HDFC STANDARD LIFE

CHAPTER-1

INDUSTRY PROFILE

The insurance sector in India has come a full circle from being an open competitive market to
nationalization and back to a liberalized market again. Tracing the developments in the Indian
insurance sector reveals the 360 degree turn witnessed over a period of almost two centuries.

A brief history of the Insurance sector

The business of life insurance in India in its existing form started in India in the year 1818
with the establishment of the Oriental Life Insurance Company in Calcutta.

Some of the important milestones in the life insurance business in India are:

1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life
insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective
of protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers and provident societies taken over by the central
government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act,1956, with a
capital contribution of Rs. 5 crore from the Government of India.

The General insurance business in India, on the other hand, can trace its roots to the Triton
Insurance Company Ltd., the first general insurance company established in the year 1850 in
Calcutta by the British.

Insurance sector reforms

In 1993, Malhotra Committee headed by former Finance Secretary and RBI Governor R.N.
Malhotra was formed to evaluate the Indian insurance industry and recommend its future
direction.

The Malhotra committee was set up with the objective of complementing the reforms initiated
in the financial sector.

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The reforms were aimed at “creating a more efficient and competitive financial system
suitable for the requirements of the economy keeping in mind the structural changes currently
underway and recognizing that insurance is an important part of the overall financial system
where it was necessary to address the need for similar reforms…”

In 1994, the committee submitted the report and some of the key recommendations
included:

i) Structure
 Government stake in the insurance Companies to be brought down to 50%
 Government should take over the holdings of GIC and its subsidiaries so that these
subsidiaries can act as independent corporations.
 All the insurance companies should be given greater freedom to operate

ii) Competition

 Private Companies with a minimum paid up capital of Rs.1bn should be allowed to enter
the industry.
 No Company should deal in both Life and General Insurance through a single entity.
 Foreign companies may be allowed to enter the industry in collaboration with the
domestic companies.
 Postal Life Insurance should be allowed to operate in the rural market.
 Only one State Level Life Insurance Company should be allowed to operate in each state

iii) Regulatory Body

 The Insurance Act should be changed

 An Insurance Regulatory body should be set up
 Controller of Insurance (Currently a part from the Finance Ministry) should be made
independent

iv) Investments

 Mandatory Investments of LIC Life Fund in government securities to be reduced from

75% to 50%
 GIC and its subsidiaries are not to hold more than 5% in any company (There current
holdings to be brought down to this level over a period of time)

v) Customer Service

 LIC should pay interest on delays in payments beyond 30 days

 Insurance companies must be encouraged to set up unit linked pension plans

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 Computerization of operations and updating of technology to be carried out in the

Insurance industry

The committee emphasized that in order to improve the customer services and increase the
coverage of the insurance industry should be opened up to competition. But at the same time,
the committee felt the need to exercise caution as any failure on the part of new players could
ruin the public confidence in the industry.

Hence, it was decided to allow competition in a limited way by stipulating the minimum
capital requirement of Rs.100 crore. The committee felt the need to provide greater autonomy
to insurance companies in order to improve their performance and enable them to act as
independent companies with economic motives. For this purpose, it had proposed setting up
an independent regulatory body.

The Insurance Regulatory and Development Authority (IRDA)

Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in
Parliament in December 1999. The IRDA since its incorporation as a statutory body in April
2000 has fastidiously stuck to its schedule of framing regulations and registering the private
sector insurance companies.

The other decision taken simultaneously to provide the supporting systems to the insurance
sector and in particular the life insurance companies was the launch of the IRDA’s online
service for issue and renewal of licenses to agents.

The approval of institutions for imparting training to agents has also ensured that the
insurance companies would have a trained workforce of insurance agents in place to sell their
products, which are expected to be introduced by early next year.

Since being set up as an independent statutory body the IRDA has put in a framework of
globally compatible regulations. In the private sector 12 life insurance and 6 general insurance
companies have been registered.

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CHAPTER-2

COMPANY PROFILE OF HDFC - STANDARD LIFE

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 realized 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%.HDFC Standard Life Insurance Company Ltd. is one
of India’s leading private life 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 one of the
subsidiaries of Standard Life plc, leading providers of financial services in the United
Kingdom.

HDFC Incorporated in 1977 with a share capital of Rs 10 Crores, HDFC has since emerged as
the largest residential mortgage finance institution in the country The corporation has had a
series of share issues raising its capital to Rs. 119 crores. The gross premium income for the
year ending March 31, 2007 stood at Rs. 2, 856 crores and new business premium income at
Rs. 1,624 crores. The company has covered over 8,77,000 lives year ending March 31, 2007.

HDFC operates through almost 450 locations throughout the country with its corporate head
quarters in Mumbai, India. HDFC also has an International Office in Dubai, UAE, with
service associates in Kuwait, Oman and Qatar.

HDFC is the largest housing Company in India for the last 27 years.

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 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).

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JOINT VENTURE:

HDFC Standard Life Insurance Company Limited was one of the first companies to be
granted license by the IRDA to operate in life insurance sector. Reach of the JV player is
highly rated and been conferred with many awards. HDFC is rated ‘AAA’ by both CRISIL
and ICRA. Similarly, Standard Life is rated ‘AAA’ both by Moody’s and Standard and
Poor’s. These reflect the efficiency with which HDFC and Standard Life manage their asset
base of Rs. 15,000 Cr and Rs. 600,000 Cr. Respectively.
HDFC Standard Life Insurance Company Ltd was incorporated on 14th August 2000. HDFC
is the majority stakeholder in the insurance JV with 81.4 %stale and Standard of as a staple pf
18.6% Mr. Deepak Satwalekar is the MD and CEO of the venture.
HDFC Standard Life Insurance Company Ltd. Is one of India’s leading Private Life 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 the Standard Life Assurance Company, a leading
provider of financial services from the United Kingdom. Both the promoters are will known
for their ethical dealings and financial strength and are thus committed to being a long-term
player in the life insurance industry- all important factors to consider when choosing your
insurer.

A) Background and inception of the company

HDFC Standard Life Insurance Company Limited. 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 Limited),
India's leading housing finance institution and a Group Company of the Standard Life Plc,
UK. As on February 28, 2009 HDFC Ltd. holds 72.43% and Standard Life (Mauritius
Holding) 2006, Ltd. holds 26.00% of equity in the joint venture, while the rest is held by
others.
The company was incorporated on 14th august 2000 under the name of Hdfc Standard Life
Insurance Company Ltd.
The ambition of the company from as far back as October 1995 was to be the first private
company to re enter the life insurance market in India ,on 23rd of October 2000,this ambition

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was realized when HDFC STANDARD LIFE was the only life insurance company to be
granted certification of registration .
Hdfc Standard Life has a long and close relationship build upon shared value and trust. The
ambition of Hdfc Standard Life is to mirror the success of the parent company and be the yard
stick by which all other insurance companies in India are measured.
Hdfc Standard Life Insurance Company LTD is a joint venture between HDFC, India’s
largest housing finance institution standard life assurance company , Europe’s largest housing
finance institution and standard life assurance companies , Europe’s largest mutual life
company HDFC over RS- 280000 CRORES.

B) Nature of the business carried

HDFC Standard Life Insurance is into a business of insurance. It is one of the first private
insurance companies. Its sell various insurance policy based on the needs of consumer. Its has
traditional insurance plan as well as modern ulip plan in its portfolio, But HDFC is in
diversified business like banking, housing finance, securities and also

C) Vision, Mission and quality policy

Vision

“The most successful and admired life insurance company, which mean 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. In short, “The most obvious choice for all”.

Mission

We aim to be the top new life insurance company in the market. This does not just mean
being the largest or the most productive company in the market, rather it is a combination of
several things like-

 Customer service of the highest order

 Value for money for customers
 Professionalism in carrying out business
 Innovative products to cater to different needs of different customers
 Use of technology to improve service standards
 Increasing market share

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Values

• Integrity
• Innovation
• Customer centric
• People Care “One for all and all for one”
• Team work
• Joy and Simplicity

Quality policy
Quality road map – time lines

Phase-1 to phase-3 should run simultaneously

Phases Objectives Visible proof when

Phase-5 Business excellence BE award (external)/service 12-24 months and

guarantee
Improve levels

Phase-4 Value stream map 6 sigma processes, SLA, 6-8 months and
projects financial benefit. improve

Process maturity Process complaint functions 8-12 months and

sustenance
Phase-3

Organized work Zone/region/branch/location 6-10 months and

places certification sustenance
Phase-2

Current business Completion of projects and 4-6 months and

improvement benefits derived and sustenance
Phase-1 programs sustenance

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D) Product/service profile

1. Protection Plans

 HDFC Term Assurance Plan: This plan is designed to help secure family’s financial
needs in case of uncertainties. The plan does this by providing a lump sum to the family of
the life assured in case of death or critical illness (if option is chosen) of the life assured
during the term of the contract. One can choose the lump sum that would replace the
income lost to one’s family in the unfortunate event of one’s death.

 HDFC Loan Cover Term Assurance Plan: This plan aims to protect family from loan
liabilities in case of unfortunate demise within the policy term. It provides the beneficiary
with a lump sum amount, which is a decreasing percentage of the initial Sum Assured.
This means that as the outstanding loan decreases as per the loan schedule, the cover
under the policy also decreases as per the policy schedule.

 HDFC Home Loan Protection Plan: This plan aims to protect family from loan
liabilities in case of unfortunate demise within the policy term. It ensures that family does
not lose the dream house that person have purchased for them, in case person is not
around to repay the outstanding monthly installments on their housing loan.

2. Children's Plans

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 HDFC Children's Plan: As a parent, everyone priority is their child’s future and being
able to meet their child’s dreams and aspirations. With HDFC Children’s Plan, they can
start building their savings today and ensure a bright future for their child.

 HDFC Young Star Super: This Plan provides valuable protection to insured person
child in case his/her is not around and gives them an outstanding investment opportunity
to maximize their savings by providing them a choice of thoroughly researched and
selected investments. This plan also gives Bumper Addition to the fund value at Maturity.

 HDFC Young Star Super Suvidha: It is a convenient plan, which saves insured person
from the need of going for Medicals. This Unit Linked Plan provides valuable protection
to his/her child in case he is not around and gives him with an outstanding investment
opportunity to maximize their savings by providing them a choice of thoroughly
researched and selected investments. This plan also gives Bumper Addition to the fund
value at Maturity.

 HDFC Young Star Supreme Suvidha: This Plan provides valuable protection to insured
person child in case he is not around and gives him an outstanding investment opportunity
to maximize his savings by providing him a choice of thoroughly researched and selected
investments. This plan also gives Bumper Addition to the fund value at Maturity.

 HDFC SL Young Star Champion Suvidha: This is a convenient plan, which saves him
from the need of going for Medicals. This Unit Linked Plan gives him with an outstanding
investment opportunity to maximize his savings by providing you a choice of thoroughly
researched and selected investments. This plan also gives Bumper Addition to the fund
value at Maturity.

3. Retirement Plans

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 HDFC Personal Pension Plan: The HDFC Personal Pension Plan is a ‘With Profits’
insurance policy that is designed to provide a post-retirement income for life with the
freedom to choose your retirement date.

 HDFC Pension Super: The HDFC Personal Pension Plan is a ‘With Profits’ insurance
policy that is designed to provide a post-retirement income for life with the freedom to
choose your retirement date.

 HDFC Pension Supreme: The HDFC Pension Supreme is Unit Linked plan, designed to
provide a post-retirement income for life with the freedom to choose their retirement date.
This plan gives them with an outstanding investment opportunity to maximize their
savings by providing them a choice of thoroughly researched and selected investments.
This plan also gives Bumper Addition to the fund value at vesting.

 HDFC SL Pension Champion: The HDFC SL Pension Champion is Unit Linked plan,
designed to provide a post-retirement income for life with the freedom to choose their
retirement date. This plan gives them with an outstanding investment opportunity to
maximize their savings by providing them a choice of thoroughly researched and selected
investments. This plan also gives Bumper Addition to the fund value at vesting.

 HDFC SL Unit Linked Pension Maximiser II: HDFC SL Unit Linked Pension
Maximiser II is a unique Single Premium unit linked plan, designed to provide a post-
retirement income for life with the freedom to maximize their investment returns. This
plan also gives Bumper Addition* of 5% of initial single premium at vesting and on death.

 HDFC Immediate Annuity: The HDFC Immediate Annuity is a contract that uses
investor capital to provide them with a guaranteed gross income throughout their lifetime
or over a period of their choice. The income is guaranteed and is unaffected by the rise
and fall of interest rates. This means the investor can plan their life the way they want it to
be, safe in the knowledge that their gross income will not fall during the period they have
selected. The HDFC Immediate Annuity offers a number of options to meet all their
income needs.

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4. Savings & Investment Plans

 HDFC Endowment Super: With HDFC Endowment Super, investors can start building
their savings and it ensures that their family remains financially independent, even when
they are not around. This Unit Linked Plan also gives them with an outstanding
investment opportunity to maximize their savings by providing them a choice of
thoroughly researched and selected investments.

 HDFC Endowment Supreme: With HDFC Endowment Supreme, investors can start
building their savings today and it ensures that their family remains financially
independent, even when they are not around. It is a convenient plan, which saves them
from the need of going for Medicals. This Unit Linked Plan gives them with an
outstanding investment opportunity to maximize their savings by providing them a choice
of thoroughly researched and selected investments. This plan also gives Bumper Addition
to the fund value at Maturity.

 HDFC SimpliLife: It is a convenient plan, which saves investors from the need of going
for Medicals. This Unit Linked Plan gives them with an outstanding investment
opportunity to maximize their savings by providing them a choice of thoroughly
researched and selected investments.

 HDFC Endowment Super Suvidha: It is a convenient plan, which saves investors from
the need of going for Medicals. This Unit Linked Plan gives them with an outstanding
investment opportunity to maximize their savings by providing you a choice of thoroughly
researched and selected investments. This plan also gives Bumper Addition to the fund
value at Maturity.

 HDFC Endowment Supreme Suvidha: It is a convenient plan, which saves insured

person from the need of going for Medicals. This Unit Linked Plan gives them with an
outstanding investment opportunity to maximize their savings by providing them a choice
of thoroughly researched and selected investments. This plan also gives Bumper Addition
to the fund value at Maturity.

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 HDFC Wealth Builder: HDFC Wealth Builder is an exclusive plan crafted for elite
achievers. An investment cum insurance plan that will actively help in building investor
wealth and give them twin advantage of exclusive funds (actively managed ) along with
choice of limited premium payment term. This plan provides the financial protection to
their loved ones and builds up their wealth effortlessly. This plan also gives Bumper
Addition to the fund value at Maturity.

 HDFC Endowment Assurance Plan: With HDFC Endowment Assurance Plan, investors
can start building their savings today and ensure that their family remains financially
independent, even when they are not around. This ‘With Profits’ plan is designed to
secure their family’s future by giving their family a guaranteed lump sum on maturity or
in case of their unfortunate demise, early into the policy term.

 HDFC Money Back Plan: With HDFC Money Back Plan, investors can plan now to
ensure that they have the necessary funds to have the necessary funds to secure their long-
term as well as short-term financial goals. This ‘With Profits’ plan gives them a
proportion of the basis Sum Assured as Cash lump sums at regular 5-year intervals within
the policy term.
 HDFC Single Premium Whole of Life Insurance Plan: HDFC Single Premium Whole
of Life Plan is a tailor made plan well suited to meet investors long-term investment needs
and help them to maintain their family’s financial independence. This single premium
investment plan is a Whole of Life plan aimed at providing long-term real growth of their
money.
 HDFC Assurance Plan: HDFC Assurance Plan helps investors conveniently build their
long-term savings while keeping their family’s future protected. This ‘With Profits’
savings plan helps them to build their long-term savings while securing their family’s
future.
 HDFC Savings Assurance Plan: HDFC Savings Assurance Plan is a ‘With Profits’
savings plan which helps investors conveniently build their long-term savings and ensure
that their family is protected even if they are not around.

5. Health Plans

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 HDFC Critical Care Plan: HDFC Critical care plan provides for a lump sum payment
on survival post diagnosis of a critical illness, so that in the event a critical illness strikes,
investors don’t have to dig into those precious savings of them.

 HDFC SurgiCare Plan: HDFC SurgiCare Plan provides investors with timely support in
case they have to undergo a major surgery and hospitalization, as the case maybe,
ensuring their financial independence at all times.

6. Rural Products

 HDFC Gramin Bima Kalyan Yojana

 HDFC Gramin Bima Mitra Yojana
 HDFC Bima Bachat Yojana

6. Social Products

 HDFC Development Insurance Plan

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E)Area of operation

During the year, company continued to increase its focus on service

quality. The company aims to provide consistent and high quality service
across the country through, all channelsof delivery - branches, call
centers, internet and the customer portal. Towards this end, periodic
service audits conducted across all regional offices and at the call centers
provide useful insights into customer requirements and expectations
helping the company improve its processes. The company has
implemented a Quality Initiative across its offices which regularly
measures the effectiveness of its processes, reduces leakage and
contributes to increasing revenues, managing costs and improving service
quality. The company has also launched a completely revamped website
with a big focus on customer education and knowledge. The company has
continued to strengthen its presence in the virtual world, both for creating
awareness and facilitating self service. Your company continues to explore
strategic outsourcing partnerships with a focus on handling volumes and
reaping economies of scale. The combination of outsourcing partnerships
and technology implemented by the company is assisting in improvement
of service turnaround times. As part of its Corporate Social Responsibility,
your company continues to explore partnerships with

F) Ownership pattern

It is a joint venture between Housing Development Finance Corporation Limited (HDFC

Limited), India's leading housing finance institution and a Group Company of the
Standard Life Plc, UK. As on February 28, 2009 HDFC Ltd. holds 72.43% and
Standard Life (Mauritius Holding) 2006, Ltd. holds 26.00% of equity in the joint
venture, while the rest is held by others.

Associate Companies:

 HDFC Limited

 HDFC Bank

 HDFC Mutual Fund

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 HDFC Sales

 HDFC ERGO General Insurance

G) Competitors information

Aegon Religare Life

AEGON, an international life insurance, pension and investment company, Religare, one of
India’s leading integrated financial services groups and Bennett, Coleman & company, India’s
largest media house, have come together to launch AEGON Religare Life Insurance Company
Limited. This venture is dedicated to build a firm future, both for customers and employees
and will continue to balance a local approach with the power of an expanding global
operation.

We launched our pan-India multi-channel operations in July, 2008 with over 30 branches
spread across India. Our business philosophy is to help people plan their life better. We
provide high quality advice to our customers and offer superior customer service.

Aviva India

Aviva India is a joint venture between one of the country’s oldest and largest groups, Dabur,
and Aviva plc, the UK's largest insurance group, whose association with India dates back to
1834.

Dabur Group

Founded in 1884, Dabur Group is one of India's oldest and largest groups of companies with a
consolidated annual turnover in excess of Rs 2,396 crores. A professionally managed
company, it is the country's leading producer of traditional healthcare products.

Aviva Group

Aviva Group is the UK’s largest and one of the biggest Insurance groups worldwide. It is one
of the leading providers of life and pensions products to Europe and has substantial businesses
elsewhere around the world. With a history dating back to 1696, Aviva Group has a 50
million customer base worldwide.

Bajaj Allianz Life Insurance Co Ltd

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Bajaj Allianz Life Insurance is a union between Allianz SE, one of the largest Insurance
Company and Bajaj Finserv.

Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers
in the world, managing assets worth over a Trillion (Over INR. 55, 00,000 Crores). Allianz
SE has over 115 years of financial experience and is present in over 70 countries around the
world.

Canara HSBC OBC Life

The shareholding pattern of the Joint Venture is as follows - Canara Bank holds 51% equity,
HSBC Insurance (Asia Pacific) Holdings Ltd 26% and Oriental Bank of Commerce 23%. The
Venture has an initial paid up capital of INR 325 crores which will further increase in line
with our expansion plans.

The Company commenced business 16th of June, 2008 after receiving requisite approvals
from the Insurance Regulatory Development Authority (IRDA). Canara HSBC Life has
access to 4100 bank branches all over India.

Future Generali Life

Future Generali is a joint venture between the India-based Future Group and the Italy-based
Generali Group.
Future Generali is present in India in both the Life and Non-Life businesses as Future
Generali India Life Insurance Co. Ltd. and Future Generali India Insurance Co. Ltd.

ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one of
India's foremost financial services companies-and prudential plc - a leading international
financial services group headquartered in the United Kingdom. Total capital infusion stands at
Rs. 47.80 billion, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%.

We began our operations in December 2000 after receiving approval from Insurance
Regulatory Development Authority (IRDA). Today, our nation-wide team comprises of 2074
branches (inclusive of 1,116 micro-offices), over 225,000 advisors; and 7 bancassurance
partners.

ICICI Prudential is the first life insurer in India to receive a National Insurer Financial
Strength rating of AAA (Ind) from Fitch ratings. For three years in a row, ICICI Prudential
has been voted as India's Most Trusted Private Life Insurer, by The Economic Times - AC
Nielsen ORG Marg survey of 'Most Trusted Brands'. As we grow our distribution, product

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range and customer base, we continue to tirelessly uphold our commitment to deliver world-
class financial solutions to customers all over India.

H) Infrastructural facilities

HDFC SL is providing good infrastructural facilities which are required for employees to
perform their work in a better way. During the year, the Company has invested in additional
infrastructure capacity and human capital, in terms of offices, technology, staff, financial
consultants, in order to be well positioned to increase the growth momentum in the year
ahead. The company stepped up the recruitment programme in the latter part of the year in
preparation for the next year.

I) Awards/achievements
Received CIO 'the Ingenious 100 2009' Award

HDFC Standard Life has received the CIO ‘The Ingenious 100 - 2009 Award,’ for ATLAS
(Agency Training Licensing and Servicing System). Additionally, the company has received
the CIO 100 ‘Security Award 2009’ for pioneering LANDesk Management and Security Suite
security implementation and taking its security to a higher level of technological excellence.

HDFC Standard has received the CIO 100 Award for the third consecutive year. It had
received the 2008 CIO Bold Award for Consultant Corner and CIO Security Award for our
initiatives for a secure computing environment, including Sesame - Identity and Access
Management. In 2007, the company received CIO 100 award for Wonders and a Special
Award in Storage category.

CIO magazine has a long tradition of honoring leading companies for business and
technology leadership and innovations through its flagship award program – CIO 100. It’s a
celebration of 100 organizations (and the people within them) that are using IT in innovative
ways to deliver business value, whether by creating competitive advantage, optimizing
business processes, enabling growth or improving relationships with customers.

Received Diamond EDGE Award 2009

HDFC Standard Life has received the Diamond EDGE Award 2009 for its mobile workforce
portal - Consultant Corner. EDGE - Enterprises Driving Growth and Excellence (using IT) is
an initiative by the ,Network Computing magazine to identify, recognize, and honors end-user
companies in India that have demonstrated the best use of technology to solve a business
problem, improve business competitiveness, and deliver quantifiable ROI to stakeholders.

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Network Computing magazine is part of CMP Technology, which brings more than 100 IT
media brands to more than 18 million technology and business decision makers worldwide.

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
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.

The company received the 2008 CIO Bold Award for its mobile workforce portal and the CIO
Security Award for its initiatives for a secure computing environment, including identity
management.

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.

HDFC Standard Life has won the PCQuest Best IT Implementation Award for two years
consequently. Last year, the company received the award for Wonders, its path-breaking
implementation of an enterprise-wide workflow system.

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 organized 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 man’s perspective. The 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 one’s self-respect

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 Mint’s Top Television Advertisement
survey conducted, for February 2008. HDFC Standard Life’s Unit Linked Savings Plan

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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, enjoyment, believability, and claim).

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.

Sar Utha Ke Jiyo among India’s 60 Glorious Advertising Moments

HDFC Standard Life’s advertising slogan honored 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.

J) Work flow model

During the year the company launched ATLAS (Agent’s Training and Licensing
Administration System),a workflow based system, which enables efficient processing of data
for training and licensing of Financial Consultants.
Life insurance is a mechanism for pooling the resources by issuing policy to the investors
and investing funds in securities in accordance with objectives as disclosed in offer
document. Investments in securities are spread among a wide cross-section of industries and
sectors thus the risk is reduced. Diversification reduces the risk because all stocks may not
move in the same direction in the same proportion at same time. Hence through
diversification the insurance company earns return through their investment and which is
passed back to the investors. This is just like a” Life Cycle” which repeats in nature

WORK FLOW:

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 HDFC STANDARD LIFE

MANAGER CHANNEL FINANCIAL CUSTOMERS

DEVELOPMENT CONSULTANTS
MANAGER

MANAGER CORPORATES CUSTOMERS

K) Future growth and prospects

New Business Market Share

HDFC Standard Life growing steadily

BAJAJ ALLIANZ: 8%
BIRLA SUNLIFE: 5%

REALIANCE LIFE: 6%
HDFC SL: 5%

MAX NEW YORK: 3%

OTHERS: 59%
SBI LIFE: 9%
LIC: 40%

ICICI PRUDENTIAL: 12%

Thus from
OTHERS: 12% the above diagram we can say that HDFC SL is growing steadily as it is acquiring
market share from 4.10% to 4.5% in march 2009. Through many strategies like: advertising,
good service to customers than competitors etc…, it can acquire a good market share in future

Thus from the above diagram we can say that HDFC SL is growing steadily as it is acquiring
market share from 4.10% to 4.5% in march 2009. Through many strategies like: advertising,

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HDFC STANDARD LIFE

good service to customers than competitors etc…, it can acquire a good market share in future
also.

3) MCKINSEY 7-S MODEL

The 7-s model with reference to Hdfc standard life:

The 7s model is better known as Mc-Kinsey 7’s. This is because the persons who developed
this model Robert H Waterman, Jr., Thomas J. peters and Julian R Philips have been
consultants at MC-Kinsey and co. they published their 7’s model in their article
STRUCTURE IS NOT ORGANISTATION(1980) and in their books THE ART OF
JAPANESE MANAGEMENT (1981) and IN SEARCH OF EXCELLENCE(1982).

Productive organization change is not simply a matter of structure, although strategy is critical
too. Our claim is that effective organizational change is really the relationship between
structure, strategy, systems, styles, skills, staff and something we call super-ordinate goals.

Our central idea is that organization effectives, systems from the interaction of several factor-
some especially obvious and some under analyzed. Our framework for organization change
graphically depicted the figure.

STRUCTURE
In the hdfc standard life each and every department is empowered with the officer, clerk and
sub staff. The authority is delegated to officer/manager to extract work from the staff. The
each department consists of members based on its requirements.

Thus it is having an effective work on the various activities efficiently and effectively.

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MD

Zonal
Manager

Regional
Manager

Retail
Marketing

Territory Alternative Operation Human

Manager Chanel Chanel Resource

Branch Manager Territory Team Manager HR Executive

Manager

Asst. B.M. Branch Manager Operation

Manager

Business Dev. Channel

Mgr. Executive

Sales Dev. Mgr.

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SKILLS
It is a more reputed insurance company, as it is providing financial solution of where to
invest, how to invest and number of products with having more benefits to investors. It has
reputed customers who are loyal to the organization. The service given to the customers are
accomplished as per their requirements. Financial services generally do mass supporting
services are rendered to all types (classes) of customers. More over the people feel their task
is in safe hands of the industry. The organization is having various capabilities over the
competitors. These skills are unique from the competitors of hdfc standard life.

The skills are broadly categorized as follows:-

Market knowledge, analytical skills, Services, Research, Personal/administration, Soft skills,

Supporting, Medical, Finance, Information relations, others

STYLE
Hdfc standard life follows tip down/bottom up style in its management, where in each major
decision regarding the company is taken in tip down fashion and other decision like targets
and growth aspects hdfc standard life follows bottom up style.

We think it is important to distinguish between the basic personality of a top management

team and the way the team comes across to the organization. Organization may listen to what
managers say but they believe what managers do. Not words, but pattern of action is decisive.
The power of style then is essentially manageable.

One aspect of style is symbolic behavior. Typically have more people on board who
understand exploration are have headed exploration department. Typically they fund
exploration more consistently.

STRATEGY
By “strategy” we mean those actions that a company plans in response to or anticipation of
changes in its customers, its competitors. Strategy is the way A Company aims to improve its
position vis-à-vis competition perhaps through low cost production or delivery, perhaps by
providing better value to the customer, perhaps by achieving sales and service dominance. it
is, or ought to be, an organization way of saying:” here is how we will create unique value”.

The hdfc standard has set of objectives, strategies to achieve the objective, the course of
action to be taken to achieve the objective and guidelines for the course of action.

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Hdfc standard adopts low pricing strategy to generate huge returns and good market share in
the industry, since it has well expanded its business all over INDIA.

Hdfc standard life charges minimal to its clients for the services. It provides more benefits to
customers compared to its competitor. Hence it is known for the good pricing strategy in the
industry.

SYSTEM
The hdfc standard life has various techniques to control this procedure as system like to
improve the back office targets by giving addition support.

Information system: the implementation of computers has made information flow fast and
reliable. The information is versatile. Since hdfc standard life has good backup system.

Recruitment, training and development system

Recruitment process starts with the identification of the vacancies by the department head of
the respective department. A form requesting for the human resource is sent from the
department to HRD.

STAFF
Staff (in the sense of people, not line/staff) is often treated in one of two ways. At the hard
end of the spectrum, we talk of appraisal systems, pay scales, formal training program and the
like. At the soft end, we talk about morale, attitudes, motivation and behavior.

The hdfc standard life is in the course of cutting down the cost of service. If it starts
recruiting, the selection is done based on the education qualification first class degree.

The various training program to the employees are taken like refresher course, job rotation
and job training. The promotion in the organization is taken place based upon the service,
seniority and educational qualification. The performance appraisal is also taken as a basis for
promotion so officer’s staff makes it.

SHARED VALUES
Unlike the other six S’s, super ordinate goals don’t seem to be present in all, or even most,
organizations. They are, however, evident in most of the superior performers.

The value shared by the members of an enterprise is known as the shared values. The
organization of HDFC STANDARD LIFE is having a strategy of sharing values.

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5) SWOT ANALYSIS

STRENGTHS

1. HDFC Standard life insurance offers a range of individual and group insurance solutions.

2. HDFC Standard Life has the financial expertise required to manage your long-term
investments safely and efficiently.

3. Rated ‘AAA’ by CRISIL and ICRA for the 10th consecutive year for High service
standards

4. Life insurance industry is a rapid growing and a nobler service industry.

WEAKNESSES

1. LIC is prevalent and sustains even today a major source of population.

2. Low number of offices and network and number of life insurance agents.

3. Lack of knowledge and expertise.

OPPORTUNTIIES

1. Life insurance has captured its mere15 – 20% growth therefore a wide open untapped
market is open to the company to develop, grow and measure its success.

2. Still the numbers of companies are few and company has every capability to grow and
forward its performance areas to the widest.

THREATS

1. People are hesitant to invest and put their hard earned money to the private life insurance
company with the fear of getting lost.

2. Belief towards LIC as it is a government corporation phobia is continue to surmount the

people of India despite lots of flaws and development and liberalization of life insurance.

3. Alternative financial services such as mutual fund, banking services, share and securities
also pose problems and threats to the working of the life insurance sector.

4. Illiteracy and unemployment also pose threat.

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5. Rising real estate industry also pose threat as people are investing a bulk of their money
over to that industry.

6) ANALYSIS OF FINANCIAL STATEMENT

Financial statement analysis is a comprehensive analysis of all three financial statements:
balance sheet, income statement, and cash flow statement. Financial statements provide useful
information. However, one has to meticulously look for the right information from the right
data. One can undertake the financial statement analysis from different stakeholders’
perspective: creditors, bankers, credit rating agencies, existing shareholders, potential
shareholders, internal management, and employees too.

Financial statement helps in understanding the performance of the organization. The

performance of an organization can be explained on the basis of the four important aspects of
the business:

a) Liquidity: Liquidity shows the ability of the business to service the short term obligation.
b) Solvency: Solvency shows the ability of the business to meet the long term obligation.
c) Efficiency: Efficiency shows the ability of the business to use the resources of the
business.
d) Profitability: Profitability shows the ability to the business to generate and distribute
profit.

Intra firm comparison of hdfc:

1. Analysis of Short – Term Liquidity:

a. Current ratio = Total Current Assets / Total Current Liabilities

b. Quick ratio = quick current assets / quick current liabilities

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Table showing: current ratio and quick ratio of hdfc standard life insurance company ltd. for
the year 2008 and 2009.

Year 2009 (RS.’000) 2008 (RS.’000)

Current assets 9,643,629 8,575,727

Current liabilities 9,029,038 6,251,168

Current ratio and quick ratio 1.07% 1.37%

Inference:

The above table is showing the details regarding the current ratio and quick ratio of hdfc
standard life insurance company ltd. The standard current ratio is 2:1, and quick ratio is 1:1,
but the company has got only 1.37 and 1.07 both the year the ratio is not satisfactory. But
compare to year-2009 ratio year-2008 ratio was good.

2. Capital Structure and Long -Term Solvency Ratios:

Debt equity ratio =long Term Debt / shareholders fund

Table showing: debt equity ratios of hdfc standard life in the year 2008 and 2009.

Years 2009 (RS.’000) 2008 (RS.’000)

Outsiders Funds 97,578,470 84,012,076

Share Holders Fund 18,433,462 13,263,132

Debt Equity Ratio 5.29% 6.33%

Inference:

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There is continues increase in Share holders’ Funds and also in an outsider funds from the
year 2008 to 2009. Outsider’s funds are increased more than the shareholders fund. Hence the
outsider’s funds has been increased year by year, it shows the larger outsiders funds are
available to the company. Since this is quite satisfactory and in the same way it is not good to
the shareholders point of view and also to the company.

3. Profitability Ratios:

a. Gross profit ratio = gross profit / sales*100

Table showing: the gross profit ratio of hdfc standard life insurance company ltd.

Year 2009 (Rs.’000) 2008 (Rs.’000)

Gross profit (5,029,631) (2,435,094)

Sales 55,183,763 48,176,166

Gross profit ratio -0.09% -0.05%

Analysis:

The high ratio of gross profit is considered satisfactory; hdfc standard life insurance company
ltd. is suffering gross loss in the year 2008 and 2009.

Inference:

There is an increase in gross loss and also the percentage of loss in the year 2008 to 2009 is
0.05, and 0.09 respectively. In the year 2008 it was facing less gross loss, but later it went on
increasing. In the year 2009, loss percentage is 0.09 compare to last year the loss has
increased.

b. Net profit ratio:

Net profit ratio= net profit/sales*100

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Table showing net profit ratio of hdfc standard life for the year 2008 and 2009

Year 2009 (RS.’000) 2008 (RS.’000)

Net profit (11,913,122) (6,883,491)

Sales 55,183,763 48,176,166

Net profit ratio -0.22 -0.14

Inference: The high ratio of net profit is considered satisfactory; hdfc standard life insurance
company ltd. is suffering net loss in the year 2008 and 2009 respectively.

There is an increase in net loss in 2009 compare to year-2008. The percentage of loss in the
year 2008 and 2009 is 0.14, and 0.22 respectively. This is not good from the company point of
view.

LEARNING EXPERIENCE

In the class just we can assume how the corporate world is but it is completely
different when I started to go to the company. In the class just we will read, learn and
same thing we will write in the exam and we will get pass but when we go for

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searching job really we will feel the heat of outside world, regarding pressure for
target achievement, competition for jobs etc…

That was a wonderful experience to me in that company. I learnt so many things there,
what is the real corporate culture, How much we have to be smart, How much talented
we should, How we should achieve our target, what is our responsibity.

Actually I got the work of recruitment consultant; there I need to call to the people
who want to work as financial consultant for part or full time as per their requirement,
I had to take interview to them and need to motivate them to take up that job, for that
they need to write the exam and get through with the exam. And then they need to get
the licence from IRDA to do that work.

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SUGGESSITIONS

a. It can try to create awareness about this company through some programmes.

b. There may be proper and immediate response in case of any queries from customers.

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HDFC STANDARD LIFE

c. It can concentrate to increase its sales revenue as finance is life blood of any business.

d. It is able try to increase its profits through using better portfolios.

e. There can be an outstanding after sales service which is one of the important factors.

f. There may be more effective response in case of any incidents/events.

g. Feedback information can be inculcated.

h. It is able to concentrate on decreasing other expenses and it has to spend the expenses
which are really required to the development of the company.

i. Proper management is to be there and also it should supervise the activities of the
company very well.

j. It needs to be aware of its competitors to overcome from the competition and to get more
market share.

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CONCLUSION

HDFC STANDARD LIFE has been one of the best life insurance service providers in India. It
has the excellent quality service provider to their customer. The overall performance of
HDFC STANDARD LIFE is very good compared to other service providers. It got fifth
position in the insurance industry. They share a very good rapport with the customers.

The financial condition is not good from year to year. It is in loss condition from past five
years. Its debt- equity ratio is good. Because of that the company is in a good condition to get
survival in the market.

It is selling more policies from year to year that means the sales percentage is increasing from
many years it is the signal to the growth of the company. Presently it is incurring more
expenses and market share is very less compare to other competitors like LIC, ICICI
Prudential etc….

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ANNEXURES
Balance sheet of HDFC STANDARD LIFE as at March 31 for five years

Particulars Schedule 2009 2008 2007 2006 2005

(Rs.‘000) (Rs.‘000) (Rs.‘000) (Rs.‘000) (Rs.‘000)

SOURCES OF
FUNDS

SHAREHOLDERS’
FUNDS:

Share Capital 5 17,958,180 12,706,359 8,007,148 6,192,718 3,190,898

Share application
money received - - 287,391 - -
pending allotment of
shares

Reserve and Surplus 6 552,892 552,892 65,902 65,902 -

Credit / [Debit] Fair

Value Change
Account (77,610) 3,881 - 73,105 3,552

Sub-Total 18,433,462 13,263,132 8,360,441 6,331,725 3,194,450

BORROWINGS 7 - - - - -
POLICYHOLDERS’

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FUNDS:

Credit / [Debit] Fair

Value Change
Account (296,885) 193,745 91,247 209,569 174,980

Policy Liabilities

Insurance Reserves 29,092,419 24,366,747 17,391,531 11,487,996 6,377,397

Provision for Linked - - - - -

liabilities 84,085,083 56,317,976 25,934,264 9,732,781 1,918,292
Add: Fair value
change
(15,302,147 3,133,608 2,582,499 2,203,309 -
)

Total Provision for 68,782,936 59,451,584 28,516,763 11,936,090 -

Linked Liabilities

Sub-Total 97,578,470 84,012,076 45,999,541 23,633,655 8,470,669

Funds for Future 586,395 - - - -

Appropriations

Funds for future

appropriation - 531,970 246,951 59,485 25,516 -
Provision for lapsed
policies unlikely to
be revived

Surplus Allocated to - - - - -
Shareholders

TOTAL 117,130,297 97,522,159 54,419,467 29,990,896 11,665,119

APPLICATION OF
FUNDS:

INVESTMENTS

Shareholders’
8 4,291,597 4,213,064 1,529,743 1,380,910 984,253

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Policyholders’ 8A 30,050,097 23,299,043 17,782,866 11,695,010 6,087,916

Assets held to cover 8B 68,782,936 59,451,584 28,516,763 11,936,090 1,918,292

Linked Liabilities
9 30,248 18,618 12,638 29,356 11,984
LOANS
10 1,447,706 1,331,800 736,054 601,345 731,824
FIXED ASSETS

CURRENT ASSETS
11 4,108,660 4,493,238 3,363,556 2,879,622 733,529
Cash and bank
balances

Advances and Other 12 5,534,969 4,082,489 1,961,980 990,106 409,495

Assets

Sub-total (A) 9,643,629 8,575,727 5,325,536 3,869,728 1,143,024

CURRENT 13 8,820,225 6,129,149 3,874,652 2,658,567 1,069,635

LIABILITIES

PROVISIONS
14 208,813 122,019 30,845 28,729 20,720

Sub-Total (B) 9,029,038 6,251,168 3,905,497 2,687,296 1,090,355

NET CURRENT
ASSETS (C) =
(A - B) 614,591 2,324,559 1,420,039 1,182,432 52,669

MISCELLANEOUS 15 - - - - -
EXPENDITURE (to
the extent not written
off or adjusted)

DEBIT BALANCE 11,913,122 6,883,491 4,421,364 3,165,753 1,878,181

IN PROFIT AND
LOSS ACCOUNT
(Shareholders’
account)

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TOTAL 117,130,297 97,522,159 54,419,467 29,990,896 11,665,119

CONTINGENT
LIABILITIES

1. Partly paid-up
investments - - - - -

2. Claims, other than

against policies, not
acknowledged as - - - - -
debts by the company

3. Underwriting
commitments
outstanding (in - - - - -
respect of share and
securities)

4. Guarantees given
by or on behalf of the
Company - - - - -

5. Statutory
demands / liabilities
1,465,718 262,091 309,494 119,829 -
in dispute, not
provided for

6.Reinsurance - - - -
obligations to the
-
extent not provided
for in the accounts
- - - -
7.Others -

Total 1,465,718 262,091 309,494 119,829 -

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Profit & Loss Account for year ended March 31, from 2005 to 2009

Shareholders’ Account (Non-technical Account)

2009 2008 2007 2006 2005

Particulars schedule (RS.’000) (RS.’000) (RS.’000) (RS.’000) (RS.’000)

Amounts transferred 794,984 516,341 - - -

from the Policyholders
Account (Technical
Account)

Income from
Investments

(a) Interest,
Dividends & 302,367 242,109 126,836 138,496 65,321
Rent - Gross

(b) Profit on sale /

redemption of 13,924 98,694 114,192 7,989 10,117
investments

(c) (Loss on sale /

(35,870) (11,142) (12,470) (6,933) (4,043)
redemption of
investments)

(d) Transfer / gain

on revaluation /
change in fair 51,887 (21,384) (23,909) (6,594) -
value

(e) Amortization of
(2,965) 561 (2,375) (8,926) (5,156)
(premium)/disco
unt on
investments

Sub Total 329,343 308,838 202,274 124,032 66,239

Other Income 300 531 764 3,650 1587

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TOTAL (A) 1,124,627 825,710 203,038 127,682 67,826

Expenses other than 3A 5,307 12,596 8,252 18,251 10,490

those directly related to
the insurance business

Bad debts written off - - - - -

Provisions (other than

taxation)

(a) For diminution

- - - - -
in the value of
Investments
(net)
- - - - -
(b) Provision for
doubtful debts

(c) Others - - - - -

Contribution to the 6,148,951 3,248,208 1,450,397 1,397,003 954,744

Policyholders Fund

TOTAL (B) 6,154,258 3,260,804 1,458,649 1,415,254 965,234

Profit / (Loss) before tax (5,029,63 (2,435,094 (1,255,611 (1,287,572 (897,348)

1) ) ) )
Provision for Taxation -
- - - -
Profit / (Loss) after tax (897,348)
(5,029,63 (2,435,094 (1,255,611 (1,287,572
APPROPRIATIONS 1) ) ) )
(a) Balance at the (980,833)
beginning of the
Year (6,883,49 (4,421,364 (3,165,753 (1,878,181
1) ) ) )
(b) Interim -
dividends paid
during the Year
- - - - -
(c) Proposed final
dividend

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(d) Dividend - - - - -
distribution tax

(e) Transfer to
liabilities on - - - - -
account of
Employee
benefits - (27,033) - -

Profit / (Loss) carried

forward to the Balance
Sheet (11,913,1 (6,883,491 (4,421,364 (3,165,753 (1,878,181
22) ) ) ) )

Earnings per share - (3.28) (2.42) (1.83) (2.92) (3.38)

Basic

Earnings per share - (3.28) (2.42) (1.81) (2.92) (3.38)

Diluted

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BIBILOGRAPHY

WEBSITES:

 WWW.HDFCINSURANCE.COM

 WWW.GOOGLE.COM

 WWW.YAHOOSEARCH.COM

REFERENCE BOOKS:

 PRASANNA CHANDRA: FINANCIAL MANAGEMENT, (TMH), 6/e, 2004

 M.Y. KHAN & P.K. JAIN: FINANCIAL MANAGEMENT, (TMH), 4/e, 2004

OTHER REFERENCES:

 NEWS PAPERS:

o TIMES OF INDIA

o ECONOMIC TIMES

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 MAGAZINES:

o BUSINESS WORLD

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