The project title is"MARKETING STRATEGIES OF HDFC STANDARD LIFE INSURANCE". Insurance means Spreading of Losses or Sharing of Risks:
Life is full of risks. For property, there are fire risks; for shipment of goods, there are perils of sea; for human life there are risks of death or disability; so on and so forth. The risks are uncertain-may or may not occur. People facing common risks come together and give their small contribution to the common fund. While it may not be possible to tell before, which persons will suffer, but it is possible to tell how many persons on an average out of the group will suffer loss. If any case risk occurs, loss is made good out of common fund. In this way, common risk is shared by all. Insurance thus broadly be understood as the process of spreading of losses of an individual over the group of individuals or the process of sharing of risk by those who face common risk. People who suffer loss get relief because their loss is made good out of common fund. People who do not suffer loss get relief because they are free of any worry of loss. Following 2 examples explain the above concept of insurance.
Insurance in India has been under public sector for over four decades. Life Insurance was nationalized way back in 1956 by merging 245 private insurance companies thus forming Life Insurance Corporation (LIC) of India. Similarly after nationalization of general insurance in 1972, General Insurance Corporation (GIC) was formed by merging 106 private insurance companies. General Insurance Corporation currently has four subsidiary companies operating in India. When the insurance industry was nationalised, it was considered a landmark and a milestone on the way to the socialistic pattern of society that India had chosen after independence.
But now four decades after the Insurance sector was nationalized, the nationalised sector companies could not cater to the Indian market to cover its entire potential. So the main objectives of privatization are
1. To provide for proper back ups if there is any unforeseen economic shocks.
2. To make sure there is a win-win situation for both the common man and the industry players.
The other reasons for opening up the insurance sector to the private insurers are as under:
1. To provide better Insurance coverage to Indian citizens.
To augment the flow of long-term financial resources to finance the growth of Infrastructure.
2. The Public Sector Insurance Companies had not succeeded in extending the insurance cover to all the needy people of the country due to various reasons. Hence this onerous responsibility now has been entrusted to the private insurers.
1. Penetration of Insurance: LIC and GIC could not ensure very fast growth of insurance in India even in a long period extending over four decades. Hence the penetration of insurance is very low in India.
The objectives of the project:
- To study the benefits of this product provided by HDFC Standard Life Insurance company.
- To know the consumer feedback.
- To know the marketing strategies adopted to promote these products.
- To make the private players responsible to the investors and not to the government.
- To increase the competition in this sector so that the common people has the advantage of enjoying quality services at a reasonable cost
- Insurance has a far reaching effect in synchronizing between the various service sectors. So if this sector can grow, the prospects of the various other service sector remains to be promising.
Number of Pages of Project Report:80
Package Includes: Project Report
Project Format: Document (.doc)
Table of Contents of Project Report:
Chapter – 1: Industry overview
Chapter – 2: Company Profile
Chapter – 3: Research Methodology
Chapter – 4: Literature Review
Chapter – 5: Marketing strategies of HDFC
Chapter – 6: Data Analysis
Chapter – 7: Findings & suggestions
Chapter – 8: Conclusion
Appendices - Questionnaire