RECRUITMENT & SELECTION OF FINANCIAL CONSULTANT OF

A report submitted to Delhi Business School, New Delhi As a part fulfillment of MBA + Post Graduate Program (Industry Integrated) in Entrepreneurship & Business. Submitted to: Director Academics kumar Delhi Business School New Delhi Roll No: DBS/0810/W223 Batch: Winter Semester: 1ST University: Punjab technical university Internal guide: Faculty: Delhi Business School,New Delhi Submitted By: Name of Student: surendra

B-II/58, M.C.I.E., Mathura Road, New Delhi Website: www.dbs.edu.in

This is to certify that the summer training was done on “RECRUITMENT AND SELECTION OF FINANCIAL CONSULTANT OF HDFC STANDARD LIFE INSURANCE ” submitted to Delhi Business School, New Delhi by surendra Kumar in partial fulfillment of the requirement for the award of degree of MBA & Post Graduate Program in Entrepreneurship & Business, is a bonafide work carried out by him under my supervision and guidance. This work has not been submitted anywhere else for other degree/diploma. The original work was carried during 15/05/2008 to 15/07/2008 in “HDFC STANDARD LIFE INSURANCE”.

Mr.VISHAL SAWHNEY Manager

(Channle development)
HDFC

Seal/stamp of the organization
INSURANCE Date: ----------------------

STANDARD LIFE

H.N.-2955 Street N.-12 Ranjeet Nagar New Delhi

110008

ACKNOWLEDGEMENT

At the very outset, I would like to take golden opportunity of thanking those persons without whose guidance, co-operation, inspiration and suggestion it would have been impossible for me to accomplish the project successfully. First of all I would like to thank Mr. Vishal sawhney. Channle development Manager of HDFC SLI, for his kind guidance and necessary support during the study. I also take this opportunity to extend my heartfelt gratitude to others who directly of indirectly helped me, by providing me necessary information required for successful completion of the project.

com DECLARATION This project well bred “RECRUITMENT & SELECTION OF FINANCIAL CONSULTANT OF HDFC STANDARD LIFE INSURANCE ” presence proposes by me in the preferential discharge of obligations for the reward of M. . credential have not submitted this effort.B.Surendra kumar Email Id:Surendramehta08@gmail. Whole snitches of tidings and assist are genuine and have been accredited in the report. I somewhere different for any other degree. affiliated to Punjab Technical University.A degree from Delhi Business School.

A-1st SEM Delhi Business School New Delhi Roll no-dbs/0810/W223 Table Of Contents  Executive Summary  Objective of the study .Surendra Kumar M.B.

Literature review  Introduction  The promoters  The Company and its product line  Features of the product  Marketing strategy  Share market position  Competitors  Future prospects  National international image  Major problems  Conclusion EXECUTIVE SUMMARY:- Project Title: RECRUITMENT & SELECTION OF FINANCIAL CONSULTANT .

India’s leading housing finance institution and one of the subsidiaries of Standard Life plc. Research Methodology: Market research/survey Area of research I have done the research in Nehru placce. leading providers of financial services in the United Kingdom.). To study of the perfect market for HDFC SLI. offers a range of individual and group insurance solutions. southwest Delhi. New Delhi Organizational Guide: Mr.Vishal Sawhney Duration: 15th may to 15th July Major objectives: • • • To study of the market . There are many big and first insurance company in Delhi and it’s the heart of India. central Delhi • • • CP and many other places in Delhi. Major Findings: HDFC STANDARD LIFE INSURANCE 1-INTRODUCTION:HDFC Standard Life Insurance Company Ltd. Faridabad. To approach to the interested people towards HDFC SLI.Name of the organization: HDFC SLI Place of the work: New friend’s colony. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd. There are more then one people live in Delhi Only more then 25% people have the knowledge of investment in HDFC SLI. The Standard Life group has been looking after the financial needs of .

Crombie is a fellow of the Faculty of Actuaries in Scotland Ms. 2000. He joined HDFC Limited in 1981 and became an Executive Director in 1993. He is also the Executive Chairman of Housing Development Finance Corporation Limited (HDFC Limited). Keki M Mistry joined the Board of Directors of the Company in December. Parekh is a Fellow of the Institute of Chartered Accountants . Corporate Responsibility and Shared Services Centre. Campbell joined the Board of Directors in November 2005 . Strategy & Planning. Mr. He is currently the Managing Director of HDFC Limited. He was appointed as its Managing Director in November. Marcia D Campbell is currently the Group Operations Director in the Standard Life group and is responsible for Group Operations. He joined HDFC Limited in a senior management position in 1978. 2000. Mistry is a Fellow of the Institute of Chartered Accountants of India and a member of the Michigan Association of Certified Public Accountan Mr. 2002. Ms. For more details you may log on to http://www. He was inducted as a whole-time director of HDFC Limited in 1985 and was appointed as its Executive Chairman in 1993.com Mr. He is the Chief Executive Officer of HDFC Limited. Deepak S Parekh is the Chairman of the Company. Both the promoters are well known in their respective fields of activities. Asia Pacific Development. Mr. It is a leading pension’s provider in the UK.hdfcinsurance. He has been with the Standard Life Group for 34 years holding various senior management positions.customers for over 180 years. Alexander M Crombie joined the Board of Directors of the Company in April. Mr. He was appointed as the Group Chief Executive of the Standard Life Group in March 2004. Mr.

Divan has wide experience in auditing accounts of large public limited companies and nationalised banks. Ranjan Pant is a global Management Consultant advising CEO/Boards on Strategy and Change Management. Skeoch was working with M/s. Gautam R Divan is a practising Chartered Accountant and is a Fellow of the Institute of Chartered Accountants of India. where he led the worldwide Utility Practice. Pant. Boston. Mr. Chief Economist. Mr.. Executive Director. until 2002 was a Partner & Vice-President at Bain & Company. Ravi Narain was a member of the core team to set-up the Securities & Exchange Board of India (SEBI) and is also associated with . Mr.Mr. Mr. holding the positions of UK Economist. Divan was the Former Chairman and Managing Committee Member of Midsnell Group International. USA. Skeoch joined the Board of Directors in November 2005 Mr. Mr. Prior to this. Inc. Mr. Director of Controls and Strategy HSBS Securities and Managing Director International Equities. an International Association of Independent Accounting Firms and has authored several papers of professional interest. Corporate Business Development at General Electric headquarters in Fairfield. Keith N Skeoch is currently the Chief Executive in Standard Life Investments Limited and is responsible for overseeing Investment Process & Chief Executive Officer Function. He was also responsible for Economic and Investment Strategy research produced on a worldwide basis. financial and taxation planning of individuals and limited companies and also has substantial experience in structuring overseas investments to and from India Mr. Mr. Ravi Narain is the Managing Director & CEO of National Stock Exchange of India Limited. He was also Director. Pant has an MBA from The Wharton School and BE (Honours) from Birla Institute of Technology and Sciences Mr. James Capel & Co.

Business Objectives . Deepak M Satwalekar is the Managing Director and CEO of the Company since November. 2000. Bombay and a Masters Degree in Business Administration from The American University. She has been employed with HDFC Limited since 1978 and was appointed as the Executive Director in 2000. HDFC was promoted with an initial share capital of Rs. Prior to this. he was the Managing Director of HDFC Limited since 1993. Karnad is the Executive director of HDFC Limited. She is responsible for overseeing all aspects of lending operations of HDFC Limited 2 THE BACKGROUND HDFC LIMITED HDFC was incorporated in 1977 with the primary objective of meeting a social need . Renu S. Satwalekar obtained a Bachelors Degree in Technology from the Indian Institute of Technology. Mr.various committees of SEBI and the Reserve Bank of India (RBI). is a graduate in law and holds a Master's degree in economics from Delhi University.that of promoting home ownership by providing long-term finance to households for their housing needs. 100 million. Washington DC Ms. Mr.

A. d) provide consistently high returns to shareholders.The primary objective of HDFC is to enhance residential housing stock in the country through the provision of housing finance in a systematic and professional manner. Organisational Goals HDFC's main goals are to a) develop close relationships with individual households.. and e) to grow through diversification by leveraging off the existing client base. Another objective is to increase the flow of resources to the housing sector by integrating the housing finance sector with the overall domestic financial markets. U. Oman and Qatar. and to promote home ownership.E.HDFC also has an international office in Dubai.. c) transform ideas into viable and creative solutions. .India. HDFC operates through 75 location throughout the country with its Corporate Headquarters in Mumbai.with service associates in Kuwait. b) maintain its position as the premier housing finance institution in the country.

The Standard Life group originally operated only through branches or agencies of the mutual company in the United Kingdom and certain other countries. with the intention of positioning itself as a broad range financial services provider. Its Canadian branch was founded in 1833 and its Irish operations in 1838. This largely remained the structure of the group until 1996. Germany with the aim of exporting its UK life assurance and pensions operating model to capitalise on the opportunities presented by EC Directive 92/96/EEC (the “Third Life Directive”) and offer a product range in that market with features which local providers were unable to offer. In the 1990s. Standard Life was reincorporated as a mutual assurance company in 1925.STANDARD LIFE GROUP The Standard Life Assurance Company ("Standard Life") was established in 1825 and the first Standard Life Assurance Company Act was passed by Parliament in 1832. the group also sought to diversify its operations into areas which complemented its core life assurance and pensions business. when it opened a branch in Frankfurt. JOINT VENTURE HDFC Standard Life Insurance Company Ltd .

offer the best value for money. Both the joint venture partners being one of the leaders in their respective areas came together in this 81.HDFC Standard Life brings to you a whole range of insurance Solutions be it group or individual or NAV services for Corporations. “The most obvious choice for all”. . The gross incomes standing at a whopping Rs.) India And UK based Standard Life Company. and set the standards in the industry. Not only customers. Admired mean the company should be known for its standards.7 lakh lives by March'2007. but also the competing life insurance companies should benchmark against HDFC SLI a nutshell. even the IRDA should give an example of HDFC SL as a guiding principle. which mean that we are the most trusted company. VISION STATEMENT “The most successful and admired life insurance company.4:18. the easiest to deal with. It is a joint venture between HousingDevelopment Finance Corporation Limited (HDFC Ltd. 2. Mr. HDFC Standard Life Insurance Corporation is sure to become one of the leaders and the first preference for any life insurance customer. Ltd was incorporated on 14th august 2000. Deepak Satwalekar is the MD and CEO of the venture. 856 crores. they can be easily customized as per specific needs. HDFC Standard Life Insurance India boasts of covering around 8.In short.HDFC Standard Life Insurance Co.6 joint venture to form HDFC Standard Life Insurance Company Limited.

The current operations of these companies . HDFC Limited owns 81.0% 31 Dec Life Life assuranceHDFC Standard Life Insurance Company Company Limited** IndiaOrdinary shares 18.** The Company also has a 14. This gives theGroup an effective interest in thesecompanies of 30% and 57% respectively. The Company does not exercise dominant influence over either of these joint ventures.6% 31 Mar assuranceHDFC Asset Management Limited* ** India Ordinary shares 49.5% interest in Housing Development Finance Corporation Limited (“HDFC Limited”).9% 31 Mar Investment management* Owned by a subsidiary undertaking of the Company.2.THE PROMOTERS Joint ventures and associated undertakings Country of registration or Share class Name incorporation and proportion held Year end Nature of business Heng An Standard Life China Ordinary shares 50.4% and 50.1%of HDFC Standard Life Insurance Company Limited and HDFC Asset Management Company respectively.

7 Easy Ways to pay your premium: . we have also drawn up a Checklist of details that you will need in case you are paying through cheque or demand draft. Premium Payment This section gives you all the details that you may require to pay your premium and make it a hassle free experience.are not significant in relation to the accounts of the Group. Strength:A wide geographic reach. and a diversified portfolio of products and services. growing clients. . Along with various premium payment options currently available to you.

Bank of Baroda Drop Boxes You can drop cheques and demand drafts drawn in favour of HDFC SLIC into any of our drop boxes installed at various locations in various cities Electronic Clearing Service (ECS) or Auto Debit facility of RBI . at a click of the mouse by using the Online payment facility. It is currently offered to all the policyholders who are registered users of billjunction.30 AM to 12. Axis Bank.30 AM to 4.00 PM (For Cheque) Saturday : 9. Union Bank of India.com or have net banking facility with any of the following banks .HDFC Bank. ICICI Bank.30 PM (For Cash) Monday to Friday : 9. Punjab National Bank.00 Noon (For Cash & Cheques) Closed on Sundays Postage / Courier You can send cheques and demand drafts drawn in favour of HDFC SLIC to any of our branch offices Online Payment You can make online payment of premium anytime and from any location.At any of Our branches You can deposit Cheque / Demand Draft drawn in favour of “HDFC SLIC” at any of Our branch during the following business hours Monday to Friday : 9. State Bank of India.30 AM to 5.

Bardhaman. Coimbatore. Mumbai. Indore. Jammu. Jodhpur. Raipur. Jalandhar. Cochin. Mysore. Mangalore. Bhopal. Jamshedpur. Durgapur. Jabalpur. Siliguri. Jaipur. Pune. Gwalior. Tirupati. Ranchi. Hyderabad. Bhilwara. Vijaywada. Trichur. Thirupur. Nagpur. Aurangabad. Vizag Standing Instructions (SI) Mandate You can also pay your renewal premium through a Standing Instructions Mandate if you have an account with HDFC Bank anywhere in India Credit Card Facility You can pay your renewal premium through your HDFC Bank credit card. Varanasi. Rajkot. Patna. Amritsar. Baroda. Chandigarh. Sholapur. Shimla. Erode. Gorakhpur. Bangalore. Delhi. Bhubaneshwar. Salem. Kanpur. Trivandrum. Calicut. Hubli. . Allahabad. Nellore. Panjim. Udaipur. Lucknow. Chennai.You can also pay renewal premiums through Electronic Clearing Service (ECS) of Reserve Bank of India (RBI) presently available in following 61 cities Agra. Kolkata. Ludhiana. Surat. Dehradun. Ahmedabad. Kolhapur. Guwahati.

Non MICR Cheques may not be acceptable at few locations.Checklist while paying your renewal premium through cheque/ demand draft • your policy number and name correctly on the reverse side of the cheque/ demand draft • We do not accept Post Dated Cheques (PDC’s) beyond the next banking day from date of receipt • In case of any overwriting on your cheque. please contact your nearest branch for more details • Unit Linked Polices you can pay using Local Cheques/ Demand Drafts • other policies you can pay using either Local or Outstation cheques or Demand Drafts Weaknesses:- . please countersign the same • As per RBI guidelines. In this scenario.

However we do understand that there may be times when you may not be able to pay the renewal premium by the due date. Therefore we allow for some additional number of days from the due date. accidents etc. On receipt we will send you the details of amount. to help you make your premium payment. refer to your policy document for details.Lapsation & Revival Your renewal premium should reach us by the due date specified in the premium reminders. that you will have to pay towards revival. It is always advisable to pay on time so that your valuable policy benefits can continue. In case we still don’t receive your premium payments by the end of the above mentioned period. revival interest and revival processing charges If your policy is lapsed or paid-up for more than six months or lapsed due to any reasons like illness. We do. allow you to restore the original benefits for a Lapsed or a Paid up policy under certain conditions. we would do either one of the following: • Lapse” the policy – if you haven’t paid premiums for the first 3 policy years • • Either of these may mean loss/reduction of valuable benefits of your policy. however. you may need to submit a Personal Health Statement we reserve our right to impose some new terms and conditions at the time of revival decided on a case-to-case basis . This amount may include all or some of the outstanding premiums. which is specified in your policy document.

3-THE COMPANY AND ITS PRODUCT LINE:- COMPETITOR BY PRODUCT .

The Bancassurance partners of HDFC Standard Life Insurance Co Ltd are HDFC. bancassurance and other alternative channels contribute around 42 per cent of the business. For HDFC Standard Life Insurance.Bancassurance is the selling of insurance products by a bank. Indian Bank. . Union Bank of India. Bank of Baroda. HDFC Bank India Limited. Saraswat Bank and Bajaj Capital.

HDFC BANK
HDFC Bank is the largest insurance distributor of HDFC Standard Life Insurance.

INDIAN BANK
Indian Bank enters into a strategic tie-up with HDFC Standard Life Insurance Company Ltd .

INDIAN BANK with over 90 years of standing in the financial market with the reputation for excellent customer service, has entered into a strategic tie-up with HDFC Standard Life Insurance Company Ltd., the first in the private sector to receive the Certificate of Registration for foray into Life Insurance business for distribution of latter’s insurance products. A Memorandum of understanding has been signed by the Bank with the Insurance Company on 8th February 2001 to this effect. The Bank has to its strength 1377 branches spread across the country with ready built infrastructure and the expertise in marketing financial products. Initially the insurance products will be marketed through select branches in the South where the Bank has strong presence. The insurance products from HDFC Standard Life, will be competitive and customer friendly. The tie-up would benefit the Bank's customers, as they will have wider choice of life insurance policies at competitive premium

FINANCIAL POSITION OF HDFC SLIC IN FY 2007-08 HDFC Standard Life, one of the leading private life insurance companies in India declared its annual results for the financial year ending March 31, 2008. The company generated New Business Premium Income of Rs. 2,685 crores in FY2007-08 registering a year-on-year growth of 63%. The growth was primarily driven by the success of the company's initiative on structured sales processes based on customer needs and their assessments.

Highlights of Financial Year 2007-08

New Business Premium Income up by 63% to Rs. 2,685 crores. Total Premium Income is up by 70% at Rs 4,859 crores as against Rs. 2,856 crores in FY2006-07 • Alternate Channels including bancassurance has recorded an impressive growth of over 63% to contribute 41% to the Effective Premium Income (EPI). • • • Group business funds under management have increased to Rs. 959 crores, registering a growth of83% over FY2006-07 The average premium has increased to Rs. 33,000. Company products and services are now available in 726 cities and towns across the country. Strength of Financial Consultants has increased to 1,45,000

Knowledge Center
Our Knowledge Centre is your personal resource for information that can help you understand the basics of insurance and help you make an informed decision about buying a policy. This section includes details on insurance terms and concepts, helps you analyse plans for your various needs and lends meaning to some of the insurance jargon that you may encounter

Life Stages
Your insurance need will change as your life does, from starting to work to enjoying your golden years and all the stages in between. Each one of these stages may pose a different insurance need/cover for you.

STAGE 1 . we have drawn up the basic life stages and help you analyse various insurance needs accordingly.In this section.

Take advantage of the time and power of compounding to ensure that you build up your dreams. Start saving early.Young and Single An important stage where one lays down the foundation of a successful life ahead. Your needs • • • Save for a home and wedding Tax Planning Save for Golden years .

New dreams and new opportunities also bring in additional responsibilities. While both of you look forward to a happy and secure life . it is equally important to ensure that eventualities don’t come in the way of shaping your dreams.STAGE 2 Just Married Marriage brings about a significant change. Your needs • • • Planning for home / securing your home loan liability Save for vacation Save for your first child .

and having enough life insurance is a way to help ensure that. Ensure your protection umbrella takes into account the future cost of securing your child’s dream. your need for life insurance is even more.STAGE 3 Proud Parents Once you have children. You need to protect your family from an untoward incident. You will want life to go on for your loved ones. Your needs • • • Provide for children’s education Safeguarding family against loan liabilities Savings for post-retirement .

The key is to think ahead and plan well using your time and money. Having an early start for retirement planning can make a significant difference to your savings.STAGE 4 Planning for Retirement While you are busy climbing the ladder of success today. Your needs • • Provide for regular income post retirement Immediate Tax benefits . it is important for you to take time and plan for your life after retirement. Think about your golden years even before you have reached them.

independent and comfortable life style in your retirement years 4 FEATURES OF THE PRODUCT & BENIFIT HDFC Standard Life: A good cover The opening up of life insurance has given finally given a level-playing field to the private sector. After having a significant presence in the housing finance. founded in 1825 is amongst the forerunners of the insurance industry worldwide.• Lead a secure. 2002 Competition in the market always proves favourable to the consumer. HDFC does not need any formal introduction. Germany. will not be an easy task unless they offer qualitative and innovative products at an affordable price. this JV marks its foray into the life insurance sector. finally the doors of the life insurance sector were thrown open to the private sector players last year. Shanbhag . Spain. A. February 19. That they would be pulling out all the stops to attract customers is . so strong is its brand already. Voted as the 'company of the decade'. After what seems like almost an eon. having a presence not only in the UK but also Ireland. Standard Life manages assets over US$ 119 billion. Austria and Canada. So it is in the case of life insurance. The Finance Act. Contending for a piece of market share with a Goliath that LIC is. Standard Life. Notable amongst the new entrants is HDFC Standard Life Insurance. banking and MF industries. 2001 has thankfully cleared quite a lot of cobwebs giving a level-playing field to both the sectors. a joint venture between the global experience of Standard Life of UK and our own HDFC. Private sector players would only be too aware that this is the proverbial first step of the thousand-mile journey that lies up ahead. N.

major organ transplant (as recipient) and stroke. the waiver is applicable only during the period of the disability. Accidental Death Benefit (ADB) ADB provides an additional amount equal to the basic sum assured (SA) in case of the death of the policyholder due to an accident. heart attack. Before examining the base products. let us see the options. coronary artery bypass graft surgery. . Hence. Critical Illness (CI) Benefit CI provides an additional amount equal to the SA on diagnosis of the any one of the 6 specified critical illnesses --.not in doubt.cancer. The strategy Too many options simply confuse the users whereas too few will surely turn them away. However. Most products have some additional optional value adding benefits at marginal additional premiums. The proponent is free to choose any of the basic products along with none or some of the options as per his needs. Accelerated Sum Assured (ASA) Upon diagnosis of any of the specified six critical illnesses. kidney/renal failure. HDFC Standard Life has thankfully introduced products with basic premiums serving specific needs of all. this is as good a time as any to pay attention and see what is on display. The sum assured is payable if the policy holder survives for 30 days after the date of the claim. within 90 days of the accident. ASA provides an amount equal to the amount payable on death. Waiver of Premium (WOP) Benefit WOP basically waives the premium in case the policyholder becomes totally disabled. Double Sum Assured (DSA) Benefit DSA provides an additional amount equivalent to the basic SA in case of the death of the policyholder.

HDFC Standard Life deserves kudos to have catered to this need.00.These options must be selected at the outset while choosing the product. the premium rates are absolutely the lowest. in the case of the demise of the . There was a crying need for easy availability of this product. For a single upfront premium (read investment). A compound revisionary bonus is declared every year. Single Premium Bond This is basically a hybrid of insurance and investment. 20 years or more at 5-year intervals. the maximum being 70. Normally. CI and ASA are available for this plan. The life cover is quite low and therefore it functions almost like a deep discount bond. a policy acquires a paid up value (and the related surrender value) after premiums for 3 years are paid but in this case the holding period is specified to be just 6 months --. essentially a proportion of the basic SA are paid at 5-year intervals. Money Back Plan This plan pays periodic cash lump sums during the tenure of the policy. Consequently.Excellent liquidity indeed! Term Assurance Plan The SA is payable in the case of the death of the policyholder during the term but on survival. However. The minimum age for buying the policy is 18 years. The future bonuses though are not guaranteed and are dependent upon the company's experience and the conditions prevalent in the economy. 25. This is insurance in its purest form --. the maximum being Rs. The lump sums. ADB. On survival. Now the base. 15.highest cover at lowest cost.000. which would be added to the policy upon its anniversary. 5. there are no maturity benefits. Amongst the optional benefits listed above. the basic SA plus bonus less the cash lump sums paid earlier are provided. the policy pays a lump sum (read maturity value) and its tenure of 10.000. The minimum SA is fixed at Rs.

on the death of the life assured during the term. DSA. From amongst the optional benefits. as per its payment schedule.policyholder. For starters. It is designed to help the family repay the outstanding loan in the case of the death of the breadwinner. CI. the basic SA plus any bonus is provided to the family. As the loan decreases. meant essentially for employees of an organisation. Endowment Assurance Plan As is normal with all endowments. it provides a lump sum on the death of the life assured during the term of the plan. On survival. This would be over and above any earlier payouts. All members of a group. the beneficiary will get the SA. CI. half-yearly or quarterly modes or even a single one time premium is payable. The difference in this case is that the lump sum is a decreasing percentage of the initial SA. Loan Cover Term Assurance This is a unique product meant as a safety net in case one has taken a loan to buy a house. Group Term Insurance (GTI) HDFC Standard Life also offers GTI. DSA. There is a choice of paying the premium in yearly. the policyholder gets the SA. GTI is extremely convenient for an employer as he can take insurance for all or certain categories of employees. the cover under the policy decreases as per its own schedule. ADB and WOP can be opted for if so desired. ADB and the WOP benefit are available along with this plan. Amongst the optional benefits. 1 lakh for a male life assured for a period of 20 years are detailed in the table. The indicative premiums for an SA of Rs. The schedule of cash lump sums as a percentage of the basic SA is detailed in the table. ASA is available along with this plan. . Moreover. subject to some basic conditions are eligible.

Have a look at other products. In other cases. This is applicable to life insurance too.GTI is used basically to provide life insurance as part of the employee benefits. you should look at the Single Premium Bond. life insurance is an absolute necessity.To sum A wise man had said that the time to mend the roof is when the sun is shining. Today as the breadwinner you are able to maintain a decent standard of living for yourself and your family. If you want enough bread for the family even after the death of the breadwinner. Money Back Plan . It can also cover any housing or vehicle loan given by the employer to the employee.

Money Back Plan Total Policy Term 10 15 20 25 30 Endowment Assurance Plan Age Years 20 30 40 50 Number of years from policy date 5 40% 30% 25% 20% 15% Basic Policy Premium (Rs.) 30% 25% 20% 15% 25% 20% 15% 20% 15% 15% 10 15 20 25 Additional Premium For Optional benefits (Rs.) CI 4771 4835 5098 5813 304 442 925 1890 DSA 322 388 641 1357 ADB 136 144 156 WOP 236 300 475 - 5 MARKETING STRATEGIE .

their 4. 5 COMPETITORS COMPETITORS BY COMPANY .MARKET CONDITION OF PRODUCT IN DELHI & NCR REGION When it comes to study the market condition of HDFC Standard Life Insurance.Demand Demand for the product of HDFC Standard life is very high in the societies. there is a clear and complete hold of HDFC SLIC Consultants. Consultants hold on the market When it comes for the case of market.Quality HDFC SLIC provides good quality of products. The reason for 65% of the market cover by HDFC Standard Life Insurance is because of quality of products. but the sale of Ulip products are very good. but in capturing whole market it take some time. REASON FOR THEIR GOOD CONDITION: 1. 2. which is praised by most of the consumers.Supply Supply of product is also good. it is quite easy to see that there is good demand for products. The market share is about 65% with compare to competitor. 3.

LIC continues to dominate the Indian life insurance market with about 91% market share.MARKET SHARE POSITION Life Insurance Corporation of India’s (LIC’s) market share has slipped by almost 4% to 83. in terms of number of policies sold. LIC’s market share was at .3% from 87% market share last fiscal. In terms of group insurance schemes. However.

Each of the other private players like Aviva. The 12 private players in the country together mopped up Rs 385 crore in premium in the first two months selling over 2 lakh policies.4%) and SBI Life (1.9 lakh lives. Tata AIG (1.5%).2%). ICICI Prudential mopped up Rs 136 crore followed by Birla Sunlife (Rs 60 crore).72.6%).9% of the market covering 1. AMP Sanmar and MetLife had less than 1% market share but posted high growth in business. HDFC Standard Life (Rs 33 crore). Allianz Bajaj (1.9 lakh lives.2% after it covered 4. Tata AIG (Rs 35 crore). Allianz Bajaj (Rs 37 crore). Private players had 27. . Max New York Life. ING Vysya. SBI Life (Rs 27 crore). HDFC Standard Life (1. In terms of premium collection.9% It is followed by Birla Sunlife with a market share of 2. ICICI Prudential Life leads with market share of 5.6%. OM Kotak Life.

LIC has issued over one crore policies during the current year. initially the management of the companies was taken over by means of an Ordinance.Life Insurance Corporation Of India(LIC) About 154 Indian insurance companies. posting a healthy .01. and the Life Insurance Corporation of India was created on 1st September. providing them adequate financial cover at a reasonable cost. 16 non-Indian companies and 75 provident were operating in India at the time of nationalization of Life Insurance Industry. LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. the ownership too by means of a comprehensive bill. 1956. 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalized. with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country. Nationalization was accomplished in two stages. and later.955 new policies by 15th Oct.32. It has crossed the milestone of issuing 1. The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956. 2005.

The Company's paid up capital is Rs. 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. with ICICI Bank holding a stake of 74% and Prudential plc . 15.htm HDFC Standard Life Insurance Company Ltd. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd. For more details you may log on to http://www.licindia. Ltd. 587 crore. It is a leading pension’s provider in the UK. Both the promoters are well known in their respective fields of activities. Max New York Life Insurance Company Ltd.maxnewyorklife. . is a joint venture between New York Life.com ICICI Prudential Life Insurance Company Ltd.67% over the corresponding period of the previous year. Total capital infusion stands at Rs.com/history.). For more details you may log on to http://www.com Max New York Life Insurance Co. ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank-one of India's foremost financial services companies-and Prudential plc.growth rate of 16.hdfcinsurance. which is more than the norm laid down by IRDA. one of India's leading multi-business corporations. a Fortune 100 company and Max India Limited. For more details you may log on to http://www. India’s leading housing finance institution and one of the subsidiaries of Standard Life plc.85 billion.a leading international financial services group headquartered in the United Kingdom. HDFC Standard Life Insurance Company Ltd. offers a range of individual and group insurance solutions.

Sun Life Financial Inc. and Old Mutual plc. ICICI Prudential commenced operations in December 2000. Tracing its roots back to 1865. the group caters to the financial needs of individuals and corporates. For more details you may log on to http://www. Birla Sun Life foraying into the life insurance and retirement planning business. Kotak Mahindra is one of India's leading financial institutions. Old Mutual plc is an international financial services group.iciciprulife. including Canada. Hong Kong.com Birla Sun Life Insurance Company Ltd. to stock broking. The Aditya Birla Group has a turnover close to Rs. Kotak Mahindra Old Mutual Life Insurance Limited Kotak Mahindra Old Mutual Life Insurance Ltd. the United States.holding 26%.com. Additional information is available at www. . For more details you may log on to http://www. From commercial banking. whose activities are focused on asset gathering and asset management. Sun Life Financial and its partners today have operations in key markets worldwide. the United Kingdom.com.adityabirla. to investment banking. is a joint venture between Kotak Mahindra Bank Ltd.kotaklifeinsurance. to mutual funds. is a leading international financial services organization providing a diverse range of wealth accumulation and protection products and services to individuals and corporate customers. to life insurance. 38000 crores (as on March 31. Birla Sun Life Insurance is a joint venture between the Aditya Birla Group and Sun Life Financial. (KMBL). 2006) and is one of the largest business houses in India. offering complete financial solutions that encompass every sphere of life.

2001 and started operations on April 1. SBI Group has the unrivalled strength of over 14. 2006. Cardif is a wholly owned subsidiary of BNP Paribas. For more details you may log on to http://www. SBI Life Insurance is a joint venture between the State Bank of India and Cardif SA of France. Tata AIG Life Insurance Company Limited and Tata AIG General Insurance Company Limited (collectively 'Tata AIG') are joint ventures of the Tata Group and American International Group. India. Indonesia.com. 2001. The Tata Group holds 74 per cent stake in the insurance venture with AIG holding the balance 26 percent. Cardif has also been a pioneer in .tata-aig.com/BirlaSunLife/Insurance/ Tata AIG Life Insurance Company Ltd. Japan. Cardif is ranked 2nd worldwide in creditor’s insurance offering protection to over 35 million policyholders and net income in excess of Euro 1 billion mark.the Philippines. For more details you may log on to http://www. SBI Life Insurance Company Limited . Tata AIG Life Insurance Company was licensed to operate in India on February 12. China and Bermuda. Tata AIG Life provides insurance solutions to individuals and corporates. State Bank of India enjoys the largest banking franchise in India. Tata AIG combines the strength of the Tata Group with AIG's international expertise and financial strength. Inc. the Sun Life Financial group of companies had total assets under management of USD 343 billion. which is The Euro Zone’s leading Bank.500 branches across the country. (AIG). Along with its 7 Associate Banks. As of March 31. SBI Life Insurance is registered with an authorized capital of Rs 500 crore and a paid up capital of Rs 500 crores. the largest in the world. SBI owns 74% of the total capital and Cardif the remaining 26%.birlasunlife. BNP Paribas is one of the oldest foreign banks with a presence in India dating back to 1860.

is a joint venture between two leading conglomerates. For more details you may log on to http://www. Ltd. insurance and asset management services in over 50 countries The Company has a is headquartered at Bangalore.000 people. For more details you may log on http://www. Ltd. Bajaj Allianz Life Insurance Co. With over 137 years of experience. Ltd. the MetLife companies are a leader in group benefits that serve 88 of the top one hundred FORTUNE 500®* .ingvysyalife. ING is a global financial institution of Dutch origin. and provides a wide array of banking.in ING Vysya Life Insurance Company Private Limited ING Vysya Life Insurance Company Private Limited (the Company) entered the private life insurance industry in India in September 2001.co. For more details you may log on http://www.bajajallianzlife. was incorporated on 12th March 2001. It has 150 years of experience.com Bajaj Allianz Life Insurance Company Limited Bajaj Allianz Life Insurance Co. one of the biggest 2 and 3 wheeler manufacturers in the world. one of the world's largest insurance companies. working from 140 branches located in 74 major cities across the country and over 3.Allianz AG.000 employees.co.sbilife.It has an advisor sales force of over 21. Characterized by global presence with a local focus and driven by customer orientation to establish high earnings potential and financial strength.in Metlife India Insurance Company Pvt. and Bajaj Auto. It also distributes products in close cooperation with the ING Vysya Bank network.the art of selling insurance products through commercial banks in France and 34 more countries.

co.Anil Dhirubhai Ambani Group. of the Reliance . In India.in/MetIndia Reliance Life Insurance Company Limited Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd.reliancelife. life and general insurance.co.metlife. MetLife was incorporated in 2001. Ltd. and provide benefits to 37 million employees and family members through its plans sponsors in the U.8 trillion of life insurance in force.S. Aviva is UK’s largest and the world’s fifth largest insurance Group. For more details you may log on to http://www. Reliance Capital is one of India’s leading private sector financial services companies. In India. At the time of nationalization it was the largest foreign insurer in India in terms of the compensation paid . to tread its path to build financial freedom for everyone. Reliance Capital Limited (RCL) is a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India under section 45-IA of the Reserve Bank of India Act. The MetLife companies are the number one life insurer in the U. simple and innovative products.in Aviva Life Insurance Co. Aviva has a long history dating back to 1834. private equity and other activities in financial services. 1934. The MetLife companies are also ranked #1 in group life and #1 in commercial dental in the U.companies. in terms of net worth.S. stock broking. and ranks among the top 3 private sector financial services and banking companies.S. proprietary investments. Reliance Capital has interests in asset management and mutual funds. India Pvt. For more details you may log on to http://www. with approximately US $2. It is one of the leading providers of life and pensions products to Europe and has substantial businesses elsewhere around the world. and aims to differentiate itself through customized need based selling. and technology-backed service experience.

saharalife. The launch is with an initial paid up capital of 157 crores. becomes the first wholly and purely Indian company. For more details you may log on to http://www. With this approval Sahara India Life Insurance Company Ltd..com . A professionally managed company.avivaindia.has been granted license by the insurance regulator – the IRDA on 6th February 2004. one of India's oldest. For more details you may log on to http://www. The Chairman of the company is Shri Subrata Roy Sahara who is also the Chairman of Sahara Pariwar. Aviva was also the first foreign insurance company in India to set up its representative office in 1995. Aviva has a joint venture with Dabur. The Sahara Pariwar’s life insurance company – Sahara India Life Insurance Company Ltd. without any foreign collaboration to enter the Indian Life insurance market.by the Government of India.com Sahara India Insurance Company Ltd. and largest Group of companies. In accordance with the government regulations Aviva holds a 26 per cent stake in the joint venture and the Dabur group holds the balance 74 per cent share. Dabur is the country's leading producer of traditional healthcare products.In India.

You can work full-time or part-time. Along with being a great career move you get associated with HDFC Standard Life Insurance.Recruitment of Financial Consultants (FC) in HDFC Standard Life This is a good business opportunity offered by HDFC Standard Life to become a business partner and earn a good amount of money. training is an inherent element of our support system . A great career move in every way Zero investment. India’s Most Respected Private Life Insurance Company.for our new Financial Consultants EXCELLENT OPPORTUNITY  Join HDFC Standard Life Insurance as a Financial Consultant and earn a rewarding career .at no extra cost . provide customized financial solutions to each one and conduct reviews on a regular basis to keep your customers on track. We at HDFC Standard Life also offer you unmatched support with various training programmes to help you excel in your endeavour. there is no start-up capital. depending on your convenience Sunrise industry Support every step of the way At HDFC Standard Life. Business description Be our Certified Financial Consultant Join HDFC Standard Life Insurance as a Financial Consultant and help analyze your customer’s financial needs.

Company offers excellent commissions. award and rewards for the performers. Zero Investment .There is no start-up capital required.Young graduates. depending on your convenience. unlimited earning potential and opportunities to be part of a world class sales team. Self-employed or Working Professionals. Retired Personnel. Attractive Remuneration . You have unlimited earning potential. However. Commission structure is pretty handsome and is 15-40% and renewal commission of 5% second year onwards till the policy is in force. Flexible work timings – You can work whenever you like.   • Certificate by IRDA. enables you to understand customer needs and provide need-based insurance solutions Advanced Training . the time you invest will determine your success Any one can join . Housewives. • TRAINING • Perfects your knowledge about the insurance industry as well as our products IRDA Training Prepares you for your career as a Financial Consultant and enables you to pass the IRDA examination easily Disha Training Hones your selling skills. You can work full-time or part-time. Be your own boss with flexible working environment.You will get world class training free of cost and certification by Insurance Regulatory Development Authority.

Birthcertificate. College Leaving Certificate. Recruitment process of FCs Fill up of Agency form IRDA Training (100 hrs) IRDA Exam .825 in case of online training towards HDFC SLIC LTD payable at Mumbai. 925/.in case of offline training and Rs. Driving License) Address proof Education proof Copy of PAN Card Duely Signed Cancelled Cheque of self A candidate needs to bring a DD of Rs.Upgrades your capability and knowledge through sophisticated training programs customised for the changing world of financial products and markets Desired Profile: Age: 18 Yrs to 65 Yrs Education: Intermediate or more Experience: Not Mandatory Type of Job: Full Time or Part Time Documents Required: 8 photograph Age proof (passport.

• Meeting prospective clients. Benefits to FCs . • Understanding the need of the client. Post sales role • Taking 1-2 references from the client • Providing timely updates to the client for maintaining Lifelong relationship. • Closing sales. • Presenting solutions to client.Fail Pass Exit Product Training Traditional Pr. ULIP Product Internal Assessment Fail Pass Exit Certification Job Description for Financial consultants Pre sales role • Identifying prospective clients.

Name of the plan Endowment Assurance plan Money Back Plan Children’s plan Lone cover Term Assurance Plan Term Assurance plan Personal Pension Plan Renewal commission 2nd year onwards 5% 5% 5% 5% 5% 2% BONUS COMMISSION Bonus commission would be payable on the first year premium received and adjusted on the regular premium policies under the following plans. Renewal commission is not payable on single premium plans.5% RENEWAL COMMISSION: Renewal commission would be paid from the 2nd year onwards on regular premium policies. Commission directly credited to bank account of FCs within 15 days. BASIC COMMISSION First year Commission payable on regular premium conventional policies issued on or after 21st march 2007 Name of the plan Endowment Assurance plan Money Back plan Children’s plan Term Assurance plan Lone cover Term Assurance plan Personal Pension Plan 1st year commission 40% 40% 40% 25% 25% 7.5-40% according to plan.Financial Benefits: Commission on issuance of every policy.Endowment Assurance Plan . These commission varies from 7. 1.

37499 Glod Centurion 5%.000(approx) MILLIONAIRE STAR – Converted premium of 10 Lacs Gold Medal-Worth Rs 25.no upper Gradedlimit 4.Money Back Plan 3.5% .000 2.5999 Silver 2.5%.000 REWARDS & RECOGNITION Within 30 days of Licensing Consultant can become STAR – Converted premium 2 Lacs Silver Medal-Worth Rs 5200(approx) RISING STAR – Converted premium of 5 Lacs Gold Medal-Worth Rs 13. Bonus commission rate would depend on financial consultant crossing the minimum RNEP(Received Net Effective Premium) within one year.Lone Cover Term Assurance Plan Bonus commission is not payable on the single premium plans and on the policies issued under the Personal Pension Plan and all Unit Linked Plans.000(approx) Extra Payouts for STAR Performers Star Performers Club Status Benefits Bronze 1%max Rs.25.Term Assurance Plan 5.5%to8.50.00.2.max Rs.000(approx) GLOBAL STAR – Converted premium of 24 Lacs Gold Medal-Worth Rs 60.000 year 1.Children’s Plan 4. Period RNEP Bonus commission % of the 1st year Premium received 5% 10% 15% In one 1.

00% 1. OTHER BENEFITS • On field supportSDM/BDM. • Availability of office infrastructure for telecalling. interpersonal skills etc. and contest updates etc. Joint fieldwork with respective • Training support – Various training modules to enhance your sales skills. • Consultant corner to access illustration. • Personal email id. Unit Linked Insurance Polices (ULIPS) . sales done.50% MONTHLY & QUARTERLY CONTESTS There are various Sales linked monthly & quarterly contests occur in which FCs has opportunity to gain something. Like • • • • • • • • Gift Vouchers Home Appliances Two-Wheelers Gold/Diamonds Jewelry Foreign Trips Mobile Phones Laptops Cars etc.50% 1.Additional status retention Bonus 0. quotations. • Marketing support – Consumer Contact Programs. benefits illustration etc.

The main intent of the guidelines was to ensure that they lead to greater transparency and understanding of these products among the insured. It is the endeavor of IRDA to enable the buyer to make the most informed decision possible when planning for financial security. 3. 2. What is a Unit? It is a component of the Fund in a Unit Linked Policy. A ULIP is a life insurance policy which provides a combination of risk cover and investment. especially since the investment risk is borne by the policyholder. We hope the following FAQs will enable a better insight to all buyers about the character and features of Unit linked Products. . 4. The potential for returns also varies from fund to fund. The dynamics of the capital market have a direct bearing on the performance of the ULIPs. The following are some of the common types of funds available along with an indication of their risk characteristics. What is a ULIP? ULIP is an abbreviation for Unit Linked Insurance Policy. 1. What Types of Funds do ULIP Offer? Most insurers offer a wide range of funds to suit one’s investment objectives.Unit linked guidelines were notified by IRDA on 21st December 2005. risk profile and time horizons. THE INVESTMENT RISK IS GENERALLY BORNE BY THE INVESTOR. Different funds have different risk profiles. What is a Unit Fund? The allocated (invested) portions of the premiums after deducting for all the charges and premium for risk cover under all policies in a particular fund as chosen by the policy holders are pooled together to form a Unit fund. REMEMBER THAT IN A UNIT LINKED POLICY.

6. Are Investment Returns Guaranteed in a ULIP? Investment returns from ULIP may not be guaranteed. However it may be noted that insurers have the right to revise fees and charges over a period of time. . Broadly. bank deposits and money market instruments Combining equity investment with fixed interest instruments Income. What are the Charges. government securities and other fixed income instruments Sometimes known as Money Market Funds — invested in cash. It should also be noted that the past returns of a fund are not necessarily indicative of the future performance of the fund.General Description Equity Funds Nature of Risk Category Medium to High Investments Primarily invested in company stocks with the general aim of capital appreciation Invested in corporate bonds. the different types of fees and charges are given below. the investment risk in investment portfolio is borne by the policy holder”. fees and deductions in a ULIP? ULIPs offered by different insurers have varying charge structures. the policy holder may achieve gains or losses on his/her investments.” In unit linked products/policies. Depending upon the performance of the unit linked fund(s) chosen. Fixed Interest and Bond Funds Cash Funds Medium Low Balanced Funds Medium 5.

 Premium Allocation Charge This is a percentage of the premium appropriated towards charges before allocating the units under the policy. This charge normally includes initial and renewal expenses apart from commission expenses. amount of coverage. Mortality charges depend on number of factors such as age. state of health etc .  Mortality Charges These are charges to provide for the cost of insurance coverage under the plan.

 Policy/ Administration Charges These are the fees for administration of the plan and levied by cancellation of units. What should one verify before signing the proposal? One has to verify the approved sales brochure for  all the charges deductible under the policy  payment on premature surrender  features and benefits  limitations and exclusions .  Service Tax Deductions Before allotment of the units the applicable service tax is deducted from the risk portion of the premium. This could be flat throughout the policy term or vary at a pre-determined rate. as mentioned in the policy conditions. subject to a charge. that the portion of the premium after deducting for all charges and premium for risk cover is utilized for purchasing units 7.  Surrender Charges A surrender charge may be deducted for premature partial or full encashment of units wherever applicable. with subsequent switches. Investors may note.  Fund Switching Charge Generally a limited number of fund switches may be allowed each year without charge.Fund Management Fees These are fees levied for management of the fund(s) and are deducted before arriving at the Net Asset Value (NAV) .

 lapsation and its consequences  other disclosures  Illustration projecting benefits payable in two scenarios of 6% and 10% returns as prescribed by the life insurance council. .

within 15 days of receipt of the policy document (Free Look period). The policyholder shall be refunded the fund value including charges levied through cancellation of units subject to deduction of expenses towards medical examination. Can one seek refund of premiums if not satisfied with the policy. Insurers allot units on the portion of the premium remaining after providing for various charges. What is Net Asset Value (NAV)? NAV is the value of each unit of the fund on a given day. What is the benefit payable in the event of risk occurring during the term of the policy? The Sum Assured and/or value of the fund units is normally payable to the beneficiaries in the event of risk to the life assured during the term as per the policy conditions. after purchasing it? The policyholder can seek refund of premiums if he disagrees with the terms and conditions of the policy. How much of the premium is used to purchase units? The full amount of premium paid is not allocated to purchase units. 11. However the quantum of premium used to purchase units varies from product to product. 10. The total monetary value of the units allocated is invariably less than the amount of premium paid because the charges are first deducted from the premium collected and the remaining amount is used for allocating units. 9. . fees and deductions. The NAV of each fund is displayed on the website of the respective insurers.8. stamp duty and proportionate risk premium for the period of cover.

one can invest additional contribution over and above the regular premiums as per their choice subject to the feature being available in the product. What is the benefit payable on the maturity of the policy? The value of the fund units with bonuses. 16. This facility is known as “TOP UP” facility.12. Can a partial encashment/withdrawal be made? Yes.At the end of the period allowed for revival. Products may have the “Partial Withdrawal” option which facilitates withdrawal of a portion of the investment in the policy. the insurance cover shall cease immediately. “SWITCH” option provides for shifting the investments in a policy from one fund to another provided the feature is available in the product. b) Discontinuance after three years of commencement -. The insurer may offer to continue the insurance cover. 15. 14. a fee is charged for switches made beyond the specified number. surrender value shall be paid at the end of third policy anniversary or at the end of the period allowed for revival. if the policy is not revived within that period. whichever is later. Whether one can switch the investment fund after taking a ULIP policy? Yes. This is done through cancellation of a part of units. While a specified number of switches are generally effected free of cost. if so opted for by the policy holder. Insurers may give an opportunity for revival within the period allowed. Is it possible to invest additional contribution above the regular premium? Yes. levying . What happens if payment of premiums is discontinued? a) Discontinuance within three years of commencement – If all the premiums have not been paid for at least three consecutive years from inception. if any is payable on maturity of the policy. 13. the contract shall be terminated by paying the surrender value.

When the fund value .appropriate charges until the fund value is not less than one full year’s premium.

covering the fund performance during previous financial year in relation to the economic scenario. you may address your query to the following e-mail id: premkunnel@irda.reaches an amount equivalent to one full year’s premium. which should include fund performance analysis.in Disclaimer: The above material is provided for general information only and do not constitute legal or other professional advice. investment portfolio of the fund.gov. 17. investment strategies and risk control measures adopted. What information related to investments is provided by the Insurer to the policyholder? The Insurers are obliged to send an annual report. market developments etc. Information specific to a product may be obtained from the concerned Insurer. In case. the contract shall be terminated by paying the fund value. This information is current at the date of publication but may be subject to change without notice and accordingly. may not be up to date at the time of viewing. you need any clarification. .

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