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Chandan - Hdfc

Chandan - Hdfc

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Published by: Soumya Mondal on Jan 18, 2013
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INTRODUCTION The business of insurance is related to the protection of the economic values of assets.

Every asset has a value. The asset would have been 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 a 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, the product generated by it is sold and income is generated. In the case of a motor car, it provides comfort 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 or a cow or a motor car .None of them will last for ever. The owner is aware of this and he can so manage his affairs that by the end of that period or life-time, a substitute is made available. Thus, he makes 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 incapable of giving the benefits. An epidemic may kill the cow suddenly. In that case, the owner and those enjoying the benefits there from 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 situations. It promises to pay to the owner or beneficiary of the asset, a certain sum if the loss occurs. PURPOSE AND NEED OF INSURANCE Today, there is no shortage of investment options for a person to choose from. Modern day investments include gold, property, fixed income instruments, mutual funds and of course, life insurance. Given the plethora of choices, it becomes imperative to make the right choice when investing our hard-earned money. Life insurance is a unique investment that helps us to meet our dual needs - saving for life's important goals, and protecting our assets. Life insurance is designed to protect us and our family against financial uncertainties that may result due to unfortunate demise or illness. We can also view it as a comprehensive


financial instrument – as a part of our financial planning offering savings & investment facilities along with cover against financial loss. By choosing the right policy as per our needs i.e. customized solutions, we will be able to plan for a secure future for our self and our loved ones. Insurance need will change as our life does, from starting to work to enjoying our golden years and all the stages in between. Each one of these stages may pose a different insurance need/cover for us. In this section, we have drawn up the basic life stages and help us to analyze various insurance needs accordingly.

Life Stage Young & Single Young & Just married Married with kids Middle aged with grown up kids Across all life-stages

Primary Need Asset creation Asset creation & protection Children's education, Asset creation and protection Planning for retirement & asset protection Health plans

Life Insurance Product Wealth creation plans Wealth creation and mortgage protection plans Education insurance, mortgage protection & wealth creation plans Retirement solutions & mortgage protection Health 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 2

called perils. Fire, floods, breakdowns, lightning, earthquakes, etc. are perlis. 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 the consequential losses or damages. The risk to an owner of a building, because of the peril of an earthquake, may be a few lakhs or a few crores of rupees, depending on the cost of the building, the contents in it and the extent of damage. 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 damage 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 compensates 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 managers, sentimental attachments to family heirlooms, innovative and creative abilities, etc. The risk only means that there is a possibility of loss or damage. The damage may or may not happen. The earthquakes 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 are uncertainties. If there is no uncertainty about the occurrence of an event, it cannot be insured against. In the case of a 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 is a plan. Co-operative device  Evaluation of risk  Payment of happening of a special event  The amount of payment depends on the nature of loss incurred  The success of insurance business depends upon the large number of people insured against similar risk. Bangalore SCOPE OF THE STUDY o To get in touch with the industrial and organisational environment o To understand the actual working condition in the organization PERIOD OF THE STUDY 4 . which spreads the risk and losses of few people among a large number of people. This study has been designed with the following objectives.  To familiar with the organisation environment  To understand the organisational structure and the services provided  To have an exposure to the functions of major departments  To interact with the managers at various level of organisational hierarchy BRANCH SELECTED FOR THE STUDY o Malleswaram Branch. OBJECTIVE OF THE STUDY This is an overall study about the different departments of the organisation.  The insurance is a plan in which the insured transfers his risk on the insurer.

SECONDARY DATA: .Primary data is collected directly through observations and interview with managers and executives at various level of the organization. journals. internet and Annual reports of HDFCSLIC. LIFE INSURANCE 5 .From 24th June 2008 to 30th July 2008 METHODOLOGY OF THE STUDY • Source of data Primary data and Secondary data PRIMARY DATA: . company broucher. LIMITATION OF STUDY • • The non availability of certain data due to is confidential nature. The study was mainly based on personal interviews and thus personal bias is included.Secondary data is collected from various publications.

Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against. or  Unfortunate death. Life insurance is universally acknowledged to be an institution. whereby. Life insurance. The Chinese traders. the contract also provides for the payment of premium periodically to the Corporation by the policyholder. as the price for writing off the loans. due to jettisoning during distress. That of dying prematurely leaves a dependent family to fend for itself. in short. in case of the shipment being stolen. if it occurs earlier Among other things. is concerned with two hazards that stand across the life-path of every person: 1. if goods are shipped together. traveling treacherous river rapids would distribute their goods among several vessels. The Babylonian traders would agree to pay additional sums to lenders. 2. to take care of the 6 . would throw away some of the cargo to reduce the weight and restore balance. so that loss from any one vessel being lost would be partial and shared and not total. or  Specified dates at periodic intervals. By and large. substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner. Such throwing away is called jettisoning). The inhabitants of Rhodes adopted the principle of ‘general average’. the owners would bear the losses in proportion. if loss occurs. The contract is valid for payment of the insured amount during:  The date of maturity. That of living till old age without visible means of support. which eliminates 'risk'. life insurance is civilisation's partial solution to the problems caused by death. (Captains of ships caught in storms. HISTORY OF INSURANCE Insurance has been known to exist in some form or other since 3000BC.The Greeks had started benevolent societies in the late 7th century AD.

Traders. the National. The origins of insurance business as in vogue at present. in which more than 13000 houses were lost. in 1896 in Delhi. The friendly societies of England were similarly constituted. Later. agreed to share the losses to their goods while being carried by ships. when the life insurance business was nationalised and the Life Insurance Corporation of India (LIC) was formed on 1 st September 1956. there were 170 companies and 75 provident fund societies transacting life insurance business in India . This was followed by the Bharat Insurance Co. the national Indian and the Hindustan Cooperative in Kolkata.funeral and families of members who died.By the year 1956. A BRIEF 7 . were established the cooperative assurance in Lahore. is traced to the Lloyd’s Coffee House in London. These were all Indian companies started as a result of the swadeshi movement in the early 1900s. was started in1680. formed in 1870 in Mumbai. the Empire of India in1897 in Mumbai. the LIC did not have the exclusive privilege of doing life insurance business in India. In India. Now. the Indian Mercantile. nineteen new life insures had been registered and were transacting life insurance business in India. called the Fire office.After the amendments to the relevant laws in 1999. The first Indian company was the Bombay Mutual Assurance Society Ltd. insurance began in 1818 with life insurance being transacted by an English company the Oriental Life Insurance Company Limited. the United India in Chennai. the New India the Jupiter in Mumbai and the Lakshmi in New Delhi. who used to gather in the Lloyd’s coffee house in London. the Bombay life (originally called the Swadeshi Life). gave a boost to insurance and the first fire insurance company. The losses used to occur because of pirates who robbed on the high seas or because of bad weather spoiling the goods or sinking the ship. The Great Fire of London in1666.

The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.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.General Insurance Council. 1972 .The Indian Mercantile Insurance Ltd. 1957 . LIC formed by an Act of Parliament. set up. 8 . a wing of the Insurance Association of India. 1968 . 1938 . can trace its roots to the Triton Insurance Company Ltd.The General Insurance Business (Nationalization) Act. on the other hand.The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up.245 Indian and foreign insurers and provident societies taken over by the central government and nationalized. viz. 1956. frames a code of conduct for ensuring fair conduct and sound business practices. Some of the important milestones in the life insurance business in India are: 1912 . The General insurance business in India.. with a capital contribution of Rs. Some of the important milestones in the general insurance business in India are: 1907 . 1956 . the first company to transact all classes of general insurance business. the first general insurance company established in the year 1850 in Calcutta by the British.The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 5 crores from the Government of India. LIC Act. 1928 .Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 1972 nationalized the general insurance business in India with effect from 1st January 1973.

1938 The insurance Act 1938. Since 1999. The Act contains provisions regarding licensing of agents and their remunerations. maintaining solvency levels.2000. which came into effect from 1 st July 1939. LAW AND REGULATIONS INSURANCE ACT. GIC incorporated as a company. and protection of policyholder’s interests. is the principal enactment relating to the business of insurance in India. 9 . prohibition rebates.107 insurers amalgamated and grouped into four company’s viz. It also has provisions placing limits on the expenses of insurers. the National Insurance Company Ltd. and constitution of Insurance Associations and Insurance Councils and the Tariff Advisory Committee for general insurance. use of funds and patterns of investments. the IRDA has replaced the Controller of Insurance . the New India Assurance Company Ltd. and the United India Insurance Company Ltd. Till the constitution of the IRDA be the IRDA act in1999. the Oriental Insurance Company Ltd... the Controller of Insurance was responsible for the administration of the Insurance Act.The insurance Act vests the IRDA with powers to          Register insurance companies and also cancel their registrations Monitor and certify the soundness of the terms of the life insurance business Make regulations relating to the conduct of the business of insurance Inspect documents of insurers Appoint additional directors Issue directions Take over the management of an insurer and appoint administrators Adjudicate on disputes between insurers and intermediaries Decide on disputes relating to settlement of claims of amounts not exceeding Rs.and was amended in 1950 and later in 1999.

research bodies and employees associations in the insurance sector. LIFE INSURANCE CORPORATION ACT. agriculture. exclusive privilege ceased as a result of the amendments made in 1999. 10 . INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY ACT 1999 This Act passed in December 1999.It is advised by an Insurance Advisory Committee consisting of not more than 25 members to represent the interests of commerce . consumer forums. the Life Insurance Corporation Act. agents intermediaries.2007.08. the IRDA had issued more than 25 regulations and also issued several guidelines to insurers on a variety of matters. organisations engaged in safety and loss prevention. That includes registrations. transport. The corporation’s duty was to carry on life insurance business to the best advantage of the community. provided for the establishment of the IRDA to protect the interests of holders of insurance policies. It also sought to amend the Insurance Act.16 insurance companies were registered and had commenced life insurance business till 31. surveyors.industry. to regulate.By the end of December 2006.These amendments were made in pursuance of the Government’s policy of economic reforms. 1956 and the General Insurance Business (Nationalization) Act. one of the being Chairman.I. and laying down regulations for the proper conduct of the business and the protection of the interests of policyholders.I. licensing. The IRDA is a corporate body .C. 1972. 1938.C. 1956 This Act was the basis for the establishment of the L. promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto. It replaces the ‘Controller of Insurance’ to administer the provisions of the Insurance Act. Section 30 gave the L. as body corporate consisting of not more than 16 members appointed by the Central Government.

these subsidiaries have been de-linked from the parent company and made as independent insurance companies.4. National Insurance Company Limited 4. United India Insurance Company Limited. comprised mainly two players: the state insurers: Life Insurers:  Life Insurance Corporation of India (LIC) General Insurers:  General Insurance Corporation of India (GIC) GIC had four subsidiary companies. The New India Assurance Company Limited.INDIAN INSURANCE INDUSTRY: Insurers Insurance industry. The Oriental Insurance Company Limited 2.2000. as on 1. namely ( with effect from Dec'2000. 3. 1. 11 .

Reliance Life Insurance Company Limited. Sahara India Insurance Company Ltd. Canara HSBC Oriental Bank of Commerce Life Insurance Co. Aviva Life Insurance Co. Future Generali Life Insurance Company Ltd. Ltd CONTRIBUTION OF LIFE INSURANCE SECTOR IN THE INDIAN ECONOMY 12 .List of other Life Insurers after 01.No. ING Vysya Life Insurance Company Private Limited Bajaj Allianz Life Insurance Company Limited Metlife India Insurance Company Ltd. Kotak Mahindra Old Mutual Life Insurance Limited Birla Sun Life Insurance Company Ltd. Bharti AXA Life Insurance Company Ltd. Ltd. Tata AIG Life Insurance Company Ltd. Shriram Life Insurance Company Ltd. India Pvt. SBI Life Insurance Company Limited . 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Name of the Company HDFC Standard Life Insurance Company Ltd Max New York Life Insurance Co. IDBI Fortis Life Insurance Company Ltd. ICICI Prudential Life Insurance Company Ltd.2000 Table -1 S. Ltd.04.

68 884.43 962.75 1324.20 875. COMPANY WISE DETAILS Table-2 Capital Deployed Company Name Aviva Life Bajaj Allianz Life Bharti Axa Birla Sunlife Future Generali HDFC Std Life ICICI Prudential ING Vysya Kotak Max New York MetLife Reliance Life Sahara Life SBI Life Shriram Life TATA AIG COMPANY WISE DETAILS Table-3 Number of Employees Company Name Aviva Life Bajaj Allianz Life Number of direct employees Dec 07 (Nos) 5645 20086 Capital Deployed Dec 07 (Rs crs) 758. (iii) Long term funds for infrastructure.23 1000.43 907.00 697.00 600. Spread of financial services in rural areas and amongst socially less privileged.56 113.00 125.00 232.00 115.76 509.00 1123.00 13 . (iv) Strong positive correlation between development of capital markets and insurance/pension sector.(i) (ii) Life Insurance is the only sector which garners long term savings.59 3361.

40 764.08 7757.32 1076.53 645.33 885.37 433.50 326.Bharti Axa Birla Sunlife Future Generali HDFC Std Life ICICI Prudential ING Vysya Kotak Max New York MetLife Reliance Life Sahara Life SBI Life Shriram Life TATA AIG 4602 7486 129 13415 31217 6982 4576 6402 4578 12902 245 3610 1212 5719 COMPANY WISE DETAILS Table-4 Premium Income December 2007 Total including group business (Rs crs) Aviva Life Bajaj Allianz Life Bharti Axa Birla Sunlife Future Generali HDFC Std Life ICICI Prudential ING Vysya Kotak Regular Premium 632.07 1862.54 14 .42 Renewal Premium 522.44 3093.88 221.15 50.93 404.87 0.29 1.00 1269.37 Single Premium 13.62 1387.01 53.72 18.38 3346.03 457.62 2808.91 0.74 0.76 5235.96 35.87 523.01 1455.57 1.52 0.75 Total 1167.00 151.61 4205.35 20.

and set the standards in the industry'.58 84271.77 324. offer the best value for money.44 592.91 17929.71 8.38 per cent of equity in the joint venture.80 COMPANY PROFILE HDFC Standard Life Insurance Company Ltd.29 242.28 131. the easiest to deal with.75 1062.05 725.96 23.90 751. is one of India's leading private insurance companies.37 48758.50 189.19 71.85 181.30 17584.28 1763.05 394.01 74.11 1348.26 1604. which means that we are the most trusted company.). HDFC as on December 31. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd. which offers a range of individual and group insurance solutions.74 216. HDFC Standard Life  Founded on 14th August 2000  Received a license on 23rd October 2000  First private insurance company to get a license from the IRDA  Declared 7th consecutive bonus Vision 'The most successful and admired life insurance company.02 25.03 929.39 2748.20 522. 15 .21 1425.15 393.52 40.99 85. 2007 holds 72.54 15. UK.Max New York MetLife Reliance Life Sahara Life SBI Life Shriram Life TATA AIG LIC 848. India's leading housing finance institution and a Group Company of the Standard Life.

'The most obvious choice for all'. Values Values that we observe while we work:       Integrity Innovation Customer centric People Care “One for all and all for one” Team work Joy and Simplicity Branches Zonal office Regional Offices Branch office and Spoke Locations 9 29 569 16 .

Finance Minister – Inaugurating HDFCSLIC Head Office January 2001 HDFCSLIC Growth  The average EPI is Rs.34.000  EPI grew from Rs 1426 crores to Rs 2600crores in 2007-08 Bancassurance Partners 17 .

Stake Holding Pattern


HDFC Standard Life

72.38 %
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


A range of individual and group solutions, which can be easily customized to specific needs. HDFCSLIC group solutions have been designed to offer us complete flexibility combined with a low charging structure. Track Record so far 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. The company has covered over 9,59,000 lives year ending March 31, 2008. Accolades and Recognition  Rated as the "Best New Insurer - 2003" by Outlook Money magazine, India’s number 1 personal finance magazine.  Rated by 'Business world' as 'India's Most Respected Private Life Insurance Company' in 2004.  HDFC Standard Life Selected as '4Ps Power Brand 2006', for being one of India's Top 25 'Most Innovative Companies'

Board Members Brief profile of the Board of Directors • Mr. Deepak S Parekh is the Chairman of the Company. He is also the Executive Chairman of Housing Development Finance Corporation Limited (HDFC Limited). He joined HDFC Limited in a senior management position in 1978. He


was inducted as a whole-time director of HDFC Limited in 1985 and was appointed as its Executive Chairman in 1993. He is the Chief Executive Officer of HDFC Limited. Mr. Parekh is a Fellow of the Institute of Chartered Accountants (England & Wales). • Mr. Keki M Mistry joined the Board of Directors of the Company in December, 2000. He is currently the Managing Director of HDFC Limited. He joined HDFC Limited in 1981 and became an Executive Director in 1993. He was appointed as its Managing Director in November, 2000. Mr. Mistry is a Fellow of the Institute of Chartered Accountants of India and a member of the Michigan Association of Certified Public Accountants. • Mr. Alexander M Crombie joined the Board of Directors of the Company in April, 2002. He has been with the Standard Life Group for 34 years holding various senior management positions. He was appointed as the Group Chief Executive of the Standard Life Group in March 2004. Mr. Crombie is a fellow of the Faculty of Actuaries in Scotland. • Ms. Marcia D Campbell is currently the Group Operations Director in the Standard Life group and is responsible for Group Operations, Asia Pacific Development, Strategy & Planning, Corporate Responsibility and Shared Services Centre. Ms. Campbell joined the Board of Directors in November 2005. • Mr. Keith N Skeoch is currently the Chief Executive in Standard Life Investments Limited and is responsible for overseeing Investment Process & Chief Executive Officer Function. Prior to this, Mr. Skeoch was working with M/s. James Capel & Co. holding the positions of UK Economist, Chief Economist, Executive Director, Director of Controls and Strategy HSBS Securities and Managing Director International Equities. He was also responsible for Economic and Investment Strategy research produced on a worldwide basis. Mr. Skeoch joined the Board of Directors in November 2005. • Mr. Gautam R Divan is a practicing Chartered Accountant and is a Fellow of the Institute of Chartered Accountants of India. Mr. Divan was the Former Chairman and Managing Committee Member of Midsnell Group International, an International Association of Independent Accounting Firms and has authored 20

She is responsible for overseeing all aspects of lending operations of HDFC Limited. Washington DC. PROMOTERS HDFC LIMITED  loans Incorporated in 1977 to provide home ownership by providing long term 21 . USA. Prior to this. Divan has wide experience in auditing accounts of large public limited companies and nationalised banks. until 2002 was a Partner & VicePresident at Bain & Company. • Mr. Satwalekar obtained a Bachelors Degree in Technology from the Indian Institute of Technology. Mr. Karnad is the Executive director of HDFC Limited. Ravi Narain was a member of the core team to set-up the Securities & Exchange Board of India (SEBI) and is also associated with various committees of SEBI and the Reserve Bank of India (RBI). 2000. Ranjan Pant is a global Management Consultant advising CEO/Boards on Strategy and Change Management. is a graduate in Law and holds a Master's degree in economics from Delhi University. he was the Managing Director of HDFC Limited since 1993. • Ms. Pant has an MBA from The Wharton School and BE (Honors) from Birla Institute of Technology and Sciences. Pant. Mr. Mr. Mr. • Mr. Deepak M Satwalekar is the Managing Director and CEO of the Company since November. Mr. • Mr. Corporate Business Development at General Electric headquarters in Fairfield. Inc. Ravi Narain is the Managing Director & CEO of National Stock Exchange of India Limited.several papers of professional interest. She has been employed with HDFC Limited since 1978 and was appointed as the Executive Director in 2000. Bombay and a Masters Degree in Business Administration from The American University. where he led the worldwide Utility Practice.. He was also Director. Boston. Renu S. financial and taxation planning of individuals and limited companies and also has substantial experience in structuring overseas investments to and from India.

840 crores. place of distribution. at the 4Ps Business – product . 7. price .000 houses since its incorporation in 1977.  In Financial Year 2003-04 its assets under management crossed Rs. 2004.000 Cr.  As at March 31.   more than 23.2006:HDFC for the landmark achievement of One Lakh Crore  “Best strategy ’’. Customer Satisfaction and enhancing Shareholder Almost 90% of initial shareholding in the hands of domestic institutions and Rated “AAA” by CRISIL and ICRA HDFC is India’s leading housing finance institution and has helped build retail investors. The depositor  Rated ‘AAA’ by CRISIL and ICRA for the 10th consecutive year  Stable and experienced management  High service standards  Awarded The Economic Times Corporate Citizen of the year Award for its Presented the ‘Dream Home’ award for the best housing finance provider in the third Annual Outlook Money Awards. value  Focus on Excellence.  2004 at base now stands at around 1 million depositors. outstanding deposits stood at Rs. Awards and Accolades  HDFC won the the award for “Investment Management in India ’’ at the Euromoney 2006 Real Estate Awards  “Best Home loan Provider ’’ title at the Zee Pinnacle Awards 2006  Limca Book of Records. 36.00. Currently 78% of shares held by FII. long-standing commitment to community development. Marketing & Advertising Power Awards 2006  Dun &Bradstreet – American Express Corporate Awards 2006 HDFC Group Companies 22 . promotion .



The group acquired Prime Health Limited (subsequently renamed Standard Life Healthcare) in the United Kingdom in 2000. was separated into a distinct legal entity in the same year.The Standard Life Assurance Company ("Standard Life") was established in 1825 and the first Standard Life Assurance Company Act was passed by Parliament in 1832. which had previously been the in-house investment management unit of the group’s life assurance and pensions business. with the aim of establishing it as an independent investment management business providing services to both the group and third party retail and institutional clients. its UK mortgage and retail savings banking subsidiary. This largely remained the structure of the group until 1996. Standard Life Healthcare expanded in March 2006 with the acquisition of the PMI business of First Assist. when it opened a branch in Frankfurt. with the intention of positioning itself as a broad range financial services provider. Germany with the aim of exporting its UK life assurance and pensions operating model to capitalize on the opportunities presented by EC Directive 92/96/EEC (the “Third Life Directive”) and offer a product range in that market with features which local providers were unable to offer. Its Canadian branch was founded in 1833 and its Irish operations in 1838. The Standard Life group originally operated only through branches or agencies of the mutual company in the United Kingdom and certain other countries. the group also sought to diversify its operations into areas which complemented its core life assurance and pensions business. Standard Life Asia Limited/Joint ventures – 25 . In the 1990s. in 1998 and Standard Life Investments. Banking. Healthcare & Investments – The group set up Standard Life Bank. Standard Life was reincorporated as a mutual assurance company in 1925.

Service Company – Following the group’s strategic review in 2004.The group’s Hong Kong subsidiary. SLB and SLH. facilities. The group’s joint ventures in India with Housing Development Finance Corporation Limited (“HDFC”) were incorporated in 2000 (in relation to the life assurance and pensions joint venture) and 2003 (in relation to the investment management joint venture). Standard Life International Limited – The group also incorporated Standard Life International Limited (“SLIL”) in 2005 for the purposes of providing the group with an offshore vehicle. which employ their staff directly). Sales of these products commenced in 2006. including IT. Mission 26 . Standard Life Employee Services Limited (“SLESL”) supplies a wide range of central services to the rest of the group. This service company structure was created to enable Standard Life to comply with regulatory restrictions on the provision of non-insurance services and to exploit group-wide synergies. The group’s joint venture in China with Tianjin Economic Development Area General Company (“TEDA”) became operational in 2003. Standard Life Asia Limited (“SL Asia”). was incorporated in 1999 as a joint venture and became a wholly-owned subsidiary of Standard Life in 2002. legal and human resources services. The group’s operations in Hong Kong were established to give the group a presence in the Far East from which it could expand into China. based in Ireland. through which it could sell tax-efficient investment products into the United Kingdom. the group established a service company structure for the provision of central corporate services to the group’s business units. and employs staff working in the group’s UK and Irish operations (other than SLI.

innovative products opening new routes to markets leveraging investment management expertise and performance driving for operational excellence 27 . Overall corporate purpose Why we exist. Vision What we aspire to achieve. Our mission is to build valuable customer relationships by helping customers grow and protect their assets. Our vision is to help our customers around the world feel confident about their future wealth and wellbeing.What we do. Efficiency and Opportunity driving shareholder value) Strategy How we will deliver our mission and vision. (Delivery. Our corporate purpose is to generate sustainable. high-quality returns for our shareholders. Our strategy is to build valuable customer relationships with leading service and compelling propositions through: • • • • creating capital efficient.

791.431.469.000. protection and investment products  Standard Life listed on 10 July 2006.160.000 or 1046979 Crores  Worldwide insurance new premium income for full year at 31 December 2005: INR 518. the biggest float on the London Stock Exchange in the last five years.SNAPSHOT-I  Founded in 1825  Providing a range of savings.000 or 51816 Crores INDIAN MARKET EXPERIENCE 28 . SNAPSHOT-II Head Office United Kingdom Canada Ireland Germany Austria Hong Kong Edinburgh. pension. Scotland (UK) 31 11 7 1 1 1 Branches Branches Branches Branches Sales Office Representative Office FINANCIAL STRENTH  Standard Life Investments assets held at 30 June 2006: INR 10.

1847  Innovative products and processes  Last claim settled in 1997 GROUP COMPANIES  Standard Life Bank offers a range of mortgages and savings products. First market entry . 29 . and has a record of strong investment performance  Standard Life Healthcare is one of the largest private medical insurance providers in the UK. and had mortgage book of £10.  Standard Life Investments manages assets for the group as well as third parties.6 billion* as at 31 December 2005.

individuals as well as to companies looking to provide benefits to their employees. they have varied range of products that we can choose from to suit all our needs. Gratuity. One can choose the lump sum that would replace the income lost to one's family in the unfortunate event of one's death. These plans offer valuable peace of mind at a small price. For organizations a host of customized solutions that range from Group Term Insurance. cater to both. 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. HDFC Standard Life. (1) INDIVIDUAL PRODUCTS HDFC Standard Life realize that not everyone has the same kind of needs. These affordable plans apart from providing long term value to the employees help in enhancing goodwill of the company. a range of protection. disability or sickness. Protection range includes:  Term Assurance Plan A pure risk cover plan.PRODUCT PROFILE HDFC Standard Life offers a bouquet of insurance solutions to meet every need. For individuals. The HDFC Term Assurance Plan is an insurance policy that is designed to help secure our family's financial needs. pension and savings plans that assist and nurture dreams apart from providing protection. Leave Encashment and Superannuation Products. 30 . investment. Protection Plans Protection plans protect our family against the loss of our income or the burden of a loan in the event of our unfortunate demise. These will help secure our future as well as the future of our family. which gives us protection against the uncertainties of life. Keeping this in mind.

and o Within 90 days of the accident.  Loan Cover Term Assurance Plan  Home Loan Protection Plan Investment Plans HDFC Standard Life provides you with attractive long term returns through regular bonuses. no further CI Benefit is payable. equal to the Sum Assured selected under this benefit. The Sum Assured is payable only if we survive for 30 days after the date of CI Benefit claim. in case of our unfortunable demise: o Due to an accident.  Once such a claim is settled.  Will pay an amount. This participating plan offers us the following benefits:  Whole of life plan aimed at providing long-term real growth of your money. the basic policy continues. on diagnosis of any one of the 6 critical illnesses.  Once such a claim is settled.  Will pay an additional amount. Investment range includes:  Single Premium Whole Of Life Plan HDFC Single Premium Whole of Life Insurance Plan is a tailor-made plan well suited to meet our long-term investment needs. 31 . Accelerated Sum Assured (ASA)Benefit The two optional benefits CI Benefit and ASA Benefit cannot be taken together. equal to the Sum Assured selected under this benefit. on diagnosis of any one of the 6 critical illnesses. However. equal to the sum Assured selected under this benefit.ADDITIONAL OPTIONAL BENEFITS Critical Illness(CI) Benefit Accidental Death Benefit (ADB) SUMMARY  Will pay an amount. our basic policy terminates without value.

 During Guaranteed Surrender Periods you get the Sum Assured and all bonuses vested as at the date of surrender. The HDFC Personal Pension Plan is an insurance policy. Gives us the flexibility to plan our retirement date. Pension Plans Pension Plans help us to secure our financial independence even after retirement.  Unit Linked Pension  Unit Linked Pension Plus 32 . Pension range includes:  Personal Pension Plan HDFC Personal Pension Plan is an insurance policy that is designed to provide a post retirement income for life with the freedom to choose our retirement date.  In case of your unfortunate demise during the policy term. this participating (‘With Profits’) insurance plan will pay your family the Sum Assured and compound Reversionary Bonuses. We will receive the Sum Assured plus any attaching bonus. which are usually added annually. which can benefit us in the following ways:    Provides a post retirement income in our golden years. An additional Terminal Bonus may be paid depending on the performance of the underlying investments. the Sum Assured and our retirement date. At the end of the policy term. which are usually added annually. Single premium investment plan. The plan receives simple Reversionary Bonuses. Gives us tax benefits on our premiums. At the end of the term an additional Terminal Bonus may be paid depending on the performance of the underlying investment. We can choose our premium. which will provide our post retirement income.

which are usually added annually. The plan receives simple Reversionary Bonuses.  Very flexible benefit options and payment options. Savings range includes:  Endowment Assurance Plan The HDFC Endowment Assurance Plan gives us:  An ideal way to secure your long-term financial goals. In case of our unfortunate demise during the policy term.Savings Plans HDFC Standard Life Savings Plans offer flexible options to build savings for our future needs such as buying a dream home or fulfilling our children’s immediate and future needs. At the end of the term an additional Terminal Bonus may be paid depending on the performance of the underlying investment . this participating ('With Profits') insurance plan will pay our family the Sum Assured (together with the attached bonuses) we had chosen.  Assurance Plan  Savings Assurance Plan  Childern’s Plan 33 .  Valuable protection to your family by way of lump sum payment in case of your unfortunate demise within policy term.  Lump sum payment (basic Sum Assured plus any bonus additions) on survival up to maturity date.

At the end of the policy term. A choice to customise an ideal plan for our child. are invested by the company to give you good long-term returns.  No need to go for medical.  Flexible premium payment options.  Access to your accumulated fund before maturity. At the end of the term an additional Terminal Bonus may be paid depending on the performance of the underlying investment . The plan receives simple Reversionary Bonuses. The premiums. which are usually added annually.    The HDFC Children's Plan is designed to secure our child's future by giving our child (the beneficiary) a guaranteed lump sum. we will receive the accumulated value of our funds.HDFC Children's Plan gives us: Invaluable financial support to our child. on maturity or in case of our unfortunate demise. They will then invest our premium.  Valuable protection to your family in case you are not around. 34 . early in the policy term. paid by us. Just signing a “Declaration of Health” statement will do! We can choose our premium and the investment fund or funds.  Money Back  Unit Linked Endowment Suvidha  The HDFC Unit Linked Endowment Suvidha gives us:  An outstanding investment opportunity by providing a choice of thoroughly researched and selected investments. net of premium allocation charges in our chosen funds in the proportion we specify. Multiple options for multiple benefits.

Use HDFC Standard Life’s excellent investment options to maximize our savings & secure our and our family’s future. they will pay the greater of our Sum Assured (less any withdrawals we have made in the two years before our claim) and our total fund value to our family. All Unit Linked Life Insurance plans are different from traditional insurance plans and are subject to different risk factors. you will receive the accumulated value of our funds.In case of our unfortunate demise during the policy term. 35 . they will pay the following to our family. At the end of the policy term of 15 years.  The Unit Fund Value. they will then invest our premium. In case of your unfortunate demise during the policy term of 15 years. They will provide financial security for our family in our absence.  Unit Linked Endowment Suvidha Plus  Unit Linked Endowment Plus II  Unit Linked Young Star Suvidha  Unit Linked Young Star Suvidha Plus  Unit Linked Young Star Plus II  Unit Linked Enhanced Life Protection II  Simplilife  The HDFC SimpliLife gives:  Valuable protection to your family in case you are not around.  An outstanding investment opportunity by providing a choice of thoroughly researched and selected investments. One we have chosen our investment fund or funds. net of premium allocation charges in the proportion we specify.

 A GTI cover for future service gratuity liability to be taken along with the HDFC Group Unit Linked Plan.  Group Term Insurance The Group Term Insurance (GTI) plan meets this need and serves as an ideal way for companies to reinforce their bond with their employees. 1 Lakh. In addition we have the choice to opt for a GTI with an experience discount feature ("Profit Share"). The HDFC Group Term Insurance is a cost-effective plan that addresses these needs. HDFC Standard Life 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. All Unit Linked Life insurance plans are different from traditional insurance plans and are subject to different risk factors.  One master policy issued covering all members of the group. where a discount is given on future premiums in case of favorable claim experience (subject to group size). Plus Sum Assured of Rs. They offer the following group products to our esteemed corporate clients. as an employer need to cater to could be in form of:  Employee benefits. (2) GROUP PRODUCTS 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. 36 . The HDFC group term insurance plan will have the following structure:  One year renewable term insurance plan.  sum assured is payable on death (either due to natural causes or accidents). The sort of needs.  Cover for housing or vehicle loans given by us to our employees.

 Terminal Illness Benefit. a lump sum is paid to that member’s beneficiaries to help meet some of the immediate financial needs following their loss.  Critical Illness Benefit.  Total Permanent Disability. Defined Benefit or Defined Contribution Superannuation or Leave Encashment schemes of your company  Also suitable for other employee benefit schemes such as salary saving schemes and wealth management schemes (3) SOCIAL PRODUCTS  Development Insurance Plan Development Insurance plan is an insurance plan which provides life cover to members of a Development Agency for a term of one year. Several multinational corporations. and hence is more comprehensive than Group Personal Accident Insurance. an innovative product from HDFC Standard Life Insurance. foreign banks and software companies have already chosen the HDFC Group Term Insurance. to protect their employees.  Group Variable Term Insurance  Group Unit-Linked Plan  An investment solution that provides funding vehicle to manage corpuses with Gratuity. Optional Rider Benefits:  Accidental Death Benefit.The plan covers death due to any cause.  Total Permanent and Partial Disability Benefit. large Indian companies. Eligibility Members of the development agency and their spouses with: 37 . On the death of any member of the group insured during the year of cover. accidental or natural.

25 per Rs. an additional lump sum will be paid equal to half the sum assured. Minimum age at the start of the policy 18 years last birthday  Maximum age at the start of policy 50 years last birthday Employees of the Development Agency are not eligible to join the group. Where the death is as a result of an accident.10. Cover will not start until the premium and all the member information in our specified format has been received. per member. The role of the Development Agency Due to the nature of the groups covered. The premium rate is Rs. HDFC Standard Life will be passing certain administrative tasks onto the Development Agency. These tasks would include:  Submission of member data in a specified computer format  Collection of premiums from group members  Recording changes in the details of group members  Disbursement of claim payments and the mortality rebate (if any) to group members These tasks would be in addition to the usual duties of a policyholder such as:  Payment of premiums 38 . The premium can only be paid by the Development Agency as a single lump sum that includes all premiums for the group to be covered. By passing on these tasks the premium charged can be lower.000 of lump sum. Benefits On the death of each member covered by the policy during the year of cover a lump sum equal to the sum assured will be paid to their beneficiaries or legal heirs. There are no benefits paid at the end of the year of cover and there is no surrender value available at any time. The group to be covered is only eligible if it contains more than 500 members. Premium Payments The premium to be paid will be quoted per member in the group and will be the same for all members of the group.

80 CCC Sec. the Development Agency may charge Rs.00. Prohibition of rebates Section 41 of the insurance act.1. Reporting of claims  Keeping policy holder information up to date Training and support will be available to give guidance on how to complete the tasks appropriately. 10. Since these additional tasks will impose a burden on the Development Agency. either directly or indirectly . 37. 80 D* GROSS ANNUAL SALARY Across All income Slabs Across all income slabs.000 Rs. Across all income slabs.1938 states  No person shall allow or offer to allow.33. TOTAL SAVINGS 39 .33.389 HDFC STANDARD LIFE PLANS All the life insurance plans All the pension plans.399 saved on Investment of Rs. nor shall any person taking out or renewing or continuing a policy accept any Rebate. Upto Rs.10 administration fee to their members. except such rebate as may be allowed in accordance with the published prospectus or tables of the insurer  If any person fails to comply with sub regulation(previous point) above.990 saved on investment of Rs.any rebate of the whole or Part of the commission payable or any rebate of the premium shown on the policy. All the health insurance riders available with the conventional plans.3.00. 80C Sec.000.as an Inducement to any person to take out or renew or continue as insurance in respect Of any kind of risk relating to lives or property in India . HOW MUCH TAX CAN WE SAVE? Upto Rs.000. he shall be liable to payment of a fine which may extend to rupees five hundred TAX BENEFITS INCOME TAX SECTION Sec. 1. Upto Rs.990 saved on Investment of Rs.

000. * Applicable to premiums paid for Critical Illness Benefit.990 under Sec. 10.00. 10 (10)D Under Sec. subject to the conditions laid down therein. 10(10D). ** These calculations are illustrative and based on our understanding of current tax legislations. 33. calculated for a male with gross annual income exceeding Rs. 80C and under Sec. the benefits we receive completely tax-free. 80 CCC . POSSIBLE ** ORGANISATION STRUCTURE CHART -1 40 . Sec. which are subject to change.399 under Sec. Rs.Rs. 80 D.3. Accelerated Sum Assured and Waiver of Premium Benefit.

IT HOD .MD & CEO GM.Legal & Secretarial Zonal Services Managers Zonal Managers Sales Zonal Services Managers Zonal Managers -Sales GM -Finance & Actuarial GM. Sales Medical Regional Managers HOD-Marketing Territory Managers Process Finance Controller Branch Managers HOD-Sales Training HOD-Channel Development Sales Development Managers HOD-Accounts MARKETING DEPARTMENT 41 .HR GM – Operation and Underwriting Business Head-North HOD-Audit HOD-HR Actuarial National Training Manager HR Business HeadSouth HOD -Health HOD OPERATION HOD -Underwriting HOD-Institutional.Sales and Marketing HOD .

The most common view is that the marketer’s goal is to maximize the markets consumption of whatever the company is producing. Duties and responsibility of marketing department  Developing the customer relationship  On time product delivery and providing product information to the customers  Sales promotional activities  Creating customer satisfaction CHART SHOWING HIERARCHY OF MARKETING DEPARTMENT CHART -2 GM SALES & MARKETING HOD MANAGER TELECALLING MANAGER TELECALLING ZONAL MANAGER 42 . Marketing success means selling more and more products in the markets.Different goals have been proposed to guide the marketing practitioner.

They are  Retail channel sales  Alternate channel sales Retail channel sales Retail channel sales are done through the help of financial consultant and sales development managers.SALES DEPARTMENT Sales at HDFC Standard Life cover an array of activities. HDFC Standard Life practices two types of sales channel. 43 . In this channel financial consultant plays a vital role in selling the insurance policies in the market. Alternate channel sales Alternate channel sales comprises of direct sales .Direct sales taps database to generate high quality leads for profitable business under direct sales these are create of recent campaigns as well as details such as database list. target audience. Direct sales is done through the sales development managers (direct).




These include employee competency development. employee motivation development and organizational climate development. new challenges. new knowledge base etc. Such changes in the nature of jobs require continuous development of employee competencies to perform the job well. the term Human Resource Development means those learning experience. wherein Human Resource Development is mainly concerned with providing learning experience for the people associated with an organization through a behavioral approach adopting various processes. goals and strategies. changes in the profiles of fellow employees. which are organized for a specific time and designed to bring about the possibility of behavioral change. new opportunities. Employees require a variety of competencies to perform different tasks or functions required by their jobs. changes in technology. The nature of jobs is constantly changing due to change in environment. changes in organizational priorities. The main functions of Human Resource Department are:  Recruitment  Staffing  Performance appraisal  Training need analysis  Employee communication  Environmental regulations  House keeping CHART SHOWING HIERARCHY OF HUMAN RESOURCE 47 . Human Resource Development is said to be the core of a larger system known as Human Resource System (HRS). In a broader sense.Human Resource Department has multiple goals.


  49 . Project Trainee). (2) Training & Induction  Training program for the resources  Joint field work with resources (3) Planning & Implementation of Lead Generation Activities  Minimum Business Opportunity Presentation per week  Road shows  Bottom Line Activity (4) Resource Motivation and Drive  One vendor review meet per week(Channel Development Manager to review)  One vendor meet per month( Area Manager Channel Development to address)  Rewards to top performers (5) IRDA Training & Examination Financial consultant 50 hours training tracking through recruitment consultant IRDA examination tracking through recruitment consultant (6) MIS & Documentation  Documentation of vendor contracts & payment modes  MIS on recruitment & licensing of financial consultant (Branch Manager/Territory Manager wise.CHANNEL DEVELOPMENT DEPARTMENT Role Profile –Channel Development Manager Direct Responsibilities (1) Team Building  Resource recruitment (Recruitment Consultant.


 Keep record of stationery requirement in the various departments. fax machine.  Purchasing of the stationery items. scanner.  Tickets booking of the employee if they are traveling for the company purpose. video conferencing equipment etc.  House keeping work. CHART SHOWING HIERARCHY OF ADMINISTRATION DEPARTMENT CHART -7 51 .ADMINISTRATION DEPARTMENT The main functions of Training Department are:  Proper maintenance of all the equipment in the company such as printer.

HEAD HR ADMINISTRATION SENIOR MANAGER ADMINISTRATION MANAGER ADMINISTRATION ASSISTANT MANAGER ADMINISTRATION SENIOR EXECUTIVE EXECUTIVE SUPPORT STAFF LEGAL DEPARTMENT The function of legal department is handling the legal issues of the company and solves the issue. The legal executive duties to see that there should not be any illegal work in the company premises .Legal executive has also duties like handle the cases for the company if any cases are in the court. CHART SHOWING HIERARCHY OF LEGAL DEPARTMENT CHART -8 52 .

The strategies include transferring the risk to another party. and mitigation of risk using managerial resources. Risk management is simply a practice of systematically selecting cost effective approaches for minimising the effect of threat realization to the organization . 53 . a sequence of human activities including: risk assessment. strategies development to manage it. and accepting some or all of the consequences of a particular risk.MANAGING DIRECTOR COMPANY SECREATARY & LEGAL HEAD ZONAL LEGAL EXECUTIVE RISK MANAGEMENT DEPARTMENT Risk management is a structured approach to managing uncertainty related to a threat. avoiding the risk. reducing the negative effect of the risk.

 Training to the existing employee in the company.CHART SHOWING HIERARCHY OF RISK MANAGEMENT DEPARTMENT CHART -9 BOARD OF DIRECTORS SECRETARY AUDIT OFFICER TRAINING DEPARTMENT The main functions of Training Department are:  Conduct the induction program on company requirement. CHART SHOWING HIERARCHY OF TRAINING DEPARTMENT CHART -10 54 .  Training to the financial consultant every month.  Conduct the IRDA exam classes on regular basis.

 Send daily report to the higher authority CHART SHOWING HIERARCHY OF OPERATION DEPARTMENT 55 .  Maintain the file of the customer’s documents.NATIONAL TRAING MANAGER ZONAL SERVICES MANAGER ZONAL TRAINING MANAGER REGIONAL TRAING MANAGER TRAINING OFFICER TRAINING OFFICER CONSULTANT OPERATION DEPARTMENT The main functions of Operation Department are:  Verify the insurance policy application of the customers.  Feed the data of the applicants in to the computer.  Login the application and inform to the concern department.


AGENCY DEPARTMENT The main functions of Agency Department are:  Verify the financial consultant application form.  Feed the applicants data in to the computer  Maintain the file of financial consultants application  Keep proper record for the IRDA exam and inform to the concern department.  Send daily report to the higher authority. CHART SHOWING HIERARCHY OF AGENCY DEPARTMENT CHART -12 GM OPERATION BUSINESS HEAD HOD OF OPERATION ZONAL SERVICE MANAGER BRANCH OPERATION MANAGER ZONAL OPERATION MANAGER TEAM MANAGER OPERATION EXECUTIVE AGENCY OFFICERS 57 .

MEDICAL DEPARTMENT The main functions of Medical Department are:  Verify the medical information given by the customer in the insurance application.  Arrange the medical check-up facility.  Tied up with the hospital for the medical check-up and other medical related issues.  Daily report to be submitted to the higher authority. CHART SHOWING HIERARCHY OF MEDICAL DEPARTMENT CHART -13 58 .  Inform the customer for the medical check-up.


and threats. In SWOT. strengths and weaknesses are internal factors.SWOT ANALYSIS SWOT analysis is a tool for auditing an organization and its environment. weaknesses. SWOT stands for strengths. For example: strength could be: Patents Strong brand names Good reputation among customers Cost advantages from proprietary know-how Exclusive access to high grade natural resources Favorable access to distribution networks A weakness could be: Lack of patent protection A weak brand name Poor reputation among customers High cost structure Lack of access to the best natural resources 60 . opportunities. Strengths and weaknesses are internal factors. It is the first stage of planning and helps marketers to focus on key issues. Opportunities and threats are external factors.

a matrix of these factors can be constructed. opportunities and threats are external factors. The SWOT matrix (also known as a TOWS Matrix) is shown below: SWOT / TOWS Matrix Strengths S-O strategies S-T strategies Weaknesses W-O strategies W-T strategies Opportunities Threats 61 . it may have a better chance at developing a competitive advantage by identifying a fit between the firm's strengths and upcoming opportunities. the firm can overcome a weakness in order to prepare itself to pursue a compelling opportunity. For example: An opportunity could be:  an unfulfilled customer need  arrival of new technologies  loosening of regulations  removal of international trade barriers A threat could be:  shifts in consumer tastes away from the firm's products  emergence of substitute products  new regulations  increased trade barriers The SWOT Matrix A firm should not necessarily pursue the more lucrative opportunities.Lack of access to key distribution channels In SWOT. Rather. In some cases. To develop strategies that take into account the SWOT profile.

62 .000 lives year ending March 31. W-T strategies establish a defensive plan to prevent the firm's weaknesses from making it highly susceptible to external threats.859 crores and new business premium income stood at Rs. HDFC Standard Life has the financial expertise required to manage your long-term investments safely and efficiently.• • • S-O strategies pursue opportunities that are a good fit to the company's strengths. Service quality which is crux of their mission HDFCSLIC declared 7th consecutive bonus. The average EPI is Rs. 2008 stood at Rs.34. 2. RANGE OF SOLUTIONS HDFCSLIC a range of individual and group solutions.business experience and innovative products The financial consultant are very selectively chosen have excellent communication skills. The company has covered over 9. HDFCSLIC group solutions have been designed to offer complete flexibility combined with a low charging structure. Large network branches which helped to customer for the payment Brand image . 2008. for the year ending March 31.59. S-T strategies identify ways that the firm can use its strengths to reduce its vulnerability to external threats. Money power which makes them ignorant about the gestation period. 4.685 crores. • HSFC STANDARD LIFE STRENGTHS Financial Expertise As a joint venture of leading financial services groups. which can be easily customized to specific needs. W-O strategies overcome weaknesses to pursue opportunities. TRACK RECORD SO FAR HDFCSLIC gross premium income.000.

Its huge surplus in the Life Fund gives a capability to lodge price war. policies do not encourage gross domestic savings. LIC has woken up from sleep and is following competitive strategies . out of estimated 320 millions insurable markets only 20% of the population is insured. Sustainable to risk associated with investments in money markets. OPPORTUNITIES Huge market is literally untapped. Many competitors in the market offer same product by the title difference in the premium brand and offerings.the customer will have little money to invest. Entery of many other private companies with equally strong experience and financial strength of foreign partners making the competition difficult and saturating the urban markets. Life Insurance Company in India. HDFCSLIC should give the insurance coverage both to parent and child so that their life could be covered in both cases. The customer doesn’t mind paying some extra premium for that THREATS Players like ICICI Prudential and Birla Sun Life with low premium for the same plans. Try to catch middle lower people also. Health insurance and pension schemes. an estimated market potential of approximately $15 billion. Current Govt. WEAKNESS High targets for financial consultants and for the sales departments.It is the fastest growing Pvt. If the tax liability of the service can rises . Vision 63 .

which means that we are the most trusted company. offer the best value for money. and set the standards in the industry'. 'The most obvious choice for all'.'The most successful and admired life insurance company. Values Values that we observe while we work:       Integrity Innovation Customer centric People Care “One for all and all for one” Team work Joy and Simplicity 64 . the easiest to deal with.

Company should come up with branch in the rural areas. They are aware of the fact & realizing its. Because of the entrance of private players will increase the competition and it would be a tough task to secure a good position in market. With objective and goals to meet the demand and expectations of the public. As the people think that insurance is a tool to protect their family & a tax saving device. importance. The company should try to expand & buildup with infrastructure because there is a large potential for insurance in India.Findings Motivated workforce Participative management Weekly team meeting among executive High performing employees have clear opportunity for growth Finance department is centralize and all the finance related work is operated from head branch Mumbai. 65 .

Procedure of availing loans on the policy should be made easier on insurance policy. RECOMMENDATIONS 66 . Company should introduce attractive offers to draw the attention of customers. Educating the potential customers about the HDFCSLIC products and focus on.SUGGESTIONS The suggestion section contains some of the inputs given by me from the observation made during the internship. how trust worthy and useful are these products. Recruit more number of financial consultants.

Innovativeness: Identifying a delightful customer experience. Conclusion 67 .some of the strategies being recommended are as follows: Product differentiation: Offering a product that is distinctly different from other products available in the market.The insurance companies should now try to identify the gap between current level of customer service and customer expectation . Proper policy documentation: Wrong interpretation\non-awareness of policy document by the customer may have the serious implication in the long term. Riders: These are additional offerings along with the main product.

BIBILIOGRAPHY 68 . I had an opportunity to learn about the recruitment of financial consultant. working of different departments in the organization. is one of the best insurance company in India. The company intends to see its efficiency and quality through customer services and satisfaction. With the creative and innovative culture of the company it has been successful in creating a very good image in the minds of the customers. Personally speaking it was my pleasure being with company for period of 4 weeks. All members are striving towards even more betterment of the company whole-heartedly.HDFC Standard Life Insurance Company Ltd. and the knowledge about the insurance industry and the products of the company.

com www.irdaindia.TEXT BOOKS:IC-33 LIFE INSURANCE WEBSITES:www.standardlife.com 69 .group.hdfcinsurance.org http://uk.licindia.com www.


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