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It is a matter of great pleasure to acknowledge the guidance, enormous assistance and co-operation extended to me from every corner, while proceeding with my internship.

I sincerely express my gratitude to Mr. SOURINDRA GHOSH (Branch Sales Manager) for allowing me to pursue my internship in HDFC Standard Life Siliguri.

I would also like to express my gratitude to all other people who had extended their helping hand directly or indirectly throughout the internship, and without whose help my internship would not have been completed. I would also like to thank my parents for their guidance and support. They have remained a source of inspiration for me.

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INSURANCE: Insurance can be defined as assurance for uncertainty. Insurance is about something going wrong. Its’ often about things going right; One of the Wonders of human nature is that we never believe anything can actually go wrong. The insurance sector in India has come full circle from being an open competitive market to nationalization and back to liberalized market again. Tracking the development in Indian insurance sector reveals the 360 degree turn witnessed over a period of almost two centuries. The business of life insurance in Indian in its existing form started in India in the year 1818 with the establishment of Oriental Life Insurance Company at Kolkata. Some of the important milestones in life insurance business in India are. 1912: The Indian Life insurance Companies Act enacted as first statue to regulate the life insurance business. 1928: The Indian Insurance Compan9es Act enacted to enable the government to collect statistical information about life and nonlife insurance businesses. 1938: Earlier legislation consolidated and amended to by the insurance Act with the objective of protecting the interests of the insuring public.

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1965: 245 Indian and foreign insurers and provident societies take over by the central government and nationalized. LIC formed by an act of parliament viz. LIC. Act . 1956,with a capital contribution of Rs. 5 Crore from the government of India.

COMPANY PROFILE HDFC Standard Life Insurance Company Ltd.
HDFC Incorporated in 1977 with a share capital of Rs 10 Crores, HDFC has since emerged as the largest residential mortgage finance institution in the country The corporation has had a series of share issues raising its capital to Rs. 119 crores. The gross premium income for the year ending March 31, 2009 stood at Rs. 5, 565 crores and new business premium income at Rs. 2,644 crores. The company has covered over 10, 07,000 lives year ending March 31, 2009. HDFC operates through almost 450 locations throughout the country with its corporate head quarters in Mumbai, India. HDFC also has an International Office in Dubai, UAE, with service associates in Kuwait, Oman and Qatar.

HDFC is the largest Housing Company in India since the last 27 years.


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Incorporated in 1977 as the first specialized mortgage company in India. Almost 90% of initial shareholding in the hands of domestic intuitions and retail investors. Current 77% of shares held by foreign institutional investors.

Besides the core business of mortgage HDFC has evolved into a financial conglomerate with holdings In:

• HDFC Standard Life insurance Company- HDFC holds 78.07 %. • HDFC Asset Management Company – HDFC holds 50.1% • HDFC Bank- HDFC holds 22.25%. • Intelenet Global (Business Process Outsourcing) – HDFC holds 50%. • HDFC Chubb General Insurance Company – HDFC holds 74%.


Loan Approvals

Rs. 1205 billion.

(Up to Dec 2009)

Loan Disbursements

Rs.1069 billion

(Up to Dec. 2009)

Housing Units financed

5.8 million.

• Distribution

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Offices Outreach Programs

268 145


Mr. Deepak S Parekh is the Chairman of the Company. He is of also the Executive Chairman Finance in Housing

Development HDFC

Corporation a senior

Limited (HDFC Limited). He joined Limited management position in 1978. He

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was was

inducted appointed

as as

a its

whole-time Executive

director of HDFC Limited in 1985 and Chairman in 1993. He is the Chief Executive Officer of HDFC Limited. Mr. Parekh is a Fellow of the Institute of Chartered Accountants (England & Wales). Mr. Deepak S Parekh

Mr. Deepak M Satwalekar is the Managing Director and CEO of the Company since November, 2000. Prior to this, he was the Managing Director of HDFC Limited since 1993. Mr. Satwalekar obtained a Bachelors Degree in Technology from the Indian Institute of Technology, Bombay and a Masters Degree in Business Administration from The American University, Washington DC.


HDFC Bank: World Class Indian Bank- among the top private banks in India.

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HDFC AMC: One of the top 3 AMCs in India- Preferred investment manager. Intelent Global : BOP services for international customers. CIBIL: Credit information services bureau. HDFC Chubb: Upcoming Private companies in the field of General Insurance.

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Standard Life is Europe’s largest mutual life assurance company. Standard Life, which has been in the life insurance business for the past 175 years is a modern company surviving quite a few changes since selling its first policy in 1825. The company expanded in the 19th century from kits original Edinburgh premises, opening offices in other towns and acquitting other similar businesses.

Standard Life Currently has assets exceeding over £ 70 billion under its management and has the distinction of being accorded “AAA” rating consequently Poor. for the six years by Standard and


Founded in 1875, company supporting generation for last 179 years.

• Currently over 5 m. Policy holders benefiting from the services offered.

Europe’s largest mutual life insurer.

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HDFC Standard Life Insurance Company Limited was one of the first companies to be granted license by the IRDA to operate in life insurance sector. Reach of the JV player is highly rated and been conferred with many awards. HDFC is rated ‘AAA ’ by both CRISIL and ICRA. Similarly, Standard Life is rated ‘AAA’ both by Moody’s and Standard and Poor’s. These reflect the efficiency with which HDFC and Standard Life manage their asset base of Rs. 15,000 Cr and Rs. 600,000 Cr. Respectively.

HDFC Standard Life Insurance Company Ltd was incorporated on 14th August 2000. HDFC is the majority stakeholder in the insurance JV with 81.4 %stale and Standard :of as a staple pf 18.6% Mr. Deepak Satwalekar is the MD and CEO of the venture. HDFC Standard Life Insurance Company Ltd. Is one of India’s leading Private Life Insurance Companies., which offers a range of

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individual and

group insurance solutions. It is a joint venture

between Housing Development Finance Corporation Limited (HDFC Ltd.) India’s leading housing finance institution and the Standard Life Assurance Company, a leading provider of financial services from the United Kingdom. Both the promoters are will known for their ethical dealings and financial strength and are thus committed to being a long-term player in the life insurance industry- all important factors to consider when choosing your insurer.

I have pursued my summer internship in HDFC Standard Life, Siliguri. As an intern in Insurance sector I was required to do a field study of the various gamut of Insurance sector. My experience with this organization has provided me with vital knowledge about the practical work of the insurance sector. My job at HDFC Standard Life was “To understand the acceptance of private life insurance companies in India vis-à-vis LIC”. Today insurance forms the most integral part of every individual’s financial investments. I spent time in understanding the customer and their financial profile and also their risk appetite. Before getting into selling procedure I managed to get adequate knowledge of various financial products and tried to find out where the products were best fitted as per customer need. The most important part of any insurance is to convince the customer. The insurance person should have empathy to find out what a customer exactly needs. By this behavior I managed to approach different customers explaining various products. Most of the customers don’t believe in private insurance companies due to the fear of uncertainty as they believe that LIC is the only efficient insurance company which fulfills their

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requirement pertaining to financial investment. My job was to convince those customers by making them aware with brand image of HDFC Standard Life. I managed to reflect them with the benefit of HDFC Standard Life products. I was provided with customer database with whom I used to communicate regarding company’s new product and there advantages against LIC. Basically I worked as financial consultant and I dealt with following aspects: • Assessing and analyzing the clients risk profile. • Finding the best product or products available in the market. • Negotiating the best deal available. • Continuity of service throughout the period of insurance.


STRENGTH • Strategic fit between the strategy adopted and the offering. • Superior customer service vs. competitors. • Consistent Brand Image • High degree of customer


• Some gaps in range for certain sectors. Customer service staff need training. • Most of the people is not willing to invest in private

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satisfaction. • Good place to work • Lower response time with efficient service.

insurance company. • Lack • In of faith in private

insurance company case of some policy



premium is much high.

One of the largest private sector insurance company in India.

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• Profit margins will be good. • Could extend to overseas broadly.

• Competitive market

• Competitors different product. could be

coming types

with of

New specialist applications or services develop.


Could seek better customer deals.




• Can make foray in rural market. • Will come out with some saving plans for students with nominal investment.

prevailing in the industry.

• Lack




rural areas could constrain investment.

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Summer Training in HDFC Standard Life really helped me in gaining immense experience and knowledge. I learned in general how an insurance industry like “HDFC Standard Life” uses various marketing skills to market their range of products. I learned:
• • •

How they take care of their customers. What is the work of the financial consultants? What value addition to be done for the products in order to survive in fiercely competitive and rapidly changing scenario?

Being in HDFCSL, I gained certain practical experiences of Financial Industry. I have also learned the rate of commission given to the agents, I elicited certain motivational scheme which motivates insurance agents to increase their customer base. Customers are the key aspect of any business and it’s applicable for the insurance sector too. For any insurance company, to get a new customer is 10 times costlier then to retain an existing one. Hence a sales person or insurance agent should convince more customers in less time to significantly increases company efficiency to deal with more customers. Except these, I got the experience that how the private sector insurance companies are working in the market and what is the procedure of attracting the customers.

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After collection of data interpretation is done on that basis conclusion is drawn. Conclusion: After my field study I come to know customer usually prefer government insurance company other than private insurance companies due to its reliability. Customers are more brand oriented rather than product oriented. Customers are less aware about the private insurance companies. Private Players in order to encase maximum number of customers are introducing new and innovative scheme for their FC. Customers like to invest in other investment zones due to the hectic rules and regulations associated with, entering into a contract with insurance companies. Customers do not feel secure with private insurance companies. The central problem with the insurance companies is having that they are trying to convince customers for a product which do not have any present relevance, i.e. each policy which the customer is going to purchase will have a future set of action and benefits. Due to which most of the people like to invest in those securities or investment, which will give them a fruitful return in short period of time?

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Life insurance Corporation has completed more than three decades and that’s where counts, inters of brand name, different number of policies for differed class and age group of customers. The Private players are on the way, but they need a lot of time investment for creating a favorable brand image. So by this I want to conclude that insurance sector is one of the booming sector, but they can sustain only when they provide product relevant to customer benefit and which can fulfill customer need.


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