1. A PROJECT REPORT
ON
HDFC Standard Life Insurance Company Ltd
IN
CUSTOMER-BUYING BEHAVIOR IN LIFE INSURANCE
INDUSTRY
Submitted to the
SCHOOL OF MANAGEMENT
In partial fulfillment of the requirements
for the award of the degree
Of
MASTER OF BUSINESS ADMINISTRATION
By
Anand. N
(Reg.No.35080039)
Under the guidance of
Prof S. Sundararajan
PROFESSOR
SCHOOL OF MANAGEMENT
SRM UNIVERSITY
SRM NAGAR, KATTANKULATUR,
KANCHIPURAM DISTRICT-603203
MAY-2010
1

2. BONAFIDE CERTIFICATE
Certified
that
this
project
report
titled
‘CUSTOMER-BUYING
BEHAVIOR IN LIFE INSURANCE INDUSTRY’ is the bonafide work
of Anand. N who carried out the research under my supervision. Certified
further, that to the best of my knowledge the work reported here in does not
form part of any other Project report or dissertation on the basis of which a
degree or award was conferred on an earlier occasion on this or any other
candidate.
PROJECT GUIDE
HEAD OF THE MBA
Prof S. Sundararajan
DR.JAYSHREE SURESH
………………………….
………………………..
EXTERNAL EXAMINER
-----------------------------------
2

3. DECLARATION
We hereby declare that this project work entitled “CUSTOMER-BUYING
BEHAVIOR IN LIFE INSURANCE INDUSTRY” submitted at SRM School
of Management studies is partial fulfillment of the requirement for the degree of Master
of Business Administration is a record of original work done by use for Department
Business Administration, SRM School of Management Studies. It has not been submitted
to the award of any Degree.
Place: Chennai
Signature of the Candidate
Date:
_____________________
3

4. ACKNOWLEDGEMENT
I first thank my “Almighty God and my parents” for their sustained
blessings and grace at all stages of my training.
I render my gratitude and special thanks to Mr. P. Ganesh Sachidanandhan
(Business Manager) of Coimbatore regional office for his help and
encouragement throughout the project completion.
I render my unfathomable gratitude and special thanks to
Prof S. Sundararajan for his valuable guidance, remedial encouragement,
timely suggestions and his deference shown during the preparation of this
dissertation.
I render my special thanks to our College Management and to our beloved
Dean Dr.Jayshree Suresh, for giving me this opportunity to carry out this
Project.
Last but not the least, I thank my friends and well wisher for their good
cooperation while I am doing my project.
4

5. CONTENTS
CHAPTER
PARTICULARS
NO.
I
PAGE
NO.
INTRODUCTION
05
1.1 INTRODUCTION TO THE STUDY
06
1.2 OBJECTIVES OF THE STUDY
08
1.3 SCOPE OF THE STUDY
08
1.4 LIMITATIONS OF THE STUDY
09
INDUSTRY & COMPANY PROFILE
10
2.1 INDUSTRY PROFILE
11
2.2 COMPANY PROFILE
23
RESEARCH METHODOLOGY
32
3.1 RESEARCH DESIGN
33
3.2 METHODOLOGY
33
IV
ANALYSIS AND INTERPRETATION
35
V
5.1 FINDINGS
67
5.2 SUGGESTIONS
68
CONCLUSION
70
BIBLIOGRAPHY
71
ANNEXURE
72
II
III
VI
5

6. LIST OF TABLES
TABLE
NO.
4.1
4.2
4.3
4.4
4.5
4.6
4.7
4.8
4.9
4.10
4.11
4.12
PARTICULARS
Age group of respondents
PAGE
NO.
36
Occupation of the respondents
Respondents awareness of investment option
Respondents having an insurance policy
Respondents interest of investing options
Term of investment preferred
Perception about insurance
38
40
42
44
46
48
Kind of buying process preferred
What people look for in an insurance company
Features made you to invest in HDFC-SLIC
Perception towards HDFC-SLIC
Satisfaction with respect to policies offered.
50
52
54
56
58
4.13
Respondents preference for clarifying any query.
60
4.14
Benefits of insurance perceived by respondents
62
4.15
Satisfaction with current policy
64
6

7. LIST OF FIGURES
FIGURE
NO.
4.1
4.2
4.3
4.4
4.5
4.6
4.7
4.8
4.9
4.10
4.11
4.12
4.13
4.14
PARTICULARS
Age group of respondents
PAGE
NO.
37
Occupation of the respondents
Respondents awareness of investment option
Respondents having an insurance policy
Respondents interest of investing options
Term of investment preferred
Perception about insurance
39
41
43
45
47
49
Kind of buying process preferred
What people look for in an insurance company
Features made you to invest in HDFC-SLIC
Perception towards HDFC-SLIC
Satisfaction with respect to policies offered.
Respondents preference for clarifying any query.
Benefits of insurance perceived by respondents
51
53
55
57
59
61
63
Satisfaction with current policy
4.15
65
7

8. EXECUTIVE SUMMARY:
In today’s corporate and competitive world, I find that insurance sector has the
maximum growth and potential as compared to the other sectors. Insurance has the
maximum growth rate of 70-80% while as FMCG sector has maximum 12-15% of
growth rate. This growth potential attracts me to enter in this sector and HDFC Standard
Life Insurance Company Ltd has given me the opportunity to work and get experience
in highly competitive and enhancing sector.
The success story of good market share of different market organizations depends
upon the availability of the product and services near to the customer, which can be
distributed through a distribution channel. However understanding the market, consumer
preference and introducing new products to suit different tastes and at the same time
offering a value product would be the key steps to fight competition.
Marketing is an important activity in any organization’s sales strategy.
Marketing helps in promoting the products in the targeted market and create a recall
value and branding to the products. Marketing department perform the initial market
study for the suitability of the product launches; study the market requirements in the
existing markets to further strengthen the market capitalization identity the feature
needed for a longevity of a product. Agents are the only way for a company of Insurance
sector through which policies and benefits of the company can be explained to the
Customer.
8

9. CHAPTER -- I
INTRODUCTION
9

10. 1.1 INTRODUCTION TO THE STUDY
Customer is the king and it is the customer who decides what a business is and
therefore a sound marketing programme starts with a careful analysis of habits, attitudes,
motives and needs of the customers.
Definition of Buying Behavior:
Buying Behavior is the decision processes and acts of people involved in buying
and using products.
Customer buying behavior:
Customer buying behavior refers to the buying behavior of the ultimate end user
i.e. the customer. A firm needs to analyse the buying behavior for :
Buyers reactions to a firms marketing strategy has a great impact on the firms
success.
The marketing concept stresses that a firm should create a marketing mix that
satisfies a customer and therefore need to analyze the what, where, when and how
the customers buy.
Marketers can better predict how customers will respond to marketing strategies.
How Consumer Buy:
1. Need/Want/Desire is recognized:
In the first step the customer has determined that for some reason he/she is
not satisfied(i.e. customer’s perceived actual condition) and wants to improve
his/her situation. External factors can also trigger the customer’s needs. Marketers
are particularly good at this through advertising, in-store displays etc.
2. Search for information:
Assuming that customers are motivated to satisfy his/her need they will
10

11. undertake a search for information on possible solutions. The sources may be
simple like the past experience or the customer may expend considerable effort to
locate information from outside sources(internet, etc.). How much effort the
customer directs towards searching depends on factors such as:
The importance of satisfying the need
Familiarity with available sources
The amount of time available for search.
3. Evaluate options:
Customers search efforts may result in set of options from which a choice
can be made. It should be noted that there may be two levels to this stage. At level
one the customer may create a set of possible solutions to their solution while at
level two the customer may be evaluating particular products within each solution.
4. Purchase:
In many cases the solution chose by the customer is the same as the
product whose evaluation is highest. The intended purchase may be altered at the
time of purchase for many reasons such as the product is out of stock, a competitor
offering incentive at the time of purchase, the customer lacking in necessary of
funds.
5. After purchase evaluation:
Once the customer has made the purchase they are faced with the
evaluation of the decision. If the product performs below the customer’s
expectation then he/she will re-evaluate the satisfaction with the decision, which at
its extreme might result in the customer returning the product while in less extreme
situations the customer will retain the product but may take a negative view of the
product. Such evaluations might occur in expensive or highly important purchases.
Customer service centre and follow-up market research are useful tools in helping
to address the purchaser’s concern.
11

12. 1.2 OBJECTIVES OF THE STUDY
PRIMARY OBJECTIVES:
To determine reasons behind opting for an insurance.
To determine customers buying behaviour towards private insurance companies
and their expectation form private insurance companies.
To determine the feedback on services provided by any other insurance agent.
To study the types of benefits provided by insurance services.
SECONDARY OBJECTIVES:
To know whether the service offered by the company has satisfied the needs of all
groups of people.
To find out the benefits preferred by the customers.
To know about their views about the company and to assess to their views.
1.3. SCOPE OF THE STUDY:
A big boom has been witnessed in Insurance Industry in recent times. A large
number of new players have entered the market and are trying to gain market share in this
rapidly improving market. The study deals with HDFC Standard Life in focus and the
various segments that it caters to. The study then goes on to evaluate and analyze the
findings so as to present a clear picture of trends in the Insurance sector.
12

13. 1.4. LIMITATIONS OF THE STUDY:
1) The research is confined to a certain parts of Coimbatore and does not necessarily
show a pattern applicable to all parts of the Country.
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 data collected from the customers may be biased.
13

14. CHAPTER--II
INDUSTRY & COMPANY PROFILE
14

15. INDUSTRY PROFILE
THE HISTORY OF INDIAN INSURANCE INDUSTRY
LIFE INSURANCE
In 1818 the British established the first insurance company in India in Calcutta, the
Oriental Life Insurance Company. First attempts at regulation of the industry were made
with the introduction of the Indian Life Assurance Companies Act in 1912. A number of
amendments to this Act were made until the Insurance Act was drawn up in 1938.
Noteworthy features in the Act were the power given to the Government to collect
statistical information about the insured and the high level of protection the Act gave to
the public through regulation and control. When the Act was changed in 1950, this meant
far reaching changes in the industry. The extra requirements included a statutory
requirement of a certain level of equity capital, a ceiling on share holdings in such
companies to prevent dominant control (to protect the public from any adversarial
policies from one single party), stricter control on investments and, generally, much
tighter control. In 1956, the market contained 154 Indian and 16 foreign life insurance
companies. Business was heavily concentrated in urban areas and targeted the higher
echelons of society. “Unethical practices adopted by some of the players against the
interests of the consumers” then led the Indian government to nationalize the industry. In
September 1956, nationalization was completed, merging all these companies into the socalled Life Insurance Corporation (LIC). It was felt that “nationalization has lent the
industry fairness, solidity, growth and reach.”
15

16. Some of the important milestones in the life insurance business in India are:
1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate
the life insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with the
objective of protecting the interests of the insuring public.
1956: The market contained 154 Indian and 16 foreign life insurance companies.
GENERAL INSURANCE
The General Insurance industry in India dates back to the Industrial Revolution and the
subsequent increase in trade across the oceans in the 17th century. As for Life Insurance,
the British brought General Insurance to India, and a similar path was followed in the
development of this industry. A number of private companies were in existence for years
and years until, in 1971, the Indian Government decided that the public interest would be
served by nationalizing the industry, merging all the 107 companies into four companies,
depending on the sort of business transacted (Marine, Fire, Miscellaneous). These were
the National Insurance Company Ltd., the Oriental Insurance Company Ltd., the New
India Assurance Company Ltd., and the United India Insurance Company Ltd. located in
Calcutta, New Delhi, Bombay and Madras respectively. The General Insurance
Corporation (GIC) was set up in 1972 as a ‘holding’ company, having these four
companies as its subsidiaries.
16

17. Some of the important milestones in the general insurance business in India are:
1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all
classes of general insurance business.
1957: General Insurance Council, a wing of the Insurance Association of India, frames
a code of conduct for ensuring fair conduct and sound business practices.
1968: The Insurance Act amended to regulate investments and set minimum solvency
margins and the Tariff Advisory Committee set up.
1972: The General Insurance Business (Nationalization) Act, 1972 nationalize the
general insurance business in India with effect from 1st January 1973. 107 insurers
amalgamated and grouped into four companies viz. the National Insurance Company
Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company
Ltd. and the United India Insurance Company Ltd. GIC incorporated as a company.
17

18. MAJOR PLAYERS IN THE INSURANCE INDUSTRY IN INDIA
LIFE INSURANCE CORPORATION OF INDIA (LIC)
Life Insurance Corporation of India (LIC) was established on 1 September 1956 to spread
the message of life insurance in the country and mobilise people’s savings for nationbuilding activities. LIC with its central office in Mumbai and seven zonal offices at
Mumbai, Calcutta, Delhi, Chennai, Hyderabad, Kanpur and Bhopal, operates through 100
divisional offices in important cities and 2,048 branch offices. LIC has 5.59 lakh active
agents spread over the country.
The Corporation also transacts business abroad and has offices in Fiji, Mauritius and
United Kingdom. LIC is associated with joint ventures abroad in the field of insurance,
namely, Ken-India Assurance Company Limited, Nairobi; United Oriental Assurance
Company Limited, Kuala Lumpur; and Life Insurance Corporation (International), E.C.
Bahrain. It has also entered into an agreement with the Sun Life (UK) for marketing unit
linked life insurance and pension policies in U.K.
In 1995-96, LIC had a total income from premium and investments of $ 5 Billion while
GIC recorded a net premium of $ 1.3 Billion. During the last 15 years, LIC's income
grew at a healthy average of 10 per cent as against the industry's 6.7 per cent growth in
the rest of Asia (3.4 per cent in Europe, 1.4 per cent in the US).
LIC has even provided insurance cover to five million people living below the poverty
line, with 50 per cent subsidy in the premium rates. LIC's claims settlement ratio at 95
per cent and GIC's at 74 per cent are higher than that of global average of 40 per cent.
Compounded annual growth rate for Life insurance business has been 19.22 per cent per
annum.
18

19. General Insurance Corporation of India (GIC)
The general insurance industry in India was nationalized and a government company
known as General Insurance Corporation of India (GIC) was formed by the Central
Government in November 1972. With effect from 1 January 1973 the erstwhile 107
Indian and foreign insurers which were operating in the country prior to nationalization,
were grouped into four operating companies, namely,
(i)
National Insurance Company Limited;
(ii)
New India Assurance Company Limited;
(iii)
Oriental Insurance Company Limited; and
(iv)
United India Insurance Company Limited.
(However, with effect from Dec'2000, these subsidiaries have been de-linked from
the parent company and made as independent insurance companies). All the above
four subsidiaries of GIC operate all over the country competing with one another and
underwriting various classes of general insurance business except for aviation
insurance of national airlines and crop insurance which is handled by the GIC.
Besides the domestic market, the industry is presently operating in 17 countries directly
through branches or agencies and in 14 countries through subsidiary and associate
companies.
IN ADDITION TO ABOVE STATE INSURERS THE FOLLOWING HAVE BEEN
PERMITTED TO ENTER INTO INSURANCE BUSINESS: The introduction of private players in the industry has added to the colors in the dull
industry. The initiatives taken by the private players are very competitive and have given
immense competition to the on time monopoly of the market LIC. Since the advent of the
private players in the market the industry has seen new and innovative steps taken by the
players in this sector. The new players have improved the service quality of the
insurance. As a result LIC down the years have seen the declining phase in its career. The
market share was distributed among the private players. Though LIC still holds the 75%
of the insurance sector but the upcoming natures of these private players are enough to
19

20. give more competition to LIC in the near future. LIC market share has decreased from
95% (2002-03) to 82 %( 2004-05).
1. HDFC Standard Life Insurance Company Ltd.
HDFC Standard Life Insurance Company Ltd. is one of India’s 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
Ltd.), India’s leading housing finance institution and The Standard Life Assurance
Company, a leading provider of financial services from the United Kingdom. Their
cumulative premium income, including the first year premiums and renewal premiums is
Rs. 672.3 for the financial year, Apr-Nov 2005. They have managed to cover over
11,00,000 individuals out of which over 3,40,000 lives have been covered through our
group business tie-ups.
2. Max New York Life Insurance Co. Ltd.
Max New York Life Insurance Company Limited is a joint venture that brings together
two large forces - Max India Limited, a multi-business corporate, together with New
York Life International, a global expert in life insurance. With their various Products and
Riders, there are more than 400 product combinations to choose from. They have a
national presence with a network of 57 offices in 37 cities across India.
3. ICICI Prudential Life Insurance Company Ltd.
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a
premier financial powerhouse and prudential plc, a leading international financial
services group headquartered in the United Kingdom. ICICI Prudential was amongst the
first private sector insurance companies to begin operations in December 2000 after
receiving approval from Insurance Regulatory Development Authority (IRDA). The
company has a network of about 56,000 advisors; as well as 7banc assurance and 150
corporate agent tie-ups.
20

21. 4. Om Kotak Mahindra Life Insurance Co. Ltd.
Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak
Mahindra Bank Ltd. (KMBL), and Old Mutual plc.
5.Birla Sun Life Insurance Company Ltd.
Birla Sun Life Insurance Company is a joint venture between Aditya Birla Group and
Sun Life financial Services of Canada.
Tata AIG Life Insurance Company Ltd.
SBI Life Insurance Company Limited
ING Vysya Life Insurance Company Private Limited
Bajaj Allianz Life Insurance Company Ltd.
MetLife India Insurance Company Pvt. Ltd.
AMP SANMAR Assurance Company Ltd.
Dabur CGU Life Insurance Company Pvt. Ltd.
6. Royal Sundaram Alliance Insurance Company Limited
The joint venture bringing together Royal & Sun Alliance Insurance and Sundaram
Finance Limited started its operations from March 2001. The company is Head Quartered
at Chennai, and has two Regional Offices, one at Mumbai and another one at New Delhi.
7. Bajaj Allianz General Insurance Company Limited
Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Auto
Limited and Allianz AG of Germany. Both enjoy a reputation of expertise, stability and
strength.
21

22. Bajaj Allianz General Insurance received the Insurance Regulatory and Development
Authority (IRDA) certificate of Registration (R3) on May 2nd, 2001 to conduct General
Insurance business (including Health Insurance business) in India. The Company has an
authorized and paid up capital of Rs 110 crores. Bajaj Auto holds 74% and Allianz, AG,
holds the remaining 26% Germany.
8. ICICI Lombard General Insurance Company Limited
ICICI Lombard General Insurance Company Limited is a joint venture between ICICI
Bank Limited and the US-based $ 26 billion Fairfax Financial Holdings Limited. ICICI
Bank is India's second largest bank, while Fairfax Financial Holdings is a diversified
financial corporate engaged in general insurance, reinsurance, insurance claims
management and investment management.
Lombard Canada Ltd, a group company of Fairfax Financial Holdings Limited, is one of
Canada's oldest property and casualty insurers. ICICI Lombard General Insurance
Company received regulatory approvals to commence general insurance business in
August 2001.
9. Cholamandalam General Insurance Company Ltd.
Cholamandalam MS General Insurance Company Limited (Chola-MS) is a joint venture
of the Murugappa Group & Mitsui Sumitomo.
Chola-MS commenced operations in October 2002 and has issued more than 1.4 lakh
policies in its first calendar year of operations. The company has a pan-Indian presence
with offices in Chennai, Hyderabad, Bangalore, Kochi, Coimbatore, Mumbai, Pune,
Indore, Ahmedabad, Delhi, Chandigarh, and Kolkata.
22

23. 10. TATA AIG General Insurance Company Ltd.
Tata AIG General Insurance Company Ltd. is a joint venture company, formed from the
Tata Group and American International Group, Inc. (AIG). Tata AIG combines the
strength and integrity of the Tata Group with AIG's international expertise and financial
strength. The Tata Group holds 74 per cent stake in the two insurance ventures while AIG
holds the balance 26 per cent stake.
Tata AIG General Insurance Company, which started its operations in India on January
22, 2001, offers the complete range of insurance for automobile, home, personal accident,
travel, energy, marine, property and casualty, as well as several specialized financial
lines.
11. Reliance General Insurance Company Limited.
12. IFFCO Tokio General Insurance Co. Ltd
13. Export Credit Guarantee Corporation Ltd.
14. HDFC-Chubb General Insurance Co. Ltd.
23

24. MARKETING OF INSURANCE IN INDIA
Insurance is in a manner of speaking the last frontier in the financial sector to open. It is
also a sector, which leads to benefits across the full spectrum, from the individual who
now have wider choices, to the economy, which see increased savings, to the
infrastructure sector, which can look forward to long term funding being available. In an
under-insured economy, newer channels of distribution have to be utilized to intensify the
reach of insurance both in urban and rural markets. This will create huge employment
opportunities not only within insurance companies but also as agents and consultants of
insurance companies.
Marketing Mix Policies
Different companies can choose to position themselves differently and hence the
Marketing Mix is different. However, there are certain common characteristics that one
can cull out from the possible strategies that companies adopt.
Product:
The development of flexible products to suit individual requirements is what will
differentiate the winners from the also-rans. The key to success is in providing insurance
solutions, not standardized insurance products. The concept of riders/optional benefits
has already been a huge innovation brought about by the new players, which has led to
customization of products for individual needs. However, companies may differentiate
themselves on the basis of product segments that they choose to focus on and excel in.
Place:
Different companies may however choose different channels and different geographies to
focus on. The channel options are - tied agency force, corporate agents and brokers and
this is an area where different companies will make different choices. Many companies
24

25. like HDFC Standard Life are focusing on all channels whereas companies like Max New
York Life are focusing on the tied agency force only. Customer interface will be a key
challenge for life insurance companies and includes every that interaction that the
customer has with the company, such as sales, new business underwriting, policy
servicing, premium payments, claim processing and so on. Technology can play a crucial
role in delivering the highest standards of service set by the company and it will be
imperative for any serious player to excel in all of these.
Price:
Price is a relevant differentiator only in two segments - pure term insurance and in pure
annuities. Here too, service delivery and financial strength will need to be present at a
minimum acceptable level for price to be a relevant differentiator. In case of savings
oriented products, long-term returns generated are more relevant than just the price of the
product. A focus on generating good investment performance and keeping a tight control
on costs help in generating good long-term maturity value for customers. Norms have
been laid down on all of these by IRDA and adhering to these while delivering good
returns will be a challenge.
Promotion and Advertising:
The level of demand is latent and will have to be activated considerably. The market
needs to be developed. Greater awareness of insurance and the need to have it as a
protection tool rather than as a tax planning measure needs to be appreciated by the
Indian people. Various communication tools including advertising, direct marketing and
road shows contribute to all this and different companies take different approaches on
these.
25

26. INSURANCE REGULATORY AND DEVELOPMENT
AUTHORITY
The Insurance Regulatory and Development Authority (IRDA) is a national
agency of the Government of India, based in Hyderabad. In 1999, the Insurance
Regulatory and Development Authority (IRDA) was constituted as an autonomous body
to regulate and develop the insurance industry. The IRDA was incorporated as a statutory
body in April, 2000.
The key objectives of the IRDA include promotion of competition so as to
enhance customersatisfaction through increased consumer choice and lower premiums,
while ensuring the financial security of the insurance market. The IRDA opened up the
market in August 2000 with the invitation for application for registrations. Foreign
companies were allowed ownership of up to 26%. The
Authority has the power to frame regulations under Section 114A of the Insurance Act,
1938 and has from 2000 onwards framed various regulations ranging from registration of
companies for carrying on insurance business to protection of policyholders’ interests.
Role of IRDA:
Protecting the interests of policyholders.
Establishing guidelines for the operations of insurers, and brokers.
Specifying the code of conduct, qualifications, and training for insurance
intermediaries and agents.
Promoting efficiency in the conduct of insurance business.
Regulating the investment of funds by insurance companies.
Specifying the percentage of business to be written by insurers in rural sectors.
Handling disputes between insurers and insurance intermediaries.
26

27. COMPANY PROFILE
ABOUT HDFC STANDARD LIFE INSURANCE
HDFC Standard Life Insurance Company Ltd. is one of India's leading private
Insurance companies, which offers a range of individual and group insurance
Solutions. It is a joint venture between Housing Development Finance Corporation
Limited (HDFC Ltd.), India's leading housing finance institution and a Group
Company of the Standard Life, UK. HDFC as on December 31, 2007 holds 72.38
Percent of equity in the joint venture.
HDFC STANDARD LIFE INSURANCE PARENTAGE
HDFC Limited.
•
HDFC is India leading housing finance institution and has helped
build more than 23, 00,000 houses since its incorporation in 1977.
•
In Financial Year 2003-04 its assets under management crossed Rs.
36,000 Cr.
•
As at March 31, 2004, outstanding deposits stood at Rs. 7,840 crores.
The depositor base now stands at around 1 million depositors.
•
Rated AAA by CRISIL and ICRA for the 10th consecutive year
•
Stable and experienced management
•
High service standards
•
Awarded The Economic Times Corporate Citizen of the year Award
for its long-standing commitment to community development.
•
Presented the Dream Home award for the best housing finance
Provider in 2004 at the third Annual Outlook Money Awards.
27

28. Standard Life Group (Standard Life plc and its subsidiaries)
•
Standard Life Group (Standard Life plc and its subsidiaries)
•
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
•
It is a leading pensions provider in the UK, and is rated by Standard &
Poor's as 'strong' with a rating of A+ and as 'good' with a rating of
A1 by Moody's
•
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 pensions provider at the Financial Adviser Service Awards
for the last 10 years running. The '5 Star’ accolade has also been
awarded to Standard Life Investments for the last 10 years, and to
Standard Life Bank since its inception in 1998. Standard Life Bank
was awarded the 'Best Flexible Mortgage Lender' at the Mortgage
Magazine Awards in 2006
28

29. KEY STRENGTHS
1) FINANCIAL EXPERTISE
As a joint venture of financial services groups, hdfc standard life has the
financial expertise required to manage your long-term investments safely and
efficiently.
2) RANGE OF SOLUTIONS
We have a range of individual and group solutions, which can be easily
customised to specific needs. Our group solutions have been designed to offer you
complete flexibility combined with a low charging structure.
3) 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.
29

30. SWOT ANALYSIS OF HDFC-SLIC
STRENGHTS:
1.) Domestic image of HDFC supported by Standard Life’s international image is
the strength of the company.
2.) Strong and well spread network og qualified intermediaries and sales person.
3.) Strong capital and reserve base.
4.) The company provides customer service of the highest order.
5.) Huge basket of product range which are suitable for all age and income
groups.
6.) Large pool of technically skilled manpower with in depth knowledge and
understanding of the market.
7.) The company also provides innovative products to cater to different needs of
different customers.
WEAKNESS:
1.) Heavy management expenses and administrative costs.
2.) Low customer confidence on private players.
3.) Vertical hierarchical reporting structure with many designations and cadres
leading to power politics at all levels without any exception.
4.) Poor retention percentage of tied up agents.
30

31. OPPORTUNITIES:
1.) Insurable population: According to IRDA only 10% of people are insured.
This suggests that more than 300m people, with the potential to buy insurance,
remain uninsured.
2.) There will be inflow of managerial and financial expertise from the world’s
leading insurance markets. Further the burden of educating consumers will
also be shared among many players.
3.) International companies will help in building world class expertise in local
market by introducing the best global practices.
THREATS:
1.) Other private insurance companies also vying for the same uninsured
population.
2.) Competition from public sector insurance companies like LIC, National
Insurance Company Limited, Oriental Insurance Limited, New India
Assurance Company Limited and United India Insurance Company Limited.
People trust and go to them more.
3.) Poaching of customer base by other companies.
4.) Most people don’t understand the need or are not willing to take insurance
policies in general.
31

32. CORPORATE OBJECTIVES
Our Vision
'The most successful and admired life insurance company, which means 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'. 'The most obvious choice for all'.
Our Values
Values that we observe while we work
•
Integrity
•
Innovation
•
Customer centric
•
People Care One for all and all for ones
•
Teamwork
•
Joy and Simplicity
32

33. PRODUCT PROFILE:
Individual product:
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.
•
Term Assurance Plan
•
Loan Cover Term
•
Assurance Plan
Investment Plans
Our investment products are well suited to meet your long-term needs.
•
Single Premium Whole Life Plan
Pension Plans
Our Pension Plans help you secure your financial independence even after
retirement.
•
Personal Pension Plan
•
Unit Linked Pension Plan
•
Unit Linked Pension Plus
Our Immediate Annuity plan will aid you in receiving income post retirement and
securing you financial independence.
33

34. 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’s immediate and future
needs. Our Savings range includes
•
Endowment Assurance Plan
•
Unit Linked Endowment
•
Unit Linked Endowment Plus
•
Money Back Plan
•
Children's Plan
•
Unit Linked Young star
•
Unit Linked Young star Plus
Health Plans
Our health plans provides you with timely support in case of any health related
emergencies and helps you and your family to remain financially independent in difficult
times
•
Critical care plan
•
Surqi care plan
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
34

35. Social Product
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 that member’s
beneficiaries to help meet some of the immediate financial needs following their loss.
Other product:
•
Rural products
•
Tax benefits
The Value Added Services Offered By The HDFC std. life insurance:
Electronic clearing system:
It is a system where your premium gets directly debited from your bank account
on your due dates. This helps the customer to pay the insurance premium with out to the
insurance company.
Financial advisors:
Advisors are the back is not just selling of the policies but listen to the customer
like what they need, how much they can invest, which policy suits them the and what
kind of policy expect from us i.e. what kind of policies should be designed for them.
Ease in renewal of the lapsed policy:
Policy holder can easily renew their policy without much more difficulties for
these customers can seed the help of financial consultant.
Other service:
•
Customized products
•
All the information about the companies and its products are available in
company’s web site.
•
In case a customer wants to pay their premiums through cheque then they can
draw them in favors of the insurance company in which he has the policy.
•
Market information: customers can check their policy status through online.
•
Clime settlement: clime settlement in private life insurance company is faster than
the other insurance company.
35

36. CHAPTER—III
RESEARCH METHODOLOGY
36

37. 3.1. RESEARCH DESIGN OF THE STUDY:
Marketing research can be defined as the systematic design, collection, analysis,
and reporting of the data and finding relevant to a specific marketing situation facing the
company.
Research design is the basic plan which guides the researchers in the collection
and analysis of data required for practicing the research product. In fact the research
design is the conceptual structure with which research is conducted. It consist the blue
print for the collection, measurement and analysis of the data that was followed
completing the study to ensure that study is relevant to the problem and will follow the
predetermined and set data.
The main data feature of “Research Design” is that it specifies population to be
studied. The main them of the chapter is to know the source of the data the researcher has
collected. Data are raw facts of observation, typically about physical phenomenon.
Descriptive research :
The research design selected for this research is descriptive research design.
3.2. METHODOLOGY:
Collection of the data for the study can be drawn from following methods for
study.
Sources of the data:
After determining the objectives of study and research design, the next important
step is data is step collection method. The information has to be collected from the
retailers. During the process of the study the data is collected from the target segment that
is customers, dealers and distributors with help of a structured well designed
questionnaire.
Data is collected from
•
Primary data
•
Secondary data
37

38. Primary data
It was collected through questionnaire prepared contains relevant questions that
are both close ended and opened. Individual and group interviews also under taken with
difference consumers,
I have collected mainly the Primary Data for my study by utilizing the questionnaire and
interview methods.
Secondary data
These data are collected from published sources such as Magazines, NEWS
papers, several books, and also from the help of web site www.hdfcsl.com.
(A) Sampling plan of the study:
Sample size:
Sample size refers to number of elements to be included in the study several qualitative
factors should also be taken into consideration when determining the sample size. These
include the nature of research, number of variable, and nature of analysis, sample size
used in similar studies incidence rates, completion rates, and resources constraints.
During the process of the study, survey has been conducted on 100 respondents.
Sampling method:
The researcher had choice between probability and non probability sampling
methods. In this study a simple non probability method namely convenience sampling
was adopted.
NON PROBABILITY METHOD – CONVENIENCE SAMPLING METHOD
38

39. CHAPTER—IV
ANALYSIS & INTERPRETATION
39

40. TABLE 4.1: AGE GROUP OF RESPONDENTS
Age Group
No. of respondent
Percentage
Below 25
31
31%
25 to 35
39
39%
35 to 45
25
25%
45 and above
5
5%
Total
100
100%
Sources: primary data collected through questionnaire
40

41. FIG-4.1: AGE GROUP OF RESPONDENTS
45
40
35
30
25
No. of respondents
20
15
10
5
0
below 25
25 to 35
35 to 45
45 and above
INTERPRETATION:
The above figure reveals that most of the people 32% are working in government and
29%are Business sector
41

42. Table 4.2: OCCUPATION OF THE RESPONDENTS
Working sector
No. of respondent
Percentage
Govt.
32
32%
IT
16
16%
Education
6
6%
Finance
13
13%
Business
29
29%
Other
4
4%
Total
100
100%
Sources: primary data collected through questionnaire
42

43. FIG - 4.2: OCCUPATION OF THE RESPONDENTS
35
30
25
20
no. of respondents
15
10
5
0
Govt
IT
Education
Finance
Business
Other
INTERPRETATION:
The above figure reveals that most of the people 32% are working in government and
29%are Business sector
43

44. Table
4.3:
RESPONDENTS
AWARENESS
INVESTMENT OPTION
Awareness
No. of respondent
Percentage
Yes
33
33%
No
14
14%
Have some knowledge
53
53%
Total
100
100%
Sources: primary data collected through questionnaire
44
OF

45. FIG - 4.3: RESPONDENTS AWARENESS OF
INVESTMENT OPTION
60
50
40
30
No.of Respondants
20
10
0
Yes
No
Have some Knowledge
INTERPRETATION:
This graph shows that only 33% of people are aware of the investment option and 53% of
people have some knowledge about it. But 14% of people are not aware of the investment
option available to them
45

46. Table 4.4:
RESPONDENTS HAVING AN
INSURANCE
POLICY
Response
No .of respondents
percentage
Yes
53
53%
No
47
47%
Total
100
100%
Sources: primary data collected through questionnaire
46

47. FIG - 4.4:
RESPONDENTS HAVING AN
INSURANCE
POLICY
54
53
52
51
50
49
no. of respondents
48
47
46
45
44
Yes
No
INTERPRETATION:
This graph shows that 47% of people not having an insurance policy and 53% of people
having an insurance policy.
47

48. Table 4.5: RESPONDENT INTEREST OF INVESTING
OPTIONS
Need for investment
Respondents
percentage
Retirement
28
28%
Tax saving
21
21%
Earnings
33
33%
Liquidity
18
18%
Total
100
100%
Sources: primary data collected through questionnaire
48

49. FIG - 4.5: RESPONDENT INTEREST OF INVESTING
OPTIONS
35
30
25
20
No.of respondentas
15
10
5
0
Retirement
Tax Saving
Earnings
Liquidity
INTERPRETATION:
The figure shows 33% of people have insurance for future earnings and 28% are
investing for Retirement.
49

50. Table 4.6: TERM OF INVESTMENT PREFERRED
Investment Method
No .of respondents
percentage
Short term
32
32%
Medium Term
22
22%
Long Term
46
46%
Total
100
100%
Sources: primary data collected through questionnaire
50

51. FIG - 4.6: TERM OF INVESTMENT PREFERRED
50
45
40
35
30
25
No. of respondants
20
15
10
5
0
Short Term
MediumTerm
Long Term
INTERPRETATION:
The above figure shows 46% of respondents prefer long term investment where as 32%
prefer medium term and only 22% prefer short term.
51

52. Table 4.7: PERCEPTION ABOUT INSURANCE
RESPONSE
NO. OF
RESPONDENTS
SHARE (%)
A saving tool
32
32%
A tax saving device
29
29%
39
39%
A tool to protect your
family
Sources: primary data collected through questionnaire
52

53. FIG - 4.7: PERCEPTION ABOUT INSURANCE
INTERPRETATION
The above figure shows that 32% of the respondents have perception of Insurance being a
saving tool and 29% of the respondents have perception of Insurance being a tax saving
device.But 39% of the respondents are with the view that Insurance is a tool to protect
your family.
53

54. Table 4.8: KIND OF BUYING PROCESS PREFERRED
BUYING PROCESS
NO. OF
RESPONDENTS
Customer approached
SHARE (%)
44
customer
Total
56%
100
Company/agent approached
44%
56
Insurance company/Agent
100%
Sources: primary data collected through questionnaire
54

55. FIG - 4.8: KIND OF BUYING PROCESS PREFERRED
INTERPRETATION
•
44% of the respondents approached the Insurance Company / Agent.
•
Whereas, 56% of the respondents were approached by the Company /Agent.
55

56. Table 4.9: WHAT PEOPLE LOOK FOR IN INSURANCE
COMPANY?
RESPONSE
NO. OF
RESPONDENTS
SHARE (%)
A trusted name
29
29%
Friendly service &
responsiveness
25
25%
Good plans
29
29%
Accessibility
17
17%
Sources: primary data collected through questionnaire
56

57. FIG - 4.9: WHAT PEOPLE LOOK FOR IN INSURANCE
COMPANY?
INTERPRETATION
•
29% customers look for a Trusted name in a company for insurance.
•
29% customers look for a good plan in a company for insurance.
•
Friendly service & responsiveness and Accessibility are also important factors
looked by customers in a company.
57

58. Table 4.10: FEATURES MADE YOU TO INVEST IN
HDFC STANDARD LIFE INSURANCE
FEATURE
NO.OF RESPONDENTS
SHARE (%)
Money Back Guarantee
15
15
Larger Risk Coverance
37
37
Easy Access to Agents
7
7
Low Premium
30
30
Company’s Reputation
11
11
TOTAL
100
100
Sources: primary data collected through questionnaire
58

59. FIG - 4.10: FEATURES MADE YOU TO INVEST IN
HDFC STANDARD LIFE INSURANCE
INTERPRETATION:
Majority of the respondent (37%) found Larger risk coverance as the most
attracted feature of the all.
59

60. Table 4.11: RESPONDENT PERCEPTION TOWARDS THE
HDFC STANDARD LIFE INSURANCE COMPANY
Opinion
No .of respondents
Percentage
Average
29
29%
Aggressive
21
21%
Excellent
14
14%
Professional
36
36%
Total
100
100%
Sources: primary data collected through questionnaire
60

61. FIG - 4.11: RESPONDENT PERCEPTION TOWARDS THE
HDFC STANDARD LIFE INSURANCE COMPANY
40
35
30
25
20
No of respondents
15
10
5
0
Average
Aggressive
Excellent
professional
INTERPRETATION:
The above graph shows that 36% of Respondents believes the operations of the company
to be professional and 29% believe it is Average.
61

62. Table 4.12: SATISFACTION OF THE RESPONDENTS
WITH RESPECT TO POLICIES OFFERED.
RESPONSE
NO. OF
RESPONDENTS
SHARE (%)
Satisfied
60
60%
Not satisfied
40
40%
Not Responded
0
0%
Total
100
100%
Sources: primary data collected through questionnaire
62

63. FIG - 4.12: SATISFACTION OF THE RESPONDENTS
WITH RESPECT TO POLICIES OFFERED.
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.
63

64. Table
4.13
-
RESPONDENTS
PREFERENCE
CLARIFYING ANY QUERY
Services
No. of Respondents
Percentage
Advisor
39
39%
company website
16
16%
customer care
28
28%
branch manager
17
17%
Total
100
100%
Sources: primary data collected through questionnaire
64
FOR

65. FIG - 4.13: RESPONDENTS PREFERENCE FOR
CLARIFYING ANY QUERY
45
40
35
30
25
No. of respondents
20
15
10
5
0
Advisor
company website
customer care
branch manager
INTERPRETATION:
The above graph shows that 39% people believes in Advisor, 28% of people believes
Customer care while company website and branch Manager People clarify any query first
respectively 16% and 17%
65

66. Table 4.14: BENEFITS OF INSURANCE PERCIEVED BY
RESPONDENTS
BENEFITS
Cover Future
NO.OF
RESPONDENTS
SHARE (%)
55
55
Tax Deductions
20
20
Future Investment
25
25
TOTAL
100
100
Uncertainty
Sources: primary data collected through questionnaire
66

67. FIG - 4.14: BENEFITS OF INSURANCE PERCIEVED BY
RESPONDENTS
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
67

68. Table 4.15: SATISFACTION OF CURRENT POLICY
Satisfaction level
No. of Respondents
Percentage
Yes
82
82%
No
18
18%
Total
100
100%
Sources: primary data collected through questionnaire
68

69. FIG - 4.15: SATISFACTION OF CURRENT POLICY
90
82
80
70
60
50
40
30
No. of respondents
18
20
10
0
Yes
No
INTERPRETATION:
The above figure shows that 82% of respondents are satisfied with their current policy
and only 18% of people are not happy with their policy.
69

70. CHAPTER –V
FINDINGS & SUGGESTIONS
70

71. 5.1 FINDINGS:
•
It reveals that 39% of respondents belong to 25 to 35 age group and 31% are
belong to below 25 ages. ( Ref: Table 4.1)
•
The survey shows that maximum 32% of the respondents are in working govt.
sector. ( Ref: Table 4.2)
•
Out of 100respondents 33% of the respondents were well known about HDFCSL
investment option. ( Ref: Table 4.3)
•
53% of the people having a insurance policy. ( Ref: Table 4.4)
•
33% of respondents are indented to invest on their earning only. ( Ref: Table 4.5)
•
46% of respondents are preferred long term investment term in HDFC-SLIC.
( Ref: Table 4.6)
•
56% of the respondents prefer the buying process of the company/agent
approaching the customer while 44% prefer vice-versa. ( Ref: Table 4.8)
•
36% of the respondents perception about HDFC-SLIC is professional, and 21%
has told that it is being aggressive and 14% are Excellent. ( Ref: Table 4.11)
•
60% of the respondents are satisfied with the policies offered in HDFC-SLIC.
( Ref: Table 4.12)
•
39% of the respondents using Advisor service which the service offered by the
HDFC-SLIC. ( Ref: Table 4.13)
•
55% of the respondents perceive the benefits of insurance as a cover for future
uncertainity. ( Ref: Table 4.14)
•
82% of respondents are satisfied with current policy offered by HDFC-SLIC.
( Ref: Table 4.15)
71

72. 5.2 SUGGESTIONS:
In Coimbatore most of the people are working in Government and Business sector
and they don’t have much financial planning. Another important point is they have good
compensation package. So the company should bring more innovative and should carry
out more promotional activities in government fields. Better promotion of unit linked
plans can generate more sales to the company.
HDFC STANDARD LIFE INSURANCE COMPANY’s unit linked insurance plans
can effectively meet the requirements of the customers, because unit linked plans are
directly related to the market, so the customers can creates more wealth through fund and
they can enjoy the tax benefit, and also the insurance cover. The pressure on the sales
team would be lessoned by increasing the awareness among the people about the
credibility of the companies and need for capitalizing on the various insurance plans
offered by the private life insurance companies.
•
As the awareness of insurance is less among the people, its awareness should be
creating among the people by conducting stage shows and explaining its need and
importance.
•
Insurance should not be considered only as a risk cover element but also as a long
term investment
•
It is also recommended to concentrate to on lower income group people.
•
More efforts should be taken by the company’s financial consultants to convert
the leads into policy holder of HDFC-SLIC.
•
Follow up should be taken and customer relation should be maintained by the
inviting the existing customers to the seminars conducted when launching a new
product or any changes are made to the products or rules to retain them.
•
Coming with new promotional activities like giving new advertisements, keeping
stalls, conducting seminars in companies, and giving ads through SMS can be
done by HDFC Standard Life insurance Co. to create awareness among
customers.
72

73. CHAPTER – VI
CONCLUSION
73

74. CONCLUSION:
Our exhaustive research in the field of Life Insurance threw up some
interesting trends which can be seen in the above analysis. A general impression
that we gathered during Data collection was the immense awareness and
knowledge among people about various companies and their insurance products.
People are beginning to look beyond LIC for their insurance needs and are
willing to trust private players with their hard earned money. People in general
have been impressed by the marketing and advertising campaigns of insurance
companies. A high penetration of print, radio and Television ad campaigns over
the years is beginning to have its impact now. Another heartening trend was in
terms of people viewing insurance as a tax saving and investment instrument as
much as a protective one. A very high number of respondents have opted for
insurance for such purposes and it shows how insurance companies have been
successful to attract public money in recent times.
The general satisfaction levels among public with regards to policy and
agents still requires improvement. But therein lies the opportunity for a relative
new comer like HDFC Standard Life Insurance Company Ltd. LIC has never
been known for prompt service or customer oriented methods and HDFC
Standard Life can build on these factors.
74

75. BIBLIOGRAPHY
WEBSITES REFFERED:
www.irda.com
www.hdfcinsurance.com
www.insurance.ind.com
www.moneyoutlook.com
BOOKS & JOURNALS REFFERED:
Marketing Management- Philip kotler.
Research Methodology- C.R. Kothari.
IRDA Journal.
Outlook – The layman’s guide to insurance.
75

76. ANNEXURE
QUESTIONNARE:
I am Anand.N, MBA second year student of SRM University
currently doing my project in HDFC Standard Life Insurance Company. As
a part of my study I am collecting information of the existing customers to
know the ‘CUSTOMER-BUYING BEHAVIOUR IN LIFE INSURANCE
INDUSTRY’. I kindly request you to fill the following questionnaire.
(1)
What is your name?
(2)
Sex:
(3)
Which age group do you belong to?
[ ]Male
[ ]Female
[ ] less than 25years, [ ] 25 to 35 tears,
[ ] 35 to 45 years
(4)
[ ] above 45years
Which sector are you working in?
[ ] Education
[ ] Business
[ ] Government
(5)
[ ] Finance
[ ] IT
[ ] others
Are you aware of the all the Investment options available?
[ ] Yes
[ ] No
[ ] Have some knowledge
(6)
Do have any insurance policy?
[ ] Yes
[ ] No
76

77. (7)
Why do you want to invest in to insurance?
[ ] Retirement
[ ] Earnings
(8)
[ ] Tax saving
[ ] Liquidity
Which term of investment preferred?
[ ] Short term
[ ] Medium term
[ ] Long term
(9) What is your perception about insurance?
[ ] A saving tool
[ ] A tax saving device
[ ] A tool to protect your family
(10) What kind of buying process do you prefer?
[ ]Customer approached Insurance company/Agent
[ ] Company/agent approached customer
(11) What do you look for in an insurance company?
[ ] A trusted name
[ ] Friendly service & responsiveness
[ ] Good plans
[ ] Accessibility
(12) Which features made you to invest in HDFC Standard Life Insurance?
[ ] Money Back Guarantee
[ ] Larger Risk Coverance
[ ] Easy Access to Agents
[ ] Low Premium
[ ] Company’s Reputation
(13) What is your opinion towards the services provided by HDFC Standard
Life Insurance?
[ ] Average
[ ] Aggressive
[ ] Excellent
[ ] professional
77

78. (14) Are you satisfied with the policies of the insurance provider?
[ ] Satisfied
[ ] Not satisfied
[ ] Not Responded
(15) If you want to clarify any query to whom you consult first?
[ ] advisor
[ ] company website
[ ] customer care
[ ] branch manager
(16)How do you perceive the benefits of insurance provided?
[ ] Cover Future Uncertainty [ ] Tax Deductions
[ ] Future Investment
(17) Are you satisfied with your current policy?
[ ] Yes
[ ] No
Any more information you would like to share regarding your perception
about HDFC-SLIC.
THANK YOU
78