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.