career-path-in-hdfc final himanshu (1).doc

7/27/2019 Career-Path-in-Hdfc final himanshu (1).doc

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CAREER PATH IN HDFC LIFE

A Summer Training Project Report

Submitted in partial fulfilment of the requirement for the

Award of Degree of Master of Business Administration

2012-2014

Under the uidance of! Submitted b"!

Ms# Sumedha Dutta $imanshu Bansal

%nrollment no#

&'()*+&,)-.

DEPARTMENT OF MANAGEMENT

MAHARAJA AGRASEN INSTITTUE OF TECHNOLOGY

(Affiliat! t" G#G#S#I#P#U$i%&'it)

S*t"& + 22, R"i$i, Dli-1100./

A$ ISO 001200. C&tifi! I$'titt AICTE N3A A**&!it! I$'titt

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CONTENTS

TITLE PAGE NO#

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ACNO5LEDGEMENT

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6 would lie to than m" project guide all professors for supporting me during this project and

pro>iding me an opportunit" to learn outside the classroom# 6t was a trul" wonderful learning

e@perience#

6 would lie to than m" industr" guide M D6' Pal(E7#Ca$$l D%l"68$t

Ma$a9&)for guiding me through m" summer internship and research project# $is

encouragement time and effort are greatl" appreciated#

6 would also lie to than M D6' Pal (E7#Ca$$l D%l"68$t Ma$a9&)of Rohini

branch who suggested me such a nice topic :Ca&& Pat I$ HDFC SLIC;,he actuall"

helped us during our initial da"s and was alwa"s there with us during hard times#

6 would also lie to than the director sir Dr#/ S Sharma and m" mentor Mrs# Sumedha Dutta

mam

6 would lie to than all those people who helped in filling up the questionnaire and pro>ided

>aluable feedbac which helped in data anal"sis and supported our research#

4ast but not the least 6 would lie to than M 3ill Gat' for his MS 2ffice 6 could not beable to mae m" Project Report in printed and attract form#

Hi8a$' 3a$'al

DECLARATION

6 hereb" declare that the project report titled :Ca&& Pat I$ HDFC SLIC; is

m" own wor and has been carried out under the able guidance of Mr# Deepesh

Pal /hannel De>elopment Manager Rohini Branch C 1ew Delhi --&&;' and

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7acult" Mahraja Agrasen 6nstitute of Technolog" Delhi# All care has been

taen to eep this report error free and 6 sincerel" regret for an" unintended

discrepancies that might ha>e crept into this report# 6 shall be highl" obliged if

errors if an"E are brought to m" attention#

Than :ou#

Hi8a$' 3a$'alM3A (INT#)

III SEM#

012

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8

CHAPTER 1


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E?ECUTI@E SUMMARY OF THE PROJECT

I$t&"!*ti"$

$D7/ Standard 4ife 6nsurance /ompan" 4td# is one of 6ndiaFs leading pri>ate insurance

companies which offers a range of indi>idual and group insurance solutions and pro>iding the

career opportunities to its emplo"ees# 6t is a joint >enture between $ousing De>elopment

7inance /orporation 4imited $D7/ 4td#E 6ndiaFs leading housing finance institution and a

roup /ompan" of the Standard 4ife U0# $D7/ as on December ,- .&&( holds (.#,; per

cent of equit" in the joint >enture#

O3JECTI@E OF THE STUDY

To stud" the benefits for the emplo"ees of the organiGation#

To stud" the career path of the organiGation#

Recruitment of financial consultant#

S32T anal"sis

SCOPE OF THE STUDY

The stud" will limited to $D7/ Standard and its emplo"eesH career path for their bright future

and also emplo"ees and DelhiHs people sur>e" about the perceptions toward the $D7/ S46/

en>ironment in the organiGation#

SIGNIFICANCE OF THE STUDY

S32T anal"sis is a tool for auditing an organiGation and its en>ironment# 6t is the first stage

of planning and helps mareters to focus on e" issues# S32T stands for strengths

weanesses opportunities and threats# Strengths and weanesses are internal factors and

opportunities and threats are e@ternal factors#

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MANAGERIAL USEFULNESS OF THE STUDY

Before insurance sector was opened to the pri>ate sector 4ife 6nsurance /orporation 46/E

was the onl" insurance compan" in 6ndia# After the opening up of 6nsurance sector in 6ndia

there has been a glut of insurance companies in 6ndia# These companies ha>e come up with

inno>ati>e and fle@ible insurance policies to cater to >ar"ing needs of the indi>idual# 2pening

up of the 6nsurance sector has also forced the 46/ to tighten up its belt and deli>er better

ser>ice# All in all it has been a bonanGa for the consumer#

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RESEARCH METHODOLOGY

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THE MARET SUR@EY (UESTIONNAIRE)

A maret sur>e" was undertaen to get some nowledge about the woring en>ironment of

organiGation salar" pacage career path for the emplo"ees and qualit" of wor life does

pla"s a pi>otal role for the better men power and which ind is most powerful# This sur>e"

was undertaen Subhash 1agar of D%4$6 = D%4$6Hs people and questionnaire method was

used#

SAMPLE SIBE

The sample siGe for the sur>e" conducted was 200 &'6"$!$t'

SAMPLING TECHNIUE

Ra$!"8 'a86li$9 t*$iwas used in the sur>e" conducted#

of the collected data# The data is also neatl" presented with the help of statistical tools such as

graphs and pie charts# Percentages and a>erages ha>e also been used to represent data clearl"

and effecti>el"#

STUDY AREA

The samples referred to Delhi /it" = Branch in Subhash 1agar 1ew Delhi /it"#

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13

CHAPTER 2


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RE@IE5

1# C""'i$9 t Ri9t Ca&& Pat

/hoosing the right career path is one of the most defining decisions we can mae in life# 2ur

job not onl" sa"s a lot about what ind of person we are but will influence what t"pe of car

we dri>e what ind of house we li>e in the people we associate with and more# But abo>e all

these things is the fact that we spend most of our waing moments at worI# 3hich means

that if our job does not fulfill us or does not allow us to pursue our life goals than it is not the

career we should spend the rest of our life doing#

3e ha>e to get clear about what it is that gi>es us fulfillment in life what fascinates us or

what we are passionate about# 2nce our interests are defined we ha>e to thin about whatcareer paths are a>ailable in that area# Sometimes there will be clear paths to tae lie when

our passion is designing websites the job options could be to become a web designer web

programmer or similar positions# But other interests ma" need more creati>e wa"s of

thining lie if "ou are passionate about collecting rare coins "our path ma" not be so clear#

:ou ma" ha>e to loo into se>eral sources of incomeJ 2wning a coin dealership writing a

guide to collecting rare coins ha>ing a website built andKor selling coins online#

Because of the responsibilities of modern life and the necessit" of mone" to support our

lifest"le and famil" we canFt just quit our job and immediatel" pursue our passion# 6t ma" tae

months or "ears of planning while we continue to wor in our ) to ' job and bring in a regular

wage# The important thing is that we are mo>ing towards the goal of doing what inspires us in

life# 3ithout the clear focus and continual small steps towards achie>ing our dream job we

would just be idding oursel>es#

3e ma" ha>e to tae e>ening or weeend classes attend seminars read boos or associate

with people in "our area of interest# 6f itFs a product that "ou plan to sell perhaps "ou could

start selling it from home at weeend marets or setting up a website to sell it from#

3hen weFre mo>ing towards our dream job and ha>e a clear path before us it maes our ) to '

job less of a problem# Rather than going to wor each da" and hating the things we do we can

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appreciate the job for being a step towards doing what reall" inspires us# 6t is putting food on

the table pa"ing the rent and funding the wa" towards the right career path#

2# A &*''i"$-6&""f *a&& 6at O$l f"& t l* "$'$ow long will the economic downturn last? 3hile some claim to see green shoots others C

such as m" colleague Martin 3olf C see a slow and painful process ahead# 6 ha>e little to add

to that debate but 6 can guarantee that for some of us the impact of this downturn will last a

lifetime#

That is the conclusion 6 draw from the research of Till Marco >on 3achter an economist at

/olumbia Uni>ersit" who has been tracing the lasting effects of bad luc in the job maret#

$a>ing to loo for a job at the wrong time can force us into compromises whose repercussions

can last "ears or e>en decades#

7or e@ample when >on 3achter teamed up with two US go>ernment economists age but it was o>er in

less than two "ears# :et >on 3achter and his colleagues disco>ered that those who lost theirjobs had incomes about .& per cent lower than would otherwise be e@pected e>en two

decades later#

6t is possible that this result is reall" capturing the effect of being a less producti>e and thus

e@pendableE worer or of being trapped in a declining industr"# But that is unliel"# Such

mass la"offs are b" their nature indiscriminate and the researchers tried hard to compare lie

with lie# The results remain robust C and the" match similar research done in erman" and

earlier studies in the US with smaller data sets#

3h" such a big effect? 6n part it is a question of luc# Most people who ha>e secured a

decent secure fullLtime job ha>e enjo"ed a dose of luc in doing so# 6t is hard to get luc"

twiceN

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A similar problem lies in wait for those graduating during a recession# People ha>e to mae

compromisesN sa"s >on 3achter which often means taing a stopgap job with a less

glamorous emplo"er and tr"ing to switch careers or switch emplo"ers later on# The longer

this process taes the longer the impact on the unluc" cohort of graduates#

># O%&*"8 Y"& Ca&& Ca$9 Fa& < E76&t Ti6'

6f "ouFre read" for a career change but ha>enFt "et figured out how to get there follow these

tips from $ar>ardFs Dr# Timoth" Butlerand life coach /#ironment feel or not so good to "ou? 3rite it down#

4# Nt"& a$! i$%'ti9at *a&& i$t&'t' tat 8a6 t" "& 9"al' a$! $!'

2nce "ouF>e identified "our patterns and desires start thining about careers that mae sense

for "ou# i>e "ourself one to three months to e@plore "our curiosit" b" finding people who do

these jobs and taling about the pros and cons of their wor# %@plore an"thing and e>er"thing

until "ouFre satisfied L or until "our time runs out#

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http://dll3kmps.securesites.net/gettingunstuck/http://www.mywholelife.net/http://dll3kmps.securesites.net/gettingunstuck/http://www.mywholelife.net/


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ance to career women students

and scholars of women and wor# Part 6 of the boo begins with an introduction b" the editors

which highlights fi>e major issues that affect woring women and what has been learned

about

those issues in the -);&s# 2ther chapters are ordered thematicall"# 6n Part 66 OPersonal /areer

PlanningO the themes touch on pathwa"s and pitfalls confronting women as the" plan their

career strategies# 6n /hapters . , and + Shapiro and 7arrow discuss the merits of mentors

/ase anal"Ges womenFs speech and %l" e@plores womenFs leadership st"les respecti>el"J with

an e"e to how women can appl" the information to their own wor situation# 7amil"

relationships also ha>e been shown to affect womenFs careers# 6n /hapter ' O$usbandsF esF 6ncomeO and /hapter * O$a>e 3omenFs /areer and 7amil" 9alues

/hanged?O questions are raised concerning the relationship between marriage famil" and

careers# 6n /hapter ( /hao and Mali present a career planning model which ties together

indi>idual organiGational and societal constraints and facilitators of professional

de>elopment#

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global en>ironment domain# To identif" within each domain the most important factors

influencing a global career we first conducted a re>iew of the literature on boundar"less

careers and global managers# This re>iew allowed us to identif" those factors that are most

rele>ant to the changing nature of careers and global assignments# 3e then re>iewed past

empirical research on international careers to map how pre>ious studies ha>e addressed those

factors further guiding us to formulate directions for future research on global careers# As

well as indicating these specific research implications we propose a conte@tualiGed research

approach that facilitates understanding of different career mo>es o>er time as well as the

o>erall direction of a global career path#

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INTRODUCTION

THE INSURANCE INDUSTRY IN INDIA AN O@ER@IE5

3ith the largest number of life insurance policies in force in the world 6nsurance happens to

be a mega opportunit" in 6ndia# 6tHs a business growing at the rate of -'L.& per cent annuall"

and presentl" is of the order of Rs -'*+- billion for the financial "ear .&&* C .&&(E#

Together with baning ser>ices it adds about ( to the countr"Hs ross Domestic Product

DPE# The gross premium collection is nearl" . of DP and funds a>ailable with 46/ for

in>estments are ; of the DP#

%>en so nearl" *' of the 6ndian population is without life insurance co>er while health

insurance and nonLlife insurance continues to be below international standards# A large part of

our population is also subject to wea social securit" and pension s"stems with hardl" an" old

age income securit"# This in itself is an indicator that growth potential for the insurance sector

in 6ndia is immense#

A wellLde>eloped and e>ol>ed insurance sector is needed for economic de>elopment as it

pro>ides long term funds for infrastructure de>elopment and strengthens the ris taing abilit"

of indi>iduals# 6t is estimated that o>er the ne@t ten "ears 6ndia would require in>estments ofthe order of one trillion US dollars# The 6nsurance sector to some e@tent can enable

in>estments in infrastructure de>elopment to sustain the economic growth of the countr"#

Source! www#indiacore#comE

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HISTORICAL PERSPECTI@E

The histor" of life insurance in 6ndia dates bac to -;-; when it was concei>ed as a means to

pro>ide for %nglish 3idows# 6nterestingl" in those da"s insurance charged for 6ndian li>es

was more than the non L 6ndian li>es as 6ndian li>es were considered more ris" to co>er# TheBomba" Mutual 4ife 6nsurance Societ" started its business in -;(&6t was the same compan"

to charge same premium for both 6ndian and non 6ndian li>es# The 2riental Assurance

/ompan" was established in -;; The eneral insurance business in 6ndia on the other hand

can trace its roots to Triton 6nsurance /ompan" 4imited the first general insurance compan"

established in the "ear -;'& in /alcutta b" the British# Till the end of the nineteenth centur"

insurance business was almost entirel" in the hands of o>erseas companies#

6nsurance regulation formall" began in 6ndia with the passing of the life insurance /ompanies

Act of -)-. and the Pro>ident 7und Act of -)-.# Se>eral frauds during the -).&Fs and -),&Fs

sullied insurance business in 6ndia# B" -),; there were -(* insurance companies#

The first comprehensi>e legislation was introduced with the 6nsurance Act of-),; that strict

State /ontrol is there o>er the insurance business# The insurance business grew at a faster pace

than other business# 6ndian companies strengthened their hold on this business but despite the

growth that was witnessed insurance remained an urban phenomenon#

The o>ernment of 6ndia in -)'* brought together o>er .+& pri>ate life insurers and

pro>ident societies under one nationaliGed monopol" corporation and 4ife 6nsurance

/orporation 46/E was born# 1ationaliGation was justified on the grounds that it would create

the much needed funds for rapid industrialiGation# This was in conformit" with the

o>ernmentFs chosen path of State led planning and de>elopment#

The nonLlife insurance business continued to thri>e with the pri>ate sector till -)(.# Their

operations were restricted to organiGed trade and industr" in large cities# The general insurance

industr" was nationaliGed in -)(.# 3ith this nearl" -&( insurers were amalgamated and

grouped into four companiesL 1ational 6nsurance /ompan" 1ew 6ndia Assurance /ompan"

2riental 6nsurance /ompan" and United 6ndia 6nsurance /ompan"# These were subsidiaries of

the eneral 6nsurance /ompan" 6/E#

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EY MILESTONES

112 The 6ndian 4ife Assurance /ompanies Act enacted as the first statute to regulate the life

insurance business#

12.The 6ndian 6nsurance /ompanies Act enacted to enable the go>ernment to collect

statistical information about both life and nonLlife insurance businesses#

1>.%arlier legislation consolidated and amended b" the 6nsurance Act with the objecti>e of

protecting the interests of the insuring public#

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PRESENT SCENARIO - LIFE INSURANCE INDUSTRY IN INDIA

The life insurance industr" in 6ndia grew b" an impressi>e +(#,; with premium income at

Rs# -'*+- billion during the fiscal "ear .&&*L.&&(# Though the total >olume of 46/Fs

business increased in the last fiscal "ear .&&*L.&&(E compared to the pre>ious one its maret

share came down from ;'#(' to ;-#)-#

The -( pri>ate insurers increased their maret share from about -' to about -) in a "earFs

time# The figures for the first two months of the fiscal "ear .&&(L&; also spea of the growing

share of the pri>ate insurers# The share of 46/ for this period has further come down to ('

percent while the pri>ate pla"ers ha>e grabbed o>er .+ percent#

3ith the opening up of the insurance industr" in 6ndia man" foreign pla"ers ha>e entered themaret# The restriction on these companies is that the" are not allowed to ha>e more than a

.* stae in a compan"Hs ownership#

Since the opening up of the insurance sector in -))) foreign in>estments of Rs# ;#( billion

ha>e poured into the 6ndian maret and -) pri>ate life insurance companies ha>e been granted

licenses#

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5HO ARE THE COMPETITORS OF HDFC SLIC

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http://www.maxnewyorklife.com/index.aspxhttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/index5.aspxhttp://www.inglife.co.in/home.aspx


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http://www.iciciprulife.com/public/default.htm


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26

CHAPTER 4


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INTRODUCTION TO HDFC STANDARD LIFE

HDFC

$D7/ 6ncorporated in -)(( with a share capital of Rs -& /rores $D7/ has since emerged as

the largest residential mortgage finance institution in the countr"# The corporation has had a

series of share issues raising its capital to Rs# --) /rores# The gross premium income for the

"ear ending March ,- .&&( stood at Rs# .;'* /rores and new business premium income at

Rs# -*.+ /rores# The compan" has co>ered o>er ; ((&&& li>es "ear ending March

,- .&&(#

$D7/ operates through almost +'& locations throughout the countr" with its corporate head

quarters in Mumbai 6ndia# $D7/ also has an 6nternational 2ffice in Dubai UA% with ser>ice

associates in 0uwait 2man and Qatar# $D7/ is the largest housing compan" in 6ndia for the

last .( "ears#

SNAPSHOT-I

6ncorporated in -)(( as the first specialiGed Mortgage /ompan" in 6ndia#

Almost )& of initial shareholding in the hands of domestic institutes and retail

in>estors# /urrent (( of shares held b" foreign institutional in>estors#

Besides the core business of mortgage $D7/ has e>ol>ed into a financial

conglomerate with holdings 6n!

$D7/ Standard 4ife insurance /ompan"L $D7/ holds (;#&( #

$D7/ Asset Management /ompan" C $D7/ holds '-

$D7/ BanL $D7/ holds ..#.'#

6ntelenet lobal Business Process 2utsourcingE C $D7/ holds '&

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#$D7/ /hubb eneral 6nsurance /ompan" C $D7/ holds (+#

SNAPSHOT-II

4oan Appro>als Rs# ;&' billion#

up to Dec .&&(E US -;#,& bn#E 4oan Disbursements Rs#**) billion

up to Dec# .&&(E US -'#.& bnE

$ousing Units 7inanced .#' million#

Distribution

2ffices -;-

2utreach Programs )&

EY PLAYERS

M D6a S Pa&is the /hairman of the /ompan"# $e is also the %@ecuti>e /hairman

of $ousing De>elopment 7inance /orporation 4imited $D7/ 4imitedE# $e joined $D7/

4imited in a senior management position in -)(;# $e was inducted as a wholeLtime director of$D7/ 4imited in -);' and was appointed as its %@ecuti>e /hairman in -)),# $e is the /hief

%@ecuti>e 2fficer of $D7/ 4imited# Mr# Pareh is a 7ellow of the 6nstitute of /hartered

Accountants %ngland = 3alesE#

M D6a M Satala&is the Managing Director and /%2 of the /ompan" since

1o>ember .&& Prior to this he was the Managing Director of $D7/ 4imited since -)),#

Mr# Satwalear obtained a Bachelors Degree in Technolog" from the 6ndian 6nstitute ofTechnolog" Bomba" and a Masters Degree in Business Administration from The American

Uni>ersit" 3ashington D/#

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GROUP COMPANIES

$D7/ Ban! 3orld /lass 6ndian BanL among the top pri>ate bans in 6ndia#

$D7/ AM/! 2ne of the top , AM/s in 6ndiaL Preferred in>estment manager#

6ntelenet lobal! BP2 ser>ices for international customers#

/6B64! /redit 6nformation Bureau 6ndia 4imited#

$D7/ /hubb! Upcoming Pri>ate companies in the field of eneral 6nsurance#

$D7/ Mutual 7und

$D7/ realit"#com! $elps to search properties in all major cities in 6ndia

$D7/ securities

STANDARD LIFE

Standard 4ife is %uropeHs largest mutual life assurance compan"# Standard 4ife which has

been in the life insurance business for the past -(' "ears is a modern compan" sur>i>ing quite

a few changes since selling its first polic" in -;.'# The compan" e@panded in the -)thcentur"

from its original %dinburgh premises opening offices in other towns and acquitting othersimilar businesses#

Standard 4ife /urrentl" has assets e@ceeding o>er (& billion under its management and has

the distinction of being accorded AAAN rating consequentl" for the si@ "ears b" Standard and

Poor#

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SNAPSHOT

7ounded in -;(' compan" supporting generation for last -() "ears#

/urrentl" o>er ' million Polic" holders benefiting from the ser>ices offered#

%uropeHs largest mutual life insurer#

JOINT @ENTURE

/ountr" of registration or Share class 1ame incorporation and proportion held :ear end

1ature of business

$eng An Standard 4ife /hina 2rdinar" shares '& ,- Dec 4ife assurance$D7/ Standard

4ife 6nsurance /ompan" 4imited 6ndia2rdinar" shares -;#* ,- Mar 4ife assurance$D7/

Asset Management /ompan" 4imited

6ndia 2rdinar" shares +)#) ,- Mar 6n>estment management

2wned b" a subsidiar" undertaing of the /ompan"#

The /ompan" also has a -+#' interest in $ousing De>elopment 7inance /orporation

4imited $D7/ 4imitedNE# $D7/ 4imited owns ;-#+ and '-of $D7/ Standard 4ife

6nsurance /ompan" 4imited and $D7/ Asset Management /ompan" respecti>el"# This gi>es

theroup an effecti>e interest in thesecompanies of ,& and '( respecti>el"# The /ompan"

does not e@ercise dominant influence o>er either of these joint >entures#The current operations

of these companies are not significant in relation to the accounts of the roup#

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31

CHAPTER 5


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HDFC STANDARD LIFE INSURANCE COMPANY LIMITED

INTRODUCTION

$D7/ Standard 4ife 6nsurance /o# 4td was incorporated on -+th august .&& 6t is a joint

>enture between $ousingDe>elopment 7inance /orporation 4imited $D7/ 4td#E 6ndia And

U0 based Standard 4ife /ompan"# Both the joint >enture partners being one of the leaders in

their respecti>e areas came together in this ;-#+!-;#* joint >enture to form $D7/ Standard

4ife 6nsurance /ompan" 4imited# Mr# Deepa Satwalear is the MD and /%2 of the

>enture#$D7/ Standard 4ife brings to "ou a whole range of insurance Solutions be it group or

indi>idual or 1A9 ser>ices for /orporations the" can be easil" customiGed as per specific

needs#

$D7/ Standard 4ife 6nsurance 6ndia boasts of co>ering around ;#( lah li>es b" MarchF.&&(#The gross incomes standing at a whopping Rs# . ;'* crores $D7/ Standard 4ife 6nsurance

/orporation is sure to become one of the leaders and the first preference for an" life insurance

customer#

$D7/ Standard 4ife 6nsurance /ompan" 4td# offers a range of indi>idual and group

insurance solutions# 6t is a joint >enture between $ousing De>elopment 7inance /orporation

4imited $D7/ 4td#E 6ndiaHs leading housing finance institution and one of the subsidiaries

of Standard 4ife plc leading pro>iders of financial ser>ices in the United 0ingdom# The

Standard 4ife group has been looing after the financial needs of customers for o>er -;&

"ears# 6t is a leading pensionHs pro>ider in the U0# Both the promoters are well nown in their

respecti>e fields of acti>ities# 7or more details "ou ma" log on to

http!KKwww#hdfcinsurance#com

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$D7/ Standard 4ife 6nsurance /ompan" 4imited was one of the first companies to be

granted license b" the 6RDA to operate in life insurance sector# Reach of the ents also had an impact on the

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6ndian life insurance industr"# 3e are happ" that our new policies issued grew b" -* o>er

the last "ear# $owe>er gi>en the uncertaint" in the o>erall scenario customers ha>e reduced

their annual premium commitment on new policies# At the same time e@isting policies

continued to be in force reflected in our renewal premium which posted a health" growth of

,+#N

6n line with o>erall maret conditions growth in %ffecti>e Premium 6ncome %P6E in respect

of retail business increased b" ' growing from Rs# .+.' crores in .&&(L&; to Rs# .''.

crores in .&&;L&)# $D7/ Standard 4ife tracs its 1ew Business Premium on the basis of

%ffecti>e Premium 6ncome %P6E# %P6 is calculated b" gi>ing onl" a -& >alue to a Single

Premium polic" and is an internationall" accepted indicator of an insurance compan"Hs

performance#

$D7/ Standard 4ife maintained its health" pipeline of products last "ear b" launching--

products apart from slashing the premium rates of its Term Assurance Plan premium rates b"

about .' across different age bands# 2ur entr" into the health insurance maret last "ear

with the launch of two products C Surgi /are and /ritical /are was a significant mo>e in line

with our business objecti>e# The low penetration of health insurance in 6ndia gi>es us a

tremendous opportunit" to pro>ide qualit" health insurance# 2ur health products along our

complete range of life insurance and pensionHs portfolio meet almost e>er" aspect of an

indi>idualHs requirementsN Mr# Parasnis added#

EY STRENGTH

Fi$a$*ial E76&ti'

As a joint >enture of leading financial ser>ices group# $D7/ standard 4ife has the financial

e@pertise required to manage longLterm in>estments safel" and efficientl"#

Ra$9 "f S"lti"$'

$D7/ S46/ has a range of indi>idual and group solutions which can be easil" customiGed to

specific needs# These group solutions ha>e been designed to offer complete fle@ibilit"

combined with a low charging structure#

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St&"$9 Eti*al @al'

$D7/ S46/ is an ethical and /ultural 2rganiGation# 7alse selling or false commitment with

the customers is not allowed#

M"'t &'6*t! P&i%at I$'&a$* C"86a$$D7/ S46/ was awarded 1oL- Pri>ate 6nsurance /ompan" in .&&+ b" the 3orld /lass

MagaGine Business 3orld for 6ntegrit" 6nno>ation and /ustomer /are#

CORPORATE O3JECTI@E

7ocus on the producti>it" of each consultant corporate or indi>idual while stressing

on the qualit" of proposals

Quic roll out of Products

%fficienc" of 2perations

Meet Social = Rural sector obligations

@ISION

FThe most successful and admired life insurance compan" which means that we are the most

trusted compan" the easiest to deal with offer the best >alue for mone" and set the standards#

#

FThe most ob>ious choice for allF#

@ALUES

9alues that we obser>e while we wor!

I$t9&it I$$"%ati"$ C't"8& P"6l Ca&

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Ta8"& J" a$! Si86li*it

36


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3OARD MEM3ERS

3&if 6&"fil "f t 3"a&! "f Di&*t"&'

M D6a S Pa&is the /hairman of the /ompan"# $e is also the %@ecuti>e/hairman of $ousing De>elopment 7inance /orporation 4imited $D7/ 4imitedE# $e

joined $D7/ 4imited in a senior management position in -)(;# $e was inducted as a

wholeLtime director of $D7/ 4imited in -);' and was appointed as its %@ecuti>e

/hairman in -)),# $e is the /hief %@ecuti>e 2fficer of $D7/ 4imited# Mr# Pareh is

a 7ellow of the 6nstitute of /hartered Accountants %ngland = 3alesE#

M i M Mi't&joined the Board of Directors of the /ompan" in December

.&& $e is currentl" the Managing Director of $D7/ 4imited# $e joined $D7/

4imited in -);- and became an %@ecuti>e Director in -)),# $e was appointed as its

Managing Director in 1o>ember .&& Mr# Mistr" is a 7ellow of the 6nstitute of

/hartered Accountants of 6ndia and a member of the Michigan Association of

/ertified Public Accountants#

M Al7a$!& M C&"8ijoined the Board of Directors of the /ompan" in April

.&&.# $e has been with the Standard 4ife roup for ,+ "ears holding >arious senior

management positions# $e was appointed as the roup /hief %@ecuti>e of the

Standard 4ife roup in March .&&+# Mr# /rombie is a fellow of the 7acult" of

Actuaries in Scotland#

M'# Ma&*ia D Ca86llis currentl" the roup 2perations Director in the Standard

4ife group and is responsible for roup 2perations Asia Pacific De>elopment

Strateg" = Planning /orporate Responsibilit" and Shared Ser>ices /entre# Ms#

/ampbell joined the Board of Directors in 1o>ember .&&'#

M it N S"*is currentl" the /hief %@ecuti>e in Standard 4ife 6n>estments

4imited and is responsible for o>erseeing 6n>estment Process = /hief %@ecuti>e2fficer 7unction# Prior to this Mr# Seoch was woring with MKs# e Director Director

of /ontrols and Strateg" $SBS Securities and Managing Director 6nternational

%quities# $e was also responsible for %conomic and 6n>estment Strateg" research

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produced on a worldwide basis# Mr# Seoch joined the Board of Directors in

1o>ember .&&'#

M Gata8 R Di%a$is a practising /hartered Accountant and is a 7ellow of the

6nstitute of /hartered Accountants of 6ndia# Mr# Di>an was the 7ormer /hairman and

Managing /ommittee Member of Midsnell roup 6nternational an 6nternational

Association of 6ndependent Accounting 7irms and has authored se>eral papers of

professional interest# Mr# Di>an has wide e@perience in auditing accounts of large

public limited companies and nationalised bans financial and ta@ation planning of

indi>iduals and limited companies and also has substantial e@perience in structuring

o>erseas in>estments to and from 6ndia#

M Ra$Ka$ Pa$tis a global Management /onsultant ad>ising /%2KBoards on

Strateg" and /hange Management# Mr# Pant until .&&. was a Partner = 9iceL

President at Bain = /ompan" 6nc# Boston where he led the worldwide Utilit"

Practice# $e was also Director /orporate Business De>elopment at eneral %lectric

headquarters in 7airfield USA# Mr# Pant has an MBA from The 3harton School and

B% $onoursE from Birla 6nstitute of Technolog" and Sciences#

M Ra%i Na&ai$ i' t Ma$a9i$9 Di&*t"& CEOof 1ational Stoc %@change of

6ndia 4imited# Mr# Ra>i 1arain was a member of the core team to setLup the Securities

= %@change Board of 6ndia S%B6E and is also associated with >arious committees of

S%B6 and the Reser>e Ban of 6ndia RB6E#

M D6a M Satala& i' t Ma$a9i$9 Di&*t"& a$! CEOof the /ompan"

since 1o>ember .&& Prior to this he was the Managing Director of $D7/ 4imited

since -)),# Mr# Satwalear obtained a Bachelors Degree in Technolog" from the

6ndian 6nstitute of Technolog" Bomba" and a Masters Degree in Business

Administration from The American Uni>ersit" 3ashington D/#

M'# R$ S# a&$a!is the %@ecuti>e director of $D7/ 4imited is a graduate in law

and holds a MasterFs degree in economics from Delhi Uni>ersit"# She has been

emplo"ed with $D7/ 4imited since -)(; and was appointed as the %@ecuti>e Director

in .&& She is responsible for o>erseeing all aspects of lending operations of $D7/

4imited#

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MARET SHARE

HDFC Li8it!#

$D7/ is 6ndiaHs leading housing finance institution and has helped build more than

.,&&&&& houses since its incorporation in -)((#

6n 7inancial :ear .&&,L&+ its assets under management crossed Rs# ,*&&& /r#

As at March ,- .&&+ outstanding deposits stood at Rs# (;+& crores# The depositor

base now stands at around - million depositors#

Rated AAAH b" /R6S64 and 6/RA for the -&th consecuti>e "ear

Stable and e@perienced management

$igh ser>ice standards

Awarded The %conomic Times /orporate /itiGen of the "ear Award for its

longLstanding commitment to communit" de>elopment#

Presented the Dream $omeH award for the best housing finance pro>ider in .&&+ at

the third Annual 2utloo Mone" Awards#

Sta$!a&! Lif G&"6 (Sta$!a&! Lif 6l* a$! it' ''i!ia&i')

The Standard 4ife group has been looing after the financial needs of customers for

o>er -;& "ears

6t currentl" has a customer base of around ( million people who rel" on the compan"for their insurance pension in>estment baning and healthLcare needs

6ts in>estment manager currentl" administers -.' billion in assets

6t is a leading pensions pro>ider in the U0 and is rated b" Standard = PoorFs as

FstrongF with a rating of AV and as FgoodF with a rating of A- b" Mood"Fs

Standard 4ife was awarded the FBest Pension Pro>iderF in .&&+ .&&' and .&&* at the

Mone" Mareting Awards and it was >oted a ' star life and pensions pro>ider at the

7inancial Ad>iser Ser>ice Awards for the last -& "ears running # The F' StarF

accolade has also been awarded to Standard 4ife 6n>estments for the last -& "ears

and to Standard 4ife Ban since its inception in -));# Standard 4ife Ban was

awarded the FBest 7le@ible Mortgage 4enderF at the Mortgage MagaGine Awards in

.&&*

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MILESTONES IN THE HISTORY

$D7/ is 6ndiaHs leading housing finance institution and has helped build more than

., &&&&& houses since its incorporation in -)((#

6n 7inancial :ear .&&,L&+ its assets under management crossed Rs#,*&&&/r#

As at March ,- .&&+ outstanding deposits stood at Rs# (;+& crores# The depositor

base now stands at around - million depositors#

Rated AAAH b" /R6S64 and 6/RA for the -&th consecuti>e "ear

Awarded The %conomic Times /orporate /itiGen of the "ear Award for its longL

standing commitment to communit" de>elopment#

Presented the Dream $omeH award for the best housing finance pro>ider in .&&+ at

the third Annual 2utloo Mone" Awards

$D7/ Standard 4ife 6nsurance is the first pri>ate life insurance compan" to be granted

a license b" 6RDA

Rated as the OBest 1ew 6nsurer L .&&,O b" 2utloo Mone" magaGine 6ndiaHs number

- personal finance magaGine

Rated b" Business worldH as 6ndiaHs Most Respected Pri>ate 4ife 6nsurance

/ompan"H in .&&+#

+( $as the highest brand recall close to ;& Source! A/ 1eilson 2RMAR April.&&'E

$as one of the widest branch networs with offices in o>er -&& cities ser>icing o>er

++& towns

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PRODUCTS SER@ICES

The right in>estment strategies wonFt just help plan for a more comfortable tomorrow LL the"

will help "ou get Sa& Uta Ji". At $D7/ S46/ life insurance plans are created

eeping in mind the changing needs of famil"# 6ts life insurance plans are designed to pro>ide

"ou with fle@ible options that meet both protection and sa>ings needs# 6t offers a full range of

transparent fle@ible and >alue for mone" products# $D7/ S46/ products are modern and

contemporar" unitiGed products that offer unique customer benefits lie fle@ibilit" to choose

co>er le>els inde@ation and partial withdrawals# Source! www#hdfcslic#comE

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6nno>ati>e products smart mareting and aggressi>e distribution ha>e enabled fledgling

pri>ate insurance companies to sign up 6ndian customers faster than an"one e@pected# 6ndians

who had alwa"s seen life insurance as a ta@ sa>ing de>ice are now suddenl" turning to the

pri>ate sector and snapping up the new inno>ati>e products on offer# Some of these products

include in>estment plans with insurance and good returns unit lined plansE multi C purpose

insurance plans pension plans child plans and mone" bac plans# www#wiipedia#comE

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P&"!*t' "f HDFC 'ta$!a&! lif i$'&a$*

I$!i%i!al

G&"6

S"*ial

I$!i%i!al P&"!*t'

3e at $D7/ Standard 4ife realiGe that not e>er"one has the same ind of needs# 0eeping this

in mind we ha>e a >aried range of Products that "ou can choose from to suit all "our needs#

These will help secure "our future as well as the future of "our famil"#

P&"t*ti"$ Pla$':ou can protect "our famil" against the loss of "our income or the burden of a loan in the

e>ent of "our unfortunate demise disabilit" or sicness# These plans offer >aluable peace of

mind at a small price#

2ur Protection range includes our Term Assurance Plan=4oan /o>er Term Assurance Plan#

I$%'t8$t Pla$'

2ur Single Premium 3hole 2f 4ife planis well suited to meet "our long term in>estment

needs# 3e pro>ide "ou with attracti>e long term returns through regular bonuses#

P$'i"$ Pla$'

2ur Pension Plans help "ou secure "our financial independence e>en after retirement#

2ur Pension range includes ourPersonal Pension Plan Unit 4ined PensionUnit 4ined

Pension Plus

Sa%i$9' Pla$'

2ur Sa>ings Plans offer "ou fle@ible options to build sa>ings for "our future needs such as

bu"ing a dream home or fulfilling "our children immediate and future needs#

2ur Sa>ings range includes%ndowment Assurance Plan Unit 4ined %ndowment Unit

4ined %ndowment Plus Unit 4ined %ndowment Plus 66

43
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Unit 4ined %nhanced 4ife Protection 66 /hildrenFs PlanUnit 4ined :oung Star Unit

4ined :oung Star Plus Unit 4ined :oung Star Plus 66#

44
http://www.hdfcinsurance.com/products/indi_elpII.aspxhttp://www.hdfcinsurance.com/products/indi_cp.aspxhttp://www.hdfcinsurance.com/products/indi_ulysplusII.aspxhttp://www.hdfcinsurance.com/products/indi_elpII.aspxhttp://www.hdfcinsurance.com/products/indi_cp.aspxhttp://www.hdfcinsurance.com/products/indi_ulysplusII.aspx


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G&"6 P&"!*t'

O$-'t"6 '"6 f"& 86l"-$fit '"lti"$'

$D7/ Standard 4ife has the most comprehensi>e list of products for progressi>e emplo"ers

who wish to pro>ide the best and most inno>ati>e emplo"ee benefit solutions to their

emplo"ees# 3e offer different products for different needs of emplo"ers ranging from terminsurance plans for pure protection to >oluntar" plans such as superannuation and lea>e

encashment#

3e now offer the following group products to our esteemed corporate clients!

G&"6 T&8 I$'&a$*

G&"6 @a&ial T&8 I$'&a$*

G&"6 U$it-Li$! Pla$

An in>estment solution that pro>ides funding >ehicle to manage corpuses with ratuit"

Defined Benefit or Defined /ontribution Superannuationor 4ea>e %ncashmentschemes of

"our compan"

Also suitable for other emplo"ee benefit schemes such as salar" sa>ing schemes and wealth

management schemes

S"*ial P&"!*t

D%l"68$t i$'&a$* 6la$

De>elopment 6nsurance plan is an insurance plan which pro>ides life co>er to members of a

De>elopment Agenc" for a term of one "ear# 2n the death of an" member of the group insured

during the "ear of co>er a lump sum is paid to those member beneficiaries to help meet some

of the immediate financial needs following their loss#

Eli9iilit

Members of the de>elopment agenc" and their spouses with!

Minimum age at the start of the polic" -; "ears last birthda"

45
http://www.hdfcinsurance.com/products/grp_gtistdprop.aspxhttp://www.hdfcinsurance.com/products/grp_gvti.aspxhttp://www.hdfcinsurance.com/products/grp_gvti.aspxhttp://www.hdfcinsurance.com/products/grp_gratuity.aspxhttp://www.hdfcinsurance.com/products/grp_superannuation.aspxhttp://www.hdfcinsurance.com/products/grp_leaveencash.aspxhttp://www.hdfcinsurance.com/products/grp_gtistdprop.aspxhttp://www.hdfcinsurance.com/products/grp_gvti.aspxhttp://www.hdfcinsurance.com/products/grp_gratuity.aspxhttp://www.hdfcinsurance.com/products/grp_superannuation.aspxhttp://www.hdfcinsurance.com/products/grp_leaveencash.aspx


46/109

Ma@imum age at the start of polic" '& "ears last birthda"

46


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AD@ERTISEMENT AND SALES PROMOTION

47

7ilm opens in the compound of a house# 7ather ischecing something inside the bonnet of an oldsmall car# $is daughter around .(L.; "ears old isworing on a lap top ne@t to him

Daughter! DadN# 7ather! BoloNDaughter! 1a"i car lene mein hee bhalaaihai#N Dad nods in agreement without looingup# Dad! $mmm5N

Daughter continues affirmati>el" as she signs on acheque# Daughter! Aur wo bhi badi wali#

Dad loos at her and ass#Dad! $uh Badi "on?N

Dad doesnHt now what to sa" as he loos atthe cheque# Daughter pleads! Please5dadN


48/109

48

Daughter! Rela@ dad plan i"a#NDad doesnHt now what to sa"! Par###N

Super! Unit 4ined Sa>ings Plans

M92! Unit 4ined Sa>ings Plans from $D7/Standard 4ife# Gimmedari nibhao Aaj bhi al bhi N

7ather daughter are sitting#

M92! Sar Utha 0e


49/109

FINANCIAL PERFORMANCE

$D7/ Standard 4ife one of the leading pri>ate life insurance companies in 6ndia declared its

annual results for the financial "ear ending March ,- .&&;# The compan" generated 1ew

Business Premium 6ncome of Rs# .*;' crores in 7:.&&(L&; registering a "earLonL"ear

growth of *,# The growth was primaril" dri>en b" the success of the compan"Fs initiati>e on

structured sales processes based on customer needs and their assessments#

$D7/ Standard 4ife one of the leading pri>ate life insurance companies in 6ndia declared its

annual results for the financial "ear ending March ,- .&&;# The compan" generated 1ew

Business Premium 6ncome of Rs# .*;' crores in 7:.&&(L&; registering a "earLonL"ear

growth of *,#The growth was primaril" dri>en b" the success of the compan"Hs initiati>e on

structured sales processes based on customer needs and their assessments#

Mr# Deepa Satwalear MD = /%2 $D7/ Standard 4ife attributed this growth to the

qualit" of life insurance solutions offered b" the compan" and its increased geographical

reach# $e also emphasised 3e belie>e that our success is a result of our efforts in gi>ing

customers the best longLterm solutions to tae care of their insurance needs# 2ur endea>our to

pro>ide high qualit" insurance and pension solutions to customers through qualit" preLsales

ad>ice based on a sound needLbased solutions approach and postLsales ser>ice has started to

pa" off#N

$ighlights of 7inancial :ear .&&(L&;

1ew Business Premium 6ncome up b" *, to Rs# .*;' crores# Total Premium

6ncome is up b" (& at Rs# +;') crores as against Rs# .;'* crores in 7:.&&*L&(

Alternate /hannels including bancassurance has recorded an impressi>e growth of

o>er *, to contribute +- to the %ffecti>e Premium 6ncome %P6E

roup business funds under management ha>e increased to Rs# )') crores registering

a growth of ;, o>er 7:.&&*L&(

The a>erage premium has increased to Rs# ,,&&&

49


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/ompan" products and ser>ices are now a>ailable in (.* cities and towns across the

countr"

Strength of 7inancial /onsultants has increased to -+'&&

$D7/ Standard 4ife tracs its 1ew Business Premium on the basis of %ffecti>e Premium6ncome %P6E# %P6 is calculated b" gi>ing onl" a -& >alue to a Single Premium polic" and is

an internationall" accepted indicator of an insurance compan"Hs performance# The total

premium income including renewal premiumE grew b" (& to touch a figure of Rs# +;')

crores# $igh le>els of persistenc" ha>e resulted in higher le>el of renewal premiums# Although

there has been a slight dip from ;) to ;* we continue to ha>e the highest persistenc" le>el

in the industr"# The cumulati>e sum assured for all policies issued upto March ,- .&&;

crossed Rs# ;(&&& crores#

6n offering unit lined products the structured sales process adopted b" the compan" has paid

rich di>idends# 3e belie>e that we should be able to lengthen the maturit" profile of our

polic" portfolio now that the regulator" disincenti>e has been remo>ed with effect from April

- .&&;N added Mr# Satwalear# $D7/ Standard 4ife offers both life insurance policies as

well as pension products on a unit lined platform as also the con>entional with profitsH

platform#

2>er '& of the sum assured as on March ,- .&&; is in respect of non unitLlined policies#

2>er ,& of funds under management are in respect of nonLlined business which reflects

the balanced boo between con>entional and unitLlined business in the total portfolio of the

compan"#

The compan"Hs national relationships with large public and pri>ate sector bans ha>e also

helped it reach out to a larger number of customers across the countr"# The compan" plans to

further strengthen these relationships through the introduction of products speciall" designed

for this channel#

$D7/ Standard 4ife continues to ha>e one of the widest reaches among new insurance

companies# The compan" strengthened its number of offices from -&, to '(. across the

50


51/109

countr" in less than , "ears# Through these offices the compan" toda" ser>ices customer

needs in o>er (.* cities and towns# The compan" also increased its depth in e@isting marets

b" increasing its 7inancial /onsultant strength from (+&&& as on March ,- .&&( to -+'&&&

as on March ,- .&&;# There has been a huge jump of ,&& o>er the last , "ears in the

number of its 7inancial /onsultants who ha>e qualified to become members of the prestigious

Million Dollar Round Table MDRTE /lub# The strength of MDRT qualified members has

gone up to +)* as on December ,- .&&(#

As against the regulator" requirement of writing -; of all policies in rural areas $D7/

Standard 4ife has issued o>er .-(&&& policies accounting for ., of all policies issued

during .&&(L&;# Additionall" during .&&(L&; $D7/ Standard 4ife has co>ered '-,.* li>es

under the social sector categor" as against the requirement of .'&&& li>es# 2>erall the

compan" has co>ered o>er )')&&& li>es during the "ear ending March ,- .&&;#

To meet the demands arising from the compan"Hs rapid growth shareholders ha>e contributed

additional Rs# +(& crores of equit" to tae the paidLup share capital as on March .&&; to Rs#

-.(- crores#

$D7/ Standard 4ife one of the leading pri>ate life insurance

companies in 6ndia declared its annual results for the

financial "ear ending March ,- .&&;# The compan"

generated 1ew Business Premium 6ncome of Rs# .*;'

crores in 7:.&&(L&; registering a "earLonL"ear growth of

*,# The growth was primaril" dri>en b" the success of the

compan"Fs initiati>e on structured sales processes based on

customer needs and their assessments#

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FUTURE PLANS

HDFC Sta$!a&! Lif, 6la$' IPO i$ 0

Mumbai $D7/ has booed a profit of around Rs -.& cr in a Rs .&& cr transaction in>ol>ing

sale of (#-' stae in $D7/ Standard 4ife to its British partner# The promoters of $D7/

Standard 4ife ha>e said also said that the" will dilute stae through an 6P2 before .&&)#

N HDFC Sta$!a&! Lif 6"li*

Mumbai $D7/ Standard 4ife has launched a new product called OUnit 4ined 3ealth

Ma@imiser PlusO# This is a single premium in>estment cum protection plan with a minimum

premium of Rs - lah# The polic"holder has the option to choose from fi>e fund options L

Mone" Plus 7und Bond 2pportunities 7und 4argeLcap 7und MidLcap 7und and ManagerFs

7und# $D7/ Standard 4ife will offer regular lo"alt" units of -& per cent e>er" "ear as long

as the polic" is not surrendered# The accumulated >alue of the funds is recei>ed at the end of

the polic" term# 6n the e>ent of unfortunate demise of the polic"holder during the polic"

tenure $D7/ Standard 4ife will pa" the greater of the Sum Assured less all applicable

withdrawalsE and the total fund >alue to the famil" members of the polic"holder# The polic"

offers life insurance co>er until the age of )) "ears

52


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53

CHAPTER 6


54/109

CAREER PATH IN HDFC SLIC

HDFC Sta$!a&! Lif I$'&a$* C"86a$ Lt!#is one of 6ndiaFs leading pri>ate insurance

companies which offers a range of indi>idual and group insurance solutions and pro>iding thecareer opportunities to its emplo"ees# 6t is a joint >enture between $ousing De>elopment




Circle Head

Sales Manager

Assistant Sales Manager

Business Devel!"ent Manager

Sales Devel!"ent Manager

54

CAREERPATH

Circle Manager #AM$

Senir Sales Manager#SSM$

%inancial Cnsultant


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The /areer Path in HDFC Sta$!a&! Lif I$'&a$* C"86a$ Lt!#mainl" has two

operations in its all branches# HDFC Sta$!a&! Lif I$'&a$* C"86a$ Lt!#has di>ided

its operation into two departments for the better management# These departments are!

Ca$$l D%l"68$t D6a&t8$t1# A&a Ma$a9&'

2# Ca$$l D%l"68$t Ma$a9&'

># Ca$$l D%l"68$t E7*ti%'

4# R*&it8$t C"$'lta$t

Sal' D6a&t8$t1# T&&it"& Ma$a9&

2# 3'i$'' D%l"68$t Ma$a9&'

># Sal' D%l"68$t Ma$a9&'

4# Fi$a$*ial C"$'lta$t'

Channel Development Department

Channel Development Department is department which plays a major role in the organization.

This department is engaged in recruiting the effective and efficient FCs for the organization so

the people they are recruiting is capable to bring the business for the organization and fulfill

the organizational goals and objectives. Recruiting the FCs not only task for the channel

development department but to provide the IRDA training to the selected candidate and

preparing for the IRDA exams for getting the IRDA license. After getting the IRDA license a

candidate is able to sell the insurance product and become the Financial Consultant, and

he/she transferred to the sales department for the further process.

55


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Role of CDMs & CDEs

1. Team buildingThe first step for any CDM is make a team for the recruitment process. A

CDM can use the different resource for the recruitment like Recruitment Consultants, Project

Trainees, E2E vendors & RPs. Through these resource of recruitment a CDM can move for

the further process.

2. Training & Induction The next step is to provide the training & induction programs for

his/her team (i.e. recruitment resource) and he/she should has to do field work with his/her

team.

3. Planning & Implementation of Lead Generation Activities. A CDM required minimum

one BOP per week, he can use the canopy, road shows, BTL activities as well for better

recruitment for the organization.

4. Resource Motivation and Drive.

One Vendor Review meet per Week ( Channel Development Manager to Review)

One Vendor Meet per Month( AM-CD to Address)

Felicitation & Rewards to top performers

5. IRDA Training & Examination A CDM has to arrange FCs 50 hours training tracking

through LC & RCs. and IRDA Examination Tracking through LC & RCs and increasing I/O

Ratio.

6. MIS & Documentation A CDM keeps the records of documentation of vendor contracts

& payment modes and MIS on recruitment & licensing Of FC BM/TM wise

Keeping an Eye on first Business track,activisation through LC and HO Biz Update.

7. Relationship Management at Local Level A CDM has to be regular branch visits to keep

the better relationship with local level:

Relationship Management( RM,TM,BM,SDM & Ops)

Allocation of FCs through TM/BM Retail

FC Recruitment, Licensing & Business Updates to Retail functions

Updating Ops-Agency Co-Ordinator on Process Changes

8. Checking Quality Parameters

Q Score

56


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Q Score >3 is not allowed

FC Pre Login Interview Sheet

Fulfillment of RI documents

9. Recruitment Activity Monitor

Ensure you update RAM daily

100 % adherence

Sales Department

Sales Department is the most important department for any organization, without it no

organization move further. All the business is depends on the sales department and all the

operations are done for promoting the sales. So i.e. the better management and better sales

executive are require for increasing the sale of Insurance products (Insurance Policies). The

Territory Manager monitors the branch and all the BDMs are the subordinate of him. TM

keeps the eyes on all the activities or a branch and his/her subordinates like BDMs, SDMs,

CDMs, FCs and others. The Channel Development department helps in recruiting the best

Financial Consultant to the organization so he/she would be able to take more business (large

amount of Premiums) and helps in achieving the organizational goal. After getting the IRDA

licence FCs are transferred to sales department from channel de>elopment department under

different SDMs = BDMs# Then sales department pro>ides them product and other training

which can mae them to go in the maret and to sell the insurance policies#

3 a Fi$a$*ial C"$'lta$t

Be a part of HDFC Standard Life Insurance Company Ltd. and grab the unlimited

opportunities and enjoy the reward, recognition and many more

Tap into an unlimited earning potential

57


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UtiliGe spare time producti>el" et 1ational = 6nternational Recognition 6n>est time and not mone" Build stronger and lifeLlong relationship Rein>ent "our life

58


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3USINESS DESCRIPTION

Be our /ertified 7inancial /onsultant ide customiGed financial

solutions to each one and conduct re>iews on a regular basis to eep "our customers on trac#

Along with being a great career mo>e "ou get associated with $D7/ Standard 4ife 6nsurance

6ndiaHs Most Respected Pri>ate 4ife 6nsurance /ompan"# 3e at $D7/ Standard 4ife also

offer "ou unmatched support with >arious training programmes to help "ou e@cel in "our

endea>our#

A great career mo>e in e>er" wa" Wero in>estment there is no startLup capital# :ou can wor

fullLtime or partLtime depending on "our con>enience Sunrise industr" Support e>er" step of

the wa" At $D7/ Standard 4ife training is an inherent element of our support s"stem L at no

e@tra cost L for our new 7inancial /onsultants

E?CELLENT OPPORTUNITY

est will determine

"our success

A$ "$ *a$ K"i$L :oung graduates $ousewi>es Retired Personnel SelfLemplo"ed or

3oring Professionals#

B&" I$%'t8$tL There is no startLup capital required# Be "our own boss with fle@ible

woring en>ironment unlimited earning potential and opportunities to be part of a world

class sales team#

Att&a*ti% R8$&ati"$L /ompan" offers e@cellent commissions award and rewards

for the performers#

59


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:ou ha>e unlimited earning potential# /ommission structure is prett" handsome and is

-'L+& and renewal commission of ' second "ear onwards till the polic" is in force#

C&tifi*at IRDAL :ou will get world class training free of cost and certification b"

6nsurance Regulator" De>elopment Authorit"#

TRAINING- Perfects "our nowledge about the insurance industr" as well as our

products

IRDA T&ai$i$9- Prepares "ou for "our career as a 7inancial /onsultant and enables

"ou to pass the 6RDA e@amination easil"

Di'a T&ai$i$9- $ones "our selling sills enables "ou to understand customer needs

and pro>ide needLbased insurance solutions

A!%a$*! T&ai$i$9- Upgrades "our capabilit" and nowledge through sophisticated

training programs customised for the changing world of financial products and marets

DESIRED PROFILE

A9 1. Y&' t" /< Y&'

E!*ati"$ I$t&8!iat "& 8"&

E76&i$* N"t Ma$!at"&

T6 "f J" Fll Ti8 "& Pa&t Ti8

J O3 DESCRIPTION FOR FINANCIAL CONSULTANTS

P& 'al' &"l

6dentif"ing prospecti>e clients#

Meeting prospecti>e clients#

Understanding the need of the client#

Presenting solutions to client#

/losing sales#

60


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P"'t 'al' &"l

Taing -L. references from the client

Pro>iding timel" updates to the client for maintaining 4ifelong

relationship#

61


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62

CHAPTER &


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RECRUITMENT PROCESS OF FC'

Fill up of Agency form

IRDA Training 100 !r"#

IRDA $%am

Fail &a""

$%i' &ro(uc' Training

Tra(i'ional &r) *+I& &ro(uc'

In'ernal A""e""men'

Fail &a""

$%i' ,er'ifica'ion

5HAT ARE THE ROLES OF A FINANCIAL CONSULTANT

63


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Mt 6"6l a$! 6&'$t '&%i*' U$!&'ta$! ti& fi$a$*ial $!' C't"8i Lif I$'&a$* Pla$' P&"%i! ffi*i$t aft&-'al '66"&t Hl6 *'t"8&' 6&"t*t ti& lif'tl', Rali ti& !&a8' a$! $K" ti& li%'

HDFC Standard Life Insurance Company Ltd. the World of Opportunities

HDFC Sta$!a&! Lif welcomes "ou in the world of opportunities $D7/ S46/is pro>iding

the great opportunities to its emplo"ees and its /areer Path in $D7/ is the competiti>e edge

in this competiti>e era# The $D7/ S46/ has great opportunities!L

O& Ta8

T O66"&t$iti'

C""'i$9 t &i9t 6la**"86a$

Ra&!'

R*"9$iti"$ a$! &'6*t

S66"&t f$*ti"$

T&ai$i$9

Ma&ti$9

Sal'

U$li8it! Ea&$i$9'

64


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O& Ta8

HDFC Sta$!a&! Lif I$'&a$* C"86a$ Lt!#has finest team o>er (&&&&V 7/s

7inancial /onsultantsE comprises of retired persons Professionals Broers housewi>es

students %ntrepreneurs K Businessmen /harted Accountants and salaried persons which is

pro>iding the competiti>e ad>antage to the organiGation to compete its competitors in the

insurance sector as competiti>e human resource#

OUR TEAM COMPRISES OF

65

Pr'essinals

RetiredPersns

Salaried

Br(ers

Huse)ive

s Students

Entre!reneu

rs*Business"en

Fi$'t Ta8Of "%&

=0,000 FC'

C+artedAccunta


66/109

T O66"&t$iti'

$D7/ S46/ is pro>iding the opportunities not onl" for the limited people the $D7/ S46/ is

pro>iding the world wide opportunities to all people to support their famil" income financial

6ndependence start business with Gero in>estments e@perience in the 7inancial domain no

wor pressure supplement income completeKdi>ersified product portfolio lifelong

relationships build relationships with a noble cause time fle@ibilit" and man" more

opportunities# $D7/ S46/ pro>iding opportunities to!L

5"8$ Supplement famil" income

7inancial 6ndependence

Y"$9 E$t&6&$&' Start business with W%R2 in>estment

2wn boss

$andsLon e@perience in the financial domain

Fi$a$*ial P&"f''i"$al' S66l8$t i$*"8

A *"86lt!i%&'ifi! 6&"!*t 6"&tf"li"

3il! lifl"$9 &lati"$'i6'

Rti&! Ma "& '*"$! i$$i$9' 't&"$9& ta$ fi&'t

66


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3il! &lati"$'i6' it a $"l *a'

Fi$a$*ial I$!6$!$*

C""'i$9 t &i9t 6la**"86a$

HDFC Sta$!a&! Lif I$'&a$* C"86a$ Lt!#is one of 6ndiaFs leading pri>ate insurance

companies which offers a range of indi>idual and group insurance solutions and pro>iding the

career opportunities to its emplo"ees# 6t is a joint >enture between $ousing De>elopment




3h" "ou should join the HDFC Sta$!a&! Lif I$'&a$* C"86a$ Lt!# amongst all

insurance companies!

HDFC Sta$!a&! Lif I$'&a$* C"86a$ Lt!# i' tfi&'t P&i%at Lif I$'&a$* C"86a$ t" li*$'! IRDA

La&9 $t"& "f "%& >00 &a$*' O%& 10la*'# Sati'fi! *'t"8&' O%& =0,000 Fi$a$*ial C"$'lta$t' Ma7i88 $"# "f MDRT alifi&'

Ra&!', R*"9$iti"$ a$! &'6*t

HDFC Sta$!a&! Lif I$'&a$* C"86a$ Lt!# is pro>iding the rewards recognition =

respect to its famil" member for moti>ation and to create sprit of self belongingness so that the

emplo"ees can able to gi>e their potential to the compan" and to achie>e the organiGational

goals and objecti>e#

67


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7or 6ncreasing the producti>it" of the emplo"ees HDFC Sta$!a&! Lif I$'&a$* C"86a$

Lt!# is pro>iding the different facilities through rewards recognition = respect!

Sta& "$ Dt Cl f"& $*"8& FC' Cl' li 3&"$, Sil%&, G"l! C$t&i"$ t" $a$* t a&$i$9' M"$tl *"$t't' T"66&' C l Sal' C"$%$ti"$' at E7"ti* l"*ati"$' MDRT, COT TOT Eli9iilit

S66"&t F$*ti"$

HDFC Sta$!a&! Lif I$'&a$* C"86a$ Lt!#has created a world class support functions

which help its 7/s to increase his earning# Thought "ou are "our own boss but "ou are ne>er

alone in case of needKhelp in this profession HDFC SLICSupport s"stem is alwa"s with "ou#

7or e@ample "ou are not able to con>ince "our prospect due to some reason lie information

and other then "ou can tae help from S#D#M#Sale De>elopment ManagerE as well as 3#D#M#

Business De>elopmentE# HDFC SLIC has e@cellent training and de>elopment facilities and

different /ustomer /ontact programs which impro>es and sharps the nowledge

communication sills con>incing power and e>er"thing which would help "ou to increase the

business or to aid sales of the organiGation# Support s"stem!

5"&l! *la'' t&ai$i$9 S66"&t "f $8&"' C't"8& C"$ta*t P&"9&a8' t" ai! 'al' O$-fil! S66"&t f&"8 t Sal' ta8 St&"$9 3&a$! R*"9$iti"$ 24 "&' C't"8& S66"&t

68


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S6&i"& P&"!*t P"&tf"li"(Lowest Fund Management Charges)

U$li8it! Ea&$i$9'

/ommission on issuance of e>er" polic"#

/ommission directl" credited to ban account of 7/s within -' da"s# These commission

>aries from (#'L+& according to plan#

3ASIC COMMISSION

7irst "ear /ommission pa"able on regular premium con>entional policies issued on or after

.-stmarch .&&(

RENE5AL COMMISSION

Renewal commission would be paid from the .nd"ear onwards on regular premium policies#

Renewal commission is not pa"able on single premium plans#

1ame of the plan Renewal commission .nd"ear

onwards

%ndowment Assurance plan '

69

1ame of the plan -st"ear commission

%ndowment Assurance plan +&

Mone" Bac plan+&

/hildrenHs plan +&Term Assurance plan .'

4one co>er Term Assurance plan .'

Personal Pension Plan (#'


70/109

Mone" Bac Plan '

/hildrenHs plan '

4one co>er Term Assurance Plan '

Term Assurance plan '

Personal Pension Plan .

3ONUS COMMISSION

Bonus commission would be pa"able on the first "ear premium recei>ed and adjusted on the

regular premium policies under the following plans

-#%ndowment Assurance Plan

.#Mone" Bac Plan

,#/hildrenHs Plan

+#Term Assurance Plan

'#4one /o>er Term Assurance Plan

Bonus commission is not pa"able on the single premium plans and on the policies issued

under the Personal Pension Plan and all Unit 4ined Plans#

Bonus commission rate would depend on financial consultant crossing the minimum

R1%PRecei>ed 1et %ffecti>e PremiumE within one "ear#

Period R1%P Bonus commission of the -st"ear Premium

recei>ed

6n one "ear

-&&&&& '

-'&&&& -&

..'&&& -'

$ow do 6 earn sa" Rs# .'&&&pm?

Y" $! t" 'll P"li* "&t R'# 1,2


71/109

N! t" 'll 4 P"li*i' N! t" 8t at la't 12 6"6l# i## 16&'"$ i$ 2 !a'

A&t "f Ea&$i$9

N"# Of P"li*i' 4 i$ a 8"$t (Ya&l < C&it&ia &i&!, fi&'t *&it&ia i$9 8a$!at"&)

A9 1. a$! A"% E!*ati"$ 10t2 "& i9 Ha' '6$t Q > a&' i$ t *it "f *&&$t &'i!$*# I$*"8 Q > La' 6& a$$8#

71

100>200


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P&-&i'it' &i&! t" *"8 a Fi$a$*ial C"$'lta$t

S"l! $!&9" IRDA T&ai$i$9 f"& IRDA E7a8i$ati"$

D"*8$tati"$ Ri&! f"& A*i&i$9 a Li*$' F"&8'

STEP 1 REGISTRATION

A9$* A66li*ati"$ f"&8 F"&8 @A E7a8 F"&8 A9&8$t C"6

( all 6a9' t" 'i9$! t FC )

$" Y"& C't"8& ( YC ) A!!$!8

S66"&ti$9 P&'"$al D"*8$t' &i&!

Pa''6"&t 'i 6"t"9&a6' A9 P&""f P&""f "f E!*ati"$ P&""f "f I!$tit P&""f "f R'i!$*

72


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PAN Ca&! "& PAN A66li*ati"$

F R'# 2< - ( Off Li$ )

F R'# .2< - ( O$ Li$ )

STEP 2 + IRDA TRAINING

All Ca$!i!at' a% t" $!&9" a$! *"86lt


74/109

74

CHAPTER ,


75/109



All the findings and conclusions obtained are based on the sur>e" done in the woring area

within the time limit# 6 tried to select the sample representati>e of the whole group during m"

job training# 6 ha>e collected data from /hartered Accountants Ta@ /onsultants

Businessman Share Broers 4aw"ers 3oring Professionals $ouse 3i>es and Retired

Persons in Pune#

1# O3JECTI@ES OF RESEARCH PROJECT

PRIMARY O3JECTI@ES

To recruit more and more 7inancial /onsultant and to promote the benefits those are pro>ided

b" $D7/ Standard 4ife to its 7inancial /onsultants

To find the different wa" of recruiting and selecting the 7inancial /onsultants who can

produce more and fruitful results#

To stud" awareness of the $D7/ Standard life insurance

SECONDARY O3JECTI@ES

To determine the need and purpose of 7inancial /onsultant#

To understand the deciding criteria for people to become 7inancial /onsultant#

To collect and anal"sis the information of prospect candidates in order to mae them appear in

front of management so that the" can be selected as

7inancial consultant# To offer suggestions based upon the findings#

2# RESEARCH PLAN

1# P&li8i$a& I$%'ti9ati"$ 6n which data on the situation surrounding the problems shall

be gathered to arri>e at

X The correct definition of the problem#

X An understanding of its en>ironment#

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2# E76l"&at"& St! To determine the appro@imate area where the problem lies#

> RESEARCH DESIGN

Research was initiated b" e@amining the secondar" data to gain insight into the problem# B"

anal"Ging the secondar" data the stud" aim is to e@plore the short comings of the present

s"stem and primar" data will help to >alidate the anal"sis of secondar" data besides on

unre>ealing the areas which calls for impro>ement#

4# DE@ELOPING THE RESEARCH PLAN

The data for this research project has been collected through self Administration#

Due to time limitation and other constraints direct personal inter>iew method is used# A

structured questionnaire was framed as it is less time consuming generates specific and to the

point information easier to tabulate and interpret# Moreo>er respondents prefer to gi>e direct

answers# 6n questionnaires open ended and closedended both the t"pes of questions has been

used#

ed information in the companies database and website of the compan"#

2 P&i8a& !ata All the /hartered Accountants Ta@ /onsultants 6nsurance Agents Auto

loan pro>iders were personall" >isited and inter>iewed# The" were the main source of Primar"

data# The method of collection of primar" data was direct personal inter>iew through a

structured questionnaire#

/# SAMPLING PLAN

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Since it is not possible to stud" whole uni>erse it becomes necessar" to tae sample from the

uni>erse to now about its characteristics#

Sa86li$9 U$it' /hartered Accountants Ta@ /onsultants 4aw"ers Business Man

Professionals and $ouse 3i>es of Delhi#

Sa86l T*$i Random Sampling#

R'a&* I$'t&8$t Structured Questionnaire#

C"$ta*t Mt"! Personal 6nter>iew#

77


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78

CHAPTER -


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DATA ANALYSIS, INTERPRETATION

PRESENTATION

1#Y"& A9

TA3LE

S N"# Cat9"& N"# "f

R'6"$!$t'

P&*$ta9

1 18-23 .ear" 40 202 .+L.) :ears =0 > ,&L,' :ears /0 >0

4 ,' = abo>e >0 1


80/109

.# Ma&ital 'tat'

TA3LE

S N"# Cat9"& N"# "f

R'6"$!$t'

P&*$ta9

1 Married 140 =0

2 Unmarried /0 >0

Total 200 100

Base .&& respondents

GRAPH

I$t&6&tati"$

7rom the table and graph abo>e it can be seen that

(& respondentHs are married#

,& respondentHs are unmarried#

,# E!*ati"$al alifi*ati"$

TA3LE

80


81/109

S N"# Cat9"& N"# "f

R'6"$!$t'

P&*$ta9

1 Under graduate


82/109


83/109

2 Profession 10. Ser>ice


84/109

/# Y"& a$$al "'"l! i$*"8

TA3LE

S N"# Cat9"& N"# "f

R'6"$!$t'

P&*$ta9

1 4ess than . lacs . 4

2 Between . to ' lacs /2 >1

Between 'to ;lacs >0 1


85/109

TA3LE

S N"# Cat9"& N"# "f

R'6"$!$t'

P&*$ta9

1 :es .4 42

2 1o 11/


86/109

S N"# Cat9"& N"# "f

R'6"$!$t'

P&*$ta9

1 $ard and lucrati>e /0 >0

2 $ard but not

rewarding

1.

> Smooth and

rewarding

.2 41

4 1o idea 40 20

Total 200 100


GRAPH

I$t&6&tati"$


,& respondentHs perception about insurance sector is $ard = lucrati>e#

) respondentHs perception about insurance sector is hard but not

rewarding#

+- respondentHs perception about insurance sector is Smooth = rewarding#.& respondentHs perception about insurance sector that the" ha>e no idea#

# D" " $" a"t HDFC Sta$!a&! Lif I$'&a$*

TA3LE

86


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S N"# Cat9"& N"# "f

R'6"$!$t'

P&*$ta9

1 :es 1/4 .2

2 1o >/ 1.Total 200 100


GRAPH

I$t&6&tati"$


;' respondentHs are nown about $D7/ Standard life insurance#

-' respondentHs are not nown about $D7/ Standard life insurance#

10# D" " a% a$ I$'&a$* P"li*

TA3LE

S N"# Cat9"& N"# "f

R'6"$!$t'

P&*$ta9

87


88/109

1 :es 1/0 .0

2 1o 40 20

Total 200 100


GRAPH

I$t&6&tati"$


;& respondentHs ha>e insurance polic"#

.& respondentHs do not ha>e insurance polic"#

88


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11# Na8 "f I$'&a$* C"86a$

TA3LE

S N"# Cat9"& N"# "f

R'6"$!$t'

P&*$ta9

1 46/ 104 /


90/109

TA3LE

S N"# Cat9"& N"# "f

R'6"$!$t'

P&*$ta9

1 :es =0 >0 /


91/109

1># A& " 'ati'fi! it t *"86a$

TA3LE

S N"# Cat9"& N"# "f

R'6"$!$t'

P&*$ta9

1 :es 42 /0

2 1o 2. 40

Total =0 100

Base (& respondents

GRAPH

I$t&6&tati"$


*& respondentHs are satisfied with their insurance compan"#

+& respondentHs are not satisfied with their insurance compan"#

91


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14# D" " $" a"t HDFC Sta$!a&! Lif I$'&a$* &*&it8$t 6"li*i' &lat! t"

fi$a$*ial *"$'lta$t

TA3LE

S N"# Cat9"& N"# "f

R'6"$!$t'

P&*$ta9

1 :es .2 41

2 1o 11.


93/109

TA3LE

S N"# Cat9"& N"# "f

R'6"$!$t'

P&*$ta9

1 :es /0 >0

2 1o 140 =0

Total 200 100


GRAPH

I$t&6&tati"$


,& respondentHs are interested to become financial consultant#

(& respondentHs are not interested to become financial consultant#

1/# 5"l! " li t" a&$ a$ a!!iti"$al i$*"8 t&"9 a 'i$'' "66"&t$it it

HDFC STANDARD LIFE

TA3LE

93


94/109

S N"# Cat9"& N"# Of

R'6"$!$t'

P&*$ta9

1 :es


95/109

95

CHAPTER 1.


96/109

S5OT ANALYSIS

$D7/ and Standard 4ife came together for a possible joint >enture to enter the life 6nsurance

maret in ides inno>ati>e products to cater to different needs of different

customers#

2# 5EANESS

-# $ea>" management e@penses and administrati>e costs#

.# 4ow customer confidence on the pri>ate pla"ers#

,# Poor retention percentage of tied up agents#

># OPPORTUNITIES

-# 6nsurable population CAccording to 61 onl" -& of the population is insured which

represents around ,& of the insurable population# This suggests more than ,&&m people

with the potential to bu" insurance remain uninsured#

.# There will be inflow of managerial and financial e@pertise from the worldHs leading

insurance marets# 7urther the burden of educating consumers will also be shared among

man" pla"ers#

96


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,# 6nternational companies will h

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