Submitted in partial fulfillment of the requirements for Post Graduate Diploma in Management (PGDM) By CHARU KAPOOOR Class of 2008

Bharatiya Vidya Bhavan’s Usha & Lakshmi Mittal Institute of Management Copernicus Lane,Kasturba Gandhi Marg New Delhi July 2009


ACKNOWLEDGEMENT The satisfaction & euphoria that accompany the successful completion of any task would be incomplete without mentioning the people who made it possible, whose consistent guidance & encouragement crowned the efforts with success. I wish to express my gratitude to HDFC Standard Life for giving me an opportunity to be a part of their esteem company and enhance my knowledge by granting permission to do my summer training project under their guidance. I am sincerely grateful to Mr. CHANDAN JYOTI (Industry mentor) for their expert guidance and illuminating views through their great experience on a number of issues related to my project and other activities. Without there motivation and guidance, this project would not have been materialized. I feel immense pleasure in expressing my sincere and deep sense of gratitude to Prof. Nidhi Sahore (faculty, BULMIM), for her time and valuable efforts. She has been a constant source of knowledge, information, help and motivation for me through her depth knowledge and reflections. Last but not the least I also express my sincere thanks to my parents and my friends who gave suggestions as how to work on project and motivated me.



a full time bonefide student of first year of Post Graduate Diploma in Management (PGDM) Programme of Bharatiya Vidya Bhavan’s Usha and Lakshmi Mittal Institute Of Management. and has not been submitted anywhere else at any time .HDFC STANDARD LIFE INSURANCE Certificate of Originality (To be filled in by the student in his / her handwriting) I --------------------------------------------------. and is not based or reproduced from any existing work of any other person or on any earlier work undertaken at any other time or for any other purpose.and the report submitted in partial fulfillment of the requirements of the programme is an original work of mine under the guidance of the industry mentor faculty ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------and mentor------------------------------------------------.Roll No -------------.Class of 2008. New Delhi hereby certify that this project work carried out by me at ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------.

its evolution and growth and a detail study of the recruitment process in HDFC STANDARD LIFE. Personal interview with financial consultants (agents) was conducted to know about various aspects. Finally SWOT analysis and suggestions were presented. The project report gives a reasonable understanding of whole process from recruitment to licensing. An attempt was made to know the role of agents (financial consultants). .HDFC STANDARD LIFE INSURANCE EXECUTIVE SUMMARY The project report initially traces the company’s profile. their working environment and the most preferred profiles. The research methodology consists of primary as well as secondary data to know the recruitment process.


Since HDFC STANDARD LIFE is very reputed and large company which has branches not only in India but also foreign countries. I was curious - • • • • • To study how HDFC recruit agents/advisors To study the sources from where they are recruited What kind of environment they work in To study the challenges that advisor face To study the way customers are convinced . I always wanted to study how recruitment process takes place.HDFC STANDARD LIFE INSURANCE OBJECTIVES OF THE PROJECT Since my area of specialization is HR.


The first general insurance company.Tital Insurance Company Limited was established in 1850.HDFC STANDARD LIFE INSURANCE INTRODUCTION TO INSURANCE INDUSTRY The story of insurance is probably as old as the story of mankind . It was the first company to charge same premium for both Indian and non-Indian lives. The Oriental Assurance Company was established in 1880. Several frauds during 20's and 30's sullied insurance business in India. They too sought to avert the evil consequences of fire and flood and loss of life and were willing to make some sort of sacrifice in order to achieve Security. as Indian lives were considered more risky for coverage. 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 a higher premium was charged for Indian lives than the non-Indian lives. By 1938 there were . Insurance regulation formally began in India with the passing of the Life Insurance Companies Act of 1912 and the provident fund Act of 1912. Till the end of nineteenth century insurance business was almost entirely in the hands of overseas companies.the same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. The Bombay Mutual Life Insurance Society started its business in 1870.

brought together over 240 private life insurers and provident societies under one nationalized monopoly corporation and LIC was born.218 billion in 1998 to Rs.HDFC STANDARD LIFE INSURANCE 176 insurance companies. continued to thrive with the private sector till 1972. The Monitor Group has estimated that the life insurance market will grow from Rs. This was in conformity with the Government's chosen path of State lead planning and development.5%) IMPORTANCE OF INSURANCE . Saturation of markets in many developed economies has made the Indian market even more attractive for global insurance majors with the per capita income in India expected to grow at over 6% for the next 10 years and with improvement in awareness levels. the demand for insurance is expected to grow at an attractive rate in India. however. Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed over a period of almost two centuries. presents a huge untapped potential for players in the insurance industry.1003 billion by 2008 (a compounded annual growth of 16. The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. Nationalization was justified on the grounds that it would create much-needed funds for rapid industrialization. Indian companies strengthened their hold on this business but despite the growth that was witnessed. The first comprehensive legislation was introduced with the Insurance Act of 1938 that provided strict State Control over insurance business. India. Their operations were restricted to organized trade and industry in large cities. The Government of India in 1956. By any yardstick. The (non-life) insurance business. with about 200 million middle class households. insurance remained an urban phenomenon. An independent consulting company. The insurance business grew at a faster pace after independence.

Insurance policies cover the risk of life as well as other assets and valuables. As you can not fight against these man-made and natural calamities. You cannot take anything for granted in life. Insurance policies are a safeguard against the uncertainties of life. . 1999 As per the section 4 of IRDA Act' 1999. Insurance is an attractive option for investment but most people are not aware of its advantages as an investment option. you buy peace of mind. Insurance is system by which the losses suffered by a few are spread over many. automobiles. home. insurance is about risk cover and protection.HDFC STANDARD LIFE INSURANCE Life is a roller coaster ride and is full of twists and turns. On the basis of the risk they cover. insurance policies can be classified i IRDA AND INSURANCE INDUSTRY INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (IRDA Act) Composition of Authority under IRDA Act. such as. which was constituted by an act of parliament) specify the composition of Authority The Authority is a ten member team consisting of (a) a Chairman. Insurance policy helps in not only mitigating risks but also provides a financial cushion against adverse financial burdens suffered. By buying life insurance. jewelry et al. The Government of India has offered tax incentives to life insurance products in order to facilitate the flow of funds into productive assets. so at least be prepared for them and their aftermath by taking insurance policies. Remember that first and foremost. Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance Regulatory and Development Authority (IRDA. exposed to similar risks. Insurance also serves as an excellent tax saving mechanism.

intermediaries. (c) four part-time members. (2) Without prejudice to the generality of the provisions contained in sub-section (1). (1) Subject to the provisions of this Act and any other law for the time being in force. (b) protection of the interests of the policy holders in matters concerning assigning of policy. undertaking inspection of. (g) levying fees and other charges for carrying out the purposes of this Act. (all appointed by the Government of INDIA) Duties. suspend or cancel such registration. (h) calling for information from. nomination by policy holders.HDFC STANDARD LIFE INSURANCE (b) five whole-time members. conducting enquiries and investigations including audit of the insurers. insurable interest. the Authority shall have the duty to regulate. (a) issue to the applicant a certificate of registration. the powers and functions of the Authority shall include.. renew. insurance . 1999 laysdown the duties. (e) promoting efficiency in the conduct of insurance business. withdraw.powers and functions of IRDA. promote and ensure orderly growth of the insurance business and re-insurance business. (d) specifying the code of conduct for surveyors and loss assessors. code of conduct and practical training for intermediary or insurance intermediaries and agents. (c) specifying requisite qualifications. modify. surrender value of policy and other terms and conditions of contracts of insurance.Powers and Functions of IRDA Section 14 of IRDA Act. (f) promoting and regulating professional organisations connected with the insurance and re-insurance business. settlement of insurance claim.

(k) regulating investment of funds by insurance companies. (l) regulating maintenance of margin of solvency. (p) specifying the percentage of life insurance business and general insurance business to be undertaken by the insurer in the rural or social sector. (i) control and regulation of the rates. In last 10 years of its establishment the insurance sector has seen tremendous growth. 1938 (4 of 1938). (o) specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organisations referred to in clause (f).HDFC STANDARD LIFE INSURANCE intermediaries and other organizations connected with the insurance business. only players in the insurance industry were Life Insurance Corporation of India (LIC) and General . When IRDA came into being. advantages. (n) supervising the functioning of the Tariff Advisory Committee. (j) specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other insurance intermediaries. and (q) exercising such other powers as may be prescribed IMPACT OF IRDA ON INDIAN INSURANCE SECTOR The creation of IRDA has brought revolutionary changes in the Insurance sector. (m) adjudication of disputes between insurers and intermediaries or insurance intermediaries. terms and conditions that may be offered by insurers in respect of general insurance business not so controlled and regulated by the Tariff Advisory Committee under section 64U of the Insurance Act.

The IRDA also successfully deals with any discrepancy in the insurance sector. however in last decade 23 new players have emerged in the filed of insurance. .HDFC STANDARD LIFE INSURANCE Insurance Corporation of India (GIC).


HDFC STANDARD LIFE INSURANCE If ever there was a man with a mission it was Hasmukhbhai Parikh.When Mr. he went on to become a towering figure on the Indian financial scene. His vision for mortgage finance for Housing gave birth to the Housing development finance corporation – It was a trend-setter for housing finance in the whole Asian continent. founder and chairman – emeritus. the government of India honored Him with the Padma Bhushan award. He was one of the founder members of the centre for Advancement of philanthropy. Deepak Parikh took over as chairman from Hasmukhbhai. He took active interest in the Bombay community public trust. he said. long before that.At the ripe age of 60. but. 1994. In 1956 he began his lifelong financial affair with the Economic world. Designed specifically To serve the needs of the city’s underprivileged citizens. He was also a writer in his own right. Mr. Parikh started his financial career at Harkisandass lukhmidass – a leading stock broking firm. Born in a traditional banking family in surat. Gujarat. Hasmukhbhai started his second dynamic Life. Of HDFC group who left this earthly abode on November 18. There Are over 200 published articles by him….? In 1992. even more Illustrious than his first. The firm closed down in the late seventies. as general Manager of the newlyformed industrial credit and investment Corporation of India (ICICI). London school of economics & political science conferred on Him an honorary Fellowship. He rose to become chairman and continued so till his retirement in 1972. and its chairman till 1993. .

Over a span of 25 years. While the rest is held by others. HDFC has become the pioneer in Housing finance in India and made it possible for over two million families to own their Homes. 2006 and an asset base Of over Rs. As all these areas form the basic infrastructure for establishing the highest possible customer service standards.2009 HDFC Ltd. 2.housing finance institution and a group of company of the standard life pic.and setting up of appropriate systems and processes with optimum use of technology. COMPANY PROFLE HDFC STANDARD LIFE HDFC Standard Life Insurance Company limited is one of the India’s leading private insurance companies. throughHousing loans worth over Rs.00% of equity in the joint venture.42. “Today we are the largest residential mortgage finance institution In India.000 cores. organizing an efficient and well trained sales force . which offers a range of individual and group insurance solutions.HDFC STANDARD LIFE INSURANCE “Taking over from H.22. We also aim to increase the flow of resources to the Housing sector by integrating the housing finance sector with the overall domestic Financial markets.UK.As on 28. . 000 Crores. his vision…brought about not only an institution. HDFC standard life believes that establishing a strong and ethical foundation is an essential prerequisite for long term sustainable growth.43%and standard life(Mauritius holding)2006. it is a joint venture between housing development finance corporation limited(HDFC LIMITED).holds 72.703 crores as of march 31. to ensure this we have concentrated our focus on expansion on branch network. with a net Worth of Rs.T Parikh is a formidable task. but an entire concept which has proved itself to be of lasting importance.

standard life was reincorporated as a assurance company in 1925.3 million families own a home. its Uk mortgage and retail savings banking subsidiary in 1998. In the 1990s. investment and healthcareThe group set up standard life bank.this largely remained the structure of the group until 1996. the group also sought to diversify its operations into areas which complimented its core life assurance and pensions business. with the intention of positioning itself as a broad range financial services provider. Banking. The standard life group originally operated only though branches o agencies of the mutual company in the untied kingdom and certain other countries. Its Canadian branch was founded in 1833 and its Irish operations in 1838. when it opened a branch in Frankfut. Standard life Asia limited/joint ventures- PARENTAGE HDFC LIMITED HDFC limited India’s premier housing finance institution has assisted more than 3.stndard life healthcare expanded in march 2006 with the acquisition of the PMI business of firstAssist.HDFC STANDARD LIFE INSURANCE HISTORY OF STANSARD LIFE The standard life assurance company (“standard life”) was established in 1825 and the first standard life assurance company act was passed by parliament in has international offices in Dubai.Qatar. London and Singapore with a service associates in Saudi Arabia .the group acquired prime health limited(subsequently renamed standard life healthcare)in the united kingdom in 2000. since its inception in 1977 across 2400 cities and towns through its network of over 250 officies. Kuwait and Oman to assist NRI’s and . Germany with the aim of exporting its UK life assurance and pensions operating model to capitalize 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.

Maldives and Bangladesh in the setting up of housing finance companies. pension.95000crores Including the mortgage loan assets of more than Rs. Standard Life Bank was awarded the 'Best Flexible Mortgage Lender' at the Mortgage Magazine Awards in 2006.82. The '5 Star' accolade has also been awarded to Standard Life Investments for the last 10 years.000 depositors.800 crores.has set benchmarks for the Indian housing finance industry. and to Standard Life Bank since its inception in 1998. Corporation has deposit base of Rs.HDFC STANDARD LIFE INSURANCE PIO’s to own home back in India. it is a leading pensions provide in U.K.17. HDFC standard life has expertise required to manage your long term investments safely and efficiently. Its investment manager currently administers $125billion in assets. recognition for the service to the sector has come from several national and international entities including the world bank that has lauded HDFC as a model housing finance company for the developing countries. It currently has customer base of around 7 million people who rely on the company for their insurance. earning the trust of more than 900.2005 and 2006 at the money marketing awards and it was voted as 5 star life and pension’s provider at the financial advisor service awards for last 10 years running. banking and health-care needs.HDFC has undertaken a lot of consultancies abroad assisting different countries including Egypt . investment. Standard life was awarded the ‘best pension provider’ in 2004. KEY STRENGHTS Financial expertise As a joint venture of leading financial services groups.551 crores. As of December 2008. . Standard life group (standard life plc and its subsidiaries) The standard life group has been looking after the financial needs of customer’s for over 180 years.and is rated by standard & Poor’s as’strong’with a rating of a+ as ‘god’ with Moody’s. the total asset size has cross more than Rs. Customer service and satisfaction has been the mainstay of the organization .

69 crores .070 lives as on march 31. Track record so far Our gross premium income for the year ending March 31. while stressing on the quality of proposals Quick roll out of Products Efficiency of Operations Meet Social & Rural sector obligations VISION AND VALUES VISION . 2009. 2009 stood at Rs.The company has covered over 8. Our group a solution has been designed to offer \you complete flexibility combined with low charging structure.5. OBJECTIVE Focus on the productivity of each consultant. 564. corporate or individual.HDFC STANDARD LIFE INSURANCE Range of solutions We have a range of individual and group solutions which can be easily customized t specific needs. 33.

‘The Bold 100.’ recognized those executives and organizations that embraced great risk for the sake of great reward. HDFC Standard Life has also been one of the five recipients of the Special 2008 CIO Security Award aimed at CIOs.HDFC STANDARD LIFE INSURANCE ‘The most successful and admired life insurance company which means that we are trusted company. offer the best value for money and set the standards. This annual award recognizes organizations that exemplify the highest level of operational and strategic excellence in information technology.’ VALUES Values that we observe while we work: • • • • • • Integrity Innovation Customer centric People care” one for all and all for one” Team work Joy and simplicity AWARDS AND ACCOLADES Sept. This year's award theme. . the easiest to deal with. 2008 Received 2008 CIO Bold 100 and CIO Security Awards HDFC Standard Life has received the 2008 CIO Bold 100 Award.

2008 Unit Linked Savings Plan Tops Mint Best TV Ads Survey The Unit Linked Savings Plan advertisement of HDFC Standard Life. 2008 Silver Abby at Goafest 2008 HDFC Standard Life's radio spot for Pension Plans won a Silver Abby in the radio writing craft category at the Goafest 2008 organised by the Advertising Agencies Association of India (AAAI). etc. its pathbreaking implementation of an enterprise-wide workflow system. May. the applications for its financial consultants. 2008 Received PCQuest Best IT Implementation Award 2008 HDFC Standard Life received the PCQuest Best IT Implementation Award 2008 for Consultant Corner. one of the leading private insurance companies . without compromising on one’s self-respect March. The company received the 2008 CIO Bold Award for its mobile workforce portal and the CIO Security Award for its initiatives for a secure computing environment. HDFC Standard Life has won the PCQuest Best IT Implementation Award for two years consequently. March. Last year. The radio commercial ‘Pata nahin chala’ touched several changes in life in the blink of an eye through an old man’s perspective. including identity management. The objective was drive awareness and ask people to invest in a pension plan to live life to the fullest even after retirement. This award category identifies innovative and groundbreaking deployment of technologies aimed at creating a secure business infrastructure. licensing.HDFC STANDARD LIFE INSURANCE whose pioneering implementations have taken their enterprise security to the next level. providing centralized control over a vast geographical spread for key business units such as inventory. training. the company received the award for Wonders. Read more about the ‘Consultant Corner’ tool in the ‘HDFCSL in News’ Section.

followed by others including ICCI Prudential. The magazine said that HDFC Standard Life is one of the first private insurers to break the ice using the idea of self respect (Sar Utha Ke Jiyo) instead of 'death' to convey its brand proposition. Managing Director and CEO. 2008 Deepak M Satwalekar Awarded QIMPRO Gold Standard Award 2007 Mr Deepak M Satwalekar. 2008 Sar Utha Ke Jiyo Among India’s 60 Glorious Advertising Moments HDFC Standard Life’s advertising slogan honoured as one of ‘60 Glorious Advertising & Marketing Moments' over the last 60 years in India. The award celebrates excellence in individual performance and highlights the quality achievements of extraordinary individuals in an era of global competition and expectations. for February 2008. HDFC Standard Life’s Unit Linked Savings Plan advertisement was ranked 4th in terms of a combined score of ad awareness and brand recall and 3rd in terms of ad diagnostic scores (likeability. This was then. February. has topped Mint’s Top Television Advertisement survey conducted. received the QIMPRO Gold Standard Award 2007 in the business category at the 18th annual Qimpro Awards function. believability. The respondents were between 18 and 40 years. January. and claim). Mint’s exclusive report. HDFC Standard Life. ‘New voices in a makeover’ outlines the survey in detail.’ by 4Ps Business and Marketing magazine.HDFC STANDARD LIFE INSURANCE in India. thus giving HDFC Standard Life the credit of bringing up one such glorious advertising and marketing moment in the last 60 years. ASSOCIATE COMPANIES . enjoyment.

AMC is a joint venture between housing finance giant HDFC . with its registered office in Mumbai. HDFC Mutual Fund has been one of the best performing mutual funds in the last few years. our offerings range from hassle-free home loans and deposit products. HDFC Asset Management Company Limited (AMC) functions as an Asset Management company for the HDFC mutual fund. Our objective.HDFC STANDARD LIFE INSURANCE Helping Indians experience the joy of home ownership. Now. as part of the RBI's liberalisation of the Indian Banking Industry in 1994. The bank was incorporated in August 1994 in the name of 'HDFC Bank Limited'. We also offer specialized financial services to our customer base through partnerships with some of the best financial institutions worldwide. nearly three million satisfied customers whose dream we helped realize. from the beginning. Today. has been to enhance residential housing stock and promote home ownership. India. As we found out nearly three decades ago. The road to success is a tough and challenging journey in the dark where only obstacles light the path. HDFC Bank commenced operations as a Scheduled Commercial Bank in January 1995. to property related services and a training facility. in 1977. stand testimony to our success. the skill to understand your clientele and the desire to give them your best. However. The Housing Development Finance Corporation Limited (HDFC) was amongst the first to receive an 'in principle' approval from the Reserve Bank of India (RBI) to set up a bank in the private sector. success on a terrain like this is not without a solution. All you need is the courage to innovate. the solution for success is customer satisfaction.

and is designed to meet the requirements of everyone from a beginner to a savvy and well-informed trader. Consequently.892 crores under management. to divest its asset management business in India. AMC had entered into an agreement with ZIC to acquire the asset management provides investors a robust platform to trade in Equities in NSE and BSE . Here is a list of mutual funds of HDFC which includes Equity Funds. HDFC Realty is a wholly owned subsidiary of HDFC. is a leading stock broking company in the country. Our research team tracks the economy. HDFCsec. investment guidance. including the schemes launched from time to time. news & views. the fund has assets of Rs. As of Aug 2006. all the schemes of Zurich Mutual Fund in India had been transferred to HDFC mutual fund and renamed as HDFC schemes.HDFC STANDARD LIFE INSURANCE and British investment firm Standard Life Investments Limited. the Sponsor of Zurich India Mutual Fund. convenience and hassle-free trading tools. IN 2003. industries and companies to provide you the latest information and analysis. analysis.25. HDFC Securities. and derivatives in NSE. . We have assisted individuals in acquiring homes valued at 5000 million rupees. Balanced Funds and Debt Funds. following a decision by the Zurich Insurance Company (ZIC). Our content offers financial information. serving a diverse customer base of institutional and retail investors. It conducts the operations of the Mutual Fund and manages assets of the schemes. a trusted financial service provider promoted by HDFC Bank and JP Morgan Partners and their associates. Our website will support you with the highest standards of service.

From understanding the requirement to organizing the site visits to completion of transaction. Selling or Leasing of Residential / Commercial property. We are a team of real estate professionals facilitating Buying.HDFC STANDARD LIFE INSURANCE HDFC is a pioneer housing finance institution in India and with over 30 years in operations has provided finance to over a million families in India. we make every effort to make the process of acquiring a property.At HDFC Realty. we provide personalized attention to the individuals and corporates in their process of identifying properties. Bancassurance Partners HDFC BANK SARASWAT BANK INDIAN BANK BARODA BANK OF ALL PRODUCTS . hassle free and convenient.

These will help secure their future as well as the future of their family. it includes HDFC Unit linked young star ii. HDFC Unit linked young star plus and HDFC Unit linked young star champion. gives financial independence while illness and helps in meeting medical expenses effortlessly.  CHILDREN PLANS These plans help you to secure your Childs dream.HDFC STANDARD LIFE INSURANCE HDFC Standard Life realizes that not everyone has the same kind of needs. they have a varied range of Products that people can choose from to suit all their needs. Our Protection range includes our . disability or sickness. Keeping this in mind. provides economic support when your child needs it more and funding major milestone. it includes HDFC critical care plan and HDFC surgicare plan.  PROTECTION PLANS You can protect your family against the loss of your income or the burden of a loan in the event of your unfortunate demise. These plans offer valuable peace of mind at a small price.  HEALTH PLANS These plans secure the health costs.

They provide you with attractive long term returns through regular bonuses. Plus. Unit Linked Pension.  PENSION PLANS Their Pension Plans help you secure your financial independence even after retirement.HDFC simple life. unit linked pension maximiser and immediate annuity. . unit linked wealth maximsor. home loan protection Plan. Money Back plan. Their Savings Plans offer you flexible options to build savings For your future needs such as buying a dream home or fulfilling your children immediate and future needs. Unit Linked Endowment Plus.  SAVING AND INVESTMENT PLANS Its Single Premium Whole Of Life plan is well suited to meet your long term investment needs. Unit Linked Endowment. Unit Linked Endowment plus II. Their Savings range includes Endowment Assurance Plan.HDFC STANDARD LIFE INSURANCE Term Assurance Plan & Plan. Their Pension range includes Personal Pension Plan. Unit Linked Endowment winner.

Mr. He was inducted as a whole-time director of HDFC Limited in 1985 and was appointed as its Executive Chairman in 1993. 2000. Mr.HDFC STANDARD LIFE INSURANCE BOARD MEMBERS BRIEF PROFILE OF BOARD OF DIRECTORS  Mr.  Mr. Mistry is a Fellow of the Institute of Chartered Accountants of India and a member of the Michigan Association of Certified Public Accountants. Parekh is a Fellow of the Institute of Chartered Accountants (England & Wales). He is currently the Managing Director of HDFC Limited. He was appointed as its Managing Director in November. 2000. He joined HDFC Limited in a senior management position in 1978. Deepak S Parekh is the Chairman of the Company. Keki M Mistry joined the Board of Directors of the Company in December. He is the Chief Executive Officer of HDFC Limited. He is also the Executive Chairman of Housing Development Finance Corporation Limited (HDFC Limited). . He joined HDFC Limited in 1981 and became an Executive Director in 1993.

Crombie is a fellow of the Faculty of Actuaries in Scotland.  Ms. Alexander M Crombie joined the Board of Directors of the Company in April. Campbell joined the Board of Directors in November 2005. Director of Controls and Strategy HSBS Securities and Managing Director International Equities. Marcia D Campbell is currently the Group Operations Director in the Standard Life group and is responsible for Group Operations. He was appointed as the Group Chief Executive of the Standard Life Group in March 2004.HDFC STANDARD LIFE INSURANCE  Mr. Asia Pacific Development. Prior to this. Executive Director. holding the positions of UK Economist. Ms.  Mr. Mr.  Mr. Chief Economist. Corporate Responsibility and Shared Services Centre. Keith N Skeoch is currently the Chief Executive in Standard Life Investments Limited and is responsible for overseeing Investment Process & Chief Executive Officer Function. 2002. He has been with the Standard Life Group for 34 years holding various senior management positions. Skeoch was working with M/s. Mr. Mr. Strategy & Planning. Gautam R Divan is a practising Chartered Accountant and is a Fellow of the Institute of . James Capel & Co. Skeoch joined the Board of Directors in November 2005. He was also responsible for Economic and Investment Strategy research produced on a worldwide basis.

Ravi Narain is the Managing Director & CEO of National Stock Exchange of India Limited. Mr.  Mr. USA.. Ravi Narain was a member of the core team to set-up the Securities & Exchange Board of India (SEBI) and is also associated with various committees of SEBI and the Reserve Bank of India (RBI). Mr. Mr. where he led the worldwide Utility Practice. Pant. Ranjan Pant is a global Management Consultant advising CEO/Boards on Strategy and Change Management. Divan has wide experience in auditing accounts of large public limited companies and nationalised banks. . Pant has an MBA from The Wharton School and BE (Honours) from Birla Institute of Technology and Sciences. Mr. He was also Director. Inc. financial and taxation planning of individuals and limited companies and also has substantial experience in structuring overseas investments to and from India. until 2002 was a Partner & Vice-President at Bain & Company. an International Association of Independent Accounting Firms and has authored several papers of professional interest.  Mr. Boston. Corporate Business Development at General Electric headquarters in Fairfield. Mr.HDFC STANDARD LIFE INSURANCE Chartered Accountants of India. Divan was the Former Chairman and Managing Committee Member of Midsnell Group International.

ORGANISATIONAL STRUCTURE The organization at HDFC SLIC consists of two departments channel and retail. recruitment consultant. Direct Sales Manager. She has been employed with HDFC Limited since 1978 and was appointed as the Executive Director in 2000. he was the Managing Director of HDFC Limited since 1993. Renu S. managemet trainee and job consultant which all perform the task of recruiting agents (financial consultants) who procure business for the organization. Washington DC. channel development manager and the head of retail is called as DSM i.  Ms. is a graduate in law and holds a Master's degree in economics from Delhi University. Satwalekar obtained a Bachelors Degree in Technology from the Indian Institute of Technology. Under the channel there are recruitment officer. Bombay and a Masters Degree in Business Administration from The American University. Mr. Deepak M Satwalekar is the Managing Director and CEO of the Company since November. She is responsible for overseeing all aspects of lending operations of HDFC Limited. All have to report to CDM about any case. Karnad is the Executive director of HDFC Limited.e. The head of the channel department is called as CDM i. Prior to this.e. On the other hand under the retail .HDFC STANDARD LIFE INSURANCE  Mr. 2000.


Recruitment is the process by which organizations locate and attract individuals to fill job vacancies. With successful recruiting to create a sizeable pool of candidates. even the most accurate selection system is of little use. Recruitment follows HR planning and goes hand in hand with selection process by which organizations evaluate the suitability of candidates. Most organizations have a continuing need to recruit new employees to replace those who leave or are promoted in order to acquire new skills and promote organizational growth. Recruiting begins when applications are bought in and end when the same is finished.HDFC STANDARD LIFE INSURANCE WHAT IS RECRUITMENT? “The art of choosing men is not nearly so difficult as the art of enabling full worth”. those one has chosen to attain their . from where the appropriate candidate can be selected WHY RECRUIT? • • Developing new agents is critical to the long term viability of the insurance industry Current producers are reaching the later stage of their career-50% of affiliated agents are 48 years or old. The result is the pool of applicants.

Today in life insurance companies advisors are known to be the backbone of the whole system.70-75% of profits gained in life insurance business is through advisors/agents. it is a person who we recruit and who in turn procures business (insurance premium) for the organization. Before a person becomes an advisor/agent he/she has to undergo training according to IRDA norms. which is compalsary.HDFC STANDARD LIFE INSURANCE and 505 of independent producers are 56 years or older. SOURCES FOR AGENTS . Companies are competing with other organizations to attract shrinking pool of experienced agents. WHAT ARE AGENTS? An agent is the representative of an insurance company who sells different policies or products to its client. it is acquiring and keeping new quality agents. • • • On an average only 11% of career agents stay with the same company for 4 years. they receive a certain commission on the policies they sell to the clients. Advisors/agents do not work on monthly payroll basis. this term was used by reliance life insurance company ltd. Another term used for insurance agents is advisors. They are the most important link between the market and the company. Recruitment is not just adding new bodies to an organization.

centers of influence Advertisements In appropriate journals.HDFC STANDARD LIFE INSURANCE • Personal network (My first 100 is an effective tool to prospect the right individual from ones natural market. After listing down of 100 names of people from the natural market. media RECOMMENDED CRITERIA (3 Q SCORE) • • • • More than 30 years of age Graduate(minimum) Living in the same area since past 3 years Well networked . names are qualified on quality score and then recruitment activity takes place.) • • • • • • Referrals Industry seminars Associations & clubs HNI ladies forum COI.

. financial review meetings with prospects/clients. Follows internal sales and reporting system.HDFC STANDARD LIFE INSURANCE • Family income of more than Rs 3 lacs PREFFERD QUALITIES • • • • • • Passion Result oriented Well networked Good communication skills Need for recognition Need for money ROLE OF AGENTS To provide ongoing financial advice for his/her clients: • • • • • • • Identify future clients Making appointments Conduct Close sales Get referrals Provide service to clients.

MOST PREFFERD PROFILES • • • • • Housewives Businessmen Accountants/financial consultants Sales person employed in private /public companies Office bearers of leading clubs/associations . To be a part of a world-class team. OPPORTUNITIES FOR ADVISOR/AGENT • • • • • No startup capital required. Flexible working environment. No upper limits on earnings. Be your own boss. Bonus & Incentives. Unlimited earning potential. Flexible career.HDFC STANDARD LIFE INSURANCE WORKING ENVIRONMENT OF ADVISOR/AGENT • • • • • • To be a part of world-class sales team. Work full time or part time Earn Commission. Work from your own office or residence.

• The reference is asked to make future calls to those clients and the whole procedure is repeated again. • After that the agent/advisor asks for the reference of maximum people from the client. TO WHOM DOES THE ADVISOR REPORTS? . • Then the advisor/agent makes a call to these clients and tries to fix an appointment. • When the appointment is fixed the advisor/agent meets the customer and tries to sell the product.HDFC STANDARD LIFE INSURANCE • • • • Consistent LIC MDRT/COT Agents VRS/retired people Ex servicemen Teachers HOW AN ADVISOR /AGENT WORK? • Firstly the advisor or gent has to make a list of 100 people that he or she knows.

Financial Background and Experience: HDFC existing in the market since 1977. • • • • . Sales Force: Properly trend licensed and Educated People are the strength of the company. An advisor can do his/her operations from any branch of the company located anywhere in the country. Telecom etc. Huge branch network HDFC is having 450 branches in all over the country. It has a very handsome experience in the field of finance because it completely involved in finance Sector only where as the others are running in many other field also like Reliance (Petroleum.HDFC STANDARD LIFE INSURANCE An Advisor/Agent are the most important link between market and the company. WHY HDFC SLIC IS BETTER? • Investment returns: investment returns and business growth provided by HDFC is validated by bajaj Capital report. So that they could give the best customer service.) Ethics and Values: HDFC is an ethical and cultural organization which prevents the false selling and prohibits the false commitment to the customer. He/she has to report about the case to their SDM. There is no working hours and any particular day on which advisor/agent has to report in the office. They procure business to the organization. HDFC pacify the need of invertors up to healthy level and make the strong relationship with them. Textile.

one of India's foremost financial services companies-and Prudential plc .80 billion.K which was recently voted ' company of the decade' in U.HDFC STANDARD LIFE INSURANCE • Online accessibility: It makes the process faster and makes the customer delighted. Best insurer according to Outlook. Provides fast service to the customers in terms of claim.) 3. TOP 5 USP’S OF HDFC (Unique Selling Proposition) 1. U. . ICICI-THE MAJOR COMPITETOR OF HDFC ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank . Declared bonus every year from the day of incorporation (only company. 47.K by the Independent Brokers called IFAs.a leading international financial services group headquartered in the United Kingdom. 5. Total capital infusion stands at Rs. with ICICI Bank holding a stake of 74% and Prudential plc holding 26%. Well supported by foreign partner Standard Life. IST private sector life insurance Company to be granted a license. 2. 4.

ICICI Prudential is the first life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. we continue to tirelessly uphold our commitment to deliver world-class financial solutions to customers all over India. Today.HDFC STANDARD LIFE INSURANCE We began our operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). LICENSING PROCESS 1) REGISTRATION Documentation required for acquiring license Forms • • • • Agency application form Form VA Exam form Agreement copy(all pages to be signed by FC) Supporting personal documents • 9 passport size photograph .000 advisors. our nation-wide team comprises of 2099 branches (inclusive of 1.AC Nielsen ORG Marg survey of 'Most Trusted Brands'. and 18 bancassurance partners. For three years in a row.116 micro-offices). by The Economic Times . As we grow our distribution. over 276. product range and customer base. ICICI Prudential has been voted as India's Most Trusted Private Life Insurer.

There are two types of training off line (class room) and online training. behavioral and managerial skills is a way of life in HDFC SLIC.HDFC STANDARD LIFE INSURANCE • • • • • age poof proof of education proof of identity proof of residence PAN card o PAN application 2) IRDA TRAINING All the candidates have to undergo and complete 50 hours of IRDA training. Exams are conducted by insurance institute of India (III). IMPORTANCE OF TRAINING Continuous training and upgrading technical. on line and off line. 3) IRDA EXAMINATION Recruitment examination can be done by 2 modes. HDFC SLIC encourages agent or sub-broker to hone their skills regularly to enable them to face the challenges of the .

This training is aimed at making the advisors fully equipped with the companies’ product information. the benefits it provides to investor. Training needs analysis is done on a regular basis and systematic methodologies are ensured that skills and capabilities of all agents are constantly upgraded to enable them to perform in the challenging work. This training is aimed at making the advisors experts in selling the life insurance products. This gives the advisors a systematic framework which they can follow so as to attract the customers and be effective in their work. the terms related with it. The advisors are explained about the schemes.HDFC STANDARD LIFE INSURANCE changing requirements of customers that fit market up and down. Product knowledge is not just about knowing the broad terms and conditions of the various schemes of INSURANCE. The successful candidates of the IRDA EXAM are given the product training. There is special training session at regular time period in local branch to all financial consultant and agents about new scheme and to improve their effectiveness. The Primary purpose is to become quite conversant with the product that one sells. SWOT ANALYSIS STRENGH • • • Good brand name of the company all over India Expertise in the field of mutual fund Flexible products . Later the agents are trained on products. In Other words. need analyses and how to deliver the message to the market. product knowledge is very important for any advisor.

.HDFC STANDARD LIFE INSURANCE • • Strong communication network all over the country Sound financial resources of the company WEAKNESS • Less awareness regarding mutual fund among investors • • Cannot trap rural market Yet to build strong distribution network OPPERTUNITIES • • Untapped rural market Lack of competitive product to suit clients investment objective THREATS • The numbers of players are increasing which further increases the competition • Customer’s mindsets are still rigid and they still prefer traditional pattern of investments.


HDFC STANDARD LIFE INSURANCE KEY OBJECTIVE – To study the recruitment process of agent/advisor TYPE OF RESEARCH . • Primary sources Personal observation Friends Direct interview Telephonic interview • Secondary sources .Exploratory (observational study) DATA SOURCES - The study uses both primary as well as secondary data.

RECRUIT – Then the procedure of documentation (form filing) takes place. 3. 2.HDFC STANDARD LIFE INSURANCE Gathering information from the documents available at the HDFC‘s intranet Company’s website Recruitment to licensing process 1. LEAD.e. class room type of . Once the form get filled and checked by ASO (ASSISTANT SUPREDENDENT OFFICER) it get login and after 3-4 days the candidate get their login id. PROSPECT .The process of recruitment to licensing policy starts from generating leads which means a pre requisite condition for getting a stipend in your account. The lead generation means aspiring a candidate for getting a license to do business or earning a commission by selling the various products or services.The certain quality checks are Passion. Need for recognition. If the candidate has opted for offline mode i. After this the candidate has to go through the IRDA training which is of two type’s offline and online. Good communication skill. When we sure about that prospective candidate then we allow them to be recruited for the company. Well networked. Result oriented. The lead starts with listing down of 100 names of people from one’s natural market. Need for money. once the lead generated by initial trainee of bringing a candidate then the particular candidate has to go through the certain quality checks on the basis of which company decides that whether this person is prospect for the company.

IRDA EXAM. The exam is of 1-hour an the result will be a candidate is able to score 50% or not. Whereas.HDFC STANDARD LIFE INSURANCE training then he/she has to go through training of 7days from 9. 4. Some times people also opted for the refresher training which is of 2/3 days.30pm with lunch facility provided. .30am6. Which means now the candidate is ready for the IRDA exam. After a week of loc the date of exam is scheduled at the certain exams centers with proper logistics.Once the training part is completed the candidate get their loc. the other form of training is online training in which a candidate has provided a candidate id and password in which a candidate has to sit on the computer for 6-8hrs a day and the report back of what they have done today till their exam is scheduled. This type of training is generally opted by professionals who don’t have time for both the trainings. This type of training is basically for the people who opted for part –time. It’s also known as manual training.letter of completion. This training is about various products of HDFC-SLIC and about the insurance sector.


Recruitment to licensing process
50 hrs training Exam centers Logistics Business

Generation Quality check BOP

Online/manual Refreshers









5. LICENCE - If candidate clears the exam he/she get a license and license get activated one he/she brings the business for the company but if candidate fails or absent at the time of exam then he/she has to reappear with dd of 425/- and again this process follows and person get a required stipend.


6. ACTIVATION – After getting the license a candidate is ready to procure business for the organization.



RESULT The wider the rims of the recruitment funnel the more will be the recruitment of agents. So one should gather as many names as possible. The advisor has to go through the well defined recruitment process. The stages of recruitments are highly structured .Remember the recruitment formula:



HDFC has well defined progression path for its agents with rewards and recognition. BASIC UNDERSTANDING In today’s rapidly changing business environment, organizations have to respond quickly to requirements for people. The Financial market has been witnessing growth which is manifold for last few years. Many private players have

A customer can be convinced by telling them how they can get benefit out of it as 50% of them are unaware of insurance policies and various schemes. Selecting the wrong candidate or rejecting the right candidate could turn out to be costly mistakes for the organization. Internship gave me a reasonable . What I have analyzed in this valuable internship is that convincing customers is an art. All practices of marketing and finances can be easily emulated but the capability. In the competitive scenario it has become a challenge for each company to adopt practices that would help the organization stand out in the market. the skills and talent of a person cannot be emulated. Human Resource in this regard has become an important function in any organization. The competitiveness of a company of an organization is measured through the quality of products and services offered to customers that are unique from others. Hence. Thus the best services offered to the consumers are result of the genius brains working behind them. I have learnt lot of things in this internship. which can be executed effectively to get the best fits for the vacant positions. Therefore a recruitment practice in an organization must be effective and efficient in attracting the best manpower. Through this I got a little picture of the professional world. An agent faces different types of customers which require different methods to deal with them.HDFC STANDARD LIFE INSURANCE entered the economy thereby increasing the level of competition. it is important to have a well-defined recruitment policy in place.

HDFC STANDARD LIFE INSURANCE understanding of how agent work and what qualities they must possess to do good business. .

HDFC STANDARD LIFE INSURANCE RECOMMENDATIONS AND SUGGESTIONS RECOMMENDATIONS & SUGGESTION: Agents are the lifeblood of the insurance industry’s distribution channel. They are the .

i. for an industry like insurance. So it should try to increase its marketing and advertising related activities. They cannot Remain long in the business. The company should undertake campaigns.HDFC STANDARD LIFE INSURANCE Main force that bring business to the company. an optimally selected sales force in the need of the hour. ii. v. vii. advertisements and other publicity measures to create awareness of different schemes in market can increase the circle of its business in small and rural areas of every state and cities of India where .. Better and quicker services should be provided to customers Sales promotion method should be adopted All the documents should reach customer on time Customer should always be updated with required information ix. The company should arrange seminars and presentations giving detail about securities and benefits of investment in various insurance products. A very small part market has been covered by HDFC SLIC . viii. Unless and until the agents are Qualified and have the caliber to understand the current market scenario. road shows. HDFC SLIC is doing comparatively less in marketing industry compared to other players. An aggressive advertising campaigning should be done to encourage more people to invest. iii. vi. Hence.

x. CONCLUSION . To uproot the investment level the company should give training programmed to financial agents who approach the investor for the investments. And they should be aware of all the benefits of the INSURANCE INDUSTRY.HDFC STANDARD LIFE INSURANCE they will find huge amount of business.

financial incentives and recognition of work too plays important role but money is the basic factor that is the indication of ones status in the society.It is the need of an hour to posses some quality traits like patience and understanding customers needs to procure business for the organization. As it’s been said that Convincing is an art that one should possess in order to do good business. It allows prospects to become clients. The biggest motivational factor for an individual to become an agent Is money “money induces work motivation”. Finding out the clients needs and presenting a right product is the foundation of any business. An individual should have lot of patience.HDFC STANDARD LIFE INSURANCE Conclusion Based on the answers given in the interview with different agent/advisor (sample size 30) I came to know that there are many career options available for an advisor like he/she can become an SDM (Sales development manager) →BM (branch manager) →TM (territory manager) →RM (regional manager) and can even start up its own business. In the competitive scenario it has become a challenge for each company to stand out in market . Though other factors like working environment within the organization. The success of an individual depend upon the amount of time . One should not forget that” customers are the king”. In this stiff competition the challenge that most of them faces is to convince a customer.

In business there is no magic. its just all about incremental growth and lot of hard work.HDFC STANDARD LIFE INSURANCE that he/she gives to his /her work . In a nutshell unless and until the agents are Qualified and have the caliber to understand the current market scenario and the customers needs they cannot Remain long in the business. .




2 you? The major challenge for an advisor /agent according to Q.4 agent? The reason that comes out to be the success for an Q.HDFC STANDARD LIFE INSURANCE Q.6 what are the career options available for an advisor? \ .3 what is the greatest motivational factor for an individual to become an Agent/Advisor? Q.5 what is the most important quality trait that you think should be in an agent to do good business? Q.



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