39318656 Hdfc Standard Life Insurance Project Report Sanjeev Singh

8/4/2019 39318656 Hdfc Standard Life Insurance Project Report Sanjeev Singh

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PROJECT REPORT

ATRecruiting Financial Consultants

Of

HDFC Standard Life Insurance ltd.

A Project Report Submitted In Partial Fulfillment OfThe Requirement For The Award Of The Degree Of

MASTER OF BUSINESS ADMINISTRATION

ToPUNJAB TECHNICAL UNIVERSITY,

PUNJAB By

Sanjeev KumarSingh

Reg. No.821126303

Under The Guidance OfMr. Praveen Maurya

CDM

HDFC STANDERD LIFEINSURANCE VikasMarg

NEWDELHIJULY2009

S T U D EN T

D EC L A R A TI ON


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I hereby declare that the project report titled Recruitment of financial

Consultant is my own work and has been carried out under the able

guidance of Mr. Praduman Jain(Area Sales manager), Praveen Maurya

Channel Development Manager, Vikas Marg Branch (New Delhi). All

care has been taken to keep this report error free and I sincerely regret for

any unintended discrepancies that might have crept into this report. I shall be

highly obliged if errors (if any) are brought to my attention.

Thanking You.

SANJEEV KUMARSINGH MBASEM-2

ACKNOWLEDGEMENT

A successful project is fruitful culmination of

efforts of many people, some directly

involved, and others who have

quietly encouraged and extended

their

support, while being in the background. Itake this


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opportunity to extend my deep sense of

gratitude and heartfelt thanks to all those whohave helped us directly or indirectly during the

course of my project.

My colleagues and associates at

RAI BUSINESS SCHOOL continue to

have important impact on my thinking. I am

in debt to Praveen Maurya(Channel

Devlopment Manager) and Rakhi

Mam (Insurance trainer) who have

taught me a great deal as we worked

E XECUTI VE S UMMA RY

As everyone knows the future is uncertain, and in order to secure

the future in this dynamic environment we have to insureourselves. So even if something happen to us in the future, ourfamily is secured against the problems that they will face withoutus.

My project concerned, increasing the market share by recruitingfinancial consultant, who have good social base and are willing tohave an extra source of income. It also included finding out new

clients for HDFC Standard Life Insurance Ltd. As well as to findout the awareness level of various plans offered by the company. Iwas the liaison between the customers and the Company, and hadto bring in new customers. I had to choose a certain area in the


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NCR region and then fill up a questionnaire by me. This was a toolto start up a conversation and then go about explaining the benefit

of being a financial consultant with HDFC Standad Life InsuranceLtd. In the later part of my training I had to bring new customersfor the bank to increase their business and add value to theiroperations by intimating people about the various products beingoffered. I had to make cold calls to people to know if they werefinancially secured and how the financial solutions being offeredby the company will benefit them. Every time I talked and met

new people I had to customize the offerings according to their age

and needs

Life insurance

is the bridge whichcovers the economic

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gap between the timea man dies and the

time he should die.

IN TRO DU CTI ON

TH E I NSU R A N CE I NDUSTRY I N IN DI A

A NO VERV IE W

With the largest number of life insurance policies in force in the world, Insurance

happens tobe a mega opportunity in India. Its a business growing at the rate of 15-20 per

cent annually and presently is of the order of Rs 1560.41 billion (for the financial year

2006 2007). Together with banking services, it adds about 7% to the countrys Gross

Domestic Product (GDP). The gross premium collection is nearly 2% of GDP and funds

available with LIC forinvestments are 8% of the GDP.

Even so nearly 65% of the Indian population is without life insurance cover while health

insurance and non-life insurance continues to be below international standards. A large

part of our population is also subject to weak social security and pension systems with

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hardly any old age income security. This in itself is an indicator that growth potential for

the insurance sector in India is immense.

A well-developed and evolved insurance sector is needed for economic development as it

provides long term funds for infrastructure development and strengthens the risk taking

ability of individuals. It is estimated that over the next ten years India would require

investments of the order of one trillion US dollars. The Insurance sector, to some extent,

can enable investments in infrastructure development to sustain the economic growth of

the country. (Source: ww w .i n d iac o r e .c o m)

HI ST OR ICA LPER S PEC TI VE

The history of life insurance in India dates back to 1818 when it was conceived as a

means to provide for English Widows. Interestingly in those days insurance charged for

Indian lives was more than the non - Indian lives, as Indian lives were considered more

risky to cover. The Bombay Mutual Life Insurance Society started its business in 1870It

was the same company to charge same premium for both Indian and non Indian lives.

The Oriental Assurance Company was established in 1880. The General insurance

business in India, on the other hand, can trace its roots to Triton Insurance Company

Limited, the first general insurance company established in the year 1850 in Calcutta by

the British. Till the end of the nineteenth century insurance business was almost entirely

in the hands ofoverseas companies.

Insurance regulation formally began in India with the passing of the life insurance

Companies Act of 1912 and the Provident Fund Act of 1912. Several frauds during the

1920's and 1930's sullied insurance business in India. By 1938 there were 176 insurance

companies.

The first comprehensive legislation was introduced with the Insurance Act of1938 that

strict State Control is there over the insurance business. The insurance business grew at a

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http://www.indiacore.com/http://www.indiacore.com/


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faster pace than other business. Indian companies strengthened their hold on this business

but despitethe growth that was witnessed, insurance remained an urbanphenomenon.

The Government of India in 1956, brought together over 240 private life insurers and

provident societies under one nationalized monopoly corporation and Life Insurance

Corporation (LIC) was born. Nationalization was justified on the grounds that it would

create the much needed funds forrapid industrialization. This was in conformity with the

Government's chosen path of State ledplanning and development.

The non-life insurance business continued to thrive with the private sector till 1972. Their

operations were restricted to organized trade and industry in large cities. The general

insurance industry was nationalized in 1972. With this, nearly 107 insurers were

amalgamated and grouped into fourcompanies- National Insurance Company, New India

Assurance Company, Oriental Insurance Company and United India Insurance Company.

These were subsidiaries of the General Insurance Company(GIC).

KEYM IL E ST ON ES

1912: The Indian Life Assurance Companies Act enacted as the first statute to

regulate the life insurancebusiness.

1 928 : The Indian Insurance Companies Act enacted to enable the government to

collect statistical information about both life and non-life insurance businesses.

1 938 : Earlier legislation consolidated and amended by the Insurance Act with

the objective ofprotecting the interests of the insuringpublic.

1 956 : 245 Indian and foreign insurers along with provident societies were taken over

by the central government and nationalized. LIC was formed by an Act of Parliament-

LIC Act 1956- with a capital contribution of Rs. 5 crore from the Government ofIndia.

IN DUST R YRE FOR MS

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Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in

Parliament in December 1999. The IRDA since its incorporation as a statutory body in

April 2000 has fastidiously stuck to its schedule of framing regulations and registering

the private sector insurance companies. Since being set up as an independent statutory

body the IRDA has put in a framework ofglobally compatible regulations.

The other decision taken simultaneously to provide the supporting systems to the

insurance sector and in particular the life insurance companies was the launch of the

IRDA online service for issue and renewal of licenses to agents. The approval of

institutions for imparting training to agents has also ensured that the insurance companies

would have a trained workforce ofinsuranceagents in place to sell theirproducts.

COM P AN Y PRO F IL E

H DFC STAN DA RD LIFE INSU R ANCE COMPANYLIMITED

I N T R O D U C T I ON

HDFC Incorporated in 1977 with a share capital of Rs 10 Crores, HDFC has since

emerged as the largest residential mortgage finance institution in the country. The

corporation has had a series of share issues raising its capital to Rs. 119 Crores. The gross

premium income for the yearending March 31, 2007 stood at Rs. 2,856 Crores and new

business premium income at Rs. 1,624 Crores. The company has covered over ,

8, 77,000 lives year ending March 31, 2007.

HDFC operates through almost 450 locations throughout the country with its corporate

head quarters in Mumbai, India. HDFC also has an International Office in Dubai, UAE

with service associates in Kuwait, Oman and Qatar. HDFC is the largest housing

company in India forthelast 27 years.

S NA P S H O T - I

Incorporated in 1977 as the first specialized Mortgage Company in India.

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Almost 90% of initial shareholding in the hands of domestic institutes and retail

investors. Current 77% of shares held by foreign institutional investors.

Besides the core business of mortgage HDFC has evolved into a financial

conglomerate with holdings In:

HDFC Standard Life insurance Company- HDFC holds 78.07 %.

HDFC Asset Management Company HDFC holds 50.1%

HDFC Bank- HDFC holds 22.25%.

Intelenet Global (Business Process Outsourcing) HDFC holds 50%

.HDFC Chubb General Insurance Company HDFC holds 74%.

K E Y PL AY E R S

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 ofHDFC 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. 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 ofTechnology, Bombay and a Masters Degree in Business Administration from

The American University, Washington DC.

GR O U PCO M P A N I E S

HDFC Bank: World Class Indian Bank- among the top private banks in India.

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HDFC AMC: One of the top 3 AMCs in India- Preferred investment manager.

Intelenet Global: BPO services for international customers.

CIBIL: Credit Information Bureau India Limited.

HDFC Chubb: Upcoming Private companies in the field of General Insurance.

HDFC Mutual Fund

HDFC reality.com: Helps to search properties in all major cities in India

HDFC securities

S T A N DAR D L IF E

Standard Life is Europes largest mutual life assurance company. Standard Life, which

has been in the life insurance business for the past 175 years is a modern company

surviving quite a few changes since selling its first policy in 1825. The company

expanded in the 19th

century from kits original Edinburgh premises, opening offices in

other towns and acquitting othersimilarbusinesses.

Standard Life Currently has assets exceeding over 70 billion under its management and

has the distinction of being accorded AAA rating consequently for the six years by

Standard and Poor.

S NA P S H OT

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Founded in 1875, company supporting generation for last 179 years.

Currently over 5 million Policy holders benefiting from the services offered.

Europes largest mutual life insurer.

J OINT V ENT URE

HDFC Standard Life Insurance Company Limited was one of the first companies to be

granted license by the IRDA to operate in life insurance sector. Reach of the JV player is

highly rated and been conferred with many awards. HDFC is rated AAA by both

CRISIL and ICRA. Similarly, Standard Life is rated AAA both by Moodys and

Standard and Poors. These reflect the efficiency with which HDFC and Standard Life

manage their asset base of Rs. 15,000 Cr and Rs. 600,000 Cr. respectively.

HDFC Standard Life Insurance Company Ltd was incorporated on 14th

August 2000.

HDFC isthe majority stakeholder in the insurance JV with 81.4% staple and Standard of

as a staple 18.6% Mr. Deepak Satwalekar is the MD and CEO of the venture.

HDFC Standard Life Insurance Company Ltd. Is one of Indias leading Private Life

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.) Indias leading housing finance institution and the Standard Life Assurance

Company, a leading provider of financial services from the United Kingdom. Both the

promoters are will known for their ethical dealings and financial strength and are thus

committed to being a long-term player in the life insurance industry- all important factors

to consider when choosing yourinsurer.

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L I T E R ATU R E SU R V E Y :

V a r i o u s L if e i n s u r a n ce p r o du c t s?

Types Of Life Insurance Products(Term Assurance)

Based on the benefit patterns the traditional Life Insuranceproducts can be categorised

into the following types:

* Term Insurance

* Whole Life Insurance

* Endowment Insurance

* Annuities

TE R M IN S U R A N C E :

Term Insurance provides for life insurance protection for the selectedterm(period of

years) only. In case the person (whose life is insured) dies during theterm, the benefits

are payable under the policy and in case of his survival till the end ofthe selected term

the policy normally expires without any benefit becomingpayable. Term insurance may

be regarded as temporary insurance and is more nearly comparablewith"Property &

Casualty insurance" contracts than the other forms of Life insurancecontracts.

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W H O L E L IF E I N S U R A N C E:

As the name suggests, the whole life insurance policies are intended toprovideLife

Insurance protection over one's lifetime. The essence of whole lifeinsurance is that it

provides for payment of the assured amount upon the insured's death

regardless ofwhen

it occurs. Under these policies, the payment of the assured sum is acertainty in contrast

to the term insurance contracts. Only the time of payment of theassured sum is an

uncertainty.

Whole life policies can be either participating type or non-

participating type. Participating type policies are those which are

entitled to a share in the

distributable

surplus (profits) of the Life Insurance company, whereby the cashvalue of the policy can

go up, with the announcement of bonus / dividend. Non-participating

policies have the

same benefit throughout the life of the policy.

T h er e c a n be t h e fo llow in g ty pe s o f w h o le lif e p o lic ie s :

1. Ordinary Whole Life Insurance

2. Limited Payment Whole Life Insurance

3. Convertible Whole Life Insurance

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E N DO WM E N T :

These are the most commonly sold policies. These policiesassure that the benefits under

the policy will be paid on the death of the life insured during theselected term or on his

survival to the end of the term. Hence the assured benefits arepayable either on the date

of maturity or on death of the life insured, ifearlier.

Endowment policies assist in providing for the payment of a lump sumamount for a

specific purpose, say, provision for retirement, meeting the needs ofthe child etc. The

money required for the purpose will be built up whether the person isalive till that date

or not. Like whole life insurance policies, endowment policies can

also be ofparticipating and non-participating types.

A N N U T IE S :

An annuity is a series of periodic payments. An annuity contract is aninsurance policy,

under which the annuity provider (insurer) agrees to pay thepurchaser of annuity

(annuitant)a series of regular periodical payments for a fixed periodor during someone's

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life time.

Classification of Annuities: Annuities can be classified on the basis of

* The number of livescovered o SingleoJoint

* The beginning of the payment ofannuity o Immediate annuityo Deferred annuity

* Method of premiumpayment o Singlepremiumo Regular instalment

UN I T L INK E D IN S U R A N C E P L A N ( U L I P)

Unit linked insurance plan (ULIP) is life insurance solution that

provides for the benefits

of risk protection and flexibility in investment. The investment isdenoted as units and is

represented by the value that it has attained called as Net AssetValue (NAV). The policy

value at any time varies according to the value of the underlyingassets at the time.

In a ULIP, the invested amount of the premiums after deductingfor all the charges and

premium for risk cover under all policies in a particular fund aschosen by the policy

holders are pooled together to form a Unit fund. A Unit is thecomponent oftheFund in a

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Unit Linked Insurance Policy.

The returns in a ULIP depend upon the performance of the fund inthe capital market.

ULIP investors have the option of investing across variousschemes, i.e, diversified

equity funds, balanced funds, debt funds etc. It is important toremember that in a ULIP,

the investment risk is generally borne by the investor.

In a ULIP, investors have the choice of investing in a lump sum (singlepremium)or

making premium payments on an annual, half-yearly, quarterly ormonthly basis.

Investors also have the flexibility to alter the premium amountsduring the policy's

tenure. For example, if an individual has surplus funds, he canenhance the contribution

in ULIP. Conversely an individual faced with a liquidity crunch has theoption of paying

a lower amount (the difference being adjusted in the accumulated valueofhisULIP).

ULIP investors can shift their investments across various plans/asset

classes(diversified

equity funds, balanced funds, debt funds) either at a nominal or no cost.

2. What are the various Life insurance policies?

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Investment Plans:

* Single Premium Whole Life Plan

Pension Plans:

* Personal Pension Plan

* Unit Linked Pension Plan

* Unit Linked Pension Plus

Savings Plans:

* Endowment Assurance Plan

* Unit Linked Endowment

* Unit Linked Endowment Plus

* Money Back Plan

* Children's Plan

* Unit LinkedYoungstar

* Unit Linked Youngstar Plus

GROUP PRODUCTS

* Group Term Insurance

* Group Variable Term Insurance

* Group Unit Linked Plan

OTHER PRODUCTS

* Rural Products

* Social Development Insurance Plan

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* Tax BenefitSchemes

3. Who are the competitors of hdfc standard?

LIFE INSURANCE CORPORATION

MAX NEWYORK

TATA AIG

BIRLA SUN LIFE

SBI LIFE INSURANCE

BAJAJ ALLIANZ

MET LIFE

ING VYSYA

ICICI PRUDENTIAL

OM KOTAKMAHINDRA

Products of HDFC standard life insurance

Indivisual

Group

Social

IndividualProducts

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We at HDFC Standard Life realize that not everyone has the same kind

of needs. Keeping this in mind, we have a varied range of Products

that you can choose from to suit all your needs. These will help

secure your future as well as the future of your family.

ProtectionPlans

You can protect your family against the loss of your income or the

burden of a loan in the event of your unfortunate demise, disability or

sickness. These plans offer valuable peace ofmind at a small price.

Our Protection range includes our T erm Assu ran c e P lan & Loa nCov er Te rm

A s s u ran c eP lan .

InvestmentPlans

Our S in g le P r e m iu m W h o le O f L ife p la n is well suited to meet your

long term investment needs. We provide you with attractive long

term returns through regular bonuses.

PensionPlans

Our Pension Plans help you secure your financial independence

even after retirement.

Our Pension range includes our P er s o na l P e n s io n P la n , U n it L in k e dP en s io n ,

U n it L in k e d P en s io nP lu s

SavingsPlans

Our Savings Plans offer you flexible options to build savings for your

future needs such as buying a dream home or fulfilling your childrenimmediate and future needs.

Our Savings range includes E n d o w m e n t A s s u r a n c e P la n , UnitLinked

Endowment, Unit Linked Endowment Plus, U n it L in k e d E n d ow m e n t


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P lu s I I,

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U n it L in k e d E n h an c e d L ife P r o t e c t io n I I, C h ild r en 's P la n , Unit LinkedYoung

Star, Unit Linked Young Star Plus, U n it L in k e d Y o un g S t a rP lu s I I.

GroupProducts

One-stop shop for employee-benefitsolutions

HDFC Standard Life has the most comprehensive list of products forprogressive employers who wish to provide the best and most

innovative employee benefit solutions to their employees. We offer

different products for different needs of employers ranging from term

insurance plans for pure protection to voluntary plans such as

superannuation and leaveencashment.

We now offer the following group products to our esteemed

corporate clients:

G r o u p T e r m I n s u r a n c e

G r o u p V a r ia b le T e r m I n s u ran c e

Group Unit-Linked Plan

An investment solution that provides funding vehicle to managecorpuses with

G r a t u ity , Defined Benefit or Defined Contribution S u pe r a n n u a t io nor L e a v e

E n c a s h m e n t schemes of your company

Also suitable for other employee benefit schemes such as salary

saving schemes and wealth management schemes

Social Product

Development insurance plan

Development Insurance plan is an insurance plan which provides life

cover to members ofa Development Agency for a term of one year.


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On the death ofany

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member of the group insured during the year of cover, a lump sum is

paid to those member beneficiaries to help meet some of the

immediate financial needs following theirloss.

Eligibility

Members of the development agency and theirspouses with:

Minimum age at the start of the policy 18 years lastbirthday

Maximum age at the start of policy 50 years lastbirthday

Employees of the Development Agency are not eligible to join the

group. The group to be covered is only eligible if it contains more than

500 members.

4. STRENGTHS AND WEAKNESSES OF HDFC

STANDARD?

ST RE NGT H S

1.First private life insurance company who got license from irda.

2. HDFC STANDARD has the largest distribution network amongprivate life insurers.

3. Recently voted as most respected private insurance companyby business world.

W E AK N E S S E S

1. Less number of branches compare to nearest competitors.

2. Many people are not aware of hdfc standard as a brand in rural areas.

3. Every employee does not have proper knowledge about insuranceproducts and commission rates.


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S t r e ng t h s t h a t c o m p e tit o rs h a v e o v e r hd f c s t a nd a r d

1) Less management expenses and administrative cost.

2) Good retention percentage of tied up agents.

3) Branches are more as compared to hdfc standard.

4) Brand awareness in rural area.

S T RE NG THS

First private life insurance company to get license by IRDA.

Domestic image of HDFC supported by Prudentials international image is strength of the

company.

The company also provides innovative products to cater to different needs of different

customers.

Large pool of technically skilled manpower.

Strong capital and reservebase.

Lower premium rates being introduced to tap morepeople.

Commission rates increasing.

IT is bringing new dimensions to insurance sector.

Insurance having good market share.

WE AK NE SS ES

Products similar to competitors.

Buying insurance still a cumbersomeprocess.

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Slow to respond to changing needs.

Heavy management expenses and administrative costs.

Low customer confidence on the privateplayers.

Vertical hierarchical reporting structure with many designations and cadres leading to

powerpolitics at all levels without any exception.

Poor retention percentage of tied up agents.

Less number of branches as compared to its near competitors.

Lackofbrand awareness in the rural area.

O PPU RTUN IT IE S

A large percent of population still uninsured.

Technology is improving so paperless transactions can also be a hit.

Like mobile banking mobile insurance could be a hit.

Busy life and customers need flexible and customizablepolicies.

THR EAT S

Changing weather cycles a big threat to the company..

Many big companies entering with a view to capture market.

Sensex downfall can be a big blow to ULIP's and other plans dependent on share market.

New substitute product emerging.

Increasing expenses and smaller profit margins hitting hard on smalleragencies.

ADV ERTI SEM EN T AN D S A LE S P ROM OTI ON

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Film opens in the compound of ahouse. Fatherischecking

something insidethe bonnet of anold smallcar. His daughter,around 27-28 years old, is

working on a lap top next tohim

Daughtercontinues affirmativelyas she signs on a cheque.

Daughter: Aurwo bhi badi wali.

Daughter: Dad. Father:BoloDaughter: Nayi carlene mein hee

bhalaai hai.Dad nods in agreementwithout

looking up. Dad:Hmmm

Dad looks at herand asks.Dad: Huh, Badikyon?

Daughter: Relax dad, plan kiya.Dad doesnt knowwhat to say:

Par...

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MPETIT

Dad doesnt know what tosay ashe looks at thecheque.

Daughterpleads:Pleasedad

Super: Unit Linked Savings PlansMVO: Unit Linked Savings Plans

from HDFC Standard Life.zimmedari nibhao, Aaj bhi kal bhi

Father daughterare sitting.

MVO: SarUtha Ke Jiyo.

C O I VE

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A NALY SI S

POINTS OF

PARITY

AND

POINTS OF DIFFERENCE

BETWEEN HDFC SLIC AND

TATA

AIG


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Point s ofPa rit y

Fun ds ava il a bl e w ith ULI P P la n s

General Description Nature ofInvestments RiskCategory

Equity Funds

Primarily invested in companystocks with the general aim of

capital appreciationHigh

Income, FixedInterest andBondFunds

Invested in corporate bonds,

government securities and otherfixed income instruments

Medium

Cash FundsSometimes known as Money Market

Funds invested in cash, bankdeposits and money market

Low

Balanced FundsCombining equityinvestment with fixedinterestinstruments

Medium

Generally all life insurance companies have three types of fund which are Equity fund,

Debt fundand Balance fund. These fund have different risk profile. Equity fund has high

risk but it gives high return, Debt fund has low risk so it gives low return and balanced

fund is combination ofboth Equity and Debt fund so risk is medium and return is also

low.

Both HDFC SLIC and Tata AIG LIC have 7 types of funds based on combination of

DebtEquity fund. These are liquid fund, stable managed fund, secure managed fund,

defensive managed fund, balanced managed fund, equity managed fund, growth fund.

In d e x a t ion

You have the option to increase your regular premiums by an indexation rate at any

policy anniversary to protect the real value of your investment against inflation. The rate

of indexation will be in line with the increase in the Whole Sale Price Index (or in the

event that this Index ceases to be published such other index as the Company may select

for this purpose). The base sum assured and sum assured ofany attached rider would also

be increased by the corresponding indexation increase.

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C harg es, Fees and D ed uc ti ons in UL I P

Premium Allocation Charge

This is a premium-based charge. After deducting this charge from premiums, the

remainderis invested to buy units. The Allocation charges are guaranteed for the entire

duration of policy term.

Mortality Charge

The Mortality Charge will apply on the Sum at Risk (SAR = Sum Assured less the Fund

Value pertaining to regular premiums). It will be deducted by monthly cancellation of

units from the accumulation unit account. The Mortality Charge shall remain guaranteed

throughout the policy term.

Fund Management Charge

1% p.a. on With Profits Fund, 1% p.a. on Debt Fund, 1.25% p.a. on Balanced Fund and

1.50% p.a. on Growth Fund. FMC will be applied on the fund while calculating NAV on

a dailybasis. The maximum FMC on any fund is 2% p.a. subject to prior approval by the

IRDA.

Policy Administration Charge

Rs. 60 per month, which will increase by 5% p.a. on the 1st of January each year. PAC

will be deducted monthly by cancellation of units from the accumulation unit account. If

premiums are discontinued, this charge would reduce to 60% of the charge applicable for

the premium payingpolicies

Surrender Charge

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This is the charge that applies when the policy is surrendered. It is equal to 50% of the

difference between regular premiums expected and those paid in the first year of the

contract.

Service Tax Deductions

12.36% service tax is applicable on the first premium of life insurancepolicy.

TaxBe n e f it s

Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961.

Insurance is tax free up to Rs. 100000 per annum and the returns on investment on

maturity of the policy are also tax free.

R id ers andB onu ses

HDFC StandardLife Tata AIGLife

Free LookPeriod 15 15

Reversionary BonusBased on

company's

Based on

company's

Terminal BonusBased on

company'sBased on

company's

TOP Minimum Rs. 5000 Minimum Rs. 5000

Rider

Critical Illness(CI) Benefit

Gives on diagnosis

ofanyoneof 6 critical

Gives on diagnosis

ofanyoneof 12 critical

Additional TermBenefit

Provide Provide

Accidental DeathBenefit

Provide Provide

Double Benefit Provide Does not provide

Triple Benefit Provide Does not provide

Payer Benefit Rider Does not provide Provide

Waiver of

Premium

Provide Provide

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Po int s o f D iff er enc e

HDFC StandardLife

Tata AIGLife

Grace Period 15 31

PolicyAdministration

Rs. 60 per month Rs. 55 per month

Guaranteed Bonus Does not give10% on sum-

assured after

Loyalty Bonus 0.1% every year0.25% after every

4th

Fund SwitchingCharge

Total 24 free switchesin a policy

after this Rs. 100per

4 free switches peryear after this

Rs. 250 per

GuaranteedSurrender

50% of allpremium

stpa exc u ng

30% of allpremium paid

excluding 1st

FundManagement

0.80% perannum on the

1.75% perannum on the

PremiumRedirection

Charge

Total 12 freePremiumRedirectio

nin a policy after this

Rs.

First 2

PremiumRedirection in ayear is free after

this Rs. 1000per

Last Year Return 42.70% 72%

We see that both the life insurance companies products are almost same. They have same

charges, fees and deductions. There is slightly difference in chargesand maximum limits of all

charges are fixed by IRDA. Before buying any life insurance policy one should check charges

and fees on policy and companys overall performance and returns given to itscustomers.

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Porters Five Force Framework - I have made Porters five force framework with

reference to HDFC STANDARD Life Insurance Company and its competitors. Thebasis

of designing this framework was secondary research using media scanning etc.

P O T E N T IAL

E N T R A N T SSTAR UNION DAI-CHI LIFE, FUTURE

GENERALI LIFE,SRIRAM SUNLAM

LIFE

S U B S T IT U T E SJEEVAN ASTHA (LIC),UNIT PLUS (SBI LIFE),NEW CAPITAL GAIN(BAJAJ ALLIANZ)etc.

B U Y E RS SWITCHINGTO DIFFERENT

INVESTMENT

SECTORS FORBETTER RETURNS,UNDIFFERENTIATED

PRODUCT

IND U S T R YC OM P E T IT O R

SLIC, BAJAJ ALLIANZ,

SBI LIFE, RELIANCELIFE, BIRLA SUN LIFE,

MAX NEWYORKLIFE, KOTAK

MAHINDRA

S U P PL IE RSG R O W IN G

P O W E RS BANKS,

CA ARE IMPORTANTCHANNELS TO

REACH THE CLIENT.HIGH BARGAINING

POWER

Findings from the Porters Five Force Theory:

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A segment like insurance sector is very attractive because it is in the growing

stage ofits life cycle. So, there are lots of aggressive competitors. As the number

of competitors is less at this time which makes this industry most attractive for

new players. There is not much threat for the existing players from the new

entrants because entry barrier is high forforeign companies, because of restriction

imposed by government. When we consider substitute products this segment is

unattractive because there are many actual and potential substitutes. If new

product is brought it becomes obsolete as every competitor copies it very soon

with added features. Here Service point of view matters rather than the products.

Buyers have great bargaining power in this segment because there are manycompetitors to provide similar products at cheaper prices. This is what makes this

industry morecompetitive in terms of products and services.

LI FE INS UR AN CE CORP ORAT I ON OF IN DI A ( LI C )

LIC has a excellent money back policy which provides for partial survival benefits as

long as the policy holder is alive. 20% of the sum assured is payable after 5, 10, 15 & 20

years and the balance40% is payable after 20th year along with accrued bonus.

( www .lic .c o m)

HDFC SLIC does not have a money back policy. It could offer a money back plan and

capture some portion of this market. While marketing insurance products I found that

many customers wanted to purchase theseplans.

LIC offers 66 different plans and the plans are formulated for specific occasions whole

life plans, term assurance plans, money back plan for women, child plans, plans for the

handicapped individuals, endowment assurance plans, plans for high worth individuals,

pension plans, unit linked plans, special plans, social security schemes diversified

portfolio of products. HDFC could diversify its product portfolio and could add more

plans for high net worth individuals and women.

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I C IC I

P R U D E NT I A LICICI is one of the biggest competitors for HDFC STANDARD LIFE and the company is

a mergerbetween ICICI one of the largest private banks and prudential which is also a

big insurance firm.

The company has an invest plan which is INVEST SHIELD Life. In this plan even if

the market falls the premium will be paid to the investors. It is a guaranteed plan which

ensures the company carefully invests your money. The stock performance of ICICI

Prudential is much better than HDFC SLIC. The returns on the growth fund were 46.28%

compared to the 42.70% offered by HDFC SLIC. Customers are attracted by higher

returns and this is a plus point forICICI.

The company is well advertised and the brand ambassador Amitabh Bachaan builds trust

and faith in the minds of the masses. However the charges are very high in the plans

offered by ICICI Prudential.. Hence the policies are not accessible to the lower strata of

the society. (Source:ww w .ic ic ip r u li f e .c o m)

B I RLA S UNLI FE

Birla Sun Life Insurance Company Limited is a joint venture between The Aditya Birla

Group, oneofthe largest business houses in India and Sun Life Financial Inc., a leading

international financial services organization. The local knowledge of the Aditya Birla

Group combined with the expertise of Sun Life Financial Inc., offers a formidable

protection for your future. (Source:w ww .b i r l a s u n li f e .c o m)

The Aditya Birla Group has a turnover close to Rs. 33000 crores with a market

capitalization of Rs. 53400 crores (as on 31st March 2007). It has over 72000 employees

across all its units worldwide. It is led by its Chairman - Mr. Kumar Mangalam Birla.

Some of the key organizations within the group are Hindalco and Grasim.

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Sun Life Financial Inc. and its partners today have operations in key markets worldwide,

including Canada, the United States, the United Kingdom, Hong Kong, the Philippines,

Japan, Indonesia, India, China and Bermuda. It had assets under management of over

US$343 billion, as on 31st March 2007. The company is a leading player in the life

insurance market in Canada.

Being a customer centric company, BSLI has invested heavily in technology to build

world class processing capabilities. BSLI has covered more than a million lives since

inception and its customerbase is spread across more than 1000 towns and cities in India.

All this has assisted the company in cementing its place amongst the leaders in theindustry in terms of new business premium income. The company has a capital base of

520 crores as on 31st

July, 2007.

Its Flexi Life Line Plan offers life long insurance cover till the policy holder is 100 years

of age. There are guaranteed returns of 3% p.a. net of policy charges after every 5 years

from the eleventh policy year onwards. However the charges are very high. The initial

charges for the first year are 65%.Hence the fund value is greatly reduced.

B A J A JAL LI A N Z

BAJAJ ALLIANZ is a joint venture between BAJAJ ALLIANZ AG with over 110 years

ofexperience in over 70 countries and BAJAJ AUTO, a trusted automobile manufacturer

for over 50 years. Togetherthey are committed to provide you all the security you need

for you and your family.. Bajaj Allianz is the number one private life insurer for the year

2005 2006. It is leading by 78 crores. It has experienced a whopping growth of 216% in

the last financial year.

The company has sold more than 13 lakh policies and is backed by 550 offices all over

INDIA. It offers travel insurance, motor insurance, home insurance, health and corporate

insurance. The mortality charges are lower than HDFC SLIC. The entry age could be

zero years which provide even new born babies to be insured.. (Source:

www .b a ja ja lli a n z .c o m)

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TAT A A IG

Tata Aig is a joint venture between the Tata group and American International Group Inc.

In one ofthe plans the company offers hospital cash benefit wherein it will pay Rs. 2500

per day in case ofhospitalization and Rs.12.5 lakhs in case the person suffers from any

critical illness. Annualpremium is much less (about Rs. 6712) to avail such a good

benefit. Charges are relatively low compared to HDFC SLIC for somepolicies.

The company offers high coverage plans at low cost. There is a plan even for a policy

term of1 year. Your family can continue to enjoy their current lifestyle even in the case

of something happening to you. These plans are very flexible and HDFC SLIC could

adopt this idea of insuring individuals for short periods of time. For example; there is a

family of four. The only earning memberis the father.

He has just taken a loan from a bank of 20 lakhs to purchase a new home. He is able to

repay the loan with his current salary in 15 years. The problem arises if something were

to happen to himwithin these fifteen years. Not only will the family face the emotional

and financial loss of their fatherbut they will also have to repay the home loan or risk

being homeless. (Source:www .t a taa ig.c o m)

R ES E A R C HM E T H O D O LOG

YR ES E A RC H M E T H O D O L OG Y

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R e s e a r c h : Research is a scientific systematic re

research for perfect information on a specific topic. In other words

we can say research is an art of scientific investigation .The

advance learners dictionary of current English lays down the

meaning of research as a careful investigation or enquiry

especially through search for in any branch ofknowledge.

R e s e a r c hD e s ig n :

Research design is simply the framework or plan for a study which

is used as a guide in collecting and analyzing the data. As theobjective of the research is Descriptive in form,the research design

must be made accordingly.

Formulating objective of thestudy.

Designing the method of datacollection.

Selecting samplesize.

Collection ofdata.

Analysis &findings.

Recommendations.

Conclusion.

Descriptive research includes surveys, observation and fact-finding

enquiry of different kind. Statistical method is used in this project

under descriptive studies


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ResearchInstruments:

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The research instruments generally used to collect the primarydata are

Questionnaires, interviews and survey methods.

Q u e s t io n n a ir e s :

Questionnaires are formal set of questions prepared to collect

the required information. They are one of the most effective and

popular techniques used in surveys. However, before deciding on

the questions, it was important to understand the exact nature

of information required and who should be interviewed. The

knowledge level oftarget respondents was kept in mind, while drawing

of questions. The major junk of those interviewed were basically from

rural background. The questionnaire was designed inEnglish.

S a m p ling:

The sample is a subset of a unit of a population, collected as a

representation of it. The proper sample design is essential in

marketing research. The sample has to be collected in such a way,

that it represents the population. The sample was taken from all the

segments ofthe customers.

S a m p leS iz e :

The size of the sample is an important element in the research process

as it has a direct affect on the result of the research. As a size of

sample increases, accuracy and reliability of the research results also

increases. However, the cost of the research also increases.

Therefore, we need to make a tradeoff between the accuracy and

cost of research. Type of project was another important aspect of

deciding the sample size.

During this project I covered 100 respondents in Delhi region,

whom i met personally.

The marketing research process that will be adopted in the presentstudy will

consist of followingstages:


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o D ef in in g th e pr ob le m a nd th e res ea rch objec tive :

The research objective states what information is needed to

solve the problem. The objective of the research is to derive the

opinion of the users and opinion ofthe potential customers.

o D eve lo p in g th e resea rch p la n :

Once the problem is identified, the next step is to prepare a

plan for getting the information needed for the research. The

present study will adopt the exploratory approach wherein

there is a need to gather large amount of information before

making a conclusion. If required, the descriptive and casual

approaches may also be used.

o Colle c tio n a n d Sour ce s of da ta :

Market research requires two kinds of data, i.e., Primarydata and Secondary data. Being a firm in service industry,

data gathering will involve usage ofboth primary and secondary

data though there will be an extensive usage of primary data.

Well-structured questionnaires will be prepared for the Sales

Managers. There will be personal interview surveys. The

questionnaires will contain both open-ended and close-

ended questions. Secondary data will be collected from company

journals, and web sites.

o Ana lyz e th e c olle c te d in f or ma tion :

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This involves converting raw data into useful information. It

involves tabulation of data, using statistical measures on them

for developing and calculating theaverages.

o Re p ort re s earc h f in d in gs :

This phase will mark the culmination of the marketing research

effort. The report with the research findings is a formal written

document.

T YP E OF DATA C OLLE CTE D

There are two types of data used. They are primary and secondary data. Primary data is

defined as data that is collected from original sources for a specific purpose. Secondary

data is data collected from indirect sources. (Source: Research Methodology, By C. R.

Kothari)

PRI MAR YS OURCE S

These include the survey or questionnaire method, telephonic interview as well as the

personal interview methods of data collection.

SE C ON DA RY SO UR C ES

These include books, the internet, company brochures, product brochures, the company

website, competitors websites etc, newspaper articles etc.

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S A MPLI NG

Sampling refers to the method of selecting a sample from a given universe with a view to

draw conclusions about that universe.

S A M P L E S I ZE

The sample size for the survey conducted was 270 respondents.

SA MP LING TE C HNIQ UE

Random sampling technique was used in the survey conducted.

of the collected data. The data is also neatly presented with the help of statistical tools

such asgraphs and pie charts. Percentages and averages have also been used to represent

data clearly andeffectively.

ST UD Y

AR EA

The samples referred to were residing in New Delhi City.

DATA

ANALYSI

S

&


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INTERPRETATION

A NALY SI S &I NT ER PR E TATI ON

A S UR VE Y ON T HE LI FE INS URAN CE IN DUSTR Y I N IN DIA

TA B LE

1 :

A G E G R O U P O F S U R V E Y E D R E S PO N D E NT S

Age group No. ofRespondents

18 25 years 127

26 35 years 67

36 49 years 46

50 60 years 24

More than 60 years 6

C HAR T 1 :


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9% 0%

17%

49%

(18-25)(26-35)(36-49)(50-60)

25%

A n a ly s is:

From the chart above we find that 47% of the respondents fall in the age group of 18 25

years, 25% fall in the age group of 26 35 years and 17% fall in the age group of 36 49

years.

Therefore most of the respondents are relatively young (below 26 years of age). These

individuals could be induced to purchase insurance plans on the basis of its tax savingnature and as an investment opportunity with high returns.

Individuals at this age are trying to buy a house or a car. Insurance could help them with

this and this fact has to be conveyed to the consumer. As of now many consumers have a

false perception that insurance is only meant for people above the age of 50. Contrary to

popular belief the younger you are the more insurance you need as your loss will mean a

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great financial loss to your family, spouse and children (in case the individual is married)

who are financially dependent on you.

G E ND E R C L ASSIFI C A T IO N O F SUR V E Y E DR E S P O N D E N T S

TA B LE 2 :

Particulars No. ofRespondents

Male 193

Female 77

Which insurance company having seen or heardadvertising for in past month?

22%

0%15%

9%LICOTHERSHDFC STANDARDMAX NEW YORKICICIPRUDENTIAL

24%

30%

A na ly sis:

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From the chart above it can clearly been seen that 18% of the respondents would like 16

20% returns, 17% would like returns between 21 25% and 17% would like returns of

11 15% on their investments. Therefore the average return on investment should be at

least 16 20%.

Most consumers are willing to adapt to some amount of risk but still want some

guaranteed returns. Therefore the bulk of investment should be made in the balanced fund

with 50% debt and 50% equity. The returns on the Secure Fund are guaranteed as these

involve investment is government securities and the debt market. But the returns on these

instruments are low (8 10%). If the company invests inshares, returns are higher (39%)but correspondingly risk borne by the policy holder is also higher. Therefore a good

combination of the two instruments is often a wise choice

S UGG EST IO N S AN D RE COM ME N D AT I ON S

Leverage Information technology to service large numbers of customersefficiently and bring down overheads. Technology can complement or supplement

distribution channels cost-effectively. It can also help improve customer service

levels considerably.

Use data warehousing, management and mining to gauge the profitability and

potential of various customer and product segments and ensure effective cross

selling. Understanding the customer better will allow insurance companies to

design appropriateproducts, determine pricing correctly and increaseprofitability.

Ensure high levels of training and development not just for staff but for agents

and distribution organizations. Existing organizations will have to train staff for

better service and flexibility, while all companies will have to train staff for better

service and flexibility, while all companies will have to train employee to cope

with new products and an intensive use of information technology.

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The importance of alliances and tie-ups means that companies will have to

integrate related but separate providers into their systems to ensure seamless

delivery.

Build strong relationship with intermediates such as agents.

Advertise about the rural market as it has huge potential

Create a positive perception about insurance

Making purchase of policies a less cumbersomeprocess

Promote insurance in corporate houses and colleges.

Attracting youth by educating about higher rate of return as compared to banks.

Allowing partial withdrawal from first yearonwards.

Try to sell the plan according to his need and not according to the agentscommission.

CON CL US IO N

HDFC STANDARD LIFE, the insurance arm of HDFC has already a good number of

employees on board and is recruiting financial consultants heavily to increase the

headcount of people who can sell thepolicies.

The company should try to increase awareness of its product through advertisements as it

faces immense competition and make people aware of the benefits of joining HDFC as afinancial consultant. HDFC is a brand in itself and it should try to leverage on this aspect

as compared to other players. The company must be promoted as an Indian company as

customers seem to have more trust in investing in Indian company.

The ULIP scheme should be promoted and people are not aware of its benefits and

people should try to use it as a tax saving and long term investment option.

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The the company should try to tap the rural market as this segment has immense scope

andpeopleare ready to invest provided the premiums are small and the terms are less.

It is also seen that women are insured less as compared to males and this should also

changed.

The company should try to advertise through television as most of its near competitors

like Bajaj, ICICI, Max New York Life and other players use this medium.

IMPL IC ATIO N FO R FUTUR E R ES E ARC H

The company should try to conduct a research on how to set up a successful

advertisement campaign so that people are aware of the products and policies and how it

can serve both thepurposeoflife cover and as a wonderful investment option. This has to

be conveyed to the public and the negative perception of considering insurance just as an

inauspicious thing i.e. something related to death or loss should be completely avoided.

Secondly, the company can also conduct a research on how to allocate the premium

collected in the best possible options so that the returns to the policyholders can be

increased.

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Thirdly, the company can also conduct a research on how to market its products and

analyze the sales technique used by it with other insurance companies not only in INDIA

but outside as well.

R EFE REN CE S

www.ir da.c om

www.lic.c om

www.hdfc.c om

www.tataa ig.c om

www.baj aj a ll ia nz .c om

www.ic ic i.c om

www.b ir las unl ifg e.c om

www.g oog le.c om

ww w.w ik ip ed ia.c o m

M AGAZINES

Insurance world

The outlook money

Secrets of successful insurance sales

A S URV EY ON S WO T A NALY S IS O F IN S UR ANC E IN D US TRY

47
http://www.irda.com/http://www.irda.com/http://www.irda.com/http://www.irda.com/http://www.irda.com/http://www.lic.com/http://www.lic.com/http://www.lic.com/http://www.lic.com/http://www.lic.com/http://www.hdfc.com/http://www.hdfc.com/http://www.hdfc.com/http://www.hdfc.com/http://www.hdfc.com/http://www.hdfc.com/http://www.hdfc.com/http://www.tataaig.com/http://www.tataaig.com/http://www.tataaig.com/http://www.tataaig.com/http://www.tataaig.com/http://www.tataaig.com/http://www.tataaig.com/http://www.bajajallianz.com/http://www.bajajallianz.com/http://www.bajajallianz.com/http://www.bajajallianz.com/http://www.bajajallianz.com/http://www.bajajallianz.com/http://www.bajajallianz.com/http://www.icici.com/http://www.icici.com/http://www.icici.com/http://www.icici.com/http://www.icici.com/http://www.birlasunlifge.com/http://www.birlasunlifge.com/http://www.birlasunlifge.com/http://www.birlasunlifge.com/http://www.birlasunlifge.com/http://www.birlasunlifge.com/http://www.birlasunlifge.com/http://www.google.com/http://www.google.com/http://www.google.com/http://www.google.com/http://www.google.com/http://www.wikipedia.com/http://www.wikipedia.com/http://www.wikipedia.com/http://www.wikipedia.com/http://www.wikipedia.com/http://www.wikipedia.com/http://www.irda.com/http://www.lic.com/http://www.hdfc.com/http://www.tataaig.com/http://www.bajajallianz.com/http://www.icici.com/http://www.birlasunlifge.com/http://www.google.com/http://www.wikipedia.com/


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DearSir/Madam,

I am a student of Rai BUSINESS SCHOOL, NOIDA. As part of the requirements for my

Post Graduation Degree in Management I am required to do a research based project.

Kindly spend a few minutes of your valuable time and fill in this questionnaire.

Do you have a life insurance policy/investment plan in yourname?

o Yes o No

If yes which companys insurance policies do youhold?

o Aviva Life Insurance

o HDFC Standard Life

Insurance

o Birla Sun Life Insurance

o Tata AIG Life Insurance

o ICICI Prudential Life

Insuranceo Others (specify name)

o Bajaj Allianz Life Insurance

o LIC

o ING Vysya Life Insurance

o Bharti Axa Life Insurance

What is the approximate premium paid by you annually (in Rupees)?

o Rs. 5,000 Rs.10,000o Rs. 10,001 Rs.

15,000

o Rs. 15,001 Rs.

25,000o Rs. 25,001 Rs.50,000

o Rs. 50,001 Rs. 60,000

o Rs. 60,001 Rs. 80,000

o Rs. 80,001 Rs. 1,00,000

o MorethanRs.1,00,000(specifypremium)

What kind of insurance policy would suit you best in your current

stage of life?

o Life Insurance

o Life Insurance andInvestment

Planso Tax saving plans

o Pension Plans

o Child Plans

Are you aware of the new unit linked insurance plans in the market?

o

Yeso

No

How much would you be willing to spend per annum if you were togo for an investment/insurance plan?

o Less than Rs. 6,000

o Rs. 6,001 Rs.

10,000

o Rs. 10,001 Rs. 25,000


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o Rs. 25,001 Rs. 50,000

o Rs. 50,000 Rs. 1,00,000o More than Rs. 1,00,000

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Which according to you is an ideal policy term? (Number of yearsyou would be willing to pay premium)

o 3 to 5 yearso 6 to 9 years

o 10 to 15

yearso 16 to 20years

o 21 to 25 yearso 26 to 30 years

o More than 30 years

o Whole life policy

What motivates you to purchase insurance/investment plans?

o

Advertisementso High Returns

o Advice from friendso

Family responsibilities

o Others(specify)

In which kind of company would you prefer to make a purchase ofinsurance?

o Government ownedcompanyo Public Limited Company

o Private Company

o Foreign based company

Typically what kind of returns would you look at from yourinvestments? (Please note: Higher returns involve greater risk)

o Less than5%o 6% - 10 %o 11% - 15% o 16%- 20 % o 21%

- 25%

o 26% -30% o 31% -40% o 41% -50%o More than

50%

Per sona l Deta il s:

Name:

Address

:

Age: Contact No. :

Profile ofrespondent:


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Student Housewife

Working Professional Business

Self Employed

Government ServiceEmployee

Sanjeev Kumar Singh Student of RaiBusiness School

39318656 Hdfc Standard Life Insurance Project Report Sanjeev Singh

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