Professional Documents
Culture Documents
INTRODUCTION
Introduction of Life Insurance
Life insurance is designed to protect life and to product family against
financial uncertainties that may result due to unfortunate demise or illness. It can also
view as a comprehensive financial instrument, as a part of the financial planning
offering savings & investment facilities along with cover against financial loss. By
choosing the right policy as per the needs. i.e. customized solutions, you will be able
to plan for a secure future for yourself and your loved ones.
We all have different financial needs and objectives. But life insurance plays a
fundamental role in most of our plans for financial security. That's because of the
variety of life insurance plans available and the many ways they can be customized to
meet unique needs at different periods of your life.
1.1
To find out the customer satisfaction level among the go with their respecting
insurance companies in which they hold the polices.
To find out the awareness of people about insurance policies.
To offer suggestions based on findings.
Insurance Industry
The business of insurance started with marine business. Traders, who used to
gather in the Lloyds coffee house in London, agreed to share the losses to their goods
while being carried by ships. The losses used to occur because of pirates who robbed
on the high seas or because of bad weather spoiling the goods or sinking the ship.
The first insurance policy was issued in 1583 in England. In India, insurance began in
1870 with life insurance being transacted by an English company, the European and
the Albert. The first Indian insurance company was the Bombay Mutual Assurance
Society Ltd, formed in 1870. This was followed by the Oriental Life Assurance Co.
in 1874, the Bharat in 1896 and the Empire of India in 1897.
Later, the Hindustan Cooperative was formed in Calcutta, the United India in
Madras, the Bombay life in Bombay, the National in Calcutta, the New India in
Bombay, the Jupiter in Bombay and the Lakshmi in New Delhi. These were all Indian
companies, started as a result of the swadeshi movement in the early 1900s. By the
year 1956, when the life insurance was nationalized and the Life Insurance
Corporation of India (LIC) was formed on 1st September 1956, there were 170
companies and 75 provident fund societies transacting life insurance business in India.
After the amendments to the relevant laws in 1999, the L.I.C. did not have the
exclusive privilege of doing life insurance business in India. By 31.3.2002, eleven
new insurers had been registered and has begun to transact life insurance business in
India.
Need of Insurance
Assets are insured, because they are likely to be destroyed, through accidental
occurrences. Such possible occurrences are called perils. Fire, floods, breakdowns,
lightning, earthquakes, etc, are perils. If such perils can cause damage to the asset, we
say that the asset is exposed to that risk. Perils are the events. Risks are the
consequential losses or damages. The risk to an owner of a building, because of the
peril of an earthquake, may be a few lakhs or a few crores of rupees, depending on the
cost of the building and the contents in it.
The risk only means that there is a possibility of loss or damage. The damage
may or may not happen. Insurance is done against the contingency that it may
happen. There has to be an uncertainty about the risk. Insurance is relevant only if
there are uncertainties. If there is no uncertainty about the occurrence of an event, it
cannot be insured against. In the case of a human being, death is certain, but the time
of death is uncertain. In the case of a person who is terminally ill, the time of death is
not certain, though not exactly known. He cannot be insured.
Insurance does not protect the asset. It does not prevent its loss due to the
peril. The peril cannot be avoided through insurance. The peril can sometimes be
avoided, through better safety and damage control management. Insurance only tries
to reduce the impact of the risk on the owner of the asset and those who depend on
that asset. It only compensates the losses and that too, not fully.
Only economic consequences can be insured. If the loss is not financial,
insurance may not be possible. Examples of non-economic losses are love and
affection of parents, leadership of managers, sentimental attachments to family
heirlooms, innovate and creative abilities, etc.
Types of insurance
Automobile insurance
Aviation insurance
Boiler insurance
Builders risk insurance
Casualty insurance
Disability insurance
Liability insurance
Marine cargo insurance
Purchase insurance
Credit insurance
Crime insurance
Crop insurance
Directors and officers liability insurance
Property insurance
Terrorism insurance
Title insurance
Travel insurance
Workers compensation
Life insurance
Total permanent disability insurance
Locked funds insurance
Marine insurance
Financial loss insurance
Health insurance
Professional indemnity insurance
Environmental liability insurance
Pet insurance
4
RANGE OF SOLUTIONS
HDFC Standard Life Insurance has a range of individual and group
solutions, which can be easily customized to specific needs. HDFC Standard
Life Insurances group solutions have been designed to offer a complete
flexibility combined with a low charging structure to people.
TRACK RECORD
VISION
The most successful and admired life insurance company, which mean
that we are the most trusted company, the easiest to deal with, offer the best
value for money, and set the standards in the industry.
'The most obvious choice for all'
VALUES:
Values that HDFC Standard Life Insurance observes are
Integrity
Innovation
Customer centric
People Care One for all and all for one
Team work
Joy and Simplicity
INDIVIDUAL PRODUCTS
1. Production plan
(a)Term assurance plan
A pure risk cover plan, which gives you protection against the uncertainties of
life. The Term Assurance Plan is an insurance policy that is designed to help secure
your family's financial needs.
(b) Loan cover term assurance plan
An ideal way to cover your home loan or other loan liabilities. This Plan
provides a lump sum on the unfortunate death of the life assured within the policy
term.
2. Investment plan
(a)Single premium whole of life plan
Our Single Premium Whole of Life plan is well suited to meet your long term
investment needs. We provide you with attractive long term returns through regular
bonuses.
3. Pension plans
(a)Personal pension plan
It provides a post retirement income in your golden years and gives you the
flexibility to plan your retirement date and Gives you tax benefits on your premiums.
The plan receives simple Reversionary Bonuses, which are usually added annually. At
the end of the term an additional Terminal Bonus may be paid depending on the
performance of the underlying investment.
4. Savings plan
(a)Endowment assurance plan
It's an ideal way to secure your long-term financial goals. Valuable protection
to your family by way of lump sum payment in case of your unfortunate demise
within policy term and Lump sum payment on survival up to maturity date
GROUP PRODUCTS
(1)GROUP TERM INSURANCE PLAN
The Group Term Insurance (GTI) plan meets this need and serves as an ideal
way for companies to reinforce their bond with their employees. The sort of needs,
you, as an employer need to cater to could be in form of:
10
Employee benefits
Cover for housing or vehicle loans given by you to your employees
A GTI cover for future service gratuity liability to be taken along with the
Group Unit Linked Plan
One year renewable term insurance plan.
One master policy issued covering all members of the group.
INSURANCE IN INDIA
11
With a vision of providing easy access to its policyholders, LIC has launched
its SATELLITE SAMPARK offices. The satellite offices are smaller, leaner and closer
12
to the customer. The digitalized records of the satellite offices will facilitate anywhere
servicing and many other conveniences in the future.
LIC continues to be the dominant life insurer even in the liberalized scenario
of Indian insurance and is moving fast on a new growth trajectory surpassing its own
past records. LIC has issued over one crore policies during the current year. It has
crossed the milestone of issuing 1,01,32,955 new policies by 15th Oct, 2005, posting
a healthy growth rate of 16.67% over the corresponding period of the previous year.
1870: Bombay Mutual Life Assurance Society, the first Indian life insurance
company started its business.
1912: The Indian Life Assurance Companies Act enacted as the first statute to
regulate the life insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government to
collect statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with the
objective of protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident societies are 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 crore from the Government of India.
13
The mechanism of insurance is very simple. People who are exposed to the
same risks come together and agree that, if any one of them suffers loss, the others
will share the loss and make good to the person who lost. All people who send goods
by ship are exposed to same risks, which are related to water damage, ship sinking,
piracy, etc. Those owning factories are not exposed to these risks, but they are
exposed to different kinds of risks like, firer, hailstorms, earthquakes, lightning,
burglary, etc. Like this, different kinds of risks can be identified and separate groups
made, including those exposed to such risks. By this method, the heavy loss that any
one of them may suffer is divided into bearable small losses by all. In other words,
the risk is spread among the community and the likely big impact on one is reduced
smaller manageable impacts on all.
14
15
MetLife India
MetLife India is a 74:26 joint venture between J & K Bank, Pallonji & Co and
MetLife. It is a private sector company. The market share for FY 2005-06 was 0.40%.
16
17
18
Liberalization
The opening up of Insurance sector was a part of the ongoing liberalization in the
financial sector of India. The domain of State-run insurance companies was thrown
open to private enterprise on December 7, 1999, with the introduction of the
Insurance Regulatory and Development Authority (IRDA) Bill. The opening up of the
sector gave way to the world known names in the industry to enter the Indian market
through tie-ups with the eminent business houses. What was once a quiet business is
becoming one of the hottest businesses today.
19
Post liberalization
The changing face of financial sector and the entry of several companies in the field
of Life Insurance segment are one of the key results of these liberalization efforts.
Insurance business by way of generating premium income adds significantly to the
GDP. Despite the fact that the market is vast in India for the Insurance business, the
coverage is far less compared with the international standards. Estimates show that a
meager 35-40 million, out of a population of 950 million, have come so far under the
umbrella of the insurance industry. The potential market is so huge that it can grow by
15 to 17 per cent per annum. With the entry of private players, the Indian Insurance
Market may finally be able to make deeper penetration in to newer segments and
expand the market size manifold. The quality of service will also improve and there
will be wide The Life insurance market in India is likely to be risky in the initial
stages, but this will improve in the next three to five years Therefore, it may be
advantageous to be a second-round entrant. In the Life insurance market the need risk
assessment systems and data that are the key to success in the Life insurance market
are significantly underdeveloped in India even today.
20
CHAPTER-IV
ANALYSIS AND INTERPRETATION
The primary data collected through the questionnaire from government
officials were complied using spss package and the analysis are presented below.
TABLE 4.1
RESPONDENTS PROFILE OF AGE
Frequency/
Percentage
Age(In Years)
25-35
35-45
25
45-55
66
>55
Total
100
Table 4.1 shows, among the 100 sample respondents, the majority of 66% of
the respondents fall in the age group of 45-55 years. Another 25% fall in the category
of 35-45 years. There are 5% of the respondents who fall in the age group of above 55
years, while the remaining 4% are in the age group of 25-35 years. Thus, from the
analysis it can be concluded that the majority (66%) of respondents fall in the age
group of 45-55.
21
TABLE 4.2
GENDER PROFILE OF RESPONDENT
Gender
Frequency/
Percentage
Male
73
Female
27
Total
(Source: Primary Data)
100
Table 4.2 shows, the 100 sample respondents, the majority of 73% of the
respondents are Male, while the remaining 27% are female. Thus, from the analysis it
can be concluded that the male respondents constituted the major position (73%)
TABLE 4.3
MARITAL STATUS OF RESPONDENTS
Marital Status
Frequency/
Percentage
Married
99
Unmarried
Total
(Source: Primary Data)
100
Table 4.5 shows, among the 100 sample respondents, the majority (99%) of
the respondents are married while the remaining 1% is unmarried among the
respondents. Thus, from the analysis it can be concluded that the majority (99%) of
respondents who are married.
22
TABLE 4.4
EXPERIENCE PROFILE OF RESPONDENTS
Experience of
respondent
Frequency/
percentage
Less Than 10
11
10-20
27
20-30
57
>30
Total
(Source: Primary Data)
100
As it could be seen in Table 4.4, among the 100 sample respondents, the
highest of 57% of the respondents fall in the experience group of 20-30 years.
Another 27% fall in the category of 10-20 years. There are 11% of the respondents
who fall in the experience group of less then 10 years, while the remaining 5% are in
the experience group of above 30 years. Thus, majority (57%) of respondents are in
the experience group of 20-30.
23
TABLE 4.5
ANNUAL INCOME LEVEL OF RESPONDENTS
Frequency/
Annual income
percentage
27
180000-300000
50
300000-420000
14
>420000
Total
(Source: Primary Data)
100
Table 4.5 shows, out of 100 sample respondents, the majority 50% of the
respondents earn annual income between 180000-300000.Another 27% of
respondents are less than 180000. There are 14% of the respondents who earn
between 300000-420000, the remaining 9% among the respondents earn above
420000. Thus, from the analysis it can be concluded that the respondents who earn
between 180000-300000 constituted the major position (50%).
24
TABLE 4.6
AWARENESS ABOUT LIFE INSURANCE POLICIES
Awareness
Frequency/
percentage
Yes
100
No
Total
(Source: Primary Data)
100
As it could be seen in table 4.6 among the 100 sample respondent all of them
were aware of the life insurance policies, (i.e.) 100%. Thus from the analysis it can be
concluded that 100% of respondents are aware of the life insurance policies.
25
TABLE 4.7
SOURCE OF INFORMATION
SOURCE
YES
NO
Agent
85
15
Employer
15
85
Press
24
76
Relatives
10
90
T.v
37
63
Internet
10
90
Bankers
21
79
Brokers
96
Friends
23
77
Mobile
97
As it could be seen in table 4.7, among the 100 sample respondent, it is clear
that most of the respondents came to know about the insurance through agents (85%)
and the second highest source are the T.V (37%). None of the respondents have come to
know about the insurance through mobile. Thus, from the analysis it can be concluded
that 85% of the respondents came to know about insurance polices through agents.
26
FIGURE 4.1
CHART SHOWING SOURCE OF INFORMATION
1 00
Rows
YES
NO
75
50
25
0
A GE NT Cou nt
REL ATIV ES Co u nt BANKE RS Coun t
M OB ILE Co u nt
E MPLO Y ER Co unt
T V Cou nt
B RO KERS Cou nt
P RE SS Cou nt
INT E RNE T Coun t FRIE NDS Co un t
source
27
TABLE 4.8
AWARENESS ABOUT THE INSURANCE COMPANY
Company name
Yes
No
LIC
100
Birla
26
74
HDFC
75
25
Bajaj
27
73
ICICI
55
45
SBI
55
45
Sriram
18
82
Kotak
94
Aviva
97
Reliance
12
88
Tata AIG
19
81
Metlife
100
Max Newyork
95
Sahara
97
Barathi
100
16
84
ING Vysya
(Source: Primary Data)
As it could be seen in table 4.8 among the 100 sample respondent, it is clear
that 100% of the respondents are aware of LIC. And among the private players HDFC
has ranked first (75%) and followed by ICICI (55%), BAJAJ (27%), BIRLA (26%).
None of the respondent has come to know about Metlife and Max Barathi AXA life
insurance. Thus most of the respondents are aware of LIC and in the private sector
HDFC Standard Life insurance.
FIGURE 4.2
AWARENESS OF INSURANCE COMPANY
28
Rows
O THER
YES
NO
SHRIRAM L IFE
S BI L IFE
B AJA J ALL IA NZ
L IC
0
25
50
75
1 00
respondent
TABLE 4.9
PURPOSE OF TAKING POLICIES
Yes
No
tax saving
Purpose
57
43
investment
38
62
life risk
46
54
regular returns
22
78
health maintenance
19
81
retirement benefits
94
Others
(Source: Primary Data)
99
As it could be seen in table 4.9 among the 100 sample respondents, 57% have
opted Tax saving as the major purpose of taking life insurance policies and Life risk
coverage, Investment are also the purpose of taking life insurance policies. Thus from
29
the analysis it can be concluded that most of the respondents are preferred to take
policies for the purpose of Tax Savings.
FIGURE 4.3
PURPOSE OF TAKING POLICIES
Rows
O THERS Co u nt
YES
NO
INV E ST ME NT Cou n t
T AX SA V ING Co un t
25
50
RESPONDENT
TABLE 4.10
30
75
1 00
Policies Name
Yes
No
Endowment
83
17
Whole life
41
59
Money back
84
16
With profit
24
76
Joint life
30
70
Children's
41
59
Convertible
98
Without profit
98
Variable Insurance
100
Annuity policy
93
Handicapped policy
98
Retirement policy
24
76
36
66
ULIP
(Source: Primary Data)
18
82
Table 4.10, shows among the 100 sample respondents, 84% of the respondent
are preferred money back policy and 83% of respondent are preferred endowment
policies. None of the respondents are preferred to Variable insurance, without profit
policy and handicapped policy. Thus from the analysis it can be concluded that most
of the respondents are preferred to take money back and endowment policies.
FIGURE 4.4
AWARENESS OF THE POLICIES
31
Rows
O THERS Co un t
YES
NO
M ONEY BA CK P OL ICY Co u n t
25
50
75
RESPONDENT
TABLE 4.11
RANKING FOR POLICIES
POLICIES
Endowment
1
21
2
27
3
20
4
11
5
15
6
3
7
3
Whole life
15
34
22
Money back
46
15
10
12
With profit
16
13
36
21
Joint life
12
18
21
17
19
Children's
13
27
17
11
20
Others
12
(Source: Primary Data)
13
21
21
29
As it could be seen in table 4.11 among the 100 sample respondents, the
respondents preferred Money Back policy as rank 1 (46%) and Endowment policy has
been ranked as 2 (27%) and Children's policy has ranked as 3 (27%). Thus from the
analysis it can be concluded that most of the respondents are ranked money back
policy as first.
32
FIGURE 4.5
RANKING FOR POLICIES
Rows
O THERS Coun t
RANK1
RANK2
RANK3
RANK4
RANK5
RANK6
RANK7
WIT H PROFIT P OL ICY Coun t
10
20
30
RESPONDENT
33
40
TABLE 4.12
PREFERRED PREMIUM PERIOD
Period
Frequency/
Percentage
Annual
21
Half yearly
16
Quarterly
15
Monthly
Total
(Source: Primary Data)
48
100
Table 4.12 shows, among the 100 sample respondents, 48% of the respondents
preferred monthly premium payment period and 21% of the respondents preferred
annual premium payment period. Thus from the analysis it can be concluded that 48%
of the respondents preferred monthly premium payment period.
FIGURE 4.6
PREFERRED PREMIUM PERIOD
34
E
R
S
O
P
D
N
A
T
N
R
E
I6Y
M
U
P
Y
A
E
M
N
P
T
R
E
IO
D
N
U
LP
A
H
F
L
A
E
L
R
A
Y
U
Q
R
A
E
T
Y
L
O
M
T
N
Y
L
H
0A
5
1
0
1
11
2
0
2
8
4
0
3
0
4
0
5
TABLE 4.13
PREFERRED PREMIUM PAYMENT
35
Mode
Frequency/
Percentage
Salary deduction
58
Through agent
11
By cash
By cheque
18
Online payment
Total
(Source: Primary Data)
100
Table 4.13 shows, 4.7 among the 100 sample respondents, 58% of the
respondents preferred Salary Deduction as mode of payment and 18% of the
respondents preferred cheque as the mode payment. Thus from the analysis it can be
concluded that 58% of the respondents preferred Salary Deduction as mode of
payment.
FIGURE 4.7
PREFERRED PREMIUM PAYMENT
36
R
S
E
P
N
O
D
N
A
T
O
M
D
E
F
O
P
Y
A
M
N
E
T
E
U
IR
T
N
O
A
E
G
T
N
P
M
Y
A
T
S
LC
A
Y
H
T
O
R
U
H
Y
B
A
C
H
S
B
C
Y
E
H
U
Q
E
N
O
IE
L
0
71
1
0D
86
21
0
0
3
8
5
0
4
0
5
0
6
TABLE 4.14
PREFERRED DELIVERY OF POLICY DOCUMENTS
Policy Documents
Frequency/
37
Online
Percentage
3
By post
22
Through agent
43
32
100
Table 4.14 shows, among the 100 sample respondents, 43% of the respondents
preferred to get the documents through agent and 32% of the respondents preferred to
get the documents from the insurance office itself. Thus, from the analysis it can be
concluded that 43% of the respondents preferred to get the documents through agent.
FIGURE 4.8
PREFERRED DELIVERY OF POLICY DOCUMENTS
38
R
S
E
O
P
N
D
N
A
T
D
O
E
F
D
L
E
IV
R
E
Y
O
F
E
IC
C
A
M
'S
Y
N
P
N
IEM
L
B
P
Y
S
O
T
T
R
H
U
O
H
G
A
E
T
N
E
P
IN
S
R
U
L
T
A
0
32
1
0O
24
2
0
332
0
3
0
4
0
5
TABLE 4.15
PREFERRED MODE OF SETTELEMENT
39
Mode
Frequency/
Percentage
By cash
19
By cheque
75
On account transfer
Total
100
FIGURE 4.9
THE PREFERRED MODE OF SETTELEMENT
40
M
N
T
E
T
E
L
S
O
M
D
E
O
F
H
C
A
S
Y
BQ
U
E
R
C
F
S
H
R
A
N
B
Y
O
T
N
C
U
A
O
N
0
291 6
0
N
T
D
A
O
N
S
P
E
R
4 57
0
6
0
8
0
TABLE 4.16
RANKING THE DETAILS EXPECTED FROM AGENT
41
R1
R2
R3
R4
R5
R6
R7
R8
Features of policy
DETAILS
21
13
24
17
16
Premium amount
24
30
14
16
Period of premium
21
27
18
12
11
Mode of payment
18
17
23
17
21
20
17
13
13
Other benefits
11
15
28
32
11
Other services
23
40
27
Settlements
15
12
47
FIGURE 4.10
RANKING FOR EXPECTING DETAILS FROM AGENT
42
Rows
RANK1
RANK2
RANK3
RANK4
RANK5
RANK6
RANK7
RANK8
P REMIUM A MO UNT Co u nt
2 0.0 0
3 0.0 0
40.00
RESPONDENT
TABLE 4.17
PREFERRED INSURANCE COMPANY
Sector
Frequency
Public sector
75
Private sector
25
Total
(Source: Primary Data)
100
Table 4.17 shows, among the 100 sample respondent 75% of respondents are
preferred public sector and 25% of the respondents are preferred private sector. Thus
from the analysis it can be concluded that 75% of respondents are preferred public
sector.
FIGURE 4.11
PREFERRED INSURANCE COMPANY
43
25
5
7
R
P
A
IV
T
O
U
L
B
C
E
S
T
C
R
O
C
M
Y
IS
N
A
N
E
T
R
O
IE
P
R
F
D
TABLE 4.18
44
Details
R1
R2
R3
R4
R5
R6
R7
Knowledge of policy
41
24
22
Investment advice
21
20
33
16
Convincing approach
13
29
19
13
12
Premium details
21
17
16
27
11
Handling documents
41
22
19
Nominee details
19
46
23
Claim settlement
(Source: Primary Data)
12
10
12
13
46
As it could be seen in table 4.18 among the 100 sample respondents, the
respondents are selecting the agent first to know about the knowledge of the policy
because it has been ranked as 1 (41%) and convincing has been ranked as 2 (29%) and
investment advice has ranked as 3 (33%). Thus from the analysis it can be concluded
that most of the respondents are selecting the agent's by knowledge of policy followed
by convincing approach and investment advice.
FIGURE 4.12
45
Rows
RANK1
RANK2
RANK3
RANK4
RANK5
RANK6
RANK7
P AY MENT O F P RE M IUM Co un t
2 0.0 0
3 0.0 0
RESPONDANT
TABLE 4.19
46
4 0.0 0
DETAILS
Brand name
R1
17
R2
19
R3
24
R4
9
R5
9
R6
7
R7
6
R8 R9 R10 R11
5
3
0
1
R12
0
13
18
18
16
12
10
11
21
19
30
14
16
16
13
insurance
10
11
12
12
20
11
13
15
20
13
Sales promotion
17
19
12
12
22
Premium amount
14
13
11
14
10
16
Period of premium
13
13
22
16
14
Mode of premium
12
15
29
21
Rider clause
10
26
46
13
Online service
1
(Source: Primary Data)
14
23
45
Availability of
product & services
Attractive
advertisement
Fulfillment of
customer needs
Fulfillment of
As it could be seen in table 4.19 among the 100 sample respondents, the
respondents are selecting the insurance company first to fulfillment of customer needs
because it has been ranked as 1 (30%) and availability of product and services has
been ranked as 2 (18%) and brand name has ranked as 3 (24%). Most of the
respondents are selecting the insurance company first to fulfillment of customer needs
followed by availability of product and services and brand name.
TABLE 4.20
PREFERENCE FOR FUTURE POLICY
47
Particulars
No. of Respondents
Yes
34
No
66
Total
(Source: Primary Data)
100
Table 4.20 shows, among the 100 sample respondent 66% of respondents are
preferred to take policy in future and 34% of the respondents are not preferred to take
policies in future. Thus from the analysis it can be concluded that 66% of respondents
are preferred to take policy in future.
FIGURE 4.13
PREFERENCE FOR FUTURE POLICY
4 6
3
Y
N
S
E
O
IC
L
F
O
T
U
F
R
P
E
R
E
N
TABLE 4.21
INTENDED TYPE OF POLICY IN FUTURE
48
Type of policy
Respondent
Endowment policy
11
Children's policy
28
13
ULIP
Total
66
TABLE 4.22
PREFERRED INSURANCE COMPANY IN FUTURE
Company
Respondent
49
LIC
55
HDFC
BAJAJ
ICICI
Total
66
TABLE 4.23
HOLDING OF INSURANCE POLICY
Particulars
Holding Policies
Yes
98
50
No
Total
100
FIGURE 4.14
HOLDING OF INSURANCE POLICY
9
8
2 C
N
O
Y
S
E
U
E
R
T
LIC
P
Y
TABLE 4.24
CURRENT INSURANCE COMPANY
Current company
Respondent
LIC
64
27
4
51
HDFC
OTHERS
Total
98
TABLE 4.25
NO. OF POLICIES
No. of Policies
Respondent
45
36
52
11
Total
98
TABLE 4.26
CURRENT TYPE OF POLICY
Policies
Yes
No
Endowment
57
41
Joint Life
28
70
Whole Life
14
84
Children
50
48
Money Back
54
44
ULIP
24
74
53
FIGURE 4.15
CURRENT TYPE OF POLICY
Rows
YES
NO
75
NIL
50
25
0
E NDOWME NT POL ICY Cou n t
CHIL DRE N'S PO LICY Co un t
JOINT L IFE PO L ICY Co u nt
M ONEY BA CK POL ICY Cou n t
WHO LE L IFE P O LICY Co un
UNIT
t
LINKE D INSURANCE POL ICY Co u nt
POLICIES
TABLE 4.27
PRESENT PURPOSE OF TAKING POLICIES
Purpose
Yes
No
Tax saving
55
42
Investment
39
59
Life risk
36
62
Regular returns
30
68
Health maintain
18
80
89
Retirement benefits
(Source: Primary Data)
54
FIGURE 4.16
PRESENT PURPOSE OF TAKING POLICIES
Rows
YES
NO
75
N IL
50
25
0
T AX SA V ING Co un t
REG UL A R RET URNS Co un t
INV EST ME NT Cou n t
HEAL TH MA INT ANA NCE Co un t
L IFE RIS K COVE RA GE Cou n t RET IRE ME NT B ENE FIT S Co un t
PURPOSE
TABLE 4.28
CURRENT PREMIUM PAYMENT PERIOD
Period
Respondent
Annual
13
Half yearly
13
Quarterly
20
Monthly
51
One time
55
Total
(Source: Primary Data)
98
TABLE 4.29
CURRENT PREMIUM AMOUNT PAID ANNUALLY
Amount
Respondent
< 3000
23
3000-5000
34
5000-7000
22
>9000
19
Total
98
56
TABLE 4.30
SATISFACTION LEVEL FOR PRESENT AGENT
Agent Service
H.S
C.S
42
50
98
Investment advices
83
98
Convincing approach
82
10
98
Payment of premium
83
98
Claim settlement
37
55
98
Change of nominee
68
21
98
34
60
98
57
H.D Total
TABLE 4.31
SATISFACTION LEVEL SCORES FOR AGENT SERVICE
Satisfaction Level
Scores
No. of Respondents
Highly Dissatisfied
Exactly 7
Dissatisfied
8 14
Can't Say
15 21
Satisfied
22 28
86
29 35
11
Highly Satisfied
(Source: Primary Data)
58
Table 4.31 clearly shows that 86 respondents are got scores in between 22
28, thus, the respondents are satisfied with the agent service.
TABLE 4.32
SATISFACTION LEVEL FOR INSURANCE COMPANY
Insurance company
H.S
C.S
Brand name
34
56
98
17
80
98
Customer needs
81
98
Attractive advertisement
81
98
80
98
Sales promotion
67
30
98
Premium amount
17
74
98
15
79
98
18
70
10
98
59
H.D Total
42
50
98
Online service
31
65
98
27
67
98
Settlement of claims
(Source: Primary Data)
26
69
98
Table 4.32 shows, among the 98 sample respondents, the respondents are
satisfied with the company services like Brand name, Availability of Product and
Services, Fulfillment of Customer needs, Attractive advertisement, Terms and
Procedures, Sales Promotion measures, Premium amount, Period of premium
payment, Mode of payment of premium but the respondents are not aware of Claim
settlement, Loans against policies, Online services and Availability of rider clause, so
its comes under can't say category. Thus from the analysis it can be concluded that the
respondents are satisfied with the current company services.
TABLE 4.33
SATISFACTION LEVEL SCORES FOR INSURANCE COMPANY
Satisfaction Level
Scores
No. of Respondents
Highly Dissatisfied
Exactly 13
Dissatisfied
14 26
Can't Say
27 39
Satisfied
40 52
87
53 65
11
Highly Satisfied
(Source: Primary Data)
Table 4.33 clearly shows that 87 respondents are got scores in between 40
52, Thus, the respondents are satisfied with the insurance company.
60
CHAPTER V
FINDINGS, SUGGESTION&CONCLUSION
61
5, 00,000
Most of the respondents are preferred to take money back and endowment
policies.
Most of the respondents are ranked money back policy as first.
48% of the respondents preferred monthly premium payment period.
58% of the respondents preferred Salary Deduction as mode of payment.
43% of the respondents preferred to get the documents through agent.
75% of the respondents preferred to get the claim settlement through cheque.
62
63
5.3 SUGGESTIONS
In view of the competition from LIC and other private players in the market,
HDFC Standard Life should organize more awareness campaigns to create
awareness and to promote their existing products.
More new products and services should be innovated through financial
engineering process to tap rural and social sectors.
To retain old customers and to attract new customer's products with adds-on
features should be introduced besides attractive advertisements.
To reach out more customers, tie-ups with companies, in various sectors can
be arranged to cover the insurance needs of their employees.
As the awareness level among the government officials for some insurance
policies like ULIP, Money back plan, Endowment plan, Children's plan,
Protection plan, etc. are very low, periodical awareness programs in the
respective government officials with concurrence of higher officials should be
conducted.
64
banks incorporate successful sales tactics used by them to sell other financial
services.
5.4 CONCLUSION
65
Insurance sector is one of the most booming sectors in India. The penetration
level of insurance in India is only 2.3% when compared to 9-15% in the developed
nations. There is a huge market for the Insurance products in the future in India.
The project was very useful to the researcher to understand the life insurance
business.
Bibliography
Books
66
WEBSITES
www.hdfclifeinsurance.com
www.irda.com
REPORTS
IRDA Reports
67