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A
Project Study Report
On
HDFC Standard Life Insurance Company Limited
TITLED“Analysis of Consumers Behavior & performance towards various Investment
and Insurance roducts of HDFC SLIC!
Submitted in Ajmer Institute of Technology
ush"ar Bay pass A#mer $ra#%
Su'mitted to - Submitted by(
)s% riyan"a Sharma Shu'hendra *umawat
)BA Faculty $finance )BA +thSem AI,
AI, A-)./
0112(0131/.FAC.
Difference in academic life & practical life is reealed !"en !e enter t"e real life
!"ere t"ere is cut t"roat competition & in order to e#ist in t"is !orld of competition
one "as to be fully a!are of all t"e aspects of Industrial life$
Practical %no!lede is t"e lifeblood of t"e manaement$ T"is Practical %no!lede is
termed as field 'no!lede in mar'etin manaement$ In professional course of
manaement( t"is field of 'no!lede ma'es us understand about t"e consumer
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be"aior( "is response to your product( t"e interpersonal s'ills( "o! to ma'e yourself
positie till t"e end of t"e day$
Practical trainin is t"e most important part of manaement study$ Durin t"e course
of trainin a trainee learns to correlate t"e practical problems & situations to possible
t"eory 'no!lede A professional course li'e )D*+SLI+( "as to "ae a proision of
t"ese type of practical practices durin its course time( to en"ance t"e s'ill in
corporate !orld & to meet t"is re,uirement in our manaement curriculum Summer
Internship ro4rammed. is proided$
/is" and uncertainties are part of life5s 4reat adventure6 Accidents7 Illness7 ,heft
& 8atural Calamities they all are pillars of this world% ,o overcome these ris"s
and mishaps this pro#ect descri'es the policies and schemes of HDFC SLIC and
ICICI eru Life Insurance Company%
,he way these companies provide different 'enefits to the policyholder%
Insurance is Cooperative venture where ris" and uncertainties are shared 'y
many% 8ow Days a lot is 'ein4 done to create awareness amon4 the Insurin4
u'lic a'out the Importance of Insurance in life% In this direction I/DA has
planned to create awareness throu4h .lectronic and rint media%
A study of Life Insurance describes t"e meanin of arious policies( comparison and
analysis and c"anin mar'et scenario$
SH9BH.8D/A *9)A:A,
“Analysis of Consumers Behavior & performance towards various Investment andInsurance roducts of HDFC SLIC!
/
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AC*8;:L.D<.).8,
I e#press my sincere t"an's to my project uide( )S%/I=A8*A SHA/)A( )BA
FAC9L,= AI, AL)./ ( for uidin me ri"t from t"e inception till t"e successful
completion of t"e project$ I sincerely ac'no!lede "im for e#tendin t"eir aluable
uidance( support for literature( critical reie!s of project and aboe all t"e moral
support "e "ad proided to me !it" all staes of t"is project$
I !ould also li'e to t"an's To PRO**$0$%$1AR1 230A DEPART3E4T AIT
A53ER6 for t"eir "elp and cooperation t"rou"out our project$
I am t"an'ful to Dr$ Sudhindher Sin4h Chouhan $Head of )BA Department AI,
A-)./ !"o "ad uided me t"rou" my project !or' and time to time t"eir aluable
information on t"e project !"ic" is important t"rou"out t"e project$
2Sinature of Student6
SH9BH.8D/A *9)A:A,
“Analysis of Consumers Behavior & performance towards various Investment andInsurance roducts of HDFC SLIC!
7
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E8E+9TI:E S933ER;
T"e main objectie of t"is project is to study +omparatie Analysis of 9nit Lin'edProducts of )D*+ SL !it" ot"er 9LIP products of arious companies aailable in t"e
mar'et.( and it !as found t"at HDFC SL not only ies "i"est returns to its
customers but proidin alue added serices by iin ris' coer to t"em$ 0eside
t"is administratie structure of +ompany !as also analy<ed in t"e report to
understand t"e functionin of t"e same at arious leels$ To create a picture reardin
all t"ese aspects analysis of Annual Report and fact s"eet of )D*+ SL !ere used
mainly$
Life Insurance in India "as a "ue potential for ro!t"$ Statistics reeal t"at only /=>
of t"e insurable population in India is insured$ And t"ose insured are in need of still
"i"er insurance coer$ T"e coer ?@@> ro!t" displayed by priate life insurers
indicates t"is "ue untapped potential$
+ompanies try to brin ne! products !it" special features$ 9LIP is t"e most
innoatie product of insurance !"ic" proide better returns !it" insurance coerae$
)D*+ SL is one of t"e leadin players in t"is cateory$ )D*+ SLs 9nit Lin'ed
Plans( !"ic" are aimed at proidin t"e *inancial Plannin and Inestments serices
to t"e Indiiduals( are one of t"e best products in t"eir cateory$
T"ese products ie best returns to t"e customers$ )D*+ SL is on t"e top in aspect of
iin returns$
)D*+ SLs last t!o year returns !ere BC$B> !"ic" is ery "i"er to its nearest
competitor Tata AI1 !"ic" "ain a return of B/$/>$
Last but not least HDFC SL "as !ider "ori<ons for enain t"e 30A students in a
better and "opeful profession$
“Analysis of Consumers Behavior & performance towards various Investment andInsurance roducts of HDFC SLIC!
B
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*indin
S!ot
+onclusion Suestion
?% +)APTER Appendices
0ibliorap"y
uestionnaire
I8,/;D9C,I;8
:hat is InsuranceF
)ention a'out insurance industry
Eery asset "as a alue for its o!ner and also for t"ose !"o are benefited !it" t"e
e#istence of t"at asset$ Insurance is concerned !it" t"e protection of economic alue
of assets$
All of us are interested in t"e creation of assets becauseG
All assets "ae alues$
T"ey yield income to t"e o!ner$
T"ey meet some ot"er needs of t"e o!ner$
T"ey may proide satisfaction of some needs and also yield income to t"e o!ner$
Insurance does not protect t"e assets$ T"is means t"at insurance cannot preent loss to
t"e assets due to perils$ 4or can insurance aoid t"e occurrence of t"e perils$ It only
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compensates( may not be fully( t"e economic or financial loss resultin to t"e asset
from suc" damae or destruction$
T;PES O* I4S9RA4+ET;PES O* I4S9RA4+E
0asically t"ere are t!o types of InsurancesG
4on-Life Insurance
Life Insurance
“Analysis of Consumers Behavior & performance towards various Investment and
Insurance roducts of HDFC SLIC!
C
I8S9/A8C.
8;8(LIF.
I8S9/A8C. LIF.
I8S9/A8C.
H3ARI4EI4S9RA4+E
H*IREI4S9RA4+E
H3IS+ELLA4EO9S
I4S9RA4+E:E)I+LES*9R4IT9RE09ILDI41AIR+RA*TS1E4ERALI4TA41I0LES
HO4L; )93A4 LI*EI4S9RA4+E I4+L9DESI4 T)IS +ATE1OR;
H)93A4 0EI41SSI+%4ESS( ILL4ESSA4D OT)ER
ASS9RA4+E 1I:E4 I4T)IS +ATE1OR;
HLO41 TER3+O4+EPT
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Life Insurance@ Definition
Life Insurance could be defined as a policy t"at !ill pay a specified sum to
beneficiaries upon t"e deat" of t"e insured$ It is an areement t"at uarantees t"e
payment of a stated amount of monetary benefits upon t"e deat" of t"e insured$ Life
Insurance could be said as protection aainst t"e deat" of t"e insured in t"e form of
payment to a desinated beneficiary( typically a family member or business
,here are many types of Life Insurance 'ut they 4enerally fall into two
cate4ories@
?$ Term Insurance
/$ Permanent Insurance
?$ ,erm InsuranceG
It proides protection for a specific period of time$ It pays a benefit only if one dies
durin t"e term$ So me term insurance policies can be rene!ed !"en you reac" t"e
end of t"e term( !"ic" can be from one to 7@ years$ T"e premium rates increase at
eac" rene!al date$ 3any policies re,uire t"at you present eidence of insurability at
rene!al to ,ualify for t"e lo!est rates$
T"e follo!in points can "elp you determine if term insurance best suits your needs$
“Analysis of Consumers Behavior & performance towards various Investment andInsurance roducts of HDFC SLIC!
Advanta4es Disadvanta4es
J Initial premiums enerally are lo!er t"an t"ose for permanent insurance( allo!in you to buy "i"erleels of coerae at a youner ae !"en t"e need for
protection often is reatest$
J Its ood for coerin needs t"at !ill disappear intime( suc" as mortaes or car loans$
J Premiums increase as you ro! older$
J +oerae may terminate at t"e end of t"e term or become too e#pensie to continue$
J T"e policy enerally doesnt offer cas" alue or paid-up insurance$
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:hat a'out permanent insurance
Insurance and its Benefit to Society
write in points
Insurance is a system by !"ic" a person( business or orani<ation transfers a ris' to
an insurance company( !"ic" reimburses t"e insured for coered losses and proides
for s"arin t"e costs of losses amon all insurers$
Insurance "elps society by reimbursin people and businesses for coered losses(
encourain accident preention( inestin in capital countrys capital mar'ets and
bond mar'ets( enablin people to borro! money and reducin an#iety$
T"e major benefit of insurance is t"e indemnification of insurers for coered losses$
To indemnify is to restore t"e party t"at "as "ad a loss to t"e same financial position
as before t"e loss occurred$ T"rou" indemnification( insurance allo!s indiiduals(
businesses and orani<ations to maintain t"eir economic position and not suffer
financial setbac's causin a burden to society or to ot"er indiiduals$ In addition(insurance indemnifies t"e injured persons$
K"en a familys "ouse is destroyed by fire and t"e loss is coered by
insurance( t"e family is less li'ely to be dependent on relaties or public assistance for
lodin$ Li'e!ise( !"en a business is coered for a lare liability loss t"at !ould
"ae ot"er!ise drien t"e firm into ban'ruptcy( insurance contributes to society
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because t"e firm continues to proide jobs for its !or'ers( products for its customers
and business for its suppliers$
/;L. ;F LIF. I8S9/A8C.
Don5t repeat LI
/ole 3@ Life Insurance as “investment!
Insurance is an attractie option for inestment$ K"ile most people reconi<e t"e ta#
"edin and ta# sain potential of life insurance( many are not a!are of its
adantaes as an inestment option as !ell as$ Insurance products yield morecompared to reular inestment option as t"is is besides t"e added incenties 2read
bonuses6 offered by insurers$
;ou can not compare an insurance product !it" ot"er inestment sc"emes for
simple reason t"at it offers financial protection from ris's( somet"in t"at is t"e
missin in non- insurance products$
Infect( t"e premium you pay for a inestment aainst ris'$ T"us( before
comparin !it" ot"er sc"eme( you must accept t"at a part of total amount inested in
life insurance oes to!ards proidin for t"e ris' coer( !"ile t"e rest is used for
sains$
In life insurance( unli'e non-products( you et maturity benefits on surial at
t"e end of t"e term$ In ot"er !ords( if you ta'e a life insurance policy for /@ years and
surie t"e term t"e amount inestor as premium in t"e policy !ill come bac' to you
!it" added returns$ In t"e unfortunate eent of deat" !it"in t"e tenure of t"e policy(
t"e family of t"e deceased !ill receie t"e sum assured$
“Analysis of Consumers Behavior & performance towards various Investment andInsurance roducts of HDFC SLIC!
?@
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4o!( let us compare insurance as an inestment options$ If you Inest Rs$ ?@@@@M- in
PP*( year money ro!s to Rs$ ?@=@ at $=> interest oer a year$ 0ut in t"is case( t"e
access to your funds !ill be limited$ One can !it"dra! =@> of t"e initial deposit only
after four years$
T"e sane amount of Rs$ ?@@@@M- can ie you an insurance coer of up to
appro#imately Rs$ = to ?/ lac's$ 2Dependin upon t"e plan( ae and medical condition
of life insure etc$6 And t"is amount can become immediately aailable to t"e nominee
of t"e policy "older on deat"$ T"us insurance is a uni,ue inestment aenue t"at
deliers sound returns in addition to protection$
/ole 0@ Life Insurance as “/is" Cover!
*irst and foremost( insurance is about ris' coer and protection N financial protection(
to be more precise-to "elp out last once unpredictable losses$ Desined to safe uard
aainst losses suffered on account of an unforeseen eents$ Insurance proide you
!it" t"at uni,ueness sense of security t"at no ot"er form of inestment proides$ 0y
buyin life insurance( you buy peace of mind and are prepared to face any financial
demand t"at !ould "it t"e family incase of an untimely demise$
To proide suc" protection( insurance firms collect contributions for many
people !"o face t"e same ris'$
A loss claim is paid out of t"e total premium collected by t"e insurance companies(
!"o act as trustees to t"e monies$
Insurance also proides a safeuard in t"e case of accident or a drop in income after
retirement$ An accident or disability can be deastatin and an insurance policy canlend timely support to t"e family in suc" time$ It also comes as a reat "elp !"en you
retire( in case unto!ard incident "appens durin t"e term in t"e policy$
Kit" t"e entry of priate sector player in insurance( you "ae a !ide rane of
products and serices to c"oose from$ *urt"er( many of t"ese can be furt"er
customi<ed to fit indiidualMroup specific needs considerin t"e amount you "ae to
pay no! its !ort" buyin some e#tra sleep$
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/;L. >@ Life Insurance as “,a lannin4!
Insurance seres as an e#cellent ta# sain mec"anism too$ T"e 1ot$ of India "as
offered ta# incenties to life insurance products in order to facilitate t"e flo! of funds
into productie assets$ 9MS of Income Ta# Act ??( an indiidual is entitled to
rebate /@> on t"e annual premium payable on "isM"er life and life of "isM"er c"ildren
or adult c"ildren$ T"e rebate is reducible from ta# payable by a indiidual or )indu
undiided family$ T"is rebate is can be aailed up to a ma#imum of Rs ?/@@@M- on
payment of yearly premium of Rs @@@@M- a year( you can buy anyt"in up!ard of Rs
?@@@@@M- in sum assured$ T"is means t"at you et Rs ?/@@@M- ta# benefit$
T"is rebate is deductible from t"e ta# payable by an indiidual or a )indu undiided
family$
eit"er t"e acceptance of some of t"e economic burden of a loss( or continuin to
participate in actiities !it" ris's t"at cannot be transferred or s"ared$
I8S9/A8C. AS A8 I8.S,).8, ,;;L@
Insurance inests in t"e economy$ Insurance proides funds to "elp businesses ro!
and create jobs$ Premium funds t"at are not immediately needed are lent to
oernment and businesses$ Lendin to municipalities( in t"e form of bonds( proides
local oernments across t"e 9nited States !it" t"e means to build( maintain and
repair municipal infrastructure H sc"ools( roads( brides( se!ers( airports$$ *unds are
also lent to businesses( proidin t"em !it" t"e means to purc"ase buildins(
e,uipment and supplies$ Alon !it" "ousin interests( t"e insurance industry is probably t"e most actie oluntary inestor in lo!- and moderate-income
communities( particularly t"ose located in urban areas$ +ompared to less-deeloped
countries( t"e deeloped countries enjoy a "i"er standard of liin( partly because
t"ese funds are aailable from insurance companies$
Insurance and Ris' 3anaement Plannin
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Insurance and Ris' 3anaement Plannin is t"e process of identifyin t"e
source and e#tent of an indiiduals ris' of financial( p"ysical( and personal loss( and
deelopin strateies to manae e#posure to ris' and minimi<e t"e probability and
amount of potential loss$
Insurance and /is" )ana4ement lannin4 in the Contet of ersonal Financial
lannin4
In personal financial plannin 2P*P6( ris' manaement and insurance plannin
results in clients !"o are a!are of t"e rane of sinificant ris's to t"eir financial !ell-
bein and !"o are ade,uately and properly protected from t"e loss t"at could result
from t"ose ris's$ Periodic reie!s "elp clients understand t"at life c"anes( suc" as a
job c"ane or diorce( affect ris' manaement and insurance coerae$
/is" )ana4ement Strate4ies
Ris' 3anaement is muc" broader t"an t"e purc"ase of insurance policies(
inolin strateies suc" asG
• /is" avoidance — inolin t"e elimination of a t"reatened financial loss$
• /is" reduction H inolin strateies to minimi<e t"e amount of loss if a loss
does occur$
• /is" transfer H s"arin t"e burden of loss$ T"is stratey includes t"e use of
insurance to transfer some of t"e burden of loss to t"e t"ird party insurer$
• /is" retention H inolin
A rofile of the world Insurance Industry
It will come first when it came into eistence7 where etc
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T"e 9nited States is t"e !orld leader in insurance !it" 7? percent of t"e
premium olume in /@@=$ 5apan is second !it" just under a ,uarter of t"e !orlds
olume$ 1ermany( 9%( *rance( Sout" %orea and Italy combined( "old anot"er
,uarter of t"e premium olume$ T"e insurance industry is a major contributor to
t"e 9$S$ economy$ 1oernment aut"orities in t"e arious states reulate t"e
operations of C(@@ domestic insurance companies$ About 7(7@@ companies sell
some form of propertyMcasualty insurance$ Altoet"er( t"e insurance industry
proides /$7 million jobs$
Kit" larest number of life insurance policies in force in t"e !orld( Insurance"appens to be a mea opportunity in India$ Its a business ro!in at t"e rate of ?=-/@
per cent annually and presently is of t"e order of Rs B=@ billion$ Toet"er !it"
ban'in serices( it adds about C per cent to t"e countrys 1DP$ 1ross premium
collection is nearly / per cent of 1DP and funds aailable !it" LI+ for inestments
are per cent of 1DP$ ;et( nearly @ per cent of Indian population is !it"out life
insurance coer !"ile "ealt" insurance and non-life insurance continues to be belo!
international standards$ And t"is part of t"e population is also subject to !ea' socialsecurity and pension systems !it" "ardly any old ae income security$ T"us it is an
indicator t"at ro!t" potential for t"e insurance sector is immense$
How Insurance Companies :or"
9nli'e ban's( insurance companies are c"artered to proide insurance$
T"ey enerally do not e#tend credit and are often precluded from doin so by la!
and reulation$ 0ecause propertyMcasualty policies are s"ort-term N usually one-
year N state insurance la!s re,uire most propertyMcasualty inestments to be
s"ort-term and "i"ly li,uid$ Leally permissible inestments include cas"(
mutual funds( Treasury bills and notes( mortae-bac'ed securities( specified
types of debt securities( and preferred stoc'$ 1enerally( property and casualty
insurers cannot inest in real estate( ot"er t"an t"eir o!n buildins and property$
“Analysis of Consumers Behavior & performance towards various Investment andInsurance roducts of HDFC SLIC!
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To illustrate t"e s"ort-term nature of propertyMcasualty inestments(
consider t"at in an aerae year( out of ?@@ paid in "omeo!ners premiums( t"e
industry pays out CB in claims$ 7 T"e remainder oes to aent commissions(
administratie e#penses( operatin costs( and( in ood years( policy"older
protection funds B !"ic" protect aainst future catastrop"ic loss$ K"en
catastrop"es stri'e( suc" as fires( "urricanes( or eart",ua'es a reater percentae
of premiums !ill be paid out in claims$ Oer time( customers receie bac' t"e
ast majority of premiums in claims payments$
T"e billions of dollars paid by t"e industry in claims is itself QreinestmentQin t"e local community !"en disaster stri'es$ T"is reinestment not only benefits
policy"olders( it benefits t"e people !"o rebuild t"e structure after t"e tornado(
fi# t"e car damaed by "ail or sell t"e appliances and cabinets needed to repair
t"e 'itc"en damaed by fire$ Life insurance companies primarily issue life
insurance policies and annuities$ Policy"older premiums are inested in
compliance !it" state insurance la!s for t"e benefit of policy"olders to ensure
t"at t"e company can meet its obliations under t"e terms of t"e policies$ As t"eydo for propertyMcasualty companies( state insurance la!s establis" t"e types and
amounts of permissible inestments for life companies$ Leally permissible
inestments include cas"( mutual funds( Treasury bills and notes( mortae-
bac'ed securities( corporate stoc' and ot"er types of e,uity and debt securities(
loans( and real estate$
)o! Insurance is reulated
3ention about IRDA
Insurance reulation is conducted by eac" state t"rou" its department of
insurance( run by a commissioner or director !"o may be elected( or appointed
by t"e oernor$ Insurance departments are c"ared !it" reulatin t"e safety
and soundness of insurance companies and consumer protection$ Primarily t"e
“Analysis of Consumers Behavior & performance towards various Investment andInsurance roducts of HDFC SLIC!
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"ome state reulator( !"o leads safety and soundness e#aminations and reie!s
inestments and t"e ade,uacy of policy reseres( conducts safety and soundness
reulation$ Eac" state reulator must license any company t"at !ants to do
business in "is or "er state( and reie! and approe rates and policy forms to be
used by any licensed company$ 9nli'e ban's and t"rifts( most insurance
companies "ae no eorap"ic community$ Insurance companies must be
QdomiciledQ in a sinle state and are primarily reulated by t"e "ome state
reulator$ T"ey must be licensed in eery state in !"ic" t"ey do business$
)o!eer( t"ere may be no connection bet!een a companys p"ysical location
and its "ome state or ot"er states in !"ic" it is licensed$ *or e#ample( an
insurance company may be domiciled in Illinois( "ae its "ead,uarters in
+alifornia( and be licensed for business in B@ states$ In t"e case of automobile
insurance( t"e company li'ely !ould "ae claims offices and per"aps aents in
eac" of t"e states in !"ic" it is licensed$ In t"e case of more speciali<ed coerae
suc" as directors and officers liability insurance( a company may not "ae a
p"ysical presence in any of its licensed states$
In a competitie enironment( some insurance company failures !ill
ineitably occur$ )o!eer( unli'e ban's( t"rifts and credit unions( t"e insurance
industry does not "ae a oernment-bac'ed fund to "andle insolency$ Instead(
eac" state "as a life insurance uaranty fund and a propertyMcasualty insurance
company uaranty fund$ T"e uaranty funds ensure t"at t"e insolent company is
retired from t"e mar'et in an orderly manner t"at ies ma#imum protection to
t"e public$
,H. .AL9A,I;8 ;F I8S9/A8C. I8D9S,/= I8 I8DIA @
In Introduction mention this
Life Insurance in its modern form is a !estern concept$ T"e Indian insurance
industry is as old as it is in ot"er part of t"e !orld$ Alt"ou" life insurance business
"as been ta'in s"ape for t"e last 7@@ years( it came to India !it" t"e arrial of
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Europeans$ *irst Life Insurance +ompany !as establis"ed in ?? as Oriental
Insurance +ompany( mainly to proide for !ido!s of Europeans$ T"e companies t"at
follo! mainly catered to Europeans and c"ared e#tra premium on Indian Lies$
T"e first insurance company insurin Indian Lies at standard rates !as B;)BA=
)9,9AL LIF. I8S9/A8C. C;)A8= !"ic" !as formed in ?C@$ T"is !as
also t"e year !"en ?st Insurance act !as passed by t"e 0ritis" Parliament$ T"e years
subse,uent to t"e S!ades"i 3oement sa! t"e emerence of seeral insurance
companies$ At t"e end of t"e year ?== t"ere !ere /B= insurance companies$
All t"e insurance companies !ere nationali<ed in ?= and brou"t under one
umbrella- LI*E I4S9RA4+E +ORPORATIO4 O* I4DIA 2LI+6 !"ic" enjoyed a
monopoly of t"e Life Insurance business until near t"e end of /@@@$ 0y enactin t"e
IRDA act ?( t"e 1ot$ of India effectiely ended LI+s monopoly and opened t"e
doors for priate Insurance companies$
Development of Insurance in India
A t"riin insurance sector is of ital importance to eery modern economy$
*irst because it encouraes t"e sains "abit( second because it proides a safety net
to rural and urban enterprises and productie indiiduals$ And per"aps most
importantly it enerates lon-term inestible funds for infrastructure buildin$ T"e
nature of t"e insurance business is suc" t"at t"e cas" inflo! of insurance companies is
constant !"ile t"e payout is deferred and continency related$
T"is c"aracteristic of t"eir business ma'es insurance companies t"e biest
inestors in lon-estation infrastructure deelopment projects in all deeloped and
aspirin nations$ T"is is t"e most compellin reason !"y priate sector 2and forein6
companies !"ic" !ill spread t"e insurance "abit in t"e societal and consumer interest
are urently re,uired in t"is ital sector of t"e economy$
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Kit" t"e nations infrastructure in a state of imminent collapse( India couldnt "ae
afforded to be lumbered !it" sub-optimally performin monopoly insurance
companies and t"erefore t"e passae of t"e Insurance Reulatory & Deelopment
Aut"ority 0ill on December /( ? "eralds an era of cautious optimism !"ere sta'es
are "i" for all parties concerned$ *or t"e 1ot$ of India( *orein Direct Inestment
2*DI6 must pour in as anticipated for forein insurers( inestments must start yieldin
returns and for t"e domestic insurance industry - t"eir mar'et penetration s"ould
remain intact$ On t"e frine( t"e customer is ponderin !"et"er all t"e "ype created
on liberali<ation !ill actually benefit "im$
T"e IRDA 0ill proides for t"e establis"ment of an aut"ority to protect t"einterests of t"e "olders of insurance policies( to reulate( promote and insureorderly ro!t" of t"e insurance industry and amend t"e Insurance Act( ?7( t"eLife Insurance Act( ?= and t"e 1eneral Insurance 0usiness 24ationali<ation6Act( ?C/$ T"e bill allo!s forein e,uity sta'e in domestic priate insurancecompanies to a ma#imum of / per cent of t"e total paid-up capital and see's to
proide statutory status to t"e insurance reulator$ 0efore priati<ation( insurance business in India !as peed at $ 0illion !"ereas industry leaders e#pected att"at time t"at priati<ation !ill increase it to B@ 0illion !it"in ne#t 7-= years$
I8S9/A8C. /.<9LA,I;8 & D..L;).8, BILL
On Oct$ /?st( ? t"e ot$ *inally offered IRDA bill for t"e consideration of t"ene! parliament$ T"e ne! bill 'no!s called insurance Reulatory Aut"ority 0ill?$ 0ills to proide for establis"ment of an aut"ority to protect t"e interest of"olders of insurance polices and to reulate promote and insure orderly ro!t" oft"e industry$
IRDA IRDA
As per t"e section B of IRDA Act ?( Insurance Reulatory and DeelopmentAut"ority 2IRDA( !"ic" !as constituted by an act of parliament6 specify t"ecomposition of Aut"ority$
T"e Aut"ority is a ten-member team consistin of
2a6 A +"airman
2b6 *ie !"ole-time members
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2c6 *our part-time members(
2all appointed by t"e 1oernment of India6
Duties7 owers and Functions of I/DA
Section ?B of IRDA Act( ? lays do!n t"e duties( po!ers and functions of IRDA$
2?6 Subject to t"e proisions of t"is Act and any ot"er la! for t"e time bein in force(
t"e Aut"ority s"all "ae t"e duty to reulate( promote and ensure orderly ro!t"
of t"e insurance business and re-insurance business$
2/6 Kit"out prejudice to t"e enerality of t"e proisions contained in sub-section 2?6(
t"e po!ers and functions of t"e Aut"ority s"all include( -
2a6 Issue to t"e applicant a certificate of reistration( rene!( modify( !it"dra!(
suspend or cancel suc" reistration
2b6 Protection of t"e interests of t"e policy "olders in matters concernin
assinin of policy( nomination by policy "olders( insurable interest(
settlement of insurance claim( surrender alue of policy and ot"er terms
and conditions of contracts of insurance
2c6 Specifyin re,uisite ,ualifications( code of conduct and practical trainin
for intermediary or insurance intermediaries and aents
2d6 Specifyin t"e code of conduct for sureyors and loss assessors
2e6 Promotin efficiency in t"e conduct of insurance business
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2f6 Promotin and reulatin professional orani<ations connected !it" t"e
insurance and re-insurance business
26 Leyin fees and ot"er c"ares for carryin out t"e purposes of t"is Act
2"6 +allin for information from( underta'in inspection of( conductin
en,uiries and inestiations includin audit of t"e insurers( intermediaries(
insurance intermediaries and ot"er orani<ations connected !it" t"e
insurance business
2i6 +ontrol and reulation of t"e rates( adantaes( terms and conditions t"at
may be offered by insurers in respect of eneral insurance business not so
controlled and reulated by t"e Tariff Adisory +ommittee under section
B9 of t"e Insurance Act( ?7 2B of ?76
2j6 Specifyin t"e form and manner in !"ic" boo's of account s"all be
maintained and statement of accounts s"all be rendered by insurers and
ot"er insurance intermediaries Reulatin inestment of funds by
insurance companies Reulatin maintenance of marin of solency
2'6 Adjudication of disputes bet!een insurers and intermediaries or insurance
intermediaries
2l6 Superisin t"e functionin of t"e Tariff Adisory +ommittee
2m6Specifyin t"e percentae of premium income of t"e insurer to finance
sc"emes for promotin and reulatin professional orani<ations referred
to in clause
2n6 Specifyin t"e percentae of life insurance business and eneral insurance
business to be underta'en by t"e insurer in t"e rural or social sector
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I8S9/A8C. S.C,;/ /.F;/)S
In ?7( 3al"otra +ommittee( "eaded by former *inance Secretary and R0I
1oernor R$ 4$ 3al"otra( !as formed to ealuate t"e Indian insurance industry and
recommend its future direction$ T"e 3al"otra committee !as set up !it" t"e
objectie of complementin t"e reforms initiated in t"e financial sector$
T"e reforms !ere aimed at creatin a more efficient and competitiefinancial system suitable for t"e re,uirements of t"e economy 'eepin in mind t"e
structural c"anes currently under!ay and reconi<in t"at insurance is an important
part of t"e oerall financial system !"ere it !as necessary to address t"e need for
similar reforms. In ?( t"e committee submitted t"e report and some of t"e 'ey
recommendations includedG
i Structure
U1oernment sta'e in t"e insurance +ompanies to be brou"t do!n to =@>
U1oernment s"ould ta'e oer t"e "oldins of 1I+ and its subsidiaries so t"at t"ese
subsidiaries can act as independent corporations
UAll t"e insurance companies s"ould be ien reater freedom to operate
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ii Competition
UPriate +ompanies !it" a minimum paid up capital of Rs$?bn s"ould be allo!ed to
enter t"e industry
U 4o +ompany s"ould deal in bot" Life and 1eneral Insurance t"rou" a sinle entity
U*orein companies may be allo!ed to enter t"e industry in collaboration !it" t"e
domestic companies
UPostal Life Insurance s"ould be allo!ed to operate in t"e rural mar'et
UOnly one State Leel Life Insurance +ompany s"ould be allo!ed to operate in eac"
state
iii /e4ulatory Body
UT"e Insurance Act s"ould be c"aned
UAn Insurance Reulatory body s"ould be set up
U+ontroller of Insurance 2+urrently a part from t"e *inance 3inistry6 s"ould be
made independent$
iv Investments
U3andatory Inestments of LI+ Life *und in oernment securities to be reduced
from C=> to =@>
U1I+ and its subsidiaries are not to "old more t"an => in any company 2T"ere
current "oldins to be brou"t do!n to t"is leel oer a period of time6
v Customer Service
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ULI+ s"ould pay interest on delays in payments beyond 7@ days
UInsurance companies must be encouraed to set up unit lin'ed pension plans
U+omputeri<ation of operations and updatin of tec"noloy to be carried out in t"einsurance industry
+O3PA4; PRO*ILE+O3PA4; PRO*ILE
T)E )D*+ 1RO9PT)E )D*+ 1RO9P H;9SI8< D..L;).8, FI8A8C. C;/;/A,I;8 L,D%
♦
)D*+ Standard Life Insurance +ompany Ltd$ is one of Indias leadin priate
insurance companies( !"ic" offers a rane of indiidual and roup insurance
solutions$ It is a joint enture bet!een )ousin Deelopment *inance +orporation
Limited 2)D*+ Ltd$6( Indias leadin "ousin finance institution and a 1roup
+ompany of t"e Standard Life( 9%( and leadin proiders of financial serices in t"e
9nited %indom$ )D*+ as on 3arc" 7?( /@@C "olds ?$ per cent of e,uity and
Standard Life !as "oldin ?$? in t"e joint enture$
)I1)LI1)TS
♦ *irst life insurance +ompany in t"e priate sector to et license from t"e
reulator IRDA$
♦ *irst life insurance +ompany to come out !it" Term Assurance Plan$
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♦ *irst priate life insurance +ompany to declare bonuses consecutiely for
years from inception$
♦ *irst life insurance +ompany to introduce open option to t"e pension plan
policy"olders$
♦ *irst life insurance +ompany to introduce Automatic Allocation Option to all
t"e policy"olders under 9nit Lin'ed Plans$
♦ Only )dfc +ompany to ie /B free s!itc"in option to 9nit Lin'ed
Policy"olders$
♦ )D*+ is one of t"e fastest ro!in Priate Life Insurers and today "ae more
t"an la'" policy"olders$)D*+ "ae one of t"e !idest net!or's !it" more
t"an ?@ branc"es and sericin oer BB@ to!ns$
♦ )D*+ Standard Life Insurance +ompany "as one of t"e "i"est brand recalls
of around >$ 2SourceG A+ 4eilson OR1 3AR1( September /@@=6$
♦ )D*+ is also t"e larest 3obiliser of retail deposits in t"e priate sector
outside t"e ban'in circle$
♦
T"eir deposits "ae been a!arded t"e "i"est safety credit ratin *AAA &V3AAA by +RISIL and I+RA respectiely for ei"t consecutie years$
Today( t"eir deposit base is oer ?@(@@@ crores - a depositor base of oer ?7
laces and a net!or' of oer =@(@@@ deposit aents$ A !ide eorap"ical spread of
actiities in India( t"rou" t"eir branc" net!or' of oer ?7@ offices( oer @ outreac"
locations and t"e )D*+ 0A4% branc" net!or' enables us to offer loans and deposit
serices to indiiduals in oer /(B@@ to!ns and cities across t"e country$
T"ey also "ae an international office in Dubai( 9$A$E$ and serice associates in
%u!ait( Oman( atar( Saudi Arabia and 0a"rain to serice 4on-resident Indians$
K"ile bein a "ouse"old name in India and t"e undisputed mar'et leader in
t"e fields of "ousin finance( t"eir social responsibilities "ae remained in focus$
)D*+ continue to ma'e consistent efforts to!ards economic and social upliftment of
t"e marinali<ed sections of society by offerin customi<ed financial assistance$
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T"is is done t"rou" stron associations and partners"ips !it" seeral 41Os(
oluntary aencies and ot"er deelopment institutions ensurin effectie
implementation of projects and improed sustainability at community leels$
)D*+ "as been oted t"e second 0est 3anaed +ompany in India after Infosys in a
poll conducted by Asia money for t"e year /@@@$ T"e boo'( 1lobal +ases in
0enc"mar'in by Robert +amp includes a case study on )D*+$
1RO9P +O3PA4IES O* )D*+
)D*+ 0an' Limited )D*+ Deposits
)D*+ Securities Limited )D*+ +"ubb
)D*+ Asset 3anaement +ompany Limited Intelenet
)ome Loan Serices India Pt$ Ltd$ )D*+ Realty Ltd$
)D*+ Standard Life Insurance
Business ;'#ectives
T"e primary objectie of )D*+ is to en"ance residential "ousin stoc' in t"e
country t"rou" t"e proision of "ousin finance in a systematic and professional
manner( and to promote "ome o!ners"ip$ Anot"er objectie is to increase t"e flo! ofresources to t"e "ousin sector by interatin t"e "ousin finance sector !it" t"e
oerall domestic financial mar'ets$$$
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;r4aniational <oals
)D*+s main oals are toG
I$ deelop close relations"ips !it" indiidual "ouse"olds(
II$ maintain its position as t"e premier "ousin finance institution in t"e
country(
III$ transform ideas into iable and creatie solutions(
I:$ d6 proide consistently "i" returns to s"are"olders( and
:$ to ro! t"rou" diersification by leerain off t"e e#istin client
base$
;r4aniation and )ana4ement
:here is or4aniation structure
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)D*+ is a professionally manaed orani<ation !it" a board of directorsconsistin of eminent persons !"o represent arious fields includin finance(
ta#ation( construction and urban policy & deelopment$ T"e board primarily focuses
on stratey formulation( policy and control( desined to delier increasin alue to
s"are"olders$
Board of Directors
3r$ Deepa' S Pare'" - +"airman3r$ %es"ub 3a"indra - :ice +"airman3r$ %e'i 3 3istry - 3anain
Director3s$ Renu S$ %arnad - E#ecutie Director3r$ S"iris" 0 Patel 3r$ 0 S 3e"ta3r$ D 3 Su't"an'ar
3r$ D 4 1"os"Dr$ S A Dae 3r$ S :en'itaramanan Dr$ Ram S Tarneja 3r$ 4 3 3unjee Dr$ :ijay S$ %el'ar 3r$ D 3 Sat!ale'ar
)D*+ STA4DARD LI*E I4S9RA4+E +O3PA4; LTD$)D*+ STA4DARD LI*E I4S9RA4+E +O3PA4; LTD$
)D*+ Standard Life Insurance +ompany Ltd$ is one of Indias leadin priate
insurance companies( !"ic" offers a rane of indiidual and roup insurance
solutions$ It is a joint enture bet!een )ousin Deelopment *inance +orporation
Limited 2)D*+ Ltd$6( Indias leadin "ousin finance institution and a 1roup
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+ompany of t"e Standard Life( 9%( and leadin proiders of financial serices in
t"e 9nited %indom$ )D*+ as on 3arc" 7?( /@@C "olds ?$ per cent of e,uity
and Standard Life !as "oldin ?$? in t"e joint enture$
)I1)LI1)TS
*irst life insurance +ompany in t"e priate sector to et license from t"e
reulator IRDA$
*irst life insurance +ompany to come out !it" Term Assurance Plan$
*irst priate life insurance +ompany to declare bonuses consecutiely for
years from inception$
*irst life insurance +ompany to introduce open option to t"e pension plan
policy"olders$
*irst life insurance +ompany to introduce Automatic Allocation Option to all
t"e policy"olders under 9nit Lin'ed Plans$
Only life insurance +ompany to ie /B free s!itc"in options to 9nit Lin'ed
Policy"olders$
)D*+ is one of t"e fastest ro!in Priate Life Insurers and today "ae more
t"an la'e policy"olders$
)D*+ "ae one of t"e !idest net!or's !it" more t"an ?@ branc"es and
sericin oer BB@ to!ns$
)D*+ Standard Life Insurance +ompany "as one of t"e "i"est brand recalls
of around >$ 2SourceG A+ 4eilson OR1 3AR1( September /@@=6$
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-;I8, .8,9/.
/;FIL. ;F S,A8DA/D LIF.
T"e Standard Life Assurance +ompany 2QStandard LifeQ6 !as establis"ed in
?/= and t"e first Standard Life Assurance +ompany Act !as passed by Parliament in
?7/$ Standard Life !as reincorporated as a mutual assurance company in ?/=$
T"e Standard Life roup oriinally operated only t"rou" branc"es or
aencies of t"e mutual company in t"e 9nited %indom and certain ot"er countries$
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)ar"et leader in the
Housin4 FinanceSector
;ver 0 million
satisfied customers
;ver 37117111
Crores in Loan
Approvals
/an"ed as India5s
>rd Best )ana4ed
Company 'y
Finance Asia(011E
Servin4 customers
for over 321 years
Currently
administers 30E
'illion in assets
oted E Star Life &
ensions provider
for last 31 years
0E1 Branches
337117111
Customers
)ultiple roducts
- rotection
- 9nit Lin"ed
- :ith rofit
)ore than
2 la"h
policyholders
Servicin4 over ++1
towns in India
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)D*+ Standard Life Insurance +ompany Limited !as one of t"e first companies to
be ranted license by t"e IRDA to operate in life insurance sector$ Reac" of t"e 5:
player is "i"ly rated and been conferred !it" many a!ards$ )D*+ is rated VAAA
by bot" +RISIL and I+RA$ Similarly( Standard Life is rated VAAA bot" by 3oodys
and Standard and Poors$ T"ese reflect t"e efficiency !it" !"ic" )D*+ and Standard
Life manae t"eir asset base of Rs$ ?=(@@@ +r and Rs$ @@(@@@ +r$ Respectiely$
)D*+ Standard Life Insurance +ompany Ltd !as incorporated on ?Bt"
Auust /@@@$)D*+ is t"e majority sta'e"older in t"e insurance 5: !it" ?$B >stale and
Standard Gof as a staple pf ?$> 3r$ Deepa' Sat!ale'ar is t"e 3D and +EO of t"e
enture$
)D*+ Standard Life Insurance +ompany Ltd$ Is one of Indias leadin Priate Life
Insurance +ompanies$( !"ic" offers a rane of indiidual and roup insurance
solutionsF
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It is a joint enture bet!een )ousin Deelopment *inance +orporation Limited
2)D*+ Ltd$6 Indias leadin "ousin finance institution and t"e Standard Life
Assurance +ompany( a leadin proider of financial serices from t"e 9nited
%indom$ 0ot" t"e promoters are !ill 'no!n for t"eir et"ical dealins and financial
strent" and are t"us committed to bein a lon-term player in t"e life insurance
industry- all important factors to consider !"en c"oosin your insurer$
S,A8DA/D LIF. I8S9/A8C. C;)A8= $SLIC
T"e Standard Life Assurance +ompany 2QStandard LifeQ6 !as establis"ed in ?/= and
t"e first Standard Life Assurance +ompany Act !as passed by Parliament in ?7/$
Standard Life !as reincorporated as a mutual assurance company in ?/=$
T"e Standard Life roup oriinally operated only t"rou" branc"es or aencies of t"e
mutual company in t"e 9nited %indom and certain ot"er countries$
Its +anadian branc" !as founded in ?77 and its Iris" operations in ?7$ T"is larely
remained t"e structure of t"e roup until ?( !"en it opened a branc" in *ran'furt(
1ermany !it" t"e aim of e#portin its 9% life assurance and pensions operatin
model to capitali<e on t"e opportunities presented by E+ Directie /MMEE+ 2t"e
T"ird Life Directie.6 and offer a product rane in t"at mar'et !it" features !"ic"
local proiders !ere unable to offer$
In t"e ?@s( t"e roup also sou"t to diersify its operations into areas !"ic"
complemented its core life assurance and pensions business( !it" t"e intention of
positionin itself as a broad rane financial serices proider$
Ban"in47 Healthcare & Investments
T"e roup set up Standard Life 0an'( its 9% mortae and retail sains ban'in
subsidiary( in ? and Standard Life Inestments( !"ic" "ad preiously been t"e in-
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"ouse inestment manaement unit of t"e roups life assurance and pensions
business( !as separated into a distinct leal entity in t"e same year( !it" t"e aim of
establis"in it as an independent inestment manaement business proidin serices
to bot" t"e roup and t"ird party retail and institutional clients$ T"e roup ac,uired
Prime )ealt" Limited 2subse,uently renamed Standard Life )ealt"care6 in t"e 9nited
%indom in /@@@$ Standard Life )ealt"care e#panded in 3arc" /@@ !it" t"e
ac,uisition of t"e P3I business of *irst Assist$
HDFC Standard Life Insurance Company Ltd%
)D*+ Standard Life Insurance +ompany Ltd$ is one of Indias leadin priate
insurance companies( !"ic" offers a rane of indiidual and roup insurance
solutions$ It is a joint enture bet!een )ousin Deelopment *inance +orporation
Limited 2)D*+ Ltd$6( Indias leadin "ousin finance institution and a 1roup
+ompany of t"e Standard Life( 9%$ )D*+ as on 3arc" 7?( /@@C "olds ?$ per cent
of e,uity in t"e joint enture$
;ur "ey stren4ths
Financial .pertise
As a joint enture of leadin financial serices roups( )D*+ Standard Life "as t"e
financial e#pertise re,uired to manae your lon-term inestments safely and
efficiently$
/an4e of Solutions
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Ke "ae a rane of indiidual and roup solutions( !"ic" can be easily customi<ed to
specific needs$ Our roup solutions "ae been desined to offer you complete
fle#ibility combined !it" a lo! c"arin structure
;ur arenta4e
)D*+ Limited$
)D*+ is Indias leadin "ousin finance institution and "as "elped build more
t"an /7( @@( @@@ "ouses since its incorporation in ?CC$
In *inancial ;ear /@@7-@B its assets under manaement crossed Rs$ 7(@@@ +r$
As at 3arc" 7?( /@@B( outstandin deposits stood at Rs$ C(B@ crores$ T"e
depositor base no! stands at around ? million depositors$
Rated VAAA by +RISIL and I+RA for t"e ?@t" consecutie year
Stable and e#perienced manaement
)i" serice standards
A!arded T"e Economic Times +orporate +iti<en of t"e year A!ard for its
lon-standin commitment to community deelopment$
Presented t"e VDream )ome a!ard for t"e best "ousin finance proider in
/@@B at t"e t"ird Annual Outloo' 3oney A!ards$
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Standard Life <roup $Standard Life plc and its su'sidiaries
T"e Standard Life roup "as been loo'in after t"e financial needs ofcustomers for oer ?@ years
It currently "as a customer base of around C million people !"o rely on t"e
company for t"eir insurance( pension( inestment( ban'in and "ealt"-care
needs
Its inestment manaer currently administers W?/= billion in assets
It is a leadin pensions proider in t"e 9%( and is rated by Standard & Poors
as stron !it" a ratin of AX and as ood !it" a ratin of A? by 3oodys Standard Life !as a!arded t"e 0est Pension Proider
In /@@B( /@@= and /@@ at t"e 3oney 3ar'etin A!ards( and it !as oted a =
star life and pensions proider at t"e *inancial Adiser Serice A!ards for
t"e last ?@ years runnin$ T"e = Star accolade "as also been a!arded to
Standard Life Inestments for t"e last ?@ years( and to Standard Life 0an'
since its inception in ?$
;ur ision
T"e most successful and admired life insurance company( !"ic" means t"at
!e are t"e most trusted company( t"e easiest to deal !it"( offer t"e best alue for
money( and set t"e standards in t"e industry$
T"e most obious c"oice for all$
;ur alues
:alues t"at !e obsere !"ile !e !or'G
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Interity
Innoation
+ustomer centric
People +are One for all and all for one.
Team !or'
5oy and Simplicity
Accolades and /eco4nition
Rated by 0usiness !orld as Indias 3ost Respected Priate Life Insurance
+ompany in /@@B
Rated as t"e Q0est 4e! Insurer - /@@7Q by Outloo' 3oney maa<ine( Indias
number ? personal finance maa<ine
)A-;/ LA=./S I8 I8S9/A8C. I8D9S,/=
3%LIF. I8S9/A8C. C;/;/A,I;8 $LIC
Life insurance made its debut in India !ell obBer ?@@ years ao$ Its salient features
are not as !idely understood in our county( as t"ey ou"t to be$ K"at follo!s is an
attempt to ac,uaint readers !it" some of t"e concept of life insurance( !it" special
reference to LI+$ It s"ould( "o!eer( be clearly understood t"at t"e follo!in
narration is by no means an e#"austie description of terms and conditions of LI+
policy or its benefits or priilees$
*or more details( please contact our branc" or diisional office$ An LI+ it !ill be lad
to "elp you c"oose t"e life insurance plan to meet your needs and render policy
sericin$
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0%ICICI /9D.8,IAL
I+I+I Prudential life insurance company is a joint enture bet!een I+I+I ban'( a premier financial po!er"ouse and prudential plc$ A leadin international financial
serice roup "ead,uartered in t"e 9nited %indom$ I+I+I prudential !as amonst
t"e first priate sector insurance company to bein operations in December /@@@
after receiin approal from Insurance Reulatory Deelopment Aut"ority 2IRDA6 $
I+I+I Prudential e,uity base CB> and /> sta'e respectiely$
In t"e period April-December /@@B( t"e company arnered Rs$
0illion of ne! business premium for a total sum assured of oer Rs C7$ billion and
!rote nearly 7B=@@@ policies$
T"e company "as a net!or' of oer =@@@@ adisor as !ell as C ban'
assurance tie-ups$ Today( I+I+I Prudential "as emered as t"e 4o -? Priate Life
insured in t"e country$ Kit" a !ide rane of fle#ible products t"at meet t"e needs of
t"e customer at eery step in life$
3.BAA A!!IA"#$ %HARED &I%I'"
A "ouse"old name in India teams up !it" a lobal conlomerate 0ajaj Auto Ltd(
t"e flas"ip company of t"e Rs$ @@@ corers 0ajaj roup is t"e larest manufactured
of t!o- !"eelers and t"ree-!"eelers in Indian and one of t"e larest in t"e !orld$
A "ouse"old name in India( 0ajaj Auto "as a stron brand imae and locality
synonymous !it" ,uality and customer focus$ Kit" oer ?=@@@ employees( t"e
company is a Rs$ B@@@ crores auto iant$ It is t"e larest /M7 !"eelers manufactured in
India and t"e Bt" in t"e !orld $AAA rated by crises( 0ajaj auto "as in an operation for
oer == years$ It "as joined "ands !it" Allian< to proide t"e Indian consumer !it" a
distance option in term of life insurance products$ As a promoter of 0ajaj Allian< Life
Insurance +o$ Ltd$ 0ajaj auto "as follo!in to offer-
*inancial Strent" and Stability to support t"e Insurance 0usiness$
A Stron 0rand-e,uity$
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A ood mar'et reputation as a !orld class orani<ation$
Ade,uate e#perience of rBunnin a lare orani<ation$
A ?@ million stron base of retail customers usin 0ajaj Products$
:hy HDFC is 'etter G
?$ Investment returns @ inestment returns and business ro!t" proided by
)D*+ is alidated by bajaj +apital report$ )D*+ pacify t"e need of inertors
up to "ealt"y leel and ma'e t"e stron relations"ip !it" t"em$
/$ Financial Bac"4round and .perience @ )D*+ e#istin in t"e mar'et since
?CC$ It "as a ery "andsome e#perience in t"e field of finance because it
completely inoled in finance Sector only !"ere as t"e ot"ers are runnin in
many ot"er field also li'e Reliance 2Petroleum( Te#tile( Telecom etc$6
7$ .thics and alues @ )D*+ is an et"ical and cultural orani<ation !"ic"
preents t"e false sellin and pro"ibits t"e false commitment to t"e customer$
B$ Sales Force @ Properly trend licensed and Educated People are t"e strent" of
t"e company$ So t"at t"ey could ie t"e best customer serice$
=$ )ue branc" net!or' )D*+ is "ain B=@ branc"es in all oer t"e country$
$ ;nline accessi'ility @ It ma'es t"e process faster and ma'es t"e customer
deli"ted$
Financial consultant in HDFC
Section B/2B6 of t"e amended Insurance Act( ?7 states an aent to be one !"o is
notG A minor$
• *ound to be sound mind by a court of competition jurisdiction$
• *ound uilty of criminal bac'round$
• *ound uilty of "ain 'no!inly participated in or connied at any fraud
Mdis"onesty or misrepresentation aainst an insured$
:or" of financial consultant@
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T"e *+ is t"e interface bet!een t"e customer and insurance company$
T"e aent s"ould be able to accomplis" t"e follo!in sericeG
• Assessin and analy<in t"e clients ris' profile$
• *indin t"e best product or products aailable in t"e mar'et$
• 4eotiatin t"e best deal aailable$
+O3PETITOR O* )D*+SLI+
AS !e 'no! t"at t"is time insurance sector in on boom$ Reason is t"at it ies more profit not only to t"e company but also to t"e inestor$ Today company inest moneynot only in oernment securities and bonds but also in t"e e,uity !"ic" ies morereturn t"an t"e oernment securities and bonds( and ban' deposits$ In t"e mar'et lotsof insurance company !"o are tryin to capture more and more mar'et s"are$ T"ereare seenteen insurance companies in t"e mar'et !"ic" are launc"in plans after
plans for capturin mar'et s"are$ T"ese insurance companies are t"usG-
4o$ 4ame of Insurance company +o$ Loo
?$
Life Insurance +orporation
/$
I+I+I Prudential
7$
State 0an' Of India Life Insurance
B$
)D*+ SLI+ Limited=$
Tata AI1 Life insurance
$
0ajaj Allian<
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$
3A8 Life Insurance$
Aia Life insurance
?@$
In Life Insurance
??$
0irla Sunlife Insurance
?/$
0"artia#aLife Insurance
LA8S ,HA, A/. ;FF./.D B= HDFC S,A8DA/DS LIF. I8S9/A8C.
At )D*+ Standard Life( !e offer a bou,uet of insurance solutions to meet eery
need$ Ke cater to bot"( indiiduals as !ell as to companies loo'in to proide
benefits to t"eir employees$ T"is section ies you details of all our products$ Ke
"ae incorporated arious do!nloadable forms and product details so t"at you can
ma'e an informed c"oice about buyin a policy$
*or indiiduals( !e "ae a rane of protection( inestment( pension and sains plans
t"at assist and nurture dreams apart from proidin protection$ ;ou can c"oose from a
rane of products to suit your life-stae and needs$
*or orani<ations !e "ae a "ost of customi<ed solutions t"at rane from 1roup Term
Insurance( 1ratuity( Leae Encas"ment and Superannuation Products$
T"ese affordable plans apart from proidin lon term alue to t"e employees "elp in
en"ancin ood!ill of t"e company$
Individual roducts
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Ke at )D*+ Standard Life reali<e t"at not eeryone "as t"e same 'ind of needs$
%eepin t"is in mind( !e "ae a aried rane of Products t"at you can c"oose from to
suit all your needs$ T"ese !ill "elp secure your future as !ell as t"e future of your
family$ 2E$$ c"ildren plan6
rotection lans
;ou can protect your family aainst t"e loss of your income or t"e burden of a loan in
t"e eent of your unfortunate demise( disability or sic'ness$ T"ese plans offer
aluable peace of mind at a small price$
Our Protection rane includes our Term Assurance Plan & Loan +oer Term
Assurance Plan.2E$$ unit lin' plan 6
Investment lans
)D*+ SLI+s Sin4le remium :hole of Life plan! is !ell suited to meet lon
term inestment needs$ T"is proides attractie lon term returns t"rou" reular
bonuses$
ension lans
Pension Plans "elp to secure financial independence een after retirement$ Pension
rane includes. 2 .%4% ersonal ension lan( 9nit Lin"ed ension( 9nit
Lin"ed ension lus!$
Savin4s lans
Sains Plans offer a fle#ible option to build sains for future needs suc" as
buyin a dream "ome or fulfillin your c"ildrens immediate and future needs$
Sains rane includes2 E$$ .ndowment Assurance lan( 9nit Lin"ed
.ndowment( 9nit Lin"ed .ndowment lus( 9nit Lin"ed .ndowment lus II(
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)oney Bac" (
9nit Lin"ed .nhanced Life rotection II( Childrens lan7 9nit Lin"ed
=oun4 Star( 9nit Lin"ed =oun4 Star lus( 9nit Lin"ed =oun4 Star lus II$
<roup roducts
;ne(stop shop for employee('enefit solutions
)D*+ Standard Life "as t"e most compre"ensie list of products for proressie
employers !"o !is" to proide t"e best and most innoatie employee benefit
solutions to t"eir employees$
94IT LI4%ED I4S9RA4+E PROD9+TS
29LIP6
A 9nit Lin'ed Insurance Plan( Popularly %no!n as 9LIP( is 0lend of an insurance
and inestment product$ It combines a life coer !it" an inestment plan( but unli'e a
traditional plan money bac' or endo!ment plan( inestment returns are not
uaranteed in t"e case of 9LIPs$
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9LI7 A8 I8S9/A8C. /;D9C, :I,H A “,:;(I8(;8.!
F.A,9/.7 IS D.SI<8.D ,; CA//= B.8.FI,S ;F B;,H7
A8 I8S9/A8C. C;./ AS :.LL AS )A/*., /.LA,.D
I8.S,).8, /.,9/8S%%%
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9LIP( by its nature( is not a product t"at is meant to ma#imi<e returns li'e
e,uity inestments eit"er directly or t"rou" mutual funds$
Introduction
Same Aspects
)uman bein by nature is ery comple#$
It is t"e "uman brain( !"ic" directs all t"e actiities of a "uman bein$
T"e be"aior is t"e response of stimuli$
+onsumer is t"e focus of mar'etin effort$
+onsumer is li'e a 'in and all t"e attention is paid to t"e customers$
Desire N is a !ant( !"ic" an indiidual is actually a!are of not "ainreali<ed$
8eed N is a !ant t"at is a basic re,uirement or a uniersal !ant$
:ant N a cluster of attributes no all of !"ic" must be possessed by anofferin$
Belief N 3ental acceptance of a claim as trut"$<oal - t"e state of affairs t"at a plan is intended to ac"iee and t"at 2!"en ac"ieed6terminates be"aior intended to ac"iee it
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D.FI8.,I;8S ;F C;8S9)./ B.HAI;9/ D.FI8.,I;8S ;F C;8S9)./ B.HAI;9/
+onsumer be"aior is all psyc"oloical( social and p"ysical be"aiors of potential
consumers as t"ey become a!are of( ealuate purc"ase( consume and tell ot"er peopleabout products and serices$.
- Kebster
+onsumer buyin be"aior refers to t"e 0uyin 0e"aior of final consumers Nindiidual )ouse"olds !"o buy oods &serice for personal consumption.$
- %otler & Armstron
sycholo4y of Consumer
*nowled4e It is one type of information and on its 'asis7 the psycholo4y
of customers develop%
Attitude It is a state of mind or feelin4% It includes a predisposition to
'ehave in some way%
Intention It means desires to do somethin4%
)otive It is the inte4ral state which directs the 'ehavior of a person% It
is also called as ur4e%
.ternal environmental varia'les influencin4 Behavior
Cultural Influence
Su'(cultural Influence
Social Class Influence
Social <roup Influence
Family Influence
ersonal Influence
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+onsumer 0uyin 0e"aior
)o! +onsumer 0uy$F
?$ 4eedMKantMDesire is reconi<ed
In t"e first step t"e consumer "as determined t"at for some reason "eMs"e is notsatisfied 2i$e$(+onsumers perceied actual condition6 and !ants to improe "isM"er situation 2i$e$(consumersPerceied desired condition6 $ *or instance( internal triers( suc" as "uner or t"irst(may tell t"e+onsumer t"at food or drin' is needed$ E#ternal factors can also trier consumers
needs$ 3ar'etersAre particularly ood at t"is t"rou" adertisin( in-store displays and een t"eintentional use of scent2E$$-perfume counters$6
/$ Searc" for InformationAssumin consumers are motiated to satisfy "is or "er need( t"ey !ill ne#t underta'ea searc" for Information on possible solutions$ T"e sources used to ac,uire t"is information may
be as simple asRememberin information from past e#perience 2i$e$ memory6 or t"e consumer maye#pend considerable effort to locate information from outside sources$)o! muc" effort t"e consumer directs to!ard searc"in depends on suc" factors ast"e importance of satisfyin t"e need( familiarity !it" aailable solution( and t"eamount of timer aailable to searc"$
7$ Ealuate Options+onsumers searc" efforts may result in a set of options from !"ic" a c"oice can bemade$ It s"ould
0e noted t"at t"ere may be t!o leels to t"is stae$ At leel one t"e consumer maycreate a set of Possible solutions to t"eir needs 2i$e$( product types6 !"ile at leel t!o t"e consumermay beEaluatin particular Products 2i$e$( brands6 !it"in eac" solution$ *or e#ample( aconsumer !"o
“Analysis of Consumers Behavior & performance towards various Investment andInsurance roducts of HDFC SLIC!
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:ie! of t"e purc"ase 2e$$ friend is critical of purc"ase6$
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4eeds to replace a teleision "as multiple solutions to c"oose from suc" as plasma(L+D and +RT
Teleision$
B$ Purc"aseIn many cases t"e solution c"osen by t"e consumer is t"e same as t"e product !"oseealuation isT"e "i"est$ )o!eer( t"is may c"ane !"en it is actually time to ma'e t"e purc"ase$T"e intended. Purc"ase may be altered at t"e time of purc"ase for many reasonssuc" as t"e product is out-of-Stoc'( a competitor offers an incentie at t"e point-purc"ase 2e$$ store salespersonmentions a+ompetitors offer6( t"e customer lac's t"e necessary funds
=$ After-Purc"ase EaluationOnce t"e consumer "as made t"e purc"ase t"ey are faced !it" an ealuation of t"edecision$
If t"e Product performs belo! t"e consumers e#pectation t"en "eMs"e!ill re-ealuate satisfaction !it" t"eDecision( !"ic" at its e#treme may result in t"e consumer returnin t"e product !"ilein less e#tremeSituations t"e consumer !ill retain t"e purc"ased item but may ta'e a neatie ie!of t"e product$Suc" ealuations are more li'ely to occur in cases of e#pensie or "i"ly important
purc"ases$
To )elp ease t"e concerns consumers "ae !it" t"eir purc"ase ealuation( mar'etersneed to beReceptie and een encourae consumer contact$+ustomer serice centers and follo!-up mar'etResearc" is useful tools in "elpin to address purc"asers concerns$
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Detail Study ;n Hdfc Slic roducts
98I, LI8*.D =;98< S,A/ L9S A8D
94IT LI4%ED ;O941 STAR 94IT LI4%ED ;O941 STAR
)D*+ 94IT LI4%ED ;O941 STAR & ;O941 STAR PL9S)D*+ 94IT LI4%ED ;O941 STAR & ;O941 STAR PL9S
Invest in your c"ilds dreams( and secure your self-respect$
As a parent( your priority is your c"ildrens future and bein able to meet t"eir
dreams and aspirations$ Today( proidin a ood education( establis"in a
professional career or een a modest !eddin is e#pensie$ +osts are risin fast$ 5ust
imaine "o! muc" you !ill need !"en your c"ildren ta'e t"ese important steps in
life$
Plan today to ensure a bri"t future for your c"ildren$ Start sain today !it"
our )D*+ 9nit Lin'ed ;oun Star Plus so t"at your c"ild is able to lead a life of
respect and dinity !it" a secured financial future$
T"e )D*+ 9nit Lin'ed ;oun Star Plus ies youG
• An outstandin inestment opportunity by proidin a c"oice of t"orou"ly
researc"ed and selected inestments
• Reular Loyalty 9nits to boost your fund alue eery year
• :aluable protection to your c"ild in case you are not around
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Invest in our child’s dreams and secure our future
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• *le#ible benefit combinations and payment options
• *le#ible additional benefit options suc" as critical illness coer
• Access to your accumulated fund before maturity
;ou can c"oose your premium and t"e inestment fund or funds$ Ke !ill t"en
inest your premium( net of premium allocation c"ares in your c"osen funds in t"e
proportion you specify$ At t"e end of t"e policy term( you !ill receie t"e
accumulated alue of your funds$
In case of your unfortunate demise durin t"e policy term( !e !illG
• Pay t"e Sum Assured you "ad c"osen to your c"ild$
• +ontinue your policy and continue to pay t"e oriinal reular premiums you
"ad c"osen$
T"is means !e !ill continue to ma'e your sains on your be"alf( in your
absence$ T"e fund !ill be aailable for your familys use until t"e oriinal 3aturity
Date$
9se )D*+ Standard Lifes e#cellent inestment options to ma#imi<e your sains &
ma#imi<e your c"ilds ac"ieements$
Ke !ill proide financial security for your c"ild$ All 9nit Lin'ed Life
insurance plans are different from traditional insurance plans and are subject to
different ris' factors$
)D*+ Standard Life is t"e name of our Insurance +ompany and )D*+ 9nit
Lin'ed ;oun Star Plus is t"e name of t"is plan$ T"e name of our company and t"e
name of our plan do not( in any !ay( indicate t"e ,uality of t"e plan( its future
prospects or returns$
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EAS; STEPS TO ;O9R OK4 PLA4
Step 3Step 3GG +"oose t"e premium you !is" to inest
T"is is t"e premium you !ill continue to pay eac" year of t"e policy$ T"e min$
reular premium is Rs$ ?@(@@@$ ;ou can pay mont"ly 2usin Standin Instructions or
E+S 3andate6( ,uarterly( "alf-yearly or annually$
Step /Ste p /GG +"oose t"e amount of protection 2Sum Assured6 you desire
;ou can c"oose any amount of Sum Assured !it"G
• A minimum of = times your c"osen annual reular premium
• A ma#imum of B@ times your c"osen annual reular premium$
Step 7Ste p 7GG +"oose t"e additional plan benefits you desire
Ke offer a rane of aluable protection option to secure t"e future for your
family$ ;ou can c"oose any one of t"e follo!in benefit optionsG
• Life OptionHDeat" 0enefit
• Life & )ealt" OptionHDeat" 0enefit X +ritical illness 0enefit
Step BSte p BGG +"oose t"e inestment fund or funds you desire
Ke "ae funds for you$ ;ou can c"oose fund in !"ic" you !ant to inest
F.A,9/.S ;F ,H. LA8
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Top-9ps • At inception( subject to Sum Assured limits
• At any ot"er time( top-up allo!ed is
*res" top-ups X total top-ups !it"out coer is less t"an
/=> of t"e total reular premiums
1race Period ?= Days0ac'datin Policies cannot be bac'dated$
Deat" 0enefit
• )D*+ !ill pay t"e Sum Assured to beneficiary$
•
*uture premiums !ill pay by )D*+ on be"alf of policy"older
• Any critical illness coer terminates immediately$
• All ris' c"ares !ould cease to be leied follo!in
t"e alid deat" claim
• T"e policy !ill terminate on maturity$
+ritical Illness
0enefit
• )D*+ !ill pay t"e Sum Assured to beneficiary$
•
4o furt"er premiums are e#pected to be payable$
• T"e Deat" 0enefit +oer terminates immediately
3aturity 0enefit
• T"e ris' coer ceases and t"e uniti<ed fund alue is
payable$
• T"e policy"older "as t"e option to ta'e "is fund in
periodical installments oer t"e period t"at may
e#tend to = years$
• After = years( remainin fund alue returned to t"e
policy"older$
Loyalty 0enefit
2Applicable to
9L;S plus only6
At t"e end of eery policy year !e !ill increase t"e
number of units in eac" of t"e funds by @$?@> as lon as
t"e policy is in force or paid-up$
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Surrender 0enefit • T"e policy can be surrendered after completion of 7
years$
• T"e amount payable !ill be uniti<ed alue less additional
surrender c"are( if any$
Kit"dra!als
0enefit
T"e policy"older "as t"e option of ma'in lump sum
!it"dra!als at any time after t"e 7 rd policy anniersary( !"ile
t"e policy is in force( subject to t"e follo!in conditionsG
• T"e !it"dra!al amount is reater t"an t"e minimum of
Rs$ ?@(@@@$
• T"e uniti<ed fund alue after t"e lump sum !it"dra!al
and t"e !it"dra!al c"ares is not less t"an an amount
e,ual to t"e oriinal annuali<ed reular premium amount$
• T"e uniti<ed fund alue after t"e lump sum !it"dra!al
and any !it"dra!al c"ares is not less t"an t"e totalalue of top-ups made in t"e last 7 years e#cludin any
Top ups in t"e last 7 years of t"e contract term$
Lapse and
Paid-up
T"e policy paid-up can be made paid up( proidedG
• At least 7 years premium "as been paid and
• T"e policy "as accumulated sufficient policy alue$
+urrently( t"is amount is oriinal annuali<ed reular
premium
Ot"er!ise( !e may surrender t"e policy and !ill return any fund
after any surrender c"ares$
Een after a policy "as been altered to paid-up( )D*+SL !ill
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continue to collect usual c"ares on eac" mont"$
94IT LI4%ED E4DOK3E4T PL9S A4D94IT LI4%ED E4DOK3E4T PL9S A4D
94IT LI4%ED E4DOK3E4T94IT LI4%ED E4DOK3E4T
)D*+ 94IT LI4%ED E4DOK3E4T & E4DOK3E4T PL9S)D*+ 94IT LI4%ED E4DOK3E4T & E4DOK3E4T PL9S
Inest in financial security and self-respect for you and your family$
;ou "ae ien your family t"e ery best and t"ere is no reason !"y t"ey
s"ould not et t"e ery best in t"e future too$ Kit" )D*+ 9nit Lin'ed Endo!ment
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Invest in financial security and self-respect for you and
your family.
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Plus( you can ensure t"at your family remains financially independent( een if you are
not around$ ;ou can ensure t"at t"ey lie a life of respect and dinity$$
T)E )D*+ 94IT LI4%ED E4DOK3E4T PL9S 1I:ES ;O9G
• An outstandin inestment opportunity by proidin a c"oice of t"orou"ly
researc"ed and selected inestments$
• Reular Loyalty 9nits to boost your fund alue eery year
• :aluable protection to your c"ild in case you are not around
• *le#ible benefit combinations and payment options
• *le#ible additional benefit options suc" as critical illness coer
• Access to your accumulated fund before maturity
;ou can c"oose your premium and t"e inestment fund or funds$ Ke !ill t"en
inest your premium( net of premium allocation c"ares in your c"osen funds in t"e
proportion you specify$ At t"e end of t"e policy term( you !ill receie t"e
accumulated
:alue of your funds $
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*EAT9RES O* T)E PLA*EAT9RES O* T)E PLA 4 4
Top-9ps
• At inception( subject to Sum Assured limits
• At any ot"er time( top-up allo!ed is
*res" top-ups X total top-ups !it"out coer is less t"an
/=> of t"e total reular premiums
1race Period ?= Days
0ac'datin Policies cannot be bac'dated$
Deat" 0enefit
1reater of t"e uniti<ed fund alue and t"e sum assured less
any !it"dra!als made durin t"e t!o-year period
immediately precedin t"e date of intimation to )D*+ SL of
deat"
+ritical Illness
0enefit
1reater of t"e uniti<ed fund alue and t"e sum assured less
any !it"dra!als made durin t"e t!o-year period
immediately precedin t"e date of intimation to )D*+ SL of
+ritical Illness
Accidental Deat"
0enefit
An additional sum assured if deat" occurs as a result of an
accident$
3aturity 0enefit
• T"e ris' coer ceases and t"e uniti<ed fund alue is
payable$
• T"e policy"older "as t"e option to ta'e "is fund in
periodical installments oer t"e period t"at may
e#tend to = years$
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• After = years( remainin fund alue returned to t"e
policy"older$
Loyalty 0enefit
2Applicable to
9LE plus only6
At t"e end of eery policy year !e !ill increase t"e number
of units in eac" of t"e funds by @$?@> as lon as t"e policy is
in force or paid-up$
Surrender 0enefit
• T"e policy can be surrendered after completion of 7
years$
• T"e amount payable !ill be uniti<ed alue less
additional surrender c"are( if any$
Kit"dra!als 0enefit
T"e policy"older "as t"e option of ma'in lump sum
!it"dra!als at any time after t"e 7 rd policy anniersary( !"ile
t"e policy is in force( subject to t"e follo!in conditionsG
• T"e !it"dra!al amount is reater t"an t"e minimum
of Rs$ ?@(@@@$
• T"e uniti<ed fund alue after t"e lump sum
!it"dra!al and t"e !it"dra!al c"ares is not less
t"an an amount e,ual to t"e oriinal annuali<ed
reular premium amount$
• T"e uniti<ed fund alue after t"e lump sum
!it"dra!al and !it"dra!al c"ares is not less t"an
sum all top-ups paid to date$
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Lapse and
Paid-up
T"e policy paid-up can be made paid up( proidedG
• At least 7 years premium "as been paid and
• T"e policy "as accumulated sufficient policy alue$
+urrently( t"is amount is oriinal annuali<ed reular
premium
Ot"er!ise( !e may surrender t"e policy and !ill return any
fund after any surrender c"ares$
Een after a policy "as been altered to paid-up( )D*+SL !ill
continue to collect usual c"ares on eac" mont"$
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94IT LI4%ED PE4SIO4 PL9S A4D94IT LI4%ED PE4SIO4 PL9S A4D
94IT LI4%ED PE4SIO494IT LI4%ED PE4SIO4
)D*+ 94IT LI4%ED PE4SIO4 & PE4SIO4 PL9S)D*+ 94IT LI4%ED PE4SIO4 & PE4SIO4 PL9S
Lead a life of respect and dinity$ Een after retirement$
Today( people are busy climbin t"e ladder of success and reali<in t"eir
dreams$ Today( time is !it" t"em$ 5ust ta'e a moment and t"in'$ Kill t"ey be able to
continue at t"e same paceF Kill t"eir income be t"e same foreerF Kill t"ey be able
to lie life on t"eir o!n terms een after t"eir retirementF
T"e )D*+ 9nit Lin'ed Pension Plus is an insurance policy t"at is desined to
proide a retirement income for life !it" t"e freedom to ma#imi<e inestment returns$
Stride into your olden years of retirement !it" dinity and pride$
T)E )D*+ 94IT LI4%ED PE4SIO4 PL9S 1I:ES ;O9G
• An outstandin inestment opportunity by proidin a c"oice of t"orou"ly
researc"ed and selected inestments
• Reular Loyalty 9nits to boost your fund alue eery year
• A post retirement income for life
• *le#ibility to plan your retirement date
• *reedom to inest premiums as per your preference
;ou can c"oose your premium and t"e inestment fund or
funds$ Ke !ill t"en inest your premium( net of premium allocation c"ares in your
c"osen funds in t"e proportion you specify$ At t"e end of t"e policy term( you !ill
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Lead a life of res ect and di nit .
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receie t"e accumulated alue of your funds( !"ic" !ill be used to proide your
pension income$
In t"e eent of your unfortunate demise durin t"e policy term( your spouse
!ill receie a cas" lump sum to "elp "im or "er manae t"e retirement years$
9se )D*+ Standard Lifes e#cellent inestment options to ma#imi<e your
sains & secure your olden years$ Dont compromise on self-respect( eer$ 1o
a"ead( "old your "ead "i" and enjoy life !it" t"e )D*+ 9nit-Lin'ed Pension Plus$
*EAT9RES O* T)E PLA4*EAT9RES O* T)E PLA4
1race Period ?= Days0ac'datin Policies cannot be bac'dated$
Deat" 0enefit • T"e uniti<ed fund alue !ill be payable$
• T"e policy !ill cease in t"e eent of t"e claim$
0enefit on :estin
• On estin( t"e uniti<ed fund alue !ill be
aailable for purc"asin annuities$
• ?M7 part of t"e uniti<ed fund alue can be ta'en as
a cas" lump sum and t"e rest conerted to an
annuity$
• Policy"older can buy t"e annuity from )D*+ SL
or any ot"er insurer$
Surrender 0enefit• T"e policy can be surrendered after completion of
7 years$
• T"e amount payable !ill be uniti<ed alue less
additional surrender c"are( if any$
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Loyalty 0enefit
2Applicable to
9LP plus only6
At t"e end of eery policy year !e !ill increase t"e
number of units in eac" of t"e funds by @$?@> as lon
as t"e policy is in force or paid-up$
Kit"dra!als 0enefits 4o !it"dra!als are permitted durin t"e term of t"e
contract$
Lapse and
Paid-up
T"e policy paid-up can be made paid up( proidedG
• At least 7 years premium "as been paid and
• T"e policy "as accumulated sufficient policy
alue$ +urrently( t"is amount is oriinal
annuali<ed reular premium
F98DS AAILABL. F;/ I8.S,).8, I8 98I, LI8*.D /;D9C,S
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“Analysis of Consumers Behavior & performance towards various Investment andInsurance roducts of HDFC SLIC!
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*94DS DETAILS
ASSET +LASS
RIS% &
RET9R4RATI41
0an'Deposits& 3oney3ar'et
1ot$Securities
&0onds
E,uity
*94D +O3POSITIO4
Li,uid*und
• E#tremely lo! capital
ris'
• :ery stable return
?@@> -- --Lo!
Secure3anaed
*und
• 3ore capital stability
t"an e,uity funds
• )i"er potentialreturn li,uid fund
-- ?@@> --Lo!
3ode-
rate
Defensie3anaed
*und
• Access to better lon-
term returns t"rou"e,uities
• Sinificant bond
e#posure 'eeps ris'do!n
--C@>
to=>
?=>to
7@>3ode-
rate
0alanced
3anaed*und
• Increased e,uity
e#posure ies better
lon-term return• 0ond e#posure
proides somestability
--B@>
to
C@>
7@>to
@>
)i"
E,uity3anaed
*und
• *urt"er increased
e#posure to e,uities toie a reater lon-term return
• A smaller bond
"oldin !ill aid
diersification & proide a littlestability
-- @>to
B@>
@>to
?@@>:ery)i"
1ro!t"*und
• *or t"ose !"o !is" to
ma#imi<e t"eir returns
• ?@@> inestment in
"i" ,uality Indiane,uities
-- -- ?@@> :ery)i"
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Inestment
1uarantees
)D*+ !ill not proide any inestment uarantee on t"e
Returns of t"e 9nit-Lin'ed funds$
+O3PARATI:E A4AL;SIS
+omparison bet!een )D*+ 9nit Lin'ed ;oun Star Plus and I+I+I Smart %id 4e!
9LRPG
)D*+ 94IT LI4%ED ;O941 STAR PL9S
:MS
I+I+I S3ART%ID 4EK 9LRP
)D*+ 9nit Lin'ed ;ounStar Plus
I+I+I Smart %id 4e! 9LRP
*und 3anaement
+"are
1ro!t" *und @$@> 3a#imiser II*und
?$=@>
0alanced
3anaed *und
@$@> 0alancer II
*und
?$@@>
Policy Administration
+"areRs$ /@ per mont" Rs$ @ per mont"
Premium Allocation+"are
;ear ? ?@> to @> ?> to /@>
;ear / to =
?>
=>
;ear to ?@ />
;ear ??X ?>
Additional Allocation
of 9nits
@$?> across all funds eery
year
4one
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Top-9ps Allo!ed 4ot Allo!ed
S!itc"es /B S!itc"es free in a policy
year
B S!itc"es free in a policy
year
ILL9STRATIO4 3AT9RIT; :AL9ES
Ae of Parent Y 7@ years
Premium Amount Y Rs$ =@(@@@
Premium 3ode Y Annual
Sum Assured Y Rs$ =(@@(@@@
)D*+ 9nit Lin'ed ;oun
Star Plus2*or 1ro!t" *und6
I+I+I Smart %id 4e! 9LRP
2*or 3a#imiser II *und6
Assumed Rate of
Return 2Rs$6
Assumed Rate of
Return 2Rs$6
TER3
?@> > ?@> >
?@ ;ears C(/(= =(C(@ C(/7(= =(?(==?
?= ;ears ?B(/(C=? ?@(/(7B ?7(C(CC ((7@
/@ ;ears /=(@(/7 ?=((BC /7(B@(=@B ?B(@(?==
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S933ER;
?$ )D*+ 9nit Lin'ed ;oun Star Plus "as lo!er c"ares oerall and "ence
oerall "i"er Illustratie 3aturity :alues$
/$ )D*+ 9nit Lin'ed ;oun Star Plus "as lo!er *und 3anaement +"are for
e,uity funds$
7$ )D*+ 9nit Lin'ed ;oun Star Plus c"ares lo!er Policy Administration
+"are$
B$ )D*+ 9nit Lin'ed ;oun Star Plus ies Additional 9nits eery year$
=$ )D*+ 9nit Lin'ed ;oun Star Plus allo!s Premium Top 9ps$
$ )D*+ 9nit Lin'ed ;oun Star Plus ies /B s!itc"es$
RESEAR+) DESI14?6 Statement of t"e problem
/6 Researc" objecties
76 Researc" 3et"odoloy
Type of study
Data collection
Samplin
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Tools & tec"ni,ues
B6 Scope of study
=6 Limitations
>%3 ,I,L.@
“Analysis of Consumers Behavior & performance towards various Investment
and Insurance roducts of HDFC SLIC!
>%0 Duration of pro#ect@
PRO5E+T D9RATIO4 KAS 7@ DA;S>%> Definin4 /esearch ro'lem
Problem definition is t"e first & foremost part of t"e researc" process( !it"out t"isresearc" cannot be completed until and unless t"ere is a problem or objectie( t"eresearc" cannot be initiated$ Problem definition refers to t"e objectie on !"ic"researc" "as to be done( so problem definition in my project !or' is comparatiestudy of unit lin' products of )D*+-SLI+ & I+I+I Prudential Life Insurance+ompany and to 'no! !"ic" company can proide better serice to consumer$
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;B-.C,I.@
To 'no! about company "istory and orani<ation structure$
Proide an oerie! of unit lin'ed plans of )D*+ standard life insurance
company ltd$ & I+I+I Prudential +ompany$
To ma'e a comparatie performance of unit lin'ed plans
To study t"e e#pectations of customers from insurance companies$
Position of Insurance +ompanies in t"e mind of t"e consumer
,=. ;F /.S.A/CH
Researc" refers to searc" for 'no!lede$ In ot"er !ords researc" is defined as a
careful inestiation or in,uiry especially t"rou" for ne! facts in any branc" of
'no!lede$
Researc" 3et"odoloy is one of t"e important aspects of any project$ T"is
ies us clear-cut ie! of met"od so used !"ile at"erin t"e information so neededfor t"e completion of t"e report$
a6 ,ype of StudyG descriptie$
b6 Data Collection@ Source of DataG
T!o types of data sources !ill be ta'en into consideration
Primary Data
Secondary Data
rimary DataG T"e primary data are t"ose !"ic" are collected a fres" and for t"e first
time and t"us "appen to be oriinal in c"aracter$ 9nder t"is project direct collection of
data from source of information & tec"ni,ues suc" as personal interie!in and
surey t"rou" ,uestionnaire for customers "as been considered$
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Secondary DataG Secondary data is one !"ic" "as already been collected by someone
else and !"ic" "as already been passed t"rou" statistical processin$ 9nder t"is
project secondary data is been collected from journals( maa<ines( & !eb sites$
>%? Sample Sie and method of selectin4 sample
Samplin refers to t"e met"od of selectin a sample from a ien unierse !it" a
ie! to dra! conclusions about t"at unierse$ A sample is a representatie of t"e
unierse selected for study$
>%?%3 ,ype of universe@ ,"e unierse is t"e entire roup of items t"e researc"er
!is"es to study and about !"ic" t"ey plan to enerali<e$ 9nder t"is project type of
unierse include people residin in 5aipur Area$
>%?%0 Samplin4 9nit@ Samplin units are t"e persons( !"o "ae purc"ased t"e
insurance plan in 5aipur$
>%?%> Sie of Sample@ 4umber of people sureyed$
1enerally lare Sample more reliable result t"an small sample$
T"e sample +onsist of ?@@ respondents$
>%?%+ Samplin4 rocedure@ Samplin procedure refers to tec"ni,ue 9sed in selectin
t"e items for t"e sample$ 9nder t"is project selection of respondents is on t"e basis of
conenience samplin$
*or t"is surey +onenience- Samplin tec"ni,ue is used$
>%?%E ,ools and ,echniJues@
SO9R+ES O* DATA
PRI3AR; SO9R+E
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Our primary source of data collection !as surey in !"ic" !e collected data
!it" t"e "elp of ,uestionnaire filled up by ?=@ readers$
SE+O4DAR; SO9R+E
Directories of arious professions and industries suc" asG
*I++I
+II
1olf +lub
3edical Association
5aipur +lub
Ladies +lub
:%I Association
E#porters Directories
>%K SC;. ;F ,H. S,9D=
T"is study is mainly confined to t"e customer of 5aipur Area$
T"e si<e of sample is ?@@ respondents$
+omparison is done on t"e basis of secondary sources$
>%2 Limitations of the Study@
Time for t"e completion of t"e project !as too s"ort to do an in-dept" study$
T"e facts and concepts of Respondents may be biased( imainary and may be
based entirely on t"eir personal e#perience$
3ost of ,uestion in t"e ,uestionnaire !as closin ended !"ic" reduced t"e scope
for people to ie free opinion$
T"e sample si<e !as not enou" to reac" on any e#act conclusion$
Study is based on primary or secondary data t"at may not be true$ 3ost of t"e
people are not interested to ie t"e ri"t data$
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FAC,S A8D FI8DI8<
Aents play major role in a!arin people about t"e benefits of insurance$
People t"in' insurance as a protection tool$
People purc"ase insurance policy mostly for protection purpose and some of
people for sain$ T"e ood!ill of t"e company also attracts customers to!ard a insurance
company$
People also ta'e insurance policy as a security for t"eir c"ildren$
o People "ae more number of Life Insurance policies as compared to 4on
Life Insurance$
o 3ajority of t"e respondents preferred M "ae LI+ policy since it !as t"e
only option due to complete oernment control in insurance sector$
o 3ajority of t"e respondents beliee t"at coerin future uncertainty is t"e
most important benefit of an insurance policy$
o 3ajority of t"e respondents belieed t"at larer ris' coerae of t"eir
policy !as t"e main feature of t"eir policy t"at attracted t"em to buy t"at
policy t"ou" lo! premium !as t"e neat important feature$
o Due to t"e increase concern of people to!ards t"eir "ealt"M life t"e Life
Insurance business "as ood prospects$
o Due to increased consumerism ne! product is launc"ed eeryday$ T"us
4on-Life M 1eneral Insurance business is also oin to "ae boom period$
o Out of total population of ? billion of country( only //> "ae insurance
coer$ So !e can say t"at t"ere is still lare potential for bot" public and
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priate companies$ Priate companies "ae to ie customi<ed product to
compare !it" t"e LI+ !"ic" is "oldin about C> of t"e total mar'et$
A4AL;SIS & I4TERPRETATIO4
A4AL;SIS O* T)E ST9D;
T"e inestment in 9nit Lin'ed Products is a ne! trend introduced in India
!it" arious Insurance +ompanies into t"is sement$ T"is feature is rapidly ro!in
in t"e Indian 3ar'et$
Today( arious inestment options aailable in t"e mar'et$ T"e study
e#plains t"at "o! people of 5aipur inest t"eir income$ T"e follo!in diaram
e#plains it ery !ell$
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T"e study "as s"o!n t"at people of 5aipur are muc" interested in inestin
in 3utual *unds and S"ares t"an Insurance$ T"is is because of people are interested in
s"ort-term inestment$ 0ut it is assumed by t"e studies t"at in upcomin years t"is
rate of inestment in insurance !ill increase rapidly$
Amon ?C insurance +ompanies includin LI+( t"e )D*+ Standard Life +ompany
"as placed its position on pinnacle$ Eac" +ompany "as t"e 9nit Lin'ed Product in its
portfolio$ 0ut )D*+s 9nit Lin'ed Products are customer centric and "ain special
features$ )D*+s serices are "i"ly appreciable amon insurance companies apart
from its brand name$
)D*+ Standard Life Insurance +ompany is leadin t"e mar'et in t"e Returns
iin to its customers$ All its competitors are be"ind in t"e aspect of Returns$ )ere
in t"is ien c"art( it is s"o!n t"at "o! )D*+ Standard Life Insurance +ompany isa"ead from ot"er life insurance companies$
“Analysis of Consumers Behavior & performance towards various Investment andInsurance roducts of HDFC SLIC!
30%
25%
30%
15% Mutual Fund
Insurance
Shares
Others
0
10
20
30
40
50
HDFC SL Tata AIG ICICI
Pru
Aviva
Life
1-YEAR
2-YEAR
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)D*+ SL proides 9LIP to its customer !it" special benefits !it" minimum
c"ares$ T"e Policy Administration +"are and *und 3anaement +"are is Rs$ /@M-
and @$@> respectiely( !"ic" are minimum in t"eir cateory$
0eside t"is )D*+ SL proide /B s!itc"es free in a policy year( ery a"ead t"an B
free s!itc"es of I+I+I Prudential( %ota' Life and 7 free s!itc"es of 0ajaj Allian<Life Insurance$ )D*+ SL offers t"e Smart Transfer Option 2STO6 to its customer$
T"is is t"e facility to t"ose customers( !"o are un'no!n about t"e inestment mar'et
and !ant s"are t"is responsibility to )D*+ SLs fund maners$
Anot"er adantae t"at )D*+ SL "as oer t"e ot"er Insurance +ompanies is
t"e atmosp"ere at t"e ban' !"ic" ma'es t"e customers feels comfortable$ T"e
ambience of t"e +ompany is desined accordin to t"e need of t"e clients$ +omparin
)D*+ SL !it" ot"er +ompanies( !e feel t"at t"e directions( broc"ures( etc aredisplayed in an appropriate manner !"ic" "elps t"e customer to aail t"e serices
re,uired by t"em$
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Compny Nme !"#C Std. $ife Insurnce ICICI %ru life Insurnce
%ln Nme &oung str $ife Time %lus Age '( to )5 * to )5
Sum Assured +inimum,-s.'*****
+/imum,No limit
+inimum,-s.'*****
+/imum,'crore
%remium +inimum,-s.'* ***
+/imum,no limit
+inimum,-s.0* ***
+/imum,1*****
$oc2 in period 1 yers 1 yers
Surrender llo3ed After 1 yers no chrges
efore loc2 in period,1*6
of outstnding premiumO%7 difference bet3een
regulr premium e/pected
8 recei9ed in the first t3o
yers
After 1 yers you get :06
After 4 yers you get :46
After 5 yers you get :)6 After ) yers you get :(6
After ;yers 8 bo9e you
get '**6 of fund 9lue
"eth nd +turity On "eth,Sum Assured <
future premiums 3ill be
gi9en by !"#C on the
behlf of policyholder.
On mturity, =lue of
ccumulted fund is gi9en
to the beneficiry.
On "eth, Sum Assured <
#und =lue 3ill be gi9en
to the nominee.
On +turity,#und 9lue is
gi9en to the policyholder
#und Option '. $i>uid #und
0. Secure +nged
#und
1. "efensi9e +nged
#und
4. lnced +nged#und
5. E>uity +nged
#und
). ?ro3th #und
+/i miser ll
lncer ll
%rotector ll
%reser9er
Term -ider #or ccident Criticl
Illness, m/. -s.05*****
#or ccident Criticl
Illness %ermnent
"isbility
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Chrges #und +gmt. Chrges,
*.(*6 per nnum
Administrtion Chrges,
-s.0* per +onth
-is2 enefit Chrges,
"epend upon the ge of
the policyholder.
%rtil @ithdr3l
Chrge, ) prtil
3ithdr3l in policy yer
is free. All subse>uent
prtil 3ithdr3l in tht
policy yer 3ould be
chrged t -s.05* per
3ithdr3l.
#und s3itching Chrges
04 s3itches llo3ed e9ery
policy yer free.
Subse>uent s3itches 3ill
be chrged t -s. '** per
s3itch premium
#und +ngement
Chrges,"ifferent Chrges
for different funds selected.
+/i miser ll,
'.5*6 p..
lncer ll,'.**6
p..
%rotector, *.;56
p..
%reser9er, *.;56
p..
Administrtion Chrges, -s.)* per +onth
%rtil @ithdr3l
Chrge,one prtil
3ithdr3l in policy yer
is free. All subse>uent
prtil 3ithdr3l in tht
policy yer 3ould be
chrged t -s.'** per
3ithdr3l.
S3itching Chrges, 4
s3itches llo3ed e9ery
policy yer free.
Subse>uent s3itches 3ill
be chrged t -s. '** per
s3itch.
Compny Nme !"#C Std. $ife Insurnce ICICI %ru life Insurnce
%ln Nme&oung str !ife Ti(e Plus
Age1) to *+ , to *+
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Sum Assured -ini(u(Rs.1/,,/,,,
-a0i(u("o li(it
-ini(u(Rs.1/,,/,,,
-a0i(u(1crore
%remium -ini(u(Rs.1,/ ,,,
-a0i(u(no li(it
-ini(u(Rs.,/ ,,,
-a0i(u(3/,,/,,,
$oc2 in period 3 2ears 3 2ears
Surrender llo3ed After 3 2ears$ no carges
Before lock in 4erio53,6
of outstan5ing 4re(iu(
'P7 5ifference bet8een
regular 4re(iu( e04ecte5
9 recei:e5 in te first t8o 2ears
After 3 2ears$ 2ou get ;6
After < 2ears$ 2ou get ;<6
After + 2ears$ 2ou get ;*6
After * 2ears$ 2ou get ;)6
After =2ears 9 abo:e$ 2ou
get 1,,6 of fun5
:alue
"eth nd +turity 'n Deat Sum Assured <
future premiums 3ill
be gi9en by !"#C
on the behlf of
policyholder.
On mturity &alue of
accu(ulate5 fun5 is gi:en
to te beneficiry.
'n Deat, Sum Assured < #und
=lue 3ill be gi9en to the
no(inee.
On +turity>un5 :alue is
gi:en to te 4olic2ol5er
#und Option =. !i?ui5 >un5 ). %ecure -anage5
>un5
;. Defensi:e -anage5
>un5
1,. Balance5 -anage5
>un5
11. E?uit2 -anage5
>un5
1. @ro8t >un5
-a0i (iser ll Balancer ll
Protector ll
Preser:er
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Chrges >un5 -g(t. Carges
,.),6 4er annu(
A5(inistration Carges
Rs., 4er -ont
Risk Benefit Carges
De4en5 u4on te age of te
4olic2ol5er.
Partial Wit5ra8al
Carge * 4artial
8it5ra8al in a 4olic2 2ear
is free. All subse?uent 4artial 8it5ra8al in tat
4olic2 2ear 8oul5 be
carge5 at Rs.+, 4er
8it5ra8al.
>un5 s8itcing Carges/
< s8itces allo8e5 e:er2
4olic2 2ear free.
%ubse?uent s8itces 8ill be
carge5 at Rs. 1,, 4er
s8itc 4re(iu(
un5 -anage(ent Carges
Different Carges for
5ifferent fun5s selecte5.
-a0i (iser ll1.+,6
4.a.
Balancer ll1.,,6
4.a.
Protector ,.=+6
4.a.
Preser:er ,.=+6
4.a. A5(inistration Carges
Rs.*, 4er -ont
Partial Wit5ra8al
Cargeone 4artial
8it5ra8al in a 4olic2 2ear
is free. All subse?uent
4artial 8it5ra8al in tat
4olic2 2ear 8oul5 be
carge5 at Rs.1,, 4er
8it5ra8al.
%8itcing Carges <
s8itces allo8e5 e:er2
4olic2 2ear free. %ubse?uent
s8itces 8ill be carge5 at
Rs. 1,, 4er s8itc.
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/espondent rofile@ (
/espondent profile has 'een analyed@ (
ue% 3@ ( Awareness of HDFC Standard Life Insurance Company@(
S% 8o% articulars /esponse
A Print 3edia /B
B Electronic 3edia 7@
C Aents 7=
D Ot"ers ??
0
510
15
20
25
30
35
40
Media
Electronic
Media
Agents Others
Series1
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I8,.//.,A,I;8@(
In t"is c"art( !e can see t"at t"e Aents play major role in a!arin peopleabout t"e )D*+-SLI+.$ Apart from t"is electronic media is also a source fora!areness$
/espondents5 response a'out the awareness of the Insurance Companies
ue% 0@ (:hat the people thin" a'out the Insurance
S% 8o% articulars /esponse
A 4ecessity for protection security C
B Imposition of a burden of e#penses ?C
C A compulsory tool for ta# sain ?
0
10
20
30
40
50
60
0
!0
Securit" E#$enses %a# Sa&ing
Series1
I8,.//.,A,I;8@(
On t"e basis of aboe analysis( !e can say t"at people mostly treat insuranceas a protection instrument$ C people t"in' insurance as a necessity for protection &security.$
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ue$ 7G - 3ain consideration t"at a customer loo's at !"ile purc"asin an InsurancePolicy$
S% 8o% articulars /esponse
A TA8 ?@
B SA:I41 /
C PROTE+TIO4 =7
D PE4SIO4 7
. I4:EST3E4T =
0
10
20
30
40
50
60
% a #
S a & i n
g
P r o t e
c t i o n
P e n s i o n
I n & e
s t e '
n t
Series1
I8,.//.,A,I;8@(
On t"e basis of aboe analysis( !e can say t"at people purc"ase insurance policy mostly for t"e protection purpose. so use to purc"ase traditional plans$
ue$ BG - K"at a respondent see !"ile purc"asin Insurance from t"e companyF
S% 8o% articulars Ma4e
A Standin and ood!ill of t"e company B
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B Product rane of t"e company C
C Adertisement bein released by t"ecompany 7
D Serices bein ien by t"e company ?
. Returns of bonus declared by t"ecompany
/
0
5
10
15
20
25
3035
40
45
50
( o o
d ) i l l
P r o d
u c t *
a n g e
A d & e
r t i s e ' e n t
S e r & i c e
s
* e t u
r n
Series1
I8,.//.,A,I;8@(
On t"e basis of aboe analysis( !e can say t"at people prefer t"e companiest"ose "ae ery "i"ly ood!ill in t"e mar'et$ And apart from t"is !"ile purc"asint"em also use to ie more !ei"t ae to return also$
ue$ =G -Plan t"at a respondent prefers to buy
S% 8o% articulars Ma4e
A Protection Plan BC
B Inestment Plan ?
C Pension Plan ?@
D +"ildren Plan /B
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0
5
10
15
20
25
30
35
40
45
50
P r o t e c t i o
n
I n & e s t ' e
n t
P e n s i
o n
+ h i l d r
e n
Series1
I8,.//.,A,I;8@(
On t"e basis of aboe analysis( !e can say t"at people prefer to buyprotection & c"ildren plans mostly.$
ue$ G - +ustomers e#pectations from Life Insurance +ompanies
S% 8o% articulars Ma4e
A Innoatie Products =
B Attractie Riders /
C Reasonable Premium /B
D 0etter +ustomer Serice BC
. )i" Ris' +oerae //
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0
5
10
15
20
25
30
35
40
45
50
I n n o & a
t i & e
A t t r a c
t i & e
P r e '
i u '
S e r &
i c e
*
i s ,
Series1
I8,.//.,A,I;8@(
On t"e basis of aboe analysis( !e can say t"at people e#pect better customerserice from t"e insurance companies & reasonable premium on t"eir inestment.$
ue$ CG - )D*+ Standard Life Insurance +ompany proides better facilities t"an
I+I+I Prudential Life Insurance +ompany
S% 8o% articulars Ma4e
A ;es 7B
B 4o /
C +ant say B
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0
10
20
30
40
50
60
0
!0
-es .o /a&ent
Series1
0
10
20
30
40
50
60
0
-es .o +ant Sa"
Series1
I8,./.,A,I;8@(
On t"e basis of aboe analysis( !e can say t"at people are not a!are aboutt"ese companies so !e can not come on any conclusion$
ue$ G -Is t"e respondent satisfied !it" t"e plan "e bou"tF
S% 8o% articulars /esponse
A ;es C
B 4o ?C
C I "aent bou"t any ?
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I8,./.,A,I;8@(
On t"e basis of aboe analysis( !e can say t"at people are satisfied !it" t"e
plans t"ey "ae bou"t$
DA,A <I.S .;L.5S ./C.,I;8 ;8 A/;/IA,. A<. F;/
B9=I8< I8S9/A8C.
/.S;8S. 8;% ;F
/.S;8D.8,S
SHA/. $M
After /= years / />
After 7= years ?@ ?@>
After B= years >
Anytime == ==>
After 25
years29%
After 35 years
10%
After 45 years
6%
Anytime
55%
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I8,.//.,A,I;8
• /> of t"e respondents are !it" t"e ie! t"at insurance s"ould be bou"t
after t"e ae of /= years$
• ?@> of t"e respondents are !it" t"e ie! t"at insurance s"ould buy after
t"e ae of 7= years$
• K"ereas( ==> of t"e respondents are !it" t"e ie! t"at buyin of
insurance do not "ae any t"in to do !it" ae i$e$ t"ere is no ae limitations$ It
can be purc"ased any time accordin to t"e need$
SKOT A4AL;SIS
“Analysis of Consumers Behavior & performance towards various Investment and
Insurance roducts of HDFC SLIC!
B
S,/.8<,H
Country :ide /eco4nition
8eed Base Analysis
Same Standard Services in
all Branches
Fair Deal in all ,ransactions
Customers CentricApproach
Infrastructure
:..*8.SS
FreJuent -o' /otation
Less num'er of
advertisements
Hidden Char4es
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C;8CL9SI;8
On t"e basis of my study( I conclude t"at( bot" t"e companies are proidinery ood facilities to t"eir customers$ )D*+ Standard Life Insurance is t"e one t"at
is proidin !aier of premium to its customer in case of deat" of t"e life assured(
!"ereas I+I+I is not proidin t"is facility to its customers$
0ot" t"e companies "ae same loc' in period i$e$7 years$ Surrender c"ares of
t"ese companies are different from eac" ot"er$ On maturity( bot" t"e companies
“Analysis of Consumers Behavior & performance towards various Investment andInsurance roducts of HDFC SLIC!
=
,H/.A,
LIC5s Brand 8ame
eople of -aipur prefer
short(term investment
rather than in insurance
9pcomin4 private insurance
companies%
;;/,98I,=
Scope in -aipur as it is in the
developin4 phase
;nly 0EM of insura'le
people have any insurance
Hi4her possi'ility of 4rowth
in Indian share )ar"et
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proide t"e amount e,ual to t"e mar'et alue of t"e units$ +"ares ta'en to manae
t"e fund are different in bot" t"e companies$
RE+O33E4DATIO4S
?$ )D*+ SL can improe upon its efficiency by not c"anin its staff fre,uently$ 0y
doin t"is ban' can continue to create( maintain and ro! stron relations"ip
!it" e#istin customers$
Idea be"ind t"is is t"at staff !"ic" is already !or'in for ban' is !ellac,uainted !it" t"e nature and !ants of t"e e#istin customers$
/$ 9se of creatie adertisements to attract more and more taret customers and to
create a!areness amon t"em$
7$ )D*+ SL s"ould c"al' out some prorams to create eneral a!areness reardin
its presence and arious serices of t"e company$
B$ Today is t"e era of competition$ In order to increase t"e company net!or' 2In
terms of clients and business olumes6 an aressie approac" is re,uired$
T"e 0an' s"ould recruit more number of mar'etin personnel so t"att"ey can coer t"e !"ole of t"e city and nearest illaes of 5aipur$ Personalmar'etin can be one of t"e met"ods of modes of ta'in people intoconfidence$
=$ )D*+ SL s"ould try to ma'e its promotional actiities more effectiely$
$ It can use industrial maa<ine media as an adertisin tool for approac"in is
mar'et sement$
C$ Try to reduce "idden c"ares so as to satisfy t"e customers more effectiely$
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$ It s"ould reularly conduct mar'et researc" and sureys for 'no!in customers
better and for facin t"reat from competitors$
$ Supportin staff s"ould be appointed$
S9<<.S,I;8S
Adertisement s"ould be done on teleision and especially Posters and
0anners$ T"is !ill reatly "elp in raisin a!areness leel$
Insurance +ompanies s"ould s"o! more commitment !it" t"e customers$
Priate companies ie better serices to t"e customers as compared to publiccompanies$
T"e priate company s"ould create ood relations and communication$
Priate companies s"ould collaborate to spread a!areness reardin t"e
benefits of insurance plans proided by t"e Priate +ompanies$
Aents "ae ot ma#imum influence on customers$ T"ey are t"e one !"o
introduces t"e prospect to different policies$ So aents s"ould be ien full-
fleded trainin and t"e trainin s"ould be strict$
A.8DIN
9.S,I;8AI/.
$,his information is for our internal use only7 will not to 'e disclosed to any
other or4aniationOdepartment
Consumers Behavior towards various Investment and Insurance roducts
A( Study
8ame Address
,elephone A4e
;ccupation
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)arital status@ Sin4leO)arried
$?G )o! do you 'no! about )D*+ Standard Life Insurance +ompanyF
♦ Print 3edia
♦ Electronic 3edia
♦ Aents
♦ Ot"ers
$/G K"at do you t"in' about insuranceF
♦ 4ecessity for protection security
♦ Imposition of a burden of e#penses
♦ A compulsory tool for ta# sain
$7G 3ain consideration t"at you loo' at !"ile purc"asin an insurance policy$
♦ Ta#
♦ Sain
♦ Protection
♦ Pension
♦ Inestment
$BG K"at do you see !"ile purc"asin an insurance policy from t"e companyF♦ Standin and ood!ill of t"e company
♦ Product rane of t"e company
♦ Adertisement bein released by t"e company
♦ Serices bein ien by t"e company
♦ Returns of bonus declared by t"e company
$=G K"ic" plan !ould you li'e to buyF
♦ Protection Plan♦ Inestment Plan
♦ Pension Plan
♦ +"ildren Plan
$G K"at do you e#pect from )D*+ Standard Life Insurance +ompanyF
♦ Innoatie Products
♦ Attractie riders
♦ Reasonable premium
♦ 0etter +ustomer Serice
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♦ )i" ris' coerae
$CG Do you t"in' t"at )D*+ Standard Life Insurance +ompany proides betterfacilities t"an I+I+I prudential life insurance companyF
♦ ;es
♦ 4o
$$ Are you satisfied !it" t"e plan you bou"tF
♦ ;es
♦ 4o
♦ I "aent bou"t any
A44E89RE
TELE-+ALLI41
9ESTIO44AIRE
4A3EG OR1A4IZATIO4G
ADDRESSG DESI14ATIO4G
+O4TA+TG O**I+E ADD$ G
+O4TA+TG
?$ K"at is your 3obile no$F
[[[[[[[[[[[[[[[[[[[[[[[[
/$ K"at is your E-mail IDF
[[[[[[[[[[[[[[[[[[[[[[[[
7$ K"ic" insurance do you "aeF
1eneral insurance
Life insurance
B$ K"ic" type of policy do you "ae F
[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[
=$ Are you interested to attend seminar or ot"er discussion proramorani<ed by
)D*+( SLI+F
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[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[
$ Are you satisfied !it" present insurance policy do you "ae F
;es
4o
*IELD KOR%
9ESTIO44AIRE
4A3EG DESI14ATIO4
OR1A4IZATIO4S 4A3EG +O4TA+T
ADDRESSG
$ ?$ K"ic" companys insurance do you "ae F
?$ LI+ B$I+I+I PR9
/$ A:I:A =$ 0IRLA S94LI*E
7$ 0A5A5 ALLIA4IZ $ Any Ot"er$
$ /$ K"at is your annual incomeF
?$ Less t"an ? la'" 7$ ?-7 La'" /$ 7-= la'" B$ 3ore t"an = la'"
$ 7$ K"at is t"e most li'ely reason for ta'in insuranceF
[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[
$ B$ uarries reardin policy in your companyF
?$ Return 7$ Serice
/$ +laim on time B$ Any ot"er
$ =$ )o! you "ae ma'e secure yourself and your family F
?$ Property 7$ *i#ed deposit
/$ Educated c"ildren B$ 4ot secure
$ $ K"ic" facility does you li'e most proided by usF
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?$ Rate of return B$ Kaier of premium
/$ Easy e#it =$ Timely claim settlement
7$ Any ot"er
$ C$ K"at benefits you !ant to see' from an mar'et lin'ed insurance policy F
?$ Only profit
/$ 3ore insurance coer & nominal profit
7$ Timely claim settlement
B$ 3ore profit & nominal insurance
=$ Any ot"er
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2T)A4% ;O96
BIBLI;</AH=
:.BSI,.S
• !!!$"dfcinsurance$com
• !!!$economictimes$com
• !!!$irdaindia$com
• !!!$bimaonline$com
“Analysis of Consumers Behavior & performance towards various Investment andInsurance roducts of HDFC SLIC!
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