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Project Report


Recruitment And Selection


HDFC Standard Life Insurance Company

In Partial Fulfillment of B.B.A (Bachelor of Business Administration) Programme of G.G.S.I.P.University.



Submitted by:



Student declaration

I declare that the project entitled “PROJECT ON RECUIRTMENT AND SELECTION IN HDCF-SLIC” Is an original done by me and no part of the project is taken from any other project or material published or otherwise or submitted earlier to any other college or university.






actively involved with HDFC Standard life insurance company ltd

Delhi, for

a period


8 weeks,



came across




people who

put in their time and effort towards acclimatizing me to the workings of their



Firstly I would like to thanks Mr. MANISH SHARMA is the BRANCH MANAGER of the HDFC Standard Life Insurance Company Ltd. for giving me opportunity to work with this organization.

I would like thanks Mr.CHANDAN JYOTI without whose support, this project would not have been possible. Heartiest thanks for his constant support and motivation.

My gratitude to everyone there at HDFC Standard Life Company who has helped me directly or indirectly in the completion of this project.



I, student of DELHI COLLEGE OF ADVANCED STUDIES affiliated to GURU GOBIND INDRAPRASTHA UNIVERSITY pursuing BBA (B&I) course. I have put my sincere efforts to accomplish my objectives within the stipulated time.

Despite all the limitations, obstacles, hurdles and hindrances, I have toiled and worked to my optimum potential to achieve the desire goal. Being in the highly competitive world of business, I came across some difficulties to make my objectives a reality. Anyhow, with the kind help and genuine interest of one and all and formally supported by the guidance of my guide, I am presenting this hand carved effort in colored. I tried my level best to conduct a research to gain a thorough knowledge about the project in my topic “Recruitment and Selection of HDFC Standard Life Insurance Company” I have put the best of my efforts and have also tried to do justice with the available. If anywhere something is found unacceptable or unnecessary to the theme, you are welcome with your valuable suggestions.



HDFC Standard Life insurance is India's premier insurance enabling company. HDFC Standard Life insurance is the one-stop-shop for requirements of services in the areas of insurance, optimum investment, financial coverage and losses, mortality benefit, and health option etc. This is backed by HDFC Standard life insurance service support infrastructure - the widest in the country.

The objective of the project was to understand how financial consultant play important role for insurance company like HDFC STANDARD LIFE. So to understand the process of Recruitment of financial consultant in HDFC STANDARD LIFE .

The main objective of the project is to understand the recruitment and selection of financial consultant more effectively and efficiently, because financial consultant play most important role in business of insurance. Market in Pune city was targeted. Various areas in city were selected. The data gave knowledge about customer satisfaction, loyalty & their feel about the HDFC Standard Life Insurance.

Recruitment was conducted using questionnaire. The information about various attributes & factors was collected about the financial consultant. All the data collected, primary data was filtered & analyzed, represented in the form of graphs & charts. Secondary data was also used in report such as company profile, on the basis of analysis of data, conclusions were drawn. On the basis of findings & conclusions, suggestions were given.





ORGANISATION OVERVIEW HISTORY MAN WITH A MISSION If ever there was a man with a mission

If ever there was a man with a mission it was Hasmukhbhai Parikh, Founder and Chairman-Emeritus of HDFC Group who left this earthly abode on November18, 1994. Born in a traditional banking family in Surat,Gujurat, Mr. Parikh started his financial career at Harkisandass Lukhmidass – a leading stock broking firm. The firm closed down in the late seventies, but, long Before that, he went on to become a towering figure on the Indian financial scene. In 1956 he began his lifelong financial affair with the Economic world, as General Manager of the newly-formed Industrial Credit and Investment Corporation of India(ICICI). He rose to become Chairman and continued so till his retirement in 1972.At the ripe age of 60, Hasmukhbhai started his second dynamic life, even more Illustrious than his first. 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. He was also a writer in his own right. There

are over 200 published articles by him him with the Padma Bhushan Award.



In 1992, the Government of India honored


London School of Economics & Political Science conferred on him an Honorary Fellowship.He was one of the Founder Members of the Centre for Advancement of Philanthropy, and it’s Chairman till 1993. He took active interest in the Bombay Community Public Trust, designed specifically to serve the needs of the city’s underprivileged citizens. When Mr. Deepak Parikh took over as Chairman from Hasmukhbhai, he said: “Taking over from H.T. Parikh is a formidable task; his vision… brought about not Only an institution, but an entire concept which has proved itself to be of lasting Importance.”

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. Standard Life was reincorporated as a mutual assurance company in 1925.

The Standard Life group originally operated only through branches or agencies of the mutual company in the United Kingdom and certain other countries.

Its Canadian branch was founded in 1833 and its Irish operations in 1838. This largely remained the structure of the group until 1996, when it opened a branch in Frankfurt, 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

In the 1990s, the group also sought to diversify its operations into areas which complemented its core life assurance and pensions business, with the intention of positioning itself as a broad range financial services provider. Banking and investment.

The group set up Standard Life Bank, its UK mortgage and retail savings banking subsidiary, in 1998 and Standard Life Investments, which had previously been the in-house investment management unit of the group’s life assurance and pensions business, was separated into a distinct legal entity in the same year, with the aim of establishing it as an independent investment management business providing services to both the group and third party retail and institutional clients. The group acquired Prime Health Limited (subsequently renamed Standard Life Healthcare) in the United Kingdom in 2000. Standard Life Healthcare expanded in March 2006

with the acquisition of the PMI business of FirstAssist.


Standard Life Asia Limited/Joint ventures –

The group’s Hong Kong subsidiary, Standard Life Asia Limited (“SL Asia”), was incorporated in 1999 as a joint venture and became a wholly-owned subsidiary of Standard Life in 2002. The group’s operations in Hong Kong were established to give the group a presence in the Far East from which it could expand into China. The group’s joint ventures in India with Housing Development Finance Corporation Limited (“HDFC”) were incorporated in 2000 (in relation to the life assurance and pensions joint venture) and 2003 (in relation to the investment management joint venture). The group’s joint venture in China with Tianjin Economic Development

Standard Life International Limited -

The group also incorporated Standard Life International Limited (“SLIL”) in 2005 for the purposes of providing the group with an offshore vehicle, based in Ireland, through which it could sell tax-efficient investment products into the United Kingdom. Sales of these products commenced in 2006.

Service company

Following the group’s strategic review in 2004, the group established a service company structure for the provision of central corporate services to the group’s business units. Standard Life Employee Services Limited (“SLESL”) supplies a wide range of central services to the rest of the group, including IT, facilities, legal and human resources services, and employs staff working in the group’s UK and Irish operations (other than SLI, SLB and SLH, which employ their staff directly). This service company structure was created to enable Standard Life to comply with regulatory restrictions on the provision of non-insurance services and to exploit group-wide synergies.


Company prospects


HDFC Standard Life Insurance Company Limited. is one of India's leading private insurance companies, which offers a range of individual and group insurance solutions. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Limited), India's leading housing finance institution and a Group Company of the Standard Life Plc, UK. As on February 28, 2009 HDFC Ltd. holds 72.43% and Standard Life (Mauritius Holding) 2006, Ltd. holds 26.00% of equity in the joint venture, while the rest is held by Others.

Our Parentage

HDFC Limited

HDFC Limited, India’s premier housing finance institution has assisted more than 3.3 million families own a home, since its inception in 1977 across 2400 cities and towns through its network of over 250 offices. It has international offices in Dubai, London and Singapore with service associates in Saudi Arabia, Qatar, Kuwait and Oman to assist NRI’s and PIO’s to own a home back in India. As of December 2008, the total asset size has crossed more than Rs. 95,000 crores including the mortgage loan assets of more than Rs. 82,800 crores. The corporation has a deposit base of Rs. 17,551 crores, earning the trust of more than 9,00,000 depositors. Customer Service and satisfaction has been the mainstay of the organization. HDFC has set benchmarks for the Indian housing finance industry. 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. HDFC has undertaken a lot of consultancies abroad assisting different countries including Egypt, Maldives, and Bangladesh in the setting up of housing finance companies.

Standard Life Group (Standard Life plc and its subsidiaries)


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

Our Vision & Values Our Vision

'The most successful and admired life insurance company, which means that we are the most trusted company, the easiest to deal with, offer the best value for money, and set the standards in the industry'.

'The most obvious choice for all'. Our 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


Profile of the Board of Directors

Profile of the Board of Directors Mr. Deepak S. Parekh is the Chairman of the Company.

Mr. Deepak S. Parekh is the Chairman of the Company. He is also the Executive Chairman of Housing Development Finance Corporation Limited (HDFC Limited). He joined HDFC Limited in a senior management position in 1978. He was inducted as a whole- time director of HDFC Limited in 1985 and was appointed as its Executive Chairman in 1993. He is the Chief Executive Officer of HDFC Limited. Mr. Parekh is a Fellow of the Institute of Chartered Accountants (England & Wales).

Profile of the Board of Directors Mr. Deepak S. Parekh is the Chairman of the Company.

Sir Alexander M. Crombie joined the Board of Directors of the Company in April, 2002. He has been with the Standard Life Group for 34 years holding various senior management positions. He was appointed as the Group Chief Executive of the Standard Life Group in March 2004. Sir Crombie is a fellow of the Faculty of Actuaries in Scotland.


Mr. Keki M. Mistry joined the Board of Directors of the Company in December, 2000. He

Mr. Keki M. Mistry joined the Board of Directors of the Company in December, 2000. He is currently the Managing Director of HDFC Limited. He joined HDFC Limited in 1981 and became an Executive Director in 1993. He was appointed as its Managing Director in November, 2000. Mr. Mistry is a Fellow of the Institute of Chartered Accountants of India and a member of the Michigan Association of Certified Public Accountants.

Mr. Keki M. Mistry joined the Board of Directors of the Company in December, 2000. He

Ms. Marcia D. Campbell is currently the Group Operations Director in the Standard Life group and is responsible for Group Operations, Asia Pacific Development, Strategy & Planning, Corporate Responsibility and Shared Services Centre. Ms. Campbell joined the Board of Directors in November 2005.

Mr. Keki M. Mistry joined the Board of Directors of the Company in December, 2000. He

Ms. Renu S. Karnad is the Executive director of HDFC Limited, is a graduate in law and holds a Master's degree in economics from Delhi University. She has been employed with HDFC Limited since 1978 and was appointed as the Executive Director in 2000. She is


responsible for overseeing all aspects of lending operations of HDFC Limited.

responsible for overseeing all aspects of lending operations of HDFC Limited. Mr. Norman K. Skeoch is

Mr. Norman K. Skeoch is currently the Chief Executive in Standard Life Investments Limited and is responsible for overseeing Investment Process & Chief Executive Officer Function. Prior to this, Mr. Skeoch was working with M/s. James Capel & Co. holding the positions of UK Economist, Chief Economist, Executive Director, Director of Controls and Strategy HSBS Securities and Managing Director International Equities. He was also responsible for Economic and Investment Strategy research produced on a worldwide basis. Mr. Skeoch joined the Board of Directors in November 2005.

responsible for overseeing all aspects of lending operations of HDFC Limited. Mr. Norman K. Skeoch is

Mr. Gautam R. Divan is a practising Chartered Accountant and is a Fellow of the Institute of Chartered Accountants of India. Mr. Divan was the Former Chairman and Managing Committee Member of Midsnell Group International, an International Association of Independent Accounting Firms and has authored several papers of professional interest. Mr. Divan has wide experience in auditing accounts of large public limited companies and nationalised banks, financial and taxation planning of individuals and limited companies and also has substantial experience in structuring overseas investments to and from India.


Associate Companies

Associate Companies <a href=HDFC LIMITED HDFC BANK HDFC MUTUAL FUND HDFC SALES HDFC ERGO General Insurance Other Companies ∑ ∑ ∑ ∑ ∑ HDFC Trustee Company Ltd. GRUH Finance Ltd. HDFC Developers Ltd. HDFC Property Ventures Ltd. HDFC Ventures Trustee Company Ltd. PROUCT RANGE & VARIETY At HDFC Standard Life, we offer a bouquet of insurance solutions to meet every need. We cater to both, individuals as well as to companies looking to provide 14 " id="pdf-obj-13-4" src="pdf-obj-13-4.jpg">
Associate Companies <a href=HDFC LIMITED HDFC BANK HDFC MUTUAL FUND HDFC SALES HDFC ERGO General Insurance Other Companies ∑ ∑ ∑ ∑ ∑ HDFC Trustee Company Ltd. GRUH Finance Ltd. HDFC Developers Ltd. HDFC Property Ventures Ltd. HDFC Ventures Trustee Company Ltd. PROUCT RANGE & VARIETY At HDFC Standard Life, we offer a bouquet of insurance solutions to meet every need. We cater to both, individuals as well as to companies looking to provide 14 " id="pdf-obj-13-14" src="pdf-obj-13-14.jpg">


Associate Companies <a href=HDFC LIMITED HDFC BANK HDFC MUTUAL FUND HDFC SALES HDFC ERGO General Insurance Other Companies ∑ ∑ ∑ ∑ ∑ HDFC Trustee Company Ltd. GRUH Finance Ltd. HDFC Developers Ltd. HDFC Property Ventures Ltd. HDFC Ventures Trustee Company Ltd. PROUCT RANGE & VARIETY At HDFC Standard Life, we offer a bouquet of insurance solutions to meet every need. We cater to both, individuals as well as to companies looking to provide 14 " id="pdf-obj-13-18" src="pdf-obj-13-18.jpg">

Other Companies

HDFC Trustee Company Ltd. GRUH Finance Ltd. HDFC Developers Ltd. HDFC Property Ventures Ltd. HDFC Ventures Trustee Company Ltd.


At HDFC Standard Life, we offer a bouquet of insurance solutions to meet every need. We cater to both, individuals as well as to companies looking to provide


benefits to their employees. This section gives you details of all our products. We have incorporated various downloadable forms and product details so that you can make an informed choice about buying a policy.

For individuals, we have a range of protection, investment, pension and savings plans that assist and nurture dreams apart from providing protection. You can choose from a range of products to suit your life-stage and needs.

For organizations we have a host of customized solutions that range from Group Term Insurance, Gratuity, Leave Encashment and Superannuation Products. These affordable plans apart from providing long term value to the employees help in enhancing goodwill of the company.

We at HDFC Standard Life realize that not everyone has the same kind of needs. Keeping this in mind, we have a varied range of Products that you can choose from to suit all your needs. These will help secure your future as well as the future of your family.

Type of products


(1) Protection

  • A. Term assurance plan

  • B. Loan cover term assurance plan

A) Term assurance plan:-

Under this plan, a sum assured is payable in case of death of the life assured during the term of the contract. One can choose the lump sum that would replace the income lost to one’s family in the unfortunate event of one’s death. Since this no-participating plan is pure risk cover plan, no benefits are payable on the survival to the end of the term of the policy.

  • B) Loan cover term assurance plan:-

This plan provides a lump sum on the unfortunate death of the life assured during the term of the plan. The lump sum will be a decreasing percentage of the initial sum assured. As the outstanding loan decreases as per the loan schedule, the cover under the policy decreases as per the policy schedule. Since this is a non-participating, risk is there, no benefits are payable on survival to the end of the term of the policy.

(2) Investment

Single premium whole of life

Single premium whole of life:-


Single Premium Whole of Life Plan is well suited to meet your long term investment needs. This participating (with profit) plan offers you the following benefits:

A sound investment:

Your money will be invested in our ‘with profit fund’. The fund aims to provide secure and stable long term growth. Normally, we declare a compound reversionary bonus for your policy every year and add it to your policy on its anniversary. In addition, on death, surrender or on the guaranteed dates, a terminal bonus might be payable. You have to pay a single premium and the policy will pay you a lump sum amount.

Flexibility of term:

Even after choosing your policy, you can decide on the policy term. For 4 weeks after any one of the 10 th , 15 th , 20 th , and subsequent five-year anniversaries, you can choose to receive the sum assured plus any attaching bonuses, in full. Once the money has been received, your policy will cease.

(3) Pension plan

  • A. Personal pension plan

  • B. Unit linked personal pension plan

A) Personal pension plan:-


This participating plan is basically a saving contract, which is designed to provide an income for life from retirement. It does this by providing a national lump sum on retirement, comprising of sum assured plus any attaching bonus. Subject to the prevailing regulations, part of this lump sum can be taken in form of cash and the rest converted to an annuity at the rate then offered by HDFC Standard Life. Alternately, if it is permitted by the prevailing regulation, the national lump sum can be used to buy an annuity with any other insurance company

B) Unit linked personal pension plan:-

The unit linked pension plan is basically an insurance contract, which is designed to provide a retirement income for life. Your premiums are invested in units of the investment fund of your choice, based on the prevailing unit price. On investing the vale of your units will be used to buy your retirement benefits. On earlier death, the beneficiary receives the value of your units plus a cash lump sum of Rs. 1,000.

(4) Saving

  • A. Unit linked endowment plan

  • B. Money back

  • C. Endowment plan

  • D. Unit linked youngster plan

A) Unit linked endowment plan:-


The unit linked endowment plan is an insurance policy that is designed to pay a lump sum amount on the maturity or on earlier death. The unit linked endowment plan also gives the option of additional protection against common critical illness, as well as additional protection if death is as the result of an accident. Your premiums are invested in units of the investment fund of your choice, based on the prevailing unit price. On maturity you receive the value of your units. On death (or critical illness, if chosen) you receive the value of your units and your selected basic sum assured.

B) Money back:-

It is a participating (with profits) insurance plan that offers the features listed



Payment of cash lump sum, each of which is a proportion of the basic sum assured, at 5-year intervals during the term of policy.


On survival up to maturity, a payment equal to the basic sum assured plus any bonus additions less the cash lump sums paid is provided.

In case of the unfortunate death of the life assuror within the term of the policy, the basic sum assured plus any bonus additions is provided. This is over and above the earlier payouts.

C) Endowment plan:-


It is a participating (with profits) insurance plan that offers the following features:

  • i) It provides financial support to the family by way of a lump sum payment in case of the unfortunate death of the life assured within the term of the policy. ii) It provides a lump sum payment to the life assures on survival up to maturity. The lump sum mentioned is the basic sum assured plus any bonus additions.

D) Unit linked youngster plan:-

HDFC Unit linked Young Star plan is designed to provide a lump sum to the child at maturity. It also provides financial security to the child in his future, even in case of the insured parent’s unfortunate death during the policy term. The Unit linked Young Star plan also gives the option of additional protection against the six common critical illnesses. Your premiums are invested in units of the investment funds of your choice, based on the prevailing unit price. On maturity the value of the units will be paid. On death (or critical illness, if chosen) the selected basic sum assured is paid, and the policy continues until maturity. Following a valid death or critical illness claim, we will pay the future premiums (at the level originally chosen at inception) into your policy, as and when they would have fallen due.



  • 1. Aviva Life Insurance

  • 2. Bajaj Allianz

  • 3. Birla Sun Life Insurance

  • 4. ICICI Prudential Life Insurance

  • 5. Kotak Mahindra Old Mutual Life Insurance Limited

  • 6. Life Insurance Corporation of India (LIC)

  • 7. Max New York Life Insurance

  • 8. MetLife India Insurance

  • 9. Reliance Life Insurance

  • 10. SBI Life Insurance

  • 11. ShriRam Life Insurance

  • 12. TATA AIG Life Insurance

  • 13. BHARTI AXA

Head Office – Edinburgh, Scotland (UK) Worldwide Operations and Presence



Awards and Recognition





Company of the Year


Company of the Year


Best Personal Pension Provider


Company of the Year


Company of the Decade


Company of the year


4 star service award


Overall best company


3 star service award

Standard Life has been awarded the "Raising Standards" quality mark.

This shows that the Company:

uses clear language to describe their products on key documents,

have appropriate products and

Provide a quality service for the customers.

Money Marketing Awards


from 1999 to 2005

Company of the Year every year

Best Pension Provider




Best Group Pension Provider every

year from 1998 to 2003





every year since 1998 to 2003





Provider 2003 and 2004

Category (Advertising) 2004

Gold Award in the Poster Campaign

Money facts Investment, Life & Pensions Awards

Best Pension Product 2003, 2004

and 2005

Best Pension Service 2003, 2004

and 2005

Bank hall Achievement Awards

and 2004

Pension Provider of the Year 2003

Financial Adviser Provider Awards


Overall Winner in 1999, 2000, 2001

and 2002

Pensions Provider of the Year 1999,

2000, 2001, 2002 and 2003

Pensions Company of the Year


Individual Pensions Company of the

Year 2004

Group Pensions Provider



Year 2004

Health Insurance Company of the

Year 2004

Financial Adviser Service Awards

Company of the Year every year

from 1997 to 2001

5 Star Life and Pensions Provider

every year from 1996 to 2004

5 Star Investment Provider every

year from 1996 to 2002 and 2004

Pensions Management Administration and Service Awards


Overall Winner - Personal Pensions



Pensions 2002 and 2003





Pensions 2002 and 2004

Overall Winner - Group Personal

Member Communications Personal Pensions, Group Personal Pensions & Stakeholder Pensions 2003 Backup (branch office) - Personal


Pensions 2003



Industry Profile

Insurance is a legal contract that protects people from the financial costs that result from loss of life, loss of health, or property damage. Insurance provides a means for individuals and societies to cope with some of the risks faced in everyday life. People purchase contracts of insurance called policies from a variety of insurance called policies, from a variety of insurance organizations.

Insurance is conceived as a method of saving of these losses , embodying the principle of co-operation existed in the early civilization . There is evidence that during the Aryan civilization , loss of profits in industry was insured by the village co-operative in India .

Almost everyone living in modern , industrialized countries buys insurance for instance laws in most states require people who own a car to buy insurance before driving it on public roads . lenders require anyone who finances the purchase of home or car with borrowed money to insure that property .business partners take out life insurance on each other to make sure that business will succeed even if one of the partner dies.

Two types of insurance:

Life insurance:

Life insurance is a contract for payment of a sum money to the person assured on the happening of the event insured against . usually the contract also provides for the payment of premium periodically to the corporation by the assured.

General insurance:

General insurance includes many areas of insurance like maraine, motor, eng, health, fire etc the contract provides for the payment of an amount on the happening of some contingency .These types of contracts are annual in nature.


A. Origin and Development of the Industry

Historians believe that insurance first developed in sydney by babylonia . The merchants and traders of these transferred and pooled their money to protect themselves and pirates.

In the 18th century BC, Babylonian king samurai developed a code a law, known as the code of specific rules governing the practices of early risk sharing activities . Insurance also developed during the 1700s in the North American colonies. In 1730 Benjamin frank contributed for the insurances of houses from loss by fire.

Early development of insurance was unorganized . it was mainly insuring commercial risks. The insurance in human life started in England in 1538 AD for term assurance for 12 months ,which was issued for the first time . in 1705 amicable society started paying assurance on death a term carried on unto 1757. in 1762 equitable society was the first co. to start charging premium on scientific basis.

In INDIA, the references to insurance history relates to the East India Co when some policies were issued on the life of brusiers in foreign currency.

In 1870-Bombay mutual fund insurance ltd

In 1874-Oriental Govt security life assurance Co ltd

In 1896-Bart insurance co. and 1897 empire of India

In 1905-no of insurance company life Hindustan co-op united India, Bombay life national-Asian were setup up during the above period.

After 2 nd world war several new companies were established ,most important being new assurance co. others were Jupiter ,lame ,Andhra ,industrial metropolation and new asiastic.

After 1 st world war the peace of industrlization was accelarted in India. the swedish movement had already gathered momentum and nationalism in the twenties,


Offices began to take due share of the country business .it continuously progressed and there seemed to be steady rise in per capita insurance in the country.

The government started to exercise control with the passing of insurance act, 1912 There was a marked increase in the volume of insurance business and other form of business .in 1938 the deptt of insurance under the authority of the supritendent of insurance was established. This act was futher amended in 1950 . before nationalization there were 97 operatng centers almost all urban. There were 245 different insurance companies then.

Nationalization of the insurance business in 19 jan 1956. lic act was passed by the parliament and recived presidential assent on 18 june1956 and act came on 1 sept


Insurance benefits the society by allowing individuals to share the risks faced by many people but it also serves the other economic and societal functions because insurance is affordable , banks can make loans with the assurance that the loan with the assurance is easily covered against damage. Insurance also provides the capital that communities need to quickly rebuild and recover economically from natural disasters.

B.Growth and Present Status of the Industry

The Indian insurance has finally opened up. The first move towards liberalization came with Ampohra committee report in 1993. which recommended the privatization of insurance .Indian stands to gain witty the following major advantages :

Better products with more reasonable and affordable pricing. Quick servicing Increased saving rate Long –term funds for infrastructure development will be available to the country. Large inflows of foreign capital.


It is debated that the insurance business does not produce profit in the first five year . Cross subsidization is a feature of the Indian market . event the fire portfolio which is considered profitable, cross subsidizes the other department . tariff reductions are likely to reduce further. Insurer will have to institute proper claims management process in order to extract proficiencies.

The government is soon to present the new model for tax saving life insurance companies at internationally competitive advantage and sketch their alliances accordingly.

Infect alliances related to distribution rather than to product or technology will prove most valuable in the long run . Brokers will come into the market for first time and there is bound to be intense competition As a result of this in the multi channels of distribution.

Since beginning of the world ,man has always felt insecurity for his assets and even life . there is uncertainty in every aspect of life, its an old saying that only death and tax are certain. Uncertainties in every aspect of life is exposés to our assets to losses and consequently endless problems. A fire in the factory may burn everything and owner only of income with huge capital is finished but insurance will come for rescue if its taken. Insurance does not only provide reimbursement but some suggestive measures also to reduce the effect of hazards and losses .earthquake, flood , riot, strike, theft, explosion etc.

Some of the common dangers to our assets. Moreover life insurance besides providing financial assistance to the insured, these policies provides investment opportunities and even pension plans at market interest rate.


In Indian market , the opportunity for insurance companies is huge. The efforts of government companies have lacked sincerity , as there is large untapped market even after 61 years of nationalization . according to sources 30 cores people of India can afford insurance however only 8 cores of them have taken away. Life insurance in a year is collected is only 2% of GDP in India with that of 12 % in USA.


Total non –life insurance premium is mere of 0.6% of GDP which is almost negligible. on the basis of this it can be sold that there is huge scope for insurance in India. The latest foreseen in Indian market and the success of liberalized market in emergent economies to make this opportunity . to avail this may international players including the world leaders have setup their business in India form the last so many years. i.e. Hdfc-slic, Icici Prudential life ,Max life insurance corporation , Bajaj-allianz ..


SWOT Analysis of the HDFC Standard Life Insurance Company


  • 1. HDFC has one of the highest brand recalls of around 80% (source: AC

Neilson ORG MARG).

  • 2. HDFC has different types of training methods for their FC’s, Agents or

Advisor. For Example Disha training, IRDA training, Basic training and

induction, Advanced training.

  • 3. Financial Expertise.

  • 4. Range of solutions.

  • 5. Having good network.

  • 6. One of the most aggressive marketing strategies.

  • 7. Training provided to all people associated with the bank provides services like

checking the plan or policies online.

  • 8. Free switching options online informing customers about the performance of

their investment by sending monthly reports and statements

  • 9. Have around 145000 financial advisor


  • 1. They are unable to target rural area as compare to LIC.

  • 2. Poor awareness for new products in consumers Poor Distribution network.

  • 3. Negligence to customers after the investment is sold.

  • 4. Very Huge Premium of policies compared to major rival LIC.

  • 5. Target Upper class people only.

  • 6. All Brochures are in English only.



Sometimes right advice is not given to the customers.

  • 8. The full charges are not revealed to the customers


In India still there is a big market for insurance field.

  • 1. 75% of Indian market is still untapped.

  • 2. Attract more people by providing more customer centric products.

  • 3. Strong brand of the bank helps to boost sales in market.

  • 4. No.1 in adapting new technologies like online search etc.

  • 5. Tie up with brokers also having a large data base of the customers.

  • 6. Getting leads from the branch members.


  • 1. Many private players are coming into the market.

  • 2. Some brands in the market gives there product with more features.

  • 3. .LIC, ICICI & Bajaj Allianz is the major competitor with better network.

  • 4. Threats from other banks selling same types of investments.

  • 5. Change in the policies of IRDA.

  • 6. Change in the mentality of people

  • 7. Fear of the market to crash down.

  • 8. Employee attrition.




Marketing generally refers as the task of creating, promoting and delivering goods And services to consumers and business. Marketing managers seeks to influence the Level of timing and composition of demand to meet the organization’s objectives. Marketing people are involved in 10types of entities: goods, services, experiences, Events, persons, places, properties, organization, information and ideas. The Marketing concept rests on four pillars: target market, customer needs, integrated Marketing and profitability. “Marketing is defined as a societal process by which individuals and groups obtain What they need and want through creating, offering and freely exchanging products And services of value with others. The basic four P’s of marketing are PRODUCT, PRICE, PLACE and PROMOTION.

The last few years have seen an increased attention to mutual funds across all genres of investors’ big or small, individuals or corporate.



Finance is regarded as the life blood of a business enterprise. This is because in the Modern money oriented economy. Finance is the one of the basic foundation of all Kind of electronic activity. It is the master key which provides access to the entire Source for being employed in manufacturing and merchandizing activities. It has Rightly been said the business needs money to make more money. However it is also True that money begets more money, only when it is properly managed. Hence, Efficient management of every business enterprise is closely linked with efficient Management of its finance.



In general finance may be defined as the provision of money at the time it is wanted. However, as a management function it has a special meaning. Finance function may Be defined as the procurement of funds and their effective utilization. Some of the Authoritative definitions are as follows:

“Business finance is that business activity which is concerned with the acquisition and Conservation of capital funds in meeting financial needs and overall objectives of far Business enterprise.” “Business finance can broadly be defined as the activity concerned with planning Rising, controlling and administrating of the funds used in the business.”




Recruitment is concerned with developing suitable techniques for attracting more and more candidates. The aim of personnel planning is to determine the needs for persons both in terms of number and type. For deciding about the number both present and future requirements should be taken into account. If there are expansion plans in near future then these requirements should also be considered. Besides number, the type of persons needed is also important. The educational and technical requirements to manage various jobs should e properly analyzed so that right type of persons are employed. Recruitment is sometimes confused with employment. The two are not one and the same. Recruitment is just one step in the process of employment. Recruitment is a linkage activity bringing together those with jobs and those seeking jobs. When more persons apply for jobs then there will be scope for recruiting better persons.


“Recruitment is the process of searching for prospective employees and stimulating and encouraging them to apply for jobs in an organization.”


It specifies the objective of recruitment and provides a framework for the implementation of the recruitment programme. A recruitment policy may involve


commitment to broad principles such as filling vacancies with the best-qualified individuals. It may also involve the organizational system to be developed for implementing recruitment programme and procedure to be employed.


A good recruitment policy must contain the following elements:

1) Organizational objectives :

Both short term and long term organizational objectives must be taken into consideration. Identification of recruitment needs :

The recruiters should prepare profiles for each category of workers and accordingly work out the main specifications, decide the sections, departments or branches where they should be placed. 2) Preferred sources of recruitment :

The sources of recruitment should be identified properly. 3) Criteria of selection and preferences :

Selection and preferences should be based on conscious thought and se- rious deliberation. 4) Monetary aspects :

The cost of recruitment and financial implications of the same have to be kept in mind also.


1) It should be in conformity with the general personnel policies.

















3) It should provide employees with job security and continuous employment. 4) It should integrate organizational needs and employee needs. 5) It should match the qualities of the employees with the requirements of the work for which they are employed. 6) It should highlight the necessity of establishing job analysis.


Every organization, big or small has to engage in recruitment of persons, recruitment has two aspects- 1) To find out the number of vacancies to be notified and the type of applicants needed to fill them. 2) To approach the potential applicants to apply for such vacancies.

No organization can recruit successfully without taking into consideration the following factors – 1) The Economic Factors – The economic conditions of a country influence the recruitment process in all organization. The globalization and liberalization of Indian economies since 1991 onwards has resulted in a boom in financial services in India. As a result of the new economic policy, the demands of well 2) The Social Factors – These also affect the recruitment policy of an organization. Social changes in the past two decades in India, have forced organization to


place increased emphasis on recruitment. The mentality of modern employees has changed from just any job to a satisfying career. 3) The Technological Factors – New technology have created new jobs and existing jobs have undergone rapid changes. Several old jobs have disappeared from the scene.

4) The Legal Factors – The different legislative policies governing child labour, night shifts, bonded labour etc. have brought legal environment to a major factor.


It passes through the following stages :

1) Recruitment process






requisition for recruitment from any department of the company. 2) Locating and developing the sources of required number and type of employees. 3) Identifying the prospective employees with required characteristics. 4) Developing the techniques to attract the desired candidates. 5) The next stage in the process is to stimulate as many candidates as possible. 6) Evaluating the effectiveness of recruitment process.








Planning Analysis


Personnel Job Planning Analysis Recruitment Planning Strategy Development Searching Screening Evaluation Selection and control




Personnel Job Planning Analysis Recruitment Planning Strategy Development Searching Screening Evaluation Selection and control




Personnel Job Planning Analysis Recruitment Planning Strategy Development Searching Screening Evaluation Selection and control


Personnel Job Planning Analysis Recruitment Planning Strategy Development Searching Screening Evaluation Selection and control


Personnel Job Planning Analysis Recruitment Planning Strategy Development Searching Screening Evaluation Selection and control




and control

and control



Before an organization actively begins to recruit applicants it should consider the mostly likely source of the type of employee it needs. Some companies try to develop new sources while most try to tackle the existing sources they have. These sources accordingly may be termed as internal and external.

Internal Sources – This is one of the important sources of recruitment. The employees already working in the organization may be more suitable for higher jobs than those recruited outside. Internal sources consist of the following :

1) Present Employees :

Promotions and transfers among the present employees can be a good source of internal recruitment. 2) Employee Referrals :

In an organization with a large number of employees referrals can provide quite a large pool of potential organizational members. 3) Former Employee :

These are another internal source of recruitment. Some retired employees may be willing to come back to work. 4) Previous Employees :

Those who have previously applied for jobs can be contacted by mail.

External Sources :

These are as follows – 1. Advertisement



Professional Organization

  • 3. Data Bank

  • 4. Walk in

  • 5. Recruiting Agencies

  • 6. Competitors

  • 7. Displaced Persons

  • 8. E-recruitment

12. Cold calling


1) Internal sources 2) Advertisement 3) Consultants 4) Data banks



Recruitment function helps the organization to develop a pool of prospective human resources. It is difficult for the HR manager to employ the suitable people out of the pool. Infact, many organizations face critical problems in choosing the people. Selection techniques and methods reduce the complexities in choosing the right candidates for the job. After identifying the sources of human resources, searching for prospective employees and stimulating them to apply for jobs in an organization,


the management has to perform the function of selecting the right employees at the right time. The obvious guiding policy in selection is the intention to choose the best person who have good social contact. The objective of the selection decision is to choose the individual who can most successfully perform the job from the pool of qualified candidates. The selection procedure is the system of functions and devices adopted in a given company to ascertain whether the candidate specifications are matched with the job specifications and requirements or not. The selection process can be successful if the following requirements are satisfied:

Someone should have the authority to select. This authority comes from the employment requisition, as developed by an analysis to the workload and work force. There must be some standard of personnel with which a prospective employee may be compared, i.e. a comprehensive job description and job specification should be available before hand. There must be a sufficient number of applicants from whom the required number of employees may be selected. The ability of an organization to attain its goal effectively and to develop in a dynamic environment largely depends upon the effectiveness of its selection programme. If the right person is selected, he is valuable asset to the organization



Selection procedure employs several methods of collecting information about the candidates qualifications, experience, physical and mental ability, nature and behavior, knowledge and aptitude for judging whether a given applicant is suitable or not for the job. Therefore the selection procedure is not a single act but is


essentially a series of methods or stages by which different types of information can be secured through various selection techniques. At each step facts may come to light, which are useful for comparison with the job requirement and employee specifications. Steps in Scientific Selection Procedure:

Job analysis Recruitment Application form Written examination Preliminary interview Tests Medical examination Reference checks Line manager s decision



Job analysis is the basis for selecting the right candidates. Every organization should finalize the job analysis, job description, job specification and employee specifications before proceeding to the next step of selection.


Every company plans for the required number of and kind of employees for a future date. This is the basis for recruitment function.



Recruitment refers to the process of searching for prospective employees and stimulating them to apply for jobs in an organization. It is the basis for the remaining technologies of the screening the candidates in order to select the appropriate candidates for the jobs.


The company has to select the appropriate candidates from the pool of applicants. The company develops or borrows the appropriate bases/techniques for screening the candidates in order to select the appropriate candidates for the jobs.


Application form is also known as application blank. The techniques of application blank are traditional and widely accepted for securing information from the prospective candidates. It can also be used as a device to screen the candidates at the preliminary level. Many companies formulate their own style of application forms depending upon the requirement of information based on the size of the company, nature of business activities, type and level of the job etc. Information is generally required on the following items in the application forms:

Personal background information Educational qualifications Work experience Salary (drawing and expecting) Personal attainments including likes and dislikes References



Organizations have to conduct written examination for the qualified candidates after they are screened on the basis of the application blanks so as to measure the candidate s ability in arithmetical calculations, to know the candidate s attitude towards the job, to measure the candidate s aptitude, reasoning, knowledge in various disciplines, general knowledge and English language.


The preliminary interview is to solicit necessary information from the prospective applications and to assess the applicant s suitability to the job. An assistant in the personnel department may conduct this preliminary interview. The information thus provided by the candidate may be related to the job or personal specifications regarding education, experience, salary expectations, attitude towards job, age, physical appearance and other requirements etc. Thus, preliminary interview is useful as a process of eliminating the undesirable and unsuitable candidates. If a candidate satisfies the job requirements regarding most of the areas, he may be selected for further process. Preliminary interviews are short and known as stand up interviews or sizing up of the applicants or screening interviews. However, certain required amount of care is to be taken to ensure that the desirable workers are not eliminated. This interview is also useful to provide the basic information about the company to the candidate.


Business games are widely used as a selection technique for selecting management trainees, executive trainees and managerial personnel at junior, middle and top management positions. Business games help to evaluate the applicants in the areas of decision-making, identifying the potentialities, handling the situations, problem-


solving skills, human relations skills etc. participants are placed in a hypothetical work situation and are required to play the role situations in the game. The hypothesis is that the most successful candidate in the game will be most successful one on the job.

GROUP DISCUSSION is used in order to secure further information regarding the suitability of the candidate for the job. Group discussion is a method where groups of the successful applicants are brought around a conference table and are asked to discuss either a case study or subject matter. The candidates in the group are required to analyze, discuss, find alternative solutions and select the sound solution. A selection panel then observes the candidates in the areas of initiating the discussion, explaining the problem, soliciting unrevealing information based on the given information and using common sense, keenly observing the discussion of others, clarifying controversial issues, influencing others, speaking effectively, concealing and mediating arguments among the participants and summarizing or concluding aptly. The selection panel, based on its observation, judges the candidate s skill and ability and ranks them according to their merit. In some cases, the selection panel may also ask the candidates to write the summary of the group discussion in order to know the candidate s writing ability as well.

Types of test:

Tests are classified into six classes, each class is again divided into different types of tests. They are:



These tests measure whether an individual has the capacity or latent ability to learn a given job if given adequate training. Aptitudes can be divided into general and mental ability or intelligence and specific aptitudes such as mechanical, clerical, manipulative capacity etc. General aptitude test is of two types namely intelligence quotient (IQ) and emotional quotient (EQ). (1) Skill tests:

These tests measure the candidate s ability to do a job perfectly and intelligently. These tests are useful to select the candidates to perform artistic jobs, product design, design of tools, machinery etc. The candidates can be selected for assembly work, testing and inspection also. (2) Mechanical aptitude tests:

These tests measure the capabilities of spatial visualization, perceptual speed and knowledge of mechanical matter. These tests are useful for selecting apprentices, skilled, mechanical employees, technicians etc. (3) Psychomotor tests:

These tests measure abilities like manual dexterity, motor ability and eyehand coordination of candidates. These tests are useful to select semi-skilled workers and workers for repetitive operations like packing and watch assembly. (4) Clerical aptitude tests:

These types of tests measure specific capacities involved in office work. Items of this tests include spelling, computation, comprehension, copying, word measuring etc.


These tests are conducted when applicants claim to know something as these tests are concerned with what one has accomplished. These tests are more useful to measure the value of a specific achievement when an organization wishes to employ


experienced candidates. These tests are classified into (a) job knowledge test and (b) work sample test. Thus, the candidate s achievement in his career is tested regarding his knowledge about the job and actual work experience.


This test evaluates a candidate s in a similar real life situation. In this test the candidate is asked either to cope with the situation or solve critical situations of the job. (1) Group discussion:

This test is administered through the group discussion approach to solve a problem under which candidates are observed in the areas of initiating, leading, proposing valuable ideas, conciliating skills, oral communicating skills, coordinating and concluding skills. (2) In basket:

Situational test is administered through in basket method. The candidate in this test is supplied with actual letters, telephone and telegraphic message,reports and requirements by various officers of the organization, adequate information about the job and organization. The candidate is asked to take decisions on various items based on the in basket information regarding requirements in the memoranda.


These tests are inventories of the likes and dislikes of candidates in relation to work, job, occupations, hobbies and recreational activities. The purpose of this test is to find out whether a candidate is interested or disinterested in the job for which he is a candidate and to find out in which area of the job range/occupation the candidate is interested. The assumption of this test is


that there is a high correlation between the interest of a candidate in a job and job success. Interest inventories are less faked and they may not fluctuate after the age of 30.


These tests prove deeply to discover clues to an individual s value system, his emotional reactions and maturity and characteristic mood. They areexpressed in such traits like self-confidence, tact, distrust, initiative, emotional control, optimism, decisiveness, sociability, conformity,objectivity, patience, fear, judgment dominance or submission, impulsiveness, sympathy, integrity, stability and self-confidence. (1) Objective tests:

Most personality tests are objective tests as they are suitable for group testing and can be scored objectively. (2) Projective tests:

Candidates are asked to project their own interpretation of certain standard stimulus basing on ambiguous pictures, figures etc. under these tests. Personality tests have disadvantages in the sense that sophisticated candidates can fake them and most candidates give socially acceptable answers. Further, personality inventories may not successfully predict job success. A number of corrective measures tried as personality inventories are widely subject to faking. They are:

Forced choice of Edward s personnel preference schedule. Gordon personal profile. The Minnesota Multi-phasic Inventory offers different methods for identifying faking. The faking can be countered by repeating the same question in different parts to measure consistency.



However, the need for multi-skills is being felt be most of the companies consequent upon globalization, competitiveness and the consequent customer-centered strategies. Organization have to develop multidimensionaltesting in order to find out whether the candidates possess a variety of skills or not, candidate s ability to integrate the multi-skills and potentiality to apply them based on situational and functional requirement.

MULTI-DIMENSIONAL TESTING: However, the need for multi-skills is being felt be most of the companies consequent



Final interview follows after tests. This is the most essential step in the process of selection. In this step the interviewer matches the information obtained about the candidate through various means to the job requirements and to the information obtained through his own observation during the interview. The different types of interviews are:


(1) Informal interview:

This is the interview, which can be conducted at any place by the person to secure the basic and non-job related information. The interaction between the candidate and the personnel manager when the former meets the latter to enquire about the vacancies or additional particulars in connection with the employment advertisement is an example of the informal interview.

(2) Unstructured interview:

In this interview, the candidate is given the freedom to tell about himself by revealing his knowledge on various items/areas, his background, expectations, interest etc. Similarly, the interviewer also providesinformation on various items required by the candidate.


It is normally the interaction between the candidates and the line executive or experts on various areas of job knowledge, skill, talent etc. This interview may take various forms like:

(1) Back ground information interview:


This interview is intended to collect the information which is not available in the application blank and to check that information provided in the application blank regarding education, place of domicile, family, health, interest, hobbies, likes, dislikes and extra curricular activities of the applicant. (2) Job and probing interview:

This interview aims at testing the candidate s job knowledge about duties, activities, methods of doing the job, critical/problematic areas, methods of handling those areas etc. (3) Stress interview:

This interview aims at testing the candidate s job behavior and level of understanding during the period of stress and strain. The interviewer tests candidate by putting him under stress and strain by interrupting the applicant from answering, criticizing his opinions, asking questions pertaining to unrelated areas, keeping silent for unduly long periods after he has finished speaking etc. Stress during the middle portion of the interview gives effective results. Stress interview must be handled with utmost care and skills. This type of interview is often invalid, as the interviewer s need for a job and his previous experience in such type of interviews may inhibit his actual behavior under such situations. (4) Group discussion interview: There are 2 methods of conducting group discussion interviews, viz. group interview method and discussion interview method. All the candidates are brought into one room and are interviewed one by one under group interview. This method helps a busy executive to save valuable time and gives a fair account of the objectivity of the interview to the candidates. Under the discussion interview method, one topic is given for discussion to


the candidates who assemble in one room and they are asked to discuss the topic in detail. This type of interview helps the interviewer in appraising certain skills of the candidates like initiative, inter-personal skills, dynamism, presentation, leading, comprehension, collaboration etc. Interviewers are at ease in this category of interview because of its informality and flexibility. (5) Formal and structured interview:

In this type of interview, all the formalities, procedures like fixing the value, time, panel of interviewers, opening and closing, intimating the candidates officially etc. are strictly followed in arranging and conducting interview. The course of the interview is preplanned and structured, in advance, depending on job requirements. (6) Panel interview:

A panel of experts interview each candidate, judges his performance individually and prepares consolidated judgement. This type of interview is known as panel interview. Interviewers for middle level and senior level mangers are normally conducted are the panel of experts. (7) Depth interview:

In this interview, the candidate would be examined extensively in core areas of job skills and knowledge. Experts test the candidate s knowledge in depth. Depth interviews are conducted for specialist jobs.


After the experts including the line managers of the organization in the core areas of the job examine the candidates, the head of the department/section concerned interviews the candidates once again, mostly through informal discussion. The interviewer examines the interest of the candidate in the job, organization, reaction/adaptability to the working conditions, career


planning, promotional opportunities, work adjustment and allotment etc. The personnel manger also interviews the candidates with a view to find out his reaction/acceptance regarding salary, allowances, benefits, promotions, opportunities etc. The head of the department and the personnel manager exchange the view and then they jointly inform their decision to the chairman of the interview board, which finally makes the decision about the candidate s performance and their ranks in the interview. Most of the organizations have realized that employee s positive attitude matters much rather than employee s skill and knowledge. Employees with positive attitude contribute much to the organization. Hence, interviewers look for the candidates with the right attitude while making final decision.


Certain jobs require certain physical qualities like clear vision, perfect hearing unusual stamina, tolerance of hardworking conditions, clear tone etc. Medical examination reveals whether or not a candidate possesses these qualities. Medical examination can give the following information:

Whether the applicant is medically suited for the specific job Whether the applicant has health problems or psychological attitudes likely to interfere with work efficiency or future attendance. The offer. Whether the applicant suffers from bad health which should be corrected before he can work satisfactorily It reveals the applicant s physical measurements and It is used to check the special senses of the candidates.



After completion of the final interview and medical examination, the personnel department will engage in checking references. Candidates are required to give the names of references in their application forms. These references may be from the individuals who are familiar with the candidates academic achievement or form the applicant s previous employer, who is well versed with the applicant s job performance, and sometimes from coworkers. Incase the reference check is from the previous employer; information for the following areas may be obtained. They are job title, job description, and period of employment, pay and allowances, gross emoluments, benefits provided, rate of absence, willingness of the previous employer to employ the candidate again and soon. Further, information regarding candidate s regularity at work, character, progress etc. can be obtained. Often a telephone call is much quicker. The method of mail provides detailed information about the candidate s performance, character and behavior. However, a personal visit is superior to the mail and telephone methods and is used where it is highly essential to get the detailed, actual information, which can also be secured by observation. Reference checks are taken as a matter of routine and treated casually or omitted entirely in many organizations. But a good reference check used sincerely will fetch useful and reliable information to the organization.


The line manager concerned has to make the final decision whether to select or reject a candidate after soliciting the required information through techniques discussed earlier. The line manager has to take much care in taking the final decision not only because of economic implications but alsobecause of behavioral and social implications. A careless decision of rejecting would impair the morale of the people and they would suspect the selection procedure and the basis of selection of this


organization. A true understanding between line managers and personnel managers should be established to take proper decisions.


Thus, after taking the final decision, the organization has to intimate this decision to the successful as well as unsuccessful candidates. The organization offers the job to the successful candidates either immediately or after some time depending upon its time schedule. The candidate after receiving job offer communicates his acceptance to the offer or requests the company to modify the terms and conditions of employment or rejects the offer.

(O) EMPLOYMENT: The company may modify the terms and conditions of employment as requested by the candidate. The company employs those candidates who accept the job offer with or with out modification of terms and conditions of employment and place them on the job. With the employment of the candidate the recruitment and selection process is completed.



Recruitment is the process of attracting prospective candidates who are likely to get selected. Recruitment process starts with the drafting of advertisement for the required post mentioning the name of the post, qualifications required, place of posting etc. the advertisement is released in all major and national newspaper across the country. Not only print media, but other media like internet is also used for posting the advertisement. Placement agencies and educational institutions are considered if the requirements are for fresh graduates. Employee references by are also encouraged. After receiving the applications, it is initially screened by HR division based on minimum requirements and qualifications prescribed for the post. Screened applications from HR division are sent to respective divisional heads for their screening in case of applications for higher posts. Selection is the process of selecting right candidates from the list of prospective candidates. Selection process involves tests, interviews, group discussions, psychometric tests or a combination of these depending on the nature or sensitivity of the level and the post. For technical posts, tests are used as elimination means while for some other posts like management trainee, tests are not used as elimination means. The shortlisted candidates are called for the final interview. Regret letters are sent to those who are not shortlisted. Background checking of the shortlisted candidates is done to ensure that they will fit with the culture of the organization. Job offers are made to the selected candidates and they are asked to give their confirmation that they accept the job offer. On receiving their confirmation, appointment letter is prepared by personnel and administration division and given to the candidate at the time of joining. Salary offer is a part of Human resource division while personnel and administration division handles salary administration.



Generally two types are data are used for any research, which are very important for the research, these can be discussed as –

  • 1. Primary Data

  • 2. Secondary Data

Primary Data –

Primary data are the data which are original in character, obtained for the first time, being collected from the respondents, either through questionnaire or through personal interviews. This can be collected by various methods like Surveys Observation Experimentation Measurements Personal interview Telephonic interview Questionnaires But my chosen way of collecting data was through Personal Interview and Questionnaires.

Secondary data –

Secondary data is the data, which has been collected by someone else for some other purpose and is used by the researcher in his research for study.


Various sources of secondary data are Catalogues, Brochures, Magazines and Websites, Television etc. In this project I made use secondary data for gaining more and more about the company, its products and various benefits an advisors will be getting. For acquiring this knowledge I have studied secondary sources like company websites, brochures, paper presentations etc.

Analysis of data / Statistical data

After the data is collected the researcher has to analyze the collected data, the researcher has to classify the data into purposeful and usable category. The analysis can be done by means of various statistical measures. For representation of the data use of bar charts, Pie Chart is made.

Interpretation of data

After data analysis is done, the obtained information is interpreted and various inferences are made and also conclusions are drawn related to the objectives, which have been listed, in the beginning of project.




Schedule Previous Year:


Rupees (2007)


Management Fee

12 133,69,74,621



13 3,19,650





Other Income

14 84,55,729





Staff Expenses

15 36,50,46,679




Administrative and Other Expenses Depreciation 66,35,00,710 51,52,00,601

3 6,83,28,410






Provision for Tax (Net of Deferred tax)



Provision for Fringe Benefit Tax 35,10,000 —



PROFIT/(LOSS) AFTER TAX Balance brought forward from



Previous year Profit Available for Appropriation Appropriations:



Short provision of Income Tax

for earlier years (net) — 21,72,933 General Reserve



Capital Redemption Reserve — 25,00,00,000 Preference Dividend




Tax on Preference Dividend


Education Cass on Equity Dividend (FY 2003 - 04) —


Interim Equity Dividend Paid 8,80,63,500 —


Tax on Interim Equity Dividend Paid 1,23,50,906 — Proposed Equity Dividend



Tax on Proposed Equity Dividend Balance carried forward to the



Balance Sheet




Earnings Per Share 16.94 10.78



Schedule March 31, 2008







1 50,16,10,000


Share Capital Reserves and Surplus

2 59,54,32,963







Gross Block






Less: Depreciation Net Block



Capital Advances







4 51,36,82,426



5 4,64,76,435




6 5,94,48,534


Sundry Debtors Cash and Bank Balances

7 1,14,77,426


Other Current Assets

8 6,027 4,823

Loans and Advances

9 67,95,60,821



Current Liabilities


10 19,97,83,840





11 64,43,35,366
















From the analyzed data I could find that –

The main source of the recruitment is through external sources i.e. through advertisement.

The other source of recruitment is through

references , natural market and

consultants. Maximum prospects fulfils all the criteria prescribed by the IRDA.

Research shows that the Financial Advisors generally belong to the age of 30- 50 years


is found that the company provides both types

of training and mainly

prospects goes for the online training. Every year company recruits as many as 50 Advisors in order to increase the sales force of the company. Most of the recruited people are aware of the insurance sector and the person who are not aware of the insurance sector are made aware through the training before sitting for the test. It has been found through the studies that most of the candidate recruited belongs the banking and insurance sector . It means that they are having some knowledge about the insurance sector. For most of the prospects attending 21 days training is a major problem. As the timings for the training are full time 10:30 am to 5.00 p.m.


For most of the prospects they join HDFC STANDARD LIFE for the extra income. Most of the recruited people continue working as a Financial Advisor.


1) This Project Report is restricted only for the interviewed people.

2) Biased reply of the respondents like giving wrong information.

3) Non availability of the data or the relevant information of the respondent.

4) Sometimes













information it becomes difficult

5) The project is done in near by areas of the Aundh Branch of the company & therefore findings of it may not be applicable in other areas.

6) Time Constraints – The duration of the project is only 2 months. In this duration we have to finish the project so the sample size considered for this project is also limited which may give some misleading outputs.

7) Although ICICI Prudential is a well known brand, it invests heavily in the advertisements, but somehow the concept of financial advisor was not known to the customers and it requires great amount of efforts to convince the various benefits to them.



  • 1. It is found that in the last five years the Indian economy has progressed, which has increased the average purchasing power & the insurance sector has contributed significantly in this.

  • 2. Since last five to six years many Private Company has entered in insurance sectors & because of which the Indians are having number of options in front of them investing their money & to safeguard the life.

  • 3. While doing this project it is found that recruiting of the advisor is done by the Unit Manager, and the parameters on which the advisors are to be recruited are :

Income Level – 1.2lacs to 2 lacs per annum Marital Status – Married Age – above 25 years Minimum Education – Graduation Staying in the same city for more than 5 years

  • 4. The study of the profile of the advisor is depending on their industry background i.e. their work experience and the age wise distribution.

  • 5. The level of awareness of the prospects about the private insurance company has increased because of the heavy advertising ad marketing by the companies over the period of time.


  • 6. It is important to appoint only those prospects as financial advisor, who can give & generate long term business for the company, so to analyze the prospects & study their status is very important thing.

  • 7. Most of the prospects wanted to join, as their first preference to earning extra money, second to start business with no capita investment, third to Association with the No. 1 Private Life Insurance Company.

Based on the findings in the Research following suggestions are made –

Finding new prospects is like breathing, so Unit Manager should be in regular touch with the market so that he will gets some good prospects.

Company should go for regular Market Survey for finding out the smart worker who can stay under the Managers Sales Team, and will generate long term business.

Branch Manager should take the feedback from the existing advisors so that he can easily understand the advisors problem as well s he can recommend new changes.

The company should concentrate on the rural part so that they can compete with LIC India, and can generate some business from there as it is found that most of the Private Life Insurance companies are targeting the urban market.


Company should follow the pull strategy where it can use advertising media, by preparing attractive Ads, through Newspaper, T.V. , and radio can increase the awareness about the company & will help in improving the market share.

Unit Manager should meet regularly with the existing advisors so that he can find out their problems & also take their suggestions.



the Indian










comfortable with other brands. In such cases ICICI Prudential can opt for

descriptive advertisements how our solutions are better than the traditional business solutions.




















Age :

Sex :

Address :

Phone No. :

Mobile No. :

Email Id :

(if any)

Q1. How many candidates are generally recruited for financial advisor through various sources of recruitment ?

Natural market

∑ Natural market


∑ References


∑ Advertisement


∑ Consultants


Q2. Does the people recruited fulfils all the criteria for being financial advisor (criteria- married , age>25 yrs , graduate , living in a city for more than 5 years , income should be nearly 2 lacs)?


∑ Yes


∑ No


∑ Partially

Q3. Which age group of people are generally forms the majority as a Financial Advisor?

25-30 years


30-50 years

∑ 30-50 years

50-65 years

∑ 50-65 years

Q4. Which kind of trainings are generally provided by the HDFC-SLIC for the Advisors ( which is compulsory by the IRDA before sitting for the test)?

Online Training

∑ Online Training

Classroom Training

∑ Classroom Training


∑ Both

Q5. Which kind of training does generally future financial advisors goes for?

Online Training

Q2. Does the people recruited fulfils all the criteria for being financial advisor (criteria- married ,


Classroom Training

∑ Classroom Training Q6. How many Financial Advisors are generally recruited by the company (at the

Q6. How many Financial Advisors are generally recruited by the company (at the kothrud)?


∑ >10


∑ 10>25


∑ 25>50


∑ 50>60

Q7. Do the recruited people do have the knowledge of insurance sector?


∑ Yes


∑ No

Q8. Are you satisfied with the procedure of test conducted by the IRDA department? Yes No Can’t Say

∑ Classroom Training Q6. How many Financial Advisors are generally recruited by the company (at the
∑ Classroom Training Q6. How many Financial Advisors are generally recruited by the company (at the
∑ Classroom Training Q6. How many Financial Advisors are generally recruited by the company (at the

Q9. Do all the recruited people continue working as Financial Advisor?


∑ Yes


∑ No
∑ Yes ∑ No


Can’t Say

Q10. What is the average work experience of Financial Advisor in HDFC STANDARD LIFE?

∑ Can’t Say Q10. What is the average work experience of Financial Advisor in HDFC STANDARD

No experience More than 2 years Less than 2 years

∑ Can’t Say Q10. What is the average work experience of Financial Advisor in HDFC STANDARD
∑ Can’t Say Q10. What is the average work experience of Financial Advisor in HDFC STANDARD

Q11. Who are mostly appointed for the post of Financial Advisor?

Banking & Finance Medical Science IT Lawyer Teacher Others

Q12. Do everyone attend 21 days training program ? Yes No Can’t say

∑ Can’t Say Q10. What is the average work experience of Financial Advisor in HDFC STANDARD
∑ Can’t Say Q10. What is the average work experience of Financial Advisor in HDFC STANDARD
∑ Can’t Say Q10. What is the average work experience of Financial Advisor in HDFC STANDARD

Q.13 Why one generally want to join HDFC STANDARD LIFE as Financial Advisor ? Pinnacle Programme

∑ Can’t Say Q10. What is the average work experience of Financial Advisor in HDFC STANDARD


Extra Income

∑ Extra Income

No Capital

∑ No Capital