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. With such a large population and the untapped market of population Insurance happens to be a very big opportunity in India. Today it stands as a business growing at the rate of 15-20 per cent annually. Together with banking services, it adds about 7 per Cent 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% of Indian populations are without Life insurance cover and the Health insurance. This is an indicator that growth potential for the insurance sector is immense in India. 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. After the liberalization the entrance of
[...] Consumer is more willing to buy when bank and Insurance company are subsidiary companies like HDFC bank and HDFC Standard Life Insurance Products sold through bancassurance are not different but more emphasis is on products that are static and simple. The target audience is limited to those individuals who visit the bank during the working hours. And with technology changing at a rapid pace ATMs and internet banking have been reducing the individual's visits to the bank which could perhaps be a dampener for bancassurance. [...]
[...] STREAMLINING PROCESS IN HDFC STANDARD LIFE A Sales organization like any organization is a group of individuals striving jointly to reach certain goals. The main task of sales organization to sell company's goods and services to the customers to their satisfaction through their sales force. It is the sales organization with the help of which sales management achieves the sales and corporate objectives. HDFC STANDARD LIFE has the following sales organization structure. CORPORATE SALES ASSOCIATES Corporate sales associate is the professional sales organization that has the great sales techniques to sell their products as compared to the direct sales associates. [...]
[...] The ambition of HDFC Standard Life is to mirror the success of the parent companies and be the yardstick by which all other insurance company's in India are measured. 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 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. [...]
[...] Deepak Satwalekar, Managing Director & CEO of HDFC Standard Life emphasized, GDP has been growing over 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 of India's financial savings of the household sector are available to be 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. [...]
[...] In case of your unfortunate demise during the policy term, HDFC Standard Life will continue the policy AND continue to pay the original premiums you had chosen. Your family will receive the Sum Assured you had chosen* plus the fund built up by your and HDFC Standard Life's contributions. 4 EASY STEPS TO YOUR OWN PLAN Step 1 Choose the premium you wish to invest. Step 2 Choose the amount of Protection (Sum Assured) you desire. Step 3 Choose the additional benefit options you desire. [...]
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