Project report On

To recruit the financial consultants for selling the financial products of the company (HDFC STD LIFE INSURANCE COMPANY) 2008 Submitted for the partial fulfillment for the award Of POST GRADUATE DIPLOMA IN MANAGEMENT
SUBMITTED BY NEHA SHARMA ROLL NO: 7057

UNDER THE SUPERVISION OF

EXTERNAL GUIDE: Mr. Varun Sharma INTERNAL GUIDE: Mr. Mudit Agarwal

Department of management

INSTITUTE OF MANAGEMENT EDUCATION, SAHIBABAD

Declaration

I hereby declare that the project entitled to recruit the potential financial consultant for selling the financial products of the company submitted for the Post Graduate Diploma in Management is my original work and the project report has not formed the basis for the award of any degree, diploma, associateship or other similar titles.

Date: Place: Signature

Acknowledgement
There are many people in HDFC STD LIFE INSURANCE who had helped me during the course of the project. It is my duty to acknowledge and thank them for their help. As a matter of course thanks are due to the following persons in the given order. Channel development manager: Mr. Varun Sharma who has seen that I get each and every facility that a regular employee at HDFC STD LIFE INSURANCE gets. Channel development Manager: Mrs. Deepti Nain. I am very thankful to her for providing me with such great opportunity to work with such a great team and above all such a big organization. It was a great pleasure to work under her and she has been always very helpful to me. Internal Faculty Mr. Mudit Agarwal helped me out when ever their help was required in my project. Starting with the questionnaire till the end he was very helpful. Others: This part includes the day to day people whom I use to meet in the organization. They are the advisors working there; this includes the staff working there; and even the people whom I met in, Ghaziabad, Delhi who were kind enough to spare a few minutes of their precious time and to take part in the survey. I am sincerely thankful the above persons who were very kind and co-operative with us when ever we needed them. NEHA SHARMA

Executive Summary
The business of insurance is related to the protection of economic value of assets. The assets would have been created through the efforts of the owner, in the expectation that, either through the income generated there from or some other output; some of his needs would be met. If asset gets lost earlier, being destroyed or made non-functional, through an accident or other unfortunate event, the owner and those deriving benefits there from suffer. Insurance is a mechanism that helps to reduce such adverse consequences. Insurance plays a major role in different perspective. For economic development investment are necessary. Investments are made out of savings. A life insurance company is a major instrument for the mobilization of savings of people, particularly from the middle and lower income groups. These savings are changed in to the investment for economic growth. In order to amenable to statistical predictions. Insurance risk must be handled on a large scale. All organization face changes in their environment with resultant changes in their markets and in the ability to satisfy their markets. Each organization is faced with new marketing problems and opportunities in their existing and potential market. Man on earth can entirely eliminate knows no method but scientific method can minimize the elements of uncertainties that can result from lack of information without orientation. Market research is a process of collecting information about who, why, and how of actual and potential person in a particular market. The main purpose of market research is the ability to continually foresee both in the long and short term. This report is the outcome of summer training report at HDFC STANDARD LIFE INSURANCE at DELHI. This training is a part of the curriculum of POST GRADUATION DIPLOMA IN MANAGEMENT program at INSTITUTE OF MANAGEMENT EDUCATION, SAHIBABAD.

TABLE OF CONTENT
Table of contents Contents _________________________________________________________Page no. 1. Introduction (1.1) Industry profile & company profile----------------------------------------2 (1.2) Concerned summer training department-----------------------------------3 (1.3) Need of the study-------------------------------------------------------------4 2. Organizational information (2.1) HDFC founder-------------------------------------------------------------------6 (2.2) Organization & management--------------------------------------------------8 (2.3) Vision & values-----------------------------------------------------------------9 (2.4) Key strengths--------------------------------------------------------------------12 (2.5) Subsidiary & associate companies--------------------------------------------13 (2.5) Products of HDFC SLIC-------------------------------------------------------14 (2.6) Appointing financial consultants----------------------------------------------16 (2.7) Why should join hands with HDFC-------------------------------------------18 (2.8) SWOT analysis-------------------------------------------------------------------19 (2.9) Competitor profiling-------------------------------------------------------------22 (2.10) the joint venture------------------------------------------------------------------30 (2.11) HDFC future----------------------------------------------------------------------35 3. Introduction to insurance (3.1) what is insurance------------------------------------------------------------------37 (3.2) Purpose & need of insurance----------------------------------------------------38 (3.3) Role of insurance in economic development----------------------------------39 (3.4) Insurance sector reform-----------------------------------------------------------40 (3.5) Is insurance worthwhile career---------------------------------------------------42 4. Introduction to the topic (4.1) introduction--------------------------------------------------------------------------44 (4.2) function of consultants/ advisor---------------------------------------------------46 (4.3) Recruitment of advisor-------------------------------------------------------------47 (4.4) Working environment of consultant----------------------------------------------48 (4.5) Benefits of being an consultant----------------------------------------------------49 (4.6) how does a consultant work--------------------------------------------------------52 (4.7) company rates of financial consultant---------------------------------------------53 (4.8) Problem--------------------------------------------------------------------------------55 5. Research methodology (5.1) Type of research------------------------------------------------------------------------59 (5.2) Method of collection of data----------------------------------------------------------60 (5.3) Secondary data--------------------------------------------------------------------------61

5. 6. 7. 8. 9.

Data analysis and interpretation------------------------------------------------------------63 Limitations------------------------------------------------------------------------------------74 Recommendations and suggestions--------------------------------------------------------76 Result------------------------------------------------------------------------------------------78 Appendices 1. Questionnaire----------------------------------------------------------------------------80 2. Bibliography-----------------------------------------------------------------------------82 10. Checklist-------------------------------------------------------------------------------------83

List of tables S. no.

1. 2. 3. 4. 5. 6. 7 8 9 10 11

Table no. Description

1 2 3 4 5 6 7 8 9 10 11 Board of directors Commission structure of consultants Commission structure of consultants Commission structure of consultants Qualification status Occupational status Marital status Having pan card Current job satisfaction Reach of people Time for extra income

Page no.
8 53 54 54 63 64 65 66 68 69 72

List of figures and graphs S. no

1. 2. 3. 4. 5. 6. 7 8 9 10 11 12 13

Figure/ graph no Description

1 2 3 4 5 6 7 8 9 10 11 12 13 Social initiative We are partners in your growth Procedure of recruitment Graphical status Occupational status Marital status Having pan card House hold income Current job satisfaction Reach Extra income Would like to earn Time for extra income

Page no.
34 44 57 63 64 65 66 67 68 69 70 71 72

Introduction
1. Industry profile and company profile. 2. The concerned summer training department. 3. Need of the study.

Industry profile and company profile.

INDUSTRY PROFILE Incorporated in 1977 as a public limited company To specialize in provision of housing finance to individuals, co-operative societies & the corporate sector First private sector retail housing finance company HDFC is listed on both BSE and NSE Market capitalization (June 2007) - Rs. 95 billion (US $ 1.6 bn) COMPANY PROFILE COMPANY NAME: INDIAN PARTNER: FORIGN PARTNER: EQUITY RATIO: COMMENCEMENT DATE: HDFC STANADARD LIFE INSURANCE CO. HDFC BANK STANDARD LIFE (U.K) 74:26 January 1995

FIELD OF OPERATION: CEO OF THE COMPANY:

LIFE INSURANCE Deepak Satawalekar CEO & MD HDFC SL

The concerned summer training department.

The department from where I have done my summer training is CHANNEL DEVELOPMENT DEPARMENT (CDD). It is one of the most important department from strategic point of view. Followings are some of the activities undertaken by CDD: Cold calling Market visit Contacting placement agencies. These activities finally lead to the Recruitment of Financial Consultants.

Need of the study

The business of insurance is related to the protection of economic value of assets. The assets would have been created through the efforts of the owner, in the expectation that, either through the income generated there from or some other output; some of his needs would be met. If asset gets lost earlier, being destroyed or made non-functional, through an accident or other unfortunate event, the owner and those deriving benefits there from suffer. Insurance is a mechanism that helps to reduce such adverse consequences. Insurance plays a major role in different perspective. For economic development investment are necessary. Investments are made out of savings. A life insurance company is a major instrument for the mobilization of savings of people, particularly from the middle and lower income groups. These savings are changed in to the investment for economic growth. In order to amenable to statistical predictions. Insurance risk must be handled on a large scale.

Organizational Information

Detail of HDFC SLIC HDFC Founder MAN WITH A MISSION

If ever there was a man with a mission it was Hasmukhbhai Parekh, Founder and Chairman-Emeritus, who left this earthly abode on November 18, 1994. Born in a traditional banking family in Surat, Gujarat, Mr. Parekh started his financial career at Harkisandass Lukhmidass - a leading stock broking firm. The firm closed down in the late seventies, but, long before that, he went on to become a towering figure on the Indian financial scene. In 1956 he began his lifelong financial affair with the economic world, as General Manager of the newly-formed Industrial Credit and Investment Corporation of India (ICICI). He rose to become Chairman and continued so till his retirement in 1972. At the ripe age of 60, Hasmukhbhai started his second dynamic life, even more illustrious than his first. His vision for mortgage finance for housing, gave birth to the Housing Development Finance Corporation - it was a trend-setter for housing finance in the whole Asian continent. He was a true development banker. His building up HDFC without any government assistance, is itself a brilliant chapter in financial history. His wisdom and warmth drew people from all walks of life to him, for advice, guidance and inspiration. He was also a writer in his own right. There are over 200 published articles by him, full of incisive comments on finance and economics. In 1953 he brought out a volume called: The Bombay Money Market. It detailed the intricate working of the Indian money market. His works in Gujarati - Hirane Patro, Hirane Vadhu Patro - occupy pride of place in Gujarati literature. In 1992, the Government of India honoured him with the Padma Bhushan Award. The London School of Economics & Political Science conferred on him an Honorary Fellowship.

More about HDFC SLIC

Today, nearly three million satisfied customers whose dream we helped realize, stand helping Indians experience the joy of home ownership. The road to success is a tough and challenging journey in the dark where only obstacles light the path. However, success on a terrain like this is not without a solution. As we found out nearly three decades ago, in 1977, the solution for success is customer satisfaction. All you need is the courage to innovate, the skill to understand your clientele and the desire to give them your best. Testimony to our success. Our objective, from the beginning, has been to enhance residential housing stock and promote home ownership. Now, our offerings range from hassle-free home loans and deposit products, to property related services and a training facility. We also offer specialized financial services to our customer base through partnerships with some of the best financial institutions worldwide.

Background of company
HDFC was incorporated in 1977 with the primary objective of meeting a social need that of promoting home ownership by providing long-term finance to households for their housing needs. HDFC was promoted with an initial share capital of Rs. 100 million.

Business Objectives
The primary objective of HDFC is to enhance residential housing stock in the country through the provision of housing finance in a systematic and professional manner, and to promote home ownership. Another objective is to increase the flow of resources to the housing sector by integrating the housing finance sector with the overall domestic financial markets..

Organizational Goals
HDFC's main goals are to a) develop close relationships with individual households, b) maintain its position as the premier housing finance institution in the country, c) transform ideas into viable and creative solutions, d) provide consistently high returns to shareholders, and e) to grow through diversification by leveraging off the existing client base.

Organization & Management

HDFC is a professionally managed organization with a board of directors consisting of eminent persons who represent various fields including finance, taxation, construction and urban policy & development. The board primarily focuses on strategy formulation, policy and control, designed to deliver increasing value to shareholders.

Board of Directors
Details of the Board of Directors in terms of their directorships/memberships in committees of other public companies (excluding HDFC) are as under:

No. Name of Director 1 Mr. Deepak S. Parekh 2 Mr. Keshub Mahindra 3 Mr. Shirish B. Patel 4 Mr. B. S. Mehta 5 Mr. D. M. Sukthankar 6 Mr. D. N. Ghosh 7 Dr. S. A. Dave 8 Mr. S. Venkitaramanan 9 Dr. Ram S. Tarneja 10 Mr. N. M. Munjee 10 Dr. Bimal Jalan 11 Mr. D. M. Satwalekar 12 Dr. Jamshed J Irani+ 13 Ms. Renu Sud Karnad 14 Mr. K. M. Mistry

Category* Executive Chairman Independent Independent Independent Independent Independent Independent Independent Independent Independent Member of Parliament (Rajya Sabha) Non-Executive Special Director++ Joint Managing Director Vice Chairman & Managing Director (Table no. 1)

Today HDFC has a staff strength of 1445 (as on 31st March, 2008), which includes professionals from the fields of finance, law, accountancy, engineering and marketing.

HDFC Standard Life Vision and Values:Vision Statement 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 al INTEGRITY What is it? Honest and Truthful in every action. Transparency Stick to principles irrespective of outcome. Be just and fair to everyone. Why? Integrity is the bedrock on which the company and the expectations of the customer and employees are built. Integrity establishes the creditability of the person defines the character and empowers one to do justice to the job. Enables building confidence and trust, achieving transparency and laying a strong foundation for building relationship. Guiding principle for all walks of life. INNOVATION What is it? Building a store house of treasure through experience. Looking at every product and process through fresh eyes everyday. Why? To exceed customer expectation and maximize customer retention. To achieve competitive advantage. To promote growth and upgrade standards in the industry. To foster creativity amongst employees and partners. To open a world of new possibilities.

CUSTOMER CENTRIC What is it? Understand his expectation by keeping him as the centre point. Listen actively. Understand customer needs and deliver solution. Customer interest always supreme. Why? Reinforce brand loyalty by complete transparency. Customer is the source of revenue for the company. Customer is the reason for our existence. Ensure that customer chooses our company to do business with. Customers goodwill alone can bring more business and more customers. Will contribute retention.

PEOPLE CARE What is it? Genuinely understanding the people we work with. Guiding their development trough training and support. Helping them develop requisite skills to reach their true potential. Known them on a personal front. Create an environment of trust and openness. Respect for the time of others. Why? People are the most valuable assets of the company. Motivate individual to give his/ her best. Establish a valuable relationship with them to create a joyful orking. Job satisfaction.

TEAM WORK What is it? Whole team takes the ownership of the deliverables. Consult all involved, understand and arrive at a common objective. Co-operate and support across departmental boundaries. Identify strengths and weaknesses accordingly allocate responsibility to achieve common objectives. Why? Together Everyone Achieves More :- TEAM It adds joy at work place.

Team work generates synergy and provides a focused approach. An idea or activity performed in a group has a greater acceptability. One for all and all for one.

Key Strengths
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. Range of Solutions HDFC have a range of individual and group solutions, which can be easily customized to specific needs. Our group solutions have been designed to offer you complete flexibility combined with a low charging structure. Track Record so far our gross premium income, for the year ending March 31, 2008 stood at Rs. 4,859 crores and new business premium income stood at Rs. 2,685 crores.

March 31,
The company has covered over 9, 59,000 lives year ending 2008.

SUBSIDIARY & ASSOCIATE COMPANIES

HDFC Bank

HDFC Mutual Fund

HDFC Standard Life

Intelenet Global Services Ltd.

HDFC Chubb General Insurance Company Ltd.

HDFC Reality Other Companies Co-Promoted by HDFC

HDFC Trustee Company Ltd. HDFC Developers Ltd. HDFC Venture Capital Ltd. HDFC Ventures Trustee Company Ltd. Credit Information Bureau (India) Ltd Home Loan Services India Pvt. Ltd.

The various products by HDFC Standard Life include: 1. INDIVIDUAL PRODUCTS:

HDFC Standard Life realizes that not everyone has the same kind of needs. Keeping this in mind, we have a varied range of Products that you can choose from to suit all your needs. These will help secure your future as well as the future of your family. Protection Plans You can protect your family against the loss of your income or the burden of a loan in the event of your unfortunate demise, disability or sickness. These plans offer valuable peace of mind at a small price Term Assurance Plan o Loan Cover Term o Assurance Plan Investment Plans: HDFC SLIC plan is well suited to meet your long term investment needs. We provide you with attractive long term returns through regular bonuses. o Single Premium Whole Life Plan Pension Plans: HDFC STD LIFE INSURANCE Pension Plans help you secure your financial independence even after retirement. Personal Pension Plan Unit Linked Pension Plan Unit Linked Pension Plus

Savings Plans: HDFC SLIC Savings Plans offer you flexible options to build savings for your future needs such as buying a dream home or fulfilling your childrens immediate and future needs. o o o o o o Unit Linked Young star Plus Endowment Assurance Plan Unit Linked Endowment Unit Linked Endowment Plus Money Back Plan Children's Plan

2. GROUP PRODUCTS One-stop shop for employee-benefit solutions HDFC Standard Life has the most comprehensive list of products for progressive employers who wish to provide the best and most innovative employee benefit solutions to their employees. We offer different products for different needs of employers ranging from term insurance plans for pure protection to voluntary plans such as superannuation and leave encashment o Group Term Insurance o Group Variable Term Insurance o Group Unit Linked Plan 3. OTHER PRODUCTS Rural Products Social Development Insurance Plan Tax Benefit Schemes

The premium payment options available to the customers vary from online payment 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.

Appointing financial consultants

"HDFC's finest investment is in its Human Resources. It draws its personnel from many disciplines. They are the building blocks on which the company's performance & productivity is based". Mr. H T Parekh Founder-Chairman, HDFC Ltd. HDFC Standard Life is one of the leading life insurance companies having a track record of declaring bonuses every year since inception. We attribute this success to our people, who are our most important asset. We believe they are a key facet of the company and it is their contribution that has enabled us to achieve our current status. Since they deserve the best, our efforts have been to provide them with the best environment, best culture and best development opportunities possible. Be are certified financial consultant. Heres is the unique opportunity to put your career path on the fast track. Join HDFC SLIC as a financial consultant and help you analyze yours customers financial needs, provide customized financial solutions to each one and conduct reviews on a regular basis to keep your customer on track. Along with being a great career move you get associated with HDFC SLIC. Indias most respected private life insurance company. We at HDFC SLIC also offer you unmatched support with various training programmes to help you excel in your endeavour. A great career move in every way Zero investment. There is no start-up. You have unlimited earning potential. Flexible work timings. You can work full-time or part-time, depending on your convenience. Sunrise industry. Only 25% of the insurable population in India is insured. And, those insured need higher insurance cover. Support every step of the way. At HDFC STANDARD LIFE, training is an inherent element of our support system at no extra cost for our new financial consultants. Some of our training, guidance and support initiatives are as follows:Basic training and induction Perfect your knowledge about the insurance industry as well as our products. IRDA Training Prepares you for your career as a financial consultant and enables you to pass the IRDA examination easily.

Disha Training Hones you selling skills, enables you to understand customer needs and provide needbased insurance solutions. Advanced Training Upgrade your capability and knowledge through sophisticated training programs customized for the changing world of financial products and markets. Endless earning possibilities Decide your own salary amount Your income is directly proportional to the effort put in by you. The more you sell, the more you earn. And our commission structure (as per IRDA guidelines) has the ability to give you the maximum benefits for every policy you sell. Long term earning potential The policies sold by you will give you a renewed income every year. So every year your income keeps increasing steadily even if you sell the same number of policies. Regular income The company pays the commission you earn every 15 days. This ensures that you get a regular income when you associate with us. Your reward We have several reward programmes to inspire good performance and create a positive spirit amongst our financial consultants. So you can look forward to foreign trips, seminars, prizes and special club membership to the silver club, gold club and platinum club.

Why should join hands with HDFC? HDFC STD LIFE INSURANCE is the first private life insurance company to be granted a license by IRDA. Rated by Business world as a Indias most respected private life insurance company in 2004. It has grown over 130% in the last year with, more than 8 lakh policy holder. Has one of the widest branch networks with the offices in over 100 cities serving over 440 towns. Has the highest brand recall. Close to 80% .

Swot Analysis of HDFC Standard life insurance (HDFC) Strengths

Localized branches. Strong brand name Big budget & Willingness to invest in market. Highly educated & well-experienced top management. Huge resources as compared to those of rivals. HDFC maintains high quality of their products. Glamorous, attractive & effective campaigning. Wide brand variety to face the competitors variety to face the competitors & to serve the masses. High demand of the product

Weaknesses
More individuality in staff than conformity with the companys goal. Lack of advertising material in some areas of region. Focusing on bulk orders rather than small ones.

Opportunities
Increase market share by improving services. Target consumers increase in remarkable percentage every year.

Threats
Loosing market share due to inefficient workforce. Decline in the market reputation due to ineffective & delaying. Heavy investment.

Relevance of Swot analysis. The Swot analysis makes us aware of the strengths which will serve as pillar to take strategic decision. The weakness tells us about the problems confronted by the company and accordingly the future step to be taken to over come them. Swot analysis projects an idea about the investment area which will yield more profit as well as the risk concerned.

Private share in the m arket

Bajaj A llianz Birla S un Life
MARKET POSITION

IC I C I Prudential 39%

18 % HDFC Standard Life Insurance Company Ltd.

In the total market share, LIC has reduced its share from 91% to 70%. This means that

IC increased private insurance players have got more margins in their hands which haveIC I P rudential Tata A IG HD F C S td Life H D F C S td HDFC SLIC has been maintaining its NO 2nd position since last 5 years because of its M ax New York Life T ata A I G Y ork Life Life brand equity. It has a highest capital base of Rs. prolific product range and commanding B irla S un Life 6% 8% 925 crores and a team of more than % 56,300 well-trained advisors. It enjoys a brand recall 14 B ajaj A llianz
from 9% to 30% in last 2years only. rate of 92% and gives credit of its success to the 5 core values Integrity Customer Boundary Less Ownership Passion

15 % M ax N ew

COMPETITOR PROFILING Main competitors of HDFC SLIC LIFE INSURANCE CORPORATION OF INDIA (LIC)
The Life Insurance Corporation (LIC) was established about 52 years ago with a view to provide an insurance cover against various risks in life. A monolith then, the corporation, enjoyed a monopoly status and became synonymous with life insurance. Its main asset is its staff strength of 1.24 lakh employees and 2,048 branches and over six-lakh agency force. At the industry level, along with the Government and the GIC, it has helped establish the National Insurance Academy. It presently transacts individual life insurance businesses, group insurance businesses, social security schemes and pensions, grants housing loans through its subsidiary; and markets savings and investment products through its mutual fund. It pays off about Rs 6,000 crore annually to 5.6 million policyholders. Training activities for agents/advisors: As per IRDA, 100hrs training is compulsory for 17 days. Only classroom training is available. Only full-time training is given. (ICICI Prudential advantage: - Part time option available.) Training activities for agents/advisors: As per IRDA, 100hrs training is compulsory for 17 days. Only classroom training is available. Only full-time training is given.

(ICICI Prudential advantage: - Part time option available.)

Commission Structure: It depends on the plan or the product / policy which the advisor sells to the customer. Every policy has a commission amount fixed on it as per specifications of IRDA. Modes & ways through which the company recruits agents: - Through development officers. - Through corporate agencies (Bankers and Brokers). - Carrier agent branch (i) rural carrier agent (ii) Urban carrier agent. Current agent force Around 30000-35000 agents in Delhi Top 5 USPs (Unique Selling Proposition) Of LIC TRUST (since 1956), ORG marks survey has rated LIC most trusted branch in life insurance Having a vast network of 2050 branches and nearly 10 lakh agents. Best claim performance in the world by Depth and Maturity claim. A government-undertaken company ensuring safe and corruption free insurance. Variety of plans available to match the customers needs.

ICICI PRUDENTIAL ICICI PRUDENTIAL

ICICI Limited is a multi-business corporation that has business interests in telecom services, bulk pharmaceuticals, electronic components and specialty products. It is also the service-oriented businesses of healthcare, life insurance and information technology.

Training activities for agents/advisors: As per IRDA, 100hrs training is compulsory. Only classroom training is available. Only fulltime training is given.

(HDFC Standard Life advantage: - Part time option available.) Commission Structure: Minimum - 2% Maximum 40%.

It varies from product to product- 25%, 7.5%, 10% & 15%. Modes & ways through which the company recruits agents: Reference (only) ICICI PRUDENTIAL recruits agents only on basis of reference. Current agent force: It is 2000-3000 in Delhi.

Top 5 USPs (Unique Selling Proposition) Of ICICI PRUDENTIAL: Training, which is compulsory for every agent/advisor so that they work according to the companys working style. Emphasizes on whole life products. Flexibility of the product to adapt to customers changing needs in future. Believes in healthy competition with other life insurance companies. Agent is the power.

GOVERNANCE OF INDIAN INSURANCE SECTOR

REGULATORY BODY
Insurance is a federal subject in India. The primary legislation that deals with insurance business in India is: Insurance Act, 1938, and Insurance Regulatory & Development Authority Act, 1999. 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 IRDAs online service for issue and renewal of licenses to agents. Since being set up as an independent statutory body the IRDA has put in a framework of globally compatible regulations.

MISSION-IRDA To protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto.

The Standard Life Insurance Assurance Company

Founded in 1825
Mutual Life Insurance Company since 1925 Largest mutual life insurance company in Europe Over 5 million policyholders Head Office - Edinburgh, Scotland (UK)

Presence: United Kingdom Canada Ireland Germany Austria Spain Hong Kong China 41 branches 11 7 1 " " "

1 sales office 31 branches 1 representative office 2 representative office

Financial Strength Rs. 7,07,836 Crores Rs. 76,277 Crores

Total assets under management: New premium income 2003:

Triple AAA rated by Standard & Poors and Moodys

Top 4 USPs (Unique Selling Proposition) Of HDFC Std.Life:

Best insurer according to Outlook. Well supported by foreign 1st private sector life insurance Company to be granted a license. Declared bonus every year from the day of incorporation . Provides fast service to the customers in terms of claim

THE JOINT VENTURE HDFC STANDARD LIFE INSURANCE

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. Each 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 Poors. 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 % stake and Standard Life has a stake of 18.6%. Mr. Deepak Satwalekar is the MD and CEO of the venture.

Discussions commenced - January 1995 Joint venture agreement signed - October 1995

 Joint venture agreement renewed - October 1998

Life Insurance project team established - January 2000 (Mumbai)

Company officially incorporated - 14th August 2000 First private sector Life Insurance company to be granted a certificate of registration - 23 October 2000

THE PARTNERSHIP:
HDFC and 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. 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 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.

COMPANYS MISSION:
To be the top life insurance company in the market. This not only means being the largest or the most productive company in the market, but 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

AWARDS & ACCOLADES

Excellence in service industry by the Indian Institute of Marketing Management & Top Management Club (Pune) 1998 Rated as one of the best companies in India for strategy & management and investor relations by Asiamoney - 1998 Best presented accounts 1994-95 and 1996-97 (3rd place) - in the SAARC region by the South Asian Federation of Accounts in the financial sector category One of the 5 best Indian Boards by Business Today 1997 Most competitive Indian company by Euromoney 1997 Indias best managed company by Asia money magazine - 1995 and 1996 United Nations Scroll of Honour - 1991

Rated as the Best Non-Banking Financial Company in Asia by Institutional Investor Research Group 2002

Euro money identified HDFC as one of Asias top 10 best managed Companies in the finance sector 2001

Asia money declared HDFC as the second best managed company in India 2001 CII-EXIM Bank Comendation Certificate for commitment to Total Quality Management 2000 IMC Ramakrishna Bajaj National Quality Award in the service Category - 1999

Shield for the best presented accounts for banks and financial Institutions - over 11 times (8 years in a row)

Social Initiatives
A widely quoted definition by the World Business Council for Sustainable Development states that 'Corporate Social Responsibility (CSR) is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large'. Although the term 'CSR' is of relatively recent vintage, it is this commitment that HDFC has exemplified with zeal, perseverance and enthusiasm since its nascent years. The initiatives undertaken by the Corporation from its earliest days flow from a wellspring of voluntary efforts as opposed to obligatory commitments. Shelter Assistance Reserve The year saw the utilization of the Shelter Assistance Reserve towards a wide array of development projects across the country. The Reserve supported close to 160 nonprofits and development organizations with the overall utilization at Rs. 4.68 crore. The segment-wise breakup of the utilization is highlighted in the chart below:

(Fig no - 1 Social initiative)

HDFC Future
HDFC has always been market-oriented and dynamic with respect to resource mobilization as well as its lending programme. This renders it more than capable to meet the new challenges that have emerged. Over the years, HDFC has developed a vast client base of borrowers, depositors, shareholders and agents, and it hopes to capitalize on this loyal and satisfied client base for future growth. Internal systems have been developed to be robust and agile, to take into account changes in the volatile external environment. HDFC has developed a network of institutions through partnerships with some of the best institutions in the world, for providing specialized financial services. Each institution is being finetuned for a specific market, while offering the entire HDFC customer base the highest standards of quality in product design, facilities and service.

Introduction To Insurance

INTRODUCTION TO INSURANCE WHAT IS INSURANCE

Today every human being lives on to make a better and secure future, since a secured future is a gurantee to have a better tomorrow. And to make a secured tomorrow, one is required to become financially independent for self and the family, to fulfill the needs of the family members in the time of need. The business of insurance is related to the protection of economic value of assets. The asset would have bee created through the efforts of the owner. The asset is valuable to the owner, because he expects to get some benefits from it. It is benefit because it meets some of his needs. The benefit may be an income or in some other form. In the case of a factory or a cow the product generated by it sold and income is generated. In the case of a motor car, it provides comforts and convenience in transportation there is no direct income. Both are assets and provide benefits. Every asset is expected to last for a certain period of time during which it will provide the benefits. After that, the benefit may not be available. There is a life-time for a machine in a factory o a cow or motor car. None of them will last for ever. The owner is aware of this and he can so mange his affairs that by end of that period or life-time, a substitute is made available. Thus make sure that the benefit is not lost however the asset may get lost earlier. An accident or some other unfortunate event may destroy it or make it in capable of giving the benefits. An epidemic may kill the cow suddenly. In that case, the owner and those enjoying the benefits there form, would be deprived of the benefits. The planned substitute would not have been ready. There is an adverse or unpleasant situation. Insurance is a mechanism that helps to reduce the effects of such adverse situation. It promises to pay the owner or beneficiary of the asset, a certain sum if the loss occurs.

PURPOSE AND NEED OF INSURANCE

Assets are insured, because they are likely to be destroyed or made non- functional before the expected life time, through accidental occurrences. Such possible occurrences are called perils. Fire, floods, breakdowns, lighting, earthquakes, etc, are perils. If such perils can cause damage to the asset, we say that the asset is exposed to that risk. Perils are the events. Risks are consequential losses or damages. The risk to owner of a building, because of the peril of an earthquake, may be few lakhs or a few crores of rupees, depending on the cost of building, the contents in it and the extent of damage. The risk only means that there is a possibility of loss or damage. The damage may or may not happen. The earthquake may occur, but the building may not have been affected at all. Insurance is done against the possibility that the damage may happen. There has to be an uncertainty about the risk. The word possibility implies uncertainty. Insurance is relevant only if there if there are uncertainties. If there is no uncertainty about the occurrence of an event, it cannot be insured against. In the case of human being, death is certain, but the time of death is uncertain. The person is insured, because of the uncertainty about the time of his death. In the case of a person who is terminally ill, the time of death is not uncertain, though not exactly known. It would be soon. He cannot be insured. Insurance does not protect the asset. It does not prevent its loss due to the peril. The peril cannot be avoided through insurance. The risk can sometimes be avoided, through better safety and damages control measures. Insurance only tries to reduce the impact of the risk on the owner of the asset and those who depend on that asset. They are the ones who benefit from the asset and therefore, would lose, when the asset is damaged. Insurance only compensate for the losses-and that too, not fully. Only economic consequences can be insured. If the loss is not financial, insurance may not be possible. Examples of non- economic losses are love and affection of parents, leadership of manager, innovative and creative abilities, etc.

ROLE INSURANCE IN ECONOMIC DEVELOPMENT

For economic development, investments are necessary. Investments are made out of savings. A life insurance company is a major instrument for the mobilization of savings of people, particularly from the middle and lower income groups. These savings are channeled into investments for economic growth. The insurance act has strict provision that insurance funds are invested in safe avenues, like government bonds, companies with record of profit and so on. As on 31.3.2006, the total investment of LIC exceeded Rs. 520,000 crores, of which nearly Rs. 300,000 crores were directly in government (both state & centre) related securities, nearly Rs. 16, 0000 crores in the state electricity boards, nearly Rs. 22,000 crores in housing loans, Rs. 19000 crores in the power generation (private) sector and Rs. 10,000 crores in water supply and sewerages systems. Other investment included road transport, setting up of industrial estates and directly financing industry. Investment in the corporate sector (shares, debenture and term loans) exceeds Rs. 30,000 crores. These directly affect the lives of the people and their economic well being. The L.I.C is not an exception. All good life insurance companies have huge fund, accumulated through the payments of small amounts of premia of individuals. These funds are invested in ways that contribute substantially for the economic development of the countries in which they do business. The private insurers in India are new and have accumulated funds equal to about one-eighth of the L.I.Cs. but even their investment in the various sectors and contributing directly and indirectly to the countrys economic development, would be of similar proportions. A life insurance companys funds are collected by way of premiums. Every premium represents a risk that is covered by that premium. In effect, therefore, these vast amounts represent pooling of risks. The funds are collected and held in trust for the benefit of the policy holders. The management of life insurance companies is required to keep this aspect in mind and make all its decisions in ways that benefit the community. This applies also to its investments. That is way insurance companies would not be found investing in speculative ventures. Their investments, as in the case of the L.I.C, benefit the society at large. Apart from investments, business and trade benefit through insurance. Without insurance, trade and commerce will find it difficult to face the impact of major perils like fire, earthquake, floods, etc. financiers, like banks, would collapse if the factory, financed by it, is reduced to ashes by a terrible fire. Insurers cover also the loss to financiers, if their debtors default.

INSURANCE SECTOR REFORMS Prior to liberalization of Insurance industry, Life insurance was monopoly of LIC.
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. 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:

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.

Competition
Private Companies with a minimum paid up capital of Rs.1 billion should be allowed to enter the sector. 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.

Regulatory Body
The Insurance Act should be changed. An Insurance Regulatory body should be set up. Controller of Insurance- a part of the Finance Ministry- should be made independent

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)

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. Computerization of operations and updating of technology is to be carried out in the insurance industry.

Is insurance a worthwhile career?

Considering that insurance is a profession that is identified with accidents and untoward incident and those insurance officials have a poor image of over promising and underdelivering on the insuring public, is insurance an honorable and worthwhile profession?

The answer is yes.

This profession provides a framework for learning about human nature at its raw; makes one persistent in his efforts; provokes to rethink on revised strategies and procedures for achieving goals. One is required to think and feel like a lawyer and to make allowance for the views and feelings of others in arriving at decisions. One is required to rapidly build up gaps in his knowledge base, should he want to succeed in the profession. Ones ability to compromise and work with others is continually on trial. One has an opportunity to become a complete human being who can show care and consideration for others. The profession of insurance provides many opportunities to work with corporate bigwigs and gives immediate access to the top most industrialists, bankers and other professionals on a one-to-one basis. Every enterprise needs insurance. No profession is that all pervasive in its activity and in soliciting and developing professional contacts as insurance is. Ones role as a supplier of insurance is important to all and sundry in involving their insurance problems. This is something unique to the profession as on the same lines as banking. On balance, the profession of insurance tests the level of knowledge, skils, attitudes and working habits to the hilt. It is for one to make full sense of the opportunities the profession provides to build up ones influence as a complete professional and a human being.

Introduction To The Topic

4

INTRODUCTION OF THE TOPIC

My duty is to recruit the good quality advisor those who are having the following quality:Confidence Self motivation Persuasion Urge to be financially independent Relationship skills I have to recognize where a person (whom I meet to recruit him/her as an advisor) having all these characteristics or not. If some person is closed enough to these characteristics then .I discussed the following support package with him/her.

(Figure no. 2)

WE ARE PARTNERS IN YOUR GROWTH

Superior Products

Attractive payments and benefits

High quality Management Support Executing Training Excellent customer service

Strong reputation

After getting all these information an advisor basically asked about the working environment. Then I discussed the working environment and try to convince him/her that he/she has the potential to become an agent/advisor.

1. To be part of a world class sales team. 2. Work from his/her (advisor) own office or residence. 3. Work full time or part time. 4. Earn commission, bonus and incentives. 5. No upper limits on earnings. 6. Flexible career.

Therefore the first and for most problem is to convinced that person those who having enough patience to listen my companies idea/views.

My objective is to recruit those potential advisors. The role of the advisor is to quite effective to search a good prospect.

FUNCTION OF ADVISORS:
Advisors provide on going financial advice for his /her client/prospect. In our official term prospect is a person who can buy life insurance from us. The advisors study the prospects needs and persuade them to buy a policy. Complete all formalities for proposal of new insurance, including filling up forms. Collecting premium, arranging medical examination, collecting proofs (of age/income), reports and information required by the underwriter.

After having sold a new insurance policy, the advisor has to ensure that the policy continues. Without a lapse. Till it becomes a claim. For that reason an advisor has to do the following: 1. Keep in touch with the policy holder to make sure that renewal premiums are paid in time. 2. Ensure that nominations are made or changed, if necessary. 3. Assist in collecting claim amounts. As an advisor you contribute in bringing in new business for the company offer world r; pre and post sales service to the clients with the support of the organization. But an advisor to us means much more than a salesman or a, saleswoman, we at HDFCSTD LIFE INSURANCE recognize our advisors as the ambassadors of our organization in the market place and we consider the advisor force would be our biggest differentiating factor in the coming years. That is why; we take a lot of care in recruiting and developing our advisor force, so that we can maintain our standards of quality in service and salesmanship.

RECRUITMENT OF ADVISORS

The eligibility required to become an advisor/agent is that he/she should be 12th pass to operate in urban area and 10th pass for rural areas. Before a person becomes an advisor/agent he/she has to undergo 100hrs training according to IRDA norms, which is compulsory. A person who wants to be an advisor has first to fill a recruitment form and has to pay a fee of Rs. 1000/- in favor of HDFC SLIC. Then, he has to pass a test, which is compiled by IRDA. After he gets through that test he is awarded a license and then his training starts in the company regarding the insurance business.

ROLE OF AN CONSULTANT: 1. Identify future clients/prospect

2. Making appointment. 2. Conduct financial review meeting with prospect. 4. Close sale. 5. Get referral 6. Provide service to clients/prospect. 7. Follow internal sales and reporting system.

After analyzing the quality (which the company is looking for), back office service (which the company is giving to that person). I used to describe the benefits which the advisor can get out of his/her joining as an advisor in HDFC STD LIFE INSURANCE.

Working Environment of an Advisor/Agent 1. Flexible working environment.

2. Unlimited earning potential. 3. To be part of world class team. 4. No constraints of a 9 to 5 officebased job 5. Work full time or part time (an advisor can work part time by undergoing only 50hrs of training and 100hrs training is for full time advisors). 6. Liberty to work from any place- office / residence / any branch in the city

Opportunities for an Advisor/consultant.

Start your own business with virtually zero investment. Flexible working environment. Be your own boss. Unlimited earning potential. Leverage your contacts. Get national and International reorganization. To be a part of a world-class team. Make a positive difference in others lives.

BENEFITS OF BEING A FINANCIAL CONSULTANT 1. MONETARY BENEFITS

Commission:- Different products will have different commission

structures. This commission varies between 7.5% to 40%.

Renewal Commission:- It is paid at the following rates:

2nd yr: onwards.

Bonus: - Every year company declares bonus in favour of Incentives:- Financial advisors are provided incentives when

financial advisors depending upon the companys over all profit.

they achieve certain targets.

2. NON MONETARY BENEFITS Rewards & Recognition:-

HDFC Standard Debut Star Club for Newcomers: It is a

way of recognizing new talents and taking top performers to the exiting locations across India providing them opportunity to share ideas with one another.

Ongoing contests: Every now and then company conducts

programs and contest to recognize and reward the advisors with prizes like Gold coins, DVD Players, Laptops, Overseas Trips and even Mercedes Benz.

Sales convention exotic locales: Top performers get selected to

go to all expense paid Sales Conventions at exotic locations throughout India and Overseas.

Grand perk program: This program entitles advisors two special

benefits depending upon their categorization into Platinum, Gold and silver categories.

MDRT (Million Dollar Round Table) Eligibility: Advisor

who achieve a premium of over a certain value in a year are eligible to qualify of member ship of Million Dollar Round Table (MDRT) which is an International forum that recognizes the worlds most successful agents in an annual get together in a global destination.HDFC Standard has the highest number of MDRT eligibility amongst all private players.

3. CAREER PROGRESSION AND FUTURE OPPORTUNITIES Pinnacle :Advisors those who are ambitious go getters, high performance with leadership ability can lead to a manager status with in HDFC Standard. Pinnacle is a program of sustained career progression of advisors to Unit Manager; A Unit Manager has a full time career within HDFC Standard Life resulting in increased monetary benefits and better growth prospects. It is also an opportunity to get promoted to agency manager and Senior Agency Manager with a significantly higher earning potential.

Mobile Tigers:- The advisors recognized as Mobile Tigers also become

part time trainers who conduct foundation programs and share best practices with other advisors while earning remuneration for this training. Simultaneously, they continue to build their business as Life Insurance Advisors.

MOST PREFERRED PROFILES TO RECRUIT ADVISORS/CONSULTANT

Housewives Income Tax Consultant Chartered Accountant Sales Personnels working in Automobile Dealership Credit Card Co. Telecom Mutual Fund Doctors Teachers Advisors of other insurance companies Graduates Business Men Accountants.

HOW DOES AN CONSULTANT/AGENT WORK

Firstly an advisor/agent has to make a list of 100 people that he/she knows. Then the Advisor/agent makes a call to these clients and tries to fix an appointment. When an appointment is fixed the advisor/agent meets the customer & tries to sell the product. After that the advisor/agent asks for the reference of maximum number of people from the client. The reference is asked in context to make future calls and the whole procedure is repeated again.

Expectations from the financial consultant:

1. Achieve sales target. 2. Participate in all meetings. 3. Attend all training programs.

4. Weekly review at the office 5. Follow the sales process. 6. Follow weekly reporting sales process

HDFC standard life insurance company Company rates for financial consultants
The following are the details of the commission structure in force presently. These rates are subject to change from time to time. Basic 1st year commission for conventional plans (for policies issued prior to 21st march 2007) Name of the plan Premium paying term of 15 Premium paying term of less than 15 years 20% 20% 20% 15% 15% 7.5%

years & above Endowment assurance plan 25% Money back plan 25% Childrens plan 25% Term assurance plan 20% Loan cover term assurance 20% plan Personal pension plan 7.5%

(Table no. 2)

First year commission for conventional plans (for policies issued on or after 21st march 2007) 1st year commission payable on regular premium conventional policies issued on or after 21st march 2007.

Name of the plan Endowment assurance plan Money back plan Childrens plan Term assurance plan Loan cover term assurance plan

1st year commission 40% 40% 40% 25% 25% 5

Personal pension plan (Table no. 3)

7.5%

Basic commission payable on single premium conventional policies: Name of the plan Single premium whole of LIC Term assurance plan Loan cover term assurance plan Personal pension plan (Table no. 4) Basic commission as a percentage of single premium received 2% 2% 2% 2%

PROBLEM:
The best way of understanding the problem is to discuses it with owns colleagues or with those having some expertise in the matter. In an organization the researcher can seek the help from a guide who is usually an experienced man and has several research problems in mind. Often, the guide puts the problem in general terms and it is up to the researcher to narrow it down and phrase the problem in operational term. In private business units, the problem is usually marked by the administrative agencies with whom the researcher can discussed as to how the

problem originally came about and what consideration are involved in its possible solutions. By using the above concept throughout the two months project I have faced several problems but the main problem behind these all problems is that to find out a potential advisor, This implies that I have to choose an advisor those who are highly good networks with other people. Beside the job which has to be performed by an advisor till become much easier only when he/she has a good contact with other. Some problems which I faced in a regular manner are summarized in the following points:1. People never get interested. 2. People already have one license. 3. People vivant to know about product profile. 4. People do not afford the training period 5. People net interested to invest Rs1000 6. People like to have a fixed salary job.

PROCEDURE:
The whole procedure of my job is given in the form of a flow chart so that it is easy to conceptualize the idea. (Next page)

DATABASE

TAKE ONE FROM THESE DATA

MADE A TELEPHONE CALL AND FIXED AN APPOINTMENT

NO Agrees

GO THAT PERSON/ Call that person in the office

TRY TO CONVINCE THEM

GIVE THEM FORM AND ALL NECESSARY INFORMATION & ASK FOR NECESSRY DOCUMENTS

AFTER SUBMITTING THE FORM 1 TOOK REFERENCE FROM THEM

CLOSED THE CALL

(Figure no. 3)

Research Methodology

Research methodology
THE study of awareness about financial planning among the people and particularly the insurance sector covers data collection through observation, questionnaire and interview of consumers.

Type of Research: Exploratory:

Type of research carried out was exploratory in nature; the objective of such research is to determine the approximate area where the drawback of the company lies and also to identify the course of action to solve it. for this purpose the information proved useful for giving right suggestion to the company.

Data Collection:
Primary data Secondary data

Data used for the research work was primary in nature and also in secondary in nature.

SAMPLE DESIGN:
The study is conducted upon the Sample survey is conducted in Delhi and its suburbs with the help of Simple random sampling method.

Sample Unit: The research process was done by interacting with number of customers during the activities performed, which included, markets, cold calling, canopies, etc. design consists of random sampling. Sample

Sample size: - 300 people

Method of Collection: Field procedure for gathering primary data included observation and interview schedule in which the questionnaires were filed by the interviewer. Personal interviews through self administered survey was done to collect the data, market research was undertaken, that was accomplished by performing various activities designed.

Research Instrument:
Questionnaire

The questionnaire was formulated by keep in mind the following points:

Giving respondents clear understanding of the questions. Inducing the respondents to be honest and help to fill in the entire questionnaire. Giving instructions as to what is wanted. Identifying needs to be known.

Limitations:
The following were the limitations that were there during the course of the study: 1. Limited time period. 2. Less number of respondents. 3. Biasness of the respondents.

SECONDARY DATA Method of collection data:Secondary data was collected from the various second hand data collection sources like, magazines provided by HDFC Standard Life Insurance company, secondary data was also provided by company executives, from internet, companies annual report etc.

Research Instruments:Magazines, Newspapers,

www.google.com (Internet search engines)

www.Indiahousing.com
www.irdaindia.com

Other source:- data provided by the mentor in an organization.

Data analysis And Interpretation

Data analysis and interpretation

The below designed graph depicts outcome of the survey conducted over a sample size of 100 people from general public.

1. QUALIFICATION STATUS:

(Figure no. 4) QUALIFICATION Under Graduate Graduate Post Graduate MBA Total
(Table no. 5) INTERPRETETION: Among all the respondents, it has been observed that 55% of them are graduates, 20% of them are Under Graduates, 15% of them are Post graduates and only 10% are MBA Professionals.

Frequency 20 55 15 10 100

Percentage 20% 55% 15% 10% 100%

2. OCCUPATIONAL STATUS:

(Figure no. 5)

Occupation Govt Pvt Student Other

No. of respondent 16 46 27 11

(Table no.6) Interpretation:-

Amongst all the respondents mainly they are working in Pvt organization that is 46% and the next is students with 27%, 16 % of them are govt employees and other non working respondents are in total to 11%.

3. MARITAL STATUS:
(Figure no. 6)

MARITAL STATUS Married Single Total

Frequency 70 30 100 (Table no. 7)

Percent 70 30 100.0

INTERPRETETION:
More married people work, as advisors and company prefer to employ them in comparison to unmarried ones because being family people they tend to take their work

more seriously. Generally it has been observed in the unmarried people that they are more casual and carefree in attitude.

4. Pan card (Figure no. 7)

Having pan card YES NO

No. of respondent 65% 35%

(Table no.8)
Interpretation: Most of the people are having pan card. HDFC prefer to have a Fcs having pan card. But people having pan card does not show much interest in becoming financial consultant.

5. House hold income.

(Figure no. 8) Interpretation:

40% of the people are having income less than 2 lacs. 32% of the people are having income between 2-4 lacs. 28% of the people are having income less than 4 lacs. 6

6. Current job satisfaction.

(Figure no. 9) CURRENT JOB SATISFACTION Yes No (Table no. 9) No. of respondent 30% 70%

Interpretation: Data shows that 70% of the people are not satisfied with there present job. They want to earn extra income but not on commission basis they want regular income even in the part time job and 30% of the people are satisfied with there present job.

7. Reach

(Figure no.10) REACH 0-40 40-80 Above 80 No. of respondent 7% 20% 73% (Table no. 10)

Interpretation:7% of the respondents know 0- 40 people. 20% of the respondents know 40- 80 people 73% of the respondents know people more than 80 people.

8.

Given a chance, like to earn extra income

(Figure no. 11) Interpretation:

Most of the people want to earn extra income, but they do not want to manipulate there existing job and in this they also want to have regular income. The chart clearly shows that 80% of the respondents want to earn extra income.

9. If yes income they would like to earn.

(Figure no. 12) Interpretation:69% of people want to earn more than 500000. 20% of the people want to earn between 5 lacs- 200000

11% of the people want to earn less than 2 lacs.

9. Time would like to devote to earn extra income. (Figure no.13)

Time for extra income per day > 2 hours 2 - 4 hours < 4 hours

No. of respondent 24% 42% 34%

(Table no. 11) Interpretation:24% of the respondents are ready to work for less than 2 hours 42% of the respondents are redy to work for two to four hours 34% of the respondents are redy to work for more than four hours.

Limitation

LIMITATIONS:
As we all know that for every good work there should be some leakage also. Here leakage means some drawbacks. What I had found in my quest SUMMER TRAINING which are expected to be as follows: 1. Lack of proper advertisement over the market. 2. Growing awareness is very low. 3. Segmented area is very specific. 4. Database is always dependable. 5. Network over the work is very exhaustive. 6. Company always believes their own channel. 7. All advisors are not equal in nature. 8. Flow of information moves very slow. 9. Survey is restricted to Delhi and its suburbs only 10. The study was undertaken on a small account due to lack of time and resources. The sample size chosen after random selection through tele calling thus results of the low as compared to direct interaction

RECOMMENDATIONS AND SUGGESTIONS

Solutions as per the problems:

During my Summer Internship in HDFC Standard Life Insurance Company, I under stood the basic concept of how this industry works and the knowledge helped me a lot to give the recommendations as stated below:

Try to know the reason for being not interested. Tell them it is quite possible any of his/her relatives can take that license and that eligible person will actually work on behalf of his/her.

Try to make them aware as much as possible regarding product profile which is best in the market like life time, life time pension and smart kids.

Convince them by saying that we also have an evening class or on line training program so that; that person can easily afford this time.

If the person will make one policy he/she will be able to earn that much of money by means of commission.

In N.C.R average fixed salary is Rs. 2500/- to Rs. 3500/- But from this kind of job profile if person is eligible then he/she can earn at least 5000,' on words.

I observed that people in general have the perception that insurance is only for upper class people. And it is useful in case of tax saving. People should be made realize that it is a great way of saving for the future too. There is a high need for education and awareness of the benefits that insurance policies provide.

It is very essential for HDFC Standard Life Insurance to win the trust of the people. I noticed that LIC dominates the market hence; HDFC Standard Life Insurance needs to encash its brand name.

Result

Results:
Out of 250 calls I found that 100 people were really interested to join, HDFC STD LIFE INSURACE. But they were not ready to manipulate their existing jobs with the jobs HDFC STD LIFE INSURACE. Because they faced different problems such as

1. 12-14 days full or part time training 2. Time availability.

3. Recent pressure in their own jobs. 4. Non-flexibility in the rules and regulations. I was able to found 5 people those who are joining in HDFC STD LIFE INSURANCE as an advisor. But out of these 5 people only 2 people join HDFC SLIC.

APPENDICES
Questionnaire Bibliography

Questionnaire HDFC Standard Life Insurance

NameQualificationOccupationMarried______________________________________ ________________________________ Govt. Yes Pvt. No Student other

Address- __________________________________________ __________________________________________ Contact No. - Mobile ________________________ Land line ______________________ Pan cardYes NO

1) Currently working with which company- __________________________ 2) House hold income- ___________________________________________ 3) Are you satisfied with present job4) Number of people known by youa) 0-40 b) 40-80 c) Above 80 5) Given a, chance, would you like to make extra incomeYes No Yes No

6) How much extra income would you like to earn _________________________ 7) How much time would you like to devote to earn extra income ______________ 8) Your suggestion about HDFC as a brand ____________________________________________________________________ _

BIBLIOGRAPHY

BOOKS: MARKETING MANAGEMENT RESEARCH METHODOLOGY, (C.R.KOTHARI) INTERNET:

www.google.com

e.com om

www.hdfcinsuranc ww.indiahousing.c Study material

provided by the company.

CHECKLIST

1. 2. 3. 4.

Is the report properly hard bound/Spiral bound. Is the Cover page in proper format as given in Annexure A? Is the Title page (Inner cover page) in proper format? (a) Is the Certificate from the Supervisor in proper format? (b) Has it been signed by the Supervisor?

Yes No Yes No Yes No Yes No

/ / / /

5.

Is the Abstract included in the report properly written within one page? Have the keywords been specified properly?

Yes / No Yes / No Yes / No Yes / No

6.

Is the title of your report appropriate? The title should be adequately descriptive, precise and must reflect scope of the actual work done.

7. 8. 9.

Have you included the List of abbreviations / Acronyms? Uncommon abbreviations / Acronyms should not be used in the title. Does the Report contain a summary of the literature survey? Does the Table of Contents include page numbers? (i). Are the Pages numbered properly?

Yes / No Yes / No Yes / No Yes / No Yes / No Yes / No

(ii). Are the Figures numbered properly? (Figure Numbers and Figure Titles at the bottom of the figures) (iii). Are the Tables numbered properly? (Table Numbers and Table Titles at the top of the tables) (iv). Are the Captions for the Figures and Tables proper?

Yes / No 10. 11. (v). Are the Appendices numbered properly? Is the conclusion of the Report based on discussion of the work? Are References or Bibliography given at the end of the Report? Have the References been cited properly inside the text of the Report? Is the citation of References in proper format? Yes / No Yes / No Yes / No Yes / No

Declaration by Student: I certify that I have properly verified all the items in this checklist and ensure that the report is in proper format as specified in the course handout.

Date: _________________________ Name: ___________________________ Student Signature of the

Roll No.: ___________________________