Career Path in HDFC

LOVELY PROFESSIONAL UNIVERSITY
DEPARTMENT OF MANAGEMENT
Report on Summer Training
HDFC STANDARD LIFE INSURANCE COMPANY
CAREER PATH IN
HDFC STANDARD LIFE
Submitted to Lovely Professional University
In partial fulfillment of the Requirements for the award of
Degree of Bachelor of Business Administration
Submitted by:
Mukesh Verma
3020070181
DEPARTMENT OF MANAGEMENT
LOVELY PROFESSIONAL UNIVERSITY
PHAGWARA (PUNJAB)
(2007-2012)
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CONTENTS
TITLE PAGE NO.
ACKNOWLEDGEMENT……………………………………………….4
DECLARATION...................................................................................5
CERTIFICATE......................................................................................6
1. EXECUTIVE SUMMARY....................................................................8
2. LITERATURE SURVEY AND REVIEW.............................................11
3. INTRODUCTION……………………………………………………….13
• INSURANCE INDUSTRY IN INDIA AN OVERVIEW…………………..13
• HISTORY……………………………………………………………………...14
• KEY MILESTONES…………………………………………………………..15
• INDUSTRY PERFORMANCE………………………………………………..15
• PRESENT SCENARIO…………………..……………………………………16
• MAJOR COMPETITORS……………………………………………………..17
4. INTRODUCTION TO HDFC & STANDARD LIFE………………….19
5. HDFC STANDARD LIFE INSURANCE COMPANY LIMITED……24
• INTRODUCTION ……………………………………………………………24
• BUSINESS GROWTH………………………………………………………..25
• KEY STRENGTH.........................…………………………………………….26
• CORPORATE OBJECTIVE…………………………………………………..27
• VISION………………………………………………………………………...27
• VALUES……………………………………………………………………….27
• BOARD MEMBERS…………………………………………………………..28
• MARKET SHARE……………………………………………………………..
30
• MILESTONE IN THE HISTORY…………………………………………….31
2
• PRODUCT & SERVICES..................................................................................32
• ADVERTISEMENT & SALES PROMOTION…………………….................35
• FINANCIAL PERFORMANCE……………………………………………..36
• FUTURE PLANS……………………………………………………………..39
6. CAREER PATH IN HDFC SLIC………………………………………41
• CAREER PATH ………………………………………………………………41
 Channel Development Department…………………………………….42
 Sales Department………………………………………………………44
• BUSINESS DESCRIPTION………………………………………………….45
• DESIRE PROFILE……………………………………………………………46
• JOB DESCRIPTION FOR FINANCIAL CONSULTANTS………………...46
7. RECRUITMENT PROCESS OF FCs……………………………………48
• WHAT ARE THE ROLES OF A FINANCIAL CONSULTANT? ………….49
• LICENSING PROCESS…………………………………………..57
 Step 1 : Registration……………………………………………………
57
 Step 2 : IRDA Training………………………………………………...58
 Step 3 : IRDA Examination…………………………………………....58
8. RESEARCH METHODOLOGY ……………………………………....60
• OBJECTIVE OF THE PROJECT……………………………………………...

60
• RESEARCH PLAN…………………………………………………………....60
• RESEARCH DESIGN…………………………………………………………61
• DEVELOPING THE RESEARCH PLAN…………………………………….61
• COLLECTION OF DATA…………………………………………………….61
• SAMPLING PLAN……………………………………………………………61
9. DATA ANALYSIS, INTERPRETATION AND PRESENTATION…64
10.SWOT ANALYSIS……………………………………………………..81
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11.CONCLUSION…………………………………………………………..84
12.SUGGESTIONS AND RECOMMENDATIONS……………………..86
13.BIBLIOGRAPHY………………………………………………………88
14.ANNEXURE…………………………………………………………...90
ACKNOWLEDGEMENT
I would like to thank my project guide, all professors for supporting me during this project and
providing me an opportunity to learn outside the classroom. It was a truly wonderful learning
experience.
I would like to thank my industry guide Mr. Ashish Pratap Sisodia (Channel Development
Manager) for guiding me through my summer internship and research project. His
encouragement, time and effort are greatly appreciated.
I would also like to thank Mr. Deepesh Kumar (Channel Development Manager) of
Subhash Nagar branch who suggested me such a nice topic “Career Path In HDFC SLIC”,
he actually helped us during our initial days and was always there with us during hard times.
I would like to thank all those people who helped in filling up the questionnaire and provided
valuable feedback which helped in data analysis and supported our research.
Last but not the least I would like to thank Mr. Bill Gates for his MS Office I could not be able
to make my Project Report in printed and attract form.
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Mukesh Verma
DECLARATION
I hereby declare that the project report titled “CAREER PATH IN HDFC
SLIC” is my own work and has been carried out under the able guidance of Mr.
Ashish Pratap Sisodia, Channel Development Manager, Subhash Nagar Branch –
New Delhi 110027 and , Faculty, Lovely School of Business, Punjab. All care
has been taken to keep this report error free and I sincerely regret for any
unintended discrepancies that might have crept into this report. I shall be highly
obliged if errors (if any) are brought to my attention.
Thank You.
Mukesh Verma
BBA-MBA (INT.)
Vth SEM.
3020070181
5
6
CERTIFICATE
TO WHOM SO EVER IT MAY CONCERN
This is to certify that Mr. MUKESH OF LOVELY SCHOOL OF BUSINESS,
LOVELY PROFESSIONAL UNIVERSITY, PUNJAB has successfully
completed his
Project title “CAREER PATH IN HDFC SLIC” From 1st JULY, 2009 TO
14th AUGUST, 2009.
With HDFC Standard Life Insurance company Ltd.
We wish him good luck for his career.
Manager CD
HDFC STANDARD LIFE INSURANCE
ASHISH PRATAP SISODIA
SUBHASH NAGAR BRANCH
NEW DELHI
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CHAPTER 1
8
EXECUTIVE SUMMARY OF THE PROJECT
Introduction
HDFC Standard Life Insurance Company Ltd. is one of India's leading private insurance
companies, which offers a range of individual and group insurance solutions and providing the
career opportunities to its employees. It is a joint venture between Housing Development
Finance Corporation Limited (HDFC Ltd.), India's leading housing finance institution and a
Group Company of the Standard Life, UK. HDFC as on December 31, 2007 holds 72.38 per
cent of equity in the joint venture.
OBJECTIVE OF THE STUDY:
1. To study the benefits for the employees of the organization.

2. To study the career path of the organization.
3. Recruitment of financial consultant.
4. SWOT analysis
SCOPE OF THE STUDY
The study will limited to HDFC Standard and its employees’ career path for their bright future
and also employees and Delhi’s people survey about the perceptions toward the HDFC SLIC
environment in the organization.
SIGNIFICANCE OF THE STUDY
SWOT analysis is a tool for auditing an organization and its environment. It is the first stage of
planning and helps marketers to focus on key issues. SWOT stands for strengths, weaknesses,
opportunities and threats. Strengths and weaknesses are internal factors and opportunities and
threats are external factors.
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MANAGERIAL USEFULNESS OF THE STUDY
Before insurance sector was opened to the private sector Life Insurance Corporation (LIC) was
the only insurance company in India. After the opening up of Insurance sector in India there
has been a glut of insurance companies in India. These companies have come up with
innovative and flexible insurance policies to cater to varying needs of the individual. Opening
up of the Insurance sector has also forced the LIC to tighten up its belt and deliver better
service. All in all it has been a bonanza for the consumer.
Research Methodology
THE MARKET SURVEY (QUESTIONNAIRE)
A market survey was undertaken to get some knowledge about the working environment of
organization, salary package, career path, for the employees and quality of work life does plays
a pivotal role for the better men power and which kind is most powerful. This survey was
undertaken Subhash Nagar of DELHI & DELHI’s people and questionnaire method was used.
SAMPLE SIZE
The sample size for the survey conducted was 200 respondents
SAMPLING TECHNIQUE
Random sampling technique was used in the survey conducted.
of the collected data. The data is also neatly presented with the help of statistical tools such as
graphs and pie charts. Percentages and averages have also been used to represent data clearly
and effectively.
STUDY AREA
The samples referred to Delhi City & Branch in Subhash Nagar, New Delhi City.
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CHAPTER 2
11
LITERATURE REVIEWS
1. Choosing the Right Career Path
By Michael Dylan
July, 2007
http://www.woopidoo.com/articles/dylan/career-path.htm
Choosing the right career path is one of the most defining decisions we can make in life. Our
job not only says a lot about what kind of person we are, but will influence what type of car we
drive, what kind of house we live in, the people we associate with, and more. But above all
these things, is the fact that we spend most of our waking moments at work!. Which means that
if our job does not fulfill us or does not allow us to pursue our life goals, than it is not the
career we should spend the rest of our life doing.
We have to get clear about what it is that gives us fulfillment in life, what fascinates us, or
what we are passionate about. Once our interests are defined, we have to think about what
career paths are available in that area. Sometimes there will be clear paths to take, like when
our passion is designing websites, the job options could be to become a web designer, web
programmer, or similar positions. But other interests may need more creative ways of thinking,
like if you are passionate about collecting rare coins, your path may not be so clear. You may
have to look into several sources of income; Owning a coin dealership, writing a guide to
collecting rare coins, having a website built, and/or selling coins online.
Because of the responsibilities of modern life and the necessity of money to support our
lifestyle and family, we can't just quit our job and immediately pursue our passion. It may take
months or years of planning while we continue to work in our 9 to 5 job and bring in a regular
wage. The important thing is that we are moving towards the goal of doing what inspires us in
life. Without the clear focus and continual small steps towards achieving our dream job, we
would just be kidding ourselves.
We may have to take evening or weekend classes, attend seminars, read books, or associate
with people in your area of interest. If it's a product that you plan to sell, perhaps you could
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start selling it from home, at weekend markets, or setting up a website to sell it from.
When we're moving towards our dream job and have a clear path before us it makes our 9 to 5
job less of a problem. Rather than going to work each day and hating the things we do, we can
appreciate the job for being a step towards doing what really inspires us. It is putting food on
the table, paying the rent, and funding the way towards the right career path.
2. A recession-proof career path? Only for the lucky ones
By: Tim Harford
8th August, 2009.
Source:- http://timharford.com/2009/08/a-recession-proof-career-path-only-for-the-lucky-ones/
How long will the economic downturn last? While some claim to see green shoots, others –
such as my colleague Martin Wolf – see a slow and painful process ahead. I have little to add
to that debate, but I can guarantee that for some of us, the impact of this downturn will last a
lifetime.
That is the conclusion I draw from the research of Till Marco von Wachter, an economist at
Columbia University, who has been tracing the lasting effects of bad luck in the job market.
Having to look for a job at the wrong time can force us into compromises whose repercussions
can last years or even decades.
For example, when von Wachter teamed up with two US government economists, Jae Song
and Joyce Manchester, to study the experiences of those hurled into unemployment by mass
layoffs in the 1982 US recession, they discovered horrendously long-lasting effects. The
recession itself – one often compared with today’s downturn – was savage, but it was over in
less than two years. Yet von Wachter and his colleagues discovered that those who lost their
jobs had incomes about 20 per cent lower than would otherwise be expected, even two decades
later.
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It is possible that this result is really capturing the effect of being a less productive (and thus
expendable) worker, or of being trapped in a declining industry. But that is unlikely. Such mass
layoffs are by their nature indiscriminate, and the researchers tried hard to compare like with
like. The results remain robust – and they match similar research done in Germany, and earlier
studies in the US with smaller data sets.
Why such a big effect? In part, it is a question of luck. Most people who have secured a decent,
secure, full-time job have enjoyed a dose of luck in doing so. “It is hard to get lucky twice,”
A similar problem lies in wait for those graduating during a recession. “People have to make
compromises,” says von Wachter, which often means taking a stopgap job with a less
glamorous employer, and trying to switch careers or switch employers later on. The longer this
process takes, the longer the impact on the unlucky cohort of graduates.
3. Overcome Your Career Change Fear: 5 Expert Tips
By: Michael Jones

February 1, 2007
Source:- http://blogs.payscale.com/content/2007/02/overcome_your_c.html
If you're ready for a career change but haven't yet figured out how to get there, follow these
tips from Harvard's Dr. Timothy Butler and life coach C.J. Liu. Before you know it, you'll be
on your way to a new career.
1. Look at the issues that make you crave change and outline your goals.
What are you satisfied with about your current situation? What are you dissatisfied with? Is it
your boss or the culture of your organization? Or do you really want to change careers?
Outline your goals - for example, more money, more time off or more flexibility. Write it all
down.
2. Work to understand your inner critic
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Observe thoughts that trap you with fear and prevent you from achieving your objectives.
Write these down on a piece of paper, then crumple it up and throw it away to symbolize your
freedom from thoughts that interfere with your goals and dreams.
3. Recognize recurring patterns in your life

What makes you happy? What are your recurring interests and social needs? What makes a
work environment feel or not so good to you? Write it down.
4. Network and investigate career interests that map to your goals and needs
Once you've identified your patterns and desires, start thinking about careers that make sense
for you. Give yourself one to three months to explore your curiosity by finding people who do
these jobs and talking about the pros and cons of their work. Explore anything and everything
until you're satisfied - or until your time runs out.
5. Make a plan that takes your financial situation into account.

Change is never simple, but having a plan that outlines your steps and financial requirements
makes it doable. Will your new career require additional education, a small business loan, time
off from work or relocation? Make a plan with financial considerations and a realistic timeline
and that you can follow through on.
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4. Women’s Careers Pathways & Pitfalls
By:- Suzanna Rose & Laurie Larwood
Yaer 1998
Source:http://www.questia.com/read/28638447?title=Women%27s%20Careers%3a%20Pathw
ays%20and%20Pitfalls
A growing interest in women's careers has spread to personal, academic, and organizational
life. The proliferation and quality of research on women and work that we saw as program
chairs of the 1986 International Conference on Women and Organizations inspired us to edit
this book. That highly successful conference was the source of several chapters
included here.
Our goal was to select timely topics that had immediate relevance to career women, students,
and scholars of women and work. Part I of the book begins with an introduction by the editors
which highlights five major issues that affect working women and what has been learned about
those issues in the 1980s. Other chapters are ordered thematically. In Part II, "Personal Career
Planning," the themes touch on pathways and pitfalls confronting women as they plan their
career strategies. In Chapters 2, 3, and 4, Shapiro and Farrow discuss the merits of mentors,
Case analyzes women's speech, and Ely explores women's leadership styles, respectively; with
an eye to how women can apply the information to their own work situation. Family
relationships also have been shown to affect women's careers. In Chapter 5, "Husbands' Job
Satisfaction and Wives' Income," and Chapter 6, "Have Women's Career and Family Values
Changed?" questions are raised concerning the relationship between marriage, family, and
careers. In Chapter 7, Chao and Malik present a career planning model which ties together
individual, organizational, and societal constraints and facilitators of professional
development.
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5. Changing Careers for More Money
By: Ms. Liu
May 21, 2009
Source:http://blogs.payscale.com/career-coach/2009/05/changing-careers-for-more-
money.html
I read your article online, "Ask the Career Coach" on Payscale.com. I found it very interesting
and helpful and will practice the steps you mentioned in order to find the job of my dreams.
I am very dissatisfied at my current job. I am an office manager for a cigar distributor

company. It is a small company; I am in the office most of the time by myself. I oversee all
operations of the company. My role includes everything from answering phones, making sales,
taking care of the books and conducting weekly meetings with sales staff in different states to
packaging and shipping cigars, etc.
My employer is also in the process of starting a construction company, for which I am

preparing all related documents and applications. I used to work with my current employer in a
construction company he used to own prior to starting the cigar business.
I am unhappy because I don't see any room for growth any time soon unless the construction
company kicks off in the next few months. But I am thinking of now; I need change now. The
salary is not bad but I want more and I don't foresee getting more any time soon.
Also, my husband owns a subcontractor company. It’s small but he has been in business for
over 10 years. He owns the company along with his mother and brother. I help sometimes
since I do have experience in construction, but can only help so much. I do not want them to
feel like I want to take over. So I decided to start my own company with my husband to do jobs
on the side with both of us keeping our current positions. That did not work since the license
he has is already under his company's name. Now I would need a license in order for us to be
able to pull permits under our company's license. So we are stuck in that sense and I am very
disappointed that it did not go far.
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6. Career paths of global managers: Towards future research
By: Tineke Cappellen & Maddy Janssens

12 September 2005.
Source: http://www.sciencedirect.com/science?_ob=ArticleURL&_udi=B6W5M-4H3939T-
1&_user=10&_rdoc=1&_fmt=&_orig=search&_sort=d&_docanchor=&view=c&_searchStrId
=997154270&_rerunOrigin=google&_acct=C000050221&_version=1&_urlVersion=0&_useri
d=10&md5=d748a3e12a1c4e2d409c9889f3f20dd6
The aim of this paper is to identify potentially productive areas where future research on global
managers’ careers is warranted. Approaching career as a path, we conceptualize a global career
path as an intersection of three domains: an individual, an organizational and a global
environment domain. To identify, within each domain, the most important factors influencing a
global career, we first conducted a review of the literature on boundaryless careers and global
managers. This review allowed us to identify those factors that are most relevant to the
changing nature of careers and global assignments. We then reviewed past empirical research
on international careers to map how previous studies have addressed those factors, further
guiding us to formulate directions for future research on global careers. As well as indicating
these specific research implications, we propose a contextualized research approach that
facilitates understanding of different career moves over time as well as the overall direction of
a global career path.
CHAPTER 3
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INTRODUCTION
THE INSURANCE INDUSTRY IN INDIA AN OVERVIEW
With the largest number of life insurance policies in force in the world, Insurance happens to
be a mega opportunity in India. It’s a business growing at the rate of 15-20 per cent annually
and presently is of the order of Rs 1560.41 billion (for the financial year 2006 – 2007).
Together with banking services, it adds about 7% to the country’s Gross Domestic Product
(GDP). The gross premium collection is nearly 2% of GDP and funds available with LIC for
investments are 8% of the GDP.
Even so nearly 65% of the Indian population is without life insurance cover while health
insurance and non-life insurance continues to be below international standards. A large part of
our population is also subject to weak social security and pension systems with hardly any old
age income security. This in itself is an indicator that growth potential for the insurance sector
in India is immense.
A well-developed and evolved insurance sector is needed for economic development as it

provides long term funds for infrastructure development and strengthens the risk taking ability
of individuals. It is estimated that over the next ten years India would require investments of
the order of one trillion US dollars. The Insurance sector, to some extent, can enable
investments in infrastructure development to sustain the economic growth of the country.
(Source: www.indiacore.com)
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HISTORICAL PERSPECTIVE
The history of life insurance in India dates back to 1818 when it was conceived as a means to
provide for English Widows. Interestingly in those days insurance charged for Indian lives was
more than the non - Indian lives, as Indian lives were considered more risky to cover. The
Bombay Mutual Life Insurance Society started its business in 1870It was the same company to
charge same premium for both Indian and non Indian lives. The Oriental Assurance Company
was established in 1880. The General insurance business in India, on the other hand, can trace
its roots to Triton Insurance Company Limited, the first general insurance company established
in the year 1850 in Calcutta by the British. Till the end of the nineteenth century insurance
business was almost entirely in the hands of overseas companies.
Insurance regulation formally began in India with the passing of the life insurance Companies
Act of 1912 and the Provident Fund Act of 1912. Several frauds during the 1920's and 1930's
sullied insurance business in India. By 1938 there were 176 insurance companies.
The first comprehensive legislation was introduced with the Insurance Act of1938 that strict
State Control is there over the insurance business. The insurance business grew at a faster pace
than other business. Indian companies strengthened their hold on this business but despite the
growth that was witnessed, insurance remained an urban phenomenon.
The Government of India in 1956, brought together over 240 private life insurers and provident
societies under one nationalized monopoly corporation and Life Insurance Corporation (LIC)
was born. Nationalization was justified on the grounds that it would create the much needed
funds for rapid industrialization. This was in conformity with the Government's chosen path of
State led planning and development.
The non-life insurance business continued to thrive with the private sector till 1972. Their
operations were restricted to organized trade and industry in large cities. The general insurance
industry was nationalized in 1972. With this, nearly 107 insurers were amalgamated and
grouped into four companies- National Insurance Company, New India Assurance Company,
Oriental Insurance Company and United India Insurance Company. These were subsidiaries of
the General Insurance Company (GIC).
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KEY MILESTONES
1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life
insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended by the Insurance Act with the objective of
protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers along with provident societies were taken over by the
central government and nationalized. LIC was formed by an Act of Parliament- LIC Act 1956-
with a capital contribution of Rs. 5 crore from the Government of India.
INDUSTRY REFORMS
Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament
in December 1999. The IRDA since its incorporation as a statutory body in April 2000 has
fastidiously stuck to its schedule of framing regulations and registering the private sector
insurance companies. Since being set up as an independent statutory body the IRDA has put in
a framework of globally compatible regulations.
The other decision taken simultaneously to provide the supporting systems to the insurance
sector and in particular the life insurance companies was the launch of the IRDA online service
for issue and renewal of licenses to agents. The approval of institutions for imparting training
to agents has also ensured that the insurance companies would have a trained workforce of
insurance agents in place to sell their products.
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PRESENT SCENARIO - LIFE INSURANCE INDUSTRY IN INDIA
The life insurance industry in India grew by an impressive 47.38%, with premium income at
Rs. 1560.41 billion during the fiscal year 2006-2007. Though the total volume of LIC's
business increased in the last fiscal year (2006-2007) compared to the previous one, its market
share came down from 85.75% to 81.91%.
The 17 private insurers increased their market share from about 15% to about 19% in a year's
time. The figures for the first two months of the fiscal year 2007-08 also speak of the growing
share of the private insurers. The share of LIC for this period has further come down to 75
percent, while the private players have grabbed over 24 percent.
With the opening up of the insurance industry in India many foreign players have entered the
market. The restriction on these companies is that they are not allowed to have more than a
26% stake in a company’s ownership.
Since the opening up of the insurance sector in 1999, foreign investments of Rs. 8.7 billion
have poured into the Indian market and 19 private life insurance companies have been granted
licenses.
22
WHO ARE THE COMPETITORS OF HDFC SLIC?
23
CHAPTER 4
24
INTRODUCTION TO HDFC & STANDARD LIFE
HDFC
HDFC Incorporated in 1977 with a share capital of Rs 10 Crores, HDFC has since emerged as
the largest residential mortgage finance institution in the country. The corporation has had a
series of share issues raising its capital to Rs. 119 Crores. The gross premium income for the
year ending March 31, 2007 stood at Rs. 2,856 Crores and new business premium income at
Rs. 1,624 Crores. The company has covered over , 8, 77,000 lives year ending March
31, 2007.
HDFC operates through almost 450 locations throughout the country with its corporate head
quarters in Mumbai, India. HDFC also has an International Office in Dubai, UAE with service
associates in Kuwait, Oman and Qatar. HDFC is the largest housing company in India for the
last 27 years.
SNAPSHOT-I
• Incorporated in 1977 as the first specialized Mortgage Company in India.
• Almost 90% of initial shareholding in the hands of domestic institutes and retail
investors. Current 77% of shares held by foreign institutional investors.
• Besides the core business of mortgage HDFC has evolved into a financial conglomerate
with holdings In:
 HDFC Standard Life insurance Company- HDFC holds 78.07 %.
 HDFC Asset Management Company – HDFC holds 50.1%
 HDFC Bank- HDFC holds 22.25%.
 Intelenet Global (Business Process Outsourcing) – HDFC holds 50%
25
 .HDFC Chubb General Insurance Company – HDFC holds 74%.
SNAPSHOT-II
• Loan Approvals Rs. 805 billion.

(up to Dec 2007) (US $ 18.30 bn.)
• Loan Disbursements Rs.669 billion
(up to Dec. 2007) (US $ 15.20 bn)
• Housing Units Financed 2.5 million.
• Distribution
 Offices 181
 Outreach Programs 90
KEY PLAYERS
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).
Mr. Deepak M Satwalekar is the Managing Director and CEO of the Company since
November, 2000. Prior to this, he was the Managing Director of HDFC Limited since 1993.
Mr. Satwalekar obtained a Bachelors Degree in Technology from the Indian Institute of
Technology, Bombay and a Masters Degree in Business Administration from The American
University, Washington DC.
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GROUP COMPANIES
HDFC Bank: World Class Indian Bank- among the top private banks in India.
HDFC AMC: One of the top 3 AMCs in India- Preferred investment manager.
Intelenet Global: BPO services for international customers.
CIBIL: Credit Information Bureau India Limited.
HDFC Chubb: Upcoming Private companies in the field of General Insurance.
HDFC Mutual Fund
HDFC reality.com: Helps to search properties in all major cities in India
HDFC securities
STANDARD LIFE
Standard Life is Europe’s largest mutual life assurance company. Standard Life, which has
been in the life insurance business for the past 175 years is a modern company surviving quite
a few changes since selling its first policy in 1825. The company expanded in the 19th century
from kits original Edinburgh premises, opening offices in other towns and acquitting other
similar businesses.
Standard Life Currently has assets exceeding over £ 70 billion under its management and has
the distinction of being accorded “AAA” rating consequently for the six years by Standard and
Poor.
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SNAPSHOT
• Founded in 1875, company supporting generation for last 179 years.

• Currently over 5 million Policy holders benefiting from the services offered.
• Europe’s largest mutual life insurer.
JOINT VENTURE
Country of registration or Share class Name incorporation and proportion held Year end Nature
of business
Heng An Standard Life China Ordinary shares 50.0% 31 Dec Life assuranceHDFC Standard
Life Insurance Company Limited** IndiaOrdinary shares 18.6% 31 Mar Life assuranceHDFC
Asset Management Company Limited* **
India Ordinary shares 49.9% 31 Mar Investment management*
Owned by a subsidiary undertaking of the Company.**
The Company also has a 14.5% interest in Housing Development Finance Corporation
Limited (“HDFC Limited”). HDFC Limited owns 81.4% and 50.1%of HDFC Standard Life
Insurance Company Limited and HDFC Asset Management Company respectively. This gives
theGroup an effective interest in thesecompanies of 30% and 57% respectively. The Company
does not exercise dominant influence over either of these joint ventures.The current operations
of these companies are not significant in relation to the accounts of the Group.
28
CHAPTER 5
29
HDFC STANDARD LIFE INSURANCE COMPANY LIMITED
INTRODUCTION
HDFC Standard Life Insurance Co. Ltd was incorporated on 14th august 2000. It is a joint
venture between HousingDevelopment Finance Corporation Limited (HDFC Ltd.) India And
UK based Standard Life Company. Both the joint venture partners being one of the leaders in
their respective areas came together in this 81.4:18.6 joint venture to form HDFC Standard
Life Insurance Company Limited. Mr. Deepak Satwalekar is the MD and CEO of the
venture.HDFC Standard Life brings to you a whole range of insurance Solutions be it group or
individual or NAV services for Corporations, they can be easily customized as per specific
needs.
HDFC Standard Life Insurance India boasts of covering around 8.7 lakh lives by March'2007.
The gross incomes standing at a whopping Rs. 2, 856 crores, HDFC Standard Life Insurance
Corporation is sure to become one of the leaders and the first preference for any life insurance
customer.
HDFC Standard Life Insurance Company Ltd. offers a range of individual and group insurance
solutions. It is a joint venture between Housing Development Finance Corporation Limited
(HDFC Ltd.), India’s leading housing finance institution and one of the subsidiaries of
Standard Life plc, leading providers of financial services in the United Kingdom. The Standard
Life group has been looking after the financial needs of customers for over 180 years. It is a
leading pension’s provider in the UK. Both the promoters are well known in their respective
fields of activities. For more details you may log on to http://www.hdfcinsurance.com
30
HDFC Standard Life Insurance Company Limited was one of the first companies to be granted
license by the IRDA to operate in life insurance sector. Reach of the JV player is highly rated
and been conferred with many awards. HDFC is rated ‘AAA ’ by both CRISIL and ICRA.
Similarly, Standard Life is rated ‘AAA’ both by Moody’s and Standard and Poor’s. These
reflect the efficiency with which HDFC and Standard Life manage their asset base of Rs.
15,000 Cr and Rs. 600,000 Cr. respectively.
HDFC Standard Life Insurance Company Ltd was incorporated on 14th August 2000. HDFC is
the majority stakeholder in the insurance JV with 81.4% staple and Standard of as a staple
18.6% Mr. Deepak Satwalekar is the MD and CEO of the venture.
HDFC Standard Life Insurance Company Ltd. Is one of India’s leading Private Life Insurance
Companies, which offers a range of individual and group insurance solutions. It is a joint
venture between Housing Development Finance Corporation Limited (HDFC Ltd.) India’s
leading housing finance institution and the Standard Life Assurance Company, a leading
provider of financial services from the United Kingdom. Both the promoters are will known
for their ethical dealings and financial strength and are thus committed to being a long-term
player in the life insurance industry- all important factors to consider when choosing your
insurer.
BUSINESS GROWTH
HDFC Standard Life, one of India’s leading private life insurance companies declared its
annual results for the financial year ending March 31, 2009. The company generated Total
Premium Income of Rs. 5564.69 crores in FY2008-09 registering a year-on-year growth of
15%. The growth was primarily driven by the company’s structured sales processes based on
customer needs and their assessments, wide range of product portfolio and diverse distribution
network.
Mr. Paresh Parasnis, Principal Officer and Executive Director, said, “The financial year 2008-
09 was a defining year with the unfolding of several unexpected events – sharp correction in
financial markets and a spread of recessionary trends. These events also had an impact on the
Indian life insurance industry. We are happy that our new policies issued grew by 16% over the
last year. However, given the uncertainty in the overall scenario, customers have reduced their
31
annual premium commitment on new policies. At the same time, existing policies continued to
be in force reflected in our renewal premium, which posted a healthy growth of 34%.”
In line with overall market conditions, growth in Effective Premium Income (EPI) in respect of
retail business increased by 5%, growing from Rs. 2,425 crores in 2007-08 to Rs. 2,552 crores
in 2008-09. HDFC Standard Life tracks its New Business Premium on the basis of Effective
Premium Income (EPI). EPI is calculated by giving only a 10% value to a Single Premium
policy and is an internationally accepted indicator of an insurance company’s performance.
HDFC Standard Life maintained its healthy pipeline of products last year by launching11
products apart from slashing the premium rates of its Term Assurance Plan premium rates by
about 25% across different age bands. “Our entry into the health insurance market last year
with the launch of two products – Surgi Care and Critical Care was a significant move in line
with our business objective. The low penetration of health insurance in India gives us a
tremendous opportunity to provide quality health insurance. Our health products along our
complete range of life insurance and pension’s portfolio meet almost every aspect of an
individual’s requirements,” Mr. Parasnis added.
KEY STRENGTH
Financial Expertise
As a joint venture of leading financial services group. HDFC standard Life has the financial
expertise required to manage long-term investments safely and efficiently.
Range of Solutions
HDFC SLIC has a range of individual and group solutions, which can be easily customized to
specific needs. These group solutions have been designed to offer complete flexibility
combined with a low charging structure.
Strong Ethical Values:

HDFC SLIC is an ethical and Cultural Organization. False selling or false commitment with
the customers is not allowed.
32
Most respected Private Insurance Company
HDFC SLIC was awarded No-1 Private Insurance Company in 2004 by the World Class
Magazine Business World for Integrity, Innovation and Customer Care.
CORPORATE OBJECTIVE
• Focus on the productivity of each consultant, corporate or individual, while stressing on

the quality of proposals
• Quick roll out of Products
• Efficiency of Operations
• Meet Social & Rural sector obligations
VISION
'The most successful and admired life insurance company, which means that we are the most
trusted company, the easiest to deal with, offer the best value for money, and set the standards.
.
'The most obvious choice for all'.
VALUES
Values that we observe while we work:
 Integrity
 Innovation
 Customer
 People Care
 Teamwork
 Joy and Simplicity
33
BOARD MEMBERS
Brief profile of the Board of Directors
 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).
 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. 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. Mr. Crombie is a fellow of the Faculty of Actuaries in
Scotland.
 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. Keith N 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.
34
 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.
 Mr. Ranjan Pant is a global Management Consultant advising CEO/Boards on
Strategy and Change Management. Mr. Pant, until 2002 was a Partner & Vice-President
at Bain & Company, Inc., Boston, where he led the worldwide Utility Practice. He was
also Director, Corporate Business Development at General Electric headquarters in
Fairfield, USA. Mr. Pant has an MBA from The Wharton School and BE (Honours)
from Birla Institute of Technology and Sciences.
 Mr. Ravi Narain is the Managing Director & CEO of National Stock Exchange of
India Limited. Mr. Ravi Narain was a member of the core team to set-up the Securities
& Exchange Board of India (SEBI) and is also associated with various committees of
SEBI and the Reserve Bank of India (RBI).
 Mr. Deepak M Satwalekar is the Managing Director and CEO of the Company
since November, 2000. Prior to this, he was the Managing Director of HDFC Limited
since 1993. Mr. Satwalekar obtained a Bachelors Degree in Technology from the Indian
Institute of Technology, Bombay and a Masters Degree in Business Administration
from The American University, Washington DC.
 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.
35
MARKET SHARE
HDFC Limited.
 HDFC is India’s leading housing finance institution and has helped build more than
23,00,000 houses since its incorporation in 1977.
 In Financial Year 2003-04 its assets under management crossed Rs. 36,000 Cr.
 As at March 31, 2004, outstanding deposits stood at Rs. 7,840 crores. The depositor
base now stands at around 1 million depositors.
 Rated ‘AAA’ by CRISIL and ICRA for the 10th consecutive year
 Stable and experienced management
 High service standards
 Awarded The Economic Times Corporate Citizen of the year Award for its
long-standing commitment to community development.
 Presented the ‘Dream Home’ award for the best housing finance provider in 2004 at
the third Annual Outlook Money Awards.
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 pensions 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
36
MILESTONES IN THE HISTORY
• HDFC is India’s leading housing finance institution and has helped build more than 23,
00,000 houses since its incorporation in 1977.
• In Financial Year 2003-04 its assets under management crossed Rs.36,000Cr.
• As at March 31, 2004, outstanding deposits stood at Rs. 7,840 crores. The depositor
base now stands at around 1 million depositors.
• Rated ‘AAA’ by CRISIL and ICRA for the 10th consecutive year
• Awarded The Economic Times Corporate Citizen of the year Award for its long-
standing commitment to community development.
• Presented the ‘Dream Home’ award for the best housing finance provider in 2004 at the
third Annual Outlook Money Awards
• HDFC Standard Life Insurance is the first private life insurance company to be granted
a license by IRDA
• Rated as the "Best New Insurer - 2003" by Outlook Money magazine, India’s number 1
personal finance magazine
• Rated by ‘Business world’ as ‘India’s Most Respected Private Life Insurance Company’
in 2004.
• 47 Has the highest brand recall, close to 80% (Source: AC Neilson ORGMARG, April
2005)
• Has one of the widest branch networks with offices in over 100 cities servicing over
440 towns
37
PRODUCTS & SERVICES
The right investment strategies won't just help plan for a more comfortable tomorrow -- they
will help you get “Sar Utha ke Jiyo”. At HDFC SLIC, life insurance plans are created keeping
in mind the changing needs of family. Its life insurance plans are designed to provide you with
flexible options that meet both protection and savings needs. It offers a full range of
transparent, flexible and value for money products. HDFC SLIC products are modern and
contemporary unitized products that offer unique customer benefits like flexibility to choose
cover levels, indexation and partial withdrawals. (Source: www.hdfcslic.com)
Innovative products, smart marketing, and aggressive distribution have enabled fledgling
private insurance companies to sign up Indian customers faster than anyone expected. Indians,
who had always seen life insurance as a tax saving device, are now suddenly turning to the
private sector and snapping up the new innovative products on offer. Some of these products
include investment plans with insurance and good returns (unit linked plans), multi – purpose
insurance plans, pension plans, child plans and money back plans. (www.wikipedia.com)
38
Products of HDFC standard life insurance
 Individual
 Group
 Social
Individual Products
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.
Protection Plans
You can protect your family against the loss of your income or the burden of a loan in the
event of your unfortunate demise, disability or sickness. These plans offer valuable peace of
mind at a small price.
Our Protection range includes our Term Assurance Plan & Loan Cover Term Assurance Plan.
Investment Plans
Our Single Premium Whole Of Life plan is well suited to meet your long term investment
needs. We provide you with attractive long term returns through regular bonuses.
Pension Plans
Our Pension Plans help you secure your financial independence even after retirement.
Our Pension range includes our Personal Pension Plan, Unit Linked Pension, Unit Linked
Pension Plus
Savings Plans
Our Savings Plans offer you flexible options to build savings for your future needs such as
buying a dream home or fulfilling your children immediate and future needs.
Our Savings range includes Endowment Assurance Plan, Unit Linked Endowment, Unit
Linked Endowment Plus, Unit Linked Endowment Plus II,
39
Unit Linked Enhanced Life Protection II, Children's Plan, Unit Linked Young Star, Unit
Linked Young Star Plus, Unit Linked Young Star Plus II.
40
Group Products
One-stop shop for employee-benefit solutions
HDFC Standard Life has the most comprehensive list of products for progressive employers
who wish to provide the best and most innovative employee benefit solutions to their
employees. We offer different products for different needs of employers ranging from term
insurance plans for pure protection to voluntary plans such as superannuation and leave
encashment.
We now offer the following group products to our esteemed corporate clients:
• Group Term Insurance
• Group Variable Term Insurance
• Group Unit-Linked Plan
An investment solution that provides funding vehicle to manage corpuses with Gratuity,
Defined Benefit or Defined Contribution Superannuation or Leave Encashment schemes of
your company
Also suitable for other employee benefit schemes such as salary saving schemes and wealth
management schemes
Social Product
Development insurance plan
Development Insurance plan is an insurance plan which provides life cover to members of a
Development Agency for a term of one year. On the death of any member of the group insured
during the year of cover, a lump sum is paid to those member beneficiaries to help meet some
of the immediate financial needs following their loss.
Eligibility
• Members of the development agency and their spouses with:

• Minimum age at the start of the policy 18 years last birthday
• Maximum age at the start of policy 50 years last birthday
41
ADVERTISEMENT AND SALES PROMOTION
Daughter: “Dad”. Father: “Bolo”

Film opens in the compound of a house. Father is Daughter: “Nayi car lene mein hee bhalaai
checking something inside the bonnet of an old hai.” Dad nods in agreement without looking
small car. His daughter, around 27-28 years old, is up. Dad: “Hmmm…”
working on a lap top next to him
Dad looks at her and asks.

Daughter continues affirmatively as she signs on a
Dad: “Huh, Badi kyon?”
cheque. Daughter: “Aur wo bhi badi wali.
Dad doesn’t know what to say as he looks at

Daughter: “Relax dad, plan kiya.” the cheque. Daughter pleads: “Please…dad”
Dad doesn’t know what to say: “Par...”
42
Super: Unit Linked Savings Plans Father daughter are sitting.
MVO: “Unit Linked Savings Plans from HDFC MVO: “Sar Utha Ke Jiyo.”
Standard Life. zimmedari nibhao, Aaj bhi kal bhi ”
43
FINANCIAL PERFORMANCE
HDFC Standard Life, one of the leading private life insurance companies in India declared its
annual results for the financial year ending March 31, 2008. The company generated New
Business Premium Income of Rs. 2,685 crores in FY2007-08 registering a year-on-year growth
of 63%. The growth was primarily driven by the success of the company's initiative on
structured sales processes based on customer needs and their assessments.
HDFC Standard Life, one of the leading private life insurance companies in India declared its
annual results for the financial year ending March 31, 2008. The company generated New
Business Premium Income of Rs. 2,685 crores in FY2007-08 registering a year-on-year growth
of 63%. The growth was primarily driven by the success of the company’s initiative on
structured sales processes based on customer needs and their assessments.
Mr. Deepak Satwalekar, MD & CEO, HDFC Standard Life attributed this growth to the quality
of life insurance solutions offered by the company and its increased geographical reach. He
also emphasised, “We believe that our success is a result of our efforts in giving customers, the
best long-term solutions to take care of their insurance needs. Our endeavour to provide high
quality insurance and pension solutions to customers through quality pre-sales advice, based on
a sound need-based solutions approach, and post-sales service has started to pay off.”
Highlights of Financial Year 2007-08
• New Business Premium Income up by 63% to Rs. 2,685 crores. Total Premium Income
is up by 70% at Rs. 4,859 crores as against Rs. 2,856 crores in FY2006-07
• Alternate Channels including bancassurance has recorded an impressive growth of over
63% to contribute 41% to the Effective Premium Income (EPI)
• Group business funds under management have increased to Rs. 959 crores, registering
a growth of 83% over FY2006-07
• The average premium has increased to Rs. 33,000
• Company products and services are now available in 726 cities and towns across the
country
• Strength of Financial Consultants has increased to 1,45,000.
44
HDFC Standard Life tracks its New Business Premium on the basis of Effective Premium
Income (EPI). EPI is calculated by giving only a 10% value to a Single Premium policy and is
an internationally accepted indicator of an insurance company’s performance. The total
premium income (including renewal premium) grew by 70% to touch a figure of Rs. 4,859
crores. High levels of persistency have resulted in higher level of renewal premiums. Although
there has been a slight dip from 89% to 86%, we continue to have the highest persistency level
in the industry. The cumulative sum assured for all policies issued upto March 31, 2008
crossed Rs. 87,000 crores.
In offering unit linked products, the structured sales process adopted by the company has paid
rich dividends. “We believe that we should be able to lengthen the maturity profile of our
policy portfolio, now that the regulatory disincentive has been removed with effect from April
1, 2008,” added Mr. Satwalekar. HDFC Standard Life offers, both, life insurance policies as
well as pension products on a unit linked platform as also the conventional ‘with profits’
platform.
Over 50% of the sum assured as on March 31, 2008, is in respect of non unit-linked policies.
Over 30% of funds under management are in respect of non-linked business, which reflects the
balanced book between conventional and unit-linked business in the total portfolio of the
company.
The company’s national relationships with large public and private sector banks have also
helped it reach out to a larger number of customers across the country. The company plans to
further strengthen these relationships through the introduction of products specially designed
for this channel.
HDFC Standard Life continues to have one of the widest reaches among new insurance
companies. The company strengthened its number of offices from 103 to 572 across the
country in less than 3 years. Through these offices, the company today services customer needs
in over 726 cities and towns. The company also increased its depth in existing markets by
increasing its Financial Consultant strength from 74,000 as on March 31, 2007 to 1,45,000 as
on March 31, 2008. There has been a huge jump of 300% over the last 3 years in the number of
45
its Financial Consultants who have qualified to become members of the prestigious Million
Dollar Round Table (MDRT) Club. The strength of MDRT qualified members has gone up to
496 as on December 31, 2007.
As against the regulatory requirement of writing 18% of all policies in rural areas, HDFC
Standard Life has issued over 217,000 policies accounting for 23% of all policies issued during
2007-08. Additionally, during 2007-08, HDFC Standard Life has covered 51,326 lives under
the social sector category, as against the requirement of 25,000 lives. Overall, the company has
covered over 9,59,000 lives during the year ending March 31, 2008.
To meet the demands arising from the company’s rapid growth, shareholders have contributed
additional Rs. 470 crores of equity to take the paid-up share capital as on March 2008 to Rs.
1,271 crores.
HDFC Standard Life, one of the leading private life insurance
companies in India declared its annual results for the
financial year ending March 31, 2008. The company
generated New Business Premium Income of Rs. 2,685
crores in FY2007-08 registering a year-on-year growth of
63%. The growth was primarily driven by the success of the
company's initiative on structured sales processes based on
customer needs and their assessments.
46
FUTURE PLANS
HDFC Standard Life, plans IPO in '09

Mumbai, HDFC has booked a profit of around Rs 120 cr in a Rs 200 cr transaction involving
sale of 7.15% stake in HDFC Standard Life to its British partner. The promoters of HDFC
Standard Life have said also said that they will dilute stake through an IPO before 2009.
New HDFC Standard Life policy
Mumbai, HDFC Standard Life has launched a new product called "Unit Linked Wealth
Maximiser Plus". This is a single premium investment cum protection plan, with a minimum
premium of Rs 1 lakh. The policyholder has the option to choose from five fund options -
Money Plus Fund, Bond Opportunities Fund, Large-cap Fund, Mid-cap Fund, and Manager's
Fund. HDFC Standard Life will offer regular loyalty units of 0.10 per cent every year as long
as the policy is not surrendered. The accumulated value of the funds is received at the end of
the policy term. In the event of unfortunate demise of the policyholder during the policy
tenure, HDFC Standard Life will pay the greater of the Sum Assured (less all applicable
withdrawals) and the total fund value to the family members of the policyholder. The policy
offers life insurance cover until the age of 99 years
47
CHAPTER 6
48
CAREER PATH IN HDFC SLIC
CAREER
Channel Development Department Sales Department
Area Manager (AM) Territory Manager (TM)
Channel Development Business Development

Manager (CDM) Manager (BDM)
Channel Development Sales Development

Executive (CDE) Manager (SDM)
Recruitment Consultant Financial Consultant (FC)

49
The Career Path in HDFC Standard Life Insurance Company Ltd. mainly has two
operations in its all branches. HDFC Standard Life Insurance Company Ltd. has divided
its operation into two departments for the better management. These departments are:
 Channel Development Department

1. Area Managers
2. Channel Development Managers
3. Channel Development Executives
4. Recruitment Consultant
 Sales Department
1. Territory Manager
2. Business Development Managers
3. Sales Development Managers
4. Financial Consultants
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.
50
Role of CDMs & CDEs
1. Team building The 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( AMCD to Address)
Felicitation & Rewards to top performers
5. IRDA Training & Examination A CDM has to arrange FC’s 50 hours training tracking
through LC & RC’s. and IRDA Examination Tracking through LC & RC’s 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 FC’s through TM/BM Retail
• FC Recruitment, Licensing & Business Updates to Retail functions
51
• Updating OpsAgency CoOrdinator on Process Changes
8. Checking Quality Parameters
• Q Score
• 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 development department under

different SDMs & BDMs. Then sales department provides them product and other training
which can make them to go in the market and to sell the insurance policies.
Be a Financial Consultant
52
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

 Utilize spare time productively
 Get National & International Recognition
 Invest time and not money*
 Build stronger and life-long relationship
 Reinvent your life
53
BUSINESS DESCRIPTION
Be our Certified Financial Consultant Join HDFC Standard Life Insurance as a Financial
Consultant and help analyze your customer’s financial needs, provide customized financial
solutions to each one and conduct reviews on a regular basis to keep your customers on track.
Along with being a great career move you get associated with HDFC Standard Life Insurance,
India’s Most Respected Private Life Insurance Company. We at HDFC Standard Life also offer
you unmatched support with various training programmes to help you excel in your endeavour.
A great career move in every way Zero investment, there is no start-up capital. You can work
full-time or part-time, depending on your convenience Sunrise industry Support every step of
the way At HDFC Standard Life, training is an inherent element of our support system - at no
extra cost - for our new Financial Consultants
EXCELLENT OPPORTUNITY
• Join HDFC Standard Life Insurance as a Financial Consultant and earn a rewarding
career
• Flexible work timings – You can work whenever you like. You can work full-time or
part-time, depending on your convenience. However, the time you invest will determine
your success
• Any one can join - Young graduates, Housewives, Retired Personnel, Self-employed or
Working Professionals.
• Zero Investment - There is no start-up capital required. Be your own boss with flexible
working environment, unlimited earning potential and opportunities to be part of a world
class sales team.
• Attractive Remuneration - Company offers excellent commissions, award and rewards
for the performers.
You have unlimited earning potential. Commission structure is pretty handsome and is 15-
40% and renewal commission of 5% second year onwards till the policy is in force.
• Certificate by IRDA- You will get world class training free of cost and certification by
Insurance Regulatory Development Authority.
54
• TRAINING- Perfects your knowledge about the insurance industry as well as our
products
• IRDA Training- Prepares you for your career as a Financial Consultant and enables you
to pass the IRDA examination easily
• Disha Training- Hones your selling skills, enables you to understand customer needs
and provide need-based insurance solutions
• Advanced Training- Upgrades your capability and knowledge through sophisticated
training programs customised for the changing world of financial products and markets
DESIRED PROFILE:
Age: 18 Yrs to 65 Yrs

Education: Intermediate or more
Experience: Not Mandatory
Type of Job: Full Time or Part Time
JOB DESCRIPTION FOR FINANCIAL CONSULTANTS
Pre sales role

• Identifying prospective clients.
• Meeting prospective clients.
• Understanding the need of the client.
• Presenting solutions to client.
• Closing sales.
Post sales role

• Taking 1-2 references from the client
• Providing timely updates to the client for maintaining Lifelong
relationship.
55
CHAPTER 7
56
RECRUITMENT PROCESS OF FCs
Fill up of Agency form
IRDA Training (100 hrs)
IRDA Exam
Fail Pass
Exit Product Training
Traditional Pr. ULIP Product
Internal Assessment
Fail Pass
Exit Certification
57
WHAT ARE THE ROLES OF A FINANCIAL CONSULTANT?
 Meet people and present services
 Understand their financial needs
 Customize Life Insurance Plans
 Provide efficient after-sale support
 Help customers protect their lifestyles,
 Realize their dreams and enjoy their lives
HDFC Standard Life Insurance Company Ltd. the World of Opportunities
HDFC Standard Life welcomes you in the world of opportunities, HDFC SLIC is providing
the great opportunities to its employees and its Career Path in HDFC is the competitive edge in
this competitive era. The HDFC SLIC has great opportunities:-
 Our Team
 The Opportunities
 Choosing the right place/company
 Rewards
 Recognition and respect
 Support function
• Training
• Marketing
• Sales
 Unlimited Earnings
58
Our Team
HDFC Standard Life Insurance Company Ltd. has finest team over 70,000+ FCs (Financial
Consultants) comprises of retired persons, Professionals, Brokers, housewives, students
Entrepreneurs / Businessmen, Charted Accountants and salaried persons which is providing the
competitive advantage to the organization to compete its competitors in the insurance sector as
competitive human resource.
OUR TEAM COMPRISES OF
Retired Persons
Professionals Salaried
Finest Team Charted

Brokers Of over Accountant
70,000 FCs
Housewives Entrepreneurs
Students /Businessmen
59
The Opportunities
HDFC SLIC is providing the opportunities not only for the limited people, the HDFC SLIC is
providing the world wide opportunities to all people to support their family income, financial
Independence, start business with zero investments, experience in the Financial domain, no
work pressure, supplement income, complete/diversified product portfolio, lifelong
relationships, build relationships with a noble cause, time flexibility and many more
opportunities. HDFC SLIC providing opportunities to:-
 Women
• Supplement family income
• Financial Independence
 Young Entrepreneurs
• Start business with ZERO investment
• Own boss
• Hands-on experience in the financial domain
 Financial Professionals
• Supplement income
• A complete/diversified product portfolio
• Build lifelong relationships
 Retired
• Make your second innings stronger than first
• Build relationships with a noble cause
60
• Financial Independence
Choosing the right place/company
Why you should join the HDFC Standard Life Insurance Company Ltd. amongst all
insurance companies:
 HDFC Standard Life Insurance Company Ltd. is the
first Private Life Insurance Company to licensed by IRDA
 Large network of over 300 branches
 Over 10lacs. Satisfied customers
 Over 70,000 Financial Consultants
 Maximum no. of MDRT qualifiers
Rewards, Recognition and respect
HDFC Standard Life Insurance Company Ltd. is providing the rewards, recognition &
respect to its family member for motivation and to create sprit of self belongingness so that the
employees can able to give their potential to the company and to achieve the organizational
goals and objective.
For Increasing the productivity of the employees HDFC Standard Life Insurance Company
Ltd. is providing the different facilities through rewards, recognition & respect:
61
 Star on Debut Club for newcomer FCs
 Clubs like Bronze, Silver, Gold & Centurion to enhance the earnings
 Monthly contests
 Topper’s C lub
 Sales Conventions at Exotic locations
 MDRT, COT & TOT Eligibility
Support Function
HDFC Standard Life Insurance Company Ltd. has created a world class support functions
which help its FCs to increase his earning. Thought you are your own boss but you are never
alone, in case of need/help in this profession HDFC SLIC Support system is always with you.
For example you are not able to convince your prospect due to some reason like information
and other then you can take help from S.D.M.(Sale Development Manager) as well as B.D.M.
(Business Development). HDFC SLIC has excellent training and development facilities and
different Customer Contact programs which improves and sharps the knowledge,
communication skills, convincing power and everything which would help you to increase the
business or to aid sales of the organization. Support system:
 World class training
 Support of numerous Customer Contact Programs to aid sales
 On-field Support from the Sales team
 Strong Brand Recognition
 24 hours Customer Support
 Superior Product Portfolio
(Lowest Fund Management Charges)

62
Unlimited Earnings
Commission on issuance of every policy.
Commission directly credited to bank account of FCs within 15 days. These commission
varies from 7.5-40% according to plan.
BASIC COMMISSION
First year Commission payable on regular premium conventional policies issued on or after
21st march 2007
Name of the plan 1st year commission

Endowment Assurance plan 40%
Money Back plan 40%
Children’s plan 40%
Term Assurance plan 25%
Lone cover Term Assurance plan 25%
Personal Pension Plan 7.5%
RENEWAL COMMISSION:
Renewal commission would be paid from the 2nd year onwards on regular premium policies.
Renewal commission is not payable on single premium plans.
Name of the plan Renewal commission 2nd year

onwards
Endowment Assurance plan 5%
Money Back Plan 5%
Children’s plan 5%
Lone cover Term Assurance Plan 5%
Term Assurance plan 5%
Personal Pension Plan 2%
BONUS COMMISSION
63
Bonus commission would be payable on the first year premium received and adjusted on the
regular premium policies under the following plans,
1.Endowment Assurance Plan
2.Money Back Plan
3.Children’s Plan
4.Term Assurance Plan
5.Lone Cover Term Assurance Plan
Bonus commission is not payable on the single premium plans and on the policies issued under
the Personal Pension Plan and all Unit Linked Plans.
Bonus commission rate would depend on financial consultant crossing the minimum
RNEP(Received Net Effective Premium) within one year.
Period RNEP Bonus commission % of the 1st year Premium

received
1,00,000 5%
1,50,000 10%
In one year
2,25,000 15%
How do I earn, say, Rs. 25,000pm?
 You need to sell Policy worth Rs. 1,25,000/-
 Average Premium Rs. 32,000/-
 Need to sell 4 Policies
 Need to meet at least 12 people. i.e. 1person in 2 days
64
Art of Earning
 No. Of Policies 4 in a month (Yearly 50)
 Average Premium Rs. 32,000/-yearly
 Incentive Earn 20% in 1st Year & renewal 4%
 Expected Business Growth 20%
Year Business Commission Renewals Total*

1 16.00 Lac 320000 - 320000
2 19.20 Lac 384000 64000 448000
3 23.00 Lac 460000 140800 600800
4 27.60 Lac 552000 232800 784800
5 33.00 Lac 660000 343200
*Indicative figures 1003200
Eligibility Criteria to become a Financial Consultant
Minimum Eligibility Criteria (Any 3/5 Criteria required, first criteria being mandatory)
 Age : 18 and Above

 Education : 10th+2 or higher.
 Has spent > 3 years in the city of current residence.
 Income > 3 Lakhs per annum.
65
Pre-requisites required to become a Financial Consultant
 Should undergo IRDA Training for 50 hrs.

 Should Pass the pre-recruitment exam conducted by Insurance Institute of India.
Licensing Process
Step 1 : Registration
Step 2 : IRDA Training
Step 3 : IRDA Examination
Documentation Required for Acquiring a License Forms
STEP 1 : REGISTRATION
 Agency Application form

 Form VA
 Exam Form
 Agreement Copy
( all pages to be signed by the FC )
 Know Your Customer ( KYC ) Addendum
Supporting Personal Documents required
 9 Passport size photographs

 Age Proof
 Proof of Education
 Proof of Identity
 Proof of Residence
 PAN Card or PAN Application
66
 Fee : Rs. 925 /- ( Off Line )
 Fee : Rs. 825 /- ( On Line )
STEP 2 – IRDA TRAINING
All Candidates have to undergo and complete 50 hours of IRDA Training.
Types of Training
1. Off Line (Class Room) Training

2. On Line Training
IRDA Refresher Classes are conducted for the FC before the IRDA Exam.
STEP 3 – IRDA EXAMINATION
Pre Recruitment Examination can be done by 2 Modes,
1. On line
2. Off line
Exams are conducted by Insurance Institute of India (III)
67
CHAPTER 8
68
RESEARCH METHODOLOGY
RESEARCH METHODOLOGY
All the findings and conclusions obtained are based on the survey done in the working area
within the time limit. I tried to select the sample representative of the whole group during my
job training. I have collected data from Chartered Accountants, Tax Consultants, Businessman,
Share Brokers, Lawyers, Working Professionals, House Wives and Retired Persons in Pune.
1. OBJECTIVES OF RESEARCH PROJECT:
PRIMARY OBJECTIVES:
To recruit more and more Financial Consultant and to promote the benefits those are provided
by HDFC Standard Life to its Financial Consultants
To find the different way of recruiting and selecting the Financial Consultants who can produce
more and fruitful results.
To study awareness of the HDFC Standard life insurance
SECONDARY OBJECTIVES:
To determine the need and purpose of Financial Consultant.
To understand the deciding criteria for people to become Financial Consultant.
To collect and analysis the information of prospect candidates in order to make them appear in
front of management so that they can be selected as
Financial consultant. To offer suggestions based upon the findings.
2. RESEARCH PLAN:
1. Preliminary Investigation: In which data on the situation surrounding the problems shall
be gathered to arrive at
· The correct definition of the problem.
· An understanding of its environment.
2. Exploratory Study: To determine the approximate area where the problem lies.
69
3 RESEARCH DESIGN:
Research was initiated by examining the secondary data to gain insight into the problem. By
analyzing the secondary data, the study aim is to explore the short comings of the present
system and primary data will help to validate the analysis of secondary data besides on
unrevealing the areas which calls for improvement.
4. DEVELOPING THE RESEARCH PLAN:
The data for this research project has been collected through self Administration.
Due to time limitation and other constraints direct personal interview 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. Moreover respondents prefer to give direct
answers. In questionnaires open ended and closedended, both the types of questions has been
used.
5.COLLECTION OF DATA:
1: Secondary Data: It was collected from internal sources. The secondary data was collected
on the basis of organizational file, official records, news papers, magazines, management
books, preserved information in the companies database and website of the company.
2: Primary data: All the Chartered Accountants, Tax Consultants, Insurance Agents, Auto
loan providers were personally visited and interviewed. They were the main source of Primary
data. The method of collection of primary data was direct personal interview through a
structured questionnaire.
6. SAMPLING PLAN:
Since it is not possible to study whole universe, it becomes necessary to take sample from the
universe to know about its characteristics.
70
• Sampling Units: Chartered Accountants, Tax Consultants, Lawyers, Business Man,
Professionals and House Wives of Delhi.
• Sample Technique: Random Sampling.
• Research Instrument: Structured Questionnaire.
• Contact Method: Personal Interview.
71
CHAPTER 9
72
DATA ANALYSIS, INTERPRETATION
& PRESENTATION
1.Your Age?
TABLE
Sr. No. Category No. of Percentage

Respondents
1 18-23 Years 40 20%

2 24-29 Years 70 35%
3 30-35 Years 60 30%
4 35 & above 30 15%
Total 200 100%
Base 200 respondents
GRAPH
Interpretation
From the table and graph above it can be seen that
➢ 20% respondent’s age are 18 to 23 years.
➢ 15% respondent’s age are 35 to above years.
73
2. Marital status?
TABLE

Respondents
1 Married 140 70%

2 Unmarried 60 30%
Total 200 100%
GRAPH
Interpretation
➢ 70% respondent’s are married.

➢ 30% respondent’s are unmarried.
74
3. Educational Qualification?
TABLE

Respondents
1 Under graduate 50 25%

2 Graduate 80 40%
3 Post graduate 70 35%
Total 200 100%
GRAPH
Interpretation
➢ 25% respondent’s are Under graduate.
➢ 40% respondent’s are Graduate.
➢ 35% respondents are Post graduate.
75
3. Number Of Year’s Are You in Delhi?
TABLE

Respondents
1 Less than five years 78 39%

2 More than five years 122 61%
Total 200 100%
GRAPH
Interpretation
➢ 39% respondent’s are in Pune is less than five year’s.
➢ 61% respondent’s are in Pune is more than five year’s.
76
5. Your Occupation?
TABLE

Respondents
1 Business 40 20%
2 Profession 108 54%
3 Service 52 26%
Total 200 100%
GRAPH
Interpretation
➢ 20% respondent’s Occupation is Business.
➢ 26% respondent’s Occupation is Profession.
➢ 54% respondent’s Occupation is Service.
77
6. Your annual household income?
TABLE

Respondents
1 Less than 2 lacs 98 49%

2 Between 2 to 5 lacs 62 31%
Between 5to 8lacs 30 15%
More than 8 lacs 10 5%
Total 200 100%
GRAPH
Interpretation
➢ 49% respondent’s annual household income is less than 2 lacs.
➢ 31% respondent’s annual household income is between 2 to 5 lacs.

➢ 15% respondent’s annual household income is between 5 to 8 lacs.
➢ 5% respondent’s annual household income is more than 8 lacs.
7. Are you a member of a club/gymkhana?
78
TABLE

Respondents
1 Yes 84 42%
2 No 116 58%
Total 200 100%
GRAPH
Interpretation
➢ 42% respondent’s are member of a club/gymkhana.
➢ 58% respondent’s are not member of a club/gymkhana.
79
8. What is your perception about insurance sector?
TABLE

Respondents
1 Hard and lucrative 60 30%

2 Hard but not 18 9%
rewarding
3 Smooth and 82 41%
rewarding
4 No idea 40 20%
Total 200 100%
GRAPH
Interpretation
➢ 30% respondent’s perception about insurance sector is Hard & lucrative.
➢ 9% respondent’s perception about insurance sector is hard but not
rewarding.
➢ 41% respondent’s perception about insurance sector is Smooth & rewarding.
➢ 20% respondent’s perception about insurance sector that they have no idea.
9. Do you know about HDFC Standard Life Insurance?
80
TABLE

Respondents
1 Yes 164 82%

2 No 36 18%
Total 200 100%
GRAPH
Interpretation
➢ 85% respondent’s are known about HDFC Standard life insurance.
➢ 15% respondent’s are not known about HDFC Standard life insurance.
81
10. Do you have any Insurance Policy?
TABLE

Respondents
1 Yes 160 80%

2 No 40 20%
Total 200 100%
GRAPH
Interpretation
➢ 80% respondent’s have insurance policy.
➢ 20% respondent’s do not have insurance policy.
82
11. Name of Insurance Company?
TABLE

Respondents
1 LIC 104 65%

2 ICICI 16 10%
HDFC SLIC 8 5%
OTHERS 32 20%
Total 160 100%
GRAPH
Interpretation
➢ 65% respondent’s are insured by LICI.
➢ 10% respondent’s are insured by ICICI.
➢ 5% respondent’s insured by HDFCSLIC.
➢ 20% respondent’s insured by OTHERS.
12. Do you hold any license of any insurance company?
TABLE
83
Respondents
1 Yes 70 35%
2 No 130 65%
Total 200 100%
GRAPH
Interpretation
➢ 35% respondent’s are holding license of any insurance company.
➢ 65% respondent’s are not holding license of any insurance company.
84
13. Are you satisfied with the company?
TABLE

Respondents
1 Yes 42 60%
2 No 28 40%
Total 70 100%
Base 70 respondents
GRAPH
Interpretation
➢ 60% respondent’s are satisfied with their insurance company.
➢ 40% respondent’s are not satisfied with their insurance company.
85
14. Do you know about HDFC Standard Life Insurance recruitment policies related to
financial consultant?
TABLE

Respondents
1 Yes 82 41%
2 No 118 59%
Total 200 100%
GRAPH
Interpretation
➢ 41% respondent’s are known about HDFC Standard Life Insurance
recruitment policies related to financial consultant.
➢ 59% respondent’s are not known about HDFC Standard Life Insurance
recruitment policies related to financial consultant.
15. Will you be interested to become Financial Consultant?
86
TABLE

Respondents
1 Yes 60 30%
2 No 140 70%
Total 200 100%
GRAPH
Interpretation
➢ 30% respondent’s are interested to become financial consultant.
➢ 70% respondent’s are not interested to become financial consultant.
87
16. Would you like to earn an additional income through a business opportunity with
HDFC STANDARD LIFE?
TABLE
Sr. No. Category No. Of Percentage

Respondents
1 Yes 54 90%
2 No 6 10%
Total 60 100%
Base 60 respondents
GRAPH
Interpretation
➢ 90% respondent’s are interested to earn additional income.
➢ 10% respondent’s are not interested to earn additional income
88
CHAPTER 10
89
SWOT ANALYSIS
HDFC and Standard Life came together for a possible joint venture, to enter the life Insurance
market, in January 1995. It was clear from the outset that both companies shared similar values
and beliefs and a strong relationship quickly formed. In October 1995, the companies signed a
3-year joint venture agreement.
1. STRENGTH
1. Domestic image of HDFC supported by Prudential’s international image is strength of the
company.
2. Strong and well spread network of qualified intermediaries and sales person.
3. Strong capital and reserve base.
4. The company provides customer service of the highest order.
5. Huge basket of product range which are suitable to all age and income groups.
6. Large pool of technically skilled manpower with in depth knowledge and understanding of
the market.
7. The company also provides innovative products to cater to different needs of different
customers.
2. WEAKNESS
1. Heavy management expenses and administrative costs.
2. Low customer confidence on the private players.
3. Poor retention percentage of tied up agents.
3. OPPORTUNITIES
1. Insurable population –According to ING only 10% of the population is insured, which
represents around 30% of the insurable population. This suggests more than 300m people,
with the potential to buy insurance, remain uninsured.
2. There will be inflow of managerial and financial expertise from the world’s leading
insurance markets. Further the burden of educating consumers will also be shared among many
players.
90
3. International companies will help in building world class expertise in local market by
introducing the best global practices.
4. THREATS
1.Other Private Insurance Companies Also vying For The Same uninsuranced Population.
2.Big Public Secter insurance Companies Like LIC India, National
insurance Company Ltd, Oriented Insurance Ltd, New India Assurance
Company Ltd, And United Insurance Company Ltd. People Trust Them
And go to them more.
3.Poaching of Customer by other companies.
4.Most People donot understand the need or are not willing to take insurance policies in
general.
91
CHAPTER 11
92
CONCLUSIONS
HDFC Standard Life, the insurance arm of HDFC is expected to go on stream. Promoted by
HDFC & Standard Life, already has good number of employees on board and is recruiting
Financial Consultants heavily to take the headcount to many more. It is on the brim of
increasing its client through its attractive schemes and offer. The project opportunities
provided was market segmentation and identifying prospective clients in potential
geographical location and for recruiting them as financial consultant so to explore new
Business Opportunity. Through this project, it could be concluded that people are not much
aware about the various benefit of being Financial Consultant that are currently prevailing in
the insurance industry. Insurance was considered as unsought good which require hard core
selling, but in changing trend in income and people becoming financially literate, the demand
for insurance is increasing day by day. So, it is the company that first approaches gets its share
of reward. Proper after sale service can help the advisors to generate more business. Gradually
people are realizing the fact that insurance is not a necessary evil but means to attain worry
free life.
This activity much attract unemployed people as for them a source of income is a great help for
developing there future. Company’s promotional activities for recruiting Financial Consultant
are also very less. So, at last the conclusion is that there is tough competition ahead for the
company from its major competitors in terms of number of Financial Consultants. Last but not
the least I would like to thank HDFC SLI for giving me an opportunity to work in the field of
Financial Consultant. I hope the company finds my analysis relevant.
93
CHAPTER 12
94
SUGGESTIONS AND RECOMMENDATIONS
Finally some recommendations for the company are as fallows:-

 To make people aware about the benefit of becoming HDFC Standard Life’s Financial
Consultant, following activities of advertisement should be done through
1. Print Media.
2. Hoarding & Banners.
3. Stalls in Trade Fares
4. Distribution of leaflets containing details information.
5. Company can recruit sales promoters so that maximum information can be provided
to the potential client.
 By showing additional and alternative income source along with various schemes for
Financial Consultant in the company so that more and more FC can be recruited.
 Free life cover for every active Financial Consultant.
 Discounted rate premium for its family members.

 Make people understand about the meaning of the IRDA authorization and its validity.
 Company should organize the program in the society, so that people will be aware
about the company
 Separate time slot for Working Professionals, House Wives and Retired people.
 Agency of non-life products should also be provided along with life.
 Company should open more branches in different cities
 The importance of alliances and tie-ups means that companies will have to integrate
related but separate providers into their systems to ensure seamless delivery.
 Build strong relationship with intermediates such as agents.
 Advertise about the rural market as it has huge potential
 Create a positive perception about insurance
 Making purchase of policies a less cumbersome process
 Promote insurance in corporate houses and colleges.
 Attracting youth by educating about higher rate of return as compared to banks.

95
 Try to sell the plan according to his need and not according to the agent’s commission.
96
CHAPTER 13
97
BIBLIOGRAPHY
The following companies and association’s web sites were referred while collecting
information used in the research.
1 . INTERNET SOURCE
• http://www.hdfcinsurance.com
• http://www.google.co.in
• http://www.wikipedia.org/
• http://www.money control.com
• http://www.licindia.com
• http://www.hdfcbank.com
• http://www.irdaindia.org
• http://www.woopidoo.com/articles/dylan/career-path.htm
• http://timharford.com/2009/08/a-recession-proof-career-path-only-for-the-lucky-ones/
2. BOOKS/MAGAZINES REFFERD
 Study Guide- Principles & Practices of Life Insurance By AIMA.
 Books Published By INSURANCE INSTITUTE OF INDIA.
 LIFE INSURANCE By Mc Gill.
 INSURANCEWATCH.
 MONEYOUTLOOK.
3. ARTCLE USED
1. CHOOSING THE RIGHT CAREER PATH

Article by Michael Dylan
http://www.woopidoo.com/articles/dylan/career-path.htm
98
99
CHAPTER 14
100
ANNEXURE
HDFC SLIC
26/1 DEWAN HOUSE, AJAY ENCLAVE,
SUBHASH NAGAR, NEW DELHI-110027
Dear Sir/Madam,
I am a student of LOVELY SCHOOL OF BUSINESS, LPU (PUNJAB) and presently doing a
market survey “MARKET RESEARCH ON FINANCIAL CONSULTANTS FOR
HDFCSLIC, DELHI”. I request you to kindly fill the questionnaire below and I assure you that
the data generated shall be kept confidential.
Name: ………………………………………………………………………..
Address: ……………………………………………………………………..
Contact No :®………………( O)……………… (M)………………………
City: ………...............Pin: ………………….State: ……………………….
.
1. Your Age: ____________________
2. Education Qualification.
Undergraduate □ Graduate □ Post graduate □
3. Marital Status.
Married □ Single □
No. of Children: __________
4. Number Of year’s Are You in Delhi.
Less than five year’s □ More than five year’s □
5. Occupation.
Business □ Profession □ Service □
(Please mention below the type of business/profession you are in incase of service please
mention your organization name and designation)
______________________________________________________________________
6.Your annual household income.
<than 2 lack □ Between 2 to 5 lack □ Between 5 to 8 lack □ >than 8 lack □
101
7.Are you a member of a club/gymkhana?
Yes □ No □
If yes, Name of the club /gymkhana_______________________________________
8. What is your perception about insurance sector?
Hard &lucrative □ Hard but not rewarding □
Smooth &rewarding □ No idea □
9. Do you know about HDFC SLIC?
Yes □ No □
10.Do you have any insurance policy?
Yes □ No □
11.Name insurance company?
LIC □ ICICI □ HDFC SLIC □ OTHERS □
If others, please specify___________________________________________________
12. Do you hold any license of any insurance company?
Yes □ No □
If yes, please specify which company________________________________________
Reason______________________________________________________________
13. Are you satisfied with the company?
Yes □ No □
Reason specify_________________________________________________________
14. Do you know about HDFC SLIC’s recruitment policies related to financial consultant?
Yes □ No □
15. Will you be interested to become financial consultant?
Yes □ No □
16. Would you like to earn an additional income through a business opportunity with HDFC
STANDARD LIFE?
YES □ No □
Date:
Place:
Signature
102
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LOVELY PROFESSIONAL UNIVERSITY

Report on Summer Training

HDFC STANDARD LIFE INSURANCE COMPANY

Submitted to Lovely Professional University

In partial fulfillment of the Requirements for the award of

Degree of Bachelor of Business Administration

LOVELY PROFESSIONAL UNIVERSITY

4. INTRODUCTION TO HDFC & STANDARD LIFE………………….19

5. HDFC STANDARD LIFE INSURANCE COMPANY LIMITED……24

6. CAREER PATH IN HDFC SLIC………………………………………41

• CAREER PATH ………………………………………………………………41

 Channel Development Department…………………………………….42

• JOB DESCRIPTION FOR FINANCIAL CONSULTANTS………………...46

7. RECRUITMENT PROCESS OF FCs……………………………………48

• WHAT ARE THE ROLES OF A FINANCIAL CONSULTANT? ………….49

8. RESEARCH METHODOLOGY ……………………………………....60

• OBJECTIVE OF THE PROJECT……………………………………………...

9. DATA ANALYSIS, INTERPRETATION AND PRESENTATION…64

12.SUGGESTIONS AND RECOMMENDATIONS……………………..86

TO WHOM SO EVER IT MAY CONCERN

This is to certify that Mr. MUKESH OF LOVELY SCHOOL OF BUSINESS,

LOVELY PROFESSIONAL UNIVERSITY, PUNJAB has successfully

14th AUGUST, 2009.

With HDFC Standard Life Insurance company Ltd.

We wish him good luck for his career.

OBJECTIVE OF THE STUDY:

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

SCOPE OF THE STUDY

SIGNIFICANCE OF THE STUDY

THE MARKET SURVEY (QUESTIONNAIRE)

Random sampling technique was used in the survey conducted.

1. Choosing the Right Career Path

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A well-developed and evolved insurance sector is needed for economic development as it

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Intelenet Global: BPO services for international customers.

CIBIL: Credit Information Bureau India Limited.

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HDFC reality.com: Helps to search properties in all major cities in India

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• Meet Social & Rural sector obligations

Brief profile of the Board of Directors

Standard Life Group (Standard Life plc and its subsidiaries)

• Group Term Insurance

• Group Variable Term Insurance