Final project

[Year]

SEGREGATION OF
HDFC-LIFE

SUMMITTED BY:

NIKIT GUPTA

NIILM-CMS

[Pick the date]

ACKNOWLEDGEMENT

I would like to thanks to all those who have helped me tremendously
during the course of the project.

My heartiest thanks are due to many persons for assistance in this
project to present state. The profound gratitude to our faculties
especially;

 Mr. Mohit Maurya for being my guide throughout the completion
of this project.

 Mr. Ashish Jaswani ,sales manager of HDFC standard life
Insurance corporation ,Rohini NEW DELHI for clarifying the
project which I encountered during the preparation of this project
.

I would also like to thanks Mr. Deepesh Pal Sr. Channel Manager, for
guiding me throughout my project. I also extend my gratitude to other
employer of HDFC Standard Life Insurance Corporation and my
friends who have me directly or indirectly to complete my project.

I also acknowledge the knowledge that I have gained during the
preparation of this project.

NIKIT GUPTA

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DECLARATION

I, NIKIT GUPTA a student of PGDM OF NIILM-CMS,GREATER
NOIDA, here by solemnly declare that the project title
“SEGREGATION OF HDFC STANDARD LIFE INSURANCE
CORPORATION” with special reference to HDFC-LIFE ( Rohini
Branch, NEW DELHI ) is my original work as all the information
and facts & figure produced in this report is based on my own
experience & study during my summer training under the department
of MKT in HDFC-LIFE (Rohini , NEW DELHI).

Further I also declare that I have tried to my best to complete this
project with sincerity, honesty and accuracy .Even then if .any
mistake or error has crept in I shall most humble request to reader to
point out those error. Any suggestion regarding this project Report
will be most welcome.

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TABLE CONTENt

Topics Page no.

INTRODUCTION 4

PURPOSE OF THE PROJECT 5

Review of literature 6-12

COMPANY PROFILE 13-20

AWARDS & ACCOLATES 21-30
AND VALUE/VISION

METHODOLOGY 36-42

BIBLIOGRAPHY 43-44

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INTRODUCTION

In spite of theoretical knowledge gained through classroom study, a
person is incomplete if not subjected to practical exposure of real
corporate world and the challenges and problems that one has to face
at the actual work place.

In this context the study has been taken to make the person aware of
happening of the real business world. The project entitled
“SEGREGATION OF HDFC STANDARD LIFE INSURANCE
CORPORATION” with the special reference to HDFC-LIFE
INSURANCE has been done in NEW DELHI as a summer training
part of MBA program and it helped me in understanding about the
policies and procedures of a company and how these should be
formulate together so that they solve the real purpose. It also gave me
a chance to have an interaction with people at real workplace who are
working at different positions with different authorities and
responsibilities.

The generosity & the patience of these people for spending their
valuable time for having discussions and interactions has also been a
great experience for me. The study was made to formulate a manual
by collecting relevant information about the contents with the help of
Questionnaire survey and face to face interaction with the sales
Development managers, Business development managers & other
HDFC-LIFE branches employer. The valuable information &
suggestions provided by the members of HDFC-LIFE itself.
Secondary data was collected from the other manuals provided by the
marketing department and website of the company.

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PURPOSE OF THE PROJECt
The main purpose of the project is to do comparative analysis of
different insurance products, check the awareness level and
perception of insurance by the individuals. The project would also
help in understanding preference of people regarding private and
public insurance companies.

The main objective of the research is

 Making comparative analysis between:-

 HDFC life insurance with life insurance Corporation of India.

 HDFC LIFE insurance with Tata AIG life insurance.

 HDFC-LIFE with Birla Sun Life.

 HDFC-Life with Bajaj Allianz.

 To find out the awareness level of insurance .

 To determine customer preference towards private insurance.

 Private Companies and public insurance companies.

 Marketing of different insurance products.

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Review of literature
INSURANCE
“Insurance is a contract between two parties whereby one party called
insurer undertakes in exchange for a fixed sum called premiums, to
pay the other party called insured a fixed amount of money on the
happening of a certain event”. Insurance is a protection against
financial loss arising on the happening of an unexpected event.
Insurance companies collect premiums to provide for this protection.
A loss is paid out of the premiums collected from the insuring public
and the Insurance Companies act as trustees to the amount collected.
For Example, in a Life Policy, by paying a premium to the Insurer,
the family of the insured person receives a fixed compensation on the
death of the insured. Similarly, in a car insurance, in the event of the
car meeting with an accident, the insured receives the compensation
to the extent of damage. It is a system by which the losses suffered by
a few are spread over many, exposed to similar risks.

Type of Insurance

Generally insurance is divided into 2 categories

1. Life Insurance
2. Non Life Insurance

Life Insurance:
Life insurance provides a monetary benefit to a decedent's family or
other designated beneficiary, and may specifically provide for income
to an insured person's family, burial, funeral and other final expenses.
Life insurance policies often allow the option of having the proceeds
paid to the beneficiary either in a lump sum cash payment or
an annuity.

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Non-Life Insurance or General Insurance:

General insurance or non-life insurance policies, including
automobile and homeowners policies, provide payments depending
on the loss from a particular financial event. General insurance
typically comprises any insurance that is not determined to be life
insurance.
ADVANTAGES OF INSURANCE:
Following advantages of Insurance are:
ADVANTAGES OF LIFE INSURANCE

1. Protection against risk of untimely death

Life insurance is a product, which offers protection against the risk of
death the full sum assured is made available under a life assurance
policy, whereas under other savings schemes, the total accumulated
savings alone will be available.

2. Educational requirements and charity

The object of insurance may be to serve as a security to educational
funds in respect of loans advanced for educational purpose or to
provide donations to charitable institutions like hospital and school.

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3. Nomination and assignment

The life insured can name the person or persons to whom the policy
money would be payable in the event of his death .the proceeds of a
life insurance policy can be protected against the claims of the
creditors of the life insured by effecting a valid assignment of the
policy. The beneficiaries are fully protected from creditors expect to
the extent of any interest in the policy retained by the insured.

4. Loans from the insurance company

A policy holder can take a loan from his insurance company against
the Security of his life insurance policy provided the terms of the
terms of his policy allow such a loan. This loan can be taken usually
after a period of 3 years from Commencement of the policy and is a
percentage of its surrender value.

5. Investment options

The unit link products gives comprehensive insurance solutions that
cater to an Individual‟s dual need of earning potentially high returns
as well as stay for life. Thus, there is an option to invest money in the
products that combine the best of insurance and investment. In a
volatile market conditions it is possible to secure both as one can
hedge the investment with saver investment vehicles that provide a
diversified portfolio.

6. Tax benefits

The Indian income tax act provides tax concessions to the policyholder
both on payment of premium and on the maturity amount. Under sec 88
the tax benefits on premium paid by an individual for life insurance
policies on his own lifeon the life of spouse children minor or major,
including married daughters. Under sec 6 of the married women‟s property
act if a married man takes a policy of life insurance on his own life and
expenses on the face of it to be for the benefit of his wife or of his wife
and children or any of them, then it shall be deemed to be a trust for the
benefit of his wife and children or any of them.

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DIFFERENT INSURANCE COMPANIES:

Insurance is an upcoming sector, in India the year 2000 was a
landmark year for life insurance industry, in this year the life
insurance industry was liberalized after more than fifty years.
Insurance sector was once a monopoly, with LIC as the only
company, a public sector enterprise. But nowadays the market opened
up and there are many private players competing in the market. There
are fifteen private life insurance companies has entered the industry.
After the entry of these private players, the market share of LIC has
been considerably reduced. In the last five years the private players is
able to expand the market (growing at 30% per annum) and also has
improved their market share to 18%.For the past five years private
players have launched many innovations in the industry in terms of
products, market channels and advertisement of products, agent
training and customer services etc. The various life insurers entered
India:-

1. Bajaj Allianz Life Insurance Company Limited

2. Birla Sun Life Insurance Co. Ltd

3. HDFC Standard life Insurance Co. Ltd

4. ICICI Prudential Life Insurance Co. Ltd.

5. ING Vysya Life Insurance Company Ltd.

6. Max New York Life Insurance Co. Ltd

7. Met Life India Insurance Company Ltd.

8. Kotak Mahindra Old Mutual Life Insurance Limited

9. SBI Life Insurance Co. Ltd

10. Tata AIG Life Insurance Company Limited

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11. Reliance Life Insurance Company Limited.

12. Aviva Life Insurance Co. India Pvt. Ltd.

13. Sahara India Life Insurance Co, Ltd.

14. Shriram Life Insurance Co, Ltd.

15. Bharti AXA Life Insurance Company Ltd.

16. Future General Life Insurance Company Ltd.

17. IDBI Fortis Life Insurance Company Ltd.

18. Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd

19. AEGON Religare Life Insurance Company Limited.

20. DLF Pramerica Life Insurance Co. Ltd.

21. Star Union Dai-ichi Life Insurance Comp. Ltd.

The various other general Insurance Companies are as under:-

1. National Insurance Company Limited.

2. Reliance General Insurance.

3. Star Health Plus Insurance.

4. Oriental Insurance Company.

5. United India Insurance Company Ltd.

6. Bajaj Allianz General Insurance Company Ltd.

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Top companies in insurance sector

LIC: LIC has the strongest market base in comparison with all the life
insurance companies in India, with a total share of about 70% of
market share. It is still the leader in life insurance market extending its
services to more than 200 million people in India.

Birla Sun Life: Birla Sun Life Insurance today holds the highest
market share in private life insurance companies in India. Its market
share is 8% with various life insurance policies to support.

Bajaj Allianz: Bajaj Allianz is the second life insurance company to
capture a market share of about 6.8%. The company provides various
life insurance policies such as term life, whole life, ULIPs, Pension
plans, children plans, etc.

ICICI Prudential Life: ICICI Prudential Life is one of the top private
life insurance companies in India with a market share of 5.9%
offering various life insurance policies.

HDFC Standard Life: HDFC Standard Life is yet another private life
insurance company in India. Its current market share is 3.65% of the
whole life insurance market in India.

Tata AIG Life: Tata AIG Life is also one of the private life insurance
companies in India. Its market share is 2.1% of Indian life insurance
market.

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Market share of different companies

Market Share of
3.65% 2.10% 3.55% Different Companies
5.90% LIC
6.80%
Birla Sun Life
8% Bajaj Allianz

70% ICICI Prudential Life
HDFC Standard Life
TATA AIG
Others

S.NO COMPANY NAME PERCENTAGE
1 LIC 70%
2 BIRLA SUN LIFE 8%
3 BAJAJA ALLIANZ 6.80%
4 ICICI PRUDENTIAL 5.90%
LIFE
5 HDFC STANDARD 3.65%
LIFE
6 TATA AIG 2.10%
7 OTHERS 3.55%

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COMPANY PROFILE OF HDFC STANDARD LIFE
INSURANCE COMPANY LTD

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 Corporation Limited (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.

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 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

 Stable and experienced management

 High service standards

 Awarded The Economic Times Corporate Citizen of the year
Award long-standing commitment to community development.

 Presented the Dream Homeâ award for the best housing finance
provider in 2004 at the third Annual Outlook Money Awards.

Standard Life Group (Standard Life plc and its subsidiaries)

 Standard Life Group (Standard Life plc and its subsidiaries)

 The Standard Life group has been looking after the financial
needs of customers for over 180 years

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 It currently has a customer base of around 7 million people who
rely on the company for their insurance, pension, investment,
banking and health-care needs

 Its investment manager currently administers Â£125 billion in
assets

 It is a leading pensions provider in the UK, and is rated by
Standard & Poor's as 'strong' with a rating of A+ and as 'good'
with a rating of A1 by Moody's

 Standard Life was awarded the 'Best Pension Provider' in 2004,
2005 and 2006 at the Money Marketing Awards, and it was
voted a 5 star life and pensions provider at the Financial
Adviser Service Awards for the last 10 years running. The '5
Star' accolade has also been awarded to Standard Life
Investments for the last 10 years, and to Standard Life Bank
since its inception in 1998. Standard Life Bank was awarded
the 'Best Flexible Mortgage Lender' at the Mortgage Magazine
Awards in 2006.

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HISTORY

HDFC Standard Life Insurance Co. Ltd was incorporated on 14th
august 2000. It is a joint venture between Housing Development
Finance Corporation Limited (HDFC Ltd.) India and UK based
Standard Life Company. Both the joint venture partners being one of
the leaders in their respective areas came together in this 81.4:18.6
joint Venture to form HDFC standard life insurance company limited.

The MD and CEO of HDFC Standard Life Mr. Deepak S. Parekh ,
has given the company new directions and has helped the company
achieve the status it currently enjoys. HDFC Standard Life brings to
you a whole range of insurance solutions be it group or individual or
NAV services for corporations, they can be easily customized as per
specific needs.

HDFC Standard Life Insurance India boasts of covering around 8.7
lakh lives by March'2007. The gross incomes standing at a whopping
Rs. 2, 856 crores, HDFC Standard Life Insurance Corporation is sure
to become one of the leaders and the first Preference for any life
insurance customer.

The Bancassurance partners of HDFC Standard Life Insurance Co Ltd
are HDFC, HDFC Bank India Limited, Union Bank of India, Indian
Bank, Bank of Baroda, Sarawat Bank and Bajaj Capital.

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The premium payment options available to the customers vary from
online payment to direct desk payments at the HDFC Standard Life
Branches, by courier services or in drop boxes provided. You can also
pay by ECS or Automatic Debit System or credit cards or standing
instruction mandate. HDFC Standard Life Insurance Company is a
customer oriented corporation and aim at complete customer
satisfaction.
The lapsation and renewal policy of HDFC Standard Life are clearly
defined on the official website. Online renewal forms are also
available. For any change in personal details like the contact details or
the nominee of the policy or policy benefits, online servicing is also
available. Even the claim procedure has been simplified since affect
of the loss life is irreparable and is thus fully understandable at HDFC
Standard Life. A completely hassle-free process has been formulated
to provide maximum convenience.

HDFC 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 purchased a 5% stake in HDFC,
further strengthening the relationship.

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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 Development 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 very
promising and both companies agreed the time was right to move the
operation to the next level. 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 was incorporated on 14th August 2000 under the name
of HDFC Standard life insurance company limited.

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Their ambition from the beginning 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 realised when HDFC Standard Life was the
first 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.

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 companies in India are measured.

HDFC Standard Life Insurance Company Limited is one of India's
leading private life insurance companies offering 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 Standard Life plc, the leading
providers of financial services in the United Kingdom.

HDFC Ltd. as on December 31, 2007 holds 72.38 per cent of equity
in the joint venture. HDFC Standard Life's Product portfolio
comprises solutions, which meet various customer needs such as
Protection, Pension, Savings, and Investment.

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Customers have the added advantage of customizing the Plans, by
adding optional benefits called riders, at a nominal price. The
company currently has 21 retail and 6 group products in its portfolio.

HDFC Standard Life maintains very high professional standards
during product offerings by providing sound financial advice,
efficient post-sale service, and immaculate financial security.
Ongoing training for conventional products, and specialized training,
for unit-linked products, for its financial consultants, has also helped
its customers choose the product, best suited for their needs.

HDFC Standard Life operates across more than 726 cities and towns
of the country supported by its strong network of more than 1,45,000
Financial Consultants. HDFC Standard Life also has more than 383
corporate agents and other sales intermediaries including banks for
distribution of insurance products

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AWARDS & ACCOLADES

In 2012

BestPrax Benchmark 2012 Award

HDFC Life has won the BestPrax Benchmark
Award 2012 for Leadership Governance in the
Service category at the recently held BestPrax
Conclave.
This award recognizes our efforts inbuilding
world class practices at HDFC Life. This is an
ongoing journey at creating a culture of
excellence .

Best Product Innovation Award at Indian Insurance
Award 2012

Received the Best Product Innovation Award
for its Product –SAMPOORN SAMRIDDHI
The company has received Award for the
second consecutive year. This award seeks to
honour a life insurer that has launched an
innovation product that has set the benchmark
in terms of fulfilling an un-met customer need
in domain.

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Celent Model Insurer Global Award

HDFC Life has been selected, among the 23
Insurance Companies Worldwide, as a
Model Insurer 2012, for the use of
Enterprise Wide Learning via the Internet by
Celent USA. HDFC Life has also won the
Celent Model Insurer Asia 2012 award.

5th Loyalty Awards 2012 - Insurance Sector (Life)

Declared as the winner for Customer & Brand
Loyalty in 'Insurance Sector - Life. These
awards recognize Customer loyalty efforts of
Companies across various sectors. The Theme
of this year's Summit was 'Driving Loyalty
through Customer Experience Management.

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Century International Quality ERA Award

Received the award in Gold Category. Century
International Quality ERA is based on
Excellence in Leadership and Business
Management, Quality and Excellence, Business
and Brand name Prestige, and Technology,
Innovation and Expansion.

My FM Star of the Industry Awards Excellence in Life
Insurance

HDFC Life won the Silver award for Excellence
in Life Insurance.The Stars of the Industry Awards
recognises individual and corporate excellence
across the banking and financial services sector.
These Awards were decided by an eminent Jury
comprising senior professionals. The Awards were
given away in 17 categories.

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In 2011

Amaron Quanta - Express Uptime Champion Awards
2011

These awards recognize reliability of IT
infrastructure with solutions that guarantee
optimal infrastructure uptime 24*7. HDFC
Life won the award in the BFSI category

Power Brands Hall Of Fame Most Dynamic Marketing
Professional of the Year

Power Brands Hall Of Fame is a
ceremony that seeks to honour the
leaders in the marketing &
communications fraternity who have
carved a niche for themselves with their
remarkable strategies that have
channelized growth and have been
instrumental in taking their companies
ahead.

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Master Brand Award

Master Brand Award is conferred upon
those brands which appeal to a large set
of consumers from premium to masses
while constantly keeping in mind a
consumer centric approach. It is
conferred on brands based on research,
market data and consumer centric
approach as key parameters.

Best Marketing Strategy - Asian Leadership Awards

The Asian Leadership Awards is about
Achievers, Super Achievers and Future
Business Leaders. It recognizes and rewards
their ability to steer their businesses through
turbulent times, applying the best of business
modules to manage and keep their missions
afloat.

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India's Most Trusted Service Brand 2011

Ranked India's Most Trusted Private Life
Insurance Brand in 2011 in a survey
conducted by Economic Times-Brand
Equity and the Nielsen Company.

Golden Peacock HR Excellence Award

Received the Golden Peacock HR Excellence
Award‟ for the year 2011 in the 'Banking
Financial & Insurance Sector.‟ This award
acknowledges HDFC Life‟s efforts towards
innovative people management processes and
talent engagement and development initiatives
in the highly dynamic Indian life insurance
industry.

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Best Companies to Work for in India in 2010

HDFC Standard Life has been
adjudged one of the Best Companies to
Work for in India in 2010. The
company participated in the Great
Places to Work study for the first time
and ranked first in the insurance
category. It ranked 34th on the Top 50
Best Companies to Work for, in India
2010 list. The company was also
awarded for its unique employee
initiative - Mission –in-Genius national
quiz.

YoungStar Super' Voted 'Product of the Year 2010

HDFC Standard Life‟s Young Star Super has
been voted „Product of the Year 2010‟ in the
'Insurance' category by more than 30,000
consumers nationwide across 36 markets.
Young Star Super is an unit linked Children
Plan with unique benefits such as bumper
additions, double and triple benefits,
attractive allocations rates, and seven
different funds.

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In 2009

Received Diamond EDGE Award 2009

HDFC Standard Life has received the Diamond
EDGE Award 2009 for its mobile workforce portal
- Consultant Corner. EDGE - Enterprises Driving
Growth and Excellence (using IT) is an initiative
by the ,Network Computing magazine to identify,
recognise, and honour end-user companies in India
that have demonstrated the best use of technology
to solve a business problem, improve business
competitiveness, and deliver quantifiable ROI to
stakeholders.

Received CIO 'The Ingenius 100 2009' Award

HDFC Standard Life has received the CIO
'The Ingenious 100 - 2009 Award,' for ATLAS
(Agency Training Licensing and Servicing
System). Additionally, the company has
received the CIO 100 'Security Award 2009'
for pioneering LANDesk Management and
Security Suite security implementation and
taking its security to a higher level of
technological excellence.

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In 2008

Sar Utha Ke Jiyo Among India's 60 Glorious
Advertising Moments

HDFC Standard Life's advertising slogan
honoured as one of '60 Glorious Advertising
& Marketing Moments' over the last 60 years
in India,' by 4Ps Business and Marketing
magazine. The magazine said that HDFC
Standard Life is one of the first private
insurers to break the ice using the idea of self
respect (Sar Utha Ke Jiyo) instead of 'death'
to convey its brand proposition.

Silver Abby at Goafest 2008

HDFC Standard Life's radio spot for Pension Plans won a Silver Abby
in the radio writing craft category at the Goafest 2008 organised by
the Advertising Agencies Association of India (AAAI). The radio
commercial 'Pata nahin chala' touched several changes in life in the
blink of an eye through an old man‟s perspective. The objective was
drive awareness and ask people to invest in a pension plan to live life
to the fullest even after retirement, without compromising on one's
self-respect.

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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, and
set the standards in the industry‟.

'The most obvious choice for all'.

OUR 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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BOARD MEMBERS

Brief profile of the Board of Directors

 Mr. Deepak S Parekh is the Chairman of the Company. He is
also the Executive Chairman of Housing Development Finance
Corporation Limited (HDFC Limited). He joined HDFC
Limited in a senior management position in 1978. He was
inducted as a whole-time director of HDFC Limited in 1985 and
was appointed as its Executive Chairman in 1993. He is the
Chief Executive Officer of HDFC Limited. Mr. Parekh is a
Fellow of the Institute of Chartered Accountants (England &
Wales).

 Mr. Keki M Mistry joined the Board of Directors of the
Company in December, 2000. He is currently the Managing
Director of HDFC Limited. He joined HDFC Limited in 1981
and became an Executive Director in 1993. He was appointed as
its Managing Director in November, 2000. Mr. Mistry is a
Fellow of the Institute of Chartered Accountants of India and a
member of the Michigan Association of Certified Public
Accountants.

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 Mr. Alexander M Crombie joined the Board of Directors of
the Company in April, 2002. He has been with the Standard Life
Group for 34 years holding various senior management
positions. He was appointed as the Group Chief Executive of the
Standard Life Group in March 2004. Mr. Crombie is a fellow of
the Faculty of Actuaries in Scotland.

 Ms. Marcia D Campbell is currently the Group Operations
Director in the Standard Life group and is responsible for Group
Operations, Asia Pacific Development, Strategy & Planning,
Corporate Responsibility and Shared Services Centre. Ms.
Campbell joined the Board of Directors in November 2005.

 Mr. Keith N Skeoch is currently the Chief Executive in
Standard Life Investments Limited and is responsible for
overseeing Investment Process & Chief Executive Officer
Function. Prior to this, Mr. Skeoch was working with M/s.
James Capel & Co. holding the positions of UK Economist,
Chief Economist, Executive Director, Director of Controls and
Strategy HSBS Securities and Managing Director International
Equities. He was also responsible for Economic and Investment
Strategy research produced on a worldwide basis. Mr. Skeoch
joined the Board of Directors in November 2005.

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 Mr. Gautam R Divan is a practising Chartered Accountant and
is a Fellow of the Institute of Chartered Accountants of India.
Mr. Divan was the Former Chairman and Managing Committee
Member of Midsnell Group International, an International
Association of Independent Accounting Firms and has authored
several papers of professional interest. Mr. Divan has wide
experience in auditing accounts of large public limited
companies and nationalised banks, financial and taxation
planning of individuals and limited companies and also has
substantial experience in structuring overseas investments to and
from India.

 Mr. Ranjan Pant is a global Management Consultant advising
CEO/Boards on Strategy and Change Management. Mr. Pant,
until 2002 was a Partner & Vice-President at Bain & Company,
Inc., Boston, where he led the worldwide Utility Practice. He
was also Director, Corporate Business Development at General
Electric headquarters in Fairfield, USA. Mr. Pant has an MBA
from The Wharton School and BE (Honours) from Birla
Institute of Technology and Sciences.

 Mr. Ravi Narain is the Managing Director & CEO of National Stock
Exchange of India Limited. Mr. Ravi Narain was a member of the core
team to set-up the Securities & Exchange Board of India (SEBI) and is
also associated with various committees of SEBI and the Reserve Bank of
India (RBI).

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 Mr. Deepak M Satwalekar is the Managing Director and
CEO of the Company since November, 2000. Prior to this, he
was the Managing Director of HDFC Limited since 1993. Mr.
Satwalekar obtained a Bachelors Degree in Technology from the
Indian Institute of Technology, Bombay and a Masters Degree
in Business Administration from The American University,
Washington DC.

 Ms. Renu S. Karnad is the Executive director of HDFC
Limited, is a graduate in law and holds a Master's degree in
economics from Delhi University. She has been employed with
HDFC Limited since 1978 and was appointed as the Executive
Director in 2000. She is responsible for overseeing all aspects of
lending operations of HDFC Limited.

34

RESEARCH METHODOLOGY

Sources

The success of any Insurance company depends on how well they are
able to align with the objectives and needs of individual customers,
and is able to provide proper solutions to them. To know how a
company is performing and whether they have any cutting edge
advantage over competitors, an intensive study of the market is
absolutely necessary. In order to understand the performance of
different companies in the market, we did two types of surveys,
primary survey and secondary survey.

Primary survey

Primary survey included:-

➢ Visiting websites and fixing appointments with their agents.

➢ Creation of database of prospective clients from different sources
calling them up to fix appointment and then visiting them.

➢ Prepare a questionnaire for the market survey .

➢ Meeting different people to know their views, perception and
preference of different insurance companies.

_
Secondary survey
Secondary survey included of consulting books, magazines, journals,
internet and also taking reference from:-
library.

Internet.

R.L.I. reports

35

Methodology

We would go in for a qualitative research as our objective is to judge
the perception and preference of different insurance products. The
research would be done from primary data.

Sample Design
Target population: The target population for the research would be
people who are in the age group beyond 40 and age group between 25
to 40.We targeted this group of population because these populations
are the potential customers of insurance.

Sampling Frame :

The research would be conducted in Varanasi. The survey has been
conducted among the potential customers of R.L.I. from different
sectors as Reliance deals in many sectors of business.

Sampling Technique :

The sampling technique that is adopted is the simple random
sampling wherein every element in the target population has an equal
chance or probability of getting selected in the sample. That means
every unit of the population who is more is in the above mentioned
age group, have an equal chance of getting selected

Sample Size:
I did a survey among 100 people by taking two categories in consideration of
50 each; that is
1. Age group beyond 40

2) Age group between 25 to 40
_

36

Data Collection :

The research would be conducted from the source of primary data
collection. Secondary data would help us in knowing the trends
prevailing in the insurance market and would help us in analyzing and
interpretation of the primary data.

Findings and Interpretations

We have presented below the findings and analysis of the
questionnaire addressed to the respondents to gauge the attitude and
perception of the people towards insurance.
_
Respondents having life Insurance

The question was asked to the respondents to know how many of the
respondents had a life insurance policy

Life insurance
policy
15

YES
NO

85

No.of respondent
Yes 85
no 15

37

From the survey it was found out that 85% of the respondents had a
life insurance policy whereas 15% of the respondents didn‟t had a life
insurance policy.

In which company you believe most ?

no of respodent

38%
private
public
62%

sector No. Of respodent
Private 38%
public 62%

38

Most of the people want to invest his money in public insurance
company and in private insurance company only 22 respondent want
to invest their money. Most of the people buy insurance from LIC and
there are 24 private

Insurance policy taken from which company
The question was asked to the respondents so as to get to know from
which insurance company they have bought the policy.

no .of respodent
60
50
40
30
20
10
0 no .of respodent

COMPANIES NO .OF RESPODENT
LIC 55
HDFC-LIFE 20
BIRLA SUN LIFE 10
TATA AIG 10
AVIVA LIFE INSURANC 5

39

The finding which came out from the survey was that 40% of the
respondents who have a life insurance cover bought life insurance
from Life Insurance Corporation of India (LIC). LIC is the most
preferred brand in the insurance industry because it is the only
government company which offers insurance. People prefer to buy
insurance from LIC because of the security being one of the prime
factors. In the figure we can also see that nowadays people mindset
have changed towards insurance.

Results
After the survey it was found that still major portion of customers go
for public insurance companies, but with the entry of more and more
private companies the scenario is changing rapidly, people with a
need of more and better returns are opting for private
companies, and this can be justified by the increasing market share of
private companies in the Indian insurance sector.
There are various ways in which private companies are found much
more lucrative than public companies and the facts which support this
statement are as follows:-
1. Versatility of products.
2. Efficient fund managers.
3. Better customer services.
4. More returns.
5. Regular follow up.
6. Quicker settlement
_
Suggestions and recommendation
✔ People are not aware of the life insurance. Most of them know
only one company which provides life insurance i.e. LIC. So
awareness campaign should be run so that people are aware of
different life insurance companies in India.

40

✔ People should be educated about the different types of products or
plans offered by the life insurance companies. Most of them don‟t
know much of the different types of plan or products.

✔ It was felt that most of the people took life for tax savings or just
to cover up their life, not as an investment avenue. Life Insurance
companies need to advertise in such a manner that people start
investing in life insurance like the way they invest in the stock market

✔ Now at the time of global turmoil insurance company had to
hold on to the policyholders trust which might lead the company to
the path of success
✔ Insurance companies should try to adopt different strategies to
market their products or plan. Companies should not primarily focus
on the agents for their business.
_
Conclusion

Insurance is one sector that witnessed continuous growth owing to the
reforms in 2000. The insurance sector is likely to attain a size of Rs.
2,00,000 crore ($ 51.2 billion) in 2009-10. In life insurance, the
business grew by 23.3% to Rs. 93,000 crore in 2007-08
(Source:Assocham). The sector alone employs close to 30 lakh people
(including agents and direct employees).A well-functioning insurance
market plays an important role in economic development and
financial stability of developing economies such as India‟s. First, it
inculcates and encourages the habit of saving. Second, it provides a
safety net to rural and urban enterprise and productive individuals.
The life insurance market in India is on a growth path. In spite of this,
the country lags far behind the others in awareness about life
insurance. The challenge is to spread awareness about life insurance
and it true benefits. The industry has to convince people to park their
hard earned money in long-term insurance and not just look at it as a
tax saving instrument.

41

Limitations

1. Useful Financial insights are not easily available.

2. Due to time constraint sufficient research on all the investment
tools is difficult.
3. The survey sample is not very large for analysis

4. Properly convincing people to invest in insurance products is
challenging.

5. Due to recession there is liquidity crunch in the market.

6. There might have been tendencies among the respondents to
amplify or filter their responses under the testing conditions.

7. The research is confined to Varanasi and does not necessarily
shows a pattern applicable to other parts of the country.
_

42

BIBLIOGRAPHY

Marketing Management- Philip Kotlor, edition-twelth edition….April
2004,.

Publisher- Prentice Hall of India (p) Ltd, Analyzing Consumer
Markets & Buyer behavior & consumer behaviour.

Broachers from Reliance Life Insurence

WEBSITES

www.hdfclifeinsurance.com

www.irdaindia.org

wikipedia.org

www.selling-well.com

www.insureme.com

www.advisortoday.com

www.unlockthegame.com
www.lic.com

43

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