“A STUDY ON CUSTOMER PERCEPTION OF THE PRODUCT OF HDFC

STANDARD LIFE INSURANCE COMPANT LTD, ERODE”

By

S.SRINATH
(Reg.No: 71103631049)

of
KONGU ENGINEERING COLLEGE
PERUNDURAI

A PROJECT REPORT
Submitted to the
FACULTY OF MANAGEMENT SCIENCE

In partial fulfillment of the requirements

for the award of the degree

Of

MASTER OF BUSINESS ADMINISTRATION

MAY, 2005
 BONAFIDE CERTIFICATE

Certified that this project report titled “A STUDY ON CUSTOMER

PERCEPTION OF THE PRODUCT OF HDFC STANDARD LIFE INSURANCE

COMPANY LTD, ERODE.” Is the bonafide work of Mr.S.SRINATH

(Regd.No:71103631049) who carried out the research under my supervision.

Certified further, that to the best of my knowledge the work reported here in does

not form part any other project report or dissertation on the basis of which a

degree or a award was conferred on an earlier occasion on this or any other

candidate.

Supervisor Head of the Department

Viva voice held on :____________________

INTERNAL EXAMINER EXTERNAL EXAMINER

 ACKNOWLEDGEMENT

I here by acknowledge my sincere gratitude to the Kongu Institute of

technology trust and Dr. A.M. NATARAJAN B.E., Msc.,(Engg).,Ph.D., Principal,

Kongu Engineering college and the Management for giving me an opportunity to

undergo M.B.A Degree course and to undertake this Project work

I owe my sincere thanks to Prof.P.SURESH KUMAR, M.SC., (Agri),

M.B.A., Director, Department of Management Studies whose Guidance made

this project an enlightening educational experience.

I express my deep sense of gratitude to Mr.T.SOMASUNDARAM, B.E.,

M.B.A., faculty in the department of Management Studies for his extraordinary

guidance which helped me to complete this study successfully.

I am extremely thankful to HDFC – STANDARD LIFE INSURANCE for

permitting me to do this project. I wish to convey my gratitude to

Mr.R.RAJINIKANTH, Business Development Manager, executives and

employees of HDFC – STANDARD LIFE INSURANCE who encouraged and

helped with timely details during the project course.

Finally I extend my personal thanks to my family and friends for helping

me to complete this project work.

 ABSTRACT

The study has been conducted in the area of Marketing for HDFC
Standard Life Insurance Company Ltd, Erode. HDFC and Standard Life first
came together for a possible joint venture, to enter the Life Insurance market, in
January 1995. This research is conducted in erode district and the places around
erode district.

The main objective of this project is to find out the customers perception
about the products of HDFC Standard Life Insurance Company Ltd, Erode and
the rating up of services offered by company and the financial consultants to the
customer.

The research design adopted for this study is DESCRIPTIVE. Data

contains primary data and secondary data. The primary data is collected through
questionnaire. Secondary data are obtained from the internet and workplace.

Analysis is done on various perspective such as Brand perceptions,

Influencers of purchase, opinion regarding their purchase, demographic variables
etc., CHI-SQUARE test is the technique adopted to correlate the collected data
and to derive the appropriate statistics on customer opinion. The sample size is
200.

The research says that, most of the customers are satisfied of the
company. The companies should come with new schemes to satisfy the
customers.
 CONTENTS

CHAPTER PAGE
PARTICULARS
NO. NO.
I INTRODUCTION 1
1.1 INDUSTRY PROFILE 1
1.2 ABOUT THE COMPANY 7
II 2.1 OBJECTIVES OF THE STUDY 11
2.2 LIMITATION OF THE STUDY 12
III RESEARCH METHODOLOGY 13
3.1 INTRODUCTION 13
3.2 DATA COLLECTION METHODS RESEARCH 14
IV ANALYSIS AND INTERPRETATION 18
V 5.1 FINDINGS
5.2 SUGGESTIONS
APPENDIX
BIBILIOGRAPHY

LIST OF TABLES

TABLE PARTICULARS PAGE

NO. NO.

4.1 SEX OF THE RESPONDENTS 18

4.2 AGE OF THE CUSTOMERS 19

4.3 PROFESSION OF THE CUSTOMERS 20

 4.4 PERFORMANCE OF THE FINANCIAL CONSULTANTS 21
IN PROVIDING FINANCIAL ADVICE

4.5 OPINION REGARDING INFRASTRUCTURE OF HDFS- 22

SLIC ERODE BRANCH

4.6 OPINION REGARDING THE PROCESS OF MEDICAL 23

ANALYSIS
4.7 OPINION REGARDING THE PROCESS OF 24
CONVERSION OF THE PROPOSAL

4.8 OPINION REGARDING THE AGE BRACKETS 25

OFFERED BY HDFC

4.9 OPINION REGARDING THE RESPONSIVENESS OF 26

EMPLOYEES CONTACTED IN PERSON

4.10 OPINION REGARDING THE RESPONSIVENESS OF 28

EMPLOYEES WHEN CUSTOMERS IN PHONE

4.11 OPINION REGARDING COMMUNICATION BY MAIL 29

4.12 OPINION OF THE CUSTOMERS REGARDING THE 30

EASE OF PAYING THE PREMIUM IN CASH AT THE
CASH COUNTER

TABLE PARTICULARS PAGE

NO. NO.

4.13 OPINION REGARDING PAYING CASH TO THE

FINANCIAL CONSULTANTS 31

4.14 OPINION REGARDING THE EASE OF

TRANSACTION BY CHEQUE OR DD 32
 LIST OF FIGURES

TABLE PARTICULARS PAGE

NO. NO.

4.1 SEX OF THE RESPONDENTS 18

 4.2 AGE OF THE CUSTOMERS 19

4.3 PROFESSION OF THE CUSTOMERS 20

4.4 PERFORMANCE OF THE FINANCIAL CONSULTANTS 21

IN PROVIDING FINANCIAL ADVICE

4.5 OPINION REGARDING INFRASTRUCTURE OF HDFS- 22

SLIC ERODE BRANCH

4.6 OPINION REGARDING THE PROCESS OF MEDICAL 23

ANALYSIS
4.7 OPINION REGARDING THE PROCESS OF 24
CONVERSION OF THE PROPOSAL

4.8 OPINION REGARDING THE AGE BRACKETS 25

OFFERED BY HDFC

4.9 OPINION REGARDING THE RESPONSIVENESS OF 26

EMPLOYEES CONTACTED IN PERSON

4.10 OPINION REGARDING THE RESPONSIVENESS OF 28

EMPLOYEES WHEN CUSTOMERS IN PHONE

4.11 OPINION REGARDING COMMUNICATION BY MAIL 29

4.12 OPINION OF THE CUSTOMERS REGARDING THE 30

EASE OF PAYING THE PREMIUM IN CASH AT THE
CASH COUNTER

TABLE PARTICULARS PAGE

NO. NO.

4.13 OPINION REGARDING PAYING CASH TO THE

FINANCIAL CONSULTANTS 31

4.14 OPINION REGARDING THE EASE OF

 TRANSACTION BY CHEQUE OR DD 32

CHAPTER I

INTRODUCTION

1.1. INTRODUCTION TO THE INDUSTRY

 Life Insurance has come a long way from the earlier days when it was
originally conceived as a risk covering medium for short periods of time, covering
temporary risk situations, such as sea voyages. As life insurance became more
established, it was realized what a useful tool it was for a number of situations,
including -

A) TEMPORARY NEEDS / THREATS

The original purpose of life insurance remains an important element,

namely providing for replacement of income on death etc.

B) REGULAR SAVINGS

Providing for one's family and oneself, as a medium to long term exercise
(through a series of regular payment of premiums). This has become more
relevant in recent times as people seek financial independence for their family.

C) INVESTMENT

Put simply, the building up of savings while safeguarding it from the

ravages of inflation. Unlike regular saving products, investment products are
traditionally lump sum investments, where the individual makes a one off
payment.

D) RETIREMENT

Provision for later years becomes increasingly necessary, especially in a

changing cultural and social environment. One can buy a suitable insurance
policy, which will provide periodical payments in one's old age.

HISTORY OF INSURANCE
 The history of life insurance in India dates back to 1818 when it was
conceived as a means to provide for English Widows. Interestingly in those days
a higher premium was charged for Indian lives than the non-Indian lives as Indian
lives were considered more riskier for coverage.

The Bombay Mutual Life Insurance Society started its business in 1870. It
was the first company to charge same premium for both Indian and non-Indian
lives. The Oriental Assurance Company was established in 1880. The first
general insurance company- Tital Insurance Company Limited, was established
in 1850. Till the end of nineteenth century insurance business was almost entirely
in the hands of overseas companies.

Insurance regulation formally began in India with the passing of the Life
Insurance Companies Act of 1912 and the provident fund Act of 1912. Several
frauds during 20's and 30's sullied insurance business in India. By 1938 there
were 176 insurance companies. The first comprehensive legislation was
introduced with the Insurance Act of 1938 that provided strict State Control over
insurance business. The insurance business grew at a faster pace after
independence. Indian companies strengthened their hold on this business but
despite the growth that was witnessed, insurance remained an urban
phenomenon.

The Government of India in 1956, brought together over 240 private life
insurers and provident societies under one nationalised monopoly corporation
and LIC was born. Nationalisation was justified on the grounds that it would
create much needed funds for rapid industrialization. This was in conformity with
the Government's chosen path of State lead planning and development.

The (non-life) insurance business, however, continued to thrive with the

private sector till 1972. Their operations were restricted to organised trade and
industry in large cities. The general insurance industry was nationalised in 1972.
With this, nearly 107 insurers were amalgamated and grouped into four
companies- National Insurance Company, New India Assurance Company,
Oriental Insurance Company and United India Insurance Company. These were
subsidiaries of the General Insurance Company (GIC).

OVERVIEW

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.

Yet, nearly 80 per cent of Indian population is without life insurance cover, health
insurance and non-life insurance continue 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 itself is an indicator that
growth potential for the insurance sector is immense.

A well-developed and evolved insurance sector is needed for economic

development as it provides long term funds for infrastructure development and at
the same time strengthens the risk taking ability. It is estimated that over the next
ten years India would require investments of the order of one trillion US dollar.
The Insurance sector, to some extent, can enable investments in infrastructure
development to sustain economic growth of the country.

With a large capital outlay and long gestation periods, infrastructure projects are
fraught with a multitude of risks throughout the development, construction and
operation stages. These include risks associated with project implementation,
including geological risks, maintenance, commercial and political risks. Without
covering these risks the financial institutions are not willing to commit funds to the
sector, especially because the financing of most private projects is on a limited or
non- recourse basis.

Insurance companies not only provide risk cover to infrastructure projects, they
also contribute long-term funds. In fact, insurance companies are an ideal source
of long term debt and equity for infrastructure projects. With long term liability,
they get a good asset- liability match by investing their funds in such projects.

IRDA regulations require insurance companies to invest not less than 15 percent
of their funds in infrastructure and social sectors. International Insurance
companies also invest their funds in such projects.

Insurance is a federal subject in India. There are two legislations that govern the
sector- The Insurance Act- 1938 and the IRDA Act- 1999.

LIFE INSURANCE MARKET

The Life Insurance market in India is an underdeveloped market that was

only tapped by the state owned LIC till the entry of private insurers. The
penetration of life insurance products was 19 percent of the total 400 million of
the insurable population. The state owned LIC sold insurance as a tax
instrument, not as a product giving protection. Most customers were under-
insured with no flexibility or transparency in the products. With the entry of the
private insurers the rules of the game have changed.

Innovative products, smart marketing and aggressive distribution. That's the triple
whammy combination that has enabled fledgling private insurance companies to
sign up Indian customers faster than anyone ever expected.
The growing popularity of the private insurers shows in other ways. They are
coining money in new niches that they have introduced. The state owned
companies still dominate segments like endowments and money back policies.
But in the annuity or pension products business, the private insurers have
already wrested over 33 percent of the market. And in the popular unit-linked
insurance schemes they have a virtual monopoly, with over 90 percent of the
customers.

Indians, who have always seen life insurance as a tax saving device, are now
suddenly turning to the private sector and snapping up the new innovative
products on offer.

The private insurers also seem to be scoring big in other ways- they are
persuading people to take out bigger policies. For instance, the average size of a
life insurance policy before privatisation was around Rs 50,000. That has risen to
about Rs 80,000. But the private insurers are ahead in this game and the
average size of their policies is around Rs 1.1 lakh to Rs 1.2 lakh- way bigger
than the industry average.

The 12 private insurers in the life insurance market have already grabbed nearly
9 percent of the market in terms of premium income.

The new business premium of the 12 private players has tripled to Rs 1000 crore
in 2002- 03 over last year. Meanwhile, state owned LIC's new premium business
has fallen.

PRIVATE LIFE INSURERS

S.No. Registration Date of Name of the Company
Number Reg.

1 101 23.10.2000 HDFC Standard Life Insurance Company Ltd.

2 104 15.11.2000 Max New York Life Insurance Co. Ltd.
3 105 24.11.2000 ICICI Prudential Life Insurance Company Ltd.
4 107 10.01.2001 Kotak Mahindra Old Mutual Life Insurance Limited
5 109 31.01.2001 Birla Sun Life Insurance Company Ltd.
6 110 12.02.2001 Tata AIG Life Insurance Company Ltd.
7 111 30.03.2001 SBI Life Insurance Company Limited .
8 114 02.08.2001 ING Vysya Life Insurance Company Private Limited
9 116 03.08.2001 Bajaj Allianz Life Insurance Company Limited
10 117 06.08.2001 Metlife India Insurance Company Pvt. Ltd.
11 121 03.01.2002 AMP Sanmar Life Insurance Company Limited.
12 122 14.05.2002 Aviva Life Insurance Co. India Pvt. Ltd.
13 127 06.02.2004 Sahara India Insurance Company Ltd

1.2. INTRODUCTION TO THE COMPANY

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. The next three years were filled with uncertainty,
due to changes in government and ongoing delays in getting the IRDA
(Insurance Regulatory and Development authority) Act passed in parliament.
Despite this both companies remained firmly committed to the venture.

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.

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 January 2000 an expert team from the UK joined a hand
picked team from HDFC to form the core project team, based in Mumbai. Around
this time Standard Life purchased a further 5% stake in HDFC and a 5% stake in
HDFC Bank.

In a further development Standard Life agreed to participate in the Asset

Management Company promoted by HDFC to enter the mutual fund market. The
Mutual Fund was launched on 20th July 2000.

HDFC- 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..

ORGANISATIONAL GOALS

HDFC’s main goals are to a) develop close relationships with individual

households, b) maintain its position as the premier housing finance institution in
the country, c) transform ideas into viable and creative solutions, d) provide
consistently high returns to shareholders, and e) to grow through diversification
by leveraging off the existing client base.

STANDARD LIFE

Standard Life has been successfully looking after its customers for more
than 175 years, and currently over 5 million people rely on us for their financial
needs. We have assets under management which are worth more than the
market value of Sainsbury's, Boots, Tesco, Cadbury Schweppes and Marks &
Spencer combined.

FINANCIAL SECURITY

Standard Life has the financial strength to remain secure and competitive.
We aim to offer products that provide competitive returns to our customers while
maintaining an adequate level of financial strength to ensure their security.

Like most people, you want to know that your financial future is in good
hands. Standard Life places a great deal of importance on getting your money to
work hard for you; that's why we believe you can have confidence in us.
INCORPORATION OF HDFC STANDARD LIFE INSURANCE COMPANY
LIMITED

The company was incorporated on 14th August 2000 under the name of
HDFC Standard Life Insurance Company Limited.

Our ambition from as far back as October 1995, was to be the first private
company to re-enter the life insurance market in India. On the 23rd of October
2000, this ambition was realised when HDFC Standard Life was the only life
company to be granted a certificate of registration.

HDFC are the main shareholders in HDFC Standard Life, with 81.4%,
while Standard Life owns 18.6%. Given Standard Life's existing investment in the
HDFC Group, this is the maximum investment allowed under current regulations.

HDFC and Standard Life have a long and close relationship built upon shared
values and trust.

The ambition of HDFC Standard Life is to mirror the success of the parent
companies and be the yardstick by which all other insurance company's in India
are measured.

OUR MISSION

We aim to be the top new life insurance company in the market.

This doe’s not just mean being the largest or the most productive company in the
market, rather it is 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

OUR VALUES

 SECURITY: Providing long term financial security to our policy holders will
be our constant endeavour. We will be do this by offering life insurance
and pension products.
 TRUST: We appreciate the trust placed by our policy holders in us.
Hence, we will aim to manage their investments very carefully and live up
to this trust.
 INNOVATION: Recognising the different needs of our customers, we will
be offering a range of innovative products to meet these needs.

CHAPTER – 2

OBJECTIVES AND LIMITATIONS

2.1. OBJECTIVES OF THE STUDY

PRIMARY OBJECTIVES
 The primary objective of this project is to find out the customers perception
about the products of HDFC Standard Life Insurance Company Ltd, Erode and
the rating up of services offered by company and the financial consultants to the
customer.

SECONDARY OBJECTIVES
 To know whether the service offered by the company is satisfied
the needs of all groups of people.
 The other benefits offered by the company is satisfied the
customers.
 To find out the benefits preferred by the customers.
 To know about their views about the company and to assess to
their views.

2.2. LIMITATIONS OF THE STUDY

 The data collected from the customers may be baised

 Due to time constraints a detailed study could not be made
 Only limited number of question were asked
 The results are based on survey method & no other tools were
used.
 CHAPTER – 3

RESEARCH METHODOLOGY

3.1 RESEARCH DESIGN AND SAMPLING DESIGN

 A research design is the arrangements of conditions for collection and
analysis of data in a manner that aims to the research purpose with economy in
procedure.

It stands for advance planning of the method to be adopted for collecting

the relevant data and technique to be used in the analysis, keeping in view the
objectives of the research and availability of the respondent’s time and money.

With this as abase descriptive research design, which includes surveys

and facts- findings enquiries of different kinds. The major purpose of the
descriptive research is for the descriptive of the state affair, as it exists at
present.

POPULATION
The population consists of customers for HDFC – standard life insurance
company, Erode.

SAMPLE SIZE
The sample size is 200 customers.

SAMPLING METHOD
The sampling used is Random sampling which comes under probability so
that every member of the population has an equal chance of being selected.

PERIOD OF THE STUDY

The study covers a period of 4 months

3.2 TYPES OF DATA AND COLLECTION METHOD

METHODS OF DATA COLLECTION

 Data are collected from both primary and secondary sources.

PRIMARY SOURCES
The primary data were collected through personal investigation with the
help of questionnaire.

SECONDARY DATA
Secondary data were collected from journals, company brochures and the
internet.

TOOLS FOR ANALYSIS

The data collected was analyzed using tools such as,
a) Simple percentage analysis.
b) Chi-square test.

CHAPTER - 4

ANALYSIS AND INTERPRETATION

TABLE - 4.1

SEX OF THE RESPONDENTS

 Sex No.of respondents % of respondents
Male 172 86
Female 28 14
Total 200 100

Inference

An overview of the table at a glance reveals that 86% of the customers a

while 14% of the customers are female.

FIGURE - 4.1
SEX OF THE RESPONDENTS

100 86
PERCENTAGE

80
60
40
14
20
0
Male Female
SEX

TABLE - 4.2

AGE OF THE CUSTOMERS

Age No.of respondents % of respondents

18-30 10 5
31-40 78 39
41-50 92 46
51-60 18 9
>61 2 1
Total 200 100

Inference

It shows that 5% of people were the age of 18-30, 39% of

people were 31-40, 46% of people were 41-50, 9% of people were
51-60 and rest of them were above 61.

FIGURE -4.2

TABLE - 4.3

PROFESSION OF THE CUSTOMERS

No.of % of
Profession respondents respondent
Government
employee 86 43
Private
employee 62 31
Business 44 22
Others 8 4
Total 200 100

Inference

The survey discloses that 43% of the people who walk into
HDFC were found to be govt. employees,31% of people in private
company, 22% of the people were doing business

FIGURE - 4.3
 TABLE - 4.4

PERFORMANCE OF FINANCIAL CONSULTANTS IN PROVIDING

FINANCIAL ADVISE

Opinion No. of respondants % of respondants

Very Good 64 32
Good 114 57
Neutral 21 10.5
Bad 1 0.5
Very Bad 0 0
Total 200 100

Inference

From the survey concerning a sample size of 200 customers, it can

be inferred that 32% of the customers rate the performance as very good,
57% of the performance rate it as good,10.5% of the customers rate it
as average, 0.5% of the customer as bad.

FIGURE - 4.4

TABLE 4.5
OPINION REGARDING INFRASTRUCTURE OF HDFC-SLIC ERODE
BRANCH
 No.of
Opinion respondents % of respondents
Very good 186 93
Good 14 7
Neutral 0 0
Bad 0 0
Very Bad 0 0
Total 200 100

Inference

It shows that 93% of the customers were appreciate infrastructure

of HDFC-SLIC and rest of them were appreciated as good and 7% of the
customers as good.

FIGURE - 4.5

TABLE - 4.6

OPINION REGARDING THE PROCESS OF

MEDICAL ANALYSIS

Opinion No.of respondents

Very good 98
Good 57
Neutral 43
 Bad 2
Very Bad 0
Total 200

Inference

From the survey, concerning a sample size of 200 customers, it can be inferred tha
were very much satisfied and appreciate as very good, 28.5 of the customers rate it as go
neutral.
FIGURE- 4.6

TABLE - 4.7

OPINION REGARDING THE PROCESS OF CONVERSION OF

PROPOSAL IN FORCE

r
Opinion No.of respondents
Very good 121
Good 63
Neutral 16
Bad 0
Very Bad 0
Total 200

INFERENCE
An overview of the table at a glance reveals that 60.5%of the people
rate the conversion proposal as very good, 31.5% of the people rate it as
good and 8% of the people rate it neutral.

FIGURE - 4.7
 TABLE - 4.8
OPINION REGARDING THE AGE BRACKETS OFFERED
BY HDFC-SLIC

Opinion No.of respondents % of responden

Very good 106 53

Good 70 35
Neutral 24 12
Bad 0 0
Very Bad 0 0
Total 200 100

Inference
The survey discloses that 53% of the customers rate opinion regarding
paying premium to the consultant as very good.35% of the customers rate it as
good, and 24% of the customers rate it as neutral.
OPINION REGARDING AGE BRACKETS
OFFERED BY HDFC-SLIC

60 53
50
PERCENTAGE

40 35
30
20
12
10
0 0
0
Very good Good Neutral Bad Very Bad
OPINION
 TABLE - 4.9

OPINION REGARDING THE RESPONSIVENESS OF THE EMPLOYEES

IN PERSON

Opinion No.of respondents % of respondents

Very good 161 80.5
Good 32 16
Neutral 7 3.5
Bad 0 0
Very Bad 0 0
Total 200 100

Inference

The survey shows that 80.5% of the customers rate the opinion
regarding the employees contacted in person as very good.16% very good,
16% of the customers rate it as good, 3.5% of the customers rate it as
rate it neutral.

FIGURE - 4.9

TABLE - 4.10

OPINION REGARDING THE RESPONSIVENESS OF THE EMPLOYEES

WHEN CONTACT BY PHONE
 No.of
Opinion respondents % of respondents
Very good 126 63
Good 57 28.5
Neutral 17 8.5
Bad 0 0
Very Bad 0 0
Total 200 100

Inference

The study reveals that 63% of the customers rate the

responsiveness of the employees by telephone as very good, 28.5% of the
customers rate it as good, 8.5 % of the customers rate it as neutral.

FIGURE – 4.10

TABLE - 4.11

OPINION REGARDING COMMUNICATION OF THE EMPLOYEES

BY MAIL

No.of
Opinion respondents % of respondents
Very good 96 48
Good 65 32.5
Neutral 38 19
Bad 1 0.5
Very Bad 0 0
Total 200 100
Inference

It has been inferred that 48% of the customers rate the opinion
regarding communication of the employees by mail as very good,
32.5% of the customers rate it as good, and % of the customer’s rate it
as neutral and 0.5% rate it bad.

FIGURE - 4.11

TABLE – 4.12
OPINION OF THE CUSTOMER REGARDING THE EASE
OF PAYING THE PREMIUM IN CASH AT THE CASH COUNTER

Opinion No.of respondents % of respondents

Very good 164 82
Good 27 13.5
Neutral 9 4.5
Bad 0 0
Very Bad 0 0
Total 200 100

Inference

An overview of the table at a glance it reveals that 82% of the

Customers rate the ease of paying the premium in cash at the counter
as very good 13.5% of the customer rate it as good, 4.5% of the customers
rate it neutral.

FIGURE - 4.12
 TABLE - 4.13

OPINION OF THE CUSTOMER REGARDING THE EASE OF PAYING THE PREMIUM

TO FINANCIAL CONSULTANTS

No.of % of
Opinion respondents respondents
Very good 106 53
Good 70 35
Neutral 24 12
Bad 0 0
Very Bad 0 0
Total 200 100

Inference

The survey discloses that 53% of the customers rate opinion regarding
paying premium to the consultant as very good.35% of the customers rate it as
good, and 24% of the customers rate it as
neutral.

FIGURE - 4.13
 CHAPTER – 5

FINDINGS, SUGGESTIONS AND CONCLUSION

5.1. FINDINGS

 Most of the customers satisfied regarding the performance of

financial consultants in providing financial advice.
 The infrastructure of HDFC-SLIC also very good.
 Most of the customers are satisfied regarding the benefits offered
by the company.
 Most of the customers are highly satisfied of the service offered by
the company.
 Most of the customers are satisfied regarding the responsiveness
of the employees when the customers are in contact by telephone,
mail.
 The ease of paying the premium at cash counter, through cheque
or DD, to the financial consultant are highly satisfied by the
customers.
5.2. SUGGESTIONS

 The company has to come with innovative product synchronies with

needs and perception and efficient delivery system.
 The company should be in advance in sending information about the
policy status renewals and others information to the policy holders.
 The company should come with liability covers embracing all sorts of
claims.
 The company should offer flexible policies.
5.3. CONCLUSION

The project titled “A study on customer perception of the product of HDFC

Standard life insurance Company Ltd, Erode” done in HDFC standard life
insurance company, Erode. Since the marketing of the product is tougher due to
competitions, it has to be considered seriously.

In case of insurance company, it is the agent’s duty that brings the

customers to the company. Agents have to be taken care more than the
employees of the company. The company has to adopt mew technologies to
survive the market.

The study reveals that the awareness about the product is very less
compare to other product. So it is necessary that more advertisement should be
given through television, newspaper and magazines. Therefore if the given
suggestions put into practice can improve.
 APPENDIX

A STUDY ON COSTOMER PERCEPTION OF THE PRODUCTS AND

SERVICES OF HDFC – STANDARD LIFE INSURANCE CO LTD, ERODE.

Name :
Age :
Sex :
Place :
Profession :
Product :
Policy No :

1. How was the performance of financial consultants in providing financial

advice to you at the time of taking up the policy?
Very good Good Neutral Bad Very bad

2. How do rate the infrastructure of HDFC-SLIC Erode branch?

Very good Good Neutral Bad Very bad

3. How do you feel the process of medical analysis done for you at
the time of proposal?
Very good Good Neutral Bad Very bad

4. How do you rate up the process of conversion of your proposal

in to force?
Very good Good Neutral Bad Very bad

5. How do you feel the process of converting your proposal in to

 force?
Very good Good Neutral Bad Very bad

6. How do you rate up the responsiveness of employees when you

are in contact by telephone?
Very good Good Neutral Bad Very bad

7. How do you rate up the responsiveness of employees when you

are in contact in person?
Very good Good Neutral Bad Very bad

8. How do you feel about the age brackets offered by HDFC-SLIC?

Very good Good Neutral Bad Very bad

9. How do you rate up the communication of the employees by mail?

Very good Good Neutral Bad Very bad

10. How do you feel the ease of paying the premium in cash at the
cash counter?
Very good Good Neutral Bad Very bad

11. How do you feel the ease of transaction of cheque or DD at

HDFC-SLIC branch?
Very good Good Neutral Bad Very bad

12. How do you feel the ease of paying the premium to the Financial
Consultants of HDFC-SLIC?
Very good Good Neutral Bad Very bad

13. How do you rate up the process of renewal of your policy (If any)?
Very good Good Neutral Bad Very bad

14. How do you rate up the process of surrendering the policy (If any)?
Very good Good Neutral Bad Very bad

15. How do you rate up the monetary benefits availed by you at HDFC-
SLIC (If any)?
Very good Good Neutral Bad Very bad

16. How was the settlement of claims by HDFC-SLIC (If any)?

Very good Good Neutral Bad Very bad
Any more information you would like to share regarding your perception
about HDFC-SLIC, Erode.

THANK YOU