1 / 30

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

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(Management studies). PROFILE OF THE INDUSTRY. Insurance started with marine business

etana
Download Presentation

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

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 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(Management studies)

  2. 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

  3. 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.

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

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

  10. ANALYSISAND INTERPRETATION

  11. RESPONDENTS PROFILE OF AGE

  12. GENDER OF RESPONDENT

  13. ANNUAL INCOME LEVEL

  14. SOURCE OF INFORMATION

  15. RANKING FOR POLICIES 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 areranked money back policy as first.

  16. NUMBER OF POLICIES

  17. INSURANCE COMPANY

  18. PREMIUM PAYEMENT PERIOD

  19. MODE OF PAYMENT

  20. MODE OF SETTLEMENT

  21. SATISFACTION LEVEL FOR PRESENT AGENT Among the sample respondents they are satisfied with the current agent services

  22. SATISFACTION LEVEL FOR INSURANCE COMPANY Among the sample respondents they are satisfied with the current company services.

  23. 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.

  24. 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.

  25. THANK YOU

More Related