Shri Siddhi Vinayak

Institute Of
Management

Project Report
On

Comparative
Study of
LIC and HDFC Life
Insurance

Session : 2014-15

Submitted By:

Submitted To:

Sakshi Saxena

Mr. Prasanjeet
Bhattacharya

MBA
IInd Year

PREFACE
The Indian industry is making its mark in the world economy with
the coming of globalization the export opportunity increase for the
industries. For exporting the industry most develop well at the grass level
first. It is possible only when the company has good professionals who
can guide the company well in the complex business environment. But
good professionals can be obtained only when they are trained both
theoretically & practically.
The students are taught theory in the colleges but practical
knowledge can be obtained only by visiting the industries and gaining
knowledge by actually seeing them working in the company. The students
when trained will help the company to grow. A well trained professional
understands the values of team and will make a good team and take the
company to its highest prosperity stage.
Through this Marketing report I express my sincere gratitude
through all those people who helped me in the preparation of this project
which really has been a great enlightening and a learning experience for
me.
This project gives a deep prospective and outlook about the
company which has been compiled by handwork, devotion, dedication
and deep study of the available.

INDEX
Scope/Objective of my study
Life Insurance
About IRDA
Company Profile
Individual Products
Research Methodology
Appendices-Questionnaire
Analysis and Interpretation
Evaluation of Customers Services
Limitation of the study
Findings
Recommendation
Conclusion

SCOPE
The scope of the present report is limited to the "Evaluation of
Customer's Services in HDFC SLIC" and LIC The findings are based
solely on primary data gathered by interviewing the Financial
Consultants, the Sales Development Manager of the 'firm and few
executive of the firm, besides data obtained from, office records and
other office journals. This project report has been divided into different
chapters and contains different perspective and information about
Insurance Companies.
Information collected by the survey conducted for the consumer
preference of at random samples. Thus, the primary data secondary data
both have provided the basis for completing of his report.

OBJECTIVES OF THE STUDY

To know about the sales policy.
Motivational enhancement tools being followed by the company
To identify the peak sale period of the year.
Co-operation level extended from the company's side.
To study the consumer response toward~ the quality of policy
To study the need of product to the consumer
To identify the schemes offered by the company to there
consumers.

About Life Insurance

Insurance Business
What is Life Insurance?
Origin Of Life Insurance
Myth Busters
Need For Life Insurance
Roles Of Life Insurance
Types Of Life Insurance

INSURANCE BUSINESS
Insurance business is divided into four classes:
1) Life Insurance 2) Fire Insurance 3) Marine Insurance and 4)
Miscellaneous Insurance.
Life Insurers transact life insurance business; General Insurers transact
the rest.
No composites are permitted as per law.
LEGISLATION (as on 1.4.2000):
Insurance is a federal 'subject in India. The primary legislation that deals
with insurance business in India is:
Insurance Act, 1938, and Insurance Regulatory & Development Authority
Act, 1999
INSURANCE PRODUCTS (as on 1.4.2000) (for latest information get
in touch with the current insurers-website information of insurers in
provided at the web page for insurers):
Life Insurance:
Popular Products: Endowment Assurance (participating) and Money
Back (participating). More than 80% of the life insurance business is
form these products.
General Insurance:
Fire and Miscellaneous insurance businesses are predominant Motor
Vehicle insurance in compulsory.
Tariff Advisory committee (T AC) lays down tariff rates for some
of the general insurance products (please visit website of GIC for
details)
2001
New products have been launched by life insurers. These include linkedproducts. For details, please visit the websites of life insurers.

INFORMATION
About the insurance industry, the following documents may be helpful:
Malhotra Committee Report (The Report of the Committee on Reforms
in the Insurance Sector);
IRDA's First Annual Report - 2001
CUSTOMER PROTECTION:
Insurance industry has Ombudsmen in 12 cities. Each Ombudsman is
empowered to redress customer grievances in respect of contracts on
personal lines where the insured amount is less than Rs.20 lakhs, in
accordance with the Ombudsman Scheme. Addresses can be obtained
from the offices of LIC and other insurers.

"What is Life Insurance?"

Life insurance is a contract between you and a life insurance company,
which provides your beneficiary with a pre-determined amount in case of
your death during the contract term.
Buying insurance is extremely useful if you are the principal earning
member in the Family. In case of your unfortunate premature demise,
your family can remain financially secure because of the life insurance
policy that you have purchased.
The primary purpose of life insurance is therefore protection of the
family in the event of death. Today, insurance is also seen as a tool to
plan effectively for your future years, your retirement, and for your
children's future needs. Today, the market offers insurance plans that not
just cover your life and but at the same time grow your wealth too.

Origin of Life Insurance

The story so far...
Almost 4,500 years ago, in the ancient land of Babylonia, traders used
to bear risk of the caravan trade by giving loans that had to be later
repaid with interest when the goods arrived safely. In 2100 BC, the Code
of HaIiunurabi granted legal status to the practice. That, perhaps, was
how insurance made its beginning.
Life insurance had its origins in ancient Rome; where citizens formed
burial dubs that world meet the funeral expensed of its members as well
as help survivors by making some payments.
As European civilization progressed, its social institutions and welfare
practices also got more and refined. With the discovery of new lands,
sea routes and the consequent Growth in trade, medieval guilds took it
upon themselves to protect their member traders from loss on account
of fire, shipwrecks and the like.
Since most of the trade took place by sea, there was also the fear of
pirates. So these guilds even offered ransom for members held captive by
pirates. Burial expenses and support in times of sickness and poverty
were other services offered. Essentially, all these revolved around the
concept of insurance or risk coverage. That's how old'these concepts are
really.
In 1347, in Genoa, European maritime nations entered into the earliest
known insurance contract and decided to accept marine insurance as a
practice.

The first step....

Insurance as we know it today owes its existence to 17th century
England. In fact, it began taking shape in 1688 at a rather interesting
place called Lloyd's Coffee House in London, where merchants, shipowners and underwriters met to discuss and transact business. By the end
of the 18th century, Lloyd's had brewed business to become one of the
first modern insurance companies.'
Insurance and Myth...
Back to the 17th century. In 1693, astronomer Edmond Halley
constructed the first mortality table to provide a link between the life
insurance premium and the average life spans based on statistical laws of
mortality and compound interest. In 1756, Joseph Dodson reworked the
table, linking premium rate to age.
Enter companies...
The first stock companies to get into the business of insurance were
chartered in England
In 1720. The year 1735 saw the birth of the first insurance company in
the American colonies in Charleston, SC.
In 1759 the Presbyterian Synod of Philadelphia sponsored the fist life
insurance Corporation in America for the benefit of ministers and their
dependents.
However, it was after 1840 that life insurance really took off in a
big way. The trigger: reducing opposition from religious groups.

The growing years...

The 19th century saw huge developments in the field of insurance, with
newest products being devised to meet the growing needs of urbanization
and industrialization.
In 1835, the infamous~ New York fire drew people's attention to the need
to provide for sudden and large losses. Two years later, Massachusetts
became the first state to require companies by law to maintain such
reserves. The great Chicago fire of 1871 further emphasized how fire:3
can cause huge losses in densely populated modern cities. The practice of
reinsurances, wherein the risks are spread among several companies,
was devised specifically for such situations.
There were more offshoots of the process of industrialization. In 1897,
the British government passed the Workmen's Compensation Act, which
made it mandatory for a company to insure its employees against
industrial accidents.
With the advent of the automobile, public liability insurance. Which first
made its appearance in the 1880s, gained importance and acceptance?
In the 19th century, many societies were founded to insure the life and
health of their members, while fraternal orders provided low-cost,
members-only insurance.
Even today, such fraternal orders continue to provide insurance coverage
to members as do most labour organization. Many employers sponsor
group insurance policies for their employees, providing not just life
insurance, but sickness and accident benefits a.'1d old age pensions.
Employees contribute a certain percentage of the premium for these
policies.
In India...
Insurance in India can be traced back to the Vedas. For instance,
yogakshema, the name of life Insurance Corporation of Indias corporate

headquarters, is derived from the Rig-Veda. The tell) suggests that a from
of "community insurance" was prevalent around 1000BCand practiced
by the Aryans.
Burial societies of the kind found in ancient Rome were formed in the
Buddhist period to help families build houses, protect widows and
children.
Bombay Mutual Assurance Society, the first Indian life assurance society,
was formed in 1870.0ther companies like Oriental, Bharat and Empire of
India were also set up in the 1870-90s.
It was during the Swedish movement in the early 20th century that
insurance witnessed a big boom in India with several more companies
beignet up.
As these companies grew, the government began to exercise control on
them. The Insurance Act was passed in 1912, followed by a detailed and
amended Insurance Act of 1938 that looked into-investments expenditure
and management. of these companies' fund.
By the mid-1950s, there were around 170 insurance companies and 80
provident fund societies in the country's life insurance scene. However,
in the absence of regulatory systems, scams and irregularities were
almost a way of life at most of these companies.
As a result, the government decided nationalizes the life assurance
business in India. The Life Insurance Corporation of India was set up
1956 to take over around 250 life companies.
For year thereafter, insurance remained a monopoly of the public sector.
It was only after seven years of deliberation and debate-after the RN
Malhotra Committee report of 1994 become the first serious document
calling for the reopening up of the insurance sector to private players-that
the sector was finally opened up to private players in 2001.
The Insurance Regulatory & Development Authority, an autonomous

insurance regulator set up 2000, has extensive powers to oversee the

insurance business and regulate in a manner that will safeguard the
interests of the insured.

Need For Life Insurance

Risks and Uncertainties are part of life's great adventure - accident,
illness, theft, natural disaster-they're all built into the working of
Universe, waiting to happen.
Insurance then is man's answer to the vagaries of life. If you cannot beat
man - made and natural calamities, well, at least be prepared for them
and their aftermath.
Insurance is a contract between two parties - the insurer (the insurance
company) and the insured (the person or entity seeking the cover)wherein the insurer agrees to pay the insured for financial losses arising
out of any unforeseen events in return for a regular payment of
"premium" .
These unforeseen events are defined as "risk" and that is why insurance is
called a risk Cover.
Hence, insurance is essentially the means to financially compensate for
losses that life throws at people - corporate and otherwise.

ABOUT HDFSLIC
HDFCSLIC stands for Housing Development Finance corporation
standard life insurance company. It is incorporated in 1977 as a public
limited company with the specialization in provision of housing finance
to individuals cooperative societies and the corporate sector. One
significant matter about the HDFC is that it is first private sector retail
housing finance company and it is listed on both BSE and NSE. Its
market capitalization in June 2002.
Standard life insurance is founded in 1825. Standard life was
reincorporated as a mutual assurance company in 1925. Its largest
mutual life insurance company in Europe.
For the joint venture between HDFC and SLIC, the discussion
commenced in January 1995 and the agreement signed in October 1995.
Further joint venture agreement renewed in October 1998. In January
2000 the life insurance project teem established in Mumbai. At last the
company officially incorporated in 14th August 2000. It is the matter of
great happiness for HDFCSLIC is that it is the first private sector life
insurance company to be granted a certificate of registration in 23rd
October, 2000. Today 75% shareholding in the hand of HDFC and
Standard life has 25% shareholding in this joint venture.

COMPANY PROFILE
When we talk about company profile then HDFC standard life insurance
company is targeting insurance sector. It is launching various type of
insurance plan and product which is enticing people to buy its plan. As a
insurance company it focus mainly in the recruitment of financial
consultant and the whole company based on it because the main aim of
company is to get business and sell lots number of policy and this work is
done by financial consultant.

HDFC Standard Life Vision and Values

Vision of HDFCSL
The most successful and admired life insurance company, which mean
that we are the most trusted company, the easiest to deal with, offer the
best value for money, and set the standards in the industry. In short, The
most obvious choice for all
For retention in the market and highest market share, we need
trust of our customer. The customer should trust on our policies, services,
employs and they should be friendly with us. It wants to live in the eye
and heart of the customer. It wants to give them the easiest deal so that
they can be understood the terms and policies. As we know that profit is
the main aim of any business but it think not only about his profit but also
profit of the customer. It wants to be the choice of all people on the basis
of trust of customer, delivering high value to the customer, and deliver
Of best value of the money.

Value that will be observed while we work with HDFCSL

1. Integrity
HDFCSL believes in honest and trustfulness in every action.
Transparency in dealing with customers. It is stick to principles
irrespective of outcome. When we work in HDFCSL then we observed
that its rules and activity of every person in the organization is just and
fair to every one.
Integrity is the bedrock on which the company and the expectations
of the customers and employees are built. Integrity gives inner feeling to
both customer and the employees to work with it. It establishes the
credibility of the person, defines the character and empowers one to do
justice to the job. It enables confidence and trust, achieving transparency
and laying a strong foundation for a binding relationship. It guide
principle for all walks of life.

2. Innovation
It is the process of building a store house of treasures through
experiences. Lots of product is going to be launched by the competitors.
So it is very important to look every product and process through fresh
eyes everyday. It is the significant part of the business that attracts
customer.
Innovation is essential to exceed customer expectation and
maximize customer retention because it is the sector of investment so you

need to fulfill the customer expectation which help you to retain

customer. Innovation helps to achieve competitive advantage. It promotes
growth and upgrade standards in the industry. It fosters creativity
amongst employees and partners. It opens a world of new possibilities
because it brings new concept which helps to entice the customer.

3. Customer centric
Customer becomes the main properties of any organization. Whatever
work done by the organization runs around the expectations of the
customer. Customer becomes centre point of the organization and the
main focus of the organization becomes to understand his expectations by
keeping him as the centre point. It gives more focus on customer activity
and saying. It tries to understand customer needs and deliver solutions. As
we know that the market is changed. Lots of competitors is here who
search chance to increase their market share and entice your customer so
customer interest become always supreme.

4. People Care
Genuinely try to understand those people who are working with
HDFCSL. It guides their development through training and support. It
helps them to develop their requisite their skills so that they can reach
their true potential. It tries to know them on a personal front because it
works as a performance appraisal. It try to create an environment of trust
and openness so that all people who are working here behave friendly and
helps to each other because team work is most important for getting
success and give respect for the time of others.
People are the most valuable assets of the company so it tries to
motivate individual to give his/her best. It wants to establish a valuable

relationship with them to create a joyful working environment. The most

important thing is that it tries to provide job satisfaction for their people.
5. Team work One for all and all for one
Here whole team takes the ownership of the deliverables. It consults all
involved in the work and try to understand their opinion and then arrive
ant a common objective. There is a cooperation and support across
departmental boundaries. It identifies strengths and weaknesses
accordingly allocate responsibility to achieve common objectives.
Team work helps everyone to achieve more. it adds joy at work place
which add interest in the work and new stamina in the work. It generates
synergy and provides a focused approach. When an idea or activity
performed in a group, it has greater acceptability. Team work proves one
for all and all for one.
6. Joy and simplicity
It believes in joy and simplicity so that people in the organization will be
more dedicated towards work and they will give more business to the
organization. Work with joy and simplicity brings creativity and new
imagination which also brings new innovative ideas that promote
competitive advantage to the organization.

Life Stage Structure

HDFCSLIC have divided our whole life into four stages and describe
above the different needs of our different stage. It all insurance plan are
based upon these states and it tried to fulfill all the requirement of all the
need of each stages of life through endowment plan, young star plan ,
retirement plus plan, and pension plus plan.

India's best Ulips (Sunil Dhawan, Outlook Money)January 03, 2008

We have toyed with the idea for a long time. Should we rank the unitlinked insurance plans (Ulips) in the market? The idea is exciting simply
because it has never been done in India before.The idea is good because it
allows an investor a handle with which to hold the product. Also, the idea
is very daunting because comparing insurance policies is like trying to

unravel a noodle soup. The more you stir, the more complicated it looks
After discussing with the regulator, some industry leaders and those close
to the insurance sector, Outlook Money decided to bite the bullet and get
on with the ranking.

This is where we realized what an overwhelming

task we had taken on. Just comparing the return figure, as given by net
asset value data, would be incorrect since a financial product is a function
of cost and return. The minute we bring in costs, comparisons became
almost impossible to carry out. Unlike the mutual fund product that has a
very simple cost structure, Ulips carry a greater number of costs
(administration and mortality), in addition to the others.
To cut through the confusion and yet be relevant to you, we took
illustrations from all 14 life insurance companies for their Ulips for ages
30 and 45. We assumed that a 30-year-old was taking a 20-year policy for
an SA of Rs 12.5 lakh, paying an annual premium of Rs 50,000. And a
45-year-old was taking a 10-year policy for an SA of Rs 7.5 lakh with the
same premium (see How We Did It). Premiums are paid throughout the
term. We also assumed that only the growth, or the fund with up to 100
per cent equity allocation, is chosen. Left with only nine companies, we
looked at Type-I and Type-II policies. A Type-I policy just gives the
higher of the sum assured or the fund value, making the policy buyer
extremely vulnerable to a small corpus in case of an untimely death in the
early part of the plan. A Type-II policy gives both the sum assured and the
fund value, and sure, it costs more too.
RESULT
The winner in the Type-I category is Tata AIG Life's Invest Assure
II, which has scored primarily because its one-year return, at 72 per cent,
was way above the benchmark return of 53 per cent of the BSE Sensex.

This despite the fact that it has a fund management charge of 1.75 per
cent, more than double the 0.8 per cent that HDFC Standard Life charges.
In fact, HDFC Standard Life has done very well on the cost parameter.
The insurer is clearly the lowest cost one in our examples, but has lost out
due to underperformance over the time period. At returns of 42.7 per cent,
HDFC Standard Life has underperformed the benchmark by about 10
percentage points. In fact, Tata and Bharti have outperformed the index
by 10 percentage points or more. Four companies were unable to beat the
benchmark over a one-year period. In Type-II policies, there is much less
competition, with just six companies in the fray. Kotak Life's Platinum
Advantage is the winner and has a nice mix of lower costs and decent
returns. It has consistently outperformed the benchmark.

Early exit optionsThe Ulip product works over the long term. The earlier the exit, the worse
off is the investor since he ends up redeeming a high-front-load product
and is then encouraged to move into another higher cost product at that
stage. An early exit also takes away the benefit of compounding from
him.
An early exit option in a unit-linked plan shows how the product is
structured. We found many products that clearly encouraged product
churn by giving too many zero cost options to get out of the policy after
the mandatory holding period was over. There are others, like the plans
from MetLife, which encourage a longer holding term.
Creeping costs-

Since the investors are now more aware than before and have
begun to ask for costs, some companies have found a way to answer that
without disclosing too much. People are now asking how much of the
premium will go to work. There are plans that are able to say 92 per cent
will be invested, that is, will have a front load of just 8 per cent. What
they do not say is the much higher policy administration cost that is
tucked away inside (adjusted from the fund value). While most insurance
companies charge an annual fee of about Rs 600 as administration costs,
that stay fixed over time, there are plans that charge this amount, but it
grows by as much as 5 per cent a year over time. There are others that
charge a multiple of this amount and that too grows.

IRDA (Insurance Regulatory and Development Authority)

The Government of India has enacted the Right to Information Act, 2005
which has come into effect from October 13, 2005. The Right to
Information under this Act is meant to give to the citizens of India access
to information under control of public authorities to promote transparency
and accountability in these organizations. The Act, under Sections 8 and
9, provides for certain categories of information to be exempt from
disclosure.
The Insurance Regulatory and Development Authority (IRDA) is a public
authority as defined in the Right to Information Act, 2005. As such, the
Insurance Regulatory and Development Authority is obliged to provide
information to members of public in accordance with the provisions of
the said

Act.

Myth Busters
What you should know about Life Insurance....
Myth 1: Insurance is for tax saving
There's always this rush to buy insurance policies towards the end of the
financial year. Making one wonder if the tax-saving purpose of life
insurance has not overshadowed its other roles.
Yes, the tax benefits associated with life insurance policies do help make
the-investment more attractive. The Public Provident Fund also offers the
20% tax rebate under section 88 of the Income Tax Act, 1961, as do small
saving schemes like post office deposits and national saving certificates.
You may also avail of Tax benefits under section 80CCC with certain
plans. And there are other investment options that give you higher returns
than insurance. But these don't offer you security, the risk cover that
helps you overcome the uncertainties of life. The primary function of life
insurance is to cover you against financial losses arising out of sudden
death or disability. It also offers returns and tax saving. Life insurance, as
an instrument, is hence a good marriage of risk cover, returns and tax
benefits.
Myth 2: Insurance does not give good returns
Insurance is different from routine investment options. A fixed deposit or
even a National Saving Certificate may apparently fetch more returns
than a life insurance policy. But that's not a fair straight-line comparison.
If monetary returns are evaluated in isolation, a fixed deposit (FD)
offering 9.5% might look very good in this depressed market. But
insurance offers other benefits along with returns.
Look at security for instance. If you invest in an FD and happen to die,
your nominee can claim only the amount of the FD. If you live, you will

get back the sum of the FD with the desired interest.

Compare this to a life insurance policy. For a sum of Rs,.5,000
invested in a FD, you would get the same amount at the end of the
year whereas for a small insurance premium of say Rs 5,000 per
annum. You could buy yourself a cover of around Rs 50, OOOto Rs
2lakh depending on your age and type of policy. If you happen to die
during the tenure of the policy, your family members would get Rs.
50,000to Rs. 2 lakh as benefit. In case you life, you will get back the
entire sum assured with maybe a decent return.
Evaluate the two options. For a small "national loss", in returns, you are
running the risk of leaving your loved ones uncared for if something
happened to you. On the other hand, with an insurance policy, peace of
mind will never be an issue. That's something money can seldom buy.

Role of life Insurance

Risks and uncertainties are part of life's great adventure-accident,
i11ness, theft, natural Disaster-they're all built into the working of the
universe, waiting to happen.
Role 1: Life insurance as "Investment"
Insurance is an attractive option for investment. While most people
recognize the risk-hedging and tax saving potential of insurance, many
are not aware of its advantages as an investment option as well.
Insurai1ce products yield more compared to regular investment options,
and this is besides the added incentives (read bonuses) offered by
insurers.
You cannot compare an insurance product with other investment schemes
for the simple reason that it offers financial protection from risks,
something that is missing in non-insurance products.
In fact, the premium you pay for an insurance policy is an investment;
against risk. Thus, before comparing with other schemes, you must
accept that a part of the total amount
Invested in life insurance goes towards providing for the risk cover, while
the rest is used for savings.
In life insurance, unlike non - life products, you get maturity benefits on
survival at the end of the term. In other words, if you take a life insurance
policy for 20 years and survive the term, the amount invested as premium
in the policy will come back to you with added returns. In the unfortunate
event of death within the tenure of the policy the family of the deceased
will receive the sum assured.'
Now, let us compare ~insurance as investment options. If you invest Rs
10,000 in PPF, your money grows to Rs 10,950 at 9.5% interest over a
year. But in this case, the access to your funds will limit. One can

withdraw 50% of the initial deposit only after 4 years.

The same amount of Rs 10,000 can give you an insurance cover of up to
approximately Rs 5-12 lakh (depending upon the plan, age and medical
condition of the life insured, etc) and this amount can become
immediately available to the nominee of the policyholder on death.
Thus insurance is a unique investment avenue that delivers sound returns
in addition to protection.
Role 2: Life insurance as "Risk Cover"
First and foremost, insurance is about risk cover and protection financial protection, to be more precise - to help outlast life's
unpredictable losses. Designed to safeguard against losses suffered on
account of any unforeseen event, insurance provides you with that unique
sense of security that no other form of investment provides. By buying
life insurance, you buy peace of mind and are prepared to face any
financial demand that would hit the family in case of an untimely demise.
To provide such protection, insurance firms collect contributions from
many people who face the same risk. A loss claim is paid out of the total
premium collected by the insurance companies, who act as trustees to the
monies.
Insurance also provides a safeguard in the case of accidents or a drop in
income after retirement. An accident of disability can be devastating, and
an insurance policy can lend timely support to the family in such times. It
also comes as a great help when you retire, in case no untoward incident
happens during the term of the policy.
With the entry of private sector players in insurance, you have a wide
range of products and services to choose from. Further, many of these
can be further customized to fit individual/group specific needs.
Considering the amount you have to pay now, it's worth buying some
extra sleep.

Role 3: Life insurance as "Tax Planning"

Insurance serves as an excellent tax saving mechanism too. The
Government of India has offered tax incentives to life insurance products
in order to fa9ilitate the flow of funds into productive assets. Under
Section 80C of Income Tax Act 1961, an individual is entitled to a rebate
of20per cent on the annual premium payable on his/her life and life of his
/her children or adult children. The rebate is deductible from tax payable
by the individual or a Hindu Undivided Family. Review amount up to Rs.
1 lakh is deducted from given income.

Types of Life Insurance

Term Insurance policy
Whole Life Policy
Endowment Policy
Money Back Policy
Annuities And Pension
Most of the products offered by Indian life insurers are developed and
structured around these "basic" policies and are usually an extension or a
combination of these policies. So, what are these policies and how do
they differ from each other?
Term Insurance Policy
A term insurance policy is a pure risk cover for a specified period
of timed. What this means is that the assured is payable only if the
policyholder dies within the policy term. For instance, if a person
buys Rs 2 lakh policy for IS-years~ his family entitled to the
money if he dies within that 15-year period.
What if he survives the IS-year period? Well, then he is not
entitled to any payment; the insurance company keeps the entire
premium paid during the 15-years period.
So, there is no element of saving or investment in such a policy. It is 100
percent risk cover. It simply means that a person pays a certain premium
to protect his family against his sudden death. He forfeits the amount if
he outlives the period of the policy. This explains why the Term
Insurance policy comes at the lowest cost.
Whole Life Policy
As the name suggests, a Whole Life Policy is an insurance cover
against death, irrespective of when it happens.

 Under this plan, the policyholder pays regular premium until his
death, following which the money is handed over to his family.
This Policy, However, fails to address the additional needs of the insured
during his postretirement years. It doesn't take into account a person's
increasing needs either. While the insured buys the policy at a Young age,
his requirements increase over time. By the time he dies, the value of the
sum assured is too low to meet his family's needs. As a result of these
drawbacks, insurance firms now offer either modified.
Whole Life Policy or combine in with another type of policy
Endowment Policy
Combining risk cover with financial saving, endowment policies is the
most popular policies in the world of life insurance.
In an Endowment Policy, the sum assured is payable even if the
insured survives the policy term.
If the insured dies during the tenure of the policy, the insurance
firm has to pay the sum assured just as any other pure risk cover.
A pure endowment policy is also a form of financial saving, where
by if the person covered remains alive beyond the tenure of the
policy, he gets back the sum assured with some other investment
benefits.
In addition to the basic policy, insurers offer various benefits such
as double endowment and marriage/education endowment plans.
The cost of such a policy is slightly higher but worth its value.
Money Back Policy
These policies are structured to provide sums required as
anticipated expenses (marriage, education, etc) over a stipulated
period of time. With inflation becoming a big issue, companies
have realized that sometimes the money value of the policy is

eroded. That is why with - profit policies are being introduced to

offset some of the losses incurred on account of inflation.
A portion of the sum assured is payable at regular intervals. On
survival the remainder of the sum assured is payable.
In the case of death, the full sum assured is payable to the insured.
The premium is payable for a particular period of time.
Annuities and Pension
In an annuity, the insured agreed to pay the insured stipulated sum of
money periodically. The purpose of an annuity is to protect against risk as
well as provide
money in the form of pension at regular intervals.

ABOUT IRDA
What is IRDA
Notification
Composition of authority under IRDA Act 1999
Duties, Power and Functions of IRDA
Mission
Address for Communication

WHAT IS IRDA?
The IRDA (protection of policyholders' interests) Regulation, 2002 with
the vast area of rights of investors starting with the rights to obtain a copy
of the ProP9sal, the free look in period in respect of the life policies, a
copy of the concluded policy to be furnished to the client and also the
obligations of the insurance company regarding servicing and ex (ending
of the policy, payment of interest in case of delay settlement of the policy
claims, etc.
The regulations also prescribe a procedure for settlement of the
grievances including the appointments of the Insurance Ombudsman at
specific centers in India. In addition to this, the IRDA Act empowers
Authority to look into the settlement of the grievances and in cases where
the policyholders' approach the Authority directly; the Authority often
intervenes with the insurers for the protection of their rights.

HDFC Standard Life

The Partnership:
HDFC and standard Life first came together for a possible joint venture,
to enter the Life Insurance market, in January 1995. It was clear from the
outset that both companies shared similar values and belief and a strong
relationship quickly funned. In October 1995 the companies signed a 3
year joint venture agreement.
In October 1998, the joint venture agreement was renewed and additional
resource made available. Around this time Standard Life purchased 2%
of Infrastructure Development Finance Company Ltd.(IDFC). Standard
Life also started to use the services of the HDFC Treasury department to
advise them upon their investments in India.
Towards the end of 1999, the opening of the market looked very
promising and both companies agreed the time was right to move the
operation to the next level. Therefore, in January 2000 an expert team
from the UK joined a hand picked' team from HDFC to from the core
project team, based in Mumbai.
In a further development Standard Life agreed to participate in the Asset
Management Company promoted by HDFC to enter the mutual fund
market. The Mutual Fund was launched on 20th July 2000.

Organization Structure of HDFC SLIC

C.E.O

G.M.
(Finance)

G.M.
(Operations &
Writing)

G.M.
(Training)

G.M. (Sales
& Marketing)

Company
Secratary

Account
Manager

Regional
Manager

Head
(Training)

Regional
Managers

Legal
Executive

Team Leader

Operations
Officer

Regional
Training
Manager

G.M.
(Corporate
H.R.)

Branch
Manager

Branch
Training

S.D.M.
B.D.M.

Regional H.R.
Manager

HR
Executive

Sales Department Structure of HDFC SLIC

G.M.
Sales & Marketing

Head of Retail Sales

Head Alternate

Group Sales

Zonal Manager

Regional

Group Sales Manager

Regional Manager/Branch
Manager

Branch Manager

Resident Manager

Sales Devolpment

A.R.M. /A.S.M.

S.D.M. / B.D.M.

Financial Consultants

Unit Structure of HDFC SLIC in Bareilly

Resident Manager

Retail Sales

A.R.M./S.D.M./B.D.M.

Administration & Training Staff

Growth Rate
Premium Income grows by 112%

HDFC Standard Life has recorded a strong year on year growth of

112% for the period April-March 2005-06, in comparison with same
period 2004-05, with new business first year premium of Rs.l 029 crores.
The growth achieved by the company was considerably higher than the
private sector industry average of 84% for 2005-06. In terms of effective
premium income (EPI), which gives a 10% value to Single Premium
policy, and is an internationally accepted indicator of an insurance
company's performance, the EPI grew by 103% from Rs.436 Cr. to
Rs.887Cr.
HDFC Standard Life's growth in new business a result of number of
lives insured as well as, in increase in the average premium. For the
individual business, volume measured by the number of lives insured,
witnessed a 32%.The average premium also increased by 62% from
Rs.17000 in 2004-05 to Rs.27,500 in 2005-06.
Commenting on the huge potential that exists in the Indian market today,
Mr. Deepak Satwalekar, Managing Director & CEO of HDFC Standard
Life emphasized, "The GDP has been growing over 8% per annum and
47% of all saving are now in financial saving form; 16% of saving is in
the form of insurance premiums and another 16% is in . Provident Fund
and Pensions 32% of India's financial saving of the household sector are
available to be tapped. Therefore, growth for the private life insurance
industry in inevitable and HDFC Standard Life is confident of
maintaining a steady growth pace."
Highlighting HDFC Standard Life's has the most competitive fund

management charge, which is the lowest in equity based products. Our

fund management charge is as low as 8% per annum, the key to
enhancing long-term returns. Our other differentiator is that we believe in
offering life insurance solutions to customers based clearly on their
needs, and 'Disha' is the way it is done.
'Disha' is a Professional Sales Skills Training Program. The delegates in
this program are introduced to a 'Need-based' selling approach, which
can cater to all our clients opting for life insurance solutions. 'Disha' is
aimed at providing a good service to the client and building long-term
relationships.

Contribution to the individual business premium income by the different

channels of distribution also changed significantly, compared to last year.
The Corporate Agency and Banc assurance channel has grown
tremendously and currently accounts for 43% of the company's business.
Speaking on this, Mr. Satwalekar said, "The strategy to concentrate on
activating a limited number of bancasurance partners rather than gong for
signing up a large number of banks in the early years, also paid off. Our
key to achieving bancassurance success is our belief in a partnership
approach, customized product offering, highly ethical dealings and
providing good value to our partners and their customers."
HDFC Standard Lifes offering of Employee Benefit Solutions, to the
corporate sector, Through Group Business, have met with increased
success with year on year growth of 174%. Commenting on the strong
growth of HDFC SLs Group Business, Mr. Satwalekar said, Our
excellent fund performance on retirement products and increase in our
client base with 150 clients cutting across spectrum of industries
spanning from

Financial Strength
Our 6th Successive Bonus Declaration.
We are pleased to announce our Sixth Successive Reversionary
Bonus for the year from 1 April 2005 to 31 March 2006. This bonus
declaration will benefit all 'With Profits' customers who have paid all
premiums in full when due.
First year premium of Rs.I 029 crores. The growth achieved by the
company was considerably higher than the private sector industry
average of 84% for 2005-06. In terms of effective premium income
(EPI), which gives a 10% value to a Single Premium policy, and is an
internationally

accepted

indicator

of

an

insurance

company's

performance, the EPI grew by 103% from Rs.436Cr. to Rs.887Cr.

HDFC Standard Life's growth in new business is a result of number of
lives insured as well as, an increase in the average premium. For the
individual business, volume measured by the number of lives insured,
witnessed a 32% growth. The average premium also increased by 62%
from Rs.17, 000 in 2004-05 to Rs.27, 500 in 2005-06.
Commenting on the huge potential that exists in the Indian market today,
Mr. Deepak Satwalekar, Managing Director & CEO of HDFC Standard
Life emphasized, "The GDP has been growing over 8% per annum and
47% of all savings are now in financial saving form; 16% of saving is in
the form of insurance premiums and another 16% is in Provident Fund
and Pension 32% of India's financial saving of the household sector are
available to be tapped. Therefore growth for the private life insurance
industry in inevitable and HDFC Standard Life is confident of
maintaining a steady growth pace."
Highlighting HDFC Standard Life's has the most competitive fund
management charge is as low as 0.8% per annum, the key to enhancing

long-term returns. Our other differentiator is that we believe in offering

life insurance solutions to customers based clearly on their needs, and
'Disha' is the way it is done."
'Disha' is a Professional Sales Skills Training Program. The delegates in
this program are introduced to a 'Need- based' selling approach, which
can cater to all our clients opting for life insurance solution. 'Disha' is
aimed at providing a good service to the client and building long-term
relationships.
Contribution to the individual business premium income by the different
channels of distribution also changed significantly, compared to last year.
The Corporate Agency and Bancassurance channel has growth
tremendously and currently accounts for 43% of the company's business.
Speaking on this, Mr. Satwalekar said, "The strategy to concentrate on
activating a limited number of bancasurance partners rather then going in
for signing up a large number of banks in the early years, also paid off.
Our key to achieving bancassurance success is our belief in a partnership
approach, customized product your family counts on you every day for
financial support: food, shelter transportation, education and much more.
Insurance provides you with that unique sense of security that no other
form of investment provides. It gives you a sense of financial support
especially during that time of crisis irrespective of the fluctuations in the
stock market. Insurance provides for your career goals right from your
childhood years.
Life insurance is all about making sure your family has adequate
financial resources to make those plans and dreams come true. It
provides financial protection to help your family or business to manage
after your death..
Policy

Policy

Sub

Premium

Reverslonary Bonus @

Type

Term

Assured

22.50 Per thousand Sum

Assured)
Rs. 4,500

Endowment

25

Rs.

Assurance

years

2,00000

Rs. 7,634

Plan

Once added to your policy, this Bonus is guaranteed to be payable at

maturity, For Single Premium Whole of Life Policies, Which do not
maturity date, this bonus is guaranteed to be paid on selected future
policy anniversaries.
For all our with profit plans, the influence of our reversionary bonus
declaration on the death benefit is governed by the policy wording under
each plan.
We calculate this bonus keeping in mind a long-term view of investment
returns, expenses, fortuity and other experience elements.
Interim
If a maturity claim or death claim is made before the next planned
reversionary bonus declaration, we will add an interim Bonus to your
policy.
All policies where such claims have occurred do not participate in the
next reversionary bonus declaration. Therefore, we add an interim Bonus
to give you or your nominee a fair share of bonus earned over the next
financial year from 1 April 2006 to the Date of claim.
For all our with profit plans, the influence of our interim bonus
declaration the death benefit is governed by the policy wording under
each plan.
Terminal Bonus:
This bonus is sometimes added to a policy on maturity and allows us to
pay the fair share of the 'With Profits' fund, based on the experience over
the policy term.

STANDARD LIFE CELEBRATES AWARD SUCCESS

Standard Life, Europe's largest mutual life assurance company, has won
"Company of the Year" for the fifth time in succession at the annual
Financial Adviser Provider of the "year Awards 2001.
The award was the result of votes cast by Independent Financial Advisers
(IFAs) for the best providers of pensions. Protection products, mortgages
and investment. Scott Bell was named Chief Executive of the year.
For each of these categories, the IFAs were asked to rate companies on:
design and innovation, competitiveness and performance, support of the
IF A sector, and effective marketing and advertising. Standard Life won
the award by achieving the best overall score.
Standard Life Bank won Mortgage Provider of the year for the second
consecutive year while standard Life's investment products won a silver
award. Standard Life's protection and pension products won gold awards.
Scott Bell, Group Managing Director, and Commented: "HDFC SLIC is
delighted to have been again named company of the Year. Standard Life
has been successful mainly because of its financial strength and its
mutual status. HDFC SLIC responsibility is to serve the needs of
company policyholders. HDFC SLIC have no shareholders and can
therefore concentrate on delivering benefits to its customers, consistently
delivering returns which are higher than those of its competitors. It is an
honour to receive such prestigious awards, and HDFC SLIC would like to
thank all those IF As who took the time to vote for us. HDFC SLIC aim
to be the best within company industry and to continue to provide first
class products supported by excellent service."

SWOT Analysis Of HDFC SLIC

STRENGTH

Covered Vast Area.

High Grade Products.
'AAA' rated by CRISIL and ICRA for eight consecutive years.
Efficient and effective Management Information
System (MIS) Lotus Notes.
On-line program control
HDFC SLIC improves customer orientation on a sustained basis.
WEAKNESS
Not optimum utilization of available resources.
Poor advertisements.
Opportunities.
OPPORTUNITIES
Availability of lives and resources is sound.
Significant demand pattern and better quality policies & services
are more in demand.
Special drive for awareness of literacy and mass education by
Government.
Opportunity opened for the technically superior, upgraded and
better-managed mills to go for value added product range, fetching
higher realization.
THREATS
Current per capita consumption of policies in India is far less, then other
countries.
"Absence of Govt. Policy leads to uncertainties about long-tern1

availability of the

COMPANY PROFILE
LIFE INSURANCE CORPORATION OF INDIA
(LIC)

Life Insurance Corporation of India (LIC) was formed in September,

1956 by an Act of Parliament, viz., Life Insurance Corporation Act, 1956,
with capital contribution from the Government of India. The then Finance
Minister, Shri C.D. Deshmukh, while piloting the bill, outlined the
objectives of LIC thus: to conduct the business with the utmost economy,
an spirit of trusteeship; to charge premium no higher than warranted by
strict actuarial considerations; to invest the funds for obtaining maximum
yield for the' policy holders consistent with safety of the capital; to render
prompt and efficient service to policy holders, thereby making insurance
widely popular. Since nationalization, LIC has built up a vast network of
2,048 branches, 100 divisions and 7 zonal offices spread over the country.
The Life Insurance Corporation of India also' transacts business abroad
and has offices in Fiji, Mauritius and United Kingdom. LIC is associated
with joint ventures abroad in the field of insurance, namely, Ken-India
,Assurance Company Limited, Nairobi; United Oriental Assurance
Company Limited, Kuala Lumpur and Life Insurance Corporation
(International) E.C. Bahrain. The Corporation has registered a joint
venture company in 26th December, 2000 in Kathmandu, Nepal by the
name of Life Insurance Corporation (Nepal) Limited in collaboration

with Vishal Group Limited, a local industrial Group. An off-shore

company L.I.C. (Mauritius) Off-shore Limited has also been set up in
2001 to tap the African insurance market.
GENERAL INSURANCE
General insurance business in the country was nationalized with effect
from

1st

January,

1973

by

the

General

Insurance

Business

(Nationalization) Act, 1972. More than 100 non-life insurance companies

including branches of foreign companies operating within viz., the
National Insurance Company Ltd., the New India Assurance Company
Ltd., the Oriental Insurance Company Ltd., and the United India
Insurance Company Ltd. with head offices at Calcutta, Bombay, New
Delhi and Madras, respectively. General Insurance Corporation (GIC)
which was the holding company of the four public sector general
insurance companies has since been de linked from the later and has been
approved as the "Indian Re-insurer" since 3rd November 2000. The share
capital of GIC and that of the four companies are held by the Government
of India. All the five entities are Government companies registered under
the Companies Act. The general insurance business has grown in spread
and volume after nationalization. The four companies have 2699 branch
offices, 1360 divisional offices and 92 regional offices spread all over the
country. GIC and its subsidiaries have representation either directly
through branches or agencies in 16 countries and through associate or
locally incorporated subsidiary companies in 14 other countries. A
wholly- owned subsidiary company of GIC, i.e. Indian International Pvt.
Ltd. is operating in Singapore and there is a joint venture company, viz.
Kenindia Assurance Ltd. in Kenya. A new wholly owned subsidiary
called New India International Ltd., UK has also been registered.

OBJECTIVES OF LIC

Spread Life Insurance widely and in particular to the rural areas and to
the socially and economically backward classes with a view to reaching
all insurable persons in the country and providing them adequate financial
cover against death at a reasonable cost.
Maximize mobilization of people's savings by making insurancelinked savings adequately attractive.
Bear in mind, in the investment of funds, the primary obligation to its
policyholders, whose money it holds in trust, without losing sight of
the interest of the community as a whole; the funds to be deployed to
the best advantage of the investors as well as the community as a
whole, keeping in view national priorities and obligations of attractive
return.
Conduct business with utmost economy and with the full realization
that the moneys belong to the policyholders.
Act as trustees of the insured public in their individual and collective
capacities.
Meet the various life insurance needs of the community that would
arise in the changing social and economic environment.
Involve all people working in the corporation to the' best of their
capability in furthering the interests of the insured public by
providing efficient service with courtesy.
Promote amongst all agents and employees of the Corporation a sense
of participation, pride and job satisfaction through discharge of their
duties with dedication towards achievement of Corporate Objective.

OBJECTIVES OF THE STUDY

To know about the sales policy

Motivational enhancement tools being followed by the company

To identify the peak sales period of the year.

Co-operation level extended form the company's side.

To study the consumer response towards the quality of policy

To study the need of product to the consumer

To identify the schemes offered by the company to there consumers.

RESEARCH METHODOLOGY
When we talk about research methodology, we do not talk only of research method
but also consider the 10giG being the method that be used in context research study.
We also evaluate why we are using a particular method. The used technique should be
such that the research is capable of being evaluated by the researcher as well as by
others. This project work involves three types of research:DESCRIPTIVE RESEARCH
Descriptive research is one, which invoices describing the state of affairs, as they
exist. This type of research was used in the study of marketing strategies for the sale
of company's product also while studying about the parameters, which affect
competitiveness of the product.
APPLIED RESEARCH
A Part of this is applied research because it aims at identifying trends among the
customers about the basis expectations so that company get insight into the demand
of customers which if fulfilled will result in complete customer satisfaction.
ANALYTICAL RESEARCH
In this kind of research, the research uses facts or information already available and
analysis these to make a critical evaluation. We have used facts available about the
mktg. Strategies policies and information of company's position in respect of image,
quality of product, packaging methods and supply and distribution and real market
situation than we analysis them and made a critical evaluation of these facts to
suggest certain recommendations.

RESEARCH DESIGN
SAMPLING PLAN
There are three decisions under this
SAMPLING UNIT
It defines the target population that will be sampled together.
SAMPLING SIZE
For conducting the study on mktg. strategies of HDFC SLIC, It was not
possible to cover all the customers (which are scattered throughout the
India) because of the time or other resources constraints some
questionnaire were distributed to customers.
SAMPLING PROCEDURES
"It is the procedure through which we see how the respondents should be
chosen and to know about the satisfaction of the consumers."
This study involves non-profitability sampling deliberate sampling,
which deliberate or purposive selection of particular unit of the universe
for constituting a sample, which represents the universe. As the
population element was selected for inclusion in the sample based on the
case of access., it is called convenient sampling.
RESEARCH INSTRUMENTS
The contact methods used in the study were:
Direct Personal Interviews.
Questionnaire Methods.

DATA COLLECTION
Data collection was done using through both primary and secondary data.
SECONDARY DATA
These data are already existing but might have been collected originally
for some other purpose like:
Previous record of company
Research methodology by C.R. Kothari.
Marketing Management by Philip Kotler.
In addition, other official sources.
PRIMARY DATA
Face to face conversation with the consumers/ dealers and by the help of
Questionnaire.
ASSUMPTIONS OF THE STUDY
Questionnaire is distributed to different consumers/ dealers in the market.
Respondents have responded correctly.

DATA ANALYSIS
AND
INTERPRETATION

Awareness about life Insurance Policy

Yes

60%

No

40%

40%

60%

Priority while taking any policy

For Risk Cover

23%

For Secured Returns

28%

For Investment

31%

For Tax benefits

18%

40%

60%

On What basis you decide the Insurance Company

for Investment
Company Image

45%

Range of Policies

15%

Past performance

40%

40%

45%

15%

Do you think that Private Insurance Companies are

better alternative for Investment
Yes

60%

No

40%

40%

60%

Do you agree that Private Sector Insurance Company have

better services the public sector Insurance Company

Fully agree

45%

Some what agree

15%

Don't agree

40%

20%

50%
30%

IN WHICH COMPANY YOU WILL LIKE TO

INVEST?

Are you satisfied with the service provided by your

Present Insurance company
Fully satisfied

35%

Some what satisfied

50%

Partial dissatisfied

10%

Not satisfied

5%

10%

5%
35%

50%

Most Appealing Company for Investment in private

sector
HDFC SLIC

38%

ICICI Prudential

34%

Bajaj Allianz

20%

Birla Sun Life

5%

8%
20%

38%

34%

FINDINGS
1.

The maximum respondents get the information about the

insurance policy

from the customer executive.

2.

LIC is famous in providing the Insurance Services.

3.

HDFC SLIC has the major market share of Insurance Services in

private sector.
4.

Those that have not preferred to take policies, the reason behind

that, most of
5.

them have already get insured with other companies.

More than 65% respondents are satisfied by insurance policy

provided by company.
6.

Those respondents who are not satisfied by insurance policy are

due to poor service issues.

LIMITATIONS

Unavailability of relevant secondary data - The relevant secondary data like as

broachers and reports were not provided by the companies. They did not take
interest.

Problems in collecting primary data the customers were hesitating in giving

their personal information and time.

Executive of most financial Institution were giving the information related

with one situation. They were not providing the information related to each
and every aspect of customer behavior.

RECOMMENDATION
The survey conducted has provided with ample insight and information. In this
regard, certain recommendation should be made may prove helpful to the
organization.
1.

Sales executive is an important link between the company and customer so

executive should have complete knowledge and should be well trained.

2.

Companies should provide good services and flexibilities after the sales of
policy.

3.

There should be Insurance cum loan scheme.

4.

HDFC SLIC has good market share so they should come. With some new
policies and benefits, to be a market leader.

5.

People are taking interest in availing the facilities of private companies, so

private companies should try to give more facilities within less time.

6.

LIC should provide long term installment.

7.

More authorities should be given at local level, so that heavy amount of policy
may done easily.

8.

Some free gifts or any other promotional scheme should be given.

CONCLUSION
In present scenario, Indian economic condition is very strong. Govt. is more
emphasizing on insurance sector because it is most competitive and productive and
productive. Today the insurance sector is progressing by leaps and bounds, it is
providing various services.
Life Insurance is one of the fast growing sectors in insurance. Due to high
competition, there is fluctuation in interest rates in the market. Although companies
and govt. both are trying to control the rate of interest but rates are decided by the
market force, so it is very difficult to choose the best option for investment.
When a person gets a insurance policy then he should carefully check the rage
of interest and time period. A person should analyze all the benefits given by company
and should of the more flexible plan there are many cost which are hidden by the bank
and charge from the customers later on so it should be checked. Quality of service
must be checked.
Customer behavior is paying an important role in Life Insurance Sector. The
companies are become very competitive in their service; Marketing is used as in
important tool for making insurance sector attractive. In the coming time only those
organizations will get success that will identify the changing customer needs, taste,
preferences and behavior and will act accordingly.

BIBILIOGRAPHY
Websites
www.newstodaynet.com
www.moneycontrol.com
www.bimaonline.com
www.sebi.gov.in
www.licofindia.com
www.hdfelifeinsurance.com
www.google.com
Primary data

Questionnaire

Journals:
IRDA Journal

Books
Consumer behaviour

Shiffman and Knauk

Research Methodology

C.R. Kothari

Marketing Management

Phillip Kotler

Marketing Research

W. Jr. Boyd.

CUSOMTER INFORMATION MODULE

Name.........................................................................................................................
Occupation.................................................................................................................
Address.......................................................................................................................
Q1. Do you know about life insurance policy?
a- Yes

b- No

Q2. Why do you invert in Life Insurance?

a- For Risk cover

b- For secured Returns

Q3. On what basis you decide the insurance company for investment?
a- Company Image

b- Range of Policies

Q4. Do you think that private Insurance companies are better alternative for
Investment/
a- Yes

b- No

Q5. Do you agree that Private Sector Insurance Company have better services than
Public Sector Insurance Company?
a- Fully agree
c- Dont agree

b- Some what agree

Q6. Does your present Insurance Company give product offering according your
specific Insurance need?
a- Yes

b- No

Q7. Are you satisfied with the service provided by your present Insurance Company?
a- Fully satisfied

b- Some what satisfied

c- Partial dissatisfied

d-Not satisfied

Q8. Which company offers you easy mode of payment?

a- HDFC SLIC

b- ICICI Prudential

c- LIC

d- BIRLA Sun Life

Q9. Which company does think would be better for investment?

a- HDFC SLIC

b- ICICI Prudential

c- LIC

d- BIRLA Sun Life

Q10. Which company does think would be better for investment?

a- HDFC SLIC

b- ICICI Prudential

c- LIC

d- BIRLA Sun Life

Q11. Which company offers you good return on maturity?

a- HDFC SLIC

b- ICICI Prudential

c- HDFC

d- BIRLA Sun Life

Q12. Which company do you think is better for your childrens future?
a- HDFC SLIC

b- ICICI Prudential

c- Bajaj Allianz

d- BIRLA Sun Life

Q13. Which company offers you better money back policies?

a- HDFC SLIC

b- ICICI Prudential

c- Bajaj Allianz

d- BIRLA Sun Life

Q14. Which company offers you better services?

a- HDFC SLIC

b- ICICI Prudential

c- Bajaj Allianz

d- BIRLA Sun Life

Q15. Which company offers you better loan services?

a- HDFC SLIC

b- ICICI Prudential

c- Bajaj Allianz

d- BIRLA Sun Life

Q16. Which company offers you wide variety of policies?

a- HDFC SLIC

b- ICICI Prudential

c- Bajaj Allianz

d- BIRLA Sun Life

Q17. Does company offers you wide variety of policies?

a- HDFC SLIC

b- ICICI Prudential

c- Bajaj Allianz

d- BIRLA Sun Life

Q18. Which company offers you better endearment policy?

a- HDFC SLIC

b- ICICI Prudential

c- Bajaj Allianz

d- BIRLA Sun Life

Q19. Which company does think, will be helpful in your oldes stage?
a- HDFC SLIC

b- ICICI Prudential

c- Bajaj Allianz

d- BIRLA Sun Life

Q20. Which company policy do you have?

a- HDFC SLIC

b- ICICI Prudential

c- Bajaj Allianz

d- BIRLA Sun Life