30-08-2013, 04:57 PM
MINOR PROJECT REPORT HDFC STANDARD LIFE INSURANCE
HDFC STANDARD .pdf (Size: 1.37 MB / Downloads: 35)
OVERVIEW OF INSURANCE INDUSTRY
Insurance is as old as civilization. It has been developing from the family form of
insurance to mutual associations, stock exchange securities and again to state owned
organizations. “Yogakshema” has been the oldest term of insurance used in the
“Rigveda” for some kind of insurance.
The concept of formal insurance originated in the 12th century in the form of protection
against financial loss to the seafarers involved in foreign trade. Growing economic
uncertainties caused not only by multiplicity of social, cultural, ethnic and political
factors but also natural calamities necessitated invention and development of avenues
capable of providing economic security to the bereaved family 8in the event of loss of
bread earner. And thus began the concept of Life Insurance. With the development of
social security and the welfare status of the societies, the business of life insurance
assumed multidimensional. The disintegration in most of the societies, of the extended
family system, and ancient social institution, which provided a natural umbrella of
economic protection and emotional solace upon the death of the bread earner led to a
greater acceptability of the doctrine of life insurance and the growth of life insurance
industry around the globe. From a meager beginning of providing pecuniary protection
on the death earner it has moved to become major vehicle in the financial planning both
for security and investment purpose. The industry hardly resembles 16th or 17th century. It
would have been impossible to conceive then the development that has propelled
extensive changes in the product field, customer attitudes and market environment.
INSURANCE SECTOR IN INDIA
The business of insurance is related to the protection of the economic values of
assets. Every asset would have been created through the efforts of the owner the asset is
valuable to the owner, because he expects to get some benefits from it. The benefit may be
an income or something else. It is a benefit because it meets some of his needs. In case of a
factory or a cow, the product generated by is sold and income generated. In the case of a
motor car, it provides comfort and convenience in transportation. There is no direct
income.
Every asset is expected to last for a certain period of time during which it will
perform. After that, the benefit may not be available. There is a lifetime for a machine in a
factory or a cow or a motorcar. None of them will last forever. The owner is aware of this
and he can so manage his affairs that the end of that period or lifetime makes a substitute
made available. Thus, he makes sure the value or income is not lost. However, the asset
may get lost earlier. An accident or some other unfortunate event may destroy it or make it
non-functional. In that case, the owner and the others deriving benefits there from would
be deprived of the benefit and the planned substitute would not have been ready. There is
an adverse or unpleasant situation.
Mission Statement of IRDA
• To protect the interest of and secure fair treatment to policyholders;
• To bring about speedy and orderly growth of the insurance industry (including
annuity and superannuating payments), for the benefit of the common man, and to
provide long term funds for accelerating growth of the economy;
•To set, promote, monitor and enforce high standards of integrity, financial soundness,
fair dealing and competence of those it regulates;
•To ensure that insurance customers receive precise, clear and correct information
about products and services and make them aware of their responsibilities and duties
in this regard;
•To ensure speedy settlement of genuine claims, to prevent insurance frauds and other
malpractices and put in place effective grievance redressed machinery;
•To promote fairness, transparency and orderly conduct in financial markets dealing
with insurance and build a reliable management information system to enforce high
standards of financial soundness amongst market players
Miscellaneous
As of now, fire insurance contributes the largest share in the business, although its share
has been going down. Miscellaneous business has been the growth area with health
insurance assuming increasing importance in terms of potential. Marine insurance is
relatively less important in India.
Acknowledging the trend of growth in miscellaneous business, GIC has recently come
out with a host of new policies/plans/schemes. Personal Accident Policy for Visitors in
Bank Premises, Mediclaim, Householders' Comprehensive Insurance Policy, Professional
Indemnity Insurance, insurance against liability and contingency for members of stock
exchanges and joint stock companies, Rejection Insurance on marine products, Nuclear
Insurance Pool for insurance of nuclear power plants and other nuclear related risks, hut
insurance
HDFC Standard Life Insurance
HDFC Standard Life Insurance Company
Limited is one of India's leading private insurance
companies, which offers a range of individual and group insurance solutions. It is a joint
venture between Housing Development Finance Corporation Limited (HDFC Limited),
India's leading housing finance institution and a Group Company of the Standard Life
Plc, UK.
Products of HDFC Standard Life Insurance
HDFC Standard Life offers 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. They have incorporated various downloadable forms and product details so
that you can make an informed choice about buying a policy.
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 his/her life-stage and needs.
For organizations they have a host of customized 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
CERTIFIED FINANCIAL CONSULTANTS
Who is a Financial Consultant?
A financial consultant, also known as a financial advisor, offers advice about money
management. They offer their services to individuals and businesses. Most people come
to financial consultants looking for guidance on how to reach their long term financial
goals, which may include a debt management plan, investment advice and/or developing
a savings plan. A business will sometimes hire a financial consultant to get advice on
managing money programs for its employees.
Why the Company Have Chosen the Title ‘Consultants’?
Typically people associate agents with product providers, who merely act as
middlemen, between the customer and the company. HDFC Standard Life looks at its
representatives much more than just agents.
Company‟s representatives are professional and skilled advisors who are able to
recommend the best solutions based upon the individual customer‟s needs.
Furthermore, with the imminent entry of new players into the market, Company
believes products will become more complex, and customer expectations of financial
advisors will increase. Given this environment Company believe that the successful
advisor will have to assume the responsibility of a financial „Consultant‟.
The title Consultant therefore reflects the image we wish to develop in the market.