Final Report-hdfc Life

7/27/2019 Final Report-hdfc Life

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SUMMER TRIANING PROJECT REPORT

ON

CUSTOMERS PERCEPTION TOWARDS HDFC LIFE ,HDFC LIFE

FOR THE PARTIAL FULFILLMENT OF THE REQUIREMENT

FOR THE AWARD OF

POST GRADUATE DIMLOMA IN MANAGEMENT

UNDER THE GUIDANCE OF : UNDER THE SUPERVISION OF :

Prof. Vandana Balayan Mr. Pawan Rawat

SUBMITTED BY

Galgotias Business School

APPROVED BY AICTE, MINISTRY OF HRD, GOVT. OF INDIA

1,KNOWLEDGE PARK, PHASE-2 , GREATER NOIDA, (U.P)


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CERTIFICATE

This is to certify that the project work done on CUSTOMERS PERCEPTION

TOWARDS HDFC LIFE is a bonafide work carried out by Mr. Vinay Kumar

under my supervision and guidance. The project report is submitted towards the

partial fulfillment of 2- year, full time Post Graduate Diploma in Management.

This work has not been submitted anywhere else for any other degree/diploma. The

original work was carried during 8th may to 7th july in HDFC Life

Prof . Vandana Balayan

Date


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Acknowledgment

Acknowledgment the contribution of my Supervisor Mr. Pawan Rawat,

my Mentor Prof. Vandana Balayan, Director Dr.Prof. Renu Luthra,

Director CRC Dr.Prof. Kamaljeet Sodhi, my respected parents and all

the concerned staff in the hdfc life who helped me out so gratefully.


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Declaration

I, Vinay Kumar, Roll no. 12PGDM087, student of PGDM Galgotias

Business School, Greater Noida,

here by

declare that he project report on customers perception towards HDFC

life at HDFC Life is an original and authenticated work done by me.

I further declare that it has not been submitted else where by any other

person in any of the institutes for the

Award of any degree or diploma.

Vinay kumar

9th july,2013


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PREFACE

Private life insurers in the country are lucky that the recently SEBI banned on unit-

linked insurance plans (ULIPs) was cancelled. That is because Ulips constitute

46% of the total business in the life insurance space. Ulip has taken a prominent

place in the global insurance market and India is not far behind. It has become the

growth engine over the years in the Indian insurance market.

Of Rs 2,00,000 crore-plus life insurance premium collected in the first 11 months

of 2011-12, a little over Rs 91,000 crore came from Ulips, according to the Life

Insurance Council of India, an industry body representing 23 life insurers i.e. 23

life insurance companies which is doing business in India.

Premium collection from revival of Ulips registered a 33% year-on-year jump inthe April-February period to Rs 46,927 crore, showing that majority of the

consumers are banking on Ulips for better long-term return.

The perception of Ulip has changed over the years. It was initially perceived as a

short-term product; now, people consider it more as a long-term investment tool.

Insurance firms also mopped up Rs 44,462 crore as new Ulip premium in the 11

months, up 17% from Rs 37,948 crore a year earlier.

Ulips are the biggest products for private insurers who derive 70-80% of their

premium collection from its sale.The countrys largest life insurer, the state-owned Life Insurance Corporation

derives a little more than half of its total new premium collection from Ulips.

There has been significant rise in the Ulip revival premium collection since 2007

and that goes on to show that there is a huge appetite for the products. The appetite

for Ulip products is unlikely to go down even as the controversy erupted as people

are bothered about their long-term returns.

Ref: http://theeconomictimes.com
http://theeconomictimes.com/http://theeconomictimes.com/http://theeconomictimes.com/


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List of tables and illustrations


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EXECUTIVE SUMMARY

I got enormous opportunity to learn so many aspects of insurance sector.

The job assigned to me was to check the formalities by the visitingcustomers for surrender their policies. Apart from that I had also analyze

the customer perception towards the company.

My SIP was divided into two parts 1st

was customers interface of

company and 2nd

was research work.

Profile:This project Customers perception towards HDFC life was a

study of several ULIPs(unit link insurance plan). This study helped meto understand the perception and mind set of people while doing

investment in different plans. This analysis helped the company to

understand its market share of its product. This analysis focused some

light on product innovation regarding ULIPs.

Research Design: For conducting my research I used open endedquestionaire

Findings

I learned, how to come across with customers and how to convince them

for the product of the company. But unfortunately it is not going in same

direction, due to greediness of the companys agent.

1. introduction


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1.1 Introduction of the organizationa) Aim and Establishment of the company

Founded in the year 2000 by Hasmukhbhai Parekh

Vision and Mission:

The most successful and admired insurance company, which means

the most trusted company, the easiest to deal with, offer the best value

for money, and set the standards in the industry.

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

Position in the market:


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HDFC life is one of Indias leading private insurance company and

rank 2nd

in terms of market share in private insurance companies in

India .

Various insurance products offers by HDFC Life

HDFC life Sampoorn Samridhi Insurance PlanHDFC Endowment Assurance PlanHDFC SL CrestHDFC SL Progrowth Super 2HDFC SL Progrowth FlexiHDFC Progrowth PlusHDFC SL ProGrowth MaximiserHDFC LifeInvest Wise PlanHDFC SL New Money Back PlanClassic Assurance Insurance PlanHDFC Life Classic Assurance PlusHDFC Life Super Saving Plan

b) Departments of the company

Operation Department : Operation department also knows as ops dept.

is very important part of the organization who covers many core

functions of the company like,


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Ops sales team : It covers make the companys product get soldin the ops dept. i.e. sold the companys product to those

customer who visited in ops dept.

Customer Servicing Team : Their main work is to facilitates thecustomer for continuation of their policies and handling

customer queries like changing the address, mobile or any other

contact number in the policy doc., name correction in the policy

doc. Etc.

Revival Team : Their main work is to convince the customer topay their due premium amount for continuation of the respective

policy.Surrender team; Their main work is to first convince those

customer to continue their policies who visited in the branch for

surrendering their respective policies. This Process is called

Surrender Aversion and help customers in the surrendering

their policies.

Accounts Team : Their work is to make and manage cashaccounts of premium payments and employee reimbursements.

Sales Dept : Sales Teams main work is to get companys product sold.

They appoint their sales teams in various dept. where customer can

come like banks, Ops dept., mutual fund dept. etc

H.R. Dept : Their work is to manage the human resource of the

company. By providing time to time training , performance appraisal

programs etc.


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Administration Dept. : Their work is make good working condition for

the employee.

Finance Dept. : Their work is to procure and manage finance of the

company.

R & D Dept. : Their work is to make research about the market time to

time and according to that make different policies(product) as proposal

and time to time development also in that concern.

HDFC Life is an Indian private life insurance company. It is a joint

venture between Housing Development Finance Corporation Ltd and

Standard Life. HDFC holds 74% of the equity while Standard Life holds

26%. It offers both individual and group insurance solution. I have

chosen insurance sector as the place for summer training because in

these days this sector is in boom and it will never go down. All people

invest their money in insurance and get more benefited. In the sector the

work of marketing is more challenging than the other sector because

there are 23 insurance companies in the market who are giving

competition to each other and the work of convince people for

investment in respective company is a challenging work and success in

the sector proves that the respective person is a good marketer. Today

insurance sector India is on boom because all people want to invest.

Those who dont know about investment in sharemarket and dont want

to invest in mutual funds they invest in insurance sector .Insurance

sector gives them investment plus risk cover. It also gives income tax

benefits to the people. Insurance company has also launched ULIP plan

and gives chance to the investor to choose their investment pattern


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according to their fund investment. This fund investment tells us that

how much the investor want to take risk. Generally in the ULIP plan, the

thesis is that The more you risk the more you haveprofit.

OBJECTIVE OF THE STUDY

WHO DO COMPANYS CUSTOMER SURRENDER

THEIR POLICY

REVIEW OF LITERATURe

Amitabh Chaudhry is the current M.D. of the company .Sanjay Tripathy,

Executive Vice President and Head - Marketing, HDFC Life,

Also partners with IPL Rajasthan Royal Team.Our association with

Rajasthan Royals is aimed at bringing to the fore our common values

self respect or living life with head held high. The campaign is a natural

outcome of our effort in propagating the values of self pride, confidence,

and self belief.

The Execution:

The primary task for the communication was to extend the brand

philosophy of self respect and pride (Sar utha ke jiyo) to cricket. The


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idea came from the observation that some determined individuals

overcome all odds to achieve success. Where others see adversity and

despair, they see a challenge and hope. They strive and they struggle to

reach their chosen goal, and thus, earn their pride. Drawing inspirationfrom such extraordinary people, HDFC Standard Life exhorts us to Play

with pride and live with pride (Sar utha ke Khelo, Sar utha ke jiyo).

Final Product:

The campaign captures the essence of self belief, pride, and confidence

through a journey of the life of these players and depicts how these

players have been able to achieve success despite all odds. The videoblends the common values (to both HDFC Standard Life and Rajasthan

Royals)self respectwith each of the success stories of these players.

HDFC Standard Lifes new campaign takes slice of life instances where

the players have strived against all odds to succeed in their passion to

play cricket. Each of them has overcome all hurdles and challenges that

life has thrown at them, but they never gave up hope. They have always

believed in themselves and their ability and arrive at this point of their

lives without depending on anybody else a true moment of pride. The

HDFC Standard Life communication captures these moments in the

players lives and salutes this spirit through this campaign.

The project was an attempt to explore the customer perception of HDFC

life in Rajnagar, Ghaziabad (U.P.). The project was started on7th

April,

after knowing all the relevant information about the company, insuranceproduct and policies and its competitors insurance products in


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accordance with the prescribed schedule mentioned by management of

HDFC life..The project started in Ghaziabad, covering the visitors in the

respective branch. In this process I met 60 persons to collect information

about HDFC life. I collected information for the company byquestionnaire method .During my work I found the perception of the

people about insurance, what they desire from it, and if they will work as

financial consultant than what they want from the organization.

SCOPE OF STUDY

During the summer training I have done my work through questionnaire.

In the entire work I have contacted person who is a student, retired

persons, professionals etc. I found that most of person can join insurance

company for saving taxes, unlimited earning, life time earning with little

effort, which will give him back support as a HEAD of the family in the

diverse situation. This project will help to understand the current market

scenario and marketing in stiff competition. Being a student of

management I can draw the relevant conclusion from the market survey

and give the appropriate suggestion to the organization. The company

can take decision according to the suggestions and it will provide better

experience to the students for their bright carrier. My project will

provide help in these matters which are thus:-

Analyze the people perception about HDFCSL.

To enhance the distribution channel in the selling of insurancePolicies.


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To find out the competitive edge of the company over thecompetitors.

Value that i observed while work with HDFCSL.

1. Integrity

HDFCSL believes in honest and trustfulness in every action.

Transparency in dealing with customers. It is stick to principles

irrespective of outcome. When we work in HDFCSL then we observed

that its rules and activity of every person in the organization is just and

fair to everyone. Integrity is the bedrock on which the company and the

expectations of the customers and employees are built. Integrity gives

inner feeling to both customer and the employees to work with it. It

establishes the credibility of the person defines the character and

empowers one to do justice to the job. It enables confidence and trust,

achieving transparency and laying a strong foundation for a binding

relationship. It guides principle for all walks of life.

2. Innovation


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It is the process of building a store house of treasures through

experiences. Lots of product is going to be launched by the competitors.

So it is very important to look every product and process through fresh

eyes every day. Itis the significant part of the business that attractscustomer. Innovation is essential to exceed customer expectation and

maximize customer retention because it is the sector of investment so

you need to fulfill the customer expectation which help you to retain

customer. Innovation helps to achieve competitive advantage. It

promotes growth and upgrade standards in the industry. It fosters

creativity amongst employees and partners. It opens a world of new

possibilities because it brings new concept which helps to entice thecustomer.

3. Customer centric

Customer becomes the main properties of any organization. Whateverwork done by the organization runs around the expectations of the

customer. Customer becomes centre point of the organization and the

main focus of the organization becomes to understand his expectations

by keeping him as the Centre point. It gives more focus on customer

activity and saying. It tries to understand customer needs and deliver

solutions. As we know that the market is changed. Lots of competitors is

here who search chance to increase their market share and entice yourcustomer so customer interest become always supreme.


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4. People Care

Genuinely try to understand those people who are working with

HDFCSL. It guides their development through training and support. It

helps them to develop their requisite their skills so that they can reach

their true potential. It tries to know them on a personal front because it

works as a performance appraisal. It try to create an environment of trustand openness so that all people who are working here behave friendly

and helps to each other because team work is most important for getting

success and give respect for the time of others. People are the most

valuable assets of the company so it tries to motivate individual to give

his/her best. It wants to establish a valuable relationship with them to

create a joyful working environment. The most important thing is that it

tries to provide job satisfaction for their people.

5. Team work One for all and all for one

Here whole team takes the ownership of the deliverables. It consults all

involved in the work and tries to understand their opinion and thenarrive at a common objective. There is a cooperation and support across

departmental boundaries. It identifies strengths and weaknesses


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accordingly allocate responsibility to achieve common objectives. Team

work helps everyone to achieve more. It adds joy at work place which

adds interest in the work and new stamina in the work. It generates

synergy and provides a focused approach. When an idea or activityperformed in a group, it has greater acceptability. Team work proves

one for all and all for one.

6. Joy and simplicity

It believes in joy and simplicity so that people in the organization will

bemore dedicated towards work and they will give more business to

theorganization. Work with joy and simplicity brings creativity and

newimagination which also brings new innovative ideas that

promotecompetitive advantage to the organization.

WHAT IS INSURANCE?

The business of insurance is related to the protection of the economic

values of assets. Every asset has a value. The asset would have been

created through the efforts of the owner. The asset is valuable to the

owner, because he expects to get some benefit may be an income or in

some other form. It is a benefit because it meets some of his needs. The


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benefit may be an income or in some other form. In the case of a factory

or a cow, the product generated by it is sold and income is generated. In

the case of a motor car, it provides comfort and convenience in

transportation. There is no direct income. Both are assets and providebenefits. Every asset is expected to last for a certain period of time

during which it will period of time during which it will provide the

benefits. After that, the benefit may not be available. There is a life-time

for a machine in a factory or a cow or a motor car. None of them will

last forever. The owner is aware of this and he can so manage his affairs

that by the end of that period or lifetime, a substitute is made available.

Thus, he makes sure that the benefit is not lost. However, the asset mayget lost earlier. An accident or some other unfortunate event may destroy

it or make it incapable of giving the benefits. We can classify insurance

in these terms:-

It is a system, by which the losses suffered by a few are spreadover many, exposed to similar risks.

Insurance is a protection against financial loss arising on thehappening of an unexpected event.

So, Insurance is a process in which homogenous group of people pool

fund and get money either on maturity or death or disability or

retirement or critical disease situation etc.

Risk are of two types:

Speculative RiskPure Risk


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And an insurance is only for pure risk not for speculative risk

According to insurance concept

There are four risk management techniques names as CART:

CControl the risk

AAvoid the risk

RRetain the risk

TTransfer the risk

And an insurance is transfer of risk management technique.

Principles of insurance

Essentials of valid contract + 3 other principles

Some Essentials of valid contract

Offer and AcceptanceConsiderationCapacity to contractFree concentConsensus as idemLegal object/purpose

3 others insurance added principles

Principle of utmost good faithPrinciple of insurable interest


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Principle of indemnity

Documentation procedure

Proposal stageUnderwriting stagePolicy Insurance stageClaim Stage

Proposal Stage

1.Plan details, premiums, payment details and fund choices2.Personal details of life assured3.Family details of life assured4.Personal details of nominee/beneficiary5.Declaration

Underwriting stage

1.Collect information about the applicant2.Assess the risk associated3.Classify the risk into sub standard categories4.Accept/ Decline the proposal

Income Tax Exemptions for Insurance


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Various tax exemptions available for insurance products under the IT

act.

Section 80 CSection 80 DSection 80 CCCSection 10 D

Insurance history

INDIAN INSURANCE INDUSTRY:

Insurers

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

Life Insurers:

Life Insurance Corporation of India (LIC) General Insurance Corporation of India (GIC)

Yr: 2000-2001 : ( From 2nd April '2000 to 31st December'2001)

Insurance Industry in the year 2000-2001 had 16 new entrants, namely:

Life Insurers:
http://www.licindia.com/http://www.licindia.com/http://www.licindia.com/


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S.No. Registration

Number

Date of

Reg.

Name of the Company

1 101 23.10.2000 HDFC Standard Life Insurance Company Lt

2 104 15.11.2000 Max New York Life Insurance Co. Ltd.

3 105 24.11.2000 ICICI Prudential Life Insurance Company L

4 107 10.01.2001 Kotak Mahindra Old Mutual Life Insurance

5 109 31.01.2001 Birla Sun Life Insurance Company Ltd.

6 110 12.02.2001 Tata AIG Life Insurance Company Ltd.

7 111 30.03.2001 SBI Life Insurance Company Limited.

8 114 02.08.2001 ING Vysya Life Insurance Company Private

9 116 03.08.2001 Bajaj Allianz Life Insurance Company Limi

10 117 06.08.2001 Metlife India Insurance Company Ltd.

Yr: 2001-2002 : ( From 1st Jan 2001 to Dec. 2002)

Insurance Industry in this year, so far has 5new entrants; namely

Life Insurers:

S.No. Registration

Number

Date of

Reg.

Name of the Company

1 121 03.01.2002 Reliance Life Insurance Company Limited
http://www.hdfcinsurance.com/http://www.maxnewyorklife.com/http://www.maxnewyorklife.com/http://www.iciciprulife.com/http://www.omkotakmahindra.com/http://www.birlasunlife.com/http://www.birlasunlife.com/http://www.tata-aig-life.com/http://www.tata-aig-life.com/http://www.sbilife.co.in/http://www.sbilife.co.in/http://www.ingvysyalife.com/http://www.allianzbajaj.co.in/http://www.metlife.co.in/http://www.metlife.co.in/http://www.reliancelife.com/http://www.reliancelife.com/http://www.metlife.co.in/http://www.allianzbajaj.co.in/http://www.ingvysyalife.com/http://www.sbilife.co.in/http://www.tata-aig-life.com/http://www.birlasunlife.com/http://www.omkotakmahindra.com/http://www.iciciprulife.com/http://www.maxnewyorklife.com/http://www.hdfcinsurance.com/


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2 122 14.05.2002 Aviva Life Insurance Co. India Ltd.

Yr: 2003-2004 : ( From 1st Jan 2003 till Date)


Life Insurers:

S.No. Registration

Number

Date of

Reg.

Name of the Company

1 127 06.02.2004 Sahara India Insurance Company Ltd.

Yr: 2004-2005 :


Life Insurers:

S.No. Registration

Number

Date of

Reg.

Name of the Company

1 128 17.11.2005 Shriram Life Insurance Company Ltd.
http://www.avivaindia.com/http://www.avivaindia.com/http://www.saharalife.com/http://www.saharalife.com/http://www.shriramlife.com/http://www.shriramlife.com/http://www.shriramlife.com/http://www.saharalife.com/http://www.avivaindia.com/


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Yr: 2006-2007 :

Insurance Industry in this year, had 1new entrants; namely

Life Insurers:

S.No. Registration

Number

Date of

Reg.

Name of the Company

1 130 14.07.2006 Bharti AXA Life Insurance Company Ltd

Yr: 2007-2008 :

Insurance Industry in this year, had 5 new entrants; namely

Life Insurers:

S.No. Registration

Number

Date of

Reg.

Name of the Company

1 133 04.09.2007 Future Generali India Life Insurance Comp

2 135 19.12.2007 IDBI Fortis Life Insurance Company Ltd.

Yr: 2008-2009 :

Insurance Industry in this year, so far has 3 new entrants in Life and 1 new en
http://www.bharti-axalife.com/http://www.irdaindia.org/www.fg-life.inhttp://www.idbifortis.com/http://www.idbifortis.com/http://www.idbifortis.com/http://www.irdaindia.org/www.fg-life.inhttp://www.bharti-axalife.com/


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namely

Life Insurers:

S.No. Registration

Number

Date of

Reg.

Name of the Company

1 136 08.05.2008 Canara HSBC Oriental Bank of Commerce

2 138 27.06.2008 Aegon Religare Life Insurance Company L

3 140 27.06.2008 DLF Pramerica Life Insurance Company Lt

4 142 Star Union Dai-ichi Life Insurance Co. Ltd

5 143 05.11.2009 IndiaFirst Life Insurance Company Ltd.

PRODUCT SCOPE

HDFC Standard Life offers a bouquet of insurance solutions to meet

every need. The company caters to both, individuals as well as to

companies looking to provide benefits to their employees.

For individuals, the company has a range of protection, investment,

pension and savings plans that assist and nurture dreams apart from

providing protection. The customers can choose from a range of

products to suit their life-stage and needs.
http://www.canarahsbclife.com/http://www.aegonreligare.com/http://www.dlfpramericalife.com/http://www.hdfcinsurance.com/products/individual.asphttp://www.hdfcinsurance.com/products/individual.asphttp://www.dlfpramericalife.com/http://www.aegonreligare.com/http://www.canarahsbclife.com/


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For organizations they have a host of customized 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 thecompany.

The products of the company are categorized into various sections which

are as follows:

1. INDIVIDUAL PRODUCTS2.GROUP PRODUCTS3.RURAL PRODUCTS4.SOCIAL PRODUCTS

TAX BENEFITS

For Individuals, HDFC Standard Life has a range of protection,

investment, pension and savings plans that assist and nurture dreams

apart from providing protection. Customer can choose from a range of

products to suit his life-stage and needs.

For Organizations, HDFC Standard Life has a host of customizedsolutions that range from Group Term Insurance, Gratuity, Leave

Encashment and Superannuation Products. These affordable plans apart
http://www.hdfcinsurance.com/products/group.asphttp://www.hdfcinsurance.com/products/group.asp


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from providing long term value to the employees help in enhancing

goodwill of the company.

Other Individual companys Products:

HDFC Children's Plan,

HDFC Endowment Assurance Plan,

HDFC Loan Cover Term Assurance Plan,

HDFC Money Back Plan,

HDFC Personal Pension Plan,

HDFC Single Premium Whole Of Life Plan,

HDFC Term Assurance Plan,

HDFC Unit Linked Endowment,

HDFC Unit Linked Endowment Plus,

HDFC Unit Linked Pension,

HDFC Unit Linked Pension Plus,

HDFC Unit Linked Young Star,

HDFC Unit Linked Young Star Plus


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At HDFC Standard Life realize that not everyone has the same kind of

needs. Keeping this in mind, varied range of products that customer can

choose from to suit all needs. These will help secure customer future as

well as the future of family.

Protection Plans:

Customer can protect his family against the loss of his income or the

burden of a loan in the event of his unfortunate demise, disability or

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

HDFC Standard Life Protection range includes Term Assurance Plan &

Loan Cover Term Assurance Plan.

Investment Plans:

HDFC Standard Life Single Premium Whole of Life plan is well suited

to meet long term investment needs. HDFC Standard Life provides with

attractive long term returns through regular bonuses.

Pension Plans:

HDFC Standard Life Pension Plans help secure financial independence

even after retirement. Pension range includes Personal Pension Plan,

Unit Linked Pension, and Unit Linked Pension Plus Savings Plans.


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Savings Plans:

HDFC Standard Life Savings Plans offer flexible options to build

savings for future needs such as buying a dream home or fulfilling

childrens immediate and future needs.

Group Products:

Group Term Insurance,

Group Variable Term Insurance,

Group Unit Linked Plan,

Gratuity Group Unit Linked Plan,

Superannuation Group Unit Linked Plan ,

Leave Encashment

PRODUCT PORTFOLIO

HDFC offers products as per the life stages of the customers and their

respective needs.


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LIFE STAGES & NEEDS IN HAT STAGES

STAGE 1: YOUNG & SINGLE


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An important stage where one lays down the foundation of a successful

life ahead. Take advantage of the time and power of compounding to

ensure that you build up your dreams. Start saving early

NEEDS:

Save for Home & Wedding

Tax Planning

Save for Golden Years

STAGE 2: JUST MARRIED

Marriage brings about a significant change. New dreams and newopportunities also bring in additional responsibilities. While both of you

look forward to a happy and secure life, it is equally important to ensure

that eventualities dont come in the way of shaping your dreams.

NEEDS:

Planning for home / securing your home loan liability.


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Save for vacation.

Save for your first child.

STAGE 3: PROUD PARENTS

Once you have children, your need for life insurance is even more. You

need to protect your family from an untoward incident. Ensure your

protection umbrella takes into account the future cost of securing your

childs dream. You will want life to go on for your loved ones, and

having enough life insurance is a way to help ensure that.

NEEDS:

Provide for children's education

Safeguarding family against loan liabilities

Savings for post-retirement


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STAGE 4: PLANNING FOR RETIREMENT

While you are busy climbing the ladder of success today, it is important

for you to take time and plan for your life after retirement. Having an

early start for retirement planning can make a significant difference to

your savings. Think about your golden years even before you have

reached them. The key is to think ahead and plan well using your time

and money.

NEEDS

Provide for regular income post retirement

Immediate Tax benefits

Lead a secure, independent and comfortable life style in your retirement

years.


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COLLABORATIONS & AFFILIATIONS:

SUBSIDIARY AND ASSOCIATE COMPANIES:

HDFC Bank

HDFC Mutual Fund

HLSIL

Intelnet Global Services Ltd.

Other Companies Co-Promoted by HDFC

Financial Information with regard to Subsidiary Companies

PRODUCTs OF HDFCSL

As we know that lots of insurance plan are playing in the market of

different companies. HDCFSL has launched various insurance plans

which based on unit link plan. It invests the investment of his consumer

in bank deposits, Government securities and Bonds, and Equity. The

percentage of these investments in these plans depends upon the

consumer whether he wants to take more risk and more return or less

risk or less return. It has launched several insurance plans which are thus

given below:-

1. Unit link pension plan
http://www.hdfcbank.com/http://www.hdfcfund.com/http://pop%28%27/hlsil.htm')http://www.intelenetglobal.com/http://www.intelenetglobal.com/http://pop%28%27/hlsil.htm')http://www.hdfcfund.com/http://www.hdfcbank.com/


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2. Unit linked pension plus

3. Unit linked enhanced life protection II

4. Unit linked young star plus II

5. Endowment assurance plan

6. Children plan

7. Money back plan

8. Single premium whole of life plan

9. Personal pension plan

10. Saving assurance plan

11. Assure plan

1. Unit linked Young Star plus II

As a parent, your priority is your childrens future and being able to

meet their dreams and aspiration. Today, we need more money for

providing a good education, establishing a professional career or even a

modest wedding because these are expensive. Costs are increasing fast.

Just imagine how much we need when our children take these important

steps in life when


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institute like IIM is increasing their fees for education by leaps and

bound. This plan ensures us a bright future for your children. It makes

your child able to lead a life of respect and dignity with a secured

financial future. Benefits of this plan. The HDFC unit linked Young starPlus II gives us:

Valuable protection to your child in case you are not around. An outstanding investment opportunity by providing a choice of

thoroughly researched and selected investments.

Regular loyalty units to boost your fund value every year.

Flexible benefit combinations and premium payment options. Flexible additional benefit options such as critical illness cover. Flexible benefit payment preferences- Double and Triple Benefit. Four steps to your own plan.

Step1) IN this policy you will continue to pay each year of the policy.

You can pay monthly, half-yearly or annually. The minimum regularpremium is Rs. 15,000 per year for annual and half yearly policies. For

monthly mode, the minimum regular premium is Rs 1500 per month.

Step2) we can choose any amount of sum Assured with, a minimum of

5times your chosen annul regular premium and a maximum of 40 times

your chosen annul regular premium.


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Step3) it offers a range of valuable protection options to secure the

future for whole family. In this policy the customer can choose any one

of both which life option (death Benefit) is and life and health option

(death benefit+ critical illness benefit). It offers flexible benefit paymentpreference.

2. Unit Linked Enhanced Life Protection II

The massage of this policy is invest in financial security and self

respect for you and your family. In this policy, the investment risk in

investment portfolio is borne by the policyholder. In our life I try to give

the very best too your family and there is no reason why they should notget the very best in the future too. This plan gives financially

independent, even if you are not around.

Benefits of this plan

The HDFC Unit Linked Enhanced Life Protection II gives

1) Valuable protection to your family in case you are not around

2) Increasing insurance cover every year.

3) An outstanding investment opportunity by providing a choice of

thoroughly researched and select investment. .

4) Flexible premium payment options.


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Steps regarding this plan

Step1) Choose your regular premium: - this is the premium you will

continue to pay each year of the policy. You can pay monthly, half-

yearly or annually. The minimum regular premium is Rs.15, 000 per

year or annual and half yearly policies. For monthly mode, the minimum

regular premium is Rs. 1500 per month.

Step2) Choose your level of protection: - You can choose any amount of

Sum Assured with a. a minimum of term of your policy/2 times your

chose annual regular premium. And b. a maximum of 20 times your

chosen annual regular premium. In this plan in case of your fortunate

demise during the policy term, we will pay the greater of your current

Sum assured (less any withdrawals you had made in the two years

before your claim) and your total fund value to your family.

3. Unit Linked Pension Plus

The massage of this plan is living a life of dignity and self respect. It is

designed to provide a retirement income for life with the freedom to


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maximize your investment returns. Stride into your golden years of

retirement with dignity and pride.

Benefits of HDFC Unit Linked Pension Plus

This plan is giving you some benefits which will help you in the odd

situation. The benefits of this plan are thus:-

a)An outstanding investment opportunity by providing a choice of


b) Regular loyalty units to boost your fund value every year

c) A post retirement income for life

d) Flexibility to plan your premiums as per your preference.

Steps of your own plan

Step1) Choose your retirement age: - In this plan firstly you have to

choose any age you wish to retire at (vesting age), between 50 years and

75 years.


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Step2) this is the premium you will continue to pay each year to the

policy. The minimum regular premium is Rs 10,000 per year. You can

pay monthly(using standing instructions or ecs mandate), quarterly, half

yearly or annually. You may also choose to pay adhoc single premiumTop-up or additional regular premiums depending on the policy type you

have chosen and your convenience.

Unit Linked Pension. The masses of Unit linked Pension is live a life of

dignity and self respect. Today we are busy climbing the ladder of

success and realizing your dreams. Today, time is with you. Just take a

moment and think. It will makes you able to continue at the same pace.

The HDFC Unit Linked Pension is an insurance policy that is designed

to provide a retirement income for life with the freedom to maximize

your investment returns. Stride into your golden years of retirement with

dignity and pride.

Benefits of this plan

The HDFC unit linked pension gives you

a) An outstanding investment opportunity by providing a choice of


b) It gives a post retirement income for life

c) Flexibility to plan your retirement date and

d) Freedom to invest premiums as per your preference


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4.Unit Linked Endowment plus II

Its massage is to invest in financial security and self respect for you and

your family in this policy, the investment risk in investment portfolio is

borne by the policy holder.

Benefits of this product

The HDFC unit linked endowment plus II gives

a) A valuable protection to your family in case you are not around.

b) An outstanding investment opportunity by providing a choice of the

thoroughly Researched and selected investment.

c) Flexible additional benefit options such as critical illness cover.

Simple steps for this product

Step1) choose your regular premium: - this is the premium you will

continue to pay each year of the policy. You can pay monthly, half-

yearly or annually. The minimum regular premium is Rs 15,000 per yearfor annual and half yearly policies. For monthly mode, the minimum


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regular premium is Rs.1, 500 per month. You may also choose to pay

adhoc single premium top-up or additional regular premiums depending

on your convenience.

Step2) You can choose any amount of sum Assured with:

a minimum of (the term of your policy/2) times your chosen annual

regular premium.

A maximum of 40 times your chosen annual regular premium.

Step3) Choose additional plan benefits: - it offer a range of valuable

protection options to secure the future for your family

Life option - Death Benefit

Extra Life option - death benefit + accidental Death benefit

Life and health option - Death benefit + critical illness benefit

Extra life and health option - Death benefit + critical illness benefit+

Accidental Death benefit.

Benefit types Summary

Death Benefit


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We will pay the greater of your sum assured (less any withdrawals you

have made in the two year before your claim) and your total fund value

to your family. The policy will terminate.

Critical illness benefit

We will pay the greater of your sum assured (less any withdrawals you

have made in the two year before your claim) and your total fund value

to your family. The policy will terminate.

Accidental Death Benefit.

In addition to the death benefit, we will pay a further sum assured toyour

family. The policy will terminate.

IRDA (Insurance Regulatory and Development

Authority)

The Government of India has enacted the Right to Information Act,

2005 which has come into effect from October 13, 2005. The Right to

Information under this Act is meant to give to the citizens of India

access to information under control of public authorities to promote

transparency and accountability in these organizations. The Act, underSections 8 and 9, provides for certain categories of information to be

exempt from disclosure. The Insurance Regulatory and Development


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Authority (IRDA) is a public authority as defined in the Right to

Information Act, 2005. As such, the Insurance Regulatory and

Development Authority are obliged to provide information to members

of public in accordance with the provisions of the said Act.

Access to the Information held by IRDA

The right to information includes access to the information which is held

byor under the control of any public authority and includes the right toinspectthe work, document, records, taking notes, extracts or certified

copies ofdocuments / records and certified samples of the materials and

obtaininginformation which is also stored in electronic form.

IRDAWebsite

The IRDA maintains an active website. The site is updated regularly and

all the information released by the IRDA is also simultaneously made

available on the website. The information published in public domain

includes the following:

1.Acts/Regulations

2. Information relating to Insurers/Reinsures, Agents Training Institutes,

Appointed Actuaries.


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3. Information relating to Surveyors, Third Party Administrators,

Insurance Brokers, Corporate Agents

4. Information relating to Insurance Councils, Insurance Ombudsmen

5.Annual Report/IRDA Journal

6.Press Releases.

Complaints against Insurance Companies

IRDA has provided for a separate channel for lodging complaints

against deficiency of services rendered by Insurance Companies. If you

have acomplaint/grievance against an insurance company for poor

quality of service rendered by any of its offices/branches, please

approach the Nodal Officer of the Insurance Company concerned. In

case you are not satisfied with the Insurance Companys response you

may also file a complaint with the Insurance Ombudsman in your State.

The Insurance Ombudsman is an independent office to provide speedy

and cost effective resolution of grievances to the customers. For more

details on Insurance Ombudsman Scheme and their contact numbers,

please visit.

Complaints from Policyholders


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Policyholders who have complaints against insurers are required to first

approach the Grievance/Customer Complaints Cell of the concerned

insurer. If they do not receive a response from insurer(s) within a

reasonable period of time or are dissatisfied with the response of thecompany, they may approach the Grievance Cell of the IRDA.

Reinsurance:

The insurance Regulatory and Development Authority, IRDA for short,has laid down that those who wish to become insurance agents will be

given licenses only after they complete a course of study and pass an

examination prescribed was to last 100 hours. The course, IC 33, was

prepared keeping in mind that requirement. In 2007, the period of

compulsory study has been reduced to 50 hours.

.

Key Players in the Indian PRIVATE INSURANCE Market

(Rank VIZ AS PER MARKET SHARE

ICICI Prudential life

HDFC Standard life

Birla Sun Life.

Bajaj Allianz


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Marketing strategy of HDFCSL

Marketing is process of analyzing the consumer need and serve the need

of consumer which satisfy the consumer and solve the consumer

problem. In this sector the marketing is pay main role in brand formation

and policy awareness to the public. As we know that LIC is covering

more than 60 % market share. So marketing helps in increasing the

market share. Marketer shave to analyze the market share and find out

the market. We can divide its marketing process in two parts:-

1) Marketing for Financial Consultant: - Work part-time, earn full-time

is the punch line of its marketing strategy. It says just work for 5 hours a

week and earns more than Rs. 20,000 per month. If you will be financial

consultant of HDFCSL then you can have high earning potential, zero

investment, and you will not have pressure for work. You can work as

whatever you make your target or you can work as a part-time as per

your convenience.

Zero investment: - There is no star-up capital.Strong partnership: - It is one of the fastest growing life insurance

companies. It was the first private life insurance company to be granted

a license by IRDA. It has been rated by business world class magazine

as Indias most respected Private life Insurance Company in 2004.

HDFC

Standard life Insurance has one of the highest brand recalls of around

86%.

2) Marketing for the potential market: - In our general life we buy thosethings which we see. For consumer awareness print marketing and

electronic marketing both are most important. In the market 17 insurance


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players is trying to convince people with the advertising in television,

radio, newspaper and magazines. HDFC Standard Life is also adopting

these electronic marketing. The punch line of HDFC Standard Life is

Sar Utha Ke Jiyo. Today it has more than 8 lack policyholder. It is

also targeting cinema halls like PVR where it will get more potentialmarket, for marketing.

Sample

Customer who visited the branch

Methods of data Collection

Primary data :

Primary data are those which are collected fresh and for the first time

and thus collected and used by same person

Research Design

In this project exploratory research is used. In exploratory research data

was collected by open ended questionnaire research method. In my

research cross sectional studies, field work and survey was conducted.

My study was concerned with the specific prediction of customers

perception.

Questionaire

Name


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Policy No

Age

Educational Qualification

Life stage you belong

Young and Single Just Married Married with Children Married with Grown up Children Nearing Retirement

No. of family members

No. of working family members

Annual Income

Policy names

Q. Do you have knowledge about insurance product (hdfc life)?

Yes

No

Q. Do you rechecked?

What has been said to you about the policy by companys agent

And

What is actually mentioned in the policy document

Yes


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No

Q. Agent was known to you?

Yes

No

Q. Why you do not want to continue your policy?

_________________________________________-

Analysis and interpretation

First parameter : On the basis of general information of customer from

the questionnaire have the agent issued correct policy to the customer as

per his/her need?


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Second parameter: How many people keep knowledge about the

insurance product what they are willing to take?

60%

40%


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Third parameter : How many cross checked with the policy document

about what has been proposed and promised by the companys agent?

70%

30%


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CONCLUSIONS & SUGGESTIONS

CONCLUSIONS:

As we can clearly see in the first chart that the agents didntperformed their respective duties and responsibility well.

It may be due to their personal gain.It has been also seen that in the second chart that most of the

people either dont have the knowledge about the insurance

85%

15%


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product or dont have clear/full knowledge about the insurance

product which they are taking

And most important thing is that very few people crosschecked their policy document and most shocking part is the out

of total sample 75% are graduate or with any other higher

educational qualification who does the same

Hence we can say that it is mistake from both side from thecompanys side as they more targeted their outdated product to

be sold first and put high incentive option on them which create

greediness amongs the companys agents results in wrong

policy to the customer=customer dissatisfaction.

And customer are equally responsible for their own loses as hedont use their rights well.

SUGGESTIONS:

Finally some recommendations for the company are as fallows:-

To make people aware about the benefit of HDFC StandardLifes products, and change their perception for the company

following activities of advertisement should be done through

1. Print Media.


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2. Hoarding & Banners.3. Stalls in Trade Fares4. Distribution of leaflets containing details information.5. Company can recruit sales promoters so that maximuminformation can be provided to the potential client.

By showing additional and alternative income source alongwith various schemes for Financial Consultant in the company so

that more and more FC can be recruited.

Free life cover for every active Financial Consultant. Discounted rate premium for its family members. Make people understand about the meaning of the IRDAauthorization and its validity.

Company should organize the program in the society, so thatpeople will be aware about the company

Separate time slot for Working Professionals, House Wivesand Retired people.

Agency of non-life products should also be provided alongwith life.

Company should open more branches in different cities


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It should provide better facilities for premium collection and to getthe sum assured money.

FC should visit clients for premium collection.Experts from company should visit the clients with the FC.FCs should be given better training regarding the products and they

should try to create better impact on the customer for the company.

In the advertisements their basic mission should be to change theperception of people towards the HDFC group, because a good

brand sells itself.

In the recruitment of financial consultant I found that mostlyperson dont want to give Rs.825. I have faced some difficulties

when they dont agree to give this much amount. If the company

will less this charge then it will get more FC.

LIMITATIONS OF THE STUDY

The information given in the above part is based on market survey,

meeting with the people. My project is based upon the interaction withthe people to analyze the customers perception. My study is totally

based on the perception of the people that what they think about the


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insurance when someone offer him to work in the insurance sector or to

take a policy. I analyze that the person who is needy for money, greedy

about fast life and believes in speed join insurance because this sector

gives you a platform for unlimited earning and life time earning like life

time validity in mobile phone.

Mood of the person while answering questionaire : It might be possibe

that if the customer would not be in bad mood than he/she may dont

respond rationally while answering the questionaire.

Personal issues of the customer : It is not always necessory that

customer does surrender the policy due to any problem with the

company.It also may possibe that customer does surrender the policy

because he/she has any personal issues in their personal life.In which

company has no fault and cannot do anything in this matter.

Bibliography

Websiteswww.hdfcinsurance.com

www.hdfc.com

www.irda.net

www.hdfcbank.com

www.theconomictimes.com

www.indiabudget.nic.in

www.outlookmoney.com
http://www.hdfcinsurance.com/http://www.hdfcinsurance.com/http://www.hdfc.com/http://www.hdfc.com/http://www.irda.net/http://www.irda.net/http://www.hdfcbank.com/http://www.hdfcbank.com/http://www.theconomictimes.com/http://www.theconomictimes.com/http://www.indiabudget.nic.in/http://www.indiabudget.nic.in/http://www.outlookmoney.com/http://www.outlookmoney.com/http://www.outlookmoney.com/http://www.indiabudget.nic.in/http://www.theconomictimes.com/http://www.hdfcbank.com/http://www.irda.net/http://www.hdfc.com/http://www.hdfcinsurance.com/


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www.moneycontrol.com

Used literatureThe Times of India

The economic times

E-magazines of HDFCSL

Valuable information from corporate guide and faculty guide
http://www.moneycontrol.com/http://www.moneycontrol.com/http://www.moneycontrol.com/

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Final Report-hdfc Life

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