RANGE OF SOLUTIONS

WE HAVE A RANGE OF INDIVIDUAL

CUSTOMISED TO SPECIFIC NEEDS.

AND GROUP SOLUTIONS , WHICH CAN BE EASILY

OUR GROUP SOLUTIONS HAVE BEEN DESIGNED TO

OFFER YOU COMPLETE FLEXIBILITY COMBINED WITH A LOW CHARGING STRUCTURE .

TRACK RECORD SO FAR

OUR GROSS PREMIUM INCOME, FOR THE YEAR ENDING MARCH 31, 2008 STOOD AT RS.
4,859 CRORES AND NEW BUSINESS PREMIUM INCOME STOOD AT RS. 2,685 CRORES.
THE COMPANY

HAS COVERED OVER

9,59,000 LIVES YEAR ENDING MARCH 31, 2008.

Accolades and Recognition

Rated by 'Business world' as 'India's Most Respected Private Life Insurance Company' in
2004.

Rated as the "Best New Insurer - 2003" by Outlook Money magazine, India number 1
personal finance magazine

BELOW ARE FEW OF THE PLANS THAT ARE OFFERED BY HDFC STANDARDS
LIFE INSURANCE
INSURANCE PLANS AVAILABLE
Individual Products
We at HDFC Standard Life realize that not everyone has the same kind of needs. Keeping this in
mind, we have a varied range of Products that you can choose from to suit all your needs. These
will help secure your future as well as the future of your family.
Protection Plans
You can protect your family against the loss of your income or the burden of a loan in the
event of your unfortunate demise, disability or sickness. These plans offer valuable peace of
mind at a small price.
Our Protection range includes our Term Assurance Plan & Loan Cover Term Assurance
Plan.

Investment Plans
Our Single Premium Whole Of Life plan is well suited to meet your long term investment
needs. We provide you with attractive long term returns through regular bonuses.
Pension Plans
Our Pension Plans help you secure your financial independence even after retirement.
Our Pension range includes our Personal Pension Plan, Unit Linked Pension, Unit Linked
Pension Plus

Savings Plans
Our Savings Plans offer you flexible options to build savings for your future needs such as

buying a dream home or fulfilling your children immediate and future needs.
Our Savings range includes Endowment Assurance Plan, Unit Linked Endowment, Unit
Linked Endowment Plus, Unit Linked Endowment Plus II, Money Back,
Unit Linked Enhanced Life Protection II, Children's Plan, Unit Linked Young Star,
Unit Linked Young Star Plus, Unit Linked Young Star Plus II.

Group Products
One-stop shop for employee-benefit solutions

HDFC Standard Life has the most comprehensive list of products for progressive employers
who wish to provide the best and most innovative employee benefit solutions to their
employees. We offer different products for different needs of employers ranging from term
insurance plans for pure protection to voluntary plans such as superannuation and leave
encashment.
We now offer the following group products to our esteemed corporate clients:
Group Term Insurance
Group Variable Term Insurance
Group Unit-Linked Plan
An investment solution that provides funding vehicle to manage corpuses with
Gratuity, Defined Benefit or Defined Contribution Superannuation or Leave
Encashment schemes of your company
Also suitable for other employee benefit schemes such as salary saving schemes and
wealth management schemes

Social Product
Development Insurance Plan
Development Insurance plan is an insurance plan which provides life cover to members of a

Development Agency for a term of one year. On the death of any member of the group insured
during the year of cover, a lump sum is paid to those member beneficiaries to help meet some
of the immediate financial needs following their loss.

Eligibility
Members of the development agency and their spouses with:
- Minimum age at the start of the policy 18 years last birthday
- Maximum age at the start of policy 50 years last birthday
Employees of the Development Agency are not eligible to join the group. The group to be
covered is only eligible if it contains more than 500 members.
Premium Payments
The premium to be paid will be quoted per member in the group and will be the same for all
members of the group.
The premium can only be paid by the Development Agency as a single lump sum that
includes all premiums for the group to be covered. Cover will not start until the premium and
all the member information in our specified format has been received.
The premium rate is Rs. 25 per Rs. 10,000 of lump sum, per member.
Benefits
On the death of each member covered by the policy during the year of cover a lump sum
equal to the sum assured will be paid to their beneficiaries or legal heirs. Where the death is
as a result of an accident, an additional lump sum will be paid equal to half the sum assured.
There are no benefits paid at the end of the year of cover and there is no surrender value
available at any time.
The role of the Development Agency
Due to the nature of the groups covered, HDFC Standard Life will be passing certain
administrative tasks onto the Development Agency. By passing on these tasks the premium
charged can be lower. These tasks would include:
Submission of member data in a specified computer format
Collection of premiums from group members

Recording changes in the details of group members

Disbursement of claim payments and the mortality rebate (if any) to group members
These tasks would be in addition to the usual duties of a policyholder such as:
Payment of premiums
Reporting of claims
Keeping policy holder information up to date
Training and support will be available to give guidance on how to complete the tasks
appropriately.
Since these additional tasks will impose a burden on the Development Agency, the
Development Agency may charge a Rs. 10 administration fee to their members.

Prohibition of rebates
Section 41 of the Insurance Act, 1938 states
No person shall allow or offer to allow, either directly or indirectly, as an inducement to
any person to take out or renew or continue an insurance in respect of any kind of risk
relating to lives or property in India, any rebate of the whole or part of the commission
payable or any rebate of the premium shown on the policy, nor shall any person taking
out or renewing or continuing a policy accept any rebate, except such rebate as may be
allowed in accordance with the published prospectus or tables of the insurer
If any person fails to comply with sub regulation (previous point) above, he shall be
liable to payment of a fine which may extend to rupees five hundred.

Tax Benefits
INCOME

TAX GROSS ANNUAL HOW

SECTION

SALARY

MUCH HDFC

STANDARD

TAX CAN YOU LIFE PLANS

SAVE?

Sec. 80C

Across All income Upto

Slabs

Rs.

33,990 All the life insurance

saved

on plans.

investment

of

Rs. 1,00,000.
Sec. 80 CCC

Across all income Upto

slabs.

Rs.

33,990 All the pension plans.

saved

on

Investment

of

Rs.1,00,000.
Sec. 80 D*

Across all income Upto

slabs

Rs.

3,399 All the health insurance

saved
Investment

on riders available with the

of

conventional plans.

Rs. 10,000.
TOTAL SAVINGS
POSSIBLE **

Sec. 10 (10)D

Rs37,389
Rs. 33,990 under Sec. 80C and under Sec. 80 CCC , Rs.3,399 under
Sec. 80 D, calculated for a male with gross annual income
exceeding Rs. 10,00,000.
Under Sec. 10(10D), the benefits you
receive are completely tax-free, subject to
the conditions laid down therein.

RESEARCH
METHODOLOGY

TITLE:
To determine customer-buying behavior with a focus on market segmentation for HDFC
Standard Life Insurance.

TITLE JUSTIFICATION:
The above title is self explanatory. The study deals mainly with studying the buying

pattern in

the insurance industry with a special focus on HDFC Standard Life Insurance. The various
segments of the markets divided in terms of Insurance Needs, Age groups , Satisfaction levels etc
will also studied.

SIGNIFICANCE TO THE INDUSTRY :

This is a limited study which takes into consideration the responses of 100 people. This data can
be explorated to take in the trends across the industry. The significance for the industry lies in
studying these trends that emerge from the study. It is a rapidly changing and evolving sector.
People are only beginning to wake up to its vast possibilities. A study like this can attempt to
guide the future of the industry based on current trends.

SIGNIFICANE FOR THE RESEARCHER :

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

SAMPLING METHODOLOGY
SamplingTechnique:
Initially, a rough draft was prepared keeping in mind the objective of the research. A pilot study
was done in order to know the accuracy of the Questionnaire. The final Questionnaire was
arrived only after certain important changes were done. Thus the sampling came out to be
judgemental and convenient.

Sampling Unit:
The respondants who were asked to fill out questionnaires are the sampling units. These
comprise of employees of MNCs, Govt. Employees, Self Employeds etc.

Sample size:
The sample size was restricted to only 100, which comprised of mainly peoples from different
areas of Jalandhar due to time constraints.

Sampling Area :

The area of the research was Jalandhar..

LIMITATIONS OF THE RESEARCH

1. The research is confined to a certain parts of DELHI and does not necessarily shows a
pattern applicable to all of Country .A small number of 100 also does not show the pattern of
the whole city.

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

3. In a rapidly changing industry, analysis on one day or in one segment can change very
quickly. The environmental changes are vital to be considered in order to assimilate the
findings.
4. The training period was very less.

CHAPTER 6

DATA ANALYSIS AND

INTERPRETATION

DATA ANALYSIS & INTERPRETATION

DATA REPRESENTATION OF PEOPLE WHO ARE EMPLOYED

Table 1

DATA GIVES EMPLOYMENT STATUS OF THE

INSURED RESPONDENTS.

NO.OF
RESPONDENT

EMPLOYMENT

SHARE (%)

YES

92

92

NO

EMPLOYMENT

8%
YES
NO

92%

INTERPRETATION
The data shows that the majority of respondents are employed which would depict the better
picture of the marker scenerio.

DATA SHOWING ANNUAL INCOME OF RESPONDENTS

Table 2
ANNUAL INCOME

NO.OF
RESPONDENTS

SHARE (%)

>5L

45

45

5L-10L

25

25

1OL-15L

20

20

15L-20L

10

10

INCOME
10%
20%

>5 LAKCS
5-10LACS

45%

10-15 LACS
15-20 LACS
25%

INTERPRETATION
It can be noted that maximum amount of people (45%) fall in the category of > 5 lacks slot .

DATA SHOWS PEOPLE HAVING INSURANCE

Table 3
RESPONSE

NO. OF
RESPONDENTS

SHARE (%)

Yes

70

70%

No

30

30%

NO; 30%

YES; 70%

Fig 7.6

INTERPRETATION

Of the sample size of 400 surveyed respondents 70% of the respondents are having
Insurance policy.

30% of the respondents are either not having any Insurance policy at present or their policy
is already matured.

And at present 100% of the respondents are with the view that Insurance is a tool to protect
your family

DATA GIVES BENEFITS OF INSURANCE PERCEIVED BY RESPONDENTS

Table 4
BENEFITS

NO.OF
RESPONDENTS

SHARE (%)

Cover Future Uncertainty

55

55

Tax Deductions

20

20

Future Investment

25

25

TOTAL

100

100

Future Investment; 25%

Cover Future Uncertainty; 55%

Tax Deductions; 20%

Fig7.2
INTERPRETATION
55% of the respondents believe that covering future uncertainty is the biggest benefit of
an insurance policy.
Whereas, 20% and 25% of them believe that the other benefits are Tax deduction and
future investments respectively.
DATA PROVIDES FEATURES OF INSURANCE POLICY THAT ATTRACTED
RESPONDENTS
Table 5
FEATURE

NO.OF
RESPONDENTS

SHARE (%)

Money Back Guarantee

15

15

Larger Risk Coverance

37

37

Easy Access to Agents

Low Premium

30

30

Companys Reputation

11

11

TOTAL

100

100

Companys Reputation; 11 Money Back Guarantee; 15

Low Premium; 30
Larger Risk Coverance; 37
Easy Access to Agents; 7

Fig 7.3

INTERPRETATION

Majority of the respondent (37%) found Larger risk coverance as the most attracted
feature of the all.

DATASHOWSPEOPLEPREFERENCEININSURANCECOMPANIES
Table6
CATEGORY

NO.OF
RESPONDENTS

SHARE(%)

PRIVATE

55

55%

GOVERNMENT

45

45%

CATEGORY

PRIVATE
GOVERNMENT

45%
55%

INTERPRETATION
There are more number of people employed in Private sector(55%) as compared to 45% of
people in govt. Sector.

DATA GIVES PREFERECE OF RESPONDENTS OF INSURANCE COMPANIES

Table 7
COMPANYS NAME

NO.OF
RESPONDENT

SHARE (%)

L.I.C.

78

78

HDFC

ICICI PRUDENTIAL

10

10

SBI LIFE

RELIANCE LIFE
INSURANCE

TOTAL

100

100

SBI; 7% REL; 3%
ICICI ; 10%
HDFC; 2%

LIC; 78%

Fig 7.1

INTERPRETATION
78% of the people contacted prefer LIC policy to any other and therefore it is ranked no.1
by that percent of respondents.

DATA SHOWING THE REASON FOR PREFERENCE OF AN INSURANCE POLICY

TABLE 8
REASON

NO.OF
RESPONDENT

SHARE (%)

EASY ACCESSABILITY

40

40

MORE SECURITY

20

20

BETTER SECURITY

20

20

MORE INFORMATION &

HELP

10

10

CUSTOMER
ORIENTATION

10

10

TOTAL

100

100

REASON
10%

EASY ACCESSABILITY

10%

40%

20%

MORE SECURITY
BETTER SECURITY
MORE INFORMATION
CUST. ORT

20%

INTERPRETATION
It can be noted that the reason for maximun people for prefering the policy is easy accessability
followed by people who look for better & more security
DATA SHOWINGTHE TIME SPAN OF THE INSURANCE PLAN

Table 9
NO. OF YEARS

NO.OF
RESPONDENTS

SHARE (%)

>5YRS

45

45

5YRS-10YRS

25

25

1OYRS-15YRS

20

20

15YRS-20YRS

10

10

NO. OF YEARS
10%
>5 YRS

20%

45%

5-10YRS
10-15YRS
15Yrs<

25%

INTERPRETATION
It can be noted that maximum amount of people look for short term insurance as compared to
10% of those who go for long term.

DATA SHOWS NUMBER OF RESPONDENTS PAYING TAX

Table 10
RESPONSE
Paying tax
Not paying tax
Total

NO. OF
RESPONDENTS

SHARE (%)

100

100%

0%

100

100%

Paying tax ; 100%

Fig 7.11

INTERPRETATION
Of the sample size of 100 respondents, all the respondents are paying tax

DATA SHOWS RESPONDENTS INVESTMENTS FOR TAX SAVING

Table 11
INVESTMENTS

NO. OF
RESPONDENTS

SHARE (%)

LIC

51

51%

NSC

33

33%

Bonds

32

32%

PPF

25

25%

PF

21

21%

EPF

11

11%

EPF ; 6%
PF; 12%

LIC ; 29%

PPF; 14%
Bonds ; 18% NSC; 19%

Fig7.12

INTERPRETATION

51% of the respondents save their tax by investing in LIC, which is the highest among all
Investment. This shows that most people for getting taxes benefits invest in LIC.

33.25% of the respondents do their tax saving by investing in NSC.

32.25% of the respondents to their tax saving by investing in bonds.

DATA SHOWS SATISFACTION OF RESPONDENTS WITH RESPECT TO POLICY

Table 12
RESPONSE

NO. OF
RESPONDENTS

SHARE (%)

Satisfied

60

60%

Not satisfied

40

40%

Not Responded

0.0%

100

100%

Total

Not satisfied ; 40%

Satisfied ; 60%

Fig 7.9

INTERPRETATION

60% of the respondents are more or less satisfied with their existing policy.

40% of the respondents are not satisfied with their existing policy.

In this case all of those who have taken a policy have responded.

DATA PROVIDES NUMBER OF INSURANCE POLICY TYPE RESPONDENTS

Table 13
POLICY TYPE

NO. OF
RESPONDENTS

SHARE (%)

LIFE POLICY

75

75

NON LIFE POLICY

25

25

BOTH

45

45

BOTH; 31%

LIFE POLICY; 52%

NON LIFE POLICY; 17%

Fig 7.4

INTERPRETATION

75% of the respondents have Life Insurance Policy while 45% have both. (The % is
calculated out of 280 positive response)

CHAPTER 7
FACTS & FINDINGS

FACTS/FINDINGS

1.As the people think that insurance is a tool to protect their family & a tax saving device. They
are aware of the fact & realizing its, importance. The company should try to expand & build up
its infrastructure because there is a large potential for insurance in India.

2.Company should come up with more branches in Delhi with the objective and goals to meet
the demands & expectations of the public. Because the entrance of private players will increase
the competition and it would be a tough task to secure a good position in market.
3.Since HDFC STANDARD LIFE INSURANCE LTD is leading with several companies
policies it should be easy for them to penetrate into the market and secure a good position if they
pay greater attention to the service part provided to their customer and thereby forming a long
and trusted relationship.
4.As seen from the survey that at present 70% of the customer are having insurance policy out of
which 87.5% of the customer are planning for new investments. So it can be a good potential for
the company and they should make an attempt to trap these customers.
5. 43% of the customer is even ready to go for insurance if a service provider away from their
home is providing it. But intend they should provide good products and services. The company
should try to convince these customers and get them in its favor.

RECOMMENDATIONS

RECOMMENDATIONS

To make people aware about the benefits of HDFC standard life insurance policy, following
activities promotional activities should be carried out:
.Printed media
. Hoardings & Banners

. continues telivision commercials.

Company should come up with more branches in Delhi with the objective and goals to meet
the demands & expectations of the public in order to provide people with better customer
satisfaction.

Since HDFC Standard Life Insurance Company Ltd is leading with several companies
policies it should be easy for them to penetrate into the market and secure a good position if
they increase the number of branches and diversify their business to various other regions. .

As seen from the survey that at present 70% of the customer are having insurance policy out
of which 87.5% of the customer are planning for new investments. So it can be a good
potential for the company and they should make an attempt to tap these customers.
43% of the customer is even ready to go for insurance if a service provider away from their
home is providing it. But intend they should provide good products and services. The
company should try to convince these customers and get them in its favor.