Attitude:

 Attitude is a hypothetical construct that represents an

individual's like or dislike for an item.
 Attitudes are positive, negative or neutral views of an "attitude
object": i.e. a person, behavior or event
 Attitudes are composed from various forms of judgments.
Attitudes develop on the ABC model (affect, behavioral
change and cognition).
 Consumer behavior is the study of how people buy, what
they buy, when they buy and why they buy.
 It attempts to understand the buyer decision processes/buyer
decision making process, both individually and in groups.
 It studies characteristics of individual consumers such as
demographics, psychographics, and behavioral variables in an
attempt to understand people's wants.
 It also tries to assess influences on the consumer from groups
such as family, friends, reference groups, and society in
general.
 To study the customer awareness for HDFC Standard Life.
 To know the customers attitude towards the products.
 To examine the consumers buying behavior
 To know the factors which influenced the customers to
purchase policy.
 To know the customers attitude towards the service provided
by the company
 Insurance in India was started in the year of
1956, when Life Insurance Corporation came
into place.
 There are 24 life insurance and 33 non-life

insurance companies in the Indian market who

compete on price and services to attract
customers.
 Private sector companies hold 48.01 per cent market

share in the general insurance segment and

28.93 per cent market share in the life
insurance segment.
1956-1972:
 All life insurance companies were nationalized to form LIC
in 1956 to increase penetration and protect policy holders
from mismanagement.
 The non-life insurance business was nationalized to form GIC
in 1972.
1993-1999:
 Malhotra Committee recommended opening up the insurance
sector to private players
 IRDA, LIC and GIC Acts were passed in 1999, making IRDA
the statutory regulatory body for insurance and ending the
monopoly of LIC and GIC.
2015:
 In 2015, Government introduced Pradhan Mantri Suraksha
Bhima Yojana and Pradhan Mantri Jeevan Jyothi Bheema
Yojana.
 Government introduced Atal Pension Yojana and health
insurance in 2015.
2016-2017 onwards:
 As per Union Budget 2016-17, new health insurance scheme
under the national Health Protection Scheme has been
introduced.
 In Union Budget 2017, Governement increased the coverage
from 30% to 40% under Pradhan Mantri Fasal Bhima Yojana.
 All the insurance companies in India should be approved by
the Insurance Regulatory and Development Authority of India
(IRDAI), which is a statutory body regulating and promoting
the insurance and re-insurance industries in India.
 The insurance industry of India consists of 63 insurance
companies of which 24 are in life insurance business and 39
are non-life insurers
Ownership of industry:
 Public – LIC(insurance),7(non-life insurance).
 Private – 23(insurance),32(non-life insurance).
 Life Insurance Corporation of India (LIC) .
 ICICI Prudential Life Insurance.
 SBI Life Insurance.
 HDFC Standard Life Insurance.
 Max Life Insurance.
 Bajaj Allianz Life Insurance.
 Birla Sun Life Insurance.
 Reliance Nippon Life Insurance.
 Shriram life insurance
 Overall insurance penetration (premiums as % of GDP) in
India reached 3.69 per cent in 2017 from 2.71 per cent in 2001
 In FY19 (up to Jan 2019), premium from new life insurance
business increased 3.91 per cent year-on-year to Rs 1.59
trillion (US$ 22.04 billion).
 In FY19 (up to Jan 2019), gross direct premiums of non-life
insurers reached Rs 1.39 trillion (US$ 19.28 billion), showing
a year-on-year growth rate of 12.65 per cent.
Strengths:
• Low market penetration
• New products for all income groups
• Emerging middle income groups
Opportunities:
• Increasing awareness among people. • Insurance frauds.
• Expanding into digital business.
• Health insurance
• Non-penetrated market.
Weakness:
• Dominance of public sector
• Weak distribution network
• Trust deficit
• Lack of awareness of insurance
among people.
• Opinion of people about insurance
Threats:
• Governance and regulatory issues.
Competitive Rivalry:
 Insurance Industry is becoming highly competitive with 52
players in the industry
 Companies are competiting on price and also using low price
and high returns strategy for customers to lure them
Threats of New Entrants:
 Other financial companies can enter the industry.
 Overall threat is medium given that entry is subject to license
and regulations.
Substitute Products:
 Similarity in services makes switchover a potential threat.
 Investment oriented customers have switched to other avenues

Bargaining Power of Suppliers:

 Supplier being the distributor or agent has high bargaining power
because they have customer database and can influence customers
in making choices.

Bargaining Power of Customers:

 Bargaining power of customers especially corporate is very high
because they pay huge amount of premium.