Internship (project)

“RECRUITMENT OF FINANCIAL CONSULTANS AT HDFC

STANDARD LIFE”

AN INDUSTRIAL TRAINING PROJECT REPORT

AT

“HDFC STANDARD LIFE INSURANCE COMPANY LIMITED”

By

Swadha mishra

[BATCHLORS OF BUSINESS ADMINISTRATION (Final year) ]

IN “HUMAN RESOURCE”

UNDER

PROFESSIONAL DEVELOPMENT ACTIVITY (PDA)

JAYOTI VIDYAPEETH WOMEN’S UNIVERSITY

JAIPUR,

DECEMBER (11TH to 31st) 2012

PREFACE

No professional curriculum is considered complete without work expe r i ence . Each ind iv idua l who unde r t akes managemen t education has to pass this phase before he/she consider him/her self fully qualified as manager.

For any reputated organization where it is preliminary or in growing stage or in matured stage. Survey is very essential as it tells entire performance of the company in the respective years. Survey is conducted to know the position of the company in that particular year. Survey is not only comprises of collection of data but also in proper analysis of that particular data.

A l l t he fundamen ta l concep t s t ha t a r e app l i cab le i n marke t bu t leaves the individual work at it application. It is just a matter of applying the theory you know to give a practical situation. And there is no better place to learn than the market itself .

Insurance industry is working up to the challenge to survive in this h igh ly compe t i t i v e s cena r io . Ma nage r s a re be i ng p r e s su red to improve quality, brand image, increase product awareness and customer satisfaction. The collective effort of the employees and employer assumed relevance in this context.

ACKNOWLEDGEMENT

It is my pleasure to be indebted to various people, who directly or indirectly contributed in the development of this work and who influenced my thinking, behavior, and acts during the course of study.

I express my sincere gratitude to …………… (Director, Company/Industry) for providing me an opportunity to undergo Industrial Training at ……………………..

I am thankful to ………………. (Project Investigator) for her/his support, cooperation, and motivation provided to me, during the training and for continuous inspiration, presence and blessings.

I also extend my sincere appreciation to Mr/Ms. ………………………… (Dean, Faculty of……..) who provided her/his valuable suggestions and precious time in accomplishing my project report.

Lastly, I would like to thank the almighty and my parents for their moral support and my friends with whom I shared my day-to-day experience and received lots of suggestions that improved my quality of work.

(Name of the student)

Date:

Place:

Certificate from the Company / Industry

(Should be on the Company/Industry’s letterhead)

CERTIFICATE

(18, bold, underline)

This is to certify that Ms.___________________________has partially completed / completed the Industrial Training in our Organization / Industry during the academic year 2011-2012. She was trained in the field of _____________________________________________________________

__________. Her overall performance during the period was Excellent / Very Good / Good / Average / Poor. (16, normal)

Industrial Guide

(16, bold)

Seal

Self-assessment of Industrial Training by the student

1. Name of Student:_____________________________________________ 2. Name and address of Company / Industry_________________________ 3. Guide from Industry__________________________________________(with

designation)____________________________________________4. Date of commencement _______________________________________ of Industrial

Training5. Number of days present ________________days out of _________days.6. I hereby declare that, I have learnt following skills during my Industrial Training:

Sr. Description

DECLARATION

I, ………………….(name of the student), student of …………………….(Course name) studying in …………….(trimester/semester), hereby declare that the Industrial Training report on “……………………………………………………..” (topic) submitted to Jayoti Vidyapeeth Women’s University, Jaipur, in partial fulfillment of degree of …………………………………….. is the original work conducted by me, at …………………………………………….(Company Name & Location).

The information and data given in the report is authentic to the best of my knowledge.

This summer training report is not being submitted to any other place for award of any other degree, diploma and fellowship.

(Name of the student)

Date:

Place:

TABLE OF CONTENTS

Recruitment of financial consultants at HDFCSL

1. INTRODUCTION OF THE TOPIC

2. OBJECTIVES OF STUDY

3. SCOPE AND RATIONALE OF THE TRAINING

4. COMPANY PROFILE (Background, History, Founder, vision, mission, competitors, Organization structure, Products, milestones, achievements, address)

5. TRAINING METHODOLOGY

(Type of methodology, training design, sampling design, tools, sample units, hypothesis, data collection methods)

6. STUDY OF “Human resource”

7. DATA ANALYSIS AND INTERPRETATIONS

8. RESULTS AND FINDINGS

9. CONCLUSIONS

10. LIMITATIONS OF THE TRAINING

11. SUGGESTIONS AND RECOMMENDATIONS

12. BIBLIOGRAPHY

13. APPENDIX

ANNEXURE –I QUESTIONNAIRE

ANNEXURE –II ANNUAL REPORTS etc.

Introduction :

INSURANCE(Governed by Insurance Act -1938,Now By –IRDA act Insurance Regulatory and Development Agency-1999)

Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.

An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.

The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate (indemnify) the insured in the case of a financial (personal) loss. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated.

History of insurance

Almost 4,500 years ago, in the ancient land of Babylonia, traders used to bear risk of the caravan trade by giving loans that had to be later repaid with interest when the goods arrived safely. In 2100 BC, the Code of Hammurabi granted legal status to the practice. That, perhaps, was how insurance made its beginning:.

Life insurance had its origins in ancient Rome, where citizens formed burial clubs that would meet the funeral expenses of its members as well as help survivors by making some payments.

As European civilization progressed, new sea routes for trade, social institutions and guilds, in particular with many welfare and protective measures were also introduced. With increased protection that revolved around the concept of insurance, trade flourished.

In 1347, in Genoa, European maritime nations entered into the earliest known insurance contract and decided to accept marine insurance as a practice.

http://en.wikipedia.org/wiki/Insurance_policy

http://en.wikipedia.org/wiki/Insurance_policy

http://en.wikipedia.org/wiki/Contract

http://en.wikipedia.org/wiki/Indemnify

http://en.wikipedia.org/wiki/Decision_model

http://en.wikipedia.org/wiki/Risk_management

http://en.wikipedia.org/wiki/Hedge_(finance)

http://en.wikipedia.org/wiki/Risk_management

Insurance owes its existence to 17th century England. In fact, it began taking shape in 1688 at Lloyd's Coffee House in London, where merchants, shipowners and underwriters met to discuss and transact business. By the end of the 18th century, Lloyd's had enough business to become one of the first modern insurance companies.

In 1693, astronomer Edmund Halley constructed the first mortality table to provide a link between the life insurance premium and "the average life spans based on statistical laws of mortality and compound interest. In 1756, James Dodson a British mathematician, actuary and innovator in Insurance Industry reworked the table, linking premium rate to age.

The first stock companies to get into the business of insurance were chartered in England in 1720. The year 1735 saw the birth of the first insurance company in the American colonies in Charleston, SC.

In 1759, the Presbyterian Synod of Philadelphia sponsored the first life insurance corporation in America for the benefit of ministers and their dependents.

However, it was after 1840 that life insurance really took off in a big way. 19th century saw huge developments in the field of insurance. Two years after the infamous New York Fire in 1835, Massachusetts became the first state to insist by law on fund reserves to meet emergencies. The great Chicago fire of 1871 caused huge losses which brought in the practice of reinsurance, wherein the risks are spread among several insurance companies, in such situations.

In 1897., the British government passed the Workmen's Compensation Act, ensuring employees against industrial accidents. With the advent of the automobile, public liability insurance, which first maqe its appearance in the 1880s, gained importance and acceptance.

In the 19th century, many societies were founded to insure the life and health of their members. Many employers sponsor group insurance policies for their employees, providing not just life insurance, but sickness and accident benefits and old-age pensions. Employees contribute a certain percentage of the premium .for these policies.

Insurance in India can be traced back to the Vedas. For instance, Yogakshema, the name of life Insurance Corporation of India's corporate headquarters, is derived from the Rig Veda. The term suggests that a form of "community insurance" was prevalent around 1000 BC and practised by the Aryans. Bombay Mutual Assurance Society, the first Indian life assurance society, was formed in 1870. Other companies like Oriental, Bharat and Empire of India were also set

up in the 1870-90s. It was during the Swadeshi movement in the early 20th century that insurance witnessed a big boom in India with several more companies being set up.

As these companies grew, the government began to exercise control over them. The Insurance Act was passed in 1912. followed bv a detailed and amended Insurance Act of 1938 that looked into investments, expenditure and management of these companies' fund.

By the mid-1950s, there were around 170 insurance companies and 80 provident fund societies in the country's life insurance scene. However, in the absence of regulatory systems, scams and irregularities were almost a way of life at most of these companies. As a result, the government decided, to nationalise the life assurance business in India. The Life Insurance Corporation of India was set up.in 1956 to take over around 250 life insurance companies.

For years thereafter, insurance remained a monopoly of the public sector. It-was only after seven years of deliberation and debate - after the RN Malhotra Committee report of 1994 became the first serious document calling for the reopening up of the insurance sector to private players and the sector was finally opened up to private companies in 2001.

Insurance Regulatory & Development Authority (IRDA), an autonomous insurance regulator set up in 2000, has extensive powers to oversee the insurance business and regulate in a manner that will safeguard the interests of the insured.

Today, In India there are more than 15 Private Insurance Companies apart from Public Insurance Companies. Insurance Penetration in India is about only 2% compared to other countries . on an average of about 10%.

Insurer :

An individual which is insured by the insurance agent on the basis of premium payment. Insurers have to pay the amount of premium to the insurance company on the decided date in terms of decided amount which s generally known as installment or premium .

Insurance agent :

• Means an insurance agent licensed under section 42 who receives or agrees to receive payment by way of commission or other remuneration in consideration of his services which he gives by the insurer.

• Agents are doing work on behalf of the insurance company for generating the business or would say selling the insurance policies.

Parties :- There are two parties to an Insurance contracts as:-

Insurer/assurer/underwriter,

Insured/assured/beneficiary

Policy :- The document laying down the term of contract is called (insurance) policy.

General Agents

A general agent has legal authority to bind the principal on any matter, which is a very broad power. General agents related to the general insurance.

For example, a general agent can bind the principal to a financial contract.

Special Agents

A special agent is given only a narrow slice of legal authority, typically in a defined subject matter. Special agents are related to the life insurance

Basic Principles of Insurance

Utmost Good Faith Insurable Interest Indemnity

• Subrogation • Contribution

Proximate Cause

Utmost Good Faith

Good faith- Let the buyer beware

Declaration of all material Information about the subject mater of insurance

Material Information is that information which enables the insurer to decide:

a) whether he will accept the risk and;b) if so, at what rate of premium and subject to what terms and

conditions Breach of duty of utmost good faith arises in two ways:

a) Non-disclosure of material facts- oversight, proposer thought it’s not essential etc.

b) Misrepresentation- Intentional.

Insurable Interest

The legal right enjoyed by the owner of a property to insure is called ‘Insurable Interest’. The insurance will become null and void, without the insurable interest.

Indemnity

The principle of Indemnity states that under the policy of insurance, the insured has to be placed after the loss in the same financial position in which he was immediately before the loss.

• Applicability: o When the losses suffered by the insured can be measured in

terms of moneyo It is practicable to place the insured in the same financial

position which he occupied before the loss • In Marine Cargo where valued polices are issued, there is only

commercial indemnity- the value declared for insurance is accepted at the time of loss.

Subrogation

Transfer of rights and remedies from the insured to the insurer who has indemnified the insured in respect of the loss.

Contribution

The right of insurers who have paid a loss under a policy to recover a proportionate amount from other insurers, who are liable for the same loss.

Proximate Cause

The active efficient cause that sets in motion a train of events which brings about a result without intervention of any force started and working actively from a new independent source.

Classification of Insurance

Life insurance is the cover for the risks the we are run during our lives. It protects from the contingencies that could effect us. Life insurance is not for the person who passes way but it is for the person who survives.

Type of Life Insurance Polices

• Endowment Policy-A type of life insurance that is payable to the insured if he/she is still living on the policy's maturity date, or to a beneficiary otherwise. but if the endowment period is complete.

LIFE GENERAL (NON-LIFE)

PURETERM FIREMARINEMOTOR

ENGINEERING

AVIATIONAGRICULTURAL

CONSEQUENTIAL (LOSS)FIRE

LIABILITY

• Whole Life Policy-A typical whole life policy runs as long as the policyholder is alive. In other words, the risk is covered for the entire life of the policyholder, which is why they are know as whole life policies.

• Limited Payment Life Policy-You pay a premium for a predetermined number of years and you have your policy for the rest of your life.

• Joint Life Policy-Joint life policies are similar to endowment policies in as much as these policies also offer maturity benefits to the policyholders, apart form covering the risks as all life insurance policies.

• Term life policy-covers risk for selected period.• Money back policy- same as endowment policy but difference is that

in money back policy the assured person claim the insurance when the contingency happens and get full amount of insurance.

• Group insurance policy- these are with low premiums and insurance done in a group like employee insurance and labour insurance.

• Pension plan or Annuity- it is different from others because it does not provide the life insurance but It provides guaranteed income for life.

General insurance

Almost everything that has financial value in life and has a probability of getting lost , stolen can be covered under general insurance….

like Home,motor,travel.health.

Fire insurance :

Fire insurance is a form of property insurance which protects people from the costs incurred by fires. When a structure is covered by fire insurance, the insurance policy will pay out in the event that the structure is damaged or destroyed by fire. Some standard property insurance policies include fire insurance in their coverage, while in other cases, fire insurance may need to be purchased separately. Property owners should check with their insurance companies if they are not sure whether or not fire insurance is part of their policies, and if fire insurance is not included, it should be purchased.

Marine insurance:

It covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination..

http://www.wisegeek.com/what-is-an-insurance-policy.htm

http://www.wisegeek.com/what-is-property-insurance.htm

Cargo insurance — discussed here — is a sub-branch of marine insurance, though Marine also includes Onshore and Offshore exposed property (container terminals, ports, oil platforms, pipelines); Hull; Marine Casualty; and Marine Liability.

Motor insurance:

Vehicle insurance (also known as auto insurance, GAP insurance, car insurance, or motor insurance) is insurance purchased for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise there from. The specific terms of vehicle insurance vary with legal regulations in each region. To a lesser degree vehicle insurance may additionally offer financial protection against theft of the vehicle and possibly damage to the vehicle, sustained from things other than traffic collisions.

Insurance in India

The Government. India is regarded as under- insured country with insurance pene t r a t ion a t a ve ry low l eve l o f 0 .6% of GDP. Insu rance , a s a ru l e , has always been given very low priority by corporate India. It is always taken with reluctance, usually only when it is compulsory, and then only by big industrial houses. Without exception it is always inadequate to meet the needs of the corporate sector. In addition to the tradition exposure of fire, floods, workers compensa t ion and the in t e r rup t ion , Corpora t e Ind ia a l so has t o addres s unpredictable changes in areas such as environment; security; occupational health and safety; public liabilities; Directors and Officers Liability and product l i ab i l i t y I t t he re fo re becomes qu i t e obv ious tha t pu rchase o f i n su rance , i n itself, will not substitute for a soundly based and property implemented Risk Management Program as insurance can only offer some financial relief by replacing the plants; it cannot replace the loss in development of a business or development of the market.

The likely private players in India: A number of foreign insurance companies have set up representative office in India and have also tied up with various asset management companies. They have either signed Memorandum of Understanding with Indian companies

http://en.wikipedia.org/wiki/Regulation

http://en.wikipedia.org/wiki/Legal_liability

http://en.wikipedia.org/wiki/Traffic_collision

http://en.wikipedia.org/wiki/Traffic_collision

http://en.wikipedia.org/wiki/Motorcycle

http://en.wikipedia.org/wiki/Truck

http://en.wikipedia.org/wiki/Automobile

http://en.wikipedia.org/wiki/Insurance

http://en.wikipedia.org/wiki/GAP_insurance

http://en.wikipedia.org/wiki/Oil_platform

or are trying to do the same. A few of them have been around for the last four to five years. Some have carried out extensive research on the Indian insurance sector. Others have set up liaison offices. All of them are waiting with bated breathe for the opening up of the sector and taking a bite of the great Indian Insurance pie.

Various Players Presents In The Market

1.Bajaj Allianz Life Insurance Company Limited. 2.Birla Sun Life Insurance Co. Ltd. 3.HDFC Standard Life Insurance Co. Ltd. 4.ICICI Prudential Life Insurance Co. Ltd. 5.ING Vysya Life Insurance Company pvt. Ltd. 6.Life Insurance Corporation of India. 7.Max New York Life Insurance Co. Ltd. 8.Kotak Mahindra Old Mutual Life Insurance Limited. 9.SBI Life Insurance Co. Ltd. 10. Tata AIG Life Insurance Company Limited. 11.Reliance Life Insurance Company Limited. 12.Aviva Life Insurance Co. India Pvt. Ltd. 13.Sahara India Life Insurance Co. Ltd. 14.Shriram Life Insurance Co. Ltd.

IRDA

(INSURANCE REGULATORY AND DEVELOPEMNT AUTHORITY)

• In 1993 Government setup a committee under chairmanship of RN Malhotra ,former Governor of RBI for reforms in Insurance sector.

• Recommendations are :-• IRDA was constituted as an autonomous body to regulate and develop

the insurance industry.• Foreign companies are allowed up to 26% of paid up capital and can

operate with an Indian company.

Composition of Authority under IRDA Act, 1999

• The Authority is a ten member team consisting of

(a) a Chairman; (b) five whole-time members; (c) four part-time members

Duties, Powers and Functions of IRDA

To regulate, promote and ensure orderly growth of the insurance business and re-insurance business.

Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration .

Protection of the interests of the policy holders in matters concerning assigning of policy, nomination by policy holders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance;

Specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents.

Specifying the code of conduct for surveyors and loss assessors. Promoting efficiency in the conduct of insurance business. Levying fees and other charges for carrying out the purposes of this Act Calling for information from, undertaking inspection of, conducting

enquiries and investigations including audit of the insurers, intermediaries.

Control and regulation of the rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business .

Specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other insurance intermediaries.

Regulating investment of funds by insurance companies. Regulating maintenance of margin of solvency Adjudication of disputes between insurers and intermediaries or

insurance intermediaries.

Registration under IRDA

• The application accompanied by:-• A certified copy of memorandum and article of association.• Name, address and occupation of Directors.• A statement of the classes of insurance business done/to be done along

with a statement of deposits with the Reserve Bank of India.• For life business , a sum equivalent to 1% of total gross premium not

exceeding 10 crore written in India in any Financial year.• For General business 3% of total gross premium not exceeding 10 crore.• Reinsurance business Rs.20 crore; Rs.100,000.• For cooperative life insurance business / assurance companies should be

Rs.2 lakh.• A declaration verified by an affidavit by the principal officer of the

insurer that the requirement of paid up capital (Rs. 100 crore and Rs.200 crore for life/general and reinsurance business, respectively) Rs. 250 crore for reinsurance business or working capital.

• A certified copy of the Published prospectus if any and,• Standard policy forms of the insurer and statements of the insurer and

statements of the assured rates, advantages, terms and conditions to be offered in connection with insurance policies, together with a certificate in connection with life business by an actuary.

• The receipt showing payment of fee (as determined by IRDA regulation) not exceeding Rs.50,000 for each class of business.

• Such other document as may be specified by IRDA.

T h e L i f e i n s u r a n c e s c e n a r i o i n I n d i a

The Life Insurance Corporation of India (LIC), a public sector enterprise, is the largest insurance company in India, selling insurance products and related services.

In March 2001, LIC had a total asset base of Rs 1936.2 billion and a total

premium income of Rs 342.07 billion. By April 2002, the total sum assured under 23.2 million policies stood at Rs 1925.7 billion. LIC had a variety of insurance plans to cater to various categories of people and their diverse needs.

The company offered life insurance and group insurance. It also provided social security schemes and pension schemes. Each of its business products offered a variety of different plans to suit different customers and situations. Investment in LIC was considered by a majority of its customers to be reliable and secure.

Housing loans were granted through its subsidiary and LIC sold its market savings and investment products through its mutual fund subsidiary, LIC Mutual Fund Ltd. To serve its 140 million policyholders (2001 end), the insurance giant had 1.25 lakh employees and 6.51 lakh agents across the country.

The company, which was based in Mumbai, had seven zonal offices, 100 divisional offices, and 2,048 branch offices that spanned the country. LIC's penetration in rural areas was very high; 18% of its total business came from rural areas.

Since LIC enjoyed monopoly status for over four decades, it emerged as one of the key public fundraisers in India. However, things began changing in the mid-1990s, when the Government of India decided to privatize the insurance sector.

The Malhotra committee's (formed to explore the possibility/feasibility? of privatizing the Indian insurance industry) recommendations in 1994 brought about a sea change in the industry.

LIC found itself in a difficult situation when the newly formed Insurance Regulatory Development Authority (IRDA) issued licences to many private insurance companies (starting November 2000).

To sustain its growth in an intensely competitive environment, the company, on the recommendations of Booze, Allen and Hamilton, started initiated

organizational changes and became more customer-focussed initiatives.

The company's attitude towards the changing insurance scenario was summarized by its Managing Director, N C Sharma, "The element of competition will bring out the best (in us)."

Scope of insurance

We all know that assets are insured, because they are likely to be destroyedor made nonfunctional before the expected life time, through accidentoccurrences. Such possible occurrences are called perils. Perils are theevents. Risks are the consequential losses or damages. The risk to an ownerof a building may be a few lakhs or a few crores of rupees, depending on thecost of building, the contents in it and the extent of damage. The risk onlymeans that there is a possibility of loss or damage. Insurance is done againstthe possibility that the damage may happen. There has to be an uncertaintyabout the risk. The word “possibility” implies uncertainty. Insurance isrelevant only if there are uncertainties.Insurance does not protect the asset. It does not prevent its loss due tothe peril. The peril cannot be avoided through insurance. The risk cansometimes be avoided, through better safety and damage control measures.It only tries to reduce the impact of the risk on the owner of the asset andthose who depend on that asset. They are the ones who benefit from theasset and therefore, would lose, when the asset is damaged. Insurancecompensates for the losses- and that too, not fully.In conclusion we can say that the scope of insurance is very broadand specific because it reduces the losses and risk of owner of the assets dueto perils. It also gives supports to the person in the period of adversesituation. It insured economic consequences. When a person saves, theamount of funds available at any time is equal to the amount of money setaside in past, plus interest. Insurance has no substitute and one more thingabout the insurance is that this is not similar to a hire purchase scheme. Inthe event of death, the balance installments are not excused. They have to bepaid by the surviving family. There is a tax benefits, both in income tax andin capital gins. Marketability and liquidity are better. Life insurance is notonly the best possible way for family protection there is no other way. The term of life is hard but the terms of insurance are easy.

OBJECTIVES OF STUDY

To study the products available in the market.

Recruiting financial consultants for HDFC standard life insurance.

To study the foreign players in insurance sector.

To know the awareness of prospect customers about insurance products.

To analyze strengths weakness opportunity and threats of organization.

To know the perception of the people about insurance industry.

To know the interest of the people to work in insurance sector.

To determine the use of internet for the valuable information and decision making process.

To know the most preferred policy

To study the types of benefits provided by insurance services

To determisne reasons behind opting an insurance .

Scope of the study

A big boom has been witnessed in insurance industry in recent times. A large number of new players have entered the market and are vying to gain market share in this rapidly improving market.

The study deals with HDFC standard life in focus and the various segments that it caters to. The study then goes on to evaluate and analyse the findings so as to present a clear picture of trends in the insurance sector.

I found that most of person can join insurance company for savingtaxes, unlimited earning, life time earning with little effort, which will givehim back support as a HEAD of the family in the diverse situation.

This project will help to understand the current market scenario andmarketing in stiff competition. Being a student of management I can drawthe relevant conclusion from the market survey and give the appropriatesuggestion to the organization.

Company Profile :

HDFC Standard Life Insurance Company Ltd:-It was incorporated on 14th august 2000. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd.) India And UK based Standard Life Company. Both the joint venture partners being one of the leaders in their respective areas came together in this 81.4:18.6 joint venture to form HDFC Standard LifeInsurance Company Limited.

• Mr. Deepak Satwalekar is the MD and CEO of the venture.

• HDFC Standard Life Insurance Corporation is sure to become one of the leaders and the first preference for any life insurance customer.

HDFC Life, one of India's leading private life insurance companies, offers a range of individual and group insurance solutions. It is a joint venture between Housing Development Finance Corporation Limited (HDFC), India's leading housing finance institution and Standard Life plc, the leading provider of financial services in the United Kingdom.

HDFC Ltd. holds 72.37% and Standard Life (Mauritius Holding) Ltd. holds 26.00% of equity in the joint venture, while the rest is held by others.

HDFC Life's product portfolio comprises solutions, which meet various customer needs such as Protection, Pension, Savings, Investment and Health. Customers have the added advantage of customizing the plans, by adding optional benefits called riders, at a nominal price. The company currently has 25 retail and 9 group products in its portfolio, along with 10 optional rider benefits catering to the savings, investment, protection and retirement needs of customers.

HDFC Life continues to have one of the widest reaches among new insurance companies with about 500 branches in India touching customers in over 900 cities and towns. The company has also established a liaison office in Dubai. HDFC Life has a strong presence in its existing markets with a strong base of Financial Consultants.

Why HDFC Life?

Introduction:

HDFC Life believes that establishing a strong and ethical foundation is an essential prerequisite for long-term sustainable growth. To ensure this, we have concentrated our focus on expansion of branch network, organising an efficient and well trained sales force, and setting up appropriate systems and processes with optimum use of technology. As all these areas form the basic infrastructure for establishing the highest possible customer service standards.

HDFC Life’s core values are drilled down to all levels of employees, as these are inviolable. We continue to promote high integrity in business practices and shun short cuts and unethical practices, as we wish to be perceived as an institution with high moral standing. Since our inception in 2000, when the Indian insurance space was opened for private participation, we have consistently focused on setting benchmarks in all aspect on insurance business. Being the first private player to be registered with the IRDA and the first to issue a policy on December 12, 2000.

Strong Promoter :

HDFC Life is a strong, financially secure business supported by two strong and secure promoters - HDFC Ltd and Standard Life. HDFC Ltd's excellent brand strength emerges from its unrelenting focus on corporate governance, high standards of ethics and clarity of vision. Standard Life is a strong, financially secure business and a market leader in the UK Life & Pensions sector.

Preferred and trusted Brand:

HDFC’s brand has managed to set a new standard in the Indian life insurance communication space. We were the first private life insurer to break the ice using the idea of self-respect instead of 'death' to convey our brand proposition (Sar Utha Ke Jiyo). Today, we are one of the few brands that customers recognize, like and prefer to do business. Moreover, our brand thought, Sar Utha Ke Jiyo, is the most recalled campaign in its category.

Need-Based selling approach:

Despite the criticality of life insurance, sales in the industry have been characterized by over reliance on tax benefits and limited advice-based selling. Our eight-step structured sales process 'Disha' however, helps customers

understand their latent needs at the first instance itself without focusing on product features or tax benefits. Need-based selling process, 'Disha', the first of its kinds in the industry, looks at the whole financial picture. Customers see a plan not piecemeal product selling.

Risk control framework:

HDFC Life has fully implemented a risk control framework to ensure that all types of risks (not just financial) are identified and measured. These are regularly reported to the board and this ensures that the company management and board members are fully aware of any risks and the actions taken to ensure they are mitigated

Focus on Training:

Training is an integral part of our business strategy. Almost all employees have undergone training to enhance their technical skills or the softer behavioural skills to be able to deliver the service standards that our company has set for itself. Besides the mandatory training that Financial Consultants have to undergo prior to being licensed, we have developed and implemented various training modules covering various aspects including product knowledge, selling skills, objection handling skills and so on.

Focus on long-term value:

HDFC Life do not focus in the business of ramping up the topline only, but to create maximisation of stakeholder's value. Today, we are extremely satisfied with the base that we have created for the long-term success of this company.

Transparent Dealing:

HDFC life are one of the few companies whose product details, pricing, clauses are clearly communicated to help customers take the right decision

Strict compliance with Regulations:

HDFC life has initiated and implemented many new processes, some of which were found useful by the IRDA and later made mandatory for the entire industry.The agents who successfully completed this training only, were authorized by the company to sell ULIPs. This has now been made compulsory by IRDA for all insurance companies under the new Unit Linked Guidelines.

Diversified product portfolio:

HDFC Life's wide and diversified product portfolio help individuals meet their various needs, be it:

Protection: Need for a sound income protection in case of your unfortunate demise

Investment: Need to ensure long-term real growth of your money Savings: Save for the milestones and protect your savings too Pension: Need to save for a comfortable life post retirement Health: Cover for health related exigencies

Parentage

HDFC Limited

HDFC Limited, India's premier housing finance institution has assisted more than 4 million families own a home, since its inception in 1977 across 2400 cities and towns through its network of over 311 offices. It has international offices in Dubai, London and Singapore with service associates in Saudi Arabia, Qatar, Kuwait and Oman to assist NRI's and PIO's to own a home back in India. As of March 2012, the total asset size has crossed more than Rs. 1.67 trillion including the mortgage loan assets of more than Rs.1.40 trillion. It is also the largest mobiliser of retail deposit outside the banking system.

Customer Service and satisfaction has been the mainstay of the organization. HDFC has set benchmarks for the Indian housing finance industry. Recognition for the service to the sector has come from several national and international entities including the World Bank that has lauded HDFC as a model housing finance company for the developing countries. HDFC has undertaken a lot of consultancies abroad assisting different countries including Egypt, Maldives, Mauritius, Bangladesh in the setting up of housing finance companies.

Standard Life

Established in 1825, Standard Life is a leading long term savings and investment company, with around six million customers worldwide. By understanding and offering innovative products to meet its customers' needs, Standard Life helps people with their financial planning, so they can feel more confident about the future.

Standard Life offers a range of individual and group pensions, SIPPs, ISAs, annuities, life assurance, offshore bonds, investment management, wealth management, tax planning and estate management services. Standard Life has

created a dedicates website for employers, trustees and intermediaries workbenefitszone.com.

Standard Life is headquartered in Edinburgh and employs around 9,000 people across the UK, Canada, Ireland, Germany, Austria, India, USA, Hong Kong and mainland China. At the end of March 2012 the Group had total assets under administration of £206.8bn. Standard Life plc is listed on the London Stock Exchange and has approximately 1.5 million individual shareholders in over 50 countries around the world. Standard Life plc is listed in the Dow Jones Sustainability Indexes (DJSI World) in recognition of its performance as one of the world's leading sustainability-driven listed companies.

Standard Life is proud to support basketball in the UK. It has partnered with British Basketball to sponsor the Standard Life GB Men's, Women's, Under 20 Men's and Under 20 Women's teams and their home games. It has also partnered with British Wheelchair Basketball to sponsor the Standard Life GB Men's and Women's Wheelchair Basketball Teams and their home games. The GB Men's and the GB Women's Basketball and Wheelchair Basketball Teams have qualified for the Olympic Games in 2012.

Vision & Values

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'.

For retention in the market and highest market share, we need trust of our customer. The customer should trust on our policies, services, employee and they should be friendly with us.

Our Values

Values that we observe while we work:

Integrity:

HDFCSL belives in honest and truthfulness in every action. Transparency in Dealing with customers. It is stick to principles irrespective of outcome. When we work in HDFCSL then we observed that its rules And activity of every person in the Oranization is Just and fair to every one.

Innovation:

It is the process of building a store house of treasures through experiences.Lots of product is going to be launched by the competitors. So it is very important to look every product and process through fresh eyes everyday. It is the significant part of the business that attract the customers.

Customer centric:

Customer becomes the main properties of any organization. Whatever work done by the organization runs around the expectations of the customers. Customer becomes centre point of the organization and the main focus of the organization becomes to understand his expectations by keeping him as the centre point. It gives more focus on customers activity and saying. It tries to understand customer needs and deliver solutions . as to we know that the market is changed . lots of competitors is here who search chance to increase their market share and entice your customer so customer interest become always supreme.

People Care:

Genuinely try to understand those people who are working with HDFCSL. It guides their development through training and support. It helps them to develop their requisite their skills so that they can reach their true potential. It tries to know them on a personal front because it works as performance appraisal . it try to create an environment of trust and openness so that all people who are working here behave friendly and helps to each other because team work is most important for getting success and give respect for time of others.

Team work "One for all and all for one":

Here whole team takes the responsibility of the deliverables. It consults all involved in the work and try to understand their opinion and then arrive at a common objective. There is a cooperation and support across departmental boundaries. It identifies strengths and weaknesses accordingly allocate responsibility to achieve common objectives.

Team work helps everyone to achieve more. It adds joy at work place which add interest in work and new stamina in the work. It generates synergy and provides a focused approach. When an idea or activity performed in a group, it has greater acceptability. “Team work proves one for and all for one”.

Joy and Simplicity:

It believes in joy and simplicity so that people in the organization will be more dedicated towards work and they will give more business to the organization. Work with joy and simplicity brings creativity and new imagination which also brings new innovative ideas that promote competitive advantage to the organization.

Features Of The Product & Benefits

1. Accidental Death Benefit (ADB)

2. Critical Illness (CI) Benefit

3. Double Sum Assured (DSA) Benefit

4. Waiver of Premium (WOP) Benefit

5. Accelerated Sum Assured (ASA)

6. Term Assurance Plan

7. Money Back Plan

8. Endowment Assurance Plan

9. Loan Cover Term Assurance

10.Group Term Insurance (GTI)

1. Accidental Death Benefit (ADB):-ADB provides an additional amount equal to the basic sum assured (SA) in case of the death of the policyholder due to an accident, within 90 days of the accident.

2. Critical Illness (CI) Benefit:-CI provides an additional amount equal to the SA on diagnosis of the any one of the 6 specified critical illnesses --- cancer, coronary artery bypass graft surgery, heart attack, kidney/renal failure, major organ transplant (as recipient) and stroke. The sum assured is payable if the policy holder survives for 30 days after the date of the claim.

3. Double Sum Assured (DSA) Benefit:-DSA provides an additional amount equivalent to the basic SA in case of the death of the policyholder

4. Waiver of Premium (WOP) Benefit:-WOP basically waives the premium in case the policyholder becomes totally disabled. However, the waiver is applicable only during the period of the disability.

5. Accelerated Sum Assured (ASA):-Upon diagnosis of any of the specified six critical illnesses, ASA provides an amount equal to the amount payable on death.

6. Term Assurance Plan:-The SA is payable in the case of the death of the policyholder during the term but on survival, there are no maturity benefits. This is insurance in its purest form --- highest cover at lowest cost.

7. Money Back Plan:-This plan pays periodic cash lump sums during the tenure of the policy. The lump sums, essentially a proportion of the basic SA are paid at 5-year intervals. On survival, the basic SA plus bonus less the cash lump sums paid earlier are provided. However, in the case of the demise of the policyholder, the basic SA plus any bonus is provided to the family.

8. Endowment Assurance Plan:-As is normal with all endowments, on the death of the life assured during the term, the beneficiary will get the SA. On survival, the policyholder gets the SA.

9. Loan Cover Term Assurance:-This is a unique product meant as a safety net in case one has taken a loan to buy a house. It is designed to help the family repay the outstanding loan in the case of the death of the breadwinner.

10. Group Term Insurance (GTI) :-HDFC Standard Life also offers GTI, meant essentially for employees of an organization. GTI is extremely convenient for an employer as he can take insurance for all or certain categories of employees.

COMPETITORS:-

ADVERTISEMENT AND SALES PROMOTION:-

Film opens in the compound of a house. Father is checking something inside the bonnet of an old small car. His daughter, around 27-28 years old,

is working on a lap top next to him

Daughter: “Dad”. Father: “Bolo”Daughter: “Nayi car lene mein hee

bhalaai hai.”Dad nods in agreement without

looking up. Dad: “Hmmm…”

Father looks at her and says emotionally.

Dad: “Car badi ho gayi, aur beti bhi.”

Daughter smiles with pride.

Dad doesn’t know what to say as he looks at the cheque.

Daughter pleads: “Please…dad”

Mother enters with tea. She senses something serious and

questions them.Mother: “Aree Kya hua?”

Board Members

Brief Profile of The Board of Directors:

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

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

Ms. Renu S. Karnad is the Managing Director of HDFC Limited. She is a graduate in Law and holds a Master's degree in Economics from Delhi University. She has been employed with HDFC Limited since 1978 and was appointed as the Executive Director in 2000 and Deputy Managing Director in 2007. She is responsible for overseeing all aspects of lending operations of HDFC Limited

Mr. David Nish joined Standard Life on 1st November 2006 as Group Finance Director and remained in that position until December 2009. He is the Chief Executive at Standard Life Plc. In 2000 he was awarded the Scottish Business Awards Finance Director of the Year and from 2004 to 2005 he served on the Government Employers Pension Task Force. He is a member of the Institute of Chartered Accountants of Scotland. He joined the Board of Directors in February 2010.

Mr. Nathan Parnaby is appointed as the Chief Executive, Europe & Asia of Standard Life in the year 2010. Nathan joined Standard Life in 1982 as Investment Manager, responsible for all UK net funds. He was appointed a Director of the Standard Life Investments’ board. He is a Mathematics graduate

from Oxford University and the Member of the Securities Institute. He joined the Board of Directors in December 2009.

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

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

Mr. Ranjan Pant is a global Management Consultant advising CEO/Boards on Strategy and Change Management. Mr. Pant, until 2002 was a Partner & Vice-President at Bain & Company, Inc., Boston, where he led the worldwide Utility Practice. He was also Director, Corporate Business Development at General Electric headquarters in Fairfield, USA. Mr. Pant has an MBA from The Wharton School and BE (Honours) from Birla Institute of Technology and Sciences.

Mr. Ravi Narain is the Managing Director & CEO of National Stock Exchange of India Limited. Mr. Ravi Narain was a member of the core team to set-up the Securities & Exchange Board of India (SEBI) and is also associated with various committees of SEBI and the Reserve Bank of India (RBI). Mr. Ravi Narain is a Cambridge University-trained Economist and an MBA from Wharton School, University of Pennyslvania, USA

Mr. A. K.T. Chari has joined HDFC Standard Life as a Director on March 10, 2010. Mr. Chari has completed his Electrical Engineering from Madras

University in 1962. He is associated with Infrastructure Development Finance Company Ltd. (IDFC) for last 11 years. Currently he is handling project finance for infrastructure projects at IDFC. Prior to this he was associated with Infrastructure Development Bank of India (IDBI) from 1975 to 1999.

Dr. S. A. Dave is a Doctorate of economics and holds a Master’s degree in economics from the University of Rochester. Dr. Dave is the former chairman of the Securities and Exchange Board of India and the Unit Trust of India. Dr. Dave is currently the chairman of the Centre for Monitoring Indian Economy and a director on the boards of many prominent companies in India. He is appointed as Additional Director of the Company from April 26, 2012.

Mr. Gerald E. Grimstone was appointed Chairman of Standard Life in May 2007, having been Deputy Chairman since March 2006. He became a director of the Standard Life Assurance Company in July 2003. He is also Chairman of Candover Investments plc and was appointed as one of the UK’s Business Ambassadors by the Prime Minister in January 2009. Gerry held senior positions within the Department of Health and Social Security and HM Treasury until 1986. He then spent 13 years with Schroders in London, Hong Kong and New York, and was Vice Chairman of Schroders’ worldwide investment banking activities from 1998 to 1999. He is the Alternate Director to Mr. David Nish. He has completed Master of Arts, Master of Science in Chemistry, Merton College, Oxford University and NATO-CCMS Fellowship Wolfson College, Oxford University.

Mr. Michael G Connarty is responsible for Standard Life's investments in life assurance Joint Ventures in India and China. He holds a degree in Law and MBA. He has worked with Standard Life for 33 years in managerial positions covering a number of fields such as Pensions law, International Marketing, Operational Management, Strategy, Risk, Compliance, Company Secretarial and Banking He has acted as Project Manager for the start-up project of the Company in 2000. He is the Alternate Director to Mr. Norman K. Skeoch.

Policies

SN. Name of policy Age limit Term limit

Benefits Products of

life insurance

1 HDFC children’s plan 18-60 10-25 Accelerated, maturity, choose seven target

Whole life

2 HDFC saving Assurance plan 18-50 10-30 Flexibility , protection, no medicals,

Whole life

3 HDFC personal plan 35-60 10-40(R)

5-15(S)

Choose Whole life

4 HDFC immediate annuity Life time or over a period

15yr. Death benefit

Whole life

5 HDFC single premium 18-70 Death benefit

Whole life

6 HDFC Premium Guarantee Plan

18-55 10-30 Maturity benefit (Waiver of premium)

Whole life

Products

(1)Term Plans

Term plans help you shield your family from uncertainties in life due to financial losses in terms of loss of income that may dawn upon them incase of your untimely demise or critical illness. Securing the future of one's family is one of the most important goals of life. Term Plans go a long way in ensuring your family's financial independence in the event of your unfortunate demise or critical illness. They are all the more important if you are the chief wage earner in your family. No matter how much you have saved or invested over the years, sudden eventualities, such as death or critical illness, always tend to affect your family financially apart from the huge emotional loss.

Types of Term Plans

HDFC Click 2 Protect

Looking for an easier way to insure yourself and secure your loved ones happiness? You know that the solution is a term insurance plan and you seek a plan that is convenient to buy and is affordable. Your search ends here. HDFC Life is happy to present the perfect plan for your protection needs HDFC Life Click 2 Protect! HDFC Life Click 2 Protect is a term insurance plan. This plan provides for a payment of a lump sum in the event of your unfortunate death during the policy term.

Advantages

Buy this plan at click of button , anytime & anywhere High cover at a very nominal cost. Flexibility to choose the Sum Assured and policy term Attractive premium rates for Non tobacco user and those with healthier

lifestyle. Tax benefits under sections 80Cand 10(10D) of Income Tax Act, 1961.

HDFC Premium Guarantee Plan

HDFC Premium Guarantee Plan is an insurance plan that comes with twin advantage of protection and return of premiums* on maturity. So, you can enjoy life knowing that your family’s financial independence is secure even in your absence. And your premiums are yours on your survival at maturity.

http://www.hdfclife.com/Products/ProtectionPlans/PremiumGuaranteePlan.aspx

http://www.hdfclife.com/Products/ProtectionPlans/ClickToProtect.aspx

Advantages

High cover at a very nominal cost. Flexibility to choose the Sum Assured. Return of all your premiums paid on maturity* Tax benefits under sections 80C and 10(10D) of Income Tax Act, 1961.

HDFC Loan Cover Term Assurance Plan

Term Assurance plan is designed to help secure your family's financial needs in case of uncertainties. The plan does this by providing a lump sum to the family of the life assured in case of death or critical illness (if option is chosen) 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. This helps your family to maintain their financial independence, even when you are not around.

Advantages

High cover at a very nominal cost. Flexibility to choose the Sum Assured. Additional benefit options can be availed at marginal costs. Premium amount remains the same over the term of the policy in case of

regular premium Option of paying single premium or regular premium. Tax benefits under sections 80C, 80D and 10(10D) of Income Tax Act,

1961

HDFC Home Loan Protection Plan

This plan aims to protect your family from your loan liabilities in case of your unfortunate demise within the policy term. It ensures that your family does not lose the dream house that you have purchased for them, in case you are not around to repay the outstanding monthly installments on your housing loan. This provides you with the comfort of knowing that in your absence, a sum of money will be available towards repaying your housing loan, making sure that your family will be secure in your family home.

Advantages

http://www.hdfclife.com/Products/ProtectionPlans/LCTermPlanPlus.aspx

http://www.hdfclife.com/Products/ProtectionPlans/LCTermPlan.aspx

A decreasing Sum Assured payable if you die during the term of the contract. This sum assured is intended to help pay-off your outstanding home loan

Policy can be availed by paying a single premium in advance The premium amount can be included in the housing loan and repaid as

part of the loan repayment installments Decreasing Sum Assured makes sure that you do not pay for protection

you don't need

(2)Children's Plans

Children's Plans helps you save so that you can fulfill your child's dreams and aspirations. These plans go a long way in securing your child's future by financing the key milestones in their lives even if you are no longer around to oversee them. As a parent, you wish to provide your child with the very best that life offers, the best possible education, marriage and life style.

Most of these goals have a price tag attached and unless you plan your finances carefully, you may not be able to provide the required economic support to your child when you need it the most. For example, with the high and rising costs of education, if you are not financially prepared, your child may miss an opportunity of a lifetime.

Types of Children's Plans

HDFC SL Young Star Super II

There is no bigger joy than being able to fulfill your child's dream on your own. With HDFC SL Young Star Super II you can fulfill your child's immediate and future needs. So tomorrow when your child needs your support you don't have to depend on anyone else. This is a ULIP which aims to help you achieve long term savings.

Advantages

http://www.hdfclife.com/KnowledgeCentre/ULIP.aspx

In case of your unfortunate demise or critical illness, we will pay the greater of Sum Assured (less partial withdrawals) or Fund Value to your child (Beneficiary). The policy will terminate. We will pay 100% of all the future regular premiums to the Beneficiary as and when due, on an annual basis. Please refer to the sales brochure for details.

You can customize the ideal plan for your child by choosing the premium you wish to invest along with the Sum Assured, depending on the level of protection required.

This plan can be taken by filling Short Medical Questionnaire, which may not require you to go for medicals. Kindly refer to the product brochure for details.

You can change your investment fund choices in two ways:o Switching: You can move your accumulated funds from one fund

to another anytimeo Premium Redirection: You can pay your future premiums into a

different selection of funds, as per your need Tax benefits are offered under section 80C and 10(10D) of the Income

Tax Act, 1961

HDFC SL Young Star Super Premium

With HDFC SL YoungStar Super Premium you can fulfill your child's immediate and future needs- all on your own. Start saving now with this unit linked insurance plan and be assured that savings for your child will continue, even in your absence. This ULIP plan offers you choice of cover options and benefit payment preferences- all designed to suit your needs.

Advantages

The Triple Insurance Benefit helps you secure your child's immediate and future needs. In case of your unfortunate demise or critical illness, we will pay the Sum Assured to your child (Beneficiary). Your family need not pay any further premiums. With Save -n- Gain benefit ,we will pay 50% of all the original regular premiums towards your policy and 50% of the premiums will be paid to the Beneficiary as and when due, on an annual basis. Any Death Benefit or Critical Illness cover terminates immediately.




You can customize the ideal plan for your child by choosing the premium you wish to invest along with the Sum Assured, depending on the level of protection required and Benefit payment preference.

This plan can be taken by filling Short Medical Questionnaire, which may not require you to go for medicals. Kindly refer to the product brochure for details.

You can change your investment fund choices in two ways:o Switching: You can move your accumulated funds from one fund

to another anytimeo Premium Redirection: You can pay your future premiums into a

different selection of funds, as per your need Tax benefits are offered under section 80C and 10(10D) of the Income

Tax Act, 1961

(3) Women's Plans

HDFC Life Smart Woman Plan

HDFC Life Smart Woman Plan, a unique insurance cum investment plan designed specifically for women. This plan ensures that your savings continue, while you adjust to the new stages of your life, and you remain confident to live life your way.

This ULIP plan comes with comprehensive coverage options where we will cover you against pregnancy complications and congenital conditions or for malignant female-specific cancers. During these critical moments, we assure you the peace of mind by waiving and funding your premiums so that as you overcome and adjust to your life your investments continue to grow.

Advantages

Choose plan options as per your needs i.e. Classic or Premier or Elite Uninterrupted savings with Waiver & funding of premiums for next 3

years on the following events o Pregnancy complications or birth of child with congenital disorder o Diagnosis of malignant cancer of female organso Death of spouse (Only with Elite option)

Additional periodic cash payouts under Premier & Elite Options


http://www.hdfclife.com/Products/SavingsPlans/SmartWomanPlan.aspx

This plan provides valuable protection to your family in case you are not around. In case of your unfortunate demise during the policy term, we will pay the greater of the Sum Assured or your total fund value to your nominee.

On maturity, you can take the Fund Value at the prevailing unit prices as lump sum or you can opt for settlement option. You can use the maturity benefit to fund your needs - be it for child's education, travel, upgrading your entrepreneurship venture etc.

You have flexibility to make partial withdrawals to meet any unplanned expenses.

HDFC Life Pension Super Plus Plan

You think about retirement as a time when you would travel, play with grand kids; pursue your long forgotten interests, a time when you enjoy life more and on your own terms. All this is possible only if you are financially prepared. The fact that because women tend to live longer than men and tend to have lesser savings, you have to manage the challenge of making your funds last longer- after retirement. Simply, you need to save as much as possible for your retirement.

HDFC Life Pension Super Plus is a unit linked pension plan for women. This pension plan is designed to build a corpus during the policy term so that you can enjoy post retirement

Advantages

Assured Benefit on Maturity (vesting) - At the end of the policy term, you will receive higher of the following

o Fund Value or o Assured benefit of 101% of all premiums including top-up

premiums paid till date

Your maturity (vesting) benefit will be used to provide you with post retirement income i.e. an annuity, which you have to purchase from us.

Opportunity to build corpus for post retirement income - Your premium will be invested in exclusive fund which will allocate assets dynamically between equities and fixed income assets.

Benefits on maturity (vesting) - At vesting, you have to purchase an annuity from us. You can choose from a range of annuity options. You will get guaranteed income for life for yourself and your spouse. You also have the option to commute up to 1/3rd of the benefit at vesting tax free.

Benefit on death - In the event of demise during the policy term, your nominee will receive the death benefit to help him or her manage their future years.

Additional allocation of premium from 11th year onwards - Get benefit from staying invested for longer term with Premium Allocation Rate of 102.5% from 11th yr onwards

(4) Savings & Investment Plans

you have always given your family the very best. And there is no reason why they shouldn't 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 long term. More importantly, you have to ensure that your family's future expenses are taken care, even if something unfortunate were to happen to you.

Types of Savings & Investment Plans

HDFC Life Sampoorn Samridhi Insurance Plan HDFC Endowment Assurance Plan HDFC SL Crest HDFC SL ProGrowth Super II HDFC SL ProGrowth Flexi HDFC Life ProGrowth Plus HDFC SL ProGrowth Maximiser HDFC Life Invest Wise Plan HDFC SL New Money Back Plan HDFC Single Premium Whole of Life Insurance Plan

http://www.hdfclife.com/Products/SavingsPlans/WholeLife.aspx

http://www.hdfclife.com/Products/SavingsPlans/NewMoneyBack.aspx

http://www.hdfclife.com/Products/SavingsPlans/InvestWisePlan.aspx

http://www.hdfclife.com/Products/SavingsPlans/ProGrowthMaximiser.aspx

http://www.hdfclife.com/Products/SavingsPlans/HDFCProGrowth_Plus.aspx

http://www.hdfclife.com/Products/SavingsPlans/ProGrowth_Flexi.aspx

http://www.hdfclife.com/Products/SavingsPlans/ProGrowthSuperII.aspx

http://www.hdfclife.com/Products/SavingsPlans/HDFCSL-Crest.aspx

http://www.hdfclife.com/Products/SavingsPlans/EndowmentAssurance.aspx

http://www.hdfclife.com/Products/SavingsPlans/Sampurna-Samriddhi.aspx

http://www.hdfclife.com/Products/SavingsPlans/SavingsPlans.aspx

HDFC Assurance Plan HDFC Savings Assurance Plan Endowment Gain Insurance Plan

ClassicAssure Insurance Plan

(5) Health plans

Health plans give you the financial security to meet health related contingencies. Due to changing lifestyles, health issues have acquired completely new dimension overtime, becoming more complex in nature. It becomes imperative then to have a health plan in place, which will ensure that no matter how critical your illness is, it does not impact your financial independence.

Types Of Health Insurance Plans

HDFC Critical Care Plan

Critical Illness can strike anyone. Today with advancement in medical science it is possible to survive a critical illness. Expenses on survival with a critical illness can be very high. HDFC Critical care plan provides for a lump sum payment on survival post diagnosis of a critical illness, so that in the event a critical illness strikes, you don't have to dig into those precious savings of yours.

HDFC Surgi Care Plan

http://www.hdfclife.com/Products/HealthPlans/SurgiCare.aspx

http://www.hdfclife.com/Products/HealthPlans/CriticalCare.aspx

http://www.hdfclife.com/Products/SavingsPlans/classicassure.aspx

http://www.hdfclife.com/Products/SavingsPlans/EndowmentGain.aspx

http://www.hdfclife.com/Products/SavingsPlans/SavingsAssurance.aspx

http://www.hdfclife.com/Products/SavingsPlans/Assurance.aspx

In the fast paced lives that we lead, medical contingencies may arrive at our doorstep un invited. Surgery costs form a substantial portion of health care expenditure and needs to be provided for. Health issues can get compounded if left unattended and may require a surgery. Plus, the ever increasing costs of surgical procedures are sure to burn a hole in our pockets.

HDFC Surgi Care Plan provides you with timely support in case you have to undergo a major surgery and hospitalisation, as the case maybe, ensuring your financial independence at all times.

Advantages

82 major surgical procedures are covered. Option to include hospital cash benefit Automatic increase in the level of health cover (subject to terms and

conditions) ensures that the increasing medical costs are taken care of. Lump sum benefits are paid regardless of the actual medical expenses. The policy continues even after the after the payment of first or

subsequent surgical procedures, subject to terms and conditions as stated in the policy brochure.

Flexibility to tailor-make the policy by choosing level of health cover, benefit options level and premium payment as per your needs.

Convenient and hassle free claims with cashless benefits on surgeries and hospitalization in any of the network hospitals.

Tax benefits can be availed under section 80D of the Income Tax Act, 1961

Pension Plans

Retirement Plans provide you with financial security so that when your professional income starts to ebb, you can still live with pride without compromising on your living standards. By providing you a tool to accumulate and invest your savings, these plans give you a lump sum on retirement, which is then used to get regular income through an annuity plan. Given the high cost of living and rising inflation, employer pensions alone are not sufficient. Retirement planning has therefore become critical today.

India's average life expectancy is slated to increase to over 75 years by 2050 from the present level of close to 65 years. Life spans have been increasing due to better health and sanitation conditions in the country. However, the average number of years of employment has not been rising commensurately. The result

is an increase in the number of post-retirement years. Accordingly, it has become necessary to ensure regular income for life after retirement, so that you can live with pride and enjoy your twilight years.

Types of retirement plans

HDFC Life Pension Super Plus Plan

You are thinking about retirement as a time when you would start relaxing, travelling, pursuing your interests - full time. You want to enjoy your retirement on your own terms. All of these are possible only if you have assurance of income after retirement. Investing in a pension plan is a way to financially secure your life - after retirement.

HDFC Life Pension Super Plus is a unit linked pension plan designed to build a corpus during the policy term so that you can enjoy post retirement income for life.

Advantages

Benefit of Assured Maturity (Vesting) Value - At the end of the policy term, you will receive higher of the following

o Fund Value or o Assured benefit of 101% of all premiums including top-up

premiums paid till date Your maturity (vesting) benefit will be used to provide you with

guaranteed regular income i.e. an annuity, which you have to purchase from us.

Opportunity to build corpus for post retirement income - Your premium will be invested in exclusive fund which will allocate assets dynamically between equities and fixed income assets.

Benefits on maturity (vesting) - At vesting, you have to purchase an annuity from us. You can choose from a range of annuity options. You will get guaranteed income for life for yourself and your spouse. You also have the option to commute up to 1/3rd of the benefit at vesting tax free.

Benefit on death - In the event of demise during the policy term, your nominee will receive the death benefit which will provide the much needed financial assistance.

Additional allocation of premium from 11th year onwards - Get benefit from staying invested for longer term with Premium Allocation Rate of 102.5% from 11th year onwards

HDFC Life Single Premium Pension Super Plan

HDFC Life Single Premium Pension Super is a unit linked pension plan which will create corpus during the policy term so that you can enjoy post retirement income for life. This plan will safeguard your investments and assists you to live retirement days simply your way.

Advantages

Assured Benefit: At the end of the policy term, you will receive higher of the following

o Fund Value or o Assured benefit of 101% of single premium and top-up premiums

paid till date

Your maturity (vesting) benefit will be used to provide you with guaranteed regular income i.e. an annuity, which you have to purchase from us.

Opportunity to build corpus for post retirement income : Your premium will be invested in exclusive fund which will allocate assets dynamically between equities and fixed income assets.

Benefits on vesting : At maturity (vesting), you have to purchase an annuity from us. You can choose from range of annuity options. You will get guaranteed income for life for yourself and your spouse. You also have option to commute up to 1/3rd of the benefit at vesting tax free.

Benefit on death : In the event of demise during the policy term, your nominee will receive the death benefit, which will provide the much needed financial assistance.

New HDFC Immediate Annuity Plan

Everyone loves financial independence, to enjoy and live a comfortable lifestyle. There is no reason why these should stop after retirement. After all the years of hard work, money should not be the concern for you to decide how you would spend your retirement. A smart way to ensure a regular income stream post retirement is buying an Annuity

HDFC Life New Immediate Annuity Plan is a non linked traditional annuity plan that offers you various annuity options and provides you an opportunity to live life at your terms - even after retirement.

Advantages

Guaranteed Income for life : get guaranteed income monthly/ quarterly / half yearly / yearly

Get Benefit of Higher Annuity Rates : The annuity rates vary by purchase price band and therefore you would benefit from higher annuity rates if the purchase price is Rs.250,000 and above.

Benefits on death : Certain annuity options do provide benefit on death such as return of purchase price or annuity to your spouse. See the brochure for details

HDFC Immediate Annuity Plan

The HDFC Immediate Annuity is a contract that uses your capital to provide you with a guaranteed gross income through out your lifetime or over a period of your choice. This is the perfect way to plan for your expenses after your retirement. This means you can plan your life the way you want it to be, safe in the knowledge that your gross income will not fall during the period you have selected. This is the perfect way to plan for your expenses after your retirement. The HDFC Immediate Annuity,a offers a number of options to meet all your income needs.

Advantages

Income for Temporary Period Option : You can choose to limit the payment period of annuity if you only require an income for a specified time. The annuity is payable for your selected term provided you are still alive. No annuity is payable after the chosen term has expired. You can choose to limit the payment term to between 5 and 25 years. The term selected must be at least for one year greater than any guarantee period

Death Benefits : In addition to a regular income, you can choose an annuity that will pay out a benefit on your death or, if you have chosen to provide an annuity for a named individual, on the later of your and the named individual's death. You can choose the level of death benefit:

o Full purchase price, or a proportion of the purchase priceo Capital protection option- the amount paid on death is equal to the

purchase price less the gross annuity installments already paid under the annuity

o No death benefit is allowable where a guarantee period has been selected. No death benefit is allowable where a Joint Life annuity reducing on death of the first life has been selected

If you need to provide an income for someone after you die : The HDFC Immediate Annuity can also provide an annuity for a named individual specified in your application form. This annuity will be paid if you die before the named individual. The amount of their annuity can be the same as your annuity or a proportion of your annuity

Research and methodology

Objective of study

Marketing research provides information that assists and organization to define opportunities for product development and market strategy. It works by assessing whether marketing strategies are accurately targeted , and by identifying market opportunities or changes that are required by customers. Market research tends to confirm issues that are well known in the market initially, but if planned well and effectively it will also identifies new opportunities, market niches, or ways by which to improve slaes, marketing and communications.The role of market research , therefore , is to reduce uncertainity in decision making, to monitor thr effects of decision taken, and identify the performance of a company or a product in the market. During internship in my market survey was related with the distribution enhancement of the insurance policies of HDFCSL. To be more specific, we cam list five key uses for market research, namely to:

a. Identify the size, shape and nature of a market, so as to understand the market and marketing opportunities.

b. Investigate the strength and weaknesses of competitive products and the level of trade support a company enjoy.

c. Test out strategic and product ideas which help to define the most effective customer-led strategies.

d. Monitor the effectiveness of strategies.e. It will define when marketing expenditure, promotions and

targeting need to be adjusted or improved.The variety of purpose listed above makes it clear that market research is not simply a “first check”. It is useful ahead of any action, but it also provides a means of checking and refining views as operations proceed. Companies, especially those for which budgets always seem tight, who have selected one of these uses for market research are always concerned to make the research a worthwhile investment. Best results come when their marketing and sales planning is influenced by the results of research. In other words, when research pays for it self by providing a basis for change and improvement in operational matters.

Objective of projectMy project is being undertaken in HDFCSL in which FC

recruitment program and distribution enhancement of insurance policies of HDFCSL has been implemented as a marketing strategy. Hdfcsl tied up with world class insurance products.

Primary objective

The primary objective of my project is to make or recruit financial consultant and to increase market share of HDFCSL. In insurance sector the main work is done by the financial consultants who bring selling for the organization. It improves the services of the organization.

Secondary objective

In this point we can conclude the company objective which is to increase the market share in the insurance sector and this will happens it become more beneficiary and reliable to the customer. Customer should have faith on it . it is trying to do it . today it comes under top 5 insurance companies. It wants to reach on the top.

Working procedure

In my summer training I have targeted Varanasi. I have collected my data from Varanasi. Here I have to approach various detail of insurance product of HDFCSL and the other competitor of it, suggestions, its marketing strategy and its advertisement. As a part of marketing research I also have to collect data in order to find out market share of HDFCSL from our sample space. During the period I was in constant touch with my senior and area sales manager and I have to submit daily report of my work and full information about phone calls and questioners. Questioners consists of open ended questions was used for collection of the information.

Sample area

My working area was Varanasi. I have collected my data in that area only. As we know those person will invest in insurance sector who is professional with high salaries. I have targeted those people whose age is equal or more than 25.

Instrument used

I have collected my data from field survey and through phone calling. As I was doing the work of recruitment officer so whenever I called for financial consultants then I tried to fulfill my questioners.

Methods of Data collection

Data is significant part of research. Your all research is depend upon your data. Whatever data is collected by me during the internship in the HDFCSL, I can divide the method the collection of my data into two parts which are :-

a. primary data

Primary data are those which are collected fresh and for the first time and thus happen to be original in chapters. I have collected my data through phone calling and through direct communication with respondents in one form or another or through personal interviews. Through observation method I was able to record the natural behavior of the group. Sometimes I verify the truth of statements made by informants in the context of questionnaire or a schedule.

b. Secondary data

Secondary data are those data which are being already collected by someone else and which have already been passed through the statistical process. I have collected my published date from internet and the books, magazines and newspaper.

Research design

In this project conclusive research is used. In conclusive research data was collected by descriptive research method. The method applied in descriptive research is cross sectional studies field work and survey. My study concerned with the specific prediction of distribution of insurance policy. It assimilates the narration of facts and characteristics concerning individual, group or situation.

The objective of my research is to enhance the distribution of insurance policy of HDFCSL in market. In the market there are lots of insurance industry is playing and trying to achieve more and more market share. For this purpose I have done a research on it.

For this objective I have used telephone calling and field survey and go to the institute area and try to find out the response of the public about HDFVSL and insurance.

I have done phone calling and try to get their view about it. As I was working in this organization as recruitment officer but regarding project I talked about the reliability of the company, trust its insurance plan like you aware about its plan on not and some other questions like if you are investing you money in the other insurance company, so would you please tell me reason behind it. I had prepared 100 questioners for the collecting data did 100 phone calls in Varanasi region. As my research area was Varanasi.

Human resources

HR is the set of individuals who make up the workforce of an organization, business sector or an economy. "Human capital" is sometimes used synonymously with human resources, although human capital typically refers to a more narrow view; i.e., the knowledge the individuals embody and can contribute to an organization. Likewise, other terms sometimes used include "manpower", "talent", "labor" or simply "people".

The professional discipline and business function that oversees an organization's human resources is called human resource management

From the corporate vision, employees are viewed as assets to the enterprise, whose value is enhanced by development.[1] Hence, companies will engage in a barrage of human resource management practices to capitalize on those assets.

In governing human resources, three major trends are typically considered:

1. Demographics: the characteristics of a population/workforce, for example, age, gender or social class. This type of trend may have an effect in relation to pension offerings, insurance packages etc.

2. Diversity: the variation within the population/workplace. Changes in society now mean that a larger proportion of organizations are made up of "baby-boomers" or older employees in comparison to thirty years ago. Advocates of "workplace diversity" advocate an employee base that is a mirror reflection of the make-up of society insofar as race, gender, sexual orientation etc.

3. Skills and qualifications: as industries move from manual to more managerial professions so does the need for more highly skilled

http://en.wikipedia.org/wiki/Human_resource_management

http://en.wikipedia.org/wiki/Human_capital

http://en.wikipedia.org/wiki/Economy

http://en.wikipedia.org/wiki/Business_sector

http://en.wikipedia.org/wiki/Organization

http://en.wikipedia.org/wiki/Workforce

graduates. If the market is "tight" (i.e. not enough staff for the jobs), employers must compete for employees by offering financial rewards, community investment, etc.

The recruitment and selection is the major function of the human resource department.

Recruitment process is the first step towards creating the competitive strength and the strategic advantage for the organisations. Recruitment process involves a systematic procedure from sourcing the candidates to arranging and conducting the interviews and requires many resources and time. A general recruitment process is as follows:

Identifying the vacancy:

The recruitment process begins with the human resource department receiving requisitions for recruitment from any department of the company. These contain:

• Posts to be filled• Number of persons• Duties to be performed• Qualifications required

Preparing the job description and person specification.

Locating and developing the sources of required number and type of employees (Advertising etc).

Short-listing and identifying the prospective employee with required characteristics.

Arranging the interviews with the selected candidates.

Conducting the interview and decision making

Recruitment process

1. Identify vacancy

2. Prepare job description and person specification

3. Advertising the vacancy

4. Managing the response

5. Short-listing

6. Arrange interviews

7. Conducting interview and decision making

The recruitment process is immediately followed by the selection process i.e. the final interviews and the decision making, conveying the decision and the appointment formalities.

Recruitment of Financial Consultants (FC) in HDFC Standard Life

Criteria for FC:-

• He should be at least 12th passed.

• He should complete IRDA training.

• He should clear the IRDA exam.

• He should through successfully the exam and training.

Some other criteria:-

• He should have good personal contacts.

• He should have convincing power.

• He should be above 18th year old.

EXCELLENT OPPORTUNITY:-

1. Flexible work timings

2. Any one can join

3. Zero Investment

4. Certificate by IRDA

5. Attractive Remuneration

Recruitment process of FCs

Fill up of Agency form

IRDA Training (50 hrs)

IRDA

Fail Pass

Exit Product Training

Traditional Pr. ULIP

Internal Assessment

Fail pass

Exit certification

Benefits to FCs

• Financial Benefits : Commission on issuance of every policy. Commission directly credited to bank account of FCs within 15 days. These commission varies from 7.5-40% according to plan.

BASIC COMMISSION

Name of the plan 1st year commission

Endowment Assurance plan 40%

Money Back plan 40%

Children’s plan 40%

Term Assurance plan 25%

Lone cover Term Assurance plan 25%

Personal Pension Plan 7.5%

RENEWAL COMMISSION:

Renewal commission would be paid from the 2nd year onwards on regular premium policies. Renewal commission is not payable on single premium plans.

Name of the plan Renewal commission 2nd year onwards

Endowment Assurance plan 5%

Money Back Plan 5%

Children’s plan 5%

Lone cover Term Assurance Plan 5%

Term Assurance plan 5%

Personal Pension Plan 2%

MONTHLY & QUARTERLY CONTESTS:-

• Gift Vouchers

• Home Appliances

• Two-Wheelers

• Gold/Diamonds Jewelry

• Foreign Trips

• Mobile Phones

• Laptops

Cars etc.

Data Analysis and Interpretation

1.Age?

2. Marital status?

70%

30%

Marital Status

MarriedUnmarried

3. Educational Qualification?

25%

40%

35%

Educational Qualification of Respondents

Under graduateGraduatePost graduate

4. Number Of year’s Are You in Varanasi?

39%

61%

Staying Years in Varanasi

Less than five yearsMore than five years

5.Your Occupation?

20%

54%

26%

Occupation

BusinessProfessionService

6.Your annual household income?

49%

31%

15%5%

Annual Household Income

Less than 2 lacsBetween 2 to 5 lacsBetween 5to 8lacsMore than 8 lacs

6. Are you a member of a club/gymkhana?

42%

58%

Mebership of Club/Gymkhana

YesNo

8. What is your perception about insurance sector?

30%

9%

41%

20%

Perception About Insurance1 Hard and lucra-tive2 Hard but not rewarding3 Smooth and rewarding4 No idea

SWOT Analysis :-

STRENGTH :-

1. Domestic image of HDFC supported by Prudential’s international image is strength of the company. 2. Strong and well spread network of qualified intermediaries and sales person. 3. Strong capital and reserve base. 4. The company provides customer service of the highest order. 5. Huge basket of product range which are suitable to all age and income groups. 6. Large pool of technically skilled manpower with in depth knowledge and understanding of the market. 7. The company also provides innovative products to cater to different needs of different customers.

WEAKNESS

1. Heavy management expenses and administrative costs. 2. Low customer confidence on the private players. 3. Vertical hierarchical reporting structure with many designations and cadres leading to power politics at all levels without any exception. 4. Poor retention percentage of tied up agents. .

OPPORTUNITIES

1. Insurable population –According to ING only 10% of the population is insured, which represents around 30% of the insurable population. This suggests more than 300m people, with the potential to buy insurance, remain uninsured.

2. There will be inflow of managerial and financial expertise from the world’s leading insurance markets. Further the burden of educating consumers will also be shared among many players. 3. International companies will help in building world class expertise in local market by introducing the best global practices.

THREATS :-

• Other Private Insurance Companies Also vying For The Same uninsuranced Population.

• Big Public Secter insurance Companies Like LIC India, National insurance Company Ltd, Oriented Insurance Ltd, New India Assurance Company Ltd, And United Insurance Company Ltd. People Trust Them And go to them more.

• Poaching of Customer by other companies.

• Most People donot understand the need or are not willing to take insurance policies in general.

Facts/findings

1. As the people think that insurance is a tool protect their family & a tax saving device. They are aware of the fact & realizing its importance.

2. The company should try to expand & build up its infrastructure because there is a large potential for insurance in India.

3. Company should come up with its branch in Chennai. With the objective and goals to meet the demands & expectations of the public. Because the entrance of private players will increase the competition and it would be tough task to secure a good position in market.

4. Since HDFCSL is leading with several companies policies it should be easy for them to penetrate into the market and secure a good position if they pay greater attention to the service part provided to their customer and there by forming a long and trusted relationship.

5. As seen from the survey that at 70 % of the customer are having insurance policy out of which 87.5 % of the customer are planning for new investments.

6. Customers are more brand oriented rather than product oriented.

7. Customers are less aware about private company.

8. People prefer government insurance company other than private insurance companies due to its reliability.

9. Customer likes to invest in other investment zones die to the hectic rules and regulations associated with entering into a contract with insurance companies.

10. Customers do not feel secure with private insurance companies.

11. So it can be good potential for the company and they should make an attempt to trap these customers. 43% of the customer is even ready to go for insurance if a service provide away from their home is providing it. But intend they should provide good products and services. The company should try to convince these customers and get them in its favour.

Conclusion

Our exhaustive research in the field of life insurance threw up some interesting trends which can be seen in the above analysis. A general impression that we gathered during data collection was the immense awareness and knowledge among people about various companies and their insurance products. People are beginning to look beyond LIC for their insurance needs and are willing to trust private players with their hard earned money.

People in general have been impression by the marketing and advertising campaigns of insurance companies. A high penetration of print, radio and television ad campaigns over the years is beginning to have its impact now.

Another hearting trend was in terms of people viewing insurance as tax saving and investment instrument as much as protective one. A very high number of respondents have been successful to attract public money in recent times.

The general satisfaction levels among public with regards to policy and agents still requires improvement. But therein lies the opportunity for a relative new comer like HDFCSL co. LIC has never been known for prompt service or customer oriented methods and HDFCSL can build on these factors.

Limitations of the study

1. The information given above is based on market survey, meeting with the people and phone calls, and the other medium like internet and browser of HDFCSL.

2. My project is based upon the interaction with the people for purpose of recruitment of financial consultant.

3. My study is totally based on the perception of the people that what they think about the insurance when someone affer him to work in the insurance sector.

4. I analyzed that the person who is needy for money, greedy about fast life and belives in speed join insurance because this sector gives you a platform for unlimited earning and life time earning like life time validity in mobile phones. S

SUGGESTIONS:

To make people aware about the benefit of becoming HDFC Standard Life’s Financial Consultant, following activities of advertisement should be done through :-

– Print Media.

– Hoarding & Banners.

– Stalls in Trade Fares

– Distribution of leaflets containing details information.

Company can recruit sales promoters so that maximum information can be provided to the potential client

• By showing additional and alternative income source along with various schemes for Financial Consultant in the company so that more and more FC can be recruited.

• Free life cover for every active Financial Consultant.

• Discounted rate premium for its family members.

• Make people understand about the meaning of the IRDA authorization and its validity.

• Company should organize the program in the society, so that people will be aware about the company

• Separate time slot for Working Professionals, House Wives and Retired people.

• Agency of non-life products should also be provided along with life.

• Company should open more branches in different cities

Bibliography

1. Books/ Magazines referred :

Study guide – principles & practices of life/general insurance, by AIMA.

Books published by insurance institute of India.

Life-insurance, by McGill

Insurance watch.

Money outlook

2. Websites referred:

• www.cifainsurance.com • www.moneyoutlook.com • www.insurance.ind.com • www.hdfcinsurance.com

Annexure & Questionnaire

1. When HDFC life was incorporated ?a. 1818b. 1971c. 1977d. 2000

2. Which one is the first step of research methodology in an organization?

http://www.hdfcinsurance.com/

http://www.insurance.ind.com/

http://www.moneyoutlook.com/

http://www.cifainsurance.com/

a. To determine the source of data .b. To decide the objective of the study.c. Design data collection formd. To design research design.

3. How many types of research design are there ?

a. 3b. 4c. 5d. 6

4. The percentage of HDFC LIFE in joint venture ?

a. 61.9%b. 81.9%c. 91.9%d. 61.9%

5. Which one comes under PROTECTION PLAN ?

a. Personal pension planb. Long term return planc. ULIPd. Term assurance plan

6. In 1818 , where did British established the first insurance company in India ?

a. Calcuttab. Mumbaic. Chennaid. Delhi

7. In 1956, the market contained ……… Indian and ……… foreign life insurance companies.

a. 143,12b. 154,16c. 165,16d. 145,12

8. GIC stands for ……..

a. General insurance corporation b. General Indian corporationsc. General insurance companyd. Guarantee insurance corporations

9. How many percentage standard life hold of equity in joint venture.

a. 21%b. 25%c. 28%d. 26%

10.HDFCSL insurance company have ……. Branches servicing customer needs over in …… cities and towns.

a. 432,200b. 685,100c. 568,700d. 764,700

Internship (project)

Documents

p e t i t

work e x p e r i e n

e n t education

e t b u t

es c e n

g e r s

c o n c e p t s t h

t h e f u n d