance

companies and their expectation from private insurance companies.

To determine the feedback on services provided by any other insurance

agent.

To study the types of benefits provided by insurance services.

Secondary Objectives

To know whether the services offered by the company has satisfied the

needs of all groups of people.

To find out the benefits preferred by the customers.

To know about their views about the company and to access to the views.

Scope Of The Study

A big boom has been witnessed in insurance industry in recent times.A

large number of new players have entered the market and are trying to gain

market share in this rapidly improving market.This study deals with HDFC

standard life in focus and the various segments that it caters to.
Research And Methodology

Methodology:

Collection of the data for the Study can be drawn from

following methods for study.

Sources of data:

After determining the objectives of study and research

design,the next important step is data collection
method.The information has to be collected from there
trailers.During the process of the Study the data is
collected from the target segment that is
customers,dealers and distributors with help of structured
well designed questionnaire.

Data is collected from:

 Primary Data

It was collected through questionnaire prepared contains relevant

question that are both close ended and opened.Individual and
group interviews also undertaken with difference consumers.
I have collected mainly the primary data for my study by
utilising the questionnaire and interview methods.

Secondary Data

These data are collected from published source such as

magazines,news papers,several books and also from the help of
help of website www.hdfcsl.com.

Period of the study:

The study was conducted during the period of November

2020-February 2021.
 Limitation Of The Study

 The research is confined to a certain parts of ernakulam and

does not necessarily shown a pattern applicable to all parts of
the country.
 Some respondents were reluctant to divulge personal
information,which can affect the validity of all response.
 In a rapidly changing industry,analysis on one day or in one
segment can change very quickly.The environment changes
are vital to be considered in order to assimilate the findings.

The data collected from the customer may be biased.

 CHAPTER – 2
REVIEW OF LITERATURE
 This chapter presents the review of literature to identify and understand the

implications of different issues related to consumer behaviour and life insurances in

India. A comprehensive review of related past studies helps the researcher to adopt,

modify and improve the conceptualisation of framework and provide a link with past

approaches.

Khan, M.K. (1978) 1 attempts to know the opportunities and prospects in the

career of a life insurance sector. He explains about what a good career is and how a

good career should be for selling of life insurance products. There is no age barrier

and it requires no previous occupational experience but one must be a professional

and capable of creating opportunities in building personality. The relationship of life

Insurance agent with clients is not temporary and the service rendered has no

substitutes. He also observes that life insurance agent remains, in a sense, permanent

server to the clients.

Rajkumar (1985) 3 views that advertising is to influence a customer, who has

a limited spending power and it seems to operate through familiarizing spreading

news over cog inertia and image building improving market share, educating,

informative and to have staff support. As far as insurance industry is concerned,

misconception is a common problem and the pre-testing revealed that most of the rich

people are associated with insurance and he viewed that the treatment of Life

Insurance Company to the public is always unfair.

Shesha Ayyar, V. (1986) 4 in his article entitled “Product Development” has

discussed various issues connected with developing new polices such as the

importance of developing new schemes and various problems involved in the

development of new schemes in Company. He suggested the need for including

ancillary benefits such as accident benefits, disablement and hospitalization benefits.

Rajan Saxena (1986) 5 in his article entitled “Life Insurance Services”

discusses various issues relating to life insurance. The author insists on the

importance of life insurance and discusses on various strategies of life insurance.

Mishra, M.N. (1987) 6 made a study to appraise the strategies of Life

Insurance Company. While reviewing the strategies, the author felt that before 1960

Life Insurance Company did not give much attention to the objective of customer

satisfaction, but from 1980 onwards the corporation has taken several remedial

measures to provide better customer service and improve the customer satisfaction.

Ashis Deb Roy (1987) 7 in his article entitled “We Care for our Customers”

has examined the nature and importance of better customer services to policyholders

and has emphasized the need for quality in service. He has given a detailed note on

the various steps to be taken by Life Insurance Company to improve the customer

service such as training programmes conducted by Company to its agents and

employees, opening new branches and introduction of computers in insurance branch

offices.

Venkatesh, N.C. (1987) 8 in his article entitled “On the Trail of Better

Service” has discussed the importance of better and personal servicing to the

customers and has emphasized the importance of satisfying the policyholders.

Rao, B.S.R. and Appa Rao Machiraju (1988) 11 in their article entitled “Life

Insurance and Emerging Trends in Financial Services Market”, contends that the

agents of life insurance should improve their services to the level of financial experts.

The authors felt that the change in the economic scenario would help the corporation

in better services field.

Raghunadhan, R. (1988) 12 in his article “Population - Insurable and Insured”

made an attempt to analyze the insurance coverage of the insurable population and

concluded that more self employed and agricultural labourers are to be tapped. The

author gave a suggestion to improve and introduce new schemes to satisfy the groups.

Shejwalker, P.C. (1989) 15 in his article “Training in life Insurance” discussed

the importance of trained agent force to develop the life insurance business. He

stressed that present selection pattern of the agent should be changed. He expressed

his opinion that private or independent institute should be invited to impart training to

the agents.

Seetaramaiah, M. (1992) 18 in his article entitled “Fluctuations in New

Business” identified the reasons for heavy work load on new business during the year

ending period. He suggested some steps to overcome them. They are closing the half

yearly accounts in September, giving heavy discount for the premium received in the

first quarter, giving a special rebate of premium in the lean months, and completing

the promotion and posting of officials by the first week of April.

 CHAPTER – 3
COMPANY PROFILE
 COMPANY PROFILE

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 72.38Percent of equity in the joint venture.

HIDEC STANDARD LIFE INSURANCE PARENTAGE

HDFC Limited

1) HDFC is India leading housing finance institution and has helped build more than
23,00,000 houses since its incorporation in 1977.

2) In Financial Year 2003-04 its assets under management crossed Rs. 36,000 Cr.

3) As at March 31, 2004, outstanding deposits stood at Rs. 7,840 crores. The depositor base
now stands at around 1 million depositors.

4) Rated AAA by CRISIL and ICRA for the 10th consecutive year

5) Stable and experienced management

6) High service standards

7) Awarded The Economic Times Corporate Citizen of the year Award for its long- standing
commitment to community development.

8) 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 policies and its subsidiaries)
1) Standard life group has been looking after the financial needs of customer over 180 years

2) 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

3) Its investment manager currently administers £125 billion in assets.

4) 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 ofAl by Moody's

5) Standard Life was awarded the 'Best Pension Provider' in 2004, 2005and 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.

KEY STRENGTHS
1) FINANCIAL EXPERTISE
As a joint venture of financial services groups, hdfc standard life has the financial
expertise required to manage your long-term investments safely and efficiently.

2) RANGE OF SOLUTION
We have a range of individual and group solutions, which can be easily customised to
specific needs. Our group solutions have been designed to offer you complete flexibility
combined with a low charging structure.

3) TRACK RECORD SO FAR

Our gross premium income, for the year ending March 31, 2008 stood atRs 4,859 crores
and new business premium income stood at Rs. 2,685 crores. The company has covered
over 9,59,000 lives year ending March 31, 2008,
 SWOT ANALYSIS OF HDFC-SLIC
STRENGHTS
1)Domestic image of HDFC supported by Standard Life's international image is the
strength of the company.
2.) Strong and well spread network go qualified intermediaries and sales person
3.) Strong capital and reserve base.
4.) The company provides customer service of the highest order.
5.) Huge basket of product range which are suitable for all age and income groups.
6.) Large pool of technically skilled manpower with in depth knowledge and
understanding of the market.
7.) The company also provides innovative products to cater to different needs of different
customers.
WEAKNESS
1.) Heavy management expenses and administrative costs.
2.) Low customer confidence on private players.
3.) Vertical hierarchical reporting structure with many designations and cadres leading to
power politics at all levels without any exception.
4.) Poor retention percentage of tied up agents.
OPPORTUNITIES
1.) Insurable population: According to IRDA only 10% of people are insured. This
suggests that more than 300m people, with the potential to buy insurance, remain
uninsured.
2.) There will be inflow of managerial and financial expertise from the world's leading
insurance markets. Further the burden of educating consumers will also be shared
among many players.
3.) International companies will help in building world class expertise in local market by
introducing the best global practices.
THREATS
1.) Other private insurance companies also vying for the same uninsured population
2.) Competition from public sector insurance companies like LIC, National Insurance
Company Limited, Oriental Insurance Limited, New India Assurance Company
Limited and United India Insurance Company Limited. People trust and go to them
more.
3.) Poaching of customer base by other companies.
4.) Most people don't understand the need or are not willing to take insurance policies
general.
CORPORATE OBJECTIVES
Our Vision
'The most successful and admired life insurance company, which means that we are the
most trusted company, the easiest to deal with, offer the best value for money, and set
the standards in the industry'. ‘The most obvious choice for all”.
Our Values
Values that we observe while we work
* Integrity
* Innovation
* Customer Centric
* People Care One for all and all for one.
* Team work
* joy and simplycity

PRODUCT PROFILE
Individual Product
We at HDFC standards Life realise that not everyone has the same kind of needs. Keeping
this in mind, we have a varied range of products that you can choose from to suit all your
needs. These will help secure your future as well as the future of your family.
Protection Plans
You can protect your family against the loss of your income or the burden of a loan in the
event of your unfortunate demise, disability or sickness. These plans offer valuable peace
of mind at a small price.
• Term Assurance Plan
• Loan Cover Term
• Assurance Plan
Investment Plans
Our investment products are well suited to meet your long-term needs.
• Single Premium Whole Life Plan
Pension Plans
Our Pension Plans help you secure your financial independence even after retirement.
• Personal Pension Plan
• Unit Linked Pension Plan
• Unit Linked Pension plus
Our Immediate Annuity plan will aid you in receiving income post retirement and
securing you financial independence.
Savings plan
Our saving Plans offer you flexible options to build savings for your future needs such as
buying a dream home or fulfilling your children's immediate and future needs. Our
Savings range includes
* Endowment Assurance Plan
* Unit Linked Endowment
* Unit Liked Endowment Plus
* Money Back Plan
* Children's Plan
* Unit Linked Young star
* Unit Liked Young star Plus
Health Plan
Our health plans provides you with timely support in case of any health related emergencies
and helps you and your family to remain financially independent in difficult times
* Critical care plan
* Surqi care plan
Group Products
One-stop shop for employee - benefit solutions
HDFC Standard Life has the most comprehensive list of products for progressive
employers who wish to provide the best and most innovative employee benefit solutions to
their employees. We offer different products for different needs of, employers ranging
from term insurance plan for pure protection to voluntary plans such as superannuation
and leave encashment.
We now offer the following group products to our esteemed corporate clients

* Group term Insurance

* Group Variable Term Insurance
* Group Unit – Linked Plan
Social Product
Development Insurance Plan is an insurance plan which provides life cover to members
of a Development Agency for a term of one year. On the death of any member of th
group insured during the year of cover, a lumpsum is paid to that member's
beneficiaries to help met some of the immediate financial needs following their loss.
Other Product
• Rural Product
• Tax Benefits
The Value Added Service Offered By The HDFC Standard Life Insurance
Electronic Clearing System
It is a system where your premium gets directly debited from your bank account on your
due dates. This helps the customer to pay the insurance premium with out to the insurance
company
Fiancial Advisor
Advisor are the back is not just selling of the policies but listen to the customer like what
they need, how much they can invest, which policy suit them the and what kind of policy
expect from us ie what kind of policies should be designed for them.
Ease in Renewal of Lapsed Policies
Policy holders can easily renew their policy without much more difficulties for these
customers can seek the help of financial consultant
Other Services
Customized products : All the information about the companies and its products are
available in company's website.In case want to pay their premium through cheque then they
can draw them in favour of the insurance company in which he has the policy.

Market Information : Customers can check their policy status through online.

Claim Settlement : Claim settlement in private life insurance company is faster than
the other insurance company.
 CHAPTER-4

THEORETICAL FRAMEWORK
 INSURANCE

Insurance is a means of protection from financial loss.it is a form of risk

management,preliminary used to hedge against the risk of a contingent or

uncertain loss.An entity which provides insurance is known as an

insurer ,insurance company.a person or entity who buys insurance is

known as an insured or as a policyholder.The insurance transaction

involves the insured assuming a guaranteed and known relatively small

loss in the form of payment to the insurer in exchange for the insurer’s

promise to compensate the insured in the of a covered loss.The loss may or

may not be financial,but it must be reducible to financial terms,and

usually involves something in which the insured has an insurable interest

established by ownership,possession,or pre-existing relationship.

PRINCIPLE OF INSURANCE

1.Nature of contract
Nature of contract is a fundamental principle of insurance

contract.An insurance contract comes in to existence when one party

makes an offer or proposal of a contract and the other party accepts the

proposal.A contract should be simple to be a valid contract.The person

entering in to a contract should enter with his free consent.

 2.principle of utmost good faith
Under this insurance contract both the parties should have faith

over each other.As a client it is the duty of the insured to disclose all the

facts to the insurance company.any fraud of facts can result in to

cancellation of the contract.

3.Principle of insurable interest

Under this principle of insurance,the insured must have interest in

the subject matter of insurance.Absence of insurance makes the contract

null and void.If there is no insurable interest.an insurance company will

not issue a policy.

4.Principle of indemnity

Indemnity means security or compensation against loss or

damage.The principle of indemnity is such principle of insurance stating

that an insured may not be compensated by the insurance company in an

amount exceeding the insured’s economic loss.In type of insurance the

insured would be compensation with the amount equivalent to the actual

loss and not the amount exceeding the loss. This is a regulatory

principle.This principle is observed more strictly in property insurance

than in life insurance.

 5.principle of subrogation

The principle of subrogation enables the insured to claim the amount

from the third party responsible for the loss.it allows the insurer to pursue

legal methods to recover the amount of loss.

6.Double insurance

Double insurance denotes insurance of same subject matter with

two different companies or with the same company under two different

policies.insurance is possible in case of indemnity contract like fire,marine

and property insurance.double insurance policy is adopted where the

financial position of the insurer is doubtful.The insured cannot recover

more than the actual loss and cannot claim the whole amount from both

the insurers.

7.principle of proximate cause

Proximate cause literally means the nearest cause or direct

cause.The principle is applicable when the loss is the result of two or more

causes.The proximate cause means ,the dominant and most effective cause

of loss is considered.This principle is applicable when there are series of

causes of damage or loss.

 MARKETING OF INSURANCE IN INDIA

Insurance is in a manner of speaking the last frontier in the financial sector

to open.It is also a sector,which leads to benefits across the full

spectrum,from the individual who now have wider choices to the

economy,which see increased savings,to the infrastructure sector,which

can look forward to long term funding being available.

MARKETING MIX POLICIES

Different companies can choose to position themselves differently and

hence the marketing mix is different.however,there are certain common

characteristics that one can call out from the possible strategies that

companies adopt.

PRODUCT

The development of flexible products to suit individual requirements is

what will differentiate the winners from the also-rans.The key to success is

in providing insurance solutions, not standardised insurance products.The

concept of riders or optional benefits has already been a huge innovation

brought about by the new players,which has lead to customisation of

products for individual needs.

PLACE

Different companies may however choose different channels and different

geographics to focus on.The channel options are-tied agency

force,corporate agents and brokers and this is an area where different

companies will make different choices.Many companies like HDFC

standard life are focusing on all channels whereas companies like Max

newyork life are focusing on the tied agency force only.

PRICE

Price is a relevant differentiator only in two segments-pure term insurance

and in pure annuities.here too,service delivery and financial strength will

need to be present at a minimum acceptable level for price to be a relevant

differentiator.In case of Savings oriented products,long-term returns

generated are more relevant than just the price of the product

PROMOTION AND ADVERTISING

The level of demand is latent and will have to be activat considerably.The

market needs to be developed.Greater awareness of insurance and the need

to have it as a protection tool rather than as a tax planning measure needs

to be appreciated by the Indian people.

REGULATORY AND DEVELOPMENT AUTHORITY

The insurance regulatory and development authority is a national agency

of the government of India ,based in Hyderabad.in1999 ,the insurance

regulatory and development authority was constituted as a autonomous

body to regulate and develop the insurance industry.The IRDA was

incorporated as a statutory body in April,2000.

Role of IRDA

 protecting the interest of policyholders.

 Establishing guidelines for operations of insurers and brokers.

 Specifying the code of condition,qualifications,and training for

insurance intermediaries and agents.

 Promoting efficiency in the conduct of insurance business.

 Regulating the investment of funds by insurance companies.

 Specify the percentage of business to be written by insurers in rural

sector.
 CHAPTER 5

ANALYSIS AND INTERPRETATION

Table 4.1 Age Group Of Respondents

0
3 6

Age Groups No of Respondents Percentages

Less than 18 years 3 6
19-30 39 78
30-50 7 14
Above 50 years 1 2
Total 50 100
Source I : Primary Data is collected through questionare

FIG 4.1

INTREPRETATION :

The above figure reveals that 6% belongs to less than 18 years , 78% belongs to 19-

30 Age group , 14% belongs to 30-50 Age group and 2% belongs to above 50 years
Table 4.2 Gender of Respondents

Sex No of respondents percentages

Male 24 48
Female 26 52
Others 0 0.00
Total 50 100

FIG 4.2

INTREPRETATION :

Table 4.2 shows that 48% of respondents are Males and 52% of respondents are
females .
Table 4.3 Occupation of the Respondents

Working sector No of respondents Percentages

Education 34 68
Finances 1 2
Business 2 4
Government 2 4
IT 4 8
Others 7 14
Total 50 100

FIG 4.3

INTREPRETATION : The above figure reveals that 68% of the respondents are
working in Education sector , 2% of the respondents are working in Finance Sector ,
4% of the respondents are working in Business Sector, 4% of the respondents are
working in Government sector, 8% of the respondents are working IT Sector and
14% are working in other Sector.
Table 4.4 Respondents of investment options

Awareness No of respondents Percentages

Yes 11 22
No 13 26
Have some knowledge 26 52
Total 50 100

FIG4.4

INTREPRETATION :

This graph shows that only 22% of people are Aware of the investment option and
52% have some knowledge about it but 26% of people are not aware of the
investment option available to them.
Table 4.5 Respondents having an insurance policy

Respondents having policy No of Respondents Percentages

Yes 24 48
No 26 52
Total 50 100

FIG 4.5

INTREPRETATION :

This graph shows that 52% of people not having an insurance policy and 48% of
people Having an insurance policy.
Table 4.6 Respondent Interest of investing Options

Need for investment option No of Respondents Percentages

Retirement 6 12
Tax savings 7 14
Earnings 31 62
Liquidity 2 4
No Answer 4 8
Total 50 100

FIG 4.6

liquidity

Earnings

Tax savings

Retirement

0 5 10 15 20 25 30 35

INTREPRETATION : This figure shows that 62% of people have insurance for
future earnings ,14% of people have insurance for tax savings ,12% of people have
insurance for Retirement and 4% of people have insurance for Liquidity
Table 4.7 Term of Investment preferred

Investment Method No of Respondents Percentages

Short term 7 14
Medium Term 26 52
Long Term 17 34
Total 50 100

FIG 4.7

Long term

Medium term

Short term

0 5 10 15 20 25 30

INTREPRETATION :

The above figure shows 14% of respondents prefer Short term investment where as
52% prefer medium and 34% prefer long term.
Table 4.8 Perception about Insurance

Response No of Respondents Percentages

saving tool 21 42
Tax saving device 6 12
Protection to family 23 46
Total 50 100

FIG 4.8

Saving tool
Tax Saving Device
protection of family

INTREPRETATION :

The above figure shows that 42% of people use insurance as a savings tool , 12% of
people use insurance as a Tax saving device and 46% consider insurance as a tool to
protect their Families.
Table 4.9 Kinds of buying process Preferred

Buying process No of Respondents Percentages

Customer Approched 30 60
Agent Approched 20 40
Total 50 100

FIG 4.9

Customer Approched
Agent Approched

INTREPRETATION : The above figure Shows that

60% of respondents approched the insurance company by themselves

40% of respondents approched by the company itself.

Table 5.0 What people look for an insurance company

Response No of Respondents Percentages

Trusted name 10 20
Friendly Service 21 42
Good plans 13 26
Accessibility 5 10
No Answer 1 2
Total 50 100

FIG 5.0

Trusted Name
Friendly Services
Good plans
Accesibility

INTREPRETATION : The above figure shows that 20% of people looks in a

trusted Name of an insurance Company , 42% of people looks for friendly Services ,
26% of people looks for Good plans and 10% of people looks in the accessibility of
Services.
Table 5.1 Feature made you to invest in HDFC Standard life insurance policy

Feature No of Respondents Percentages

Money back guarantee 22 44
Large risk coverage 8 16
Easy Acess to Agent 2 4
Low premium 9 18
Company Reputation 9 18
Total 50 100

FIG 5.1

Money BackGuarantee
Large Risk Coverage
Easy Access To Agent
Low Premium
Company Reputation

INTREPRETATION : The above figure shows that

Majority 44% of respondents attracted to the money back guarantee Feature ,16% of
respondents attracted to the Large risk coverage Feature , 4% of respondents
attracted to the Easy access to agent Feature ,18% of respondents attracted to the
Low Premium Feature ,18% of respondents attracted to the Company reputation
Feature.
Table 5.2 Respondent Perceptions towards HDFC Standard Life insurance
company

Options No of Respondents Percentages

Average 17 34
Aggressive 8 16
Excellent 17 34
Proffesional 8 16
Total 50 100

FIG 5.2

Proffesional

Excellent

Aggressive

Average

0 2 4 6 8 10 12 14 16 18

INTREPRETATION : The above figure shows that

34% of respondents have an opinion that They are Excellent and Average in nature

16% of respondents says they are aggressive and Proffesional

Table 5.3 satisfaction of the respondents with respect to the policies offered

Responce No of Respondents Percentages

Satisfied 34 68
Unsatisfied 2 4
Not responded 14 28
Total 50 100

FIG 5.3

Satisfied
Unsatisfied
Not Responded

INTREPRETATION : The above figure shows that 68% of respondents are satisfied
with thier existing policy,4% of respondents are not satisfied with their policy and
28% of respondents not expressed their satisfaction level at all
Table 5.4 Respondents Preference to Clarify their Query

options No of Respondents Percentages

Advisor 16 32
Company Website 8 16
Customer care 20 40
Branch manager 6 12
Total 50 100

FIG 5.4

Branch Manager

customwer Care

Options
Company Website

Advisor

0 5 10 15 20 25

INTREPRETATION : The above figure shows that

32% of people belives in advisor , 40% of people belives in customer care ,16% of
people belives in Company Website and 12% of people belives in Branch Manager
Table 5.5 Benifits of insurance perceived Respondent

Options No of Respondents Percentages

Cover Future uncertanity 16 32
Tax deductions 8 16
Future Invetment 25 50
No answer 1 2
Total 50 100

FIG 5.5

Cover Future Uncertinity

Tax Deductions
Future Investments
No Answer

INTREPRETATION : The above figure shows that

32% of respondents belives that covering future uncertanityis the biggest benifit of an
insurance policy Whereas 50% and 16% of respondents belives that the other benifits
are Future investments and tax Deductions.
Table 5.6 Satisfaction of current policy

Satisfaction level No of respodents Percentages

Yes 42 84
No 8 16
Total 50 100

FIG 5.6

No

Satisfaction

Yes

0 10 20 30 40 50 60 70 80 90

INTREPRETATION : The above figure shows that

84% of Respondents are satisfied with their current policy

16% people are not Satisfied with thier policy

CHAPTER – 6

FINDINGS
SUGGESTION
AND
CONCLUSION
 FINDINGS
* It reveals that 78% belongs to 19-30 Age group (refer to table 4.1)

* It reveals that 48% of respondents are Males (refer to table 4.2)

* It reveals that 68% of the respondents are working in Education sector
(refer to table 4.3)
* It reveals that 52% have some knowledge about investment options
(refer to table 4.4)
* It reveals that 52% of people not having an insurance policy (refer to
table 4.5)
* It reveals that 62% of people have insurance for future earnings (refer to
table 4.6)
* It reveals that 52% prefer medium Term investment (refer to table 4.7)
* It reveals that 42% of people use insurance as a savings tool (refer to
table 4.8)
* It reveals that 60% of respondents approched the insurance company
by themselves (refer to table 4.9)
* It reveals that 42% of people looks for friendly Services (refer to table
5.0)
* It reveals that Majority 44% of respondents attracted to the money back
guarantee Feature (refer to table 5.1)
* It reveals that 34% of respondents have an opinion that They are
Excellent and Average in nature (refer to table 5.2)
* It reveals that 68% of respondents are satisfiedwith thier existing policy
(refer to table 5.3)
* It reveals that 40% of people belives in customer care (refer to table 5.4)

* It reveals that 50% and 16% of respondents belives that Future

investments are benifited (refer to table 5.5)

* It reveals that84% of Respondents are satisfied with current policy

(refer to table 5.6)
 SUGGESTIONS

In Ernakulum most of the people are working in Government and Business sector and
they don't have much financial planning Another important point is they have good
compensation package. So the company should bring more innovative and should
carryout more promotional activities in government fields. Better promotion of unit

linked plans can generate more sales to the company.

HDFC STANDARD LIFE INSURANCE COMPANY's unit linked insurance plan

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

►As the awareness of insurance is less among the people, its awareness should be
creating among the people by conducting stage shows and explaining its need and
importance

► Insurance should not be considered only as a risk cover element but also as
long term investment

►It is also recommended to concentrate to on lower income group people

► More efforts should be taken by the company's financial consultants to convert

the leads into policy holder of HDFC-SLIC

► Follow up should be taken and customer relation should be maintained by the

inviting the existing customers to the seminars conducted when launching a
new product or any changes are made to the products or rules to retain them.

► Coming with new promotional activities like giving new advertisements, keeping
stalls, conducting seminars in companies, and giving ads through SMS can be done
by HDFC Standard Life insurance Co to create awareness among customers
 CONCLUSION

Our exhaustive research in the field of Life Insurance threw up some interesting
trendswhich can be seen in the above analysis. A general impression that we gathered
duringData collection was the immense awareness and knowledge among people
aboutvarious companies and their insurance products.

People are beginning to look beyond LIC for their insurance needs and are willing to
trust private players with their hard earned money. People in general have been
impressed by the marketing and advertising campaigns of insurance companies. A
high penetration of print, radio and Television ad campaigns over the years is
beginning to have its impact now. Another heartening trend was in terms of people
viewing insurance as a tax saving and investment instrument as much as a protective
one. A very high number of respondents have opted for insurance for such purposes
and it shows how insurance companies have been successful to attract public money
in recent times.

The general satisfaction levels among public with regards to policy and agents still
requires improvement. But therein lies the opportunity for a relative new comer like
HDFC Standard LifeInsurance Company Ltd. LIC has never been known for prompt
service or customer oriented methods and HDFC Standard Life can build on these
factors.
BIBLIOGRAPHY
 BIBLIOGRAPHY

►Khan M.K (1978). Prospects of a Career in Life Insurance Business in India– An

Analysis, Indian Journal of Marketing Volume. 7(6), 23

►Rajkumar(1985).“The Role of Insurance Advertising". Indian Journal of Marketing, Vol.

15. No.2, July 1985, P. 21-23.

►Shesha Ayyar V.(1986). 3 in his article entitled " Product Development" has discussed
various issues connected with developing new polices.

►Rajan Saxena (1986). Marketing Management: McGraw-Hill Publishing Co. (an affiliate of
McGraw-Hill in India) New Delhi –Fifth Edition published in (2016)

►Mishra M.N (1987). made a study to appraise the strategies of Life Insurance Mishra,
M.N.," Appraisal of Marketing Strategies of the Life Insurance”.

►Ashis Deb Roy (1987). in his article entitled "We Care for our Customers" has examined
the nature and importance of better customer services.

►Venkatesh N.C (1987).“A Study of Trend Analysis in Insurance Sector in India”

►Rao B.S.R and Appa Rao Machiraju (1988). "Life Insurance and Emerging Trends in
Financial Services Market", Yogakshema, 1988, P. 25.

►Raghunadhan R. (1988). in his article “population – Insurable and Insured” made an

attempt to analyze the insurance coverage.

►Shejwalker P.C (1989). “Training in life and insurance Marketing, Yogakshema

p.27,Kirubhashini.

►Seetaramaiah M.(1992). “Fluctuations in new bussiness” Yogakshema,1992 P.24

WEBSITES REFERED
www.irda.com
www.hdfeinsurance.com
www.insurance.ind.com
www.moneyoutlook.com

BOOKS & JOURNALS REFFERED

Marketing Management- Philip Kotler

Research Methodology-CR Kothari.

IRDA Journal Outlook - The layman's guide to insurance

ANNEXURE
QUESTIONNAIRE
(1) What is your name?

(2) Sex
[ ] Male
[ ] Female
(3) Which age group do you belong to?

[ ] less than 25years,

[ ] 125 to 35 tears.
[ ] 135 to 45 years
[ ] above 45 years
(4) Which sector are you working in?

[ ] Education
[ ] Finance
[ ] Business
[ ] Government
[ ] IT
[ ] others
(5) Are you aware of the all the Investment options available?

[ ] Yes
[ ] No
[ ] Have some knowledge

(6) Do have any insurance policy?

[ ] Yes
[ ] No
(7) Why do you want to invest in to insurance?

[ ] Retirement
[ ] Tax saving
[ ] Earnings
[ ] Liquidity
(8) Which term of investment preferred?

[ ] Short term
[ ] Medium term
[ ] Long term
(9) What is your perception about insurance?

[ ] A saving tool
[ ] A tax saving device
[ ] A tool to protect your family
(10) What kind of buying process do you prefer?

[ ] Customer approached Insurance company/Agent

[ ] Company/agent approached customer
(11) What do you look for in an insurance company?

[ ] A trusted name
[ ] Friendly service & responsiveness
[ ] Good plans
[ ] Accessible
(12) Which features made you to invest HDFC Standard Life Insurance
[ ] Money Back Guarantee
[ ] Larger Risk Coverance
[ ] Easy Access to Agents
[ ] Low Premium
[ ] Company's Reputation
(13) What is your opinion towards the services provided by HDFC Standard
Lifeinsurance
[ ] Average
[ ] Aggressive
[ ] Excellent
[ ] professional
(14) Are you satisfied with the policies of the insurance provider?
[ ] Satisfied
[ ] Not satisfied
[ ] Not Responded
(15) If you want to clarify any query to whom you consult first?
[ ] Advisor
[ ] company website
[ ] customer care
[ ] branch manager
(16)How do you perceive the benefits of insurance provided?
[ ] Cover Future Uncertainty
[ ] Tax Deductions
[ ] Future Investment
(17) Are you satisfied with your current policy?
[ ] Yes
[ ] No
Any more information you would like to share regarding your perception about
HDFC- SLIC