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A PROJECT STUDY REPORT ON Training Undertaken at



Submitted in Partial Fulfillment For the Award Degree of

Bachelor of Business A !inis"ra"ion

Submitted by: Tanveer Kaur BBA III year

Submitted to: Mrs.Urmila Choudhary Faculty

St. Wilfreds College for Girls, Jaipur !""#"

I had undergone a practical training under HD C STANDARD !I E INSURANCE" JAIPUR RE#ION$ It %a& a good e'po&ure (or )e to undergo training in &uch a co)pan* to get the kno%ledge and e'perience regarding li(e in&urance and recruit)ent o( capa+le o( li(e in&urance ad,i&or&$ Su))er training i& one o( the )a-or e'periencing co)ponent& o( the kno%ledge" gain o( rele,ant o( in(or)ation %ith re&pect to )arketing and dealing %ith &ituation& in a pro(e&&ional cour&e like .$.$A$ %here a pro(e&&ional per&on (ace& a pro+le) in a (ield$ I %a& a+le to get (a)iliari/ed %ith the cu&to)er relation&hip and got to kno% ho% a co)pan* )ea&ure& to re&ol,e their grie,ance& and &er,ice the) to the )a'i)u) (or (uture pro&pect and &ucce&&$ ield co)ponent like &ur,e*" generation o( 0ue&tionnaire %ith re&pect to )arketing helped )e a lot and %ould +e a great &upport in (uture$ 1It i& good to ha,e enthu&ia&) +ut it i& e&&ential to ha,e training$ Training can +e in all %a* o( li(e$2 Thu& I %ould &a* that thi& training %a& +ene(icial educati,e 3 good e'po&ure to )e" %hich %ill certainl* help in )* near (uture$ Thi& pro-ect %a& de&igned %ith re&pect to thi& co)pan*$ The pro-ect )ade )e to get the enhanced kno%ledge regarding li(e in&urance concept and the proce&& o( recruiting o( (inancial con&ultant$


I e'pre&& )* &incere thank& to )* pro-ect guide" Mr( NA)EEN S*ARMA De&ignation 4.RANCH DE5E!OPE6ET 6ANA#ER7" (or guiding )e right (ro) the inception till the &ucce&&(ul co)pletion o( the pro-ect$ I &incerel* ackno%ledge her (or e'tending their ,alua+le guidance" &upport (or literature" critical re,ie%& o( pro-ect and the report and a+o,e all the )oral &upport &he had pro,ided to )e %ith all &tage& o( thi& pro-ect$ I %ould al&o like to thank the &upporting &ta(( Mr( A+hilesh Shar!a Territor* Sale& 6anager" (or hi& help and cooperation throughout our pro-ect$ I %ould al&o like to thank the &upporting acult* help and cooperation throughout her pro-ect$ Mrs. Urmila Choudhary (or their

$an%eer &aur BBA III year

Application (or in&urance8 Thi& i& the (or) on %here *ou &tate in(or)ation and an&%er 0ue&tion& (ro) the in&urance co)pan* a+out *our&el( and *our hi&tor*$ Thi& application along %ith in(or)ation (ro) a )edical e'a)ination" i( taken" (ro) *our ph*&ician&" an* ho&pital& *ou )a* ha,e ,i&ited and in,e&tigation are %hat9& u&ed +* the in&urance co)pan* to decide %hether or not to o((er *ou li(e in&urance and at %hat rate$ Accident .ene(it8 A rider or An add:on %ith a li(e polic*$ It co)pen&ate& a polic*holder in the e,ent o( death or in-ur* +* accident Annuit*8 An in,e&t)ent option that )ake& a &erie& o( regular pa*)ent& to an indi,idual in e'change (or a pre)iu) or a &erie& o( pre)ier$ Appreciate8 To gro% in ,alue A&&et8 E,er*thing o%ned or due to a per&on A&&et allocation8 Ho% *our in,e&t)ent& are &pread acro&& ,ariou& a&&et cla&&e& .ene(iciar*8 The per&on4&7 na)ed in the polic* to recei,e the li(e in&urance proceed& upon the death o( the in&ured$ .ond8 It i& like an IOU$ .* +u*ing a +ond *ou loan )one* to a co)pan*" a )unicipalit*" &tate or the Central #o,ern)ent .onu&8 The a)ount paid a& return in a ;%ith:pro(it< polic*$ The +onu&" e'pre&&ed a& a percentage o( the &u) a&&ured" i& generall* declared e,er* *ear$ The a)ount i& linked to the pro(it& earned +* the in&urer$ Depending on the ti)e o( %ithdra%al" there are t%o kind& o( +onu&e& =

re,er&ionar* and ca&h$ A re,er&ionar* +onu& can +e enca&hed onl* on )aturit* o( the polic*> a ca&h +onu& can +e %ithdra%n %hen declared


.udget8 It i& a tool u&ed to )onitor and control e'penditure& and purcha&e&$ Ca&h 4Surrender7 5alue8 The a)ount that i& a,aila+le in ca&h (or loan& and that )a* +e a,aila+le (or %ithdra%al& in a %hole li(e in&urance" uni,er&al li(e in&urance or &ur,i,or&hip li(e in&urance polic*$ Acce&&ing Ca&h Surrender 5alue )a* reduce the death +ene(it and )a* increa&e the ri&k o( lap&e$ Conte&ta+ilit*" Conte&ta+le Clau&e8 In in&urance there i& a clau&e" %hich e'plain& the condition& under %hich the in&urer )a* conte&t or ,oid the li(e in&urance polic*$ Thi& conte&ta+ilit* i& (or a li)ited period o( ti)e" %hich in )o&t &tate& i& t%o *ear&$ A(ter that period o( ti)e the in&urance co)pan* cannot conte&t the polic*$ Con,erti+le Ter) In&urance8 Ter) in&urance %hich can +e e'changed 4con,erted7" at the option o( the polic* o%ner and %ithout e,idence o( in&ura+ilit*" (or a %hole li(e in&urance polic* or uni,er&al li(e in&urance polic*$ Capital gain&8 Pro(it earned (ro) the &ale o( &tock&" )utual (und unit& and real e&tate$ !ong:ter) capital gain& ari&e (ro) a&&et& o%ned (or )ore than a *ear %hile &hort:ter) capital gain& are )ade (ro) a&&et& o%ned (or le&& than a *ear$ $


S( NO(


Pa/e no(

?$ A$ F$

In"ro uc"ion "o "he in us"r0 In"ro uc"ion "o "he Or/ani1a"ion Research Me"ho olo/0 2(-Ti"le of "he S"u 0 2(3&ura"ion of "he Pro4ec" 2(2O54ec"i6e of "he S"u 0 2( of Research 2(8Collec"ion Me"ho an Sa!.le Si1e a( Sco.e of S"u 0 2(9Li!i"a"ion of S"u 0


D$ B$ C$ @$ E$ G$ ?H$

#ac"s an #in in/s &a"a Anal0sis an In""a"ion S:o" Anal0sis Conclusion Reco!!en a"ion an Su//es"ion A..en i; BIBLIO'RAP*Y

CB:CC C@:@F @D:@B @C @@ @E:E? EA


Ban+in/ In us"r0
The .anking Indu&tr* %a& once a &i)ple and relia+le +u&ine&& that took depo&it& (ro) in,e&tor& at a lo%er intere&t rate and loaned it out to +orro%er& at a higher rate$ Ho%e,er deregulation and technolog* led to a re,olution in the .anking Indu&tr* that &a% it tran&(or)ed$ .ank& ha,e +eco)e glo+al indu&trial po%erhou&e& that ha,e created e,er )ore co)ple' product& that u&e ri&k and &ecuriti&ation in )odel& that onl* PhD &tudent& can under&tand$ Through technolog* de,elop)ent" +anking &er,ice& ha,e +eco)e a,aila+le AD hour& a da*" FCB da*& a %eek" through AT6&" at online +anking&" and in electronicall* ena+led e'change& %here e,er*thing (ro) &tock& to currenc* (uture& contract& can +e traded $ The .anking Indu&tr* at it& core pro,ide& acce&& to credit$ In the lender& ca&e" thi& include& acce&& to their o%n &a,ing& and in,e&t)ent&" and intere&t pa*)ent& on tho&e a)ount&$ In the ca&e o( +orro%er&" it include& acce&& to loan& (or the credit%orth*" at a co)petiti,e intere&t rate$ .anking &er,ice& include tran&actional &er,ice&" &uch a& ,eri(ication o( account detail&" account +alance detail& and the tran&(er o( (und&" a& %ell a& ad,i&or* &er,ice&" that help indi,idual& and in&titution& to properl* plan and )anage their (inance&$ Online +anking channel& ha,e +eco)e ke* in the la&t ?H *ear&$ The collap&e o( the .anking Indu&tr* in the inancial Cri&i&" ho%e,er" )ean& that &o)e o( the )ore e'tre)e ri&k:taking and co)ple' &ecuriti&ation acti,itie& that +ank& increa&ingl* engaged in &ince AHHH %ill +e li)ited and care(ull* %atched" to en&ure that there i& not another +anking &*&te) )eltdo%n in the (uture$

Si1e of /lo5al 5an+in/ in us"r0

A&&et& o( the large&t ?"HHH +ank& in the %orld gre% +* C$EI in the AHHEJAHHG (inancial *ear to a record KGC$D trillion %hile pro(it& declined +* EBI to K??B+n$ #ro%th in a&&et& in ad,er&e )arket condition& %a& largel* a re&ult o( recapitali/ation$ EU +ank& held the large&t &hare o( the total" BCI in AHHEJAHHG" do%n (ro) C?I in the pre,iou& *ear$ A&ian +ank&9 &hare increa&ed (ro) ?AI to ?DI during the *ear" %hile the &hare o( US +ank& increa&ed (ro) ??I to ?FI$ ee re,enue generated +* glo+al in,e&t)ent +anking totalled KCC$F+n in AHHG" up ?AI on the pre,iou& *ear$L?HM The United State& ha& the )o&t +ank& in the %orld in ter)& o( in&titution& 4@"HEB at the end o( AHHE7 and po&&i+l* +ranche& 4EA"HHH7$Lcitation neededM Thi& i& an indicator o( the geograph* and regulator* &tructure o( the USA" re&ulting in a large nu)+er o( &)all to )ediu):&i/ed in&titution& in it& +anking &*&te)$ A& o( No, AHHG" China9& top D +ank& ha,e in e'ce&& o( C@"HHH +ranche& 4IC.C8?EHHHN" .OC8?AHHHN" CC.8?FHHHN" A.C8ADHHHN7 %ith an additional ?DH &)aller +ank& %ith an undeter)ined nu)+er o( +ranche&$ Japan had ?AG +ank& and ?A"HHH +ranche&$ In AHHD" #er)an*" rance" and Ital* each had )ore than FH"HHH +ranche&O)ore than dou+le the ?B"HHH +ranche& in the UP$L?HM of 5an+s
.ank&9 acti,itie& can +e di,ided into retail +anking" dealing directl* %ith indi,idual& and &)all +u&ine&&e&> +u&ine&& +anking" pro,iding &er,ice& to )id:)arket +u&ine&&> corporate +anking" directed at large +u&ine&& entitie&> pri,ate +anking" pro,iding %ealth )anage)ent &er,ice& to high net %orth indi,idual& and (a)ilie&> and in,e&t)ent +anking" relating to acti,itie& on the (inancial )arket&$ 6o&t +ank& are pro(it:)aking" pri,ate enterpri&e&$ Ho%e,er" &o)e are o%ned +* go,ern)ent" or are non:pro(it organi/ation&$ of re"ail 5an+s


National .ank o( the Repu+lic" Salt !ake Cit* ?GHE AT6 Al:Ra-hi .ank National Copper .ank" Salt !ake Cit* ?G?? Co))ercial +ank8 the ter) u&ed (or a nor)al +ank to di&tingui&h it (ro) an in,e&t)ent +ank$ A(ter the #reat Depre&&ion" the U$S$ Congre&& re0uired that +ank& onl* engage in +anking acti,itie&" %herea& in,e&t)ent +ank& %ere li)ited to capital )arket acti,itie&$ Since the t%o no longer ha,e to +e under &eparate o%ner&hip" &o)e u&e the ter) Qco))ercial +ankQ to re(er to a +ank or a di,i&ion o( a +ank that )o&tl* deal& %ith depo&it& and loan& (ro) corporation& or large +u&ine&&e&$ Co))unit* +ank&8 locall* operated (inancial in&titution& that e)po%er e)plo*ee& to )ake local deci&ion& to &er,e their cu&to)er& and the partner&$ Co))unit* de,elop)ent +ank&8 regulated +ank& that pro,ide (inancial &er,ice& and credit to under:&er,ed )arket& or population&$ Credit union&8 not:(or:pro(it cooperati,e& o%ned +* the depo&itor& and o(ten o((ering rate& )ore (a,ora+le than (or:pro(it +ank&$ T*picall*" )e)+er&hip i& re&tricted to e)plo*ee& o( a particular co)pan*" re&ident& o( a de(ined neigh+orhood" )e)+er& o( a certain la+or union or religiou& organi/ation&" and their i))ediate (a)ilie&$ Po&tal &a,ing& +ank&8 &a,ing& +ank& a&&ociated %ith national po&tal &*&te)&$

Pri,ate +ank&8 +ank& that )anage the a&&et& o( high net %orth indi,idual&$ Hi&toricall* a )ini)u) o( USD ? )illion %a& re0uired to open an account" ho%e,er" o,er the la&t *ear& )an* pri,ate +ank& ha,e lo%ered their entr* hurdle& to USD ABH"HHH (or pri,ate in,e&tor&$Lcitation neededM O((&hore +ank&8 +ank& located in -uri&diction& %ith lo% ta'ation and regulation$ 6an* o((&hore +ank& are e&&entiall* pri,ate +ank&$ Sa,ing& +ank8 in Europe" &a,ing& +ank& took their root& in the ?Gth or &o)eti)e& e,en in the ?Eth centur*$ Their original o+-ecti,e %a& to pro,ide ea&il* acce&&i+le &a,ing& product& to all &trata o( the population$ In &o)e countrie&" &a,ing& +ank& '

%ere created on pu+lic initiati,e> in other&" &ociall* co))itted indi,idual& created (oundation& to put in place the nece&&ar* in(ra&tructure$ No%ada*&" European &a,ing& +ank& ha,e kept their (ocu& on retail +anking8 pa*)ent&" &a,ing& product&" credit& and in&urance& (or indi,idual& or &)all and )ediu):&i/ed enterpri&e&$ Apart (ro) thi& retail (ocu&" the* al&o di((er (ro) co))ercial +ank& +* their +roadl* decentrali/ed di&tri+ution net%ork" pro,iding local and regional outreachOand +* their &ociall* re&pon&i+le approach to +u&ine&& and &ociet*$ .uilding &ocietie& and !ande&+ank&8 in&titution& that conduct retail +anking$ Ethical +ank&8 +ank& that prioriti/e the tran&parenc* o( all operation& and )ake onl* %hat the* con&ider to +e &ociall*:re&pon&i+le in,e&t)ent&$ A Direct or Internet:Onl* +ank i& a +anking operation %ithout an* ph*&ical +ank +ranche&" concei,ed and i)ple)ented %holl* %ith net%orked co)puter&$ of in6es"!en" 5an+s

In,e&t)ent +ank& Qunder%riteQ 4guarantee the &ale o(7 &tock and +ond i&&ue&" trade (or their o%n account&" )ake )arket&" and ad,i&e corporation& on capital )arket acti,itie& &uch a& )erger& and ac0ui&ition&$

6erchant +ank& %ere traditionall* +ank& %hich engaged in trade (inance$ The )odern de(inition" ho%e,er" re(er& to +ank& %hich pro,ide capital to (ir)& in the (or) o( &hare& rather than loan&$ Unlike ,enture capital (ir)&" the* tend not to in,e&t in ne% co)panie&$

Bo"h co!5ine


Uni,er&al +ank&" )ore co))onl* kno%n a& (inancial &er,ice& co)panie&" engage in &e,eral o( the&e acti,itie&$ The&e +ig +ank& are ,er* di,er&i(ied group& that" a)ong other &er,ice&" al&o di&tri+ute in&uranceO hence the ter) +anc a&&urance" a port)anteau %ord co)+ining Q+an0ue or +ankQ and Qa&&uranceQ" &igni(*ing that +oth +anking and in&urance are pro,ided +* the &a)e corporate entit*$

O"her " of 5an+s

Central +ank& are nor)all* go,ern)ent:o%ned and charged %ith 0ua&i:regulator* re&pon&i+ilitie&" &uch a& &uper,i&ing co))ercial +ank&" or controlling the ca&h intere&t rate$ The* generall* pro,ide li0uidit* to the +anking &*&te) and act a& the lender o( la&t re&ort in e,ent o( a cri&i&$ I&la)ic +ank& adhere to the concept& o( I&la)ic la%$ Thi& (or) o( +anking re,ol,e& around &e,eral %ell:e&ta+li&hed principle& +a&ed on I&la)ic canon&$ All +anking acti,itie& )u&t a,oid intere&t" a concept that i& (or+idden in I&la)$ In&tead" the +ank earn& pro(it 4)arkup7 and (ee& on the (inancing (acilitie& that it e'tend& to cu&to)er&$


All the hu)an +eing& on the earth kno% that the* %ill die in (uture +ut the* don<t %ant to die$ The* %ant to (ul(ill all the drea)&" %hich the* had thought" +ut there are ti)e& %hen all the&e drea)& can<t co)e true$ Death i& ine,ita+le and *et %e li,e our li,e& o+,iou& to realit* that )a* &trike: %hen %e ha,e no idea$ And %hen it happen&" all the drea)& co)e cra&hing do%n$ In the %ord& o( D S Han&el 1In&urance )a* +e de(ined a& a &ocial de,ice pro,iding (inancial co)pen&ation (or the e((ect& o( )i&(ortune" the pa*)ent +eing )ade (ro) the accu)ulated contri+ution& o( all the partie& participating in the &che)e2 !i(e in&urance i& the onl* tool to &ecure our li(e in (uture$ It al&o pro,ide& a &a(e guard to the uncertaint* o( our li(e$ !i(e in&urance i& the cheape&t in,e&t)ent tool in %hich %e can earn )ore in a &hort period


The (unction o( in&urance i& to protect *ou again&t lo&&e& *ou can9t a((ord$ Thi& i& done +* tran&(erring the ri&k& o( a per&on" +u&ine&&" or organi/ation :: the Qin&uredQ :: to an in&urance company, or "insurer. The insurer then reimburses the insured for
"covered" losses -- i.e., those losses it pays for under the policy's terms. As the insurance consumer, you pay an amount of money, called a premium, to the insurer to transfer the risk. The insurer pools all its premiums into a large fund, and when a policyholder has a loss, the insurer draws funds from the pool to pay for the loss. ife is full of une!pected events that can create large financial losses. "or e!ample, whenever you drive, it is possible that you may have a costly accident. #isks affect you by causing worry about potential loss and how to deal with the conse$uences. %nsurance reduces an!iety over a possible loss and absorbs the financial brunt of its conse$uences.

India ha& traditionall* +een a high &a,ing& oriented countr* +eing on par %ith the thri(t* Japan$ In&urance &ector in the United State& o( A)erica i& a& +ig in &i/e a& the +anking indu&tr* there$ Thi& gi,e& u& an idea o( ho% i)portant the &ector i&$ In&urance &ector channeli&e& the &a,ing& o( the people to long:ter) in,e&t)ent&$ In India %here in(ra&tructure i& &aid to +e o( critical i)portance" thi& &ector %ill +ring the nation& o%n )one* (or the nation$ The glo+al li(e in&urance )arket &tand& at K?"BA?$A +illion %hile the non:li(e in&urance )arket i& placed at KGAA$D +illion$

*ISTORY O# LI#E INSURANCE In&urance concept had +een (ound out %a* +ehind in ?F th and ?Dth centur*$ The earlie&t re(erence to in&urance ha& +een (ound .a+*lonia" the #reek& and the Ro)an&$ The u&e o( in&urance appeared in the account o( North Italian 6erchant .ank that then do)inated the international trade in Europe at that ti)e$ The olde&t

and earlie&t record o( in&urance co)e in the (or) o( )arine in&urance %here &hip& and the cargo %ere in&ured again&t peril& &uch a& pirate&" &tor)" )utin* and %ar&$ The (ir&t co)pan* kno%n a& the Sun In&urance O((ice !td$ %a& &et up in the Calcutta in the *ear& ?@?H$ A(ter that a nu)+er o( co)panie& %ere e&ta+li&hed (or )arine and general in&urance$ The hi&tor* o( li(e in&urance in India date& +ack to ?E?E %hen it %a& concei,ed a& a )ean& to pro,ide (or Engli&h Rido%&$ Intere&tingl* in tho&e da*& a higher pre)iu) %a& charged (or Indian li,e& than the non:Indian li,e& a& Indian li,e& %ere con&idered )ore ri&kier (or co,erage$ The .o)+a* 6utual !i(e In&urance Societ* &tarted it& +u&ine&& in ?E@H$ It %a& the (ir&t co)pan* to charge &a)e pre)iu) (or +oth Indian and non:Indian li,e&$ The Oriental A&&urance Co)pan* %a& e&ta+li&hed in ?EEH$ The (ir&t general in&urance co)pan*: Tital In&urance Co)pan* !i)ited %a& e&ta+li&hed in ?EBH$ Till the end o( nineteenth centur* in&urance +u&ine&& %a& al)o&t entirel* in the hand& o( o,er&ea& co)panie&$ In&urance regulation (or)all* +egan in India %ith the pa&&ing o( the !i(e In&urance Co)panie& Act o( ?G?A and the pro,ident (und Act o( ?G?A$ Se,eral (raud& during AH9& and FH9& &ullied in&urance +u&ine&& in India$ .* ?GFE there %ere ?@C in&urance co)panie&$ The (ir&t co)prehen&i,e legi&lation %a& introduced %ith the In&urance Act o( ?GFE that pro,ided &trict State Control o,er in&urance +u&ine&&$

Rith large&t nu)+er o( li(e in&urance policie& in (orce in the %orld" In&urance happen& to +e a )ega opportunit* in India$ It<& a +u&ine&& gro%ing at the rate o( ?B: AH per cent annuall* and pre&entl* i& o( the order o( R& DBH +illion$ Together %ith


+anking &er,ice&" it add& a+out @ per cent to the countr*<& #DP$ #ro&& pre)iu) collection i& nearl* A per cent o( #DP and (und& a,aila+le %ith !IC (or in,e&t)ent& are E per cent o( #DP$ Yet" nearl* EH per cent o( Indian population i& %ithout li(e in&urance co,er" health in&urance and non:li(e in&urance continue to +e +elo% international &tandard&$ And thi& part o( the population i& al&o &u+-ect to %eak &ocial &ecurit* and pen&ion &*&te)& %ith hardl* an* old age inco)e &ecurit*$ Thi& it&el( i& an indicator that gro%th potential (or the in&urance &ector i& i))en&e$ A %ell:de,eloped and e,ol,ed in&urance &ector i& needed (or econo)ic de,elop)ent a& it pro,ide& long:ter) (und& (or in(ra&tructure de,elop)ent and at the &a)e ti)e &trengthen& the ri&k taking a+ilit*$ It i& e&ti)ated that o,er the ne't ten *ear& India %ould re0uire in,e&t)ent& o( the order o( one trillion US dollar$ The In&urance &ector" to &o)e e'tent" can ena+le in,e&t)ent& in in(ra&tructure de,elop)ent to &u&tain econo)ic gro%th o( the countr*$ Rith a large capital outla* and long ge&tation period&" in(ra&tructure pro-ect& are (raught %ith a )ultitude o( ri&k& throughout the de,elop)ent" con&truction and operation &tage&$ The&e include ri&k& a&&ociated %ith pro-ect i)ple)entation" including geological ri&k&" )aintenance" co))ercial and political ri&k&$ Rithout co,ering the&e ri&k& the (inancial in&titution& are not %illing to co))it (und& to the &ector" e&peciall* +ecau&e the (inancing o( )o&t pri,ate

pro-ect& i& on a li)ited or non: recour&e +a&i&$ In&urance co)panie& not onl* pro,ide ri&k co,er to in(ra&tructure pro-ect&" the* al&o contri+ute long:ter) (und&$ In (act" in&urance co)panie& are an ideal &ource o( long:ter) de+t and e0uit* (or in(ra&tructure pro-ect&$ IRDA regulation& re0uire in&urance co)panie& to in,e&t not le&& than ?B percent o( their (und& in in(ra&tructure and &ocial &ector&$ International In&urance co)panie& al&o in,e&t their (und& in &uch pro-ect&$ In&urance i& a (ederal &u+-ect in India$ There are t%o legi&lation& that go,ern the &ector: The In&urance Act: ?GFE and the IRDA Act: ?GGG$ 1"

The #o,ern)ent o( India li+erali/ed the in&urance &ector in 6arch AHHH %ith the pa&&age o( the In&urance Regulator* and De,elop)ent Authorit* 4IRDA7 .ill" li(ting all entr* re&triction& (or pri,ate pla*er& and allo%ing (oreign pla*er& to enter the )arket %ith &o)e li)it& on direct (oreign o%ner&hip$ Under the current guideline&" there i& a AC percent e0uit* cap (or (oreign partner& in an in&urance co)pan*$ There i& a propo&al to increa&e thi& li)it to DG percent$ Pre)iu) rate& o( )o&t general in&urance policie& co)e under the pur,ie% o( the go,ern)ent appointed Tari(( Ad,i&or* Co))ittee$

The in&urance &ector in India ha& co)e a (ull circle (ro) +eing an open co)petiti,e )arket to nationali/ation and +ack to a li+erali/ed )arket again$ Tracing the de,elop)ent& in the Indian in&urance &ector re,eal& the FCH degree turn %itne&&ed o,er a period o( al)o&t t%o centurie&$


The +u&ine&& o( li(e in&urance in India in it& e'i&ting (or) &tarted in India in the *ear?E?E %ith the e&ta+li&h)ent o( the Oriental !i(e In&urance Co)pan* in Calcutta$ So)e o( the i)portant )ile&tone& in the li(e in&urance +u&ine&& in India are8

?G?A8 The Indian !i(e A&&urance Co)panie& Act enacted a& the (ir&t &tatute to regulate the li(e in&urance +u&ine&&$?GAE8 The Indian In&urance Co)panie& Act


enacted to ena+le the go,ern)ent to collect &tati&tical in(or)ation a+out +oth li(e and non:li(e in&urance +u&ine&&e&$ ?GFE8 Earlier legi&lation con&olidated and a)ended to +* the In&urance Act %ith the o+-ecti,e o( protecting the intere&t& o( the in&uring pu+lic$ ?GBC8 ADB Indian and (oreign in&urer& and pro,ident &ocietie& taken o,er +* the central go,ern)ent and nationali/ed$ !IC (or)ed +* an Act o( Parlia)ent$ !IC Act" ?GBC" %ith a capital contri+ution o( R&$ B crore (ro) the #o,ern)ent o( India$ The #eneral in&urance +u&ine&& in India" on the other hand" can trace it& root& to the Triton In&urance Co)pan* !td$" the (ir&t general in&urance co)pan* e&ta+li&hed in the *ear ?EBH in Calcutta +* the .riti&h$ ?GH@8 The Indian 6ercantile In&urance !td$ &et up" the (ir&t co)pan* to tran&act all cla&&e& o( general in&urance +u&ine&&$ ?GB@8 #eneral In&urance Council" a %ing o( the In&urance A&&ociation o( India" (ra)e& a code o( conduct (or en&uring (air conduct and &ound +u&ine&& practice& ?GCE8 The In&urance Act a)ended to regulate in,e&t)ent& and &et )ini)u) &ol,enc* )argin& and the Tari(( Ad,i&or* Co))ittee &et up$ ?G@A8 The #eneral In&urance .u&ine&& 4Nationali/ation7 Act" ?G@A nationali/ed the #eneral In&urance +u&ine&& in India %ith e((ect (ro) ?&tJanuar* ?G@F 3 ?H@ in&urer& a)alga)ated and grouped into (our co)panie& ,i/$ The National In&urance Co)pan* !td$" The Ne% India A&&urance Co)pan* !td$" The Oriental In&urance Co)pan* !td$ and The United India In&urance Co)pan* !td$



>The !i(e In&urance )arket in India i& an underde,eloped )arket that %a& onl* tapped +* the &tate o%ned !IC till the entr* o( pri,ate in&urer&$ The penetration o( li(e in&urance product& %a& ?G percent o( the total DHH )illion o( the in&ura+le population$ The &tate o%ned !IC &old in&urance a& a ta' in&tru)ent" not a& a product gi,ing protection$ 6o&t cu&to)er& %ere under: in&ured %ith no (le'i+ilit* or tran&parenc* in the product&$ Rith the entr* o( the pri,ate in&urer& the rule& o( the ga)e ha,e changed$ The ?B pri,ate in&urer& in the li(e in&urance )arket ha,e alread* gra++ed nearl* ?D percent o( the )arket in ter)& o( pre)iu) inco)e$ The ne% +u&ine&& pre)iu)& o( the ?B pri,ate pla*er& ha,e tripled to R& AHHH crore& in AHHD: HBo,er la&t *ear$ 6ean%hile" &tate o%ned !IC9& ne% pre)iu) +u&ine&& ha& (allen$ Inno,ati,e product&" &)art )arketing and aggre&&i,e di&tri+ution$ That9& the triple %ha))* co)+ination that ha& ena+led (ledgling pri,ate in&urance co)panie& to &ign up Indian cu&to)er& (a&ter than an*one e,er e'pected$ Indian&" %ho ha,e al%a*& &een li(e in&urance a& a ta' &a,ing de,ice" are no% &uddenl* turning to the pri,ate &ector and &napping up the ne% inno,ati,e product& on o((er$ The gro%ing popularit* o( the pri,ate in&urer& &ho%& in other %a*&$ The* are coining )one* in ne% niche& that the* ha,e introduced$ The &tate o%ned co)panie& &till do)inate &eg)ent& like endo%)ent& and )one* +ack policie&$ .ut in the annuit* or pen&ion product& +u&ine&&" the pri,ate in&urer& ha,e alread* %re&ted o,er DH percent o( the )arket$ And in the popular unit:linked in&urance &che)e& the* ha,e a ,irtual )onopol*" %ith o,er GH percent o( the cu&to)er&$ The pri,ate in&urer& al&o &ee) to +e &coring +ig in other %a*&: the* are per&uading people to take out +igger policie&$ or in&tance" the a,erage &i/e o( a li(e in&urance polic* +e(ore pri,ati/ation %a& around R& BH"HHH$ That ha& ri&en to a+out R& EH"HHH$



In&urance i& a contractual:t*pe (inancial inter)ediar* that o((er& the pu+lic protection again&t the (inancial co&t& a&&ociated %ith the lo&& o( li(e" health" or propert* in e'change (or pre)iu)&$ An agree)ent that guarantee& the pa*)ent o( a &tated a)ount o( )onetar* +ene(it& upon the death o( the in&ured$ Ri&k in&urance intended a& protection again&t the (inancial con&e0uence& o( the death o( the in&ured per&on" %hich take& the (or) o( pa*)ent o( a pre,iou&l* agreed lu)p &u) or pen&ion to a +ene(iciar*" i( the in&ured per&on die& during the ter) o( in&urance$ In the ca&e o( pure li(e in&urance" %ithout an* endo%)ent in&urance co)ponent" no pa*)ent& are due i( the in&ured per&on &ur,i,e& the ter) o( in&urance$

%ha" is Insurance?
!i(e In&urance i& a contract pro,iding (or pa*)ent o( a &u) o( )one* to the per&on a&&ured or" to the per&on entitled to recei,e the &a)e" on the happening o( a certain e,ent$ A (a)il* i& dependent (or it& (ood" clothing and &helter on the inco)e +rought +* the (a)il*9& +read%inner$ The (a)il* i& &ecure &o long a& thi& +read%inner i& ali,e and i& capa+le o( earning$ A &udden death 4or di&a+ilit*7 )a* lea,e the (a)il* in a (inanciall* di((icult &ituation$ Uncertaint* o( death i& inherent in hu)an li(e and thi& uncertaint* )ake& it nece&&ar* to ha,e &o)e protection again&t the (inancial lo&& ari&ing (ro) unti)el* death$ !i(e in&urance o((er& thi& protection$The #reek& and Ro)an& &tarted the earlie&t t*pe o( li(e in&urance$ Contri+ution& %ere )ade +* all &ur,i,ing )e)+er& (or the +urial co&t o( a )e)+er$ In ca&e o( the death o( a )e)+er the co&t o( +urial %a& )ade out o( the contri+uted (und$ In the ?@th centur*" the Tontine Annuit* &*&te) %a& introduced %here a&&ociation& o( indi,idual& %ere (or)ed %ithout an* re(erence to age" and a (und %a& created +* e0ual contri+ution& (ro) each )e)+er$ of Insurance
.a&icall* there are t%o t*pe& o( In&urance&8 Non:!i(e In&urance


!i(e In&urance I)SU*A)C+CC --MA*I)+ I)SU*A)C+ --FI*+ I)SU*A)C+ --MISC+..A)+,US I)SU*A)C+ /+0IC.+S FU*)ITU*+ ),)-.IF+ BUI.1I)2 I)SU*A)C+ AI*C*AFTS 2+)+*A. I)TA)2IB.+S --,).3 0UMA) .IF+ I)SU*A)C+ I)C.U1+S I) T0IS CAT+2,*3 --0UMA) B+I)24S SICK)+SS5 I..)+SS A)1 ,T0+* ASSU*A)C+ 2I/+) I) T0IS .IF+ CAT+2,*3 I)SU*A)C+ --.,)2 T+*M C,)C+6T


In&urance i& no longer a )undane &ource o( protection (ro) li(e and accident&$ Inno,ati,e product& are o((ering in,e&t)ent opportunitie&$ 6one* &a,ed i& )one* earned$ There are no t%o %a*& a+out it8 the pri)ar* rea&on (or picking up an in&urance product i& to protect *our&el(" or *our kin" (ro) the ,agarie& o( li(e$ You don9t in,e&t in in&urance (or the return&> rather" *ou in,e&t in %hat the* re(er to a& regretta+le nece&&itie&$ O( cour&e" a large proportion o( the in&tru)ent& a,aila+le in the countr* toda* doe& o((er &o)e &ort o( return to the in,e&tor$ .ut the&e endo%)ent product&" a& the* are du++ed" +ench)ark their return& to the in(lation rate$ No" *ou aren9t cha&ing that C percent" *ou &houldn9t +e$ Perhap& *ou &eek ta':conce&&ion&$ or *ear&" in&urance product& ha,e +een an attracti,e ,ehicle to e'tract conce&&ion& (ro) the ta':)an$ E,en no%" co)e


e+ruar* and 6arch" there i& a ru&h (or in&urance policie& in order to reduce the ta' +ill$ .ut F thing& ha,e changed8 (ir&t" ta' rate& are not a& high a& the* u&ed to +e 4thank(ull*" the peak rate& o( @H:GH per cent in ?GCH& ha,e co)e do%n to FF per cent7$ Second" the conce&&ion& are &till li)ited to a AH per cent ta':&helter8 in,e&t)ent o( R& ?H"HHH in li(e in&urance policie& %ill net *ou a ta' re+ate o( R& A"HHH$ And" (inall*" other ta':&a,ing &che)e&:pri)aril*" the Pu+lic Pro,ident o((er higher return&" and are )ore li0uid$ und:

%h0 o 0ou nee life Insurance?

You need !i(e In&urance +ecau&e t*picall* the need (or inco)e continue& (or tho&e %ho are (inanciall* dependent on *ou" +ut there i& no guarantee o( *our a+ilit* to earn con&i&tentl* and (or the re&t o( *our li(e$ !i(e in&urance can help *ou &a(eguard the (inancial need& o( *our (a)il*$Thi& need ha& +eco)e e,en )ore i)portant due to &tead* di&integration o( the pre,alent -oint (a)il* &*&te)"

!i(e in&urance product& can pro,ide &upport to the (a)il* and take care o( the (a)il*9& (inancial re0uire)ent&$ It pro,ide& a lu)p &u) or periodic pa*)ent& to help replace the inco)e &trea)" in ca&e o( an un(ortunate e,ent or an unti)el* de)i&e o( the +read%inner$

!i(e in&urance product& can help *ou +uild a corpu& to protect and )aintain *our li(e&t*le again&t (luctuation& in *our (uture inco)e$


You need to &upport *our child %ith a &ound educational +ackground" to help *our child achie,e hi&Jher drea)&$ !i(e in&urance product& can help *ou (ul(ill the&e need&" %hether *ou are there or not$

Re"ire!en" E;.enses
Retire)ent i& an age %hen an indi,idual ha& (ul(illed al)o&t all hi& re&pon&i+ilitie& and look& (or%ard to rela'ing$ !i(e in&urance product& can help *ou lead a &ecure and ten&ion (ree retired li(e +* en&uring that *ou get guaranteed pen&ion$


Rith increa&ing con&u)eri&) and e,er:ri&ing de)and&" loan& and de+t& are no% part o( li(e$ !i(e in&urance product& help *ou en&ure that *our (a)il* i& not undul* +urdened %ith their repa*)ent&" in ca&e o( an un(ortunate e,ent or an unti)el* de)i&e o( the +read%inner(

!i(e in&urance pro,ide& a &en&e o( &ecurit* to the inco)e earner and to hi&Jher (a)il*$ .u*ing li(e in&urance (ree& the indi,idual $


Superior to An* Other Sa,ing& Plan" unlike an* other &a,ing& plan" a li(e in&urance polic* a((ord& (ull protection again&t ri&k o( death$ In the e,ent o( death o( a polic*holder" the in&urance co)pan* )ake& a,aila+le the (ull &u) a&&ured to the polic*holder&9 near and dear one&$ In co)pari&on" an* other &a,ing& plan %ould a)ount to the total &a,ing& accu)ulated till date$ I( the death occur& pre)aturel*"

&uch &a,ing& can +e )uch le&&er than the &u) a&&ured$ E,identl*" the potential (inancial lo&& to the (a)il* o( the polic*holder i& &i/a+le$

Encoura/es an #orces Thrif"

A &a,ing& depo&it can ea&il* +e %ithdra%n$ The pa*)ent o( li(e in&urance pre)iu)&" ho%e,er" i& con&idered &acro&anct and i& ,ie%ed %ith the &a)e &eriou&ne&& a& the pa*)ent o( intere&t on a )ortgage$

Eas0 Se""le!en" an Pro"ec"ion a/ains" Cre i"or

A li(e in&urance polic* i& the onl* (inancial in&tru)ent the proceed& o( %hich can +e protected again&t the clai)& o( a creditor o( the a&&ured +* e((ecting a ,alid a&&ign)ent o( the polic*$

A !inis"erin/ "he Le/ac0 for Beneficiaries

Speculati,e or un%i&e e'pen&e& can 0uickl* cau&e the proceed& to +e &0uandered$ Se,eral policie& ha,e (ore&een thi& po&&i+ilit* and pro,ide (or pa*)ent& o,er a period o( *ear& or in a co)+ination o( in&tall)ent& and lu)p &u) a)ount&$

Rea 0 Mar+e"a5ili"0 an Sui"a5ili"0 for @uic+ Borro:in/

A li(e in&urance polic* can" a(ter a certain ti)e period 4generall* three *ear&7" +e &urrendered (or a ca&h ,alue$ The polic* i& al&o accepta+le a& a &ecurit* (or a co))ercial loan$

&isa5ili"0 Benefi"s
Police& al&o include di&a+ilit* +ene(it&$ T*picall*" the&e pro,ide (or %ai,er o( Death i& not the onl* ha/ard that i& in&ured> )an* (uture pre)iu)& and pa*)ent o( )onthl* in&tall)ent& &pread o,er certain ti)e period$

Acci en"al &ea"h Benefi"s

6an* policie& can al&o pro,ide (or an e'tra &u) to +e paid 4t*picall* e0ual to the &u) a&&ured7 i( death occur& a& a re&ult o( accident$

Ta; Relief
Under the Indian Inco)e Ta' Act" the (ollo%ing ta' i& a,aila+le8: a7 AH I o( the pre)iu) paid can +e deducted (ro) *our ta' lia+ilit*$ total inco)e

+7 ?HH I o( the pre)iu) paid i& deducti+le (ro) *our total ta'a+le inco)e$

Rhen the&e +ene(it& are (actored in" it i& (ound that )o&t police& o((er return& that are co)para+le or e,en +etter than other &a,ing )ode& &uch a& PP " NSC etc$ 6oreo,er" the co&t o( in&urance i& a ,er* negligi+le$


Securit* and Sta+ilit* In,e&t)ent Pre&er,ation o( Health Increa&e E((icienc* Sel( Reliance

6ental Peace Planning o( (uture Sa(e guard again&t &tatutor* lia+ilit* Capitali/ation o( earning capacit* E'e)ption (ro) Ta' !ia+ilit* Sa(et* to In,e&t)ent 6ode$


6o&t in,e&t)ent option& )ake *our )one* %ork harder" +ut there are no &u+&titute& to li(e in&urance$ .ecau&e onl* a li(e in&urance polic* gi,e& *ou +oth : ri&k co,er again&t *our li(e" a& %ell a& return& on *our )one* in,e&ted$ !i(e in&urance allo%& long te) &a,ing& to +e )ade in a relati,el* painle&& )anner +ecau&e o( the lo% and con,enient in,e&t)ent& )ade through pre)iu)&$ 6oreo,er" it encourage& 9(orced thri(t9 %hich )ean& the in&ured i&

6ade to pa* pre)iu)& and &a,e )one*" %hich heJ&he )a* not do in the regular cour&e o( li(e$ Should *ou re0uire loan&" &a* (or +uilding a hou&e" it can +e ea&il* o+tained again&t a li(e in&urance polic*$ A)ong&t the )o&t kno%n +ene(it& o( !i(e In&urance i& the &a,ing& on *our inco)e ta'e&$ !i(e in&urance cannot +e co)pared %ith an* other (or) o( in,e&t)ent a& li(e in&urance gi,e& *ou a li(e long +ene(it and return& on *our )one* %hen it i& )o&t re0uired$ In&urance pre)iu)& are linked to age o( the li(e in&ured and the earlier *ou +u*" the lo%er are the pre)iu) re0uire)ent&$ .e&ide&" the )one* &ta*& in,e&ted (or a longer ti)e and there+* )a'i)i/ing *our return& through the po%er o( rupee


co)pounding$ So" a li(e in&urance polic* i& an ideal tool to gain &ecurit* and en&ure &a,ing&$ 6o&t i)portantl* it pro,ide& *ou %ith that uni0ue &en&e o( &ecurit* and peace o( )ind that no other (or) o( in,e&t)ent pro,ide&


The Hou&ing De,elop)ent inance Corporation !i)ited 4HD C7 %a& a)ong&t the

(ir&t to recei,e an 9in principle9 appro,al (ro) the Re&er,e .ank o( India 4R.I7 to &et up a +ank in the pri,ate &ector" a& part o( the R.I9& li+erali/ation o( the Indian .anking Indu&tr* in ?GGD$ The +ank %a& incorporated in Augu&t ?GGD in the na)e o( 9HD C .ank !i)ited9" %ith it& regi&tered o((ice in 6u)+ai" India$ HD C .ank co))enced operation& a& a Scheduled Co))ercial .ank in Januar* ?GGB$


Under thi& topic" the )a-or heading& that %ill +e co,ered are a& under8 HISTORICA! .ACP#ROUND .OARD O DIRECTORS 5ISSION 5A!UES 6ISSION PRO6OTERS #ROUP CO6PANIES DEPART6ENTATION


HD C Standard !i(e In&urance Co)pan* %a& incorporated on ?Dth Augu&t AHHH" under the na)e o( HD C Standard !i(e In&urance Co)pan* !i)ited$ Our a)+ition" tracing +ack to Octo+er ?GGB" %a& to +e the (ir&t pri,ate co)pan* to enter the li(e in&urance )arket in India$ On AFrd Octo+er AHHH" thi& a)+ition %a& reali/ed" %hen HD C Standard !i(e %a& the onl* li(e in&urance co)pan* to +e granted a certi(icate o( regi&tration$ HD C Standard !i(e In&urance Co)pan* !td$ i& one o( India<& leading pri,ate li(e in&urance co)panie& o((ering a range o( indi,idual and group in&urance &olution&$ It i& a -oint ,enture +et%een Hou&ing De,elop)ent inance Corporation !i)ited 4HD C !td$7" India<& leading hou&ing (inance in&titution and the Standard !i(e #roup" United Pingdo)$ .oth the pro)oter& are %ell kno%n (or their ethical dealing& and (inancial &trength and are thu& co))itted to +eing a long:ter) pla*er in the li(e in&urance indu&tr* = i)portant (actor& to con&ider %hen choo&ing *our in&urer$ HD C !td$ and Standard !i(e #roup" UP" ha,e a long and clo&e relation&hip +uilt upon &hared ,alue& and tru&t$ The a)+ition o( HD C Standard !i(e i& to )irror the

&ucce&& o( the parent co)panie& and +e the *ard&tick +* %hich all other in&urance co)panie& in India are )ea&ured$ A& a -oint ,enture o( leading (inancial &er,ice& group&" HD C Standard !i(e ha& the (inancial e'perti&e re0uired" to )anage long:ter) in,e&t)ent& &a(el* and e((icientl*$ HD C Standard !i(e o((er& a range o( indi,idual and group &olution&" %hich can +e ea&il* cu&to)i/ed to *our &peci(ic need&$ Our group &olution& ha,e +een de&igned to o((er *ou co)plete (le'i+ilit* co)+ined %ith a lo% charging &tructure$

The Co)pan*<& pre)iu) inco)e" including the (ir&t *ear pre)iu)& and rene%al pre)iu)& %a& R&$?BFA$A? crore& (or the period April AHHB to 6arch AHHC$ HD C Standard !i(e ha& co,ered o,er ?$C )illion indi,idual&$ The Co)pan* ha& al&o declared it& Cth con&ecuti,e +onu& in a& )an* *ear& (or our ;%ith pro(it< polic*holder&$

Our )ision
9The )o&t &ucce&&(ul and ad)ired li(e in&urance co)pan*" %hich )ean& that %e are the )o&t tru&ted co)pan*" the ea&ie&t to deal %ith" o((er the +e&t ,alue (or )one*" and &et the &tandard& in the indu&tr*9$

Our )alues
5alue& that %e o+&er,e %hile %e %ork8 Integrit* Inno,ation %

Cu&to)er:centric People:Care:1One:(or:all:and:all:(or:one Tea):%ork Jo* and Si)plicit*

Accola es an Reco/ni"ion

Rated +* 9.u&ine&&%orld9 a& 9India9& 6o&t Re&pected Pri,ate !i(e In&urance Co)pan*9 in AHHD Rated a& the Q.e&t Ne% In&urer : AHHFQ +* Outlook 6one* )aga/ine" India<& nu)+er ? per&onal (inance )aga/ine

Their 6i&&ion i&8 To +e the top ne% li(e in&urance co)pan* in the )arket$ Thi& doe& not -u&t )ean +eing the large&t or the )o&t producti,e co)pan* in the )arket" rather it i& a co)+ination o( &e,eral thing& like:

Cu&to)er &er,ice o( the highe&t order 5alue (or )one* (or cu&to)er& &

Pro(e&&ionali&) in carr*ing out +u&ine&& Inno,ati,e product& to cater to di((erent need& o( di((erent cu&to)er& U&e o( technolog* to i)pro,e &er,ice &tandard& Increa&ing )arket &hare

Core )alues<
SECURITY< Pro,iding long ter) (inancial &ecurit* to our polic*holder& %ill +e our con&tant endea,or$ TRUST8 The* appreciate the tru&t placed +* their polic*holder& in the)$ Hence" the* %ill ai) to )anage their in,e&t)ent& ,er* care(ull*$

INNO)ATION< Recogni/ing the di((erent need& o( their cu&to)er&" +e o((ering a range o( inno,ati,e product& to )eet the&e need&

The&e %ould +e clearer +* diagra)8: Organi/ational Pattern Diagra)

Chair)an:Cu):6anaging Director







Organi/ation Diagra) o( the .ranch8

'ran(h Sales


Sales )anager

-nit )anager

Dire(t Sales

.nsuran(e Ad%isors

Brief .rofile of "he Boar of &irec"ors

The In"ro uc"ion


Servin8 customers 9or over 1&( years Currently administers ;1 # billion in assets /oted # Star .i9e < 6ensions :rovider 9or last 1( years

Mar7et leader in the 0ousin8 Finance Sector ,ver million satis9ied customers ,ver 15((5((( Crores in .oan A::rovals *an7ed as India4s !rd Best Mana8ed Com:any by Finance Asia- ((#

#( Branches 115((5((( Customers Multi:le 6roducts - 6rotection - Unit .in7ed - =ith 6ro9it More than & la7h :olicyholders Servicin8 over ""( to>ns in India


The Joint 5enture o( HD C 3 Standard !i(e

HD C Standard !i(e In&urance Co)pan* !i)ited %a& one o( the (ir&t co)panie& to +e granted licen&e +* the IRDA to operate in li(e in&urance &ector$ Each o( the J5 pla*er i& highl* rated and +een con(erred %ith )an* a%ard&$ HD C i& rated 9AAA9 +* +oth CRISI! and ICRA$ Si)ilarl*" Standard !i(e i& rated 9AAA9 +oth +* 6ood*9& and Standard and Poor&$ The&e re(lect the e((icienc* %ith %hich HD C and Standard !i(e )anage their a&&et +a&e o( R&$ ?B"HHH Cr and R&$ CHH"HHH Cr re&pecti,el*$

The Par"nershi.<


HD C and Standard !i(e (ir&t ca)e together (or a po&&i+le -oint ,enture" to enter the !i(e In&urance )arket" in Januar* ?GGB$ It %a& clear (ro) the out&et that +oth co)panie& &hared &i)ilar ,alue& and +elie(& and a &trong relation&hip 0uickl* (or)ed$ In Octo+er ?GGB the co)panie& &igned a F *ear -oint ,enture agree)ent$ Around thi& ti)e Standard !i(e purcha&ed a BI &take in HD C" (urther &trengthening the relation&hip$ The ne't three *ear& %ere (illed %ith uncertaint*" due to change& in go,ern)ent and ongoing dela*& in getting the IRDA 4In&urance Regulator* and De,elop)ent authorit*7 Act pa&&ed in parlia)ent$ De&pite thi& +oth co)panie& re)ained (ir)l* co))itted to the ,enture$ In Octo+er ?GGE" the -oint ,enture agree)ent %a& rene%ed and additional re&ource )ade a,aila+le$ Around thi& ti)e Standard !i(e purcha&ed AI o( In(ra&tructure De,elop)ent their in,e&t)ent& in India$ To%ard& the end o( ?GGG" the opening o( the )arket looked ,er* pro)i&ing and +oth co)panie& agreed the ti)e %a& right to )o,e the operation to the ne't le,el$ There(ore" in Januar* AHHH an e'pert tea) (ro) the UP -oined a hand picked tea) (ro) HD C to (or) the core pro-ect tea)" +a&ed in 6u)+ai$ Around thi& ti)e Standard !i(e purcha&ed a (urther BI &take in HD C and a BI &take in HD C .ank$ In a (urther de,elop)ent Standard !i(e agreed to participate in the A&&et 6anage)ent Co)pan* pro)oted +* HD C to enter the )utual (und )arket$ The 6utual und %a& launched on AHth Jul* AHHH$ inance Co)pan* !td$ 4ID C7$ Standard !i(e al&o &tarted to u&e the &er,ice& o( the HD C Trea&ur* depart)ent to ad,i&e the) upon

'rou. co!.anies


HD C i& a highl* di,er&i(ied group$ It& group Co)panie& are8

*&#C Li!i"e
HD C %a& incorporated in ?G@@ %ith the pri)ar* o+-ecti,e o( )eeting a &ocial need : that o( pro)oting ho)e o%ner&hip +* pro,iding long:ter) (inance to hou&ehold& (or their hou&ing need&$ HD C %a& pro)oted %ith an initial &hare capital o( R&$ ?HH )illion$

*&#C Ban+ Li!i"e

The Hou&ing De,elop)ent inance Corporation !i)ited 4HD C7 %a& a)ong&t the (ir&t to recei,e appro,al (ro) the Re&er,e .ank o( India to &et up a +ank in the pri,ate &ector$ The +ank %a& incorporated in Augu&t ?GGD in the na)e o( HD C .ank !i)ited" %ith it& regi&tered o((ice in 6u)+ai$

*&#C Securi"ies Li!i"e

HD C Securitie& !td %a& pro)oted +* the HD C .ank 3 HD C %ith the o+-ecti,e o( pro,iding the di,er&e cu&to)er +a&e o( the HD C #roup and other in,e&tor&" a capa+ilit* to tran&act in the Stock E'change& 3 other (inancial )arket tran&action&$HD C &ecuritie&" pro,ide& *ou %ith the nece&&ar* tool& to allocate" &elect and )anage *our in,e&t)ent& %i&el*" and al&o &upport it %ith the highe&t &tandard& o( &er,ice" con,enience and ha&&le:(ree trading tool&$


*&#C Asse" Mana/e!en" Co!.an0 Li!i"e

HD C und i& a do)inant pla*er in the Indian )utual (und

&pace" recogni/ed (or it& high le,el& o( ethical and pro(e&&ional conduct and a co))it)ent to%ard& enhancing in,e&tor intere&t&$

*&#C Real"0 Li!i"e

HD C Realt* i& a ne%" organi/ed electronic )arketplace (or propertie&$ HD C realt* pro,ide& the entire ga)ut o( real e&tate &er,ice&" +ringing together the Qclick& %orldQ and the Q+rick& %orldQ in a re,olutionar* and u&er:(riendl* %a*$ 6aking a,aila+le the +e&t guidance" and the )o&t pro(e&&ional" tran&parent" e((icient &er,ice to the real e&tate cu&to)er$

Rith o,er one centur* o( e'perience in the (ield o( non:li(e in&urance (ro) Chu++ and HD C9& e'perti&e (ro) the (inancial &eg)ent" HD C Chu++ #eneral In&urance Co)pan* !i)ited ha& the con&u)er in&ight to )ake it& product range %orld cla&& and co)prehen&i,e$

S"an ar Life


Standard !i(e i& Europe9& large&t )utual li(e a&&urance co)pan*$ Standard !i(e" %hich ha& +een in the li(e in&urance +u&ine&& (or the pa&t ?@B *ear&" i& a )odern co)pan* &ur,i,ing 0uite a (e% change& &ince &elling it& (ir&t polic* in ?EAB$ The co)pan* e'panded in the ?Gth centur* (ro) it& original Edin+urgh pre)i&e&" opening o((ice& in other to%n& and ac0uiring other &i)ilar +u&ine&&e&$ Standard !i(e currentl* ha& a&&et& e'ceeding o,er S@H +illion under it& )anage)ent and ha& the di&tinction o( +eing accorded QAAAQ rating con&e0uentl* (or the pa&t &i' *ear& +* Standard 3 Poor$

The ,ariou& depart)ent& in the organi/ation are8 The Hu)an Re&ource Depart)ent In,e&t)ent Depart)ent Cu&to)er Ser,ice and Operation& Depart)ent In(or)ation Technolog* Depart)ent Strateg* Depart)ent 6arketing Depart)ent$

INANCIA! PER OR6ANCE PRODUCT 3 SER5ICES INDI5IDUA! PRODUCTS Re at HD C Standard !i(e reali&e that not e,er*one ha& the &a)e kind o( need&$ Peeping thi& in )ind" %e ha,e a ,aried range o( Product& that *ou can choo&e (ro) to &uit all *our need&$ The&e %ill help &ecure *our (uture a& %ell a& the (uture o( *our (a)il*$ !%

Pro"ec"ion Plans
You can protect *our (a)il* again&t the lo&& o( *our inco)e or the +urden o( a loan in the e,ent o( *our un(ortunate de)i&e" di&a+ilit* or &ickne&&$ The&e plan& o((er ,alua+le peace o( )ind at a &)all price$ Our Protection range include&8 TER6 ASSURANCE P!AN !OAN CO5ER TER6 ASSURANCE P!AN HO6E !OAN PROTECTION P!AN In,e&t)ent Plan& Pen&ion Plan& Sa,ing& Plan& Health Plan&

Group Products 'rou. Ter! Insurance<

HD C Standard !i(e In&urance o((er& a #roup In&urance &che)e (or co)panie& called 9#roup Ter) In&urance$ Thi& product ha& +een de&igned to o((er inno,ati,e (eature& and a high degree o( cu&to)i/ation$

'ra"ui"0 Plan
The HD C #ratuit* Plan i& an in&urance polic*" %hich o((er& *ou" a& an e)plo*er and gratuit* &che)e tru&tee" a ne% and (le'i+le %a* to (und *our gratuit* lia+ilit*$

&e6elo.!en" Insurance Plan<


Thi& product i& %ell &uited (or the econo)icall* %eaker &ection& o( &ociet* and cater& &peci(icall* to their need&$ It )ake& a,aila+le li(e co,er at a((orda+le rate&$

Co!!unica"ion s"ra"e/ies an !e ia anal0sis

HD C STANDARD !I E INSURANCE &ucce&& ha& +een +uilt on it& con&i&tent (ocu& on the cu&to)er and deli,ering on hi&Jher need&$ Thi& include& &e,eral initiati,e&" &uch a&8 De,eloping (le'i+le product& that are +a&ed on con&u)er need& and in&ight&$ O((ering di((erentiated &er,ice to the cu&to)er in a )anner that i& )o&t Con,enient to hi)Jher:+e it through the %e+" call centre&" +ranche&" etc$ Scienti(ic ri&k )anage)ent$ In,e&t)ent &trateg* %ith a (ocu& on &a(et*" &ta+ilit* and return& are &o)e o( the (actor& that ha,e (acilitated their gro%th$ Since it& inception" HD C STANDARD !I E INSURANCE ha& in,e&ted in +uilding a )eaning(ul +rand in the )ind o( it& cu&to)er&$ The&e e((ort& ha,e +orne (anta&tic re&ult&" %ith the co)pan* en-o*ing total +rand a%arene&& &core& o( GAI" the highe&t a)ong pri,ate li(e in&urer&$ The 6arketing (unction at HD C STANDARD !I E INSURANCE co,er& )an* acti,itie&: .rand and )edia )anage)ent" Channel &upport Direct )arketing The .rand and Co))unication& tea) i& in charge o( ad,erti&ing" con&u)er re&earch" )edia planning 3 +u*ing and Pu+lic Relation&> that help& in de,eloping and nurturing HD C STANDARD !I E INSURANCE corporate identit* %hile e((ecti,el* co))unicating it& ,aried product o((ering& to the cu&to)er$ Channel )arketing pro,ide& &upport to the &ale& (orce +* pro,iding &trea)lining the de&ign and de,elop)ent o( collateral& and &ale& tool& acro&& di&tri+ution channel&$ The


Direct 6arketing tea) %a& &et up to generate high 0ualit* lead& (or pro(ita+le +u&ine&&$ The tea) achie,e& thi& through target data+a&e ac0ui&ition and co))unicating cu&to)i/ed product in(or)ation through e:)ailer&" tele)arketing and inno,ati,e direct )ailer&$ *&#C STAN&AR& !i(e In&urance ha& &hi(ted it& R&$AHH )illion )edia planning and +u*ing account (ro) Initiati,e 6edia to 6ind&hare$ The )ain ai) o( the co)pan* i& that the* are looking (or agencie&" %hich can go +e*ond tool& and techni0ue& in ter)& o( rigorou&l* u&ing the)" and i)ple)enting a ro+u&t )onitoring &*&te) 4(or e((icienc* in ter)& o( planning and e'ecution o( the plan de,i&ed7$ Al&o" the* &hould ha,e &o)e e'perti&e in handling the +anking" (inancial &er,ice& and in&urance categor*$ The co)pan* al&o look& at the capa+ilit* to go +e*ond T5" outdoor and print$

Standard !i(e In&urance Co)pan* !td$ i& one o( India9& leading pri,ate in&urance co)panie&" %hich o((er& a range o( indi,idual and group in&urance &olution&$ It i& a -oint ,enture +et%een Hou&ing De,elop)ent inance Corporation !i)ited 4HD C !td$7" India9& leading hou&ing (inance in&titution and a #roup Co)pan* o( the Standard !i(e" UP$ HD C a& on 6arch F?" AHH@ hold& E?$G per cent o( e0uit* in the -oint ,enture$

Our +e0 s"ren/"hs

#inancial E;.er"ise< A& a -oint ,enture o( leading (inancial &er,ice& group&" HD C Standard !i(e ha& the (inancial e'perti&e re0uired to )anage *our long:ter) in,e&t)ent& &a(el* and e((icientl*$ Ran/e of Solu"ions< Re ha,e a range o( indi,idual and group &olution&" %hich can +e ea&il* cu&to)i&ed to &peci(ic need&$ Our group &olution& ha,e +een de&igned to o((er *ou co)plete (le'i+ilit* co)+ined %ith a lo% charging &tructure$


Pro!o"ers of *&#C S"an ar Life Insurance<

-( *&#C Li!i"e HD C i& India<& leading hou&ing (inance in&titution and ha& helped +uild )ore than AF"HH"HHH hou&e& &ince it& incorporation in ?G@@$ In inancial Year AHHF:HD it& a&&et& under )anage)ent cro&&ed R&$ FC"HHH Cr$ A& at 6arch F?" AHHD" out&tanding depo&it& &tood at R&$ @"EDH crore&$ The depo&itor +a&e no% &tand& at around ? )illion depo&itor&$ Rated ;AAA< +* CRISI! and ICRA (or the ?Hth con&ecuti,e *ear Sta+le and e'perienced )anage)ent High &er,ice &tandard& A%arded The Econo)ic Ti)e& Corporate Citi/en o( the *ear A%ard (or it& long:&tanding co))it)ent to co))unit* de,elop)ent$ Pre&ented the ;Drea) Ho)e< a%ard (or the +e&t hou&ing (inance pro,ider in AHHD at the third Annual Outlook 6one* A%ard&$

S"an ar Life 'rou. BS"an ar Life .lc an i"s su5si iariesC

The Standard !i(e group ha& +een looking a(ter the (inancial need& o( cu&to)er& (or o,er ?EH *ear&$ It currentl* ha& a cu&to)er +a&e o( around @ )illion people %ho rel* on the co)pan* (or their in&urance" pen&ion" in,e&t)ent" +anking and health:care need&$ It& in,e&t)ent )anager currentl* ad)ini&ter& S?AB +illion in a&&et&$ It i& a leading pen&ion& pro,ider in the UP" and i& rated +* Standard 3 Poor9& a& 9&trong9 %ith a rating o( AN and a& 9good9 %ith a rating o( A?


+* 6ood*9& Standard !i(e %a& a%arded the 9.e&t Pen&ion Pro,ider9 in AHHD" AHHB and AHHC at the 6one* 6arketing A%ard&" and it %a& ,oted a B &tar li(e and pen&ion& pro,ider at the la&t ?H *ear& running$ The 9B Star9 accolade ha& al&o +een a%arded to Standard !i(e In,e&t)ent& (or the la&t ?H *ear&" and to Standard !i(e .ank &ince it& inception in ?GGE$ Standard !i(e .ank %a& a%arded the 9.e&t le'i+le 6ortgage !ender9 at the 6ortgage 6aga/ine A%ard& in AHHC inancial Ad,i&er Ser,ice A%ard& (or the

Incor.ora"ion< *&#CDs S"an ar Li!i"e

Life Insurance Co!.an0

The co)pan* %a& incorporated on ?Dth Augu&t AHHH under the na)e o( HD C Standard !i(e In&urance Co)pan* !i)ited$ Our a)+ition (ro) a& (ar +ack a& Octo+er ?GGB" %a& to +e the (ir&t pri,ate co)pan* to re:enter the li(e in&urance )arket in India$ On the AFrd o( Octo+er AHHH" thi& a)+ition %a& reali&ed %hen HD C Standard !i(e %a& the onl* li(e co)pan* to +e granted a certi(icate o( regi&tration$ HD C are the )ain &hareholder& in HD C Standard !i(e" %ith E?$DI" %hile Standard !i(e o%n& ?E$CI$ #i,en Standard !i(e9& e'i&ting in,e&t)ent in the HD C #roup" thi& i& the )a'i)u) in,e&t)ent allo%ed under current regulation&$ HD C and Standard !i(e ha,e a long and clo&e relation&hip +uilt upon &hared ,alue& and tru&t$ The a)+ition o( HD C Standard !i(e i& to )irror the &ucce&& o( the parent co)panie& and +e the *ard&tick +* %hich all other in&urance co)pan*9& in India are )ea&ured$


At HD C Standard !i(e" %e o((er a +ou0uet o( in&urance &olution& to )eet e,er* need$ Re cater to +oth" indi,idual& a& %ell a& to co)panie& looking to pro,ide +ene(it& to their e)plo*ee&$ Thi& &ection gi,e& *ou detail& o( all our product&$ Re ha,e incorporated ,ariou& do%nloada+le (or)& and product detail& &o that *ou can )ake an in(or)ed choice a+out +u*ing a polic*$ or indi,idual&" %e ha,e a range o( protection" in,e&t)ent" pen&ion and &a,ing& plan& that a&&i&t and nurture drea)& apart (ro) pro,iding protection$ You can choo&e (ro) a range o( product& to &uit *our li(e:&tage and need&$ or organi/ation& %e ha,e a ho&t o( cu&to)i&ed &olution& that range (ro) #roup Ter) In&urance" #ratuit*" !ea,e Enca&h)ent and Superannuation Product&$ The&e a((orda+le plan& apart (ro) pro,iding long ter) ,alue to the e)plo*ee& help in enhancing good%ill o( the co)pan*$

In i6i ual Pro uc"s

Re at HD C Standard !i(e reali&e that not e,er*one ha& the &a)e kind o( need&$ Peeping thi& in )ind" %e ha,e a ,aried range o( Product& that *ou can choo&e (ro) to &uit all *our need&$ The&e %ill help &ecure *our (uture a& %ell a& the (uture o( *our (a)il*$

Pro"ec"ion Plans
You can protect *our (a)il* again&t the lo&& o( *our inco)e or the +urden o( a loan in the e,ent o( *our un(ortunate de)i&e" di&a+ilit* or &ickne&&$ The&e plan& o((er ,alua+le peace o( )ind at a &)all price$

Our Protection range include& our Ter) A&&urance Plan 3 !oan Co,er Ter) A&&urance Plan$


In6es"!en" Plans
Our Single Pre)iu) Rhole O( !i(e plan i& %ell &uited to )eet *our long ter) in,e&t)ent need&$ Re pro,ide *ou %ith attracti,e long ter) return& through regular +onu&e&$

Pension Plans
Our Pen&ion Plan& help *ou &ecure *our (inancial independence e,en a(ter retire)ent$ Our Pen&ion range include& our Per&onal Pen&ion Plan" Unit !inked Pen&ion" Unit !inked Pen&ion Plu&

Sa6in/s Plans
Our Sa,ing& Plan& o((er *ou (le'i+le option& to +uild &a,ing& (or *our (uture need& &uch a& +u*ing a drea) ho)e or (ul(illing *our children<& i))ediate and (uture need&$ Our Sa,ing& range include& Endo%)ent A&&urance Plan" Unit !inked Endo%)ent" Unit !inked Endo%)ent Plu&" 6one* .ack Plan" Children<& Plan" Unit !inked Young&tar" Unit !inked Young&ter Plu&$

'rou. Pro uc"s One=s"o. sho. for e!.lo0ee=5enefi" solu"ions

HD C Standard !i(e ha& the )o&t co)prehen&i,e li&t o( product& (or progre&&i,e e)plo*er& %ho %i&h to pro,ide the +e&t and )o&t inno,ati,e e)plo*ee +ene(it &olution& to their e)plo*ee&$ Re o((er di((erent product& (or di((erent need& o( e)plo*er& ranging (ro) ter) in&urance plan& (or pure protection to ,oluntar* plan& &uch a& &uperannuation and lea,e enca&h)ent$ Re no% o((er the (ollo%ing group product& to our e&tee)ed corporate client&8

#roup Ter) In&urance


#roup 5aria+le Ter) In&urance

'rou. Uni"=Lin+e Plan

An in,e&t)ent &olution that pro,ide& (unding ,ehicle to )anage corpu&e& %ith #ratuit*" De(ined .ene(it or De(ined Contri+ution Superannuation or !ea,e Enca&h)ent &che)e& o( *our co)pan* Al&o &uita+le (or other e)plo*ee +ene(it &che)e& &uch a& &alar* &a,ing &che)e& and %ealth )anage)ent &che)e&

Social Pro uc"s

&e6elo.!en" Insurance Plan De,elop)ent In&urance plan i& an in&urance plan %hich pro,ide& li(e co,er to )e)+er& o( a De,elop)ent Agenc* (or a ter) o( one *ear$ On the death o( an* )e)+er o( the group in&ured during the *ear o( co,er" a lu)p &u) i& paid to that )e)+er<& +ene(iciarie& to help )eet &o)e o( the i))ediate (inancial need& (ollo%ing their lo&&$ Eli/i5ili"0 6e)+er& o( the de,elop)ent agenc* and their &pou&e& %ith8 : 6ini)u) age at the &tart o( the polic* ?E *ear& la&t +irthda* : 6a'i)u) age at the &tart o( polic* BH *ear& la&t +irthda* E)plo*ee& o( the De,elop)ent Agenc* are not eligi+le to -oin the group$ The group to +e co,ered i& onl* eligi+le i( it contain& )ore than BHH )e)+er&$


Pre!iu! Pa0!en"s
The pre)iu) to +e paid %ill +e 0uoted per )e)+er in the group and %ill +e the &a)e (or all )e)+er& o( the group$ The pre)iu) can onl* +e paid +* the De,elop)ent Agenc* a& a &ingle lu)p &u) that include& all pre)iu)& (or the group to +e co,ered$ Co,er %ill not &tart until the pre)iu) and all the )e)+er in(or)ation in our &peci(ied (or)at ha& +een recei,ed$ The pre)iu) rate i& R&$ AB per R&$ ?H"HHH o( lu)p &u)" per )e)+er$

On the death o( each )e)+er co,ered +* the polic* during the *ear o( co,er a lu)p &u) e0ual to the &u) a&&ured %ill +e paid to their +ene(iciarie& or legal heir&$ Rhere the death i& a& a re&ult o( an accident" an additional lu)p &u) %ill +e paid e0ual to hal( the &u) a&&ured$ There are no +ene(it& paid at the end o( the *ear o( co,er and there i& no &urrender ,alue a,aila+le at an* ti)e$

The role of "he &e6elo.!en" A/enc0

Due to the nature o( the group& co,ered" HD C Standard !i(e %ill +e pa&&ing certain ad)ini&trati,e ta&k& onto the De,elop)ent Agenc*$ .* pa&&ing on the&e ta&k& the pre)iu) charged can +e lo%er$ The&e ta&k& %ould include8 Su+)i&&ion o( )e)+er data in a &peci(ied co)puter (or)at Collection o( pre)iu)& (ro) group )e)+er& Recording change& in the detail& o( group )e)+er& Di&+ur&e)ent o( clai) pa*)ent& and the )ortalit* re+ate 4i( an*7 to group )e)+er& The&e ta&k& %ould +e in addition to the u&ual dutie& o( a polic*holder &uch a&8 Pa*)ent o( pre)iu)& Reporting o( clai)& Peeping polic* holder in(or)ation up to date


Training and &upport %ill +e a,aila+le to gi,e guidance on ho% to co)plete the ta&k& appropriatel*$ Since the&e additional ta&k& %ill i)po&e a +urden on the De,elop)ent Agenc*" the De,elop)ent Agenc* )a* charge a R&$ ?H ad)ini&tration (ee to their )e)+er&$ Prohi+ition o( re+ate& Section D? o( the In&urance Act" ?GFE &tate& No per&on &hall allo% or o((er to allo%" either directl* or indirectl*" a& an induce)ent to an* per&on to take out or rene% or continue an in&urance in re&pect o( an* kind o( ri&k relating to li,e& or propert* in India" an* re+ate o( the %hole or part o( the co))i&&ion pa*a+le or an* re+ate o( the pre)iu) &ho%n on the polic*" nor &hall an* per&on taking out or rene%ing or continuing a polic* accept an* re+ate" e'cept &uch re+ate a& )a* +e allo%ed in accordance %ith the pu+li&hed pro&pectu& or ta+le& o( the in&urer I( an* per&on (ail& to co)pl* %ith &u+ regulation 4pre,iou& point7 a+o,e" he &hall +e lia+le to pa*)ent o( a (ine %hich )a* e'tend to rupee& (i,e hundred

Ta; Benefi"s
INCO6E TAT SECTION #ROSS ANNUA! SA!ARY HOR 6UCH TAT CAN YOU SA5EU HD C STANDARD !I E P!ANS Sec$ EHC Acro&& All inco)e Sla+&$ Upto R&$ FF"GGH &a,ed on in,e&t)ent o( R&$ ?" HH"HHH$ All the li(e in&urance plan&$ Sec$ EH CCC Acro&& all inco)e &la+&$ Upto R&$ FF"GGH &a,ed on In,e&t)ent o( R&$?" HH"HHH$ All the pen&ion plan&$ Sec$ EH DV acro&& all inco)e &la+&$ Upto R&$ F"FGG &a,ed on In,e&t)ent o( R&$ ?H"HHH$ All the health in&urance rider& a,aila+le %ith the con,entional plan&$

TOTA! SA5IN#S POSSI.!E VV R&$ F@"FEG R&$ FF"GGH under Sec$ EHC and under Sec$ EH CCC " R&$F"FGG under Sec$ EH D" calculated (or a )ale %ith gro&& annual inco)e e'ceeding R&$ ?H"HH"HHH$ Sec$ ?H 4?H7 D under Sec$ ?H4?HD7" the +ene(it& *ou recei,e are co)pletel* ta': (ree" &u+-ect to the condition& laid do%n therein$


V Applica+le to pre)iu)& paid (or Critical Illne&& .ene(it" Accelerated Su) A&&ured and Rai,er o( Pre)iu) .ene(it$ VV The&e calculation& are illu&trati,e and +a&ed on our under&tanding o( current ta' legi&lation&" %hich i& ,er* +ene(icial$


According to Cli((ord %ood* 1 re&earch co)pri&e& de(ining and rede(ining pro+le)&" (or)ulating h*pothe&e& &olution" collecting and e,aluating data" )aking deduction and reaching conclu&ion and at la&t care(ull* te&ting the conclu&ion to deter)ine %eather the* (it the (or)ulating h*pothe&i&2$ Re&earch in a co))on parlance re(er& to a &earch (or kno%ledge$ One can al&o de(ine &earch a& a &cienti(ic and &*&te)atic &earch (or pertinent in(or)ation on a &peci(ic topic$ In (act re&earch i& an art o( &cienti(ic in,e&tigation$ So)e people con&ider re&earch a& a )o,e)ent" a )o,e)ent (ro) kno%n to unkno%n> it i& actuall* a ,o*age o( di&co,er*$ Thi& in0ui&iti,ene&& i& the )other o( all kno%ledge and the )ethod" %hich )an e)plo*& (or o+taining the kno%ledge o( %hate,er the unkno%n can +e ter)ed a& re&earch$

2(- Ti"le of "he s"u 0<

Recruit)ent 3 &election Polic*2

2(3 &ura"ion of "he .ro4ec"<

Su))er training report (ro) HD C STANDARD !I E INSURANCE (or DB da*&$

O54ec"i6e of s"u 0<


Ho% doe& right recruit)ent proce&& help& in creating o,erall e((icienc*" co&t reduction" on ti)e deli,er* %ith re(erence to e'ternal cu&to)er$

To collect the (inding&" in(or)ation 3 anal*/e to dra% conclu&ion o( recruit)ent proce&&$

To e'plain the docu)entation u&ed at the ,ariou& &tage& o( the recruit)ent 3 Selection proce&&$

To in,ol,e e)plo*ee& in creating an en,iron)ent o( openne&&" tru&t" (un 3 pride$

To highlight the area %here recruit)ent and &election progra)& need& i)pro,e)ent$

I& the current recruit)ent proce&& in line %ith the e)plo*ee<& (uture career planning and hi& potentialU

De,eloping hu)an re&ource& in con&onance %ith +roader corporate hori/on and long range ,i&ion o( the organi/ation$

?$ E;.lora"or0 research i& conducted %ith the help o( u&ing an inter,ie% and 0ue&tionnaire &chedule (or thi& pro-ect$ In thi& t*pe o( re&earch" the re&earcher ha& to contact the per&on directl* to kno% the a,aila+le in(or)ation and anal*/e the&e to )ake a critical e,aluation$ The (act& or in(or)ation re0uired to anal*/e the data %a& a,aila+le in inter,ie% &chedule$ Thi& %a& one o( the )ain &ource& (or the pro-ect$



The &a)ple collected in (inite population of ICICI Pru en"ial


Re&earch de&ign i& a )odel o( )a&ter plan (or gathering (or)al in(or)ation$ It call& (or certain &peci(ication o( )ethod& and procedure& (or o+taining the re0uired in(or)ation$


O((icial& and &ale& e'ecuti,e& o( S.I 6utual (und$ O((icial and e'ecuti,e& o( S.I Di&cu&&ion a+out )utual (und& %ith e'i&ting and ne% in,e&tor&


O((er docu)ent& o( S.I and ICICI Prudential 6utual und&$ 6utual und related )aga/ine& like 6utual und Re,ie%" 6utual und In&ight +* ,alue re&earcher&" Outlook 6one*$ act Sheet& o( S.I 6utual und and ICICI Prudential 6utual und Re+ &ite&" )ainl* %%%$)utual(und&india$co)" &+i)($co) %%%$,aluere&earcher&online$co)" %%%$indiain(oline$co)$




Recruit)ent i& the proce&& concerned %ith the identi(ication o( &ource& (ro) %here the per&onnel can +e e)plo*ed and )oti,ating the) to o((er the)&el,e& (or e)plo*)ent$ Reather and Da,i& ha,e de(ined thi& a& (ollo%&> 1Recruit)ent i& the proce&& o( (inding and attracting capa+le applicant& (or e)plo*)ent$ The Proce&& +egin& %hen ne% recruit& are &ought and end& %hen their applicant& are &u+)itted$ The re&ult i& Sa pool o( applicant& (ro) %hich ne% e)plo*ee& are &elected$2 Recrui"!en" )ean& to e&ti)ate the a,aila+le ,acancie& and to )ake &uita+le arrange)ent& (or their &election and appoint)ent$ Recruit)ent i& under&tood a& the proce&& o( &earching (or and o+taining applicant& (or the -o+&" (ro) a)ong %ho) the right people can +e &elected$ A (or)al de(inition &tate&" 1It i& the proce&& o( (inding and attracting capa+le applicant& (or the e)plo*)ent$ The proce&& +egin& %hen ne% recruit& are &ought and end& %hen their applicant& are &u+)itted$ The re&ult i& a pool o( applicant& (ro) %hich ne% e)plo*ee& are &elected2$ In thi&" the a,aila+le ,acancie& are gi,en %ide pu+licit* and &uita+le candidate& are encouraged to &u+)it application& &o a& to ha,e a pool o( eligi+le candidate& (or &cienti(ic &election$

In recruit)ent" in(or)ation i& collected (ro) intere&ted candidate&$ or thi& di((erent &ource &uch a& ne%&paper ad,erti&e)ent" e)plo*)ent e'change&" internal pro)otion" etc$are u&ed$ #

In the recruit)ent" a pool o( eligi+le and intere&ted candidate& i& created (or &election o( )o&t &uita+le candidate&$ Recruit)ent repre&ent& the (ir&t contact that a co)pan* )ake& %ith potential e)plo*ee& &efini"ion< According to E&%IN #LIPPO,Recruitment is the process of searching for prospective employees and stimulating them to apply for jobs in the organization. Lor has efine " Recruit)ent i& a (or) o( co)petition$ Ju&t a& corporation&

co)pete to de,elop" )anu(acture" and )arket the +e&t product or &er,ice" &o the* )u&t al&o co)pete to identi(*" attract and hire the )o&t 0uali(ied people$ Recruit)ent i& a +u&ine&&" and it i& +ig +u&ine&&$2 Thu&" recruit)ent proce&& i& concerned %ith the identi(ication o( po&&i+le &ource& o( hu)an -(3 Nee re&ource &uppl* and tapping tho&e &ource&$

for recrui"!en"<

The need (or recruit)ent )a* +e due to the (ollo%ing rea&on& J &ituation8 a$ 5acancie& due to pro)otion&" tran&(er" retire)ent" ter)ination" per)anent di&a+ilit*" death and la+our turno,er$ +$ Creation o( ne% ,acancie& due to the gro%th" e'pan&ion and di,er&i(ication o( +u&ine&& acti,itie& o( an enterpri&e$ In addition" ne% ,acancie& are po&&i+le due to -o+ &peci(ication$

Pur.ose an i!.or"ance of Recrui"!en"<

Deter)ine the pre&ent and (uture re0uire)ent& o( the organi/ation on con-unction %ith it& per&onnel:planning and -o+ anal*&i& acti,itie&$

Increa&e the pool o( -o+ candidate& at )ini)u) co&t$ Help increa&e the &ucce&& rate o( the &election proce&& +* reducing the nu)+er o( ,i&i+l* under 0uali(ied or o,er0uali(ied -o+ applicant&$


Help reduce the pro+a+ilit* that -o+ applicant&" once recruited and &elected" %ill lea,e the organi/ation onl* a(ter a &hort period o( ti)e$

6eet the organi/ation<& legal and &ocial o+ligation& regarding the co)po&ition o( it& %ork (orce$ .egin identi(*ing and preparing potential -o+ applicant& %ho %ill +e appropriate candidate&$

Increa&e organi/ational and indi,idual e((ecti,ene&& in the &hort ter) and long ter)$

E,aluate the e((ecti,ene&& o( ,ariou& recruiting techni0ue& and &ource& (or all t*pe& o( -o+ applicant&$

Recruit)ent i& a po&iti,e (unction in %hich pu+licit* i& gi,en to the -o+& a,aila+le in the organi/ation and intere&ted candidate& are encouraged to &u+)it application& (or the purpo&e o( &election$ Recruit)ent repre&ent& the (ir&t contact that a co)pan* )ake& %ith potential e)plo*ee&$ It i& through recruit)ent that )an* indi,idual& %ill co)e to kno% a co)pan*" and e,entuall* decided %hether the* %i&h to %ork (or it$ A %ell:planned and %ell:)anaged recruiting e((ort %ill re&ult in high 0ualit* applicant&" %herea&" a hapha/ard and piece)eal e((ort& %ill re&ult in )ediocre one&$



Recruit)ent practice& ,ar* (ro) one organi/ation to another$ So)e organi/ation& like co))ercial +ank& re&ort to centrali/ed recruit)ent %hile &o)e organi/ation& like the Indian Rail%a* re&ort to decentrali/ed recruit)ent practice&$ Per&onnel depart)ent at the central o((ice per(or)& all the (unction& o( recruit)ent in ca&e o( centrali&ed recruit)ent and per&onnel depart)ent& at unit le,elJ/onal le,el per(or) all the (unction& o( recruit)ent concerning to the -o+& o( the re&pecti,e unit or /one$


RECRUITMENT PROCESS< S"e.s in recrui"!en" of Insurance A/en"s

Approach to the likel* per&on Appoint)ent a& per condition Di&cu&& the topic #i,e the docu)ent& %hich include&8: ?$ Pro&pectu& o( the co)pan* A$ .rochure F$ Co)pan*<& plan D$ Wue&tionnaire Collect the docu)ent a(ter it<& co)pletion or%ard it to pro-ect )anager eed it in the co)puter a& the data+a&e ollo% up a& per condition&

Mo es of Con"ac"
Per&onal Contact& Re(erence& Phone Call& #uidance a& per Unit 6anager



To attract highl* 0uali(ied indi,idual&$ To pro,ide an e0ual opportunit* (or potential candidate& to appl* (or ,acancie&$


?7 Pro)otion A7 Tran&(er& F7 Internal noti(ication 4Ad,erti&e)ent7 D7 Retire)ent

?7 Ca)pu& recruit)ent A7 Pre&& ad,erti&e)ent F7 6anage)ent con&ultanc* &er,ice 3 pri,ate e)plo*)ent e'change& D7 Deputation o( per&onnel or tran&(er (ro) one enterpri&e to another

B7 Recall C7 or)er e)plo*ee&

B7 6anage)ent training &che)e& C7 Ralk:in&" %rite:in&" talk:in&


The &ource& o( recruit)ent can +e +roadl* categori/ed into internal and e'ternal &ource&:

In"ernal Recrui"!en" I Internal recruit)ent &eek& applicant& (or po&ition& (ro) %ithin the co)pan*$ The ,ariou& internal &ource& include:8

Pro!o"ions an Transfers I
Pro)otion i& an e((ecti,e )ean& u&ing -o+ po&ting and per&onnel record&$ Jo+ po&ting re0uire& noti(*ing ,acant po&ition& +* po&ting notice&" circulating pu+lication& or announcing at &ta(( )eeting& and in,iting e)plo*ee& to appl*$ Per&onnel record& help di&co,er e)plo*ee& %ho are doing -o+& +elo% their educational 0uali(ication& or &kill le,el&$

E!.lo0ee referrals=
E)plo*ee& can de,elop good pro&pect& (or their (a)ilie& and (riend& +* ac0uainting the) %ith the ad,antage& o( a -o+ %ith the co)pan*" (urni&hing the) %ith introduction and encouraging the) to appl*$ Thi& i& a ,er* e((ecti,e )ean& a& )an* 0uali(ied people can +e reached at a ,er* lo% co&t to the co)pan*$

&e.en en"s of ecease e!.lo0ees=

U&uall*" +ank& (ollo% thi& polic*$ I( an e)plo*ee die&" hi& J her &pou&e or &on or daughter i& recruited in their place$ Thi& i& u&uall* an e((ecti,e %a* to (ul(ill &ocial o+ligation and create good%ill$


Recalls< =
Rhen )anage)ent (ace& a pro+le)" %hich can +e &ol,ed onl* +* a )anager %ho ha& proceeded on long lea,e" it )a* de decided to recall that per&on& a(ter the pro+le) i& &ol,ed" hi& lea,e )a* +e e'tended$

Re"ire!en"s< =
At ti)e&" )anage)ent )a* not (ind &uita+le candidate& in place o( the one %ho had retired" a(ter )eritoriou& &er,ice$ Under the circu)&tance&" )anage)ent )a* decide to call retired )anager& %ith ne% e'ten&ion$

In"ernal no"ifica"ion Ba 6er"ise!en"C< =

So)eti)e&" )anage)ent i&&ue& an internal noti(ication (or the +ene(it o( e'i&ting e)plo*ee&$ 6o&t e)plo*ee& kno% (ro) their o%n e'perience a+out the re0uire)ent o( the -o+ and %hat &ort o( per&on the co)pan* i& looking (or$

E;"ernal Recrui"!en"< I
E'ternal recruit)ent &eek& applicant& (or po&ition& (ro) &ource& out&ide the co)pan*$ The* ha,e outnu)+ered the internal )ethod&$ The ,ariou& e'ternal &ource& include

Professional or Tra e Associa"ions <=

6an* a&&ociation& pro,ide place)ent &er,ice to it& )e)+er&$ It con&i&t& o( co)piling -o+ &eeker<& li&t& and pro,iding acce&& to )e)+er& during regional or national con,ention&$ Al&o" the


A 6er"ise!en"s<=
It i& a popular )ethod o( &eeking recruit&" a& )an* recruiter& pre(er ad,erti&e)ent& +ecau&e o( their %ide reach$ Rant ad& de&cri+e the -o+ +ene(it&" identi(* the e)plo*er and tell tho&e intere&ted ho% to appl*$ Ne%&paper i& the )o&t co))on )ediu) +ut (or highl* &peciali/ed recruit&" ad,erti&e)ent& )a* +e placed in pro(e&&ional or +u&ine&& -ournal&$

E!.lo0!en" E;chan/es<=
E)plo*)ent E'change& ha,e +een &et up all o,er the countr* in de(erence to the pro,i&ion o( the E)plo*)ent E'change& 4Co)pul&or* Noti(ication o( 5acancie&7 Act" ?GBG$ The Act applie& to all indu&trial e&ta+li&h)ent& ha,ing AB %orker& or )ore each$ The Act re0uire& all the indu&trial e&ta+li&h)ent& to noti(* the ,acancie& +e(ore the* are (illed$

Ca!.us Recrui"!en"s<=
College&" uni,er&itie&" re&earch la+oratorie&" &port& (ield& and in&titute& are (ertile ground (or recruiter&" particularl* the in&titute&$ Ca)pu& Recruit)ent i& going glo+al %ith co)panie& like H!!" Citi+ank" HC!:HP" ANX #rindla*&" !3T" 6otorola and Reliance looking (or glo+al )arket&$ So)e co)panie& recruit a gi,en nu)+er o( candidate& (ro) the&e in&titute& e,er* *ear$

Selection can +e conceptuali/ed in ter)& o( either choo&ing the (it candidate&" or re-ecting the un(it candidate&" or a co)+ination o( +oth$ Selection in,ol,e& +oth +ecau&e it pick& up the (it& and re-ect& the un(it&$ In (act" in Indian conte't" there are )ore candidate& %ho are re-ected than tho&e %ho are


&elected in )o&t o( the &elected proce&&e&$ There(ore" &o)eti)e&" it i& called a negati,e proce&& in contra&t to po&iti,e progra) o( recruit)ent$ Stone ha& gi,en a (or)al de(inition> 1Selection i& the proce&& o( di((erentiating +et%een applicant& in order to identi(* 4and hire7 tho&e %ith a greater likelihood o( &ucce&& in a -o+2

&ifference 5e":een Recrui"!en" an Selec"ion

At thi& &tage" it i& %orth%hile to under&tand di((erence +et%een recruit)ent and &election a& +oth the&e ter)& are o(ten u&ed together or &o)eti)e& interchangea+l*$ lippo de&cri+ed in the (ollo%ing &tate)ent8 1Recruit)ent i& a proce&& o( &earching (or pro&pecti,e e)plo*ee& and &ti)ulating and encouraging the) to appl* (or -o+& in an organi/ation$ It i& o(ten ter)ed po&iti,e in that it &ti)ulate& people to appl* (or -o+& to increa&e the hiring ratio" i$e$" the nu)+er o( applicant& (or a -o+$ Selection" on the other hand" tend& to +e negati,e +ecau&e it re-ect& a good nu)+er o( tho&e %ho appl*" lea,ing onl* the +e&t to +e hired$2

&ifference BRecrui"!en" an Selec"ionC

?$7 Recruit)ent i& the proce&& o( &earching (or pro&pecti,e candidate& and )oti,ating the) to appl* (or -o+ in the organi&ation Rherea&" &election i& a proce&& o( choo&ing )o&t &uita+le candidate& out o( tho&e" %ho are intere&ted and al&o 0uali(ied (or -o+$

A$7 In the recruit)ent proce&&" ,acancie& a,aila+le are (inali/ed" pu+licit* i& gi,en to the) and application& are collected (ro) intere&ted candidate&$ $1

In the &election proce&&" a,aila+le application& are &crutini/ed$ Te&t&" inter,ie% and )edical e'a)ination are conducted in order to &elect )o&t &uita+le candidate&$ F$7 In recruit)ent the purpo&e i& to attract )a'i)u) nu)+er& o( &uita+le and intere&ted candidate& through application&$ In &election proce&& the purpo&e i& that the +e&t candidate out o( tho&e 0uali(ied and intere&ted in the appoint)ent$ D$7 Recruit)ent i& prior to &election$ It create& proper +a&e (or actual &election$ Selection i& ne't to recruit)ent$ It i& out o( candidate&< a,aila+leJintere&ted$ B$7 Recruit)ent i& the po&iti,e (unction in %hich intere&ted candidate& are encouraged to &u+)it application$ Selection i& a negati,e (unction in %hich un&uita+le candidate& are eli)inated and the +e&t one i& &elected$ C$7 Recruit)ent i& the &hort proce&&$ In recruit)ent pu+licit* i& gi,en to ,acancie& and application& are collected (ro) di((erent &ource& Selection i& a length* proce&&$ It in,ol,e& &crutin* o( application&" gi,ing te&t&" arranging inter,ie%& and )edical e'a)ination$ @$7 In recruit)ent &er,ice& o( e'pert i& not re0uired Rherea& in &election" &er,ice& o( e'pert i& re0uired E$7 Recruit)ent i& not co&tl*$ E'penditure i& re0uired )ainl* (or ad,erti&ing the po&t&$ Selection i& a co&tl* acti,it*" a& e'penditure i& needed (or te&ting candidate& and conduct o( inter,ie%&$


To &*&te)aticall* collect in(or)ation a+out to )eet the re0uire)ent& o( the ad,erti&ed po&ition$ To &elect a candidate that %ill +e &ucce&&(ul in per(or)ing the ta&k& and )eeting the re&pon&i+ilitie& o( the po&ition$ To engage in hiring acti,itie& that %ill re&ult in eli)inating the under utili/ation o( %o)en and )inoritie& in particular depart)ent&$

PLACEMENT AN& IN&UCTION A(ter a candidate i& &elected (or e)plo*)ent" he i& placed on the -o+$ Initiall*" the place)ent )a* +e pro+ation" the period o( %hich )a* range (ro) &i' )onth& to t%o *ear&$ A(ter &ucce&&(ul co)pletion o( the pro+ation period" the candidate )a* +e o((ered per)anent e)plo*)ent$ ?$ Rhen a ne% e)plo*ee -oin& an organi/ation" he i& a &tranger to the

organi/ation and ,ice ,er&a$ He )a* (eel in&ecure" &h*" and ner,ou& in the &trange &ituation$ He )a* ha,e an'iet* +ecau&e o( lack o( ade0uate in(or)ation a+out the -o+" %ork procedure&" organi/ational policie& and practice&" etc$ In &uch a ca&e" induction i& needed through %hich rele,ant in(or)ation can +e pro,ided> he i& introduced to old e)plo*ee& and to %ork procedure&$ A$ E((ecti,e induction can )ini)i/e the i)pact o( realit* &hock &o)e ne%

e)plo*ee& )a* undergo$ O(ten" (re&her& -oin the organi/ation %ith ,er* high e'pectation& %hich )a* +e (ar +e*ond the realit*$ Rhen the* co)e acro&& %ith realit*" the* o(ten (eel &hocked$ .* proper induction" the ne% co)er& can +e )ade to under&tand the realit* o( the &ituation$




An* re&earch in an* (ield topic gi,e& &o)e ne% re&ult&" di&co,ering ne% area& etc$ +ut there are al%a*& &o)e li)itation& thereo($ The data collected i& totall* dependent on re&pondent&< ,ie%&" %hich could +e +ia& in nature$ So)eti)e& re&pondent& do not gi,e a re&pon&e or gi,e partial re&pon&e$ It i& called non re&pon&e error$ The rea&on )a* +e lack o( kno%ledge or un%illingne&& to an&%er$ The &a)ple &i/e i& &)all and it )a* not actuall* repre&ent the %hole population$ During the &ur,e* I ca)e acro&& un(a,ora+le %eather condition& like &corching heat and du&t &tor)$ There i& li)ited ti)e a,aila+le each da* and lot o( ta&k& ha,e to co)pleted in a da* like preparing report&" conducting &ur,e*&" &pend ti)e at the o((ice to gain kno%ledge" etc$ The &tud* %a& conducted in the ur+an area& and it cannot +e applied to the rural area& +ecau&e the ta&te& and pre(erence& o( people o( rural and ur+an area& di((er ,a&tl*$ The an&%er& gi,en +* the re&pondent& are not al%a*& correct and )a* +e )i&leading$ It i& ,er* ti)e con&u)ing to go door to door in order to conduct a &ur,e* o( ,ariou& ho)e& and (ind their ,ie%& and &tud* their +u*ing +eha,ior$ So)eti)e& it +eco)e& ,er* di((icult to con,ince people a& )an* o( the) are not at all a%are o( Sara& product& and &o)e are ,er* &tu++orn$ It


7( #ACTS & #IN&IN'S

In&urance i& the in&tru)ent o( Securit*" &a,ing and peace o( )ind$It pro,ide &e,eral +ene(it& +* pa*ing a &)all a)ount o( pre)iu) to an in&urance co)pan* a Sa(eguard& one&el( and one9& (a)il* (or (uture re0uire)en Peace o( )ind:in ca&e o( (inancial lo&&$ Encourage &a,ing$ Ta' re+ate$ Protection (ro) the clai) )ade +* creditor&$ Securit* again&t a per&onal loan" hou&ing loan or other t*pe& o( loan$ Pro,ide a protection co,er to indu&trie&" agriculture" %o)en and child$ In&urance Regulator* De,elop)ent Authorit* 8 !i(e in&urance i& uni,er&all* ackno%ledged to +e an in&titution %hich eli)inate& 9ri&k9 and pro,ide& the ti)el* aid to the (a)il* in the un(ortunate e,ent o( death o( the +read%inner$ !i(e In&urance i& a contract (or pa*)ent o( a &u) o( )one* to the per&on a&&ured 4or no)inee7 on the happening o( the e,ent in&ured again&t$ The contract pro,ide& (or the pa*)ent o( pre)iu) periodicall* to the In&urance co)pan* +* the a&&ured$ The contract pro,ide& (or the pa*)ent o( an a)ount on the date o( )aturit* or at &peci(ied date& at periodic inter,al& or at un(ortunate death" i( it occur& earlier$


So!e i!.or"an" fin in/s of life Insurance as<

Protection8 !i(e In&urance guarantee& (ull protection again&t ri&k o( death o( the a&&ured$ In ca&e o( death" (ull &u) a&&ured i& pa*a+le$ !ong Ter) Sa,ing8 !i(e in&urance encourage& long ter) &a,ing$ .* pa*ing a &)all pre)iu) in ea&* in&tall)ent& (or a long period a hand&o)e &a,ing can +e achie,ed$ !i0uidit*8 !oan can +e o+tained again&t a polic* a&&ured %hene,er re0uired$ Ta' Pro(it8 Ta' relie( in inco)e ta' and %ealth ta' can +e a,ailed on the pre)iu) paid (or !i(e In&urance$.* the *ear ?GBC" ?BD Indian in&urance" ?C non:Indian in&urance and @B pro,ident &ocietie& %ere carr*ing on !i(e in&urance +u&ine&& in India$ On ?&t Septe)+er ?GBC all the In&urance Co)panie& %ere nationali/ed$ On Septe)+er ?GBC" !IC Act %a& pa&&ed +* Indian Parlia)ent and the &tate run !i(e In&urance Corporation o( India 4!IC7 ha& held the )onopol* in countrie& li(e in&urance &ector$ In the *ear ?GGG" the In&urance Regulator* De,elop)ent Act 4IRDA7 %a& pa&&ed in Indian Parlia)ent$ .* thi& act a door %a& open (or pri,ate co)panie& %ith (oreign e0uit* !i(e In&urance$ .* thi& act an Indian pro)oter can in,e&t either %holl* in an in&urance ,enture or tea) up %ith a (oreign in&urer" %ith a cap o( AC percent o( e0uit* (or a (oreign partner$




6! 3! 7! 4! ! "! !

/.F0 .1S-+A1C0 .S2

3" 45 "6


Prote(tion of $a9 benefit de%i(e human asset %alue against un(ertaint8 CA$0G:+;


ro) the &ur,e* it %a& dra%n that li(e in&urance i& )ore a protection o( hu)an a&&et ,alue again&t uncertaint* 4con(erred +* B? re&pondent&7 %here it i& a ta' &a,ing option 4+eing accepted +* FE re&pondent&7$ !i(e in&urance i& a &er,ice in,ol,ing +oth the&e prere0ui&ite& a& depicted +* re)aining ?C re&pondent&$ The (ollo%ing depicted thi&8

Protection o( hu)an a&&et ,alue again&t uncertaint* Ta' +ene(it de,ice .oth

B? FE ?C


.S /.F0 .1S-+A1C0 0SS01$.A/=

<5 5! <! 6! 3! 7! 4! ! "! !

1:. :F +0SP:1D01$S


;es +0SP:1S0S


It ha& +een o+&er,ed and applied a& a !i(e in&urance i& an e&&ential &er,ice and &hould +e applica+le to e,er* one" a& (a,ored +* con&idera+le @E re&pondent& %here it i& not e&&ential to an e'tent +* A@ re&pondent& (ro) the &u))er training pro-ect &ur,e* +* putting (orth the &et 0ue&tionnaire$


+0SP:1D01$>S ?-A/.F.CA$.:1
"!@ 44@

Post graduate Graduate Senior se(ondar8


Rhen (urther en0uired a+out the 0uali(ication o( re&pondent&" it %a& (ound that B@I o( the re&pondent& %ere graduate&" FFI %ere po&t graduate& and re)aining ?HI %ere o( higher &econdar* out o( total ?HB re&pondent&$ urther depicted in the (ollo%ing ta+ular repre&entation8 :

Po&t graduate #raduate Senior &econdar*

FB BG ??


AG0 ?-A/.F.CA.$:12 6@ !@ 4A@ "5# 3 age group 3 B 43 age group 43 B 73 age group Abo%e 73 age group


urther" the age 0uali(ication (or agenc* recruit)ent" it %a& (ound that FGI re&pondent& %ere +elonging to ?E = AB age group" FBI %ere +elonging to AB = FB age group %here a& AHI to FB :DB age group and re)aining CI to a+o,e DB age group$ Al&o depicted in the (ollo%ing tale )entioned +elo%8 : ?E:AB age group AB = FB age group FB = DB age group A+o,e DB age group D? F@ A? C


CA-S0S :F D.SSA$.SFAC$.:1 "!@ "6@


/ow emplo8ment /ow earning C in(ome /ow status



Duge (apital in%estment All of the abo%e

Re&pondent& had di((erent ,ie%& a+out the di&&ati&(action (ro) the pre&ent &tatu& o( %orking or occupation$ Di&&ati&(action ha& +een depicted in a ta+le +elo% and graphicall* a+o,e8

!o% e)plo*)ent !o% &tatu&


!o% earning All o( the a+o,e

FC Huge capital in,e&t)ent ?H



A':-$ CA+00+ .1 /.F0 .1S-+A1C0 <! 6! 1:. :F +0SP:1D01$S 3! 7! 4! ! "! ! ;es +0SP:1S0S 1o 3A 76

Rhen a&ked a+out %hether the* %ould like to kno% a+out a glori(ied career in li(e in&urance agenc* %here the* can (ul(ill an* and e,er* de&ire o( their li(e" BG re&pondent& agreed %hile DC re&pondent& &aid No and %ill &ee later &o)eti)e in (uture$ It ha& +een depicted that li(e in&urance &ector &hould +e pro)oted at the %ide e'tent a& it contri+ute to the econo)* a& a u&e(ul &ource +ene(icial (or +oth nation a& %ell a& i& citi/en&$

.S /.F0 .1S-+A1C0 A 1:'/0 S0+E.C0= "!! 1:. :F +0SP:1D01$S 5! 6! 7! ! ! ;es +0SP:1S0S 1o "A 56

Indeed !i(e in&urance i& a no+le +u&ine&& a& it pro,ide& a need(ul (inancial &upport in the &ituation o( (atal cala)it* %here the (a)il* i& depri,ed +* the (act to li,e in (uture and &u&tain& their li,ing$ Rhen &ur,e*ed a+out li(e in&urance a& a no+le &er,ice$ EG re&podent& agreed and +elie,e that in&urance i& a +ettering &er,ice to hu)an li(e and &ociet* a& a %hole %here a& ?G re&pondent& &ho% di&agree)ent$



?$ HD C Standard li(e in&urance o((er& a range o( indi,idual and group in&urance &olution&$ A$ HD C Standard !i(e ha& the (inancial e'perti&e re0uired to )anage *our long:ter) in,e&t)ent& &a(el* and e((icientl*$ F$ The co)pan* ha& co,ered o,er E"@@"HHH li,e& *ear ending 6arch F?" AHH@ D$ Rated ;AAA< +* CRISI! and ICRA (or the ?Hth con&ecuti,e *ear (or High &er,ice &tandard& B$ !i(e in&urance indu&tr* i& a rapid gro%ing and a no+ler &er,ice indu&tr*$

?$ !IC i& pre,alent and &u&tain& e,en toda* a )a-or &ource o( population$ A$ !o% nu)+er o( o((ice& and net%ork and nu)+er o( li(e in&urance agent&$ F$ !ack o( kno%ledge and e'perti&e$


?$ !i(e in&urance ha& captured it& )ere?B = AHI gro%th there(ore a %ide open untapped )arket i& open to the co)pan* to de,elop" gro% and )ea&ure it& &ucce&&$ A$ Still the nu)+er o( co)panie& are (e% and co)pan* ha& e,er* capa+ilitie& to gro% and (or%ard it& per(or)ance area& to the %ide&t

?$ People are he&itant to in,e&t and put their hard earned )one* to the pri,ate li(e in&urance co)pan* %ith the (ear o( getting lo&t$ A$ .elie( to%ard& !IC a& it i& a go,ern)ent corporation de,elop)ent and li+erali/ation o( li(e in&urance$ F$ Alternati,e (inancial &er,ice& &uch a& )utual (und" +anking &er,ice&" &hare and &ecuritie& al&o po&e pro+le)& and threat& to the %orking o( the li(e in&urance &ector$ D$ Illiterac* and une)plo*)ent al&o po&e threat$ B$ Ri&ing real e&tate indu&tr* al&o po&e threat a& people are in,e&ting a +ulk o( their )one* o,er to that indu&tr*$ pho+ia i&

continue to &ur)ount the people o( India de&pite lot& o( (la%& and



Su))er training i& a +e&t e'a)ple (or a trainee to learn a+out the co)pan* %orking" corporate culture under %hich i& operating the (unction&$ HD C &tandard li(e in&urance i& a li(e in&urance co)pan* under %hich I gained a &igni(icant kno%ledge %ith re&pect to li(e in&urance" it& i)portance and applica+ilit* a& %ell a& undertook the ta&k to recruit capa+le li(e in&urance ad,i&or& %hich i& conduci,e (or the co)pan* to gro% %ith )ore pro&perit*$ Rhat I taught in the )anage)ent in&titute utili/ed the) (ruit(ull* leading to the +e&t ad,antage to the co)pan* and to the +e&t e'perience (or )ine$ At (ar I can conclude that li(e in&urance i& a no+le &er,ice %hich i& ,er* i)portant (or e,er* citi/en to learn and reali/e it& i)portance +ecau&e thi& i& the onl* &ource %hich can re)ain the &tatu& %here one i& %ith the (a)il* +read earner and e,er %hen he i& not$ Rith the gro%ing (inancial &ector I %ould like to opt thi& indu&tr* (or )* (uture career ad,ance)ent and a& an opportunit* to &er,ice thi& indu&tr*$



ollo%ing are &ugge&tion& )ade (or the +ene(it& and aug)entation o( the &ound %orking o( the co)pan* = HD C Standard li(e in&urance8 ?$ Need to train and de,elop li(e in&urance agent& %ith )ore co)prehen&i,e kno%ledge and &kill& to counter e,er* 0uerie& o( the cu&to)er$ A$ It i& &ugge&ted that co)pan* &hould not le(t an* &tone unturned to%ard& &ound ad,erti&e)ent and pro)otional )ea&ure& on e,er* &ection %hether it i& printed" )edia or or air ,ia radio$ F$ It i& al&o &ugge&ted that &killed )anage)ent graduate& need to +e place& on &ale& and )arketing o( (inancial &er,ie& %ho can render their +e&t idea& (or the acco)pli&h)ent o( the co)pan* goal& and o+-ecti,e& to the +e&t e'tent$ D$ Al&o" care need to +e taken that e,er* cu&to)er<& grie,ance &hould +e )et %ith delight %hether +e(ore purcha&e or a(ter &ale&$ B$ There &hould +e an e'pan&ion )ea&ure (or )ore o((ice& and location o( )ore centre& (or o((ice& o( the co)pan* +e e&ta+li&hed &op that co)pan* )a* gro% it& net%ork$ C$ there &hould )ore ad,anced )ea&ure& are re0uired to de,elop to capture the need& o( cu&to)er &o that the* can +e in&pire and )oti,ated to in,e&t in the li(e in&urance product& +eing pro,ided +* the HD C Standard li(e in&urance$ @$ !i(e in&urance Product& &hould +e )ade (le'i+le &o a& to &uit e,er* &ection o( &ociet*$


?-0S$.:11A.+0 1ame2 # Age2# /o(ation2 # :((upation2 #

?.". What do 8ou mean b8 life insuran(e= a? 6rotection o9 human asset value a8ainst uncertainty b? A sum received a9ter death c? Both

?. . Do 8ou thinF life insuran(e is essential for e%er8 one= a? 3es b? )o


?.4. What is 8our Gualifi(ation= a? 6ost 8raduate b? 2raduate

c? Senior secondary ?.7. Do 8ou (ome under: a? 1&- # a8e 8rou: b? # @ !# a8e 8rou: c? !# @ "# a8e 8rou: d? Above "# a8e 8rou:

?.3. What dissatisfied 8ou most in 8our o((upation a? .o> em:loyment b? .o> earnin8 A income c? .o> status d? 0u8e ca:ital investment e? All o9 the above

?.6. Would 8ou liFe to Fnow about a (areer in life insuran(e ad%isor ship where 8ou (an fulfill e%er8 desire of 8our life= a? 3es b? )o

?.< Do 8ou per(ei%e that life insuran(e business is a noble ser%i(e oriented business= a? 3es b? )o

?.5. Would 8ou liFe to be(ome or opt for life insuran(e ad%isor under esteemed and prospering organiHation DDFC Standard /ife insuran(e= a? 3es b? )o


?.A. Do 8ou agree that the life insuran(e business is a growing industr8 and will grow and rapid pa(e in future= a? 3es b? )o a? 3es b? )o Su88estions: 1. 2. 3. 4.


ollo%ing are &ource& %hich helped )e during )* &u))er training8 S

POTHARI C$R$8 Re&earch 6ethodolog* 6anage)ent" 2r E i"ion POT!ER PHI!IP8 6arketing 6anage)ent2 ??th Re6ise e i"ion "AHHA 'UPTA S(P$8 Stati&tical 6ethod& 1Thirteen re,i&ed edition" AHH?

India Toda* .u&ine&& Rorld

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