A Project Report on Recruitment and Selection Process of Financial Consultant at HDFC

Recruitment and Selection Process of Financial Consultant

TABLE OF CONTENTS

TOPIC PAGE NO.

EXECUTIVE SUMMARY 1

INTORDUCTION TO INSURANCE SECTOR 5

COMPANY PROFILE 25

INTORDUCTION TO STUDY 48

RESEARCH METHODOLOGY 55

ANALYSIS 57

FINDINGS AND SUGGESTION 80

CONCLUSION 84

BIBLOGRAPHY 85

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EXECUTIVE SUMMARY

EXECUTIVE SUMMARY

The Insurance sector, after the opening up, provides greater opportunities. Several global

players have emerged and the market has changed significantly. In the changed scenario,

the expectation is that the low insurance premium as a percentage of GDP prevailing in

India will improve offer better opportunities to the insurance players.

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Over the past three years, more than thirty companies have expressed interest in doing

business in India. The IRDA (Insurance Regulatory Development Authority) is the

regulatory authority, which looks all related aspects of the insurance industry. The

provisions of the IRDA bill acknowledge many issues related insurance premium. The

IRDA provides for three levels of players- insurance company, insurance brokers and

insurance agent.

HDFC Standard Life Insurance Company Ltd. is one of India’s leading private Life

Insurance Companies. 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. HDFC operates through 75 locations throughout the country with its

Corporate Headquarters in Mumbai, India.

Scope of the study: To study the Recruitment process and Selection criteria followed by

the company for the selection of Financial Consultant at HDFC Standard Life Insurance

Belgaum

Objectives of Study



To understand the effectiveness of recruitment process for the profile of financial

consultant.

To know selection procedure followed by the company.

To know different methods used to recruit financial consultant.

To know satisfaction level of financial consultant towards company s service.

Methodology:

Data is collected through: Personal interview

Observations

Questionnaire

Data Source:

Primary: Through survey method by using questionnaire

Secondary: Secondary data consists of readily available information on various web-

sites, Magazines & company database

Sample size: 100

Selection of the sampling method: Convenience sampling used.

Limitation



Since private life insurance is new theory in the Indian Market and in depth study was not possible.

Some of the advisor did not give proper answer for some questions.

It was not possible to have personal interaction with some of the advisor since they were busy with work.

Time constraints of 8 weeks

Important Findings:

The students are more interested to become financial consultant as they want to

make their career and earn good money as by doing it as part time job.

It is been found that most of them are been recruited by personal contacts and

advertisement.

Most of the financial consultants are satisfied with the selection criteria followed

by the company.

60%of financial consultant feels that they were selected because of their social

network and around 55% of them feel that they have good convincing skills so

they were selected

.



INTRODUCTION

INTRODUCTION TO INSURANCE



The business of insurance is related to the protection of the economic values of the assets.

Every asset has a value the asset would have been created through the efforts of the

owner. The asset is valuable to the owner because he expects to get some benefit from it.

Insurance is a mechanism that helps to reduce the effect of such adverse situation.

INSURANCE INDUSTRY

Origin of Insurance

The origin of insurance dates back to the 12th century, the origin of insurance appeared

first in marine and land fields. The ideas of insurance were made in Babylonia and India

at quite an early period; the courts of Hammurabi and Mano recognized the provision for

sharing the future losses. However there is no evidence that insurance to the present day,

one can easily gauge the performance of industry both collectively as an industry as well

as individually by the companies.

In earlier times, travellers by sea and land were very much exposed to the risk of losing

their vessels and merchandise because piracy on the open sea and highway robbery of

caravan were common. References to similar practise are also found in ‘Manab Dharma

Shastra’ which contained rules for seas from contracts which was observed by traders.

Insurance conceived as method of sharing of the losses embodying the principal of co-

operation existed in the early civilization.

Many may not be aware that life insurance industry of India is as old as it is in any other

part of the world. The first Indian life insurance company was oriental life insurance

company,

This was started in India in 1818 at Kolkata. a number of players (over 259 in life and

about 100 in non – life) mainly with regional focus flourished all across the country.

However, the government of India, concerned by the unethical standard adopted by the

some players against the consumers, nationalise the industry in two phases in 1956 (life)

and in 1972(non-life).the insurance business of the country was then brought under two



Public sectors India (GIC) .reforms were initiated with passage of insurance regulatory

and development authority (IRDA) bill in 1999. IRDA was set up as an independent

regulatory authority, which has put in place regulation in line with global norms. So far in

the private sector, 12 life insurance companies and 9 general insurance have been

registered.

INSURANCE REGULATORY AND DEVELOPMENT ATHORITY ACT

1999(IRDA)

The object of this act is to provide for the establishment of an authority to protect

the interest of holders of insurance policies, to promote and ensure orderly growth

of insurance industries. Insurance regulatory and development authority (IRDA)

has sought the comments of industry participants to finalize the guidelines for

online agents training institutes.

These proposed guidelines are in addition to its standard instructions and

guidelines applicable for approval/renewal of agents training institutes. The

guidelines would be applicable to all the online training institutes including in –

house training institutes of the insurers.

As per the draft guidelines, the applicant should undergo at least 120 hours

practical training in life or general insurance business. The composite training

should be at least 180 hours, where the applicant is seeking licence for the first

time to act as an insurance agent.

The duration should be minimum for 24 days for 120 hours training and 36 days

for 180 hours training with maximum 5 hours per day. Stating that no product

training/market survey be included into this 120/180 hours training, the regulator

revision examination could form part of the training.

Duties , powers and functions of authority:



The powers and functions of the authority include registration, intermediaries and

agents regulations of terms and conditions of contract of insurance, promoting and

regulating professional organization connected with the insurance, monitoring

investment of funds and solvency margin of insurance companies.

The authority is to be advised by committee to be known as the insurance

advisory committee, which shall consist of not more than 25 members including

exofficio members in the insurance sector. The insurance advisory committee is

expected to advice the authority on matters relating to making of the regulations.

An Indian insurance company has been defined as a company incorporated under

the companies act – 1956 and the paid up capital of General insurance business

will have to be not less than Rs 100 /crores and in case of companies wanting to

transact reinsurance business the paid up capital will have not less than

Rs200/crores.

It has also been notified that every insurance company will have to appoint an

actuary to be approved by I.R.D.A the duty of the actuary is to insure that

The assets are valued in appropriate manner

The liabilities are evaluated as required

The prescribed margin for maintaining solvency is complied with.

The I.R.D.A. also issued regulation with regards to advertisement so as to include almost

any public communication for sale of insurance policy.

The Business of Insurance

The business of insurance is to:

Bring together persons with common insurance interests (sharing the same risks),

Collect the share or contribution (called premium) from all of them, and

Pay out compensations (called claims) to those who suffer.



In India, insurance business is classified primarily as life and non-life or general. Life

insurance includes all risks related to the lives of human beings and general insurance

covers the rest. General insurance has three classifications is; Fire, Marine and

Miscellaneous. Personal accident and sickness insurance, which are related to human

beings, is classified as ‘non-life’ in India, but is classified as ‘life’, in many other

countries.

The business of insurance is nothing but one of sharing. It spreads losses of an individual over the

group of individuals who are exposed to similar risks. People who suffer loss get relief because

their loss is made good. People who do not suffer loss are relieved because they were spared the

loss

Insurance business is divided into four classes:

1) Life Insurance Business.

2) Fire Insurance Business.

3) Marine Insurance Business.

4) Miscellaneous Insurance Business

Meaning of Life Insurance Business:

Life insurance, originally conceived to protect a man's family when his death left them

without income, has developed into a variety of policy plans.

Meaning of Fire Insurance Business:

Fire insurance usually includes damage from lightning; other insurance against the elements

includes hail, tornado, flood, and drought.

Meaning of Marine Insurance Business:



Marine insurance protects shipping companies against the loss of a ship or its cargo, as well as

many other items, and so-called inland marine insurance covers a vast miscellany of items,

including tourist baggage, express and parcel-post packages, truck cargoes, goods in transit, and

even bridges and tunnels

Meaning of Miscellaneous Insurance Business:

Special casualty forms are issued to cover the hazards of sudden explosions from

equipment such as steam boilers, compressors, electric motors, flywheels, air tanks,

furnaces, and engines. Boiler and machinery insurance has several distinctive features.

A substantial portion of the premium collected is used for inspection services rather than

loss protection.

The business of insurance started with marine business. Traders, who used to gather in

the Lloyd’s Coffee house in London, agreed to share the losses to their goods while being

carried by ships. The losses used to occur because of pirates who robbed on the high seas

or because of bad weather spoiling the goods or sinking the ship. The first insurance

policy was issued in 1583 in England. In India, insurance began in 1870.

The business of insurance is the protection of economic values of assets. Every asset is

expected to last for a certain period of time during which it will perform. Insurance is a

mechanism that helps to reduce the effect of such adverse situation. Insurance is relevant

only if there are uncertainties.

Life Insurers transact life insurance business; the rest is transacted by General Insurers.

No composites are permitted as per law.



The business of Insurance essentially means defraying risks attached to any activity over

time (including life) and sharing the risks between various entities, both persons and

organizations.

Insurance companies (ICs) are important players in financial markets as they collect and

invest large amounts of premium. Insurance products are multi purpose and offer the

following benefits:

1. Protection to the investors

2. Accumulate savings

3. Channelize savings into sectors needing huge long-term investments.

ICs receive, without much default, a steady cash stream of premium or contributions to

pension plans. Various actuary studies and models enable them to predict, relatively

accurately, their expected cash outflows. Liabilities of ICs being long-term or contingent

in nature, liquidity is excellent and their investments are also long-term in nature. Since

they offer more than the return on savings in the shape of life-cover to the investors, the

rate of return guaranteed in their insurance policies is relatively low. Consequently, the

need to seek high rates of returns on their investments is also low. The risk-return trade

off is heavily tilted in favor of risk. As a combined result of all this, investments of

insurance companies have been largely in bonds floated by GOI, PSUs.,state

governments, local bodies, corporate bodies and mortgages of long term nature. The last

place where Insurance companies are expected to be over-active is bourses.

Lately ICs have ventured into pension schemes and mutual funds also. However, life

insurance constitutes the major share of insurance business. Life Insurance depends upon

the laws of mortality and there lies the difference between life and general insurance

businesses. Life has to extinguish sooner or later and the claim in respect of life is certain.



In case of general insurance, however, there may never be a claim and the amount can

never be ascertained in advance. Hence, Life Insurance includes, besides covering the

risk of early happening of an event, an element of savings also for the beneficiaries.

Pension business also derives from life insurance in as much as the pension outgo again

depends upon the laws of mortality. The forays made by insurance companies in this area

are, therefore, natural corollary of their business.

Insurance Sector in India

The insurance sector in India has come a full circle from being an open competitive

market to nationalization and back to a liberalized market again. Tracing the

developments in the Indian insurance sector reveals the 360-degree turn witnessed over a

period of almost two centuries.

A Brief History Of The Insurance Sector:

The business of life insurance in India in its existing form started in India in the year

1818 with the establishment of the Oriental Life Insurance Company in Calcutta.

Some of the important milestones in the life insurance business in India are:

1) 1912: The Indian Life Assurance Companies Act enacted as the first statute to

regulate the life insurance business.

2) 1928: The Indian Insurance Companies Act enacted to enable the government to

collect statistical information about both life and non-life insurance businesses.



3) 1938: Earlier legislation consolidated and amended to by the Insurance Act with the

objective of protecting the interests of the insuring public.

4) 1956: 245 Indian and foreign insurers and provident societies taken over by the

central government and nationalized. LIC formed by an Act of Parliament, viz. LIC

Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.

The General insurance business in India, on the other hand, can trace its roots to the

Triton Insurance Company Ltd., the first general insurance company established in the

year 1850 in Calcutta by the British.

1) 1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all

classes of general insurance business.

2) 1957: General Insurance Council, a wing of the Insurance Association of India,

frames a code of conduct for ensuring fair conduct and sound business practices.

3) 1968: The Insurance Act amended to regulate investments and set minimum solvency

margins and the Tariff Advisory Committee set up.

4) 1972: The General Insurance Business (Nationalization) Act, 1972 nationalized the

general insurance business in India with effect from 1st January 1973.



5) 107 insurers amalgamated and grouped into four companies viz. the National

Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental

Insurance Company Ltd. and the United India Insurance Company Ltd. GIC

incorporated as a company.



Insurance Sector Reforms:

In 1993, Malhotra Committee headed by former Finance Secretary and RBI Governor R.N.

Malhotra was formed to evaluate the Indian insurance industry and recommend its future

direction.

The Malhotra committee was set up with the objective of complementing the reforms

initiated in the financial sector. The reforms were aimed at "creating a more efficient and

competitive financial system suitable for the requirements of the economy keeping in mind

the structural changes currently underway and recognizing that insurance is an important part

of the overall financial system where it was necessary to address the need for similar

reforms".

In 1994, the committee submitted the report and some of the key recommendations included:

1) Structure:

o Government stake in the insurance Companies to be brought down to 50%.

o Government should take over the holdings of GIC and its subsidiaries so that these

subsidiaries can act as independent corporations.

o All the insurance companies should be given greater freedom to operate.

2) Competition:

o Private Companies with a minimum paid up capital of Rs.1bn should be allowed to

enter the industry No Company should deal in both Life and General Insurance through a

single entity.

o Foreign companies may be allowed to enter the industry in collaboration with the

domestic companies.

o Postal Life Insurance should be allowed to operate in the rural market.

o Only One State Level Life Insurance Company should be allowed to operate in each

state.



3) Regulatory Body:

o The Insurance Act should be changed.

o An Insurance Regulatory body should be set up.

o Controller of Insurance (Currently a part from the Finance Ministry) should be made

independent.

4) Investments:

o Mandatory Investments of LIC Life Fund in government securities to be reduced from

75% to 50%.

o GIC and its subsidiaries are not to hold more than 5% in any company (There current

holdings to be brought down to this level over a period of time).

5) Customer Service:

o LIC should pay interest on delays in payments beyond 30 days.

o Computerization of operations and updating of technology to be carried out in the

insurance industry The committee emphasized that in order to improve the customer

services and increase the coverage of the insurance industry should be opened up to

competition.

o But at the same time, the committee felt the need to exercise caution as any failure on the part

of new players could ruin the public confidence in the industry. Hence, it was decided to allow

competition in a limited way by stipulating the minimum capital requirement of Rs.100 crores.

The committee felt the need to provide greater autonomy to insurance companies in order to improve

their performance and enable them to act as independent companies with economic motives. For this

purpose, it had proposed setting up an independent regulatory body.



WHY LIFE INSURANCE

Life insurance cover is essential for it provides the following benefits:

a. A lump sum payments to the nominees at the time of the death of policy holder.

b. A regular payments to the nominees in the event of the death of the policyholder

c. Tax benefits , as premium paid to reduce the liability of tax;

d. Relieves economic hardships in the family on the uneventful death of the sole income holder;

e. Inculcates the habit of saving.

Purpose and Need of Insurance:

Assets are insured; because they are likely to be destroyed through accidental occurrences

such possible occurrences are called perils. Fire floods breakdowns, lightning, earthquakes..

etc, are perils. If such perils can cause damage to the asset, the asset is exposed to that risk.

The risk only means that there is a possibility of loss or damage. The damage may or

may not happen. Insurance is done against the contingency that it may happen. There

has to be an uncertainty about the risk. Insurance is relevant only if there are

uncertainties. In the case of a human being, death is certain, but the time of death is

uncertain. In the case of a person who is terminally ill, the time of death is not

uncertain, though not exactly known.

Insurance does not protect the asset. It does not prevent its loss due to the peril. The peril can

sometimes be avoided, through better safety and damage control management. Insurance only

tries to reduce the impact of the risk on the owner of the asset and those who depend on that

asset.

It only compensates the losses- and that too, not fully. Only economic consequences can be

insured. If the loss is not financial, insurance may not be possible.



Need for Insurance

The need for insurance comes from the need to safeguard out family. If you care for your

family’s needs you will definitely consider insurance.

Today’s insurance has become even more important due to the disintegration of the prevalent

joint family system , a system in which a number generation co existed in harmony , a system

in which a sense of financial security was always there were more earnings members.

Times have changed and nuclear family has emerged. Apart from the other pitfalls nuclear

family, a high sense of insecurity is observed in it today besides, the family has shrunk. Needs

are increasing with time fulfilment of these need is a big question mark.

How will you be able to satisfy all those needs? Better life style good education and your long

desired house. But again you just cannot fritter away all your earnings. You need to save a

apart for the future too a wise decision. This is where insurance helps you.

Factors such as fewer numbers of earnings members, stress and pollution increased,

competition, higher ambitions etc are some of the reasons why insurance has gained

importance and where insurance and where insurance plays a successful role.

TYPES OF INSURANCE POLICIES

There are 3 types of insurance policies:

Term Insurance Plans

Whole life Insurance

Endowment Insurance Plans

Term Insurance Plans



Pure life cover where you pay for risk cover and do not expect to receive anything else in return is

now available in india. Opting for such policy will improve the efficiency of policy premium and

enables you for a bigger risk cover for the same cost .These are term insurance plans with maturity

benefits;some term plans give your premium amounts back with interest . this is marketing policy to

suit the general psychology and should normally involve higher premium cost.

Whole life Insurance plans:

Whole life insurance policies require you to pay through out your life and cover risk for whole life.

The policies without profit are cheaper .

Endowment Insurance Plans (with or without money back)

Endowment policies are costliest and among this group, money back policies involve paying highest

premium . they give you maturity benefits (normally sum assured) and additional profit by way of

bonus , guaranteed additions; loyalty bonus etc. money policies also provide partial payments back to

you at pre-set time periods.



LIFE INSURANCE COMPANIES IN INDIA:

1. Life Insurance Corporation of India (LIC)

The Life Insurance Corporation (LIC) was established about 44 years ago with a view to

provide an insurance cover against various risks in life. A monolith then, the corporation,

enjoyed a monopoly status and became synonymous with life insurance. Its main asset is its

staff strength of 1.24 lakh employees and 2,048 branches and over six lakh agency force. LIC

has hundred divisional offices and has established extensive training facilities at all levels. At

the apex, is the Management Development Institute, seven Zonal Training Centres and 35

Sales Training Centres. At the industry level, along with the Government and the GIC, it has

helped establish the National Insurance Academy. It presently transacts individual life

insurance businesses, group insurance businesses, social security schemes and pensions,

grants housing loans through its subsidiary; and markets savings and investment products

through its mutual fund. It pays off about Rs 6,000crore annually to 5.6 million

policyholders.

2. ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier

financial powerhouse, and prudential plc, a leading international financial services group

headquartered in the United Kingdom. Prudential plc established in London in 1848,

Prudential plc, through its businesses in the UK and Europe, the US and Asia, provides retail

financial services products and services to more than 16 million customers, policyholder and

unit holders worldwide. ICICI Prudential enjoys the second highest market share after Life

insurance corporation.ICICI Prudential equity base stands at Rs. 925 crore with ICICI Bank



and Prudential plc holding 74% and 26% stake respectively. In the period April-December

2004, the company garnered Rs 860 crore of new business premium for a total sum assured

of over Rs 7,360 crore and wrote nearly 345,000

3.Birla Sun Life Insurance Company Limited

Birla Sun Life Insurance is the coming together of the Aditya Birla group and Sun Life

Financial of Canada to enter the Indian insurance sector. The Aditya Birla Group, a

multinational conglomerate has over 75 business units in India and overseas with operations

in Canada, USA, UK, Thailand, Indonesia, Philippines, Malaysia and Egypt to name a few.

Foreign Partner:

Sun Life Assurance, Sun Life Financial's primary insurance business, has excellent ratings

with the world's top rating agencies. With assets under management as on September 30,

2000 totalling more than CDN billion, it ranks amongst the largest international financial

services organisations in the world. Today, the Sun Life Financial Group of companies and

partners are represented globally in Canada, the United States, the Philippines, Japan,

Indonesia, India and Bermuda.

4. OM Kotak Mahindra Life Insurance

Established in 1985 as Kotak Capital Management Finance promoted by Uday Kotak the

company has come a long way since its entry into corporate finance. It has dabbled in leasing,

auto finance, hire purchase, investment banking, consumer finance, broking etc. The

company got its name Kotak Mahindra as industrialists Harish Mahindra and Anand

Mahindra picked a stake in the company. Kotak Mahindra is today one of India's leading

Financial Institutions.

Old Mutual



Old Mutual plc is an international financial services group based in London with expanding

operations in life assurance, asset management, banking and general insurance. Old Mutual is

listed on the London Stock Exchange (where it is included on the FTSE 100 Index) and also

on the South African, Namibian, Malawi and Zimbabwe stock exchanges. It has 156 years of

experience in the life insurance business.

OM Kotak Mahindra

OM Kotak Mahindra is the coming together of Kotak Mahindra Finance Ltd., and Old

Mutual plc to enter the Indian insurance arena to offer a wide range of innovative life

insurance products.

5. Max New York Life:

Max India:

Max India Limited is a multi-business corporation that has business interests in telecom

services, bulk pharmaceuticals, electronic components and specialty products. It is also the

service-oriented businesses of healthcare, life insurance and information technology.

New York Life:

New York Life has grown to be a Fortune 100 company and an expert in life insurance. It

was the first insurance company to offer cash dividends to policy owners. In 1894, New York

Life pioneered the then unheard-of concept of insuring women at the same rate as men.

Thereafter, it continued to introduce a series of firsts - a disability benefit clause in 1920,

unemployment insurance in 1992, and complete customer care on the Web in 1998. Today

New York Life has over US billion in assets under management and over 30,000 agents and

employees worldwide. The October 2000 Fortune Survey named New York Life amongst the

top three most admired life and health insurance companies worldwide. With over 3 million



policyholders, New York Life is a leading provider of insurance in a host of countries

worldwide.

Aviva Life Insurance India:

Aviva Life Insurance India is joint venture between Dabur, one of India's oldest and largest

groups of companies and Aviva. Aviva plc. is UK’s largest insurer. In accordance with

government regulations, Aviva holds a 26 percent stake in the new venture and Dabur holds a

74 percent share.

Aviva:

Aviva is the world's seventh-largest insurance group(Based on gross worldwide premiums)

and the biggest in the UK. It is one of the leading providers of life and pensions products to

Europe and has substantial businesses elsewhere around the world. Its main activities are

long-term savings, fund management and general insurance.

6. ING Vysya Life Insurance:

ING Group:

ING Vysya Life Insurance is a joint venture between three pioneers, ING Insurance, ING

Vysya Bank and GMR Group. Over the last 150 years, ING Group has grown to become one

of the largest life insurance organizations in the world. Today it touches the lives of over 50

million people across 65 countries. It offers a range of financial services including insurance,

pensions, banking and asset management. In the year 2000, total assets of the group stood at

over INR 28, 42,000 crores. ING Group has wide and deep experience in setting up

companies in new markets, which require substantial investments underlining ING's long-

term commitment. In the last 20 years, ING Group has established successful life insurance

companies in 15 countries contributing to the development of insurance services in these

countries.

ING Vysya Bank Limited:



It is one of India's premier private sector banks with a heritage of over 70 years. With 1.5

million customers, 480 outlets and 6000 employees it is known for its innovative banking

services and for pioneering several products and services. ING Vysya Bank has a long-

standing relationship with its customers and deep understanding of the Indian market.

7. GMR Group: It has a solid track record of over two decades of growth and has wide-

ranging interests in fields such as power generation, infrastructure, manufacturing, software

and banking. GMR group has an excellent reputation of being able to successfully develop

ventures from scratch.

8. MetLife India Insurance Pvt. company:

MetLife India was incorporated as a joint venture between MetLife International Holdings,

Inc., Jammu & Kashmir Bank, M Pallonji & Co. and other private investors. MetLife India is

headquartered in Bangalore with offices and presence in major Indian cities, and additional

1000 outreach points through its channel partners.

MetLife:Ranked 38 on the Fortune 500 list (April 2003), MetLife, Inc. (MetLife) is one of

the world’s largest, strongest and most respected financial organizations. MetLife, through its

affiliates, is the number 1 life insurer in the U.S. with approximately $2.4 trillion of life

insurance in force (as of December 2002) and has been delivering reliable, high quality

service to customers since 1868. The MetLife companies serve approximately 12million

individuals in the U.S. as well as the employees of 88 of the Fortune 100 companies.

Headquartered in New York, MetLife operates through its affiliates and subsidiaries in 12

countries across the Americas, Europe and Asia.

9. Allianz Bajaj Life Insurance Co.

Allianz Bajaj Life Insurance Co. Ltd. is a joint venture between two leading conglomerates-

Allianz AG, one of the world's largest insurance companies, and Bajaj Auto, one of the

biggest 2 and 3 wheeler manufacturers in the world.

Foreign Partner:Babasabpatilfreepptmba.com Page 25


Allianz Group is one of the world's leading insurers and financial service providers.

Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost 174,000

employees. At the top of the international group is the holding company, Allianz AG, with its

head office in Munich. Allianz Group provides its more than 60 million customers worldwide

with a comprehensive range of services in the areas of

• Property and Casualty Insurance,

• Life and Health Insurance,

• Asset Management and Banking.

10. SBI Life Insurance Company Ltd:

SBI Life Insurance Company Ltd. is a joint venture between India's largest bank, State bank

of India (SBI) & Cardiff S.A., a leading Life Insurance company in France. State Bank of

India (SBI) is a household name, and it stands as the last word for financial strength and

security in the country. SBI's illustrious background dates back to the year 1806 when it

started business, as a presidency bank, known as Bank of Bengal. Over the long journey, it

has learnt to combine the best of banking practices handed down from the imperial

management with the more dynamic ways of doing banking in the modern India. It has grown

as a responsible giant in the banking field over the years.



COMPANY PROFILE



COMPANY PROFILE

ABOUT HDFC STANDARD LIFE INSURANCE

HISTORY OF HDFC STANDARD LIFE INSURANCE

VISION AND MISSION OF HDFC STANDARD LIFE INSURANCE

MANAGEMENT OF HDFE STANDARD LIFE INSURANCE

ORGANIZATION STRUCTURE

PRODUCTS

AWARDS FOR HDFC STANDARD LIFE INSURANCE



Housing Development Financial Corporation Ltd

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 net worth of the Corporation as

on March 31, 2000 stood at Rs. 2,096 crores. HDFC operates through 75 locations throughout

the country with its Corporate Headquarters in Mumbai, India. HDFC also has an

international office in Dubai, U.A.E., with service associates in Kuwait, Oman and Qatar.

HDFC Standard Life Insurance Company Ltd:

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. Incorporated on 14th August 2000, it was the first life company to

be granted a certificate of registration by the IRDA on the 23rd of October 2000. HDFC Standard Life

is one of the first companies to be granted license by the IRDA to operate in life insurance sector. It is

a joint venture of HDFC Ltd and Standard Life Europe's largest mutual life assurance company.

HDFC is the majority stakeholder in the insurance JV with 81.4 % stake and Standard Life has a stake

of 18.6%. Mr. Deepak Satwalekar is the MD and CEO of the venture.

HDFC Standard Life Insurance is a new Indian life insurance company that operates out of 52

locations. It offers clients a range of insurance plans to meet their savings, investment and protection

needs. In the financial year 2002-03, the company registered a year-on-year growth of over 260%. It

is also the first new life insurance company to declare its third successive bonus for participating

policy holders.

In order to survive in the insurance segment, HDFC had to introduce new products. They

were looking for a robust and integrated solution to support the new product. HDFC was also

facing numerous problems with their current systems in terms of performance, reliability and

scalability.



HDFC Standard Life Insurance sells a range of individual savings, pension and group life

assurance products and has branch offices in 39 locations throughout India. It was recently

rated as the "Best New Insurer - 2003" by Outlook Money magazine. Both the promoters are

well known for their ethical dealings and financial strength and are thus committed to being a

long-term player in the life insurance industry.

HDFC Standard Life Insurance is one of the leading private life insurance companies. The

company generated premium from new business of Rs. 486 Cr in 2004-05, registering a year-

on-year growth of over 132%. The total premium income (including renewal premium) grew

by 130% to touch a figure of Rs. 687 Crores. The company also achieved a major milestone

during the financial year by crossing a Sum Assured figure of Rs. 30,000 Cr. The company

also declared its fifth bonus for participating policyholders. HDFC operates through 75

locations throughout the country with its Corporate Headquarters in Mumbai, India. HDFC

also has an international office in Dubai, U.A.E., with service associates in Kuwait, Oman

and Qatar.

Standard Life Group, UK

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 its original Edinburgh premises, opening offices in other towns and acquiring

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 past six years by

Standard & Poor.



The Joint Venture

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. Each 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.

VISION & MISSION STATEMENT

The most successful and admired life insurance company, which mean that we are the

most trusted company, the easiest to deal with, offer the best value for money, and set

the standards in the industry. In short, “The most obvious choice for all”.

Key Values:

Innovation: To exceed customer expectation and maximize customer retention, achieve

competitive advantage, growth and upgrade standards in the industry, foster creativity

amongst employees and partners, & open a world of new possibilities

Security: Providing long term financial security to our policy holders will be our constant

Endeavour. We will be do this by offering life insurance and pension products.

Trust: We appreciate the trust placed by our policy holders in us. Hence, we will aim to

manage their investments very carefully and live up to this trust.

Integrity: Integrity is the bedrock on which the company and the expectations of the

customers and employees are built. Integrity establishes the credibility of the person defines

the character and empowers one to do justice to the job. Enables building confidence and

trust, achieving transparency and laying a strong foundation for a binding relationship.

Guiding principle for all walks of life.



Customer centric: Reinforce brand loyalty by complete transparency. Customer is the source

of revenue for the company. Customer is the reason for our existence. Ensure that customer

chooses our company to do business with. Customers’ goodwill alone can bring more

business and more customers. Will contribute to customer retention

People Care: People are the most valuable assets of the company. Motivate individual to

give his / her best. Establish a valuable relationship with them to create a joyful working

environment .

Team work: Together Everyone Achieves More, It adds joy at work place, Team work

generates synergy and provides a focused approach. An idea or activity performed in a group

has greater acceptability “One for all and all for one.



Board Members

Mr. Deepak S Parekh Chairman of HDFC Limited.

Mr. Keki M Mistry Managing Director of HDFC Limited.

Mr. Alexander M Crombie Group Chief Executive of the Standard Life

Ms. Marcia D Campbell Group Operations Director

Mr. Keith N Skeoch Chief Executive in Standard Life

Mr. Ranjan Pant Global Management Consultant

Ms. Renu S. Karnad Executive director of HDFC Limited



Key strengths:

Financial Expertise

As a joint venture of leading financial services groups, HDFC Standard Life has the financial

expertise required to manage your long-term investments safely and efficiently.

Range of Solutions

We have a range of individual and group solutions, which can be easily customized to

specific needs. Our group solutions have been designed to offer you complete flexibility

combined with a low charging structure.

Track Record so far

Our cumulative premium income, including the first year premiums and renewal premiums is

Rs. 672.3 Crores for the current financial year, Apr-Nov 2005.

We have covered over 11, 00,000 individuals out of which over 3, 40,000 lives have been

covered through our group business tie-ups.

Highlights of Financial Year 2006-07

New Business Premium Income up by 132% to Rs. 486 Crores. Total Premium

Income of Rs.687 Crores as against Rs. 298 Crores in FY 05-06.

Alternate Channels including bank assurance have recorded an impressive growth of

over 400% to contribute 37% to the Effective Premium Income (EPI).

Group business increased to Rs. 32 Crores on EPI basis.

The average premium doubled to Rs 17,000



Company products and services available in 444 locations across the country.

Over 220% increase in MDRT numbers over the previous year.

Performance:

HDFC Standard Life Insurance is the First Private Sector Life Insurance Company to be

granted a license. It has increased its market share from 0.76% to 1.12% by collecting a

premium income of 209bn. in the year ending March 2003-04.It has registered an premium

growth rate of 61.88% over previous year.

Insurance sector has grown not only in size but in maturity as well, in the sense that from

very simple products, which were available earlier on to the present. What has been done is

that Insurance Industry placed the customer in centre & developed products and services

around the customer.

In the past what we had was a bundled product so you get 3 or 4 benefits out of which it may

be possible that you may need just 1 or 2 benefits but in the process you end up paying for all

the four. In fact we were among the first to divide the offering into two -a core product and

the benefits or the riders. And then it is up to the customer to choose and customize his own

scheme according to needs and desires and pay for such scheme. I think that is the single

largest revolution that has come about. The other revolution in the Insurance sector is in

terms of distribution channels. Earlier we were having only agents but now we have agents,

Bancassurance, corporate brokers and direct sales people. Retail agents and bancassurance

are the 2 biggest insurance distribution channels.

The insurance penetration levels have considerably increased from 1.6 % to about 2.75%.

Now whether that growth is enough in three year period, we can always counter that. In the

last 3 years private insurance companies have grown at 200-300 % levels. But if you look at a

longer time horizon say at 10 years the insurance companies would grow at 13-14% rate

which would make it one of the fastest growing sectors.



If we want an acronym of our products, we call it PIPS, which stands for Protection,

Investment, Pension, & Safety. These are the basic requirements of any individual & thus our

products satisfy each of these needs.

We have got conventional products, which are in the conventional structure i.e. available with

profits like Endowment, Money back then you have Unit Linked plans which are for those

investors who understand the capital markets, debt markets & equity markets.

In terms of popularity, little fewer than 50% products are savings products whether it is

endowment, unit-linked or money back which are basically savings oriented. About 20% are

investments oriented for e.g. single premium income policies where you pay in a shot and

enjoy the protection & investments returns in future. About 20 % are in pensions. Pure

protection is just about 5%. All these are in terms of premium income.

USP is something that the customer will have to find because life insurance is a long-term

process and it is about stability, being conservative. We don't hear about aggressive life

insurance companies who survive for a longer period.

To be in business when we are talking of an insurance policy for say 30 years, your

perspective is different in comparison to when you are taking a short term loan say a car loan

for 3 years. Therefore different companies have chosen different models. Some of them have

chosen to be in for the long run while some have chosen to be in for the short run. For in the

short run, you need to have a high valuation of company, for high valuation you need to have

high & rapid sales. Higher the sales higher are the valuation & higher the valuation higher is

the price that you can charge.

Insurance sector, you can’t differentiate on the basis of innovative products. The reason

being, if yours is an excellent product it will not take too much time to be copied by other

players. The thing which they can’t copy is your services and, I think, that would be the

differentiating factor in the insurance arena for eg if you look at the HDFC model. There are

banks that are lending at lower rates but even then HDFC is able to grow at 30% thus if

HDFC grows at 30%, it is on that balance sheet, while others might grow 100% but that



would be on that small size. Thus it is important that people trust you. It matters to do the

right things even if they are not beneficial in the shorter run. Thus we know the purpose of

our existence in this sector.

The main support, which we get from our foreign partner, is in terms of actuary support.

Actuaries are the people who arrive at the premium rates. It is a monopoly market & there are

not too many players who get into this. There is a shortage of actuaries in India but yes now

the people are pursuing it as a career.

We get a lot of actuarial support from our foreign partner in terms of product development,

valuation processes & it is necessary at each step to know what the implications are.

PRODUCTS:

HDFC Standard Life offers a bouquet of insurance solutions to meet every need. We cater to

both, individuals as well as to companies looking to provide benefits to their employees. This

section gives you details of all our products. We have incorporated various downloadable

forms and product details so that you can make an informed choice about buying a policy.

INDIVIDUAL PRODUCTS:

For individuals, they have a range of protection, investment, pension and savings plans that

assists and nurture dreams apart from providing protection. You can choose from a range of

products to suit your life-stage and needs.

GROUP PRODUCTS:

For organizations they have a host of customized solutions that range from Group Term

Insurance, Gratuity, Leave Encashment and Superannuation Products. These affordable plans

apart from providing long term value to the employees help in enhancing goodwill of the

company.

RURAL PRODUCTS:


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Individual Products:

HDFC Standard Life realizes 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

One can protect their 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. Protection range includes our Term Assurance Plan & Loan Cover

Term Assurance Plan.

Investment Plans

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

Pension Plans helps one secure their financial independence even after retirement. Pension

range includes Personal Pension Plan and Unit Linked Pension Plan.

Savings Plans

Savings Plans offers flexible options to build savings for ones future needs such as buying a

dream home or fulfilling your children’s immediate and future needs. Savings range includes

Endowment Assurance Plan, Unit Linked Endowment Assurance Plan, Money Back Plan,

Children’s Plan, Unit Linked Youngstar Plan.

INDIVIDUAL PRODUCTS:

Term Assurance Plan: If you have a family that you care for, you should consider what would

happen in case of your unfortunate death. The emotional void cannot be filled, but financial

insecurity can be avoided. By taking this affordable life insurance plan, you can provide for

the well-being of your family in case of your unfortunate death. This plan comes to you at a

minimal cost and is well-suited for the value-conscious customer. Under this plan, a sum Babasabpatilfreepptmba.com Page 38

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assured is payable in case of death of the life assured during the term of the contract. One can

choose the lump sum that would replace the income lost to one's family in the unfortunate

event of one's death. Since this non-participating (without profits) plan is a pure risk cover

plan, no benefits are payable on survival to the end of the term of the policy.

Term Assurance Plan:

A protection plan to secure higher protection needed for your family at economical rates.

Optional riders for enhanced protection Unique joint life option to cover your spouse under

the same plan Single / regular premium payment option

PERSONAL PENSION PLAN

Today, one is busy climbing the ladder of success and realizing their dreams. Today, time is

with you. Just take a moment and think. Will you be able to continue at the same pace? Will

your income be the same forever? Will you be able to live life on your own terms even after

you retire?

HDFC PERSONAL PENSION PLAN:

HDFC understands ones need to build a secure future for themself. Hence, the HDFC

Personal Pension Plan is an insurance policy that is designed to provide a post – retirement

income for life with the freedom to choose your retirement date. You can choose your

premium, the Sum Assured and your retirement date. At the end of the policy term, you will

receive the Sum Assured plus any attaching bonus, which will provide your post - retirement

income. The HDFC Personal Pension Plan is an insurance policy, which can benefit one in

the following ways: Provides a post retirement income in your golden years Gives you the

flexibility to plan your retirement date Gives you tax benefits on your premiums The plan

receives simple Reversionary Bonuses, which are usually added annually. At the end of the

term an additional Terminal Bonus may be paid depending on the performance of the

underlying investment.

Easy steps to get insured are:



Choose your retirement age

Estimate the post – retirement income you require.

Work out the premium payable with your Financial Consultant.

UNIT LINKED PENSION PLAN:

Lead a life of respect and dignity. Even after retirement Today, one is busy climbing the

ladder of success and realizing their dreams. Today, time is with you. Just take a moment and

think. Will you be able to continue at the same pace? Will your income be the same forever?

Will you be able to live life on your own terms even after you retire?

HDFC UNIT LINKED PENSION PLAN

HDFC understands ones need to build a secure future for themselves. The HDFC Unit Linked

Pension Plan is an insurance policy that is designed to provide a retirement income for life

with the freedom to maximize your investment returns by providing a choice of thoroughly

researched and selected investments. Stride into your golden years of retirement with dignity

and pride. You can choose your premium and the investment fund or funds. We will then

invest your premium, net of charges in your chosen funds in the proportion you specify. At

the end of the policy term, you will receive the accumulated value of your funds, which will

be used to provide your pension income. In the event of your unfortunate demise during the

policy term, your spouse will receive a cash lump sum to help him or her manage their

retirement years.

The HDFC Unit Linked Pension Plan is an insurance policy, which benefits you in the

following ways: Provides a post retirement income for life ,Gives you the flexibility to plan

your retirement date, Gives you the freedom to invest premiums as per your preference,

Offers you potentially higher market linked returns, Give you tax benefits on your premiums

and on receiving the lump sum




Choose your retirement age

Choose the premium you wish to invest, based on your retirement needs.

Choose the investment fund or funds you desire.

Endowment Assurance Plan:

You have given your family the very best. And there is no reason why they should not get the

very best in the future too. As a judicious family man, your priority is to secure the well-

being of those who depend on you. Not just for today, but also in the longterm.More

importantly, you have to guard your loved ones against any eventuality. How will they

sustain their way of life, so lovingly built by you, in your absence? With our HDFC

Endowment Assurance Plan, you can ensure that your family remains financially

independent, even if you are not around. You can ensure that they live a life of respect and

dignity. Always

The HDFCSL Endowment Assurance Plan gives:

An ideal way to secure your long-term financial goals, Valuable protection to your family by way

of lump sum payment in case of your unfortunate death within policy term, Provides lump

sum payment (basic Sum Assured plus any bonus additions) on survival up to maturity date,

Very flexible benefit options and payment options.

In case of your unfortunate demise during the policy term, this participating (‘With Profits’)

insurance plan will pay your family the Sum Assured (together with the attached bonuses)

you had chosen.

The plan receives simple Reversionary Bonuses, which are usually added annually. At the

end of the term an additional Terminal Bonus may be paid depending on the performance of

the underlying investment




Choose the amount of targeted savings and policy term using our Financial Planning

Tool.

Choose from any one of the 4 additional benefit options as per your requirement.

Work out the premium payable and Sum Assured with our Financial Consultant.

CHILDREN'S PLAN:

As a parent, your priority is your child’s future and being able to meet your child’s dreams

and aspirations. Today, providing a good education, establishing a professional career or even

a modest wedding is expensive. Costs are increasing fast. Just imagine how much you’ll need

when your child takes these important steps in life! Plan today to ensure a bright future for

your child. Start building savings today with our

HDFC Children’s Plan. So that your child is able to lead a life of respect and dignity with a

secured financial future.

HDFC Children's Plan

The HDFC Children's Plan gives:

Invaluable financial support to your child

Helps you customize an ideal plan for your child

Provides you multiple options for multiple benefits

The HDFC Children’s Plan is designed to secure your child’s future by giving your child (the

beneficiary) a guaranteed lump sum, on maturity or in case of your unfortunate demise, early

in the policy term. The premiums, paid by you, are invested by the company to give you good

long-term returns.


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The plan receives simple Reversionary Bonuses, which are usually added annually. At the

end of the term an additional Terminal Bonus may be paid depending on the performance of

the underlying investment (See ‘Bonuses’ for more details).

Easy steps to follow:

Choose the amount of targeted savings and policy term using our Financial Planning

Tool.

Choose any one of the 3 plan options as per your child's requirement.


UNIT LINKED YOUNG STAR PLAN:

As a parent, your priority is your children’s future and being able to meet their dreams and

aspirations. Today, providing a good education, establishing a professional career or even a

modest wedding is expensive. Costs are increasing fast. Just imagine how much you will

need when your children take these important steps in life. Plan today to ensure a bright

future for your children. Start building savings today with the HDFC Unit Linked Young Star

Plan. So that your child is able to lead a life of respect and dignity with a secured financial

future.

The HDFC Unit Linked Young Star Plan gives you:

An outstanding investment opportunity by providing a choice of thoroughly researched

and selected investments

Valuable protection in case of the insured parent’s unfortunate demise

Very flexible benefit combinations and payment options

Flexible additional benefit options such as critical illness cover.


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Easy steps to follow:

Choose the premium you wish to invest.

Choose the amount of Protection (Sum Assured) you desire.

Choose the additional benefit options you desire.

Choose the investment fund or funds you desire.

Money Back Plan:

You have always believed in living life on your own terms. So why let the changing realities

of everyday life overwhelm you and make your aspirations take a back seat? You can plan

now to ensure that you have the necessary funds to meet your future financial needs.

The HDFC Money Back Plan is a ‘With Profit’ Plan that gives you:

A proportion of the basic Sum Assured as cash lump sums at regular 5-year intervals within

the policy term (see the table given below) – an ideal way to secure your long-term as well as

short-term financial goals A lump sum payment on survival up to maturity date Valuable

protection to your family by way of lump sum payment in case of your unfortunate death

within the policy term. This is over and above any earlier payouts Making the right kind of

investment will enable you to achieve your objectives – be it your immediate expenses or else

securing your future financial needs. Our Money Back Plan gives you a wide range of terms

and cash benefit schedule to choose from. A summary of Key Benefits including the cash

lump sum payments, expressed as a percentage of Sum Assured is shown below.

Maturity Value

On maturity you receive survival benefit due at that point of time along with attaching

bonuses for the full Sum Assured calculated for the full term. You can ensure your financial

independence. And be able to live life on your own terms.



Easy Steps to be followed:

Choose the amount of targeted savings and policy term using our Financial Planning Tool

Choose from any one of the 4 additional optional benefits as per your requirement.


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

HDFC offer the following group products to their esteemed corporate clients:

Group Term Insurance with Riders

Group Term Insurance with Profit-Share

Group Unit-Linked Plan

For Gratuity

For Defined Benefit Superannuation

For Defined Contribution Superannuation

GROUP TERM INSURANCE


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Whatever the business - it’s the people who make it a success. Everybody requires some type

of life insurance, especially when others depend on them financially. The Group Term

Insurance plan meets precisely this need and serves as an ideal way for companies to

reinforce their bond with their employees. The sort of needs you, as an employer might have

can be: An employee benefit

A cover for housing loan or vehicle loan given by you to your employees.

A cover for future service gratuity liability to be taken along with the HDFC SL Group Unit Linked Plan

The Group Term Insurance (GTI) is a cost-effective plan that addresses these needs. In

addition you have the choice to opt for a GTI with an experience discount feature, wherein a

discount is given on future premiums in case of favourable claim experience The Group Term

Insurance plan will have the following structure One year renewable term insurance plan One

master policy issued covering all members of the group Sum assured is payable on death

(either due to natural causes or accidents)

Key features of the plan

Our product has been designed to offer innovative features and a high degree of

customization. These are:

Convenient medical procedures

The members do not need to undergo any medical examination up to the “Free Cover

Limit”. This limit is dependent upon the sum assured and the size of the group.



Awards and Accolades:

March, 2008 Unit Linked Savings Plan Tops Mint Best TV Ads Survey

The Unit Linked Savings Plan advertisement of HDFC Standard Life, one of the leading

private insurance companies in India, has topped Mint’s Top Television Advertisement

survey conducted, for February 2008. HDFC Standard Life’s Unit Linked Savings Plan

advertisement was ranked 4th in terms of a combined score of ad awareness and brand recall

and 3rd in terms of ad diagnostic scores (likeability, enjoyment, believability, and claim). The

respondents were between 18 and 40 years. Mint’s exclusive report, ‘New voices in a

makeover’ outlines the survey in detail.

February, 2008

Deepak M Satwalekar Awarded QIMPRO Gold Standard Award 2007

Mr Deepak M Satwalekar, Managing Director and CEO, HDFC Standard Life, received the

QIMPRO Gold Standard Award 2007 in the business category at the 18th annual Qimpro

Awards function. The award celebrates excellence in individual performance and highlights

the quality achievements of extraordinary individuals in an era of global competition and

expectations.



January, 2008Sar Utha Ke Jiyo Among India’s 60 Glorious Advertising Moments

HDFC Standard Life’s advertising slogan honoured as one of ‘60 Glorious Advertising &

Marketing Moments' over the last 60 years in India,’ by 4Ps Business and Marketing magazine.

The magazine said that HDFC Standard Life is one of the first private insurers to break the

ice using the idea of self respect (Sar Utha Ke Jiyo) instead of 'death' to convey its brand

proposition. This was then, followed by others including ICCI Prudential, thus giving HDFC

Standard Life the credit of bringing up one such glorious advertising and marketing moment

in the last 60 years.

December, 2007 Pension Plan Tops Mint’s Survey of Best TV Ads

HDFC Standard Life’s pension plans topped the ad diagnostics and ranked eighth on ad

reach in a survey of new television advertisements in November, 2007, conducted by Mint,

the leading business newspaper of the Hindustan Times Group. Our pension advertising was

ranked first in terms of ad diagnostic scores (likeability, credibility, enjoyment). The

respondents were between 18 and 40 years. We were ranked 8th in terms of a combined score

of ad awareness and brand recall.

September, 2007

Ranked Sixth Most Effective Advertisement:

HDFC Standard Life was ranked 6 th amongst ‘The 10 most effective ads’ in September 2007,

according to the JuxtConsult’s Ad Box Office Monthly Monitor. We have moved up from 56

th position in August 2007. JuxtConsult’s Ad Box Office is India’s biggest monthly monitor

of most effective television ads amongst urban consumers. The ranking was based on the

total effectiveness of the ad in connecting the Sar Utha Ke Jiyo ranked 10 th in the Top 10

Top-of-mind ad slogans in September, 2007, according to the JuxtConsult’s Ad Box Office



Monthly Monitor. The ranking was based on how much our ad slogan recalled ‘top of mind’

in the daily ad clutter.

June, 2007Received PCQuest Best IT Implementation Award 2007

HDFC Standard Life received the PCQuest Best IT Implementation Award 2007 for

Wonders, its path-breaking implementation of an enterprise-wide workflow system. PCQuest,

the leading IT publication from the CyberMedia Group identified six most innovative IT

implementation projects deployed successfully across India for the award.

The winners of the 4th PCQuest Best IT Implementation Awards were chosen from 250

nominations across 22 industries and 23 projects ranging from government, banking finance

and insurance, manufacturing, petroleum, and IT/ITES to poultry, travel and tourism, real

estate, construction, power and utilities

INTRODUCTION TO STUDY



RECRUITMENT AND SELECTION

Before an organization can fill a job vacancy, it must find people who not only are qualified

for the position but also want the job. Recruitment process is one of the ways that an

organization can deal with shortages in its human resources needs.

Recruitment refers to organizational activities that influence the number and type of

applicants who apply for a job and whether the applicants accepts jobs that are offered i.e. a

process of searching for prospective employees and stimulating and encouraging them to

apply for jobs in an organization.

Although recruitment can be quite expensive, organization have not always treated it as

systematically as other HR functions, such as selection. During the coming years, however,

the importance of recruitment will probably increase for many organizations.

Recruitment process is affected by various factors in the environment. The recruitment

process with an attempt to find employees with the abilities and attitudes desired by the



organization and to match them with the tasks to be performed. Where there potential

employees will respond to the tasks to be performed. Where there potential employees will

respond to the recruiting effort depends on the attitudes they have developed towards those

tasks and the organization on the basis of their past social and working experience. Their

experience of the task will also be affected by the work climate in the organization.

Source of recruitment : 1) Internal recruiting

2) External recruiting

Internal Recruiting

Organization can make effective use of skills inventories for identifying internal applicants

for job vacancies. It is difficult, however, for HR managers to be aware of all current

employees who might be interested in the vacancy. To help with this problem., they use an

approach called job posting and bidding.

In the past, job posting was little more than the use of bulletin and company publications for

advertising job openings. Today, however , job posting has become one of the more

innovative recruiting techniques being used by organizations. Many companies now see job

posting as an integrated component of an effective career management system.

A model job posting program was implemented at national semiconductor. Posting are

computerized and easily accessible to employees. Computer software allows the employees

to match an available job with their skills and experience. It then highlights where gaps exist

so the employees know what is necessary if they wish to be competitive for given job.

Internal sources within the organization

Merits

* It improves morale of employees.

* It is easier to evaluate the existing employees through a sense of job security and

opportunities and advancement



* It promotes loyalty among the employees require less training since they already know the

company’s policies and procedure

* It is less costly

Demerits

* It may lead to in breeding within the organization

* The possibility of the right candidate being chosen may depend upon the recruiter’s

perception about employees

* It may not be suitable for jobs requiring some innovative techniques.

Methods Of Internal Recruitment

Promotion

Transfer

Demotion

EXTERNAL RECRUITING

When an organization has exhausted its internal supply of applicants, it must turn to external

sources to supplement its workforce. Research indicates that walk in interviews provide an

important external source of applicants. As labour shortages increase, however, organizations

are becoming more proactive in their recruitment efforts . a number of methods are available

for external recruiting ; media, advertising, e-recruiting , employment agencies , executive

search firms, special events recruiting , and summer internship etc.

Media Advertisements: Organization advertise to acquire recruits. Various media are used ,

the most common being help-wanted ads in daily newspaper. Organizations also advertise for

people in trade and professional publications. Other media used are billboards, subway and

bus cards, radio, telephone, and television.



E Recruiting: perhaps a method has ever had as revolutionary an effect on organizational

recruitment practices as the internet. There are many reasons for the popularity of the internet

as a method of recruitment. From the organizations perspective, the internet allows for

searches over broader array of geographical and company posting than was ever before

possible.

Organization is also beginning to see that having their own human resource. Web pages on

the internet can be effective addition to their overall recruitment strategy. A typical

organizational home page will provide background information about the company , its

product and services, and employment opportunities and applicant procedures.

Special –Events Recruiting: when the supply of employees available is not large or when

the organization is new or not well known , some organizations have successfully used

special events to attract potential employees. One of the most interesting approaches is to

provide job fairs.

Summer Internships: another approach to recruiting and getting specialized work done that

has been tried by organization is to hire students as internship is, in fact dramatically

increasing. Organizations are using more internship to improve the diversity of their

recruitment efforts.

College Recruiting: There is growing gap between the skills that organizations will need

over the several years and those currently possessed by potential employees. College

recruiting can be extremely difficult, time consuming, and expensive for the organization.

Recruiters believe that college recruiting is one of the most effective ways of identifying

talented employees. All this suggest that college recruiting will continue to play an important

role in organizations over all recruitment strategies, but that organization will be careful

about controlling expense.

External: outside the organization

Merits

*It provides larger pool candidate from which recruitment can be done.



*If the appropriate candidate is chosen, he may require less training

Demerits

*It needs proper preparation and hence consumes a lot of time of the recruiter

*It is costly affair.

An overview of Recruitment and Selection at HDFC Standard Life Insurance

Consultant as a Profession

The field of life insurance is a challenging one though, by far one of the most rewarding

careers one can get into. When a financial consultant approaches a prospect with proposal for

life insurance, the chances are that the prospect will not know much about the benefits under

various plans. He may be vaguely familiar with the alternative available, but it is unlikely to

sure of the details of all of them. He would need expert advice. In other words a life insurance

consultant while dealing with the prospect be thinking of his situation.



As a consultant of the prospect, he is expected to look after the interests of the prospect. Even

the people who are generally experts in financial matters may not be aware of the implication

of insurance, in relation to terms and condition, warranties, exclusion, tax, provisions, rights

of parties. Advisors have the dual responsibilities of being true to the interest of both the

parties in the interest. He obliged to reveal to the prospect all the important terms and

conditions of the insurer all the true facts about the prospects and the subjects of insurance.

Recruitment Process

As an HDFC SL associate, suspects are your most important assets. Its just like any

manufacturing company, where the raw materials is the most important assets, and whatever

product is manufactured will be made from raw material. Now what we know who suspect

for us and who is not.

1) Initially starts with suspecting, suspecting is done before recruiting therefore suspecting

stops when recruitment starts.

2) Collection of database from all the segments such as students, business, housewives, self-

employed, with all having minimum qualification 10+2 basic requirement.

3) The next stage is that either approaches them through telecalling and fixes appointment at

their convenient time, which is feasible to the candidate and the manager.

4) Presentation, procedure and documentation are given to the client.

Selection of Financial Consultant

A suspect is a person who can become Financial Consultant or introduce you to a person who

can become Financial Consultant. A whole lot of people can be your suspect . However a

qualified suspect is called as a prospect

Financial Consultant should possess at least 4-5 criteria

Age – 25 – 60 years

Qualification – Graduate or above



Marital status – Married.

Nativity – Minimum 2 years in the city

Sales experience – 1 year or more

Time 6 hours or more per week

Among these criteria mentioned above minimum 3 have to be fulfilled for recruitment. Once

these criteria are fulfilled the candidate has to submit the necessary documents and then he is

been selected as Financial Consultant.

If a person does not fulfil these criteria, the person will either not be able to become Financial

Consultant or will not be eligible for one

Research Methodology

Methodology:

Title of the Study: Effectiveness of Recruitment And Selection of Financial Consultant At

HDFC Standard Life Insurance.

Objectives of study

To understand the effectiveness of recruitment process for the profile of financial consultant



To know selection procedure followed by the company

To know different methods used to recruit financial consultant

To know satisfaction level of financial consultant towards company s service

SAMPLE DESIGN

Sample Technique: Convenience sampling

Sample Area: Belgaum

Sample Size: 100

Tools Used For Analysis:

1. Graphical Representation of Analysis: Pie charts

Data collection

Primary data has been used to carry out the research successfully. The secondary data

has been collected from various journals and publications. For the purpose of gathering

primary data a structure and non-disguised questionnaire was designed to collect data from

the Retailers. The questionnaire contains both open-ended and close-ended questions.

Method of Communication:

In order to minimize the bias in data collection, the method of personal interview was

adopted.

Data Source:

The sources of data collected are:



Primary:

a) survey method by using questionnaire.

b) Observation and interview technique

Secondary:

a) Information is collected through internet

b) From various text books

c) Journals and magazines

Analyze the collected information:

It involves of data using statistically measures on them for developing frequency distribution

and calculating the means.

Report research findings:

The report with the research findings is formal written document. The research and personal

experience will be used to propose recommendations.



ANALYSIS

Analysis of Recruitment and Selection



Interpretation:

From the above graph we understand that the company recruits youngster who can work on field and also who have good social network.


Age

71 71.0 71.0 71.026 26.0 26.0 97.03 3.0 3.0 100.0

100 100.0 100.0

18-2828-4848-68Total

ValidFrequency Percent Valid Percent

CumulativePercent

Age

3.0%

26.0%

71.0%

48-68

28-48

18-28


Marital status

69.0%

31.0%

Unmarried

Married

Interpretation:

From the above analysis we come to know that 69% respondents are unmarried who want s make their career in this field and earn good commission.31%respondents are married who are interested in part time job .


Marital Status

31 31.0 31.0 31.069 69.0 69.0 100.0

100 100.0 100.0

MarriedUnmarriedTotal


CumulativePercent


Education Qualification

5.0%

30.0%

47.0%

18.0%

Other

Post Graduate

Graduate

Under Graduate

Interpretation:

From the above graph we can analysis that graduates and post graduates are been more recruited by the company which shows that company needs more youngster as FC.


Education Qualification

18 18.0 18.0 18.047 47.0 47.0 65.030 30.0 30.0 95.05 5.0 5.0 100.0

100 100.0 100.0

Under GraduateGraduatePost GraduateOtherTotal


CumulativePercent


occupation

10.0%

12.0%

41.0%

10.0%

19.0%

8.0%

Other

Financial consultant

Student

Buisness

Employee

Housewife

Interpretation:

Here we understand that 41% of the students are interested in pursuing this job as part time job which will help them for their future career.


Occupation

8 8.0 8.0 8.019 19.0 19.0 27.010 10.0 10.0 37.041 41.0 41.0 78.012 12.0 12.0 90.010 10.0 10.0 100.0

100 100.0 100.0

HousewifeEmployeeBusinessStudentFinancial consultantOtherTotal


CumulativePercent


What made you join HDFC as Financial Advisor?

27 27.0 27.0 27.043 43.0 43.0 70.018 18.0 18.0 88.09 9.0 9.0 97.03 3.0 3.0 100.0

100 100.0 100.0

MoneyCareersBrand ImageRewards/RecognitionOthersTotal


CumulativePercent

Finacial Advisor

3.0%

9.0%

18.0%

43.0%

27.0%

Others

Rewards/Recognition

Brand Image

Careers

Money

Interpretation:

Here we understand that 43 % respondents of them have chosen this job as to make their career, and 27% respondents to earn good money through commission and 18% respondents have taken up this job because of company’s brand image.



Are you satisfied with Registration fee for financial consultant set by HDFC?

3 3.0 3.0 3.033 33.0 33.0 36.039 39.0 39.0 75.020 20.0 20.0 95.05 5.0 5.0 100.0

100 100.0 100.0

Highly satisfiedSatisfiedAverageDissatisfiedHighly dissatisfiedTotal


CumulativePercent

Interpretation:

From the above graph 39% respondents said they are averagely satisfied with registration fee and 33 % respondents are satisfied with the fee for registration to register the consultants licence.



Recruitment Method

4.0%

67.0%

18.0%

11.0%

Others

Personal cont/Ref

Advertisement

Cold calling

Interpretation:

From the above analysis we understand that 67% respondents are recruited through personal contacts and reference and only 18% respondents through advertisement.


By which method you were been Recruited?

11 11.0 11.0 11.018 18.0 18.0 29.0

67 67.0 67.0 96.0

4 4.0 4.0 100.0100 100.0 100.0

Cold callingAdvertisementPersonal contAct/ReferenceOthersTotal


CumulativePercent


Interpretation:

This shows the satisfaction level of the consultant with respect to the selection process followed by the company, i.e. 49% respondents are satisfied and 24% respondents are highly satisfied.


Are you satisfied with selection criteria followed by the company?

24 24.0 24.0 24.049 49.0 49.0 73.024 24.0 24.0 97.02 2.0 2.0 99.01 1.0 1.0 100.0

100 100.0 100.0

Highly satisfiedSatisfiedAverageDissatisfiedHighly dissatisfiedTotal


CumulativePercent

Selection Criteria

1.0%

2.0%

24.0%

49.0%

24.0%

Highly dissatisfied

Dissatisfied

Average

Satisfied

Highly satisfied


Analysis of Induction Program

Interpretation:

From the survey we understand the kind of training undertaken by consultants that is 88% have undergone Manual training (class room training: off job training) and only 12% online training.


What kind of training did you under go?

88 88.0 88.0 88.012 12.0 12.0 100.0

100 100.0 100.0

ManualOnlineTotal


CumulativePercent

Training

12.0%

88.0%

Online

Manual


How did you like the Advisor Induction Program(AIP)?

24 24.0 24.5 24.544 44.0 44.9 69.427 27.0 27.6 96.91 1.0 1.0 98.02 2.0 2.0 100.0

98 98.0 100.02 2.0

100 100.0

VeryGoodGoodAverageBadVery BadTotal

Valid

SystemMissingTotal

Frequency Percent Valid PercentCumulative

Percent

Interpretation

Here 44% respondents said that training session was good and around 24% respondents said it was very good and 27%respondents said it was average and it added to their knowledge.


Advisor Induction Program

2.0%

2.0%

1.0%

27.0%

44.0%

24.0%

Missing

Very Bad

Bad

Average

Good

Very Good


Interpretation:

From the survey we can understand that 67% respondents said training is more required where as 33% respondents says training is not required.


Do you think more training is required?

67 67.0 67.0 67.033 33.0 33.0 100.0

100 100.0 100.0

YesNoTotal


CumulativePercent


Different Kinds of Training

32.0%

1.0%

17.0%13.0%

16.0%

8.0%

13.0%

Missing

Others

Stock marketSales

Product

Underwriting

Tax benefit

Interpretation:

From the above graph we understand that most of the consultants feel that training is required on product, stock market and tax benefit etc.


If yes kindly specify what kind?

13 13.0 19.1 19.18 8.0 11.8 30.9

16 16.0 23.5 54.413 13.0 19.1 73.517 17.0 25.0 98.51 1.0 1.5 100.0

68 68.0 100.032 32.0

100 100.0

Tax benefitUnderwritingProductSalesStock marketOthersTotal

Valid

SystemMissingTotal


Percent


Impact of Recruitment and Selection

Monetary Benefits

1.0%

6.0%

42.0%

36.0%

15.0%

Highly dissatisfied

Dissatisfied

Average

Satisfide

Highlysatified


Are you satisfied with the Monetary Benefits provided by the company?

15 15.0 15.0 15.036 36.0 36.0 51.042 42.0 42.0 93.06 6.0 6.0 99.01 1.0 1.0 100.0

100 100.0 100.0

Highly satisfiedSatisfiedAverageDissatisfied

Highly dissatisfied

Total


CumulativePercent


Interpretation:

This shows the satisfaction level among the consultant with respect to the Monetary Benefits provided by the company, 36% of the respondents are satisfied, 42% are averagely satisfied.

Interaction between FCs &SDMs

2.0%

11.0%

26.0%

43.0%

18.0%

No interaction

Very Rarely

Rarely

Frequently

Very frequently


How frequently does the Sales Development Manager interact with you?

18 18.0 18.0 18.043 43.0 43.0 61.026 26.0 26.0 87.011 11.0 11.0 98.02 2.0 2.0 100.0

100 100.0 100.0

Very frequentlyFrequentlyRarelyVery RarelyNo interactionTotal


CumulativePercent


Interpretation:

This shows the how frequently SDM s interact with FC ; here 43% respondents feel that SDMs interact with them frequently, 26% of the respondents feel that SDMs interact rarely.

Fix Salary or Commission

29.0%

52.0%

10.0%

9.0%

All of the above

Salary & Commission

Commission

Salary


Do you want fix salary to be provided by the company or satisfied with commission??

9 9.0 9.0 9.010 10.0 10.0 19.052 52.0 52.0 71.029 29.0 29.0 100.0

100 100.0 100.0

SalaryCommissionSalary and commissionAll of the aboveTotal


CumulativePercent


Interpretation:

From the above analysis we can interpret ate that 52% respondents wish for fix salary and commission from the company.

Target for Financial Consultant

22.0%

78.0%

No

Yes


Is there any target for Financial Consultant set by the company?

78 78.0 78.0 78.022 22.0 22.0 100.0

100 100.0 100.0

YesNoTotal


CumulativePercent


Interpretation:

Here we understand that the company has target for the financial consultant, i.e. 78 % respondents says that they are aware of the target given to them .

Acheivement of Target

6.0%

23.0%

71.0%

Missing

No

Yes


Do you achieve your target every time?

71 71.0 75.5 75.523 23.0 24.5 100.094 94.0 100.06 6.0

100 100.0

YesNoTotal

Valid

SystemMissingTotal


Percent


Interpretation:

This shows the target achieved by the financial consultant, 71% respondents says that they achieve their target given by the company, 23%respondents says that they don’t achieve because no contacts or busy schedule.

Satisfaction with Target

2.0%

2.0%

6.0%

44.0%

39.0%

7.0%

Missing

Higly dissatisfied

Dissatisfied

Average

Satisfied

Highly Satisfied


Are you satisfied with the target given to you?

7 7.0 7.1 7.139 39.0 39.8 46.944 44.0 44.9 91.86 6.0 6.1 98.02 2.0 2.0 100.0

98 98.0 100.02 2.0

100 100.0

Highly SatisfiedSatisfiedAverageDissatisfiedHighly dissatisfiedTotal

Valid

SystemMissingTotal


Percent


Interpretation:

This shows the satisfaction level of the target designed for the financial consultant by the company; here 44% of the respondents are averagely satisfied with the target.

Pressurized by the Company

3.0%

43.0%

54.0%

Missing

No

Yes


Are you been pressurized by the company?

54 54.0 55.7 55.743 43.0 44.3 100.097 97.0 100.03 3.0

100 100.0

YesNoTotal

Valid

SystemMissingTotal


Percent


Interpretation:

This shows that the FC are been pressurized by the company to achieve the targets, and 54% says yes they are being pressurized by the company to achieve the targets because if FC don’t achieve their target the FC’s licence might lapse.

Why do you think the company has selected you as financial consultant?

a) I have good convincing skills ( )

b) I have good social network ( )

c) I have been doing this job for different investment company ( )

d) I am very much knowledgeable on insurance ( )

(Rate them as 1 being highest and 4 being lowest)


I have good convincing Skills

55 55.0 55.0 55.031 31.0 31.0 86.010 10.0 10.0 96.04 4.0 4.0 100.0

100 100.0 100.0

HighestGoodAverageLowestTotal


CumulativePercent


I have good convincing Skills

4.0%

10.0%

31.0%55.0%

Lowest

Average

GoodHighest

Interpretation:

From the above graph we understand that 55% respondents agrees that they have good convincing skill and the company selected them as FC on their skills as this skill require in convincing the customer and selling the more no. of products.


I have good social Network

60 60.0 60.0 60.027 27.0 27.0 87.09 9.0 9.0 96.04 4.0 4.0 100.0

100 100.0 100.0



CumulativePercent


I have good social Network

4.0%

9.0%

27.0%

60.0%

Lowest

Average

Good

Highest

Interpretation:

From the analysis we understand that 60% of the respondents think that they were selected because they have good social network, this is the cause where in the personal contacts are used to recruit more no. of FC through the respondents network.


I have been doing this job for different investment company

9 9.0 9.0 9.025 25.0 25.0 34.031 31.0 31.0 65.035 35.0 35.0 100.0

100 100.0 100.0



CumulativePercent


Interpretation:

The graph shows that 35 % of the respondents were not in to different Investment Company which means that most of the FC don’t have experience in this job and are very new to insurance sector such as Graduates, Project trainee House wife etc.


I have been doing this job for different Investment Company

35.0%

31.0%

25.0%

9.0%

Lowest

Average

Good

Highest

I am very much knowledgeable on Insurance

11 11.0 11.0 11.024 24.0 24.0 35.034 34.0 34.0 69.031 31.0 31.0 100.0

100 100.0 100.0



CumulativePercent


Interpretation:

Here we can see 24 % respondents says that they have good knowledge on insurance so they were selected as financial consultant and 34 % of the respondents says that they have average knowledge on insurance but have interest in doing this job.



FINDINGS AND SUGGESTIONS

FINDINGS

The findings of the project are:



The students are more interested to become financial consultant as they want to make

their career and earn good money by taking up this job as part time. House wives also

want put their network in use so that even they can earn and make their career.

It is been understood that most of them are satisfied with the registration fee for the

financial consultant taken by the company, some of them feel that it is very high to

become FC of the company.

Most of them are been recruited by personal contacts as SDMs have good social

network and due to their target they use their social network and recruit their friends

or relatives as financial consultant.

Selection procedure is satisfactorily satisfied by the financial consultant.

Training mode is manual which is off the job and class room training and FCs are

satisfied with the training method.

Most of the financial consultant demand is for fixed salary and commission and good

monetary benefits.

It is found that there are targets for financial consultant set by the company, and most

of them are satisfied by the company’s target.

Financial consultant feels that they were selected because of their social network and

good convincing skills so that.

SUGGESTION



The company should reduce the registration fee for the financial consultant as it is quite more

compare to other company which would change the way of thinking of the consultant.

The company should provide more training on product, tax benefit, sales and stock market

which would gain more knowledge on insurance and would help FCs to sell the policy more

easily.

Most of the financial consultants demand is for fix salary and commission so the company

should make sure and provide good commission, a monetary benefit which motivates the

consultants to do more business.

As the competition is increasing the company should use the new emerging channels(like

Internet , Advertisement , Media etc) to get the competitive advantage on others.

HDFC Standard Life Insurance Company has to appoint well qualified Advisors as maximum

business comes from company Advisor & Agent groups who are having good communication

skill.



CONCLUSION



CONCLUSIONS

As HDFC standard Life Insurance is private life Insurance sector, the recruitment and

selection process for FCs in the company is well outlined and systematically followed. My

study at HDFC Standard Life Insurance indicates most of the recruitment is done through

personal contact / References by the Sales Development Manager.

As far as the consultant feeling is concerned they feel that more training is needed. More of

product training, stock market and sales training is required. The consultants demand is for

fix salary and commission which would motivate them to do more business. The company

satisfies the consultants with the monetary benefits.

To conclude, I would like to say that working with HDFC Standard Life Insurance for 2

months was a great experience and I have gained a lot of practical knowledge and has added

to my confidence level.



BIBLIOGRAPHY

1. JOURNALS: Company journals and Magazines Human capital Magazine.

2. WEB SITE: hdfcstandardlifeinsurance.com, google.com

3. BOOKS:

Personal Management: Mamoria

Human Resource Management: Subba Rao
