A SUMMER TRAINING REPORT

IN

HDFC Standard Life Insurance Com an! Ltd

ON CUSTOMER"#U$ING #EHA%IOR &ITH A FOCUS ON MAR'ET SEGMENTATION

Su(mitted in artia) fu)fi))ment of re*uirement of MASTER OF #USINESS ADMINISTRATION +M#A, Uni-ersit! Name

SU#MITTED #$. $our Name $our Ro)) No

Session. $$$$ / $$$$

CONTENTS
Pages

ACKNOWLEDGEMENT PREFACE EXECUTIVE SUMMARY INTRODUCTION TO THE INDUSTRY INTRODUCTION TO THE COMPANY RESEARCH METHODOLOGY T"#$e O%&e'#"(e )* #+e S#,-. S')/e )* #+e S#,-. S"g0"*"'a0'e )* #+e I0-,s#1. S"g0"*"'a0'e )* #+e Resea1'+ Resea1'+ Te'+0"2,e Sa3/$"0g Me#+)-)$)g. Sa3/$"0g ,0"# Sa3/$"0g A1ea Sa3/$e S"4e L"3"#a#")0s FACTS AND FINDINGS DATA AND INTERPRETATION CONCLUSION 5 RECOMMENDATIONS 7I7LIOGRAPHY ANNEXURE 8,es#")00a"1e

03 04 06 0 !0 !6

3! 34 64 66 69

ACKNOWLEDGEMENT

First of fall I would like to thank the Management at HDFC Standard Life Insurance Company Ltd Life Insurance co.for giving me the opportunity to do my two month pro!ect training in their esteemed organi"ation. I am highly o#liged to Mr. $.%$&'SH ($&DI$& )Sales Development Manager* for granting me to undertake my training at $shok &agar #ranch. I e+press my thanks to all Sales Managers under whose a#le guidance and direction, I was a#le to give shape to my training. -heir constant review and e+cellent suggestions throughout the pro!ect are highly commenda#le. My heartfelt thanks go to all the e+ecutives who helped me gain knowledge a#out the actual working and the processes involved in various departments

PREFACE

-he li#erali"ation of the Indian insurance sector has #een the su#!ect of much heated de#ate for some years. -he policy makers where in the catch .. situation wherein for one they wanted competition, development and growth of this insurance sector which is e+tremely essential for channeling the investments in to the infrastructure sector. $t the other end the policy makers had the fears that the insurance premia, which are su#stantial, would seep out of the country/ and wanted to have a cautious approach of opening for foreign participation in the sector. $s one of the rare occurrences the entire de#ate was put on the #ack #urner and the I0D$ saw the day of the light thanks to the maturing polity emerging consensus among factions of different political parties. -hough some changes and some restrictive clauses as regards to the foreign participation were included the I0D$ has opened the doors for the private entry into insurance. 1hether the insurer is old or new, private or pu#lic, e+panding the market will present multitude of challenges and opportunities. 2ut the key issues, possi#le trends, opportunities and challenges that insurance sector will have still remains under the realms of the possi#ilities and speculation. 1hat is the likely impact of opening up India3s insurance sector4

-he large scale of operations, pu#lic sector #ureaucracies and cum#ersome procedures hampers nationali"ed insurers. -herefore, potential private entrants e+pect to score in the areas of customer service, speed and fle+i#ility. -hey point out that their entry will mean #etter products and choice for the consumer. -he critics counter that the #enefit will #e slim, #ecause new players will concentrate on affluent, ur#an customers as foreign #anks did until recently. -his seems to #e a logical strategy. Start up costs such as those of setting up a conventional distri#ution network are large and high end niches offer #etter returns. However, the middle market segment too has great potential. Since insurance is a volumes game. -herefore, private insurers would #e #est served #y a middle market approach, targeting customer segments that are currently untapped.

EXECUTIVE SUMMARY
In today3s corporate and competitive world, I find that insurance sector has the ma+imum growth and potential as compared to the other sectors. Insurance has the ma+imum growth rate of 56 768 while as FMC% sector has ma+imum 9. 9:8 of growth rate. -his growth potential attracts me to enter in this sector and

HDFC S#a0-a1- L"*e I0s,1a0'e C)3/a0. L#-

has

given me the opportunity to work and get e+perience in highly competitive and enhancing sector.

-he success story of good market share of different market organi"ations depends upon the availa#ility of the product and services near to the customer, which can #e distri#uted through a distri#ution channel. In Insurance sector, distri#ution channel includes only agents or agency holders of the company. If a company like 0'LI$&C' LIF' I&S;0$&C', -$-$ $I%, M$< etc have ade=uate agents in the market they can capture #ig market as compared to the other companies.

$gents are the only way for a company of Insurance sector through which policies and #enefits of the company can #e e+plained to the customer

INTRODUCTION TO THE INDUSTRY

THE HISTORY OF INDIAN INSURANCE INDUSTRY

L"*e I0s,1a0'e
In 9797 the 2ritish esta#lished the first insurance company in India in Calcutta, the >riental Life Insurance Company. First attempts at regulation of the industry were made with the introduction of the Indian Life $ssurance Companies $ct in 9?9.. $ num#er of amendments to this $ct were made until the Insurance $ct was drawn up in 9?@7. &oteworthy features in the $ct were the power given to the %overnment to collect statistical information a#out the insured and the high level of protection the $ct gave to the pu#lic through regulation and control. 1hen the $ct was changed in 9?:6, this meant far reaching changes in the industry. -he e+tra re=uirements included a statutory re=uirement of a certain level of e=uity capital, a ceiling on share holdings in such companies to prevent dominant control )to protect the pu#lic from any adversarial policies from one single party*, stricter control on investments and, generally, much tighter control. In 9?:A, the market contained 9:B Indian and 9A foreign life insurance companies. 2usiness was heavily concentrated in ur#an areas and targeted the higher echelons of society. C;nethical practices adopted #y some of the players against the interests of the consumersD then led the Indian government to nationali"e the industry. In Septem#er 9?:A, nationali"ation was completed, merging all these companies into the so called Life Insurance Corporation )LIC*. It was felt that Cnationali"ation has lent the industry fairness, solidity, growth and reach.D

S)3e )* #+e "3/)1#a0# 3"$es#)0es "0 #+e $"*e "0s,1a0'e %,s"0ess "0 I0-"a a1e: ;<;!: -he Indian Life $ssurance Companies $ct enacted as the first statute to regulate the life insurance #usiness. ;<!9: -he Indian Insurance Companies $ct enacted to ena#le the government to collect statistical information a#out #oth life and non life insurance #usinesses. ;<39: 'arlier legislation consolidated and amended to #y the Insurance $ct with the o#!ective of protecting the interests of the insuring pu#lic. ;<66: -he market contained 9:B Indian and 9A foreign life insurance companies.

Ge0e1a$ I0s,1a0'e
-he %eneral Insurance industry in India dates #ack to the Industrial 0evolution and the su#se=uent increase in trade across the oceans in the 95th century. $s for Life Insurance, the 2ritish #rought %eneral Insurance to India, and a similar path was followed in the development of this industry. $ num#er of private companies were in e+istence for years and years until, in 9?59, the Indian %overnment decided that the pu#lic interest would #e served #y nationali"ing the industry, merging all the 965 companies into four companies, depending on the sort of #usiness transacted )Marine, Fire, Miscellaneous*. -hese were the &ational Insurance Company Ltd., the >riental Insurance Company Ltd., the &ew India $ssurance Company Ltd., and the ;nited India Insurance Company Ltd. located in Calcutta, &ew Delhi, 2om#ay and Madras respectively. -he %eneral Insurance Corporation )%IC* was set up in 9?5. as a Eholding3 company, having these four companies as its su#sidiaries.

S)3e )* #+e "3/)1#a0# 3"$es#)0es "0 #+e ge0e1a$ "0s,1a0'e %,s"0ess "0 I0-"a a1e: ;<0 : T+e I0-"a0 Me1'a0#"$e I0s,1a0'e L#-. set up, the first company to transact all classes of general insurance #usiness. ;<6 : Ge0e1a$ I0s,1a0'e C),0'"$, a wing of the Insurance $ssociation of India, frames a code of conduct for ensuring fair conduct and sound #usiness practices. ;<69: -he Insurance $ct amended to regulate investments and set minimum solvency margins and the -ariff $dvisory Committee set up. ;< !: -he %eneral Insurance 2usiness )&ationali"ation* $ct, 9?5. nationali"e the general insurance #usiness in India with effect from 9st Fanuary 9?5@. 965 insurers amalgamated and grouped into four companies vi". #+e Na#")0a$ I0s,1a0'e C)3/a0. L#-=> #+e Ne? I0-"a Ass,1a0'e C)3/a0. L#-=> #+e O1"e0#a$ I0s,1a0'e C)3/a0. L#-= a0- #+e U0"#e- I0-"a I0s,1a0'e C)3/a0. L#-. %IC incorporated as a company.

MA@OR PLAYERS IN THE INSURANCE INDUSTRY IN INDIA

L"*e I0s,1a0'e C)1/)1a#")0 )* I0-"a ALICB

Life Insurance Corporation of India )LIC* was esta#lished on 9 Septem#er 9?:A to spread the message of life insurance in the country and mo#ilise people3s savings for nation #uilding activities. LIC with its central office in Mum#ai and seven "onal offices at Mum#ai, Calcutta, Delhi, Chennai, Hydera#ad, Ganpur and 2hopal, operates through 966 divisional offices in important cities and .,6B7 #ranch offices. LIC has :.:? lakh active agents spread over the country. -he Corporation also transacts #usiness a#road and has offices in Fi!i, Mauritius and ;nited Gingdom. LIC is associated with !oint ventures a#road in the field of insurance, namely, Gen India $ssurance Company Limited, &airo#i/ ;nited >riental $ssurance Company Limited, Guala Lumpur/ and Life Insurance Corporation )International*, '.C. 2ahrain. It has also entered into an agreement with the Sun Life );G* for marketing unit linked life insurance and pension policies in ;.G. In 9??: ?A, LIC had a total income from premium and investments of H : 2illion while %IC recorded a net premium of H 9.@ 2illion. During the last 9: years, LICIs income grew at a healthy average of 96 per cent as against the industryIs A.5 per cent growth in the rest of $sia )@.B per cent in 'urope, 9.B per cent in the ;S*. LIC has even provided insurance cover to five million people living #elow the poverty line, with :6 per cent su#sidy in the premium rates. LICIs claims settlement ratio at ?: per cent and %ICIs

at 5B per cent are higher than that of glo#al average of B6 per cent. Compounded annual growth rate for Life insurance #usiness has #een 9?... per cent per annum

Ge0e1a$ I0s,1a0'e C)1/)1a#")0 )* I0-"a AGICB

-he general insurance industry in India was nationali"ed and a government company known as %eneral Insurance Corporation of India )%IC* was formed #y the Central %overnment in &ovem#er 9?5.. 1ith effect from 9 Fanuary 9?5@ the erstwhile 965 Indian and foreign insurers which were operating in the country prior to nationali"ation, were grouped into four operating companies, namely, )i* &ational Insurance Company Limited/ )ii* &ew India $ssurance Company Limited/ )iii* >riental Insurance Company Limited/ and )iv* ;nited India Insurance Company Limited. )However, with effect from DecI.666, these su#sidiaries have #een de linked from the parent company and made as independent insurance companies*. $ll the a#ove four su#sidiaries of %IC operate all over the country competing with one another and underwriting various classes of general insurance #usiness e+cept for aviation insurance of national airlines and crop insurance which is handled #y the %IC. 2esides the domestic market, the industry is presently operating in 95 countries directly through #ranches or agencies and in 9B countries through su#sidiary and associate companies. IN ADDITION TO A7OVE STATE INSURERS THE FOLLOWING HAVE 7EEN PERMITTED TO ENTER INTO INSURANCE 7USINESS: C -he introduction of private players in the industry has added to the colors in the dull industry. -he initiatives taken #y the private players are very competitive and have given immense competition to the on time monopoly of the market LIC. Since the advent of the private players in the market the industry has seen new and innovative steps taken #y the players in this sector.

-he new players have improved the service =uality of the insurance. $s a result LIC down the years have seen the declining phase in its career. -he market share was distri#uted among the private players. -hough LIC still holds the 5:8 of the insurance sector #ut the upcoming natures of these private players are enough to give more competition to LIC in the near future. LIC market share has decreased from ?:8 ).66. 6@* to 7. 8) .66B 6:*. ;= HDFC S#a0-a1- L"*e I0s,1a0'e C)3/a0. L#-. HDFC Standard Life Insurance Company Ltd. is one of India3s leading private life insurance companies, which offers a range of individual and group insurance solutions. It is a !oint venture #etween Housing Development Finance Corporation Limited )HDFC Ltd.*, India3s leading housing finance institution and -he Standard Life $ssurance Company, a leading provider of financial services from the ;nited Gingdom. -heir cumulative premium income, including the first year premiums and renewal premiums is 0s. A5..@ for the financial year, $pr &ov .66:. -hey have managed to cover over 99,66,666 individuals out of which over @,B6,666 lives have #een covered through our group #usiness tie ups. .. MaD Ne? Y)1E L"*e I0s,1a0'e C)= L#-= Ma+ &ew Jork Life Insurance Company Limited is a !oint venture that #rings together two large forces Ma+ India Limited, a multi #usiness corporate, together with &ew Jork Life

International, a glo#al e+pert in life insurance. 1ith their various (roducts and 0iders, there are more than B66 product com#inations to choose from. -hey have a national presence with a network of :5 offices in @5 cities across India. 3= ICICI P1,-e0#"a$ L"*e I0s,1a0'e C)3/a0. L#-=

ICICI (rudential Life Insurance Company is a !oint venture #etween ICICI 2ank, a premier financial powerhouse and prudential plc, a leading international financial services group head=uartered in the ;nited Gingdom. ICICI (rudential was amongst the first private sector insurance companies to #egin operations in Decem#er .666 after receiving approval from Insurance 0egulatory Development $uthority )I0D$*. -he company has a network of a#out :A,666 advisors/ as well as 5 #anc assurance and 9:6 corporate agent tie ups. 4= O3 K)#aE Ma+"0-1a L"*e I0s,1a0'e C)= L#-= Gotak Mahindra >ld Mutual Life Insurance Ltd. is a !oint venture #etween Gotak Mahindra 2ank Ltd. )GM2L*, and >ld Mutual plc. 6=7"1$a S,0 L"*e I0s,1a0'e C)3/a0. L#-= 2irla Sun Life Insurance Company is a !oint venture #etween $ditya 2irla %roup and Sun Life financial Services of Canada. -ata $I% Life Insurance Company Ltd. S2I Life Insurance Company Limited I&% Kysya Life Insurance Company (rivate Limited $llian" 2a!a! Life Insurance Company Ltd. Metlife India Insurance Company (vt. Ltd. $M( S$&M$0 $ssurance Company Ltd. Da#ur C%; Life Insurance Company (vt. Ltd.

;= R).a$ S,0-a1a3 A$$"a0'e I0s,1a0'e C)3/a0. L"3"#e-he !oint venture #ringing together 0oyal L Sun $lliance Insurance and Sundaram Finance Limited started its operations from March .669. -he company is Head Muartered at Chennai, and has two 0egional >ffices, one at Mum#ai and another one at &ew Delhi. != 7a&a& A$$"a04 Ge0e1a$ I0s,1a0'e C)3/a0. L"3"#e2a!a! $llian" %eneral Insurance Company Limited is a !oint venture #etween 2a!a! $uto Limited and $llian" $% of %ermany. 2oth en!oy a reputation of e+pertise, sta#ility and strength. 2a!a! $llian" %eneral Insurance received the Insurance 0egulatory and Development $uthority )I0D$* certificate of 0egistration )0@* on May .nd, .669 to conduct %eneral Insurance #usiness )including Health Insurance #usiness* in India. -he Company has an authori"ed and paid up capital of 0s 996 crores. 2a!a! $uto holds 5B8 and the remaining .A8 is held #y $llian", $%, %ermany. 3= ICICI L)3%a1- Ge0e1a$ I0s,1a0'e C)3/a0. L"3"#eICICI Lom#ard %eneral Insurance Company Limited is a !oint venture #etween ICICI 2ank Limited and the ;S #ased H .A #illion Fairfa+ Financial Holdings Limited. ICICI 2ank is IndiaIs second largest #ank, while Fairfa+ Financial Holdings is a diversified financial corporate

engaged in general insurance, reinsurance, insurance claims management and investment management. Lom#ard Canada Ltd, a group company of Fairfa+ Financial Holdings Limited, is one of CanadaIs oldest property and casualty insurers. ICICI Lom#ard %eneral Insurance Company received regulatory approvals to commence general insurance #usiness in $ugust .669.

4= C+)$a3a0-a$a3 Ge0e1a$ I0s,1a0'e C)3/a0. L#-= Cholamandalam MS %eneral Insurance Company Limited )Chola MS* is a !oint venture of the Murugappa %roup L Mitsui Sumitomo. Chola MS commenced operations in >cto#er .66. and has issued more than 9.B lakh policies in its first calendar year of operations. -he company has a pan Indian presence with offices in Chennai, Hydera#ad, 2angalore, Gochi, Coim#atore, Mum#ai, (une, Indore, $hmeda#ad, Delhi, Chandigarh, Golkata and Ki"ag. 6= TATA AIG Ge0e1a$ I0s,1a0'e C)3/a0. L#-= -ata $I% %eneral Insurance Company Ltd. is a !oint venture company, formed from the -ata %roup and $merican International %roup, Inc. )$I%*. -ata $I% com#ines the strength and integrity of the -ata %roup with $I%Is international e+pertise and financial strength. -he -ata %roup holds 5B per cent stake in the two insurance ventures while $I% holds the #alance .A per cent stake. -ata $I% %eneral Insurance Company, which started its operations in India on Fanuary .., .669, offers the complete range of insurance for automo#ile, home, personal accident, travel, energy, marine, property and casualty, as well as several speciali"ed financial lines.

6= Re$"a0'e Ge0e1a$ I0s,1a0'e C)3/a0. L"3"#e-= = IFFCO T)E") Ge0e1a$ I0s,1a0'e C)= L#9= ED/)1# C1e-"# G,a1a0#ee C)1/)1a#")0 L#-= <= HDFCCC+,%% Ge0e1a$ I0s,1a0'e C)= L#-=

Ma1Ee#"0g )* I0s,1a0'e I0 I0-"a

Insurance is in a manner of speaking the last frontier in the financial sector to open. It is also a sector, which leads to #enefits across the full spectrum, from the individual who now have wider choices, to the economy, which see increased savings, to the infrastructure sector, which can look forward to long term funding #eing availa#le. In an under insured economy, newer channels of distri#ution have to #e utili"ed to intensify the reach of insurance #oth in ur#an and rural markets. -his will create huge employment opportunities not only within insurance companies #ut also as agents and consultants of insurance companies.

Ma1Ee#"0g M"D P)$"'"es

Different companies can choose to position themselves differently and hence the Marketing Mi+ is different. However, there are certain common characteristics that one can cull out from the possi#le strategies that companies adopt. P1)-,'#: -he development of fle+i#le products to suit individual re=uirements is what will differentiate the winners from the also rans. -he key to success is in providing insurance solutions, not standardi"ed insurance products. -he concept of ridersNoptional #enefits has already #een a huge

innovation #rought a#out #y the new players, which has led to customi"ation of products for individual needs. However, companies may differentiate themselves on the #asis of product segments that they choose to focus on and e+cel in.

P$a'e: Different companies may however choose different channels and different geographies to focus on. -he channel options are tied agency force, corporate agents and #rokers and this is an area where different companies will make different choices. Many companies like HDFC Standard Life are focusing on all channels whereas companies like Ma+ &ew Jork Life are focusing on the tied agency force only. Customer interface will #e a key challenge for life insurance companies and includes every that interaction that the customer has with the company, such as sales, new #usiness underwriting, policy servicing, premium payments, claim processing and so on. -echnology can play a crucial role in delivering the highest standards of service set #y the company and it will #e imperative for any serious player to e+cel in all of these. P1"'e: (rice is a relevant differentiator only in two segments pure term insurance and in pure

annuities. Here too, service delivery and financial strength will need to #e present at a minimum accepta#le level for price to #e a relevant differentiator. In case of savings oriented products, long term returns generated are more relevant than !ust the price of the product. $ focus on generating good investment performance and keeping a tight control on costs help in generating

good long term maturity value for customers. &orms have #een laid down on all of these #y I0D$ and adhering to these while delivering good returns will #e a challenge. P1)3)#")0 a0- A-(e1#"s"0g: -he level of demand is latent and will have to #e activated considera#ly. -he market needs to #e developed. %reater awareness of insurance and the need to have it as a protection tool rather than as a ta+ planning measure needs to #e appreciated #y the Indian people. Karious communication tools including advertising, direct marketing and road shows contri#ute to all this and different companies take different approaches on these. P1)'ess: Cas+$ess se##$e3e0#: >ne of the most defining and customer friendly changes that we3ve seen in recent years relates to the way claims settlements are made. -he advent of the third party administrator )-($* regime has facilitated the transition to the hugely convenient era of cashless settlement of health and auto insurance claims. -($s are entities who process claims on #ehalf of insurersO the I0D$ licenses them after it is satisfied that they have the financial strength, the trained manpower, the infrastructure and the skills to undertake this activity. Likewise, with auto insurance, the -($ ties up with garages and authori"ed service centers for cashless settlement of auto insurance claims. L)?e1 /1e3",3s: -he spirit of competition and the #roadening of the risk e+perience of insurance companies have contri#uted to a fall in premiums over the years. -hat3s #ecause, other things #eing e=ual, an insurer who covers the lives !ust of 96 people #ears a higher risk than an insurer who covers the lives of, say, 966 people. Further, a #roader #ase will provide greater efficiencies on costs such as distri#ution, management and claims. $ #road #asing of the

mortality e+perience, therefore, gives insurers the el#owroom to compete #y lowering premiums, and that trend is e+pected to continue. P1e3",3 /a.3e0# *$eD"%"$"#.: Insurers have imparted certain fle+i#ility to premium payment options in order to address this concern. For instance, one now have the option to pay your premiums upfront, which is then carried forward for the tenure of the policy. -he yearly premiums are drawn from the initial corpus. Insurers have also introduced the concept of Eautomatic cover maintenance3 to protect your policy from lapsing owing to your omission to pay your premium on time. ;nder this, in the event of your not paying the premium, the insurer dips into your investment account to the e+tent of the premium. >f course, this comes with an in #uilt draw#ackO your investment portion diminishes year on year to the e+tent of the amount paid to cover your risk. P+.s"'a$ E("-e0'e: -his can play a significant role for marketing in the Indian scenario. Since Internet users are comparatively lesser than countries such as ;S, the offline mode will #e preferred in India. $lthough the distri#ution model is largely agent #ased, wherever the customer is in contact with the company, this factor can play a significant role in luring the customer. Pe)/$e: -he most important factor that materiali"es sales and maintains customer relationships on a long term #asis is this factor. &o matter what distri#ution strategy a company adopts, customer relationship has to #e taken care of in order to maintain the customer #ase on a long term #asis.

INTRODUCTION TO THE COMPANY

COMPANY PROFILE OF HDFC STANDARD LIFE INSURANCE COMPANY LTD
A7OUT HDFC STANDARD LIFE INSURANCE
HDFC Standard Life Insurance Company Ltd. is one of IndiaIs leading private insurance companies, which offers a range of individual and group insurance solutions. It is a !oint venture #etween Housing Development Finance Corporation Limited )HDFC Ltd.*, IndiaIs leading housing finance institution and a %roup Company of the Standard Life, ;G. HDFC as on Decem#er @9, .665 holds 5..@7 per cent of e=uity in the !oint venture.

HDFC STANDARD LIFE INSURANCE PARENTAGE

HDFC L"3"#e-= HDFC is India leading housing finance institution and has helped #uild more than .@, 66,666 houses since its incorporation in 9?55. In Financial Jear .66@ 6B its assets under management crossed 0s. @A,666 Cr. $s at March @9, .66B, outstanding deposits stood at 0s. 5,7B6 crores. -he depositor #ase now stands at around 9 million depositors. 0ated $$$ #y C0ISIL and IC0$ for the 96th consecutive year Sta#le and e+perienced management High service standards $warded -he 'conomic -imes Corporate Citi"en of the year $ward for its long standing commitment to community development.

(resented the Dream HomeP award for the #est housing finance provider in .66B at the third $nnual >utlook Money $wards.

S#a0-a1- L"*e G1),/ AS#a0-a1- L"*e /$' a0- "#s s,%s"-"a1"esB

Standard Life %roup )Standard Life plc and its su#sidiaries* -he Standard Life group has #een looking after the financial needs of customers for over 976 years It currently has a customer #ase of around 5 million people who rely on the company for their insurance, pension, investment, #anking and health care needs Its investment manager currently administers QR9.: #illion in assets It is a leading pensions provider in the ;G, and is rated #y Standard L (oorIs as IstrongI with a rating of $S and as IgoodI with a rating of $9 #y MoodyIs Standard Life was awarded the I2est (ension (roviderI in .66B, .66: and .66A at the Money Marketing $wards, and it was voted a : star life and pensions provider at the Financial $dviser Service $wards for the last 96 years running. -he I: StarI accolade has also #een awarded to Standard Life Investments for the last 96 years, and to Standard Life 2ank since its inception in 9??7. Standard Life 2ank was awarded the I2est Fle+i#le Mortgage LenderI at the Mortgage Maga"ine $wards in .66A

HDFC KEYS STRENGHS

FINANCIAL EXPERTISE
$S $ F>I&K'&-;0' >F L'$DI&% FI&$&CI$L S'0KIC'S %0>;(S , HDFC S -$&D$0D L IF' H$S -H' FI&$&CI$L '<('0-IS' 0'M;I0'D -> M$&$%' J>;0 L>&% -'0M I&K'S-M'&-S S$F'LJ $&D 'FFICI'&-LJ =

RANGE OF SOLUTIONS
1' H$K' $ 0$&%' >F I&DIKID;$L $&D %0>;( S>L;-I>&S , 1HICH C$& 2' '$SILJ C;S->MIS'D -> S('CIFIC &''DS . >;0 %0>;( S>L;-I>&S H$K' 2''& D'SI%&'D -> >FF'0 J>; C>M(L'-' FL'<I2ILI-J C>M2I&'D 1I-H $ L>1 CH$0%I&% S-0;C-;0' =

TRACK RECORD SO FAR

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CORPORATE O7@ECTIVE O,1 V"s")0

I-he most successful and admired life insurance company, which means that we are the most trusted company, the easiest to deal with, offer the #est value for money, and set the standards in the industryI=

I-he most o#vious choice for allI.

O,1 Va$,es
Kalues that we o#serve while we workO .Integrity .Innovation .Customer centric .(eople Care >ne for all and all for onesTU .-eamwork .Foy and Simplicity

A'')$a-es a0- Re')g0"#")0

.0ated #y I2usiness worldI as IIndiaIs Most 0espected (rivate Life Insurance CompanyI in .66B. .0ated as the V2est &ew Insurer .66@V #y >utlook Money maga"ine, India num#er 9 personal

finance maga"ine

7ELOW ARE FEW OF THE PLANS THAT ARE OFFERED 7Y HDFC STANDARDS LIFE INSURANCE INSURANCE PLANS AVAILA7LE

I0-"("-,a$ P1)-,'#s
1e at HDFC Standard Life reali"e that not everyone has the same kind of needs. Geeping this in mind, we have a varied range of (roducts that you can choose from to suit all your needs. -hese will help secure your future as well as the future of your family.
Protection P)ans

Jou can protect your family against the loss of your income or the #urden of a loan in the event of your unfortunate demise, disa#ility or sickness. -hese plans offer valua#le peace of mind at a small price. >ur (rotection range includes our -erm $ssurance (lan L Loan Cover -erm $ssurance (lan.
In-estment P)ans

>ur Single (remium 1hole >f Life plan is well suited to meet your long term investment needs. 1e provide you with attractive long term returns through regular #onuses.
Pension P)ans

>ur (ension (lans help you secure your financial independence even after retirement. >ur (ension range includes our (ersonal (ension (lan, ;nit Linked (ension, ;nit Linked (ension (lus

Sa("0gs P$a0s >ur Savings (lans offer you fle+i#le options to #uild savings for your future needs such as #uying a dream home or fulfilling your children immediate and future needs. >ur Savings range includes 'ndowment $ssurance (lan, ;nit Linked 'ndowment, ;nit Linked 'ndowment (lus, ;nit Linked 'ndowment (lus II, Money 2ack, ;nit Linked 'nhanced Life (rotection II, ChildrenIs (lan, ;nit Linked Joung Star, ;nit Linked Joung Star (lus, ;nit Linked Joung Star (lus II.

G1),/ P1)-,'#s
One"sto s0o for em )o!ee"(enefit so)utions HDFC Standard Life has the most comprehensive list of products for progressive employers who wish to provide the #est and most innovative employee #enefit solutions to their employees. 1e offer different products for different needs of employers ranging from term insurance plans for pure protection to voluntary plans such as superannuation and leave encashment. 1e now offer the following group products to our esteemed corporate clientsO %roup -erm Insurance %roup Karia#le -erm Insurance %roup ;nit Linked (lan $n investment solution that provides funding vehicle to manage corpuses with %ratuity, Defined 2enefit or Defined Contri#ution Superannuation or Leave 'ncashment schemes of your company $lso suita#le for other employee #enefit schemes such as salary saving schemes and wealth management schemes

S)'"a$ P1)-,'#
De-e)o ment Insurance P)an
Development Insurance plan is an insurance plan which provides life cover to mem#ers of a Development $gency for a term of one year. >n the death of any mem#er of the group insured

during the year of cover, a lump sum is paid to those mem#er #eneficiaries to help meet some of the immediate financial needs following their loss. E$"g"%"$"#. Mem#ers of the development agency and their spouses withO Minimum age at the start of the policy 97 years last #irthday Ma+imum age at the start of policy :6 years last #irthday 'mployees of the Development $gency are not eligi#le to !oin the group. -he group to #e covered is only eligi#le if it contains more than :66 mem#ers. P1e3",3 Pa.3e0#s -he premium to #e paid will #e =uoted per mem#er in the group and will #e the same for all mem#ers of the group. -he premium can only #e paid #y the Development $gency as a single lump sum that includes all premiums for the group to #e covered. Cover will not start until the premium and all the mem#er information in our specified format has #een received. -he premium rate is 0s. .: per 0s. 96,666 of lump sum, per mem#er. 7e0e*"#s >n the death of each mem#er covered #y the policy during the year of cover a lump sum e=ual to the sum assured will #e paid to their #eneficiaries or legal heirs. 1here the death is as a result of an accident, an additional lump sum will #e paid e=ual to half the sum assured. -here are no #enefits paid at the end of the year of cover and there is no surrender value availa#le at any time. T+e 1)$e )* #+e De(e$)/3e0# Age0'. Due to the nature of the groups covered, HDFC Standard Life will #e passing certain administrative tasks onto the Development $gency. 2y passing on these tasks the premium charged can #e lower. -hese tasks would includeO Su#mission of mem#er data in a specified computer format Collection of premiums from group mem#ers 0ecording changes in the details of group mem#ers Dis#ursement of claim payments and the mortality re#ate )if any* to group mem#ers -hese tasks would #e in addition to the usual duties of a policyholder such asO (ayment of premiums 0eporting of claims Geeping policy holder information up to date -raining and support will #e availa#le to give guidance on how to complete the tasks appropriately.

Since these additional tasks will impose a #urden on the Development $gency, the Development $gency may charge a 0s. 96 administration fee to their mem#ers. P1)+"%"#")0 )* 1e%a#es Section B9 of the Insurance $ct, 9?@7 states &o person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any re#ate of the whole or part of the commission paya#le or any re#ate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any re#ate, e+cept such re#ate as may #e allowed in accordance with the pu#lished prospectus or ta#les of the insurer If any person fails to comply with su# regulation )previous point* a#ove, he shall #e lia#le to payment of a fine which may e+tend to rupees five hundred

TaD 7e0e*"#s
INCOME SECTION TAX GROSS ANNUAL HOW SALARY MUCH HDFC STANDARD

TAX CAN YOU LIFE PLANS SAVEF

Sec. 76C

$cross $ll income ;pto Sla#s saved

0s.

@@,??6 $ll the life insurance on plans. of

investment 0s. 9,66,666. Sec. 76 CCC $cross all income ;pto sla#s. saved Investment 0s.9,66,666. Sec. 76 DW $cross all income ;pto sla#s saved Investment 0s. 0s.

@@,??6 $ll the pension plans. on of

@,@?? $ll the health insurance on riders availa#le with the of conventional plans.

0s. 96,666. ->-$L S$KI&%S (>SSI2L' WW

Rs123145

0s. @@,??6 under Sec. 76C and under Sec. 76 CCC , 0s.@,@?? under Sec. 76 D, calculated for a male with gross annual income e+ceeding 0s. 96,66,666.

Sec. 96 )96*D

;nder Sec. 96)96D*, the #enefits you receive are completely ta+ free, su#!ect to the conditions laid down therein.

RESEARCH METHODOLOG$

RESEARCH METHODOLOGY TITLE:

-o determine customer #uying #ehavior with a focus on market segmentation for HDFC Standard Life Insurance. TITLE @USTIFICATIONO -he a#ove title is self e+planatory. -he study deals mainly with studying the #uying pattern

in the insurance industry with a special focus on HDFC Standard Life Insurance. -he various segments of the markets divided in terms of Insurance &eeds, $ge groups , Satisfaction levels etc will also studied.

O7@ECTIVE
O%&e'#"(e O0e

-o determine reasons #ehind opting for an insurance. -o provide the company with information of customerIs Insurance policy if they have any and reasons for opting for that particular policies.

-o know the most preferred policy.

O%&e'#"(e T?) -o determine customers perception towards private insurance companies and their e+pectation form private insurance companies. -o determine the feed#ack on services provided #y any other insurance agent. -o study the types of #enefits provided #y insurance services. -o determine the use of Internet for valua#le information and decision making process.

SCOPE OF THE STUDY

$ #ig #oom has #een witnessed in Insurance Industry in recent times. $ large num#er of new players have entered the market and are vying to gain market share in this rapidly improving market. -he study deals with HDFC Standard Life in focus and the various segments that it caters to. -he study then goes on to evaluate and analyse the findings so as to present a clear picture of trends in the Insurance sector.

SIGNIFICANCE OF THE STUDY

SIGNIFICANCE TO THE INDUSTRY :

-his is a limited study which takes into consideration the responses of 966 people. -his data can #e e+plorated to take in the trends across the industry. -he significance for the industry lies in studying these trends that emerge from the study. It is a rapiddly changing and evolving sector. (eople are only #eginning to wake up to it3s vast possi#ilities. $ study like this can attempt to guide the future of the industry #ased on current trends.

SIGNIFICANE FOR THE RESEARCHER :

-o facilitate and provide all the useful informtaion of the studt, the company, the insurance industry and also provide marketing ways, methods of HDFC Standard Life insurance.

RESEARCH DESIGN
NONCPRO7A7ILITY EXPLORATORY 5 DISCRIPTIVE EXPERIMENTAL RESEARCH

-he research is primarily #oth e+ploratory as well as descriptive in nature. -he sources of information are #oth primary L secondary. $ well structured =uestionnaire was prepared and personal interviews were conducted to collect the customer3s perception and #uying #ehavior, through this =uestionnaire.

SAMPLING METHODOLOGY

Sa3/$"0gTe'+0"2,e:Initially, a rough draft was prepared keeping in mind the o#!ective of the research. $ pilot study was done in order to know the accuracy of the Muestionnaire. -he final Muestionnaire was arrived only after certain important changes were done. -hus my sampling came out to #e !udemental and convinent Sa3/$"0g U0"#: -he respondants who were asked to fill out =uestionnaires are the sampling units. -hese comprise of employees of M&Cs, %ovt. 'mployees, Self 'mployeds etc.

Sa3/$e s"4e: -he sample si"e was restricted to only 966, which comprised of mainly peoples from different regions of Chennai due to time constraints. Sa3/$"0g A1ea : -he area of the research was CH'&&$I,-$MIL&$D;, I&DI$.

LIMITATIONS OF THE RESEARCH

9. -he research is confined to a certain parts of CH'&&$I )M$D0$S* and does not necessarily shows a pattern applica#le to all of Country.

.. Some respondents were reluctant to divulge personal information which can affect the validity of all responses.

@. In a rapidly changing industry, analysis on one day or in one segment can change very =uickly. -he environmental changes are vital to #e considered in order to assimilate the findings.

FACTS 5 FINDINGS

FACTSGFINDINGS

9.$s the people think that insurance is a tool to protect their family L a ta+ saving device. -hey are aware of the fact L reali"ing its, importance. -he company should try to e+pand L #uild up its infrastructure #ecause there is a large potential for insurance in India. ..Company should come up with its #ranch in Chennai. 1ith the o#!ective and goals to meet the demands L e+pectations of the pu#lic. 2ecause the entrance of private players will increase the competition and it would #e a tough task to secure a good position in market. @.Since HDFC S-$&D$0D LIF' I&S;0$&C' L-D is leading with several companies3 policies it should #e easy for them to penetrate into the market and secure a good position if they

pay greater attention to the service part provided to their customer and there#y forming a long and trusted relationship. B.$s seen from the survey that at present 568 of the customer are having insurance policy out of which 75.:8 of the customer are planning for new investments. So it can #e a good potential for the company and they should make an attempt to trap these customers. :.B@8 of the customer is even ready to go for insurance if a service provider away from their home is providing it. 2ut intend they should provide good products and services. -he company should try to convince these customers and get them in its favor.

DATA ANALYSIS AND INTERPRETATION

DATA ANALYSIS 5 INTERPRETATION

DATA GIVES COMPANIES PREFERENCE OF RESPONDENTS OF INSURANCE

COMPANYHS NAME L=I=C= HDFC ICICI PRUDENTIAL S7I LIFE RELIANCE LIFE INSURANCE TOTAL

NO=OF RESPONDENT 9 ! ;0

SHARE AIB 9 ! ;0

3 ;00

3 ;00

INTERPRETATION 578 of the people contacted prefer LIC policy to any other and therefore it is ranked no.9 #y that percent of respondents.

 DATA GIVES 7ENEFITS OF INSURANCE PERCEIVED 7Y RESPONDENTS

7ENEFITS Cover Future ;ncertainty -a+ Deductions Future Investment ->-$L NO=OF RESPONDENTS :: .6 .: 966 SHARE AIB :: .6 .: 966

INTERPRETATION ::8 of the respondents #elieve that covering future uncertainty is the #iggest #enefit of an insurance policy. 1hereas, .68 and .:8 of them #elieve that the other #enefits are -a+ deduction and future investments respectively

 DATA PROVIDES FEATURES OF INSURANCE POLICY THAT ATTRACTED RESPONDENTS

FEATURE Money 2ack %uarantee Larger 0isk Coverance 'asy $ccess to $gents Low (remium Company3s 0eputation ->-$L NO=OF RESPONDENTS 9: @5 5 @6 99 966 SHARE AIB 9: @5 5 @6 99 966

INTERPRETATION Ma!ority of the respondent )@58* found Larger risk coverance as the most attracted feature of the all.

 DATA PROVIDES NUM7ER OF INSURANCE POLICY TYPE RESPONDENTS

POLICY TYPE LIF' (>LICJ &>& LIF' (>LICJ 2>-H NO= OF RESPONDENTS 5: .: B: SHARE AIB 5: .: B:

INTERPRETATION 5:8 of the respondents have Life Insurance (olicy while B:8 have #oth= )-he 8 is calculated out of .76 positive response*

 DATA GIVES PEOPLE PERCEPTION A7OUT INSURANCE

RESPONSE NO= OF RESPONDENTS 79 5B 966 SHARE AIB

$ saving tool $ ta+ saving device $ tool to protect your family

798 5B8 9668

INTERPRETATION 798 of the respondents have perception of Insurance #eing a saving tool. $nd 5B8 of the respondents have perception of Insurance #eing a ta+ saving device. 2ut 9668 of the respondents are with the view that Insurance is a tool to protect your family.

 DATA SHOWS PEOPLES HAVING INSURANCE

RESPONSE Jes &o NO= OF RESPONDENTS 56 @6 SHARE AIB 568 @68

INTERPRETATION >f the sample si"e of B66 surveyed respondents 568 of the respondents are having Insurance policy. @68 of the respondents are either not having any Insurance policy at present or their policy is already matured. $nd at present 9668 of the respondents are with the view that Insurance is a tool to protect your family.

 DATA SHOWS 7UYING PROCESS OF THE PEOPLE

7UYING PROCESS Customer approached Insurance companyN$gent CompanyNagent approached customer -otal NO= OF RESPONDENTS B: :: 966 SHARE AIB B:8 ::: 9668

INTERPRETATION BB.:8 of the respondents approached the Insurance Company N $gent. 1hereas, ::.:8 of the respondents were approached #y the Company N$gent.

 DATA SHOWS REASONS 7EHIND FOR INSURANCE

RESPONSE -a+ saving Saving N Investment Family protection NO= OF RESPONDENTS 76 76 966 SHARE AIB 768 76.8 9668

INTERPRETATION 76.598 of the 0espondents opted for Insurance for ta+ saving #enefits. 76.598 of the 0espondents opted for saving N Investments. 2ut all of them, i.e. 9668 of the respondents have opted for insurance for their family protection.

 DATA SHOWS SATISFACTION OF RESPONDENTS WITH RESPECT TO POLICY

RESPONSE Satisfied &ot satisfied &ot 0esponded -otal NO= OF RESPONDENTS A6 B6 6 966 SHARE AIB A68 B68 6.68 9668

INTERPRETATION A68 of the respondents are more or less satisfied with their e+isting policy. B68 of the respondents are not satisfied with their e+isting policy. In this case all of those who have taken a policy have responded.

 DATA SHOWS SATISFACTION OF JRESPONDENTS WITH RESPECT TO SERVICE AGENT

RESPONSE Satisfied &ot satisfied &ot 0esponded -otal NO= OF RESPONDENTS B: :: 6 966 SHARE AIB B:8 ::8 6.68 9668

INTERPRETATION B:8 of the respondents are satisfied with their e+isting service agent. ::8 of the respondents are not satisfied with their e+isting insurance agent. $ll of those who have taken a policy have responded.

 DATA SHOWS NUM7ER OF RESPONDENTS PAYING TAX

RESPONSE (aying ta+ &ot paying ta+ -otal 966 NO= OF RESPONDENTS 966 SHARE AIB 9668 68 9668

INTERPRETATION >f the sample si"e of B66 respondents, all the respondents are paying ta+

 DATA SHOWS RESPONDENTHS INVESTMENTS FOR TAX SAVING

INVESTMENTS LIC &SC 2onds ((F (F '(F NO= OF RESPONDENTS :9 @@ @. .: .9 99 SHARE AIB :98 @@8 @.8 .:8 .98 998

INTERPRETATION :98 of the respondents save their ta+ #y investing in LIC, which is the highest among all Investment. -his shows that most people for getting ta+es #enefits invest in LIC. @@..:8 of the respondents do their ta+ saving #y investing in &SC. @...:8 of the respondents to their ta+ saving #y investing in #onds.

 DATA SHOWS RESPONDENTS PERCEPTION A7OUT 7EST FORM OF INVESTMENT FOR SECURING THEIR FUTURE
NO= OF RESPONDENTS Fi+ed $ssets 2ank deposits Fewellery Securities i.e. #onds, MFs Shares Insurance 5: 99 .: B6. 96 56 SHARE AIB 5:8 998 .:8 B68 968 568

INTERPRETATION 5:..:8 of the respondents as with the view that Fi+ed $ssets is the #est form of investment for securing their future. 56.:8 of the respondents are with the perception that Insurance is the #est form of investment for securing their future, which is one of the highest and this shows that insurance is an important key for securing your future.

 DATA SHOWS WHAT PEOPLE INTENT TO GAIN FROM THEIR INVESTMENT

RESPONSE Saving L 0eturns Security -a+ #enefits NO= OF RESPONDENTS 966 ?6 59. SHARE AIB 9668 ?68 59.8

INTERPRETATION 9668 of the respondents intent to gain saving and returns from their investment. ?68 of the respondent3s intent to gain security from their investments. 1hereas, 59.5:8 of the respondent3s intent to gain ta+ #enefits from their investments.

 DATA GIVES PEOPLEHS PERCEPTION ON APPROPRIATE AGE FOR 7UYING INSURANCE

RESPONSE $fter .: years $fter @: years $fter B: years $nytime NO= OF RESPONDENTS .? 96 6 A6 SHARE AIB .?8 968 68 A68

INTERPRETATION .?8 of the respondents are with the view that insurance should #e #ought after the age of .: years. 96.:8 of the respondents are with the view that insurance should #e #uyed after the age of @: years.

1hereas, A6.:8 of the respondents are with the view that #uying of insurance do not have any thing to do with age i.e. there is no age limitations. It can #e purchased any time according to the need.

 DATA SHOWS PEOPLE OPINION A7OUT INDIAN INSURANCE COMPANIES

RESPONSE 0igid plans &on user friendly ;nsatisfactory services &on $ggressive Satisfactory %ood Kery good NO= OF RESPONDENTS A5 .? .A @: .B 96 6 SHARE AIB A58 .?8 .A8 @:8 .B8 968 68

INTERPRETATION A58 of the respondents have the opinion that Indian Insurance Companies have 0igid plans. .?.:8 feel that Indian Insurance companies are &on user friendly. .A.:8 feel that services of Indian Insurance companies are ;nsatisfactory. @:.5:8 of the respondents are with the view that Indian Insurance companies are &on aggressive. .B8 of the respondents feel that products and services of Indian Insurance companies is Satisfactory. 1hereas only 96..:8 feel that it is %ood enough. $nd according to the data, no single person has felt that it is very good.

 DATA SHOWS WHAT PEOPLE WOULD LOOK FOR IN AN INSURANCE COMPANY

RESPONSE $ trusted name Friendly service responsiveness %ood plans $ccessi#ility L NO= OF RESPONDENTS 7. 59 79 B? SHARE AIB 7.8 598 798 B?8

INTERPRETATION 7.8 customers look for a -rusted name in a company for insurance. 79.:8 customers look for a good plan in a company for insurance. Friendly service L responsiveness and $ccessi#ility are also important factors looked #y customers in a company.

 DATA SHOWS PEOPLE PLANNING FOR NEW INVESTMENTS RESPONSE (lanning &ot planning -otal NO= OF RESPONDENTS 75 9@ 966 SHARE AIB 758 9@8 9668

INTERPRETATION >nly 9..:8 of the customers contacted are not planning for new investments presently. 1hereas, 75.:8 of the customers are still planning for new investments this can #e a great potential for 0eliance Life Insurance to take them on their favor

 DATA SHOWS PEOPLE INTERESTED IN GOING FOR INSURANCE IF A SERVICE PROVIDER AWAY FROM THE CITY OFFERS 7ETTER SERVICE 5 PRODUCTS
RESPONSE Jes &o ;ncertain -otal NO= OF RESPONDENTS B@ BB 9@ 966 SHARE AIB B@8 BB8 9@8 9668

INTERPRETATION -he interested customers i.e. B@8 are ready to go for insurance even away from a city if services and products are worthwhile, which again is a good prospect )potential* for 0eliance Life Insurance to take them on their favor.

RECOMMENDATIONS
$s the people think that insurance is a tool to protect their family L a ta+ saving device. -hey are aware of the fact L reali"ing its, importance. -he company should try to e+pand L #uild up its infrastructure #ecause there is a large potential for insurance in India. Company should come up with its #ranch in Chennai. 1ith the o#!ective and goals to meet the demands L e+pectations of the pu#lic. 2ecause the entrance of private players will increase the competition and it would #e a tough task to secure a good position in market. Since HDFC Standard Life Insurance Company Ltd is leading with several companies3 policies it should #e easy for them to penetrate into the market and secure a good position if they pay greater attention to the service part provided to their customer and there#y forming a long and trusted relationship. $s seen from the survey that at present 568 of the customer are having insurance policy out of which 75.:8 of the customer are planning for new investments. So it can #e a good potential for the company and they should make an attempt to trap these customers. B@8 of the customer is even ready to go for insurance if a service provider away from their home is providing it. 2ut intend they should provide good products and services. -he company should try to convince these customers and get them in its favor.

CONCLUSION

>ur e+haustive research in the field of Life Insurance threw up some intresting trends which can #e seen in the a#ove analysis. $ general impression that we gathered during Data collection was the immense awareness and knowledge among people a#out various companies and their insurance products. (eople are #eginning to look #eyond LIC for their insurance needs and are willing to trust private players with their hard earned money. (eople in general have #een impressioned #y the marketing and advertising campaigns of insurance companies. $ high penetration of print , radio and -elevision ad campaigns over the years is #eginning to have it3s impact now. $nother heartning trend was in terms of people viewing insurance as a ta+ saving and investment instrument as much as a protective one. $ very high num#er of respondants have opted for insurance for such purposes and it shows how insurance companies ahve #een successful to attract pu#lic money in recent times. -he general satisfaction levels among pu#lic with regards to policy and agents still re=uires improvement. 2ut therein lies the oppurtunity for a relative new comer like HDFC Standard Life Insurance Company Ltd . LIC has never #een known for prompt service or customer oriented methods and HDFC Standard Life can #uild on these factors.

BIBLIOGRAPHY

;=

7OOKSGMAGAKINES REFFERED: S-;DJ %;ID' (0I&CIL'S L (0$C-IC'S >F LIF' N %'&'0$LI&S;0$&C', #y $IM$. 2ooks pu#lished #y I&S;0$&C' I&S-I-;-' >F I&DI$ LIF' I&S;0$&C', #y Mc %ILL I&S;0$&C'1$-CH. M>&'J>;-L>>G.

!=

WE7SITES REFFERED: WWW=CIFAINSURANCE=COM WWW=MONEYOUTLOOK=COM WWW=INSURANCE=IND=COM 111.HDFCI&;0$&C'.C>M

3=

REPORTSGARTICLES REFFERED: 0'(>0-O ISS;'S L CH$LL'&%'S F$CI&% -H' I&S;0$&C' I&D;S-0JX. Dec.66:. 20I'F (0>FIL' >F LIC, I&DI$XDec .66A. 0'(>0-O C>(I&% 1I-H C>M('-I-I>&XFan.665

ANNEXURES AND QUESTIONNAIRE

QUESTIONNAIRE ;=
ARE YOU EMPLOYED? J'S &> If J'S, only then proceed != 3= DO YOU HAVE ANY INSURANCE POLICY? J'S &> WHICH INSURANCE POLICY DO YOU HAVE? LIF' B. WHICH COHS )0$&G -H'M* a* LIC #* ICICI(0;D'&-I$L c* S2I LIF' I&S;0$&C' d* I&% KJSJ$ LIF' e* 0'LI$&C' LIF' I&S;0$&C' f* -$-$ $I% LIF' g* $&J >-H'0 :. YYYYYYYY) Specify* )(lease -ick* &>& LIF' INSURANCE POLICY 2>-H YOU PREFER THE MOST ?

FOR HOW MANY YEARS DO YOU HAVE INSURANCE POLICY? a* Z:Jrs #* : 96 Jrs c* 96 9: Jrs d* $ny >therYYYYYY )Specify*

6= WHAT DO YOU THINK ARE THE 7ENEFITS OF INSURANCE COVER ? )0$&G -H'M* a* C>K'0 F;-;0' ;&C'0-$I&I-J #* -$< D'D;C-I>&S c* F;-;0' I&K'S-M'&d* $&J >-H'0 YYYYYYYYY )Specify*

WHICH FEATURE OF YOUR POLICY ATTRACTED YOU TO 7UY IT? )0$&G -H'M* a* L>1 (0'MI;M #* L$0%'0 0ISG C>K'0$&C' c* M>&'J 2$CG %;$0&-'' d* 0'(;-$-I>& >F C>M($&J e* '$SJ $CC'SS -> $%'&-S f* $&J >-H'0 YYYYYYYYY )Specify*

9.

YOUR MONTHLY INCOME? a*ZBk #*Bk 7k c*7k 9.k d*9.k 9Ak e*>therYYYYY)Specify*

<.

DO YOU REALLY THINK INSURANCE POLICY COVER IN TODAYHS SCENARIO IS NOT ESSENTIAL? YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY

10.

WHATHS YOUR PERCEPTION A7OUT INSURANCE? )0$&G -H'M* a* $ S$KI&% ->>L #* $ -$< S$KI&% D'KIC' c* $ ->>L -> (0>-'C- F;-;0'

11.

HOW HASGWOULD YOU 7OUGHTG7UY AN INSURANCEF a* C;S->M'0 $((0>CH'D I&S;0$&C' C>s #* I&S;0$&C' C>s $((0>CH'D C;S->M'0

12.

ARE YOU SATISFIED WITH THE POLICY? a* S$-ISFI'D S$KI&% ->>L #* &>- S$-ISFI'D c* &>- 0'S(>&DI&%

13.

ARE YOU SATISFIED WITH THE SERVICE AGENT? a* S$-ISFI'D S$KI&% ->>L #* &>- S$-ISFI'D c* &>- 0'S(>&DI&%

14

DO YOU PAY TAXES? J'S &>

15.

WHERE HAVE YOU INVESTED FOR TAX SAVING? )0$&G -H'M* a* LIC #* &SC c* 2>&DS d* ((F e* (F f* '(F

16.WHICH IS THE 7EST FORM OF INVESTMENTS? )0$&G -H'M* a* FI<'D $SS'-S #* 2$&G D'(>SI-S c* F'1'LL'0J d* S'C;0I-I'S, i.e. 2onds, MFs e* SH$0'S f* I&S;0$&C'

17. WHAT DO YOU INTENT TO GAIN FROM INVESTMENTSF a* S$KI&% L 0'-;0&S #* S'C;0I-J c* -$< 2'&IFI-S 18. WHATHS THE RIGHT AGE TO 7UY INSURANCE? a* $F-'0 .: Jrs #* $F-'0 @: Jrs c* $F-'0 B: Jrs d* $&J-IM' 19.HOW WOULD YOU RATE INDIAN INSURANCE COsF a* 0I%ID (L$&S #* &>& ;S'0 F0I'&DLJ c* ;&S$-ISF$->0J S0'KIC'S d* &>& $%%0'SSIK' e* S$-ISF$C->0J f* %>>D g* K'0J %>>D 20. WHAT WOULD YOU LOOK FOR IN AN INSURANCE COs? )0$&G -H'M* a* $ -0;S-'D &$M' #* F0I'&DLJ S'0KIC' L 0'S(>&SIK'&'SS c* %>>D (L$&S d* $CC'SSI2ILI-J

21. ARE YOU PLANNING FOR NEW INVESTMENTSF (L$&&I&% &>- (L$&I&%

22. WOULD YOU GO FOR INSURANCE IF A SERVICE PROVIDER AWAY FROM THE CITY OFFERS 7ETTER SERVICE 5 PRODUCTS? a* J'S #* &> c* ;&C'0-$I&

THANK YOU

NAMEOYYYYYYYYYYYYYYYYYYYYYYYYY ADDRESSOYYYYYYYYYYYYYYYYYYYYYY YYYYYYYYYYYYYYYYYYYYYYYYYYYYYY OCCUPATION:YYYYYYYYYYYYYYYYYYY