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PREFACE

The liberalization of the Indian insurance sector has been the subject of

much heated debate for some years. The policy makers where in the catch 22

situation wherein for one they wanted competition, development and growth

of this insurance sector which is extremely essential for channeling the

investments in to the infrastructure sector. At the other end the policy

makers had the fears that the insurance premia, which are substantial, would

seep out of the country; and wanted to have a cautious approach of opening

for foreign participation in the sector.

As one of the rare occurrences the entire debate was put on the back burner

and the IRDA saw the day of the light thanks to the maturing polity

emerging consensus among factions of different political parties. Though

some changes and some restrictive clauses as regards to the foreign

participation were included the IRDA has opened the doors for the private

entry into insurance.

Whether the insurer is old or new, private or public, expanding the market

will present multitude of challenges and opportunities. But the key issues,

possible trends, opportunities and challenges that insurance sector will have

still remains under the realms of the possibilities and speculation. What is

the likely impact of opening up Indias insurance sector? The large scale of

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operations, public sector bureaucracies and cumbersome procedures

hampers nationalized insurers. Therefore, potential private entrants expect to

score in the areas of customer service, speed and flexibility. They point out

that their entry will mean better products and choice for the consumer. The

critics counter that the benefit will be slim, because new players will

concentrate on affluent, urban customers as foreign banks did until recently.

This seems to be a logical strategy. Start-up costs-such as those of setting up

a conventional distribution network-are large and high-end niches offer

better returns. However, the middle-market segment too has great potential.

Since insurance is a volumes game. Therefore, private insurers would be

best served by a middle-market approach, targeting customer segments that

are currently untapped.

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EXECUTIVE SUMMARY

In todays corporate and competitive world, I find that insurance sector has

the maximum growth and potential as compared to the other sectors.

Insurance has the maximum growth rate of 70-80% while as FMCG

sector has maximum 12-15% ofgrowth rate. This growth potential attracts

me to enter in this sector and HDFC Standard Life Insurance Company Ltd

has given me the opportunity to work and get experience in highly

competitive and enhancing sector.

The success story of good market share of different market

organizations depends upon the availability of the product and services near

to the customer, which can be distributed through a distribution channel. In

Insurance sector, distribution channel includes only agents or agency holdersof the company. If a company like RELIANCE LIFE INSURANCE, TATA

AIG, MAX etc have adequate agents in the market they can capture big

market as compared to the other companies.

Agents are the only way for a company of Insurance sector through which

policies and benefits of the company can be explained to the customer

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INTRODUCTION TO THE INDUSTRY

THE HISTORY OF INDIAN INSURANCE

INDUSTRY

Life Insurance

In 1818 the British established the first insurance company in India in Calcutta, the

Oriental Life Insurance Company. First attempts at regulation of the industry were made

with the introduction of the Indian Life Assurance Companies Act in 1912. A number of

amendments to this Act were made until the Insurance Act was drawn up in 1938.

Noteworthy features in the Act were the power given to the Government to collect

statistical information about the insured and the high level of protection the Act gave to

the public through regulation and control. When the Act was changed in 1950, this meant

far reaching changes in the industry. The extra requirements included a statutory

requirement of a certain level of equity capital, a ceiling on share holdings in such

companies to prevent dominant control (to protect the public from any adversarial

policies from one single party), stricter control on investments and,

generally, much tighter control. In 1956, the market contained 154 Indian

and 16 foreign life insurance companies. Business was heavily concentrated

in urban areas and targeted the higher echelons of society. Unethical

practices adopted by some of the players against the interests of the

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consumers then led the Indian government to nationalize the industry. In

September 1956, nationalization was completed, merging all these

companies into the so-called Life Insurance Corporation (LIC). It was felt

that nationalization has lent the industry fairness, solidity, growth and

reach.

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

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

to regulate the life insurance business. interests of the insuring public.

1956: The market contained 154 Indian and 16 foreign life insurance

companies.

General Insurance

The General Insurance industry in India dates back to the Industrial

Revolution and the subsequent increase in trade across the

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 to by the Insurance Act

with the objective of protecting the

oceans in the 17th century. As for Life Insurance, the British brought

General Insurance to India, and a similar path was followed in the

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development of this industry. A number of private companies were in

existence for years and years until, in 1971, the Indian Government decided

that the public interest would be served by nationalizing the industry,

merging all the 107 companies into four companies, depending on the sort of

business transacted (Marine, Fire, Miscellaneous). These were the National

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

India Assurance Company Ltd., and the United India Insurance Company

Ltd. located in Calcutta, New Delhi, Bombay and Madras respectively. The

General Insurance Corporation (GIC) was set up in 1972 as a holding

company, having these four companies as its subsidiaries.

Some of the important milestones in the general insurance business in India

are:

1907: The Indian Mercantile Insurance Ltd. set up, the first company to

transact all classes of general insurance business.

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.

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

solvency margins and the Tariff Advisory Committee set up.

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1972: The General Insurance Business (Nationalization) Act, 1972

nationalize the general insurance business in India with effect from 1st

January 1973. 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.

MAJOR PLAYERS IN THE INSURANCE

INDUSTRY IN INDIA

Life Insurance Corporation of India (LIC)

Life Insurance Corporation of India (LIC) was established on 1 September

1956 to spread the message of life insurance in the country and mobilise

peoples savings for nation-building activities. LIC with its central office in

Mumbai and seven zonal offices at Mumbai, Calcutta, Delhi, Agra,

Hyderabad, Kanpur and Bhopal, operates through 100 divisional offices in

important cities and 2,048 branch offices. LIC has 5.59 lakh active agents

spread over the country.

The Corporation also transacts business abroad and has offices in Fiji,

Mauritius and United Kingdom. LIC is associated with joint ventures abroad

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in the field of insurance, namely, Ken-India Assurance Company Limited,

Nairobi; United Oriental Assurance Company Limited, Kuala Lumpur; and

Life Insurance Corporation (International), E.C. Bahrain. It has also entered

into an agreement with the Sun Life (UK) for marketing unit linked life

insurance and pension policies in U.K.

In 1995-96, LIC had a total income from premium and investments of $ 5

Billion while GIC recorded a net premium of $ 1.3 Billion. During the last

15 years, LIC's income grew at a healthy average of 10 per cent as against

the industry's 6.7 per cent growth in the rest of Asia (3.4 per cent in Europe,

1.4 per cent in the US).

LIC has even provided insurance cover to five million people living below

the poverty line, with 50 per cent subsidy in the premium rates. LIC's claims

settlement ratio at 95 per cent and GIC's at 74 per cent are higher than that of

global average of 40 per cent. Compounded annual growth rate for Life

insurance business has been 19.22 per cent per annum

General Insurance Corporation of India (GIC)

The general insurance industry in India was nationalized and a governmentcompany known as General Insurance Corporation of India (GIC) was

formed by the Central Government in November 1972. With effect from 1

January 1973 the erstwhile 107 Indian and foreign insurers which were

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operating in the country prior to nationalization, were grouped into four

operating companies, namely, (i) National Insurance Company Limited; (ii)

New India Assurance Company Limited; (iii) Oriental Insurance Company

Limited; and (iv) United India Insurance Company Limited. (However, with

effect from Dec'2000, these subsidiaries have been de-linked from the parent

company and made as independent insurance companies). All the above four

subsidiaries of GIC operate all over the country competing with one another

and underwriting various classes of general insurance business except for

aviation insurance of national airlines and crop insurance which is handled

by the GIC.

Besides the domestic market, the industry is presently operating in 17

countries directly through branches or agencies and in 14 countries through

subsidiary and associate companies.

IN ADDITION TO ABOVE STATE INSURERS THE

FOLLOWING HAVE BEEN PERMITTED TO ENTER

INTO INSURANCE BUSINESS: -

The introduction of private players in the industry has added to the colors in

the dull industry. The initiatives taken by the private players are very

competitive and have given immense competition to the on time monopoly

of the market LIC. Since the advent of the private players in the market the

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industry has seen new and innovative steps taken by the players in this

sector. The new players have improved the service quality of the insurance.

As a result LIC down the years have seen the declining phase in its career.

The market share was distributed among the private players. Though LIC

still holds the 75% of the insurance sector but the upcoming natures of these

private players are enough to give more competition to LIC in the near

future. LIC market share has decreased from 95% (2002-03) to 82 %( 2004-

05).

1. HDFC Standard Life Insurance Company Ltd.

HDFC Standard Life Insurance Company Ltd. is one of Indias 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.), Indias leading

housing finance institution and The Standard Life Assurance Company, a

leading provider of financial services from the United Kingdom. Their

cumulative premium income, including the first year premiums and renewal

premiums is Rs. 672.3 for the financial year, Apr-Nov 2005. They have

managed to cover over 11,00,000 individuals out of which over 3,40,000

lives have been covered through our group business tie-ups.

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2. Max New York Life Insurance Co. Ltd.

Max New York Life Insurance Company Limited is a joint venture that

brings together two large forces - Max India Limited, a multi-business

corporate, together with New York Life International, a global expert in life

insurance. With their various Products and Riders, there are more than 400

product combinations to choose from. They have a national presence with a

network of 57 offices in 37 cities across India.

3. ICICI Prudential Life Insurance Company Ltd.

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.

ICICI Prudential was amongst the first private sector insurance companies to

begin operations in December 2000 after receiving approval from Insurance

Regulatory Development Authority (IRDA). The company has a network of

about 56,000 advisors; as well as 7 banc assurance and 150 corporate agent

tie-ups.

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4. Om Kotak Mahindra Life Insurance Co. Ltd.

Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between

Kotak Mahindra Bank Ltd. (KMBL), and Old Mutual plc.

5.Birla Sun Life Insurance Company Ltd.

Birla Sun Life Insurance Company is a joint venture between Aditya Birla

Group and Sun Life financial Services of Canada.

Tata AIG Life Insurance Company Ltd.

SBI Life Insurance Company Limited

ING Vysya Life Insurance Company Private Limited

Allianz Bajaj Life Insurance Company Ltd.

Metlife India Insurance Company Pvt. Ltd.

AMP SANMAR Assurance Company Ltd.

Dabur CGU Life Insurance Company Pvt. Ltd.

1. Royal Sundaram Alliance Insurance Company Limited

The joint venture bringing together Royal & Sun Alliance Insurance and

Sundaram Finance Limited started its operations from March 2001. The

company is Head Quartered at Agra, and has two Regional Offices, one at

Mumbai and another one at New Delhi.

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2. Bajaj Allianz General Insurance Company Limited

Bajaj Allianz General Insurance Company Limited is a joint venture

between Bajaj Auto Limited and Allianz AG of Germany. Both enjoy a

reputation of expertise, stability and strength.

Bajaj Allianz General Insurance received the Insurance Regulatory and

Development Authority (IRDA) certificate of Registration (R3) on May 2nd,

2001 to conduct General Insurance business (including Health Insurance

business) in India. The Company has an authorized and paid up capital of Rs

110 crores. Bajaj Auto holds 74% and the remaining 26% is held by Allianz,

AG, Germany.

3. ICICI Lombard General Insurance Company Limited

ICICI Lombard General Insurance Company Limited is a joint venture

between ICICI Bank Limited and the US-based $ 26 billion Fairfax

Financial Holdings Limited. ICICI Bank is India's second largest bank,

while Fairfax Financial Holdings is a diversified financial corporate engaged

in general insurance, reinsurance, insurance claims management and

investment management.

Lombard Canada Ltd, a group company of Fairfax Financial Holdings

Limited, is one of Canada's oldest property and casualty insurers. ICICI

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Lombard General Insurance Company received regulatory approvals to

commence general insurance business in August 2001.

4. Cholamandalam General Insurance Company Ltd.

Cholamandalam MS General Insurance Company Limited (Chola-MS) is a

joint venture of the Murugappa Group & Mitsui Sumitomo.

Chola-MS commenced operations in October 2002 and has issued more than

1.4 lakh policies in its first calendar year of operations. The company has a

pan-Indian presence with offices in Agra, Hyderabad, Bangalore, Kochi,

Coimbatore, Mumbai, Pune, Indore, Ahmedabad, Delhi, Chandigarh,

Kolkata and Vizag.

5. TATA AIG General Insurance Company Ltd.

Tata AIG General Insurance Company Ltd. is a joint venture company,

formed from the Tata Group and American International Group, Inc. (AIG).

Tata AIG combines the strength and integrity of the Tata Group with AIG's

international expertise and financial strength. The Tata Group holds 74 per

cent stake in the two insurance ventures while AIG holds the balance 26 per

cent stake.

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Tata AIG General Insurance Company, which started its operations in India

on January 22, 2001, offers the complete range of insurance for automobile,

home, personal accident, travel, energy, marine, property and casualty, as

well as several specialized financial lines.

6. Reliance General Insurance Company Limited.

7. IFFCO Tokio General Insurance Co. Ltd

8. Export Credit Guarantee Corporation Ltd.

9. HDFC-Chubb General Insurance Co. Ltd.

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Marketing of Insurance In India

Insurance is in a manner of speaking the last frontier in the financial sector

to open. It is also a sector, which leads to benefits across the full spectrum,

from the individual who now have wider choices, to the economy, which see

increased savings, to the infrastructure sector, which can look forward to

long term funding being available. In an under-insured economy, newer

channels of distribution have to be utilized to intensify the reach of

insurance both in urban and rural markets. This will create huge employment

opportunities not only within insurance companies but also as agents and

consultants of insurance companies.

Marketing Mix Policies

Different companies can choose to position themselves differently and hencethe Marketing Mix is different. However, there are certain common

characteristics that one can cull out from the possible strategies that

companies adopt.

Product:

The development of flexible products to suit individual requirements is what

will differentiate the winners from the also-rans. The key to success is in

providing insurance solutions, not standardized insurance products. The

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concept of riders/optional benefits has already been a huge innovation

brought about by the new players, which has led to customization of

products for individual needs. However, companies may differentiate

themselves on the basis of product segments that they choose to focus on

and excel in.

Place:

Different companies may however choose different channels and different

geographies to focus on. The channel options are - tied agency force,

corporate agents and brokers and this is an area where different companies

will make different choices. Many companies like HDFC Standard Life are

focusing on all channels whereas companies like Max New York Life are

focusing on the tied agency force only. Customer interface will be a key

challenge for life insurance companies and includes every that interaction

that the customer has with the company, such as sales, new business

underwriting, policy servicing, premium payments, claim processing and so

on. Technology can play a crucial role in delivering the highest standards of

service set by the company and it will be imperative for any serious player toexcel in all of these.

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Price:

Price is a relevant differentiator only in two segments - pure term insurance

and in pure annuities. Here too, service delivery and financial strength will

need to be present at a minimum acceptable level for price to be a relevant

differentiator. In case of savings oriented products, long-term returns

generated are more relevant than just the price of the product. A focus on

generating good investment performance and keeping a tight control on

costs help in generating good long-term maturity value for customers.

Norms have been laid down on all of these by IRDA and adhering to these

while delivering good returns will be a challenge.

Promotion and Advertising:

The level of demand is latent and will have to be activated considerably. Themarket needs to be developed. Greater awareness of insurance and the need

to have it as a protection tool rather than as a tax planning measure needs to

be appreciated by the Indian people. Various communication tools including

advertising, direct marketing and road shows contribute to all this and

different companies take different approaches on these.

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Process:

Cashless settlement: One of the most defining and customer-friendly

changes that weve seen in recent years relates to the way claims settlements

are made. The advent of the third-party administrator (TPA) regime has

facilitated the transition to the hugely convenient era of cashless settlement

of health and auto insurance claims. TPAs are entities who process claims

on behalf of insurers: the IRDA licenses them after it is satisfied that they

have the financial strength, the trained manpower, the infrastructure and the

skills to undertake this activity.

Likewise, with auto insurance, the TPA ties up with garages and authorized

service centers for cashless settlement of auto insurance claims.

Lower premiums: The spirit of competition and the broadening of the risk

experience of insurance companies have contributed to a fall in premiums

over the years. Thats because, other things being equal, an insurer who

covers the lives just of 10 people bears a higher risk than an insurer who

covers the lives of, say, 100 people. Further, a broader base will provide

greater efficiencies on costs such as distribution, management and claims. Abroad basing of the mortality experience, therefore, gives insurers the

elbowroom to compete by lowering premiums, and that trend is expected to

continue.

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Premium payment flexibility: Insurers have imparted certain flexibility to

premium payment options in order to address this concern. For instance, one

now have the option to pay your premiums upfront, which is then carried

forward for the tenure of the policy. The yearly premiums are drawn from

the initial corpus. Insurers have also introduced the concept of automatic

cover maintenance to protect your policy from lapsing owing to your

omission to pay your premium on time. Under this, in the event of your not

paying the premium, the insurer dips into your investment account to the

extent of the premium. Of course, this comes with an in-built drawback:

your investment portion diminishes year on year to the extent of the amount

paid to cover your risk.

Physical Evidence:

This can play a significant role for marketing in the Indian scenario. Since

Internet users are comparatively lesser than countries such as US, the offline

mode will be preferred in India. Although the distribution model is largely

agent-based, wherever the customer is in contact with the company, this

factor can play a significant role in luring the customer.

People:

The most important factor that materializes sales and maintains customer

relationships on a long-term basis is this factor. No matter what distribution

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strategy a company adopts, customer relationship has to be taken care of in

order to maintain the customer base on a long-term basis.

COMPANY PROFILE

HDFC STANDARD LIFE INSURANCE

COMPANY LTD

ABOUT HDFC STANDARD LIFE INSURANCE

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. 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.

HDFC STANDARD LIFE INSURANCE PARENTAGE

HDFC Limited.

HDFC is India leading housing finance institution and has helped

build more than 23, 00,000 houses since its incorporation in 1977.

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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

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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

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HDFC KEYS STRENGHS

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 CUSTOMISED 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 GROSS PREMIUM INCOME, FOR THE YEAR ENDING MARCH

31, 2008 STOOD AT RS. 4,859 CRORES AND NEW BUSINESS

PREMIUM INCOME STOOD AT RS. 2,685 CRORES.

THE COMPANY HAS COVERED OVER 9,59,000 LIVES YEAR

ENDING MARCH 31, 2008.

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CORPORATE OBJECTIVE

Our Vision

'The most successful and admired life insurance company, which means that

we are the most trusted company, the easiest to deal with, offer the best

value for money, and set the standards in the industry'.

'The most obvious choice for all'.

Our Values

Values that we observe while we work:

.Integrity

.Innovation

.Customer centric

.People Care One for all and all for ones

.Teamwork

.Joy and Simplicity

Accolades and Recognition

.Rated by 'Business world' as 'India's Most Respected Private Life

Insurance Company' in 2004.

.Rated as the "Best New Insurer - 2003" by Outlook Money magazine,

India number 1 personal finance magazine

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HDFCs main goals are to:

a) Develop close relationships with individual households.

b) Maintain its position as the premier housing finance institution in the

country.

c) Transform ideas into viable and creative solutions.

d) Provide consistently high returns to shareholders.

e) To grow through diversification by leveraging off the existing client base.

STANDARD LIFE:

The Standard Life Assurance Company ("Standard Life") was

established in 1825 and the first Standard Life Assurance Company Act was

passed by Parliament in 1832. Standard Life was reincorporated as a mutual

assurance company in 1925.

Standard Life is Europe's largest mutual life assurance company.

Standard Life, which has been in the life insurance business for the past 182

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

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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.

STANDARD LIFE ASIA LIMITED/JOINT VENTURES:

The groups Hong Kong subsidiary, Standard Life Asia Limited (SL

Asia), was incorporated in 1999 as a joint venture and became a wholly-

owned subsidiary of Standard Life in 2002. The groups operations in Hong

Kong were established to give the group a presence in the Far East from

which it could expand into China. The groups joint ventures in India with

Housing Development Finance Corporation Limited (HDFC) were

incorporated in 2000 (in relation to the life assurance and pensions joint

venture) and 2003 (in relation to the investment management joint venture).

The groups joint venture in China with Tianjin Economic Development

Area General Company (TEDA) became operational in 2003.

STANDARD LIFE GROUP:

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The Standard Life group has been looking after the financial needs of

customers for over 185 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,

2006 2007 and 2008 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 ,2007 and 2008

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INCORPORATION OF HDFC STANDARD LIFE INSURANCE CO.

LTD.:

The company was incorporated on 14th August 2000 under the name

of HDFC Standard Life Insurance Company Limited.

Their ambition from the beginning was to be the first private company

to re-enter the life insurance market in India. On the 23rd of October 2000,

this ambition was realised when HDFC Standard Life was the first life

company to be granted a certificate of registration.

HDFC are the main shareholders in HDFC Standard Life, with 81.4%,

while Standard Life owns 18.6%. Given Standard Life's existing investment

in the HDFC Group, this is the maximum investment allowed under current

regulations.

HDFC and Standard Life have a long and close relationship built upon

shared values and trust. The ambition of HDFC Standard Life is to mirror

the success of the parent companies and be the yardstick by which all other

insurance companies in India are measured.

HDFC Standard Life Insurance Company Ltd. is one of Indias

leading private life insurance companies, which offers a range of individual

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and group insurance solutions. It is a joint venture between Housing

Development Finance Corporation Limited (HDFC Ltd.), Indias leading

housing finance institution and one of the subsidiaries of Standard Life plc,

leading providers of financial services in the United Kingdom.

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.

2.2 PRODUCT SCOPE:

HDFC Standard Life offers a bouquet of insurance solutions to meet

every need. The company caters to both, individuals as well as to companies

looking to provide benefits to their employees.

For individuals, the company has a range of protection, investment,

pension and savings plans that assist and nurture dreams apart from

providing protection. The customers can choose from a range of products to

suit their life-stage and needs.

Fororganizations they have a host of customized solutions that range

from Group Term Insurance, Gratuity, Leave Encashment and

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Superannuation Products. These affordable plans apart from providing long

term value to the employees help in enhancing goodwill of the company.

The products of the company are categorized into various sections

which are as follows :

A. INDIVIDUAL PRODUCTS

B. GROUP PRODUCTS

C. RURAL PRODUCTS

D. SOCIAL PRODUCTS

E. TAX BENEFITS

For Individuals, HDFC Standard Life has a range of protection,

investment, pension and savings plans that assist and nurture dreams apart

from providing protection. Customer can choose from a range of products to

suit his life-stage and needs.

For Organizations, HDFC Standard Life has 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.

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Individual Products:

1. HDFC Children's Plan,

2. HDFC Endowment Assurance Plan,

3. HDFC Loan Cover Term Assurance Plan,

4. HDFC Money Back Plan,

5. HDFC Personal Pension Plan,

6. HDFC Single Premium Whole Of Life Plan,

7. HDFC Term Assurance Plan,

8. HDFC Unit Linked Endowment,

9. HDFC Unit Linked Endowment Plus,

10.HDFC Unit Linked Pension,

11.HDFC Unit Linked Pension Plus,

12.HDFC Unit Linked Young Star,

13.HDFC Unit Linked Young Star Plus

At HDFC Standard Life realize that not everyone has the same kind of

needs. Keeping this in mind, varied range of products that customer can

choose from to suit all needs. These will help secure customer future as well

as the future of family.

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Protection Plans:

Customer can protect his family against the loss of his income or the

burden of a loan in the event of his unfortunate demise, disability or

sickness. These plans offer valuable peace of mind at a small price.

HDFC Standard Life Protection range includes Term Assurance Plan &

Loan Cover Term Assurance Plan.

Investment Plans:

HDFC Standard Life Single Premium Whole of Life plan is well

suited to meet long term investment needs. HDFC Standard Life provides

with attractive long term returns through regular bonuses.

Pension Plans:

HDFC Standard Life Pension Plans help secure financial

independence even after retirement. Pension range includes Personal

Pension Plan, Unit Linked Pension, and Unit Linked Pension Plus Savings

Plans.

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Savings Plans:

HDFC Standard Life Savings Plans offer flexible options to build

savings for future needs such as buying a dream home or fulfilling childrens

immediate and future needs.

Group Products:

1. Group Term Insurance,

2. Group Variable Term Insurance,

3. Group Unit Linked Plan,

4. Gratuity Group Unit Linked Plan,

5. Superannuation Group Unit Linked Plan ,

6. Leave Encashment

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What is child plan

Planning does not necessarily mean about what you wish your child

would grow up to be, or have certain characteristics, but it also

essentially means you as a responsible parent having various obligations

to fulfill that would help him to grow better in this world. The first thing

that strikes is providing for education (graduation as well as post

graduation).

The most often repeated statement, Assume that a two year MBA

program in a leading business school costs Rs 5,00,000 at present. Your child is

five years old now and will pursue the management degree at the age of 20

years. This gives you a time frame of 15 years. Assuming that the inflation rate

is 10% per annum, the education would cost Rs 2,088,624. Now that seems a

handful, doesn't it?

The dynamics of planning for the child's future have changed radically

over the years. The conventional method of providing for the child was

to just set aside some amount of money in a savings bank account. These

funds would then be utilized for the child's life stages. A few parents would also

make investments in fixed deposits with the intention of utilizing the maturity

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amount. However, it would be safe to say that such an approach is not only

outdated, but also inadequate in the present scenario.

Life insurance plays an important role in an individual's financial planning

exercise. Insurance can assist individuals in planning for their own life stages

as well as provide for their child's future. It also secures the childs future in case

of any unfortunate event. Various types of child insurance products are

available in the market today.

Child insurance plans have traditionally played an important role in securing the

child's future. With a plethora of children insurance plans available in the

market, it becomes difficult for most parents to evaluate them objectively.

Individuals need to understand the dynamics for planning their children so that

they can best utilize the alternatives available in the market.

Parents must consider at the outset that they would have to build as

sufficient corpus for their children especially if the child is to be sent

abroad for education or a professional post graduation degree from the

premier institutes in the country itself. As in our above example, a 15 year

planning time frame has raised the amount required considerably, parents must

keep this in mind.

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As a parent, one would generally plan from the perspective of making funds

available for

Education

Marriage

Seed capital for business

The factors to consider while planning,

Time frame for building a corpus

Age at which the fund would be required.

Approximate amounts to build the corpus.

Investment avenues to be considered.The amount available to the child in case of death of parents or disability

of the premium-paying parent.

Child plans come in two broad variants Traditional child plans and unit linked

insurance plans (ULIPs). The primary difference between the two lies in the

way they invest their premium. Traditional plans invest a major portion of their

money in debt instruments like corporate bonds and government securities (as

specified by the regulator). Conversely, ULIPs can invest across equity and debt

markets in varying proportions.

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Parents have plenty of choice; they can either opt for a regular Traditional

endowment plan which carries relatively lower risk since it is invested mainly

in corporate bonds and government securities. The bonuses are stable and give

the parent considerable comfort knowing roughly how much he can expect.

Regular endowment plans are suited for parents with a low risk appetite.

Parents with some risk appetite can opt for a ULIP child plan that invests

across equity and debt markets.

The reason why ULIP child plans can prove to be significant is because

over the long-term (15-20 years), equities can add considerably to the corpus

you plan to build for your child's needs. Equities are best placed to beat

inflation over the long term. However, to achieve \ this, one must invest wisely.

Debt on the other hand brings stability to a portfolio. While the returns for debt

at times may seem unattractive as compared to equities, their importance in

a portfolio (ULIP) cannot be understated.

Parents should consider taking on some risk (by investing in equities) to

beat inflation, which is the main reason the cost of everything right from your

child's education to his marriage is forever spiraling. Over a 15-20 year time

frame, if wisely selected, a ULIP even with moderate equity allocations could

add considerably to your child's corpus Life insurance has much to offer to

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parents looking to accumulate wealth for their child's future. There are several

plans offering enough flexibility to help parents with the same.

In the end, it all boils down to making an informed choice and ensuring

that your plan is working in line with your expectations.

Child plan

Childrens Endowment to 18 (par)

Plan overview

Life has innumerable surprises stored for us. Parenthood is wonderful and it

is one such stage, when you experience various emotions you never thought

you had. But parenthood also brings its own set of apprehensions and

worries. What will your child grow up to be in the future? Will his/her

future be as secure as you want it to be? Or more importantly what can you

do to make sure his/her future is hassle-free and secure? So, planning ahead

for your childs future needs such as higher education is extremely

important and ensuring that you have the ability to fulfill those needs is

even more critical.

Hdfc presents Children's Endowment Participating Insurance to age 18 with

an option to buy a permanent life insurance policy without medical

underwriting (irrespective of his/her health at that time). This policy which

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is especially designed to enable you to provide for higher education of your

child and take care of your childs future needs in case of spiraling costs.

Childrens Endowment to 24 (Par)

Plan overview

Parenthood is wonderful. However, this is a phase in life when you are

expected to fulfill various responsibilities, which grows as your child gets

older. Its important that you plan in advance to meet your childs future

needs and be financially prepared. Its important that you plan in advance to

meet your childs future needs and be financially prepared.Hdfc Children's

Endowment Participating Insurance to age 24 provides an option to buy a

permanent life insurance policy without medical underwriting (irrespective

of his/her health at that time). This policy enables you to provide for various

events in your childs life such as a grand wedding of your child. This

excellent plan is a participating plan, which is also eligible for bonuses and

Max New York Life may declare these bonuses from time to time and from

the third policy year. An important feature of this plan is that the entire sum

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assured is paid out on maturity and the plan automatically vests when the

child turns 18.

Smart step

Plan overview

As a responsible parent, it is your responsibility to ensure that your \ child

has a safe and a bright future. Higher education, marriage, and financial

security for your child are just some of the most important things that you

would want to save your money for. However, with ever-rising cost of

living in todays world, simple savings would not be enough. As a good

planner, you need to look ahead and plan accordingly. As you work hard to

ensure that your child receives quality education and has a secured future,

you need a plan, which would provide you the helping hand and the desired

financial support at times of unavoidable crisis in the future.

Introducing Hdfc regular premium unit linked life insurance childrens plan

SMART Steps, which will help you plan for your child's future in a

SMART way and takes your worries away. This plan offers the required

financial protection for your loved ones if you are not alive and provides an

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unmatched investment opportunity by way of well managed investment

funds. This policy also entitles you to make partial withdrawals for various

unplanned expenses in the future.

Smart step Plus

Plan overview

It is your responsibility to ensure that your child has a safe and a bright

future. Higher education, marriage, and financial security for your child are

just some of the most important things that you would want to save your

money for. However, with ever-rising cost of living in todays world,

simple savings would not be enough. As you work hard to ensure that your

child receives quality education and has a secured future, you need a plan,

which would provide you the helping hand and the desired financial support

at times of unavoidable crisis

in the future. Children plans ensure that money is made available at

the crucial junctures in a child's education and to fund crucial commitments

for the child's future.

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A regular premium unit linked life insurance plan, Max New York Lifes

SMART Steps Plus will help you plan for your child's higher education,

marriage, and financial security. This plan offers no- compromise 360

degree protection to your children even if you are not alive and provides an

unmatched investment opportunity by way of well managed investment



Smart step single premium plan

Plan overview

Higher education, marriage, and financial security for your child are some

of the most important things that you would want to save your money for. It

is your responsibility to ensure that your child has a safe and a bright future.

However, with ever-rising cost of living in todays world, simple savings

would not be enough for all your childs future needs. Your support and

financial security for your child is of utmost importance and thats the

reason you need a plan, which would provide you the helping hand and the

desired financial support at times of unavoidable crisis. Children plans

ensure that money is made available at the crucial junctures in a child's

education and to fund crucial commitments for the child's future.

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Hdfc SMART Steps Single Premium policy will help you plan for your

child's future in a SMART and organized manner. Apart from offering 360

degree protection to your child if you are not alive, this plan also provides

an unmatched investment opportunity by way of well managed investment



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RESEARCH METHODOLOGY

Research: - is a process of collecting, analyzing, interpreting and

summarizing in a significant manner for the purpose of framing out

necessary conclusion and findings of data perceived and formulated for

deriving out the meaningful information. To carry our research necessary

telephonic calls needed to be done, suitable appointments were to be fixed

and therefore market survey is to be followed.

Objective of training: - To understand life insurance and recruitment of

capable life insurance advisors for growth prospects.

Process: Methodology or process involving in the Research followed during

the course of summer training is as follows: -

a) Collection of data : - This is an important aspect in formulating the

objective of research process where the data is collected via two process: - i)

Primary Sources and ii) Secondary sources

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i) Primary sources: - Where the data is collected primarily by

interviewing and personal observation and is original in nature and accurate

to the considerable extent.

ii) Secondary sources: -Where the data is obtained from some

published and printed sources such as newspaper, magazines, websites and

so on.

b) Analyzing of collected data : - The data collected through market

survey and published sources is then processed to obtained necessary

inferences and findings for the purpose of achieving the objective as well as

to derive necessary conclusion. A considerable skill and knowledge is

involved in analyzing the data for the purpose of interpreting thereof.

c) Interpreting of data : - it is the significant step where the data

collected and analyzed is interpreted in the forms of graphs and figures is

depicted in the report called Project report.

d) Summarizing of data : - Thereby necessary summary is prepared

which is essential in the project report of the summer training being done

under an organization.

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Helpful Arms of Research Methodology: -

Questionnaire: - Questionnaire is a set or group of questions being framed

for the purpose of obtaining market perspective about a particular aspect or

topic.

There are two types questionnaire bing carried necessary for the market

survey of the summer training being undertaken and put for the by the

trainee to the sample people taken as a base for entire population:

a) Open ended Questionnaire: - where the people (also called

respondents) are required freedom to present their views and suggestions for

the benefits and success of the organization.

b) Close ended questionnaire: - where the respondents is limited to the

choice of answer being delivered by the interviewer itself so that quick and

fast means of responses be derived out without wasting much time. Here

close ended questionnaire being followed by me during the course of the

summer training market survey.

Sampling: - Sampling is a process of obtaining a number of individuals

taken a base for the entire population since entire population can not be

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asked about the necessary objective upon which a questionnaire is put forth

needed for the responses to be derived for the purpose of generation of facts

and customer view point regarding their perception of particular product or

services.

There are two type of sampling i) Random Sampling and ii) Systematic

sampling.

i) Random sampling: - Random sampling is a process of selecting

the sample size randomly and no choice or preference to be made about the

selection of respondents for the market survey and questionnaire to be put

forth against him. Here, Random sampling being adopted by me.

ii) Systematic sampling: - it is a sampling where the limited number

of selected respondents is figured out based on some criteria so that only

those respondents can be asked for the purpose of filing questionnaire.

Sample Size: - 105 respondents.

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MARKET SURVEY

LIFE INSURANCE IS:

51

38

16

0

10

20

30

40

50

60

Protection of

human asset value

against uncertainty

Tax benefit device Both

CATEGORY

RE

SPONSES

From the survey it was drawn that life insurance is more a protection of

human asset value against uncertainty (conferred by 51 respondents) where

it is a tax saving option (being accepted by 38 respondents). Life insurance

is a service involving both these prerequisites as depicted by remaining 16

respondents. The following depicted this:

Protection of human asset value against uncertainty 51

Tax benefit device 38

Both 16

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78

27

0

10

20

30

40

50

60

7080

NO.OF

RESPONDENTS

Yes No

RESPONSES

IS LIFE INSURANCE ESSENTIAL?

It has been observed and applied as a Life insurance is an essential service

and should be applicable to every one, as favored by considerable 78

respondents where it is not essential to an extent by 27 respondents from the

summer training project survey by putting forth the set questionnaire.

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RESPONDENT'S QUALIFICATION

33%

10%

57%

Post graduate

Graduate

Senior secondary

When further enquired about the qualification of respondents, it was found

that 57% of the respondents were graduates, 33% were post graduates and

remaining 10% were of higher secondary out of total 105 respondents.

Further depicted in the following tabular representation : -

Post graduate 35

Graduate 59

Senior secondary 11

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AGE QUALIFICAITON:

39%20%

6%

35%

18-25 age group

25 35 age group

35 45 age group

Above 45 age group

Further, the age qualification for agency recruitment, it was found that 39%

respondents were belonging to 18 25 age group, 35% were belonging to 25

35 age group where as 20% to 35 -45 age group and remaining 6% to

above 45 age group. Also depicted in the following tale mentioned below: -

18-25 age group 41

25 35 age group 37

35 45 age group 21

Above 45 age group 6

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CAUSES OF DISSATISFACTION

17%

16%

10%23%

34%

Low employment

Low earning / income

Low status

Huge capital investment

All of the above

Respondents had different views about the dissatisfaction from the present

status of working or occupation. Dissatisfaction has been depicted in a table

below and graphically above:

Low employment 24

Low earning 3

6 Huge capital investment 17

Low status 18 All of the above

1

0

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ABOUT CAREER IN LIFE INSURANCE

59

46

0

10

20

30

40

5060

70

Yes NoRESPONSES

NO.OF

RESPONDENTS

When asked about whether they would like to know about a glorified career

in life insurance agency where they can fulfill any and every desire of their

life, 59 respondents agreed while 46 respondents said No and will see later

sometime in future. It has been depicted that life insurance sector should be

promoted at the wide extent as it contribute to the economy as a useful

source beneficial for both nation as well as is citizens.

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86

19

0

20

40

60

80

100

NO.OF

RESPONDENTS

Yes No

RESPONSES

IS LIFE INSURANCE A NOBLE SERVICE?

Indeed Life insurance is a noble business as it provides a needful financial

support in the situation of fatal calamity where the family is deprived by the

fact to live in future and sustains their living. When surveyed about life

insurance as a noble service. 89 respodents agreed and believe that insurance

is a bettering service to human life and society as a whole where as 19

respondents show disagreement.

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18

41

0

10

20

30

40

50

NO.OF

RESPONDENTS

Yes No

RESPONSES

ACCEPT LIFE INSURANCE AS A CAREER?

From the 59 respondents who agreed to know about the life insurance as a

career, 18 of them agreed to join Hdfc insurance for agency and come to the

company fore more information whereas 41 still took time to think and

postponed to some future date. People are highly dissatisfied from the

earning, status and living standard they are sustaining at present and would

definitely like to make some additional source of earning and for this agency

for life insurance would prove a boon.

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92

13

0

20

40

60

80

100

RESPONDENTS

Yes No

RESPONSES

IS LIFE INSURANCE INDUSTRY GROWING?

From all 105 respondents, 92 agreed that life insurance sector is a growing

concern and will grow at a rapid pace in future where as 13 took as a mere

stagnant industry. Financial services are growing at a tremendous pace as

people are urging to make their investment in lucrative opportunities and

therefore life insurance sector is playing a vital role in educating the people

to make their investment which could secure their future, needs and living

despite some fatal calamity that might or might not occur.

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AGREE WITH PRIVATISATION OF LIFEINSURANCE?

74

31

0

10

20

30

40

50

60

70

80

Yes NoRESPONSES

R

ESPONDENTS

Among 74 respondents from 105 respondents favored the privatization of

the life insurance and perceive that the people of India will know be more

aware and knowledgeable with respect to life insurance than that in the past

50 years with the working of LIC.

The myth of LIC since it is a Government concern is still continue to prevail

even though people have become more advanced and they can invest their

hard earned money after undertaking their pros nad cons and company

position in the market.

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SWOT ANALYSIS

STRENGTHS

1. Hdfc insurance offers a range of individual and group insurance

solutions.

2. Hdfc has the financial expertise required to manage your long-term

investments safely and efficiently.

3. The company has covered over 8,77,000 lives year ending March

31, 2007

4. Rated AAA by CRISIL and ICRA for the 10th consecutive year

for High service standards

5. Life insurance industry is a rapid growing and a nobler service

industry.

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WEAKNESSES

1. LIC is prevalent and sustains even today a major source of

population.

2. Low number of offices and network and number of life insurance

agents.

3. Lack of knowledge and expertise.

OPPORTUNTIIES

1. Life insurance has captured its mere15 20% growth therefore a

wide open untapped market is open to the company to develop, grow and

measure its success.

2. Still the number of companies are few and company has every

capabilities to grow and forward its performance areas to the widest

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THREATS

1. People are hesitant to invest and put their hard earned money to the

private life insurance company with the fear of getting lost.

2. Belief towards LIC as it is a government corporation phobia is

continue to surmount the people of India despite lots of flaws and

development and liberalization of life insurance.

3. Alternative financial services such as mutual fund, banking

services, share and securities also pose problems and threats to the working

of the life insurance sector.

4. Illiteracy and unemployment also pose threat.

5. Rising real estate industry also pose threat as people are investing a

bulk of their money over to that industry.

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CONCLUSION

Summer training is a best example for a trainee to learn about the company

working, corporate culture under which is operating the functions. Hdfc

insurance is a life insurance company under which I gained a significant

knowledge with respect to life insurance, its importance and applicability as

well as undertook the task to recruit capable life insurance advisors which is

conducive for the company to grow with more prosperity. What I taught in

the management institute utilized them fruitfully leading to the best

advantage to the company and to the best experience for mine.

At far I can conclude that life insurance is a noble service which is very

important for every citizen to learn and realize its importance because this is

the only source which can remain the status where one is with the family

bread earner and ever when he is not.

With the growing financial sector I would like to opt this industry for my

future career advancement and as an opportunity to service this industry.

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BIBLIOGRAPHY

Following are sources which helped me during my summer training:

BOOKS:

KOTHARI C.R.:Research Methodology Management, 3rd Edition

KOTLER PHILIP:Marketing Management 11th Revised edition ,2002

GUPTA S.P.: Statistical Methods Thirteen revised edition, 2001

MAGAZINES:

India Today

Business World

REFERENCES

Websites: -

www.MAX NEW YORK lifeinsurance.com

www.irdaindia.org

www.liccouncil.org

www.businessconnect.com

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QUESTIONNAIRE

Name: -

Age:-

Location: -

Occupation: -

Q.1. What do you mean by life insurance?

a) Protection of human asset value against uncertainty

b) A sum received after death

c) Both

Q.2. Do you think life insurance is essential for every one?

a) Yes

b) No

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Q.3. What is your qualification?

a) Post graduate

b) Graduate

c) Senior secondary

Q.4. Do you come under:

a) 18-25 age group

b) 25 35 age group

c) 35 45 age group

d) Above 45 age group

Q.5. What dissatisfied you most in your occupation

a) Low employment

b) Low earning / income

c) Low status

d) Huge capital investment

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e) All of the above

Q.6. Would you like to know about a career in life insurance advisor

ship where you can fulfill every desire of your life?

a) Yes

b) No

Q.7 Do you perceive that life insurance business is a noble service

oriented business?

a) Yes

b) No

Q.8. Would you like to become or opt for life insurance advisor under

esteemed and prospering organization Hdfc insurance?

a) Yes

b) No

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Q.9. Do you agree that the life insurance business is a growing industry

and will grow and rapid pace in future?

a) Yes

b) No

Q.10. Do you favor the privatization of life insurance by the

Government where a significant number of companies now in the

market for life insurance to the customers with the alliance of

multinationals?

a) Yes

b) No

Suggestions: -

1.

2.

3.

Child Plans of Hdfc

Documents