INTERIM REPORT

ON

“A STUDY ON CAREER PATH IN HDFC

STANDARD LIFE INSURANCE”

SUBMITTED TO:_ SUBMITTED BY:-

MRS. PUSHPA KATARIA POOJA BHATT

ENROLLNO.8NBDH072

MBA IV SEM-D
 ACKNOWLEDGEMENT

The completion of this Interim Report is the result of cooperation, coordination

and combined efforts of several resources, knowledge, energy and time.

Hence I acknowledge my thanks to all the people who directly and indirectly
helped me in the completion of this report. I am very grateful to my faculty guide
Mrs. Pushpa Kataria and to my friends for giving their valuable guidance at the
times when it was required, without which report have not been completed.
 CONTENT

 INTRODUCTION

 LITERATURE REVIEW

 PROGRESS REPORT

 QUESTIONNAIRE

 REFRENCES
INTRODUCTION

THE INSURANCE INDUSTRY IN INDIA AN OVERVIEW

With the largest number of life insurance policies in force in the world, Insurance
happens to be a mega opportunity in India. It’s a business growing at the rate of
15-20 per cent annually and presently is of the order of Rs 1560.41 billion (for the
financial year 2006 – 2007). Together with banking services, it adds about 7% to
the country’s Gross Domestic Product (GDP). The gross premium collection is
nearly 2% of GDP and funds available with LIC for investments are 8% of the
GDP.

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. A large part of our population is also subject to weak social security and
pension systems with hardly any old age income security. This in itself is an
indicator that growth potential for the insurance sector in India is immense.
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. It is estimated that over the next
ten years India would require investments of the order of one trillion US dollars.
The Insurance sector, to some extent, can enable investments in infrastructure
development to sustain the economic growth of the country.

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. Interestingly in those days insurance
charged for Indian lives was more than the non - Indian lives, as Indian lives were
considered more risky to cover. The Bombay Mutual Life Insurance Society
started its business in 1870It was the same company to charge same premium for
both Indian and non Indian lives. The Oriental Assurance Company was
established in 1880. The General insurance business in India, on the other hand,
can trace its roots to Triton Insurance Company Limited, the first general insurance
company established in the year 1850 in Calcutta by the British. Till the end of the
nineteenth century insurance business was almost entirely in the hands of overseas
companies.

Insurance regulation formally began in India with the passing of the life insurance
Companies Act of 1912 and the Provident Fund Act of 1912. Several frauds during
the 1920's and 1930's sullied insurance business in India. By 1938 there were 176
insurance companies.
The first comprehensive legislation was introduced with the Insurance Act of1938
that strict State Control is there over the insurance business. The insurance
business grew at a faster pace than other business. Indian companies strengthened
their hold on this business but despite the growth that was witnessed, insurance
remained an urban phenomenon.

The Government of India in 1956, brought together over 240 private life insurers
and provident societies under one nationalized monopoly corporation and Life
Insurance Corporation (LIC) was born. Nationalization was justified on the
grounds that it would create the much needed funds for rapid industrialization. This
was in conformity with the Government's chosen path of State led planning and
development.
The non-life insurance business continued to thrive with the private sector till
1972. Their operations were restricted to organized trade and industry in large
cities. The general insurance industry was nationalized in 1972. With this, nearly
107 insurers were amalgamated and grouped into four companies- National
Insurance Company, New India Assurance Company, Oriental Insurance Company
and United India Insurance Company. These were subsidiaries of the General
Insurance Company (GIC).

INDUSTRY REFORMS

Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in
Parliament in December 1999. The IRDA since its incorporation as a statutory
body in April 2000 has fastidiously stuck to its schedule of framing regulations and
registering the private sector insurance companies. Since being set up as an
independent statutory body the IRDA has put in a framework of globally
compatible regulations.

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. The approval
of institutions for imparting training to agents has also ensured that the insurance
companies would have a trained workforce ofinsurance agents in place to sell their
products
PRESENT SCENARIO - LIFE INSURANCE INDUSTRY IN INDIA

The life insurance industry in India grew by an impressive 47.38%, with premium
income at Rs. 1560.41 billion during the fiscal year 2006-2007. Though the total
volume of LIC's business increased in the last fiscal year (2006-2007) compared to
the previous one, its market share came down from 85.75% to 81.91%.

The 17 private insurers increased their market share from about 15% to about 19%
in a year's time. The figures for the first two months of the fiscal year 2007-08 also
speak of the growing share of the private insurers. The share of LIC for this period
has further come down to 75 percent, while the private players have grabbed over
24 percent.

With the opening up of the insurance industry in India many foreign players have
entered the market. The restriction on these companies is that they are not allowed
to have more than a 26% stake in a company’s ownership.

Since the opening up of the insurance sector in 1999, foreign investments of Rs.
8.7 billion have poured into the Indian market and 19 private life insurance
companies have been granted licenses.
COMPANY PROFILE:-

HDFC Incorporated in 1977 with a share capital of Rs 10 Crores, HDFC has since
emerged as the largest residential mortgage finance institution in the country. The
corporation has had a series of share issues raising its capital to Rs. 119 Crores.
The gross premium income for the year ending March 31, 2007 stood at Rs. 2,856
Crores and new business premium income at Rs. 1,624 Crores. The company has
covered over , 8, 77,000 lives year ending March 31, 2007.HDFC operates through
almost 450 locations throughout the country with its corporate headquarters in
Mumbai, India. HDFC also has an International Office in Dubai, UAE with service
associates in Kuwait, Oman and Qatar. HDFC is the largest housing company in
India for thelast 27 years.
HDFC Standard Life Insurance Company Ltd. offers a range of individual and
group insurance solutions. It is a joint venture between Housing Development
Finance Corporation Limited (HDFC Ltd.), India’s leading housing finance
institution and one of the subsidiaries of Standard Life plc, leading providers of
financial services in the United Kingdom. The Standard Life group has been
looking after the financial needs of customers for over 180 years. It is a
leading pension’s provider in the UK. Both the promoters are well known in their
respective fields of activities

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% staple and
Standard of as a staple 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 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.

GROUP COMPANIES
HDFC Bank: World Class Indian Bank- among the top private banks in India.
HDFC AMC: One of the top 3 AMCs in India- Preferred investment manager.
Intelenet Global: BPO services for international customers.
CIBIL: Credit Information Bureau India Limited.
HDFC Chubb: Upcoming Private companies in the field of General Insurance.
HDFC Mutual Fund
HDFC reality.com: Helps to search properties in all major cities in India
HDFC securities
STANDARD LIFE

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
for the six years by Standard and Poor.

HDFC Standard Life Insurance Co. Ltd was incorporated on 14th august 2000.
It is a joint venture between HousingDevelopment Finance Corporation Limited
(HDFC Ltd.) India And UK based Standard Life Company. Both the joint venture
partners being one of the leaders in their respective areas came together in this
81.4:18.6 joint venture to form HDFC Standard Life Insurance Company Limited.
Mr. Deepak Satwalekar is the MD and CEO of the venture.HDFC Standard Life
brings to you a whole range of insurance Solutions be it group or individual or
NAV services for Corporations, they can be easily customized as per specific
needs.
HDFC Standard Life Insurance India boasts of covering around 8.7 lakh lives by
March'2007. The gross incomes standing at a whopping Rs. 2, 856 crores, HDFC
Standard Life Insurance Corporation is sure to become one of the leaders and the
first preference for any life insurance customer.
HDFC Standard Life Insurance Company Ltd. offers a range of individual and
group insurance solutions. It is a joint venture between Housing Development
Finance Corporation Limited (HDFC Ltd.), India’s leading housing finance
institution and one of the subsidiaries of Standard Life plc, leading providers of
financial services in the United Kingdom. The Standard Life group has been
looking after the financial needs of customers for over 180 years. It is a leading
pension’s provider in the UK. Both the promoters are well known in their
respective fields of activities.
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 ofRs. 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% staple and
Standard of as a staple 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 individual and group insurance
solutions.

KEY STRENGTH

Financial Expertise
As a joint venture of leading financial services group. HDFC standard Life has the
financial expertise required to manage long-term investments safely and
efficiently.
Range of Solutions
HDFC SLIC has a range of individual and group solutions, which can be easily
customized to specific needs. These group solutions have been designed to offer
complete flexibility combined with a low charging structure.

Strong Ethical Values:

HDFC SLIC is an ethical and Cultural Organization. False selling or false
commitment with the customers is not allowed.

CORPORATE OBJECTIVE
· Focus on the productivity of each consultant, corporate or individual, while
stressing on the quality of proposals
· Quick roll out of Products
· Efficiency of Operations
· Meet Social & Rural sector obligations
VISION
'The most successful and admired life insurance company, which means that we
are the most trusted company, the easiest to deal with, offer the best value for
money, and set the standards.
The most obvious choice for all'.
VALUES
 Integrity
 Innovation
 Customer
 People Care
 Teamwork
 Joy and Simplicity
MILESTONES IN THE HISTORY

 HDFC is India’s leading housing finance institution and has helped build
more than 23,00,000 houses since its incorporation in 1977.
 In Financial Year 2003-04 its assets under management crossed
Rs.36,000Cr.
 As at March 31, 2004, outstanding deposits stood at Rs. 7,840 crores. The
depositor base now stands at around 1 million depositors.
 Rated ‘AAA’ by CRISIL and ICRA for the 10th consecutive year
 Awarded The Economic Times Corporate Citizen of the year Award for its
longstanding commitment to community development.
 Presented the ‘Dream Home’ award for the best housing finance provider in
2004 at the third Annual Outlook Money Awards
 HDFC Standard Life Insurance is the first private life insurance company to
be granted a license by IRDA
 Rated as the "Best New Insurer - 2003" by Outlook Money magazine,
India’s number 1personal finance magazine
 Rated by ‘Business world’ as ‘India’s Most Respected Private Life
Insurance Company’ in 2004.
 47 Has the highest brand recall, close to 80% (Source: AC Neilson
ORGMARG, April2005)
 Has one of the widest branch networks with offices in over 100 cities
servicing over 440 towns
 OBJECTIVE OF THE STUDY

1.To study the benefits for the employees of the organization.

2. To study the career path of the organization.
3. Recruitment of financial consultant.
4. SWOT analysis

RESEARCH METHODLOGY

The study will be conducted through the use of the primary and secondary data.
The various sources of the data collection are mentioned below:-

1: Secondary Data: I will be collected from internal sources. The secondary data
collected on the basis of, official records, news papers, magazines, management
books, and website of the company.

2: Primary data: The method of collection of primary data through direct

personal interview through astructured questionnaire.
The study will be conducted through:-

Sample size:
The sample size consisting of 35 respondents will be selected for the study.

Sampling design:
T he employees were interviewed using randomelymsampling
techniques.

Questionnaire design:
In questionnaires open ended and closedended, both the types of questions will be
using.

Sampling area:
The area of research is Dehradun

JUSTIFICATION OF THE STUDY:-

The study had been undertaken to facilitate my self with the sector knowledge of
the insurance sector industry, and to understand the career path of employees in
HDFC STANDARD LIFE INSURANCE from Dehradun city.

The study will limited to HDFC Standard and its employees’ career path for their
bright futureand also employees and Dehradun people survey about the perceptions
toward the HDFC environment in the organization

LITERATURE REVIEW
Choosing the Right Career Path
By Michael Dylan
Choosing the right career path is one of the most defining decisions we can make
in life. Our job not only says a lot about what kind of person we are, but will
influence what type of car we drive, what kind of house we live in, the people we
associate with, and more. But above all these things, is the fact that we spend most
of our waking moments at work!. Which means that
if our job does not fulfill us or does not allow us to pursue our life goals, than it is
not the career we should spend the rest of our life doing.

We have to get clear about what it is that gives us fulfillment in life, what
fascinates us, or what we are passionate about. Once our interests are defined, we
have to think about what career paths are available in that area. Sometimes there
will be clear paths to take, like when our passion is designing websites, the job
options could be to become a web designer, web
programmer, or similar positions. But other interests may need more creative ways
of thinking, like if you are passionate about collecting rare coins, your path may
not be so clear. You may have to look into several sources of income; Owning a
coin dealership, writing a guide to collecting rare coins, having a website built, and
or selling coins online.
Because of the responsibilities of modern life and the necessity of money to
support our lifestyle and family, we can't just quit our job and immediately pursue
our passion. It may take months or years of planning while we continue to work in
our 9 to 5 job and bring in a regular
wage. The important thing is that we are moving towards the goal of doing what
inspires us in life. Without the clear focus and continual small steps towards
achieving our dream job, we would just be kidding ourselves.
We may have to take evening or weekend classes, attend seminars, read books, or
associate with people in your area of interest. If it's a product that you plan to sell,
perhaps you could start selling it from home, at weekend markets, or setting up a
website to sell it from.
When we're moving towards our dream job and have a clear path before us it
makes our 9 to 5 job less of a problem. Rather than going to work each day and
hating the things we do, we can appreciate the job for being a step towards doing
what really inspires us. It is putting food on the table, paying the rent, and funding
the way towards the right career path.

A recession-proof career path? Only for the lucky ones

By: Tim Harford

How long will the economic downturn last? While some claim to see green shoots,
others –such as my colleague Martin Wolf – see a slow and painful process ahead.
I have little to add to that debate, but I can guarantee that for some of us, the
impact of this downturn will last a lifetime.

That is the conclusion I draw from the research of Till Marco von Wachter, an
economist at Columbia University, who has been tracing the lasting effects of bad
luck in the job market. Having to look for a job at the wrong time can force us into
compromises whose repercussions can last years or even decades.

For example, when von Wachter teamed up with two US government economists,
Jae Song and Joyce Manchester, to study the experiences of those hurled into
unemployment by mass layoffs in the 1982 US recession, they discovered
horrendously long-lasting effects. The recession itself – one often compared with
today’s downturn – was savage, but it was over in less than two years. Yet von
Wachter and his colleagues discovered that those who lost their
jobs had incomes about 20 per cent lower than would otherwise be expected, even
two decades later.
It is possible that this result is really capturing the effect of being a less productive
(and thus expendable) worker, or of being trapped in a declining industry. But that
is unlikely. Such mass layoffs are by their nature indiscriminate, and the
researchers tried hard to compare like with
like. The results remain robust – and they match similar research done in Germany,
and earlier studies in the US with smaller data sets.

Why such a big effect? In part, it is a question of luck. Most people who have
secured a decent,secure, full-time job have enjoyed a dose of luck in doing so. “It
is hard to get lucky twice,”

A similar problem lies in wait for those graduating during a recession“People have
to make compromises,” says von Wachter, which often means taking a stopgap job
with a less glamorous employer, and trying to switch careers or switch employers
later on. The longer this process takes, the longer the impact on the unlucky cohort
of graduates.

Women’s Careers Pathways & Pitfalls

By:- Suzanna Rose & Laurie Larwood

A growing interest in women's careers has spread to personal, academic, and

organizational life. The proliferation and quality of research on women and work
that we saw as program chairs of the 1986 International Conference on Women
and Organizations inspired us to edit this book. That highly successful conference
was the source of several chapters included here.
Our goal was to select timely topics that had immediate relevance to career
women, students, and scholars of women and work. Part I of the book begins with
an introduction by the editors which highlights five major issues that affect
working women and what has been learned about those issues in the 1980s. Other
chapters are ordered thematically. In Part II, "Personal Career
Planning," the themes touch on pathways and pitfalls confronting women as they
plan their career strategies. In Chapters 2, 3, and 4, Shapiro and Farrow discuss the
merits of mentors, Case analyzes women's speech, and Ely explores women's
leadership styles, respectively; with an eye to how women can apply the
information to their own work situation. Family relationships also have been
shown to affect women's careers. In Chapter 5, "Husbands' Job Satisfaction and
Wives' Income," and Chapter 6, "Have Women's Career and Family Values
Changed?" questions are raised concerning the relationship between marriage,
family, and careers.

Changing Careers for More Money

By: Ms. Liu
I read your article online, "Ask the Career Coach" on Payscale.com. I found it very
interesting and helpful and will practice the steps you mentioned in order to find
the job of my dreams.
I am very dissatisfied at my current job. I am an office manager for a cigar
distributor company. It is a small company; I am in the office most of the time by
myself. I oversee all operations of the company. My role includes everything from
answering phones, making sales, taking care of the books and conducting weekly
meetings with sales staff in different states to
packaging and shipping cigars, etc. My employer is also in the process of starting a
construction company, for which I am preparing all related documents and
applications. I used to work with my current employer in a
construction company he used to own prior to starting the cigar business.
I am unhappy because I don't see any room for growth any time soon unless the
construction company kicks off in the next few months. But I am thinking of now;
I need change now. The salary is not bad but I want more and I don't foresee
getting more any time soon.
Also, my husband owns a subcontractor company. It’s small but he has been in
business for over 10 years. He owns the company along with his mother and
brother. I help sometimes since I do have experience in construction, but can only
help so much. I do not want them to feel like I want to take over. So I decided to
start my own company with my husband to do jobs on the side with both of us
keeping our current positions. That did not work since the license
he has is already under his company's name. Now I would need a license in order
for us to be able to pull permits under our company's license. So we are stuck in
that sense and I am very disappointed that it did not go far.
Career paths of global managers: Towards future research
By: Tineke Cappellen & Maddy Janssens

The aim of this paper is to identify potentially productive areas where future
research on global managers’ careers is warranted. Approaching career as a path,
we conceptualize a global career path as an intersection of three domains: an
individual, an organizational and a global environment domain. To identify, within
each domain, the most important factors influencing a global career, we first
conducted a review of the literature on boundaryless careers and global managers.
This review allowed us to identify those factors that are most relevant to the
changing nature of careers and global assignments. We then reviewed past
empirical research on international careers to map how previous studies have
addressed those factors, further guiding us to formulate directions for future
research on global careers. As well as indicating these specific research
implications, we propose a contextualized research approach that facilitates
understanding of different career moves over time as well as the overall direction
of a global career path.

PROGRESS REPORT

Till now I have collected secondary data:-

 Company profile: - about the history of the organization, vision, mission,
goals.

Industry profile:- in industry profile present condition of telecom industry,

growth etc.

Prepared questionnaire for data collection

The data for analysis and interpretation has been obtained from the
questionnaire filled by the respondents. The other factors mentioned in the
questionnaire are under study and are being interpreted and analyzed.

QUESTIONNAIRE
Name: ………………………………………………………………………..
Address: ……………………………………………………………………..
Contact No :®………………( O)……………… (M)………………………
City: ………...............Pin: ………………….State: ……………………….
.
 1. Your Age: ____________________

2. Education Qualification.
Undergraduate □ Graduate □ Post graduate □

3. Marital Status.
Married □ Single □
No. of Children: __________

4. Number Of year’s Are You in Dehradun.

Less than five year’s □ More than five year’s □

5. Occupation.
Business □ Profession □ Service □

6.Your annual household income.

<than 2 lack □ Between 2 to 5 lack □ Between 5 to 8 lack □ >than 8 lack □

7. What is your perception about insurance sector?

Hard &lucrative □ Hard but not rewarding □
Smooth &rewarding □ No idea □

8. Do you know about HDFC SLIC?

Yes □ No □

9.Do you have any insurance policy?

Yes □ No □
10.Name insurance company?
LIC □ ICICI □ HDFC SLIC □ OTHERS □
If others, please
specify___________________________________________________

11. Do you know about HDFC SLIC’s recruitment policies related to financial
consultant?
Yes □ No □

12. Will you be interested to become financial consultant?

Yes □ No □

13. Would you like to earn an additional income through a business opportunity
with HDFC STANDARD LIFE?
YES □ No □

Date:
Place:

REFERANCE

www.google.com
www.wikipedia.org
www.woopidoo.com/articles/dylan/career-path
ARTCLE USED:-
CHOOSING THE RIGHT CAREER PATH
Article by Michael Dylan
http://www.woopidoo.com/articles/dylan/career-path.htm