HDFC Standard Life Insurance Company Limited2

An Analytical Report on Unit-Linked Products of HDFC SLIC LTD.
DECLARATION
Bhargi P. Solanki
Nikesh S. Mehta
M.B.A. (III)
N. R. Inst. of Business Management
Ahmedabad.
We the undersigned, Bhargi P. Solanki and Nikesh S. Mehta, Students of

M.B.A. (III) declare that this report work is our own and it has been carried out
with utmost sincerity and dedication.
Date :
Bhargi P. Solanki
Place : Rajkot
Nikesh S. Mehta
HDFC Standard Life Insurance Company Limited
PREFACE
Summer Training is an important and a fundamental part of MBA
curriculum (Gujarat University).
Mastering this subject requires a good understanding of how basic concepts
of management can be combined with tools and techniques to analyze and make
decision to great care. We got the chance to be trained at HDFC STANDARD
LIFE INSURANCE COMPANY LIMITED at Rajkot with the objectives being:
Primarily, to receive a wide and a rigorous introduction about the

basic principles and working of the market.
Second objective was to be familiar with the insurance industry, its

products and the consumers behavior.
ACKNOWLEDGEMENTS
It was a matter of great pleasure for us to work with such a renowned
organization like HDFC STANDARD LIFE INSURANCE COMPANY
LIMITED, Rajkot.
We are highly thankful to MR. Himanshu Parekh for putting in his efforts
and guiding, motivating and helping us for our Project. His efforts for training and
providing us with the best possible and the complete information could never be
avoided. He was throughout the project, a friend and a guide to us. It was indeed a
highly learning experience and a great pleasure working with him.
During this course of our Summer Training there were a few problems, in
fact opportunities to learn new things and at that time people like Mr. Himanshu
Parekh, Mr. Mayur Gandhi and Mr. Ravi Tandon were always there to help us.
We are even thankful to MR. Ketan Upadhyay for providing us with the
equipments (projector & laptop) and stationary (brochures, etc.) which solemnly
eased our efforts for presentation and helped us in successfully completing the
project.
An expression of gratitude to the earnest efforts of the faculties at NRIBM
would always be insufficient. During the Summer Training we truly learned the
value of the invaluable knowledge that was been provided by them.
Table of Contents
PART
1
PARTICULARS
PAGE NO.
INTRODUCTION
1.1 THE INSURANCE INDUSTRY
1.1.1 India Opens its Doors
1.1.2 Entry restrictions
1.1.3 Bright Future
01
01
01
03
1.2 HDFC LTD.

1.2.1 Background
1.2.2 Business Objectives
1.2.3 Organizational Goals
04
04
04
04
1.3 SLAC
1.3.1 Background
06
06
1.4 HDFC SLIC

1.4.1 Background
1.4.2 Presence in India
1.4.3 Features
1.4.4 Mission
1.4.5 Values
07
07
08
09
09
09
THE CURRENT SCENARIO

2.1 INSURANCE INDUSTRY
2.1.1 Traditional Life
2.1.2 Universal Life
2.1.3 Variable Life
2.1.4 Finally
11
12
12
13
13
2.2 HDFC SLIC
14
PART
3
PARTICULARS
THE PROJECT
PAGE NO.
16
3.1 PROFILE
17
3.2 THE PRODUCTS DESCRIPTION
18
3.3 THE UNIT LINKED PRODUCTS

3.3.1 Features
3.3.2 The Endowment Plan
3.3.3 The Pension Plan
18
18
19
29
THE PRODUCT ANALYSIS
36
4.1 HYPOTHESIS TESTING
37
4.2 SAMPLING
4.2.1 The Pilot Study
4.2.2 The Sample Size
38
38
38
4.3 THE TEST RESULT
39
4.4 MARKET ANALYSIS

4.4.1 The Market Share
4.4.2 The Driving Factor
4.4.3 The Products Share
40
40
41
42
4.5 PRODUCT ANALYSIS

4.5.1 Features
4.5.2 The Potential Market
43
43
48
4.6 THE FINDINGS
49
4.7 RECOMMENDATIONS
50
ANNEXURE
51
BIBLIOGRAPHY
53
PART - I
INTRODUCTION
1
Part 1: INTRODUCTION
Summary
This chapter consists of the introductory part of Insurance Industry, HDFC SLIC and
its partners HDFC and the Standard Life Assurance Company of Europe. It includes
the history and the background.
1.1 THE INSURANCE INDUSTRY

1.1.1 India Opens its Doors
In 1956 the Indian life insurance industry was made up
of 154 domestic life insurers, 16 foreign life insurers and 75
provident funds, and was still governed by the Insurance Act of
1938. During 1956, however, the Indian government, unhappy
with the behavior of some industry members, decided to
nationalize all the companies. The result was the Life Insurance Corporation of India (LIC) Act
of 1956 and the formation of the national insurer, LIC.
Over time the LIC has become an insurance giant. It employs around 120 000 staff and
more than 600 000 sales agents, and has more than 2000 branch offices. At the end of the 2001
fiscal year, the LIC's financial statements showed a total income of Rs 547.4bn ($11.4bn). The
industry remained relatively unchanged until 1990 when the Indian government, under pressure
to dismantle the LIC's monopoly, decided to allow foreign investment. The market finally
opened up when the Insurance Regulatory & Development Authority (IRDA) Act of 1999 was
passed and foreign players entered the Indian insurance arena subject to various conditions. In
the nearly 10 years it took to deregulate, the Indian market became quite an attraction for many
US and European players due to its tremendous growth potential. India has a population of more
than a billion people. Of these, it is estimated that around 300 million make up the consuming
class. With a high savings rate (approximately 27%) and a very low insurance penetration rate
(1.5% of the gross domestic product) the opportunities are enormous.
15
1.1.2 Entry restrictions

Deregulation came with certain conditions. Firstly, all new foreign players entering the
Indian market must set up a joint venture with a local company, with total capital of
approximately $20m. Secondly, the maximum share the foreign player can hold is 26%, with the
local company (or companies) holding the balance. The shareholding rule has been one of the
bigger hurdles for the foreign players as local companies have not always been able to see a
launch through to completion. It has not been unusual for joint ventures to falter only to be
restarted with different players.
When a new company is Indian no joint venture is required and at least two Indian
companies are in the process of being licensed. Regulators are currently reconsidering the
foreign equity cap of 26%. Many foreign players hope it will be increased to at least 49% as they
would welcome the opportunity to increase their stake if this were allowed. In December 2000,
the first new entrants' policies were sold when both ICICI Prudential and HDFC Standard Life
announced the milestone on the same day. As shown in the Table 1 on the next page, there are
now 12 new players selling insurance in India. Until now, all sales have been through agency
forces, which the new players are in the process of building. As a result of pressure from the
industry, however, amendments to the IRDA Act have recently been passed. The Insurance
(Amendment) Act of 2002 allows, among other things, for alternative methods of distribution,
with the main two being banc assurance and brokers. All but one of the new insurers has set up
agency forces as their main method of distribution. Eg: - SBI Life intends to use the bank
network to sell its products.
Table 1 : Indian life insurance joint ventures

Foreign Entity
Local Company/Venture
AIG
Tata
Allianz
Bajaj
AMP
Sanmar
Aviva Life
Dabur
Cardiff
State Bank of India Life
ING Life
Vysya
Max New York Life
Vysya
MetLife
J & K Bank, Pallonji Group & others
Old Mutual
Kotak Mahindra
Prudential
ICICI
SLAC
HDFC
Sun Life
Birla
1.1.3 Bright Future

A bright future given that there were more than 150 insurance Companies operating in
India in 1956 there seems no reason why, with many highly skilled, qualified Indian consumers
and many people with an entrepreneurial spirit, the number of new players will not increase
substantially from today's 12. Broker business will also increase to become the largest source of
premium income, although current legislation is slightly prohibitive. Banc assurance will also
help new players capture a significant share of the market. Indian consumers are increasingly
aware of risk and insurance. Combine this with the low penetration levels and the potential for
reassurance is clearly present. In addition, as regulations settle down, it is hoped that other forms
of reinsurance will be allowed.
1.2 HDFC LTD. (Housing Development Finance Corporation Limited)

1.2.1 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. Its the first private sector retail housing finance company. HDFC was promoted
with an initial share capital of Rs. 100 million.
1.2.2 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..
1.2.3 Organizational Goals

HDFCs 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.
HDFCs GEOGRAPHICAL
SPREAD
Regional office
Branch office
INTEGRATED FINANCIAL SERVICES
SECURITISATION
HDFC CHUBB GENERAL

INSURANCE CO. LTD.
Future Activities
DISTRIBUTION
10
1.3 SLAC (Standard Life Assurance Company)

1.3.1 Background
Table 2 : Standard Life - Founded 1825,

Head Office Edinburgh, Scotland (UK) Presence
United Kingdom
31 branches
Canada
11
Ireland
"
Germany
"
Austria
1 sales office
Spain
31 branches
Hong Kong
1 representative office
China
2 representative office
"
Founded in 1825
Mutual Life Insurance Company since 1925
Largest mutual life insurance company in Europe
AA2 rated by Moodys in December 2002
AA rated by Standard & Poors in January 2003
Assets under management 83.3 bn as on 15.11.2002
Largest life and pension provider in the UK
11
Table 3 : Unrivaled reputation For quality

Year
Award
2002
company of the year
2001
company of the year
2000
company of the year
1999
company of the decade
1998
company of the year
1997
company of the year
1996
company of the year
1995
4 star service award
1994
overall best company
1993
1992
1991
3 star service award
1990
best mortgage services

12
1.4 HDFC SLIC (HDFC Standard Life Insurance Company)

1.4.1 Background
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.
The Incorporation
The company was incorporated on 14th August, 2000 under the name of HDFC Standard
Life Insurance Company Limited. Their 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 realized 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.
13
1.4.2 Presence in India
14
1.4.3 Features
First private life insurance company

First company to declare bonus (third bonus declared on 29.4.2003)
Presence in more than 50 locations
Outlook money award for the best new insurance company (refer annexure)
1.4.4 Mission
They aim to be the top new life insurance company in the market. This does 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
1.4.5 Values
SECURITY: Providing long term financial security to our policy holders will be our
constant endeavor. They will be doing this by offering life insurance and
pension products.
TRUST: They appreciate the trust placed by their policy holders in them. Hence, they
aim to manage their investments very carefully and live up to the trust.
INNOVATION: Recognizing the different needs of their customers, they are offering a
range of innovative products to meet those needs.
Their mission is to be the best new life insurance company in India and these are the values
that will guide us in this.
15
PART - II
THE CURRENT
SCENARIO
10
16
17
Part 2: THE CURRENT SCENARIO

Summary
This chapter explains the basics of designing the insurance products as well as the
current scenario of the insurance products and HDFC Standard Life Insurance
Company Ltd.
2.1 The Insurance Industry
FUTURE
CURRENT
PAST
3 types of platforms are used the world over to design life insurance products:
Traditional Life (Past)
Universal Life (Present)
Variable Life (Future)
In past, the products had been designed using the Traditional Life platform. Though
still this platform is used, but now the Insurers have turned towards the 2nd platform i.e.
Universal Life. Future does expect the entry of the Variable Life plat-formed products.
18
2.1.1 Traditional Life
The most basic form of insurance based on concept of sharing

Everybody contributes to the common pool
Policyholder contributes premium and gets values on happening of specified event
Company plays active role managing the pool and is responsible for the policy values
Smoothening
Bonuses
Table 4 : Pros & Cons

Advantages
Disadvantages
Simplicity
Not so very transparent
Company playing active role
Lack of Asset choice
Bonuses and guarantees
Inflexibility as compared to other forms
Smoothening
Low Liquidity
Various plans to suit different end objectives
2.1.2 Universal Life ( for detail refer section Product Description)
An insurance policy with mutual fund like operation

Concept of individual policy account and sub accounts in this account
Liquidity and access to cash values built up under the policy
Transparency and Flexibility in premium payments as well as other policy terms

Advantages
Disadvantages
Transparent & flexible
Risk of NAV fluctuations
Policyholder playing active role
Continuous Monitoring
Liquidity
Fund charges
Interest guarantees
Illustrations
No Lapsation / Grace
Cost of features
Investment choices
Returns
19
2.1.3 Variable Life
The most flexible form of insurance yet to come in India.

Very active role of policyholder. Investments determined by him.
Company more in advisory role.
Possible combination with Universal life to offer greatest flexibility.

Advantages
Disadvantages
Transparent & flexible
Only for learned investors
Policyholder playing major role
Risk of Investment
Liquidity
Continuous Monitoring
Investment choices
Fund charges
Returns
Cost of features
2.1.4 Finally
Product development requires proper selection of platforms. Selection of platforms is a

decision that a company takes after careful study of number of factors. Similarly a company
is at the liberty to introduce different products that are designed using different platforms at
the same time.
While deciding on the key question Which policy to be chosen? one has to take into
consideration not only just the flexibilities or the features that a platform offers but even
more important point that Whether it satisfies the need or not? These features look very
attractive but they have their own costs and implications on the policy values.
20
2.2 HDFC SLIC

The company generated new business premium of Rs. 232.5 crore in 2003-04 on annual
premium income (API) basis. It registered a year-on-year growth of 76% and its corporate
agency channel, including its bancassurance business grew by 150% to Rs 50 Cr. The recently
launched unit linked business received good market response and contributed 27% of business
generated since its launch.
Another significant achievement for HDFC Standard Life was that the cumulative
insurance coverage, i.e. the sum assured for the policyholders, crossed the Rs. 13,500 crore mark
during the year. The company has covered over 450,000 lives so far.
The growth in business in the past twelve months had been driven by HDFC Standard
Life partnering very closely with its bancassurance partners, consolidating its presence across
locations by increasing its sales force of trained financial consultants and introducing new
insurance and pension solutions on the unit linked platform.
The company started the year with presence in 49 cities - one of the widest presences
among all new life insurance companies. Over the year, it built greater depth in these markets
and had 17,100 financial consultants as on 31st March 04 compared to 10,500 financial
consultants on 31st March 03. All the new entrants have been trained to understand the needs of
the consumer provide the right advice and maintain high service standards. This quality of
advice is reflected in the healthy persistence ratio of the companys business - both on the
individual and the group side.
In January 2004, the company launched its unit linked insurance and pension plans
through specially trained and certified Financial Consultants. HDFC Standard Life sees its presale advice as a clear differentiator. In pursuance of this strategy, HDFC Standard Life is the
only company to have a special training followed by a test before allowing Financials
Consultants to advise customers on its unit linked products.
21
22
PART - III
ABOUT THE
PROJECT
16
23
Part 3: THE PROJECT

Summary
This chapter consists of the introductory part of the project. It includes the project
profile and the details of the products included in the project.
3.1 PROFILE
TO PROVIDE MARKET ANALYSIS FOR THE UNIT LINKED PRODUCTS,
NEWLY LAUNCHED BY HDFC SLIC IN JANUARY 04.
THIS INCLUDED: ANALYSING MARKET POTENTIAL.
ANALYSING MARKETS VIEW OF THE PRODUCT.
PROVIDING SALES & COMPANY-LEADS.
PROMOTING THE PRODUCT ITSELF.
TO ACHIEVE THE ABOVE OBJECTIVES WE WERE REQUIRED TO

PERFORM THE FOLLOWING: UNDERGOING PRODUCT TRAINING ON THE UNIT LINKED
PRODUCTS.
BASED ON THE OBJECTIVES, DESIGNING A QUESTIONNAIRE FOR
THE CLIENTS (Refer Annexure).
UNDERGOING TRAINING FOR MASS PRESENTATIONS USING
GADGETS LIKE LCD & LAPTOP.
GIVING POWERPOINT PRESENTATIONS AT PLACES LIKE SCHOOLS,
COLLEGES & GOVERNMENT OFFICES.
24
3.2 THE PRODUCTS DESCRIPTION

The product given to us for this project was THE UNIT LINKED PRODUCTS. As
these products were designed using the Universal Life platform, it provides the investors with
better investment options. These products offered by the HDFC Standard Life Insurance is
completely different from the other conventional products. These products offer better risk
cover, tax benefits, flexibility in premium payment, better investment options and thereby
increase the chances of better returns over the investment. Here the investment done is converted
into units and so the products are named The UNIT LINKED PRODUCTS. The investment
amount is divided by the net asset value to arrive at the number of units.
With the conventional policies the role of the investor was limited. The investor had
absolutely no idea where his invested money was being used by the company. The investor
played a passive role. The company itself had to decide where to invest the pool of money
gathered. So the company played an active role. But with these new products, HDFC SLIC gave
the investors the freedom & liberty to make the decisions about their own investment.
3.3 THE UNIT LINKED PRODUCTS

3.3.1 Features
Unbundled
Separate identification of parts is possible i.e. investment element,
expense, administration charges and benefit charges are shown
separately.
Market Linked
Value of policy is linked to net assets. Investment risk and rewards are
transferred from the insurer to the client.
Explicit Charges
Consequence of unbundling results into charges which may or may not
be guaranteed.
Transparent
Regular results are given to the clients and the client has the idea about
his investment.
The 2 Unit Linked Products are:

The Endowment Plan
The Pension Plan
25
3.3.2 THE ENDOWMENT PLAN

The Endowment Plan is a life insurance plan. Here a person can insure his/her life with
the company to cover the risk of his/her death over the family.
Features
1. Choice of Investment Funds
2. Switching
3. Redirection
4. Premium Payment Flexibility
5. Premium Topups
6. Premium Holidays
7. Choice of Risk Cover
8. Withdrawals
9. Tax Benefits
10. Death Benefits
11. CI Benefits (if chosen)
12. AD Benefits (if chosen)
13. Surrender Benefits
14. Paid Up Benefits
15. Maturity Benefits
16. Age and Term Limits
17. Minimum Premium Payable
Features Detailed
1. Choice of Investment Funds (Compared)
The Endowment Plan offers the investor with the choice of five funds.
Types of funds:
o Liquid Fund
o Secure Managed Fund
o Defensive Managed Fund
o Balanced Managed Fund
o Growth Fund
26
Liquid Fund
The liquid fund invests in Bank Deposits and high quality
short-term money market instruments. The fund is designed to be cash
secure and has a very low level of risk, however unit prices may
occasionally go down due to the use on short-term money market
instruments.
Secure Managed Fund
The secure managed fund will invest in Government Securities
and Bonds issued by companies or other bodies with a high credit
standing, however a small amount of working capital may be invested
in cash to facilitate the day-to-day running of the fund. The fund has a
low level of risk but unit prices may still go up or down.
100%
SHORT TERM
MONEY
MARKET
100%
SHORT TERM
MONEY
MARKET
Defensive Managed Fund

15-30% 70-85%
15% to 30% of the Defensive Managed fund will be invested in
EQUITY
high quality Indian equities. The remainder will be invested in MARKET LONG
TERM
MONEY
Government Securities and Bonds issued by companies or other bodies
MARKET
with a high credit standing, though a small amount of working capital
may be invested in cash to facilitate the day-to-day running of the fund.
The fund has a moderate level of risk with the opportunity to earn
higher returns in the long term from some equity investment, unit prices may go up or
down
Balanced Managed Fund
30% to 50% of the Balanced Managed fund will be invested in
50-70%
30-50%
LONG
high quality Indian equities. The remainder will be invested in EQUITY
TERM
Government Securities and Bonds issued by companies or other bodies MARKET MONEY
MARKET
with a high credit standing, though a small amount of working capital
may be invested in cash to facilitate the day-to-day running of the fund.
The fund has a higher level of risk with the opportunity to earn higher
returns in the long term from the higher proportion invested in equities, unit prices may
go up or down
Growth Fund
The Growth fund invests in high quality Indian equities. In
addition a small amount of working capital may be invested in cash to
facilitate the day-to-day running of the fund. The fund has higher level
of risk with the opportunity to earn higher returns in the long term from
the investment in equities. Unit prices may go up or down
100%
EQUITY
MARKET
The investor here is given the liberty to choose between the types of funds. The investor
is given the freedom to change his investment fund any working day. The investor can bifurcate
his investment into parts and make the investment accordingly.
27
Example: Mr. X invests Rs. 1,00,000 . He wishes to invest Rs. 40,000 in Secure Fund,
40,000 in Defensive Fund and the rest in the Growth Fund. After a week MR. X finds that the
equity market is on a boom, so he changes the Growth Funds investment to Rs. 40,000 and
reduces the balance of the Defensive Fund to Rs. 20,000. After 4 days the market falls. So again
MR. X requests the company to transfer his full investment from Growth Fund to the Secure
Fund.
The person can plan his investment strategy according to his style and can make changes
timely without any extra cost.
Market Comparison
Table 7
Type
of Fund
Liquid Fund
Secure
Managed
Defensive
Managed
Balanced
Managed
Growth
Investment
Instrument
Bank Deposits
/Short-term
money
Govt
Securities
& Bonds
15-30%
in equities
30-50%
in equities
Equities
HDFC SL
Available
Available
Available
Available
Available
ICICI Pru
Not Available
Available
Not Available
Available
Not Available
Birla Sun Life
Not Available
Available
Available
Not Available
Not Available
Om Kotak
Not Available
Available
Available
Available
Not Available
2. Switching
When a client has invested his money in different proportions among the various
investment funds, he can transfer those investments from one fund to another. This is called as
Switching. Switching is allowed any number of times during a year and has no charges for the
same. The changes are made on T+1 basis.
Example: MR. X chooses to invest his premium of Rs.10,000 in Short Term Money
Market. Suppose 4 months later he speculates a boom in the Equity Market, then he can transfer
of his investment from Short Term Money Market to Equity Market, this is called Switching.
28
3. Redirection
Every time a client pays premium, he is allowed to select the fund/s for investment. Each
time he can select different investment strategy without using a Switch, this is called
Redirection.
Market. Suppose a year later he speculates a boom in the Equity Market and hence he pays the
premium but invests it into the Equity Market, thus he redirects his new money without
switching his old money.
4. Premium Payment Flexibility (Compared)

Here the investor is allowed to change the premium amount any time after the
completion of the first three years of regular premium payment. The premium can be altered to
any extent i.e. it can either be increased, decreased, reduced to zero. But the only compulsion is
for the first three years. The investor can select the mode of payment i.e. yearly, half yearly,
quarterly. Premium amount can be paid by cash, local cheque, demand draft or standing order.
Outstation cheques and post dated cheques not allowed
If a person skips the premium in between the term of first three years, his policy lapses
and he will be charged 25% on the due amount. The rest of the amount is returned to him and his
policy is closed. He on no terms can reopen this policy again.
Example 1: MR X has paid the premium of Rs. 10,000 each for the first two years. He
did not pay the premium for the third year. So the company will charge 25% on the 10,000 due
as lapsatation charge and cut it from the 20,000 paid by him. MR. X will receive the rest
amount.
Example 2: MR X has paid the premium of Rs. 10,000 each for the first three years. He
does not wish to pay the premium for the fourth year. In that case his policy will continue with
the balance of Rs. 30,000 at the end of the fourth year instead of Rs. 40,000. Now for the fifth
year onwards, he wants to make more investment. So, MR. X increases his premium amount and
pays Rs. 15,000 as regular premium henceforth. He is even allowed to decrease the amount to
minimum of Rs.5,000 or even increase it again.
Market Comparison
Table 8
Organization
Regular
Premium Increases
Premium
Reduction
HDFC SL
Allowed
Allowed
ICICI Pru
Not Allowed
Not Allowed
Birla
Not Allowed
Not Allowed
Om Kotak
Not Allowed
Not Allowed
29
5. Premium Topups:
Premium Topups refer to that amount paid in excess of the premium amount. This
product even offers the facility to the investor to invest more than his regular amount whenever
he wishes to do so. Minimum Premium Topup is Rs. 5,000 and maximum is no limit.
Example: MR X has paid the premium of Rs. 10,000 each for the first three years. For
the fourth year he wants to take the tax benefit and so he pays Rs. 10,000 as regular premium
and pays Rs. 10,000 extra as Premium Topup. He in future can even make a Topup, increase or
decrease the premium whenever required.
6. Premium Holidays:
After the completion of the first three years of regular premium payment the investor is
free to enjoy all the facilities provided to him. If an investor does not pay the premium, he is said
to be on a holiday referred to as Premium Holidays. An investor can go on the Premium Holiday
for any number of years i.e. even for rest of the term after paying the three regular premiums.
7. Choice of Risk Cover:
Table 9
Age Bands
LOW
MEDIUM
HIGH
18-40
5 times annual premium
41-50
Not available
51 and above
Not available
Not available
Client can choose the level of risk cover by selecting one of the predetermined cover
levels depending on the entry age.
Example: MR. X is of age 48 and has the option of low and medium risk cover of his 20
years of policy term. He opts for medium risk. He pays regular premium of Rs. 20,000 for 5
years. After 5 years, he dies. In this case, his family will get Rs. 80,000 plus return on these
80,000 for 4 years and Rs.2,00,000 as risk cover. If he had opted for low risk cover, his family
would have got Rs. 1,00,000 only.
Choosing any risk cover, the investment is divided into respective proportions for risk
charge and investment. If a person offers high risk then his risk charge will be higher as
compared to medium and low risk cover options. This will in turn reflect as lesser investment
proportions and result into lesser investment returns. It depends upon the person to select the
30
risk cover keeping in mind his life and lifestyle. If a person has to travel very often, there is a
fear of accidental death. In that case he can opt for high risk cover.
8. Withdrawals
The Policy Value in excess of the Sum Assured can be withdrawn without any cost. Thus
indirectly the policyholder can treat its account as a savings account. Currently there are no
withdrawal charges.
Example:
Table 10
Policy Value
Sum Assured
Amount of
Withdrawal
Comments
500000
200000
25000
Allowed
200000
500000
10000
Not allowed
500000
500000
10000
Not allowed
600000
500000
5000
Not allowed
9. Tax Benefit.
Premium paid is eligible for section 88 benefits

No capital gains tax on switching
Section 10 10D benefit allowed subject to some conditions
Keeping in mind the above provisions, The Endowment Plan investors are given the
privilege of all the above tax provisions. As mentioned above premium of any sort is eligible for
tax exemption under section 88. Any sum received under a life insurance policy gets benefit
under section 10 10D, including any sum allocated by way on bonus on such a policy other
than :
any sum received under a key-man policy
any sum received under an insurance policy in respect of which the premium paid
in any of the years during the term of the policy exceeds twenty per cent of the
actual sum assured
Provided that the terms of this section shall not apply to death claims.
Below is given a table which shows how much of tax can be saved.
Table 11
INCOME TAX
SECTION
GROSS ANNUAL SALARY
HOW MUCH TAX CAN YOU SAVE?
Sec. 88
< Rs. 1.5 Lakh
Rs. 12,000 on investment of Rs. 60,000.
Rs. 1.5 Lakh - Rs. 5 Lakh
Rs. 10,500 on Investment of 70,000.
31

> Rs. 5 Lakh
Nil
10. Death Benefits:

It is the benefit that is received by the policyholders family after his death. Under this
benefit the family receives greater of the Policy Value and the Sum Assured.
Example:
Table 11
Policy Value
Sum Assured
Death Benefit
15000
45000
75000
105000
135000
165000
195000
225000
150000
150000
150000
150000
150000
150000
150000
150000
150000
150000
150000
150000
150000
165000
195000
225000
11. CI Benefits (if chosen):

It is the benefit that is received by the policyholder on diagnosis of a Critical Illness.
Under this benefit he receives greater of the Policy Value and the Sum Assured. Diseases
covered here are:
Cancer,
Coronary Artery By-pass Graft surgery (CABG),
Heart Attack,
Kidney Failure,
Major Organ Transplant,
Stroke
Example:
Table 12
Policy Value
Sum Assured
Death Benefit
15000
150000
150000
45000
150000
150000
75000
150000
150000
105000
150000
150000
135000
150000
150000
165000
150000
165000
32
195000
150000
195000
225000
150000
225000
12. AD Benefits (if chosen):

It is the benefit that is received by the policyholders family on the Clients Accidental
Death. Under this benefit the family receives additional amount equal to the sum assured in
addition to the death benefit.
Example:
Table 13
Policy Value
Sum Assured
Accidental death Benefit
15000
150000
300000
45000
150000
300000
75000
150000
300000
105000
150000
300000
135000
150000
300000
165000
150000
315000
195000
150000
345000
225000
150000
375000
13. Surrender Benefits:
policyholder can surrender the policy at any time

policy value less the surrender charge would be payable
surrender charge is 25% of 3 years outstanding premium
policy surrendered after payment of 3 years premium will bear no charges
complete policy value will be returned under that condition.
Examples:
Table 14
Premium
Mode
amount
No
of Amount
Balance
Annual
3
years
Surrender
Premium paid
till
of
3
Premium
premium
Charge
paid
surrender
years
10000
Yearly
10000
10000
30000
20000
5000
5000
Half yearly
10000
15000
30000
15000
3750
3000
Quarterly
12000
24000
36000
12000
3000
33
8000
Half yearly
16000
48000
48000
7000
Quarterly
28000
13
91000
84000
14. Paid Up Benefits:
Policyholder can make the policy paid up, provided

Three years premium have been paid, and
The policy has acquired sufficient value (Rs 15,000 at present)
In other cases the policy will lapse and the policy value less charges would be
returned to the policyholder
Paid up policy can be reinstated at any time without collecting arrears of
premium
Examples:
Table 15
Unitised
Fund
Sum Assured
No of years
premium paid
Comments
500000
200000
Allowed
200000
500000
Allowed
500000
500000
Not allowed
600000
500000
Not allowed
10000
500000
Not allowed
15. Maturity Benefits:
At Maturity, the Policy Value (value of units in the policyholders account) would
be paid regardless of the Sum Assured.
Examples:
Table 16
Policy Value
Sum Assured
Maturity Benefit
15000
150000
15000
45000
150000
45000
75000
150000
75000
105000
150000
105000
135000
150000
135000
165000
150000
165000
34
195000
150000
195000
225000
150000
225000
16. Age and Term Limits:
17. Minimum Premium Payable (Compared)
Table 18
Minimum Premium
HDFCSL
ICICI Pru
Birla Sun Life
Om Kotak
Regular Premium
10000 p.a
18000 p.a.
Min S.A 50000
10000 p.a.
Regular premium increase
5000 p.a.
N.A.
N.A
N.A
Single Premium Top Ups
5000
10000
N.A.
N.A
35
3.3.3 THE PENSION PLAN

The Pension Plan is a Retirement Plan. Here a person can cover the risk of living too
late. It is to secure the income after retirement.
Features
1. Single Premium Contract
2. Choice of Investment Funds
3. Premium Payment Flexibility
4. Premium Topups
5. Premium Holidays
6. Choice of Pension
7. Switching
8. Redirection
9. Tax Benefits
10. Death Benefits
12. Paid Up Benefits
13. Vesting Benefits14. Age and Term Limits
Features Detailed
1. Single Premium Contract
The Pension Plan can be started as a Single Premium Contract i.e. the investor can pay
the full amount at the starting of the contract for a single time only. In future, not paying any
premium will cause no trouble on his investment. Using the Single Premium Contract, the policy
can be surrendered after six months. The minimum amount that is required to start the contract
as a Single Premium is Rs. 25,000.
2. Choice of Investment Funds (Compared)

The Endowment Plan offers the investor with the choice of five funds.
Types of funds:
o Liquid Fund
o Secure Managed Fund
o Defensive Managed Fund
o Balanced Managed Fund
o Growth Fund
36
Liquid Fund
The liquid fund invests in Bank Deposits and high quality
short-term money market instruments. The fund is designed to be cash
secure and has a very low level of risk, however unit prices may
occasionally go down due to the use on short-term money market
instruments.
Secure Managed Fund
The secure managed fund will invest in Government Securities
and Bonds issued by companies or other bodies with a high credit
standing, however a small amount of working capital may be invested
in cash to facilitate the day-to-day running of the fund. The fund has a
low level of risk but unit prices may still go up or down.
Defensive Managed Fund
15% to 30% of the Defensive Managed fund will be invested
in high quality Indian equities. The remainder will be invested in
Government Securities and Bonds issued by companies or other
bodies with a high credit standing, though a small amount of
working capital may be invested in cash to facilitate the day-to-day
running of the fund. The fund has a moderate level of risk with the
opportunity to earn higher returns in the long term from some equity
investment, unit prices may go up or down
100%
SHORT TERM
MONEY
MARKET
100%
SHORT TERM
MONEY
MARKET
15-30% 70-85%
EQUITY LONG
MARKET
TERM
MONEY
MARKET
Balanced Managed Fund

30% to 50% of the Balanced Managed fund will be
50-70%
invested in high quality Indian equities. The remainder will be
LONG
30-50%
TERM
EQUITY
invested in Government Securities and Bonds issued by
MARKET MONEY
companies or other bodies with a high credit standing, though a
MARKET
small amount of working capital may be invested in cash to
facilitate the day-to-day running of the fund. The fund has a
higher level of risk with the opportunity to earn higher returns
in the long term from the higher proportion invested in equities, unit prices may go up or
down
The investor here is given the liberty to choose between the types of funds. The investor
is given the freedom to change his investment fund any working day. The investor can spread
his investment into parts and make the investment accordingly.
Example: MR. X invests Rs. 1,00,000 . He wishes to invest Rs. 40,000 in Secure Fund,
40,000 in Defensive Fund and the rest in the Balanced Fund. After a week MR. X finds that the
equity market is on a boom, so he changes the Balanced Funds investment to Rs. 40,000 and
reduces the balance of the Defensive Fund to Rs. 20,000. After 4 days the market falls. So again
MR. X requests the company to transfer his full investment from Balanced Fund to the Secure
Fund. The person can plan his investment strategy according to his choice and can make
changes in that strategy without any extra cost.
37
100%
EQUITY
MARKET
Market Comparison
Table 19
Type
of Fund
Liquid Fund
Secure Managed
Defensive
Managed
Balanced
Managed
Investment
Instrument
BankDeposits
/Short-term money
Govt Securities
and Bonds
15-30%
in equities
30-50%
in equities
HDFC SL
Available
Available
Available
Available
ICICI Pru
Not Available
Available
Not Available
Available
Birla
Sun Life
Not Available
Available
Available
Not Available
Om Kotak
Not Available
Available
Available
Available
3. Premium Payment Flexibility (Compared)

Here the investor is allowed to change the premium amount any time after the
completion of the first three years of regular premium payment. The premium can be altered to
any extent i.e. it can either be increased, decreased, reduced to zero. But the only compulsion is
for the first three years. The investor can select the mode of payment i.e. yearly, half yearly,
quarterly. Premium amount can be paid by cash, local cheque, demand draft or standing order.
Outstation cheques and post dated cheques not allowed
If a person skips the premium in between the term of first three years, his policy lapses
and he will be charged 25% on the due amount. The rest of the amount is returned to him and his
policy is closed. He on no terms can reopen this policy again.
Example 1: MR X has paid the premium of Rs. 10,000 each for the first two years. He
did not pay the premium for the third year. So the company will charge 25% on the 10,000 due
as lapsatation charge and cut it from the 20,000 paid by him. MR. X will receive the rest
amount.
Example 2: MR X has paid the premium of Rs. 10,000 each for the first three years. He
does not wish to pay the premium for the fourth year. In that case his policy will continue with
the balance of Rs. 30,000 at the end of the fourth year instead of Rs. 40,000. Now for the fifth
year onwards, he wants to make more investment. So, MR. X increases his premium amount and
pays Rs. 15,000 as regular premium henceforth. He is even allowed to decrease the amount to
minimum of Rs.5,000 or even increase it again.
38
Market Comparison
Table 20
Regular
Premium Increases
Premium
Reduction
HDFC SL
Allowed
Allowed
ICICI Pru
Not Allowed
Not Allowed
Birla
Not Allowed
Not Allowed
Om Kotak
Not Allowed
Not Allowed
Organization
4. Premium Topups:
Premium Topups refer to that amount paid in excess of the premium amount. This
product even offers the facility to the investor to invest more than his regular amount whenever
he wishes to do so. Minimum Premium Topup is Rs. 5,000 and maximum is no limit.
Example: MR X has paid the premium of Rs. 10,000 each for the first three years. For
the fourth year he wants to take the tax benefit and so he pays Rs. 10,000 as regular premium
and pays Rs. 10,000 extra as Premium Topup. He in future can even make a Topup, increase or
decrease the premium whenever required.
5. Premium Holidays:
After the completion of the first three years of regular premium payment the investor is
free to enjoy all the facilities provided to him. If an investor does not pay the premium, he is said
to be on a holiday referred to as Premium Holidays. An investor can go on the Premium Holiday
for any number of years i.e. even for rest of the term after paying the three regular premiums.
6. Choice of Pension
Here, the liberty is given to the investors of the Pension Plan that if in future they find
that any other company is offering better pension compared to HDFC SLIC, with their request
the company will transfer their Pension Plan to the company name they mentioned, without any
charges. The option remains with the investor to continue their Pension Plan with the company
or to go to some other company which might offer better Pension options.
39
7. Switching
When a client has invested his money in different proportions among the various
investment funds, he can transfer those investments from one fund to another. This is called as
Switching. Switching is allowed any number of times during a year and has no charges for the
same. The changes are made on T+1 basis.
Market. Suppose 4 months later he speculates a boom in the Equity Market, then he can transfer
of his investment from Short Term Money Market to Equity Market, this is called Switching.
8. Redirection
Every time a client pays premium, he is allowed to select the fund/s for investment. Each
time he can select different investment strategy without using a Switch, this is called
Redirection. Clients can choice to redirect any renewal premium in any proportion across all
funds
Market. Suppose a year later he speculates a boom in the Equity Market and hence he pays the
premium but invests it into the Equity Market, thus he redirects his new money without
switching his old money.
9. Tax Benefit.
Premium paid is eligible for section 88 benefits

No capital gains tax on switching
Section 10 10D benefit allowed subject to some conditions
Section 80CCC benefit allowed under ULPP
Table 20
INCOME TAX
SECTION
Sec. 88
Sec. 80 CCC
GROSS ANNUAL
SALARY
HOW MUCH TAX CAN YOU SAVE?
< Rs. 1.5 Lakh

Rs. 1.5 Lakh Rs. 5
Lakh
Rs. 12,000 on investment of Rs.

60,000.
Rs. 10,500 on Investment of
70,000.
> Rs. 5 Lakh
Nil
Across all income

slabs.
Upto Rs. 3,000 saved on

Investment of Rs. 10,000.
40
10. Death Benefit

The policy value and the sum assured of Rs 1000 would be paid. Here Rs. 1000 is paid
over and above the policy value.
Table 21
Policy Value
Sum Assured
Death Benefit
15000
1000
16000
45000
1000
46000
75000
1000
76000
105000
1000
106000
135000
1000
136000
165000
1000
166000
195000
1000
196000
225000
1000
226000
policyholder can surrender the policy at any time under regular premium contract
and after six months under single premium contract
policy value less the surrender charge would be payable
surrender charge is 20% of 3 years outstanding premium under regular premium
policies
currently no surrender charge for single premium policies but we reserve the
right to charge in future
surrender charge calculation under regular premium policies is shown below
Table 22
Premium
Mode
amount
Annual
Premium
No
of Amount
Balance
3
years
Surrender
Premium paid
till
of
3
premium
Charge
paid
surrender
years
10000
Yearly
10000
10000
30000
20000
4000
5000
Half
yearly
Quarterly
10000
15000
30000
15000
3000
12000
24000
36000
12000
2400
Half
yearly
Quarterly
16000
48000
48000
28000
13
91000
84000
3000
8000
7000
surrender charge is 20% of 3 years outstanding premium under regular premium

policies
41
no surrender charge under single premium policies at present. However we reserve the
right to charge in future
12. Paid Up Benefits:
Policyholder can make the policy paid up, provided
Three years premium have been paid, and
The policy has acquired sufficient value (Rs 15,000 at present)

In other cases the policy will lapse and the policy value less charges would be
returned to the policyholder
Paid up policy can be reinstated at any time without collecting arrears of
premium
Examples:
Table 23
Unitised
Fund
Sum Assured
No of years
premium paid
Comments
500000
200000
Allowed
200000
500000
Allowed
500000
500000
Not allowed
600000
500000
Not allowed
10000
500000
Not allowed
13. Vesting Benefits

The investor has to mention the date from which his pension should start. The date
selected by the investor is known as the vesting date from which he will get regular pension as
annuity. The way in which the investor wants his pension, is his choice. Once the vesting date is
crossed, the investor will get regular pension, by the already set terms and conditions.
14. Age and Term Limits
42
43
PART - IV
THE ANALYSIS
36
44
45
Part 4: THE ANALYSIS

Summary
This chapter consists of the details about the analysis and the interpretation of the
data collected during the project. It includes the hypothesis testing, sample size
calculation, product analysis and the market analysis in detail.
4.1 HYPOTHESIS TESTING

For the purpose of hypothesis testing the attribute we have measured is the respondents
intention to buy the Unit Linked Products from HDFC SLIC. We have used Z test for the
same.
The Null Hypothesis Ho = THE MARKET POTENTIAL OF THE UNIT LINKED
PRODUCTS IS HIGH (approx. 65%).
The Alternate Hypothesis H1 = THE MARKET POTENTIAL OF THE UNIT
LINKED PRODUCTS IS NOT HIGH (>60%).
46
4.2 SAMPLING
4.2.1 The Pilot Study
We had done a pilot survey of 15 respondents out of which we had got 12 respondents
interested in the product. This gave us the ratio of .8 (p) interested respondents to .2 (q) noninterested respondents.
4.2.2 The Sample Size

No. of samples (pilot survey)
= 20
The probability of success (Ph0)
= 20/13 = 0.65
(Qh0)
= (1-.65) = 0.35
Desired Confidence level
= 90% (Z=1.64)
Desired Interval Range
= 0.10
Standard error of the Proportion (S)
= 0.10/1.64 = 0.061
Sample size
= p*q/S2
= 0.65*0.35/0.00372
= 65 (rounded)
47
4.3 THE TEST RESULT

The Critical Test Value = +1.64
Standard Deviation (S) = ((Pho*Qho)/n)1/2 where
Sample Size (n) = 65
Hypothesized P (Pho) = .65
Hypothesized Q (Qho) = .35
S = .061
P = .63 (refer pg.48)
Z = (P - Pho)/Sp
Z = (.63 - .65)/.051 = -.39
As Z calculated -.39 falls between +1.64, hence the Null Hypothesis Ho is accepted.
Thus with 95% confidence level we can say that the Market Potential of the Unit Linked
Products is high around 65%.
48
4.4 MARKET ANALYSIS

4.4.1 The Market Share
LIC has been dominating the Market since a long time. Though the private players have
started giving tough competition to LIC and also decreased its Market Share, LIC still holds a
big piece of the cake. As shown in the chart below LIC still holds around 90% of the Market
while the rest is distributed among the private players.
In all, LIC alone holds 81% of the market while the Private Players alone holds only 2%.
Private Players also share 15% market with LIC. Thus the outline is that LIC holds 96% of the
market and Private Players have 17% of the market. But still 2% of the market is untapped.
49
4.4.2 The Driving Factor

There were four factors that were given to the respondents along with a choice of
mentioning any other factor that has driven them to buy the policy that they already had.
They were as follows:
1. Credibility/Familiarity of the company.
2. Relation with the Agent.
3. Rebates
4. No other company was available
The results were:
We can clearly say from the above chart that Credibility/Familiarity of the Company
has been the driving factor of the Industry. Though people are loosing faith in LIC, but still there
is lot to be fought for gaining the market share for Private Players. To win that share companies
will have to increase their Credibility and win peoples faith.
50
4.4.3 The Products Share

The products share here means the Market share of different types of Policies.
The three basic types of policies mentioned here are:
1. Savings
1.1 Money Back
1.2 Long Term
2. Protection
3. Retirement
The result was as follows:
Savings Money Back policy was preferred by 32 (44%) out of 65 people surveyed. For
the Savings Long Term policy, preference was 23 out 65 respondents. Clearly Savings policies
here constitute 75% of the Market.
Whereas for the Protection and the Retirement policies the preferences were 12 and 7
respondents respectively.
51
4.5 PRODUCT ANALYSIS

4.5.1 Features
Ranking
On the basis of the ratings given to the Features of the Unit Linked Products by the
respondents, here is the ranking of the features.
1. Transparency
2. Wide Investment Option
3. Flexibility in Premium Payment
4. Safety
5. Premium Holiday
6. Overall Facility (withdrawals, switching, etc.)
Individual Ratings
The ratings for the individual features are as follows:
1. Transparency
Transparency was the best liked feature by the people. 28 respondents found it to be very
important and 30 respondents felt it was important. Only 7 people out of 65 felt that this feature
was not important. Hence we could say that this feature has potential to attract people.
52
2. Wide Investment Option
Wide Investment Options was the second best liked feature by people. 26 respondents
found it to be very important and 32 respondents felt it was important. Only 7 people out of 65
felt that this feature was not important.
So 89% of the respondents were attracted with this feature of the product. Hence we
could say that this feature also has a potential to attract clients.
53
3. Flexibility in Premium Payment
Premium Payment Flexibility was also liked by the people. 28 respondents found it to be
very important and 27 respondents felt it was important. Only 10 people out of 65 felt that this
feature was not important. Thus we could say that this feature has potential to attract people.
4. Safety
Safety was also preferred by the people. 24 respondents found it to be very important and
31 respondents felt it was important. Only 10 people out of 65 felt that this feature was not
important. Thus we could say that this feature has potential to attract people.
54
5. Premium Holiday
Premium Holidays was not so much preferred by the people. 24 respondents found it to
be very important and 27 respondents felt it was important. 14 people out of 65 felt that this
feature was not important. Thus we could say that this feature has little potential to attract
people. The reason could be because people by policy to invest and not to enjoy premium
holidays.
55
6. Overall Facility (withdrawals, switching, etc.)
Amazingly there were 15 people out of 65 who felt that the overall facilities of
Switching, Withdrawals, Redirection, etc were not at all important. Only 14 respondents found it
to be very important but still 36 respondents felt it was important. Thus we could still say that
this feature has little potential to attract people.
Hence all the features of the Unit Linked Products were generally liked by people and
found to be important and required. So through this analysis we could conclude that all the
features of the products are necessary and none of them are unattractive.
56
4.5.2 The Potential Market
As already stated in the hypothesis testing, there is high Market Potential for the Unit
Linked Products. 41 respondents out of 65 were interested in the product. Whereas only 24
respondents showed no interest in the product. Clearly the market potential of this product is
very high.
57
4.6 THE FINDINGS

The Unit Linked Products has a high Market Potential.
The product unawareness ratio is still high in the market.
People are choosing insurance products by their needs but
company by its Credibility.
The market is into a constant fear of closing down of
schemes after the Government closing some of its schemes
like UTI.
Due to VRS (Voluntary Retirement Scheme) scheme, there
is a huge market for the Pension Plan. But again the
market is requiring immediate Pension Plans.
58
4.7 RECOMMENDATIONS
The Company could focus on increasing the Market
Awareness about the Unit Linked Products.
The Company could win the markets faith with increased
credibility in peoples mind.
The Company could provide immediate Pension Plan to
the market using the VRS schemes.
59
60
61
4.8 BIBLIOGRAPHY
BOOKS
COOPER, D.R. and SCHINDLER, P.S., BUSINESS RESEARCH METHODS, TATA
McGRAW-HILL, New Delhi, 2003.
LEVIN, R.I. and RUBIN, D.S., STATISTICS FOR MANAGEMENT, PEARSON
EDUCATION, Delhi, 2002
WEBSITES
WWW.HDFCINSURANCE.COM
WWW.IRDA.ORG
WWW.ICICI-PRU.COM
WWW.REDIFFMAIL.COM
WWW.SIFY.COM
WWW.BUSINESS-STANDARD.COM
62

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An Analytical Report on Unit-Linked Products of HDFC SLIC LTD.

We the undersigned, Bhargi P. Solanki and Nikesh S. Mehta, Students of