RETAIL SALES ON LIFE INSURANCE POLICIES RETAIL SALES ON LIFE INSURANCE POLICIES (reference to HDFC SLI in Puducherry (reference to HDFC SLI in Puducherry ) ) Under the guidence of Mr.JAYAKUMAR H.O.D(Management studies) By v.karthik II.M.B.A
RETAIL SALES ON LIFE INSURANCE POLICIES (reference to HDFC SLI in Puducherry ) Under the guidence of Mr.JAYAKUMAR H.O.D(Management studies) By v.karthik.
Dec 24, 2015
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RETAIL SALES ON LIFE INSURANCE RETAIL SALES ON LIFE INSURANCE POLICIES POLICIES
(reference to HDFC SLI in (reference to HDFC SLI in PuducherryPuducherry))
Under the guidence of
Mr.JAYAKUMAR
H.O.D(Management studies)
By
v.karthik
II.M.B.A
PROFILE OF THE INDUSTRYPROFILE OF THE INDUSTRY
Insurance started with marine business Insurance started with marine business
First insurance policy was issued in 1583 in First insurance policy was issued in 1583 in
England England
In India Insurance began in 1870 with life In India Insurance began in 1870 with life
insurance being transacted by an English insurance being transacted by an English
company company
The first Indian insurance company was the The first Indian insurance company was the
Bombay Mutual Assurance Society Ltd, formed Bombay Mutual Assurance Society Ltd, formed
in 1870in 1870
MARKET SHARE (%)
29%
71%LIC
Private sector lifeinsurance
Market Share (%) of Private Insurance Companies
0.5 7.6
7.30.10.41.2
1.11.1
1.8
2.8
1.3
2.30.80
ICICI Prudential
Bajaj Allainz
Relience life
ING Vysya
Sriram Life
SBI Life
TATA AIG
HDFC Standard
Brila Sun Life
AVIVA
Kotak
Max New York
Met Life
Sahara Life
PROFILE OF THE COMPANYPROFILE OF THE COMPANY
HDFC Standard Life Insurance Company Ltd. is one of India's HDFC Standard Life Insurance Company Ltd. is one of India's
leading private insurance companies, which offers a range of leading private insurance companies, which offers a range of
individual and group insurance solutions. It is a joint venture individual and group insurance solutions. It is a joint venture
between Housing Development Finance Corporation Limited between Housing Development Finance Corporation Limited
(HDFC Ltd.), and a Group Company of the Standard Life, UK.(HDFC Ltd.), and a Group Company of the Standard Life, UK.
VISIONVISIONThe most successful and admired life insurance company, The most successful and admired life insurance company,
which mean that we are the most trusted company, the which mean that we are the most trusted company, the
easiest to deal with, offer the best value for money, and set easiest to deal with, offer the best value for money, and set
the standards in the industry.the standards in the industry.
'The most obvious choice for all‘'The most obvious choice for all‘
VALUESVALUES IntegrityIntegrity InnovationInnovation Customer centricCustomer centric People Care “One for all and all for one”People Care “One for all and all for one” Team workTeam work Joy and SimplicityJoy and Simplicity
RECORDSRECORDS
On March 31, 2007 holds 81.9 per cent of equity in the joint ventureOn March 31, 2007 holds 81.9 per cent of equity in the joint venture
It has covered over 1.6 million individuals out of which over It has covered over 1.6 million individuals out of which over
5, 00,000 lives have been covered through our group business tie-ups5, 00,000 lives have been covered through our group business tie-ups
On Apr-Mar 2005 - 06 renewal premiums is Rs. 1532.21 CroresOn Apr-Mar 2005 - 06 renewal premiums is Rs. 1532.21 Crores HDFC Standard Life Insurance Co. Ltd. has increased its share capital by Rs HDFC Standard Life Insurance Co. Ltd. has increased its share capital by Rs
218 Crores218 Crores
MAJOR COMPETITORSMAJOR COMPETITORS
Life Insurance Corporation of IndiaLife Insurance Corporation of India ICICI Prudential Life InsuranceICICI Prudential Life Insurance Bajaj Allianz LifeBajaj Allianz Life SBI Life InsuranceSBI Life Insurance
PRODUCTSPRODUCTS INDIVIDUAL PRODUCTSINDIVIDUAL PRODUCTS
Production planProduction plan Term assurance planTerm assurance plan Loan cover term assurance planLoan cover term assurance plan
Investment planInvestment plan Single premium whole of life planSingle premium whole of life plan
Pension plansPension plans Personal pension planPersonal pension plan Unit linked pensionUnit linked pension
Savings plansSavings plans Endowment assurance planEndowment assurance plan Unit linked endowment Unit linked endowment Money back planMoney back plan Children planChildren plan Unit linked young starUnit linked young star
GROUP PRODUCTSGROUP PRODUCTS
GROUP TERM INSURANCE PLANGROUP TERM INSURANCE PLAN GROUP VARIABLE TERM INSURANCEGROUP VARIABLE TERM INSURANCE
OBJECTIVES OF THE STUDYOBJECTIVES OF THE STUDYPRIMARYPRIMARY To analyze the retail sales on insurance policiesTo analyze the retail sales on insurance policies
SecondarySecondary
To offer suggestion to the HDFC SLI COMPANY to improve its To offer suggestion to the HDFC SLI COMPANY to improve its activities or retail salesactivities or retail sales
To identify the potential policy holder and their satisfaction levelTo identify the potential policy holder and their satisfaction level To find out the awareness of people about insurance policiesTo find out the awareness of people about insurance policies
STATEMENT OF THE PROBLEMSTATEMENT OF THE PROBLEM
Awareness on Insurance sector Awareness on Insurance sector Awareness on Insurance policiesAwareness on Insurance policies
LIMITATIONSLIMITATIONS
Study is only to government officials in puducherryStudy is only to government officials in puducherry Sample size isSample size is 100 100
RESEARCH METHODOLOGYRESEARCH METHODOLOGY
Primary dataPrimary data Secondary dataSecondary data
Tools usedTools used Percentage analysis Percentage analysis Scoring techniqueScoring technique Bar charts, Pie chartsBar charts, Pie charts
ANALYSISANALYSISAND AND
INTERPRETATION INTERPRETATION
RESPONDENTS PROFILE OF AGERESPONDENTS PROFILE OF AGE
25-35 35-45 45-55 >55
AGE OF THE RESPONDENT
0
10
20
30
40
50
60
70
no
.of
resp
on
den
ts
4
25
66
5
GENDER OF RESPONDENTGENDER OF RESPONDENT
73
27
MALE
FEMALE
ANNUAL INCOME LEVELANNUAL INCOME LEVEL
LESS THAN 180000 180000-300000 300000-420000 MORE THAN 420000
ANNUAL INCOME
0
10
20
30
40
50R
ES
PO
ND
EN
TS
27
50
14
9
0
10
20
30
40
50
60
70
80
90
100
Agent
EmployerPress
Relatives T.VInternet
BankersBrokers
FriendsMobile
yes
No
SOURCE OF INFORMATIONSOURCE OF INFORMATION
AWARENESS OF INSURANCE COMPANY
0
10
20
30
40
50
60
70
80
90
100
LICHDFC
BirlaBajaj
ICICISBI Life
SriramKotak
AvivaReliance
Tata AIG Metlife
Max NewyorkSahara
Barathi
ING Vysya
yes
No
POLICIESPOLICIES RANK1RANK1 RANK2RANK2 RANK 3RANK 3 RANK 4RANK 4 RANK 5RANK 5 RANK 6RANK 6 RANK 7RANK 7
EndowmentEndowment
Whole lifeWhole life
Money backMoney back
With profitWith profit
Joint lifeJoint life
Children'sChildren's
OthersOthers
2121
88
4646
55
44
55
1212
2727
1515
1515
88
99
1313
1313
2020
88
1010
11
1212
2727
2121
1111
88
1212
1616
1818
1717
2121
1515
3434
77
1313
2121
77
33
33
2222
99
3636
1717
1111
11
33
55
11
2121
1919
2020
2929
RANKING FOR POLICIESRANKING FOR POLICIES
Among the sample respondents, the respondents preferred Money Back policy as rank 1 (46%) and Endowment policy has been ranked as 2 (27%) and Children's policy has ranked as 3 (27%). Thus it can be concluded that most of the respondents are ranked money back policy as first.
PURPOSE OF TAKING POICIES
0
10
20
30
40
50
60
70
80
90
100
Tax saving
InvestmentLife risk
Regular returns
Health maintain
Retirement benefits
yes
No
NUMBER OF POLICIESNUMBER OF POLICIES
1 2 3 4
NO. OF POLICIES
0
10
20
30
40
50
RE
SP
ON
DE
NT
S
6
45
36
11
INSURANCE COMPANYINSURANCE COMPANY
LIC LIC AND HDFC LIC AND ICICI HDFC OTHERS
NAME OF THE INSURANCE COMPANY
0
10
20
30
40
50
60
70
RE
SP
ON
DE
NT
S
64
27
41 2
0
10
20
30
40
50
60
70
80
90
100
Endowment
Joint Life
Whole Life
Children
Money BackULIP
yes
No
TYPE OF POLICY
PREMIUM PAYEMENT PERIODPREMIUM PAYEMENT PERIOD
ANNUAL HALFYEARLY QUARTERLY MONTHLY ONE TIME
CURRENT PREMIUM PAYMENT PERIOD
0
10
20
30
40
50
60
RE
SP
ON
DE
NT
S
13 13
20
51
1
MODE OF PAYMENTMODE OF PAYMENT
SALARY DEDUCTION
THROUGH AGENT
BY CASH BY CHEQUE ONLINE PAYMENT
MODE OF PAYMENT
0
10
20
30
40
50
60
RE
SP
ON
DE
NT
S
58
11
7
18
6
MODE OF SETTLEMENTMODE OF SETTLEMENT
BY CASH BY CHEQUE ON ACCOUNT TRANSFER
MODE OF SETTLEMENT
0
20
40
60
80
RE
SP
ON
DE
NT
S
19
75
6
Agent ServiceAgent Service H.SH.S SS C.SC.S DD H.DH.D
Knowledge about policiesKnowledge about policies
Investment advicesInvestment advices
Convincing approachConvincing approach
Payment of premiumPayment of premium
Claim settlementClaim settlement
Change of nomineeChange of nominee
Handling over the documentsHandling over the documents
4242
88
44
99
66
66
44
5050
8383
8282
8383
3737
6868
3434
44
55
1010
55
5555
2121
6060
11
11
22
11
00
22
00
11
11
00
00
00
11
00
SATISFACTION LEVEL FOR PRESENT AGENT
Among the sample respondents they are satisfied with the current agent services
Insurance companyInsurance company H.SH.S SS C.SC.S DD H.DH.D
Brand nameBrand name
Product & serviceProduct & service
Customer needsCustomer needs
Attractive advertisementAttractive advertisement
Terms & proceduresTerms & procedures
Sales promotionSales promotion
Premium amountPremium amount
Period of premium paymentPeriod of premium payment
Mode of payment of premiumMode of payment of premium
Availability of rider clauseAvailability of rider clause
Online serviceOnline service
Loans against policiesLoans against policies
Settlement of claimsSettlement of claims
3434
1717
99
66
99
11
1717
1515
1818
44
22
33
33
5656
8080
8181
8181
8080
6767
7474
7979
7070
4242
3131
2727
2626
66
11
55
88
88
3030
66
44
1010
5050
6565
6767
6969
11
00
22
33
11
00
11
00
00
22
00
11
00
11
00
11
00
00
00
00
00
00
00
00
00
00
Among the sample respondents they are satisfied with the current company services.
SATISFACTION LEVEL FOR INSURANCE COMPANY
SUGGESTIONSSUGGESTIONS
In view of the competition from LIC and other private players in the In view of the competition from LIC and other private players in the market, HDFC Standard Life should organize more awareness market, HDFC Standard Life should organize more awareness campaigns to create awareness and to promote their existing campaigns to create awareness and to promote their existing products.products.
More new products and services should be innovated through More new products and services should be innovated through financial engineering process to tap rural and social sectors.financial engineering process to tap rural and social sectors.
To retain old customers and to attract new customer's products with To retain old customers and to attract new customer's products with adds-on features should be introduced besides attractive adds-on features should be introduced besides attractive advertisements.advertisements.
To reach out more customers, tie-ups with companies, in various To reach out more customers, tie-ups with companies, in various sectors can be arranged to cover the insurance needs of their sectors can be arranged to cover the insurance needs of their employees.employees.
To utilize one of the most important marketing channel (commercial To utilize one of the most important marketing channel (commercial banks) very effectively for promoting the products, steps should be banks) very effectively for promoting the products, steps should be taken to make the banks incorporate successful sales tactics used by taken to make the banks incorporate successful sales tactics used by them to sell other financial services. them to sell other financial services.
CONCLUSIONCONCLUSION
Insurance sector is one of the most booming sectors in India. Insurance sector is one of the most booming sectors in India.
The penetration level of insurance in India is only 2.3% when The penetration level of insurance in India is only 2.3% when
compared to 9-15% in the developed nations. And in India only compared to 9-15% in the developed nations. And in India only
33% of population are insured their life. There is a huge market 33% of population are insured their life. There is a huge market
for the Insurance products in the future in India.for the Insurance products in the future in India.
THANK YOU
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