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COMPANY PROFILE

COMPANY PROFILE OF HDFC STANDARD LIFE INSURANCE

COMPANY LTD

OBJECTIVE

Focus on the productivity of each consultant, corporate or individual, while stressing

on the quality of proposals

Quick roll out of Products

Efficiency of Operations

Meet Social & Rural sector obligations

OUR VISION

'The most successful and admired life insurance company, which means that we are

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

andset the standards in the industry.

'The most obvious choice for all'.


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VALUES

Values that we observe while we work:

Integrity.

Innovation.

Customer centric.

People Care One for all and all for ones.

Teamwork.

Joy and Simplicity.


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ABOUT HDFC STANDARD LIFE INSURANCE

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 CorporationLimited (HDFC Ltd.), India's leading housing finance institution and a Group

Company of the Standard Life, UK. HDFC as on December 31, 2007 holds 72.38

per cent of equity in the joint venture.

HDFC STANDARD LIFE INSURANCE PARENTAGE

HDFC Limited.

HDFC is India leading housing finance institution and has helped build more

than 23, 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 now stands at around 1 million depositors.Rated AAA by CRISIL and ICRA for the 10th consecutive year


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AREAS OF OPERATION

The Housing Development Finance Corporation Limited (HDFC) was amongst the first to

receive an 'in principle' approval from the Reserve Bank of India (RBI) to set up a bank in

the private sector, as part of the RBI's liberalization of the Indian Banking Industry in

1994. The bank was incorporated in August 1994 in the name of 'HDFC Bank Limited',

with its registered office in Mumbai, India. HDFC Bank commenced operations as a

Scheduled Commercial Bank in January 1995.

HDFC Mutual Fund has been one of the best performing mutual funds in

the last few years. HDFC Asset Management Company Limited (AMC)

functions as an Asset Management company for the HDFC mutual

fund.AMC is a joint venture between housing finance giant HDFC andBritish investment firm Standard Life Investments Limited. It conducts the

operations of the Mutual Fund and manages assets of the schemes,

including the schemes launched from time to time. As of Aug 2006, the

fund has assets of Rs.25,892 crores under management.

IN 2003, following a decision by the Zurich Insurance Company (ZIC), the

Sponsor of

HDFC Securities, a trusted financial service provider promoted by HDFC

Bank and JP Morgan Partners and their associates, is a leading stock

broking company in the country, serving a diverse customer base of

institutional and retail investors.

HDFCsec.com provides investors a robust platform to trade in Equities in

NSE and BSE , and derivatives in NSE. Our website will support you withthe highest standards of service, convenience and hassle-free trading tools.


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OBJECTIVE OF THE STUDY

1. The functioning and the growth prospects of the life insurance industry

in India.

2. The regulators and general regulations pertaining to this industry.

3. The kinds of promotional and distribution strategies adopted by HDFC.

4. The kinds of plans offered by the major players and how they segment

and target market with the help of these plans.

5. This learning will help me during my final year of the course, placement

and the job which I will do if I take up this industry as a career.


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RESEARCH METHODOLOGYRESEARCH

Research means a search for knowledge or gain some new knowledge and methodology can properly refer

to the theoretical analysis of the methods appropriate to a field of study or to the body of methods and

principles particular to a branch of knowledge .

Research Design:- reorganization of various type of information which is necessary for the study of

performance system. Then a personal interaction with the people concerned is made to figure out the

results.

Sample size

I have selected sample on the basis of performance of the premium collected by agent at

least 25 policies per year. Other has been taken from the branch Manager and Consultant, branch

Executives. All are taken randomly.

Sources of Data:

Sources of data are the various sources from where the data is collected to

analyse. There are various sources of data. They are as follows:

1) Interviews.2) Internet.

3) Past records.

4) Project which are prepared earlier.

Sources of primary data and secondary data differ as the primary data is

original collected by researcher and secondary data is collected for variousother source.


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DATA ANALYSIS

Question 1: Do you own a life insurance policy?

Series1, Yes ,100

Series1, No, 0No.o

frespondents

Fig 1

Interpretation: When I started the survey I was also looking for respondents who had

no life insurance plans and pooled their resources on other instruments. But, all therespondents had a life policy in one form or the other. It can be inferred that most

people have a life policy but their objectives may be different.


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Question 2: What kinds of life insurance policies you own?

Series1,Traditional,

32

Series1, UnitLinked (ULIP),

42

Series1,Pension, 12 Series1,

Child, 8Series1,

Health, 6No.ofrespondents

Fig 2

Inference: ULIPs occupies a major share with 42 respondents. We can infer thatthe major promotional campaigns for ULIPs by both LIC and private insurance

players have shown results. Traditional plans still constitute a major share.

Mostly, persons who go for traditional plans are interested only in life cover

unlike ULIP takers who have an investment motive also. The reach of pension,

child and health plan is at a very minimum level.


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Question 3: In your view, what would you consider the main objectives for having a life insurance policy?

Series1,Should take apolicy for life

cover, 58,58%

Series1,Should take apolicy for taxplanning, 23,

23%

Series1,Should take a

policy forinvestment,

19, 19%

Fig 3

Should take a policyfor life cover

Should take a policyfor tax planning

Should take a policyfor investment

Inference: 58 respondents have ranked life cover as their main objective

for taking a policy followed by 23 and 19 for tax planning and investment

respectively. The low response for using a policy for tax planning may be

because of alternative tax planning instruments available such a tax saving

mutual funds.


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Question 4: How would you rate your knowledge of investments and money management?

Inference: Most of the respondents had a medium or fair knowledge on

investment matters. This means they are ill prepared to handle situations like high

volatility in the stock markets and planning their insurance requirements. Only a

small proportion is confident about their financial knowledge. Therefore

companies make their policies simple and also conduct policy holder education

workshops.

Series1, VeryHigh, 5

Series1, High,23

Series1,Medium, 72

Series1, Low,0

No. of respondents

Know

ledgeofinvestment

and

moneymanagement

Fig 4


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Question 5: Through whom did you buy your life policy?

Inference: 93 respondents have bought policies through agents, the traditional

channel in life insurance distribution. Bancassurance follows with 4 respondents

only. None have bought polices online. Therefore alternate channels like

bancassurance, mortgage life insurance, and online distribution should be

aggressively marketed.

Series1,Agent , 93,

93%

Series1,Bank, 4, 4%

Series1,Direct Walk-

in, 1, 1%

Series1,Came with aloan, 2, 2%

Series1,Online, 0, 0%

Fig 5

Agent

BankDirect Walk-in

Came with a loan

Online


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Question 11: You are regularly connected to which of the following media foradvertisement? Please rank them, from 1 for highest to 5 for lowest.

Television, Rank

1, 78

Television, Rank2, 13 Television, Rank

3, 5Television, Rank

4, 1

Television, Rank5, 3

Magazines,newspapers etc,

Rank 1, 5


Rank 2, 24Magazines,

newspapers etc,Rank 3, 29


Rank 4, 38Magazines,

newspapers etc,Rank 5, 4

Radio, Rank 2, 7Radio, Rank 3, 19

Radio, Rank 4, 22

Radio, Rank 5, 52

Internet, Rank 1,16

Internet, Rank 2,47

Internet, Rank 3,23

Internet, Rank 4,13

Internet, Rank 5,1

Mobile, Rank 1, 1

Mobile, Rank 2, 9 Mobile, Rank 3,24

Mobile, Rank 4,26 Mobile, Rank 5,

40

Fig 12

Mobile

Internet

Radio

Magazines, newspapers etc

Television

Inference: 78 respondents have indicated that they are connected to television for purpose of advertisement

viewing and ranked it as 1. This is followed by internet, magazines at rank 2 and 3 respectively. Mobile and radio

has got the least rank.


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Based on your observation of the HDFC Life Insurance advertisements, please tick

inside the appropriate boxes.

I was able to understandthe message of the

advertisement, Strongly

Agree, 59

I was able to understand

the message of theadvertisement, Agree, 20


advertisement, Neutral,6

I was able to understandthe message of theadvertisement, Disagree,

15


advertisement, StronglyDisagree, 0

The advertisementmessage was relevant tome, Strongly Agree, 71

The advertisementmessage was relevant to

me, Agree, 14


me, Neutral, 0


me, Disagree, 1

The advertisementmessage was relevant tome, Strongly Disagree, 14

The advertisement wasbelievable, Strongly

Agree, 16

The advertisement wasbelievable, Agree, 48

The advertisement wasbelievable, Neutral, 3

The advertisement wasbelievable, Disagree, 20 The advertisement was

believable, StronglyDisagree, 13

The monetary benefitsdescribed in the

advertisements can beattained, Strongly Agree,

6


advertisements can beattained, Agree, 20


advertisements can beattained, Neutral, 6

The monetary benefits

described in theadvertisements can beattained, Disagree, 53

The monetary benefits

described in theadvertisements can beattained, Strongly

Disagree, 15

After viewing theadvertisement, I would

consider purchasing aplan from ICICI Pru Life,

Strongly Agree, 17

After viewing theadvertisement, I would

consider purchasing aplan from ICICI Pru Life,

Agree, 53

After viewing theadvertisement, I wouldconsider purchasing a

plan from ICICI Pru Life,Neutral, 11


plan from ICICI Pru Life,Disagree, 19


plan from ICICI Pru Life,Strongly Disagree, 0

No.ofrespondents

Fig 16

I was able to understand the message of the advertisement

The advertisement message was relevant to me

The advertisement was believable

The monetary benefits described in the advertisements can be attained

After viewing the advertisement, I would consider purchasing a plan from ICICI Pru Life

Most respondents strongly agreed that they were able to understand and

connect with the advertisements of HDFC Life. Therefore as far as the

content of the advertisements, they are well designed and are able to

appeal the respondents.


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LIMITATIONS

Findings are based on the views expressed by the consumers. So it may suffer from

biased prejudices.

Some of the respondents were not co-operative & many seem to be having no

interest.

The study has not been intended on a very large scale, have the possibility of errors,

which cannot be ruled out.

Time limitations

Area was specified.


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Findings

The Project study report has the following findings with it:

Most people have a life policy but their objectives may be different.

The reach of pension, child and health plan is at a very minimum level.

The low response for using a policy for tax planning may be because of alternative tax

planning instruments available such a tax saving mutual funds.

Companies make their policies simple and also conduct policy holder education

workshops.


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RECOMMENDATIONS

The following recommendations to the company are purely based on the survey I have

conducted. The word company in the following points refers to HDFC Life.

The company should give more trust to child and health plans, as the persons having these plans

are very low.Health Plans like Diabetic Care, Cancer Care, Crisis Cover etc have not been promoted on

television. They should be widely promoted widely. Health plans have a huge potential because

India does not have a good social health care system.

Most people take life insurance only for life cover and tax benefit. Therefore promotion should

be done to launch a life product as an investment tool just as other savings options like shares,

fixed deposits, mutual funds etc.


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BIBLIOGRAPHY

Books:

Kotler Philip, Marketing Management, Ed. 7 Prentice Hall of India Pvt. Ltd

Valatie A. Zeithaml, Mary Jo Bitner, Service Marketing, TMH

Insurance Post AsiaJournal, Apr 05- Jun 05

Marketing MastermindJournal, May 05

Gupta S. P. and Gupta, M. P., Business Statistics, Ed. 2, Sultan Chand and Sons,New Delhi, 1997.

Websites:

Indianmba.com

www.allconferences.com

www.iloveindia.com


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THANKS

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