RECRUITMENT AND SELECTION AT

HDFC STANDARD LIFE INSURANCE COMPANY LTD

By:- Vinod Prajapat

 Agenda
• Executive Summary.
• Company Profile.
• Features Of The Product & Benefits.
• Marketing Strategies.
• Recruitment Of FC’s .
• Data Analysis and Interpretation.
• SWOT Analysis.
• Conclusions & Suggestions
 Executive Summary
• Project Title: RECRUITMENT & SELECTION

OF FINANCIAL CONSULTANT
• Objective:- To study of the perfect market for
HDFC SLIC. And To approach to the
interested people towards HDFC SLIC

• Name of the organization:-HDFC SLIC.

• Place of the work: F.C. Road, PUNE
• Organizational Guide: Mr. Anand Gawrade
• Duration: 1st April to 1st June 2009
 Company Profile
HDFC Standard Life Insurance Company Ltd:-It was
incorporated on 14th august 2000. It is a joint venture
between Housing Development Finance Corporation
Limited (HDFC Ltd.) India And UK based Standard Life
Company. Both the joint venture partners being one of
the leaders in their respective areas came together in this
81.4:18.6 joint venture to form HDFC Standard
LifeInsurance Company Limited.
• Mr. Deepak Satwalekar is the MD and CEO of the venture.
• HDFC Standard Life Insurance Corporation is sure to
become one of the leaders and the first preference for
any life insurance customer.
Features Of The Product & Benefits
1. Accidental Death Benefit (ADB)
2. Critical Illness (CI) Benefit
3. Double Sum Assured (DSA) Benefit
4. Waiver of Premium (WOP) Benefit
5. Accelerated Sum Assured (ASA)
6. Term Assurance Plan
7. Money Back Plan
8. Endowment Assurance Plan
9. Loan Cover Term Assurance
10.Group Term Insurance (GTI)
1. Accidental Death Benefit (ADB):-ADB provides an additional
amount equal to the basic sum assured (SA) in case of the
death of the policyholder due to an accident, within 90 days
of the accident.
2. Critical Illness (CI) Benefit:-CI provides an additional amount
equal to the SA on diagnosis of the any one of the 6 specified
critical illnesses --- cancer, coronary artery bypass graft
surgery, heart attack, kidney/renal failure, major organ
transplant (as recipient) and stroke. The sum assured is
payable if the policy holder survives for 30 days after the date
of the claim.
3. Double Sum Assured (DSA) Benefit:-DSA provides an
additional amount equivalent to the basic SA in case of the
death of the policyholder
4. Waiver of Premium (WOP) Benefit:-WOP basically
waives the premium in case the policyholder
becomes totally disabled. However, the waiver is
applicable only during the period of the disability.
5. Accelerated Sum Assured (ASA):-Upon diagnosis of
any of the specified six critical illnesses, ASA
provides an amount equal to the amount payable
on death.
6. Term Assurance Plan:-The SA is payable in the case
of the death of the policyholder during the term but
on survival, there are no maturity benefits. This is
insurance in its purest form --- highest cover at
lowest cost.
7. Money Back Plan:-This plan pays periodic cash
lump sums during the tenure of the policy. The
lump sums, essentially a proportion of the basic SA
are paid at 5-year intervals. On survival, the basic SA
plus bonus less the cash lump sums paid earlier are
provided. However, in the case of the demise of the
policyholder, the basic SA plus any bonus is
provided to the family.
8. Endowment Assurance Plan:-As is normal with all
endowments, on the death of the life assured
during the term, the beneficiary will get the SA. On
survival, the policyholder gets the SA.
9. Loan Cover Term Assurance:-This is a unique
product meant as a safety net in case one has taken
a loan to buy a house. It is designed to help the
family repay the outstanding loan in the case of the
death of the breadwinner.
10. Group Term Insurance (GTI) :-HDFC Standard Life
also offers GTI, meant essentially for employees of
an organization. GTI is extremely convenient for an
employer as he can take insurance for all or certain
categories of employees.
 Marketing Strategies
• REASON FOR THEIR GOOD CONDITION: 

• 1. Consultants hold on the market

When it comes for the case of market, there is a clear and complete hold of
HDFC SLIC Consultants.
• 2.Quality
HDFC SLIC provides good quality of products, which is praised by most of the
consumers. The reason for 65% of the market cover by HDFC Standard Life
Insurance is because of quality of products.
• 3.Demand
Demand for the product of HDFC Standard life is very high in the societies.
• 4.Supply
Supply of product is also good, but in capturing whole market it take some time.
COMPETITORS:-
ADVERTISEMENT AND SALES PROMOTION:-
Film opens in the compound of a
house. Father is checking something
Daughter: “Nayi car lene mein hee
inside the bonnet of an old small car.
His daughter, around 27-28 years old,
is working on a lap top next to him
Dad doesn’t know what to say as
he looks at the cheque.
Daughter pleads: “Please…dad”
Daughter: “Dad”. Father: “Bolo”
Father looks at her and says
emotionally.
bhalaai hai.”
Dad: “Car badi ho gayi, aur beti
Dad nods in agreement without
bhi.”
looking up. Dad: “Hmmm…”
Daughter smiles with pride.
Mother enters with tea. She
Super: Unit Linked Savings Plans
senses something serious and
MVO: “Unit Linked Savings Plans
questions them.
from HDFC Standard Life.
Mother: “Aree Kya hua?”
zimmedari nibhao, Aaj bhi kal bhi ”
Recruitment of Financial Consultants (FC) in HDFC Standard Life

Criteria for FC:-

• He should be at least 12th passed.
• He should complete IRDA training.
• He should clear the IRDA exam.
• He should through successfully the exam and training.
Some other criteria:-
• He should have good personal contacts.
• He should have convincing power.
• He should be above 18th year old.
 EXCELLENT OPPORTUNITY:-

1. Flexible work timings

2. Any one can join
3. Zero Investment
4. Certificate by IRDA
5. Attractive Remuneration
 Documents Required:
1. 8 photograph
2. Age proof (passport, Birth certificate, College
Leaving Certificate, Driving License)
3. Address proof
4. Education proof
5. Copy of PAN Card Duely Signed Cancelled
Cheque of self
6. A candidate needs to bring a DD of Rs. 925/- in
case of offline training and Rs.825 in case of
online training towards HDFC SLIC LTD payable at
Mumbai.
 Recruitment process of FCs

Fill up of Agency form

IRDA Training (50 hrs)

IRDA Exam
 

Fail Pass

 
Exit Product Training

Traditional Pr. ULIP Product

 
 
 
Internal Assessment

 
 
Fail Pass

 
Exit Certification
 Benefits to FCs
• Financial Benefits: Commission on issuance of
every policy. Commission directly credited to bank
account of FCs within 15 days. These commission
varies from 7.5-40% according to plan.
• BASIC COMMISSION
Name of the plan 1st year commission

Endowment Assurance plan 40%

Money Back plan 40%

Children’s plan 40%

Term Assurance plan 25%

Lone cover Term Assurance plan 25%

Personal Pension Plan 7.5%

RENEWAL COMMISSION:
Renewal commission would be paid from the 2nd
year onwards on regular premium policies. Renewal
commission is not payable on single premium plans.
Name of the plan Renewal commission 2nd year
onwards
Endowment Assurance plan 5%

Money Back Plan 5%

Children’s plan 5%

Lone cover Term Assurance Plan 5%

Term Assurance plan 5%

Personal Pension Plan 2%

 REWARDS & RECOGNITION:-
Within 30 days of Licensing Consultant can become

• STAR – Converted premium 2 Lacs

Silver Medal-Worth Rs 5200(approx)
• RISING STAR – Converted premium of 5 Lacs
Gold Medal-Worth Rs 13,000(approx)
• MILLIONAIRE STAR – Converted premium of 10 Lacs
Gold Medal-Worth Rs 25,000(approx)
• GLOBAL STAR – Converted premium of 24 Lacs
Gold Medal-Worth Rs 60,000(approx)
 MONTHLY & QUARTERLY CONTESTS:-

• Gift Vouchers
• Home Appliances
• Two-Wheelers
• Gold/Diamonds Jewelry
• Foreign Trips
• Mobile Phones
• Laptops
• Cars etc.
Data Analysis and Interpretation
1. Your Age? Age of Respondents
15% 20%

18-23 Years
24-29 Years
30-35 Years
35 & above
30%

35%

2. Marital status?
Marital Status

30%

Married
Unmarried

70%
3. Educational Qualification?
Educational Qualification of Respondents

25%
35%
Under graduate
Graduate
Post graduate

40%

4. Number Of year’s Are You in Pune?

Staying Years in Pune

39%
Less than five years
More than five years

61%
 5. Your Occupation?
Occupation

20%
26%

Business
Profession
Service

54%

6. Your annual household income?

Annual Household Income
5%
15%
Less than 2 lacs
49% Between 2 to 5 lacs
Between 5to 8lacs
More than 8 lacs

31%
 7. Are you a member of a club/gymkhana?
Mebership of Club/Gymkhana

42%
Yes
No

58%

8. What is your perception about insurance sector?

Perception About Insurance
20%
30%

9%
41%
9. Do you know about HDFC Standard Life Insurance?
Awareness About HDFCSLIC
18%

Yes
No

82%

10. Do you have any Insurance Policy?

No. of Insured
20%

Yes
No

80%
11. Name of Insurance Company?
No. of Respondents

20%

LICI
5% ICICI
HDFC SLIC
OTHERS

10%
65%

12. Do you know about HDFC Standard Life Insurance

recruitment policies related to financial consultant?
Knows about HDFCSLIC recruitment policies

41%
Yes
No

59%
13. Will you be interested to become Financial
Consultant? Interested to Become Financial Consultant

30%

Yes
No

70%

14. Would you like to earn an additional income

through a business opportunity with HDFC
STANDARD LIFE? Willing To Earn Additional Income
10%

Yes
No

90%
 SWOT Analysis :-
STRENGTH :-

1. Domestic image of HDFC supported by Prudential’s international

image is strength of the company.
2. Strong and well spread network of qualified intermediaries and
sales person.
3. Strong capital and reserve base.
4. The company provides customer service of the highest order.
5. Huge basket of product range which are suitable to all age and
income groups.
6. Large pool of technically skilled manpower with in depth
knowledge and understanding of the market.
7. The company also provides innovative products to cater to
different needs of different customers.
 WEAKNESS
1. Heavy management expenses and administrative costs.
2. Low customer confidence on the private players.
3. Vertical hierarchical reporting structure with many designations and
cadres leading to power politics at all levels without any exception.
4. Poor retention percentage of tied up agents. .

OPPORTUNITIES
1. Insurable population –According to ING only 10% of the
population is insured, which represents around 30% of the insurable
population. This suggests more than 300m people, with the potential to
buy insurance, remain uninsured.
2. There will be inflow of managerial and financial expertise from the
world’s leading insurance markets. Further the burden of educating
consumers will also be shared among many players.
3. International companies will help in building world class expertise in
local market by introducing the best global practices.
 THREATS :-

• Other Private Insurance Companies Also vying For The Same

uninsuranced Population.
• Big Public Secter insurance Companies Like LIC India, National
insurance Company Ltd, Oriented Insurance Ltd, New India
Assurance Company Ltd, And United Insurance Company Ltd.
People Trust Them And go to them more.
• Poaching of Customer by other companies.
• Most People donot understand the need or are not willing to
take insurance policies in general.
 SUGGESTIONS:
To make people aware about the benefit of
becoming HDFC Standard Life’s Financial
Consultant, following activities of advertisement
should be done through :-
– Print Media.
– Hoarding & Banners.
– Stalls in Trade Fares
– Distribution of leaflets containing details information.
Company can recruit sales promoters so that maximum
information can be provided to the potential client
• 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.
 
• Discounted rate premium for its family members.

• Make people understand about the meaning of the IRDA authorization and its
validity.

• Company should organize the program in the society, so that people will be aware
about the company

• Separate time slot for Working Professionals, House Wives and Retired people.

• Agency of non-life products should also be provided along with life.

• Company should open more branches in different cities

 YO U
N K
T HA
Questions