Post on 01-Nov-2014
description
COMPARISON OF TRADITIONAL INSURANCE PRODUCTS TO ULIPS AND
CUSTOMER APPROACH TOWARDS THESE PRODUCTS
By
Siva sankar g
1225112247
OUTLINE Insurance Industry overview Company introduction Need of the study Objective of the study Research design Findings Recommendations
INSURANCE INDUSTRY OVERVIEW The sector facilitates long-term funds for
infrastructure development and simultaneously strengthens the risk-taking ability of the country.
Over the past few years, many foreign insurance companies have ventured into the Indian
Life insurance penetration in India is about 4 per cent of the country’s gross domestic product (GDP)
Indian life insurance sector collected new business premiums worth Rs 11,742.7 crore (US$ 1.92 billion) for April-May 2013.
COMPANY PROFILE HDFC Life, one of India's leading private
life insurance companies, offers a range of individual and group insurance solutions.
HDFC Ltd. holds 72.37% and Standard Life Ltd. holds 26.00% of equity in the joint venture.
Key strengths: Financial expertise Ethical values Range of solutions
NEED OF THE STUDY Comparison of different products gives
us the performance of different variety of products
With the increasing new players with stiff competition the company should come out with innovative products
Company should analyze their different products, and should get a real feedback from customers.
OBJECTIVE OF THE STUDY To analysis the product details of HDFC
Standard life Insurance Company limited.
To find ‘Points of Parity’ and ‘Points of Difference’ of different products from HDFC life.
To find out factors that influence customers to purchase insurance policies and give suggestions for further improvement.
RESEARCH DESIGN Data collected
o Primary sources: questionnaire, interview with the client
o Secondary sources: company brochures, internet, books, etc.
Sampling o Sample size-200o Sampling technique- simple random technique
ANALYSIS The analysis of the data collected is
done by using the simple statistical techniques.
Some of the analyzed data in the graphical form:
1. Which type of product you would like to take for your further investments?
Pro
duct
whic
h g
ives
secu
rity
for
money
pro
duct
wit
h m
ore
retu
rns
both
5.Which type of product you would like to take for your further investments?
0
10
20
30
40
50
60
70
80
2. What do you feel, Money invested in secure products?
Sta
gnate
d f
or
long t
erm
giv
es
good r
etu
rns
for
futu
re
can b
e u
sed f
or
pro
tect
ion
9.What do you feel, Money invested in secure products?
0
5
10
15
20
25
30
35
40
45
50
FINDINGS The overall respondents were willing to invest
for a long term and in the traditional plans considering that would give them security for their investment and better investments.
From the age group of the respondents we can see that most of the young age people near 30’s were who could bear risk also want some security for their money.
And from the survey we can see that HDFC’s products are not so aware in the market and the company should look into its advertising and promotion part to make the customer aware of its products.
RECOMMENDATIONS More hybrid products Better services Customer awareness Simplified products Better promotional aspects Policy premiums
CONCLUSION From the study we come to know that
most of the respondents are willing to invest for the long term hoping of better returns.
With more no of competitors in the insurance industry, new innovative products are penetrating into the market.
So we can conclude that the insurance industry with a calculated risk gives higher returns.