Hdfc Life
CHAPTER-1
INTRODUCTION
1.1 INTRODUCTION
This project titled “COMPARISON OF DIFFERENT PRODUCTS OF HDFC STANDARD LIFE INSURANCE COMPANY LTD And RELIANCE LIFE INSURANCE COMPNAY”. In this project we study about various insurance products offer by HDFC Life and reliance insurance company in the market. This report provides the various insurance products available in the market to protect the people life from particular risk and also provides knowledge about the various savings schemes available in the market. So firstly we need to understand what is insurance. Insurance is a contract between two parties whereby one party called insurer undertakes In exchange for a fixed sum called premiums, to pay the other party happening of a certain event. To get insurance an individual or an organization can approach to an insurance Company directly, through Insurance Agent of the concerned company or through Intermediaries.
The business of insurance is related to the protection of the economic values of assets. Every asset has a value for its owner and also for those who are benefited with the existence of that asset. Insurance is concerned with the protection of economic value of assets. Every asset has normally an expected lifetime. During this period, it is expected to perform and provide income/comfort to the owner. The owner, being aware of this, plans the things in such a way that by the time the expected lifetime of the asset expires, he is ready with the funds required for its replacement. In this way, he ensures that the value or income from the asset is not lost. Well, this appears to be a fine arrangement provided the asset completes its expected lifetime!
All assets carry the risk of being destroyed or damaged. But all assets may not necessarily get destroyed or damaged. Only in a few instances, the probability turns out to be true and the asset gets actually lost or destroyed by accident or some other unfortunate event before the completion of its
INTRODUCTION
1.1 INTRODUCTION
This project titled “COMPARISON OF DIFFERENT PRODUCTS OF HDFC STANDARD LIFE INSURANCE COMPANY LTD And RELIANCE LIFE INSURANCE COMPNAY”. In this project we study about various insurance products offer by HDFC Life and reliance insurance company in the market. This report provides the various insurance products available in the market to protect the people life from particular risk and also provides knowledge about the various savings schemes available in the market. So firstly we need to understand what is insurance. Insurance is a contract between two parties whereby one party called insurer undertakes In exchange for a fixed sum called premiums, to pay the other party happening of a certain event. To get insurance an individual or an organization can approach to an insurance Company directly, through Insurance Agent of the concerned company or through Intermediaries.
The business of insurance is related to the protection of the economic values of assets. Every asset has a value for its owner and also for those who are benefited with the existence of that asset. Insurance is concerned with the protection of economic value of assets. Every asset has normally an expected lifetime. During this period, it is expected to perform and provide income/comfort to the owner. The owner, being aware of this, plans the things in such a way that by the time the expected lifetime of the asset expires, he is ready with the funds required for its replacement. In this way, he ensures that the value or income from the asset is not lost. Well, this appears to be a fine arrangement provided the asset completes its expected lifetime!
All assets carry the risk of being destroyed or damaged. But all assets may not necessarily get destroyed or damaged. Only in a few instances, the probability turns out to be true and the asset gets actually lost or destroyed by accident or some other unfortunate event before the completion of its