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.


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

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

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. The group set up Standard Life Bank. when it opened a branch in Frankfurt. 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. 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. which had previously been the in-house investment management unit of the group’s life assurance and pensions business. Its Canadian branch was founded in 1833 and its Irish operations in 1838. The group acquired Prime Health Limited (subsequently renamed Standard Life Healthcare) in the United Kingdom in 2000. Standard Life Asia Limited (“SL Asia”). was separated into a distinct legal entity in the same year. its UK mortgage and retail savings banking subsidiary. 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 . Standard Life Asia Limited/Joint ventures – The group’s Hong Kong subsidiary. in 1998 and Standard Life Investments.The Standard Life group originally operated only through branches or agencies of the mutual company in the United Kingdom and certain other countries. Standard Life Healthcare expanded in March 2006 with the acquisition of the PMI business of FirstAssist. with the intention of positioning itself as a broad range financial services provider. This largely remained the structure of the group until 1996. 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.

is one of India's leading private insurance companies. which offers a range of individual and group insurance solutions. Service company Following the group’s strategic review in 2004. SLB and SLH. based in Ireland. 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 established a service company structure for the provision of central corporate services to the group’s business units. facilities. Sales of these products commenced in 2006. 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. through which it could sell tax-efficient investment products into the United Kingdom.pensions joint venture) and 2003 (in relation to the investment management joint venture). It is a joint venture between Housing Development Finance Corporation 7 . which employ their staff directly). including IT. and employs staff working in the group’s UK and Irish operations (other than SLI. Company prospects Introduction HDFC Standard Life Insurance Company Limited. Standard Life Employee Services Limited (“SLESL”) supplies a wide range of central services to the rest of the group. legal and human resources services.

2005 and 2006 at the Money Marketing Awards. HDFC has set benchmarks for the Indian housing finance industry. while the rest is held by Others. and to Standard Life Bank since its inception in 1998. Customer Service and satisfaction has been the mainstay of the organization. London and Singapore with service associates in Saudi Arabia. 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.00. the total asset size has crossed more than Rs.00% of equity in the joint venture. HDFC has undertaken a lot of consultancies abroad assisting different countries including Egypt. Standard Life Bank was awarded the 'Best Flexible Mortgage Lender' at the Mortgage Magazine Awards in 2006. investment. Our Parentage HDFC Limited HDFC Limited. earning the trust of more than 9. 82. It currently has a customer base of around 7 million people who rely on the company for their insurance.Limited (HDFC Limited). Maldives. holds 72. Ltd.800 crores. holds 26. banking and healthcare needs.000 crores including the mortgage loan assets of more than Rs.43% and Standard Life (Mauritius Holding) 2006. 95. India's leading housing finance institution and a Group Company of the Standard Life Plc.3 million families own a home. India’s premier housing finance institution has assisted more than 3. Qatar. 8 . Standard Life was awarded the 'Best Pension Provider' in 2004. It is a leading pensions provider in the UK. since its inception in 1977 across 2400 cities and towns through its network of over 250 offices. and it was voted a 5 star life and pension’s provider at the Financial Adviser Service Awards for the last 10 years running. pension. Its investment manager currently administers £125 billion in assets. The corporation has a deposit base of Rs. 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. As of December 2008. 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. 17. 2009 HDFC Ltd. It has international offices in Dubai. and Bangladesh in the setting up of housing finance companies. The '5 Star' accolade has also been awarded to Standard Life Investments for the last 10 years. Kuwait and Oman to assist NRI’s and PIO’s to own a home back in India. UK. As on February 28.551 crores.000 depositors.

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

He is also the Executive Chairman of Housing Development Finance Corporation Limited (HDFC Limited). Mistry joined the Board of Directors of the Company in December.Profile of the Board of Directors Mr. Keki M. He is currently the Managing Director of HDFC Limited. 2000. Mr. He was appointed as its Managing Director in November. 2002. He was inducted as a wholetime director of HDFC Limited in 1985 and was appointed as its Executive Chairman in 1993. Mistry is a Fellow of the Institute of Chartered 10 . Sir Alexander M. Parekh is the Chairman of the Company. Mr. He was appointed as the Group Chief Executive of the Standard Life Group in March 2004. Sir Crombie is a fellow of the Faculty of Actuaries in Scotland. 2000. Crombie joined the Board of Directors of the Company April. Parekh is a Fellow of the Institute of Chartered Accountants (England & Wales). He joined HDFC Limited in 1981 and became an Executive Director in 1993. He joined HDFC Limited in a senior management position in 1978. He is the Chief Executive Officer of HDFC Limited. He has been with the Standard Life Group for 34 years holding various senior management positions. Mr. Deepak S.

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

Divan was the Former Chairman and Managing Committee Member of Midsnell Group International. Gautam R. an International Association of Independent Accounting Firms and has authored several papers of professional interest. Associate Companies HDFC LIMITED HDFC BANK HDFC MUTUAL FUND 12 . Divan has wide experience in auditing accounts of large public limited companies and nationalised banks. 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.Mr. Mr.

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

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

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

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

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

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. at 5-year intervals during the term of policy. a payment equal to the basic sum assured plus any bonus additions less the cash lump sums paid is provided. 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. D) Unit linked youngster plan:HDFC Unit linked Young Star plan is designed to provide a lump sum to the child at maturity. 18 .i) Payment of cash lump sum. the basic sum assured plus any bonus additions is provided. The lump sum mentioned is the basic sum assured plus any bonus additions. It also provides financial security to the child in his future. ii) On survival up to maturity. This is over and above the earlier payouts. ii) It provides a lump sum payment to the life assures on survival up to maturity.

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

13. BHARTI AXA Head Office – Edinburgh. 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 .

• 1991 3 star service award • Standard Life has been awarded the "Raising Standards" quality mark. have appropriate products and Provide a quality service for the customers. Life & Pensions Awards 21 . This shows that the Company: • • • uses clear language to describe their products on key documents.  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.

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

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.


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

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

Hdfc-slic.In Indian market . Total non –life insurance premium is mere of 0. according to sources 30 cores people of India can afford insurance however only 8 cores of them have taken away. The efforts of government companies have lacked sincerity . Bajaj-allianz. to avail this may international players including the world leaders have setup their business in India form the last so many years.. The latest foreseen in Indian market and the success of liberalized market in emergent economies to make this opportunity . 28 . Icici Prudential life . Life insurance in a year is collected is only 2% of GDP in India with that of 12 % in USA.6% of GDP which is almost negligible.e. i. the opportunity for insurance companies is huge. as there is large untapped market even after 61 years of nationalization . on the basis of this it can be sold that there is huge scope for insurance in India.Max life insurance corporation .

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

Change in the mentality of people 7. Fear of the market to crash down. 2. ICICI & Bajaj Allianz is the major competitor with better network. . Employee attrition. 6. 5.7.LIC. 6. 4. 3. THREATS 1. Sometimes right advice is not given to the customers. Strong brand of the bank helps to boost sales in market. 30 . 8. Getting leads from the branch members. Many private players are coming into the market. 3.1 in adapting new technologies like online search etc. 4. Change in the policies of IRDA. The full charges are not revealed to the customers OPPORTUNITIES In India still there is a big market for insurance field. 75% of Indian market is still untapped. 1. Threats from other banks selling same types of investments. Some brands in the market gives there product with more features. Attract more people by providing more customer centric products. 5. 2. Tie up with brokers also having a large data base of the customers. No. 8.

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

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. However.” “Business finance can broadly be defined as the activity concerned with planning Rising. as a management function it has a special meaning.MEANING OF BUSINESS FINANCE In general finance may be defined as the provision of money at the time it is wanted. controlling and administrating of the funds used in the business.” 32 . Finance function may Be defined as the procurement of funds and their effective utilization.

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

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

the demands of well 2) The Social Factors – These also affect the recruitment policy of an organization.3) It should provide employees with job security and continuous employment. 5) It should match the qualities of the employees with the requirements of the work for which they are employed. 4) It should integrate organizational needs and employee needs. recruitment has two aspects1) To find out the number of vacancies to be notified and the type of applicants needed to fill them. big or small has to engage in recruitment of persons. 6) It should highlight the necessity of establishing job analysis. 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. FACTORS AFFECTING RECRUITMENT : Every organization. 2) To approach the potential applicants to apply for such vacancies. As a result of the new economic policy. 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. have forced organization to 35 .

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

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

2. E-recruitment 12. 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. Data Bank 4. Competitors 7. many organizations face critical problems in choosing the people. Recruiting Agencies 6. After identifying the sources of human resources. searching 39 . Professional Organization 3. Walk in 5. Displaced Persons 8. Selection techniques and methods reduce the complexities in choosing the right candidates for the job. Infact. It is difficult for the HR manager to employ the suitable people out of the pool.

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 selection process can be successful if the following requirements are satisfied:  Someone should have the authority to select. experience. 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. as developed by an analysis to the workload and work force.for prospective employees and stimulating them to apply for jobs in an organization. a comprehensive job description and job specification should be available before hand. This authority comes from the employment requisition. i. nature and behavior. 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 .  There must be a sufficient number of applicants from whom the required number of employees may be selected. the management has to perform the function of selecting the right employees at the right time. 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 obvious guiding policy in selection is the intention to choose the best person who have good social contact.e. If the right person is selected.  There must be some standard of personnel with which a prospective employee may be compared. he is valuable asset to the organization . physical and mental ability.

job description. 41 . (B) HUMAN RESOURCE PLAN: Every company plans for the required number of and kind of employees for a future date. which are useful for comparison with the job requirement and employee specifications. 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.or not for the job. Every organization should finalize the job analysis. This is the basis for recruitment function. 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. At each step facts may come to light.

(D) DEVELOPMENT OF BASES FOR SELECTION: The company has to select the appropriate candidates from the pool of applicants. It is the basis for the remaining technologies of the screening the candidates in order to select the appropriate candidates for the jobs. nature of business activities. It can also be used as a device to screen the candidates at the preliminary level.(c) RECRUITMENT: Recruitment refers to the process of searching for prospective employees and stimulating them to apply for jobs in an organization. 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. The techniques of application blank are traditional and widely accepted for securing information from the prospective candidates. Many companies formulate their own style of application forms depending upon the requirement of information based on the size of the company. (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 .

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

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

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

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

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

MULTI-DIMENSIONAL TESTING: However. 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. candidate s ability to integrate the multi-skills and potentiality to apply them based on situational and functional requirement. 48 . competitiveness and the consequent customer-centered strategies.

the candidate is given the freedom to tell about himself by revealing his knowledge on various items/areas. which can be conducted at any place by the person to secure the basic and non-job related information. (2) Unstructured interview: In this interview. the interviewer also providesinformation on various items required by the candidate. his background. talent etc. CORE INTERVIEW: It is normally the interaction between the candidates and the line executive or experts on various areas of job knowledge.(J) INTERVIEW: Final interview follows after tests. 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. This is the most essential step in the process of selection. interest etc. Similarly. expectations. skill. This interview may take various forms like: (1) Back ground information interview: 49 . The different types of interviews are: PRELIMINARY INTERVIEW: (1) Informal interview: This is the interview. 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.

health. methods of handling those areas etc. criticizing his opinions. family. All the candidates are brought into one room and are interviewed one by one under group interview. methods of doing the job. critical/problematic areas. The interviewer tests candidate by putting him under stress and strain by interrupting the applicant from answering. place of domicile. interest. This method helps a busy executive to save valuable time and gives a fair account of the objectivity of the interview to the candidates. (4) Group discussion interview: There are 2 methods of conducting group discussion interviews. Under the discussion interview method. asking questions pertaining to unrelated areas. 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. group interview method and discussion interview method. Stress during the middle portion of the interview gives effective results. hobbies. keeping silent for unduly long periods after he has finished speaking etc. activities. likes. This type of interview is often invalid. Stress interview must be handled with utmost care and skills. dislikes and extra curricular activities of the applicant. viz. (3) Stress interview: This interview aims at testing the candidate s job behavior and level of understanding during the period of stress and strain.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. (2) Job and probing interview: This interview aims at testing the candidate s job knowledge about duties. one topic is given for discussion to 50 .

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

The personnel manger also interviews the candidates with a view to find out his reaction/acceptance regarding salary. interviewers look for the candidates with the right attitude while making final decision. Most of the organizations have realized that employee s positive attitude matters much rather than employee s skill and knowledge.  The offer. 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. tolerance of hardworking conditions. perfect hearing unusual stamina.planning. Medical examination reveals whether or not a candidate possesses these qualities. which finally makes the decision about the candidate s performance and their ranks in the interview. allowances. clear tone etc. 52 . 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. 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. opportunities etc. work adjustment and allotment etc. benefits. Employees with positive attitude contribute much to the organization. promotions. Hence. promotional opportunities. (K) MEDICAL EXAMINATION: Certain jobs require certain physical qualities like clear vision.

job description. They are job title. 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 . pay and allowances. Reference checks are taken as a matter of routine and treated casually or omitted entirely in many organizations. a personal visit is superior to the mail and telephone methods and is used where it is highly essential to get the detailed. Incase the reference check is from the previous employer. rate of absence. information regarding candidate s regularity at work. progress etc. These references may be from the individuals who are familiar with the candidates academic achievement or form the applicant s previous employer. Candidates are required to give the names of references in their application forms. However. Often a telephone call is much quicker. character and behavior. and sometimes from coworkers. which can also be secured by observation. Further. information for the following areas may be obtained. willingness of the previous employer to employ the candidate again and soon. character.(L) REFERENCE CHECKS: After completion of the final interview and medical examination. (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. The method of mail provides detailed information about the candidate s performance. and period of employment. the personnel department will engage in checking references. benefits provided. can be obtained. actual information. who is well versed with the applicant s job performance. But a good reference check used sincerely will fetch useful and reliable information to the organization. gross emoluments.

implications. (O) EMPLOYMENT: The company may modify the terms and conditions of employment as requested by the candidate. after taking the final decision. (N) JOB OFFER: Thus. 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 offers the job to the successful candidates either immediately or after some time depending upon its time schedule. 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. 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. 54 .

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

Salary offer is a part of Human resource division while personnel and administration division handles salary administration. 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. METHODOLOGY Generally two types are data are used for any research. Secondary Data Primary Data – Primary data are the data which are original in character.joining. either through questionnaire or through personal interviews. which are very important for the research. these can be discussed as – 1. Secondary data – 56 . Primary Data 2. obtained for the first time. being collected from the respondents.

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

FINANCIAL REPORT PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED MARCH Balance brought forward from Previous year 5.16.745 .10.82.000 — PROFIT/(LOSS) AFTER TAX 52.710 136.12.96. 2008 Schedule Previous Year: Rupees(2008) INCOME Management Fee Interest Dividend Other Income EXPENDITURE Staff Expenses Administrative and Other Expenses Depreciation General Reserve 70.000 Tax on Preference Dividend 35.57.601 PROFIT/(LOSS) BEFORE TAX Provision for Tax (Net of Deferred tax) Rupees (2007) 12 133.268 Appropriations: Short provision of Income Tax for earlier years (net) — 21.27.888 Education Cass on Equity 58 14 84.54.908 13 2.458 Preference Dividend 23.703 25.100 Provision for Fringe Benefit Tax 35.535 51.925 15 Profit Available for Appropriation 50.19.346 3.054 49.800 6.621 96.38.503 Capital Redemption Reserve — 19.621 3 6.324 17.

42.199 1.39. 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.93.962 (FY 2003 .44.821 75.900 Interim Equity Dividend Paid 8.500 — Tax on Interim Equity Dividend Paid 1.27.435 2007 50.04) — 2.10.027 4.000 2 59.41. Sundry Debtors Cash and Bank Balances Other Current Assets Loans and Advances 2008 1 50.28.500 4 51.535 6 5. 2008 Schedule March BALANCE SHEET AS ON MARCH 31.139 11.90.807 52786549 Earnings Per Share 16.993 63.000 3700459630 12.963 109.963 — Proposed Equity Dividend 8.70.426 5 3.906 1.57.823 9 67.36.726 8 6.000 Tax on Proposed Equity Dividend 1.856 7 Balance carried forward to the Balance Sheet Current Liabilities 59 .94 66. Provisions 11 64.60.694) 109.812 (1433.366 s 19.663 84.035 60 .43.08.149 NET CURRENT ASSETS (9.

 It has been found through the studies that most of the candidate recruited belongs the banking and insurance sector .  The other source of recruitment is through references .  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.e. 61 .  Every year company recruits as many as 50 Advisors in order to increase the sales force of the company. through advertisement. natural market and consultants.  Maximum prospects fulfils all the criteria prescribed by the IRDA. It means that they are having some knowledge about the insurance sector.ANLAYSIS AND FINDINGS From the analyzed data I could find that –  The main source of the recruitment is through external sources i.  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.

 Most of the recruited people continue working as a Financial Advisor. it invests heavily in the advertisements. but somehow the concept of financial advisor was not known 62 . As the timings for the training are full time 10:30 am to 5. 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. For most of the prospects attending 21 days training is a major problem. 7) Although ICICI Prudential is a well known brand. 2) Biased reply of the respondents like giving wrong information. LIMITATIONS 1) This Project Report is restricted only for the interviewed people.00 p. 3) Non availability of the data or the relevant information of the respondent.m.  For most of the prospects they join HDFC STANDARD LIFE for the extra income. 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. 6) Time Constraints – The duration of the project is only 2 months.

While doing this project it is found that recruiting of the advisor is done by the Unit Manager. and the parameters on which the advisors are to be recruited are : • Income Level – 1. It is found that in the last five years the Indian economy has progressed. the customers and it requires great amount of efforts to convince the various benefits to them.e.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. 2. their work experience and the age wise distribution. which has increased the average purchasing power & the insurance sector has contributed significantly in this. 63 . CONCLUSION AND SUGGESTION 1. 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 study of the profile of the advisor is depending on their industry background i.

6. 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. 1 Private Life Insurance Company. 7. Most of the prospects wanted to join. who can give & generate long term business for the company. so to analyze the prospects & study their status is very important thing.  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. Based on the findings in the Research following suggestions are made –  Finding new prospects is like breathing.  Company should go for regular Market Survey for finding out the smart worker who can stay under the Managers Sales Team. and will generate long term business. so Unit Manager should be in regular touch with the market so that he will gets some good prospects.5. as their first preference to earning extra money. third to Association with the No. second to start business with no capita investment. It is important to appoint only those prospects as financial advisor. 64 .

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


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

Does the people recruited fulfils all the criteria for being financial advisor (criteria.• Natural market • References • Advertisement • Consultants Q2. graduate . 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.married . age>25 yrs . income should be nearly 2 lacs)? • Yes • No • Partially Q3. 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 .

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

Do everyone attend 21 days training program ? • Yes • No 70 .Q9. Who are mostly appointed for the post of Financial Advisor? • Banking & Finance • Medical Science • IT • Lawyer • Teacher • Others Q12. 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 all the recruited people continue working as Financial Advisor? • Yes • No • Can’t Say Q10.

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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