Comparitive Study Icici & Hdfc

PRESENTATION ON COMPARATIVE STUDY OF UNIT LINKED PRODUCTS OF HDFC-SLIC & ICICI PRU. LIFE INS. COMPANY

SCOPE OF THE STUDY This study is mainly confined to the customer of Baddi (H.P.) & near villages. The size of sample is 100 respondents. Comparison is done on the basis of secondary sources.

OBJECTIVES OF THE STUDY To make a comparative study of unit linked plans. To study the expectations of customers from insurance companies. Position of Insurance Companies in the mind of the consumer

RESEARCH METHODODLOGY Research Design Exploratory research & Descriptive research.

Sampling Unit Sampling units are the persons, who have taken the insurance plan in Baddi (H.P).

Sample Size The sample Consist of 100 respondents.

Data Collection Primary Data :The primary data are those which are collected a fresh and for the first time and thus happen to be original in character. Under this project direct collection of data from source of information & techniques such as personal interviewing and survey through questionnaire for customers has been considered.

Secondary Data: Secondary data is one which has already been collected by someone else and which has already been passed through statistical processing. Under this project secondary data is been collected from journals, magazines, brochures & web sites. Sampling Technique For this survey Convenience- Sampling technique is used.

Comparative analysis of unit link plan Company Name

HDFC Std. Life Insurance

ICICI Pru life Insurance

Plan Name

Young star

Life Time Plus

Age

18 to 65

0 to 65

Sum Assured

Minimum-5 times Maximum-40 times

Minimum-Rs.1,00,000 Maximum-1crore

Premium

Minimum-Rs.10,000 Maximum-no limit

Minimum-Rs.20,000 Maximum-Rs.3,00,000

Lock in period

3 years

3 years

Surrender allowed

After 3 years: no charges Before lock in period-30% of outstanding premium OP= difference between regular premium expected & received in the first two years

After 3 years: you get 92% After 4 years: you get 94% After 5 years: you get 96% After 6 years: you get 98% After 7years & above: you get 100% of fund value

Death and Maturity

Fund Option

On Death-Sum Assured + future premiums will be given by HDFC on the behalf of policyholder. On maturity- Value of accumulated fund is given to the beneficiary.  Liquid Fund  Secure Managed Fund  Defensive Managed Fund  Balanced Managed Fund  Equity Managed Fund  Growth Fund

On Death- Sum Assured + Fund Value will be given to the nominee. On Maturity-Fund value is given to the policyholder

   

Maximiser Balancer Protector preserver

Term Rider

For accident, Critical Illness- For accident, Critical Illness, Permanent Disability

Charges

Fund Mgmt. Charges0.80% per annum Administration ChargesRs.20 per Month Risk Benefit ChargesDepend upon the age of the policyholder. Partial Withdrawal Charge6 partial withdrawal in a policy year is free. All subsequent partial withdrawal in that policy year would be charged at Rs.250 per withdrawal. Fund switching Charges, 24 switches allowed every policy year free. Subsequent switches will be charged at Rs. 100 per switch premium

Fund Management Charges-Different Charges for different funds selected. Maximiser ll-1.50% p.a. Balancer ll-1.00% p.a. Protector- 0.75% p.a. Preserver- 0.75% p.a. Administration ChargesRs.60 per Month Partial Withdrawal Chargeone partial withdrawal in a policy year is free. All subsequent partial withdrawal in that policy year would be charged at Rs.100 per withdrawal. Switching Charges- 4 switches allowed every policy year free. Subsequent switches will be charged at Rs. 100 per switch.

Que. 1: - Awareness of HDFC Standard Life Insurance Company. S. No.

Particulars

Response

A

Print Media

24

40 35 30 25

B

Electronic Media

30

20

Series1

15 10

C

Agents

35

5 0 Print Media

D

Others

11

Electronic Media

Agents

Others

Que. 2: -What the people think about the Insurance? S.

Particulars

Response

N o . A

80

Necessity for protection security

67

70 60 50 40

B

Imposition of a burden of expenses

17

Series1

30 20 10 0 Security

C

A compulsory tool for tax saving

16

Expenses

Tax Saving

Que. 3: - What is the main consideration that a customer looks at while purchasing an Insurance Policy? S. No.

Particulars

Response

A

TAX

10

60 50

B

SAVING

29

40 30

Series1

20

C

PROTECTION

53

10

INVESTMENT

5

on In ve st em nt

E

Pe ns i

3

g Pr ot ec tio n

PENSION

Sa vin

D

Ta x

0

Que. 4: - What a respondent see while purchasing Insurance from the company?

C

Advertisement being released by the company

3

D

Services being given by the company

18

E

Returns of bonus declared by the company

26

Series1

ce s Re tu rn

7

Se rv i

Product range of the company

B

50 45 40 35 30 25 20 15 10 5 0 en t

46

e

Standing and goodwill of the company

Ad ve rti se m

A

Pr od uc tR an g

%age

oo dw ill

Particulars

G

S. No.

Que. 5: -Plan that a respondent prefers to buy.

Investment Plan

19

C

Pension Plan

10

D

Children Plan

24

Series1

ld re n

B

50 45 40 35 30 25 20 15 10 5 0

Ch i

47

on

Protection Plan

Pe ns i

A

en t

%age

In ve st m

Particulars

Pr ot ec tio n

S. No.

Que. 6: - Customers’ expectations from Life Insurance Companies.

A

Innovative Products

5

B

Attractive Riders

2

C

Reasonable Premium

24

D

Better Customer Service

47

E

High Risk Coverage

22

50 45 40 35 30 25 20 15 10 5 0

Series1

Ri sk

%age

Se rv ice

Particulars

In no va t iv e At tra cti ve Pr em ium

S. No.

Que. 7: - Is HDFC Standard Life Insurance Company provides better facilities than ICICI Prudential Life Insurance Company? S. No.

Particulars

%age

70

A

Yes

34

60 50 40 Series1

B

No

2

30 20 10 0 Yes

C

Cant say

64

No

Cant Say

FINDING Agents play major role in awaring people about the benefits of insurance. People think insurance as a protection tool. People purchase insurance policy mostly for protection purpose and some of people for saving. The goodwill of the company also attract customers toward a insurance company. People also take insurance policy as a security for their children.

CONCLUSION On the basis of my study, I conclude that, both the companies are providing very good facilities to their customers. HDFC Standard Life Insurance is the one that is providing waiver of premium to its customers in case of death of the life assured, whereas ICICI is not providing this facility to its customers. Both the companies have same lock-in-period i.e.3 years. Surrender charges of these companies are different from each other. On maturity, both the companies provide the amount equal to the market value of the units. Charges taken to manage the funds are different in both the companies.

SUGGESTIONS Advertisement should be done on television and especially Posters and Banners. This will greatly help in raising awareness level. Insurance Companies should show more commitment with the customers. Private companies give better services to the customers as compared to public companies. The private company should create good relations and communication. Private companies should collaborate to spread awareness regarding the benefits of insurance plans provided by the Private Companies.

Agents have got maximum influence on customers. They are the one who introduces the prospect to different policies. So agents should be given fullfledged training and the training should be strict.

LIMITATIONS OF THE STUDY Time for the completion of the project was too short to do an in-depth study. The facts and views of Respondents may be biased, imaginary and may be based entirely on their personal experience. Most of questions in the questionnaire was close ended which reduced the scope for people to give free opinion. The sample size was not enough to reach on any exact conclusion. Study is based on primary or secondary data that may not be true. Most of the people are not interested to give the right data.

Thank You !