THE PUBLIC AWARENESS OF FINANCIAL PLANNING IN EMERGING INDIAN MARKET

A MINOR PROJECT REPORT Submitted in partial fulfilment of the requirements for BBA (Banking and Insurance) Semester III Programme of G.G.S. IndraprasthaUniversity , Delhi.

Submitted by: SAHIL KAPOOR BBA(GEN-A) Sem IIIrd Enrollment. No.: 08212401711

DELHI INSTITUTE OF RURAL DEVELOPEMWENT

NANGLI POONA NEW DELHI- 110036

Declaration I hereby declare that the minor project report, entitled A Study of Product Profile of HDFC Standard Life Insurance & Awareness of Financial Planning, is based on my original study and has notbeen submitted earlier for my original study and has not been submittedearlier for any degree or diploma of any institution/university.

The work of other authors(s), whenever used, has been acknowledge at Appropriate place(s). Place: Candidates signature Date:

Name: SAHIL KAPOOR

Countersigned Name: Mrs. Meenakshi Kaushik Supervisor Delhi Institute Of Rural Development

PREFACE
There are number forces that make marketing an endlessly changing activity. The constantly activity sociological, psychological and political environment may represent the uncontrollable marketing factors. To understanding these factors in better way marketing research is of utmost importance.

This Research Report has been completed in fulfillment of my Bachelor ofBusiness Management in the company HDFC STANDARD LIFE INSURANCE. The objective of my Research was TO KNOW THEPUBLIC
AWARENESS OF FINANCIAL PLANNING IN EMERGING INDIAN MARKET.

HDFC STANDARD LIFE is the name which is working as one of the best private insurance company in insurance sector.

With such large population and the untapped market of populations insurance happens to be very big opportunity in India. Today it stands as a business growing at the rate of 15-20 percent 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% of Indian populations are without Life Insurance cover and the Health Insurance. This is an indicator that growth potential for the insurance sector is immense in India.

I would like to express my deep sense of gratitude to Sunil Singh providing me great opportunity be a constant source of inspiration providing unstained support at all stages of the Research work. Acknowledgement must be given to honorable Mrs. Meenakshi Kaushik who provided me proper guidance to do the project and attain the standard

SAHIL KAPOOR

CONTENTS
I INTRODUCTION

-Literature review

-Objectives$ Scope of the study

-Methodology

-Limitations

II Analysis and interpretation

III Conclusion

IV Bibliography

BIBLIOGRAPHY
Websites
www.rbi.org.in www.irdaindia.org www.banknetindia.com www.hdfcinsurance.com www.businessworldonline.com www.google.com (search engine)

Other References:
Brochures of various plans Business week

ANNEXURE
QUESTIONNAIRE
Awareness of Financial Planning and Consumers Perception about Insurance Industry Name:________________________ Age:______ Gender: M FF Single

Marital Status: Married

Occupation : ___________________ Contact No : __________________ Annual Income (appx. in Rs.) Upto 1.50 lacs 1.50lacs-3 lacs 3lacs-5 lacs Above 5 lacs

Q1) Are you aware about what is financial planning? YES NO

Q2) Mention the names of Life insurance companies you have heard of: 1) ________________ 2) ________________ 3) ________________ 4) ________________ 5) ________________ 6) ________________

Q3) How much do you save approximately of your annual income?

Q4) Where do you invest/would like to invest your savings? (Rank in order of preference, 1 being most preferable)

Banks Insurance Mutual Funds

Share Market Bonds & Securities Real Estate/Property

Q5) Have you taken any life insurance policy on your own life or on life of any of your family member? YES (If no, switch to Q 9 ) Q6) Which company(s) policy(s) you have? LIC BIRLA SUNLIFE BAJAJ ALLIANZ HDFC STD. LIFE MAX NEW YORK LIFE RELIANCE MET LIFE Q7) Which type of plan did you buy? Money Back Plan Endowment Plan ICICI PRUDENTIAL ING VYSYA SBI LIFE TATA AIG AVIVA KOTAK MAHINDRA OTHER ____________ (specify) NO

Pension Plan

ULIP

Q8) What was your purpose/will be your likely purpose of taking insurance? RANK THEM (1 being most ideal) a) PROTECTION OF FAMILY b) TAX BENEFIT c) INVESTMENT d) RETIREMENT PLANNING Q9) Have you ever been approached for Life insurance by any of the following (please ), also Rank according to your preference from whom you are most likely to buy insurance? ( here) (Rank) 1) Known/Current Advisor 2) Advisors referred by friends/family 3) Telesales and subsequent visit by unknown Advisor 4) Schemes offered by your bank (Bancassurance) 5) Group Insurance Policies offered by your employer Q10) Do you feel opening up of the sector has created more insurance awareness among the public? YES Q11) How many dependents do you have? <2 2-4 4-6 >6 NO

Q12) Do you really think insurance cover in todays scenario is not essential?