Risk and uncertainty are incidental to life. Man may meet an ultimately death. He may suffer from accident, destruction of property, fire, sea perils, floods, earthquakes and other natural calamities. Whenever there is uncertainty, there is a risk as well as insecurity. It is to provide against risk and insecurity that insurance.Came into being. Insurance does not avert or eliminate loss arising from uncertain events; it only spreads the loss over a large number of people who insure themselves against that risk, the main principle underlying insurance is pooling the risks. It is thus a co-operative device to spread the loss caused by a risk over a large number of persons who are also exposed to the same risk and insure themselves against the risk.
This part consists of the details about the Industry profile and company profile, Function of various departments of the company are explained in the section which gives a brief idea about the overall functioning of the company. This part also consists of the organization structure and the organization study of the company with respect to 7-s model of McKinney.
The company should included the special features in the policy like money back, unit linked plans, benefits on critical illness, Major Surgical benefits.
Effective promotional measures should be taking to expand the market share, in order over come competitors. More numbers of branches should be opened and more no of customers are not aware of HDFC pru life insurance polices
HDFC is carrying out less advertisements as compared to the other insurance companies as buyer show buying inertia resistances to buy insurance, hence heavy advertisements expenses is required. The above mentions are including in the recommendation.
