dineshkumar internship project report

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SMI BUSINESS SCHOOL, BANGALORE.

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PROJECT REPORT ON A STUDY ON CUSTOMER PREFERENCE TOWARDS CHILDRENS PLAN IN HDFC STANDARD LIFE INSURANCE LIMITED, SALEM.

INDUSTRY PROFILE :

INDUSTRY PROFILE The insurance business/general insurance remained with the private sector till 1972 . There were 107 private companies involved in the business of general operations and their operations were restricted to organized trade and industry in large cities. The General Insurance Company (Nationalization) Act 1972 nationalization the general insurance business in India with effect from J anuary 1, 1973. The 107 private company amalgamated into four ccompanies National Insurance Company New India Assurance Company Oriental Insurance United India Insurance Company These were subsidiaries of the General Insurance Company (GIC).

COMPANY PROFILE:

COMPANY PROFILE Housing Development Finance Corporation Limited (HDFC Limited) – India's leading housing finance institution. To enter life insurance market, in Jan 1995. The company was incorporated on 14th August 2000 under the name of HDFC Standard Life Insurance Company Limited. HDFC Standard Life has about 568 branches and is present in over 700 cities and towns. It has almost 2,00,000 financial consultants that meet various customer needs such as protection, pension, savings, investments and health. The company has 32 retail and 4 group products along with 5 rider benefits.

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To examine the reasons for choosing a particular children plan. To know about the economic status of the customers who invested in child plan. To know about the influencing factors that attracts the customer towards a particular plan. To know whether the plans offered by the company are satisfying the needs of the customers or not. To find out the customer satisfaction level of customer towards the service provided by HDFC. OBJECTIVES

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Children have several dreams and inspirations and parents seek to fulfill all of them. Securing your child's future in terms of finances can be achieved by HDFC Life Insurance Children's Plans. There are traditional plans that offer return on policy in the form of bonus, payable on maturity or others where return is in the form of growth. Our range of Children's Plans includes Conventional Plans HDFC Children's Plan 2. Unit Linked Insurance Plans HDFC SL YoungStar Super II HDFC SL YoungStar Super Premium Children's Plans

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QUESTIONNAIRE 1. Name : 2. Gender : a) Male [ ] b) Female [ ] 3. Age a) 20 to 25 [ ] b) 26 to 30 [ ] c) 31 to 35 [ ] d) 36 to 40 [ ] 4. Educational qualification: a) Below HSC [ ] b) Undergraduate [ ] c) Post graduate [ ] d) Uneducated [ ] 5. Occupation: a) Self employee [ ] b) professional [ ] c) Agriculture [ ] d) home makers [ ] 6. Monthly income a) Below 10000 [ ] b) 10001 to 20000 [ ] c) 20001 to 40000 [ ] d) Above 40001 [ ]

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7. Area or the consumer a) Urban [ ] b) Rural [ ] c) Semi- Urban [ ] 8. What makes you to invest in HDFC standard life insurance a) Brand image [ ] b) Market performance [ ] c) Better customer service[ ] d) Availability of fund [ ] 9. How do you know about this child plans a) Friend [ ] b) Relatives [ ] c) Neighbors [ ] d) Advertisement [ ] 10.For what purpose you preferred children plan a) For child education [ ] b) For marriage [ ] c) For high returns [ ] d) For savings [ ] 11. Rate your satisfaction level about children plan a) Highly satisfied [ ] b) satisfied [ ] c) Neutral [ ] d) Dissatisfied [ ] e) Highly dissatisfied [ ]

12. Rate the satisfaction of following benefits a) Critical illness [ ] b) Life option [ ] c) Health option [ ] d)Top of fund [ ] e) Fund investment option[ ] 13. Which factor influencing you to make invest in this plan a) Triple benefits [ ] b) Loyalty units [ ] c) Fund allocation [ ] d) Partial withdrawals [ ] e) Flexible premium payment option [ ]   14. Apart from the competitor products, what are the salient feature you find in HDFC standard life insurance children plan a) Triple & double maturity benefits [ ] b) Triple & double Critical illness benefits [ ] c) Increased fund allocation [ ] d) Availability of stable managed funds [ ]   15. Do you agreed that the benefits under this plan meets your future security a) Yes [ ] b) No [ ]   :

12. Rate the satisfaction of following benefits a) Critical illness [ ] b) Life option [ ] c) Health option [ ] d)Top of fund [ ] e) Fund investment option[ ] 13. Which factor influencing you to make invest in this plan a) Triple benefits [ ] b) Loyalty units [ ] c) Fund allocation [ ] d) Partial withdrawals [ ] e) Flexible premium payment option [ ] 14. Apart from the competitor products, what are the salient feature you find in HDFC standard life insurance children plan a) Triple & double maturity benefits [ ] b) Triple & double Critical illness benefits [ ] c) Increased fund allocation [ ] d) Availability of stable managed funds [ ] 15. Do you agreed that the benefits under this plan meets your future security a) Yes [ ] b) No [ ]

16. Rate your self of your future expectation of children plan a) Hospitalization benefits [ ] b) Reduced annual premium [ ] c) Inclusion of more funds [ ] d) Increasing the effectiveness of consumer service [ ] 17. What you feel about the charge relating to fund a) Very high [ ] b) High [ ] c) Moderate [ ] d) Low [ ] e) Very low [ ]   18. Would you recommend to buy children plans in HDFC standard life insurance a) Yes [ ] b) No [ ] 19. Give your valuables suggestion:  :

16. Rate your self of your future expectation of children plan a) Hospitalization benefits [ ] b) Reduced annual premium [ ] c) Inclusion of more funds [ ] d) Increasing the effectiveness of consumer service [ ] 17. What you feel about the charge relating to fund a) Very high [ ] b) High [ ] c) Moderate [ ] d) Low [ ] e) Very low [ ] 18. Would you recommend to buy children plans in HDFC standard life insurance a) Yes [ ] b) No [ ] 19. Give your valuables suggestion: Thank you

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SAMPLE SIZE The research has 100 samples. It have been taken for the study from the organization. This research has been 75% of the responds from males and 25% responds from females.

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FINDINGS Majority (75%) of the respondents are male. Majority (53%) of the respondents belong to the age group of 26 to 30 years. Majority (49%) of the respondents belong to the post graduate. Majority (48%) of the respondents belong to the urban area. Majority (46%) of the respondents are professionals. Majority (40%) of the respondents belong to the better the customer service Majority (35%) of the respondents belong to the income group of Rs.10000 to Rs.20000. Nearly 81% of the respondents say that they will recommend investing in HDFC standard life insurance plans

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SUGGESTIONS As far the research study, it is implied that only that benefit plans such as the Hospitalization benefits, Triple benefits are being focused much. Hence the Bank should take sufficient measures to take consumers focus on rest of the benefits of HDFC’s benefit plans. The company should focus and maintain much on “Increased fund allocation” to make it even more competitive then the today’s status. In order gain even more good will, HDFC can focus much on standard life insurance plans. Based on the customers preference the insurance company should make constant effort to keep touch with it’s customers by monitoring their changing needs.

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CONCLUSION Customer preference is the most important aspect in insurance company. If the customer preference decreases it reflects a great loss to insurance company. In order to gain good reputation as well as profit, customer expectations should be studied and their needs may be fulfilled immediately. HDFCSLIC should consider the suggestions make by the researcher and try to implement those suggestions in order to establish its reputation in the insurance industry.

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BIBLIOGRAPHY BOOK Kothari.C.R (2004), Research Methodology Methods & Techniques, New Age International Publishers, New Delhi, 2 nd Edition. . Gupta,S.C., Kapoor, V.K “Fundamental of applied Statistics”. Sultan Chand & Sons,2001. Philip kotler & Lane Keller (2006), Marketing Management (13 th Edition). WEBSITE www.google.com www.unicef.co.in www.hdfcinsurance.com www.wikipedia.com

THANK YOU BY K.DINESHKUMAR:

THANK YOU BY K.DINESHKUMAR

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