Student declaration

I declare that the project entitled “PROJECT ON RECUIRTMENT AND SELECTION IN HDCF-SLIC” Is an original done by me and no part of the project is taken from any other project or material published or otherwise or submitted earlier to any other college or university.


I was actively involved with HDFC Standard life insurance company ltd Delhi, for a period of 8 weeks, and I came across a lot of people who put in their time and effort towards acclimatizing me to the workings of their organization. Firstly I would like to thanks Mr. MANISH SHARMA is the BRANCH MANAGER of the HDFC Standard Life Insurance Company Ltd. for giving me opportunity to work with this organization. I would like thanks Mr.CHANDAN JYOTI without whose support, this project would not have been possible. Heartiest thanks for his constant support and motivation. My gratitude to everyone there at HDFC Standard Life Company who has helped me directly or indirectly in the completion of this project.



I, student of DELHI COLLEGE OF ADVANCED STUDIES affiliated to GURU GOBIND INDRAPRASTHA UNIVERSITY pursuing BBA (B&I) course. I have put my sincere efforts to accomplish my objectives within the stipulated time. Despite all the limitations, obstacles, hurdles and hindrances, I have toiled and worked to my optimum potential to achieve the desire goal. Being in the highly competitive world of business, I came across some difficulties to make my objectives a reality. Anyhow, with the kind help and genuine interest of one and all and formally supported by the guidance of my guide, I am presenting this hand carved effort in colored. I tried my level best to conduct a research to gain a thorough knowledge about the project in my topic “Recruitment and Selection of HDFC Standard Life Insurance Company” I have put the best of my efforts and have also tried to do justice with the available. If anywhere something is found unacceptable or unnecessary to the theme, you are welcome with your valuable suggestions.


optimum investment. loyalty & their feel about the HDFC Standard Life Insurance. conclusions were drawn. Recruitment was conducted using questionnaire.EXECUTIVE SUMMARY HDFC Standard Life insurance is India's premier insurance enabling company. This is backed by HDFC Standard life insurance service support infrastructure . HDFC Standard Life insurance is the one-stop-shop for requirements of services in the areas of insurance. The information about various attributes & factors was collected about the financial consultant. On the basis of findings & conclusions. STANDARD LIFE . The data gave knowledge about customer satisfaction. mortality benefit. Secondary data was also used in report such as company profile. financial coverage and losses. Various areas in city were selected. represented in the form of graphs & charts. The main objective of the project is to understand the recruitment and selection of financial consultant more effectively and efficiently.the widest in the country. on the basis of analysis of data. All the data collected. suggestions were given. The objective of the project was to understand how financial consultant play important role for insurance company like HDFC STANDARD LIFE. Market in Pune city was targeted. and health option etc. because financial consultant play most important role in business of insurance. primary data was filtered & analyzed. 4 So to understand the process of Recruitment of financial consultant in HDFC .

and it’s Chairman till 1993. He took active interest in the Bombay Community Public Trust. Founder and Chairman-Emeritus of HDFC Group who left this earthly abode on November18. Parikh is a formidable task. Standard Life was reincorporated as a mutual assurance company in 1925. 5 . but an entire concept which has proved itself to be of lasting Importance. designed specifically to serve the needs of the city’s underprivileged citizens. Hasmukhbhai started his second dynamic life. he went on to become a towering figure on the Indian financial scene. 1994. London School of Economics & Political Science conferred on him an Honorary Fellowship.ORGANISATION OVERVIEW HISTORY If ever there was a man with a mission it wasHasmukhbhai Parikh. In 1956 he began his lifelong financial affair with the Economic world.? In 1992. There are over 200 published articles by him. He was also a writer in his own right. Deepak Parikh took over as Chairman from Hasmukhbhai. long Before that. Parikh started his financial career at Harkisandass Lukhmidass – a leading stock broking firm. his vision… brought about not Only an institution.Gujurat. even more Illustrious than his first. he said: “Taking over from H. 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. but.. Born in a traditional banking family in Surat.. The firm closed down in the late seventies.He was one of the Founder Members of the Centre for Advancement of Philanthropy.” 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. He rose to become Chairman and continued so till his retirement in 1972. Mr.At the ripe age of 60. the Government of India honored him with the Padma Bhushan Award. as General Manager of the newly-formed Industrial Credit and Investment Corporation of India(ICICI). When Mr.T.

The group set up Standard Life Bank. in 1998 and Standard Life Investments. 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. Standard Life Healthcare expanded in March 2006 with the acquisition of the PMI business of FirstAssist. 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. with the intention of positioning itself as a broad range financial services provider. Standard Life Asia Limited (“SL Asia”). its UK mortgage and retail savings banking subsidiary. Its Canadian branch was founded in 1833 and its Irish operations in 1838. Standard Life Asia Limited/Joint ventures – The group’s Hong Kong subsidiary. when it opened a branch in Frankfurt. which had previously been the in-house investment management unit of the group’s life assurance and pensions business. Banking and investment. was incorporated in 1999 as a joint venture and became a wholly-owned subsidiary of Standard Life in 2002. the group also sought to diversify its operations into areas which complemented its core life assurance and pensions business.The Standard Life group originally operated only through branches or agencies of the mutual company in the United Kingdom and certain other countries. 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. This largely remained the structure of the group until 1996. Germany with the aim of exporting its UK life assurance and pensions operating model to capitalise on the opportunities presented by EC Directive 92/96/EEC (the “Third Life Directive”) and offer a product range in that market with In the 1990s. 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 6 .

facilities. legal and human resources services. and employs staff working in the group’s UK and Irish operations (other than SLI.pensions joint venture) and 2003 (in relation to the investment management joint venture). including IT. SLB and SLH. is one of India's leading private insurance companies. 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. The group’s joint venture in China with Tianjin Economic Development 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. 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. Sales of these products commenced in 2006. It is a joint venture between Housing Development Finance Corporation 7 . based in Ireland. which offers a range of individual and group insurance solutions. which employ their staff directly). Standard Life Employee Services Limited (“SLESL”) supplies a wide range of central services to the rest of the group. Service company Following the group’s strategic review in 2004. Company prospects Introduction HDFC Standard Life Insurance Company Limited.

Limited (HDFC Limited). and is rated by Standard & Poor's as 'strong' with a rating of A+ and as 'good' with a rating of A1 by Moody's. HDFC has undertaken a lot of consultancies abroad assisting different countries including Egypt. Standard Life Group (Standard Life plc and its subsidiaries) The Standard Life Group has been looking after the financial needs of customers for over 180 years.551 crores. The '5 Star' accolade has also been awarded to Standard Life Investments for the last 10 years. As on February 28. UK. holds 26. London and Singapore with service associates in Saudi Arabia. Maldives. Standard Life was awarded the 'Best Pension Provider' in 2004. 95. and it was voted a 5 star life and pension’s provider at the Financial Adviser Service Awards for the last 10 years running. investment. India's leading housing finance institution and a Group Company of the Standard Life Plc. 8 . 2005 and 2006 at the Money Marketing Awards. HDFC has set benchmarks for the Indian housing finance industry.00% of equity in the joint venture.800 crores. 17. As of December 2008. Qatar. and to Standard Life Bank since its inception in 1998. pension. the total asset size has crossed more than Rs. while the rest is held by Others. It currently has a customer base of around 7 million people who rely on the company for their insurance. It has international offices in Dubai. It is a leading pensions provider in the UK.000 depositors. Kuwait and Oman to assist NRI’s and PIO’s to own a home back in India. India’s premier housing finance institution has assisted more than 3. Its investment manager currently administers £125 billion in assets. Ltd. earning the trust of more than 9. banking and healthcare needs.43% and Standard Life (Mauritius Holding) 2006. The corporation has a deposit base of Rs. 82. Our Parentage HDFC Limited HDFC Limited. Recognition for the service to the sector has come from several national and international entities including the World Bank that has lauded HDFC as a model housing finance company for the developing countries.00.000 crores including the mortgage loan assets of more than Rs. 2009 HDFC Ltd. Customer Service and satisfaction has been the mainstay of the organization.3 million families own a home. holds 72. and Bangladesh in the setting up of housing finance companies. since its inception in 1977 across 2400 cities and towns through its network of over 250 offices. Standard Life Bank was awarded the 'Best Flexible Mortgage Lender' at the Mortgage Magazine Awards in 2006.

the easiest to deal with. and set the standards in the industry'. offer the best value for money. which means that we are the most trusted company. 'The most obvious choice for all'.Our Vision & Values Our Vision 'The most successful and admired life insurance company. Our 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 9 .

Profile of the Board of Directors Mr. 2000. He joined HDFC Limited in 1981 and became an Executive Director in 1993. Mistry joined the Board of Directors of the Company in December. Parekh is the Chairman of the Company. He is currently the Managing Director of HDFC Limited. He is the Chief Executive Officer of HDFC Limited. Mistry is a Fellow of the Institute of Chartered 10 . Deepak S. He was appointed as its Managing Director in November. 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. 2002. 2000. Sir Crombie is a fellow of the Faculty of Actuaries in Scotland. Keki M. Mr. Mr. He was inducted as a wholetime director of HDFC Limited in 1985 and was appointed as its Executive Chairman in 1993. He was appointed as the Group Chief Executive of the Standard Life Group in March 2004. Crombie joined the Board of Directors of the Company April. Sir Alexander M. Mr. Parekh is a Fellow of the Institute of Chartered Accountants (England & Wales). He has been with the Standard Life Group for 34 years holding various senior management positions.

She has been employed with HDFC Limited since 1978 and was appointed as the Executive Director in 2000. Asia Pacific Development. Mr. Campbell joined the Board of Directors in November 2005. Strategy & Planning. Skeoch is currently the Chief Executive in Standard Life Investments Limited and is responsible for overseeing Investment Process & Chief Executive Officer Function. Campbell is currently the Group Operations Director in the Standard Life group and is responsible for Group Operations. Marcia D. Mr. Ms. Chief Economist. Ms. Prior to this. He was also responsible for Economic and Investment Strategy research produced on a worldwide basis. Ms. Mr. Director of Controls and Strategy HSBS Securities and Managing Director International Equities. 11 . Renu S. Corporate Responsibility and Shared Services Centre. Skeoch was working with M/s. holding the positions of UK Economist. Karnad is the Executive director of HDFC Limited. is a graduate in law and holds a Master's degree in economics from Delhi University. Executive Director. She is responsible for overseeing all aspects of lending operations of HDFC Limited. James Capel & Co.Accountants of India and a member of the Michigan Association of Certified Public Accountants. Norman K. Skeoch joined the Board of Directors in November 2005.

Divan was the Former Chairman and Managing Committee Member of Midsnell Group International. Gautam R. Associate Companies HDFC LIMITED HDFC BANK HDFC MUTUAL FUND 12 . Divan is a practising Chartered Accountant and is a Fellow of the Institute of Chartered Accountants of India. financial and taxation planning of individuals and limited companies and also has substantial experience in structuring overseas investments to and from India. Mr. Divan has wide experience in auditing accounts of large public limited companies and nationalised banks. an International Association of Independent Accounting Firms and has authored several papers of professional interest. Mr.Mr.

investment. This section gives you details of all our products. Leave Encashment and Superannuation Products. pension and savings plans that assist and nurture dreams apart from providing protection. You can choose from a range of products to suit your life-stage and needs. HDFC Developers Ltd. For individuals.HDFC SALES HDFC ERGO General Insurance Other Companies • • • • • HDFC Trustee Company Ltd. We have incorporated various downloadable forms and product details so that you can make an informed choice about buying a policy. We cater to both. we have a range of protection. Gratuity. PROUCT RANGE & VARIETY At HDFC Standard Life. These 13 . For organizations we have a host of customized solutions that range from Group Term Insurance. individuals as well as to companies looking to provide benefits to their employees. HDFC Ventures Trustee Company Ltd. GRUH Finance Ltd. we offer a bouquet of insurance solutions to meet every need. HDFC Property Ventures Ltd.

Term assurance plan B. One can choose the lump sum that would replace the income lost to one’s family in the unfortunate event of one’s death. Type of products (1) Protection A. We at HDFC Standard Life realize that not everyone has the same kind of needs. These will help secure your future as well as the future of your family. we have a varied range of Products that you can choose from to suit all your needs. Loan cover term assurance plan A) Term assurance plan:Under this plan.affordable plans apart from providing long term value to the employees help in enhancing goodwill of the company. Since this no-participating plan is pure risk cover plan. no benefits are payable on the survival to the end of the term of the policy. a sum assured is payable in case of death of the life assured during the term of the contract. Keeping this in mind. B) Loan cover term assurance plan:- 14 .

Since this is a non-participating. The fund aims to provide secure and stable long term growth. This participating (with profit) plan offers you the following benefits: A sound investment: Your money will be invested in our ‘with profit fund’. surrender or on the guaranteed dates. Normally. a terminal bonus might be payable. As the outstanding loan decreases as per the loan schedule. (2) Investment  Single premium whole of life Single premium whole of life:Single Premium Whole of Life Plan is well suited to meet your long term investment needs. we declare a compound reversionary bonus for your policy every year and add it to your policy on its anniversary. Flexibility of term: 15 . no benefits are payable on survival to the end of the term of the policy. the cover under the policy decreases as per the policy schedule. In addition. You have to pay a single premium and the policy will pay you a lump sum amount.This plan provides a lump sum on the unfortunate death of the life assured during the term of the plan. on death. The lump sum will be a decreasing percentage of the initial sum assured. risk is there.

Subject to the prevailing regulations. For 4 weeks after any one of the 10th. if it is permitted by the prevailing regulation. your policy will cease. Alternately. part of this lump sum can be taken in form of cash and the rest converted to an annuity at the rate then offered by HDFC Standard Life. you can choose to receive the sum assured plus any attaching bonuses. On investing the vale of your units will be used to buy your retirement benefits. Your premiums are invested in units of the investment fund of your choice. comprising of sum assured plus any attaching bonus. Personal pension plan B. which is designed to provide a retirement income for life. It does this by providing a national lump sum on retirement. based on the prevailing unit price. in full. which is designed to provide an income for life from retirement. the national lump sum can be used to buy an annuity with any other insurance company B) Unit linked personal pension plan:The unit linked pension plan is basically an insurance contract. you can decide on the policy term. 15th.Even after choosing your policy. and subsequent five-year anniversaries. Once the money has been received. (3) Pension plan A. Unit linked personal pension plan A) Personal pension plan:This participating plan is basically a saving contract. 20th. 16 .

Money back C.000. Unit linked youngster plan A) Unit linked endowment plan:The unit linked endowment plan is an insurance policy that is designed to pay a lump sum amount on the maturity or on earlier death. 1. (4) Saving A. B) Money back:It is a participating (with profits) insurance plan that offers the features listed below: 17 . Unit linked endowment plan B. The unit linked endowment plan also gives the option of additional protection against common critical illness. On death (or critical illness. based on the prevailing unit price. Your premiums are invested in units of the investment fund of your choice. as well as additional protection if death is as the result of an accident. if chosen) you receive the value of your units and your selected basic sum assured.On earlier death. Endowment plan D. the beneficiary receives the value of your units plus a cash lump sum of Rs. On maturity you receive the value of your units.

D) Unit linked youngster plan:HDFC Unit linked Young Star plan is designed to provide a lump sum to the child at maturity. 18 . ii) It provides a lump sum payment to the life assures on survival up to maturity. ii) On survival up to maturity. at 5-year intervals during the term of policy. It also provides financial security to the child in his future. C) Endowment plan:It is a participating (with profits) insurance plan that offers the following features: i) It provides financial support to the family by way of a lump sum payment in case of the unfortunate death of the life assured within the term of the policy. a payment equal to the basic sum assured plus any bonus additions less the cash lump sums paid is provided.i) Payment of cash lump sum. The lump sum mentioned is the basic sum assured plus any bonus additions. In case of the unfortunate death of the life assuror within the term of the policy. each of which is a proportion of the basic sum assured. This is over and above the earlier payouts. the basic sum assured plus any bonus additions is provided.

On maturity the value of the units will be paid. Your premiums are invested in units of the investment funds of your choice. Following a valid death or critical illness claim. SBI Life Insurance 11. TATA AIG Life Insurance 19 . ShriRam Life Insurance 12. Birla Sun Life Insurance 4. On death (or critical illness. Life Insurance Corporation of India (LIC) 7. as and when they would have fallen due. MetLife India Insurance 9. we will pay the future premiums (at the level originally chosen at inception) into your policy. Aviva Life Insurance 2. LIST OF MAJOR COMPITITOIRS 1. Max New York Life Insurance 8. The Unit linked Young Star plan also gives the option of additional protection against the six common critical illnesses. Kotak Mahindra Old Mutual Life Insurance Limited 6. based on the prevailing unit price. ICICI Prudential Life Insurance 5.even in case of the insured parent’s unfortunate death during the policy term. Reliance Life Insurance 10. and the policy continues until maturity. if chosen) the selected basic sum assured is paid. Bajaj Allianz 3.

BHARTI AXA Head Office – Edinburgh.13. Scotland (UK) • Worldwide Operations and Presence ACHIVEMENT OF THE COMPANY Awards and Recognition Year • 2003 • 2002 • 2001 • 2000 • 1999 • 1996-99 • 1995 • 1992-94 Award Company of the Year Company of the Year Best Personal Pension Provider Company of the Year Company of the Decade Company of the year 4 star service award Overall best company 20 .

Life & Pensions Awards 21 .  Money Marketing Awards • Company of the Year every year Best Pension Provider 2004 and Best Group Pension Provider every Best Personal Pension Provider Best Life Investment Product from 1999 to 2005 • 2005 • year from 1998 to 2003 • every year since 1998 to 2003 • Provider 2003 and 2004 • Gold Award in the Poster Campaign Category (Advertising) 2004  Money facts Investment. have appropriate products and Provide a quality service for the customers. This shows that the Company: • • • uses clear language to describe their products on key documents.• 1991 3 star service award • Standard Life has been awarded the "Raising Standards" quality mark.

2001. 2004 and 2005 • and 2005  Bank hall Achievement Awards • Pension Provider of the Year 2003 and 2004  Financial Adviser Provider Awards • Overall Winner in 1999.• Best Pension Product 2003. 2000. 2001 Pensions Provider of the Year 1999. Pensions Company of the Year Individual Pensions Company of the Group Pensions Provider of the Health Insurance Company of the and 2002 • 2000. 2004 Best Pension Service 2003. 2002 and 2003 • 2004 • Year 2004 • Year 2004 • Year 2004  Financial Adviser Service Awards 22 .

Company of the Year every year 5 Star Life and Pensions Provider 5 Star Investment Provider every

from 1997 to 2001

every year from 1996 to 2004

year from 1996 to 2002 and 2004

 Pensions Management Administration and Service Awards

Overall Winner - Personal Pensions Overall Winner Stakeholder


Pensions 2002 and 2003

Overall Winner - Group Personal Member Communications -

Pensions 2002 and 2004

Personal Pensions, Group Personal Pensions & Stakeholder Pensions 2003

Backup (branch office) - Personal

Pensions 2003


Industry Profile
Insurance is a legal contract that protects people from the financial costs that result from loss of life, loss of health, or property damage. Insurance provides a means for individuals and societies to cope with some of the risks faced in everyday life. People purchase contracts of insurance called policies from a variety of insurance called policies, from a variety of insurance organizations. Insurance is conceived as a method of saving of these losses , embodying the principle of co-operation existed in the early civilization . There is evidence that during the Aryan civilization , loss of profits in industry was insured by the village co-operative in India . Almost everyone living in modern , industrialized countries buys insurance for instance laws in most states require people who own a car to buy insurance before driving it on public roads . lenders require anyone who finances the purchase of home or car with borrowed money to insure that property .business partners take out life insurance on each other to make sure that business will succeed even if one of the partner dies. Two types of insurance: Life insurance: Life insurance is a contract for payment of a sum money to the person assured on the happening of the event insured against . usually the contract also provides for the payment of premium periodically to the corporation by the assured. General insurance:


General insurance includes many areas of insurance like maraine, motor, eng, health, fire etc the contract provides for the payment of an amount on the happening of some contingency .These types of contracts are annual in nature.

A. Origin and Development of the Industry
Historians believe that insurance first developed in sydney by babylonia . The merchants and traders of these transferred and pooled their money to protect themselves and pirates. In the 18th century BC, Babylonian king samurai developed a code a law, known as the code of specific rules governing the practices of early risk sharing activities . Insurance also developed during the 1700s in the North American colonies. In 1730 Benjamin frank contributed for the insurances of houses from loss by fire. Early development of insurance was unorganized . it was mainly insuring commercial risks. The insurance in human life started in England in 1538 AD for term assurance for 12 months ,which was issued for the first time . in 1705 amicable society started paying assurance on death a term carried on unto 1757. in 1762 equitable society was the first co. to start charging premium on scientific basis. In INDIA, the references to insurance history relates to the East India Co when some policies were issued on the life of brusiers in foreign currency. In 1870-Bombay mutual fund insurance ltd In 1874-Oriental Govt security life assurance Co ltd In 1896-Bart insurance co. and 1897 empire of India In 1905-no of insurance company life Hindustan co-op united India, Bombay life national-Asian were setup up during the above period.


The first move towards liberalization came with Ampohra committee report in 1993. Insurance also provides the capital that communities need to quickly rebuild and recover economically from natural disasters. This act was futher amended in 1950 . others were Jupiter .lame . • Quick servicing • Increased saving rate 26 . The government started to exercise control with the passing of insurance act. After 1st world war the peace of industrlization was accelarted in India. which recommended the privatization of insurance . banks can make loans with the assurance that the loan with the assurance is easily covered against damage. Insurance benefits the society by allowing individuals to share the risks faced by many people but it also serves the other economic and societal functions because insurance is affordable .it continuously progressed and there seemed to be steady rise in per capita insurance in the country. There were 245 different insurance companies then. B. Offices began to take due share of the country business .in 1938 the deptt of insurance under the authority of the supritendent of insurance was established. Nationalization of the insurance business in 19 jan 1956.After 2nd world war several new companies were established . lic act was passed by the parliament and recived presidential assent on 18 june1956 and act came on 1 sept 1956.Indian stands to gain witty the following major advantages : • Better products with more reasonable and affordable pricing. before nationalization there were 97 operatng centers almost all urban.industrial metropolation and new asiastic.Andhra . the swedish movement had already gathered momentum and nationalism in the twenties.most important being new assurance co. 1912 There was a marked increase in the volume of insurance business and other form of business .Growth and Present Status of the Industry The Indian insurance has finally opened up.

Cross subsidization is a feature of the Indian market . • Large inflows of foreign capital. explosion etc. theft. Moreover life insurance besides providing financial assistance to the insured. flood . Some of the common dangers to our assets. Uncertainties in every aspect of life is exposés to our assets to losses and consequently endless has always felt insecurity for his assets and even life . The government is soon to present the new model for tax saving life insurance companies at internationally competitive advantage and sketch their alliances accordingly. cross subsidizes the other department .earthquake. A fire in the factory may burn everything and owner only of income with huge capital is finished but insurance will come for rescue if its taken. FUTURE OF THE INDUSTRY 27 . It is debated that the insurance business does not produce profit in the first five year . these policies provides investment opportunities and even pension plans at market interest rate. tariff reductions are likely to reduce further. strike.• Long –term funds for infrastructure development will be available to the country. Insurer will have to institute proper claims management process in order to extract proficiencies. C. riot. there is uncertainty in every aspect of life. Brokers will come into the market for first time and there is bound to be intense competition As a result of this in the multi channels of distribution. Since beginning of the world . its an old saying that only death and tax are certain. Insurance does not only provide reimbursement but some suggestive measures also to reduce the effect of hazards and losses . Infect alliances related to distribution rather than to product or technology will prove most valuable in the long run . event the fire portfolio which is considered profitable.

i. on the basis of this it can be sold that there is huge scope for insurance in India. Life insurance in a year is collected is only 2% of GDP in India with that of 12 % in USA. according to sources 30 cores people of India can afford insurance however only 8 cores of them have taken away. The latest foreseen in Indian market and the success of liberalized market in emergent economies to make this opportunity . Total non –life insurance premium is mere of 0.6% of GDP which is almost negligible.Max life insurance corporation . Hdfc-slic. 28 . The efforts of government companies have lacked sincerity . to avail this may international players including the world leaders have setup their business in India form the last so many years. Bajaj-allianz. as there is large untapped market even after 61 years of nationalization . the opportunity for insurance companies is huge. Icici Prudential life .e..In Indian market .

8. 2. Basic training and induction. HDFC has one of the highest brand recalls of around 80% (source: AC Neilson ORG MARG). They are unable to target rural area as compare to LIC. Negligence to customers after the investment is sold. Target Upper class people only. Agents or Advisor. 3. 2. Very Huge Premium of policies compared to major rival LIC.SWOT Analysis of the HDFC Standard Life Insurance Company STRENGTH 1. For Example Disha training. 7. All Brochures are in English only. 3. One of the most aggressive marketing strategies. 6. Financial Expertise. Poor awareness for new products in consumers Poor Distribution network. 5. 29 . Advanced training. 6. Training provided to all people associated with the bank provides services like checking the plan or policies online. 5. Free switching options online informing customers about the performance of their investment by sending monthly reports and statements 9. 4. IRDA training. Have around 145000 financial advisor WEAKNESS 1. Having good network. HDFC has different types of training methods for their FC’s. 4. Range of solutions.

Fear of the market to crash down. Getting leads from the branch members. Employee attrition. Some brands in the market gives there product with more features. . Many private players are coming into the market. ICICI & Bajaj Allianz is the major competitor with better network. 75% of Indian market is still untapped. 3. 8. Change in the policies of IRDA.1 in adapting new technologies like online search etc. Sometimes right advice is not given to the customers. 5. Attract more people by providing more customer centric products. 6. The full charges are not revealed to the customers OPPORTUNITIES In India still there is a big market for insurance field. 6.LIC. Strong brand of the bank helps to boost sales in market.7. 4. 30 . Threats from other banks selling same types of investments. 2. 8. 1. Tie up with brokers also having a large data base of the customers. THREATS 1. 5. No. 4. Change in the mentality of people 7. 3. 2.

promoting and delivering goods And services to consumers and business. Events.FUNCTIONAL DEPARTMENTS OF THE ORGANIZATION MARKETING DETAILS Marketing generally refers as the task of creating. PRICE. experiences. This is because in the Modern money oriented economy. Hence. Marketing managers seeks to influence the Level of timing and composition of demand to meet the organization’s objectives. places. offering and freely exchanging products And services of value with others. It has Rightly been said the business needs money to make more money. properties. The last few years have seen an increased attention to mutual funds across all genres of investors’ big or small. individuals or corporate. integrated Marketing and profitability. Marketing people are involved in 10types of entities: goods. “Marketing is defined as a societal process by which individuals and groups obtain What they need and want through creating. 31 . only when it is properly managed. customer needs. services. However it is also True that money begets more money. Efficient management of every business enterprise is closely linked with efficient Management of its finance. organization. information and ideas. persons. The Marketing concept rests on four pillars: target market. Finance is the one of the basic foundation of all Kind of electronic activity. The basic four P’s of marketing are PRODUCT. It is the master key which provides access to the entire Source for being employed in manufacturing and merchandizing activities. FINANCIAL DETAILS IMPORTANCE OF FINANCE Finance is regarded as the life blood of a business enterprise. PLACE and PROMOTION.

” 32 . Finance function may Be defined as the procurement of funds and their effective utilization. as a management function it has a special meaning. Some of the Authoritative definitions are as follows: “Business finance is that business activity which is concerned with the acquisition and Conservation of capital funds in meeting financial needs and overall objectives of far Business enterprise.” “Business finance can broadly be defined as the activity concerned with planning Rising. However. controlling and administrating of the funds used in the business.MEANING OF BUSINESS FINANCE In general finance may be defined as the provision of money at the time it is wanted.

Recruitment is just one step in the process of employment. The aim of personnel planning is to determine the needs for persons both in terms of number and type. Besides number. When more persons apply for jobs then there will be scope for recruiting better persons. the type of persons needed is also important. Recruitment is sometimes confused with employment. A recruitment policy may involve 33 . The two are not one and the same.RECRUITMENT AND SELECTION RECRUITMENT: Recruitment is concerned with developing suitable techniques for attracting more and more candidates. For deciding about the number both present and future requirements should be taken into account. Recruitment is a linkage activity bringing together those with jobs and those seeking jobs.” RECRUITMENT POLICY : It specifies the objective of recruitment and provides a framework for the implementation of the recruitment programme. If there are expansion plans in near future then these requirements should also be considered. DEFINITION : “Recruitment is the process of searching for prospective employees and stimulating and encouraging them to apply for jobs in an organization. The educational and technical requirements to manage various jobs should e properly analyzed so that right type of persons are employed.

commitment to broad principles such as filling vacancies with the best-qualified individuals. departments or branches where they should be placed. 34 . 2) Preferred sources of recruitment : The sources of recruitment should be identified properly. It may also involve the organizational system to be developed for implementing recruitment programme and procedure to be employed. 3) Criteria of selection and preferences : Selection and preferences should be based on conscious thought and serious deliberation. 4) Monetary aspects : The cost of recruitment and financial implications of the same have to be kept in mind also. ELEMENTS OF GOOD RECRUITMENT POLICY : A good recruitment policy must contain the following elements: 1) Organizational objectives : Both short term and long term organizational objectives must be taken into consideration. decide the sections. 2) It should be flexible enough to meet the changing needs of the organization. PRE-REQUISITES OF GOOD RECRUITMENT POLICY : 1) It should be in conformity with the general personnel policies. Identification of recruitment needs : The recruiters should prepare profiles for each category of workers and accordingly work out the main specifications.

recruitment has two aspects1) To find out the number of vacancies to be notified and the type of applicants needed to fill them. No organization can recruit successfully without taking into consideration the following factors – 1) The Economic Factors – The economic conditions of a country influence the recruitment process in all organization. big or small has to engage in recruitment of persons. 4) It should integrate organizational needs and employee needs. 6) It should highlight the necessity of establishing job analysis. 2) To approach the potential applicants to apply for such vacancies. As a result of the new economic policy.3) It should provide employees with job security and continuous employment. the demands of well 2) The Social Factors – These also affect the recruitment policy of an organization. have forced organization to 35 . Social changes in the past two decades in India. The globalization and liberalization of Indian economies since 1991 onwards has resulted in a boom in financial services in India. 5) It should match the qualities of the employees with the requirements of the work for which they are employed. FACTORS AFFECTING RECRUITMENT : Every organization.

5) The next stage in the process is to stimulate as many candidates as possible. 4) The Legal Factors – The different legislative policies governing child labour. 6) Evaluating the effectiveness of recruitment process. Several old jobs have disappeared from the scene. have brought legal environment to a major factor. The mentality of modern employees has changed from just any job to a satisfying career. night shifts. 36 . 3) Identifying the prospective employees with required characteristics. bonded labour etc. 2) Locating and developing the sources of required number and type of employees. 4) Developing the techniques to attract the desired increased emphasis on recruitment. 3) The Technological Factors – New technology have created new jobs and existing jobs have undergone rapid changes. PROCESS OF RECRUITMENT It passes through the following stages : 1) Recruitment process begins when personnel department receives requisition for recruitment from any department of the company.

PROCESS OF RECRUITMENT COMPANY ADOPTS : Personnel Planning Job Analysis Recruitment Planning Strategy Development Searching Screening Evaluation and control 37 Selection .

External Sources : These are as follows – 1.SOURCES OF RECRUITMENT – Before an organization actively begins to recruit applicants it should consider the mostly likely source of the type of employee it needs. Advertisement 38 . Internal sources consist of the following : 1) Present Employees : Promotions and transfers among the present employees can be a good source of internal recruitment. Internal Sources – This is one of the important sources of recruitment. Some retired employees may be willing to come back to work. 4) Previous Employees : Those who have previously applied for jobs can be contacted by mail. 3) Former Employee : These are another internal source of recruitment. The employees already working in the organization may be more suitable for higher jobs than those recruited outside. Some companies try to develop new sources while most try to tackle the existing sources they have. These sources accordingly may be termed as internal and external. 2) Employee Referrals : In an organization with a large number of employees referrals can provide quite a large pool of potential organizational members.

E-recruitment 12. After identifying the sources of human resources. many organizations face critical problems in choosing the people. Competitors 7. Cold calling RECRUITMENT PROCESS COMPANY ADOPTS – 1) Internal sources 2) Advertisement 3) Consultants 4) Data banks SELECTION OF FINANCIAL CONSULTANT UNDERSTANDING SELECTION PROCESS Recruitment function helps the organization to develop a pool of prospective human resources. Selection techniques and methods reduce the complexities in choosing the right candidates for the job. Professional Organization 3.2. Infact. Displaced Persons 8. Walk in 5. searching 39 . Data Bank 4. It is difficult for the HR manager to employ the suitable people out of the pool. Recruiting Agencies 6.

experience. physical and mental ability. The ability of an organization to attain its goal effectively and to develop in a dynamic environment largely depends upon the effectiveness of its selection programme. The obvious guiding policy in selection is the intention to choose the best person who have good social contact.  There must be some standard of personnel with which a prospective employee may be compared. The selection procedure is the system of functions and devices adopted in a given company to ascertain whether the candidate specifications are matched with the job specifications and requirements or not. The objective of the selection decision is to choose the individual who can most successfully perform the job from the pool of qualified candidates. the management has to perform the function of selecting the right employees at the right time. If the right person is selected.e.for prospective employees and stimulating them to apply for jobs in an organization. SELECTION PROCEDURE: Selection procedure employs several methods of collecting information about the candidates qualifications. knowledge and aptitude for judging whether a given applicant is suitable 40 . The selection process can be successful if the following requirements are satisfied:  Someone should have the authority to select. as developed by an analysis to the workload and work force.  There must be a sufficient number of applicants from whom the required number of employees may be selected. This authority comes from the employment requisition. he is valuable asset to the organization . i. a comprehensive job description and job specification should be available before hand. nature and behavior.

Steps in Scientific Selection Procedure:  Job analysis  Recruitment  Application form  Written examination  Preliminary interview  Tests  Medical examination  Reference checks  Line manager s decision IN DETAIL EXPLANATION: (A) JOB ANALYSIS: Job analysis is the basis for selecting the right candidates. job specification and employee specifications before proceeding to the next step of selection. Every organization should finalize the job analysis. At each step facts may come to light. which are useful for comparison with the job requirement and employee specifications. Therefore the selection procedure is not a single act but is essentially a series of methods or stages by which different types of information can be secured through various selection techniques. This is the basis for recruitment function.or not for the job. job description. 41 . (B) HUMAN RESOURCE PLAN: Every company plans for the required number of and kind of employees for a future date.

Many companies formulate their own style of application forms depending upon the requirement of information based on the size of the company. nature of business activities.(c) RECRUITMENT: Recruitment refers to the process of searching for prospective employees and stimulating them to apply for jobs in an organization. The techniques of application blank are traditional and widely accepted for securing information from the prospective candidates. (E) APPLICATION FORM: Application form is also known as application blank. Information is generally required on the following items in the application forms:  Personal background information  Educational qualifications  Work experience  Salary (drawing and expecting)  Personal attainments including likes and dislikes  References 42 . It can also be used as a device to screen the candidates at the preliminary level. It is the basis for the remaining technologies of the screening the candidates in order to select the appropriate candidates for the jobs. (D) DEVELOPMENT OF BASES FOR SELECTION: The company has to select the appropriate candidates from the pool of applicants. The company develops or borrows the appropriate bases/techniques for screening the candidates in order to select the appropriate candidates for the jobs. type and level of the job etc.

physical appearance and other requirements etc. This interview is also useful to provide the basic information about the company to the candidate. general knowledge and English language. to know the candidate s attitude towards the job. Thus. reasoning. he may be selected for further process. (H) BUSINESS GAMES: Business games are widely used as a selection technique for selecting management trainees. certain required amount of care is to be taken to ensure that the desirable workers are not eliminated. (G) PRELIMINARY INTERVIEW: The preliminary interview is to solicit necessary information from the prospective applications and to assess the applicant s suitability to the job. middle and top management positions. knowledge in various disciplines. executive trainees and managerial personnel at junior. An assistant in the personnel department may conduct this preliminary interview. salary expectations. However. Preliminary interviews are short and known as stand up interviews or sizing up of the applicants or screening interviews. experience. to measure the candidate s aptitude. If a candidate satisfies the job requirements regarding most of the areas.(F) WRITTEN EXAMINATION: Organizations have to conduct written examination for the qualified candidates after they are screened on the basis of the application blanks so as to measure the candidate s ability in arithmetical calculations. The information thus provided by the candidate may be related to the job or personal specifications regarding education. Business games help to evaluate the applicants in the areas 43 . attitude towards job. age. preliminary interview is useful as a process of eliminating the undesirable and unsuitable candidates.

based on its observation. handling the situations. GROUP DISCUSSION is used in order to secure further information regarding the suitability of the candidate for the job. human relations skills etc. find alternative solutions and select the sound solution. identifying the potentialities. the selection panel may also ask the candidates to write the summary of the group discussion in order to know the candidate s writing ability as well. problemsolving skills. soliciting unrevealing information based on the given information and using common sense. concealing and mediating arguments among the participants and summarizing or concluding aptly. each class is again divided into different types of tests. The selection panel. keenly observing the discussion of others. influencing others. explaining the problem. The hypothesis is that the most successful candidate in the game will be most successful one on the job. discuss. clarifying controversial issues. judges the candidate s skill and ability and ranks them according to their merit. speaking effectively. Group discussion is a method where groups of the successful applicants are brought around a conference table and are asked to discuss either a case study or subject matter. Types of test: Tests are classified into six classes.of decision-making. In some cases. They are: 44 . A selection panel then observes the candidates in the areas of initiating the discussion. The candidates in the group are required to analyze. participants are placed in a hypothetical work situation and are required to play the role situations in the game.

comprehension. motor ability and eyehand coordination of candidates. (1) Skill tests: These tests measure the candidate s ability to do a job perfectly and intelligently. ACHIEVEMENT TESTS: These tests are conducted when applicants claim to know something as these tests are concerned with what one has accomplished. These tests are more useful to 45 . mechanical employees. (4) Clerical aptitude tests: These types of tests measure specific capacities involved in office work. These tests are useful to select the candidates to perform artistic jobs. word measuring etc. These tests are useful to select semi-skilled workers and workers for repetitive operations like packing and watch assembly. copying. design of tools. Aptitudes can be divided into general and mental ability or intelligence and specific aptitudes such as mechanical. computation. General aptitude test is of two types namely intelligence quotient (IQ) and emotional quotient (EQ). perceptual speed and knowledge of mechanical matter. Items of this tests include spelling.APTITUDE TESTS: These tests measure whether an individual has the capacity or latent ability to learn a given job if given adequate training. (3) Psychomotor tests: These tests measure abilities like manual dexterity. clerical. skilled. (2) Mechanical aptitude tests: These tests measure the capabilities of spatial visualization. These tests are useful for selecting apprentices. machinery etc. testing and inspection also. product design. manipulative capacity etc. technicians etc. The candidates can be selected for assembly work.

adequate information about the job and organization.measure the value of a specific achievement when an organization wishes to employ experienced candidates. The assumption of this test is 46 . These tests are classified into (a) job knowledge test and (b) work sample test. The purpose of this test is to find out whether a candidate is interested or disinterested in the job for which he is a candidate and to find out in which area of the job range/occupation the candidate is interested. oral communicating skills. telephone and telegraphic message. In this test the candidate is asked either to cope with the situation or solve critical situations of the job. (1) Group discussion: This test is administered through the group discussion approach to solve a problem under which candidates are observed in the areas of initiating. Thus. hobbies and recreational activities. leading. the candidate s achievement in his career is tested regarding his knowledge about the job and actual work experience. coordinating and concluding skills. (2) In basket: Situational test is administered through in basket method.reports and requirements by various officers of the organization. job. The candidate in this test is supplied with actual letters. SITUATIONAL TESTS: This test evaluates a candidate s in a similar real life situation. The candidate is asked to take decisions on various items based on the in basket information regarding requirements in the memoranda. proposing valuable ideas. conciliating skills. INTEREST TESTS: These tests are inventories of the likes and dislikes of candidates in relation to work. occupations.

sociability. fear. tact. his emotional reactions and maturity and characteristic mood. emotional control. 47 .  The Minnesota Multi-phasic Inventory offers different methods for identifying faking. They are:  Forced choice of Edward s personnel preference schedule.objectivity. decisiveness. distrust. under these tests. initiative. sympathy. integrity. personality inventories may not successfully predict job success. Interest inventories are less faked and they may not fluctuate after the age of 30. (1) Objective tests: Most personality tests are objective tests as they are suitable for group testing and can be scored objectively. optimism. The faking can be countered by repeating the same question in different parts to measure consistency. PERSONALITY TESTS: These tests prove deeply to discover clues to an individual s value system. patience.  Gordon personal profile. judgment dominance or submission. Personality tests have disadvantages in the sense that sophisticated candidates can fake them and most candidates give socially acceptable answers. (2) Projective tests: Candidates are asked to project their own interpretation of certain standard stimulus basing on ambiguous pictures. conformity.that there is a high correlation between the interest of a candidate in a job and job success. They areexpressed in such traits like self-confidence. impulsiveness. stability and self-confidence. Further. A number of corrective measures tried as personality inventories are widely subject to faking. figures etc.

MULTI-DIMENSIONAL TESTING: However. 48 . candidate s ability to integrate the multi-skills and potentiality to apply them based on situational and functional requirement. competitiveness and the consequent customer-centered strategies. Organization have to develop multidimensionaltesting in order to find out whether the candidates possess a variety of skills or not. the need for multi-skills is being felt be most of the companies consequent upon globalization.

This is the most essential step in the process of selection. This interview may take various forms like: (1) Back ground information interview: 49 . skill. the interviewer also providesinformation on various items required by the candidate. CORE INTERVIEW: It is normally the interaction between the candidates and the line executive or experts on various areas of job knowledge. the candidate is given the freedom to tell about himself by revealing his knowledge on various items/areas. The interaction between the candidate and the personnel manager when the former meets the latter to enquire about the vacancies or additional particulars in connection with the employment advertisement is an example of the informal interview. his background. Similarly. talent etc. In this step the interviewer matches the information obtained about the candidate through various means to the job requirements and to the information obtained through his own observation during the interview. (2) Unstructured interview: In this interview. interest etc. which can be conducted at any place by the person to secure the basic and non-job related information.(J) INTERVIEW: Final interview follows after tests. The different types of interviews are: PRELIMINARY INTERVIEW: (1) Informal interview: This is the interview. expectations.

one topic is given for discussion to 50 . Stress during the middle portion of the interview gives effective results. place of domicile. The interviewer tests candidate by putting him under stress and strain by interrupting the applicant from answering. (3) Stress interview: This interview aims at testing the candidate s job behavior and level of understanding during the period of stress and strain. Under the discussion interview method. health. group interview method and discussion interview method. asking questions pertaining to unrelated areas. criticizing his opinions. All the candidates are brought into one room and are interviewed one by one under group interview. as the interviewer s need for a job and his previous experience in such type of interviews may inhibit his actual behavior under such situations. Stress interview must be handled with utmost care and skills. critical/problematic areas. This method helps a busy executive to save valuable time and gives a fair account of the objectivity of the interview to the candidates. This type of interview is often invalid. methods of handling those areas etc. (4) Group discussion interview: There are 2 methods of conducting group discussion interviews.This interview is intended to collect the information which is not available in the application blank and to check that information provided in the application blank regarding education. methods of doing the job. (2) Job and probing interview: This interview aims at testing the candidate s job knowledge about duties. family. activities. hobbies. interest. likes. viz. keeping silent for unduly long periods after he has finished speaking etc. dislikes and extra curricular activities of the applicant.

procedures like fixing the value. (6) Panel interview: A panel of experts interview each candidate. inter-personal skills. The interviewer examines the interest of the candidate in the job. This type of interview is known as panel interview. comprehension. are strictly followed in arranging and conducting interview. intimating the candidates officially etc. opening and closing. mostly through informal discussion. reaction/adaptability to the working conditions. panel of interviewers. all the formalities. DECISION-MAKING INTERVIEW: After the experts including the line managers of the organization in the core areas of the job examine the candidates. presentation. Interviewers are at ease in this category of interview because of its informality and flexibility. The course of the interview is preplanned and structured. This type of interview helps the interviewer in appraising certain skills of the candidates like initiative. Depth interviews are conducted for specialist jobs. Experts test the candidate s knowledge in depth. judges his performance individually and prepares consolidated judgement. collaboration etc. the head of the department/section concerned interviews the candidates once again. (7) Depth interview: In this interview. Interviewers for middle level and senior level mangers are normally conducted are the panel of experts. the candidate would be examined extensively in core areas of job skills and knowledge. (5) Formal and structured interview: In this type of interview.the candidates who assemble in one room and they are asked to discuss the topic in detail. organization. dynamism. depending on job requirements. leading. time. in advance. career 51 .

The head of the department and the personnel manager exchange the view and then they jointly inform their decision to the chairman of the interview board. clear tone etc. Medical examination reveals whether or not a candidate possesses these qualities. benefits. which finally makes the decision about the candidate s performance and their ranks in the interview. The personnel manger also interviews the candidates with a view to find out his reaction/acceptance regarding salary.planning. 52 . allowances. Employees with positive attitude contribute much to the organization. promotions. (K) MEDICAL EXAMINATION: Certain jobs require certain physical qualities like clear vision. Hence. work adjustment and allotment etc. Medical examination can give the following information:  Whether the applicant is medically suited for the specific job  Whether the applicant has health problems or psychological attitudes likely to interfere with work efficiency or future attendance. opportunities etc. Most of the organizations have realized that employee s positive attitude matters much rather than employee s skill and knowledge. promotional opportunities. perfect hearing unusual stamina. Whether the applicant suffers from bad health which should be corrected before he can work satisfactorily  It reveals the applicant s physical measurements and  It is used to check the special senses of the candidates.  The offer. tolerance of hardworking conditions. interviewers look for the candidates with the right attitude while making final decision.

can be obtained. actual information. The method of mail provides detailed information about the candidate s performance. character. progress etc. character and behavior. the personnel department will engage in checking references. willingness of the previous employer to employ the candidate again and soon. pay and allowances. benefits provided. However. (M) FINAL DECISION BY THE LINE MANAGER: The line manager concerned has to make the final decision whether to select or reject a candidate after soliciting the required information through techniques discussed earlier. Further. information for the following areas may be obtained. a personal visit is superior to the mail and telephone methods and is used where it is highly essential to get the detailed. which can also be secured by observation. Reference checks are taken as a matter of routine and treated casually or omitted entirely in many organizations. Candidates are required to give the names of references in their application forms. information regarding candidate s regularity at work. But a good reference check used sincerely will fetch useful and reliable information to the organization. job description. rate of absence. Incase the reference check is from the previous employer. gross emoluments. and sometimes from coworkers.(L) REFERENCE CHECKS: After completion of the final interview and medical examination. Often a telephone call is much quicker. and period of employment. who is well versed with the applicant s job performance. They are job title. These references may be from the individuals who are familiar with the candidates academic achievement or form the applicant s previous employer. The line manager has to take much care in taking the final decision not only because of economic implications but alsobecause of behavioral and social 53 .

The candidate after receiving job offer communicates his acceptance to the offer or requests the company to modify the terms and conditions of employment or rejects the offer. The company employs those candidates who accept the job offer with or with out modification of terms and conditions of employment and place them on the job. the organization has to intimate this decision to the successful as well as unsuccessful candidates. A true understanding between line managers and personnel managers should be established to take proper decisions. With the employment of the candidate the recruitment and selection process is completed. (O) EMPLOYMENT: The company may modify the terms and conditions of employment as requested by the candidate. 54 . The organization offers the job to the successful candidates either immediately or after some time depending upon its time schedule.implications. after taking the final decision. (N) JOB OFFER: Thus. A careless decision of rejecting would impair the morale of the people and they would suspect the selection procedure and the basis of selection of this organization.

Selection process involves tests.RECRUITMENT AND SELECTION AT HDFC STANDARD LIFE Recruitment is the process of attracting prospective candidates who are likely to get selected. the advertisement is released in all major and national newspaper across the country. After receiving the applications. but other media like internet is also used for posting the advertisement. it is initially screened by HR division based on minimum requirements and qualifications prescribed for the post. Screened applications from HR division are sent to respective divisional heads for their screening in case of applications for higher posts. Background checking of the shortlisted candidates is done to ensure that they will fit with the culture of the organization. Recruitment process starts with the drafting of advertisement for the required post mentioning the name of the post. For technical posts. psychometric tests or a combination of these depending on the nature or sensitivity of the level and the post. interviews. place of posting etc. Not only print media. qualifications required. Placement agencies and educational institutions are considered if the requirements are for fresh graduates. The shortlisted candidates are called for the final interview. appointment letter is prepared by personnel and administration division and given to the candidate at the time of 55 . group discussions. tests are not used as elimination means. Selection is the process of selecting right candidates from the list of prospective candidates. On receiving their confirmation. Job offers are made to the selected candidates and they are asked to give their confirmation that they accept the job offer. Regret letters are sent to those who are not shortlisted. Employee references by are also encouraged. tests are used as elimination means while for some other posts like management trainee.

Secondary Data Primary Data – Primary data are the data which are original in character. these can be discussed as – 1. which are very important for the research. being collected from the respondents. This can be collected by various methods like • Surveys • Observation • Experimentation • Measurements • Personal interview • Telephonic interview • Questionnaires But my chosen way of collecting data was through Personal Interview and Questionnaires. Salary offer is a part of Human resource division while personnel and administration division handles salary administration. either through questionnaire or through personal interviews.joining. Primary Data 2. Secondary data – 56 . METHODOLOGY Generally two types are data are used for any research. obtained for the first time.

Various sources of secondary data are Catalogues. Magazines and Websites. its products and various benefits an advisors will be getting. paper presentations etc. Television etc. brochures. 57 . which have been listed. Brochures. which has been collected by someone else for some other purpose and is used by the researcher in his research for study. Analysis of data / Statistical data After the data is collected the researcher has to analyze the collected data. Pie Chart is made.Secondary data is the data. the researcher has to classify the data into purposeful and usable category. the obtained information is interpreted and various inferences are made and also conclusions are drawn related to the objectives. in the beginning of project. The analysis can be done by means of various statistical measures. Interpretation of data After data analysis is done. For representation of the data use of bar charts. In this project I made use secondary data for gaining more and more about the company. For acquiring this knowledge I have studied secondary sources like company websites.

621 3 6.96.710 51.621 Education Cass on Equity 58 3.10.324 17.57.000 Tax on Preference Dividend 35.76.156 14 REPORT PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31.12.800 13 3.410 70.000 — PROFIT/(LOSS) AFTER TAX 45.679 General Reserve 4.990 Balance brought forward from Previous year 5. 2008 Schedule Previous Year: Rupees(2008) INCOME Management Fee Interest Dividend Other Income EXPENDITURE Staff Expenses Administrative and Other Expenses Depreciation 31.000 Preference Dividend 51.090 Provision for Fringe Benefit Tax PROFIT/(LOSS) BEFORE TAX Provision for Tax (Net of Deferred tax) Rupees (2007) 12 .00.888 24.800 1.925 15 36.16.844 Appropriations: Short provision of Income Tax for earlier years (net) — 21.503 1.399 Capital Redemption Reserve — 25.12.430 52.650 2.51.278 Profit Available for Appropriation 50.729 2.703

500 — Tax on Interim Equity Dividend Paid 1.963 109.426 5 Balance carried forward to the Balance Sheet 23.63.249 7 1.78 BALANCE SHEET AS ON MARCH 31.492 66.856 66.16.631 75.80.455 1.94 2 59.435 2007 50.906 2008 FUNDS EMPLOYED SHAREHOLDER’S FUNDS Share Capital Reserves and Surplus APPLICATION OF FUNDS FIXED ASSETS 3 Gross Block Less: Depreciation Net Block Capital Advances INVESTMENTS DEFERRED TAX ASSET CURRENT ASSETS.500 4 — 4.507 3.92.199 2008 Schedule March 31.535 6 5.995 33.63.726 8 2.80845609 Current Liabilities 59 .49.14.962 3700459630 87.807 52786549 Earnings Per Share 16.19.24. Sundry Debtors Cash and Bank Balances Other Current Assets Loans and Advances 2008 1 50.823 9 Interim Equity Dividend Paid 8.906 — Proposed Equity Dividend 11.Dividend (FY 2003 .000 Tax on Proposed Equity Dividend 1.01.

85.206 Provisions 11 NET CURRENT ASSETS (9.663 84.366 s (1433.035 60 .10 19.694) 87.97.963

 Most of the recruited people are aware of the insurance sector and the person who are not aware of the insurance sector are made aware through the training before sitting for the test. It means that they are having some knowledge about the insurance sector. 61 . through advertisement.  The other source of recruitment is through references .  Every year company recruits as many as 50 Advisors in order to increase the sales force of the company.  Research shows that the Financial Advisors generally belong to the age of 3050 years  It is found that the company provides both types of training and mainly prospects goes for the online training.  It has been found through the studies that most of the candidate recruited belongs the banking and insurance sector . natural market and consultants.ANLAYSIS AND FINDINGS From the analyzed data I could find that –  The main source of the recruitment is through external sources i.e.  Maximum prospects fulfils all the criteria prescribed by the IRDA.

4) Sometimes it happens that the respondent was busy so as to get the information it becomes difficult 5) The project is done in near by areas of the Aundh Branch of the company & therefore findings of it may not be applicable in other areas. 7) Although ICICI Prudential is a well known brand.  For most of the prospects they join HDFC STANDARD LIFE for the extra income. 3) Non availability of the data or the relevant information of the respondent. but somehow the concept of financial advisor was not known 62 .00 p. 2) Biased reply of the respondents like giving wrong information.m. For most of the prospects attending 21 days training is a major problem. 6) Time Constraints – The duration of the project is only 2 months. it invests heavily in the advertisements. LIMITATIONS 1) This Project Report is restricted only for the interviewed people.  Most of the recruited people continue working as a Financial Advisor. As the timings for the training are full time 10:30 am to 5. In this duration we have to finish the project so the sample size considered for this project is also limited which may give some misleading outputs.

and the parameters on which the advisors are to be recruited are : • Income Level – 1. The study of the profile of the advisor is depending on their industry background i.e. It is found that in the last five years the Indian economy has progressed.2lacs to 2 lacs per annum • Marital Status – Married • Age – above 25 years • Minimum Education – Graduation • Staying in the same city for more than 5 years 4. CONCLUSION AND SUGGESTION 1. which has increased the average purchasing power & the insurance sector has contributed significantly in this. Since last five to six years many Private Company has entered in insurance sectors & because of which the Indians are having number of options in front of them investing their money & to safeguard the life. the customers and it requires great amount of efforts to convince the various benefits to them. their work experience and the age wise distribution. 2. 63 . While doing this project it is found that recruiting of the advisor is done by the Unit Manager.

 Company should go for regular Market Survey for finding out the smart worker who can stay under the Managers Sales Team. who can give & generate long term business for the company. and will generate long term business. The level of awareness of the prospects about the private insurance company has increased because of the heavy advertising ad marketing by the companies over the period of time. as their first preference to earning extra money. 1 Private Life Insurance Company.5. Based on the findings in the Research following suggestions are made –  Finding new prospects is like breathing. 64 . Most of the prospects wanted to join.  Branch Manager should take the feedback from the existing advisors so that he can easily understand the advisors problem as well s he can recommend new changes. so to analyze the prospects & study their status is very important thing. It is important to appoint only those prospects as financial advisor. 6. so Unit Manager should be in regular touch with the market so that he will gets some good prospects. third to Association with the No. second to start business with no capita investment. 7.

 Most of the Indian families still believe in the LIC. . and radio can increase the awareness about the company & will help in improving the market share. by preparing attractive Ads.  Company should follow the pull strategy where it can use advertising media. They don’t feel comfortable with other brands. through Newspaper. The company should concentrate on the rural part so that they can compete with LIC India.V. 65 . T. In such cases ICICI Prudential can opt for descriptive advertisements how our solutions are better than the traditional business solutions.  Unit Manager should meet regularly with the existing advisors so that he can find out their problems & also take their suggestions. and can generate some business from there as it is found that most of the Private Life Insurance companies are targeting the urban market.

BIBLIOGRPHAY WEBSITES : www.insuranceguide. ) ) ) BOOKS : 1) HUMAN RESOURCE MANAGEMENT 2) PERSONNEL MANAGEMENT : : SHASHI www. GUPTA www.economictimes.hdfcslic. MAMORIAL 66 .

JOURNALS & ARTICLES : 1) IRDA JOURNAL 2) BROUCHERS & REPORTS OF COMPANY ANNEXURE “RECRUITMENT AND SELECTION OF FINANCIAL ADVISORS “ Name: Age : Address : Phone No. How many candidates are generally recruited for financial advisor through various sources of recruitment ? 67 . : Email Id : (if any) Mobile No. : Sex : Q1.

graduate . income should be nearly 2 lacs)? • Yes • No • Partially Q3. living in a city for more than 5 years . Which age group of people are generally forms the majority as a Financial Advisor? • 25-30 years • 30-50 years • 50-65 years Q4. Which kind of trainings are generally provided by the HDFC-SLIC for the Advisors ( which is compulsory by the IRDA before sitting for the test)? • Online Training • Classroom Training 68 r . age>25 yrs . Does the people recruited fulfils all the criteria for being financial advisor (criteria.• Natural market • References • Advertisement • Consultants Q2.married .

How many Financial Advisors are generally recruited by the company (at the kothrud)? • >10 • 10>25 • 25>50 • 50>60 Q7.• Both Q5. Which kind of training does generally future financial advisors goes for? • Online Training • Classroom Training Q6. Are you satisfied with the procedure of test conducted by the IRDA department? • Yes • No • Can’t Say 69 . Do the recruited people do have the knowledge of insurance sector? • Yes • No Q8.

Q9. Do all the recruited people continue working as Financial Advisor? • Yes • No • Can’t Say Q10. What is the average work experience of Financial Advisor in HDFC STANDARD LIFE? • No experience • More than 2 years • Less than 2 years Q11. Do everyone attend 21 days training program ? • Yes • No 70 . Who are mostly appointed for the post of Financial Advisor? • Banking & Finance • Medical Science • IT • Lawyer • Teacher • Others Q12.

13 Why one generally want to join HDFC STANDARD LIFE as Financial Advisor ? • Pinnacle Programme • Extra Income • No Capital 71 .• Can’t say Q.

72 .

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