Marketing Strategies of HDFC Standard Life

1
A Study on Marketing Strategies of HDFC Standard Life
(Insurance Company) Sagar, Madhya Pradesh.
A Project Report Submitted
For the Partial Fulfillment of the Degree of
Bachelor of Business Administration (Honors)
By
Anshi Malaiya
(Y151805066)
BBA- 6th
Semester
Under The Guidance of
Dr. (Mrs.) Babita Yadav
(Assistant Professor)
Department of Business Management
Dr. Hari Singh Gour Central University
Sagar (M.P.), India
Year - 2018

2
DECLARATION
I hereby declare that the project conducted on “A Study on
Marketing Strategies of HDFC Standard Life, Sagar, Madhya
Pradesh. Under the guidance of Dr. (Mrs.) Babita Yadav, Assistant
Professor, Department of Business Management Dr. Hari Singh Gour
Central University, Sagar (M.P.) is my own work and the same has
not been submitted for the award of any other
Degree/Diploma/fellowship or other similar titles or prizes.
Anshi Malaiya
BBA 6th Sem
(Y151805066)
Date
Place: Sagar

3
CERTIFICATE
This is to certify that Anshi Malaiya has worked for her BBA project
entitled “A Study on Marketing Strategies of HDFC Standard Life,
Sagar, Madhya Pradesh” (India) in partial fulfillment of the degree of
Bachelor of Business Administration. She has completed her project
under my supervision. Her work is original, satisfactory and is not
submitted anywhere else for the award of any degree.
I hereby forward her Project and wish her success in future endeavor.
Signature of the Supervisor Signature of the Examiner
……………………………. ……………………………
Signature of Head of the Department
……………………………………

4
ACKNOWLEDGEMENT
Before we get into thick of things, I would like to add a few words of
appreciation for the people who have been a part of this project right from its
inception. The writing of this project has been one of the significant academic
challenges I have faced and without the support, patience, and guidance of the
people involved, this task would not have been completed. It is to them I owe
my deepest gratitude. It gives me immense pleasure in presenting this project
report on "STUDY ABOUT MARKETING STRATEGIES OF HDFC
STANDARD LIFE". It has been my privilege to have a team of project guide
who have assisted me from the commencement of this project. And a special
thanks to DR. (MRS.) BABITA YADAV (Asst. professor) and to the head of
the department PROF. Y S THAKUR Department of Business Management
for her special guidance for making this project up to mark. The success of this
project a result of sheer hard work, and determination put in by me with the help
of my project guide. The project is dedicated to all those people, who helped me
while doing this project.

5
PREFACE
This Project is about HDFC STANDARD LIFE INSURANCE including its
complete profile, nature and details about its group companies, company’s
vision, and mission and product range including its manpower, turnover and
market share. Detailed explanation is given on strengths, weakness,
opportunities and threats of the organization.
The main concentration is laid on the functional analysis of the organization i.e.
what are the marketing strategies of HDFC standard life insurance, how they are
followed and practiced, and recruitment policy for financial consultants and
what is the recruitment process of HDFC SLI.

6
LIST OF CONTENTS
1. Title page………………………………………………………………….
2. Declaration………………………………………………………………..
3. Certificate…………………………………………………………………
4. Acknowledgement………………………………………………………...
5. Preface……………………………………………………………………
CHAPTER NO. TOPICS PAGE NO.
1 INTRODUCTION
1.1 Background Of The Study
1.2 Industry Profile
1.2.1 Market Size
1.2.2 Government Initiatives
1.2.3 Road Ahead
1.3 Company Profile
1.3.1 Nature Of The Company
1.3.2 Group Companies
1.3.3 Company’s Value
1.3.4 Standard Life
1.3.5 Company’s Vision And Mission
1.3.6 ProductRange
1.3.7 Market Share Of The HDFC SL
1.3.8 Present Leadership
1.3.9 SWOT Analysis
1.3.10 Functional Analysis
08-21
08
08-10
09
09
09-10
10-21
10
10-11
11-12
12
12
13-15
15-16
16
17-19
19-21

7
2 LITERATURE REVIEW
2.1 Meaning of Literature Review
2.2 Reviews
22-23
22
22-23
3 RESEARCH METHODOLGY
3.1 Meaning
3.2 Need Of The Study
3.3 Objectives Of The Study
3.4 Nature
3.5 Type Of Research
3.6 Research Design
3.7 Research Instrument
3.7 Sample Design And Size
3.8 Data Collection
3.9 ScopeOfThe Study
3.10 Limitation Of Study
24-27
24
24
24-25
25
25
25
25
25-26
26-27
27
27
4 DATA ANALYSIS AND
INTERPRETATION
4.1 Questionnaire
4.2 Data Analysis And Interpretation
4.3 Average Weighted Arithmetic Mean
28-54
28-29
30-53
54
5 FINDINGS, SUGGETIONS AND
CONCLUSION
5.1 Findings
5.2 Suggestions
5.3 Conclusion
References
Annexure
55-58
55
55
56
57
58

8
CHAPTER 1- INTRODUCTION
1.1 BACKGROUND OF THE STUDY
It focuses on the Marketing Strategy of HDFC Standard Life Insurance Company in the Sagar
region of Madhya Pradesh. It become possible by framing the structured questionnaire and
conducted survey through this. By analyising the collected data, interpreted the different facts
and figures towards company and its brand image and the impact of its marketing strategy on
customers.
Here, Chapter-1 elaborates about the topic, its introduction, industry profile, company profile,
motivation of research and conclusion.
Chapter-2 consist of literature review. Its meaning and reviews of different author.
Chapter-3 is about research methodology. Its meaning, objective, need, types and techniques,
sources, designs, its scope and limitation.
Chapter-4 outlines the data analysis and interpretation.
Last chapter outlines the findings and suggestions resulted out from the data analysis and
interpretation.
1.2 INDUSTRYPROFILE
The insurance industry of India consists of 57 insurance companies of which 24 are in life
insurance business and 33 are non-life insurers. Among the life insurers, Life Insurance
Corporation (LIC) is the sole public sector company. Apart from that, among the non-life
insurers there are six public sector insurers. In addition to these, there is sole national re-
insurer, namely, General Insurance Corporation of India (GIC Re). Other stakeholders in
Indian Insurance market include agents (individual and corporate), brokers, surveyors and
third party administrators servicing health insurance claims.
Out of 33 non-life insurance companies, five private sector insurers are registered to
underwrite policies exclusively in health, personal accident and travel insurance segments.
They are Star Health and Allied Insurance Company Ltd, Apollo Munich Health Insurance
Company Ltd, Max Bupa Health Insurance Company Ltd, Religare Health Insurance
Company Ltd, HDFC Standard Life and Cigna TTK Health Insurance Company Ltd. There
are two more specialised insurers belonging to public sector, namely, Export Credit
Guarantee Corporation of India for Credit Insurance and Agriculture Insurance Company Ltd
for crop insurance.

9
1.2.1 MARKET SIZE0
Government's policy of insuring the uninsured has gradually pushed insurance penetration in
the country and proliferation of insurance schemes are expected to catapult this key ratio
beyond 4 per cent mark by the end of this year, reveals the ASSOCHAM latest paper.
The number of lives covered under Health Insurance policies during 2015-16 was 36 crore
which is approximately 30 per cent of India's total population. The number has seen an
increase every subsequent year as 28.80 crore people had the policy in the previous fiscal.
Premium income of the life insurance segment had increased 14.04 per cent in FY17 to Rs
4.18 trillion (US$ 64.92 billion). In August 2017, the Life Insurance industry reported a 24
per cent growth in overall annualised premium equivalent with the help of both private
players and Life Insurance Corporation.
1.2.2 GOVERNMENT INITIATIVES
The Government of India has taken a number of initiatives to boost the insurance industry.
Some of them are as follows:
 Government of India launches Pradhan Mantri Vaya Vandana Yojana, a pension
scheme which will provide guaranteed 8 per cent annual return to all the senior citizen
above 60 years of age for a policy tenure of 10 years.
 The Union Cabinet has approved the public listing of five Government-owned general
insurance companies and reducing the Government’s stake to 75 per cent from 100
per cent, which is expected to bring higher levels of transparency and accountability,
and enable the companies to raise resources from the capital market to meet their fund
requirements.
 The Insurance Regulatory and Development Authority of India (IRDAI) plans to issue
redesigned initial public offering (IPO) guidelines for insurance companies in India,
which are to looking to divest equity through the IPO route.
 IRDAI has allowed insurers to invest up to 10 per cent in additional tier 1 (AT1)
bonds that are issued by insurance company to augment their tier 1 capital, in order to
expand the pool of eligible investors for the insurance company.
1.2.3 ROAD AHEAD
The future looks promising for the life insurance industry with several changes in regulatory
framework which will lead to further change in the way the industry conducts its business

10
and engages with its customers. India with 3.42 per cent penetration rate in the insurance
sector offers greater penetration potential when compared to global average of 6.2 per cent
The country’s insurance market is expected to quadruple in size over the next 10 years from
its current size of US$60 billion.
Demographic factors such as growing middle class, young insurable population and growing
awareness of the need for protection and retirement planning will support the growth of
Indian life insurance.
1.3 COMPANYPROFILE
Name of the firm : HDFC STANDARD LIFE INSURANCE
Industry : Finance, Insurance Services
Functional Area : Marketing
Employees : 2000
Head Quarters : : Mumbai
Phone : 011 4336 8900
Website : www.hdfcife.com
Regd. Office :Vikas Marg 1st Floor , Aditya corporate Plaza Plot no. 4,
Karkardooma , community center, Shahdara ,New Delhi
1.3.1 NATURE OF THE COMPANY
HDFC is one of India’s leading financial institutions, offering complete financial solutions
that encompasses every sphere of life- from commercial banking , to stock broking , to
mutual fund , to life insurance , to investment banking , the group caters to the financial needs
of the individuals and corporate.
1.3.2 GROUP COMPANIES ARE:
 HDFC Limited
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

11
their housing needs. HDFC was promoted with an initial share capital of Rs. 100
million.
 HDFC Bank Limited
The Housing Development Finance Corporation Limited (HDFC) was amongst the
first to receive approval from the Reserve Bank of India to set up a bank in the private
sector. The bank was incorporated in August 1994 in the name of HDFC Bank
Limited, with its registered office in Mumbai.
 HDFC Securities Limited
HDFC Securities Ltd was promoted by the HDFC Bank & HDFC with the objective
of providing the diverse customer base of the HDFC Group and other investors, a
capability to transact in the Stock Exchanges & other financial market transactions.
HDFC securities, provides you with the necessary tools to allocate, select and manage
your investments wisely, and also support it with the highest standards of service,
convenience and hassle-free trading tools.
 HDFC Realty Limited
HDFC Realty is a new, organized electronic marketplace for properties. HDFC realty
provides the entire gamut of real estate services, bringing together the "clicks world"
and the "bricks world" in a revolutionary and user-friendly way. Making available the
best guidance and the most professional, transparent, efficient service to the real estate
customer.
 HDFC Standard Life Insurance
HDFC STANDARD LIFE is the name which is working as one of the best private
insurance company in insurance sector. HDFC Standard Life Insurance Company Ltd
was incorporated on 14th August 2000.It got the certificate of registration on 23rd
October.
1.3.3 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.
 INNOVATION: Recognizing the different needs of our customers, company will be
offering a range of innovative products to meet these needs.

12
 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.
1.3.4 STANDARD LIFE
 Standard Life is Europe's largest mutual life assurance company. Standard Life, which
has been in the life insurance business for the past 175 years, is a modern company
surviving quite a few changes since selling its first policy in 1825. The company
expanded in the 19th century from its original Edinburgh premises, opening offices in
other towns and acquiring other similar businesses.
 Standard Life currently has assets exceeding over £70 billion under its management
and has the distinction of being accorded "AAA" rating consequently for the past six
years by Standard & Poor.
1.3.5 COMPANY’S VISION AND MISSON
Company’s Vision
 Ethical , Professional and transparent long term client relationship.
 To deliver what promised on time.
 All times quality services and integrated financial solution.
 To provide composite range of financial services to clients.
 Clear understanding of customer’s perspective and suitability.
 Be financially profitable, stable and debt free.
 Maintain confidentiality of investors.
Company’s Mission:
 To be the top new life insurance company in the market. This does not just mean
being the largest or the most productive company in the market; rather it is a
combination of several things.
 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.

13
1.3.6 PRODUCT RANGE
At HDFC Standard Life, we offer a bouquet of insurance solutions to meet every need. We
cater to both, individuals as well as to companies looking to provide benefits to their
employees. This section gives you details of all our products. We have incorporated various
downloadable forms and product details so that you can make an informed choice about
buying a policy.
For individuals, we have a range of protection, investment, pension and savings plans that
assist and nurture dreams apart from providing protection. You can choose from a range of
products to suit your life-stage and needs.
For organizations we have a host of customised solutions that range from Group Term
Insurance, Gratuity, Leave Encashment and Superannuation Products. These affordable plans
apart from providing long term value to the employees help in enhancing goodwill of the
company.
Individual Products
We at HDFC Standard Life realize that not everyone has the same kind of needs. Keeping
this in mind, we have a varied range of Products that you can choose from to suit all your
needs. These will help secure your future as well as the future of your family.
Protection Plans
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. Our Protection range includes our Term Assurance Plan & Loan Cover
Term Assurance Plan.
Investment Plans
Our Single Premium Whole Of Life plan is well suited to meet your long term investment
needs. We provide you with attractive long term returns through regular bonuses.
Pension Plans

14
Our Pension Plans help you secure your financial independence even after retirement. Our
Pension range includes our Personal Pension Plan, Unit Linked Pension, Unit Linked Pension
Plus.
Savings Plans
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. Our Savings
range includes Endowment Assurance Plan, Unit Linked Endowment, Unit Linked
Endowment Plus, Money Back Plan, Children’s Plan, Unit Linked Youngstar, Unit Linked
Youngster Plus.
Group Products
One-stop shop for employee-benefit solutions
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.
We 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.
We now offer the following group products to our esteemed corporate clients:
 Group Term Insurance
 Group Variable Term Insurance
 Group Unit-Linked Plan
An investment solution that provides funding vehicle to manage corpuses with Gratuity,
Defined Benefit or Defined Contribution Superannuation or Leave Encashment schemes of
your company
Social Products
Development Insurance Plan
Development Insurance plan is an insurance plan which provides life cover to members of a
Development Agency for a term of one year. On the death of any member of the group

15
insured during the year of cover, a lump sum is paid to that member’s beneficiaries to help
meet some of the immediate financial needs following their loss.
Eligibility
 Members of the development agency and their spouses with:
 Minimum age at the start of the policy 18 years last birthday
 Maximum age at the start of policy 50 years last birthday
 Employees of the Development Agency are not eligible to join the group. The group
to be covered is only eligible if it contains more than 500 members.
1.3.7 MARKET SHARE & POSITION OF THE COMPANY IN THE INDUSTRY.
As the company is new in the market and only 22 months old hence, it is not possible to
calculate the market position exactly. As the company has diversified products with unique
features direct comparison is not possible with the other existing companies in the market.
Credent provides set of services which are not provided by any other company in the market
as Healthcare services, Accidental insurance, Medical insurance, mutal fund,bonds,securities
and many other services are provided under one roof.
HDFC Standard Life has recorded a strong year on year growth of 112% for the period
April-March 2011- 13, in comparison with the same period 2004-05, with new business first
year premium of Rs.1029 crores. The growth achieved by the company was considerably
higher than the private sector industry average of 84% for 2011-06. 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% from Rs.436 Cr. to Rs. 887Cr.
HDFC Standard Life’s growth in new business is a result of 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 increased by
62% from Rs.17,000 in 2010-11 to Rs. 27,500 in 2011-02
Commenting on the huge potential that exists in the Indian market today, Mr. Deepak
Satwalekar, Managing Director & CEO of HDFC Standard Life emphasised, “The GDP has
been growing over 8% per annum and 47% of all savings are now in financial saving forms;
16% of savings is in the form of insurance premiums and another 16% is in Provident Fund
and Pensions i.e., 32% of India’s financial savings of the household sector are available to be

16
tapped. Therefore, growth for the private life insurance industry is inevitable and HDFC
Standard Life is confident of maintaining a steady growth pace.”
Highlighting HDFC Standard Life’s differentiators, Mr. Deepak Satwalekar said, “Our
Company has the most competitive fund management charge, which is the lowest in equity
based products. Our fund management charge is as low as 0.8% per annum, the key to
enhancing long-term returns. Our other differentiator is that we believe in offering life
insurance solutions to customers based clearly on their needs, and ‘Disha’ is the way it is
done.”
HDFC Standard Life’s offerings of Employee Benefit Solutions, to the corporate sector,
through Group Business, have met with increased success with year on year growth of 174%.
Commenting on the strong growth of HDFC SL’s Group Business, Mr. Satwalekar said, “Our
excellent fund performance on retirement products and increase in our client base with 150
clients cutting across a spectrum of industries spanning from multinationals to PSUs to the
older business houses, have been the highlights of the year.”
Ongoing training for conventional products and specialized training for unit linked products
for more than 33,000 of our financial consultants has also helped its customers choose the
products best suited for their need for protection, savings, investments and pensions. HDFC
Standard Life is the only company requiring its sales force to undergo specific training in
ULIPs before they are permitted to sell the same. There has been a huge jum
HDFC Standard Life continues to have one of the widest reaches amongst new insurance
companies. The Company’s geographical presence has also increased and covers 169 offices
across the country.
1.3.8 PRESENT LEADERSHIP
Managing Worker & Chairman - Mr. Deepak S. Parekh
Vice Chairman - Mr. Keki M. Mistry
Finance Director - Mr. David Nish
Director of HDFC - Mr. A. K.T. Chari

17
1.3.8 SWOT ANALYSIS OF THE COMPANY
SWOT analysis (alternatively SWOT Matrix) is a structured planning method used to
evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a
business venture. A SWOT analysis can be carried out for a product, place, industry or
person. It involves specifying the objective of the business venture or project and identifying
the internal and external factors that are favorable and unfavorable to achieving that
objective. The technique is credited to Albert Humphrey, who led a convention at the
Stanford Research Institute (now SRI International) in the 1960s and 1970s using data from
Fortune 500 companies. The degree to which the internal environment of the firm matches
with the external environment is expressed by the concept of strategic fit.
Setting the objective should be done after the SWOT analysis has been performed. This
would allow achievable goals or objectives to be set for the organization.
 Strengths: characteristics of the business or project that give it an advantage
over others
 Weaknesses: are characteristics that place the team at a disadvantage relative
to others
 Opportunities: elements that the project could exploit to its advantage
 Threats: elements in the environment that could cause trouble for the business
or project
Identification of SWOTs is important because they can inform later steps in planning to
achieve the objective.
First, the decision makers should consider whether the objective is attainable, given the
SWOTs. If the objective is not attainable a different objective must be selected and the
process repeated.
Users of SWOT analysis need to ask and answer questions that generate meaningful
information for each category (strengths, weaknesses, opportunities, and threats) to make the
analysis useful and find their competitive advantage.
SWOT analysis aims to identify the key internal and external factors seen as important to
achieving an objective. The factors come from within a company's unique value chain.
SWOT analysis groups key pieces of information into two main categories:

18
1. internal factors – the strengths and weaknesses internal to the organization
2. external factors – the opportunities and threats presented by the environment
external to the organization
Analysis may view the internal factors as strengths or as weaknesses depending upon their
effect on the organization's objectives. What may represent strengths with respect to one
objective may be weaknesses (distractions, competition) for another objective. The factors
may include all of the 4Ps; as well as personnel, finance, manufacturing capabilities, and so
on.
The external factors may include macroeconomic matters, technological change, legislation,
and socio-cultural changes, as well as changes in the marketplace or in competitive position.
The results are often presented in the form of a matrix.
SWOT analysis is just one method of categorization and has its own weaknesses. For
example, it may tend to persuade its users to compile lists rather than to think about actual
important factors in achieving objectives. It also presents the resulting lists uncritically and
without clear prioritization so that, for example, weak opportunities may appear to balance
strong threats.
It is prudent not to eliminate any candidate SWOT entry too quickly. The importance of
individual SWOTs will be revealed by the value of the strategies they generate. A SWOT
item that produces valuable strategies is important. A SWOT item that generates no strategies
is not important.
STRENGTHS
1. HDFC offers a range of individual and group insurance solutions.
2. HDFC has the financial expertise required to manage your long-term investments
safely and efficiently.
3. The company has covered over 8,77,000 lives year ending March 31, 2007.
4. Rated ‘AAA’ by CRISIL and ICRA for the 10th consecutive year for High service
standards
5. HDFC Bank industry is a rapid growing and a nobler service industry.
WEAKNESSES
1. LIC is prevalent and sustains even today a major source of population.

19
2. Low number of offices and network and number of life insurance agents.
3. Lack of knowledge and expertise.
4. Heavy management expenses and administrative costs.
5. Low customer confidence on the private players.
6. Poor retention percentage of tied up agents.
OPPORTUNITIES
1. HDFC has captured its mere15 – 20% growth therefore a wide open untapped market
is open to the company to develop, grow and measure its success.
2. Still the number of companies is few and company has every capability to grow and
forward its performance areas to the widest.
THREATS
1. People are hesitant to invest and put their hard earned money to the private life
insurance company with the fear of getting lost.
2. Belief Insurance company (government) corporation phobia is continues to surmount
the people of India despite lots of flaws and development and liberalization of life
insurance.
3. Alternative financial services such as mutual fund, banking services, share and
securities also pose problems and threats to the working of the life insurance sector.
4. Illiteracy and unemployment also pose threat.
1.3.9 FUNCTIONAL ANALYSIS OF THE COMPANY
MARKETING STRATEGY OF HDFC STANDARD LIFE INSURANCE
Marketing strategy includes all basic and long-term activities in the field of marketing that
deal with the analysis of the strategic initial situation of a company and the formulation,
evaluation and selection of market-oriented strategies and therefore contributes to the goals of
the company and its marketing objectives.
It was in the late 1950's that marketing in insurance industry emerged in the west. It
emergence was in the form of advertising and promotion concept. At that time, personal
selling could not get a significant place. Gradually there was a change in the attitude of
bankers, probably in time with the attitudinal change in customers. The idea of customers'
satisfaction began in the late 1950's, flourished in 1960's and became an integral part of the

20
insurance services in the 1970's. But the same trend could not be applicable, especially in
developing countries and to be more specific in India because of socioeconomic and political
reasons. Marketing came into Indian insurance company in the late 1950's not in the form of
marketing concept but in the forms of advertising and promotion concept. Soon it was
realized that marketing transcends advertising and friendliness'. Till 1950 it was recognized
that personal selling was not necessary. The bankers went out of their way to avoid being
accused of selling. The bankers even eliminated the word 'selling' and they called the function
of customer contact 'business development function'. The bankers' attitudes and
comprehensions about marketing changed in the 1960's. They began to realise that marketing
was a lot more than smiling and friendly tellers. The idea of customer convenience began in
the late fifties and it flourished in the 1960's. Bankers were beginning to understand the
concept of market segmentation in the late 1960's. The bank marketing profession changed
dramatically in the 1970's. Marketing positions in insurance company were created and
marketing was accepted as an organizational imperative. To understand how insurance
services can be marketed better, one must examine insurance s a service industry, in the
content of a swiftly changing environment, redefine marketing to suit a banker's needs,
analyses how the marketing of financial services differs from that of other products, identify
the tasks involved there in and set forth a series of steps for effective bank marketing strategy
of HDFC.
Bank marketing has emerged as the principal survival strategy for insurance company
confronted with an accelerating pace of disintermediation. Another face of the growth of
Indian economy in recent years has been the fantastic increase in needs and expectation of
insurance customers, important factors for these changes are –
 The spread of Television, including access to international channels.
 Rise of Indian middle-class with considerable financial resources furthermore, a
higher propensity towards consumption.
 Entry of foreign and private sector insurance company in India;
 Break-up of the joint family system in urban India, and - Govt. intervention for
protecting the interest of consumers. All these and similar other developments have
combined to produce a typical bank customer who is no longer prepared to accept
things lying down.
 Insurance company must be closer to the customer in order to satisfy them.
Marketing strategies serve as the fundamental underpinning of marketing plans designed to
fill market needs and reach marketing objectives. Plans and objectives are generally tested for
measurable results. Commonly, marketing strategies are developed as multi-year plans, with

21
a tactical plan detailing specific actions to be accomplished in the current year. Time horizons
covered by the marketing plan vary by company, by industry, and by nation, however, time
horizons are becoming shorter as the speed of change in the environment
increases. Marketing strategies are dynamic and interactive. They are partially planned and
partially unplanned. See strategy dynamics. Marketing strategy needs to take a long term
view, and tools such as customer lifetime value models can be very powerful in helping to
simulate the effects of strategy on acquisition, revenue per customer and churn rate.
Marketing strategy involves careful scanning of the internal and external
environments Internal environmental factors include the marketing mix and marketing, plus
performance analysis and strategic constraints External environmental factors include
customer analysis, competitor analysis, target market analysis, as well as evaluation of any
elements of the technological, economic, cultural or political/legal environment likely to
impact success A key component of marketing strategy is often to keep marketing in line
with a company's overarching mission statement.
Once a thorough environmental scan is complete, a strategic plan can be constructed to
identify business alternatives, establish challenging goals, determine the optimal marketing
mix to attain these goals, and detail implementation. A final step in developing a marketing
strategy is to create a plan to monitor progress and a set of contingencies if problems arise in
the implementation of the plan.
Marketing Mix Modeling is often used to help determine the optimal marketing budget and
how to allocate across the marketing mix to achieve these strategic goals. Moreover, such
models can help allocate spend across a portfolio of brands and manage brands to create
value.
The customer of HDFC Standard Life today is most discerning. With insurance company
operating in a buyer's market, the customer looks for a insurance company which can meet all
his present and future requirements at an affordable competitive cost. He is also increasingly
quality-conscious. Almost everyone would appreciate that no two classes of customers are
alike. Therefore in any environment relating to a insurance company branch or region, the
potential clientele can always be classified into different homogeneous segments and distinct
4 Ps package judiciously offered to each segment. A customer is more likely to have a feeling
that the given marketing package has been specially designed for a person like him only, and
not for everyday. This will result in greater satisfaction of customer needs which will in turn
result in to higher return for every rupee spent.

22
CHAPTER-2
REVIEW OF LITERATURE
2.1 MEANING OF LITERATURE REVIEW
A literature review is an evaluative report of information found in the literature related to
selected area of study. The review should describe, summarize, evaluate and clarify this
literature. It gives a theoretical base for the research and helps the author to determine the
nature of the research.
2.2 REVIEWS
 Sadiq Sohail & Shanmugam, 2009) The fear of loss because of transaction
errors or hackers played a significant role in alienating Tunisian customers from
online banking. Many factors were detected as important influences on electronic
banking adoption such as awareness of e-banking products and services, ease of
use, willingness to adopt e-banking, convenience, internet access. Another finding of
this study was that the conventional banking amateurs were primarily the older
women having no computer knowledge. I worthy to mention that comparative studies
focused on differences in adoption processes between different forms of banking
channels would be an enriching vector for this work.
 Royne, M. (2012) in his article, provided the initial direction in determining the
proper SQ attributes to focus on promotional efforts when banks have a target
market at least partially defined by gender and age. Further, gender and age were
not the only characteristics on which marketing efforts should be based. Therefore,
other segmentation variables, such as psychographic geographies and benefits
sought must be considered when developing marketing and advertising strategies.
 Zeithaml and Bitner (2012) in their article, suggested that a customer relationship
with a company was strengthened when that customer made a favorable assessment
about the company’s service quality and weakened when a customer made negative
assessment about the company’s service quality.
 Natarajan, R. Balaram, A. and Venkata Ramana, S. (2014) in their article,
reported on the development and application of a service template as a diagnostic
tool for identifying opportunities for improvements in the service package. The

23
operations in the branch of a bank in Bangalore, India, provide the context. For
twenty one service attributes, the gap between the expectations of a target customer
group and the actual service experience was assessed through a customer survey. A
service template graphically displaying the mean values of the responses for the
expectations and the perceived service was constructed.
 Gayathri H., M.C. Vinaya, and K. Lakshmisha (2015) in their article, conducted a
pilot study on the insurance companies in India to quantitatively study the
levels of the dimensions of service quality and its relation to the level of customer
satisfaction. The results showed that LIC was scoring lower in all the five
dimensions of service quality. To relate the satisfaction level of customers with
the levels of SERVQUAL dimensions, multiple regression equations were
developed for the four companies. The study concluded by saying that the
companies had to focus on service quality in order to differentiate themselves and
create a competitive advantage in order to survive the competition in the market.

24
CHAPTER-3
RESEARCH METHODOLOGY
3.1 MEANING OF RESEARCH
Research is defined as human activity based on intellectual application in the
investigation of matter. The primary purpose for applied research is discovering,
interpreting, and the development of methods and systems for the advancement of
human knowledge on a wide variety of scientific matters of our world and the
universe. The term research is also used to describe an entire collection of information about
a particular subject.
Methodology is the method followed while conducting the study on a particular
project. Through this methodology a systematic study is conducted on the basis of
which the basis of a report is produced.
It is a written game plan or conducting Research. Research methodology has many
dimensions. It includes not only the research methods but also considers the logic
behind the methods used in the context of the study and explains why only a
particular method or technique has been used. Therefore in order to solve a research
problem, it is necessary to design a research methodology for the problem as the some
may differ from problem to problem. The methodology adopted for studying the
objectives was surveying the in-house customers of HDFC Standard Life in the city of
Sagar.
3.2 NEED OF THE STUDY
 To determine current marketing strategy helping in the growth and development of
company.
 To determine the implementation of marketing strategies of the company.
 Investors perception will be taken into consideration about the investing.
3.3 OBJECTIVES OF THE STUDY
The objectives of this research are:
 To examine the importance of Marketing Strategies with reference to HDFC Standard
Life in Sagar region of Madhya Pradesh.

25
 To study the marketing mix of the company attracts customers or not.
 To identify the customers driven factors to do investment in HDFC Life Insurance.
 To identify the factors affecting marketing strategy of the HDFC Standard Life in
Sagar, Madhya Pradesh.
 To know the perception and buying behavior of customers towards brand image of
HDFC Standard Life in Sagar, Madhya Pradesh.
3.4 NATURE
The methodology adopted to achieve the project objective involved descriptive
research method. The information required for fulfilling the objective of study was collected
from various primary and secondary sources.
3.5 TYPE OF RESEARCH
This study is DESCRIPTIVE in nature. It helps in discovering of investment trends and
insights.
3.6 RESEARCH DESIGN
Research design constitutes the blue print for the collection, measurement and analysis
of data. The present study seeks to identify the extent of marketing strategies in the
company. The research design is descriptive in nature. The research has been conducted on
investors within Sagar region with reference to HDFC Standard Life. For the selection of
the sample, convenient sampling method was adopted and an attempt has been made
to include all the age groups and gender of every class.
3.7 RESEARCH INSTRUMENT
The instrument used for gathering data was Questionnaire. To get further insight in to the
research problem, interview regarding their buying practices too was made. This was done to
crosscheck the authenticity of the data provided. To supplement the primary data and to
facilitate the process of drawing inference, secondary data was collected from published
sources like magazines, journals, newspapers etc.
3.8 SAMPLE DESIGN AND SIZE
In this research project Descriptive research design is used. This method is used because
we are interested in exploring gender, age, or occupation and preferences disparities in
terms of investment in the population. For conducting this research, a structured
questionnaire is prepared and sample of 53 investors is taken.

26
3.8.1 Sampling Size: It indicates the numbers of people to be surveyed. Though large
samples give more reliable results than small samples but due to constraint of time
and money, the sample size was restricted to 53 respondents. The respondents belong
to different income group and profession.
3.8.2 Sampling Unit :It defines the target population that will be sampled i.e. it
answers who is to be surveyed. In this study, the sampling unit is the investors within
Sagar, M.P.
3.8.3 Tools And Techniques Of Analysis: The data was collected with the help of a
questionnaire. The questionnaire was prepared after considerable and deep understanding of
the research problem, discussion with experience and knowledgeable persons, systematic
study of pertinent literature, reflection and imaginative ‘role taking’ and at the same time
keeping in mind the measuring and analyzing of data. The tentatively formulated
questionnaire was pre-tested to detect the shortcomings. Changes were made before
administration. The questionnaire is divided into 2 Sections.
 Section-A: Demographic Profile of Respondents
 Section-B: Question for detailed information including Multiple choice questions and
linear scale
This enables measurement and analysis easier. It was a structured questionnaire. All of the
questions were agree-disagree questions the respondents were encouraged to freely express
themselves. Though analysis is difficult, these responses gave deep insights to the problem.
By these questions, more information was provided.
3.9 DATA COLLECTION
Keeping in view the nature of requirements of the study to collect all the relevant
information regarding the extent of investors perception and preferences while investing,
direct personal interview method with structured questionnaire was adopted for the
collection of primary data. Secondary data has been collected through the various
internet sites by surfing on Internet and from the records available with the factsheets.
3.9.1 Source of Data
Secondary Data: Articles on Insurance Sector marketing strategy taken from journals,
research paper, different websites and from factsheets published from time to time.

27
Primary Data: Questionnaire was used to collect primary data from respondents. The
questionnaire was structured type and contained questions relating to different
dimensions which affect the marketing strategy of a company. An attempt was also made to
elicit reasons for its non-usage. The questions included in the questionnaire were open-ended,
dichotomous and offering multiple choices.
3.10. SCOPE OF THE STUDY
 Area is restricted to only SAGAR because due to the time constraint and not
able to visit all over the cities or states.
 All the classes of the investors were taken into consideration.
 This study covering marketing mix and strategies.
 This is a realistic source directly collected from the investors.
3.11 LIMITATION OF STUDY
Every research is conducted under some constraints and this research is not an
exception. Limitations of this study are as follows:-
 There may be some bias in the responses of the respondents which cannot be ruled out
fully.
 Sudden change in the investment practices during the course of research can affect the
results.
 The study is limited to areas of Sagar, Madhya Pradesh only.
 The sample size of only 52 was taken from the large population for the
purpose of study, so there can be difference between results of sample from
total population.
 People were reluctant to go in to details because of their busy schedules.
 Due to continuous change in environment, what is relevant today may be
irrelevant tomorrow.

28
CHAPTER-4
DATA ANALYSIS AND INTERPRETATION
4.1 QUESTIONNAIRE
Department of Business Management
Dr. Hari Singh Gour Central University, Sagar (Madhya Pradesh)
Dear Respondents, This information is required for my survey project work
titled “A Study on Marketing Strategy of HDFC Standard Life, in Sagar City of
Madhya Pradesh”. Your responses will be kept highly confidential and will be
used for academic and research purpose.
PART-1: PERSONAL PROFILE
Name
………………………………………………….
Gender Male
………………
Female
……………..
Age in years 18-25
………….
26-30
………..
31-40
………..
41-50
……….
+50
………
Educational
Qualification
Illiterate
………..
High
school
………
Intermediate
………
UG
……….
PG
………
Profession Government
employee
…………
Private
employee
………..
Self
employed
……….
House wife
……….
Student
………
Monthly
Income
Up to 15,000
…………
15,000 to
30,000
……….
30,000 to
40,000
…………
40,000 to
50,000
………
Above
50,000
………..
How you
come to know
about HDFC
Standard Life
insurance?
Friends/Relatives
…………..
Television
………..
Newspaper
………..
Agents
……….
Other
……….

29
PART-2
Kindly extend your suggestions for further improvement
Scale Interpretation: 1-Strongly Disagree, 2-Disagree, 3-Neutral, 4-Agree, 5-Strongly Agree
Sr.No. Questions 1 2 3 4 5
PRODUCT
1. I like the products (Schemes) of HDFC Standard Life.
2. I prefer HDFC Standard Life because its features are good.
3. I prefer HDFC SL over other insurance companies like LIC, SBI
life insurance etc.
PRICING
1. HDFC premiums are cheaper than other insurance company.
2. Price ranges of HDFC SL schemes are affordable by each section
of society.
3. Its product is value for money.
PLACE/ DISTRIBUTION
1. Direct buying of policy through the office is easily possible in
Sagar,(M.P.).
2. It is easy to purchase insurance policy of HDFC SL via online.
3. Company has large no. of distribution channel of the schemes.
PROMOTION
1. Word-of-mouth promotion proved successful for the company.
2. Company regularly advertise in television, newspaper etc.
3. Its advertisements are informative.
BRAND IMAGE
1. HDFC and its schemes are trustworthy.
2. Its brand is easily recognizable.
3. Brand image of HDFC Standard Life affect overall buying
behavior.
CONSUMER BUYING BEHAVIOR
1. I will buy HDFC Standard Life policy in near future.
2. Brand value of HDFC Standard Life products is high.
3. I appreciate the overall marketing of HDFC Standard Life.

30
4.2Data Analysis and Interpretation
Section A- Demographic Profile of Respondents
Table-1:Gender of Respondents
SEX No. of
Respondents
Male 32
Female 21
Total 53
Fig: - 1
INTERPRETATION:
From the above data, we can interpret that out of 53 respondents;32 are males
and 21 are females.
32
21
Gender
male
female

31
Table-2: Age of Respondents
Male Female Total
18-25 years 8 13 21
26-30 years 14 5 19
31-40 years 4 3 7
41-50 years 5 0 5
Above 50 years 2 0 2
Total 32 21 53
Fig: - 2
INTERPRETATION:
From the above data, we can interpret that out of 53 respondents; 21
respondents are of 18-25 years of age, 19 respondents are of 26-30 years of age,
7 respondents are of 31-40 years of age, 5 respondents are of 41-50 years of age
and 2 respondents is above 50 years of age.
21
19
7
5 2
AGE
18-25 years
26-30 years
31-40 years
41-50 years
above 50 years

32
Table-3:Education qualification of respondents
EDUCATION
QUALIFICATION
Male Female No. of
Respondents
Illiterate 4 0 4
High school 4 7 11
Intermediate 7 1 8
UG 10 10 20
PG 7 3 10
Total 32 21 53
Fig: - 3
INTERPRETATION:
From the above data, we can interpret that out of 53 respondents; 4 respondents
is illiterate, 11 respondent’s qualification is till high school, another 8
respondent’s studied till intermediate, 20 are under graduate and 10 are post
graduate.
4
11
8
20
10
Education qualification
illiterate
high school
intermediate
UG
PG

33
Table-4:Profession
PROFESSION Male Female No. of
Respondents
Government
employee
4 2 6
Private employee 10 3 13
Self employed 14 1 15
Housewife 0 5 5
Student 4 10 14
Total 32 21 53
Fig: - 4
INTERPRETATION:
From the above data, we can interpret that out of 53 respondents; 6 respondents
are government employee, 13 respondents are private employee, 15 respondents
are self employed, 5 respondents are housewife and 14 are students.
6
13
15
5
4
Profession
govt. employee
private employee
self employed
housewife
student

34
Table-5:Monthly Income
Monthly income Male Female Total
Up to 15,000 0 0 0
15,000-30,000 7 3 10
30,000-40,000 7 8 15
40,000-50,000 9 3 12
Above 50,000 9 7 16
Total 32 21 53
Fig: - 5
INTERPRETATION
From the above data, we can interpret that out of 25 respondents; 0 respondents’
monthly income is up to 15,000, 10 respondents’ monthly income is from
15,000-30,000, 15 respondents’ monthly income is from 30,000-40,000 and 12
respondents’ monthly income is from 40,000-50,000 and 16 above 50,000.
0
10
15
12
16
Monthly income
up to 15000
15000-30000
30000-40000
40000-50000
above 50000

35
Table no. 6: How you come to know about HDFC Standard Life insurance?
Items No. of Respondents Percentage
Friends/ relatives 17 32.1%
Television 3 5.7%
Newspaper 6 11.3%
Agents 23 43.3%
Others 4 7.5%
Total 53 100%
Fig: - 6
INTERPRETATION:
From the above data, we can interpret that out of 53 respondents, 17
respondents came to know about HDFC Standard Life from friends/relatives, 03
from television, 6 from newspaper and 23 from the agents of insurance
company, whereas 4 respondents’ get to know about this from other sources.
0
5
10
15
20
25

36
Section B- Questions for Detailed Information
PRODUCT
Q.1: I like the products (Schemes)ofHDFC Standard Life.
Table no. 7
Strongly disagree 17 32.1%
Disagree 20 37.7%
Neutral 6 11.3%
Agree 6 11.3%
Strongly agree 4 7.5%
Total 53 100%
Fig: - 6
INTERPRETATION:
respondents strongly disagrees that they like the schemes of HDFC Standard
Life, 20 were also disagreeing about this. Whereas 6 respondents’ having
neutral views. 6 respondents and 4 respondents marked that they like the
schemes of this insurance company.
0
2
4
6
8
10
12
14
16
18
20
Strongly
disagree
Disagree Neutral Agree Strongly
agree

37
Q2. I prefer HDFC Standard Life because its features are good.
Table No. 7
Disagree 11 20.8%
Neutral 10 18.9%
Agree 10 18.9%
Total 53 100%
Fig: - 7
INTERPRETATION:
respondents strongly disagrees that they do not prefer the schemes of HDFC
Standard Life because its features are not good, 11 were also disagreeing about
this. Whereas 10 respondents’ having neutral views. 10 respondents and 6
respondents marked that they found the features of their schemes are good.
0
2
4
6
8
10
12
14
16
Strongly
disagree
agree

38
Q3. I prefer HDFC SL over other insurance companies like LIC, SBI life
insurance etc.
Table No. 8
Items No. of
Respondents
Percentage
Disagree 9 20.8%
Neutral 17 32.1%
Agree 12 22.6%
Strongly agree 11 17%
Total 53 100%
Fig: - 8
INTERPRETATION:
respondents strongly disagrees that they do not prefer the schemes of HDFC
Standard Life over other insurance companies, 09 were also disagreeing about
this. Whereas 17 respondents’ having neutral views. 12 respondents and 11
respondents marked that they opt for this company.
0
2
4
6
8
10
12
14
16
18
Strongly
disagree
Disagree Neutral Strongly
agree

39
PRICING
Q4. HDFC premiums are cheaperthan other insurance company?
Table No. 9
Disagree 14 26.4%
Neutral 5 9.4%
Agree 14 26.4%
Total 53 100%
Fig: - 9
INTERPRETATION:
respondents strongly disagrees that they do not think the premiums of schemes
of HDFC Standard Life are cheaper than other insurance companies, 05 were
also disagreeing about this. Whereas respondents’ having neutral views. 14
respondents and 07 respondents marked that their schemes are cheaper.
0
2
4
6
8
10
12
14
Strongly
disagree
agree

40
Q5. Price ranges ofHDFC SL schemes are affordable by eachsectionof
society. ?
Table No. 10
Strongly disagree 21 34%
Disagree 18 39.6%
Neutral 7 13.2%
Agree 6 11.3%
Total 53 100%
Fig: - 10
INTERPRETATION:
respondents strongly disagrees that price range of HDFC Standard Life are not
affordable by each section of society, 18 were also disagreeing about this. 7
respondents’ having neutral views. 6 respondents and 1 respondent marked
these are affordable by each section of society.
0
5
10
15
20
25
Strongly
Disagree
agree

41
Q6. Its product is value for money.
Table No. 11
Disagree 18 34%
Neutral 10 18.9%
Agree 12 22.6%
Strongly Agree 6 11.3%
Total 53 100%
Fig: - 11
INTERPRETATION:
From the above data, we can interpret that out of 53 respondents, 7 respondents
strongly disagrees that its product are value for money, 18 were also agreeing
about this. 10 respondents had neutral views. 12 and 6 respondents agrees and
strongly agrees that its value for money.
0
2
4
6
8
10
12
14
16
18
Strongly
disagree
Agree

42
PLACE/ DISTRIBUTION
Q7. Direct buying of policy through the office is easilypossible in Sagar,
(M.P.)?
Table No. 12
Disagree 13 24.5%
Neutral 10 18.9%
Agree 15 28.3%
Total 53 100%
Fig: - 12
INTERPRETATION:
strongly disagrees that direct buying of Direct buying of policy through the
office is easily possible in Sagar, (M.P.), 18 were also agreeing about this. 10
respondents had neutral views. 15 and 7 respondents marked agrees and
strongly agrees about this.
0
2
4
6
8
10
12
14
16
Strongly
disgree
Disagree

43
Q8. It is easyto purchase insurance policy of HDFC SL via online.
Table No. 13
Disagree 14 26.4%
Neutral 5 9.4%
Agree 14 26.4%
Total 53 100%
Fig: - 13
INTERPRETATION:
respondents strongly disagrees that its easy to purchase insurance policy of
HDFC SL via online., 14 were also disagreeing about this. 5 respondents had
neutral views. 14 and 7 respondents marked its easy to purchase.
0
2
4
6
8
10
12
14
Strongly
disagree
Agree

44
Q9. Company has large no. of distribution channel of the schemes.
Table No. 14
Disagree 15 28.3%
Neutral 8 15.1%
Agree 13 24.5%
Total 53 100%
Fig: - 14
INTERPRETATION:
strongly disagrees that company has large no. of distribution channel of the
schemes, 15 were also disagreeing about this. 8 respondents had neutral views.
13 and 10 respondents marked this they have a strong network.
0
2
4
6
8
10
12
14
16
Strongly
Agree
Agree Neutral Disagree Strongly
Disagree

45
PROMOTION
Q10. Word-of-mouth promotion proved successfulfor the company.
Table No. 15
Disagree 15 28.3%
Neutral 10 18.9%
Agree 11 20.8%
Total 53 100%
Fig: - 15
INTERPRETATION:
respondents strongly disagrees that Word-of-mouth promotion proved
successful for the company. , 15 were also disagreeing about this. 10
respondents had neutral views. 11 and 6 respondents marked this works.
0
2
4
6
8
10
12
14
16
Strongly
disagree
agree

46
Q11. Company regularly advertise in television, newspaperetc.
Table No. 16
Disagree 10 18.9%
Neutral 11 20.8%
Agree 11 20.8%
Total 53 100%
Fig: - 16
INTERPRETATION:
respondents strongly disagrees that company regularly advertise in television,
newspaper etc. , 10 were also disagreeing about this. 11 respondents had neutral
views. 11 and 6 respondents marked this happens.
0
2
4
6
8
10
12
14
16
Strongly
disagree
agree

47
Q12. Its advertisements are informative.
Table No. 17
Strongly disagree 17 32%
Disagree 13 24.5%
Neutral 10 18.8%
Agree 6 11.3%
Total 53 100%
Fig: - 17
INTERPRETATION:
respondents strongly disagrees that the company’s advertisement are
informative, 13 were also disagreeing about this. 10 respondents had neutral
views. 06 and 07 respondents marked as those are informative.
0
2
4
6
8
10
12
14
16
18
Strongly
disagree
agree

48
BRAND IMAGE
Q13. HDFC and its schemes are trustworthy.
Table No. 18
Disagree 15 28.3%
Neutral 10 18.9%
Agree 11 20.8%
Total 53 100%
Fig: - 18
INTERPRETATION:
respondents strongly disagrees that HDFC and its schemes are trustworthy, 15
were also disagreeing about this. 10 respondents had neutral views. 11 and 6
respondents say these are.
0
2
4
6
8
10
12
14
16
Strongly
disagree
agree

49
Q14. Its brand is easilyrecognizable.
Table No. 19
Disagree 8 15%
Neutral 11 20.8%
Agree 14 26.4%
Total 53 100%
Fig: - 19
INTERPRETATION:
respondents strongly disagrees that its brand is easily recognizable, 08 were also
disagreeing about this. 11 respondents had neutral views. 14 and 10 respondents
marked agree and strongly agree respectively, concluding it is easily
recognizible.
0
2
4
6
8
10
12
14
Strongly
disagree
agree

50
Q15. Brand image of HDFC Standard Life affect overallbuying behavior.
Table No. 20
Disagree 15 28.3%
Neutral 10 18.9%
Agree 11 20.8%
Total 53 100%
Fig: - 20
INTERPRETATION:
respondents strongly disagrees that brand image of HDFC Standard Life affect
overall buying behavior, 15 were also disagreeing about this. 10 respondents
had neutral views. 11 and 6 respondents marked this works.
0
2
4
6
8
10
12
14
16
Strongly
disagree
agree

51
CONSUMER BUYING BEHAVIOR
Q16. I will buy HDFC Standard Life policy in near future.
Table No. 21
Disagree 11 20.7%
Neutral 15 28.3%
Agree 12 22.6%
Total 53 100%
Fig: - 21
INTERPRETATION:
respondents strongly disagrees that they will buy HDFC Standard Life policy in
near future, 11 were also disagreeing about this. 15 respondents had neutral
views. 12 and 6 respondents marked they will plan to buy.
0
2
4
6
8
10
12
14
16
Strongly
disagree
agree

52
Q17. Brand value of HDFC Standard Life products is high.
Table No. 22
Disagree 15 28.3%
Neutral 10 18.9%
Agree 11 20.8%
Total 53 100%
Fig: - 22
INTERPRETATION:
respondents strongly disagrees that Brand value of HDFC Standard Life
products is high. , 15 were also disagreeing about this. 10 respondents had
neutral views. 11 and 6 respondents agrees and strongly agrees about its high
brand value.
0
2
4
6
8
10
12
14
16
Strongly
disagree
agree

53
Q18. I appreciate the overallmarketing of HDFC Standard Life.
Table No. 23
Disagree 09 16.9%
Neutral 14 26.4%
Agree 13 24.5%
Total 53 100%
Fig: - 23
INTERPRETATION:
respondents strongly disagrees that brand image of HDFC Standard Life affect
overall buying behavior, 09 were also disagreeing about this. 14 respondents
had neutral views. 13 and 11 respondents agree and strongly agree company’s
brand image affect the overall buying behavior.
0
2
4
6
8
10
12
14
Strongly
disagree
agree

54
4.3 ARITHEMETIC MEAN (WEIGHTED AVERAGE MEAN)
INTERPRETATION:
81% population says that they opt for HDFC Standard Life Insurance over other insurance
companies due to their after services and having good features. 70% population says that its
brand is easily recognizable and they are satisfied with their overall marketing strategy. 62%
are saying that premium of HDFC Standard Life Insurance are cheaper than that of other
insurance company schemes. All investors seeks for numerous benefits though here they get
value for their money. Whereas many of them marked that features of its product are not that
good as well as its schemes are not affordable by each section of society.
Sr.No. ITEMS MEAN
1. I prefer HDFC SL over other insurance companies like LIC,
SBI life insurance etc.
3.32
2. Its brand is easily recognizable. 3.26
3. I appreciate the overall marketing of HDFC Standard Life. 3.26
4. Company has large no. of distribution channel of the schemes. 3.07
5. Direct buying of policy through the office is easily possible in
Sagar,(M.P.).
3
6. HDFC premiums are cheaper than other insurance company. 2.92
7. It is easy to purchase insurance policy of HDFC SL via online. 2.92
8. I will buy HDFC Standard Life policy in near future. 2.90
9. Its product is value for money. 2.84
10. Word-of-mouth promotion proved successful for the company. 2.73
11. HDFC and its schemes are trustworthy. 2.73
12. Brand image of HDFC Standard Life affect overall buying
behavior.
2.73
13. Brand value of HDFC Standard Life products is high. 2.73
14. Company regularly advertise in television, newspaper etc. 2.67
15. I prefer HDFC Standard Life because its features are good. 2.41
16. I like the products (Schemes) of HDFC Standard Life. 2.22
17. Its advertisements are informative. 2.01
18. Price ranges of HDFC SL schemes are affordable by each
section of society.
2

55
CHAPTER -5
FINDINGS, SUGGESTIONSAND CONCLUSION
5.1 FINDINGS
 81% are Investors are likely to buy HDFC Standard Life schemes over other
insurance companies’ schemes, so their marketing strategy is that effective to make an
increase in the market share.
 Its brand have huge value and overall marketing strategy is much effective 62.3%
investors says that.
 Its network range is good and having too many distribution channel 62% are investors
says.
 37.7%investors are says that schemes of HDFC Standard Life is value for money,
they gets profit.
 Company should give extra benefits to their agents as the schemes of the company are
majorly promoted through word of mouth.
 Due to its schemes good features and service quality of the company attract huge
population to make an investment in near future.
 63.3 % are agreeing on company’s having high brand value so as the large market
share.
 40% of the population says if company’s schemes are made in a way that each section
of the society can afford, the company touches another height of success.
5.2 SUGGESTIONS
 Online promotion of schemes of HDFC Standard Life can attract huge investors
group.
 There should be more promotion to make people aware of their schemes.
 Advertisement of every new scheme to let investors know about the new schemes.

56
5.3 CONCLUSION
Investments in insurance sector have fancied lots of investors to invest small sums of money
every year to gain desired corpus over a defined period of time. There are ample of reasons
that make investment in insurance company an attractive mode of investment to all types of
investors. It allows you to invest in small amounts and thus encourages you to meet future
obligations. Investors can not only neutral out their investments over a length of time, but it
also saves them from market fluctuations. Insurance company’s promises to give return in
between 0-40% to insure the life of investors. There is a huge growth in insurance sector so
as the huge opportunity to every company of the industry.

57
REFRENCES
1. Mheshwari, S. (2001). Analysis of Insurance Sector in India. IFCAI .
2. Your article library. (2010, September). Retrieved June 2017, from
yourarticlelibrary.com: http://www.yourarticlelibrary.com
3. Narisimhan, M. a. (2011). Performance analysis of insurance industry.
Finance India.
4. research journals. (2011, October). Retrieved June 2017, from research
journals.com: http://www.researchjournals.com
5. Quora . (2011, January). Retrieved June 2017, from Quora.com:
http://www.quora.com
6. money control. (2011, April). Retrieved June 2017, from
moneycontrol.com: http://www.moneycontrol.com
7. Agarwal, D. (2015). Measuring performance of insurance companies by
effective marketing strategy in India.
8. Agrwal, D. (2017, june). Retrieved july 2017, from
www.inevstopedia.com: http://www.investopedia.com
9. HDFC Standard Life Insurance . (2015, september). Retrieved June
2017, from HDFC pvt. ltd website: http://www.hdfcsl.com

Marketing Strategies of HDFC Standard Life

Recommandé

Recommandé

Contenu connexe

Tendances

Tendances (20)

Similaire à Marketing Strategies of HDFC Standard Life

Similaire à Marketing Strategies of HDFC Standard Life (20)

Dernier

Dernier (20)

Marketing Strategies of HDFC Standard Life