Vel Tech Project

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A STUDY ON “CONSUMERS PERCEPTION OF HDFCSL INSURANCE PRODUCTS”

CHENNAI

Submitted by

J.JARESH ARUN KUMAR

(Reg No: 12206631014)

Of

Department of Management studies

VEL SRI RANGARAJAN SAKUNTHALA HIGH TECH

ENGINEERING COLLEGE

(Approved by AICTE, New Delhi & Affiliated to ANNA UNIVERSITY)

Avadi, Chennai-600 062

A PROJECT REPORT

Submitted to

FACULTY OF Management studies

In partial fulfillment of the requirements for

the award of the degree of

MASTER OF BUSINESS ADMINISTRATION

IN

MARKETING

ANNA UNIVERSI CHENNAI – 25.

MAY 2007





VEL SRI RANGARAJAN SAKUNTHALA

HIGH TECT EMGINEERING COLLEGE

(Approved by AICTE, New Delhi & Affiliated to Anna University)

(Owned by Vel trust 1997)

CERTIFICATE

This is to certified that the project report title “A STUDY ON PEOPLE’S

PERCEPTION OF HDFCSL INSURANCE PRODUCTS“ is a bonafied project work of

J.JARESH ARUN KUMAR who carried out research under my supervision. certified further,

that to the best of my knowledge the work reported here in does not form part of any other

project report or dissertation on the basis of which a degree or award was conferred on an

earlier occasion on this or any other candidate.

Principal Head of the department

Assessed by

Internal Guide External Examiner





ACKNOWLEDGEMENT

I use this opportunity to extend my heartfelt thank to the people

behind the successful completion of my project “ A study on people’s perception of

hdfcsl insurance products in CHENNAI”.

I express my deep, my sense of gratitude and special thanks to our

Chairman Shri.Rangarajan.B.E., M.S., and Vice Chairman Dr.Sakunthala

Rangarajan M.B.B.S., Vel tech Group of Educational Institutions.

I sincerely thank to Principal E.B.Singh and Head of the Dept of MBA

Prof.M.Arul Jothi M.Com.,M.B.A.,MISTE.,Ph.d., , and the internal guidance

Mrs.SM.Parvathi,M.B.A.,M.Phil of VEL SRI RANGARAJAN SAKUNTHALA HIGH

TECH ENGENNERING COLLEGE, Chennai, and all my lectures for their valuable

advising and moral support extend to me.

I express my profound sense of gratitude and thanks to J.JOSHI

PREM ANAND, SDM (HDFCSL Ltd) for his constructive guidance and persistent

motivation throughout this project.

Last but not least, I remember at this moment my parents

and friends for all their help and guidance throughout my life.

J.JARESH ARUN KUMAR



Institutional certificate

This is to certify that J.JARESH ARUN KUMAR student of vel

sri rangarajan sakunthala high tech engineeringcollege , avadi. Undergone Institutional training in our

organisation from 20-06-2007 to 20-07-2007.

During the period his conduct found to be good.

For HDFC standard life insurance company

Mr.J.JOSHI PREM ANANDSales development manager



CONTENTS

S.NoParticulars Page No

I

Chapter 1

Introduction1.1 Out line of the project

1.1.1 Need/Importance

1.1.2 Scope of the study

1.1.3 Objectives of the study

1.1.4 Research Methodology

1.1.5 Limitation of the study

1.1.6 Chapterisation

1.2 Literature Review

1.2.1 Organization profile

1.2.2 product profile

1.2.3 Organization chart

1

2

3

4

5

10

10

11

13

16

17

II

Chapter2

2.1 Data Analysis and Interpretation

2.2 Chi-square test

18

33

III

Chapter3- Summary andConclusion

3.1 Findings

3.2 Suggestions

3.3 Conclusion

35

36

37

IVAnnexure

Questionnaire A1

V References

A2



LIST OF TABLES



LIST OF TABLES

S.NO TABLE NAME PAGE NO

2.1.1 Age group of policy holders in HDFC

STANDARD 18

2.1.2 Sources of income 19

2.1.3 Income per annum 20

2.1.4 Saving per annum 21

2.1.5 Source of savings 22

2.1.6 Various sources of media 23

2.1.7 Preference of policy 24

2.1.8 Opinion about HDFCSL insurance company 25

2.1.9 Do you wish to have an other additional benefits 26

2.1.10 Are you satisfied with your and the services

provided by the organization

27

2.1.11 Are you satisfied with the premium rate of

HDFCSL insurance policies?

28

2.1.12 Did you avail any loan facility on your policies? 29

2.1.13 Rank the brands according to your opinion 30

2.1.14 Which attributes forced you to invest in

HDFCSLinsurance

31

2.1.15 Plan of HDFC SL insurance better the similar

plan of others

32



LIST OF CHARTS



S.NO FIGURE NAME PAGE NO

2.1.1 Age group of policyholders in HDFC STANDARD 18

2.1.2 Sources of income 19

2.1.3 Income per annum 20

2.1.4 Saving per annum 21

2.1.5 Source of savings 22

2.1.6 Various sources of media 23

2.1.7 Preference of policy 24

2.1.8 Opinion about HDFCSL insurance company 25

2.1.9 Do you wish to have an other additional benefits 26

2.1.10 Are you satisfied with your and the services provided by the

organization

27

2.1.11 Are you satisfied with the premium rate of HDFCSL insurance

policies?

28

2.1.12 Did you avail any loan facility on your policies? 29

2.1.13 Rank the brands according to your opinion 30

2.1.14 Which attributes forced you to invest in HDFCSLinsurance 31

2.1.15 Plan of HDFC SL insurance better the similar plan of others 32



INTRODUC

TION



CHAPTER-1

INTRODUCTION OF THE STUDY

1.1 Outline of the project

Consumers People’s perception of HDFCSL INSURANCE products,chennai.

1.1.1 Need and importance of the study

This project aims to measure the Consumers people’s perception

of HDFC Standard Life Insurance Products. It focuses towards the possibilities of measuring

the aware of insurance products. It also aims to suggest techniques to improve the present

level of awareness.

Perception:

Definition: These word came from Latin language. According to W.J.Morse,”A way of

understanding or regarding something or the ability to understanding the true nature of

something is called perception’.

Here, the peoples are interesting to see, hear, or become awareof something through the senses.

According to this statement people’s are interesting to get details

about the company and its product profile. These insurance companies will provide it’s

services in future or if some unexpected accidents will happened, that time it provide it’s

services immediate



1

It means these insurance sectors will give security to their customer’s

life. Because future is uncertain. These insurance sectors are having these following plans.

They are

1. pension plans

2. children plans

3. health plans

From that’s why peoples will be interesting to join in insurance

sectors.

The main aim of these plans is to give the security to their customers

in future. If the peoples are hiding their money in these sectors, they are thinking to face their

future problems without facing any type of risks. Unfortunately some insurance companies are

deceiving to their customers.

Like pearls.



2

SCOPE OF

STUDY



1.1.2 SCOPE OF THE STUDY

1. The primary purpose of this study is to analyze awareness of HDFC Standard Life

Insurance Plans or Policies.

2. It will also help in analyzing the consumer perception regarding HDFC Standard Life

Insurance Company and their complaints were analyzed and suggestions are given to

rectify the complaints, so that it bridge the gap between the standard and actual service

provided.

3. The study is to analyze whether the existing consumers are satisfied with the product and

services, provided by HDFC Standard Life Insurance Company.

4. The study will help the firm in understanding the expectations, future needs and

requirements and complaints of the consumers.

5. The study is dedicated mainly towards the promotion of product or concept in the

Chennai Market.



3

OBJECTIVEOF THE

STUDY



1.1.3 OBJECTIVES OF THE STUDY

Primary Objective:

To study on the “Consumers people’s perception of HDFC Standard Life Insurance

Products”.

Secondary Objective:

1. To analyze the willingness of the respondents to buy HDFC Standard Life

Insurance Products.

2. To compare the features insurance products offered by various players.

3. To understand customer Attributes.

4. To know the savings for future are made.



4



RESEARCH

METHODO

LOGY



1.1.4 RESEARCH METHODOLOGY

Marketing Research

The American Marketing Association defines Marketing Research as “The systematic

gathering, recording, and analyzing of data about problem related to the marketing of goods

and services”.

Marketing Research Design

Marketing research design is the specification of procedures for collecting and

analyzing the data necessary to help identify or reach to a problem of opportunity, such that

the difference between the cost of obtaining various levels of accuracy and the expected

value of the information associated with each level of accuracy is maximized.

1. Descriptive Research Design:

Descriptive research includes surveys and fact finding enquiries of different kinds. The

major purpose of descriptive research is description of the state of affairs as it exists at

present. In social science and business research we acquire often use the term “Ex postfacto” research for descriptive research studies. The main characteristics of this method is

that the researcher has no control over the variables; he can only report what has happened

or what is happening.



5

2. The study is based on primary data and secondary data:

Primary Data

That information which are followed in fresh for first time and thus

happen to be original in character, primary data is collected through survey and the method

used for

• Questionnaires

Secondary Data

Secondary data are those which have already been collected by someone else. But in

my survey there is no such type of data which is already collected. So the data is collected

from feed of customers and employees.

• Company internal records

• Web sites etc.

3. Research Instrument:

Questionnaire:

Questionnaire construction is a crucial part of the survey and once the questionnaire is

up to the mark, then that itself is an indication of the success of the project. A good

questionnaire will make the respondents feel easy and generate interest to fill up the

questionnaire which also minimizes rejection of questionnaire by the respondent to a greater

extent.



6

4. Sampling Process:

Sampling process consists of the following sequential steps.

(i) Define the population

The population for a survey of “Brand awareness of HDFC Standard Life Insurance

Products” defined as analyzing the awareness of consumers of HDFC Standard Life

Insurance in chennai city.

Element - Brand awareness of HDFC

Sampling unit - Consumers

Extent - Chennai city

(ii) Sampling Frame

Sampling frame is a means of representing the elements of the population.

Sampling frame - Consumers address record.

(iii) Sampling Size

150 samples

(iv) Sampling Method

The sampling method is the way the sample units are to be selected.

- Non-Probability sample

Convenience sampling involves choosing the sample on the basis of convenience

(v) Sampling Area

Chennai city.



7

Tools Used

1. Percentage Analysis

Percentage Analysis can be calculated as follows:

First the frequency (i.e.) no. of responses is noted in the tabular column.

Then the percentage is calculated by dividing the frequency by total no. of respondents

multiplied by 100. Then the values are noted in the column as valid percent. From the

column as valid percentage cumulative percentage can be calculated by adding the each valid

percentage. Like this valid and percentage analysis can be calculated.

2. Chi-Square Test

The objective of chi-square test is to determine whether the real are significant

difference exists among the various groups. Chi-Square test involves comparison of expected

frequency (E) with the observed frequency (O) to determine whether the difference between

the two is greater than which might occur by change.

Conditions to use

• Two sets of data i.e., observed and expected.

• Data based on same sample.

• Each observed and expected count of five or larger.

• The difference between rows and columns must represent categorical variable.



8

Steps

• The difference between each observed frequency and expected frequency is

computed.

• The difference observed and squared.

• Each observed difference is divided by its respective expected.

• The quotient is added together to obtain the computed chi-square.

• The computed value is compared to tabulated chi-square.

If the computed value is greater than the tabulated value at a pre determined level of

significance and degree of freedom the hypothesis is rejected.

On the other hand if calculated chi-square value is less than the table value the

hypothesis is accepted.

χ 2 = Σ (Oi – Ei) 2/Ei

Where χ2 = Chi-square

Oi = Observed Frequency

Ei = Expected Frequency



LIMITATION OF THE

STUDY



1.1.5 LIMITATIONS OF THE STUDY

1. Time is the major constraint. Given one months time is not sufficient to have a deep

insight.

2. The survey is conducted only in Chennai city.

3. The sample size is restricted to 150 as it is not possible to cover the entire population

between time a lot.

1.1.6 CHAPTERISATION

Chapter I

It deals with outline of the project, scope of the study, objectives of the study, research

methodology, limitations, review of literature, organization profile, service profile and

organization chart.

Chapter II

It deals with data analysis and interpretation like percentage analysis and statistical

tools.

Chapter III

It deals with findings, suggestions and conclusion.



10

REVIEWOF

LITERATUR



E

REVIEW OF LITERATURE

Insurance is concerned with protection of economic value of assets. Every asset has a

value and it is created at considerable cost. They have a lifetime during which time they are

expected to perform. But they can be destroyed or made nonfunctional through Accidental

occurrences. Such terrible occurrences are called perils.

The damage the perils may cause to the asset is the Risk. Risk only means that there

is possibility of loss or damage. There has to be uncertainty about Risk. Insurance is relevant

only when there is uncertainty. The occurrences have to be random, accidental and not

deliberately created.

HOW IT WORKS

People facing common risks come together and make a small contribution. The

contribution is made on the assumption that all of them are exposed to the risk, but who will

become the victim is not known. By studying events for a long time it is possible to forecast

happening of the future.

Thus insurance business is all about sharing. A risk which cannot be borne by one



person is spread over the entire community, so the Risk becomes bearable.

11

UTILITY1. Insurance acts as a social security tool: Even though the Government is

expected to look after the social security of people, it is often not possible.

Insurance companies supplement the efforts of the Government in this regard.

2. Role in the economic development: Insurance Companies collect huge amounts

by way of Premiums. These funds are available for a long time. Insurance

Companies can invest in projects with long gestation period. They help in

development of infrastructure like roads, bridges, irrigation projects, power plants

etc.

KEY POINTS:

1 Insurance protects economic values of assets.

2 Perils means events which are beyond the control of human.

3 Insurance is possible only when there is uncertainty.

4 A thing certain to happen cannot be insured.

5 Events should occur at random.



12



ORGANISA

TIONALPROFILE



1.2.1 ORGANIZATION PROFILE

HDFC and Standard Life first came together for a possible joint venture, to enter the

Life Insurance market, in January 1995. It was clear from the outset that both companies

shared similar values and beliefs and a strong relationship quickly formed. In October 1995

the companies signed a 3 year joint venture agreement.

Around this time Standard Life purchase a 5% stake in HDFC, further strengthening the

relationship.

The next three years were filled with uncertainty, due to changes in government and

ongoing delays in getting the IRDA (Insurance Regulatory And Development Authority) Act

passed in parliament. Despite this both companies remained firmly committed to the venture.

In October 1998, the joint venture agreement was renewed and additional resource

made available. Around this time Standard Life purchased 2% of Infrastructure

Developmental Finance Company Ltd. (IDFC). Standard Life also started to use the services

of the HDFC Treasury department to advise them upon their investments in India.

Towards the end of 1999, the opening of the market looked every promising and both

companies agreed the time was right to move the operation to be next level.



13

Therefore, in January 2000 an expert team from the UK joined a hand picked team from

HDFC to form the core project team, based in Mumbai.

Around this time Standard Life purchased a further 5% stake in HDFC and a 5% stake

in HDFC Bank.

In a further development Standard Life agreed to participate in the Asset Management

Company promoted by HDFC to enter the mutual fund market. The Mutual Fund was

launched on 20th July 2000.

Incorporation of HDFC Standard Life Insurance Company Limited:

The Company has incorporated on 14th August 2000 under the name of HDFC

Standard Life Insurance Company Limited.

Our ambition from as far back as October 1995 was to be the first private company to

re-enter the life insurance market in India. ON the 23rd of October 2000, this ambition was

realized when HDFC Standard Life was the only life company to be granted a certificate of

registration.

HDFC are the main shareholders in HDFC Standard Life, with 81.4%, while Standard

Life owns 18.6%. Given Standard Life’s existing investment in the HDFC Group, this is the

maximum investment allowed under current regulations.



14

HDFC and Standard Life have a long and close relationship built upon

shared values and trust. The ambition of HDFC Standard Life is to mirror the success of the

parent companies and be the yardstick by which all other insurance company’s in India are

measured.

STANDARD LIFE

HDFC and HDFC Standard Life Insurance Company is a joint venture between India’s

largest housing finance provider, HDFC and Europe’s largest mutual life assurance company

– The Standard Life Assurance Company (U.K).

HDFC Standard Life Insurance Company Limited is the First Private Sector Life

Insurance Company to be granted a license.

Standard Life, U.K, founded in 1825, has been at the forefront of the UK insurance

industry for 175 years by combing sound financial judgment with integrity and reliability. It is

the Largest Mutual Life Insurance Company in Europe and has total assets of Rs.5, 50,000

crore

Awards & Accolades

1. Awards galore by HDFC at the 44th ABCI Awards.

2. 5th best company to work for in India, ranked by Business Today in Nov. 2004.

3. HDFC ranked No.3 – India’s best managed companies by Finance Asia.

4. One of the top ten most respected companies in India by Business World.



15

PRODUCT

PROFILE



1.2.2 PRODUCT PROFILE

Broadly these product 4 types. They are

1. Protection plans

2. Saving plans

3. Pension plans

These above plans will provide a great service to their customers

1. Protection plans:

Objective: protection of income earning capacity.

Aim: high risk cover with low premium.

2. Saving plans:

Objective: cover the risk of long-term savings.

Aim: at providing good maturity value.

3. Pension plans:

Objective: covers the risk of living long.

Aim: regular income till the death ideal for retirement provision.



16

1.2.3 ORGANIZATION CHART

Mr.DEEPAK S. PAREKH

Chairman



17

Mr.KESHUB MAHINDRA

Vice Chairman

Mr.K.M.MISTRY

Director

MS.RENU SUD KAMAD

Director

Mr.A.M.CROMBIE

Director

Ms.MARICA D. CAMPBELL

Director

Mr.G.R.DIVAN

Director

Mr.GERALD EDGAR GRIMSTONE

Executive Director

Mr.D.M.SATWALEKER

Managing Director



DATAANALYSIS

ANDINTERPRET

ATION



CHAPTER-2,

DATA ANALYSIS AND INTERPRETATION

TABLE NO – 2.1.1

Age group of policy holders in HDFC Standard

CHART NO-2.1.1

Age group of policy holders in HDFC Standard

11

28

41

20

0

10

20

30

40

50

P e r c e n t a g e o f R e s p o n d e n t s

18 - 25 25 - 35 35 - 45 45 - 60

Age

S.No. AgeNo. of

Respondents

Percentage

(%)

1 18 – 25 15 11

2 26 – 35 43 28

3 36 – 45 62 41

4 46 – 60 30 20

Total 150 100



Inference:

From 150 policy holders, 18 – 25 age clients preferred 11%, 26 – 35 age clients

preferred 28%, 36 – 45 age clients preferred 41% and 46 – 60 age clients preferred are 20%.

60 20% are prefers HDFC Standard Products

18

TABLE NO – 2.1.2

Sources of Income

S.No. FactorsNo. of

Respondents

Percentage

1 Business 70 47

2 Job 33 22

3 Professional 31 20

4 Others 16 11

Total 150 100

CHART NO-2.1.2

Sources of income

47

2220

11

0

10

20

30

40

50

P e r c e n t a g e o f R e s p

o n d e n t s

Bus ine ss Job Profe ss ional Othe rs

Source of Income

Inference:

From 150 sample size, 47% of the population with source of income is Business. Job 22%,



Professional 20% and Others 11%.

19

TABLE NO –2.1.3

Income per Annum

S.No. FactorsNo. of

RespondentsPercentage

1 Below 50,000 26 17

2 50,000 – 1 lakh 68 45

3 1 – 2 lakhs 44 30

4 Above 2 lakhs 12 8

Total 150 100

C

HART NO-2.1.3

Income per Annum

17

45

30

8

0

10

20

30

40

50

P e r c

e n t a g e o f R e s p o n d e n t s

Below

50,000

50,000 - 1

lakh

1 - 2 lakhs Above 2

lakhs

Income per annum

Inference:

The above table shows the various income levels of the consumers. Theconsumers below 50,000 income group constitute 17%, whereas 45% - 50,000 – 1 lakh, 1 – 2

lakhs 30% and above 2 lakhs 8%.



20

TABLE NO –2.1.4

Saving per Annum

S.No. FactorsNo. of


1 Below 25,000 27 28

2 25,000 – 50,000 65 43

3 50,000 – 1,00, 000 36 24

4 Above 1 lakh 7 5Total 150 100

CHAR

T NO-2.1.4

Saving per Annum

28

43

24

5

0

10

20

30

40

50

P e r c e n t a g e o f R e s p o n

d e n t s

Below

25,000

25,000 -

50,000

50,000 -

1,00,000

Above 1

lakh

Saving per annum

Inference:

The above table shows below 25,000 28%, 25,000 – 50,000 43%, 50,000 – 1 lac 24%

and above 1 lac 5%.

21

TABLE NO –2.1.5Source of Savings



S.No. FactorsNo. of


1 Purchase of life policies 74 49

2 Deposits in public provident

fund (Post Office)

43 29

3 Deposits in Banks 25 17

4 Shares and debentures

purchased

8 5

Total 150 100

CHART NO-2.1.5

Source of Savings

49

29

17

5

0

10

20

30

40

50

N o . o f R e s p o n d e n t s

Purchase of

life policies

Deposits in

post office

Deposits in

banks

Shares or

debentures

Inference:

The above table shows purchase of life policies 49%, deposits in public provident fund

29%, deposit in banks 17% and shares and debentures purchase5%

22

TABLE NO –2.1.6

Various sources of Media

S.No. FactorsNo. of


1 T.V 63 422 Newspaper 52 35

3 Word of Mouth 24 16



4 Outdoor Media 11 7

Total 150 100

CHART NO 2.1.6

Various sources of Media

42

35

16

7

0

10

20

30

40

50


T.V Newspaper Word of

mouth

Outdoor

Media

Media

Inference:

The above table shows 42% of consume to know T.V ads, 35% newspaper, 16% word

of mouth and 7% outdoor media.

23

TABLE NO – 2.1.7

Preference of Policy

S.No. FactorsNo. of


1 HDFC Standard 33 22

2 LIC 64 43

3 ICICI 45 30

4 Others 8 5Total 150 100

C



HART NO-2.1.7

Preference of Policy

22

43

30

5

0

10

20

30

40

50

P e r c e n t a g e o f

R e s p o n d e n t s

HDFC

Standard

LIC ICICI Others

Companies

Inference:

The above table shows 22% HDFC Standard, 43% LIC, 30% ICICI and 5% others.

24

TABLE NO –2.1.8

Opinion about HDFC Standard Life Insurance company

S.No. FactorsNo. of

Respondents

Percentage

1 Very Good 27 18

2 Good 63 42

3 Fair 45 30

4 Unsatisfactory 15 10

Total 150 100

CHART NO-2.1.8

Opinion about HDFC Standard Life Insurance company



18

42

30

10

0

10

20

30

40

50


Very Good Fair

Factors

Inference:

The above table shows that the opinion about HDFC Standard rated is as very good

18%, 42% good, 30% fair and 10% unsatisfactory.

25

TABLE NO – 2.1.9

Do you wish to have an other additional benefits?

S.No. FactorsNo. of


1 Yes 98 65

2 No 52 35

Total 150 100

CHART NO-2.1.9

Do you wish to have an other additional benefits?



35%

65%

Yes

No

Inference:

The above table shows 65% wish to have additional benefits and 35% responded as

No.

26

TABLE NO – 2.1.10

Are you satisfied with your policy and the services provided by the

organization?

S.No. Factors

No. of

Respondents Percentage

1 Yes 115 77

2 No 35 23

Total 150 100

CHAR

T NO-2.1.1O Are you

satisfied with your policy and the services provided by the

organization?



23%

77%

Yes

No

Inference:

The above table shows 77% are satisfied with policies and services and 23%

responded as N0.

27

TABLE NO –2.1.11

Are you satisfied with the premium rate of HDFC Standard Life InsurancePolicies?

S.No. FactorsNo. of


1 Highly satisfied 6 4

2 Satisfied 12 8

3 Dissatisfied 87 584 Highly dissatisfied 45 30

Total 150 100

CHART NO-2.1.11

Are you satisfied with the premium rate of HDFC Standard Life Insurance

Policies?



48

58

30

0

10

20

30

40

50

60

70

P e r c e n t a g

e o f R e s p o n d e n t s

Highly

satisfied

Dissatisfied

Factors

Inference:

The above table shows that 4% of the clients highly satisfied, 8% of clients are satisfied, 58%of clients dissatisfied and 30% of clients highly dissatisfied.

28

TABLE NO – 2.1.12

Did you avail any loan facility on your policies?

S.No. FactorsNo. of


1 Yes 90 60

2 No 60 40

Total 150 100

CHART NO – 2.1.12

Did you avail any loan facility on your policies?



40%

60%

Yes

No

Inference:

The above table shows 90% availed loan facility and 40% responded as No.

29

TABLE NO – 2.1.13

Rank the brands according to your opinion

S.No. FactorsNo. of


1 HDFC Standard 32 21

2 ICICI 43 29

3 LIC 65 43

4 Ing Vysya and ETC 10 7

Total 150 100

CHART NO-2.1.13

Rank the brands according to your opinion



7%

43%

29%

21%

HDFC Standard

ICICI

LIC

Ing Vysya and others

Inference:

The above table shows 21% consumers opinion according to brands of HDFC

Standard, ICICI 29%, LIC 43% and Ing Vysya and others 7%.

30

TABLE NO -2.1.14

Which attributes forced you to invest HDFC Standard life Insurance?

S.No. FactorsNo. of


1 Risk Coverage 63 42

2 Futures Expenses for the

children purpose

17 11

3 Protection of the family 57 384 Other activity 13 9

Total 150 100

CHART NO –2.1.14

Which attributes forced you to invest HDFC Standard life Insurance?



42

11

38

9

0

10

20

30

40

50


R e s p o n d e n t s

Risk

Coverage

Protection

of the

family

Records

Inference:

The above table shows that the consumers attributes forced risk coverage 42%, 11%

future expenses for the children purpose, 38% protection of the family and 9% for other

activities.

31

TABLE NO – 2.1.15

Plan of HDFC Standard better than the

Similar plan of others

S.No. FactorsNo. of


1 Endowment Plan 52 35

2 Money back 19 13

3 Young star 68 45

4 Other plans 11 7

Total 150 100

CHART NO-2.1.15

Plan of HDFC Standard better than the similar plan of others



35

13

45

7

0

10

20

30

40

50


r e s p o n d e n t s

Endowment

plan

Young star

Factors

Inference:

The above table shows 35% endowment plan is better than others, 13% of the money

back, 45% of the young star is better than the other plans of HDFC Standard and remaining

7% for other plans.

32

2.2 STATISTICAL TOOL

2.2.1 CHI-SQUARE TEST

H0: There is no significant difference between service and opinion.

H1: There is a significant difference between service and opinion.

Service

Opinion

Very good

Good Fair Unsatisfactory Total

Yes 22 55 33 5 115

No 5 8 12 10 35

Total 27 63 45 15 150



Observed

Freq

uenc

y (Oi)

Expected

Frequency (E j)(Oi – E j) (Oi – E j)

2 (Oi – E j)2/E j

22

55

33

5

5

8

12

10

20.7

48.3

34.5

11.5

6.3

14.7

10.5

3.5

1.3

6.7

-1.5

-6.5

-1.3

-6.7

1.5

6.5

1.69

44.89

2.25

42.25

1.69

44.89

2.25

42.25

0.0173

0.9293

0.0652

3.65

0.263

3.0536

0.2142

12.075

23.9515

33

r = no. of rows

c = no. of columns

(r – 1) (c – 1) = ( 4 –1 ) ( 2 - 1)

= 3

3 degrees of freedom at 5% level of significance is 7.814

χ2 = 23.9515

χ2 > 7.815

Therefore

Calculated value > table value

So, Null hypothesis Ho is rejected.

Conclusion: Hence there is a significant difference between service and opinion.



34



FINDINGS

CHAPTER-3

SUMMARY AND CONCLUSION

3.1 FINDINGS

1. 41% of the respondents are in the age range of 35 – 45.

2. 47% of the business respondents are earning money.

3. 68% of the people are the income level between 50,000 – 1 lakh.

4. Most of the respondents 25,000 – 50,000 saving for annum.

5. 49% of the people savings are made purchase of life policies.

6. 63% of the respondents know about the HDFC Standard Life Insurance products

through the T.V. adds.

7. Out of 150 respondents 87% of respondents are dissatisfied with premium rate.



8. The maximum no. of respondents taken the policy in LIC company.

9. Most of the respondent’s opinion about HDFC Standard company is good and fair.

10. Out of 150 respondents 98 respondents are have other additional benefits.

11. Out of 150 respondents 115 respondents are satisfactory with the service of the

organization.

12. 43% of the respondent’s opinion about brands is LIC.

13. Out of 150 respondents, 63 respondents are forced to invest HDFC Standard Life

Insurance risk coverage.

14. 45% of the respondent’s young star plan of HDFC is better than the similar plan of

others.

35



SUGGESTI

ONS



3.2 SUGGESTIONS

1. HDFC Standard Life Insurance Company can concentrate on all insurance sectors to

give advertising about insurance plans so, that it covers entire products ranges which

will increase the total sales of HDFC Standard Insurance Company.

2. HDFC can go for low premium category so, that it covers suburban people which is

having a lot of potential for insurance sector.

3. To give the product training program for existing financial consultants in detail about

all the plans.

4. I would suggest that HDFC Standard Life Insurance company one or two additional

benefits compared to the competitors like LIC, ICICI, etc are given to the clients.

5. Some special offers are given to financial consultants so it increases the sales of the

product.

36



CONCLUSI

ON



3.3 CONCLUSION

This project work that have done on people’s perception of the HDFC Standard Life

Insurance Products.

If the suggestions are implemented then this will raise the level of sales of the products

as well as the company image which will make allot as the market leader in the insurance

companies.

By analyzing the survey result, the conclusion arrived is that majority of the consumers

are satisfied with the existing HDFC Standard Products and also awareness of the HDFC

Standard Products.

I hope my work would be of benefit of the insurance company to a certain extent and

also that a few of my suggestions would be to help and considerable.



37

ANNEXURE



CHAPTER-4

QUESTIONNAIRE

A study on “people’s perception of HDFC Standard Life Insurance Products” in

Chennai

Name :

Address :

Qualification :

1. Age group of policy holder in HDFC Standard

a) 18 – 25 [ ] b) 25 – 35 [ ]

c) 35 – 45 [ ] d) 45 – 60 [ ]

2. Source of Income?

a) Business [ ] b) Job [ ] c) Professional [ ] d)

Others [ ]

3. Income per annum

a) Below 50,000 [ ] b) 50,000 – 1 Lakh [ ]

c) 1 – 2 Lakhs [ ] d) Above 2 Lakhs [ ]

4. Saving per annum



a) Below 25,000 [ ] b) 25,000 – 50,000 [ ]

c) 50,000 – 1 Lakh [ ]d) Above 1 Lakh [ ]

5. How the savings for future are made?

a) Purchase of life policies [ ]

b) Deposits in Public Provident Fund [ ]

A1

c) Deposit in a bank (SB / RD / Term Deposits) [ ]

d) Shares or debentures purchased [ ]

6. How do you know about various policies of HDFC Standard Life Insurance?

a) T.V [ ] b) Newspaper [ ]

c) Word of Mouth [ ] d) Out door media [ ]

7. Which company’s policy do you have?

a) HDFC Standard [ ] b) LIC [ ]

c) ICICI [ ] d) Others [ ]

If others please specify ____________________

8. What is your opinion about HDFC Standard Life Insurance Company?

a) Very good [ ] b) Good [ ]

c) Fair [ ] d) Unsatisfactory [ ]

9. Do you wish to have an other additional benefits?

a) Yes [ ] b) No [ ]

If Yes Please specify: ______________________________

10. Are you satisfied with your policy and the services provided by the



organization?

If No specify the reason ________________________________

11. Are you satisfied with the premium rate of HDFC Standard Life Insurance

Policies?

a) Highly satisfied [ ] b) Satisfied [ ]

c) Dissatisfied [ ] d) highly dissatisfied [ ]

12. Did you avail any loan facility on your any of HDFC policies?

a) Yes [ ] b) No [ ]

If Yes please specify ____________________________

If No because of:

a) Too many formalities [ ]

b) High rate of interest [ ]

c) Delay in the processing [ ]

13. Rank the brands according to the your opinion

a) HDFC Standard [ ] b) ICICI [ ]

c) LIC [ ] d) Others [ ]

14. Which attributes forced to you invest HDFC Standard Life Insurance?

a) Risk coverage [ ]

b) Future expenses for the children purpose [ ]

c) Protection of the family [ ]

d) Other activities [ ]

15. Which plan of HDFC Standard is better than the similar plan of others?



a) Endowment plan [ ] b) Money back [ ]

c) Young Star [ ] d) other plans [ ]

REFERENC



ES

CHAPTER- 5 REFERENCES

BIBLIOGRAPHY

1. Philip Kotler: Marketing Management Analysis, Planning and Implements and

controls, New Delhi, Prentice Hall of India Pvt. Ltd., Ninth Edition, 1994.

2. Kothari C.R: Research Methodology Methods and Techniques: New Delhi, Wishwa

Prakashan Publication House Pvt. Ltd., Second Edition.

3. Beri G.C.: Marketing Research, New Delhi Tata McGraw Hill Publication Co. Ltd,

Third Edition, 2000.

4. Sharma D.D: Marketing Research Principles Applications and cases, New Delhi,

Sultan & Chand Sons, Second Edition, 1991.

Websites:

www.hdfc.com

www.hdfcslc.comwww.google.com



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