2. BRAND OVERVIEW
• HDFC Life insurance Established on 14th August 2000.
• HDFC Life Insurance Co. Ltd. is a joint venture between
Housing Development Finance Corporation Limited (HDFC
Limited ) and Standard Life ,that is a world –renowned
provider of financial services.
• Presence: HDFC Life has about 568 branches and is present in
over 700 cities and towns.
• People: It has almost 2,00,000 financial consultant that meet
various customer needs such as protection, pension, savings,
investment and health.,
3. Key People & Head Quarter
MR. AMITABH CHAUDHRY
(Managing Director and
Chief Executive Officer)
4. Values are the most critical elements that reflect the conduct of an organisation . Below is our
vision and our values , the pillars that support the success of HDFC Life .
Vision
One of the most successful and admired life insurance company ,which means that
we are the one of the most trusted company ,the easiest to deal with ,offer the
best value for money and set standards in the industry.
“THE MOST OBVIOUS CHOICE FOR ALL”
Values
Our vision and values that we observe at work
Excellence
People Engagement ,Integrity, Customer
centricity,collaboratiion
VISION AND VALUES
5. CORPORATE HISTORY OF HDFC LIFE
The Insurance Regulatory and Development Authority (IRDA) was constituted in 1999 as an
autonomous body to regulate and develop the insurance industry .The with the invitation for
application for registration .HDFC Life was established in 2000 becoming the first private
sector life insurance
By 2001 , the company had its 100th customer ,strengthened it’s employee force to 100 and
had settled its first claim. HDFC Life lunched its first TV advertisement campaign ‘SAR UTHA
KE JIYO’ In 2006 a study conducted by the brand equity –Economic Times had put HDFC Life
at 29th rank in the most trusted Indian brands amongst the top 50 service Brands of 2010
The IRDA gave accreditation to HDFC Life for 149 training centres housed in its branches to
cater to the mandatory training required to be given as well as for other sales training
requirement in 2009.
In 2012 ,it the first private life insurance company to bring back pension plans under the
new regulatory regime ,with the lunch of two pension super plus and HDFC Life single
premium pension super
6. MARKETING MIX OF HDFC LIFE INSURANCE
HDFC Life Insurance is a private
company has targeted investor
from both rural and the urban
sector as its target customer .Some
of major competitors are as follows
1.Reliance life insurance
2.Sahara life insurance
3.Bajaj allianz
PRODUCT IN MARKETIG MIX OF
HDFC LIFE INSURANCE
HDFC Life insurance is long term provider of
life insurance cover and has a diversified
PRODUCT port folio to meet the customer
needs and want to be related to health
,investments, savings and pension .The
company offer 5riders ,4 group
And 32 individual benefit .Following are
some of its product
Protection plans-it is for offering financial
independence in case of death or illness and
includes plan like
HDFC HOMELONE PROTECTION PLAN
HDFC lone cover term assurance plan
HDFC premium guarantee plan
HDFC assurance plan
Children plans – it helps in realising
the dreams of children through plan
like
HDFC SL Youngstar super premium
HDFC SL Youngstar super 2
HDFC children plan
7. Health Plans- It is an insurance cover for critical illness and surgical procedures and includes
plans like-
HDFC surgi care plan
HDFC critical care plan
Investment and saving plans-This scheme ensures lump-sum funds for any annual, monthly
or sudden expenses and includes plans like
ClassicAssure Insurance Plan
Endowment Gain Insurance Plan
HDFC Savings Assurance Plan
HDFC SL New Money Back Plan
HDFC SL Crest
HDFC Sampoorn Samridhi Insurance Plan
Retirement plans-When incomes are no longer sufficient, accumulating over the years
through retirement plans helps to keep everything on track and policies include-
HDFC SL Pension Maximus
HDFC Immediate Annuity
HDFC Personal Pension Plan
HDFC Life Classic Pension Insurance Plan
8.
9. Place in the marketing mix of HDFCLife
HDFC Life Insurance offers its services in every part of India and has its headquarters base at
Mumbai in Maharashtra. It has a strong distribution channel that helps in providing its
products to its customers all over the country. It includes services of Insurance Agents,
Online Insurance Portals, Insurance Brokers, Direct Channels and Bancassurance Partners.
Multichannel network of HDFC Life Insurance has spread to nearly nine hundred and eighty
cities and towns in India and is handled via an estimated three hundred and ninety-eight
branches. Its workforce includes two lakh financial consultants to meet every
consumer demand successfully by providing individual attention. A liaison office has been
established by HDFC Life Insurance in Dubai.
Price in the marketing mix of HDFC Life
HDFC Life Insurance has been a trendsetter in the insurance industry by offering value for
money. The company is determined in providing best and high-value products to its
customers at minimum prices. It has kept premium prices for insurance policies at minimum
levels so that maximum people can benefit from its plans. HDFC is relatively a new company
and faces stiff competition from several established companies in the insurance sector. In
order to create a loyal consumer base of its own, it has adopted reasonable pricing policy
and kept its rate of premium affordable and pocket-friendly. The company has also adopted
penetration policy to infiltrate the growing market of insurance in India.
10. Promotions in the Marketing Mix Of HDFC Life Insurance :
HDFC Life Insurance has the distinction of being one of the most trusted brands in India.
It has put its onus on CSR activities for improving conditions in society. It has been the
recipient of several awards for different plans. One of its most popular taglines is Sar
Utha Ke Jiyo and it has created high visibility amongst consumers. HEDFC Life has
adopted several promotional activities to create positive brand awareness. Successful
advertising campaigns have been launched via electric media in radio and several
television channels. Its ads are displayed in magazines, hoardings and newspapers. It has
an official website that offers related information to interested parties.
11.
12. Social media strategy review
HDFC Life rides on the legacy of HDFC
Bank’s brand image and thus has come
around to be one of the leading names
in insurance. Even though HDFC Life
can look at a pre-established following
on social media platforms, we will
observe the ways and techniques
followed by HDFC Life to lay claim on
their rightful customers.
OVERALL STRATEGY
The overall strategy of the brand is to
come across as helpful and
approachable. The content seen across
social media platforms is proof of that.
Despite the fact that the TVC talks
about honour with their
‘SarUthaKeJiyo’ tagline, the message
isn’t carried forward on their social
media, with an exception of YouTube.
Demographic observations
In the last month, HDFC Life has managed to
engage 92% male customers and only a 8% of
female users. However, this may be justified with
the fact that they maintain a separate page for
female users of financial products.
amongst peoConsidering they are an insurance
brand, they have a fairly spread out following
across age groups. While a major 50.82% belongs
to the age group of 31-40 year olds, 34.84%
belongs to the 13 to 20 age teenager group. They
also have a surprising 14.34% of their followers
belonging to the 21-30 age group of people
13. Blog
The HDFC Life blog is close to being a fully functional website with many tabs and an
exhaustive navigation bar. The blog covers insurance related subjects and provides
information right from quick tips to unlocking the secrets of buying insurance to
understanding your needs before applying for an insurance.
YouTube
The YouTube channel once again is crowded with tabs and drop boxes that lead us to
information and buying options. Other than being populated with TVCs, the channel is also
sporadically populated with self-help videos, unlocking the mysteries of insurance and
financial products. The blog is updated once or twice every week.
14. Recent development of hdfc life
YoungAndRestless or #YoungAndResponsible? HDFC Life decodes this in its new campaign
This campaign aims to highlight the aspiring youth of today,
who are responsible, believe in planning and are goal-oriented
individuals.
The young generation comprises a large percentage of India’s
total population, with more and more 25-30 year olds joining
the workforce every year. With increasing disposable incomes
and aspirations, they have become one of the most important
drivers of India’s growing economy.
This experiment, which is available as an online video, helps show that the Indian youth is
hard working, dedicated to family and friends and ready to shoulder responsibilities.
HDFC Life has roped in young achievers from different fields for this campaign –
Harmanpreet Kaur, ace batswoman, Indian national cricket team and a recipient of
the Arjuna Award, and Chintan Ruparel, Co-Founder of Terribly Tiny Tales. These
young achievers are true examples of today’s youth who dream big and go on to
achieve them with their hard work, passion and the right financial planning.
15. Comparison with competitor: Kotak Life Insurance
However, if we were to compare the activity of Kotak Mahindra Insurance which is a
competing brand then HDFC Life’s effort is progressive. While neither are interacting with
their customer base directly, HDFC is a step ahead with their online properties in place. A
look at the Kotak Life Insurance Facebook page and one can tell that the response on the
page isn’t much. They attempt to engage their users with image updates on similar lines as
HDFC Life but do not receive the kind of response that HDFC Life does.
16. BRAND VALUE
Insurance is a long-term savings vehicle and the need for life
insurance – either protection or savings – is universal. In pursuance
of this, the brand has striven to promote the concept of financial
independence and thus help both, the insured and his family, lead a
life of dignity and self-respect. It is this self-respect that every piece
of communication from HDFC Life exhibits: the need to invest in
insurance not because of fear or profit, but because of the need to
lead a life of dignity to the very end. Starting with the sales force,
these values resonate across all functions of the company
Consistent with this approach is the brand's investment focus. It is based on the primary
idea of protecting and generating returns that match the investor's long-term objective,
irrespective of market condition. This strict protocol has thrown up gratifying results in the
findings of a brand equity study completed in 2017.The research has shown that
consumers perceive HDFC Life as a reliable financial expert, trustworthy, honest, genuine
and ethical. HDFC Life would not have wanted it any other way.
