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A PROJECT REPORT

ON

CONSUMER BUYING BEHAVIOUR OF HDFC STANDARD LIFE INSURANCE

PRODUCTS

Project Report Submitted to University of Pune

In Partial Fulfillment of Requirement for the Award of

Degree of

MASTER OF MARKETING MANAGEMENT

BySWATI PACHAURI

Roll No.56Batch 2010-2012

MMM

Under the guidance ofProf.AMOL KHANDAGALE

SINHGAD INSTITUTE OF MANAGEMENTVadgaon, Pune

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DECLARATION

I, SWATI PACHAURI, hereby declare that the Project Report entitledCONSUMER BUYING BEHAVIOUR OF HDFC STANDARD LIFE INSURANCEPRODUCTS LIMITED written and submitted by me to the University of Pune, in partialfulfillment of the requirement for the award of degree of Master of Marketing Managementunder the guidance ofAMOL KHANDAGALE is my original work and the conclusions drawn therein are basedon the material collected by myself.

Date: SWATI PACHAURIMMM

Place: Pune PUNEUNIVERSITY,PUNE

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ACKNOWLEDGEMENT

The present work is an effort to throw some light on CONSUMER BUYINGBEHAVIOUR OF HDFC STANDARD LIFE INSURANCE PRODUCTS LIMITED.The work would not have been possible to come to the present shape without the ableguidance, supervision and help to me by number of people.

With deep sense of gratitude I acknowledge the encouragement and guidancereceived by my organizational guide Mr. Kishor Sabde (Branch Manager) and other staffmembers ofHDFC STANDARD LIFE.

I am very thankful to my professor and who is also my project guideMr. Amol Khandagale for giving me proper guidance at every step during my projectwork. Im also heartily thankful to my family, peers and friends who supported me a lot atmy project duration.

I convey my heartful affection to all those people who helped and supported meduring the course, for completion of my Project Report.

SWATI PACHAURI

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CONTENTS

S.NO. TITLE PAGE NO.

1. INTRODUCTION 1

1.1 IMPORTANCE OF THE TOPIC SELECTED

1.2 PROFILE OF THE ORGANIZATION1.3 AIMS AND OBJECTIVES OF THE ORGANIZATION1.4 S.W.O.T. ANLYSIS

2. THEORY RELATED TO THE TOPIC OF STUDY 15

2.1 WHAT IS CONSUMER BUYING BEHAVIOUR2.2 STAGES OF CONSUMER BUYING BEHAVIOUR2.3 TYPES OF CONSUMER BUYING BEHAVIOUR2.4 FACTORS THAT AFFECT CONSUMER BUYING BEHAVIOUR

3. RESEARCH METHODOLOGY 23

3.1 SAMPLE DESIGN (SIZE, TYPE)3.2 SOURCES & COLLECTION OF DATA3.3 METHODS & TECHNIQUES USED FOR DATA PROCESSING &

ANALYSIS3.4 LIMITATIONS OF RESEARCH

4. CONCEPTUAL DISCUSSION 30

5. ANALYSIS & INTERPRETATION OD DATA 38

6. OBSERVATIONS & FINDINGS 53CONCLUSION & SUGGESTIONS

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EXECUTIVE SUMMARY

HDFC Standard Life insurance is the oldest life insurance company in the world. It is thelargest insurer in the UK and is the 28th largest company in the world. In India, the companyis marketing life insurance products and unit linked investment plans.

HDFC must advertise regularly and create brand value for its products and services. The

Indian consumer has a false perception about insurance they feel that it would not benefitthem if they do not live through the policy term.

Research design used in the project is Exploratory design and data was collected throughprimary and secondary data. Research method used was survey method done on Law collegeroad in Pune area with a universe of 200 respondents.

In the preparation of project, there were many constraints. As the time for the research wastwo months and so the sample size was restricted to 200 people only. And also the primarydata was collected from present and potential customers of insurance products. But the

preferences of financial agents was not conducted which would have helped to evaluate theresearch study in a better way.

Mainly the insurance policy of HDFC SLIC was purchased by private employees. A huge lotof population was not aware about the IRDA. And wide range of population is reliable onLIC products.

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CHAPTER 1: INTRODUCTION

1.1 Importance of the Title1.2Profile of the Organization

1.3Aims and Objectives of the Organization 1.4S.W.O.T Analysis

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1.1 IMPORTANCE OF THE TOPIC

This project contains the detailed observation of consumer behaviour and the buying pattern

of customers at various insurance products within HDFC Standard Life. The other brands

chosen for comparison of customer preferences were L.I.C., ICICI Prudential, Birla Sun life,

etc. The survey was mainly focused on consumer buying behaviour for insurance products of

HDFC SLIC. Customers were requested through a one to one interaction for an open and fair

feedback on the insurance products of HDFC SLIC with a commitment that their feedback

and suggestions would form the basis for identifying improvement actions.

1.2. PROFILE OF THE ORGANISATIONHDFC STANDARD LIFE INSURANCECO. LTD

HDFC i.e. HOUSING DEVELOPMENT AND FINANCIAL CORPORATION.HDFC STANDARD Life is a joint venture between HDFC of India and Standard Life ofUK.The new company, Hdfc Standard Life, was one of the first to be awarded a license in the 20recently deregulated Indian market and one of the first to open its doors for business andissue policies.

Founded in 1977, HDFC is Indias market leader in housing finance, providing finance formore than 1.5mn homes. They have 83 offices in India, one international office in Dubai andthree service associates in Kuwait, Qatar and the Sultanate of Oman. Like Standard Life,HDFC is strongly committed to providing quality products and excellent customer service

and has won a number of important awards : in Jan 2001 Asia money named them as secondBest managed company in India.HDFC is also financially very strong and for the last six years has enjoyed the highestfinancial strength ratings from Indias two leading rating agencies.

The HDFC group includes: HDFC Bank HDFC Asset Management

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HDFC Securities Limited

Over the period of operations, HDFC group has been felicitated with various rewards.

Some of them are as follows:

United Nations Scroll of Honour 1991 Indias best managed company by Asiamoney magazine 1995 and 1996Most competitive Indian company by Euromoney 1997

One of the 5 best Indian Boards by Business Today 1997 Rated as one of the best companies in India for strategy & management andinvestor relations by Asiamoney 1998.

Excellence in service industry by the Indian Institute of Marketing Management& Top Management Club (Pune) 1998 Shield for the best presented accounts for banks and financial institutions over11 times (last 8 years in a row) 1999 IMC Ramakrishna Bajaj National Quality Award in the service category. CII-Exim Bank Commendation Certificate for commitment to Total QualityManagement 2000.

HISTORY OF THE JOINT VENTURE

Discussions commenced -- January 1995Joint Venture agreement signed October 1995Joint venture agreement renewed October 1998Life insurance project team established January 2000 (Mumbai)Company officially incorporated - 14th August 2000First Private Sector Life Insurance company to be granted a certificate of registration23rd October 2000

Shareholding HDFC 81.4%

Standard Life 18.6%

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MISSION STATEMENT OF HDFCSLIC:

We aim to be the top new life insurance company in the market. This does not just mean being the largest or the most productive company in themarket, rather it is a combination of several things like

Customer service of the highest order

Value for money for customers Professionalism in carrying out business Innovative products to cater to different needs of differentcustomers Use of technology to improve service standards Increasing market share.

VISION STATEMENT

The most succesful and admired life insurance company, which means that we are the mosttrusted company, the easiest to deal with , offer the best value for money, and set thestandards in the industry. In short, the most obvious choice for all.

VALUES THAT WILL BE OBSERVED IN HDFCSL: Integrity Innovation Customer Centric People Care Team Work One for all & all for one Joy & Simplicity

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SIGNIFICANCE

The main significance of the project is to study the consumer buying behaviour for theproducts of HDFC SLIC. Agent advisors play a vital role in the growth of company withrespect of companys earnings as well as they create value for the organization afterachieving some milestones. Agent advisors are an integral part of the team and sales managerassigned to them help them to groom in terms of personality development, selling skills andhandling objections of customers. Different products are provided to the customers that helpto gain customer satisfaction. Also competitors play a vital role to make a dynamicenvironment.

MANAGERIAL USEFELNESS OF THE STUDY

A thorough research and a detailed study of the consumer buying behaviour is veryimportant for the management to take the right strategy suiting the product market condition.The study gives the information regarding the consumer buying behaviourfor the HDFC SLIC products, market position of HDFC SLIC, etc.

The main usefulness of the study on the managerial level is:

Market survey will help to know the prevailing market condition and also help inframing the policies accordingly.

The study will help the management to understand the customer mindset and alsoestimating the present and future market demand for the products.

It will help to estimate the level of awareness established in the market and indeciding the extent of promotion required.

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It will help in finding out the customers expectations about the product and also helpto know the customer physiology.

It will help to know the class of customers on which HDFC SLIC must concentrate.

1.3. PRIMARY OBJECTIVE OF THE STUDY

To study consumer buying behaviour for insurance related products of HDFCStandard Life.

SECONDARY OBJECTIVE:

To study various factors that influences consumer buying behaviour for the insurancerelated products.

To study and identify various sources of information from which investors collectinformation regarding insurance product.

SCOPE OF THE STUDY

The study helped in assessing the customers attitude towards HDFC SLIC. The findings canbe generalized from regional level. The product offerings of HDFC SLIC and to increasemarket share were studied. The awareness of endowment policies in particular was alsostudied. This provided scope for understanding the consumer preferences and retaining

present customers while adding new ones.

The study helped to understand the customer expectations, the potential customersrequirement and customers problems and has helped to keep customers highly satisfied.

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INTEGRATED FINANCIAL SERVICES

HDFC

12

FUTURE

ACTIVITIES

CIBIL i.eCREDITINFORMATION

HDFC

HOME

HDFC

DEPOSIT

HDFC

SLIC

HDFC

reality.co

CENTREFORHOUSINGFINANCE

HDFCBANK

HDFCSECURITIES

INTELNET

HDFCMUTUALFUNDS

SECURITISATIO

N

DISTRIBUTI

ON

HDFC CHUBB

GENERALINSURANCECO.


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PROBLEMS OF HDFC SLIC

Since HDFC SLIC is a private player in the insurance industry, it has not yetreached break-even. Hence, it has high cost due to which its premiums are high ascompared to LIC.

It has to create credibility in the public.

It has to compete with the wide range of products that its competitors offer.

It has to focus towards rural segment also which has a great scope of growth.

It has to decide on the strategies to be adopted which will help to countercompetition.

It has to increase its no. of branches and also enhance its network of agents so that itcan compete with LIC.

It has to focus on providing effective training to its agents so that the customer basecan be increased and moreover customer satisfaction can be ensured.

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1.4 S.W.O.T ANALYSIS OF HDFCSL

STRENGTHS Premiums are increasing and so are commissions. The variety of products is increasing. Transparency in working is followed. Fund charges are less i.e 0.8% Stronger financial base. Employee centric organization.

WEAKNESS Strong competitors like LIC, ICICI Pru, Birla Sun Life etc. Premium is priced high as compared top the market leader. Infrastructure cost is high. Less expenditure on promotion. Products not customized for lower segment.

OPPORTUNITIES The ability to cross sell financial services barely being tapped. Technology is improving to the point that paperless transactions are available. The client's increasing need for an "insurance consultant" can open new ways to

service the client and generate income.

THREATS Government regulations on issues like health care, mold and terrorism can

quickly change the direction of insurance.

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The increasing expenses and lower profit margin Intense competition from LIC.

2.1 What is Consumer Buying Behaviour2.2Stages of Consumer Buying Behaviour2.3Types of Consumer Buying Behaviour2.4Factors affecting Consumer Buying Behaviour

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2.1. What is Consumer Buying Behaviour

Consumer Buying Behaviour refers to the buying behaviour of the ultimate consumer. Afirm needs to analyse the buying behaviour for:-

Buyers reactions to a firms marketing strategy has a great impact on the firmssuccess.

The marketing concept stresses that a firm should create aMarketing Mix (MM) thatsatisfies (gives utility to) customers, therefore need to analyze the what, where, whenand how consumers buy.

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

2.2Stages of Consumer Buying Behaviour

Six Stages to the Consumer Buying Decision Process.

The 6 stages are:

1. Problem Recognition (awareness of need)--difference between the desired state andthe actual condition. Deficit in assortment of products. Hunger--Food. Hungerstimulates your need to eat.Can be stimulated by the marketer through product information--did not know youwere deficient? I.E., see a commercial for a new pair of shoes, stimulates yourrecognition that you need a new pair of shoes.

2. Information search--

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Internal search, memory.

External search if you need more information. Friends and relatives (word of

mouth). Marketer dominated sources; comparison shopping; public sourcesetc.

A successful information search leaves a buyer with possible alternatives, the evokedset.

3. Evaluation of Alternatives--need to establish criteria for evaluation, features the

buyer wants or does not want. Rank/weight alternatives or resume search. Maydecide that you want to eat something spicy, Indian gets highest rank etc.If not satisfied with your choices then return to the search phase. Can you think ofanother restaurant? Look in the yellow pages etc. Information from different sourcesmay be treated differently. Marketers try to influence by "framing" alternatives.

4. Purchase decision--Choose buying alternative, includes product, package, store,method of purchase etc.

5.Purchase--May differ from decision, time lapse between 4 & 5, product availability.

6. Post-Purchase Evaluation--outcome: Satisfaction or Dissatisfaction. CognitiveDissonance, have you made the right decision. This can be reduced by warranties,after sales communication etc.After eating an Indian meal, may think that really you wanted a Chinese meal instead.

2.3.Categories that Affect the Consumer Buying Decision Process

A consumer, making a purchase decision will be affected by the following three factors:

1. Personal

2. Psychological

3. Social

The marketer must be aware of these factors in order to develop an appropriate MM for its

target market.

Personal

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Unique to a particular person. Demographic Factors. Sex, Race, Age etc.

Who in the family is responsible for the decision making.

Young people purchase things for different reasons than older people.

Psychological factors

Psychological factors include:

Motives--

A motive is an internal energizing force that orients a person's activities toward

satisfying a need or achieving a goal.

Actions are effected by a set of motives, not just one. If marketers can identify

motives then they can better develop a marketing mix.

MASLOW hierarchy of needs!!

Physiological

Safety

Love and Belonging

Esteem

Self Actualization

Need to determine what level of the hierarchy the consumers are at to determine whatmotivates their purchases.

Perception--

What do you see?? Perception is the process of selecting, organizing and interpreting

information inputs to produce meaning. IE we chose what info we pay attention to,

organize it and interpret it.

Information inputs are the sensations received through sight, taste, hearing, smell and

touch.

Selective Exposure-select inputs to be exposed to our awareness. More likely if it is

linked to an event, satisfies current needs, intensity of input changes (sharp price

drop).

Selective Distortion-Changing/twisting current received information, inconsistent

with beliefs.

Advertisers that use comparative advertisements (pitching one product against

another), have to be very careful that consumers do not distort the facts and perceive

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that the advertisement was for the competitor. A current example...MCI and

AT&T...do you ever get confused?

Selective Retention-Remember inputs that support beliefs, forgets those that don't.

Average supermarket shopper is exposed to 17,000 products in a shopping visit

lasting 30 minutes-60% of purchases are unplanned. Exposed to 1,500 advertisement

per day. Can't be expected to be aware of all these inputs, and certainly will not retain

many.

Interpreting information is based on what is already familiar, on knowledge that is

stored in the memory.

Ability and Knowledge--

Need to understand individuals capacity to learn. Learning, changes in a person'sbehaviour caused by information and experience. Therefore to change consumers'

behaviour about your product, need to give them new information re: product...free

sample etc.

South Africa...open bottle of wine and pour it!! Also educate American consumers

about changes in SA. Need to sell a whole new country.

When making buying decisions, buyers must process information.

Knowledge is the familiarity with the product and expertise.

Inexperience buyers often use prices as an indicator of quality more than those who

have knowledge of a product.Non-alcoholic Beer example: consumers chose the most expensive six-pack, because

they assume that the greater price indicates greater quality.

Learningis the process through which a relatively permanent change in behaviour

results from the consequences of past behaviour.

Attitudes--

Knowledge and positive and negative feelings about an object or activity-may be

tangible or intangible, living or non- living.....Drive perceptions

Individual learns attitudes through experience and interaction with other people.

Consumer attitudes toward a firm and its products greatly influence the success or

failure of the firm's marketing strategy.

Personality

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All the internal traits and behaviours that make a person unique, uniqueness arrivesfrom a person's heredity and personal experience. Examples include:

Workaholics

Compulsiveness Self confidence

Friendliness

Adaptability

Ambitiousness

Dogmatism

Authoritarianism

Introversion

Extroversion

Aggressiveness

Competitiveness.

Traits affect the way people behave. Marketers try to match the store image to the

perceived image of their customers.

There is a weak association between personality and Buying Behaviour; this may be

due to unreliable measures. Nike ads. Consumers buy products that are consistent

with their self concept.

Lifestyles--

Recent US trends in lifestyles are a shift towards personal independence and

individualism and a preference for a healthy, natural lifestyle.

Lifestyles are the consistent patterns people follow in their lives.

Social Factors

Consumer wants, learning, motives etc. are influenced by opinion leaders, person's family,

reference groups, social class and culture.

Opinion leaders--

Spokespeople etc. Marketers try to attract opinion leaders...they actually use (pay)

spokespeople to market their products. Michael Jordon (Nike, McDonalds, Gatorade

etc.)

Roles and Family Influences--

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Role...things you should do based on the expectations of you from your position

within a group.

People have many roles.

Husband, father, employer/ee. Individuals role are continuing to change therefore

marketers must continue to update information.

Family is the most basic group a person belongs to. Marketers must understand:

that many family decisions are made by the family unit

consumer behaviour starts in the family unit

family roles and preferences are the model for children's future family (can

reject/alter/etc)

family buying decisions are a mixture of family interactions and individual

decision making

family acts an interpreter of social and cultural values for the individual.

The Family life cycle: families go through stages; each stage creates different

consumer demands:

bachelor stage

newly married, young, no children...me

full nest I, youngest child under 6

full nest II, youngest child 6 or over

full nest III, older married couples with dependent children

empty nest I, older married couples with no children living with them, head inlabour force

empty nest II, older married couples, no children living at home, head retired

solitary survivor, in labour force

solitary survivor, retired

Modernized life cycle includes divorced and no children.

Reference Groups--

Individual identifies with the group to the extent that he takes on many of the values,

attitudes or behaviours of the group members.

Families, friends, sororities, civic and professional organizations.Any group that has a positive or negative influence on a persons attitude and

behaviour.Membership groups (belong to)Affinity marketing is focused on the desires of consumers that belong to referencegroups. Marketers get the groups to approve the product and communicate thatapproval to its members. Credit Cards etc.!!

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Aspiration groups (want to belong to)Disassociate groups (do not want to belong to)Honda, tries to disassociate from the "biker" group.

The degree to which a reference group will affect a purchase decision depends on anindividuals susceptibility to reference group influence and the strength of his/her

involvement with the group.

Social Class--

An open group of individuals who have similar social rank. US are not a classless

society. US criteria; occupation, education, income, wealth, race, ethnic groups and

possessions.

Social class influences many aspects of our lives. IE upper middle class Americansprefer luxury cars Mercedes.

Upper Americans-upper-upper class, .3%, inherited wealth, aristocraticnames.

Lower-upper class, 1.2%, newer social elite, from current professionals and

corporate elite

Upper-middle class, 12.5%, college graduates, managers and professionals

Middle Americans-middle class, 32%, average pay white collar workers and

blue collar friends

Working class, 38%, average pay blue collar workers

Lower Americans-lower class, 9%, working, not on welfare

Lower-lower class, 7%, on welfare

Social class determines to some extent, the types, quality, and quantity of products

that a person buys or uses.

Lower class people tend to stay close to home when shopping, do not engage in muchrepurchase information gathering.Stores project definite class images.

Family, reference groups and social classes are all social influences on consumerbehaviour. All operate within a larger culture.

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RESEARCH METHODOLOGY

3.1 SAMPLE DESIGN (SIZE, TYPE)3.2 SOURCES & COLLECTION OF DATA3.3 METHODS & TECHNIQUES USED FOR DATA

PROCESSING & ANALYSIS3.4 LIMITATIONS OF RESEARCH

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3.1RESEARCH METHODOLOGY USED

After specifying the objective of research it becomes essential to make an efficient plan for

gathering the needed information.

Research Design:

A research design is the arrangement of conditions for collection and analysis of data in

manner that aims to combine relevance to the research purpose with economy in procedure.

In fact, research design is the conceptual structure within which research is conducted; it

constitutes the blueprint for the collection, measurement and analysis of data. Research

design is needed because it facilitates the smooth sailing of the various research operations,thereby by making research as efficient as possible yielding maximal expenditure of effort,

time and money.

Research design types:

Chart: 5.1

Exploratory design was used in this research project. The exploratory approach attempts

to discover general information about a topic. Exploratory research follows a format that is

less structured and more flexible.

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3.2 SOURCES OF DATA COLLECTION:

Chart: 5.2

PRIMARY DATA:

Primary data are those which are collected fresh and for the first time, and thus happen to be

original in character.

SECONDARY DATA:

Secondary data are those which have already been collected by someone else and which have

already been passed through statistical process.

In this study, the sources of secondary data were: - The Yellow Pages Directory of Indiacom

Ltd., Yellow Page websites of other companies, etc.

In this study, primary data was collected with the help of questionnaire and interview.

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3.3 DATA COLLECTION METHOD:

This step involves making a very specific plan about how we will conduct our research and

collect our data.

Survey method was used by the way of scheduling & telephone-calling for data

collection.

INSTRUMENT OF DATA COLLECTION:

Instrument used for data collection is Questionnaire.

Questionnaire: A prepared set of questions designed to generate data necessary foraccomplishing the objectives of the project. Information was collected by Personal

interviews & Tele calling through Questionnaire.

FIELD WORK:

The area considered for the field work was Law College road of Pune area.

SAMPLE DESIGN:

A sample design is a definite plan for obtaining a sample from given population.

It refers to the technique or the procedure the researcher would adapt in selecting items of the

sample. Sample design is determined before data are collected. Collecting the required

information from the right source is very important. Sources from which the data are

collected are different as per the requirement of researcher.

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Sample design for this research is as follows:

1. Population:

The term is applied to any finite or infinite collection of individuals. Here population

is 200 people in Law College road.

2. Sampling Technique:

The technique of Judgment and convenient sampling was used as the respondent

were selected on the basis of their availability who filled our required criterion

3. Sampling unit:

It is an area in which research is done. It can be social like family, club etc. or

geographical like state city etc. Sampling unit for this study is Law College road of

Pune area.

4. Sample size:

This refers to the number of items to be selected from the universe for study. Sample

size for this study is 200 people.

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3.4 LIMITATIONS

1. The time for which the research was conducted was just two months.Hence the sample size was restricted to 200 only.

2. The scope of study was also restricted to the study of awareness about theHDFC SLIC policies and consumer preferences. It could be widened to covervarious others aspects of insurance product demand.

3. As there are many competitors of HDFC SLIC in the pvt. insurance sector. So a detailedstudy of all the competitors of HDFC SLIC could not be done due to time restriction.Whereas detail study of other companies would have given more reliable and accurateresults.

4. The area from where the sample population was selected was Pune only.Other cities and moreover rural area was not covered under the study.

5. The primary data was collected form present and potential customers ofinsurance products to evaluate their preferences. But the preferences of financialagents was not considered which would have helped to evaluate the preferablecommission sale which helps to boost product sale.

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4.1 CONCEPTUAL DISCUSSION

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4.1HISTORY OF HDFC LIFE INSURANCE COMPANY

The Partnership :HDFC and Standard Life first came together for a possible joint venture, to enter the LifeInsurance market, in January 1995. It was clear from the outset that both companies sharedsimilar values and beliefs and a strong relationship quickly formed. In October 1995 thecompanies signed a 3 year joint venture agreement.Around this time Standard Life purchased a 5% stake in HDFC, further strengthening therelationship.

The next three years were filled with uncertainty, due to changes in government andongoing delays in getting the IRDA (Insurance Regulatory and Development authority)Act passed in parliament. Despite this both companies remained firmly committed to theventure.

In October 1998, the joint venture agreement was renewed and additional resource madeavailable. Around this time Standard Life purchased 2% of Infrastructure DevelopmentFinance Company Ltd. (IDFC). Standard Life also started to use the services of the HDFCTreasury department to advise them upon their investments in India.

Towards the end of 1999, the opening of the market looked very promising and bothcompanies agreed the time was right to move the operation to the next level. Therefore, inJanuary 2000 an expert team from the UK joined a hand picked team from HDFC to form thecore project team, based in Mumbai.

Around this time Standard Life purchased a further 5% stake in HDFC and a 5% stake inHDFC Bank. In a further development Standard Life agreed to participate in the AssetManagement Company promoted by HDFC to enter the mutual fund market. The MutualFund was launched on 20th July 2000.

Incorporation of HDFC Standard Life Insurance Company Limited:The company was incorporated on 14th August 2000 under the name of HDFC Standard LifeInsurance Company Limited.Our ambition from as far back as October 1995, was to be the first private company to re-enter the life insurance market in India. On the 23rd of October 2000, this ambition wasrealised when HDFC Standard Life was the only life company to be granted a certificate ofregistration.HDFC are the main shareholders in HDFC Standard Life, with 81.4%, while Standard Lifeowns 18.6%. Given Standard Life's existing investment in the HDFC Group, this is themaximum investment allowed under current regulations.

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HDFC and Standard Life have a long and close relationship built upon shared values andtrust. The ambition of HDFC Standard Life is to mirror the success of the parentcompanies and be the yardstick by which all other insurance company's in India aremeasured.

Our Mission:

We aim to be the top new life insurance company in the market.This does not just mean being the largest or the most productive company in the market,rather it is a combination of several things like-Customer service of the highest orderValue for money for customersProfessionalism in carrying out businessInnovative products to cater to different needs of different customers

Use of technology to improve service standardsIncreasing market share

Our Values:

SECURITY: Providing long term financial security to our policy holders will beour constant endeavour. We will be do this by offering life insurance and pension

products.

TRUST: We appreciate the trust placed by our policy holders in us. Hence, wewill aim to manage their investments very carefully and live up to this trust.

INNOVATION: Recognising the different needs of our customers, we will beoffering a range of innovative products to meet these needs.

Our mission: is to be the best new life insurance company in India and these arethe values that will guide us in this.

What is an Endowment Assurance Plan?

It is a participating (with profits) insurance plan that offers the following Provides financial support to the family by way of a lump sum payment in case

of the unfortunate death of the life assured within the term of the policy.provides a lump sum payment to the life assured on survival up to maturity. The lump sum mentioned is the basic sum assured plus any bonus additions.

Why should you buy this product?

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This plan is a with profits saving plan and is well suited for saving money for your long termfinancial goals. This plan also helps provide for the needs of your family in your absence by

paying out a lump sum in the event of your unfortunate death during the term of the policy.

What optional benefits are available with this plan?

You can add the following optional benefits to customise your policy to suit your needs: Critical Illness (CI) Benefit provides an amount, equal to the sum assured chosen

under this optional benefit, on diagnosis of any one of the 6 common criticalillnesses (1). The sum assured is payable if you survive for 30 days after the dateof the claim. Once such a claim has been met, no further Critical Illness Benefit is

payable. However, your basic policy continues even after we pay a claim on thisbenefit.

Additional Term Benefit (ATB) provides an additional amount equal to the sumassured chosen under this optional benefit, in case of your unfortunate death.

Accidental Death Benefit (ADB) provides an additional amount, equal to the sumassured chosen under this optional benefit, in case of your unfortunate death:

- due to an accident, and- within 90 days of the accident..Waiver Of Premium (WOP) Benefit waives the premium for you in case you

become totally disabled. The waiver is applicable during the period of total disability.

All optional benefits must be selected at the outset of your plan.(1) Cancer, coronary artery bypass graft surgery, heart attack, kidney / renalfailure, major organ transplant (as recipient) and stroke.

Does Endowment Assurance Plan offer you Tax Benefits?Tax benefits described in Section 88, Section 80D** and Section 10 (10D) of the IncomeTax Act are applicable.** Applicable to premiums paid for CI and WOP.

Are you eligible?This plan can be taken on a single life basis or a joint life (first claim) basis. Theeligibility ages are as follows:Basic Policy with optional benefitsMin. term: 10 years Max. Term: 30 years

What are the payment options?You have the choice of paying your premium either in yearly, half-yearly or quarterlymodes, depending on your convenience.Indicative Premium*

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What is the Unit Linked Endowment Assurance?The unit linked endowment plan is an insurance policy that is designed to pay a lumpsum on maturity or on earlier death. The Unit Linked Endowment Plan also gives theoption of additional protection against the six common critical illnesses, as well asadditional protection if death is as the result of an accident.

Your premiums are invested in units of the investment fund of your choice, based on theprevailing unit price. On maturity you receive the value of your units. On death (or criticalillness, if chosen) you receive the greater of the value of your units and yourselected basicsum assured.

What are my Premiums?You agree to pay a level premium regularly, either quarterly, half-yearly or annually,throughout the term of the policy. The minimum premium amount is Rs. 10,000 eachyear.To facilitate increased investment, we allow additional single premium top-ups at anytime. The minimum single premium top-up is Rs. 5,000Premiums can be paid by cash, cheque or demand draft.

What investment funds can I invest in?The policy is fully unitised with a range of funds to match your needs and approach to risk.(By risk we mean the likely volatility in the value of units in the fund.)

Each investment fund is composed of units. All the units in a fund are identical. You canchoose from the following funds:

Liquid fundThe Liquid fund invests 100% in bank deposits and high quality short-term moneymarket instruments. The fund is designed to be cash secure and has a very low level of risk;however unit prices may occasionally go down due to the use of short-term money marketinstruments.

Secure Managed

33

Age

(yrs.)

Basic Policy

Premium (Rs.)

Additional Premium

for optional benefits (Rs.)

CI ATB ADB WOP

20 4771 304 322 136 236

30 4835 442 388 144 300

40 5098 925 641 156 475

50 5813 Not

Available

1357 Not

Available

Not

Available


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The Secure Managed fund invests 100% in Government Securities and Bonds issued bycompanies or other bodies with a high credit standing, however a small amount of workingcapital may be invested in cash to facilitate the day-to-day running of the fund.This fund hasa low level of risk but unit prices may still go up or down.

Defensive Managed15% to 30% of the Defensive Managed fund will be invested in high quality Indianequities. The remainder will be invested in Government Securities and Bonds issued bycompanies or other bodies with a high credit standing. In addition, a small amount ofworking capital may be invested in cash to facilitate the day-to-day running of the fund. Thefund has a moderate level of risk with the opportunity to earn higher returns in the long termfrom some equity investment. Unit prices may go up or down.

Balanced Managed30% to 60% of the Balanced Managed fund will be invested in high quality Indianequities. The remainder will be invested in Government Securities and Bonds issued bycompanies or other bodies with a high credit standing. In addition a small amount of workingcapital may be invested in cash to facilitate the day-to-day running of the fund. The fund hasa higher level of risk with the opportunity to earn higher returns in the long term from thehigher proportion it invests in equities. Unit prices may go up or down.

Growth fundThe Growth fund invests 100% in high quality Indian equities. In addition a smallamount of working capital may be invested in cash to facilitate the day-to-day running of thefund. The fund has a higher level of risk with the opportunity to earn higher returns in thelong term from the investment in equities. Unit prices may go up or down. The past

performance of any of the funds is not necessarily an indication of future performance.There are no investment guarantees on the returns of unit linked funds.

None of the funds participate in the profits of HDFC Life Insurance Company Limited orany of its policyholder funds.

Can I switch my monies to any fund?You can switch your existing investments from any endowment unit linked fund toanother endowment unit linked fund. You can also give us a premium redirectioninstruction to redirect future premiums to different endowment unit linked funds.

What are the Benefits?There are 4 different options available to choose from:

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Life OptionOn death within the policy term, the greater of the Sum Assured and the value of theunitlinked fund will be paid to your nominee. On survival to the end of the policy term thevalue of the unit linked fund will be paid to you.

Life and Health OptionOn death or earlier diagnosis of any one of six common critical illnesses within the policyterm, the greater of the Sum Assured and the value of the unit-linked fund will be paid toyour nominee. On survival to the end of the policy term the value of the unit-linked fund will

be paid to you.The illnesses covered under this option are cancer, coronary artery by pass graft surgery,heart attack, kidney failure, major organ transplant (as recipient) and stroke.

Extra Life OptionThis option pays the same benefits as the Life Option but, should death occur within the

policy term as the result of an accident, an extra benefit equal to the Sum Assured will bepaid.

Extra Life and Health OptionThis option pays the same benefits as the Life and Health Option but, should death occurwithin the policy term as the result of an accident, an extra benefit equal to the Sum Assuredwill be paid.

What levels of protection are available?

Depending on your age at entry, you may choose between 3 levels of cover Low,Medium or High. For each level the Sum Assured is based on the amount of premium you

pay each year.The Sum Assured cannot be changed during the term of the contract.

How are my benefits paid?Your basic benefits will be paid by cheque.

Am I eligible?

The age and term limits for taking out a Unit Linked Endowment Plan are: (years)

Minimum

Term

Maximum

Term

Minimum

Age at

Entry

Maximum

Age at

Entry

Maximum

Age at

Entry

Life 10 30 18 60 75

Life and

Health

10 30 18 55 65

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Extra Life 10 30 18 55 70

Extra Life

and

Health

10 30 18 55 65

Can I alter the level of my premiums?

Regular premiums can be increased at any time. If needed, the policyholder can reduce theregular premium levels (even to zero ie the policy is converted to paid up status) provided:3 years of regular premiums have been paidThe monetary value of the unit holding across all funds is at least Rs15,000.

What happens if I surrender the policy?The policyholder can surrender the policy at any point of time during the contract term. Theamount payable will be the unitised fund value after applying additional surrender chargesmentioned below.

WHEN CAN I ACCESS MY MONEY?You can make lump sum withdrawals from you funds provided the fund balance afterwithdrawal and charges does not fall below the Sum Assured. The minimum withdrawalamount is Rs. 10,000.

WHAT HAPPENS IF I STOP PAYING PREMIUMS?

This product has a grace period of 15 days for the payment of each premium after the initialpremium. If you stop paying premiums, before you have paid 3 years of annual premiums,we will cancel you policy and return to you the value of your unitised fund, less cancellationcharges.

.If, after three years, you are unable to pay the premiums, you have the option to make thepolicy paid-up, provided the policy has accumulated sufficient policy value. Currently, thisamount will be Rs. 15,000.

If you make your policy paid up you will continue to be protected according to thebenefits you selected. To provide this cover, we will continue to collect our usual charges oneach monthly charge date. It is important to note that if no further premiums are paid, thismay reduce the value of your fund over time, or even exhaust it completely.

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A paid-up policy can be reinstated to premium paying status at any point of time in thefuture.If the fund value of a paid-up policy falls below Rs. 15,000 we will cancel the policy andreturn to you the fund value, less cancellation charges.

DOES THIS PLAN OFFER ME TAX BENEFITS?

Premiums paid under this plan are eligible for tax benefits under Section 88 of theIncome Tax Act, 1961.

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5.1 DATA ANALYSIS

Q1. WHAT IS YOUR PROFESSION?

Fig out of 200(in %)

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Doctor 14%

Pvt employee 37%

Self employee 32%

Others 17%

This question was asked to see the class of people who purchase insurance policies the mostand the least.

INTERPRETATION

1) 32% of the self employed people purchase insurance policies.

2) 37% of the private employed people purchase insurance polices.

3) 14% of the doctors are there who purchase insurance policies from HDFCSLIC.

Q2. WHAT AGE GROUP YOU FALL INTO?

Fig. out of 200(in %)

18-25yrs 24%

25-40yrs 42%

40-55yrs 29%

Above 55yrs 5%

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This question was asked to determine that people of which age group are insurance policyholders and which age group the co. must target on i.e. the potential group.

INTERPRETATION

THERE ARE 42% PEOPLE THAT FALL INTO THE AGE GROUP OF 25-40 YEARSARE INSURANCE HOLDERS.29% OF AGE GROUP 40-55 YEARS ARE INSURANCE HOLDERS.24% OF INSURANCE HOLDERS ARE OF AGE 18-25 YEARS.

Q3. WHICH INCOME GROUP YOU FALL INTO?


< 4lacs 24%

4-6lacs 35%

6lacs-8lacs 27%

>8lacs 14%

This question was asked to determine the income bracket class which is moreresponsive to insurance policies.

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INTERPRETATION

1) The persons whose income group is 4-6 lacs are more responsive towards the insurance

cover.

2) 27% of the people whose income group is 6-8 lacs are interested in insurancepolicies.

3)24% of the people whose income group is less than 4lacs are interested in insurancepolicies.

4) 14% of the people whose income group is more than 8 lacs are interested ininsurance policies.

Q4. DO YOU KNOW ABOUT IRDA?Fig. out of 200 in %

Yes 36%

No 64%

This question was asked to determine the prevailing level of awareness of IRDA.

INTERPRETETION

1) Out of 200 people 64% of them do not know about IRDA.

2) Out of 200 people 36% of them know about the IRDA.

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Q5. DO YOU HAVE INSURANCE POLICIES?

Fig out of 200 in %

Yes 78%

No 22%

This question was asked to determine the potential customers and present customers.

INTERPRETATION

Out of 200 people 78% are insured and 22% of them are not insured or do not haveAny insurance policy.

Q6. WHICH INSURANCE COMPANIES ARE YOU AWARE OFTHAT ARE TRUSTED BODIES?Ref no.7

ICICI Pru Bajaj

Allianz

Birla Sun

Rise

LIC

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28% 18% 15% 39%

This question was asked to determine the competitor of HDFC SLIC in terms of creatinggreater reliability in the minds of customers.

INTERPRETATION (out of 200 respondents in %)

After the survey it was found that 39% out of 200 rely on LIC.2nd best insurance company is ICICI Pru which holds 28% out of 200. Third position is hold

by Bajaj Allianz with 18% of the share. Last one is Birla sun rise with 15%.

Q7.WHICH OF THE FOLLOWING YOU PREFER?

Fig. out of 200 in %

Single premium 32%

Regular Premium 68%

This question was asked to determine the type of policy that is most preferred in terms ofpayment period.

INTERPRETATION

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68% out of 200 of the people prefer Regular Premium type of policy. And 22% out of 200prefer single premium type of the policy.

Q8. WHAT IS YOUR OBJECTIVE OF INSURANCE?


Protection Saving Investment Pension Taxation Education Others

10% 9% 21% 15% 24% 20% 1%

This question was asked to determine the driving factor of purchasing insurance covers sothat the product that has the greatest potential can be found out and offered.

INTERPRETATION

1) 24% of the people purchase insurance for tax saving.2) 15% of the people purchase insurance getting pensions.3) 21% of them have the objective of investment for purchasing the insurance policies.4) 9% of the people purchase insurance for saving purpose.5) Only 10% of the people purchase insurance for protection.6)1% of the people purchase insurance for other purposes.

Q9. FOR WHAT TERM DO YOU GENERALLY INVEST?



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10-15yrs 37%

>15yrs 8%

This question was asked to determine the most preferred term of investment while goingfor

insurance covers.

INTERPRATATION

1) Generally 109 out of 200 people i.e. 55% invest in less than 10 year of the plan term.

2) Out of 200, 74 of the people i.e. 37% invest for term 10-15 years.

3) 17 out of 200 people i.e. 8% invest in more than 15 years of term plan.

Q10. HOW MANY INSURANCE COVERS HAVE YOU TAKEN?Fig. Out of 200 in %

3insurance

cover

2insurance

cover

1insurance

cover

43% 35% 22%

This question was asked to determine the volume of purchase per customer.

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INTERPRETATION

1) 86 out of 200 people i.e. 43% have more than 3 insurance covers.

2) 70 out of 200 people i.e. 35% have 2 insurance covers.

3) Out of 200, 44 people i.e. 22% have 1 insurance cover.

Q11. DO YOU HAVE ANY INSURANCE POLICY WITH HDFC SLIC?

Fig.out of 200 in %

Yes 48%

No 52%

This question was asked to determine how much population had HDFC SLIC policy.

INTERPRETETION

1) Out of 200 people 52% population said YES.

2) Out of 200 people 48% population said NO.

Q12. WHICH PLAN DO YOU PREFER?

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Fig. Out of 200 in %

Traditional Plan 33%

Unit Linked Plan 67%

This question was asked to determine how much population had Traditional plan or Unitliked plan.

INTERPRETATION

67% out of 200 have Unit linked plan and 33% have Traditional plan.

Q13. WHAT TYPE OF UNIT LINKED PLANS DO YOU INVEST IN?

Fig. out of 200 in %

Children Plan Endowment

Plan

Pension Plan

52% 28% 20%

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This question was asked to determine the type of ULIP that is most preferred and the onewhich needs greater attention by the company.

INTERPRATATION

1) 52% of the people invest for children plans in Unit Linked plans.

2) 28% of the people invest in Unit Linked Endowment Plans.

3) 20% of the people invest in pension plans.

Q14. WHAT ARE THE SOURCES OF INFORMATION THAT INFLUENCED YOUTO PURCHASE THE HDFCSLIC PRODUCTS?


Internal

Search

Friends Relatives Comp.

Shopping

Public

Sources

10% 15% 30% 25% 20%

This question was asked to determine the different sources of information that influenceconsumer buying behaviour of insurance products.

INTERPRATATION

1) 30% of the people are influenced by relatives .

2) 25% of the people by comparison shopping.

3) 20% of the people by public sources, 15% of the people by friends and 10% of the peopleby Internal search.

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Q15. WHAT MAKES YOU TO PURCHASE HDFC SLIC INSURANCE PRODUCTS?(TICK)

Fig. Out of 200

INTERPRETATION

1.)Maximum people rated HDFC LIFE forQuality of Service, secondly forCreating Awareness, then forProduct Variety and at last Accessibility.

Q16. DOES THE PURCHASE DECISION OF INSURANCE POLICY IS INFLUENCED

BY SOCIAL FACTORS?


Opinion

leaders

Persons

family

Reference

groups

Social

class &

Culture

31% 36% 20% 13%

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This question was asked to know the purchase decision made by the consumer Buying

Behaviour.

INTERPRETATION

1.) 36% of the people make the purchase decision by the influence of opinion leaders.

2.) 31% of the people make the purchase decision by persons family, 20% by reference

groups and 13% by social class and culture.

Q17. ARE YOU SATISFIED WITH THE INSURANCE PRODUCTS OF HDFC SLIC?


YES 64%

NO 36%

This question was asked to know the satisfactory level of the insurance products of HDFCSLIC.

INTERPRETATION1.) 64% of the people are satisfied with the HDFC SLIC products.2.) 36% of the people are dissatisfied with the HDFC SLIC products.

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Q18. DOES HDFC SLIC PROVIDE YOU SATISFACTORY POST SALES SERVICES

REGARDING THE INSURANCE PRODUCTS?


Satisfied 46%

Dissatisfied 54%

This question was asked to know about the post sales services provided by the HDFC SLICinsurance products.

INTERPRETATION

1.) 54% of the people feel dissatisfied by the post sales services of HDFC SLIC products.2.) 46% of the people feel satisfied by the post sales services of HDFC SLIC products.

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6.1Observations and Findings6.2Conclusions6.3Suggestions

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6.1 Observations and Findings

Mainly the insurance policy is purchased by the private sector employee with the

intention of tax saving.

Most of the respondents were not aware about the IRDA.

Large wide range of population is reliable on LIC products.

HDFC SLIC has lower fund charges to create a greater customer base.

HDFC SLIC needs to plan more strategies for its product promotions.

ICICI Prudential is the biggest competitor of HDFC SLIC in term of product variety,creating awareness and quality of service.

6.2 CONCLUSION

1) 37% of the policy holders are employed in pvt. sector and 32% are self employed.

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Only 17% of policy holders are employed in govt. sector.

2) HDFC s insurance products are devised for customers of age group 18-25 and25-40 yrs. But only 24% of customers are of group 18-25 yrs.

3) 35% of the sample population belongs to the income bracket of 2-2.5 lacs and27% belong to 2.5-3.5 lacs. Therefore products suitable to this class of customersmust be developed.

4) Only 42% of the sample population is aware of IRDA. Therefore attempts have tobe made to create greater awareness about IRDA which help to increase thereliability.

5) L.I.C is considered to be the most reliable organization in the minds ofsample population followed by Birla sun life and then HDFC Life . ThereforeHDFC SLIC has to increase the level of reliability to beat its strongest competitor.

6) 39.5% of population prefers single premium covers. Therefore more of regularpremium products have to be produced.

7) 54.5% of the population prefers to invest for a term of less than 10years and 37%of them prefer to invest for a term of 10-15 years.

8) Only 38.5% of the population has taken Unit linked plans. This implies there is alarge market that is available for this product.

9) 43% of the population purchase children plans, 32.5% purchase endowment and24.5% purchase pension plans.

10) 43% of the population has only one insurance cover, 35% have two covers andonly 22% have three or more covers.

11) HDFC SLIC has to focus on lower charges and providing greater benefits tocreate a greater customer base.

12) ICICI Prudential is the biggest competitor of HDFC SLIC in terms of productvariety, creating awareness, accessibility, quality of service.

6.3 SUGGESTIONS

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The co. should focus on producing greater product variety and morecustomization.

Greater awareness about IRDA and the organization has to be created throughadvertisements.

Investment as an objective of insurance has yet to be established . Greater focusshould be paid on this.

ICICI Prudential is the greatest competitor of HDFC SLIC. Therfore theperformance of HDFC in terms of product variety, growth rate, accessibility andgreater awareness should be monitored and enhanced.

The potential target customer id of the age group 18-25 years and income bracket2-3.5 lacs. Customized products for this class should be devised and offered.

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ANNEXURES

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QUESTIONAIRE

PERSONAL DETAILS

NAME :_______________________________________________

ADDRESS: _______________________________________________

SEX: MALE FEMALE

TEL NO: ______________________________________________

EMAIL: ______________________________________________

Q1. WHAT IS YOUR PROFESSION?

PVT. EMPLOYEE BUSINESSMAN DOCTOR

Q2. WHAT AGE GROUP YOU FALL INTO ?

18-25 , 25-35, 35-50, ABOVE 50

Q3. WHICH INCOME GROUP YOU FALL INTO ?

4 Lac, 4 6 Lac, 6 .8 Lac, >8 Lac

Q4. DO YOU KNOW ABOUT IRDA?

YES

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NO

Q5. DO YOU HAVE INSURANCE POLICIES ?

YES NO

Q6. WHAT DO YOU THINK WHO IS THE BIGGEST COMPETITOR OF HDFC SLIC?

ALLIANZ BAJAJ ICICI PRUDENTIAL

BIRLA SUN LIFE L.I.C

Q7.WHICH OF THE FOLLOWING YOU PREFER ?

SINGLE PREMIUM POLICIES REGULAR PREMIUM POLICIES

Q8. WHAT IS YOUR OBJECTIVE OF INSURANCE ?

PROTECTION SAVINGS INVESTMENT PENSION TAXATION EDUCATION OTHERS

Q9. FOR WHAT TERM DO YOU GENERALLY INVEST?

LESS THAN 10 YRS 10-15 YRS MORE THAN 15 YRS

Q10. HOW MANY INSURANCE COVERS HAVE YOU TAKEN?

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ONE TWO THREE

Q11. DO YOU HAVE ANY INSURANCE POLICY WITH HDFC SLIC?

YES NO

Q12. WHICH PLAN DO YOU PREFER?

TRADITIONAL PLAN

UNIT LINKED PLAN

Q13. WHAT TYPE OF UNIT LINKED PLANS DO YOU INVEST IN?

CHILDRENS PLAN ENDOWMENT PLAN PENSION PLAN

Q14. WHAT ARE THE SOURCES OF INFORMATION THAT INFLUENCED YOU TOPURCHASE THE HDFCSLIC PRODUCTS?

INTERNAL SOURCES FRIENDS RELATIVES COMPARISON SHOPPING PUBLIC SOURCES

Q15. WHAT MAKES YOU TO PURCHASE HDFCSLIC INSURANCE POLICY? (TICK)

Product Variety Creating Awareness Accessibility Quality of Service

(On the basisof)

EXCELLENT VERY GOOD GOOD AVERAGE

Q16. DOES THE PURCHASE DECISION OF INSURANCE POLICY IS INFLUENCED

BY SOCIAL FACTORS?

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OPINION LEADERS PERSONS FAMILY REFERENCE GROUPS SOCIAL CLASS & CULTURE

Q17. ARE YOU SATISFIED WITH THE INSURANCE PRODUCTS OF HDFC SLIC?

SATISFIED DISSATISFIED

Q18. DOES HDFC SLIC PROVIDE YOU SATISFACTORY POST SALES SERVICES?

SATISFIED

DISSATISFIED

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BIBLIOGRAPHY

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BIBILIOGRAPHY

Case Folio Insurance marketing

C R Kothari, Research Methodology, 5th edition

Suja Nair, Consumer Behaviour, 4th editionPage no. 22-46

Websites:

www.lic.com

www.hdfcsl.com

www.icicipru.com

Summer Project4

Documents

Transcript of Summer Project4