Naveen Hdfc Life Insurance Final-1

8/3/2019 Naveen Hdfc Life Insurance Final-1

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PROJECT REPORT

SUBMITTED THE PARTIAL FULFILLMENT OF

THE B.B.A. DEGREE

ON

RECRUITMENT OF FINANCIAL CONSULTANT

SESSION-2008-2009

Submitted to: Submitted by:

University of Rajasthan Avdesh Kumar Gurjar Gaur

B.B.A. Final Year

MAHARISHI ARVIND INSTITUTE OF

SCIENCE AND MANAGEMENT, JAIPUR


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PREFACE

Theories are being developed, designed and stated on the

groundwork of their practical implementation and usage. Work

experience seems to be the most effective and indispensable factor of

making an individual an adept. This is because one can not do

without being exposed to varying circumstances and possible

consequences. Training not only develops individual skills and

abilities but also provides proficiency in work performance.

This report served as a means to share my personal experiences while

working on this project which provided me the platform where I was

face to face with practical aspects of theoretical knowledge gained so

far.

This training project report has been prepared during the summer

training of 45 working days in an organization. It is an integral part

of MBA curriculum. The summer training was challenging, gainful

and interesting and it gave real insight of corporate world.

I sincerely believe that there is no better place to learn the practical

side of management studies than the industry itself.


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ACKNOWLEDGEMENT

The project report prepared by us though bears our name alone but isactually a collective effort. I am indeed indebted to a lot of people

and their names surely deserve to be mentioned.

I feel immense pleasure in conveying my heartiest thanks and deep

sense of gratitude to Mr. Amit Pandey, Branch Manager HDFC

Standard Life Insurance Company Ltd. Jaipur-IV, for giving me an

opportunity to work on the project.

I offer my sincere thanks to Mr. Ravi Sharma, Sales Development

Manager HDFCSLIC Ltd. Jaipur-IV, for their regular guidance in the

project and to sharpen my rough edges from time to time.

I would like to particularly mention my deep gratitude to Prof.

Satish Agarwal, Head of Department (Department of management

studies) and Dr. Shiv Prasad (Training and Placement officer)

Management Studies giving their consent and blessings to undertake

this training.

(NAVEEN SHARMA)


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CONTENTS

1. Introduction

2. Company Profile

3. Vision and Values of the Company

4. Branch Profile

5. Products of HDFCSLIC Ltd.

6. SWOT Analysis

7. Findings and Suggestions

8. Questionnaire

9. Conclusion

10. Bibliography


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INTRODUCTION

Introduction to Insurance

Every asset has a value for its owner and also for those who are

benefited with the existence of that asset. Insurance is concerned with

the protection of economic value of assets.

Every asset has normally an expected lifetime. During this period, it

is expected to perform and provide income/comfort to the owner.

The owner, being aware of this, plans the things in such a way that

by the time the expected lifetime of the asset expires, he is ready with

the funds required for its replacement. In this way, he ensures that

the value or income from the asset is not lost. Well, this appears to be

a fine arrangement provided the asset completes its expected lifetime!

All assets carry the risk of being destroyed or damaged. But all assets

may not necessarily get destroyed or damaged. Only in a few

instances, the probability turns out to be true and the asset gets

actually lost or destroyed by accident or some other unfortunate

event before the completion of its expected lifetime. The owner andthose deriving benefits from the asset will suffer because the

arrangement to make available its substitute is not yet ready.


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Insurance is helpful in mitigating such adverse consequences. To sum

up, assets are insured, as they are likely to be lost or made non-

functional through an accidental occurrence.

Insurance does not protect the assets. This means that insurance

cannot prevent loss to the assets due to perils. Nor can insurance

avoid the occurrence of the perils. It only compensates, may not be

fully, the economic or financial loss resulting to the asset from such

damage or destruction.

History of Insurance

The beginning of insurance business is traced to the city of London. It

started with the marine business. Marine traders, who used to gather

at Lloyds coffee house in London, agreed to share losses to goods

during transportation by ship. Marine related losses included:-

Loss of ship by sinking due to bad weather in high seas.Goods in transit by ship robbed by sea pirates. Loss of or damage to the goods in transit by ship due to

bad weather in high seas. The first insurance policy was

issued in England in 1583.


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Life Insurance in India

In India, insurance started with life Insurance. It was in the early 19 th

Century when the Britishers on their postings in India felt the need of

life insurance cover.

It started with English Companies like... The European and the

Albert. The First Indian insurance company was the Bombay Mutual

Assurance Society Ltd., formed in 1870.

In the wake of the Swadeshi Movement in India in the early 1900s,

quite a good number of Indian companies were formed in various

parts of the country to transact insurance business. To name a few::

Hindustan Co-operative and National Insurance in Kolkata; United

India in Chennai; Bombay Life, New India and Jupiter in Mumbai

and Lakshmi Insurance in New Delhi.

Nationalisation of Life Insurance in India

In 1956, life insurance business was nationalized and LIC of India

came into being on 1.9.1956. The government took over the business

of 245 companies (including 75 provident fund societies) who weretransacting life insurance business at that time. Thereafter, LIC got

the exclusive privilege to transact life insurance business in India


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Purpose and Need for Insurance

y Assets are likely to be destroyed or made non-functional due toaccidental occurrences called perils. Assets can, therefore, be

insured. A few examples of perils are: fire, floods, breakdowns,

lightning, earthquake etc. Perils are the events. Risks are the

consequential losses or damages.

y Possibility of damage to asset caused by any peril is the riskthat asset is exposed to.

y Risk means uncertainty or unpredictability about future loss ordamage, which may or may not happen. This refers to the

losses, which may happen suddenly and unexpectedly.

y We can say that a human life is also an income-generating asset.y Human life may be lost due to unexpected early death or

become non-functional following sickness or disabilities causeby accidents.

y If this happens by the time one is on the verge of retirementwhen his income is about to cease, he might have made

alternative arrangements to meet his needs.


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Types of Insurance

Basically there are two types of Insurances:

1. Non-Life Insurance 2. Life Insurance

Basically Non-Life Insurance Includes:-

Marine Insurance

Fire Insurance Miscellaneous Insurance

VehiclesFurnitureBuildingAircraftsGeneral

Life Insurance Includes:-

Only Human Life Insurance Human beings sickness, illness Long term concept


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COMPANY PROFILE

The HDFC Group

HDFC was incorporated in 1977 with two primary objectives - to

enhance housing stock in the country through housing finance

systematically and professionally and promote home ownership.

Today they are the largest residential mortgage finance institution in

India, with a net worth of Rs. 2,703 crores as of March 31, 2002 and anasset base of over Rs. 22,000 crores. HDFC also aim to increase the

flow of resources to the housing sector by integrating the housing

finance sector with the overall domestic financial markets.

HDFC has demonstrated the viability of market oriented housing

finance in a developing country. The World Bank considers us a

model private sector housing finance company in developing

countries and a provider of technical assistance for new and existing

institutions, in India and abroad.

HDFC is also the largest mobiliser of retail deposits in the private

sector outside the banking circle. Their deposits have been awarded

the highest safety credit rating 'FAAA' & MAAA by CRISIL and

ICRA respectively for eight consecutive years.


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While being a household name in India and the undisputed market

leader in the fields of housing finance, their social responsibilities

have remained in focus.

GROUP COMPANIES OF HDFC

HDFC Bank Limited

HDFC Securities Limited

HDFC Asset Management Company Limited

HDFC Realty Ltd.HDFC Deposits

HDFC Standard Life InsuranceHDFC Chubb

Intelenet


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HDFC Bank Ltd.

The Housing Development Finance Corporation Limited (HDFC)

was amongst the first to receive approval from the Reserve Bank of

India (RBI) to set up a bank in the private sector. The bank was

incorporated in August 1994 in the name of HDFC Bank Limited,

with its registered office in Mumbai. HDFC Bank commenced

operations as a Scheduled Commercial Bank in January 1995.

Awards

Best Listed Bank of India by Businessworld. Best Domestic Bank by The Asset Magazines Triple A Country

Award.

Best Local Cash Management Bank2006 in Large andMedium segmentsAsiamoney Awards

Best Bank in India in 2006Euromoney Awards


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HDFC Asset Management Company Ltd.

HDFC Asset Management Company Ltd. (AMC) was incorporated

under the Companies Act, 1956; on December 10, 1999 and was

approved to act as an Asset Management Company for the HDFC

Mutual Fund by SEBI vide its letter dated June 30, 2000.HDFC Asset

Management Company Ltd. (AMC) is one of the most growing

Mutual Fund Company of India.

Awards

HDFC mutual fund was recently awarded the CNBC Moddysinvestor service award for the best performing fund house for

the one year category.

Zurich also received the best performing fund house award forthe three year category.

HDFC Chubb

Its partnership that leverages the strengths of two financial

powerhousescombining the trust and local experience of HDFC,

Indias premier financial services company, with the 120 years


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proven expertise of CHUBB, a global leader in non-life insurance

backed by a network of 134 offices in 31 countries.

Chubb today provides property and casualty insurance through

more than 10,000 employees in 32 countries of North America, South

America and Asia.

Intelenet

Intelenet is a leading BPO service provider with the focus on

providing solutions to global Organizations seeking to reduce the

cost while consistently maintaining superior level of standards two

leading global investorsHDFC and Barclays--provide the financial

banking Intelenet needs to lead in a global marketplace. Barclays is a

venerable financial services group headquartered in the United

Kingdom, ranking amongst the services group headquartered in the

United Kingdom, ranking among the Top 10 banks in the world

based on market capitalization.

Intelenet impacts your business by seeking to reduce costs while

consistently maintaining superior levels of service. Our solutions

extend across all strata of BPO, technology and consulting.


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Awards

Deloitte Technology Fast 50 India 2005 ProgramIntelenet Global Services has been ranked first among BPOs

while standing third overall in the Technology, Media and

Telecommunications (TMT) sectors across India.

Deloitte Technology Fast 50 India 2006 ProgramIntelenet Global Services has continued its ranking, second

time in a row, as amongst the top 50 fast growing technology

companies in India.

Maharashtra Information Technology Awards 2005Intelenet Global Services came in a close second in the IT

Enabled Services category at the Maharashtra Information

Technology Awards2005.

HDFC Deposits

D E P O S I T S

HDFC has instituted well-defined service standards for bothdepositors and deposit agents. HDFC has been able to mobilize

deposits from over 10 lac depositors. Outstanding deposits grew

from Rs. 1,458 crores in March 1994 to Rs. 8,741 crores in March 2006.

Much of this success can be attributed to its strong brand image,


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superior services, security and above all, the significant contribution

made by HDFCs deposit agents. HDFC has over 50,000 deposit

agents and distributes all its retail savings (deposit) products

primarily through this channel.

Awards

HDFC has been awarded AAA rating and MAAA ratingfor its deposits from both CRISIL and ICRA for the twelfth

consecutive year, representing highest safety as regards timely

payment of principal and interest.

HDFC Realty Ltd.

Realty Limited

HDFC Realty Ltd. Is a new, organized electronic marketplace for

properties, to provide the entire gamut of real estate services,

bringing together the click world and the bricks world in a

revolutionary and user-friendly way. Making available the best

guidance and the most professional, transparent, efficient service to

the real estate customer.


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HDFC Securities Ltd.

S E C U R I T I E S

HDFC Securities Ltd was promoted by the HDFC Bank & HDFC

with the objective of providing the diverse customer base of the

HDFC Group and other investors, a capability to transact in the Stock

Exchanges & other financial market transactions.

HDFC Standard Life Insurance Company Ltd.

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

leading private insurance companies, which offers a range ofindividual 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, and leading providers of

financial services in the United Kingdom. HDFC as on March 31,

2007 holds 81.9 per cent of equity and Standard Life was holding 18.1

in the joint venture.


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Highlights

First life insurance Company in the private sector to get licensefrom the regulator IRDA.

First life insurance Company to come out with Term AssurancePlan.

First private life insurance Company to declare bonusesconsecutively for 6 years from inception.

First life insurance Company to introduce open option to thepension plan policyholders.

First life insurance Company to introduce Automatic AllocationOption to all the policyholders under Unit Linked Plans.

Only life insurance Company to give 24 free switching optionto Unit Linked Policyholders.

HDFC is one of the fastest growing Private Life Insurers andtoday have more than 8 lakh policyholders.

HDFC have one of the widest networks with more than 160branches and servicing over 440 towns.

HDFC Standard Life Insurance Company has one of the highestbrand recalls of around 86%. (Source: AC Neilson ORG MARG,

September 2005). A high brand recall translates to higher

chances of customers buying insurance from them.


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Awards

Over a decade of its operations, HDFC Standard Life Insurance

Company Ltd. has been recognized, rated and awarded by a number

of organizations, which include:

Winner of the Out Look Money Award for two consecutiveyears.

Voted as the Most Respected Life Insurance Company byBusiness World in 2004.

HDFCs KEY STRENGTHS

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 Solutions

We have a range of individual and group solutions, which can be

easily customized to specific needs. Our group solutions have been

designed to offer you complete flexibility combined with a low

charging structure.


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Track Record so far

Our cumulative premium income, including the first year premiums

and renewal premiums is Rs. 1532.21 Crores Apr-Mar 2005 - 06.We have covered over 1.6 million individuals out of which over

5,00,000 lives have been covered through our group business tie-ups.

VISION & VALUES

Our Vision

The most successful and admired LifeInsurance Company, which means that we aremost trusted company, the easiest to deal with,offers the best value for money, and set thestandards in the industry. In short, The mostobvious choice for all.

Values

IntegrityInnovation

Customer CentricPeople CareTeam Work

Joy & Simplicity


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BRANCH PROFILE OF HDFCSLIC, TONK ROAD

HDFC Standard Life Insurance Companys branch at Tonk Road,

Jaipur was started in October 2006. It was started with the aim to

provide best of Insurance services with the core values of Integrity

and Customer Centric Behavior.

HDFCSLIC Ltd. Tonk Road, Jaipur has excelled in all its services. It

offers almost all products of the Company. Some of them are saving

plans, pension plans, various investment plans etc.

It has a well-planned organization structure. This branch is

integrated by 4 branches, Jaipur-III, Jaipur-IV, Jaipur-V and Jaipur-IX.

All the branches headed by Territory Manager Mr. Sumeet Chugh

and Branch ManagersMr. Siddarth Singh (Jaipur-III),Mr. Rajesh Gupta

(Jaipur-IV), Mr.Utkarsh Upadyaya (Jaipur-V), Mr. Chardra Shekhar

Paliwal (Jaipur-IX), and other staff members working in various

departments and dealing in each of the products.

Under each Branch Manager there are around 8-12 Sales

Development Managers (SDM), who takes the responsibility of

promoting and selling of HDFCSLICs products.


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P.I.P.S.

Classification of life insurance plans

Lifeinsurance plans can be classified into the following four

categories according to the

Features:

Protection Plans

Investment Plans

Pension Plans

Savings Plans

Protection Plans

As the name suggests this category of plans are designed to protect

the income earning capacity of the life assured. The present income of

the life assured therefore forms the basis of the life insurance. A

person with no income therefore cannot be given this plan. The plan

is therefore not offered to students, housewives and minors.

The plans are in the nature of assurances rather than pure insurance.

Under the plan the insurance company assures the policyholder that

a lump sum of money would be paid on the happening of the insured

event. Thus even if the life assured does not earn the same level of

income at the time of the happening of the insured event, as at the

time when he took the insurance, the lump sum is still payable.


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The premium collected under this category of plans is generally

sufficient to cover the risk insured. There is no return of premium on

the expiry of the cover; however a saving element can be built under

the plans to return the savings amount at maturity. The plans do not

share in the profits of the company and have no bonuses.

The risk is common to the poll of policyholders who by purchasing

the plan choose to share the risk with group. The claims are paid

from the contributions made by the policyholders. The premium paid

by the policyholder is sufficient to cover the risk and expenses, hence

generally on the expiry of the cover nothing is payable.

Under the protection plans the risk is covered for a premium, which

is sufficient to pay the claims and the expenses. It is therefore

necessary for the insurance company to ensure that the claims do not

exceed the assumed mortality. To ensure this, the insurance company

would strictly underwrite the protection plans. There is also a stiff

competition under the protection plans as the plans of two companies

can be compared on the basis of the premium charged. Every

company tries to get the share of the market by keeping the premium

under this category lower. The only way for a company to keep the

premium low over a long period is to control the expenses and

claims. The service factor is also important while selling a protection

plan. How quickly the claim would be settled matters. In case a

company is charging some few rupees more but is known for quick

settlement of the claim the client would not mind going with such


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company. Hence the premium rate as well as the service should be

explained to the client while selling the protection plans.

The plan should be sold on the basis of the Human Life Value (HLV)

concept. As per the HLV concept every individual has an economic

value, which is equal to the present value of all future earnings of

that individual. Company should sell this plan to clients who have an

income and a financial responsibility. This form of insurance is also

called a young persons privilege as it is easy to get this insurance

when you are young and since savings are low when a person is

young he should possess this cover in case of an unforeseen event.

Rider Benefits also fall in this category of plans. Under the rider the

insured event is defined and claims are payable only if the insured

event as defined occurs. Rider benefits usually come with a number

of exclusions. One should understand the exclusions and the

definitions of the rider benefit before choosing a rider.

HDFC Standard Life Company has two products in this category and

they are:

1. Term Assurance Plan2. Loan Cover Term Assurance Plan


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Investment Plan

As the name suggests this category of plans are designed to help the

person reduce some of the risk of investments. All the investment

risks cannot be reduced. What the investment plans try to do is to

create a pool of investors so that they can get the advantage of large

funds, diversified investments, professional management and better

returns. Investment plans can be designed to protect the policyholder

against the market fluctuations. However all policyholders cannot be

protected at the same time against market fluctuations. It is common

to allow the protection to a small group of policyholders at any given

point of time. One of the objectives of the investment type of plans is

to give a good return to the policyholder.

When risk covers are integrated with the investment plans the cost ofthe risk covers reduce the returns to the policyholders. To avoid the

risk cover costs the plans do not offer huge risk covers. Hence in

these type of plans, premium paid by policyholder is almost equal to

the sum assured.

The premium under the plans mainly consists of investment. It

would not be correct to compare this category of plans on the basis of

the sum assured and the premium paid. In case a higher premium is

collected under the plan, the company would be in a better position

to pay a bigger amount on maturity/death. A better way of

comparison would be to compare what the client pays and what he


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would get under the plans. At the time of selling unfortunately you

would not be able to show to the client as to what he would get

under his plan. Illustrations and past bonuses are something you can

use to convince the client. The company background and the

philosophy of the company can also be used to convince the client.

Life insurance investment plans are designed for long-term

investments. It is not cost effective for a life insurance company to

design a short-term investment plan. It is therefore usual for these

types of plans to have a term of 10 years and above. It is important to

make the client understand that he is entering into a long-term

investment when he purchases and investment plan form a life

insurance company.

This plan is useful when the client is looking for investment for a

long term financial needs which requires investment of money for a

long term.

The investment plan can be designed as a with-profits contract or a

unit linked contract. In a with profits contract the returns are

smoothened while under the unit linked contract the returns to the

client depend on the movement of the Net Asset Values (NAVs) of

the units purchased.


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Pension Plans

Pension Plans are designed to provide pension. With the interest

rates fluctuating and the increase in longevity the interest in thepension products has been growing in the recent past. Life pensions

provide an income till death and this is attractive in the above

mentioned scenario.

The Indian society has been moving from the joint family system to

the nuclear family system. There is also no form of social security

schemes, which provide an income in the old age. It is therefore

important that all individuals think about their retirement and save

for an income in the old age. Pension Plans help the client to build the

pension fund, which is earmarked, to provide for the pensions and

pay the pensions on the chosen retirement date.

Pension Plans can be further classified into the following two

categories:

1. Deferred Pension Plans These plans help the client build thepension fund during his earning years and convert the fund

into pensions on the chosen retirement date.

2. Immediate Pension Plans These plans pay a pensionimmediately after the lump sum purchase price is paid to the

insurance company.


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The deferred pension plan has two parts. In the first part the savings

of the policyholder is accumulated to create a fund for the purchase

of a pension on the chosen date. This accumulation can be offered

through a with-profits fund or through the unit linked mechanism.

In the second part the fund is used to purchase an annuity chosen by

the policyholder. There are various immediate annuities, which are

available and the client should choose one, which suits him the best.

The choice of the annuities is therefore given to the client just before

the annuity starts.

The aim of a deferred pension plan is to provide a good annuity to

the client. Risk covers are therefore not built in the plan. This is to

ensure that the cost of the risk cover does not reduce the amount

available for pension.

The deferred pension plan works like a savings plans with the

difference that the amount at the end of the contract is paid in the

form of pension. In the event of death before the pension starts the

premium is returned with interest.

HDFC Standard Life launched the following plans in this category:

1. Personal Pension Plan (with profits)2. Unit Linked Pension Plan


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Savings Plans

The savings plans are designed to help a person save for a long-term

event. Long-term savings have inherent un-certainties. Besides long

term savings instrument are not available in the market. The savings

plans aims to provide a solution to the client in this area with the

benefit of life insurance.

It is important to note that the insurance cover offered is on the

savings. While purchasing the plan that the policyholder has a

savings target in mind. The plan aims to protect this target in the

event of the death of the life assured. In the event of the death of the

life assured during the term, in addition to the amount saved the

amount, which could not be saved is also paid to the beneficiary.

The premium paid by the policyholder consists of the savings. The

risk cover cost on the savings forms a very small portion of the

premium. The effectively means that the premium paid by the

policyholder would determine the maturity amount that the

policyholder would ultimately get. Thus comparison on the savings

products of two companies, on the premium and the sum assured is a

wrong method of comparison.

Savings plans offer the clients a good vehicle to build savings for a

long-term financial need. The earlier the client starts a savings plan

the lesser he would have to contribute as his savings would grow


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bigger due to the effect of compound interest. To sell a savings plans

you need to identify the long term savings needs of the client and

explain to him the benefits of savings through life insurance.

Savings plans have a risk element, which needs to be underwritten to

ensure that the death claims are controlled. In case a company is very

liberal in granting the covers the chances are that the policyholders

who survive would get a lower maturity benefits. Maturity benefits

can be enhanced by a strict control on the claims and the expenses.

Savings Plans can be offered as a with-profits plan or a unit linked

plan. A with profits fund aims to smoothen the returns to the

policyholder using the bonus mechanism while the returns to the

policyholder under a unit linked plan depends on the movement of

the unit prices.

HDFC Standard Life offers the following savings plans:

1.Endowment Assurance Plan (with profits)2.Money Back Plans (with profits)3.Childrens Plan (with profits)4.Unit Linked Endowment Plan


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PRODUCTS: AT A GLANCE

1.Endowment Assurance PlanSavings for a better tomorrow

Introduction

The Endowment Assurance Plan is a with profits savings contract

which aims to give good maturity values to the client by investing

the funds as per the IRDA guidelines and reducing claims and costs.

The aim of the plan is to pay good maturity values so that the savings

objectives of the policyholders are met.

Need for the Plan

The Endowment Assurance Plan is designed to provide a solution to

the long term financial needs. It is often felt that people save only

when their income is more than their expenses. To put it bluntly if a

person can earn more than what he can spend he can save. In reality

this is not the situation as one finds that it is impossible to save with

the current level of expenses. Why does this happen?

Expenses are a function of our needs, which arise due to our wants.

We all know that the wants of a human being are unlimited.

Consequently the needs keep on increasing and often increase at a


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rate higher than the rate of growth of income. Income on the other

hand is limited and often grows at a much lower rate than the needs.

Consequently it is difficult to save.

There are various savings options available in the market; however

most of the options are short-term or medium term. Life Insurance

savings plans are a better choice as in addition to providing the

vehicle to save for long term the plans also offer insurance on the

savings. Income does not increase with every requirement for

finance. Childrens education, marriage, housing etc. require lump

sum amounts. In case any person has a responsibility to spend on

these kinds of long-term events, he would have a need for the

product.

Features of the Endowment Assurance Plan

The following are the features of the plan:

1.Benefits:a) Death Benefits: In the event of death of the life assured

during the term of the contract, and provided all the

premiums are paid till the time of the death of the life

assured, the sum assured, together with reversionary

bonus and the terminal bonuses (if any) would be paid to

the beneficiary. The policy would terminate on payment

of the death benefit.


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b)Maturity Benefits: On survival of the life assured till the

date of maturity, and subject payment of all premiums,

the policyholder would be paid the sum assured, together

with the reversionary bonuses and terminal bonus (if

any). The policy would terminate on payment of the

maturity benefit.

c) Paid-up Benefits: In case the policyholder discontinuespayment of premium after the premiums are paid for at

least three years, the policy would be reduced to a paid-

up policy. The reduced paid-up benefits are payable on

death of the life assured during the term, or survival of he

life assured till the date of maturity, whichever is earlier.

d)Surrender Benefits: The policyholder can surrender thepolicy at any time. In case the policyholder chooses to

surrender the policy before the payment of three years

premium the surrender value would be equal to zero and

nothing would be payable. In case the policyholder

chooses to surrender after three years, he would be

entitled for a surrender value.


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2.Frequency of premium payment:

The policyholder can choose yearly, half-yearly or quarterly

mode of payment, as he desire. The frequency of premiumpayment can be altered during the term of the contract.

3.Days of grace:The premium is payable in advance and should be paid within

the days of grace. The days of grace allowed under the plan are

15 days from the due date of premium. In case the days of grace

end on a holiday then the premium has to be paid on the next

working day.

4.Lapsation:In the event the premium is not paid within the days of grace

the policy lapses. The policy would be automatically reduced to

a paid up policy in case premiums have been paid for at least

three years. In case premiums are not paid for three years the

policy would lapse without value.

A lapsed policy can be reinstated within one year from the date

of lapse only.

5.Minimum premium:The following are the minimum premium conditions under the

Endowment Assurance Plan.

Annual mode Rs. 1800


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Half yearly mode Rs. 1000

Quarterly mode Rs. 550

There is no condition of maximum premium.

6.Other conditions:Minimum Term 10 years

Maximum Term 30 years

Minimum Age at Entry 12 years

Maximum Age at Entry 60 years

Maximum Maturity Age 75 years

The policyholder has the choice to choose any term between 10

to 30 years, subject to the maximum maturity age. In case the

policy is taken on the life of a minor then the legal guardian of

the minor would have to propose the insurance on behalf of the

minor. The policy would automatically vest in the life assured

when he attains the age of majority.

7.Policy loans:Policy loans would be available under the plan once the policy

acquires a surrender value. The policy loans would be to the

extent of 90% of the surrender value. The company would

quote the terms and conditions of the policy loans at the time of

granting the loans and the same would vary from time to time.

8.Life cover basis:


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The endowment assurance plan can be offered on a single life

basis or as joint life first claim basis. When the policy is offered

on a joint life basis the death claim would be paid on the death

of any one of the lives assured and the policy would terminate.

9.Tax benefits:The premium paid under the plan qualifies for tax rebate under

section 88 of the Income Tax Act 1961. The claim benefits would

also not be taxable as per section 1010 D of the Income Tax Act

1961.

The plan is also approved under the provisions of section 80

DD of the Income Tax Act 1961.

Positioning of the Endowment Assurance Plan

The Endowment Assurance Plan can be positioned as along term

savings vehicle with a cover on the savings. The plan is suited to help

in building a fund for long term financial needs. The guarantees in

the nature of sum assured and the bonuses assure the client of a

smoothened long-term return. The philosophy and practices of the

company can help in building the maturity values for the client and

hence positioning the company is also important in the sale of the

Endowment Assurance Plan.


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2. Money Back PlanPlan with periodic survival benefits

Introduction

The Money Back Plan is a with profits savings contract which in

addition to the payment of periodic survival benefits aims to give

good maturity values to the client by investing of funds as per the

IRDA guidelines and reducing claims and costs. The aim of the plan

is to pay periodic survival benefits and build good maturity values so

that the short term, medium term and long-term savings objectives of

the policyholders are met.

The net returns to the policyholders at the time of maturity would

depend on the investment and cost experience during the term of the

contract.

Need for the Plan

The Money Back Plan is designed to provide a solution for the short-

term, medium term and long term financial needs. It is therefore

important to understand the financial needs before suggesting theplan as a solution.

Since people have some short term and medium term and medium

term financial goals like providing for a vacation, purchasing of a


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luxury item or house renovations etc, they require money

periodically in short intervals to meet these goals.

The Money Back Plan is designed to provide money periodically so

that the same can be used for such requirements. The added

advantage of the Money Back Plan is that the risk cover keeps on

adjusting during the term of the contract and the policyholder is

assured payment of the full sum assured together with the bonuses

irrespective of the survival benefits paid on death of the life assured

during the term.

Features of the Money Back Plan


1.Benefits:a. Death Benefits: In the event of death of the life assured

during the term of the contract, and provided all the

premiums are paid till the time of the death of the life

assured, the sum assured, together with reversionary

bonus and the terminal bonuses (if any) would be paid tothe beneficiary.

b. Survival Benefits: Survival benefits are paid at the end ofevery fifth year on survival of the life assured. The rates


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of survival benefits are given below. The policy would

continue after payment of the survival benefit.

c. Sur

v

c. Maturity Benefits: On survival of the life assured till thedate of maturity, and subject payment of all premiums,

the policyholder would be paid the sum assured, together

with the reversionary bonuses and terminal bonus (ifany) less all survival benefits paid during the term of the

contract. The policy would terminate on payment of the

maturity benefit.

d. Paid-up Benefits: In case the policyholder discontinuespayment of premium after the premiums are paid for at


up policy. The reduced paid-up benefits are payable on

death of the life assured during the term.

Number of years from the policy commencement date

Policy

Term 5 10 15 20 25

10 40%

15 30% 30%

20 25% 25% 25%

25 20% 20% 20% 20%

30 15% 15% 15% 15% 15%


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e.Surrender Benefits: The policyholder can surrender the

policy at any time. In case the policyholder chooses to

surrender the policy before the payment of three yearspremium the surrender value would be equal to zero and

nothing would be payable.

2.Frequency of premium payment:The policyholder can choose yearly, half-yearly or quarterly

mode of payment, as he desire. The frequency of premium

payment can be altered during the term of the contract.


the days of grace. The days of grace allowed under the plan are15 days from the due date of premium. In case the days of grace


working day.

4.Lapsation:In the event the premium is not paid within the days of gracethe policy lapses. The policy would be automatically reduced to





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of lapse only.

5.Minimum premium:The following are the minimum premium conditions under the

Money Back Plan.





6.Other conditions:Minimum Term 10 years









minor. The policy would automatically vest in the life assured

when he attains the age of majority.


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7.Policy loans:

Policy loans would be available under the plan once the policy

acquires a surrender value. The policy loans would be to theextent of 90% of the surrender value. The company would



8.Life cover basis:The Money Back Plan can be offered on a single life basis or as

joint life first claim basis. When the policy is offered on a joint

life basis the death claim would be paid on the death of any one

of the lives assured and the policy would terminate.




1961.




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3. Childrens Plan

Plan designed for the benefit of children

Introduction

The Childrens Plan is a with-profits savings contract designed for

the benefit of the child. The plan therefore has a provision for a

beneficiary, which can be the child, and all benefits under the plan

would be paid to the child. The funds generated under the plan are

invested as per the IRDA guidelines.

The net returns would depend on our investment and cost experience

during the term of the contract

Need for the Plan

Most parents feel that it is their responsibility to provide the best for

their children. In addition to the physical and emotional wants

children also need to be provided for financially. There are two types

of financial needs of the child:

I. Short term financial needs for food, clothing shelter andeducation. This need is mostly met from the income of the

parent


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II. Long term financial need for higher education, marriage

and start in life. The alternatives for this are either to save

or raise loans.

In the event of an early death of the parent the child become

dependent of one of the close relative. To ensure that the child would

be taken care even after such an eventuality the parent can look at

providing an income as well as lump sum amounts for the benefit of

the child. The Childrens Plan is designed to help the parent in

planning for the above financial needs of the child.

All the arguments on the need to save and savings being a better

option than raising a loan are applicable while selling the Childrens

Plan.

Features of the Childrens Plan


1. Benefits:

a) Death Benefit: Under this option on death of the lifeassured during the term of the policy, provided the

premium is paid till the date of death; no amount would

be immediately payable. The future premiums would be

waived and at maturity date of the policy the full sum

assured with the reversionary bonuses and terminal


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bonus (if any) would be payable to the beneficiary. The

policy would participate in the bonuses till the date of

maturity. The policy would terminate on the payment to

beneficiary.

b)Accelerated Benefit: Under this option on death of the lifeassured during the tem of the policy, provided the

premium is paid till the date of death, the sum assured

with the reversionary bonus and terminal bonus (if any)

would be payable immediately to the beneficiary and the

policy would terminate.

c) Double Benefits: Under this option on death of the lifeassured during the term of the policy, provided the

premium is paid till the date of death; one sum assured

would be paid to the beneficiary immediately. The future

premiums would be waived and at maturity date of the

policy the full sum assured with the reversionary bonus

and terminal bonus (if any) would be payable to the

beneficiary. The policy would terminate on payment of

the benefit on the date of maturity

d)Maturity Benefits: In the event of survival of the lifeassured during the term of the contract, and provided all

the premiums are paid, the sum assured, together with

the reversionary bonuses and the terminal bonuses (if


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any) would be paid to the beneficiary. The policy would

terminate on payment of the maturity benefit.

e) Paid-up Benefits: In case the policyholder discontinuespayment of premium after the premiums are paid for at


up policy. If the Childrens Plan is made paid up, a table

of adjustment factors will be used to adjust the policys

basic sum assured to a paid up value. The adjustment

factors will vary by the policyholders age, the policys

original term, policy duration, and frequency.

f) Surrender Benefits: The policyholder can surrender thepolicy at any time. In case the policyholder chooses to




chooses to surrender after three years, he would be

entitled for a surrender value.


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2.Frequency of premium payment:

The policyholder can choose yearly, half-yearly or quarterly

mode of payment, as he desire. The frequency of premium

payment can be altered during the term of the contract.





working day.

4.Lapsation:In the event the premium is not paid within the days of grace






of lapse only.


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5.Minimum premium:

The following are the minimum premium conditions under the

Childrens Plan.Annual mode Rs. 1800




6.Other conditions:

Minimum Term 10 years









minor.

7.Policy loans:Policy loans would not be available under the plan.


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8.Life cover basis:

The Childrens Plan is to be sold on the life of the parent with

the child as the beneficiary. The plan is not offered on a jointlife basis.




1961.



Positioning of the Childrens PlanThe Childrens Plan can be positioned as a long term savings vehicle

specially designed to meet the financial requirements of the child.

The plan provides for both the immediate financial needs and the

long term financial needs. In case the client is not worried about the

immediate financial needs of the child on his death then the maturity

benefit option would be suitable to him. The sum assured payable onthe death in a double benefit option would help in providing for the

immediate financial needs of the child. The Accelerated benefit works

exactly like and endowment assurance plan. The guardian of the

child would have an option of either to spend the money for the


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immediate benefit of the child or to save the claim amount for a

future benefit.

4.Term Assurance Plan

Protection of Income

Introduction

The Term Assurance Plan is a without profits protection contractdesigned to protect the income earning capacity of the life assured.

The present earning capacity of the client therefore forms the basis of

the insurance.

Need for the Plan

Uncertainty is a part of life. In the event of death of the breadwinner

the dependents are put to a lot of financial difficulty as they lose the

source of income. The problem is compounded in case the family

does not have savings to rely on. In case a person has dependents

and also does not have savings on which the family can rely on in the

event of his death, he needs to protect his income for the benefit of

the family. Term Assurance Plan is designed to offer the protection of

the income at the least possible cost.


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Term Assurance Plan can also be used to cover liabilities so that in

the event of death the family receives a lump sum amount so that

liabilities are paid off. Term Assurance is an insurance of income and

hence the existence of liabilities is not the basis of granting the

insurance.

Features of the Term Assurance Plan


1. Benefits:

a) Death Benefits: Provided the policy is in force in the eventof death of the life assured during the term of the contract

the sum assured is paid.

b)Benefits on expiry of the cover: On expiry of the covernothing is payable as Term Assurance is designed for

protection only.

c) Paid up Benefits: There are no paid up benefits under thisplan.

d)Surrender Benefits: There are no surrender benefits underthis plan.


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2. Frequency of premium payment:

The policyholder can choose to pay by a single premium or

yearly, half-yearly or quarterly mode of payment. The

frequency of premium payment can be altered during the term

of the contract. Please note that a regular premium policy

cannot be changed to a single premium mode during the term

of the contract.

3. Days of grace:

The premium is payable in advance and should be paid within


15 days from the due date of premium.

4. Lapsation:

In the event the premium is not paid within the days of grace

the policy lapses. A lapsed policy can be reinstated within one

year from the date of lapse only.

5. Minimum premium:


Term Assurance Plan.

Single Premium Rs. 2000






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6. Other conditions:

Regular Premium Single Premium

Minimum Term 5 years 2 years

Maximum Term 30 years 15 years

Minimum Age at Entry 18 years 18 years

Maximum Age at Entry 60 years 60 years

Maximum Maturity Age 65 years 65 years

7. Policy loans:Policy loans would not be available under the plan.

8. Life cover basis:

The Term Assurance Plan can be sold on a single life or joint

life first death basis.

9. Tax benefits:

The premium paid under the plan qualifies for tax rebate under



1961.


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10.Special Rates for Women:

Since women have a lesser mortality rate than men for the same

age, the premium rate charged fro women would be the rateapplicable to men three years younger.

5. Loan Cover Term Assurance Plan

Protection of Loans

Introduction

The Loan Cover Term Assurance Plan is a without profits decreasing

cover protection contract designed to protect the outstanding loans of

the life assured. The plan is designed to cover loans however the plan

will be granted only in case the client has sufficient income to back

the insurance.

Need for the Plan

Uncertainty is a part of life. In the event of death of the breadwinner

the dependents are put to a lot of financial difficulty as they lose the

source of income. The problem is compounded in case there are

outstanding loans. The Loan Cover Term Assurance Plan is designed

to cover outstanding loans at the least possible cost.


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Features of the Loan Cover Term Assurance Plan


1. Benefits:

a) Death Benefits: Provided the policy is in force in the event

of death of the life assured during the term of the contract

the sum assured is paid.b) Benefits on expiry of the cover: On expiry of the cover

nothing is payable as the Loan Cover Term Assurance is

designed for protection only.

c) Paid up Benefits: There are no paid up benefits under this

plan.

d) Surrender Benefits: There are no surrender benefits under

this plan.


The policyholder can choose to pay by a single premium or

yearly, half-yearly or quarterly mode of payment. The


of the contract.

3. Days of grace:


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working day.

4. Lapsation:


the policy lapses. A lapsed policy can be reinstated within one

year from the date of lapse only.

5. Minimum premium:


Loan Cover Term Assurance Plan.







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Regular Premium Single Premium

Minimum Term 5 years 2 yearsMaximum Term 30 years 15 years

Minimum Age at Entry 18 years 18 years

Maximum Age at Entry 60 years 60 years

Maximum Maturity Age 65 years 65 years

7. Policy loans:Policy loans would not be available under the plan.


The Term Assurance Plan can be sold on a single life or joint

life first death basis.

9. Tax benefits:

The premium paid under the plan qualifies for tax rebate under



1961.


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10.Special Rates for Women:

Since women have a lesser mortality rate than men for the same

age, the premium rate charged fro women would be the rateapplicable to men three years younger.

Important

Although the plan is named as Loan Cover Term Assurance Plan the

plan is basically a decreasing cover term assurance. The plan is not

linked to a loan and the client can choose to purchase this plan even

in case he does not have a loan. The sum assured would decrease at a

predetermined rate and is not linked to the decrease in the loan

amount. Care has been taken to ensure that the sum assured would

be sufficient to pay most of the loans. The plan does not guarantee

payment of the outstanding loan.

6. Single Premium Whole of Life Insurance

Plan

Plan designed to give long-term real growth

Introduction

The Single Premium Whole of Life Insurance Plan is a with profits

investment contract which aims to give long tem real growth to the

client by investing the funds as per the IRDA guidelines and


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reducing claims and costs. The aim of the plan is to generate long

term real growth, providing guarantees at specific times during the

term of the contract.

Need for the Plan

The Single Premium Whole of Life Insurance Plan is designed to help

the client in long-term investment. It is therefore important to

understand the problems associated with investments to sell the plan

better.

However all investment is associated with risk. The higher the risk

one takes, the better the chances of getting a better return. Investment

is all about taking risks.

Various investment instruments are available in the market and the

client has to choose from the investment option available. This

investment instruments are designed to meet short-term, medium-

term and long-term objectives. If an instrument is designed for a

short term the same is not suitable for achieving a long term

objectives. This is because the instrument would terminate in the

short term and the client would be exposed to reinvestment risks.

Long-term investments designed to provide real growth is a solution

to the long-term needs.


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The client can choose to invest directly where the risks are high and

the potential of a higher return also exists. However he would have

the disadvantage of being a small investor, who does not have the

expertise in the market, does not have large funds and is not able to

diversify. The mutual funds help the client in this area and pool the

investment of a group of small investors providing them with

expertise in investment, diversification and better returns.

However investment in mutual fund requires a strategy and the

returns depend on the time of entry and exit from the fund. Two

investors may make different kinds of return due to the different

strategies they follow. The Single Premium Whole of Life Insurance

Plan is designed to remove this problem of the investors by giving

insurance in the form of guarantees on death and at specific time

intervals so that the returns at these guaranteed periods do not

depend on the market conditions. These guarantees in long-term

investment are very valuable and since the product is a whole of life

one, the client can continue with the investment till death.


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Features of the Single Premium Whole of Life

Insurance Plan


1. Benefits:

a) Death Benefits: In the event of death of the life assuredduring the term of the contract, and provided all the

premiums are paid till the time of the death of the lifeassured, the sum assured, together with the (compound)

reversionary bonus and the terminal bonuses (if any)

would be paid to the beneficiary. The policy would

terminate on payment of the death benefit.

b)Maturity Benefits: The Single Premium Whole of LifeInsurance Plan is a whole life plan and therefore does not

have a maturity date.

c) Paid up Benefits: This is not applicable to the SinglePremium Whole of Life Insurance Plan since the plan is a

single premium plan.

d)Minimum Guaranteed Surrender Benefits: On surrenderof the policy after a period of three years from the date of

commencement, there is and guarantee that the minimum

surrender value would be equal to 50% of the premium


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paid, except in the four weeks immediately following the

completion of the 10th policy year and every 5th year

thereafter, when the minimum guaranteed surrender

value would be equal to the sum assured.

e) Special Surrender Benefits: The Company at its solediscretion may pay special surrender values higher than

the guaranteed surrender values depending on the

investment and expense experience of the company. The

special surrender values would be paid after completion

of the first six months from the date of commencement of

the policy.


The policyholder has to pay the premium by way of a single

premium only. The single premium payable is equal to 95% of

the sum assured chosen.

3. Premium:

The following are the premium conditions under the Single

Premium Whole of Life Insurance Plan:

Minimum Premium Rs. 23,750

Maximum Premium Rs. 47,50,000



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Minimum Sum Assured Rs. 25,000

Maximum Sum Assured Rs. 50,00,000



5. Policy loans:

Policy loans would be available under the plan once the policy

acquires a surrender value. The policy loans would be to the

extent of 90% of the surrender value. The company would




The Single Premium Whole of Life Insurance Plan can be

offered on a single life basis only.

7. Tax Benefits:

The Premium paid under the plan qualifies for tax rebate under

section 88 of the Income Tax Act 1961.




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Positioning of the Single Premium Whole of LifeInsurance Plan

The Single Premium Whole of Life Insurance Plan can be positionedas along term investment vehicle with guarantees at specific dates.

The Plan is suited to help in providing a fund for long term financial

needs. The philosophy and practices of the company can help in

building the policy values for the client and hence positioning the

company is also important in the sale of the Single Premium Whole

of Life Insurance Plan.

7. Personal Pension Plan

Savings for a better retirement

Introduction

The Personal Pension Plan is a with profits deferred pension contract

which aims to give good pension benefits to the client by helping the

client build a retirement fund. The aim of the plan is to build good

fund values so that the client can enjoy a better pension on

retirement.


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Need for the Plan

Income in retirement is becoming more and more important. With

the breakup of the joint family system and the increase in longevity,

it is becoming more and more important to provide for retirement.

The fall in the interest rates and the uncertainty prevailing in the

market make pensions more attractive. Pension can provide a

guaranteed income till death and hence there is a renewed interest in

pension schemes in the recent years.

It is important that the person plans for his retirement. The planning

should start early so that the person contributes lesser amounts and

there is time for the fund to grow. For retirement there is only one

option for the person and that is to save. One cannot raise a loan for

retirement.

There are various instruments of savings and investment, which the

client can use to provide for his retirement. A deferred pension plan

has the following advantages:

I. The deferred pension plan can be issued for long terms so thatthe single instrument covers the retirement need of the client.

II. The deferred pension plan automatically vests in the lifeassured on the date of vesting. This is an advantage as the

likelihood that the fund would be used for some other purposes

is minimized and fund would be used only for retirement.


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III. Special tax benefits are available for investment in deferred

pension plans.

Features of the Personal Pension Plan


1. Benefits:

a) Death Benefits: In the event of death of the life assuredduring the term of the contract the following amountwould be payable:

i. In the event of the death of the life assured in thefirst year then 90% of the premium paid would be

payable in case of single premium policies and 80%

of the premium paid would be payable in case of

regular premium policies.

ii. In the event of the life assured after the first year

Sum assured plus reversionary bonusattached would be payable under single

premium policies.

Lower of the sum assured plus reversionarybonus and return of premium paid with


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interest of 8% is payable, under regular

premium policies.

b)Benefits at Vesting: On the vesting date, provided thepolicy is in full force the Notional Cash Value (NCV)

would be used to pay the following:

i. Cash lump sum to the extent permitted by theregulations at the time of vesting. The policyholdermay choose either to take the cash lump sum or use

the full NCV to purchase an annuity.

ii. Purchase of an immediate annuity as per the choiceof the policyholder. In case the policyholder has

opted for the cash lump sum the balance NCVwould be used to purchase the annuity. In case the

policyholder has not opted for the cash lump sum

then the full NCV would be used to purchase the

annuity.

c) Paid up Benefits: In case the policyholder discontinuespayment of premium after the premiums are paid for at


up policy. The reduced paid up benefits would form the


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Notional Cash Value on the date of vesting of the policy.

The paid up policy will not participate in future bonuses.

d)Surrender Benefits: The policyholder can surrender thepolicy at any time. In case the policyholder chooses to




chooses to surrender after three years, he would beentitled for a surrender value.


The policyholder can choose to pay single premium or regular

premium by yearly, half-yearly or quarterly mode. The


of the contract.

3. Days of grace:





working day.

4. Lapsation:


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of lapse only.

5. Minimum premium:


Personal Pension Plan.





6. Maximum premium:

The following are the maximum premium conditions under the

Personal Pension Plan.

Single Premium Rs. 50,00,000

Annual mode Rs. 50,00,000Half yearly mode Rs. 25,00,000

Quarterly mode Rs. 12,50,000

7.Other conditions:


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Minimum Term 10 years




Minimum Vesting Age 50 years

Maximum Vesting Age 70 years


to 40 years, subject to the minimum and maximum vesting age.

8. Policy loans:

Policy loans would not be available under the plan.


The Personal Pension Plan can be offered on a single life basis

only.

10.Tax benefits:

The premium paid under the plan qualifies for tax deductions

under section 80CCC of the Income Tax Act 1961.

The cash lump sum received at the date of vesting is tax free

under section 1010a (iii) of the Income Tax Act 1961.Surrender value during the deferment period would be taxable

as per section 80CCC of the Income Tax Act. Similarly pensions

received after vesting would be taxable in the hands of the life

assured.


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SWOT ANALYSIS

Strengths:

Weakness:

Frequent Job Rotation Less number of advertisements Hidden Charges

Opportunities:

Threats:

Country Wide Recognition Need Base Analysis Same Standard Services in all Branches Fair Deal in all Transactions Customers Centric Approach Infrastructure

Scope in Jaipur as it is in the developing phase Only 25% of insurable people have any insurance Higher possibility of growth in Indian share Market

LICs Brand Name People of Jaipur prefer short-term investment rather than in

insurance

Upcoming private insurance companies.


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FINDINGS & SUGESSTIONS

FINDINGS:

1. In HDFC SL I feel that Insurance sector is one of the most growingsectors among all sectors in India.

2. I also find that HDFC Standard Lifes Traditional Plans are veryuseful for a normal person.

3. Jaipur is one of the most growing city and there is lot of scope ofinsurance.

4. Most of the people are aware of traditional plans.

5. Electronic media has proved to be very beneficial for people tounderstand about the insurance.

6. There is lot of opportunities for young and energetic people inHDFC SL to build there sound career.

7.

HDFC Standard Lifes traditional plans like children plan, one ofthe most popular product of the company.


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SUGESSTIONS:

1)Use of creative advertisements to attract more and more targetcustomers and to create awareness among them.

2) HDFC SL should chalk out some programs to create generalawareness regarding its presence and various services of the

company.

3) Today is the era of competition. In order to increase thecompany network (In terms of clients and business volumes) an

aggressive approach is required.

4) HDFC SL should try to make its promotional activities moreeffectively.

5) HDFC Standard Life Company should regularly conductmarket research and surveys for knowing customers better and

for facing threat from competitors.


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QUESTIONNAIRE

To get a better insight about the advisor's satisfaction levelthe various improvements to be done in the HDFC StandardLife Insurance product.

Name: Qualification:

Age: Profession:

Tel no:

Ql. For how long are you working with HDFC StandardLife Insurance ?

o Less than 1 yr.

o l-2yr.

o 2-3 yr.

o More than 3 yrs.

Q2. How many products have you sold as an advisor?

o Less than 10.

o 10-20

o 20-30

o More than 30

Q3. What is the purpose of buying an insurance product byCustomers?


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o Tax benefit

o Investment

o Security

o Any other

Q4. Products which are sold most?

o Unit Jink plan

o Smart kit plan

o Annuity plan

Q5. Products which are sold least?

o Term plan

o Endowments plan

o Group insurance

Q6. Rate the products of HDFC Standard Life Insurance incomparison to its

Competitors?

(Best = 4 pts Good = 3 pts Average = 2 pts Poor = 1 pt)

o Best

o Good

o Average

o Poor

Q7. Which company do you think the best products available?


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Q8. What motivates you to stay in this business?

o Money

o Recognition

o Motivation by the co./UM

o Any other

Q9. Are you satisfied with the commission provided by theco.?

o Yes

o No

If no, then why _______

Q10. Are you satisfied with the facilities provided by the co. toit's a Advisors in comparison to other players?

o Yes

o No

If no, then why_^ _ ^ __

Q. l1. HDFC Standard Life Insurance how to better otherCompanies?

o Commission

o Recognition

o Better Products


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CONCLUSION

HDFC is the leading insurance service providers to public and

private sector. HDFC Standard Life is the first private insurancecompany which got license in 2000 from IRDA.

Life Insurance in India has a huge potential for growth. Statistics

reveal that only 25% of the insurable population in India is

insured. And those insured are in need of still higher insurance

cover. The cover 100% growth displayed by private life insurers

indicates this huge untapped potential.

Traditional plans like children plan gives invaluable support to

your child, Term Assurance Plan gives help secure your family

financial needs, Money Back Plan gives a wide range of terms and

cash benefit schedules to choose from, Personal Pension Plan is

designed to provide a post retirement income for life with the

freedom to choose the retirement date, Single Premium Whole of

Life Insurance Plan is a tailor-made plan well suited to meet your

long-term investment needs, Endowment Assurance Plan is

designed to provide a solution to the long term financial needs,

Loan Cover Term Assurance Plan is designed to cover outstanding

loans at the least possible cost.

At last we can conclude that HDFC SL provides best solutions to

its customers by giving them best value of their money.


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BIBLIOGRAPHY

y C. R. Kothari: Research Methodologyy Philip Kotler: Marketing Managementy Fact sheets of:

HDFC Standard Life CompanyWebsites

y www.google.com (search engine)y www.yahoo.com (search engine)y www.wikipedia.comy www.hdfcinsurance.comy www.hdfc.comNewspapers

Economics Times Times of India

Magazines

Business Today Business World

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