CUSTOMER PERCEPTION REGARDING LIFE INSURANCE OF HDFC BANK

Project Report Submitted in partial fulfillment of the requirements for MASTER OF BUSINESS ADMINISTRATION (MBA)

SUBMITTED BY: JAI PRABHA Roll. No.1173647 Batch: 2011-2013

GIAN JYOTI INSTITUTE OF MANAGEMENT &TECHNOLOGY PHASE -2, MOHALI

ACKNOWLEDGEMENT

This project report bears the imprint of those who had rendered their wholehearted support and encouragement without whose help this effort of mine would be in vain. I express my deep sense of gratitude and sincere thanks to my project guide Mr. Rakesh Garg for his direction; suggestion and information provide which were of utmost importance for the successful completion of the project. I am also thankful to the employees of the HDFC Bank for assisting me in the timely completion of the project. I am gratefully indebted to my respected faculty Prof. R.P.Gupta for helping me in various ways and for giving me various ideas for conducting the survey and making questionnaire. I express my grateful thanks to whole staff members for regularly giving me the database of clients and helping me out to deal with the preferred customers and get feedback from them. At last, I also thank to my family and my friends those helped me in my training period and in the completion of project.

CERTIFICATE OF ORIGINALITY

I JAI PRABHA Roll No 1173647 of batch 2011-2013, am a full time bonafide student of first year of Master of Business Administration (MBA) programme of Gian Jyoti Institute of Management and Technology. I hereby certify that i have undergone summer training at HDFC Bank from 1-5-2012 to 30-6-2012 And the project report title Customer perception regarding Life Insurance of HDFC Bank submitted in partial fulfillment of the requirements of the MBA programme is an original work of mine under the guidance of the industry mentor Mr. Rakesh Garg and faculty mentor Prof.A.K Mittal and is not based on or reproduced from any earlier work undertaken at any other time or for any other purpose, and has not been submitted anywhere else at any time.

(Student Signature) Student Name: Date:

(Faculty Signature) Faculty Name: Date:

CHAPTER- 1 INTRODUCTION

INDUSTRY PROFILE The first bank was originated in India in the first decade of 18th century. Due to which The General Bank of India came into existence in 1786. Soon after this the Bank of Hindustan came into existence but both the banks are defunct now. The state bank of India is the only oldest bank of India which is still functioning smoothly. This bank came into existence in the year 1806 and was firstly known as Bank of Bengal. Two decades later some foreign banks namely Credit Lyonnais etc. Started their operations in Calcutta in the year 1850. After that Allahabad Bank became the first fully Indian owned bank in the year 1865. By the 1900s, the market expanded with the establishment of banks such as Punjab National Bank, in 1895 in Lahore and Bank of India, in 1906, in Mumbai - both of which were founded under private ownership. To regulate the Indian banking system The Reserve Bank of India formally took on the responsibility in the year 1935. After India's independence in 1947, the Reserve Bank was nationalized and given broader powers. The Indian banking industry can be broadly classified into two major categories, nonscheduled banks and scheduled banks. Scheduled banks comprise commercial banks and co-operative banks. In terms of ownership, commercial bank can be further grouped into public sector banks, private sector banks, foreign banks and regional rural banks. The public sector banks can be further categorized into nationalized banks and the state bank of India and its associates. The private sector banks can be further classified into old and new private bank. The co-operative banks can be further categorized into scheduled urban co-operative bank and scheduled state co-operative bank. Unscheduled commercial bank constitutes all those banks, which have been included in the Second Scheduled of Reserve Bank of India Act, 1934. RBI is the Central banking and Monetary Authority of India. RBI manages the countrys money supply and foreign exchange and also serves as a bank for the government and for the countrys commercial banks. In addition to these traditional central banking roles, RBI undertakes certain developmental and promotional activities. RBI issues guidelines, notifications and circular on various areas, including exposure standards. It has many credit control

weapons classified has qualitative and quantitative even though all banks are deregularized.

Schedule of Banks (1.1)

Scheduled banks in India

Scheduled commercial banks

Scheduled co-operative banks

Public sector

Private sector

Foreign banks

Regional rural bank

Nationalized banks

SBI & its associates

Old private bank

New private bank

Scheduled urban cooperative banks

Scheduled state cooperative banks

At present there are (27) Public Sector Banks, about (30) Private Sector Banks, (40) Foreign Banks and (196) RRBs, Urban Co-Operative Banks (52), State Co-Operative bank (16), Nationalized Banks (19), State Bank of India Associates (8), there are about 68,000 branches that exist across country. Liberalization:In the early 1990s then, Narsimha Rao government embarked on a policy of liberalization and gave licenses to a small number of private banks, which came to be known as New Generation tech-savvy banks, which included banks such as Global Trust Bank (the first of such new generation banks to be set up)which later amalgamated with Oriental Bank of Commerce, UTI Bank(now re-named as Axis Bank), ICICI Bank. This move, along with the rapid growth in the economy of India, kick-started the banking sector in India, which has seen rapid growth with strong contribution from all the three sectors of banks, namely, government banks, private banks and foreign banks. The next stage for the Indian banking has been setup with the proposed relaxation in the norms for Foreign Direct Investment, where all Foreign Investors in banks may be given voting rights which could exceed the present cap of 10%, at present it has gone up to 49% with some restrictions. The new policy shook the Banking sector in India completely. Bankers, till this time, were used to the 4-6-4 method (Borrow at 4%; Lend at 6%; Go home at 4) of functioning. The new wave ushered in a modern outlook and tech-savvy methods of working for traditional banks. All this led to the retail boom in India. People not just demanded more from their banks but also received more. RBI as a Regulatory Body: The central bank of the country is the Reserve Bank of India (RBI). It was established in April 1935 with a share capital of Rs. 5crores on the basis of the recommendations of the Hilton Young Commission. The share capital was divided into shares of Rs. 100 each fully paid which was entirely owned by private shareholders in the beginning. The Government held shares of nominal value of Rs. 220,000. Reserve Bank of India was nationalized in the year 1949. The Bank was constituted for the need of following:

To regulate the issue of banknotes. To maintain reserves with a view to securing monetary stability. To operate the credit and currency system of the country to its advantage. of Reserve Bank of India:-

Functions

The Reserve Bank of India Act of 1934 entrust all the important functions of a central bank the Reserve Bank of India.

Bank of Issue:Under Section 22 of the Reserve Bank of India Act, the Bank has the sole right to issue bank notes of all denominations. The distribution of one rupee notes and coins and small coins all over the country is undertaken by the Reserve Bank as agent of the Government. The Reserve Bank has a separate Issue Department which is entrusted with the issue of currency notes. Banker to Government:The second important function of the Reserve Bank of India is to act as Government banker, agent and adviser. The Reserve Bank is agent of Central Government and of all State Governments in India. Bankers' Bank and Lender of the Last Resort:The Reserve Bank of India acts as the bankers' bank. According to the provisions of the Banking Companies Act of 1949, every scheduled bank was required to maintain with the Reserve Bank a cash balance equivalent to 5% of its demand liabilities and 2 per cent of its time liabilities in India. By an amendment of 1962, the distinction between demand and time liabilities was abolished and banks have been asked to keep cash reserves equal to 3 per cent of their aggregate deposit liabilities. The minimum cash requirements can be changed by the Reserve Bank of India. The Scheduled banks can borrow from the Reserve Bank of India on the basis of eligible securities or get financial accommodation in times of need or stringency by rediscounting bills of exchange. Since commercial banks can always expect the Reserve Bank of India to come to their help in times of banking crisis the Reserve Bank becomes

not only the banker's bank but also the lender of the last resort.

Controller of Credit:The Reserve Bank of India is the controller of credit i.e. it has the power to influence the volume of credit created by banks in India. It can do so through changing the Bank rate or through open market operations. According to the Banking Regulation Act of 1949, the Reserve Bank of India can ask any particular bank or the whole banking system not to lend to particular groups or persons on the basis of certain types of securities. Since 1956, selective controls of credit are increasingly being used by the Reserve Bank. The Reserve Bank of India is armed with many more powers to control the Indian money market. Every bank has to get a license from the Reserve Bank of India to do banking business within India, the license can be cancelled by the Reserve Bank of certain stipulated conditions are not fulfilled. Every bank will have to get the permission of the Reserve Bank before it can open a new branch. Each scheduled bank must send a weekly return to the Reserve Bank showing, in detail, its assets and liabilities. This power of the Bank to call for information is also intended to give it effective control of the credit system. The Reserve Bank has also the power to inspect the accounts of any commercial bank. As supreme banking authority in the country, the Reserve Bank of India, therefore, has the following powers:

(a) It holds the cash reserves of all the scheduled banks.

(b) It controls the credit operations of banks through quantitative and qualitative controls.

(c) It controls the banking system through the system of licensing, inspection and calling for information.

(d) It acts as the lender of the last resort by providing rediscount facilities to scheduled banks.

Supervisory functions:In addition to its traditional central banking functions, the Reserve bank has certain nonmonetary functions of the nature of supervision of banks and promotion of sound banking in India. The Reserve Bank Act, 1934, and the Banking Regulation Act, 1949 have given the RBI wide powers of supervision and control over commercial and cooperative banks, relating to licensing and establishments, branch expansion, liquidity of their assets, management and methods of working, amalgamation, reconstruction, and liquidation. The RBI is authorized to carry out periodical inspections of the banks and to call for returns and necessary information from them.

Promotional functions:With economic growth assuming a new urgency since Independence, the range of the Reserve Bank's functions has steadily widened. The Bank now performs variety of developmental and promotional functions, which, at one time, were regarded as outside the normal scope of central banking. The Reserve Bank was asked to promote banking habit, extend banking facilities to rural and semi-urban areas, and establish and promote new specialized Financing agencies.

Classification of RBIs functions:The monetary functions also known as the central banking functions of the RBI are related to control and regulation of money and credit, i.e., issue of currency, control of bank credit, control of foreign exchange operations, banker to the Government and to the money market. Monetary functions of the RBI are significant as they control and regulate the volume of money and credit in the country.

INTRODUCTION TO BANKING
Banking means accepting the deposits from the customers for lending to the needy and extending the other services as to issue of dd etc. nowadays after introduction of private sector banks the banks have become a profit centre and the functions become changed and now banks are doing the insurance and mutual funds also. But nationalized banks are still service oriented in extending loans for Education loan, and rural development activities. A Bank is an organization which lends money to the borrowers for a purposeful task, and provides a facility to deposit and withdraw money when needed and charge for it.

COMPANY PROFILE

The Housing Development Finance Corporation Limited (HDFC) was amongst the first to receive an 'in principle' approval from the Reserve Bank of India (RBI) to set up a bank in the private sector, as part of the RBI's liberalization of the Indian Banking Industry in 1994. The bank was incorporated in August 1994 in the name of 'HDFC Bank Limited', with its registered office in Mumbai, India. HDFC Bank commenced operations as a Scheduled Commercial Bank in January 1995.

HDFC Bank was incorporated in August 1994, and, currently has an nationwide network of 2,544 Branches and 8,913 ATM's in 1,399 Indian towns and cities

CAPITAL STRUCTURE As on 31st March, 2012 the authorized share capital of the Bank is Rs. 550 crore. The paid-up capital as on the said date is Rs. 469,33,76,540 (234,66,88,270 equity shares of Rs. 2/- each). The HDFC Group holds 23.15% of the Bank's equity and about 17.29 % of the equity is held by the ADS / GDR Depositories (in respect of the bank's American Depository Shares (ADS) and Global Depository Receipts (GDR) Issues). 30.68 % of the equity is held by Foreign Institutional Investors (FIIs) and the Bank has 4, 47,924 shareholders.

MISSION HDFC Bank's mission is to be a World-Class Indian Bank. The objective is to build sound customer franchises across distinct businesses so as to be the preferred provider of banking services for target retail and wholesale customer segments, and to achieve healthy growth in profitability, consistent with the bank's risk appetite. The bank is committed to maintain the highest level of ethical standards, professional integrity, corporate governance and regulatory compliance. HDFC Bank's business philosophy is based on four core values - Operational Excellence, Customer Focus, Product Leadership and People.

TECHNOLOGY HDFC Bank operates in a highly automated environment in terms of information technology and communication systems. All the bank's branches have online connectivity, which enables the bank to offer speedy funds transfer facilities to its customers. Multi-branch access is also provided to retail customers through the branch network and Automated Teller Machines (ATMs).

The Bank has made substantial efforts and investments in acquiring the best technology available internationally, to build the infrastructure for a world

class bank. The Bank's business is supported by scalable and robust systems which ensure that its clients always get the finest services that it offers.

SWOT ANALYSIS OF HDFC BANK

Strengths: -

1. Right strategy for the right products. 2. Superior customer service vs. competitors. 3. Great Brand Image. 4. Products have required accreditation. 5. High degree of customer satisfaction. 6. Good place to work 7. Lower response time with efficient and effective service. 8. Dedicated workforce aiming at making a long-term career in the field. Weakness:

1. Some gaps in range for certain sectors. 2. Customer service staff needs training. 3. Processes and systems, etc 4. Management cover insufficient. 5. Sectoral growth is constrained by low unemployment levels for staff and competition

Opportunities:

1. Profit margins will be good. 2. Could extend to overseas broadly. 3. New specialist applications. 4. Could seek better customer deals. 5. Fast-track career development opportunities on an industry-wide basis. 6. An applied research center to create opportunities for developing techniques to provide added-value services.

Threats: 1. Legislation could impact. 2. Great risk involved 3. Very high competition prevailing in the industry. 4. Vulnerable to reactive attack by major competitors. 5. Lack of infrastructure in rural areas could constrain investment. 6. High volume/low cost market is intensely competitive.

LIFE INSURANCE Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money (the "benefits") upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger payment. The policy holder typically pays a premium, either regularly or as a lump sum. Other expenses (such as funeral expenses) are also sometimes included in the premium; however, in Australia the predominant form simply specifies a lump sum to be paid on the policy holder's death.

The advantage for the policy owner is "peace of mind", in knowing that the death of the insured person will not result in financial hardship for loved ones.

WHY IS IT IMPORTANT? For family protection: The major reason one would acquire life insurance is to protect his family after his death. In case of unsudden death of the bread earner of a family it will be very difficult for the family to survive after his death. A life insurance policy would protect your loved ones financially and help them keep their present lifestyle without much interruption. Investment: If one decides to purchase an investment type of insurance, called a whole life insurance policy, part of his premium will go to an account that can be accessed later, even without someone dying first. This can be used as a savings instrument to accumulate substantial wealth or it can be used in an emergency, such as a serious illness or disabling injury.

Protecting Assets: With a life insurance policy, one can protect a home, boat, business or any other property for which he has an outstanding loan or tax bill or which requires significant upkeep. This will prevent his family or other beneficiaries from having to sell the property because they cannot afford to pay for it.

Leaving a Legacy: People who purchase a life insurance policy may also be interested in leaving a legacy behind by donating the proceeds of their policy to a particular school or an organization.

SCOPE OF INSURANCE We all know that assets are insured, because they are likely to be destroyed or made non functional before the expected life time, through accident occurrences. Such possible occurrences are called perils. Perils are the events. Risks are the consequential losses or damages. The risk to an owner of a building may be a few lakhs or a few crores of rupees, depending on the cost of building, the contents in it and the extent of damage. The risk only means that there is a possibility of loss or damage. Insurance is done against the possibility that the damage may happen. There has to be an uncertainty about the risk. The wordpossibility implies uncertainty. Insurance is relevant only if there are uncertainties. Insurance does not protect the asset. It does not prevent its loss due to the peril. The peril cannot be avoided through insurance. The risk can sometimes be avoided, through better safety and damage control measures. It only tries to reduce the impact of the risk on the owner of the asset and those who depend on that asset. They are the ones who benefit from the asset and therefore, would lose, when the asset is damaged. Insurance compensates for the losses- and that too, not fully. In conclusion we can say that the scope of insurance is very broad and specific because it reduces the losses and risk of owner of the assets due to perils. It also gives supports to the person in the period of adverse situation. It insured economic consequences. When a person saves, the amount of funds available at any time is equal to the amount of money set aside in past, plus interest. Insurance has no substitute and one more thing about the insurance is that this is not similar to a hire purchase scheme. In the event of death, the balance instalments are not excused. They have to be paid by the surviving family. There is a tax benefits, both in income tax and in capital gains. Marketability and liquidity are better. Life insurance is not only the best possible way for family protection there is no other way. The term of life is hard but the terms of insurance are easy.

OBJECTIVES

When we talk about objective of the insurance sector we can divide it into three categories which are:

Broad Increased coverage of the population

Specific Customer has a wider choice & range of products Service standards to customer

Economic Savings mobilization

OBJECTIVES OF THE STUDY To know the customer satisfaction level and their perception regarding Life insurance of HDFC Bank. To know the customer awareness regarding the various Life insurance plans of HDFC. To know the level of interest of customer regarding the different life insurance plans of bank. To know the preference of customer.

CHAPTER- 2 RESEARCH METHODOLOGY Research methodology is a way to systematically solve research problem. It may be understood as a science of studying how research is done scientifically. In it we study the various steps that are generally adopted by a researcher in studying his research problem along with the logic behind them. It is necessary for the researcher to know not only need to know how to develop certain indices or tests, how to calculate, how to apply particular research techniques, but they also need to know which of these methods or techniques ,are relevant and which are not, and what would they indicate and why.

The research frame for the study is detailed below. It is necessary to explain the methodology for the research work done. The purpose of research is to discover answers to question through some specific procedure. The aim of research is to find out the truth which is hidden or which has not been discovered as yet. While conducting this research I have mainly used primary data and some sources of secondary data also.

The main purpose of this chapter is to present the method and procedure used in execution and conduction of this study. In order to facilitate the presentation this chapter is divided into following section.

Defining the problem. Selection method. Research Design. Sample Design Data collection. Analyze the information. Presentation of finding.

.Defining the problem:

It is said, A problem well defined is half solved. The step is to define the project under study and deciding the research objective.

Selection method:

The present study is not subjected to experimentation. A survey method was adopted to carry out the research.

Preparing research design:

A research design is the arrangement of conditions for collecting and analysis of data in a manner that aims to combine relevance to the research purpose. Research Design is the conceptual structure within which research is conducted. Research design includes the outline of what the researcher will do from writing the hypothesis and its operational implications to the final analysis of data.

A research design is the framework of the study and used as a guide in collecting

and analyzing the data.

Determining sample design:

*Universe: All the items under consideration in any field of inquiry constitute a

universe or population. The relevant universe in this case is Chandigarh and it consist of other banks where a comparative study was conducted.

*Sample size : A random sample of 50 respondents has been drawn having

different educational background, income and age group.

*Sampling Technique: Depending on the size of the department a proportionate

number of people picked, on the lines of convenience sampling.

Data Collection: There are two sources of data collection: Primary Sources Secondary Sources.

a) Primary Sources: Primary Data is the data collected from the original source.

In my survey and study there was optimum availability of primary data because every witness was witnessed carefully at each point. The data collection has been done by interviewing respondents through structured Questionnaire.

b) Secondary sources: Secondary Data is the one which has already been

collected by someone else and some other person is using that information. The source of secondary data was books and web sites related to the company.

Analyze the information

The next step is to extract the finding from the collected data.

Presentation of finding

This is the last and important step in the research process in the form of graphs, pie chart, conclusion, suggestion and recommendations after data analysis.

CHAPTER- 3 ANALYSIS AND INTERPRETATION

1) The following banks services are being used by customers (a) Public banks (SBI, PNB, Indian Bank etc...) (b) Private banks (HDFC, AXIS, ICICI etc...) (c) Foreign banks (HSBC, YES bank etc...)

Table Showing No. of respondents and percentage of respondents No. of Respondents (a) (b) (c) Public Banks Private Banks Foreign Banks 33 16 1 % of Respondents 66% 32% 2%

Chart Showing No. of respondents and percentage of respondents.

% of respondents
Public banks Private banks 2% Foreign banks

32%

66%

INTERPRETATION:
From the above data it can be concluded that majority of people are availing services of

Public banks i.e 66% of Respondents are availing public banks services and 32% are availing services of Private banks and very small amount of people i.e 2% are availing services of Foreign banks. 2) Customers average monthly income: (a) Less than 5000 (b) 5000 25000 (c) 25000 40000 (d) 40000 -75000 (e) 75000 & above

Table Showing No. of respondents and percentage of respondents S.No Particulars No. of respondents % of respondents

(a) (b) (c) (d) (e)

Less than 5000 5000-25000 25000-40000 40000-75000 75000 and above

0 23 15 12 0

0% 46% 30% 24% 0%

Graph Showing No. of respondents and percentage of respondents

50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% less than 5000 5000-25000 25000-40000 % of Respondents 40000-75000 75000 & above 0% 0% 24% 30% 46%

INTERPRETATION: From above data it can be concluded that majority of peoples monthly income fall in between 5000-25000 slab, 30% in 25000-40000 and 24% in 45000-75000.

Customers response regarding their awareness of HDFC Bank ltd. (a) Yes (b) No

Table Showing No. of respondents and percentage of respondents

Response

No. Of Respondents

% of Respondents 94% 6%

(a) (b)

Yes No

47 3

Chart Showing No. of respondents and percentage of respondents

% of Respondents
6%

Yes No

94%

INTERPRETATION:
From the above data it can be concluded that majority of the people i.e 94% of people have heard and are aware of HDFC bank, just 6% of people have not heard about HDFC bank ltd.

Customers view points on life insurance (a) Protection tool (b) Tax saving instrument (c) Saving option (d) Others

Table Showing No. of respondents and percentage of respondents

No. of Respondents (a) (b) (c) (d) Protection tool Tax Saving Instrument Saving Option Others 25 15 10 0

% of Respondents

50% 30% 20% 0%

Graph Showing No. of respondents and percentage of respondents

60% 50% 50% 40% 30% 30% 20% 20% 10% 0% 0% Protection tool Tax saving instrument Saving option Others % of Respondents

INTERPRETATION:
From above information it can be concluded that around 50% of people see life insurance as a protection tool, 30% of people think that it serves the purpose of saving tax and 20% of people think that life insurance is a good saving option.

Customers response regarding whether they have been associated with any group co. of HDFC as a customer (a) Yes (b) No Table Showing No. of respondents and percentage of respondents S.No. (a) (b) Response Yes No No. of Respondents 35 15 % of Respondents 70% 30%

Chart Showing No. of respondents and percentage of respondents

% of Respondents
Yes No

30%

70%

INTERPRETATION: From above data it can be concluded that majority of people i.e. 70% of people are availing services of HDFC bank in one form or the other.

Customers response regarding whether they know that HDFC is also into insurance business or not (a) Yes (b) NO

Table Showing No. of respondents and percentage of respondents S.No. Response No. of Respondents % of Respondents

(a) (b)

Yes No

47 3

94% 6%

Chart Showing No. of respondents and percentage of respondents

% of Respondents
6%

Yes No

94%

INTERPRETATION:
From above information it is clear that most of the people i.e. about 94% of people know that HDFC is also into insurance business.

If yes how did you come to know about HDFC being into Insurance business (a) Through advertisement (b) Friends (c) Relatives (d) Internet (e) Others

Table Showing No. of respondents and percentage of respondents S.No Particulars No. Respondents (a) (b) (c) (d) (e) Through advertisement Friends Relatives Internet Others 30 8 7 5 0 60% 16% 14% 10% 0% of % of Respondents

Graph Showing No. of respondents and percentage of respondents

70% 60% 60% 50% 40% 30% 20% 10% 2% 0% Through advertisement Friends Relatives % of Respondents Internet Others 0% 16% 14%

INTERPRETATION:
From above data it can be concluded that majority of people i.e. 60% of people became

aware of HDFC bank through its advertisement on television, newspaper or other medias, and 16% of people came to know about this bank through their friends and 14% from relatives and just 2% from internet.

Customers response regarding whether they have an Insurance policy on their life (a) Yes (b) No Table Showing No. of respondents and percentage of respondents S.No (a) (b) Response Yes No No. of Respondents % of Respondents 42 8 84% 16%

Chart Showing No. of respondents and percentage of respondents

% of Respondents
16%

Yes No

84%

INTERPRETATION:
From the above information it is clear that majority of people around 84% of people have insurance policy on their life and 16% of people still do not possess life insurance policy.

Customers response regarding the plan that they have taken INTERPRETATION: Most of the customers have taken life insurance policies of LICI and of HDFCSL. They have different plans like Jeevan Anand, Money plus, Lic Life plus, Sampuran Samridhi, Children plan.

Customers response regarding life insurance companies that is most prominent in their locality. (a) LICI (b) ICICI Prudential (c) Bajaj Alliance (d) SBI Life (e) HDFCSL (HDFC Standard Life)

Table Showing No. of respondents and percentage of respondents S.No. Particulars No. Respondents (a) (b) (c) (d) (e) LICI ICICI Prudential Bajaj Alliance SBI Life HDFCSL 25 3 2 7 13 of % Respondents 50% 6% 4% 14% 26% of

Graph Showing No. of respondents and percentage of respondents

60% 50% 50% 40% 30% 20% 10% 0% LICI ICICI Prudential Bajaj Alliance % of Respondents SBI Life HDFCSL 6% 26%

14% 4%

INTERPRETATION:
From the above data it can be concluded that Life Insurance Corporation of India (LICI) is the most prominent life insurance company that is situated in majority of peoples locality after LICI the other prominent life insurance company in peoples locality is HDFCSL (HDFC Standard Life).

Customers response regarding whether they are aware that they can get expert advice from HDFC on their financial goals (a) Yes (b) No

Table Showing No. of respondents and percentage of respondents S.No (a) (b) Response Yes No No. of Respondents % of Respondents 35 15 70% 30%

Chart Showing No. of respondents and percentage of respondents

% of Respondents

30%

Yes 70% No

INTERPRETATION: From the above data it can be concluded that around 70% of people are aware that HDFC provides expert advice on financial goals.

Do you want any of your relatives/friends to know about the services offered by HDFC on life insurance? (a) Yes (b) No

Table Showing No. of respondents and percentage of respondents S.No Response No. of Respondents % of Respondents

(a) (b)

Yes No

42 8

84% 16%

Chart Showing No. of respondents and percentage of respondents

% of Respondents
16%

Yes No 84%

INTERPRETATION:
From the above information it can be concluded that majority of people want their friends/relatives to know about the various services and various plans that are offered by HDFC Bank on Life Insurance.

LIMITATION OF THE STUDY

It is said, Nothing is perfect and if the quite is true, I am sure that there would be few shortcoming in this project also. Sincere efforts have been made to eliminate discrepancies as far as possible but few would have reminded due to limitations of the study. These are:

The research was carried out in a short period. Limited sample size. The information given by the respondent might be biased some of them might not be interested to given correct information. Some of the respondents of the survey were unwilling to share information. The study is restricted to HDFC Bank only.