SESSION 2008 – 2011
HISAR – 125001



With deep sense of gratitude I acknowledge the enragement and guidance received by my Organizational guide Mr. . my internal faculty guide who helped me as and when required with her big reservoir of experience and knowledge.ACKNOWLEDGEMENT The present work is an effot to throw some light on “ Recruitment of financial consultant and their satisfaction”. for completion of my Project Report. My work basically included the study of Various financial products of the bank and understanding the customer investing patterns. supervision and help to me by number of people. I am also thankful to Nissi Aggarwal . The Report is an amalgamation of my thoughts and efforts to study the present banking and investment scenario. The learning during project was immense & invaluable. The work would not have been possible to come to the present shape without the able guidance . I convey my heartfelt affection to all people who helped and supported me during the course . Umar Majid and other staff members.

which is not taught in classroom Teaching. but on the job training It is the practical way which helps the students to get the practical knowledge of the concept Normally the students are not aware of actual requirement in the practical field keeping in view This fact .PREFACE Classroom teachings helps the students by making conceptual base clear. so the students are given practical training in the course of their education. a system of summer training has been established to make the students aware of Actually difficulties that come in the way of practical field . Working as a summer trainee in HDFC Standard Life Insuarance Company was a great experience The efforts undergone through the research is sumarized using graphs/ figures. Effots have been made while writing about major findings & suggestions to benefit the company .

Life Insurance sector is one of the key areas where enormous business potential exists .2 Per cent in the premium was projected to grow from Rs 1450 billon by 2009 -10 and and personal line non-life from Rs 51 billion. premiums were projected to grow at around 18% to 20% from Rs 215 billion in 1998-99 to Rs 592 billion in 2004-05 and to Rs 1450 billion by 2009-10.3 per cent aginst 5. but in the liberalized scenario.60. the life insurance. It is constituted in to seven Zones. In the life Insurance sefment the Life Insurance Corportaion of India (LIC) is the major player. The LIC has 2050 branches. The report contains first of all brief introduction about the company and it contains of the comprehensive study of HDFC SDLC and its growth in the insurance sector recruitment Of financial consultants and their satisfaction in HDFC SDLIC. In the life insurance premium as a percentage of GDP is 1. I have also done a market survey with the use of a questionnaire to know the clients interst towards the part time business opportunity of Insurance Advisor. . which has been growing at a faster pace.000 LIC agents in India. General insurance is another segment .EXECUTIVE SUMMARY The subject of my study was Recruitment of Financial Consultants for HDFC STANDARD LIFE. Corporate non. I have done by applying various tools like Tele calling and through direct interaction with customers. Currently there are 5.



. It is estimated that over the next ten years India would require investments of the order of one trillion US dollars. Even so nearly 65% of the Indian population is without life insurance cover while health insurance and non-life insurance continues to be below international standards. it adds about 7% to the country’s Gross Domestic Product (GDP). A large part of our population is also subject to weak social security and pension systems with hardly any old age income security A well-developed and evolved insurance sector is needed for economic development as it provides long term funds for infrastructure development and strengthens the risk taking ability of individuals. Together with banking services. It’s a business growing at the rate of 15-20 per cent annually and presently is of the order of Rs 1560. The gross premium collection is nearly 2% of GDP and funds available with LIC for investments are 8% of the GDP.THE INSURANCE INDUSTRY IN INDIA AN OVERVIEW With the largest number of life insurance policies in force in the world.41 billion (for the financial year 2006 – 2007). Insurance hapens to be a mega opportunity in India.

The General insurance business in India. . The Bombay Mutual Life Insurance Society started its business in 1870. as Indian lives were considered more risky to cover. Several frauds during the 1920's and 1930's sullied insurance business in India.HISTORICAL PERSPECTIVE The history of life insurance in India dates back to 1818 when it was conceived as a means to provide for English Widows. on the other hand. the first general insurance company established in the year 1850 in Calcutta by the British. By 1938 there were 176 insurance companies. Till the end of the nineteenth century insurance business was almost entirely in the hands of overseas companies. It was the first company to charge the same premium for both Indian and non-Indian lives.Indian lives. can trace its roots to Triton Insurance Company Limited. The Oriental Assurance Company was established in 1880. Interestingly in those days a higher premium was charged for Indian lives than the non . Insurance regulation formally began in India with the passing of the Life Insurance Companies Act of 1912 and the Provident Fund Act of 1912.

The general insurance industry was nationalized in 1972. Nationalization was justified on the grounds that it would create the much needed funds for rapid industrialization. Oriental Insurance Company and United India Insurance Company. brought together over 240 private life insurers and provident societies under one nationalized monopoly corporation and Life Insurance Corporation (LIC) was born. The Government of India in 1956.The first comprehensive legislation was introduced with the Insurance Act of 1938 that provided strict State Control over the insurance business. Indian companies strengthened their hold on this business but despite the growth that was witnessed. This was in conformity with the Government's chosen path of State led planning and development. . Their operations were restricted to organized trade and industry in large cities. These were subsidiaries of the general Insurance company (GIC). New India Assurance Company. The non-life insurance business continued to thrive with the private sector till 1972. The insurance business grew at a faster pace after independence. insurance remained an urban phenomenon. With this. nearly 107 insurers were amalgamated and grouped into four companies.National Insurance Company.

5 crore from the Government of India. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. the British brought General Insurance to India. and a similar path was followed in the development of this industry. As for Life Insurance. Miscellaneous). merging all the 107 companies into four companies.LIC Act 1956. having these four companies as its subsidiaries . depending on the sort of business transacted (Marine. These were the National Insurance Company Ltd. Bombay and Madras respectively. located in Calcutta.. A number of private companies were in existence for years and years until. 1956: 245 Indian and foreign insurers along with provident societies were taken over by the central government and nationalized. in 1971.. the New India Assurance Company Ltd. the Oriental Insurance Company Ltd. 1938: Earlier legislation consolidated and amended by the Insurance Act with the objective of protecting the interests of the insuring public. KEY MILESTONES 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.with a capital contribution of Rs. New Delhi.. the Indian Government decided that the public interest would be served by nationalizing the industry. The General Insurance Corporation (GIC) was set up in 1972 as a ‘holding’ company. The General Insurance industry in India dates back to the Industrial Revolution and the subsequent increase in trade across the oceans in the 17th century.. Fire. LIC was formed by an Act of Parliament. and the United India Insurance Company Ltd.

GIC incorporated as a company INDUSTRY REFORMS Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in December 1999. the National Insurance Company Ltd. 1972: The General Insurance Business (Nationalization) Act. a wing of the Insurance Association of India. 1972 nationalize the general insurance business in India with effect from 1st January 1973. Since being set up as an independent statutory body the IRDA has put in a framework of globally compatible regulations. 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. and the United India Insurance Company Ltd. frames a code of conduct for ensuring fair conduct and sound business practices. The approval of institutions for imparting training . 107 insurers amalgamated and grouped into four companies viz. 1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up.. 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 online service for issue and renewal of licenses to agents.. set up. the first company to transact all classes of general insurance business. 1957: General Insurance Council. the Oriental Insurance Company Ltd. the New India Assurance Company Ltd.1907: The Indian Mercantile Insurance Ltd.

91%. The 17 private insurers increased their market share from about 15% to about 19% in a year's time. with premium income at Rs. . child plans and money back Plans . while the private players have grabbed over 24 percent. and aggressive distribution have enabled fledgling private insurance companies to sign up Indian customers faster than anyone expected. smart marketing. Since the opening up of the insurance sector in 1999.LIFE INSURANCE INDUSTRY IN INDIA The life insurance industry in India grew by an impressive 47. Indians. are now suddenly turning to the private sector and snapping up the new innovative products on offer. foreign investments of Rs. Though the total volume of LIC's business increased in the last fiscal year (2006-2007) compared to the previous agents has also ensured that insurance companies would have a trained work forced of insurance agents in place to sell their products.41 billion during the fiscal year 2006-2007.75% to 81. its market share came down from 85. Some of these products include investment plans with insurance and good returns (unit linked plans). 1560. PRESENT SCENARIO . The figures for the first two months of the fiscal year 2007-08 also speak of the growing share of the private insurers. pension plans. The restriction on these companies is that they are not allowed to have more than a 26% stake in a company’s ownership. 8. With the opening up of the insurance industry in India many foreign players have entered the market. The share of LIC for this period has further come down to 75 percent.38%. who had always seen life insurance as a tax saving device.7 billion have poured into the Indian market and 19 private life insurance companies have been granted licenseas Innovative products. multi – purpose insurance plans.

when will occur and how much loss will be there. The risk will occur or not. Prevention is by far the best solution to the problem of risk. It is more effective and cheapest method to avoid the unfortunate consequence. 3. The element of uncertainty is reduced by better planning and administration . It spreads the whole losses over a large number of persons who are exposed by a particular risk. But sometimes prevention is not always possible and Effective.Prevention of loss: Prevention is always better than cure. All business concern faces the problem of the risk and if the concern is big enough the handling of risk becomes a specialized function.It provides capital: It provides the capital to the society.Insurance provides certainty: Insurance provide certainty of payments at the uncertainty of losses.Insurance provides protection. the loss arising from the risk is also uncertain.Functions of Insurance A) Primary Functions 1.2. 2. commerce and industry of the country. the insurance companies are rendering positive help in the development of trade. Now days. Insurance. For plan development of country there is a great need for huge amount of capital. There are uncertainties of happening of time and amount of losses. B. Secondary Functions 1. as a device is the outcome of the existence of various risks in our day to day life.Risk sharing: Risk is uncertain and therefore. . The main function of the insurance is to provide protection against the losses.

Security of the life and property given by insurance bring peace of mind to the insured. And which has been growing in recent yrs at an annual rate of about Rs. The insurance eliminates worries and miseries of losses as death and destruction of property care free person can devote his energies for better. 5. housing. 400 crs.It helps in economic progress: Insurance provides an initiative to work hard for the betterment of the masses. agro industry estates are able to solve many problems in India. it has nobler welfare response. life insurance is not a mere business organization. The investment in LIC in welfare schemes like electricity. . 4. water supply.It improves efficiency: Achievement of goals.It ensures the welfare of society: “Insurance is a saga of service and security” to thee society. Life insurance involves the element of saving investment through small savings.3. it improves not only his efficiency of the masses is also advanced.


 As at March 31. 2004.38Percent of equity in the joint venture.INTRODUCTION TO THE COMPANY COMPANY PROFILE OF HDFC STANDARD LIFE INSURANCE COMPANY LTD ABOUT HDFC STANDARD LIFE INSURANCE HDFC Standard Life Insurance Company Ltd. It is a joint venture between Housing Development Finance CorporationLimited (HDFC Ltd. outstanding deposits stood at Rs. India's leading housing finance institution and a GroupCompany of the Standard Life.  In Financial Year 2003-04 its assets under management crossed Rs. HDFC STANDARD LIFE INSURANCE PARENTAGE HDFC Limited. UK. 00. 36. is one of India's leading private Insurance companies.000 houses since its incorporation in 1977. HDFC as on December 31.000 Cr. 2007 holds 72. which offers a range of individual and group insuranceSolutions.840 crores. The depositor base now stands at around 1 million depositors.).  HDFC is India leading housing finance institution and has helped build more than 23.  Rated AAA by CRISIL and ICRA for the 10th consecutive year  Stable and experienced management  High service standard  Awarded The Economic Times Corporate Citizen of the year Award . 7.

pension. .For its long. Standard Life Bank was awarded the 'Best Flexible Mortgage Lender' at the Mortgage Awards in 2006 .  Presented the Dream Home award for the best housing finance Provider in 2004 at the third Annual Outlook Money Awards.standing commitment to community development. and is rated by Standard & Poor's as 'strong' with a rating of A+ and as 'good' with a rating of A1 by Moody's  Standard Life was awarded the 'Best Pension Provider' in 2004. investment. and to Standard Life Bank since its inception in 1998. and it was voted a 5 star life and pensions provider at the Financial Adviser Service Awards for the last 10 years running. The '5 Star’ accolade has also been awarded to Standard Life Investments for the last 10 years. banking and health-care needs  Its investment manager currently administers £125 billion in assets  It is a leading pensions provider in the UK. Standard Life Group (Standard Life plc and its subsidiaries) Standard Life Group (Standard Life plc and its subsidiaries)  The Standard Life group has been looking after the financial needs of customers for over 180 years  It currently has a customer base of around 7 million people who rely on the company for their insurance. 2005 and 2006 at the Money Marketing Awards.

with 81. HDFC and standard life have a long and relationship built upon shared values and trust. STRENGTHS Their key strengths: Financial expertise: As a joint venture of leading financial services groups. Company¶s ambition from as far back as October 1995.4%while standard Life owns 18. The ambition of HDFC Standard Life is to mirror the success of the parent companies and be the yardstick by which all other insurance companies in India are measured. HDFC are the main shareholders HDFC Standard Life. .Incorporation of HDFC Standard Life Insurance Company Limited: The company was incorporated on 14th August 2000 under the name of HDFC Standard Life Insurance Company Limited. was to be first private company to re-enter the life insurance market in India. this ambition was realized when HDFC Standard Life Insurance was the only life company to be granted a certificate of registration. HDFC Standard Life has the financial expertise required to manage your long-term investments safely and efficiently. this is the maximum investment under current regulations. On the 23rd of October 2000.6%Given Standard Life¶s existing investment in the HDFC Group.

for the year ending March 31. and set the standards in the industry'. 2. 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 customer s  ·Increasing market share  Use of technology to improve service standards . 2008 Vision: HDFCSLIC vision was to be'The most successful and admired life insurance company.Range of solution: They have a range of individual and group solutions. Their group solutions have been designed to offer you complete flexibility combined with a low charging structure.859cr and new business premium income stood at Rs. 'The most obvious choice for all' Mission: Their mission is to be ³the top new life insurance company in the market´. which means that we are the most trusted company. offer the best value for money. which can be easily customized to specific needs. 2008 stood at Rs.000 lives year ending March 31. the easiest to deal with. This does not just mean being the largest or the most productive company in the market. The company has covered over 959.685cr. Track Record so far: Their gross premium income. 4.

. it hopes of capitalize on this loyal and satisfied client base for future growth. shareholders and agents.Values: Values that we observe while we work:  Integrity  Innovation  Customer centric  PeopleCare ³One for all and all for one´  Team work  Joy and simplicity Accolades and Recognition Rated by ‘Business world' as ‘India’s Most Respected Private Life Insurance Company' in 2004 Rated as the "Best New Insurer .2003" by Outlook Money magazine. depositors. India¶s Number 1 personal finance magazine Future: HDFC has always been market-oriented and dynamic with respect to resource mobilization as wall its lending programmed. to account changes in the volatile external environment. HDFC has developed a vast client base of borrowers. Internal systems have been development to be robust and agile. This renders it more than capable to meet the new challenges that have emerged. Over the years.

Unit Linked Pension. disability or sickness. These plans offer valuable peace of mind at a small price. Each institution is being fine and service.HDFC has developed a network of institutional through partnerships with some of the best institutions in the world. We \provide you with attractive long-term returnsthrough Regular bonuses  Pension Plans Our Pension Plans help you secure your financial independence even after Retirement. Our Protection range includes our Term Assurance Plan & Loan Cover Term Assurance Plan Investment Plans Investment needs. and Unit Linked . Our Pension range includes our Personal Pension Plan. we have a varied range of Products that you can choose from to suit all your needs. These will help secure your future as well as the future of your family. Keeping this in mind.  Protection Plans You can protect your family against the loss of your income or the burden of a loan in the event of your unfortunate demise. for providing specialized financial services. BELOW ARE FEW OF THE PLANS THAT ARE OFFERED BY HDFC STANDARDS LIFE INSURANCE INSURANCE PLANS AVAILABLE INDIVIDUAL PRODUCTS We at HDFC Standard Life realize that not everyone has the same kind of needs.

Unit Linked Young Star Plus. We offer different products for different needs of employers ranging from term insurance plans for pure protection to voluntary plans such as superannuation and leave encashment. Unit Linked Young Star. We now offer the following group products to our esteemed corporate clients: • Group Term Insurance • Group Variable Term Insurance • Group Unit-Linked Plan . Unit Linked Endowment Plus II . Our Savings range includes Endowment Assurance Plan . Unit Linked Endowment. Money Back Unit Linked Enhanced Life Protection II . Unit Linked Young Star Plus II GROUP PRODUCTS One-stop shop for employee-benefit solutions HDFC Standard Life has the most comprehensive list of products for progressive employers who wish to provide the best and most innovative employee benefit solutions to their employees. Unit Linked Endowment Plus.Pension Plus  Savings Plans Our Savings Plans offer you flexible options to build savings for your future needs such as buying a dream home or fulfilling your children immediate and future needs. Children's Plan .

25 per Rs. Premium Payments The premium rate is Rs. Defined Benefit or Defined ContributionSuperannuation or Leave Encashment schemes of your company Also suitable for other employee benefit schemes such as salary saving schemes c) SOCIAL PRODUCT  Development Insurance Plan Development Insurance plan is an insurance plan that provides life cover to members of a Development Agency for a term of one year. 10. Eligibility  Members of the development agency and their spouses with: . a lump sum is paid to those member beneficiaries to help meet some of the immediate financial needs following their loss. The group to be covered is only eligible if it contains more than 500 members. On the death of any member of the group insured during the year of cover.000 of lump sum. per member.Minimum age at the start of the policy 18 years last birthday . Benefits On the death of each member covered by the policy during the year of cover a lump sum equal to .An investment solution that provides funding vehicle to manage corpuses with Gratuity.Maximum age at the start of policy 50 years last birthday  Employees of the Development Agency are not eligible to join the group.

There are no benefits paid at the end of the year of cover and there is no surrender value available at any time. Where the death is as a result of an accident. By passing on these tasks the premium charged can be lower. These tasks would be in addition to the usual duties of a policyholder such as: Payment of premiums . HDFC Standard Life will be passing certain administrative tasks onto the Development Agency. an additional lump sum will be paid equal to half the sum assured.the sum assured will be paid to their beneficiaries or legal heirs. The role of the Development Agency Due to the nature of the groups covered. These tasks would include: Submission of member data in a specified computer format Collection of premiums from group members Recording changes in the details of group members Disbursement of claim payments and the mortality rebate (if any) to group members.

which may extend to rupees five hundred . as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India. Prohibition of rebates Section 41 of the Insurance Act. 1938 states No person shall allow or offer to allow. If any person fails to comply with sub regulation (previous point) above. nor shall any person taking out or renewing or continuing a policy accept any rebate. any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy. 10 administration fee to their members.Reporting of claims Keeping policy holder information up to date Training and support will be available to give guidance on how to complete the tasks appropriately. the Development Agency may charge a Rs. Since these additional tasks will impose a burden on the Development Agency. either directly or indirectly. he shall be liable to payment of a fine. except such rebate as may be allowed in accordance with the published prospectus or tables of the insurer.

The bonus is also calculated on the full sum assured. 15% of the sum assured becomes payable after 5. 20% of the sum assured is payable after 5. While marketing insurance products I found that many customers wanted to purchase these plans. An important feature of these types of policies is that in the event of the death of the policy holder at any time within the policy term the death claim comprises of full sum assured without deducting any of the survival benefit amounts which have already been paid.MAJOR PLAYERS IN THE INSURANCE INDUSTRY IN INDIA 1.10.15 and 20 years and the balance 40% plus the accrued bonus becomes payable at the 25th year. LIFE INSURANCE CORPORATION OF INDIA(LIC) LIC has an excellent money back policy which provides for periodic payments of partial survival benefits as long as the policy holder is alive. It could offer a money back plan and capture some portion of this market. 10. . HDFC SLIC does not have a money back policy. For a 25 years term.3 COMPETITIVE ANALYSIS: 1. 15 and 20 years and the balance 40% is payable at the 20th year along with accrued bonus.

child plans. a leading international financial services organization. The local knowledge of the Aditya BirlaGroup combined with the expertise of Sun Life Financial Inc. offers a formidable protection for your future. BIRLA SUN LIFE Birla Sun Life InsuranceCompany Limited is a joint venture between The Aditya BirlaGroup. plans for the handicapped individuals. 3. The stock market performance of ICICI Prudential is much better than HDFC SLIC. unit linked plans. money back plan for women. the premium will be returned to investors. one of the largest business houses in India and Sun Life Financial Inc.LIC offers 66 different plans.. plans are formulated for specific occasions ± whole life plans. HDFC SLIC could diversify its product portfolio. The returns on the growth fund were 46. In this plan even if the market falls. . endowment assurance plans. special plans. plans for high worth individuals.. Customers are attracted by higher returns and this is a plus point for Prudential. It could add more plans for high worth individuals and women 2. pension plans. ICICI PRUDENTIAL ICICI Prudential is a stiff competitor for HDFC SLIC. social security schemes ± diversified portfolio of products. term assurance plans. It is a guaranteed plan which ensures the company carefully invests your money.28% compared to the 42.70% offered by HDFC SLIC. The company has an investment plan which is market related ± Invest Shield Life. The company is a merger between ICICI Bank which is the biggest private bank in India and Prudential Plc which is a global life insurance company.

motor insurance. and its partners today have operations in key markets worldwide. the Philippines. The company has sold 13. The initial charges for the first year are 65%. 53400 crores (as on 31st March 2008). Its Flexi Life Line Plan offers lifelong insurance cover till the policy holder is 100 years of age. It has experienced a whopping growth of 216% in the last financial year. It is leading by 78 crores. It has over 72000 employees across all its units worldwide. Kumar Mangalam Birla. net of policy charges after every 5 years from the eleventh policy year onwards.a. It offers travel insurance. Hence the fund value is greatly reduced 4. as on 31st March 2008. a trusted automobile manufacturer for over 55 years in the Indian market. It is led by itsChairman . Sun Life Financial Inc.Mr. 00. health and . home insurance. Together they are committed to offering you financial solutions that provide all the security you need for your family and yourself. Japan. Indonesia. 33000 crores with a market capitalization of Rs. includingCanada. There are guaranteed returns of 3% p. However the charges are very high. India. Bajaj Allianz is the number one private life insurer for the year 2005 ± 2006.The Aditya BirlaGroup has a turnover close to Rs. the United States. Some of the key organizations within the group are Hindalco and Grasim. Hong Kong.000 policies and is backed by 550 offices across India.China and Bermuda. the United Kingdom. BAJAJ ALLIANZ Bajaj Allianz is a joint venture between Allianz AG with over 110 years of experience in over 70 countries and Bajaj Auto. It had assets under management of over US$343 billion.

Max New York Life Insurance Co. as well as several specialized financial lines. together with NewYork Life International. travel. They have a national presence with a network of 57 offices in 37 cities across India. The mortality charges are lower than HDFC SLIC. Inc. is a joint venture company. 1. there are more than 400 product combinations to choose from. The entry age could be zero years which allow even new born babies to be insured.6 S. personal accident. energy. Max NewYork Life InsuranceCompany Limited is a joint venture that brings together two large forces . a global expert in life insurance. Ltd. formed from the TataGroup and American InternationalGroup. a multi-business corporate.T ANALYSIS OF HDFC SL INSURANCE STRENGTH: 1. offers the complete range of insurance for automobile. TATA AIG General Insurance Company Ltd.corporate insurance.O. marine. Tata AIG G eneral Insurance Company. Domestic image of HDFC supported by Standard Life¶s international image is strength of the company. The TataGroup holds 74 per cent stake in the two insurance ventures while AIG holds the balance 26 per cent stake. 6.Max India Limited. . (AIG). Tata AIG G eneral InsuranceCompany Ltd. home. property and casualty. With their various Products and Riders. which started its operations in India on January 22. Tata AIG combines the strength and integrity of the TataGroup with AIG's international expertise and financial strength. 2001.W. 5.

2. Strong and well spread network of qualified intermediaries and sales
3. Strong capital and reserve base
4. The company provides customer service of the highest order
5. Huge basket of product range which are suitable to all age and income
6. Large pool of technically skilled manpower with in depth knowledge and
understanding of the market.
7. The company also provides innovative products to cater to different needs
of different customers.

1. Heavy management expenses and administrative costs.
2. Low customer confidence on the private players.
3. Vertical hierarchical reporting structure with many designations and cadres
leading to power politics at all levels without any exception.
4. Poor retention percentage of tied up a gents.

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

1. Other private insurance companies also vying for the same uninsured
2. Big public sector insurance companies like Life InsuranceCorporation
(LIC) of India, National InsuranceCompany Limited, Oriental Insurance
Limited, New India AssuranceCompany Limited and United India
InsuranceCompany Limited. People trust and go to them more.
3. Poaching of customer base by other companies.
4. Most people don¶t understand the need or are not willing to take insurance
policies in general.


Eligibility for an Insurance Agent
Every person who has cleared higher secondary examination can become an
Agent other than a minor or the person who is convicted in any court for
crime or any legal proceedings. Men and women both can work as an Agent.
A single person can be associated with other life insurance companies.

A training program is there to train a person who wants to become an Agent.
There is 100 Hrs. training program which can be done either with the physical
appearance in the class room or the interest basis. In the classroom training the
trainee has to be physically present in the training session. There are
difference sessions of training program. A trainee can attend any session
according to his comfort. The training period is of 25 days approx. If the

It is the business in which you deal with you personal contacts and can gain extra income. On the basis of Internet the trainee has provided a login number along with the password through which he operated his login and completed his training hrs. colleges. Any person can be on a job at a time or can be on a business can’t fulfill his pleasure requirement. This business needs low investment an not of much effort.trainee does not have enough time to devote in the classroom training. Every person who has a family to survive wants to provide his family each and every possible comfortable thing. To fulfill all of his needs he has to earn more and more. as convenient. institutes and wants his children to go abroad for higher education. Becoming an insurance Agent provides him the legal source by which he can earn money with his current status. He wants his children to be a well dressed. Its all depend on your social contacts and . then there is another option left that is training on the internet. There is a source through which he can make money in a legal way that is insurance sector. This is only procedure to be an Insurance Agent. Scope of Insurance Agent In the present scenario the living standard is becoming higher and higher everyday. Each and every hour pass on the net under his login head will be count on his account. The test for the training program is also on line. He wants to live a luxury life full of pleasure. to be higher qualified in a well recognized school.

A person with high educating and well experience can be recruited after a personal interview and group discussion. Being an Insurance Agent of HDFC-STANDARD LIFE INSURANCE provides a legal mean to earn money which protects a person from earning through a illegal source which is harmful for society as well as himself. growing percentage of accident and fear of financial crisis every one wants to secure his or her future. As he clear the exam he provides a license. the need of an insurance Agent who can guide the potential customers is growing. Its recruitment procedure is very easy. After the training program is completed the Insurance Agent has to appear for the pre-examination conducted by IRDA. As the scope of insurance enhancing.your skills to convince people by helping them to suggest the product which suited them the most. which permits him to deal in his insurance business. Insurance sector plays a vital role in assuring people about their future. On the basis of their performance they can be recruited as unit manager. which is the proof of a legalized insurance Agent. As due to critical diseases. For the youngsters it provides great platform to prove them. RECRUITMENT PROCESS: Steps in recruitment of Insurance Agents .

 Approach to the likely person  Appointment as per condition  Discuss the topic  Give the document which includes:- 1. Company’s plan 4. Brochure 3. Prospectus of the company 2. Questionnaire  Collect the document after it’s completion  Forward it to project manager  Feed it in the computer as the database  Follow up as per conditions Modes of Contact .

 Personal Contacts  References  Phone Calls  Guidance as per Unit Manager CHAPTER – 4 RESEARCH METHODOLOGY .

r RESEARCH METHODOLOGY Research is defined as human activity based on intellectual application in the Investigation of matter .Title justification Insurance industry is one of the booming industries of India. . Interpreting and the development of methods and systems for theadvancement Of human knowledge on a wide variety of scientific matters for our world And the universe.a . Title: RECRUITMENT OF FINANCIAL CONSULTANTS AND THEIR SATISFACTION. People with degrees .The primary aim for applied research is discovering. It is the only Industry creating the highest number of job opportunities.

d. People can become Financial Consultant for which them minimum education required is 12th pass. And with the improvement in the performance the Financial Consultant gets promotion. c. Objective two To know the difficulties faced during recruitment of financial consultants.Scope of the study The scope of the study on “Recruitment of financial consultant and their Satisfaction” has a bright future for the insurance industry Through this Study it will be easier for the insurance industry to know about the minds Of the people seeking to become financial consultant. b Objective Objective one 1) To motivate the people being survey. The success in insurance industry can be achieved when there is a large force of financial consultants who will bring good business. 2) To create an effective chain of financial consultants who could bring Food business to the company.Are unemployed and today insurance sector is the only sector creating jobs for them.. .significance of the study Significance of the industry: .

Non.a) The project will help the insurance industry to know what people Consider Insurance as. e) Research Design: 1) Probability/ Non-Probability Probability Sample: Probability sampling is one of the most popular methods in the field of data collection . probability sampling method is the method of data collection in which every item of the universe has an equal chance to appear in the sample Here it is important to note that probability selection never means unsystematic selection. Significance for the study a)This project will help me in knowing some basic things about Insurance industry – what it is. b)if in future if I get an opportunity of working in any of the insurance Company I will have a little bit experience. In the other words. b) The insurance industry would be able to know the difficulties faced During-the process of recruiting financial consultants.Probability Sampling: Non –Probability Sampling is an- . how it works. how beneficial is Insurance industry as a business etc.Under probability sampling method items of the sample are selected at random as a result every item of the universe has an equal chance to appear in the sample.

case studies or pilot studies. Exploratory research helps determine the best research design. This Method is economical and saves a lot of time. The Internet allows for research method that are more interactive in nature. In this method units are not selected on the Basis of random but on the probability sampling . 2) Exploratory/ Descriptive/Experimental Research. projective methods.Other form of data collection. Given its fundamental nature. but rePresentative units are collected on the basis of certain considerations. or qualitative approachas through in. data Collection method and selection of subjects. changes for appearing in The sample for all the units of the universe are not fee and open . focus groups. During The survey probability sampling is being used. Exploratory research often relies on secondary research such as reviewing available literature and/or data. Exploratory Research: Exploratory research is a type of Research conducted because a problem has not been clearly defined. Data collected through this Method are accurate due to possibility of minimum error.depth Interviews. Descriptive Research: Descriptive research is used to obtain infor -mation Concerning the current status of the phenomena to describe “what .

Exploratory research is being used in the research. 3) Sampling Area : The survey was conducted in various parts Of Delhi. Its describes in detail the matter being researched and is rich in detail. which refers to questionnaire and surveys. the correlation study which investigates the relationship between variables. . The methods involved ranges from the survey which describes the status quo.exite”With respect to variables or conditions in a situation . Limitations: a) Survey was restricted to various parts of Delhi. It is the opposite of quantitative. 4) Sampling size : 100 g. b) The study was undertaken on a small account due to paucity of time c) Some times people did not give the correct end sufficient information regarding their existing business. f. to developmental studies which seek to determine changes over time. Descriptive research is usually one to one interviews or focus groups. Experimental Research : Experimentation is a research process where the Researcher manipulates one or more variables under the permitted condiTion thereby exhibiting cause effect relationship. sampling methodology: 1) Sampling units : Individuals 2) Sampling Technique : The people were randomly selected and were Interviewed.

CHAPTER.5 FACTS AND FINDINGS .d)Telephonic calling often created panic in the mind of the individuals And at time they were reluctant in answering. e) All the cost related to the survey conducted is borne by us.

Facts and finding 1) Are you aware of financial consultants? a) Yes b) No Percentage Options Yes 60% No 40% Total 100% 2) From where you come to know it? .

a) Friend b) From any insurance company barouches c) Any of your related in insurance industry 3) Are you interested in becoming a financial consultant? a) Yes b) No 4) Why do you want to become a financial consultant? .

a) Extra income b) Additional rewards c) Other resources 5) What the reason for not becoming a financial consultant? a) Fees b) Fear of exam 6) Which company would you prefer to work with a financial consultant? .

a) LIC b) HDFC SLIC c) Max New York Life Insurance d) ICICI Prudential Life Insurance e ) MetLife Indian Insurance f) Tata AIG Life Insurance 7) Which company product is more preferred in the market? a) LIC b) Tata AIG Life Insurance c) HDFC SLIC d) ICICI Prudential Life Insurance e) Reliance Life Insurance f) Aviva Life Insurance g) Bajaj Allianz Life Insurance .

h) ING Vysya Life Insurance 8) What is the main reason which drives a client to purchase a policy? a) Protection b) Investment c) Savings .

9) If recruited as an financial consultant. how would you make people buy a policy from our company? a) Pleasing personality b) Good communication Skill c) Because of a good social network d) Convincing power 10) Which company ad campaign you like the most? a) HDFC .

b) ICIC Prudential Life Insurance c) Max New York Life Insurance d) Aviva Life Insurance e) ING Vysya Life Insurance f) Reliance Life Insurance g) Bajaj Allianz Life Insurance h) LIC .

CHAPTER.6 DATA ANALYSIS AND INTERPRETATION Data Analysis and Interpretation 1) Are you aware of financial consultant? a) Yes b) No .

Interpretation reveals that 60 (60%) people know who is a financial Consultant and 40 (40%) people don’t know who is a financial Consultant.Interpretation: Data interpretation shows that most of the people surveyed are unaware of Financial Consultants. 2) From where you come to know about it? a) Friend b) From any insurance company brochures c) Any of your in insurance industry .

3) Are you interested in becoming a financial consultant? a) Yes b) No . 34 (34%) people say that from a insurance compnies brochure they come to know about financial consultant and 42 (42%) people say that from a relative in insurance industry told financial Consultant.Interpretation Interpretation of data shows that 24 (24%) people say from friend they come to know about financial consultant.

4) Why do you to become a financial consultant? a) Extra income b) Additional rewards c) Other reasons .Interpretation: The data revealed that 48 (80%) people are interested in becoming financial Consultant and 12 (20%) people are not interested in becoming financial Consultant.

5) What the reason for not becoming a financial consultant? a) Fees b) Fear of exam c) Busy schedule .Interpretation: The data collected shows that out of 100.

Interpretation : The collected data shows that out of 100 people 6) Which company would you prefer to work with as a financial Consultant? a) LIC b) HDFC SLIC c) Max New York Life Insurance d) ICIC Prudential Life Insurance e) Met Life India Insurance f) Tata AIG Life Insurance .

10% with MetLife India Insurance And 5% Tata AIG Life India Insurance. 7) Which company product are more preferred in the market? a) LIC b) Tata AIG Life Insurance c) HDFC SLIC d) ICICI Prudential Life Insurance e) Reliance Life Insurance f) Aviaa Life Insurance g) Bajaj Allianz Life Insurance .Interpretation: Out of 100 people surveyed only 80 (80%) people were interested in Becoming financial consultant. 15% with Max New York Life Insurance. 30% people prefers to work with LIC. 15% With ICICI Prudential Life Insurance. 20% with HDFC SLIC.

8) What is the main reason. ICICI Prudential Life Insurance grabs the second Position and third and forth position are acquired by HDFC SLIC (16%) and ING Vysya Life Insurance (10%) Rest of the position are shared by Tata AIG (8%) Aviva Life Insurance(8%) Bajaj Allianz Life Insurance (6%) and Reliance Life Insurance.h) ING Vysya Life Insurance Interpretation: During the survey it was observed that products of LIC top the consumer Preference With 25%. which drives a client to purchase a policy? a) Protection b) Investment c) Savings .

how would you make people buy a a) Policy from our company? b) Pleasing personality c) Good communication skills d) Because of a good social network e) Convincing power .Interpretation: Information from the survey reveals that protection is the main reason that Drives client to purchase a policy . savings is the second main reason and investment is least considered while purchasing a policy. 9) If recruited as a financial consultant.

32% of people thinks that good communication Skill will help them in making people .Interpretation: 24% of the people surveyed think that because of a pleasing they would Make people buy a policy . 10) Which company ad campaign you like the most? a) HDFC SLIC b) ICICI Prudential Life Insurance c) Max New York Life Insurance d) Aviva Life Insurance e) ING Vysya Life Insurance f) Bajaj Allianz Life Insurance g) LIC .26% people think that a good social Network will help them in selling policy and 18% people think that because of Power of convincing people they would be able to sell the policy.

Interpretation: 20% people think that Max New York ad campaign is the best. . HDFC SLIC (18%) ICICI Prudential Life Insurance (14%) Aviva Life Insurance (14%) LIC (12%) Reliance Life Insurance (8%) Bajaj Allianz Life Insurance (8%) And ING Vysya Life Insurance (6%) shares the remaining portion.

Company should go for regular market survey for finding out of the smart Worker who can stay under the Managers Sales Team. It is very essential for HDFC Standard Life Insurance to win the trust of The people. .CHAPTER – 7 RECOMMENDATIONDS Recommendations Based on the findings in the research following suggestion are made: 1. will generate long Term business 2.

4. As most of the people surveyed want to become financial consultant for Extra income. Fees of the test for financial consultant should be minimized. LIC dominates the market hence. 5. HDFC Standard Life Insurance needs to Increase its market share. 6. CHAPTER – 8 . the company should increase the percentage of commission Given to the financial consultant consultant on bringing business to the Company. Company is required to advertise in relation to financial consultants.3.

CONCLUSION Conclusion .


9 BIBLIOGRAPHY Bibliography BOOKS: Philip kotler.Marketing Mangement Life Insurance revise edition ICFAI press and Study material provided by HDFC STANDARD LIFE Insurance company.CHAPTER. Newspapers: .

com Site: www.Indian Express Hindustan Times Magazines: Business Today Business India Internet: Site: Search Engine: Google Search CHAPTER – 10 .hdfcinsurance.irdindia.

ANNEXURE Annexure Name: Age: Address: Phone Number: Educational qualification .

a) Any professional degree b) Post Graduate c) Graduate d) Under Gradutr/12th 1) Are you aware of financial consultant? a) Yes b) No 2) From where you come to know about it? a) Friend b) From any insurance company brochure c) Any of your relative in insurance industry 3) Are you interested in becoming a financial consultant? a) Yes b) No 4) Why do you want to become a financial consultant? a) Extra income b) Additional rewards c) Other reasons 5) What the reason for not becoming a financial consultant? a) Fees .

b) Fear of exam c) Busy schedule 6) Which company would you prefer to work with as a financial consultant? a) LIC b) HDFC SLIC c) Max New York Life Insurance d) ICICI Prudential Life Insurance e) MetLife India Insurance f) Tata AIG Life Insurance 7) Which company product are more preferred in the market? a) LIC b) Tata AIG Life Insurance c) ICICI Prudential Life Insurance d) Reliance Life Insurance e) Aviva Life Insurance f) Bajaj Allianz Life Insurance g) ING Vysya Life Insurance 8) What is the main reason which drives a client to purchase a policy from our company? a) Protection b) Investment c) Savings .

9) If become a financial consultant. how would you make people buy a Policy from our company? a) Pleasing personality b) Good communication skills c) Convincing power 10) Which company ad campaign you like the most? a) HDFC SLIC b) ICIC Prudential life Insurance c) Max New York Life Insurance d) Aviva Life Insurance e) ING Vysya Life Insurance f) Reliance Life Insurance g) Bajaj Allianz Life Insurance h) Birla Sun Life Insurance. .