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Chapter I-INTRODUCTION

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INTRODUCTION

1.1NEED OF STUDY:

The project was an attempt to explore the strategies and method of customer satisfaction in different products

of HDFC SLIC. The project commenced on 18th

June 2011 after gathering some the knowledge about the

products of the company and its advantages as compared to other companies products. The functional area of

my project is marketing and sales.

With the help of some knowledge and guidance I could convince people to take a step ahead and

become partner with HDFC life by buying its different products. Need analysis is must in sales and marketingarea.

1.2Scope of study:

I found that most of person can join insurance company for saving taxes, unlimited earning, life time earning

with little effort. I contacted person, viz, student, service holders, businessman, etc through telephones, natural

market, etc. The project helps us to understand the current market scenario and marketing in stiff competition.we can draw the relevant conclusion from the market survey and give the appropriate suggestion to the

organization.

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COMPANY PROFILE

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1.3COMPANY PROFILE:

1.3.1HDFC LIFE:

HDFC Standard Life is one of Indias leading private life insurance companies , which offers a range of

individual and group insurance solutions. It is a joint venture between Housing Development Finance

Corporation Limited (HDFC), Indias leading housing finance institution and Standard Life plc, a leading

provider of financial services in the United Kingdom. HDFC Standard Lifes product portfolio comprises

solutions, which meet various customer needs such as Protection, Pension, Savings, Investment, and Health.

Customers have the added advantage of customizing their Plans, by adding optional benefits called riders, at a

nominal price. The company currently has 25 retail and 4 group products in its portfolio, along with five

optional rider benefits catering to the savings, investment, protection and retirement needs of customers.

1.3.2HDFC Limited

HDFC Limited has set benchmarks for the Indian housing finance industry. Recognition for the service to the

sector has come from several national and international entities including the World Bank that has lauded

HDFC as a model housing finance company for the developing countries. HDFC has undertaken a lot of

consultancies abroad assisting different countries including Egypt, Maldives, and Bangladesh in the setting up

of housing finance companies. Customer Service and satisfaction has been the mainstay of the organization.

HDFC Limited has assisted more than 3.3 million families own a home, since its inception in 1977 across 2400

cities and towns through its network of over 250 offices. It has international offices in Dubai, London and

Singapore with service associates in Saudi Arabia, Qatar, Kuwait and Oman to assist NRIs and PIOs to own a

home back in India.

1.3.3Standard Life Group

The Standard Life Group has been looking after the financial needs of customers for over 180 years. It currently

has a customer base of around 7 million people who rely on the company for their insurance, pension,

investment, banking and health-care needs. Its investment manager currently administers 125 billion in assets.

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It is a leading pensions provider in the UK, and is rated by Standard & Poor as strong with a rating of A+ and

as good with a rating of A1 by Moodys. Standard Life was awarded the Best Pension Provider in 2004,

2005 and 2006 at the Money Marketing Awards, and it was voted a 5 star life and pension provider at the

Financial Adviser Service Awards for the last 10 years running.

1.3.4Vision of HDFC SLIC:

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 best value of the money.

1.3.5VALUES THAT CAN BE OBSERVED IN HDFC SLIC:

1.3.5.1 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.

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13.5.2. 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.

1.3.5.3. 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.

1.3.5.4. 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.

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1.3.5.5. 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.

1.3.5.6. 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.

1.3.6MISSION OF HDFSLIC:

y We aim to be the top new life insurance company in the market.

y This does not just mean being the largest or the most productive company in the market, rather it is a

combination of several things like-

y Customer service of the highest order

y Value for money for customers

y Professionalism in carrying out business

y Innovative products to cater to different needs of different customers

y Use of technology to improve service standards

y Increasing market share

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1.3.7The HDFC group includes:

HDFC Bank

HDFC Asset Management

HDFC Realty Ltd.

HDFC Securities Limited

1.3.8HISTORY OF JOINT VENTURES:

y Discussions commenced -- January 1995

y Joint Venture agreement signed October 1995

y Joint venture agreement renewed October 1998

y Life insurance project team established January 2000 (Mumbai)

y Company officially incorporated - 14th

August 2000

y First Private Sector Life Insurance company to be granted a certificate of registration 23rd October

2000

y Shareholding HDFC 81.4%

Standard Life 18.6%

1.3.9.OVERVIEW OF THE INDUSTRY INSURANCE INDUSTRY:

The insurance sector in India has come a full circle from being an open competitive market to nationalisation

and back to a liberalised market again. Tracing the developments in the Indian insurance sector reveals the 360

degree turn witnessed over a period of almost two centuries.

With such a large population and the untapped market area of this population Insurance happens to be a very

big opportunity in India. Today it stands as a business growing at the rate of 15-20 per cent annually. Together

with banking services, it adds about 7 per cent to the countrys GDP .In spite of all this growth the statistics of

the penetration of the insurance in the country is very poor. Nearly 80% of Indian populations are without Life

insurance cover and the Health insurance

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Since then the insurance industry has gone through many sea changes .The competition LIC started facing from

these companies were threatening to the existence of LIC. Since the liberalization of the industry the insurance

industry has never looked back and today stand as the one of the most competitive and exploring industry in

India. The entry of the private players and the increased use of the new distribution are in the limelight today.

The use of new distribution techniques and the IT tools has increased the scope of the industry in the longer

run.

1.3.10NEED FOR LIFE INSURANCE:

As life insurance became more established, it was realized what a useful tool it was for a number of situations,

including

I) Temporary needs/ threats - The original purpose of life insurance remains an important element,

namely providing for replacement of income on death etc. Typically in the case of the breadwinner

dying an early death.

II) Regular Saving - Providing for ones family and oneself, as a medium to long-term exercise (through

a series of regular payment of premiums). This has become more relevant in recent times as people seek

financial independence from their family.

III) Investment - Put simply, the building up of savings while safeguarding it from the ravages of

inflation. Unlike regular saving products, investment products are traditionally lump sum investment,

where the individual makes a one-time payment.

IV) Retirement - Provision for ones own later years becomes increasingly necessary, especially in a

changing cultural and social environment. One can buy a suitable insurance policy, which will provide

periodical payments in ones old age.

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1.3.11ADVANTAGE OF LIFE INSURANCE:

(I) It is superior to a traditional saving vehicle

As well as providing a secure vehicle to build up savings etc, it provides peace of mind to the policyholder. In

the event of untimely death, of say the main earner in the family, the policy will pay out the guaranteed sum

assured, which is likely to be significantly more than the total premiums paid. With more traditional savings

vehicles, such as fixed deposits, the only return would be the amount invested plus any interest accrued.

(II) It encourages saving and forces thrift

Once an insurance contract has been entered into, the insured has an obligation to continue paying premiums,

until the end of the term of the policy; otherwise the policy will lapse. In other words, it becomes compulsory

for the insured to save regularly and spend wisely. In contrast savings held in a deposit account can be accessed

or stopped easily.

(III) It provides easy settlement and protection against creditors

Once a person is appointed for receiving the benefits (nomination) or a transfer of rights is made (assignment),

a claim under the life insurance contract can be settled easily. In addition, creditors have no rights to any

monies paid out by the insurer, where the policy is written under trust. Under the Married Womens Property

Act (M.W.P Act), the money available from the policy forms a kind of trust which cannot be attached by

judgment creditors.

(IV) It helps to achieve the purpose of the Life Assured

If someone receives a large sum of money, it is possible that they may spend the money unwisely or in a

speculative way. To overcome this, the person taking the policy can instruct the insurer that the claim amount is

given in installments.

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(V) It can be encashed and facilitates quick borrowing:

Some contracts may allow the policy to be surrendered for a cash amount, if a policyholder is not in a position

to pay the premium. A loan, from certain policies, can be taken for a temporary period to tide over the difficult.

Some lending institutions will accept a life insurance policy as collateral for a personal or commercial loan.

(VI) Tax Relief

The policyholder obtains Income Tax rebated by paying the insurance premium. The specified forms of saving

which enjoy a tax rebate, under section 88 of the Income Tax Act, include Life Insurance Premiums and

contributions to a recognized Provident Fund etc., section 10 (10D) & other sub-sections of Section 80 of the

Income Tax Act

1.3.12 A BRIEF HISTORY:

The origin of insurance is very old .The time when we were not even born; man has sought some sort of

protection from the unpredictable calamities of the nature. The basic urge in man to secure himself against any

form of risk and uncertainty led to the origin of insurance.

The business of life insurance in India in its existing form started in India in the year 1818 with the

establishment of the Oriental Life Insurance Company in Calcutta.

1.3.12 CURRENT SCENARIO OF THE INDUSTRY

INSURANCE MARKET IN INDIA

India with about 200 million middle class household shows a huge untapped potential for players in the

insurance industry. Saturation of markets in many developed economies has made the Indian market even more

attractive for global insurance majors. The insurance sector in India has come to a position of very high

potential and competitiveness in the market.

Innovative products and aggressive distribution have become the say of the day. Indians, have always seen life

insurance as a tax saving device, are now suddenly turning to the private sector that are providing them new

products and variety for their choice.

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Life insurance industry is waiting for a big growth as many Indian and foreign companies are waiting in the line

for the green signal to start their operations. The Indian consumer should be ready now because the market is

going to give them an array of products, different in price, features and benefits. How the customer is going to

make his choice will determine the future of the industry.

1. CUSTOMER SERVICE

Consumers remain the most important centre of the insurance sector. After the entry of the foreign players the

industry is seeing a lot of competition and thus improvement of the customer service in the industry.

Computerisation of operations and updating of technology has become imperative in the current scenario.

Foreign players are bringing in international best practices in service through use of latest technologies. The

one time monopoly of the LIC and its agents are now going through a through revision and training

programmes to catch up with the other private players. Though lot is being done

for the increased customer service and adding technology to it but there is a long way to go and various

customer surveys indicate that the standards are still below customer expectation levels.

2. DISTRIBUTION CHANNELS

Till date insurance agents still remain the main source through which insurance products are sold. The concept

is very well established in the country like India but still the increasing use of other sources is imperative. It

therefore makes sense to look at well-balanced, alternative channels of distribution.

LIC has already well established and have an extensive distribution channel and

presence. New players may find it expensive and time consuming to bring up a

distribution network to such standards. Therefore they are looking to the diverse areas of distribution channel to

have an advantage. At present the distribution channels that are available in the market are:

Direct selling

Corporate agents

Group selling

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Brokers and cooperative societies

Banc assurance

BANK ASURANCE

India has an extensive bank network established over the years. What Insurance companies have to do is to just

take advantage of the customers' long-standing trust and relationships with banks. This is a mutually beneficial

situation as banks can also expand their range of products on offer to customers, while the insurance company

will also earn profits from the exposure. Another advantage is that banks, with their network in rural areas, help

to fulfil rural and social obligations stipulated by the Insurance Regulatory and Development Authority (IRDA)

recently. Insurance companies should see banc assurance as a tool for increasing their market penetration in

India. It is also good for the one who sees banc assurance in terms of reduced price, high quality product and

delivery at doorsteps. Everybody is a winner here. The creation of banc assurance operations has made an

important impact on the financial services industry at large.

3. PRODUCT INNOVATION

There has been a plethora of new and innovative products offered by the new players.

Customers have tremendous choice from a large variety of products from pure term (risk) insurance to unit-

linked investment products. Customers are offered unbundled products with a variety of benefits as riders fromwhich they can choose. More customers are buying products and services based on their true needs and not just

traditional money-back policies, which is not considered very appropriate for long-term protection and savings.

There is lots of saving and investment plans in the market. However, there are still some key new products yet

to be introduced - e.g. health products.

4. RURAL MARKETING

Rural India seems to have an appetite for mobile phones, computers, and cars and to add to it we have

insurance. In India with the private players having entered into the insurance industry, the expected explosion in

job opportunities may not actually happen but for them the catchments area is the opportunities in the rural

India. The public sector companies, notably the LIC, have gained in strength, thanks to the deepening of the

market consequent to the awareness created by the new companies. However it seems that they if not anything,

are only increasing their spending, though only out of the capital.

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Today, there are 18 insurance companies in India excluding the PSUs, with 12 in the life insurance business

and the rest in non-life .As insurance companies go more and more rural in search of business, there will be

opportunities in the rural sector. A research conducted exhibited that the rural consumers are willing to dole out

anything between Rs 3,500 and Rs 2,900 as premium each year.

5. INFORMATION TECHNOLOGY AND INSURANCE

In the insurance industry today, there is a clear trend away from selling a broad range of products to a large

volume of customers in a one size-fits-all manners. Instead of focusing on their different products lines as silos

(i.e., life, property and casualty etc) insurers are looking for ways to offer highly targeted insurance products

that are tailored to the individuals customers with the highest propensity to buy them.

There is a evolutionary change in the technology that has revolutionized the entire insurance sector. Insurance

industry is a data-rich industry, and thus, there is dire need to use the data for trend analysis and

personalization.

With increased competition among insurers, service has become a key issue. Moreover, customers are getting

increasingly sophisticated and tech-savvy. Companies need to apply different set of rules and treatment

strategies to different customer segments. However, to personalize interactions, insurers are required to capture

customer information in an integrated system.

With the explosion of Website and greater access to direct product or policy information, there is a need to

developing better techniques to give customers a truly personalized experience. Personalization helps

organizations to reach their customers with more impact and to generate new revenue through cross selling and

up selling activities. Customers can hereby use the knowledge database to mange their products or the company

information and invoices, claim records, and histories of the service inquiry. These products also may be able to

learn from the customers previous knowledge database and to use their information when determining the

relevance to the customers search request.

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6. MERGERS AND AQUISITIONS:

This is an era of mergers and acquisitions. Private companies including MNCs are amalgamating the world

over to get more competitive edge. Currently, the general insurance industry has been opened up. The question

here is that for over two years, eight private companies have operated and has the size of the cake expanded.

The insurers are doing enough to raise the level of risk awareness or are they merely content to compete in the

markets organized and established.

However sooner or later the private sector players will have to put in place strategies aimed not at winning the

existing accounts of the public players but at diversifying markets penetration as a whole. The private players in

the future would have to turn their attention to working in the unorganized and under served markets.

What is likely to happen is that the private players would continue to skim the profitable segments of the

already organized business in the urban areas? The time has already come for the government of India to

evaluate the performance of private companies their declared objective of opening up the industry.

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JOINT VENTURES OF THE DIFFERENT INSURANCE INDUSTRIES:

Foreign Entity Local Company/Venture

AIG Tata

Allianz Bajaj

Aviva Life Dabur

Cardiff State Bank of India Life

ING Life Vysya

New York Life Max

Met Life J & K Bank, Pallonji Group & others

Old Mutual Kotak Mahindra

Prudential ICICI

Standard Life HDFC

Sun Life Birla

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MARKET SHARE OF HDFC LIFE:

(a)As compared to other life insurance companies

(b)In premium collection:

0

20

40

60

80

100

120

140

Icici pru

Birla sunlife

Bajaj Allianz

Tata Aig

Hdfcsl

Sbi life

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Products of HDFC Standard Life Insurance

Table showing the various individual products offered by HDFC standard life insurance company:

Plan Benefits

Savings series

Endowment Assurance Plan Life Insurance with Savings

Unit Linked Endowment plan Life Insurance and savings with choice of

investment in funds

Children's plan Financial Security for your child

Money Back plan Life Insurance with Savings

Unit linked young star Life Insurance and savings with choice of

investment in funds

Investment Series

Single Premium Whole Of Life plan Investment with life insurance

Protection series

Term Assurance plan Life Insurance at an affordable price(i.e.

high risk cover with low premium)

Retirement Series

Personal Pension Plan Savings for retirement

Unit Linked Pension Plan Retirement savings with choice of investment

in funds

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CHILDREN'S PLAN

FEATURES:

The plan can be taken those in the 18-60 age groups with the maximum age at maturity being 75. The minimum and

maximum terms are 10 & 25 respectively. Under this plan, the payer of the premium is the life insured and child is the

beneficiary. Children's plan is design to provide a lump sum to the child at maturity. It also provides financial security

to the child in the future, incase of insured person's unfortunate death during the policy term. Policy receives simple

reversionary bonuses, which are usually added annually. This is a flexible plan with three options to choose from

.depending on the requirements they are:

Maturity Benefit Plan:

If the life insured die during the term of the plan. The future premiums are waived and the policy continues till

maturity.

On maturity, the beneficiary will receive the sum assured and the accumulated bonuses. Bonuses under the plan are of

reversionary in nature and are on sum assured.

Eligibility:

y Min, age at entry 12 years

y Max age at entry 60

y Max age at expiry 75 years

y

Min term 10 yearsy Max term 30 years Payment options

y Payment of premium can be done either in yearly, half yearly or quarterly modes, depending on the convenience.

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PROTECTION SERIES

Under this plan sum assured is payable in case of death of the assured during the tern of the contract. One can choose

the lump sum that would replace the income lost to one's family in the unfortunate event o f one's death. Since this is

non participating (with profits) plan is a pure risk cover plan. No benefits are payable on survival to the end of theterm of the policy.

Optional benefits:

Critical illness benefit

Accident death benefit

Accelerated sum assured benefit

ELIGIBILITY:

Basic policy policy with optional benefits

Min, age at entry 18 18

Max, age at entry 60 55

Max age at expiry 65 65

Payment option:

Payment of premium can be done either in yearly, half yearly or quarterly modes or a single one time premium

depending on the convenience.

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RETIREMENT PLANS

PERSONAL PENSION PLAN:

This plan is basically savings contract, which is designed to provide an income for life from retirement.

Eligibility:

Min, age at entry RP -18 sp -35

Max, age at entry 60

Min, age at retirement 50

Max, age at retirement 70

Surrender value:

You can surrender the policy at any time. if premiums have been paid continuously for at least 3 years. The surrender

value will be subject to a guaranteed minimum.

5) Endowment Plan

It is a participating (with profits) insurance plan that offers the following features:

Provides financial supportto the family by way of a lump sum payment in case ofthe unfortunate death

ofthe life assured within the term ofthe policy.

Provides a lump sum paymentto the life assured on survival up to maturity.

y Why should you buy this product?

This plan is a with profits saving plan and is well suited for saving money for your long term financial goals.

This plan also helps provide for the needs of your family in your absence by paying ou t a lump sum in the

event of your unfortunate death during the term ofthe policy.

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Chapter II

Review of literature

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Mr.Madhu T, made a study on products of hdfc life. The findings shows that distributors would push unit

linked insurance plans to earn better commission. The products offer attractive frontend commissions to agents.

However, independent financial advisors believe that though there is a possibility of some distributors

favouring different products, like, ULIPS in the short term, the new directive would be beneficial for both the

industry and investors in the long run.(Mr.Madhu T, The Economic Times,June2009).

Mr.Deepak Shenoy ,in his article Comparing returns to Mutual Funds, he reveals that,over the last threeyears, their growth mutual fund has given better returns than the "MAXIMISER" option of their

products.(Deepak Shenoy, The Indian Investors Blog, August 2006).

Mr.Bernz Jayma P, made a study on Mutual Fund disadvantages. He suggested that ,If you're new to stock

market investing you may have heard that mutual funds would be a good way for you to get started. That's

actually good advice, but mutual funds have their own pitfalls to watch out for.

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Chapter III

RESEARCH METHODOLOGY

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3.1SURVEY METHODOLOGY:

Questionnaire - The research instrument used is a questionnaire. The questionnaire has more close ended

questions as the study was specific. Through the questionnaire the measurement of the customers level ofsatisfaction and awareness would be easier.

3.2SAMPLE SIZE:

The customers data needed for the survey was collected from the companys web site. The address of 100

respondents. As we know that HDFC is still in its infant stage and is gaining its name, there were not enough

customers in one area to conduct the survey hence I was suggested by my guide to conduct the survey on the

available data.

3.4DATA COLLECTION:

Primary data collection tool - Questionnaire were administered to respondents, to study the name,

occupation, income, needs, risks, awareness and satisfaction level of the customers.

Secondary data collection tool - Secondary data are gathered from numerous sources. The secondary data

is collected from the internal research such as trade journals, insurance journals, general library research

sources, internet, company web sites (green page).

3.5Universe:

In statistics, a universe (statistical population) is a set of entities concerning which statistical inferences are to

be drawn, often based on a random sample taken from the population. For example, if we were interested in

generalizations about crows, then we would describe the set of crows that is of interest. Notice that if we choose

a population like all crows, we will be limited to observing crows that exist now or will exist in the future.

3.6Research Design:

The research design used in the study is the Descriptive/ causal research design as the sample element is

collected from the given universe (population) and survey method had been used in the overall study.

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3.7Sampling Type:

The sampling type used in the study is the probability sampling which includes the sampling techniques like

simple random sampling, systematic sampling, stratified sampling and cluster sampling.

3.8Data Type:

3.8.1Primary Data:-

It is collected directly from people and organization via questionnaires or surveys before being analyzed to

reach conclusions concerning the issues covered in the questionnaire or survey.

3.8.2Secondary Data:-

The data collected by researchers for the purpose of research and can be "re-used" by the other researches. The

following are the sources of the secondary data:

y Newspapers

y Internet

y Prospectus

3.9Instruments used:

The following are the instruments used in the study:

y questionaire

3.10Analytical Tools:

The analytical tools like telephone, computer etc are used during the overall study.

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3.11STATISTICAL TOOL:

In this research various percentages are identified in the analysis and they are represented pictorially

by the way of bar diagrams in order to have a better quality.

NO OF RESPONDENTS

______________________ *100

TOTAL NO OF RESPONDENTS

3.12Identified independent and dependent variables:

The identified independent variables found in the study are the Financial Consultants (FCs) and the dependent

variables found in the study is the company/ organization as it is depends upon its employees and its customers .

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Chapter IV

Data reduction, presentation and analysis

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y 4.1 Are you Aware of HDFC life company.

Decision Responses Percentages

Yes 100 100%

No 0 0%

Total 100 100%

Table4

.1 Aware of HDFC life company

Graph 4.1 Awareness of HDFC life company

Inference:

Fromth

e abovetable i

tis inferred

that

out

of 100 respondents, 100 %

have aware

the HDFC life

company.

100%

0%

Yes

No

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y 4.2 Know about the brand HDFC life company

Table 4.2 Know about the brand HDFC life


Print media 4 4%

Television 2 2%

Friends & Relatives 64 64%

Dealers 30 30%

Total 100 100%

Graph 4.2 Know about the brand HDFC life

Inference:

From the above table it is inferred that out of 100 respondents, 4% customers are known aboutThe

HDFC life through print media, 2% customers are known aboutthe HDFC life throughtelevision 64% through

friends and 30% through dealers.

4% 2%

64%

30%

Print media

Television

Friends & Rel

Dealers

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y 4.3 HDFC life is the best company in insurance

Table 4.3 HDFC life is the best company in insurance


Strongly Agree 39 39%

Agree 33 33%

Not decide 0 0%

Disagree 28 28%

Strongly disagree 0 0%

Total 100 100%

Graph 4.3 HDFC life is the best company in A.P.

Inference:

From the above table it is inferred that out of 100 respondents, 39 % customers have strongly agreed

thatthe monarch pipe company is best company in a AP while 33 % have agreed, 28% of disagreed.

39%

33%

0%

28%

0%

S.Agree

Agree

Not decide

Disagree

S.disagree

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y 4.4 Inspired to buy the HDFC life by.

Table 4.4 Inspired to buy the HDFC life by.


Friends 29 29%

Relatives 39 39%

Neighbors 8 8%

Advertisements 24 24%

Total 100 100%

Graph 4.4 Inspired to buy the HDFC life by

Inference:

From the above table it is inferred that out of 100 respondents, 29% customers have inspired to buy

the HDFC life through friends, 39% have relatives, 8% have neighbors and 24% have advertisements.

29%

39%

8%

24%

FriendsRelatives

Neighbors

Advretisements

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y 4.5 Regular customer to HDFC life.

Table 4.5 Regular customers to HDFC life


Yes 50 50%

`No 50 50%

Total 100 100%

Graph4

.5 Regular customers to HDFC life Company.

Inference:

From the above table it is inferred that out of 100 respondents, 50 % of the people are regular customers

and 50% people are not regular customers to the HDFC life.

50%50%Yes

No

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4.6 The customers of the HDFC life Company.

Table4

.6 The customers of the HDFC life company.


Yes 68 68%

No 32 32%

Total 100 100%

Graph 4.6 the customers of the HDFC life Company.

Inference:

From the above table it is inferred that out of 100 respondents, the customers ofthe HDFC life company 68%

customers have yes and 32% have no.

68%

32%

Yes

No

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Chapter V

Data interpretation

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FINDINGS

1. From the survey it is found that every body is aware of HDFC life.

2. majority ofthe respondents are highly satisfied withthe quality of HDFC life.

3. From the study it is found that when compared to other brands, HDFC life giving services to their

customer in highly manner.

4. 65% ofthe customers are satisfied withthe after sales service provided by HDFC life.

5. 4% customers are known about The HDFC life through print media, 2% customers are known

aboutthe HDFC life throughtelevision 64% through friends and 30% through dealers.

LIMITATIONS OF THE STUDY

y It is primarily a micro level study.

y Due to constraints of time only Kadapa Dist. is selected and so it cannot claim to be a comprehensive

study of the population.

y The sample size is restricted to 100 respondents.

y The data is obtained through a structured questionnaire and it has its own limitations in its analysis and

interpretation.

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Chapter VI

Summary and conclusion

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SUGGESTIONS

1. The company has to improve the communication of marketing strategies

2. The company has to increase the sales promotion activities to counteract the competitors effectively.

3. The company has to enhance the service quality by being empathetic, responsive and reliable towardsthe customers complaints.

4. The company executives have to visit the regular customers to diagnose the problems and to find a

feasible solution to them.

5. The employees of the company have to be more responsive towards the customers problems.

CONCLUSION

HDFCSLIC is the renounce industry in the insurance sector. It believes in quality not in quantity. HDFC have

total 12 group companies. It is the first insurance company who has gotten the license of insurance in firstly. It

has started its insurance industry with the joint venture of U.K. based standard life insurance company.

It gives more facilities to their employ and provides better opportunity to their employ for promotion because it

has minimum target for fulfilment. There is still competition between private and LIC insurance company.

With the passage of time people have trusted HDFC and have shown their trust through their investment. There

are few points which the company needs to improve in order to satisfy their customers fully.

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BIBLIOGRAPHY

Books:

Philip Kotler- Marketing management, 11th

edition, Publication, 1999.

Agents Hand Book HDFC Standard Life

Kothari C.R. Research Methodology & Techniques, 2nd

Edition

Principles and Practice of Insurance G.S. Panda

MAGZINES:

Insurance Times (Insurance Monthly Magazine- May, 2008)

From Company:-

Company Reports

Company Brochures

Websites:

www.hdfclife.com

http://www.iloveindia.com/finance/insurance/companies/hdfc-standard-life-insurance.html

www.quickmba.com

www.amfindia.com

www.mba.com

www.articlebase.com

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Questionnaire:

1. What are the brands you are aware mostly [ ]

a) HDFC LIFE b) ICICI c) LIC

2. Are you aware of HDFC life? [ ]

a) Yes B) No

3. How did you getto know aboutthe brand HDFC life insurance?

[ ]

a) Print media b) television c) friends / relatives

4. Which company products do you prefer to use? [ ]

a) HDFC LIFE b) ICICI c) LIC

5. HDFC LIFE is best company in A.P. [ ]

a) Strongly agreeb) Agree c) Not decided) Disagree

e) strongly disagree

6. I am inspired to buy the HDFC life by [ ]

a) Friends b) Relatives c) Neighbors d) Advertisements

7. Are you a regular customer to HDFC life Company ? [ ]

a) Yes b) No

8. You are interested to buy the insurance from [ ]

a) Company b) Brokers c) Friends

9. HDFC life company mainly concentrates on rural market

[ ]

a) Strongly agree b) Agree c) Not decide d) Disagrees

e) strongly disagree

10. Are you the customer ofthe HDFC LIFE Company? [ ]

a) Yes b) No

Documents

From Intro