Customer Perception Towards HDFC Standard Life

HDFC STANDERD LIFE INSURANCE
INDUSTRY PROFILE
BRIEF HISTORY OF INSURANCE IN INDIA
Life insurance activity in its modern from started in India in 1818 to provide insurance for the European soldiers and civilians to benefit their families. The first Indian Life insurance company, the Bombay Mutual Life assurance society started its business in 1870. This was the first company, which charged same amount of premium on both Indian and Non-Indian lives. Earlier native Indian lives were considered more risky and hence were charged more premiums for coverage. Foreign insurance companies dominated insurance business in India and enjoyed monopoly right up to the end of nineteenth century. Insurance regulation formally began in India through the passing of two acts, the life Insurance companies act of 1912 and the provident act 1912, the first legislation was introduced with the insurance act of 1938 that provided strict state control over insurance business in the country. This provided an effective cheek on the large-scale frauds that sullied insurance business during the 1930`s. In the 1940s, there were more than 220 Insurance companies in India. There was no control over the starting and closing of insurance companies. Customer`s money was on stake. After independence, the business of insurance grew at a faster pace as the competition among the Indian companies intensified. At this juncture, the government of India decided to merge all the insurance companies. In the year 1956, the merger and nationalization of all existing life insurance companies were done which resulted in giving birth to the life insurance corporation of
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India (LIC). Closed to foreign competition, the Indian insurance industry was run by the government for over 40 years through LIC and four general insurance companies that spanned the length and breadth of the country. LIC enjoyed a monopoly for more than four decades.
GLOBEL MARKET PENETRATION Penetration of life insurance is beginning to cut across socioeconomic classes and attract people who have never purchased insurance before. With the heightened awareness and the consumer education comes a willingness to view life insurance as an integral part of the financial portfolio. No longer is the life insurance a poorly understood product that is pushed onto people. Nor is it a product that is only to be bought hurriedly at the time of filling taxes. It`s now catching on as an important element of the overall financial basket one that is purchased to fulfill specific rational and emotional needs. Not only there has been a charge in the structure and nature of the products, but also in the way they are sold.
INSURANCE PENETRATION ACROSS THE NATION:

From being a purely advisor driven business, the sector has seen the emergence of a number of channels including bank assurance, corporate agents, brokers and direct marketing. These channels, though new, are quickly gaining importance primarily because they present the customer with multiple ways of approaching life insurers. There has been a vast improvement in service attitude and delivery too. As with privatization in any industry, the benefits aren`t restricted to the customer alone, but extend to the society at large, by generating employment opportunities for thousands. Over the past two years, insurance companies; both life and non life insurance have collectively hired at least 6,000 employees to staff their operation across the country, another 90,000- odd have

been appointed as life insurance advisors who are engaged in counseling and recommending products to the insurance buyers. The potential for the growth and spread of life insurance is high as in many other Asian countries. This is due to stronger economic growth, rapid aging of population, a weak social security and pension system leaves a majority of workers with no old age income security. A well-developed insurance sector promotes economic growth by encouraging risk-taking activity, and also has great potential in mobilizing long-term contractual savings and the rest is crucially needed for infrastructure development.
INSURANCE DENSITY ACROSS THE NATIONS

The global insurance market stands at 1521.2 billion US dollar and India stands 23rd position with 9.93 billion US dollar. Out of the 1 billion populations in India 35 millions are insured. India`s life insurance premium as percentage of GDP is 2.32%. The Indian insurance market is set to touch 25 billion US dollar by 2010. On the assumption of 7% growth in GDP. The role of life insurance is a crucial one for the development of our country. Life insurance companies have to invest 75% of its revenue in the government specified securities like electricity boards, housing schemes, water supply and sewage projects, development of road and transport, industrial development schemes etc.
INSURANCE AUTHORITY
REGULATORY
AND
DEVELOPMENT
Reforms in the insurance sector were initiated with the passage of the IRDA bill in parliament in December 1999. The IRDA since its incorporation as a statutory body in April 2000 has fastidiously stuck to its schedule of framing regulation and registering the private sector insurance companies. The other decisions taken simultaneously to provide the supporting systems to the insurance sector and in particular to

the life insurance companies was the launch of the IRDA`s online service for issue and renewal of licenses to agents . The approval of institutions for imparting training to agents has also ensured that the insurance companies would have a trained workforce of insurance agents in place to sell their products, which are expected to be introduced by early next year. Since being set up as an independent statutory body the IRDA has put in a framework of globally compatible regulations. In the private sector 14 life insurance and 6 general insurance companies have been registered.
MISSION OF INSURANCE SECTOR;To protect the interest of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto. DUTIES, POWERS AND FUNCTIONS OF IRDA
1. Adjudication of disputes between insurers and intermediaries or insurance intermediaries. 2. Promoting and regulation professional organizations connected with insurance and re-insurance business. 3. Specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents.

4. Promoting efficiency in the conduct of insurance business 5. Regulation investment of funds by insurance companies 6. Issue the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration.
T1; PRIVATE LIFE INSURANCE PLAYERS IN INDIA

REG NO. 101 104 105 107 109 DATE REG. OF NAME OF THE COMPANY HDFC Standard life insurance company ltd. Max New York Life insurance company ltd. ICICI Prudential life insurance company lt6d. Om Kotak Mahindra company ltd. life insurance
23.10.2000 15.11.2000 24.11.2000 10.01.2001 31.01.2001
Birla Sun life insurance company ltd.
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110 111 114 116 117 122 127 128 12.02.2001 30.03.2001 02.08.2001 03.08.2001 06.08.2001 14.05.2002 06.02.2004 17.11.2005 Tata AIG life insurance company ltd. SBI life insurance company ltd. ING Vysya life insurance company private ltd. Alianz Bajaj life insurance company ltd. MetLife India insurance company pvt ltd. Aviva life insurance Co. India pvt ltd. Sahara India insurance company ltd Shriram life insurance company ltd.
SOME OF THE IMPORTANT MILESTONES IN THE LIFE INSURANCE BUSINESS IN India are; 1818:
Oriental life insurance company, the first insurance company on Indian soil started functioning. 1870: Bombay Mutual life assurance society, the first Indian life insurance company started its business. 1912: The Indian insurance 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 business. 1938: Earlier legislation consolidated and amended to by the insurance Act with the objective of protecting the interest of the insuring public. 1956: 245 Indian and foreign insurance and provident fund societies take over the central Govt and nationalized. LIC formed by an Act of Parliament, viz, LIC Act, 1956, with a capital contribution of Rs. 5crore from the Govt of India.
INSURANCE Definitions General Insurance:

A contract in which one party agrees to pay for another parts financial loss resulting from a specific event (for example, a collision, theft, or storm damage). Lease agreement

generally requires that you maintain vehicle collision and property damage.
Life insurance:
A system of protection against loss in which a number of individuals agree to pay certain sums of money, called premiums, to create a pool of money which will guarantee that individual will be compensated for losses caused by events such as fire, accident, illness, or death.
Benefits of Insurance: Insurance is the instrument of security,

savings and peace of mind. It Provides several benefits by paying a small amount of premium to an insurance company as:1. 2. 3. 4. 5. 6. 7. Safeguard oneself and ones family for future
requirements. Peace of mind-in-case of financial loss. Tax rebate. Protection from the claim by creditors. Security against a personal loan or other type of loan. Provide a protection cover to industries, agriculture, women and child. Provide good returns on investments.
Private players in the Life insurance industry, which has tied up with various foreign companies:-
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ICICI Prudential Birla Sun Life
ICICI Bank Aditya Birla Group Bajai Auto SBI Bank HDFC Bank TATA Group Max India DABUR KOTAK Mahindra Bank Vysya Bank Reliance Group J & K Bank Sahara India
Prudential, UK Sun life, Cananda Allianz, Germany Cordiff, France Standard Life, UK AIG, US New York Life, US Aviva, UK Old Mutual, S.A ING, Netherlands None Met life, US None
Allianz Bajaj
SBI Life HDFC Standard Life
TATA-AIG Life Max New York Life.
Aviva Life Kotak Mahindra Life
ING Vysya Life
Reliance Life Metlife India Sahara Life
COMPANY PROFILE
HDFCS Standard Life Insurance Company Ltd. is one of Indias 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.), and Indias leading housing finance institution and a Group Company of the Standard Life, UK. HDFC as on March 31, 2007 holds 81.9 Per cent of equity in the joint venture
Our Key strengths Financial Expertise

As a joint venture of leading financial Services groups, HDFC Standard Life has the financial expertise required to manager your long-term investments safely and efficiently.
Range of solutions
We have a range of individual and group solutions, which can be easily customized to specific needs. Our group solutions have been designed to offer you complete flexibility combined with a low charging structure
Track Record so far
Our Gross Premium income, for the year ending March 31, 2008 stood at Rs. 2, 856 crores and new business premium income at Rs. 1,624 crores. The company has covered over 8, 77,000 lives year ending March 31, 2008.
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HDFC PROFILE HDFC was incorporated in 1977 with the primary objective of meeting a social need that of promoting home ownership by providing long-term finance to households for their housing needs, HDFC was promoted with promoted with an initial share capital of Rs. Million.
Business Objectives
The primary objective of HDFC is to enhance residential housing stock in the country through the provision of housing finance in a systematic and professional manner, and to promote home ownership another objective is to increase the flow of resources to the housing sector by integrating the housing finance sector with the overall domestic financial markets. Organizational Goals HDFCs main goals are to 1. Develop close relationships with individual households, 2. Maintain its position as the premier housing finance institution in the country. 3. Transform ideas into viable and creative solutions, 4. Provide consistently high returns to shareholders, 5. We to grow through diversification by leveraging off the existing client base
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STANDARD LIFE HISTORY The Standard Life Assurance Company (Standard Life) was established in 1825 and the first Standard Life Assurance Company Act was passed by parliament in 1832. Standard Life was reincorporated as a mutual assurance company in 1925. The Standard Life group originally operated only through
branches or agencies of the mutual company in the United Kingdom and certain other countries. Its Canadian branch was founded in 1833 and its Irish operations in 1838. This largely remained the structure of the group until 1996, when it opened a branch in Frankfurt, Germany with the aim of exporting its UK Life assurance and pensions operating model to capitalize on the opportunities presented by EC Directive 92/96/EEC (the Third Life Directive) and offer a product range in that market with features which local provides were unable to offer. In the 1990s, the group also sought to diversify its operations into areas, which complemented its core life assurance and pensions business, which the intention of positioning itself as a broad range financial services provider.
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Economic Development Area General Company (TEDA) became operational in 2003. The groups Hong Kong subsidiary, Standard Life Asia Limited (SL Asia), was incorporated in 1999 as a joint venture and became a wholly owned subsidiary of Standard Life in 2002, The groups operations in Hong Kong were established to give the group a presence in the far East from which it could expand into China. The groups joint ventures in India which Housing Development Finance Corporation Limited(HDFC) Were Incorporated in 2000(in relation to the life assurance and pensions joint venture) and 2003 (in relation to the investment management joint venture). The groups joint venture in China with Tianjin Our vision: The most successful and admired life insurance company, which means that we are the most trusted company, the easiest to deal with, offer the best value for money, and set the standards in the industry. The most obvious choice for all. Our Values: Values that we observe while we work: Integrity Innovation Customer centric

Team work Joy and Simplicity, People Care One for all and all for one
GROUP COMPANIES Housing Development Finance Corporation HDFC Bank HDFC Mutual Funds HDFC Securities HDFC Chubb General insurance company Limited
Board of Directors
MR Deepak S Parekh Chairman MR Deepak M Satwalekar MD&CEO MR Keki M Mistry MR Ravi Narain MR G.N. Bajpai MR Alexander M Crombie MR Gautam R Divan MR Ranjan Pant

MRS Marcia Dominic Campbell MR Keith Norman Skeoch
PROFILE OF THE PRODUCTS Life insurance is a contract between a person and an insurance company by which that person pays in a certain agreed-upon amount regularly (usually monthly) so that upon that persons death, his or her family or other beneficiary will receive a large lump sum payment and thereafter replaces the loss of income or pension benefit caused by the death of the policyholder. Benefits :1. Protection to the family: Helps maintain lifestyle even in the absence of its earning member. 2. Savings: Life Insurance facilitates financial planning. 3. Security: Takes care of loans and debts in the event of the death of the earning member. 4. Establish an emergency fund for the family to meet unexpected expenses. 5. Retirement Benefits. 6. Also Tax savings.
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Different life insurance polities may very by frequency and amount of payments (some policies have a fixed payment amount that never changes; others will increase on a regular basis), term of coverage, and the amount and method of final payment to the beneficiary. The following are the products offered by HDFC standard life.
Savings plans Protection plans Retirement plans Child plans Investment plans HDFC Unit Linked Young Star The HDFC Unit Linked Young Star gives you: 1. Access to your accumulated fund before maturity 2. An outstanding investment opportunity by providing a choice of thoroughly researched and selected investments 3. Valuable protection to your child in case you are not around 4. Flexible around benefit combinations and payment options Valuable protection to your child in case you are not
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Your can choose your premium and the investment fund or funds. We will then invest your premium, net of premium allocation charges in your chosen funds in the proportion you specify. At the end of the policy term, you will receive the accumulated value of your funds.
In case of your unfortunate demise during the policy term Benefits Life :Speaks about death immediately, sum assured is paid & Pay the Sum Assured you had chosen to your child Continue your policy AND continue to pay the original regular premiums you had chosen.
all remaining premium are paid by insurance company and at the time of maturity fund value is given. Life & health :-Speaks about death immediately & Critical illness which ever is earlier, sum assured is paid & all remaining premium are paid by insurance company and at the time of maturity fund value is given. Critical illness include stork, heart, organ transplant, cancer, kidney failure, and coronary artery bypass surgery. Note 1: the beneficiary (child) is the sole person to receive the benefit under the policy. Where the beneficiary is less than 18 years of age, the benefit will be paid to the Appointee.

Note 2: there is no nomination facility Premium allocation charges :KS .99 .99 .99 19.99 First Year 60% 40% 30% 20% 10% Second year onwards 1% 1% 1% 1% 1%
HDFC Unit Linked Young Star Plus The HDFC Unit Linked Young Star plus gives you: 1. Access to your accumulated fund before maturity 2. An outstanding investment opportunity by providing a choice of thoroughly researched and selected investments 3. Valuable protection to your child in case you are not around 4. Flexible benefit combinations and payment options Valuable protection to your child in case you are not around You can choose your premium and the investment fund or funds. We will then invest your premium, net of premium allocation charge sin your chosen funds in the proportion you specify. At the end of the policy term, you will receive the accumulated value of your funds.
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HDFC STANDERD LIFE INSURANCE In case of your unfortunate demise during the policy term
Pay the Sum Assured you had chosen to your child Continue your policy AND continue to pay the original regular premiums you had chosen.
Benefits Life:- Speaks about death immediately, sum assured is paid & all remaining premium are paid by insurance company and at the time of maturity fund value is given. Life & health:- Speaks about death immediately & Critical illness which ever is earlier, sum assured is paid & all remaining premium are paid by insurance company and at the time of maturity fund value is given. Critical illness includes stork, heart, organ transplant, cancer, kidney failure, and coronary artery bypass surgery.
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Note 1: The beneficiary (child) is the sole person to receive the benefit under the policy. Where the beneficiary is less than 18 years of age, the benefit will be paid to the appointee. Note 2: there is no nomination facility Premium allocation charges First Year Second year onwards 30% 1% 20% 1% 150% 1% 10% 1% 5% 1% Additional Benefit: it given 0.1% of loyalty bonus every year. UNIT LINKED ENDOWMENT The HDFC unit Linked Endowment Plan gives you:1. An outstanding investment opportunity by providing a choice of thoroughly researched and selected investments. 2. Valuable protection to your family in case you are not around 3. Flexible benefit combinations and payment options 4. Flexible additional benefit options such as critical illness cover 5. Access to your accumulated fund before maturity KS .99 .99 .99 19.99
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You cans choose your premium and the investment fund of funds. We will then invest your premium, net of premium allocation charges in your chosen funds in the proportion you specify. At the end of the policy term you will receive the accumulated value of your funds.
In case of your unfortunate demise during the policy term: We will pay the greater of your Sum Assured (less any withdrawals you have made in the two years before your claim) and your total fund value to your family.
Benefits Life Life & health Extra Life option Extra Life & Health Option Beneficiaries:

You will receive the benefits due on maturity due on maturity at the end of the policy term. In the event of your unfortunate demise, your nominee will receive the benefits due. Nomination facilities are available. Charges: Policy administration charges: Rs. 20 per month. Fund manager charges; 0.8% per annum charge on daily basis. Mortality charges: depends on age, features (on monthly basis). Surrender charges are 3% of 2years of o/s premium. Additional Benefit: It gives 0.1%of 2yours of o/s premium.
HDFC UNIT LINKED PENSION The HDFC unit Linked Pension gives you: 1. An outstanding investment opportunity by providing a choice of thoroughly researched and selected investments. 2. A post retirement income for life. 3. Flexibility to plan your retirement date

4. Freedom to invest premiums as per your preference You cans choose your premium and the investment fund of funds. We will then invest your premium, net of premium allocation charges in your chosen funds in the proportion you specify. At the end of the policy term you will receive the accumulated value of your funds, which will be used to provide your pension income. In the event of your unfortunate demise during the policy term: Your spouse will receive a cash lump sum to help him or her manage the retirement years
Benefits
On retirements
You will get the value of the units in your policy.
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Your can take up to 1/3 of your fund value as a tax-free cash lump sum and the rest must be converted in to annuity You can buy the annuity from us or any other insurer. On death: Unfortunate death your nominee will receive the unit fund value. Policy terminates there after.
Charges:
Policy administration charges: Rs. 20 per month. Fund manager charges; 0.8% per annum charge on daily basis. Revival charge: A charge of Rs. 250 is charged for revival to cover for administrative expenses Miscellaneous charges: This is a charge levied for any alterations with in the contract like premium redirection for any alterations with in the contract like premium reduction or ad-hoc policy servicing. 12 premium reduction requests will be free in a policy year and any additional 12 premium reductions will be charged Rs. 250 per request. HDFC UNIT LINKED PENSION PLUS The HDFC unit Linked Pension plus you:
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1. An outstanding investment opportunity by providing a choice of thoroughly researched and selected investments. 2. A post retirement income for life. 3. Flexibility to plan your retirement date 4. Freedom to invest premiums as per your preference You cans choose your premium and the investment fund of funds. We will then invest your premium, net of premium allocation charges in your chosen funds in the proportion you specify. At the end of the policy term you will receive the accumulated value of your funds, which will be used to provide your pension income.
In the event of your unfortunate demise during the policy term: Your spouse will receive a cash lump sum to help him or her manage the retirement years.
Benefits

On retirements :policy. You will get the value of the units in your
Your can take up to 1/3 of your fund value as a tax-free cash lump sum and the rest must be converted in to annuity You can buy the annuity from us or any other insurer. On death: - Unfortunate death your nominee will receive the unit fund value. Policy terminates there after. Charges: Policy administration charges :- Rs. 20 per month. Fund manager charges :- 0.8% per annum charge on daily basis. Revival charge:- A charge of Rs. 250 is charged for revival to cover for administrative expenses Miscellaneous charges: This is a charge levied for any alterations with in the contract like premium redirection for any alterations with in the contract like premium reduction or ad-hoc policy servicing. 12 premium reduction requests will be free in a policy year and any additional 12 premium reductions will be charged Rs. 250 per request. Additional benefit: At the end of every policy year we will increase the number of units in each of your funds by 0.10% as long as your policy is in force or paid-up. The compounding effect of this regular addition is expected to boost your final vesting benefits.
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AREA OF OPERATION:The area of operation was national since origin, but in the year 2000 the company has a joint venture with standard life UK and entered Global market. So the area of operation of the company is global since 2000. OWNERSHIP PATTERN:HDFC STANDARD LIFE INSURANCE is
having a joint venture with Standard life UK. It was registered on 23.10.2000 & while registration it took the joint venture with standard life. COMPETITORS:New York Life Insurance Company Ltd ICICI Prudential Life Insurance Company Ltd Kotak Mahindra Life Insurance Company Ltd Sun Life Insurance Company Ltd. Tata AIG Life Insurance Company Ltd Life Insurance Company Ltd ING Vysya Life Insurance Company Private Ltd Bajaj Life Insurance Company Pvt. Ltd Life India Insurance Company Pvt. Ltd SANMAR Assurance Company Pvt. Ltd Life Insurance Company Ltd SAHARA India Insurance Company Ltd Life Insurance Company Ltd
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INFRASTRUCTURE FACILITIES:It covers over 693 cities & towns through its offices in India with over 79000 financial consultants by company. HDFC also has 833 corporate agents and other sales intermediaries including banks for distribution of insurance products. The company has a tied agency and an alternate channel. Tied agency mainly deals with getting business and recruiting the life advisors, alternate channel. Tied agency mainly deals with getting business and recruiting the life advisors, alternate channel members are considered as the channel partners and they deal with mutual funds. In the tied agency as well as alternate channel, each employee is provided with a computer to perform their operations and a telephone connection is given as they have to follow up their clients and telephones are very essential to make feel calling. Each branch is provided with a seminar room, a branch manager room, regional manager room, cash counter for premium receipts and many other safety and welfare facilities to make employees feel free to perform their work.
AWARDS AND ACCOLADES: -
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Company of the Year for the seventh successive year (Money Marketing Awards) Best Pension Provider (2004 and 2005 Money Marketing Awards) Best Pension Product (2003 2005 Money facts Investment, Life & Pension Awards) Group Pensions Provider of the Year (Financial Adviser Life and Pension Award 2004).
GROWTH & PROSPECTS: The company is performing well at present. It has increased sales by 65% to euro 70m (2006:euro42m) of which standard life share was euro 12m (2006:euro11m). There was an increase of 57.9% growth during the year (20072008). It also has the present share of 2.15%. As the HDFC is in various domains of finance like Banking, Life insurance, Personal loan, Home loan, Mutual Funds, Securities, and General insurance.
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HDFC STANDERD LIFE INSURANCE Mc Kinsley 7s Model:

Mc Kinsley model is familiarly known as 7s model. Two persons namely, Tom peter and Robert Waterman developed it. They have been consultants at Mc Kinsley & co. at that time, they published their 7s model in their article structure is not organization (1980) and in their books the art of Japanese management (1981) and in search of excellence (1982) The model is based on concept that an organization is not just structure, but consists of seven elements.
The Mc Kinsley 7s model is widely discussed framework for viewing the interrelationship of strategy formulation and implementation. It helps to focus managers attention on the importance of linking the chosen strategy to a variety of activities that can affect the implementation of that strategy.
HDFC STANDERD LIFE INSURANCE STRUCTURE:

The structure of the organization basically a network of authority and responsibility, which has been assumed and delegated to the employees. Organization structure defines the pattern of formal relationship of superiors and subordinates. It may be regarded as network of role, relationship, assigned work and delegated authority of employees. It provides the basic which the managers and non-managerial employees perform the job assigned to them.
Organization & Management

HDFC is professionally managed organization with a board of directors consisting of eminent persons who represent various fields including finance, taxation, construction and urban policy & development. The board primarily focuses on strategy formulation, policy and control, designed to deliver increasing value to shareholders. Board of Directors
MR Deepak S Parekh Chairman MR Deepak M Satwalekar MD&CEO MR Keki M Mistry MR Ravi Narain MR G.N. Bajpai MR Alexander M Crombie MR Gautam R Divan MR Ranjan Pant MRS Marcia Dominic Campbell

MR Keith Norman Skeoch
Departments:
HDFC SLIC strongly believes that the structure of an organization needs to be dynamic, constantly evolving and responsive to changes both in the external and internal environments. The organizational structure is designed to support the business objectives, and is flexible while at the same time ensuring effective control and supervision and consistency in standards across business groups. HDFC SLIC organization structure is flexible enough to counter balance of the external and internal environment. This will help in the smooth functioning of the company. There are ten boards of directors who decide on & have the authority to take decision. And in the next level the managing director who controls over finance, marketing, IT, sales HR departments who comes under the top management. Zonal officer, branch manager, territory manager, sales manager, all comes under middle level management. Assistant sales manager, agency manager, unit manager, assistant unit manager and advisers comes lower level management.
Functional Departments:
Finance departments Marketing departments Information departments Sales departments
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Motivating & involving every one in the organization for active participation towards continuous improvement in its activities.
SKILLS: TRAINING:
According to Dale S. Beach Training is organized procedure by which people learn knowledge and skill for a definite purpose.
Thus training is a short-term education al process and utilizing a systematic and organized procedure by which employees learn technical skill and knowledge for a specific purpose.
Experienced and knowledgeable professionals of the company as well as great achievers of the industry conduct more frequent training programs at HDFC SLIC.
Need for training:
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Every organization big or small, productive or nonproductive, economic or social, old or newly established should provide training to all employees irrespective of their qualification, skill, suitability, for job etc. HDFC SLIC is keen in developing competent work force by conducting ongoing training programs.
Specifically, the need for training arises due to the following reasons: To match the employee specification requirement and organizational needs. with the job
Organizational viability and the transformation process due to changes in insurance industry, Technological advances. Organizational complexity due to diversified services change in job assignment, etc.
STYLE:Style of management comprise of employees shard and common way of thinking and individuals creative and innovative approaches to their work that can be segregated into two significant components.

Organizational culture: the dominant values and beliefs, and norms, which develop over time and become relatively enduring features of organizational life. Management style: more a matter of what managers do than what they say, how do companies managers spend their time? What are they focusing attention on? An HDFC the leadership style followed is democratic group effect. Here all employees play an active part in giving suggestion for decision making. All major decisions is taken in the branch concerned. Managing director & DGM of the concerned department take the major decisions.
STRATEGY:The strategy is concerned with the direction in which various resources of organization will be mobilized and utilized for maximizing the chance of accomplishing specific objectives. It may be concerned as an action plan, initiative or response of the organization foe seeking achievement of the objectives in specific situation. Strategy is unified, comprehensive and integrated action plan designed to achieve specific objectives. Now we shall look in to the strategy of the bank studying the TECHNOLOGY IMPLEMENTATION In its branches. The technology implementation will be looked after by department of information technology, it will follow the following procedure in procuring and implementing necessary software and hardware in installing core banking solution in its branches.
1.Policy and planning IT activities.

First step in any new technology implementation will be planning the things which are essential while implementing the technology as such, accordingly vijaya Bank has planned

systematically on how to implement the core Banking solution (CBS). In the beginning the Board of Directors(BOD)will take decision on information technology implementation in its branches. In the later stages rest of the procedure will looked after by department of information technology (DIT). It will prepare the plans on following factors which are very essential for implementing the technology: Procurement of hardware and software Training to employees on how to operate the software Deployment of trained employees Recruitment and placement of IT staff Evaluation of implementation project plans of technology and
2.Procurement policy:
The second step in implementing technology in its branches is procurement policy. In this step the DIT will find the ways to procure the Hardware and Software at a minimum cost. It follows centralized procurement policy, wherein the Head Office procures the necessary Hardware and Software. DIT will do the following works in the step: Centralized procurement Procurement of Hardware and Software Tendering process All the material will be procured through a systematic tendering process. When any supplier willing to supply the necessary material in the tendering process, his offer will be measured by two parameters; they are

Technical Evaluation His materials must be in complying with Banks requirement. Banks officials will visit the warehouse of supplier and evaluate the product whether it satisfy the Banks requirement or not. Price evaluation Banks officials also evaluate the prices of the respective materials. Supply and delivery of material Inspection in case of Hardware
3.Implementation :
After buying necessary Hardware and Software from suppliers, the DIT officials visit the necessary branches and install the Hardware and Software. When the branch is computerized the DIT officials train all the employees in respective branch. For the purpose of computerization and training the Bank has created two teams called core Banking solution team and Network team. These teams consists the DIT employees and their work is to look after the successful installation of computers in the branches.
4.Inspection and Evaluation

It is like follow-up of what has been done. This work will be done by the CBS team and Net-work team. There are problem occurs these teams will set right the problem .
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The System contains certain rules and regulation and requires all the work to be done accordingly. Planning and development department is an integaral part of any system. In HDFC SLIC also P&D department performs various functions such as Branch expansion, corporate planning, Management Information, and Economic Research, now for the purpose of understanding how it works on above function, we will study BRANCH EXPANSION function.
In the first step Banks officials goes to the area where planning to set up branch. It conducts necessary surveys to out the potentials of that particular place and evaluates competition in that place. Officials also project the deposit advances it can mobilize and lend there.
it is find the and
Next step is obtaining permission from RBI. Permission for opening new branch is mandatory for all banks. All banks have to fulfill the stringent rules laid down by RBI for setting up new branch. When permission obtained from RBI, the Bank has to plan for procuring necessary buildings, HR and furniture for opening branch.
STAFF:
According to waterman and his colleagues the term staff refers to the way organization introduces young recruits into the main stream of their activities and the manner in which they manage their careers as the new develop into future managers. HDFC SLIC CO LTD has a well established system of recruiting graduates from well known technical and management institution and providing them with on
N.M.I.T. BANGALURU.
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The job training in a number of functional areas before deciding on the final placement in consultation with person concerned. Recruitment is done through consultancy services, tele-recruitment or through advertisement. Generally advertisement are given only for the high posts & that too after consultation with the unit head skills refer to the ability to perform certain task based on companys strategy. Skills implemented at HDFC SLIC have been classified into three levels. They are: 1. Strategic level: Strategic level requires more conceptual skills, experience, and decision making ability.
2. Managerial level: Managerial level requires managerial skill, problem solving capacity 3. Operational level: Operational level requires more technical skill, operational knowledge training and development programs ensure people to know how to do their jobs and stay up to date with latest techniques. HDFC SLIC organizes series of training and development programs to improve the skills of the employees. Executives are also required to have very strong verbal and written communication skills and especially dealer point service skills, as most of the time they will need to communicate effectively with clients.
Managers also need to be skilled in multi tasking, efficient planning and implementing of projects, like wise be good in time keeping and managing staff.

And more essentially have a pleasing temperament, which is important in the servicing industry, to improve the efficiency of executive team by motivating, to meet their business targets. The strong quantitative background as most of the work involves dealing with numbers, analyzing information, identifying patterns in the data, and providing meaningfully sights to clients based on the data. Most of the employees have commerce background and MBA.
Thus, The skill developed by the organization is very astrictive. The company is very strong in competing against the counterpart and has the ability to lead from the front in satisfying the financial needs. The company is distinctively good at insuring and covering life of the customers.
SHARED VALUES:
The core fundamental values that are widely shared in the organization and serve as guiding principles that are important. These values have great meaning because they focus attention and provide a broader sense of purpose Shared values refer to a set of values and aspiration that goes beyond the conventional formal statement of corporate objectives. Culture of an organization usually determined by the sum of the values benefits and working practice that exits with an organization operational standard.
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The shared values considered by HDFC SLIC are customer first, boundary standard.
a)Customer first:
Own the customer, deliver the promise. Keep customer interest in the center of all decisions. Promise what you can, deliver it to. Proactively seek of customer and act on it.
b)
Boundary less:
Never say its not my job Offer help and support across function to ensure business success. Seek and share ideas freely. Recognize and respect internal customers. Understand and value contribution from colleagues.
c)Ownership:
If is it be, it is up to me Take responsibility and see tasks to completion. Own mistakes, learn from failures. Pursue goals relentlessly, never give up. Be a team performance.
player,
take
ownership
for
team
d)
Passion:
Boundless energy and enthusiasm Exhibit winning Demonstrate results. speed and urgency for achieving
Challenge status quo and do things differently. Motivate lease members to reach full potential.
e)Integrity:
Be honest and fair in what you say and do Practice what you preach. Stand up honestly & fearlessly for what is right. Act in a consistent & equitable manner.
STRENGTHS WEAKNESS OPPORTUNITIES AND THREATS ANALYSIS
STRENGTHS :
Advanced Technology :
Technology plays a vital role in todays banking and insurance sector to be very fast and accurate and in the process meet its day-to-day operations at a lighting pace and tremendous accuracy. HDFC STANDARD LIFE is using advanced technology to satisfy the customers in a large way. Commanding market share :N.M.I.T. BANGALURU. Page 42

HDFC enjoys a commanding market share of around 15% in the private insurance sector where other insurance companies are fighting a battle to get their market share into double figures. Providing innovative products and services :To attract new customers and retain old customers HDFC has range of products tailor made for everyones requirements ranging from investment plans to child plans to retirement solutions. An array of products that cannot be found in the shelf of any other life insurance company. High quality infrastructure :HDFC perhaps has got the best infrastructure support both for its employees and the advisors. They made huge investments in IT to make the company techno savvy and competitive. Premium rates are increasing and so are commissions. The variety of products is increasing.
Prospects expect more services from their brokers. Huge pool of skilled professionals
WEAKNESSES: Absent in the rural market :HDFC has not catered into the rural market where there are tremendous opportunities for the companys products provided they develop some innovative products for the rural markets. Lack of Band image in rural areas :N.M.I.T. BANGALURU. Page 43

The company is well known in urban areas due the promotions undertaken in the city but HDFC does not have the brand recognition of an LIC in the rural area. So HDFC has to undertake promotional activities to generate interest among the rural folks if it intends to have substantial market share. Too many subsidiaries :HDFC group has many subsidiary products like General insurance. Mutual funds, Securities, Retail banking etc. Premium is high :The company fixed the minimum premium that difficult to pay for lowincome class people. Insurance companies are often slow to respond to changing needs. There is an increasing trend of financial weakness among the companies. There are more competitors for agencies to compete with banks and Internet players.
OPPORTUNITIES : Every growing population :As the population of our country is increasing the steadily the demand for the insurance and other financial products are increasing simultaneously as there are more people with a variety of needs. Expand more branches :N.M.I.T. BANGALURU. Page 44

As the awareness increase in people about insurance. There is need to expand more branches. More growth for few products :Increase in population in particular area. There is large growth in Retirement solution and Health products. The ability to cross sell financial services is barely being tapped. Technology is improving to the point that paperless transactions are available.
THREATS : Cut throat competition :HDFC is given a tough run for its money due to the competition from other private insurance companies like ICICIPRU, Bajaj Allianz and Birla Sun Life insurance companies.
Nonexistent in the rural market :Page 45
N.M.I.T. BANGALURU.

Arrival of more insurance companies in India. The increasing cost and need for insurance might hit a point where a backlash will occur. Government regulations on issues like health care, mold and terrorism can quickly change the direction of insurance. Increasing expenses and lower profit margins will hit hard on the smaller agencies and insurance companies. Increasing expenses and lower profit margins will hit hard on the smaller agencies and insurance companies. Human Resource Challenges.
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Annexure
QUESTIONNAIRE
I am Manohara.B. student of MBA, Nitte Meenakshi Institute Of Technology, have undertaken a summer project regarding the topic CUSTOMER perception towards insurance products of HDFC standard life insurance of HDFC Standard life insurance I need your feedback for some of the questions. Name: Address: 1) Age : a) Below 30 Years c) 40 50 years 2) Are you a) Salaried 3) What is your income every month? a) Less than Rs. 10,000 c) Rs. 15,000 Rs. 20,000 4) Do you know about Insurance? Yes a) Life Insurance b) General Insurance A) Yes No Yes Yes b) No No No If yes, the type of insurance b)Rs. 10,000 Rs. 15,000 d) above Rs. 20,000 b) Self Employed b) 30 40 years d) 50 & above
5) Do you think insurance is necessary for your life?
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6) If yes, Why? --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------7) Rate the following Insurance Company? [Put to most preferred and 4 for least preferred] a) LIC [ ] b) HDFC Standard Life Insurance [ ] [ ] c) ICICI Prudential [ ] d) Bajaj Alliance 8) What is the benefit of securing yourself in insurance company? {Rank them accordingly} a) Safe and secure c) Death Benefits a) Below 10% c) 20 30% [ ] [ [ b) High returns d) Tax Benefits b) 10 to 20% d) 30% to 40% [ ] [ ]
9) What is the % of investment in Life Insurance out of total savings?
10) Which insurance company do you prefer most? {Put 1 to most preferred and 4 for least preferred} a) LIC [ ] b) ICICI Prudential [ ] [ ]
c) Bajaj Alliance
d) HDFC Standard Life Insurance [ ]
11) Which company is accessible for you? {Give 1 to most accessible and 5 to least accessible} a) LIC [ ] b) HDFC Standard Life Insurance [ ]
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c) Bajaj Alliance e) Others [ ] [ ] d) ICICI Prudential [ ]
12) Which of standard life plans do you prefer most? {Give 1 to most accessible and 4 to least accessible} a) Protection plans [ ] b) Investment Plans [ ] c) Saving Plans [ ] d) Pension Plans [ ]
13) Which plans to you prefer most? a) Traditional Plan b) Unit Liked plan
14) In Unit linked plans, which plan is most preferable by you? a) Freedom plan c) New future perfect plan 15) In savings plan, which plan is most preferable by you? a) Reassuring Life Plan Freedom plan d) High life plan plan 16) How do you feel about the service of HDFC Standard Life Insurance Company? a) Good c) Average b) Satisfactory d) poor b) Creative Plan c) b) High life plan
e) Endowment
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17) Give your suggestions about HDFC Standard Life insurance Company? Thank you for your kind cooperation Date: Signature
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2. Design of the Study 2.1 Title of the Project: A study on Customer perception towards insurance products of HDFC standard life insurance 2.2 Statement of the Problem: The title of the research is Customer perception towards insurance products of HDFC Standard life Insurance 2.3 Objectives of the Study: The main aim of the present study is to accomplish the following objectives:
To know
the customers perception towards HDFC
insurance products:

To identify insurance needs of the customer. To know customer expectations with respect to the HDFC insurance products.
To study the preference of customers on different insurance products HDFC.
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2.4 SCOPE OF STUDY: The study is confined only to insurance investors who invested in various insurance companies with special reference to HDFC Standard life insurance Bangalore. RESEARCH METHODOLOGY Research is a systematic and formalized process it follows a certain sequence of actions. A Systematic research methodology is followed to complete the study the steps through which the research is undergone are Date resources: - The data required for the research can be either primary data or secondary data or both. Primary data is the first hand information that is freshly gathered by surveying the samples selected. Secondary data is the collected from companys internal and external resources like company website, magazines, etc. Sample size: - Different people were randomly selected from different areas in Bangalore were selected for survey. The sample size was 150. Sampling procedure: - It is the technique in which we selected the sample. The non-probability sampling method the approaches

for survey under which I have selected the samples as per my convenience. Contact methods: - The selection of the method is used for the present study under which the respondents are contacted personally and filled the Questionnaire through them.
Collect the Information: - The required data is collected through the respondents i.e. the need of life insurance and the opinion regarding private sector. The community is adult day care centers, in alternate living facilities or in nursing happens to be a mega opportunity in India. Its a business growth at rate of 15-20% annually and presently is of the order of rs450 billion. Together with banking services, it adds about 7% to the countrys GDP. Gross premium collection is nearly 2% GDP and funds available with LIC for investing are 8% of GDP. Life insurance can ensure that, should the worst happen, your dependents and any outstanding debts are taken care of The government of India in 1956 brought together over 240 private life insurance and provident societies under one nationalized monopoly corporation LIC was born. Nationalization was justified on the grounds that grounds that it would create much-needed funds for rapid industrialization. This was in

conformity with the governments chosen path of state lead planning and development. Analyze the Information: - the data collected from the respondents is analyzed. The analysis is represented in the form of grabs. The data collected is analyzed using the statistical tools. Present the findings: - It is the last step in the market research, which represents the termination of it. Here the results of analyzed data have been shown.
2.5 Limitations of the Study: Though the present study aims to achieve the above-mentioned objectives in full earnest and accuracy, it may be hampered due to certain limitations. Some of the limitations of the study may be summarized as follows. Difficulties faced during collection of data due to nonfamiliar of the respondents. Getting correct information from the customers is very difficult due to their inherent problems and busy schedule. Getting biased responses from the respondents. The selection of customers to cover the various strata of the society is tedious and time consuming. Survey is restricted only for the Bangalore city.
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Accuracy of findings is not exactly the opinion of whole Bangalore region. The study is based on a sample size and hence the findings cannot be generalized.
3. Analysis and Interpretation

Analysis of the Questionnaire 1) Age Objective: - To Know the age of the respondent. 2) Are you salaried or self Employed? Objective: - To know whether they are salaried or self employed. 3) What is the monthly income? Objective: - To know income of the people every month. 4) Do you know about Insurance? Objective: - To know, how many people are aware of Insurance 5) Do you think insurance is necessary for you fife? Objective: - The main aim to frame the question is to know how important life insurance in todays world. 6) If yes, why? Objective: - To know the opinion of the customer why they secure their life and what are reasons. 7) How do you rate following insurance company?
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Objective: - The purpose is to know the position of the insurance company when the customer thinks of life insurance and to which company they prefer most.
8) What are the benefits for securing yourself in life insurance? Objective: - To know what basic benefits are that the customers expects when they secure their life. 9) What is your investment in Life Insurance as a Percentage of Total savings? Objective: - To Know the peoples percentage of investment of savings in Life Insurance 10) Which of the insurance company do you prefer most? Objective: - The aim is know, how many people are aware of HDFC Standard Life Insurance.
11)
Which company is accessible for you?
Objective: - This Question is posed to know the, accessibility whether the customer are getting the service easily or not. 12) Which of HDFC standard Life insurance Plans do
you prefer most?
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Objective: - This question is asked to know which plan of HDFC is preferred more by the customer. 13) Which plan do you prefer in traditional and unit
linked plans? Objectives: - To know which plan is mostly preferable by people. 14) In Unit linked Plans, Which plan is most
preferable by you? Objective: - To know which plan in the unit linked is preferred.
15)
In savings plans, which plan is most preferable by
you? Objective: - To know which plan in savings series is mostly preferred by people. 16) How do you feel about the service of HDFC
Standard Life Insurance Company? Objective: - To know the customers satisfaction about HDFC Standard Life Insurance Company service
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ANALYSIS FO DATA 1.Data showing respondents the age group of
Table no: Age Group Below 30 30-40

No. of Respondents
Percentage (%)
HDFC STANDERD LIFE INSURANCE 40-50 Above 50 Total
2.
Table showing the details of the respondent is earning salaried or self Employed shown as follows:-
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HDFC STANDERD LIFE INSURANCE Table no: 2
Earning areas Salaried Self Employed Total
No. of Respondents
Percentage (%)
N.M.I.T. BANGALURU.
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3.Table showing the details of income earned by respondents on monthly basis as follows:Table no: 3
Income Range Below Rs.10000 Rs. 1000015000

No. of Respondents
Percentage (%)
HDFC STANDERD LIFE INSURANCE Rs. 1500020000 Above Rs.20000 Total
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4.Table Related to awareness of insurance among people:-
Table no: 4
Responses Yes No Total
No. of Percentage Respondents (%)
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5.Table showing the whether insurance is necessary for your life:Table no: 5
Responses Yes No Total
No. of Respondents
Percentage (%)
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6.The respondents given the rate to the insurance company as follow:Table no: 6 Insurance companys
HDFC STANDERD LIFE INSURANCE LIC ICICI Pru Life Insurance HDFC Standard life Bajaj Alliance Total
7.The benefits of the respondents from insurance taken by customers:-
Table no: 7 Benefits

No. of
Percentage
HDFC STANDERD LIFE INSURANCE respondents Safe & secure High returns Death benefits Tax benefits Total (%)
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8.Data showing percentage investment in life insurance out of the respondents savings:-
Table no: 8 Range Below 10% 10-20% 20-30% 30-40% Total No. respondents Percentage (%)
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9.The respondents prefer the following insurance company as follows :-
Table no: 9 Insurance companys LIC ICICI Pru Life Insurance

HDFC STANDERD LIFE INSURANCE HDFC Standard life Bajaj Alliance Total
10. The respondents accessible:N.M.I.T. BANGALURU. Page 70
feel
easy
to
Table no: 10
Insurance companys LIC ICICI Pru Life Insurance HDFC Standard life Bajaj Alliance Total
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11. the
respondents preferred the HDFC Standard Life insurance plans are as follows:-
Table no: 11
Insurance plans Protection Plans Investment Plans Savings Plans Pension Plans Total
No. of respondents
Percentage (%)
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12. The respondents preferred the following Pension Plan in HDFC:-
Table no: 12
Plans
No. of respondents
Percentage (%)
HDFC STANDERD LIFE INSURANCE Traditional Plan Unit Linked Plan Total
13. In
unit Linked plans, the respondents preferred the following plan:Table no: 13
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HDFC STANDERD LIFE INSURANCE Plans No. of respondents Percentage (%)
Freedom plan High life plan New Future Perfect plan Total
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14. In savings plan, the following plan is preferred by the respondents:-
Table no: 14 Plans Reassuring life plan Creative plan Freedom plan High life plan Endowment plan Total No. of Percentage respondents (%)
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15. Data showing opinion of respondents about HDFC STANDARD LIFE INSURANCE:Table no: 15
Opinion Good Satisfactory

No. of respondents
Percentage (%)
HDFC STANDERD LIFE INSURANCE Average Poor Total
N.M.I.T. BANGALURU.
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Customer Perception Towards HDFC Standard Life

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