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CHAPTER 1
INTRODUCTION
Overall, the life insurance and pension sector is set for rapid changes and growth in the years
ahead. Delivering service, building trust and being innovative are key areas in which any
company will have to excel in order to do well in the long road ahead. Different companies will
take different approaches and it would be myriad of solutions that will be found to delight the
Indian customer.
Market Research was done through various activities and tele-calling which are discussed further
in the report. Activities led to practical exposure and taught me the aspects of customer dealing.
Finally, interesting conclusions were drawn out of the data collected regarding the Awareness of
Financial Planning among the people in today‘s environment.
FINANCIAL PLANNING
A comprehensive financial advisory service involving financial strategies, tax, corporate/trust
structures, estate planning, legal issues, family law, asset allocation, asset protection and
investment advice.
Financial Planning takes into account
 Desired asset allocation, risk profile and return expectations.
 Building cash flows correlating all expenses and income. Inflation and outflows due to loans
are considering in building the financial plan.
 Future goals like retirement, housing and children's education / marriage or other needs.

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Why do you need Financial Planning?
You may have many dreams, needs and desires. For example, you could be dreaming of:
Owning a new car,
Buying a dream house,
Providing your children with the best education,
Planning a grand wedding for your children
Having a great time after your retirement
But in today's world of skyrocketing costs and increasing inflation, how many of these dreams
can you hope to turn into reality? By planning well, you can utilize your limited resources to the
fullest.
EXPERIENCE THE POWER 360º FINANCIAL PLANNING
The only thing permanent in life is change. Times change. People change. So does life. You
expect life to be much better tomorrow than it is today. Tomorrow, you hope to fulfill all your
dreams and aspirations. But what happens if things take an untoward turn? Or, if there is an
eventuality? Perhaps it's time for you to change the way you plan your investments...

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How will 360° Financial Planning help?
Instead of investing in an ad-hoc manner, 360° Financial Planning helps you take a holistic, all-
round view. Briefly, 360° Financial Planning comprises:
 Investment Planning
 Cash Flow Planning
 Tax Planning
 Insurance Planning
 Children‘ Future Planning
 Retirement Planning

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INDUSTRY PROFILE
Overview
With largest number of life insurance policies in force in the world, Insurance happens to be a
mega opportunity in India. It‘s a business growing at the rate of 15-20 per cent annually.
Together with banking services, it adds about 7 percent to the country‘s GDP .In spite of all this
growth the statistics of the penetration of the insurance in the country is very poor. Nearly 80 per
cent of Indian population is without life insurance cover while health insurance and non-life
insurance continues to be below international standards. And this part of the population is also
subject to weak social security and pension systems with hardly any old age income security.
This it-self is an indicator that growth potential for the insurance sector is immense.
Historical Perspective
The insurance came to India from UK; with the establishment of the Oriental Life insurance
Corporation in 1818.The Indian life insurance company act 1912 was the first statutory body that
started to regulate the life insurance business in India. By 1956 about 154 Indian, 16 foreign and
75 provident firms were been established in India. Then the central government took over these
companies and as a result the LIC was formed. Since then LIC has worked towards spreading
life insurance and building a wide network across the length and the breath of the country.

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Important milestones in the life insurance business in India:
1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life
insurance business.
1956: 245 Indian and foreign insurers and provident societies were taken over by the central
government and nationalized. LIC formed by an Act of Parliament- LIC Act 1956- with a capital
contribution of Rs.5 cr. from the Government of India.
Important milestones in the general insurance business in India are:
1907: The Indian Mercantile Insurance Ltd. set up- the first company to transact all classes of
general insurance business.
1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of
conduct for ensuring fair conduct and sound business practices.
1972: The general insurance business in India nationalized through The General Insurance
Business (Nationalization) Act, 1972 with effect from 1st January 1973. 107 insurers
amalgamated and grouped into four companies- the National Insurance Company Limited, the
New India Assurance Company Limited, the Oriental Insurance Company Ltd. and the United
India Insurance Company Ltd. GIC incorporated as a company.

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INSURANCE SECTOR REFORMS
Prior to liberalization of Insurance industry, Life insurance wasmonopoly of
LIC.
In 1993, Malhotra Committee- headed by former Finance Secretary and RBI Governor R.N.
Malhotra- was formed to evaluate the Indian insurance industry and recommend its future
direction. The Malhotra committee was set up with the objective of complementing the reforms
initiated in the financial sector. The reforms were aimed at creating a more efficient and
competitive financial system suitable for the requirements of the economy keeping in mind the
structural changes currently underway and recognizing that insurance is an important part of the
overall financial system where it was necessary to address the need for similar reforms. In 1994,
the committee submitted the report and some of the key recommendations included:
Structure
Government stake in the insurance Companies to be brought down to 50%. Government should
take over the holdings of GIC and its subsidiaries so that these subsidiaries can act as
independent corporations.
Competition
Private Companies with a minimum paid up capital of Rs.1 billion should be allowed to enter
the sector. No Company should deal in both Life and General Insurance through a single entity.
Foreign companies may be allowed to enter the industry in collaboration with the domestic
companies.

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Regulatory Body
The Insurance Act should be changed. An Insurance Regulatory body should be set up.
Controller of Insurance- a part of the Finance Ministry- should be made independent
Investments
Mandatory Investments of LIC Life Fund in government securities to be reduced from 75% to
50%. GIC and its subsidiaries are not to hold more than 5% in any company (there current
holdings to be brought down to this level over a period of time)
Customer Service
LIC should pay interest on delays in payments beyond 30 days. Insurance companies must be
encouraged to set up unit linked pension plans. Computerization of operations and updating of
technology is to be carried out in the insurance industry.

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STATISTICS (INDIAN & GLOBAL)
This section gives the users important and detailed statistics of the Indian as well as the Global
insurance industry. These statistics would give important insights of where the respective
markets are headed for.
The global life insurance market stands at $1,521.2 billion while the non-life insurance
market is placed at $922.4 billion.
The United States itself accounts for about one-third of the $2443.6 billion global
insurance market and Japan stands next with a 20.62% share.
India takes the 23rd position with US $9.933 billion annual premium collections and a
meager 0.41% share.
Out of one billion people in India, only 35 million people are covered by insurance.
India's life insurance premium as a percentage of GDP is just 1.77 per cent.
The income derived by GIC and its subsidiary companies through investment was
Rs.2491.76 crore and the investable fund generated was Rs.2843 crore in 1999-2000.
Indian insurance market is set to touch $25 billion by 2010, on the assumption of a 7 per
cent real annual growth in GDP.

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NATURE OF INDUSTRY
The insurance industry provides protection against financial losses resulting from a variety of
perils. By purchasing insurance policies, individuals and businesses can receive reimbursement
for losses due to car accidents, theft of property, and fire and storm damage; medical expenses;
and loss of income due to disability or death.
The insurance industry consists mainly of insurance carriers (or insurers) and insurance
agencies and brokerages. In general, insurance carriers are large companies that provide
insurance and assume the risks covered by the policy. Insurance agencies and brokerages sell
insurance policies for the carriers.
Insurance companies assume the risk associated with annuities and insurance policies and assign
premiums to be paid for the policies. In the policy, the companies states the length and
conditions of the agreement, exactly which losses it will provide compensation for, and how
much will be awarded.
The premium charged for the policy is based primarily on the amount to be awarded in case of
loss, as well as the likelihood that the insurance carrier will actually have to pay. In order to be
able to compensate policyholders for their losses, insurance companies invest the money they
receive in premiums, building up a portfolio of financial assets and income-producing real estate
which can then be used to pay off any future claims that may be brought.

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There are two basic types of insurance carriers:
Direct and Reinsurance.
Direct carriers are responsible for the initial underwriting of insurance policies and annuities,
while Reinsurance carriersassume all or part of the risk associated with the existing
insurance policies originally underwritten by other insurance carriers.
Direct insurance carriers offer a variety of insurance policies.
Life insurance provides financial protection to beneficiaries—usually spouses and dependent
children—upon the death of the insured.
Disability insurancesupplies a preset income to an insured person who is unable to work due
to injury or illness
Health insurance pays the expenses resulting from accidents and illness.
An Annuity(a contract or a group of contracts that furnishes a periodic income at regular
intervals for a specified period) provides a steady income during retirement for the remainder of
one‘s life.
Property-casualty insurance protects against loss or damage to property resulting from
hazards such as fire, theft, and natural disasters.
Liability insurance shields policyholders from financial responsibility for injuries to others or
for damage to other people‘s property. Most policies, such as automobile and homeowner‘s
insurance, combine both property-casualty and liability coverage. Companies that underwrite this
kind of insurance are called property-casualty carriers.

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What is Life Insurance?
Human life is subject to risks of death and disability due to natural and accidental causes. When
human life is lost or a person is disabled permanently or temporarily, there is a loss of income to
the household. The family is put to hardship. Risks are unpredictable. Death/disability may occur
when one least expects it. There are a number of life insurance products which offer protection
and also coupled with savings.
A Term insurance product provides a fixed amount of money on death during the period of
contract.
A Whole Life insurance product provides a fixed amount of money on death.
An Endowment Assuranceproduct provided a fixed amount of money either on death during
the period of contract or at the expiry of contract if life assured is alive.
A Money Back Assurance product provides not only fixed amounts which are payable on
specified dates during the period of contract, but also the full amount of money assured on death
during the period of contract.
An Annuityproduct provides a series of monthly payments on stipulated dates provided that the
life assured is alive on the stipulated dates.
A Linked product provides not only a fixed amount of money on death but also sums of money
which are linked with the underlying value of assets on the desired dates.
There are a variety of life insurance products to suit to the needs of various categories of
people—children, youth, women, middle-aged persons, old people; and also rural people, film
actors and unorganized laborers.
Life insurance products could be purchased from registered life insurers notified by the IRDA.
Insurers appoint insurance agents to sell their products.

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As per regulations, insurers have to give the various features of the products at the point of sale.
The insured should also go through the various terms and conditions of the products and
understand what they have bought and met their insurance needs. They ought to understand the
claim procedures so that they know what to do in the event of a loss.

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INDIAN INSURANCE SECTOR
REGULATORY BODY
Insurance is a federal subject in India. The primary legislation that deals with insurance business
in India is: Insurance Act, 1938, and Insurance Regulatory & Development Authority Act, 1999.
The Insurance Regulatory and Development
Authority (IRDA)
Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in
December 1999. The IRDA since its incorporation as a statutory body in April 2000 has
fastidiously stuck to its schedule of framing regulations and registering the private sector
insurance companies.
The other decision taken simultaneously to provide the supporting systems to the insurance
sector and in particular the life insurance companies was the launch of the IRDA‘s online service
for issue and renewal of licenses to agents. Since being set up as an independent statutory body
the IRDA has put in a framework of globally compatible regulations.
MISSION-IRDA
“To protect the interests of the policyholders, to regulate, promote and ensure orderly
growth of the insurance industry and for matters connected therewith or incidental
thereto.”
The following companies have the rest of the market share of the insurance industry.

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COMPANY NAME MARKET SHARE
LIC 79.30
ICICI PRUDENTIAL 5.63
BAJAJ ALLIANZ 3.27
HDFC STANDARD LIFE 3.11
BIRLA SUNLIFE 2.32
TATA AIG 1.45
SBI LIFE 1.24
MAX NEWYORK 0.90
AVIVA LIFE 0.82
ING VYSYA 0.66
OM KOTAK LIFE 0.54
AMP SANMAR 0.38
METLIFE 0.33
RELIANCE LIFE 0.05

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CURRENT SCENARIO OF THE INDUSTRYINSURANCE MARKET IN
INDIA
India with about 200 million middle class household shows a huge untapped potential for players
in the insurance industry. Saturation of markets in many developed economies has made the
Indian market even more attractive for global insurance majors. The insurance sector in India has
come to a position of very high potential and competitiveness in the market.
Innovative products and aggressive distribution have become the say of the day. Indians, have
always seen life insurance as a tax saving device, are now suddenly turning to the private sector
that are providing them new products and variety for their choice. Life insurance industry is
waiting for a big growth as many Indian and foreign companies are waiting in the line for the
green signal to start their operations. The Indian consumer should be ready now because the
market is going to give them an array of products, different in price, features and benefits. How
the customer is going to make his choice will determine the future of the industry.
CUSTOMER SERVICE
Consumers remain the most important centre of the insurance sector. After the entry of the
foreign players the industry is seeing a lot of competition and thus improvement of the customer
service in the industry. Computerization of operations and updating of technology has become
imperative in the current scenario. Foreign players are bringing in international best practices in
service through use of latest technologies. The one time monopoly of the LIC and its agents are
now going through a through revision and training programs to catch up with the other private
players. Though lot is being done for the increased customer service and adding technology to it
but there is a long way to go and various customer surveys indicate that the standards are still
below customer expectation levels.

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DISTRIBUTION CHANNELS
Till date insurance agents still remain the main source through which insurance products are
sold. The concept is very well established in the country like India but still the increasing use of
other sources is imperative. It therefore makes sense to look at well- balanced, alternative
channels of distribution.
LIC has already well established and have an extensive distribution channel and presence. New
players may find it expensive and time consuming to bring up a distribution network to such
standards. Therefore they are looking to the diverse areas of distribution channel to have an
advantage. At present the distribution channels that are available in the market are:
• Direct selling/Retail
• Corporate agents
• Group selling
• Brokers and cooperative societies
• Bancassurance
DIRECT SELLING/RETAIL
Direct selling or retail business is carried out by Agents of the company. This is the main
distribution channel due to the complexity of most insurance products (Endowment, Whole
of Life, Unit Linked). This tends to be the focus of most companies due to its past success as
well as its ability to deliver the right advice. However, this channel can be expensive and it is a
time consuming sales process. An agent is the public face of an Insurance company. Hence it is
important that this face is always smiling and presentable and the facts and figures at his/ her
command are updated and correct.
An agent should be a pleasing personality with complete knowledge about the various plans and
solutions which the company has to offer and must also understand the customer‘s psychology
well to deal in an efficient manner.

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BANCASSURANCE
Banc assurance is the distribution of insurance products through the bank's distribution channel.
It is a phenomenon wherein insurance products are offered through the distribution channels of
the banking services along with a complete range of banking and investment products and
services. To put it simply, Banc assurance, tries to exploit synergies between both the insurance
companies and banks.

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WHAT DOES LIFE INSURANCE HAVE TO OFFER?
Life insurance is many different things to many different people. For some, it is a premium to be
paid on time. For others it offers liquidity since cash can be borrowed when needed. For the
investment-minded, it denotes a constantly growing capital account and numerous other
benefits.
The contractual guarantee is the promise to pay, backed by one of the oldest and most stably
regulated financial industry operating in the Indian sub-continent today.
1) Insurance Buys Time and Money
People like to refer to life insurance as time insurance, the reason being that life insurance
proceeds are paid to the insured's beneficiaries in case of death. The money proffered by life
insurance helps buy time to adjust to the change of circumstances. Insurance provides large
amounts of cash that will keep the lifestyle for the survivors the way it was before the insured's
death.
2) Insurance Offers Peace of Mind
For the person who buys an insurance policy, it offers absolute and complete peace of mind. He
or she knows that the decision made by him will provide sound benefits in the future, whether or
not the individual may live to see it.
3) Multiple Applications
The future is uncertain for each and every one. No one knows how long he or she will live. The
investment benefit is paid to the insured's beneficiaries after his death or it can be used during the
life as well. Life insurance policy owners can turn to the cash value of the policy in case of a
financial emergency when all avenues are either blocked or denied.

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4) Enduring Elasticity
Since life insurance is flexible enough to serve several needs, the insured can keep several long-
term goals in mind once he or she invests in the insurance plan. The cash value of the policy can
be allocated towards augmenting the monthly income during the retirement years. Leisure years
should be turned into pleasure years. Permanent life insurance is designed on the concepts of
long-term flexibility.
5) Financial Security
The insurance policy offers contractual guarantees to people looking for peace of mind when
they buy life insurance. Life insurance offers complete financial security. The purchase of life
insurance demonstrates concern for a family's future financial well-being.
6) Regard for Family
The purchase of life insurance clearly displays care and concern for the people the policy owner
loves.
7) Insurance is Safer
No financial institution can do what life insurance does. No industry can back its products with
reserves and surplus as sound as those of the insurance industry.
The proof of strength and safety that insurance companies have ensured even under the most
adverse of conditions is a matter of pride for the entire insurance industry. For generation after
generation, life insurance has been acclaimed as the very benchmark of security against which
the other industries are measured.

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OPPORTUNITIES FOR INSURANCE COMPANIES
In the now open sector on insurance, the following is what I feel will determine the success of
the company in particular and the industry in general:
A change in the attitude of the population
Indians have always been wary of employing their hard-earned money in a venture that will pay
them on their death. Insurance has always been used as a Tax saving tool. No more, no less. It is
upon the insurers to educate the people to secure/insure their future against any unknown
calamity and make a shield around their families and businesses.
An open and transparent environment created under the IRDA.
The reason for this being on the top of our understanding is that whenever we have seen any
sector open up in India there are always grey areas and unsure policies. These are not exactly
what any player, be it Indian or foreign, looks for. It creates an air of uncertainty in all the
decision making process. Insurance as a sector requires players who are strong financially and
are willing to wait for returns. Their confidence can be bolstered only if there is an open and a
transparent policy guidelines. This will also help the consumers feel safe that the regulatory is an
active one and cares to do everything possible to keep things under control and help the
insurance environment grow maturely.
A well-established distribution network.
To cater to the largest democracy in the world is by no means a cakewalk. Insurance profits are
directly related to number of insured and this is in turn related to the reach.
Trained professionals to build and sell the product.
It is said that the insurance agent is the best salesman in the world. He makes you pay, regularly,
an amount promising to pay back only on your death. Thus the players will require an excellent
sales team to sell their products in the now competitive environment.

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Encouragement of new and better products and letting the hackneyed ones die
out.
This will itself ensure the market grows. And that every class/society gets a
product that best suits them.

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COMPANY’S PROFILE
INTRODUCTION
Helping Indians experience the joy of home ownership.
Incorporated in 1977 with a share capital of Rs. 10 crores, HDFC has since emerged as the
largest residential mortgage finance institution in the country. The corporation has had a series of
share issues raising its capital to Rs. 119 crores. HDFC operates through 75 locations throughout
the country with its Corporate Headquarters in Mumbai, India.
OBJECTIVES AND BACKGROUND
Background
HDFC was incorporated in 1977 with the primary objective of meeting a social need – that of
promoting home ownership by providing long-term finance to households for their housing
needs. HDFC was promoted with an initial share capital of Rs. 100 million.
Business Objectives
The primary objective of HDFC is to enhance residential housing stock in the country through
the provision of housing finance in a systematic and professional manner, and to promote home
ownership. Another objective is to increase the flow of resources to the housing sector by
integrating the housing finance sector with the overall domestic financial markets..

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ORGANIZATION AND MANAGEMENT
HDFC is a professionally managed organization with a board of directors consisting of eminent
persons who represent various fields including finance, taxation, construction and urban policy &
development. The board primarily focuses on strategy formulation, policy and control, designed
to deliver increasing value to shareholders.
FOUNDER– Mr. Hasmukhbhai Parekh
BOARD OF DIRECTORS
Mr. D S Parekh – Chairman
Mr. Keshub Mahindra – Vice Chairman
Ms. Rene S. Karnad – Executive Director
Mr. K M Mistry – Managing Director
Mr. Shirish B. Patel
Mr. N M Munjee
Mr. B S Mehta
Mr. D M Sukthankar
Mr. D N Ghosh
Dr. S A Dave
Mr. S Venketaraman
Dr. Ram S. Tarneja
Mr. N M Munjee
Mr. D M Satwalekar

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HDFC has a staff strength of 1029, which includes professionals from the fields of finance, law,
accountancy, engineering and marketing.
SUBSIDIARY & ASSOCIATE COMPANIES
HDFC Bank
HDFC Mutual Fund
HDFC Standard Life
Intelenet Global Services Ltd.
HDFC Chubb General Insurance Company Ltd.
HDFC Reality
Other Companies Co-Promoted by HDFC
 HDFC Trustee Company Ltd.
 HDFC Developers Ltd.
 HDFC Venture Capital Ltd.
 HDFC Ventures Trustee Company Ltd.
 HDFC Investments Ltd.

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 HDFC Holdings Ltd.
 Home Loan Services India Pvt. Ltd.
 Credit Information Bureau (India) Ltd
HDFC STANDARD LIFE INSURANCE
HDFC Standard Life Insurance Company Limited was one of the first companies to be granted
license by the IRDA to operate in life insurance sector. Each of the JV player is highly rated and
been conferred with many awards. HDFC is rated 'AAA' by both CRISIL and ICRA. Similarly,
Standard Life is rated 'AAA' both by Moody's and Standard and Poors. These reflect the
efficiency with which HDFC and Standard Life manage their asset base of Rs. 15,000 Cr and Rs.
600,000 Cr respectively.
HDFC Standard Life Insurance Company Ltd was incorporated on 14th August 2000. HDFC is
the majority stakeholder in the insurance JV with 81.4 % stake and Standard Life has a stake of
18.6%. Mr. Deepak Satwalekar is the MD and CEO of the venture.
THE PARTNERSHIP :
HDFC and Standard Life first came together for a possible joint venture, to enter the Life
Insurance market, in January 1995. It was clear from the outset that both companies shared
similar values and beliefs and a strong relationship quickly formed. In October 1995 the
companies signed a 3 year joint venture agreement.
Around this time Standard Life purchased a 5% stake in HDFC, further strengthening the
relationship.
In October 1998, the joint venture agreement was renewed and additional resource made
available. Around this time Standard Life purchased 2% of Infrastructure Development Finance

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Company Ltd. (IDFC). Standard Life also started to use the services of the HDFC Treasury
department to advise them upon their investments in India.
Towards the end of 1999, the opening of the market looked very promising and both companies
agreed the time was right to move the operation to the next level. Therefore, in January 2000 an
expert team from the UK joined a hand picked team from HDFC to form the core project team,
based in Mumbai.
Around this time Standard Life purchased a further 5% stake in HDFC and a 5% stake in HDFC
Bank.
COMPANY’S MISSION:
To be the top life insurance company in the market.
This not only means being the largest or the most productive company in the market, but a
combination of several things like-
Customer service of the highest order
Value for money for customers
Professionalism in carrying out business
Innovative products to cater to different needs of different customers
Use of technology to improve service standards
Increasing market share
COMPANY’S VALUES:
SECURITY: Providing long term financial security to our policy holders will be our
constant endeavor. This is done by offering life insurance and pension products.
TRUST: Company appreciates the trust placed by our policy holders in us. Hence,
company will aim to manage their investments very carefully and live up to this trust.

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INNOVATION: Recognizing the different needs of our customers, company will be
offering a range of innovative products to meet these needs.
Company‘s mission is to be the best new life insurance company in India and these are the
values that will guide us in this.
KEY MANAGEMENT PERSONNEL
Chairman
Mr. Deepak S. Parekh
Board Of Directors
Mr. K. M. Mistry
Ms. Renu S. Karnad
Mr. A. M. Crombie
Ms. Marcia D. Campbell
Mr. Norman Keith Skeoch
Mr. G. R. Divan
Mr. G. N. Bajpai
Mr. Ranjan Pant
Mr. Ravi Narain
Managing Director & CEO
Mr. D. M. Satwalekar

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AuditCommitee
Haribhakti& Company
Chartered Accountants
B.K. Khare& Co.
Chartered Accountants
Bankers
HDFC Bank Ltd.
Union Bank of India
Indian Bank
The Saraswat Co-operative Bank Ltd.
Federal Bank
LIFE STAGES
When Should One Go For Insurance?
Your insurance need will change as your life does, from starting to work to enjoying your golden
years and all the stages in between. Each one of these stages may pose a different insurance
need/cover for you. In this section, we have drawn up the basic life stages and help you analyze
various insurance needs accordingly.

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Stage 1 : Young and Single
This is an important stage where one lays down the foundation of a successful life ahead. Take
advantage of the time and power of compounding to ensure that you build up your dreams, so
start saving early.
Your needs:
oSave for a home and wedding
oTax Planning
oSave for Golden years
Stage 2 - Just Married
Marriage brings about a significant change. New dreams and new opportunities also bring in
additional responsibilities. While both of you look forward to a happy and secure life , it is
equally important to ensure that eventualities don‘t come in the way of shaping your dreams.
Your needs:

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o Planning for home / securing your home loan
liability
o Save for vacation
o Save for your first child
Stage 3 - Proud Parents
Once you have children, your need for life insurance is even more. You need to protect your
family from an untoward incident. Ensure your protection umbrella takes into account the future
cost of securing your child‘s dream. You will want life to go on for your loved ones, and having
enough life insurance is a way to help ensure that.
Your needs:
o Provide for children’s education
o Safeguarding family against loan liabilities
o Savings for post-retirement
Stage 4 - Planning for Retirement
While you are busy climbing the ladder of success today, it is important for you to take time and
plan for your life after retirement. Having an early start for retirement planning can make a
significant difference to your savings. Think about your golden years even before you have
reached them. The key is to think ahead and plan well using your time and money.
Your needs:
o Provide for regular income post retirement
o Immediate Tax benefits
o Lead a secure, independent and comfortable
life style after retirement

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PRODUCT MIX
At HDFC Standard Life, there is a bouquet of insurance solutions to meet every need. They cater
to both, individuals as well as to companies looking to provide benefits to their employees.
For individuals, they have a range of protection, investment, pension and savings plans that assist
and nurture dreams apart from providing protection. One can choose from a range of products to
suit one‘s life-stage and needs.
For organizationsthey have customized solutions that range from Group Term Insurance,
Gratuity, Leave Encashment and Superannuation Products.
PRODUCTS FOR INDIVIDUALS
PROTECTION- 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.
Plans: Term Assurance Plan
Loan Cover Term Assurance Plan.
INVESTMENT- This includes a plan that is well suited to meet your long term investment
needs. We provide you with attractive long term returns through regular bonuses.
Plan : Single Premium Whole Of Life
PENSION - Our Pension Plans help you secure your financial independence even after
retirement and live a relaxed retired life.
Plans : Personal Pension Plan

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Unit Linked Pension
Unit Linked Pension Plus
SAVING-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.
Plans : Endowment Assurance Plan,
Unit Linked Endowment,
Unit Linked Endowment Plus,
Money Back Plan,
Children’s Plan,
Unit Linked Youngstar,
Unit Linked Youngstar Plus .
GROUP PLANS
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.
They 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.
Plans: Group Term Insurance with Riders
Group Term Insurance with Profit-Share
Group Unit-Linked Plan

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For Gratuity
For Defined Benefit Superannuation
For Defined Contribution Superannuation
Group Leave Encashment Plan
RURAL CUSTOMER- According to research findings, there is keenness among rural
customers to invest in savings cum protection plan with a term of five years, especially, if the
premium amount is low and affordable. Keeping this in view, HDFC STD> LIFE has plans like:
Plans :BimaBachatYojana.
Super BachatYojana.
CONSUMPTION PATTERN
40.10%
4.10%
8.80%
6.90%
6.60%
3.90%
10.80%
2.30%
7.60%
2.10%
0.80%
1.60%
4.60%
Food & Grocery
Home Textiles
Personal Care
Saving & Investment
Clothing
Consumer Durable
Vacation
Eating out
Footwear
Movies & Theater
Entertainment
Accessories
Books & Music

34. 34
FIRST
CONVERSATION
APPOINTMENT
FILLING THE
PROPOSAL FORM
COLLECT THE
REQUIRED
DOCUMENTS AND
THE FIRST
PREMIUM
Follow Up
Follow Up
*Source-Business world magazine 2nd
week April 2008
The consumption pattern is determined by the income so more would be the income more would
be the consumption. The consumption though can differ in terms of areas where the money is
actually spent. The above representation tells us the consumption pattern of the consumer in
India i.e. where do they actually invest their money and in what proportion do they spend in
various areas. The chart shows that people are spending 6.9% of their savings into savings and
investments.
SALES PROCEDURE :

35. 35
STEP 1: FIRST CONVERSATION WITH A KNOWN OR
AN UNKNOWN CUSTOMER
This is the first time, when you interact with a person and try to get the information from him
about the industry or the company and understand the customer‘s insight i.e. what actually does a
customer expects from the companies.
The objective was to know the awareness about Financial Planning among the customers and this
was done by getting a questionnaire filled by the people. The various activities performed were:
1) DELHI METRO : Here we interacted with the commuters &
Collectedthe data.
2) MARKETS : (Connaught Place & Karol Bagh) During this
activity, we interacted with the shopkeepers as well as the walking
people regarding their views about the industry.
3) CANOPY AT NOIDA : This activity was designed to target the people working in
BPOs and other IT companies.
4) TELE-CALLING: This was random calling from the data base provided by the
company and the aim was to collect information from them.
5) CORPORATE PRESENTATION: A presentation was arranged for the employees
of VED RAM AND SONS (Paras), to make them aware about the importance of
Financial Planning in today‘s unpredictable environment.

36. 36
STEP 2: APPOINTMENT
All the potential and interested customers of all the activities performed are then followed up and
an appointment is fixed for further details.
The motive is to explain the customer in detail, about the various plans offered by the company.
The customer is informed about the procedure and the options he can opt for like:
1) Choose the premium he wish to invest
2) Select the Premium Payment Option i.e. annual mode, half yearly
mode, quarterly mode, or monthly mode.
3) Choose the amount of protection i.e. the sum assured, he desires.
4) With Maturity Benefit, choose the additional benefits like:
a) Life option  Death Benefit
b) Life & Health option  Death Benefit + Accidental Death
Benefit
c) Extra Life & Health option  Death Benefit + Critical Illness
Benefit + Accidental Death Benefit
5) Choose the Investment funds or funds one desires.
The various funds available are:
Liquid Fund
Secure Managed Fund
Defensive Managed Fund
Balanced Managed Fund
Equity Managed Fund
Growth Fun

37. 37
STEP 3: FILLING THE PROPOSAL FORM
After the second step, the interested customers are required to fill the proposal form which
requires the following information:
a) Personal details of the policy holder,
b) Personal details of Beneficiary or Nominee
c) The Premium amount selected
d) The Term of the policy
e) The Fund choice for investment
STEP 4 : COLLECTING THE DOCUMENTS
Once the form is filled all the necessary documents are collected like :
a) Address proof,
b) DOB certificate etc.
And also the first premium amount in form of cheque or cash is collected.
Within 15 days, the policy documents reach the customers place, and the customer is required to
read the documents carefully.

38. 38
CURRENT SALES-HDFC Standard Life
“HDFC STANDARD LIFE PACING AHEAD”
The Financial Express 15th May 2009
―HDFC Standard Life has recorded a strong year-on-year growth of 112% for the period April-
March 2009-10, in comparison to the same period 2008-09, with a new business first year
premium of Rs 1,029 crore.
In terms of effective premium income (EPI), which gives a 10% value to a Single Premium
policy and is an internationally-accepted indicator of an insurance company's performance, the
EPI grew by 103% to Rs 887 cr from Rs 436 crore.
HDFC Standard Life's growth in new business is a manifestation of the number of lives insured
as well as an increase in the average premium. For the individual business, volume measured by
the number of lives insured witnessed a 32% growth.
The average premium also grew by 62% to Rs 27,500 in 2009-10 from Rs 17,000 in 2008-09.
During the year the company issued over 3,97,000 policies and has covered more than 5,80,000
lives‖

39. 39
Table Showcasing Financial Results:
Parameters
April-March
2008-09
(Rs. Cr)
April-March
2009-10
(Rs. Cr)
Growth
(%)
Total received premium 668.40 1532.21 129.23
i. New Business 486.15 1028.94 111.65
ii. Renewal 182.25 503.27 176.14
Effective Premium Income
(Total) 436.08 887.30 103.47
Group Business Premium
(EPI) 49.40 135.15 173.58

40. 40
LITERATURE REVIEW
What is Financial Planning?
Financial Planning is the process of meeting your life goals through the proper management of
your finances. Life goals can include buying a house, saving for your child's higher education or
planning for retirement. The Financial Planning Process consists of six steps that help you take a
'big picture' look at where you are currently. Using these six steps, you can work out where you
are now, what you may need in the future and what you must do to reach your goals. The process
involves gathering relevant financial information, setting life goals, examining your current
financial status and coming up with a strategy or plan for how you can meet your goals given
your current situation and future plans.
The Benefits of Financial Planning
Financial Planning provides direction and meaning to your financial decisions. It allows you to
understand how each financial decision you make affects other areas of your finances. For
example, buying a particular investment product might help you pay off your mortgage faster or
it might delay your retirement significantly. By viewing each financial decision as part of the
whole, you can consider its short and long-term effects on your life goals. You can also adapt
more easily to life changes and feel more secure that your goals are on track.
Who is a Financial Planner?
A Financial Planner is someone who uses the Financial Planning process to help you figure out
how to meet your life goals. The Planner can take a 'big picture' view of your financial situation
and make Financial Planning recommendations that are suitable for you. The Planner can look at
all your needs including budgeting and saving, taxes, investments, insurance and retirement

41. 41
planning. Or, the Planner may work with you on a single financial issue but within the context of
your overall situation. This big picture approach to your financial goals sets the Planner apart
from other Financial Advisors, who may have been trained to focus on a particular area of your
financial life.
Can you do your own Financial Planning?
Some personal finance websites, magazines or self-help books can help you do your own
Financial Planning. However, you may decide to seek help from a professional Financial Planner
if:
you need expertise you don't possess in certain areas of your finances. For example, a
Planner can help you evaluate the level of risk in your investment portfolio or adjust your
retirement plan due to changing family circumstances.
you want to get a professional opinion about the Financial Plan you developed yourself.
you have an immediate need or unexpected life event such as a birth, inheritance or major
illness.
you feel that a professional Advisor could help you improve on how you are currently
managing your finances.
you know that you need to improve your current financial situation but don't know where to
start.
Be sure you're getting Financial Planning advice
The government does not regulate Financial Planners as Financial Planners; instead, it regulates
Planners by the services they provide. For example, a Planner who also provides insurance
transactions is regulated as an insurance agent. As a result, the term 'Financial Planner' may be
used inaccurately by some Financial Advisors. To add to confusion, many Financial Advisors
like accountants and investment Advisors can also offer Financial Planning services. To be sure

42. 42
that you are getting Financial Planning advice, check if the Advisor follows the six step process.
How to make Financial Planning work for you?
You are the focus of the Financial Planning process. As such, the results you get from working
with a Financial Planner are as much your responsibility as they are those of the Planner. To
achieve the best results from your Financial Planning engagement, you will need to be prepared
to avoid some of the common mistakes shown above by considering the following advice:
Set measurable goals
Set specific targets of what you want to achieve and when you want to achieve results. For
example, instead of saying you want to be 'comfortable' when you retire or that you want
your children to attend 'good' schools, you need to quantify what 'comfortable' and 'good'
mean so that you'll know when you've reached your goals.
Understand the effect of each financial decision
Each financial decision you make can affect several other areas of your life. For example,
an investment decision may have tax consequences that are harmful to your estate plans. Or
a decision about your child's education may affect when and how you meet your retirement
goals. Remember that all of your financial decisions are interrelated.
Re-evaluate your financial situation periodically
Financial Planning is a dynamic process. Your financial goals may change over the years
due to changes in your lifestyle or circumstances, such as an inheritance, marriage, birth,
house purchase or change of job status. Revisit and revise your Financial Plan as time goes
by to reflect these changes so that you stay on track with your long-term goals.

43. 43
Start planning as soon as you can
Don't delay your Financial Planning. People, who save or invest small amounts of money
early, and often, tend to do better than those who wait until later in life. Similarly, by
developing good Financial Planning habits such as saving, budgeting, investing and
regularly reviewing your finances early in life, you will be better prepared to meet life
changes and handle emergencies.
Be realistic in your expectations
Financial Planning is a common sense disciplined approach to managing your finances to
reach life goals. It cannot change your situation overnight; it is a life long process.
Remember that events beyond your control such as inflation or changes in the stock market
or interest rates will affect your Financial Planning results.
Realize that you are in charge
If you're working with a Financial Planner, be sure you understand the Financial Planning
process and what the Planner should be doing. Provide the Planner with all of the relevant
information about financial status. Ask questions about the recommendations offered to you
and play an active role in decision-making.
Common Mistakes in Financial Planning Approach
The following are some of the common mistakes made by consumers in their approach towards
Financial Planning
Don't set measurable goals.

44. 44
Make a financial decision without understanding its affect on other financial issues.
Confuse Financial Planning with investing.
Neglect to re-evaluate their Financial Plan periodically.
Think that Financial Planning is only for the wealthy.
Think that Financial Planning is for when they get older.
Think that Financial Planning is the same as retirement planning.
Wait until a money crisis to begin Financial Planning.
Expect unrealistic returns on investments.
Think that using a Financial Planner means losing control.
Believe that Financial Planning is primarily tax planning.

45. 45
CHAPTER 2
RESEARCH OBJECTIVE
 To study the awareness of Financial Planning among the people.
 To study the importance of Insurance in today‘s scenario.
Brand awareness of various private insurance companies.
Preference among different investment tools.
Purpose of buying insurance.
Preference in choosing channel for buying life insurance.
Quality of service provided by agents and clients satisfaction
level.
SCOPE OF THE STUDY
A big boom has been witnessed in Insurance Industry in recent times. A large number of new
players have entered the market and are vying to gain market share in this rapidly improving
market. The study deals with HDFC Standard Life in focus and the various segments that it
caters to. The study then goes on to evaluate and analyse the findings so as to present a clear
picture of trends in the Insurance sector.

46. 46
RESEARCHMETHODOLOGY
RESEARCH MEHODOLOGY
The study of awareness about Financial Planning among the people and particularly the
insurance sector covers data collection through observation, questionnaire and interview of
consumers.
STATEMENT OF THE PROBLEM
The statement of the problem is the public awareness of financial planning in the emerging
Indian market and it is the first step of research methodology.
Method of collection
Data collected for this research is secondary data.
SECONDARY DATA
The given data is collected by me from the various sources like internet, magazines, company
websites.
The secondary data can be obtained easily and it is not very expensive.
The secondary data further can be collected from reports, company literature and web search
portal etc.

47. 47
Research Instrument:
Questionnaire
The questionnaire was formulated by keep in mind the following Points: -
Giving the respondents clear comprehension of the question.
Inducing the respondents to co-operate.
Giving instructions as to what is wanted.
Identifying the needs to be known.
Limitations:
The following were the limitations that were there during the course of the study:
1. Limited time period.
2. Less number of respondents.
3. Biasness of the respondents.

48. 48
CHAPTER 3
DATA ANALYSISANDFINDINGS
AGE DISTRIBUTION
Highest number of Respondents (41%) from Age group 31 to 45 yrs.
35% respondents are of age below 30 yrs, small percentage of which is unemployed.
AGE DISTRIBUTION(yrs.)
35%
41%
24%
Below 30
31 - 45
Above 45

49. 49
MARITAL STATUS
 Total number of single respondents – 23
 Total number of married respondents – 77
MARITAL STATUS
19
4
16
37
24
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Below 30 31 - 45 Above 45
AGE(yrs)
SINGLE MARRIED

50. 50
INCOME DISTRIBUTION
 Highest, 16 respondents in income bracket below 1.5 lacs, which mainly comprises
of age group below 30 years.
 Respondents of the age group 31-45 yrs, lie in all the income slabs.
 Minimum, 6 respondents in income bracket of above 5 lacs, which are in age group
of above 45 years.
INCOME DISTRIBUTION(Annual in Rs.appx.)
16
13
5
1
7
12
12
10
0
6
12
6
<1.5 lacs
1.5 - 3 lacs
3 - 5 lacs
> 5 lacs
INCOME
Below 30 31 - 45 Above 45

51. 51
ARE YOU AWARE ABOUT FINANCIAL PLANNING ?
 98% of the respondents were aware about Financial Planning.
98%
2%
0
10
20
30
40
50
60
70
80
90
100
NOOFPEOPLE
DO YOU KNOW WHAT IS
FINANCIAL PLANNING ?
YES
NO

52. 52
BRAND RECALL
 100 % respondents mentioned first name to be LIC
 Among private players, ICICI Prudential has the highest
Brand Recall i.e. 96%
 HDFC Standard life has Brand Recall of 92%
BRAND RECALL
100
96
92
82
86
72
64
75
71
60
51
LIC
ICICI Prudential
HDFC Std Life
TATA AIG
BIRLA SUN LIFE
KOTAK MAHINDRA
SBI LIFE
AVIVA
MAX NEW YORK
METLIFE
INGVYSYA

53. 53
INVESTMENT PREFERENCE
 21% respondents prefer banks and post office schemes as an investment tool
preference.
 Respondents of age group below 30 years prefer Mutual Funds, as they provide higher
returns than banking investment tools.
 Insurance ranks 2nd as an investment tool choice, which itself includes various
protection, saving and pension plans.
 Govt. Bonds & securities are mostly preferred by people of higher age group rather
than young generation.
 Property as an investment option is most lucrative choice. However it is important to
mention that majority of respondents are in age group of above 30 years and people
with high income bracket prefers to invest in Real Estate.
INVESTMENT PREFERENCE
11%
18%
21%
9%
20%
21%
Banks & Post
office
Share Market
Insurance
Bonds
Mutual Funds
Real Estate

54. 54
INSURED PERCENTAGE
 87 % of respondents were insured on own life and on life of their family members.
 So we had 13 % of potential customers to approach.
ARE YOU INSURED?
87%
13%
YES
NO

55. 55
COMPANY PREFERENCE
 55% of respondents have insurance cover provided by LIC only
 15% of respondents have insurance cover provided by Private Cos. only
 Whereas 30% have got insurance from both LIC and Private Companies.
 Total number of LIC policies sums up to 85% and total number of Pvt. Companies
policies sold sums up to 45%.
 Data provides that though LIC is still got a maximum market share but Private
Companies are making a fast move in the market.
COMPANY PREFERENCE(in %)
55% 30% 15%
0 20 40 60 80 100 120
1
ONLY LIC BOTH ONLY PVT. COs

56. 56
TYPE OF PLAN BOUGHT
 Money back Policies have been most popular and also the endowment plans.
 As people today are more aware about financial planning, so people of the age 30 years
have planned for their Retirement now.
 ULIPs are fast gaining popularity as they provide investment
benefit with Insurance.
TYPE OF PLAN
26, 29%
20, 23%
24, 28%
17, 20% MONEY BACK
ENDOWMENT
PENSION PLAN
ULIPs

57. 57
PURPOSE OF BUYING INSURANCE
 Risk cover remains the most important purpose for buying insurance followed by
option as Tax saving tools.
 Retirement Planning in a early period is also gaining the market share.
 ULIPs are responsible for increasing popularity of insurance as an investment tool
PURPOSE OF BUYING INSURANCE
52%
11%
23%
14%
0 10 20 30 40 50 60
Risk Cover
Investment
Tax Benefit
Retirement
Planning

58. 58
DISTRIBUTION CHANNEL PREFERENCE
 According to the data, known/current Advisors remains the 1st
choice for buying
Insurance.
 In retail also known Advisors are preferred over referrals.
 Bancassurance is emerging as a popular option for buying life Insurance.
 Group insurance is a channel which customers expect but it is not so popular because
only few employers have taken the initiative.
 Buying insurance from a unknown person or getting a phone call is still not preferred
by most of the people
CHANNEL PREFERENCE
56 17 14 9 4
0 20 40 60 80 100 120
1
Known/Current Advisor Friends & Relatives
Group Insurance Banccassurance
Telesales/unknown Advisor

59. 59
CHAPTER 4
SUGGESTIONS AND RECOMMENDATION
Positioning insurance as a means to fulfilling one‘s duties during one‘s lifetime.
Fears relating to thefts, ailments, death could be addressed through ‗sensitive‘
communication
Fears relating to claims: Need to promote ―trust‖. Demonstrating claim testimonials,
positioning as ―worry free‖.
Low returns: Reposition insurance as a risk cover, security instrument rather than a financial
investment.
Lack of understanding: Training of Channels
 To provide quality advice on products best suited
Lack of Knowledge: Ease of Process, simplifying the product and the procedure
Need to promote the quality of awareness
 The benefits: Leverage on Risk Protection or Returns oriented or both
 The product: catering to life stages
Need for Branding in Insurance: Branding is more relevant in the Insurance market which
not only faces the problem of securing and retaining customers in an increasingly
competitive marketplace but also experiences the need for heightened relevance of the brand
proposition in a world where brand has been termed the new religion.
In rural India, the LIC is especially synonymous with insurance. But in the
wake of competition insurance companies have to do a considerable brand
building exercise at least in urban India. Adequate time, investment and
longer-term management of the brand are essential, not only for success but also survival.
All brands need to be built around well-differentiated and
credible positioning that springs from the organization‘s history. The brand
must not only be believed but lived by management and employees.

60. 60
Focus on different segments to survive and thrive in a competitive environment. Each
company has to choose its own unique positioning based on its unique strengths. Below-
mentioned positioning alternatives can be worth considering.
VARIETY-BASED POSITIONING
This type of positioning is based on varieties in products and services rather than customer
segments. It is a sensible strategy for those companies who have distinctive advantages or
strengths in offering certain products and services. In the insurance industry too, it is possible
to achieve a unique position by focusing on certain category of products.
NEEDS-BASED POSITIONING
This is the most commonly understood positioning and is based on the differing needs of
different groups of consumers. This can be done successfully if a company has unique
strengths to service a group of customer needs better than others.
The insurance needs of customers vary significantly for different groups of customers. The
insurance needs of young family with small children will be quite different from that of a
family in which the income-earner is close
to retirement. However, in India most of the life insurance companies have a wide variety of
products tailored for different customer needs and there is no company focusing on a
particular customer need.
ACCESS-BASED POSITIONING
Positioning of customers can also be done by the way they are accessible. That is different
groups of customers may be accessible in different ways even though they may have similar
needs. Access is typically a function of customer geography or customer scale. There is
excellent opportunity in the insurance industry to employ access-based positioning by
targeting the rural insurance sector.
The rural market for life insurance is very different from the urban market in terms of needs,
income levels and distribution (seasonality, for example), penetration of media and so on.

61. 61
Rural market can be a highly profitable position if one is able to carefully plan and tailor an
entire set of low-cost activities of advertising, distribution, and product design etc. to
successfully exploit the potential.
THE BARRIERS FACED DURING THE PROCESS:
The Attitudinal Barriers To Purchasing …..
• Death - a taboo topic for discussion
―It‘s quite ashubh talking about death‖
• The belief in karma … destiny
―Jo kismet me likha hai wohi hoga, hum kya kar sakte hai‖
The Product/ Service Barriers ……
• Liquidity
―What if I need my money urgently for some medical illness?‖
• Service quality of the Agent
―He disappears after he takes the first premium‖
• Sanctity of the contract
―What if my dependents do not get the money once I die?‖
Charges
―Its better to invest in Mutual Funds, the charges there are very less‖
The Other Barriers….
Unsure about Pvt. Companies
Low rate of return
―Better to put my money in PPF, at least I get fixed returns‖
Money gets tied up
High premiums

62. 62
CHAPTER 5
CONCLUSION
The various conclusions drawn from the project are:
There has been a tremendous change in the insurance industry. And with it there has been
continuous growth in this sector both in Indian as well as world context.
The opening up of the insurance sector has changed the whole look of the industry. While the
LIC, in order to face the competition is coming up with new strategies. New private players are
leading the sector due to their strategic management and tailored made projects.
From the research, we also conclude that though the awareness and people opting for LIC plans
are more as compared to other private players‘ but the latter are gaining momentum in the market
day by day.
The demand for insurance is likely to increase with rising per-capita income, rising literacy rates,
and growth of service sector. In-fact opening up of the insurance sector is an integral part of the
liberalization process being pursued by many developing countries.
Life insurance as a form of protection is the single-most important financial product any earning
member of a family must have. Having said this, a well-diversified portfolio is one of the first
rules of financial planning, and as such one should consider different instruments as the ability to
save increases.
Possible investment options range from bank deposits and government small saving schemes to
mutual funds, stocks and property.
Certainly ULIPs successfully combine the first and most important need of protection, with
savings, and hence are an excellent addition to your portfolio.
All financial products have a certain amount of risk and charges, be it a mutual fund, property, or
even a bank deposit. It would be unrealistic to assume that the features and benefits of a ULIP
come at no cost, though the charges are considerably lower than that of a traditional product.

63. 63
In fact, the very reason the product is transparent is because the customer knows the charges and
risks.
There is no right or wrong in this. The success of marketing insurance depends on understanding
the social and cultural needs of the target population, and matching the market segment with the
suitable intermediary segment.
All intermediaries can‘t sell all lines of business profitably in all markets. There should be clear
demarcation in the marketing strategies of the company from this perspective. Clients should
also receive price differentials for using different channels.
The intermediaries need to be empowered with the right learning, training and sales tools and
technology enablers. Coupled with the right product mix, this
will help the insurers to survive and flourish in this competitive market scenario.
So lets conduct this business with utmost economy with the spirit of trusteeship; thereby
making insurance widely popular.