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An overview of the indian insurance industry, with a focus on hdfc standard life. It covers the history of insurance in india, the objectives of a study on customers' buying behavior towards private insurance companies, and an analysis of hdfc standard life's parentage, strengths, and swot analysis. The document also discusses the values and policy details of hdfc standard life.
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In 1818 the British established the first insurance company in India in Calcutta, the Oriental Life Insurance Company. First attempts at regulation of the industry were made with the introduction of the Indian Life Assurance Companies Act in 1912. A number of amendments to this Act were made until the Insurance Act was drawn up in 1938. Noteworthy features in the Act were the power given to the Government to collect statistical information about the insured and the high level of protection the Act gave to the public through regulation and control. When the Act was changed in 1950, this meant far reaching changes in the industry. The extra requirements included a statutory requirement of a certain level of equity capital, a ceiling on share holdings in such companies to prevent dominant control to protect the public from any adversarial policies from one single party, stricter control on investments and, generally, much tighter control. In 1956, the market contained 154 Indian and 16 foreign life insurance companies. Business was heavily concentrated in urban areas and targeted the higher echelons of
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society. Unethical practices adopted by some of the players against the interests of the consumers then led the Indian government to nationalize the industry. In September 1956, nationalization was completed, merging all these companies into the so-called Life Insurance Corporation (LIC). It was felt that “nationalization has lent the industry fairness, solidity, growth and reach.”
Insurance is in a manner of speaking the last frontier in the financial sector to open. It is also a sector, which leads to benefits across the full spectrum, from the individual who now have wider choices, to the economy, which see increased savings, to the infrastructure sector, which can look forward to long term funding being available. In an under-insured economy, newer channels of distribution have to be utilized to intensify the reach of insurance both in urban and rural markets. This will create huge employment opportunities not only within insurance companies but also as agents and consultants of insurance companies.
The insurance Regulatory and Development Authority (IRDA) is a national agency of the Government of India, based in Hyderabad. In 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry. The IRDA was incorporated as a statutory body in April, 2000.
The key objectives of the IRDA include promotion of competition so as to enhance customer satisfaction through increased consumer choice and lower premiums, while ensuring the financial security of the insurance market. The IRDA opened up the market in August 2000 with the invitation for application for registrations. Foreign companies were allowed ownership of up to 26%. The Authority has the power to frame regulations under Section 114A of the Insurance Act, 1938 and has from 2000 onwards framed various regulations ranging from registration of companies for carrying on insurance business to protection of policyholders’ interests.
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HDFC LIFE INSURANCE Limited:
HDFC ERGO GENERAL INSURANCE LIMITED:
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As a joint venture of financial services groups, HDFC standard life has the financial expertise required to manage your long-term investments safely and efficiently.
Our gross premium income, for the year ending March 31, 2008 stood at Rs. 4,859crores and new business premium income stood at Rs. 2,685crores. The company has covered over 9,59,000 lives year ending March 31, 2008.
WEAKNESS:
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We at HDFC Standard Life realize that not everyone has the same kind of needs. Keeping this in mind, we have a varied range of Products that you can choose from to suit all your needs. These will help secure your future as well as the future of your family.
Protection Plans: You can protect your family against the loss of your income or the burden of a loan in the event of your unfortunate demise, disability or sickness. These plans offer valuable peace of mind at a small price.
Investment Plans: Our investment products are well suited to meet your long-term needs.
Pension Plans: Our Pension Plans help you secure your financial independence even after retirement.
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Our Immediate Annuity plan will aid you in receiving income post retirement and securing you financial independence.
Savings Plans: Our Savings Plans offer you flexible options to build savings for your future needs such as buying a dream home or fulfilling your children’s immediate and future needs. Our Savings range includes
Health Plans: Our health plans provides you with timely support in case of any health related emergencies and helps you and your family to remain financially independent in difficult times
One-stop shop for employee-benefit solutions: HDFC Standard Life has the most comprehensive list of products for progressive employers who wish to provide the best and most innovative employee benefit solutions to their employees. We offer different products for different needs of employers ranging from term insurance plans for pure protection to voluntary plans such as superannuation and leave encashment. We now offer the following group products to our esteemed corporate clients
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Marketing metrics Literature review
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C. Balaji(2015), in his paper- Customer awareness and satisfaction of life insurance policy holders with reference to Mayiladuthurai town tries to measure awareness among the urban and rural consumer about the insurance sector and also the various policies involving various premium rates. The study was conducted by examining around 100 sample respondents which revealed that 100% of respondents are aware of the life insurance policies; where as 87% of the respondents came to know about insurance policies through agents. But it also came to light that Most of the respondents are aware of government insurance company LIC and in the private sector HDFC Standard Life insurance. Finally the research concludes that the penetration level of insurance in India is only 2.3% when compared to 9-15% in the developed nations. So there is a huge market for the Insurance products in the future in India.
Marketing metrics Literature review