The Use Of An Insurance Policy Commerce Essay
India`s one the leading life insurance company is HDFC Standard Life Insurance Company Ltd. which gives variety of individual and group insurance solutions. It is a joint venture between HDFC Ltd. (Housing Development Finance Corporation Limited). It compete one of the best LIC Insurance Company in the market just because of its cheaper rate, strategy, plan and features.
In these days, insurance is only one business which has an effect on all walks of life. Insurance industry dwell in a very important place among financial services run in the globe. Therefore a proper knowledge of what insurance is and what purpose does it serve to individual or an organization is therefore necessary.
Today`s Insurance business growing at the rate 15-20 % (percent) annually and presently is of the order of Rs 1560.41 billion (for the financial year 2006-2007). It adds about 7% to the county`s Gross Domestic Product (GDP) with banking services. And gross premium collection is nearly 2% of GDP and Funds available with LIC for Investments Are *% of the GDP.
Reasons to select this topic:-
Insurance is easy way to protect our self and our family. As Indian investors are now more exposed to capital markets and have started understanding its working, they want to multiply their money rapidly.
There are some reasons of selecting this:-
To get further information about existing customer`s perception about HDFC SLIC
To analyze the quality of service the customers are getting from the company.
The reason for choosing this organization:-
As a student of management, I had to choose a company which carry on its activities on a large scale, which has strong distribution network and which was diversifies into various business.
The company has been successful in understanding the consumers market and the competitors and works in pace with the global technological developments.
The company is diversified into various businesses such as mutual funds, safety bonds, online trading and other financial instruments.
Due its strong distribution and service network and concert launch strategy, unique packages HDFC has emerged as a strong Player in the market.
HDFC SLIC has :-
6 Zonal offices
29 regional offices
276 Branch offices
203 Spoke location
Competitor of HDFC SCIL
There are many competitors of HDFC SCIL in the market as following.
Life Insurance Corporation of India (LIC)
Tata AIG life Insurance Co. Ltd.
Birla Sun Life Insurance
ICICI prudential Life Insurance
Aviva Life Insurance
Max New York Life Insurance
SBI life Insurance
Bharti Axa Life Insurance
Reliance life Insurance
ING Vysya life Insurance
The History of life insurance in India dates back to 1818 when it was conceived as a mean to provide for English Widows. In those days a higher premium was charged for lives then the non-Indian lives, as Indian lives were considered more risky to cover. But the Bombay mutual life insurance society started its business in 1870.this is the first company which charges the same premium for both Indian and non-Indian lives. Then first general insurance company established in the 1850 in Calcutta by the British. The insurance business was almost at the end of overseas company till the end of nineteenth century.
The insurance business lifts at a quicker pace after independence. In 1956, the government of India brought together over 240 private life insurers and provident societies under one nationalized monopoly corporation and Life Insurance Corporation (LIC) was born. In 1972 the general insurance Industry was nationalized, with this, nearly 107 insurer were combined and clustered into four companies- National Insurance Company, New Indian Assurance Company, Oriental Insurance company and united India Insurance Company.
After so many time on 14th August 2000 HDFC Life insurance company Ltd. is Established in India. It is a joint venture between HDFC Limited – India’s foremost housing finance institution, and also it is a Group Company of the Standard Life Plc, UK. HDFC is the majority stakeholder in the insurance JV with 81.4% staple
And Standard of as a staple 18.6% Mr. Deepak Satwalekar is the MD and CEO Of the venture. In India, It is offering a variety of individual and cluster insurance solutions.
Being a joint venture of top financial services groups, , The Company’s new business premium income stood at Rs. 1,839.70 Crores as on 31 December 2008; it has covered over 812,811 lives so far.
There are following list of policies and products which offer by HDFC Standard Life Insurance:
Savings & Investment Plans
Project Aims and Objectives
Proper understanding and analysis of life insurance industry in Panipat town.
To understand satisfaction of customers regarding the products offered by the company
To know about importance of customers relationship with the company
To know the reasons for demand of a particular product
To find out what problems are faced by customer
To take the feedback of customers regarding the service which are being
Provided by the company
To analysis the product detail of HDFC SLIC
Research can be defined as systematized effort to gain new knowledge. A research is carried out by different methodology, which has their own pros and cons.
The following mentioned types of data was used for the study and analysis of
the objective of this project, also the secondary to data proved to be helping hand in
framing up the industry scenario and also the relevant topics in the entire project report.
Design of Research – Descriptive
Sources Of data – Primary data and Secondary data
Approach ââ‚¬" Observation, Face to Face Interview, Individual Depth Interview
Instrument ââ‚¬" Questionnaire
Technique of Sampling ââ‚¬" Random sampling.
Size of Sample ââ‚¬" 200 existing customers of HDFC SLIC
1) Survey has been made through Questionnaire
2) Presentation given by the Advisors of HDFC life.
The outcomes are as following
Review the strategy of HDFC SCIL that how it is attract customer
Review the current situation of HDFC SCIL
Analyze the problems which are faced by customers
Review the existing literature on Customers satisfaction on HDFC SCIL in Panipat
There are some resources which has been used:-