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PROJECT TITLE A PROJECT REPORT ON RECRUITMENT AND SELECTION OF FINANCIAL CONSULTANT AT HDFC STANDARD LIFE INSURANCE COMPANY LTD

SUBMITTED TO RAI BUSINESS SCHOOL, NEW DELHI

UNDER THE GUIDANCE OF MR JUGAL GOSHWAMI, BUSINESS DEVELOPMENT MANAGER, HDFC SLIC, GUWAHATI, ASSAM. (DURATION 1ST JUNE, 2009 TO 30TH JULY, 2009) SUBMITTED BY BISHNUJYOTI DAS MBA 3rd semester

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Certificate

This is to certify that the project report titled A Project report on recruitment and selection of financial consultant at HDFC Standard Life Insurance Company Limited has been prepared and submitted by Sri Bishnujyoti Das, a student of MBA & Post Graduate Program In Planning & Entrepreneurship,3rd Semester from Institute of Rai Business School, New Delhi towards the fulfillment of the course of MBA & PGPPE is a genuine record of project work done by him under my guidance and supervision putting in him full effort and sincere devotion. The report or a part of it has not been submitted for any degree in any other University or Institute.

Signature

SEAL/stamp of the organization Date: Place:

(DEBASISH BORDOLOI) Branch Manager

(JUGAL GOSHWAMI) Business Development Manager HDFC SLIC, Goshwami Service Guwahati-03, Assam
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ACKNOWLEDGEMENT

It is a feeling of divine pleasure for me to express my deep sense of gratitude and indebtedness to HDFC Standard Life, Goshwami Service, Guwahati. I am deeply great full to Mr.Debasish Bordoloi, Branch Manager and Mr Jugal Goshwami, Business Development Manager, HDFC Standard life insurance, Goshwami service, Guwahati, for the co-operation extended by him in conducting the survey, advising me on the project and furnishing the required information. I wish to place on record my deep sense of gratitude to our highly esteemed faculty, Mrs. Brijesh Ramtani, for his expert advice and valuable support throughout the period of preparation of my project.

I also take this opportunity to extend my heartfelt gratitude to others who directly of indirectly helped me, by providing me necessary information required for successful completion of the project.

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PREFACE

As an essential and obligatory part of my course, I undertook 60 days summer training in HDFC Standard Life, Goshwami service, Guwahati. This training has helped me to get a practical knowledge as an important suffix to the theoretical knowledge into the business environment. It is in this sense that the practical training in a company has a significant role to play in the subject of business environment. To develop healthy managerial and administrative skills, it is necessary to contribute to combine the classroom learning with the practical knowledge of real business environment.

This report is prepared after having experience of various activities in HDFC Standard Life, Goshwami Service, Guwahati to get the practical know how before joining any organization.

I shall feel suitably rewarded if this project proves helpful to the organization

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DECLARATION

I, Bishnujyoti Das, MBA & PGPPE, third semester student of Rai Business School, New Delhi, hereby declare that this project report entitled RECRUITMENT AND SELECTION OF FCs IN HDFC STANDARD LIFE INSURANCE held at GUAWAHATI, ASSAM is the result of original work carried out by me from 1st june to 31st july, 2009, for the award of the Degree of MBA & PGPPE. This Report has not been copied from anywhere, up to the best of my belief and knowledge. It has not been submitted anywhere else for Award of any other Degree/diploma.

(BishnujyotiDas) RAI BUSINESS SCHOOL NEW DELHI

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EXECUTIVE SUMMARY

TITLE OF THE PROJECT: -

A project report on recruitment and

selection of FCs at HDFC Standard Life and insurance company limited


DURATION: AREA SURVEYED: COMPANY :-

60 Days. GUWAHATI CITY. HDFC SLIC, Guwahati,Assam

OBJECTIVES :Focus on to find out for candidate who values integrity and dedicated to his duty. To organize various presentations and phone calls at various places to publicized about the recruitment of appropriate candidate.

METHODOLOGY: -

Market research/survey.

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CONTENTS TITLE NUMBER Project title Certificate Acknowledgement Preface Declaration Executive summery Introduction to the company History Our vision ,our values Board members Awards and accolades Press release Recruitment process Who can be FC ,work of FC Objective of study Research design Future plans Financial performance 1 2 3 4 5 6 8-9 10-13 14-16 17-19 24 25 26 27 28-31 32-34 35 36-38 PAGE

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Major competitors of HDFC SL Product of HDFC SL I.R.D.A. Market share Marketing strategy of HDFC SL Conclusion Suggestion Limitation Bibliography

39-44 45-61 62-69 70-71 72-73 74-76 77 78 79

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INTRODUCTION TO THE COMPANY

COMPANY PROFILE OF HDFC STANDARD LIFE INSURANCE COMPANY LTD

ABOUT HDFC STANDARD LIFE INSURANCE HDFC Standard Life Insurance Company Ltd. is one of India's leading private insurance companies, which offers a range of individual and group insurance solutions. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd.), India's leading housing finance institution and a Group Company of the Standard Life, UK. HDFC as on December 31, 2007 holds 72.38 per cent of equity in the joint venture. HDFC STANDARD LIFE INSURANCE PARENTAGE HDFC Limited. HDFC is India leading housing finance institution and has helped build more In Financial Year 2003-04 its assets under management crossed Rs. 36,000 Cr. As at March 31, 2004, outstanding deposits stood at Rs. 7,840 crores. The Rated AAA by CRISIL and ICRA for the 10th consecutive year Stable and experienced management High service standards Awarded The Economic Times Corporate Citizen of the year Award for its

than 23, 00,000 houses since its incorporation in 1977.

depositor base now stands at around 1 million depositors.

long-standing commitment to community development.


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Presented the Dream Home award for the best housing finance provider in 2004
at the third Annual Outlook Money Awards.

Standard Life Group (Standard Life plc and its subsidiaries)

Standard Life Group (Standard Life plc and its subsidiaries) The Standard Life group has been looking after the financial needs of customers It currently has a customer base of around 7 million people who rely on the Its investment manager currently administers 125 billion in assets It is a leading pensions provider in the UK, and is rated by Standard & Poor's as

for over 180 years company for their insurance, pension, investment, banking and health-care needs

'strong' with a rating of A+ and as 'good' with a rating of A1 by Moody's

Standard Life was awarded the 'Best Pension Provider' in 2004, 2005 and 2006 at
the Money Marketing Awards, and it was voted a 5 star life and pensions provider at the Financial Adviser Service Awards for the last 10 years running. The '5 Star' accolade has also been awarded to Standard Life Investments for the last 10 years, and to Standard Life Bank since its inception in 1998. Standard Life Bank was awarded the 'Best Flexible Mortgage Lender' at the Mortgage Magazine Awards in 2006

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HISTORY

HDFC Standard Life Insurance Co. Ltd was incorporated on 14th august 2000. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd.) India and UK based Standard Life Company. Both the joint venture partners being one of the leaders in their respective areas came together in this 81.4:18.6 joint venture to form HDFC standard life insurance company limited.

The MD and CEO of HDFC Standard Life Mr. Deepak Satwalekar, has given the company new directions and has helped the company achieve the status it currently enjoys. HDFC Standard Life brings to you a whole range of insurance solutions be it group or individual or NAV services for corporations, they can be easily customized as per specific needs.

HDFC Standard Life Insurance India boasts of covering around 8.7 lakh lives by March'2007. The gross incomes standing at a whopping Rs. 2, 856 crores, HDFC Standard Life Insurance Corporation is sure to become one of the leaders and the first preference for any life insurance customer.

The Bancassurance partners of HDFC Standard Life Insurance Co Ltd are HDFC, HDFC Bank India Limited, Union Bank of India, Indian Bank, Bank of Baroda, Sarawat Bank and Bajaj Capital.

The premium payment options available to the customers vary from online payment
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to direct desk payments at the HDFC Standard Life Branches, by courier services or in drop boxes provided. You can also pay by ECS or Automatic Debit System or credit cards or standing instruction mandate. HDFC Standard Life Insurance Company is a customer oriented corporation and aim at complete customer satisfaction. The lapsation and renewal policy of HDFC Standard Life are clearly defined on the official website. Online renewal forms are also available. For any change in personal details like the contact details or the nominee of the policy or policy benefits, online servicing is also available. Even the claim procedure has been simplified since affect of the loss life is irreparable and is thus fully understandable at HDFC Standard Life. A completely hassle-free process has been formulated to provide maximum convenience.

HDFC Standard Life first came together for a possible joint venture, to enter the Life Insurance market, in January 1995. It was clear from the outset that both companies shared similar values and beliefs and a strong relationship quickly formed. In October 1995 the companies signed a 3 year joint venture agreement. Around this time Standard Life purchased a 5% stake in HDFC, further strengthening the relationship.

The next three years were filled with uncertainty, due to changes in government and ongoing delays in getting the IRDA (Insurance Regulatory and Development authority) Act passed in parliament. Despite this both companies remained firmly committed to the venture.

In October 1998, the joint venture agreement was renewed and additional resource made available. Around this time Standard Life purchased 2% of Infrastructure Development Finance Company Ltd. (IDFC). Standard Life also started to use the
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services of the HDFC Treasury department to advise them upon their investments in India.

Towards the end of 1999, the opening of the market looked very promising and both companies agreed the time was right to move the operation to the next level. Therefore, in January 2000 an expert team from the UK joined a hand picked team from HDFC to form the core project team, based in Mumbai.

Around this time Standard Life purchased a further 5% stake in HDFC and a 5% stake in HDFC Bank.

In a further development Standard Life agreed to participate in the Asset Management Company promoted by HDFC to enter the mutual fund market. The Mutual Fund was launched on 20th july 2000.

Incorporation of HDFC Standard Life Insurance Company Limited: The company was incorporated on 14th August 2000 under the name of HDFC Standard life insurance company limited. Their ambition from the beginning was to be the first private company to re-enter the life insurance market in India. On the 23rd of October 2000, this ambition was realised when HDFC Standard Life was the first life company to be granted a certificate of registration. HDFC are the main shareholders in HDFC Standard Life, with 81.4%, while Standard Life owns 18.6%. Given Standard Life's existing investment in the HDFC Group, this is the maximum investment allowed under current regulations.

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HDFC and Standard Life have a long and close relationship built upon shared values and trust. The ambition of HDFC Standard Life is to mirror the success of the parent companies and be the yardstick by which all other insurance companies in India are measured.

HDFC Standard Life Insurance Company Limited is one of India's leading private life insurance companies offering a range of individual and group insurance solutions. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd), India's leading housing finance institution and Standard Life plc, the leading providers of financial services in the United Kingdom.

HDFC Ltd. as on December 31, 2007 holds 72.38 per cent of equity in the joint venture. HDFC Standard Life's Product portfolio comprises solutions, which meet various customer needs such as Protection, Pension, Savings, and Investment. Customers have the added advantage of customizing the Plans, by adding optional benefits called riders, at a nominal price. The company currently has 21 retail and 6 group products in its portfolio.

HDFC Standard Life maintains very high professional standards during product offerings by providing sound financial advice, efficient post-sale service, and immaculate financial security. Ongoing training for conventional products, and specialized training, for unit-linked products, for its financial consultants, has also helped its customers choose the product, best suited for their needs.

HDFC Standard Life operates across more than 726 cities and towns of the country supported by its strong network of more than 1,45,000 Financial Consultants. HDFC

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Standard Life also has more than 383 corporate agents and other sales intermediaries including banks for distribution of insurance products.

OUR VISION 'The most successful and admired life insurance company, which means that we are the most trusted company, the easiest to deal with, offer the best value for money, and set the standards in the industry. 'The most obvious choice for all'. OUR VALUES Values that we observe while we work: 1. Integrity

HDFCSL believes in honest and trustfulness in every action. Transparency in dealing with customers. It is stick to principles irrespective of outcome. When we work in HDFCSL then we observed that its rules and activity of every person in the organization is just and fair to every one.

Integrity is the bedrock on which the company and the expectations of the customers and employees are built. Integrity gives inner feeling to both customer and the employees to work with it. It establishes the credibility of the person, defines the character and empowers one to do justice to the job. It enables confidence and trust,

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achieving transparency and laying a strong foundation for a binding relationship. It guide principle for all walks of life.

2. Innovation

It is the process of building a store house of treasures through experiences. Lots of product is going to be launched by the competitors. So it is very important to look every product and process through fresh eyes everyday. It is the significant part of the business that attracts customer.

Innovation is essential to exceed customer expectation and maximize customer retention because it is the sector of investment so you need to fulfill the customer expectation which help you to retain customer. Innovation helps to achieve competitive advantage. It promotes growth and upgrade standards in the industry. It fosters creativity amongst employees and partners. It opens a world of new possibilities because it brings new concept which helps to entice the customer.

3. Customer centric

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Customer becomes the main properties of any organization. Whatever work done by the organization runs around the expectations of the customer. Customer becomes centre point of the organization and the main focus of the organization becomes to understand his expectations by keeping him as the centre point. It gives more focus on customer activity and saying. It tries to understand customer needs and deliver solutions. As we know that the market is changed. Lots of competitors is here who search chance to increase their market share and entice your customer so customer interest become always supreme.

4. People Care

Genuinely try to understand those people who are working with HDFCSL. It guides their development through training and support. It helps them to develop their requisite their skills so that they can reach their true potential. It tries to know them on a personal front because it works as a performance appraisal. It try to create an environment of trust and openness so that all people who are working here behave friendly and helps to each other because team work is most important for getting success and give respect for the time of others. People are the most valuable assets of the company so it tries to motivate individual to give his/her best. It wants to establish a valuable relationship with them to create a joyful working environment. The most important thing is that it tries to provide job satisfaction for their people.

5. Team work One for all and all for one

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Here whole team takes the ownership of the deliverables. It consults all involved in the work and try to understand their opinion and then arrive ant a common objective. There is a cooperation and support across departmental boundaries. It identifies strengths and weaknesses accordingly allocate responsibility to achieve common objectives. Team work helps everyone to achieve more. it adds joy at work place which add interest in the work and new stamina in the work. It generates synergy and provides a focused approach. When an idea or activity performed in a group, it has greater acceptability. Team work proves one for all and all for one.

6. Joy and simplicity It believes in joy and simplicity so that people in the organization will be more dedicated towards work and they will give more business to the organization. Work with joy and simplicity brings creativity and new imagination which also brings new innovative ideas that promote competitive advantage to the organization.

BOARD MEMBERS

Brief profile of the Board of Directors

Mr. Deepak S Parekh is the Chairman of the Company. He is also the

Executive Chairman of Housing Development Finance Corporation Limited (HDFC Limited). He joined HDFC Limited in a senior management position in 1978. He was
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inducted as a whole-time director of HDFC Limited in 1985 and was appointed as its Executive Chairman in 1993. He is the Chief Executive Officer of HDFC Limited. Mr. Parekh is a Fellow of the Institute of Chartered Accountants (England & Wales).

Mr. Keki M Mistry joined the Board of Directors of the Company in December,

2000. He is currently the Managing Director of HDFC Limited. He joined HDFC Limited in 1981 and became an Executive Director in 1993. He was appointed as its Managing Director in November, 2000. Mr. Mistry is a Fellow of the Institute of Chartered Accountants of India and a member of the Michigan Association of Certified Public Accountants.

Mr. Alexander M Crombie joined the Board of Directors of the Company in

April, 2002. He has been with the Standard Life Group for 34 years holding various senior management positions. He was appointed as the Group Chief Executive of the Standard Life Group in March 2004. Mr. Crombie is a fellow of the Faculty of Actuaries in Scotland.

Ms. Marcia D Campbell is currently the Group Operations Director in the

Standard Life group and is responsible for Group Operations, Asia Pacific Development, Strategy & Planning, Corporate Responsibility and Shared Services Centre. Ms. Campbell joined the Board of Directors in November 2005.

Mr. Keith N Skeoch is currently the Chief Executive in Standard Life

Investments Limited and is responsible for overseeing Investment Process & Chief Executive Officer Function. Prior to this, Mr. Skeoch was working with M/s. James Capel & Co. holding the positions of UK Economist, Chief Economist, Executive Director, Director of Controls and Strategy HSBS Securities and Managing Director International Equities. He was also responsible for Economic and Investment Strategy research produced on a worldwide basis. Mr. Skeoch joined the Board of Directors in November 2005.

Mr. Gautam R Divan is a practising Chartered Accountant and is a Fellow of

the Institute of Chartered Accountants of India. Mr. Divan was the Former Chairman and Managing Committee Member of Midsnell Group International, an International Association of Independent Accounting Firms and has authored several papers of professional interest. Mr. Divan has wide experience in auditing accounts of large
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public limited companies and nationalised banks, financial and taxation planning of individuals and limited companies and also has substantial experience in structuring overseas investments to and from India.

Mr. Ranjan Pant is a global Management Consultant advising CEO/Boards on

Strategy and Change Management. Mr. Pant, until 2002 was a Partner & VicePresident at Bain & Company, Inc., Boston, where he led the worldwide Utility Practice. He was also Director, Corporate Business Development at General Electric headquarters in Fairfield, USA. Mr. Pant has an MBA from The Wharton School and BE (Honours) from Birla Institute of Technology and Sciences.

Mr. Ravi Narain is the Managing Director & CEO of National Stock

Exchange of India Limited. Mr. Ravi Narain was a member of the core team to set-up the Securities & Exchange Board of India (SEBI) and is also associated with various committees of SEBI and the Reserve Bank of India (RBI).

Mr. Deepak M Satwalekar is the Managing Director and CEO of the

Company since November, 2000. Prior to this, he was the Managing Director of HDFC Limited since 1993. Mr. Satwalekar obtained a Bachelors Degree in Technology from the Indian Institute of Technology, Bombay and a Masters Degree in Business Administration from The American University, Washington DC.

Ms. Renu S. Karnad is the Executive director of HDFC Limited, is a graduate

in law and holds a Master's degree in economics from Delhi University. She has been employed with HDFC Limited since 1978 and was appointed as the Executive Director in 2000. She is responsible for overseeing all aspects of lending operations of HDFC Limited.

Awards and Accolades


Sept, 2008 Received 2008 CIO Bold 100 and CIO Security Awards HDFC Standard Life has received the 2008 CIO Bold 100 Award. This annual award recognizes organizations that exemplify the highest level of operational and strategic
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excellence in information technology. This year's award theme, The Bold 100, recognized those executives and organizations that embraced great risk for the sake of great reward. HDFC Standard Life has also been one of the five recipients of the Special 2008 CIO Security Award aimed at CIOs, whose pioneering implementations have taken their enterprise security to the next level. This award category identifies innovative and groundbreaking deployment of technologies aimed at creating a secure business infrastructure

May, 2008 Received PCQuest Best IT Implementation Award 2008 HDFC Standard Life received the PCQuest Best IT Implementation Award 2008 for Consultant Corner, the applications for its financial consultants, providing centralized control over a vast geographical spread for key business units such as inventory, training, licensing, etc. Read more about the Consultant Corner tool in the HDFC SL in news section. HDFC Standard Life has won the PC Quest Best IT Implementation Award for two years consequently. Last year, the company received the award for Wonders, its pathbreaking implementation of an enterprise-wide workflow system.

March, 2008 Silver Abby at Goafest 2008 HDFC Standard Life's radio spot for Pension Plans won a Silver Abby in the radio writing craft category at the Goafest 2008 organised by the Advertising Agencies Association of India (AAAI). The radio commercial Pata nahin chala touched several changes in life in the blink of an eye through an old mans perspective. The

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objective was drive awareness and ask people to invest in a pension plan to live life to the fullest even after retirement, without compromising on ones self-respect. Laadli Media Award 2007 HDFC Standard Life received Laadli Media Award 2007 for its 'Big car' TV commercial. It showed how a daughter wants to be more responsible towards her family and asks her dad to upgrade to a bigger car by offering him the extra money Required to buy the car.

HDFC Standard Life received this award for two years consecutively. In 2006, it won for the 'Papa' TV commercial, which challenged the stereotype parents saving only for their son's education or daughter's wedding. The company took a bold step by showing parents saving for their daughter's education abroad, demonstrating Progressive thinking.

Laadli Media Awards, instituted in 2007, by Population First, an NGO working on women's rights and social development, is given to professionals in print and electronic media and ad makers for gender sensitive news reports, articles, print, TV ads, and films.

March, 2008 Unit Linked Savings Plan Tops Mint Best TV Ads Survey The Unit Linked Savings Plan advertisement of HDFC Standard Life, one of the leading private insurance companies in India, has topped Mints Top Television Advertisement survey conducted, for February 2008. HDFC Standard Lifes Unit Linked Savings Plan advertisement was ranked 4th in terms of a combined score of ad awareness and brand recall and 3rd in terms of ad diagnostic scores (likeability,

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enjoyment, believability, and claim). The respondents were between 18 and 40 years. Mints exclusive report, New voices in a makeover outlines the survey in detail.

February, 2008 Deepak M Satwalekar Awarded QIMPRO Gold Standard Award 2007 Mr Deepak M Satwalekar, Managing Director and CEO, HDFC Standard Life, received the QIMPRO Gold Standard Award 2007 in the business category at the 18th annual Qimpro Awards function. The award celebrates excellence in individual performance and highlights the quality achievements of extraordinary individuals in an era of global competition and expectations. January, 2008 Sar Utha Ke Jiyo Among Indias 60 Glorious Advertising Moments HDFC Standard Lifes advertising slogan honoured as one of 60 Glorious Advertising & Marketing Moments' over the last 60 years in India, by 4Ps Business and Marketing magazine. The magazine said that HDFC Standard Life is one of the first private insurers to break the ice using the idea of self respect (Sar Utha Ke Jiyo) instead of 'death' to convey its brand proposition. This was then, followed by others including ICCI Prudential, thus giving HDFC Standard Life the credit of bringing up one such glorious advertising and marketing moment in the last 60 years.

4th August 2008 HDFC Standard Life Launches Unit Linked Wealth Maximiser Plus

23rd July 2008


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HDFC Standard Life Launches SimpliLife, a Unit Linked Plan in Simplest Way

14th May 2008 HDFC Standard Life Declares Results for FY2007-08; New Business Premium Income grows by 63% 4th March 2008 HDFC Standard Life Expands its Reach with Inauguration of Mohali Branch

21st October 2007 HDFC Standard Life Announces Muthoot Capital Services as its Corporate Agency for Distribution of Life and Pension Products

7th May 2007 HDFC Standard Life expands its reach to smaller cities in Madhya Pradesh

15th February 2007 HDFC Standard Life expands its reach in Vidarbha

16th May 2006 HDFC Standard Life records impressive growth

7th February 2006


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HDFC Standard Life records impressive growth

29th November 2005 HDFC Standard Life posts strong growth

16th August 2005 HDFC Standard Life grows faster than the private sector average.

Press Releases
Press Releases in 2009 year:

June June 2 - HDFC Standard Life Launches Unit Linked Wealth Multiplier May May 7 - HDFC Standard Life Unveils 'Sar Utha Ke Jiyo' Music Video Featuring Shilpa Shetty and Rajasthan Royals Team May 5 - HDFC Standard Life Declares Results for FY2008-09 April April 15 - HDFC Standard Life backs Rajasthan Royals as Associate Sponsor and Insurance Partner

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April 2 - HDFC Standard Life Launches New Improved and Interactive Website aimed at Educating Customers

March March 29 - Ragvendra Kuppuswamy of ITI Central School, Bengalaru Wins HDFC Standard Life Spell Bee India Spells 2009 Competition March 12 - HDFC Standard Life in Collaboration with Manipal Education Launches Insurance Programme

February February 26 - HDFC Standard Life Launches SurgiCare, its Second Health Insurance Product February 13 - HDFC Standard Life Launches 'Spell Bee India Spells 2009,' a Unique Scholarly Education Series Janaury January 28 - HDFC Standard Life Launches 13 Branches in Delhi

RECRUITMENT PROCESS The chief attributes HDFC SL looks out for in a candidate.

We look out for a candidate who values Integrity Has a zeal for Excellence Is focused on Results
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Is Self driven and Enthusiastic Is a good Learner and Team Player Is dedicated to Customer Satisfaction

The Recruitment Process at HDFC SL

HDFC SL recruitment process is as follows:

Making an Application

Ensure the information is clear and well organized. Demonstrate your skills/experience/responsibilities in the previous company

Assessment Process

We conduct relevant assessments like psychometric tests and written exercises -

these will be part of the selection process

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The interview panel will ask questions which will assess your knowledge, skills

and attitude. You will also have your queries addressed.

Who can be the financial consultant?


Section 42(4) of the amended Insurance Act, 1938 states an agent to be one who is not: A minor.

Found to be sound mind by a court of competition jurisdiction. Found guilty of criminal background. Found guilty of having knowingly participated in or connived at any fraud

/dishonesty or misrepresentation against an insured.

Work of financial consultant:

The FC is the interface between the customer and insurance company. l The agent should be able to accomplish the following service. Assessing and analyzing the clients risk profile. Finding the best product or products available in the market. Negotiating the best deal available. Continuity of service throughout the period of insurance.

Conditions relating to offers of employment:


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All offers are subject to: Satisfactory medical clearance Satisfactory references Evidence of qualifications and previous employment testimonials

RESEARCH METHODOLOGY:

Objective of study:

Marketing Research provides information that assists and organization to define opportunities for product development and market strategy. It works by assessing whether marketing strategies are accurately targeted, and by identifying market opportunities or changes that are required by customers. Market research tends to confirm issues that are well-known in a market initially, but if planned well and effectively it will also identify new opportunities, market niches, or ways by which to improve sales, marketing and communications activities. The role of market research, therefore, is to reduce uncertainty in decision making, to monitor the effects of decisions taken, and identify the performance of a company or a product in the market. During internship my market survey was related with the distribution enhancement of the insurance policies of HDFCSL. To be more specific, we can list five key uses for market research, namely to:

a. and

Identify the size, shape, and nature of a market, so as to understand the market marketing opportunities.
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b.

Investigate the strengths and weaknesses of competitive products and the level of

trade support a company enjoy. c. Test out strategic and product ideas which help to define the most effective

customer-led strategies. d. e. Monitor the effectiveness of strategies It will define when marketing expenditure, promotions and targeting need to be

adjusted or improved.

The variety of purposes listed above makes it clear that market research is not simply a first check. It is useful ahead of any action, but it also provides a means of checking and refining views as operations proceed. Companies, especially those for which budgets always seem tight, who have selected one of these uses for market research are always concerned to make the research a worthwhile investment. Best results come when their marketing and sales planning is influenced by the results of research. In other words, when research pays for itself by providing a basis for change and improvement in operational matters.

Objective of project :

My project is being undertaken in HDFCSL in which FC recruitment program and distribution enhancement of insurance policies of HDFCSL has been implemented as a marketing strategy. HDFCSL tied up with world class insurance product.

Primary Objective:

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The primary objective of my project is to make or recruit Financial Consultant and to increase market share of HDFCSL. In the insurance sector the main work is done by the financial consultant who brings selling for the organization. It improves the services of the organization.

Secondary Objective:

In this point we can conclude the company objective which is to increase the market share in the insurance sector and this will happens it becomes more beneficiary and reliable to the customer. Customer should have faith on it. It is trying to do it. Today it comes under top 5 insurance companies. It wants to reach on the top.

Working Procedure

In my summer training I have targeted Guwahati & Some parts of Upper Assam. I have collected my data from Guwahati . Here I have to approach various detail of insurance product of HDFCSL and the other competitor of it, suggestions, its marketing strategy and its advertisement. As a part of marketing research I also have to collect data in order to find out market share of HDFCSL from our sample space. During the period I was in constant touch with my senior and area sales manager and I have to submit daily report of my work and full information about phone calls and questioners. Questioner consisting of open ended questions was used for collection the information.

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Sample Area My working area was Guwahati & some parts of Upper Assam. I have collected my data in these areas. As we know that those person will invest in insurance sector who is salaries or professional. I have targeted those person who age is equal or more than 25.

Instrument Used

I have collected my data form field survey and through phone calling. As I was doing the work of recruitment officer so whenever I called for financial consultant then I tried to fulfill my questioners.

Methods of data Collection

Data is the significant part of the research. Your all research depends upon your data. Whatever data is collected by me during the internship in the HDFCSL, I can divide the method the collection of my data into two parts which are thus:-

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a. Primary data
Primary data are those which are collected fresh and for the first time and thus happen to be original in chapters. I have collected my data through phone calling and through direct communication with respondents in one form or another or through personal interviews. Through observation method I was able to record the natural behavior of the group. Sometimes I verify the truth of statements made by informants in the context of a questionnaire or a schedule

b. Secondary data
Secondary data are those data which are being already collected by someone else and which have already been passed through the statistical process. I have collected my published date form Internet and the books, magazines and newspaper.

Research Design

In this project conclusive research is used. In conclusive research data was collected by descriptive research method. The method applied in descriptive research is cross sectional studies field work and survey. My study concerned with the specific prediction of distribution of insurance policy. It assimilates the narration of facts and characteristics concerning individual, group or situation. The objective of my research is to enhance the distribution of insurance policy of HDFCSL in the market. In the market there are lots of insurance industry is playing and trying to achieve more and more market share. In this situation is very important to sustain in the market and increase share. For this purpose I have done a research on it.

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For this objective I have used telephone calling and field survey and go to the institute area and try to find out the response of the public about HDFCSL and Insurance. I have done phone calling and try to get their view about it. As I was working in this organization as a recruitment officer but regarding project I talk about the reliability of the company, trust, its insurance plan like are you aware about its plan or not and some other question like if you are investing your money in the other insurance

company, so would you please tell me reason behind it. I had prepared 100 questioners for the collecting data and did 100 phone calls in Guwahati Region.

Process of Recruitment of Financial Consultant

During summer training I had to recruit financial consultant. For the recruitment Of Financial consultant I had tried phone calls, and my natural market. Through it I had recruited 12 financial consultants. As my target was to give 12 financial consultant to the company within two months. During the making the financial consultant when I talk to him about it firstly they dont want to talk with the name of insurance because they think it is a very challenging job and because of business of the life they dont want to come in the profession.

CRITICAL RATIOS
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In the insurance sector the ratio of making FC is generally becomes 1:20 or may be more than that. During the recruitment of financial consultant I have contacted 100 people. In these 100 people I have converted 12 people into FC. So the critical ratio becomes 1:5. This ratio is relatively good in the sense matter which generally happens, according to my external and business development manager of the HDFCSL Guwahati branch.

NO. OF PROSPECTS CONTACTED

As I have written above I have contacted 100 people. In these 100 people 45 people gives me appointment to meet him. In these fifty people 20 people are still in process for being financial consultant and 6 people denied for become FC. At last I have recruited 12people as financial consultant.

NO. OF APPOINTMENT GENERATED

In the prospect of getting appointment generated through phone calling I had contacted 80 people and gotten 35 appointments. In these appointments 20 people are still giving me new date of appointment. Rest of them 10 person cancelled the appointment and rest 5people meet me and finally they are now FC. Through natural market I contacted 4 people and recruited him as a financial consultant for HDFCSL.

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Through the meeting with friends relative and other medium I have contacted 18 people in these 6 people are recruited as FC and rest are in the process.

NO. OF FC RECRUITED

I have tried to give good result and try to use my marketing skill for the recruitment of FC. After contact of 100 people I have recruited 3 people through phone calling, 6 through natural market, and 3 through the friends relatives and the other contacts. In the nutshell I have recruited 12 people as a Financial Consultant. In the process of recruitment of financial consultant 20 people are still in process because 5 person who are student and pursuing BCA, MA, MBA and TOUR and TRAVEL have financial problem, are rest are giving me new dates. Rest 15 person are giving me new date for meeting with the different-different types of excuses but finally I will recruit him.

FUTURE PLANS New HDFC Standard Life policy Mumbai- HDFC Standard Life has launched a new product called "Unit Linked Wealth Maximiser Plus". This is a single premium investment cum protection plan,
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with a minimum premium of Rs 1 lakh. The policyholder has the option to choose from five fund options - Money Plus Fund, Bond Opportunities Fund, Large-cap Fund, Mid-cap Fund, and Manager's Fund. HDFC Standard Life will offer regular loyalty units of 0.10 per cent every year as long as the policy is not surrendered. The accumulated value of the funds is received at the end of the policy term. In the event of unfortunate demise of the policyholder during the policy tenure, HDFC Standard Life will pay the greater of the Sum Assured (less all applicable withdrawals) and the total fund value to the family members of the policyholder. The policy offers life insurance cover until the age of 99 years.

FINANCIAL PERFORMANCE HDFC Standard Life, one of India's leading private life insurance companies, declared its annual results for the financial year ending March 31, 2009. The company generated Total Premium Income of Rs. 5564.69 crores in FY2008-09 registering a year-on-year growth of 15%. The growth was primarily driven by the company's structured sales processes based on customer needs and their assessments, wide range of product portfolio and diverse distribution network.

Mr. Paresh Parasnis, Principal Officer and Executive Director, said, "The financial year 2008-09 was a defining year with the unfolding of several unexpected events sharp correction in financial markets and a spread of recessionary trends. These events also had an impact on the Indian life insurance industry. We are happy that our new policies issued grew by 16% over the last year. However, given the uncertainty in the overall scenario, customers have reduced their annual premium commitment on new policies. At the same time, existing policies continued to be in force reflected in our renewal premium, which posted a healthy growth of 34%."

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In line with overall market conditions, growth in Effective Premium Income (EPI) in respect of retail business increased by 5%, growing from Rs. 2,425 crores in 2007-08 to Rs. 2,552 crores in 2008-09. HDFC Standard Life tracks its New Business Premium on the basis of Effective Premium Income (EPI). EPI is calculated by giving only a 10% value to a Single Premium policy and is an internationally accepted indicator of an insurance company's performance.

HDFC Standard Life maintained its healthy pipeline of products last year by launching 11 products apart from slashing the premium rates of its Term Assurance Plan premium rates by about 25% across different age bands. "Our entry into the health insurance market last year with the launch of two products SurgiCare and Critical Care was a significant move in line with our business objective. The low penetration of health insurance in India gives us a tremendous opportunity to provide quality health insurance. Our health products along our complete range of life insurance and pensions portfolio meet almost every aspect of an individual's requirements," Mr. Parasnis added.

Highlights of Financial Year 2008-09

Total Premium Income is up by 15% at Rs. 5564.69 crores as against Rs.

4858.56 crores in FY2007-08.

Renewal premium collected increased to Rs. 2913.58 crores from Rs.

2173.19 crores in the previous year, registering a growth of 34%.

Effective Premium Income (EPI) in respect of retail business increased by

5%, growing from Rs 2,425 crores in 2007-08 to 2,552 crores in 2008-09.

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Alternate Channels, including bancassurance, contributed about 47% to the

Effective Premium Income (EPI).

A well balanced product portfolio with pension comprising over 40%

children plans around 25% and the remaining constituting protection and savings plans,

Total assets under management increased to Rs. 10,595 crores, registering a

growth of 21% over FY2007-08.

Assets under management for the Group business have increased to Rs.

1075 crores, registering a growth of 12% over FY2007-08.

Company products and services are now available through a network of 595

offices serving over 700 cities and towns across the country. This is further complemented by corporate agency relationships with public, private and cooperative banks.

Strength of Financial Consultants reported year-on-year growth of 43% to

over 2,07,000 in FY2008-09 compared to 1,45,000 last financial year.

The sum assured in-force for 2008-09 was Rs. 57,158 crores as compared to

Rs. 45,743 crores for the pervious year.

Towards improving the quality of training imparted, the company started an in-house training facility to cater to the mandatory training required to be given as well as for other sales training requirements. The company has received accreditation from the Insurance Regulatory and Development Authority (IRDA) for 149 training centers housed in its branches. During the year, HDFC Standard Life also launched a threemonth insurance and management programme in collaboration with Manipal Education to select, train, and groom talent from across the country and ensure a ready pool of insurance-trained sales professionals for the company.

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HDFC Standard Life has revamped its corporate website (www.hdfcinsurance.com) in line with its communication philosophy. The new improved, interactive, and userfriendly website is in sync with its need-based communication strategy of helping individuals through their decision of selecting the right life insurance plans that fit their needs.

To meet the demands arising from the company's rapid growth, the promoters contributed an additional Rs. 525 crores of equity to take the paid-up share capital as on March 2009 to Rs. 1796 crores.

MAJOR COMPETITORS OF HDFC STANDARD LIFE

Life Insurance Corporation of India (LIC)

Life Insurance Corporation of India (LIC) was established on 1 September 1956 to spread the message of life insurance in the country and mobilise peoples savings for nation-building activities. LIC with its central office in Mumbai and seven zonal offices at Mumbai, Calcutta, Delhi, Chennai, Hyderabad, Kanpur and Bhopal, operates through 100 divisional offices in important cities and 2,048 branch offices. LIC has 5.59 lakh active agents spread over the country. The Corporation also transacts business abroad and has offices in Fiji, Mauritius and United Kingdom. LIC is associated with joint ventures abroad in the field of insurance, namely, Ken-India Assurance Company Limited, Nairobi; United Oriental Assurance Company Limited, Kuala Lumpur; and Life Insurance Corporation (International), E.C. Bahrain. It has also entered into an agreement with the Sun Life (UK) for marketing unit linked life insurance and pension policies in U.K. In 1995-96, LIC had a total income from premium and investments of $ 5 Billion while GIC recorded a net premium of $ 1.3 Billion. During the last 15 years, LIC's
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income grew at a healthy average of 10 per cent as against the industry's 6.7 per cent growth in the rest of Asia (3.4 per cent in Europe, 1.4 per cent in the US). LIC has even provided insurance cover to five million people living below the poverty line, with 50 per cent subsidy in the premium rates. LIC's claims settlement ratio at 95 per cent and GIC's at 74 per cent are higher than that of global average of 40 per cent. Compounded annual growth rate for Life insurance business has been 19.22 per cent per annum

General Insurance Corporation of India (GIC)

The general insurance industry in India was nationalized and a government company known as General Insurance Corporation of India (GIC) was formed by the Central Government in November 1972. With effect from 1 January 1973 the erstwhile 107 Indian and foreign insurers which were operating in the country prior to nationalization, were grouped into four operating companies, namely, (i) National Insurance Company Limited; (ii) New India Assurance Company Limited; (iii) Oriental Insurance Company Limited; and (iv) United India Insurance Company Limited. (However, with effect from Dec'2000, these subsidiaries have been delinked from the parent company and made as independent insurance companies). All the above four subsidiaries of GIC operate all over the country competing with one another and underwriting various classes of general insurance business except for aviation insurance of national airlines and crop insurance which is handled by the GIC. Besides the domestic market, the industry is presently operating in 17 countries directly through branches or agencies and in 14 countries through subsidiary and associate companies.

LIFE INSURANCE COMPANIES Max New York Life Insurance Co. Ltd.

Max New York Life Insurance Company Limited is a joint venture that brings together two large forces - Max India Limited, a multi-business corporate, together
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with New York Life International, a global expert in life insurance. With their various Products and Riders, there are more than 400 product combinations to choose from. They have a national presence with a network of 57 offices in 37 cities across India.

ICICI Prudential Life Insurance Company Ltd.

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse and prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). The company has a network of about 56,000 advisors; as well as 7 banc assurance and 150 corporate agent tie-ups. Om Kotak Mahindra Life Insurance Co. Ltd.

Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak Mahindra Bank Ltd. (KMBL), and Old Mutual plc. Birla Sun Life Insurance Company Ltd.

Birla Sun Life Insurance Company is a joint venture between Aditya Birla Group and Sun Life financial Services of Canada. Tata AIG Life Insurance Company Ltd. SBI Life Insurance Company Limited ING Vysya Life Insurance Company Private Limited Allianz Bajaj Life Insurance Company Ltd. Metlife India Insurance Company Pvt. Ltd. AMP SANMAR Assurance Company Ltd. Dabur CGU Life Insurance Company Pvt. Ltd.

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GENERAL INSURANCE 1. Royal Sundaram Alliance Insurance Company Limited The joint venture bringing together Royal & Sun Alliance Insurance and Sundaram Finance Limited started its operations from March 2001. The company is Head Quartered at Chennai, and has two Regional Offices, one at Mumbai and another one at New Delhi. 2. Bajaj Allianz General Insurance Company Limited Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Auto Limited and Allianz AG of Germany. Both enjoy a reputation of expertise, stability and strength. Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) on May 2nd, 2001 to conduct General Insurance business (including Health Insurance business) in India. The Company has an authorized and paid up capital of Rs 110 crores. Bajaj Auto holds 74% and the remaining 26% is held by Allianz, AG, Germany.

3. ICICI Lombard General Insurance Company Limited ICICI Lombard General Insurance Company Limited is a joint venture between ICICI Bank Limited and the US-based $ 26 billion Fairfax Financial Holdings Limited. ICICI Bank is India's second largest bank, while Fairfax Financial Holdings is a diversified financial corporate engaged in general insurance, reinsurance, insurance claims management and investment management. Lombard Canada Ltd, a group company of Fairfax Financial Holdings Limited, is one of Canada's oldest property and casualty insurers. ICICI Lombard General Insurance Company received regulatory approvals to commence general insurance business in August 2001. 4. Cholamandalam General Insurance Company Ltd.

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Cholamandalam MS General Insurance Company Limited (Chola-MS) is a joint venture of the Murugappa Group & Mitsui Sumitomo. Chola-MS commenced operations in October 2002 and has issued more than 1.4 lakh policies in its first calendar year of operations. The company has a pan-Indian presence with offices in Chennai, Hyderabad, Bangalore, Kochi, Coimbatore, Mumbai, Pune, Indore, Ahmedabad, Delhi, Chandigarh, Kolkata and Vizag.

5. TATA AIG General Insurance Company Ltd. Tata AIG General Insurance Company Ltd. is a joint venture company, formed from the Tata Group and American International Group, Inc. (AIG). Tata AIG combines the strength and integrity of the Tata Group with AIG's international expertise and financial strength. The Tata Group holds 74 per cent stake in the two insurance ventures while AIG holds the balance 26 per cent stake. Tata AIG General Insurance Company, which started its operations in India on January 22, 2001, offers the complete range of insurance for automobile, home, personal accident, travel, energy, marine, property and casualty, as well as several specialized financial lines. 6. Reliance General Insurance Company Limited. 7. IFFCO Tokio General Insurance Co. Ltd 8. Export Credit Guarantee Corporation Ltd. 9. HDFC-Chubb General Insurance Co. Ltd.

STRENGHS Financial Expertise As a joint venture of leading financial services groups, hdfc standard life has the financial expertise required to manage your long-term investments safely and efficiently.
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Range of Solutions We have a range of individual and group solutions, which can be easily customised to specific needs. Our group solutions have been designed to offer you complete flexibility combined with a low charging structure. PRODUCT OF HDFCSL As we know that lots of insurance plan are playing in the market of different companies. HDCFSL has launched various insurance plans which based on unit link plan. It invests the investment of his consumer in bank deposits, Government securities and Bonds, and Equity. The percentage of these investments in these plans depends upon the consumer whether he wants to take more risk and more return or less risk or less return. It has launched several insurance plans which are thus in the table:1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Unit link pension plan Unit linked pension plus Unit linked enhanced life protection II Unit linked young star plus II Endowment assurance plan Children plan Money back plan Single premium whole of life plan Personal pension plan Saving assurance plan

Assure plan

1. Unit linked Young Star Plus II


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As a parent, your priority is your childrens future and being able to meet their dreams and aspiration. Today, we need more money for providing a good education, establishing a professional career or even a modest wedding because these are expensive. Costs are increasing fast. Just imagine how much we need when our children take these important steps in life when institute like IIM is increasing their fees for education by leaps and bound. This plan ensures us a bright future for your children. It makes your child able to lead a life of respect and dignity with a secured financial future.

Benefits of this plan:The HDFC unit linked Young star Plus II gives us: Valuable protection to your child in case you are not around. An outstanding investment opportunity by providing a choice of thoroughly researched and selected investments. Regular loyalty units to boost your fund value every year. Flexible benefit combinations and premium payment options. Flexible additional benefit options such as critical illness cover. Flexible benefit payment preferences- Double and Triple Benefit.

Four steps to your own plan

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Step1)

IN this policy you will continue to pay each year of the policy. You can pay

monthly, half-yearly or annually. The minimum regular premium is Rs. 12,000 per year for annual and half yearly policies. For monthly mode, the minimum regular premium is Rs 1500 per month.

Step2)

we can choose any amount of sum Assured with, a minimum of 5 times your

chosen annul regular premium and a maximum of 40 times your chosen annul regular premium.

Step3)

it offers a range of valuable protection options to secure the future for

whole family. In this policy the customer can choose any one of both which life option (death Benefit) is and life and health option (death benefit + critical illness benefit). It offers flexible benefit payment preference. You can choose one of the following two benefit payment preferences according to the table.(next page)

Benefit Types

Benefit payment Preference

Summary of the benefits

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Death Benefit

Double

Benefit

1. It will pay the sum assured to the beneficiary. 2. Our family need not pay any further premiums. it will pay 100% of all the future regular premiums at the original level towards the beneficiary policy as and when due, on an annual basis.

Triple Benefit

1. It will pay the Sum Assured to the beneficiary. 2. Our family need not pay any further premiums. it will pay 50% of all the future premiums at the original level towards our policy and 50% of the premiums will be paid to the beneficiary as and when due, on an annual basis. 3. Any critical illness cover terminates immediately.

Critical Illness Benefit

Double Benefit

1. We will pay the sum Assured to the beneficiary. 2. our family need not pay any further premiums. It will pay 100% of all the future regular premiums at the original level towards your policy as and when due, on annual basis.

Triple Benefit

1. It will pay the sum assured to the beneficiary. 2. our family need not pay any further premiums it will pay 50% of all the future premiums at the original level towards your policy as and when due, on an annual basis. 3.The death immediately. benefit cover terminates

2. Unit Linked Enhanced Life Protection II


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The massage of this policy is invest in financial security and self respect for you and your family. In this policy, the investment risk in investment portfolio is borne by the policyholder. In our life I try to give the very best to our family and there is no reason why they should not get the very best in the future too. This plan gives financially independent, even if you are not around.

Benefits of this plan The HDFC Unit Linked Enhanced Life Protection II gives 1) Valuable protection to your family in case you are not around 2) Increasing insurance cover every year. 3) An outstanding investment opportunity by providing a choice f thoroughly researched and select investment. .

4) Flexible premium payment options.

Steps regarding this plan

Step1)

Choose your regular premium:- this is the premium you will continue to pay

each year of the policy. You can pay monthly, half-yearly or annually. The minimum regular premium is Rs.12,000 per year or annual and half yearly policies. For monthly mode, the minimum regular premium is Rs 1500 per month.

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Step2) premium.

Choose your level of protection:- You can choose any amount of Sum

Assured with a. a minimum of term of your policy/2 times your chosen annul regular

And b. a maximum of 20 times your chosen annual regular premium. In this plan in case of your fortunate demise during the policy term, we will pay the greater of your current Sum assured (less any withdrawals you had made in the two years before your claim) and your total fund value to your family.

3. Unit Linked Pension Plus

The massage of this plan is live a life of dignity and self respect. It is designed to provide a retirement income for life with the freedom to maximize your investment returns. Stride into your golden years of retirement with dignity and pride.

Benefits of HDFC Unit Linked Pension Plus

This plan is giving you some benefits which will help you in the odd situation. The benefits of this plan are thus:a. an outstanding investment opportunity by providing a choice of thoroughly researched and selected investments. b) Regular loyalty units to boost your fund value every year c) A post retirement income for life d) Flexibility to plan your premiums as per your preference.
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Steps of your own plan

Step1) Choose your retirement age:- In this plan firstly you have to choose any age you wish to retire at (vesting age), between 50 years and 75 years.

Step2) this is the premium you will continue to pay each year to the policy. The minimum regular premium is rs 10,000 per year. You can pay monthly (using standing instructions or ecs mandate), quarterly, half yearly or annually. You may also choose to pay adhoc single premium Top-up or additional regular premiums depending on the policy type you have chosen and your convenience.

Unit Linked Pension

The masses of Unit linked Pension is live a life of dignity and self respect. Today we are busy climbing the ladder of success and realizing your dreams. Today, time is with you. Just take a moment and think. It will make you able to continue at the same pace. The HDFC Unit Linked Pension is an insurance policy that is designed to provide a retirement income for life with the freedom to maximize your investment returns. Stride into your golden years of retirement with dignity and pride.

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Benefits of this plan

The HDFC unit linked pension gives you a) An outstanding investment opportunity by providing a choice of thoroughly researched and selected investments. b) It gives a post retirement income for life c) Flexibility to plan your retirement date and d) Freedom to invest premiums as per your preference

Steps regarding this Plan Step 1) you can select any age you wish to retire at vesting age, between 50 years and 75 years. Step2) you can choose either a single premium policy or a regular premium policy For a regular premium policy, you continue to pay your chosen premium each year of the policy. The minimum regular premium is Rs.10,000 per year. You can pay monthly (using standing instructions or ecs Mandate), quarterly, half yearly or annually. The minimum premium for a single premium policy is Rs.25,000. you may choose to pay adhoc single premium top-up or additional regular premiums depending on the policy type you have chosen and your convenience.

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Unit Linked Endowment Plus II

Its massage is to invest in financial security and self respect for your and your family in this policy, the investment risk in investment portfolio is borne by the policy holder.

Benefits of this product

The HDFC unit linked endowment plus II gives


a)

A valuable protection to your family in case you are not around An outstanding investment opportunity by providing a choice of the thoroughly Flexible additional benefit options such as critical illness cover.

b)
c)

Researched and selected investment

Simple steps for this product

Step1) choose your regular premium:- this is the premium you will continue to pay each year of the policy. You can pay monthly, half-yearly or annually. The minimum regular premium is Rs 12,000 per year for annual and half yearly policies. For monthly mode, the minimum regular premium is Rs.1,500 per month.

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You may also choose to pay adhoc single premium top-up or additional regular premiums depending on your convenience.

Step2) You can choose any amount of sum Assured with: a minimum of ( the term of your policy/2) times your chosen annual regular premium.

A maximum of 40 times your chosen annual regular premium. Step3) Choose additional plan benefits:- it offer a range of valuable protection options to secure the future for your family Life option Extra Life option Life and health option Extra life and health option Accidental death benefit Death Benefit death benefit + accidental Death benefit - Death benefit + critical illness benefit. -Death benefit + critical illness benefit +

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Benefit types

Summary We will pay the greater of your sum assured (less any withdrawals you have made in the two year before your claim) and your total fund value to your family. The policy will terminate. We will pay the greater of your sum assured (less any withdrawals you have made in the two year before your claim) and your total fund value to your family. The policy will terminate. In addition to the death benefit, we will pay a further sum assured to your family. The policy will terminate.

Death Benefit

Critical illness benefit

Accidental Death Benefit.

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CHOOSE YOUR INVESTMENT FUNDS

The most significant part of the Unit Linked Plan is that investor can choose the mode of investment. In this plan the investment risk in your chosen investment portfolio is borne by the investor. This means that the premiums you pay in this plan are subject to investment risks associated with the capital markets. The unit prices of the funds may go up or down, reflecting changes in the capital markets.

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So to balance investors level of risk and return, making the right investment choice is very important and you are responsible for the choices you make. It has 7 funds that give investor:a) The potential for higher but more variable returns over the term of your policy; or b) The more stable returns with lower long-term potential.

Your investment will buy units in any of the following 7 funds designed to meet your risk appetite. Note on the funds shows will manage the investment in each fund so that the proportion of each Asset class is always with the ranges. + + shows Money market instruments. It include liquid Mutual Funds, commercial papers, commercial bills, treasury bills, government securities having an unexpired maturity up to one year. Bank deposits means deposits issued by any primary dealer or non Banking and banking financial company approved by the reserve by the reserve bank of India or any other public Financial institutions or by Housing Finance Companies approved by the National Housing Bank. The past performance of any of the funds is not necessarily an indication of future performance. Unit prices can go up and down. No fund offers an assured return. The names of the fund it offer under this plan do not, in any way, indicate the quality of the plan, its future prospects or returns

Table of funds are given below:-

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Asset Class Money market+ Liquid Fund Stable Managed Fund Secure Managed Fund Defensive Managed Fund Balanced Managed Fund Equity Managed Fund Growth Fund 05% 95%100% 0-5% 0-10% 0-40% 60%100% 0-5% 0-15% 20-70% 30%60% 0-5% 0-15% 50-85% 15%30% 0-5% 0-20% 75100% 0-30% 70-100% 70100% Fu + 100% Bank Deposit+ ++ 100% Govt. securitie Equity

Risk & Return

Rating sFund Composition -- Low

Low

LowModerat e High

Very high

Very

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HDFCSL product plan is a Life Stage Plan

We can see its plan is like a LIFE STAGE Plan. According to it there are four stage of life, young and single stage, Just Married stage, proud parents and Planning and Retirements.

Stage 1
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Young and Single stage:It is an important stage where on lays down the foundation of a successful life ahead. It helps in this stage for taking advantage of the time and power of compounding to ensure that you build up your dreams. Our needs in this stage our needs are save for home and weeding, tax planning and save for golden years. Figure1 Stage 2 Just Married stage:Marriage brings about a significant change. New dreams and new opportunities also bring in additional responsibilities. In this stage our needs are planning for home, save for vacation, and save for our child

Figure 2

Stage 3 Proud Parents:-

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Once you have children, your need for life insurance is even more. In this stage our need will be provide good education for childrens, safeguarding family against loan liabilities, and saving for post-retirement.

Figure 3 Stage 4

Planning for Retirement:-

In this stage our needs becomes more like as we need more secure, retirement years. independent and comfortable life style in our

Figure 4

Life Stage Structure

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HDFCSLIC have divided our whole life into four stages and describe above the different needs of our different stage. It all insurance plan are based upon these states and it tried to fulfill all the requirement of all the need of each stages of life through endowment plan, young star plan , retirement plus plan, and pension plus plan.

India's best Ulips (Sunil Dhawan, Outlook Money)January 03, 2008

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We have toyed with the idea for a long time. Should we rank the unit-linked insurance plans (Ulips) in the market? The idea is exciting simply because it has never been done in India before.The idea is good because it allows an investor a handle with which to hold the product. Also, the idea is very daunting because comparing insurance policies is like trying to unravel a noodle soup. The more you stir, the more complicated it looks After discussing with the regulator, some industry leaders and those close to the insurance sector, Outlook Money decided to bite the bullet and get on with the ranking. This is where we realized what an overwhelming task we had taken on. Just comparing the return figure, as given by net asset value data, would be incorrect since a financial product is a function of cost and return. The minute we bring in costs, comparisons became almost impossible to carry out. Unlike the mutual fund product that has a very simple cost structure, Ulips carry a greater number of costs (administration and mortality), in addition to the others.

To cut through the confusion and yet be relevant to you, we took illustrations from all 14 life insurance companies for their Ulips for ages 30 and 45. We assumed that a 30year-old was taking a 20-year policy for an SA of Rs 12.5 lakh, paying an annual premium of Rs 50,000. And a 45-year-old was taking a 10-year policy for an SA of Rs 7.5 lakh with the same premium (see How We Did It). Premiums are paid throughout the term. We also assumed that only the growth, or the fund with up to 100 per cent equity allocation, is chosen. Left with only nine companies, we looked at Type-I and Type-II policies. A Type-I policy just gives the higher of the sum assured or the fund value, making the policy buyer extremely vulnerable to a small corpus in case of an untimely death in the early part of the plan. A Type-II policy gives both the sum assured and the fund value, and sure, it costs more too.

RESULT

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The winner in the Type-I category is Tata AIG Life's Invest Assure II, which has scored primarily because its one-year return, at 72 per cent, was way above the benchmark return of 53 per cent of the BSE Sensex. This despite the fact that it has a fund management charge of 1.75 per cent, more than double the 0.8 per cent that HDFC Standard Life charges. In fact, HDFC Standard Life has done very well on the cost parameter. The insurer is clearly the lowest cost one in our examples, but has lost out due to underperformance over the time period. At returns of 42.7 per cent, HDFC Standard Life has underperformed the benchmark by about 10 percentage points. In fact, Tata and Bharti have outperformed the index by 10 percentage points or more. Four companies were unable to beat the benchmark over a one-year period. In Type-II policies, there is much less competition, with just six companies in the fray. Kotak Life's Platinum Advantage is the winner and has a nice mix of lower costs and decent returns. It has consistently outperformed the benchmark.

Early exit optionsThe Ulip product works over the long term. The earlier the exit, the worse off is the investor since he ends up redeeming a high-front-load product and is then encouraged to move into another higher cost product at that stage. An early exit also takes away the benefit of compounding from him.

An early exit option in a unit-linked plan shows how the product is structured. We found many products that clearly encouraged product churn by giving too many zero cost options to get out of the policy after the mandatory holding period was over. There are others, like the plans from MetLife, which encourage a longer holding term.
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Creeping costs-

Since the investors are now more aware than before and have begun to ask for costs, some companies have found a way to answer that without disclosing too much. People are now asking how much of the premium will go to work. There are plans that are able to say 92 per cent will be invested, that is, will have a front load of just 8 per cent. What they do not say is the much higher policy administration cost that is tucked away inside (adjusted from the fund value). While most insurance companies charge an annual fee of about Rs 600 as administration costs, that stay fixed over time, there are plans that charge this amount, but it grows by as much as 5 per cent a year over time. There are others that charge a multiple of this amount and that too grows.

IRDA (Insurance Regulatory and Development Authority)


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The Government of India has enacted the Right to Information Act, 2005 which has come into effect from October 13, 2005. The Right to Information under this Act is meant to give to the citizens of India access to information under control of public authorities to promote transparency and accountability in these organizations. The Act, under Sections 8 and 9, provides for certain categories of information to be exempt from disclosure. The Insurance Regulatory and Development Authority (IRDA) is a public authority as defined in the Right to Information Act, 2005. As such, the Insurance Regulatory and Development Authority is obliged to provide information to members of public in accordance with the provisions of the saidAct. Access to the Information held by IRDA The right to information includes access to the information which is held by or under the control of any public authority and includes the right to inspect the work, document, records, taking notes, extracts or certified copies of documents / records and certified samples of the materials and obtaining information which is also stored in electronic form. IRDA Website

The IRDA maintains an active website. The site is updated regularly and all the information released by the IRDA is also simultaneously made available on the website. The information published in public domain include the following: 1.Acts/Regulations 2. Information relating to Insurers/Reinsures, Agents Training Institutes, Appointed Actuaries. 3. Information relating to Surveyors, Third Party Administrators, Insurance Brokers, Corporate Agents
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4. Information relating to Insurance Councils, Insurance Ombudsmen 5.Annual Report/IRDA 6.Press Releases. Complaints against Insurance Companies Journal

IRDA has provided for a separate channel for lodging complaints against deficiency of services rendered by Insurance Companies. If you have a complaint/grievance against an insurance company for poor quality of service rendered by any of its offices/branches, please approach the Nodal Officer of the Insurance Company concerned. In case you are not satisfied with the Insurance Companys response you may also file a complaint with the Insurance Ombudsman in your State. The Insurance Ombudsman is an independent office to provide speedy and cost effective resolution of grievances to the customers. For more details on Insurance Ombudsman Scheme and their contact numbers, please visit.

Complaints from

Policyholders

Policyholders who have complaints against insurers are required to first approach the Grievance/Customer Complaints Cell of the concerned insurer. If they do not receive a response from insurer(s) within a reasonable period of time or are dissatisfied with the response of the company, they may approach the Grievance Cell of the IRDA.

Functions Of IRDA
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As it is the regulatory body of insurance so it has to done certain work for the shake of insurance holder. The functions which are done by it are thus:-

Procedure for registration.---(1) An applicant desiring to carry on insurance

business in India shall make a requisition for registration application in Form .

(2) An applicant, whose requisition for registration application has been accepted by the Authority, shall make an application in Form for grant of a certificate of registration.

Classes

of

insurance

business

for

which

requisition

for

registration application may be made.(1) An applicant shall make a separate requisition for registration application under regulation 3 for each class of business of insurance. The classes of business of insurance for which requisition for registration application may be made are : (a) Life insurance business consisting of linked business, non-linked business or both; or, (b) General insurance business including health insurance business (or health cover).

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3 Requisition for Registration Application.An applicant shall company.

be eligible

to apply for requisition if such applicant upon registration will be an Indian insurance

4 Furnishing of further information and clarification, etc.--- The Authority may require the applicant, which makes a requisition, to furnish further information or clarification regarding the matters relevant to consider the requisition for registration application.

Consideration of requisition for registration application.--- The Authority on

being satisfied that--a)

The requisition in Form is complete in all respects and is accompanied by all documents

required therein; b)
c)

all information given in the Form should correct; the applicant will carry on all functions in respect of the insurance business including

management of investments within its own organization;

7 Rejection of requisition for registration applicationThe application can be rejected on the basis of the half filled application or not eligibility of the applicant. 8 Action upon rejection of application for requisition.An applicant, requisition

for registration application has been rejected, may approach the Authority with a fresh request for registration application after a period of two years from the date of rejection, with a new set of promoters and or for a class of insurance business other than the originally proposed one.

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Manner of calculation of twenty six per cent. equity capital held by a foreign

company. For the purposes of the Act and these Regulations, the calculation of the holding of equity shares by a foreign company either by itself or through its subsidiary companies or its nominees (hereafter referred to as foreign investor) in the applicant company, shall be made as under and shall be aggregate of:-

(a) company;

The quantum of paid up equity share capital held by the foreign company

either by itself or through its subsidiary companies or nominees in the applicant

(b)

the quantum of paid up equity share capital held by other foreign

investors, non-resident Indians, overseas corporate bodies and multinational agencies in the applicant company; and

10 Consideration of Application.- The Authority shall take into account insurance by the applicant.

for

considering the grant of certificate, all matters relating to carrying on the business of

11

Effect of rejection of application for registration.An applicant, whose

application for registration has been rejected shall not be entitled to a certificate:

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An applicant may approach the Authority with a fresh request for registration after a period of two years from the date of rejection, with a new set of promoters and or for a class of insurance business other than the originally proposed one.

12 Manner of payment of fee for registration.- The fee of rupees fifty thousand for each class of business for registration shall be remitted by a bank draft issued by any scheduled bank in favour of the Insurance Regulatory and Development Authority payable at New Delhi.

13 Grant of certificate of registration. The Authority, after making such inquiry as it deems fit and on being satisfied that (a) The applicant is eligible, and in its opinion, is likely to meet effectively its obligations imposed under the Act; (b) The financial condition and the general character of management of the applicant are sound;

14. An applicant granted a certificate of registration under the Regulations shall commence insurance business for which he has been authorized within 12 months of the date of registration. Provided, however, that if the company feels that it will not be able to commence the insurance business within the specified period of 12 months, it can before the time limit expires, seek an extension, by a proper written application, to the Authority.

15. The Authority on receipt of the request referred to in Regulation 17 will examine it and communicate its decision in writing either rejecting the request or granting it.

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16. No extension of time shall be granted by the Authority beyond 24 months from the date of grant of registration

17. Manner of renewal of certificate. (1) An insurer, who has been granted a certificate under section 3 of the Act, shall make an application in Form IRDA/R5 for the renewal of the certificate to the Authority before the 31st day of December each year, and such an application shall be accompanied by evidence of the payment of the fee which shall be the higher of,--a) b)

Fifty thousand rupees for each class of insurance business, and One-fifth of one per cent. of total gross premium written direct by an insurer in India

during the financial year preceding the year in which the application for renewal of certificate is required to be made, or rupees five crores, whichever is less; (and in the case of an insurer carrying on solely re-insurance business, instead of the total gross premium written direct in India, the total premium in respect of facultative reinsurance accepted by him in India shall be taken into account)

18. Manner of payment of fee for renewal of certificate.- The fee for renewal of certificate shall be paid to the account of Insurance Regulatory and Development Authority with the Reserve Bank of India.

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19. Issue of duplicate certificate.--The Authority may, on receipt of fee of rupees five thousand, issue a duplicate certificate to an insurer, if the insurer makes an application to the Authority. 20. Suspension of certificate. Without prejudice to any penalty which may be imposed or any action taken under the provisions of the Act, the registration of an Indian insurance company or insurer who conducts its business in a manner prejudicial to the interests of the policyholders

21. Manner of making order of suspension or cancellation of certificate.No order of suspension or cancellation shall be imposed except after holding an enquiry in accordance with the procedure specified in these regulations.

22. Manner of holding enquiry before suspension or cancellation.For the purpose of holding an enquiry under regulation 24, the Authority may appoint an enquiry officer. 23. Show-cause notice and order.---On receipt of the report from the enquiry officer, the Authority shall consider the same and if considered necessary by it, issue a showcause notice as to why a penalty as it considers appropriate should not be imposed.

24. Effect of suspension or cancellation of certificate.--- On and from the date of suspension or cancellation of the certificate, the insurer shall cease to transact new insurance business:

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25. Publication of order.--- The order of the Authority shall be published in at least two daily newspapers in the area where business. the insurer has his principal place of

26. Registration of existing insurers.(1) Every insurer carrying on insurance business in India before the commencement of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) and requiring registration under the Act, shall make an application, in Form IRDA/R2 for grant of certificate of registration, within three months from the commencement of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999).

27. Transitory Provisions.--- Every existing insurer shall be required to comply with all the Regulations made by the Authority from the date of their notice Provided that the Regulations made by the Authority on the following subjects viz:Accounts; Assets, liabilities and solvency margin; Reinsurance;

The insurance Regulatory and Development Authority, IRDA for short, has laid down that those who wish to become insurance agents will be given licenses only after they complete a course of study and pass an examination prescribed was to last 100 hours. The course, IC 33, was prepared keeping in mind that requirement. In 2007, the period of compulsory study has been reduced to 50 hours.

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Press Release regarding IRDA (18/8/07)

In the last two- three years the unit linked product have become very popular among customers and the share of this product in the total portfolio of the life insurance companies has increased significantly. The IRDA is keen to ensure that all unit linked products are transparent and that customer form every walk of life can compare features and charges across products and cross companies. The tulip guidelines issued over the last year are the steps initiated by the authority towards achieving this. As a continuation of the process we have decided that actuarial funded products be phased out so that products across companies could be compared and understood easily by the customers. Technically there is nothing wrong with the actuarial funded products and they are not determined to the interests of the policyholder. Further they have been approved by the IRDA. Companies having actuarial funded products have been asked to with draw them over a period of time. They can continue to sell the products till then and customers and both existing and new, can continue to enjoy the benefits of these products and have no reason to fell concerned. To reiterate, our objective is to remove complexity in all unit linked products and ensure comparison across Tulips of all companies. The existing or new customer who have purchased these products need not worry under any circumstances as policy holder interests will Protected by the insurance and the authority.

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MARKET SHARE: Market Share of the top five insurance sectors

100 90 80 70 60 50 40 30 20 10 0 lic Icici pru Birla sun life Bajaj Allianz Tata AIG Hdfcsl Sbi life other

In terms of group insurance schemes, LICs market share was at 72.2% after it covered 4.9 lakh lives. Private players had 27.9% of the market covering 1.9 lakh lives. Till today LIC is covering more market share than the other private players.

The 12 private players in the country together mopped up Rs 385 crore in premium in the first two months selling over 2 lakh policies. ICICI Prudential Life leads with market share of 5.9% It is followed by BIRLA SUNLIFE with a market share of

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2.6%, BAJAJ ALLIANZ (1.6%), TATA AIG (1.5%), HDFC Standard Life (1.4%) and SBI Life (1.2%).Each of the other private players like AVIVA , Max New York Life, OM KOTAK Life, ING VYSYA AMP Sanmar and MetLife had less than 1% market share but posted high growth in business.

Market share in terms of premium collection

140 120 100 80 60 40 20 0


note:- these values are in crore. In terms of premium collection, ICICI Prudential mopped up Rs 136 crore followed by Birla Sunlife (Rs 60 crore), Allianz Bajaj (Rs 37 crore), Tata AIG (Rs 35 crore), HDFC Standard Life (Rs 33 crore), and SBI Life (Rs 27 crore). In the private sector

Icici pru Birla sunlife Bajaj Allianz Tata Aig Hdfcsl Sbi life

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ICICI prudential have more market share in terms of premium collection. Last fiscal HDFCSL is on the fifth rank.

Marketing strategy of HDFC SLIC

Marketing is process of analyzing the consumer need and serve the need of consumer which satisfy the consumer and solve the consumer problem. in this sector the marketing is pay main role in brand formation and policy awareness to the public. As we know that LIC is covering more than 75% market share. So marketing helps in increasing the market share. Marketers have to analyze the market share and find out the market. We can divide its marketing process in two parts:-

1)

Marketing for Financial Consultant:- Work part-time, earn full-time is the punch

line of the its marketing strategy. It says just work for 5 hours a week and earn more than Rs. 20,000 per month. If you will be financial consultant of HDFCSL then you can have high earning potential, zero investment, and you will not have pressure for work. You can work as whatever you make your target or you can work as a part-time as per your convenience. There are certain facilities for FC:-

Flexible work timings:-you can work whenever you like and from whenever you like. You can work full time or part-time, depending on your convenience. Its like no other job. However, the time you invest will determine you success.

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Zero investment:- There is no star-up capital. Be your own boss; with a flexible working environment, unlimited earning potential and other opportunity to be part of a world class team. The advantage is all yours. Sunrise industry:- Life insurance in India has a huge potential for growth. Statistics reveal that only 25% of the insurable population in India is insured. And those insured are in need of still higher insurance cover. The over 100% growth displayed by private life insurers indicates this huge untapped potential.

Strong partnership:- It is on of the fastest growing life insurance companies. It was the first private life insurance company to be granted a license by IRDA. It have been rated by business world class magazine as Indias most respected Private life Insurance Company in 2004. HDFC Standard life Insurance has one of he highest brand recall of around 86%.

2)

Marketing for the potential market:- In our general life we buy those things

which we see. For consumer awareness print marketing and electronic marketing both are most important. In the market 17 insurance players is trying to convince people with the advertising in television, radio, newspaper and magazines. HDFC Standard Life is also adopting these electronic marketing. The punch line of HDFC Standard Life is Sar Utha Ke Jiyo. Today it has more than 8 lack policyholder. It is also targeting cinema halls like PVR where it will get more potential market, for marketing.

3)

For insurance sector the main marketer becomes its Financial Consultant. So it is

trying to recruit more and more financial consultant for the purpose of sale of the policy of HDFC Standard life and people will be more aware through it because it is a work of contact. Which have more contact the that person can get more business.

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CONCLUSION

HDFCSLIC is the renounce industry in the insurance sector. It believes in quality not in quantity. HDFC have total 12 group companies. It is the first insurance company who has gotten the license of insurance in firstly. It has started its insurance industry with the joint venture of U.K. based standard life insurance company. In the insurance sector main work is done by the financial consultant who brings business to the industry. It gives more priority for the recruitment of financial consultant thats why it has setup 5-qscore. It gives priority that is professional like as MBA, CA, ENGINEERS, DOCTORS, LAYERS, AND OTHER PROFESSIONAL. During summer training I have given presentation in study centre of various colleges and phone call, and try to contact those person to whom I know and contact them for the purpose of financial consultant. In this process I have recruited 12 people who are either CA, MBA, SOFTWARE ENGINEER, STUDENT, OR EMPLOY OF THE ORGANISATION. It gives more facilities to their employ and provides better opportunity to their employ for promotion because it has minimum target for fulfillment. FC have to give 36 policy or 360 lack premium with in six months which less in comparison to the other insurance industry and for Guwahati region where the transaction of money is too high. FC has chances to become sales development manager with in six months when he fulfills the target. The post of SDM is based on payroll. He will get package of 2.75 lack per year. India is one of the most lucrative financial services market in the world. The insurance market in India is estimated to be around 400Bn growing at an astounding rate of 30% p.a. Still the experts believe that the potential is largely untapped. The insurance market is dominated by the public sector giant LIC with a market share of around 71.4%. With the private players leading the growth story, this sector
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is witnessing more marketing actions than even the FMCG sector. Traditionally insurance are sold through direct selling The reason being purely the nature of product warrants direct communication with the consumer. Kilter categorizes Insurance as an "Unsought" product. Unsought products are those which are ranked lowest in terms of consumer interest. Consumers may not be even aware of either the need or existence of this product. Historically, Indian insurance products are sold for wrong reasons. People buy insurance to avail the tax benefit and not to ensure protection and LIC was happy to oblige. Hence most of the sales talks start with the question " How much do you pay tax?" . Little money was spent on brand building because there was no competition for LIC. Things have now changed. With the increasing financial literacy, volatile economy and uncertain future are prompting Indians to look seriously at insurance as a means for protection rather than tax saving instrument. With more private players entering the domain, the issues of differentiation and branding became important. HDFC Standard Life Insurance (HDFCSL) is one of the major players in the insurance market. One of the first private insurers to enter the market, HDFC SL entered the scene in 2000. It is a joint venture between the housing finance major HDFC and the UK insurance giant Standard Life. Now a days we are seeing a lot of media action from this company. Although a slow starter HDFC SL was having a small share of the pie. It was eclipsed by ICICI prudential with its media and sales blitz making it second largest player in the Insurance market. 2006 saw a shake up in this market with Bajaj Allianz edging out ICICI from the second spot . Bajaj have a market share of around 8% and HDFC SL and ICICI fighting at 3rd place with around 7.5%. HDFC is currently focusing on The Pension Plan and the Child Plan aiming to cash in on the potential of these segments. The pension market in India is estimated to be around 1000 core with a huge potential for growth in the future.

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The change in the demographics is going to drive the pension market in India. Traditionally in a Joint family, there was an inherent protection for elders. With the urbanization and the evolution of Nuclear Urban Family ( NUF) , elders are often forgotten. Out of the 314 men workers in India only 11% has some sort of old age security. People earlier depend on social security products like EPF and PPF to build a corpus for their golden years. It is this potential that has encouraged HDFC to promote its pension plans. Introduced in 2002, this product has been well received by the consumers. The ads are well executed and revolve around the positioning of "Respect Yourself" The target segment being the 30 year old family man. The basic theme of the campaign is to appeal to the self respect of these men who are in their prime of their career. "Even after retirement let your hands give rather than receive" is one of the best themes for a pension plan. Since I am in that category, these ads strike a chord in me and remind me of the need to plan for my retirement. The same theme is carried to the Child plan also. Although these campaigns will help to invoke an interest in TG, the market is in its nascent stage and lot of convincing has to be done to crack this huge market. One of the stumbling block being the expensive annuity plans. For example, it takes a 2 lakh corpus to generate Rs 1000 per month pension. Also if you put 10000 per month in a pension plan if you are 30 yrs old, what you will get after 20 years is a monthly pension of 10000. (Correct me if I am wrong). So it looks unattractive in the first look compared to MFs. HDFC Standard Life has correctly identified the pulse of the target market and is all set to reap the benefits.

SUGGESTION

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When we talk about suggestion I think I have small experience of this sector but whatever I have pointed out which are thus.

In the recruitment of financial consultant I found that mostly person dont want

to give rs.925 . I have faced some difficulties when they dont agree to give this much amount. If the company will less this charge then it will get more FC.

It should organize weakly meeting with FC for the business and give appraisal

training to FC. It works as a performance appraisal of the FC.

It should give monthly party to the FC for the attachment with the industry.

It should give canopy facility to CDM or RC for the recruitment of FC and if it

will give canopy facility to FC then they can give more facility.

Generally we buy only that thing whatever we see. It means that it should spend

more on advertisement. Other insurance industry like LIC and ICICI advertise mostly through banner on metro station, on road and advertise in the cinema hall. Add more and more movie hall for the advertisement.

The role of recruitment is not easy so it should increase commission or give

salary instead of commission so that RC will take more interest in the recruitment on financial consultant.

Regular canopy should be established such areas like metro Stations, college

campus, and malls, supermarket, and hypermarket for the purpose of recruitment FC and getting business form FC.
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It should launch new innovative insurance policy which will entice people for

insurance in HDFCSLIC.

LIMITATIONS OF THE STUDY:


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The information given in the above part is based on market survey, meeting with the people, and phone calls, and the other medium like internet and browser of HDFCSL. My project is based upon the interaction with the people for the purpose of recruitment of Financial Consultant. My study is totally based on the perception of the people that what they think about the insurance when someone offer him to work in the insurance sector. I analyze that the person who is needy for money, greedy about fast life and believes in speed join insurance because this sector gives you a platform for unlimited earning and life time earning like life time validity in mobile phone.

QUESIONNARIRES:

Dear Respondent,
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I am an MBA student of Rai Business School, New Delhi, carrying a study on prospecting, identifying, and recruiting certified financial consultant for HDFC SLIC In this regard I will like to spare some time to answer few adjustment, This study is conducted for just academic purpose having no commercial relevance. Information provided by you will be confidential.

QUESTIONNAIRE

Q.1: Ans: Q.2: Ans: Q.3 Ans: Q.4 basis ?

Do you know about HDFC SLIC ? (a) Yes (b) No

Do you know about the working of financial Consultant of HDFC SLIC ? (a) Yes (b) No (c) Insufficient Information.

Do you currently have an agency of any life insurance Company ? (a) Yes (b) No

What would be the size of your social contact base who knows you on first name

(E.g : Friendly, family, relative, colleagues if any etc.) Ans: Q.5 Mention in appropriate nos. How many members of your family are dependent on the income earner of the

family ? Q.6 Ans: Q. 7 Do you have an idea about financial market ? (a) Yes (b) No

Do you have any sales experience ? If yes, how many years ?


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Ans: Q.8

(a)

Yes

(b) No

Do you have experience in selling financial product ? e.g. credit card, insurance

etc ? If yes how many years ? (If yes to question 6) Ans: Q. 9 (a) Yes ( ) (b) No ( )

What do you think ? in todays scenario life insurance Is NEED, WANT AND

DEMAND ? Ans: Q.10 Ans: In which of the financial market you have invested your money ? (a) Share (b) Mutual fund (c) Insurance.

Q. 11 Are you interested in getting the opportunity of earning some additional income as being financial consultant of HDFC SLIC and why ? Ans: (a) Yes (b) No

Signature.

BIBILIOGRAPHY

Books
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One author Philip Kotlers marketing management, identifying market segment and targets. Page201.

Connecting with customer value page 116

Magazines Browser given by HDFC SLIC Magazine related with HDFC Internet Name of sight on net:- hdfcstandard life insurance. com

http://www.IRDA .com (http://www.persmin.nic.in/) http://www.irdaindia.org/ins_ombusman.htm (URL: http://www.irdaindia.org/)

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