Final Project Soharab

8/8/2019 Final Project Soharab

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A

Project Report

On

CUSTOMER-BUYING BEHAVIOR WITH A

FOCUS ON MARKET SEGMENTATION

of

HDFC Standard Life Insurance Company


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STUDENT DECLARATION

I declare that the project entitled CUSTOMER-BUYING BEHAVIOR WITH A

FOCUS ON MARKET SEGMENTATION Is an original done by me and no

part of the project is taken from any other project or material published or

otherwise or submitted earlier to any other college or university


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ACKNOWLEDGMENT

The completion of Summer training report entitled Customer-buying

behaviour with a focus on market segmentation give me an opportunity

to convey my gratitudes to all those who have helped me to complete this

research work successfully and well within time.

Firstly I would like to thanks Mr. SANJEEV SHARMA is the

BUSINESS DEVELOPMENT MANAGER of the HDFC Standard Life

Insurance Company Ltd. for giving me opportunity to work with this

organization.

I would like thanks Mr.NEERAJ SHARMA is the AREA SALES

MANAGER without whose support, this project would not have been

possible. Heartiest thanks for his constant support and motivation.

In the last I would like to thank all individuals known or unknown who have

helped me directly or indirectly during the research fellowship period.


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PREFACE

I, student of DELHI COLLEGE OF ADVANCED STUDIES affiliated to

GURU GOBIND INDRAPRASTHA UNIVERSITY pursuing BBA (B&I)

course. I have put my sincere efforts to accomplish my objectives within the

stipulated time.

Despite all the limitations, obstacles, hurdles and hindrances, I have toiled

and worked to my optimum potential to achieve the desire goal. Being in the

highly competitive world of business, I came across some difficulties to

make my objectives a reality. Anyhow, with the kind help and genuine

interest of one and all and formally supported by the guidance of my guide, I

am presenting this hand carved effort in colored. I tried my level best to

conduct a research to gain a thorough knowledge about the project in my

topic CUSTOMER-BUYING BEHAVIOR WITH A FOCUS ON

MARKET SEGMENTATION I have put the best of my efforts and have

also tried to do justice with the available. If anywhere something is foundunacceptable or unnecessary to the theme, you are welcome with your

valuable suggestions.


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INTRODUCTION OF PROJECT

In 1818 the British established the first insurance company in India inCalcutta, the Oriental Life Insurance Company. First attempts at regulation

of the industry were made with the introduction of the Indian Life Assurance

Companies Act in 1912. A number of amendments to this Act were made

until the Insurance Act was drawn up in 1938. Noteworthy features in the

Act were the power given to the Government to collect statistical

information about the insured and the high level of protection the Act gaveto the public through regulation and control. When the Act was changed in

1950, this meant far reaching changes in the industry. The extra

requirements included a statutory requirement of a certain level of equity

capital, a ceiling on share holdings in such companies to prevent dominant

control (to protect the public from any adversarial policies from one single

party), stricter control on investments and, generally, much tighter control.

In 1956, the market contained 154 Indian and 16 foreign life insurance

companies. Business was heavily concentrated in urban areas and targeted

the higher echelons of society. Unethical practices adopted by some of the

players against the interests of the consumers then led the Indian

government to nationalize the industry. In September 1956, nationalization

was completed, merging all these companies into the so-called Life

Insurance Corporation (LIC). It was felt that nationalization has lent theindustry fairness, solidity, growth and reach.


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

are:

1912: The Indian Life Assurance Companies Act enacted as the first statuteto regulate the life

insurance business.

1928: The Indian Insurance Companies Act enacted to enable the

government to collectstatistical information about both life and non-life

insurance businesses.

1938: Earlier legislation consolidated and amended to by the Insurance Act

with the objective ofprotecting the interests of the insuring public.

1956: The market contained 154 Indian and 16 foreign life insurance

companies.

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 similarpath 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


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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, NewDelhi, 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.

Some of the important milestones in the general insurance business in

India are:

1907: The Indian Mercantile Insurance Ltd. set up, the first company to

transact all classes ofgeneral 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 marginsand the Tariff Advisory Committee set up.

1972: The General Insurance Business (Nationalization) Act, 1972

nationalize the general insurance business in India with effect from 1st

January 1973. 107 insurers amalgamated and grouped into four companys

viz. the National Insurance Company Ltd., the New India Assurance


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Company Ltd., the Oriental Insurance Company Ltd. and the United India

Insurance Company Ltd. GIC incorporated as a company.

MAJOR PLAYERS IN THE INSURANCE INDUSTRY IN INDIA:

Life Insurance Corporation of India (LIC)

Life Insurance Corporation of India (LIC) was established on 1 September

1956 to spread the message of life insurance in the country and mobilize

peoples savings for nation-building Activities. LIC with its central office in

Mumbai and seven zonal offices at Mumbai, Calcutta, Delhi, Chennai,

Hyderabad, Kanpur and Bhopal, operates through 100 divisional offices in

important cities and 2,048 branch offices. LIC has 5.59 laky active agents

spread over the country.

The Corporation also transacts business abroad and has offices in Fiji,

Mauritius and United Kingdom. LIC is associated with joint ventures abroad

in the field of insurance, namely, Ken- India Assurance Company Limited,

Nairobi; United Oriental Assurance Company Limited, Kuala Lumpur; and

Life Insurance Corporation (International), E.C. Bahrain. It has also entered

into an agreement with the Sun Life (UK) for marketing unit linked life

insurance and pension policies in U.K.

In 1995-96, LIC had a total income from premium and investments of $ 5Billion while GIC recorded a net premium of $ 1.3 Billion. During the last

15 years, Laics income grew at a healthy average of 10 per cent as against

the industry's 6.7 per cent growth in the rest of Asia (3.4 per cent in Europe,

1.4 per cent in the US). LIC has even provided insurance cover to five


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million people living below the poverty line, with 50 per cent subsidy in the

premium rates. Laics claims settlement ratio at 95 per cent and Gigs

at 74 per cent are higher than that of global average of 40 per cent.

Compounded annual growth rate for Life insurance business has been 19.22per cent per annum

General Insurance Corporation of India (GIC):

The general insurance industry in India was nationalized and a government

company known as General Insurance Corporation of India (GIC) was

formed by the Central Government in November 1972. With effect from 1

January 1973 the erstwhile 107 Indian and foreign insurers which were

operating in the country prior to nationalization, were grouped into four

operating companies, namely, (I) National Insurance Company Limited; (ii)

New India Assurance Company Limited; (iii) Oriental Insurance Company

Limited; and (iv) United India Insurance


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COMPANY PROFILE

ABOUT HDFC STANDARD LIFE INSURANCE:

HDFC Standard Life Insurance Company Ltd. is one of India's leading

private insurance companies, which offers a range of individual and group

insurance solutions. It is a joint venture between Housing Development

Finance Corporation Limited (HDFC Ltd.), India's leading housing finance

institution and a Group Company of the Standard Life, UK. HDFC as onDecember 31, 2007 holds 72.38 per cent of equity in the joint venture.

HDFC STANDARD LIFE INSURANCE PARENTAGE:

HDFC Limited.

HDFC is India leading housing finance institution and has helped

build more than 23, 00,000 houses since its incorporation in 1977.

In Financial Year 2003-04 its assets under management crossed Rest.

36,000 Cr.

As at March 31, 2004, outstanding deposits stood at Rest. 7,840 cores.

TheDepositor base now stands at around 1 million depositors.

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

Stable and experienced management

High service standards


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Awarded The Economic Times Corporate Citizen of the year Award

for its

long-standing commitment to community development.

Presented the Dream Home award for the best housing financeprovider in 2004 at the third Annual Outlook Money Awards.

Standard Life Group (Standard Life plc and its subsidiaries):

Standard Life Group (Standard Life plc and its subsidiaries)

The Standard Life group has been looking after the financial needs of

customersfor over 180 years

It currently has a customer base of around 7 million people who rely

on thecompany for their insurance, pension, investment, banking and

health-care needs

Its investment manager currently administers 125 billion in assets

It is a leading pensions provider in the UK, and is rated by Standard &

Poor's as

Standard Life was awarded the 'Best Pension Provider' in 2004, 2005

and 2006 at the Money Marketing Awards, and it was voted a 5 star

life and pensions provider at the Financial Adviser Service Awards

for the last 10 years running. The '5Star' accolade has also been

awarded to Standard Life Investments for the last10 years, and to

Standard Life Bank since its inception in 1998. Standard Life

Bank was awarded the 'Best Flexible Mortgage Lender' at the

Mortgage


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Magazine Awards in 2006

HDFC KEYS STRENGHS:

FINANCIAL EXPERTISE

As a joint venture of leading financial services groups, hdfc standard life has

the financial expertise required to manage your long-term investments safely

and efficiently. range of solutionswe have a range of individual and group

solutions, which can be easily customised to specific needs. our group

solutions have been designed to offer you complete flexibility combined

with a low charging structure. track record so far our gross premium income,

for the year ending march 31, 2008 stood at rs. 4,859 crores and new

business premium income stood at rs. 2,685 crores. the company has

covered over 9, 59,000 lives year ending march 31, 2008. corporate

objective

VISION


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Providing long term financial security to our policy holders will be our

constant endeavour. We will be do this by offering life insurance and

pension products. We appreciate the trust placed by our policy holders in us.

Hence, we will aim to manage their investments very carefully and live up to

this true. Recognizing the different needs of our customers, we will be

offering a range of innovative products to meet these needs. Our mission is

to be the best new life insurance company in India and these are the values

that will guide us in this

MISSION


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We aim to be the top new life insurance company in the market. This

does not just mean being the largest or the most productive company

in the market, rather it is a combination of several things like-

Customer service of the highest order

Value for money for customers

Professionalism in carrying out business

Innovative products to cater to different needs of different

customers

Use of technology to improve service standards

Increasing market share

OBJECTIVE


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.Integrity

.Innovation

.Customer centric

.People Care One for all and all for ones

.Teamwork

.Joy and Simplicity

ORGANIZATIONAL STRUCTURE


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The insurance sector was opened up in the year 1999 facilitating theentry of private players into the industry. With an annual growth rate

of 24.31 percent and the largest number of life insurance policies in

force, the potential of the Indian insurance industry is huge. The year

1999 saw a revolution in the Indian insurance sector, as major

structural changes took place with the ending of Government

monopoly and the passage of the Insurance Regulatory and

Development Authority (IRDA) Bill, lifting entry restrictions for

private players and allowing foreign players to enter the market with

some limits on direct foreign ownership.

According to the CSO, the insurance and banking services

contribution to the countrys GDP is 7.1 percent out of which the

gross premium collection forms a significant part. Life insurance

penetration in India was less than 1 percent till 1990-91. During the

90s, it was between 1 and 2 percent and from 2001 it was over 2

percent. In 2003-04 it was 2.4 percent.


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The impetus for increase is due to the active role played by IRDA in

licensing private players and taking positive steps in increasing the

insurance awareness among the people. Besides, the insurance

companies in general and private insurance companies in particular,are reaching out to untapped potential in rural areas with aggressive

campaigns.

Innovative products, smart marketing, and aggressive distribution

have enabled fledgling private insurance companies to sign up Indian

customers faster than anyone expected. Life insurance is viewed as a

tax saving device. People are now turning to the private sector for

providing them with new products and greater variety for their

choice. The improvement in FDI flows reflected the impact of recent

initiatives aimed at creating an enabling environment for FDI and for

encouraging infusion of new technologies and management

practices. The Governments proposal to increase the FDI cap in the

insurance sector from the present 26 percent to 49 percent has raisedexpectations among the international insurance companies.

Insurance Defined


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Insurance is a contract in which sum of money is paid to the

assured in consideration of insurers incurring risk of paying a large

sum upon a given contingency.

--

Justice Tindall

Insurance is a contract by which one party for a compensation

called in the premium assumes particular risks of the other party

and promises to pay to him or his nominee a certain sum of money

on a specified contingency.

-- E.W.Fitterson

Insurance may be described as social device whereby a large group

of individuals, through a system of equitable contribution, may

reduce certain measurable risk of economic loss common to all

members of the group.

--Encyclopedia Britannica


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FINANCE DEPARTMENT

HDFC Standard Life, one of the leading private life insurance companies in

India declared its annual results for the financial year ending March 31,

2008. The company generated New Business Premium Income of Rs. 2,685

crores in FY2007-08 registering a year-on-year growth of 63%. The growth

was primarily driven by the success of the company's initiative on structured

sales processes based on customer needs and their assessments.

HDFC Standard Life, one of the leading private life insurance companies in

India declared its annual results for the financial year ending March 31,

2008. The company generated New Business Premium Income of Rs. 2,685

crores in FY2007-08 registering a year-on-year growth of 63%. The growth

was primarily driven by the success of the companys initiative on structured

sales processes based on customer needs and their assessments.

Mr. Deepak Satwalekar, MD & CEO, HDFC Standard Life attributed this

growth to the quality of life insurance solutions offered by the company and

its increased geographical reach. He also emphasised, We believe that our

success is a result of our efforts in giving customers, the best long-term

solutions to take care of their insurance needs. Our endeavour to provide

high quality insurance and pension solutions to customers through quality

pre-sales advice, based on a sound need-based solutions approach, and post-

sales service has started to pay off.


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continue to have the highest persistency level in the industry. The

cumulative sum assured for all policies issued upto March 31, 2008 crossed

Rs. 87,000 crores.

In offering unit linked products, the structured sales process adopted by the

company has paid rich dividends. We believe that we should be able to

lengthen the maturity profile of our policy portfolio, now that the regulatory

disincentive has been removed with effect from April 1, 2008, added Mr.

Satwalekar. HDFC Standard Life offers, both, life insurance policies as well

as pension products on a unit linked platform as also the conventional with

profits platform.

Over 50% of the sum assured as on March 31, 2008, is in respect of non

unit-linked policies. Over 30% of funds under management are in respect of

non-linked business, which reflects the balanced book between conventional

and unit-linked business in the total portfolio of the company.

The companys national relationships with large public and private sector

banks have also helped it reach out to a larger number of customers across

the country. The company plans to further strengthen these relationships

through the introduction of products specially designed for this channel.

HDFC Standard Life continues to have one of the widest reaches amongnew insurance companies. The company strengthened its number of offices

from 103 to 572 across the country in less than 3 years. Through these


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offices, the company today services customer needs in over 726 cities and

towns. The company also increased its depth in existing markets by

increasing its Financial Consultant strength from 74,000 as on March 31,

2007 to 1,45,000 as on March 31, 2008. There has been a huge jump of300% over the last 3 years in the number of its Financial Consultants who

have qualified to become members of the prestigious Million Dollar Round

Table (MDRT) Club. The strength of MDRT qualified members has gone up

to 496 as on December 31, 2007.

As against the regulatory requirement of writing 18% of all policies in rural

areas, HDFC Standard Life has issued over 217,000 policies accounting for

23% of all policies issued during 2007-08. Additionally, during 2007-08,

HDFC Standard Life has covered 51,326 lives under the social sector

category, as against the requirement of 25,000 lives. Overall, the company

has covered over 9,59,000 lives during the year ending March 31, 2008.

To meet the demands arising from the companys rapid growth, shareholders

have contributed additional Rs. 470 crores of equity to take the paid-up share

capital as on March 2008 to Rs. 1,271 crores.

HUMAN RESOURCE DEPARTMENT


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The Human Resources department of HDFC SL had an induction manual on

the intranet to initiate new employees into the organization. The manual had

reams and reams of text running into hundreds of pages. The volume of

information made it difficult for the user to assimilate company policies and

operating procedures.

RECRUITMENT PROCESS:

The chief attributes HDFC SL looks out for in a candidate.

We look out for a candidate who values Integrity

Has a zeal for Excellence

Is focused on Results

Is Self driven and Enthusiastic

Is a good Learner and Team Player

Is dedicated to Customer Satisfaction

The Recruitment Process at HDFC SL:


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HDFC SL recruitment process are as follows:

Making an Application:

Ensure the information is clear and well organized.

Demonstrate your skills/experience/responsibilities in the previous

company

Assessment Process:

We conduct relevant assessments like psychometric tests and written

exercises - these will be part of the selection process

The interview panel will ask questions which will assess your

knowledge, skills and attitude. You will also have your queries

addressed.

Conditions relating to offers of employment:

All offers are subject to:

Satisfactory medical clearance

Satisfactory references

Evidence of qualifications and previous employment testimonials

MARKETING DEPARTMENT


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HDFC Standard Life continues to have one of the widest reaches among

new insurance companies. The company strengthened its number of offices

from 103 to 572 across the country in less than 3 years. Through these

offices, the company today services customer needs in over 726 cities and

towns. The company also increased its depth in existing markets by

increasing its Financial Consultant strength from 74,000 as on March 31,

2007 to 1,45,000 as on March 31, 2008. There has been a huge jump of

300% over the last 3 years in the number of its Financial Consultants who

have qualified to become members of the prestigious Million Dollar Round

Table (MDRT) Club. The strength of MDRT qualified members has gone up

to 496 as on December 31, 2007.

As against the regulatory requirement of writing 18% of all policies in rural

areas, HDFC Standard Life has issued over 217,000 policies accounting for

23% of all policies issued during 2007-08. Additionally, during 2007-08,HDFC Standard Life has covered 51,326 lives under the social sector

category, as against the requirement of 25,000 lives. Overall, the company

has covered over 9,59,000 lives during the year ending March 31, 2008.

To meet the demands arising from the companys rapid growth, shareholders

have contributed additional Rs. 470 crores of equity to take the paid-up share

capital as on March 2008 to Rs. 1,271 crores.

ADVERTISEMENT AND SALES PROMOTION


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Film opens in the compound of ahouse. Father is checking somethinginside the bonnet of an old small car.His daughter, around 27-28 years old,

is working on a lap top next to him

Daughter: Dad. Father: BoloDaughter: Nayi car lene mein hee

bhalaai hai.Dad nods in agreement without

looking up. Dad: Hmmm

Daughter continues affirmatively asshe signs on a cheque.

Daughter: Aur wo bhi badi wali.

Dad looks at her and asks.Dad: Huh, Badi kyon?


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Daughter, walks towards him withswinging hand in air and says.

Daughter: Kyonki Toolika Sharmachahti hai uske dad style se travel

kare.

Dad goes back to checking the engineand says in a light hearted tone.

Dad: Aur Extra paise dad dega kya?Daughter replies firmly: Nahi. Mere

dad ki beti.

Daughter: Relax dad, plan kiya.Dad doesnt know what to say: Par...

And hands him the cheque. Dad looksat the cheque and questions.

Dad (seriously): Itne paise aayekahaan se?


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Dad doesnt know what to say as helooks at the cheque.

Daughter pleads: Pleasedad

Mother enters with tea. She sensessomething serious and questions

them.Mother: Aree Kya hua?

Father looks at her and says

emotionally.Dad: Car badi ho gayi, aur beti bhi.

Daughter smiles with pride.

Super: Unit Linked Savings Plans

MVO: Unit Linked Savings Plansfrom HDFC Standard Life. zimmedari

nibhao, Aaj bhi kal bhi


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PRODUCTION DEPARTMENT

At HDFC Standard Life, we offer a bouquet of insurance solutions tomeet every need. We cater to both, individuals as well as to

companies looking to provide benefits to their employees. This

section gives you details of all our products. We have incorporated

various downloadable forms and product details so that you can

make an informed choice about buying a policy.

For individuals, we have a range of protection, investment, pensionand savings plans that assist and nurture dreams apart from providing

protection. You can choose from a range of products to suit your

life-stage and needs.

For organisations we have a host of customised solutions that range

from Group Term Insurance, Gratuity, Leave Encashment and

Superannuation Products. These affordable plans apart from

providing long term value to the employees help in enhancing

goodwill of the company.

Individual Products :


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We at HDFC Standard Life realise that not everyone has the same

kind of needs. Keeping this in mind, we have a varied range of

Products that you can choose from to suit all your needs. These will

help secure your future as well as the future of your family.

Protection Plans :

You can protect your family against the loss of your income or the

burden of a loan in the event of your unfortunate demise, disability

or sickness. These plans offer valuable peace of mind at a small

price. Our Protection range includes our Term Assurance Plan &

Loan Cover Term Assurance Plan.

Investment Plans :

Our Single Premium Whole Of Life plan is well suited to meet your

long term investment needs. We provide you with attractive long

term returns through regular bonuses.


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To know what consumer look for while policy of their share being

purchased

To know the satisfaction /dissatisfaction level towards the insurancecompany

To create familiar and motivate individual to insurance company

To provide information related to product and policies of insurance

company


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RESEARCH METHODOLOGY

Research:

-Its a process of collecting, analyzing, interpreting and summarizing in a

significant manner for the purpose of framing out necessary conclusion

and findings of data perceived and formulated for deriving out the

meaningful information. To carry our research necessary telephonic calls

needed to be done, suitable appointments were to be fixed and thereforemarket survey is to be followed.

Objective of training:

To understand life insurance and recruitment of capable life

insurance advisors for growth prospects.

Process:

Methodology or process involving in the Research followed during

the course of summer training is as follows: -

a) Collection of data : - This is an important aspect in formulating

the objective of research process where the data is collected via two

process: - i) Primary Sources and ii) Secondary sources


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i) Primary sources: - Where the data is collected primarily by

interviewing and personal observation and is original in nature and

accurate to the considerable extent.

ii) Secondary sources: -Where the data is obtained from some

published and printed sources such as newspaper, magazines, websites

and so on.

b) Analyzing of collected data : - The data collected through market

survey and published sources is then processed to obtained necessary

inferences and findings for the purpose of achieving the objective as well

as to derive necessary conclusion. A considerable skill and knowledge is

involved in analyzing the data for the purpose of interpreting thereof.

.

TYPES OF RESEARCH


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Questionnaire: -

Questionnaire is a set or group of questions being framed for the

purpose of obtaining market perspective about a particular aspect or

topic.

There are two types questionnaire bing carried necessary for the

market survey of the summer training being undertaken and put for

the by the trainee to the sample people taken as a base for entire

population:

a) Open ended Questionnaire: - where the people (also called

respondents) are required freedom to present their views and suggestions

for the benefits and success of the organization.

b) Close ended questionnaire: - where the respondents is limited to

the choice of answer being delivered by the interviewer itself so that

quick and fast means of responses be derived out without wasting much

time. Here close ended questionnaire being followed by me during the

course of the summer training market survey.

Sampling: - Sampling is a process of obtaining a number of

individuals taken a base for the entire population since entire


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population can not be asked about the necessary objective upon

which a questionnaire is put forth needed for the responses to be

derived for the purpose of generation of facts and customer view

point regarding their perception of particular product or services.

There are two type of sampling i) Random Sampling and ii)

Systematic sampling.

i) Random sampling: - Random sampling is a process of

selecting the sample size randomly and no choice or preference to be

made about the selection of respondents for the market survey and

questionnaire to be put forth against him. Here, Random sampling being

adopted by me.

ii) Systematic sampling: - it is a sampling where the limitednumber of selected respondents is figured out based on some criteria so

that only those respondents can be asked for the purpose of filing

questionnaire.

Sample Size: - 105 respondents.

TYPES OF DATA


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The word data Mpesceans any raw information, which is either quantitative

or qualitative in nature, which is of practical or theoretical use. The task of

data collection begins after a research problem has been defined and

research design chalked out. While deciding about the method of datacollection, the researcher should keep in mind that there are two types of

data primary and secondary.

Primary data: -

This is those, which are collected afresh and for the first Time, and thus

happen to be original in character. There are many ways of data collection of

primary data like observation method, interview method, through schedules,

pantry Reports, distributors audit, consumer panel etc. The Team Managers

and employees of both the Department were consulted to get information

about procedure of both the online and off line share trading. But the method

used by us for the primary data collection was through questionnaires.

Secondary data: -

These are those data, which are not collected afresh and are used earlier also

and thus they cannot be considered as original in character. There are many

ways of data collection of secondary data like publications of the state and

central govt., reports prepared by researchers, reports of various associations

connected with business, Industries, banks etc. And the method, which was

used by us, was with the help of reports of the company

INFORMATION AND DATA RELATED TO TOPIC


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MARKET SURVEY

LIFE INSUR ANCE I

51

38

16

0

10

20

30

40

5060

Prote ction o f

human ass e t value

against uncertainty

Tax bene fit de vice B oth

CATEGOR

RESPONSES

From the survey it was drawn that life insurance is more a protection

of human asset value against uncertainty (conferred by 51

respondents) where it is a tax saving option (being accepted by 38respondents). Life insurance is a service involving both these

prerequisites as depicted by remaining 16 respondents. The

following depicted this:

Protection of human asset value against uncertainty 51

Tax benefit device 38

Both 16


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7 8

2 7

0

1 0

2 0

3 0

4 0

5 0

6 0

7 0

8 0

NO.OF

RESPONDENTS

Yes No

R E SP O N S

IS LIFE IN SUR AN CE ESSEN

It has been observed and applied as a Life insurance is an essentialservice and should be applicable to every one, as favored by

considerable 78 respondents where it is not essential to an extent by

27 respondents from the summer training project survey by putting

forth the set questionnaire.


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RESPON DEN T'S QUALIFICATI

33 %

10%

57%

Pos t graduate

Graduate

Senior seconda

When further enquired about the qualification of respondents, it was

found that 57% of the respondents were graduates, 33% were post

graduates and remaining 10% were of higher secondary out of total

105 respondents. Further depicted in the following tabular

representation : -

Post graduate 35

Graduate 59

Senior secondary 11


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AGE QUALIFICAITON:

39%20%

6%

35%

18-25 age group

25 35 age group

35 45 age group

Above 45 age group

Further, the age qualification for agency recruitment, it was found

that 39% respondents were belonging to 18 25 age group, 35%

were belonging to 25 35 age group where as 20% to 35 -45 age

group and remaining 6% to above 45 age group. Also depicted in the

following tale mentioned below: -

18-25 age group 41

25 35 age group 37

35 45 age group 21

Above 45 age group 6


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CAUSES OF DISSATISFACTION

17%

16%

10%23%

34%

Low employment

Low earning / income

Low status

Huge capital investment

All of the above

Respondents had different views about the dissatisfaction from the

present status of working or occupation. Dissatisfaction has been

depicted in a table below and graphically above:

Low employment 24

Low earning 3

6 Huge capital investment 17

Low status 18 All of the above

1

0


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ABOUT CAREER IN LIFE INSURA

59

46

0

10

20

30

40

50

60

70

Yes NoRESPONSE

NO

.OF

RESPONDENTS

When asked about whether they would like to know about a glorifiedcareer in life insurance agency where they can fulfill any and every

desire of their life, 59 respondents agreed while 46 respondents said

No and will see later sometime in future. It has been depicted that

life insurance sector should be promoted at the wide extent as it

contribute to the economy as a useful source beneficial for both

nation as well as is citizens.


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86

19

0

20

40

60

80

100

NO.OF

RESPONDENT

S

Yes No

RESPONSE

IS LIFE INSURAN CE A NOBLE SERVI

Indeed Life insurance is a noble business as it provides a needful

financial support in the situation of fatal calamity where the family is

deprived by the fact to live in future and sustains their living. When

surveyed about life insurance as a noble service. 89 respodents

agreed and believe that insurance is a bettering service to human life

and society as a whole where as 19 respondents show disagreement.


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AGR EE WITH PRIVATISATION OF

INSURANCE?

74

31

0

10

20

30

40

50

60

70

80

Ye s N oRESPONSE

RESPONDENTS

Among 74 respondents from 105 respondents favored the

privatization of the life insurance and perceive that the people of

India will know be more aware and knowledgeable with respect tolife insurance than that in the past 50 years with the working of LIC.

The myth of LIC since it is a Government concern is still continue to

prevail even though people have become more advanced and they

can invest their hard earned money after undertaking their pros nad

cons and company position in the market.


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FINDINGS

Trained employees can work more efficiently.

Training makes employees more loyal to an organization.

Training makes an employee more useful to a firm.

Training enables employees to secure promotions easily. They can

realize their career goals comfortably.

Employees can avoid mistakes on the job. They can handle jobs with

confidence. They will be more satisfied on their jobs.

Training can contribute to higher production and fewer mistakes,

greater job satisfaction and lower employee turnover. Also, it can

enable employees to cope up with organizational, social and

technological change.


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RECOMMANDATION

Following are suggestions made for the benefits and augmentation of

the sound working of the company HDFC Standard life insurance:

1. Need to train and develop life insurance agents with more

comprehensive knowledge and skills to counter every queries of the

customer.

2. It is suggested that company should not left any stone unturned

towards sound advertisement and promotional measures on every section

whether it is printed, media or or air via radio.

3. It is also suggested that skilled management graduates need to

be places on sales and marketing of financial servies who can render

their best ideas for the accomplishment of the company goals and

objectives to the best extent.

4. Also, care need to be taken that every customers grievanceshould be met with delight whether before purchase or after sales.


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5. There should be an expansion measure for more offices .

6. location of more centres for offices of the company beestablished sop that company may grow its network.

7. There should more advanced measures are required to develop

to capture the needs of customer so that they can be inspire and

motivated to invest.


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BIBIOLIOGRAPHY

Following are sources which helped me during my summer training:

BOOKS:

KOTHARI C.R.:Research Methodology Management, 3rd Edition

KOTLER PHILIP: Marketing Management 11th Revised edition ,2002

GUPTA S.P.: Statistical Methods Thirteen revised edition, 2001

MAGAZINES:

India Today

Business World


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REFERENCES

Websites: -

www.hdfcinsurance.com

www.irdaindia.org

www.liccouncil.org

www.businessconnect.com
http://www.hdfcinsurance.com/http://www.irdaindia.org/http://www.liccouncil.org/http://www.businessconnect.com/http://www.hdfcinsurance.com/http://www.irdaindia.org/http://www.liccouncil.org/http://www.businessconnect.com/


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APENDIX

Questionnaire:

Name: -______________________________________________________

Age:-____________________________

Location: -____________________________________________

_______________________________________________________

Occupation:

Q.1. What do you mean by life insurance?

a) Protection of human asset value against uncertainty

b) A sum received after death

c) Both


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Q.5. What dissatisfied you most in your occupation

a) Low employment

b) Low earning / income

c) Low status

d) Huge capital investment

Q.6. Would you like to know about a career in life insurance

advisor ship where you can fulfill every desire of your life?

a) Yes

b) No

Q.7 Do you perceive that life insurance business is a noble

service oriented business?

a) Yes

b) No


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Suggestions: -

1.

2.

3.

4.

5.


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