SUMMER TRAINING PROJECT REPORT

Submitted in partial fulfilment of Master of Business Administration

Session- 2019-20

A STUDY ON BUYING BEHAVIOUR OF CUSTOMERS TOWARDS

LIFE INSURANCE POLICY.

Submitted By: -

Meghana singh

1884870051

External Guide: Internal Guide:

Mr. Sushil Tripathi Ms. Aastha Behl

(Branch Manager) ( Faculty of Business Administration)

PSIT COLLEGE OF MANAGEMENT

Affiliated to Dr. APJAKTU

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 DECLARATION

I hereby declare that this submission is my own work. It contains no material previously published or written

by another person, nor has this material to a substantial extent been for the award of any degree or diploma of

the university or other institute of higher learning.

MEGHANA SINGH

1884870051

2
 ACKNOWLEDGEMENT

Research Project Report is one of the important part of MBA program, which has helped me to gain a lot of

experience, which will be beneficial in my succeeding career.

For this with an ineffable sense of gratitude I take this opportunity to express my deep sense of indebtedness and

gratitude towards Prof. (Dr.) Ashok Kumar Tiwari ,Principal ,PSIT COLLEGE OF MANAGEMENT and

Mr. Durgesh Agnihotri, HOD, Department of Business Administration for their encouragement , support and

guidance in carrying out the project.

I am very much thankful to my Project guide Ms. Aastha Behl, faculty of Business Administration for her

interest, constructive criticism, persistent encouragement and untiring guidance throughout the development of

the project. It has been my great privilege to work under her inspiring guidance.

I am also thankful to my parents and my friends for their indelible co-operation for achieving the goal of this

study.

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 EXECUTIVE SUMMARY:

In today's corporate and comparative world, I find that insurance sector has the greatest development potential

when contrasted with the other sectors. Insurance has the most extreme growth rate of 70-80% where as FMCG

has greatest 12-15% of growth rate.

The growth potential pulls in people to enter this sector and HDFC standard life has given me the chance to get

a look of very competitive and enhancing sector.

The major factors influencing Insurance is trust, service, product elements and relationship with the council.

Firms like LIC are still supported in light of being a Government undertaking units.

The objective of the report is to “A Study of Buying Behavior of Customers for Life Insurance Product

Purchase – Role of HDFC STANDARD LIFE” and the report contains a brief introduction of HDFC

STANDARD LIFE.

The organization HDFC has interest in different sectors and they give predictable quality products to meet our

Customer's prerequisite around the world.

The report contains a detailed view of the undertakings ,which have been used to analyze the market of HDFC

.An itemized overview of the consumers was done to discover their purchasing pattern towards HDFC

protection Products .Various arrangements of questionnaire have been set up to know the purchasing conduct

of the Customer's about the HDFC Insurance products. The details of methodology are stated below. Types of

questions used are open ended, multiple choices questions and closed ended. Sampling method is random

sampling.

The report shows some important findings are there is a positive relation between the Customers’ buying pattern

and the consumption of the Insurance products.

To close, I concur that the study has been an experience to me, which highlighted every single hypothetical idea

of my review .The recommendation might be help full to HDFC STANDARD LIFE organization to fulfill and

understand the buying pattern of their Customers in future.

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 CONTENTS

PART – I

Ø CHAPTER 1: INTRODUCTION

1.1 Introduction about the sector

1.2 Industry Profile

Ø CHAPTER 2: COMPANY PROFILE

2.1 Origin of the organisation

2.2 Vision & Mission

2.3Growth and development of the organisation

2.4Present status of Organisation

2.5Functional department of the organisation

2.6Organisational Structure and Organisational Chart

2.7Product and service profile of the organisation

2.8Market profile of the organisation ( Competitors’ information, SWOT analysis, Infrastructure)

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 PART –II

Ø CHAPTER 3: STUDY OF THE SELECTED RESEARCH PROBLEM

3.1Statement and introduction of the research problem

3.2 Review of Literature

3.3 Statement of the research objective

3.4 Scope of Study

3.5 Research Design

3.6 Sampling Technique

3.7 Data Collection (Primary and Secondary)

Ø CHAPTER 4: DATA ANALYSIS & INTERPRETATION

4.1 Analysis and Interpretation of the data represented with the help of relevant tables and graphs.

Ø CHAPTER 5: SUMMARY AND CONCLUSIONS

5.1 Summary of learning experience/ Findings

5.2 Conclusions & Recommendations

Ø LIMITATIONS OF RESEARCH

Ø BIBLIOGRAPHY

Ø APPENDICES

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 LIST OF TABLES

TABLE NO. PARTICULARS PAGE NO.

2.1 CURRENT FINANTIAL STATUS

2.2 COMPETITORS OF HDFC

4.1 AGE OF THE RESPONDENTS

4.2 GENDER OF THE RESPONDENTS

4.3 EDUCATIONAL QUALIFICATION

4.4 OCCUPATION

4.5 ANNUAL INCOME

4.6 COMPANY’S POLICY

4.7 TERM OF POLICY

4.8 BNEFITS OF POLICY

4.9 FEATURES OF POLICY

4.10 MODE OF BUYING POLICY

4.11 SATISFACTION LEVEL

4.12 TERM OF INVESTMENT

4.13 AMOUNT OF INVESTMENT

4.14 AFFORDABILITY

4.15 INFLUENCING FACTORS

4.16 INVESTMENT WITH HDFC

4.17 PLAN CHOSEN

4.18 KIDS PLAN CHOSEN

4.19 CONVENIENCE OF PAYMENT

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 LIST OF GRAPHES

TABLE NO. PARTICULARS PAGE NO.

4.1 AGE OF THE RESPONDENTS

4.2 GENDER OF THE RESPONDENTS

4.3 EDUCATIONAL QUALIFICATION

4.4 OCCUPATION

4.5 ANNUAL INCOME

4.6 COMPANY’S POLICY

4.7 TERM OF POLICY

4.8 BNEFITS OF POLICY

4.9 FEATURES OF POLICY

4.10 MODE OF BUYING POLICY

4.11 SATISFACTION LEVEL

4.12 TERM OF INVESTMENT

4.13 AMOUNT OF INVESTMENT

4.14 AFFORDABILITY

4.15 INFLUENCING FACTORS

4.16 INVESTMENT WITH HDFC

4.17 PLAN CHOSEN

4.18 KIDS PLAN CHOSEN

4.19 CONVENIENCE OF PAYMENT

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CHAPTER – 1

INTRODUCTION

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1.1Introduction about the sector:

BANKING SECTOR

The banking sector is the section of the economy devoted to the holding of financial assets for others, investing

those financial assets as leverage to create more wealth and the regulation of those activities by government

agencies.

DEFINITION OF BANKS

A financial institution that is licensed to deal with money and its substitutes by accepting time and demand

deposits, making loans, and investing in securities. The bank generates profits from the difference in the interest

rates charged and paid.

BANKING SYSTEM IN INDIA

The banking system plays an important role in promoting economic growth not only by channeling savings into

investments but also by improving allocative efficiency of resources. The recent empirical evidence, in fact,

suggests that banking system contributes to economic growth more by improving the allocative efficiency of

resources than by channeling of resources from savers to investors. An efficient banking system is now regarded

as a necessary pre-condition for growth.

The banking system of India consists of the central bank (Reserve Bank of India - RBI), commercial

banks, cooperative banks and development banks (development finance institutions). These institutions, which

provide a meeting ground for the savers and the investors, form the core of India’s financial sector. Through

mobilization of resources and their better allocation, banks play an important role in the development process

of underdeveloped countries.

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 History of Insurance in India

Insurance in this current form has its history dating back to 1818], when Oriental Life Insurance Company

was started by Anita Bhavsar in Kolkata to cater to the needs of European community. The pre-independence

era in India saw discrimination between the lives of foreigners (English) and Indians with higher premiums

being charged for the latter in 1870, Bombay Mutual Life Assurance Society became the first Indian insurer.

At the dawn of the twentieth century, many insurance companies were founded. In the year 1912, the Life

Insurance Companies Act and the Provident Fund Act were passed to regulate the insurance business. The Life

Insurance Companies Act, 1912 made it necessary that the premium-rate tables and periodical valuations of

companies should be certified by an actuary. However, the disparity still existed as discrimination between

Indian and foreign companies. The oldest existing insurance company in India is the National Insurance

Company, which was founded in 1906, and is still in business.

The Government of India issued an Ordinance on 19 January 1956 nationalisation of the Life Insurance sector

and Life Insurance Corporation came into existence in the same year. The Life Insurance Corporation (LIC)

absorbed 154 Indian, 16 non-Indian insurers and also 75 provident societies—245 Indian and foreign insurers in

all. In 1972 with the General Insurance Business (Nationalisation) Act was passed by the Indian Parliament, and

consequently, General Insurance business was nationalized with effect from 1 January 1973. 107 insurers were

amalgamated and grouped into four companies, namely National Insurance Company Ltd., the New India

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

The General Insurance Corporation of India was incorporated as a company in 1971 and it commenced business

on 1 January 1973.

The LIC had monopoly till the late 90s when the Insurance sector was reopened to the private sector. Before

that, the industry consisted of only two state insurers: Life Insurers (Life Insurance Corporation of India, LIC)

and General Insurers (General Insurance Corporation of India, GIC). GIC had four subsidiary companies. With

effect from December 2000, these subsidiaries have been de-linked from the parent company and were set up as

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independent insurance companies: Oriental Insurance Company Limited, New India Assurance Company

Limited, National Insurance Company Limited and United India Insurance Company.

1.2 INDUSTRY PROFILE

In India Ministry of finance is in charge of instituting and actualizing legislation for the insurance sector with

the Insurance Regulatory and Development Authority (IRDA) entitled with the developmental role.

ROLE OF THE INSURANCE REGULATORY AND DEDVELOPMENT AUTHORITY (IRDAI)

The Insurance Regulatory and Development Authority (IRDAI) were constituted to direct and create insurance

business in India. As a key some portion of its sector, it is responsible to protect the rights and responsibilities of

the policyholders. Keeping in mind the end goal to make awareness about IRDAI, its sector, some of the

obligations and duties are expressed here below:

ü IRDAI gives a certificate of registration to a life insurance organization.

ü IRDAI is in charge of the renewal, modification, withdrawal, suspension or cancelation of this endorsement

of enrollment.

ü IRDAI outlines regulations on insurance of policyholders' interests.

ü It offers policyholders the privilege to voice their complaints against insurer or insurance agencies.

ü The IRDAI has set up the grievance reviewed cell to take up the complaints of the policyholder.

ü It indicates requisite qualifications, set of accepted rules and down to earth preparing for middle people or

insurance delegates and operators.

ü It indicates the set of code of conduct for surveyors and misfortune assessors.

ü It advances productivity in the lead of insurance organizations.

ü It promotes and regulates activities of expert associations associated with life insurance.

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Defining Customer Value and Buying Behavior:

More than 35 years back, Peter Drucker insightfully watched that a company’s first assignment is "to make

customers”. But, today’s customers confront an immense exhibit of products and brand choices, costs and

providers. This is the Question: How do customers settle on their decisions?

We trust that customers appraise which offer will convey the most value. Customers are esteem maximizes,

within the limits of inquiry expenses and constrained information; versatility and salary .They frame an

exception of significant worth and follow up on it. At that point they learn whether the offer satisfied the esteem

desire and this influences their purchasing behavior.

What is customer Value?

Customer delivered value is the distinction between total customer value and total customer cost. What’s more,

total customer value is the heap of advantages, customers anticipate from a given products or services.

What is Consumer Buying Behavior?

Consumer buyer behavior is considered to be an inseparable part of marketing and Kotler and Keller (2011)

state that consumer buying behavior is the study of the ways of buying and disposing of goods, services, ideas

or experiences by the individuals, groups and organizations in order to satisfy their needs and wants.

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 WHAT IS INSURANCE?

A guarantee of paying for the specific potential future misfortunes, in return for a periodic payment. Insurance is

intended to ensure the financial prosperity of an individual, organization or other substance on account of

surprising misfortune. A few types of insurance are required by law, while others are optional. Agreeing to the

terms of an insurance policy makes an agreement between the the insured. And the insurer In return for

installments from the guaranteed (called premiums), the insurer consents to pay the policy holder a whole of

cash.

WHAT IS LIFE INSURANCE?

Life insurance is a financial cover for a possibility connected with human life, similar to death, inability,

mishap, retirement and so on. Human life is liable to dangers of death and inability because of characteristic and

accidental causes. At the point when human life is lost or a man is disabled forever or temporarily, there is loss

of salary to the family. Life insurance is required for

ü To guarantee that you’re prompt.

ü Family has some monetary support in case of your demise.

ü To finance your kids education and different needs.

ü To have a savings plan for the future so you have a steady source of salary after retirement.

ü To guarantee that you have additional salary when your earnings are decreased because of genuine sickness

or mishap.

WHY DO WE TAKE INSURANCE POLICY?

ü Life is full of risk and uncertainties. We confront different dangers in our everyday life including dangers to
our life, wellbeing, property et cetera.

ü We don't know whether something heartbreaking will happen or when, yet it is positively feasible for us to
take measures to diminish the money related effect of these dangers and ensure ourselves financially.
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ü Insurance is a money related device extraordinarily made to decrease the budgetary effect of unexpected
occasions and make financial security.

ü For illustration, if you pay a premium for hospitalization costs up to Rs 1 lakh, then the insurance policy will
pay you up to Rs 1 lakh when you acquire hospitalization costs.

GOVERNMENT INITIATIVES

The Government of India has taken various activities to support the insurance business. Some of them are as per

the following:

ü The Insurance Regulatory and Development Authority (IRDA) of India have framed two advisory groups to

investigate and propose ways to e-commerce sector in order to increase insurance penetration and bring

financial inclusion.

ü The Government of India has launched two insurance schemes which are declared in Union Budget 2015-

16. The first is Pradhan Mantri Suraksha Bima Yojana (PMSBY), which is a Individual Accident Insurance

Scheme.

ü The second is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), which is the service's Life Insurance

Scheme. Both the plans offer fundamental insurance at negligible rates and can be effortlessly profited of

through different government organizations and private part outlets.

GLOBAL SCENRIO OF INSURANCE COMPANIES

Global integration of financial markets came about because of de-regulation measures, technological

information blast and financial advancements. Liberalization and Globalization have permitted the passage of

foreign players in the Insurance sector. With the section of private and foreign players in the Insurance business,

individuals have a considerable measure of alternatives to choose from.

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Radical changes are occurring in customer profile because of the changing way of life and social observation,

bringing about disintegration of brand steadfastness.

Competition:

Private and Foreign entrants in the Insurance Industry made others hard to hold their market. Higher customer

aspirations prompt to new desires and urge him to move towards the insurer who gives him the best service in

time. It turns out to be less practical for them even to keep up the functional networks or competitive standards

and services. To survive in the Industry they analyze, the rising prerequisites of the policyholders/insurers and

they are in the front position in providing essential services and introducing novel and exciting products.

Information Technology:

Insurers are the prior adopters of technology. Due to the Information transformation, customers are allowed to

look over an extensive variety of new and imaginative products. The Insurance organizations are using the

Information technological applications for better customer benefit, cost reduction, new product plan and

advancement and some more.

New technology gives the policyholders/safeguarded better, more extensive and quicker access to products and

services. The effect of Information Technology in Insurance business is being felt at a quickening pace. In the

underlying years IT was utilized more to execute back office functions like maintenance of accounts,

reconciling broker accounts, customer processing etc.

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 Distribution Network:

While organizations have been fruitful in product advancement, the greater sector of them are as yet thinking

about right blend of Distribution Channels for catching most extreme market share to build mark value,

building solid and powerful customer connections and practical customer benefit. While the traditional channel

of tied up advisors or agents would be the chief distribution channel, insurer should enhance and find new

techniques for conveying the products to customers. Corporate agency, brokerage, Banc assurance, e-insurance,

cooperative societies and panchayats are a portion of the channels, which can be tapped by the insurer to

achieve the proper market sections. Presently days, the urban masses are tapped with the new procedures gave

by Information Technology through Internet. Rural masses are pulled in by the consultative approach newly

followed by the Insurers. In addition, they draw in the customers through phone and mobile too.

Customer Education and Services:

Insurance is a pioneer service industry. The key business drivers are identified with way of life issues regarding

seeing insurance as an investment funds tool instead of for hazard cover; require based offering, nature of

services and customers awareness.

In the present competitive situation, a key differentiator is the expert customer benefit regarding nature of

quality of advice on product choice along with policy servicing. Adjusting and focusing on improving the

customer's understanding and amplifying his accommodation. This calls the effective CRM framework, which

in the long run makes maintainable upper hand and empowers to construct enduring relationship.

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 MORDERN MARKETING APPROACH

Advertising systems for insurance in the rising situation could be understood in terms of the following steps.

Having done statistical surveying and finalizing on segmentation, targeting and positioning (situating) the

procedure would concentrate on the marketing mix specifically, Product, Price, Place and Promotion. While

deciding the usage philosophy, the four attributes viz. Elusiveness, Inseparability, Perish capacity and

Variability offers ascend to unique prerequisites that merit cautious consideration while detailing the promoting

procedure for insurance. After execution, the insurer should focus on the successful control that would upgrade

their business.The four-stage process incorporates:

* Need discovery.

* Selection of the product.

* Need fulfillment introduction, and

* Serving the deal.

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 CHAPTER – 2

COMPANY PROFILE

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HDFC Life (HDFC Standard Life Insurance Company) is a long term life insurance supplier with its

headquarters in Mumbai, offering individual and group insurance.

It is a joint venture between the Housing Development Finance Corporation Ltd (HDFC), one of the India's

excelling housing finance organization and Standard Life plc, leading well known supplier of monetary reserve

funds and investment benefits in the United Kingdom. HDFC Ltd. holds 72.37% and Standard Life (Mauritius

Holding) Ltd. holds 26.00% of value in the joint venture, while the rest is held by others.

HDFC Life has around 400+ branches and presence in 980+ urban communities and towns in India. The

organization has additionally established a contact office in Dubai.

HDFC Life circulates its products s through a multi channel organize comprising of Insurance operators,

BANCASURANCE accomplices (HDFC Bank, Sarawak Bank, RBL Bank), coordinate channel, Insurance

Brokers and Online Insurance Platform.

The MD and CEO of the organization is Aditya Puri,[4] , Chief Actuary and Appointed Actuary is Srinivasan

Parthasarthy, Prasun Gajri is the CIO(CHIEF INVESTMENT OFFICE) and Rajendra Ghag heads the HR as

Chief HR Officer.

HDFC Life is among India's driving private life insurance organizations, offering a scope of Individual and

Group insurance plans. The Company right now has 32 individual and 10 group products in its portfolio, which

meet different customer needs, for example, Insurance, Pension, Savings, Investment, and Health. It has a solid

presence in its current markets combined with a strong base of Financial Consultants.

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 2.1 ORIGIN OF ORGANISATION

HDFC LTD.

It is India's chief housing finance organization and a well set up financial combination. The organization has

helped more than 40 lakh customers in gaining their own home through combined housing loan distributions of

over ` 4, 25,000 Crs. The organization has a wide system of 326 workplaces covering 2,400 towns and urban

communities all over India. HDFC Ltd has International workplaces in London, Dubai and Singapore with

service relates in Kuwait, Sharjah, Qatar, Oman Abu Dhabi and Saudi Arabia Al Khobar, Riyadh and Jeddah to

take into account non-inhabitant Indians and Persons of Indian Origin.

STANDARD LIFE

Built up in 1825, Standard Life is a main supplier of long term reserve funds and investments of around 6

million customers around the world. Headquartered in Edinburgh, Standard Life has around 8,500 workers

universally.

The Standard Life group incorporates reserve funds and investments organizations, which work over the UK,

Canada, Europe, Asia and Middle East; work environment annuities and advantages organizations in the UK

and Canada; Standard Life Investments, a worldwide investment manager, which oversees GBP 167 billion all

around; and its Chinese and Indian Joint Venture organizations. Towards the end of December 2012 the Group

had add up to resources under organization of over GBP 218 billion.

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MILESTONES.

ü HDFC Life declared the launch of HDFC Life Youngster Udaan, a taking part kids' plan with cash back

alternatives which permits guardians to use key developmental years of their kid to get ready for their safe

future.

ü HDFC Life proposed MY mix, a power tool that conveys need based and custom made combo mix plans.

ü HDFC Life was regarded with Best Business Process Excellence Program Award at the National Quality

Excellence Awards 2014.

ü HDFC Life reclassified its 'Values', to re-align them to be more applicable to today's chance.

ü HDFC Life won the Loyalty Award for Financials - Non Banking Financial Sector at the seventh Loyalty

Awards and Summit, 2014.

ü HDFC Life launched a Corporate Blog - All about Life in January, 2014. The blog can be accessed at

Blog.HDFCLife.com.

ü HDFC Life enrolled a benefit of Rs 725.3 crore in 2013-14. The organization recorded 7% development in

absolute premium, basically determined by 17% development in restoration premium and 30% development

in group business.

ü HDFC Life launched Click 2 Invest – ULIP, a novel online Unit Linked Insurance Policy for that offers

financial assurance as well as a scope of venture decisions.

TERM INSURANCE PLANS BY HDFC LIFE

Term plans are normally minimal effort insurance plans that give full insurance and money related

dependability to your friends and family in the event of any unanticipated occasions. HDFC Life displays an

assortment of term insurance plans and policies in India to best address your issues.

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Why do one requires a Term Insurance Plan?

Insurance Plans go far in guaranteeing your family's finance related autonomy in case of your heartbreaking

destruction or basic sickness. They are all the more critical on the off chance that you are the main source of

income in your family.

Regardless of the amount you have covered or contributed throughout the years, sudden consequences, for

example, passing or basic sickness, constantly tend to influence your family financially separated from the

enormous passionate misfortune.

Stages of the Consumer Buying Process

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Six Stages to the Consumer Buying Decision Process (For complex decisions). Actual purchasing is only one

stage of the process. Not all decision processes lead to a purchase. All consumer decisions do not always

include all 6 stages, determined by the degree of complexity.

The 6 stages are:

1. Problem

2. Information search

• Internal search, memory.

• External

3. Evaluation of Alternatives

4. Purchase decision

5. Purchase

6. Post-Purchase Evaluation

Classes that Affect the Consumer Buying Decision Process

A purchaser, settling on a buy choice will be influenced by the accompanying three variables:

1. Personal.

2. Psychological.

3. Social

The advertiser must know about these elements keeping in mind the end goal to build up a proper Marketing

Management for its objective market.

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HOW DO WE FIND OUT BUYING BEHAVIOR WHEN IT COMES TO LIFE

INSURANCE FINANCIAL??

1) Historically the elements influencing customer behavior have been comprehensively delegated:

• Cultural Factors.

• Social Factors.

• Personal Factors

For financial products anyway we can't utilize this structure, we can state that purchasing of insurance can be

ascribed to Personal Factors, yet these likewise incorporate the ideas of PERSONALITY and SELF-CONCEPT

which don't clarify the purchasing behavior of insurance.

2) The motivational hypotheses of shopper behavior which have been defined are:

• FREUD'S Theory.

• MASLOW'S Theory.

• HERZBERG'S Theory

However, none of these hypotheses give important knowledge with regards to inspiration for purchasing money

related products.

3) The Five-Stage Buying Decision Model is generally acknowledged as an essential structure for the buyer

behavior:

Issue Recognition – Information Search – Evaluation of options – Purchase Decision – Post buy Behavior

It is realized that shoppers don't generally go through every one of the five phases in purchasing a product; they

may skip or invert a few. Remembering this we can state this model is useful to get an essential thought of how

shoppers purchase financial products. The data sources are fundamental in instructing the customers and this

should be possible through Personal, Commercial and Public Sources. The assessment of choices, components

determining Buying Behavior of Consumers while purchasing Life Insurance can't be clarified for money

25
related products. There is no data accessible with reference to how individuals sift through choices with regards

to choosing specific financial product advertising.

4) Elaboration Likelihood Model.

Richard Petty and John Cacioppo's model of mentality arrangement and change portrays how shoppers make

assessments in both low-and high-inclusion conditions. They depict the Central Route where disposition

arrangement depends on persistent, normal thought of the most critical product data; and the Peripheral Route

where mentality development is because of relationship with some positive or negative fringe signals which

incorporate VIP underwriting and also insurance specialists.

This specific model gives a fundamental thought in the matter of how individuals may create dispositions

towards insurance products. The focal course won't contrast as the products offered in this industry are custom

fitted to suit the necessities of the customer. The fringe prompts are the most imperative as the brand name;

notices, operators and so on assume a critical part in disposition arrangement for the purchaser.

5) Low-Involvement Marketing Strategies.

One kind of Low-Involvement Marketing Strategy is to configuration publicizing to trigger forceful feelings

identified with individual qualities or sense of self guard. This can be seen in the insurance business as most ads

are outlined to trigger sentiments of vulnerability which can be controlled by buy of an insurance product.

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MAJOR PROMOTORS OF ORGANISATION:

MR. ADITYA PURI is the Managing Director and Chief Executive Officer at

HDFC Life.

Ms. Vibha Padalkar is the Executive Director and Chief Financial Officer at HDFC

Life

Mr. Srinivasan Parthasarathy

Mr. Srinivasan Parthasarathy is the Senior Executive Vice President, Chief and Appointed Actuary of HDFC

Life.

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 Mr. Prasun Gajri

Mr. Prasun Gajri is the Chief Investment Officer of HDFC Life.

Mr. Rajendra Ghag

Mr. Rajendra Ghag is the Senior Executive Vice President and Chief Human Resource Officer,.

Mr. Sanjay Tripathy

Mr. Sanjay Tripathy is the Senior Executive Vice President and Head - Marketing, Analytics, Digital and E-

Commerce,

Mr. Subrat Mohanty

Mr. Subrat Mohanty is the Senior Executive Vice President and Head-Strategy, Ops, BS&T and Health.

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 2.2 VISION & MISSION

Vision

The most successful and admired life insurance company, which mean that we are the most trusted company,

the easiest to deal with, offers the best value for money and set the standards in the Insurance industry.

Mission

Our mission and values that we observe at work are:

ü Excellence

ü People Engagement

ü Integrity

ü Customer Centricity

ü Collaboration

2.3 GROWTH AND DEVELOPMENT OF ORGANISATION

Profit growth back in 20s: With 20.2 per cent growth for June quarter, HDFC Bank again hit high-speed

growth. The bank had reported sub-20 per cent growth in March (18.25 per cent) and December quarter (15.14

per cent), due to cash ban. There was a time when the lender used to report profit growths in excess of 30 per

cent. However since September quarter of FY14, its growth has tapered.

Sales growth decelerates for 8th quarter: The lender reported a 13 per cent year-on-year (YOY) growth in

interest earned at Rs 18,669 crore. This was eighth straight quarter, when the lender reported a fall in growth in

interest earned. As per data available with corporate database Capitaline, the growth for the lender has fallen

consequently from 25.14 per cent in June quarter of FY16.

HDFC Bank, in fact, has done better than other private banks too. For example, ICICI Bank's net

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HDFC Bank is also building a digital bank that will offer the whole gamut of services - from account opening to

loans - online. The trigger for this is traction in retail payments.

Fight In Rural/Semi-Urban Markets

The Reserve Bank of India is going all out for deeper penetration NPAs are 1.61 per cent while Axis Bank's net

NPAs are 0.46 per cent. The return on assets is 1.86 per cent for ICICI Bank and 1.83 per cent for Axis Bank. In

terms of capital, all three private players are quite comfortable at over 15 per cent as against the requirement of

9 per cent.

of banking services in rural and semi-urban areas. That is why it has granted licences for payment and small

finance banks. This is one area where HDFC Bank has perfected its model. "We have a model of one-two

persons branches that offer tailor-made products in rural India," says Sukthankar. Other banks have not done

that well on this front. At present, the bank's 55 per cent branches are in rural and semi-urban areas. It is

targeting 35 per cent revenue from these in the next few years. The current figure is 15 per cent.

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 2.4 PRESENT STATUS OF THE ORGANISATION

HDFC Bank is considered as one of the leading bank in India. It’s India’s largest private sector lender by assets.

It has been ranked 60th in 2019 BrandZ Top 100 most valuable global brands.

HDFC remains well positioned to deliver superior performance in the coming years due to its deep expertise in

mortgage financing, and ability to adapt its portfolio mix to changing market conditions, the ongoing benefits of

continued cost initiatives, a strong balance sheet and a proven risk management framework and culture.

The current financial status of HDFC in the market is as follows:

PARTICULARS(cr.) JUNE 2019 JUNE 2018 % CHANGE

NET SALES 29176.45 23978.67 21.68

OTHER INCOME 5148 402.39 28.02

TOTAL INCOME 34324 28000.06 22.59

TOTAL EXPENSES 10512.47 8166.76 28.72

OPERATING 23811.98 19833.3 20.06

PROFIT

NET PROFIT 5690.8 4820.13 18.06

EQUITY CAPITAL 546.56 520.83 -

Table 2.1

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The cut throat competitor’s of HDFC in the market are:

COMPANY PRICE %CHANGE MARKET

CAPITAL

HDFC BANK 2214.95 -0.13 605622.68

KOTAK MAH. 1507.60 0.77 287873.20

BANK

STATE BANK 308.45 -2.76 275279.29

ICICI BANK 410.75 -1.53 265122.70

Table 2.2

Hdfc bank has opened an atm at 11,755 ft at kedarnath temple becoming the first bank in the country to do so.

The temple is set up in the shrine premises ans will benefit 35000+ devotees that visit the temple everyday.

In Indian villages those who want to start up their own business, private lender hdfc has launched a small

business credit card in association with Indian government’s common service centre (CSC). This one of the kind

credit card is designed for the CSC’s village level entrepreneaurs.

32
 2.5 FUNCTIONAL DEPARTMENT OF ORGANISATION

The various functional departments of HDFC are as follows:

FINANCE DEPARTMENT

Finance is the life blood of business. Finance is the base of all corporate activities in the day to day world.

Management of finance is is broadly concerned with the acquisition and use of funds by business firm.

HDFC bank has a very efficient financial department headed by manager of finance. All the finance

department staff are professionals, having sufficient industry experience in the fields of accounting, costing,

taxation, company law and financial management.

Objectives of finance department:

1. To manage and account for the financial resource of the organization.

2. To forecast its requirement in the future and plan accordingly and to check for deviation.

3. Report the financial performance of the organization, to comply with the government rules and regulations.

Functions of finance department:

ü Recording of day to day business transactions.

ü Receiving payments from customers and accounting these funds.

ü Preparation of sales, revenue and expenditure budgets on quarterly basis.

ü Preparation and maintenance of costing records.

ü Preparation of fund flow and cash flow statement of every month.

ü Preparation and implementation of cost reduction and cost control methods.

33
ü Conduct and co-ordinate internal and statutory audits.

ü Perpetual stock verification and asset evaluation.

Inspection:

The inspection of all the branches of HDFC is completed within time scheduled , implementation of inspection

package in all offices led to transparency by on line report writing, acceptance of compliance and closure

process.

Marketing department:

It includes the activities of the company associated with buying and selling of a product and service. It includes

advertising, selling and delivering products to people. Ajay kelkar, marketing head of HDFC, says that these

initiatives are specially targeted at those consumers who are not aware about the bank’s various value added

services such as direct banking facilities.

Marketing initiatives taken by the bank:

HDFC bank is possibly the only bank in India, and one of the very few in Asia to have embarked on a data-led

marketing analytics campaigns initiative, using marketing automation technology provided by UNICA. UNICA

has been reorganised by Gartner as the leading player in this field. Bank has set up a team to conduct marketing

campaigns in a scientific manner using customer data, usage pattern, preferences, lifecycles, etc. The bank also

conducts event-based marketing. There are earnings that can immediately be absorbed and incorporated in the

next campaigns which in a way provide with information about customer choices and preferences that can be

used for mass media communication making those more effective.

34
WHOLESALE BANKING DEPARTMENT:

It provides loans, non-fund facilities and transaction services to large corporate, emerging corporate, public

sector units, government bodies, financial institutions and medium scale enterprises. Revenues of the wholesale

banking segment consists of interest earned on loans made to customers, interest/ fees earned on the cash flow

arising from transition services , earnings from trade service and other non-fund facilities. Corporate Banking

reflects HDFC’s strength in providing corporate clients in India, a wide array of commercial, transactional and

electronic banking products.

FOREIGN-EXCGANGE DEPARTMENT:

This department of HDFC has two desks the Inter Bank desk and the Corporate Desk. The Inter Bank desk does

cover operations of the positions generated by the Corporate Desk. The IB desk is based at MUMBAI.

THE Corporate Desk named Treasury Advisory Group (TAG) caters to the need of all customers in Foreign

Exchange from three centres Mumbai, Delhi and Chennai.

The bank has been taken into various important committees of FOREIGN EXCHANGE DEALER’S

ASSOCIATION OF INDIA (FEDAI) as well as of Reserve Bank Of India.

HUMAN RESOURCE DEPARTMENT:

The total number of employees in bank are 1, 04, 154. The bank continues to focus on training its employees

both- on the job as well as through training programs conducted by internal and faculty. The bank has

consistently believed that broader employee ownership of its equity shares has a positive impact on its

35
performance and employee motivation. The bank believes in empowering the employees and constantly takes

various measures to achieve this objective.

2.6 ORGANISATIONAL STRUCTURE AND ORGANISATIONAL CHART

HDFC banks are in the business of providing banking services to individuals, small businesses and large

organisations.

36
 2. 7PRODUCTS/SERVICES PROFILE OF THE ORGANISATION: S

HDFC CLICK 2 PROTECT PLUS

HDFC Life Click 2 Protect Plus is an online term insurance plan in India which gives you a comprehensive

insurance protection at a reasonable cost and helps you to ensure yourself and your friends and family against

the vulnerabilities that life may toss at you. This term life insurance plan gives extensive variety of cover

alternatives and you can pick the cover contingent upon your need. You can even secure your family's everyday

necessities when you are not around by method for month to month wage under Income and Income plus

option.

37
 HDFC LIFE HEALTH ASSURE PLAN - MEDICAL INSURANCE

Stress is however a by-result of today's hectic way of life. Unexpectedly you endeavor hard to give best of

everything to your family just to give best which at last incurs significant damage on your wellbeing. Under

crises, it likewise hinders your accounts. Under such a circumstance your money streams are traded off. You

may even need to exchange a few resources or more terrible borrow cash. You're existing investments towards

retirement plan, making plans for kids education, among other monetary responsibilities will likewise be traded

off. In light of the current situation, it is critical to take a thorough health care insurance plan for which can

cover you against medicinal crises. Introducing HDFC Life Health Assure Plan, a complete, pure security

medical coverage plan and family floater health plan that repays medicinal costs brought about in a doctor's

facility.

ü Flexibility to browse 2 plan types:

ü Individual.

ü Family floater for your spouse, youngsters, both guardians and guardian’s in-laws

ü Flexibility to browse 2 plan choices with differing sum assured points of limitations and advantages:

ü Gold plan.

ü Silver plan.

ü Flexibility to settle on 2 more optional advantages:

ü Room Rent Enhancement: This choice disposes of as far as possible on room lease and gives more

adaptability to pick room.

ü Restore Benefit Option: Under this alternative the Sum Insured is reestablished to the first level, if essential

Sum Insured and multiplier advantage is exhausted because of claims made.

ü Premium Guarantee for a long time regardless of the possibility that you make a claim.

ü Automatically doubles your cover following two asset free years.

ü Guaranteed Lifetime Renewability.

38
ü Cashless Claim Service at determined Network Hospitals crosswise over India.

ü Hassle free Claim Reimbursement Process

HDFC LIFE SANCHAY Highlights

ü Non Participating Traditional Plan with Guaranteed advantages and benefits.

ü Limited premium paying term is of the period 5, 8 or 10 years.

ü Flexibility to pick the approach term of 15 to 25 years.

ü Guaranteed Additions of 8% or 9% of Sum Assured on Maturity to your maturity advantage, collected at

straightforward rate for each finished plan year.

ü The add up to Guaranteed Maturity Benefit will be between 220% to 325% of Sum Assured on Maturity
gave all due premiums have been paid.

ü The adaptability to pick premium installment recurrence i.e. month to month/quarterly/half-yearly/every

year.

ü EMI accessible for HDFC Bank Credit Card holders.

HDFC LIFE SUPER INCOME PLAN - MONEY BACK POLICY IN INDIA

HDFC Life Super Income Plan has been granted as the 'Best Product Innovation' at the Indian Insurance

awards, 2014.

HDFC Life Super Income Plan is a taking an interest consistent pay plan in India with ensured benefits in

addition to rewards to best plan your investment needs.

This cash back plan offers ensured salary for a time of 8 to 15 years and is perfect for people who require

general wage available to them with the goal that they don't need to stress over future costs and satisfy their

financial objectives continuous.

39
 As you approach distinctive stages in life, there are different goals, dreams and aspirations that you set out for

yourself and your family. But, this does not set you free from the everyday duties of overseeing house, paying

for health costs, school charges and so on.

To help you guarantee that none of this is traded off for the other, we offer you a cash back plan with the end

goal that you can satisfy your fantasies continuous.

ü Enjoy Regular wage for a payout time of 8 to 15 years

ü Your Regular Income involves Guaranteed Base Income (GBI) payouts, shifting from 8.0% to 12.5% of the

Sum Assured on Maturity, payable consistently.

ü At the finish of plan term you get a Maturity payout, total of accumulated rewards and the last ensured

payout .

ü Your Regular Income and Maturity Benefits will be Tax Free under the Section 10(10D) of Income Tax Act,

which came out in the year 1961.

ü Get Tax Benefit on premiums paid under Section 80C of Income Tax Act, 1961.

ü Choice of Plan alternatives with different mixes of premium installment and approach term to meet your

salary objectives.

ü The adaptability to pick the top notch installment recurrence i.e. month to month/quarterly/half-

yearly/yearly.

HDFC LIFE PERSONAL PENSION PLUS

HDFC Life Personal Pension Plus is a conventional or traditional participating pension plan perfect for people

who look to anticipate their retirement. Get secure and stable profits for your contributed corpus for post

retirement pay.

Flexibility to pick your investment horizon from 10 – 40 years

ü Assured advantage equivalent to 101% of all customary premiums paid on death or at vesting.

ü The plan can be taken just on a single life bases.

40
ü The adaptability to pick the premium installment recurrence i.e. quarterly/half-yearly/yearly.

ü EMI accessible for HDFC Bank Credit Card holders.

You generally wanted to make a difference in the lives of your friends and family. This is the thing that gives

genuine satisfaction. In your own particular manner, you did what it took to keep them content with their

fulfillment continually being a need for you. Since you are free and have finish charge of your accounts, some

measure of arranging can go far in satisfying dreams for yourselves and your friends and family.

Exhibiting, HDFC Life Smart Woman Plan, a life insurance policy for ladies that offer wings to your goals. The

plan guarantees your reserve funds develop leaving you free to pursue your dreams and career and keep having

any kind of effect to everyone around you. It likewise gave alternatives which take into account particular life

occasions of ladies as for their wellbeing, profession and marriage.

ü Options to browse 4 assets to suit your risk apatite:

1. Income Fund: Higher potential returns because of higher length and credit exposure.

2. Balanced Fund: Dynamic equity presentation to upgrade the profits while the obligation distribution lessens

the unpredictability.

3. Blue chip Fund: Investments in vast cap equities.

4. Opportunities Fund: Investments in mid-cap equities.

ü You can choose any of the 3 Benefit Options, each made to address particular issues, for example,

1. Pregnancy difficulties or birth of youngster with inherent issue.

41
2. Diagnosis of malignant cancer in female organs.

3. Death of life partner (Only with Elite alternative)

ü Classic – Under this choice you can profit of premium waiver advantage with subsidizing of next 3 years'

premiums.

ü Premier – Under this choice you can profit of premium waiver advantage with subsidizing of next 3 years'

premiums and intermittent money payouts of 100% of next 3 years' premiums.

ü Elite – Under this choice you can profit of premium waiver advantage with subsidizing of next 3 years'

premiums and intermittent money payouts of 100% of next 3 years' premiums alongside scope for death of

spouse.

ü Flexibility to pick the sum assured.

2.8 MARKET PROFILE OF ORGANISATION

The major 10 insurance agencies in India have left their permanent mark on the business with their sheer

nearness, development and in addition spearheading administrations, scope of products, and general budgetary

accomplishments.

The following are the major Insurers in India:

ü Life Insurance Corporation of India.

ü Bajaj Allianz General Insurance.

ü ICICI Lombard General Insurance.

ü IFFCO TOKIO General Insurance.

ü New India Assurance.

ü Tata AIG General Insurance.

ü ICICI Prudential Life Insurance.

ü HDFC STANDARD LIFE

42
 SWOT ANALYSIS

HDFC and clear from the beginning that both organizations had comparative qualities and convictions and a

Standard Life first met up for a conceivable joint venture, to enter the life insurance company, in January 1995.

It was a solid relationship immediately framed. In October 1995, the organizations marked a 3-year joint

venture understanding.

STRENGTH:

1. Residential picture of HDFC upheld by Prudential's international picture is quality of the organization.

2. Strong and well spread system of qualified middle men and salesman.

3. Solid strong capital and reserve base.

4. The organization gives customer service of the most astounding request.

5. Tremendous basket of item range which are appropriate to all age and wage groups.

6. Expansive pool of in fact talented labour with inside and out information and comprehension of the market.

7. The organization likewise gives inventive products to oblige diverse requirements of various customers.

WEAKNESS:

1. Overwhelming service costs and managerial expenses.

2. Low customer certainty on the private players.

3. Vertical various leveled and reporting structure with numerous assignments and frameworks prompting to

power legislative issues at all levels with no exemption.

4. Poor maintenance rate of tied up specialists.

43
OPPORTUNITIES:

1. Insurable populace: According to IRDA just 10% of the population is protected which speaks to around 30%

of the insurable populace. This proposes more than 300 people, with the possibility to purchase protection,

remain uninsured.

2. There will be inflow of administrative and financial expertise from the world's driving protection markets.

Further the weight of instructing shoppers will likewise be shared among numerous players.

3. International organizations will help in building world class expertise in nearby market by presenting the

best global practices.

THREATS:

1. High rivalry and competition from different organizations.

2. Big open area insurance agencies like Life Insurance Corporation (LIC) of India, National Insurance

Company Limited, Oriental Insurance Limited, and United India Insurance Company Limited. Individuals

trust and go to them more.

3. Poaching of customer base by different organizations.

4. Most individuals don't comprehend the need or are not willing to take protection strategies when all is said

in done.

44
 AWARDS:

1. 2. 3.

4.

5. 6. 7.

8.

9. 10. 11. 12.

13. 14. 15.

45
1. Golden Peacock Innovative Product Award 2015

2. Finnoviti 2016

3. DL Shah National Award

4. ISQ

5. NIQR Annual Competition on Six Sigma

6. Frost & Sullivan

7.1) India’s Best Companies to Work for 2015:

Top 50

2) India’s Best Companies to Work for 2015:

Industry Best

8. Inspiring Workplace Award 2015 - Insurance

Sector

9. IDC Insights Awards (ICONIC - 2015)

10. CIO 100 India - Mobility Maven Special Award

11. CEBIT INDIA - Digital Transformational Leaders

12. Data Security Council of India (DSCI) - Infosec

Awards

13. PC Quest - Best IT Implementations - 2016

14. BW CIO 3.0 Award - Mobility

15. ABP News Stars of the Industry Awards -

Banking & Financial Services

46
INFRASTRUCTURE FACILITIES:

ü Drinking water

ü Modern washrooms

ü Cafeteria

ü Peaking Zone

ü Personal computers

ü Air Conditioner

ü ATM Facilities

ü Staff timeout room

ü Client waiting Room

47
 CHAPTER- 3

Study of the selected

Research Problem

48
 3.1 STATEMENT AND INTRODUCTION OF RESEARCH PROBLEM

This study deals with buying behavior of customers towards Life Insurance Policy.

There are several problems associated with the Insurance market investment. Firstly, the problem which is

faced is lack of awareness and understanding about insurance policies, and if most of them knows about it

then it’s either LIC or SBI. People associate other banks as just opening accounts.

While investing in the insurance market one has to be analytical enough to judge the valuations of the

policies and understand the complex undertones of the policies.

The hidden motive of this study is to make the people understand the benefits which they and their family

members can reap by investing in Insurance Policies.

3.2 REVIEW OF LITERATURE

Shesha Ayyar, V. (1986) opines in the article entitled "Product Development" about different issues and

difficulties which are connected with respect to growing new polices. The creator examines the requirement for

building and growing new plans and different concerns which can posture issues for the insurance division .The

bits of knowledge present insights about the developing necessity for including subordinate advantages, for

example, mishap advantages, disablement and hospitalization benefits.

S.Raju and M. Gurupandi (2009), opine that the state of mind of the approach holders and their socio financial

foundation makes a noteworthy impact. The review displayed the conclusions and demeanors of the strategy

holders towards the services of LIC.

Shivanand .H.Lengti (2009), examine that the insurance financial specialists have the choice to look over

insurance expert to every single other part of insurance. For example, insurance ombudsman and insurance

direction to take their question facilitate.

Ward and Zurbruegg (2002) analyzed the effect of legitimate and political elements, which are huge in Asian

nations.
49
The Insurance Institute of India arranged a Project Report on "Showcasing of Life Insurance", (1987). The

reason for undertaking the venture was to assess different perspectives with regard to insurance, for example,

degree of life insurance scope, attention to the general population towards life insurance arrangements and

approaches, states of mind and convictions of individuals on life insurance, evolving discernments towards

insurance, and feeling of recognizable proof of representatives with Life Insurance Organization. The

discoveries of the report incorporated that LIC is a superior speculation road for the speculators when contrasted

with bank stores .Likewise regarding unwavering quality, the feeling of dependability if more with LIC when

contrasted with other venture choices.

Life Insurance is a form of insurance that pays money related endless supply of the death of the insured covered

in the policy. Basically, a life Insurance policy is an agreement between the named insured and the insurance

company where in the insurance company agrees to pay an endless supply of cash to the guarantee’s named

recipient in so far as the insured's premiums are current.

With an expansive population and the undiscovered market region of this population, insurance happens to be a

major open door in India. Today it remains as a business growing at the rate of 15-20% yearly. About 80% of

Indian population is without life insurance cover and the medical coverage. This is a marker that development

potential for the insurance division is gigantic in India.

Insurance is the matter of giving insurance against monetary parts of hazard, for example, those to property, life

wellbeing and legitimate risk. It is one technique for a more prominent idea known as hazard services which is

the need to mange vulnerability by virtue of presentation to misfortune, harm, inconvenience or destruction.

The business of insurance is identified with the insurance of the economic values of advantages. Each advantage

has esteem. The benefit would have been made through the efforts of the proprietor. The advantage is important

to the proprietor, since he hopes to get some advantage from it. The advantage might be a wage or in some other

frame.

50
Ramanathan, K.V. (2011) study has resulted in the development of a positive and valid awareness towards

insurance industry. A six dimensional hierarchal structure helps to measure the service quality, consist of

guarantee, appropriateness, corporate image, personalized financial planning, tangibles and technology

dimensions. It is useful to the service managers for allocating resources, by target on important amplitude first.

The insurance market success depends upon perspective of social and cultural demand of the target customer.

Prakash (2012) observed that consumer awareness is the knowledge that a consumer should have about his/her

legal rights and duties. It is a must for a consumer to follow these rights. It is implemented for the protection of

the consumer, so that the consumer is not exploited by the seller of the products. Consumer awareness is making

the consumer aware of His/ Her rights. The marketing term ‘Consumer awareness’ means that consumers note

or aware of products or services

Antony Beckett, Paul Hewer and Barry Howcraft (2000) found that new technology have created highly

competitive market conditions which have huge impact on consumer behavior in financial services. The

researchers have stressed that the service providers need to understand the buying behavior of customers. A

model was proposed to understand the concept of consumer behaviour towards financial products.

Kyoko Fukakawa (2012) based on the data collected form 72 UK customers explored the possible occurrence

ethically questionable consumer behavior.

Sandeep Chaudary (2016) has extracted six factors that influencing consumer behavior namely customized and

timely services, better company reputation, customer convenience, better service quality, tangible benefits and

effective customer relationship management. This study revealed that new and innovative products will enhance

better customer relationship management basing on sample study of 100 respondents.

S.Narender and L. Sampath (2014) have stated that though insurance industry is old, the awareness on rules,

regulations and rights is very negligible. Through the empirical study conducted among the respondents, it was

concluded that major financial need for the customer during coming future will be Childrens’ education and

marriage expenses.

51
Harinam Singh (2014) attempted to identify the overview of customers on various life insurance companies of

Uttar Pradesh. The authors revealed that insurance is the chief stay of any market economy which has a scope to

pool large financial sources for longer periods of time. The study suggested that insurance companies

International Journal of Commerce and Management Research should provide customized solutions for the

customers in a customized manner by understanding the needs of customers.

Dipin Madhr and Ashish Tripathi (2014) have studied 29 factors out of literature that influence choice of

customer in choosing an insurance company among 120 samples in Ajmer city. From the study, the researchers

found that there are 9 key factors among 29 which contain clubbing of variables that highly influence the choice

of customers in choosing insurance companies.

M.Vijaya Raghu Nadhan (2016) in his study on consumer behavior towards life insurance companies with

reference to two private insurance companies revealed that consumer behavior and customer purchase service

attempts are depends on factors like Search, experience and credence factors. The study concluded that

customers will give preference to wealth insurance schemes.

52
 3.3 STATEMENT OF THE RESEARCH OBJECTIVE:

1. To understand the perception of the customers towards life insurance policy.

2. To analyze the satisfaction level of life insurance policy purchased.

3. To understand and evaluate the investment behavior of the customers towards life insurance policy.

4. To find out factors which are considered for choosing Life Insurance Company.

3.4 SCOPE OF STUDY:

The study is conducted in the city of Kanpur and deal with the factors affecting a person for going for a life

insurance.

The study then goes on to estimate and analyze the findings so as to present a clear picture of trends in the life

insurance sector with respect behavior of benefits of life insurance policies in the mind of the people.

The study has been designed to support and encourage concerned HDFC Standard Life officials assigned for

this purpose.

The perception made, the conclusion drawn and the recommendation offered will be appropriate to the

organization.

53
 3.5 RESEARCH DESIGN

Descriptive research

Descriptive research is research used to “describe” a situation, subject, behavior, or phenomenon. It is used to

answer questions of who, what, when, where, and how associated with a particular research question or

problem.

Sampling size

The sample size chosen for this study is 100 respondents.

Sampling area

The sampling area chosen for this study is Kanpur, Lucknow.

Data representation

Certain charts used to represent the data of this study are:

ü Pie charts

ü Bar graph

Research instrument

Questionnaire is the chief research instrument.

An illustrative survey is shaped and responses are taken from professionals and customers of HDFC

STANDARD LIFE in a Descriptive manner.

54
 3.6 SAMPLING TECHNIQUE

Simple random sampling (also referred to as random sampling) is the purest and the most straightforward

probability sampling strategy. It is also the most popular method for choosing a sample among population for a

wide range of purposes. In simple random sampling each member of population is equally likely to be chosen as

part of the sample

Simple Random sampling is used in the study to determine the respondents’ perception and behavior towards

LIFE INSURANCE POLICY.

3.7 DATA COLLECTION

The study is mainly based on the data collection from primary sources.

Data source:

Data is collected from primary sources.

Primary data

Primary data is collected from the respondents through the structured questionnaire.

55
 CHAPTER 4:

ANALYSIS AND

INTERPRETATION OF DATA

REPRESENTED WITH THE

HELP OF RELEVANT TABLES

AND GRAPHS:

56
This project titled “A Study of buying behavior of customers for insurance product purchase-Role of HDFC

Standard Life “has been chosen to conduct the research in HDFC, Lucknow. The required information

has been collected through a structured questionnaire from the respondents which were administered to

the respondents. The enquired information is also drawn from the secondary data with the help of

periodicals journals, published statement of accounts etc. the primary data thus collected was transferred

on to the spread sheets and various tables and diagrams are made. The interpretations are also expressed.

The following are the tables and the diagrams and the respective interpretations of the same.

Table 4.1: AGE OF RESPONDENTS

RESPONDENT’S FREQUENCY PERCENTAGE

AGE

1. BELOW 20 0 0

2. 20-30 28 28

3. 30-40 27 27

4. 40-50 20 20

5. ABOVE 50 25 25

TOTAL 100 100

57
 FREQUENCY 1. BELOW 20
0%

5. ABOVE 50
25% 2.
20-
30
28%

3.
30-
4. 40-50 40
20% 27%

INTERPRETATION: From the above table it can be said that approx 28% respondents falls under the age

group 20-30 yrs, 27% under 30-40 yrs, 20% falls between 40-50 yrs and 25% above 50. Hence maximum are

between 20-40 yrs of age.

TABLE 4.2 GENDER OF RESPONDENTS

GENDER FREQUENCY PERCENTAGE

1. MALE 70 70

2. FEMALE 30 30

TOTAL 100 100

58
 FREQUENCY
1. MALE 2. FEMALE

30%

70%

INTERPRETATION: From this table it can be said that 70% of the respondents are males and 30% are

females. Hence, males tend to take up life insurance policies more as compared to females.

TABLE 4.3 EDUCATIONAL QUALIFICATION

QUALIFICATION FREQUENCY PERCENTAGE

1. HIGH SCHOOL 4 4

2. INTERMEDIATE 13 13

3. GRADUATE 40 40

4. POST GRADUATE 40 40

5. OTHERS 3 3

TOTAL 100 100

59
 FREQUENCY
1. HIGH SCHOOL 2. INTERMEDIATE
3. GRADUATE 4. POST GRADUATE
5. OTHERS
3% 4% 13%
40%
40%

INTERPREATATION: From the above table it can be interpreted that 4% of respondents are high school pass,

13% are intermediate pass, 40% are graduate and 40% are post graduate.

Hence, maximum candidates are graduates.

TABLE 4.4 OCCUPATION OF RESPONDENTS

OCCUPATION FREQUENCY PERCENTAGE

1. SERVICE 12 12

2. BUSINESS 20 20

3. SELF-EMPLOYED 18 18

4. PROFFESTIONAL 12 12

5. OTHERS 38 38

TOTAL 100 100

60
 FREQUENCY 1. SERVICE
12%

5. OTHERS 2. BUSINES
38% S
20%

4. PROFFES
TIONAL 3. SELF-
12% EMPLOYED
18%

INTERPRETATION: From the above table it can be interpreted that 12% of respondents persue service, 20%

business, 18% are self-employed, 12% are professionals and 38% are indulged in other kinds of occupations.

Hence, people persuing other types of occupation tend to take up life insurance policy more.

61
TABLE 4.5 INCOME OF RESPONDENTS

INCOME FREQUENCY PERCENTAGE

1. BELOW 2 LAKHS 49 49

2. 2-5 LAKHS 15 15

3. 5-10 LAKHS 14 14

4. ABOVE 10 LAKHS 22 22

TOTAL 100 100

FREQUENCY
60
50
40 49

30
20 FREQUENCY
22
10 15 14
0
1. BELOW 2. 2-5 3. 5-10 4. ABOVE
2 LAKHS LAKHS LAKHS 10 LAKHS

INTERPRETATION: From the above table it can be said that 49% of the respondents’ group earns less than 2

lakhs per annum, 15% between 2-5 lakhs, 14% between 5-10 lakhs and 22% above 10 lakhs .Therefore ,

maximum respondents have their annual income below 2 lakhs.

62
TABLE 4.6 NAME OF INSURANCE COMPANY

COMPANY’S FREQUENCY PERCENTAGE

POLICY

1. LIC 41 41

2. ICICI 6 6

3. HDFC 12 12

4. SBI 16 16

5. KOTAK 6 6

6. TATA 2 2

7. RELIANCE 5 5

8. OTHERS 12 12

TOTAL 100 100

50 41
40
30
16
20 12 12
6 6 5
10 2
0
RS
E
Y

RE TA
FC

K
LIC

SB
IC
LIC

NC
TA

HE
HD
IC

TA
KO

LIA
PO

OT
1.

4.
2.

6.
3.

5.

8.
7.

FREQUENCY

63
INTERPREATION: From the above table it can be interpreted that 41% of respondents have their life

Insurance policy of LIC, 6% of ICICI, 12% of HDFC, 16% of SBI, 6% of Kotak, 2% of TATA, 5% of

Reliance and 12% of other companies. Hence, maximum respondents are having LIC Life Insurance policy.

TABLE 4.7 TERM OF INVESTMENT

TERM FREQUENCY PERCENTAGE

1. BELOW 5 YEARS 28 28

2. 5-10 YEARS 41 41

3. 10-20 YEARS 19 19

4. ANY OTHER 12 12

TOTAL 100 100

FREQUENCY
FREQUENCY

4. ANY OTHER 12

3. 10-20 YEARS 19

2. 5-10 YEARS 41

1. BELOW 5 YEARS 28

64
INTERPREATION: From the above table it can be interpreted that 28% of the respondents will adopt a term

plan of less than 5 yrs, 41% will adopt of between 5-10 yrs, 19% between 10-20 yrs and only 12% as some other

term plans of life insurance policy. Therefore, maximum are having policy of the term plan between 5-10 yrs.

TABLE 4.8 BENEFITS OF LIFE INSURANCE POLICY

BENEFITS FREQUENCY PERCENTAGE

1. FUTURE UNCERTAINITIES 21 21

2. TAX SAVING 36 36

3. INVESTMENT 24 24

4. COMPREHENSIVE INVESTMENT
19 19

AND RISK COVERAGE

INSTRUMENT.

TOTAL 100 100

36
40
35 24
30 21 19
25
20
15
10
5
0
…

E…
RE

NG

T.
T

GE
IV
EN

EN
TU

VI

NS

RA
M

M
SA
FU

VE
ST

RU
EH
X

VE

CO
TA

ST
PR
IN
1.

IN
SK
M

RI
CO
2.

D
3.

AN
4.

FREQUENCY

65
INTERPRETATION: From the above table it can be interpreted that 21% of the respondents convey that the

benefit of Life Insurance policy is to cover future uncertainty, 36% tax saving, 24% investment and 19% as

comprehensive investment and risk coverage instrument. Hence, most respondents take life insurance policy as

a tax saving benefit.

TABLE 4.9 FEATURES OF INSURANCE COMPANY

FEATURES FREQUENCY PERCENTAGE

1. MONEY BACK 12 12

2. GUARANTEED 14 14

PLAN

3. GROWTH OF

INVESTMENT 16 16

4. LARGER RISK

COVERAGE 17 17

5. LOW

PREMIUM 15 15

6. COMPANY’S

CREDIBILITY 14 14

7. EASY ACCESS

TO AGENT 12 12

TOTAL 100 100

66
 FREQUENCY
FREQUENCY

7. EASY ACCESS TO AGENT 12

14
5. LOW PREMIUM 15
17
3. GROWTH OF INVESTMENT 16
14
1. MONEY BACK 12

INTERPRETATION: From the above table it can be said that 12% respondents will choose money back

feature of life Insurance policy while buying, 14% guaranteed plan, 16% growth of investment, 17% for larger

risk coverage,15% low premium, 14% as company’s credibility and 12% for easy access to agent feature of

their policy. Hence, maximum will go for both growth of investment and larger risk coverage.

67
TABLE 4.10 MODE OF BUYING POLICY

MODE OF BUYING POLICY FREQUENCY PERCENTAGE

1. CUSTOMER APPROACHING CO. 21 21

2. AGENT APPROACHING CUSTOMER 58 58

3. ONLINE APPROACH BY CO. 7 7

4. OTHERS 14 14

TOTAL 100 100

FREQUENCY
FREQUENCY

58

21
7 14

1. CUSTOMER 2. AGENT 3. ONLINE 4. OTHERS

APPROACHING CO. APPROACHING APPROACH BY CO.
CUSTOMER

INTERPRETATION: From the above table it can be interpreted that 21% approach the agent for buying Life

Insurance policy, 58% of respondents will buy when an agent will approach them, 7% are approached through

online advertisement of company and 14% say that they are approached by other means. Hence maximum are

approached by the agents of the company.

68
TABLE 4.11 SATISFACTION LEVEL OF RESPONDENTS

SATISFACTION FREQUENCY PERCENTAGE

1. HIGHLY 44 44

SATISFIED
41
2. SATISFIED 41

3. NOR SATISFIED 12 12

OR

DISSATISFIED

4. DISSATISFIED 3 3

5. HIGHLY 0
0
DISSATISFIED

TOTAL 100 100

FREQUENCY
FREQUENCY

5. HIGHLY DISSATISFIED 0

4. DISSATISFIED 3

3. NOR SATISFIED OR DISSATISFIED 12

2. SATISFIED 41

1. HIGHLY SATISFIED 44

69
INTERPRETATION: From the above table it could be said that 44% of the respondents are highly satisfied

with the level of life insurance policy which they have adopted, 41% are satisfied, 12% are neither satisfied nor

dissatisfied and 3% are dissatisfied with their policy.

TABLE 4.12 TERM OF INVESTMENT OF RESPONDENTS

TERM OF INVESTMENT FREQUENCY PERCENTAGE

1. MONTHLY 13 13

2. QUATERLY 14 14

3. HALF YEARLY 33 33

4. ANNUALLY 30 30

TOTAL 100 100

40
33
30
20 13 14

0
1.
MONTHLY 2.
QUATERLY 3. HALF
YEARLY 4.
ANNUALLY

FREQUENCY

70
INTERPREATATION: From the above table it could be said that 13% of the respondents makes investment

in the life insurance policy on monthly basis, 14% quarterly, 33% half yearly and 30% makes annual payments.

Therefore, it can be said that maximum respondents prefer half yearly and annual basis of investment.

TABLE 4.13 AMOUNT INVESTED YEARLY

AMOUNT FREQUENCY PERCENTAGE

1. UPTO 10 K 13 13

2. 10-20 K 18 18

3. 20-30 K 12 12

4. 30-40 K 37 37

5. 40-50 K 9 9

6. ABOVE 50 K 11 11

TOTAL 100 100

FREQUENCY
FREQUENCY

6. ABOVE 50 K 11

5. 40-50 K 9

4. 30-40 K 37

3. 20-30 K 12

2. 10-20 K 18

1. UPTO 10 K 13

71
INTERPRETATION: From the above table it can be said that 13% of the respondents have invested amount

up to 10000 annually, 18% have invested between 10-20 thousands, 12% between 20-30 thousands, 37%

between 30-40 thousands, 9% between 40-50 thousands and 11% have invested above 50 thousands yearly.

Hence, it can be interpreted that maximum respondents have invested between 30-40 thousands yearly.

TABLE 4.14 AMOUNT CAN BE AFFORDED TO INVEST YEARLY

AFFORDABILITY FREQUENCY PERCENTAGE

1. UPTO 10 K 6 6

2. 10-20 K 7 7

3. 20-30 K 5 5

4. 30-40 K 3 3

5. 40-50 K 0 0

TOTAL 21 20.8

8
7
6 7
5 6 5
4
3
2 3
1
0
0
1. UPTO 10 K 2. 10-20 K 3. 20-30 K 4. 30-40 K 5. 40-50 K

72
INTERPREATION: From the above table it can be interpreted that 6% respondents who have not invested

any amount yet, can afford to invest amount up to 10000 yearly, 7% 10000-20000, 5% 20000-30000, 3%

30000-40000, 3% 40000-50000 but no one wants to invest above 50000 yearly.

TABLE 4.15 INFLUENCING FACTORS OF POLICY

INFLUENCIAL FACTORS FREQUENCY PERCENTAGE

1. RATE OF RETURN 30 30

2. GOODWILL OG 28 28

CO.

3. FLEXIBLE 13 13

PAYMENTS

4. FLEXIBLE 10 10

WITHDRAWAL

5. INFLUENCE OF 9 9

AGENT

6. TAX BENEFITS 8 8

7. OTHERS 2 2

TOTAL 100 100

73
 5. INFLUENC 6. TAX
E OF AGENT, 9 BENEFITS, 8 7. OTHERS, 2
4. FLEXIBLE
WITHDRAWAL, 1. RATE OF
10
RETURN, 30

3. FLEXIBLE
PAYMENTS, 13
2. GOODWIL
L OG CO., 28

INTERPREATION: From the above table it could be interpreted that 30% of the respondents see the rate of

return policy as an influencial feature of life insurance policy, 28% are influenced by the goodwill of the

company, 13% by flexible payments methods, 10% by flexible withdrawal methods, 9% are influenced by

agents, 8% tax benefits and 2% by other features.

TABLE 4.16 INVESTMENT IN HDFC

INVESTMENT FREQURNCY PERCENTAGE

1. YES 12 12

2. NO 88 88

TOTAL 100 100

74
 FREQURNCY 1. YES
12%

2. NO
88%

INTERPRETATION: From the above table it can be said that only 12% of the respondents have taken HDFC’s

Life Insurance policy.

TABLE 4.17 PLAN CHOSEN IN HDFC

PLAN IN HDFC FREQUENCY PERCENTAGE

1. PENSION 13 13

2. KIDS 10 10

3. WEALTH 14 14

4. PROTECTION 6 6

TOTAL 43 43

75
 FREQUENCY
FREQUENCY

13 14
10
6

1. PENSION 2. KIDS 3. WEALTH 4.

PROTECTION

INTERPRETATION: From the above table it can said that 13% of the respondents wishes to take up Pension

Plan of HDFC, 10% Kids plan, 14% Wealth creation plan and 6% will take up protection plan of HDFC as an

investment option.

TABLE 4.18 REASON FOR OPTING KIDS PLAN

KIDS PLAN IN HDFC FREQUENCY PERCENTAGE

1. EDUCATION 6 6

2. MARRIAGE 6 6

3. FUTURE SET-UP 2 2

TOTAL 14 14

76
 FREQUENCY
1. EDUCATION 2. MARRIAGE 3. FUTURE SET-UP

14%

43%

43%

INTERPRETATION: The above table shows that the respondents were asked that for what purpose will

they prefer HDFC’s Kids plan so 6% goes for their child’s education, 6% marriage and 2% for future set-up.

Hence, marriage seemed their area of concern.

TABLE 4.19 CONVENIENCE OF PAYMENT

CONVENIENCE OF
FREQUENCY PERCENTAGE

PAYMENT

1. CASH 22 22

2. ONLINE 46 46

3. CREDIT 17 17

4. DEBIT 15 15

TOTAL 100 100

77
 FREQUENCY
PAYMENT 1. CASH 2. ONLINE 3. CREDIT 4. DEBIT

15% 22%

17%

46%

INTERPREATION: From the above table it can be interpreted that 22% of the respondents will adopt cash as

the convenient option to make the payment of life insurance policy, 46% of respondents will adopt online

method of payment, 17% credit card and 16% debit cards as their convenient methods of payments.

78
 CHAPTER 5

RECOMMENDATIONS AND

CONCLUSIONS

79
 5.1 Summary of Findings:

Objective 1

• To understand the perception of the customers towards Life Insurance policies.

In the process of doing the research following are the observations which will fulfill the above objective.

1. People who are lying below the age group of 20 years, does not have any say in Life Insurance Policy.

While people lying between the age group of 20 to 40 years takes maximum interest in Life Insurance

Policy.

2. 70% of the males invest in Life Insurance policy and only 31% of females did so. Hence, in comparison

to females, males want to get insured more for the future risks.

3. People who earn up to Rs. 2 lakhs are more likely to go for Life Insurance Policy for short term and

affordable payments.

4. LIC is the most preferred choice of the people for taking up Life Insurance policy 42% goes for it and

only 12% preferred HDFC.

5. 42% of the respondents choose the term of investment of Life Insurance policy between 5 to 10 years as

optimum and then for short term i.e below 5 years.

6. Maximum number of respondents wants to take up Life Insurance Policy for its Tax Saving benefits and

secondly as an investment option.

7. Customers prefer Life Insurance Policy as they perceive it would help in their investment and provide

larger risk coverage for their future.

80
Objective 2

• To analyze the satisfaction level of Life Insurance Policy.

1. 44% of the respondents are Highly Satisfied with level of life insurance policy which they have adopted,

41% Satisfied, 13% Either Satisfied nor Dissatisfied, 3% Dissatisfied, 0% Highly Dissatisfied.

2. It can be said that most of the respondents are highly satisfied with their choice of Life Insurance Policy.

Objective 3

• To understand and evaluate the investment behavior of the customers towards Life Insurance

Policy.

1. Maximum respondents preferred agents of the co. approaching them as their mode of buying the Life

Insurance policy. 59% of the total, choose this option as their mode of buying the policy.

2. 33% of the total considered Half-Yearly method of payment for investment in the Life Insurance

Policy. Hence, least opt. for monthly investment.

3. 38% respondents invest an amount of 30 to 40 thousands per annum on an average; and the rest

preferred investing a general amount between 10 to 20 thousands.

4. When asked that who all are not investing any amount in Life Insurance Policy how much can they

invest yearly, so the maximum opted for investing between 30 to 40 thousands annually.

81
 Objective 4

• To find out the factors which are considered for choosing Life Insurance company.

The factors which influence the customers to buy the Life Insurance Policy are:-

1. Most influencing factor among all is the Rate of Return Policy of the company as they want the

maximum returns for their investment.

2. Second influencial feature is the Goodwill of the company as trust matters a lot before investing a lump

sum of amount in any company.

3. Flexibility in withdrawal and premium payment methods also have positive effect on customers.

4. Respondents who are having kids are more concerned about their child’s marriage and wants to take kids

plan for the same.

5. Online payment is the most preferred mode of paying premiums.

82
5.2 CONCLUSIONS & RECOMMENDATIONS:

CONCLUSION:

Many people do not invest in Life insurance Policies due to fear of risk and lack of awareness although they

have money to invest. They think that their money will not provide benefits if they are investing in insurance

policies. They lack the knowledge of insurance policy and the many benefits it provides. The main motive of

maximum people who invest in life insurance policies is Tax Saving, and larger risk coverage.

HDFC Life is an offering in insurance, regardless of whether individual or gathering from HDFC Bank. HDFC

Life rides on the legacy of HDFC Bank’s image picture and in this manner have come around to be one of the

main names in insurance. Despite the fact that HDFC Life can take a gander at a pre-built up taking after web-

based networking media stages, we will watch the ways and methods took after by HDFC Life to lay claim on

their legitimate customers.

From the above research it was very clear that insurance is an instrumental tool to take care as many

contingencies in life as well, It can also be used a tool for savings as well, there are many tax benefits as well, it

are a property ,estate, wealth, etc.

83
RECOMMENDATIONS:

Approach and conviction of insurance workers is exceptionally significant thus the best exertion that is been

made to deal with their customers. After deals update, the updates got are vital with regards to insurance

products.

• Simplicity of the insurance plan is exceptionally fundamental. There should be more benefits and

components.

• Since companions and relative referral is considered as an affecting and imperative variable for a life coverage

customer, each progression to continue existing customers completely fulfilled must be taken care.

• Advertising viability is key point for insurance agency. One kind of low-association showcasing technique

should have been configuration to trigger forceful feelings identified with individual qualities or inner self

insurance.

• Future security is been the principle reason for taking life insurance, putting customer premiums in

government security make customer feel secure and positive about the products.

84
LIMITATIONS OF THE RESEARCH

• The research work is confined to Kanpur and Lucknow only.

• This examination doesn’t cover the entire market of India.

• Sample size was kept to 100 respondents keeping in view time and cost.

• The information executed by the respondents may potentially bring out to be a bona fide in light of the

fact that a few respondents might be kid and may not be genuine.

• The perception of the respondents may act as a controlling element of the study.

• Lack of understanding of the elderly respondents.

• Unawareness of respondents about lots of other insurance companies other than LIC and SBI.

BIBLIOGRAPHY

BOOKS:-

1. Philip Kotler , “Marketing Management”.

2. Suja R. Nair, “Consumer Behavior” Himalaya Publications House.

3. C. R. Kothari, “Research Methodology”, New Age International Publishers.

85
Articles:

1. The Insurance Institute of India arranged a Project Report on "Showcasing of Life Insurance”.

2. “A study of buying behavior of customers towards insurance policies” by Dr. Praveen Sahu August

(2009).

Websites:

• www.google.com

• www.hdfclife.in

• www.economictimes.com

• www.eindiainsurance.com

• www.irdaindia.com.

REFERENCES:

ü Antony Beckett, Paul Hewer, Barry Howcroft. An exposition of consumer behaviour in the financial

services

ü Business Ethics, 2002.

ü Damian Ward and Ralf Zurbruegg The Journal of Risk and Insurance Vol. 67, No. 4 (Dec., 2000), pp.

489-506

ü Dr. Dipin Mathur, Mr. Ashish Tripathi, Factors Influencing Customer’s Choice for Insurance companies -

A Study of Ajmer City”, IOSR Journal of Business and Management.

ü Fukukawa, K. Developing A Framework for Ethically Questionable Behavior in Consumption, Journal of

ü industry, International Journal of Bank Marketing. 2000; 18(1):15-26.

86
ü Lengti, Shivanand H., Insurance Disputes in India (October 6, 2009). The IUP Journal of Banking &

Insurance Law, Vol. 7, Nos. 3 & 4, pp. 83-90, July & October 2009.

ü Narender S, Sampath L. consumer awareness towards life insurance sector in india, Abhinav’s

International referred Journal of research in Management and technology. 2014; 3(3).

ü Raju, S. and Gurupandi, M., (2009) “Analysis of the Socio Economic Background and Attitude of the

Policyholders towards Life Insurance Corporation of India”, “Smart Journals of Business Management

Studies”

ü Ramanathan, K.V.,(2011). A Project on “A Study on Policyholders Satisfaction with Special Reference to

Life Insurance Corporation of India, Thanjavur Division, Bharathidasan University.

ü Sandeep Chaudhary. Consumer Perception Regarding Life Insurance Policies: A Factor nalytical

Approach. Pacific Business Review International. 2016; 9(6).

ü Shesha Ayyar."Product Development" Yogakshema, July 1986,

ü Vijaya Ragunathan M. A Study on Consumer Behavior Towards Life Insurance Products With Reference

To Idbi Fortis Company Limited, Dindigul District, International Journal of applied science. 2016; 6(8).

87
 ANNEXURE

Dear Respondents,

I am Meghana Singh pursuing my MBA from Pranveer Singh College of Management, Kanpur.

This research, titled “A Study of Buying Behavior of Customers for Life Insurance Product Purchase

– Role of HDFC STANDARD LIFE” is part of my internship program. Your feedback will be strictly

confidential. This information will be used only for academic purpose and will be very important for

my project.

• NAME: ________________________________________________

• AGE:

1. Below 20 years ( )

2. 20-30 years ( )

3. 30-40 years( )

4. 40-50 years ( )

5. Above 50 years ( )

• GENDER:

1. Male( )

88
 2. Female( )

3. Others( )

• EDUCATIONAL QUALIFICATION:

1. High School( )

2. Intermediate( )

3. Graduate( )

4. Post Graduate( )

5. Others( )

• OCCUPATION:

1. Service( )

2. Business( )

3. Self employed( )

4. Professional( )

5. Others( )

• ANNUAL INCOME

1. Below 2 lakhs ( )

2. 2-5 lakhs ( )

3. 5-10 lakhs ( )

4. Above 10 lakhs ( )

1) Which company’s insurance policy do you have?

1. LIC ( )

2. ICICI Prudential Life Insurance ( )

3. HDFC Standard Life Insurance ( )

4. SBI Life Insurance ( )

89
 5. Kotak Life Insurance ( )

6. TATA AIG Life Insurance ( )

7. Reliance life Insurance ( )

8. Others ( )

2) Term of your insurance policy?

1. Below 5 years ( )

2. 5 – 10 years ( )

3. 10 – 20 years ( )

4. Any other ( )

3) What do you think are the benefits of Life Insurance?

1. Covers future uncertainties ( )

2. Tax Savings ( )

3. Investments ( )

4. Comprehensive investment and risk coverage instrument ( )

4) Which feature of Life Insurance policy will you consider while buying?

1. Money Back ( )

2. Guaranteed plan ( )

3. Growth of investment ( )

4. Larger Risk Coverage ( )

5. Low Premium ( )

6. Company’s Credibility. ( )

7. Easy Access to Agents ( )

5) How have you bought / would buy a Life Insurance policy?

90
 1. Customer approaching insurance company / agent ( )

2. Insurance company / agent approaching the customer ( )

3. Online approach by the company ( )

4. Others ( )

6) Are you satisfied with your Life Insurance policy?

1. Highly Satisfied ( )

2. Satisfied ( )

3. Nor satisfied or dissatisfied ( )

4. Dissatisfied ( )

5. Highly dissatisfied ( )

7) What is the term of investment in your Life Insurance Policy?

1. Monthly ( )

2. Quaterly ( )

3. Half Yearly ( )

4. Annually ( )

8) How much amount have you invested yearly in your Life Insurance Policy?

1. Up to Rs. 10000 ( )

2. Rs. 10000-20000 ( )

3. Rs. 20000-30000 ( )

4. Rs. 30000-40000 ( )

5. Rs. 40000-50000 ( )

6. Above Rs.50000 ( )

9) If not invested any amount, then how much can you afford to invest yearly?

91
 1. Up to Rs. 10000 ( )

2. Rs. 10000-20000 ( )

3. Rs. 20000-30000 ( )

4. Rs. 30000-40000 ( )

5. Rs. 40000-50000 ( )

6. Above Rs.50000 ( )

10) While purchasing Life Insurance Policy which feature of the company influences you the most?

1. Rate of Return

2. Goodwill of the company

3. Flexibility in paying premiums

4. Flexible withdrawal option

5. Approach and Conviction of insurance agent

6. Tax Benefits

7. Others

11) A) Have you invested with HDFC STANDARD LIFE INSURANCE?

1. YES ( )

2. NO ( )

If NO,

B) Which plan would you like to invest with HDFC LIFE?

1. Pension ( )

2. Kids education ( )

3. Wealth creation ( )

4. Protection ( )

C) For what purpose you’re looking for your kids plan?

1. Education ( )
92
 2. Marriage ( )

3. For future set-up ( )

12) What is the convenient option to make the payment?

1. Cash ( )

2. Online Payment ( )

3. Credit card ( )

4. Debit card ( )

93