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Sections

  • CHAPTER-1
  • INDUSTRY PROFILE
  • CHAPTER-2
  • COMPANY PROFILE OF HDFC - STANDARD LIFE
  • JOINT VENTURE:
  • A) Background and inception of the company
  • B) Nature of the business carried
  • C) Vision, Mission and quality policy
  • Vision
  • Mission
  • Values
  • Quality policy
  • D) Product/service profile
  • 1. Protection Plans
  • 2. Children's Plans
  • 3. Retirement Plans
  • 4. Savings & Investment Plans
  • 5. Health Plans
  • 6. Rural Products
  • 6. Social Products
  • E)Area of operation
  • F) Ownership pattern
  • G) Competitors information
  • Aegon Religare Life
  • Aviva India
  • Dabur Group
  • Aviva Group
  • Bajaj Allianz Life Insurance Co Ltd
  • Canara HSBC OBC Life
  • Future Generali Life
  • ICICI Prudential Life Insurance
  • H) Infrastructural facilities
  • I) Awards/achievements
  • J) Work flow model
  • WORK FLOW:
  • K) Future growth and prospects
  • 3) MCKINSEY 7-S MODEL
  • STRUCTURE
  • SKILLS
  • STYLE
  • STRATEGY
  • SYSTEM
  • STAFF
  • SHARED VALUES
  • 5) SWOT ANALYSIS
  • 6) ANALYSIS OF FINANCIAL STATEMENT
  • LEARNING EXPERIENCE
  • SUGGESSITIONS
  • CONCLUSION
  • ANNEXURES
  • Profit & Loss Account for year ended March 31, from 2005 to 2009
  • BIBILOGRAPHY

HDFC STANDARD LIFE

CHAPTER-1 INDUSTRY PROFILE
The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the developments in the Indian insurance sector reveals the 360 degree turn witnessed over a period of almost two centuries. A brief history of the Insurance sector The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta. Some of the important milestones in the life insurance business in India are: 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 1956: 245 Indian and foreign insurers and provident societies taken over by the central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act,1956, with a capital contribution of Rs. 5 crore from the Government of India. The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British. Insurance sector reforms In 1993, Malhotra Committee headed by former Finance Secretary and RBI Governor R.N. Malhotra was formed to evaluate the Indian insurance industry and recommend its future direction. The Malhotra committee was set up with the objective of complementing the reforms initiated in the financial sector.

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HDFC STANDARD LIFE
The reforms were aimed at “creating a more efficient and competitive financial system suitable for the requirements of the economy keeping in mind the structural changes currently underway and recognizing that insurance is an important part of the overall financial system where it was necessary to address the need for similar reforms…” In 1994, the committee submitted the report and some of the key recommendations included: i) Structure  Government stake in the insurance Companies to be brought down to 50%  Government should take over the holdings of GIC and its subsidiaries so that these subsidiaries can act as independent corporations.  All the insurance companies should be given greater freedom to operate ii) Competition  Private Companies with a minimum paid up capital of Rs.1bn should be allowed to enter the industry.  No Company should deal in both Life and General Insurance through a single entity.  Foreign companies may be allowed to enter the industry in collaboration with the domestic companies.  Postal Life Insurance should be allowed to operate in the rural market.  Only one State Level Life Insurance Company should be allowed to operate in each state iii) Regulatory Body  The Insurance Act should be changed  An Insurance Regulatory body should be set up  Controller of Insurance (Currently a part from the Finance Ministry) should be made independent iv) Investments  Mandatory Investments of LIC Life Fund in government securities to be reduced from 75% to 50%  GIC and its subsidiaries are not to hold more than 5% in any company (There current holdings to be brought down to this level over a period of time) v) Customer Service  LIC should pay interest on delays in payments beyond 30 days  Insurance companies must be encouraged to set up unit linked pension plans
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HDFC STANDARD LIFE
 Computerization of operations and updating of technology to be carried out in the

Insurance industry The committee emphasized that in order to improve the customer services and increase the coverage of the insurance industry should be opened up to competition. But at the same time, the committee felt the need to exercise caution as any failure on the part of new players could ruin the public confidence in the industry. Hence, it was decided to allow competition in a limited way by stipulating the minimum capital requirement of Rs.100 crore. The committee felt the need to provide greater autonomy to insurance companies in order to improve their performance and enable them to act as independent companies with economic motives. For this purpose, it had proposed setting up an independent regulatory body. The Insurance Regulatory and Development Authority (IRDA) Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in December 1999. The IRDA since its incorporation as a statutory body in April 2000 has fastidiously stuck to its schedule of framing regulations and registering the private sector insurance companies. The other decision taken simultaneously to provide the supporting systems to the insurance sector and in particular the life insurance companies was the launch of the IRDA’s online service for issue and renewal of licenses to agents. The approval of institutions for imparting training to agents has also ensured that the insurance companies would have a trained workforce of insurance agents in place to sell their products, which are expected to be introduced by early next year. Since being set up as an independent statutory body the IRDA has put in a framework of globally compatible regulations. In the private sector 12 life insurance and 6 general insurance companies have been registered.

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HDFC STANDARD LIFE

CHAPTER-2 COMPANY PROFILE OF HDFC - STANDARD LIFE
The company was incorporated on 14th August 2000 under the name of HDFC Standard Life Insurance Company Limited. Their ambition from the beginning was to be the first private company to re-enter the life insurance market in India. On the 23rd of October 2000, this Ambition was realized when HDFC Standard Life was the first life company to be granted a Certificate of registration. HDFC are the main shareholders in HDFC Standard Life, with 81.4%, while Standard Life owns 18.6%.HDFC Standard Life Insurance Company Ltd. is one of India’s leading private life insurance companies, which offers a range of individual and group insurance solutions. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd.), India’s leading housing finance institution and one of the subsidiaries of Standard Life plc, leading providers of financial services in the United Kingdom. HDFC Incorporated in 1977 with a share capital of Rs 10 Crores, HDFC has since emerged as the largest residential mortgage finance institution in the country The corporation has had a series of share issues raising its capital to Rs. 119 crores. The gross premium income for the year ending March 31, 2007 stood at Rs. 2, 856 crores and new business premium income at Rs. 1,624 crores. The company has covered over 8,77,000 lives year ending March 31, 2007. HDFC operates through almost 450 locations throughout the country with its corporate head quarters in Mumbai, India. HDFC also has an International Office in Dubai, UAE, with service associates in Kuwait, Oman and Qatar.

HDFC is the largest housing Company in India for the last 27 years.

Mr. Deepak S. Parekh is the Chairman of the Company. He is also the Executive Chairman of Housing Development Finance Corporation Limited (HDFC Limited). He joined HDFC Limited in a senior management position in 1978. He was inducted as a whole-time director of HDFC Limited in 1985 and was appointed as its Executive Chairman in 1993. He is the Chief Executive Officer of HDFC Limited. Mr. Parekh is a Fellow of the Institute of Chartered Accountants (England & Wales).

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Standard Life is rated ‘AAA’ both by Moody’s and Standard and Poor’s. is one of India's leading private insurance companies. UK. A) Background and inception of the company HDFC Standard Life Insurance Company Limited. Both the promoters are will known for their ethical dealings and financial strength and are thus committed to being a long-term player in the life insurance industry. Respectively.HDFC STANDARD LIFE JOINT VENTURE: HDFC Standard Life Insurance Company Limited was one of the first companies to be granted license by the IRDA to operate in life insurance sector. Is one of India’s leading Private Life Insurance Companies. holds 72. Similarly. Reach of the JV player is highly rated and been conferred with many awards. 2009 HDFC Ltd. which offers a range of individual and group insurance solutions. HDFC Standard Life Insurance Company Ltd.43% and Standard Life (Mauritius Holding) 2006.4 %stale and Standard of as a staple pf 18. 600. while the rest is held by others.000 Cr. These reflect the efficiency with which HDFC and Standard Life manage their asset base of Rs. which offers a range of individual and group insurance solutions. Deepak Satwalekar is the MD and CEO of the venture. The ambition of the company from as far back as October 1995 was to be the first private company to re enter the life insurance market in India .all important factors to consider when choosing your insurer. HDFC is the majority stakeholder in the insurance JV with 81.6% Mr. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Limited).this ambition [Type text] . As on February 28. HDFC Standard Life Insurance Company Ltd was incorporated on 14th August 2000.. 15.on 23rd of October 2000. HDFC is rated ‘AAA’ by both CRISIL and ICRA.00% of equity in the joint venture. India's leading housing finance institution and a Group Company of the Standard Life Plc. a leading provider of financial services from the United Kingdom. Ltd.) India’s leading housing finance institution and the Standard Life Assurance Company. holds 26. The company was incorporated on 14th august 2000 under the name of Hdfc Standard Life Insurance Company Ltd.000 Cr and Rs. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd.

Hdfc Standard Life has a long and close relationship build upon shared value and trust.HDFC STANDARD LIFE was realized when HDFC STANDARD LIFE was the only life insurance company to be granted certification of registration . housing finance. Mission We aim to be the top new life insurance company in the market. It is one of the first private insurance companies. But HDFC is in diversified business like banking.280000 CRORES. securities and also C) Vision. Mission and quality policy Vision “The most successful and admired life insurance company. This does not just mean being the largest or the most productive company in the market. the easiest to deal with. which mean that we are the most trusted company. The ambition of Hdfc Standard Life is to mirror the success of the parent company and be the yard stick by which all other insurance companies in India are measured. Europe’s largest mutual life company HDFC over RS. Hdfc Standard Life Insurance Company LTD is a joint venture between HDFC. rather it is a combination of several things like      Customer service of the highest order Value for money for customers Professionalism in carrying out business Innovative products to cater to different needs of different customers Use of technology to improve service standards Increasing market share [Type text] . “The most obvious choice for all”. Its sell various insurance policy based on the needs of consumer. Its has traditional insurance plan as well as modern ulip plan in its portfolio. India’s largest housing finance institution standard life assurance company . In short. and set the standards in the industry. B) Nature of the business carried HDFC Standard Life Insurance is into a business of insurance. offer the best value for money. Europe’s largest housing finance institution and standard life assurance companies .

financial benefit.HDFC STANDARD LIFE Values • • • • • • Integrity Innovation Customer centric People Care “One for all and all for one” Team work Joy and Simplicity Quality policy Quality road map – time lines Phase-1 to phase-3 should run simultaneously Phases Objectives Visible proof when Phase-5 Business excellence BE award (external)/service guarantee 12-24 months and Improve levels Phase-4 Value stream map projects Process maturity 6 sigma processes. Process complaint functions 6-8 months and improve 8-12 months and sustenance Phase-3 Organized work places Phase-2 Current business improvement programs Completion of projects and benefits derived and sustenance 4-6 months and sustenance Zone/region/branch/location certification 6-10 months and sustenance Phase-1 [Type text] . SLA.

in case person is not around to repay the outstanding monthly installments on their housing loan. It ensures that family does not lose the dream house that person have purchased for them. which is a decreasing percentage of the initial Sum Assured. The plan does this by providing a lump sum to the family of the life assured in case of death or critical illness (if option is chosen) of the life assured during the term of the contract. Protection Plans  HDFC Term Assurance Plan: This plan is designed to help secure family’s financial needs in case of uncertainties.  HDFC Loan Cover Term Assurance Plan: This plan aims to protect family from loan liabilities in case of unfortunate demise within the policy term. One can choose the lump sum that would replace the income lost to one’s family in the unfortunate event of one’s death.  HDFC Home Loan Protection Plan: This plan aims to protect family from loan liabilities in case of unfortunate demise within the policy term. Children's Plans [Type text] . It provides the beneficiary with a lump sum amount. the cover under the policy also decreases as per the policy schedule. 2.HDFC STANDARD LIFE D) Product/service profile 1. This means that as the outstanding loan decreases as per the loan schedule.

This plan also gives Bumper Addition to the fund value at Maturity.  HDFC SL Young Star Champion Suvidha: This is a convenient plan.HDFC STANDARD LIFE  HDFC Children's Plan: As a parent. which saves him from the need of going for Medicals. which saves insured person from the need of going for Medicals. This plan also gives Bumper Addition to the fund value at Maturity. This Unit Linked Plan provides valuable protection to his/her child in case he is not around and gives him with an outstanding investment opportunity to maximize their savings by providing them a choice of thoroughly researched and selected investments. Retirement Plans [Type text] . 3. they can start building their savings today and ensure a bright future for their child. everyone priority is their child’s future and being able to meet their child’s dreams and aspirations. This Unit Linked Plan gives him with an outstanding investment opportunity to maximize his savings by providing you a choice of thoroughly researched and selected investments. With HDFC Children’s Plan.  HDFC Young Star Super: This Plan provides valuable protection to insured person child in case his/her is not around and gives them an outstanding investment opportunity to maximize their savings by providing them a choice of thoroughly researched and selected investments.  HDFC Young Star Supreme Suvidha: This Plan provides valuable protection to insured person child in case he is not around and gives him an outstanding investment opportunity to maximize his savings by providing him a choice of thoroughly researched and selected investments. This plan also gives Bumper Addition to the fund value at Maturity. This plan also gives Bumper Addition to the fund value at Maturity.  HDFC Young Star Super Suvidha: It is a convenient plan.

This plan gives them with an outstanding investment opportunity to maximize their savings by providing them a choice of thoroughly researched and selected investments.HDFC STANDARD LIFE  HDFC Personal Pension Plan: The HDFC Personal Pension Plan is a ‘With Profits’ insurance policy that is designed to provide a post-retirement income for life with the freedom to choose your retirement date. This plan also gives Bumper Addition to the fund value at vesting. This plan also gives Bumper Addition* of 5% of initial single premium at vesting and on death.  HDFC SL Unit Linked Pension Maximiser II: HDFC SL Unit Linked Pension Maximiser II is a unique Single Premium unit linked plan. This plan also gives Bumper Addition to the fund value at vesting. designed to provide a post-retirement income for life with the freedom to choose their retirement date. The HDFC Immediate Annuity offers a number of options to meet all their income needs. This plan gives them with an outstanding investment opportunity to maximize their savings by providing them a choice of thoroughly researched and selected investments. The income is guaranteed and is unaffected by the rise and fall of interest rates.  HDFC Pension Supreme: The HDFC Pension Supreme is Unit Linked plan. designed to provide a post-retirement income for life with the freedom to choose their retirement date.  HDFC Pension Super: The HDFC Personal Pension Plan is a ‘With Profits’ insurance policy that is designed to provide a post-retirement income for life with the freedom to choose your retirement date. designed to provide a postretirement income for life with the freedom to maximize their investment returns. safe in the knowledge that their gross income will not fall during the period they have selected.  HDFC Immediate Annuity: The HDFC Immediate Annuity is a contract that uses investor capital to provide them with a guaranteed gross income throughout their lifetime or over a period of their choice. This means the investor can plan their life the way they want it to be. [Type text] .  HDFC SL Pension Champion: The HDFC SL Pension Champion is Unit Linked plan.

investors can start building their savings and it ensures that their family remains financially independent. [Type text] . This Unit Linked Plan gives them with an outstanding investment opportunity to maximize their savings by providing them a choice of thoroughly researched and selected investments. This Unit Linked Plan gives them with an outstanding investment opportunity to maximize their savings by providing you a choice of thoroughly researched and selected investments. which saves investors from the need of going for Medicals. This Unit Linked Plan gives them with an outstanding investment opportunity to maximize their savings by providing them a choice of thoroughly researched and selected investments. which saves investors from the need of going for Medicals. This plan also gives Bumper Addition to the fund value at Maturity. which saves insured person from the need of going for Medicals. This Unit Linked Plan gives them with an outstanding investment opportunity to maximize their savings by providing them a choice of thoroughly researched and selected investments. which saves them from the need of going for Medicals.  HDFC SimpliLife: It is a convenient plan.HDFC STANDARD LIFE 4. even when they are not around. investors can start building their savings today and it ensures that their family remains financially independent. It is a convenient plan.  HDFC Endowment Super Suvidha: It is a convenient plan. Savings & Investment Plans  HDFC Endowment Super: With HDFC Endowment Super. This plan also gives Bumper Addition to the fund value at Maturity. This Unit Linked Plan also gives them with an outstanding investment opportunity to maximize their savings by providing them a choice of thoroughly researched and selected investments. even when they are not around.  HDFC Endowment Supreme Suvidha: It is a convenient plan. This plan also gives Bumper Addition to the fund value at Maturity.  HDFC Endowment Supreme: With HDFC Endowment Supreme.

even when they are not around. An investment cum insurance plan that will actively help in building investor wealth and give them twin advantage of exclusive funds (actively managed ) along with choice of limited premium payment term. This plan also gives Bumper Addition to the fund value at Maturity. This plan provides the financial protection to their loved ones and builds up their wealth effortlessly. Health Plans [Type text] . investors can start building their savings today and ensure that their family remains financially independent.  HDFC Money Back Plan: With HDFC Money Back Plan. This ‘With Profits’ savings plan helps them to build their long-term savings while securing their family’s future.  HDFC Assurance Plan: HDFC Assurance Plan helps investors conveniently build their long-term savings while keeping their family’s future protected. 5.  HDFC Single Premium Whole of Life Insurance Plan: HDFC Single Premium Whole of Life Plan is a tailor made plan well suited to meet investors long-term investment needs and help them to maintain their family’s financial independence. This ‘With Profits’ plan is designed to secure their family’s future by giving their family a guaranteed lump sum on maturity or in case of their unfortunate demise. This single premium investment plan is a Whole of Life plan aimed at providing long-term real growth of their money.  HDFC Endowment Assurance Plan: With HDFC Endowment Assurance Plan.  HDFC Savings Assurance Plan: HDFC Savings Assurance Plan is a ‘With Profits’ savings plan which helps investors conveniently build their long-term savings and ensure that their family is protected even if they are not around. early into the policy term. This ‘With Profits’ plan gives them a proportion of the basis Sum Assured as Cash lump sums at regular 5-year intervals within the policy term.HDFC STANDARD LIFE  HDFC Wealth Builder: HDFC Wealth Builder is an exclusive plan crafted for elite achievers. investors can plan now to ensure that they have the necessary funds to have the necessary funds to secure their longterm as well as short-term financial goals.

ensuring their financial independence at all times. Rural Products  HDFC Gramin Bima Kalyan Yojana  HDFC Gramin Bima Mitra Yojana  HDFC Bima Bachat Yojana 6. as the case maybe. 6.  HDFC SurgiCare Plan: HDFC SurgiCare Plan provides investors with timely support in case they have to undergo a major surgery and hospitalization. so that in the event a critical illness strikes. Social Products  HDFC Development Insurance Plan [Type text] . investors don’t have to dig into those precious savings of them.HDFC STANDARD LIFE  HDFC Critical Care Plan: HDFC Critical care plan provides for a lump sum payment on survival post diagnosis of a critical illness.

branches. all channelsof delivery . Associate Companies:  HDFC Limited  HDFC Bank  HDFC Mutual Fund [Type text] . As part of its Corporate Social Responsibility. Towards this end. The company has also launched a completely revamped website with a big focus on customer education and knowledge. 2009 HDFC Ltd. The company has implemented a Quality Initiative across its offices which regularly measures the effectiveness of its processes.43% and Standard Life (Mauritius Holding) 2006. internet and the customer portal. As on February 28. UK. both for creating awareness and facilitating self service. managing costs and improving service quality. Ltd. holds 26.HDFC STANDARD LIFE E)Area of operation During the year. India's leading housing finance institution and a Group Company of the Standard Life Plc. The company has continued to strengthen its presence in the virtual world. your company continues to explore partnerships with F) Ownership pattern It is a joint venture between Housing Development Finance Corporation Limited (HDFC Limited). The combination of outsourcing partnerships and technology implemented by the company is assisting in improvement of service turnaround times. holds 72. Your company continues to explore strategic outsourcing partnerships with a focus on handling volumes and reaping economies of scale. periodic service audits conducted across all regional offices and at the call centers provide useful insights into customer requirements and expectations helping the company improve its processes. The company aims to provide consistent and high quality service across the country through.00% of equity in the joint venture. call centers. while the rest is held by others. company continued to increase its focus on service quality. reduces leakage and contributes to increasing revenues.

Coleman & company. Bajaj Allianz Life Insurance Co Ltd [Type text] . it is the country's leading producer of traditional healthcare products. Our business philosophy is to help people plan their life better. whose association with India dates back to 1834. This venture is dedicated to build a firm future.396 crores.HDFC STANDARD LIFE  HDFC Sales  HDFC ERGO General Insurance G) Competitors information Aegon Religare Life AEGON. the UK's largest insurance group. Dabur Group is one of India's oldest and largest groups of companies with a consolidated annual turnover in excess of Rs 2. pension and investment company. We launched our pan-India multi-channel operations in July. Dabur. Aviva Group has a 50 million customer base worldwide. and Aviva plc. We provide high quality advice to our customers and offer superior customer service. Dabur Group Founded in 1884. Aviva India Aviva India is a joint venture between one of the country’s oldest and largest groups. have come together to launch AEGON Religare Life Insurance Company Limited. both for customers and employees and will continue to balance a local approach with the power of an expanding global operation. Aviva Group Aviva Group is the UK’s largest and one of the biggest Insurance groups worldwide. A professionally managed company. an international life insurance. It is one of the leading providers of life and pensions products to Europe and has substantial businesses elsewhere around the world. 2008 with over 30 branches spread across India. India’s largest media house. one of India’s leading integrated financial services groups and Bennett. Religare. With a history dating back to 1696.

As we grow our distribution. Today.HDFC STANDARD LIFE Bajaj Allianz Life Insurance is a union between Allianz SE. with ICICI Bank holding a stake of 74% and Prudential plc holding 26%. by The Economic Times . product [Type text] . Allianz SE has over 115 years of financial experience and is present in over 70 countries around the world. over 225. Canara HSBC OBC Life The shareholding pattern of the Joint Venture is as follows .116 micro-offices). 55.AC Nielsen ORG Marg survey of 'Most Trusted Brands'. Future Generali Life Future Generali is a joint venture between the India-based Future Group and the Italy-based Generali Group. our nation-wide team comprises of 2074 branches (inclusive of 1. For three years in a row. HSBC Insurance (Asia Pacific) Holdings Ltd 26% and Oriental Bank of Commerce 23%. and Future Generali India Insurance Co. Ltd.80 billion. ICICI Prudential is the first life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. Ltd. ICICI Prudential Life Insurance ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank . 00. 47. Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers in the world. We began our operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA).a leading international financial services group headquartered in the United Kingdom. one of the largest Insurance Company and Bajaj Finserv. 2008 after receiving requisite approvals from the Insurance Regulatory Development Authority (IRDA).Canara Bank holds 51% equity. Canara HSBC Life has access to 4100 bank branches all over India. The Venture has an initial paid up capital of INR 325 crores which will further increase in line with our expansion plans. The Company commenced business 16th of June. managing assets worth over a Trillion (Over INR.000 advisors. Total capital infusion stands at Rs. Future Generali is present in India in both the Life and Non-Life businesses as Future Generali India Life Insurance Co.one of India's foremost financial services companies-and prudential plc .000 Crores). ICICI Prudential has been voted as India's Most Trusted Private Life Insurer. and 7 bancassurance partners.

financial consultants.HDFC STANDARD LIFE range and customer base.Enterprises Driving Growth and Excellence (using IT) is an initiative by the .’ for ATLAS (Agency Training Licensing and Servicing System). Received Diamond EDGE Award 2009 HDFC Standard Life has received the Diamond EDGE Award 2009 for its mobile workforce portal .2009 Award. In 2007. EDGE .Identity and Access Management. HDFC Standard has received the CIO 100 Award for the third consecutive year. the company received CIO 100 award for Wonders and a Special Award in Storage category. in terms of offices. the company has received the CIO 100 ‘Security Award 2009’ for pioneering LANDesk Management and Security Suite security implementation and taking its security to a higher level of technological excellence.Consultant Corner. It had received the 2008 CIO Bold Award for Consultant Corner and CIO Security Award for our initiatives for a secure computing environment. enabling growth or improving relationships with customers. H) Infrastructural facilities HDFC SL is providing good infrastructural facilities which are required for employees to perform their work in a better way. including Sesame . whether by creating competitive advantage. Additionally. staff. technology. improve business competitiveness. and deliver quantifiable ROI to stakeholders. in order to be well positioned to increase the growth momentum in the year ahead. recognize.Network Computing magazine to identify. It’s a celebration of 100 organizations (and the people within them) that are using IT in innovative ways to deliver business value. optimizing business processes. CIO magazine has a long tradition of honoring leading companies for business and technology leadership and innovations through its flagship award program – CIO 100. [Type text] . we continue to tirelessly uphold our commitment to deliver worldclass financial solutions to customers all over India. During the year. and honors end-user companies in India that have demonstrated the best use of technology to solve a business problem. I) Awards/achievements Received CIO 'the Ingenious 100 2009' Award HDFC Standard Life has received the CIO ‘The Ingenious 100 . The company stepped up the recruitment programme in the latter part of the year in preparation for the next year. the Company has invested in additional infrastructure capacity and human capital.

This year's award theme. providing centralized control over a vast geographical spread for key business units such as inventory. including identity management. etc. The company received the 2008 CIO Bold Award for its mobile workforce portal and the CIO Security Award for its initiatives for a secure computing environment. The radio commercial ‘Pata nahin chala’ touched several changes in life in the blink of an eye through an old man’s perspective.’ recognized those executives and organizations that embraced great risk for the sake of great reward. HDFC Standard Life’s Unit Linked Savings Plan [Type text] . the company received the award for Wonders. which brings more than 100 IT media brands to more than 18 million technology and business decision makers worldwide. its path-breaking implementation of an enterprise-wide workflow system. has topped Mint’s Top Television Advertisement survey conducted. HDFC Standard Life has also been one of the five recipients of the Special 2008 CIO Security Award aimed at CIOs. The objective was drive awareness and ask people to invest in a pension plan to live life to the fullest even after retirement. This award category identifies innovative and groundbreaking deployment of technologies aimed at creating a secure business infrastructure.HDFC STANDARD LIFE Network Computing magazine is part of CMP Technology. HDFC Standard Life has won the PCQuest Best IT Implementation Award for two years consequently. training. ‘The Bold 100. licensing. without compromising on one’s self-respect Unit Linked Savings Plan Tops Mint Best TV Ads Survey The Unit Linked Savings Plan advertisement of HDFC Standard Life. whose pioneering implementations have taken their enterprise security to the next level. Received 2008 CIO Bold 100 and CIO Security Awards HDFC Standard Life has received the 2008 CIO Bold 100 Award. This annual award recognizes organizations that exemplify the highest level of operational and strategic excellence in information technology. Silver Abby at Goafest 2008 HDFC Standard Life's radio spot for Pension Plans won a Silver Abby in the radio writing craft category at the Goafest 2008 organized by the Advertising Agencies Association of India (AAAI). Last year. for February 2008. one of the leading private insurance companies in India. the applications for its financial consultants. Received PCQuest Best IT Implementation Award 2008 HDFC Standard Life received the PCQuest Best IT Implementation Award 2008 for Consultant Corner.

HDFC STANDARD LIFE advertisement was ranked 4th in terms of a combined score of ad awareness and brand recall and 3rd in terms of ad diagnostic scores (likeability. enjoyment. Diversification reduces the risk because all stocks may not move in the same direction in the same proportion at same time. HDFC Standard Life. Sar Utha Ke Jiyo among India’s 60 Glorious Advertising Moments HDFC Standard Life’s advertising slogan honored as one of ‘60 Glorious Advertising & Marketing Moments' over the last 60 years in India. Deepak M Satwalekar.’ by 4Ps Business and Marketing magazine.a workflow based system. thus giving HDFC Standard Life the credit of bringing up one such glorious advertising and marketing moment in the last 60 years. Life insurance is a mechanism for pooling the resources by issuing policy to the investors and investing funds in securities in accordance with objectives as disclosed in offer document. The award celebrates excellence in individual performance and highlights the quality achievements of extraordinary individuals in an era of global competition and expectations. Investments in securities are spread among a wide cross-section of industries and sectors thus the risk is reduced. J) Work flow model During the year the company launched ATLAS (Agent’s Training and Licensing Administration System). Managing Director and CEO. Deepak M Satwalekar Awarded QIMPRO Gold Standard Award 2007 Mr. Hence through diversification the insurance company earns return through their investment and which is passed back to the investors. received the QIMPRO Gold Standard Award 2007 in the business category at the 18th annual Qimpro Awards function. which enables efficient processing of data for training and licensing of Financial Consultants. and claim). followed by others including ICCI Prudential. This is just like a” Life Cycle” which repeats in nature WORK FLOW: [Type text] . believability. This was then. The magazine said that HDFC Standard Life is one of the first private insurers to break the ice using the idea of self respect (Sar Utha Ke Jiyo) instead of 'death' to convey its brand proposition.

10% to 4. good service to customers than competitors etc….10% to 4. Through many strategies like: advertising.5% in march 2009. it can acquire a good market share in future Thus from the above diagram we can say that HDFC SL is growing steadily as it is acquiring market share from 4. Through many strategies like: advertising.HDFC STANDARD LIFE MANAGER CHANNEL DEVELOPMENT MANAGER FINANCIAL CONSULTANTS CUSTOMERS MANAGER CORPORATES CUSTOMERS K) Future growth and prospects New Business Market Share HDFC Standard Life growing steadily BAJAJ ALLIANZ: 8% BIRLA SUNLIFE: 5% REALIANCE LIFE: 6% HDFC SL: 5% OTHERS: 59% LIC: 40% MAX NEW YORK: 3% SBI LIFE: 9% ICICI PRUDENTIAL: 12% Thus 12% OTHERS: from the above diagram we can say that HDFC SL is growing steadily as it is acquiring market share from 4. [Type text] .5% in march 2009.

Our claim is that effective organizational change is really the relationship between structure. Our central idea is that organization effectives. This is because the persons who developed this model Robert H Waterman. systems from the interaction of several factorsome especially obvious and some under analyzed. although strategy is critical too. systems. Productive organization change is not simply a matter of structure. Thomas J. peters and Julian R Philips have been consultants at MC-Kinsey and co. strategy. it can acquire a good market share in future also. STRUCTURE In the hdfc standard life each and every department is empowered with the officer. Jr. they published their 7’s model in their article STRUCTURE IS NOT ORGANISTATION(1980) and in their books THE ART OF JAPANESE MANAGEMENT (1981) and IN SEARCH OF EXCELLENCE(1982). The authority is delegated to officer/manager to extract work from the staff. clerk and sub staff. The each department consists of members based on its requirements.. 3) MCKINSEY 7-S MODEL The 7-s model with reference to Hdfc standard life: The 7s model is better known as Mc-Kinsey 7’s. Thus it is having an effective work on the various activities efficiently and effectively. Our framework for organization change graphically depicted the figure. [Type text] . skills. styles.HDFC STANDARD LIFE good service to customers than competitors etc…. staff and something we call super-ordinate goals.

M. Sales Dev.HDFC STANDARD LIFE MD Zonal Manager Regional Manager Retail Marketing Territory Manager Branch Manager Alternative Chanel Territory Manager Branch Manager Operation Chanel Team Manager Operation Manager Human Resource HR Executive Asst. B. Business Dev. Mgr. Mgr. Channel Executive [Type text] .

Supporting. but pattern of action is decisive. perhaps by providing better value to the customer. More over the people feel their task is in safe hands of the industry. as it is providing financial solution of where to invest. where in each major decision regarding the company is taken in tip down fashion and other decision like targets and growth aspects hdfc standard life follows bottom up style. Information relations. It has reputed customers who are loyal to the organization. Services. Strategy is the way A Company aims to improve its position vis-à-vis competition perhaps through low cost production or delivery. The power of style then is essentially manageable. Organization may listen to what managers say but they believe what managers do. an organization way of saying:” here is how we will create unique value”. how to invest and number of products with having more benefits to investors. The skills are broadly categorized as follows:Market knowledge. its competitors. it is. or ought to be. Soft skills. Typically have more people on board who understand exploration are have headed exploration department. Research. Financial services generally do mass supporting services are rendered to all types (classes) of customers. Not words. We think it is important to distinguish between the basic personality of a top management team and the way the team comes across to the organization. analytical skills. STRATEGY By “strategy” we mean those actions that a company plans in response to or anticipation of changes in its customers. These skills are unique from the competitors of hdfc standard life. strategies to achieve the objective. Personal/administration. The service given to the customers are accomplished as per their requirements. Typically they fund exploration more consistently. The organization is having various capabilities over the competitors. perhaps by achieving sales and service dominance. others STYLE Hdfc standard life follows tip down/bottom up style in its management. the course of action to be taken to achieve the objective and guidelines for the course of action.HDFC STANDARD LIFE SKILLS It is a more reputed insurance company. Medical. [Type text] . The hdfc standard has set of objectives. Finance. One aspect of style is symbolic behavior.

SHARED VALUES Unlike the other six S’s.HDFC STANDARD LIFE Hdfc standard adopts low pricing strategy to generate huge returns and good market share in the industry. Hdfc standard life charges minimal to its clients for the services. pay scales. The performance appraisal is also taken as a basis for promotion so officer’s staff makes it. formal training program and the like. The various training program to the employees are taken like refresher course. At the soft end. since it has well expanded its business all over INDIA. organizations. not line/staff) is often treated in one of two ways. or even most. Hence it is known for the good pricing strategy in the industry. we talk of appraisal systems. The organization of HDFC STANDARD LIFE is having a strategy of sharing values. The value shared by the members of an enterprise is known as the shared values. super ordinate goals don’t seem to be present in all. the selection is done based on the education qualification first class degree. At the hard end of the spectrum. motivation and behavior. It provides more benefits to customers compared to its competitor. we talk about morale. Information system: the implementation of computers has made information flow fast and reliable. The promotion in the organization is taken place based upon the service. Recruitment. Since hdfc standard life has good backup system. STAFF Staff (in the sense of people. training and development system Recruitment process starts with the identification of the vacancies by the department head of the respective department. job rotation and job training. attitudes. The information is versatile. They are. If it starts recruiting. evident in most of the superior performers. A form requesting for the human resource is sent from the department to HRD. seniority and educational qualification. [Type text] . however. The hdfc standard life is in the course of cutting down the cost of service. SYSTEM The hdfc standard life has various techniques to control this procedure as system like to improve the back office targets by giving addition support.

THREATS 1. 3. banking services. Life insurance industry is a rapid growing and a nobler service industry. 2. Low number of offices and network and number of life insurance agents. OPPORTUNTIIES 1. WEAKNESSES 1. 3. Illiteracy and unemployment also pose threat. Still the numbers of companies are few and company has every capability to grow and forward its performance areas to the widest. People are hesitant to invest and put their hard earned money to the private life insurance company with the fear of getting lost. 2. HDFC Standard life insurance offers a range of individual and group insurance solutions. Alternative financial services such as mutual fund. share and securities also pose problems and threats to the working of the life insurance sector. [Type text] . grow and measure its success. 3. LIC is prevalent and sustains even today a major source of population. Lack of knowledge and expertise. 2. Life insurance has captured its mere15 – 20% growth therefore a wide open untapped market is open to the company to develop.HDFC STANDARD LIFE 5) SWOT ANALYSIS STRENGTHS 1. Rated ‘AAA’ by CRISIL and ICRA for the 10th consecutive year for High service standards 4. 4. Belief towards LIC as it is a government corporation phobia is continue to surmount the people of India despite lots of flaws and development and liberalization of life insurance. 2. HDFC Standard Life has the financial expertise required to manage your long-term investments safely and efficiently.

Intra firm comparison of hdfc: 1. Rising real estate industry also pose threat as people are investing a bulk of their money over to that industry. potential shareholders. bankers. However. One can undertake the financial statement analysis from different stakeholders’ perspective: creditors. one has to meticulously look for the right information from the right data. Financial statements provide useful information.HDFC STANDARD LIFE 5. d) Profitability: Profitability shows the ability to the business to generate and distribute profit. b) Solvency: Solvency shows the ability of the business to meet the long term obligation. existing shareholders. Analysis of Short – Term Liquidity: a. and cash flow statement. and employees too. 6) ANALYSIS OF FINANCIAL STATEMENT Financial statement analysis is a comprehensive analysis of all three financial statements: balance sheet. credit rating agencies. The performance of an organization can be explained on the basis of the four important aspects of the business: a) Liquidity: Liquidity shows the ability of the business to service the short term obligation. income statement. c) Efficiency: Efficiency shows the ability of the business to use the resources of the business. Financial statement helps in understanding the performance of the organization. Quick ratio = quick current assets / quick current liabilities [Type text] . internal management. Current ratio = Total Current Assets / Total Current Liabilities b.

727 6.132 6. 2.’000) 97.038 1.’000) 9.251.’000) 84.HDFC STANDARD LIFE Table showing: current ratio and quick ratio of hdfc standard life insurance company ltd. and quick ratio is 1:1. Years Outsiders Funds Share Holders Fund Debt Equity Ratio 2009 (RS.07% 2008 (RS.433.168 1.012.076 13.’000) 8. Capital Structure and Long -Term Solvency Ratios: Debt equity ratio =long Term Debt / shareholders fund Table showing: debt equity ratios of hdfc standard life in the year 2008 and 2009.07 both the year the ratio is not satisfactory. but the company has got only 1. Year Current assets Current liabilities Current ratio and quick ratio 2009 (RS.37% Inference: The above table is showing the details regarding the current ratio and quick ratio of hdfc standard life insurance company ltd.643.470 18.37 and 1. But compare to year-2009 ratio year-2008 ratio was good.578. The standard current ratio is 2:1.263.629 9. for the year 2008 and 2009.33% Inference: [Type text] .029.462 5.575.29% 2008 (RS.

it shows the larger outsiders funds are available to the company. and 0.05% The high ratio of gross profit is considered satisfactory. In the year 2009.763 -0. Net profit ratio: Net profit ratio= net profit/sales*100 [Type text] .09 respectively.09 compare to last year the loss has increased.176. Inference: There is an increase in gross loss and also the percentage of loss in the year 2008 to 2009 is 0.183. Gross profit ratio = gross profit / sales*100 Table showing: the gross profit ratio of hdfc standard life insurance company ltd. Year Gross profit Sales Gross profit ratio Analysis: 2009 (Rs. b.435. In the year 2008 it was facing less gross loss.09% 2008 (Rs. hdfc standard life insurance company ltd. Profitability Ratios: a. loss percentage is 0.’000) (5.166 -0.094) 48.’000) (2. but later it went on increasing. 3.05. is suffering gross loss in the year 2008 and 2009. Hence the outsider’s funds has been increased year by year.HDFC STANDARD LIFE There is continues increase in Share holders’ Funds and also in an outsider funds from the year 2008 to 2009. Outsider’s funds are increased more than the shareholders fund. Since this is quite satisfactory and in the same way it is not good to the shareholders point of view and also to the company.029.631) 55.

22 respectively. LEARNING EXPERIENCE In the class just we can assume how the corporate world is but it is completely different when I started to go to the company. In the class just we will read.166 -0.491) 48.’000) (11.’000) (6.14. The percentage of loss in the year 2008 and 2009 is 0. hdfc standard life insurance company ltd.183. This is not good from the company point of view.14 Inference: The high ratio of net profit is considered satisfactory. There is an increase in net loss in 2009 compare to year-2008. learn and same thing we will write in the exam and we will get pass but when we go for [Type text] .763 -0.176. is suffering net loss in the year 2008 and 2009 respectively. and 0.883.22 2008 (RS.122) 55.913.HDFC STANDARD LIFE Table showing net profit ratio of hdfc standard life for the year 2008 and 2009 Year Net profit Sales Net profit ratio 2009 (RS.

I learnt so many things there.HDFC STANDARD LIFE searching job really we will feel the heat of outside world. there I need to call to the people who want to work as financial consultant for part or full time as per their requirement. for that they need to write the exam and get through with the exam. regarding pressure for target achievement. [Type text] . How much talented we should. what is our responsibity. competition for jobs etc… That was a wonderful experience to me in that company. Actually I got the work of recruitment consultant. And then they need to get the licence from IRDA to do that work. what is the real corporate culture. How much we have to be smart. How we should achieve our target. I had to take interview to them and need to motivate them to take up that job.

HDFC STANDARD LIFE SUGGESSITIONS a. There may be proper and immediate response in case of any queries from customers. b. It can try to create awareness about this company through some programmes. [Type text] .

HDFC STANDARD LIFE c. It needs to be aware of its competitors to overcome from the competition and to get more market share. It is able to concentrate on decreasing other expenses and it has to spend the expenses which are really required to the development of the company. i. There may be more effective response in case of any incidents/events. It can concentrate to increase its sales revenue as finance is life blood of any business. d. e. [Type text] . j. h. Feedback information can be inculcated. There can be an outstanding after sales service which is one of the important factors. f. Proper management is to be there and also it should supervise the activities of the company very well. It is able try to increase its profits through using better portfolios. g.

equity ratio is good. Presently it is incurring more expenses and market share is very less compare to other competitors like LIC. ICICI Prudential etc…. [Type text] . The overall performance of HDFC STANDARD LIFE is very good compared to other service providers. It has the excellent quality service provider to their customer. Because of that the company is in a good condition to get survival in the market. It got fifth position in the insurance industry. It is in loss condition from past five years. It is selling more policies from year to year that means the sales percentage is increasing from many years it is the signal to the growth of the company. Its debt.HDFC STANDARD LIFE CONCLUSION HDFC STANDARD LIFE has been one of the best life insurance service providers in India. The financial condition is not good from year to year. They share a very good rapport with the customers.

007.433.‘000) SOURCES OF FUNDS SHAREHOLDERS’ FUNDS: Share Capital Share application money received pending allotment of shares Reserve and Surplus Credit / [Debit] Fair Value Change Account 6 5 17.192.450 - .HDFC STANDARD LIFE ANNEXURES Balance sheet of HDFC STANDARD LIFE as at March 31 for five years Particulars Schedule 2009 (Rs.190.462 - 13.902 65.706.148 6.180 12.610) 3.552 Sub-Total BORROWINGS POLICYHOLDERS’ [Type text] 7 18.360.105 3.‘000) 2005 (Rs.132 - 8.331.391 - - 552.881 - 73.359 8.441 - 6.‘000) 2006 (Rs.725 - 3.718 3.958.‘000) 2007 (Rs.263.898 - - 287.‘000) 2008 (Rs.194.892 65.892 552.902 - (77.

936 97.419 84.397 1.782.910 984.377.990.302.391.253 [Type text] .516 - - - - - - TOTAL APPLICATION OF FUNDS: INVESTMENTS Shareholders’ 8 117.159 54.951 59.743 1.999.092.936.918.934.980 531.487.380.485 25.665.745 91.669 29.522.064 1.529.584 84.130.747 56.012.451.970 246.470.470 586.582.147 ) Total Provision for Linked Liabilities Sub-Total Funds for Future Appropriations Funds for future appropriation Provision for lapsed policies unlikely to be revived Surplus Allocated to Shareholders 68.085.499 28.578.608 59.516.655 8.541 2.531 25.203.297 97.090 23.885) 193.763 45.119 4.976 17.569 174.247 209.317.633.292 (296.781 6.896 11.083 24.309 11.597 4.732.213.467 29.419.996 9.133.366.264 11.395 3.291.HDFC STANDARD LIFE FUNDS: Credit / [Debit] Fair Value Change Account Policy Liabilities Insurance Reserves Provision for Linked liabilities Add: Fair value change (15.076 2.

669 11.753 1.019 30.106 409.567 1.038 6.638 736.238 3.727 5.660 4.054 11.292 11.820.883.082.618 1.090.905.869.129.980 990.168 3.251.984 731.643.149 3.108.622 733.029.969 4.010 11.729 20.961.866 28.629 8.489 1.324.497 2.432 - 52.043 59.296 1.584 18.345 6.299.087.635 14 208.248 1.331.325.936 30.652 2.090 29.706 23.421.536 3.575.534.B) MISCELLANEOUS EXPENDITURE (to the extent not written off or adjusted) DEBIT BALANCE IN PROFIT AND LOSS ACCOUNT (Shareholders’ account) 15 - 9.143.720 Sub-Total (B) NET CURRENT ASSETS (C) = (A .824 Sub-total (A) 9.874.364 3.516.913.782.050.763 12.800 17.728 1.591 - 2.687.491 4.879.HDFC STANDARD LIFE Policyholders’ Assets held to cover Linked Liabilities LOANS FIXED ASSETS CURRENT ASSETS Cash and bank balances Advances and Other Assets 12 5.556 2.695.936.363.069.782.420.658.845 28.165.355 614.559 - 1.451.182.447.122 6.529 8A 8B 9 10 30.097 68.878.356 601.024 CURRENT LIABILITIES PROVISIONS 13 8.225 6.493.916 1.918.039 1.181 [Type text] .495 11 4.813 122.

419. Underwriting commitments outstanding (in respect of share and securities) 4.465. Claims.467 29. Partly paid-up investments 2.Reinsurance obligations to the extent not provided for in the accounts 7.159 54. Guarantees given by or on behalf of the Company 5. not acknowledged as debts by the company 3.665.494 119.465.990.829 - 1. not provided for 6.119 - - - - - - - - - - - - - - - 1.091 309.494 119. other than against policies.718 262.829 - [Type text] .896 11.522.718 262. Statutory demands / liabilities in dispute.130.297 97.Others Total 117.091 - - - - - - 309.HDFC STANDARD LIFE TOTAL CONTINGENT LIABILITIES 1.

’000) 2006 (RS.239 1587 [Type text] . from 2005 to 2009 Shareholders’ Account (Non-technical Account) 2009 Particulars Amounts transferred from the Policyholders Account (Technical Account) Income from Investments (a) Interest.343 300 308.984 2008 (RS.Gross (b) Profit on sale / redemption of investments (c) (Loss on sale / redemption of investments) (d) Transfer / gain on revaluation / change in fair value (e) Amortization of (premium)/disco unt on investments Sub Total Other Income schedule (RS.274 764 124.032 3.650 66.933) (4.’000) 2005 (RS.989 10. Dividends & Rent .043) 51.870) (11.367 242.375) (8.321 13.924 98.909) (6.836 138.’000) 794.496 65.384) (23.887 (21.470) (6.192 7.HDFC STANDARD LIFE Profit & Loss Account for year ended March 31.142) (12.156) 329.838 531 202.926) (5.117 (35.341 2007 (RS.594) - (2.109 126.’000) 516.694 114.’000) - 302.965) 561 (2.

744 965.248.572 ) (1.458.287.435.826 10.397 1.234 Profit / (Loss) before tax Provision for Taxation Profit / (Loss) after tax APPROPRIATIONS (a) Balance at the beginning of the Year (b) Interim dividends paid during the Year (c) Proposed final dividend (5.490 - - - - - - - - - - (c) Others Contribution to the Policyholders Fund TOTAL (B) 6.258 3.421.255.307 825.094 ) (2.596 203.029.415.649 1.833) (6.627 5.251 67.49 1) (4.753 ) (1.611 ) (1.435.611 ) (1.364 ) (3.094 ) (1.124.348) (897.255.208 3.260.883.HDFC STANDARD LIFE TOTAL (A) Expenses other than those directly related to the insurance business Bad debts written off Provisions (other than taxation) (a) For diminution in the value of Investments (net) (b) Provision for doubtful debts 3A 1.397.287.029.252 127.710 12.682 18.148.804 1.951 6.181 ) - - - - - - [Type text] .878.63 1) (5.003 1.154.038 8.165.348) (980.63 1) (2.254 954.572 ) (897.450.

92) (1.181 ) (3.81) (3.913.878.421.033) - - (11.28) (3.883.491 ) (2.42) (4.HDFC STANDARD LIFE (d) Dividend distribution tax (e) Transfer to liabilities on account of Employee benefits Profit / (Loss) carried forward to the Balance Sheet Earnings per share Basic Earnings per share Diluted - - - - - - - (27.364 ) (1.38) (3.38) [Type text] .28) (6.165.92) (2.1 22) (3.753 ) (2.42) (2.83) (1.

2004 OTHER REFERENCES:  NEWS PAPERS: o TIMES OF INDIA o ECONOMIC TIMES [Type text] .K. 2004  M.YAHOOSEARCH.Y. JAIN: FINANCIAL MANAGEMENT.COM  WWW.GOOGLE.HDFCINSURANCE. KHAN & P.COM REFERENCE BOOKS:  PRASANNA CHANDRA: FINANCIAL MANAGEMENT. (TMH).COM  WWW.HDFC STANDARD LIFE BIBILOGRAPHY WEBSITES:  WWW. 6/e. 4/e. (TMH).

HDFC STANDARD LIFE  MAGAZINES: o BUSINESS WORLD [Type text] .

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