Summer Training Report

Summer Training Report on
MARKET RESEARCH AND CUSTOMER SATISFACTION
In
Submitted in the Partial Fulfillment of MBA Programme (Batch 2012-14)
From Dev Bhoomi Institute of Technology, Dehradun

Under the guidance of:
External Guide Mrs.Pushpa Negi (SM) , MR.Deepak Khatri (HR) Internal Guide - Mr. Dr.Manish Garg
Submitted by:
Student Name Mohommad Fhurkan MBA- 3RD Semester Enrolment No.-120080500038
MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE
PAGE 1
DECLERATION
MOHOMMAD FHURKAN STUDENT OF DEVBHOOMI INSTITUTE OF TECHNOLOGY DEHRADUN,U.K,INDIA HEAR BY DECLEARE THAT THIS SUMMER TRAINING REPORT IS THE RECORD OF AUTHENTIC WORK CARRIED OUT BY ME FROM HDFC LIFE,DEHRADUN TOWARDS PARTIAL FUILLMENT OF REQUIREMENT FOR THE COMPLETITION OF MBA COURSE AS PERSCRIBED BY UTTRAKHAND TECHINICAL UNIVERSITY,DEHRADUN,U.K,INDIA AND HAS NOT BEEN SUBMITTED EARLIER TO ANY OTHER UNIVERSITY OF INSTITUTE OF AWARD OF ANY DEGREE.
Signature Mohommad Fhurkan
PAGE 2
ACKLOWLEDGEMENT
It is said, The most important single word is we and the zero important single word is I . This true even in today s modern era. It is absolutely impossible for a single individual to complete the assigned job without help and assistance from others.
It is my greatest pleasure to acknowledge sincere gratitude towards Mrs. Pushpa Negi (Sales Manager) HDFC LIFE Insurance Company Ltd. Dehradun, for the completion of the project work.
I would also like to acknowledge to my sincere gratitude to the Director of my institute Dr. Ratan Raina and my project guide Prof. Dr. Manish Garg for helping me in this project work.
I am thankful to all of my friends and batch mates for their help in completing this project work. Finally, I am thankful to my entire family members for their great support and encouragement.
PAGE 3
CONTENTS
Serial No.
1.
Particulars
Introduction Objective of the Study
2.
3.
Company Profile
4.
Scope of the work
5.
Research Methodology
6.
Data interpretation and analyses
7.
Observation and findings
8.
Limitation and Recommendation Conclusion
9.
10.
Bibliography
11.
Annexure
PAGE 4
INTRODUCTION Wherever there is uncertainty there is risk. The risk cannot be averted. The risk is uncertainty of the financial loss. We don t have any command on uncertainties. This makes it essential that we think in favor of a device that becomes instrumental in spreading the loss. It is in this context that we think about insurance.
Protection against the possible chances of generating uncertain losses. It eliminates worries and miseries of losses or destruction of property and death.
Life insurance is a contract between you and a life insurance company, which provided you a death during the contract term.
Buying insurance is extremely useful if you are the principal earning member in the family unfortunate premature demise, your family can remain financially secure because of the life that you have purchased.
The primary purpose of life insurance is therefore protection of the family in the even insurance is also seen as a tool to plan effectively for your future years. Your retiren children s future needs. Today, the market offers insurance plans that not just cover your same time grow your wealth too. If you have dependants and financial responsibilities toward them, then you certainly need.
MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE PAGE 5
Having a family means dependant, which in turn means financial commitments. Finance comes in the form of loans, children s education, medical expenses etc. Imagine what would happen if you were to lose your life suddenly or become disabled being insured in a situation like this is a necessity.
When you insured your life, in effect what you are doing insuring your earning capacity that your dependents will be able to continue living without financial hardships even in case Most insurance plans available today come with savings element built into it. These policies not only for a financially independents future, which were have a comfortable retirement. For example HDFC
preferred Retirement plans such as income plan and HDFC plan. Most insurance plans available today have a bailt in saving elements. HDFC preferred
Retirement plans meet your dual financial goals of life cover and savings for the future.
Collateral security. Life wasn t designed to be risk free. The key is not to eliminate risk, but to estimate it Accurately and manage it wisely.
Insurance sector have characteristic that give can boost to the growth of any economy .it is due to the savings done at the individual level and at micro level it generates funds for infrastructure building as the cash flow is constant while the payout is differed, so that the insurance companies are becoming biggest investors in long gestation infrastructure development projects and hence have a
great Importance to the developing economy like India. Insurance sector with an annual growth rate of 15-20% and the largest number of life insurance policies in force, the potential of the Indian insurance industry is huge.
PAGE 7
INTRODUCTION OF THE TOPIC
The purpose of this training was to have practical experience of working within the organization, in the field of marketing and to have exposure to the important management practices in field of marketing. While writing this report the language has been keep simple and the entire discussion has been logical and has coherent outlines. The main motto of the project work was Market Research and customer Satisfaction of HDFC Life Insurance, Dehradun. It includes through market Research in various plans of HDFC Life Insurance. And in detail consumer (Satisfaction) responses analysis, by surveying number of consumers.
The project report is divided into two parts, first part consists market research for finding out best sold plan of HDFC Life Insurance, And second consist survey report of various consumers about there responses about satisfaction towards HDFC Life Insurance Company.
PAGE 8
IMPORTANCE OF THE TOPIC
The project report is all about market research to find out best sold plan of HDFC Life Insurance, Dehradun. And to mouser the satisfaction level of consumers of HDFC Life Insurance.
Market research helps HDFC Life Insurance about the best plan purchased by its consumer satisfaction level helps to know weather the consumers are satisfied by service/Plans of HDFC Life Insurance.
PAGE 9
OBJECTIVES OF THE STUDY
To gather information about customer satisfaction toward HDFC life Insurance ,Dehradun. To know the customer perception about features of policies. To know the customer satisfaction about the safety and comfort provided
To provide suggestions, in improving the customer satisfaction and the company sales and profitability To know the customer satisfaction towards the after sales service offers by HDFC
PAGE 10
COMPANY PROFILE
The industries, businesses and individuals are considerably by the services of insurance organization A. The oldest form of insurance (12th century) is marine insurance. After wards in 16th century fire insurance is started in Germany. B. The first registered life office was Hand in Hand Society established in 1696. C. In India the first life insurance was started in the Bengal Presidency in 1818 knows as oriental life insurance company. D. Experiencing so many ups and downs the insurance business was found in changed shapes. Particularly after attaining independence and to the more specific after nationalizing in 1956. E. There was major change in the insurance sector after globalization in 2001. The private player in the insurance industry and ends the dominance of LIC. F. The different MNC s company of foreign country enters in the insurance industry with the joint venture with Indian companies. Today total 28 private life insurance companies are working in insurance industry.
PAGE 11
HISTORY
1912: the Indian Life Assurance Companies Act enacted as the first stature to regulate the life insurance business.
1928: the Indian Insurance Companies Act enacted to the government to collect statistical information about both life and non life insurance businesses.
1938: Earlier legislation consolidated and amended to the insurance Act with the objective of protecting the interests of the insuring public.
1956: 245 Indian and Foreign insurers and provident societies taken over by
the central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 core from the Government of India.
PAGE 12
INSURANCE SECTOR REFORMS:
1) Structure Government stake in the insurance companies to be brought down to 50%.
2) Competition Private companies with a minimum paid up capital of Rs. 1bn should be allowed to enter the industry. No company should deal in both Life and General Insurance though a single entity. Foreign companies may be allowed to enter the industry in collection with the domestic companies. Postal Life Insurance Should be allowed to operate in the rural market. Only One State Life Insurance Company should be allowed to operate in each state.
3) Regulatory Body - The Insurance Act should be changed - An Insurance Regulatory body should be set up - Controller of Insurance (Currently a part from the Finance Ministry) should be made independent.
4) Investments Mandatory Investment of LIC Life Fund in government securities to be reduced from 75% to 50%.
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5) Customer service LIC should pay interest on delays in payments beyond 30 days. Insurance companies must be encouraged to set up unit linked pension plans. Computerization of operations and updating of technology to be carried out in the insurance industry. The committee emphasized that in order to improve the customer services and increase the coverage of the insurance; industry should be opened up to competition.
PAGE 14
ENTRANCE OF PRIVATE PLAYERS IN INSURANCE SECTORS
India still has low insurance penetration of 1.95 percent, 51st in the world. Despite the fact that India boosts a saving rate of around 25 percent, less than 5 percent is spent on insurance.
The insurance landscape in India is undergoing major changes. Close to foreign competition since nationalization in 1956, the life insurance industry had been protected from competitive pressures. Now, with the reopening of the sector, several new players have entered the scene.
The acronym for the Insurance Regulatory and Development authority of India, it overseeing the insurance business in India. It protects the interests of the policyholders received and ensures orderly growth of the insurance industry and for matters connected there thereto.
Beside HDFC Life Insurance there are other 28 private players working in life insurance sector, which are as follows.
Allianz Bajaj Life Insurance Company Ltd. Allianz Bajaj Life Insurance Company Ltd. is a joint venture between Allianz AG (Largest insurer in Europe) and Bajaj Auto Ltd. incorporated on 12th march 2001.
AMP Sanmar Assurance Company Ltd.
PAGE 15
AMP Sanmar Assurance Company Ltd. is a joint venture between AMP, largest life insurer in Australia and New Zealand, Sanmar is one of the largest industrial groups in South India dealing in chlorochemicals and shipping and Engineering.
Aviva Life Insurance Company Ltd. Aviva Life Insurance Company Ltd. is a joint venture between Dabur India and CGU, is a wholly subsidiary of Aviva Plc (UK).
BI Life Insurance Company Ltd.
India s largest bank SBI and Cardiff S.A, a leading insurer in France came together to from SBI Life.
Tata Life Insurance Company Ltd.
Tata Life Insurance Company Ltd. is capitalized at Rs. 185 crore; of which 74% has been brought in by TATA Sons and the American partner bring the balance 26%.
ICICI Prudential Life Insurance Company Ltd.
ICICI Prudential equity based stands at Rs. 675 Cr. With ICICI group and Prudential Plc holding 74% and 26% stake respectively.
PAGE 16
Birla Sun Life Insurance Company Ltd.
Birla Sun Life Insurance Company is a 74:26 joint venture between Aditya Birla Group and sun life financial services of Canada.
HDFC Standard Life Insurance Company Ltd.
HDFC Standard Life Insurance Company Ltd. was one of the first companies to be granted license by the IRDA to operate in life insurance sector. It was incorporated on 14th august 2000. HDFC is the majority stakeholder in insurance JV with 81.4% stake and Standard life (largest mutual assurance company in Europe) has a stake of 18.6%.
ING Vysya Life Insurance Company Ltd.
ING Vysya Life Insurance Company Ltd. is expected to be first bank assurance venture in the country. Together they have roped in GMR group, which has wide-ranging interests in field such as power generation infrastructure, manufacturing, software and banking. As per JV agreement Vysya bank would hold 49% stake, ING (Europe, Dutch origin) 26% and GMR group would hold 25% of the stake.
MAX New York Life Insurance Company Ltd. It s a partnership between MAX India ltd and New York life, a Fortune 100 company.
PAGE 17
Met Life India Insurance Company Ltd. It was incorporated in April 2001 as a joint venture between Met Life International Holding, Inc, Jammu & Kashmir bank, and M. Pallonji and company private Ltd.
PAGE 18
COMPANY PROFILE PRODUCT
a) HDFC Flexi plan Advantages: 1 Choice of 5 professionally managed funds included Gilt Fund, Floating Rate Fund, Bond Fund, Balanced Fund, Growth Fund.
2 Add lump sum injections as and when suitable 3 Premium holiday facility 4 Riders options for enhanced protection 5 Loan facilities in case of emergencies 6 Simplified documentation and procedures
b) HDFC Retirement Income Plan The Kotak Retirement Income Plan is a savings plan designed to meet your post retirement needs. It is a plan that gives you jeene Ki azaadi by giving you the choice to remain independent even after retirement.
Advantages: 1 In this plan minimum age of 18 years of old and maximum age is 60 years. 2 You may buy an annuity either from HDFC Life Insurance. 3 You can make lump sum injections into your policy at any time before retirement. 4 For a with cover plan you have the facility of Automatic cover Maintenance, which ensures that the cover remains in force even when you miss the premium payments. This facility is available after the first 3 years of the term.
5 You may exercise the option of paying premium from the Supplementary Accumulation Account, created from will be created from lump sum injections, if the need arises.
c) HDFC Endowment Plan An Endowment policy is a combination of savings along with risk cover. These policies designed to accumulate wealth and at the same time cover your life. In simple words, issued for specific time periods during which you pay a regular premium. If you die during policy, your beneficiaries will receive the sum assured along with the accumulated bonus a outlive the policy tenure you will receive the sum assured along with accumulated bonus.
Advantages: 1 In this plan minimum age of 18 years of old and maximum age is 65 years. 2 You can take a loan against your policy has been in force for at least three Years. 3 You have the option of paying premiums quarterly, half yearly or yearly. 4 You have the benefit of a 15-day free look period.
d) HDFC Capital Multiplier Plan The HDFC Capital Multiplier Plan is a participating plan that is built in such A way that it allows your money to multiply, and gives you the flexibility of Using this money the way you need it, in regular and irregular withdrawals. This is an endowment plan, which is very flexible and has a lot of in-built Benefits.
Advantages: 1 In this plan minimum age of 18 years of old and maximum age is 60 years.
2 At the start of your withdrawals period, you can draw the full proceeds or You can draw up to 50% of your basic sum assured or accumulation account, Whichever is higher? 3 In addition to the regular premiums, you can make lump sum injection into Your plan during the premium paying period. A Supplementary Accumulation Account will be created. 4 You have the facility of Automatic Cover Maintenance, which ensures that The policy remains in force even when you miss the premium payments. This Facility is available after the first 3 years of the term.
e) HDFC Child Advantage Plan The HDFC Child Advantage Plan is an investment plan designed to meet Your child s future needs. It is a plan that gives your child the azaadi to Realize his/her dreams. This is an endowment plan where the life insured is The child. This is a participating plan.
Advantages: 1 In this plan minimum age of 0 years of old and maximum age is 17 years. 2 You may take a loan against this plan, after the policy has been in force for at least three years. 3 You have the option of paying premiums quarterly, half yearly or yearly. 4 You have the benefit of a 15-day free look period.
SCOPE OF STUDIES
Need for measuring customer satisfaction. Customers are too good to lose ---------- Lets keep them happy! Customer is the king. In the era of cutthroat competition and economic recession, above axiom has More importance than ever before. Marketing starts with the customer and ends the customer.
Peter Drucker. So no organization, small or big ignores the customers. Earth is not the center of universe but revolves around the Sun.
-Copernicus. Similarly, we have come to believe that business firm is not the center of economic universe but revolves around the customer. Build customer and not only products. Building customers is not a single step exercise but a process ------.
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OBJECTIVE OF THE STUDY:
1) To determine the present position and satisfaction of customer in HDFC Life Insurance. The main objective of the project was to analyze consumer satisfaction of HDFC Life Insurance with other services in Dehradun. And also present position of the company.
2) To determine the market share of different brands. The second objective of the project was to determine the market share of different brands available in the market. There was a tough competition for the brand in the market. Therefore to get establish, company had to make its competitors analysis and need to determine where do they stand.
3) Responses of customer Responses from them were collected through survey and for the Questionnaire were prepared for both of them.
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4) Benefits derived by assessing consumer satisfaction are:
- Feedback to organization regarding product. - Understanding customer s requirements. - Providing superior service to customer. - Strengthen the relationship with customers. - Formulating sales strategies.
5) Identify pros and cons of the brand.
This was a fundamental objective of the whole research. Company wants to identify that where does the brand lack. In other words, what are the brands so that it can rectify them in order to establish the brand in the market.
6) Suggestions and recommendations.
The objective of the research was not only to find out the problem but also the identification of solutions or suggestions of the problems.
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RESEARCH METHODOLOGY INTRODUCTION
Research is an art of scientific investigation through search for new facts inany branch of knowledge. It is a moment from known to unknown. Research always starts with a question or a problem.
Its purpose is to find answers to questions through the application of the scientific method.
It is a systematic and intensive study directed towards a more complete knowledge of the subject studied.
As marketing does not address itself to basic or fundamental question, itdoes not qualify as basic research. On the contrary, it tackles problems, which seem to have immediate commercial potential. In view of the major consideration, marketing research should be regarded as applied research. We may also say that marketing research is of both types problem solving and problem oriented.
Marketing research is as systematic and objectives study of the problems pertaining to the marketing of the goods and services. It may be emphasized that it is not restricted to any particular area of marketing, but is applied to all the phases and aspects.
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METHOD OF DATA COLLECTION 1) Data to be collected. Data includes facts and figures, which are required to be collected to achiever the objectives of the project. In order to determine the present position and satisfaction of customer of HDFC Life Insurance.
a) Primary Data The data that is being collected for the first time or to particularly fulfill the objectives of the project is known as primary data.
These types of data were, - The market share of HDFC Life Insurance. - The market share of other brands available in the market. - Responses of consumer. - Identifying pros and cons of the brand.
The above primary data were collected through responses of consumer was conducted through questionnaires prepared for them.
b) Secondary Data Secodary data are that type of data, which are already assembled and need not to collected from outside. These types of data were i) Company Profile ii) Product Profile iii) Competitors Profile The aforesaid data were collected through Internet and company s financial
2) Data Collection Method For given project, the primary data, which needed to collect for the first time, were much significant. This type of information gathered through Survey technique, which is the most popular and effective technique for correct data collection. The survey was completed with the use of questionnaires. - Questionnaire for consumer.
3) Sampling Sample is the small group taken under consideration from the total group number of nearby 50 people .
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DATA ANALYSIS & INTERPRETATION

This small group represents the total group. In the project the research, which was ask to be studied was Dehradun market but as it was possible to approach all the respondent s customer of the city, hence a sample was selected which represents the whole city. The areas selected for the sample are present further in the appendix. Sample size of customer list was taken from HDFC Life Insurance customer data basic. 4) Data Evaluation The data so collected were not simply accepted because it contained information and over or under emphasized facts.
Unnecessary
Therefore only relevant data were included in the report, which helped in achieving the objectives of the project.
PAGE 28
Classes (Age) 18-24 24-35 35-45 45-55 55-65
No of Respondents 4 19 16 8 1
No. Of Respondant 20 18 16 14 12 10 8 6 4 2 0 18-24 24-35 35-45 45-55 55-65
No. Of Respondant
ANALYSIS
Above diagram consist five classes of different age groups. Here customer 19 customer biloges to 25-35 age groups, 16 customers fall in the age group 35-45 years. Other 8 customer comes are in the class 45-55 years the age group of 18-24 consists four customer reaming customer is in age group 55-65 years. Here majority of customer belong to the group 25-35 years.
PAGE 29
Do you think is it essential to have Life Insurance? YES NO Yes 45 90 No 5 10 Total 50 100
No. of Respondents % of Respondents
No. of Respondents
YES NO
ANALYSIS To this question 45 consumers reported YES and 5 consumers reported NO .
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Which are the companies you invested your money for Life Insurance?
Companies Kotak Mahindra Life Insurance LIC Bajaj Allianz Tata AIG Max New York Life Insurance HDFC Life Insurance ICICI Prudential Life Insurance SBI
No. of Respondents 50 30 10 5 10 25 5
% of Respondents 37.04 22.22 7.41 3.70 7.41 18.52 3.70
No. of Respondents
Kotak Mahindra Life Insurance LIC Bajaj Allianz Tata AIG Max New York Life Insurance HDFC Life Insurance ICICI Prudential Life Insurance SBI
PAGE 31
ANALYSIS
From the above figure we come to know that customer are also investing money in other life insurance companies. The major player in insurance is LIC holding 22.22% of total sample. The second major player ICICI is holding 18.52%. HDFC and AIG are having equal share of 7.41% & the Max New York & SBI are having 3.70%.
PAGE 32
Why did you choose HDFC Life Insurance?
ROI Peer Pressure Tax Benefit Security /safety Low Premium TOTAL
No of Respondents 18 15 10 2 5 50
% Of Respondents 36 30 20 24 10 100
No. of Respondents
ROI Peer Pressure Tax Benefit Security /safety Low Premium
ANALYSIS
The above diagram shows 36% of respondents choose because of good returns, 30% because of peer pressure and remaining 24% opt. Because of tax benefit, safety and 100 premium respectively.
PAGE 33
Which of the following planed you is insured?
No o Respondents HDFC Flexi plan 25 HDFC Retirement Plan 19 HDFC Endowment Plan 3 HDFC Capital Multiplier Plan 6 Child Advantage Plan 10
% Of Respondents 40 30 5 10 15
No. of Respondents
HDFC Flexi plan HDFC retirement Plan HDFC Endowment Plan HDFC Capital Multiplier Plan Child Advantage Plan
Note.
Some of customer are having more than one plan total survey customers are 50.
PAGE 34
ANALYSIS
From the total 63 respondents maximum i.e. 40% customers have opted for Flexi Plan, whereas 30% have gore for Retirement plans and remaining 30% have customer are having endowment, multiplier and child advantage respectively.
PAGE 35
What kind of services you expect from insurance provides
Easy access ability to Deposit Center Time to time premium collection Provision in case of Dues Bonus & other schemes TOTAL
No of Respondents 20 12 8 24 64
% Of Respondents 31 19 13 37 100
No. of Respondents
Easy access ability to Deposit Center Time to time premium collection Provision in case of Dues Bonus & other schemes
Note.
Some of customer are expecting more than single service.
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ANALYSIS Out of total 50 respondents 37% like to have bonus and other service as a prime concern, 13% like to have provision in case of dues and remaining 31% & 12% respondents say. They need time-to-time premium collection and easy accessibility to deposit center as a concern before choosing insurance provider.
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How will you rate the services given by HDFC Life ? No of Respondents 16 28 6 50 % Of Respondents 32 56 12 100
Poor Average Good Excellent TOTAL
No. of Respondents
Poor Average Good Excellent
ANALYSIS Out of 50 respondents 57% have ratted HDFC Life Insurance services as good and 32% have ratted as average. And remaining 12% have ratted as Excellent.
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What difference you find between HDFC & your previous Insurance provider. No of Respondents 16 12 28 22 50 % Of Respondents 21 15 36 28 100
Good Returns Effective Service/liquidity Tax Planning Security/ Safety Benefit TOTAL
No. of Respondents
Good Returns Effective Service Tax Planning Security/ Safety Benefit
Note. Some of customers are having more than one plan more Benefit are expected in one plan. Total surveys of customers are 50.
PAGE 39
Do have any suggestion for HDFC Life Insurance? YES NO YES 39 78 NO 11 22 TOTAL 50 100
No of Respondents % Of Respondents
No. of Respondents
YES NO
ANALYSIS To this question 39 consumers reported YES and 11 consumers reported NO .
PAGE 40
In future, will you purchase policies from HDFC Life Insurance? YES NO
No of Respondents % Of Respondents
YES 32 64
NO 18 36
TOTAL 50 100
No. of Respondents
YES NO
ANALYSIS
To this question 32 consumers reported YES and 18 consumers reported NO .
PAGE 41
LIMITATION AND RECOMMENDATIONS
1) There is scope to sale insurance policy by concentrating on age group 18-24 years here potential of customers are there.(Example. Software professional, BPO employees, and professionals) Flexi plan can be sold by concentrating on age group 35-45 years. (Example. Government employees, executives and businessman)
2) As major respondents think to have life insurance policy is very essential there is lot of scope for insurance company.
3) HDFC Life Insurance should try to build trust among the public by making people aware of their investment is safe, high return on investment, Tax Benefits.
4) As more respondents are investing in HDFC Life Insurance for getting high return on investment the company should try to provide attractive returns on investments in future.
5) HDFC Life Insurance should introduce attractive policies & also attractive bonus on policies to attractive more potential customers.
6) Approx 36% of respondents differ with there previous insurance provider, they field that HDFC Life Insurance providing good tax benefit for there investment so HDFC Life Insurance if possible try to provided more tax benefit customer.
FINDINGS
Based on the data gathered by administrating schedules to customers the following observations are made.
1. In HDFC customer satisfaction according to the data shown in table 1 of the data analysis and Interpretation topic. 2. Most of the people are satisfied with its low premium Company Policies offered by the
3. Based on the maximum number of the people are satisfied with it. 4. If we took the satisfaction level of people toward HDFC it becomes good.
PAGE 43
CONCLUSION
After conducting market research for HDFC Life Insurance Company we came to know different needs of consumers, their valuable suggestions, responses to the different questions. With this information we can conclude that there is good market awareness about HDFC Life Insurance Company in the market.
Customer satisfaction level of most respondents is higher for HDFC Life Insurance Company, which is provided by survey. Higher satisfaction level of HDFC life insurance company was monthly due to HDFC provides good tax benefit for the consumers also ROI, security etc. HDFC Flexy plans is the best-sold plan in market by HDFC Life Insurance. This conveys that the customer s are switching to retirement plan.
PAGE 44
BIBLIOGRAPHY
BOOKS
MAGAZINE Business & Economy Magazine COMPUTER WEBSITE www.IRDA.com www.licindia.com www.hdfcinsurance.com www.businessindiaonline.com www.maxnewyorklife.com www.brandonline.com www.iciciprulife.com
PAGE 45
ANNEXURE
PAGE 46
QUESTIONNAIRE
1. Personal detail Name: Age 18-24 45-55 Phone No. Email. Office Address: Residential Address: 25-35 55 and above 35-45
2. Do you think is it essential to have Life Insurance? YES NO
3. Which are the companies you invested your money for Life Insurance? a) HDFC Life b) LIC c) Bajaj Allianz d) Tata AIG e) Max New York Life Insurance f) KOTAK MAHINDRA Life Insurance g) ICICI Prudential Life Insurance h) SBI
PAGE 47
4. Why did you choose HDFC Life ? a) ROI b) Peer Pressure c) Tax Benefit d) Security /safety e) Low Premium 5. Which of the following planed you is insured? a) HDFC Flexi plan b) HDFC retirement Plan c) HDFC Endowment Plan d) HDFC Capital Multiplier Plan e) HDFC Child Advantage Plan 6. What kind of services you expect from insurance provides a) Easy access ability to Deposit Center b) Time to time premium collection c) Provision in case of Dues (Policy Lapse) d) Bonus & other schemes 7. How will you rate the services given by Kotak Mahindra Life Insurance? a) Poor b) Average c) Good d) Excellent
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8. What difference you find between HDFC & your previous Insurance provider. a) Good Returns (HIGHEST) b) Effective Service/Liquidity c) Tax Planning d) Security/ Safety Benefit & Protection on your Capital 9. Do have any suggestion for HDFC Life YES NO
10. In future, will you purchase policies from HDFC Life Insurance? YES NO
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Summer Training Report on

MARKET RESEARCH AND CUSTOMER SATISFACTION

Submitted in the Partial Fulfillment of MBA Programme (Batch 2012-14)

From Dev Bhoomi Institute of Technology, Dehradun

MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE

Signature Mohommad Fhurkan

MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE

MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE

Scope of the work

Data interpretation and analyses

Observation and findings

Limitation and Recommendation Conclusion

MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE

MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE

INTRODUCTION OF THE TOPIC

MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE

IMPORTANCE OF THE TOPIC

MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE

OBJECTIVES OF THE STUDY

MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE

MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE

MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE

INSURANCE SECTOR REFORMS:

1) Structure Government stake in the insurance companies to be brought down to 50%.

MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE

MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE

ENTRANCE OF PRIVATE PLAYERS IN INSURANCE SECTORS

AMP Sanmar Assurance Company Ltd.

MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE

BI Life Insurance Company Ltd.

Tata Life Insurance Company Ltd.

ICICI Prudential Life Insurance Company Ltd.

MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE

Birla Sun Life Insurance Company Ltd.

HDFC Standard Life Insurance Company Ltd.

ING Vysya Life Insurance Company Ltd.

MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE

MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE

COMPANY PROFILE PRODUCT

MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE

OBJECTIVE OF THE STUDY:

MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE

4) Benefits derived by assessing consumer satisfaction are:

5) Identify pros and cons of the brand.

6) Suggestions and recommendations.

MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE

RESEARCH METHODOLOGY INTRODUCTION

MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE

MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE

DATA ANALYSIS & INTERPRETATION

MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE

Classes (Age) 18-24 24-35 35-45 45-55 55-65

No. Of Respondant 20 18 16 14 12 10 8 6 4 2 0 18-24 24-35 35-45 45-55 55-65

MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE

No. of Respondents % of Respondents

ANALYSIS To this question 45 consumers reported YES and 5 consumers reported NO .

MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE

% of Respondents 37.04 22.22 7.41 3.70 7.41 18.52 3.70

MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE

MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE

Why did you choose HDFC Life Insurance?

ROI Peer Pressure Tax Benefit Security /safety Low Premium

MARKET RESEARCH & CUSTOMER SATISFACTION IN HDFC LIFE

Which of the following planed you is insured?