A

PROJECT ON

“HDFC LIFE INSURANCE & VARIOUS PLANS OF HDFC”

A PROJECT SUBMITTED TO

UNIVERSITY OF MUMBAI

FOR PARTIAL COMPLETION OF THE DEGREE OF

MASTERS IN COMMERCE

UNDER THE COURSE OF (BANKING AND

FINANCE)

BY

DHANASHREE DINESH NAGAVKAR

ROLL NO. 46

UNDER THE GUIDANCE OF

PROF. MRS. PRAJAKTA KHAMKAR

VIDYA PRASARAK MANDAL’S

K.G. JOSHI COLLEGE OF ARTS AND N.G.

BEDEKAR COLLEGE OF COMMERCE

CENDANI BUNDER ROAD, THANE (WEST)

SEPTEMBER 2023
 DECLARATION BY LEARNER

I undersigned Miss Dhanashree Dinesh Nagavkar here by, declare that the work
embodied in this project work Titled “HDFC Life insurance and various plans of
HDFC”. Forms my own contribution to the research work carried out under the
guidance of Professor Mrs. Prajakta Khamkar mam is a result of my own research
work and has not been previously submitted to any other University for any other
Degree/Diploma to this or any other University. Whenever reference has been made
to previous work of others, it has been clearly indicated as such and include in the
bibliography.

I, here by further declare that all information of this document has been obtained and
presented in accordance with academic rules and ethical conduct.

Dhanashree Dinesh Nagavkar.

 ACKNOWLEGMENT

To list who all helped me is difficult because they are so numerous and the depth is so
enormous.

I would like to acknowledge the following as idealistic channels and fresh dimensions
in the completion of this project.

I take the opportunity to thank the University of Mumbai for giving me chance to do
this project.

I would like to thank my Principal, Dr. Mrs. Suchitra A. Naik for providing the
necessary facilities required for completion of this project.

I take this opportunity to thank our Coordinator Mrs. CMA Dr. Rashmi Agnihotri,
for her moral support and guidance.

I would also like to express my sincere gratitude towards my project guide Professor
Mrs. Prajakta Khamkar whose guidance and care made the project successful.

I would like to thank my College Library, for having provided various reference
books and magazines related to my project.

Lastly, I would like to thank each and every person who directly or indirectly helped
me in the completion of the project especially My Parents and Peers who supported
me throughout me.
 INDEX

Chapter Number Title of the Chapter Page

Number
Chapter 1 Introduction
1.1 What is insurance 1
1.2 How insurance work 2
1.3 Advantages and disadvantages 2-4
1.4 History of insurance industry in India 5
1.5 Current scenario of insurance 8
1.6 History of HDFC standard life insurance 10
1.7 Profile of HDFC 13
1.8 SWOT Analysis 14
1.9 Products / plans and types insurance 17
1.10 Future of insurance industry 30
Chapter 2 Research Methodology 33
2.1 Objective of the study 34
2.2 Scope of the study 34
2.3 Limitation of the study 35
2.4 Selection of the problem 35
2.5 Sampling Techniques 35
2,6 Data collection method 36
2.7 Test of data analysis 36
Chapter 3 Review of literature 37
3.1 Introduction 38
3.2 Reference 50
Chapter 4 Data Analysis and Interpretation 53
4.1 Tools of data analysis 54
4.2 Test of data analysis 55
Chapter 5 Finding and Recommendation 66
Chapter 6 Conclusion and Suggestion 69
Bibliography 72
Appendix 74
 List of tables

Table no. Name Page no.

1.1 List of shareholdings 16

Chapter No.4 53
4.1 Gender 56
4.2 Age 57
4.3 Occupation 58
4.4 Type of Insurance people aware about 59
4.5 Type of insurance policies people have 60
4.6 Source of information 61
4.7 Attractive insurance policies towards people 62
4.8 Various Insurance companies people aware about 63
4.9 Customer satisfaction towards services of HDFC 64
life insurance

List of Graph

Diagram Name Page

no. no.
4.1 Gender 56
4.2 Age 57
4.3 Occupation 58
4.4 Type of Insurance people aware about 59
4.5 Type of insurance policies people have 60
4.6 Source of information 61
4.7 Attractive insurance policies towards peoples 62
4.8 Various insurance companies people aware about 63
4.9 Customer satisfaction towards services of HDFC 64
 Executive summery

We use life approach to address much ignored variation in access to Life insurance.
This study is all about study on various plans of HDFC life insurance with reference
to Dombivli City. Professionals, self-employed and students are specially considered
because they are dealing with banking transactions and loans. In this study, it has bed
covered the sample of 50 respondents from Dombivli City. A structured questionnaire
was prepared to collect the data. Every respondent was aware about insurance plans.
Respondents are more than and above age of 30 were taken into consideration and 20
respondents are in between the age of 20 to 30. To analysis the data, percentage taken
into consideration. With the help of that came to conclusion that almost 100%
respondents are aware about various insurance plan of HDFC and own insurance
policy for different reasons.
CHAPTER: 1 INTRODUCTION
 INTRODUCTION

What Is Insurance?
Insurance is a contract, represented by a policy, in which an individual or entity
receives financial protection or reimbursement against losses from an insurance
company. The company pool clients risk making payments more affordable for the
insured. Insurance policies are used to hedge against the risk of financial losses, both
big and small, that may result from damage to the insured or her property, or from
liability for damage or injury caused to a third party.

In life, unplanned expenses are a bitter truth. Even when you think that you are
financially secure, a sudden or unforeseen expenditure can significantly hamper this
security. Depending on the extent of the emergency, such instances may also leave
you debt-ridden.

While you cannot plan ahead for contingencies arising from such incidents, insurance
policies offer a semblance of support to minimize financial liability from unforeseen
occurrences.

There is a wide range of insurance policies, each aimed at safeguarding certain

aspects of your health or assets.

Broadly, there are some types of insurance, namely:

• Life Insurance
• Motor insurance
• Health insurance
• Travel insurance
• Property insurance
• Mobile insurance
• Cycle insurance
• Bite-size insurance

Simply knowing the various insurance policies does not help. Instead, you must know
how each of these plans work.

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Without adequate knowledge about each of them, you may not be able to protect your
finances, as well as the financial well-being of your family members. Read on to learn
all you need to know about the various insurance policies.

How Insurance Works?

There is a multitude of different types of insurance policies available, and virtually
any individual or business can find an insurance company willing to insure them for a
price. The most common types of personal insurance policies are auto, health,
homeowners, and life. Most individuals in the United States have at least one of these
types of insurance, and car insurance is required by law.

Advantages

• Perfect cover for your family after you are gone:

As it is impossible to predict the future, no one knows what happens next.

Protecting your family from an unforeseen potential the following are some of the
advantages of taking an insurance policy. Peril could be your top priority. An
insurance policy can render a helping hand when you are unable to support your
family or after your death.

• Benefit of compensation:

The financial loss caused by the peril is compensated by insurance. If the

untoward incident happens before completion of the tenure, you can claim the
financial loss covered under the insurance without much hassle. It reduces lot of
your mental stress and agony caused by the peril. In case of life insurance, your
family gets a financial cover after your death.

• Tax Benefits:

Irrespective of the insurance plan you buy, you can claim tax benefits up to 1.5
laths under section 80C as per Income Tax Act 1961.

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 • Financial support post-retirement:

There are special insurance plans that are tailor-made to support after your
retirement. It makes you financially healthy after when you would not be able to
earn money at old age. Moreover, buying insurance at a young age becomes
cheaper in the long run.

• For specific purposes:

Insurance is earmarked for specific goals unlike other financial instruments. This
helps you utilize the funds for the purpose you had initially opted.

• For smooth business operation:

Even when you meet with unexpected loss in the business, insurance can help you
manage the loss. An insurance policy taken for your employee becomes a
motivating factor at the workplace and helps in smooth business operation.

Disadvantages
• Tricky terms and conditions:

While taking an insurance policy, some of the terms and conditions could be tricky
that you may not get compensation for all the losses. It is important to read
through the conditions before buying it.

• Lengthy legal formalities:

Though you may have opted for a good plan, claiming the insurance money could
take a long time due to its lengthy legal procedures to be carried out by the
company.

• Potential crime incidents:

Life insurance policies could lead to potential crime incidents as the beneficiaries
of the policy might get tempted to resort to wrong ways to get obtain the insured
amount.

3
 INDUSTRY PROFILE

HISTORY OF INSURANCE INDUSTRY IN INDIA

❖ LIFE INSURANCE

Life Insurance in its modern form came to India from England in the year 1818.
Oriental Life Insurance Company started by Europeans in Calcutta was the first life
insurance company on Indian Soil. All the insurance companies established during
that period were brought up with the purpose of looking after the needs of European
community and Indian natives were not being insured by these companies. However,
later with the efforts of eminent people like Babu Muttylal Seal, the foreign life

insurance companies started insuring Indian lives. But Indian lives were being treated
as sub-standard lives and heavy extra premiums were being charged on them.
Bombay Mutual Life Assurance Society heralded the birth of first Indian life
insurance company in the year 1870, and covered Indian lives at normal rates.
Starting as Indian enterprise with highly patriotic motives, insurance companies came
into existence to carry the message of insurance and social security through insurance

to various sectors of society.

Bharat Insurance Company (1896) was also one of such companies inspired by
nationalism. The Swadeshi movement of 1905-1907 gave rise to more insurance
companies. The United India in Madras, National Indian and National Insurance in
Calcutta and the Co-operative Assurance at Lahore were established in 1906. In
1907, Hindustan Co-operative Insurance Company took its birth in one of the rooms
of the Jorasanko, house of the great poet Rabindranath Tagore, in Calcutta. The
Indian Mercantile, General Assurance and Swadeshi Life (later Bombay Life) were
some of the companies established during the same period. Prior to 1912 India had
no legislation to regulate insurance business. In the year 1912, the Life Insurance
Companies Act, and the Provident Fund Act were passed. The Life Insurance
Companies Act, 1912 made it necessary that the premium rate tables and periodical
valuations of companies should be certified by an actuary. But the Act discriminated
between foreign and Indian companies on many accounts, putting the Indian

companies at a disadvantage.

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The Government of India issued an Ordinance on 19 January 1956 nationalizing the
Life Insurance sector and Life Insurance Corporation came into existence in the
same year. The Life Insurance Corporation (LIC) absorbed 154 Indian, 16
nonIndian insurers and also 75 provident societies—245 Indian and foreign insurers
in all. In 1972 with the General Insurance Business (Nationalization) Act was
passed by the Indian Parliament, and consequently, General Insurance business
was nationalized with effect from 1 January 1973. 107 insurers were
amalgamated and grouped into four companies, namely National Insurance
Company Ltd., the New India Assurance Company Ltd., the Oriental
Insurance Company Ltd and the United India Insurance Company Ltd. The
General Insurance Corporation of India was incorporated as a company in
1971 and it commenced business on 1 January 1973.

❖ GENERAL INSURANCE

The General Insurance industry in India dates back to the Industrial Revolution and
the subsequent increase in trade across the oceans in the 17th century. As for Life
Insurance, the British brought General Insurance to India, and a similar path was
followed in the development of this industry. A number of private companies were in
existence for years and years until, in 1971, the Indian Government decided that the
public interest would be served by nationalizing the industry, merging all the 107
companies into four companies, depending on the sort of business transacted (Marine,
Fire, Miscellaneous). These were the National Insurance Company Ltd., the Oriental
Insurance Company Ltd., the New India Assurance Company Ltd., and the United
India Insurance Company Ltd. located in Calcutta, New Delhi, Bombay and Madras
respectively. The General Insurance Corporation (GIC) was set up in 1972 as a
‘holding’ company, having these four companies as its subsidiaries.

1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all
classes of general insurance business. 1957: General Insurance Council, a wing of the
Insurance Association of India, frames a code of conduct for ensuring fair conduct
and sound business practices. 1968: The Insurance Act amended to regulate
investments and set minimum solvency margins and the Tariff Advisory Committee
set up. 17 1972: The General Insurance Business (Nationalization) Act, 1972

5
nationalize the general insurance business in India with effect from 1st January 1973.
107 insurers amalgamated and grouped into four companies viz. the National
Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental
Insurance Company Ltd. and the United India Insurance Company Ltd. GIC
incorporated as a company.

Insurance Repository
On 16 September 2013, IRDA launched "insurance repository" services in India. It is
a unique concept and first to be introduced in India. This system enables policy
holders to buy and keep insurance policies in dematerialized or electronic form.
Policyholders can hold all their insurance policies in an electronic format in a single
account called electronic insurance account (EIA). Insurance Regulatory and
Development Authority of India has issued licenses to four entities to act as Insurance
Repository:

• CDSL Insurance Repository Limited

• Karvy Insurance repository Limited
• NSDL Database Management Limited
• CAMS Repository Services Limited

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 CURRENT SCENARIO OF INSURANCE SECTOR

The Insurance industry in India has seen major growth in the last decade. It is
governed by the Insurance Regulatory and Development Authority of India (IRDAI).
The industry consists of 63 insurance companies (24 Life insurers and 39 non-life
insurers).
Demographic factors such as growing middle class, young insurable population, and
growing awareness of the need for protection and retirement planning will support the
growth of Indian Life insurance.
Private health insurance penetration in India is approximately 5-10%.
Currently, there are seven health insurance and 23 general insurance companies
providing health insurance products in India. The on-going corona virus pandemic
changed the landscape of the Indian insurance industry in a big way. The changes
are expected to not only increase the insurance penetration rate in the country but
also bring a conscious shift in the insurance product-mix. Over the last 10 months,
the amount of business that has happened through the protection portfolio has
increased by leaps and bounds. Insurance is gradually being witnessed as a pull
product from being a push product all this while. For the first time, customers are
asking insurers about the right protection products that would meet their needs aptly.
Overall the awareness around insurance, as well as the demand for protection
products, has witnessed an uptick.
Throughout the year, Digitization was the key pillar that accelerated the growth of the
entire insurance ecosystem from marketing and digital policy issuance to claim
submission. Also, the way people accepted and adopted digital processes was
commendable and a driving factor in the immense growth of the insurance industry.
Digitalization drastically helped insurers – especially life and health – to create and
distribute simplified, digital-native solutions in a cost-effective manner.
Indian Life Insurance Industry – Navigating a Choppy 2020 states that while global
share of life insurance premiums stood at 46 per cent in 2019, it was 75 per cent in
India for 2018-19. It is also revealed that the total premium for life insurance stood at
Rs 508,132 Crore in 2018-19 and has been growing at a Compound Annual Growth
Rate (CAGR) of 10.3 per cent since 2007-19 when it was Rs 156,076 crore.

7
It has attributed the double digit growth in the industry to factors like

1) Rising household savings or income level.

2) Increasing education or awareness level.

3) Rise of middle class.

4) Tax benefits.

5) Product innovations or customization by insurance companies.

6) Entry of multiple distribution channels.

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 HISTORY OF HDFC STANDARD LIFE INSURANCE

HDFC Life Insurance Company was earlier called HDFC Standard Life Insurance
Company but it has been recently renamed. The company was formed in the year
2000 as a joint venture between HDFC Limited and Standard Life Aberdeen. While
HDFC Limited is one of the leading financial institutions of India, Standard Life
Aberdeen is an international investment company which is present in various
countries.

Ever since its inception HDFC Life Insurance is offering a range of life insurance
solutions to customers. The company enjoys a good market reputation and is present
across India 412 branches, 265 bancassurance partners, 39 non-traditional financial
partnerships. In the year 2016, the company entered the reinsurance business by
establishing a wholly-owned subsidiary called HDFC International Life and Re
Company Limited in the United Arab Emirates. In the Indian insurance segment, the
company offers all types of life insurance products which are discussed below.

HDFC Standard Life Insurance Company Limited was incorporated as a public

limited company at Mumbai on 14th August 2000. The Company obtained the
certificate of commencement of business on October 12,2000. Further the Company
obtained its certificate of registration from Insurance Regulatory and Development
Authority of India (IRDAI) to undertake the life insurance business on 23rd October
2000. HDFC Standard Life is one of the most profitable life insurers based on Value
of New Business (VNB) margin. Besides consistently being among the top three
private life insurers in terms of profitability based on VNB margin the company has
also consistently been among the top three private life insurers in terms of market
share based on total new business premium. HDFC Standard Life was the first private
sector life insurer to obtain registration from the IRDAI and was established as a joint
venture between HDFC (one of India's leading housing finance institutions) and
Standard Life Aberdeen plc (one of the world's largest investment companies)
initially thoughts wholly owned subsidiary The Standard Life Assurance Company
and now through its wholly owned subsidiary Standard Life Mauritius. Currently the

9
Company has 413 branches across India. The Company has a broad diversified
product portfolio covering five principal segments across the individual and group
categories namely participating non-participating protection term non-participating
protection health other nonparticipating and unit-linked insurance products. The
Product portfolio comprises 35 individual and 11 group products as well as eight
optional rider benefits. In 2003 HDFC Standard Life crossed 1lakh policies and
10000 individual agents. During the year the company entered into distribution tie-
ups with HDFC Bank and other banks. In 2004 the company launched unit linked
products. During the year the company entered into distribution tie-up with Saraswat
Co-operative Bank Limited. In 2007 HDFC Standard Life crossed the 5lakh policy
milestone. In 2010 HDFC Standard Life's total assets under management (AUM)
crossed Rs 20000 crore. In Fiscal 2012 the Company established a wholly-owned
subsidiary HDFC Pension to operate the pension fund business under the National
Pension System. HDFC Pension is the second largest private pension fund
management company in India in terms of assets under management and subscribers
in Fiscal 2017.

HDFC Standard Life turned profitable in fiscal 2012 and registered a profit of Rs 271
crore. In December 2013 the company declared a maiden dividend. In 2014 the
company's AUM crossed Rs 50000 crore marks. In 2016 HDFC Standard Life's total
premium crossed the Rs 16000 crore marks. During the year Standard Life Mauritius
increased its stake in HDFC Standard Life Insurance Company from to 35% from
26%. In Fiscal 2016 The Company established a first international subsidiary in the
UAE HDFC International to operate the reinsurance business. HDFC International
has signed reinsurance treaties for two distinct lines of individual life business and
entered into arrangements to offer reinsurance for group and credit life schemes. The
Company expects the pension and reinsurance business to help them diversify its
sources of revenue and profitability in future. On 31 July 2017 HDFC Standard Life
Insurance Company and Max Group entities called off proposed merger of their life
insurance businesses as the parties were unable to obtain the requisite regulatory
approvals to consummate the merger. Earlier on 8 August 2016 HDFC Standard Life
Insurance Company and Max Group Entities had announced the merger of their life
insurance businesses through a composite scheme of arrangement and had entered
into certain definitive agreements to implement the same subject to satisfaction of

10
various conditions including the receipt of necessary approvals. On 21/08/2017 the
company filed Draft Red Herring Prospectus and on 27/10/2017 filed Red Herring
Prospectus with SEBI for raising Rs. 8695 cr. The Issue dates were from 07/11/2017
to 09/11/2017 with Price Band of Rs. 275 to Rs. 290. The Issue got subscribed 3.83
times leading to its Issue Price being fixed at Rs. 290. The Shares got listed in BSE
and NSE on 17/11/2017 at Rs. 311 which is 7.24% above issue Price.

HDFC PROFILE

11
Values are the most critical elements that reflect the conduct of an organization.
Below is our vision and our values, the pillars that support the success of HDFC Life.

Our vision
One of the most successful and admired life insurance company, which mean 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.

Our mission
We define our mission in the broader context of our shareholders, customers, staff,
the national economy, regulators and the natural environment.

Values
Our vision and values that we observe at work

➢ People Engagement
➢ Excellence
➢ Integrity
➢ Customer Centricity
➢ Collaboration

HDFC Life Insurance Company was earlier called HDFC Standard Life Insurance
Company but it has been recently renamed. The company was formed in the year
2000 as a joint venture between HDFC Limited and Standard Life Aberdeen. While
HDFC Limited is one of the leading financial institutions of India, Standard Life
Aberdeen is an international investment company which is present in various
countries.

Ever since its inception HDFC Life Insurance is offering a range of life insurance
solutions to customers. The company enjoys a good market reputation and is present
across India 412 branches, 265 bancassurance partners, and 39 non-traditional
financial partnerships. In the year 2016, the company entered the reinsurance business
by establishing a wholly-owned subsidiary called HDFC International Life and Re

12
Company Limited in the United Arab Emirates. In the Indian insurance segment, the
company offers all types of life insurance products which are discussed below.

➢ To our shareholders, our mission is to optimize returns.

➢ To our customers, our mission is to provide a caring service by anticipating
their requirements and innovatively satisfying them beyond their expectations.
➢ To our staff, our mission is to identify their multi-faceted talents, develop,
motivate, recognize and reward them towards fulfillment of the institutional
and national housing vision.
➢ To the national economy and the industry regulator, we are the key driver and
thought leader, shaping and financing the national housing policy.
➢ To our natural environment, we enforce sustainable practices across all our
activities.

SWOT ANALYSIS

❖ Strength

• Growth in Quarterly Net Profit with increasing Profit Margin (YoY)

• Company with No Debt

• Annual Net Profits improving for last 2 years

• Book Value per share Improving for last 2 years

• Company with Zero Promoter Pledge

• FII / FPI or Institutions increasing their shareholding

❖ Weaknesses

• MFs decreased their shareholding last quarter

• Inefficient use of shareholder funds - ROE declining in the last 2 years

• Decline in Net Profit (QoQ)

• Declining Revenue every quarter for the past 3 quarters

• Declining profits every quarter for the past 2 quarters

• Promoter decreasing their shareholding

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❖ Opportunities

• Brokers upgraded recommendation or target price in the past three

months

• Decrease in Provision in recent results ❖ Threats

• Increasing Trend in Non-Core Income

• Stocks with high PE (PE > 40)

Products and services of HDFC

HDFC Bank provides a number of products and services including wholesale

banking, retail banking, treasury, auto loans, two-wheeler loans, personal loans, loans
against property, consumer durable loan, lifestyle loan and credit cards. Along with
this various digital products are Payzapp and SmartBUY

Investments

In March 2020, HDFC (parent company of HDFC BANK) made an investment of

₹1,000 crores in Yes bank. As per the scheme of reconstruction of Yes Bank, 75% of
the total investment by the corporation would be locked in for three years. On 14
March, Yes Bank allotted 100 crore shares of the face value of ₹2 each for
consideration of ₹10 per share (including ₹8 premium) to the Corporation
aggregating to 7.97 percent of the post issue equity share capital of Yes bank.

14
Listing and Shareholding

The equity shares of HDFC Bank are listed on the Bombay Stock Exchange and the
National Stock Exchange of India. Its American depositary receipts are listed on the
NYSE and its global depository receipts (GDRs) are listed on the Luxembourg Stock
Exchange where two GDRs represent one equity share in HDFC Bank.

Holder's Name No of Shares % Share Holding

No Of Shares 2020456081 100%

Promoters 1009965325 49.99%

Foreign Institutions 502007846 24.85%

NBanks Mutual Funds 101221579 5.01%

Others 38701980 1.92%

General Public 146338057 7.24%

Financial Institutions 42142251 2.09%

Foreign Promoter 179539209 8.89%

GDR 539834 0.03%

HDFC LIFE INSURANCE

15
 AND TYPE OF PLANS

❖ Term plan

Term insurance plans are those which cover the risk of premature death. These plans
promise the payment of a lump sum benefit if the insured dies during the policy
tenure. The premiums are very low and the plans ensure that the family is financially
supported in the absence of the bread-winner. Term plan offered by HDFC Life
insurance

1. HDFC Life Click 2 Protect Plus Plan:

a. The plan offers four coverage options which are as follows –

i. Life Option – coverage against death
ii. Extra Life Option – coverage against death and accidental death
iii. Income Option – Death benefit is paid in the form of monthly income for 15
years
iv. Income Plus Option – Death benefit is paid in lump sum. Thereafter,
increasing monthly income is also paid for 10 years
b. The sum assured can be increased on marriage and child birth if you choose the life
option
c. Coverage is available for up to 40 years
Eligibility conditions:
Entry Age 18 years to 65 years
Plan duration 10 years to 40 years
Sum assured INR 25 Lakh onwards
Premium amount Depend on age, term and sum assured

2. HDFC click 2 protect health plan:

This is a combination of Health insurance plan and term insurance plan giving you
dual coverage benefits. The features of plan are as follows –
a. You can avail a premium discount of up to 5%

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 b. There are nine coverage options under the plan
c. Lifelong protection can be availed with whole life coverage option
d. You can increase the sum assured every year through a unique top-up option

❖ HDFC Child Plan

Child plans are life insurance plans which are designed for the financial protection of
the child’s future of the parent dies prematurely. Child insurance plans create a
secured corpus which can be used for the child’s higher education or for any other
financial requirement.

HDFC Child Plan Offered Young Star Udaan Plan

This is a traditional money back child insurance plan which also earns bonuses for a
higher corpus. The features of the plan are as follows –

a. There are three coverage option under this plan which are aspiration,
academia and career
b. You can either choose to get a lump sum benefit on maturity or receive
money back benefits
c. Guaranteed additions are also added to the plan benefits
d. You can choose Classic Waiver Death benefit option wherein the premiums
are waived on the death of the parent.

Eligibility Criteria:
Entry age 30 years to 60 years
Plan Duration 15 years to 25 years
Sum assured Depend on premium, term and plan
option selected

Premium amount Minimum – 24,000 payable annually

Maximum – No limit

2. HDFC SL Young Star Super Premium Plan

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This is a unit linked child insurance plan which has the following salient features –

a.There are two death benefit options to choose from

b. There are multiple investment funds for investing the premium
Eligibility conditions:

Entry age 18 years to 65 years

Plan duration 10 years to 20 years
Sum assured Up to 40 times the annual premium
Premium amount Minimum –INR15,000 payable annually
or INR 24000 payable once

❖ Health insurance plans

Health insurance plans are those which cover specific health related contingencies and
pay you a lump sum benefit if you suffer from the covered contingency.

HDFC health insurance plans offered

1. HDFC Health Cardic Care Plan

This plan covers heart related conditions and pays a lump sum benefit in case of
claims. The salient features of the plan are as follows-

a. You can make multiple claims under the policy for a same illness till the sum
insured is available
b. Almost all types of heart related conditions are covered under the plan

c. 25% to 100% of the sum insured is paid as claim depending on the severity of
the illness that you suffer
d. You can choose from three available options which are –
i. Hospitalization benefit which pays a percentage of the sum insured daily
when you are hospitalized
ii. Indexation benefit which increases the sum insured by 10% after every claim
free year

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 iii. Income benefit which pays a percent of the sum insured as incomes for a
specified period.

Eligibility condition:
Entry age 18 years to 65 years
Plan duration 5 years to 40 years
Sum assured Minimum- INR 2 Lakh Maximum
- 50
Lakh
Premium amount Minimum- INR357,860payable
annually or INR 1313.20 payable once
maximum- INR 6555,860 payable
annually or INR 14,43,435 payable once

2. HDFC Cancer Care Plan

As the name suggests, this is a cancer specific health insurance plan which covers
both minor and major stage cancers. The features of the plan are as follows –

a. The sum insured is paid in lump sum on diagnosis of cancer

b. Premiums are waived off for the next three years after a claim is made
c. There are three coverage options of Silver, Gold and Platinum
d. Income is paid for five years under the Platinum Option
e. The sum insured increases by 10% if no claim is made under the Gold and
Platinum options.

Eligibility conditions of HDFC Life Cancer Care Plan:

Age entry 5 years to 65 years
Plan duration 10 years to 85 entry age
Sum assurance Minimum- 10 lakh
Maximum- 50 lakh
Premium amount Depend upon sum insured, age, term
and plan option selected

3. HDFC life easy health plan

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 a. There are seven plan options and the coverage depends on the option that you
select. The options are as follows –
i. Daily Hospital Cash Benefit
ii. Surgical Benefit
iii. Critical Illness Benefit
iv. Daily Hospital Cash Benefit + Surgical Benefit
v. Surgical Benefit + Critical Illness Benefit
vi. Daily Hospital Cash Benefit + Critical Illness Benefit
vii. Daily Hospital Cash Benefit + Critical Illness Benefit + Surgical Benefit
b. You can claim multiple times during the policy duration

Eligibility conditions of HDFC Life Easy Health Plan:

Entry age 18 to 65 years
Plan duration 5 years
Sum assured INR 25,000 to INR 5 lakh
depending on
the plan option selected
Premium amount Maximum- INR 676 payable annually or
INR 2,184
Minimum- INR 122,068 payable annually or
INR 404,279 payable once

❖ Retirement plan

Retirement plans are pension plans which help you in creating a retirement fund
and/or to get regular income post-retirement.

HDFC Retirement plans offered:

1. HDFC Life Pension Guaranteed Plan

This is an immediate annuity plan which gives you lifelong pensions. The features of
the plan are as follows –

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 a. There are different types of annuity options to choose from
b. The plan also has three benefit options to choose from
c. You can receive annuities on a single life basis or joint life basis
d. Only a single premium is required under the plan

Eligibility conditions:
Entry age 30 years to 85 years
Annuity amount Minimum- INR/ year’s Maximum- no
limit
Premium amount Minimum- INR 42,076 Maximum- no
limit

2. HDFC Life New Immediate Annuity Plan

This is also an immediate annuity plan where you get annuity payments immediately
after buying the policy. The features of the plan are as follows –

a. There are 11 annuity payment options which you can choose from
b. Both single life and joint life annuity options are available
c. Higher annuity rates are promised if the single premium paid is high

Eligibility conditions of HDFC Life New Immediate Annuity Plan:

Age entry 20 to 85 years

Annuity amount Minimum- INR 10,000 / years
maximum- no limit
Premiumamount Depend on age, annuity amount required

❖ HDFC Endowment Plan

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An endowment insurance plan is a savings-oriented life insurance plan which helps in
building up a secured financial corpus. The plan promises guaranteed benefits and
pays either a death benefit or a maturity benefit.

Features of endowment plan

• There are some qualifying features of endowment plan as follows:

• The policy is usually offered for long tenures going up as high as 30 years. In
some endowment plans, lifelong coverage might also be available.
• The policies are issued either as participating policies or as non-participating
policies. In participating plans, bonuses are declared while in non-participating
plans bonuses are not declared.
• Guaranteed additions and loyalty additions might be added under some
endowment plans.
• These plans pay the sum assured on death or maturity. Along with the sum
assured, any type of additions which accrued during the term and any bonus
added to the plan are also paid.
• Optional riders are also available under endowment plans.
• Loans are available under endowment plans wherein the policyholder can
avail up to 90% of the surrender value as loan.

Why Endowment policy is a good choice

• The benefits provided under the plans are guaranteed. Thus, there is no risk in
the returns promised by endowment plans. For risk-averse investors,
endowment plans make a good choice.
• In participating endowment plans, bonus declarations enhance the benefits
payable. This gives a good return to the policyholder. Even in case of

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 nonparticipating plans, guaranteed or loyalty additions increase the benefits
payable on death or maturity.
• The plan provides insurance coverage as well as creates a corpus for savings
need of the policyholder.
• The premiums paid are allowed as a tax deduction under Section 80C while
the benefits received are tax exempted under Section 10 (10D). Thus,
endowment plans provide dual tax benefits not only on the investments but
also on the returns generated from the plan.
• Loan facility allowed under the plan provides policyholders funds when it is
needed.
Eligibility conditions:

Age entry 18 years to 60 years

Sum Assured INR 65000 and above
Premium amount Limited premium are allowed

❖ Money Back Policy

A money back policy is a traditional, savings-oriented life insurance plan which also
allows liquidity. Unlike other life insurance plans where the benefit is paid on policy
termination due to death or maturity, money back plans pay regular pay-outs during
the term of the policy. Thus, these plans provide periodic payments and differ from
other life insurance plans.

How a money back plan works?

A money back policy is offered for a stipulated tenure. During the tenure, regular

payouts are made which are calculated as a percentage of the sum assured. These

payouts are done only if the insured is alive at that period. On maturity, the remaining

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sum assured is paid. If, however, the insured dies during the term, the full sum

assured is paid irrespective of the money back benefits already paid.

Features and benefits of the plan

A money back plan has some salient features and provides various benefits too. Here
is a list of the plan’s features and benefits:

• Survival benefits
The periodic benefits which are paid under money back plans are called survival
benefits. These benefits are paid only if the insured survives till the pay-out period.

• Nature of pay-out
Survival benefits, under most money back plans are paid in one lump sum.
However, in some plans, there might be a provision of monthly incomes too.
• Bonus additions
Money back plans are usually offered as participating plans which offer bonus.
Simple or compound reversionary bonus is declared and paid under money back
plans. The accumulated bonus is paid either on maturity or death thereby
enhancing the plan benefits.
• Riders
Additional coverage features, called riders, are also available with money-back plans.
These riders come at an additional premium and increase the scope of coverage.
• Tax benefits
Premiums paid for money-back plans, like other life insurance plans, qualify for tax
deduction under Section 80C. Even the money back benefits received and the
maturity or death benefit is a tax-free income in the hands of the policyholder.

• Premiums
Premiums for the plan can be paid regularly, for a limited period or at once. Different
money back plans have different premium paying options.

❖ Women’s Insurance Plans

This plan caters to wide variety of financial need and requirement of women arising at
different stage of their lives.

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The different plans under this are as follows:

1. HDFC Life smart women plan

This is a type of insurance plan that help in the growth of their savings. It offers 4
different fund options and 3 benefit option. It also provides flexibility to choose the
assured sum and the policy term range of 10 to 15 years.
Eligibility conditions:
Age entry 18 to 45 years
Sum assured 7 times the annual premium to 40 times
of annual Premium
Policy tenure (min
-max) 10 to 15 years

❖ ULIP Plan

ULIPs Unit Linked Insurance Plans are life insurance plans which provide
policyholders dual benefits of investment returns as well as life insurance coverage.
The premiums paid under the plan are invested in the capital market. Thereafter, the
premiums grow with the growth of the market. The invested premiums along with the
growth they have earned reflect the Fund Value of the plan. If the insured dies during
the term of the plan, higher of the Sum Assured or the Fund Value is paid. In case of
maturity, the available Fund Value is paid and the plan is terminated . ULIPs are Unit
Linked Insurance Plans which come with the dual benefit of Insurance combined with
investments. ULIPs provide flexibility to the policyholders to choose their investment
fund as per their risk appetite. So, if you wish to invest in the Equity Market or in the
Debt Market along with an Insurance Coverage, ULIP is the answer to your needs.

TULIPs have some salient features which put these plans in a different league of
their own. These features include the following:

• The amount of premium depends on the policyholder.

The policyholder can decide what amount of money he wants to invest in the
plan. However, the plan has a minimum premium criterion. Any amount
above the minimum premium limit can be paid as premium. In some ULIPs,

25
 there might be a maximum premium criterion as well. In that case, premiums
exceeding the maximum amount are not accepted.
• The sum assured under the plan depends on the premium paid.
It is usually expressed as a multiple of the annual premium paid by the
policyholder.

• There are different funds provided by a unit linked plan. These funds are
basically the following:

o Equity funds which invest primarily in equity oriented securities. These

funds have high risk and promise high returns. o Debt funds which invest
primarily in fixed-income bearing instruments. The funds, therefore, have
very low risks and low returns.
o Balanced funds which invest in a combination of equity and debt. Thus,
there is moderate risk and moderate return under the funds.

Type of ULIP Plans

• Child ULIPs
Child ULIPs are children plans which are offered for creating a secured
financial corpus for the child.

• Pension ULIPs
Pension ULIPs aim to create a substantial retirement fund by providing
market-linked returns on the premiums invested.

• Endowment ULIPs
These are simple savings-oriented ULIPs which pay either a death benefit or a
maturity benefit.

Myths about ULIP Investment

26
 • Premiums are required only for a limited time
No, premiums are required for the premium payment term which the policyholder
has selected. If a single premium ULIP is bought, only a single premium is
required to be paid. For limited premium plans, premiums are payable for the
specified limited period. But for regular premium plans, premiums are payable
throughout the term of the policy.
• Partial withdrawals do not affect the death benefit
Under most plans, the death benefit is higher of the Sum Assured or the Fund
Value. However, for arriving at the sum assured, partial withdrawals made in the
preceding two years are usually deducted.
• The invested premium would double in three years
There is no guarantee to the returns provided under ULIPs. The returns solely
depend on the capital market. If the market performs exceptionally well, the
premiums might double otherwise there is no guarantee of such high returns.
• I can stop the plan after the first five years
The first five years are the lock-in period. Partial withdrawals are allowed after the
first five years. Though the plan can also be surrendered after the first five years,
it doesn’t mean that the plan has completed its tenure. It simply allows
policyholders flexibility. If the plan is stopped after five years, policyholders lose
the benefit of higher returns which are available if they stay invested.

❖ HDFC ERGO Plan

Driven to provide insurance solutions to customers, HDFC ERGO General

Insurance has secured over #1.3 Crore+ customers. Right from offering
comprehensive car insurance to a wide range of health insurance plans, we at
HDFC ERGO always take a Customer First Approach. Our plethora of offerings
mainly include car insurance, two wheeler insurance, home insurance, travel
insurance, health insurance and other commercial products. Backed by a super

27
 strong customer support team and seamless service driven claims operation, we
ensure 360 degree customer happiness.

FUTURE OF INSURANCE INDUSTY

The ongoing COVID-19 pandemic drastically shifted consumer needs, habits and
expectations, while compelling virtualization of operations literally overnight. The
tiny yet deadly novel corona virus triggered a galore of structural changes across all
sectors and the insurance industry was no exception. The year saw many important
planning go awry with working from home and dealing with clients virtually
becoming the new normal for an industry that traditionally relies on face-to-face

28
communication. Fortunately, during these tough times, the Indian insurance industry
buckled down efficiently. The industry made the best use of technology to provide
the greatest possible support to customers in buying the right protection products.
This year, the Indian insurance industry is mostly expected to search for growth
through new service-based models, innovative products and better focus on
prevention.
This year, the Indian insurance industry is mostly expected to search for growth
through new service-based models, innovative products and better focus on
prevention.

In the months gone by, insurers have started to realize the fact that the traditional
approach of selling insurance products to the customers will no longer be near enough
for the insurers who wish to stay ahead of their competitors. The foundation of the
entire insurance industry is based on offering products and services to the customers
that help them stay protected against loss as a result of an unfortunate event. And, in
the New Year, while this will continue to remain an important element of what
insurers do, we will also witness a technology-driven shift in the way insurance is
sold.

The insurers will focus more on selling insurance products through tele-medical
process which is need of the hour. This will be complemented by e-KYC process for
completing the verification process of the customers to buy a health and tern
insurance plan. During the ongoing COVID-19 pandemic, the digital shift towards
selling insurance policies has gained significant traction is sure to continue in the
years to come. Buying insurance through digital channels ease the buying process and
gives customers a plethora of options to select the right insurance product as per their
choice and requirement.

New Insurance Products

The awareness around need for protection has increased by many folds since the onset
of the pandemic. The need for insurance has become ubiquitous with maximum
people investing in insurance products as per their requirements. Interestingly,
demand for insurance products for a plethora of risks that were usually not covered by

29
insurance companies has started gaining traction. These covers range from protection
against a pandemic to protection against seasonal illnesses like dengue. Though they
would prefer to pay a decently priced premium for these policies. For instance, the
Corona Rakshak plan, that is available for a time period of 3.5 months to 9.5 months
and is available for a premium as low as Rs. 100/month. With the availability of such
products digitally as well, these will rightly cater to the digitally-savvy generation of
people.

Rise in Demand for Standardized Products

The year 2021 will be the year of Standard Insurance Products. In the year 2020, all
general and specialized health insurers on the directions of the IRDAI came up with
standard health insurance product – Arogya Sanjeevani. Later, the regulatory guided
all life insurers to come up with a standard term life insurance plan – Saral Jeevan
Bima from January 1st 2021. Later, the regulator asked insurers to come up with a
standard Personal Accident Cover and, now the regulatory body has asked insurers to
launch a standard Travel Insurance from April 1st 2021. The introduction of standard
insurance products across all major insurance sectors – Health, Life and Travel –
IRDAI is leaving no stone unturned to increase the insurance penetration rate in the
country. The regulator aims at bringing maximum people under the insurance
umbrella and provides them with maximum financial help.
All these standard products are expected to gain pace in the year 2021 with many
more people enrolling themselves under these products. In the last 10 months, people
have well realized the importance of insurance and the need to stay protected. A
majority of people in India are not covered under any insurance product and these
standard products will give first-time buyers a boost and confidence. The standard
features and wordings of these products will make them the first choice of buyers who
cannot afford a comprehensive insurance policy. Moreover, many more standard
insurance products are expected to come up in the New Year.

Wellness product and IOT

30
The insurers are expected to come up with a plethora of exciting benefits to offer to
the policyholders. Some of such benefits include discounted OPD consultations or
treatments, Pharmaceuticals, Health check-ups/diagnostics, redeemable vouchers to
obtain health supplements, memberships in yoga centers, sports clubs and many more.
Yet another prominent technology that will play an important role in shaping the
online insurance industry in the coming years is Internet-of-Things (IoT). The
technique will help the insurers – especially the auto insurance industry – to cut their
overall costs while enabling the customers to automatically initiate the damage repair
and claim process.

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 CHAPTER 2: RESEARCH METHODOLOGY

Research Methodology

2.1 Objective of the study

1. To identify the various products and plans offered by HDFC Life Insurance

2. To determine customer preference towards HDFC Life insurance company

3. To identify the awareness and perception of customers towards HDFC life

Insurance.

32
 4. To find out factors that influence customers to purchase insurance policies and
gives suggestions for future environment.

2.2 Scope of the study

The success of any insurance company depends on how well they are able to align
with the objective and needs of individual’s customers, and is able to provide proper
solutions to them. To know how a company is performing and whether they have
any cutting-edge advantage over competitions, an intensive study of the market is
absolutely necessary. So, the scope of the study is to get to know about the HDFC
Life insurance and their insurance services for customers.

2.3 Limitation of the study

• This study only focuses on Professional, self employed.

• This study only has covered the area of Kalyan city.
• Due to some restriction or time contents it was not possible to cover main points
so only few points were consider.

2.4 Selection of the problem

The main aim behind selecting this Subject was to identify how many people are
aware about the Insurance market, there buying interest and awareness around people
about various insurance plans & how many people have been taken insurance from
HDFC Life insurance.

2.5 Sampling Techniques

Target population: the target population the research was who are in the age group
below 30 and Between 25 to 40. Mainly professional, self Employed and students.

Data Collection: the research would be conducted from the source of primary data
collection. Secondary data would help us in knowing the trends prevailing in the

33
insurance market and would help us in analyzing and interpreting of the primary
data.

2.6 Data Collection Methods

Primary Data: - As the name suggests, are first-band information collection by the
surveyor. The data so collected are pure and original and collected for a specific
purpose.

Secondary Data: - Secondary data are opposite to primary data. They are collected
and published already (by some organization for instance). They can be used a
source of data and used by surveyors to collect data from and conduct the analysis.

2.7 Tests of Data Analysis

A test can be considered as observation or experiment that determines one or more

characteristics of a given sample, product, process or service. The purpose of testing
involves a prior determination expected observation and a comparison of that
expectation to what one actually observes. Here no test is use for data analysis. Use
only percentage test and graph.

34
 CHAPTER: 3 REVEIVE OF LITURATURE

CHAPTER: 3 REVIEW OF LITERATURE

Introduction: This chapter reviews of literature related to the personal loan

schemes of HDFC Bank. The objectives of this chapter are to the Literature used for
purpose of present research work. The chapter deals with various books, magazine,
newspapers, reports and journals which are viewed to gain background knowledge
of the research topic.

35
B. Shubhnam Laitha (2009)1 conducted a study on “A Comparative study of public
& private life insurance companies in India” The objective of the study were to
study the Public & Private Life Insurance Companies in India and compare the
perception of customers in terms of service quality and analyze the performance of
public and private life insurance companies in India. In order to conduct the
research, data have been taken from the annual reports of private sector insurance
companies. In this empirical research, researchers observed that measuring the
performance of insurance companies has gained the relevance because they are not
only providing the mechanism of saving money and transferring risk but also helps
to channel funds in an appropriate way from surplus economic units to deficit
economic units so as to support the investment activities in the economy. They
concluded that Investment pattern of LIC and private insurers also showed some
differences. Selling more unit-linked plans helps private players grab market share
from LIC. Solvency ratio of private life insurers was much better than LIC in spite
of big losses suffered by them. Lapsation ratio of private insurers was higher than
LIC and servicing of death claims was better in case of LIC as compared to private
life insurers.

Dr. Pandey Amit et al (2012)2 presented “comparative study of services provided

by LIC of India and HDFC Standard life insurance”. They tried to identify service
quality dimension in which the Insurer is performing well and in which it needs
improvement. The paper then assess and compare the overall service performance of
LIC of India and HDFC Standard life insurance Company. The data is collected and
analyzed using tools like SERVQUAL and Two-Dimensional Analysis.. Their basic
objective of the analysis is to understand customer’s attributes which they are using
to judge service quality. They observed that HDFC has more satisfaction level of
respondents for dimensions tangibility and empathy; whereas LIC has more
satisfaction level of respondents for remaining three dimensions i.e., reliability,
responsiveness, and assurance. They noted that HDFC needs to improve on mainly
these three factors i.e., Promise, doing it right and Competency as these factors are
more important for insurance industry and they are lagging on these factors as
compared to LIC of India. LIC should deemphasize on factor Promptness as in this

36
factor they are performing well, but these factors have less importance as compared
to other factors.

Chaudhary et al (2012)3 a study related to” Life insurance policyholders

awareness of HDFC Standard Life insurance”. The study tries to understand the
awareness of the people towards the rights and duties towards life insurance
products after the privatization of the insurance sector. Primary research was
conducted to find out the level of awareness towards the rights and duties of the
policy holders across demographic profiles and about the level of awareness towards
life insurance policies prevailing in the market. Prakash (2012) observed that
consumer awareness is the knowledge that a consumer should have about his/her
legal rights and duties. It is must for a consumer to follow these rights. It is
implemented for the protection of the consumer, so that the consumer is not
exploited by the seller of the products Consumer awareness is making the consumer
aware of His/ Her rights. The findings indicate that government should come out
with a policy, where the public can be made to contribute to a life insurance scheme
to ensure unnecessary events and also better utilization of life insurance facilities.

N Anand (May 2010)4 Kanchipuram District presented “HDFC Standard life

insurance Company Ltd in Customers buying behavior”. The objective of the study
was to determine customers buying behavior towards private insurance companies
and their expectation form 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. And to know about their views about the company.
In this study they discussed about numbers of peoples are aware about the plans and
services HDFC standard life insurance provides, perception about insurance, what
people look for in insurance company? , features made you to invest in HDFC
standard life insurance, satisfaction of the respondents with respect to policies
offered, preference for clarifying any query, benefits of insurance perceived by
respondents, benefits of insurance, satisfaction of their customers etc. the result
suggested that insurance should not be considered only as a risk cover element but

37
also as a long term investment it is also recommended to concentrate to on lower
income group people. 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.

T. Nisamudheen (10 April 2013)5 “a Comparative Study of Customer Perception

about Insurance Company with Special Reference to LIC and HDFC standard life
insurance”. Their basic objective to analyze and compare the service level
perceptions of customers in public and privet insurance companies, to identify the
promotional strategies employed by the companies. The type of Research Method is
adopted was descriptive research. Both primary and secondary data are collected for
the completion of this project. The study observed that insurance industry is highly
competitive one. In the Indian market, insurance is one of the emerging sectors;
many privet companies are entering into this sector for earning profit as well as to
provide services to customers, who are living in the rural and urban areas and many
other institutions, are entering into the field with innovative services. Both LIC and
HDFCSL insurance company play a remarkable role in the development of country.

Dr. J. Sridevi and Dr .M. Thigarajan (2018)6 “A study on the customer insight
towards advertising practices in HDFC standard life insurance company limited.”
In this study they tries to analyze the performance and effectiveness of
advertisement of HDFC Standard Life Insurance Company limited. To suggest the
suitable media for various insurance products of HDFC Standard Life Insurance
Company limited. They also studied about the awareness on advertisement of
HDFC Standard life insurance Company limited and also explained the various
Medias used for advertising HDFC Standard life insurance product. For this study
they used descriptive research design to describe the state of affairs and
Convenience sampling method. The scope of the study, views on the demographic
characteristic of markets following the cultural differences such as norms, lifestyles

38
and values. And also it covers the media usage and audience size. The need for the
study various according to the various product usage, brand attitude and media
performances. HDFC Standard life insurance is trying to expand the market share
through advertisements. To do this studying the effectiveness of advertisement is
necessary. While studying they came to know Most of the respondents are very
much impressed by the outdoor media advertisements given by HDFC standard
Insurance Company limited. Maximum numbers of the respondents are rated
HDFC standard Insurance advertisements as humorous one. They suggested that
Even though HDFC standard Insurance Company having more advertisements in
outdoor media the company should have to increase their advertisements in
broadcasting media also, to fulfill the customers and to know the various benefits of
HDFC standard Insurance Company products. The company should improve the
marketing strategies in terms of advertisements so that the awareness level can be
increased among all part of the census areas. They concluded that HDFC standard
Insurance Company is very good organization with very good, friendly and capable
staff. In matters of content and quality, HDFC standard Insurance Company sets out
to be an example to the other upcoming company’s...HDFC standard Insurance
Company is very popular Insurance Company among the Business sector’s and also
among the people. Today “advertisements” plays a vital role in success of any brand
or product; this research suggested HDFC standard Insurance Company limited. To
increase the frequent of advertisements through broadcast media, which helps in the
mass coverage. More over this project can generalized in all companies also.

Dr. Singh Satyendra and Dr. Jain Tanu (2019)7 “A Study on consumer satisfaction
index: a comparative analysis of ICICI bank, HDFC bank and axis bank in Gwalior”.
The study extensively attempt to find out the level of satisfaction of retail banking
consumers regarding the services and operations of three most prominent private
sector banks operating in Gwalior city i.e. ICICI Bank, HDFC Bank and Axis Bank.
Researchers have constructed satisfaction index of retail banking consumers of these
three banks related to eleven important parameters. The study has been conducted
keeping in mind the objectives to find out the level of consumer satisfaction regarding
various services offered by prominent private sector banks in Gwalior. The data
obtained indicated that HDFC Bank is number one on four parameters, ICICI Bank

39
also on four parameters and Axis Bank on three parameters in the eyes of retail
banking customers of Gwalior. It indicates that there is tough competition among the
three most prominent private sector banks operating in Gwalior.

A. R. Krishnan and R. Selvamani (2012)8 “A study on Customers satisfaction with

reference of HDFC Standard life insurance”. In this study they tries to describe this
study would enable HDFC-SLIC to identify the customer satisfaction toward their
products (i.e.) life insurance policies. This study is very necessarily needed to fulfill
their customer requirements. Secondly it is to enhance the business development and
also to provide the extra services to them. It is to understanding the feelings
regarding their products and also to know the comments regarding their products.
Finally, to understanding the customer behavior. The research design used for this
study is descriptive research. The main purpose of this study is to know the
customer satisfaction level among of HDFC SLIC. To know the reason for
purchasing the other policies to develop market competency and better ways of
customer satisfaction. To know the reason for preferring the HDFC SLIC’s
insurance products. To know the market position of the various products. The
objective behind this study was o know the on-customer satisfaction level of life
insurance policies of HDFC standard life insurance company. To find out the
complaints or grievances against the products of SLIC, to find out the reach, ability
of the products in and around people of life insurance policies. To determine
satisfactory level towards the features and characteristics of the product offered. It
is suggested that the company communicates new plans and policies introduced
through news letter and mails to the customer. Employees must be trained to give
the information and help provided by the company. The company must take steps to
improve the benefits and returns of the policies and implement schemes which are
more beneficiary. Whenever they have doubt there must be 24/7 support and must
be met directly even if they are in long distance so that they get close interaction
with the employees and belief in the company and the company policies. Effective
advertisement can increase the product awareness towards the public and also
increases the sales volume of the product. They concluded that the study on
customer satisfaction of HDFC SLIC is a great useful to the company. They come to

40
know the areas of improvement and areas where they are really good. More over
most of the HDFC SLIC are satisfied with the service rendered to them. They
understand the needs of the customer and they act according to that so that each and
every customer can be satisfied. This study is a great helpful to company. This study
gives me a good practical knowledge and also helps to know the reaction. They are
the back bone for every business.

G. Shrinivasa Babuv (2014)9 study based on “A comparative study of financial

performance stability of two private commercial banks (ICICI and HDFC) and their
subsidiary companies in India.” The Objective of the study was to study and
compare the financial performance of the HDFC and ICICI. The study greatly given
attention on appraising any changes that perceived and revealed in the financial
performance of ICICI Bank and HDFC Bank. Furthermore, the study attempted to
identify areas so as to improve the financial performance of ICICI Bank and HDFC
Bank.

V. Pragatheshwaran (2010)10 the study was based on “A comparative analysis of

ULIP plans with reference to IDBI Fortis & HDFC Standard life insurance.”
Objective behind this study was to check the awareness among the people about
insurance companies. To analyze IDBI Fortis Life Insurance, HDFC Standard Life
Insurance and its ULIP plans. To analyze the services being provided to the
customers in IDBI fortis. In this study the discussed about the customer’s preference
and opinion about the ULIP plans. And compare ULIP plans of IDBI Fortis and
HDFC Standard life insurance on the basis of return, charges etc. The comparative
analysis is based on the empirical data collected from the Chennai city. The study
also aims to discuss in detail the various positioning strategies adopted by IDBI
FORTIS in general. The research that has been conducted suggests that, Agents play
major role in awarding people about the benefits of insurance. People think
insurance as a protection tool. ™ People purchase insurance policy mostly for

41
protection purpose and some of people for saving. The goodwill of the company
also attracts customers toward an insurance company.

Dr. Goel Pooja et al (2020)11 “A study on Preferences of customers in life

insurance companies in India.” The study was done with the objective to analyze the
socio economic factors which are responsible for the perception to take life
insurance policies and to analyze the preference of policy holders towards number
of types of life insurance policy as a whole.

Soan Ray et al (2018)12 A study was published under IRDAI the title “India’s
Insurance sector- Challenges and Opportunities”. In Indian Insurance sector the
public sector insure are the dominant player however the private sector insurance
companies are regularly penetrating the market and gradually increasing their
presence remarkably. Initially the public sector had exclusively state monopoly in
the restricted market which has now an open competitive market which is in the
process of shifting the monopoly to a competitive market.

N. Namasivayam (2006)13 et al Entitled with “Socio economic factor that

influencing the decision in taking life insurance policies.” This study was done with
the objective to analyze socio economic factors which are responsible for the
perception to take the life insurance policies and to analyze the preference of policy
holders towards number of types of life insurance policy as a whole it was found
that age, education level, sex of policy holders are insignificant but at the stage of
deciding for the buying of insurance policy the other factors such as family size,
occupation and income level play a significant role in decision making for the
purchase of insurance policy.

Dr. Tiwari Manjusha and Ms.Yadav Babita (2017)14 a study on “customers

survey and perception towards bancassurance (with reference to life insurance

42
industry). The study is basically intended to discover and examine the factors
affecting customer’s decision towards investment in life insurance policy. The
purpose of the study explore the various factors influencing customer investment
decision in life insurance, to study and analyze the impact of various demographic
factors on customers life insurance investment decision, evaluate preferences of the
customers while taking life insurance investment decision and To study and rank the
factors responsible for the selection life insurance as an investment option, to offer
suggestions for popularizing life insurance among the public at large. The research
concluded in present competitive world, customer satisfaction has become an
important aspect to retain the customers, not only to grow but also to survive.

Yadav Babita (2017)15 a study on “customers survey and perception towards

bancassurance (with reference to life insurance industry). And life Insurance
Corporation of India. This was done with objective to understand the corporate
social responsibility (CSR) in the life insurance company operating in India. This
study was exploratory in nature and the source of data is secondary. Study
conducted the benefits of CSR and the various initiatives/ programs taken by
government. In India, maximum life insurance companies attain their corporate
social responsibilities in their own way, but for our present study we have selected -
i) HDFC Standard Life Insurance Co. Ltd and ii) Life Insurance Corporation of
India (LICI). The study found that both the HDFC Standard Life Insurance
Company Ltd and Life Insurance Corporation of India (LICI) had taken various
initiatives and shown tremendous effort regarding contribution in Corporate Social
Responsibility activities in different fields and the allotted funds were distributed
and utilized properly in different fields for the betterment of the local community
and society at large.

Ms. Btavia Khushbu (2016)16 et al in their study “ A wareness and perception of

selected retirement plans offered by top Life insurance companies.” In this study the
discuss about Retirement plans and the trend to opt the retirement plans has
increased in India. To explore the different types of retirement plans offered with
respect to varied feature by selected public and private sector insurance companies.

43
To analyze the preference of individual investors for selected retirement plan. And
to identify the significant of best plans. The study found that most people are
conscious about procuring their own retirement income by opting fixed monthly
retirement plan but the majority of them have not subscribed to any retirement plans
which indicate that the life insurance companies opportunities.

N. Aguilar et al (2018)17 this study examines the effect of Chinese internal

migration upon credit risk. Specifically, we track the likelihood of default on a large
panel of individual personal loans provided by a prominent Chinese commercial
bank. We find that internal immigrants (i.e. those that migrate from one area of
China to another) are more likely to default than local borrowers at low-income
levels. This relationship reverses as income rises.

Andrzej Cwynar (2017)18 - We surveyed representative sample of 1,004 adult Poles

to check the extent to which the distinguish among entities operating in the market
for personal loans in Poland, how they perceive loans and lending entities and what
is their knowledge on lending/borrowing issues. Particularly, we were interested in
getting the insight into the fragment of the average borrower.

Wiktor Cwynar (2016)19 - Personal loans market in Poland has changed

substantially with last year. Relevant aspect of the change was the emergence of
personal loan companies and other non-banking entities with their offer addressed to
clients excluded by banks. Positive results of the change were offset by increased
concerns regarding financial safety of those who take loans from such institutions,
not fully encompassed by the regulations followed by banks and credit unions.

Fabian Prystav (2016)20 -Operators of online peer-to-peer lending platform can

decide which pieces information are made visible with pieces of information are
made visible within loan requests, therefore potentially influencing lender’s
investment behavior.

44
Amirhossein Taebi Noghodari (2009)21 - This study examines the effect of
accounting knowledge and experiences of Iranian bank officers on the audit
expectation gap, and investigates whether the gap mediates (or explains) individual
factor loan decision have ion performance relationship. The findings of this study
have important policy implications for recruitment and training of the bank officers.

Thus, this study analyzes the determinants of debtors’ choice among various debt
relief programs. This study also compares the characteristics of two programs, the
reconstructive personal bankruptcy by the Court and the private debt modification
program by the CCRS (Credit Counseling and Recovery Service).

Gregor Dorfleitiner (2014)22 -Based on a data set of nearby 43,000 personal loan
applications from Germany this paper empirically determines key factors of
application fraud such as, for instant, the sales channel or the loan amount. This is
done univariately as well as by employing a logistic regression, which is found to be
a statistically significant approach for profiling loan application fraudsters.

Amirhossein Taebi Noghodari (2009)23 - This study examines the effect of

accounting knowledge and experiences of Iranian bank officers on the audit
expectation gap, and investigates whether the gap mediates (or explains) individual
factor loan decision have ion performance relationship. The findings of this study
have important policy implications for recruitment and training of the bank officers.

M Shamsuddoha (2009)24 - The study aims to analysis of Personal installment loan

services between a local and foreign commercial bank over a period of 1999 to 2003.
The study revealed that personal installment loan services have been popularizing
among the customers of medium-low income levels in the society. It is demonstrated
that the foreign sample bank is providing better services as compare to local sample

45
bank as regards personal installment loan facilities, terms and conditions, fees, target
market and customized products.

Lawrence J. (2009)25 -We identify and analyze a sample of publicly traded Chinese
firms that issued loan guarantees to their related parties (usually the controlling
block holders), thereby expropriating wealth from minority shareholders. Our results
show that the issuance of related guarantees is less likely at smaller firms, at more
profitable firms and at firms with higher growth prospects. We also find that the
identity and ownership of block holders affect the likelihood of expropriation.

Hernan Ortiz-Molina (2008)26 - We investigate what determines the maturity of

lines of credit to small business. Our results provide strong support for the
hypothesis that shorter loan maturities serve to mitigate the problems associated that
are typical of small business lending. We find that maturity is shorter for firm owner
that maturity is shorter for firm owns that have poor credit histories, are older and
less experienced, and for firms that are more information opaque.

David Aristae (2006)27 - This paper investigates the personal loan provisioning
behavior of Italian banks during the period 2006-20013. We examine the main
discretionary and non-discretionary determinates of loan loss provision and
explicitly investigate the role of credit market characteristics, bank’s geographical
diffusion and risk.

Shyam Bhati (2006)28 - Bank lending is a risky activity. Banks undertake risk when
they grant a loan-the risk that the borrower may not honor their debt commitments
according to the terms and conditions of the loan contracts. The probability of
default on the loan the borrower depends on the quality of risk evaluation by the
bank. To deal with risk, banks have created methods of risk evaluation.

46
 Reference

• Dr. J. Sridevi and Dr. M. Thigarajan (2018) “A study on the customer

insight towards advertising practices in HDFC standard life insurance
company limited.
• B. Shubhnam Laitha (2009) conducted a study on “A Comparative study of
public & private life insurance companies in India”
• Chaudhary et al (2012) a study related to” Life insurance policyholders
awareness of HDFC Standard Life insurance”.
• N Anand (May 2010) Kanchipuram District presented “HDFC Standard life
insurance Company Ltd in Customers buying behavior”.

47
• Dr. Tiwari Manjusha and Mr. Yadav Babita (2017) a study on “customers
survey and perception towards bank assurance (with reference to life insurance
industry).
• Ms. Btavia Khushbu (2016) et al in their study “Awareness and perception of
selected retirement plans offered by top Life insurance companies.”
• Wiktor Cwynar (2016) - Personal loans market in Poland has changed
substantially with last year.
• Dr. Singh Satyendra and Dr. Jain Tanu (2019) “A Study on consumer
satisfaction index: a comparative analysis of ICICI bank, HDFC bank and axis
bank in Gwalior”. And what is their knowledge on lending/borrowing issues.

• Amirhossein Taebi Noghodari (2009) - This study examines the effect of

accounting knowledge and experiences of Iranian bank officers.

• M Shamsuddoha (2009) - The study aims to analysis of Personal

Installment loan services between a local and foreign commercial bank.

• Shyam Bhati (2006) - Bank lending is a risky activity “User Friendly E-

Banking”, Rourke, Chris (2004), This article discusses the importance of
usability within the e-banking sector.

• Sridevi and Dr. M. Thigarajan (2018) “A study on the customer insight

towards advertising practices in HDFC standard life insurance company
limited.
• B. Shubhnam Laitha (2009) conducted a study on “A Comparative study of
public & private life insurance companies in India”
• Chaudhary et al (2012) a study related to” Life insurance policyholders
awareness of HDFC Standard Life insurance”.
• Ganesh K. A. (2008). HDFC securities.
• N Anand (May 2010) Kanchipuram District presented “HDFC Standard life
insurance Company Ltd in Customers buying behavior”.
• Ms. Btavia Khushbu (2016) et al in their study “Awareness and perception of
selected retirement plans offered by top Life insurance companies.”

48
• Wiktor Cwynar (2016) - Personal loans market in Poland has changed
substantially with last year.
• Dr. Singh Satyendra and Dr. Jain Tanu (2019) “A Study on consumer
satisfaction index: a comparative analysis of ICICI bank, HDFC bank and axis
bank in Gwalior”. And what is their knowledge on lending/borrowing issues.

• Shyam Bhati (2006) - Bank lending is a risky activity “User Friendly E-

Banking”, Rourke, Chris (2004), This article discusses the importance of
usability within the e-banking sector

• Radhika R & Satuluri R. K. (2019). Key performance indicators of life

insurance operations in India. International Journal of Research in Humanities,
Arts and Literature (IMPACT: IJRHAL), 7(3).

• Krishnan, C., & Choubey, A. K. (2014). Performance appraisal & its

effectiveness in HDFC standard life insurance. International Journal of
Management, IT and Engineering, 4(10), 313.

• Siddiquei M. I. & ACET, A. (2015). Comparative Service Quality

Assessment of SBI & HDFC Using Servqual Model. International Journal in
Management & Social Science, 3(6), 377-395.

• Sharma, S., Kosher, J., Sharma, R., & Singh, V. K. (2013) CRM as an
Imperative Approach for e-banking: Perception of Customers towards SBI,
PNB, ICICI & HDFC of Rookie, Uttarakhand.2(6)

• Singh, S. P., & Jain, T. (2019). Consumer Satisfaction Index: A Comparative

Analysis of ICICI Bank, HDFC Bank and Axis Bank in Gwalior. Journal of
Applied Management-Jidnyasa, 11(2), 71-84.

• Pander, A. K. Shaswat & Kanwar, M. D. A Comparative Study of Services

Provided by LIC of India with HDFC Standard Life Insurance.

49
 CHAPTER 4:

DATA ANALYSIS, INTERPRETATION

&

50
 PRESENTATION

Meaning:

Data analysis is a process of inspecting, clearing, transforming and modeling data

with the goal of discovering useful information, informing conclusion and
supporting decision making.

Tools of Data Analysis

Data analysis tools make it easier for user to process and manipulate data, analyze
that relationship and correlations between data sets and it also help to identify
patterns and trends for interpretation. Here is a complete list of tools.

1. Editing:

The editing of data is a process of examining the raw data to detect errors and
omissions and to correct them. If possible, so as to ensure legibility, completeness,
consistency and accuracy.

51
2. Classification:

In most research studies, voluminous raw data collected through a survey need to be
reduced into homogenous group for any meaningful analysis. This necessitates
classification of data, which in simple term is the process of arranging data in
groups or classes on the basis of some characteristics.

3. Coding:

Coding refers to the process of transforming collected information or observation or

observations to set of meaningful, cohesive categories.

4. Tabulation:

Tabulation is a way of processing information or data by putting it in table.

Tabulation is used for summarization and consideration of data.

5. Graph:

Graphic representation is another way of analyzing numerical data. A graph is a set of

chart through which statistical data are represented in the form of lines or curves
drawn across the coordinated points plotted on its surface. Graph enables us in
studying the case and effect relationship between two variables.

Tests of Data Analysis

A test can be considered an observation or experiment that determination one or

more characteristics of a given sample, product, process or service. The purpose of
testing involves a prior determination expected observation and a comparison of that
expecting to what one actually observes. Here on test is used for data analysis. Use
only percentage test and graph.

52
Data collection from Respondents
1. Gender
Table No. 4.1

Gender Frequency Percentage

Male 39 78%
Female 11 22%
Total 50 100%

Diagram No. 4.1

53
 22%
male
female
78%

Source: Researchers data

Interpretation: The data related to above information, it has interpreted that 22%
respondents are female and 78% respondents are male. Thus, insurance policy taken
by male is more than female.

54
 2. Age

Table 4.2
parameter variable frequency Percentage
age Below 30 25 50%
31 to 40 22 44%
41 to 50 2 4%
Above 50 1 2%
Total 50 100%
Source: Researcher Data Diagram

Diagram 4.2

2%

4%

below 30
31 to 40
41 to 50
44% 50% above 50

Source: Researchers data

Interpretation: The data related to above information, it has interpreted that 50%
respondents are below 30 years, 44% respondents are between 31-40 years, 4%
respondents are between 41-50 years, 2% respondents are above 50 years. Thus,
below 30 and 31-40 age groups is the highest insurance taking group of respondents
and 41-50 & above 50 is the lowest insurance taking group of respondents.

3. Occupation

55
Table 4.3
parameter variable frequency percentage
Occupation Student 20 40%
Self employed 19 38%
professional 5 10%
housewife 6 12%
total 50 100%

Diagram: 4.3

12%
10%
student
40% self employed
professional
housewife
38%

Source: Research Data

Interpretation: The data related to above information, it has interpreted that 10%
respondents are Professional, 38% respondents are self-employed and 40%
respondents are students. And 12% are housewife Thus; Students are more in the
survey than professional and self employedS.

4. Type of Insurance people aware about.

Table 4.4
variable frequency Percentage

56
ULIP Plans 5 10%
Health Insurance 13 26%
Term plan 10 20%
Endowment plan 3 6%
Education insurance 8 16%
Savings plan 11 22%
Total 50 100%

Diagram 4.4

26%
14
22%
12 20%
10 16%
8
10%
6
6%
4

0
ulip plans health term endowment education savings plan
insurance insurance plan plan

frequency

Source: researcher’s data

Interpretation: The data related to above information, it has interpreted that 10%
people are aware about ULIP plan. 26% peoples are interested in health insurance and
16% peoples are aware about Educational insurance. 20 % people are know about
term insurance. Whereas people are less aware about Endowment plan. Above data
shows that people have more knowledge about health insurance and Education
insurance.

57
5. What type of insurance policies people have

Table 4.5
variables Frequency Percentage
Savings policy 11 22%
Educational policy 12 24%
Health insurance 10 20%
Pension plan 5 10%
Whole life insurance 7 14%
policy
ULIP Plan 3 6%
Endowment Plan 2 4%
total 50 100%

Diagram 4.5
30

25

20

15

10

0
saving Educatio Health pension whole ULIP Endowm
plan n plan plan plan life plan Plan ent plan
percentage 22 24 20 10 14 6 4

Source: Researchers data

Interpretation: The data related to above information, it has interpreted that 22%
people have savings plan. 20% peoples are interested in health insurance and 24% for
Educational insurance. Whereas people are less aware about Endowment plan. above
data shows that people have more knowledge about health insurance and Education
insurance. 10% people planning for their retirement. And 14% people are having
whole life policy.

58
6. People influenced by to get an insurance policy

Table 4.6
Variable frequency percentage
Media 18 36%
Insurance agent 11 22%
Federal government 3 6%
Friends/ colleagues 12 24%
family 6 12%
Total 50 100%

Diagram 4.6

family
12%

friends / colleagues
24%

Federal govt
6%

insurance agent
22%

media
36%

0 5 10 15 20

frequency

Source: from Researchers data

Interpretation: The data related to above information, it has interpreted that 12%
respondents are aware about various insurance through their family, 24% respondents
got information through friends and colleagues, 6% through federal government, 22%
through Insurance agent and 36% through other sources like media newspapers
television etc. Thus, more people get an information of insurance plans from media.

59
7. What attracts you (customer) while buying insurance policy

Table 4.7
Parameter Variable Frequency Percentage
Interest rates 25 50%
Service provided 10 20%
Payback period 10 20%
Schemes 5 10%
other 0 0
total 50 100%

Diagram 4.7
25

50%
20

15

20% 20% 10%

10

0
interest rate services peovided payback period schemes

frequency

Source: Researchers data

Interpretation: The data related to above information, it has interpreted that50%

respondents got attracted to interest rates, 20% respondents got attracted to service
Provided, 20% respondents got attracted to payback period and 10% got attracted to
different schemes. Thus, large number of respondents is attracted towards for good
interest rate.

60
8. Other insurance companies peoples aware about

Table 4.8
variable frequency percentage
LIC 21 42%
ICICI 13 26%
Max Life 4 8%
Bajaj Allianz 8 16%
Exide Life Insurance 4 8%
Total 50 100%

Diagram 4.8

8%

16% LIC
42%
ICICI
Max Life
8%
Bajaj Life Insurance
Exiede life insurance

26%

Source: Researchers data

Interpretation: The data related to above information, it has interpreted that42%

respondents are aware about LIC , 26% respondent know about ICICI, 8%
respondents aware of max life and 16% peoples aware about Bajaj Allianz and Exide
life insurance 8% . Thus, large number of respondents is aware of LIC .

61
9. Customers satisfaction towards services provides by HDFC Life insurance.
Table 4.9
variable frequency Percentage
Good 12 24%
Ok 15 30%
Great 18 36%
poor 5 10%
Total 50 100%

Diagram 4.9

20

18
18
16

14 15
12
12
10
frequency
8

4 5
2

0
good Ok Great Poor

Source: data Researchers

Interpretation: From the above data 36% respondents think that HDFC Life
insurance provide good services. And according to12% respondents, services
provided by HDFC life insurance are ok. Whereas 24 % respondents experience is
great. And 6% respondents think that HDFC provide poor services. And 5% peoples
are not satisfied with services. Overall, most people or respondents are satisfied with
services provide by HDFC.

62
 SPECULATION

After data analyzing and interpretation and presentation the testing of hypothesis is
done. Testing of hypothesis means to find out whether our assumption is true or false.
In this, sometimes Null hypothesis gets selected or Alternative hypothesis. Only one
will get selected or Alternative hypothesis. Only one will get select not both of them.
If one is selected then others have to reject. If null is selected then alternative has to
reject or vice versa.

H0 : Respondents are not aware about Endowment plan and ULIP Plan

H1 : Respondents are interested in buying ULIP Plan and endowment plan.

Results: As per Table 4.2, it has observed that - below 30 age group there are 50%
respondents who buy a Life Insurance and only 2% respondents are above 50 age
group who buy an insurance plan. As per Table 4.3 it has observed that - 40% student
respondents buy a insurance which is more than professional (10%) and self-
employed (38%) respondents. As per Table 4.5 it has observed that – 24%
respondents attracted towards Educational plan. Due to good interest rates as compare
to service provided (50%), payback period (20%), schemes (10%) and other. From the
data researcher come to the conclusion that-

H1- i.e., Alternate Hypothesis is Customers are aware and satisfied with HDFC Life
insurance schemes.

I.e., Null Hypothesis is Customers are not aware and satisfied with HDFC life
insurance schemes.

63
CHAPTER :5 FINDING AND RECOMENDATIONS

64
 5.1 FINDING

The collected data are analyzed and generally observed and has proven that HDFC
Standard life insurance has done remarkable job in insurance sector.

The main findings are

➢ More people are interested to invest in life insurance.

➢ They give priority to life insurance and other insurance
➢ Nearly 90% are satisfied with investment plan
➢ According to findings 77% are interested to invest in plan
➢ Quick settlement of quires related to buying an insurance or investments
➢ Efficient fund management.
➢ Better customer services and effective service provided via internet banking
➢ The response of the respondents indicates that digitalization is good.
➢ According to survey we find that respondent are not aware of ULIP plan and
Endowment plan.
➢ Most of respondent who are not using go digital initiatives of the bank as they
are not much aware of initiatives of the bank.

65
 5.2RECOMENDATION

1. Promotion Of Brand
HDFC insurance has a good reputation among people, society, advertising, brand
promotion etc.

2. Boosting Customer Base

What has been seen from the analysis of data collected from the respondents is that
there are a lot of people who are seriously thinking of buying an insurance for
betterment of life from HDFC Life insurance but are tentative due to some reason.
That is target market, lack of knowledge about digitization of services which the
company should aim for.

3. Variety of plans
HDFC Insurance has a substantial variety of plans available but due to the fact that
insurance market is getting competitive the company should keep re-inventing itself
from time to time.

4. Availability of riders

Riders are extremely important for each and every plan as it gives an additional
incentive to the customer and also offers them more flexibility. Thus, it is
recommended that the company strive to offer riders on all plans.

66
CHAPTER NO.6 : CONCLUSIONS AND SUGGESION

67
 6.1 Conclusion

From this comparative study one can say that everyone has his/ her own perception,
when it comes to their priorities regarding the different features. Well one can say
that deciding factor mainly depends upon perceiving criteria which is different for
each and every person. It is also dependent upon baying capacity, risk taking ability,
profession, age, and dependability on members of the family, income and many
more. So, one can’t conclude the only plan which one feel the best. I have mainly
compared and listed the features may be better than the others.

A well-functioning insurance market plays an important role in economic

development and financial stability of developing economies such as India’s. First, it
inculcates and encourages the habit of saving. Second, it provides a safety net to
rural and urban enterprise and productive individuals.

The life insurance market in India is on a growth path. In spite of this, the country
lags far behind the others in awareness about life insurance. The challenge is to
spread awareness about life insurance and its true benefits. The industry has to
convince people to park their hard earned money in long-term insurance and not just
look at it as a tax saving instrument.

68
 6.2Sugesstion

When asked to respondents to give some suggestions for implement for HDFC Life
Insurance to improve current situation, respondents suggested many important
points like:

▪ There should not be any problem while buying online insurance and Problems
such as money getting deducted from your bank account while doing online
payments but not reaching the insurance company.

▪ There is a also need to aware people about new insurance policies, organized
by insurance company.

▪ Information like fors and againsts of buying insurance policy, rate of interest,
processing charges should be clearly explained to customers (insured).

▪ Consequences of default should be informed to applicants at time of applying

for insurance or at the time of disbursement of their insurance

69
 BIBLIOGRAPHY

• Dr. J. Sridevi and Dr .M. Thigarajan (2018) “A study on the customer

insight towards advertising practices in HDFC standard life insurance
company limited.
• B. Shubhnam Laitha (2009) conducted a study on “A Comparative study of
public & private life insurance companies in India”
• Chaudhary et al (2012) a study related to” Life insurance policyholders
awareness of HDFC Standard Life insurance”.
• N Anand (May 2010) Kanchipuram District presented “HDFC Standard life
insurance Company Ltd in Customers buying behavior”.
• Dr. Tiwari Manjusha and Mr. Yadav Babita (2017) a study on “customers
survey and perception towards bank assurance (with reference to life insurance
industry).
• Ms. Btavia Khushbu (2016) et al in their study “Awareness and perception of
selected retirement plans offered by top Life insurance companies.”
• Wiktor Cwynar (2016) - Personal loans market in Poland has changed
substantially with last year.
• Dr. Singh Satyendra and Dr. Jain Tanu (2019) “A Study on consumer
satisfaction index: a comparative analysis of ICICI bank, HDFC bank and axis
bank in Gwalior”. and what is their knowledge on lending/borrowing issues.

• Amirhossein Taebi Noghodari (2009) - This study examines the effect of

accounting knowledge and experiences of Iranian bank officers.

• M Shamsuddoha (2009) - The study aims to analysis of Personal

Installment loan services between a local and foreign commercial bank.

• Shyam Bhati (2006) - Bank lending is a risky activity “User Friendly

EBanking”, Rourke, Chris (2004). This article discusses the importance of
usability within the e-banking sector.

70
• Sridevi and Dr .M. Thigarajan (2018) “A study on the customer insight
towards advertising practices in HDFC standard life insurance company
limited.
• B. Shubhnam Laitha (2009) conducted a study on “A Comparative study of
public & private life insurance companies in India”
• Chaudhary et al (2012) a study related to” Life insurance policyholders
awareness of HDFC Standard Life insurance”.
• Ganesh, K. A. (2008). HDFC securities.
• N Anand (May 2010) Kanchipuram District presented “HDFC Standard life
insurance Company Ltd in Customers buying behavior”.
• Ms. Btavia Khushbu (2016) et al in their study “Awareness and perception of
selected retirement plans offered by top Life insurance companies.”
• Wiktor Cwynar (2016) - Personal loans market in Poland has changed
substantially with last year.
• Dr. Singh Satyendra and Dr. Jain Tanu (2019) “A Study on consumer
satisfaction index: a comparative analysis of ICICI bank, HDFC bank and axis
bank in Gwalior”. And what is their knowledge on lending/borrowing issues.

• Shyam Bhati (2006) - Bank lending is a risky activity “User Friendly

EBanking”, Rourke, Chris (2004) ,This article discusses the importance of
usability within the e-banking sector

• Radhika. R & Satuluri R. K. (2019). Key performance indicators of life

insurance operations in India. International Journal of Research in Humanities,
Arts and Literature (IMPACT: IJRHAL), 7(3).

• Krishnan. C & Choubey. A. K. (2014). Performance appraisal & its

effectiveness in HDFC standard life insurance. International Journal of
Management, IT and Engineering, 4(10), 313.

• Siddiquei M. I. & ACET A (2015). Comparative Service Quality Assessment

of SBI & HDFC Using Servqual Model. International Journal in Management
& Social Science, 3(6), 377-395.

71
 • Sharma S, Kishor. J, Sharma R, & Singh .V. K. (2013) CRM as an
Imperative Approach for e-banking: Perception of Customers towards SBI,
PNB, ICICI & HDFC of Roorkee, Uttarakhand.2(6)

• Singh, S. P., & Jain, T. (2019). Consumer Satisfaction Index: A Comparative

Analysis of ICICI Bank, HDFC Bank and Axis Bank in Gwalior. Journal of
Applied Management-Jidnyasa, 11(2), 71-84.

• Pander, A. K. Shaswat & Kanwar, M. D. A Comparative Study of Services

Provided by LIC of India with HDFC Standard Life Insurance.

https://www.policybazaar.com/ https://www.hdfclife.com/ www.bimaguru.com

www.insurance.com www.mibknowledge.com https://www.researchgate.ne
https://www.turtlemint.com https://www.mordorintelligence.com/industry-
reports/life-non-life-insurancemarket-in-india
https://www.indianjournals.com/ https://www.shanlax.com/
https://shodhganga.inflibnet.ac.in/ https://shodhgangotri.inflibnet.ac.in/
cloudfront.net/

72
 APPENDIX

Appendix

Survey Questionnaire

Questionnaire on the topic

A Study on HDFC Life Insurance and various plans of HDFC

Survey Questionnaire for Educational Purpose only.

Name and other information

Q.1 Age

• Below 30
• 31 to 40
• 41 to 50
• Above 50

Q.2 Gender

• Male
• Female

Q.3 Occupation

• Student
• Self employed
• Professional
• Housewife

73
Q.4 Which type of insurance plans you aware about

• ULIP Plans
• Health Insurance
• Term plan
• Endowment plan
• Education insurance

Q.5 what type of insurance policy do you have?

• Saving Policy
• Whole life insurance policy
• Automobile insurance policy
• Health insurance
• Educational insurance
• Pension plan
• other

Q.6 who influenced you to get or to buy an insurance policy?

• Media
• Insurance agent
• Federal government
• Friends/ colleagues
• Family

Q.7 while taking Insurance policy, which things attract you the most?

• Interest rates
• Service provided
• Payback period
• Schemes
• Other

74
Q.8 Other insurance companies you aware about?

• ICICI
• LIC
• MAX Life
• Bajaj Allianz
• Exide Life insurance

Q.9 Do you think that HDFC provides better services to their customers?

• Yes
• No

Q.10 Give some suggestions for implement for HDFC Life Insurance to improve their
services.

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