Presentation on theme: "RETAIL SALES ON LIFE INSURANCE POLICIES (reference to HDFC SLI in Puducherry ) Under the guidence of Mr.JAYAKUMAR H.O.D(Management studies) By v.karthik."— Presentation transcript:
RETAIL SALES ON LIFE INSURANCE POLICIES (reference to HDFC SLI in Puducherry ) Under the guidence of Mr.JAYAKUMAR H.O.D(Management studies) By v.karthik II.M.B.A
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
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.
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‘ '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
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
PRODUCTS INDIVIDUAL 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
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
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
RESEARCH METHODOLOGY Primary data Secondary data Tools used Percentage analysis Scoring technique Bar charts, Pie charts
ANALYSIS AND INTERPRETATION ANALYSIS AND INTERPRETATION
RESPONDENTS PROFILE OF AGE RESPONDENTS PROFILE OF AGE
POLICIESRANK1RANK2 RANK 3 RANK 4 RANK 5 RANK 6 RANK 7 Endowment Whole life Money back With profit Joint life Children'sOthers21846545122715158913132081011227211181216181721153471321733229361711135121192029 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 are ranked money back policy as first.
Agent Service H.SSC.SDH.D Knowledge about policies Investment advices Convincing approach Payment of premium Claim settlement Change of nominee Handling over the documents 42849664508382833768344510555216011210201100010 SATISFACTION LEVEL FOR PRESENT AGENT Among the sample respondents they are satisfied with the current agent services
Insurance company H.SSC.SDH.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 34179691171518423356808181806774797042312726615883064105065676910231010020101010000000000 Among the sample respondents they are satisfied with the current company services. SATISFACTION LEVEL FOR INSURANCE COMPANY
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.
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. 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.