PRODUCT ANALYSIS OF HDFC STANDARD LIFE INSURANCE COMPANY LIMITED AND ITS COMPETITORS

Submitted in partial fulfilment of requirement of Bachelors of Business Administration (BBA)

Submitted To: External Guide: Internal Guide:

Submitted By: Name: Robin Singh Roll No. : 00324501709 Batch: Evening

Designation

Session 2009 2012 Jagannath International Management School Kalkaji, New Delhi

CONTENTS

S.No. I

TOPICS

Page No. 3

Chapter I Introduction of the topic of the summer training project Scope of the topic Concept of the topic

II

Chapter II Company Profile Plans Features

III

Chapter III Research & Methodology Market Research design Analysis & Interpretation

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INTRODUCTION

The summer project is based on the topic called Product Analysis of HDFC Standard Life Insurance Company Limited & its Competitors. The topic details with knowing the company as well as the companys product & also analyzing the demand of various plans & policies. It helped to know how a policy is formed, what are its benefits & how it is pitched or we can say how it is conveyed to the customer. The study of competitors product helped to compare their products with HDFC Life so that whatever faults or benefits HDFC Life fails to provide can be covered up easily by bringing certain modification in the present or upcoming products. The scope of study was also restricted to the study of awareness about the HDFC SLIC policies and consumer preferences. It could be widened to cover various others aspects of insurance product demand. As there are many competitors of HDFC SLIC in the pvt. Insurance sector. Only 3 of its competitors products were analyzed in detail. A detailed study of all the competitors of HDFC SLIC would have given more reliable and accurate results. The main significance of the project is to study the products of HDFC SLIC and its competitive markets. Agent advisors play a vital role in the growth of company with respect of companys earnings as well as they create value for the organization after achieving some milestones. Agent advisors are an integral part of the team and sales manager assigned to them help them to groom in terms of personality development, selling skills and handling objections of customers. Different products are provided to the customers that help to gain customer satisfaction. Also competitors play a vital role to make a dynamic environment.

COMPANY PROFILE

HDFC

i.e.

HOUSING

DEVELOPMENT

AND

HOUSING

CORPORATION.

HDFC Standard Life is a joint venture between HDFC of India and Standard Life of UK. The new company, HDFC Standard Life, was one of the first to be awarded a license in the recently deregulated Indian market and one of the first to open its doors for business and issue policies. Founded in 1977, HDFC id Indias market leader in housing finance, providing finance for more than 1.5mn homes. They have 83 offices in India, one international office in Dubai and three service associates in Kuwait, Qatar and the Sultanate of Oman. First Private Sector Life Insurance company to be granted a certificate of registration 23rd October 2000 Shareholding HDFC Standard Life 81.4% 18.6%

Like Standard Life, HDFC is strongly committed to providing quality products and excellent customer service and has won a number of important awards : in Jan 2001 Asiamoney named them as second Best managed company in India.
VISION STATEMENT

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. In short, the most obvious choice for all. HDFC Life has various products and out of them some products are always on demand like: Child plan double benefit. Unit Linked Insurance Product(ULIP) YoungStar Super II

RESEARCH & METHODOLOGY

1.1 OBJECTIVES OF THE STUDY:

To find the preferences of products and companies among the wide range available in the insurance industry. To study the range of product offerings of the different insurance players. To study the level of awareness about HDFC SLICs products.

1.2 RESEARCH METHODOLOGY USED:

Step 1: Define the problem and research objectives. Step 2: Developing the research plan Selection method Questionnaire method Sampling method Contact method

Step 3: Collect the information Step 4: Analyze the information. Step 5: Present the findings.
1.3 COLLECTION OF INFORMATION:

Primary data Secondary data

A sample of 200 people was taken and judgment was done to select the right prospects to secure accurate information. The sample consisted of people like businessman, doctors, pvt. Company employees.
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1.4 MARKET RESEARCH DESIGN Research Descriptive

Data Source

Primary & secondary

Research approach

Survey method

Research instrument

Questionnaire

Type of questions

Closed ended

Sample sizes

200 samples

Mode of data collection

Respondents chosen randomly

ANALYSIS & INTERPRETATION

As there are many competitors of HDFC SLIC in the pvt. Insurance sector. Only 3 of its competitors products were analyzed in detail. A detailed study of all the competitors of HDFC SLIC would have given more reliable and accurate results. The area from where the sample population was selected was Delhi only. Other cities and moreover rural area was not covered under the study. The primary data was collected form present and potential customers of insurance products to evaluate their preferences. But the preferences of financial agents was not considered which would have helped to evaluate the preferable commission sale which helps to boost product sale. The results of the questionnaire has been properly analyzes with the help of Piediagrams, histogram, graphs etc and proper interpretation has been given at the end of the each questions along with the diagrams. The analysis was conducted by editing and coding the data. Coding was done in the form of tabulation and editing was done by reviewing the questions. The findings of the project are the presented along with the recommendations.