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HDFC and the mobilization of funds in the insurance sector

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  1. Statement of the problem
    1. Increasing competition in the insurance sector
    2. Management issues and decisions
  2. Objectives
  3. Scope of the study
    1. Profile of the product
    2. McKensey's 7s frame work
  4. Research design
    1. Financial analysis
    2. SWOT analysis
  5. Methodology
    1. Comparison with other insurance comapnies in the Indian market
    2. Interviews with officials
    3. Introduction to the analysis
    4. Analysis and interpretation of data
  6. Limitation of the study
  7. Findings
  8. Conclusions
  9. Recommendations

It has been established that village co-operatives insured against loss of profit in an industry in the early days of the Aryan Civilization. There were contacts safeguarding risks of transport by sea or land. Further these well renowned joint-family system rendered services similar to those of present life assurances. However expecting the system of joint family all other gradually waned and insurance in the modern sense appeared in the late eighteenth and early nineteenth centuries by the established of seven Marine Insurance companies in Calcutta-the then center of trade and commerce in India. This was followed in due course by the opening of branches and or agencies in India by many British offices, and some continental and colonial insurers. Even the American offices did not lag behind.

The successful operation of the foreign insurers encouraged the formation of life offices in India in the late nineteenth century such as Bombay Mutual in 1871 and the oriental in 1874 and Hindustan cooperative in 1907 other life offices followed. The swadeshi movement at the beginning of the present century was responsible for the establishment of various insurers with Indian capital. Thus in 1907 the Indian Mercantile was the first Indian general insurance company followed later on by New India in 1919 and six other insurers. The year 1922 and 1923 were very critical for these young general insurers in as much as they had to compete with 150 foreign offices that had not only the experience of actual organization but also a tradition of general insurance business behind them. On the top of this the exchange banks provided impediments in one-way or the other. However patriotism of the Indian public saw the general insurers through this difficult period and national agitation insisting for legislative protection compelled the government of India to investigate into the matter.

[...] Nationalized insurance in brief is designed to bring insurance to the doors of even the humblest citizen whenever he may be the benefit of this social service to ensure complete security of the funds collected by way of premiums and to utilize them profitably for nation-building activities. The Indian insurance sector has seen drastic changes since the opening up of the sector to the private as well as foreign players. The private players along with their foreign collaborators have brought new life into the life insurance industry. [...]


[...] HDFC Standard Life now has operations in Mumbai, Delhi, Chennai and Bangalore PROFILE OF THE PRODUCT Product range of HDFC Standard Life Insurance LIFE INSURANCE Savings/Investment plans - Endowment Assurance, Money Back, Single Premium Whole of Life, Children's Plan Pure protection plans - Term Assurance, Loan Cover Term Assurance GROUP INSURANCE Group Term Insurance Plan Development Insurance Plan RETIREMENT PLANNING Personal Pension Plan Individual Products Each of us leads a unique life and so has unique needs. HDFC Standard Life offers a range of products and invites you to choose the one that suits you best. [...]


[...] The committee also looked into present structure of regulation and supervision of the insurance sector and to make recommendations for strengthening and modernizing the regulatory systems in tune with changing requirements. The committee came up with the following recommendations The investment of HDFC Standard Life was advised to conform to the board pattern laid down in section 27 of the Insurance Act, subject to the modifications given below. Not less than 20 percent of investments should be made in government securities. [...]

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