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A summer training project on
1. A Summer Training project onComparative study on HDFC life product with other insurance companies Presented by: Abha Gupta PGDM-IB Roll no- 1
2. Overview HDFC Life Insurance Established on 14th August 2000. HDFC Life Insurance Co. Ltd. is a joint venture between Housing Development Finance Corporation Limited (HDFC Limited) -India's leading housing finance institution - and a Group Company of the Standard Life, that is a world-renowned provider of financial services HDFC Life has about 568 branches and is present in over 700 cities and towns. It has almost 2, 00,000 financial consultants that meet various customer needs such as protection, pension, savings, investments and health.
3. HDFC life products Protection Plans Retirement Plans Health Plans Savings & Investment Plans HDFC Life Sampoorn Samridhi Insurance Plan HDFC Endowment Assurance Plan HDFC SL Crest HDFC SL ProGrowth Super II HDFC SL ProGrowth Flexi HDFC SL ProGrowth Maximiser HDFC SL New Money Back Plan HDFC Assurance Plan HDFC Savings Assurance Plan Endowment Gain Insurance Plan Classic Assure Insurance Plan
7. Objectives of the studies To analysis the product details of HDFC Standard life Insurance Company limited and other insurance companies. To find ‘Points of Parity’ and ‘Points of Difference’ of HDFC Standard Life Insurance Company Limited and other insurance companies. To find out factors that influence customers to purchase insurance policies and give suggestions for further improvement. Comparative study of various insurance players in the market
8. Marketing Problems Some of the main problems in marketing the policies are: Large amount of competition (18 players in the market) Other brands are well advertised and have higher recall value LIC is considered a safer option Face competition from banks and mutual funds High premium policies are difficult to market Incorrect perception about insurance Customers get defensive if you could call Short term plans are available only at large premium Customers do not have risk appetite to invest in shares Some prospects have already invested and are not interested in further investments Consumers don’t want to undertake medical examinations Large amount of documentation
9. Advertise about the company and its products – it motivates individuals to purchase insurance Create a positive perception about insurance Speak about the good features a plan offers like high returns, life cover, tax benefits, indexation, and accident cover While prospecting Customers Try to sell the product/plan which the consumer requires and not the plan where the advisors benefit is higher Improve the efficiency in operations Bring out policies with small premiums payable for short periods of time – Rs. 5000 – Rs. 10000 per annum for 10 Years Attract the youth of India with higher returns on investment as returns are the motivating factor which influence Purchase of insurance Promote insurance in colleges and corporate houses Should have partial withdrawals from the first year onwards Tap the rural market where there is large potential Diversify product portfolio Make products more straight forward – reduce complexities Suggestions for improvement
10. Conclusion HDFC Standard Life insurance is the oldest life insurance company in the world. It has businesses spread out across the globe. It was registered on 23rd December2000. It currently ranks number 4 amongst the insurers in India (Source: annual premium provided by the company) The company faces a large amount of competition. To sustain itself it must promote its products through advertising and improve its selling techniques. Consumers must be aware of the new plans available at HDFC SLIC. The medium of advertising used could be television since most of its competitors use this tool to promote their products The unit linked concept must be specifically promoted. The general perception of life insurance has to change in India before progress is made in this field. People should not be afraid to invest money in insurance and must use it as an effective tool for tax planning and long term savings. HDFC SLIC could tap the rural markets with cheaper products and smaller policy terms. There are individuals who are willing to pay small amounts as premium but the plans do not accept premiums below a certain amount. It was usually found that a large number of males were insured compared to females. Individuals below the age of 30 (mostly male) were interested in investment plans. This was a general conclusion drawn during prospecting clients.
