RETAIL SALES ON LIFE INSURANCE POLICIES (reference to HDFC SLI in Puducherry)

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RETAIL SALES ON LIFE INSURANCE POLICIES
(reference to HDFC SLI in Puducherry)
By v.karthik II.M.B.A
Under the guidence of Mr.JAYAKUMAR H.O.D(Managemen
t studies)
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PROFILE OF THE INDUSTRY

• Insurance started with marine business
• First insurance policy was issued in 1583 in
  England
• In India Insurance began in 1870 with life
  insurance being transacted by an English company
• The first Indian insurance company was the Bombay
  Mutual Assurance Society Ltd, formed in 1870

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PROFILE OF THE COMPANY

• HDFC Standard Life Insurance Company Ltd. is one
  of India's 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 a Group Company of the
  Standard Life, UK.

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• VISION
• The most successful and admired life insurance
  company, which mean that we are the most trusted
  company, the easiest to deal with, offer the best
  value for money, and set the standards in the
  industry.
• 'The most obvious choice for all
• VALUES
• Integrity
• Innovation
• Customer centric
• People Care One for all and all for one
• Team work
• Joy and Simplicity

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• RECORDS
• On March 31, 2007 holds 81.9 per cent of equity
  in the joint venture
• It has covered over 1.6 million individuals out
  of which over
• 5, 00,000 lives have been covered through our
  group business tie-ups
• On Apr-Mar 2005 - 06 renewal premiums is Rs.
  1532.21 Crores
• HDFC Standard Life Insurance Co. Ltd. has
  increased its share capital by Rs 218 Crores
• MAJOR COMPETITORS
• Life Insurance Corporation of India
• ICICI Prudential Life Insurance
• Bajaj Allianz Life
• SBI Life Insurance

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PRODUCTS

• INDIVIDUAL PRODUCTS
• Production plan
• Term assurance plan
• Loan cover term assurance plan
• Investment plan
• Single premium whole of life plan
• Pension plans
• Personal pension plan
• Unit linked pension

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• Savings plans
• Endowment assurance plan
• Unit linked endowment
• Money back plan
• Children plan
• Unit linked young star
• GROUP PRODUCTS
• GROUP TERM INSURANCE PLAN
• GROUP VARIABLE TERM INSURANCE

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• OBJECTIVES OF THE STUDY
• PRIMARY
• To analyze the retail sales on insurance policies
• Secondary
• To offer suggestion to the HDFC SLI COMPANY to
  improve its activities or retail sales
• To identify the potential policy holder and their
  satisfaction level
• To find out the awareness of people about
  insurance policies
• STATEMENT OF THE PROBLEM
• Awareness on Insurance sector
• Awareness on Insurance policies
• LIMITATIONS
• Study is only to government officials in
  puducherry
• Sample size is 100

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• RESEARCH METHODOLOGY
• Primary data
• Secondary data
• Tools used
• Percentage analysis
• Scoring technique
• Bar charts, Pie charts

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ANALYSISAND INTERPRETATION
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RESPONDENTS PROFILE OF AGE
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GENDER OF RESPONDENT
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ANNUAL INCOME LEVEL
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SOURCE OF INFORMATION
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RANKING FOR POLICIES
POLICIES RANK1 RANK2 RANK 3 RANK 4 RANK 5 RANK 6 RANK 7
Endowment Whole life Money back With profit Joint life Children's Others 21 8 46 5 4 5 12 27 15 15 8 9 13 13 20 8 10 1 12 27 21 11 8 12 16 18 17 21 15 34 7 13 21 7 3 3 22 9 36 17 11 1 3 5 1 21 19 20 29
Among the sample respondents, the respondents
preferred Money Back policy as rank 1 (46) and
Endowment policy has been ranked as 2 (27) and
Children's policy has ranked as 3 (27). Thus it
can be concluded that most of the respondents are
ranked money back policy as first.
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NUMBER OF POLICIES
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INSURANCE COMPANY
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PREMIUM PAYEMENT PERIOD
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MODE OF PAYMENT
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MODE OF SETTLEMENT
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SATISFACTION LEVEL FOR PRESENT AGENT
Agent Service H.S S C.S D H.D
Knowledge about policies Investment advices Convincing approach Payment of premium Claim settlement Change of nominee Handling over the documents 42 8 4 9 6 6 4 50 83 82 83 37 68 34 4 5 10 5 55 21 60 1 1 2 1 0 2 0 1 1 0 0 0 1 0
Among the sample respondents they are satisfied
with the current agent services
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SATISFACTION LEVEL FOR INSURANCE COMPANY
Insurance company H.S S C.S D H.D
Brand name Product service Customer needs Attractive advertisement Terms procedures Sales promotion Premium amount Period of premium payment Mode of payment of premium Availability of rider clause Online service Loans against policies Settlement of claims 34 17 9 6 9 1 17 15 18 4 2 3 3 56 80 81 81 80 67 74 79 70 42 31 27 26 6 1 5 8 8 30 6 4 10 50 65 67 69 1 0 2 3 1 0 1 0 0 2 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0
Among the sample respondents they are satisfied
with the current company services.
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SUGGESTIONS

• In view of the competition from LIC and other
  private players in the market, HDFC Standard
  Life should organize more awareness campaigns to
  create awareness and to promote their existing
  products.
• More new products and services should be
  innovated through financial engineering process
  to tap rural and social sectors.
• To retain old customers and to attract new
  customer's products with adds-on features should
  be introduced besides attractive advertisements.
• To reach out more customers, tie-ups with
  companies, in various sectors can be arranged to
  cover the insurance needs of their employees.
• To utilize one of the most important marketing
  channel (commercial banks) very effectively for
  promoting the products, steps should be taken to
  make the banks incorporate successful sales
  tactics used by them to sell other financial
  services.

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CONCLUSION

• Insurance sector is one of the most booming
  sectors in India. The penetration level of
  insurance in India is only 2.3 when compared to
  9-15 in the developed nations. And in India only
  33 of population are insured their life. There
  is a huge market for the Insurance products in
  the future in India.

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THANK YOU