hdfc final report....doc

7/28/2019 hdfc final report....doc

1/59

PROJECT REPORT

ON

Customer Perception Towards

HDFC Standard Life Insurance Company Ltd.

Report Submitted In the Partial Fulfillment For The

Masters of Business Administration (2011-2013)

SUBMITTED TO: - SUBMITTED BY:-

Ms. Sukhbir Kaur Sheenam Pasricha

Asst. Professor MBA

Mgmt. Dept Roll no.1174494

MIMIT , MALOUT

DECLARATION

1


2/59

I undersigned hereby declare that the project report submitted to my college MIMIT,

MALOUT. In partial fulfillment for the degree of Masters of business administration on

Customer Perception Towards HDFC Standard Life Insurance is a result of my own

work under continuous guidance and kind co-operation of our college faculty members.

I have not submitted this report to any other university for the award of degree.

Sheenam Pasricha

ACKNOWLEDGEMENT

2


3/59

A successful completion of an endeavour is very gratifying experience. This is the

moment where I feel indebted to people who have supported me at different point in this

project. I would like to express my heartfelt gratitude and thankfulness to the almighty

god for blessing me with the opportunity and ability to work on this project.

I am thankful to J.J.Maini ( HOD of Management Dept.) who provided us the right kindof environment to work on this project. My sincere thanks to Ms. Sukhbir Kaur (Asst.

Prof.) for her invaluable guidance in completing this project.

I would also like to thank my parents for their constant support and providing me

everything I required for study all the time. They are the one who should be credited for

my successful completion of project.

I hope this project provides readers meaningful information about Customer PerceptionTowards HDFC Standard Life Insurance.

CONTENTS

TABLE OF CONTENTS PAGE NO.

3


4/59

1. COMPANY PROFILE OF THE HDFC SLI BANK (5-19)

i. Our vision & Our Values 6-8

ii. HDFC key Strengths 11

iii. Plans Offered By HDFC SLI 12-17

iv. Awards 18

2. INDIAN INSURANCE INDUSTRY (20-30)

i. History Of Indian Insurance Industry 21

ii. Characteristics Of Life Insurance 24

iii. Functions Of Insurance 25

iv. Players in Indian insurance Industry 26

v. Role Of IRDA In Insurance Sector 29

vi. Advantages Of Life Insurance 30

3. CUSOMER PERCEPTION ON LIFE INSURANCE (31-35)

4. RESEARCH METHODOLOGY (36-39)

i. Objectives Of The Study 37

ii Research Design , Sampling Plan,Tools 38-39

5. DATA ANALYSIS AND INTERPRETATION (42-53)

6.FINDINGS 53

7. LIMITATIONS 54

8. RECOMMENDATIONS 55

9. CONCLUSION 56

10. BIBLIOGRAPHY 57

11. QUESTIONAIRE 58-59

Chapter-1

4


5/59

Company Profile

HDFC Standard Life Insurance Ltd.

5


6/59

HDFC SLI ( HOUSING DEVELOPMENT FINANCE CORPORATION

STANDARD LIFE INSURANCE LTD)

ABOUT HDFC STANDARD LIFE INSURANCEHDFC Standard Life Insurance Company Ltd. is one of India's leading private insurance companies,which offers a range of individual and group insurance solutions. It is a joint venture between HousingDevelopment Finance Corporation Limited (HDFC Ltd.), India's leading housing finance institutionand a Group Company of the Standard Life, UK. HDFC as on December 31, 2007 holds 72.38 per centof equity in the joint venture.

HDFC Standard Life insurance Company- HDFC holds 72.26 %.

HDFC Asset Management Company HDFC holds 60%

HDFC Bank- HDFC holds 23.26%.

Intelenet Global (Business Process Outsourcing) HDFC holds 50%.

HDFC Chubb General Insurance Company HDFC holds 74%.

OUR VISION AND VALUES

HDFC Standard Life Insurance Company Ltd. is one of India's leading private insurance companies,

which offers a range of individual and group insurance solutions. It is a joint venture between Housing

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

and Standard Life plc, a Group Company of the Standard Life, UK. HDFC, as on December 31, 2008,

holds 72.26 per cent of the paid up equity in the joint venture.

6


7/59

Our Vision'The most successful and admired life insurance company, which means that we are the most trustedcompany, the easiest to deal with, offer the best value for money, and set the standards in the industry'.In short, 'The most obvious choice for all'.

OUR VALUES

Values that define how we work:7


8/59

Integrity ,Innovation ,Customer centric, People Care ,Team work, Joy and Simplicity

Besides the above (which provides an insight into the Corporate Structure of the Company), theCommittees appointed by the Board focus on specific areas and take informed decisions within theframework of delegated authority, and make specific recommendations to the Board on matters withintheir areas of purview. All decisions and recommendations of the Committees are placed before theBoard for information or for approoval

Values that we observe while we work:

Integrity

Innovation

Customer centric

People Care One for all and all for ones

Teamwork

Joy and Simplicity

JOINT VENTURE

8


9/59

HDFC Standard Life Insurance Company Limited was one of the first companies to be grantedlicense by the IRDA to operate in life insurance sector. Reach of the JV player is highly rated and

been conferred with many awards. HDFC is rated AAA by both CRISIL and ICRA. Similarly,Standard Life is rated AAA both by Moodys and Standard and Poors. These reflect the efficiencywith which HDFC and Standard Life manage their asset base of Rs. 15,000 Cr and Rs. 600,000 Cr.respectively.

HDFC Standard Life Insurance Company Ltd was incorporated on 14th August 2000. HDFC is themajority stakeholder in the insurance JV with 81.4% staple and Standard of as a staple 18.6% Mr.Deepak Satwalekar is the MD and CEO of the venture.HDFC Standard Life Insurance Company Ltd. is one of India's leading private insurancecompanies, which offers a range of individual and group insurance solutions. It is a joint venturebetween Housing Development Finance Corporation Limited (HDFC Ltd.), India's leading housing

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

HDFC STANDARD LIFE INSURANCE PARENTAGE

HDFC is India leading housing finance institution and has helped build more than23, 00,000 houses since its incorporation in 1977.

In Financial Year 2003-04 its assets under management crossed Rs. 36,000 Cr.

As at March 31, 2004, outstanding deposits stood at Rs. 7,840 crores. The depositor base nowstands at around 1 million depositors.

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

Stable and experienced management.

High service standards.

Awarded The Economic Times Corporate Citizen of the year Award for itslong-standing commitment to community development.

Presented the Dream Home award for the best housing finance provider in 2004 at the thirdAnnual Outlook Money Awards.

9


10/59

Standard Life Group (Standard Life plc and its subsidiaries)

Standard Life Group (Standard Life plc and its subsidiaries)

The Standard Life group has been looking after the financial needs of customers for over 180

years

It currently has a customer base of around 7 million people who rely on the company for their

insurance, pension, investment, banking and health-care needs

Its investment manager currently administers 125 billion in assets

Standard Life was awarded the 'Best Pension Provider' in 2004, 2005 and 2006 at the Money

Marketing Awards, and it was voted a 5 star life and pensions provider at the Financial Adviser

Service Awards for the last 10 years running. The '5 Star' accolade has also been awarded to

Standard Life Investments for the last 10 years, and to Standard Life Bank since its inception in

1998. Standard Life Bank was awarded the 'Best Flexible Mortgage Lender' at the Mortgage

Magazine Awards in 2006

HDFC KEYS STRENGTHS

Financial Expertise

As a joint venture of leading financial services groups, HDFC Standard Life has the financial expertiserequired to manage your long-term investments safely and efficiently.

10


11/59

Range of Solutions

We have a range of individual and group solutions, which can be easily customised to specific needs.Our group solutions have been designed to offer you complete flexibility combined with a lowcharging structure.

Track Record so far

Our gross premium income, for the year ending March 31, 2008 stood at Rs. 4,859 crores and newbusiness premium income stood at Rs. 2,685 crores.The company has covered over 9,59,000 lives year ending March 31, 2008.

Accolades and Recognition

Rated by 'Business world' as 'India's Most Respected Private Life Insurance Company' in 2004.

PLANS OFFERED BY HDFC STANDARDS LIFE INSURANCE

Protection Plans :You can protect your family against the loss of your income or the burden of a

loan in the event of your unfortunate demise, disability or sickness. These plans offer valuable peace of

11


12/59

mind at a small price. Our Protection range includes our Term Assurance Plan& Loan Cover Term

Assurance Plan.

Investment Plans :OurSingle Premium Whole Of Life plan is well suited to meet your long

term investment needs. We provide you with attractive long term returns through regular bonuses.

PensionPlans Our Pension Plans help you secure your financial independence even after retirement.

Our Pension range includes ourPersonal Pension Plan, Unit Linked Pension,Unit Linked Pension Plus

Savings Plans : Our Savings Plans offer you flexible options to build savings for your future

needs such as buying a dream home or fulfilling your children immediate and future needs. Our

Savings range includes Endowment Assurance Plan, Unit Linked Endowment, Unit LinkedEndowment Plus, Unit Linked Endowment Plus II, Money Back, Unit Linked Enhanced Life

Protection II, Children's Plan.

Development Insurance Plan : Development Insurance plan is an insurance plan which

provides life cover to members of a Development Agency for a term of one year. On the death of any

member of the group insured during the year of cover, a lump sum is paid to those member

beneficiaries to help meet some of the immediate financial needs following their loss.

HDFC Children Plan: Children's Plans helps you save so that you can fulfill your child's

dreams and aspirations. These plans go a long way in securing your child's future by financing the key

milestones in their lives even if you are no longer around to oversee them. As a parent, you wish to

provide your child with the very best that life offers, the best possible education, marriage and life

style.

Most of these goals have a price tag attached and unless you plan your finances carefully, you may not

be able to provide the required economic support to your child when you need it the most. For example,

with the high and rising costs of education, if you are not financially prepared, your child may miss an

opportunity of a lifetime.

12
http://www.hdfcinsurance.com/products/indi_tap.aspxhttp://www.hdfcinsurance.com/products/indi_lcta.aspxhttp://www.hdfcinsurance.com/products/indi_lcta.aspxhttp://www.hdfcinsurance.com/products/indi_spwlp.aspxhttp://www.hdfcinsurance.com/products/indi_ppp.aspxhttp://www.hdfcinsurance.com/products/indi_ulpp.aspxhttp://www.hdfcinsurance.com/products/indi_ulpplus.aspxhttp://www.hdfcinsurance.com/products/indi_eap.aspxhttp://www.hdfcinsurance.com/products/indi_eap.aspxhttp://www.hdfcinsurance.com/products/indi_uleplusII.aspxhttp://www.hdfcinsurance.com/products/indi_mbp.aspxhttp://www.hdfcinsurance.com/products/indi_elpII.aspxhttp://www.hdfcinsurance.com/products/indi_elpII.aspxhttp://www.hdfcinsurance.com/products/indi_cp.aspxhttp://www.hdfcinsurance.com/products/indi_tap.aspxhttp://www.hdfcinsurance.com/products/indi_lcta.aspxhttp://www.hdfcinsurance.com/products/indi_lcta.aspxhttp://www.hdfcinsurance.com/products/indi_spwlp.aspxhttp://www.hdfcinsurance.com/products/indi_ppp.aspxhttp://www.hdfcinsurance.com/products/indi_ulpp.aspxhttp://www.hdfcinsurance.com/products/indi_ulpplus.aspxhttp://www.hdfcinsurance.com/products/indi_eap.aspxhttp://www.hdfcinsurance.com/products/indi_uleplusII.aspxhttp://www.hdfcinsurance.com/products/indi_mbp.aspxhttp://www.hdfcinsurance.com/products/indi_elpII.aspxhttp://www.hdfcinsurance.com/products/indi_elpII.aspxhttp://www.hdfcinsurance.com/products/indi_cp.aspx


13/59

Today, a 2-year MBA course at a premiere management institute would cost you nearly Rs. 3,00,000/-

At a assumed 6% rate of inflation per annum, 20 years later, you would need almost Rs. 9,07,680/- to

finance your child's MBA degree.

An illustration of how education expenses could rise with passing time due to inflation. So, how can

you cope with these costs? Children's Plans help you save steadily over the long term so that you can

secure your child's future needs, be it higher education, marriage or anything else. A small sum

invested by you regularly can help you build a decent corpus over a period of time and go a long way

in providing your child a secured financial future alongwith.

13


14/59

They are:

Maturity Benefit Plan : Should the life insured die during the term of the plan, the future

premiums are waived and the policy continues till maturity. On maturity, the beneficiary will

receive the sum assured and the accumulated bonuses. Bonuses under this plan are of reversionary

nature and are on sum assured (non-compounded).

Accelerated Benefit Plan : If the life insured dies the beneficiary will receive the sum

assured and the accumulated bonuses immediately, and the policy will terminate. Should the life

assured survive up to maturity, the sum assured and the bonuses will be paid.

Double Benefit Plan :Under this plan, on the death of the life insured during the premium

paying term, the beneficiary will receive the sum assured, and the future premiums are waived. On

maturity, the beneficiary will receive an additional sum assured plus bonuses.

HDFC Endowment Assurance Plan: As a judicious family man, your priority is to

secure the well-being of those who depend on you. Not just for today, but also for the long term.

14


15/59

With our HDFC Endowment Assurance Plan, you can start building your savings today and ensure

that your family remains financially independent, even when you are not around. This 'With

Profits' plan is designed to secure your family's future by giving your family a guaranteed lump

sum on maturity or in case of your unfortunate demise, early into the policy term.

Advantages:

Ideal way to secure your long-term financial goals and your family's financial

independence by giving a lump sum payment (basic Sum Assured plus any Bonus Additions)

on survival up to Maturity date

Provides invaluable protection to your family by way of lump sum payment in case of

unfortunate demise within policy term

Gives you the flexibility to customise your policy according to your needs by adding

any one of the 3benefit options available

You can choose to pay your premium as either Annually, Half-Yearly or Quarterly

depending on your convenience. You also have a range of convenient auto premium payment

options

Tax benefits under sections 80C, 80D and 10(10D) of Income Tax Act, 1961

HDFC Life Smart Woman Plan: HDFC Life Smart Woman Plan, a unique insurance cum

investment plan designed specifically for women. This plan ensures that your savings continue, while

you adjust to the new stages of your life, and you remain confident to live life your way.15


16/59

The plan comes with comprehensive coverage options where we will cover you against pregnancy

complications and congenital conditions or for malignant female-specific cancers. During these critical

moments, we assure you the peace of mind by waiving and funding your premiums so that as you

overcome and adjust to your life your investments continue to grow.

FEATURES:

Tax Benefits

16


17/59

INCOME TAX

SECTION

GROSS ANNUAL

SALARY

HOW MUCH TAX

CAN YOU SAVE?

HDFC STANDARD LIFE PLANS

Sec. 80C Across All income

Slabs

Upto Rs. 33,990

saved on investment

of

Rs. 1,00,000.

All the life insurance plans.

Sec. 80 CCC Across all income

slabs.

Upto Rs. 33,990

saved on Investment

of Rs.1,00,000.

All the pension plans.

Sec. 80 D* Across all income

slabs

Upto Rs. 3,399 saved

on Investment ofRs. 10,000.

All the health insurance riders

available with the conventional plans.

TOTAL SAVINGS

POSSIBLE **

Rs37,389

Rs. 33,990 under Sec. 80C and under Sec. 80 CCC , Rs.3,399 under Sec. 80 D,calculated for a male with gross annual incomeexceeding Rs. 10,00,000.

AWARDS

HDFC Standard Life has been adjudged one of the Best Companies to Work for in

India in 2010. The company participated in the Great Places to Work study for the first time

and ranked first in the insurance category.

17

Sec. 10 (10)D Under Sec. 10(10D), the benefits you receive are completely tax-free, subject to theconditions laid down therein.


18/59

HDFC Standard Lifes YoungStar Super has been voted Product of the Year 2010 in

the 'Insurance' category by more than 30,000 consumers nationwide across 36 markets. The

consumer study on product innovation in India was conducted by A C Nielsen, the leading

global research firm.

HDFC Standard Life has received the CIO The Ingenious 100 - 2009 Award, for

ATLAS (Agency Training Licensing and Servicing System). Additionally, the company has

received the CIO 100 Security Award 2009 for pioneering LANDesk Management and

Security Suite security implementation and taking its security to a higher level of technological

excellence.

HDFC Standard Life has received the Diamond EDGE Award 2009 for its mobile

workforce portal - Consultant Corner. EDGE - Enterprises Driving Growth and Excellence

(using IT) is an initiative by the ,Network Computing magazine to identify, recognize, and

honor end-user companies in India that have demonstrated the best use of technology to solve a

business problem, improve business competitiveness, and deliver quantifiable ROI to

stakeholders.

18


19/59

Chapter-2

INDIAN INSURANCE INDUSTRY

AN OVERVIEW

THE INSURANCE INDUSTRY IN INDIA

INSURANCE:

Insurance is a contract providing for payment of a sum of money to the person assured or failing him

to the person entitled to receive the same on the happening of certain event.Uncertainty of death is

inherent in human life. It is this risk, which gives rise to thenecessity for some form

19


20/59

of protection against the financial loss arising from death.Insurance substitutes this uncertainty by

certainty.The objective of insurance is normally to provide:

a)Family Protection

b)Provision for old age.

c)Protection against risks

Why Insurance?

Insurance cover is essential because it provides the following benefits:

A lump sum payment to the nominees at the time of the death of the policy holder.

A regular payment to the nominees in the event of the death of the policy holder. Tax

benefits, as premiums paid reduce the liability of tax.

Relieves economic hardships in the family on the uneventful death of the sole income

holder.

Inculcates the habit of savings.

THE HISTORY OF INDIAN INSURANCE INDUSTRY

The story of insurance is probably as old as the story of mankind. The same instinct that promptsmodern businessmen today to secure themselves against loss and disaster existed in primitive men also.They too sought to avert the evil consequences of fire and flood and loss of life and were willing tomake some sort of sacrifice in order to achieve security. Though the concept of insurance is largely adevelopment of the recent past, particularly after the industrial era past few centuries yet itsbeginnings date back almost 6000 years.

Life Insurance

In 1818 the British established the first insurance company in India in Calcutta, the Oriental LifeInsurance Company. First attempts at regulation of the industry were made with the introduction of theIndian Life Assurance Companies Act in 1912. A number of amendments to this Act were made untilthe Insurance Act was drawn up in 1938. Noteworthy features in the Act were the power given to theGovernment to collect statistical information about the insured and the high level of protection the Act

20


21/59

gave to the public through regulation and control. When the Act was changed in 1950, this meant farreaching changes in the industry. The extra requirements included a statutory requirement of a certainlevel of equity capital, a ceiling on share holdings in such companies to prevent dominant control (toprotect the public from any adversarial policies from one single party), stricter control on investmentsand, generally, much tighter control. In 1956, the market contained 154 Indian and 16 foreign lifeinsurance companies. Business was heavily concentrated in urban areas and targeted the higherechelons of society. Unethical practices adopted by some of the players against the interests of the

consumers then led the Indian government to nationalize the industry. In September 1956,nationalization was completed, merging all these companies into the so-called Life InsuranceCorporation (LIC). It was felt that nationalization has lent the industry fairness, solidity, growth andreach.Insurance may be described as a social device to ensure protection of economic value of life and otherassets. Under the plan of insurance, a large number of people associate themselves by sharing risksattached to individuals. The risks, which can be insured against, include fire, the perils of sea,death and accidents and burglary. Any risk contingent upon these, may be insured against at apremium commensurate with the risk involved. Thus collective bearing of risk is insurance.Insurance is a contract whereby, in return for the payment of premium by the insured, the insurerspay the financial losses suffered by the insured as a result of the occurrence of unforeseen events. The

term "risk" is used to describe the possibility of adverse results flowing from any occurrence or theaccidental happenings, which produce a monetary loss.Insurance is a pool in which a large number of people exposed to a similar risk make contributions toa common fund out of which the losses suffered by the unfortunate few, due to accidental events, aremade good. The sharing of risk among large groups of people is the basis of insurance. The losses of anindividual are distributed over a group of individuals.

Definitions:

General definition:

In the words of John Magee, Insurance is a plan by themselves which large number of people

associate and transfer to the shoulders of all, risks that attach to individuals.

Fundamental definition:

In the words of D.S. Hansell, Insurance accumulated contributions of all parties participating in thescheme.

21


22/59

Contractual definition: In the words of justice Tindall, Insurance is a contract in which a sum ofmoney is paid to the assured as consideration of insurers incurring the risk of paying a large sum upona given contingency.

NEED FOR INSURANCE

Who will take care of my family if tomorrow something unfortunate happens to me? If this question

bothers you, then Life Insurance is the answer.

Of course, under any circumstances, the loss of a loved one is a traumatic experience. But, if your

family is also left without sufficient money to meet basic living needs or prepare for future goals, they

will have to cope with a financial crisis at the same time. A Life Insurance plan ensures that your

family is financially secure even if tomorrow you are no longer around to care for them.Life insurance,

especially tailored to meet your financial needs.

NEED FOR LIFE INSURANCE

Today, there is no shortage of investment options for a person to choose from. Modern day investmentsinclude gold, property, fixed income instruments, mutual funds and of course, life insurance. Given theplethora of choices, it becomes imperative to make the right choice when investing your hard-earnedmoney. Life insurance is a unique investment that helps you to meet your dual needs - saving for life'simportant goals, and protecting your assets. Let us look at these unique benefits of life insurance indetail.

Asset Protection

From an investor's point of view, an investment can play two roles - asset appreciation or assetprotection. While most financial instruments have the underlying benefit of asset appreciation, lifeinsurance is unique in that it gives the customer the reassurance of asset protection, along with a strongelement of asset appreciation.The core benefit of life insurance is that the financial interests of ones family remain protected fromcircumstances such as loss of income due to critical illness or death of the policyholder.Simultaneously, insurance products also have a strong inbuilt wealth creation proposition. Thecustomer therefore benefits on two counts and life insurance occupies a unique space in the landscapeof investment options available to a customer.

Goal based savings

Each of us has some goals in life for which we need to save. For a young, newly married couple, itcould be buying a house. Once, they decide to start a family, the goal changes to planning for theeducation or marriage of their children. As one grows older, planning for one's retirement will begin to

22


23/59

take precedence. Clearly, as your life stage and therefore your financial goals change, the instrument inwhich you invest should offer corresponding benefits pertinent to the new life stage.

Life insuranceis the only investment option that offers specific products tailor made fordifferent life stages. It thus ensures that the benefits offered to the customer reflect the needs of thecustomer at that particular life stage, and hence ensures that the financial goals of that life stage areme

The table below gives a general guide to the plans that are appropriate for different life stages.

gLife Stage e Prim Primary Needary Need

Life Insurance Product Life

Insurance ProductYoung & Single Asset creation Wealth creation plans

Young & Just married Asset creation &protection

Wealth creation and mortgage protectionplans

Married with kids Children's education,Asset creation andprotection

Education insurance, mortgage protection &wealth creation plans

Middle aged withgrown up kids

Planning for retirement &asset protection

Retirement solutions & mortgage protection

Across all life-stages Health plans Health Insurance

Characteristics of Life Insurance

Sharing of risks

Cooperative device

Evaluation of risk

Payment on happening of a special event

The amount of payment depends on the nature of losses incurred.

23
http://www.iciciprulife.com/public/Life-plans/Wealth-Creation-Plans.htmhttp://www.iciciprulife.com/public/Life-plans/Wealth-Creation-Plans.htmhttp://www.iciciprulife.com/public/Life-plans/Education-Insurance-Plans.htmhttp://www.iciciprulife.com/public/Retirement-Plans/Retirement-Plans-Need.htmhttp://www.iciciprulife.com/public/Health-plans/Whyhealthinsurance.htmhttp://www.iciciprulife.com/public/Health-plans/Whyhealthinsurance.htmhttp://www.iciciprulife.com/public/Life-plans/Wealth-Creation-Plans.htmhttp://www.iciciprulife.com/public/Life-plans/Wealth-Creation-Plans.htmhttp://www.iciciprulife.com/public/Life-plans/Education-Insurance-Plans.htmhttp://www.iciciprulife.com/public/Retirement-Plans/Retirement-Plans-Need.htmhttp://www.iciciprulife.com/public/Health-plans/Whyhealthinsurance.htmhttp://www.iciciprulife.com/public/Health-plans/Whyhealthinsurance.htm


24/59

The success of insurance business depends on the large number of people insured against similar

risk.

Insurance is a plan, which spreads the risk and losses of few people among a large number of

people.13

The insurance is a plan in which the insured transfers his risk on the insurer.

Insurance is a legal contract which is based upon certain principles of insurance which includes

utmost good faith, insurable interest, contribution, indemnity, causes proximal , subrogation, etc.

The scope of insurance is much wider and extensive.

Functions ofInsurance

Primary functions

1.Provide protection: - Insurance cannot check the happening of the risk, but can provide for the losses of risk.

2.Collective bearing of risk: - Insurance is a device to share the financial losses of few among many

others.

24


25/59

3.Assessment of risk: - Insurance determines the probable volume of risk by evaluating various factors

that give rise to risk.

4.Provide certainty: - Insurance is a device, which helps to change from uncertainty to certainty.

Secondary functions

1.Prevention of losses: - Insurance cautions businessman and individuals

to adoptsuitable device to prevent unfortunate consequences ofrisk by observing

safety instructions.

2.Small capital to cover large risks: - Insurance relives the businessman from security investment, by

paying small amount of insurance against larger risks and uncertainty.

3.Contributes towards development of larger industries.

Other Functions

Means of savings and investment :Insurance companies are business houses. The product they sell

is financial protection. To succeed and survive, they must cover their costs, which include payments to

cover the losses of policyholders, as well as sales and administrative expenses, taxes and dividends.

Liberalization of Indian Insurance

1994: Insurance sector invited private participation to induce a spirit of competition amongst thevarious insurers and. to provide a choice to the consumers.

1997: Insurance regulator IRDA was set up as there felt the Feed: To set up an independent regulatory

25


26/59

body, that provides greater autonomy to insurance companies in order to improve their performance, Inthe first year of insurance market liberalization (2001) as much as 16 private sector companiesincluding joint ventures with leading foreign insurance companies have entered the Indian insurancesector. Of this, 10 were under the life insurance category and six under general insurance. Thus in allthere are 25 players (12-life insurance and l3-general insurance) in the Indian insurance industry till date.

Players in Indian insurance Industry1. Life insurers

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

Life Insurance Corporation of India (LIC)

2. General insurers:

General Insurance Corporation of India (GIC) with effect from Dec'2000, a National

Reinsure

GIC had four subsidiary companies, namely with effect from Dec'2000, these subsidiaries have been

de-linked from the parent company and made as independent insurance companies.

1. The Oriental Insurance Company Limited

2. The New India Assurance Company Limited,

3. National Insurance Company Limited

4. United India Insurance Company Limited.

Yr: 2000-2007: Insurance Industry in the year 2009-2010 had 15 new entrants, namely:

Life Insurers

S.No. Name of the Company

1 Max New York Life Insurance Co. Ltd.

2 HDFC Standard Life Insurance Company Ltd.

3 ICICI Prudential Life Insurance Company Ltd.

26


27/59

4 Om Kotak Mahindra Life Insurance Co. Ltd.

5 Birla Sun Life Insurance Company Ltd.

6 Tata AIG Life Insurance Company Ltd.

7 SBI Life Insurance Company Limited

8 ING Vysya Life Insurance Company Private Limited

9 Allianz Bajaj Life Insurance Company Ltd.

10 MetLife India Insurance Company Pvt. Ltd.

11 Reliance Life Insurance Company Ltd.

12 Shriram Life Insurance Company Ltd.

13 Sahara India Life Insurance Company Ltd.

14 Bharti AXA Life Insurance Company Ltd.

15 Aviva Life Insurance Company Ltd.

COMPETITORS

27


28/59

ROLE OF IRDA IN INSURANCE SECTOR

IRDA plays an important role in insurance sector giving important guide lines to various companies inthe area of insurance. The IRDA's green signal to insurance companies for investments in venturecapital funds would provide a boost in growth pertaining to the infrastructure segment. The insurance

28


29/59

companies would be allowed to invest about 5% of the total investment in the venture capital fundspertaining to infrastructure based projects. The total aggregate of the assets under the life insurancecompanies is Rs 699,375 crores. The proposed alterations in the regulations pertaining to investmentsof the insurance companies were settled by the Insurance Regulatory and Development Authority ofIndia (IRDA), at the board meeting on the 25th of March 2008. Several other alterations were also donewith the investment norms.The other important norm is the expansion of the sanctioned investmentscategory, which would also include the mortgaged securities and the initial public offerings unlike

previously when these two were not included. The proposal would be submitted to the InsuranceRegulatory and Development Authority of India (IRDA) board for approval. The final draft waspublished in the Gazette of the Central Government at the end of March 2008. The alterations wouldhelp in developing the instruments of investment and provide flexibility for insurers. The alterationswould provide more margins pertaining to the investments in certificates of deposit issued by the banksand term deposits.At present the insurance companies may invest about 10% of its investment funds to a particular sector.The Insurance Regulatory and Development Authority of India (IRDA) constituted a working group inthe year 2006 to probe the existing investment regulations and provide review on the present statutoryadvices and the trends of investments for insurance companies.According to the Insurance Regulatoryand Development Authority (IRDA), the private insurers had collected premium income from new

business of about Rs. 18,980 crores, in 2007.

ADVANTAGES OF LIFE INSURANCE

1. It is superior to an ordinary saving plan: - Unlike other saving plans, if affords full protection

against risk of death. In case of death, the full sum assured is made available under a life assurance

policy; whereas under saving scheme the total accumulated saving alone will be available. The later

will be considerable less than the sum assured, if death occurs during early years.

29


30/59

2. Easy settlement & protection against creditors: - The life assured can name person(s) called

Nominee to whom the policy money would be payable in the event of his death. The proceeds of a life

policy can be protected against the claim of the creditors of the life assured by effecting a valid

assignment of the policy.

3. Ready marketability & suitability for quick borrowing: - After an initial period, if the

policyholder finds him unable to continue payment of premiums, he can surrender the policy for a cash

sum. Alternatively, he can tide over a temporary difficulty by taking loan on the sole security of the

policy without delay. Further, a life insurance policy is sometimes acceptable as security for a

commercial loan.

4. Tax Relief: - The Indian Income-Tax allows deduction of certain portion of the taxable income,which is diverted to payment of life insurance premiums from the total income tax liability. When this

tax relief is taken into account, it will be found that the assured is in effect paying a lower premium for

his insurance.

30


31/59

Chapter-3

COSTUMER PERCEPTION ONLIFE INSURANCE

INTRODUCTION

31


32/59

Perception is the process by which organisms interpret and organize sensation to produce a meaningful

experience of the world. Sensation usually refers to the immediate, relatively unprocessed result of

stimulation of sensory receptors in the eyes, ears, nose, tongue, or skin. Perception, on the other hand,

better describes one's ultimate experience of the world and typically involves further processing of

sensory input. In practice, sensation and perception are virtually impossible to separate, because they

are part of one continuous process.

Thus, perception in humans describes the process whereby sensory stimulation is translated into

organized experience. That experience, or percept, is the joint product of the stimulation and of the

process itself. Relations found between various types of stimulation (e.g., light waves and sound

waves) and their associated percepts suggest inferences that can be made about the properties of the

perceptual process; theories of perceiving then can be developed on the basis of these inferences.

Because the perceptual process is not itself public or directly observable (except to the perceiver

himself, whose percepts are given directly in experience), the validity of perceptual theories can be

checked only indirectly.

Historically, systematic thought about perceiving was the province of philosophy . Philosophical

interest in perception stems largely from questions about the sources and validity of what is called

human knowledge (epistemology). Epistemologists ask whether a real, physical world exists

independently of human experience and, if so, how its properties can be learned and how the truth or

accuracy of that experience can be determined. They also ask whether there are innate ideas or whetherall experience originates through contact with the physical world, mediated by the sense organs.

As a scientific enterprise, however, the investigation of perception has especially developed as

part of the larger discipline of psychology. For the most part, psychology bypasses the questions

about perceiving raised by philosophy in favors of problems that can be handled by its special methods.

The remnants of such philosophical questions, however, do remain; researchers are still concerned, for

example, with the relative contributions of innate and learned factors to the perceptual process.

Such fundamental philosophical assertions as the existence of a physical world, however, are taken forgranted among most scientific students of perceiving. Typically, researchers in perception simply

accept the apparent physical world particularly as it is described in those branches of physics concerned

with electromagnetic energy, optics, and mechanics. The problems they consider relate to the process

whereby percepts are formed from the interaction of physical energy (for example, light) with the

32


33/59

perceiving organism. Of further interest is the degree of correspondence between percepts and the

physical objects to which they ordinarily relate.

Inphilosophy,psychology, and cognitive science, perception is the process of attaining awareness or

understanding ofsensoryinformation. The word "perception" comes from the Latin words perceptio,

percipio, and means "receiving, collecting, action of taking possession, apprehension with the mind or

senses.

Perception is one of the oldest fields in psychology. The oldest quantitative law in psychology is the

Weber-Fetcher law, which quantifies the relationship between the intensity of physical stimuli and their

perceptual effects. The study of perception gave rise to the Gestalt school of psychology, with its

emphasis on holistic approach.

Types of Perception

Two types of consciousness are considerable regarding perception:

Phenomenal (any occurrence that is observable and physical) and

Psychological.

The difference every sighted person can demonstrate to him- or herself is by the simple opening and

closing of his or her eyes: phenomenal consciousness is thought, on average, to be predominately

absent without senses such as sight. Through the full or rich sensations present in senses such as sight,

nothing by comparison is present while the senses are not engaged, such as when the eyes are closed.Using this precept, it is understood that, in the vast majority of cases, logical solutions are reached

through simple human sensation. The analogy ofPlato's Cave was coined to express these ideas.

Passive perception can be surmised as the following sequence of events:--

Surrounding Input (senses) processing (brain) Output (re-action).

Although still supported by mainstream philosophers, psychologists and neurologists, this theory is

nowadays losing momentum. The theory of active perception has emerged from extensive research of

sensory illusions, most notably the works of Richard L. Gregory. This theory, which is increasingly

gaining experimental support, can be surmised as dynamic relationship between "description" (in the

brain) senses surrounding, all of which holds true to the linear concept of experience.

33
http://en.wikipedia.org/wiki/Philosophyhttp://en.wikipedia.org/wiki/Philosophyhttp://en.wikipedia.org/wiki/Psychologyhttp://en.wikipedia.org/wiki/Psychologyhttp://en.wikipedia.org/wiki/Cognitive_sciencehttp://en.wikipedia.org/wiki/Awarenesshttp://en.wikipedia.org/wiki/Understandinghttp://en.wikipedia.org/wiki/Sensehttp://en.wikipedia.org/wiki/Informationhttp://en.wikipedia.org/wiki/Mindhttp://en.wikipedia.org/wiki/Sensehttp://en.wikipedia.org/wiki/Weber-Fechner_lawhttp://en.wikipedia.org/wiki/Gestalt_psychologyhttp://en.wikipedia.org/wiki/Holismhttp://en.wikipedia.org/wiki/Plato's_Cavehttp://en.wikipedia.org/wiki/Illusionhttp://en.wikipedia.org/wiki/Richard_Gregoryhttp://en.wikipedia.org/wiki/Philosophyhttp://en.wikipedia.org/wiki/Psychologyhttp://en.wikipedia.org/wiki/Cognitive_sciencehttp://en.wikipedia.org/wiki/Awarenesshttp://en.wikipedia.org/wiki/Understandinghttp://en.wikipedia.org/wiki/Sensehttp://en.wikipedia.org/wiki/Informationhttp://en.wikipedia.org/wiki/Mindhttp://en.wikipedia.org/wiki/Sensehttp://en.wikipedia.org/wiki/Weber-Fechner_lawhttp://en.wikipedia.org/wiki/Gestalt_psychologyhttp://en.wikipedia.org/wiki/Holismhttp://en.wikipedia.org/wiki/Plato's_Cavehttp://en.wikipedia.org/wiki/Illusionhttp://en.wikipedia.org/wiki/Richard_Gregory


34/59

Preconceptions can influence how the world is perceived. For example, one classic psychological

experiment showed slower reaction times and less accurate answers when a deck ofplaying cards

reversed the color of the suit symbol for some cards (e.g. red spades and black hearts).

There is also evidence that the brain in some ways operates on a slight "delay", to allow nerve impulses

from distant parts of the body to be integrated into simultaneous signals.

Theories of Perception

Two major classes:

Bottom-up: perception builds up hierarchically from a set of primitive "features" to our

internal representations.

Top-down: perception starts with a set of primitives, but our perceptual experience is

influenced by higher-level processes, such as knowledge and context.

Bottom-up theories

All bottom-up theories rely on the notion that perception builds upwards from a

foundation of primitives to a representation our cognitive system can use. This takes place without any

influence from higher cognitive processes.

Five main theories are as follows:-

Direct perception

Precursor to behaviorism Perception is a direct result of stimulus energy affecting receptor cells. No

higher cognitive processes or internal representations are necessary

Template/Exemplar theory

We store examples of all the objects we have seen as exemplars or templates. We compare a perceived

object to this set of exemplars until we find a match.

Proto type theory

34
http://en.wikipedia.org/wiki/Playing_cardshttp://en.wikipedia.org/wiki/Suit_(cards)http://en.wikipedia.org/wiki/Playing_cardshttp://en.wikipedia.org/wiki/Suit_(cards)


35/59

Instead of storing many exemplars or rigid templates, we store aprototype, which is kind of like the

average of an object. We compare a perceived object to these prototypes until we find the closest

match.

Feature theory

Perception starts with the identification of basic features that are put together into more complexobjects, which are put together into more complex objects, etc. until we identify an object. Example:

Pandemonium

Structural description theory

Kind of like a three-dimensional version of feature theory, where rather than having lines and corners

as the basic features, simple geometric shapes, called geons, are the basic features. We recognize

objects by matching the geons we are looking at to the stored geons in memory.

35


36/59

Chapter-4Research Methodology

OBJECTIVE OF THE STUDY

The main purpose of the project is to check the customer perception towards HDFC Standard Life

Insurance.

To study about Consumers views about the HDFC Standard life Insurance.

36


37/59

To study about the customer preferences towards different insurance policies offered by

HDFC.

To study about the satisfaction level of customer towards HDFC Standard Life Insurance.

To Study the reason for the investment in HDFC Standard Life Insurance.

To study about services avail by HDFC Standard Life Insurance.

Research Methodology

Design of Research

The research will be exploratory in nature. A population of peoples who take Insurance fromHDFCSLI will be considered for this study. I will try to explore about the Insurance policy whichwould help in analyzing the perception of the customer. Effort will be made to throw light on most ofthe factors which have either indirect or direct effect on the behavior of the customer. I will alsoexplore the impact of home loans on the market share of the banks.

37


38/59

Sampling Plan

Population

The study aimed to include the customers of HDFC in Malout and Bathinda for the purpose ofcustomer perception towards HDFC SL.

Sample Size

A Sample size of 70 respondents is taken for the current study because it is not possible to cover thewhole universe in the available time period. So it is necessary to take the sample size.

Sampling technique

The sampling technique is probabilistic sampling more specifically the random convenient andjudgemental sampling is used. As in probabilistic sampling the select unit for observation with known

probabilities so that statistically sound assumptions are supported from the sample to entire populationso that we had positive probability of being selected into the sample

Sources of Data

i. Primary Data

ii. Secondary Data

I use primary source of data that is structured questionnaire. As the bank is established from so manyyears, so many researchers have done research on this topic, so we will find secondary data also andalso use this data for the help of this research. So, this research data will collected from the primarysource and secondary source.Our method of collecting the data is from the questionnaire that will be filled by the respondent fromthe sample, it will be structured questionnaire.

Tools and Techniques

As no study could be successfully completed without proper tools & techniques, same with myproject. For the better presentation and right explanation I used tools of statistics and computer veryfrequently and I am very thankful to all those tools for helping me a lot. Basic tools which I used forproject are: -

38


39/59

1. PIE CHARTS

2. TABLES

Pie charts are very useful tools for every research to show the result in a clear, simple way. Because Iused pie charts in my project for showing data in a systematic way. So I need not necessary for anyobserver to read all the theoretical detail, simple on seeing the charts anybody that what is being said.

Technological Tools:

1. MS WORD

2. MS-EXCEL

CHAPTER- 539


40/59

DATA ANALYSIS

AND

INTERPRETATION

1.PROJECT FINDINGS & ANALYSIS

I have presented below the project findings and analysis, addressed to the respondents to gauge theperception and consumer behavior of the people toward HDFC life insurance.

Market share of the key players in the life insurance sector in India.

40


41/59

SALE

22%

14%

10%

8%7%

8%

8%

7%

3%

4%

5%2%1%1% ICICI Pru

Bajaj Allianz

SBI Life

HDFC Standard

Birla Sunlife

Reliance Life

Max New York

Tata Aig

Aviva

Kotak Mahindra

Met Life

ING Vysya

Shriram Life

Others

INTERPRETATION

In life insurance sectorICICI Pru is the leading life insurance company in private sector, followed byBajaj Allianz, SBI life, HDFC standard( 7%), Birla Sun life and others.

2.Occupation of Respondent

Table2Occupation Service Business Others

No. Of

Persons(%)

52% 38% 10%

41


42/59

INTERPRETATION

It was founded that customer who have taken the policy.service 52% ,business 38% and Others 10%

3.Annual Income of the customer

Table3Income Below 1lac 1lac-2lac Above 2lac

No. Of

Persons(%)

10% 34% 56%

42


43/59

INTREPRETATION

It was found that 10% respondents had below 1 lac income, 34% had income 1lac-2 lac ,and (56%)majority of the respondents had income above 2lac.

4.Reasons For Investment

The question was asked to know that what is the reason for the investing in insurancePlans in HDFC SLI .

Table4Reason Future

Investment

Schemes

Good

Future Security Tax Deduction

No. Of

Persons(%)

15% 12% 58% 15%

43


44/59

INTERPRETATION

The majority of customer invest it as future security .

5.Experience after investing in Insurance plans of HDFC SLIC.

The question was asked to know that what is the Experience after Investing in HDFCSLbank .

Table 5Bank Good Averagely Satisfied Cheated

NO. Of Persons(%) 31% 63% 6%

44

15% 12%

58%

15%

0%

10%

20%

30%

40%

50%

60%

70%

Future Investment Schemes good Future security Tax deduction

Investment Reason

Percentage


45/59

INTERPRETATION

It was found that 63% are averagely satisfied with their investment.

6. Preference for HDFC bank

The question was asked to know that what is the reason for preferring HDFC bank bythe customers .

Table6Preference for

HDFC

Better Service Better Returns Agent Known Attractive Plans

No. Of

Persons(%)

56% 18% 22% 45

45


46/59

INTERPRETATION

This Graph shows that 56% respondents preferred HDFC Bank because of better Services, 18%because of Better Returns, 22% because of Agent Known ,4% because of Attractive plans.

7.Satisfied with the policy:The question was asked to know that what percentage of customers is satisfied withthe policies.

Table7

46

Satisfied Yes NO

No. Of Persons(%) 71% 29%


47/59

INTERPRETATION

It was founded that majority of customer are satisfied with their current policy.

8.Premium Amount

The question was asked to know about how is the premium amount to be paid by therespondents.

Table 8

47

Premium Satisfactory Average Dissatisfactory

No. Of

persons(%)

6% 90% 4%


48/59

INTERPRETATION

It was found that 90% respondents are averagely satisfied with the premium amount.

9. Returns in Insurance Policies

The question was asked to know about the returns in Insurance policies.

Table 9

48


49/59

INTERPRETATIONIt was found that majority of the respondents says that returns are averagely satisfied.

10.Value of Insurance

49

Returns Very good Good Average Poor

No. Of

persons(%)

8% 30% 34% 12%


50/59

The question was asked to know about the value of the Insurance policy of therespondents.

Table10

INTERPRETATION

It was found that majority of the customer have their insurance value in between 25000-50000.

11.Which sector customer chose public or private?

Table11

50

Value 100000

No. Of

persons(%)

6% 20% 46% 12% 16%

Sector Public Private

No. Of

persons(%)

36% 64%

6%

20%

46%

12%16%

0%

5%

10%

15%

20%

25%

30%35%

40%

45%

50%

100000

Percentage

Value of Insurance


51/59

34%

66%

Public

Private

INTERPRETATION:

After the survey it was found that still major portion of customers go for public insurance companies,

but with the entry of more and more private companies the scenario is changing rapidly, people need of

more and better returns are opting for private companies, and this can be justified by the increasing

market share of private companies in the Indian insurance sector. There are various ways in which

private companies are found much more lucrative than public companies and the fact which support

this statement are as follows:

1.Versatility of products

2.Efficient fund managers

3.Better customer services

4.More returns

5.Regular follow up

6.Quicker settlement

51


52/59

12.Charges in Insurance Policies of HDFC Standard Life Insurance.

The Question is asked to the respondents about the charges for the policy.

Table12

INTERPRETATION

61% respondents says that charges are low in HDFC SLI Policy.

52

Charges High Average Low

No. Of

persons(%)

24% 61% 15%


53/59

FINDINGS

Majority of the customers are satisfied with HDFC Bank.

Majority of the customers prefer HDFC bank because of better services and extra servicesoffered by HDFC Bank.

The majority of the customers found services of the bank are average.

Majority of the respondents are found the bank is average in maintaining the good customerrelationship.

The perception of the majority of the customer regarding the bank is good because majority of

the customers are satisfied with the bank and they also recommend the products of the bank.

LIMITATIONS OF THE STUDY

53


54/59

My study is totally based on the perception of the people that what they think about the

insurance policy.Some respondents were reluctant to divulge personal information which can

affect the validity of all responses.

A small number of 70 also does not show the pattern of the whole city.

Time Period was also less for the proper analysis of the study.

In a rapidly changing industry, analysis on one day or in one segment can change very quickly.

This research study was taken in a limited area only (i.e. Malout and Bathinda city) and findings

may vary if the area of study is increased or changed.

Sometimes wrong information was provided by respondents which needed to be cross checked

& verified.

SUGGESTIONS & RECOMMENDATIONS

54


55/59

To make people aware about the benefits of HDFC standard life insurance policy, following

promotional activities should be carried out:

Printed media

Hoardings & Banners

Continues television commercials.

Company should come up with more branches in near by villages with the objective and goals to

meet the demands & expectations of the public in order to provide people with better customer

satisfaction.

Since HDFC Standard Life Insurance Company Ltd is leading with several companies policies it

should be easy for them to penetrate into the market and secure a good position if they increase the

number of branches and diversify their business to various other regions.

HDFC Standard Life Insurance should have more children plans, and more help line plans.

They should provide more information to the customer so that they become more aware about

insurance

CONCLUSION

55


56/59

HDFCSLIC is the renounce industry in the insurance sector. It believes in quality not in quantity.HDFC have total 12 group companies.

It is the first insurance company who has gotten the license of insurance in firstly. HDFC SL enteredthe scene in 2000.

It is a joint venture between the housing finance major HDFC and the UK insurance giant StandardLife.

Bajaj have a market share of around 8% and HDFC SL and ICICI fighting at 3rd place with around7.5%.

HDFC is currently focusing on the Pension Plan and the Child Plan aiming to cash in on the potentialof these segments.

HDFCSLIC Bank's performance is rated as satisfactory.

HDFC Bank is preferred the most because of higher returns and better plans and services.

66% of respondents agree that private sector banks are better than public sector banks.

BIBLIOGRAPHY

56


57/59

WEBSITES REFFERED:

WWW.MONEYOUTLOOK.COM

WWW.INSURANCE.IND.COM

WWW.HDFCINURANCE.COM

BOOKS REFFERED

E. Gordon & K. Natarajan, Financial Markets & Services, ,

Himalaya

Publishers

Dr. Singh, Avtar, Principles of Insurance Law, S. Chand & Sons, Delhi,2003

57
http://www.moneyoutlook.com/http://www.insurance.ind.com/http://www.moneyoutlook.com/http://www.insurance.ind.com/


58/59

QUESTIONNAIRE

This is a questionnaire to understand the Consumers Perception about HDFC Standard Life InsurancePolicy.1. Name: - ________________________2. Age:- _________________________3. Address:- ________________________

4. Mob.:- ____________________________Q1. Your Occupation?

o Serviceo Businesso Retiredo Student

Q2. Your Income ?

o Below 1 laco 100000-200000o Above 200000

Q3. Reasons for investing in Insurance Plans of HDFC Standard Life Insurance?o Future Investmento Schemes are goodo More securityo Needs to save tax

Q4. What do you feel after investing in Insurance Plans of HDFC Standard Life Insurance?

o Goodo Averagely Satisfied with the investment decisiono Cheated

Q5. Do you invest in Insurance Plans of HDFC Standard Life because of Tax Benefits?

o Yeso No

Q6 Why do you prefer HDFC Bank?

o Better Serviceso Better returnso Agent Knowno Attractive Planso Others

Q7. Are you satisfied with your current Life Insurance Company?

o Yeso No

Q8. How is the Premium Amount to be paid in Insurance Plans of HDFC Standard Life

Insurance Company ?

o Satisfactoryo Averageo Dissatisfactory

58


59/59

Q9. What is the value of your life insurance?

o 1,00,000

Q10. How are the Returns in Insurance Policies of HDFC Standard Life Insurance?

o Excellento Very Goodo Goodo Averageo Poor

Q11. How are the Charges in Insurance Policies of HDFC Standard Life Insurance?

o Higho Averageo Low

Q12. What would you like more in Insurance Policies of HDFC Standard Life Insurance?

o More benefitso More securityo Others, Please specify

Q13.Which sector customer chose public or private?

o Publico Private

Q14.Any suggestions for improving the service offered by life insurance companies

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

Documents

hdfc final report....doc