1. Sales Improvement on Life Insurance Policies
INTRODUCTION
Introduction of Life Insurance
Life insurance is designed to protect life and to product family against
financial uncertainties that may result due to unfortunate demise or illness. It can also
view as a comprehensive financial instrument, as a part of the financial planning
offering savings & investment facilities along with cover against financial loss. By
choosing the right policy as per the needs. i.e. customized solutions, you will be able
to plan for a secure future for yourself and your loved ones.
We all have different financial needs and objectives. But life insurance plays a
fundamental role in most of our plans for financial security. That's because of the
variety of life insurance plans available and the many ways they can be customized to
meet unique needs at different periods of your life.
Statement of the problem
Insurance sector is a booming sector and the penetration in India is quiet low.
So, all the private players are trying to increase the market share in the public. This
study also involves creating awareness among the urban and rural consumer about the
insurance sector and also the various policies involving various premium rates. Since
the penetration of private companies and policies is low among the consumer, it is
necessary to create awareness about life insurance policies and to know the
satisfaction level among consumer. Hence the present studies entitled awareness
about it among the consumer.
1.1 Objectives of the Study
 To create an awareness about insurance company and policies.
 To identify the potential policy holders among end users and to create a
relationship between the companies and potential customers.
1

2.  To find out the customer satisfaction level among the go with their respecting
insurance companies in which they hold the polices.
 To find out the awareness of people about insurance policies.
 To offer suggestions based on findings.
Insurance Industry
The business of insurance started with marine business. Traders, who used to
gather in the Lloyd’s coffee house in London, agreed to share the losses to their goods
while being carried by ships. The losses used to occur because of pirates who robbed
on the high seas or because of bad weather spoiling the goods or sinking the ship.
The first insurance policy was issued in 1583 in England. In India, insurance began in
1870 with life insurance being transacted by an English company, the European and
the Albert. The first Indian insurance company was the Bombay Mutual Assurance
Society Ltd, formed in 1870. This was followed by the Oriental Life Assurance Co.
in 1874, the Bharat in 1896 and the Empire of India in 1897.
Later, the Hindustan Cooperative was formed in Calcutta, the United India in
Madras, the Bombay life in Bombay, the National in Calcutta, the New India in
Bombay, the Jupiter in Bombay and the Lakshmi in New Delhi. These were all
Indian companies, started as a result of the swadeshi movement in the early 1900s.
By the year 1956, when the life insurance was nationalized and the Life Insurance
Corporation of India (LIC) was formed on 1st
September 1956, there were 170
companies and 75 provident fund societies transacting life insurance business in India.
After the amendments to the relevant laws in 1999, the L.I.C. did not have the
exclusive privilege of doing life insurance business in India. By 31.3.2002, eleven
new insurers had been registered and has begun to transact life insurance business in
India.
Need of Insurance
Assets are insured, because they are likely to be destroyed, through accidental
occurrences. Such possible occurrences are called perils. Fire, floods, breakdowns,
2

3. lightning, earthquakes, etc, are perils. If such perils can cause damage to the asset, we
say that the asset is exposed to that risk. Perils are the events. Risks are the
consequential losses or damages. The risk to an owner of a building, because of the
peril of an earthquake, may be a few lakhs or a few crores of rupees, depending on the
cost of the building and the contents in it.
The risk only means that there is a possibility of loss or damage. The damage
may or may not happen. Insurance is done against the contingency that it may
happen. There has to be an uncertainty about the risk. Insurance is relevant only if
there are uncertainties. If there is no uncertainty about the occurrence of an event, it
cannot be insured against. In the case of a human being, death is certain, but the time
of death is uncertain. In the case of a person who is terminally ill, the time of death is
not certain, though not exactly known. He cannot be insured.
Insurance does not protect the asset. It does not prevent its loss due to the
peril. The peril cannot be avoided through insurance. The peril can sometimes be
avoided, through better safety and damage control management. Insurance only tries
to reduce the impact of the risk on the owner of the asset and those who depend on
that asset. It only compensates the losses – and that too, not fully.
Only economic consequences can be insured. If the loss is not financial,
insurance may not be possible. Examples of non-economic losses are love and
affection of parents, leadership of managers, sentimental attachments to family
heirlooms, innovate and creative abilities, etc.
Types of insurance
 Automobile insurance
 Aviation insurance
 Boiler insurance
 Builder’s risk insurance
 Casualty insurance
3

4.  Disability insurance
 Liability insurance
 Marine cargo insurance
 Purchase insurance
 Credit insurance
 Crime insurance
 Crop insurance
 Directors and officers liability insurance
 Property insurance
 Terrorism insurance
 Title insurance
 Travel insurance
 Workers’ compensation
 Life insurance
 Total permanent disability insurance
 Locked funds insurance
 Marine insurance
 Financial loss insurance
 Health insurance
 Professional indemnity insurance
 Environmental liability insurance
 Pet insurance
4

5.  Political risk insurance
Profile of HDFC STANDARD LIFE INSURANCE Co.Ltd
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 a Group
Company of the Standard Life, UK.
HDFC Standard Life is one of the leading life insurance companies having a track
record of declaring bonuses every year since inception. HDFC as on March 31, 2007
holds 81.9 per cent of equity in the joint venture.
STRENGTHS OF HDFC STANDARD LIFE INSURANCE
 FINANCIAL EXPERTISE
HDFC Standard Life Insurance has the financial expertise required to
manage long-term investments safely and efficiently.
 RANGE OF SOLUTIONS
HDFC Standard Life Insurance has a range of individual and group
solutions, which can be easily customized to specific needs. HDFC Standard
Life Insurance’s group solutions have been designed to offer a complete
flexibility combined with a low charging structure to people.
 TRACK RECORD
5

6. HDFC Standard Life Insurance’s cumulative premium income,
including the first year premiums and renewal premiums is Rs. 1532.21 Crores
Apr-Mar 2005 - 06.
It has covered over 1.6 million individuals out of which over 5, 00,000
lives have been covered through our group business tie-ups.
VISION
The most successful and admired life insurance company, which mean
that we are the most trusted company, the easiest to deal with, offer the best
value for money, and set the standards in the industry.
'The most obvious choice for all'
VALUES:
Values that HDFC Standard Life Insurance observes are
 Integrity
 Innovation
 Customer centric
 People Care “One for all and all for one”
 Team work
 Joy and Simplicity
Major competitors of HDFC STANDARD LIFE
 Life Insurance Corporation of India
 ICICI Prudential Life Insurance
 Bajaj Allianz Life
 SBI Life Insurance
6

7. PRODUCT PROFILE OF HDFC STANDARD LIFE
HDFC Standard Life Insurance offers various insurance solutions to meet
every ones need. HDFC Standard Life Insurance offers various insurance solutions to
individuals as well as to companies looking to provide benefits to their employees.
The products that are offered by are mainly classified as follows,
 Individual Products.
 Group Products.
INDIVIDUAL PRODUCTS
1. Production plan
(a)Term assurance plan
A pure risk cover plan, which gives you protection against the uncertainties of
life. The Term Assurance Plan is an insurance policy that is designed to help secure
your family's financial needs.
(b) Loan cover term assurance plan
An ideal way to cover your home loan or other loan liabilities. This Plan
provides a lump sum on the unfortunate death of the life assured within the policy
term.
2. Investment plan
(a)Single premium whole of life plan
Our Single 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.
7

8. 3. Pension plans
(a)Personal pension plan
It provides a post retirement income in your golden years and gives you the
flexibility to plan your retirement date and Gives you tax benefits on your premiums.
The plan receives simple Reversionary Bonuses, which are usually added annually. At
the end of the term an additional Terminal Bonus may be paid depending on the
performance of the underlying investment.
(b) Unit linked pension
It's an outstanding investment opportunity by providing a choice of thoroughly
researched and selected investments and post retirement income for life and also
Flexibility to plan your retirement date.
(c)Unit linked pension plus
It's an outstanding investment opportunity by providing a choice of thoroughly
researched and selected investments. Regular Loyalty Units to boost your fund value
every year and post retirement income for life and also Flexibility to plan your
retirement date.
4. Savings plan
(a)Endowment assurance plan
It's an ideal way to secure your long-term financial goals. Valuable protection
to your family by way of lump sum payment in case of your unfortunate demise
within policy term and Lump sum payment on survival up to maturity date
8

9. (b) Unit linked Endowment
It's an outstanding investment opportunity by providing a choice of thoroughly
researched and selected investments. Valuable protection to your family in case you
are not around and Flexible benefit combinations and payment options and also
flexible additional benefit options such as critical illness cover.
(c) Unit linked Endowment plus
It's an outstanding investment opportunity by providing a choice of thoroughly
researched and selected investments. Regular Loyalty Units to boost your fund value
every year. Valuable protection to your family in case you are not around and Flexible
benefit combinations and payment options and also flexible additional benefit options
such as critical illness cover.
(d) Money back plan
A proportion of the basic sum Assured as Cash lump sums at regular 5-year
intervals within the policy term an ideal way to secure your long- term as well as
short-term financial goals and a lump sum payment on survival up to maturity date.
Valuable protection to your family by way of lump sum payment in case of your
unfortunate death within the policy term.
(e) Children's plan
The Children's Plan is designed to secure your child's future by giving your
child a guaranteed lump sum, on maturity or in case of your unfortunate demise, early
in the policy term. The premiums, paid by you, are invested by the company to give
you good long-term returns.
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10. (f) Unit linked young star
It's an outstanding investment opportunity by providing a choice of thoroughly
researched and selected investments. Valuable protection to your child in case you are
not around. Flexible benefit combinations and payment options and also flexible
additional benefit options such as critical illness.
(g)Unit linked young star plus
It's an outstanding investment opportunity by providing a choice of thoroughly
researched and selected investments. Regular Loyalty Units to boost your fund value
every year and Valuable protection to your child in case you are not around and
Flexible benefit combinations and payment options and also flexible additional
benefit options such as critical illness cover.
GROUP PRODUCTS
(1)GROUP TERM INSURANCE PLAN
The Group Term Insurance (GTI) plan meets this need and serves as an ideal
way for companies to reinforce their bond with their employees. The sort of needs,
you, as an employer need to cater to could be in form of:
10

11.  Employee benefits
 Cover for housing or vehicle loans given by you to your employees
 A GTI cover for future service gratuity liability to be taken along with the
Group Unit Linked Plan
 One year renewable term insurance plan.
 One master policy issued covering all members of the group.
(2) GROUP VARIABLE TERM INSURANCE
The Group Variable Term Insurance is a tailor made insurance policy for third
party institutions. HDFC Standard Life Insurance Company will offer life insurance to
customer’s of one or more of the third party’s specific products in order that in the
event of their death, there will be a lump sum available.
The Group Variable Term Insurance:
 On death, will pay a lump sum known as a sum assured. The sum assured
varies over time in order that the customer receives the cover that they need.
 Is a group policy.
 Has no lengthy underwriting procedure.
 Is simple to administer.
INSURANCE IN INDIA
11

12. About 154 Indian insurance companies, 16 non-Indian companies and 75
provident were operating in India at the time of nationalization. Nationalization was
accomplished in two stages; initially the management of the companies was taken
over by means of an Ordinance, and later, the ownership too by means of a
comprehensive bill. The Parliament of India passed the Life Insurance Corporation
Act on the 19th of June 1956, and the Life Insurance Corporation of India was created
on 1st September, 1956, with the objective of spreading life insurance much more
widely and in particular to the rural areas with a view to reach all insurable persons in
the country, providing them adequate financial cover at a reasonable cost.
LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart
from its corporate office in the year 1956. Since life insurance contracts are long term
contracts and during the currency of the policy it requires a variety of services need
was felt in the later years to expand the operations and place a branch office at each
district headquarter. re-organization of LIC took place and large numbers of new
branch offices were opened. As a result of re-organization servicing functions were
transferred to the branches, and branches were made accounting units. It worked
wonders with the performance of the corporation. It may be seen that from about
200.00 crores of New Business in 1957 the corporation crossed 1000.00 crores only in
the year 1969-70, and it took another 10 years for LIC to cross 2000.00 crore mark of
new business. But with re-organization happening in the early eighties, by 1985-86
LIC had already crossed 7000.00 crore Sum Assured on new policies
Today LIC functions with 2048 fully computerized branch offices, 100
divisional offices, 7 zonal offices and the Corporate office. LIC’s Wide Area Network
covers 100 divisional offices and connects all the branches through a Metro Area
Network. LIC has tied up with some Banks and Service providers to offer on-line
premium collection facility in selected cities. LIC’s ECS and ATM premium payment
facility is an addition to customer convenience. Apart from on-line Kiosks and IVRS,
Info Centres have been commissioned at Mumbai, Ahmedabad, Bangalore, Chennai,
Hyderabad, Kolkata, New Delhi, Pune and many other cities.
With a vision of providing easy access to its policyholders, LIC has launched
its SATELLITE SAMPARK offices. The satellite offices are smaller, leaner and
12

13. closer to the customer. The digitalized records of the satellite offices will facilitate
anywhere servicing and many other conveniences in the future.
LIC continues to be the dominant life insurer even in the liberalized scenario
of Indian insurance and is moving fast on a new growth trajectory surpassing its own
past records. LIC has issued over one crore policies during the current year. It has
crossed the milestone of issuing 1,01,32,955 new policies by 15th Oct, 2005, posting
a healthy growth rate of 16.67% over the corresponding period of the previous year.
Insurance business in India are
1818: Oriental Life Insurance Company, the first life insurance company on Indian
soil started functioning.
1870: Bombay Mutual Life Assurance Society, the first Indian life insurance
company started its business.
1912: The Indian Life Assurance Companies Act enacted as the first statute to
regulate the life insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government to
collect statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with the
objective of protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident societies are taken over by the
central government and nationalized. LIC formed by an Act of Parliament, viz. LIC
Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.
How Insurance Works
13

14. The mechanism of insurance is very simple. People who are exposed to the
same risks come together and agree that, if any one of them suffers loss, the others
will share the loss and make good to the person who lost. All people who send goods
by ship are exposed to same risks, which are related to water damage, ship sinking,
piracy, etc. Those owning factories are not exposed to these risks, but they are
exposed to different kinds of risks like, firer, hailstorms, earthquakes, lightning,
burglary, etc. Like this, different kinds of risks can be identified and separate groups
made, including those exposed to such risks. By this method, the heavy loss that any
one of them may suffer is divided into bearable small losses by all. In other words,
the risk is spread among the community and the likely big impact on one is reduced
smaller manageable impacts on all.
Insurance as a Security Tool
The United Nations Declaration of Human Rights 1948 provides that
“Everyone has a right to standard of living adequate for the health and well being of
himself and his family, including food, clothing, and housing and medical care and
necessary social service and the right to security in the event of unemployment,
sickness, disability. Life insurance provides such an alternate arrangement. If this did
not happen, another family will be pushed into the lower strata of society. The lower
strata create a cost on society. Life insurance tends to reduce such a cost. In this
sense, the life insurance business is complimentary to the states efforts in the social
management.
In a capitalist society provision of security is largely left to the individual.
Insurance is one of them to provide social security by state under some schemes.
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15. Role of Insurance in Economic Development
For economic development investments are necessary. Investments are made
out of savings. A life insurance is a major instrument for the mobilization of savings,
particularly from the middle and lower income groups. This savings are channeled
into investments for economic growth.
Major Market Players in India
Presently there are 15 Life insurance companies in the country. There is only
one public sector company LIC and the rest 14 are private sector. Although LIC has
been dominating the Life Insurance business since past few years the private players
have now started to build up momentum.
HDFC – Standard Life
HDFC Standard is a 74:26 joint venture between HDFC and Standard Life. It
is a private sector company. The market share for FY 2005-06 was 2.87%.
Birla Sun Life Insurance Company
Birla Sun Life Insurance Company is a 74:26 joint venture between Birla
group and Sun Life Financial. It is a private sector company. The market share for FY
2005-06 was 1.89%.
ICICI Prudential Life Insurance
ICICI Prudential Life is a 74:26 joint venture between ICICI and Prudential. It
is a private sector company. The market share for FY 2005-06 was 7.35%.
15

16. Life Insurance Corporation of India (LIC)
Life Insurance Corporation of India is a 100% government held Public Sector
Company. Being the first to be established LIC is the forerunner in the Life Insurance
sector. The market share for FY 2005-06 was 71.44%.
Kotak Mahindra OLD Mutual
Kotak Mahindra OLD Mutual is a 74:26 joint venture between Kotak
Mahindra bank and Old Mutual. It is a private sector company. The market share for
FY 2005-06 was 1.11%.
Max New York Life
Max New York Life is a 74:26 joint venture between J & Bank, Pallonji & Co
and MetLife. It is a private sector company. The market share for FY 2005-06 was
1.23%.
Aviva Life Insurance India
Aviva Life insurance is a 74:26 joint venture between Aviva and Dabur. It is a
private sector company. The market share for FY 2005-06 was 1.14%.
ING Vysya Life insurance
ING Vysya Life Insurance is joint venture between Exide (50%), Gujarat
Cements (14.87%), Enam (9.13%) and ING (26 %). It is a private sector company.
The market share for FY 2005-06 is 0.79%.
MetLife India
MetLife India is a 74:26 joint venture between J & K Bank, Pallonji & Co and
MetLife. It is a private sector company. The market share for FY 2005-06 was 0.40%.
16

17. Bajaj Allianz Life Insurance Co
Bajaj Allianz Life Insurance Company is a 74:26 joint venture between Bajaj
Auto limited and Allianz AIG. The market share for FY 2005-06 was 7.56%.
SBI Life Insurance Company Ltd
SBI Life Insurance Company is a 74:26 joint venture between SBI and Cardiff
S.A. It is a private sector company. The market share for FY 2005-06 was 2.31%.
TATA AIG Group
TATA AIG group is a 74:26 joint venture between Tata Group and AIG. It
belongs to the private sector. The market share for FY 2005-06 was 1.29%.
Sahara India Life Insurance Company Ltd
First Wholly Indian Owned Private Life Insurance Company. The market
share for FY 2005-06 was 0.06 %.
Shriram Life Insurance Company Ltd
Shriram Life is a recent entrant into the life insurance sector It is a 74:26 joint
venture between the Shriram group through its Shriram Financial Holdings and
Sanlam Life Insurance Limited, South Africa.
17

18. MARKET SHARE OF PUBLIC AND PRIVATE SECTOR
COMPANIES
MARKET SHARE OF PRIVATE SECTOR INSURANCE COMPANIES
18

19. (IRDA)INSURANCE REGULATORY DEVELOPMENT
AUTHORITY
On the recommendation of Malhotra Committee, an Insurance Regulatory
Development Act (IRDA) passed by Indian Parliament in 1993. Its main aim was to
activate an insurance regulatory apparatus essential for proper monitoring and control
of the Insurance industry. Due to this Act several Indian private companies have
entered into the insurance market, and some companies have joined with foreign
partners. In economic reform process, the Insurance Companies has given boost to the
socio-economic development process. The huge amount of funds that are at the
disposal of Insurance Companies are directed as desired avenues like housing, safe
drinking water, electricity, primary education and infrastructure. Above all the
policyholders gets better pricing of products from competitive insurance companies.
Liberalization
The opening up of Insurance sector was a part of the ongoing liberalization in the
financial sector of India. The domain of State-run insurance companies was thrown
open to private enterprise on December 7, 1999, with the introduction of the
Insurance Regulatory and Development Authority (IRDA) Bill. The opening up of the
sector gave way to the world known names in the industry to enter the Indian market
through tie-ups with the eminent business houses. What was once a quiet business is
becoming one of the hottest businesses today.
19

20. Post liberalization
The changing face of financial sector and the entry of several companies in the field
of Life Insurance segment are one of the key results of these liberalization efforts.
Insurance business by way of generating premium income adds significantly to the
GDP. Despite the fact that the market is vast in India for the Insurance business, the
coverage is far less compared with the international standards. Estimates show that a
meager 35-40 million, out of a population of 950 million, have come so far under the
umbrella of the insurance industry. The potential market is so huge that it can grow by
15 to 17 per cent per annum. With the entry of private players, the Indian Insurance
Market may finally be able to make deeper penetration in to newer segments and
expand the market size manifold. The quality of service will also improve and there
will be wide The Life insurance market in India is likely to be risky in the initial
stages, but this will improve in the next three to five years Therefore, it may be
advantageous to be a second-round entrant. In the Life insurance market the need risk
assessment systems and data that are the key to success in the Life insurance market
are significantly underdeveloped in India even today.
20

21. CHAPTER-IV
ANALYSIS AND INTERPRETATION
The primary data collected through the questionnaire from government
officials were complied using spss package and the analysis are presented below.
TABLE 4.1
RESPONDENTS PROFILE OF AGE
Age(In Years)
Frequency/
Percentage
25-35
35-45
45-55
>55
4
25
66
5
Total 100
(Source: Primary Data)
Table 4.1 shows, among the 100 sample respondents, the majority of 66% of
the respondents fall in the age group of 45-55 years. Another 25% fall in the category
of 35-45 years. There are 5% of the respondents who fall in the age group of above 55
years, while the remaining 4% are in the age group of 25-35 years. Thus, from the
analysis it can be concluded that the majority (66%) of respondents fall in the age
group of 45-55.
21

22. TABLE 4.2
GENDER PROFILE OF RESPONDENT
Gender Frequency/
Percentage
Male
Female
73
27
Total 100
(Source: Primary Data)
Table 4.2 shows, the 100 sample respondents, the majority of 73% of the
respondents are Male, while the remaining 27% are female. Thus, from the analysis it
can be concluded that the male respondents constituted the major position (73%)
TABLE 4.3
MARITAL STATUS OF RESPONDENTS
Marital Status Frequency/
Percentage
Married
Unmarried
99
1
Total 100
(Source: Primary Data)
Table 4.5 shows, among the 100 sample respondents, the majority (99%) of
the respondents are married while the remaining 1% is unmarried among the
respondents. Thus, from the analysis it can be concluded that the majority (99%) of
respondents who are married.
22

23. TABLE 4.4
EXPERIENCE PROFILE OF RESPONDENTS
Experience of
respondent
Frequency/
percentage
Less Than 10
10-20
20-30
>30
11
27
57
5
Total 100
(Source: Primary Data)
As it could be seen in Table 4.4, among the 100 sample respondents, the
highest of 57% of the respondents fall in the experience group of 20-30 years.
Another 27% fall in the category of 10-20 years. There are 11% of the respondents
who fall in the experience group of less then 10 years, while the remaining 5% are in
the experience group of above 30 years. Thus, majority (57%) of respondents are in
the experience group of 20-30.
23

24. TABLE 4.5
ANNUAL INCOME LEVEL OF RESPONDENTS
Annual income
Frequency/
percentage
Less Than 180000
180000-300000
300000-420000
>420000
27
50
14
9
Total 100
(Source: Primary Data)
Table 4.5 shows, out of 100 sample respondents, the majority 50% of the
respondents earn annual income between 180000-300000.Another 27% of
respondents are less than 180000. There are 14% of the respondents who earn
between 300000-420000, the remaining 9% among the respondents earn above
420000. Thus, from the analysis it can be concluded that the respondents who earn
between 180000-300000 constituted the major position (50%).
24

25. TABLE 4.6
AWARENESS ABOUT LIFE INSURANCE POLICIES
Awareness Frequency/
percentage
Yes
No
100
0
Total 100
(Source: Primary Data)
As it could be seen in table 4.6 among the 100 sample respondent all of them
were aware of the life insurance policies, (i.e.) 100%. Thus from the analysis it can be
concluded that 100% of respondents are aware of the life insurance policies.
25

26. TABLE 4.7
SOURCE OF INFORMATION
SOURCE YES NO
Agent
Employer
Press
Relatives
T.v
Internet
Bankers
Brokers
Friends
Mobile
85
15
24
10
37
10
21
4
23
3
15
85
76
90
63
90
79
96
77
97
(Source: Primary Data)
As it could be seen in table 4.7, among the 100 sample respondent, it is clear
that most of the respondents came to know about the insurance through agents (85%)
and the second highest source are the T.V (37%). None of the respondents have come to
know about the insurance through mobile. Thus, from the analysis it can be concluded
that 85% of the respondents came to know about insurance polices through agents.
26

27. FIGURE 4.1
CHART SHOWING SOURCE OF INFORMATION
YES
NO
Rows
AGENT Count
EMPLOYER Count
PRESS Count
RELATIVES Count
T V Count
INT ERNET Count
BANKERS Count
BROKERS Count
FRIENDS Count
M OBILE Count
source
0
25
50
75
100
respondent
27

28. TABLE 4.8
AWARENESS ABOUT THE INSURANCE COMPANY
Company name Yes No
LIC
Birla
HDFC
Bajaj
ICICI
SBI
Sriram
Kotak
Aviva
Reliance
Tata AIG
Metlife
Max Newyork
Sahara
Barathi
ING Vysya
100
26
75
27
55
55
18
6
3
12
19
0
5
3
0
16
0
74
25
73
45
45
82
94
97
88
81
100
95
97
100
84
(Source: Primary Data)
As it could be seen in table 4.8 among the 100 sample respondent, it is clear
that 100% of the respondents are aware of LIC. And among the private players HDFC
has ranked first (75%) and followed by ICICI (55%), BAJAJ (27%), BIRLA (26%).
None of the respondent has come to know about Metlife and Max Barathi AXA life
insurance. Thus most of the respondents are aware of LIC and in the private sector
HDFC Standard Life insurance.
FIGURE 4.2
AWARENESS OF INSURANCE COMPANY
28

29. YES
NO
Rows
0 25 50 75 100
respondent
LIC
BIRLA SUNLIFE
HDFC ST ANDARD LIFE
BAJAJ ALLIANZ
ICICI PRUDENT IAL
SBI LIFE
SHRIRAM LIFE
OTHER
companies
TABLE 4.9
PURPOSE OF TAKING POLICIES
Purpose Yes No
tax saving
investment
life risk
regular returns
health maintenance
retirement benefits
Others
57
38
46
22
19
6
1
43
62
54
78
81
94
99
(Source: Primary Data)
As it could be seen in table 4.9 among the 100 sample respondents, 57% have
opted Tax saving as the major purpose of taking life insurance policies and Life risk
coverage, Investment are also the purpose of taking life insurance policies. Thus from
29

30. the analysis it can be concluded that most of the respondents are preferred to take
policies for the purpose of Tax Savings.
FIGURE 4.3
PURPOSE OF TAKING POLICIES
YES
NO
Rows
0 25 50 75 100
RESPONDENT
T AX SAVING Count
INVEST MENT Count
LIFE RISK COVERAGE Count
REGULAR RET URNS Count
HEALTH MAINT ANANCE Count
RET IREMENT BENEFIT S Count
OTHERS Count
PURPOSE
TABLE 4.10
30

31. AWARENESS OF THE POLICIES
Policies Name Yes No
Endowment
Whole life
Money back
With profit
Joint life
Children's
Convertible
Without profit
Variable Insurance
Annuity policy
Handicapped policy
Retirement policy
Salary saving scheme
ULIP
83
41
84
24
30
41
2
2
0
7
2
24
36
18
17
59
16
76
70
59
98
98
100
93
98
76
66
82
(Source: Primary Data)
Table 4.10, shows among the 100 sample respondents, 84% of the respondent
are preferred money back policy and 83% of respondent are preferred endowment
policies. None of the respondents are preferred to Variable insurance, without profit
policy and handicapped policy. Thus from the analysis it can be concluded that most
of the respondents are preferred to take money back and endowment policies.
FIGURE 4.4
AWARENESS OF THE POLICIES
31

32. YES
NO
Rows
0 25 50 75
RESPONDENT
ENDOWMENT POLICY Count
WHOLE LIFE POLICY Count
M ONEY BACK POLICY Count
WITH PROFIT POLICY Count
JOINT LIFE POLICY Count
CHILDREN'S POLICY Count
OTHERS Count
POLICIES
TABLE 4.11
RANKING FOR POLICIES
POLICIES RANK
1
RANK
2
RANK
3
RANK
4
RANK
5
RANK
6
RANK
7
Endowment
Whole life
Money back
With profit
Joint life
Children's
Others
21
8
46
5
4
5
12
27
15
15
8
9
13
13
20
8
10
1
12
27
21
11
8
12
16
18
17
21
15
34
7
13
21
7
3
3
22
9
36
17
11
1
3
5
1
21
19
20
29
(Source: Primary Data)
As it could be seen in table 4.11 among the 100 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 from the
analysis it can be concluded that most of the respondents are ranked money back
policy as first.
32

33. FIGURE 4.5
RANKING FOR POLICIES
RANK1
RANK2
RANK3
RANK4
RANK5
RANK6
RANK7
Rows
10 20 30 40
RESPONDENT
ENDOWMENT POLICY Count
WHOLE LIFE POLICY Count
M ONEY BACK POLICY Count
WITH PROFIT POLICY Count
JOINT LIFE POLICY Count
CHILDREN'S POLICY Count
OTHERS Count
POLICIES
33

34. TABLE 4.12
PREFERRED PREMIUM PERIOD
Period Frequency/
Percentage
Annual
Half yearly
Quarterly
Monthly
21
16
15
48
Total 100
(Source: Primary Data)
Table 4.12 shows, among the 100 sample respondents, 48% of the respondents
preferred monthly premium payment period and 21% of the respondents preferred
annual premium payment period. Thus from the analysis it can be concluded that 48%
of the respondents preferred monthly premium payment period.
FIGURE 4.6
PREFERRED PREMIUM PERIOD
34

35. ANNUAL HALFYEARLY QUARTERLY MONTHLY
PREMIUM PAYMENT PERIOD
0
10
20
30
40
50
RESPONDANT
21
16 15
48
TABLE 4.13
PREFERRED PREMIUM PAYMENT
35

36. Mode Frequency/
Percentage
Salary deduction
Through agent
By cash
By cheque
Online payment
58
11
7
18
6
Total 100
(Source: Primary Data)
Table 4.13 shows, 4.7 among the 100 sample respondents, 58% of the
respondents preferred Salary Deduction as mode of payment and 18% of the
respondents preferred cheque as the mode payment. Thus from the analysis it can be
concluded that 58% of the respondents preferred Salary Deduction as mode of
payment.
FIGURE 4.7
PREFERRED PREMIUM PAYMENT
36

37. SALARY
DEDUCTION
THROUGH
AGENT
BY CASH BY CHEQUE ONLINE
PAYMENT
MODE OF PAYMENT
0
10
20
30
40
50
60
RESPONDANT
58
11
7
18
6
TABLE 4.14
PREFERRED DELIVERY OF POLICY DOCUMENTS
Policy Documents Frequency/
37

38. Percentage
Online
By post
Through agent
Personally at insurance company's
3
22
43
32
Total 100
(Source: Primary Data)
Table 4.14 shows, among the 100 sample respondents, 43% of the respondents
preferred to get the documents through agent and 32% of the respondents preferred to
get the documents from the insurance office itself. Thus, from the analysis it can be
concluded that 43% of the respondents preferred to get the documents through agent.
FIGURE 4.8
PREFERRED DELIVERY OF POLICY DOCUMENTS
38

39. ONLINE BY POST THROUGH AGENT PERSONALLY AT
INSURANCE
COMAPNY'S
OFFICE
MODE OF DELIVERY
0
10
20
30
40
50
RESPONDANT
3
22
43
32
TABLE 4.15
PREFERRED MODE OF SETTELEMENT
39

40. Mode Frequency/
Percentage
By cash
By cheque
On account transfer
19
75
6
Total 100
(Source: Primary Data)
Table 4.15 shows, among the 100 sample respondents, 75% of the respondents
preferred to get the claims settlement through by cheque and 19% of the respondents
preferred to get the claims settlement through cash. Thus from the analysis it can be
concluded that 75% of the respondents preferred to get the claim settlement through
cheque.
FIGURE 4.9
THE PREFERRED MODE OF SETTELEMENT
40

41. BY CASH BY CHEQUE ON ACCOUNT TRANSFER
MODE OF SETTLEMENT
0
20
40
60
80
RESPONDANT
19
75
6
TABLE 4.16
RANKING THE DETAILS EXPECTED FROM AGENT
41

42. DETAILS R1 R2 R3 R4 R5 R6 R7 R8
Features of policy
Premium amount
Period of premium
Mode of payment
Terms & condition
Other benefits
Other services
Settlements
21
24
21
9
21
1
1
3
13
30
27
7
20
0
0
4
24
14
18
18
17
2
0
7
17
16
12
17
13
11
0
15
16
8
11
23
13
15
9
6
5
2
3
17
9
28
23
12
3
2
6
5
4
32
40
6
1
4
2
4
3
11
27
47
(Source: Primary Data)
Table 4.16 shows, among the 100 sample respondents, the respondents are
expecting the details about premium amount because it has been ranked as 1 (24%)
and period of premium has been ranked as 2 (27%) and features of policy has ranked
as 3 (24%). Thus from the analysis it can be concluded that most of the respondents
ranked premium amount as first detail followed by period of premium and feature of
policy.
FIGURE 4.10
RANKING FOR EXPECTING DETAILS FROM AGENT
42

43. RANK1
RANK2
RANK3
RANK4
RANK5
RANK6
RANK7
RANK8
Rows
10.00 20.00 30.00 40.00
RESPONDENT
FEAT URES OF T HE POLICY Count
PREMIUM AMOUNT Count
PEROID OF PAYMENT Count
M ODE OF PAYM ENT OF PREM IUM Count
T ERMS AND CONDITIONS Count
OTHER BENEFIT S Count
OTHER SERVICES Count
SET TLEMENT OF CLAIMS AND IT S CONDITIONS Count
DETAILS
TABLE 4.17
PREFERRED INSURANCE COMPANY
Sector Frequency
Public sector
Private sector
75
25
Total 100
(Source: Primary Data)
Table 4.17 shows, among the 100 sample respondent 75% of respondents are
preferred public sector and 25% of the respondents are preferred private sector. Thus
from the analysis it can be concluded that 75% of respondents are preferred public
sector.
FIGURE 4.11
PREFERRED INSURANCE COMPANY
43

44. 75
25
PREFERRED
SECTOR IN
INSURANCE
COMPANY
PUBLIC SECTOR
PRIVATE SECTOR
TABLE 4.18
44

45. RANKING FOR SELECTING AN AGENT
Details R1 R2 R3 R4 R5 R6 R7
Knowledge of policy
Investment advice
Convincing approach
Premium details
Handling documents
Nominee details
Claim settlement
41
21
13
21
0
2
1
24
20
29
17
5
0
6
9
33
19
16
6
5
12
22
16
13
27
7
5
10
2
3
12
11
41
19
12
1
4
6
8
22
46
13
1
2
8
0
19
23
46
(Source: Primary Data)
As it could be seen in table 4.18 among the 100 sample respondents, the
respondents are selecting the agent first to know about the knowledge of the policy
because it has been ranked as 1 (41%) and convincing has been ranked as 2 (29%) and
investment advice has ranked as 3 (33%). Thus from the analysis it can be concluded
that most of the respondents are selecting the agent's by knowledge of policy followed
by convincing approach and investment advice.
FIGURE 4.12
45

46. RANKING FOR SELECTING AN AGENT
RANK1
RANK2
RANK3
RANK4
RANK5
RANK6
RANK7
Rows
10.00 20.00 30.00 40.00
RESPONDANT
KNOWLEDGE ABOUT T HE POLICIES Count
INVEST MENT ADVICES FOR SELECT ING APPROPRIATE POLICIES Count
CONVINCING APPROACH Count
PAYMENT OF PREM IUM Count
HANDLING OVER OF POLICY DOCUMENT Count
CHANGE OF NOMINEE SERVICES Count
CLAIM SET T LEMENT SERVICES Count
DETAILS
TABLE 4.19
46

47. RANKING THE PARAMETERS FOR SELECTING INSURANCE
COMPANY
DETAILS R1 R2 R3 R4 R5 R6 R7 R8 R9 R10 R11 R12
Brand name
Availability of
product & services
Attractive
advertisement
Fulfillment of
customer needs
Fulfillment of
insurance
Terms & procedure
Sales promotion
Premium amount
Period of premium
Mode of premium
Rider clause
Online service
17
13
4
30
8
11
1
14
2
0
0
1
19
18
3
14
10
13
1
13
6
2
0
1
24
18
5
16
11
8
2
11
2
2
0
1
9
16
10
16
12
15
1
8
4
5
1
2
9
12
11
13
12
20
2
14
3
3
0
1
7
7
21
2
20
6
9
10
13
4
0
2
6
5
19
4
8
13
2
16
13
12
0
3
5
5
9
1
8
7
17
3
22
15
4
5
3
2
6
1
4
3
19
2
16
29
10
3
0
1
4
2
2
1
12
3
14
21
26
14
1
2
2
1
3
1
12
2
1
6
46
23
0
1
6
0
2
2
22
4
4
1
13
45
(Source: Primary Data)
As it could be seen in table 4.19 among the 100 sample respondents, the
respondents are selecting the insurance company first to fulfillment of customer needs
because it has been ranked as 1 (30%) and availability of product and services has
been ranked as 2 (18%) and brand name has ranked as 3 (24%). Most of the
respondents are selecting the insurance company first to fulfillment of customer needs
followed by availability of product and services and brand name.
TABLE 4.20
PREFERENCE FOR FUTURE POLICY
47

48. Particulars No. of Respondents
Yes
No
34
66
Total 100
(Source: Primary Data)
Table 4.20 shows, among the 100 sample respondent 66% of respondents are
preferred to take policy in future and 34% of the respondents are not preferred to take
policies in future. Thus from the analysis it can be concluded that 66% of respondents
are preferred to take policy in future.
FIGURE 4.13
PREFERENCE FOR FUTURE POLICY
66
34
PREFERENCE
FOR FUTURE
POLICY
YES
NO
TABLE 4.21
INTENDED TYPE OF POLICY IN FUTURE
48

49. Type of policy Respondent
Endowment policy
Joint life policy
Whole life policy
Children's policy
Money back policy
ULIP
11
8
4
28
13
2
Total 66
(Source: Primary Data)
As it could be seen in chart 4.21 among the 66 sample respondents, 28
respondents are preferred to take Children's policy and 13 respondents are preferred
to take Money Back policy. Thus from the analysis it can be concluded that 28
respondents preferred to take Children's policy.
TABLE 4.22
PREFERRED INSURANCE COMPANY IN FUTURE
Company Respondent
49

50. LIC
HDFC
BAJAJ
ICICI
55
9
1
1
Total 66
(Source: Primary Data)
Table 4.22 shows, among the 66 sample respondents, 55 respondents are
preferred to take LIC as there company and 9 respondents are preferred to take HDFC
as there company. Thus from the analysis it can be concluded that 55 of the
respondents preferred to take LIC as there company and among the private company
HDFC as their company.
TABLE 4.23
HOLDING OF INSURANCE POLICY
Particulars Holding Policies
Yes 98
50

51. No 2
Total 100
(Source: Primary Data)
As it could be seen in Table 4.23 among the 100 sample respondent 98% of
respondents are currently having policies and 2% of the respondents are not having
policies. Thus from the analysis it can be concluded that 98% of respondents are
currently having policies.
FIGURE 4.14
HOLDING OF INSURANCE POLICY
98
2
CURRENT POLICY
YES
NO
TABLE 4.24
CURRENT INSURANCE COMPANY
Current company Respondent
LIC
LIC AND HDFC
LIC AND ICICI
64
27
4
51

52. HDFC
OTHERS
1
2
Total 98
(Source: Primary Data)
Table 4.24 among the 98 sample respondents, 64 respondents is having
policies in LIC and 27 of respondents are having policies in both LIC and HDFC and
4 respondents are having in HDFC. Thus from the analysis it can be concluded that 64
of the respondents are having policies in LIC and HDFC is in the second place when
compared to others private players.
TABLE 4.25
NO. OF POLICIES
No. of Policies Respondent
1
2
3
6
45
36
52

53. 4 11
Total 98
(Source: Primary Data)
Table 4.25 shows, among the 98 sample respondents, 45 respondents are
having two policies and 36 of respondents are having three policies. Thus from the
analysis it can be concluded that 45 of the respondents having two policies.
TABLE 4.26
CURRENT TYPE OF POLICY
Policies Yes No
Endowment
Joint Life
Whole Life
Children
Money Back
ULIP
57
28
14
50
54
24
41
70
84
48
44
74
53

54. (Source: Primary Data)
Table 4.26 shows, among the 98 sample respondents, 57 respondents are
having Endowment policies and 54 respondents are having Money Back policies and
50 respondents are having Children's policy. Thus from the analysis it can be
concluded that 57 respondents having Endowment policy.
FIGURE 4.15
CURRENT TYPE OF POLICY
YES
NO
NIL
Rows
ENDOWMENT POLICY Count
JOINT LIFE POLICY Count
WHOLE LIFE POLICY Count
CHILDREN'S POLICY Count
M ONEY BACK POLICY Count
UNIT LINKED INSURANCE POLICY Count
POLICIES
0
25
50
75
RESPONDANT
TABLE 4.27
PRESENT PURPOSE OF TAKING POLICIES
Purpose Yes No
Tax saving
Investment
Life risk
Regular returns
Health maintain
Retirement benefits
55
39
36
30
18
8
42
59
62
68
80
89
(Source: Primary Data)
54

55. Tables 4.27 among the 98 sample respondents, 59 respondents are having
policies for the purpose of tax savings and 39 respondents are having policies for the
purpose of Investment. Thus from the analysis it can be concluded that 59 respondents
are having policies for the purpose of tax savings.
FIGURE 4.16
PRESENT PURPOSE OF TAKING POLICIES
YES
NO
NIL
Rows
T AX SAVING Count
INVEST MENT Count
LIFE RISK COVERAGE Count
REGULAR RET URNS Count
HEALTH MAINT ANANCE Count
RET IREMENT BENEFIT S Count
PURPOSE
0
25
50
75
RESPONDANT
TABLE 4.28
CURRENT PREMIUM PAYMENT PERIOD
Period Respondent
Annual
Half yearly
Quarterly
Monthly
One time
13
13
20
51
1
55

56. Total 98
(Source: Primary Data)
Table 4.28 shows, among the 98 sample respondents, 51 respondents are
paying monthly premium payment and 30 respondents are paying quarterly premium
payment. Thus from the analysis it can be concluded that 51 respondents are paying
monthly premium payment.
TABLE 4.29
CURRENT PREMIUM AMOUNT PAID ANNUALLY
Amount Respondent
< 3000
3000-5000
5000-7000
>9000
23
34
22
19
Total 98
(Source: Primary Data)
56

57. Table 4.29 shows, among the 98 sample respondents, 34 respondent's annual
premium payment is in between Rs 3000-5000 and 23 respondent's annual premium
payment is below Rs 3000. Thus from the analysis it can be concluded that 34
respondent's annual premium payment is in between Rs 3000-5000.
TABLE 4.30
SATISFACTION LEVEL FOR PRESENT AGENT
Agent Service H.S S C.S D H.D Total
Knowledge about policies
Investment advices
Convincing approach
Payment of premium
Claim settlement
Change of nominee
Handling over the documents
42
8
4
9
6
6
4
50
83
82
83
37
68
34
4
5
10
5
55
21
60
1
1
2
1
0
2
0
1
1
0
0
0
1
0
98
98
98
98
98
98
98
57

58. (Source: Primary Data)
Table 4.30 shows, among the 98 sample respondents, the respondents are
satisfied with agent services like Knowledge about the policies, Investment Advices,
Convincing Approach, Payment of Premium and Change of Nominee but the
respondents are not aware of their own Claim settlement and Handling over the
Documents, so its comes under can't say category. Thus from the analysis it can be
concluded that the respondents are satisfied with the current agent services.
TABLE 4.31
SATISFACTION LEVEL SCORES FOR AGENT SERVICE
Satisfaction Level Scores No. of Respondents
Highly Dissatisfied
Dissatisfied
Can't Say
Satisfied
Highly Satisfied
Exactly 7
8 – 14
15 – 21
22 – 28
29 – 35
0
0
1
86
11
(Source: Primary Data)
58

59. Table 4.31 clearly shows that 86 respondents are got scores in between 22 –
28, thus, the respondents are satisfied with the agent service.
TABLE 4.32
SATISFACTION LEVEL FOR INSURANCE COMPANY
Insurance company H.S S C.S D H.D Total
Brand name
Product & service
Customer needs
Attractive advertisement
Terms & procedures
Sales promotion
Premium amount
Period of premium payment
Mode of payment of premium
34
17
9
6
9
1
17
15
18
56
80
81
81
80
67
74
79
70
6
1
5
8
8
30
6
4
10
1
0
2
3
1
0
1
0
0
1
0
1
0
0
0
0
0
0
98
98
98
98
98
98
98
98
98
59

60. Availability of rider clause
Online service
Loans against policies
Settlement of claims
4
2
3
3
42
31
27
26
50
65
67
69
2
0
1
0
0
0
0
0
98
98
98
98
(Source: Primary Data)
Table 4.32 shows, among the 98 sample respondents, the respondents are
satisfied with the company services like Brand name, Availability of Product and
Services, Fulfillment of Customer needs, Attractive advertisement, Terms and
Procedures, Sales Promotion measures, Premium amount, Period of premium
payment, Mode of payment of premium but the respondents are not aware of Claim
settlement, Loans against policies, Online services and Availability of rider clause, so
its comes under can't say category. Thus from the analysis it can be concluded that the
respondents are satisfied with the current company services.
TABLE 4.33
SATISFACTION LEVEL SCORES FOR INSURANCE COMPANY
Satisfaction Level Scores No. of Respondents
Highly Dissatisfied
Dissatisfied
Can't Say
Satisfied
Highly Satisfied
Exactly 13
14 – 26
27 – 39
40 – 52
53 – 65
0
0
0
87
11
(Source: Primary Data)
Table 4.33 clearly shows that 87 respondents are got scores in between 40 –
52, Thus, the respondents are satisfied with the insurance company.
60

61. CHAPTER –V
FINDINGS, SUGGESTION&CONCLUSION
5.1 GENERAL FINDINGS
 HDFC Standard Life Insurance Co. Ltd. has increased its share capital by Rs
50 Crores.
 The two partners in the joint venture, HDFC Ltd. and Standard Life Assurance
Company, U.K. have brought in the additional capital and the share capital of
the company now stands at Rs 218 Crores.
61

62.  HDFC Standard Life Insurance’s cumulative premium income, including the
first year premiums and renewal premiums is Rs. 1532.21 Crores Apr-Mar
2005 - 06.
 It has covered over 1.6 million individuals out of which over 5, 00,000
lives have been covered through our group business tie-ups.
 It was necessitated on account of the strong growth shown by the company in
the current financial year in its life insurance and pension business.
5.2 SPECIFIC FINDINGS
 Majority (66%) of respondents fall in the age group of 45-55.
 The male respondents constituted the major position (73%).
 Majority (99%) of respondents who are married.
 Majority (57%) of respondents are in the experience group of 20-30.
 The respondents who earn between 180000-300000 constituted the major
position (50%).
 100% of respondents are aware of the life insurance policies.
 85% of the respondents came to know about insurance polices through agents.
 Most of the respondents are aware of LIC and in the private sector HDFC
Standard Life insurance.
 Most of the respondents are preferred to take policies for the purpose of Tax
Savings.
 Most of the respondents are preferred to take money back and endowment
policies.
 Most of the respondents are ranked money back policy as first.
 48% of the respondents preferred monthly premium payment period.
 58% of the respondents preferred Salary Deduction as mode of payment.
 43% of the respondents preferred to get the documents through agent.
 75% of the respondents preferred to get the claim settlement through cheque.
62

63.  Most of the respondents ranked premium amount as first detail followed by
period of premium and feature of policy.
 75% of respondents are preferred public sector.
 Most of the respondents are selecting the agent's by knowledge of policy
followed by convincing approach and investment advice.
 Most of the respondents are selecting the insurance company first to
fulfillment of customer needs followed by availability of product and services
and brand name.
 66% of respondents are preferred to take policy in future.
 28 respondents preferred to take Children's policy.
 55 of the respondents preferred to take LIC as there company and among the
private company HDFC as their company.
 98% of respondents are currently having policies.
 64 of the respondents are having policies in LIC and HDFC is in the second
place when compared to others private players.
 45 of the respondents having two policies.
 57 respondents having Endowment policy.
 59 respondents are having policies for the purpose of tax savings.
 51 respondents are paying monthly premium payment.
 34 respondent's annual premium payment is in between Rs 3000-5000.
 The respondents are satisfied with the current agent services.
 86 respondents are got scores in between 22 – 28, so the respondents are
satisfied with the agent service.
 The respondents are satisfied with the current company services.
 87 respondents are got scores in between 40 – 52, so the respondents are
satisfied with the insurance company.
63

64. 5.3 SUGGESTIONS
 In view of the competition from LIC and other private players in the market,
HDFC Standard Life should organize more awareness campaigns to create
awareness and to promote their existing products.
 More new products and services should be innovated through financial
engineering process to tap rural and social sectors.
 To retain old customers and to attract new customer's products with adds-on
features should be introduced besides attractive advertisements.
 To reach out more customers, tie-ups with companies, in various sectors can
be arranged to cover the insurance needs of their employees.
 As the awareness level among the government officials for some insurance
policies like ULIP, Money back plan, Endowment plan, Children's plan,
Protection plan, etc. are very low, periodical awareness programs in the
respective government officials with concurrence of higher officials should be
conducted.
 To enhance the satisfaction level of policyholders and to avoid losing the
existing customers periodical market surveys should be conducted.
 To utilize one of the most important marketing channel (commercial banks)
very effectively for promoting the products, steps should be taken to make the
64

65. banks incorporate successful sales tactics used by them to sell other financial
services.
5.4 CONCLUSION
65

66. Insurance sector is one of the most booming sectors in India. The penetration
level of insurance in India is only 2.3% when compared to 9-15% in the developed
nations. There is a huge market for the Insurance products in the future in India.
The project was very useful to the researcher to understand the life insurance
business.
Bibliography
Books
66

67.  Khan. M. Y, FINANCIAL SERVICES, Tata McgrawHill, New Delhi
 Gordon and Natarajan, Financial Markets and Services, Himalaya Publishing
House, Mumbai
 V.A Avadhani, Marketing of Financial Services, Himalaya Publishing House,
Mumbai
WEBSITES
 www.hdfclifeinsurance.com
 www.irda.com
REPORTS
 IRDA Reports
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