HDFC STANDARD LIFE INSURANCE, JAMSHEDPUR

A SUMMER TRANING REPORT On “A MARKET RESEARCH ON FINANCIAL CONSULTANT IN HDFC SLIC LIMITED, JAMSHEDPUR
At HDFC STANDARD LIFE INSURANCE COMPANY LIMITED JAMSHEDPUR Prepared By

SACHIDANAND SINGH (08fc128) PGDFC Institutional Guide Prof.S.P.PADHI
COMPANY GUIDE MR.RAJNEESH KUMAR

As a partial fulfillment of PGPFC programmed

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INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE,BHUBANESWAR

HDFC STANDARD LIFE INSURANCE, JAMSHEDPUR

DECLARATION

I hereby declare that this project report submitted by us in Partial fulfillment of the Post Graduate Diploma in Services FINANCE &

CONTROL from the Institute of Management and Information Science,
Bhubaneswar, is exclusively Prepared & conceptualized by me and is not submitted to any other organization or Published anywhere before. This is the work which is done by us under the guidance and supervision of my Company guide Mr. RAJNEESH KUMAR (Sales development manager).

Date:

Signature ( Sachidanand Singh)

ACKNOWLEDGEMENT

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INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE,BHUBANESWAR

HDFC STANDARD LIFE INSURANCE, JAMSHEDPUR

At the very outset, I would like to express my sincere and profound gratitude to Captain K.S.V Subramanian (Retd.), Chief Coordinator (Placement), IMIS for taking the trouble to provide us an opportunity to undergo our summer training at HDFC

SLIC, outskirts of Jamshedpur in INSURANCE SECTOR.

I would also like to express MY deep sense of gratitude to Mr. RAJNEESH KUMAR, (SDM) &MR B.P. KERKETA (HR HEAD), at HDFC SLIC JAMSHEDPUR, for giving me an opportunity in getting exposure of functional aspects and practical experience of an organization.

I also express my profound gratitude to Prof. S. P.Padhi (Faculty of finance & control, IMIS), for helping, guiding and also giving required information and suggestions that expand/enrich our knowledge to take a proper decision.

Last but not the least I am thankful to all the staff of HDFC SLIC JAMSHEDPUR, for their kind cooperation for the success of my project. THANK YOU…………………

EXECUTIVE SUMMARY

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INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE,BHUBANESWAR

was used for secondary data. PREFACE 4 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. The project assigned to me is –“A market research on financial consultant‟‟. 3) To find out the technological innovations and strategies which are needed to be adopted by the hdfc slic in order to retain their development. JAMSHEDPUR I had undergone a project in. as a partial fulfillment of Post Graduate Diploma in Finance & control from the Institute of Management and Information Science. The principal methodology adopted in the project was conclusive surveys/Observation. previous project report. 2) To find out insurance pattern with their behavior in various aspects that is time value of money.HDFC STANDARD LIFE INSURANCE. JAMSHEDPUR. with taking into account the changing customer preference and availability of alternatives. The major objectives of this project are: 1) To get an overview of the insurance industry. HDFC SLIC LIMITED.BHUBANESWAR .. and Internet. which was conducted with the help of interaction and some interview with the same for the collection of primary data. magazines etc.

I have undergone summer training in HDFC STANDARD. JAMSHEDPUR. during which a study is to be done in an organization mainly to extract the practical knowledge & skill from actual work environment. CONTENTS 5 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. For which a report has been prepared with suggestions and opinion of the respective subject given by me. JAMSHEDPUR As a partial fulfillment of the PGPFC course in which Eight weeks training has been incorporated in the curriculum.BHUBANESWAR . with a hope that it will be a tool to help the organization through the findings and opinion given in the report. This project provided me an opportunity to gain profound insight into a practical applicability of management concepts and developing better ability to analyze problems and decisions that has contributed significantly for better use of resources available to the management. In this report every possible step that had been taken in the project are shown as a glimpse.HDFC STANDARD LIFE INSURANCE. in the title of the project––“A MARKET RESEARCH ON FINANCIAL CONSULTANT”. To understand and to apply the concepts of the curriculum.

HDFC STANDARD LIFE INSURANCE.2 Scope Chapter II 2. JAMSHEDPUR  Certificate  Declaration  Acknowledgement  Executive Summary  Preface Chapter I Introduction 1.2 A complete view on FINANCIAL CONSULTANT Chapter III 3.1 Company Profile 3.2 4.2 Findings/Conclusions Chapter V Bibliography I II III IV V 08 09 10 11 17 24 46 62 69 6 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.1 Objective 1.1 4.1 Introduction 2.BHUBANESWAR .1 Data analysis and Interpretation 4.2 Product scope Chapter IV 4.

JAMSHEDPUR Chapter-I  OBJECTIVE  Scope 1.HDFC STANDARD LIFE INSURANCE.BHUBANESWAR .1 OBJECTIVES 7 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.

JAMSHEDPUR Our overall objective in writing this report is:  To get an overview of the FINANCIAL ADVISOR.  To find out the technological innovations and strategies which are needed to be adopted by the hdfc in order to retain their development.2 SCOPE 8 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. 1.  To find out FINANCIAL CONSULTANT WORKING BEHAVIOR and their spending power in various aspects that are time value of money and flexibility towards hdfc slic.BHUBANESWAR . with taking into account the changing customer preference and availability of alternatives through financial consultant.HDFC STANDARD LIFE INSURANCE.  To analyze the extent to which FINANCIAL CONSULTANTS ARE AS instrumental in the development of insurance for HDFC SLIC.

expenditure. flexibility etc. I was assigned with the topic as 9 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. The title of my project is ––“A market research on financial consultant” means  To find out the Behavior pattern and side by side their spending power in various aspects that are time value of money.1 INTRODUCTION:- At HDFC Standard Life Insurance. To have a clear and practical exposure of the corporate . JAMSHEDPUR People differ from each other not only due to the biological characteristics but also due to financial position such as income. According to these their needs varied from each other.BHUBANESWAR .  To gain a lucrative career.HDFC STANDARD LIFE INSURANCE. Due to this the financial requirement and ability to get the requirement differ from person to person so the financial strategies/ market. 2. saving they have.

JAMSHEDPUR “Market Research on Financial Consultant” for my project works.  He should complete IRDA training. Financial Consultants are those sources of a company who have their own relations and personal contacts among common public that they use to generate business through. Company has certain criteria to recruit these Financial Consultants. 10 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.HDFC STANDARD LIFE INSURANCE. The steps are as follows. The selection of the topic was in order to take know how do these companies generates business through them.  He should clear the IRDA exam. Some other criteria:  He should have good personal contacts.  He should through successfully the exam and training.  He should be at least 12th passed.BHUBANESWAR .

HDFC STANDARD LIFE INSURANCE.2 Work of financial consultant: The FC is the interface between the customer and insurance company.  He should be above 18th year old. Recruitment of Financial consultant (FCs) of a excellent profile and their retention strategies and what are their benefit that company going to provided for retention of their FCs. 2. The agent should be able to accomplish the following service.  Finding the best product or products available in the market. JAMSHEDPUR  He should have convincing power.BHUBANESWAR . (A) What type of people are we looking for? 11 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.  Assessing and analyzing the clients risk profile.  Continuity of service throughout the period of insurance.  Negotiating the best deal available.

 We look forward to a long term mutually beneficial relationship. JAMSHEDPUR  Committed people who have the drive.  Sell at least 5 policies each month once after licensed with company.HDFC STANDARD LIFE INSURANCE.  Brand value and the reputation of the partners standard life:  175 years experience in life insurance. 12 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.  Reputation for providing the higher standards of customer service.  Ability to sell a range of financial products.  Largest mutual life insurer in Europe. (B) What do We Expect from financial Consultant?  Devote a time and energy during training. determination and ability to become professional financial consultants.BHUBANESWAR .  Financial Strength of the partners.  (C) Why should financial consultant choose HDFC standard life ? Brand value and the reputation of the partners (HDFC Limited) Market leader in housing finance: o 15 lakhs home financed. o lakhs retail deposits customer base.

JAMSHEDPUR  Product innovation. 4. 2. Open the call in a friendly and positive way. State the reason for the call. Some important steps to make effective telecalling:- 1. State the name. Once he through all these steps of recruitment.BHUBANESWAR .HDFC STANDARD LIFE INSURANCE. There are some reward and tour package also. Check the prospect has time to speak. 3. 5. position and company name. he becomes the legal Financial Consultant of the company and reserve the right to sale the policy to any prospect client also he is paid the commission a certain percentage. Clearly succinctly explain how the meeting will be benefiting the prospect. Strategies: Strategies Employed to achieve the target are as follows: Telecalling  Contacting the person directly (interview)  Collect references. 13 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.

Whereas I found my interest in dealing. The Financial consultants are another channel through which the company sales its policy. IMPORTANCE TO THE COMPANY: 14 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. some of the experts say only 20% of Indian population is insured which means 80% Indian are not insured and therefore having a bright prospect of progress of this sector where I too would like to build my career and be a part of success story. JAMSHEDPUR REASON FOR SELECTION OF THIS TOPIC: The financial sector is one of the booming and increasing leaps and bounce. It is really difficult to convince and sale a single policy but since these consultants have their contacts which they can sale a single policy.HDFC STANDARD LIFE INSURANCE. interacting and Handling a team.BHUBANESWAR . because all this most of time park you in some critical zone which becomes challenge for you and your responsibility becomes the critical situation or problems.

LEARNING FROM THE STUDY:  The process of recruitment of HDFC SLIC limited. The ultimate purpose of giving me this topic was to revise its recruitment policy/process.  How is the training given? 15 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.HDFC STANDARD LIFE INSURANCE. JAMSHEDPUR After interacting with company‟s marketing head I got to know that they have many Financial Consultants but not getting the policies up to the expectations level of the Company.BHUBANESWAR . Company is really interested in knowing if there is any mistake or lacking somewhere in process of recruiting and or the criteria they have fixed for the recruitment.

HDFC STANDARD LIFE INSURANCE.BHUBANESWAR . JAMSHEDPUR  What are the criteria of selection?  The culture of insurance company particularly of HDFC.1 ORGANIZATIONAL PROFILE FORMATION OF COMPANY 16 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.  What are the problems faced by these financial consultants on daily basis?  How to convince and convert the prospect client into real Client? 3.

2000 stood at Rs. 119 crores. The net worth of the corporation as on March 31. 2. HDFC was incorporated with the primary objective of meeting a social need that of promoting home ownership by providing long-term finance to households for their housing needs. with service associates in Kuwait. HDFC was promoted with an initial share capital of Rs. JAMSHEDPUR HOUSING DEVELOPMENT FINANCE CORPORATION: HDFC was started by Hasmukh Bhai Parekh in1977 with the formation of Malhotra Committee. HDFC has since emerged as the largest residential mortgage finance institution in the country. India HDFC also has an international office in Dubai. The corporation has had a series of share issues raising its capital to Rs. HDFC operates through 75 locations throughout the country with its Corporate Headquarters in Mumbai.HDFC STANDARD LIFE INSURANCE.A. 17 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.E.096 crores.. Oman and Qatar. U. 10 crores.BHUBANESWAR .

 Provide consistently high returns to shareholders. JAMSHEDPUR HDFC‟s main goals are to:  Develop close relationships with individual households. 18 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.HDFC STANDARD LIFE INSURANCE.  Maintain its position as the premier housing finance institution in the Country.  Transform ideas into viable and creative solutions.  To grow through diversification by leveraging off the existing client base.BHUBANESWAR . STANDARD LIFE: 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. Standard Life was reincorporated as a mutual assurance company in 1925.

BHUBANESWAR .HDFC STANDARD LIFE INSURANCE. was incorporated in 1999 as a joint venture and became a wholly-owned subsidiary of Standard Life in 2002. which has been in the life insurance business for the past 182 years. Standard Life Asia Limited (“SL Asia”). JAMSHEDPUR Standard Life is Europe's largest mutual life assurance company. opening offices in other towns and acquiring other similar businesses. Standard Life currently has assets exceeding over £70 billion under its management and has the distinction of being accorded "AAA" rating consequently for the past six years by Standard & Poor. STANDARD LIFE ASIA LIMITED/JOINT VENTURES: The group‟s Hong Kong subsidiary. Standard Life. is a modern company surviving quite a few changes since selling its first policy in 1825. The group‟s operations in Hong Kong were established to give 19 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. The company expanded in the 19th century from its original Edinburgh premises.

Its investment manager currently administers £125 billion in assets 20 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. It currently has a customer base of around 7 million people who rely on the Company for their insurance. STANDARD LIFE GROUP: 1. JAMSHEDPUR the group a presence in the Far East from which it could expand into China.HDFC STANDARD LIFE INSURANCE. banking and health-care needs. 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 pension‟s joint venture) and 2003 (in relation to the investment management joint venture). The group‟s joint venture in China with Tianjin Economic Development Area General Company (“TEDA”) became operational in 2003. The Standard Life group has been looking after the financial needs of customers for over 182 years · 2.BHUBANESWAR . 3. investment. pension.

It is a leading pensions provider in the UK. It was voted a 5 star life and pension‟s provider at the Financial Adviser Service Awards for the last 10 years running. and to Standard Life Bank since its inception in 1998. JAMSHEDPUR 4. and 6. LTD. Standard Life was awarded the 'Best Pension Provider' in 2004. 2005 and 2006 at The Money Marketing Awards. 8.BHUBANESWAR .HDFC STANDARD LIFE INSURANCE. Standard Life Bank was awarded the 'Best Flexible Mortgage Lender' at the Mortgage Magazine Awards in 2006. The '5 Star' accolade has also been awarded to Standard Life Investments for the last 10 years. INCORPORATION OF HDFC STANDARD LIFE INSURANCE CO. 7. 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 5.: 21 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.

which offers a range of individual and group insurance solutions. while Standard Life owns 18. JAMSHEDPUR The company was incorporated on 14th August 2000 under the name of HDFC Standard Life Insurance Company Limited.HDFC STANDARD LIFE INSURANCE.6%. this is the maximum investment allowed under current regulations.BHUBANESWAR . is one of India‟s leading private life insurance companies. HDFC Standard Life Insurance Company Ltd. with 81. The ambition of HDFC Standard Life is to mirror the success of the parent Companies and be the yardstick by which all other insurance companies in India are measured. this ambition was realized when HDFC Standard Life was the first life company to be granted a certificate of registration. HDFC and Standard Life have a long and close relationship built upon shared values and trust. It is a joint venture between Housing 22 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. Their ambition from the beginning was to be the first private company to reenter the life insurance market in India.4%. On the 23rd of October 2000. Given Standard Life's existing investment in the HDFC Group. HDFC are the main shareholders in HDFC Standard Life.

leading providers of financial services in the United Kingdom. individuals as well as to companies looking to provide benefits to their employees. India‟s leading housing finance institution and one of the subsidiaries of Standard Life plc.HDFC STANDARD LIFE INSURANCE. JAMSHEDPUR Development Finance Corporation Limited (HDFC Ltd. Both the promoters are well known for their ethical dealings and financial strength and are thus committed to being a long-term player in the life insurance industry.2 PRODUCT SCOPE: HDFC Standard Life offers a bouquet of insurance solutions to meet every need.BHUBANESWAR .). 3. 23 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. The company caters to both.

Gratuity. Leave Encashment and Superannuation Products. The products of the company are categorized into various sections which are as follows: A. RURAL PRODUCTS D. pension and savings plans that assist and nurture dreams apart from providing protection. These affordable plans apart from providing long term value to the employees help in enhancing Goodwill of the company. SOCIAL PRODUCTS E. For organizations they have a host of customized solutions that range from Group Term Insurance. investment. The customers can choose from a range of products to suit their life-stage and needs.BHUBANESWAR . the company has a range of protection. INDIVIDUAL PRODUCTS B.HDFC STANDARD LIFE INSURANCE. TAX BENEFITS 24 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. JAMSHEDPUR For individuals. GROUP PRODUCTS C.

JAMSHEDPUR For Individuals. investment. Leave Encashment and Superannuation Products. 3. HDFC Loan Cover Term Assurance Plan. HDFC Standard Life has a range of protection.BHUBANESWAR . INDIVIDUAL PRODUCT: 1. These affordable plans apart from providing long term value to the employees Help in enhancing goodwill of the company. HDFC Money Back Plan.HDFC STANDARD LIFE INSURANCE. 25 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. HDFC Term Assurance Plan. 2. Customer can choose from a range of products to suit his life-stage and needs. HDFC Single Premium Whole of Life Plan. 7. HDFC Endowment Assurance Plan. HDFC Standard Life has a host of customized solutions that range from Group Term Insurance. HDFC Personal Pension Plan. pension and savings plans that assist and nurture dreams apart from providing protection. Gratuity. 5. For Organizations. 4. 6. HDFC Children's Plan.

10. These will help secure customer future as well as the future of family. varied range of products that customer can choose from to suit all needs. 26 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. HDFC Unit Linked Pension Plus. 13. HDFC Unit Linked Endowment Plus. 12. HDFC Unit Linked Young Star. disability or sickness. 11. HDFC Unit Linked Pension. HDFC Unit Linked Endowment. HDFC Unit Linked Young Star Plus At HDFC Standard Life realize that not everyone has the same kind of needs. 9. JAMSHEDPUR 8. These plans offer Valuable peace of mind at a small price.HDFC STANDARD LIFE INSURANCE. Protection Plans: Customer can protect his family against the loss of his income or the burden of a loan in the event of his unfortunate demise.BHUBANESWAR . Keeping this in mind.

HDFC STANDARD LIFE INSURANCE.BHUBANESWAR . Unit Linked Pension. JAMSHEDPUR HDFC Standard Life Protection range includes Term Assurance Plan & Loan Cover Term Assurance Plan. Investment Plans: HDFC Standard Life Single Premium Whole of Life plan is well suited to meet long term investment needs. HDFC Standard Life provides with attractive long term returns through regular Pension Plans: HDFC Standard Life Pension Plans help secure financial independence even after retirement. Savings Plans: HDFC Standard Life Savings Plans offer flexible options to build savings for future needs such as buying a dream home or fulfilling children‟s immediate and future needs. 27 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. and Unit Linked Pension plus Savings Plans. Pension range includes Personal Pension Plan.

BHUBANESWAR .HDFC STANDARD LIFE INSURANCE. JAMSHEDPUR Group Products: 1. 4. 2. Superannuation Group Unit Linked Pla6. Gratuity Group Unit Linked Plan. Group Unit Linked Plan. Group Term Insurance. 3. Leave Encashment PRODUCT PORTFOLIO: 28 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. Group Variable Term Insurance. 5.

BHUBANESWAR . Your insurance need will change as your life does. from starting to work to enjoying your golden years and all the stages in between. Each one of these stages may 29 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.HDFC STANDARD LIFE INSURANCE. JAMSHEDPUR HDFC offers products as per the life stages of the customers and their respective needs.

we have drawn up the basic life stages and help you analyze various insurance needs accordingly. LIFE STAGES & NEEDS IN THAT STAGES STAGE 1: YOUNG & SINGLE An important stage where one lays down the foundation of a successful life ahead. JAMSHEDPUR pose a different insurance need/cover for you.BHUBANESWAR .HDFC STANDARD LIFE INSURANCE. 30 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. Take advantage of the time and power of compounding to ensure that you build up your dreams. In this section. Start saving early.

JAMSHEDPUR NEEDS:  Save for Home & Wedding  Tax Planning  Save for Golden Years STAGE 2: JUST MARRIED Marriage brings about a significant change. 31 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. New dreams and new opportunities also bring in additional responsibilities.HDFC STANDARD LIFE INSURANCE. While both of you look forward to a happy and secure life.BHUBANESWAR . it is equally important to ensure that eventualities don‟t come in the way of shaping your dreams. NEEDS: planning for home / securing your home loan liability.

HDFC STANDARD LIFE INSURANCE. JAMSHEDPUR  Save for vacation. Ensure your protection umbrella takes into account the future cost of securing your child‟s dream.  Save for your first child. NEEDS:  Provide for children's education  Safeguarding family against loan liabilities  Savings for post -retirement 32 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. and having enough life insurance is a way to help ensure that. You need to protect your family from an untoward incident. You will want life to go on for your loved ones. your need for life insurance is even more. STAGE 3: PROUD PARENTS Once you have children.BHUBANESWAR .

HDFC STANDARD LIFE INSURANCE. Think about your Golden years even before you have reached them. Having an early start for retirement planning can make a significant difference to your savings. JAMSHEDPUR STAGE 4: PLANNING FOR RETIREMENT While you are busy climbing the ladder of success today.BHUBANESWAR . NEEDS –  Provide for regular income post retirement  Immediate Tax benefits  Lead a secure. The key is to think ahead and plan well using your time and money. independent and comfortable life 33 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. it is important for you to take time and plan for your life after retirement.

BHUBANESWAR . how this rider works? this rider comes in the picture when the parent expires or becomes permanent disable at that time this rider pay 10% of sum assurance to nominee. COMPARITIVE ADVANTAGE OVER COMPETITORS PRODUCT:  I compared two products. JAMSHEDPUR Style in your retirement years. · 34 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. ·  Both the policies contains same features. in both the policies parent is insured and child in nominee or beneficiary. ICICI smart kid unit link and HDFC young star.HDFC STANDARD LIFE INSURANCE. You May Pay Rs. 30000 per year & take Insurance Cover of Rs.  HDFC Youngster offers Insurance Cover up to 20 Times of Annual Premium. 6 Lacs. ·  You may take Critical Illness Rider in HDFC Young star up to 65 years Age (as it Cheaper than other ULIPS). only additional rider is available in smart kid is income benefit rider (IBR).

 · Rated „AAA‟ by CRISIL and ICRA for the 10th consecutive year 35 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. JAMSHEDPUR  The returns from HDFC Tax saver.6 Lacs 2.HDFC STANDARD LIFE INSURANCE.BHUBANESWAR .  HDFC Standard ULIP Returns are over 70% in last 1 year.3 MILESTONES IN THE HISTORY  HDFC is India‟s leading housing finance institution and has helped build more than23. 2004.3.000 houses since its incorporation in 1977.36. The depositor Base now stands at around 1 million depositors. 00.  HDFC Young star with Maximum Insurance Cover of Rs.  In Financial Year 2003-04 its assets under management crossed Rs. outstanding deposits stood at Rs.840 crores. HDFC LT Advantage fund are better than the Returns from HDFC Standard Life Equity Fund. 7.000Cr.  · As at March 31.

2003" by Outlook Money magazine. close to 80% (Source: AC Neilson ORG MARG. India‟s Number 1 personal finance magazine  · Rated by „Business world‟ as „India‟s Most Respected Private Life Insurance Company‟ in 2004.  · Has the highest brand recall. April 2005)  · Has one of the widest branch networks with offices in over 100 cities servicing over 440 towns. 36 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. JAMSHEDPUR  · Awarded the Economic Times Corporate Citizen of the year Award for its longstanding Commitment to community development.HDFC STANDARD LIFE INSURANCE.  · Presented the „Dream Home‟ award for the best housing finance provider in 2004 at The third Annual Outlook Money Awards  · HDFC Standard Life Insurance is the first private life insurance company to be Granted a license by IRDA  · Rated as the "Best New Insurer .BHUBANESWAR .

4 COLLABORATIONS & AFFILIATIONS: SUBSIDIARY AND ASSOCIATE COMPANIES:  HDFC Bank  HDFC Mutual Fund  HDFC Standard Life Insurance Company  HLSIL  HDFC Chubb General Insurance Company Ltd. JAMSHEDPUR 2.HDFC STANDARD LIFE INSURANCE.BHUBANESWAR .  Other Companies Co-Promoted by HDFC  Financial Information with regard to Subsidiary Companies 37 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.  Intel net Global Services Ltd.

JAMSHEDPUR GROUP COMPANIES 38 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.BHUBANESWAR .HDFC STANDARD LIFE INSURANCE.

HDFC STANDARD LIFE INSURANCE.BHUBANESWAR . JAMSHEDPUR BANCASSURANCE PARTNERS 39 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.

Ltd. PHONE: (Board) (022) 2822 0055 / 6751 6666 Fax: 2822 9998 / 2822 2414 40 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.HDFC STANDARD LIFE INSURANCE. Andheri (East). Mumbai . Road.400 059.V.‟A‟Wing. JAMSHEDPUR 2. Andheri-Kurla Road.BHUBANESWAR . 'Trade Star'.5 HEAD OFFICES AND BRANCHES HEAD OFFICE: HDFC Standard Life Insurance Co. Junction of Kondivita and M. 2nd floor.

6 TABLE OF FINANCIAL FIGURES: 2.27 103.7 QUALITY POLICY:  SECURITY: Providing long term financial security to our policy holders will be our constant endeavor.08 887.94 111. JAMSHEDPUR BRANCH LOCATIONS SITE MAP: ________________________________________________ PARAMETERS APR-MAR 2004-05 (Rs.Cr) APR-MAR 2005-06 (Rs. Hence.15 173.47 Group Business Premium (EPI) 49.HDFC STANDARD LIFE INSURANCE.40 1532.Cr) GROWTH (%) Total received premium 668.58 2.21 129. we will aim to manage their investments very carefully and live up to this trust.25 503.  TRUST: We appreciate the trust placed by our policy holders in us.23 New business 486.47 Effective Premium Income (Total) 436.65 Renewal 182. 41 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.BHUBANESWAR . We will be do this by offering life insurance and pension Products.40 135.15 1028.30 103.

we will aim to manage their investments very carefully and live up to this trust  INNOVATION: Recognizing the different needs of our customers.HDFC STANDARD LIFE INSURANCE. We will be do this by offering life insurance and pension products.  INTEGRITY  CUSTOMER CENTRIC  PEOPLE CARE “ONE FOR ALL AND ALL FOR ONE”  TEAM WORK  JOY AND SIMPLICITY 42 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.  TRUST: We appreciate the trust placed by our policy holders in us.BHUBANESWAR . JAMSHEDPUR QUALITY POLICY: SECURITY: Providing long term financial security to our policy holders will be our constant endeavor. Hence. we will be offering a range of innovative products to meet these needs.

JAMSHEDPUR in FY 2008. 16% branch-4. 120. 38% branch-1 branch-2 branch-3 branch-4 branch-1. JAMSHEDPUR BUSINESS PERFORMED BY HDFC SLIC. branch-3. 65. 150.BHUBANESWAR . 65. 16% branch-2. 30% 43 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.HDFC STANDARD LIFE INSURANCE.

Mgr.HDFC STANDARD LIFE INSURANCE. Mgr Sales Dev . Business Dev. B. Channel Executive 44 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.M. JAMSHEDPUR Chairman MD ZONAL MANAGER REGIONAL MANAGER Retail Marketing TERRITORY MANAGER Branch manager Alternative Chanel Territory Manager Branch Manager Team Manager Operation Chanel Human Resource HR Executive Operation Manager Asst.BHUBANESWAR .

HDFC STANDARD LIFE INSURANCE.1 RESEARCH OBJECTIVES & SCOPE OF RESEARCH PROJECT 3.BHUBANESWAR . HR is not able to short out the problem why the performance is not coming even after giving the full marketing support.1 PROBLEM DEFINATION: Recruit consultants were with good background human being and through rigorous process of recruitment but still not able to perform up to the expectation level of company. 3. JAMSHEDPUR 4.2 OBJECTIVES OF RESEARCH PROJECT: PRIMARY OBJECTIVES:  To recruit more and more Financial Consultant and to promote the benefits those are Provided by HDFC Standard Life to its Financial Consultants 45 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.

3 GEOGRAPHICAL SCOPE: The same problem was with the all other branches of HDFC even out of the Pune city.BHUBANESWAR . 3.  To study awareness of the HDFC Standard life insurance. Though my sample size and geographical area was defined and 46 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. The management is conducting the same research on a big ground while my contribution is tiny. SECONDARY OBJECTIVES:  To determine the need and purpose of Financial Consultant.  To offer suggestions based upon the findings.  To understand the deciding criteria for people to become Financial Consultant. JAMSHEDPUR  To find the different way of recruiting and selecting the Financial Consultants who can produce more and fruitful results.HDFC STANDARD LIFE INSURANCE.  To collect and analysis the information of prospect candidates in order to make them appear in front of management so that they can be selected as financial consultant.

House Wives and Retired Persons in Pune. Share Brokers. JAMSHEDPUR confine to a particular territory but the application of out put from the research are going to be wide.  Corporate marketing of this product. 47 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.HDFC STANDARD LIFE INSURANCE. CHAPTER 4: RESEARCH METHODOLOGY & LIMITATIONS All the findings and conclusions obtained are based on the survey done in the working area within the time limit. Working Professionals. Lawyers. I have collected data from Chartered Accountants. 3.BHUBANESWAR . Businessman. Tax Consultants.4 PROJECT SCOPE:  Market segmentation to find the potential consultants for HDFCSLIC.  To customize benefit package for consultants and help them to overcome their agency problem arising out of their sedentary nature of work. I tried to select the sample representative of the whole group during my job training.

 Exploratory Study: To determine the approximate area where the problem lies. By analyzing the secondary data.BHUBANESWAR . A structured Questionnaire was framed as it is less time consuming. easier to tabulate and interpret. the study aim is to explore the short comings of the present system and primary data will help to validate the analysis of secondary data besides on unrevealing the areas which calls for improvement.1 RESEARCH DESIGN: Research was initiated by examining the secondary data to gain insight into the problem. DEVELOPING THE RESEARCH PLAN: The data for this research project has been collected through self Administration. generates specific and to the point information. Moreover respondents 48 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. JAMSHEDPUR RESEARCH PLAN:  Preliminary Investigation: In which data on the situation surrounding the problems shall be gathered to arrive at  The correct definition of the problem. Due to time limitation and other constraints direct personal interview method is used.  An understanding of its environment. 4.HDFC STANDARD LIFE INSURANCE.

both the types of questions has been used. The secondary data was collected on the basis of organizational file. In questionnaires open ended and closed ended. Tax Consultants. The method of collection of primary data was direct personal interview through a structured questionnaire. official records.HDFC STANDARD LIFE INSURANCE. 2: Primary data: All the Chartered Accountants. preserved information in the companies database and website of the company. magazines. They were the main source of Primary data. JAMSHEDPUR prefer to give direct answers. news papers.BHUBANESWAR . COLLECTION OF DATA 1: Secondary Data: It was collected from internal sources. Auto Loan providers were personally visited and interviewed. Insurance Agents. 49 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. management books.

2 SAMPLING PLAN: Since it is not possible to study whole universe.  Research Instrument: Structured Questionnaire.BHUBANESWAR .  Sample Technique: Random Sampling.  Contact Method: Personal Interview. 50 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. JAMSHEDPPUR.HDFC STANDARD LIFE INSURANCE. Since it was not possible to cover the whole universe in the available time period.3 SAMPLE SIZE: My sample size for this project was 100 respondents. it becomes necessary to take sample from the universe to know about its characteristics  Sampling Units: Financial consultant/advisors who are working in HDFC STANDARD LIFE. 4. JAMSHEDPUR 4. it was necessary for me to take a sample size of 100 respondents.

51 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.  All the work was limited in some limited areas of Jamshedpur so the findings should not be generalized. I have prepared the questionnaire according to the necessity of the data to be collected.HDFC STANDARD LIFE INSURANCE. JAMSHEDPUR 4. It was too vast an area to cover within 60 days.  As stipend.  Primary data collection will base on personal interview.BHUBANESWAR .5 RESEARCH LIMITATIONS:  It was not possible to understand thoroughly about the different marketing aspects of the Financial Consultant within 60 days.4 DATA COLLECTION INSTRUMENT DEVELOPMENT:  The mode of collection of data will be based on Survey Method and Field Activity.  The area of research was Jamshedpur. 4. money was not given it was difficult to continue the project work.

HDFC STANDARD LIFE INSURANCE.BHUBANESWAR . INTERPRETATION AND PRESENTATION 1. JAMSHEDPUR CHAPTER 5: DATA ANALYSIS. Your annual income TABLE 1 2 3 4 <2 lacs Between 2 to 5 lacs Between 5 to 8 lacs >8 lacs 26 40 30 4 GRAPH Slice 1 <2 lakh between 2 to 5 lakh between 5 to 8 lakh >8 lakh 52 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.

 04 respondent‟s incomes are more than 8 lakh. %  30% res pondent‟s annual incomes are 5 to 8 lakh. JAMSHEDPUR Interpretation From the table and graph above it can be seen that  26 respondent „have more than 2 lakh. %  40 respondent‟s annual incomes are 2 to 5 lakh. % 2. Source from which you join it TABLE 1 2 3 4 Personal contact advertisement Field activity other 43 29 21 07 53 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.BHUBANESWAR .HDFC STANDARD LIFE INSURANCE.

HDFC STANDARD LIFE INSURANCE, JAMSHEDPUR

personel contact advertisment field activity other

GRAPH Interpretation From the table and graph above it can be seen that  43% respondents are joined through personal contact.  29% respondents are joined through advertisement.  21% respondents „are joined through field activity.  7% respondents are joined through others activity.

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INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE,BHUBANESWAR

HDFC STANDARD LIFE INSURANCE, JAMSHEDPUR

3. why you have chosen it?

TABLE 1 2 3 4 GRAPH Attractive incentive Commission Self development career 43 29 21 07

career self developm 11% ent 19% commissi on 40% attractive incentive self development

attractive incentive 30%

commission career

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INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE,BHUBANESWAR

HDFC STANDARD LIFE INSURANCE, JAMSHEDPUR

Interpretation From the table and graph above it can be seen that  25%respondent‟s chose it to gain attractive incentives.  40% respondent‟s are choose it to gain commission.  35 respondents are choose because for self development. % 4. No. of phone calls you do daily TABLE 1. 2. 3. 4. GRAPH
15-20 20-30 30-40 more than this

15-20 20-30 30-40 More than this

30 19 35 16

3-D Pie 1, 16% 3-D Pie 1, 30%

3-D Pie 1, 35% 3-D Pie 1, 19%

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INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE,BHUBANESWAR

19% respondents are do phone calls 20-30 daily. 1-2 2-4 4-6 more 14 16 40 30 57 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. 35% respondents are do phone calls 30. of customers you meet daily. 4. 5. no.BHUBANESWAR . JAMSHEDPUR Interpretation From the table and graph above it can be seen that     30% respondents are do phone calls 15-20 daily.HDFC STANDARD LIFE INSURANCE.40 daily. 16% respondents are do phone calls more than this daily. 2. TABLE 1. 3.

HDFC STANDARD LIFE INSURANCE. 58 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.BHUBANESWAR . 30 1---2 2--4 4--6 more 4--6.  16% respondent‟smeet2-4 costomers daily  40% respondent‟s meet 4-6 costomers daily  30% respondent‟s meet more than this daily. JAMSHEDPUR GRAPH 40 35 30 25 20 2--4. 16 15 1---2. 14 10 5 0 more. 40 Interpretation From the table and graph above it can be seen that  14% respondent‟s meet 1-2 costomers daily.

2.20 more 15…. 4. Graph 5-10 10-15 15-20 more 16 34 42 08 more 8% 5….20 42% 10…15 34% Interpretation: From the graph and table I conclude that:- 59 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. Number of policy sold annually.10 10…15 15….HDFC STANDARD LIFE INSURANCE.. JAMSHEDPUR 6..10 16% 5….BHUBANESWAR . 1. 3.

15 policy annually.10 policy annually. JAMSHEDPUR o o o o 42% respondents sold 15-20 policy annually. 07. which policy you sold more 1 2 3 4 Endowment plan Money back plan Children plan Pension plan 45 32 13 10 endowment plan money back plan children plan pension plan Interpretation:From the graphi conclude that:o 45% FC sell endowment plan. 08% respondents sold more than that nos. 60 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. 34% respondents sold 10.BHUBANESWAR .HDFC STANDARD LIFE INSURANCE. 16% respondents sold 5.

HDFC STANDARD LIFE INSURANCE.2 CONCLUSIONS & SUGGESTIONS ________________________________________________ CONCLUSIONS: HDFC Standard Life. The project opportunities provided was market segmentation and identifying prospective clients in potential geographical location and for recruiting them as financial consultant so to explore new Business Opportunity. it could be concluded that people are not much aware about the various benefit of being Financial Consultant that are currently prevailing in the insurance industry. Promoted by HDFC & Standard Life. o 10% FC sell pension plan. Insurance was considered as unsought good which require hard core selling. the insurance arm of HDFC is expected to go on stream.BHUBANESWAR . 4. Through this project. but in changing trend in income and people becoming financially literate. already has good number of employees on board and is recruiting Financial Consultants heavily to take the headcount to many more. the demand for insurance is 61 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. JAMSHEDPUR o 32% FC sell money back plan. It is on the brim of increasing its client through its attractive schemes and offer. o 13% FC sell children plan.

Last but not the least I would like to thank HDFC SLIC for giving me an opportunity to work in the field of Financial Consultant. it is the company that first approaches gets its share of reward. So. JAMSHEDPUR increasing day by day. SUGGESTIONS: Finally some recommendations for the company are as fallows:- 62 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. at last the conclusion is that there is tough competition ahead for the company from its major competitors in terms of number of Financial Consultants.BHUBANESWAR . Company‟s promotional activities for recruiting Financial Consultant are also very less. I hope the company finds my analysis relevant. Gradually people are realizing the fact that insurance is not a necessary evil but means to attain worry free life. Proper after sale service can help the advisors to generate more business.HDFC STANDARD LIFE INSURANCE. This activity much attract unemployed people as for them a source of income is a great help for developing there future. So.

Company can recruit sales promoters so that maximum information can be provided to the potential client.  Discounted rate premium for its family members. 2.  By showing additional and alternative income source along with various schemes for Financial Consultant in the company so that more and more FC can be recruited.  Free life cover for every active Financial Consultant. Stalls in Trade Fares 4. following activities of advertisement should be done through 1. Hoarding & Banners. Distribution of leaflets containing details information. 63 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.BHUBANESWAR . JAMSHEDPUR  To make people aware about the benefit of becoming HDFC Standard Life‟s Financial Consultant. 3.HDFC STANDARD LIFE INSURANCE. Print Media. 5.

o  Mindset of people may very depending upon their age.  Companyshould organize the program in the society.HDFC STANDARD LIFE INSURANCE. Limitations are extent to which the process should not exceed.BHUBANESWAR . House Wives and Retired people. CHAPTER 7: LIMITATIONS Every work has its own limitation. gender.  Agency of non -life products should also be provided along with life. 64 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.  Companyshould open more branches in different cities. income etc. Limitations of this project are: The project was constrained by time limit of tw months. so that people will be aware about the company Separate time slot for Working Professionals. JAMSHEDPUR  Make people understand about the meaning of the IRDA authorization and its validity.

JAMSHEDPUR  Getting appointment from the concern person was very difficult.BHUBANESWAR .  Respondents were very busy in their schedule.HDFC STANDARD LIFE INSURANCE. So it was very time taken in every Questionnaire response by them. 65 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.  People mind set about the survey was an obstacle in acquiring complete Information & positive interaction.

Your annual household income. 2-4 (c) 4-6 (d) More 66 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. From which source you join HDFC SLIC (a) Personnel contact (b) advertisement (c) Field activity (d) other Contact No: State:City:- 3.HDFC STANDARD LIFE INSURANCE.) 1-2 (b). More than this 5.BHUBANESWAR . Number of customers you meet daily (a. (a) <than 2 lacs □ (b) between 2 to 5 lacs □ (c) Between 5 to 8 lacs □ (d) >than 8 lacs □ 2. Why you have chosen as a FA/FC in HDFC SLIC not in other. JAMSHEDPUR Questionnaire Name:Address:Pin: 1. 30-40 (d). 20-30 (c). Number of phone calls you do daily (a) 15 -20 (b). (a) Attractive incentive (c) Self development (b) commission (d) career 4.

Thank you 67 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE. 15-20 7. Are you a member of a club/gymkhana? Yes □ · No □ 9. Are you satisfied with the company? Yes □ Reason specify_________________________________________________________ 10.BHUBANESWAR .Where you want to see yourself after doing a job of 5 years in HDFC SLIC. Which policy you sold more. More (a) Children plan (b) money back plan (c) endowment plan plan (e) others. (d).HDFC STANDARD LIFE INSURANCE.Would you like to earn an additional income through a business opportunity with HDFC STANDARD LIFE? YES □ · NO □ · No □ 11. (a). 10-15 (c). Number of policy sold annually. 5-10 (b). JAMSHEDPUR 6. (c) pension 8. JAMSEDPUR.

BHUBANESWAR .S.Kothary S.P.irda.com 68 INSTITUTE OF MANAGEMENT & INFORMATION SCIENCE.HDFC STANDARD LIFE INSURANCE. JAMSHEDPUR BIBLIOGRAPHY 1. Kasande 2.com  www. BOOKS AUTHORS  Marketing Management (10th Edition) Philip Kotler  Marketing Management (3rd Edition) V.hdfcinsurance.com  www. Ramaswam y  Research Methodology (2nd Edition)  Research Methodology C.R.google. NEWS PAPERS Times of India  Financial Express 3. WEBSITES  www.

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