INTRODUCTION

Insurance may be described as a social device to reduce or eliminate the risk

of loss of life and property. Under the plan of insurance a large number of
people associate themselves by sharing risk attached to individuals. The
risks, which can be insured against, include fire, perils of sea, death,
accidents and burglary. Any risk contingent upon these may be insured
against at a premium commensurate with the risk involved. This we can say
" collective bearing of risk is Insurance".

Insurance is a plan by themselves which large number of people associate

and transfer to the shoulder of all, risk that attach to individuals.
............John Magee

Insurance is a contract in which a sum of money is pad to the assured as

consideration of insurer's incurring the risk of paying a large sum upon a
given contingency
.........Justice Tindall

The insurance ensured protection of economic value of assets. Assets are

insured against the risk of being destroyed or made the non-functional due to
any accidental occurrence.
Today, every company in every sector is scrambling to sell products & to
earn profits. Today, the customers enjoy variety of products, brand choices,
prices & suppliers. To survive in this competitive world one has to make
customer satisfied. Because it is generally said "Satisfied customer is half
work done". When we talk about service industry, banking & insurance
strikes our mind immediately. Insurance is a service industry. Insurance
companies do not sell any goods but sell promises. They sell the promise to
take care of customer, in case he suffers a loss due to some unforeseen
contingencies.

CONCEPT OF INSURANCE

Today, Insurance is one of the most effective methods found by man as a

way of dealing with risk, against uncertainty. As the man is a social animal
and lives in a tradition is a very common in India. A family is generally
dependent for its food. Clothing and shelter on the income brought in at
regular intervals by the breadwinner of the family.
So long as he lives and the income is received steadily, that family is secure,
but should death or in any sort of misshapenness suddenly intervene, the
family may be left in very inherent in human life and this risk gave rise to
the necessity for some from of protection against the financial loss arising
from occurring of any unwanted situation and insurance Substitutes this
uncertainty by certainty. Insurance is a contract where by the insurer pay the
financial losses suffered by the insured as a result of the occurrence of
certain unforeseen events in return for the payment of premium as
consideration by the insured, the party which promises to indemnify the loss
is called 'Insurer'. The person or the property subject to risk is called
'Insured'. The agreement providing for insurance is called an Insurance
Policy. So Insurance is process in which many who are equally exposed to
same risk share losses of few. A large number of persons could be facing the
same risk. One or a few of them unfortunately suffer the loss. All others
share the loss. The only difference is that those exposed to the risk pay their
share just in the beginning, when no one knows who will meet the loss.

CLASSIFICATION OF INSURANCE INDUSTRY

Insurance Risks are classified into two industries, from the industry point of
view:

i) Life Insurance
As is evident from the name, this industry deals with insurance of
human life and saving for long time. As per requirements of various
segments of market, Different types of policies have been devised. Life
Insurance Corporation of India - a sector undertaking has the monopoly in
this sector since nationalization of industry,
ii) General Insurance
General Insurance meets the demand of all types of non-life
insurance. This has been classified as Fire, Marine and miscellaneous
including Vehicle Insurance.

OBJECTIVES OF THE STUDY

□ To do comparative study of HDFC Standard Life Insurance and

ICICI Prudential.

□ To know the customer satisfaction level and their perception

regarding HDFC Standard Life Insurance and ICICI Prudential.
□ To know the customer preference towards the Private or Public
Life Insurance sector.

□ To know the scope of as an investment opportunity and to know

the priority of people while selecting different Saving Schemes.

□ To make the comparison between the products offered by

HDFC Standard Life Insurance and ICICI Prudential.

□ To know about the future plans of people for buying an

insurance policy.

RESEARCH METHODOLOGY

Introduction and Meaning

Research is a careful investigation or inquiry especially through search for
new facts in branch of knowledge: market research specifies the information.
Required to address these issues: designs the method for collecting
information: manage and implements the data collection process analyses
the results and communicates the finding and their implications.

Research problem is the one which requires a researcher to find out the best
solution for the given problem that is to find out the course of action, the
action the objectives can be obtained optimally in the context of a given
environment.
Techniques

The problem definition can be said to be the quite essential part of the
research process; as it determine precisely, what the managerial problem is
and the type of information that the research can generate to help the
problem before conducting the fieldwork. It is better to decide upon the
method/technique of data collection. Generally, there are two technique of
data collection are:

1. Census Technique 2. Sample Technique or Convenient sampling

A census is a complete enumeration of each and every unit of population
where as in a sample only a part of the universe is studied and conclusion
about the entire universe is drawn about that basis. The census method is
costlier and more time consuming as compared to sampling method but the
result are near representatives than sample method. The availability of
resources, time factor degree of accuracy desire and scope of the problem
enable us to apply sample technique.

Data Collection

The objectives of the project are such that both primary and secondary data
is required to achieve them. So both primary and secondary data was used
for the project. The mode of collecting primary data is questionnaire mode
and sources of secondary data are various magazines, books, newspapers, &
websites etc.

1. Primary Data
The primary data was collected to make the comparison between the
products offered by HDFC Standard Life Insurance and ICICI Prudential.
The primary data was collected by means of questionnaire and analysis was
done on the basis of response received from the customers. The
questionnaire has been designed in such a manner that the consumer's
satisfaction level can be measured and consumer can enter his responses
easily.

2. Secondary Data

The purpose of collecting secondary data was to achieve the objective of

studying the recent trends and developments taking place in Life Insurance.

Sampling

Sample size: - Keeping in mind all the constraints 100 working people local
residents of Chandigarh city were selected.

Sampling Unit: - Chandigarh

Sampling Technique: - Convenient sampling

Analysis and Interpretation

After the data collection, it was compiled, classified and tabulated manually
and with help of computer. Then the task of drawing inferences was
accomplished with the help of percentage and graphic method. Different
suggestions given by me to the Company after analyzing the views of every
respondent are also given in the report.
 LIMITATIONS 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:

1. Limited scope
The survey was conducted in Chandigarh thus the respondents belonged to
only this region of the country. This could have brought bias into the study.

2. Nature of the study

The survey concentrated on personal information about income, saving and
investment. All these issues are highly sensitive and of secretive nature
therefore there could have been untrue answers to some of the questions.

3. Ambiguous replies
Some of the respondents gave ambiguous replies for certain questions or
omitted the responses to some of them. The interpretation of such responses
becomes difficult and could generate wrong results.

4. Unrepresentative sample size

The sample size taken for the purpose of the study does not very
significantly represent the whole society and their saving investment patterns
may not clearly bring out the average trends existing in the market.

5. Assumption for the purpose of analysis

Some assumption was made while doing analysis and interpretation; there
could be few limitations in regard to these.
 QUESTIONNAIRE

1. Are you aware of Life Insurance ?

Yes □ No □

2. Are you aware of the following Life Insurance Companies ?

HDFC Standard Life Insurance. □
ICICI Prudential Life Insurance □

3. Which companies policy had you opted from the following :

HDFC Standard Life Insurance. □
ICICI Prudential Life Insurance □

4. Are you satisfied with the services offered by HDFC Standard Life
Insurance?
Yes □ No D

5. From where did you heard about HDFC Standard Life Insurance?
Electronic Media □
Print Media □
Agents □
Others □

6. What was the motive behind purchasing the policy?

Risk Coverage □
Saving □
Investment □
Taxation □
7. Are you aware of the following insurance plans?
Single Premium □
Money Back □
Endowment □
Children □
Pension □
ULIP □
All □

8. What according to you are the motives of buying Life Insurance

Policy?
Tax Saving □ Lives Cover □
Liquidity □ Secure Investment □

9. If you are not taking any insurance policy, please tell us the reasons
why?
We could not afford □
We don't see any benefit with the system □
We don't want insurance □
We don't understand how system works □
 SYNOPSIS
On
INSURANCE WIDE VALUS
OF
HDFC
Submitted to

Punjab Technical
University
For the partial fulfillment of the requirement for the degree
of

Bachelor of Business
Administration
2009
Submitted To:
MRS. DEEPALI SHARMA
Lecturer,
Lovely Institute of Management

Submitted By:
ANKUR SHARMA
614240767
B.B.A VI (SEM)