A STUDY ON

CUSTOMER BEHAVIOR TOWARDS LIFE INSURANCE

With reference to
HDFC LIFE
A Project Report submitted for partial fulfillment of the requirement for the
award of
MASTER OF BUSINESS ADMINISTRATION
Submitted by
D.PHANEENDRA
(Roll No: 1225113211)
Under the Guidance of

K. V. Uma Devi
Associate Professor

GITAM INSTITUTE OF MANAGEMENT

GITAM UNIVERSITY
(U/s 3 of UGC Act)

VISAKHAPATNAM
(2014-2015)

DECLARATION

I, D. Phaneendra (Enrollment No 1225113211) student of Master of Business

Administration (M.B.A.), GITAM Institute of Management (GIM), GITAM
University, hereby declare that the project work initiated on Customer Behavior
towards life Insurance( a study with reference to HDFC LIFE) is a genuine
work done by me in partial fulfillment for the award of degree of Masters of
Business Administration. I confirm this has not been published or submitted
elsewhere for the award of any degree in part or in full.
PLACE: VISAKHAPTNAM

Name of the student:

DATE:

D.PHANEENDRA

CERTIFICATE BY THE GUIDE

This is to certify that the project Report titled Customer Behavior towards life
Insurance (a study with reference to HDFC LIFE) is an original work
carried out by D. Phaneendra (Enrollment No 1225113211), under my
guidance and supervision, in partial fulfillment for the award of the degree of
Master of Business Administration by GITAM Institute of Management,
GITAM University, Visakhapatnam, during the Academic year 2014-15.

Place: Visakhapatnam

Signature of Guide

Date:

K.UMA DEVI
Associate Professor
GITAM Institute of Management

ACKNOWLEDGEMENT
It is my pleasure to acknowledge and express my gratitude to all those who helped me
throughout in successful completion of this project.

I take this opportunity to thank Prof. K.SIVA RAMA KRISHNA, the Dean & Principal of
GITAM Institute of Management, Prof. P.SHEELA, Vice principal, and Mr. LEBEN
JOHNSON, Programme Coordinator, MBA for giving me this valuable opportunity to
experience the work culture in an organization.
I am grateful to Mrs. K. V. UMA DEVI, Associate Professor, GITAM Institute of
Management, GITAM University, for her continuous guidance to accomplish this project
work successfully.
I am very thankful to Sri R. AJAY KUMAR, Senior Sales Manager, HDFC LIFE,
Bengaluru, who is my project guide and who has been a constant source of inspiration for me
throughout the study of the project.

D. PHANEENDRA
(1225113211)

EXECUTIVE SUMMARY
In today Indian scenario I feel that there is lot of untapped market for the life insurance
industry in India. India still has 36 crores policies out of the 120 crores population. There is
still significant portion of population who has no life insurance policy. Hence this huge
potential of market made me to study in this sector and HDFC life has provided me this
opportunity.
Be it an unsought good or a convenience good every good irrelevant of its nature need a
perfect marketing strategy to get sales for its product. And for a product to get sold we need
to analyze how customer behave in selecting this particular insurance product. How he
perceive the product and to what extent he I interested in selecting a product.
Once a product is introduced it is not the end. It is still the beginning. It will only have a
successful ending when it caters the target audience with the intended objective. Especially a
product like life insurance which basically comes under unsought classification of goods need
intense promotion as it is essential to each and every individual in order to be protected at the
time of uncertainties.
It is hard to any individual to face uncertainties. In order to reduce the intensity of uncertain
situations insurance is needed. But still the life insurance has not tapped the entire market.
The basic purpose of this project is to know how public feel about insurance and to see
whether insurance sector will be a dominating sector in INDIA. The report intention is to find
out how customer reacts to life insurance companies when they encounter each other.
The report also provides brief knowledge of various concepts, principles, approaches to the
insurance field. This internship report is a presentation of my effort to study the behavior of
customers towards life insurance.

LIST OF CONTENTS

TITLE PAGE

DECLARATION

CERTIFICATE BY GUIDE

ACKNOWLEDGEMENT

EXECUTIVE SUMMARY

LIST OF CONTENTS

CHAPTER 01: THEORETICAL FRAMEWORK

1.1 Introduction to the study

Definition of Buying Behaviour

Consumers Buying Behaviour process

1.2 What is Insurance?

11

Types of Insurance

1.3 Life Insurance in detail

08-15

13

Types of Life Insurance

Life Insurance contract terms

CHAPTER 02: METHODOLOGY

16-20

2.1 Need & Significance for the study

17

2.2 Objectives of the study

18

2.3 Scope of the study

18

2.4 Research Design

19

2.5 Data collection method

20

2.6 Limitations of the study

20

CHAPTER 03: INDUSTRY AND COMPANY ANALYSIS

21-38

3.1 The History of Indian Insurance Industry

22

Life Insurance
Important milestones
General Insurance
Important milestones

3.2 Major players in the Insurance Industry in India

23

3.3 Marketing of Insurance in India

27

3.4 Market share of Life Insurance Companies in India

29

3.5 IRDA Insurance Regulatory Development Authority

30

3.6 Introduction to HDFC Life

32

Milestones of HDFC Life

Corporate Governance policy
Vision and Values
Products offered by HDFC Life
List of HDFC associated companies

3.7 Organization structure of HDFC Life at BTM Layout Branch

37

3.8 SWOT analysis

38

3.9 Board of Directors

38
CHAPTER 04: DATA ANALYSIS AND INTERPRETATION
CHAPTER 05: FINDINGS, SUGGESTIONS, CONCLUSIONS
5.1 Findings

39-64
65-69
66

5.2 Suggestions

67-68

5.3 Conclusion

69

LIST OF TABLES

70

LIST OF GRAPHS
71
7

LIST OF FIGURES
72
BIBILOGRAPHY

73

ANNEXURE
74-77

CHAPTER-1
THEORETICAL FRAMEWORK

1.1 INTRODUCTION TO THE STUDY

Success for a company is only when it shows a significant rise in the profit. Profits are
obtained from revenue which is generated from sales. For a company to have sales it must
have a good customer base. Customer base is not easy to form because 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 BEHAVIOUR:
Buying Behavior is the decision processes and acts of people involved in buying and using
products.
Need to understand:

Why consumers make the purchases that they make?

What factors influence consumer purchases?

The changing factors in our society.

Consumer Buying Behavior refers to the buying behavior of the ultimate consumer. It is the
sum total of a consumer's attitudes, preferences, intentions and decisions regarding the
consumer's behavior in the marketplace when purchasing a product or service. The study of
consumer behavior draws upon social science disciplines of anthropology, psychology,
sociology, and economics. A firm needs to analyze 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 (MM) that
satisfies (gives utility to) customers, therefore need to analyze the what, where, when
and how consumers buy.

Marketers can better predict how consumers will respond to marketing strategies.

HOW CONSUMERS BUY AND THE PROCESS INVOLVED IN BUYING PROCESS

9

1. Problem recognition: The first step is problem recognition. During this step, the
consumer realizes that she has an unfulfilled need or want. Let's use the example of a
consumer who has just been informed by her mechanic that fixing her car will cost
more than it's worth. Our consumer realizes that she now has a transportation problem
and wants to fulfil that need with the purchase of a car.
2. Information search: The next step is to gather information relevant to what you need
to solve the problem. In our example, our consumer may engage in research on the
Internet to determine the types of vehicles available and their respective features.
3. Evaluation: After information is gathered, it is evaluated against a consumer's needs,
wants, preferences, and financial resources available for purchase. In our example,
our consumer has decided to narrower her choices down to three cars based upon
price, comfort and fuel efficiency.
4. Purchase: At this stage, the consumer will make a purchasing decision. The ultimate
decision may be based on factors such as price or availability. For example, our
consumer has decided to purchase a particular model of car because its price was the
best she could negotiate and the car was available immediately.
5. Post-purchase evaluation: At this stage, the consumer will decide whether the
purchase actually satisfies her needs and wants. Is our car purchaser happy with her
purchase? If she is not satisfied, why isn't she?
FIGURE-1:
PICTORIAL REPRESENTATION OF BUYING BEHAVIOUR PROCESS

10

1.2 WHAT IS INSURANCE?

Insurance is a form of risk management in which the insured transfers the cost of potential
loss to another entity in exchange for monetary compensation known as the premium.
Insurance allows individuals, businesses and other entities to protect themselves against
significant potential losses and financial hardship at a reasonably affordable rate.
WHY INSURANCE?
Insurance play a major role in a person life. A man has several responsibilities which he has
to fulfill. It is not possible for a common man to look for uncertainties. In this changing world
it is very hard to save considerable amount of income for the purpose of covering risks at the
time of uncertainties. But he will have to meet risk if he encountered any uncertain situation.
In order to meet them he can depend upon the product/service called insurance. Insurance
helps in

Protecting family after one's death from loss of income

Ensuring debt repayment after death

Protecting your business from business interruption and loss of income

Protecting yourself against unforeseeable health expenses

Protecting your home against theft, fire, flood and other hazards

Protecting yourself in the event of disability

Protecting your car against theft or losses incurred because of accidents

TYPES OF INSURANCE:
There are various types of insurance policies but there are two main types of insurance,
namely life insurance and general insurance which covers different aspects in your life.

LIFE INSURANCE:
Life insurance is an insurance coverage that pays out a certain amount of money to the
11

insured or their specified beneficiaries upon a certain event such as death of the
individual who is insured. The coverage period for life insurance is usually more than a
year. So this requires periodic premium payments, either monthly, quarterly or
annually.

GENERAL INSURANCE:
General insurance is basically an insurance policy that protects you against losses and
damages other than those covered by life insurance. For more comprehensive
coverage, it is vital for you to know about the risks covered to ensure that you and your
family are protected from unforeseen losses.
The coverage period for most general insurance policies and plans is usually one year,
whereby premiums are normally paid on a one-time basis.
PRINCIPLES OF INSURANCE:
The seven principles of insurance are :1. Principle of Uberrimae fidei (Utmost Good Faith)
According to this principle, the insurance contract must be signed by both parties
(i.e. insurer and insured) in an absolute good faith or belief or trust.
2. Principle of Insurable Interest
The principle of insurable interest states that the person getting insured must have
insurable interest in the object of insurance. A person has an insurable interest
when the physical existence of the insured object gives him some gain but its nonexistence will give him a loss. In simple words, the insured person must suffer
some financial loss by the damage of the insured object.
3. Principle of Indemnity
According to the principle of indemnity, an insurance contract is signed only for
getting protection against unpredicted financial losses arising due to future
uncertainties. Insurance contract is not made for making profit else its sole purpose
is to give compensation in case of any damage or loss.
4. Principle of Contribution
According to this principle, the insured can claim the compensation only to the
extent of actual loss either from all insurers or from any one insurer. If one insurer
pays full compensation then that insurer can claim proportionate claim from the
other insurers.
5. Principle of Subrogation
12

According to the principle of subrogation, when the insured is compensated for the
losses due to damage to his insured property, then the ownership right of such
property shifts to the insurer.

6. Principle of Loss Minimization

According to the Principle of Loss Minimization, insured must always try his level
best to minimize the loss of his insured property, in case of uncertain events like a
fire outbreak or blast, etc.
7. Principle of Causa Proxima (Nearest Cause)
It means when a loss is caused by more than one causes, the proximate or the
nearest or the closest cause should be taken into consideration to decide the
liability of the insurer.
1.3 LIFE INSURANCE IN DETAIL:
Life insurance is protection against financial loss resulting from insured Individual's
death. In legal terms life insurance is a contract the policy owner and the insurer, where
the latter agrees to reimburse the occurrence of the insured individual's death or other
event such as terminal illness or critical illness. The insured agrees to pay the cost in
terms of insurance premium for the service.
The elements of life insurance are risk coverage and savings for future. Life Insurance
provides you and your family with protection against all the risks involved, moreover
providing you an opportunity to grow your investments. It could be viewed as a longterm investment to provide for your childs future expenses or your expenses, post
retirement.
TYPES OF LIFE INSURANCE:
There are various types of life insurance available to you to choose as per your life
stage needs. The following are the various types of life insurance offered in the market
today:
1. Term Life Insurance: In this type of life insurance, risk is covered only for a
specified term. These policies can be used by people who cannot afford to pay a lump
sum amount on endowment assurance policy or whole life policy.
2. Whole Life Insurance: This policy exists until the policyholder is alive. Risk is
covered for the entire life of the policy holder thus this plan is named as whole life
policy.
3. Endowment Policy: Risk is covered for a specific period, at the end of the period;
13

the sum assured along with the accumulated bonus is paid back to the policyholder.
Endowment policy pays back the face value of the amount on the insured persons
death, after a stipulated number of years after premium payment, or at a specified age
of the policyholder.
4. Money Back Policy: This policy repays survival benefits from time to time in parts
during the term of the policy.
5. Savings & Investment Plans: Help you save and invest to make your money grow.
6. Retirement Plans: This plan is a retirement solution plan and does not cover life
insurance. A lump sum amount or money in installments is paid for a certain period.
On completion of this period, a certain amount of money is received every month,
every half-year, or every year..
7. Unit Linked Insurance Plans Ulips: Help you make market linked investments
and are designed for flexibility and safety of the investment.
8. Child Insurance Policy: Plans are designed by keeping childs financial security in
mind.
Term Life Insurance Protection Plan
Term Life Insurance protection plans give you coverage only for a specified term. The
main advantages of term life insurance protection plans are that they are economical on
your pocket, give you the highest amount of coverage, safeguard your family against
financial
liability
and
provide
you
with
tax
benefits.
Term Life Insurance protection plans have no face value and hence the premium on
such policies is comparatively lower when compared to other policies. The drawback
of the policies are, if one survives the period of the policy, the insured does not get any
return at the end of the policy. The premium on such policies becomes expensive with
age mainly because the risk of death of is higher with age. Once over 60 years, these
policies become difficult to afford.
Life Insurance Investment Plan
These Life Insurance Investment Plans give you the dual advantage of not only
investing your money but also give you life coverage. These Life Insurance Investment
Plans range from low risk to high risk investment propositions and depending on the
risk profile a customer can invest in the same.
Life Insurance Coverage
The life insurance coverage is defined as the sum assured that you buy under the
policy. You have the discretion to decide your sum assured but certain factors that
14

affect the coverage are your annual income, your evidence of insurability, your life
stage and your risk group.

Life Insurance Contract Terms

The most common terms used in a life insurance contract are:
1. Indisputability Clause: Your insurance company is entitled, usually during the first
two years of the policy, to challenge the validity of your policy on the basis that you
held back material information. If you are found guilty of concealment, your insurer
will void the policy and return the premiums.
2. Suicide Provision: The suicide clause in your policy specifies that the insurance
company will not pay the money if the insured attempts or commits suicide within a
specified period from the beginning of the coverage.
3. Reinstatement Clause: If your policy has lapsed due to non-payment of premium,
you can revive it by paying all the past outstanding premiums along with interest.
However, you need to prove to your insurer that you continue to enjoy good health to
qualify for this provision.
4. Settlement options: You have the provision to collect the settlement proceeds as per
the options offered by your company.
5. Excluded Risks: Depending on the policy, death under circumstances like war or an
aviation accident may or may not be covered.
6. Grace Period: There are times when you cannot pay the premiums as a result of
financial troubles. Your insurance company will provide a grace period within which
you can make the necessary monetary arrangements and pay your premiums.
Life Insurance Claims
Life insurance claims can be classified into the following:
1. Death Claims: In case of a claim under your life insurance policy, your beneficiary
will need to provide the insurer
A fully filled claim form
Original policy bond or contract
An original, or certified copy of the policyholders death certificate
Proof of identity as the beneficiary

15

2. Maturity Claim: In case of maturity of your life insurance policy to avail the
benefits of your policy you need to submit the following to your insurer
Original Policy Bond and Maturity Claim form

CHAPTER-2
METHODOLOGY

16

2.1 NEED / SIGNIFICANCE OF STUDY

There is a special role of every industry barring up on the need essentiality where everything
has to be done in accordance with standards that are regulated by the government. To
understand this, conceptual idea is not only sufficient but also it needs a wide knowledge and
understanding of the factors that are affecting them. Consumer behavior has an important role
in any company success and also industry. Without customer acceptance anything will come
down of the line.
As we all know it is hard for every man and woman all over the world to bear expenses
which are unusual. For this reason our most developed countries in world has made
INSURANCE mandatory. But in INDIA it is not. Still it is the choice of the people. There is
lot of untapped market for insurance. So this urged me to study how people in INDIA are
perceiving insurance and their behavior towards insurance so that to analyze how government
can play a key role in promoting the life insurance sector by formulating policies.

17

2.2 OBJECTIVES OF THE STUDY:

PRIMARY OBJECTIVES:
1.
2.
3.
4.

To determine how consumers perceive insurance and life insurance in specific

To determine the reasons behind opting for life insurance
To determine the behaviour of customer when undertaking a policy
To determine the reasons for people not having insurance policy

SECONDARY OBJECTIVES:
1. To know the interests of HDFC customer in investing in HDFC
2. To know the feedback of HDFC customers about its (HDFC) service
3. To know the satisfaction levels of HDFC customers

2.3SCOPE 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 population will be always growing at future times which also makes insurance
field wider. With changing ruling in INDIA there would be much change in the insurance
industry. The study deals with HDFC Standard Life in focus. The study then goes on to
evaluate and analyze the findings so as to present a clear picture of behavior of customer in
the Insurance sector.

18

2.4RESEARCH DESIGN
1) SAMPLING PLAN
I) sample size:
a. General public interviewed: 83 members
b. HDFC customers interviewed: 31 members
c. Total sample size =114
ii) Sample method: convenience sampling
The data so collected has been coded, tabulated and analyzed using statistical technique for
interpretation.
2) Data source: Primary and secondary data
3) Research instrument: Questionnaire
4) Research approach: Survey through direct interview and response

19

2.5DATA COLLECTION METHOD

The information for the study has been obtained from two sources namely:
Primary Data
Secondary Data
1. PRIMARY DATA:
The primary data for my project is collected through observation and analysis of my
questionnaire which is filled by both public and HDFC customers. The questionnaire consists
of 21 general questions and 4 questions absolutely for HDFC customers. Questionnaire is
intended to elicit the required information from the respondents. MR Ajay Kumar sales
manager for my project has also stood as primary source of data for my project.
2. SECONDARY DATA:
The secondary sources of information were various books, journals, internet websites,
company records and different publications. The data so collected has been coded, tabulated
and analyzed using statistical technique for interpretation.

2.6LIMITATIONS OF THE STUDY

1. The period of study is limited 6 weeks which was not enough to go in the detailed
aspects of the study.
2. There was limited scope of gathering confidential information
3. The study is based on the information gathered from various customers are reluctant
to give all the important information and it is very difficult to obtain all the necessary
information due to lack of timing and the busy schedule of every customer
4. The views of the respondent are likely to change as human nature is very dynamic
5. The respondents are trying to be rational in answering the questions rather than giving
casual answers which they feel.
6. Convenience sampling technique may not give true representation of the respondents
under study.

20

CHAPTER-3
A PROFILE OF THE INSURANCE INDUSTRY IN INDIA
AND
HDFC LIFE

21

3.1 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.
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.
22

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.
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.

23

3.2 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 peoples savings for nation-building
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, KenIndia 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
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
24

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 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 Indias 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.), Indias
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 of them have been covered through our group business tie-ups.
25

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 7 banc assurance and 150 corporate agent tie-ups.
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.
Some other life insurance companies are:
Tata AIG Life Insurance Company Ltd.
SBI Life Insurance Company Limited
ING Vysya Life Insurance Company Private Limited
Allianz Bajaj Life Insurance Company Ltd.

26

 Metlife India Insurance Company Pvt. Ltd.

AMP SANMAR Assurance Company Ltd
3.3 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 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,
27

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.
Process:
Cashless settlement: One of the most defining and customer-friendly changes that weve
seen in recent years relates to the way claims settlements are made. The advent of the thirdparty administrator (TPA) regime has facilitated the transition to the hugely convenient era of
cashless settlement of health and auto insurance claims. TPAs are entities who process claims
on behalf of insurers: the IRDA licenses them after it is satisfied that they have the financial
strength, the trained manpower, the infrastructure and the skills to undertake this activity.
Likewise, with auto insurance, the TPA ties up with garages and authorized service centers
for cashless settlement of auto insurance claims.
Lower premiums: The spirit of competition and the broadening of the risk experience of
insurance companies have contributed to a fall in premiums over the years. Thats because,
other things being equal, an insurer who covers the lives just of 10 people bears a higher risk
than an insurer who covers the lives of, say, 100 people. Further, a broader base will provide
28

greater efficiencies on costs such as distribution, management and claims. A broad basing of
the mortality experience, therefore, gives insurers the elbowroom to compete by lowering
premiums, and that trend is expected to continue.
Premium payment flexibility: Insurers have imparted certain flexibility to premium
payment options in order to address this concern. For instance, one now have the option to
pay your premiums upfront, which is then carried forward for the tenure of the policy. The
yearly premiums are drawn from the initial corpus. Insurers have also introduced the concept
of automatic cover maintenance to protect your policy from lapsing owing to your omission
to pay your premium on time. Under this, in the event of your not paying the premium, the
insurer dips into your investment account to the extent of the premium. Of course, this comes
with an in-built drawback: your investment portion diminishes year on year to the extent of
the amount paid to cover your risk.
Physical Evidence:
This can play a significant role for marketing in the Indian scenario. Since Internet users are
comparatively lesser than countries such as US, the offline mode will be preferred in India.
Although the distribution model is largely agent-based, wherever the customer is in contact
with the company, this factor can play a significant role in luring the customer.
People:
The most important factor that materializes sales and maintains customer relationships on a
long-term basis is this factor. No matter what distribution strategy a company adopts,
customer relationship has to be taken care of in order to maintain the customer base on a
long-term basis.

29

3.4 MARKET SHARE OF LIFE INSURANCE COMPANIES IN INDIA

(FIGURE-2)
3.5 INSURANCE REGULATORY DEVELOPMENT AUTHORITY (IRDA)
The insurance industry 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 IRDS was incorporated as a statutory body in April 2000.
MISSION STATEMENT OF THE AUTHORITY:

To protect the interest of and secure fair treatment to policyholders

To bring about speedy and orderly growth of the insurance industry (including annuity
and superannuation payments), for the benefit of the common man, and to provide
long term funds for accelerating growth of the economy

To set, promote, monitor and enforce high standards of integrity, financial soundness,
fair dealing and competence of those it regulates

The key objective of IRDA includes promotion of competition so as to enhance customer

satisfaction 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 of applications for the 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 2000 onwards framed various regulations ranging from
registration of companies for carrying on insurance business to protection of policy holders
interests.
30

The role of IRDA:

Protecting the interests of policy holders

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

31

A PROFILE HDFC LIFE

3.6 INTRODUCTION
HDFC Life is a joint venture between Housing Development Finance Corporation Limited
(HDFC), India's leading housing finance institution and Standard Life plc, the leading
provider of financial services in the United Kingdom.
HDFC Ltd. holds 72.37% and Standard Life (Mauritius Holding) Ltd. holds 26.00% of equity
in the joint venture, while the rest is held by others.
HDFC Life's product portfolio comprises solutions, which meet various customer needs such
as protections, pension, savings and investment and Health. Customers have the added
advantage of customizing the plans, by adding optional benefits called riders, at a nominal
price. The company currently has 23 retail and 8 group products in its portfolio, along with 9
optional rider benefits catering to the savings, investment, protection and retirement needs of
customers.
HDFC Life continues to have one of the widest reaches among new insurance companies
with about 500 branches in India touching customers in over 900 cities and towns. The
company has also established a liaison office in Dubai. HDFC Life has a strong presence in
its existing markets with a strong base of Financial Consultants.
SMALL DESCRIPTION OF THE COMPANIES BEFORE JOINING
ABOUT HDFC LIMITED
HDFC Ltd. is Indias premier housing finance company and a well established financial
conglomerate. It has assisted more than 45 Lakhs customers in acquiring their own home
through cumulative housing loan disbursements of over Rs. 4, 56,000 crores. With a wide
network of 333 offices, it caters to 2,400 towns and cities across India. HDFC Ltd has
International offices in London, Dubai and Singapore with service associates in Kuwait,
Oman.
Customer Service and satisfaction has been the mainstay of the organization since its
inception, with HDFC setting a benchmark for the Indian housing finance industry.
32

Recognition for the service to the sector has come from several national and international
entities including the World Bank that has lauded HDFC as a model housing finance
company for the developing countries. HDFC has undertaken a lot of consultancies abroad
for setting up of housing finance companies - assisting different countries including Sri
Lanka, Indonesia, Bhutan, Nepal, Ghana, Thailand, Philippines, Egypt, Maldives, Mauritius,
Bangladesh, Jamaica and Russia among other countries.
ABOUT STANDARD LIFE PLC
Established in 1825, Standard Life plc is a leading provider of long term savings and
investments to around six million customers worldwide. Headquartered in Edinburgh
Standard Life plc has around 8,500 employees internationally.
The Standard Life plc group includes savings and investments businesses, which operate
across the UK, Canada, Europe, Asia and Middle East etc Standard Life Investments, a global
investment manager, which manages over 179bn globally; and its Chinese and Indian Joint
Venture businesses. At the end of September 2013 the Group had total assets under
administration of over 237bn. Standard Life plc is listed on the London Stock Exchange and
has approximately 1.5 million individual shareholders in over 50 countries around the world.
SOME OF THE MILESTONES OF HDFC LIFE
1. Unveiled a new marketing campaign urging parents to make Birthday a perfect
occasion for long-term financial planning for childs secure future
2. Won at Asian Leadership Award for Brand Excellence in Effective Communication,
2013, this award was for our strategic initiative Customer Relationship
3. Honoured with the prestigious Golden Peacock HR Excellence Award in private life
insurance sector
4. Our official Face book fan page and Twitter account got the most number of fans &
followers respectively, highest in the Life Insurance space in India
SOME ACHEIVEMETS OF HDFC:

Winner of Best Marketing Campaign awards for India Giving Challenge 2013

Winner of Innovative Fundraising Campaign awards for India Giving Challenge

2013

Runner up in Better than last year prizes for the India Giving Challenge 2013
33

Won the 2nd Best Marketing Campaign awards during the India Giving Challenge
2012

CORPORATE GOVERNANCE POLICY

The Corporate Governance Policy provides the framework under which the Board of
Directors operates. It includes its corporate structure, culture, policies and the manner in
which it deals with various stakeholders. The governance policies address the responsibilities,
authority and administration of the Board of Directors. The policies also include the
responsibilities of the Principal Officer and define the reporting relationships. Timely and
accurate disclosure of information regarding the financial situation, performance, board
constitution, ownership of the company etc. is an important part of corporate governance.
Corporate governance arrangements are those through which an organisation directs and
controls itself and the people associated with it. The Policy is normally reviewed annually
and modified when appropriate to ensure proper alignment with best practices in corporate
governance.
COMPANYS PHILOSOPHY ON CORPORATE GOVERNANCE
Corporate Governance is a process that aims to meet stakeholders aspirations and societal
expectations. It is not a discipline imposed by a Regulator, rather is a culture that guides the
Board, Management and Employees to function towards best interest of Stakeholders. At
HDFCSL, Corporate Governance philosophy stems from the belief that corporate governance
is a key element in improving efficiency and growth as well as enhancing investor
confidence. Accordingly, the Corporate Governance philosophy has been scripted as under:
As a good corporate citizen, the Company is committed to sound corporate practices based
on its vision, values & principles in building confidence of its various stakeholders, thereby
paving the way for its long term success and sustenance. At the core of its corporate
governance practice is the Board, which oversees how the management serves and protects
the long-term interests of all the stakeholders of the Company. The Company believes that an
active, well-informed and independent Board is necessary to ensure the highest standards of
corporate governance. The Companys corporate governance practices are aimed at meeting
the corporate governance requirements as per the IRDA Corporate Governance Guidelines,
besides good practices either recommended by professional bodies or practised by leading
34

companies in India. The following Corporate Governance Policy has been adopted by the
Board of Directors to assist the Board in the exercise of its responsibilities. This Policy is
subject to future amendments or changes, as may be necessary, in the light of the
amendments in various regulations in force for governance requirements.
VISION AND VALUES
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 Standard Life plc, a Group Company of the Standard
Life, UK. HDFC, as on December 31, 2008, holds 72.26 per cent of the paid up equity in the
joint venture.
Vision of HDFC Life
'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'
Values of HDFC Life
Values that define how HDFC Life works:
Integrity Innovation Customer centric People Care Team work Joy and Simplicity Besides the
above (which provides an insight into the Corporate Structure of the Company), the
Committees appointed by the Board focus on specific areas and take informed decisions
within the framework of delegated authority, and make specific recommendations to the
Board on matters within their areas of purview. All decisions and recommendations of the
Committees are placed before the Board for information or for approval.

35

DIFFERENT PRODUCTS OFFERED BY HDFC LIFE

HDFC life offers different products targeted to deifferent customers with different needs.
Protection plan

Young star planSavings and investments plan

Hdfc life click2protect

Hdfc udaan plan

sanchay,super income plan

Retirement plan

Woman plan

Rural and social plan

Pension super plus plan

Smart woman plan

Sarv grameen bachat yogana

LIST OF HDFC ASSOCIATED COMPANIES:

36

3.7 ORGANISATIONAL STRUCTURE OF HDFC STANDARD LIFE INSURANCE

AT BTM LAYOUT BRANCH

(FIGURE-3)

SR SALES MANAGER

\
SALES MANAGER

ASST SALES MANAGER

BUSINESS DEVELOPMENT MANAGER

SALES DEVELOPMENT MANAGER

FINANCIAL CONSULTANT

37

3.8 SWOT ANALYSIS OF HDFC-SLIC

STRENGHTS:
1. Domestic image of HDFC supported by Standard Lifes international image is the
strength of the company.
2. Strong and well spread network of qualified intermediaries and sales person.
3. Huge basket of product range which are suitable for all age and income groups.
4. The company also provides innovative products to cater to different needs of
different customers.
WEAKNESS:
1. Heavy management expenses and administrative costs
OPPURTUNITIES:
1. Lot more population to be insured still.
2. There is an opportunity of getting expertise advices from other countries in order to
get strong in the country.
THREATS:
1. Competition from both public and private players in the industry

3.9 BOARD OF DIRECTORS

NAME

POSITION

Deepak S. Parekh
Gerald E. Grimstone
Amitabh Chaudhry

Chairman and Director of HDFC

Chairman of Standard Life
Managing Director and Chief Executive

Vibha Padalkar

Officer of HDFC Life

Executive Director and Chief Financial
Officer at HDFC Life

38

CHAPTER-4
DATA ANALYSIS
AND
INTERPRETATION

39

QUESTION 1
Which age group do you belong to?
[ ] less than 25years
[ ] 25 to 35 years

[ ] 35 to 45 years

[ ] above 45years

Table 1.1 RESPONSE

Age
less than 25 years
25 to 35 years
35 to 45 years
above 45 years
Total

No.
33
35
22
24
114

%
29%
31%
19%
21%
100%

BAR GRAPH REPRESENTATION

Graph- 1

35%
30%
25%
20%
15%
10%
5%
0%

Age group of customers

30%

28%

21%

19%

45
ab
ov
e

to
35

ye
ar
s

ye
ar
s
45

ye
ar
s
35
to

25

le
ss

th
an

25

ye
ar
s

age group of
customers

INTERPRETATION-1
The respondents age groups are diversified. The survey is not limited to same age group. As
we can see 28% of the respondents belong to age group of less than 25 years. 19% of
respondents belong to age group of 35 to 45 years and 21 percent of respondents belong to
above 45 years. 31 % of the respondents belong to 25 to 35 years which is the highest number
in the survey.
QUESTION-2
Which sector are you working in?
40

[ ] student

[ ] government

[ ] IT

[ ] business

[ ] others_______

Table 1.2 RESPONSE

Occupation
Students
Business
Government
IT
Others- specify
Total

Number of respondents
28
20
16
41
9
114

Percentage
24%
18%
14%
36%
8%
100%

BAR GRAPH REPRESENTATION

Graph 2

36%
18%

designation of
respondents

sp
ec
ify

IT

8%

ot
he
rs
-

en
t

14%

go
ve
rn
m

bu
si
ne
ss

24%

st
ud
en
t

40%
30%
20%
10%
0%

Designation of respondents

INTERPRETATION-2
From the above data 18% of the respondents belong to business sector where most of them
having retail outlets with different ranges and also consultancies and brokerages are included.
14% of the respondents belong to government sector and 36% of respondents belong to IT
sector. 24% percent of the respondents are students where all of the interviewed are MBA or
PGDM pursuing graduates. 8% of the surveyed respondents belong to others where most of
them are house wives, marine engineers.

QUESTION-3
What is your annual income?
[ ] less than 5Lakhs
[ ] 5 10Lakhs
41

[ ] 10 15Lakhs [ ] > 15Lakhs

Table 1.3 RESPONSE

Income level of respondents
< 5 lakhs
5-10 lakhs
10-15 lakhs
> 15 lakhs
Total

Number of respondents
54
42
13
5
114

Percentage
48%
37%
11%
4%
100%

BAR GRAPH REPRESENTATION

Graph 3

Income level of respondents

60%
48%

50%

37%

40%

income level of
respondents

30%
20%

11%

10%

4%
la
kh
s
>

15

la
kh
s
10
-1
5

la
kh
s
510

05

la
kh
s

0%

INTERPRETATION-3
Majority i.e. 48% of the respondents interviewed were in the scale of <5 lakhs where small
businesses, new recruited employees in the survey lies. In the scale of 5 to 10 lakhs most of
the IT respondents lies and retail business people belongs here. 11% of the respondents were
in the scale of 10 to 15 lakhs and 4% of the respondents were in the scale of greater than 15
lakhs.
QUESTION-4
Are you aware of the all the Investment options available?
[ ] Yes Specify_____________
[ ] No
[ ] Have some knowledge
42

Table 1.4 RESPONSE

Knowledge about investment
Yes
No
Have some knowledge
Total

Number of respondents
7
9
98
114

Percentage
6%
8%
86%
100%

BAR GRAPH REPRESENTATION

86%

knowledge about
investment
kn
ow
le
dg
e

8%
o

6%

H
av
e

so
m

Ye
s

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

Knowledge about investment

Graph 4

INTERPRETATION-4
Majority i.e. 86% of the respondents interviewed were having some knowledge of
investment. 6% of the interviewed respondents have complete knowledge on all investments
and 8% said they have no idea. The question is asked in order to know do respondents have
complete knowledge in all investment activities. The respondents who said they have
complete knowledge belong to mostly the government sector.

QUESTION-5
Which term of investment preferred?

43

[ ] Short term (<5 years maturity)

[ ] Long term (>5 years maturity)

Table 1.5 RESPONSE

Investment term
Short term (<5 years maturity)
Long term(>5 years maturity)
Total

Number of respondents
21
93
114

Percentage
18%
82%
100%

BAR GRAPH REPRESENTATION

Graph 5

Invetsment term

90%
82%
80%
70%
60%
50%
40%
30%
18%
20%
10%
0%
Short term (<5 years maturity)

invetsment term

INTERPRETATION-5
Majority of the respondents i.e. 82% prefer long term investments and 18% prefers short term
investments. Respondents who opted for short term investments were mostly above the age
group of 45 who prefer for immediate maturity and respondents who are in the age group
between 25 to 40, 45 so prefers long term maturity.

QUESTION-6
.

Do you have any insurance policy?

44

[ ] Yes

[ ] No

Table 1.6 RESPONSE

Number of respondents
Yes
No
Total

Number of respondents
100
14
114

Percentage
88%
12%
100%

BAR GRAPH REPRESENTATION

Graph 6

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

Having insurance policy

88%

having insurance
policy

12%

Yes

No

INTERPRETATION-6
88% (percent) of interviewed respondents have insurance policy and 12% of the respondents
does not have. Respondents who do not have insurance policies were mostly students and
small business retail outlet.

QUESTION-7
45

Which insurance policy do you have?

[ ] Life
[ ] General
[ ] both

specify:

Table 1.7 RESPONSE

Type of insurance
Life
General
Both
Total

Number of respondents
38
18
44
100

Percentage
38%
18%
44%
100%

BAR GRAPH REPRESENTATION

Graph 7

50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%

Type of insurance
44%
38%
type of insurance
18%

Life

General

both

INTERPRETATION-7
38 percent of the interviewed respondents have only life insurance. 18% of the respondents
have only general insurance. 44% of the respondents have both life and general insurance. In
general insurance it is mostly insurance related to vehicles.

QUESTION-8
Why did you choose life insurance policy?
46

[ ] self interest

[ ] to promote your friends [ ] stimulated through advertisement

Table 1.8 RESPONSE

When choosing a policy
self interest
to promote your friends
stimulated through advertisement
Total

Number of respondents
72
21
7
100

Percentage
72%
21%
7%
100%

BAR GRAPH REPRESENTATION

Graph 8

72%

when choosing a
policy

21%
7%

se
lf
in
te
re
st

80%
70%
60%
50%
40%
30%
20%
10%
0%

when choosing a policy

INTERPRETATION-8
72% of the interviewed respondents chose life insurance policy through self interest. 21
percent of the respondents chose life insurance policy to promote their friends; family etc and
7% of the respondents are stimulated by advertisement in choosing a life insurance policy. In
the category of promoting friends most of the IT professionals lies in this category. Majority
of the respondents were not really aware of insurance advertisements.

QUESTION-9
When undertaking an insurance policy ________
47

[ ] you rely on agent and sign the document

[ ] you undergo all the terms and conditions by self

Table 1.9 RESPONSE

When entering a contract
you rely on agent and sign the document
you undergo all the terms and conditions by self
Total

No of respondents
18
82
100

Percentage
18%
82%
100%

BAR GRAPH REPRESENTATION

Graph 9

When entering a contract

90%

82%

80%
70%
60%

when entering a
contract

50%
40%
30%
20%

18%

10%
0%
you rely on agent and sign the document

INTERPRETATION-9
82% of the respondents undergo all terms and conditions by self when buying an insurance
policy and 18% of the respondents rely upon agent. The 18% of the respondents majorly
involved in vehicle insurance when buying a vehicle etc. This is a good sign as majority of
the respondents are going with the terms and conditions when buying a policy.

QUESTION-10
Are you sure that you are aware of all terms and conditions of the policy you have
48

Undertaken?
[ ] Yes

[ ] No

Table 1.10 RESPONSE

Knowing terms and conditions
Yes
No
Total

No of respondents
84
16
100

Percentage
84%
16%
100%

BAR GRAPH REPRESENTATION

Graph 10

90%

Knowing terms and conditions

84%

80%
70%
60%

knowing terms and

conditions

50%
40%
30%
16%

20%
10%
0%
Yes

No

INTERPRETATION-10
From the above data we can interpret the knowledge level which means, are the respondents
aware of questions like when they can claim the policy and on what conditions can they
claim? 84 percent of respondents are aware of all terms and conditions of the policy they
have undertaken and 16% of the respondents are still not aware.

QUESTION-11
49

What is your perception about life insurance?

[ ] A saving tool [ ] A tax saving device [ ] A tool to protect your family from
uncertainties
Table 1.11 RESPONSE
Perception about insurance
A saving tool
A tax saving device
A tool to protect your family from uncertainties
Total

No of respondents
8
32
74
114

Percentage
7%
28%
65%
100%

BAR GRAPH REPRESENTATION

65% Graph 11

70%
60%
50%
40%
30%
20%
10%
0%

28%

un
ce
rt
ai
ni
tie
s

to
ol
to

pr
ot
ec
ty
ou
r

fa
m

ily

fro
m

ta
x

sa
vi
ng

sa
vi
ng

de
vi
ce

to
ol

7%

INTERPRETATION-11
Here we can interpret the perception of customers towards life insurance. 65% of the
respondents perceive life insurance as a tool to protect the family which s the main aim of
insurance. 7% of the respondents feel life insurance as a saving tool. 28% of the
respondents feel life insurance is a tax saving device, where people having higher income
opted this.

QUESTION-12
What is the Primary reason to invest in life insurance?
50

[ ] Retirement

[ ] Earning at uncertainties [ ] Tax saving [ ] Liquidity

Table 1.12 RESPONSE

Reason to invest
Retirement
Tax saving
Earning at uncertainties
Liquidity
Total

No of respondents
7
28
64
1
100

Percentage
7%
28%
64%
1%
100%

BAR GRAPH REPRESENTATION

Graph 12

Reason to invest
64%

70%
60%
50%
40%
30%
20%
10%
0%

28%
reason to invest

at
un
ce
rt
ai
ni
tie
s

1%

Ea
rn
in
g

Re
tir
em

en
t

7%

INTERPRETATION-12
The expectation of customer for the life insurance policy is different for different customers.
The response obtained from the respondents is exactly the same kind of response obtained in
the previous question. 64% of the respondents expect their insurance policy to cater them at
the time of uncertainties. 28% of the respondents expect to save their taxes. With the
introduction of new policies some people expect insurance policy as a regular monthly
income at the time of retirement. One person mentioned to reduce the liquidity in hand.

QUESTION-13
What do you look for in an insurance company?
51

[ ] A trusted name [ ] Good plans [ ] Friendly service & responsiveness [ ] Accessibility

Table 1.13 RESPONSE

Expectation for a company
A trusted name
Friendly service & responsiveness
Good plans
Total

No of respondents
67
8
39
114

Percentage
59%
7%
34%
100%

BAR GRAPH REPRESENTATION

Graph 13

Expection for a company

59%

70%
60%
50%
40%
30%
20%
10%
0%

34%

re
sp
on
s

Fr
ie
nd
ly

se
rv
ic
e

&

G
oo
d

iv
en
es

na
m
tr
us
te
d
A

pl
an
s

expection for a
company

7%

INTERPRETATION-13
Majority of the respondents i.e. 59% of them look for a trusted name for an insurance
company which can be term as brand value. 34% of the respondents look for good plans to
invest in a particular company. Majority of the respondents belonging to it sector opted this.
Some of the age group of above 45 years and house wives opted option of friendly service
and responsiveness which is around 7%.

52

QUESTION-14
What kind of buying process do you prefer?
[ ] Customer approached Insurance company/Agent
[ ] Company/agent approached customer
Table 1.14 RESPONSE
Preference of buying process
Customer approached insurance company/Agent
Company/ agent approached customer
Total

No of respondents
36
78
114

Percentage
32%
68%
100%

BAR GRAPH REPRESENTATION

Graph 14

Preference of buying process

80%
68%

70%
60%

preference of buying
process

50%
40%

32%

30%
20%
10%
0%
Customer approached insurance company/Agent

INTERPRETATION-14
Here we can interpret the expectations of the customer from insurance agents and also to find
out the interest of customer in insurance or the busy life interfering insurance activity. 68% of the
respondents prefer the option of insurance agents approaching them and 32% of the respondents
want to walk-in the insurance companies for taking policies. This analysis proved that customer
is the king in any sector and prefers the best convenience way
QUESTION-15
What is your attitude towards life insurance?
[ ] Positive, as it benefits your nominee [ ] Negative, as it is valued after death

Table 1.15 RESPONSE

53

Perception about life insurance

Positive as it benefits your nominee
Negative as it is valued after death
Total

No of respondents
105
9
114

Percentage
92%
8%
100%

BAR GRAPH REPRESENTATION

Graph 15

Attitude towardslife insurance

100%
92%
90%
80%
70%
60%
50%
40%
30%
20%
8%
10%
0%
positive as it benefits your nominee

perception about life

insurance

INTERPRETATION-15
In INDIA we hear that many customers attitude towards insurance is negative as it works at the
time of death and we never allow insurance agents even to talk or discuss. But the myth is no
more because from the analysis of the above data we can analyze that 92% of the respondents
attitude towards insurance is positive. Only 8 percent feel it is still negative.

QUESTION-16
How do you respond a call from life insurance agent?
[ ] Immediately cut the call saying busy
[ ] Listen patiently

54

Table 1.16 RESPONSE

Response to a life insurance agent
Immediately cut the call saying busy
Listen patiently
Total

No of respondents
39
75
114

Percentage
34%
66%
100%

BAR GRAPH REPRESENTATION

Response to a life insurance agent

66%

70%
60%
50%
40%
30%
20%
10%
0%

pa
tie
nt
ly

response to a life
insurance agent

Im

ed
ia
te
ly

cu
tt
he

ca
ll
s

ay
in
g

bu
sy

34%

Li
st
en

Graph 16

INTERPRETATION-16
Majority of the respondents, 66% hear the call of life insurance agents without disconnecting
them immediately. In the hearing majority of the respondents again responded that they would
give an appointment time when they are busy. 34% of the respondents immediately cut the
call.

QUESTION-17
Did you ever hear anytime that life insurance policy companies make many adjustments
and deduct money at the time of maturity or at the happening of the event of the policy?
[ ] Yes
[ ] No
Table 1.17 RESPONSE
55

Attitude towards insurance

Yes
No
Total

No of respondents
26
88
114

Percentage
23%
77%
100%

BAR GRAPH REPRESENTATION

Graph 17
17

Attitude towards insurance

90%

77%

80%
70%
60%

attitude towards
insurance

50%
40%
30%

23%

20%
10%
0%
Yes

No

INTERPRETATION-17
Majority i.e. 77% of the respondents feel that life insurance companies will not make any
deductions at the time of maturity of the policy. 23% of respondents feel that life insurance
companies deduct at the time of maturity or at the happening of the event. Some respondents
have mentioned that still the time has not arrived or no experience for them.

QUESTION-18
If you want to clarify any query to whom you consult first?
[ ] agent
[ ] customer care
[ ] company website [ ] branch manager
Table 1.18 RESPONSE
56

Approaching for clarification

Agent
Customer care
Company website
Branch manager
Total

No of respondents
23
43
39
9
114

Percentage
20%
38%
34%
8%
100%

BAR GRAPH REPRESENTATION

Graph 18

Approaching for clarification

38%

34%

20%
approaching for
clarification

co
np
an
y

we
bs
ite

8%

ag
en
t

40%
35%
30%
25%
20%
15%
10%
5%
0%

INTERPRETATION-18
Here we can interpret the post purchase behavior of customer whenever he met with a query.
38% of the respondents answered that they would call the customer care for query. 34% of the
respondents opted for company website where almost all IT respondents opted this. 20% of the
respondents opted the agent option in which majority of them are people under business and 8%
opted for branch manager where majority of them are people aging above 45.

57

QUESTION-19
Do you think claiming insurance (both general and life) is easy?
[ ] yes
[ ] No
specify______
Table 1.19 RESPONSE
Claiming insurance
Yes
No
Total

No of respondents
101
13
114

Percentage
89%
11%
100%

BAR GRAPH REPRESENTATION

Graph 19

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

Claiming insurace
89%

claiming insurace

11%

Yes

No

INTERPRETATION-19
We often hear that it is difficult to claim insurance at the time of requirement and it will be a
huge process etc. But from this observation it is changed completely. Many of the respondents
feel that claiming insurance is easy as 89% of the respondents opted yes. 11% of the
respondents still stated that it is not easy. By this we can understand that the public is now
more educated than before and are practical.

58

QUESTION-20
Do you think claiming insurance online is helpful?
[ ] yes
[ ] no
Table 1.20 RESPONSE
Claiming insurance online
Yes
No
Total

No of respondents
92
22
114

Percentage
81%
19%
100%

BAR GRAPH REPRESENTATION

Graph 20

90%
80%

Claiming online
81%

70%
60%

claiming online

50%
40%
30%

19%

20%
10%
0%
Yes

No

INTERPRETATION-20
Here we can interpret that respondents are more towards technology. 81% of the respondents
feel that claiming insurance online is easy and 19% says no. the people who said know are
basically housewives and small retail businesses and some respondents in the age group above
45. This data once again proves that everyone is time conscious and wants things to be done in
real time without any struggle.

59

QUESTION-21
If you dont have a life insurance policy specify the reason
[ ] lack of awareness [ ] no attractive returns [ ] not affordable [ ] not approached by
intermediaries
Table 1.21 RESPONSE
Reason for not having insurance
lack of awareness
no attractive returns
not affordable
not approached by intermediaries
Total

No of respondents
3
5
6
0
14

Percentage
20%
35%
45%
0%
100%

BAR GRAPH REPRESENTATION

35%

45%

20%
reason for not having
insurance

la
ck

of
aw
ar
en
es

50%
40%
30%
20%
10%
0%

Reason for not having insurance

0%

no
ta
fo
rd
ab
le

Graph 21

INTERPRETATION-21
20% of the respondents said they are not aware of the life insurance policies. Majority i.e.
60

35% of respondents feel insurance is not a more profitable investment. And 45% of
respondents feel that life insurance is expensive in terms of down payment and as well as
premiums.

QUESTION-22
Which features made you to invest in HDFC Standard Life Insurance?
[ ] Money Back Guarantee
[ ] Larger Risk Coverage
[ ] Low Premium
[ ] Easy Access to Agents
Table 1.22 RESPONSE
Feature of HDFC
Money Back Guarantee
Larger Risk Coverage
Easy Access to Agents
Low Premium
Company' s Reputation
Total

No of respondents
7
2
1
4
17
31

Percentage
24%
6%
2%
14%
54%
100%

BAR GRAPH REPRESENTATION

Graph 22

54%
24%

Ag
en
ts
to

feature of HDFC

Co
m

pa
ny
'

s
Ac
ce
s

Ea
sy

Ba
ck
M
on
ey

14%
2%
Re
pu
ta
tio
n

6%

G
ua
ra
nt
ee

60%
50%
40%
30%
20%
10%
0%

Feature of HDFC

61

INTERPRETATION-22
Majority i.e. 54% of the respondents stated they invest in HDFC life because of the
reputation the company have, a kind of trust. 24% of respondents were attracted to the money
back guarantee feature. 14% of the respondents opted HDFC because of the feature of low
premium, a kind of flexible premium. 6% of the respondents attracted to larger risk coverage.
The larger risk coverage is meant as the paid up amount till date will be refunded by the
company. 2% of the respondents chose HDFC because they have easy access to agents.

QUESTION-23
What is your opinion towards the services provided by HDFC Standard Life Insurance?
[ ] Average
[ ] Excellent [ ] professional
Table 1.23 RESPONSE
Service of HDFC
Average
Excellent
Professional
Total

No of respondents
2
26
3
31

Percentage
6%
84%
10%
100%

BAR GRAPH REPRESENTATION

Graph 23

90%

Service of HDFC
84%

80%
70%
60%

service of HDFC

50%
40%
30%
20%
10%

10%

6%

0%
Average

Excellent

professional

62

INTERPRETATION-23
Majority i.e. 90% of the respondents say that the company service is excellent either in
meeting query or in updating customers about their policy etc. 10% of the customers feels the
service as outstanding (termed professional in my questionnaire) they mentioned outstanding
because of the agent service involved.

QUESTION-24
Do you think HDFC has provided you enough flexibility options in terms of investments and
payments when you undertaken a policy?
[ ] Yes
[ ] No
Table 1.24 RESPONSE
Flexibility in selection
Yes
No
Total

No of respondents
29
2
31

Percentage
94%
6%
100%

BAR GRAPH REPRESENTATION

Graph 24

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

Flexibility in selection
94%

flexibility in selection

6%
Yes

No

63

INTERPRETATION-24
Majority i.e. 94% of the respondents feel that they have enough options in selecting the
product from HDFC and 6% feel they dont have. This question is intended to know whether
the customer bought policies up on their choice and whether they invested in the targeted
investment they desired.

QUESTION-25
Are you satisfied with the policies of HDFC Life?
[ ] Satisfied
[ ] Not satisfied
Table 1.25 RESPONSE
Satisfaction level of HDFC
Satisfied
not satisfied
Total

No of respondents
29
2
31

BAR GRAPH REPRESENTATION

Graph 25

64

Percentage
94%
6%
100%

Satisfaction level of HDFC

94%

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

satisfaction level of
hdfc

6%
satisfied

not satisfied

INTERPRETATION-25
Here we can interpret the post satisfaction levels of customers about the products they bought.
94% of the respondents were satisfied with the products purchased and 6% of the customers
were not satisfied with the products they purchased.

CHAPTER-5
65

FINDINGS AND SUGGESTIONS

5.1 FINDINGS
1. Majority i.e. 86% of the interviewed respondents are not completely aware of all
investment options available. It implies the public is not aware of all investment options
available. The knowledge on investment decision is limited. Some of them feel life
insurance is an expense.
2. Majority i.e. 88% of the interviewed respondents have insurance policies both life and
general which is a good sign as people are somehow protected or are enabled with a kind
of assurance.
3. Generally insurance is an unsought good which people dont prefer unless they are not
forced. Majority i.e. 72% of the respondents have took insurance policies by their own
interest which shows that people are becoming more educated and conscious about
uncertainties.
4. People are more selective in their purchase as majority i.e. 84% of respondents have the
relevant knowledge on the product they buy based on not only what the company said but
also by reading self about all the terms and conditions of the product they buy.
5. The need for insurance for different people is different. But majority i.e. 65% of the
respondents buy insurance policy for objective it stands for which are nothing but getting
assured from uncertainties.
6. People are still looking the brand name when investing in insurance.
7. A customer prefers more convenience and is the king in any sector. We can say this as
majority i.e. 68% of the respondents prefer buying life insurance not by going to the
company but the company itself approaching them.
66

8. Majority i.e. 72% of the respondents are time conscious and want instant response as they
prefer company website and customer care whenever they encounter any query.
9. A considerable percentage i.e.35% of the respondents feel that life insurance is not a
profitable investment.
10. Majority of the i.e. 92% HDFC customers are satisfied with the company services. They
have a significant trust in the name of HDFC.

5.2 SUGGESTIONS
1. The agents of the insurance companies must make sure that all the customers whom they
are catering must come to know about the terms and conditions of the policy they have
undertaken since 18% of the respondents still rely on agents when undertaking a policy.
2. The insurance companies must promote their products not only in the form of goods
which meets uncertainties but also as a tax saving device, as well as an investment
option. Majority of the respondents i.e. 64% only invest insurance to tide over
uncertainties. By promoting the other form of investments there are chances that the
penetration of the insurance policies increases.
3. The companies must clearly explain the returns of the policy both in cases of maturity
and as well as in the cases of the eventuality happening so that the considerable
percentage i.e. 26% of the customers lose negative perceptions that insurance companies
deduct.
4. A significant i.e. 45% of the respondents felt that insurance policies are not affordable.
Awareness of monthly or quarterly modes payment should be highlighted, rather than
annual, so that it would be affordable for many, thereby increasing the insurance
penetration.

67

SUGGESTIONS BY OBSERVATIONS IN GENERAL

1. Life Insurance should not only be promoted as a protecting tool but it should also be
promoted as a kind of investment.
2. The existing customer must be notified if any new products are launched.
3. Short term policies must be started by the companies so that the doors can be opened for the
elderly above 55 years.
4. The government of India should make life insurance mandatory by keeping the time limit and
a condition of renewing each term for the policy for better serving.
5. Advertisement targeting students need to be created so that students can invest their savings
in insurance and protect their life as well as obtain money at a stage where they are in the
rising periods of their career.
6. The style of advertisement should not be WHAT IF SOMETHING HAPPENS it should be
WHAT HAPPENS IF YOU INVEST.

68

5.3 CONCLUSION
There is no doubt that this research is limited to a particular number of respondents and I wont
get a complete picture of customer behavior toward insurance. It is not surprising that insurance
is still a push strategy Majority of the surveyed population are aware of insurance to some extent.
Some respondents also see insurance as tax saving device. This shows that insurance is
considered as a kind of investment for tax saving which reflects the knowledge level of the
customers. The insurance sector in INDIA will excel if this kind of knowledge is pervasive.
There is still a lot of market to be tapped especially the middle class families and people below
poverty line. Thanks for the various private companies for offering different products which the
customer can buy according to his/her requirement. The government should immediately
formulate a policy on providing insurance.
Consumer behavior is very dynamic and the marketers must target them according to their needs
and requirements. There is a good future of life insurance in India. HDFC has already a good
loyal customer base. The only thing the company needs to focus is on increasing the base.
Having 6% in the market is very little. There is no doubt HDFC has some of the best tailored
products in the market. The only thing HDFC should start is promoting their products in a more
sophisticated way.
A nation can only be rich if it has rich human resources. The human resources to be rich should
posses rich health. A rich health is only obtained when it has enough monitoring at the time of
uncertainties. The monitoring requires money which can be only obtained through insurance if
they are insured. Hence life insurance should be made mandatory.

69

LIST OF TABLES FOR RESPONSES

TABLE NUMBER
1.1
1.2
1.3
1.4
1.5
1.6
1.7
1.8
1.9
1.10
1.11
1.12
1.13
1.14
1.15
1.16
1.17
1.18
1.19
1.20
1.21
1.22
1.23
1.24
1.25

TABLE NAME

age group of customers

designation of respondents
income level of respondents
knowledge about investment
investment term
having insurance policy
type of insurance
when choosing a policy
when entering a contract
knowing terms and conditions
perception about insurance
reason to invest
expectation from a company
preference of buying process
perception about life insurance
response to a life insurance agent
attitude towards word insurance
approach for clarification
claiming insurance
claiming online
reason for not having insurance
feature of HDFC
service of HDFC
flexibility in selection
satisfaction level of HDFC

70

PAGE NUMBER
39
41
43
45
47
48
49
51
53
54
55
56
57
58
59
60
61
62
63
64
65
66
68
69
70

LIST OF GRAPHS
GRAPH NUMBER
GRAPH-1
GRAPH-2
GRAPH-3
GRAPH-4
GRAPH-5
GRAPH-6
GRAPH-7
GRAPH-8
GRAPH-9
GRAPH-10
GRAPH-11
GRAPH-12
GRAPH-13
GRAPH-14
GRAPH-15
GRAPH-16
GRAPH-17
GRAPH-18
GRAPH-19
GRAPH-20
GRAPH-21
GRAPH-22
GRAPH-23
GRAPH-24
GRAPH-25

GRAPH NAME

age group of customers

designation of respondents
income level of respondents
knowledge about investment
investment term
having insurance policy
type of insurance
when choosing a policy
when entering a contract
knowing terms and conditions
perception about insurance
reason to invest
expectation from a company
preference of buying process
perception about life insurance
response to a life insurance agent
attitude towards word insurance
approach for clarification
claiming insurance
claiming online
reason for not having insurance
feature of HDFC
service of HDFC
flexibility in selection
satisfaction level of HDFC

PAGE NUMBER
39
41
43
45
47
48
49
51
53
54
55
56
57
58
59
60
61
62
63
64
65
66
68
69
70

LIST OF FIGURES
FIGURE NO
FIGURE-1
FIGURE-2
FIGURE-3

FIGURE NAME

Buying behavior process

Market share of life insurance companies
Organisation structure of btm layout

71

PAGE NO
10
29
37

BIBLIOGRAPHY

WEBSITES USED:
www.hdfclife.com
www.irda.gov.in
www.ibef.org

72

www.insuranceinfo.com
BOOKS USED:
Leon G. Schiff man, 2010, Consumer Behavior, NOIDA, Pearson education
C.R. Kothari, 2004, Research Methodology, New Delhi, new age international publishers
George E.Rejda, 2007, principles of risk management and Insurance, NOIDA, Pearson education

73

ANNEXURE

QUESTIONNAIRE

This questionnaire is regarding consumer/public behaviour towards insurance, targeting at life

insurance.
Name: _________________________

Gender: _______________________
74

1. Which age group do you belong to?

[ ] less than 25years

[ ] 25 to 35 years,

[ ] 35 to 45 years

[ ] above 45years

2. Which sector are you working in?

[ ] Student

[ ] IT

[ ] Business

[ ] Government

[ ] Others - Specify _________

3. Your annual income?

[ ] 0 5Lakhs

[ ] 5 10Lakhs

[ ] 10 15Lakhs

[ ] > 15Lakhs

4. Are you aware of the all the Investment options available?

[ ] Yes Specify_____________

[ ] No

[ ] Have some knowledge

5. Which term of investment preferred?

[ ] Short term (<5 years maturity)

[ ] Long term (>5 years maturity)

6. Do you have any insurance policy?

[ ] Yes

[ ] No

7. Which insurance policy do you have?

[ ] Life

[ ] General

[ ] both

specify:

8. Why did you choose an insurance policy?

[ ] self interest

[ ] to promote your friends

[ ] stimulated through advertisement

9. When undertaking an insurance policy ________

[ ] you rely on agent and sign the document
[ ] you undergo all the terms and conditions by self

10. Are you sure that you are aware of all terms and conditions of the policy you have
Undertaken?
75

[ ] Yes

[ ] No

11. What is your perception about insurance?

[ ] A saving tool [ ] A tax saving device
[ ] A tool to protect your family from uncertainties
12. Primary reason to invest in life insurance?
[ ] Retirement

[ ] Tax saving

[ ] Earning at uncertainties

[ ] Liquidity

13. What do you look for in an insurance company?

[ ] A trusted name

[ ] Friendly service & responsiveness

[ ] Good plans

[ ] Accessibility

14. What kind of buying process do you prefer?

[ ] Customer approached Insurance company/Agent
[ ] Company/agent approached customer
15. What is your attitude towards life insurance?
[ ] Positive, as it benefits your nominee [ ] Negative, as it is valued after death
16. How do you respond a call from life insurance agent?
[ ] Immediately cut the call saying busy [ ] Listen patiently
17. Did you ever hear anytime that life insurance policy companies make many adjustments and
deduct money at the time of maturity or at the event of uncertainty of the policy?
[ ] Yes

[ ] No

18. If you want to clarify any query to whom you consult first?

76

[ ] agent

[ ] customer care

[ ] company website [ ] branch manager

19. Do you think claiming insurance (both general and life) is easy?
[ ] yes

[ ] No

specify

20. Do you think claiming insurance online is helpful?

[ ] yes

[ ] no

21. If you dont have a life insurance policy specify the reason
[ ] lack of awareness [ ] no attractive returns [ ] not affordable [ ] not approached by
intermediaries
22. Which features made you to invest in HDFC Standard Life Insurance?
[ ] Money Back Guarantee
[ ] Easy Access to Agents
[ ] Larger Risk Coverage
[ ] Low Premium
[ ] Companys Reputation
23. What is your opinion towards the services provided by HDFC Standard Life Insurance?
[ ] Average[ ] Excellent

[ ] professional

24. Do you think HDFC has provided you enough flexibility options in terms of investments and
payments when you undertaken a policy?
[ ] Yes

[ ] No

25. Are you satisfied with the policies of HDFC Life?

[ ] Satisfied

[ ] Not satisfied

Thank you for spending your time in providing this information regarding insurance.