Summer Training Presentation On

Recruitment Of Financial Consultants

And Study Of Products Offered By
HDFC Standard Life Insurance

Presented by
Manish Nagda
MBA ( 3rd Semester)
 Flow Of Presentation
 Research Objectives
 Joint Venture
 About HDFC-SLIC
 Vision & Values
 About Life Insurance
 About Financial Consultants
 Research Methodology
 Questionnaire
 Data Interpretation
 Products Offered By HDFC-SLIC
 SWOT Analysis
 Findings
 Recommendations & Suggestions
 Conclusions
 Bibliography
 Research Objectives
Primary Objectives:
 To study about the awareness among the people for

joining as agent in Life Insurance Companies.

 To know the role & scope of Financial Consultant in

Life Insurance Companies.

 To have a complete understanding of Recruitment &

Selection process of FC’s in HDFC Standard Life.
Secondary Objectives:-

 To do SWOT analysis of HDFC Standard Life.

 To know about different products provides by

HDFC Standard Life.
HDFC Standard Life Insurance
(Joint Venture)
 Background : Promoters
Housing Development Finance Corporation

 30 Year track record

 Strong public and market acceptance
 Market leader in mortgage finance - 18 Lac homes financed in over
2400 towns
 11 Lac retail deposit customer based
 Asset base of More than Rs.1500 billion
Standard Life Assurance Company

 Over 175 years experience in Life Insurance

 Assets of US $ 110 Billion

 Voted Life Insurance Company of the decade by

IFA’s in UK
 About HDFC-SLIC
 HDFC Standard Life was the first private Life Insurance to
get license from IRDA in October 2000.

 HDFC is the majority stakeholder in the insurance JV with

81.4 % stake and Standard Life holds 18.6%.stake.

 Mr. Deepak Satwalekar is the MD and CEO of this venture.

 The company has covered over 9,59,000 lives year ending

March 31, 2008.

 Strength of FCS  has increased to 1,45,000.

 
 Vision
“The most successful and admired Life Insurance
Company, which means that we are the most
trusted company, the easiest to deal with, offer
the best values for money, and set the standards
in the industry, In short,:-
“The most obvious choice for all”
 Values
Integrity

Innovation

Customer Centric

People Care

Team Work

Joy & Simplicity

 What Is Insurance?

Insurance is a contract between two parties

whereby one party called insurer undertakes In
exchange for a fixed sum called premiums, to
pay the other party happening of a certain
event.
 Benefits Of Life Insurance
It encourages saving and forces thrift.


It is superior to a traditional savings vehicle.



It helps to achieve the purpose of life assured.



It can be enchased and facilitates quick



borrowing.

It provides valuable tax relief.


 Eligibility Required For
Being CFC By IRDA
Entry Age & Qualifications

 Minimum Age - 18 years

 Minimum Qualifications - 12th standard

(10th Std for rural area)

 Rules & Regulations
Regarding FCs
 Training
(i) online training
(ii) offline training

 50 hours training certificate

 Fee (i) Rs. 825 DD for online training

(ii) Rs. 925 DD for offline training

 Examination & certificate by IRDA

 Functions Of FC
 An insurance agent is an important
component of distribution channel for life
insurance business.

 Meet prospects, analyze their financial needs,

and persuade them to buy a product, which
provides solution.

 They represents the company & give better

services.
 Research Methodology
 SAMPLE SIZE 150

 SAMPLING TYPE EXPLORATORY

 METHOD USED QUESTIONNAIRE

 PRIMARY SOURCE
Direct personal interview and an objectively framed
questionnaire.

 SECONDARY SOURCE
Data is taken from some published articles, papers, books and
organization website.
 Questionnaire
1. Name of the respondent…………………………
2. Occupation………………………………………
3. Age ……………
4. Address
……………………………………………….
……………………………………………………
…….
5. Contact No………………
Q.1: Do you know about HDFC SLIC ?
Ans: (a) Yes   (b) No
Q.2: Are you aware about career in Insurance
Sector?
Ans: (a) Yes (b) No
Q.3: Do you know about the working of
Financial Consultant of “HDFC SLIC”?
Ans: (a) Yes (b) No (c) Insufficient Information.
Q.4: Do you have an idea about financial
market?
Ans: (a) Yes   (b) No
Q.5: Do you have any sales experience? If yes,
how many years ?
Ans: (a) Yes   (b) No
Q.6: Do you have experience in selling
financial product? e.g. credit card, insurance
etc? If yes how many years ? Ans: (a) Yes
  (b) No  
Q.7: What do you think, in today’s scenario life insurance
is need, want or demand?
Q.8: In which of the financial market you have
invested your money?
Ans: (a) Share (b) Mutual fund (c) Insurance (d) Other
Q.9: Are you interested in getting the opportunity  of
earning some additional income as being financial
consultant of “HDFC-SLIC”  and why?
Ans: (a) Yes (b) No 
 Willingness To Be FC For HDFC
  Total Agree Disagree
  
Working employees 53 4 49
Unemployed person 28 3 25
Students 57 10 47
Others (Insurance 12 2 10
Agents)
Total 150 19 131
Q.1 Have you heard about HDFC-SLIC?

10%

Yes
NO

90%
Q.2 Awareness about the career in
Insurance Sector –

Percentage of Respondents

30%
Yes
No
70%
Q.3: Do you know about the working of
Financial Consultant?

38%
YES
NO
62%
Q.4: Do you have an idea about financial
market?

33%

YES
NO
67%
Q.5: Do you have any sales experience?
If yes, how many years ?

20%

YES
NO

80%
Q.6: Do you have experience in selling
financial product? e.g. credit card, insurance
etc? If yes how many years?

11%

YES
NO

89%
Q.7: What do you think, in today’s scenario
life insurance is need, want or demand?

37%
46% NEED
WANT
DEMAND
17%
Q.8: In which of the financial market you
have invested your money?

14%
SHARE
48% 15%
MUTUAL FUND
INSURANCE
23% OTHER
Q.9: Are you interested in getting opportunity of
earning some additional income as being financial
consultant of “HDFC-SLIC” and why?

20%

YES
NO

80%
 Traditional Life insurance
Plans By HDFC-SLIC
1.Protection Plans:-
 Term assurance

 Loan cover term assurance

2.Investment Plan:-
 Single premium for whole of life
3.Pension plan:-
 Personal pension plan

4.Saving plan:-
 Endowment assurance plan

 Money back plan

 Children’s plan
 Unit Linked Investment Plans
 Unit Linked Endowment Plus II
 Unit Linked Young Star Plus II
 Unit Linked Enhanced Life Protection Plan II
 Simpli Life
 ULEP ULYSP ULELP II
Term(years) 10-30 10-25 10-30
S.A. (min) Term/2×A.P. 5×A.P. Term/2×A.P.
(max) 40×A.P. 40×A.P. 20×A.P.
Loyalty Benefit .10% of unit .10% of N.A.
unit

Option Life,E.L.,L& Death ONLY

H, E.L.&H. C.I. DEATH
 Simpli Life
ENTRY AGE (min) 18 Yrs
(max) 45 Yrs
Max age at maturity 60 Yrs

Term 15 Yrs

Premium Rs. 15,000 per year

On maturity Fund value

On miss happening fund value +

S.A. of Rs. 1 lac
 SWOT ANALYSIS
STRENGTHS
Strong Brand Name .1 WEAKNESS
A large distribution .2
.network Frequent job rotation .1
Customer centric approach .3 by employees
Excellence in Execution .4 Less number of .2
Team Work (Together .5 advertisement
Everyone Achieves More) Hidden Charges .3
.Proactive Innovation .6
Infrastructure .7
OPPORTUNITIES
THREATS
Scope in Jaipur as it is in the .1
.developing phase
.LIC’s brand name .1
Only 25% of insurable people .2
.have any insurance People prefer short .2
investment rather than
Can introduce innovative .3 .in insurance
products offering a right mix of
.Flexibility/Risk/Return Other private .3
.insurance companies
Share of FDI is going to raise by .4
.26% to 49%
 FINDINGS
 In HDFC-SLIC I feel that Insurance sector is one of the most
growing sector among all sectors in India.

 I also find that HDFC Standard Life’s Traditional Plans are very
useful for a normal person.

 Jaipur is one of the most growing city and there is lot of scope in
insurance.

 Most of the people are aware of traditional plans.

 Electronic media has proved to be very beneficial for people to

understand about the insurance.
 There is lot of opportunities for young and energetic people in
HDFC SL to build there sound career.

 HDFC Standard Life’s traditional plans like children plan, one of

the most popular product of the company.

 HDFC SL the Certified Financial Consultant have free

environment of working. There is no time boundation.

 The FC’s don’t join the product training in proper manner so they
don’t get the product knowledge properly that’s why they are not
covering the insurance market properly.
 RECOMMENDATION &
SUGGESTIONS
 No. of advertisements on Television & newspapers to be increased.
 Should use the FM-radio station as the medium of spreading
awareness.
 Changes in the policies should be communicated to the customers at
the earliest.
 Provide and adopt such policies from which customers get maximum
benefits.
 Increase the distribution network.
 Provide a proper training to the workforce.
 Provide lower premium policies so that we could target middle class
people and generate good cash flow for further growth.
 Company should more oriented towards rural market.
 CONCLUSION
 Life insurance service sector is highly growing
finance sector.
 HDFC-SLIC is the private insurance organization
which is developing and growing at fast rate.
 Because of less advertisement, people are not aware
of HDFC-SLIC insurance plans.
 HDFC Standard Life is renowned for transparency
and high corporate governance standards.  
 BIBLIOGRAPHY
Books:-
1. Agent’s Hand Book – HDFC Standard Life
2. Kothari C.R. Research Methodology & Techniques, 2nd Edition
3. Principles and Practice of Insurance – G.S. Panda

Magazines:-
1. Insurance Times (Insurance Monthly Magazine- May, 2008)

From Company:-
1. Company Reports
2. Company Brochures

Websites:-
www.apnabima.com
www.hdfcinsurance.com
www.indiastat.com