PUBLIC AWARENESS OF FINANCIAL PLANNING IN EMERGING INDIAN MARKETPROJECT REPORT 2011Submitted for the partial fulfillment of the requirement for the award Of

POST GRADUATE DIPLOMA IN MANAGEMENTSUBMITTED BY

UNDER THE SUPERVISION OF

CONTENTSACKNOWLEDGEMENT EXECUTIVE SUMMARY Section 1 : INTRODUCTION A :- NEED OF THE STUDY B : BACKGROUND a) Overview & Historical Perspective b) Insurance Sector Reforms c) Nature of Industry C: -SCOPE OF THE STUDY Regulatory Body : IRDA 2) Importance of Liberalization Market share of various players 3) Current Scenario Section 2 : COMPANYS PROFILE HDFC Ltd. : 1) Introduction 2) Subsidiary & Associate Companies STANDARD LIFE : 1) Introduction 2) Description about company JOINT VENTURE : HDFC SLIC Section 3 : MAIN SECTION 1) 2) 3) 4) Financial Planning 360 Financial Planning Consumption Pattern Objective & Sales Procedure 55 57 61 62

Page No.4 5 6 7 9

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31 32 36 37 39 40

RESEARCH METHODOLOGY a) b) c) d) Type of Research Data Collection Sampling Unit & Size Limitations

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Section 4 : DATA ANALYSIS AND FINDINGS Section 5 : CONCLUSIONS & RECOMMENDATIONS APPENDICES 1) Questionnaire 2) Glossary 3) Bibliography CHECKLIST

70 82 87 88 91 96 97

LIST OF GRAPHSGraph No. 1 2 3 4 5 6 7 8 9 10 11 Discription CONSUMPTION PATTERN AGE DISTRIBUTION OF RESPONDENTS MARITAL STATUS OF RESPONDENTS INCOME DISTRIBUTION AWARENESS OF FINANCIAL PLANNING INVESTMENT PREFERENCE AVG. NO. OF PERSON INSURED CO. PREFERENCE FOR INSURANCE TYPE OF PLAN PUBLIC MOSTLY BOUGHT PURPOSE OF BUYING INSURANCE DISTRIBUTION CHANNEL PREFERENCE Page No. 61 71 72 73

7475 76 77 78 79 80

LIST OF TABLESTable No. 1 2 3 Discription MARKET SHARE OF COMPANIES BOARD OF DIRECTORS OF HDFC FINANCIAL RESULT OF COMPANY Page No. 19 33 53

LIST OF PICTURESPicture No. 1 2 3 4 5 6 Discription HDFC SLIC INTRODUCTION KEY PERSON OF HDFC SLIC AWARD CERTIFICATE OF HDFC SLIC KNOWLEDGE MANAGEMENT ORG. STR. OF HDFC SLIC CO. 360 FINANCIAL PLANNING Page No. 39 43 44 45 54 57

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DECLARATION

I hereby declare that the project report entitled PUBLIC AWARENESS OF FINANCIAL PLANNING IN EMERGING INDIAN MARKET submitted for the Post Graduation Diploma in Management in my original work and the Project Report has not formed the basis for the award of any degree, diploma, Associateship, or other similar titles.

Date : Place : Signature

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Certificate

This is to certify that ________________ of ______________________have completed their project work under my guidance. The topic for their study was PUBLIC AWARENESS OF FINANCIAL PLANNING IN EMERGING INDIAN MARKET

Signature Faculty

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ACKNOWLEDGEMENT

On the successful completion of this project I would like to express my gratitude to all the people who have helped me throughout the project. At first, I owe my debt of thanks to HDFC Standard Life, which gave me an opportunity to do this project work. I wish to extend my deep and sincere gratitude to Ms. Sapna Pandey (CDM) and Mr. Brij Kishor Verma (SDM) who provided me with their guidance from day one and also helped me whole heartedly to achieve the ultimate goal of the project. I also would like to sincere thanks to _______________who provided their guidance internally.

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EXECUTIVE SUMMARY

Overall, the life insurance and pension sector is set for rapid changes and growth in the years ahead. Delivering service, building trust and being innovative are key areas in which any company will have to excel in order to do well in the long road ahead. Different companies will take different approaches and it would be myriad of solutions that will be found to delight the Indian customer. During the first part, I was given complete classroom training about the various unit linked as well as the traditional plans and solutions which the company offers. Later, Market Research was done through various activities and tele-calling which are discussed further in the report. Activities led to practical exposure and taught me the aspects of customer dealing. Finally, interesting conclusions were drawn out of the data collected regarding the Awareness of Financial Planning among the people in todays environment. It was great experience because selling an insurance product demands a great deal of confidence and product knowledge.

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SECTION 1

INTRODUCTION NEED OF THE STUDY BACKGROUND SCOPE OF THE STUDY

NEED OF THE STUDY

With largest number of life insurance policies in force in the world, Insurance happens to be a mega opportunity in India. It's a business growing at the rate of 15-20 per cent annually and presently is of the order of Rs 450 billion. Together with banking services, it adds about 7 per cent to the country's GDP. Gross premium collection is nearly 2 per cent of GDP and funds available with LIC for investments are 8 per cent of GDP. According to the Annual Report of the IRDA, 9 out of the 12 private companies in life insurance suffered losses in 2002-03. The aggregate loss of the private life insurers amounted to Rs 386.33 crore in contrast to the Rs 9620 crore surplus (after tax) earned by the LIC. In general insurance, 4 out of the 8 private insurers suffered losses in 2002-03, with the Reliance, a company with no foreign equity, emerging as the most profitable player. In fact the 6 private players with foreign equity made an aggregate loss of Rs 294 lakhs. On the other hand the public sector insurers in general insurance made an after tax profits of Rs 625.70 crore.

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To study the Awareness of Financial Planning among the people.

To study the importance of Insurance in todays scenario.

To study the various Financial Planning of HDFC Standard Life Insurance Co.

Brand awareness of various private insurance companies. Preference among different investment tools. Purpose of buying insurance. Preference in choosing channel for buying life insurance. Quality of service provided by agents and clients satisfaction level. Customers perception of improvements brought in by entry of Private Insurance Companies. To generate leads for Unit Linked Insurance and the Unit Linked Pension

Plans, by interacting with walking and existing customers of the company.

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BACKGROUNDOverview

With largest number of life insurance policies in force in the world, Insurance happens to be a mega opportunity in India. Its a business growing at the rate of 15-20 per cent annually. Together with banking services, it adds about 7 percent to the countrys GDP .In spite of all this growth the statistics of the penetration of the insurance in the country is very poor. Nearly 80 per cent of Indian population is without life insurance cover while health insurance and non-life insurance continues to be below international standards. And this part of the population is also subject to weak social security and pension systems with hardly any old age income security. This it-self is an indicator that growth potential for the insurance sector is immense. Historical Perspective The insurance came to India from UK; with the establishment of the Oriental Life insurance Corporation in 1818.The Indian life insurance company act 1912 was the first statutory body that started to regulate the life insurance business in India. By 1956 about 154 Indian, 16 foreign and 75 provident firms were been established in India. Then the central government took over these companies and as a result the LIC was formed. Since then LIC has worked towards spreading life insurance and building a wide network across the length and the breath of the country.

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Important milestones in the life insurance business in India: 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1956: 245 Indian and foreign insurers and provident societies were taken over by the central government and nationalized. LIC formed by an Act of Parliament- LIC Act 1956- with a capital contribution of Rs.5 cr. from the Government of India. Important milestones in the general insurance business in India are: 1907: The Indian Mercantile Insurance Ltd. set up- the first company to transact all classes of general insurance business. 1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices. 1972: The general insurance business in India nationalized through The General Insurance Business (Nationalization) Act, 1972 with effect from 1st January 1973. 107 insurers amalgamated and grouped into four companies- the National Insurance Company Limited, the New India Assurance Company Limited, the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd. GIC incorporated as a company.

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Insurance Sector ReformsPrior to liberalization of Insurance industry, Life insurance was monopoly of LIC. In 1993, Malhotra Committee- headed by former Finance Secretary and RBI Governor R.N. Malhotra- was formed to evaluate the Indian insurance industry and recommend its future direction. The Malhotra committee was set up with the objective of complementing the reforms initiated in the financial sector. The reforms were aimed at creating a more efficient and competitive financial system suitable for the requirements of the economy keeping in mind the structural changes currently underway and recognizing that insurance is an important part of the overall financial system where it was necessary to address the need for similar reforms. In 1994, the committee submitted the report and some of the key recommendations included: Structure Government stake in the insurance Companies to be brought down to 50%. Government should take over the holdings of GIC and its subsidiaries so that these subsidiaries can act as independent corporations. Competition Private Companies with a minimum paid up capital of Rs.1 billion should be allowed to enter the sector. No Company should deal in both Life and General Insurance through a single entity. Foreign companies may be allowed to enter the industry in collaboration with the domestic companies.

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Regulatory Body The Insurance Act should be changed. An Insurance Regulatory body should be set up. Controller of Insurance- a part of the Finance Ministry- should be made independent Investments Mandatory Investments of LIC Life Fund in government securities to be reduced from 75% to 50%. GIC and its subsidiaries are not to hold more than 5% in any company (there current holdings to be brought down to this level over a period of time) Customer Service LIC should pay interest on delays in payments beyond 30 days. Insurance companies must be encouraged to set up unit linked pension plans. Computerization of operations and updating of technology is to be carried out in the insurance industry.

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STATISTICS (INDIAN & GLOBAL)

This section gives the users important and detailed statistics of the Indian as well as the Global insurance industry. These statistics would give important insights of where the respective markets are headed for.

The global life insurance market stands at $1,521.2 billion while the non-life insurance market is placed at $922.4 billion.

The United States itself accounts for about one-third of the $2443.6 billion global insurance market and Japan stands next with a 20.62% share.

India takes the 23rd position with US $9.933 billion annual premium collections and a meager 0.41% share.

Out of one billion people in India, only 35 million people are covered by insurance. India's life insurance premium as a percentage of GDP is just 1.77 per cent. The income derived by GIC and its subsidiary companies through investment was Rs.2491.76 crore and the investable fund generated was Rs.2843 crore in 1999-2000.

Indian insurance market is set to touch $25 billion by 2010, on the assumption of a 7 per cent real annual growth in GDP.

NATURE OF INDUSTRY

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The insurance industry provides protection against financial losses resulting from a variety of perils. By purchasing insurance policies, individuals and businesses can receive reimbursement for losses due to car accidents, theft of property, and fire and storm damage; medical expenses; and loss of income due to disability or death. The insurance industry consists mainly of insurance carriers (or insurers) and insurance agencies and brokerages. In general, insurance carriers are large companies that provide insurance and assume the risks covered by the policy. Insurance agencies and brokerages sell insurance policies for the carriers. Insurance companies assume the risk associated with annuities and insurance policies and assign premiums to be paid for the policies. In the policy, the companies states the length and conditions of the agreement, exactly which losses it will provide compensation for, and how much will be awarded. The premium charged for the policy is based primarily on the amount to be awarded in case of loss, as well as the likelihood that the insurance carrier will actually have to pay. In order to be able to compensate policyholders for their losses, insurance companies invest the money they receive in premiums, building up a portfolio of financial assets and income-producing real estate which can then be used to pay off any future claims that may be brought. There are two basic types of insurance carriers: Direct and Reinsurance. Direct carriers are responsible for the initial underwriting of insurance policies and annuities, while Reinsurance carriers assume all or part of the risk associated with the existing insurance policies originally underwritten by other insurance carriers.

Direct insurance carriers offer a variety of insurance policies.

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Life insurance provides financial protection to beneficiariesusually spouses and dependent childrenupon the death of the insured. Disability insurance supplies a preset income to an insured person who is unable to work due to injury or illness Health insurance pays the expenses resulting from accidents and illness. An Annuity (a contract or a group of contracts that furnishes a periodic income at regular intervals for a specified period) provides a steady income during retirement for the remainder of ones life. Property-casualty insurance protects against loss or damage to property resulting from hazards such as fire, theft, and natural disasters. Liability insurance shields policyholders from financial responsibility for injuries to others or for damage to other peoples property. Most policies, such as automobile and homeowners insurance, combine both property-casualty and liability coverage. Companies that underwrite this kind of insurance are called property-casualty carriers.

Terms associated with Life Insurance?Human life is subject to risks of death and disability due to natural and accidental causes. When human life is lost or a person is disabled permanently or temporarily, there is a loss of

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income to the household. The family is put to hardship. Risks are unpredictable. Death/disability may occur when one least expects it. There are a number of life insurance products which offer protection and also coupled with savings. A Term insurance product provides a fixed amount of money on death during the period of contract. A Whole Life insurance product provides a fixed amount of money on death. An Endowment Assurance product provided a fixed amount of money either on death during the period of contract or at the expiry of contract if life assured is alive. A Money Back Assurance product provides not only fixed amounts which are payable on specified dates during the period of contract, but also the full amount of money assured on death during the period of contract. An Annuity product provides a series of monthly payments on stipulated dates provided that the life assured is alive on the stipulated dates. A Linked product provides not only a fixed amount of money on death but also sums of money which are linked with the underlying value of assets on the desired dates. There are a variety of life insurance products to suit to the needs of various categories of peoplechildren, youth, women, middle-aged persons, old people; and also rural people, film actors and unorganized laborers.Life insurance products could be purchased from registered life insurers notified by the IRDA. Insurers appoint insurance agents to sell their products.

GOVERNANCE OF INDIAN INSURANCE SECTOR

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REGULATORY BODY Insurance is a federal subject in India. The primary legislation that deals with insurance business in India is: Insurance Act, 1938, and Insurance Regulatory & Development Authority Act, 1999. The Insurance Regulatory and Development Authority (IRDA) Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in December 1999. The IRDA since its incorporation as a statutory body in April 2000 has fastidiously stuck to its schedule of framing regulations and registering the private sector insurance companies. The other decision taken simultaneously to provide the supporting systems to the insurance sector and in particular the life insurance companies was the launch of the IRDAs online service for issue and renewal of licenses to agents. Since being set up as an independent statutory body the IRDA has put in a framework of globally compatible regulations.

MISSION-IRDA To protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto.

SCOPE OF THE STUDYIMPACT OF LIBERALISATION ON INSURANCE17

The introduction of private players in the industry has added to the colors in the dull industry. The initiatives taken by the private players are very competitive and have given immense competition to the on time monopoly of the market LIC. Since the advent of the private players in the market the industry has seen new and innovative steps taken by the players in this sector. The new players have improved the service quality of the insurance. As a result LIC down the years have seen the declining phase in its career. The market share was distributed among the private players. Though LIC still holds the 79% of the insurance sector but the upcoming natures of these private players are enough to give more competition to LIC in the near future. LIC market share has decreased from 95% (2002-03) to 81 %( 2004-05). The liberalization of the Indian insurance sector has opened new doors to private competition and the new and improved insurance sector today promises several new job opportunities. With private players now in the field, there will be innovative products, better packaging, improved customer service, and, most importantly, greater employment opportunities.

TABLE 1 . NAME OF THE PLAYER MARKET SHARE (%)

Name of the Player LIFE INSURANCE CORPORATION OF INDIA ICICI PRUDENTIAL

Market share (%) 82.3 5.63

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BIRLA SUN LIFE BAJAJ ALLIANZ SBI LIFE INSURANCE HDFC STANDARD TATA AIG MAX NEW YARK AVIVA OM KOTAK MAHINDRA ING VYSYA MET LIFE

2.56 2.03 1.80 1.36 1.29 0.90 0.79 0.51 0.37 0.21

There are a number of options to choose from for a career in Insurance. Ideally an insurance company will have openings in the following fields:

Actuaries Underwriter Surveyor

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Investment Marketing & Distribution

Actuaries

Evaluates the risk for companies to be used for strategic management decisions. Actuaries use their analytical skills to predict the risk of writing insurance policies through the use of mathematical, statistical and economic models. An actuary not only fixes the premium rates for new products, but also revises both products and prices. They calculate costs to assume risk.

Underwriters

Insurance underwriters review insurance applications and decide whether they should be accepted or rejected based on the degree of risks involved in insuring the people or objects of concern.

In the life insurance business, an underwriter is expected to filter the "bad or substandard lives". Whereas, in the general insurance segment, he takes care of risk management.

Agents/Brokers:

Insurance agents may work for one insurance company or as independent agents selling for several companies. Insurance agents and brokers can find openings in the health insurance sector, financial planning services, retirement planning counseling or even provide other services, for e.g. sell mutual funds, annuities etc.

Surveyor/Loss Assessor:

Surveyors are professionals who assess the loss or damage and serve as a link between the insurer and the insured.

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They usually function only in non life business. Their job is to assess the actual loss and avoid false claims.

Sales/Marketing: And who can forget the guys who make and break a brand. They would be required in a large number in order to promote the number of products that will be launched by numerous companies in the insurance sector.

MARKET OPERATIONS OF INVESTMENT IN CURRENT SCENARIO OF THE INSURANCE INDUSTRYINSURANCE MARKET IN INDIA

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India with about 200 million middle class household shows a huge untapped potential for players in the insurance industry. Saturation of markets in many developed economies has made the Indian market even more attractive for global insurance majors. The insurance sector in India has come to a position of very high potential and competitiveness in the market. Innovative products and aggressive distribution have become the say of the day. Indians, have always seen life insurance as a tax saving device, are now suddenly turning to the private sector that are providing them new products and variety for their choice. Life insurance industry is waiting for a big growth as many Indian and foreign companies are waiting in the line for the green signal to start their operations. The Indian consumer should be ready now because the market is going to give them an array of products, different in price, features and benefits. How the customer is going to make his choice will determine the future of the industry. CUSTOMER SERVICE Consumers remain the most important centre of the insurance sector. After the entry of the foreign players the industry is seeing a lot of competition and thus improvement of the customer service in the industry. Computerization of operations and updating of technology has become imperative in the current scenario. Foreign players are bringing in international best practices in service through use of latest technologies. The one time monopoly of the LIC and its agents are now going through a through revision and training programs to catch up with the other private players. Though lot is being done for the increased customer service and adding technology to it but there is a long way to go and various customer surveys indicate that the standards are still below customer expectation levels. DISTRIBUTION CHANNELS Till date insurance agents still remain the main source through which insurance products are sold. The concept is very well established in the country like India but still the increasing use of other sources is imperative. It therefore makes sense to look at well- balanced, alternative channels of distribution.

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LIC has already well established and have an extensive distribution channel and presence. New players may find it expensive and time consuming to bring up a distribution network to such standards. Therefore they are looking to the diverse areas of distribution channel to have an advantage. At present the distribution channels that are available in the market are: Direct selling/Retail Corporate agents Group selling Brokers and cooperative societies Bancassurance DIRECT SELLING/RETAIL Direct selling or retail business is carried out by Agents of the company. This is the main distribution channel due to the complexity of most insurance products (Endowment, Whole of Life, Unit Linked). This tends to be the focus of most companies due to its past success as well as its ability to deliver the right advice. However, this channel can be expensive and it is a time consuming sales process. An agent is the public face of an Insurance company. Hence it is important that this face is always smiling and presentable and the facts and figures at his/ her command are updated and correct. An agent should be a pleasing personality with complete knowledge about the various plans and solutions which the company has to offer and must also understand the customers psychology well to deal in an efficient manner.

BANCASSURANCE Bancassurance is the distribution of insurance products through the bank's distribution channel. It is a phenomenon wherein insurance products are offered through the distribution channels of the banking services along with a complete range of banking and investment products and services. To put it simply, Bancassurance, tries to exploit synergies between both the insurance companies and banks.

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Advantages to banks

Productivity of the employees increases. By providing customers with both the services under one roof, they can

improve overall customer satisfaction resulting in higher customer retention levels.

Increase in return on assets by building fee income through the sale of Can leverage on face-to-face contacts and awareness about the financial Banks can cross sell insurance products e.g.: Term insurance products with

insurance products.

conditions of customers to sell insurance products.

loans.

Advantages to insurers Insurers can exploit the banks' wide network of branches for distribution of products. The penetration of banks' branches into the rural areas can be utilized to sell products in those areas.

Customer database like customers' financial standing, spending habits, investment and purchase capability can be used to customize products and sell accordingly. Since banks have already established relationship with customers, conversion ratio of leads to sales is likely to be high. Further service aspect can also be tackled easily.

Advantages to consumers

Comprehensive financial advisory services under one roof. i.e., insurance services along with other financial services such as banking, mutual funds, personal loans etc. Enhanced convenience on the part of the insured Easy accesses for claims, as banks are a regular go. Innovative and better product ranges

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WHAT DOES LIFE INSURANCE HAVE TO OFFER?Life insurance is many different things to many different people. For some, it is a premium to be paid on time. For others it offers liquidity since cash can be borrowed when needed. For the investment-minded, it denotes a constantly growing capital account and numerous other benefits.

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The contractual guarantee is the promise to pay, backed by one of the oldest and most stably regulated financial industry operating in the Indian sub-continent today. 1) Insurance Buys Time and Money People like to refer to life insurance as time insurance, the reason being that life insurance proceeds are paid to the insured's beneficiaries in case of death. The money proffered by life insurance helps buy time to adjust to the change of circumstances. Insurance provides large amounts of cash that will keep the lifestyle for the survivors the way it was before the insured's death. 2) Insurance Offers Peace of Mind For the person who buys an insurance policy, it offers absolute and complete peace of mind. He or she knows that the decision made by him will provide sound benefits in the future, whether or not the individual may live to see it. 3) Multiple Applications The future is uncertain for each and every one. No one knows how long he or she will live. The investment benefit is paid to the insured's beneficiaries after his death or it can be used during the life as well. Life insurance policy owners can turn to the cash value of the policy in case of a financial emergency when all avenues are either blocked or denied.

4) Enduring Elasticity Since life insurance is flexible enough to serve several needs, the insured can keep several long-term goals in mind once he or she invests in the insurance plan. The cash value of the policy can be allocated towards augmenting the monthly income during the retirement years. Leisure years should be turned into pleasure years. Permanent life insurance is designed on the concepts of long-term flexibility. 26

5) Financial Security The insurance policy offers contractual guarantees to people looking for peace of mind when they buy life insurance. Life insurance offers complete financial security. The purchase of life insurance demonstrates concern for a family's future financial well being. 6) Regard for Family The purchase of life insurance clearly displays care and concern for the people the policy owner loves. 7) Insurance is Safer No financial institution can do what life insurance does. No industry can back its products with reserves and surplus as sound as those of the insurance industry. The proof of strength and safety that insurance companies have ensured even under the most adverse of conditions is a matter of pride for the entire insurance industry. For generation after generation, life insurance has been acclaimed as the very benchmark of security against which the other industries are measured.

OPPORTUNITIES FOR INSURANCE COMPANIESIn the now open sector on insurance, the following is what I feel will determine the success of the company in particular and the industry in general:

A change in the attitude of the population

Indians have always been wary of employing their hard-earned money in a venture that will pay them on their death. Insurance has always been used as a Tax saving tool. No more, no

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less. It is upon the insurers to educate the people to secure/insure their future against any unknown calamity and make a shield around their families and businesses.

An open and transparent environment created under the IRDA.

The reason for this being on the top of our understanding is that when ever we have seen any sector open up in India there are always grey areas and unsure policies. These are not exactly what any player, be it Indian or foreign, looks for. It creates an air of uncertainty in all the decision making process. Insurance as a sector requires players who are strong financially and are willing to wait for returns. Their confidence can be bolstered only if there is an open and a transparent policy guidelines. This will also help the consumers feel safe that the regulatory is an active one and cares to do everything possible to keep things under control and help the insurance environment grow maturely.

A well-established distribution network.

To cater to the largest democracy in the world is by no means a cakewalk. Insurance profits are directly related to number of insured and this is in turn related to the reach.

Trained professionals to build and sell the product.

It is said that the insurance agent is the best salesman in the world. He makes you pay, regularly, an amount promising to pay back only on your death. Thus the players will require an excellent sales team to sell their products in the now competitive environment.

SPECIAL PROVISIONSThe Income Tax Act and Life Insurance policies

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Under Section 10(10D), any sum received under a Life Insurance policy (not being a

Key Man policy) is also exempt from taxation. But it is wise to remember that Pensions received from Annuity plans are not exempted from Income Tax.

Section 80C provides a deduction up to Rs.1,00,000/- to an individual assessee for

any amount paid as a premium.

POLICYHOLDERS GRIEVANCESPolicyholders may have complaints against insurers either in respect of their policies or their claims. As per Regulations for Protection of policyholders interests, 2002, every insurer should have in place, a grievance redressal system to address the complaints of policyholders. The IRDA has a Grievance Redressal Cell which plays a facilitative role by taking up complaints against insurers with the respective companies for speedy resolution. The IRDA however does not adjudicate on complaints.

CONCLUSION

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With largest number of life insurance policies in force in the world, Insurance happens to be a mega opportunity in India, which is growing at the rate of 15-20 per cent annually. Nearly 80 per cent of Indian population is without life insurance cover while health insurance and non-life insurance continues to be below international standards. And this part of the population is also subject to weak social security and pension systems with hardly any old age income security. And also the changing attitude and increasing awareness level of the population is an indicator that growth potential for the insurance sector is immense.

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SECTION 2

COMPANY PROFILE

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COMPANYS PROFILE INTRODUCTION Helping Indians experience the joy of home ownership. Incorporated in 1977 with a share capital of Rs. 10 crores, HDFC has since emerged as the largest residential mortgage finance institution in the country. The corporation has had a series of share issues raising its capital to Rs. 119 crores. HDFC operates through 75 locations throughout the country with its Corporate Headquarters in Mumbai, India. OBJECTIVES AND BACKGROUND Background HDFC was incorporated in 1977 with the primary objective of meeting a social need that of promoting home ownership by providing long-term finance to households for their housing needs. HDFC was promoted with an initial share capital of Rs. 100 million. Business Objectives The primary objective of HDFC is to enhance residential housing stock in the country through the provision of housing finance in a systematic and professional manner, and to promote home ownership. Another objective is to increase the flow of resources to the housing sector by integrating the housing finance sector with the overall domestic financial markets..

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ORGANIZATION AND MANAGEMENT HDFC is a professionally managed organization with a board of directors consisting of eminent persons who represent various fields including finance, taxation, construction and urban policy & development. The board primarily focuses on strategy formulation, policy and control, designed to deliver increasing value to shareholders. FOUNDER Mr. Hasmukhbhai Parekh BOARD OF DIRECTORS Mr. D S Parekh Chairman Mr. Keshub Mahindra Vice Chairman Ms. Rene S. Karnad Executive Director Mr. K M Mistry Managing Director Mr. Shirish B. Patel Mr. B S Mehta Mr. D M Sukthankar Mr. D N Ghosh Dr. S A Dave Mr. S Venketaraman Dr. Ram S. Tarneja Mr. N M Munjee Mr. D M Satwalekar Table: 2 Board of Directors of HDFC HDFC has a staff strength of 1029, which includes professionals from the fields of finance, law, accountancy, engineering and marketing.

SUBSIDIARY & ASSOCIATE COMPANIES

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HDFC Bank

HDFC Mutual Fund

HDFC Standard Life

Intelenet Global Services Ltd.

HDFC Chubb General Insurance Company Ltd.

HDFC Reality

Other Companies Co-Promoted by HDFC HDFC Trustee Company Ltd. HDFC Developers Ltd. HDFC Venture Capital Ltd. HDFC Ventures Trustee Company Ltd. HDFC Investments Ltd. HDFC Holdings Ltd. Home Loan Services India Pvt. Ltd. Credit Information Bureau (India) Ltd

AWARDS & ACCOLADES

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Excellence in service industry by the Indian Institute of Marketing Management & Top Management Club (Pune) 1998 Rated as one of the best companies in India for strategy & management and investor relations by Asiamoney - 1998 Best presented accounts 1994-95 and 1996-97 (3rd place) - in the SAARC region by the South Asian Federation of Accounts in the financial sector category One of the 5 best Indian Boards by Business Today 1997 Most competitive Indian company by Euromoney 1997 Indias best managed company by Asia money magazine - 1995 and 1996 United Nations Scroll of Honour - 1991 Rated as the Best Non-Banking Financial Company in Asia by Institutional Investor Research Group 2002 Euromoney identified HDFC as one of Asias top 10 best managed companies in the finance sector 2001 Asiamoney declared HDFC as the second best managed company in India 2001 CII-EXIM Bank Comendation Certificate for commitment to Total Quality Management 2000 IMC Ramakrishna Bajaj National Quality Award in the service category - 1999 Shield for the best presented accounts for banks and financial institutions - over 11 times (8 years in a row)

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The Standard Life Insurance Assurance Company

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Founded in 1825Mutual Life Insurance Company since 1925 Largest mutual life insurance company in Europe Over 5 million policyholders Head Office - Edinburgh, Scotland (UK) Presence: United Kingdom Canada Ireland Germany Austria Spain Hong Kong China Financial Strength Total assets under management: New premium income 2003: Rs. 7,07,836 Crores Rs. 76,277 Crores 41 branches 11 7 1 " " "

1 sales office 31 branches 1 representative office 2 representative office

Triple AAA rated by Standard & Poors and Moodys

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AWARDS & ACCOLADES

Year 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990

Award Company of the decade Company of the year Company of the year Company of the year 4 star service award Overall best company Overall best company Overall best company 3 star service award Best mortgage services

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The Joint Venture HDFC STANDARD LIFE INSURANCE

Picture: 1 HDFC SLIC JOINT VENTURE HDFC Standard Life Insurance Company Limited was one of the first companies to be granted license by the IRDA to operate in life insurance sector. Each of the JV player is highly rated and been conferred with many awards. HDFC is rated 'AAA' by both CRISIL and ICRA. Similarly, Standard Life is rated 'AAA' both by Moody's and Standard and Poors. These reflect the efficiency with which HDFC and Standard Life manage their asset base of Rs. 15,000 Cr and Rs. 600,000 Cr respectively. HDFC Standard Life Insurance Company Ltd was incorporated on 14th August 2000. HDFC is the majority stakeholder in the insurance JV with 81.4 % stake and Standard Life has a stake of 18.6%. Mr. Deepak Satwalekar is the MD and CEO of the venture.

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Discussions commenced - January 1995 Joint venture agreement signed - October 1995 Joint venture agreement renewed - October 1998 Life Insurance project team established - January 2000 (Mumbai) Company officially incorporated - 14th August 2000 First private sector Life Insurance company to be granted a certificate of registration - 23 October 2000 THE PARTNERSHIP : HDFC and Standard Life first came together for a possible joint venture, to enter the Life Insurance market, in January 1995. It was clear from the outset that both companies shared similar values and beliefs and a strong relationship quickly formed. In October 1995 the companies signed a 3 year joint venture agreement. Around this time Standard Life purchased a 5% stake in HDFC, further strengthening the relationship. In October 1998, the joint venture agreement was renewed and additional resource made available. Around this time Standard Life purchased 2% of Infrastructure Development Finance Company Ltd. (IDFC). Standard Life also started to use the services of the HDFC Treasury department to advise them upon their investments in India. 40

Towards the end of 1999, the opening of the market looked very promising and both companies agreed the time was right to move the operation to the next level. Therefore, in

COMPANYS MISSION: To be the top life insurance company in the market. This not only means being the largest or the most productive company in the market, but 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 different customers Use of technology to improve service standards Increasing market share

COMPANYS VALUES:

SECURITY: Providing long term financial security to our policy holders will be our constant endeavor. This is done by offering life insurance and pension products. TRUST: Company appreciates the trust placed by our policy holders in us. Hence, company will aim to manage their investments very carefully and live up to this trust. INNOVATION: Recognizing the different needs of our customers, company will be offering a range of innovative products to meet these needs.

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

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KEY MANAGEMENT PERSONNEL Chairman Mr. Deepak S. Parekh Board Of Directors Mr. K. M. Mistry Ms. Renu S. Karnad Mr. A. M. Crombie Ms. Marcia D. Campbell Mr. Norman Keith Skeoch Mr. G. R. Divan Mr. G. N. Bajpai Mr. Ranjan Pant Mr. Ravi Narain

Managing Director & CEO Mr. D. M. Satwalekar AUDIT COMMITTEE Haribhakti & Company Chartered Accountants B.K. Khare & Co. Chartered Accountants

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KEY PERSONS OF HDFC SLIC

Deepak Satawalekar CEO & MD HDFC SLPICTURE 2: KEY PERSONS OF HDFC SLIC

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AWARD FOR HDFC SLIC

PICTURE 3: AWARDS OF HDFC SLIC

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KNOWLEDGE MANAGEMENTWhen Should One Go For Insurance? Your insurance need will change as your life does, from starting to work to enjoying your golden years and all the stages in between. Each one of these stages may pose a different insurance need/cover for you. In this section, we have drawn up the basic life stages and help you analyze various insurance needs accordingly.

PICTURE 4: KNOWLEDGE MANAGEMENT

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Stage 1 : Young and Single This is an important stage where one lays down the foundation of a successful life ahead. Take advantage of the time and power of compounding to ensure that you build up your dreams, so start saving early. Your needs: o Save for a home and wedding o Tax Planning o Save for Golden years

Stage 2 - Just Married

Marriage brings about a significant change. New dreams and new opportunities also bring in additional responsibilities. While both of you look forward to a happy and secure life , it is equally important to ensure that eventualities dont come in the way of shaping your dreams. Your needs: o o o Planning for home / securing your home loan liability Save for vacation Save for your first child

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Stage 3 - Proud Parents Once you have children, your need for life insurance is even more. You need to protect your family from an untoward incident. Ensure your protection umbrella takes into account the future cost of securing your childs dream. You will want life to go on for your loved ones, and having enough life insurance is a way to help ensure that. Your needs: o o o Provide for childrens education Safeguarding family against loan liabilities Savings for post-retirement

Stage 4 - Planning for Retirement While you are busy climbing the ladder of success today, it is important for you to take time and plan for your life after retirement. Having an early start for retirement planning can make a significant difference to your savings. Think about your golden years even before you have reached them. The key is to think ahead and plan well using your time and money. Your needs: o o o Provide for regular income post retirement Immediate Tax benefits Lead a secure, independent and comfortable life style after retirement

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PRODUCT MIXAt HDFC Standard Life, there is a bouquet of insurance solutions to meet every need. They cater to both, individuals as well as to companies looking to provide benefits to their employees. For individuals, they have a range of protection, investment, pension and savings plans that assist and nurture dreams apart from providing protection. One can choose from a range of products to suit ones life-stage and needs. For organizations they have customized solutions that range from Group Term Insurance, Gratuity, Leave Encashment and Superannuation Products.

PRODUCTS FOR INDIVIDUALS PROTECTION - You can protect your family against the loss of your income or the burden of a loan in the event of your unfortunate demise, disability or sickness. These plans offer valuable peace of mind at a small price. Plans : Term Assurance Plan Loan Cover Term Assurance Plan.

INVESTMENT - This includes a plan that is well suited to meet your long term investment needs. We provide you with attractive long term returns through regular bonuses.

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Plan :

Single Premium Whole Of Life

PENSION - Our Pension Plans help you secure your financial independence even after retirement and live a relaxed retired life.

Plans :

Personal Pension Plan Unit Linked Pension Unit Linked Pension Plus

SAVING - Our Savings Plans offer you flexible options to build savings for your future needs such as buying a dream home or fulfilling your childrens immediate and future needs. Plans : Endowment Assurance Plan, Unit Linked Endowment, Unit Linked Endowment Plus, Money Back Plan, Childrens Plan, Unit Linked Youngstar, Unit Linked Youngstar Plus .

GROUP PLANS

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HDFC Standard Life has the most comprehensive list of products for progressive employers who wish to provide the best and most innovative employee benefit solutions to their employees. They offer different products for different needs of employers ranging from term insurance plans for pure protection to voluntary plans such as superannuation and leave encashment. Plans: Group Term Insurance with Riders Group Term Insurance with Profit-Share Group Unit-Linked Plan For Gratuity For Defined Benefit Superannuation For Defined Contribution Superannuation Group Leave Encashment Plan

RURAL CUSTOMER - According to research findings, there is keenness among rural customers to invest in savings cum protection plan with a term of five years, especially, if the premium amount is low and affordable. Keeping this in view, HDFC STD> LIFE has plans like: Plans : Bima Bachat Yojana. Super Bachat Yojana

DISTRIBUTION OFFICES

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In addition to the corporate office at Mumbai, your Company had 169 offices in over 135 cities/towns in the country. It has a widespread network of Financial Consultants, Corporate Agents and Brokers servicing customers in these cities and towns. FINANCIAL CONSULTANTS The number of licensed Financial Consultants appointed by your Company increased from over 23,000 in the previous year to over 33,000 in the current year. During the year, the Company continued its

CURRENT SALES- HDFC Standard Life 51

HDFC STANDARD LIFE PACING AHEAD The Financial Express 15th May 2006

HDFC Standard Life has recorded a strong year-on-year growth of 112% for the period April-March 2005-06, in comparison to the same period 2004-05, with a new business first year premium of Rs 1,029 crore. In terms of effective premium income (EPI), which gives a 10% value to a Single Premium policy and is an internationally-accepted indicator of an insurance company's performance, the EPI grew by 103% to Rs 887 cr from Rs 436 crore. HDFC Standard Life's growth in new business is a manifestation of the number of lives insured as well as an increase in the average premium. For the individual business, volume measured by the number of lives insured witnessed a 32% growth. The average premium also grew by 62% to Rs 27,500 in 2005-06 from Rs 17,000 in 200405. During the year the company issued over 3,97,000 policies and has covered more than 5,80,000 lives

Table 3: Showcasing Financial Results:

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April-March Parameters 2004-05 (Rs. Cr) Total received premium i. New Business ii. Renewal Effective Premium Income (Total) Group Business Premium (EPI) 49.40 436.08 668.40 486.15 182.25

April-March 2005-06 (Rs. Cr) 1532.21 1028.94 503.27 Growth (%) 129.23 111.65 176.14

887.30 135.15

103.47 173.58

M S R G A S M a l e s O e r o l t e a a t a i l u r n l e s r k e p a T S S t e p a a C r a i n t i n g e

D

& I &T u i c n a l

C

E

O au l n & t s H S Re c r e t a r i a l

r F a it ni o a n n s c e l e s l e h A s M c e c d o

A L c ec go t s

Organization Structure HDFC SLIC

aU n n n d e e l rs w i nA g c t u a

r i t i n

g

r i a l

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PICTURE 5: ORGANIZATION STRUCTURE OF HDFC SLIC FUTURE PLANSHDFC has always been market-oriented and dynamic with respect to resource mobilization as well as its lending program. This renders it more than capable to meet the new challenges that have emerged. Over the years, HDFC has developed a vast client base of borrowers, depositors, shareholders and agents, and it hopes to capitalize on this loyal and satisfied client base for future growth. Internal systems have been developed to be robust and agile, to take into account changes in the volatile external environment.

SECTION 3

FINANCIAL PLANNINGstandards of quality in product design, facilities and service.

HDFC has developed a network of institutions through partnerships with some of the best institutions in the world, for providing specialized financial services. Each institution is being fine-tuned for a specific market, while offering the entire HDFC customer base the highest

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FINANCIAL PLANNING

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A comprehensive financial advisory service involving financial strategies, tax, corporate/trust structures, estate planning, legal issues, family law, asset allocation, asset protection and investment advice.

Financial Planning takes into account: Desired asset allocation, risk profile and return expectations. Building cash flows correlating all expenses and income. Inflation and outflows due Future goals like retirement, housing and children's education / marriage or other

to loans are considering in building the financial plan. needs.

Why do you need Financial Planning? You may have many dreams, needs and desires. For example, you could be dreaming of:

Owning a new car, Buying a dream house, Providing your children with the best education, Planning a grand wedding for your children Having a great time after your retirement

But in today's world of skyrocketing costs and increasing inflation, how many of these dreams can you hope to turn into reality? By planning well, you can utilize your limited resources to the fullest.

EXPERIENCE THE POWER 360 FINANCIAL PLANNING The only thing permanent in life is change. Times change. People change. So does life. You expect life to be much better tomorrow than it is today. Tomorrow, you hope to fulfill all your

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dreams and aspirations. But what happens if things take an untoward turn? Or, if there is an eventuality? Perhaps it's time for you to change the way you plan your investments...

PICTURE 6: 360

FINANCIAL PLANNING

How will 360 Instead of investing comprises: Investment Planning Cash Flow Planning Tax Planning Insurance Planning Children Future Planning Retirement Planning

Financial Planning help? in an ad-hoc manner, 360

Financial Planning helps you take a holistic, all-round view. Briefly, 360 Financial Planning

INVESTMENT PLANNING: To make your wealth grow Everyone needs to save for a rainy day. Once you have saved enough to take care of emergencies, you should start thinking about investing and to make your money grow. Investment Planning Service includes:

Risk Profiling

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Asset Allocation and Portfolio Construction Creation and Accumulation of Wealth through Systematic Investment Plans (SIP) Regular review of progress and Portfolio Rebalancing

CASH FLOW PLANNING: To provide for assets and meet the periodic cash requirements In simple terms, cash flow refers to the inflow and outflow of money. It is a record of your income and expenses. Cash flow planning refers to the process of identifying the major expenditures in future (both short-term and long-term) and making planned investments so that the required amount is accumulated within the required time frame. TAX PLANNING: To save on taxes and increase your income Proper tax planning is a basic duty of every person which should be carried out religiously. According to the Income Tax Act, 1961, One will be eligible for Tax Benefits under Section 80C and Section 10(10D) of the act. One has to compare the advantages of several tax saving schemes and depending upon your age, social liabilities, tax slabs and personal preferences, decide upon a right mix of investments, which shall reduce your tax liability to zero or the minimum possible. INSURANCE PLANNING: To protect yourself, your family and your Assets. "Insurance is not for the person who passes away, it for those who survive," goes a popular saying that explains the importance of Insurance Planning. It is extremely important that every person, especially the breadwinner, covers the risks to his life, so that his family's quality of life does not undergo any drastic change in case of an unfortunate eventuality. Insurance Planning is concerned with ensuring adequate coverage 58

againstinsurable risks. CHILDREN'S FUTURE PLANNING: To give your children a financially secure future Like every parent, you too must be overjoyed to watch your child grow. All parents want to give the best possible upbringing to their children. This includes good education and security, in case of any eventuality. Soon, your little bundle of joy will grow up, and it will be time to provide for his or her higher education and wedding. The purpose of Children's Future Planning is to create a corpus for foreseeable expenditures such as those on higher education and wedding, and to provide for an adequate security cover during their growing years.

RETIREMENT PLANNING: Because retirement is a time to relax, not to get worried Some like it. Some dont. But retirement is a reality for every working person. Most young people today think of retirement as a distant reality. However, it is important to plan for your post-retirement life if you wish to retain your financial independence and maintain a comfortable standard of living even when you are no longer earning. This is extremely important, because, unlike developed nations, India does not have a social security net.

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GRAPH 1: CONSUMPTION PATTERN

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1.60% 0.80% 4.60% 2.10% 7.60% 2.30% 10.80% 3.90% 6.60% 8.80% 6.90% 4.10% 40.10%

Food & Grocery Home Textiles Personal Care Saving & Investment Clothing Consumer Durable Vacation Eating out Footwear Movies & Theater Entertainment Accessories Books & Music

*Source-Business world magazine 2nd week April 2006

The consumption pattern is determined by the income so more would be the income more would be the consumption. The consumption though can differ in terms of areas where the money is actually spent. The above representation tells us the consumption pattern of the consumer in India i.e. where do they actually invest their money and in what proportion do they spend in various areas. The chart shows that people are spending 6.9% of their savings into savings and investments.

OBJECTIVE: To generate leads for various Unit Linked Plans offered by the company, by interacting with walking and existing 61

customers and to know the awareness level of Financial Planning among them. SALES PROCEDURE :

FIRST CONVERSATIONFollow Up

APPOINTMENTFollow Up

FILLING THE PROPOSAL FORM

COLLECT THE REQUIRED DOCUMENTS AND THE FIRST PREMIUM

STEP 1: FIRST CONVERSATION WITH A KNOWN OR

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AN UNKNOWN CUSTOMER

This is the first time, when you interact with a person and try to get the information from him about the industry or the company and understand the customers insight i.e. what actually does a customer expects from the companies. The objective was to know the awareness about Financial Planning among the customers and this was done by getting a questionnaire filled by the people. The various activities performed were:

1)

DELHI METRO : Here we interacted with the commuters &

collected the data. 2) this activity, we interacted with the shopkeepers as well as the walking people regarding their views about the industry. 3) CANOPY AT NEHRU PLACE : This activity was designed to target the MARKETS : (Cannaught Place & NEW FRIENDS COLONY) During

people working in BPOs and other IT companies. 4) TELE-CALLING: This was random calling from the data base provided

by the company and the aim was to collect information from them.

STEP 2: APPOINTMENT

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All the potential and interested customers of all the activities performed are then followed up and an appointment is fixed for further details. The motive is to explain the customer in detail, about the various plans offered by the company. The customer is informed about the procedure and the options he can opt for like: 1) 2) 3) 4) Choose the premium he wish to invest Select the Premium Payment Option i.e. annual mode, half yearly mode, quarterly mode, or monthly mode. Choose the amount of protection i.e. the sum assured, he desires. With Maturity Benefit, choose the additional benefits like: a) b) c) Life option Death Benefit Life & Health option Death Benefit + Accidental Death Benefit Extra Life & Health option Death Benefit + Critical Illness Benefit + Accidental Death Benefit

5) Choose the Investment funds or funds one desires. The various funds available are: 6) a) b) Liquid Fund Secure Managed Fund Defensive Managed Fund Balanced Managed Fund Equity Managed Fund Growth Fund

Other information like: Tax Benefit Various Charges 64

c) d) e)

Switching option Surrendering Terms & Conditions etc. STEP 3: FILLING THE PROPOSAL FORM After the second step, the interested customers are required to fill the proposal form which requires the following information: a) Personal details of the policy holder, b) Personal details of Beneficiary or Nominee c) The Premium amount selected d) The Term of the policy e) The Fund choice for investment

STEP 4 : COLLECTING THE DOCUMENTS Once the form is filled all the necessary documents are collected like : a) Address proof, b) DOB certificate etc. And also the first premium amount in form of cheque or cash is collected. Within 15 days, the policy documents reach the customers place, and the customer is required to read the documents carefully.

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RESEARCH METHODOLOGY

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The study of awareness about Financial Planning among the people and particularly the insurance sector covers data collection through observation, questionnaire and interview of consumers. Type of research: EXPLORATORY : Type of research carried out was EXPLORATORY in nature; the objective of such research is to determine the approximate area where the drawback of the company lies and also to identify the course of action to solve it. For this purpose the information proved useful for giving right suggestion to the company.

Data Collection: Primary data Secondary data

Data used for the research work was primary in nature and also in secondary in nature.

PRIMARY DATA

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Sample unit: The research process was done by interacting with number of customers during the activities performed, which included, markets, cold calling, canopies, etc. Sample Design consists of Random Sampling. Sample size: - 100 people

Method of collection: Field procedure for gathering primary data included observation and interview schedule in which the questionnaires were filed by the interviewer. Personal interviews through self administered survey was done to collect the data, market research was undertaken, that was accomplished by performing various activities designed. Research Instrument: Questionnaire The questionnaire was formulated by keep in mind the following Points: Giving the respondents clear comprehension of the question. Inducing the respondents to co-operate. Giving instructions as to what is wanted. Identifying the needs to be known.

Limitations: The following were the limitations that were there during the course of the study: 1. Limited time period. 2. Less number of respondents. 3. Biasness of the respondents.

SECONDARY DATA

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Method of collection data:Secondary data was collected from the various second hand data collection sources like, Magzines provided by HDFC Standard Life Insurance Company, Secondary data was also provided by company executives, from Internet, Companies annual report etc.

Research Instruments:Magzines, Newspapers, Internet Search Engines (Google.com), other websites like www.rbi.org.in www.irdaindia.org www.banknetindia.com

SECTION 4

www.hdfcinsurance.com www.businessworldonline.com www.google.com (search engine)

Other References:

Brochures of various plans

ANALYSIS & FINDINGSSAMPLE SIZE: 100

Sample was collected on Random Basis

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AGE DISTRIBUTION

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AGE DISTRIBUTION(yrs.)

24%

Below 30 35% 31 - 45 Above 45 41%

Highest number of Respondents (41%) from Age group 31 to 45 yrs. 35% respondents are of age below 30 yrs, small percentage of which is unemployed. GRAPH 2: AGE DISTRIBUTION OF RESPONDENTS

MARITAL STATUS

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MARITAL STATUS100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

SINGLE

MARRIED

16 37 19 4Below 30 31 - 45 Above 45

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AGE(yrs) Total number of single respondents 23 Total number of married respondents 77

GRAPH 3: MARITAL STATUS

INCOME DISTRIBUTION

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INCOME DISTRIBUTION(Annual in Rs.appx.)> 5 lacs 1

10

6

INCOME

3 - 5 lacs

5

12

12

1.5 - 3 lacs

13

12

6